2002 ヤマハ株式会社 Fact Book Year Ended March 31, 2002 PROFILE プロフィール 感動と豊かな文化を世界の人々とともに創りつづけます。 Yamaha will continue to create KANDO and enrich culture with technology and passion born of sound and music, together with people all over the world. お客様への約束 KANDO (is a Japanese word that) signifies an inspired state of mind. お客様の心からの満足のために、先進と伝統の技術、そして豊か To Customers Yamaha will fully satisfy the customer, by offering high-quality products and services, which use new and traditional technologies, as well as creativity and artistry, and continue to be a known, trusted and loved brand. ヤマハグループは音・音楽を原点に培った技術と感性で、新たな Yamaha Corporation Fact Book 2002 な感性と創造性で、優れた品質の商品・サービスを提供し、存在 感と信頼感そして感動に溢れたブランドでありつづけます。 株主への約束 透明で質の高い経営により、健全な業績を確保し、適正な成果の 蓄積と還元を図るとともに、情報開示に努め、株主の皆様の理解 と満足を高めます。 社員への約束 プロフィール/ Profile ヤマハブランドを輝かせ、その価値を創り出していくのは社員一 人ひとりです。業務を通じ、各自がその能力を最大限に発揮し自 己実現ができるよう、機会の公平と公正な評価に努め、誇りと自 信の持てる、明るい組織風土づくりを目指します。 社会への約束 安全と地球環境への配慮を最優先し、高い倫理性を持って法律を 遵守し、良き企業市民として、地域社会、グローバル社会への社 会・文化・経済の発展に貢献します。 CONTENTS 1 財務ハイライト Financial Highlights 2 セグメント情報 Segment Information 8 業績の推移 Performance Trends 11 収益性・成長性 Profitability and Growth 12 安定性・安全性 Soundness and Stability 14 効率性 Efficiency 16 キャッシュ・フロー Cash Flows 17 一株当たりデータ Per Share Data 18 貸借対照表 Balance Sheets 20 損益計算書 Statements of Operations 21 キャッシュ・フロー計算書 Statements of Cash Flows 22 株式情報 Shareholder Information 24 ネットワーク Network To Shareholders Yamaha will increase the satisfaction and understanding of its shareholders by striving for healthy profits and returns, and by achieving productivity, using high quality, transparent management, and practicing disclosure. To Employees Yamaha strives to create an open atmosphere where employees can realize goals, be given opportunities, and be evaluated fairly. Yamaha will be an organization where employees can demonstrate their abilities fully, have confidence, and earn pride. To Society Yamaha will give first priority to safety, and will care for the environment. Yamaha will be a good corporate citizen, and observe laws and work ethically, developing the economy, and contributing to local and global culture. FINANCIAL HIGHLIGHTS 財務ハイライト 百万米ドル 百万円/ Millions Year Ended: of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 608,990 563,751 527,897 519,104 504,406 3,785.41 売上高 Net sales 営業利益(損失) Operating income (loss) 24,103 (97) 8,082 23,001 11,043 82.87 当期純利益(損失) Net income (loss) 13,475 (15,879) (40,777) 13,320 (10,274) (77.10) 総資産 Total assets 544,465 532,852 543,088 522,486 509,663 3,824.86 株主資本 Total shareholders’ equity 231,940 214,896 221,750 196,733 201,965 1,515.68 有利子負債 Interest-bearing liabilities 96,434 97,318 88,167 103,304 96,166 721.70 一株当たり 当期純利益(損失) (円) Net income per share (Yen) 65.25 (76.89) (197.45) 64.50 (49.75) (0.37) 従業員数(人) Number of employees 21,599 22,277 23,020 Yamaha Corporation Fact Book 2002 決算期/ Fiscal Millions of U.S. Dollars 1 Throughout this fact book, an exchange rate of US$1=¥133.25, the approximate rate prevailing on March 31, 2002, was used for convenience only. 財務ハイライト/ Financial Highlights *米ドル金額は、2002 年 3 月末日の為替相場1ドル= 133.25 円で換算しています。 SEGMENT INFORMATION セグメント情報 楽器/ Musical Instruments 売上高 営業利益 Net Sales 売上高構成比 Operating Income (百万円) Percentage of Total Net Sales (百万円) Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) (Millions of Yen) 450,000 100 35,000 408,025 383,365 30,694 387,004 27,077 72.3 284,901 286,920 2 73.3 62.9 19,819 セグメント情報/ Segment Information 56.9 54.8 12,290 4,738 0 1998/3 1999/3 2000/3 2001/3 2002/3 AV/IT 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 AV/ITを含む AV/IT Including AV/IT 百万米ドル 百万円/ Millions 決算期/ Fiscal Millions of U.S. Dollars of Yen Year Ended: 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 売上高 Net sales 383,365 408,025 387,004 284,901 286,920 2,153.25 営業利益 Operating income 19,819 30,694 27,077 12,290 4,738 35.56 設備投資額 Capital expenditure 9,312 9,936 7,846 6,117 8,837 66.32 減価償却費 Depreciation expenses 7,696 9,608 9,920 7,224 8,373 62.84 研究開発費 R&D expenses 16,133 11,195 11,521 86.46 * 1998/3 ∼ 2000/3 にはAV/I Tを含む。 Note: Figures in 1998/3~2000/3 include AV/IT. AV/IT 売上高 営業利益 Net Sales 売上高構成比率 Operating Income (百万円) Percentage of Total Net Sales (百万円) (Millions of Yen) 150,000 6,000 100,197 30 3,904 95,214 3 19.3 18.9 セグメント情報/ Segment Information 3,037 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) Year Ended: 1998/3 1999/3 Millions of U.S. Dollars of Yen 2000/3 2001/3 2002/3 2002/3 100,197 95,214 714.55 売上高 Net sales 営業利益 Operating income 3,904 3,037 22.79 設備投資額 Capital expenditure 1,587 2,133 16.01 減価償却費 Depreciation expenses 1,783 1,877 14.09 研究開発費 R&D expenses 4,970 5,096 38.24 * 1998/3 ∼ 2000/3 は楽器に含まれる。 Note: Figures in 1998/3~2000/3 are included in Musical Instruments. リビング/ Lifestyle-Related Products 売上高 営業利益(損失) Net Sales 売上高構成比率 Operating Income (Loss) (百万円) Percentage of Total Net Sales (百万円) Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) (Millions of Yen) 80,000 20 2,000 1,046 892 59,067 367 4 46,865 46,944 44,841 0 45,714 セグメント情報/ Segment Information 9.6 8.8 -995 9.0 9.1 7.9 -2,474 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 59,067 44,841 46,865 46,944 45,714 343.07 367 (2,474) (995) 892 1,046 7.85 売上高 Net sales 営業利益(損失) Operating income (loss) 設備投資額 Capital expenditure 2,793 1,940 1,683 991 851 6.39 減価償却費 Depreciation expenses 1,914 1,838 1,518 1,554 1,505 11.29 研究開発費 R&D expenses 1,517 1,364 1,282 9.62 電子機器・電子金属/ Electronic Equipment and Metal Products 売上高 営業利益(損失) Net Sales 売上高構成比率 Operating Income (Loss) (百万円) Percentage of Total Net Sales (百万円) (Millions of Yen) 150,000 10,000 25 6,654 5,425 4,351 128,298 21.0 0 Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) 5 セグメント情報/ Segment Information 73,226 12.9 55,880 10.5 43,221 8.3 -18,113 36,628 7.3 0 1998/3 1999/3 2000/3 2001/3 2002/3 -28,421 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 128,298 73,226 55,880 43,221 36,628 274.88 5,425 (28,421) (18,113) 6,654 4,351 32.65 売上高 Net sales 営業利益(損失) Operating income (loss) 設備投資額 Capital expenditure 22,442 21,231 6,968 2,834 1,921 14.42 減価償却費 Depreciation expenses 23,036 22,315 14,365 2,653 3,068 23.02 研究開発費 R&D expenses 4,503 3,135 3,853 28.92 レクリェーション/ Recreation 売上高 営業損失 Net Sales 売上高構成比率 Operating Loss (百万円) Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) (Millions of Yen) 40,000 0 10 -781 -1,240 6 Percentage of Total Net Sales (百万円) 23,727 23,324 -1,283 23,484 セグメント情報/ Segment Information 21,771 21,590 -1,755 -1,741 4.4 4.3 4.1 4.1 3.8 0 1998/3 1999/3 2000/3 2001/3 2002/3 -4,000 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 売上高 Net sales 23,727 23,324 23,484 21,771 21,590 162.03 営業損失 Operating loss (1,755) (1,240) (781) (1,283) (1,741) (13.07) 設備投資額 Capital expenditure 1,963 1,744 1,403 1,392 1,867 14.01 減価償却費 Depreciation expenses 3,075 3,085 3,009 2,959 2,893 21.71 研究開発費 R&D expenses 0 0 2 0.02 その他/ Others 売上高 営業利益(損失) Net Sales 売上高構成比率 Operating Income (Loss) (百万円) Percentage of Total Net Sales (百万円) (Millions of Yen) 30,000 10 2,000 1,534 22,067 Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) 7 18,339 702 セグメント情報/ Segment Information 543 14,530 14,333 14,663 204 4.2 0 3.6 2.5 2.3 -389 2.7 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Millions of U.S. Dollars of Yen Year Ended: 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 売上高 Net sales 14,530 14,333 14,663 22,067 18,339 137.63 営業利益 Operating income (loss) 702 1,534 204 543 (389) (2.92) 設備投資額 Capital expenditure 1,983 938 927 1,846 1,015 7.62 減価償却費 Depreciation expenses 729 859 798 1,135 1,050 7.88 研究開発費 R&D expenses 435 494 785 5.89 PERFORMANCE TRENDS 業績の推移 売上高および海外売上高比率 売上原価および売上原価率 Net Sales/Overseas Sales Ratio Cost of Sales/Cost of Sales Ratio (百万円/%) (百万円/%) Yamaha Corporation Fact Book 2002 (Millions of Yen/%) (Millions of Yen/%) 650,000 650,000 608,990 563,751 527,897 519,104 504,406 71.4 68.4 416,434 8 70.4 66.7 67.5 402,240 371,757 業績の推移/ Performance Trends 346,200 340,412 41.5 42.8 41.7 40.6 42.5 0 1998/3 1999/3 2000/3 2001/3 2002/3 海外売上高比率 Overseas sales ratio 0 1998/3 1999/3 2000/3 2001/3 2002/3 売上原価率 Cost of sales ratio 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 売上高 Net sales Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 608,990 563,751 527,897 519,104 504,406 3,785.41 356,213 322,539 308,042 308,539 289,951 2,175.99 日本 Japan 北米 North America 91,182 96,203 96,005 91,720 93,524 701.87 欧州 Europe 79,619 82,517 73,397 72,957 73,458 551.28 その他 Other 81,974 62,491 50,452 45,886 47,472 356.26 41.5 42.8 41.7 40.6 42.5 海外売上高比率(%) Overseas sales ratio (%) 売上原価 Cost of sales 416,434 402,240 371,757 346,200 340,412 2,554.69 売上総利益 Gross profit 192,556 161,511 156,140 172,904 163,994 1,230.72 販売管理費および売上高販売管理費比率 営業利益(損失)および売上高営業利益(損失)率 当期純利益(損失)および売上高当期純利益(損失)率 SG&A Expenses/ SG&A Expenses to Net Sales Operating Income (Loss)/ Operating Income (Loss) to Net Sales Net Income (Loss)/ Net Income (Loss) to Net Sales (百万円/%) (Millions of Yen/%) (百万円 /%) (Millions of Yen/%) (Millions of Yen/%) 200,000 30,000 30,000 24,103 23,001 168,452 161,608 13,475 148,057 149,902 152,951 4.0 8,082 -0.0 4.4 13,320 11,043 2.6 2.2 2.2 1.5 0 0 -97 28.7 28.0 28.9 30.3 -2.8 -10,274 -15,879 -7.7 -40,777 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 売上高販売管理費比率 売上高営業利益(損失)率 売上高当期純利益(損失)率 SG&A expenses to net sales Operating income (loss) to net sales Net income (loss) to net sales 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 販売管理費 SG&A expenses Millions of U.S. Dollars of Yen 9 業績の推移/ Performance Trends 27.7 -2.0 Yamaha Corporation Fact Book 2002 (百万円/%) 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 168,452 161,608 148,057 149,902 152,951 1,147.70 人件費 Personnel expenses 68,287 65,487 59,358 58,131 60,483 453.91 広告販促費 Advertising & promotion 26,398 22,879 20,811 22,052 22,455 168.52 営業利益(損失) Operating income (loss) 24,103 (97) 8,082 23,001 11,043 82.87 当期純利益(損失) Net income (loss) 13,475 (15,879) (40,777) 13,320 (10,274) (77.10) 設備投資額 減価償却費 Capital Expenditure 研究開発費 Depreciation Expenses (百万円) R&D Expenses (百万円) Yamaha Corporation Fact Book 2002 (Millions of Yen) (百万円) (Millions of Yen) (Millions of Yen) 40,000 40,000 37,066 40,000 36,446 35,399 34,342 28,635 10 22,588 業績の推移/ Performance Trends 20,700 22,539 21,158 18,767 18,544 17,310 16,627 14,770 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 設備投資額 Capital expenditure 37,066 34,342 18,544 14,770 16,627 124.78 減価償却費 Depreciation expenses 35,399 36,446 28,635 17,310 18,767 140.84 研究開発費 R&D expenses 20,700 22,588 21,158 22,539 169.15 PROFITABILITY AND GROWTH 収益性・成長性 株主資本当期純利益(損失)率(ROE) 純資産利益(損失)率(ROA) Return on Equity (ROE) Return on Assets (ROA) (%) (%) Yamaha Corporation Fact Book 2002 10 10 6.4 6.0 2.5 2.5 0 0 11 収益性・成長性/ Profitability and Growth -2.0 -2.9 -5.2 -7.1 -7.6 -18.7 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 % 決算期/ Fiscal Year Ended: 1998/3 1999/3 2000/3 2001/3 2002/3 株主資本当期純利益(損失)率(ROE) Return on equity (ROE) 6.0 (7.1) (18.7) 6.4 (5.2) 総資産利益(損失)率(ROA) Return on assets (ROA) 2.5 (2.9) (7.6) 2.5 (2.0) ROA=当期純利益(損失)/期首・期末平均総資本×100 ROE=当期純利益(損失)/期首・期末平均株主資本×100 ROA = net income / total assets (yearly average) x 100 ROE = net income / shareholders’ equity (yearly average) x 100 SOUNDNESS AND STABILITY 安定性・安全性 株主資本比率 インタレスト・カバレッジ Shareholders’ Equity Ratio 流動比率 Interest Coverage (%) Current Ratio (倍) (%) Yamaha Corporation Fact Book 2002 (Times) 50 10 200 42.6 8.23 40.8 40.3 8.01 39.6 37.7 146.1 132.2 12 119.8 安定性・安全性/ Soundness and Stability 112.4 115.5 4.05 3.05 0.28 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 42.6 40.3 40.8 37.7 39.6 3,181 3,449 2,968 3,014 2,911 21.85 24,103 (97) 8,082 23,001 11,043 82.87 2,074 1,070 957 1,137 735 5.52 8.23 0.28 3.05 8.01 4.05 2002/3 株主資本比率(%) Shareholders’ equity ratio (%) 支払利息 Interest paid 営業利益(損失) Operating income 受取利息及び受取配当金 Interest and dividends received インタレスト・カバレッジ(倍) Interest coverage (Times) 流動資産 Current assets 217,408 212,911 205,979 231,872 211,140 1,584.54 流動負債 Current liabilities 181,409 189,386 178,281 175,371 144,498 1,084.41 流動比率(%) Current ratio (%) 119.8 112.4 115.5 132.2 146.1 インタレスト・カバレッジ= (営業利益 + 受取利息及び受取配当金)/支払利息 Interest coverage = (operating income + interest and dividends received) / interest paid 有利子負債および D/E レシオ 固定比率 Interest-Bearing Liabilities/ Debt to Equity Ratio Fixed Assets to Capital Ratio (%) Yamaha Corporation Fact Book 2002 (百万円/%) (Millions of Yen/%) 200 150,000 147.7 147.8 103,304 96,434 97,318 128.2 96,166 131.8 131.9 13 88,167 安定性・安全性/ Soundness and Stability 0.53 0.48 0.45 0.42 0.40 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 D/Eレシオ Debt to equity ratio 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 株主資本 Shareholders’ equity 有利子負債 Interest-bearing liabilities D/Eレシオ (%) Debt to equity ratio (%) 固定資産 Fixed assets 固定比率(%) Fixed assets to capital ratio (%) Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 231,940 214,896 221,750 196,733 201,965 1,515.68 96,434 97,318 88,167 103,304 96,166 721.70 0.42 0.45 0.40 0.53 0.48 297,320 283,202 292,460 290,614 298,522 128.2 131.8 131.9 147.7 147.8 有利子負債=長期借入金 + 短期借入金 + 転換社債 D/E レシオ=有利子負債/株主資本× 100 固定比率=固定資産/株主資本× 100 Interest-bearing liabilities = long-term debt + short-term debt + convertible bonds Debt to equity ratio = interest-bearing liabilities / shareholders’ equity x 100 Fixed assets to capital ratio = fixed assets / shareholders’ equity x 100 2,240.32 EFFICIENCY 効率性 使用総資本回転率 売上債権回転率 Total Assets Turnover Trade Receivables Turnover (回) (回) Yamaha Corporation Fact Book 2002 (Times) (Times) 1.5 8 6.35 6.40 6.55 6.52 6.40 1.11 1.05 14 0.98 0.97 0.98 効率性/ Efficiency 0.0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 売上高 Net sales 608,990 563,751 527,897 519,104 504,406 3,785.41 総資本 Total assets 544,465 532,852 543,088 522,486 509,663 3,824.86 使用総資本回転率(回) Total assets turnover (Times) 1.11 1.05 0.98 0.97 0.98 売上債権 Trade receivables 88,583 87,627 73,482 85,678 71,844 売上債権回転率(回) Trade receivables turnover (Times) 6.35 6.40 6.55 6.52 6.40 使用総資本回転率=売上高/期首・期末平均総資本× 100 売上債権回転率=売上高/期首・期末平均売上債権× 100 Total assets turnover = net sales / total assets (yearly average) x 100 Trade receivables turnover = net sales / trade receivables (yearly average) x 100 539.17 棚卸資産回転率 仕入債務回転率 Inventories Turnover Trade Payables Turnover (回) (回) (Times) 8 Yamaha Corporation Fact Book 2002 (Times) 15 14.46 6.65 12.12 11.76 6.27 6.04 5.93 5.55 10.32 10.25 15 効率性/ Efficiency 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 棚卸資産 Inventories Millions of U.S. Dollars of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 2002/3 95,705 91,095 77,416 97,664 84,264 632.38 製品 Finished products 59,659 56,743 50,136 63,893 54,775 411.07 原材料・仕掛品 Raw materials & work in process 36,046 34,352 27,280 33,771 29,489 221.31 6.65 6.04 6.27 5.93 5.55 43,021 49,969 52,335 48,924 36,880 14.46 12.12 10.32 10.25 11.76 棚卸資産回転率(回) Inventories turnover (Times) 仕入債務 Trade payables 仕入債務回転率(回) Trade payables turnover (Times) 棚卸資産回転率=売上高/期首・期末平均棚卸資産× 100 仕入債務回転率=売上高/期首・期末平均仕入債務× 100 Inventories turnover = net sales / inventories (yearly average) x 100 Trade payables turnover = net sales / trade payables x 100 276.77 CASH FLOWS キャッシュ・フロー 営業活動によるキャッシュ・フロー 営業キャッシュ・フローマージン率 Cash Flows from Operating Activities Cash Flows from Operating Activities to Net Sales (百万円) Yamaha Corporation Fact Book 2002 (Millions of Yen) (%) 5 40,000 4.41 29,016 3.59 16 キャッシュ・フロー/ Cash Flows 10,851 0 1.11 1.05 0 -2.80 -9,089 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 1998/3 1999/3 Millions of U.S. Dollars of Yen 2000/3 2001/3 2002/3 2002/3 営業活動による キャッシュ・フロー Cash flows from operating activities 10,851 (9,089) 29,016 217.76 投資活動による キャッシュ・フロー Cash flows from investing activities 12,474 (5,441) (10,437) (78.33) 23,325 (14,530) 18,579 139.43 527,897 519,104 504,406 3,785.41 4.41 (2.80) 3.59 フリーキャッシュ・フロー(合計) Free cash flow 売上高 Net sales 営業キャッシュ・フロー マージン率(%) Cash flows from operating activities to net sales (%) 営業キャッシュ・フローマージン率=営業キャッシュ・フロー/売上高×100 Cash flows from operating activities to net sales = cash flows from operating activities/net sales x 100 PER SHARE DATA 一株当たりデータ 一株当たり当期純利益 一株当たり純資産 Net Income (Loss) per Share 一株当たり配当額 Shareholders’ Equity per Share Dividends per Share (円) (円) (Yen) (Yen) (Yen) 20 100 65.25 1,500 64.50 1,123.09 0 1,040.56 1,073.75 952.62 978.15 17 一株当たりデータ/ Per Share Data -49.75 10 -76.89 8 7 6 3 -197.45 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 米ドル 円/ Yen 決算期/ Fiscal Year Ended: 一株当たり当期純利益(損失) Net income (loss) per share 一株当たり純資産 Shareholders’ equity per share 一株当たり配当額 Dividends per share 配当総額 Dividends paid 配当性向(%) Dividend payout ratio (%) 配当性向=配当総額/当期純利益(単独) Payout ratio = dividends paid / net income (non-consolidated) Yamaha Corporation Fact Book 2002 (円) U.S. Dollars 1998/3 1999/3 2000/3 2001/3 2002/3 65.25 (76.89) (197.45) 64.50 (49.75) (0.37) 1,123.09 1,040.56 1,073.75 952.62 978.15 7.34 10 6 3 7 8 0.06 2,065 1,239 619 1,445 1,651 12.39 40.7 — — 14.9 — 2002/3 BALANCE SHEETS 貸借対照表 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: (資産の部) 流動資産 Yamaha Corporation Fact Book 2002 18 of Yen Millions of U.S. Dollars 2001/3 2002/3 2002/3 32,885 41,074 308.25 1,349 356 2.67 ASSETS Current assets: 現金及び預金 Cash and bank deposits 有価証券 Marketable securities 受取手形及び売掛金 Notes and accounts receivable 88,466 74,519 559.24 貸倒引当金 Allowance for doubtful accounts (2,788) (2,675) (20.08) 棚卸資産 Inventories 97,664 84,264 632.38 繰延税金資産 Deferred income taxes 9,201 9,332 70.03 その他 Prepaid expenses and other current assets 5,094 4,267 32.02 231,872 211,140 1,584.54 流動資産合計 Total current assets 貸借対照表/ Balance Sheets 有形固定資産 Property, plant and equipment, net of accumulated depreciation: 土地 Land 48,619 78,069 585.88 建物及び構築物 Buildings and structures 77,617 70,745 530.92 機械及び工具 Machinery and equipment 34,516 35,440 265.97 建物仮勘定 Construction in progress 2,363 1,003 7.53 163,117 185,261 1,390.33 84,980 76,307 572.66 有形固定資産合計 Total property, plant and equipment, net of accumulated depreciation 投資その他の資産 Investments and other assets: 投資有価証券 Investment securities 長期貸付金 Long-term loans receivable 2,188 1,733 13.01 賃貸不動産保証金敷金 Lease deposits 5,185 5,087 38.18 繰延税金資産 Deferred income taxes 28,876 26,384 198.00 連結調整勘定 Excess of cost over net assets acquired 333 173 1.30 その他 Other assets 5,932 3,573 26.81 投資その他の資産合計 Total investments and other assets 127,496 113,260 849.98 資産合計 Total Assets 522,486 509,663 3,824.86 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: (負債の部) 流動負債 of Yen Millions of U.S. Dollars 2001/3 2002/3 2002/3 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: 58,349 47,871 359.26 一年以内返済の長期借入金 Current portion of long-term debt 10,160 4,363 32.74 支払手形及び買掛金 Notes and accounts payable 48,924 36,880 276.77 未払費用及び未払金 Accrued expenses 40,888 41,987 315.10 未払法人税等 Income taxes payable 1,858 1,224 9.19 特定取引前受金 Advances received 4,417 3,742 28.08 繰延税金負債 Deferred income taxes 34 65 0.49 その他 Other current liabilities 10,736 8,360 62.74 175,371 144,498 1,084.41 流動負債合計 Total current liabilities 固定負債 Long-term liabilities: 転換社債 Convertible bonds 24,317 24,317 182.49 長期借入金 Long-term debt 10,478 19,615 147.20 繰延税金負債 Deferred income taxes 257 316 2.37 土地再評価に係る繰延税金負債 Deferred income taxes on land revaluation 1,632 14,638 109.85 退職給付引当金 Accrued employees’ retirement benefits 67,250 59,074 443.33 役員退職慰労引当金 Directors’ retirement benefits 792 859 6.45 長期預り金 Long-term deposits received 40,592 38,472 288.72 その他 Other long-term liabilities 1,341 1,191 8.94 146,662 158,486 1,189.39 3,718 4,712 35.36 固定負債合計 Total long-term liabilities 少数株主持分 Minority interests (資本の部) Shareholders’ equity: 資本金 Common stock 28,533 28,533 214.13 資本準備金 Additional paid-in capital 26,924 26,924 202.06 再評価差額金 Reserve for land revaluation 8,269 16,482 123.69 連結剰余金 Retained earnings 170,496 157,589 1,182.66 その他有価証券評価差額金 Net unrealized holding gains/losses on other securities 308 766 5.75 為替換算調整勘定 Translation adjustments (37,794) (28,280) (212.23) 資本合計(自己株式控除前) Total shareholders’ equity 196,739 202,014 1,516.05 自己株式 Treasury stock, at cost (5) (49) (0.37) 資本合計 Total shareholders’ equity 196,733 201,965 1,515.68 負債、少数株主持分及び資本合計 Total Liabilities and Shareholders’ Equity 522,486 509,663 3,824.86 19 貸借対照表/ Balance Sheets Short-term loans Yamaha Corporation Fact Book 2002 短期借入金 STATEMENTS OF OPERATIONS 損益計算書 百万米ドル 百万円/ Millions 決算期/ Fiscal Yamaha Corporation Fact Book 2002 20 Year Ended: of Yen Millions of U.S. Dollars 2001/3 2002/3 2002/3 売上高 Net sales 519,104 504,406 3,785.41 売上原価 Cost of sales 346,200 340,412 2,554.69 売上総利益 Gross profit 172,904 163,994 1,230.72 販売費及び一般管理費 Selling, general and administrative expenses 149,902 152,951 1,147.85 営業利益 Operating income 23,001 11,043 82.87 営業外収益/費用、特別損益 Other income (expenses): 損益計算書/ Statements of Operations 受取利益及び受取配当金 Interest and dividend income 1,137 735 5.52 支払利息 Interest expense (3,014) (2,911) (21.85) 売上割引 Sales rebates (4,391) (4,477) (33.60) 為替差損 Loss on foreign exchange (879) (352) (2.64) 投資有価証券売却益 Gain on sale of marketable and investment securities 3,152 3,694 27.72 投資有価証券評価損 Loss from revaluation of marketable and investment securities (513) (14,857) (111.50) 固定資産処分損益 Gain on sale or disposal of properties, net 4,086 (1,672) (12.55) 持分法による投資利益 Equity in earnings of unconsolidated subsidiaries and affiliates 2,434 2,993 22.46 その他 Other, net (1,521) 18 0.14 491 (16,829) (126.30) 23,491 (5,784) (43.41) 営業外収益/費用、特別損益計 Total other income (expenses) 税金等調整前当期純利益 Income (loss) before income taxes and minority interests 法人税、住民税及び事業税 Income taxes: 法人税、住民税及び事業税 Current 2,900 1,507 11.31 法人税等調整額 Deferred 6,826 2,429 18.23 9,726 3,936 29.54 13,765 (9,723) (72.97) 法人税等計 Total income taxes 少数株主利益控除前当期純利益 Income (loss) before minority interests 少数株主利益 Minority interests 444 551 4.14 当期純利益 Net income (loss) 13,320 (10,274) (77.10) STATEMENTS OF CASH FLOWS キャッシュ・フロー計算書 百万米ドル 百万円/ Millions 決算期/ Fiscal Year Ended: 営業活動によるキャッシュ・フロー 税金等調整前当期純利益 減価償却費及び連結調整勘定償却費 投資有価証券評価損 退職給付引当金の増減額 受取利息及び受取配当金 支払利息 持分法による投資損益 投資有価証券売却益 固定資産売却益又は固定資産除去損 為替差損又は為替差益 売上債権の増減額 棚卸資産の増減額 その他 小計 利息及び配当金の受取額 利息の支払額 法人税等の支払額 営業活動によるキャッシュ・フロー 投資活動によるキャッシュ・フロー 有形固定資産の取得による支出 有形固定資産の売却による収入 投資有価証券の取得による支出 投資有価証券の売却による収入 その他 投資活動によるキャッシュ・フロー 財務活動によるキャッシュ・フロー 短期借入金の増減額 長期借入れによる収入 長期借入金の返済による支出 配当金の支払額 少数株主への配当金支払額 少数株主に対する株式の 発行による収入 その他 財務活動によるキャッシュ・フロー 現金及び現金同等物に 関わる換算差額 現金及び現金同等物の増減額 現金及び現金同等物期首残高 新規連結子会社の現金及び 現金同等物の期首残高 連結除外子会社の現金及び 現金同等物の期首残高 現金及び現金同等物期末残高 2002/3 2002/3 Cash flows from operating activities: Income (loss) before income taxes and minority interests Depreciation and amortization Increase (decrease) in allowance for doubtful accounts Loss from revaluation of investment securities Decrease in employees’ retirement benefits, net of payments Interest and dividend income Interest expenses Equity in earnings of unconsolidated subsidiaries and affiliates Gain on sale of investment securities Loss on sale or disposal of properties, net Net loss on foreign exchange Decrease (increase) in accounts and notes receivable—trade Decrease (increase) in inventories Decrease in accounts and notes payable—trade Other, net Subtotal Interest and dividends received Interest paid Income taxes paid, net of payment Net cash provided by (used in) operating activities 23,491 17,448 (126) 513 (957) (1,137) 3,014 (2,433) (3,152) (4,086) 879 (8,058) (14,863) (5,669) (9,034) (4,170) 1,113 (2,938) (3,094) (9,089) (5,784) 18,919 (507) 14,857 (8,210) (736) 2,911 (2,993) (3,667) 1,672 63 18,794 18,532 (15,715) (4,775) 33,360 746 (2,918) (2,171) 29,016 (43.41) 141.98 (3.80) 111.50 (61.61) (5.52) 21.85 (22.46) (27.52) 12.55 0.47 141.04 139.08 (117.94) (35.83) 250.36 5.60 (21.90) (16.29) 217.76 Cash flows from investing activities: Purchases of properties Proceeds from sale of properties Purchases of investment securities Proceeds from sale of investment securities Other, net Net cash used in investing activities (15,082) 9,137 (3,546) 3,381 668 (5,441) (14,876) 888 (858) 4,074 336 (10,437) (111.64) 6.66 (6.44) 30.57 2.52 (78.33) 13,534 8,112 (7,197) (1,239) (242) (13,241) 8,178 (5,665) (1,652) (468) (99.37) 61.37 (42.51) (12.40) (3.51) 22 (3) 12,987 — (31) (12,880) — (0.23) (96.66) 887 (656) 33,632 1,122 6,821 32,725 8.42 51.19 245.59 351 1,025 7.69 (602) 32,725 — 40,571 — 304.47 Cash flows from financing activities: Increase (decrease) in short-term loans Proceeds from long-term debt Repayments of long-term debt Cash dividends paid Cash dividends paid to minority shareholders Proceeds from stock issued to minority shareholders Other, net Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of year Increase in cash and cash equivalents arising from inclusion of subsidiaries in consolidation Decrease in cash and cash equivalents arising from exclusion of subsidiaries in consolidation Cash and cash equivalents at end of year 21 キャッシュ・フロー計算書/ Statements of Cash Flows 仕入債務の増減額 2001/3 Yamaha Corporation Fact Book 2002 貸倒引当金の増減額 of Yen Millions of U.S. Dollars SHAREHOLDER INFORMATION 株式情報 期末株価 出来高 Share Price at the End of Fiscal Year Trading Volume (百万株) Yamaha Corporation Fact Book 2002 (Million Shares) (円) (Yen) 250 2,500 22 株式情報/ Shareholder Information 1,300 1,318 1,254 122 115 114 107 912 88 832 0 0 1998/3 1999/3 2000/3 2001/3 2002/3 1998/3 1999/3 2000/3 2001/3 2002/3 円/ Yen 決算期/ Fiscal Year Ended: 1998/3 1999/3 2000/3 2001/3 2002/3 期末株価 Share price at the end of fiscal year 1,300 1,254 832 1,318 912 高値 Share price—high 2,630 1,429 1,609 1,475 1,390 安値 Share price—low 1,220 1,010 620 710 745 出来高(百万株) Trading volume (Million shares) 115 88 114 122 107 配当利回り 株価収益率 Dividend Yield 株価純資産倍率 Price to Earnings Ratio (%) Price to Book Value Ratio (倍) (倍) (Times) 3 50 Yamaha Corporation Fact Book 2002 (Times) 2 1.38 23 株式情報/ Shareholder Information 1.21 1.16 19.9 20.4 0.93 0.77 0.88 0.77 0.53 0.48 0.36 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 0 1998/3 1999/3 2000/3 2001/3 2002/3 百万円/ Millions 決算期/ Fiscal Year Ended: of Yen 1998/3 1999/3 2000/3 2001/3 2002/3 配当利回り (%) Dividend yield (%) 0.77 0.48 0.36 0.53 0.88 株価収益率(倍) Price to earnings ratio (Times) 19.9 — — 20.4 — 株価純資産倍率(倍) Price to book value ratio (Times) 1.16 1.21 0.77 1.38 0.93 発行済株式数(千株) Number of shares issued (Thousand shares) 206,523 206,523 206,523 206,523 206,523 期末時価総額 Market capitalization at the end of fiscal year 2,685 2,590 1,718 2,722 1,883 13.3 14.8 18.9 22.5 25.2 期末外国人持株比率(%) Percentage of shares owned by foreign investors (%) NETWORK ネットワーク 国内主要グループ会社/ Main Domestic Group Companies 楽器部門/ Musical Instruments (株)ヤマハミュージック東京 (株)ヤマハミュージック西東京 (株)ヤマハミュージック横浜 Yamaha Corporation Fact Book 2002 24 (株)ヤマハミュージック関東 (株)ヤマハミュージック大阪 (株)ヤマハミュージック神戸 (株)ヤマハミュージック瀬戸内 (株)ヤマハミュージック名古屋 (株)ヤマハミュージック浜松 (株)ヤマハミュージック九州 (株)ヤマハミュージック北海道 (株)ヤマハミュージック東北 ヤマハミュージックトレーディング(株) ネットワーク/ Network (株)ヤマハミュージックメディア ヤマハサウンドテック (株) ヤマハミュージッククラフト (株) (株)ヤマハホール ヤマハピアノサービス(株) (株)ヤマハミュージックコミュニケーションズ ミュージックリース(株) Yamaha Music Tokyo Co., Ltd. Yamaha Music Nishitokyo Co., Ltd. Yamaha Music Yokohama Co., Ltd. Yamaha Music Kanto Co., Ltd. Yamaha Music Osaka Co., Ltd. Yamaha Music Kobe Co., Ltd. Yamaha Music Setouchi Co., Ltd. Yamaha Music Nagoya Co., Ltd. Yamaha Music Hamamatsu Co., Ltd. Yamaha Music Kyushu Co., Ltd. Yamaha Music Hokkaido Co., Ltd. Yamaha Music Tohoku Co., Ltd. Yamaha Music Trading Corporation Yamaha Music Media Corporation Yamaha Sound Technologies Inc. Yamaha Music Craft Corporation Yamaha Hall Co., Ltd. Yamaha Piano Service Co., Ltd. Yamaha Music Communications Co., Ltd. Music Lease Corporation AV/IT 部門/ AV/IT ワイズ(株) ディーエス (株) YIS Corporation D.S. Corporation 電子機器・電子金属部門/ Electronic Equipment and Metals ヤマハ鹿児島セミコンダクタ(株) ヤマハメタニクス(株) Yamaha Kagoshima Semiconductor Inc. Yamaha Metanix Corporation リビング部門/ Lifestyle-Related ヤマハリビングテック (株) ヤマハリビングプロダクツ (株) (株)ジョイエルホーム Yamaha Livingtec Corporation Yamaha Living Products Corporation Joywell Home Corporation レクリェーション部門/ Recreation ヤマハリゾート (株) (株)キロロ開発公社 (株)はいむるぶし (株)A 城 (株)鳥羽国際ホテル (株)つま恋 (株)合歓の郷 (株)キロロアソシエイツ (株)寸座ビラ Yamaha Resort Corporation Kiroro Development Corporation Haimurubushi Inc. Katsuragi Inc. Toba International Hotel Inc. Tsumagoi Inc. Nemunosato Inc. Kiroro Associates Inc. Sunza Villa Inc. その他部門/ Others ヤマハファインテック (株) (株)ヤマハクレジット ヤマハ保険サービス(株) 海外ネットワーク/ YAMAHA’s Overseas Network アメリカ地域/ American Region ヨーロッパ地域/ European Region Yamaha Europa G.m.b.H. Yamaha Music Central Europe D.C. Yamaha Elektronik Europa G.m.b.H. Yamaha-Kemble Music (U.K.) Ltd. Yamaha Electronics (U.K.) Ltd. Kemble & Company Ltd. Kemble Music Ltd. Yamaha Musique France S.A. Yamaha Electronique France S.A. Yamaha Electronique Alsace S.A. Yamaha Scandinavia A.B. Yamaha Musica Italia s.p.a. Yamaha-Hazen Música S.A. Yamaha KHS Music Co., Ltd. Taiwan Yamaha Musical Inst. Mfg. Co., Ltd. Kaohsiung Yamaha Co., Ltd. Tianjin Yamaha Electronic Musical Instruments, Inc. Yamaha Trading (Shanghai) Co., Ltd. Yamaha Electronics Trading (Shanghai) Co., Ltd. Guangzhou Yamaha-Pearl River Piano Inc. Xiaoshan Yamaha Musical Instrument Co., Ltd. Yamaha Electronics (China) Ltd. Yamaha Music Korea Ltd. Yamaha Music (Asia) Pte. Ltd. Yamaha Electronics Asia Pte. Ltd. Yamaha Music (Malaysia) Sdn. Bhd. Yamaha Electronics Manufacturing (M) Sdn. Bhd. P.T. Yamaha Music Indonesia (Distributor) P.T. Yamaha Indonesia P.T. Yamaha Music Manufacturing Indonesia P.T. Yamaha Music Manufacturing Asia P.T. Yamaha Musical Products Indonesia P.T. Yamaha Electronics Manufacturing Indonesia Siam Music Yamaha Co., Ltd. Yamaha Music Australia Pty., Ltd. Yamaha Music Gulf FZE 25 ネットワーク/ Network Yamaha Corporation of America Yamaha Electronics Corporation, U.S.A. Yamaha Exporting, Inc. Yamaha Music Manufacturing, Inc. Yamaha Musical Products, Inc. Yamaha Music InterActive Inc. YMH Digital Music Publishing LLC. Yamaha Canada Music Ltd. Yamaha de México, S.A. de C.V. Yamaha de Panamá, S.A. Yamaha Musical do Brasil Ltda. アジア・オセアニア地域/ Asia/Oceania Region Yamaha Corporation Fact Book 2002 (株)ヤマハビジネスサポート Yamaha Fine Technologies Co., Ltd. Yamaha Credit Corporation Yamaha Insurance Service Co., Ltd. Yamaha Business Support Corporation Public Relations Division 2-17-11, Takanawa, Minato-ku, Tokyo 108-8568, Japan Tel: +81 3 5488-6602 Fax: +81 3 5488-5060 URL: http://www.global.yamaha.com/ URL: http://www.yamaha.co.jp/ Printed in Japan on recycled paper カタログコード –CM023