Interim Flash Report (PDF 36 KB)

YAMAHA CORPORATION
Interim Flash Report
Non-Consolidated Basis
Results for the FY2005 interim period ended September 30, 2004
November 2, 2004
YAMAHA CORPORATION
(URL http://www.global.yamaha.com/english/ir/report/)
Code number:
7951
Address of headquarters:
10-1, Nakazawa-cho, Hamamatsu, Shizuoka 430-8650, Japan
Representative director:
Shuji Ito
For further information, please contact: Fumio Umeda, Accounting and Finance Manager
Telephone:
+81 53 460 2141
Date of the interim meeting of the Board of Directors: November 2, 2004
Interim dividend:
YES
Start date of interim dividend payout:
December 10, 2004
Application of share unit system:
Applicable (1 unit=100 shares)
Company name:
The accounting methods used in this report are not consistent with U.S. standard accounting methods.
1. RESULTS FOR THE FY2005 INTERIM PERIOD (April 1, 2004 to September 30, 2004)
Figures of less than ¥1 million have been omitted.
(1) Non-Consolidated Operating Results
Net sales
Millions of yen
FY2005 interim period (Ended September 30, 2004)
FY2004 interim period (Ended September 30, 2003)
FY2004 (Ended March 31, 2004)
Operating income
(% change from
the previous
interim period)
¥187,605
179,907
345,354
4.3
4.5
Millions of yen
(% change from
the previous
interim period)
¥21,359
18,767
26,954
13.8
77.1
Millions of yen
¥(13,617)
19,288
25,579
Notes: 1. Average number of outstanding shares during the period:
FY2005 interim period ended September 30, 2004
206,344,960 shares
FY2004 interim period ended September 30, 3003
206,356,126 shares
FY2004 ended March 31, 2004
206,352,788 shares
2. Changes in method of accounting: YES
1
Millions of yen
(% change from
the previous
interim period)
¥22,574
19,763
28,118
14.2
79.7
Net income (loss)
per share
Net income (loss)
FY2005 interim period (Ended September 30, 2004)
FY2004 interim period (Ended September 30, 2003)
FY2004 (Ended March 31, 2004)
Recurring profit
(% change from
the previous
interim period)
—
151.5
Yen
¥(65.99)
93.47
123.38
YAMAHA CORPORATION—Non-Consolidated Basis
(2) Dividends
Interim dividends
per share
Dividends paid
for the year
Yen
FY2005 interim period (Ended September 30, 2004)
FY2004 interim period (Ended September 30, 2003)
FY2004 (Ended March 31, 2004)
Yen
¥7.50
5.00
—
¥
—
—
15.00
(3) Non-Consolidated Financial Data
FY2005 interim period (As of September 30, 2004)
FY2004 interim period (As of September 30, 2003)
FY2004 (As of March 31, 2004)
Total assets
Shareholders’
equity
Shareholders’
equity ratio
Shareholders’
equity per share
Millions of yen
Millions of yen
%
Yen
¥324,895
356,379
337,029
¥161,984
169,342
179,982
49.9
47.5
53.4
¥785.03
820.65
871.65
Notes: 1. Number of outstanding shares at the end of the period:
FY2005 interim period as of September 30, 2004
206,341,215 shares
FY2004 interim period as of September 30, 3003
206,351,727 shares
FY2004 as of March 31, 2004
206,347,606 shares
2. Number of shares of treasury stock at the end of the period:
FY2005 interim period as of September 30, 2004
183,411 shares
FY2004 interim period as of September 30, 3003
171,536 shares
FY2004 as of March 31, 2004
177,020 shares
2. FORECAST OF RESULTS FOR FY2005 (April 1, 2004 to March 31, 2005)
FY2005
Year-end
dividends
per share
Dividends
per share
for the year
Net sales
Recurring
profit
Net income
Millions of yen
Millions of yen
Millions of yen
Yen
Yen
¥343,000
¥23,500
¥(2,000)
¥7.50
¥15.00
Reference: Net income per share for the fiscal year is forecast to be ¥(9.69) on a non-consolidated basis.
Forecast performance is predicted by the Company based on the information available at the time of the forecast. Actual performance
may differ from forecasts. For further information, please see “Forecast for Fiscal 2005” under “BUSINESS RESULTS.”
2
YAMAHA CORPORATION—Non-Consolidated Basis
(References)
(1) Non-Consolidated Balance Sheets
Millions of yen
FY2005 interim period
(as of Sept. 30, 2004)
FY2004 interim period
(as of Sept. 30, 2003)
FY2004
(as of Mar. 31, 2004)
ASSETS
Current assets:
Cash and bank deposits
¥ 23,476
¥ 25,861
7,696
7,698
7,857
Accounts receivable
39,483
41,294
39,926
Inventories
25,252
25,101
23,531
Deferred income taxes
10,735
8,652
9,847
2,627
2,321
2,333
(1,020)
(1,306)
(1,489)
Notes receivable
Other current assets
Allowance for doubtful accounts
Total current assets
¥
4,630
108,251
109,623
86,637
22,446
36,054
35,988
Fixed assets:
Tangible assets
Buildings
Machinery and equipment
7,368
7,054
7,079
51,415
63,918
62,575
8,541
11,024
11,894
89,772
118,051
117,538
103
110
103
Investment securities
32,778
27,486
36,371
Shares of affiliated companies
55,226
62,960
62,124
Deferred income taxes
20,464
19,313
15,610
Other assets
19,374
19,911
19,594
Allowance for doubtful accounts
(1,075)
(1,078)
Land
Other tangible assets
Total tangible assets
Intangible assets
Investments and other assets:
(950)
Total investments and other assets
126,768
128,593
132,750
Total fixed assets
216,643
246,755
250,392
¥324,895
¥356,379
¥337,029
Total assets
Note: Figures of less than ¥1 million have been omitted.
3
YAMAHA CORPORATION—Non-Consolidated Basis
Millions of yen
FY2005 interim period
(as of Sept. 30, 2004)
FY2004 interim period
(as of Sept. 30, 2003)
FY2004
(as of Mar. 31, 2004)
LIABILITIES
Current liabilities:
Notes payable
¥
883
Accounts payable
28,770
Short-term loans
¥
806
¥
741
24,518
21,337
1,991
2,912
1,790
—
24,317
—
17,038
—
—
6,584
50
100
Accrued expenses
20,858
20,745
27,138
Various reserves
1,612
909
1,102
Other current liabilities
1,716
2,513
2,254
Total current liabilities
79,456
76,772
54,464
Convertible bonds scheduled for redemption within one year
Current portion of long-term debt
Corporate taxes payable
Long-term liabilities:
300
17,338
17,338
Deferred income taxes on land revaluation
Long-term debt
11,848
10,160
10,160
Accrued employees’ retirement benefits
40,069
44,882
42,596
648
614
658
29,701
36,309
30,935
885
959
893
83,453
110,264
102,582
162,910
187,037
157,046
28,534
28,533
28,534
Capital reserve
40,054
40,052
40,054
Total capital surplus
40,054
40,052
40,054
Directors’ retirement benefits
Long-term deposits received
Other liabilities
Total long-term liabilities
Total liabilities
SHAREHOLDERS’ EQUITY
Common stock
Capital surplus:
Earned surplus:
Legal reserve
Retained earnings
Unappropriated earnings
Total earned surplus
Reserve for land revaluation
Net unrealized holding gains on other securities
Treasury stock, at cost
4,159
4,159
4,159
87,212
65,422
65,422
(20,020)
23,603
27,747
71,351
93,185
97,329
13,824
2,533
3,648
8,437
5,233
10,622
(218)
Total shareholders’ equity
Total liabilities and shareholders’ equity
Note: Figures of less than ¥1 million have been omitted.
4
(195)
(207)
161,984
169,342
179,982
¥324,895
¥356,379
¥337,029
YAMAHA CORPORATION—Non-Consolidated Basis
(2) Non-Consolidated Statement of Operations
FY2005 interim period
(April 1, 2004–
Sept. 30, 2004)
FY2004 interim period
(April 1, 2003–
Sept. 30, 2003)
FY2004
(April 1, 2003–
Mar. 31, 2004)
Millions of yen
%
Millions of yen
%
Millions of yen
%
¥187,605
100.0
¥179,907
100.0
¥345,354
100.0
Cost of sales:
131,508
70.1
127,127
70.7
248,139
71.9
Gross profit
56,097
29.9
52,780
29.3
97,214
28.1
Net sales
Unrealized profit
129
Total gross profit
56,226
30.0
52,874
29.4
97,455
28.2
34,867
18.6
34,107
19.0
70,500
20.4
Operating income
21,359
11.4
18,767
10.4
26,954
7.8
Non-operating income
1,400
0.7
1,536
0.9
2,382
0.7
184
0.1
540
0.3
1,218
0.4
22,574
12.0
19,763
11.0
28,118
8.1
548
0.3
113
0.0
371
0.1
Other loss
33,044
17.6
758
0.4
4,047
1.1
Income (loss) before income taxes and minority interests
7.1
Selling, general and administrative expenses:
Non-operating expenses:
Recurring profit
Other profit
93
241
(9,921)
(5.3)
19,118
10.6
24,443
Current income taxes (benefit)
6,322
3.4
50
0.0
100
Deferred income taxes (benefit)
(2,625)
(1.4)
(220)
(0.1)
(1,236)
(0.3)
(13,617)
(7.3)
10.7
25,579
7.4
Net income (loss)
Retained earnings at beginning of period
3,774
Reversal of reserve for land revaluation
(10,176)
Interim dividends
—
Retained earnings (loss) at end of period
¥ (20,020)
5
19,288
4,421
4,421
(107)
(1,221)
—
1,031
¥ 23,603
¥ 27,747
0.0