Annual Report 2013
Year ended December 31, 2013

Increasing Corporate Value
Through Sustainable Growth

Corporate Mission
Kando* Creating Company
Offering new excitement and a more fulfilling life for people all over the world

Yamaha Motor Co., Ltd. is a multinational enterprise with 140 consolidated subsidiaries and equity-method

Yamaha Motor strives to realize peoples’ dreams with ingenuity and passion, and to always be a company people look to for the
next exciting product or concept that provides exceptional value and deep satisfaction.

affiliates in 30 countries and regions, and about 90% of our consolidated net sales are derived from overseas*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.

markets. We operate global development, production and sales networks, and our products are sold in morethan 200 countries and regions.
We have successfully diversified our business by capitalizing on our world-leading small engine,
fiberglass-reinforced plastics and electronic control technologies. Today, our proprietary technologies extend
to a wide variety of products, including motorcycles, marine products, power products and surface mounters.
We will move forward with restructuring and the transformation of our management base for continuous
growth, to evolve Yamaha Motor into an excellent engineering, manufacturing and marketing enterprise,with a prominent presence in the global market.

Management Principles
1. Creating value that surpasses customer expectations
To continue to produce value that moves people, we must remain keenly aware of customer’s evolving needs.
We must strive to find success by always surpassing customer expectations with safe, 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 thecreativity and ability of our employees, with an equitable system 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 environment and communities and fulfill our corporate social responsibility with honesty and sincerity.

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

Spirit of Challenge
Courage to set higher goals without fear of failure

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

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

1

Our Annual Report 2013 aims to provide

Annual Report 2013 (Online Version)

a comprehensive overview of Yamaha

An online version of this report is also available.
Please visit the following website:

Motor’s activities during the fiscal year

http://global.yamaha-motor.com/ir/annual2013/

ended December 31, 2013, including
management strategies and financial
information, as well as corporate
governance, corporate social
responsibility (CSR), and other areas

Information for Investors
Please refer to the following website for detailed financial
information and information regarding our business operations:that form the foundation on which ourbusiness is built.

http://global.yamaha-motor.com/ir/

In addition to the printed version,
we have also prepared an online versionof this report. With both a printed andan online version, we hope to facilitate
a better understanding of Yamaha Motor.

Information Related to Corporate Social Responsibility (CSR)
Please refer to the following website for detailed CSR information:

http://global.yamaha-motor.com/about/csr/

CONTENTS
To Our Stakeholders
SNAPSHOT
Company Overview
Financial Highlights

4
6
8
10

Interview with the President

12

SPECIAL FEATURE
1. Yamaha Motor’s New Technologies—
A Growing World of Personal Mobility
2. Paving New Roads Together with Indian Society
3. Bringing Freshwater to Lives Around the WorldCSR SECTION
Customers
Employees
Shareholders and Investors
Business Partners
The Community
The Environment

2

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

28
32
36

42
44
46
47
48
50

CORPORATE INFORMATION
Corporate GovernanceDirectors, Audit & Supervisory Board Members,
and Executive Officers
Comments from an Outside Director
Organization

56
66
69
70

Financial Section
Five-Year Summary
Financial Data by Market
Management Discussion and Analysis of Operations

71
72
74

Investor Information

85

Notice Regarding Forward-Looking Statements
Statements in this annual report, except for historical facts, are forwardlooking statements about the future performance of the Company and
its Group companies, which are based on management’s assumptions
and beliefs in light of the information currently available, and involverisks 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. ⎢ Annual Report 20133

To Our Stakeholders
Developed markets in 2013 saw the economic recovery in the United States continue, while Japan experienced
a turnaround to a weaker yen and higher share prices, reflecting in part the policies of a new government.
Europe, however, remained in the economic slump that has persisted for the past few years. Emerging market
economies also stagnated on the continued effects of theslower economic growth and monetary tightening that began

Changing Monozukuri * and thein the previous year.
This was our first year under a new Medium-Term
Management Plan, and given this backdrop Yamaha Motor
pursued distinctive Monozukuri and marketing initiatives aswell as global cost reductions. Notably, we launched products

Way We Work by “Breaking Out of
Our Current Norms” and “Pursuing
the Unique Style of Yamaha”

highlighting Yamaha’s unique qualities in both developed
markets and emerging markets, and in the course of these* Engineering, manufacturing, and marketinglaunches production commencement dates were brought
forward, innovative sales initiatives were implemented, and cost reductions exceeded targets.
Thanks to these efforts, coupled with the positive impact from a weaker yen, consolidated businessresults for 2013 showed increased sales in all businesses and profit growth at all levels—operating income,ordinary income, and net income.
This year, 2014, is the second year under our Medium-Term Management Plan. In Europe and emerging
Hiroyuki Yanagi
President, Chief
Executive Officer andRepresentative Director

Takaaki Kimura
Executive Vice President
and Representative
Directormarkets, where the economic outlook remains uncertain, we will closely watch economic developments andtrends in demand, supplement and strengthen our business strategies for each market, and work to accelerate
the Plan’s implementation. At the same time, we will “pursue the unique style of Yamaha” and “break out of ourcurrent norms” to thoroughly change Monozukuri and the way we work.
We sincerely hope that our stakeholders continue to look forward to the latest developments by the
Yamaha Motor Group.

April 20144

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Hiroyuki Yanagi

Takaaki Kimura

President, Chief Executive Officer
and Representative Director

Executive Vice President
and Representative Director

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

5

Progress of Yamaha Motor’s
Medium-Term Management Plan

SNAP
SHOT

The first year under the Medium-Term Management
Plan (MTP) marked a solid start toward the achievementof the MTP’s targets.

Motorcycle BusinessTotal demand(Ten thousand units)

Yamaha Motor

Developed markets

India

ASEAN
2,000

Medium-Term Management Plan: Management Targets

and trends in demand for our products in each market, as we work to achieve the MTP’s targets ahead of schedule.

Net sales

2,000.0(Billion ¥)1,400.0

7.5%

1,410.5

1,254

2017

2015
Target2013
Target

37

50

55

2013

2015

2017

46

100

2013

2015

3.6%

Marine Products Business(Ten thousand units)

Yamaha Motor

3.9%

110

100

2013

2013

fiscal 2014, to achieve the targets set in the MTP.

40

New Launches
New products launched in various
markets

2015

Target*ResultTarget$87/€115$98/€130$80/€1052017

Ultimate target

2013

2015

2017

Sales and profit growth in fiscal 2013

*As of Feb. 14, 2013

ROE

2.5%

8.8%

12.7%

10%

15%

ROA

0.8%

2.9%

4.2%

4%

5%

EPS

¥21

¥80 or more

¥126¥100 or more

¥200 or more

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Cost reductions of ¥10.4 billion
in fiscal 2013 surpassed target
our target of ¥10.0 billion. We will continue to reduce costs during

55.1

18.6

Cost Reduction Strategies

Cost reductions during fiscal 2013 totaled ¥10.4 billion, surpassing

50
35

6

2017

and an improvement in European sales during the second half of the year. In emerging markets, unit sales rose in India on growth in scooter

1.5%$80/€103

2015

Unit sales in developed markets rose in fiscal 2013, with new model launches in Japan and North America resulting in growth in those markets,

86

2012

2013

Solid results in both developed and emerging markets

Total demand

Result2017

600

slight decline overall.

5.0%

Operating income

361

220

520

demand and in Indonesia as overall demand recovered, but prolonged economic slowdowns led to declines in Thailand and Vietnam, for a

1,207.7

Operating income margin

1,500

300

274

Ultimatetarget1,600.0

1,434

350

address changes in the operating environment and strengthen and refine our business strategy, with a close eye on economic developments

1,700

1,600

Helped by a weaker yen, all businesses recorded net sales growth in fiscal 2013. In fiscal 2014, the second year under the MTP, we will

The outboard motor business recorded increased sales of large models
in North America as a result of new model launches, and in emerging

The motorcycle business continues to launch new models inmarkets around the world. New model launches during fiscal 2013
included the BOLT in North America, the MT-09 in Europe, and the
RayZ in India. We continue to develop new models that will lead toincreased sales again in fiscal 2014.

markets sales rose in Russia. Earnings in the personal watercraft anddomestic boat businesses also showed a solid improvement.

Yamaha Motor Co., Ltd. ⎢ Annual Report 20137

Company Overview

PERFORMANCE
Based on our corporate mission of being a Kando Creating Company, Yamaha Motor is
engaged in global development, production, and sales, to provide customers with adiverse range of products.
Motorcycles% of 65.8%
net sales

Sales

928.2
Billion ¥

65.8%
65.8%
65.8%
65.8%

As a global engineering, manufacturing and marketing company, we areconstantly looking forward in the pursuit of new challenges to create new value.
These numerical highlights demonstrate Yamaha Motor’s unique position.
2013 Motorcycle Shipments

Major products:
Motorcycles, knockdown partsfor overseas production andintermediate parts for products

R&D Expenses

6,010

76.1

Thousand units

Marine Products

Sales% of net sales

17.3%

243.4
Billion ¥Power Products

Sales

Billion ¥

Sales

32.3
79.9
Billion ¥Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Each business proactively carries

and marketing in markets around theout research and development, andOutboard motors, personal watercraft,world resulted in global unit sales of 6.01

the ¥76.1 billion in research andboats, FRP pools, fishing boats andmillion units in more than 180 countries

utility boats

and regions.

Major products:

golf cars, generators, small-sized

9.0%
9.0%
9.0%

Bolt

highway vehicles, snowmobiles,
snow throwers and multi-purpose

development expenses recorded in2013 marked an increase from 2012.

Number of New Models to be Launched (2013–2015)

Overseas Sales Ratio

9.0%

89.5 250%

Modelsengines
Overseas sales in 2013 totaled¥1,262.7 billion, accounting for 89.5%

Major products:of total net sales.

Yamaha Motor’s businesses will launcha total of 250 new models during the
MT-09

three years from 2013 to 2015.

Surface mounters, industrial robots
and wheelchair electric power units

2.3%

Others15.2%

2.3%

Marine Products Market Share

Japan
10.5%

North
America
17.4%

Major products:
Automobile engines, automobile

Europe
11.1%

Asia
45.8%

212SS

components, electrically power

5.6%
5.6%
5.6%
5.6%

unmanned helicopters

No.1
The boat business had the largest shareassisted bicycles and industrial-use

5.6%

8

Yamaha Motor’s engineering, manufacturing,All-terrain vehicles, recreational off-

2.3%
2.3%
% of net sales
2.3%

Sales

Major products:

9.0%% of net sales

Billion ¥Other Products

17.3%
17.3%
17.3%
% of net sales

126.7
Industrial Machinery
and Robots

17.3%

Billion ¥of the Japanese market, and the No. 1

Overseas 89.5 %share of the global markets for outboard
FX Cruiser HO

motors and personal watercraft.

Yamaha Motor Co., Ltd. ⎢ Annual Report 20139

Financial Highlights
Yamaha Motor Co., Ltd. and Consolidated Subsidiaries
Years ended December 31

In addition to increased sales of motorcycles in Indonesia and India, and of outboard motors in North America,
depreciation of the yen contributed to a 16.8% increase in net sales.

Net sales

Operating income and operating income margin

Net income and net income margin(Billion ¥)(Billion ¥)(%)(Billion ¥)

1,600

60

9

45

6

30

1,410
1,294 1,276

POINT

1,200

Profit rose on improved earnings in the marine products business, cost reductions in the motorcycle businessin emerging markets, and yen depreciation. As a result, operating income increased ¥36.5 billion, and with theadditional recording of deferred tax assets at overseas subsidiaries, net income increased ¥36.6 billion.

1,154

1,208

55.1

53.4

51.3
40
4.0

4.2

2.1

15

0.6

0

0

0

-10

-250

0

-5.4
Millions of yen

For the year:
Net sales
Gross profit
Operating income (loss)
Ordinary income (loss)
Net income (loss)
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Free cash flows
Net cash provided by (used in) financing activities
Capital expenditures
Depreciation expenses
At the year end:
Total assets
Net assets
Interest-bearing debt
Ratios:Operating income margin (%)
Return on equity (%)
Equity ratio (%)
Price/earnings ratio (times)
Debt/equity ratio (%)% change

2009

2010

2011

2012

2013

¥1,153,642
202,292(62,580)(68,340)(216,148)
74,096(45,285)
28,810(32,022)46,03553,701¥1,294,131
295,565
51,30866,142
18,300104,531(37,632)
66,8995,296
33,93936,594¥1,276,159
276,046
53,40563,49526,96033,328(46,517)(13,189)(51,927)45,04933,578¥1,207,675
235,068
18,59827,267
7,489(2,385)(51,081)(53,466)
15,761
48,78834,278¥1,410,472
318,765
55,13760,09244,057
66,976(62,679)
4,296
3,620
56,80036,407

2013/2012¥ 987,077
249,266
399,942¥ 978,343
310,809322,443¥ 900,420
309,914274,721¥ 962,329
341,561
326,976¥1,146,591
422,792
382,929(5.4)(71.2)
21.5
—
188.3

4.0
7.5
28.0
23.8
117.6

4.2
9.7
31.2
12.6
97.8

1.5
2.5
32.0
44.2
106.2

3.9
12.7
33.5
12.5
99.7

Yen

Per share amounts:
Net income — basic
Net income — diluted
Net assets
Cash dividends¥ (755.92)—
743.04
0.00

¥

55.50
55.50
785.61
0.00

¥

77.23
77.23
804.26
15.50

¥

1,166
333,300¥

1,323
461,855¥974
340,018¥21.45—
881.8810.00¥

126.20126.201,099.84
26.00

30,01349,994

31,61552,18432,25954,677

19.1%
23.8
17.1

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

2011

2012

2013

2009

2010

Operating income

2011

2012

2013

Total assets and return on assets(¥)(Billion ¥)

135

1,200

126

1,147
987

90

978

900

77

2009

Operating income margin (%)

Net income per share

900

2012

-20.0

2013

Net income margin (%)

Net assets and equity ratio(%)(Billion ¥)

9

480

(%)

40

28.0

360

240

0

120

-25

0

30

342

311

21.5
3

423
33.5

32.0

31.2
6

2.9

1.9

2011

Net income

4.2
600

2010

962

56
45

310
20

249

21
0

-800

0.8

300
-756
2009

2010

2011

2012

2013

0

-20.1
2009

2010

Total assets¥

488.3%
—
24.7
160.0

949
331,288¥1,577
550,585

66.2%
66.2% change

32,873
53,95829,47453,382(10.3)%(1.1)

Notes • R eferences to fiscal years are to 12-month periods commencing on January 1 and ending on December 31.
• With regard to amounts stated in million yen units, amounts less than ¥1 million are truncated. For amounts stated in 0.1 billion or billion yen units, amounts less than ¥0.1 billion or ¥1 billion,
respectively, are rounded off.

10

2010

-18.7
-216.1

2011

2012

2013

10

2009

Return on assets (%)

2010

2011

Net assets

2012

2013

0

Equity ratio (%)

Cash dividends per share

Market capitalization

Number of employees(¥)(Billion ¥)(Persons)

28

600

26.00

551

60,000% change

Persons

Other data (at the year end):
Number of shareholders
Number of employees

16.8%
35.6
196.5
120.4
488.3
—
22.7
—
(77.0)
16.4
6.2

2009

-62.6

-80

% change

Millions of yen, except per share data

Share performance (at the year end):
Price per share (yen)Market capitalization

0

2.0
7.5

1.4

1.5
400

4.0
3.1

18.3
3

6.0

27.0

3.9

18.6

20

800

（%）

44.1

21

462

450

52,18454,677 53,958 53,382

2010

2011

45,000
340

333

15.50
14

49,994331

300

30,000150

15,000

10.00
7

0

0

0

2009

2010

2011

2012

2013

0

2009

2010

2011

2012

2013

0

2009

2012

2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201311

INTERVIEW WITH THE PRESIDENT

Solid Start Toward Achievement ofMedium-Term Management Plan Targets
Hiroyuki Yanagi
President, Chief Executive Officer
and Representative Director,
Yamaha Motor Co., Ltd.

The following interview provides an overview of the Group’s overall businessresults for 2013, the first year under the Medium-Term Management Plan (MTP),
along with a review of the year and initiatives going forward for individual
businesses, and an explanation of the Group’s management targets for 2014.
In the following interview, the President addresses these key issues:
Business results for fiscal 2013, the first year under the MTP
Initiatives the motorcycle business is pursuing in developed markets
Initiatives the motorcycle business is pursuing in emerging markets
Initiatives being pursued in the marine products business
Activities in other businesses
Progress in the area of management reforms during 2013
Yamaha Motor’s long-term strategy
Management targets for fiscal 2014, relative to the achievement of the MTP
Returns to shareholders
Message for stakeholders

12

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201313

INTERVIEW WITH THE PRESIDENT

Q1

Please give us an overview of Yamaha Motor’s business results for fiscal
2013, the first year under the Medium-Term Management Plan.

Q2

What initiatives are the motorcycle business pursuing in developed
markets?

We achieved sales growth in all businesses.

We are working to further enhance our product lineup.

Looking at the global economy in 2013, the United States posted a significant recovery and there were major

Yamaha’s motorcycle shipments in developed markets had been declining

expectations for a recovery in Japan as well. However, European economies remained sluggish and growth appeared tosince the global financial crisis, but turned around in 2013 to a 6% increase

stall in emerging markets in Asia and Central and South America. Against this backdrop, the Yamaha Motor Group madefrom the previous year, to 370 thousand units. New product launches included

a comprehensive effort to achieve sustainable growth in terms of business scale, financial strength, and corporate

the new 950cc BOLT cruiser in North America, the new 850cc, three-cylinder

strength as outlined in the Medium-Term Management Plan (MTP), which sets fiscal 2015 Group targets of ¥1,600.0

MT-09 sports bike in Europe, and the Majesty S, our first 155cc sportsbillion in net sales and ¥80.0 billion in operating income (for an operating income margin of 5%).

commuter in Japan, and all three of these models recorded solid sales.

In fiscal 2013, the Group recorded a 16.8% increase in net sales, to ¥1,410.5 billion. Net sales rose in all businessIn addition to this solid progress under the MTP, which emphasizes new

segments, on increased unit sales of motorcycles in Indonesia and India and outboard motors in North America, coupled

product development and enhanced product strength, there was a positive

with the impact of yen depreciation.

effect from yen depreciation, and I am pleased with our improved earnings.

Operating income totaled ¥55.1 billion, a ¥36.5 billion increase from fiscal 2012. This reflected improved earnings

Looking ahead to 2014, we expect the size of the market to be flat within the marine products business and cost reductions in the motorcycle business in emerging markets, as well as yen

2013 in Europe, and to grow in Japan and North America, and are forecasting

depreciation. Ordinary income and net income rose significantly, with a ¥32.8 billion increase in ordinary income, toan 11% increase in Yamaha Motor’s shipments, to 410 thousand units.

¥60.1 billion, and a ¥36.6 billion increase in net income, to ¥44.1 billion, which included the additional recording ofdeferred tax assets at overseas subsidiaries.

We will strengthen our product lineup in 2014 by continuing toproactively release new models like the MT-07 from 2013, highlighting their

Our financial position remained stable, with a net debt-equity (D/E) ratio of 0.7 times, unchanged from the end ofhigh performance, light weight, low fuel consumption, and superior design.

the previous year, and a 1.5 percentage point improvement in the shareholders’ equity ratio, to 33.5%.

Sales and Operating Income by Business Segment

Motorcycle Business: Developed Markets

2013: Operating income: motorcycles bottoming out, large improvements in marine products
2014: Increases in sales and income for all business segments

2013: Yamaha sales at 370,000 units/106%. Decline bottoms out, recovery in progress
Japan: 115%; North America: 99% (first half); 118% (second half)
Europe: 89% (first half); 113% (second half)
2014: Overall demand increases in Japan and North America. In Europe, figures are similar
to last year. Yamaha forecasts sales of 410,000 units/111%

Net Sales (Billion ¥)1,207.7
109.1
103.6
Marine products 196.3
Other
Power products

Motorcycles

798.7

Operating Income (Billion ¥)1,410.5
112.2
126.7
243.4

928.2

2012

2013

($80/€103)($98/€130)

1,500.0
115.0
140.0
250.0

55.1
9.7
5.3

995.0

2014
Forecast($100/€135)

18.6
0.5 7.4
10.8-0.2 2012($80/€103)

75.0
11.0
8.0

($98/€130)

Oceania347
17Europe165

North
America

71

Japan

36.0

31.8
8.4
2013

Unit Sales (Thousand units)

Main Initiatives (2014)
366
19
162

408
20

198

High-performance, lightweight, fuel-efficient+ design concept■ Expansion of MT and other categories
■

20.0
2014
Forecast($100/€135)

76

82

94

109

108

2012

2013

2014
Forecast

MT-07

14

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

MT-09

Yamaha Motor Co., Ltd. ⎢ Annual Report 201315

INTERVIEW WITH THE PRESIDENT

Q3

What about the motorcycle business in emerging markets?

In Indonesia, where demand is recovering, we will strengthen our
position in the sports category by launching the R15 in addition to the

We are working to expand our business, focusing on India and Indonesia.

GT125, to offer new value.

With slowing economies and fiscal tightening, the lull in emerging economies’ motorcycle markets continued in 2013.

For the entire ASEAN region, we will also release global models andNevertheless, we enhanced our product competitiveness with new model launches, and sales grew in all markets with

develop new platform models featuring next-generation engines. We plan

the exceptions of Thailand and Vietnam, which were affected by economic slowdowns. The growth was led by solid

to release the R25 superbike that you can ride every day, and the TRICITY,

scooter sales in India, and sales in Indonesia, which is experiencing a recovery in demand. Cost reductions and yen

which offers both a lightweight, sporty drive as well as a feeling of stability.

depreciation also contributed to improved earnings.

These models will offer unique features in terms of being high performance

In terms of sales, we beefed up promotional events, including large-scale test-drive events in Indonesia and India.

and lightweight with low fuel consumption, combined with a superior

We also strove to provide even greater value-added solutions, we added to our sales network, and we pursued

design and cost performance, and we will strive to cultivate new customers

marketing activities that aim to create a “Yamaha world.” On the production side, we moved forward with preparations

by promoting these models beyond Asia to the rest of the world.

for the start-up of a new factory in Chennai, India (scheduled for October 2014).
By market, initiatives for 2014 will include strengthening our position in the scooter category in India withadditional launches of new models, including the CYGNUS α, and creating demand by introducing new models in thedeluxe category. With the new factory in Chennai scheduled to commence operations in October 2014, we will work tocultivate markets and customers and expand sales from cities to the countryside.

Motorcycle Business: Indian Market

Motorcycle Business: Indonesian Market

2013: Overall demand recovers after 3Q, 14.34 million units/104%
Yamaha sales is set at 650,000 units; domestic: 133%; export: 136%
2014: Forecast of overall demand at 15 million units, with Yamaha sales forecast at
830,000 units/127%

2013: Overall demand turns upward after down-payment restriction, with sales of 7.74 million
units/110%. Yamaha sales also increases, with sales of 2.49 million units/103%
2014: Forecast of overall demand at 7.8 million units, with Yamaha sales forecast of 2.6 million
units/104%

Unit Sales (Thousand units)

Unit Sales (Thousand units)

Main Initiatives (2014)
826

Exports

17

651

488

190

213

Main Initiatives (2014)
2,600

Strengthen scooter and deluxe categories
Market/customer development:from urban areas to regional areas■ New factory launch (scheduled for October)
■
■

■
■

2,492
2,423

Strengthen sports category, etc.
New generation engine + Platform,
global model launch

140
613

Domestic

348
2012

462

2013

2012

2014
Forecast

CYGNUS RAY Z

16

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013CYGNUS α

2013

2014
Forecast

GT125

R15

Yamaha Motor Co., Ltd. ⎢ Annual Report 201317

In addition to strengthening our motorcycle
product lineup, we are launching unique,cost-competitive new products in Asia for
global markets.
INTERVIEW WITH THE PRESIDENTLAUNCHING 250 NEW MODELS

18

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201319

INTERVIEW WITH THE PRESIDENT

Q4

Q5What initiatives are being pursued in marine products?

We are working to further increase earnings.

What are your activities in other businesses?

Earnings are improving as we introduce new products and win new customers.
Recreational vehicle business

New model launches in 2013 included the F200F and F150C large outboard
motors, as well as the Helm Master outboard motor control system jointly

In 2013, Yamaha Motor introduced a new type of recreational off-highway vehicle (ROV), the three-person VIKING. With thisdeveloped with Volvo Penta. With strong demand for these types of large

start, we intend to revitalize our powerful lineup through continuous launches of new products over the next five years.

models in North America, sales grew. The previous year’s solid sales ofIn snowmobiles, sales in Russia increased and business efficiency improved through tie-ups with other companies

personal watercraft continued as well, and the domestic boat businessin North America, and the new SR VIPER, produced under an OEM* arrangement, also contributed to increased sales.

benefited from an invigorated market and the weaker yen. Earnings showed aGoing forward, we plan to revitalize our strong product lineup with products that offer high performance and reliability.

significant improvement as a result, and the marine products business once

These efforts will expand our customer base, thereby establishing a stable earnings structure for the business.

again achieved profitability.

* OEM: original equipment manufacturing

In 2014, we will accelerate our new product launches for outboard

Smart Power vehicle businessmotors in developed markets, and reduce costs by moving production of small
outboard motors from France to Thailand, optimizing the geographic location

In the area of electrically power assisted bicycles (PAS), Yamaha Motor released a new model in 2013 that was anof manufacturing. In China, we aim to enter the fishing boat market and have aindustry first with triple sensors, and this combined with activities to attract a broader range of customers led to a large

new local factory scheduled to start production, and are targeting further sales

increase in units sold in Japan. We also developed the lightweight, compact E-Kit drive system for the European market,

and profit growth based on an integrated marine products growth strategy.

and are expanding our business tie-ups with overseas manufacturers to lay the groundwork for future sales growth.
In 2014, we will continue to release models with improved functionality and ease of use in Japan, and expand ourMarine Products Businessnetwork of partners in Europe.

2013: Profitability and revenue improve, with notable gains in the operating income ratio.
Sales of outboard motors in North America increase due to new product launches(200 H.P. models, etc.)
2014: Aiming for further increases in sales and income
Operating Income Ratio

5.5%

13.1%

14.4%

243.4
33.4
24.0

250.0
32.5
25.5

47.4

49.0

Net Sales (Billion ¥)Recreational Vehicles Business

2013:
2013:
YamahaYamahareachesreachedsalessalesof 89,000
of 89,000
units/91%,
units/91%,
an increase
an increase
in in2013: Yamaha sales of 230,000 units/122%
sales
sales
of 127%of 127%.
• Domestic: Introduction of a triple sensor, new demand development• ROV:• ROV:Work
Work
towards
towards
rebuilding
rebuilding
a strengtheneda strengthened
lineuplineupby bycontinued
continued• Europe: Business tie-ups with 3 to 4 companies
product
product
introductions
introduction
over
over
thethenext
next
5 years
5 years.
(with several more expected), expansion preparations in progress• Snowmobiles:• Snowmobiles:
NewNewproduct
products
introduction
Introduction
throughthroughOEMs,
OEMs,
salessales
2014: Yamaha forecasts sales of 280,000 units/121%
increaseincreasein Russianin Russian
marketmarket.
2014:
2014:
YamahaYamahaforecasts
forecasts
sales
sales
of 96,000
of 96,000
units/108%,
units/108%,
increaseincreasein salesin salesUnit Sales (Thousand units)
Main Initiatives (2014)of 116%of 116%.
Introduction of new power

Main Initiatives (2014)
Developed markets: Continue launches of
new products (115 H.P. models, etc.)■ Emerging markets: Commence productionof outboard motors (Thailand)■ China: Launch fishing boat manufacturing
plant (scheduled for September)■

17
Parts, etc.
Boats
Water
vehiclesOutboard
motors

196.3
25.7
16.7
37.8

116.1

138.5

■

Net Sales (Billion ¥)

143.0

54.9

2013

2014
Forecast

98

Chinese fishing boat market

Yamaha FRP aquaculture boat
and Yamaha outboard motors

SMB

21

ATV
ROV

77

69.7

81.0

89

110.0
118

96

25

29

64

67

31

■ Creating
Creating
products
products
withbothbothhigh
highperformance
performanceandandhighhighreliability
reliability■ Expanding■ Expanding
lineuplineupto towiden
customerbase
widen
customer
base
■

87

2013

2014
Forecast

20

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Exports(E-Kit)190

Domestic(PAS+ OEM)

186

4

3

281
38

229

243

2013

2014
Forecast

88

279

unit; further expansion ofhigh-performance features■ Widening of customer basein domestic and international
markets

2015
TargetPAS KISS MINI
(child seat model)

2015
Target

RV: Recreational vehicle; ROV: Recreational off-highway vehicle; SMB: Snowmobile

232

2012

VIKING

2012

367

Main
Main
Initiatives
Initiatives(2014)(2014)

Unit Sales (Thousand units)
2012

SPV Business (PAS)SR VIPER

Europe E-Kit

Yamaha Motor Co., Ltd. ⎢ Annual Report 201321

We are aiming for further revenue
and profit growth in marine products,
building on improved earnings in 2013.
INTERVIEW WITH THE PRESIDENT

NO.1 SHARE OF THE GLOBAL MARKET

22

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201323

INTERVIEW WITH THE PRESIDENT

Q6

Q7What progress was made in the area of management reforms during
2013?

What is your long-term strategy?

We want to provide a growing world of personal mobility.

We moved forward with global business restructuring and cost reductions.

The Yamaha Motor Group is pursuing new business segments by introducing new

The MTP identifies both increasing earnings strength and expansion of the business scale as equally important issues,concepts in personal mobility. The exploration of a growing world of personal mobility

and we are building on the work begun under the previous MTP to restructure our developed markets business. We

has led to an expansion of technologies and customers from two wheels to three andhave consolidated and realigned our domestic production structure to eight factories and 16 units as of the end of

to four, and we are positioning this as one part of our long-term development strategy

2013, from 12 factories and 25 units at the end of 2009. We have also made progress in restructuring our businessfor new businesses.

organization in Europe.

In 2013, we developed the leaning multi-wheel TRICITY concept three-wheeled commuter, and we are working

In terms of cost reductions, our target for the three years from fiscal 2013 under the MTP is for ¥90.0 billion. We

toward a 2014 market launch. Further building on the multi-wheel concept, we are researching and developing theare working toward this goal with market-specific design at our integrated development centers in ASEAN and India, andsmall four-wheeled MOTIV, which we exhibited at the Tokyo Motor Show.

at the same time we have reduced procurement costs for platform parts. As part of our strategy to build strategic

Going forward, we will pursue original and innovative concepts, technologies that achieve superior performance

partnerships, we have set up a joint venture with KYB Corporation for the development and production of suspensions.

and functionality, and design that expresses refined dynamism, incorporating Yamaha’s unique engineering,

We will continue to pursue proactive cost reductions in 2014.

manufacturing, and marketing, to vastly expand the world of personal mobility.

Cost Reduction Strategies: “Change Global Manufacturing”

Cost Reduction Strategies: “Expand Global Procurement and Supply”

Cost down targets

Expand global procurement and supply

Consolidate to PF

150■(Billion ¥)(Billion ¥)

100

1,000

90
75
Net
cost reduction■

Global supply of parts
from procurement centers(in 4 key regions)

1,000
Procurement
amount580

50

Consolidate suppliers

Scale effects in procurement and production

840
40%

Global supply of models
from the most suitableproduction base■(Billion ¥)60% PF models

400
suppliers

Consumption, production + supply

500

100%

2012 (3 years)

2015 (3 years)

02017 (5 years)

2012

2015

0

2017

Change the development process

Strengthen manufacturing competence

Streamline logistics■

Consolidate to PF and expand variations■ Reduce the lead time for product development by 30%■

Gain “great technological strengths” and “outstanding
competence at factories”■ Augment “mother” and “global” functions■ Involve suppliers■

EuropeTaipei/Shanghai
India
ASEAN

U.S.
（RV/GC/WV）
GC: Golf Car

Integrated
development centers:
Develop variations
・Localize the process ofdrawing up plans
・Increase the marketability
and modernity of products

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Global achievement rates

600

PF
commonparts

380

Operate integrated development centers (for motorcycle)■ Design products and draw up plans based on market quality standards

Japan:Develop basic PF

Globalpartners
200
suppliers

Complement of parts andproducts within the regions

40%

580

500

Change drawings based on each market
■

24

60%

Procurement
amount
1,000

1,000

Consumption (production)

0

Promote strategic collaborative activities
Reduce costs by 30% by consolidating to PF

76%

74%

■

2012

2017

Overall review of logistics in procurement, production and sales
Reduce costs by ¥10 billion
Procurement
logistics

CBU/CKD
logistics

Sales logistics

100% quality Theoreticalproduction process value-based
production
38%
28%
2012

2015

Yamaha Motor Co., Ltd. ⎢ Annual Report 201325

INTERVIEW WITH THE PRESIDENT

Q8What are your management targets for fiscal 2014, relative to theachievement of the MTP?

We are aiming for an operating income margin of 5% one
year earlier than planned.
The current MTP covering the three years from fiscal 2013 through fiscal 20152013 Dividend and 2014 Consolidated Results Forecast
2013: Paid annual dividend of 26 yen per share (payout ratio: 20%)
2014: Forecasting net sales of 1.5 trillion yen, with operating income of 75 billion yen and annual
dividend of 26 yen
Reinforce business strategy and build on achievements of MTPNet Sales and Operating Income (Billion ¥)sets fiscal 2015 targets of consolidated net sales of ¥1,600.0 billion and an
operating income margin of 5% (operating income of ¥80.0 billion), along with1,600.0

1,500.0

1,410.5
1,207.7

expanding the Group’s business scale and enhancing its financial strength andcorporate strength.
The current operating environment includes a continuing trend of yen

18.6(1.5%)

depreciation relative to developed market currencies, but also concerns of adelayed economic recovery in Europe, and economic slowdowns and weakercurrencies in emerging markets. In fiscal 2014, the second year under the MTP,
we will address these changes in the operating environment and supplement ourbusiness strategies with a close eye on the economic situation and productNet income
Annual dividend

80.0(5.0%)

75.0(5.0%)

55.1(3.9%)

2012

2013

2014
Forecast

2014
Target($80/€103)($98/€130)($100/€135)($80/€105)

7.5 billion
10 yen44.1 billion
26 yen45.0 billion
26 yendemand in each market, as we work to achieve the MTP’s targets ahead ofQ10schedule.

Do you have any message for stakeholders?

We are forecasting an increase in consolidated net sales in fiscal 2014, from aggressive new product launches inmotorcycles, marine products, and power products. We are also projecting profit growth, with sales growth and cost
reductions more than absorbing increased outlays for the future in the form of R&D expenses and selling expenses.

We will continue to raise Yamaha Motor’s profile around the world with unique engineering,
manufacturing, and marketing.
The growth in the Yamaha Motor Group’s fiscal 2013 business results reflects our continued pursuit of management
reform, and the entire Group working together toward the achievement of the MTP. I still believe, however, that the

Q9Would you give us more detail with regard to returns to shareholders?

sustainable growth that these efforts will produce is just beginning.
The global “Revs your Heart” brand message that we announced with the launch of the current MTP represents

We will maintain stable returns to shareholders, based on an increase in net income
per share.
Yamaha Motor’s management places a priority on increasing benefits to stakeholders, and operates businesses aroundour strong determination to use uniquely Yamaha concepts to continue to provide value and Kando that exceed
customers’ expectations.
The Yamaha Motor Group will continue to pursue sustainable growth in terms of business scale, financial strength,

the world from a global perspective in an effort to increase corporate value. In terms of the dividend, we strive toand corporate strength by acting with speed and a spirit of challenge and persistence, to raise Yamaha Motor’s profile as

maintain a minimum payout ratio of 20% of consolidated net income while maintaining a balance between proactive

a company with unique engineering, manufacturing, and marketing. I ask for the continued support of our stakeholders

investments for growth with returns to shareholders and the repayment of borrowings, as part of a comprehensivein this endeavor.

judgment that also takes into account business results, retained earnings, and other management issues. Management
also looks at ROE (return on equity) and ROA (return on assets) as important indicators for maintaining a balance
between proactive investments for growth and stable earnings with returns to shareholders—the most important
aspects of our financial strategy.
We intend to maintain stable returns to shareholders going forward.

26

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201327

#1 SPECIAL FEATURE
R25
Developed as a concept
superbike you ride every day,the R25 delivers a powerfuland sporty ride while still
being easy to handle.

Yamaha Motor’s New Technologies—A Growing World of Personal Mobility“Revs your Heart”
Stirring people’s hearts with excitement and emotion, like the building revs of an engine.
This message symbolizes the Yamaha brand’s mission. As a Kando Creating Company, theadvances in the Smart Power technologies of motors, batteries, andYamaha Motor Group seeks a unique experience that exceeds customers’ expectations for

Yamaha’s unique “growing world of personal
mobility”

value, satisfaction, and excitement, and provides a “growing world of personal mobility.”

In our pursuit of creating new concepts in personal mobility, Yamaha

lightest in their class, and service functions that link smartphones andMotor seeks to create an experience we call “uniquely Yamaha,” based

vehicle information, we are opening new fields in the area of electronicallyon the three concepts of “fulfilling lifestyles,” “enjoyment in personal

power assisted bicycles.

mobility,” and “innovative technologies that harmonize with people,

controls. With drive units and batteries that are among the smallest andBased on the existing gasoline engine scooter Vino, we havesociety and the Earth.” We do this by thoroughly implementing threedeveloped the EVINO EV scooter concept model, which offers superior

elements in our development, manufacturing, and marketing: “proposing

performance as well as environmental features. Also, we are marketing

original and innovative concepts,” “creating outstanding technologies,”

this EV power unit module as the EKIDS concept model for children,and “expressing Refined Dynamism through our designs.” With products

which aims to bring enjoyment to a broad range of customers.

and features like the Smart Power vehicles that grew out of the new field

In sports motorcycles, we are working to create new value withof electrically power assisted bicycles, the new sports motorcycle lineup

EV sports motorcycles, which we aim to launch in the near future, withof EV sports motorcycles, a new type of mobility with Leaning Multi-

the development of the small, on-road sports PES1, as well as the

Wheel and 4-Wheel technology developed from motorcycles, Yamaha

PED1, which are being developed to expand the scope of electric vehicles

Motor offers a uniquely Yamaha “growing world of personal mobility” thatto the off-road world. In addition to the advantages of being electricallyexceeds customers’ expectations.

powered, these motorcycles will offer the operability expected by existing
motorcycle fans, together with a new riding experience.

Expanding existing business areas

28

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

We offer the joy of riding to a variety of customers, with the MT-07

In the area of Smart Power vehicles, which we created over 20 years ago

sports bike that uses a newly developed engine, based on the crossplanewith PAS electronically power assisted bicycles, we are making further

concept, to enable the rider to directly experience the joy of riding; theYamaha Motor Co., Ltd. ⎢ Annual Report 201329

#1 SPECIAL FEATURE

Yamaha Motor’s New Technologies—A Growing World of Personal Mobility

EVINO
This EV scooter concept
model is positioned as aconvenient commuter vehicle
with all the necessaryfunctions for short-distance
trips, at an affordable price.

simple but expressive BOLT Café that owners can customize themselves;
and the R25, developed to be a “super bike that you ride every day,” asan entry-model sports bike for the developed markets of Japan andEurope and as a high-performance sports bike for emerging markets,
especially in Asia.
The market for recreational off-highway vehicles (ROVs) continues
to grow. Yamaha Motor introduced its first three-person model, the VIKING,in 2013. With outstanding driving performance and an environmentally

EKIDS
A motor control provides easy
maneuvering and a gentle
ride in this concept model foryoung riders who are new tomotorcycles.

friendly design, this vehicle’s performance has already won the support ofa wide range of customers, from hunters and other recreational users towork environments like agriculture and dairy farming, mainly in North
America. Continued growth is expected for this market, and we intend to

MOTIVmeet that growth with new product launches over the next five years.

This four-wheeled model is being
developed in the pursuit of driving
pleasure derived from an organic
integration of driver and machine.

Creating new markets
The three growth axes of “fulfilling lifestyles,” “enjoyment in personal
mobility,” and “innovative technologies that harmonize with people, society
and the Earth” do not depend on the number of vehicles produced orsold. We pursue the challenge of creating new markets as a way ofbroadening our customer base through technological expansion.

TRICITY ConceptThis three-wheeled commuterconcept model currently underdevelopment offers a light andsporty ride along with ease of use,boasting a beautifully designed
exterior with playful appeal.

VIKING FI 4X4 EPS
With a 700cc fuel-injection engine,
this new off-road vehicle is ideal foroutdoor leisure, as well as forpractical uses like agriculture anddairy farming.

30

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Leaning Multi-Wheel brings a new type of mobility to traditional

is also moving forward. This represents the next step in the multi-wheel

motorcycle performance. Our first vehicle, the TRICITY Concept, is atrend that uses motorcycles as a starting point for two-wheeled, three-

three-wheeled commuter that combines riding ease with innovation.

wheeled, and four-wheeled vehicles. This new-concept personal vehicle

Based on the Smart for All design concept, this line will achieve new

for the city delivers driving pleasure with operation and light weight thatenjoyment with an attractive appearance to create a new customer

organically integrate the driver and machine, to achieve a new experience

segment.

that evokes the joy of riding a motorcycle.

Introducing the ROV and developing new-concept
personal vehicles for the city

By working to create a “growing world of personal mobility” based on

Our research and development for the MOTIV four-wheeled multi-wheel

the hearts of people around the world by delivering value, satisfaction,

mobility vehicle, using proprietary technologies acquired in motorcycles,

and excitement that exceed expectations.

uniquely Yamaha concepts, the Yamaha Motor Group will continue to rev

Yamaha Motor Co., Ltd. ⎢ Annual Report 201331

#2 SPECIAL FEATURE

Paving New Roads Together
with Indian Society

India’s motorcycle market today
India has recently experienced a cooling of consumer sentiment as a result of highinterest rates and rising prices for goods including gasoline, and the growth of the overallmarket is slowing. Nevertheless, in our specialty area of scooters, Yamaha’s annual
shipments grew by 20% in both 2011 and 2012, and scooters’ share of the Indian
motorcycle market rose from 18% in 2011 to 23% in 2012. Scooters’ share of other
Asian markets averages around 30%–40%, and we expect the Indian market to have a

India’s motorcycle market continues to grow by the year, and in 2012

similar composition in the near future.

surpassed China as the world’s largest. Yamaha Motor has positioned India

In addition, women are playing an increasingly public role in Indian society, and we

as a major market along with Indonesia, and we are working to build up ourare developing compact, easy-to-use models to present a new image to win the support

motorcycle business in India.

of women and families.

For this special feature, we spoke with Hiroyuki Suzuki, who has served

Yamaha Motor’s product strategy

as managing director of India Yamaha Motor Pvt. Ltd. (IYM) for three years,
during which IYM has built up a solid business in India. We asked

With an emphasis on design and a fresh appeal, Yamaha launched the CYGNUS RAY in
September 2012. With input from female employees included in the development andProfileMr. Suzuki about IYM’s path to future growth.

Hiroyuki Suzuki
Managing Director, India Yamaha Motor Pvt. Ltd.

evaluation stages, the model is easy to use and thoroughly tailored to women. In
addition, popular Bollywood actress Deepika Padukone, IYM’s brand ambassador for
Yamaha scooters in India, presents an image of “cool beauty” that has contributed toJoined Yamaha Motor in April 1978.
After serving in positions including vice president of PT. Yamaha
Indonesia Motor Manufacturing, Hiroyuki Suzuki was appointed senior
executive officer and director of the Company in March 2010. In addition
to continuing to serve in those positions, Mr. Suzuki has served as
managing director of India Yamaha Motor Pvt. Ltd. since November 2010.

the success of Yamaha’s first scooter in the Indian market. The CYGNUS RAY’s compact
size and ease of use proved popular with men as well as with women. In response, theCYGNUS RAY Z targeting men was released in May 2013, and shipments have been
showing steady growth.
IYM is also promoting the Yamaha brand in India with high-end products that

Motorcycle shipments from Indian factories(Thousand units)826

quality brand appeal directly to the yearning for a “rich, enjoyable life” that is taking root in
the Indian market. Going forward, IYM will strive to increase shipments through sales ofhigh-end models, and also by strengthening its scooter lineup and introducing models

JaipurBhopalNew Delhi
IYM (Manufacturing company)
YMIS (Sales company)
YMRI (R&D)

651
488

HyderabadBangalore

Exports
Chennai
New IYM factory(Scheduled to commence
operation in 2014)

213

that target young customers and families. The medium-term management plan sets atarget of capturing 10% of the Indian market by 2017, and IYM will continue to reinforce

Kolkata

Mumbaiconvey a sporty, stylish and trendy, racing image. These activities to present Yamaha as a190

the presence of “Yamaha in India.”140

Increasing scooter production capacity with an eye on exports
613

Domestic

348

462

Yamaha is addressing India’s growing demand for scooters with a plan to have a 2.8
million-unit production structure in place by 2018, by increasing capacity at the Surajpur
plant to one million units and building a plant at Chennai with a capacity of 1.8 million
units. IYM’s activities are not limited to the domestic Indian market, either. IYM isbeginning to play an important role as a base for the development of new markets, with

2012

2013

2014 (Forecast)roughly 30% of production on a unit basis going to exports to Africa and neighboring
countries. IYM’s projected business model for Africa is very similar to the Indian business,

32

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201333

#2 SPECIAL FEATURE

Paving New Roads Together with Indian Society

CYGNUS RAY
Offering a stylish design and compact
body, this scooter is tailored with features
for female customers.

brand strength that establishes the presence of “Yamaha in India.” To

an active, personal interest they grew beyond recognition. Working with aachieve this, we need to be successful in “social” and “educational”

feeling of independence and initiative also creates a sense of personal

pursuits. By providing employment we create value, and our manufactured

responsibility, and here in India the majority of employees who have been

products contribute to society. We believe it is important to create thiswith us for more than a year proactively approach their work with a visible

type of cycle in which each business process makes a contribution.

sense of their own value. This simultaneously leads to a sense of self-

Today, with women playing an increasingly active public role, we are not

worth and a social contribution, and once this cycle takes hold the effects

only providing scooters that appeal to women, we are also promoting

are more powerful than one can imagine.

women’s participation in society by providing places to work and study.
Involving local citizens, and providing opportunities for work and study,

Rev myself to Rev your Heartwill lead to earnings. This is IYM’s ultimate goal.

Yamaha’s brand slogan is “Revs your Heart,” but to achieve this I believe
we first need a sense of “Revs myself.” We cannot provide Kando if we

Ability to create and instill value;
Monozukuri means human resource development

do not experience the feeling ourselves. That is why IYM has a strong

Yamaha manufactures motorcycles as a product, but at the same time

have value in terms of being attractive, reliable, and cost competitive, and

we always maintain a strong awareness of developing people. Our

Yamaha is gaining popularity in India as a result. This is where themission is to provide Kando, and to achieve that we need to provide

business in India stands today.

sense of “Revs myself.” This translates to the creation of products thatvalue. All value comes from the awareness, care, and the presence of ourCYGNUS RAY Z

employees themselves. This is why I believe human resource development

Indian people, while continuing to create workplaces and products thatis so important.

have a shared resonance, to continue to grow and increase our presenceFirst, it is important to motivate employees. In my experience,With the CYGNUS RAY’s compact body andhandling ease proving popular with men as
well, this model was developed targeting
male customers.

Going forward, I want to realize the maximum potential of thein the Indian market.

increasing motivation naturally leads to higher morals and skills. At times,
when I have felt that employees were performing their jobs as rote
operations, I gave them more discretion in how to do the job. This meantthat they were no longer simply carrying out an operation, and by taking

Supporting women’s increased public role
and we see activities originating in India making a contribution in many

Assembly technology course at Uttar Pradesh state government’s industrial training center

other geographic regions. We are confident that IYM’s efforts in India will

Currently, approximately 200 women in their late teens or early 20s work on the motorcycle engine production and motorcycle assembly lines

lead directly to sales growth in Africa as well.

at the Surajpur plant. This began in September 2012 as part of a program at an industrial training facility set up by the Uttar Pradesh state
government. These women work in an actual plant for three years to acquire and improve theirSocial and educational aspects in addition toearnings, to establish the presence of “Yamaha
in India”

assembly skills through first-hand experience, and by passing a test they are able to receive a

At Yamaha, we believe a company should have three goals. The first is toand little education, IYM not only gives them an opportunity to earn money, but also gives themcreate “earnings,” and there is no question that management’s mission is

the self-confidence to feel that they can contribute to society. By providing these jobs that cultivate

to grow the business and improve earnings. Nevertheless, to continue toa strong sense of motivation, we hope to contribute to the independence and growth of women.

degree from a technical college. There is still a tendency to view women as having an inferior
position in India’s highly patriarchal society. By accepting these women with no work experience

successfully carry out this mission going forward, we need to establish

34

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201335

#3 SPECIAL FEATURE

Bringing Freshwater toLives Around the World
Yamaha Clean Water Supply System

Bringing Prosperity and Happiness to People Around the World
Two-thirds of our earth is covered by water, but most of this is ocean and only 0.01% is freshwater that people can use in
their daily lives. Furthermore, rapid population growth is adversely impacting the planet’s water environment and water resources
are becoming increasingly scarce, meaning that today there are many places where it is difficult to secure potable water.
To help improve this situation, Yamaha Motor developed a proprietary water purification system (the Yamaha Clean Water
Supply System), and operates a business of providing clean water in areas where it is needed.

Percentage of population with access to safe water resources
Percentage of the population that can secure at least 20 liters of safe water per person per day within one kilometer of where they live

91 to 100%76 to 90%
50 to 75%
Under 50%
Data not available

画像あたり

Source: UNICEF, Progress on Drinking Water and Sanitation 2012 Update,
Drinking Water Coverage in Rural Areas, 2010

Photograph by Shinichi Kuno/JICA

Engaged in “business for societal value”
since the 1960s

many companies from developed countries, since the 1960s. To sell

The Yamaha Clean Water Supply System is an activity that transcends

people in efficient fishing methods. In addition to making a large

The Yamaha Clean Water Supply System was created with a view towardof water businesses in Indonesia, Vietnam, and Cambodia. The Yamaha*

we developed projects to study the feasibility and verify the effectivenesstraditional business categories by providing a direct benefit in a shortcontribution to higher living standards, this also helped to foster local

local social issues. When YIMM’s factory was established in Indonesia in

Clean Water Supply System went on sale in Indonesia in 2010, and isperiod of time, which we refer to as a “business for societal value.”industries. In addition to the pursuit of value in existing markets, Yamaha

1974, the families of our Japanese staff complained that the tap water

now being introduced in other Asian countries as well as in Africa.

Motor has since its founding worked to create markets that resolve social

was brown and muddy. In response, we began to develop equipment to* Yamaha Indonesia Motor Manufacturing

dating to the Company’s founding. Yamaha Motor has worked to develop

issues through sound economic development and environmental

clean the tap water, and in 1991 we began selling home-use waterand expand markets since its establishment in 1955, and we now

preservation.

purification systems. Next, we looked at how to improve water conditions

Yamaha Motor’s business for societal value has a long history,

36

support from the Japanese government and international organizations,outboard motors and fishing boats, we first had to instruct the local

Improving local water conditions with the
Yamaha Clean Water Supply System

operate in more than 180 countries and regions around the world.

at neighboring towns and villages, and began developing water

We have been active in various regions in Africa, an area neglected bypurification equipment that used river water. Over the next few years, with

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201337

#3 SPECIAL FEATURE

Bringing Freshwater to Lives Around the World—Yamaha Clean Water Supply System
Prior to introduction (FY2005)

Disinfection System

Introduction of the clean water supply system has led to

Chlorine solution disinfects the water toextend its life as clean, potable water

Pre-Treatment Tank

Slow Sand Filtration Tank

Prior reduction of mud, silt,
and debris(Persons)

222

250

186

200

Harmful metals, bacteria, etc., are removedby microbial biofilm and sand filtration

150

145

134

100

Bio-Treatment Pool

50

Metals and other substances are reducedby microbe activity

0

Diarrhea

Fever

Stomachache Skin disease

After introduction (FY2006)(Persons)

250
Selling water

Raw Water

Raw Water
Tank

Pre-Treatment
Tank

Bio-Treatment
Pool

Slow Sand
Filtration Tank

Clean Water
Tank

Water
SupplyImproved hygiene,
resulting in a significant
reduction in illnesses likediarrhea and fever

An increase in the amountof time available foreducation and moreproductive activities,
with less time spentdrawing water

The creation of new
businesses to spur
community development

200
150
100
50
0

35

7
Diarrhea
Total

17

12

Fever

Stomachache Skin disease

AdultsChildrenNote: From interviews at Indonesian system test site(100 households in Wanasari)

Facilitating independent local management

heavy labor. Moreover, this was considered the work of women and

Clean water changes people and communities

is working to introduce solar power generation, rainwater irrigation

Water supports human life and activity, and is our most importantchildren, so women and children spent a great deal of time getting water.

Living with clean water changes the way people think about hygiene, andsystems, and sanitary facilities, with the aim of addressing climate

resource. Being able to rely on access to this resource requires

Today, with women and children in villages with the Yamaha Clean Water

promotes higher standards of living. In a village in Senegal with the Yamahachange and reducing emissions while also contributing to improved

long-term solutions to the issues of “how to use and manage theSupply System freed from the task of getting water, they have more time

Clean Water Supply System, a committee was set up to operate theagricultural productivity and economic stability. The true resolution of

resource locally.” The Yamaha Clean Water Supply System uses natural

to spend in more productive activities and in education. This has also

equipment, carry out daily maintenance, and sell the water. This also led

these social problems is by no means easy, but by earnestly addressing

sand, gravel, and waterborne bacteria in a “slow sand filtration” system

spurred ideas for new businesses like water delivery, cleaning, and ice

to transfers of technology and a greater capacity for local self-governance.

the actual needs of individual villages, we will continue to work toto purify water. Using water from rivers and lakes, this method canmaking, injecting vitality into these villages.

Along with the Yamaha Clean Water Supply System, Yamaha Motor

contribute to a brighter future for these communities.

provide 8,000 liters of potable water per day (enough for roughly
800–1,200 people). In addition, because the system is simple and does
there are almost no operating costs after the initial installation. This

Good Design Gold Award recognizes “superior system that understands
the situation in emerging markets”

also makes maintenance easy, allowing local residents to operate water

The Yamaha Clean Water Supply System was awarded the “Good Design Gold Award” at the

supply stations themselves.

Good Design Award 2013, held by the Japan Institute of Design Promotion. The awards

not require a large supply of electricity or special coagulant chemicals,

committee gave the system a high rating as an initiative to secure “safe water” (an essential
for life) in emerging markets, and a model contribution to global society by Japanese

Clean water creates time and business
If the water changes, lives change as well. Clean water makes people inunderstands the situation in emerging markets and provides the lifestyle values ofthe local community more conscious of hygiene, and leads to a significant

technologically developed markets, calling both the system itself and the project an initiative

reduction in illnesses like diarrhea and fever. In countries where waterthat leads the way for the future of Japanese design.

resources have historically been scarce, drawing water involved very

38

companies. The committee called the system an excellent example of system design that

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Photograph by Shinichi Kuno/JICA

With no need for filters or coagulant chemicals, maintenance is easy and does not require specialists

Yamaha Motor Co., Ltd. ⎢ Annual Report 201339

Basic Policies of CSR
Yamaha Motor Group strives to contribute to the sustainable development of society throughour business activities based on our corporate philosophy and to always abide by the letterand spirit of domestic and international laws and regulations. We are dedicated to earning
the trust of the global community, and we place great value on communicating with all
stakeholders. We expect all of our business partners to share our principles and to act
in accordance.

CSR
SECTION

Customers

Customers42‌ offer new excitement and a more fulfilling life for people all over the world through high-quality products
Weand services that combine safety and innovation.
‌We provide practical, helpful information about products and services to customers.
‌We make every effort to protect the personal information of our customers and others involved in ourbusiness.

Employees

44

Shareholders and Investors

46

Business Partners

47

The Community

48

The Environment

50

Shareholders and Investors‌We aim to deliver stable, long-term growth to enhance corporate value.
‌We disclose appropriate corporate operational results and financial status in a timely manner.

Employees‌We provide equal employment opportunities to build a diverse and discrimination-free workforce.
‌We provide fair working conditions while maintaining and improving a safe and healthy working environment.
‌We maintain respect for human rights and never tolerate child labor or forced labor in any form.
‌We work toward building success for both our employees and the Company through honest communicationand dialogue founded on mutual trust.

Business Partners‌ respect our suppliers, dealers, and other business partners and aim to build mutual long-term growthWefounded on mutual trust.
‌We maintain an open door to new business partners around the world and choose companies based oncomprehensive value, regardless of nationality or size.
‌We respect the competition laws of each nation and region and maintain fair business practices.

The Community‌We honor the culture and customs of every country and community, and we strive as a corporate citizen toact in balance with society.
‌We work to contribute to the development of sound communities by providing means of mobility, creating
employment opportunities, and fulfilling our tax obligations.
‌We promote social action programs including personal mental and physical development, environmental
preservation and safety activities, as well as supporting private initiatives undertaken by employees.
W‌ e maintain honest and fair relationships with government agencies and public authorities.

The Environment‌ develop environmental technologies to create products that balance economic needs with environmentalWewell-being.
‌We aim to minimize the environmental impacts of our operations and make efficient use of limited natural
resources.
‌We form wide-ranging partnerships with communities around the world to perform environmental
conservation activities.

40

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201341

Customers

Aiming to be an engineering, manufacturing, and marketing enterprise that gives
customers a sense of Kando*
We believe that Yamaha’s product quality is enhanced through ongoing, close relationships with our customers, and we expect

TOPICS

Outboard motor service clinic in Australia

Aggregate outboard motor production tops 10

In Australia, YMA* held two outboard motor service clinics during 2013.

all employees to constantly strive to enhance the quality of our products. To strengthen our customer-oriented approach andmillion units

A joint team from YMA and Yamaha Motor visited large salmon and oyster

ensure that customers’ views are reflected in our engineering, manufacturing, and marketing, the Yamaha Motor Group will

A ceremony was held at the Fukuroi Factory to commemorate

farms and tour boat operators in Tasmania, and assessed the outboard

aggregate outboard motor production surpassing 10 million units.

continue to pursue improvements in quality so that we can deliver products with an even higher level of customer satisfaction.

motors being used in these rough commercial environments.

People involved in the outboard motor business held a tape-Our relationship with customers is one of the core components of our CSR policy, and the following are some of our priority

YMA will continue to hold these service clinics and other activities

initiatives related to customers.

closely tied to its market, to maintain a solid No. 1 position in the outboard* 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.

motor market and further strengthen its relationships of trust with

Working to Improve Quality

Offering New Excitement

YMTT* held a conference on product quality in Taiwan in July 2013, with

Yamaha Motor exhibited a “growing world of personal mobility,” through its

88 persons from 39 major business partners participating. Generalcore business of small vehicles for personal mobility, at the 43rd TokyoManager of Yamaha Motor’s Procurement Quality Control Division,

Motor Show 2013. Exhibits included the TRICITY Concept, which uses a

attended the conference and gave a presentation explaining our global

Leaning Multi-Wheel design to add a new dimension of enjoyment to thepolicy for product quality. YMTT’s programs to improve product quality arehigh degree of mobility offered by two-wheeled vehicles. The TRICITY

based on sharing quality-related information, formulating action plans, andConcept uses Yamaha’s proprietary LMW structure, in which the two front

training. The “Taiwan Team,” consisting of YMTT and its suppliers inwheels tilt along with the body when turning, to achieve harmony between

Taiwan will continue to provide high-quality parts to Yamaha Motor’s

the vehicle’s unique design and geometry to provide a new level of enjoyment

factories around the world.

with lightweight, sporty handling along with stability when driving.

Conference on product quality at YMTTYamaha Motor Co., Ltd. ⎢ Annual Report 2013

cutting ceremony as the 10 millionth unit, a new model, theF200F, rolled off the production line.
Yamaha’s 4-stroke outboard motors are compact andcustomers.

lightweight, and deliver a performance that is both powerful and* Yamaha Motor Australia Pty Limited

environmentally friendly. The F200C, F200F, F175A, F150A,
F115B, F90B, and F80B models feature fuel injection. These

Riding Safety Promotion Activities

models use multiple sensors to monitor the engine’s operation,and feature an Engine Control Module (ECM) that precisely

Yamaha Female Riding Training (YFRT) program for women in India
Following the release of the CYGNUS RAY, IYM* launched the Yamaha
Female Riding Training (YFRT) program to teach safe riding to women in
India. The program is held regularly throughout the year at educational
institutions and universities. IYM aims to prevent traffic accidents byteaching young Indian women how to drive safely.
* ‌India Yamaha Motor Pvt. Ltd.

* Yamaha Motor Taiwan Trading Co., Ltd.

42

Customer Service

controls combustion at an optimal level for engine, as well as adiagnostic system to facilitate servicing. The F200F and F115B
use a direct-action, in-line 4-cylinder engine and are the lightest
in their classes.* In addition to lower fuel consumption and fasteracceleration, these models are compatible with an even greaternumber of boats.
* ‌As per Yamaha Motor’s comparison with other 200 horsepower, 4-stroke outboard
motors (as of February 2014)

TRICITY Concept

Yamaha Motor Co., Ltd. ⎢ Annual Report 201343

Employees

Creating an organization to facilitate co-ownership of value from a global perspective

Workplaces Thriving on Diversity

smoking. Measures to reduce smoking rates and prevent second-handsmoke during 2013 included restricting smoking to certain times, setting

The Yamaha Motor Group strives to create workplaces that respect diversity, with the aim of achieving an organizational

Based on our fundamental belief that “all corporate activity originates firstup smoking areas outside offices, and creating support programs forstructure based on sharing ideas and the same high ambitions and spirit, cooperation, and joy in our work among the Company

of all with and for people,” the Yamaha Motor Group has clearly defined its

persons trying to give up smoking, which resulted in a 0.8 percentage

and its employees from a global perspective.

stance on human rights in its Basic Policies of CSR and Code of Ethics.

point (81-person) decrease from the previous year in the smoking rate

In accordance with our policy of “operating workplaces where theamong employees, to 30.3%. In terms of support for mental/emotional

Developing Human Resources for Global Leadership

Supporting Work-Life Balancedisabled can work together with the able-bodied,” Yamaha Motor has

health, we have continued to engage in efforts such as health guidance

established the Disabled Employment Promotion Committee, and isgiven by occupational health physicians, mental/emotional health seminars

Yamaha Motor Co., Ltd. set up a committee to discuss and share business

Aiming for a workplace environment that fosters autonomous creativity

working to improve the workplace environment through measures such as

for new managers and supervisors, and support for expatriates andchallenges with top managements of Group companies and is currently

The Yamaha Motor Group defines its relationship with employees as ahaving analyses of organizational work and other tasks conducted by

mid-career recruits.

pursuing aggressive initiatives to nurture personnel for positions withbusiness partnership, and the Company’s role as providing an attractive

committee members assigned to each division. As of December 31, 2012,global responsibility in the worldwide Yamaha Motor Group, by promoting

workplace for autonomous individuals. We aim to create workplaces that

the Company employed 78 severely disabled persons and 63 mildly

talented employees at overseas Group companies to the top management

maintain a diversity of working styles and a positive work-life balance by

disabled persons, thus achieving a disabled employment rate of 1.96%

positions and accelerating overseas work experiences among Japanesesupporting career advancement plans based on mutual assumptions,(141 persons in total). From April 1, 2013, the Japanese government

employees, in line with the globally growing business.

providing programs for child and nursing care leave, etc. We are also

raised the legally mandated disabled employment rate to 2.0% from 1.8%,

The third and final session of the first module of the GEP* was held

expanding the options for employees so that they can work in ways thatand Yamaha Motor is implementing additional measures to raise thein September 2013. The 15 participants from nine countries were divided

suit their individual circumstances. The percentage of employees taking

number of employees with

into three groups, through which proposals were made for the Yamaha

paid leave was 77.9%* in 2013.

disabilities. We will continue toMotor Group’s business activities for the next 10 years. At the conclusion,* ‌The percentage is calculated as the ratio of the actual leave taken during the year to the annual

promote the hiring of persons

the participants were presented with diplomas. This program will link thepaid leave due for all regular employees.

stages for Global Human Resources around the world.
* Global Executive Program

Workplace Safety and HealthCreating a workplace environment that offers peace of mind and comfort
Led by its Central Safety and Health Committee, Yamaha Motor is

TOPICSFirst Global Brand Meeting (GBM) held
With the start of a new Medium-Term Management Plan in 2013,
Yamaha Motor announced the “Revs your Heart” brand slogan
and a brand statement as a mutual concept for the entire Yamaha
Motor Group globally, as a message to be conveyed both internallyand externally. With the aim of having each Yamaha Motor Group
employee around the world able to embody the Yamaha brand, awith disabilities going forward,
as we seek to create a society

GBM was held in September 2013, with brand promotion

in which persons with andmanagers from 13 countries outside Japan and 10 businesswithout disabilities can live andSign language classes and condensed transcription

work together.

training are held to support communication indivisions from two locations in Japan attending.

workplaces that include persons with disabilities.

promoting the establishment of safer working environments globally. Risk
assessment is performed in accordance with the Occupational Safety and
Health Management System (OSHMS) to detect potential dangers or
harmful conditions at workplaces, and measures are taken to prevent
occupational accidents. Through job-specific education and training, suchas safety manager training programs and skill improvement programs forsupervisors, as well as holding occupational safety and health meetings,
we are focused on developing human resources that can support
occupational safety.
Since 2008, Yamaha Motor has introduced OSHMS at its Group
companies and as of the end of 2013, eight domestic companies and nine
overseas companies have acquired group certification.

44

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Supporting Employees in Maintaining a Healthy Mind
and Body
Yamaha Motor promotes a wide range of initiatives for helping employees
maintain and improve their emotional and physical health. We arecommitted to creating healthy and vital workplaces for the prevention ofand recovery from lifestyle-related diseases. For instance, we support
endurance improvement and obesity prevention through exercise habits,
such as by hosting walk rally events and holding the Walk, Walk Campaign
twice a year. In partnership with a health insurance association, we havealso been providing antismoking products and are teaching smoking
cessation skills to interested employees to help them in their efforts to quit
Yamaha Motor Co., Ltd. ⎢ Annual Report 201345

Shareholders
and Investors

Business Partners

In order to ensure accountability by providing shareholders and investors
with appropriate, accurate, and timely information, Yamaha Motor has
established a specialized division which engages in IR activities inside asInformation for shareholders and investors isavailable on the websites below

well as outside Japan.
In addition to quarterly earnings briefings and the annual
shareholders’ meeting, during 2013 the division visited and held meetings
with overseas investors, provided information via the IR website, andoperated a website to provide information to individual investors. To even

Disclosure Policy
http://global.yamaha-motor.com/jp/ir/policy/
Dividend Policy
http://global.yamaha-motor.com/jp/ir/shareholder/dividend/

A Global Procurement and Sales Network based on a
Spirit of Cooperation and Fairness

as an initiative to strengthen our cost competitiveness in concert withthem. In addition, we are promoting fair and clean procurement activities

Yamaha Motor products are created through collaboration with numerous

globally through training programs covering our Green Procurement

suppliers in Japan and other countries. As our procurement and sales

Guidelines (detailing how to reduce our environmental impact and ensure

structures expand with our increasingly global business, the Yamaha Motorthe efficient use of resources and energy) and CSR Guidelines forGroup is establishing cooperative relationships with suppliers and dealers

Suppliers (which cover areas related to safety, quality, and compliance).

in Japan and around the world based on a spirit of mutual trust andmore proactively disseminate information, the division held a business

For Investors (index page)

mutual benefit. For this reason, we strive to conduct fair business inbriefing for analysts and journalists in July, and made a video of the

http://global.yamaha-motor.com/jp/ir/

compliance with the competition laws of all countries and regions whilebriefing publicly available to enable all shareholders and investors to better“theoretical-value-based production” at suppliers inside and outside Japanworking to create partnerships that aim for mutual, sustainable growth.

understand Yamaha Motor’s business strategy.

Activities at Dealerships
As our contact point with customers around the world, dealerships play animportant role in conveying Yamaha’s “next Kando.” By strengthening

Activities in Supply Chains

Materials from the business briefing (July 3, 2013)

relationships with dealers through regularly held dealer meetings andactivities to promote safe driving and support local communities, the

http://global.yamaha-motor.com/jp/ir/report/pdf/2013/Yamaha-motor_

The Yamaha Motor Group regards its relationship with the supply chain not

Yamaha Motor Group is building a sales network that provides common

Business_information_session_jp.pdf

just as conducting procurement, but as procurement that emphasizes thevalue. In Japan, dealers mainly in Yamaha Sports Plaza (YSP), an official

incorporation of both cost and quality into its engineering, manufacturing,

Yamaha sports bike dealer system, and Yamaha Motorcycle Sales Japanand marketing. An example of these activities is the implementation ofCo., Ltd. play an important role in building ties with local communities and“theoretical-value-based production” with suppliers. This does not simply

society by cooperating in a range of measures including motorcycle

mean demanding cost reductions, but instead involves analyzing theinfrastructure development, motorcycle etiquette training, motorcycle

absolute value of engineering, manufacturing, and marketing together withrecycling, tree planting, and other environmental campaigns, as well as

suppliers and then working together to find more ways to improve cost

fundraising for seeing-eye dog training.

Video of the business briefing
http://www.irbroadstreaming.net/ir/7272/jigyou/#index=1

IR website

competitiveness. We have trained some of our employees to serve as“theoretical-value instructors” in order to promote the implementation of46

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201347

The Community

The Yamaha Motor Group operates in locations around the world, and our

The Yamaha Motor Group carries out activities to fulfill its corporateseaside for future generations. In the United States, 60 employees of

The Yamaha Motor Group also holds regular President’s Awards tobusiness activities help support those local communities. Our productssocial responsibility in four main areas: developing future leaders,

YMUS* planted cacti and participated in cleanup activities in the San

identify and recognize individuals or organizations that have contributed toalso play a role in enriching the lives of people around the world. We

environmental conservation, improving traffic safety, and community

Bernardino National Forest.

business results and the enhancement of Yamaha brand value, as a way

recognize the importance of maintaining a sustainable relationship throughissues. By focusing the social contribution activities carried out by Group*1 Yamaha Motor Parts Manufacturing (Thailand) Co., Ltd.

of providing motivation and encouragement to individuals and organizations.

which the Company and local communities can coexist and mutuallycompanies on these areas and sharing information internally, we are*2 Yamaha Motor Corporation, U.S.A.

The criteria for selection are: “Achieving superior earnings or results

prosper, and to achieve this, we place great importance on maintaining

continuously fostering an awareness that will lead to the creation ofand enhancing a relationship of trust through daily communication with

common social value (CSV). Below we introduce some of the activities

stakeholders in those communities.

from the CSR activity reports made by 78 Group companies (21 domestic,
57 overseas) during 2013.

Key Themes

Developing Future Leaders

Activities• ‌Promoting mental/emotional andphysical health through sports• ‌Promoting creativity throughengineering, manufacturing, andmarketing

Environmental Conservation• ‌Environmental education for local
communities• ‌Respecting biodiversity

Improving Traffic Safety

Yamaha Riding Academy (YRA) Held in Various
Countries
One of the world’s largest
Yamaha Riding Academies forchildren (Kids-YSRS) was held

Important Areas of Activities Contributing to Society
Global Issues

2

Local Issues

in Indonesia in 2013, at theCommunity Issues

site of the Yamaha ASEAN Cup• ‌Providing traffic safety education to• ‌Supporting the community withthe community
Yamaha Motor’s products, human• ‌Raising awarenessresources, and know-how

In Australia, YMA* collects funds each year to support the daily lives,

school students and their parents participating, 100 instructors fromYIMM* taught traffic safety and allowed students to experience driving thehealth, and education of children who are sick, disadvantaged, or have

traveling a total of 667 kilometers and raising $125,000 in total.

the first time, adults in attendance also got caught up in the enthusiasm* Yamaha Motor Australia Pty Limited

generated.
* Yamaha Indonesia Motor Manufacturing

Global Afforestation Activities to Preserve theEnvironment

mission and philosophy,” “Making a significant contribution to theenhancement of Yamaha brand value,” and “Making a major contribution
to society.” In 2013, the award was presented to 20 persons from
employee volunteer groups for “contributing to earnings and enhancing
brand value by building and providing utility boats for the revival of fishingin Tohoku,” and the “Fun Engine Lab course on Monozukuri for children.”Race. With 500 elementary

PW50 and the TTR50. In addition to the children operating motorcycles for

Cooperation with Variety, the Children’s Charity inAustralia

through activities that are consistent with Yamaha Motor’s corporate

Employee Volunteer Activities Recognized at 38th
President’s Awards

special needs. The Yamaha Variety Jet Trek is a tour for Yamaha personal

The Yamaha Motor Group is engaged in afforestation activities inwatercraft of various scenic locations held in cooperation with Variety, thecooperation with local governments in Japan and where it has local

We initiated the “40,000 People’s V Campaign” in 2004 with the objectiveChildren’s Charity, and was held for the eighth time in 2013. Entry fees

entities around the world. In Thailand, 114 employees of YPMT*1of raising awareness among employees about volunteering and also

are donated to charity, enabling

collaborated with the environment

providing the required impetus for employees to participate in volunteer

participants to enjoy picturesquepromotion division of Chonburi

activities. The aim is for all employees to volunteer at least once a year,

scenery while also supporting

Province, whose coastline faces

meaning that total participation in social contribution programs for thethe charity. The 2013 event

the Gulf of Thailand, and planted

entire Group reaches 40,000 people. Participation in 2013 totaled 37,730,

brought together 60 personal

200 young mangrove trees tofalling short of our 40,000 target, but we will analyze the circumstances

watercraft and visited 11 towns,

preserve the beautiful Sattahip

behind this and continue to promote measures that foster a sense of

Aid for Typhoon-Damaged Areas of the Philippines
Representing the Yamaha Motor Group, on November 29, 2013, Yamaha
Motor, YMPC,*1 and locally incorporated YMPH*2 presented emergency
goods and Yamaha multi-purpose engines (with a value of ¥1 million) anda cash donation (a total of ¥13 million) to the ABS-CBN Lingkod Kapamilya
Foundation, a highly regarded support organization in the Philippines.
As additional aid, YMPH and its employees distributed food supplies,
including rice and water, and sanitary kits and other relief supplies (2,403
packages with a value of roughly ¥2.8 million), along with relief supplies
collected by employees, in thedamaged region. We willcontinue to support various
efforts to bring about therecovery of the region and its
people as quickly as possible.
*1 Yamaha Motor Powered Products Co., Ltd.
*2 Yamaha Motor Philippines, Inc.

volunteerism in employees.

48

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

49

The Environment

Strive to harmonize with the environment for sustainable social development
The Yamaha Motor Group aims to be a company that fulfills its corporate social responsibility by striving to maintain harmony
with the environment and society based on the Environmental Plan 2020, formulated in 2010.

indirectly (e.g., from electricity use at factories and offices) from its
corporate activities in each location in which it operates, and to reduce

Yamaha Motor Group Environmental Plan 2020

Eco Management

Raise environmental attractivenessthrough product development fromthe perspectives of the environmentand customers

Environmental preservation throughglobal business activities that aim tominimize environmental impact
Environmental management throughreinforcement of Group environmental
governance systems

Priority Actions

2020 Targets

In the Eco Products area, implement the Frontier 2020 Groupwide long-term vision• Reduce risks from environmentally hazardous substances• Implement green procurement

Identify environmentally hazardous substances and support
the use of alternatives

Reduce emissions of greenhouse gases

Reduce CO2 emissions per unit of sales by 1% (annual
average)• Implement the 3 R’s through the 3 E’s• Reduce water consumption(3 R’s: Reduce, Reuse, Recycle)(3 E’s: Easy to make, Easy to repair, Easy to disassemble)
Create and operate Groupwide environmental management
systems

Environmental contributions throughdiverse initiatives that seek to createa sustainable environment

those amounts. In 2013, we were able to reduce the total amount ofemissions compared with 2012 through measures including the
introduction of energy-saving equipment, even though production volumes
increased.
Our Hamakita Factory installed a new heat-pump-type* heating
system in 2013 to reduce the electricity consumption of washingequipment used in metalworking. With this system, we were able toSupport the effective use and recycling of limited resources

reduce electricity consumption by 25% compared with conventional
electric heaters. This is the second Yamaha Motor factory to use this

Link Groupwide operations with local activities

Have all Group employees actively undertake environmental
Change attitudes through continuous environmental education
measures with a high awareness of targets

Eco Mind

Environment Committee
Yamaha Motor Function Section

resulting both directly (e.g., from the burning of fuel at factories) andAction Areas

Eco Operations

The Yamaha Motor Group Organizational Structure forEnvironmental Planning and Promotion

The Yamaha Motor Group endeavors to identify greenhouse gas emissions

Plan for Environmental Activities

Eco Products

Activities to Identify and Reduce Both Direct andIndirect Greenhouse Gas Emissions• Improve sensory environments (odors, noise, etc.)• Communicate with local communities• Preserve ecosystems

Be trusted and respected as a corporate citizen by local
communities

Proactively disclose information from an environmental
perspective

Well received by the community as an environmentallyadvanced company

Within the Yamaha Motor Group, the Environment Committee is positioned
as a central organization in the implementation of domestic and overseas
environmental initiatives and receives counsel from Chief General

Managers who are responsible for those initiatives. The committee

Working group on reduction of CO2
from product logistics

Japan

Companies

Working group on reduction of CO2
from R&D activities

North America

Companies

EuropeCompanies

Oceania

Companies

Asia

Companies

Central & SouthAmerica

Companies

China

Companies

Working group on reduction of CO2
from inter-factory logistics operations
Working group on energy saving
Working group on waste reduction
Working group on reduction of paintVOCssystem in 2011.
Going forward, we plan to introduce heat-pump-type heating
systems in factories in other countries and regions. We will also work to

China

Central & South America

5%Central & South America

5%

China

10%

Japan

10%

system, after the Fukuroi Minami Factory, which installed a heat pump

21%

Japan

Direct emissions

21%

Direct emissions
51%

EuropeOceania51%

Oceania

4%
1%

Asia

and to further reduce emissions at all factories and offices.

8%
4%

Asia

Amount of CO2
emissions by region

North America
North America
Europe8%

Amount of CO2
emissions by region

more precisely measure direct and indirect emissions in each location,

1%* ‌A heat pump uses the natural principle that vapor becomes warm when compressed and cools
when expanded, to pull in and use heat from the surrounding air. This energy-saving technology

Organizational Structures for Promoting
Environmental Management

Consolidated Subsidiaries

creates a large amount of thermal energy with only a small amount of energy input.

China
Central & South America 8%
1% China
Central & South America 8%

1%deliberates on policies and visions for the future concerning environmentalJapan

initiatives, medium- and long-term environmental policies, strategic

Indirect emissions

22%

investment proposals relating to environmental preservation,(Electricity consumed on an
equivalent basis)

22%

environmental monitoring topics and responses to issues, and other key(Electricity consumed on an
Amount of CO2
equivalent basis)emissions by region

issues relating to environmental management.

Amount of CO2
emissions by region

Japan

Indirect emissions
Asia

59%
Asia

59%

North America

9%North America
Europe9%1%EuropeOceania

0%1%

Oceania0%
Hamakita Factory’s heating system

50

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

51

The Environment

Yamaha Motor Group CO2 Emissions

CO2 Emissions at the Yamaha Motor GroupAs a manufacturer of motorcycles and other transportation machinery,
the Yamaha Motor Group considers the reduction of greenhouse gas
emissions to be the most critical environmental issue facing the world

Per unit of sales(Indexed to 2012 = 100)(%)

CO2 emissions(1,000/CO2)
1,000

120

103%

100%

800

today.
We are targeting an annual 1% reduction in CO2 emissions per unit

600

86%
621

621

619

of sales as a common goal for the entire Group, and are working to reduce
400

and manufacturing. In 2013, we reduced CO2 emissions per unit of sales

200

volume, the Group’s CO2 emissions were reduced by two thousand tons,
to 619 thousand tons. Going forward, we will work to reduce greenhouse

100
80
60

emissions in all of our business activities including product development
by 14% compared with 2012, and despite an increase in production

TOPICS

0

40
20
2011

2012

CO2 emissions

2013

Per unit of sales (Indexed to 2012 = 100)
Kerosene
Gasoline 0% Light oil
4%
2% Kerosene
Heavyoiloil A
0%Light
Gasoline
LPG

gas emissions effectively, by monitoring efforts to reduce energy usage at
Group companies in Japan and overseas, and providing support to Group
companies.

2%

2%
4%

6%

The FAZER was developed with the main features of 1) maintaining a stable payload; 2) offering a highly adaptable next-generationbody platform; and 3) being compliant with future environmental regulations, as a product that can contribute to the “offensive
agriculture” that is part of our growth strategy for Japan. The FAZER also has the capacity and utility to be adaptable overseas for use inagriculture and in measuring, monitoring, and surveying.
This new model builds on previous models with 1)
increased engine output (+24% compared withprevious models) for heavier load capacity (+50%); 2) a
newly designed transmitter and new control system for
improved operability; and 3) a 4-stroke engine with fuelinjection for clean exhaust and low noise.
Environmental Features

0%6%

ButaneNatural gas

Energy Input at the Yamaha Motor Group

released in early November 2013

Heavy oilButane
A
LPG

2%

0%11%

The total amount of energy input at the Yamaha Motor Group in 2013 wasElectricity
consumed

NaturalCity
gasgas
13A

11.54 million GJ, with electricity accounting for approximately 69% (7.98

69%Electricity
consumed

City gas 13A

million GJ). Of this amount, approximately 80% was used in Asia including0

New model of FAZER, developed as next-generation industrial-use unmanned helicopter,11%
6%

Reduced noise
73dB → 70dB

Yamaha Motor’smeasurement, froma distance of 50 meters

Reduced fuelconsumption

Improved emission
performance

Fuel consumption
rate reduced by 20%(approx. 20 liters/day)

The 4-stroke engine
reduces hydrocarbons
by more than 95%

6%

69%

Japan. We are systematically implementing various measures to reduce theamount of energy used, including the introduction of equipment that makes
it possible to analyze and reduce electricity consumption, and the installationof energy-saving equipment at factories and LED lighting in offices.

Environmental ISO Certification: Unifying 39 Companies Around the World

Collected water

10.2%

Yamaha Motor began work in April 2012 to receive single registration of the

Other fresh water
Collected water
5.4%

Measuring and Reducing Water Resources

Other fresh water

2013, of which 2.71 million m3 (40.1%) was industrial water and 2.67

through recycling. We will continue to strive to measure our global use

40.1%

Industrial water

40.1%

6.76
million m3
電力
69% 6.76
million m3
電力

resources it uses. The Group used 6.76 million m3 of water resources in

We strive to use limited water resources effectively, including

Industrial water

5.4%

The Yamaha Motor Group endeavors to measure the amount of water

million m3 was underground water.

10.2%

Underground water

39.6%

Underground water

39.6%

ISO 14001 environmental management system installed at Group companies
in Japan and around the world. Currently, 39 Yamaha Motor Group companies
in Japan, Europe, North and South America, ASEAN countries, China, Taiwan,
and India have installed the system and have been individually inspected bycertification bodies. By unifying globally with one certification body, we expect69%

Tap water

to enhance corporate governance through centralized management, raise the4.7%

level of our environmental activities, and significantly reduce costs throughTap water

greater efficiency.

4.7%

Briefing on single registration at Yamaha Motor Taiwan

of water resources, and reduce our water resource consumption throughprograms including the reuse of coolant water and water collection(rainwater and other sources) at factories.

52

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201353

CORPORATEINFORMATION
Corporate Governance56

Directors, Audit & Supervisory Board Members,

54

and Executive Officers

66

Comments from an Outside Director

69

Organization

70

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201355

Corporate Governance
Basic Corporate Governance Policies

Internal Auditing

the Integrated Auditing Division. Opinions are voiced at Board of

Yamaha Motor Co., Ltd. (the “Company”) recognizes that corporate

and nine (9) Directors concurrently serving as Executive Officers. A

The Integrated Auditing Division established an Internal Control Auditing

Directors’ meetings when necessary.

governance is an important tool to ensure disciplined management andManagement Committee comprising nine (9) Executive Officers with

Division (consisting of twenty-seven [27] staff members as of March 26,

maximize long-term corporate value. Based on this realization, thespecific posts has been formed to deliberate matters of business2014) under the direct control of the President and Chief Executive

Board Members, including Outside Audit & Supervisory Board Members,Company has been striving to speed up management decision-making;execution, speeding up the Company’s decision-making process.

Officer. The Division audits, based on annual audit plans, thereceive an auditor’s report, in accordance with prevailing laws, andmake the accountability system clearer; develop a transparent system of

The Management Committee meets monthly in principle, with additional

appropriateness, reasonableness, and efficiency of business execution atreview the fairness of the report. Both sides pursue communication

Director selection and remuneration; and establish an internal control

meetings held as needed. To ensure accountability, Directors andthe Company and each Group company, and submits evaluations andthrough the exchange of information and opinions whenever necessary.

system. Because it is one of its most important management issues, theExecutive Officers serve for one-year terms.

makes proposals.

In their association with the Internal Auditing Division, Audit & Supervisory

Company also plans to implement other measures to strengthen and

As of March 26, 2014, there were twenty-five (25) Executive Officers,

In addition, a Global Executive Committee has been established to

Board Members, including Outside Audit & Supervisory Board Members,

Summary of Corporate Governance and Reasonsfor Adopting the System

President and Chief Executive Officer, all Executive Officers with specificCommunication among Outside Directors, Audit& Supervisory Board Members (including
Outside Audit & Supervisory Board Members),
Accounting Auditor, Internal Auditing Division,and Internal Control Division

posts, and senior local managers of major Group companies. The Global

Outside Directors assess the current status of the Group and identify

1) Reasons for adopting current system

Executive Committee meets monthly in principle, with additional meetings

issues of interest through regular receipt of internal audit reports fromThe Company maintains an Audit & Supervisory Board Member system,

held as needed.

solidify corporate governance. At the same time, the Company is enhancing

deliberate important global management policies and issues related toInvestor Relations services, in order to build on the relationship of trust

the Group’s management. As of March 26, 2014, the Global Executive

with its shareholders and investors.

Committee had thirty-two (32) members, of whom twenty (20) wereJapanese and twelve (12) non-Japanese, comprising the Company’s

In their association with the Accounting Auditor, Audit & Supervisory

seek to improve the effectiveness and efficiency of auditors’ audits

their establishment and application.

through access to internal audit plans and reports on the results of audits.
The internal control division offers reports, when necessary, to theInternal Auditing Division, Audit & Supervisory Board Members, and the
Accounting Auditor on the status of internal control measures, specificallyand most of the Company’s Directors are full-time Directors withconsiderable knowledge of business matters. The Company draws on the

Executive Personnel Committee

supervisory function of outside executives through appointment and had

In August 2001, the Company established the Executive Personnel

three (3) Outside Directors in addition to two (2) Outside Audit &Committee as an advisory body of the Board of Directors, in order toSupervisory Board Members as of March 26, 2014. The Company also

improve transparency in nominating candidates for Director and Executiveemphasizes efforts to strengthen corporate governance, underpinned by

Officer, and to determine the remuneration for these officers. As of

an Executive Officer system, the Executive Personnel Committee, and an

March 26, 2014, the Executive Personnel Committee had five (5)internal auditing system.

members, comprising the Company’s two (2) Representative Directors
and three (3) Outside Directors. The Executive Personnel Committee

2) Summary of current systemdeliberates on candidates for Director and Executive Officer, theDirectors and the Board of Directors and Executive Officers

remuneration and bonus system, and the overall direction of governance.

Yamaha Motor’s Corporate Governance System and Internal Control System (As of March 26, 2014)
General Meeting of Shareholders
Appointment/
Dismissal

Appointment/
Dismissal

Seeking advice
Makingrecommendations

Executive Personnel
Committee

Audit

Board of Directors
12 Directors(including 3 Outside Directors)

Audit & Supervisory
Board Members
Audit & Supervisory Board
4 Audit & Supervisory Board Members(including 2 Outside Audit &Supervisory Board Members)

The Company introduced an Executive Officer system to expedite businessexecution. It then strengthened management supervision by clarifying the

Audit & Supervisory Board Members and the Audit & Supervisory

respective roles of Executive Officers and the Board of Directors. Executive

Board

Officers are responsible for “business execution” itself, while the Board of

As of March 26, 2014, the number of Audit & Supervisory Board

Directors is charged with “approving the basic policies of the Yamaha

Members stood at four (4), of whom two (2) were Outside Audit &Motor Group and supervising the Group’s business execution.”

Supervisory Board Members. Audit & Supervisory Board Members

The Company’s Articles of Incorporation stipulate that the number ofattend Board of Directors’, Management Committee, and otherAppointment/
Dismissal
Supervision

Business Seeking advice
Execution
Makingrecommendations

important meetings, in addition to executing audits, receiving business

Management Committee

were twelve (12) Directors, of whom three (3) were Outside Directors. The

execution reports from Directors, perusing important documents in the

Board of Directors will in principle meet once every month, and wheneverdecision-making process, and conducting audits at the Company’s(Examination of important
issues, etc.)

else it may be necessary.

subsidiaries.

Directors shall not be more than fifteen (15). As of March 26, 2014, there

The Articles also stipulate that resolutions for the election of

In support of these audit services performed by Audit & Supervisory

Directors shall be adopted by a majority of the voting rights held by the

Board Members, the Company has established the Audit & Supervisory

shareholders present at the General Meeting of Shareholders. These

Board Members’ Office, with staff exclusively dedicated to assisting

voting shareholders must hold shares representing, in the aggregate, notauditors. The Audit & Supervisory Board meets monthly in principle, withless than one-third (1/3) of the voting rights of all shareholders entitled toadditional meetings held as needed.

Reporting businessexecution situations

Agreement to appointments
Judgment of accounting audit authenticity

External Auditor
Audit & Supervisory
Board Members’ Office
ReportAudit

Accounting audit

Exchanges of information and opinions
ReportReportPresident, Chief
Executive Officer andRepresentative Director

Appointment/
Dismissal

ReportMaking recommendations

Seeking advice

Instruction

Risk Management andCompliance Committee

Instruction

Integrated Auditing
Division

ReportInternal audit

Business sectors, Functional sectors, Corporate sectors, Subsidiaries

exercise the rights and not using cumulative votes.

56

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201357

Corporate GovernanceOutside Directors and Outside Audit &Supervisory Board Members

independence of officers.

1) Function‌and role of Outside Directors and Outside Audit &Summary of “Standards for Selecting Independent Outside Officers”

3) ‌Vested interests of the Outside Directors and Outside Audit &Outside Audit & Supervisory Board Members, in accordance with theSupervisory Board Members at Yamaha Motor Co., Ltd.

provisions of Paragraph 1 of Article 427 of the Company Law, which limit

Independent Outside Officers may not be:

Outside Director Takuya Nakata is President and Representative Director

these executives’ liabilities (as specified in Paragraph 1 of Article 423 ofSupervisory Board Members in achieving proper corporate

1. Employees or former employees of the Company

of Yamaha Corporation, which holds 12.18% of the Company’s shares,

the Company Law) for damages. The upper limit of liability for damages

governancein the agreements is the amount as specified in the Law.

2. Major shareholders

as of December 31, 2013; the Company engages in business

The Company had three (3) Outside Directors and two (2) Outside Audit &3. ‌Individuals in a “major customer” relationship with our corporate grouptransactions with this company.

Supervisory Board Members as of March 26, 2014. Outside Directors

4. ‌Individuals from companies that have appointed a director from theprovide management with advice and supervision from an independent

Yamaha Motor GroupThe Company limits liabilities for damages charged to the Outside

Outside Directors Masamitsu Sakurai and Tamotsu Adachi andthey acted with goodwill and the liability did not arise because they
committed serious negligence in executing their duties.

and objective perspective, based on their extensive experience and wide-

5. ‌Individuals with some other type of vested interest in the Group

Endo have no special interests in the Company other than Company

ranging knowledge as managers of global companies, and their expertise

6. ‌Individuals who might have a conflict with our general shareholders

shareholdings.

in strategic planning and investing. Outside Audit & Supervisory Board

7. In office more than eight years

graduate school professor.
To evaluate the independence and objectivity of Outside Directors
and Outside Audit & Supervisory Board Members, the Company has

Remuneration and Other Compensation for
Directors and Audit & Supervisory Board
Members4) ‌Support structure for Outside Directors and Outside Audit &Members audit the Company using their expertise and vast experience asa lawyer in corporate legal affairs, as a corporate manager, and as a

Directors and the Outside Audit & Supervisory Board Members only when

Outside Audit & Supervisory Board Members Tetsuo Kawawa and Isao

Furthermore, individuals who are second-degree relatives, orSupervisory Board Members

cohabiting relatives, of any of those mentioned in 1 through 5 above may

When the Board of Directors’ meetings are held, the responsible

not be Independent Outside Officers.

Executive Officer or business department will provide Outside Directors

The above is a summary of the “Standards for Selecting Independent1) ‌Policies on determining the amounts of remuneration or the
calculation method thereofwith explanations of the resolutions to be proposed, as necessary and in

The Company’s Directors’ Remuneration Plan consists of basic

formulated “Standards for Selecting Independent Outside Officers,” based

Outside Officers.” For the full text, please refer to our website at:advance, and Standing Audit & Supervisory Board Members will provide

compensation (a monthly salary), compensation linked to each Director’son the standards established by the Tokyo Stock Exchange for judging the

http://global.yamaha-motor.com/ir/governance/pdf/independent_en.pdf

similar explanations to Outside Audit & Supervisory Board Members. In

individual performance, a stock compensation plan reflecting thethe event the Outside Officer is unable to attend the meeting, the Outside

medium- to long-term performance of the Company overall, andOfficer will be provided with an explanation of the business conducted. In

Directors’ bonuses, reflecting the short-term performance of theaddition, a Management Research Committee has been established as a

Company overall.

2) Appointment of Outside Directors and Outside Audit & Supervisory Board Members
Positions

Names

Masamitsu Sakurai

Outside Directors

Reasons for Appointment
Masamitsu Sakurai provides management with advice and supervision as an Outside Director, based on his extensive
experience and wide-ranging knowledge as a manager of global companies. Mr. Sakurai meets the requirements forindependence stipulated by the Tokyo Stock Exchange for independent directors and the “Standards for Selecting
Independent Outside Officers,” and the Tokyo Stock Exchange has been duly notified of his designation as an Outside
Officer.

Tamotsu Adachi

Tamotsu Adachi brings a wealth of experience and expertise in international business, strategic planning, and investing
to the Company’s management. Mr. Adachi meets the requirements for independence stipulated by the Tokyo Stock
Exchange for independent directors and the “Standards for Selecting Independent Outside Officers,” and the Tokyo Stock
Exchange has been duly notified of his designation as an Outside Officer.

Takuya Nakata

As President and Representative Director of Yamaha Corporation, a major shareholder of the Company, Takuya Nakata
provides management with advice and supervision as a corporate executive, and has been elected as an Outside Director
to enhance the value of the Yamaha brand name that is used by both companies. In addition, the Company’s President
and Representative Director, Hiroyuki Yanagi, concurrently serves as an Outside Director of Yamaha Corporation.

Tetsuo Kawawa

As a lawyer, Tetsuo Kawawa uses his extensive expertise in corporate law in auditing the Company. Mr. Kawawa meetsthe requirements for independence stipulated by the Tokyo Stock Exchange for independent directors and the “Standards
for Selecting Independent Outside Officers,” and the Tokyo Stock Exchange has been duly notified of his designation as an
Outside Officer.

Isao Endo

Isao Endo uses his vast experience and wide-ranging knowledge as a corporate executive in auditing the Company.
Mr. Endo meets the requirements for independence stipulated by the Tokyo Stock Exchange for independent directors andthe “Standards for Selecting Independent Outside Officers,” and the Tokyo Stock Exchange has been duly notified of his
designation as an Outside Officer.

Outside Audit &Supervisory Board
Members

venue for Outside Directors and Outside Audit & Supervisory Board

The stock compensation plan allows Directors to acquire a certain

Members to regularly confer with responsible Executive Officers, and it

number of the Company’s shares monthly through the Company’s

meets following the conclusion of the Board of Directors’ meetings.

Director Shareholding Association, and to hold the shares while in office,thus further pegging Director remuneration to shareholder value.

Overview of Agreements That Limit Liabilities for
Damages

However, the performance-based remuneration system and stock

The Company has entered into agreements with Outside Directors andSupervisory Board Members.

compensation plan do not apply to Outside Directors and Audit &2) Directors’ remuneration
Remuneration and other compensation for the Company’s Directors and Audit & Supervisory Board Members in fiscal 2013 are as follows.
(Millions of yen)Compensation linked to performance
Officer classification

Basic
compensation

Directors’
bonuses

Individual
performance-linked

Stockcompensation
plan

Total

Directors (11)

264

110

21

40

436

Outside Directors (4)

(28)

(28)

—

—

—

Audit & Supervisory Board Members (5)

77

—

—

—

77

Outside Audit & Supervisory Board Members (3)

(18)

—

—

—

(18)

Total

342

110

21

40

514

Notes 1. T‌ he directors’ bonuses under “Compensation linked to performance” represent the amount posted as accrued bonuses for Directors for fiscal 2013. It was resolved by the 79th Ordinary
General Meeting of Shareholders held on March 25, 2014, that the total amount of the directors’ bonuses be ¥106 million within the range of the accrued bonuses for Directors.
2. T‌ he figures above include amounts for one Director and one Audit & Supervisory Board Member who retired as of the closing of the 78th Ordinary General Meeting of Shareholders, heldon March 26, 2013.
3. In addition to the remuneration shown above, ¥46 million was paid as employee salaries to five Directors concurrently serving as employees.

58

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201359

Corporate Governance3) Director‌or Audit & Supervisory Board Member received more than ¥100 million in aggregate remuneration and other compensation(Millions of yen)Compensation linked to performance
Name

Officerclassification

Companyclassification

Hiroyuki Yanagi

Director

Filing company

Takaaki Kimura

Director

Filing company

Basiccompensation
80
63

Directors’
bonuses

Individual
performancelinked

37

—

28

—

number of years in continuous service.
Support staff for the audit includes ten (10) Certified Public
Accountants and eighteen (18) other assistants.

Stockcompensation
plan

Total

11

129

The Company, in accordance with the Company Law, passed a resolution

101

at a Board of Directors’ meeting regarding development of a system to

9Basic Policy Regarding the Internal Control
System and the State of Its Development

considers risk management and compliance its most important issues,

1. The Company’s Articles of Incorporation stipulate that the Company

present at the General Meeting of Shareholders. These voting shareholders

This relaxes the number of required votes for special resolutions atmay, by a resolution of the Board of Directors, acquire its own shares, in

any General Meeting of Shareholders, enabling shareholder meetings toaccordance with the provisions of Paragraph 2 of Article 165 of the

progress smoothly.

Company Law. This is to ensure that the Company can acquire its own
shares through market transactions or other methods and implement a

Improving Investor Relations (IR)flexible capital policy response to changes in the management

The Company has been aggressively pursuing IR activities worldwide,

environment.

designed to ensure accountability by providing shareholders and investors

2. The Company’s Articles of Incorporation stipulate that in accordance

to formulate and promote measures for integrated risk control.
section, which shall work to mitigate the risk factor for which it is
responsible.
3. ‌The necessary in-house rules are in place and are carefully observed
to ensure integrated control of individual departmental risk
management activities.
4. ‌If a serious crisis arises, an Emergency Countermeasures
Headquarters shall be established as provided in the Emergency
Response Manual, with the President and Chief Executive Officer as its1) ‌Systems to ensure Director compliance with laws, regulations,and the Company’s Articles of Incorporation

head, in order to minimize damage and negative impact from theevent.

1. ‌The Board of Directors shall supervise Directors in the execution of
their responsibilities, to ensure that the Directors exercise the duty of4) ‌Systems to ensure efficient execution of Directors’ duties

care and duty of loyalty to the standard of good administrators. The

1. ‌The authority and responsibilities of the Board of Directors, President

Board is also charged with ensuring that all Directors’ activities are

and Chief Executive Officer, and sector heads, and the system for

lawful.

transferring authority between them, shall be better defined by

2. ‌Audit & Supervisory Board Members, in accordance with the criteria

strengthening the Board of Directors’ Rules, Decision-making Rules,

with appropriate, accurate, and timely information regarding theand methodology established by the Audit & Supervisory Board, shalland other important rules. This will allow these officers to execute theirCompany’s management performance and business operations. Specificaudit the performance of the Directors’ duties.

responsibilities more efficiently.

with the provisions of Paragraph 1 of Article 426 of the Company Law,

activities include quarterly financial results briefings, “IR road shows” forthe Company may, by a resolution of the Board of Directors, exempt its

overseas investors, business briefings to explain the Company’s

Directors (including former Directors) and Audit & Supervisory Board

businesses, efforts to improve information disclosure on the IR website,

Members (including former Audit & Supervisory Board Members) fromand individual meetings with analysts and media interviews.

liabilities for damages arising from negligence of their duties, within the

3. ‌The Company shall maintain a robust posture against antisocial forces

2. ‌Resolutions to be proposed at the Board of Directors’ Meetings shallthat threaten the order and safety of civil society. It shall reinforce thisfirst be subject to deliberation by the Management Committee andcommitment in its Code of Ethics.

other relevant committees to ensure they are appropriate and meet

4. ‌The Company shall form such organizations and develop such rules asprocedural criteria for subsequent deliberation by the Board of Directors.

necessary to ensure that the Company and its subsidiaries maintain3. ‌After the Medium-Term Management Plan and the budget for the fiscal

limits prescribed by laws and ordinances. This is to ensure that

State of Audit

appropriate financial information, and prepare and release reliable

year are formulated, management control systems such as

Directors and Audit & Supervisory Board Members can successfully

The Company has designated Ernst & Young ShinNihon LLC as thefinancial statements.

“management by objectives” shall be established to achieve the plan’sfulfill their expected roles.

independent auditing company with review responsibilities for Company
audits. Certified Public Accountants who engaged in the certification ofgoals and targets.
2) ‌Disposition of documentation and other information concerning
the performance of Directors’ duties

3. The Company’s Articles of Incorporation stipulate that the Company

audit are as follows.

may, by a resolution of the Board of Directors, pay interim dividends,

Shinji Tamiya

with June 30 of each year designated as the record date, in accordance

Designated Limited Liability and Engagement Partner

execution of duties by Directors are properly produced, stored, andwith the provisions of Paragraph 5 of Article 454 of the Company Law.

Takahiro Takiguchi

managed through the establishment and application of required

This allows the Company flexibility in returning profits to shareholders.

Designated Limited Liability and Engagement Partner

in-house rules.

Masahiko Tsukahara

60

and is therefore continuing to develop the internal control system.

must hold shares representing, in the aggregate, not less than one-third(1/3) of the voting rights of all shareholders entitled to exercise the rights.

1. ‌A Risk Management and Compliance Committee shall be established2. ‌Control of each serious risk factor shall be assigned to a specificensure the conduct of its business is appropriate. The Company

Matters to Be Resolved at the General Meeting of
Shareholders That Can Be Adopted at the Boardof Directors’ Meeting

3) Rules relating to risk control against loss

Special Resolution Requirement for General
Meeting of Shareholders

Designated Limited Liability and Engagement Partner

The Company has stipulated a special resolution requirement at the

The number of continuous years the Certified Public Accountants have

General Meeting of Shareholders in the Articles of Incorporation, inserved the Company is omitted because it is under seven (7) years for all

accordance with the provision of Paragraph 2 of Article 309 of theof them.

Company Law, as follows: The resolution shall be authorized by a two-

Ernst & Young ShinNihon LLC has introduced a voluntary system forthirds (2/3) majority of the voting rights held by the holders of sharesrotating engagement partners in its employ so that none exceeds a certain

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

1. ‌Documents and other forms of information storage that detail the

2. ‌The Company ensures correct handling of classified information,5) Systems to ensure employee compliance with laws,
regulations, and the Company’s Articles of Incorporation
1. ‌A Risk Management and Compliance Committee shall be establishedto deliberate and offer opinions concerning compliance measures.
2. ‌The Company shall enhance its Code of Ethics, and provide ethics andcompliance training appropriate to each position in the Company.

including the content of documents and other forms of information

3. ‌An internal reporting system shall be established to directly inform top

storage that detail the execution of duties by Directors, through theexecutive management concerning any unlawful act, or the possibility

establishment and application of required in-house rules.

of illegal or improper activity that could damage trust and confidence

3. ‌The Company has the necessary structures and internal rules in place
to facilitate timely and accurate disclosure of important corporate
information.

in the Company.
4. ‌The Company shall maintain a robust posture against antisocial forcesthat threaten the order and safety of civil society. It shall reinforce thiscommitment in its Code of Ethics.

Yamaha Motor Co., Ltd. ⎢ Annual Report 201361

Corporate Governance5. ‌The Company shall form such organizations and develop such rules asnecessary to ensure that the Company and its subsidiaries maintain9) ‌Rules concerning Directors and employees reporting to the Audit &Supervisory Board

Equity Holdings1) ‌Total number of companies and amounts on the balance sheet2) ‌Companies, number of shares, balance sheet amounts, andappropriate financial information, and prepare and release reliable

Directors and employees shall report on the following matters to thefor equity holdings that are not held for the purpose of pure

purpose of holding for equity holdings that are not for purefinancial statements.

Audit & Supervisory Board periodically, or, when necessary, at its request.

investment

investment

1. Establishment and operation of internal control systems, and related

68 companies

6) Systems‌to ensure the Yamaha Motor Group (composed of theCompany and its subsidiaries) conducts business appropriately
1. In order to assure proper business conduct by the Group, internal
policies shall be established, defining the controlling sectors in chargeof each subsidiary, responsibilities, authority, management methods ofsubsidiaries, and other rules.

2. Results of internal audits conducted by the internal audit section
3. Operation of the internal reporting system, and receipt of reports

the direct control of the President and Chief Executive Officer.
3. Each Japanese subsidiary, in principle, shall have a Board of Directors
and an Audit & Supervisory Board Member; overseas subsidiaries shalldesign their organizations in accordance with local law.

5. Incidents that could cause the Company considerable damage
Yamaha Corporation

10) Other‌systems to ensure effective auditing by Audit &Supervisory Board Members
1. The Representative Directors shall meet with the Audit & Supervisory
Board Members periodically to exchange opinions.
2. Audit & Supervisory Board Members shall attend important meetingsof bodies including the Management Committee, the Risk Management

Director, Executive Officer, or employee of another company in theand Compliance Committee, and the Expanded Executive Committee.

5. The section with oversight for financial information offers guidance andCompanies

the Company’s Articles of Incorporation

4. At least one Director of each subsidiary shall concurrently serve as aGroup.

Fiscal 2012

4. Director malpractice and/or acts conducted in violation of the law or

2. In order to audit the appropriateness of operations of the Company andits subsidiaries, an internal auditing sector shall be established under¥34,804 million

matters

3. The internal audit section shall explain its internal audit plan to Audit &Supervisory Board Members in advance.

Number ofshares(shares)
10,326,701

Balance sheet
amounts(Millions of yen)

Purpose of holding

9,376 To perpetuate a business relationship as companies utilizing a common brandToyota Motor Corporation
NIPPON STEEL & SUMITOMO METALCORPORATIONKOITO MANUFACTURING CO., LTD.

501,210

2,007 To maintain a stable business relationship

6,174,000

1,296 To maintain a stable business relationship

913,000

1,139 To maintain a stable business relationship

Nippon Seiki Co., Ltd.

1,217,502

Mizuho Financial Group, Inc.

2,288,340

Enshu Limited

6,457,395

The Shizuoka Bank, Ltd.

825,706

NGK SPARK PLUG CO., LTD.

545,000

1,133 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the739
Company has transactions
710 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the694
Company has transactions
621 To maintain a stable business relationship

Imasen Electric Industrial Co., Ltd.

613,750

619 To maintain a stable business relationship

Akebono Brake Industry Co., Ltd.

1,347,800

541 To maintain a stable business relationship

EXEDY Corporation

105,000

198 To maintain a stable business relationship

JTEKT CORPORATION

236,000

Sumitomo Mitsui Financial Group, Inc.

46,355STANLEY ELECTRIC CO., LTD.

100,000

192 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the
144
Company has transactions
122 To maintain a stable business relationship

Ahresty Corporation

134,72264 To maintain a stable business relationship

MIKUNI CORPORATION

300,794

An Audit & Supervisory Board Members’ Office shall be established with

Mitsubishi UFJ Financial Group, Inc.

113,200

a full-time employee dedicated to assisting the Audit & Supervisory Board

Sumitomo Mitsui Trust Holdings, Inc.

149,000

TOBA, INC.

10,000Nomura Holdings, Inc.

20,600JEUGIA Corporation

33,00053 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the52
Company has transactions
To maintain a stable business relationship as a financial institution with which the44
Company has transactions
17 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the
10Company has transactions
4 To maintain a stable business relationshipFuji Heavy Industries Ltd.

1,000

1 To collect information such as the method of providing information to shareholders

Eisai Co., Ltd.

100

0 To collect information such as the method of providing information to shareholders

Canon Inc.

100

0 To collect information such as the method of providing information to shareholders

Honda Motor Co., Ltd.

100

0 To collect information such as the method of providing information to shareholders

Hamamatsu Photonics K.K.

100

0 To collect information such as the method of providing information to shareholders

Kawasaki Heavy Industries, Ltd.

1,000

0 To collect information such as the method of providing information to shareholders

SUZUKI MOTOR CORPORATION

100

0 To collect information such as the method of providing information to shareholders

Bridgestone Corporation

100

0 To collect information such as the method of providing information to shareholders

training to subsidiaries to ensure that they handle financial information
appropriately.
6. The section with oversight for risk management provides subsidiaries
with guidance and training on risk management practices.
7. The section supervising compliance shall provide subsidiaries withguidance and education on compliance.
7) Employee‌
to assist Audit & Supervisory Board Members

Members in the execution of their duties.
8) Employee‌
assisting Audit & Supervisory Board Members’
independence from Directors
1. Any dismissal or personnel changes concerning the employee
assisting Audit & Supervisory Board Members in the execution of theirduties shall be approved by the Audit & Supervisory Board in advance.
2. No employee assisting Audit & Supervisory Board Members in theexecution of their duties shall concurrently hold a post involving otherbusiness operations. The employee shall perform his or her duties
under the direction of the Audit & Supervisory Board Members, whose

4. The minutes of the Management Committee meetings and any othermeetings that the Audit & Supervisory Board may specify, andDecision-making Forms shall be made available for Audit &Supervisory Board Members’ perusal.
5. Auditing assistance from outside experts shall be secured when
deemed necessary by the Audit & Supervisory Board.

opinions shall be taken into consideration in evaluating the employee.

62

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

Yamaha Motor Co., Ltd. ⎢ Annual Report 201363

Corporate GovernanceFiscal 20133) Pure investment equity holdings
Companies

Yamaha Corporation
Toyota Motor Corporation
Nippon Seiki Co., Ltd.
NIPPON STEEL & SUMITOMO METALCORPORATIONKOITO MANUFACTURING CO., LTD.
NGK SPARK PLUG CO., LTD.
Enshu Limited

64

Number ofshares(shares)

Balance sheet
amounts(Millions of yen)No related items.
Purpose of holding

501,2103,217 To maintain a stable business relationship

Takeover Defense Measures Against Attempts ofMass Acquisition of the Company’s Shares

1,217,502

2,476 To maintain a stable business relationship

Yamaha Motor Co., Ltd. announced that at the Board of Directors’

6,174,000

2,173 To maintain a stable business relationshipmeeting held on March 25, 2014, it had resolved on the continuation of

913,000

1,832 To maintain a stable business relationship

545,000

1,357 To maintain a stable business relationship

10,326,701

6,457,395

The Shizuoka Bank, Ltd.

825,706

Imasen Electric Industrial Co., Ltd.

613,750

Mizuho Financial Group, Inc.

2,288,340

Akebono Brake Industry Co., Ltd.

1,347,800

17,235 To perpetuate a business relationship as companies utilizing a common brand

994 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the
926
Company has transactions
926 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the
830
Company has transactions
630 To maintain a stable business relationshiptakeover defense measures against attempts of mass acquisition of theCompany’s shares (the “Plan”) for the protection and enhancement of theCompany’s corporate value and the shareholders’ common interests.
The Company, through the resolution at its Board of Directors’
meeting held on February 14, 2013, revised the Plan that had been
implemented until then from the perspective of protecting shareholders
and investors. The fundamental contents of the revision were endorsedby the approval of shareholders at the 78th Ordinary General Meeting of

JTEKT CORPORATION

236,000

422 To maintain a stable business relationship

Shareholders held on March 26, 2013. Please refer to the Company’s

EXEDY Corporation

105,000

press release dated February 14, 2013, titled “Announcement Concerning

Sumitomo Mitsui Financial Group, Inc.

46,355STANLEY ELECTRIC CO., LTD.

100,000

322 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the251
Company has transactions
240 To maintain a stable business relationship

MIKUNI CORPORATION

300,794

120 To maintain a stable business relationship

Ahresty Corporation

134,722

Sumitomo Mitsui Trust Holdings, Inc.

149,000

Mitsubishi UFJ Financial Group, Inc.

113,200

TOBA, INC.

10,000Nomura Holdings, Inc.

20,600JEUGIA Corporation

33,000113 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the82Company has transactions
To maintain a stable business relationship as a financial institution with which the
78
Company has transactions
17 To maintain a stable business relationshipTo maintain a stable business relationship as a financial institution with which the16Company has transactions
4 To maintain a stable business relationshipFuji Heavy Industries Ltd.

1,000

3 To collect information such as the method of providing information to shareholders

Kawasaki Heavy Industries, Ltd.

1,000

0 To collect information such as the method of providing information to shareholders

Honda Motor Co., Ltd.

100

0 To collect information such as the method of providing information to shareholders

Hamamatsu Photonics K.K.

100

0 To collect information such as the method of providing information to shareholders

Eisai Co., Ltd.

100

0 To collect information such as the method of providing information to shareholders

Bridgestone Corporation

100

0 To collect information such as the method of providing information to shareholders

Canon Inc.

100

0 To collect information such as the method of providing information to shareholders

SUZUKI MOTOR CORPORATION

100

0 To collect information such as the method of providing information to shareholders

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

the Continuation of Takeover Defense Measures Against Attempts ofMass Acquisition of the Company’s Shares,” for details of the Plan.
http://global.yamaha-motor.com/news/2014/0325/pdf/prevent.pdf

Yamaha Motor Co., Ltd. ⎢ Annual Report 201365

Directors, Audit & Supervisory Board Members,
and Executive Officers
As of April 1, 2014

Board of Directors
F Director

G Director

Hiroyuki Suzuki
April 1978: Joined the Company
May 1997: Director of PT. Yamaha Indonesia Motor Manufacturing
September 2003: Vice President of PT. Yamaha Indonesia Motor Manufacturing
January 2006: G eneral Manager of 2nd SyS, SyS Operations, MC Headquarters
January 2008: S enior General Manager of Quality Assurance Operations, MC Headquarters
March 2008: ‌Executive Officer, Senior General Manager of Quality Assurance Operations, MC
Headquarters
November 2009: Executive Officer, Executive General Manager of Manufacturing Center
March 2010: ‌Senior Executive Officer and Director, Chief General Manager of Manufacturing
CenterNovember 2010: ‌Senior Executive Officer and Director, Managing Director of India Yamaha
Motor Pvt. Ltd. (to present)

I

A President and Representative Director

Hiroyuki Yanagi
April 1978: Joined the Company
April 2000: General Manager of Soude Factory, Production Control Division, MC
Operations andGeneral Manager of Morimachi Factory, Production Control Division, MC
Operations
April 2003: President of MBK IndustrieFebruary 2004: ‌Managing Director of Yamaha Motor India Pvt. Ltd. (currently India
Yamaha Motor Pvt. Ltd.)
January 2006: Senior General Manager of China Business Operation
January 2007: Senior General Manager of SyS Operations, MC Headquarters
March 2007: Executive Officer, Senior General Manager of SyS Operations,
MC Headquarters
January 2009: Executive Officer, Executive General Manager of Manufacturing Center
March 2009: Senior Executive Officer, Chief General Manager of Manufacturing Center
November 2009: Senior Executive Officer, Senior General Manager of MC Business
Section,
MC Business Operations
March 2010: President, Chief Executive Officer and Representative Director
June 2011: Director of Yamaha Corporation (to present)
January 2012: ‌President, Chief Executive Officer and Representative Director, Chief
General Manager of Motorcycle Business Operations (to present)

C Director

Kozo Shinozaki
April 1978: Joined the Company
April 1999: Vice President of Siam Yamaha Co., Ltd. (currently Thai Yamaha Motor Co., Ltd.)
April 2007: General Manager of Finance & Accounting Division
January 2009: Senior General Manager of Finance & Accounting Control, Global Corporate
Administrative Center and General Manager of Finance & Accounting
Division, Global Corporate Administrative Center
January 2010: Senior General Manager of Finance & Accounting Section and General
Manager of Finance & Accounting Division, Finance & Accounting Section
February 2010: S enior General Manager of Finance & Accounting Section
March 2010: S‌ enior Executive Officer and Director, Senior General Manager of Finance &Accounting Section
January 2011: S‌ enior Executive Officer and Director, Senior General Manager of Corporate
Planning & Finance Section and General Manager of Finance & Accounting
Division, Corporate Planning & Finance Section
February 2011: S‌ enior Executive Officer and Director, Senior General Manager of Corporate
Planning & Finance Section
January 2013: ‌Senior Executive Officer and Director, Executive General Manager ofCorporate Planning & Finance Center
March 2013: ‌Managing Executive Officer and Director, Chief General Manager of Corporate
Planning & Finance Center (to present)

66

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

B Representative Director

Takaaki Kimura
April 1976: Joined the Company
June 1999: General Manager of R&D Division, AM Operations
April 2002: Senior General Manager of AM Operations
June 2003: Executive Officer, Senior General Manager of AM Operations
March 2005: Director, Senior General Manager of AM Operations
March 2007: ‌Senior Executive Officer and Director, Senior General Manager of AM
Operations
January 2009: ‌Senior Executive Officer and Director, Chief General Manager ofMarine Business Operations and Executive General Manager of WVBusiness Unit, Marine Business Operations
November 2009: ‌Managing Executive Officer and Representative Director, Chief
General Manager of Marine Business Operations and Executive General
Manager of WV Business Unit, Marine Business Operations
March 2010: ‌Senior Managing Executive Officer and Representative Director, Chief
General Manager of Marine Business Operations and Executive General
Manager of WV Business Unit, Marine Business Operations
January 2011: ‌Senior Managing Executive Officer and Representative Director, Chief
General Manager of Marine Business Operations
January 2012: ‌Senior Managing Executive Officer and Representative Director, Chief
General Manager of Technology Center and Chief General Manager ofMarine Business Operations
April 2013: ‌Senior Managing Executive Officer and Representative Director, Chief General
Manager of Technology Center, Chief General Manager of Design Center, andChief General Manager of Marine Business Operations
March 2014: ‌Executive Vice President and Representative Director, Chief General
Manager of Technology Center, Chief General Manager of Design Center,and Chief General Manager of Marine Business Operations (to present)

D Director

Nobuya Hideshima
April 1978: Joined the Company
May 1999: ‌General Manager of Production Control Department, Production Control Division,
MC Operations
May 2001: ‌General Manager of GSyS Planning Department, GSyS Management Division, GEM
Center, MC Operations and General Manager of GSyS Production Control
Department, GSyS Management Division, GEM Center, MC Operations
April 2003: President of Yamaha Motor Manufacturing Corporation of America
January 2006: General Manager of 3rd SyS, SyS Operations, MC Headquarters
January 2008: Senior General Manager of Procurement Operations, MC Headquarters
January 2009: Executive General Manager of Procurement Center
March 2009: ‌Executive Officer, Executive General Manager of Procurement Center
March 2010: ‌Senior Executive Officer, Chief General Manager of Procurement Center
March 2011: ‌Senior Executive Officer and Director, Chief General Manager of Procurement
CenterMarch 2013: M‌ anaging Executive Officer and Director, Chief General Manager of Procurement
CenterJanuary 2014: M‌ anaging Executive Officer and Director, Chief General Manager of Engine Unit,
Chief General Manager of CS Center (to present)

K

I

G

F

H

J

L

Director
Toshizumi Kato

June 1986: Joined the Company
April 2003: Vice President of IM Company
January 2005: Director and President of Yamaha Motor Australia Pty Limited
March 2007: President of IM Company
March 2008: Executive Officer
January 2010: Senior‌General Manager of Sales Operations, MC Business Operations
January 2011: Director and President of Yamaha Motor Corporation, U.S.A.
March 2012: ‌Senior Executive Officer, Director and President of Yamaha Motor Corporation,
U.S.A.
March 2014: ‌Senior Executive Officer and Director, Director and President of Yamaha Motor
Corporation, U.S.A. (to present)

April 1982: Joined the Company
January 2004: Director of MBK Industrie
January 2005: General Director of Yamaha Motor Vietnam Co., Ltd.
January 2007: Director and President of Yamaha Motor Parts Manufacturing
Vietnam Co., Ltd.
January 2009: Senior General Manager of BD Manufacturing Section,
Manufacturing Center
March 2010: E xecutive Officer
November 2010: C hief General Manager of Manufacturing Center
March 2011: S enior Executive Officer
April 2013: Senior‌Executive Officer, Executive General Manager of 1st Business
Unit, MC Business Operations and Chief General Manager of
Manufacturing Center
January 2014: ‌Senior Executive Officer, Executive General Manager of 1st Business
Unit, MC Business Operations and Chief General Manager of PF
Model Unit
March 2014: Senior‌Executive Officer and Director, Executive General Manager of
1st Business Unit, MC Business Operations and Chief General
Manager of PF Model Unit (to present)

J Director (Outside)

K Director (Outside)

Masamitsu Sakurai

E

B

D

E Director

Masahiro Takizawa
April 1978: Joined the Company
April 2000: ‌General Manager of Business Planning Department, CV Operations
October 2002: ‌Senior General Manager of China Business Operations, General Manager
of Business Planning Department, MC Operations and General Manager
of China Business Strategy Department, China Business Operations, MC
Operations
February 2004: President of MBK Industrie
July 2007: General Manager of Corporate Planning Division
January 2009: ‌Senior General Manager of Corporate Planning Control, Global Corporate
Administrative Center and General Manager of Corporate Planning
Division, Global Corporate Administrative Center
March 2009: ‌Executive Officer, Senior General Manager of Corporate Planning Control,
Global Corporate Administrative Center and General Manager of Corporate
Planning Division, Global Corporate Administrative Center
December 2009: ‌Executive Officer, General Manager of Corporate Planning Division
March 2010: ‌Senior Executive Officer, Senior General Manager of Corporate Planning
Section and General Manager of Corporate Planning Division, Corporate
Planning Section
January 2011: ‌Senior Executive Officer, Chief General Manager of Business Development
Operations
March 2011: ‌Senior Executive Officer and Director, Chief General Manager of Business
Development Operations
March 2013: ‌Managing Executive Officer and Director, Chief General Manager ofBusiness Development Operations (to present)

Tamotsu Adachi

April 1966: Joined the Ricoh Company, Ltd.
June 1992: Director of Ricoh Company, Ltd.
June 1994: Managing Director of Ricoh Company, Ltd.
April 1996: President and Representative Director of Ricoh Company, Ltd.
June 2005: C‌ hairman of the Board, President and Chief Executive Officer of Ricoh Company, Ltd.
July 2006: Director of Coca-Cola West Holdings Co., Ltd. (currently Coca-Cola West Co., Ltd.)
April 2007: Chairman of the Board and Representative Director of Ricoh Company, Ltd.
April 2007: Chairman of KEIZAI DOYUKAI (Japan Association of Corporate Executives)
April 2008: Chairman of the Board of Directors of The New Technology Development Foundation
June 2008: Director of OMRON Corporation
March 2011: Director (to present)
April 2011: Chairman of the Board and Director, Chairman of Ricoh Company, Ltd.
April 2013: Executive Advisor to Ricoh Company, Ltd. (to present)
June 2013: Chairman of The New Technology Development Foundation (to present)

Takuya Nakata
A

Katsuaki Watanabe

April 1977: Joined the Company
November 2001: General Manager of North American Business Division, SCM Center, MC Operations
April 2004: General Manager of Sales & Marketing Division, RV Division, MC Operations
July 2006: General Manager of RV Sales & Marketing Division, RV Company
January 2007: G eneral Manager of Human Resources Development Division
January 2009: S enior General Manager of General Affairs Control, Global Corporate Administrative
Center and General Manager of Human Resources Development Division, Global
Corporate Administrative Center
March 2009: ‌Executive Officer, Senior General Manager of General Affairs Control, Global Corporate
Administrative Center and General Manager of Human Resources Development Division,
Global Corporate Administrative Center
January 2010: Executive‌Officer, Senior General Manager of General Affairs Section and General
Manager of Human Resources Development Division, General Affairs Section
February 2010: Executive‌Officer, Senior General Manager of Human Resources & General Affairs
SectionMarch 2010: ‌Senior Executive Officer, Senior General Manager of Human Resources & General
Affairs Section
March 2012: ‌Senior Executive Officer and Director, Senior General Manager of Human Resources &General Affairs Section
March 2013: ‌Senior Executive Officer and Director, Chief General Manager of Human Resources &General Affairs Center (to present)

L Director (Outside)C

H Director

Yoshiaki Hashimoto

April 1981: Joined Nippon Gakki Co., Ltd. (currently Yamaha Corporation)
October 2005: General Manager of PA/ DMI Division of Yamaha Corporation
June 2006: Executive Officer of Yamaha Corporation
June 2009: Director & Executive Officer of Yamaha Corporation
April 2010: President of Yamaha Corporation of America
June 2010: Senior Executive Officer of Yamaha Corporation
June 2013: President and Representative Director of Yamaha Corporation (to present)
March 2014: Director (to present)

April 1977: Joined Mitsubishi Corporation
January 1988: Joined McKinsey & Company, Inc. Japan
June 1995: Partner of McKinsey & Company, Inc. Japan
March 1997: ‌Managing Director of Business Development Department, GE Capital
Japan
March 1999: President and CEO of Japan Lease Auto Co.
December 2000: President and CEO of GE Fleet Services Co.
May 2003: Managing Director and Japan Representative of Carlyle Japan LLC
June 2003: Director of Benesse Corporation (currently Benesse Holdings, Inc.)
November 2007: ‌Managing Director and Co-Representative of Carlyle Japan LLC(to present)
June 2009: ‌Director of Benesse Corporation (currently Benesse Holdings, Inc.: topresent)
March 2013: Director (to present)

MC: Motorcycle
SyS: System Supplier
AM: Automotive
WV: Water Vehicle
GEM: Global Engineering & Manufacturing
GSyS: Global System Supplier
CS: Customer Service
CV: Commuter Vehicle
SCM: Supply Chain Management
RV: Recreational Vehicle
BD: Body
PF: Platform
IM: Intelligent Machinery

Audit & Supervisory Board Members
Standing Audit & Supervisory Board Member
Yutaka Kume

Standing Audit & Supervisory Board Member
Shigeki Hirasawa

April 1978: Joined the Company
April 2000: General Manager of Finance & Accounting Division, Administrative Operations
July 2006: General Manager of Finance & Accounting Division
May 2007: President of Yamaha Motor do Brasil Ltda.
June 2010: Corporate Auditor of Yamaha Corporation
March 2011: Audit & Supervisory Board Member (to present)

December 1981: Joined the Company
July 2006: General Manager of Legal & Intellectual Property Division
February 2008: S enior Vice President of Yamaha Motor Europe N.V.
March 2011: Audit & Supervisory Board Member (to present)

Audit & Supervisory Board Member (Outside)
Tetsuo Kawawa

Audit & Supervisory Board Member (Outside)
Isao Endo

April 1975: Registered as an attorney (Tokyo Bar Association: to present)
August 2002: Member of the Corporation Law (Modernization) Subcommittee, Legislative
Council of the Ministry of Justice
September 2002: Member of the Chief of the Special Commission of the Judicial Advisory
Committee of the Japan Federation of Bar Associations (to present)
June 2007: Corporate Auditor of Nisshin Seifun Group Inc. (to present)
March 2009: Audit & Supervisory Board Member (Outside) (to present)

April 1979: Joined the Mitsubishi Electric Corporation
October 1988: Joined Boston Consulting Group
October 1992: Joined Andersen Consulting (currently Accenture)
October 1996: Partner of Andersen Consulting (currently Accenture)
September 1997: Partner and Director of Booz Allen Hamilton (currently Booz & Company)
May 2000: Managing partner of Roland Berger Japan
April 2006: Chairman of Roland Berger Japan (to present)
April 2006: Professor, Graduate School of Commerce, Waseda University (to present)
May 2011: Director of Ryohin Keikaku Co., Ltd. (to present)
March 2013: Audit & Supervisory Board Member (Outside) (to present)

Yamaha Motor Co., Ltd. ⎢ Annual Report 201367

Comments from an Outside Director

Directors, Audit & Supervisory Board Members, and Executive Officers

Executive Officers
President andChief Executive Officer
Hiroyuki Yanagi

Executive Vice President

Chief General Manager of Motorcycle Business
Operations

Chief General Manager of Technology Center,
Chief General Manager of Design Center, andChief General Manager of Marine Business Operations

Managing Executive Officer
Kozo Shinozaki

Managing Executive Officer
Nobuya Hideshima

Managing Executive Officer
Masahiro Takizawa

Chief General Manager of Corporate Planning& Finance Center

Chief General Manager of Engine Unit,
Chief General Manager of CS Center

Chief General Manager of Business
Development Operations

Takaaki Kimura

Senior Executive Officer
Hiroyuki Suzuki

Senior Executive Officer
Yoshiaki Hashimoto

Senior Executive Officer

Senior Executive Officer

Katsuaki Watanabe

Toshizumi KatoManaging Director of India Yamaha Motor
Pvt. Ltd.

Chief General Manager of Human
Resources & General Affairs Center

Executive General Manager of 1st Business Unit,
Motorcycle Business Operations and Chief
General Manager of PF Model Unit

President of Yamaha Motor
Corporation, U.S.A.

Tamotsu Adachi
Outside Director

During my year as an Outside Director of Yamaha Motor,

production processes. The other reason I see is that theI have been impressed by two things that are particularly

Company has not been able to achieve an even higher level

Senior Executive Officer
Kunihiko Miwa

Senior Executive Officer

Senior Executive Officer

Senior Executive Officer

unique and truly progressive. The first is the way Yamahaof global operations. I believe that further strengthening

Hajime Yamaji

Ryouichi Sumioka

Yoichiro Kojima

Motor uses its corporate value to provide people around theoverseas structures across the board, from planning andExecutive General Manager of 2nd Business
Unit, Motorcycle Business Operations

Chairman and Director of Yamaha Motor
Europe N. V.

Deputy Chief General Manager of Corporate
Planning & Finance Center

President of PT. Yamaha Indonesia
Motor Manufacturing and President of
PT. Yamaha Motor Manufacturing
West Javaworld with the pleasure and enjoyment of dreams. Yamaha

development to sales, and only producing products that are

Motor has been a world leader in developing many new

suited to each market, would reduce costs and also increase

ways of bringing enjoyment to customers. The second thing

the likelihood of creating hit products.

Executive Officer

Executive Officer

Executive Officer

Executive Officer

is the fact that Yamaha Motor was one of the first Japanese

The main problem is how to resolve such issues

Masato Adachi

Tsuneji Suzuki

Hiroaki Fujita

Masaru Ono

companies to set its sights on customers around the world

quickly. Leaders need to make decisions that are required for

Executive General Manager of Boat Business
Unit, Marine Business Operations

President and Representative Director of
Yamaha Motor Powered Products Co., Ltd.

Deputy Chief General Manager of Business
Development Operations, Executive General
Manager of IM Business Unit, Business
Development Operations, General Manager of
Quality Assurance Division, IM Business Unit,
Business Development Operations

General Director of Yamaha Motor
Vietnam Co., Ltd.

and to become a global company. Even though there is

the Company’s continued success, even if they involve somestill room for improvement, Yamaha Motor is undeniably apain along the way, and employees need to think seriously

leading Japanese company in terms of its experience andabout the Company’s ultimate reason for existing. It is fine toability to produce and sell products globally. This ability is

enjoy making various products, but enjoyment alone will notunderpinned by extremely high levels of technical capabilities

enable the Company to survive its competition.

Executive Officer

Executive Officer

Executive Officer

Executive Officer

Katsuhito Yamaji

Masaki Asano

Yoshitaka Noda

Masahiro Inoue

Chief General Manager of Manufacturing
CenterManaging Director of Yamaha Motor India
Sales Pvt. Ltd.

Chief General Manager of Component Control
Division, Engine Unit

Chief General Manager ofProcurement Centerand product quality.
These outstanding qualities notwithstanding, I have

Maintaining Yamaha Motor’s unique qualities means
remaining enthusiastic about creating quality products thatconcerns about the fact that these activities have notgive people joy and excitement, while also understanding thetranslated to earnings at a global standard. In particular,

importance of maintaining solid profitability. I am confident

Executive Officer

Executive Officer

Executive Officer

Executive Officer

profit margins in the main motorcycle business arethat Yamaha Motor will be an even more outstanding

Kazuhiro Kuwata

Makoto Shimamoto

Yoshihiro Hidaka

Tatsumi Ohkawa

significantly lower than at our competitors, and this must

company if everyone from senior management to factory

President of Yamaha Motor Europe N.V.

Chief General Manager of PF Model Unit
Development Control Division, PF Model Unit

Executive General Manager of 3rd Business
Unit, Motorcycle Business Operations

Executive General Manager of ME
Business Unit, Marine Business
Operations

be improved if Yamaha Motor is to continue its outstanding

employees pays more attention to this balance.

business activities.
I believe there are two reasons for this situation.

CS: Customer Service
PF: Platform
IM: Intelligent Machinery
ME: Marine Engine

68

Yamaha Motor Co., Ltd. ⎢ Annual Report 2013

The first is costs. It seems to me that in its drive to create
interesting, quality products, the Company has lagged
behind other manufacturers in creating efficient design andYamaha Motor Co., Ltd. ⎢ Annual Report 201369

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

YAMAHA MOTOR CO., LTD.
2500 SHINGAI, IWATA, SHIZUOKA, JAPANwww.yamaha-motor.co.jp

Printed in Japan