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To Our Stakeholders
Developed markets in 2013 saw the economic recovery in the United States continue, while Japan experienced
a turnaround to a weaker yen and higher share prices, reflecting in part the policies of a new government.
Europe, however, remained in the economic slump that has persisted for the past few years. Emerging market
economies also stagnated on the continued effects of the
slower economic growth and monetary tightening that began
in the previous year.
This was 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, and in the course of these
launches production commencement dates were brought
forward, innovative sales initiatives were implemented, and cost reductions exceeded targets.
Thanks to these efforts, coupled with the positive impact from a weaker yen, consolidated business
results for 2013 showed increased sales in all businesses and profit growth at all levels—operating income,
ordinary income, and net income.
This year, 2014, is the second year under our Medium-Term Management Plan. In Europe and emerging
markets, where the economic outlook remains uncertain, we will closely watch economic developments and
trends in demand, supplement and strengthen our business strategies for each market, and work to accelerate
the Plan’s implementation. At the same time, we will “pursue the unique style of Yamaha” and “break out of our
current norms” to thoroughly change Monozukuri and the way we work.
We sincerely hope that our stakeholders continue to look forward to the latest developments by the
Yamaha Motor Group.
April 2014
Hiroyuki Yanagi
President, Chief
Executive Officer and
Representative Director
Takaaki Kimura
Executive Vice President
and Representative
Director
Hiroyuki Yanagi
President, Chief Executive Officer
and Representative Director
Takaaki Kimura
Executive Vice President
and Representative Director
Changing Monozukuri* and the
Way We Work by “Breaking Out of
Our Current Norms” and “Pursuing
the Unique Style of Yamaha”
* Engineering, manufacturing, and marketing
Yamaha Motor Co., Ltd. ⎢ Annual Report 2013 Yamaha Motor Co., Ltd. ⎢ Annual Report 2013
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