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Annual Report 2012
Year ended December 31, 2012

Table of contents

  • Page 1
    Annual Report 2012 Year ended December 31, 2012

  • Page 2
    ... successfully diversified our business by capitalizing on our world-leading small engine, fiberglassreinforced plastics and electronic control technologies. Today, our proprietary technologies extend to a wide variety of products, including motorcycles, marine products, power products and surface...

  • Page 3
    Corporate Mission Kando* Creating Company Offering new excitement and a more fulfilling life for people all over the world Yamaha Motor strives to realize peoples' dreams with ingenuity and passion, and to always be a company people look to for the next exciting product or concept that provides ...

  • Page 4
    ... Social Responsibility (CSR) Please refer to the following website for detailed CSR information: http://www.yamaha-motor.co.jp/global/about/csr/ CONTENTS Snapshot To Our Stakeholders Company Overview Financial Highlights Interview with the President New Medium-Term Management Plan Special...

  • Page 5
    ... statements Statements in this annual report, except for historical facts, are forward-looking statements about the future performance of the Company and its group companies, which are based on management's assumptions and beliefs in light of the information currently available, and involve risks...

  • Page 6
    To Our Stakeholders Hiroyuki Yanagi President, Chief Executive Officer and Representative Director Takaaki Kimura Senior Managing Executive Officer and Representative Director 4 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 7
    ...continuously pursue excellence in engineering, manufacturing, marketing, and new businesses, as well as management innovation, using original concepts unique to Yamaha to surpass customer expectations. As our corporate activities become increasingly global, the entire Yamaha Motor Group will work as...

  • Page 8
    ... (global financial crisis) · Manufacturing and sales of motorcycles in the Philippines begins 2009 · Major U.S. automakers General Motors and Chrysler declare bankruptcy · Yamaha Marine merged into Yamaha Motor · Sales company set up in Turkey 6 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 9
    ... 2013-2015 New Medium-Term Management Plan 2011 · Great East Japan Earthquake strikes northeastern Japan · Value of the yen reaches postwar high, exporters suffer · Tie-up with Toyota Motor Corporation launched (See Page 12 for details.) 2012 · Tokyo Skytree opens · Shinzo Abe elected Japan...

  • Page 10
    ... sales Major products: Outboard motors, personal watercraft, boats, FRP pools, fishing boats and utility boats Financial Section 196.3 Billion ¥ 16.3% Power Products Sales % of net sales Major products: All-terrain vehicles, side-by-side vehicles, snowmobiles, golf cars, generators, small...

  • Page 11
    .... Marine Products Market Share Other areas 14.2% North America 15.3% Europe 11.1% Asia 46.8% Japan 12.6% No.1 The boat business had the largest share of the Japanese market, and the No. 1 share of the global markets for outboard motors and personal watercraft. Yamaha Motor Co., Ltd. Annual Report...

  • Page 12
    Financial Highlights Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31 In addition to the impact of the strong yen, slower motorcycle sales in Europe and emerging markets resulted in a 5.4% decline in net sales. While positive factors such as cost reductions, decreased ...

  • Page 13
    ... (Persons) 28 25.50 600 462 60,000 49,761 49,994 52,184 54,677 53,958 21 15.50 14 10.00 7 450 333 300 267 340 331 45,000 30,000 150 15,000 0 2008 0 2009 0 2010 2011 2012 0 2008 2009 2010 2011 2012 0 2008 2009 2010 2011 2012 Yamaha Motor Co., Ltd. Annual Report 2012...

  • Page 14
    ... Motorcycles Plan for new model development Measures to enhance profitability under the new MTP Financial strategy under the new MTP Measures to increase corporate value through sustainable growth Returns to shareholders Message for stakeholders 12 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 15
    Yamaha Motor Co., Ltd. Annual Report 2012 13

  • Page 16
    ... Business foundation/ corporate strength Domestic manufacturing layout Cost reduction Operational structure 9 factories/17 units ¥75 billion (3 years) Japan-U.S.-Europe framework scaled down, integrated development and procurement system (involving 4 key regions), Design Center, etc. 6 factories...

  • Page 17
    ...: Complete the consolidation of factories and offices Operational structure in Europe: Change into "Euro one company" Headquarters: Reorganize business structure and corporate framework Taking on new business activities Develop key business areas other than motorcycles and marine products Create...

  • Page 18
    Aiming for a ¥300 billion comprehensive global marine business 16 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 19
    ... for engineering, manufacturing competence Original designs-"refined dynamism" Smart power technologies Control and recognition technologies High cost performance SPV: Smart Power Vehicle, UMS: Unmanned System, JW: electric-powered wheel chair Yamaha Motor Co., Ltd. Annual Report 2012 17

  • Page 20
    ... Strategy: Attract more lifelong customers Create the "YAMAHA world" (entry models to flagship models) Lifetime marketing Offer new concepts 2,000 1,600 1,400 350 280 300 420 40 2012 100 2015 220 2017 2012 520 600 35 50 2015 55 2017 2015 2017 2012 18 Yamaha Motor Co., Ltd. Annual Report...

  • Page 21
    ... broaden the product lines (2013) PAS Launch advanced models (2013) Attract more European consumers (E-Kit) EV Launch low-priced models RV business New off-road vehicle Introduce new models to the market (2013) ATV Complete the transfer of body production (2012) Strategies for procuring engines SMB...

  • Page 22
    Based on our founding spirit of engineering, manufacturing and marketing, Yamaha Motor has built up its global production capabilities while introducing groundbreaking new models that are uniquely Yamaha. 20 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 23
    .... (2) In Motorcycles in developed markets, emphasize high-performance engines and pursue light weight and design, and expand the lineup to grow the base of lifelong customers. CSR Section Corporate Information Financial Section Product Strategies: Introduce 250 New Models in Three Years (1) 2013...

  • Page 24
    ... development by 30% Japan: Develop basic PF Europe U.S. Taipei/Shanghai India ASEAN RV GC WV GC: Golf Car Integrated development centers: Develop variations Localize the process of drawing up plans Increase the marketability and modernity of products 22 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 25
    ... India, but going forward we will expand the supply coming from four centers to cover the entire world. We will consolidate the number of vendors from which we procure important parts by Special Features Snapshot Interview with the President half, to 200 from the current 400, and promote strategic...

  • Page 26
    ... financial strategy. We are therefore using ROE as our primary management indicator, and are managing the Company to enhance our comprehensive corporate strength, including profitability, asset efficiency, and stability. Special Features Overview of Operations New MTP: Financial Strategies Current...

  • Page 27
    ... encompasses our desire to utilize Yamaha's unique engineering and marketing to provide value and Kando that surpass customer expectations. We are conveying this message to markets around the world. CSR Section Corporate Information Financial Section Yamaha Motor Co., Ltd. Annual Report 2012 25

  • Page 28
    ...le The Yamaha Motor Group is aggressively carrying out our new Medium-Term Management Plan by accelerating our engineering, manufacturing, and marketing to exceed the expectations of customers, using uniquely Yamaha Motor concepts, while at the same time continuously promoting management innovation...

  • Page 29
    India Vietnam Indonesia Motorcycle unit sales in India, Vietnam, and Indonesia (Ten thousand units) 300 200 100 0 2010 2011 2012 2013 Target India Vietnam Indonesia Yamaha Motor Co., Ltd. Annual Report 2012 27

  • Page 30
    ... current model, air intake-styled side panel covers for a powerful image, a dynamic and nd unique taillight assembly, and more, to create an authoritative e and stylish look. *1 Yamaha Motor's ASEAN market comprises Indonesia, Thailand, Vietnam, the Philippines, es, and Malaysia. *2 Fuel Injection...

  • Page 31
    ... with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section Shifting to our global engineering, manufacturing, and marketing ASEAN Integrated Development Center Under the new Medium-Term Management Plan, Yamaha Motor will significantly reduce...

  • Page 32
    ... new factory will employ a "theoreticalvalue-based production" concept that operates on a system of completely synchronized manufacturing of parts and assembly of complete motorcycles, to achieve a high level of productivity. 2011 2012 2013 (Plan) 30 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 33
    ...Yamaha Motor Group brand to expand the scale of our business. Based on the fuel-efficient engines being promoted by the fully operational ASEAN Integrated Development Center, we are using a combination of platforms and variations to accelerate our introduction of locally produced models. In addition...

  • Page 34
    ... engine incorporating a completely redesigned air intake/exhaust system and remapped fuel injection settings with a newly designed slim and compact chassis, to achieve both outstanding acceleration and a light, responsive ride in low-speed urban settings. 32 Yamaha Motor Co., Ltd. Annual Report...

  • Page 35
    ... a new boat control system with Volvo Penta, develop a new commercial boat business in China through the boat manufacturing and sales project in Dalian, and the personal watercraft business will expand to include supplying jet propulsion equipment. Yamaha Motor Co., Ltd. Annual Report 2012 33

  • Page 36
    OVERVIEW OF OPERATIONS Motorcycles Marine Products Power Products Industrial Machinery and Robots Other Products Sports Activities 36 42 44 46 47 48 34 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 37
    Yamaha Motor Co., Ltd. Annual Report 2012 35

  • Page 38
    .... Japan Yamaha Motor plans to introduce new models in the small motorcycle and lightweight motorcycle categories during the second half of 2013. We also expect the market to receive a boost from the release of a limited edition SR400 35th Anniversary Model, and with proactive sales promotions...

  • Page 39
    ... with low-priced models of the Bw's50 (MBK brand name: Booster) and the Neo's50 (MBK brand name: Ovetto), and are forecasting an 8.8% increase in total unit sales, to 179 thousand units. Corporate Information Financial Section Xenter 125/150 XJ6 Yamaha Motor Co., Ltd. Annual Report 2012 37

  • Page 40
    ... in motorcycle demand in Asia, edging up 0.4%, to 44,300 thousand units. Yamaha Motor will continue to aggressively release new models and strengthen our marketing, and we are planning for a 13.6% increase in unit sales, to 5,940 thousand units. 38 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 41
    ...with apparel and accessories, and are planning for a 13.5% increase in 2013 unit sales, to 2,750 thousand units. Financial Section Corporate Information CSR Section Overview of Operations Snapshot Interview with the President Special Features V IXION Yamaha Motor Co., Ltd. Annual Report 2012 39

  • Page 42
    ... in 2013, and are forecasting a 3.3% increase in total demand, to 2.20 million units. At Yamaha Motor, we will bolster our product strength by introducing an FI option to the main Fino model, and strengthen our customer contact through events including Spark 115i test drive events at 50 locations...

  • Page 43
    ... to 4.56 million units. With new models being introduced, we are forecasting a 25.3% increase in Yamaha Motor's unit sales in Brazil, to 210 thousand units, with 24.7% growth, to 540 thousand units, for Central and South America as a whole. CYGNUS RAY Yamaha Motor Co., Ltd. Annual Report 2012 41

  • Page 44
    ... 2012 -20.0 Japan Corporate Information North America Europe Asia (excluding Japan) Other areas Sales Operating income (loss) Operating income margin (%) Financial Section Outboard Motor Business For 2013, we expect protracted weakness in the European economy and a drop in demand related...

  • Page 45
    ... 2013, and are projecting an increase in total demand for personal watercraft. Yamaha Motor will focus on sales promotions and building sales networks to cultivate new customers, and we are aiming for further sales growth. YF24 Boat Business in Japan Preparing to enter the Chinese market Japanese...

  • Page 46
    ... vehicles (SSVs) grew on a strong reception in the U.S. market for a new 2013 model with special edition specifications, but with the decline in ATV sales, total Snowmobile Business Demand and sales growing in Russia Although demand for snowmobiles grew in Russia and other parts of Europe in 2012...

  • Page 47
    ... is planning for a 3.4% increase in sales, to 56 thousand units. Special Features EF1600iS Overview of Operations CSR Section Corporate Information Generator and Multi-Purpose Engines Business Accelerating development of fuel-efficient engines and low-priced generators In response to Japanese...

  • Page 48
    ...CSR Section Japan Corporate Information North America Europe Asia (excluding Japan) Other areas Sales Operating income Operating income margin (%) Financial Section IM Business Launching Z:TA high-speed surface mounter The Intelligent Machinery (IM) business manufactures and sells surface...

  • Page 49
    ...units, in 2013. following the previous year's contraction in automobile production as a result of the Great East Japan Earthquake and flooding in Thailand. Based on the business development strategy in the new MediumTerm Management Plan, in 2013 the automobile engines business aims to expand Yamaha...

  • Page 50
    ... the MotoGP season, as a substitute driver. In Financial Section addition, Kenichi Kuroyama became the second person in history to win all seven races in the All Japan Trial Championship series, reinforcing Yamaha Motor's presence on the world stage. 48 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 51
    .... In February 2013, center Male Sau and fullback Ayumu Goromaru were named to Japan's national team. Please join us in showing support for Yamaha Jubilo again this year. Snapshot Interview with the President Sports Promotion Developing confident, well-rounded individuals Special Features Overview...

  • Page 52
    CSR SECTION Customers Employees Shareholders and Investors Business Partners The Community The Environment 52 54 56 57 58 60 50 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 53
    ... well-being. We aim to minimize the environmental impacts of our operations and make efficient use of limited natural resources. We form wide-ranging partnerships with communities around the world to perform environmental conservation activities. Yamaha Motor Co., Ltd. Annual Report 2012...

  • Page 54
    ...'s views are reflected in our engineering, manufacturing, and marketing, the Yamaha Motor Group will continue our quality improvement initiatives so that we can deliver products with an even higher level of customer satisfaction. Offering New Excitement As a member of the Toyota City Low-Carbon...

  • Page 55
    ...visually linking the front and rear wheels. Yamaha Motor Powered Products (YMPC) also launched the Yamaha Golf Car Academy (YGA) as a training program to further enhance the technical skills and customer service of golf car service staff around the world. Yamaha Motor Co., Ltd. Annual Report 2012...

  • Page 56
    ...business. The first module of the "Global Executive Program (GEP)" was held in August 2012 as a training for the next generation of Yamaha Motor Group executives. It will link the stages for Global Human Resources around the world. First module of GEP, August 2012 54 Yamaha Motor Co., Ltd. Annual...

  • Page 57
    ... YMMC introduces its safety and health activities at an occupational safety and health meeting in August 2012. physicians, mental/emotional health seminars for new managers and supervisors, and support for expatriates and mid-career recruits. Yamaha Motor Co., Ltd. Annual Report 2012 55

  • Page 58
    ..., and timely information, Yamaha Motor has established a specialized division which engages in IR activities inside as well as outside Japan. In 2012, in addition to announcing financial results and holding meetings for shareholders at the end of each quarter, the division visited investors in the...

  • Page 59
    ...Dealerships As our contact point with customers around the world, dealerships play an important role in conveying Yamaha's "next Kando." By strengthening relationships with dealers through regularly held dealer meetings and Activities in Supply Chains The Yamaha Motor Group regards its relationship...

  • Page 60
    ... Snapshot Interview with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section The Yamaha Motor Group operates in locations around the world, and our business activities help support those local communities. Our products also play a role in...

  • Page 61
    ... to Preserve the Environment The Yamaha Motor Group is engaged in afforestation activities in cooperation with local governments in Japan and where we have local entities around the world. In Thailand, 209 persons participated in a YETH*1 event in May 2012 to plant 200 mangrove saplings in Srinakhon...

  • Page 62
    ... with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section Strive to harmonize with the environment for sustainable social development The Yamaha Motor Group aims to be a company that fulfills its corporate social responsibility by striving to...

  • Page 63
    ... Asia Working group on waste reduction Companies The Yamaha Motor Group is endeavoring to identify greenhouse gas emissions resulting both directly (e.g., from the burning of fuel at factories) and indirectly (e.g., from electricity use at factories and offices) from its corporate activities. The...

  • Page 64
    ... products, from development through to manufacturing, use, and final 500 disposal. We set 1% reduction of CO2 emissions per unit of sales each Special Features Overview of Operations 400 year as the group's common goal. 300 We will be working to efficiently reduce greenhouse gas emissions 200...

  • Page 65
    ... in April 2012 to receive unified certification of the ISO 14001 environmental management system installed at Group companies in Japan and around the world. Currently, 41 Yamaha Motor Group companies in Japan, Europe, North and South America, ASEAN countries, China, Taiwan, and India have installed...

  • Page 66
    ... INFORMATION Corporate Governance Directors, Audit & Supervisory Board Members, and Executive Officers Comments from an Outside Director Organization Risk Factors History of the Yamaha Motor Group Principal Subsidiaries and Affiliates 76 79 80 81 84 86 66 64 Yamaha Motor Co., Ltd. Annual Report...

  • Page 67
    Yamaha Motor Co., Ltd. Annual Report 2012 65

  • Page 68
    ... Members attend Board of Directors, Management Committee and other important meetings, in addition to executing audits, receiving business execution reports from Directors, perusing important documents in the decision-making process, and conducting audits at the Company's subsidiaries. In support...

  • Page 69
    ... twenty-five (25) staff members as of March 27, 2013) under the direct control of the President and Chief Executive Officer. The Division audits, based on annual audit plans, the appropriateness, reasonableness, and efficiency of business execution at the Company and each group company, and submits...

  • Page 70
    ...Outside Director of Yamaha Corporation. Mr. Adachi brings a wealth of experience and expertise in international business, strategic planning, and investing to the Company's management. Mr. Adachi meets the requirements for independence stipulated by the Tokyo Stock Exchange for independent directors...

  • Page 71
    ... value. However, the performance-based remuneration system and stock compensation plan do not apply to compensation for Outside Directors and Audit & Supervisory Board Members. Financial Section CSR Section Corporate Information Special Features Overview of Operations Snapshot Interview with the...

  • Page 72
    ..., accurate and timely information regarding the Company's management performance and business operations. They include quarterly financial results briefings, an "IR road show" for overseas investors, efforts to improve information disclosure on the IR homepage, and interviews in response to requests...

  • Page 73
    ...the Company and its subsidiaries maintain appropriate financial information, and prepare and release reliable financial statements. Interview with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section Yamaha Motor Co., Ltd. Annual Report 2012...

  • Page 74
    ... by the Audit & Supervisory Board in advance. 2. No employee assisting Audit & Supervisory Board Members in the execution of their duties shall concurrently Special Features Overview of Operations CSR Section Corporate Information Financial Section 72 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 75
    ... Interview with the President Fiscal 2011 Companies Yamaha Corporation Toyota Motor Corporation Sumitomo Metal Industries, Ltd. Nippon Seiki Co., Ltd. KOITO MANUFACTURING CO., LTD. Mizuho Financial Group, Inc. The Shizuoka Bank, Ltd. Enshu Limited Imasen Electric Industrial Co., Ltd. Akebono...

  • Page 76
    ... to shareholders Toyota Motor Corporation NIPPON STEEL & SUMITOMO METAL CORPORATION KOITO MANUFACTURING CO., LTD. Nippon Seiki Co., Ltd. Special Features Mizuho Financial Group, Inc. Overview of Operations Enshu Limited The Shizuoka Bank, Ltd. CSR Section Corporate Information NGK SPARK PLUG...

  • Page 77
    ...made" to a Specific Acquirer and Related Parties as the price of forcible acquisition of stock acquisition rights, were set forth. Please refer to the following URL for more information. http://www.yamaha-motor.co.jp/global/news/2012/0323/prevent.html Yamaha Motor Co., Ltd. Annual Report 2012 75

  • Page 78
    ...Operations January 2012: Senior Managing Executive Officer and Representative Director of the Company, Chief General Manager of Technology Center and Chief General Manager of Marine Business Operations April 2013: Senior Managing Executive Officer and Representative Director of Yamaha Motor Co., Ltd...

  • Page 79
    ... Company, Chief General Manager of Manufacturing Center November 2010: Senior Executive Officer and Director of the Company, Managing Director of India Yamaha Motor Pvt. Ltd. (to present) April 1977: Joined the Company November 2001: General Manager of North American Business Division, SCM Center...

  • Page 80
    ...Manager of 1st Business Unit, Motorcycle Business Operations and Chief General Manager of Manufacturing Center Senior Executive Officer Hajime Yamaji President of Yamaha Motor Europe N. V. Senior Executive Officer Ryouichi Sumioka Deputy Chief General Manager of Corporate Planning & Finance Center...

  • Page 81
    ... my own successes and failures. I hope to use this experience to help to enhance Yamaha Motor's corporate value, as a Kando Creating Company that brings joy, surprise, inspiration, richness, and happiness to people around the world. Financial Section Yamaha Motor Co., Ltd. Annual Report 2012 79

  • Page 82
    ... Public Relations & Advertising Division Government & Industrial Affairs Division Corporate Planning & Finance Center Corporate Planning Division Finance & Accounting Division Business Management Division Process & IT* Division Product Assurance & Safety Promotion Center Design Center Technology...

  • Page 83
    ...date of the securities report (March 27, 2013). successfully market the products it does develop with the resources invested. Currency Fluctuations Most of the motorcycles and outboard motors sold in volume by the group in North America and Europe are manufactured in Japan and exported as completed...

  • Page 84
    ... group's control. Dependence on Corporate Customers The group not only supplies consumer products such as motorcycles and outboard motors to consumer markets, but also automobile engines to automakers. The group's sales could be affected by factors outside the group's control, such as the management...

  • Page 85
    ... customer information, is essential for maintaining a company's credibility and ensuring smooth business operations. The group takes extensive measures to protect information assets, such as establishing corporate regulations, conducting in-house education, and constructing information security...

  • Page 86
    ..., 350cc and 500cc classes of the road race World GP 1986 •Yamaha Motor Taiwan (YMT) founded •Motorcycle production begun in Italy •Yamaha automobile racing engine OX66 won first place in the All Japan F2 Championship Series •Yamaha Motor Manufacturing Corporation of America (YMMC) founded...

  • Page 87
    ...lines with Main Factory's motorcycle assembly plant completed •IM business established YIME in Europe and YIMA in the United States •Commenced increased production of utility boats to support reconstruction efforts in eastern Japan •Tie-up with Toyota Motor Corporation in Communications-linked...

  • Page 88
    ... of outboard motors and other products Manufacture of power products and motorcycle frames Manufacture and marketing of motorcycle electric parts Regional headquarters for North America (importing and marketing of Yamaha Motor products) Manufacture and development of golf cars, personal watercraft...

  • Page 89
    ... of motorcycles and parts for those products Research and development of motorcycles India India Yamaha Motor Pvt. Ltd. IYM Yamaha Motor India Sales Pvt. Ltd. Delhi Chennai Manufacture, marketing and export of motorcycles Marketing of motorcycles China Yamaha Motor Commercial Trading (Shanghai...

  • Page 90
    ... and management of operations related to MotoGP and machine development testing Belgium Special Features Overview of Operations D'Ieteren Sport S.A. Brussels Marketing of Yamaha Motor products Mexico Industria Mexicana de Equipo Marino, S.A. de C.V. IMEMSA Mexico City Manufacture and...

  • Page 91
    ... Management Discussion and Analysis of Operations Five-Year Summary Financial Data by Market Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Investor...

  • Page 92
    ...in stock prices was observed. In the Company's main markets, there was a mild recovery in demand for motorcycles, outboard motors, and all-terrain vehicles (ATVs) in the United States. Demand for motorcycles continued to decline in Europe, while in emerging nations in Asia, Central and South America...

  • Page 93
    ... of golf cars increased, but ATVs decreased. Furthermore, shipment units of generators increased in the United States and Japan due to increased demand and new customer acquisition. Corporate Information Financial Section Percentage of sales by product segment Sales by product segment (Year ended...

  • Page 94
    ... Net sales in North America increased 15.9% from the previous year to Â¥205.7 billion, reï¬,ecting higher sales of marine products such as outboard motors and personal watercraft, for which there was a clear demand recovery trend in the U.S., as well as higher sales of motorcycles and golf cars...

  • Page 95
    ...Sales by geographical segment Note 1 -Europe (Billion ¥) 1,000 799 750 600 400 308 450 383 527 520 533 300 183 177 206 100 200 300 500 201 169 151 135 450 171 250 150 0 2008 2009 2010 2011 2012 0 2008 2009 2010 2011 2012 0 2008 2009 2010 2011 2012 Yamaha Motor Co., Ltd. Annual Report...

  • Page 96
    ... commenced operations in 2012. This Center will function as an integrated development center, incorporating manufacturing, purchasing, and technology, to develop products that meet the needs of customers in local markets. CSR Section Corporate Information Financial Section Sales by geographical...

  • Page 97
    ...not listed, since the Company registered a net loss per share for the period. Net income per share-diluted for the fiscal year ended December 31, 2012 is not stated as there were no potential shares with dilutive effect. % of net income to shareholders' equity Yamaha Motor Co., Ltd. Annual Report...

  • Page 98
    ... to ¥21.45 in fiscal 2012. CSR Section Corporate Information Financial Section Net assets per share and equity ratio Note 2 (¥) (%) Total assets and return on assets Current ratio (Billion ¥) (%) (%) 2,000 33.9 31.2 1,500 1,378 28.0 32.0 40 1,500 1,163 9 200 175 163 30 1,000 987...

  • Page 99
    ...of all-terrain vehicles. Special Features Snapshot Interview with the President Capital Expenditures Capital expenditures for fiscal 2012 totaled ¥48.8 billion, centering on investments in manufacturing equipment and facilities for the production of new models and production capacity enhancements...

  • Page 100
    ...the group, funds are primarily required to cover the cost of procuring materials and parts used in product manufacturing and costs incurred in the manufacturing process, as well as purchasing costs of products and merchandise, selling, general and administrative expenses, working capital and capital...

  • Page 101
    ... stock, decreased from 349,095,241 shares at December 31, 2011 to 349,092,483 CSR Section Corporate Information Financial Section Fund Procurement Conditions Group companies acquire short-term loans payable denominated in local currencies to use as working capital. shares at December 31, 2012...

  • Page 102
    ... new models and enhancing cost reduction measures, such as platform strategies. The Company forecasts the following for its consolidated financial results for the fiscal year ending December 31, 2013: a sales increase, owing to higher sales of motorcycles in emerging nations and outboard motors...

  • Page 103
    Five-Year Summary Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31, 2008, 2009, 2010, 2011 and 2012 Millions of yen 2008 For the year ended Net sales Sales by market: Japan Overseas Sales by product: Motorcycles Marine products Power products Industrial machinery and ...

  • Page 104
    ... Overview of Operations CSR Section Corporate Information Note Excluding Japan Sales by market Financial Section Motorcycle Millions of yen % change Marine products Millions of yen % change Power products Millions of yen % change 2011 Japan North America Europe Asia Note Other areas Total...

  • Page 105
    ...0 2008 2009 2010 2011 2012 0 2008 2009 2010 2011 2012 Corporate Information Financial Section North America (Thousand units) 200 167 160 120 92 80 53 40 64 71 0 2008 2009 2010 2011 2012 Other areas (Thousand units) Europe (Thousand units) 600 493 480 372 497 573 533 400 366 320 275 227...

  • Page 106
    ...074) 586,797 Special Features Overview of Operations CSR Section Corporate Information Allowance for doubtful accounts Total current assets Noncurrent assets: Financial Section Property, plant and equipment: Buildings and structures, net Machinery, equipment and vehicles, net Land Construction...

  • Page 107
    ... 229,614 620,767 Corporate Information Financial Section NET ASSETS Shareholders' equity: Capital stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Accumulated other comprehensive income: Valuation difference on available-for-sale securities Revaluation reserve for...

  • Page 108
    ... Interview with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section ¥ ¥ Consolidated Statements of Comprehensive Income Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31, 2011 and 2012 Millions of yen 2011...

  • Page 109
    ...) ¥ 85,666 85,666 74,582 - (0) (0) 74,582 CSR Section Overview of Operations Snapshot Interview with the President Special Features 249,478 Corporate Information - 67 (7,157) 7,489 100 (255) 245 249,724 (683) (2) 0 (2) ¥ (686) Financial Section Yamaha Motor Co., Ltd. Annual Report 2012 107

  • Page 110
    ... of Operations CSR Section Corporate Information Financial Section 2,719 (4,190) (4,190) (1,470) 10,186 863 863 11,050 (120,977) (16,883) (16,883) ¥(137,860) (1,470) 3,313 3,313 1,843 11,050 (67) (67) 10,982 (137,860) 23,605 23,605 ¥(114,255) 108 Yamaha Motor Co., Ltd. Annual Report 2012

  • Page 111
    ... Information Interview with the President ¥(108,070) (20,209) (20,209) (128,280) 102 6 6 109 36,454 (7,412) (7,412) 29,042 310,809 1 - 26,960 (251) 11 (2) 0 (27,615) (895) ¥ 309,914 Snapshot Special Features Overview of Operations Financial Section Yamaha Motor Co., Ltd. Annual Report 2012...

  • Page 112
    ...Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31, 2011 and 2012 Millions of yen 2011 Net cash provided by (used in) operating activities...Interview with the President Special Features Overview of Operations CSR Section Corporate Information Financial Section ¥ 61,207...

  • Page 113
    ...Price and Trading Volume on the Tokyo Stock Exchange Share price (Yen) 3,000 2,000 Major Consolidated Subsidiaries Yamaha Motorcycle Sales Japan Co., Ltd. Yamaha Motor Powered Products Co., Ltd. Yamaha Motor Corporation, U.S.A. Yamaha Motor Manufacturing Corporation of America Yamaha Motor Europe...

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    YAMAHA MOTOR CO., LTD. 2500 SHINGAI, IWATA, SHIZUOKA, JAPAN www.yamaha-motor.co.jp Printed in Japan