Capital Resources and Liquidity The Yamaha Motor Group’s primary capital needs are covering the costs of procuring the materials, parts, and more used in product manufacturing; costs incurred in the manufacturing process; the purchasing costs for products and merchandise; selling, general and administrative expenses; working capital; and capital expenditures.Group companies acquire short-term loans requiring payment within one year denominated in local currencies to use as working capital. Meanwhile, funds for capital expenditures come primarily, in principle, 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 maintaining cash and cash equivalents on hand.In anticipation of a need for funds in light of the impacts of COVID-19, Company headquarters implemented crisis response measures such as borrowing ¥170.0 billion from financial institu-tions in fiscal 2020. However, the decline in inventory resulting from the suspension of factory operations and the sharp rebound in demand centered on developed markets, as well as the decrease in investments from the postponing or freezing of proj-ects based on priority, allowed the Company to secure positive free cash flow. Accordingly, the Company repaid the short-term loans payable that became due during the consolidated fiscal year under review.The Company has adopted a financial strategy of striking a balance between investments for new growth and returns to shareholders within the range of its cash flows, while maintaining and reinforcing the earnings power of its existing businesses. In its cash flow plan for fiscal 2021, the Company expects to increase working capital as it transitions from crisis response mode to a balance sheet under normal conditions. Capital Expenditures Capital expenditures were down ¥4.3 billion (7.4%) year on year, to ¥53.8 billion, during the fiscal year under review.In the Land Mobility segment, the Company spent ¥33.0 billion on outlays such as launching new motorcycle models for overseas markets, upgrading production equipment, expanding production capacity in the Philippines, and reallocating production roles at the headquarters. In the Marine Products segment, the Company used ¥12.8 billion on launching new models centered on out-board motors, upgrading production equipment, renovating Yamaha Marina Hamanako, and other expenditures. In the Robotics segment, the Company spent ¥1.9 billion on R&D for surface mounters and industrial robots, among other pursuits, while in the Other Products segment, it invested ¥6.0 billion in new golf car products and other expenditures. Cash Dividends The Company considers enhancing the interests of shareholders an important management issue and endeavors to improve corpo-rate value. With a focus on striking a balance between invest-ments for new growth and returns to shareholders within the range of its cash flows, while maintaining and reinforcing the earnings power of its existing businesses, the Company endeavors to pay dividends in a stable and sustainable manner, setting 30% of net income attributable to owners of parent as a benchmark for its dividend payout ratio.The Company has a basic policy of paying an interim dividend and a year-end dividend. The decision-making bodies for divi-dends are the Board of Directors for interim dividends and the General Meeting of Shareholders for year-end dividends. The Company’s Articles of Incorporation provides that the record date shall be June 30 for the interim dividend and December 31 for the year-end dividend.The Company decided to pay a full-year dividend of ¥60 per share for fiscal 2020.87Yamaha Motor Co., Ltd. Integrated Report 20214804353452016201720182019202001007525390500467 65.3(FY)100804020162017201820192020050402020106030060 39.5(FY)Interest-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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