Financial Data 2012

Transcription

1 Financial Data 212 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: 28/3 29/3 21/3 211/3 212/3 212/3 For the year: Net sales 548, , , , ,616 4, Operating income 32,845 13,845 6,828 13,165 8, Net income (loss) 39,558 (2,615) (4,921) 5,78 (29,381) (357.48) Comprehensive income (2,376) (35,66) (433.22) Capital expenditures 24,394 22,581 14,48 1,439 11, Depreciation expenses 2,289 17,912 14,139 12,814 11, R&D expenses 24,865 23,218 21,736 22,416 22, At year-end: Total assets 54,347 48,974 42,152 39, ,61 4,46.52 Net assets 343,28 251, , ,2 26,832 2, Interest-bearing liabilities 21,36 19,192 15,17 11,838 11, Cash flows from operating activities 37,225 (2,235) 39,87 22,646 1, Cash flows from investing activities 41,999 (25,999) (12,711) (9,74) (9,4) (19.55) Free cash flow 79,225 (28,234) 27,159 12,96 1, Cash flows from financing activities (19,314) (31,41) (9,867) (1,8) (3,247) (39.51) 1 Per share (Yen/): Net income (loss) per share (13.73) (24.95) 25.9 (151.73) (1.85) Net assets per share 1, , , ,25.6 1, Dividends per share Total dividends paid 1,314 8,382 5,423 1,954 1, % Dividend payout ratio (%) Number of employees 26,517 26,83 25,658 26,816 28, Throughout this financial data, U.S. dollar amounts are translated from yen at the rate of 82.19=U.S.$1., the approximate rate prevailing on March 31, A special dividend of 2 is included in the dividends per share from the years ended March 31, 28 to March 31, 21. Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales by business segment Musical instruments 34,21 36,63 276, , ,89 3, AV IT AV/IT 7,814 56,722 54,49 57,23 53, Electronic devices 45, 21,975 19,745 2,61 16, Others 36,44 3,833 27,461 25,18 22, Lifestyle-related products 45,52 43,121 36,942 Recreation 11,353 Sales by region Japan 276, , ,46 179, ,15 2,33.15 North America 89,93 66,392 57,668 54,635 49, Europe 14,114 86,81 7,284 64,678 6, Asia, Oceania, and other areas 78,121 71,237 68,452 74,978 78, % Overseas sales ratio (%) Following the handover of the electronic metal products business, the electronic equipment and metal products segment was renamed the electronic devices segment starting from the year ended March 31, Following the handover of a portion of the resort facilities, figures of the others from the year ended March 31, 29 include that of the recreation. 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: 28/3 29/3 21/3 211/3 212/3 212/3 Cost of sales 343,686 29, ,38 237, ,659 2, % Cost of sales ratio (%) Gross profit 25,66 168,92 146, , ,957 1,52.34 SG&A expenses 172,22 155,57 139,62 123, ,846 1, Personnel expenses 71,75 68,69 66,333 57,927 55, Advertising & sales promotion expenses 29,33 22,855 18,13 16,63 14, Yamaha Corporation

3 Net Sales Sales by Region (Year ended March 31, 212) Cost of Sales 6, % Asia, Oceania, and other areas 22.1% 4, 4, 2, 8/3 9/3 1/3 11/3 12/3 Recreation Lifestyle-related products Others Electronic devices AV IT AV/IT Musical instruments Europe 17.% North America 14.% Japan 46.9% 3, 2, 1, 8/3 9/3 1/3 11/3 12/3 SG&A Expenses 2, 15, 1, 5, 8/3 9/3 1/3 11/3 12/3 Others Advertising & sales promotion expenses Personnel expenses Operating Income/Net Income (Loss) 4, 3, 2, 1, -1, -2, -3, 8/3 9/3 1/3 11/3 12/3 Operating income Net income (loss) Capital Expenditures/ Depreciation Expenses 25, 2, 15, 1, 5, 8/3 9/3 1/3 11/3 12/3 Capital expenditures Depreciation expenses R&D Expenses 1 Net Assets per Share 1 Dividends per Share 3, Yen) 2, Yen) 6 2, 1,5 4 1, 1, 5 2 8/3 9/3 1/3 11/3 12/3 8/3 9/3 1/3 11/3 12/3 8/3 9/3 1/3 11/3 12/ A special dividend of 2 is included in the dividends per share from the years ended March 31, 28 to March 31, 21. Financial Data 212 2

4 Segment Information Musical Instruments Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 34,21 36,63 276, , ,89 3, Operating income 27,924 19,198 5,117 8,616 7, % Operating income to sales (%) Capital expenditures 16,472 14,793 11,663 8,8 8, Depreciation expenses 1,156 1,42 9,511 9,678 9, R&D expenses 11,597 1,78 9,91 11,557 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, 8/3 9/3 1/3 11/3 12/3 8/3 9/3 1/3 11/3 12/3 Operating income Operating income to sales 8/3 9/3 1/3 11/3 12/3 Capital expenditures R&D expenses AV IT AV/IT Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 7,814 56,722 54,49 57,23 53, Operating income (loss) 1,839 (41) 1,45 2,547 2, % Operating income (loss) to sales (%) 2.6 (.7) Capital expenditures 2,9 1,451 1,348 1,44 1, Depreciation expenses 1,794 1,631 1,436 1,361 1, R&D expenses 5,87 5,257 5,65 5,752 4, 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, 8/3 9/3 1/3 11/3 12/3-1, 8/3 9/3 1/3 11/3 12/3-2. Operating income (loss) Operating income (loss) to sales 8/3 9/3 1/3 11/3 12/3 Capital expenditures R&D expenses 3 Yamaha Corporation

5 Electronic Devices Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 45, 21,975 19,745 2,61 16, Operating income (loss) 1,863 (2,536) (66) 51 (2,913) (35.44) % Operating income (loss) to sales (%) 4.1 (11.5) (3.1) 2.5 (17.9) Capital expenditures 2,435 3, Depreciation expenses 4,618 3, R&D expenses 5,387 4,474 3,63 3,931 3, Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses % yen) 5, 3, 18. 6, 4, 3, 2, 1, 1,5-1, , 2, 8/3 9/3 1/3 11/3 12/3-3, 8/3 9/3 1/3 11/3 12/3-18. Operating income (loss) Operating income (loss) to sales 8/3 9/3 1/3 11/3 12/3 Capital expenditures R&D expenses 29 3 Following the handover of the electronic metal products business, the electronic equipment and metal products was renamed the electronic devices starting from the year ended March 31, 29. Others Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 36,44 3,833 27,461 25,18 22, Operating income (loss) 1,731 (2,1) 546 1, % Operating income (loss) to sales (%) 4.8 (6.8) Capital expenditures 2,228 2, , Depreciation expenses 1,73 1,889 1, R&D expenses 1,44 1,89 1,661 1,174 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 9/3 1/3 11/3 12/3-2,5 8/3 9/3 1/3 11/3 12/3-8. Operating income (loss) Operating income (loss) to sales 8/3 9/3 1/3 11/3 12/3 Capital expenditures R&D expenses Following the handover of a portion of the resort facilities, figures of the others from the year ended March 31, 29 include that of the recreation. The magnesium molded parts business was terminated as of March 31, 21. Financial Data 212 4

6 Lifestyle-Related Products Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 45,52 43,121 36,942 Operating income (loss) 588 (35) 365 % Operating income (loss) to sales (%) 1.3 (.7) 1. Capital expenditures 647 1,6 525 Depreciation expenses 1,63 1, R&D expenses 1, Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses % 5, 1, 2. 1,5 4, 3, , 2, 5 1, 8/3 9/3 1/3-5 8/3 9/3 1/3-1. Operating income (loss) Operating income (loss) to sales 8/3 9/3 1/3 Capital expenditures 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, 211. Recreation Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 11,353 Operating loss (1,13) % Operating loss to sales (%) (9.7) Capital expenditures 6 Depreciation expenses 926 R&D expenses Sales Operating Loss/ Operating Loss to Sales Capital Expenditures yen) % 15, 1, 1, , -1, -8. 8/3-1,5 8/3 Operating loss Operating loss to sales 29 3 Following the handover of a portion of the resort facilities, figures of the others from the year ended March 31, 29 include that of the recreation /3 5 Yamaha Corporation

7 Profitability % Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 Gross profit to net sales Operating income to net sales Net income (loss) to net sales 7.2 (4.5) (1.2) 1.4 (8.2) Free cash flow margin 14.4 (6.1) Free cash flow margin = Free cash flow / Net sales x 1 % Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 ROI Return on investment (ROI) ROE Return on equity (ROE) 11.5 (7.) (2.) 2.1 (13.2) ROA Return on assets (ROA) 7.2 (4.3) (1.2) 1.3 (7.8) 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 9/3 1/3 11/3 12/3 Gross profit Gross profit to net sales 8/3 9/3 1/3 11/3 12/3 Operating income Operating income to net sales -4, 8/3 9/3 1/3 11/3 12/3-1. Net income (loss) 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, 8/3 9/3 1/3 11/3 12/3 Free cash flow Free cash flow margin /3 9/3 1/3 11/3 12/3 ROI Return on investment (ROI) ROE Return on equity (ROE) ROA Return on assets (ROA) Financial Data 212 6

8 Efficiency Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Net sales 548, , , , ,616 4, Total assets 54,347 48,974 42,152 39, ,61 4,46.52 Total assets turnover (Times) Trade receivables 65,126 5,536 47,415 45,89 44, Trade receivables turnover (Times) Tangible fixed assets 139, , ,291 18,267 16,858 1,3.13 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: 28/3 29/3 21/3 211/3 212/3 212/3 Inventories 76,34 8,694 69,518 71,659 77, Merchandise and finished goods 5,699 56,58 48,87 47,361 51, Raw materials & work in process 25,64 24,114 21,431 24,298 25, Inventory turnover (Times) Trade payables 35,17 25,625 21,791 24,198 22, Trade payables turnover (Times) R&D expenses 24,865 23,218 21,736 22,416 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 Times Times 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 8/3 9/3 1/3 11/3 12/3 Total assets Total assets turnover 8/3 9/3 1/3 11/3 12/3 Trade receivables Trade receivables turnover 8/3 9/3 1/3 11/3 12/3 Tangible fixed assets Tangible fixed assets turnover Inventories/Inventory Turnover Trade Payables/ Trade Payables Turnover Times Times 9, 9. 5, 2. 6, 6. 4, 3, , 3. 2, 1, /3 9/3 1/3 11/3 12/3 Inventories Inventory turnover 8/3 9/3 1/3 11/3 12/3 Trade payables Trade payables turnover 7 Yamaha Corporation

9 Stability and Soundness Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 % Equity ratio (%) Interest expenses 1, Operating income 32,845 13,845 6,828 13,165 8, Equity in earnings (losses) of affiliates 145 (7) () (). Interest and dividend income 3,925 2, ,1 1, Interest coverage (Times) Current assets 275,754 22,97 193,26 194, ,952 2, Current liabilities 12,174 9,5 75,182 74,836 72, % 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: 28/3 29/3 21/3 211/3 212/3 212/3 Net assets 343,28 251, , ,2 26,832 2, Interest-bearing liabilities 21,36 19,192 15,17 11,838 11, D/E Debt to equity ratio (Times) Fixed assets 264,592 26,876 28, , ,658 2, % Fixed assets to capital ratio (%) Quick assets 169,946 93,19 17,492 14,259 11,271 1, % 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 (%) Times (%) 3, 3 3,.15 4, 8 2, 2 2,.1 3, 6 2, 4 1, 1 1,.5 1, 2 8/3 9/3 1/3 11/3 12/3 Current assets Current ratio 8/3 9/3 1/3 11/3 12/3 Interest-bearing liabilities D/E Debt to equity ratio 8/3 9/3 1/3 11/3 12/3 Net assets Equity ratio Rating Rating agency R&I Rating and Investment Information, Inc. (R&I) JCR Japan Credit Rating Agency, Ltd. (JCR) As of March 31, 212 Long-term senior debt rating A Stable A Stable Financial Data 212 8

10 Consolidated Balance Sheets 3 31 At March 31: ASSETS Current assets: Cash and deposits 73,619 41,373 59,47 57,21 52, Notes and accounts receivable trade 68,68 51,938 48,911 46,486 45, Short-term investment securities 31,2 1, ,96 4, Inventories 76,34 8,694 69,518 71,659 77, Deferred tax assets 17,642 1,95 7,54 8,393 1, Other 11,861 17,37 8,744 1,44 8, Allowance for doubtful accounts (3,554) (1,41) (1,496) (1,397) (1,165) (14.17) Total current assets 275,754 22,97 193,26 194, ,952 2, Property, plant and equipment, net of accumulated depreciation: Buildings and structures, net 42,62 38,885 42,158 38,16 36, Machinery and equipment, net 31,71 23,196 21,325 19,651 19, Land 61,134 56,69 5,655 49,347 48, Leased assets, net Construction in progress 4,129 8,318 1, , Total property, plant and equipment, net of accumulated depreciation 139, , ,291 18,267 16,858 1,3.13 Investments and other assets: Investment securities 19,943 57,131 8,44 75,477 61, Long-term loans receivable Deferred tax assets 2,65 9,566 2,92 3,654 1, Lease and guarantee deposits 6,264 6,234 5,254 4,732 4, Goodwill 1, Other 6,77 6,743 4,37 4,16 3, Allowance for doubtful accounts (94) (1,155) (83) (675) (739) (8.99) Total investments and other assets 125,16 79,263 92,6 87,867 7, Total assets 54,347 48,974 42,152 39, ,61 4, Yamaha Corporation

11 3 31 At March 31: LIABILITIES Current liabilities: Notes and accounts payable trade 35,17 25,625 21,791 24,198 22, Short-term loans payable 14,419 14,216 8,816 6,597 9, Current portion of long-term loans payable 4,472 1,483 1,23 3, Accounts payable other and accrued expenses 41,443 34,12 32,496 28,657 29, Income taxes payable 14,916 2,9 1,9 2,33 1, Advances received 1,84 1, Deferred tax liabilities Other 8,56 11,17 8,159 8,596 7, Total current liabilities 12,174 9,5 75,182 74,836 72, Noncurrent liabilities: Long-term loans payable 2,145 3,491 5,177 1, Deferred tax liabilities 13, , Deferred tax liabilities for land revaluation 16,811 16,776 14,931 14,486 12, Provision for retirement benefits 25,311 27,628 33,675 37,599 41, Long-term deposits received 17,4 16,723 16,144 15,854 15, Other 1,836 2,336 1,519 1,496 1, Total noncurrent liabilities 77,144 67,83 72,378 71,13 86,948 1,57.89 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 229,37 176, , , ,152 1,68.89 Treasury stock (326) (29) (34) (3,69) (3,69) (44.9) Total shareholders equity 297,57 245, , ,793 23,5 2,47.5 Accumulated other comprehensive income: Valuation difference on available-for-sale securities 48,945 19,817 34, 33,559 27, Deferred gains or losses on hedges 27 (394) (166) (252) (367) (4.47) Revaluation reserve for land 14,861 18,769 16,21 15,549 17, Foreign currency translation adjustment (21,94) (34,495) (34,466) (41,583) (43,611) (53.61) Total accumulated other comprehensive income 42,74 3,697 15,569 7, Minority interests 3,383 2,845 2,852 2,937 3, Total net assets 343,28 251, , ,2 26,832 2, Total liabilities and net assets 54,347 48,974 42,152 39, ,61 4,46.52 Financial Data 212 1

12 Consolidated Statements of Operations Years ended March 31: Net sales 548, , , , ,616 4, Cost of sales 343,686 29, ,38 237, ,659 2, Gross profit 25,66 168,92 146, , ,957 1,52.34 Selling, general and administrative expenses 172,22 155,57 139,62 123, ,846 1, Operating income 32,845 13,845 6,828 13,165 8, Other income (expenses): Interest and dividend income 3,925 2, ,1 1, Equity in earnings (losses) of affiliates 145 (7) () (). Interest expenses (1,68) (615) (451) (351) (34) (3.7) Sales discounts (4,15) (3,416) (2,84) (2,349) (2,153) (26.2) Gain (loss) on sales or disposal of property, plant and equipment, net 786 (621) 21 (27) (17) (1.3) Gain on sales of investment securities Loss on valuation of investment securities (263) (277) (478) (1,563) (19) (.23) Gain on sales of subsidiaries and affiliates stock, net 29,57 Special retirement expenses (814) (96) Loss on impairment of fixed assets (15,323) (1,962) (2,687) (169) (2.6) Business restructuring expenses (4,863) Other, net 1,239 (3,39) (2,141) (478) Total other income (expenses) 29,665 (26,4) (7,29) (6,362) (1,139) (13.86) Income (loss) before income taxes and minority interests 62,51 (12,159) (21) 6,82 6, Income taxes: Current 17,552 3,79 3,84 4,349 3, Deferred (benefit) 4,71 4,924 1,265 (2,99) 32, Total income taxes 22,263 8,714 4,349 1,359 36, Income (loss) before minority interests 4,247 (2,873) (4,55) 5,443 (29,16) (354.13) Minority interests in income (loss) 689 (258) Net income (loss) 39,558 (2,615) (4,921) 5,78 (29,381) (357.48) Consolidated Statements of Comprehensive Income Years ended March 31: Income (loss) before minority interests 5,443 (29,16) (354.13) Other comprehensive income: Valuation difference on available-for-sale securities (441) (6,221) (75.69) Deferred gains or losses on hedges (86) (114) (1.39) Revaluation reserve for land 1, Foreign currency translation adjustment (7,292) (1,966) (23.92) Share of other comprehensive income of associates, accounted for using the equity method () (.) Total other comprehensive income (7,82) (6,5) (79.9) Comprehensive income (2,376) (35,66) (433.22) 11 Yamaha Corporation (Composition) Comprehensive income attributable to owners of the parent (2,566) (35,941) (437.29) 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 62,51 (12,159) (21) 6,82 6, Depreciation and amortization 2,289 17,912 14,139 12,814 11, Loss on impairment of fixed assets 15,323 1,962 2, Increase (decrease) in allowance for doubtful accounts (366) (116) 23 (158) (136) (1.65) Loss on valuation of investment securities , Loss (gain) on sales of investment securities (763) (4) 13 (138) 5.6 Increase (decrease) in provision for retirement benefits (1,276) 2,456 6,47 4,3 3, Interest and dividend income (3,925) (2,61) (786) (1,1) (1,598) (19.44) Interest expenses 1, Foreign exchange losses (gains) 393 (144) Equity in (earnings) losses of affiliates (145) 7 () (.) Gain on sales of subsidiaries and affiliates stock, net (29,57) Loss (gain) on sales or disposal of property, plant and equipment, net (786) 621 (21) Business restructuring expenses 4,863 Special retirement expenses Decrease (increase) in notes and accounts receivable trade 3,93 13,432 (2,244) 46 (13) (.16) Decrease (increase) in inventories (3,844) (8,859) 11,731 (5,72) (6,451) (78.49) Increase (decrease) in notes and accounts payable trade (1,8) (9,54) 1,92 3,549 (1,578) (19.2) Other, net (3,348) (2,777) 2,532 (498) Subtotal 43,118 19,399 35,748 26,212 14, Interest and dividend income received 3,912 2, , Interest expenses paid (1,79) (638) (444) (357) (31) (3.77) Income taxes (paid) refunded (8,725) (23,646) 3,775 (4,194) (4,698) (57.16) Net cash provided by (used in) operating activities 37,225 (2,235) 39,87 22,646 1, Net cash provided by (used in) investing activities: Payments for purchase of property, plant and equipment (25,364) (2,522) (14,16) (13,316) (9,696) (117.97) Proceeds from sales of property, plant and equipment 6,316 1,397 1,771 1, Payments for purchase of investment securities (84) (99) (394) (4.79) Proceeds from sales and redemption of investment securities 811 3,15 8 1, Proceeds from sales of subsidiaries and affiliates stock 67,778 6 Other, net (7,457) (9,851) (384) Net cash provided by (used in) investing activities 41,999 (25,999) (12,711) (9,74) (9,4) (19.55) Net cash used in financing activities: Net increase (decrease) in short-term loans payable (4,714) (2,1) 3, Proceeds from long-term loans payable 2,212 2,756 2, Repayment of long-term loans payable (4,256) (4,622) (1,293) (972) (3,857) (46.93) Repayments for deposits received from membership (9,483) (485) (585) (3) (369) (4.49) Purchase of treasury stock (29) (18,32) (4) (3,655) () (.) Cash dividends paid (7,736) (1,581) (5,917) (3,451) (1,936) (23.56) Cash dividends paid to minority shareholders (224) (228) (146) (14) (124) (1.51) Other, net 13 (23) 1 (34) (19) (.23) Net cash used in financing activities (19,314) (31,41) (9,867) (1,8) (3,247) (39.51) Effect of exchange rate change on cash and cash equivalents (2,398) (3,668) 83 (3,615) (724) (8.81) Net increase (decrease) in cash and cash equivalents 57,512 (62,943) 17,375 (788) (2,96) (25.5) Cash and cash equivalents at beginning of period 45,926 13,371 41,223 59,235 58, Increase in cash and cash equivalents from newly consolidated subsidiary 41 1,17 1,38 Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation (18) (311) (673) (484) (5.89) Cash and cash equivalents at end of period 13,371 41,223 59,235 58,446 55, Financial Data

14 Stock Information Common Stock Price Range and Trading Volume Yen) 3, Common stock price range 2, 1, Thousand share) 6, Trading volume 4, 2, Yen Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 Share price at the end of fiscal year 1, , Share price high 2,91 2,24 1,282 1,295 1,34 Share price low 1, Trading volume (Million shares) Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 % Dividend yield (%) Price to earnings ratio (Times) Price to book value ratio (Times) Number of shares issued (Thousand shares) 26, , , , ,255 Market capitalization at the end of fiscal year ( yen) 393, , ,86 186,11 169,244 % Percentage of shares owned by foreign investors (%) A special dividend of 2 is included in the dividends per share from the years ended March 31, 28 to March 31, 21. Dividend Yield Price to Earnings Ratio Price to Book Value Ratio (%) (Times) (Times) /3 9/3 1/3 11/3 12/3 8/3 9/3 1/3 11/3 12/3 8/3 9/3 1/3 11/3 12/ The dividends per share from the years ended March 31, 28 to March 31, 21 includes a 2 special dividend. 13 Yamaha Corporation

15 Investor Information (As of March 31, 212) 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 28,563 28,563 Shareholder Composition (Number of shares) Japanese corporations 8.2% Individuals 14.% Securities companies 4.5% Financial institutions 5.4% Foreign investors 22.9% Main Shareholders Shareholding Ratio Japan Trustee Services Bank, Ltd. (trust a/c) 5.92% The Master Trust Bank of Japan, Ltd. (trust a/c) 5.85% Yamaha Motor Co., Ltd. 5.33% Mizuho Bank, Ltd. 4.53% 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) 2.5% The shareholding ratio is calculated by excluding treasury stock from total outstanding shares. Financial Data

16 URL: Corporate Planning Division URL: FSC Printed in Japan on FSC-approved paper using vegetable oil inks and waterless printing processes. 212/7 CM123