Yamaha 2000 Annual Report Download - page 5

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3
A MESSAGE FROM THE PRESIDENT
consolidated results through the strengthening of con-
solidated Group operations. YAMAHA’s goals to be
accomplished by March 31, 2003, are consolidated net
sales of ¥600.0 billion, recurring profit of ¥30.0 bil-
lion, operating income of ¥32.0 billion, net income of
¥18.0 billion, a 9% return on equity (ROE), and a free
cash flow of ¥13.0 billion.
Recovering Profitability
Over the coming fiscal year, the Company will push
through the following operational objectives.
First and foremost, the Company’s main objective
is to return to profitability. To achieve this, YAMAHA
will strive to swiftly generate results from restructuring
measures implemented in the previous term as well as
further strengthen its core sound and music businesses.
Second, we will undertake the securing of growth
in the medium term as well as achieve the earliest
possible solidification of our new business model for
long-term growth.
Third, the Company will augment its manufactur-
ing ability—the cornerstone of operations as a manu-
facturer. To achieve this, the Company will adopt
initiatives for the acceleration of product development
time, firm market establishment, thorough cost reduc-
tion measures, boosting of overseas manufacturing,
and maintaining levels of product quality.
YAMAHA will also promote management that
emphasizes current value accounting compatibility,
cash flows, and balance sheets, and fortify its financial
structure.
Furthermore, the Company will concentrate its efforts
on augmenting the profit bases of its Group affiliates.
Moreover, YAMAHA will proactively engage in
environmental conservation activities. The Company
will strive for ISO 14001 certification at all business
facilities and push through preparations for environ-
mental accounting.
At this delicate time, when full-fledged economic
recovery is most crucial, concerns are being voiced over
a further rise in the value of the yen, creating a less
than optimistic outlook for the business environment.
The YAMAHA Group will work to lay the cornerstone
for new growth in the 21st century and at the same
time unite all Group companies to fulfill its manage-
ment goals. I look forward to the continued guidance
and support of our valued shareholders and colleagues.
June 2000
Shuji Ito
President and Representative Director