ファイナンシャルデータ（和英併記）

Transcription

1 Financial Data 213 Contents 1 Performance Trends 3 Segment Information 6 Profitability 7 Efficiency 8 Stability and Soundness 9 Consolidated Balance Sheets 11 Consolidated Statements of Operations Consolidated Statements of Comprehensive Income 12 Consolidated Statements of Cash Flows 13 Stock Information 14 Investor Information

2 Performance Trends Financial Highlights Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 For the year: Net sales 459, , , , ,941 3,91.55 Operating income 13,845 6,828 13,165 8,11 9, Net income (loss) (2,615) (4,921) 5,78 (29,381) 4, Comprehensive income (loss) (2,376) (35,66) 25, Capital expenditures 22,581 14,48 1,439 11,337 13, Depreciation expenses 17,912 14,139 12,814 11,973 11, R&D expenses 23,218 21,736 22,416 22,819 22, At year-end: Total assets 48,974 42,152 39, ,61 39,61 4, Net assets 251, , ,2 26, ,636 2, Interest-bearing liabilities 19,192 15,17 11,838 11,295 1, Cash flows from operating activities (2,235) 39,87 22,646 1,88 7, Cash flows from investing activities (25,999) (12,711) (9,74) (9,4) (12,617) (134.15) Free cash flow (28,234) 27,159 12,96 1,875 (4,862) (51.7) Cash flows from financing activities (31,41) (9,867) (1,8) (3,247) (5,536) (58.86) 1 Per share (Yen/): Net income (loss) per share (13.73) (24.95) 25.9 (151.73) Net assets per share 1, , ,25.6 1,52.1 1, Dividends per share Total dividends paid 8,382 5,423 1,954 1,936 1, % Dividend payout ratio Number of employees 26,83 25,658 26,816 28,191 27, Throughout this financial data, U.S. dollar amounts are translated from yen at the rate of 94.5=U.S.$1., the approximate rate prevailing on March 31, A special dividend of 2 is included in the dividends per share for the years ended March 31, 29 and 21. Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales by business segment Musical instruments 36,63 276, , ,89 272,711 2, AV IT AV/IT 56,722 54,49 57,23 53,165 55, Electronic devices 21,975 19,745 2,61 16,233 15, Others 3,833 27,461 25,18 22,128 23, Lifestyle-related products 43,121 36,942 Sales by region Japan 234, ,46 179, ,15 165,79 1, North America 66,392 57,668 54,635 49,922 55, Europe 86,81 7,284 64,678 6,822 6, Asia, Oceania, and other areas 71,237 68,452 74,978 78,766 85, % Overseas sales ratio The magnesium molded parts business was terminated as of March 31, Following the handover of the lifestyle-related products business on March 31, 21, this segment has been excluded from the consolidation from the year ended March 31, 211. Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Cost of sales 29, ,38 237, , ,261 2, % Cost of sales ratio Gross profit 168,92 146, , , ,68 1, SG&A expenses 155,57 139,62 123, , ,465 1,27.23 Personnel expenses 68,69 66,333 57,927 55,378 54, Advertising & sales promotion expenses 22,855 18,13 16,63 14,716 15, Yamaha Corporation

3 Net Sales Sales by Region (Year ended March 31, 213) Cost of Sales 6, アジア オセアニア その他の地域 Asia, Oceania, and other areas 23.3% 4, 4, 2, 9/3 1/3 11/3 12/3 13/3 リビング Lifestyle-related products その他 Others 電子部品 Electronic devices AV IT AV/IT 楽器 Musical instruments 欧州 Europe 16.5% 北米 North America 15.% 日本 Japan 45.2% 3, 2, 1, 9/3 1/3 11/3 12/3 13/3 SG&A Expenses 2, 15, 1, 5, 9/3 1/3 11/3 12/3 13/3 その他 Others 広告費及び販売促進費 Advertising & sales promotion expenses 人件費 Personnel expenses Operating Income/Net Income (Loss) 4, 3, 2, 1, -1, -2, -3, 9/3 1/3 11/3 12/3 13/3 営業利益 Operating income 当期純利益 ( 損失 ) Net income (loss) Capital Expenditures/ Depreciation Expenses 25, 2, 15, 1, 5, 9/3 1/3 11/3 12/3 13/3 設備投資額 Capital expenditures 減価償却費 Depreciation expenses R&D Expenses 1 Net Assets per Share 1 Dividends per Share 3, ( 円 )(Yen) 2, ( 円 )(Yen) 6 2, 1,5 4 1, 1, 5 2 9/3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/ A special dividend of 2 is included in the dividends per share for the years ended March 31, 29 and 21. Financial Data 213 2

4 Segment Information Musical Instruments Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 36,63 276, , ,89 272,711 2, Operating income 19,198 5,117 8,616 7,713 8, % Operating income to sales Capital expenditures 14,793 11,663 8,8 8,251 9, Depreciation expenses 1,42 9,511 9,678 9,65 8, R&D expenses 1,78 9,91 11,557 12,74 12, Sales Operating Income/ Operating Income to Sales Capital Expenditures/R&D Expenses 4, 3, 12. 2, 3, 2, 8. 15, 2, 1, 1, 1, 4. 5, 9/3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/3 営業利益 Operating income 売上高営業利益率 Operating income to sales 9/3 1/3 11/3 12/3 13/3 設備投資額 Capital expenditures 研究開発費 R&D expenses AV IT AV/IT Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 56,722 54,49 57,23 53,165 55, Operating income (loss) (41) 1,45 2,547 2,872 2, % Operating income (loss) to sales (.7) Capital expenditures 1,451 1,348 1,44 1,59 1, Depreciation expenses 1,631 1,436 1,361 1,248 1, R&D expenses 5,257 5,65 5,752 4,898 5, Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 8, 3, 6. 6, 6, 2, 4. 5, 4, 4, 1, 2. 3, 2, 2, 1, 9/3 1/3 11/3 12/3 13/3-1, 9/3 1/3 11/3 12/3 13/3-2. 営業利益 ( 損失 ) Operating income (loss) 売上高営業利益 ( 損失 ) 率 Operating income (loss) to sales 9/3 1/3 11/3 12/3 13/3 設備投資額 Capital expenditures 研究開発費 R&D expenses 3 Yamaha Corporation

5 Electronic Devices Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 21,975 19,745 2,61 16,233 15, Operating income (loss) (2,536) (66) 51 (2,913) (2,44) (21.73) % Operating income (loss) to sales (11.5) (3.1) 2.5 (17.9) (13.6) Capital expenditures 3, , Depreciation expenses 3, R&D expenses 4,474 3,63 3,931 3,979 3, Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 5, 3, 18. 6, 4, 3, 2, 1, 1,5-1, , 2, 9/3 1/3 11/3 12/3 13/3-3, /3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/3 営業利益 ( 損失 ) Operating income (loss) 売上高営業利益 ( 損失 ) 率 Operating income (loss) to sales 設備投資額 Capital expenditures 研究開発費 R&D expenses Others Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 3,833 27,461 25,18 22,128 23, Operating income (loss) (2,1) 546 1, % Operating income (loss) to sales (6.8) Capital expenditures 2, ,29 1, Depreciation expenses 1,889 1, R&D expenses 1,89 1,661 1,174 1,237 1, Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 4, 2,5 8. 2,5 3, 1, , 2, 1,5 1, 1, -1, /3 1/3 11/3 12/3 13/3-2, The magnesium molded parts business was terminated as of March 31, 21. 9/3 1/3 11/3 12/3 13/3-8. 営業利益 ( 損失 ) Operating income (loss) 売上高営業利益 ( 損失 ) 率 Operating income (loss) to sales 9/3 1/3 11/3 12/3 13/3 設備投資額 Capital expenditures 研究開発費 R&D expenses Financial Data 213 4

6 Lifestyle-Related Products Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 43,121 36,942 Operating income (loss) (35) 365 % Operating income (loss) to sales (.7) 1. Capital expenditures 1,6 525 Depreciation expenses 1, R&D expenses Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 5, 1, 2. 1,5 4, 3, , 2, 5 1, 9/3 1/ /3 1/3 営業利益 ( 損失 ) Operating income (loss) 売上高営業利益 ( 損失 ) 率 Operating income (loss) to sales 9/3 1/3 設備投資額 Capital expenditures 研究開発費 R&D expenses Following the handover of the lifestyle-related products business on March 31, 21, this segment has been excluded from the consolidation from the year ended March 31, Yamaha Corporation

7 Profitability % Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 Gross profit to net sales Operating income to net sales Net income (loss) to net sales (4.5) (1.2) 1.4 (8.2) 1.1 Free cash flow margin (6.1) (1.3) 1 Free cash flow margin = Free cash flow / Net sales x 1 % Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 ROI Return on investment (ROI) ROE Return on equity (ROE) (7.) (2.) 2.1 (13.2) 1.9 ROA Return on assets (ROA) (4.3) (1.2) 1.3 (7.8) 1.1 ROI 1 ROI = ( Operating income + Interest and dividend income) / Invested capital (yearly average) x 1 Invested capital = Net assets + Interest-bearing liabilities ROE 1 ROE = Net income (loss) / Net assets (yearly average) x 1 ROA 1 ROA = Net income (loss) / Total assets (yearly average) x 1 Gross Profit/Gross Profit to Net Sales Operating Income/ Operating Income to Net Sales Net Income (Loss)/ Net Income (Loss) to Net Sales 25, 5. 4, 8. 4, 1. 2, 15, 1, 5, , 2, 1, , -2, /3 1/3 11/3 12/3 13/3 売上総利益 Gross profit 売上高総利益率 Gross profit to net sales 9/3 1/3 11/3 12/3 13/3 営業利益 Operating income 売上高営業利益率 Operating income to net sales -4, 9/3 1/3 11/3 12/3 13/3-1. 当期純利益 ( 損失 ) Net income (loss) 売上高当期純利益 ( 損失 ) 率 Net income (loss) to net sales Free Cash Flow/ Free Cash Flow Margin ROI ROE ROA Return on Investment (ROI)/Return on Equity (ROE)/Return on Assets (ROA) 9, 6, 3, -3, 9/3 1/3 11/3 12/3 13/3 フリー キャッシュ フロー Free cash flow マージン率 Free cash flow margin /3 1/3 11/3 12/3 13/3 投下資本利益率 (ROI) Return on investment (ROI) 自己資本利益 ( 損失 ) 率 (ROE) Return on equity (ROE) 総資産当期純利益 ( 損失 ) 率 (ROA) Return on assets (ROA) Financial Data 213 6

8 Efficiency Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Net sales 459, , , , ,941 3,91.55 Total assets 48,974 42,152 39, ,61 39,61 4, Total assets turnover (Times) Trade receivables 5,536 47,415 45,89 44,468 5, Trade receivables turnover (Times) Tangible fixed assets 127, ,291 18,267 16,858 11,325 1,173.5 Tangible fixed assets turnover (Times) Total assets turnover = Net sales / Total assets (yearly average) Trade receivables = Notes and accounts receivable Allowance for doubtful accounts Trade receivables turnover = Net sales / Trade receivables (yearly average) Tangible fixed assets turnover = Net sales / Tangible fixed assets (yearly average) Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Inventories 8,694 69,518 71,659 77,146 82, Merchandise and finished goods 56,58 48,87 47,361 51,452 54, Raw materials & work in process 24,114 21,431 24,298 25,693 27, Inventory turnover (Times) Trade payables 25,625 21,791 24,198 22,263 2, Trade payables turnover (Times) R&D expenses 23,218 21,736 22,416 22,819 22, % R&D expenses to net sales Inventory turnover = Net sales / Inventories (yearly average) Trade payables turnover = Net sales / Trade payables (yearly average) Total Assets/Total Assets Turnover Trade Receivables/ Trade Receivables Turnover Tangible Fixed Assets/ Tangible Fixed Assets Turnover ( 回 )(Times) ( 回 )(Times) ( 回 )(Times) 6, 1.5 8, 1. 16, 6. 4, 1. 6, , 4.5 4, 5. 8, 3. 2,.5 2, 2.5 4, 1.5 9/3 1/3 11/3 12/3 13/3 総資産 Total assets 総資産回転率 Total assets turnover 9/3 1/3 11/3 12/3 13/3 売上債権 Trade receivables 売上債権回転率 Trade receivables turnover 9/3 1/3 11/3 12/3 13/3 有形固定資産 Tangible fixed assets 有形固定資産回転率 Tangible fixed assets turnover Inventories/Inventory Turnover Trade Payables/ Trade Payables Turnover ( 回 )(Times) ( 回 )(Times) 9, 9. 5, 2. 6, 6. 4, 3, , 3. 2, 1, /3 1/3 11/3 12/3 13/3 たな卸資産 Inventories たな卸資産回転率 Inventory turnover 9/3 1/3 11/3 12/3 13/3 仕入債務 Trade payables 仕入債務回転率 Trade payables turnover 7 Yamaha Corporation

9 Stability and Soundness Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 % Equity ratio Interest expenses Operating income 13,845 6,828 13,165 8,11 9, Equity in earnings (losses) of affiliates (7) () () () (.) Interest and dividend income 2, ,1 1,598 1, Interest coverage (Times) Current assets 22,97 193,26 194, , ,92 2,14.22 Current liabilities 9,5 75,182 74,836 72,829 71, % Current ratio Interest coverage = (Operating income + Interest and dividend income + Equity in earnings of affiliates) / Interest expenses 1 Current ratio = Current assets / Current liabilities x 1 Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Net assets 251, , ,2 26, ,636 2, Interest-bearing liabilities 19,192 15,17 11,838 11,295 1, D/E Debt to equity ratio (Times) Fixed assets 26,876 28, , , ,77 2,48.98 % Fixed assets to capital ratio Quick assets 93,19 17,492 14,259 11,271 12,676 1,91.72 % Quick ratio Interest-bearing liabilities = Long-term loans payable + Short-term loans payable + Convertible bonds D/E Debt to equity ratio = Interest-bearing liabilities / Net assets 1 Fixed assets to capital ratio = Fixed assets / Net assets x 1 Quick assets = Cash and deposits + Short-term investment securities + Notes and accounts receivable Allowance for doubtful accounts 1 Quick ratio = Quick assets / Current liabilities x 1 Current Assets/Current Ratio D/E Interest-Bearing Liabilities/ Debt to Equity Ratio Net Assets/Equity Ratio ( 倍 )(Times) 3, 3 3,.15 4, 8 2, 2 2,.1 3, 6 2, 4 1, 1 1,.5 1, 2 9/3 1/3 11/3 12/3 13/3 流動資産 Current assets 流動比率 Current ratio 9/3 1/3 11/3 12/3 13/3 有利子負債 Interest-bearing liabilities D/E レシオ Debt to equity ratio 9/3 1/3 11/3 12/3 13/3 純資産 Net assets 自己資本比率 Equity ratio Credit Ratings Rating agency R&I Rating and Investment Information, Inc. (R&I) JCR Japan Credit Rating Agency, Ltd. (JCR) As of March 31, 213 Long-term senior debt rating A Stable A Stable Financial Data 213 8

10 Consolidated Balance Sheets 3 31 At March 31: ASSETS Current assets: Cash and deposits 41,373 59,47 57,21 52,13 51, Notes and accounts receivable trade 51,938 48,911 46,486 45,634 52, Short-term investment securities 1, ,96 4, Inventories 8,694 69,518 71,659 77,146 82, Deferred tax assets 1,95 7,54 8,393 1,855 2, Other 17,37 8,744 1,44 8,678 1, Allowance for doubtful accounts (1,41) (1,496) (1,397) (1,165) (1,88) (11.57) Total current assets 22,97 193,26 194, , ,92 2,14.22 Property, plant and equipment, net of accumulated depreciation: Buildings and structures, net 38,885 42,158 38,16 36,695 36, Machinery and equipment, net 23,196 21,325 19,651 19,31 21, Land 56,69 5,655 49,347 48,853 49, Leased assets, net Construction in progress 8,318 1, ,757 2, Total property, plant and equipment, net of accumulated depreciation 127, ,291 18,267 16,858 11,325 1,173.5 Investments and other assets: Investment securities 57,131 8,44 75,477 61,69 71, Long-term loans receivable Deferred tax assets 9,566 2,92 3,654 1,45 1, Lease and guarantee deposits 6,234 5,254 4,732 4,792 5, Goodwill Other 6,743 4,37 4,16 3,61 4, Allowance for doubtful accounts (1,155) (83) (675) (739) (591) (6.28) Total investments and other assets 79,263 92,6 87,867 7,799 82, Total assets 48,974 42,152 39, ,61 39,61 4, Yamaha Corporation

11 3 31 At March 31: LIABILITIES Current liabilities: Notes and accounts payable trade 25,625 21,791 24,198 22,263 2, Short-term loans payable 14,216 8,816 6,597 9,883 9, Current portion of long-term loans payable 1,483 1,23 3, Accounts payable other and accrued expenses 34,12 32,496 28,657 29,47 31, Income taxes payable 2,9 1,9 2,33 1,931 1, Advances received 1, Deferred tax liabilities Other 11,17 8,159 8,596 7,935 7, Total current liabilities 9,5 75,182 74,836 72,829 71, Noncurrent liabilities: Long-term loans payable 3,491 5,177 1, Deferred tax liabilities ,348 18, Deferred tax liabilities for land revaluation 16,776 14,931 14,486 12,595 12, Provision for retirement benefits 27,628 33,675 37,599 41,479 41, Long-term deposits received 16,723 16,144 15,854 15,516 15, Other 2,336 1,519 1,496 1,58 1, Total noncurrent liabilities 67,83 72,378 71,13 86,948 89, NET ASSETS Shareholders equity: Capital stock 28,534 28,534 28,534 28,534 28, Capital surplus 4,54 4,54 4,54 4,54 4, Retained earnings 176, , , ,152 14,473 1,493.6 Treasury stock (29) (34) (3,69) (3,69) (3,699) (39.33) Total shareholders equity 245, , ,793 23,5 25,363 2, Accumulated other comprehensive income: Valuation difference on available-for-sale securities 19,817 34, 33,559 27,337 34, Deferred losses on hedges (394) (166) (252) (367) (41) (.44) Revaluation reserve for land 18,769 16,21 15,549 17,34 17, Foreign currency translation adjustment (34,495) (34,466) (41,583) (43,611) (3,443) (323.69) Total accumulated other comprehensive income 3,697 15,569 7, , Minority interests 2,845 2,852 2,937 3,118 2, Total net assets 251, , ,2 26, ,636 2, Total liabilities and net assets 48,974 42,152 39, ,61 39,61 4, Financial Data 213 1

12 Consolidated Statements of Operations Years ended March 31: Net sales 459, , , , ,941 3,91.55 Cost of sales 29, ,38 237, , ,261 2, Gross profit 168,92 146, , , ,68 1, Selling, general and administrative expenses 155,57 139,62 123, , ,465 1,27.23 Operating income 13,845 6,828 13,165 8,11 9, Other income (expenses): Interest and dividend income 2, ,1 1,598 1, Equity in earnings (losses) of affiliates (7) () () () (.) Interest expenses (615) (451) (351) (34) (259) (2.75) Sales discounts (3,416) (2,84) (2,349) (2,153) (1,98) (21.5) Gain (loss) on sales or disposal of property, plant and equipment, net (621) 21 (27) (17) 1, Gain on sales of investment securities , Loss on valuation of investment securities (277) (478) (1,563) (19) (32) (.34) Special retirement expenses (96) Loss on impairment of fixed assets (15,323) (1,962) (2,687) (169) (293) (3.12) Business structural reform expense (4,863) (3,59) (32.53) Other, net (3,39) (2,141) (478) Total other income (expenses) (26,4) (7,29) (6,362) (1,139) (1,419) (15.9) Income (loss) before income taxes and minority interests (12,159) (21) 6,82 6,971 7, Income taxes: Current 3,79 3,84 4,349 3,959 3, Deferred (benefit) 4,924 1,265 (2,99) 32,117 (179) (1.9) Total income taxes 8,714 4,349 1,359 36,77 3, Income (loss) before minority interests (2,873) (4,55) 5,443 (29,16) 4, Minority interests in income (loss) (258) Net income (loss) (2,615) (4,921) 5,78 (29,381) 4, Consolidated Statements of Comprehensive Income Years ended March 31: Income (loss) before minority interests 5,443 (29,16) 4, Other comprehensive income: Valuation difference on available-for-sale securities (441) (6,221) 7, Deferred gains or losses on hedges (86) (114) Revaluation reserve for land 1,82 Foreign currency translation adjustment (7,292) (1,966) 13, Share of other comprehensive income (loss) of affiliates, accounted for using the equity method (). Total other comprehensive income (loss) (7,82) (6,5) 21, Comprehensive income (loss) (2,376) (35,66) 25, Yamaha Corporation (Composition) Comprehensive income (loss) attributable to owners of the parent (2,566) (35,941) 25, Comprehensive income attributable to minority interests

13 Consolidated Statements of Cash Flows Years ended March 31: Net cash provided by (used in) operating activities: Income (loss) before income taxes and minority interests (12,159) (21) 6,82 6,971 7, Depreciation and amortization 17,912 14,139 12,814 11,973 11, Loss on impairment of fixed assets 15,323 1,962 2, Increase (decrease) in allowance for doubtful accounts (116) 23 (158) (136) (355) (3.77) Loss on valuation of investment securities , Loss (gain) on sales of investment securities (4) 13 (138) 5 (1,89) (11.58) Increase (decrease) in provision for retirement benefits 2,456 6,47 4,3 3,884 (771) (8.2) Interest and dividend income (2,61) (786) (1,1) (1,598) (1,339) (14.24) Interest expenses Foreign exchange losses (gains) (144) (181) (1.92) Equity in (earnings) losses of affiliates 7 (). Loss (gain) on sales or disposal of property, plant and equipment, net 621 (21) (1,64) (17.5) Business structural reform expense 4,863 3, Special retirement expenses 96 Decrease (increase) in notes and accounts receivable trade 13,432 (2,244) 46 (13) (2,178) (23.16) Decrease (increase) in inventories (8,859) 11,731 (5,72) (6,451) 2, Increase (decrease) in notes and accounts payable trade (9,54) 1,92 3,549 (1,578) (4,464) (47.46) Other, net (2,777) 2,532 (498) 599 (431) (4.58) Subtotal 19,399 35,748 26,212 14,35 12, Interest and dividend income received 2, ,583 1, Interest expenses paid (638) (444) (357) (31) (244) (2.59) Payment of business structural reform expenses (1,94) (2.63) Income taxes (paid) refunded (23,646) 3,775 (4,194) (4,698) (4,3) (42.85) Net cash provided by (used in) operating activities (2,235) 39,87 22,646 1,88 7, Net cash provided by (used in) investing activities: Payments for purchase of property, plant and equipment (2,522) (14,16) (13,316) (9,696) (13,115) (139.45) Proceeds from sales of property, plant and equipment 1,397 1,771 1, , Payments for purchase of investment securities (99) (394) (15) (1.59) Proceeds from sales and redemption of investment securities 3,15 8 1, Proceeds from sales of stock of subsidiaries and affiliates Other, net (9,851) (384) (2,32) (24.67) Net cash provided by (used in) investing activities (25,999) (12,711) (9,74) (9,4) (12,617) (134.15) Net cash used in financing activities: Net increase (decrease) in short-term loans payable 176 (4,714) (2,1) 3,6 (2,336) (24.84) Proceeds from long-term loans payable 2,756 2, Repayment of long-term loans payable (4,622) (1,293) (972) (3,857) (998) (1.61) Repayments for deposits received from membership (485) (585) (3) (369) (337) (3.58) Purchase of treasury stock (18,32) (4) (3,655) () (9) (.1) Cash dividends paid (1,581) (5,917) (3,451) (1,936) (1,936) (2.58) Cash dividends paid to minority shareholders (228) (146) (14) (124) (18) (1.91) Other, net (23) 1 (34) (19) Net cash used in financing activities (31,41) (9,867) (1,8) (3,247) (5,536) (58.86) Effect of exchange rate change on cash and cash equivalents (3,668) 83 (3,615) (724) 3, Net increase (decrease) in cash and cash equivalents (62,943) 17,375 (788) (2,96) (6,573) (69.89) Cash and cash equivalents at beginning of period 13,371 41,223 59,235 58,446 55, Increase in cash and cash equivalents from newly consolidated subsidiary 1,17 1, Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation (311) (673) (484) (12) (.13) Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries 53 Cash and cash equivalents at end of period 41,223 59,235 58,446 55,919 49, Financial Data

14 Stock Information Common Stock Price Range and Trading Volume ( 円 )(Yen) 3, 株価 Common stock price range 2, 1, ( 千株 )(Thousand share) 6, 出来高 Trading volume 4, 2, Yen Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 Share price at the end of fiscal year 957 1, Share price high 2,24 1,282 1,295 1,34 1,35 Share price low Trading volume (Million shares) Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 % Dividend yield Price to earnings ratio (Times) Price to book value ratio (Times) Number of shares issued (Thousand shares) 197, , , , ,255 Market capitalization at the end of fiscal year ( yen) 188, ,86 186,11 169, ,236 % Percentage of shares owned by foreign investors A special dividend of 2 is included in the dividends per share for the years ended March 31, 29 and 21. Dividend Yield Price to Earnings Ratio Price to Book Value Ratio 5. ( 倍 )(Times) 5 ( 倍 )(Times) /3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/3 9/3 1/3 11/3 12/3 13/ A special dividend of 2 is included in the dividends per share for the years ended March 31, 29 and Yamaha Corporation

15 Investor Information (As of March 31, 213) Head Office 1-1, Nakazawa-cho, Naka-ku, Hamamatsu, Shizuoka , Japan Date of Establishment October 12, 1897 Account Settlement Date 3 31 March 31 Dividends 3 31 Year-end: To the shareholders of record on March Interim: To the shareholders of record on September 3 Number of Shares of Common Stock 7,, Authorized: 7,, 197,255,25 Issued: 197,255,25 Stock Exchange Listing 7951 Tokyo First Section, Code No Ordinary General Shareholders Meeting June Number of Shareholders 28,561 28,561 Shareholder Composition (Number of shares) その他国内法人 Japanese corporations 7.5% 個人 その他 Individuals 13.8% 証券会社 Securities companies 3.2% 金融機関 Financial institutions 49.1% 外国人 26.4% Foreign investors Main Shareholders Shareholding Ratio The Master Trust Bank of Japan, Ltd. (trust a/c) 7.34% Japan Trustee Services Bank, Ltd. (trust a/c) 6.71% Yamaha Motor Co., Ltd. 5.33% The Shizuoka Bank, Ltd. 4.31% Mitsui Sumitomo Insurance Co., Ltd. 4.14% Sumitomo Life Insurance Company 3.77% Nippon Life Insurance Company 3.35% Mizuho Corporate Bank, Ltd. 2.98% 9 Japan Trustee Services Bank, Ltd. (trust a/c 9) 2.% Mizuho Bank, Ltd. 1.44% The shareholding ratio is calculated by excluding treasury stock from total outstanding shares. Financial Data

16 Corporate Planning Division FSC Printed in Japan on FSC-approved paper using vegetable oil inks and waterless printing processes. 213/7 CM133