Annual Report 2012 Tomorrow’S Sound Today Tomorrow’S
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Year ended March 31, 2012 Annual Report 2012 Tomorrow’s Sound Today Yamaha Corporation Annual Report 2012 With a vision of tomorrow, Yamaha enriches the human spirit through the power of sound and music. The history of Yamaha began in 1887, when Torakusu Yamaha, the founder, repaired a broken reed organ. Since then, over its 125-year history, Yamaha has continued to create ‘kando’* and enrich culture with technology and passion born of sound and music, together with people all over the world. Yamaha produces high-quality products by blending traditional craftsmanship with advanced digital technology. The quality of sound produced by a Yamaha musical instrument reflects the long years of accumulated technical expertise and the skilled craftsmanship of the Company. The goal of Yamaha is to inspire people with the joy of music performed on musical instruments that capture the heart and soul of both the player and audience. * ‘Kando’ (is a Japanese word that) signifies an inspired state of mind. 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. Contents Key Figures Yamaha at a Glance Message from the President Yamaha Medium-Term Management Plan Board of Directors, Corporate Auditors and Executive Officers Corporate Governance Risk Factors Corporate Social Responsibility R&D and Intellectual Property Main Networks Investor Information Management’s Discussion and Analysis Consolidated Financial Statements History of the Yamaha Group Yamaha Product History Annual Report 2012 1 Tomorrow’s Innovations Yamaha has earned the trust of its customers through constant technological refinement over 125 years. Yamaha will continue its quest to perfect sound that creates ‘kando’ together with people all over the world through the development of its very own acoustic and digital technologies. 2 Yamaha Corporation Annual Report 2012 3 4 Yamaha Corporation Tomorrow’s Brand As an expert in sound and music, Yamaha has sought to develop a brand that is admired for being customer-oriented, putting quality first, and refined creativity and artistry. For these reasons, Yamaha will continue to be chosen by the world’s leading artists. Chick Corea, jazz artist Annual Report 2012 5 Tomorrow’s Partners The sound created by Yamaha musical instruments captivates the people of countries and regions around the world, from Japan, to America, Europe, Africa, and Asia- Pacific. With the aim of becoming one of the best-loved brands in the world, Yamaha will expand its business in numerous countries around the globe and create excitement and ‘kando’ with customers. 6 Yamaha Corporation Annual Report 2012 7 8 Yamaha Corporation Message from the President Key Figures Fiscal year ended March 31, 2012 Sales by Business Segment Change from the previous year Others Electronic Devices AV/IT Musical Instruments Sales by Region Tomorrow’s Europe North America Musicians Japan The creative energy produced from playing a guitar can sometimes exert a transformative power on a person’s future. Asia, Oceania and Other Areas Yamaha will always ensure that the enjoyment of playing music, Mitsuru Umemura President and Representative Director and the delight that accompanies it, is passed on from generation to generation and beyond borders. Annual Report 2012 11 16 Yamaha Corporation Annual Report 2012 9 10 Yamaha Corporation C M Y K 特色 1206-0685_ ヤマハアニュアルレ沚ート観音 オモテ 12/07/1112:54:49 Message from the President Key Figures Fiscal year ended March 31, 2012 Sales by Business Segment Change from the previous year Others Electronic Devices AV/IT Musical Instruments Sales by Region Tomorrow’s Europe North America Musicians Japan The creative energy produced from playing a guitar can sometimes exert a transformative power on a person’s future. Asia, Oceania and Other Areas Yamaha will always ensure that the enjoyment of playing music, Mitsuru Umemura President and Representative Director and the delight that accompanies it, is passed on from generation to generation and beyond borders. Annual Report 2012 11 16 Yamaha Corporation Annual Report 2012 9 10 Yamaha Corporation C M Y K 特色 1206-0685_ ヤマハアニュアルレ沚ート観音 オモテ 12/07/1112:54:49 Message from the President Key Figures Fiscal year ended March 31, 2012 Sales by Business Segment Change from the previous year Others Electronic Devices AV/IT Musical Instruments Sales by Region Tomorrow’s Europe North America Musicians Japan The creative energy produced from playing a guitar can sometimes exert a transformative power on a person’s future. Asia, Oceania and Other Areas Yamaha will always ensure that the enjoyment of playing music, Mitsuru Umemura President and Representative Director and the delight that accompanies it, is passed on from generation to generation and beyond borders. Annual Report 2012 11 16 Yamaha Corporation Annual Report 2012 9 10 Yamaha Corporation C M Y K 特色 1206-0685_ ヤマハアニュアルレ沚ート観音 オモテ 12/07/1112:54:49 Yamaha at a Glance Fiscal year ended March 31, 2012 Musical Instruments AV/IT Electronic Devices Sales Segment Sales Sales by Product Category Sales Segment Sales Sales Segment Sales ¥265.1 billion ■ Pianos 15.2% ¥53.2 billion ¥16.2 billion ■ Digital musical instruments 22.3% ■ Wind instruments 11.4% Operating Income 74.3% ■ String and percussion instruments 7.2% Operating Income 14.9% Operating Loss 4.6% ■ Professional audio equipment 10.9% ¥7.7 billion ■ Music schools, etc. 33.0% ¥2.9 billion ¥2.9 billion Business Strengths Business Strengths Sales by Region ✱ Front surround sound technology for Digital Sound ✱ Accumulated experience and know-how in generating high- Projector™ quality sound ✱ Wireless music transmitting technology for audio players ✱ Wealth of expertise in the development of devices for digital 44.7% including iPod* musical instruments ✱ High-quality sound technology in AV components and ✱ High-quality digital signal processing (DSP) technologies HiFi audio products ✱ Software technologies for middleware and content develop- 17.1% 16.7% 14.3% ✱ Router solutions business ment tools 7.2% ✱ Signal processing technology for high sound quality and wide coverage of microphone speakers for Web Europe China Japan Asia, Oceania and North America conferencing Major Products & Services Other Areas * iPod is a trademark of Apple Inc. registered in the United States and other countries. ✱ Semiconductors Others Business Strengths Major Products & Services Sales Segment Sales ✱ Audio products (AV receivers, speaker systems, ✱ Wealth of core technical expertise based on traditional craftsmanship in acoustics and advanced digital technology front surround speakers, desktop audio systems, ¥22.1 billion ✱ Development of high-quality products by forging close relationships with artists etc.) ✱ Manufacturing of high value-added musical instruments utilizing cutting-edge electronics technology ✱ Commercial online karaoke equipment Operating Income 6.2% ✱ Provision of system solutions using digital network technology for professional audio equipment ✱ Routers ✱ Global strategy built on Yamaha’s localized marketing and service activities in each country ✱ Conferencing systems ¥0.4 billion ✱ A variety of activities through the operation of music schools to increase the music-playing population Major Products & Services Major Products & Services ✱ Golf products ✱ Pianos ✱ Educational musical instruments (recorders, Pianica™, etc.) ✱ Automobile interior wood components ✱ Digital musical instruments (digital pianos, Electone™, ✱ PA equipment (mixers, power amplifiers, etc.) ✱ Factory automation (FA) equipment portable keyboards, synthesizers, etc.) ✱ Soundproof rooms (AVITECS™) ✱ Recreation (Tsumagoi™, Katsuragi-Kitanomaru™, ✱ Wind instruments (trumpets, flutes, saxophones, etc.) ✱ Music schools, English language schools Katsuragi Golf Club™) ✱ * Following the transfer of four resort facilities on October 1, 2007, the String instruments (guitars, violins, etc.) ✱ Music entertainment business recreation segment was included in the others segment from fiscal 2009. The ✱ Percussion instruments (drums, timpani, marimbas, etc.) ✱ Piano tuning magnesium molded parts business was terminated as of March 31, 2010. 12 Yamaha Corporation 13 14 Annual Report 2012 15 1206-0685_ ヤマハアニュアルレ沚ート観音 ウラ 12/07/1112:54:49 特色 C M Y K Yamaha at a Glance Fiscal year ended March 31, 2012 Musical Instruments AV/IT Electronic Devices Sales Segment Sales Sales by Product Category Sales Segment Sales Sales Segment Sales ¥265.1 billion ■ Pianos 15.2% ¥53.2 billion ¥16.2 billion ■ Digital musical instruments 22.3% ■ Wind instruments 11.4% Operating Income 74.3% ■ String and percussion instruments 7.2% Operating Income 14.9% Operating Loss 4.6% ■ Professional audio equipment 10.9% ¥7.7 billion ■ Music schools, etc. 33.0% ¥2.9 billion ¥2.9 billion Business Strengths Business Strengths Sales by Region ✱ Front surround sound technology for Digital Sound ✱ Accumulated experience and know-how in generating high- Projector™ quality sound ✱ Wireless music transmitting technology for audio players ✱ Wealth of expertise in the development of devices