First Quarter of FY2005 Performance Outline

First Quarter of FY2005 Performance Outline
YAMAHA CORPORATION
(billions of yen)
Initial Projections
(May 07, 2004)
1Q
134.3
Net Sales
Results
1Q
132.9
Results
Initial Projections
(Previous Year） (May 07, 2004)
1Q
FY2005
126.1
Projections
FY2005
Results
(Previous Year）
FY2004
553.0
554.5
539.5
JAPAN Sales
86.1 (64.1%)
87.2 (65.6%)
81.5 (64.6%)
320.3 (57.9%)
319.6 (57.6%)
320.8 (59.5%)
Overseas Sales
48.2 (35.9%)
45.7 (34.4%)
44.6 (35.4%)
232.7 (42.1%)
234.9 (42.4%)
218.7 (40.5%)
Operating Income
11.9
15.0 (11.3%)
11.8
Recurring Profit
(8.9%)
13.6 (10.1%)
17.2 (12.9%)
(9.4%)
37.5
(6.8%)
39.0
(7.0%)
45.1
(8.4%)
13.4 (10.6%)
40.0
(7.2%)
41.0
(7.4%)
51.0
(9.5%)
12.6 (10.0%)
16.0
(2.9%)
19.5
(3.5%)
43.5
(8.1%)
（*3）
114/US$
-19.2
-12.6
Currency Exchange
110/US$
109/US$
119/US$
110/US$
110/US$
Rate (=yen)
Net Income
127/EUR
132/EUR
124/EUR
127/EUR
128/EUR
129/EUR
ROE(%)
-7.7%
-5.0%
5.7%
6.0%
7.3%
18.4%
ROA(%)
-3.9%
-2.5%
2.5%
3.3%
3.9%
8.5%
-93.2yens
-61.1yens
61.4yens
77.6yens
94.6yens
210.6yens
Earnings per share
Capital Expenditure
6.6
4.0
4.2
25.1
25.0
21.2
Depreciation
5.2
4.8
4.4
21.3
20.5
17.5
R&D Expenditure
5.7
5.4
5.5
23.0
23.1
22.5
30.4
22.3
50.0
3.1
2.3
16.8
Operating Activities
-3.2
1.0
3.4
37.3
37.6
58.3
Investing Activities
-6.7
-3.4
-5.4
-16.2
-16.2
-18.8
Total
-9.9
-2.4
-2.0
21.1
21.4
39.5
Inventories at end of period
76.2
79.3
88.5
68.1
70.4
72.1
JAPAN
12,060
11,964
12,230
11,806
11,777
11,849
Overseas
12,159
12,453
12,484
11,797
11,856
12,054
Total (*2)
24,219
24,417
24,714
23,603
23,633
23,903
Loans & Equivalents（
（*1）
Free Cash Flow
No. of Employees
Sales by Business segment
Musical Instruments
74.9 (55.8%)
73.6 (55.4%)
72.6 (57.6%)
301.5 (54.5%)
304.0 (54.8%)
293.4 (54.4%)
AV/IT
17.7 (13.2%)
17.7 (13.3%)
14.2 (11.3%)
86.0 (15.6%)
86.0 (15.5%)
78.3 (14.5%)
Life Related
11.5
10.4
11.3
46.0
44.0
44.8
Electronic Equipment
20.2 (15.0%)
Recreation
Others
Operating Income by Business
segment
4.5
5.5
(8.6%)
(3.4%)
(4.1%)
(7.8%)
21.2 (16.0%)
4.3
5.8
(3.2%)
(4.4%)
(9.0%)
16.9 (13.4%)
4.8
6.3
(3.8%)
(5.0%)
(8.3%)
(7.9%)
77.5 (14.0%)
76.9 (14.3%)
20.5
23.0
20.0
23.0
20.1
26.1
(3.7%)
(4.2%)
(3.6%)
(4.1%)
Musical Instruments
5.1
6.6
5.5
14.0
15.5
10.5
AV/IT
0.4
1.8
0.2
4.0
4.5
4.4
Life Related
0.5
-0.1
0.4
1.5
0.1
1.5
Electronic Equipment
6.5
7.7
6.1
18.5
20.0
30.0
-0.7
-0.8
-0.4
-1.0
-1.2
-1.1
0.1
-0.2
0.0
0.5
0.1
-0.2
89.6
345.0
Recreation
Others
(8.3%)
76.0 (13.7%)
(3.7%)
(4.8%)
Non Consolidated Basis
92.5
86.9
9.9 (11.0%)
13.7 (14.8%)
10.1 (11.6%)
21.0
(6.1%)
22.0
(6.3%)
27.0
(7.8%)
10.7 (11.9%)
14.7 (15.9%)
10.7 (12.3%)
22.0
(6.4%)
23.0
(6.6%)
28.1
(8.1%)
-21.6
-18.3
10.8 (12.4%)
0.5 (0.1%)
*1 Loans & Equivalents = Loans(Short term , Long term) + Convertible Bonds - Cash & Bank Deposit
*2 No. of Employees = No. of Full-time Staff at end of period + Average No. of Temp. Staff
*3 2Q-4Q Currency Exchange Rates US$=110JPY EUR=127JPY
0.5
(0.1%)
25.6
(7.4%)
Net Sales
Operating Income
Recurring Profit
Net Income
347.0
345.4
The forward-looking statements in this flash report contain inherent risks and uncertainties insofar as they are based on
future projections and plans that may differ materially from the actual results achieved.