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Interim Flash Report for FY2005
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 Consolidated Basis (PDF 68 KB)
Non-Consolidated Basis (PDF 24 KB)
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Overview of Financial Results for the Interim Period of
Fiscal 2005 and Outlook for the Full Fiscal year
(Supplementary Data)
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| Interim Results: Higher Sales with Lower Profits Compared with the Interim Period of the Previous Fiscal Year. An interim loss due to the accelerated implementation of impairment accounting standards. |
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Net sales of Yamaha Corporation were up from the interim period of the previous fiscal year in the musical instruments segment, AV/IT segment and electronic equipment and metal products segment. However, net sales in the lifestyle-related products segment, recreation segment, and others segment were below the level of the previous fiscal year.
As a consequence, total consolidated interim net sales amounted to ¥268.6 billion, representing a 0.9% increase from the interim period of the previous fiscal year making the third consecutive half-year rise. Consolidated operating income decreased 8.4%, to ¥24.2 billion, and consolidated recurring profit was down 4.9%, to ¥28.3 billion. These declines in profitability were due a drop in profit margins on LSI sound chips for use in mobile phones and the decline in sales of the lifestyle-related products and recreation segments. However, owing to the accelerated application of impairment accounting for fixed assets, which resulted in impairment losses of ¥32.5 billion on assets in the recreation segment and undeveloped land holdings, an interim loss of ¥6.1 billion was reported for the interim period.
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Sales and Operation Income by Business Segment:
(Figures in parentheses are percentage changes from the interim period of the previous fiscal year.) |
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Musical Instruments — Sales of ¥151.2 billion (+1.4%) and operating income of ¥9.9 billion (+2.1%)
Sales of musical instruments increase slightly, as a decrease in North America was more than offset by increases in Japan and China. Sales of pianos were slack in North America, and the declining trend in Japan led to a decrease in total sales of pianos. However, sales of electronic instruments increased owing to the popularity of new Electone “STAGEA” product in Japan. In the field of music education, the declining trend in enrollment of children in music schools appears to be bottoming out and revenue from music schools for adults continued to rise smoothly.
AV/IT — Sales of ¥36.8 billion (+8.3%) and operating income of ¥2.4 billion (+70.5%)
In audio products, sales of AV receivers and home theater systems were robust in North America and Europe, leading to an increase in total sales of audio products. In information and communications equipment, sales of enterprise-use routers rose substantially. This segment reported a marked rise in profitability.
Lifestyle-Related Products — Sales of ¥21.2 billion (–8.5%) and an operating loss of ¥110 million (down from operating income of ¥1.1 billion)
Sales of YAMAHA’s principal system baths and kitchens were weak, and newly launched products also faced challenging conditions, causing overall sales of these products to decline.
Electronic Equipment and Metal Products — Sales of ¥38.4 billion (+5.5%) and operating income of ¥13.2 billion (–6.8%)
In semiconductors, sales of YAMAHA LSI sound chips for mobile phones increased owing to the continued strong demand, principally in Asian markets. Sales of electronics metal products also increased, reflecting robust sales of products for use in IT equipment and digital home appliances. However, operating income decreased owing to the declining margins for LSI sound chips for mobile phones.
Recreation — Sales of ¥9.4 billion (–8.6%) and an operating loss of ¥1.1 billion (versus a loss of ¥460 million)
Segment sales declined because of the decreasing number of recreation facility customers and an operating loss of ¥1.1 billion was reported.
Others — Sales of ¥11.6 billion (–12.9%) and an operating loss of ¥50 million (versus a profit of ¥490 million)
Although sales of golf products were at the same level as during the interim period of the previous fiscal year, sales of FA products and metallic molds declined, reflecting lower sales of magnesium components for mobile phones. Sales of automobile interior wood components also declined. As a result of these developments, the segment as a whole reported lower sales and operating income.
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| Results on a Non-Consolidated Basis |
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| Sales for the parent company alone amounted to ¥187.6 billion (+4.3%), operating income was ¥21.4 billion (+13.8%), recurring income amounted to ¥22.6 billion (+14.2%), and interim net loss was ¥13.6 billion (versus ¥19.3 billion income for the interim period of the previous year). |
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| Outlook for the Full Fiscal Year (2005) |
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The outlook announced on August 2, 2004 has been revised downward.
Taking account of interim results, likely future trends in performance, and the extraordinary income that will be realized from the return of the substitutional portion of the Company’s employee retirement benefit fund to the government, the outlook for the full fiscal year has been revised. Forecasts announced on August 2, 2004 called for consolidated net sales of ¥554.5 billion, operating profit of ¥39.0 billion, recurring profit of ¥41.0 billion, and net income of ¥19.5 billion. The revised outlook calls for net sales of ¥546.5 billion, operating profit of ¥38.0 billion, recurring profit of ¥42.5 billion, and net income of ¥19.5 billion.
Forecasts on a non-consolidated basis announced on August 2, 2004 called for sales of ¥347.0 billion, operating profit of ¥22.0 billion, recurring profit of ¥23.0 billion, and net income of ¥500 million. The revised outlook calls for sales of ¥343.0 billion, operating profit of ¥22.0 billion, recurring profit of ¥23.5 billion, and a net loss of ¥2.0 billion.
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Note: Figures in the text have been rounded to nearest 100 million yen.
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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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