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Annual Report 2008
Year ended March 31, 2008
More Than the Sum of Our Strengths

Table of contents

  • Page 1
    More Than the Sum of Our Strengths Annual Report 2008 Year ended March 31, 2008

  • Page 2
    ...of sound and music. *'Kando' (is a Japanese word that) signifies an inspired state of mind. Financial Highlights Yamaha Corporation and Consolidated Subsidiaries Years ended March 31 Thousands of U.S. Dollars* 2006 2008 Millions of Yen 2008 2007 For the year: Net sales Operating income Net income...

  • Page 3
    ... 2008) (Millions of Yen/%) â- Lifestyle-Related Sales by Region (Year ended March 31, 2008) (Millions of Yen/%) Products â- Europe Electronic â- Equipment and Metal Products 45,000 8.2% AV/IT â- 70,814 12.9% 45,520 8.3% â- Recreation 104,114 19.0% North America â- 89,903 16.4% â- Musical...

  • Page 4
    ... Domestic Network 92 Organization Chart 93 Investor Information 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 management based on information available at the current time and, therefore...

  • Page 5
    ...is a unique company that combines superb craftsmanship with leading-edge digital technologies, founded on a 120-year tradition of high-quality manufacturing. By leveraging these unique Yamaha advantages, we intend to continue proposing high-value-added products and services. In closing, I would like...

  • Page 6
    ...also realigned our musical instrument production bases in 2007, closing piano and wind instrument production plants in the U.S. and a guitar production plant in Taiwan. Financial Results (Billions of Yen) 600 548.8 590.0 60 50 Net sales (left scale) Operating income (right scale) 500 45.0 400 32...

  • Page 7
    ... entertainment business, we will finish developing the necessary infrastructure under Yamaha Music Entertainment Holdings, Inc., a management company established last year, and make 2008 the first year of business expansion for related companies. In commercial audio equipment, business conditions...

  • Page 8
    ... in the number of new housing starts in Japan. Still, we intend to improve profitability by increasing the cost-competitiveness of our system kitchens and bathrooms, as well as revamping sales channels to expand the remodeling business through strengthening our marketing by expanding showrooms and...

  • Page 9
    ... the Yamaha Group. With this new subsidiary we intend to increase sales and enhance earning power, in addition to bolstering our presence in the premium piano market by applying Yamaha's marketing expertise and developing new products incorporating automatic playing technology. Annual Report 2008...

  • Page 10
    ... by continuously enhancing corporate value. I am convinced that, to achieve this, the best policy is to further increase Yamaha's potential by fusing its competitive advantages in terms of skilled craftsmanship with its digital technologies. At the same time, we need to grow on a global scale by...

  • Page 11
    ... of its medium-term management plan, "Yamaha Growth Plan 2010"-the creative strength to enhance product value, the competitive strength to drive business growth, and the organizational strength to sustain growth over the longer term. Taking advantage of these capabilities, the Company will continue...

  • Page 12
    ... the world's top musicians. These strengths are the basis of the Company's competitiveness, and have allowed Yamaha to expand its operations beyond the musical instruments business into AV equipment, as well as semiconductor products such as LSI sound chips for mobile phones. 10 Yamaha Corporation

  • Page 13
    Inspiring Products Annual Report 2008 11

  • Page 14
    ... and amplify the sounds generated by musical instruments. This research led the Company to develop professional audio (PA) equipment such as our commercial digital mixers, which have acquired a very positive reputation in the market. Yamaha has developed some of the world's most advanced sound field...

  • Page 15
    ... enhance its competitive advantage over other musical instrument manufacturers. The accumulated experience gained from these continuous efforts effectively supports Yamaha in improving product quality and enhancing the value of its brand name. Artist Relations Sites Pianos Wind instruments Digital...

  • Page 16
    ...sales efforts not only in the more mature markets of Japan, North America and Europe, but also in emerging economic powers such as China, Russia, India and Brazil. One particularly promising business is the Company's commercial audio equipment, which can look forward to significant growth as digital...

  • Page 17
    Dynamic Expansion Annual Report 2008 15

  • Page 18
    ...plans to open many more schools, primarily in large cities, including some multi-purpose sites which function as sales outlets for pianos, portable keyboards and wind instruments as well as music schools. The Company also targets educational institutions in an effort to stimulate sales. India India...

  • Page 19
    ... engineers, allowing the Company to develop services and support that are finely tailored to the needs of the local market. * PA (Professional Audio) equipment includes commercial audio equipment, and professional audio equipment sold primarily at musical instrument stores. Annual Report 2008 17

  • Page 20
    ... initiatives to improve its financial position and enhance profitability. These reforms involved restructuring the Company's production bases and reviewing all operations, including the decision to withdraw from certain businesses. In line with these reforms, Yamaha plans to focus investment on...

  • Page 21
    Sustained Growth Annual Report 2008 19

  • Page 22
    ...Upright pianos 50,000 units p.a. Grand pianos 5,000 units p.a. Launch guitar manufacturing to meet increased demand for production 200,000 pieces p.a. â- Xiaoshan Yamaha Establish systems for increased production of wind instruments 128,000 pieces p.a. Main factory for high-level drum products Drum...

  • Page 23
    ...AnaHyM* Strategy" Yamaha supplies its sound-related technology to high soundquality, high-value-added semiconductors for use in musical instruments, mobile phones, automobiles, home electronics, audio equipment, and a host of other applications. The Company is investing aggressively in this business...

  • Page 24
    ... schools â- Music entertainment business â- Piano tuning â- â- AV/IT Audio products (AV receivers, speaker systems, Digital Sound ProjectorTM, desktop audio systems, etc.) â- Commercial online karaoke equipment â- Routers â- Conferencing systems â- Electronic Equipment and Metal Products...

  • Page 25
    ... of Net Sales Net Sales (Millions of Yen) Operating Income (Loss) (Millions of Yen) 62.0% 2004/3 2005/3 2006/3 2007/3 2008/3 293,430 302,617 314,078 325,989 340,021 2004/3 2005/3 2006/3 2007/3 2008/3 10,480 14,183 14,132 22,037 27,924 12.9% 2004/3 2005/3 2006/3 2007/3 2008/3 78,257...

  • Page 26
    ... music schools as part of its marketing strategy. The Company also pursued initiatives to expand sales of low-priced upright pianos built at its local factory, and increased sales of high-end pianos imported from Japan. During fiscal 2008, Yamaha expanded production capacity at its factory in China...

  • Page 27
    ...new line of digital pianos-the CVP-400 series-which was launched during the fiscal year under review. Although sales in Japan and the U.S. were weak, strong performance in Europe and emerging markets supported overall year-on-year sales growth. Sales of high-value-added products with superior design...

  • Page 28
    ... stores. Yamaha reorganized its production structure in the U.S. during fiscal 2008, closing the factories that produced pianos and wind instruments for the U.S. market. Flute MerveilleTM YFL894MVH Sales by Region (Japan) (Billions of Yen) 150 Sales by Region (North America) Music schools...

  • Page 29
    ... digital musical instruments, professional audio equipment and other high-value-added products are leading the way in these countries. In China, meanwhile, despite booming economic growth, the market has tapered off over the past few years after a period of rapid expansion. However, there are signs...

  • Page 30
    ... include sound field controls in AV equipment, effects used in professional mixing consoles, sound-generating chips in mobile phones and 3D sound technologies. Yamaha Music School in Shanghai (China) Electric acoustic guitar APX500 Digital piano ClavinovaTM CVP-409 28 Yamaha Corporation

  • Page 31
    ...new technologies to reinforce its electronic drum business, in an effort to expand its market share in the medium-to-high price range for drums as a whole. The Company is also improving productivity and cost performance for acoustic drums, with the factory in Japan concentrating on high-end products...

  • Page 32
    ... products), commercial online karaoke equipment, routers and conferencing systems. The Company's AV equipment has acquired a high reputation among users of home theater systems. Products employ Yamaha's exclusive digital sound field processing technology which reproduces the original sound fields...

  • Page 33
    ... its current Digital Sound Projector. For HiFi components, Yamaha is expanding its lineup of speakers in the SoavoTM series, and is launching new mediumand high-end amplifiers and CD players in an effort to boost market share. The Company also plans to enter the mainstream consumer product market by...

  • Page 34
    ... 2008 â- Net Sales (Millions of Yen) 76,892 69,048 â- â- Strengthen the "Smart AnaHyM* Strategy" by actively introducing high-value-added products in the AnaHyM product line (digital amplifiers, silicon microphones, etc.) Increase market share in the amusement equipment sector (sound-source...

  • Page 35
    ...Yamaha expects demand for digital amplifiers to continue rising as these products are adopted in a wider range of applications, including mobile phones, flat-panel TVs and amusement equipment. The Company plans to introduce products with new functions, such as automatic sound optimization technology...

  • Page 36
    ...in Fiscal 2008 â- Net Sales (Millions of Yen) 46,573 45,520 â- â- â- Develop a growth strategy centered on kitchen products Develop product line categorizations: luxury / moderately-priced / entry-level Realign sales and marketing activities to match market needs (open new showrooms, expand...

  • Page 37
    ... be planning to remodel their homes. The showrooms and sales offices are also trying to develop stronger ties to people who live nearby and are upgrading the level of after-sales service provided, in order to create an established customer base. Finally, the company is trying to attract new members...

  • Page 38
    ... offers visitors a variety of musical entertainment and sports facilities. A number of music concerts were held during fiscal 2008, and the use of the facilities for long-term accommodation, such as school trips and corporate training, bolstered revenues. However, sales revenues from weddings fell...

  • Page 39
    ... attractive as possible to prospective customers. In this way, the Company seeks not only to improve its profitability, but also to ensure that the facilities make a positive contribution to Yamaha's brand image. Yamaha's medium-term management plan "YGP2010" sets a sales target of ¥7.0 billion for...

  • Page 40
    ...Fiscal 2008 â- Net Sales (Millions of Yen) â- â- Conduct continuous publicity and promotional activities, centering on the inpres brand, to boost sales in the golf products business Transfer automobile interior wood components business to Yamaha Fine Technologies, in order to develop business...

  • Page 41
    ...to support growth in both the Japanese and overseas markets. Japanese marketing efforts will focus on the large-scale chains of golfing supply retailers that have established nationwide networks of stores. Overseas, the Company plans to enhance operations in South Korea, where sales of golf products...

  • Page 42
    ...support its progress in advanced technology. Securing, protecting and utilizing related intellectual property is another prime aim at Yamaha Group to ensure that the Company retains and enhances its competitive technical edge. Research and Development Core Technologies and Business Direction Yamaha...

  • Page 43
    ... developed through years of research into signal processing technology in music and human voices. During fiscal 2008, Crypton Future Media, Inc. released a software program named Hatsune Miku, which it developed using this technology under license from Yamaha. The product has been extremely well...

  • Page 44
    ...in management for each Yamaha Patent Applications Published in Japan (Number of patents) 1,200 1,000 800 600 400 200 0 04/3 05/3 06/3 07/3 08/3 Others Lifestyle-Related Products Electronic Equipment and Metal Products AV/IT Musical Instruments Patents Owned by Yamaha (as of March 31, 2008) (Number...

  • Page 45
    ...) Patents (Owned) 200 Registered Designs Owned by Yamaha (as of March 31, 2008) (Number of designs) 400 300 200 Others Lifestyle-Related Products Electronic Equipment and Metal Products AV/IT 100 Musical Instruments 100 0 04/3 05/3 06/3 07/3 08/3 0 Japan U.S. Other Areas Annual Report 2008 43

  • Page 46
    ... year to clarify management responsibilities. Yamaha also employs an executive officer system, comprised of 17 executive officers, including one senior managing executive officer and two managing executive officers, to support the Company president, the chief officer in charge of business execution...

  • Page 47
    ... made statements based on his experience and insight as a management executive. Refining the Yamaha Group's Internal Control System Yamaha refines its internal control system to maximize efficiency in all its business activities, improve the reliability of its accounting and financial information...

  • Page 48
    ... technology and passion born of sound and music, together with people all over the world. Management Philosophy Customer-Oriented and Quality-Conscious Management Yamaha fully satisfies its customers by offering quality products and services that incorporate new and traditional technologies as well...

  • Page 49
    ... Yamaha products-one shortly after purchase, and one a year later-using the feedback to make improvements to products. Yamaha also surveyed purchasers of digital pianos-both Yamaha and non-Yamaha models-in Japan, the U.S. and Europe to determine their views on product specifications and their level...

  • Page 50
    ... Managing Executive Officer [Musical Instruments Business Group] Yasushi Yahata Executive Officer [Productive Technology Business Group, Process Management Group, Golf Products Division] Motoki Takahashi Executive Officer [Deputy Group Manager, Finance and Administration Group (Corporate Planning...

  • Page 51
    ... 69 89 Eleven-Year Summary Management's Discussion and Analysis Risk Factors Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Report of Independent Auditors

  • Page 52
    ...Yamaha Corporation and Consolidated Subsidiaries Years ended March 31 Millions of Yen 2008 2007 2006 2005 For the year: Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating income (loss) Income (loss) before income taxes and minority interests Net income (loss...

  • Page 53
    Millions of Yen 2004 2003 2002...11,043 (5,784) (10,274) 16,627 18,767 22,539 ¥519,104 346,200 172,904 149,902 23,001 23,491 13,320 14,770 17,310 21,158 ¥...8.6 146.1% 39.6 (2.0) (5.2) 132.2% 37.7 2.5 6.4 115.5% 40.8 (7.6) (18.7) 112.4% 40.3 (2.9) (7.1) 119.8% 42.6 2.5 6.0 Annual Report 2008 51

  • Page 54
    ... review. In the core "The Sound Company" business domain, Yamaha worked to create new technologies and promote development of new high-value-added products through thoroughgoing marketing activities. In parallel with these activities, Yamaha strengthened and expanded its production plants in China...

  • Page 55
    ... of sound-generation software. At the same time, shipments of LSI chips for digital amplifiers used in flat-panel TVs and mobile phones grew, as did shipments for audio and graphics LSIs used in amusement equipment. Sales by Region In fiscal 2008, sales in Japan decreased on a year-on-year basis...

  • Page 56
    .... The ratio of overseas sales in the fiscal year under review was 49.6%, 2.5 points up from the fiscal 2007 figure of 47.1%. By region, sales in North America decreased in year-on-year terms by ¥3,773 million, or 4.0%, to ¥89,903 million. Sales of pianos, portable keyboards and AV equipment fell...

  • Page 57
    ... and affiliates from the sale of a portion of the Company's equity holdings in Yamaha Motor Co., Ltd. Net gain on sales or disposal of property, plant and equipment and sales of investment securities also increased year on year. Extraordinary losses were down by ¥7,331 million year on year, to...

  • Page 58
    ... current ratio at the fiscal 2008 year-end was 229%, representing an increase of 60 points compared with the figure of 169% from a year earlier, sustaining liquidity at a high level during fiscal 2008. Financing Policy Reflecting the relatively non-capital-intensive nature of the business, Yamaha...

  • Page 59
    ...,983 million. Yamaha intends to use this capital for payment of taxes associated with the sale of a portion of the Company's equity holdings in Yamaha Motor Co., Ltd., as well as for shareholder returns and investment for business growth. Liabilities Total liabilities as of March 31, 2008 amounted...

  • Page 60
    ... businesses. Specifically, the spending supported research and product development of hybrid pianos that blend acoustic and digital technologies, as laid out in the medium-term management plan; development of digital products leveraging digital network technology; and development of high-value-added...

  • Page 61
    ... customer-oriented lineup of products while reinforcing cost competitiveness at manufacturing bases in China, among other measures. Yamaha also plans to target higher sales in fast-growing markets such as China, Russia, Eastern Europe and Latin America. Management forecasts fiscal 2009 segment sales...

  • Page 62
    ... the business for LSI sound chips for mobile phones by providing added value to mobile phone manufacturers. The Company is also actively proceeding with expansion of sales of digital amplifiers as well as sound-source and graphics LSIs. Product development and enhancement of production systems are...

  • Page 63
    .... 3. Risks Related to Development of New Technologies The Yamaha Group is focusing management resources on "The Sound Company" business domain and endeavors to create an unassailably strong position as the world's leading full-line musical instrument manufacturer. Meanwhile, the Group also operates...

  • Page 64
    ...relatively high, with a significant number of workers in the upper age brackets and a great number of employees approaching the official retirement age. The Group therefore faces some important issues: transferring skills in manufacturing musical instruments and other products to the next generation...

  • Page 65
    .... 18. Risks Related to Changes in Financial Position a. Valuation of Investment Securities The companies of the Yamaha Group hold stock and other securities issued by their corporate customers and other companies that have quoted market values (representing acquisition costs of ¥17.2 billion...

  • Page 66
    Consolidated Balance Sheets Yamaha Corporation and Consolidated Subsidiaries At March 31, 2008 and 2007 Thousands of U.S. Dollars (Note 3) 2007 2008 Millions of Yen ASSETS Current assets: Cash and bank deposits (Note 15) Notes and accounts receivable - trade Marketable securities (Notes 6 and 21) ...

  • Page 67
    ...Dollars (Note 3) 2007 2008 LIABILITIES Current liabilities: Notes and accounts payable - trade Short-term loans (Note 6) Current portion of long-term debt (Note 6) Accrued expenses Income taxes payable Advances received Deferred income taxes (Note 13) Reserve for directors' bonuses (Note 2) Product...

  • Page 68
    ... Statements of Income Yamaha Corporation and Consolidated Subsidiaries Years ended March 31, 2008 and 2007 Thousands of U.S. Dollars (Note 3) 2007 2008 Millions of Yen 2008 Net sales Cost of sales (Note 9) Gross profit Selling, general and administrative expenses (Note 9) Operating income...

  • Page 69
    Consolidated Statements of Changes in Net Assets Yamaha Corporation and Consolidated Subsidiaries Years ended March 31, 2008 and 2007 Millions of Yen Shareholders' Equity Common stock (Note 14) Capital surplus Retained earnings (Note 14) Treasury stock, at cost (Note 14) Valuation and Translation ...

  • Page 70
    ... subsidiaries and affiliates, net (Gain) loss on sales or disposal of property, plant and equipment, net Structural reform expenses Special retirement payments Changes in operating assets and liabilities: Notes and accounts receivable - trade Inventories Notes and accounts payable - trade Other, net...

  • Page 71
    ... defined above) whose decision-making and control over their own operations are significantly affected in various ways by the Yamaha Group are accounted for by the equity method. During the year ended March 31, 2008, two affiliates, formerly accounted for by the equity method (Yamaha Motor Co., Ltd...

  • Page 72
    ... straight-line method. Marketable securities classified as other securities are carried at fair value with any changes in unrealized holding gain or loss, net of the applicable income taxes, included directly in net assets. Non-marketable securities classified as other securities are carried at cost...

  • Page 73
    ... acquired on or after April 1, 2007, using a rate that is 2.5 times that which would have been used if the straight-line method had been applied. As a result of this change, for the year ended March 31, 2008, operating income, and income before income taxes and minority interests both decreased by...

  • Page 74
    ... as collateral for long-term debt and certain other current liabilities at March 31, 2008 and 2007 were as follows: Thousands of U.S. Dollars (Note 3) Millions of Yen 2008 Marketable securities Property, plant and equipment, net of accumulated depreciation Investment securities ¥ 600 207 695...

  • Page 75
    ...revalued carrying amount of such land over its market value at March 31, 2008 and 2007 is summarized as follows: Thousands of U.S. Dollars (Note 3) Millions of Yen 2008 Excess of revalued carrying amount of land over market value ¥(13,246) 2007 ¥(18,954) 2008 $(132,209) Annual Report 2008 73

  • Page 76
    ...locations Total Impaired Assets Buildings and structures Land 2007 ¥4,316 412 ¥4,728 Method of grouping assets The Yamaha Group classifies the assets of the recreation segment with individual recreation facilities as the basic unit as these are the minimum cash flow generating units. Background...

  • Page 77
    ...Millions of Yen 2008 Deferred tax assets: Write-downs of inventories Unrealized gain on inventories and property, plant and equipment Allowance for doubtful accounts Depreciation Loss on impairment of fixed assets Unrealized loss on investment securities Accrued employees' bonuses Product warranty...

  • Page 78
    ... less than one trading unit: 11,697 shares and 15,775 shares for the years ended March 31, 2008 and 2007, respectively. *2 Decrease owing to exclusion of affiliates from application of equity method: 183,463 shares *3 Decrease owing to changes in the number of shares of common stock held in treasury...

  • Page 79
    ...Time deposits with maturities of more than three months Short-term (securities) investments with maturities of three months or less when purchased Cash and cash equivalents ¥ 73,619 (648) 30,400 ¥103,371 2007 ¥46,702 (776) - ¥45,926 2008 $ 734,794 (6,468) 303,423 $1,031,750 Annual Report 2008...

  • Page 80
    ... equals 25% of the capital stock account. 17. RETIREMENT BENEFITS The Company and its domestic consolidated subsidiaries have defined benefit pension plans, i.e., the Welfare Pension Fund Plan (WPFP), tax-qualified pension plans and lump-sum payment plans, which substantially cover all employees...

  • Page 81
    .... Diluted net income per share for the year ended March 31, 2008 has not been presented because there were no potentially dilutive securities at March 31, 2008. Net assets per share are based on the number of shares of common stock outstanding at each balance sheet date. Annual Report 2008 79

  • Page 82
    ... if the finance leases currently accounted for as operating leases had been capitalized: Millions of Yen Thousands of U.S. Dollars (Note 3) Total Tools and equipment Other Total As of March 31, 2008 Acquisition costs Accumulated depreciation Net book value Tools and equipment Other ¥1,558 854...

  • Page 83
    ... lease income subsequent to March 31, 2008 for finance leases accounted for as operating leases is summarized as follows: Year ending March 31, 2009 2010 and thereafter Total Thousands of U.S. Dollars (Note 3) Millions of Yen ¥ 714 1,370 ¥2,084 $ 7,126 13,674 $20,800 Annual Report 2008 81

  • Page 84
    ... municipal bonds Corporate bonds Other Total (b) Other securities with determinable market value Carrying value Estimated fair value Unrealized gain (loss) ¥ 100 299 399 ¥ 100 300 400 ¥ 0 0 0 500 419 1,099 2,019 ¥2,419 495 416 1,093 2,004 ¥2,404 (4) (3) (6) (15) ¥(15) Millions of Yen...

  • Page 85
    ... costs Carrying value Unrealized gain (loss) ¥ 9,175 65 9,240 ¥29,790 78 29,868 ¥20,614 12 20,627 688 688 ¥ 9,929 632 632 ¥30,500 (56) (56) ¥20,570 (c) Other securities sold during the years ended March 31, 2008 and 2007 Millions of Yen Thousands of U.S. Dollars (Note 3) 2008 Sales...

  • Page 86
    ... outlined as follows: Business Segments Millions of Yen Electronic equipment and metal products Lifestylerelated products Eliminations or unallocated amounts Consolidated Year ended March 31, 2008 I. Sales and operating income (loss) Sales to external customers Intersegment sales or transfers Total...

  • Page 87
    ... Dollars (Note 3) Electronic equipment and metal products Lifestylerelated products Eliminations or unallocated amounts Consolidated Year ended March 31, 2008 I. Sales and operating income (loss) Sales to external customers Intersegment sales or transfers Total Operating expenses Operating income...

  • Page 88
    ... of U.S. Dollars (Note 3) Asia, Oceania and Other Areas Eliminations or Unallocated Amounts Year ended March 31, 2008 Sales and operating income Sales to external customers Intersegment sales or transfers Total Operating expenses Operating income Total assets Japan North America Europe Total...

  • Page 89
    ...of consolidated net sales North America Europe Asia, Oceania and Other Areas Total ¥ 93,676 ¥ 97,299 ¥ 68,157 ¥ 259,133 550,361 17.0% 17.7% 12.4% 47.1% Thousands of U.S. Dollars (Note 3) Year ended March 31, 2008 Overseas sales Consolidated net sales Overseas sales as a percentage...

  • Page 90
    ...Article 178 of the Corporation Law of Japan: (1) Purpose of the cancellation of treasury stock The cancellation of treasury stock is to be conducted to enhance the return to shareholders of the Company in connection with the sale of a portion of the Company's holdings in Yamaha Motor Co., Ltd. which...

  • Page 91
    Annual Report 2008 89

  • Page 92
    ...Gurgaon, India Dubai, U.A.E. Moscow, Russia Melbourne, Australia Yamaha Corporation of America Yamaha Electronics Corporation, USA Yamaha Commercial Audio Systems, Inc. Yamaha Music InterActive, Inc. YMH Digital Music Publishing, LLC*1 Yamaha Artist Services, Inc. Yamaha Canada Music Ltd. Yamaha de...

  • Page 93
    ...Company Name YP Winds Corporation Yamaha Hi-Tech Design Corporation Yamaha Piano Service Co., Ltd. Yamaha Music Craft Corporation Yamaha Credit Corporation Yamaha Music Lease Corporation Yamaha Livingtec Corporation Yamaha Living Products Corporation Joywell Home Corporation Yamaha Fine Technologies...

  • Page 94
    ... Sound Network Division Semiconductor Division Domestic Sales & Marketing Division Asia-Pacific Sales & Marketing Group Yamaha Corporation of America Yamaha Music Holding Europe GmbH Yamaha Music & Electronics (China) Co., Ltd. Yamaha Music Entertainment Holdings, Inc. Productive Technology Business...

  • Page 95
    ...Price Movement (Yen) 3,000 Depositary for American Depositary Receipts Deutsche Bank Trust Company Americas Ratio: 1 ADR = 1 share of common stock Type: Level 1 with sponsor bank Symbol: YAMCY U.S. Securities Code: 984627109 2,600 Public Notices Shall be issued electronically at http://www.yamaha...

  • Page 96
    Cert no. SGS-COC-1696 Corporate Planning Division URL: http://www.yamaha.com/ 2008/8 - CM082 Printed in Japan on FSC-approved paper using soy-based inks and waterless printing processes.