Yamaha Motor’s net sales, operating income, recurring profit and net income on a consolidated basis for the first quarter of the fiscal year ending December 31, 2005 totaled 328.4 billion yen, 32.4 billion yen, 32.4 billion yen and 23.0 billion yen, respectively. The Company has achieved record highs in net sales and profits on a quarterly basis since the announcement of its quarter-term business results in the fiscal year ended March 31, 2004. Yamaha Motor has changed its annual closing date from March 31 to December 31, effective in the fiscal year ended December 31, 2004. Accordingly, the Company’s accounting period for the first quarter of the fiscal year ended December 31, 2004 corresponded to April 1, 2004 through June 30, 2004 for Yamaha Motor Co., Ltd. and certain of its consolidated subsidiaries - mainly in Japan and North America - while the first quarter for other of the Company’s consolidated subsidiaries - principally in Asia and Europe - spanned the period from January 1, 2004 through March 31, 2004. Effective in the fiscal year ending December 31, 2005, Yamaha Motor unified its accounting period for the first quarter for the Company and its all consolidated subsidiaries, to January 1 through March 31 of each financial year.
Compared with the figures for the previous first quarter, announced in the “Outline of Consolidated Business Results for the First Quarter Ended June 30, 2004” (hereafter the “previous Flash Report,” in which business results for the three-month period from April 1, 2004 through June 30, 2004 for Yamaha Motor Co., Ltd. and certain of its consolidated subsidiaries- mainly Japan and North America - were aggregated with those for the three-month period from January 1, 2004 through March 31, 2004 for other of its consolidated subsidiaries - principally in Asia and Europe), net sales, operating income, recurring profit and net income for the first quarter ended March 31, 2005 rose by 11.1 percent, 43.9 percent, 38.7 percent and 98.6 percent, respectively, all demonstrating significant growth over the results in the previous Flash Report.
Also, in the comparison of the results for the first quarter ended March 31, 2005 with those for the three-month period from January 1, 2004 through March 31, 2004 (hereafter the “previous same period”) for the Company and all its consolidated subsidiaries (for reference only), net sales and operating income increased by 6.4 percent and 2.8 percent, respectively.
On the foreign exchange rate front, the average purchasing value of the yen during the period against the U.S. dollar appreciated by three yen during the term from the value announced in the previous Flash Report, and by two yen from the previous same period, both standing at 105 yen. Meanwhile, the average purchasing value of the yen against the euro depreciated by four yen from the value in the previous Flash Report, and by six yen from the rate for the previous same period, both remaining at 136 yen.
Broken down by business segment, motorcycle sales totaled 183.1 billion yen - up 13.6 percent from the previous Flash Report and up 6.3 percent from the previous same period. Sales of marine products amounted to 63.3 billion yen - up 10.7 percent from the previous Flash Report and up 0.2 percent from the previous same period. Power product sales were 45.3 billion yen - down 0.9 percent from the previous Flash Report and up 2.3 percent from the previous same period. Sales in the “other products” segment reached 36.6 billion yen - up 16.7 percent from the previous Flash Report and up 27.6 percent from the previous same period. The increase in net sales was mainly attributable to favorable motorcycle sales in Asia (excluding Japan), the United States and Latin America, as well as sales expansion for automotive engines in the “other products” segment.
By business segment, operating income from the motorcycle business totaled 15.5 billion yen - up 212.9 percent from the previous Flash Report and up 42.1% percent from the previous same period. Operating income from the marine product business amounted to 7.1 billion yen - up 41.1 percent from the previous Flash Report and down 13.8 percent from the previous same period. Operating income from the power product business was 4.6 billion yen - down 33.6 percent from the previous Flash Report and down 43.1 percent from the previous same period. Operating income from the “other products” business amounted to 5.3 billion yen - down 7.4 percent from the previous Flash Report and up 20.1 percent from the previous same period.
Major factors impacting the operating income include an increase in gross profit, reflecting sales expansion, and totaling 10.1 billion yen over the previous Flash Report and 6.9 billion yen above the previous same period; an increase in selling, general and administrative expenses, amounting to 3.1 billion yen over the previous Flash Report and 0.5 billion yen above the previous same period; cost reductions totaling 2.3 billion yen over both the previous Flash Report and the previous same period; a negative impact on exchange translation totaling 0.3 billion yen from the previous Flash Report and a positive impact on exchange translation amounting to 0.6 billion yen from the previous same period; and effects of the product mix and related factors, which were 0.9 billion yen greater than the previous Flash Report but 8.4 billion yen down from the previous same period. All these factors combined to send consolidated operating income during the period under review to a record high on a quarterly basis.
During the period, the Company changed the accounting status of Yamaha Jianshe Motor Shanghai Marketing Co., Ltd. from an equity method applied company to a consolidated subsidiary. Due to this and other factors, the number of consolidated subsidiaries stood at 97, an increase of one from the previous fiscal year-end, while the number of companies accounted for by the equity method was 52, an increase of one from the previous fiscal year-end.
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In the forecast of business results for the fiscal year ending December 31, 2005, the Company expects 620 billion yen in net sales, 46 billion yen in operating income, 46 billion yen in recurring profit and 24 billion yen in net income for the interim period, respectively, and for the full year, 1,230 billion yen, 90 billion yen, 90 billion yen and 47 billion yen, respectively. These figures are the same as the targets officially announced in February 2005.
These business performance forecasts are based on the assumption that one U.S. dollar will trade at 102 yen during the full year (an appreciation of six yen from the previous fiscal year), and one euro will equal 133 yen (a depreciation of one yen from the previous fiscal year). |
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