As a result of the activities discussed above, free cash flow for the fiscal year ended December 31, 2019, was a positive ¥19.5 billion (a positive ¥10.6 billion for the previous fiscal year), and interest-bearing debt at the end of the fiscal year was ¥365.0 billion (an increase of ¥8.3 billion from the end of the previous fiscal year), and cash and cash equivalents totaled ¥122.7 billion (a decrease of ¥15.4 billion from the end of the previous fiscal year). Interest-bearing debt includes ¥290.2 billion in bonds and borrowings for sales finance (an increase of ¥27.3 billion). Cash Dividends The Company considers enhancing the interests of shareholders an important management issue, and endeavors to enhance corpo-rate value.In regard to dividends, the Company seeks to “strike a balance between investments for new growth and returns to shareholders within the range of its cash flow, while maintaining and reinforc-ing the earning power of its existing businesses,” 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 addi-tion, 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 2019. Added to the interim dividend (¥45 per share), this added up to a total dividend for the year of ¥90 per share.85Yamaha Motor Co., Ltd. Integrated Report 20204203903302015201620172018201901007525360500365.0 51.8100804020152016201720182019050402020106030090 41.5Interest-Bearing Debt and Debt/Equity Ratio(¥ billion)(%) Interest-bearing debt Debt/equity ratioCash Dividends per Share and Payout Ratio (¥)(%) Cash dividends per share Payout ratio
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