YAMAHA CORPORATION ANNUAL REPORT 2000

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Thousands of U.S. Dollars Asia, Oceania Year ended March 31, 2000 Overseas sales: North America Europe and other areas Total Overseas sales ...................................................................................................... $904,427 $691,446 $475,290 $2,071,173 Consolidated net sales ......................................................................................... — — — 4,973,123 % of consolidated net sales .................................................................................. 18.2% 13.9% 9.6% 41.6% 30 Millions of Yen Asia, Oceania Year ended March 31, 1999 Overseas sales: North America Europe and other areas Total Overseas sales............................................................................................................. ¥96,203 ¥82,517 ¥62,491 ¥241,212 Consolidated net sales................................................................................................ — — — 563,751 % of consolidated net sales......................................................................................... 17.1% 14.6% 11.1% 42.8% Notes: (1) Overseas sales are sales of the Company and its consolidated subsidiaries. Geographical areas are divided into categories based on their geographical proximity. (2) Major nations or regions included in each geographical segment: (1) North America—U.S.A., Canada (2) Europe—Germany, U.K. (3) Asia, Oceania and other areas—Singapore, Australia
REPORT OF INDEPENDENT AUDITORS The Board of Directors YAMAHA CORPORATION We have audited the accompanying consolidated balance sheets of YAMAHA CORPORATION and consolidated subsidiaries as of March 31, 2000 and 1999, and the related consolidated statements of operations and shareholders’ equity for the years then ended and the related consolidated statement of cash flows for the year ended March 31, 2000, all expressed in yen. Our audits were made in accordance with auditing standards, procedures and practices generally accepted and applied in Japan and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the consolidated financial statements referred to above present fairly the consolidated financial position of YAMAHA CORPORATION and consolidated subsidiaries at March 31, 2000 and 1999, the consolidated results of their operations for the years then ended and the consolidated results of their cash flows for the year ended March 31, 2000, in conformity with accounting principles and practices generally accepted in Japan consistently applied during the period except for the change, with which we concur, in the method of accounting for prior service cost of the employees’ pension plans as described in Note 3 to the consolidated financial statements. As described in Note 1 to the consolidated financial statements, YAMAHA CORPORATION and consolidated subsidiaries have adopted new accounting standards for consolidation and tax-effect accounting in the preparation of their consolidated financial statements for the year ended March 31, 2000. The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 31, 2000 are presented solely for convenience. Our audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis described in Note 2 to the consolidated financial statements. Century Ota Showa & Co. Hamamatsu, Japan June 29, 2000 See Note 1 to the consolidated financial statements which explains the basis of preparation of the consolidated financial statements of YAMAHA CORPORATION and consolidated subsidiaries under Japanese accounting principles and practices. 31
Page 1 and 2: YAMAHA CORPORATION Annual Report Ye
Page 3 and 4: FINANCIAL HIGHLIGHTS Millions of Ye
Page 5 and 6: A MESSAGE FROM THE PRESIDENT consol
Page 7 and 8: AN INTERVIEW WITH THE PRESIDENT MUS
Page 9 and 10: The CVP-109 Clavinova ® features h
Page 11 and 12: REVIEW OF OPERATIONS Net Sales (Bil
Page 13 and 14: REVIEW OF OPERATIONS Net Sales (Bil
Page 15 and 16: FIVE-YEAR SUMMARY YAMAHA CORPORATIO
Page 17 and 18: MANAGEMENT’S DISCUSSION AND ANALY
Page 19 and 20: CONSOLIDATED BALANCE SHEETS 17 Thou
Page 21 and 22: CONSOLIDATED STATEMENTS OF SHAREHOL
Page 23 and 24: NOTES TO CONSOLIDATED FINANCIAL STA
Page 31: NOTES TO CONSOLIDATED FINANCIAL STA
Page 35: CORPORATE DATA Board of Directors a

YAMAHA CORPORATION ANNUAL REPORT 2000

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