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Flash Report for FY2004
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Consolidated Basis
(PDF 68 KB)
Non-Consolidated Basis
(PDF 24 KB)
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Overview of Results for the Fiscal Year Ended March 31, 2004 and Outlook for the Fiscal Year Ending March 31, 2005
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(Supplementary Data)
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| Consolidated Results: for the Fiscal Year Ended March 31, 2004 (FY2004) — A Second Consecutive Year of Growth in Net Sales along with New Record High Levels of Operating Income, Recurring Profit, and Net Income |
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For the fiscal year ending March 31, 2004 (FY2004), YAMAHA recorded consolidated net sales of ¥539.5 billion, up 2.8% from the previous fiscal year. Although the level of sales is somewhat below the level of the Company’s most recent projection, announced during the 3rd quarter, this was the second consecutive year of net sales growth. Sales in YAMAHA’s core musical instrument business increased only slightly and sales in the AV/IT segment were down owing to such factors as the Company’s withdrawal from business in PC-use CD-R/Ws. However, those trends were offset by a large surge in sales of LSI sound source chips for mobile phones in the electronic equipment and metal products segment.
The profitability of the electronic equipment and metal products segment improved considerably, and profitability increases were also achieved in the musical instrument, AV/IT, and lifestyle-related products segments. Consequently, consolidated operating income was ¥45.1 billion (up 40.6%), consolidated recurring profit was ¥51.0 billion (up 50.8%), and consolidated net income was ¥43.5 billion (up 142.6%). This was the second consecutive year of rise in all three of these profitability indicators, which reached the highest levels the Company has attained since it began preparing consolidated accounts in 1978.
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| Net Sales and Operating Income by Business Segment |
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Musical Instruments — segment sales amounted to ¥293.4 billion (up 0.3%), and operating income totaled ¥10.5 billion (up 7.0%).
Sales of musical instruments increased in overseas markets but continued to be weak in Japan and therefore flat overall. Regarding products, sales of pianos grew in European markets but decreased in Japan and North America. Regarding electronic instruments, strong sales were recorded of such products as portable keyboards and electronic pianos, and sales of professional audio equipment grew in the U.S. market.
AV/IT — segment sales totaled ¥78.3 billion (down 6.5%), but operating income grew to ¥4.4 billion (up 35.9%).
Sales of home theater products and medium-to-top-level amplifier-receivers grew. Although sales of enterprise-use routers were strong, overall sales were down owing to the Company's withdrawal from the PC-use CDR-RW drive business in March 2003. Profitability improved due to such factors as the discontinuation of the unprofitable business just mentioned.
Lifestyle-Related Products — segment sales totaled ¥44.8 billion (down 2.8%), while operating income surged to ¥1.5 billion (up 216.5%).
Sales of mainstay system bathroom products were strong, reflecting the high evaluation of newly launched products; however, sales of system kitchen products were relatively weak, slightly depressing overall sales. Profitability was improved through the continuation of cost reduction measures initiated in the previous fiscal year.
Electronic Equipment and Metal Products— segment sales totaled ¥76.9 billion (up 27.0%), and operating income amounted to ¥30.0 billion (up 55.7%).
In semiconductors, sales of LSI sound chips for mobile phones grew considerably owing to strong demand in Japan as well as rising demand in South Korea and China. Regarding other semiconductor products, sales of LSI chips for amusement equipment increased. In electronic metals products, sales of copper alloys for use in digital home appliances advanced, but the withdrawal from business in invar materials depressed overall sales. Profitability was greatly improved, reflecting cost reductions and the aforementioned discontinuation of unprofitable business.
Recreation— segment sales totaled ¥20.1 billion (down 3.8%), and an operating loss of ¥1.1 billion was recorded (unchanged).
The closure of Sunza Villa in June 2003 and a decline in the number of skiers at Kiroro Resort due to unseasonably warm winter weather depressed sales, although profitability was approximately unchanged from the previous year.
Others— segment sales amounted to ¥26.1 billion (up 24.4%), and operating loss totaled ¥0.2 billion (compared with operating income of ¥0.36 billion).
Domestic sales of golf products were boosted by the launch of new products, but a decrease in exports caused a decline in overall sales of golf products. Regarding FA products and metallic molds, increased sales were recorded of such products as die-cast magnesium components for mobile phones and leak testers. Model changes along with orders for new models boosted sales of automobile interior components and fittings. Overall profitability was impacted by the deterioration of profitability in FA products and metallic molds operations, resulting in an operating loss.
Non-consolidated Results for YAMAHA CORPORATION— New record high levels of profit were also recorded on a non-consolidated basis.
YAMAHA CORPORATION’s non-consolidated results are roughly the same as those projected during the 3rd quarter of the fiscal year. Net sales were ¥345.4 billion (up 3.4%). Operating income totalled ¥27.0 billion (up 23.1%), and current profit was ¥28.1 billion (up 26.6%). Net income amounted to ¥25.6 billion (up 231.9%). All these figures are record high levels.
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| Outlook for the Fiscal Year Ending March 31, 2004: YAMAHA Forecasts a Rise in Consolidated Net Sales and a Decline in Consolidated Net Income |
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The next fiscal year is the first year of YAMAHA's new YSD50 medium-term business plan, which calls for strengthening the basis for establishing a sustainable and stable high-profit structure during the year while giving particular emphasis to increasing the profitability of musical instrument operations. Thus, the Company projects consolidated net sales of ¥553.0 billion. Owing to the impact of intensifying competition and other factors on business in LSI sound chips for mobile phones, however, the Company expects consolidated operating income and recurring profit to amount to ¥37.5 billion and ¥40.0 billion, respectively. Although the Company expects other profit on the return to the government of the substitutional portion of the employee pension plan, its policy of expeditiously realizing latent losses on the write-down of fixed assets is projected to restrain consolidated net income to ¥16.0 billion.
On a non-consolidated basis, YAMAHA forecasts net sales of ¥345.0 billion, operating income of ¥21.0 billion, recurring profit of ¥22.0 billion, and net income of ¥0.5 billion.
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Notes: Figures of ¥50 million or more are rounded up and figures of ¥49 million or less are rounded down. Figures in parentheses represent changes from the previous fiscal year.
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For further information, please contact
YAMAHA CORPORATION
Public & Investor Relations Group,
Public Relations Division
Mr. Mike Tanaka
TEL. +81-3- 5488-6601
FAX. +81-3-5488-5060
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