Cash dividends per share8538991,29075495820142015201620172018Fund Procurement ConditionsGroup companies acquire short-term loans payable denominated in local currencies to use as working capital. Meanwhile, funds for plant and equipment investment come primarily from internal reserves, including paid-in capital and retained earnings.The annual amounts of interest-bearing debt to be repaid are as follows:(Billion ¥)Total1 year or less1 to 2 years2 to 3 years3 to 4 years4 to 5 yearsMore than 5 yearsShort-term loans payable163.0163.0—————Long-term loans payable193.7124.333.125.710.20.4—Note 2: Long-term loans payable includes current portion of long-term loans payable.Share PerformancePrice per share decreased from ¥3,695 at December 31, 2017, to ¥2,159 at December 31, 2018. The number of shares outstanding, excluding treasury stock, decreased from 349,232,466 shares at December 31, 2017, to 349,230,730 shares at December 31, 2018. As a result, the market capitalization of the Company decreased from ¥1,290.4 billion at December 31, 2017, to ¥754.0 billion at December 31, 2018.Forecast for Fiscal 2019In the fiscal year ending December 31, 2019, the Company expects that the business environment will remain uncertain due to factors including the economic slowdown in Europe and trade issues between the U.S. and China. Considering market conditions and demand trends, the Company plans to maintain stable growth and profit in existing businesses and proceed with developing new businesses. The consolidated financial results forecast is as follows:(Billion ¥)Net sales1,700.0 (+26.9, 1.6%)Operating income133.0 (–7.8, 5.5%)Ordinary income135.0 (–3.0, 2.2%)Net income attributable to owners of parent85.0 (–8.4, 9.0%)Note 3: ‌The figures in parentheses indicate amount and percentage changes from the fiscal year ended December 31, 2018.The forecast is based on the assumption that the exchange rates are ¥105 against the U.S. dollar (an appreciation of ¥5 from the previous fiscal year) and ¥120 against the euro (an appreciation of ¥10 from the previous fiscal year).2014201520162017201840.0060.0044.0020.425.633.288.0030.290.0033.716. ratio (%)Market capitalization(Billion ¥)Cash dividends per share and payout ratio(¥) (%)Price/earnings ratio(Times)Management Discussion and Analysis of OperationsYamaha Motor Co., Ltd. Integrated Report 201884

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