Yamaha 2000 Annual Report Download

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2000
YAMAHA CORPORATION Annual Report
Year ended March 31, 2000

Table of contents

  • Page 1
    YAMAHA CORPORATION Year ended March 31, 2000 Annual Report 2000

  • Page 2
    ...Audio Products Lifestyle Related Products Electronic Equipment and Metal Products Recreation Others Five-Year Summary Management's Discussion and Analysis Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Shareholders' Equity Consolidated Statements of Cash...

  • Page 3
    FINANCIAL HIGHLIGHTS YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31 1 Millions of U.S. Dollars (Note 2) 1998 2000 Millions of Yen 2000 1999 For the year: Net sales ...Â¥527,897 Operating income (loss) ...8,082 Net income (loss) ...(40,777) At year-end: Total shareholders' ...

  • Page 4
    ... "sound" business content • Implementation of special concessions for early retirement • Lump-sum payments of past service benefits • Restructuring initiatives for nonperforming Group companies Medium-Term Management Plan In December 1999, YAMAHA drew up its mediumterm management plan for...

  • Page 5
    ... levels of product quality. YAMAHA will also promote management that emphasizes current value accounting compatibility, cash flows, and balance sheets, and fortify its financial structure. Furthermore, the Company will concentrate its efforts on augmenting the profit bases of its Group affiliates...

  • Page 6
    ... Business We supply sound chips for mobile communications equipment and develop and deliver related digital content. In addition, we began the production of casings for handheld devices. ̈ Formation of a New Record Company-Yamaha Music Communications Such prominent popular music artists in Japan...

  • Page 7
    ...strengthen a variety of network-related business lines. ̈ Strengthening of Subsidiaries in Preparation for the New Content Business Additional funding will be invested in Yamaha Music Media Corporation in Japan, and a new organization called Yamaha Music InterActive Corporation in New York has been...

  • Page 8
    ..., drums, and acoustic guitars. In Yamaha music schools in Japan, although revenues from adult students increased, the number of child students decreased, resulting in a slight decline in 30.7 tuition income. 27.1 In audio products, YAMAHA's flagship home theater amplifier and receiver, the...

  • Page 9
    ...Available only in Japan.) The CVP-109 Clavinova® features high quality sound and auto-accompaniment functions. YAMAHA's DTXPRESS enables an individual user to experience a music session with a full band on their own in a compact space of 1m 2. YAMAHA's handmade wooden flute is gaining popularity...

  • Page 10
    ... for YAMAHA pianos and by pursuing new Internet and digital media related business. Major Products & Services •Pianos (upright pianos, grand pianos, etc.) •Digital musical instruments (Clavinovas®, Electones®, portable keyboards, synthesizers) •Wind instruments (trumpets, flutes, saxophones...

  • Page 11
    REVIEW OF OPERATIONS Lifestyle Related Products Net Sales (Billions of Yen) 100 9 B enefiting from the revival of the housing market, YAMAHA succeed- ed in expanding sales of its mainstay system kitchens and bathtubs by developing new sales routes through such channels as building contractors. ...

  • Page 12
    ... Products & Services •Electronic devices •Semiconductors, specialty metals Major Subsidiaries •Yamaha Kagoshima Semiconductor Inc. •Yamaha Metanix Corporation Lead frames for semiconductors A display of mobile phones and a YMU757 sound generator IC with 4-note polyphony for mobile phones

  • Page 13
    ... 11 A fiscal year. lthough all the Company's resort facilities recorded increases in patronage during fiscal 2000, decreases in prices necessitated by the lackluster economic conditions in Japan resulted in a decline in sales, and business conditions remained severe. However, the sale of lots at...

  • Page 14
    ..., benefiting from enormous market demand. 14.7 '96 '97 '98 '99 '00 0 Operating Income (Loss) (Billions of Yen) 2 0.7 1.5 -0.8 '96 '97 -0.9 '98 '99 '00 YAMAHA's automobile components are widely used in luxury cars both in Japan and overseas. Major Products & Services •Golf and...

  • Page 15
    FIVE-YEAR SUMMARY YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31 13 Millions of Yen 1998 1997 1996 SELECTED FINANCIAL DATA 2000 1999 For the year: Net sales...Â¥527,897 Cost of sales ...371,758 Gross profit ...156,140 Selling, general and administrative expenses ...148,...

  • Page 16
    ... payment for past service cost of the pension plans. The recording of these extraordinary losses resulted once again in a net loss for the term of ¥40.8 billion (US$0.38 billion). FINANCIAL POSITION '96 '97 '98 '99 '00 Storage heads Other business Musical instruments and audio products Sales...

  • Page 17
    ... ests for the term of ¥47.6 billion, cash and cash equivalents at end of year increased ¥14.3 billion compared to the previous fiscal year, to ¥33.6 billion (US$0.32 billion). This was due to an increase in the accrued past service benefit expenses, a decline in trade receivables and inventories...

  • Page 18
    ... SHEETS YAMAHA CORPORATION and Consolidated Subsidiaries March 31, 2000 and 1999 16 Thousands of U.S. Dollars (Note 2) Millions of Yen ASSETS 2000 1999 2000 Current assets: Cash and bank deposits (Notes 6 and 14) ...Â¥ 33,796 Marketable securities (Notes 6 and 13) ...2,805 Notes and accounts...

  • Page 19
    CONSOLIDATED BALANCE SHEETS 17 Millions of Yen Thousands of U.S. Dollars (Note 2) LIABLITIES AND SHAREHOLDERS' EQUITY 2000 1999 2000 Current liabilities: Short-term loans ...Â¥ 42,683 Current portion of long-term debt (Note 6) ...11,527 Notes and accounts payable ...52,335 Accrued expenses ......

  • Page 20
    CONSOLIDATED STATEMENTS OF OPERATIONS YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31, 2000 and 1999 18 Millions of Yen Thousands of U.S. Dollars (Note 2) 2000 1999 2000 Net sales ...Â¥527,897 Cost of sales ...371,758 Gross profit ...Selling, general and administrative ...

  • Page 21
    CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31, 2000 and 1999 19 Millions of Yen Thousands of U.S. Dollars (Note 2) 2000 1999 2000 Common stock: Balance at beginning of year (2000-206,523,263 shares; 1999-206,523,263 ...

  • Page 22
    CONSOLIDATED STATEMENTS OF CASH FLOWS YAMAHA CORPORATION and Consolidated Subsidiaries Year ended March 31, 2000 20 Thousands of U.S. Dollars (Note 2) Millions of Yen 2000 2000 Cash flows from operating activities: Loss before income taxes ...Adjustments to reconcile income (loss) before income...

  • Page 23
    ...consolidated financial statements in a format which is familiar to readers outside Japan. In March 1998, the Business Accounting Deliberation Council of Japan (the "BADC") issued a new accounting standard for statements of cash flows, which became effective the year ended March 31, 2000. The Company...

  • Page 24
    ... current basic rate of pay, length of service and the conditions under which the termination occurs. Accrued employees' retirement benefits are stated at the amount which would be required to be paid if all employees covered by the plan voluntarily terminated their employment as of the balance sheet...

  • Page 25
    ... in the future be converted into U.S. dollars at the above or any other rate. 3. ACCOUNTING CHANGES In previous years, the prior service cost of the employees' pension plans was recognized as expenses when contributions to the plans were made by the Company and certain consolidated subsidiaries...

  • Page 26
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 24 Millions of Yen Thousands of U.S. Dollars The assets pledged as collateral for long-term debt and certain other current liabilities at March 31, 2000 were as follows: Bank deposits...Marketable securities...Property, plant and equipment, net of ...

  • Page 27
    ...net book value of leased assets as of March 31, 2000 and 1999, which would have been reflected in the balance sheets if finance leases currently accounted for as operating leases had been capitalized. Millions of Yen Tools and equipment Thousands of U.S. Dollars Tools and equipment Year ended March...

  • Page 28
    ... FINANCIAL STATEMENTS 26 Millions of Yen Thousands of U.S. Dollars Lease expenses relating to finance leases accounted for as operating leases amounted to ¥1,809 million ($17,042 thousand) and ¥1,965 million for the years ended March 31, 2000 and 1999, respectively. Future minimum lease payments...

  • Page 29
    ... and overseas sales for the Company and its consolidated subsidiaries for the years ended March 31, 2000 and 1999 are outlined as follows: Business Segments Millions of Yen Musical instruments and audio products Lifestyle related products Electronic equipment and metal products Eliminations or...

  • Page 30
    ...instruments, pro-audios, audio products, music schools, IT equipment System kitchens, bathtubs, washstands, furniture, parts for housing components, sound equipment for residential use LSIs, storage heads, special metals Management of leisure facilities Golf and archery equipment, car interior parts...

  • Page 31
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 29 Millions of Yen Asia, Oceania and other areas Eliminations or unallocated amounts North America Europe Total Consolidated Geographical Segments Year ended March 31, 2000 Japan I. Sales and operating income Sales to external customers ...Â¥331,323 ...

  • Page 32
    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 30 Thousands of U.S. Dollars North America Europe Asia, Oceania and other areas Total Year ended March 31, 2000 Overseas sales: Overseas sales ...$904,427 Consolidated net sales ...- % of consolidated net sales ...18.2% $691,446 - 13.9% $475,290 - 9.6%...

  • Page 33
    ... cash flows for the year ended March 31, 2000, in conformity with accounting principles and practices generally accepted in Japan consistently applied during the period except for the change, with which we concur, in the method of accounting for prior service cost of the employees' pension plans...

  • Page 34
    ... Bhd. íYamaha Music (Malaysia) Sdn. Bhd. íYamaha Music Australia Pty., Ltd. „Yamaha Music Gulf FZE ̈Yamaha Motor Co., Ltd. ̈KORG Inc. Sweden United Kingdom Germany France Italy Spain Canada China United States of America Taiwan United Arab Emirates Thailand Malaysia Singapore Indonesia Brazil...

  • Page 35
    ... Number of Shareholders 12,429 Number of Employees 21,599 Number of Consolidated Subsidiaries 72 Number of Companies Accounted for by the Equity Method 3 Stock Exchange Listings Tokyo, Osaka, and Nagoya First Section, Code No. 7951 Stock Price Movement (Yen) 2,000 Board of Directors and Corporate...

  • Page 36
    Public Relations Division 2-17-11, Takanawa, Minato-ku, Tokyo 108-8568, Japan Tel: +81 3 5488-6601 Fax: +81 3 5488-5060 URL: http://www.yamaha.co.jp/english/ Printed in Japan on recycled paper -