Management PolicyFrom President

  In April 2010, Yamaha launched a three-year medium-term management plan entitled “Yamaha Management Plan 125 (YMP125),” the goal of which is to lay a strong foundation for growth, particularly in the musical instrument, music and audio domains. In fiscal 2011, the first year of the plan, net sales declined due to the sharp appreciation of the yen. Operating income, however, increased substantially thanks to brisk production and steady overseas growth. Net income also increased, returning to the black for the first time in three years.

  The Great East Japan Earthquake and tsunami of March 2011, an unprecedented catastrophe, is expected to have an impact on the fiscal 2012 forecast of the Yamaha Group. Yamaha will take steps to minimize the effects of this disaster on the Group and unify Groupwide efforts to further increase operational efficiency. Our goal in fiscal 2013, the final year of YMP125, is to achieve the planned targets and prepare for the next phase of growth.

  The final year of YMP125 marks the 125th anniversary of Yamaha’s founding. With the goal of maximizing corporate value, we will make every effort to build up our businesses centered on sound and music.

  I ask for your continued support in this endeavor.

July 2011

Mitsuru Umemura
President and Representative Director