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Annual Report 2013
Year ended December 31, 2013

Table of contents

  • Page 1
    Annual Report 2013 Year ended December 31, 2013

  • Page 2
    ...markets. We operate global development, production and sales networks, and our products are sold in more than 200 countries and regions. We have successfully diversified our business by capitalizing on our world-leading small engine, fiberglass-reinforced plastics and electronic control technologies...

  • Page 3
    ... Interview with the President SPECIAL FEATURE 1. Yamaha Motor's New Technologies- A Growing World of Personal Mobility 2. Paving New Roads Together with Indian Society 3. Bringing Freshwater to Lives Around the World CSR SECTION Customers Employees Shareholders and Investors Business Partners...

  • Page 4
    ...our first year under a new Medium-Term Management Plan, and given this backdrop Yamaha Motor pursued distinctive Monozukuri and marketing initiatives as well as global cost reductions. Notably, we launched products highlighting Yamaha's unique qualities in both developed markets and emerging markets...

  • Page 5
    ... in North America as a result of new model launches, and in emerging markets sales rose in Russia. Earnings in the personal watercraft and domestic boat businesses also showed a solid improvement. ROE ROA EPS 2.5% 0.8% ¥21 8.8% 2.9% ¥80 or more 6 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013...

  • Page 6
    ... power assisted bicycles and industrial-use unmanned helicopters Europe 11.1% Asia 45.8% 212SS 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 2013...

  • Page 7
    Financial Highlights Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31 Net sales In addition to increased sales of motorcycles in Indonesia and India, and of outboard motors in North America, depreciation of the yen contributed to a 16.8% increase in net sales. (Billion ...

  • Page 8
    ... developed markets Initiatives the motorcycle business is pursuing in emerging markets Initiatives being pursued in the marine products business Activities in other businesses Progress in the area of management reforms during 2013 Yamaha Motor's long-term strategy Management targets for fiscal 2014...

  • Page 9
    ... expect the size of the market to be flat with 2013 in Europe, and to grow in Japan and North America, and are forecasting an 11% increase in Yamaha Motor's shipments, to 410 thousand units. We will strengthen our product lineup in 2014 by continuing to proactively release new models like the MT-07...

  • Page 10
    ...scooter and deluxe categories Market/customer development: from urban areas to regional areas New factory launch (scheduled for October) 140 613 462 Domestic 348 2012 2013 2014 Forecast 2012 2013 2014 Forecast CYGNUS RAY Z CYGNUS α GT125 R15 16 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013...

  • Page 11
    In addition to strengthening our motorcycle product lineup, we are launching unique, cost-competitive new products in Asia for global markets. INTERVIEW WITH THE PRESIDENT 18 LAUNCHING 250 NEW MODELS Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 19

  • Page 12
    ...market and have a new local factory scheduled to start production, and are targeting further sales and profit growth based on an integrated marine products growth strategy. Earnings are improving as we introduce new products and win new customers. Recreational vehicle business In 2013, Yamaha Motor...

  • Page 13
    We are aiming for further revenue and profit growth in marine products, building on improved earnings in 2013. INTERVIEW WITH THE PRESIDENT 22 NO.1 SHARE OF THE GLOBAL MARKET Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 23

  • Page 14
    ...60% 2015 40% 2017 Complement of parts and products within the regions 0 2012 380 2017 0 2012 (3 years) 2015 (3 years) 2017 (5 years) 0 2012 Change drawings based on each market Operate integrated development centers (for motorcycle) Design products and draw up plans based on market quality...

  • Page 15
    ... business strategies with a close eye on the economic situation and product demand in each market, as we work to achieve the MTP's targets ahead of schedule. We are forecasting an increase in consolidated net sales in fiscal 2014, from aggressive new product launches in motorcycles, marine products...

  • Page 16
    ... ride while still being easy to handle. Yamaha Motor's New Technologies-A Growing World of Personal Mobility "Revs your Heart" Stirring people's hearts with excitement and emotion, like the building revs of an engine. This message symbolizes the Yamaha brand's mission. As a Kando Creating Company...

  • Page 17
    ... and dairy farming, mainly in North America. Continued growth is expected for this market, and we intend to meet that growth with new product launches over the next five years. MOTIV This four-wheeled model is being developed in the pursuit of driving pleasure derived from an organic integration of...

  • Page 18
    ...SPECIAL FEATURE Paving New Roads Together with Indian Society India's motorcycle market continues to grow by the year, and in 2012 surpassed China as the world's largest. Yamaha Motor has positioned India as a major market along with Indonesia, and we are working to build up our motorcycle business...

  • Page 19
    ... regions. We are confident that IYM's efforts in India will lead directly to sales growth in Africa as well. Assembly technology course at Uttar Pradesh state government's industrial training center Currently, approximately 200 women in their late teens or early 20s work on the motorcycle engine...

  • Page 20
    ... expand markets since its establishment in 1955, and we now operate in more than 180 countries and regions around the world. We have been active in various regions in Africa, an area neglected by many companies from developed countries, since the 1960s. To sell outboard motors and fishing boats, we...

  • Page 21
    ...of Design Promotion. The awards committee gave the system a high rating as an initiative to secure "safe water" (an essential for life) in emerging markets, and a model contribution to global society by Japanese Clean water creates time and business If the water changes, lives change as well. Clean...

  • Page 22
    .... We provide practical, helpful information about products and services to customers. We make every effort to protect the personal information of our customers and others involved in our business. CSR SECTION Customers Employees Shareholders and Investors Business Partners The Community The...

  • Page 23
    ...major business partners participating. General Manager of Yamaha Motor's Procurement Quality Control Division, attended the conference and gave a presentation explaining our global policy for product quality. YMTT's programs to improve product quality are based on sharing quality-related information...

  • Page 24
    ... health seminars for new managers and supervisors, and support for expatriates and mid-career recruits. Developing Human Resources for Global Leadership Yamaha Motor Co., Ltd. set up a committee to discuss and share business challenges with top managements of Group companies and is currently...

  • Page 25
    ... dealer meetings and activities to promote safe driving and support local communities, the Yamaha Motor Group is building a sales network that provides common value. In Japan, dealers mainly in Yamaha Sports Plaza (YSP), an official Yamaha sports bike dealer system, and Yamaha Motorcycle Sales Japan...

  • Page 26
    ... the world's largest Yamaha Riding Academies for to society." In 2013, the award was presented to 20 persons from employee volunteer groups for "contributing to earnings and enhancing brand value by building and providing utility boats for the revival of fishing in Tohoku," and the "Fun Engine Lab...

  • Page 27
    ... management. China Central & South America 8% 1% Japan Indirect emissions (Electricity consumed on an equivalent basis) Amount of CO2 emissions by region 22% North America 9% Asia Europe 59% 1% Oceania 0% Hamakita Factory's heating system 50 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013...

  • Page 28
    ... Motor began work in April 2012 to receive single registration of the ISO 14001 environmental management system installed at Group companies in Japan and around the world. Currently, 39 Yamaha Motor Group companies in Japan, Europe, North and South America, ASEAN countries, China, Taiwan, and India...

  • Page 29
    CORPORATE INFORMATION Corporate Governance Directors, Audit & Supervisory Board Members, and Executive Officers Comments from an Outside Director Organization 66 69 70 56 54 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 55

  • Page 30
    ... and solidify corporate governance. At the same time, the Company is enhancing Investor Relations services, in order to build on the relationship of trust with its shareholders and investors. As of March 26, 2014, there were twenty-five (25) Executive Officers, and nine (9) Directors concurrently...

  • Page 31
    ... please refer to our website at: http://global.yamaha-motor.com/ir/governance/pdf/independent_en.pdf Supervisory Board Members When the Board of Directors' meetings are held, the responsible Executive Officer or business department will provide Outside Directors with explanations of the resolutions...

  • Page 32
    ... IR activities worldwide, designed to ensure accountability by providing shareholders and investors with appropriate, accurate, and timely information regarding the Company's management performance and business operations. Specific activities include quarterly financial results briefings, "IR road...

  • Page 33
    ...Company and its subsidiaries, an internal auditing sector shall be established under the direct control of the President and Chief Executive Officer. 3. Each Japanese subsidiary, in principle, shall have a Board of Directors and an Audit & Supervisory Board Member; overseas subsidiaries shall design...

  • Page 34
    ... Yamaha Motor Co., Ltd. announced that at the Board of Directors' meeting held on March 25, 2014, it had resolved on the continuation of takeover defense measures against attempts of mass acquisition of the Company's shares (the "Plan") for the protection and enhancement of the Company's corporate...

  • Page 35
    ...Yamaha Corporation (to present) March 2014: Director (to present) MC: Motorcycle SyS: System Supplier AM: Automotive WV: Water Vehicle GEM: Global Engineering & Manufacturing GSyS: Global System Supplier CS: Customer Service CV: Commuter Vehicle SCM: Supply Chain Management RV: Recreational Vehicle...

  • Page 36
    ... Center Executive Officer Masaki Asano Managing Director of Yamaha Motor India Sales Pvt. Ltd. Executive Officer Yoshitaka Noda Chief General Manager of Component Control Division, Engine Unit Executive Officer Masahiro Inoue Chief General Manager of Procurement Center and product quality...

  • Page 37
    ...Smart Power Vehicle Business Unit UMS* Business Development Section Pool Business Development Section 2009 For the year ended Net sales Sales by market: Japan Overseas Sales by product: Motorcycles Marine products Power products Industrial machinery and robots Other products Cost of sales Operating...

  • Page 38
    ...Market Yamaha Motor Co., Ltd. and Consolidated Subsidiaries Years ended December 31, 2012 and 2013 Motorcycle unit sales by market Thousand units Thousand units % change Motorcycle unit sales 2012 2013 94 71 165 5,228 533 6,090 109 76 162 5,077 590 6,014 2013/2012 Japan Japan North America Europe...

  • Page 39
    ... the outboard motor business, overall sales and income rose as a result of higher sales of large models in North America attributable to factors including the impact of new products, sales expansion in Russia and other emerging markets. And profits of personal watercraft business and boat business...

  • Page 40
    ... 2012 2013 0 2009 2010 2011 2012 2013 2009 Japan Others 2010 2011 2012 Europe 2013 Asia North America Operating income (loss) Operating income margin (%) Net income (loss) Net income margin (%) 76 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013...

  • Page 41
    ... increase year on year. This was driven by strong sales of outboard motors in North America and Russia, along with improved earnings in the personal watercraft and domestic boat businesses. Yen depreciation also contributed to overall profit growth. The power products business recorded operating...

  • Page 42
    ... of new models in ASEAN and Central and South America, and production capacity enhancements in India. The main investments in Japan were for the realignment of the production structure. Capital expenditures in the marine products business totaled ¥8.8 billion, mostly for research and development...

  • Page 43
    ..., and was used primarily for producing new models in the motorcycle and marine products businesses, research and development, and the realignment of the domestic production structure. Capital investment overseas totaled ¥37.8 billion, mostly to produce new models in ASEAN and Central and South...

  • Page 44
    ...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 N.V. PT. Yamaha Indonesia Motor...

  • Page 45
    YAMAHA MOTOR CO., LTD. 2500 SHINGAI, IWATA, SHIZUOKA, JAPAN www.yamaha-motor.co.jp Printed in Japan