R&D expensesDepreciationCapital expendituresManagement Discussion and Analysis of Operationsdecreased ¥1.6 billion as a result of factors including a decrease in property, plant and equipment and intangible assets despite an increase in long-term sales finance receivables.Total liabilities decreased ¥12.9 billion, to ¥737.7 billion, mainly from a decrease in electronically recorded obligations – operating and notes and accounts payable – trade. Total net assets increased ¥30.5 billion, to ¥695.7 billion, which included the recording of ¥93.4 billion of net income attributable to owners of parent and ¥32.8 billion of cash dividends paid. As a result, the shareholders’ equity ratio as of December 31, 2018 was 45.9% (an increase of 1.9 percentage points from the end of the previous fiscal year). The net debt-equity ratio was 0.3 times, compared with 0.3 times at the end of the previous fiscal year.Note 1: Equity ratio: (Shareholders’ equity + Accumulated other comprehensive income)/Total assets x 100 (%)Capital ExpendituresThe Group made investments of ¥55.1 billion in total during fiscal 2018.In the motorcycle business, investments of ¥29.2 billion were made mainly for new products in Japan and overseas, maintenance and repairs of production facilities, and enhancement of production capacity in India. In the marine products business, investments of ¥11.8 billion were made mainly for replacing an aging process line, etc. and enhancing production capacity mainly for outboard motors. In the power products business, investments of ¥9.1 billion were made mainly for new products of recreational off-highway vehicles (ROVs) and production facilities of new golf car products. In the industrial machinery and robots business, investments of ¥1.0 billion were made mainly for research and development of new industrial machinery products. In the other products business, investments of ¥3.9 billion were made mainly for research and development of automobile engines and electrically power-assisted bicycles as well as production facilities of industrial multirotors.Cash FlowsNet cash provided by operating activities during fiscal 2018 was ¥58.9 billion (¥126.3 billion in net cash provided in the previous fiscal year). This mainly reflected cash provided from ¥136.9 billion in income before income taxes (¥152.3 billion), ¥46.4 billion in depreciation (¥45.5 billion), and other factors, against cash used for a combined increase in inventories of ¥36.6 billion (an increase of ¥11.2 billion), an increase in notes and accounts receivable – trade and sales finance receivables of ¥35.0 billion (an increase of ¥50.3 billion), a decrease of ¥8.3 billion in notes and accounts payable – trade (an increase of ¥10.4 billion), and other factors. 8491955.65.66.320142015201620172018995.91036.16664446142382014201520162017201857554546% of R&D expenses to net salesR&D expenses and % of R&D expenses to net sales(Billion ¥)(%)Capital expenditures and depreciation(Billion ¥)Yamaha Motor Co., Ltd. Integrated Report 201882
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