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Yamaha Annual Report 2007 0201
For Yamaha, 2007 marks the Company’s 120th
anniversary and a new start. But our goal remains
the same: to take our skills as “the sound
professional” and propose to people a variety of
means to create music and sound environments
that are filled with pleasure, inspiration and comfort.
This is what we mean by our brand slogan
“CREATING ‘KANDO’* TOGETHER.”
* ‘Kando’ (is a Japanese word that) signifies an inspired state of mind.
Forward-looking statements
The plans and strategies regarding Yamaha’s future prospects presented in this annual report have been drawn up by the Company’s manage-
ment based on information available at the current time and, therefore, are subject to risks and uncertainties. Accordingly, our actual performance
may differ significantly from our predictions depending on changes in the operating and economic environments, demand trends, the value of key
currencies, such as the U.S. dollar and the euro, technological advancements and developments in intellectual property litigation.
For the year:
Net sales
Operating income
Net income
Capital expenditures
Depreciation expenses
R&D expenses
Free cash flows
At year-end:
Total assets
Net assets*
Interest-bearing liabilities
Per share:
Net income
Net assets*
Dividends paid
Ratio:
Equity ratio*
Return on assets (ROA)
Return on equity (ROE)*
Number of employees
2007
$ 4,662,101
234,519
236,053
213,062
169,047
205,167
146,590
$ 4,735,544
2,976,688
216,442
$ 1.15
14.24
0.19
2007
¥ 550,361
27,685
27,866
25,152
19,956
24,220
17,305
¥ 559,031
351,398
25,551
¥ 135.19
1,680.91
22.50
62.0%
5.2
8.4
25,992
2006
¥ 534,084
24,135
28,123
22,882
18,944
24,055
7,406
¥ 519,977
316,005
28,474
¥ 136.04
1,532.62
20.00
60.8 %
5.5
9.5
25,298
2005
¥ 534,079
35,695
19,697
22,702
18,958
22,953
26,692
¥ 505,577
275,200
46,598
¥ 95.06
1,334.51
20.00
54.4 %
3.9
7.4
23,828
Millions of Yen
Thousands of
U.S. Dollars
Yen U.S. Dollars
%
* “Net assets,” “equity ratio” and “return on equity (ROE)” were classified as “shareholders’ equity,” “shareholders’ equity ratio” and “return on shareholders’
equity (ROE),” respectively, until the year ended March 31, 2006.
Note: Throughout this financial data, U.S. dollar amounts are translated from yen at the rate of ¥118.05=U.S.$1.00, the approximate rate prevailing
on March 31, 2007.
Financial Highlights
Yamaha Corporation and Consolidated Subsidiaries
Years ended March 31
Net Sales (Billions of Yen) Net Income (Billions of Yen) Total Assets (Billions of Yen)
534.1 550.4
539.5
524.8
03/3 04/3 05/3 06/3 07/3
03/3 04/3 05/3 06/3 07/3
03/3 04/3 05/3 06/3 07/3
19.7
27.9
43.5
17.9
505.6
508.7
512.7
534.1
28.1
520.0
559.0
01 Financial Highlights
11 To Our Stakeholders
13 Message from the President
15 Special Feature: Outline of New Medium-Term Business Plan
“Yamaha Growth Plan 2010 (YGP2010)”
17 Special Feature: Dynamic Growth Expected from
Commercial Audio Equipment Business
19 Company Segments at a Glance
Review of Operations
21 Musical Instruments
25 AV/IT
27 Electronic Equipment and Metal Products
29 Lifestyle-Related Products
31 Recreation
33 Others
35 R&D and Intellectual Property
39 Emphasis on Corporate Social Responsibility (CSR)
in Management
45 Board of Directors, Corporate Auditors and
Executive Officers
47 Financial Section
81 Main Networks
83 Organization Chart
84 Investor Information
Contents