Yamaha 2009 Annual Report Download - page 20

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Review of Operations
Musical Instruments Musical Instruments
Comprehensive Overview
Net Sales
(Millions of Yen)
Operating Income
(Millions of Yen)
Changes in Business Segments
Accompanying the transfer of the electronic metal products business in fiscal 2008, the name of the former Electronic Equipment and Metal
Products segment was changed to Electronic Devices from fiscal 2009.
Furthermore, following the transfer of four of the six facilities in the Recreation segment in fiscal 2008, this business became part of the
Others segment in fiscal 2009.
Sales were lower year on year across all business segments in fiscal year ended March 31, 2009.
AV/IT AV/IT
Electronic Equipment and Metal Products Electronic Devices
Lifestyle-Related Products Lifestyle-Related Products
Others Others
Recreation
In fiscal 2009, Yamaha continued to move within an increasingly
severe operating environment to aggressively invest in the develop-
ment of high-value-added products and growth business domains.
In parallel, the Company strove to augment its presence in China
and other emerging markets. Additionally, Yamaha took steps to
improve its earnings capacity by integrating and eliminating produc-
tion bases in Japan and overseas, and worked to raise management
efficiency through the realignment of sales subsidiaries in Europe.
With respect to sales, while the musical instruments business
saw brisk sales mainly of guitars and electronic drums, sales
declined year on year across all business segments. Coupled with
a roughly ¥34.9 billion drop in sales due to currency exchange
rate effects, and a decline of around ¥14.3 billion from the transfer
of the electronic metal products business and four recreation
facilities in fiscal 2008, consolidated net sales came to ¥459,284
million, representing a year-on-year decrease of 16.3%.
On the income side, operating income fell 57.8% year on year,
to ¥13,845 million. In addition to lower sales, the decline in income
stemmed largely from lower profits associated with decreased
production, higher raw material prices, currency exchange rate
effects (approx. ¥6.9 billion), the amortization of shortfall in the
Company’s retirement benefit provision and goodwill.
40,000
30,000
20,000
10,000
–10,000
08/3 09/3
0
* Following the transfer of four resort facilities on October 1, 2007, the
Recreation segment was included in the Others segment in fiscal 2009.
Fiscal 2008 Fiscal 2009
n Others
n Recreation*
n Lifestyle-Related
Products
n Electronic Devices
n AV/IT
n Musical Instruments
18 Yamaha Corporation