|
|
 |
Interim Flash Report for FY2004 |
|
 |
Consolidated Basis
(PDF 68 KB)
Non-Consolidated Basis
(PDF 24 KB)
|
|
You will need to have the Adobe Reader to view the contents of this file.
Click the right button to download and install a free copy of the Adobe Reader.
|
|
 |
|
|
|
|
Overview of Results for the Fiscal 2004 Interim Period
Ended September 30, 2003
and Outlook for the Full Fiscal Year Ending March 31, 2004
(Supplementary Data)
|
|
 |
 |
|
|
| Interim Period Results: Record-high operating income, recurring profit, and net income |
|
Ml.Interim consolidated net sales rose 4.9% from the previous interim period to ¥266.2 billion, marking the second consecutive half-year rise. Driving this growth were healthy sales of mobile phone sound-source chips in the electronic equipment and metal parts segment, which offset flat growth in musical instruments, and lower AV/IT revenue compared with the previous forecast. Operating income jumped 101.6%, to ¥26.4 billion, while recurring profit climbed 109.0%, to ¥29.7 billion, and net income soared 160.6%, to ¥26.2 billion. This was the second consecutive half-year of increases and exceeded previous records set by the Company in FY78. Exchange rates during the period averaged ¥119=$ (up ¥3 from the previous period) and ¥127=euro (down ¥12 from the previous period).
|
|
|
|
|
|
|
Sales and Operating Income by Business Segment:
|
|
|
( ) denotes year-on-year change.
| · |
Musical Instruments
|
|
 |
Sales: ¥149.0 billion (up 2.0%)
Operating income: ¥9.6 billion (up 62.9%)
|
|
By region, domestic sales declined, but overseas sales were firm. By product, piano sales rose slightly. In the digital musical instruments category, sales of ClavinovasTM and portable keyboards rose. Sales of wind and string instruments also increased.
|
| · |
AV/IT
|
|
|
Sales: ¥33.9 billion (down 11.7%)
Operating income: ¥1.4 billion (up 36.7%)
|
|
Sales of audio equipment declined because of falling prices and a contraction in the market for home theater products. In information/communication equipment, despite higher sales of routers to enterprises, the Company's withdrawal from the PC-use CD-R/RW business (at end of March 2003) pulled segment sales down overall. On the other hand, earnings improved as a result of the Company's withdrawal from unprofitable businesses.
|
| · |
Lifestyle-related products
|
|
|
Sales: ¥23.1 billion (down 1.6%)
Operating profit: ¥1.1 billion (up 101.6%)
|
|
Segment sales declined because of weak demand for mainstay products system kitchens and system bathrooms. Still, earnings rose as a result of cost reductions.
|
| · |
Electronic Equipment and Metal Products
|
|
|
Sales: ¥36.3 billion (up 46.2%)
Operating income: ¥14.1 billion (up 140.0%)
|
|
Sales of semiconductors rose sharply on strong demand for mobile phone sound source chips in Korea and China. In metal products, sales declined as a result of the Company's withdrawal from the invar materials business (production ceased in July 2003), but profits improved significantly. Overall, the segment recorded higher sales and earnings.
|
| · |
Recreation
|
|
|
Sales: ¥10.3 billion (unchanged)
Operating loss: ¥4.6 billion (¥8.6 billion loss in the previous period)
|
|
Despite higher guest traffic, sales were unchanged from the previous period, the result of the Company's closure of its Sunza Villa facility. Earnings improved on cost reductions.
|
| · |
Others
|
|
|
Sales: ¥13.3 billion (up 28.7%)
Operating income: ¥4.9 billion (up 1.3%)
|
|
In the golf business, sales remained brisk and were higher than in the previous period. In the industrial robots and specialty metals business, sales of magnesium components for mobile phones rose sharply. In the automobile interior components business, sales rose because of order growth related to model changes and production of new models.
Operating profit in all segments registered year-on-year growth.
|
|
|
|
|
|
|
|
Non-consolidated Results:
|
|
YAMAHA posted record earnings for the non-consolidated interim period ended September 30, 2003. Sales were ¥179.9 billion (up 4.5%), operating income was ¥18.7 billion (up 77.1%), recurring profit was ¥19.7 billion (up 79.7%), and net income totaled ¥19.2 billion (up 151.5%). These results were in line with the Company's revised guidance of October 22, 2003.
|
|
|
|
|
|
|
Outlook for the Fiscal Year Ending March 31, 2004: Record non-consolidated and consolidated earnings
|
|
Taking into account interim results, the Company also forecasts record consolidated earnings for the fiscal year ending March 31, 2004, as follows: sales of ¥544.0 billion, operating income of ¥42.0, recurring profit of ¥47.5 billion, and net income of ¥41.5 billion. The company forecasts non-consolidated sales of ¥341.0 billion, operating income of ¥23.5 billion, recurring profit of ¥24.5 billion, and net income of ¥23.5 billion.
Taking into account recent forex trends, the Company name assumes a rate of ¥110=$ for the second half. For the full fiscal year, the Company now assumes a rate of ¥115=$ and ¥126=euro.
|
|
|
|
|
For further information, please contact
Yamaha Corporation
Corporate Communication Group,
Public Relations Division
Mr. Mike Tanaka
TEL. +81-3- 5488-6601
FAX +81-3-5488-5060
|
|
|
|
|
|
|
