Analysis of Financial Position Total assets at the end of the fiscal year under review stood at ¥1,640.9 billion, an increase of ¥108.1 billion compared with the end of the previous fiscal year. Current assets rose ¥46.8 billion, mainly due to securing liquidity on hand to counteract the impacts of COVID-19. This outcome was despite factors that included a decline in inventories primarily in developed markets as supply lagged behind the recovery in sales, a decrease in short-term sales finance receivables that accompanied the drop in dealership inven-tories, and a decrease in notes and account receivables due to lower sales in ASEAN markets. Fixed assets grew ¥61.3 billion due to factors such as the increase in long-term sales finance receiv-ables stemming from the Company’s shift to greater autonomy in loan receivables for “Prime” customers in the United States.Total liabilities rose ¥110.8 billion, to ¥891.8 billion, due to higher interest-bearing debt and other factors. Total net assets amounted to ¥749.2 billion, a decline of ¥2.7 billion despite ¥53.1 billion in net income attributable to owners of parent due in part to ¥15.7 billion in cash dividends paid, a ¥21.7 billion decrease in foreign currency conversion adjustments, and a decline in non-controlling interests of ¥12.1 billion.As a result, the shareholders’ equity ratio was 43.6%, com-pared with 46.0% at the end of the previous fiscal year, while the net debt/equity ratio was 0.27 times, compared with 0.34 times. Cash Flows Operating Cash FlowOverall, net cash provided by operations in fiscal 2020 was ¥110.5 billion (¥99.1 billion in the previous fiscal year). This mainly reflected cash provided from ¥85.0 billion in income before taxes, etc., (¥120.6 billion), ¥48.2 billion in depreciation expenses (¥49.7 billion), a decrease in inventories of ¥32.7 billion (an increase of ¥17.4 billion), a decrease in notes and account receivables of ¥17.3 billion (a decrease of ¥2.7 billion), and an increase in notes and accounts payable of ¥11.5 billion (a decrease of ¥7.1 billion), against cash used for an increase in sales finance receivables of ¥68.3 billion (an increase of ¥32.2 billion), and other factors.Investing Cash FlowNet cash used for investing was ¥44.0 billion (¥79.7 billion in the previous fiscal year), primarily reflecting ¥51.4 billion (¥58.7 billion) used for purchasing fixed assets.Financing Cash FlowNet cash provided by financing was ¥83.7 billion (net cash used in financing of ¥36.8 billion in the previous fiscal year), primarily reflecting the procurement of funds through long- and short-term loans payable, despite net cash used as a result of cash dividends paid, purchases of additional YRH shares, and other factors.As a result of the above, free cash flow for fiscal 2020 was a positive ¥66.5 billion (a positive ¥19.5 billion in the previous fiscal year), interest-bearing debt at the end of fiscal 2020 stood at ¥466.9 billion (an increase of ¥102.0 billion compared with the previous fiscal year-end), and cash and cash equivalents came to ¥267.2 billion (an increase of ¥144.5 billion compared with the end of the previous fiscal year).Management’s Discussion and Analysis of Fiscal 2020 Business ResultsFacts and Data86Yamaha Motor Co., Ltd. Integrated Report 2021Net Assets per Share and Equity Ratio(¥)(%) Net assets per share Equity ratio2,5002,0001,000201620172018201920200504020500101,5003002,04543.6(FY)1.21.31.10.91.02016201720182019202000.93(FY)Total Asset Turnover(Times)
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