Outline of the Consolidated Financial Results for the Second-Quarter Accumulation (Six Months) of FY2010.3 (Supplementary Information) [PDF 20KB]

October 30, 2009
For immediate release
YAMAHA CORPORATION
Outline of the Consolidated Financial Results for the
Second-Quarter Accumulation (Six Months) of FY2010.3
(Supplementary Information)
Performance in the Second-Quarter Accumulation (Six Months)
Declines in Net Sales and Income Compared with the Same Period of the
Previous Fiscal Year
During the second-quarter accumulation (six months) (April 1, 2009 to
September 30, 2009) of FY2010.3 (April 1, 2009 to March 31, 2010),
Yamaha reported declines in the sales of all its business segments and an
overall decrease in net sales of ¥46.2 billion, or 18.4%, compared with the
same period of the previous fiscal year, to ¥204.3 billion. Factors
accounting for this decline included the weakness in consumer spending
and the effects of foreign currency fluctuations, which accounted for ¥18.7
billion of the decrease in net sales.
Profitwise, during the second-quarter accumulation (six months)
consolidated operating income was down 69.0%, to ¥4.1 billion, as all
segments except lifestyle-related products, reported lower operating
income. Consolidated ordinary income also declined, by 78.6%, to ¥2.8
billion, accompanying the drop in operating income.
The Company reported a net loss of ¥0.8 billion for the period, as a result
of the reporting of income taxes―current, a decrease in deferred tax assets,
and other factors.
1
Sales and Operating Income (Loss) by Business Segment
(Figures in parentheses are changes from the same period of the previous
year, except as indicated.)
Musical Instruments
Sales of ¥139.7 billion (–16.1%) and Operating Income of ¥4.9 billion
(–64.6%)
Sales of pianos in the Chinese market expanded, but sales of pianos in
other regions decreased. In addition, sales of wind instruments substantially
declined, principally in the Japanese, North American, and European
markets. Sales of all product groups declined from the same period of the
previous fiscal year. As a consequence, sales for the second-quarter
accumulation (six months) decreased ¥26.7 billion from the same period of
the previous fiscal year. This decline included a ¥14.9 billion drop
accounted for by foreign currency fluctuations.
Profitwise, this segment reported a sharp decline in income owing to the
decrease in sales and a ¥7.2 billion decline due to foreign currency
fluctuations as well as other factors.
AV/IT
Sales of ¥24.5 billion (–19.0%) and an Operating Loss of ¥30 million
(compared with an operating profit of ¥0.2 billion in the same period of the
previous fiscal year)
By product, sales of routers held firm. In the audio products business, in
part because of the introduction of an Eco-point system in Japan, Japanese
sales, principally of front-surround systems, were favorable in the domestic
market, but, overseas, sales of audio products declined, mainly in the North
American and European markets due to weakness in consumer spending.
As a result, sales of the segment overall experienced a decline of ¥5.8
billion, which included a ¥3.8 billion drop owing to foreign currency
fluctuations.
2
Regarding profitability, this segment reported a slight operating loss due to
the decline in sales and a ¥1.6 billion decrease owing to foreign currency
fluctuations.
Electronic Devices
Sales of ¥9.6 billion (–26.5%) and an Operating Loss of ¥0.8 billion
(compared with an operating loss of ¥0.6 billion in the same period of the
previous fiscal year)
Sales continued to decline because of the decrease in demand for sound
generators for mobile phones, and, as a consequence, sales for this segment
as a whole fell substantially.
Profitwise, despite the decline in depreciation resulting from the
recognition of impairment losses on fixed assets in the previous fiscal year
as well as efforts to reduce costs and improve efficiency, the operating loss
increased, albeit by a small margin, from the same period of the previous
fiscal year.
Lifestyle-Related Products
Sales of ¥17.9 billion (–17.4%) and an Operating Loss of ¥0.1 billion
(compared with an operating loss of ¥0.5 billion in the same period of the
previous fiscal year)
Sales of this segment declined as a result of the major drop in the number
of new housing starts and the weakness in sales of system kitchens and
system baths, which the Company is promoting, with the goal of
strengthening its position in the home renovation market.
The profit position of this segment improved from the same period of the
previous year as a result of reductions in manufacturing costs and other
expenses.
3
Others
Sales of ¥12.6 billion (–33.9%) and Operating Income of ¥0.2 billion
(–58.0%)
Sales of automobile interior wood components and magnesium molded
parts, a business that the Company will exit during the current fiscal year,
declined, and the Company’s recreation business drew relatively few
customers. As a result, overall sales of this segment decreased significantly.
Profitwise, the margin of decline in income due to the decrease in sales was
restrained by reductions in manufacturing costs and other expense
cutbacks.
Consolidated Forecast for FY2010.3
Forecast announced on April 30 remains unchanged
For the fiscal year that will end on March 31, 2010, as announced on April
30 this year, Yamaha is forecasting consolidated net sales of ¥439.0 billion,
operating income of ¥6.0 billion, ordinary income of ¥3.0 billion, and net
income of zero. No revisions were made in the consolidated financial
forecasts in the second quarter due to the uncertainty about future trends,
and, thus, they remain unchanged.
Note: In principle, sales and profit figures in the text above have been rounded to the
nearest ¥0.1 billion.
For further information, please contact:
Yamaha Corporation
Public Relations Division, Public Relations Group
Telephone: 81-3-5488-6601
4
Second Quarter of FY2010.3 Performance Outline
YAMAHA CORPORATION
October 30, 2009
(billions of yen)
Six Months
Initial Projections
(April 30, 2009)
Six Months Results
Six Months Results
Ended Sept. 30, 2009
Ended Sept. 30, 2008
Projections
Results
(Previous Year)
(Full Year)
(Previous Year)
FY2010.3
FY2009.3
FY2010.3
FY2010.3
FY2009.3
Net Sales
212.5
204.3
250.5
439.0
459.3
Japan Sales
112.7 (53.0%)
107.2 (52.4%)
125.3 (50.0%)
232.2 (52.9%)
234.9 (51.1%)
Overseas Sales
99.8 (47.0%)
97.1 (47.6%)
125.2 (50.0%)
206.8 (47.1%)
224.4 (48.9%)
Operating Income
1.3 (0.6%)
4.1 (2.0%)
13.3 (5.3%)
6.0 (1.4%)
13.8 (3.0%)
Ordinary Income
-0.2 2.8 (1.4%)
13.3 (5.3%)
3.0 (0.7%)
12.0 (2.6%)
Net Income
-1.9 -0.8
4.4 (1.7%)
0 -20.6 Currency Exchange Rates 95/US$
96/US$
106/US$
96/US$
(*4) 102/US$
(Settlement Rate) (=yen) 120/EUR
128/EUR
157/EUR
124/EUR
153/EUR
ROE (*1)
-1.6%
-0.7%
2.7%
0.0%
-7.0%
ROA (*2)
-0.9%
-0.4%
1.7%
0.0%
-4.3%
Earnings per Share
-9.1 yen
-4.3 yen
21.9 yen
0 yen
-103.7yen
Capital Expenditures
8.7
5.0
9.0
18.3
22.6
(Depreciation Expenses)
(7.0)
(6.7)
(8.8)
(15.2)
(17.9)
R&D Expenses
11.0
10.7
12.2
21.0
23.2
Free Cash Flows
Operating Activities
Investing Activities
Total
Inventories at End of Period
7.1
-10.9
-3.8
82.6
12.6
-10.0
2.6
81.2
-14.8
-15.1
-29.9
91.1
27.9
-18.0
9.9
72.5
-2.2
-26.0
-28.2
80.7
10,980
17,430
28,410
11,033
16,413
27,446
10,924
16,861
27,785
10,850
16,150
27,000
10,765
16,038
26,803
(319)
(148)
Number of Employees
Japan
Overseas
Total (*3)
(Changes from the changes in
the scope of consolidation)
(324)
(202)
(86)
Sales by Business Segment
Musical Instruments
AV/IT
Electronic Devices
Lifestyle-Related Products
Others
145.4
24.2
8.8
21.3
12.8
(68.4%)
(11.4%)
(4.2%)
(10.0%)
(6.0%)
139.7
24.5
9.6
17.9
12.6
(68.4%)
(12.0%)
(4.7%)
(8.7%)
(6.2%)
166.4
30.3
13.1
21.6
19.1
(66.4%)
(12.1%)
(5.3%)
(8.6%)
(7.6%)
294.0
53.0
22.0
43.0
27.0
(67.0%)
(12.1%)
(5.0%)
(9.8%)
(6.1%)
306.6
56.7
22.0
43.1
30.8
(66.8%)
(12.3%)
(4.8%)
(9.4%)
(6.7%)
Operating Income by
Business Segment
Musical Instruments
AV/IT
Electronic Devices
Lifestyle-Related Products
Others
5.3
-1.2
-1.9
0.1
-1.0
4.9
0.0
-0.8
-0.1
0.2
13.8
0.2
-0.6
-0.5
0.4
9.0
-0.5
-1.0
0.5
-2.0
19.2
-0.4
-2.5
-0.3
-2.1
Non-Consolidated Basis
Net Sales
Operating Income
Ordinary Income
Net Income
120.2
-3.0
-2.3
-4.9
-
157.2
5.0
7.5
6.1
(3.2%)
(4.8%)
(3.9%)
274.6
1.2
4.4
-18.9
(0.5%)
(1.6%)
-
*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 + Average number of temporary staff during the period
*4 2H Currency Exchange Rates US$=95JPY EUR=120JPY
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.