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Differences Between Forecast and Actual Consolidated Business Results for the First Half of the Fiscal Year Ending December 31, 2012, and Forecast Consolidated Business Results for Fiscal 2012 Revised

August 7, 2012

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.

1.Differences between consolidated financial forecasts and results for first half-year (January 1, 2012 through June 30, 2012)

Millions of yen

 

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

Percentage change
[(B-A)/A]

-9.7%

-16.8%

-7.4%

32.1%

Reference: Results for first half of fiscal 2011

663,132

41,543

48,784

28,960

82.96

2.Revised consolidated forecasts for full year (January 1, 2012 through December 31, 2012)

Millions of yen

 

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

-

Percentage change
[(B-A)/A]

-14.3%

-37.8%

-27.7%

-

Reference: Results for fiscal 2011

1,276,159

53,405

63,495

26,960

77.23

3. Reason for differences between forecast and actual consolidated business results for the first half-year and revisions to consolidated business forecasts

(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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