Annual Report 2015


New Medium-Term Management Plan

A unique company that continues to achieve dynamic milestones

We will increase the earnings power of existing businesses (marginal profit, investment efficiency, business efficiency), and while creating a stable financial foundation and increasing new growth investment and stock dividends

Numerical Targets

Net Sales

2Trillion \

Operating Income

180.0Billion \

Operating Income Margin


Equity Ratio


ROE (three-year average)


Cost Reductions
(for the next three years)

60.0Billion \

Net Sales and Operating Income (Recent Results and FY2018 Target)


Financial Strategies

Equity Ratio


2013-2015 37.6%



2013-2015 Average 13.9%



2013-2015 172Yen

R&D Expenditures + Capital Expenditures for New Growth Strategies

130.0Billion \

Dividend Payout Ratio


2013-2015 20-26%

Receivables Balance of Financing Business

320.0Billion \

Management Strategies

Business Areas and Growth Strategies
Pursuing four growth strategies in three business areas

We will pursue the growth strategies of “the growing world of personal mobility,” “competing in the 3-trillion-yen global marine market,” “solutions business,” and “foundational technology development” within the business areas of “fulfilling lifestyles,” “enjoyment in personal mobility,” and “innovative technologies that harmonize with people, the Earth and society.”

Product Competitiveness
Increasing brand power and earnings power

We will strengthen our product competitiveness using new concepts, technologies that create joy and trust among customers, refined design, and marketing strength, and will develop and bring to market 270 new models.

Global Management
Developing human resources who embody the Yamaha brand

We will promote greater global management by raising the portion of overseas production and diversifying human resources by hiring managers from overseas and increasing the number of women in management positions.

Cost Reductions
Aiming for a 5% reduction in material purchase costs

We will strengthen the competitiveness of platform models, expand global layout initiatives, and promote theoretical-value-based production and logistics.

Key Business Strategies

Motorcycle Business
Moving toward “highly-efficient” business management
Marine Products Business
“Competing in the 3-trillion-yen global marine market”
Power Products/Other Businesses
“Creating a unique
business model”