¥100 billionWorking capitalGrowth Investments Based on Business Portfolio ManagementForecasts for Fiscal 2022 and Future OutlookCash FlowsInvest ¥480 billion into building business foundations the first is to strengthen the earnings power of our core businesses; the second is to accelerate our investments in new and growing busi-nesses that contribute to the creation of a sustainable world; and the third is to employ digital technologies and expedite co-creation with our partners to boost our growth potential. Further, we added “Sustainability” alongside the themes of “Growth strategies” and “Reinforcement of management foundations” that have guided previous Medium-Term Management Plans, and this decision was made because we believe the Company will be unable to continue existing as one willingly chosen by customers should we not give due concern to the environment and sustainability. To that end, we will prioritize our decision-making for growth investments around whether they have the potential for making meaningful contributions to society at large.increase efficiency, and this is an area where establishing our break-even-point management style can demonstrate the fruits of our labor—in terms of financial health and success—to everyone. But it is also critical that we contribute to the creation of a more sustainable world at the same time. My role is to cultivate the seeds of growth we have sown and to orient our work around the financial foundations further strengthened through the previous Medium-Term Management Plan. It is vital that we ask ourselves if our products and services truly make our customers feel they gain greater happiness with a Yamaha. I believe that doing this should naturally result in the Company achiev-ing sustainable financial growth. As such, we will endeavor to bring ourselves closer in line and in sync with the values our customers hold—especially as COVID-19 becomes more endemic—and properly communicating that fact to all of our stakeholders is how we will share the progress we make toward achieving our Long-Term Vision.Cash-InNet income ¥400 billion –Depreciation expenses¥170 billion –and our core and strategic businessesCash-OutShareholder returns¥160 billion –Growth investments¥100 billionCapital expenditures¥280 billion The new Medium-Term Management Plan calls for allocating ¥480 billion in resources for building business foundations, core businesses, and strategic business fields, leveraging these to accelerate future growth initiatives and our work toward carbon neutrality. Furthermore, our shareholder return policy will still emphasize making consistent and ongoing dividend payments but while also taking into consider-ation the outlook for business performance and investments for future growth. We will also distribute returns to shareholders in a flexible way based on the scale of our cash flows, with a target total payout ratio in the 40% range for the cumulative three-year period of the new Medium-Term Management Plan. The acquisition of treasury stock announced following the Ordinary General Meeting of Shareholders in March 2022 was a show of management’s firm commitment to generating shareholder returns.At the heart of the new Medium-Term Management Plan is the approach to managing our business portfolio (details on page 24). Allocation of our management resources will be conducted based on this portfolio management and we will proactively expand our resource investments in strategic business fields. Compared to the previous Medium-Term Management Plan, we will bolster develop-ment expenses and growth strategy expenses by 1.6 times (¥41.4 billion more) to ¥115 billion, and raise capital investment by 1.8 times (up ¥10.6 billion) to ¥45 billion. This move represents how we will put lessons from the previous Medium-Term Management Plan to work and raise the effectiveness of measures. Additionally, the standards for making growth investments will prioritize whether or not they are in line with the Long-Term Vision. There are three pillars to the new Medium-Term Management Plan: To briefly summarize the Company’s outlook for fiscal 2022, we expect the demand environment to remain favorable and forecast sales across all our businesses to surpass those recorded in fiscal 2021. In terms of expected costs, we have accounted for the impacts of the shortage of semiconductor components and the effects of soaring costs for raw materials, logistics, and more, both which have persisted since fiscal 2021. To successfully weather this environment, our capacity to carry on with and fully institute our break-even-point management style while at the same time enhancing product competitiveness and driving our premium segment strategy forward will be called into question. But through such initiatives, we will aim to post record-high net sales and operating income numbers for the second consecutive year. The COVID-19 pandemic has drastically altered people’s values, while the increased pace of digitalization is heavily influencing customer purchasing behaviors. With people now able to obtain the same infor-mation worldwide regardless of time zones, marketing methods have clearly changed as well. The Company intends to accurately gauge these various changes in order to update our business practices and 35
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