Capital Resources and Liquidity The 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, selling, general and adminis-trative expenses, working capital, and capital expenditures.Group companies acquire short-term loans payable denomi-nated 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.On managing capital liquidity, Yamaha Motor secures necessary liquidity by creating and updating cash flow schedules on a timely basis, and properly maintains cash and equivalents.Management Discussion and Analysis of Operations Capital Expenditures Capital expenditures totaled ¥58.1 billion during the fiscal year under review.In the Land Mobility segment, ¥36.3 billion was spent on new motorcycle products overseas, expansion of production capacity in the Philippines, and R&D in Japan. In the Marine Products seg-ment, ¥11.7 billion was used to expand production capacity and upgrade aging manufacturing facilities in Japan, mainly for out-board motors. In the Robotics segment, ¥2.3 billion was spent on new product R&D for surface mounters and industrial robots. In the Others segment, ¥7.8 billion was invested in new golf carts and R&D into automotive engines. Cash Flows Operating Cash FlowNet cash provided by operating activities was ¥99.1 billion (¥58.9 billion in net cash provided in the previous fiscal year). This mainly reflected cash provided from ¥120.6 billion in income before income taxes (¥136.9 billion) and ¥49.7 billion in depreciation expenses (¥46.4 billion), and other factors, against cash used for an increase in notes and accounts receivable–trade and sales finance receivables of ¥29.5 billion (an increase of ¥35.0 billion), an increase in inventories of ¥17.4 billion (an increase of ¥36.6 billion), and a decrease of ¥7.1 billion in notes and accounts payable–trade (a decrease of ¥8.3 billion), and other factors.Investing Cash FlowNet cash used in investing activities was ¥79.7 billion (¥48.3 billion in net cash used in the previous fiscal year), primarily reflecting ¥58.7 billion used for purchase of property, plant and equipment and intangible assets (¥54.0 billion) and ¥23.4 billion used for purchase of investment securities (¥2.9 billion).Financing Cash FlowNet cash used in financing activities was ¥36.8 billion (¥26.4 billion in net cash used in the previous fiscal year), primarily reflecting cash dividends paid.Facts and Data84Yamaha Motor Co., Ltd. Integrated Report 2020Net Assets per Share and Equity Ratio(¥)(%) Net assets per share Equity ratio2,5002,0001,000201520162017201820190504020500101,5003002,019.046.01.31.21.12015201620172018201901.13Total Asset Turnover(Times)
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