Interest-bearing debtNet cash used in investing activities during fiscal 2018 was ¥48.3 billion (¥53.2 billion in net cash used in the previous fiscal year), primarily reflecting ¥54.0 billion used for purchase of property, plant and equipment and intangible assets (¥64.4 billion). Net cash used in financing activities during fiscal 2018 was ¥26.4 billion (¥52.8 billion in net cash used in the previous fiscal year), primarily reflecting cash dividends paid and the repayment of loans payable.As a result of the activities discussed above, free cash flow for fiscal 2018 was a positive ¥10.6 billion (a positive ¥73.1 billion for the previous fiscal year), and interest-bearing debt at the end of the fiscal year was ¥356.7 billion (an increase of ¥3.2 billion from the end of the previous fiscal year) and cash and cash equivalents totaled ¥138.2 billion (a decrease of ¥17.5 billion from the end of the previous fiscal year). Interest-bearing debt includes ¥262.8 billion in borrowings for sales finance (an increase of ¥14.1 billion).Demand for FundsThe Group’s fund requirements are primarily to cover the cost of procuring materials and parts used in product manufacturing and costs incurred in the manufacturing process, as well as purchasing costs for products and merchandise, SG&A expenses, working capital and capital expenditures.Cash DividendsThe Company considers enhancing the interests of shareholders an important management issue, and endeavors to enhance corporate value.In regard to dividends, the Company seeks to “create a stable financial foundation, and increase new growth investment and stock dividends,” and sets a benchmark for its dividend payout ratio as 30% of net income attributable to owners of parent.The Company has a basic policy of paying an interim dividend and a year-end dividend. The decision-making bodies for dividends are the Board of Directors for interim dividends and the General Meeting of Shareholders for year-end dividends. In addition, the Company’s Articles of Incorporation provides that the record date for the interim dividend shall be June 30, and December 31 for the year-end dividend.The Company decided to pay a year-end dividend of ¥45 per share for fiscal 2018. Added to the interim dividend (¥45 per share), this gave a total dividend for the year of ¥90 per share.1.21.21.21.21.12014201520162017201840441036487.868.283.62014201520162017201835356.835754.3（%）Net assets per share1,3171,4051,53037.640.535.1201420152016201720181,78344.01,88345.9Equity ratio (%)Debt/equity ratio (%)Net assets per share and equity ratio Note 1 (¥)Total asset turnover(Times)Interest-bearing debt and debt/equity ratio(Billion ¥)(%)Yamaha Motor Co., Ltd. Integrated Report 201883
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