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ANNUAL REPORT 2020 REPORT ANNUAL Year Ended December 31, 2019 Year CO., LTD

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ANNUAL REPORT 2020 REPORT ANNUAL Year Ended December 31, 2019 Year CO., LTD ANNUAL REPORT 2020 THE YOKOHAMA RUBBER CO., LTD. Year ended December 31, 2019 ANNUAL REPORT 2020 REPORT ANNUAL THE YOKOHAMA RUBBER CO., LTD. 36-11, Shimbashi 5-chome, Minato-ku, Tokyo 105-8685, Japan Phone: 81-(0)3-5400-4531 THE YOKOHAMA RUBBER CO., LTD. YOKOHAMA THE PROFILE CONTENTS The Yokohama Rubber Co., Ltd., established in 1917, is a leading tire manufacturer. It has also deployed its polymer 2 expertise in several lines of diversified business, including high-pressure Financial Highlights hoses, sealants and adhesives, other industrial products, aircraft 4 fixtures and components, and golf equipment. Yokohama is laying Medium-Term Management Plan: Grand Design 2020 a foundation for sustainable growth in tires and in diversified products in Japan and overseas by developing high-functionality products and 6 A Word from the President by expanding its production capacity. 11 A Word from the Chief Financial Officer 12 BASIC PHILOSOPHY Yokohama at a Glance To enrich people’s lives and contribute to their greater happiness and 14 well-being by devoting our wholehearted energies and advanced Results and Trends by Business Segment technology to the creation of beneficial products. 18 Corporate Philosophy Corporate Social Responsibility MANAGEMENT POLICIES 20 Corporate Social Responsibility Highlights Take on the challenge of new technologies to produce new value. Develop proprietary business fields to expand the scope of business. 22 Create a workplace that values, improves and energizes people. Corporate Governance Deal fairly with society and value harmony with the environment. 24 Members of the Board, Audit & Supervisory Board Members, and Officers 26 ACTION GUIDELINES Global Network Develop ourselves so that we may give our personal best. Trust, challenge and improve one another. 28 Principal Operations in Japan Nurture a welcoming, open spirit. 29 Financial Section 95 CORPORATE SLOGAN Investor Information Excellence by nature 96 Stock Information Forward-Looking Statements This annual report contains forward-looking estimates and forecasts based on management’s plans, which are subject to unforeseeable risks and uncertainties. The company’s business results could differ significantly from those estimates and forecasts. 1 PROFILE CONTENTS The Yokohama Rubber Co., Ltd., established in 1917, is a leading tire manufacturer. It has also deployed its polymer 2 expertise in several lines of diversified business, including high-pressure Financial Highlights hoses, sealants and adhesives, other industrial products, aircraft 4 fixtures and components, and golf equipment. Yokohama is laying Medium-Term Management Plan: Grand Design 2020 a foundation for sustainable growth in tires and in diversified products in Japan and overseas by developing high-functionality products and 6 A Word from the President by expanding its production capacity. 11 A Word from the Chief Financial Officer 12 BASIC PHILOSOPHY Yokohama at a Glance To enrich people’s lives and contribute to their greater happiness and 14 well-being by devoting our wholehearted energies and advanced Results and Trends by Business Segment technology to the creation of beneficial products. 18 Corporate Philosophy Corporate Social Responsibility MANAGEMENT POLICIES 20 Corporate Social Responsibility Highlights Take on the challenge of new technologies to produce new value. Develop proprietary business fields to expand the scope of business. 22 Create a workplace that values, improves and energizes people. Corporate Governance Deal fairly with society and value harmony with the environment. 24 Members of the Board, Audit & Supervisory Board Members, and Officers 26 ACTION GUIDELINES Global Network Develop ourselves so that we may give our personal best. Trust, challenge and improve one another. 28 Principal Operations in Japan Nurture a welcoming, open spirit. 29 Financial Section 95 CORPORATE SLOGAN Investor Information Excellence by nature 96 Stock Information Forward-Looking Statements This annual report contains forward-looking estimates and forecasts based on management’s plans, which are subject to unforeseeable risks and uncertainties. The company’s business results could differ significantly from those estimates and forecasts. 1 FINANCIAL HIGHLIGHTS Yokohama has adopted the International Financial Reporting Standards (IFRS) in place of accounting principles generally accepted in Japan as of the fiscal 2017 year-end. Sales Revenue Business Profit* and Business Profit Margin Interest-Bearing Debt and Capital Expenditures and Depreciation* Debt/Equity Ratio* (Billions of yen) (Billions of yen) (Percent) (Billions of yen) (Times) (Billions of yen) 700 70 14 400 1.6 60 646.3 650.2 650.5 51.3 600 60 12 58.3 59.3 315.6 50 46.9 300 1.2 500 50 50.1 10 39.9 260.4 40 36.8 239.9 34.6 36.0 400 40 9.0 9.1 8 7.7 200 0.8 30 300 30 6 0.83 0.70 20 200 20 4 0.57 100 0.4 10 100 10 2 0 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Business profit Business profit margin Interest-bearing debt Debt/equity ratio Capital expenditures Depreciation Interest-bearing debt divided by total equity attributable to owners of parent The 2019 amount for depreciation is net of the portion allocable to right-of-use assets newly recognized *Sales revenue less the sum of cost of sales and selling, general and administrative expenses * * under the accounting standard “IFRS 16 Leases.” Operating Profit and Operating Profit Margin Profit and Profit per Share Attributable to R&D Expenditures Net Cash Provided by Operating Activities Owners of Parent and Free Cash Flow* (Billions of yen) (Percent) (Billions of yen) (Yen) (Billions of yen) (Billions of yen) 70 14 45 270 20 100 42.0 40.0 249.32 261.61 60 58.6 12 40 240 82.8 54.2 53.5 35.6 15.1 15.2 15.0 80 75.4 35 210 15 50 10 222.12 9.0 8.4 8.2 30 180 60.5 60 40 8 25 150 10 6 20 120 39.7 30 40 15 90 30.7 31.7 20 4 5 10 60 20 10 2 5 30 0 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Profit attributable to Profit per share attributable to Operating profit Operating profit margin Net cash provided by operating activities owners of parent owners of parent Free cash flow *Net cash provided by operating activities less net cash used in investing activities Return on Equity Attributable to Owners of Parent Total Assets and Ratio of Equity Attributable to Cash Dividends per Share Employees (ROE) and Return on Assets (ROA) Owners of Parent (Percent) (Billions of yen) (Percent) (Yen) 12 1,200 60 80 30,000 11.1 27,428 10.6 25,439 26,274 1,000 10 50 62 62 64 920.8 855.8 907.6 9.5 60 43.7 46.2 8 800 41.2 40 20,000 31 31 33 6 600 30 40 4.4 4.8 4 400 20 10,000 4.0 20 2 200 10 31 31 31 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 ROE ROA Total assets Ratio of equity attributable to owners of parent Interim dividend Year-end dividend 2 3 FINANCIAL HIGHLIGHTS Yokohama has adopted the International Financial Reporting Standards (IFRS) in place of accounting principles generally accepted in Japan as of the fiscal 2017 year-end. Sales Revenue Business Profit* and Business Profit Margin Interest-Bearing Debt and Capital Expenditures and Depreciation* Debt/Equity Ratio* (Billions of yen) (Billions of yen) (Percent) (Billions of yen) (Times) (Billions of yen) 700 70 14 400 1.6 60 646.3 650.2 650.5 51.3 600 60 12 58.3 59.3 315.6 50 46.9 300 1.2 500 50 50.1 10 39.9 260.4 40 36.8 239.9 34.6 36.0 400 40 9.0 9.1 8 7.7 200 0.8 30 300 30 6 0.83 0.70 20 200 20 4 0.57 100 0.4 10 100 10 2 0 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Business profit Business profit margin Interest-bearing debt Debt/equity ratio Capital expenditures Depreciation Interest-bearing debt divided by total equity attributable to owners of parent The 2019 amount for depreciation is net of the portion allocable to right-of-use assets newly recognized *Sales revenue less the sum of cost of sales and selling, general and administrative expenses * * under the accounting standard “IFRS 16 Leases.” Operating Profit and Operating Profit Margin Profit and Profit per Share Attributable to R&D Expenditures Net Cash Provided by Operating Activities Owners of Parent and Free Cash Flow* (Billions of yen) (Percent) (Billions of yen) (Yen) (Billions of yen) (Billions of yen) 70 14 45 270 20 100 42.0 40.0 249.32 261.61 60 58.6 12 40 240 82.8 54.2 53.5 35.6 15.1 15.2 15.0 80 75.4 35 210 15 50 10 222.12 9.0 8.4 8.2 30 180 60.5 60 40 8 25 150 10 6 20 120 39.7 30 40 15 90 30.7 31.7 20 4 5 10 60 20 10 2 5 30 0 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 Profit attributable to Profit per share attributable to Operating profit Operating profit margin Net cash provided by operating activities owners of parent owners of parent Free cash flow *Net cash provided by operating activities less net cash used in investing activities Return on Equity Attributable to Owners of Parent Total Assets and Ratio of Equity Attributable to Cash Dividends per Share Employees (ROE) and Return on Assets (ROA) Owners of Parent (Percent) (Billions of yen) (Percent) (Yen) 12 1,200 60 80 30,000 11.1 27,428 10.6 25,439 26,274 1,000 10 50 62 62 64 920.8 855.8 907.6 9.5 60 43.7 46.2 8 800 41.2 40 20,000 31 31 33 6 600 30 40 4.4 4.8 4 400 20 10,000 4.0 20 2 200 10 31 31 31 0 0 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019 ROE ROA Total assets Ratio of equity attributable to owners of parent Interim dividend Year-end dividend 2 3 MEDIUM-TERM MANAGEMENT PLAN: MB Operations Fortifying Our Business Foundation GRAND DESIGN 2020 Allocate resources on a priority basis to business Corporate social responsibility fi elds of strength.
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