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Annual Report 2008

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Annual Report 2008 Yamaha Corporation Annual Report 2008 More Than the Sum of Our Strengths Annual Report 2008 Year ended March 31, 2008 Since its establishment in 1887, Yamaha has been engaged in a broad spectrum of businesses, ranging from those with a focus on sound and music, such as musical instruments, AV equipment and semiconductors, to lifestyle-related products, metallic molds and components. Our operations in these businesses are expanding globally as we develop and propose truly satisfying products and services to people the world over. Going forward, we will continue to create ‘kando’* and enrich culture together with people throughout the world, drawing on our expertise and rich vein of sensitivity in the realms of sound and music. *‘Kando’ (is a Japanese word that) signifies an inspired state of mind. Financial Highlights Yamaha Corporation and Consolidated Subsidiaries Years ended March 31 Thousands of Millions of Yen U.S. Dollars* 2008 2007 2006 2008 For the year: Net sales ¥ 548,754 ¥ 550,361 ¥ 534,084 $5,477,133 Operating income 32,845 27,685 24,135 327,827 Net income 39,558 27,866 28,123 394,830 Capital expenditures 24,394 25,152 22,882 243,477 Depreciation expenses 20,289 19,956 18,944 202,505 R&D expenses 24,865 24,220 24,055 248,178 Free cash flows 79,225 17,305 7,406 790,748 At year-end: Total assets ¥ 540,347 ¥ 559,031 ¥ 519,977 $5,393,223 Net assets** 343,028 351,398 316,005 3,423,775 Interest-bearing liabilities 21,036 25,551 28,474 209,961 Yen U.S. Dollars Per share: Net income ¥ 191.76 ¥ 135.19 ¥ 136.04 $ 1.91 Net assets** 1,646.44 1,680.91 1,532.62 16.43 Dividends paid*** 50.00 22.50 20.00 0.50 % Ratio: Equity ratio** 62.9% 62.0% 60.8% Return on assets (ROA) 7.2 5.2 5.5 Return on equity (ROE)** 11.5 8.4 9.5 Number of employees 26,517 25,992 25,298 * Throughout this annual report, U.S. dollar amounts are translated from yen at the rate of ¥100.19 = U.S.$1.00, the approximate rate prevailing on March 31, 2008. ** Net assets, equity ratio and return on equity (ROE) were classified as shareholders’ equity, shareholders’ equity ratio and return on shareholders’ equity (ROE), respectively, until the year ended March 31, 2006. *** The dividend per share for the year ended March 2008 includes a ¥20 special dividend. Net Sales Operating Income/ Net Income/ Operating Income to Net Sales Net Income to Net Sales (Millions of Yen) (Millions of Yen/%) (Millions of Yen/%) 550,361 8.4 539,506 534,079 534,084 548,754 8.1 7.2 45,056 6.7 43,541 6.0 39,558 35,695 5.3 5.0 5.1 325,989 340,021 32,845 302,617 314,078 4.5 293,430 27,685 28,123 27,866 24,135 3.7 19,697 04/3 05/3 06/3 07/3 08/3 04/3 05/3 06/3 07/3 08/3 04/3 05/3 06/3 07/3 08/3 Net Sales of Musical Instruments Operating Income Net Income Net Sales of Other Business Operating Income to Net Sales Net Income to Net Sales Segments Total Assets/ Net Assets/ Interest-Bearing Liabilities/ Return on Assets (ROA) Return on Equity (ROE) Debt to Equity Ratio (Millions of Yen/%) (Millions of Yen/%) (Millions of Yen/Times) 48,871 559,031 18.4 46,598 540,347 351,398 508,731 505,577 519,977 343,028 316,005 8.5 275,200 259,731 0.19 7.2 11.5 0.17 28,474 25,551 5.5 9.5 5.2 8.4 21,036 7.4 3.9 0.09 0.07 0.06 04/3 05/3 06/3 07/3 08/3 04/3 05/3 06/3 07/3 08/3 04/3 05/3 06/3 07/3 08/3 Total Assets Net Assets Interest-Bearing Liabilities Return on Assets (ROA) Return on Equity (ROE) Debt to Equity Ratio Net Sales by Business Segment Sales by Region (Year ended March 31, 2008) (Year ended March 31, 2008) (Millions of Yen/%) (Millions of Yen/%) ■ Lifestyle-Related Products 45,520 ■ Europe Electronic ■ 8.3% 104,114 Equipment and 19.0% Metal Products ■ Recreation 11,353 45,000 North America ■ ■ Asia, Oceania and Other Areas 8.2% 2.1% 89,903 78,121 16.4% 14.2% AV/IT ■ ■ Others ■ Japan 70,814 36,044 276,614 ■ Musical Instruments 12.9% 6.5% 340,021 50.4% 62.0% Annual Report 2008 01 Contents 03 To Our Shareholders 04 Interview With the President 09 Special Feature: The Power of Strengths Compounded 10 Creative Strength to Enhance Product Value 14 Competitive Strength to Drive Business Growth 18 Organizational Strength to Sustain Growth 22 Company Segments At a Glance 24 Review of Operations 24 Musical Instruments 30 AV/IT 32 Electronic Equipment and Metal Products 34 Lifestyle-Related Products 36 Recreation 38 Others 40 R&D and Intellectual Property 40 Research and Development 42 Intellectual Property 44 Corporate Governance and Corporate Social Responsibility (CSR) 48 Board of Directors, Corporate Auditors and Executive Officers 49 Financial Section 50 Eleven-Year Summary 52 Management’s Discussion and Analysis 61 Risk Factors 64 Consolidated Balance Sheets 66 Consolidated Statements of Income 67 Consolidated Statements of Changes in Net Assets 68 Consolidated Statements of Cash Flows 69 Notes to Consolidated Financial Statements 89 Report of Independent Auditors 90 Main Networks 90 Overseas Network 91 Domestic Network 92 Organization Chart 93 Investor Information Forward-looking statements The plans and strategies regarding Yamaha’s future prospects presented in this annual report have been drawn up by the Company’s management based on information available at the current time and, therefore, are subject to risks and uncertainties. Accordingly, our actual performance may differ significantly from our predictions depending on changes in the operating and economic environments, demand trends, the value of key currencies, such as the U.S. dollar and the euro, technological advancements and developments in intellectual property litigation. 02 Yamaha Corporation To Our Shareholders The Yamaha Group achieved tangible success in fiscal 2008, the first year of our current medium-term management plan. In the coming years we will continue to take advantage of Yamaha’s unique strengths to provide our customers with high-value-added products and services. Completing the First Year of the Medium-Term Leveraging Yamaha’s Strengths to Accelerate Management Plan Growth Globally Yamaha has completed the first year of “Yamaha Growth Plan To achieve the targets in “YGP2010,” we must accelerate growth 2010 (YGP2010),” a medium-term management plan that con- on a global scale with a focus on “The Sound Company” busi- cludes in fiscal 2010. ness domain by responding flexibly and rapidly to changes in the Under “YGP2010,” we have redefined our operations into two business environment and steadily implementing the policies and business domains: “The Sound Company” business domain and measures set forth in the plan. the “Diversification” business domain. “The Sound Company” Above all, I am aware that fiscal 2009, the second year of the business domain consists of musical instruments, audio, music plan, is going to be crucial in achieving the targets for the plan’s entertainment, AV/IT and semiconductors, which are all based on final year. We face an increasingly adverse business environment sound, music and network technologies; we are intending to with competition intensifying in markets worldwide, and mounting actively invest management resources in this domain to expand uncertainty surrounding the economic future of North America and business. In the “Diversification” business domain, which covers the world as a whole. Still, Yamaha is a unique company that lifestyle-related products, recreation, and metallic molds and com- combines superb craftsmanship with leading-edge digital tech- ponents, we are looking to boost earning power by establishing a nologies, founded on a 120-year tradition of high-quality manufac- strong industry position. Our quantitative targets for fiscal 2010 turing. By leveraging these unique Yamaha advantages, we intend under the plan are net sales of ¥590.0 billion and operating income to continue proposing high-value-added products and services. of ¥45.0 billion for the Yamaha Group as a whole. In closing, I would like to thank our shareholders for their During fiscal 2008 (the year ended March 31, 2008) we made continued understanding and support, and I look forward to steady progress overall, and achieved substantial success in another year of cooperation with you as we share the joy and making the shift to a growth footing, as well as in further increas- inspiration of music with people everywhere and strive toward ing earnings potential. Our progress was underpinned by dra- our corporate objective: “Creating ‘Kando’ Together.” matic sales growth—particularly within the musical instruments segment, where commercial audio equipment and emerging June 2008 markets performed favorably—as well as production base realignment. Nonetheless, an issue remains to be addressed in the second year of the plan: we were unable to sufficiently realize the growth potential of new products and businesses, such as our promising new semiconductor device and the conferencing system business. Mitsuru Umemura President and Representative Director Annual Report 2008 03 Interview With the President Question 1: First of all, what is your assessment of the results for fiscal 2008, the first year of the “YGP2010” medium-term management plan? We made solid progress during this first year. Despite net sales During the year, we accelerated growth and reinforced earn- decreasing by 0.3% year on year to ¥548.8 billion, we actually ing power by determining which businesses should be nurtured achieved net sales growth of 1.2% year on year in real terms.
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