FY2005 Performance Outline YAMAHA CORPORATION (billions of yen) Results (Previous Year） FY2004 Projections Results (Feb. 10, 2005) FY2005 Net Sales 539.5 541.0 JAPAN Sales 320.8 (59.5%) 315.7 Overseas Sales 218.7 (40.5%) FY2005 Projections (Full Year） FY2006 Projections (Half Year） FY2006 534.1 546.0 261.5 (58.4%) 312.9 (58.6%) 297.2 (54.4%) 146.5 (56.0%) 221.2 (41.4%) 248.8 (45.6%) 115.0 (44.0%) 225.3 (41.6%) Operating Income 45.1 (8.4%) 36.0 (6.7%) 35.7 (6.7%) 37.0 (6.8%) 15.0 (5.7%) Recurring Profit 51.0 (9.5%) 41.0 (7.6%) 41.3 (7.7%) 42.5 (7.8%) 18.0 (6.9%) Net Income 43.5 (8.1%) 19.5 (3.6%) 19.7 (3.7%) 29.0 (5.3%) 12.0 (4.6%) Currency Exchange 114/US$ 109/US$ 108/US$ 105/US$ 105/US$ Rate (=yen) 129/EUR 134/EUR 133/EUR 134/EUR 134/EUR 18.4% 7.2% 7.4% 10.1% 4.3% ROE(%) 8.5% 3.8% 3.9% 5.8% 2.4% 210.6yens 94.6yens 95.1yens 140.7yens 58.2yens Capital Expenditure 21.2 24.0 22.7 24.0 14.5 Depreciation 17.5 19.8 19.0 19.9 9.7 R&D Expenditure 22.5 23.0 23.0 23.0 11.7 Loans & Equivalents（ （*1） 16.8 0.0 -4.6 -2.4 20.3 -11.0 ROA(%) Earnings per share Free Cash Flow 58.3 39.4 39.6 27.4 Investing Activities -18.8 -15.0 -12.9 -23.8 -11.1 Total 39.5 24.4 26.7 3.6 -22.1 72.1 73.7 78.4 69.4 81.0 JAPAN 11,849 11,904 11,711 11,842 11,972 Overseas 12,054 12,008 12,149 13,005 13,578 Total (*2) 23,903 23,912 23,860 24,847 25,550 Operating Activities Inventories at year-end No. of Employees Sales by Business segment 293.4 (54.4%) 303.0 (56.0%) 302.6 (56.7%) 313.0 (57.3%) 154.0 (58.9%) AV/IT 78.3 (14.5%) 82.0 (15.2%) 77.7 (14.5%) 89.0 (16.3%) 38.0 (14.5%) Life Related 44.8 (8.3%) 43.0 (7.9%) 42.8 41.5 21.0 Electronic Equipment 76.9 (14.3%) 70.0 (12.9%) Recreation 20.1 26.1 19.0 24.0 (3.5%) Musical Instruments Others Operating Income by Business segment (3.7%) (4.8%) (4.4%) (8.0%) (7.6%) 58.5 (10.7%) 28.0 (10.7%) 18.3 23.6 20.0 24.0 9.5 11.0 (3.4%) (4.4%) (3.7%) (4.4%) 10.5 14.0 14.2 21.5 AV/IT 4.4 4.5 3.7 5.0 1.0 Life Related 1.5 -0.5 0.0 0.0 0.0 Electronic Equipment 30.0 20.0 20.0 10.0 4.5 Recreation -1.1 -2.0 -2.3 -0.5 -0.5 Others -0.2 0.0 0.2 1.0 0.0 Musical Instruments (8.0%) 69.0 (12.9%) (3.6%) (4.2%) 10.0 Non Consolidated Basis Net Sales 345.4 342.0 341.5 334.0 169.0 Operating Income 27.0 (7.8%) 21.0 (6.1%) 22.6 (6.6%) 18.0 (5.4%) 10.5 (6.2%) Recurring Profit 28.1 (8.1%) 23.5 (6.9%) 25.1 (7.4%) 21.0 (6.3%) 13.0 (7.7%) 25.6 (7.4%) -2.0 0.3 (0.1%) 12.0 (3.6%) *1 Loans & Equivalents = Loans(Short term , Long term) + Convertible Bonds - Cash & Bank Deposit *2 No. of Employees = No. of Full-time Staff at year-end + Average No. of Temp. Staff 8.0 (4.7%) Net Income 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.