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2015 was ¥6.8 billion (¥8.9 billion in net cash used during
fi scal 2014), due to factors including fund procurement for
working capital and sales fi nance.
As a result of the activities discussed above, free cash
fl ows for fi scal 2015 were a negative ¥40.0 billion
(compared with a ¥21.1 billion positive free cash fl ow in
fi scal 2014). Interest-bearing debt at the end of the fi scal
year was ¥410.1 billion (a ¥6.5 billion increase), and cash
and cash equivalents totaled ¥107.6 billion (a ¥29.7 billion
decrease). Interest-bearing debt included ¥202.5 billion (a
¥15.8 billion increase) in borrowings for sales fi nance.
Demand for Funds
The Group’s fund requirements are primarily to cover the
cost of procuring materials and parts used in product
manufacturing and costs incurred in the manufacturing
process, as well as purchasing costs for products and
merchandise, SG&A expenses, working capital and
capital expenditures.
Cash Dividends
Recognizing that shareholders’ interests represent one of
the Company’s highest management priorities, the
Company has been striving to meet shareholder
expectations by working to maximize its corporate value.
The Company aims to provide shareholder returns
through comprehensive consideration of the business
environment, including business performance, retained
earnings, and a balance between aggressive growth
investments and stock dividends and loan repayments,
while maintaining a minimum dividend payout ratio of 20%
of consolidated net income for fi scal 2015.
The Company decided to pay a year-end dividend of
¥22 per share for fi scal 2015. Added to the interim dividend
(¥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, including paid-in
capital and retained earnings.
The annual amounts of interest-bearing debt to be
repaid are as follows:
(Billion ¥)
Total
1 year
or less
1 to 2
years
2 to 3
years
3 to 4
years
4 to 5
years
More than
5 years
Short-term
loans payable 220.7 220.7 — — — — —
Long-term
loans payable 189.5 39.2 54.8 48.7 41.8 0.9 4.2
Note Long-term loans payable includes current portion of long-term loans
payable.
Account receivable turnover
(Times)
7.7
6.4 6.1
10.0
7.5
5.0
2.5
02011 2012 2013 2014 2015
6.9
7.1
Free cash flows
(Billion ¥)
–13
–53
21
–40
60
30
0
–
30
–
60 2011 2012 2013 2014 2015
4
Cash provided by (used in)
operating activities
(Billion ¥)
Cash and cash equivalents at
the end of the year
(Billion ¥)
Cash used in investing activities
(Billion ¥)
33
–2
94
24
120
80
40
0
–
40 2011 2012 2013 2014 2015
67
134
106
137
108
160
120
80
40
02011 2012 2013 2014 2015
120
47
51
72
64
80
60
40
20
02011 2012 2013 2014 2015
63
275
404 410
480
360
240
120
0
200
150
100
50
0
2011 2012 2013 2014 2015
383
97.8
106.2 99.7
87.8 83.6
327
Interest-bearing debt
Debt/equity ratio (%)
Interest-bearing debt and debt/
equity ratio
(Billion ¥) (%)
Management Discussion and Analysis of Operations
Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015 Yamaha Motor Co., Ltd. 󱚈 Annual Report 2015
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