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
Performance Trends Financial Highlights Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 For the year: Net sales 548,754 459,284 414,811 373,866 356,616 4,338.92 Operating income 32,845 13,845 6,828 13,165 8,11 98.67 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 11,337 137.94 Depreciation expenses 2,289 17,912 14,139 12,814 11,973 145.67 R&D expenses 24,865 23,218 21,736 22,416 22,819 277.64 At year-end: Total assets 54,347 48,974 42,152 39,852 366,61 4,46.52 Net assets 343,28 251,841 254,591 245,2 26,832 2,516.51 Interest-bearing liabilities 21,36 19,192 15,17 11,838 11,295 137.43 Cash flows from operating activities 37,225 (2,235) 39,87 22,646 1,88 132.38 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 1,875 22.81 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 191.76 (13.73) (24.95) 25.9 (151.73) (1.85) Net assets per share 1,646.44 1,262.42 1,276.35 1,25.6 1,52.1 12.8 Dividends per share 5. 42.5 27.5 1. 1..12 Total dividends paid 1,314 8,382 5,423 1,954 1,936 23.56 % Dividend payout ratio (%) 26.1 38.6 Number of employees 26,517 26,83 25,658 26,816 28,191 212 3 31 1 82.19 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, 212. 28 3 21 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. Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales by business segment Musical instruments 34,21 36,63 276,252 271,124 265,89 3,225.32 AV IT AV/IT 7,814 56,722 54,49 57,23 53,165 646.85 Electronic devices 45, 21,975 19,745 2,61 16,233 197.51 Others 36,44 3,833 27,461 25,18 22,128 269.23 Lifestyle-related products 45,52 43,121 36,942 Recreation 11,353 Sales by region Japan 276,614 234,844 218,46 179,574 167,15 2,33.15 North America 89,93 66,392 57,668 54,635 49,922 67.4 Europe 14,114 86,81 7,284 64,678 6,822 74.2 Asia, Oceania, and other areas 78,121 71,237 68,452 74,978 78,766 958.34 % Overseas sales ratio (%) 49.6 48.9 47.3 52. 53.1 29 3 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, 29. 29 3 21 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. The magnesium molded parts business was terminated as of March 31, 21. 21 3 31211 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: 28/3 29/3 21/3 211/3 212/3 212/3 Cost of sales 343,686 29,381 268,38 237,313 231,659 2,818.58 % Cost of sales ratio (%) 62.6 63.2 64.7 63.5 65. Gross profit 25,66 168,92 146,431 136,553 124,957 1,52.34 SG&A expenses 172,22 155,57 139,62 123,387 116,846 1,421.66 Personnel expenses 71,75 68,69 66,333 57,927 55,378 673.78 Advertising & sales promotion expenses 29,33 22,855 18,13 16,63 14,716 179.5 1 Yamaha Corporation
Net Sales 212 3 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 12/3 28 3 21 3 1 2 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
Segment Information Musical Instruments Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Sales 34,21 36,63 276,252 271,124 265,89 3,225.32 Operating income 27,924 19,198 5,117 8,616 7,713 93.84 % Operating income to sales (%) 8.2 6.3 1.9 3.2 2.9 Capital expenditures 16,472 14,793 11,663 8,8 8,251 1.39 Depreciation expenses 1,156 1,42 9,511 9,678 9,65 11.29 R&D expenses 11,597 1,78 9,91 11,557 12,74 154.57 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 53,165 646.85 Operating income (loss) 1,839 (41) 1,45 2,547 2,872 34.94 % Operating income (loss) to sales (%) 2.6 (.7) 2.6 4.5 5.4 Capital expenditures 2,9 1,451 1,348 1,44 1,59 12.88 Depreciation expenses 1,794 1,631 1,436 1,361 1,248 15.18 R&D expenses 5,87 5,257 5,65 5,752 4,898 59.59 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
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 16,233 197.51 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 3,247 659 921 736 8.95 Depreciation expenses 4,618 3,326 981 9 976 11.87 R&D expenses 5,387 4,474 3,63 3,931 3,979 48.41 Sales Operating Income (Loss)/ Operating Income (Loss) to Sales Capital Expenditures/R&D Expenses % yen) 5, 3, 18. 6, 4, 3, 2, 1, 1,5-1,5 9. -9. 4, 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 22,128 269.23 Operating income (loss) 1,731 (2,1) 546 1,49 437 5.32 % Operating income (loss) to sales (%) 4.8 (6.8) 2. 5.9 2. Capital expenditures 2,228 2,82 284 464 1,29 15.7 Depreciation expenses 1,73 1,889 1,323 873 684 8.32 R&D expenses 1,44 1,89 1,661 1,174 1,237 15.5 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 8/3 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 29 3 21 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. The magnesium molded parts business was terminated as of March 31, 21. Financial Data 212 4
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 1,21 887 R&D expenses 1,351 894 927 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, 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 21 3 31211 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. 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, -5-4. 5 5, -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. -12. 8/3 5 Yamaha Corporation
Profitability % Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 Gross profit to net sales 37.4 36.8 35.3 36.5 35. Operating income to net sales 6. 3. 1.6 3.5 2.3 Net income (loss) to net sales 7.2 (4.5) (1.2) 1.4 (8.2) Free cash flow margin 14.4 (6.1) 6.5 3.5.5 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) 9.9 5.2 2.8 5.4 4.1 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, 4. 3. 2. 1. 3, 2, 1, 6. 4. 2. 2, -2, 5. -5. 8/3 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 24. 16. 8. -8. 16. 8. -8. -16. 8/3 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
Efficiency Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 Net sales 548,754 459,284 414,811 373,866 356,616 4,338.92 Total assets 54,347 48,974 42,152 39,852 366,61 4,46.52 Total assets turnover (Times) 1..97 1.2.94.94 Trade receivables 65,126 5,536 47,415 45,89 44,468 541.4 Trade receivables turnover (Times) 7.74 7.94 8.47 8.8 7.96 Tangible fixed assets 139,575 127,613 116,291 18,267 16,858 1,3.13 Tangible fixed assets turnover (Times) 3.79 3.44 3.4 3.33 3.32 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 77,146 938.63 Merchandise and finished goods 5,699 56,58 48,87 47,361 51,452 626.1 Raw materials & work in process 25,64 24,114 21,431 24,298 25,693 312.6 Inventory turnover (Times) 6.92 5.85 5.52 5.3 4.79 Trade payables 35,17 25,625 21,791 24,198 22,263 27.87 Trade payables turnover (Times) 14.4 15.15 17.5 16.26 15.35 R&D expenses 24,865 23,218 21,736 22,416 22,819 277.64 % R&D expenses to net sales (%) 4.5 5.1 5.2 6. 6.4 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, 7.5 12, 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, 16. 12. 3, 3. 2, 1, 8. 4. 8/3 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
Stability and Soundness Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 212/3 % Equity ratio (%) 62.9 6.9 62.6 61.9 55.6 Interest expenses 1,68 615 451 351 34 3.7 Operating income 32,845 13,845 6,828 13,165 8,11 98.67 Equity in earnings (losses) of affiliates 145 (7) () (). Interest and dividend income 3,925 2,61 786 1,1 1,598 19.44 Interest coverage (Times) 34.56 26.74 16.88 4.38 31.84 Current assets 275,754 22,97 193,26 194,717 188,952 2,298.97 Current liabilities 12,174 9,5 75,182 74,836 72,829 886.11 % Current ratio (%) 229.5 224.4 257.1 26.2 259.4 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 343,28 251,841 254,591 245,2 26,832 2,516.51 Interest-bearing liabilities 21,36 19,192 15,17 11,838 11,295 137.43 D/E Debt to equity ratio (Times).6.8.6.5.5 Fixed assets 264,592 26,876 28,891 196,134 177,658 2,161.55 % Fixed assets to capital ratio (%) 77.1 82.1 82. 8.1 85.9 Quick assets 169,946 93,19 17,492 14,259 11,271 1,232.16 % Quick ratio (%) 141.4 13.5 143. 139.3 139.1 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) 212 3 31 As of March 31, 212 Long-term senior debt rating A Stable A Stable Financial Data 212 8
Consolidated Balance Sheets 3 31 At March 31: 28 29 21 211 212 212 ASSETS Current assets: Cash and deposits 73,619 41,373 59,47 57,21 52,13 633.93 Notes and accounts receivable trade 68,68 51,938 48,911 46,486 45,634 555.23 Short-term investment securities 31,2 1,28 67 1,96 4,699 57.17 Inventories 76,34 8,694 69,518 71,659 77,146 938.63 Deferred tax assets 17,642 1,95 7,54 8,393 1,855 22.57 Other 11,861 17,37 8,744 1,44 8,678 15.58 Allowance for doubtful accounts (3,554) (1,41) (1,496) (1,397) (1,165) (14.17) Total current assets 275,754 22,97 193,26 194,717 188,952 2,298.97 Property, plant and equipment, net of accumulated depreciation: Buildings and structures, net 42,62 38,885 42,158 38,16 36,695 446.47 Machinery and equipment, net 31,71 23,196 21,325 19,651 19,31 234.83 Land 61,134 56,69 5,655 49,347 48,853 594.39 Leased assets, net 521 36 272 25 3.4 Construction in progress 4,129 8,318 1,845 888 1,757 21.38 Total property, plant and equipment, net of accumulated depreciation 139,575 127,613 116,291 18,267 16,858 1,3.13 Investments and other assets: Investment securities 19,943 57,131 8,44 75,477 61,69 75.58 Long-term loans receivable 265 436 467 368 353 4.29 Deferred tax assets 2,65 9,566 2,92 3,654 1,45 12.71 Lease and guarantee deposits 6,264 6,234 5,254 4,732 4,792 58.3 Goodwill 1,34 36 348 22 54.66 Other 6,77 6,743 4,37 4,16 3,61 43.81 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 7,799 861.41 Total assets 54,347 48,974 42,152 39,852 366,61 4,46.52 9 Yamaha Corporation
3 31 At March 31: 28 29 21 211 212 212 LIABILITIES Current liabilities: Notes and accounts payable trade 35,17 25,625 21,791 24,198 22,263 27.87 Short-term loans payable 14,419 14,216 8,816 6,597 9,883 12.25 1 Current portion of long-term loans payable 4,472 1,483 1,23 3,863 912 11.1 Accounts payable other and accrued expenses 41,443 34,12 32,496 28,657 29,47 357.79 Income taxes payable 14,916 2,9 1,9 2,33 1,931 23.49 Advances received 1,84 1,385 986 617 234 2.85 Deferred tax liabilities 7 64 7 1 262 3.19 Other 8,56 11,17 8,159 8,596 7,935 96.54 Total current liabilities 12,174 9,5 75,182 74,836 72,829 886.11 Noncurrent liabilities: Long-term loans payable 2,145 3,491 5,177 1,376 499 6.7 Deferred tax liabilities 13,999 126 929 199 15,348 186.74 Deferred tax liabilities for land revaluation 16,811 16,776 14,931 14,486 12,595 153.24 Provision for retirement benefits 25,311 27,628 33,675 37,599 41,479 54.67 Long-term deposits received 17,4 16,723 16,144 15,854 15,516 188.78 Other 1,836 2,336 1,519 1,496 1,58 18.35 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 28,534 347.17 Capital surplus 4,54 4,54 4,54 4,54 4,54 487.33 Retained earnings 229,37 176,739 167,614 169,894 138,152 1,68.89 Treasury stock (326) (29) (34) (3,69) (3,69) (44.9) Total shareholders equity 297,57 245,298 236,169 234,793 23,5 2,47.5 Accumulated other comprehensive income: Valuation difference on available-for-sale securities 48,945 19,817 34, 33,559 27,337 332.61 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 17,34 21.54 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 7,272 662 8.5 Minority interests 3,383 2,845 2,852 2,937 3,118 37.94 Total net assets 343,28 251,841 254,591 245,2 26,832 2,516.51 Total liabilities and net assets 54,347 48,974 42,152 39,852 366,61 4,46.52 Financial Data 212 1
Consolidated Statements of Operations 3 31 1Years ended March 31: 28 29 21 211 212 212 Net sales 548,754 459,284 414,811 373,866 356,616 4,338.92 Cost of sales 343,686 29,381 268,38 237,313 231,659 2,818.58 Gross profit 25,66 168,92 146,431 136,553 124,957 1,52.34 Selling, general and administrative expenses 172,22 155,57 139,62 123,387 116,846 1,421.66 Operating income 32,845 13,845 6,828 13,165 8,11 98.67 Other income (expenses): Interest and dividend income 3,925 2,61 786 1,1 1,598 19.44 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 763 5 1 264 1.1 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) 11.13 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 6,971 84.82 Income taxes: Current 17,552 3,79 3,84 4,349 3,959 48.17 Deferred (benefit) 4,71 4,924 1,265 (2,99) 32,117 39.77 Total income taxes 22,263 8,714 4,349 1,359 36,77 438.95 Income (loss) before minority interests 4,247 (2,873) (4,55) 5,443 (29,16) (354.13) Minority interests in income (loss) 689 (258) 371 364 274 3.33 Net income (loss) 39,558 (2,615) (4,921) 5,78 (29,381) (357.48) Consolidated Statements of Comprehensive Income 3 31 1Years ended March 31: 28 29 21 211 212 212 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 1,82 21.92 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 189 334 4.6
Consolidated Statements of Cash Flows 3 31 1Years ended March 31: 28 29 21 211 212 212 Net cash provided by (used in) operating activities: Income (loss) before income taxes and minority interests 62,51 (12,159) (21) 6,82 6,971 84.82 Depreciation and amortization 2,289 17,912 14,139 12,814 11,973 145.67 Loss on impairment of fixed assets 15,323 1,962 2,687 169 2.6 Increase (decrease) in allowance for doubtful accounts (366) (116) 23 (158) (136) (1.65) Loss on valuation of investment securities 263 277 478 1,563 19.23 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 3,884 47.26 Interest and dividend income (3,925) (2,61) (786) (1,1) (1,598) (19.44) Interest expenses 1,68 615 451 351 34 3.7 Foreign exchange losses (gains) 393 (144) 14 678 48.58 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) 27 17 1.3 Business restructuring expenses 4,863 Special retirement expenses 814 96 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) 599 7.29 Subtotal 43,118 19,399 35,748 26,212 14,35 174.5 Interest and dividend income received 3,912 2,649 79 986 1,583 19.26 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 1,88 132.38 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 1,223 931 11.33 Payments for purchase of investment securities (84) (99) (394) (4.79) Proceeds from sales and redemption of investment securities 811 3,15 8 1,371 6.7 Proceeds from sales of subsidiaries and affiliates stock 67,778 6 Other, net (7,457) (9,851) (384) 982 148 1.8 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 19 176 (4,714) (2,1) 3,6 37.23 Proceeds from long-term loans payable 2,212 2,756 2,783 45 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 58,446 711.11 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 53.64 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 55,919 68.36 Financial Data 212 12
Stock Information Common Stock Price Range and Trading Volume Yen) 3, Common stock price range 2, 1, Thousand share) 6, Trading volume 4, 2, 4 27 7 1 1 28 4 7 1 1 29 4 7 1 1 21 4 7 1 1 211 4 7 1 1 212 Yen Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 Share price at the end of fiscal year 1,96 957 1,27 943 858 Share price high 2,91 2,24 1,282 1,295 1,34 Share price low 1,889 73 865 85 663 Trading volume (Million shares) 277 43 252 28 291 Fiscal year ended: 28/3 29/3 21/3 211/3 212/3 % Dividend yield (%) 2.62 4.44 2.28 1.6 1.17 Price to earnings ratio (Times) 9.9 36.4 Price to book value ratio (Times) 1.16.76.95.75.82 Number of shares issued (Thousand shares) 26,525 197,255 197,255 197,255 197,255 Market capitalization at the end of fiscal year ( yen) 393,636 188,773 238,86 186,11 169,244 % Percentage of shares owned by foreign investors (%) 29.7 21.4 23.4 25.9 22.9 28 3 21 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. Dividend Yield Price to Earnings Ratio Price to Book Value Ratio (%) 5. 4. 3. 2. 1. (Times) 4 3 2 1 (Times) 2. 1.5 1..5 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 12/3 28 3 21 3 1 2 The dividends per share from the years ended March 31, 28 to March 31, 21 includes a 2 special dividend. 13 Yamaha Corporation
212 3 31 Investor Information (As of March 31, 212) 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 28,563 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 212 14
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