Yamaha 2015 Annual Report Download - page 44

Income Taxes
Income taxes increased ¥29.9 billion, or 123.0%, year on
year, to ¥54.2 billion. This increase included the additional
payment of ¥35.6 billion of corporate income taxes by
U.S. subsidiaries as a result of a mutual agreement
procedure between Japan and U.S. tax authorities
regarding the Advance Pricing Agreement pertaining to
transfer pricing (APA) and the additional recording of
¥14.4 billion of deferred tax assets at the Company.
Minority Interests in Income
Minority interests in income include interests owned by
minority shareholders in Yamaha Motor Vietnam Co., Ltd.,
Yamaha Motor Taiwan Co., Ltd., PT. Yamaha Indonesia
Motor Manufacturing, Industria Colombiana de
Motocicletas Yamaha S.A., and India Yamaha Motor Pvt.
Ltd., and increased ¥3.4 billion, or 66.5%, from the
previous year, to ¥8.4 billion.
Capital Resources and Liquidity
Assets, Liabilities and Total Net Assets
Total assets as of December 31, 2015, decreased ¥4.8
billion compared with December 31, 2014, to ¥1,305.2
billion. Current assets declined ¥1.1 billion. Despite an
increase in fi nance receivables related to the commencement
of in-house wholesale fi nance operations in Canada,
decreases in cash and deposits and the effects of foreign
exchange rates resulted in an overall decrease. Non-
current assets declined ¥3.7 billion, primarily from the
effects of foreign exchange rates.
Total liabilities decreased ¥33.3 billion, to ¥773.5
billion, mainly from reductions in claims payable—trade
and net defi ned benefi t liability, as well as from the effects
of foreign exchange rates.
Total net assets increased ¥28.5 billion, to ¥531.7
billion, refl ecting such factors as net income of ¥60.0
billion, dividends paid of ¥24.4 billion, and a change in
foreign currency translation adjustment of ¥27.5 billion
due to yen depreciation. As a result, the shareholders’
equity ratio as of December 31, 2015 was 37.6% (an
improvement of 2.5 percentage points from the end of the
previous fi scal year). The net debt-equity ratio remained at
0.6 times, the same as at the end of the previous fi scal year.
Note 2 Equity ratio: (Shareholders’ equity + Accumulated other
comprehensive income) / Total assets x 100 (%)
Capital Expenditures
The Group made investments of ¥64.1 billion in total
during fi scal 2015.
The motorcycle business invested ¥37.7 billion for
new products and to increase production capacity in India
and Pakistan. The marine products business invested
¥10.8 billion for new products, R&D, and the restructuring
of the domestic manufacturing system. The power
products business invested ¥9.8 billion, which included
new products of ROVs. The industrial machinery and
robots business invested ¥2.1 billion, and expenditures
at the other products business totaled ¥3.6 billion.
Cash Flows
Net cash provided by operating activities during fi scal
2015 was ¥24.0 billion (compared with ¥93.6 billion
provided in fi scal 2014), with income before taxes and
minority interests of ¥122.6 billion (¥97.8 billion) more
than offsetting factors including a ¥66.8 billion increase
(a year-earlier ¥28.3 billion increase) in working capital
associated with an increase in receivables from the
commencement of in-house wholesale fi nance operations
in Canada and increased sales, and the additional
corporate income tax payment in the U.S. associated
with the APA.
Net cash used in investing activities during fi scal 2015
was ¥64.0 billion (¥72.5 billion in net cash used during
fi scal 2014), as a result of factors including ¥67.5 billion
for capital investments for production capacity increases
in India and purchase of intangible assets by the Company
(¥61.9 billion).
Net cash provided by fi nancing activities during fi scal
Total assets and return on assets
(Billion ¥) (%)
Net assets per share and
equity ratio Note 2
(¥)
804
1,317 1,405
37.6
2,000
1,500
1,000
500
0
40
30
20
10
0
2011 2012 2013 2014 2015
1,100
31.2 32.0 33.5 35.1
882
(%)
900
1,310 1,305
4.6
1,600
1,200
800
400
0
8
6
4
2
0
2011 2012 2013 2014 2015
1,147
2.9
0.8
4.2
5.6
962
Current ratio
(%)
153 150 148
200
150
100
50
02011 2012 2013 2014 2015
137
150
Total asset turnover
(Times)
1.4
1.2 1.2
2.0
1.5
1.0
0.5
02011 2012 2013 2014 2015
1.3
1.3
Inventory turnover
(Times)
4.7
3.9 3.8
6.0
4.5
3.0
1.5
02011 2012 2013 2014 2015
4.3
4.4
Property, plant and equipment
turnover
(Times)
5.1
4.7 4.7
6.0
4.5
3.0
1.5
02011 2012 2013 2014 2015
4.9
4.6
Net assets per share Total assets
Equity ratio (%) Return on assets (%)
Management Discussion and Analysis of Operations
Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015 Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015
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