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
Performance Trends Financial Highlights Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 For the year: Net sales 459,284 414,811 373,866 356,616 366,941 3,91.55 Operating income 13,845 6,828 13,165 8,11 9,215 97.98 Net income (loss) (2,615) (4,921) 5,78 (29,381) 4,122 43.83 Comprehensive income (loss) (2,376) (35,66) 25,747 273.76 Capital expenditures 22,581 14,48 1,439 11,337 13,844 147.2 Depreciation expenses 17,912 14,139 12,814 11,973 11,613 123.48 R&D expenses 23,218 21,736 22,416 22,819 22,149 235.5 At year-end: Total assets 48,974 42,152 39,852 366,61 39,61 4,153.22 Net assets 251,841 254,591 245,2 26,832 229,636 2,441.64 Interest-bearing liabilities 19,192 15,17 11,838 11,295 1,13 16.46 Cash flows from operating activities (2,235) 39,87 22,646 1,88 7,755 82.46 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) 21.29.23 Net assets per share 1,262.42 1,276.35 1,25.6 1,52.1 1,171.67 12.46 Dividends per share 42.5 27.5 1. 1. 1..11 Total dividends paid 8,382 5,423 1,954 1,936 1,936 2.58 % Dividend payout ratio 38.6 47. Number of employees 26,83 25,658 26,816 28,191 27,886 213 3 31 1 94.5 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, 213. 29 3 21 3 1 2 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 36,63 276,252 271,124 265,89 272,711 2,899.64 AV IT AV/IT 56,722 54,49 57,23 53,165 55,367 588.7 Electronic devices 21,975 19,745 2,61 16,233 15,38 159.89 Others 3,833 27,461 25,18 22,128 23,823 253.3 Lifestyle-related products 43,121 36,942 Sales by region Japan 234,844 218,46 179,574 167,15 165,79 1,762.79 North America 66,392 57,668 54,635 49,922 55,156 586.45 Europe 86,81 7,284 64,678 6,822 6,611 644.46 Asia, Oceania, and other areas 71,237 68,452 74,978 78,766 85,383 97.85 % Overseas sales ratio 48.9 47.3 52. 53.1 54.8 21 3 The magnesium molded parts business was terminated as of March 31, 21. 21 3 31 211 3 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 29,381 268,38 237,313 231,659 238,261 2,533.34 % Cost of sales ratio 63.2 64.7 63.5 65. 64.9 Gross profit 168,92 146,431 136,553 124,957 128,68 1,368.21 SG&A expenses 155,57 139,62 123,387 116,846 119,465 1,27.23 Personnel expenses 68,69 66,333 57,927 55,378 54,19 575.32 Advertising & sales promotion expenses 22,855 18,13 16,63 14,716 15,68 166.72 1 Yamaha Corporation
Net Sales 213 3 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 13/3 29 3 21 3 1 2 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
Segment Information Musical Instruments Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Sales 36,63 276,252 271,124 265,89 272,711 2,899.64 Operating income 19,198 5,117 8,616 7,713 8,148 86.63 % Operating income to sales 6.3 1.9 3.2 2.9 3. Capital expenditures 14,793 11,663 8,8 8,251 9,462 1.61 Depreciation expenses 1,42 9,511 9,678 9,65 8,912 94.76 R&D expenses 1,78 9,91 11,557 12,74 12,85 128.5 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 55,367 588.7 Operating income (loss) (41) 1,45 2,547 2,872 2,856 3.37 % Operating income (loss) to sales (.7) 2.6 4.5 5.4 5.2 Capital expenditures 1,451 1,348 1,44 1,59 1,931 2.53 Depreciation expenses 1,631 1,436 1,361 1,248 1,277 13.58 R&D expenses 5,257 5,65 5,752 4,898 5,222 55.52 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
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 15,38 159.89 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 3,247 659 921 736 1,381 14.68 Depreciation expenses 3,326 981 9 976 669 7.11 R&D expenses 4,474 3,63 3,931 3,979 3,374 35.87 Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 5, 3, 18. 6, 4, 3, 2, 1, 1,5-1,5 9. -9. 4, 2, 9/3 1/3 11/3 12/3 13/3-3, -18. 9/3 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 23,823 253.3 Operating income (loss) (2,1) 546 1,49 437 254 2.7 % Operating income (loss) to sales (6.8) 2. 5.9 2. 1.1 Capital expenditures 2,82 284 464 1,29 1,68 11.36 Depreciation expenses 1,889 1,323 873 684 754 8.2 R&D expenses 1,89 1,661 1,174 1,237 1,466 15.59 Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 4, 2,5 8. 2,5 3, 1,25 4. 2, 2, 1,5 1, 1, -1,25-4. 5 9/3 1/3 11/3 12/3 13/3-2,5 21 3 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
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 1,21 887 R&D expenses 894 927 Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses 5, 1, 2. 1,5 4, 3, 5 1. 1, 2, 5 1, 9/3 1/3-5 -1. 9/3 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 21 3 31 211 3 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. 5 Yamaha Corporation
Profitability % Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 Gross profit to net sales 36.8 35.3 36.5 35. 35.1 Operating income to net sales 3. 1.6 3.5 2.3 2.5 Net income (loss) to net sales (4.5) (1.2) 1.4 (8.2) 1.1 Free cash flow margin (6.1) 6.5 3.5.5 (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) 5.2 2.8 5.4 4.1 4.6 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, 4. 3. 2. 1. 3, 2, 1, 6. 4. 2. 2, -2, 5. -5. 9/3 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 24. 16. 8. -8. 16. 8. -8. -16. 9/3 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
Efficiency Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 Net sales 459,284 414,811 373,866 356,616 366,941 3,91.55 Total assets 48,974 42,152 39,852 366,61 39,61 4,153.22 Total assets turnover (Times).97 1.2.94.94.97 Trade receivables 5,536 47,415 45,89 44,468 5,98 542.5 Trade receivables turnover (Times) 7.94 8.47 8.8 7.96 7.69 Tangible fixed assets 127,613 116,291 18,267 16,858 11,325 1,173.5 Tangible fixed assets turnover (Times) 3.44 3.4 3.33 3.32 3.38 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 82,14 872.3 Merchandise and finished goods 56,58 48,87 47,361 51,452 54,647 581.4 Raw materials & work in process 24,114 21,431 24,298 25,693 27,367 29.98 Inventory turnover (Times) 5.85 5.52 5.3 4.79 4.61 Trade payables 25,625 21,791 24,198 22,263 2,339 216.26 Trade payables turnover (Times) 15.15 17.5 16.26 15.35 17.23 R&D expenses 23,218 21,736 22,416 22,819 22,149 235.5 % R&D expenses to net sales 5.1 5.2 6. 6.4 6. 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, 7.5 12, 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, 16. 12. 3, 3. 2, 1, 8. 4. 9/3 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
Stability and Soundness Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 213/3 % Equity ratio 6.9 62.6 61.9 55.6 58.1 Interest expenses 615 451 351 34 259 2.75 Operating income 13,845 6,828 13,165 8,11 9,215 97.98 Equity in earnings (losses) of affiliates (7) () () () (.) Interest and dividend income 2,61 786 1,1 1,598 1,339 14.24 Interest coverage (Times) 26.74 16.88 4.38 31.84 4.64 Current assets 22,97 193,26 194,717 188,952 197,92 2,14.22 Current liabilities 9,5 75,182 74,836 72,829 71,55 76.77 % Current ratio 224.4 257.1 26.2 259.4 276.6 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 251,841 254,591 245,2 26,832 229,636 2,441.64 Interest-bearing liabilities 19,192 15,17 11,838 11,295 1,13 16.46 D/E Debt to equity ratio (Times).8.6.5.5.4 Fixed assets 26,876 28,891 196,134 177,658 192,77 2,48.98 % Fixed assets to capital ratio 82.1 82. 8.1 85.9 83.9 Quick assets 93,19 17,492 14,259 11,271 12,676 1,91.72 % Quick ratio 13.5 143. 139.3 139.1 143.5 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) 213 3 31 As of March 31, 213 Long-term senior debt rating A Stable A Stable Financial Data 213 8
Consolidated Balance Sheets 3 31 At March 31: 29 21 211 212 213 213 ASSETS Current assets: Cash and deposits 41,373 59,47 57,21 52,13 51,445 547. Notes and accounts receivable trade 51,938 48,911 46,486 45,634 52,69 553.63 Short-term investment securities 1,28 67 1,96 4,699 25 2.66 Inventories 8,694 69,518 71,659 77,146 82,14 872.3 Deferred tax assets 1,95 7,54 8,393 1,855 2,241 23.83 Other 17,37 8,744 1,44 8,678 1,969 116.63 Allowance for doubtful accounts (1,41) (1,496) (1,397) (1,165) (1,88) (11.57) Total current assets 22,97 193,26 194,717 188,952 197,92 2,14.22 Property, plant and equipment, net of accumulated depreciation: Buildings and structures, net 38,885 42,158 38,16 36,695 36,845 391.76 Machinery and equipment, net 23,196 21,325 19,651 19,31 21,45 227.59 Land 56,69 5,655 49,347 48,853 49,634 527.74 Leased assets, net 521 36 272 25 336 3.57 Construction in progress 8,318 1,845 888 1,757 2,14 22.37 Total property, plant and equipment, net of accumulated depreciation 127,613 116,291 18,267 16,858 11,325 1,173.5 Investments and other assets: Investment securities 57,131 8,44 75,477 61,69 71,568 76.96 Long-term loans receivable 436 467 368 353 365 3.88 Deferred tax assets 9,566 2,92 3,654 1,45 1,29 13.72 Lease and guarantee deposits 6,234 5,254 4,732 4,792 5,19 53.37 Goodwill 36 348 22 54 356 3.79 Other 6,743 4,37 4,16 3,61 4,374 46.51 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 82,382 875.94 Total assets 48,974 42,152 39,852 366,61 39,61 4,153.22 9 Yamaha Corporation
3 31 At March 31: 29 21 211 212 213 213 LIABILITIES Current liabilities: Notes and accounts payable trade 25,625 21,791 24,198 22,263 2,339 216.26 Short-term loans payable 14,216 8,816 6,597 9,883 9,36 99.52 1 Current portion of long-term loans payable 1,483 1,23 3,863 912 486 5.17 Accounts payable other and accrued expenses 34,12 32,496 28,657 29,47 31,39 332.9 Income taxes payable 2,9 1,9 2,33 1,931 1,582 16.82 Advances received 1,385 986 617 234 14.15 Deferred tax liabilities 64 7 1 262 625 6.65 Other 11,17 8,159 8,596 7,935 7,831 83.27 Total current liabilities 9,5 75,182 74,836 72,829 71,55 76.77 Noncurrent liabilities: Long-term loans payable 3,491 5,177 1,376 499 165 1.75 Deferred tax liabilities 126 929 199 15,348 18,491 196.61 Deferred tax liabilities for land revaluation 16,776 14,931 14,486 12,595 12,439 132.26 Provision for retirement benefits 27,628 33,675 37,599 41,479 41,148 437.51 Long-term deposits received 16,723 16,144 15,854 15,516 15,445 164.22 Other 2,336 1,519 1,496 1,58 1,732 18.42 Total noncurrent liabilities 67,83 72,378 71,13 86,948 89,422 95.79 NET ASSETS Shareholders equity: Capital stock 28,534 28,534 28,534 28,534 28,534 33.39 Capital surplus 4,54 4,54 4,54 4,54 4,54 425.88 Retained earnings 176,739 167,614 169,894 138,152 14,473 1,493.6 Treasury stock (29) (34) (3,69) (3,69) (3,699) (39.33) Total shareholders equity 245,298 236,169 234,793 23,5 25,363 2,183.55 Accumulated other comprehensive income: Valuation difference on available-for-sale securities 19,817 34, 33,559 27,337 34,81 37.12 Deferred losses on hedges (394) (166) (252) (367) (41) (.44) Revaluation reserve for land 18,769 16,21 15,549 17,34 17,184 182.71 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 7,272 662 21,58 228.69 Minority interests 2,845 2,852 2,937 3,118 2,764 29.39 Total net assets 251,841 254,591 245,2 26,832 229,636 2,441.64 Total liabilities and net assets 48,974 42,152 39,852 366,61 39,61 4,153.22 Financial Data 213 1
Consolidated Statements of Operations 3 31 1 Years ended March 31: 29 21 211 212 213 213 Net sales 459,284 414,811 373,866 356,616 366,941 3,91.55 Cost of sales 29,381 268,38 237,313 231,659 238,261 2,533.34 Gross profit 168,92 146,431 136,553 124,957 128,68 1,368.21 Selling, general and administrative expenses 155,57 139,62 123,387 116,846 119,465 1,27.23 Operating income 13,845 6,828 13,165 8,11 9,215 97.98 Other income (expenses): Interest and dividend income 2,61 786 1,1 1,598 1,339 14.24 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) 1,64 17.5 Gain on sales of investment securities 5 1 264 1 1,89 11.58 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) 11 172 1.83 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 7,795 82.88 Income taxes: Current 3,79 3,84 4,349 3,959 3,635 38.65 Deferred (benefit) 4,924 1,265 (2,99) 32,117 (179) (1.9) Total income taxes 8,714 4,349 1,359 36,77 3,455 36.74 Income (loss) before minority interests (2,873) (4,55) 5,443 (29,16) 4,339 46.14 Minority interests in income (loss) (258) 371 364 274 217 2.31 Net income (loss) (2,615) (4,921) 5,78 (29,381) 4,122 43.83 Consolidated Statements of Comprehensive Income 3 31 1 Years ended March 31: 29 21 211 212 213 213 Income (loss) before minority interests 5,443 (29,16) 4,339 46.14 Other comprehensive income: Valuation difference on available-for-sale securities (441) (6,221) 7,474 79.47 Deferred gains or losses on hedges (86) (114) 326 3.47 Revaluation reserve for land 1,82 Foreign currency translation adjustment (7,292) (1,966) 13,67 144.68 Share of other comprehensive income (loss) of affiliates, accounted for using the equity method (). Total other comprehensive income (loss) (7,82) (6,5) 21,48 227.62 Comprehensive income (loss) (2,376) (35,66) 25,747 273.76 11 Yamaha Corporation (Composition) Comprehensive income (loss) attributable to owners of the parent (2,566) (35,941) 25,91 266.78 Comprehensive income attributable to minority interests 189 334 656 6.98
Consolidated Statements of Cash Flows 3 31 1 Years ended March 31: 29 21 211 212 213 213 Net cash provided by (used in) operating activities: Income (loss) before income taxes and minority interests (12,159) (21) 6,82 6,971 7,795 82.88 Depreciation and amortization 17,912 14,139 12,814 11,973 11,613 123.48 Loss on impairment of fixed assets 15,323 1,962 2,687 169 293 3.12 Increase (decrease) in allowance for doubtful accounts (116) 23 (158) (136) (355) (3.77) Loss on valuation of investment securities 277 478 1,563 19 32.34 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 615 451 351 34 259 2.75 Foreign exchange losses (gains) (144) 14 678 48 (181) (1.92) Equity in (earnings) losses of affiliates 7 (). Loss (gain) on sales or disposal of property, plant and equipment, net 621 (21) 27 17 (1,64) (17.5) Business structural reform expense 4,863 3,59 32.53 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) 2,4 21.31 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 12,643 134.43 Interest and dividend income received 2,649 79 986 1,583 1,327 14.11 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 7,755 82.46 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 1,223 931 2,68 28.5 Payments for purchase of investment securities (99) (394) (15) (1.59) Proceeds from sales and redemption of investment securities 3,15 8 1,371 6 283 3.1 Proceeds from sales of stock of subsidiaries and affiliates 6 5.5 Other, net (9,851) (384) 982 148 (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 2,783 45 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) 261 2.78 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) 3,825 4.67 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 55,919 594.57 Increase in cash and cash equivalents from newly consolidated subsidiary 1,17 1,38 13 1.38 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 49,464 525.93 Financial Data 213 12
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, 4 28 7 1 1 29 4 7 1 1 21 4 7 1 1 211 4 7 1 1 212 4 7 1 1 213 Yen Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 Share price at the end of fiscal year 957 1,27 943 858 934 Share price high 2,24 1,282 1,295 1,34 1,35 Share price low 73 865 85 663 654 Trading volume (Million shares) 43 252 28 291 281 Fiscal year ended: 29/3 21/3 211/3 212/3 213/3 % Dividend yield 4.44 2.28 1.6 1.17 1.7 Price to earnings ratio (Times) 36.4 43.9 Price to book value ratio (Times).76.95.75.82.8 Number of shares issued (Thousand shares) 197,255 197,255 197,255 197,255 197,255 Market capitalization at the end of fiscal year ( yen) 188,773 238,86 186,11 169,244 184,236 % Percentage of shares owned by foreign investors 21.4 23.4 25.9 22.9 26.4 29 3 21 3 1 2 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) 2. 4. 3. 2. 1. 4 3 2 1 1.5 1..5 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 13/3 29 3 21 3 1 2 A special dividend of 2 is included in the dividends per share for the years ended March 31, 29 and 21. 13 Yamaha Corporation
213 3 31 Investor Information (As of March 31, 213) 43-865 1 1 Head Office 1-1, Nakazawa-cho, Naka-ku, Hamamatsu, Shizuoka 43-865, Japan Date of Establishment 1897 1 12 October 12, 1897 Account Settlement Date 3 31 March 31 Dividends 3 31 Year-end: To the shareholders of record on March 31 9 3 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. 7951 6 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 213 14
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