liquidity by creating and updating cash flow schedules on a timely basis and properly maintaining cash and cash equivalents on hand. In fiscal 2021, the Company was able to secure a year-on-year increase in free cash flow, despite a rise in working capital stemming from higher inventories, through favorable sales driven by robust demand in countries around the world and proceeds from the sale of shares held in Yamaha Corporation. In addition, treasury shares were acquired to heighten shareholder returns and capital efficiency. Yamaha Motor remains committed to improving corporate value based on the recognition that increasing returns to shareholders is an important management priority.Interest-Bearing Debt and Debt/Equity Ratio(¥ billion) Capital Resources and Liquidity The Yamaha Motor Group’s primary capital needs are covering the costs of procuring the materials, parts, and other articles 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. Capital Expenditures Capital expenditures in fiscal 2021 totaled ¥67.0 billion. In the Land Mobility segment, capital expenditures amounted to ¥45.8 billion and included outlays for reallocating production roles at headquarters, upgrading production equipment, launching new motorcycle models for overseas markets, and consolidating factories in Taiwan. In the Marine Products segment, capital expenditures totaling ¥13.0 billion were conducted for the purposes of launching new Cash Dividends The Company considers increasing returns to shareholders an impor-tant management issue as it endeavors to improve corporate value. With a focus on 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, Yamaha Motor seeks 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. Interest-bearing debt 50045040035020172018 Debt/equity ratio201920201001204597553.4502500002021(%) Cash dividends per share * Total Payout Ratio (includes acquisition of treasure shares) In managing capital liquidity, Yamaha Motor secures the necessary outboard motors and other products and upgrading production equip-ment. In the Robotics segment, the Company spent ¥3.6 billion on research and development for surface mounters and industrial robots and on the launch of new products, such as unmanned helicopters. In the Other Products segment, ¥4.5 billion was invested in upgrading equipment related to golf cars. The Company has a basic policy of paying an interim dividend and a year-end dividend. The decision-making body for the interim dividend is the Board of Directors, while the General Meeting of Shareholders decides the year-end dividend. The Company’s Articles of Incorporation provide 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 ¥115 per share (including an interim dividend of ¥50 per share) for fiscal 2021.Cash Dividends per Share and Payout Ratio(¥) 906030201720182019 Payout ratio11532.8*20202021(%)6045301587
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