Yamaha 2009 Annual Report Download

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Annual Report 2009
Year ended March 31, 2009
Together, We Set the Rhythm

Table of contents

  • Page 1
    Together, We Set the Rhythm Annual Report 2009 Year ended March 31, 2009

  • Page 2
    ... History of the Yamaha Group Organization Chart Investor Information 30 30 33 34 36 36 38 47 50 52 53 54 55 75 76 78 80 81 Together, We Set the Rhythm Yamaha's intrinsic value derives from our constant efforts to enhance customer satisfaction. The message on the cover of this year's annual report...

  • Page 3
    ...2007 2006 2005 Millions of U.S. Dollars* 2009 For the year: Net sales Operating income Net income (loss) Capital expenditures Depreciation expenses R&D expenses Free cash flows At year-end: Total assets Net assets** Interest-bearing liabilities Per share: Net income (loss) Net assets** Dividends...

  • Page 4
    ... greatest number of customers possible. Business Performance in Fiscal 2009 In fiscal 2009 (ended March 31, 2009), the Yamaha Group unveiled new products in musical instruments and other businesses, many of which were well received by customers. However, in the first half of the year, rising prices...

  • Page 5
    ... the initiatives outlined in the "YGP2010" medium-term management plan. We launched a number of new products in fiscal 2009, such as digital musical instruments, acoustic guitars, electronic drums, and AV amplifiers, which were well received by customers. With that said, deterioration in a host of...

  • Page 6
    ... systems business Sales channel development delayed [China] Aim for quality, cost control, and supply capability Hangzhou Yamaha: Prepared for increased piano and guitar production Xiaoshan Yamaha: Realigned production processes for wind instruments * YI: PT. Yamaha Indonesia YMMI: PT. Yamaha Music...

  • Page 7
    ... molded parts business for digital single-lens reflex cameras. Another was our decision to cancel further activities in semiconductor silicon microphones. We also chose to close piano production bases Taiwan Yamaha Musical Instruments Manufacturing Co., Ltd., and Kemble & Company Ltd. in the United...

  • Page 8
    ...with our goal of another year of double-digit growth in piano sales, we are expanding our activities for Yamaha Music Schools to generate demand, and we plan to vigorously pursue sales of digital musical instruments, PA equipment and other products. In Latin American markets too, particularly Brazil...

  • Page 9
    ... 2008, we welcomed premium piano manufacturing and sales company Bösendorfer of Austria into the Group, alongside Fuji Sound Co., Ltd. of Japan, engaged in the commercial audio equipment business. Both firms have integrated well as Yamaha Group companies. In fiscal 2009, meanwhile, we acquired...

  • Page 10
    ...decide from the viewpoint of our customers, and that is quality-conscious, in that Yamaha products and services never compromise on high quality, regardless of the purchase price. At Yamaha, raising shareholder value is one of our most important management issues. Accordingly, we remain committed to...

  • Page 11
    ... Feature Together, We Set the Rhythm Yamaha's intrinsic value derives from our constant efforts to enhance customer satisfaction wherever possible. In this year's special feature, we illustrate the unique relationship between Yamaha and our customers through several insightful examples, each of...

  • Page 12
    ... This system is a unique Yamaha learning method characterized by three key points: "timely education," "group lessons," and "emphasis on creativity." Based on this system, Yamaha offers a comprehensive range of musical instruction at its music schools. Today, Yamaha Music Schools in Japan share the...

  • Page 13
    ... of music schools based on its unique educational method. In developing this network, Yamaha strives to promote music schools that exist in harmony with the language, culture, customs and public institutions of each country, as well as training local teachers. Yamaha opened its first music school in...

  • Page 14
    ... to include artist services centers for guitars, drums, synthesizers, and brass and woodwind instruments. Winning Artists' Trust and Boosting Product Development Capabilities Knowing that a Yamaha instrument meets the musical needs of a world famous artist can make that same model appealing to...

  • Page 15
    ...invaluable role in product development by communicating with top professional players of electric and acoustic guitars, and premium drums. Yamaha Corporate Artist Affairs, also located in the U.S., maintains ties with very high profile, global artists such as Elton John, Alicia Keys, Paul McCartney...

  • Page 16
    ..., installation, and maintenance. In this way, Yamaha has a well-developed support system that assists in creating better acoustic spaces. Earning Trust Through Maintenance Services In the commercial audio equipment business, the key to earning customers' trust is ongoing maintenance and repair...

  • Page 17
    ... support in making the most of our acoustics." Mr. Kazuo Hamamoto General Manager of Operations & General Affairs, Suntory Hall Yamaha Sound Systems has been responsible for electrical sound system installation and maintenance at Suntory Hall since the performance venue first opened. Yamaha Sound...

  • Page 18
    ... n Educational musical instruments (recorders, Pianicaâ„¢, etc.) n PA equipment (mixers, power amplifiers, etc.) n Soundproof rooms (AVITECSâ„¢) n Music schools, English language schools n Music entertainment business n Piano tuning n n AV/IT Audio products (AV receivers, speaker systems, Digital...

  • Page 19
    .../03 Sales by Product (%) 14.6 31.1 24.6 10.5 7.3 11.9 Pianos n Digital musical instruments n Wind and educational musical instruments n String and percussion instruments n Professional audio equipment n Music schools, etc. n Sales by Region (%) 14.5 4.6 43.2 21.9 15.8 Japan North America n Europe...

  • Page 20
    ... business became part of the Others segment in fiscal 2009. Fiscal 2008 Musical Instruments AV/IT Electronic Equipment and Metal Products Lifestyle-Related Products Recreation Others Fiscal 2009 Musical Instruments AV/IT Electronic Devices Lifestyle-Related Products Others 18 Yamaha Corporation

  • Page 21
    ...pianos and wind instruments n Development of high-quality products by building relationships with artists n Manufacturing of musical instruments utilizing cutting-edge electronics technology n Digital network technology for professional audio equipment n Global strategy built on Yamaha's local sales...

  • Page 22
    ... housing starts. The credit crunch in the retail sector also shows no signs of abating. Yamaha's main sales channels in the United States are stores specializing in pianos and wind instruments, and large mass merchandisers for musical instruments. Guitars and drums account for one-third of the total...

  • Page 23
    .... Yamaha's sales channels in Europe are centered mainly on specialized music retailers who handle pianos and wind instruments. More recently, however, sales channels have grown to encompass mass merchandisers that sell home electronics and an array of other products. In Eastern European countries...

  • Page 24
    ...products, and will continue efforts to strengthen its business base. CPX15II electric acoustic guitar GEO systems NEXO brand line array loudspeakers YTR-9445CHS XenoTM artist model trumpet N3 AvantGrandTM hybrid piano PN-MF01CUSTOM MODUSTM F01 custom model digital piano PHX series system drums...

  • Page 25
    ... loss of ¥410 million versus operating income of ¥1,839 million in the previous fiscal year. In audio products, shrinking overall market demand as a result of adverse market conditions led to lower sales for AV receivers. In Japan, front surround systems with furniture stands received high...

  • Page 26
    ... Fiscal 2009 Performance Overview Sales in the electronic devices segment declined 51.2% year on year, to ¥21,975 million. The segment recorded an operating loss of ¥2,536 million, in contrast to operating income of ¥1,863 million posted a year earlier. Sales of sound generators for mobile phones...

  • Page 27
    ... Overview Sales in Yamaha's lifestyle-related products business, in which Yamaha Livingtec Corporation is the principal Yamaha Group subsidiary, fell 5.3% from the previous year, to ¥43,121 million. The segment posted an operating loss of ¥305 million, compared to ¥588 million in operating income...

  • Page 28
    ... Strategy Yamaha's most urgent issue-Generate stable earnings In the golf products business, Yamaha will continue to invest in R&D and enhance its current inpresâ„¢ brand in a push to expand market share. Most visibly, the Company will respond to strong sales of mid- and premium-grade custom ordered...

  • Page 29
    ... blending acoustic, digital signal processing and network technologies to make sound the basis for important aspects of home life, such as security or conveying information. To support future business of this kind, Yamaha invests in core technology improvement as well as employee training to ensure...

  • Page 30
    ... Portable Player Dock Yamaha has developed the PDX-50, a wireless portable player dock equipped with the Company's proprietary AirWiredTM*1 digital wireless transmission technology that users operate by using their iPod*2 as a remote control. To play their iPod wirelessly through the PDX-50 speaker...

  • Page 31
    ... patent strategy from both a Companywide and business domain perspective. Patent Owned by Yamaha (as of March 31, 2009) (Number of patents) 6,000 4,000 2,000 Others Lifestyle-Related Products n Electronic Devices n AV/IT n Musical Instruments n n 0 Japan U.S. Other Areas Annual Report 2009...

  • Page 32
    ... born of sound and music, together with people all over the world." In accordance with this policy, Yamaha will strive to improve the effectiveness of its management and attain global competitiveness and profitability. At the same time, the Company will increase its corporate and brand value by...

  • Page 33
    ... my reviews and audits with a highly critical eye, so as to support the enhancement of the Yamaha brand and achieve new heights throughout the world. Outside Corporate Auditor Haruo Kitamura Over the course of my career as a CPA, I have been involved in promoting accounting and internal control...

  • Page 34
    ... liaison committees in connection with the internal control system operated by corporate staff divisions, with the goal of making monitoring activities more comprehensive. Promoting Compliance in Management Yamaha began conducting compliance activities in Japan in 2003 with the establishment of...

  • Page 35
    ... health and safety management system Corporate Philosophy Corporate Objective "CREATING 'KANDO' TOGETHER" Yamaha will continue to create 'kando'* and enrich culture with technology and passion born of sound and music, together with people all over the world. Management Philosophy Customer...

  • Page 36
    ... of Toyooka Production Department, Pro Audio & Digital Musical Instruments Division President of Hangzhou Yamaha Musical Instruments Co., Ltd. General Manager of AV Products Division of Yamaha Corporation (to present) Executive Officer Director and Executive Officer, Sound and IT Business Group (to...

  • Page 37
    ... Co., Ltd. *3 Present Yamaha Motor Engineering Co., Ltd. *4 Changed name from Alpha Information Systems Co., Ltd. Motoki Takahashi Managing Executive Officer, Corporate Planning Group Yasushi Yahata Executive Officer, Productive Technology Business Group, Process Management Group, Golf HS Division...

  • Page 38
    ...Consolidated Subsidiaries Years ended March 31 Millions of Yen 2009 2008 2007 2006 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) Capital expenditures...

  • Page 39
    ...700 - - - ¥ 505,577 225,581 145,820 46,598 275,200 ¥ 508,731 201,704 123,596 48,871 259,731 ¥ 512,716 ...144,498 96,166 201,965 Yen ¥522,486 231,872 175,371 103,304 196,733 ¥ 543,088 205,979 178,... 132.2 10.9 (18.7) (7.6) 40.8 4.46 115.5 - (7.1) (2.9) 40.3 1.26 112.4 - Annual Report 2009 37

  • Page 40
    ... its business structure from a medium- to long-term standpoint. In fiscal 2009, the Company booked ¥4,863 million in expenses related to structural reforms as extraordinary losses. In this context, and as a follow-up to the 2007 closure of its piano and wind instrument factories in the U.S., Yamaha...

  • Page 41
    ...from full-scale entry into the silicon microphone business, new devices that were expected to replace sound generators for mobile phones, after determining that it would be difficult to secure earnings given falling unit sales prices stemming from increased competition. Musical Instruments Sales in...

  • Page 42
    ... ¥6,883 million, or 8.8% year on year, to ¥71,237 million. Sales in the musical instruments business continued to grow, notably in Latin America. Double-digit sales growth also continued in China, particularly in the musical instruments business, with increased piano production by Hangzhou Yamaha...

  • Page 43
    ...over sound generator devices for mobile phones, coupled with lower sales volumes for mobile phones in the Japanese market. The lifestyle-related products segment also recorded an operating loss of ¥305 million, down ¥894 million from ¥588 million in operating income in the previous year. The loss...

  • Page 44
    ... year. The net loss per share equaled ¥103.73, compared with net income per share of ¥191.76 in fiscal 2008. Fluctuation in Foreign Exchange Rates and Risk Hedging Yamaha conducts business operations on a global scale centered on musical instruments. As such, the Company's business structure...

  • Page 45
    ..., the net effect on operating income of exchange rate movements was a decline of roughly ¥6.9 billion compared with the previous fiscal year. Analysis of Financial Position Financing Policy The Yamaha Group finances its capital needs with respect to working capital used for business activities and...

  • Page 46
    ... payment of corporation tax, income taxes payable totaled ¥2,090 million, a decrease of ¥12,826 million, or 86.0%, from the previous year. The Company also posted ¥3,161 million as a provision for charges related to the closure of piano factories in the U.K. and Taiwan. Net Property, Plant and...

  • Page 47
    ... half of the year. Of this total, the musical instruments segment posted a year-on-year decrease of ¥1,679 million, to ¥14,793 million from ¥16,472 million in fiscal 2008. This reflects investment in molds for new products, investments to increase piano production capacity at Hangzhou Yamaha, the...

  • Page 48
    ... businesses. Specifically, the spending supported research and product development of hybrid pianos that blend acoustic and digital technologies, as laid out in Yamaha's Total Piano Strategy; development of digital products leveraging digital network technology; and development of high-value-added...

  • Page 49
    ...an AV/IT segment, focusing mainly on HiFi AV products, and an electronic devices segment, concentrating on the semiconductor business centered on sound generators. Differentiating the Group's technologies in the fields of sound, music and networks is indispensable for the Group's further development...

  • Page 50
    ... Group's music schools and English language schools, which are primarily attended by children. Going forward, declining birthrates, particularly in Japan, may lead to a decline in sales through these channels. 10. Recruitment and Training of Personnel The average age of the Yamaha Group's workforce...

  • Page 51
    ...to operating condition. 18. Matters 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...

  • Page 52
    ... receivable - trade Short-term investment securities (Notes 7 and 22) Inventories (Notes 2 and 5) Deferred tax assets (Note 14) Other Allowance for doubtful accounts Total current assets Millions of Yen 2009 2008 ¥ 41,373 51,938 1,280 80,694 10,905 17,307 (1,401) 202,097 ¥ 73,619 68,680 31,200...

  • Page 53
    ...Long-term deposits received Other Total noncurrent liabilities Contingent liabilities (Note 19) NET ASSETS Shareholders' equity (Note 17): Capital stock: Authorized - 700,000,000 shares; Issued 2009 - 197,255,025 shares 2008 - 206,524,626 shares Capital surplus Retained earnings Treasury stock Total...

  • Page 54
    ... of Operations Yamaha Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 Thousands of U.S. Dollars (Note 3) 2009 Millions of Yen 2009 2008 Net sales Cost of sales (Notes 5 and 10) Gross profit Selling, general and administrative expenses (Note 10) Operating income Other...

  • Page 55
    Consolidated Statements of Changes in Net Assets Yamaha Corporation and Consolidated Subsidiaries Years ended March 31, 2009 and 2008 Millions of Yen Shareholders' Equity Capital stock (Note 15) Capital surplus Retained earnings (Note 15) Treasury stock (Note 15) Valuation and Translation ...

  • Page 56
    ... dividends income Interest expenses Foreign exchange losses (gains) Equity in (earnings) losses of affiliates Gain on sales of investment securities Gain on sales of subsidiaries' and affiliates' stock, net Loss (gain) on sales or disposal of property, plant and equipment, net Business restructuring...

  • Page 57
    ... with the accounting standard for financial instruments. Under this standard, held-to-maturity debt securities are either amortized or accumulated to face value by the straight-line method. Marketable securities classified as available-for-sale securities are carried at fair Annual Report 2009 55

  • Page 58
    ... to cover the cost of customers' claims relating to after-sales service and repairs. The amount of this provision is estimated based on a percentage of the amount or volume of sales after considering the historical experience with repairs of products under warranty. (k) Provision for business...

  • Page 59
    ... lower of cost or market method to the cost method (reducing book value of inventories when their contribution to profitability declines), cost being determined by the last-in, first-out method. This change had no effect on profit and loss for the year ended March 31, 2009. (2) Accounting Standards...

  • Page 60
    ...from April 1, 2008, the Company reduced the book value of "Cost of sales" and "Business restructuring expenses" in "Other income (expenses)" by ¥1,625 million ($16,543 thousand) and ¥67 million ($682 thousand) respectively for the year ended March 31, 2009. 6. ACCUMULATED DEPRECIATION Accumulated...

  • Page 61
    ...,097 489 $40,649 The assets pledged as collateral for long-term loans payable and certain other current liabilities at March 31, 2009 and 2008 were as follows: Millions of Yen 2009 2008 Thousands of U.S. Dollars (Note 3) 2009 Marketable securities Property, plant and equipment, net of accumulated...

  • Page 62
    ... loss on impairment of fixed assets for the year ended March 31, 2009: Millions of Yen Thousands of U.S. Dollars (Note 3) 2009 Group of Fixed Assets Semiconductor business assets Location Aira-gun, Kagoshima Prefecture Iwata-shi, Shizuoka Prefecture Impaired Assets Buildings and structures...

  • Page 63
    Method of grouping assets The Company and its consolidated subsidiaries group fixed assets based on business segments, which are regarded as the smallest units independently generating cash flows. Background leading to the recognition of impairment losses Regarding the valuation of assets related to...

  • Page 64
    ... of U.S. Dollars (Note 3) 2009 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 Loss on valuation of investment securities Accrued employees' bonuses...

  • Page 65
    ... FOR CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS The following tables present information related to the accompanying consolidated statements of changes in net assets for the years ended March 31, 2009 and 2008: (a) Common stock Number of shares Beginning of the year Increase Decrease End of...

  • Page 66
    ... by the purchase of its shares by the Company for the year ended March 31, 2009: Millions of Yen Thousands of U.S. Dollars (Note 3) Current assets Noncurrent assets Goodwill Current liabilities Noncurrent liabilities Subtotal Shares held prior to acquisition of a controlling interest and others...

  • Page 67
    ... as follows: Millions of Yen 2009 2008 Thousands of U.S. Dollars (Note 3) 2009 Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of actuarial gain or loss Additional retirement benefit expenses Total The assumptions used in accounting for the...

  • Page 68
    ... Net assets per share are based on the number of shares of common stock outstanding at each balance sheet date. The calculation of basic net income (loss) per share and diluted net income (loss) per share were determined as follows: Millions of Yen Thousands of U.S. Dollars (Note 3) 2008 2009 Years...

  • Page 69
    ... to leased assets corresponding to the acquisition cost, accumulated depreciation and net book value at the end of the fiscal year Millions of Yen Thousands of U.S. Dollars (Note 3) Total Buildings and structures Tools, furniture, and fixtures Other Total Buildings and structures Tools, furniture...

  • Page 70
    ... leased assets is computed by the straight-line method over the respective lease terms and the interest portion is included in lease income. 22. SECURITIES (a) Held-to-maturity securities with fair market value Millions of Yen Thousands of U.S. Dollars (Note 3) Unrealized gain (loss) Carrying value...

  • Page 71
    ... Other Securities whose carrying value does not exceed their acquisition costs: Stock Other Total Acquisition costs Carrying value Unrealized gain (loss) ¥16,491 - 16,491 ¥97,568 - 97,568 ¥81,076 - 81,076 689 68 757 ¥17,248 628 57 685 ¥98,253 (61) (10) (72) ¥81,004 Annual Report 2009...

  • Page 72
    ...-sale securities sold during the years ended March 31, 2009 and 2008 Millions of Yen 2009 2008 Thousands of U.S. Dollars (Note 3) 2009 Sales of available-for-sale securities Gain on sales Loss on sales ¥15 5 0 ¥805 763 - $153 51 0 (d) Securities without fair market value Millions of Yen 2009...

  • Page 73
    ...: Business Segments Millions of Yen Musical instruments Electronic devices Lifestylerelated products Eliminations or unallocated amounts Consolidated Year ended March 31, 2009 I. Sales and operating income (loss) Sales to external customers Intersegment sales or transfers Total Operating expenses...

  • Page 74
    ... (2) Major products in each business segment: Business segment Musical instruments AV/IT Electronic devices Lifestyle-related products Others Major products and services Pianos, digital musical instruments, wind instruments, string instruments, percussion instruments, educational musical instruments...

  • Page 75
    ...,801 ¥ 62,638 Thousands of U.S. Dollars (Note 3) Year ended March 31, 2009 I. Sales and operating income (loss) Sales to external customers Intersegment sales or transfers Total Operating expenses Operating income (loss) Total assets $ Japan North America Europe Asia, Oceania and other areas...

  • Page 76
    ... of consolidated net sales North America Europe Asia, Oceania and other areas Total ¥ 89,903 16.4% ¥ 104,114 19.0% ¥ 78,121 14.2% ¥ 272,139 548,754 49.6% Thousands of U.S. Dollars (Note 3) Year ended March 31, 2009 Overseas sales Consolidated net sales Overseas sales as a percentage of...

  • Page 77
    Annual Report 2009 75

  • Page 78
    ... 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 México, S.A. de C.V. Yamaha Music Latin America, S.A. Yamaha...

  • Page 79
    ... Products Corporation Joywell Home Corporation Yamaha Fine Technologies Co., Ltd. Yamaha Media Works Corporation Yamaha Ai Works Co., Ltd.*2 Yamaha Business Support Corporation Yamaha Insurance Service Co., Ltd. Yamaha Travel Service Co., Ltd. Yamaha Facility Management Corporation Yamaha Office...

  • Page 80
    ... electronic organ 1965 Trumpets (Wind instruments business started) 1966 Electric guitars, drums 1969 VA-120 vocal amplifier system (Pro Audio equipment business started) 1973 PianicaTM 1974 PM-1000 mixing console 1900 Upright pianos 1902 Grand pianos 1914 Harmonicas 1921 Import and sales...

  • Page 81
    ... program 2009 1980 Established Piano Technical Academy, a piano tuner training school 2005 Acquired Steinberg Media Technologies GmbH 2005 Opened Yamaha Music School in China 2007 Acquired Fuji Sound Co., Ltd. 1986 Began Popular Music School 1987 The Company name was changed to Yamaha Corporation...

  • Page 82
    ...Auditors' Office President Corporate Committees Musical Instruments Business Group Piano Division Wind, String & Percussion Instruments Division Sound Proofing Division Pro Audio & Digital Musical Instruments Division Managing Council Sound and IT Business Group SA Products Division AV Products...

  • Page 83
    ... Date of Establishment October 12, 1897 Shareholder Composition (Number of shares) Securities companies 2.6% Japanese corporations 9.2% Individuals 10.8% Financial institutions 56.0% Foreign investors 21.4% National and local governments 0.0% Stated Capital ¥28,534 million Number of Employees...

  • Page 84
    2009/8 - CM092 Corporate Planning Division URL: http://www.yamaha.com/ Printed in Japan on FSC-approved paper using soy-based inks and waterless printing processes.