Yamaha 2015 Annual Report Download

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Annual Report 2015
Year ended December 31, 2015

Table of contents

  • Page 1
    Annual Report 2015 Year ended December 31, 2015

  • Page 2
    ... Yamaha Motor into an excellent engineering, manufacturing and marketing enterprise, with a prominent presence in the global market. Corporate Philosophy Stakeholders Customers Shareholders and Investors Communication Employees Business Partners Long-Term Vision Corporate Mission Basic...

  • Page 3
    ...of personal mobility 32 Adapting Yamaha Race Machine Technologies for Consumer Vehicles ROVs' Growing Presence in Developed Markets 38 36 CSR Customers Employees Shareholders and Investors Business Partners The Community The Environment 42 44 46 47 48 50 Governance Information Corporate Governance...

  • Page 4
    ... of Yamaha's brand value as our primary objective for corporate management. For the fiscal year ended December 2015, net sales, operating income, and ordinary income rose from the previous year on sales and profit growth in major developed market businesses. Net income declined, but this was mainly...

  • Page 5
    ... leading product in marine sports, our focus on the new material FRP received increasing attention, and we broadened the field of this technology to include commercial-use boats. 2002 1968 Opening of new Trail genre The release of a new type of motorcycle for off-road use as well as on public roads...

  • Page 6
    ... 2013 to 2015. No.1 The boat business had the largest share of the Japanese market and the No. 1 share of the global market for outboard motors and personal watercraft. Yamaha Motor Co., Ltd. Annual Report 2015 Models Overseas 89.7% Yamaha Motor's businesses will launch a total of 250 new models...

  • Page 7
    ... • New motorcycle development company in Indonesia commenced operations as new base to strengthen functionality of ASEAN Integrated Development Center • Released the 125cc Saluto, a new model for India's largest motorcycle segment • Opened the Marine Test Center • Held our Global Suppliers...

  • Page 8
    ... cash provided by (used in) financing activities Capital expenditures Depreciation expenses At year-end: Total assets Net assets Interest-bearing debt Ratios: Operating income margin (%) Return on equity (%) Equity ratio (%) Price/earnings ratio (times) Debt/equity ratio (%) 2012 ¥1,207,675 235...

  • Page 9
    ...products and other businesses? Can you tell us about your policy regarding returns to shareholders? Do you have any other messages for stakeholders? Hiroyuki Yanagi President, Chief Executive Officer and Representative Director, Yamaha Motor Co., Ltd. 14 Yamaha Motor Co., Ltd. Annual Report 2015...

  • Page 10
    ... our product competitiveness using new concepts, technologies that create joy and trust among customers, refined design, and marketing strength, and will develop and bring to market 270 new models. Developing human resources who embody the Yamaha brand We will promote greater global management by...

  • Page 11
    ... (ASEAN) region and our recreational off-highway vehicles (ROVs) business, and the market share of large outboard motors increased for our marine products business. The 5% operating income ratio target was achieved one year early, in 2014, and rose to 7.5% in 2015. Our financial position remained...

  • Page 12
    ... businesses 2013-2015 Equity ratio Shareholders' equity ROE (average) Dividend payout ratio EPS 37.6% ¥490.8 billion 13.9% 20-26% ¥172 2016-2018 42.5% ¥700.0 billion Approx. 15% Approx. 30% ¥300 or more 20 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015...

  • Page 13
    ... for recreational vehicle (RV) bodies, and we aim to raise the share of local development of hulls for watercraft (WV) and sports boats (SB) to 80% in the marine products business. Expanding the financial business to support existing businesses The Yamaha Motor Group has sales finance companies in...

  • Page 14
    ... sports ROV. As part of this pursuit, we will also adapt motorcycle technologies to compact four-wheeled vehicles (C4W) to expand their application. Increasing efficiency of product development Under the new MTP, we will make maximum use of platform models to consolidate the number of engines and...

  • Page 15
    ...new products that optimally incorporate Yamaha's distinctive originality, technology, and design in each key region. We are positioning ASEAN, India, Brazil/China, and developed markets, which account for the majority of our sales, as key regions. ASEAN - Capture market share and high profitability...

  • Page 16
    .... The marine products business has grown to generate net sales of ¥300.0 billion with a 20% operating income ratio in 2015. In particular, as the North American market shifts toward larger models, Yamaha's F200 outboard motor, with superior product technology, has gained the overwhelming support of...

  • Page 17
    ... of returns to shareholders, in 2015 we paid a total dividend for the year (including the interim dividend) of ¥44 per share. Based on the steady earnings we are forecasting for all businesses in 2016, this year we intend to pay a total dividend for the year of ¥70 per share. The Yamaha Motor...

  • Page 18
    ...of personal mobility," Yamaha Originality Original and innovative products in the unique style of Yamaha Technology Technology that customers trust 32 3 2 Yamaha Yam Y am ma aha ah ha h a Motor Mo M o to to tor or rC Co Co., o. ., , Ltd Lt L Ltd. td. td Annual A nnu nn n n nu ua al l Report Rep...

  • Page 19
    ... message symbolizes the Yamaha brand's sense of mission. As a Kando Creating Company, the Yamaha Motor Group pursues the unique style of Yamaha, and delivers value and excitement that surpass customer expectations along with a "growing world of personal mobility." Design Challenge Challenging to...

  • Page 20
    ... an enhanced dimension of performance with the most powerful engine in the 250cc class,* and has changed the image of a 250cc road sports model. * According to Yamaha Motor data Based on the YZ450F that incorporates numerous innovative technologies, this factory machine was developed to win global...

  • Page 21
    ... superior off-road handling with an enhanced degree of comfort. Pure sports model created for sports use in a variety of environments including the wilderness and deserts. 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Strategy for the North American market The new MTP...

  • Page 22
    ... our business. Shareholders and Investors We aim to deliver stable, long-term growth to enhance corporate value. We disclose appropriate corporate operational results and financial status in a timely manner. Employees We provide equal employment opportunities to build a diverse and discrimination...

  • Page 23
    ... products, we were able to contribute to the smooth operation of public activities. Find out about more details at: http://global.yamaha-motor.com/about/csr/customers/riding-safety-promotion/brazil/ This video is available at the above website. 42 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha...

  • Page 24
    ... Division at our headquarters to develop and implement common management development programs around the world, and introduced global human resource systems to train and hire talented staff. We are also working to build an organization that utilizes global experience and knowledge. As we promote...

  • Page 25
    ...ensure accountability by providing shareholders and investors with appropriate, accurate and timely information, Yamaha Motor has established a specialized division which engages in IR activities inside as well as outside Japan. In addition to quarterly earnings briefings and the annual shareholders...

  • Page 26
    ..., which promote coastal fishing and marine sports. Group companies are continuously engaged in these activities around the world. In Vietnam, 300 employees participated in YMVN's* beach cleanup campaign in June 2015. At beaches close to our headquarters in Japan, 2015 marked the 25th year since the...

  • Page 27
    ... operations Support the effective use and recycling of limited resources Eco Management Environmental management through reinforcement of Group environmental governance systems Link Groupwide operations with local activities resulting both directly (e.g., from the burning of fuel at factories...

  • Page 28
    ... technologies developed in Japan to Group companies in Japan and overseas. CO2 emissions: 0 600 400 Yamaha Motor Group CO2 Emissions CO2 emissions (1,000t-CO2) 123% 1,000 TOPICS New NMAX features style of MAX series in BLUE CORE engine-equipped 125cc global prestige city commuter Yamaha Motor...

  • Page 29
    ... INFORMATION Corporate Governance Directors, Audit & Supervisory Board Members, and Executive Officers Comments from an Outside Director and Outside Audit & Supervisory Board Member Organization 73 74 70 56 54 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015...

  • Page 30
    ...who can deal with the diversity of customer' special characteristics, products, business operations, and functions, as well as global aspects of markets. 4. Outside Directors shall be individuals who have experience in global corporate management, professional insight in management, and knowledge of...

  • Page 31
    ... organizations and develop such rules as necessary to ensure timely and appropriate disclosure of significant company information. Committee member: Outside Director (Independent) Tamotsu Adachi Yamaha Motor's Corporate Governance System and Internal Control System (As of March 28, 2016) General...

  • Page 32
    ...be adopted by the Company and its subsidiaries. • Global Executive Committee meetings, comprising Executive Officers of the Company and its major subsidiaries, shall be held regularly to share information on the group management policy and deliberate on the policy to deal with important issues. 10...

  • Page 33
    ... and supervision from an independent and objective perspective, based on extensive experience and wideranging knowledge as managers of global companies, and expertise in strategic planning and investing. 62 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015 63

  • Page 34
    ... Director of Yamaha Corporation, a major shareholder of the Company, Takuya Nakata provides management with advice and supervision as a corporate executive, and has been elected as an Outside Director to enhance the value of the Yamaha brand name that is used by both companies. Similarly, the...

  • Page 35
    ...) Improving Investor Relations (IR) The Company has been aggressively pursuing 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...

  • Page 36
    ... such as the method of providing information to shareholders 0 To collect information such as the method of providing information to shareholders 3) Pure investment equity holdings No related items. 68 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015 69

  • Page 37
    ... of Business Development Operations January 2016: Managing Executive Officer and Director, Chief General Manager of New Business Development Center (to present) April 1980: Joined the Company January 2011: Director and President of Yamaha Motor Manufacturing Corporation of America January 2015...

  • Page 38
    ...the motorcycles that Yamaha Motor manufactures, a powerful engine and a reliable brake are indispensable for a company's continuous growth, and technologies for effective operations are necessary Executive Officer Hirofumi Usui Senior General Manager of Marketing Section, Marine Business Operations...

  • Page 39
    ...fice New Business Development Center Integrated Auditing Division Millions of yen 2011 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 income Ordinary...

  • Page 40
    ... 0 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Sales by market Motorcycles Millions of yen % change Marine products Millions of yen % change Power products Millions of yen % change 2014 Japan North America Europe Asia Note Others Total 2015 ¥46...

  • Page 41
    ...2011 2012 2013 2014 2015 0 147 152 148 163 166 2011 Japan 2012 2013 Oversea 2014 2015 Motorcycles Power products Other products Marine products Industrial machinery and robots Overseas 89.7% 78 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015...

  • Page 42
    ... (%) 2013 2014 2015 0 0 2011 2012 2013 2014 2015 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 North America Asia Operating income Operating income margin (%) Europe Others 80 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015 81

  • Page 43
    ... Net income per share-diluted Note Net income per share-diluted for fiscal 2012 is not listed as there were no potential shares with dilutive effect. Net assets % of net income to shareholders' equity 82 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor Co., Ltd. Annual Report 2015 83

  • Page 44
    ...2011 2012 2013 2014 2015 0 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015 Net assets per share Equity ratio (%) Total assets Return on assets (%) 84 Yamaha Motor Co., Ltd. Annual Report 2015 Yamaha Motor...

  • Page 45
    ...22 per share), this gave a total dividend for the year of ¥44 per share. Fund Procurement Conditions Group companies acquire short-term loans payable denominated in local currencies to use as working capital. Meanwhile, funds for plant and equipment investment come primarily from internal reserves...

  • Page 46
    ... models in the motorcycle business, leveraging the strength of the brand to maintain high profitability in the 0 2011 Trading volume 2012 2013 2014 2015 (Million shares) 300 200 Interest coverage (Times) Cash dividends per share and payout ratio (¥) (%) Price/earnings ratio (Times...

  • Page 47
    YAMAHA MOTOR CO., LTD. 2500 SHINGAI, IWATA, SHIZUOKA, JAPAN www.yamaha-motor.co.jp Printed in Japan