First Quarter of FY2009.3 Performance Outline

First Quarter of FY2009.3 Performance Outline
YAMAHA CORPORATION
(billions of yen)
1Q Initial Projections
FY2009.3
Net Sales
125.6
1Q Results
FY2009.3
123.3
1Q Results
Initial Projections
(Previous Year)
(Apr. 30, 2008)
FY2008.3
FY2009.3
135.2
540.0
Projections
Results
(Previous Year)
FY2009.3
533.0
FY2008.3
548.8
Japan Sales
68.8
(54.8%)
66.3
(53.8%)
76.1
(56.3%)
269.9
(50.0%)
259.7
(48.7%)
276.7
(50.4%)
Overseas Sales
56.8
(45.2%)
57.0
(46.2%)
59.1
(43.7%)
270.1
(50.0%)
273.3
(51.3%)
272.1
(49.6%)
Operating Income
7.3
(5.8%)
5.6
(4.6%)
7.3
(5.4%)
35.0
(6.5%)
30.5
(5.7%)
32.8
(6.0%)
Ordinary Income
6.6
(5.3%)
5.7
(4.6%)
7.5
(5.5%)
32.0
(5.9%)
28.5
(5.3%)
32.6
(5.9%)
Net Income
4.1
(3.3%)
1.1
(0.9%)
23.2
(17.2%)
20.5
(3.8%)
16.5
(3.1%)
39.6
(7.2%)
Currency Exchange
100/US$
104/US$
120/US$
100/US$
105/US$
116/US$
Rate (=yen)
155/EUR
155/EUR
156/EUR
155/EUR
159/EUR
159/EUR
ROE (*1)
4.9%
1.3%
25.0%
6.1%
4.9%
11.5%
ROA (*2)
3.1%
0.8%
15.3%
3.8%
3.1%
7.2%
19.9yens
5.3yens
112.7yens
99.4yens
83.0yens
191.8yens
Capital Expenditures
-
4.3
6.5
32.0
30.5
24.4
(Depreciation Expenses)
-
(4.3)
(5.6)
(21.0)
(19.4)
(20.3)
R&D Expenses
-
6.0
6.1
25.5
25.5
24.9
-11.7
-16.5
-5.5
31.0
18.8
37.2
-4.6
-1.9
55.1
-25.4
-32.2
42.0
-16.3
-18.4
49.6
5.6
-13.4
79.2
78.4
85.5
91.4
75.7
75.5
76.3
Japan
11,169
10,950
11,836
10,949
10,986
10,699
Overseas
16,992
16,133
14,744
16,542
16,490
15,843
28,161
27,083
26,580
27,491
27,476
26,542
(86)
(86)
(-1,082)
Earnings per Share
Free Cash Flow
Operating Activities
Investing Activities
Total
Inventories at End of Period
Number of Employees
Total (*3)
（Changes from the changes in
the scope of consolidation）
(82)
(82)
(26)
Sales by Business Segment
Musical Instruments
81.6
(65.0%)
81.2
(65.9%)
82.0
(60.7%)
342.5
(63.4%)
345.0
(64.7%)
340.0
(62.0%)
AV/IT
Electronic Equipment and
Metal Products
13.8
(11.0%)
13.8
(11.2%)
15.2
(11.2%)
70.0
(13.0%)
71.0
(13.3%)
70.8
(12.9%)
14.4
(10.7%)
45.0
(8.2%)
Electronic Devices (*4)
Lifestyle-Related Products
Recreation
Others (*5)
Operating Income by
Business Segment
-
-
8.2
(6.5%)
7.5
(6.1%)
-
11.6
10.4
(9.2%)
10.5
10.3
(8.5%)
11.4
(8.4%)
(3.0%)
(8.3%)
4.0
8.2
(8.3%)
(6.0%)
-
-
-
37.0
(6.8%)
33.0
(6.2%)
48.0
42.5
(8.9%)
45.0
39.0
(8.5%)
45.5
(8.3%)
(2.1%)
(7.3%)
11.4
36.1
7.3
-0.9
6.2
-0.5
7.2
-0.3
-
-
0.5
Electronic Devices (*4)
0.0
-0.2
-
1.5
0.5
-
Lifestyle-Related Products
-0.6
-
-0.1
-0.4
1.5
-
0.5
-
0.6
Recreation
0.1
-
-1.1
Others (*5)
0.8
0.7
0.4
2.0
0.5
1.7
Musical Instruments
AV/IT
Electronic Equipment and
Metal Products
28.5
1.5
(7.9%)
-
28.0
1.0
-
(6.5%)
27.9
1.8
1.9
Non-Consolidated Basis
Net Sales
Operating Income
Ordinary Income
Net Income
77.0
3.7
4.9
2.5
(4.8%)
(6.4%)
(3.2%)
82.1
5.3
6.4
53.9
(6.5%)
(7.8%)
(65.7%)
315.6
12.3
17.9
62.0
(3.9%)
(5.7%)
(19.6%)
＊1, 2 The ROE and ROA are calculated on an annually adjusted basis.
＊3　Number of Employees = Number of full-time staff at end of period + Number of temporary staff at end of period
＊4　Following the handover of Electronic Metal Products business, Electronic Equipment and Metal Products segment was renamed Electronic Devices
segment starting from FY2009.3.
＊5　Following the handover of a portion of the resort facilities, figures of Others segment from FY2009.3 include that of Recreation segment.
The forward-looking statements in this document contain inherent risks and uncertainties insofar as they are based on future projections
and plans that may differ materially from the actual results achieved.