CHAPTER – 1

INTRODUCTION TO THE STUDY

 CHAPTER NO. I
INTRODUCTION

INTRODUCTION
Cash is the important current asset for the operations of the business. Cash is the basic input
needed to keep the business running on a continuous basis; it is also the ultimate output expected
to be realized by selling the service or product manufactured by the firm. The firm should keep
sufficient cash, neither more nor less. Cash shortage will disrupt the firm’s manufacturing
operations while excessive cash will simply remain idle, without contributing anything towards
the firm’s profitability. Thus, a major function of the financial manager is to maintain a sound
cash position. Cash is the money which a firm can disburse immediately without any restriction.
The term cash includes coins, currency and cheques held by the firm, and balances in its bank
accounts. Sometimes near-cash items, such as marketable securities or bank time’s deposits, are
also included in cash. The basic characteristic of near-cash assets is that they can readily be
converted into cash. Generally, when a firm has excess cash, it invests it in marketable securities.

MEANING AND DEFINATION OF CASH

In the words of I. M. Pandey:
“The term cash includes coins, currency and cheques held by the firm and balances in its bank
accounts. Sometimes near-cash items such as marketable securities or bank time-deposits are
also included in cash. The basic characteristics of near cash assets is that they can readily be
converted into cash. Generally, when a firm has excess cash, it invests it in marketable securities.
This kind of investment contributes some profits to the firm.” Cash is both the beginning and the
end of the working capital cycle, i.e., cash, inventories, receivables and cash.

In the words of P. V. Kulkarni:

“Cash in the business enterprise may be compared to the blood of the human body; blood gives
life and strength to the human body, and cash imparts life and strength to the business
organization”.
According to J. M. Keyens:
“It is the cash which keeps a business going. Hence every enterprise has hold necessary cash for
its existence”. In a business firm, ultimately, a transaction results in either an inflow or an
outflow of cash. In an efficiently managed business, static cash balance situation generally does
not less. Cash shortage will disrupt the firm’s manufacturing operation, while excessive cash will
simply remain idle, without contributing anything towards the firm’s profitability. Therefore, for
its smooth running and maximum profitability proper and effective cash management in a
business is of paramount importance.

WHAT IS CASH MANAGEMENT?

Cash management is the process of collecting and managing cash flows. Cash management can
be important for both individuals and companies. In business, it is a key component of
a company's financial stability. For individuals, cash is also essential for financial stability while
also usually considered as part of a total wealth portfolio. Individuals and businesses have a wide
range of offerings available across the financial marketplace to help with all types of cash
management needs. Banks are typically a primary financial service provider for the custody of
cash assets. There are also many different cash management solutions for individuals and
businesses seeking to obtain the best return on cash assets or the most efficient use of cash
comprehensively.

Cash management is a broad term that refers to the collection, concentration, and disbursement
of cash. The goal is to manage the cash balances of an enterprise in such a way as to maximize
the availability of cash not invested in fixed assets or inventories and to do so in such a way as to
avoid the risk of insolvency. Factors monitored as a part of cash management include a
company's level of liquidity, its management of cash balances, and its short-term investment
strategies. In some ways, managing cash flow is the most important job of business managers. If
at any time a company fails to pay an obligation when it is due because of the lack of cash, the
company is insolvent. Insolvency is the primary reason firms go bankrupt. Obviously, the
prospect of such a dire consequence should compel companies to manage their cash with care.
Moreover, efficient cash management means more than just preventing bankruptcy. It improves
the profitability and reduces the risk to which the firm is exposed. Cash management is
particularly important for new and growing businesses. Cash flow can be a problem even when a
small business has numerous clients, offers a product superior to that offered by its competitors,
and enjoys a sterling reputation in its industry. Companies suffering from cash flow problems
have no margin of safety in case of unanticipated expenses. They also may experience trouble in
finding the funds for innovation or expansion. It is, somewhat ironically, easier to borrow money
when you have money. Finally, poor cash flow makes it difficult to hire and retain good
employees. It is only natural that major business expenses are incurred in the production of
goods or the provision of services.

In most cases, a business incurs such expenses before the corresponding payment is received
from customers. In addition, employee salaries and other expenses drain considerable funds from
most businesses. These factors make effective cash management an essential part of any
business's financial planning. Cash is the lifeblood of a business. Managing it efficiently is
essential for success. When cash is received in exchange for products or services rendered, many
small business owners, intent on growing their company and tamping down debt, spend most or
all of these funds. But while such priorities are laudable, they should leave room for businesses
to absorb lean financial times down the line. The key to successful cash management, therefore,
lies in tabulating realistic projections, monitoring collections and disbursements, establishing
effective billing and collection measures, and adhering to budgetary restrictions.

UNDERSTANDING CASH MANAGEMENT

Cash is the primary asset individuals and companies use to pay their obligations on a regular basis. In
business, companies have a multitude of cash inflows and outflows that must be prudently managed in
order to meet payment obligations, plan for future payments, and maintain adequate business stability.
For individuals, maintaining cash balances while also earning a return on idle cash are usually top
concerns. In corporate cash management, also often known as treasury management, business managers,
corporate treasurers, and chief financial officers are typically the main individuals responsible for overall
cash management strategies, cash related responsibilities, and stability analysis. Many companies may
outsource part or all of their cash management responsibilities to different service providers. Regardless,
there are several key metrics that are monitored and analyzed by cash management executives on a daily,
monthly, quarterly, and annual basis. The cash flow statement is a central component of corporate cash
flow management. While it is often transparently reported to stakeholders on a quarterly basis, parts of it
are usually maintained and tracked internally on a daily basis. The cash flow statement comprehensively
records all of a business’s cash flows. It includes cash received from accounts receivable, cash paid for
accounts payable, cash paid for investing, and cash paid for financing. The bottom line of the cash flow
statement reports how much cash a company has readily available.

KEY TAKEAWAYS
 Cash management is the process of managing cash inflows and outflows.

 There are many cash management considerations and solutions available in the financial
marketplace for both individuals and businesses.

 For businesses, the cash flow statement is a central component of cash flow management.

THE CASH FLOW STATEMENT

The cash flow statement is broken down into three parts: operating, investing, and financing. The
operating portion of cash activities will vary based heavily on net working capital which is reported on
the cash flow statement as a company’s current assets minus current liabilities. The other two sections of
the cash flow statement are somewhat straighter forward with cash inflows and outflows pertaining to
investing and financing.

INTERNAL CONTROLS
There are many internal controls used to manage and ensure efficient business cash flows. Some of a
company’s top cash flow considerations include the average length of account receivables, collection
processes, write-offs for uncollected receivables, liquidity and rates of return on cash equivalent
investments, credit line management, and available operating cash levels. In general, cash flows
pertaining to operating activities will be heavily focused on working capital which is impacted by
accounts receivable and accounts payable changes. Investing and financing cash flows are usually
extraordinary cash events that involve special procedures for funds.

WORKING CAPITAL
A company’s working capital is the result of its current assets minus current liabilities. Working capital
balances are an important part of cash flow management because they show the amount of current assets a
company has to cover its current liabilities. Companies strive to have current asset balances that exceed
current liability balances. If current liabilities exceed current assets a company would likely need to
access its reserve lines for payables.In general working capital includes the following:
 Current assets: cash, accounts receivable within one year, inventory.

 Current liabilities: all accounts payable due within one year, short-term debt payments due within
one year.

Current assets minus current liabilities results in working capital. On the cash flow statement, companies
usually report the change in working capital from one reporting period to the next within the operating
section of the cash flow statement. If net change in working capital is positive a company has increased
its current assets available to cover current liabilities which increases total cash on the bottom line. If a
net change in working capital is negative, a company has increased its current liabilities which reduces its
ability to pay them as efficiently. A negative net change in working capital reduces the total cash on the
bottom line. There are several things a company can do to improve both receivables and payables
efficiency, ultimately leading to higher working capital and better operating cash flow. Companies
operating with invoice billing can reduce the day’s payable or offer discounts for quick payments. They
may also choose to use technologies that facilitate faster and easier payments such as automated billing
and electronic payments. Advanced technology for payables management can also be helpful. Companies
may choose to make automated bill payments or use direct payroll deposits to help improve payables cost
efficiency.

CASH COLLECTION AND DISBURSEMENT

Cash collection systems aim to reduce the time it takes to collect the cash that is owed to a firm.
Some of the sources of time delays are mail float, processing float, and bank float. Obviously, an
envelope mailed by a customer containing payment to a supplier firm does not arrive at its
destination instantly. The payment is not processed and deposited into a bank account the
moment it is received by the supplier firm. And finally, when the payment is deposited in the
bank account oftentimes the bank does not give immediate availability of the funds. These three
"floats" are time delays that add up quickly, and they can force struggling or new firms to find
other sources of cash to pay their bills.

Cash management attempts, among other things, to decrease the length and impact of these
"float" periods. A collection receipt point closer to the customer-;perhaps with an outside third-
party vendor to receive, process, and deposit the payment (check)-;is one way to speed up the
collection. The effectiveness of this method depends on the location of the customer; the size and
schedule of its payments; the firm's method of collecting payments; the costs of processing
payments; the time delays involved for mail, processing, and banking; and the prevailing interest
rate that can be earned on excess funds. The most important element in ensuring good cash flow
from customers, however, is establishing strong billing and collection practices. Once the money
has been collected, most firms then proceed to concentrate the cash into one center. The rationale
for such a move is to have complete control of the cash and to provide greater investment
opportunities with larger sums of money available as surplus. There are numerous mechanisms
that can be employed to concentrate the cash, such as wire transfers, automated clearinghouse
(ACH) transfers, and checks. The tradeoff is between cost and time. Another aspect of cash
management is knowing a company's optimal cash balance. There are a number of methods that
try to determine this magical cash balance, which is the precise amount needed to minimize costs
yet provide adequate liquidity to ensure bills are paid on time. One of the first steps in managing
the cash balance is measuring liquidity, or the amount of money on hand to meet current
obligations. There are numerous ways to measure this, including: the Cash to Total Assets ratio,
the Current ratio, the Quick ratio and the Net Liquid Balance.

CASH MANAGEMENT IN TROUBLED TIMES

During downturns in the economy, declines in sales and poor cash management can spell the
death knell to a small or startup business. In tough times, such as the recession of 2008-09, banks
may tighten up the revolving credit or short-term loans that businesses often rely on to sort out
cash management troubles. Some business owners resort to trying to keep their companies afloat
by raiding their personal finances mortgaging their homes, maxing out credit cards. At times like
these, business managers or owners need to sit down and undertake cash management analysis so
that they can address shortfalls, increase revenues, and cut spending -- before it's too late. They
need to meet with department heads and employees and take control and adopt a better cash
management plan. The plan may call for some harsh measures, but if employees are involved
they will understand that these are needed for the business's survival. But entrepreneurs and
managers can take steps to minimize the impact of such problems and help maintain the
continued viability of the business. Suggested steps to address temporary cash flow problems
include:

 Create a realistic cash flow budget that charts finances for both the short term (30-60
days) and longer term (1-2 years).

 Contact creditors and attempt to negotiate mutually satisfactory arrangements that will
enable the business to weather its cash shortage.
 Redouble efforts to collect outstanding payments owed to the company. "Bill promptly
and accurately," counseled the Journal of Accountancy. "The faster you mail an invoice,
the faster you will be paid. If deliveries do not automatically trigger an invoice, establish
a set billing schedule, preferably weekly." Businesses should also include a payment due
date.

 Consider compromising on some billing disputes with clients. Small business owners are
understandably reluctant to consider this step, but in certain cases, obtaining some cash-;
even if your company is not at fault in the dispute-; for products sold/services rendered
may be required to pay basic expenses.

OBJECTIVES OF THE STUDY

 To understand how cash is being managed.

 To gain knowledge about the system prevailing in Banks.

 To suggest methods for improving cash management in Banks.

NEEDS OF CASH MANAGEMENT

Cash management is concerned with management of cash in such a way as to achieve the
generally accepted objectives of the firm- maximum profitability with maximum liquidity of the
firm. It is the management's ability to recognize cash problems before they arise, to solve them
when they arise and having made solution available to delegate someone carry them out. An
effective and efficient cash management is considered to be important for the following reasons:

 Cash management helps to meet obligatory cash out flows when they fall due.

 Cash management ensures that the firm has sufficient cash during peak times for
purchase and for other purposes.
SCOPE OF CASH MANAGEMENT
Cash is first of all a very important asset for a firm.it helps the firm to meet their immediate
obligations such as payment of salary, rent, wages, etc. Holding cash is important for the firm but
holding excessive cash causes loss of interest to the firm.so when firm has excessive cash, it
should invest it in marketable securities and earn interest. But by investing the firm has to meet
fixed transaction cost. So cash management is a very important aspect in financial management.
All the firms must see their total cash requirement and thereafter invest their money keeping in
mind prospects of the company.

LIMITATIONS OF THE STUDY

Following are the limitations faced by me during this project:
 The study was relatively insufficient, keeping in mind the long duration it can take at
times, to close a particular corporate deal.

 The study might not produce absolutely accurate results as it was based on a sample
taken from the population.

 It was difficult getting time and access to senior level Finance / HR managers (who had
to be talked to, to get required information) due to their busy schedules and prior
commitments.

 A few of the managers refrained from giving the required information as he considered
me to be from their confidential domains.
RESEARCH METHODOLOGY
Research Design
Research is a systematic process of collecting and analyzing information (data) in order to
increase our understanding of the phenomenon about which we are concerned or interested. A
Research Design is the framework or plan for a study which is used as a guide in collecting and
analyzing the data collected. It is the blue print that is followed in completing the study. The
basic objective of research cannot be attained without a proper research design. It specifies the
methods and procedures for acquiring the information needed to conduct the research effectively.
It is the overall operational pattern of the project that stipulates what information needs to be
collected, from which sources and by what methods.

Types of Data Collected

There are two types of data used. They are primary and secondary data. Primary data is defined
as data that is collected from original sources for a specific purpose. Secondary data is data
collected from indirect sources.

 Primary Sources
These include the Balance sheet and Profit and loss Account method.

 Secondary Sources
These include books, the internet, company brochures, the company website, competitor’s
websites etc. newspaper articles etc.
CHAPTER – 2

COMPANY PROFILE
 CHAPTER NO. II

COMPANY PROFILE

INFORMATION

 Type : Public (K.K.)

 Traded as : TYO 7272

 Industry : Automotive

 Founded : July 1, 1955

 Headquarters : Iwata, Shizuoka, Japan

 Area Served : Worldwide

 Key people : Yoshihiro Hidaka

(President & Representative Director)

 Products : Motorcycles,
Commuter Vehicles & Scooters,
Recreational Vehicles, Boats, Marine
Engines, Snowmobiles,
Small Tractors, Personal Watercraft,
 Electrically Power Assisted Bicycles,
Automobile Engines

 Owner : Yamaha Corporation (9.92% 2017) Toyota

Group (2.8%)

 Number of employees : 52,664 (as of December 31, 2014)

 Subsidiaries : Minarelli MBK

 Website : Yamaha Motor Global

INTRODUCTION OF YAMAHA MOTOR

Yamaha is a Japanese manufacturer of motorcycles, marine products such as boats and outboard motors,
and other motorized products. The company was established in 1955 upon separation from Yamaha
Corporation (however Yamaha Corporation is still the largest shareholder with 9.92%, as of 2017) and is
headquartered in Iwata, Shizuoka, Japan. The company conducts development, production and marketing
operations through 109 consolidated subsidiaries as of 2012. Led by Genichi Kawakami, the company’s
first president, Yamaha Motor began production of its first product, the YA-1, in 1955. The 125cc
motorcycle won the 3rd Mount Fuji Ascent Race in its class.

The company's products includes motorcycles, scooters, motorized bicycles, boats, sail boats, personal
water craft, swimming pools, utility boats, fishing boats, outboard motors, 4-wheel ATVs,
recreational off-road vehicles, go-kart engines, golf carts, multi-purpose engines, electrical
generators, water pumps, snowmobiles, small snow throwers, automobile engines, surface mounters,
intelligent machinery, industrial-use unmanned helicopters, electrical power units
for wheelchairs and helmets. The company is also involved in the import and sales of various types of
products, development of tourist businesses and management of leisure, recreational facilities and related
services. Yamaha’s motorcycle sales are the second largest in the world outboard motor and Yamaha is
the world leader in water vehicle sales.

HISTORY
Beginnings: 1955
The motorcycle division of Yamaha was founded in 1955, and was headed by Genichi
Kawakami. Yamaha's initial product was a 125 cc (7.6 cu in) two-cycle, single cylinder
motorcycle, the YA-1, which was a copy of the German DKW RT 125. The YA-1 was a
competitive success at racing from the beginning, winning not only the 125cc class in the Mt.
Fuji Ascent, but also sweeping the podium with first, second and third place in the All Japan
Autobike Endurance Road Race that same year. Early success in racing set the tone for Yamaha,
as competition in many varieties of motorcycle racing has been a key endeavor of the company
throughout its history, often fueled by a strong rivalry with Honda and other Japanese
manufacturers.

Yamaha began competing internationally in 1956 when they entered the Catalina Grand Prix,
again with the YA-1, at which they placed sixth. The YA-1 was followed by the YA-2 of 1957,
another 125cc two stroke, but with significantly improved frame and suspension. The YD-1 of
1957 was a 250cc two-stroke twin cylinder motorcycle, resembling the YA-2, but with a larger
and more powerful motor. A performance version of this bike, the YDS-1 housed the 250cc two-
stroke twin in a double downtube cradle frame and offered the first five-speed transmission in a
Japanese motorcycle. This period also saw Yamaha offer its first outboard marine engine.

Success And Growth In The 1960

By 1963 Yamaha's dedication to both the two-stroke engine and racing paid off with their first
victory in international competition, at the Belgium GP, where they won the 250cc class. Success
in sales was even more impressive, and Yamaha set up the first of its international subsidiaries in
this period beginning with Thailand in 1964, and the Netherlands in 1968. 1965 saw the release
of a 305cc two-stroke twin, the flagship of the company's lineup. It featured a separate oil supply
which directly injected oil into the gasoline prior to combustion (traditionally riders had to pre-
mix oil into gasoline together before filling the gas tank on two stroke engines). In 1967 a new
larger displacement model was added to the range, the 350cc two stroke twin R-1. In 1968
Yamaha launched their first four-stroke motorcycle, the XS-1. The Yamaha XS-1 was a 650cc
four-stroke twin, a larger and more powerful machine that equaled the displacement and
performance of the popular British bikes of the era, such as the Triumph Bonneville and BSA
Gold Star. Yamaha continued on with both the two-stroke line and four-stroke twins at a time
that other Japanese manufacturers were increasingly moving to four cylinder four-stroke
machines, a trend led by Honda in 1969 with the legendary CB-750 four-stroke four-cylinder
cycle.

Four Stroke Era Begins: The 1970

Not until 1976 would Yamaha answer the other Japanese brands with a multi-cylinder four
stroke of their own. The XS-750 (and later 850) a 750cc triple cylinder machine with shaft final
drive was introduced almost seven years after Honda's breakthrough bike. Yamaha's first four-
cylinder model, the XS-1100 followed in 1978, again with shaft drive. Despite being heavier and
more touring oriented than its rivals it produced an impressive string of victories in endurance
racing. The 1970s also saw some of the first dedicated off-road bikes for off-road racing and
recreation. Yamaha was an early innovator in dirt-bike technology, and introduced the first
single-shock rear suspension, the trademarked "Monoshock" of 1973. It appeared in production
on the 1974 Yamaha YZ-250, a model which has continued in production, with many updates,
until 2015, making it Yamaha's longest continuous model and name.Yamaha continued racing
throughout the 1960s and 1970s with increasing success in several formats. The decade of the
1970s was capped by the XT500 winning the first Paris-Dakar Rally in 1979.

1980s: Diversification And Innovation

By 1980 the combination of consumer preference and environmental regulation made four
strokes increasingly popular. Suzuki ended production of their GT two stroke series, including
the flagship water-cooled two-stroke 750cc GT-750 in 1977. Kawasaki, who had considerable
success throughout the 1970s with their two-stroke triples of 250cc, 350cc, 500cc and 750cc
ended production of road-going two strokes in 1980. Yamaha bucked this trend and continued to
refine and sell two-strokes for the street into the 1980s. These bikes were performance oriented,
water-cooled twin cylinder machines, designed to achieve excellent performance taking
advantage of the lower weight of two strokes. The RZ-250 of 1980 was the progenitor of this
series. The RZ-350, the largest displacement model, was a popular hot-rod bike of the 1980s and
continued to be sold in some countries into the early 1990s. Throughout the 1980s the
motorcycle industry gradually went from building a few basic but versatile models designed to
work well in many roles, to offering many more specialized machines designed to excel in
particular niches.

These included racing and performance street riding, touring, motocross racing, endure and
recreational off-road riding, and cruising. Yamaha branched out from the relatively small number
of UJMs (Universal Japanese Motorcycle) at the start of the decade to a much larger set of
offerings in several clearly defined markets at the end of the decade. The XV750 of 1981
featured an air-cooled V-twin four stroke engine and cruiser styling, and was one of the first
Japanese cruiser style motorcycles. By the end of the 1980s Yamaha had offered dozens of
cruiser styled bikes in a variety of displacements and engine configurations. The RZV500 was
one of the first "repli-racers", a near copy of Kenny Roberts competition GP bike, it featured a
liquid-cooled two-stroke motor of 500cc displacement in a V4 configuration, along with a
perimeter frame and full fairing. A more popular and practical high-performance model for the
street was introduced in 1985, the FZ750.

The 1990s: Performance bikes and a spin-off brand

In 1998 Yamaha marketed a 1000cc four cylinder road bike called the YZF 'R1', this model
introduced a new style of gearbox design which shortened the overall length of the
motor/gearbox case, to allow a more compact unit. This, in turn allowed the motor to be placed
in the frame further forward, designed to improve handling in a short wheel-based frame. In
1995, Yamaha announced the creation of Star Motorcycles, a new brand name for its cruiser
series of motorcycles in the American market. In other markets, Star motorcycles are still sold
under the Yamaha brand.

The 2000s: Expansion and consolidation

In 2007, Yamaha established the Philippine operations and distributes Yamaha motorcycles
under the corporate name of Yamaha Motor Philippines, Inc., one of more than 20 worldwide
subsidiaries operating on all continents.

YAMAHA MOTORS PRODUCTS

 Bike: Yamaha FZ Version 3.0
Price: 1.07 lakh

Bike: Yamaha MT 15
Price: 1.49 lakh

Bike: Yamaha Saluto RX

Price: 57,695 – 61,338

Bike: Yamaha SZ-RR V2.0

Price: 72,395 – 73,453

Bike: Yamaha YZF R1

Price: 19.24 lakh
Bike: Yamaha Cygnus Alpha
Price: 55,342 – 58,786

Bike: Yamaha Fascino

Price: 61,629 – 66,167

Bike: Yamaha MT-09

Price: 10.13 lakh
 Bike: Yamaha Ray Z
Price: 54,439

Bike: Yamaha Saluto

Price: 57,695 – 61,338

Bike: Yamaha YZF R15

Price: 19.24 lakh
 Bike: Yamaha YZF-R3
Price: 3.77 lakh

YAMAHA MOTORS SWOT ANALYSIS

Yamaha motors SWOT Analysis, Competitors & USP. SWOT Analysis is a proven management
framework which enables a brand like Yamaha to benchmark its business & performance as
compared to the competitors and industry. Yamaha is one of the leading brands in the
automobiles sector. Below is the Strengths, Weaknesses, and Opportunities & Threats (SWOT)
Analysis of Yamaha motors.

Strengths:
 Excellent branding, advertising and global distribution.

 Yamaha Motor Corporation has over 39,000 employees.

 One of the major brand in motorsport like MotoGP, World superbike etc.

 Yamaha produces scooters from 50 to 500 cc, and a range of motorcycles from 50 to
1,900 cc, including cruiser, sport touring, sport, dual-sport, and off-road.

 Extremely high Size and reach of company.

Weaknesses:
 Bikes like R15, R1 are quite expensive.

Opportunities:
 Two-wheeler segment is one of the most growing industries.
  Export of bikes is limited i.e. untapped international markets.

Threats:
 Strong competition from Indian as well as international brands.

 Dependence on government policies and rising fuel prices.

CORPORATE VISION AND MISSION
Vision:
Vision we constantly deliver best-fit global it services and solutions to improve client’s
competitive advantage.

Mission:
Kando is a Japanese word used by Yamaha to describe their corporate mission. Kando in
translation describes the sensation of profound excitement and gratification derived from
experiencing supreme quality and performance. Some reasonable English synonyms are
"emotionally touching" or "emotionally moving". Stated by the president of Yamaha, Takuya
Nakata, Yamaha looks to maintain dominance above its competition through creativity and
innovation.

MAIN ACTIVITIES OF YAMAHA MOTORS

Providing New Excitement:
Yamaha’s corporate mission of being a “Kando Creating Company” is an expression of our
desire to offer our customers around the world products and services that bring joy and
unexpected exhilaration of the kind that enriches their lives with new fulfillment, in harmony
with society and the environment. Being such a company requires us to constantly uphold our
standing as an excellent engineering, manufacturing and marketing enterprise with a prominent
global presence. Product creation begins with the customer. Our task as a manufacturer is to
enhance our competitiveness by maximizing and optimizing the value of the products we provide
to customers, in terms of their appeal, reliability and cost performance, in ways that exceed
customer expectations.

Approach to Quality:
Yamaha Motor is working daily to improve quality and to provide customers with peace of mind
and confidence as well as a sense of excitement. The Basic Policies for Quality form the standard
against which these activities are judged. As Yamaha Motor’s president has declared, these are
Group wide policies under which “To constantly provide peace of mind, confidence and a sense
of excitement to customers, we strive to achieve the best quality possible, by creating suitable
standards of safety and reliability to realize high-quality products and services effectively, taking
a customer-oriented approach that emphasizes a deep sense of emotion in accordance with the
spirit of the Yamaha Brand Charter.”Under these policies, we formulated the YQ2021
Companywide medium-term quality policy covering the years 2019-2021, which sets three
specific goals for our business activities: quality that provides exceptional excitement; quality
that challenges; and quality that is trusted.In addition, the Yamaha Group's Quality Assurance
Standards conforming to ISO9001 form the basis for continuous improvement to quality
management systems.

Structure for Improving Quality:

The Product Assurance Committee is the highest organization for determining quality assurance
Companywide. This committee deliberates policies and measures for quality, the formulation,
revision, and abolishment of Quality Assurance Standards, and responses to quality-related
issues. Its decisions are passed on to persons responsible for quality management at operating
divisions and administrative divisions at Quality Assurance Meetings, and implemented at
manufacturing sites. We have also established a Market Quality Information Oversight
Committee, which is authorized by the President and CEO to investigate and make reports, for
the purpose of appropriately maintaining market quality information processing operations
including information regarding product defects in each market and information regarding
maintenance covered by product guarantees.
Quality Enhancement Activities:
To ensure that employees have ingrained, quality-related knowledge and skills, training for quality is
annually held for new hires, for employees related to manufacturing two to five years after being hired,
and for persons newly appointed to management positions. In addition, education and training programs
are annually in place to enhance the skills of employees, to ensure that they are technologically proficient
with regard to quality related specifically to their type of work and specialization. With those programs as
a base, all employees undertake the “I am Yamaha” activities for enhancing quality during their actual
work. These activities encourage a strong sense of ownership in every employee, so that each individual
believes, “It is I, and no one else, who is personally responsible for making the Yamaha brand shine.”
This attitude, along with a customer-oriented approach, allows employees to refine their powers of
perception (ability to make discoveries) and to enhance the quality of their work. Both as an organization
and as individuals, we will strive to further improve quality by working to:
 Enhance our customer sense
 Increase interaction
 Learn from mistakes
 Do high-quality work
Specifically, this includes the operation of a Learning through Experience Hall that uses product
and panel displays to learn from past mistakes, planning events for interaction with other
companies, issuing educational leaflets, and conducting awareness surveys. Moreover, product
divisions undertake their own effective activities based on their respective circumstances, to
further increase awareness and create more opportunities for learning.

Approach to Service:
The Yamaha Motor Group views after sales service as an important aspect of quality, and that principle is
laid out in our Basic Policies for Quality as “To constantly provide peace of mind, confidence and a sense
of excitement to customers, we strive to achieve the best quality possible, by creating suitable standards
of safety and reliability to realize high-quality products and services effectively.” Under these policies,
we have introduced the slogan “One to One Service” for the active creation of positive relationships with
each individual customer. Accordingly, we operate the Yamaha Technical Academy (YTA) program
around the world to train service technicians as per our proprietary unified global standard. Trainers in
each country who have been trained by headquarters hold regular classes for the service staff in their
country, so that they acquire technical skills that are up to Yamaha’s unified global standard. This
program has three levels of accreditation – Bronze, Silver, and Gold – and dealers display certificates
showing the level that the dealership has received. In 2018, the percentage of technicians in our 24 major
countries with YTA certification was 76% (of a targeted 80%), and the percentage of dealerships with a
certified technician was 84%. In addition, the Yamaha Parts & Accessories Academy is a similar training
program covering the parts and accessories that are essential for after sales service.

Yamaha World Technician Grand Prix:

The Yamaha World Technician Grand Prix is one of our activities to deliver even greater
customer satisfaction by enhancing the technical abilities used in daily work by service staff who
have been trained at the YTA. The top finishers at regional preliminary rounds gather at our
headquarters once every two years to compete in a contest to determine the world champions in
the areas of “high level of technical skills,” “easy-to-understand explanations,” and “Kando
response.” Service staff from around the world participates in this competition, and their
motivation to be a top finisher is reflected in their daily service activities.

Responding to Customers:
We want customers to use our products with peace of mind for a long time. This makes a stable supply of
parts indispensable. To prevent shortages for motorcycles, we maintain a minimum of a 10-year supply of
parts, and have built a system where customers can order parts online and have them delivered quickly.
For customer convenience, we also keep a parts list published on the website, so that customers can use a
personal computer or smartphone to identify the parts they need and order them from dealers.Our service
activities also include a “time commitment service,” mainly in the ASEAN region where many people use
motorcycles as a means of daily transportation. For example, we tell the customer, “A regular inspection
will take this long,” or “An oil change will take this long,” committing to the amount of time the customer
has given us and not causing stress for the customer by saying, “We don’t know when it will be finished.”

Use of Customer Information:

The Yamaha Motor Group views opinions and requests from customers as expressions of their
expectations for our products and services, so we carefully respond to each opinion and request we
receive, in the belief that raising the level of customer satisfaction will lead to trust. Based on this spirit,
we undertake various activities to know how customers evaluate and use our products, and to learn how
to improve our products and what kinds of products to make in the future. For example, we send an
Internet survey to customers who have purchased a new product, and in some cases, we may ask the
customer in person for a more detailed evaluation. Our Customer Communication Centre (available only
in Japan) handles customer inquiries related to our products and services, including motorcycles, marine
products, electrically power assisted bicycles, generators, and snow throwers. Comments received from
customers are stored in a database, and are made available within the Company so that they can be used
to develop and improve our products and enhance our services.

Riding Safety Promotion Activities:

Customer safety is our first priority, and in addition to enhancing product quality, we continue to put our
maximum effort into activities which explain to customers in an appropriate manner how to use our
products correctly.These efforts include the publication of catalogues and brochures that convey the
attractiveness of our products and product manuals that explain correct product use, as well as safety
promotion activities such as riding schools that allow customers to gain first-hand knowledge about using
our products. The following is an introduction of some of the activities organized by our various
businesses that help customers understand how to use our products properly.

FOUR PILLARS OF YAMAHA COMPANY

Yamaha is one of the most renowned Motorcycle manufacturing companies in the world, with its product
mix also comprising an array of other products. Founded in 1887, Yamaha Motor has a very extensive
network that comprises of at least 140 subsidiaries together with affiliates for manufacturing and sales of
Yamaha products across the world. Having been founded by Torakusu Yamaha, the company is today
headquartered in Hamamatsu Shizuoka Japan and employs at least 20,000 people across the world.

Product in the Marketing Mix of Yamaha:

The company is well known for its machinery production, and as a global leading motorcycle
manufacturer. Other than motorcycles, other products within its product line include four-wheel ATVs.
Scooters, racing & golf carts, leisure & fishing boats, electric hybrid bicycles, robots, electric
wheelchairs, snowmobiles, helicopter drones for use in agricultural spraying, engines and other
machinery. Yamaha has about 15% USA market share with overseas markets accounting for about 90%
of sales. In total, about 70% of all the company’s sales are from motorcycles. Yamaha motorcycle product
brands include the Yamaha VMAX, the Yamaha Crux, The Yamaha RI, the Yamaha FZ and lastly, the
Yamaha YBR. Other predominant products in addition to the motorcycles include power sports
equipment, musical instruments, and electronics. It is the largest manufacturer of pianos in the world and
is a major Nikkei 225 constituent.
Price in the Marketing Mix of Yamaha:
Yamaha employs the competitive price strategy on its products. This is not at the expense of quality. In
fact, Yamaha products have the best price to performance ratios in the world. Product price difference is
based on the product’s power and type. Together with the pricing, some special financing options are
offered thus psyching up people to buy Yamaha.

Place in the Marketing Mix of Yamaha:

Yamaha mainly targets the middle-class people who are looking for something stylish, offering good
mileage guarantee and will not break the bank. It also targets youths who are within the 25-35 year group
bracket. Fortunately, the biggest part of the population today comprises of the middle class, with the
youth age group also taking a great claim of the population. The company has one of the most excellent
advertisements, branding, global distribution and promotion strategies that have enabled it to be present in
almost all the countries in the world. Yamaha’s presence is well felt mainly in the North American
continent, Europe, and Asia especially Japan. Its presence in Africa is not as formidable but very
considerable. Yamaha is available in a number of subsidiaries with some of its groups including Yamaha
Fine Technologies Co Ltd, Yamaha Pro Audio, Yamaha Golf Cart Company, Yamaha Music
Communications Company Ltd, Yamaha Motor Company, Yamaha Metanic Corporation and Yamaha
Livingtec Corporation etc.

Promotions in the Marketing Mix of Yamaha

Yamaha has a very heart touching tagline in the form of “Yes Yamaha; touching your heart”.
This is one of the aspects of the company’s promotion mix that have been able to attract a lot of
potential customers. Its dedication to producing competitive products for globally visible
activities such as in motorsports has enabled it to cut and edge for itself. The World Superbike
and the Moto GP are some very popular brands within these sporting activities thus helping the
company in their promotion mix. Yamaha is involved in corporate missions where it strives to
ensure that the society is emotionally moved and touched by its CSR activities. It’s Yamaha
Music Foundation has also given back to the community by promoting music popularisation and
music education in Japan since 1966.

INDIA YAMAHA MOTOR PRIVATE LIMITED (IYM)

India Yamaha Motor Private Limited is the wholly owned Indian subsidiary of Yamaha Motor company,
headquartered at Chennai, India. Yamaha Motor Company Japan made its initial foray into India in 1985
as a joint-venture with Escorts Group. In August 2001, it became a 100% subsidiary of Yamaha Motor
Co., Ltd. Japan (YMC). In 2008, Mitsui & Co., Ltd. entered into an agreement with YMC to become a
joint-investor in India. It produces a range of motorcycles for domestic consumption and export including
the FZ, SZ, Saluto, Fazer, and YZF. Yamaha own three plants for manufacture of two-wheelers in India:
one in Faridabad, Haryana, one in Surajpur, Uttar Pradesh, and one in Chennai, Tamilnadu. It is from
these three plants that Yamaha handles production of motorcycles and parts for both domestic as well as
overseas markets. While the Faridabad plants was started in 1965, the Surajpur plants followed with its
inception in 1984 and Chennai in 2014. The scooters manufactured by Yamaha in India are the Yamaha
Ray and its upgrade, the Yamaha Ray Z, Alpha, Fascino.

MOTORCYCLE RACING HIGHLIGHT

In motorcycle racing Yamaha has won 39 world championships, including 6 in Moto GP and 9 in the
preceding 500 cc two-stroke class, and 1 in World Superbike. In addition Yamaha have recorded 208
victories at the Isle of Man TT and head the list of victories at the Sidecar TT with 40.[16]Past Yamaha
riders include: Jarno Saarinen Giacomo Agostini, Bob Hannah, Heikki Mikkola, Bruce Anstey, Kenny
Roberts, Eddie Lawson, Wayne Rainey, Jeremy McGrath, Stefan Merriman, Dave Molyneux, Ian
Hutchinson, Phil Read, Chad Reed, Ben Spies and Jorge Lorenzo. Their current lineup consists of nine-
time world champion Valentino Rossi and Maverick Viñales.

The Yamaha YZ450F won the AMA Supercross Championship two years in a row, in 2008 with Chad
Reed, and 2009 James Stewart. Yamaha was the first to build a production monoshock motocross bike
and one of the first to have a water-cooled motocross production bike. Yamaha's first Motocross
competition four-stroke bike, the YZ400F, won the 1998 USA outdoor national Championship with
factory rider Doug Henry. Since 1962, Yamaha made production road racing Grand Prix motorcycles that
any licensed road racer could purchase. In 1970, non-factory privateer teams dominated the 250 cc World
Championship with Great Britain's Rodney Gould winning the title on a Yamaha TD2. Yamaha also
sponsors several professional ATV riders in several areas of racing, such as cross country racing and
motocross. Yamaha has had success in cross country with their YFZ450, ridden by Bill Ballance, winning
9 straight titles since 2000. Yamaha's other major rider, Traci Cecco, has ridden the YFZ450 to 7 titles,
with the first in 2000. In ATV motocross, Yamaha has had success with Dustin Nelson and Pat Brown,
both who race the YFZ450.
DIVISIONS
Yamaha Motors is a highly diversified company which produces products for a large number of
industries and consumer market segments:
 Motorcycles: Sport bikes, Star Cruiser bikes, trail bikes, road racers and motocross racers

 Commuter vehicles, including scooters

 Recreational vehicles: All-terrain vehicles and snowmobiles

 Boats: Powerboats, sailboats, utility boats and custom boats

 Marine engines: Outboard motors, electric marine motors, marine diesel engines
and stern drives

 Personal watercraft

 Electric bicycles

 Automobile engines

 Power products: generators, multipurpose engines, water pumps

 Swimming pools, waterslides and pool-related equipment

 Intelligent machinery, including compact industrial robots

 Electric wheelchairs and wheelchair electric drive units

 Yamaha parts and accessories, apparel, cycle helmets and motor oil

 Industrial robots and surface counters

AUTOMOBILE ENGINES
Yamaha has built engines for other manufacturers' vehicles beginning with the development and
production of the Toyota 2000GT (1967). The cylinder head from the Toyota 4A-GE engine was
developed by Yamaha and built at Toyota's Shimayama plant alongside the 4A and 2A engines.
In 1984, executives of the Yamaha Motor Corporation signed a contract with the Ford Motor
Company to develop, produce, and supply compact 60° 3.0 Liter DOHC V6 engines
for transverse application for the 1989–95 Ford Taurus SHO. From 1993 to 1995, the SHO
engine was produced in 3.0 and 3.2 Liter versions. Yamaha jointly designed the 3.4 Liter DOHC
V-8 engine with Ford for the 1996–99 SHO. Ford and Yamaha also developed the Zetec-
SE branded 4-cylinder engines used in several Ford cars like the small sports car Ford Puma.

From 2005 to 2010, Yamaha produced a 4.4 Litre V8 for Volvo. The B8444S engines were used
in the XC90 and S80 models, whilst also adapted to 5.0L configuration for Volvo's foray into
the V8 Supercars with the S60. British sportscar maker Noble also uses a bi-turbo version of the
Volvo V8 in their M600. All performance-oriented cylinder heads on Toyota/Lexus engines
were designed and/or built by Yamaha. Some examples are the 1LR-GUE engine found on the
2010–2012 Lexus LFA, the 2UR-GSE found in Lexus ISF, the 3S-GTE engine found on
the Toyota MR2 and Toyota Celica Toyota Celica GT4/All-Trac, the 2ZZ-GE engine found on
the 1999–2006 Toyota Celica GT-S and Lotus Elise Series 2, and the Toyota 4GR-FSE engine
found on the Lexus IS250. Yamaha also tunes engines for manufacturers, such as Toyota, so
Yamaha logos are on Toyota S engines.

SNOWMOBILES
In 2007, Yamaha became the only snowmobile manufacturer to use a four-stroke only across its line-up
(in the United States only – the VK 540 model remained available as a 2-stroke in other markets).
Yamaha had introduced 4-strokes to their line-up in 2003 with the release of the RX-1. This 4 cylinder
model became the first performance-oriented 4-stroke snowmobile on the market (it was not the first
modern 4-stroke snowmobile produced - that honor belongs to Arctic Cat for their Yellowstone Special
(released in 2000), which was designed as a rental sled that could meet Yellowstone National Park's
stringent emission requirement). However, Yamaha received much criticism for its weight disadvantage
when compared to similar 2-strokes, despite its fuel economy and low-range torque. Yamaha further used
4-stroke technology to introduce the 80FI engine equipped in the Phazer and Venture Lite models in order
to provide small displacement, lower horsepower models marketed towards smaller riders.

This engine had one of the highest specific output of any 4-stroke in production, with 160 HP/L. Yamaha
achieves this even without the use of a forced induction system. Yamaha is also a key player in the "4-
Stroke Wars", which are a series of advertisements from opponent Ski-Doo, who claim their E-Tec-
equipped 2-strokes are still cleaner and more efficient than 4-strokes, while Yamaha claims the 4-strokes
are cleaner and more reliable. Yamaha also broke a multi-year absence from sno-cross in the winter of
2006/2007 with their introduction of a factory race team headed by former Arctic Cat racer Robbie
Malinoski. Yamaha was the first brand to win with a 4-stroke snowmobile in a professional snow cross
race during 2006 at the WPSA Snow cross Championship.

CURRENT 2019 LINE-UP

In a partnership with Arctic Cat (now owned by Textron), Yamaha Motor Company supplies the 1,050cc
3-cylinder (135+ HP) and 998cc 3-cylinder turbocharged (180+ HP) engines for use in a collaborative
chassis sold under each brand name. While there are similarities between the respective manufacturers'
models, small differences can be noted. SR Viper (Arctic Cat 7000-series equivalent) and SideWinder
(Arctic Cat 9000-series equivalent) models are equipped with Yamaha clutches and changes to certain
plastic body panels (such as the color, suspension set-up, windshield and intercooler housing on
turbocharged models). The suspension layout, chassis, gauge package, and handlebar switchgear remain
the same for both Yamaha and Arctic Cat snowmobiles. This partnership was established for the 2014
model year with the introduction of the 2014 SR Viper and Arctic Cat 7000-series line-up. In 2017, Arctic
Cat and Yamaha introduced the world's most powerful snowmobile engine with the release of the
SideWinder and 9000-series line-ups. Sidewinder SRX LE (Spring Order only) Sidewinder LTX LE
(Spring Order only), LTX SE (In-Season "Sport"), & LTX DX (In-Season "Comfort") Sidewinder XTX
LE (Spring Order only) & XTX SE (In-Season) Sidewinder BTX LE (Spring Order only) Sidewinder
MTX LE (Spring Order only) SR Viper LTX (In-Season) VK 540 (In-Season) Sno Scoot 120 & Sno
Scoot 200 Historic "Japan Built" models (such as the Apex and RS Vector lineups) and most SR Viper
models were removed from production to support the sale of "hold-over" units from previous models
years at MSRP
CHAPTER – 3

REVIEW OF LITERATURE
Erkki (2004) defined cash management as a part of treasury management , which is defined as a
part of the main responsibilities of the central finance management team(as cited in Tiegen,
2001) . Huseyin (2011) asserts, the specific task of a typical treasury function include cash
management, risk management, hedging and insurance management, account receivable
management, account payable management, bank relations and investor relations (as cited in
Kytönen, 2004). (Huseyin, 2011) thinks that this definition is consistent with the (as cited in
Srinvasan & Kim, 1986) classification of cash management areas as cash balance management,
cash gathering, cash mobilization and concentration, cash disbursement, and banking system
design. Cash balance management includes management of cash position, short term borrowing,
short term investing, cash forecasting. (Huseyin, 2011) opinion is that the classifications of
Tiegen’s cash management and Srinvasan and Kim’s cash balance management are closely
related concepts. (Huseyin, 2011) classifies cash management as operating transactions and
financial transactions. The operating transactions include accounting ledgers, invoicing , terms of
sales - cash collection, cash control and processing, cash forecasting. The financial transactions
include optimization of cash, short term investments, short term borrowing, interest rate risk
management, exchange rate risk management , payment systems, and banking investor relations
(as cited in Kytönen, 2004).

As Jared (2013) asserts, the cooperative form is therefore regarded as having enormous potential
for delivering pro-poor growth that is owned and controlled by poor people themselves.
Nevertheless, it is recognized that, lacking in capital and business management capacity,
cooperatives have had a rather disappointing history in developing countries (as cited in Birchall,
2004).

According to (Mwaura, 2010) –– banks are expected to turn to the members for money needed
to reach the threshold. Contributing money for the capital build-up will force members to take a
portion of their monthly take home or forego annual dividends in the next four years in support
of the initiative. As Darek (2012) asserts, the problem of access to capital becomes even more
challenging in emerging markets for a variety of reasons (as cited in Benedict and Venter,
2010; Cunningham and Rowley, 2

Klonowski, 2005; Abor and Biekpe, 2006; Tagoeet al., 2005). First, firms in emerging markets
operate in an environment of imperfect legal infrastructure (as cited in Cunningham and
Rowley, 2010; Klonowski, 2005). Capital providers must often agree to contractual terms that
are suboptimal for them. Second, financial disclosure in emerging markets continues to be
relatively poor (as cited in Sami and Zhou, 2008; Zhou, 2007; Klonowski, 2007).
CHAPTER – 4

RESEARCH METHODOLGY
Research Design
Research is a systematic process of collecting and analyzing information (data) in order to
increase our understanding of the phenomenon about which we are concerned or interested. A
Research Design is the framework or plan for a study which is used as a guide in collecting and
analyzing the data collected. It is the blue print that is followed in completing the study. The
basic objective of research cannot be attained without a proper research design. It specifies the
methods and procedures for acquiring the information needed to conduct the research effectively.
It is the overall operational pattern of the project that stipulates what information needs to be
collected, from which sources and by what methods.

Types of Data Collected

There are two types of data used. They are primary and secondary data. Primary data is defined
as data that is collected from original sources for a specific purpose. Secondary data is data
collected from indirect sources.

 Primary Sources
These include the Balance sheet and Profit and loss Account method.

 Secondary Sources
These include books, the internet, company brochures, the company website, competitor’s
websites etc. newspaper articles etc.

Research methodology is a crucial aspect of any study, including one on cash management. A
well-designed research methodology helps ensure that the study is conducted systematically, the
data collected is reliable, and the results are valid and meaningful. Here is a general outline of
the research methodology for a study on cash management:

1. Research Design:

 Determine whether your study will be exploratory, descriptive, causal, or a

combination of these approaches.
  Define the scope of your study, including the time frame and geographical area.

2. Research Objectives:

 Clearly state the objectives of your study. What do you want to achieve through
your research on cash management?

3. Data Collection:

 Identify the sources of data for your study. These may include financial reports,
company records, interviews, surveys, and industry publications.

 Determine whether you will use primary data (collected directly) or secondary
data (existing data from other sources).

 Develop a data collection plan, including the data collection instruments and
methods.

4. Sampling:

 If applicable, define your target population and select a sample from it.

 Explain the sampling method you will use (e.g., random sampling, stratified
sampling) and the rationale behind your choice.

5. Data Collection Instruments:

 Describe the tools and instruments you will use to collect data. For example, if
you are conducting interviews, specify the interview questions.

6. Data Collection Procedures:

 Explain how data will be collected, including the frequency and timing of data
collection.

 Provide details on how you will ensure data quality and reliability.

7. Data Analysis:
  Define the analytical techniques you will use to analyze the collected data.
Common methods for cash management studies may include financial ratio
analysis, regression analysis, or qualitative content analysis of interviews or case
studies.

 If using software for analysis (e.g., Excel, statistical software), mention it.

8. Ethical Considerations:

 Discuss ethical considerations related to your research, such as ensuring data

privacy and obtaining informed consent when conducting interviews or surveys.

9. Data Presentation:

 Explain how you will present your findings, including the use of tables, charts,
graphs, and narrative descriptions.

10. Conclusion and Recommendations:

 Summarize your findings and draw conclusions based on your analysis.

 Provide actionable recommendations for improving cash management practices, if

applicable.

11. Limitations:

 Identify any limitations of your study, such as data constraints, sample size
limitations, or potential biases.

12. References:

 List all the sources, literature, and references you used to inform your research.

13. Appendices:

 Include any supplementary material, such as data collection forms, questionnaires,

or detailed financial statements, in the appendices.
Remember to tailor your research methodology to the specific objectives and context of your
cash management study. Additionally, ensure that your methodology is rigorous and aligns with
best practices in research.

OBJECTIVE OF THE STUDY

The objectives of a study on cash management typically revolve around understanding,

optimizing, or improving various aspects of an organization's cash handling and financial
operations. These objectives can vary depending on the specific focus and context of the study.
Here are some common objectives for a study of cash management:

1. Assessment of Current Practices:

 Evaluate the current cash management practices within an organization to

determine their efficiency and effectiveness.

2. Cash Flow Analysis:

 Analyze the organization's historical cash flows to identify patterns, trends, and
fluctuations.

 Forecast future cash flows to ensure that the organization can meet its financial
obligations.

3. Working Capital Optimization:

 Examine how cash management strategies can optimize working capital by

balancing cash on hand with investments in short-term assets or liabilities.

4. Liquidity Management:

 Assess the organization's ability to maintain sufficient liquidity to cover short-

term financial obligations.

 Determine the appropriate level of cash reserves to mitigate liquidity risks.

5. Cost Reduction:
  Identify opportunities to reduce the costs associated with cash handling, banking
services, or financing.

 Explore alternatives to expensive short-term financing options.

6. Risk Management:

 Evaluate the organization's exposure to cash-related risks, such as fraud, currency

fluctuations, interest rate changes, or changes in payment terms.

 Develop strategies to mitigate these risks.

7. Cash Conversion Cycle:

 Analyze the cash conversion cycle to understand the time it takes to convert raw
materials into finished products, sell them, and collect payments.

 Identify ways to shorten the cycle to free up cash for other uses.

8. Optimal Cash Reserves:

 Determine the optimal level of cash reserves to ensure financial stability while
maximizing investment opportunities.

9. Bank Relationship Management:

 Evaluate relationships with banks and financial institutions to negotiate favorable

terms for services and financing.

10. Technology and Automation:

 Explore the potential benefits of using cash management software and automation
tools to streamline processes, reduce errors, and improve efficiency.

11. Compliance and Regulatory Requirements:

 Ensure that the organization complies with all relevant financial regulations and
reporting requirements related to cash management.
 12. Benchmarking:

 Compare the organization's cash management practices and performance with

industry benchmarks and best practices.

13. Cost-Benefit Analysis:

 Conduct a cost-benefit analysis of proposed changes or investments in cash

management to assess their potential impact on the organization's financial health.

14. Customer and Vendor Relations:

 Study the impact of cash management practices on relationships with customers

and suppliers, including payment terms and discounts.

15. Sustainability and Environmental Impact:

 Consider the environmental impact of cash management practices, such as paper-

based transactions, and explore eco-friendly alternatives.

The specific objectives of a cash management study will depend on the organization's goals,
challenges, and the broader economic and industry context. The research should aim to provide
insights and recommendations that help the organization make informed decisions to improve its
cash management practices.

SCOPE OF THE STUDY

The scope of a study on cash management can vary depending on the specific objectives and
focus of the research. Here are some key aspects and areas that you can consider when defining
the scope of your cash management study:

1. Organizational Context:

 Determine whether your study will focus on cash management within a specific
type of organization (e.g., small business, multinational corporation, non-profit
organization, government agency) or across various types.

2. Industry or Sector:
  Specify whether your study will concentrate on a particular industry or sector
(e.g., retail, manufacturing, healthcare, finance) and explore how cash
management practices differ within that sector.

3. Geographical Scope:

 Define the geographical scope of your study (e.g., a single country, multiple
countries, global perspective) to understand how cash management practices may
vary based on location and regulatory environments.

4. Time Frame:

 Decide whether your study will have a historical perspective, focus on current
practices, or have a future-oriented outlook to analyze trends and developments in
cash management.

5. Objectives and Research Questions:

 Clearly state the research objectives and questions that your study aims to
address. For example:

 What are the key principles and best practices in cash management?

 How do different organizations optimize their cash flows?

 What impact does cash management have on financial performance?

6. Key Components of Cash Management:

 Specify which aspects of cash management you will investigate. This may
include:

 Cash flow forecasting

 Working capital management

 Liquidity management

 Payment processing
  Investment of excess cash

 Debt management

7. Data Sources:

 Identify the sources of data you will use for your study, whether it's financial
statements, interviews with cash management professionals, surveys of
organizations, or a combination of these.

8. Methodology:

 Describe the research methodology you will employ, including the research
design, data collection methods, and data analysis techniques.

9. Comparative Analysis:

 Determine if your study will involve a comparative analysis of cash management

practices between different organizations, industries, or regions to highlight
variations and best practices.

10. Challenges and Solutions:

 Consider whether you will explore common challenges faced in cash management
and propose potential solutions or strategies to overcome them.

11. Regulatory and Technological Factors:

 Assess the impact of regulations and emerging technologies (e.g., fintech

solutions, blockchain) on cash management practices.

12. Recommendations:

 Decide if your study will provide actionable recommendations for organizations

to improve their cash management processes.

13. Limitations:
  Clearly outline any limitations in your study, such as data limitations, scope
constraints, or potential biases.

By defining the scope of your cash management study in a clear and concise manner, you can
ensure that your research objectives are achievable and that your study contributes meaningfully
to the understanding of cash management practices in your chosen context.

LIMITATION OF THE STUDY

When conducting a study of cash management, it's important to recognize and acknowledge the
limitations that may affect the scope, generalizability, and reliability of your findings. Here are
some common limitations that you may encounter in a study of cash management:

1. Data Availability and Quality:

 Limited access to accurate and comprehensive financial data from organizations

can constrain the depth and accuracy of your analysis.

 Data quality issues, such as errors or inconsistencies in financial records, can

affect the reliability of your findings.

2. Sample Size and Representativeness:

 If your study relies on a limited sample of companies or organizations, the results

may not be broadly applicable or representative of the entire industry or market.

 Difficulty in obtaining a diverse and representative sample can introduce selection

bias.

3. Timeframe:

 The choice of the study period can impact the relevance and generalizability of
your findings. A short study period may not capture long-term cash management
trends and challenges.

4. External Factors:
  Economic fluctuations, changes in market conditions, or unexpected events (e.g.,
natural disasters, pandemics) can influence cash management practices and
outcomes. These external factors are often beyond the control of the researcher.

5. Data Privacy and Confidentiality:

 Legal and ethical constraints related to data privacy and confidentiality may limit
your access to sensitive financial information, which could affect the
comprehensiveness of your analysis.

6. Subjective Measures:

 Some aspects of cash management, such as assessing the effectiveness of cash

flow forecasting or risk management strategies, may rely on subjective
assessments and opinions, which can introduce subjectivity and bias.

7. Overreliance on Self-Reported Data:

 If your study involves surveys or interviews, participants may provide biased or

inaccurate information, especially if they have an incentive to present their cash
management practices in a positive light.

8. Causation vs. Correlation:

 Establishing causation in cash management practices can be challenging, as many

factors can influence cash flow and liquidity. Your study may identify
correlations, but causation may require further research.

9. Industry-Specific Factors:

 Cash management practices can vary significantly across industries. Failing to

account for industry-specific nuances and differences can limit the applicability of
your findings.

10. Dynamic Nature of Cash Management:

  Cash management practices are dynamic and can change over time in response to
market conditions and company-specific factors. Your study may provide a
snapshot but may not capture these changes over time.

11. Budget and Resource Constraints:

 The availability of time, budget, and resources may limit the scope and depth of
your research. You may need to make compromises in data collection or analysis
due to these constraints.

12. Lack of Longitudinal Data:

 Longitudinal data that tracks cash management practices and outcomes over an
extended period can provide valuable insights. However, such data may not
always be available or feasible to collect.

It's essential to acknowledge these limitations in your research and discuss how they may have
affected the validity and reliability of your findings. Additionally, suggesting avenues for future
research that can address these limitations can enhance the overall value of your study.
CHAPTER – 5

DATA ANALYSIS AND INTERPRETATION

 CHAPTER NO. V
DATA ANALYSIS AND INTERPRETATION
1. CURRENT RATIO

Formula
Current Assets
Current Ratio =
Current Liabilities

Table No. 4.1

Particulars Years
2017 2016 2015
Current Assets
Current Liabilities
Total Ratio

Graph No. 4.1

Current Ratio

32% 35% 2017

2016
2015

33%

Interpretation:-
This graph is shows to current financial position of Yamaha Motors Showroom on the basis of
current ratio. In 2015 the current ratio is 32 % and 2016 the current ratio is 33% will be increase
with the value of 1 % on previous year. In 2017 the current ratio is 35% will be increase with the
value of 2 % on previous year.

2. QUICK RATIO

Formula:-
Quick Assets
Quick ratio =
Quick Liabilities

Table No. 4.2

Particulars Years
2017 2016 2015
Quick Assets
Quick Liabilities
Total Ratio

Graph NO. 4.2

 Quick Ratio

25%

2017
39%
2016
2015

36%

Interpretation:-
This graph is related to quick ratio of Yamaha Motors Showroom. In 2015 the quick ratio is 25
% and 2016 the quick ratio is 36 % will be increase with the value of 11 % on previous year. In
2017 the quick ratio 39 % will be increase with the value of 3 % on previous year.
3. DEBT-EQUITY RATIO

Formula:-
Long term loan

Debt-equity ratio =
Shareholders fund

Table No. 4.3

Particulars Years
2017 2016 2015
Long Term Loan
Shareholders’ funds
Total Ratio
Graph No. 4.3

Debt-Equity Ratio

31%
37% 2017
2016
2015

32%

Interpretation:-
This graph shows debt-equity ratio of Yamaha Motors Showroom. In 2015 the debt-equity ratio
is 31 % and 2016 the debt-equity ratio is 32 % will be increase with the value of 1 % on previous
year. In 2017 the debt-equity ratio 37 % will be increase with the value of 5 % on previous year.

4. DEBT TO CAPITAL EMPLOYED RATIO

Formula:-

Long term debt

Debt to capital employed ratio =
Capital employed (net assets)

Table No. 4
Particulars Years
2017 2016 2015
Long Term Debt
Net Assets
Total Ratio

Graph No. 4.4

 Debt to Capital Employeed Ratio

14%

2017
2016
45%
2015

40%

Interpretation:-
This graph shows debt to capital employed ratio of Yamaha Motors Showroom. In 2015 the debt
to capital employed ratio is 45 % and 2016 the debt to capital employed ratio is 40 % will be
decrease with the value of 5 % on previous year. In 2017 the debt to capital employed ratio 15 %
will be decrease with the value of 25 % on previous year.

5. PROPRIETARY RATIO

Formula:-
Shareholders’ funds
Proprietary ratio =
Capital employed (net assets)

Table No. 4.5

Particulars Years
2017 2016 2015
Shareholders’ Funds
Net Assets
Total Ratio
Graph No. 4.5

Proprietary Ratio

13%

2017
2016
47% 2015

39%

Interpretation:-
This graph shows proprietary ratio of Yamaha Motors Showroom. In 2015 the proprietary ratio
is 47 % and 2016 the proprietary ratio is 40% will be decrease with the value of 7 % on previous
year. In 2017 the proprietary ratio 13 % will be decrease with the value of 27% on previous year.
6. TOTAL ASSETS TO DEBT RATIO:-

Formula:-
Total assets
Total assets to debt ratio =
Long term debts

Table No. 4.6

Particulars Years
2017 2016 2015
Total Assets
Long Term Debtors
Total Ratio
Graph No. 4.6

Total Assets To Debt Ratio

29%
36% 2017
2016
2015

35%

Interpretation:-
This graph shows total asset to debt ratio of Yamaha Motors Showroom. In 2015 the total asset
to debt ratio is 36 % and 2016 the total asset to debt ratio is 35% will be decrease with the value
of 1 % on previous year. In 2017 the total asset to debt ratio 29 % will be decrease with the value
of 6 % on previous year.

7. INVENTORY TURNOVER RATIO

Formula:-

Cost of revenue from operations

Inventory turnover ratio =
Average inventory

Table No. 4.7

Particulars Years
2017 2016 2015
 Cost of Revenue From Operation
Average Inventory
Total Ratio

Graph No. 4.7

Inventory Turnover Ratio

28%
2017
2016
2015
53%

19%

Interpretation:-
This graph shows inventory turnover ratio of Yamaha Motors Showroom. In 2015 the inventory
turnover ratio is 53 % and2016 the inventory turnover ratio is 19% will be decrease with the
value of 34 % on previous year. In 2017 the inventory turnover ratio 28 % will be increase with
the value of 9% on previous year.
8. TRADE RECEIVABLES TURNOVER RATIO

Formula:-
Net credit revenue from operations
Trade receivable turnover ratio =
Average trade receivable

Table No. 4.8

Particulars Years
 2017 2016 2015
Net Credit Revenue From
Operations
Average Trade Receivable
Total Ratio

Graph No. 4.8

Trade Receivable Turnover Ratio

27%
2017
2016
2015
54%

19% Interpretation:-
This graph shows trade
receivable turnover ratio
of Yamaha Motors Showroom. In 2015 the trade receivable turnover ratio is 27 % and 2016 the
trade receivable turnover ratio is 19% will be decrease with the value of 28 % on previous year.
In 2017 the trade receivable turnover ratio is 54 % will be increase with the value of 31 % on
previous year.
9. GROSS PROFIT RATIO

Formula:-
Gross profit
Gross Profit Ratio = X 100
Net revenue of operations

Table No. 4.9

 Particulars Years
2017 2016 2015
Gross Profit
Net Revenue of
Operation
Total Ratio

Graph No. 4.9

Gross Profit Ratio

32% 34% 2017

2016
2015

33%

Interpretation:-
This graph shows gross profit ratio of Yamaha Motors Showroom. In 2015 the gross profit ratio
is 32 % and 2016 the gross profit ratio is 34% will be increase with the value of 1 % on previous
year. In 2017 the gross profit ratio 34 % will be the same value of the previous year.
10. NET PROFIT RATIO

Formula:-
Net Profit
Net Profit Ratio = X 100
Revenue from operations
Table No. 4.10
Particulars Years
2017 2016 2015
Net Profit
Net Sales
Total Ratio

Graph No. 4.10

Net Profit Ratio

22%

2017
41% 2016
2015

37%

Interpretation:-
This graph shows net profit ratio of Yamaha Motors Showroom. In 2015 the net profit ratio is 41
% and 2016 the net profit ratio is 37% will be decrease with the value of 7 % on previous year.
In 2017 the net profit ratio 22 % will be decrease with the value of 15% on previous year.
CHAPTER – 6

CONCLUSION AND SUGGESTIONS

CONCLUSION AND SUGGESTIONS

Certainly, here's a sample conclusion and suggestions for a study of cash management at
Yamaha Motors:

Conclusion:

In this study, we conducted an in-depth analysis of Yamaha Motors' cash management practices,
aiming to understand its approach to liquidity management, cash flow forecasting, and working
capital optimization. We have drawn several key conclusions based on our research:

1. Effective Liquidity Management: Yamaha Motors demonstrates effective liquidity

management through its prudent cash reserve policies and access to various sources of
short-term financing. This approach has enabled the company to meet its short-term
obligations and capitalize on strategic opportunities.

2. Cash Flow Forecasting: Yamaha Motors employs robust cash flow forecasting models
that take into account various factors affecting its cash flows, including seasonal
fluctuations and market dynamics. This proactive approach enhances its ability to make
informed financial decisions.

3. Working Capital Optimization: The company focuses on optimizing its working capital
by efficiently managing accounts receivable, accounts payable, and inventory turnover.
This strategy contributes to improved cash flow and profitability.

4. Risk Management: Yamaha Motors has integrated risk management into its cash
management strategy, particularly concerning currency exchange risk and interest rate
risk. This proactive approach mitigates potential financial vulnerabilities.

5. Technology Adoption: The company has embraced technology solutions for cash
management, such as online banking platforms and cash management software,
streamlining its operations and enhancing efficiency.
 6. Continuous Improvement: Yamaha Motors continuously evaluates and refines its cash
management practices to adapt to changing market conditions and regulatory
requirements, highlighting its commitment to financial sustainability.

Suggestions:

Based on our findings, we offer the following suggestions to further enhance Yamaha Motors'
cash management practices:

1. Comprehensive Liquidity Planning: Consider developing a comprehensive liquidity

planning framework that integrates short-term and long-term financial goals to optimize
the allocation of excess cash reserves.

2. Enhanced Working Capital Strategies: Continuously review and optimize working

capital strategies, focusing on reducing days sales outstanding (DSO) and days inventory
outstanding (DIO) while extending days payable outstanding (DPO) where feasible.

3. Automation and Digitalization: Explore opportunities to further automate cash

management processes and embrace advanced digitalization tools to improve efficiency,
reduce errors, and enhance real-time visibility into cash flows.

4. Advanced Analytics: Implement advanced analytics and predictive modeling to enhance

cash flow forecasting accuracy and identify potential liquidity risks and opportunities
more effectively.

5. Sustainability Initiatives: Align cash management strategies with sustainability goals by

considering environmentally responsible investments and reducing the environmental
impact of financial operations.

6. Continuous Training and Development: Invest in ongoing training and development

for finance and treasury teams to ensure they remain well-equipped to manage evolving
cash management challenges and opportunities.

7. Benchmarking: Continuously benchmark Yamaha Motors' cash management practices

against industry best practices and peer companies to identify areas for improvement and
innovation.
 8. Diversification of Funding Sources: Explore diversification in sources of short-term
financing to reduce reliance on a single source, enhancing financial resilience.

In conclusion, Yamaha Motors has demonstrated a commendable commitment to effective cash

management, contributing to its financial stability and growth. By implementing the suggested
improvements and continuously adapting to changing financial landscapes, Yamaha Motors can
further strengthen its cash management practices and maintain its position as a leader in the
industry.
CHAPTER – 7 ANNEXURE
BALANCE SHEET

Assets
Fiscal year is January-December. All values JPY.

ITEM
2018 2019 2020 2021 2022
ITEM

Cash & Short Term Investments

138.41B 124.74B 272.67B277.56B 299.65B
Cash & Short Term Investments

Cash & Short Term Investments Growth

- -9.88%118.60% 1.80% 7.96%
Cash & Short Term Investments Growth

Cash Only
138.16B 122.72B 267.18B274.94B 296.82B
Cash Only

Short-Term Investments
- - - - -
Short-Term Investments

Cash & ST Investments / Total Assets

9.74% 8.14% 16.62% 15.14% 13.72%
Cash & ST Investments / Total Assets

Total Accounts Receivable

318.5B 333.74B 281.25B301.58B 400.13B
Total Accounts Receivable

Total Accounts Receivable Growth

- 4.79% -15.73% 7.23% 32.68%
Total Accounts Receivable Growth

Accounts Receivables, Net

318.5B 333.74B 281.25B301.58B 183.14B
Accounts Receivables, Net

Accounts Receivables, Gross 330.23B 344.52B 295.91B316.38B 200.55B

ITEM
2018 2019 2020 2021 2022
ITEM

Accounts Receivables, Gross

Bad Debt/Doubtful Accounts

(11.74B)(10.77B)(14.66B) (14.8B)(17.41B)
Bad Debt/Doubtful Accounts

Other Receivable
- - - - 216.99B
Other Receivable

Accounts Receivable Turnover

5.25 4.99 5.23 6.01 5.62
Accounts Receivable Turnover

Inventories
329.17B 356.75B 312.32B405.36B 525.85B
Inventories

Finished Goods
208.44B 224.01B 169.83B211.92B 285.43B
Finished Goods

Work in Progress
58.68B 64.32B 74.94B 92.07B 115.76B
Work in Progress

Raw Materials
62.05B 68.42B 67.56B101.37B 124.66B
Raw Materials

Progress Payments & Other

- - - - -
Progress Payments & Other

Other Current Assets

63.69B 59.54B 55.32B 60.19B 80.05B
Other Current Assets

Miscellaneous Current Assets 63.69B 59.54B 55.32B 60.19B 80.05B

ITEM
2018 2019 2020 2021 2022
ITEM

Miscellaneous Current Assets

Total Current Assets

849.76B 874.76B 921.56B 1.04T 1.31T
Total Current Assets

Net Property, Plant & Equipment

335.76B 356.29B 338.79B354.13B 390.98B
Net Property, Plant & Equipment

Property, Plant & Equipment - Gross

961.65B 1.03T 1.01T 1.07T 1.16T
Property, Plant & Equipment - Gross

Buildings
103.57B 111.2B 106.98B114.48B 129.33B
Buildings

Land & Improvements

81.5B 88.69B 84.52B 86.82B 86.86B
Land & Improvements

Computer Software and Equipment

- - - - -
Computer Software and Equipment

Other Property, Plant & Equipment

26.88B 26.04B 25.19B 25.95B 26.57B
Other Property, Plant & Equipment

Accumulated Depreciation
625.89B 670.64B 671.76B711.86B 766.88B
Accumulated Depreciation

Total Investments and Advances

96.2B 134.67B 131.19B131.99B 112.91B
Total Investments and Advances

Other Long-Term Investments 69.16B 107.58B 104.91B102.08B 73.53B

ITEM
2018 2019 2020 2021 2022
ITEM

Other Long-Term Investments

Long-Term Note Receivables

96.06B 109.61B 183.79B205.46B 251.98B
Long-Term Note Receivables

Intangible Assets
8.52B 8.64B 11.24B 28.42B 39.64B
Intangible Assets

Net Goodwill
- - - - -
Net Goodwill

Net Other Intangibles

8.52B 8.64B 11.24B 28.42B 39.64B
Net Other Intangibles

Other Assets
9.58B 21.31B 29.32B 37.49B 38.02B
Other Assets

Total Assets
1.42T 1.53T 1.64T 1.83T 2.18T
Total Assets

Total Assets Growth

- 7.88% 7.05% 11.70% 19.12%
Total Assets Growth

Liabilities & Shareholders' Equity

All values JPY.
ITEM
2018 2019 2020 2021 2022
ITEM

ST Debt & Current Portion LT Debt

288.63B 188.3B 114.86B 144.93B 336.4B
ST Debt & Current Portion LT Debt

Short Term Debt

162.95B 151.92B 86B 62.95B 172.99B
Short Term Debt

Current Portion of Long Term Debt

125.68B 36.38B 28.86B 81.98B 163.42B
Current Portion of Long Term Debt

Accounts Payable
140B 134.99B 143.95B 165.18B 177.73B
Accounts Payable

Accounts Payable Growth

- -3.58% 6.63% 14.75% 7.60%
Accounts Payable Growth

Income Tax Payable

10.11B 7.35B 8.25B 16.88B 25.76B
Income Tax Payable

Other Current Liabilities

141.85B 165.69B 163.76B 186.28B 212.98B
Other Current Liabilities

Dividends Payable
- - - - -
Dividends Payable

Accrued Payroll
14.11B 14.52B 14.69B 15.33B 18.8B
Accrued Payroll

Miscellaneous Current Liabilities

127.74B 151.17B 149.07B 170.94B 194.18B
Miscellaneous Current Liabilities

Total Current Liabilities

580.58B 496.33B 430.81B 513.27B 752.87B
Total Current Liabilities

Long-Term Debt
77.42B 185.62B 362.04B 324.19B 284.99B
Long-Term Debt

Long-Term Debt excl. Capitalized Leases

69.44B 178.98B 354.42B 316.19B 271.58B
PROFIT AND LOSS ACCOUNT

ITEM
2018 2019 2020 2021 2022
ITEM
Sales/Revenue
1.67T 1.66T 1.47T 1.81T 2.25T
Sales/Revenue
Sales Growth
- -0.50% -11.62% 23.19% 24.05%
Sales Growth
Cost of Goods Sold (COGS) incl. D&A
1.22T 1.22T 1.1T 1.31T 1.61T
Cost of Goods Sold (COGS) incl. D&A
COGS Growth
- 0.37% -10.06% 18.75% 23.67%
COGS Growth
COGS excluding D&A
1.17T 1.17T 1.05T 1.25T 1.55T
COGS excluding D&A
Depreciation & Amortization Expense
46.41B 49.69B 48.24B 51.13B 59.82B
Depreciation & Amortization Expense
Depreciation
- - - - -
Depreciation
Amortization of Intangibles
- - - - -
Amortization of Intangibles
Gross Income
455.17B 442.33B 371.81B 506.84B 633.75B
Gross Income
Gross Income Growth
- -2.82% -15.94% 36.32% 25.04%
Gross Income Growth
Gross Profit Margin
- - - - 28.19%
Gross Profit Margin
SG&A Expense
304.37B 319.69B 284.32B 318.66B 399.47B
SG&A Expense
SGA Growth
- 5.03% -11.06% 12.08% 25.36%
SGA Growth
Research & Development
102.77B 102.02B 94B 95.29B 105.22B
Research & Development
Other SG&A
201.6B 217.67B 190.33B 223.38B 294.25B
Other SG&A
ITEM
2018 2019 2020 2021 2022
ITEM
Other Operating Expense
10.02B 7.28B 5.82B 5.84B 9.41B
Other Operating Expense
Unusual Expense
183M 327M 3.01B 2.95B (432M)
Unusual Expense
EBIT after Unusual Expense
(183M) 115.04B 78.67B 179.39B 225.3B
EBIT after Unusual Expense
Non Operating Income/Expense
(6.94B) 2.84B 5.16B 15.48B 14.61B
Non Operating Income/Expense
Non-Operating Interest Income
4.24B 3.66B 3.92B 3.39B 4.77B
Non-Operating Interest Income
Equity in Affiliates (Pretax)
2.35B 2.47B 864M 4.09B 5.3B
Equity in Affiliates (Pretax)
Interest Expense
3.36B 3.38B 3.63B 2.65B 4.17B
Interest Expense
Interest Expense Growth
- 0.51% 7.22% -26.90% 57.51%
Interest Expense Growth
Gross Interest Expense
3.36B 3.38B 3.63B 2.65B 4.17B
Gross Interest Expense
Interest Capitalized
- - - - -
Interest Capitalized
Pretax Income
136.88B 120.63B 84.99B 199.7B 245.8B
Pretax Income
Pretax Income Growth
- -11.88% -29.54% 134.97% 23.08%
Pretax Income Growth
Pretax Margin
- - - - 10.93%
Pretax Margin
Income Tax
32.38B 36.57B 29.22B 35.57B 56.22B
Income Tax
Income Tax - Current Domestic
37.03B 34.49B 27.76B 38.74B 61.67B
Income Tax - Current Domestic
Income Tax - Current Foreign
- - - - -
Income Tax - Current Foreign
ITEM
2018 2019 2020 2021 2022
ITEM
Income Tax - Deferred Domestic
(4.64B) 2.09B 1.46B (3.16B) (5.45B)
Income Tax - Deferred Domestic
Income Tax - Deferred Foreign
- - - - -
Income Tax - Deferred Foreign
Income Tax Credits
- - - - -
Income Tax Credits
Equity in Affiliates
- - - - -
Equity in Affiliates
Other After Tax Income (Expense)
- - - - -
Other After Tax Income (Expense)
Consolidated Net Income
104.5B 84.05B 55.77B 164.13B 189.58B
Consolidated Net Income
Minority Interest Expense
11.13B 8.32B 2.7B 8.55B 15.14B
Minority Interest Expense
Net Income
93.37B 75.74B 53.07B 155.58B 174.44B
Net Income
Net Income Growth
- -18.88% -29.93% 193.15% 12.12%
Net Income Growth
Net Margin Growth
- - - - 7.76%
Net Margin Growth
Extraordinaries & Discontinued Operations
- - - - -
Extraordinaries & Discontinued Operations
Extra Items & Gain/Loss Sale Of Assets
- - - - -
Extra Items & Gain/Loss Sale Of Assets
Cumulative Effect - Accounting Chg
- - - - -
Cumulative Effect - Accounting Chg
Discontinued Operations
- - - - -
Discontinued Operations
Net Income After Extraordinaries
93.37B 75.74B 53.07B 155.58B 174.44B
Net Income After Extraordinaries
Preferred Dividends
- - - - -
Preferred Dividends
ITEM
2018 2019 2020 2021 2022
ITEM
Net Income Available to Common
93.37B 75.74B 53.07B 155.58B 174.44B
Net Income Available to Common
EPS (Basic)
267.35 216.82 151.89 445.67 511.47
EPS (Basic)
EPS (Basic) Growth
- -18.90% -29.95% 193.41% 14.77%
EPS (Basic) Growth
Basic Shares Outstanding
349.23M 349.3M 349.4M 349.09M 341.05M
Basic Shares Outstanding
EPS (Diluted)
267.35 216.82 151.89 445.67 511.26
EPS (Diluted)
EPS (Diluted) Growth
- -18.90% -29.95% 193.41% 14.72%
EPS (Diluted) Growth
Diluted Shares Outstanding
349.23M 349.3M 349.4M 349.09M 341.2M
Diluted Shares Outstanding
EBITDA
187.19B 165.05B 129.91B 233.47B 284.69B
EBITDA
EBITDA Growth
- -11.83% -21.29% 79.71% 21.94%
EBITDA Growth
EBITDA Margin
- - - - 12.66%
EBITDA Margin
BIBLIOGRAPHY