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New Day, New Sound
Annual Report 2011
Year ended March 31, 2011

Table of contents

  • Page 1
    New Day, New Sound Annual Report 2011 Year ended March 31, 2011

  • Page 2
    ... musical instruments capture the heart and soul of both the player and audience. 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...

  • Page 3
    ... Corporate Social Responsibility R&D and Intellectual Property Main Networks Investor Information Management's Discussion and Analysis New Day, New Sound Consolidated Financial Statements Yamaha Product History Sound is the unifying principle behind our core business domain of musical instruments...

  • Page 4
    To Our Stakeholders 2

  • Page 5
    ...founding. With the goal of maximizing corporate value, we will make every effort to build up our businesses centered on sound and music. I ask for your continued support in this endeavor. July 2011 Mitsuru Umemura President and Representative Director The Sound of the Future Annual Report 2011 3

  • Page 6
    ... year ended March 31, 2011 Change from the previous year y Net Sales y Operating Income y Net Income y ROE y ROA Others 6.7% Electronic Devices 5.5% AV/IT 15.3% ¥373.9 billion ¥13.2 billion ¥5.1 billion 2.1 % 1.3 % -9.9% +92.8% - +4.1 points +2.5 points Sales by Business Segment Musical...

  • Page 7
    (Billions of yen) Net Sales 07/3 08/3 550.4 548.8 09/3 10/3 459.3 414.8 11/3 373.9 Operating Income 08/3 07/3 32.8 27.7 09/3 11/3 10/3 13.8 13.2 6.8 Net Income 08/3 07/3 39.6 11/3 10/3 27.9 5.1 09/3 -4.9 -20.6 Annual Report 2011 5

  • Page 8
    ... year ended March 31, 2011 Musical Instruments Net Sales ¥271.1 billion 72.5% Operating Income Wind instruments 11.1% ¥8.6 billion 65.4% Digital musical instruments 23.1% Pianos 14.5% Sales by Product Category 10.7% Professional audio equipment 33.6% Music schools, etc. 6 Yamaha...

  • Page 9
    ... artists Manufacturing of high value-added musical instruments utilizing cutting-edge electronics technology Provision of system solutions using digital network technology for professional audio equipment Global strategy built on Yamaha's localized marketing and service activities in each country...

  • Page 10
    ... and know-how in generating high-quality sound Wealth of expertise in the development of devices for digital musical instruments High-quality digital signal processing (DSP) technologies Software technologies for middleware and content development tools Major Products & Services Semiconductors

  • Page 11
    ...business Signal processing technology for high sound quality and wide coverage of microphone speakers for Web conferencing * iPod is a trademark of Apple Inc. registered in the United States and other countries. Major Products & Services Audio products (AV receivers, speaker systems, front surround...

  • Page 12
    ... company name to Yamaha Corporation Begins shipments of sound generator LSIs for mobile phones Establishes Yamaha Music & Electronics (China) Co., Ltd. and Yamaha Music Holding Europe GmbH Establishes music entertainment business holding company Transfers shares of the lifestyle-related products...

  • Page 13
    Become even more customer-oriented and quality-conscious to further increase brand value A trusted and admired brand Management Vision Photo credit: Mark Whitehouse Annual Report 2011 11

  • Page 14
    Hone our specialist expertise in sound and music 12 Yamaha Corporation

  • Page 15
    ... equipment • Audio products Services • Music school • Music software • New businesses Products • Sound networks • Golf products • Semiconductors • FA, automobile interior wood components * Core competencies: Technologies, skills, know-how, assets, and the brand. Related Business...

  • Page 16
    ... field control, etc. Musical instruments (acoustic and digital) Music playing (music education, hobbies, entertainment) Synergy Audio equipment (PA/AV) Music entertainment Semiconductors, FA/Automobile interior wood components Golf products Synergy Recreation Products Services 14 Yamaha...

  • Page 17
    Management Vision Grow through both products and services Create new value by pursuing synergy between products and services to cultivate strengths in proposing solutions that match customers' lifestyles Annual Report 2011 15

  • Page 18
    ...Structural management reform YMP125 Build a foundation for growth Lehman Collapse Change of direction The Yamaha Group has formulated "Yamaha Management Plan 125 (YMP125)," a medium-term management plan that contains basic policies, key business strategies and numerical targets for the three-year...

  • Page 19
    ... annual sales of ¥35.0 billion in five years. China Develop and launch products tailored to markets • Launched Chinese model of upright piano, keyboard and guitar Grand piano for Chinese market GN2 Expand and build up sales channels • Expanded sales network to include electronics retail stores...

  • Page 20
    ... hybrid piano lineup • Developed new markets with enhanced product lineup Concert grand piano CFX Generate greater demand with digital piano • Expanded number of products specifically adapted to emerging markets AvantGrandTM N1 Combo Strategy: Expand presence in the guitar and drum markets...

  • Page 21
    Yamaha Medium-Term Management Plan Build Optimal Manufacturing Structure to Meet Trends in Demand Establish an optimum manufacturing structure (Japan, China and Indonesia) to match demand trend Pianos • Completed Japan piano factory integration to Kakegawa in August 2010 • Piano production ...

  • Page 22
    ...2013, its 125th anniversary. In this interview, President Mitsuru Umemura explains Yamaha's business performance and the progress made in fiscal 2011-the first year of the plan-as well as the Company's business strategy, future vision, and other business topics. Q A Could you give a brief overview...

  • Page 23
    ... production base in China, but to build up a sales network in this important consumer market. Thanks to these efforts, over the course of the previous medium-term management plan, Yamaha achieved double-digit growth for three consecutive years (from April 2007 through March 2010). In YMP125 as well...

  • Page 24
    ... up keyboard schools Hold Yamaha-sponsored events Brand Value Enhancement: Promote customer services and PR Promote PR activity for Yamaha brand Expand training facilities for piano technicians and wind instrument engineers Strengthen ties with artists and music institutes Sales Network Products...

  • Page 25
    ... plans for building an optimal manufacturing structure to meet demand trends? The Yamaha Group strategy for manufacturing is centered on the "Made in Yamaha" concept of ensuring Yamaha quality standards in whichever factory the product is produced. "Made in Yamaha" is Yamaha's manufacturing concept...

  • Page 26
    ... base structure and to share parts and components between factories. In the past, Yamaha piano parts were manufactured in Japan and assembled in plants in Japan, China and Indonesia. This time, we will focus on raising overseas factory capabilities by increasing the number of parts they manufacture...

  • Page 27
    ... Group defined its mediumto long-term management direction under three management visions. Specifically, the three visions are, 1) to be a trusted and admired brand, 2) a company whose core operations are centered on sound and music, and 3) a company with growth driven by both products and services...

  • Page 28
    ... 24, 2011) Board of Directors Mitsuru Umemura President and Representative Director 1975 Joined Nippon Gakki Co., Ltd.* 2000 President of Yamaha Corporation of America 2001 Executive Officer of Yamaha Corporation 2003 Senior Executive Officer and General Manager of Musical Instruments Group 2006...

  • Page 29
    ...to the present) 2011 Outside Corporate Auditor of Yamaha Corporation (to the present) * Currently Yamaha Corporation Takashi Onoda Executive Officer General Manager of Piano Division Seiji Abe Executive Officer General Manager of Production Engineering & Planning Division Hirofumi Osawa Executive...

  • Page 30
    ... sound and music, together with people all over the world." Based on this objective, Yamaha will improve management efficiency and become globally competitive and highly profitable. At the same time, the Company will increase its corporate and brand value by fulfilling its social responsibilities in...

  • Page 31
    ... statements. The Internal Auditing Division (10 staff members as of June 24, 2011) is under the direct control of the President and Representative Director. Its role is to closely examine and evaluate management and operations systems, as well as operational execution, for all management activities...

  • Page 32
    ...the Company Law. Yamaha seeks to achieve optimal corporate governance in order to raise corporate value and the Yamaha brand image. At the same time, the Company works to improve the internal control system to raise business efficiency, increase the dependability of Yamaha's accounting and financial...

  • Page 33
    ... judgments made by the Yamaha Group at the end of the fiscal year under review. 1 Economic Conditions The Yamaha Group has a global business presence and therefore is subject to the influence of economic conditions in Japan and other countries. Recessions in world markets and accompanying declines...

  • Page 34
    ...'s manufacturing activities. In addition, when logistics costs increase due to sharply rising crude oil prices, the ratio of manufacturing costs and cost of sales to net sales may increase. 12 Defects in Products and Services The Yamaha Group controls the quality of its products based on corporate...

  • Page 35
    ... needed for production. Further, Yamaha factories may be affected by electric power shortages. 18 Items Related to Changes in Financial Position a. Valuation of Investment Securities The companies of the Yamaha Group hold available-for-sale securities with market value (acquisition cost: ¥15...

  • Page 36
    ..., and aims to build a corporate culture that will enable it to offer better products and services. 5. For its shareholders, who support its corporate activities financially, Yamaha aims for a high degree of transparency by disclosing management information and engaging in active and sustained...

  • Page 37
    ...Support for young artists' concert at the Orsay Museum in France Yamaha's inclusion in the FTSE4Good Global Index For more in-depth reporting on Yamaha's CSR activities, please visit "Corporate Social Responsibility" on Yamaha's website: http://www.yamaha.com/about_yamaha/csr/ Annual Report 2011...

  • Page 38
    ... Business Direction Yamaha leverages the technologies that it has acquired over many years in the fields of sound and music to increase the value of the Yamaha brand and to stimulate new demand by developing and offering innovative, high-quality products and services. At the same time, the Company...

  • Page 39
    ... brand management committee to maintain and improve brand value by ensuring appropriate use. In order to protect the Yamaha brand, the Company acquires trademarks in numerous product domains in every country. � Musical instruments � AV/IT � Electronic devices � Others Annual Report 2011...

  • Page 40
    .... â- 24 Yamaha Music Craft Corporation â- 25 Yamaha Credit Corporation â- 26 Yamaha Music Lease Corporation â- 27 Yamaha Fine Technologies Co., Ltd. â- 28 Yamaha Ai Works Co., Ltd.*2 â- 29 Yamaha Business Support Corporation â- 30 Yamaha Travel Service Co., Ltd. â- 31 Yamaha Office Link Co...

  • Page 41
    â- Sales companies, etc. â- Manufacturing/production companies, etc. 13 23 21 18 24 19 16 15 30 46 45 44 36 37 35 38 39 40 41 42 43 9 26 33 34 ... 22 4 5 6 7 8 9 10 11 12 13 14 15 16 17 32 34 35 33 18 19 23 24 25 26 27 28 29 30 31 36 Annual Report 2011 39

  • Page 42
    ... Note: The shareholding ratio is calculated by excluding treasury stock from total outstanding shares. IR Contact Corporate Planning Division TEL: +81 3 5488 6602 http://www.yamaha.com/ Dividends per Share / Dividend Payout Ratio (Yen) (%) Number of Shareholders / Foreign Investors (%) 50 40...

  • Page 43
    ...943 1,295 805 280 11/3 Dividend yield (%) Price to earnings ratio (Times) Price to book value ratio (Times) Number of shares issued (Thousand shares) Market capitalization at the end of fiscal year (Millions of yen) Percentage of shares owned by foreign investors (%) 0.86 19.5 1.56 206,525 543,161...

  • Page 44
    ...46 50 Eleven-Year Summary Overview Analysis of Management Performance Review of Operations 50 Musical Instruments 52 AV/IT 52 Electronic Devices 53 Others 53 Key Business Indicators 54 57 Analysis of Financial Position Forecast for Fiscal Year 2012 Consolidated Financial Statements Contents 58...

  • Page 45
    ... 2011, sales decreased, but earnings increased year on year. The Company turned its first profit in three years thanks to steady production and sales. 2 Sales in the musical instruments segment decreased because of the strong yen, while sales increased in the AV/IT segment and electronic devices...

  • Page 46
    ...flows At year-end: Total assets Total current assets Total current liabilities Interest-bearing liabilities Net assets*2 Per share: Net income (loss) Net assets*2 Dividends*3 Key indicators: Operating income to net sales ROE (Return on equity)*2 ROA (Return on assets) Equity ratio*2 D/E ratio (Times...

  • Page 47
    Management's Discussion and Analysis Millions of yen % Thousands of U.S. dollars*1 2005 2006 2007 2008 2009 2010 2011 2010/2011 2011...213 ¥ 505,577 225,581 145,820 46,598 275,200 ¥ 519,977 209,381 117,047 28,474 316,....1 - 3.5 2.1 1.3 61.9 0.05 40.38 260.2 38.6 Annual Report 2011 45

  • Page 48
    ... first time in three years, of ¥5,078 million. Business Environment for the Yamaha Group Despite the yen's appreciation, sales were generally strong in fiscal 2011, especially in the mainstay musical instruments and AV products businesses, following steady growth in China and emerging markets and...

  • Page 49
    Management's Discussion and Analysis Sales by Region Fiscal 2011 sales in Japan declined ¥38,831 million, or 17.8%, year on year, to ¥179,574 million. Sales were up in the AV/IT business due mainly to brisk demand for front surround system products and commercial online karaoke equipment. Sales ...

  • Page 50
    ... income in Japan, the Company reversed last year's loss and recorded operating income of ¥1,688 million. This turnaround can be attributed to improved profitability of musical instruments and higher earnings for electronic devices and other business segments. In North America, operating income...

  • Page 51
    ... ¥5,400 million compared with the previous fiscal year. -20,000 -10 -40,000 -20 07/3 08/3 09/3 10/3 11/3 Dividends Fluctuation in Foreign Exchange Rates and Risk Hedging Yamaha conducts business on a global scale with a focus on musical instruments. As such, the Company's business structure...

  • Page 52
    ... year. Fiscal 2011 Sales by Product Category â- Pianos â- Digital musical instruments â- Wind and educational musical instruments â- String and percussion instruments â- Professional audio equipment â- Music schools, etc. 14.5% 23.1% 11.1% 7.0% 10.7% 33.6% Sales Electric acoustic guitar...

  • Page 53
    ... of high-end portable keyboards. � Yamaha musical instruments � 80 60 48.5 40 20 0 07/3 08/3 09/3 10/3 11/3 China 6.1% The size of China's musical instruments market is estimated at over ¥90 billion, with acoustic pianos accounting for 40% of that total. Sales of pianos, digital pianos and...

  • Page 54
    ..., a government subsidy program to promote the use of energy-efficient products. Europe, China and other regions performed steadily, while sales of mid-range to high-end AV receivers decreased year on year in North America due to stiff competition. Sales of commercial online karaoke equipment surged...

  • Page 55
    ...108 million ¥1,490 million +172.6% Fiscal 2011 Performance Overview Sales in fiscal 2011 decreased ¥2,353 million, or 8.6%, to ¥25,108 million. Contributing to this decrease was the Company's withdrawal from the magnesium molded parts business. Yamaha expanded its market share of golf products...

  • Page 56
    ...15 390,852 10 400,000 Current Assets Current assets as of March 31, 2011 totaled ¥194,717 million, up ¥1,457 million, or 0.8%, from the end of the previous fiscal year. Although cash and deposits and notes and accounts receivable-trade decreased, short-term investment securities, inventories and...

  • Page 57
    ... ¥44,217 million at the fiscal 2010 year-end. Net Assets Current Liabilities Current liabilities as of March 31, 2011 were ¥74,836 million, a decrease of ¥346 million, or 0.5%, year on year. Although notes and accounts payable-trade and current portion of long-term loans payable increased, the...

  • Page 58
    ... and product development for hybrid pianos that blend acoustic and digital technologies, development of various sound generators to make digital musical instruments more competitive, development of new professional audio equipment for the commercial audio equipment market leveraging digital network...

  • Page 59
    ... higher sales by expanding our product lineup of analog devices and increasing our market share of digital devices such as graphics controllers used in amusement equipment. Others In the others segment, the Company will open up markets for golf products in China and other emerging markets where...

  • Page 60
    ... Thousands of U.S. dollars (Note 3) Yamaha corporation and consolidated subsidiaries At March 31, 2011 and 2010 Millions of yen 2011 2010 2011 Assets Current assets: Cash and deposits (Notes 18 and 20) Notes and accounts receivable - trade (Note 20) Short-term investment securities (Notes...

  • Page 61
    ...term loans payable (Note 29) Accounts payable - other and accrued expenses (Note 20) Income taxes payable Advances received (Note 29) Deferred tax liabilities (Note 24) Provision for product warranties Provision for directors' bonuses Provision for business restructuring expenses Other Total current...

  • Page 62
    ... of Operations Thousands of U.S. dollars (Note 3) Yamaha corporation and consolidated subsidiaries Years ended March 31, 2011 and 2010 Millions of yen Net sales Cost of sales (Notes 8, 9, and 11) Gross profit Selling, general and administrative expenses (Notes 10 and 11) Operating income...

  • Page 63
    ... Thousands of U.S. dollars (Note 3) Yamaha corporation and consolidated subsidiaries Years ended March 31, 2011 and 2010 Millions of yen Income before minority interests Other comprehensive income: Valuation difference on available-for-sale securities Deferred gains or losses on hedges Foreign...

  • Page 64
    ... difference Total on availableshareholders' for-sale equity securities Deferred gains or losses on hedges Total accumulated Foreign other currency translation comprehensive income adjustment Yamaha corporation and consolidated subsidiaries Years ended March 31, 2011 and 2010 Capital stock (Note...

  • Page 65
    ... of Cash Flows Thousands of U.S. dollars (Note 3) Yamaha corporation and consolidated subsidiaries Years ended March 31, 2011 and 2010 Millions of yen 2011 ¥ 6,802 12,814 2,687 145 (158) 183 - (21) 1,563 (138) 4,030 (1,010) 351 678 0 207 (321) - 79 79 406 (5,072) 3,549 (644) 26,212 986 (...

  • Page 66
    ... control either through majority ownership of voting stock and/or by other means. As a result, the accompanying consolidated financial statements include the accounts of the Company and 78 consolidated subsidiaries for the year ended March 31, 2011 and 84 consolidated subsidiaries for the year ended...

  • Page 67
    ... the pension fund assets. Prior service cost is amortized as incurred by the straight-line method over a period (10 years) which is shorter than the average remaining years of service of the employees participating in the plans. Actuarial gain or loss is amortized in the year following the year in...

  • Page 68
    ...have been applied. The effect of this change on profit and loss for the year ended March 31, 2011 was not material. (3) Accounting standards for business combinations and related matters Effective the year ended March 31, 2011, the Company and its consolidated subsidiaries have applied the following...

  • Page 69
    ... the convenience of the reader, the accompanying consolidated financial statements for the year ended March 31, 2011 have been presented in U.S. dollars by translating all yen amounts at ¥83.15 = U.S.$1.00, the exchange rate prevailing on March 31, 2011. This translation should not be construed as...

  • Page 70
    ... Provision for Loss on Construction Contracts Provision for loss on construction contracts was included in the following account for the years ended March 31, 2011 and 2010: Millions of yen Thousands of U.S. dollars (Note 3) 2011 2010 2011 Cost of sales ¥12 ¥14 $144 68 Yamaha Corporation

  • Page 71
    ...the year ended March 31, 2011: Millions of yen Thousands of U.S. dollars (Note 3) Group of fixed assets Location Impaired assets 2011 2011 Assets in the musical instruments business Idle assets, etc. Chuo-ku, Tokyo, etc. Fujimino-shi, Saitama Prefecture, etc. Total Buildings and structures...

  • Page 72
    ... the year ended March 31, 2010: Millions of yen Group of fixed assets Location Impaired assets 2010 Idle assets, etc. Hamamatsu-shi, Shizuoka Prefecture, etc. Buildings and structures Machinery and equipment Land Leasehold rights Total ¥ 468 18 1,473 1 ¥1,962 Method of grouping assets The...

  • Page 73
    ...equity method Total ¥ 8,437 269 ¥ 8,707 ¥14,183 227 (1,153) (0) ¥13,257 16. Information 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, 2011...

  • Page 74
    ...of dividend payments 2011 Total dividends (Millions of yen) Total dividends (Thousands of U.S. dollars) (Note 3) Dividends per share (Yen) Dividends per share (U.S. dollars) (Note 3) Date of approval Type of shares Record date Effective date Jun. 25, 2010 (Annual General Meeting of Shareholders...

  • Page 75
    ... Amounts related to leased assets corresponding to the acquisition cost, accumulated depreciation and net book value at the end of the year Millions of yen Buildings and Machinery and structures equipment Other Thousands of U.S. dollars (Note 3) Buildings and Machinery and structures equipment Other...

  • Page 76
    ...656 ¥2,237 (a) Amounts related to leased assets corresponding to the acquisition cost, accumulated depreciation and net book value at the end of the year Millions of yen Buildings and Machinery and structures equipment Other As of March 31, 2010 Total Acquisition costs Accumulated depreciation...

  • Page 77
    ... received are membership deposits received from customers in the Group's recreation business. The Group is exposed to liquidity risk from its trade notes and accounts payable, other accounts payable, accrued expenses, short-term loans payable and long-term loans payable. Annual Report 2011 75

  • Page 78
    ... the amount of accounts receivable denominated in foreign currencies at all times. For short-term investment securities and investment securities, the Group periodically reviews the market value and the financial position of the issuer; with which the company has business relationship. In addition...

  • Page 79
    ...financial institutions making markets in these securities. Regarding negotiable deposits, since they are settled in a short period of time, the carrying value approximates fair value. Information on securities classified by holding purpose are described in Note 21. Notes and accounts payable - trade...

  • Page 80
    ... dollars (Note 3) Between one Between five and five years and ten years Over ten years As of March 31, 2011 Cash and deposits Notes and accounts receivable - trade Short-term investment securities and investment securities Held-to-maturity securities Government and municipal bonds Corporate bonds...

  • Page 81
    ...-for-sale securities with fair market value As of March 31, 2011 Carrying value Millions of yen Acquisition costs Unrealized gain (loss) Thousands of U.S. dollars (Note 3) Acquisition Unrealized Carrying value costs gain (loss) Securities whose carrying value exceeds their acquisition costs: Stock...

  • Page 82
    ... as follows: Millions of yen Notional amount As of March 31, 2011 Hedged items Total Over one year Estimated fair value Calculation of fair value Foreign exchange forward contracts accounted for by benchmark method: Sell: Australian dollars Canadian dollars Euros Buy: U.S. dollars Sterling pound...

  • Page 83
    ... million. Thousands of U.S. dollars (Note 3) Notional amount As of March 31, 2011 Hedged items Total Over one year Estimated fair value Calculation of fair value Foreign exchange forward contracts accounted for by benchmark method: Sell: Australian dollars Canadian dollars Euros Buy: U.S. dollars...

  • Page 84
    ... follows: Millions of yen Thousands of U.S. dollars (Note 3) 2011 2010 2011 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 85
    ... Accrued employees' bonuses Provision for product warranties Provision for retirement benefits Tax loss carryforwards Other Gross deferred tax assets Valuation allowance Total deferred tax assets Deferred tax liabilities: Reserve for deferred gain on property, plant and equipment Reserve for special...

  • Page 86
    ... prevailing market prices. (c) Information by product and service Millions of yen Year ended March 31, 2011 Musical instruments AV/IT Electronic devices Others Total Adjustments Consolidated Sales Sales to external customers Intersegment sales or transfers Total Segment income Segment assets Other...

  • Page 87
    ... on group locations where sales take place Millions of yen Asia, Oceania and other areas Year ended March 31, 2011 Japan North America Europe Total Adjustments Consolidated Sales Sales to external customers Intersegment sales or transfers Total Segment income Total assets Property, plant and...

  • Page 88
    Year ended March 31, 2011 Japan North America Thousands of U.S. dollars (Note 3) Asia, Oceania Europe and other areas Total Adjustments Consolidated Sales Sales to external customers Intersegment sales or transfers Total Segment income Total assets Property, plant and equipment $2,296,013 1,...

  • Page 89
    ... 2010. 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 was determined as follows: Millions of yen Years ended March 31 Thousands of U.S. dollars (Note 3) 2011 2010 2011 Basic net...

  • Page 90
    ... commitment lines. The assets pledged as collateral for long-term loans payable and certain other current liabilities at March 31, 2011 and 2010 were as follows: Millions of yen Thousands U.S. dollars (Note 3) 2011 2010 2011 Short-term investment securities Property, plant and equipment, net...

  • Page 91
    Annual Report 2011 89

  • Page 92
    ...electronic organ Analog modeling â- Digital musical instruments 1969 VA-120 vocal amplifier system â- PA equipment â- AV products 1922 High-quality hand-cranked phonographs Coating Wood processing Acoustic technology 1954 HiFi players HiFi audio 1967 NS speaker Divided diaphragm flat-panel...

  • Page 93
    ... L26ARE acoustic guitars Wood reforming technology PCM synthesis 2001 MOTIF music production synthesizer 2002 EZ-EG EZ guitar (self-teaching guitar) 2004 STAGEA Electone electronic organ 2006 H01 MODUS digital piano 2008 TENORI-ON digital musical instrument 2009 AvantGrand hybrid piano Hybrid piano...

  • Page 94
    Corporate Planning Division URL: http://www.yamaha.com/ Printed in Japan on FSC-approved paper using vegetable oil inks and waterless printing processes. 2011/7 - CM112