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Yamaha Motor Co., Ltd. has announced the following differences between its consolidated financial forecasts released on February 15, 2012, and the actual results for the first half of the fiscal year ending December 31, 2012. In addition, it has also announced revisions of its consolidated financial forecasts for the full fiscal year.
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1.Differences between consolidated financial forecasts and results for first half-year (January 1, 2012 through June 30, 2012) |
| Millions of yen |
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Net sales |
Operating income |
Ordinary income |
Net income for quarter |
Net income per share for quarter |
Original forecast (A) |
700,000 |
25,000 |
26,000 |
11,000 |
(Yen)
31.51 |
Result (B) |
632,188 |
20,802 |
24,089 |
14,527 |
41.62 |
Amount of change (B-A) |
-67,812 |
-4,198 |
-1,911 |
3,527 |
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Percentage change
[(B-A)/A] |
-9.7% |
-16.8% |
-7.4% |
32.1% |
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Reference: Results for first half of fiscal 2011 |
663,132 |
41,543 |
48,784 |
28,960 |
82.96 |
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2.Revised consolidated forecasts for full year (January 1, 2012 through December 31, 2012) |
| Millions of yen |
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Net sales |
Operating income |
Ordinary income |
Net income for full year |
Net income per share for full year |
Original forecast (A) |
1,400,000 |
45,000 |
47,000 |
17,000 |
(Yen)
48.70 |
Revised forecast (B) |
1,200,000 |
28,000 |
34,000 |
17,000 |
48.70 |
Amount of change (B-A) |
-200,000 |
-17,000 |
-13,000 |
- |
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Percentage change
[(B-A)/A] |
-14.3% |
-37.8% |
-27.7% |
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Reference: Results for fiscal 2011 |
1,276,159 |
53,405 |
63,495 |
26,960 |
77.23 |
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3. Reason for differences between forecast and actual consolidated business results for the first half-year and revisions to consolidated business forecasts |
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(1) Consolidated financial results for first half-year
Regarding consolidated net sales in the first half-year, there were increases in the motorcycle and marine businesses in the United States, but decreases in motorcycle sales in areas like Asia and Central and South America dropped overall net sales below initial forecasts. Accompanying this decrease in net sales, operating income and ordinary income also fell, but net income exceeded initial forecasts due to factors like the difference in ratios of the tax burden in various countries and regions.
(2) Consolidated financial forecasts for the full year
Yamaha Motor continues to face a very severe business environment, including a consistently strong yen, the prolonged European debt crisis and a slowing pace of growth in the emerging markets, among other factors. In the motorcycle business, sales decreased due to tightening of sales finance in emerging markets and the delay in the spread of new models in the Indonesian market. Yamaha Motor will continue to introduce new models and more to strengthen sales as well as make swift inventory adjustments with the aim of achieving sound conditions in our distribution inventory. In addition, despite decreasing raw material prices, cuts in company expenses and the increased income we expect in the marine and power product businesses, the negative effects of the decreasing sales of motorcycles in the emerging markets will be great enough that we expect net sales, operating income and ordinary income for the full fiscal year to fall below initial forecasts.
The exchange rates forecast for the second half-year are 77 yen to the U.S. dollar, (same as the initial forecast and one yen higher than the same period of the previous fiscal year) and 100 yen to the euro (same as the initial forecast and seven yen higher than the same period of the previous fiscal year). The exchange rates forecast for the full year are 78 yen to the U.S. dollar, (one yen lower than the initial forecast and two yen higher than the previous period) and 102 yen to the euro (two yen lower than the initial forecast and nine yen higher than the previous period).
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