Integrated Report 2020 - Yamaha Motor Co., Ltd.
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Integrated Report 2020 Fiscal year ended December 31, 2019
Creating
Excitement
Ensuring
Confidence
Challenging for
Innovation
Creating Kando What we value in our efforts to create Kando
Yamaha Motor expresses the “unique style of Yamaha” with its shared values of
Innovation, Excitement, Confidence, Emotion, and Ties.
Incorporating the unique style of Yamaha into all processes and levels
of our corporate and business activities will further enhance Yamaha’s unique qualities.
We believe that doing so is the way to meet customer expectations
and the fuel to further improve our competitiveness.
Building Ties
with Customers
for Life
Captivating
Emotional Feelings
Yamaha Motor Co., Ltd. Integrated Report 2020 1
Corporate Mission Contents Introduction Corporate Governance
4 A History of Creating Kando through Technology 52 From the Chairman of the Board of Directors
Kando* Creating Company 6 Yamaha Motor’s Presence 54 Dialogue between Outside Directors
8 Financial and Non-Financial Highlights 58 Directors and Audit & Supervisory Board Members
Offering new excitement and a more fulfilling life for people all over the world
Toward Sustainable Growth 61 Corporate Governance
Yamaha Motor strives to realize peoples’ dreams with ingenuity and passion, and to always be a company
people look to for the next exciting product or concept that provides exceptional value and deep 10 From the President 68 Risk Management
satisfaction. 18 Yamaha Motor’s Value Creation Process Business Strategy
*Kando is a Japanese word for the simultaneous feelings of deep satisfaction and intense excitement that we experience when we 20 Important Societal Issues (Materiality) 70 Land Mobility
encounter something of exceptional value.
24 Climate Change-Related Information Disclosure 72 Marine Products
(based on the TCFD’s recommendations) 74 Robotics
Management Principles 26 Long-Term Vision and Medium-Term 76 Financial Services
Management Plan
1. Creating value that surpasses customer expectations 77 Other
28 Specific Initiatives toward
To continue to produce value that moves people, we must remain keenly aware of customers’
Resolving Societal Issues Facts and Data
evolving needs. We must strive to find success by always surpassing customer expectations with safe,
high-quality products and services. 30 From the Director, Chief General Manager of 78 11-Year Summary
Corporate Planning & Finance Center 80 Environmental and Social-related Data
2. Establishing a corporate environment that fosters self-esteem Foundations for Creating Competitiveness 81 Management Discussion and
We must build a corporate culture that encourages enterprise and enhances corporate vitality. The Analysis of Operations
32 Creative Branding
focus will be on nurturing the creativity and ability of our employees, with an equitable system of
86 Global Group Network
evaluation and rewards. 34 Creative Design
88 Corporate Information / Stock Information
36 Research and Development
3. Fulfilling social responsibilities globally 38 Digital Transformation
As a good corporate citizen, we act from a worldwide perspective and in accordance with global standards.
We must conduct our corporate activities with concern for the environment and communities and fulfill our 40 Procurement
social responsibility with honesty and sincerity. 42 Manufacturing and Production (Monozukuri)
44 Sales (Marketing)
46 Human Resources
Action Guidelines
48 Topics
Acting with Speed 48 Initiatives for Improving Employee Engagement
Meeting change with swift and informed action
50 Yamaha Motor’s Sporting Activities
Spirit of Challenge
Courage to set higher goals without fear of failure
Persistence
Working with tenacity to achieve desired results, and then evaluating them Editorial Policy
In addition to the Long-Term Vision and the strategies Structure for Information Disclosure
to achieve it contained in the current Medium-Term
Management Plan (both formulated in December
2018), the Integrated Report 2020 contains a wealth Financial information Non-financial information
of information about how we will grow going forward
through Environmental, Social, and Governance (ESG)
initiatives. This report is edited to give shareholders, Integrated Report 2020
Corporate Philosophy Stakeholders
investors, and other stakeholders a multifaceted
understanding of Yamaha Motor’s sustainable growth.
Customers • Information for Investors • Corporate Website
The report was edited referencing the IIRC’s https://global.yamaha-motor.com/ir/ https://global.yamaha-motor.com/
Corporate Mission International Integrated Reporting Framework
• Securities Report (in Japanese only) • Technical Review
Kando* Communication
Shareholders and
(released in December 2013) and the Ministry of
https://global.yamaha-motor.com/about/
Creating Company Economy, Trade and Industry’s Guidance for • Fact Book technical_review/
Investors
Collaborative Value Creation.
• Sustainability-related Information
Financial, sustainability-related, product, and other https://global.yamaha-motor.com/about/csr/
Employees information not contained in this report is available on
Yamaha Motor’s official website. • Corporate Governance Report
Management Action
Principles Guidelines *The 2020 in the title refers to the year this report was
Business Partners published.
The Community Notice Regarding Forward-Looking Statements
The statements in this report, except for historical facts, are forward-looking statements about the future performance of the Company and its Group com-
panies. These are based on management’s assumptions and beliefs in light of the information currently available, and involve risks and uncertainties. Please
Basic Policies of Basic Policies of
Internal Control
Business Activity
CSR be advised that actual results may differ significantly from those discussed in the forward-looking statements.
The Environment
Potential risks and uncertainties include, but are not limited to, general economic conditions in Yamaha Motor’s major markets, changing consumer prefer-
ences, and currency exchange rate fluctuations.
2 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 3
Introduction
A History of Creating Kando through Technology
Yamaha Motor was founded in July 1955 when the motorcycle division of Nippon Gakki Co., Ltd. (today’s Yamaha
Corporation) was spun off to form an independent company. Since then, with the consumer-oriented development
approach of its Nippon Gakki roots as a starting point, Yamaha Motor has always been working to create new value
through its motorcycles and other products in a variety of fields for over 60 years.
Taking on the motorcycle Expanding business fields and Creating demand and Helping solve societal issues Working for both Diverse Monozukuri
business amid Japan’s working to popularize building a business with products combining Kando and the contributing to a more
post-war economic recovery recreational culture platform technologies environment sustainable society
Genichi Kawakami, the fourth president of Adapting the engine technology garnered Not restricting ourselves to preconceived ideas, To alleviate the burdens accompanying strenu- Applying the electronic control technologies We are pairing our core technological compe-
Nippon Gakki Co., Ltd. and later founder of through the motorcycle business, we turned we analyzed customer needs with a market- ous manual labor tasks, such as spraying developed with the PAS electrically power- tencies with advanced technologies to further
our hand to building outboard motors, fiber- oriented approach and later released the agrichemicals by hand in the agricultural sector, assisted bicycle launched in 1993—the first evolve and diversify our motorcycle and marine
Yamaha Motor, decided to enter the motor-
reinforced plastic (FRP) fishing boats, snow- Passol, a model well-suited to women riders, we began developing industrial-use unmanned mass-produced vehicle of its kind in the world— product lineups, but we are also moving
cycle market as a stepping stone to future mobiles and other products, thereby expanding and thus created a new “soft bike” market helicopters utilizing our small-engine, FRP, and and the latest in human-interface technology, forward with our Yamaha Clean Water Supply
business development outside the realm of our range of business. Moreover, we engaged segment. We also leveraged the technological electronic control technologies. Today, these we successfully practicalized an eco-friendly System project for emerging markets, an
musical instruments. The compact chassis, in activities to popularize a culture of leisure development know-how and expertise helicopters not only contribute to labor savings electric commuter vehicle that produced no initiative first started in the 1990s. By making
high quality, and striking design of the first and recreation and to grow our fanbase. Other acquired in creating our own robots while and greater efficiency in agriculture, but are emissions and little noise. The research on the system operable by the local residents
Yamaha motorcycle, the YA-1, attracted a initiatives included work to raise awareness of diversifying our production model lineup to also utilized by research institutions and other fuel-cell vehicles we were also conducting at the themselves, the resulting stable supply of clean
safety in motorsports. begin development and practical implementa- bodies for academic studies and research, time directly contributed to our current develop- water helps resolve social issues they face.
great deal of market attention.
tion of Yamaha-brand industrial robots. disaster response, surveys and observation, ment of new forms of mobility.
and more.
1955 1960 1970 1990 2000 2010
2010
Small-scale water
purification system
2002
Yamaha Clean Water
Electric commuter vehicle
Supply System
Passol
1960
Our first catamaran
FRP boat
CAT-21 1987
Industrial-use
unmanned helicopter
R50 (L09)
1960
Our first
outboard motor
P-7 1977 1995
“Soft bike” allowing Wheelchair
women to ride with peace of mind electric power unit
Passol JW-I 2014
1955
The first Yamaha motorcycle Our first LMW*
YA-1 Tricity
1967
Joint project with
Toyota Motor Co., Ltd.
Refining our core technological Toyota 2000GT 1993
Japan’s first electrically power-assisted bicycle
competencies and developing PAS
2018
various products in step with Sport LMW*
NIKEN
changes in society 2017
1978 Cell picking &
Our first 6 hp snow blower imaging system
1987
suited to Japanese snow CELL HANDLER™
Surface mounter for printed circuit boards
YT665 YM4600S
1968 1975
Our first snowmobile Our first golf car
SL350 YG-292 *Leaning Multi-Wheeler: Yamaha Motor’s designation for vehicles with three or more wheels that lean like a motorcycle through turns.
4 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 5
Introduction
Yamaha Motor’s Presence
Multi-Axial Business Approach Applying Our Core Competencies
The powertrain, chassis and hull, electronic control, and manufacturing technologies that we have honed since our
Yamaha Motor conducts its operations in the Land Mobility, Marine Products, Robotics, Financial Services, and Others
founding serve as our core technological competencies, and as we continue refining these competencies, we offer a wide variety of
business segments. Overseas sales currently account for approximately 90% of the Company’s consolidated net sales. products that create Kando by leveraging our technologies and keen sensitivities.
Consolidated Financial Results
Japan
LMW
10.2%
1,664.8
Net sales
(Leaning
¥ 1,294.1billion ¥ billion
Others
10.9%
Multi-Wheelers)
(fiscal 2010)
Distribution of Asia
Financial services
Europe
Net sales 43.5%
13.0%
115.4
Operating income
¥ 51.3billion ¥ billion
North America Snowmobiles Electrically
(fiscal 2010) Industrial
22.4% machinery and
power-assisted
bicycles
robots
Business Domains
As of fiscal 2019, the Company changed its business segments from Motorcycles, Marine Products, Power Products, and Industrial Machinery and Robots to Personal
Land Mobility, Marine Products, Robotics, and Financial Services. Although the Land Mobility business accounts for some 60% of consolidated net sales, the watercraft Automobile
ATVs/ROVs engines
Marine Products segment is the driver of operating income.
Industrial-use
Distribution of net sales and Segment Main products and services unmanned
operating income by business helicopters
(%) Electric
–0.5 wheelchairs
Motorcycles, LMWs, all-terrain vehicles (ATVs), recreational off highway
6.2 7.0 Land Mobility
vehicles (ROVs), snowmobiles, and electrically power-assisted bicycles
2.5
4.5 6.7 Boats
Generators
20.7
Outboard motors (marine engines), personal watercraft, boats, FRP pools, Motorcycles
Marine Products
fishing boats, and utility boats Pools
Snow blowers
50.6
Surface mounters, semiconductor manufacturing equipment, industrial
Robotics
robots, and industrial-use unmanned helicopters
Outboard motors Golf cars
(Marine engines)
66.1
Manufacturing
Financial Services Sales financing and leases related to the Company’s products
36.2
Core technological
competencies Electronic
Powertrains Control
Golf cars, generators, multi-purpose engines, snow blowers, automobile
Others Chassis and
engines, automobile components, and electric wheelchairs
Net sales Segment incomes Hulls
Land Mobility Marine Products
Robotics Financial Services Others
6 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 7
Introduction
Financial and Non-Financial Highlights
Net sales Operating income / Operating income margin R&D expenses Capital expenditures
(¥ billion) (¥ billion) (%) (¥ billion) (¥ billion)
2,000 160 24 120 12 80 12
1,664.8 102.0
115.4 58.1
1,500 120 18 90 9 60 9
1,000 80 12 60 6 40 6
1,495.0
6.9
500 40 6 30 3 20 3
169.8
0 0 0 0 0 0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Japan Overseas Operating income Operating income margin
Revenue grew in the Marine Products and Financial Services segments, Profitability improved in the motorcycle business—a continuation from R&D expenses were ¥102 billion, essentially on par with the Capital expenditures totaled ¥58.1 billion, targeting sustained growth
but fell in the Land Mobility and Robotics segments (excluding the fiscal 2018—but operating income fell ¥25.4 billion year-on-year to previous year. and greater efficiencies in existing businesses.
impact from M&As), resulting in a net sales decline of ¥8.4 billion ¥115.4 billion, owing to weaker sales in the Robotics (excluding the
year-on-year to ¥1,664.8 billion. impact from M&As) and other segments, higher expenses from growth
strategies, foreign exchange rates, etc.
Net income attributable to owners of parent / Ratio of net income Total assets / Return on assets CO2 emissions Water intake
attributable to owners of parent to net sales (¥ billion) (%) (1,000t-CO2) (Million m3)
(¥ billion) (%)
120 8 1,600 1,532.8 12 800 12 6.0 12
90 6 1,200 9 600 527 9 4.5 4.07 9
75.7
4.5
60 4 800 6 400 6 3.0 6
5.1
30 2 400 3 200 3 1.5 3
0 0 0 0 0 0 0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Net income attributable to owners of parent Total assets Return on assets
Ratio of net income attributable to owners of parent to net sales
Net income declined ¥17.6 billion year-on-year to ¥75.7 billion, and the Total assets grew ¥112 billion from the previous year-end due to the The Group has been working to reduce greenhouse gas emissions in its We will continue our efforts to measure our global use of water
ratio to net sales decreased 1.0 percentage points year-on-year to 4.5%. consolidation of Yamaha Motor Robotics Holdings Co., Ltd. (YMRH) and manufacturing activities with an eye on achieving its target for reducing resources and reduce the amount of water intake through promoting
its subsidiaries. CO2 emissions per net sales by 50%. the reuse of coolant water and water collection (rainwater and other
sources) at factories.
Return on equity (ROE) Net income per share Number of group companies joining unified certification Brand ranking*
(%) (Yen) 2014
(No. of companies) 2015 2016 2017 2018 2019
15,328
32
20 12 360 12 60
46
15 9 270 9 45
11.1 216.83
10 6 180 6 30
nd
5 3 90 3 15
0 0 0 0 0 *Brand value ranking of Japan-based brands carried out by Interbrand Japan
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 (Best Japan Brands 2020)
Domestic Overseas
The decline in net income attributable to owners of parent led to a 3.5 Net income per share declined from the previous year due to the We have been working toward global environmental ISO 14001 unified The Yamaha Brand, calculated by combining the brand value of both
percentage point decrease in ROE compared with the previous year-end. decrease in net income attributable to owners of parent. certification at Group companies in Japan and overseas since 2012. Yamaha Motor and Yamaha Corporation, was valued at US$1,369
A total of 46 companies have joined the unified certification program, mainly million (compared with US$1,195 million in 2019 and US$998 million
manufacturing companies in Asia (incl. Japan), Europe, the United States, and in 2018).
South America.
8 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 9
Toward Sustainable Growth
From the President
We will overcome the challenging external
environment and aim to create prosperity and
happiness for people while working in harmony
with society and the environment.
Overview of Fiscal 2019
In fiscal 2019, the first year of our current three-year exceeded the rise in marginal profit.
Medium-Term Management Plan set to conclude in the fiscal Looking at individual businesses, we saw an improvement
year ending December 31, 2021, net sales increased in the in earnings with developed market motorcycles in the Land
Marine Products and Financial Services businesses but fell in Mobility business from greater unit sales in Europe and the
the Land Mobility and Robotics businesses (excluding the accompanying increase in marginal profit at the headquar-
impact of M&As), resulting in an overall net sales decline. ters. However, profits declined in the emerging market
Despite an improvement in profitability thanks to 1) struc- motorcycle business due to falling unit sales in Vietnam,
Yoshihiro Hidaka tural reforms and heightened operational efficiency at facto- Taiwan, and India stemming from the market and competi-
ries producing developed market motorcycles in Europe and tor environment, and the impact of issues with logistical
President, Chief Executive Officer and
our headquarters and 2) more premium-segment motorcycle operations in the Philippines. In addition, during the current
Representative Director
models in Indonesia, operating income also contracted over- Medium-Term Management Plan, we will move toward
all due to the aforementioned decrease in net sales in the implementing specific measures for structural reform in the
Robotics business and other segments, an increase in developed market motorcycle business, an issue present
expenses for implementing growth strategies, the impact of since the Lehman Brothers bankruptcy triggered the 2008
foreign currency exchange rates, and other effects. global financial crisis.
Our Medium-Term Management Plan was rolled out look- In the Marine Products business, the shift toward large
ing to achieve earnings by securing and improving the prof- outboard motors continues and while net sales proceeded
itability of existing businesses and then making investments broadly in line with our expectations, profits fell due to the
and embarking on challenges for future growth. However, heavy impact of foreign currency exchange rates.
balancing these differing goals has proved difficult. In the Robotics business, revenue increased due to the
Excluding the expenses for strategic growth and the impact establishment of Yamaha Motor Robotics Holdings Co., Ltd.
of foreign currency exchange rates, we were able to secure (YMRH) through the business integration of Yamaha Motor,
earnings on par with the previous fiscal year for the former, SHINKAWA LTD., and APIC YAMADA CORPORATION in
but were unable to achieve the results we wanted. However, February 2019, but lasting stagnant market conditions from
we succeeded in sowing various seeds for the latter. The U.S.–China trade friction led to a significant decrease in
Medium-Term Management Plan’s policies are to further profits. Furthermore, in April 2020 we converted YMRH into
advance the growth strategies we have pursued thus far and a wholly-owned subsidiary. Going forward, Yamaha Motor
allocate the management resources to accelerate them. will expedite post-merger integration and raise YMRH’s
However, we currently have not been able to raise the per- management speed to create a more integrated manage-
formance of our existing businesses to the extent necessary ment channel with the Company from which to improve the
to facilitate this. With our results for fiscal 2019, expenses Robotics business’ profitability as a whole.
for corporate growth and reinforcing our business platforms
proved to be a burden and the increase in expenses greatly
10 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 11
Toward Sustainable Growth
From the President
Promoting Medium- to Long-Term Strategies Promoting Growth Strategies
In 2018, Yamaha Motor formulated its Long-Term Vision for and forms the foundation for the next stage of growth in all Taking on new challenges in our core businesses earnings even when electric products become the norm,
2030 under the slogan of “ART for Human Possibilities.” our business activities. Another aspect of the strategy is We have been taking on—and beginning to see the results while ascertaining market and customer needs. To that end,
This vision clearly states the objectives and values Yamaha “Uniquely Yamaha Solutions.” This refers to systems like the of—a variety of challenges, such as our quest "To someday we have positioned EV-related investments as an issue of
Motor would like to offer society amid the dramatic changes automated low-speed mobility (LSM) service we are con- create bikes that lean but do not fall” showcased by our the highest priority for our core business framework and
in the external environment and faster diversification of ducting real-world testing for and the provision of non- MOTOROiD and LMW models, efforts to promote the devel- will undertake these without constraint.
people’s values. I believe that the range of fields in which hardware solutions. “Transforming Mobility,” another opment and commercialization of electric vehicles (EVs), and
the Company can make a contribution is broadening due to component of the strategy, concerns the offering of hard- efforts aimed at more automated watercraft operation in Promoting the development of new businesses
societal changes that include the tightening of regulations ware solutions, headed by our Leaning Multi-Wheel (LMW)* the Marine Products business. With an eye on developing prominent new businesses by
on exhaust emissions, electrification, aging populations in technology and electric vehicles (EVs). Today, responding to the trend for “connected, autono- 2030, I envisioned a three-phase process: the three years of
developed countries, and the advances in IT and AI technol- The current Medium-Term Management Plan is positioned mous, shared & services, and electric” (CASE) vehicles has the current Medium-Term Management Plan as a period for
ogy. By combining the core technological competencies we as the first three years for advancing reforms aimed at real- become an urgent priority in the transportation equipment identifying opportunities; a subsequent three-year period for
have developed to date with cutting-edge technologies and izing our Long-Term Vision, and we are working to reform industry. In this context, electrification has become a key investing management resources in a focused manner in the
pursuing co-creation with our business partners, we will our management platforms and promote growth strategies. word and Yamaha Motor has set a target of reducing CO2 chosen fields; and another three-year period in which the
seek to create a better society and better daily lives by offer- Although our aforementioned business results in fiscal 2019 emissions from its products by 50% by 2050 (compared newly developed businesses begin to contribute to earnings.
ing products and services that build on people’s innate capa- were unfavorable, we were still able to move our growth with 2010). As part of these efforts, we are promoting the I believed that these periods were realistic based on my own
bilities and possibilities. strategies forward according to plan. manufacture and sale of electric products, including the personal experience. However, the incredibly impactful
The strategy for achieving this goal is “ART for Human electrification of motorcycles. Given that engine develop- changes to the external environment brought by the global
*Yamaha Motor's designation for vehicles with three or more wheels that lean like a
Possibilities.” The “robotics” in the strategy broadly refers to motorcycle through turns
ment is our traditional strength and that it remains an COVID-19 pandemic has brought to the fore various societal
advanced technologies such as electronic control and AI, important element of differentiation for us, electrification issues, and amid this we have fast-tracked our new business
in the transportation equipment industry has the potential opportunity identification plan and narrowed down the
to threaten our survival. fields to pursue to four: mobility services, LSM, agriculture,
However, while the mobility needs of people may change, and medical. Going forward, we will focus on these four
those needs are not likely to disappear. Although I feel that fields and invest our management resources to create new
Reforming Our Management Platforms a diverse change will come to the values regarding mobility, businesses and grow their scale.
due partly to the global spread of COVID-19, I would like to
We are reforming our management platforms using the carrying out big data analysis, and then feeding the results establish as soon as possible a model for generating steady
latest digital technologies and data in our R&D, manufactur- back into the operation of the factory. Doing so enables the
ing, and corporate fields. early detection and prediction of irregularities, and in turn
In the R&D field, we are advancing model-based systems leads to more efficient management.
engineering (MBSE). Utilizing simulation models in the devel- In the corporate field, we will promote the overhaul of
opment process covering initial design to verification, we Enterprise Resource Planning (ERP). In seeking the best Forecast for Fiscal 2020
can perform strength and fluid analyses, etc., to identify and arrangement for a global corporation, we will standardize
solve problems at an early stage and thereby conduct more and unify our core systems. We will work to reduce costs At the financial results briefing in February 2020, I conveyed In addition, we have proactively and quickly provided dona-
efficient development and manufacturing. and implement our growth strategies by increasing the our intention to focus in fiscal 2020 on restoring the profit- tions and carried out support activities in our various regions
In the manufacturing field, we are moving toward the use efficiency of indirect processes and shifting resources to ability of our existing businesses and moving forward in of operation. In Japan, we manufactured plastic face shields
of smart factories. This entails using a variety of sensors to growth fields. coordination with each business and corporate function, in and sterilizing detergent and distributed them to medical
collect digital data on the operational status of a factory, light of growing uncertainty about the global economic institutions as well as donating and offering free motorcycle
outlook, the signs of a recessionary environment, and our rentals to physicians overseas (Thailand, Germany, and
business performance in fiscal 2019. Sweden).
However, the COVID-19 global pandemic is having an In recent years, the Company has overcome several crises
enormous impact not only on economies and business but that have cut off its supply chain, from the large-scale floods
also human life. Yamaha Motor has also implemented coun- in Thailand to the Great East Japan Earthquake and heavy
termeasures, including production control based on careful rains in Japan. In the process, the level of the Company’s
assessment of demand and extensive cuts to expenses and various initiatives related to our Business Continuity Plan
investment spending. (BCP), such as the preservation of our supply chain, has risen
considerably. Accordingly, when an event occurs in a given
12 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 13
Toward Sustainable Growth
From the President
region, we have become able to swiftly determine how it reviewing our global production structure and logistics func- Shareholder Return Policy
will affect us and how best to deal with it. tions, the appropriate products and parts by type as well as
Nevertheless, the global spread of COVID-19 marked the inventory volumes for each country, etc. Yamaha Motor views increasing shareholder returns as an year-end dividend, surpassing this benchmark. In regard to
first time that we have been forced to suspend operations A comparatively large proportion of our products are used important management issue and strives to raise corporate fiscal 2020 dividend payments, as we anticipate challenging
simultaneously around the world. Based on this experience, for leisure and recreation, and as governments throughout value. With regard to the dividend payment, we seek to conditions in the first half of the fiscal year, we have
we are implementing three countermeasures. The first is the the world begin to lift restrictions on going out, spending maintain as well as strengthen our financial foundations and decided not to pay an interim dividend with the goal of
promotion of e-commerce. As it becomes increasingly dif- money on hobbies and leisure may remain a low priority, increase new growth investments and returns to our share- securing liquidity on hand. We will promptly make an
ficult to maintain our physical touchpoints with customers even if governments enact economic stimulus policies. On holders. We have set a benchmark of 30% for the dividend announcement regarding a year-end dividend when we are
due to limits or restrictions on people leaving their homes, the other hand, I am also hopeful that demand for our prod- payout ratio of net income attributable to owners of parent. able to make a forecast.
we will broaden our businesses’ digital touchpoints with ucts as accessible outdoor vehicles and tools will be stimu- For fiscal 2019, we paid a full-year dividend of ¥90 per
customers and establish an optimal combination of digital lated in the post-COVID-19 world. Demand for Yamaha share, consisting of a ¥45 interim dividend and a ¥45
and face-to-face customer interaction. products like off-road motorcycles, sport boats, and personal
The second is transitioning to new workstyles. The extent watercraft is already recovering due to a growing trend for
to which we can ensure production efficiency at our plants enjoying nearby places and the outdoors following the
while taking all possible measures to prevent infection on easing of lockdown restrictions primarily in Europe and the
the front lines will be vital. For our office-based employees, United States. Further Improving Brand Value
we must also revise our personnel systems so that they can Furthermore, in regions with extensive and well-developed
achieve results while working from home. I believe that once public transportation, calls to avoid closed spaces, crowded The corporate mission of Yamaha Motor is to be a Kando Yamaha Motor clearly defines the fundamental elements
this new workstyle becomes established, we will see each gatherings, and close contact with others have reminded Creating Company and we aspire to always be a company of the “unique style of Yamaha” with the following key
employee place greater value on the time they are able to people of the advantages of personal mobility options like offering new value that inspires customers to look to us for words expressing its shared values: Innovation, Excitement,
save on commuting or make the most of their spare time. motorcycles and electrically power-assisted bicycles. In the new Kando. With our origins in Yamaha Corporation, a Confidence, Emotion, and Ties. I firmly believe that exhaus-
The third measure is further strengthening our supply logistics industry where essential workers support people’s leader in musical instruments and audio products, we have tively refining these five elements and incorporating the
chain. Yamaha Motor products are sold around the world and daily lives, motorcycles are being reappraised for their mobil- engaged in Monozukuri that appeals to human sensibilities unique style of Yamaha into all processes and levels of our
many are manufactured in countries outside of their destina- ity and ability to avoid or better navigate traffic congestion. I through our consumer-oriented development ideal. With the corporate and business activities is the way to meet cus-
tion market. Our production structure is such that when man- believe that these developments will lead to new demand Yamaha brand, the Kando that we offer entails an emphasis tomer expectations and the fuel to further enhance our
ufacturing—including parts and components—ceases in one going forward. on appealing to human sensibilities, and we operate a joint competitiveness. One top internal undertaking that aims to
country, many other countries where our products are sold As for our Robotics business, although I expect global Brand Committee together with Yamaha Corporation to improve brand value is the Brand Strength Score (BSS),*1 a
are significantly affected. In light of current circumstances, we capital expenditures to remain sluggish for a time, I am share the brand’s direction and alternative indicators of value qualitative indicator for measuring understanding and pen-
are working to stabilize and strengthen our supply chain by certain that the bolstering of communications infrastructure as well as our respective targets to that end. etration of the brand. Four internal indicators and six social-
and other developments will prompt a growth in demand We have made raising our brand value an important man- and customer-related external indicators are used to gauge
over the medium to long term. We must steer management agement task at Yamaha Motor. With the electrification of brand strength. Through an interview format, we constantly
while accurately assessing conditions. Naturally, our policy is mobility I mentioned earlier and other technology advances, research our positioning in relation to our competitors and
to prevent the further spread of COVID-19 by prioritizing the it has become increasingly difficult to differentiate ourselves clarify our strengths and weaknesses in each country and by
lives of our employees and stakeholders first and then mini- with product specifications and hardware performance, so I product category. Based on these efforts, we revise our
We will calmly assess
mizing our business losses. Although we have yet to believe that customers will choose products based on their action plans annually and engage in the PDCA cycle while
market conditions and
announce our performance forecast for fiscal 2020, we trust in and connection with a brand. As such, I expect the monitoring score trends. Furthermore, under the goal of
tenaciously work intend to do so as soon as possible and are currently scruti- role and importance of the brand to grow going forward. augmenting our organizational structure to strengthen qual-
toward achieving nizing the impacts of COVID-19 on our supply chain, plans, Historically, nearly 130 years have passed since the Yamaha ity assurance and ensure safety and compliance with laws
our goals. and business performance. brand was born and over 65 years since we turned our hand and regulations, we established the Quality Assurance
I know that this will be a particularly challenging year. We will to motorcycles. The brand value we have today was won Center in 2020 to minimize risks that directly impact our
do our utmost to calmly assess market conditions and tena- through the quality that earned customers’ trust in the brand image and to continuously lift our corporate value.
ciously work toward achieving the Medium-Term Management brand and their recognition of our commitment to the value Moving forward, I want the Company to express its com-
Plan while maintaining a constant sense of urgency. we create. I believe that this is a strength of the Company. mitment to appeal to human sensibilities and create Kando
14 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 15
Toward Sustainable Growth
From the President
not only through tangible aspects (products) but also to Southeast Asia and emerging markets, I believe that we will Taking on the Challenge of Further Growth
embody this commitment through the services and experi- be able to put our branding efforts to work there when the
ences it offers to customers. This falls under the Confidence role of motorcycles shifts from a means of daily commuting In 1953 when Japan was embarking on its road to recovery, clash of values leads to the creation of new values.
and Ties elements of the unique style of Yamaha. For exam- to a tool of choice for recreation. Genichi Kawakami, the fourth president of Nippon Gakki Specifically, we convene the Global Executive Committee
ple, we operate the bLU cRU*2 rider support program as Through these initiatives, Yamaha Motor will strive to be a Co., Ltd. (today’s Yamaha Corporation), gave the order to twice a year for our highest-ranking executives and global
part of our marketing activities in developed markets. bLU company chosen by customers that achieves continuous enter the motorcycle industry. Despite being a latecomer, meetings several times a year for specific functions for exec-
cRU’s most distinguishing feature is its all-around support for growth by constantly maintaining and improving its brand Yamaha Motor was able to survive in an era in which the utives in the rank below. In this way, we are creating oppor-
further enriching the riding lifestyles of Yamaha product reputation and brand value. industry had already begun weeding out the weaker players tunities for executives and employees from different
owners. The program fosters interactions between Yamaha and go on to establish its current brand value. This is thanks countries and regions to stimulate and inspire each other.
*1 A method of assessing brand strength provided by Interbrand Japan.
Motor and its customers—and among customers them- *2 A
n amateur racing contingency program for riders using Yamaha motorcycles and to the Spirit of Challenge passed on to each and every Business trends are approaching a major paradigm shift
other products.
selves—and embodies the goal behind the Company’s “Revs employee—to always try to create new Kando for society— due to the electrification of mobility, the rapid development
your Heart” brand slogan of delivering exceptional value but I also believe that it is thanks to the free and open- of digital technologies, accompanying changes in various
and experiences that enrich the lives of our customers. minded corporate culture we have that facilitates this spirit. social frameworks, and other factors. In such a context, the
Looking ahead, amid rising incomes and living standards in People are the greatest source of value creation and hence advanced technologies and wide-ranging business platforms
management should be concerned first with how it can that we have built and developed as well as the capabilities
maximize the performance and motivation of organizations of our people to turn ideas and concepts into reality will
and individuals. In terms of human resource development, surely be a major driving force for the Company as it takes
each year we are improving our human resource training on the challenge of reaching the next stage of growth.
programs aimed at a variety of employees. For example, we While continuing to work in harmony with society and the
Aiming to Create Social Value have established training tailored to employee position environment, Yamaha Motor will endeavor to deliver joy,
levels, training to hone specialist skills, schemes for gaining surprise, and delight as well as prosperity and happiness to
To realize continuous growth, the Company identified in Among the materiality issues identified, I view Innovation
frontline experience outside Japan and overseas trainee people around the world through its products and services.
2019 four important societal issues (materiality) that it can as the platform for the Company’s growth that is indispens-
programs for employees aspiring to be active on the global
help resolve by leveraging its strengths: Environment and able for fulfilling its Long-Term Vision. Going forward, we
resources; Transportation, education, and industry; will work on innovations such as developing new forms of
stage, and coaching to raise organizational performance by Yoshihiro Hidaka
enhancing team strength. President, Chief Executive Officer and
Innovation; and Human capital management. It is my belief mobility and providing solutions through robotics to supple-
As a company operating globally, the promotion of diver- Representative Director
that all these issues are directly connected not only to the ment labor shortages. Within Yamaha Motor’s Monozukuri
sity is essential in order to share as knowledge the environ-
Company’s brand value, but its survival as well. With that in is its exclusive development ideal of Jin-Ki Kanno. This refers
ments, cultures, and approaches of various countries and
mind, we intend to focus our efforts on a range of initiatives to technologies that seek to deliver to users the seductive
regions. In widely sharing such knowledge, the occasional
in line with materiality issues. In particular, as a manufacturer exhilaration felt when they truly become one with their
selling products that emit exhaust gases, measures for the machine. We quantify and fine-tune this kind of exciting
environment are a must for us and as mentioned previously, performance, which we call Kanno Seino, and build it into
we are working to reduce CO2 emissions from our products our products. For example, when creating a motorcycle, test
while proactively developing electric mobility. riders systematically ride and evaluate it in the final stages of
Meanwhile, examples of the Company applying the tech- development, making confirmations and repeated improve-
nologies, knowledge, and expertise it has garnered through ments. This process is how Yamaha creates a machine with
its diverse range of businesses in order to help local com- response tuned to suit human sensibilities, enjoyable han-
munities include the clean water business in emerging and dling, chassis behavior bringing peace of mind, and more. In
In a business environment
developing economies and our longtime work to help mod- solving Innovation issues, we will use the same approach of
ernize the fishing industry in Africa and elsewhere. I believe exhaustively developing products with characteristics that
approaching a major paradigm shift,
that these efforts not only contribute to the resolution of appeal to all five senses. We will continue to provide new we will create new Kando by exhaustively
societal issues but also help raise our brand value in the value to society through our technologies and sensibilities as refining the unique style of Yamaha.
course of establishing relationships of trust with local com- a Kando Creating Company by infusing our core technologi-
munities, and that this will lead to greater corporate value cal competencies and Jin-Ki Kanno into our products.
over the long term.
16 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 17Toward Sustainable Growth
Social Value That
Yamaha Motor’s Value Creation Process We Create
Environment
• Offer environmentally friendly
Yamaha Motor’s business model is to provide unique, high-quality products and services that accurately reflect societal and personal means of transportation
customer needs by applying the Spirit of Challenge that has been handed down as the Company’s DNA and the technologies • Ensure safe water and resources
it has created and refined to date. The very reason for the Company’s existence as a Kando Creating Company is to give
society and customers experiences of Kando unique to Yamaha Motor that intertwine technologies and human sensitivities.
By expanding human possibilities and through our products and services that create Kando, we are aiming to achieve Growth Strategy
sustainable growth as well as create a better society and more fulfilling lives. Directions
Corporate Mission Business
Operations
Long-Term Vision
Kando Creating Company
ART for
Land Mobility P.70 Transport, education,
Create new values for people’s time,
•C
onsumer-oriented development ideal mobility, and self-expression
and industry
Important •G
lobal research and development structure
• Offering safe, comfortable, and fun
Foundations for
Human
•O
riginal and innovative ability to conceive
Societal Issues •G
lobal sales network mobility services
Creating Competitiveness new technologies
• S trong teamwork of dealerships, regional •C
reative, advanced technological capabili- • Raising traffic safety awareness levels
sales bases, and Yamaha Motor ties and core technological competencies Motorcycles Electrically ATVs/ROVs by bolstering riding safety training
•M
arketing methods that connect power-assisted
Possibilities
• P roprietary product development methods bicycles • Supportive training for engineers and
with customers over a lifetime
the creation of employment
Marine Products P.72 opportunities
Reliable and rich marine life
Toward further increasing the value of the ocean
There Is Greater Joy Yet to Come*
Environment and Sales Innovation R&D
resources
P.44 P.36
Three Focus Areas
Brand
Boats Marine engines Pools
Advancing
Ties
P.32
Excitement
Robotics P.74 Robotics
Promote automation and labor-savings Leverage and evolve
Transportation, education to free up valuable time for people
intelligent technologies
and industry
and robotics as Innovation
a foundation
• Freedom from menial work through
automation and autonomization
Rethinking
Industrial Industrial-use
machinery and unmanned • Promote the use of intelligent tech-
Emotion Confidence robots helicopters nologies and control technologies
Solution
Procurement /
Innovation
Manufacturing
Financial Services P.76 Propose uniquely Yamaha solutions
Design and Production Offer services that strengthen relationships with
customers and dealerships
Transforming
P.34 P.40/42
Financial services
Mobility
•D
esign that contributes to • Global production system Promote innovations in mobility
management and branding and inter-region product
Human distribution system
Other Products P.77
Human capital •D
esign capabilities that P.46
express individuality Resources Become a close part of customers’ lives and offer
management • Abundant plant
management expertise unique technology to support them
and technology Human capital management
• Leading manufacturing
technologies and strong
• Promote diversity and inclusion
on-site capabilities • Organizational structure that creates
Electric Golf cars job satisfaction
• Talented global personnel who wheelchairs
embody the brand
• Diverse specialist skills and
management ability
• Diversity in terms of specialization,
nationality and culture, and gender
*The statement made by Yamaha Motor at the 2019 Tokyo Motor
Show to express the world envisioned by its Long-Term Vision.
18 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 19Toward Sustainable Growth
Important Societal Issues (Materiality)
To achieve sustainable growth together with society, Yamaha Motor intends to resolve a variety of societal issues in uniquely
Yamaha ways.
In formulating its Long-Term Vision and Medium-Term Management Plan, the Company identified important societal
issues that it can resolve by leveraging its strengths and has incorporated initiatives to resolve these issues into the Medium-
Term Management Plan. Consolidated into Four Materiality Issues
Process for Identifying Important Societal Issues To clarify the respective positioning of the four important societal issues (materiality issues) we identified,
Sort
STEP
1 STEP
Categorize
2 STEP
Designate
3 STEP
Incorporate
4 we systematically categorized the materiality issues formulated in 2018.
*We renamed “Work-life balance” to “Human capital management.”
We look at the wide range of Through consultation with All of the Company’s officers Initiatives to resolve the identi-
societal issues referenced in the operating divisions, functional deliberate societal issues aggre- fied important societal issues
SDGs and the Global Risks divisions, and corporate divi- gated and categorized in Step 2 have been incorporated into the
Report, and select those that will sions, the divisions clarify the at the Management Committee Medium-Term Management
have the greatest impact on relationships between the issues and the Board of Directors Plan. The rigorous implementa-
Yamaha Motor’s use and pro- selected in Step 1 and each meetings, and designate “impor- tion of these initiatives will be
curement of management division’s policies and activities, tant societal issues” that should monitored going forward.
resources, and for which the and those that should be be addressed Companywide
resolution will make the greatest addressed Companywide are using the Company’s strengths, Environment Transportation, education,
contribution to the enhancement aggregated and categorized. corporate philosophy, and and resources and industry
of corporate value. We also unique capabilities.
evaluate the importance of
societal issues from the
perspective of stakeholders,
referencing the valuations of
ESG rating institutions.
Selected societal issues
Important issue areas
High
• Improved energy efficiency
• Financial crisis in important economic zones • Introduction of industrial processes taking into
account clean technologies and efficient use
(including promotion of use of renewable energy) Foundational Issues
• Unmanageable inflation • Promotion of use of inexpensive, reliable energy
of resources
• Failure of national governance • Promotion of safe and secure work environments
•H eightened awareness of sustainability
• Failure of regional or global governance • Advancement of diversity and inclusion
• P romotion of economic growth based on
• Inter-government conflict over regional problems fair work environments • Effective use of water resources and
• Deepened social uncertainty prevention of pollution
•R eduction of waste materials
• Abuse of technological progress • Securing of clean water resources
•C urtailment of corruption and bribery Innovation
• Prevention of pollution and damage from harmful
Importance to stakeholders
• Elimination of discrimination against women/
• Abolition of inequality chemical substances
protection of human rights
• Responses to multi-stakeholders • Strengthened measures to address climate change
• Use of women’s skills
• Promotion of innovation • Sustainable use of natural resources
• Strengthened disaster prevention and response
(active use of global partnerships) • Promotion of innovation
• Eradication of forced labor, human trafficking,
• Implementation of fair taxation (promotion of sustainable industrialization)
and child labor
• Promotion of sustainable industrialization
• Increased employment for socially
• Promotion of innovation
(promotion of sustainable forms of consumption
Human capital management
vulnerable people
and production in d eveloping countries)
• Expansion of educational systems
(including vocational training)
• Enhanced education environment in
• Promotion of protection and recovery of developing countries
• Strengthened support for emerging and land ecosystems • P romotion of social infrastructure development
developing economies • Provision of a stable living environment • P revention of traffic accidents
• Halting of deforestation • Protection of small-scale agricultural and fishing
• Protection and recovery of marine ecosystems industries
• Advancement of sustainable fishing industry
• Improved access to fishing areas and markets in
least developed countries
Low
Low Importance to Yamaha Motor High
20 Yamaha Motor Co., Ltd. Integrated Report 2020 Yamaha Motor Co., Ltd. Integrated Report 2020 21Toward Sustainable Growth
Important Societal Issues (Materiality)
Targets and Progress
Important societal Uniquely Yamaha initiatives for
Risks and opportunities Vision for 2030 Medium-term targets (2019 to 2021) Progress in 2019 SDGs goals
issues resolving issues
25% reduction in CO2 emissions from products
(CO2/unit sales compared with 2010) Reduce by 13.75% (compared with 2010) 13.1% reduction (compared with 2010)
Initiatives for realizing a *2050 target: 50% reduction
low-carbon society 25% reduction in CO2 emissions generated during production
Risks
(CO2/net sales compared with 2010) Reduce by 17.36% (compared with 2010) 32.4% reduction (compared with 2010)
• Tightening of regulations and declining *2050 target: 50% reduction
net sales due to the progression of
global warming 18.7% reduction in waste generated during production Reduce waste volume by 10.3% (compared with 2010) 15.7% reduction (compared with 2010)
Initiatives for achieving a
(compared with 2010)
• Declining profits due to rising costs recycling society *Yamaha Motor on a non-consolidated basis *Yamaha Motor on a non-consolidated basis
*2050 target: 50% reduction
• Negative impact on corporate image
Enhance living and sanitary environment by
• Delays in the economic independence Bringing safe water to people Assisting in village development by contributing to the improving access to potable water
Environment of developing countries because of worldwide provision of safe water
Number of water purification systems installed: 41
Bring the number of water purification systems
and resources marine pollution (Yamaha Clean Water Supply System) installed to 60
• Impact of marine pollution on the
Launched the EC-05 electric scooter in Taiwan
fishing industry and marine leisure
Conducted field testing for the TRITOWN standing electric micromobility
Opportunities Launch electric products in the unique style of Yamaha in many product model with twin front wheels
Monitoring the electric power policies and battery technology
• Growing trend of electric vehicles (EVs) Creating a technology areas, such as motorcycles, marine products, electrically power-assisted
innovations of various countries while promoting electric vehicle Developed the HARMO electric propulsion system
replacing existing forms of mobility platform for electrification bicycles, electric wheelchairs, and drones, while establishing a development
development in order to launch products in a timely manner Total number of drive units for electrically power-assisted bicycles topped
• Heightening demand for smaller forms platform for electric products
five million units
of mobility
Developed the YMR-08AP agricultural-use multi-rotor drone
Achieving a more sustainable Took part in the Japan Agency for Marine-Earth Science and Technology’s
Addressing the environmental problems faced by oceans Initiatives to address the issue of ocean plastic waste
maritime society Scientific Survey of Marine Pollution as a survey cooperation partner
Risks Traffic congestion relief and Selling electrically power-assisted bicycles in two or
• Shift away from motorcycles due to Launch sales of electrically power-assisted bicycles in the Indian market Commenced test sales in India in September 2019
environmental countermeasures more emerging and developing economies
more traffic accidents
• Rise in traffic accidents caused by the Safe riding training opportunities (Yamaha Riding Academy): Riding safety training opportunities: held 1,272 courses with
elderly in developed nations Training to reduce traffic accidents Reduced number of fatalities due to traffic accidents Hold 2,000 courses with 180,000 participants in 2021 117,000 participants
• Fewer means of transportation in Number of countries with trainers: 20 Number of countries with trainers: 15
underpopulated areas
Achieving a more sustainable Commenced consultations with fishing industry-related companies
Opportunities Conserving marine resources Offer a number of solution proposals in the fishing industry
maritime society regarding smartification of the fishing industry, such as fish farming
• Growing demand for motorcycles due
Transportation, to rising populations and incomes in
Began considering supporting test-ride opportunities of electrically power-
education, and developing countries
Popularizing diverse forms of Established electrically power-assisted bicycles as an alternative form of Supply several thousand electrically power-assisted bicycles to local assisted bicycles in light of the conclusion by a METI committee promoting
industry • Greater need for smaller forms of mobility for the elderly mobility for elderly people in Japan who surrender their driving license governments through cooperation with the national government the proliferation of diverse forms of mobility that such bicycles could be an
automated mobility alternative to automobiles for the elderly
• Addressing and supplementing the
aging workforce and labor shortages in Equipping products with digital devices Supply 200,000 motorcycles equipped with digital devices to the Developed a new version of the NMAX scooter equipped with a
Equipping an aggregate total of four million units by 2024 (target year)
the agriculture, fishing, and manufac- for sound maintenance market per year communication control unit (launched in February 2020)
turing industries
• Increased automation with the develop-
ment of AI technologies Accumulated expertise by conducting field testing (aggregate total of 20
Offering low-speed mobility services Selling unmanned transportation systems Establish prospects for commercialization of low-speed mobility services tests) with local governments, various business organizations, and other
• New mobility demand with CASE entities
vehicles and MaaS
Developed the Tricity 300
Selling new forms of mobility and having in place a model to drive Market penetration of Leaning Multi-Wheelers (LMW) and new value
Developing new forms of mobility Commenced field testing of the TRITOWN
business through the improvement of the model lineup
Exhibited the MW-VISION at the Tokyo Motor Show
Risks
• Declining competitiveness in the Develop highly efficient, multi-functional platforms and high-speed platforms Developed the YRM20 as a first step toward using a high-efficiency
market and business environment Promotion of economic growth Increased production efficiency
for the robotics sector multi-functional platform (launched sales in April 2020)
Opportunities
• New forms of mobility that drive Made preparations for establishing a joint venture company for automated
Innovation business Collaboration for factory-use Automatic Guided Vehicles (AGVs)
transporter solutions
• Offering solutions for the agricultural Freedom from menial work through
Optimizing entire factories
sector using robotics autonomization
• Increased competitiveness due to the Launch sales of autonomous drones Developed the YMR-08AP (launched in March 2020)
spurring of innovation
Offering solutions for the Establish prospects for autonomous harvesting of more than one variety of
Achieved unmanned agricultural processes for several varieties of crops Commenced harvesting tests at a farm
agricultural sector using robotics crops
Risks Promote activities for increasing the ratio of local talent in
• Labor shortages from falling birthrates management positions to 60% at overseas subsidiaries 52%
A leading company for female employees to work at
and aging populations in developed Continue global recruitment (over 10% of new graduates in 10%
nations regular positions at headquarters)
• Unfair labor practices of suppliers and
Human capital business partners
Promotion of diversity and inclusion
Number of women in management positions (2014: 16)
Number of women in management positions: 34
management Opportunities 2020: 32 2025: 48
• Acquisition of new capabilities through Implemented trial of an after-school care program for
Highly international personnel at the headquarters Implement trial of an after-school care program in the unique style of schoolchildren in July 2020
the promotion of diversity and inclusion Yamaha for schoolchildren
Implementing supplemental measures to address inadequate factors
• Increased drive with the recruitment of Obtain Eruboshi, Kurumin, and Platinum Kurumin national certification toward receiving certification
diverse and talented human capital (Japan)
from various countries
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