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Overview of Consolidated Performance in the First Quarter of the Fiscal Year Ended March 31, 2005 (April 1, 2004, to June 30, 2004) |
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Overview of Consolidated Performance in the First Quarter of Fiscal 2005 and Revised Fiscal 2005 Performance Forecast
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(Supplementary Data)
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| Business performance for the first quarter of fiscal 2005: shift to impairment accounting system results in net loss despite increased sales and income compared with the first quarter of fiscal 2004 |
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| In the first quarter of fiscal 2005, ending March 31, 2005, although sales in the lifestyle-related products and recreation businesses decreased, consolidated net sales amounted to ¥132.9billion, a 5.4% increase compared with the first quarter of the previous fiscal year. The increase reflects strong sales of musical instruments, AV/IT products, and electronic equipment and metal products. Consolidated operating income increased 26.6% from the first quarter of the previous fiscal year, to ¥15.0 billion, and consolidated recurring profit rose 28.5%, to ¥17.2 billion. However, due to the accelerated implementation of impairment accounting standards during the term under review, we recorded a ¥32.5 billion impairment loss on idle real estate and impaired assets in the recreation business, resulting in a net loss of ¥12.6 billion for the quarter. |
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| Net Sales and Operating Income by Business Segment |
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Note: Figures in parentheses represent changes from the first quarter of fiscal 2004
Musical Instruments — Segment sales amounted to ¥73.6billion (up 1.3%), and operating income totaled ¥6.6 billion (up 18.7%).
Steady demand for the latest Electone™ (STAGEA™) offset decreases in piano and electronic piano (Clavinova™) sales, resulting in slightly higher overall sales and an increase in operating income.
AV/IT — Segment sales totaled ¥17.7billion (up 24.5%), and operating income amounted to ¥1.8 billion (up 734.4%).
Sales of system products, video products for home theaters, and routers for business use increased, while operating income rose compared with the first quarter of fiscal 2004.
Lifestyle-Related Products — Segment sales totaled ¥10.4 billion (down 7.6%), and operating loss amounted to ¥0.1 billion (compared with operating income of ¥0.37billion).
Due to intensified competition in the market for mainstay system bathroom and kitchen products, sales decreased compared with the first quarter of fiscal 2004, resulting in an operating loss.
Electronic Equipment and Metal Products — Segment sales totaled ¥21.2 billion (up 25.0%), and operating income amounted to ¥7.7 billion (up 25.5%).
In semiconductors, sales of LSI sound chips for mobile phones grew substantially thanks to strong demand in China and South Korea. Profitability improved in electronic metal products. Overall, segment sales and income increased compared with the first quarter of the previous fiscal year.
Recreation — Segment sales totaled ¥4.3 billion (down 10.1%), and operating loss amounted to ¥0.78 billion, compared with operating loss of ¥0.45 billion in the first quarter of fiscal 2004.
Sales decreased compared with the first quarter of fiscal 2004, reflecting a decline in the number of customers at the Kiroro Resort and the closures of Sunza Villa (June 2003) and the Kiroro Golf Club (October 2003). Operating loss increased.
Others — Segment sales amounted to ¥5.8 billion (down 8.3%), and operating loss totaled ¥0.19billion (compared with operating income of ¥0.03 billion in the first quarter of fiscal 2004).
Although sales of golf products and automobile interior wood components remained strong, in FA products and metallic molds, sales of magnesium components for mobile phones decreased, resulting in an overall decline in sales and income for the segment as a whole.
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| Outlook for Fiscal 2005 — Consolidated and non-consolidated performance forecasts were revised upward. |
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Yamaha has made upward revisions to its 2005 consolidated forecast, which was announced on May 7, 2004. The original projections were net sales of ¥553.0 billion, operating income of ¥37.5 billion, recurring profit of ¥40.0 billion, and net income of ¥16.0 billion. However, in light of the Company’s strong first quarter performance, our revised projections are net sales of ¥554.5 billion, operating income of ¥39.0 billion, recurring profit of ¥41.0 billion, and net income of ¥19.5 billion.
On a non-consolidated basis, the original May 7 projections were net sales of ¥345.0 billion, operating income of ¥21.0 billion, and recurring profit of ¥22.0 billion. Under the revised forecast, Yamaha projects net sales of ¥347.0 billion, operating income of ¥22.0 billion, and recurring profit of ¥23.0 billion. The forecast for non-consolidated net income is unchanged, at ¥0.5 billion.
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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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