Yamaha 2014 Annual Report Download - page 46

Current ratio
（%）
0
50
100
150
200
(Billion ¥) （%）
Total assets and return on assets
(¥) （%）
32.0 33.5 35.1
Net assets per share and
equity ratio Note 2
0
500
1,000
1,500
2,000
0
10
20
30
40
28.0
882
1,100
1,317
786 804
31.2
2010 2011 2012 20142013 2010 2011 2012 20142013
175
153 150 150
137
Net assets per share Equity ratio (%) Return on assets (%)Total assets
400
0
800
1,200
1,600
0
2
4
6
8
978 962
1,147
1,310
900
1.9
2.9
0.8
4.2
5.6
2010 2011 2012 20142013
Total asset turnover
(Times)
Property, plant and equipment
turnover
(Times)
Inventory turnover
(Times)
0.0
0.5
1.0
1.5
2.0
1.3 1.3 1.3
1.2
1.4
2010 2011 2012 20142013
0.0
1.5
3.0
4.5
6.0
4.9 5.1
4.7
4.6
4.9
2010 2011 2012 20142013
4.6 4.7
0.0
1.5
3.0
4.5
6.0
4.4 4.3
3.9
2010 2011 2012 20142013
Income before Income Taxes
Income before income taxes for fi scal 2014 increased
¥40.1 billion, or 69.6%, year on year, to ¥97.8 billion.
Income Taxes
Income taxes increased ¥16.1 billion, or 196.9%, year
on year, to ¥24.3 billion. This increase was due to the
recording of income taxes–deferred along with the
additional recording of deferred tax assets at overseas
subsidiaries in fi scal 2013.
Minority Interests in Income
Minority interests in income include interests owned by
minority shareholders in PT. Yamaha Indonesia Motor
Manufacturing, Yamaha Motor Taiwan Co., Ltd., Yamaha
Motor Vietnam Co., Ltd., and Industria Colombiana de
Motocicletas Yamaha S.A., and decreased ¥0.4 billion, or
6.8%, year on year, to ¥5.0 billion.
Net Income
Net income for fi scal 2014 increased ¥24.4 billion, or 55.4%,
year on year, to ¥68.5 billion. Basic net income per share
grew ¥69.86, to ¥196.06 in fi scal 2014 from ¥126.20 in
fi scal 2013.
Capital Resources and Liquidity
Assets, Liabilities and Total Net Assets
Total assets at the end of the fi scal year ended December
31, 2014 rose ¥163.4 billion from the end of the previous
fi scal year, to ¥1,310.0 billion. Current assets rose ¥99.0
billion, mainly from increases in inventories and accounts
receivable—trade, and non-current assets rose ¥64.4 billion,
mainly from an increase in property, plant and equipment.
Total liabilities rose ¥83.0 billion to ¥806.8 billion,
refl ecting such factors as increases in interest-bearing debt
and accounts payable—trade.
Total net assets increased ¥80.4 billion to ¥503.2 billion,
refl ecting such factors as net income of ¥68.5 billion,
dividends paid of ¥10.6 billion, and a change in foreign
currency translation adjustment of ¥28.8 billion due to yen
depreciation. As a result, the shareholders’ equity ratio as of
December 31, 2014 was 35.1% (an improvement of 1.6
percentage points from the end of the previous year). The
net debt-equity ratio was 0.6 times, compared with 0.7
times at the end of the previous year.
Note 2 Equity ratio: (Shareholders’ equity + Accumulated other
comprehensive income) / Total assets x 100 (%)
Capital Expenditures
The Group made investments of ¥65.9 billion in total during
fi scal 2014.
In the motorcycle business, investments of ¥41.4 billion
were made for new products in domestic and overseas,
enhancement of production capacity in India, and
restructuring of the domestic manufacturing system.
In the marine products business, investments of ¥11.4
billion were made for new products, research and
development, and restructuring of the domestic
manufacturing system.
In the power products business, investments of ¥6.2
billion were made for the factors such as new products
of ROVs.
In the industrial machinery and robots business,
investments of ¥0.7 billion were made for new products
and research and development.
In other products business, investments of ¥6.2 billion
were made for factors such as automobile engine
production facilities, research and development of smart
power vehicles.
Cash Flows
Net cash provided by operating activities during fi scal
2014 was ¥93.6 billion (¥67.0 billion in net cash provided
during fi scal 2013), refl ecting factors including income
before income taxes and minority interests of ¥97.8 billion
(¥57.7 billion) and an increase of ¥28.3 billion in working
capital (an increase of ¥6.4 billion) accompanying the
increase in sales.
Net cash used in investing activities during fi scal 2014
was ¥72.5 billion (¥62.7 billion in net cash used during
fi scal 2013), as a result of factors including ¥61.9 billion for
the purchase of property, plant and equipment and
intangible assets (¥53.4 billion) for purposes including
capital investments, mainly for production capacity
increases in India.
Net cash used in fi nancing activities during fi scal 2014
was ¥8.9 billion (¥3.6 billion in net cash provided during
fi scal 2013), due to factors including ¥10.6 billion in cash
dividends paid.
Management Discussion and Analysis of Operations
Yamaha Motor Co., Ltd. 󱚈 Annual Report 2014 Yamaha Motor Co., Ltd. 󱚈 Annual Report 2014
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