Organization

Five-Year Summary

Yamaha Motor Co., Ltd., as of January 1, 2014

Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31, 2009, 2010, 2011, 2012 and 2013

Millions of yen

General Meeting of Shareholders
Audit & Supervisory Board

Audit & Supervisory Board
Members’ Office

Board of Directors
President & CEO*Management Committee
Risk Management and Compliance Committee*Abbreviations:
CEO: Chief Executive Officer
IT: Information Technology
PF: Platform
CS: Customer Service
IM: Intelligent Machinery
RV: Recreational Vehicles
UMS: Unmanned System

70

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Integrated Auditing Division
New Venture Business Development Section
Human Resources & General Affairs Center
Human Resources Development Division
General Affairs Division
Risk Management & Compliance Division
Legal & Intellectual Property Division
Public Relations & Advertising Division
Government & Industrial Affairs DivisionCorporate Planning & Finance Center
Corporate Planning Division
Finance & Accounting Division
Business Management Division
Process & IT* Division
Design Center
Technology Center
Research & Development Section
Technology Planning Section
Manufacturing Center
Manufacturing Planning Section
Body Manufacturing Section
Engine Manufacturing Section
Procurement Center
Engine Unit
Engine Development Section
Component Section
PF* Model Unit
PF Model Development Section
Component Section
CS* Center
After Sales Section
Spare Parts Section
Motorcycle Business Operations
1st Business Unit
2nd Business Unit
3rd Business Unit
Engineering Section
Quality Assurance Section
Marine Business Operations
Marine Engine Business Unit
Engineering Section
Water Vehicle Business Unit
Boat Business Unit
Automotive Business Unit
Overseas Market Development Operation Business Unit
Business Development Operations
IM* Business Unit
RV* Business Unit
Smart Power Vehicle Business Unit
UMS* Business Development Section
Pool Business Development Section

2009

2010

2011

2012

2013

¥1,153,642¥1,294,131¥1,276,159¥1,207,675¥1,410,472

For the year ended
Net sales
Sales by market:
		Japan130,437

142,378

146,503

152,283

147,806

		Overseas

1,023,205

1,151,752

1,129,656

1,055,391

1,262,665

		Motorcycles

817,058914,211887,556

798,676928,203

		Marine products

150,113167,141

178,929

196,320

243,362

		Power products
		Industrial machinery		
and robots

100,577

102,968

100,257

103,588

126,722—34,75834,32630,81332,261

Sales by product:

		Other products

85,89375,05175,08978,27679,922

Cost of sales

951,350

998,565

1,000,113

972,607

1,091,706

Operating income (loss)(62,580)

51,30853,405

18,59855,137

Ordinary income (loss)(68,340)

66,142

63,49527,26760,092

Net income (loss)(216,148)

18,30026,9607,489

44,057

Capital expenditures

46,03533,93945,04948,78856,800Depreciation expenses

53,701

36,59433,57834,27836,407

Total assets¥ 987,077¥ 978,343¥ 900,420¥ 962,329¥1,146,591

Net assets

249,266

310,809309,914

341,561

422,792

At the year end

Yen

Per share amounts
Net income (loss)—basic
Net income—diluted
Cash dividends
Number of employees¥ (755.92)

¥

55.50

¥

77.23

¥

21.45

¥

126.20

—

55.50

77.23

—

126.20

0.00

0.00

15.50

10.00

26.00

49,99452,18454,677

53,95853,382

Note		 Figures for the fiscal year ended December 31, 2009 are as per the previous segment classifications.

Yamaha Motor Co., Ltd. ⎢ Annual Report 201371

Financial Data by Market
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31, 2012 and 2013

Motorcycle unit sales by market

Motorcycle unit sales
Thousand units

Thousand units% change

2012

2013

2013/2012

Japan

94

109

15.5%

North America

71

76

7.8

Japan

North America(Thousand units)(Thousand units)

125

100
108

162

165

Europe

(1.7)

99

100

101

109

92

80

94

76

71
64

Asia Note

5,228

5,077

(2.9)

75

60

Others

533

590

10.7

50

40

Total

6,090

6,014

(1.2)%

25

20

53

Note Excluding Japan
0

2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

Sales by market
Motorcycle
Millions of yen

2012

Marine products% change2013

2013/2012

Millions of yen

2013

2012

Power products% change

2013/2012

Millions of yen

2012

Europe% change2013

2013/2012(Thousand units)300¥ 36,104¥37,361

3.5%¥ 26,723¥26,331(1.5)%¥ 15,270¥15,943

4.4%

North America

41,63250,315

20.9

91,298

124,658

36.5

50,96568,05333.5

240Europe79,18788,98512.4

31,007

36,84418.8

20,651

25,41323.1

180

Asia Note

533,049

610,030

14.4

11,096

12,053

8.6

6,268

6,870

9.6

120

Others108,702141,51030.2

36,19443,47320.1

10,432

10,441

0.1

60

Total

¥798,676¥928,20316.2%¥196,320¥243,362

24.0%¥103,588¥126,722

22.3%

0

Japan

Industrial machinery and robots
Millions of yen

2012
Japan
North America% change2013

2013/2012¥14,879¥12,179(18.1)%

1,327

1,796

35.4

% change

2013

2012

72

Asia

2009

2010

2011

165

162

2012

2013

Others¥59,306¥55,99120(Thousand units)(Thousand units)(5.6)%

7,500

600(97.2)

6,000

6,084 6,059
5,228 5,077

3,930

76.1

732

1,618

120.9

4,500

360

Asia Note

12,152

14,152

16.5

3,088

3,423

10.9

3,000

240

Others

223

202

(9.4)

15,147

18,888

24.7

1,500

120

¥30,813¥32,261

4.7%¥78,276¥79,922

2.1%

0

2009

2010

2011

2012

2013

0

590

573
533

497

480

2,231

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013185

2013/2012

EuropeNote Excluding Japan

227

Other products
Millions of yen

4,993

Total

275

372

2009

2010

2011

2012

2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201373

Management Discussion and Analysis of Operations
Overview
The global economic situation in the fiscal year ended

Motorcycles

December 31, 2013 (fiscal 2013) was mixed. In the U.S.

Overall net sales of motorcycles business were ¥928.2

economy, recovery continued due to improvement in thebillion (an increase of ¥129.5 billion compared to theemployment situation and personal consumption. In Europe,previous year), and operating income was ¥8.4 billion

the employment and personal income situation remained(an increase of ¥8.6 billion).

difficult and personal consumption slumped, despite theUnit sales in developed countries increased overall as aappearance of signs of bottoming out of the economy. In

result of factors such as higher sales in Japan and North

emerging markets in Asia, Central and South America, andAmerica for reasons including the impact of new productother regions, a lull in economic growth continued due tointroductions and sales improvement in Europe in thethe effects of a business slowdown and credit tightening. In

second half (July to December). On the other hand, overall

Japan, a recovery trend in personal consumption appeared

unit sales in emerging markets declined slightly. Although

as a result of recovery in stock prices and expectations forunit sales rose in India, where demand for scooters is

corporate earnings recovery and government economic

increasing, and Indonesia, where demand is recovering,

policies.

they fell in Thailand and Vietnam, where an economic

Regarding the Yamaha Motor Group’s main markets,

slowdown continues. As a result, although worldwide unit

while demand for motorcycles, outboard motors, and all-sales of motorcycles decreased slightly, net sales rose due

terrain vehicles (ATVs) in North America showed gradualto model mix improvement and the impact of yen depreciation.

recovery, demand for motorcycles in Europe fell. In emerging

Factors Impacting Operating Income

Sales Performance by Business Segment

Although the Group has factored in the costs ofmarkets, although demand for motorcycles rose in Indonesia

aggressive investment in development and sales promotion

and India, it fell in Thailand and Vietnam, where an economic

in developed countries and structural reform in Europe,

slowdown continued. In Japan, demand for motorcycles,

overall operating income increased as a result of suchelectrically power assisted bicycles, pleasure boats, andfactors as cost reductions and the impact of yen depreciation.

other products increased.

(Billion ¥)80
Impact ofexchange rate

Increase in
Cost reductions
gross profit
due to increase+10.4
in sales60

Increase in
R&D expenses

-2.1

-6.4

+4.8

Decrease in profit,
Structural reform reflecting the effectof reversal of provisionin Europefor product liabilities Increase in SG&A
expenses-4.0-2.4

OperatingincomeOthers

-12.8

+5.8

+43.2

40

20

Increase indepreciation
expenses

Operatingincome

+55.1

+18.6
0

FY13

FY12

Power Products

Industrial Machinery and Robots

Overall net sales of power products business were ¥126.7

Overall net sales of industrial machinery and robots businessbillion (an increase of ¥23.1 billion compared to the previous

were ¥32.3 billion (an increase of ¥1.4 billion compared toyear), and operating income was ¥5.3 billion (an increase of

the previous year), and operating income was ¥3.1 billion (a¥4.7 billion).

decrease of ¥0.8 billion).

Overall sales and income rose as a result of theSales of surface mounters increased from the previous

introduction of new recreational off-highway vehicles (ROVs),

fiscal year in the second half and for the full year, despite ahigher sales of snowmobiles and golf cars, the impact of yen

decrease in the first half due to the impact of slowing capitaldepreciation, and other factors.

investment.

Marine Products

Sales and Operating Income

Overall net sales of marine products business were ¥243.4

For fiscal 2013, consolidated net sales were ¥1,410.5 billion

billion (an increase of ¥47.0 billion compared to the previous(an increase of ¥202.8 billion compared to the previousyear), and operating income was ¥31.8 billion (an increaseyear). Sales of all businesses increased as a result of higherof ¥20.9 billion).

sales of motorcycles in Indonesia and India, and sales ofIn the outboard motor business, overall sales andoutboard motors in North America and the impact of yen

income rose as a result of higher sales of large models in

depreciation.

North America attributable to factors including the impact ofOperating income increased to ¥55.1 billion (an increase

Percentage of sales by product segment Sales by product segment

Sales by market(Year ended December 31, 2013)
Industrial machinery
Other products
and robots 2.3%
5.6%
Power products(Billion ¥)(Billion ¥)

1,600

1,600
1,294

Motorcycles
65.8%

Marine products 17.3%

1,200

110

1,154

103

86
101

167

150

new products, sales expansion in Russia and other emerging

1,410

1,410

9.0%

1,276

75 1,208
34
78
100
31
104
179
196

80
32
127

1,294
1,200

markets. And profits of personal watercraft business andprofit improvement of marine products business, costboat business were improved. Overall sales and income

Percentage of sales by market

reductions in emerging markets and the impact of yen

rose as a result of such factors and the impact of yen(Year ended December 31, 2013)

depreciation.

depreciation.

1,154

800
1,023

400

1,208

243

800

of ¥36.5 billion compared to the previous year) due to a

1,276

817

914

888

799

928

1,152

1,130

1,055

1,263

400

Japan

10.5%
0
Overseas
89.5%

2009

2010

2011

2012

Motorcycles

Marine products

Power products

Industrial machineryand robots

Other products

2013

0

130

2009
Japan

147

142

2010

2011

152

2012

148

2013

Overseas

Note “Industrial machinery and robots,” which was previously
included in the “Other products” segment, is being
reported in a separate segment effective from fiscal 2011.

74

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201375

Management Discussion and Analysis of Operations

Other Products

North America

Asia

Income and Expenses

Overall net sales of other products business were ¥79.9

Net sales in North America increased ¥64.4 billion from the

Net sales in Asia (excluding Japan) increased ¥109.0 billion

Cost of Sales, Gross Profit and SG&A Expenses

billion (an increase of ¥1.6 billion compared to the previous

previous year to ¥270.1 billion, while operating income

from the previous year to ¥704.9 billion, and operating

The cost of sales for fiscal 2013 increased ¥119.1 billion

year), and operating income was ¥6.7 billion (an increase of

decreased ¥1.6 billion to ¥5.3 billion.

income increased ¥9.1 billion to ¥30.5 billion.

year on year, to ¥1,091.7 billion, representing 77.4% of net¥3.1 billion).
Sales of electrically power assisted bicycles andindustrial-use unmanned helicopters increased due to theUnit sales of outboard motors, motorcycles, golf cars,

Unit sales of motorcycles increased in Indonesia, India,

and other products increased, and net sales rose on factors

and other markets and decreased in Thailand and Vietnam.

Gross profit increased ¥83.7 billion, to ¥318.8 billion,

including the impact of yen depreciation.

Net sales increased due to the impact of yen depreciationreflecting increased sales, cost reductions, an improved

and other factors.

model mix, and yen depreciation. The gross profit margin

introduction of new products, among other factors.

sales.

Although sales of automobile engines declined, both sales

Europeand income of other products rose overall.

Net sales in Europe increased ¥24.7 billion from the previous

Othersyear to ¥160.2 billion, and operating loss increased to ¥10.8

Net sales in other areas increased ¥35.3 billion from theincreased ¥47.2 billion, to ¥263.6 billion. This was mainly

Sales Performance and Operating Income byGeographical Segment Note 1

billion from ¥4.7 billion in the previous year.

previous year to ¥170.4 billion, and operating income

because of an increase in sales promotion expenses in line

increased ¥1.7 billion to ¥6.9 billion.

with higher sales and the effect on foreign-exchangeJapandepreciation and other factors, even though unit sales ofUnit sales of motorcycles increased in Brazil, Argentina,

conversions from yen depreciation. As a percentage of net

Net sales in Japan increased ¥63.4 billion from the previous

motorcycles and other products declined as personal

Colombia, Mexico, and other markets, and net sales rose on

sales, SG&A expenses rose 0.8 percentage point, to 18.7%.

year to ¥596.1 billion, and operating income increased

consumption slumped amid a difficult employment andfactors including the impact of yen depreciation.

¥37.8 billion to ¥29.0 billion.

personal income situation.

rose 3.1 percentage points, to 22.6%.

Net sales increased due to the impact of yen

Selling, general and administrative (SG&A) expenses

R&D expenses included in general and administrative
expenses and manufacturing costs increased ¥6.4 billion

Unit sales of motorcycles, outboard motors for the U.S.

year on year, to ¥76.1 billion.

market and electrically power assisted bicycles increased,
and net sales rose on factors including the impact of yen
depreciation.

Motorcycle unit sales

Operating income (loss) andoperating income margin(Thousand units)(Billion ¥)

8,000

75
6,960

（%） (Billion ¥)

9

6,090
533

372

6,014
590

51.3

50

4.0
4,000

53.4

6
4.1

5,228

5,077

2,000
185
64
101

165
71
94

162
76
109

1.4

1.5

2009

2010

2011

2012

2013

Japan
OthersNorth America

EuropeAsia

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013–75

(Billion ¥)

596

2010

2011

Operating income (loss)
Operating income margin (%)

2012

520

Sales by geographical segment Note 1—Europe(Billion ¥)

270

280

200

201

533

169

450

206

210
183

171

135

177

2

300

140

100

0

150

70

50

–20

0

160

151

150

7.5
0.6

–5.4
–62.6
2009

2.1

18.3

20

450

Sales by geographical segment Note 1—North America

3.1

27.0
3

0
227
53
99

4

40

3.9
18.6

6,059

4,993

76

600

44.1

55.1

25
6,084

0

(Billion ¥)

6

527

573

5,841

275
92
108

（%）

60

6,982

497

6,000

Sales by geographical segment Note 1—JapanNet income (loss) andnet income margin

2013

0

0

–10

–250

–18.7
–216.1
2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

Net income (loss)
Net income margin (%)

Yamaha Motor Co., Ltd. ⎢ Annual Report 201377

Management Discussion and Analysis of Operations

R&D Expenses

Operating Income

In the industrial machinery and robots business,increase year on year. The main extraordinary losses were aWith the aim of being a Kando Creating Company, theOperating income for fiscal 2013 was ¥55.1 billion, a ¥36.5

operating income declined ¥0.8 billion, to ¥3.1 billion.

¥1.1 billion loss on disposal of noncurrent assets, compared

Yamaha Motor Group proactively carries out research andbillion increase year on year. This resulted in a 2.4 percentage

Although full-year unit sales of surface mounters rose yearwith ¥0.8 billion in the previous year, and an impairment loss

development in technologies related to engines, smart

point increase in the operating income margin, to 3.9%.

on year, profit declined.

of ¥1.1 billion, which was roughly unchanged from thepower, vehicles, boats, controls, materials, and production,

The motorcycle business recorded an ¥8.6 billion

as well as environmental and advanced safety technologies,

increase in operating income, to ¥8.4 billion. In addition to¥6.7 billion, a ¥3.1 billion increase year on year. Increased

along the three growth tracks of “fulfilling lifestyles,”proactive outlays for R&D and sales promotions insales of electrically power assisted bicycles and industrial-

Income before Income Taxes“enjoyment in personal mobility,” and “innovative

developed markets, the business incurred restructuring

use unmanned helicopters led to overall profit growth.

Income before income taxes for fiscal 2013 increased ¥31.8

technologies that harmonize with people, society, and theexpenses in Europe, but profit grew as a result of cost

Earth,” to constantly provide products that are “high-quality,

reductions and yen depreciation.

high-performance, lightweight, and compact.”

Operating income in the other products business wasprevious year.

billion year on year, to ¥57.7 billion.
Non-Operating Income and Expenses

Operating income in the marine products business was

Net non-operating income was positive in the amount of

Income Taxes

To create products that precisely meet the needs of¥31.8 billion, a ¥20.9 billion increase year on year. This was¥5.0 billion, which was ¥3.7 billion less than in the previous

With the additional recording of deferred tax assets at

customers around the world, we have built an R&D structure

driven by strong sales of outboard motors in North America

year. This included ¥6.7 billion of interest income, compared

overseas subsidiaries, income taxes for fiscal 2013that is organized around our headquarters, and carry out

and Russia, along with improved earnings in the personalwith ¥5.9 billion in the previous year.

decreased ¥5.8 billion year on year, to ¥8.2 billion.

research and development in close cooperation with Groupwatercraft and domestic boat businesses. Yen depreciationcompanies in Japan and overseas.

also contributed to overall profit growth.

To enhance our competitiveness in terms of Monozukuri

Extraordinary Income and Loss

The power products business recorded operating

Extraordinary income totaled ¥0.3 billion, marking a ¥0.4

in India, we have built an India Integrated Development

income of ¥5.3 billion, for a ¥4.7 billion increase year on

billion decrease year on year. The main item was a ¥0.3

Center, which commenced operations during fiscal 2013 as

year. This reflected increased sales of snowmobiles, golfbillion gain from the sale of noncurrent assets, compared

our second integrated development center following thecars, and new types of recreational off-highway vehicles

with ¥0.2 billion in the previous year.

ASEAN Integrated Development Center.

(ROVs), as well as yen depreciation.

Sales by geographical segment Note 1—Asia

Sales by geographical segment Note 1—Others(Billion ¥)(Billion ¥)(Billion ¥)

200

100

658

652

600

(%)

8

145

150

519

60

75

135

5.4
62

65
55

5.1

5.8
70

76

6

45

(¥)

(Billion ¥)

(%)

150

600

30

49

46

423

45
34

4

Net assets and % of net income toshareholders’ equity

126 126

5.4

4.3

50

100

57

54

121

400

(Billion ¥)

170
159

596

Capital expenditures and depreciation Net income (loss) per share

R&D expenses and % of R&D
expenses to net sales

800
705

Extraordinary losses totaled ¥2.7 billion, for a ¥0.6 billion

37

400

100
34

34

311

77 77

36

310

249

56 56

30

20

342
12.7

200

50

10

9.7
7.5

21

2.5
200

0

25

50

2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

0

2009

2010

R&D expenses

2011

2012

2013

% of R&D expenses to net sales

2

15

0

0

0

0

2009

2010

Capital expenditures

2011

2012

Depreciation

2013

–800

–71.2

–756
2009

0

2010

2011

2012

2013

Net income (loss) per share—basic
Net income per share—diluted

2009
Net assets

2010

2011

2012

2013

–80

% of net income to shareholders’ equity

Notes ・Net income per share—diluted for fiscal 2009 is notlisted, since the Company registered a net loss per sharefor the period.
・Net income per share—diluted for fiscal 2012 is notlisted as there were no potential shares with dilutive effect.

78

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201379

Management Discussion and Analysis of Operations

Minority Interests in Income

including foreign currency translation adjustment arising

Capital Expenditures

Minority interests in income include interests owned byfrom yen depreciation. Current assets rose ¥116.7 billion,

Capital expenditures for fiscal 2013 totaled ¥56.8 billion,

equipment in the United States.

minority shareholders in PT. Yamaha Indonesia Motorand non-current assets rose ¥67.5 billion.

mainly for manufacturing equipment and facilities for the

The industrial machinery and robots business invested¥0.6 billion, mostly for the production of new machines.

Manufacturing, Yamaha Motor Taiwan Co., Ltd., Yamaha

Total liabilities rose ¥103.0 billion to ¥723.8 billion,

production of new models in the motorcycle and marine

Motor Vietnam Co., Ltd., and Industria Colombiana dereflecting such factors as an increase in notes and accounts

products businesses, production capacity enhancements,

for facilities and equipment for the research andMotocicletas Yamaha S.A., and increased ¥1.1 billion year

payable–trade or short-term loans.

research and development operations, and the realignment

development of automobile engines and smart powerof the production structure.

vehicles.

on year, to ¥5.4 billion.

Total net assets increased ¥81.2 billion to ¥422.8 billion,

The other products business invested ¥2.7 billion, mostly

reflecting such factors as net income of ¥44.1 billion,

By business segment, capital expenditures for the

Net Income

dividends paid of ¥5.2 billion, and a change in foreign

motorcycle business totaled ¥38.6 billion. Overseas, thisNet income for fiscal 2013 increased ¥36.6 billion year on

currency translation adjustment of ¥27.0 billion due to yen

included investments for the production of new models inyear, to ¥44.1 billion. Basic net income per share grew

depreciation. As a result, the shareholders’ equity ratio as of

ASEAN and Central and South America, and production¥104.75, to ¥126.20 in fiscal 2013 from ¥21.45 in fiscal

December 31, 2013 was 33.5% (an improvement of 1.5

capacity enhancements in India. The main investments in2012.

percentage points from the end of the previous fiscal year).

Japan were for the realignment of the production structure.

The net debt-equity ratio was 0.7 times, unchanged from

Capital Resources and Liquidity

the end of the previous fiscal year.

Assets, Liabilities and Total Net Assets
Note 2 Equity ratio: (Shareholders’ equity + Accumulated other comprehensive

Total assets at the end of the fiscal year ended December 31,

(¥)

(%)

(Billion ¥)

40

1,500

32.0

31.2
1,500

33.5
30

28.0

1,000

978

1,000

743

786

Capital expenditures in the marine products businessNet cash provided by operating activities during fiscal 2013was ¥67.0 billion (¥2.4 billion in net cash used during fiscal

facilities and equipment, and for the realignment of the2012), reflecting factors including income before income

domestic production structure.

taxes of ¥57.7 billion (¥25.8 billion) and an increase of ¥6.4

900

Total asset turnover

billion in working capital (an increase of ¥26.4 billion)

500

Property, plant and equipment
turnoverInventory turnover(%)(Times)(Times)(Times)

200

2.0

6.0

6.0

163
6

2.9

accompanying a sales increase.

9

175
153

150

4.9
150

137

1.5

1.3

1.4

1.3

1.3

5.1
4.6

4.9

4.5

4.6

4.7

2010

2011

4.5
3.7

4.4

4.3

2012

2013

3.5

1.1

4.2
20

882

804

Cash Flows

(%)

962

1,100
21.5

Current ratio

1,147
987

similar assets during fiscal 2013.

¥6.1 billion, mainly for ROVs manufacturing facilities andTotal assets and return on assets

2,000

There were no disposals or sales of important facilities or

In the power products business, expenditures totaled

year to ¥1,146.6 billion. The increase is attributable to factors

Net assets per share andequity ratio Note 2

funded by internal resources.

totaled ¥8.8 billion, mostly for research and development

income)/Total assets x 100 (%)

2013 rose ¥184.3 billion from the end of the previous fiscal

The entire amount of the above expenditures was

3

100

1.0

3.0

3.0

0

50

0.5

1.5

1.5

–25

0

1.9
0.8
10

500

0

2009

2010

Net assets per share

80

2011

2012

Equity ratio (%)

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

2013

0

0

–20.1
2009

2010

Total assets

2011

2012

2013

0.0
2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

0.0

2009

2010

2011

2012

2013

0.0

2009

Return on assets (%)

Yamaha Motor Co., Ltd. ⎢ Annual Report 201381

Management Discussion and Analysis of Operations

process, as well as purchasing costs for products andcomprehensive consideration of the business environment,was ¥62.7 billion (¥51.1 billion in net cash used during fiscal

Net cash used in investing activities during fiscal 2013

merchandise, SG&A expenses, working capital, and capital

including business performance, retained earnings, and a2012), as a result of factors including ¥53.4 billion in capital

expenditures.

balance between aggressive growth investments and stock

investments for new model production and other purposes

Domestic capital investment in fiscal 2013 totaled ¥19.0(¥47.6 billion).
Net cash provided by financing activities during the fiscal

retained earnings.
The annual amounts of interest-bearing debt to be
repaid are as follows:

dividends and loan repayments, while maintaining a minimum

billion, and was used primarily for producing new models in

dividend payout ratio of 20% of consolidated net income.

the motorcycle and marine products businesses, research

The year-end dividend for fiscal 2013 was determined

2 to 3years

3 to 4years

4 to 5years(Billion ¥)More than
5 years

Total

1 year 1 to 2
or less years

Short-termloans payable

170.3

170.3

—

—

—

—

—

Long-termloans payable

212.6

73.2

84.8

35.6

14.1

1.2

3.7

year under review was ¥3.6 billion (¥15.8 billion in net cash

and development, and the realignment of the domestic

to be ¥16 per share. Added to the interim dividend (¥10

provided during the previous fiscal year), due to factors

production structure. Capital investment overseas totaled

per share), this gives a total dividend for the year of ¥26

including financing by means of short-term loans¥37.8 billion, mostly to produce new models in ASEAN andper share.

Note Long-term loans payable includes current portion of long-term loans
payable.

accompanying an increase in working capital.

Central and South America, and to increase production

Fund Procurement Conditions

Share PerformanceGroup companies acquire short-term loans payable

Price per share increased from ¥949 at December 31, 2012

denominated in local currencies to use as working capital.

to ¥1,577 at December 31, 2013. The number of shares

Meanwhile, funds for plant and equipment investment comeoutstanding, excluding treasury stock, increased fromprimarily from internal reserves, including paid-in capital and

349,092,483 shares at December 31, 2012 to 349,134,628

As a result of the activities discussed above, free cash

capacity in India.

flows for the fiscal year under review were a positive ¥4.3

As a result, capital expenditures in fiscal 2013 totaled

billion. Interest-bearing debt at the end of the fiscal year was¥56.8 billion.

¥382.9 billion, and cash and cash equivalents totaled¥120.0 billion. Interest-bearing debt includes ¥162.0 billion

Cash Dividends

in borrowings for sales finance.

Recognizing that shareholders’ interests represent one ofshares at December 31, 2013. As a result, the market

the Company’s highest management priorities, thecapitalization of the Company increased from ¥331.3 billion

Demand for Funds

Company has been striving to meet shareholder

at December 31, 2012 to ¥550.6 billion at December 31,

The Group’s fund requirements are primarily to cover the

expectations by working to maximize its corporate value

2013.

cost of procuring materials and parts used in productthrough a diversity of business operations worldwide. The

manufacturing and costs incurred in the manufacturing

Company aims to provide shareholder returns throughCash provided by (used in)operating activities

Cash used in investing activities

Free cash flows(Times)(Billion ¥)(Billion ¥)(Billion ¥)

8

150

80

Account receivable turnover

Cash and cash equivalents at
the end of the year

90

(Billion ¥)(Billion ¥)

240

400

6

(%)

400

383 200

188.3

7.7
7.1

Interest-bearing debt anddebt/equity ratio

7.1

6.9

6.1

63

105

100

4

50

2

0

60

60

74

67

47

45

327

322

180

300
137

30

29

117.6

134

120

150

275

51

38

40

33

204

67

120
106

200

106.2
97.8

100
99.7

4

0

2009

2010

2011

2012

2013

–50

2009

2010

2011

2012

0

20

–2

60

50

100

–13

2013

0

2009

2010

2011

2012

2013

–60

–53
2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

0

2009

2010

Interest-bearing debt

82

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

2011

2012

2013

0

Debt/equity ratio (%)

Yamaha Motor Co., Ltd. ⎢ Annual Report 201383

Investor Information

Management Discussion and Analysis of Operations

As of December 31, 2013

Forecast for Fiscal 2014

The Company forecasts the following for its consolidated

In the current business environment, although a trend of yen

financial results for the fiscal year ending December 31,

depreciation against the currencies of other developed

2014: higher sales in the motorcycle business, in the marine

countries continues, there are concerns about sluggish

products business and in the power products business by

economic recovery in Europe and an economic slowdown

proactive introduction of new models; and a profit increase,and currency depreciation in emerging markets. To cope

as higher profits from the sales increase and cost reductions

with this change in the business environment, in fiscal 2014,

and other factors enable the absorption of factors including

the second year of the medium-term management plan, theincreases in selling expenses and R&D expenses in

Company will reinforce its business strategy while closely

preparation for future growth.
The forecast is based on the assumption that thewatching economic and demand trends in the Group’s

exchange rates are ¥100 against the U.S. dollar (amarkets.

depreciation of ¥2 from the previous year) and ¥135 against
the euro (a depreciation of ¥5 from the previous year).

Yamaha Motor Co., Ltd.

Yamaha Motor’s Share Price and Trading Volume on theTokyo Stock Exchange

Headquarters
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-32-1103
Facsimile:+81-538-37-4252

Share price

(Yen)

3,000

Date of Establishment
July 1, 1955
2,000

Major Consolidated Subsidiaries
Yamaha Motorcycle Sales Japan Co., Ltd.
Yamaha Motor Powered Products Co., Ltd.
Yamaha Motor Corporation, U.S.A.
Yamaha Motor Manufacturing Corporation of America
Yamaha Motor Europe N.V.
PT. Yamaha Indonesia Motor Manufacturing
Thai Yamaha Motor Co., Ltd.
Yamaha Motor Vietnam Co., Ltd.
Yamaha Motor Taiwan Co., Ltd.
India Yamaha Motor Pvt. Ltd.
Yamaha Motor do Brasil Ltda.
Capital Stock
Authorized:
Issued:Number of Shareholders:

1,000

0
2009

2010

2011

2012

Trading volume

2013(Million shares)

300

900,000,000 shares
349,803,684 shares
29,474200

Principal Shareholders

Interest coverage

Cash dividends per share andpayout ratio(Times)

(¥)

16

28

Price/earnings ratio

26.00

(%)

(Times)

60

48

21

45

36

Securities ExchangeTokyo Stock Exchange, Inc.

9.6
15.50
8

14

6.7

30

5.0

20.1

2009

2010

2011

2012

2013

Note Interest coverage for fiscal 2012 is not listed, due to thenegative status of cash flow from operating activities during
the period.

84

20.6

7

4

0

10.00

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

0

15

0

0

2009

2010

Cash dividends per share

2011

2012

23.8

24

2013

0

Payout ratio (%)

Notes ・The payout ratio for fiscal 2009 is not listed,since the Company registered a net loss for the period.
・The payout ratio for fiscal 2010 is not listed,since the Company did not pay out any dividends.

12.6

12

0

12.5

Transfer Agent for Capital Stock
Sumitomo Mitsui Trust Bank, Limited
4-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-8233, Japan
AuditorErnst & Young ShinNihon LLC

2009

2010

2011

2012

12.18%
9.26
3.57
3.38
3.14
2.45
2.36
2.35
2.33
1.95

Annual Meeting of Shareholders
The Ordinary General Meeting of Shareholders is held in March each year in
Iwata, Shizuoka, Japan.

44.2

46.6

12.1

12

Yamaha Corporation
State Street Bank and Trust Company
Toyota Motor Corporation
Mizuho Bank, Ltd.
The Master Trust Bank of Japan, Ltd. (trust account)
Mitsui & Co., Ltd.
Japan Trustee Services Bank, Ltd. (trust account)
State Street Bank and Trust Company 505223
GIC PRIVATE LIMITEDThe Shizuoka Bank, Ltd.

2013

Note The price/earnings ratio for fiscal 2009 is not listed,since the Company registered a net loss for the period.

100

0

2009

2010

2011

2012

2013

Shareholder Composition
Japanese financial
other instruments firms

0.8%Japanese individuals
and others

7.7%

Foreign investors

46.3%

24.4%

Japanese financial institutions

20.8%
Other Japanese corporations

For further information, please contact:
Yamaha Motor Co., Ltd.
Corporate Planning Division
2500 Shingai, Iwata, Shizuoka 438-8501, Japan
Telephone: +81-538-32-1122
Facsimile:+81-538-32-1274
http://global.yamaha-motor.com/ir/
You are also invited to review the Fact Book, Financial Data,
and CSR Report on Yamaha Motor’s website at
http://global.yamaha-motor.com/

Yamaha Motor Co., Ltd. ⎢ Annual Report 201385