Yamaha 2014 Annual Report Download - page 19

2012
($80/€103) ($98/€130)
2013
($106/€140)
2014
Forecast
2015
MTP
($115/€130) ($80/€105)
2015
10 yen 26 yen 40 yen 44 yen
Next MTP
2018
Operating
Income
Total dividend
for the year:
Net Sales
1,207.7
18.6
1.5%
3.9%
5.7%
7.1%
5.0%
55.1
87.2
120.0
80.0
1,410.5
1,521.2
1,700.0
1,600.0
Net Sales / Operating Income (Billion ¥)
Management Objectives/Dividends
Achieve results under the current MTP and step up to the next MTP:
Three growth strategies, unique Yamaha-style Monozukuri, and reform of the business foundation
Total dividend for the year: (2014) 40 yen, (2015) 44 yen forecast
INTERVIEW
WITH THE PRESIDENT
Can you tell us about your policy regarding returns to shareholders? What are your strategies for growth in the years ahead?
In closing, is there anything in particular that you would like to communicate to
stakeholders?
We will continue working to maintain a sound financial position and stable returns
to shareholders.
Having recognized enhancing the distribution of profits to stakeholders as one of management’s highest priorities, we work
continuously to maintain a sound financial position by weighing the need for investments in future growth against the need to
maintain stable profits and returns to shareholders. Accordingly, we view return on equity (ROE) and return on assets (ROA) as key
performance indicators.
At present, we forecast total shareholders’ equity in excess of ¥500.0 billion, net income per share of more than ¥200.00 and
ROE in the area of 15% in 2015.
We will determine dividends after giving comprehensive consideration to the business environment, including our performance,
retained earnings, and the need to balance forward-looking growth investments with returns to shareholders and loan repayments,
while maintaining a minimum dividend payout ratio of 20% of consolidated net income. In 2014, our annual dividend—which
included an interim dividend—was ¥40.00 per share. Based on our operating results forecasts for sales and income in 2015,
we currently anticipate paying an annual dividend of ¥44.00 per share in 2015.
Our ultimate target for 2017 is consolidated net sales of ¥2,000 billion.
We have set forth three growth objectives that will guide our efforts for the foreseeable future: “fulfilling lifestyles,” “enjoyment in
personal mobility,” and “innovative technologies that harmonize with people, society and the Earth.”
Under these objectives, we have set forth four key strategies. The first is to “create a growing world of personal mobility,” in line
with which we are expanding the application of two-wheel vehicle technologies to three- and four-wheeled vehicles. The second is
to “compete in the ¥3 trillion global marine market.” In particular, we are endeavoring to expand the scope of our businesses
through a combination of hull/engine strategy and peripheral equipment. Our third objective is to “commit to unique versatility.”
To this end, we will work to create new business models and expand our customer base. Fourth, we will “advance innovation,” that
is, the development of new fundamental technologies, in such areas as robotics, Humax and engines.
In terms of strategic direction, our next MTP will focus on guiding our evolution as a unique company that continues to achieve
dynamic milestones while at the same time taking corporate value to the next level. The plan also articulates three priority tasks:
“implement our growth strategies,” “pursue the unique style of Yamaha through Monozukuri (and break out of our current norms),”
and “implement further fundamental reforms to increase management resource efficiency.”
We pledge to transform Yamaha Motor into a company that “Revs your Heart.”
Announced in 2013, our global brand message, “Revs your Heart,” has been disseminated across the Yamaha Group and is firmly
established as a concept among employees worldwide. This slogan represents our strong desire to create exceptional value and
experiences that enrich the lives of our customers and everyone involved with Yamaha, and surpass their expectations. To transform
this desire into reality, we will work tirelessly to communicate, consider and challenge our perceptions of the unique style of Yamaha
in all aspects of our operations, including planning, development, production and sales.
As we press ahead with efforts to evolve as a unique company that continues to achieve dynamic milestones, we pledge to
continue providing products and services that enable you, our stakeholders, to truly feel the spirit of “Revs your Heart.” In these and
all our endeavors, I look forward to your ongoing support.
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