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Consolidated business results |
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Yamaha Motor Co., Ltd. (the "Company") has released its consolidated business results for the first quarter (January 1 through March 31, 2009) of the fiscal year ending December 31, 2009. Net sales decreased 35.5 percent from the previous first quarter, to 266.5 billion yen, due to a significant demand decline amid the worldwide recession since last autumn, coupled with the negative impact of the stronger yen on sales. These factors, combined with production cutbacks to curtail inventories, generated an operating loss of 15.5 billion yen, representing a decrease of 46.6 billion yen from the previous first quarter; an ordinary loss of 16.3 billion yen, a decrease of 50.5 billion yen; and a net loss of 15.8 billion yen, a decrease of 38.0 billion yen. |
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On the foreign exchange front, the average purchasing value of the yen during the period under review appreciated by eleven yen from the previous first quarter against the U.S. dollar, to 94 yen, and by 36 yen against the euro, to 122 yen. |
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Broken down by business segment, motorcycle sales fell 29.4 percent from the previous first quarter, to 187.9 billion yen. In Asia (excluding Japan), unit sales of motorcycles decreased only slightly; however the sales amount dropped 26.1 percent, due to the negative impact of the stronger yen. Motorcycle sales in North America and Europe dropped 13.5 percent and 39.0 percent, respectively, reflecting sluggish demand, coupled with the negative impact of the stronger yen. |
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Marine product sales declined 42.0 percent, to 36.9 billion yen, due mainly to reduced outboard motor sales in North America and Europe, coupled with the negative impact of the stronger yen. |
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Power product sales dropped 52.7 percent, to 23.5 billion yen. This was attributable to decreased sales of all-terrain vehicles in the United States, coupled with the negative impact of the stronger yen. |
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Sales in the "other products" segment fell 45.7 percent, to 18.1 billion yen, due mainly to sluggish sales of automobile engines and surface mounters. |
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Due to reduced sales in all business segments, combined with the negative impact of the stronger yen and production cutbacks to curtail inventories, operating income from the motorcycle segment decreased 91.1 percent from the previous first quarter, to 1.7 billion yen, while the marine product segment and other products segment registered operating losses of 4.2 billion yen and 0.9 billion yen, respectively. These and other negative factors, including accrual for product liabilities caused an operating loss of 12.2 billion yen in the power product segment. |
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Positive factors affecting operating income include a drop in selling, general and administrative expenses totaling 7.8 billion yen from the previous first quarter; cost cuts in raw materials totaling 1.8 billion yen; and cost reductions in procurement operations totaling 1.5 billion yen. However, these positive factors were more than offset by such negative factors as the impact of exchange translation totaling 29.5 billion yen; a decrease in gross profit totaling 16.0 billion yen due to reduced net sales; an increase in depreciation expenses totaling 0.6 billion yen; and the impact of a change in the product mix and related factors totaling 11.5 billion yen. As a result, the Company registered an operating loss for the first quarter of fiscal 2009. |
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As of January 1, 2009, the Company merged with Yamaha Marine Co., Ltd., a specified subsidiary. This and other changes decreased the number of consolidated subsidiaries at the end of the first quarter by four from the end of the previous fiscal year, to 109, while the number of companies accounted for by the equity method remained the same, standing at 33. |
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Effective from the fiscal year ending December 31, 2009, the Company's quarterly consolidated financial statements are prepared in accordance with the Rules for Quarterly Financial Reporting. Therefore, the percentage figures used in comparing results for the current and previous first quarter are presented only as reference in this release. |
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Forecast business results |
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The Company has not changed its forecast consolidated business results for the full fiscal year ending December 31, 2009 from the figures officially announced February 12, 2009 with the release of the consolidated financial results for the fiscal year ended December 31, 2008. The forecast is 1,250 billion yen in net sales; 30 billion yen in operating loss; 29 billion yen in ordinary loss; and 42 billion yen in net loss. |
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These forecast figures are based on the assumption that the U.S. dollar will trade at 90 yen during the period (an appreciation of 13 yen from fiscal 2008), and the euro at 120 yen (an appreciation of 33 yen from fiscal 2008). |
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