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Summary of Fiscal Year March 2006 Interim Business Results and
Forecast Revisions for the Full Year |
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| Despite lower sales and operating
income compared with same period in previous fiscal
year, performance in line with original forecasts |
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Despite an increase in sales
for its lifestyle-related products segment, YAMAHA
CORPORATION (the Company) experienced a 4.2%,
or ¥257.2 billion, decrease in consolidated
interim net sales compared with the same period
in the previous fiscal year due to lower sales
in its electronic equipment and metal products,
AV/IT, and other segments.
Consolidated operating income from the lifestyle-related
products segment rose compared with the interim
period of the previous fiscal year; however, decreases
in the musical instruments segment as well as
the AV/IT and electronic equipment and metal products
segments resulted in a 40.6%, or ¥14.4 billion,
decline compared with the same period in the previous
fiscal year, and consolidated recurring profit
dipped 24.6%, or ¥21.3 billion. Due to the
fact that an impairment loss on property, plant
and equipment was recorded in the interim period
of the previous fiscal year, interim net income
shifted from a net loss of ¥6.1 billion in
the previous fiscal year to net income of ¥16.5
billion in the interim period under review.
Consolidated net sales and operating income were
in line with performance forecasts announced on
April 28, 2005, and recurring profit and interim
net income outperformed forecasts due to an increase
in equity method investment profits. |
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Net Sales and Operating Income by Business Segment
Items in parentheses ( ) denote percentage increases or decreases compared with the previous fiscal year. |
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Musical Instruments — Sales ¥150.8 billion (0.3% decrease); Operating income ¥8.1 billion (17.9% decrease)
Although sales of pianos in overseas markets were strong and sales of wind instruments and PA equipment grew, this did not compensate for a decrease in sales of Electones™, electronic organs, portable keyboards, and, thus, sales for this segment as a whole were down compared with the same period of the previous fiscal year. Operating income decreased due to a change in the sales structure and an increase in selling, general and administrative expenses, primarily shipping costs.
AV/IT — Sales ¥35.5 billion (3.7% decrease) Operating income ¥0.7 billion (72.8% decrease)
Despite growth in sales of home theater system products in North America, Japan and European markets were sluggish, and sales declined. Intensified competition in corporate routers in the IT equipment market in Japan led to lower sales, resulting in overall segment decreases in sales and operating income.
Electronic Equipment and Metal Products — Sales ¥28.3 billion (26.2% decrease) Operating income ¥5.1 billion (61.2% decrease)
In semiconductors, a fall in sales volume of LSI sound chips for mobile phones as well as a decrease in prices resulted in a decline in sales, while sales of electronic metal products also declined, resulting in lower sales and operating income for the segment as a whole compared with the interim period of the previous fiscal year.
Lifestyle-Related Products — Sales ¥22.6 billion (6.6% increase) Operating income ¥1.0 billion (compared with a ¥0.1 billion operating loss in the previous interim period)
Thanks to such efforts to enhance customer contact as improved showrooms, sales of system kitchens grew. In addition to this, the effect of cost reductions allowed this segment to report operating income, making the transition from an operating loss in the same period of the previous fiscal year.
Recreation — Sales ¥8.9 billion (5.0% decrease) Operating loss ¥0.66 billion (compared with a ¥1.2 billion operating loss in the previous interim period)
Due to a lower number of customers at resort facilities, sales fell compared with the same period in the previous fiscal year; however, a decrease in depreciation expenses and the effect of cost reductions resulted in a reduction of the operating loss.
Other — Sales ¥11.1 billion (4.4% decrease) Operating income (¥0.1 billion) (compared with a ¥0.05 billion operating loss in the previous interim period)
Although sales in the golf business and the automobile interior wood components business remained nearly unchanged compared with the same period in the previous fiscal year, sales of FA and metallic molds and components declined. Reductions in manufacturing costs enabled this segment to shift from an operating loss in the interim period of the previous fiscal year to operating income.
YAMAHA CORPORATION Non-Consolidated Business Results
Non-consolidated interim business results for the Company were as follows: sales fell 9.3% compared with the same period of the previous fiscal year, to ¥170.2 billion; operating income decreased 55.8%, to ¥9.4 billion; recurring profit dropped 43.0%, to ¥12.9 billion; and interim net income amounted to ¥9.2 billion, compared with an interim net loss of ¥13.6 billion in the previous fiscal year.
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| Forecast for the Full Fiscal Year (revision of April 28, 2005, forecast) |
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Based on interim business results and future trends, compared with April 28, 2005, forecasts of net sales of ¥546.0 billion, operating income of ¥37.0 billion, recurring profit of ¥42.5 billion, and revised forecasts for fiscal Year March 2006 are as follows: net sales of ¥536.5 billion, operating income of ¥32.5 billion, recurring profit of ¥41.5 billion, and net income of ¥290 billion, the same as the forecast.
April 28, 2005, forecasts for non-consolidated business results of net sales of ¥334.0 billion, operating income of ¥18.0 billion, recurring profit of ¥21.0 billion, and net income of ¥12.0 billion have been revised to net sales of ¥325.0 billion, operating income of ¥14.0 billion, recurring profit of ¥19.5 billion, and net income of ¥13.0 billion.
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Note: Net sales and income and loss in this report are rounded to the nearest ¥100 million.
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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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Consolidated Basis