YAMAHA CORPORATION ANNUAL REPORT 2000

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REVIEW OF OPERATIONS Net Sales (Billions of Yen) 332.5 ’96 385.0 ’97 395.9 ’98 408.0 ’99 Operating Income (Billions of Yen) 11.3 ’96 15.8 ’97 19.8 ’98 30.7 ’99 387.0 ’00 27.1 ’00 500 0 40 0 Musical Instruments and Audio Products Although sales of musical instruments in Japan during the term under review were generally low, overseas sales produced favorable results. However, overall sales declined owing to the effects of the appreciation of the yen. In domestic sales of pianos, YAMAHA’s new lineup of grand pianos, which includes the top-of-the-line CFIIIS concert grand piano, helped boost sales, sales of upright pianos fell slightly, and sales of electronic pianos also declined. Overseas, although sales in Europe and Central America and South America stagnated, sales in North America remained favorable, and recovery was seen in Asia as well. In digital musical instruments, although growth was seen in electronic portable keyboards and such computer music products as “Hello Music,” overall domestic results were lackluster, due to the current slow sales period for Electones ® and Clavinovas ® . Overseas, electronic keyboards and Clavinovas ® increased in sales volumes. In wind, string, and percussion instruments, healthy results were seen both in Japan and overseas in wind instruments, 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 tuition income. In audio products, YAMAHA’s flagship home theater amplifier and receiver, the DSP-AX1/RX-V1, immediately won high praise worldwide upon its release for its high sound quality and helped boost sales in this segment both in Japan and overseas. The Company also strove to augment its lineup of products that combine audiovisual technologies and IT and released such new products as the RP-100—the world’s first genuine audio amplifier to employ USB interface. The Junior Original Concert was held in Eisenach, Germany, to commemorate the 250th anniversary of Johann Sebastian Bach’s death. The 100th-anniversary edition upright piano The S-80 music synthesizer is the resounding success of YAMAHA’s devotion to technology and sound, achieved over long years of development in voicing. 6
The CVP-109 Clavinova ® features high quality sound and auto-accompaniment functions. The CFIIIS top-of-the-line concert grand piano represents the pinnacle of artistic expression. 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 in orchestras worldwide. YAMAHA’s acoustic violins provide a sharp response to the player’s sensitivities and a crisp, brilliant timbre. (Available only in Japan.) 7
Page 1 and 2: YAMAHA CORPORATION Annual Report Ye
Page 3 and 4: FINANCIAL HIGHLIGHTS Millions of Ye
Page 5 and 6: A MESSAGE FROM THE PRESIDENT consol
Page 7: AN INTERVIEW WITH THE PRESIDENT MUS
Page 11 and 12: REVIEW OF OPERATIONS Net Sales (Bil
Page 13 and 14: REVIEW OF OPERATIONS Net Sales (Bil
Page 15 and 16: FIVE-YEAR SUMMARY YAMAHA CORPORATIO
Page 17 and 18: MANAGEMENT’S DISCUSSION AND ANALY
Page 19 and 20: CONSOLIDATED BALANCE SHEETS 17 Thou
Page 21 and 22: CONSOLIDATED STATEMENTS OF SHAREHOL
Page 23 and 24: NOTES TO CONSOLIDATED FINANCIAL STA
Page 33 and 34: REPORT OF INDEPENDENT AUDITORS The
Page 35: CORPORATE DATA Board of Directors a

YAMAHA CORPORATION ANNUAL REPORT 2000

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