Yamaha 2011 Annual Report Download - page 47

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Annual Report 2011
Millions of yen %
Thousands of
U.S. dollars*1
2004 2005 2006 2007 2008 2009 2010 2011 2010/2011 2011
For the year:
¥ 519,104 ¥ 504,406 ¥ 524,763 ¥ 539,506 ¥ 534,079 ¥ 534,084 ¥ 550,361 ¥ 548,754 ¥ 459,284 ¥ 414,811 ¥ 373,866 -9.9 $4,496,284
Cost of sales 346,200 340,411 338,307 337,813 335,483 341,816 352,382 343,688 290,381 268,380 237,313 -11.6 2,854,035
Gross profit 172,904 163,994 186,456 201,693 198,595 192,267 197,980 205,066 168,902 146,431 136,553 -6.7 1,642,249
Selling, general and administrative expenses 149,902 152,951 154,413 156,637 162,899 168,132 170,295 172,220 155,057 139,602 123,387 -11.6 1,483,909
23,001 11,043 32,043 45,056 35,695 24,135 27,685 32,845 13,845 6,828 13,165 +92.8 158,328
Income (loss) before income taxes and minority interests 23,491 (5,784) 22,612 47,456 33,516 35,842 33,101 62,510 (12,159) (201) 6,802 — 81,804
13,320 (10,274) 17,947 43,541 19,697 28,123 27,866 39,558 (20,615) (4,921) 5,078 — 61,070
Capital expenditures 14,770 16,627 16,883 21,160 22,702 22,882 25,152 24,394 22,581 14,480 10,439 -27.9 125,544
Depreciation expenses 17,310 18,767 17,586 17,522 18,958 18,944 19,956 20,289 17,912 14,139 12,814 -9.4 154,107
R&D expenses 21,158 22,539 22,441 22,503 22,953 24,055 24,220 24,865 23,218 21,736 22,416 +3.1 269,585
Cash flows from operating activities (9,089) 29,016 33,052 58,349 39,588 25,510 39,732 37,225 (2,235) 39,870 22,646 -43.2 272,351
Cash flows from investing activities (5,441) (10,437) (21,645) (18,775) (12,896) (18,104) (22,427) 41,999 (25,999) (12,711) (9,740) +23.4 (117,138)
Free cash flows (14,530) 18,579 11,407 39,574 26,692 7,406 17,305 79,225 (28,234) 27,159 12,906 -52.5 155,213
Total assets ¥ 522,486 ¥ 509,663 ¥ 512,716 ¥ 508,731 ¥ 505,577 ¥ 519,977 ¥ 559,031 ¥ 540,347 ¥ 408,974 ¥ 402,152 ¥ 390,852 -2.8 $4,700,565
Total current assets 231,872 211,140 221,089 201,704 225,581 209,381 231,033 275,754 202,097 193,260 194,717 +0.8 2,341,756
Total current liabilities 175,371 144,498 158,148 123,596 145,820 117,047 136,656 120,174 90,050 75,182 74,836 -0.5 900,012
Interest-bearing liabilities 103,304 96,166 90,436 48,871 46,598 28,474 25,551 21,036 19,192 15,017 11,838 -21.2 142,369
196,733 201,965 214,471 259,731 275,200 316,005 351,398 343,028 251,841 254,591 245,002 -3.8 2,946,506
Yen U.S. dollars
¥ 64.50 ¥ (49.75) ¥ 86.65 ¥ 210.63 ¥ 95.06 ¥ 136.04 ¥ 135.19 ¥ 191.76 ¥ (103.73) ¥ (24.95) ¥ 25.90 $ 0.31
952.62 978.15 1,040.06 1,259.28 1,334.51 1,532.62 1,680.91 1,646.44 1,262.42 1,276.35 1,250.06 15.03
Dividends* 7.00 8.00 10.00 15.00 20.00 20.00 22.50 50.00 42.50 27.50 10.00 0.12
Key indicators: %
4.4 2.2 6.1 8.4 6.7 4.5 5.0 6.0 3.0 1.6 3.5
ROE (Return on equity)* 6.4 (5.2) 8.6 18.4 7.4 9.5 8.4 11.5 (7.0) (2.0) 2.1
2.5 (2.0) 3.5 8.5 3.9 5.5 5.2 7.2 (4.3) (1.2) 1.3
Equity ratio* 37.7 39.6 41.8 51.1 54.4 60.8 62.0 62.9 60.9 62.6 61.9
D/E ratio (Times) 0.53 0.48 0.42 0.19 0.17 0.09 0.07 0.06 0.08 0.06 0.05
Interest coverage (Times) 8.82 5.07 19.97 36.51 44.62 36.89 47.83 34.56 26.74 16.88 40.38
Current ratio 132.2 146.1 139.8 163.2 154.7 178.9 169.1 229.5 224.4 257.1 260.2
Dividend payout ratio 10.9 — 11.5 7.1 21.0 14.7 16.6 26.1 — — 38.6
*1. U.S. dollar amounts are translated from yen at the rate of ¥83.15 = U.S.$1.00, the approximate rate prevailing on March 31, 2011.
*2. Net assets, ROE (return on equity) and equity ratio were classified as shareholders’ equity, ROE (return on shareholders’ equity) and shareholders’ equity ratio, respectively,
until the year ended March 31, 2006.
*3. The dividends per share from the years ended March 2008 to March 2010 include a ¥20 special dividend.
Management’s Discussion and Analysis