Corporate Mission 

Kando* Creating Company
Offering new excitement and a more fulfilling life for people all over the world
Yamaha Motor strives to realize peoples’ dreams with ingenuity and passion, and to always be acompany people look to for the next exciting product or concept that provides exceptional value
and deep satisfaction.
* Kando is a Japanese word for the simultaneous feelings of deep satisfaction and intense excitement that we experience when
we encounter something of exceptional value.

Management Principles 

Empowered by a passion
for innovation, we create
exceptional value andexperiences that enrich thelives of our customers.

1. Creating value that surpasses customer expectations
To continue to produce value that moves people, we must remain keenly aware of customers’
evolving needs. We must strive to find success by always surpassing customer expectations withsafe, high-quality products and services.

2. Establishing a corporate environment that fosters self-esteem
We must build a corporate culture that encourages enterprise and enhances corporate vitality.
The focus will be on nurturing the creativity and ability of our employees, with an equitablesystem of evaluation and rewards.

3. Fulfilling social responsibilities globally
As a good corporate citizen, we act from a worldwide perspective and in accordance with
global standards. We must conduct our corporate activities with concern for the environmentand communities and fulfill our social responsibility with honesty and sincerity.

Action Guidelines 
Acting with Speed
Meeting change with swift and informed action

Five Shared Values

Spirit of Challenge

for Creating Kando

Courage to set higher goals without fear of failure

Persistence
Working with tenacity to achieve desired results, and then evaluating them
Stakeholders

Corporate Philosophy

Customers
Corporate Mission
Communication

Kando

Employees

Creating Company
Business Partners
Management
Principles

ActionGuidelines

The Environment

Yamaha Motor expresses the “unique style of
Yamaha” with its shared values ofInnovation, Excitement, Confidence,
Emotion, and Ties.
Incorporating the unique style of Yamaha into
all processes and levels of our corporate andbusiness activities is how we enhance thequalities that make us unique.
We believe that doing so is the way to meetcustomer expectations and the fuel tofurther raise our competitiveness.

Challenging forInnovation

Building Ties
with Customers
for Life

Captivating
Emotional
Feelings

Creating
Excitement

Ensuring
Confidence

The Community
Business Activity
Shareholders andInvestors
Sustainability Basic Policy

Yamaha Motor Co., Ltd. Integrated Report 2021

1

Contents
Introduction

About Integrated Report 2021

Yoshihiro Hidaka
President,
Chief Executive Officer andRepresentative Director

Yamaha Motor began publishing integrated reports in fiscal 2019 to help
shareholders, investors, and various other stakeholders develop a better
understanding of the Company’s efforts to create value from a medium- tolong-term perspective. I hope Integrated Report 2021 will give readers anunderstanding of Yamaha Motor’s stance toward addressing importantsocietal issues and the approach the Company takes toward creating value.
This report was created referencing the International Integrated Reporting
Council (IIRC)’s International Integrated Reporting Framework and the
Guidance for Integrated Corporate Disclosure and Company–Investor
Dialogue for Collaborative Value Creation (Guidance for Collaborative Value
Creation) released by Japan’s Ministry of Economy, Trade and Industry. Aftercompiling the policies of the Company, each department was asked fortheir earnest cooperation in creating this report, and I declare that the process of preparing it to be appropriate and the information contained herein
to be accurate.
Going forward, Yamaha Motor will continue striving to create sustainable
environmental and social value as well as raise corporate value throughconstructive interactions with its stakeholders. Upon reading this year’s
report, I ask for your honest feedback regarding its contents along with any
opinions you may have regarding the Company’s management. Thank you
for your ongoing support of Yamaha Motor.

4	A History of Creating Kando throughTechnology

52 From the Chairman of the Board of Directors

6 Yamaha Motor’s Global Business58	Directors and Audit & Supervisory Board
Members

8	Maximizing Our Environmental andSocial Value
10 Financial and Non-Financial Highlights

Reporting Period
This report covers the period from January 1 to December 31,
2020. Information on some activities taking place after January
1, 2021 is also provided.

72 Land Mobility

19 Important Societal Issues (Materiality Issues)

74 Marine Products

22 Resolving Societal Issues through ART

76 Robotics

26 Climate Change Initiatives(Disclosure Based on TCFD Recommendations)78 Financial Services

30	From the Director in Charge of Corporate
Planning and Financial Affairs

79 Other Products

Facts and Data

32 Digital Transformation

80 Eleven-Year Summary
Foundations for Creating Competitiveness42 Procurement

Structure for Information Disclosure

82 Environmental and Social Data
83	Management’s Discussion and Analysis of
Fiscal 2020 Business Results
88 Global Group Network
90 Corporate Information / Stock Information

44 Manufacturing and Production (Monozukuri)
46 Sales (Marketing)

Non-Financial Information

48 Human Resource Development
50 Topics: Yamaha Motor’s Sporting Activities

Integrated Report 2021

• Information for Investors
https://global.yamaha-motor.com/ir/• Corporate Website
https://global.yamaha-motor.com/• Securities Report (in Japanese only)
https://global.yamaha-motor.com/jp/ir/library/
security/• Technical Review
https://global.yamaha-motor.com/about/technical_review/• Fact Book
https://global.yamaha-motor.com/ir/library/factbook/• Sustainability-Related Information
https://global.yamaha-motor.com/about/csr/• Corporate Governance Reporthttps://global.yamaha-motor.com/ir/
governance/pdf/corporate_governance-e.pdf

The statements in this report, except for historical facts, are forward-looking statements about the future performance of the Company and its Group companies. These statements are based on management’s assumptions and beliefs in light of the information currently available and involve risks and uncertainties. Please be advised that actual results
may differ significantly from those discussed in the forward-looking statements.
Potential risks and uncertainties include, but are not limited to, general economic conditions in Yamaha Motor’s major markets, changing consumer preferences, and currency
exchange rate fluctuations.

Yamaha Motor Co., Ltd. Integrated Report 2021

Business Strategy

18 Yamaha Motor’s System of Strategic Policies

Key Points of Integrated Report 2021
Based on the Long-Term Vision for 2030 of ART for Human Possibilities, Integrated Report 2021 provides details on the medium- to long-term
strategies and measures being implemented to facilitate the realization of the Vision. The following key points will help develop an even deeper
understanding of Yamaha Motor’s value creation story.

1

Creation of Social Value Leveraging
Technologies and Sensibilities

2

Medium- to Long-Term Plan Progress andPolicies for Carbon Neutrality

Yamaha Motor is working to create new value by combining the corecompetencies it has refined to date with cutting-edge technologies toaddress important societal issues in line with the focus areas laid out in
its Long-Term Vision—Advancing Robotics, Rethinking Solution, andTransforming Mobility (ART).

The COVID-19 pandemic forced Yamaha Motor to rescind the performance targets of its Medium-Term Management Plan for fiscal 2020, but
steady progress is still being made in reinforcing the Company’s management platforms and implementing growth strategies. This report also
provides information on the Company’s policies and direction regarding
the accelerating shift toward electrification.

Relevant Pages 
P.8–9
Maximizing Our Environmental and Social Value
P.22–25 Resolving Societal Issues through ART

Relevant Pages 
P.12–17 From the President
P.26–29 Climate Change Initiatives(Disclosure Based on TCFD Recommendations)P.44–45 Manufacturing and Production (Monozukuri)

Notice Regarding Forward-Looking Statements

2

68 Risk Management

70 Business Overview

40 Intellectual Properties

Scope
This report covers Yamaha Motor Co., Ltd., its 142 subsidiaries,
and its 29 affiliates (as of December 31, 2020). Notification is
given when the scope used in calculating the data provided inthis report differs from this.

61 Corporate Governance

12 From the President

38 Research and Development

Financial Information

54 Dialogue between Outside Officers

Toward Sustainable Growth

34 Creative Branding & Design

Editorial Policy
This report was prepared and edited to give shareholders,investors, and other stakeholders a multifaceted understandingof Yamaha Motor’s sustainable growth.
Financial, sustainability-related, product, and other information not contained in this report is available on Yamaha Motor’s
official website. Please note that the “2021” in the title refers
to the year this report was published.

Corporate GovernanceYamaha Motor Co., Ltd. Integrated Report 2021

3

Introduction

Equal Concern for Kando and the Environment 

A History of Creating Kando through Technology

Creation of User- and Eco-Friendly Mobility

Yamaha Motor Co., Ltd. (Yamaha Motor) was founded in July 1955 when the motorcycle division of Nippon Gakki Co., Ltd.
(today’s Yamaha Corporation) was spun off to form an independent company. Since then, with the consumer-oriented
development approach of its Nippon Gakki roots as a starting point, Yamaha Motor has been continuously working tocreate new value through its motorcycles and other products in a variety of fields for over 60 years.

Founded in 1955 

Entry into the Motorcycle Industry amid
Japan’s Post-War Economic Recovery
Genichi Kawakami, the fourth president of Nippon Gakki andlater founding president of Yamaha Motor, decided to enter the
motorcycle business with the goal of building a foothold for
growth outside the realm of musical instruments. At a time whenless competitive motorcycle companies were already failing, thecompany made a bold late entry into the market, generating agreat deal of attention with its first product’s innovative coloringand design, light weight and maneuverability, and easy engine
starts—an incredibly important factor at the time. Furthermore,
motorcycle races were where makers could demonstrate theirproduct’s superiority, and Yamaha’s early entry and consistently
strong results created a reputation for technological excellence
that spread domestically and internationally.

1955
The first Yamaha motorcycle
YA-1

In 1993, Yamaha Motor launched the PAS as the world’s firstelectrically power-assisted bicycle, a new form of mobility
intended to be closely linked to user lifestyles. Promoted as auser- and eco-friendly personal commuter model placing toppriority on performance in tune with human sensibilities, the PAS
gained popularity as a form of mobility “assisting” the various
lifestyles people lead. Later, we applied the electronic control
technologies developed through PAS bicycles and the latest
human-interface technologies to successfully practicalize an ecofriendly electric commuter vehicle that produced no emissions andlittle noise. The fuel cell vehicle R&D we conducted at the sametime is also contributing to today’s development work on newforms of mobility.

Electrically power-assisted bicycles continue to see an
expansion in the range of users and uses, including
for convenient and comfortable mobility, recreation,
and well-being: PAS
1995
Wheelchair
electric power unit
JW-I

1993
World’s first electricallypower-assisted bicycle
PAS

1987
Industrial-use
unmanned helicopter
R50 (L09)

Japanese Economic Miracle To the Future 

Customer-Oriented Development for
Creating Kando

Uniquely Yamaha Approaches to Solve
Societal Issues

During Japan’s economic miracle, Yamaha Motor entered themarine recreation field believing that enjoying daily life would
eventually lead to more fulfilling lifestyles. Our first target wascommercial demand, specifically with fishing boats where thesigns of motorization could be seen. The Company succeeded in
expanding its business domain to include marine products byadapting the engine technologies it developed with motorcycles
to develop outboard motors and fiber-reinforced plastic (FRP)fishing boats, incorporating market input in the process.
Meanwhile, in our core business of motorcycles, we did not
restrict ourselves to preconceived norms and ideas, and analyzed
customer needs with a market-oriented approach to release the
Passol. This step-through scooter was well-suited to women riders
and created the new “soft bike” market segment in Japan.

Yamaha Motor is working to evolve and diversify its existing product lines by combining its core competencies with new cuttingedge technologies. At the same time, the Company is adapting its
expertise in unmanned technologies and systems such as industrial robots and industrial-use unmanned helicopters to contributeto laborsaving efforts and raising efficiency in a variety of fields,from industry and farming to forestry. In addition, we are helping
provide permanent access to potable water in coordination withpublic bodies and UN-affiliated organizations through projects to
install our Yamaha Clean Water Supply System in developing
countries. By searching for and identifying the root causes ofproblems on the ground and leveraging our technological prowess, the Company is moving to resolve societal issues in uniquely
Yamaha ways.

1977“Soft bike” allowing
women to ride withpeace of mind
PassolYamaha Motor Co., Ltd. Integrated Report 2021

Large outboard motor boasting
reliability and high output: F425A

Flagship model featuring the latest
technology garnered from racing: YZF-R1

Exceptional acceleration and driving sensations: SR330

1960
Our first catamaran
FRP boat
CAT-211960
Our first
outboard motor
P-7

4

2002
Electric commuter vehicle
Passol2020 Industrial-use unmanned helicopter performing an aerial forest survey
FAZER R G2

2010
Small-scale water purification system
Yamaha Clean Water Supply System

Our work to encourage the use of clean water at villages with a Yamaha Clean Water
Supply System with a picture story was recognized with an award from the committeeof judges at the 8th Good Life Awards put on by Japan’s Ministry of the Environment.

Yamaha Motor Co., Ltd. Integrated Report 2021

5

Introduction

Yamaha Motor’s Global Business

The powertrain, chassis and hull, electronic control, and manufacturing technologies and expertise we have accumulated
since our founding serve as our core competencies, and as we continue refining them, we offer a myriad of products aroundthe world that create Kando by leveraging our technologies and keen sensibilities based on the Company’s unique Jin-Ki
Kanno development ideal.

Fiscal 2020 Consolidated
Financial Results
Net sales

1,471.3¥

billionOperating income

¥

81.7

Land Mobility

billionMarine Products

Net sales (% of total)

946.5

¥

Net sales (% of total)billion (64.3%)

Operating income (% of total)

18.5

Distribution of
net sales andoperating income
by businesssegment¥

billion (22.6%)

¥

328.3

billion (22.3%)

Operating income (% of total)

50.6

¥

billion (62.0%)

billion (4.0%)¥

Operating income (% of total)¥

7.6

billion (4.7%)

Operating income (% of total)billion (9.3%)¥

1.7

billion (2.1%)

Main services Main products Golf cars, generators, multipurpose engines, snow
blowers, and electric wheelchairs

52,437
Ratio of overseas production 

40.0%

Yamaha Motor Co., Ltd. Integrated Report 2021

3.3

67.4

billion (3.1%)

Sales finance and leases related to theCompany’s products

Over

6

¥

46.1

Main products Asia(excl. Japan)

24.3%

Operating income (% of total)¥

Surface mounters, semiconductor manufacturing
equipment, industrial robots, and industrial-use
unmanned helicopters

10.6%

North
Americabillion (5.6%)

Net sales (% of total)

Outboard motors (marine engines), personal watercraft, boats, FRP pools, fishing boats, and utility boats

Number of employees(consolidated) 

14.7%

83.0

¥

Net sales (% of total)

Main products 

10.4%

EuropeNet sales (% of total)

Other Products

Motorcycles, Leaning Multi-Wheel (LMW) models,
all-terrain vehicles (ATVs), recreational off-highway
vehicles (ROVs), snowmobiles, electrically powerassisted bicycles, automobile engines, and automobile
components

Japan

Net salesby region

Financial Services

Main products 

Global Organization Creating Value as a Team

OthersRobotics

90%

Number of Consolidated Subsidiaries: 135
Total number of bases(primary roles) 
Development

17

Manufacturing

29

North America
Europe

11

Japan

24

Asia (excl. Japan)

54

Central and

Sales

53

20

Oceania9South America

17

Yamaha Motor Co., Ltd. Integrated Report 2021

7

Introduction

Maximizing Our Environmental and Social Value
Outcomes to Achieve

Yamaha Motor’s business model is to provide unique, high-quality products and services that accurately reflect societal andcustomer needs by applying its Spirit of Challenge, which has been handed down as the Company’s DNA, and the technologies it has created and refined to date. The very reason for the Company’s existence as a Kando Creating Company is to givesociety and customers experiences of Kando unique to Yamaha Motor that intertwine technologies and human sensitivities.
By expanding human possibilities and through our products and services that create Kando, we are aiming to achievesustainable growth as well as create a better society and more fulfilling lives.

Corporate Mission

Kando Creating Company• Consumer-oriented development ideal

ImportantSocietal Issues• Global R&D structure• Global sales network• Original and innovative ability toconceive new technologies

Foundations for Creating Competitiveness• Strong teamwork of dealerships,
regional sales bases, and Yamaha Motor• Creative, advanced technologicalcapabilities and core technologicalcompetencies• Marketing methods that connect
with customers over a lifetime• Proprietary product development
methods

Environmental Value
Reduction of greenhousegas emissions from ourbusiness activities

Growth Strategy Directions

Business Operations

Land Mobility

Sales
P.46

Create new value for people’s time,
mobility, and self-expression

Motorcycles

Electricallypower-assisted
bicycles

ATVs / ROVs

Three Focus Areas
P.74

P.38

Outboard motors

Pools

Excitement

P.34

Robotics

Transportation, education,and industry

P.76

Promote automation and laborsavings tofree up valuable time for people

Emotion• Design that
contributes tomanagement andbranding• Design capabilities
that express individuality

Advancing

Robotics

Leverage and evolve intelligent
technologies and robotics as a foundation
Boats

Branding

Ties

Innovation• Lower electric power consumption in production and otheractivities

Reliable and rich marine life
Toward further increasing the value of the ocean

R&D

Innovation• Reduce greenhouse gas
emissions

P.72

Marine Products
Environment andresources• Offer eco-friendly means of
personal transportation

Industrial
machinery androbotsConfidence

DesignProcurement /Manufacturing
and Production

P.34

P.42, 44

Financial Services

Industrial-use
unmannedhelicopters

Rethinking
Solution

Propose uniquely Yamaha solutions

Transforming

Social Value
Provision of safe anddependable mobility andlifestyles• Offer mobility services that aresafe and comfortable for all• Maintain and improve safety
and reliability through highquality products and services• Ensure safe water and resources

Mobility

Promote innovations in mobility

P.78

Offer services that strengthen relationships
with customers and dealerships

Financial services
Human capitalmanagement• Talented global personnel who
embody the brand• Diverse specialist skills andmanagement ability• Diversity in terms of specialization,nationality and culture, and gender

Human Resource
Development

P.48• Global production system
and inter-regional productdistribution system• Abundant plant
management expertiseand technology

Other Products

Become a close part of customers’ lives andoffer unique technology to support them

Yamaha Motor Co., Ltd. Integrated Report 2021

Economic Value
Redistribution of economic
added value to stakeholders• Strengthen earnings structure
and maintain stable financial
foundations• Leading manufacturing
technologies and strong
on-site capabilities
Electric
wheelchairs

8

P.79

Golf cars• Provide employee remuneration• Pay stable dividends toinvestors

Yamaha Motor Co., Ltd. Integrated Report 2021

9

Introduction

Financial and Non-Financial Highlights

Net Sales

Operating Income / Operating Income Margin(¥ billion)(¥ billion)

2,000

160

24

120

120

18

90

12

1,471.3

1,500

(%)

81.7

80

1,000

R&D Expenses

Capital Expenditures(¥ billion)(¥ billion)

12

80

9

60

60

6

40

6

6

30

3

20

3

0

0

0

0

94.0

12
9

53.8

1,318.4
40

500
152.9

0
2016
Japan

2017

2018

2019

5.6

0

2020

2016

Overseas

2017

Operating income

Although sales increased in the Robotics and Financial Services segments, unit sales
fell in the motorcycle business of the Land Mobility segment as well as in the Marine
Products segment due to the COVID-19 pandemic, leading to a year-on-year decline
in net sales of ¥193.5 billion, to ¥1,471.3 billion.

2018

2019

2020

2016

2017

2018

2019

2020

0
2016

2017

2018

2019

2020

Operating income margin

Operating income recorded a substantial decline in the first half of fiscal 2020 due to factors
such as foreign exchange fluctuations and a decrease in utilization rates attributable to thesuspension of factory operations in several countries that were implemented in the first halfof the fiscal year, in addition to the aforementioned decrease in net sales. Although thesecond half of fiscal 2020 saw net sales generally trend toward recovery primarily indeveloped markets, operating income was down ¥33.7 billion year on year, to ¥81.7 billion.

The Company maintained its development efforts in new business areas aimed atfuture growth and for strengthening core businesses while tightening spending overallthrough selection and concentration, recording ¥94.0 billion in R&D expenses.

Capital expenditures targeting sustainable growth and greater efficiency in existing
businesses were down ¥4.3 billion year on year, to ¥53.8 billion.

Net Income Attributable to Owners of Parent /Ratio of Net Income Attributable to Owners of Parent to Net Sales

Total Assets / Return on Assets (ROA)

CO2 Emissions (Scope 1 and Scope 2)*

Water Intake(¥ billion)

(¥ billion)

(1,000 t-CO2)(Million m3)

(%)

120

8

90

2,000

1,200

53.1
3.6

30
0
2018

2019

3.3

0

6.00

600

9

4.50

12
9
3.59

443

3

400

6

3.00

6

200

3

1.50

3

0

0

0

0
2016

Net income attributable to owners of parent

12

6

400

2020

800

9

800

0
2017

12

4
2

2016

15
1,640.9

1,600

6

60

(%)

Total assets

2017

2018

2019

2020

2016

2017

2018

2019

2020

0
2016

2017

2018

2019

2020

ROA

Ratio of net income attributable to owners of parent to net sales
Net income attributable to owners of parent declined ¥22.7 billion year on year, to¥53.1 billion, and the ratio of net income attributable to owners of parent to net sales
decreased a 0.9 percentage point year on year, to 3.6%.

Return on Equity (ROE)(%)

Total assets rose ¥108.1 billion from the previous fiscal year-end, to ¥1,640.9 billion.
Factors behind this increase included the securing of liquidity on hand as a countermeasure for the impacts of COVID-19, as well as a rise in long-term sales financereceivables as a result of the Company’s shift to greater autonomy in loan receivables
for “Prime” customers in the United States.

As a Groupwide goal, the Company has set medium- to long-term targets for­reducing the CO2 emissions generated over product life cycles and is also working to
reduce the greenhouse gas emissions produced in manufacturing.

Net Income per Share (Basic)

Number of Group Companies Joining Unified Certification Program* Scope 1 and Scope 2: Direct and indirect emissions produced by the Company’s
operations

2014(No. of companies)(¥)

15,328
20

12

360

12

60

15

9

270

9

45

6

180

6

30

3

90

3

15

0

0

0

0

10

7.5

5
0
2016

2017

2018

2019

2020

151.89

2016

2017

2018

2019

2020

10

Yamaha Motor Co., Ltd. Integrated Report 2021

Net income per share (basic) declined from the previous fiscal year due to the fall in
net income attributable to owners of parent.

2015

2016

2017

2018

2019

45

2016
Japan

The decline in net income attributable to owners of parent led to a 3.6 percentage
point decrease in ROE compared with the previous fiscal year-end.

The Company will continue to measure its global use of water resources and reduce
the amount of water intake by promoting the reuse of coolant water and watercollection (rainwater and other sources) at its factories.

2017

2018

2019

2020

Brand Ranking*30th* Brand value ranking of Japan-based brands carried out by Interbrand Japan(Best Japan Brands 2021)

Overseas

The Company has been working toward receiving ISO 14001 certification for environmental management systems at Group companies in Japan and overseas since fiscal
2012. A total of 45 companies (11 in Japan and 34 overseas) have joined the unified
certification program, mainly manufacturing companies in Asia (including Japan),
Europe, the United States, and South America.

The Yamaha brand, calculated by combining the brand value of both Yamaha Motorand Yamaha Corporation, was valued at US$1,480 million (compared with US$1,369
million in fiscal 2020 and US$1,195 million in fiscal 2019).

Yamaha Motor Co., Ltd. Integrated Report 202111