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Revised Non-Consolidated Performance Forecast
for Interim Period |
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YAMAHA has made the following revisions to its interim non-consolidated performance forecast for fiscal 2004, ending March 31, 2004, which was announced on August 8, 2003, on the occasion of its first-quarter performance overview announcement.
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1.Revisions to the Non-Consolidated Performance Forecast for Fiscal 2004 Interim Period (April 1, 2003, to September 30, 2003) |
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(Unit: ¥ million, %)
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Net Sales |
Recurring Profit |
Interim Net Income
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| Previously Announced Forecast (A) |
174,000 |
15,000 |
14,000
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| Revised Forecast (B) |
179,900 |
19,700 |
19,200
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| Difference (B-A) |
5,900 |
4,700 |
5,200
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| Differential Ratio (%) |
3.4 |
31.3 |
37.1
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Results from Previous Interim Term
(ended September 30, 2002) |
172,098 |
10,998 |
7,669
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Regarding Revised Non-Consolidated Interim
Performance Forecast
(Supplementary Data) |
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The second upward revision of non-consolidated interim performance forecasts:
in terms of income, we expect this to be our most profitable first half-year
since listing on the Tokyo Stock Exchange |
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With regard to non-consolidated interim performance forecasts for the Yamaha Corporation for the fiscal year ending March 31, 2004, we first revised the interim performance forecast originally released on May 9, 2003, on August 8, 2003, concurrent with the announcement of first quarter fiscal 2004 performance data. Today we are once again revising our performance outlook upward. In the following table, the non-consolidated performance forecasts announced up to now are detailed.
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(Unit: ¥ million, %)
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| Date |
Forecast Net Sales |
Forecast Recurring Profit |
Forecast Interim Net Income
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| May 9 announcement |
174.0 |
11.0 |
10.0
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| August 8 revision |
174.0 |
15.0 |
14.0
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| Today's revision |
179.9 |
19.7 |
19.2
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Todayxs upward revision of the non-consolidated interim performance forecast represents a 3.4% increase in net sales, a 31.3% increase in recurring profit, and 37.1% increase in interim net income compared with the August 8, 2003, revision.
In addition, compared with the fiscal first half of the year ended March 31, 2002, these data represent an increase of 4.5% in net sales, 79.1% in recurring profit, and 150.4% in interim net income.
Furthermore, in terms of non-consolidated interim performance, both recurring profit and interim net income are anticipated to be at their highest levels since Yamaha listed on the Tokyo Stock exchange in 1949.
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| Business performance of both musical instruments and semiconductors was strong in the second quarter |
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The main reasons for the revision were the strong business performance of musical instruments and semiconductors in the second quarter.
With regard to the musical instruments business, the Japanese market remains severe, but exports of portable keyboards and other musical instruments were generally strong. In the semiconductor business, shipments of mobile-phone sound chips, which had suffered somewhat from the market effects of SARS and inventory adjustments in the first quarter, regained momentum in the second quarter and earnings have increased over August 8, 2003 interim forecasts.
Furthermore, we expect a large increase in earnings over the previous fiscal year due to not only increased profit in the semiconductor business, but also foreign exchange gains from the strong euro.
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For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
TEL. +81-3- 5488-6601
FAX +81-3-5488-5060
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