Yamaha Motor Integrated Report 2022

(Three-year average)GrowthProfitability(Three-year average)Efficiency(Three-year average)Shareholder ReturnsNet SalesOperating Income MarginCapital Efficiency (approx. 7% WACC)Total Payout RatioCAGR*1Over 7%New Medium-Term Management PlanOver 9%ROIC9% rangeCumulative total for the three-year Medium-Term Management Plan period40% rangeCarbon-Neutral • Develop a wide variety of powertrains• Launch 10+ BEV models• Powertrains compatible with alternative fuelsSafety Riding and Peace of Mind• Bolster safety riding • Expand support and activities for improv-ing user riding skills (1.6x more YRA participants)*3*3 Yamaha Riding Academy participants (three-year cumulative)Convert to Accelerate Co-CreationPowertrains• Exploratory development in new mobility fields• Accelerate exploration efforts (¥10 billion environ-mental tech fund)• Accelerate launch of new businesses contributing to a more sustainable worldAccelerate Digital Transformation• Connect with • 4.7 million Yamaha Motor ID registrants)• Creation of DX Shift to Energy-Saving / Carbon-Neutral Facilities• Introduce energy-saving and carbon-neutral equipment to 10+ countries• Begin using carbon-free electricity in JapanIncrease Global Workforce Agility• Foster employee engagement globally• Introduce global engagement indicators (improve by 10% at headquarters)*1 Average compound annual growth rate for FY2021–FY2024*2 ROA is calculated based on operating incomeGrowth Strategies The main growth driver over the period of the new Medium-Term Management Plan is our existing businesses. However, with societal demands and the business environment pushing things like CASE and carbon neutrality, the expected figures for future growth can greatly differ by business. We will clarify and stratify the positioning of our businesses based on demand trends, where we have competitive advantages, our strategies, and other factors, and then strategically allocate management resources among them in a measured way.Reinforcement of Management Foundations We will continue promoting our DX initiatives and the structural reforms to our production system. Our DX is employing digital technologies to bolster productivity and efficiency and this has started to produce results, but we have yet to reach the realm DX is originally about: transforming business models and how we work by using digital technologies. As we build upon the foundations that we successfully constructed under the previous Medium-Term Management Plan, we will also spark a transformation in the ways we work, the way we sell our products as the relationship with our customers changes, and more. In terms of structural reforms to our production system, we will continue steering the optimization of our factories in Japan and at those comprising our ASEAN production operations while carrying out reforms at our factories in the United States. At the same time, we will incorporate measures to Financial IndicatorsIn fiscal 2024Over ¥2,200 billionPrevious Medium-Term Management Plan7.5%ROE15% rangeInitiatives for Sustainability Initiatives to reduce greenhouse gas (GHG) emissions to counter climate change are an unavoidable issue for the Company as a manufacturer and seller of vehicles for personal mobility. Our measures include developing not only all-electric vehicles but also fuel-cell vehicles driven by hydrogen, and internal combustion engines powered by carbon-neutral fuels. Technological innovations from here onward are also expected to accelerate the practical application of these technologies and give birth to new methods for reducing GHGs. Meanwhile, we are pressing forward with our work to develop practi-cal applications for what we see on the horizon right now—electric pow-ertrains, fuel cells, and carbon-neutral fuels—while simultaneously exploring new possibilities as we proceed step by step towards our target of carbon neutrality by 2050. Financial and Non-Financial Indicators We are committed to growth, profitability, efficiency, and shareholder returns as financial indicators, and have set aiming to create value in a new mobility society as a non-financial indicator. Through our initiatives to achieve these, we will simultaneously enhance our environmental, social, and economic value, thereby ultimately raising our corporate value and making the Yamaha brand shine.Contributing to a More Sustainable WorldConnecting with People and Thriving as a CompanyROA*210% rangeaddress immediate business continuity plan (BCP) issues and thereby raise the overall level of our BCP in the fields of production and procurement. support featurescustomers worldwidepromotion personnel (1,200 people by 2024)23

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