Yamaha 2011 Annual Report Download - page 57

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Annual Report 2011
Management’s Discussion and Analysis
Total Liabilities
y
¥145,849 million
Total liabilities as of March 31, 2011 amounted to ¥145,849 million,
a decrease of ¥1,711 million, or 1.2%, year on year from the previous
year-end of ¥147,560 million. Current liabilities decreased by ¥346
million, or 0.5%, from ¥75,182 million to ¥74,836 million. Noncurrent
liabilities decreased by ¥1,365 million, or 1.9%, from ¥72,378 million to
¥71,013 million.
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 decrease was primarily due to a decline in short-term
loans payable, accounts payable—other and accrued expenses, and
provision for business restructuring expenses.
Notes and accounts payable—trade came to ¥24,198 million, an
increase of ¥2,407 million, or 11.0%, year on year. Short-term loans pay-
able decreased ¥2,218 million, or 25.2%, to ¥6,597 million, but the current
portion of long-term loans payable increased ¥2,840 million, or 277.5%,
to ¥3,863 million. Accounts payable—other and accrued expenses
amounted to ¥28,657 million, down by ¥3,839 million, or 11.8%, year on
year. Income taxes payable rose ¥403 million, or 21.2%, to ¥2,303 million.
Noncurrent Liabilities
Noncurrent liabilities as of March 31, 2011 decreased by ¥1,365 mil-
lion, or 1.9% year on year, to ¥71,013 million. Provision for retirement
benefits increased, but long-term loans payable, deferred tax liabilities
and long-term deposits received decreased.
Long-term loans payable declined by ¥3,800 million, or 73.4%, to
¥1,376 million. Deferred liabilities decreased by ¥729 million, or, 78.5%,
to ¥199 million. Provision for retirement benefits rose ¥3,923 million,
or 11.7%, to ¥37,599 million. Long-term deposits received decreased
by ¥290 million, or 1.8%, to ¥15,854 million following the refund of
deposits received from membership in the recreation business.
Net Interest-Bearing Liabilities
As of March 31, 2011, long- and short-term loans payable, interest-
bearing liabilities, totaled ¥11,838 million. Cash and cash equivalents
were ¥58,446 million, resulting in net cash and cash equivalents, less
long- and short-term loans payable, of ¥46,607 million, a ¥2,390 million
increase compared with ¥44,217 million at the fiscal 2010 year-end.
Net Assets
y
¥245,002 million
Net assets as of March 31, 2011 amounted to ¥245,002 million, a
decrease of ¥9,588 million, or 3.8%, compared with the previous year-
end figure of ¥254,591 million. This was primarily the result of share
buybacks and changes in foreign currency translation adjustments,
despite increased retained earnings due to net income. Treasury stock
increased ¥3,655 million year on year, and foreign currency translation
adjustments losses increased ¥7,117 million year on year. Retained
earnings increased ¥2,279 million, or 1.4%, to ¥169,894 million, reflect-
ing net income of ¥5,078 million, ¥3,451 million in dividend payments
and other factors. Valuation difference on available-for-sale securities
deceased ¥441 million, or 1.3%, to ¥33,559 million.
Revaluation reserve for land decreased ¥652 million, or 4.0%, to
¥15,549 million.
Minority interests increased by ¥84 million, or 3.0%, to ¥2,937
million.
The equity ratio was 61.9% as of March 31, 2011, a 0.7 percentage
point decrease, from 62.6% at the previous year-end.
Return on equity (ROE) was 2.1%.
Cash Flows
Net cash provided by operating activities in fiscal 2011 was ¥22,646
million, in contrast to net cash of ¥39,870 million provided in the
previous fiscal year. This represented a ¥17,223 million decrease in
cash provided, which was primarily due to an increase in inventories,
-1.2%
Interest-Bearing Liabilities / Debt to Equity Ratio
(Millions of yen) (Times)
0
30,000
07/3 08/3 09/3 10/3 11/3
� Interest-bearing liabilities
Debt to equity ratio
00
0.10
0.05
20,000
10,000
11,838
0.05
-3.8%
Net Assets / Equity Ratio
(Millions of yen) (%)
0
400,000
07/3 08/3 09/3 10/3 11/3
� Net assets
Equity ratio
0
300,000
100,000
200,000
0
80
60
20
40
245,002
61.9