Yamaha 2011 Annual Report Download - page 18

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16 Yamaha Corporation
�
�
�
�
373.9
13.2
25.0
548.8
459.3
414.8
6.8
13.8
32.8
427.0
(Billions of yen)
600
500
400
300
200
100
008/3 09/3 10/3 11/3 12/3 13/3
Targets
14/3
� Net sales Operating income
YGP2010 YMP125
Yamaha Medium-Term Management Plan
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 period from April 2010 to March
2013. The Group is now in the second year of this plan.
Yamaha has positioned the plan’s three-year period as a phase for building a foundation for future growth and
will focus its management resources on the musical instruments, music and audio domains to build a firm foundation for
growth. In addition, Yamaha will continue its business restructuring and will sow the seeds for new growth.
In the final year of the plan, ending March 31, 2013, Yamaha is targeting ¥427.0 billion in consolidated net sales
(representing a real growth rate of 15% for the three-year period), ¥25.0 billion in operating income (representing a 6%
ratio of operating income to net sales), and a return on equity (ROE) of 7%.
Yamaha Management Plan 125
—Build up a structure for future growth towards 125th anniversary—
Growth in The Sound Company business domain
• Boost short-term earnings
• Determine direction for improving mid- and
long-range results
• Structural management reform
YGP2010
Change of direction
April 2010–March 2013April 2007–March 2010
Lehman
Collapse
Growth phase
Build a foundation for growth
YMP125
Numerical Targets for Fiscal 2013
Net sales
Growth rate over three years
actual growth rate of 15%*
Operating income
Operating income ratio 6%
ROE
Capital expenditures
(over three years)
Free cash flows
(over three years) ¥40.0
billion
¥38.0
billion
7%
¥25.0
billion
¥427.0
billion
* Exchange rate: ¥90/US$, ¥127/€
* Actual growth rate excluding the lifestyle-related products and
magnesium molded parts businesses from net sales.