YAMAHA CORPORATION

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Yamaha Corporation Annual Report 2002 Consolidated Statements of Operations 24 Consolidated Statements of Operations YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31, 2002 and 2001 Thousands of Millions of Yen U.S. Dollars (Note 2) 2002 2001 2002 Net sales ......................................................................................................... ¥504,406 ¥519,104 $3,785,411 Cost of sales................................................................................................... 340,411 346,200 2,554,679 Gross profit.......................................................................................... 163,994 172,904 1,230,724 Selling, general and administrative expenses................................................... 152,951 149,902 1,147,850 Operating income ............................................................................... 11,043 23,001 82,874 Other income (expenses): Interest and dividend income....................................................................... 736 1,137 5,523 Interest expense ........................................................................................... (2,911) (3,014) (21,846) Sales rebates ................................................................................................ (4,477) (4,391) (33,599) Gain on sale of marketable and investment securities.................................. 3,694 3,152 27,722 Loss on devaluation of investment securities................................................ (14,857) (513) (111,497) Amortization of net retirement benefits obligation at transition.................... — (2,820) — (Loss) gain on sale or disposal of properties, net .......................................... (1,672) 4,086 (12,548) Equity in earnings of unconsolidated subsidiaries and affiliates .................. 2,993 2,433 22,462 Other, net (Note 6) ....................................................................................... (334) 420 (2,507) ......................................................................................................................... (16,829) 491 (126,296) (Loss) income before income taxes and minority interests................... Income taxes: (5,784) 23,491 (43,407) Current......................................................................................................... 1,507 2,900 11,310 Deferred....................................................................................................... 2,429 6,826 18,229 ..................................................................................................................... 3,936 9,726 29,539 (Loss) income before minority interests............................................................ (9,720) 13,765 (72,946) Minority interests.......................................................................................... 551 444 4,135 Net (loss) income ................................................................................ ¥ (10,274) ¥ 13,320 $ (77,103) See notes to consolidated financial statements.
Consolidated Statements of Shareholders’ Equity YAMAHA CORPORATION and Consolidated Subsidiaries Years ended March 31, 2002 and 2001 Thousands of Millions of Yen U.S. Dollars (Note 2) 2002 2001 2002 Common stock Balance at beginning of year (2002 and 2001—206,523,263 shares).................................................... Balance at end of year ¥ 28,533 ¥ 28,533 $ 214,131 (2002 and 2001—206,523,263 shares).................................................... ¥ 28,533 ¥ 28,533 $ 214,131 Additional paid-in capital Balance at beginning of year ........................................................................ ¥ 26,924 ¥ 26,924 $ 202,056 Balance at end of year............................................................................. ¥ 26,924 ¥ 26,924 $ 202,056 Reserve for land revaluation Balance at beginning of year ........................................................................ Add: ¥ 8,269 ¥ 8,331 $ 62,056 Gain on land revaluation .......................................................................... Deduct: 8,295 — 62,251 Reversal of reserve for land revaluation ................................................... Reversal of reserve for land revaluation resulting from change 0 (62) 0 in interest in a consolidated subsidiary .................................................. (82) — (615) Balance at end of year............................................................................ Retained earnings ¥ 16,482 ¥ 8,269 $ 123,692 Balance at beginning of year ........................................................................ Add: ¥170,496 ¥157,962 $1,279,520 Effect of change in scope of consolidation................................................ 474 957 3,557 Effect of change in interests in subsidiaries ............................................. 15 — 113 Reversal of reserve for land revaluation .................................................. Reversal of reserve for land revaluation arising from change 0 62 0 in interest in a consolidated subsidiary .................................................. 82 — 615 Net (loss) income...................................................................................... Deduct: (10,274) 13,320 (77,103) Effect of change in scope of consolidation................................................ (607) (23) (4,555) Effect of change in interests in subsidiaries ............................................. (945) (542) (7,092) Cash dividends paid................................................................................. (1,652) (1,239) (12,398) Bonuses to directors and statutory auditors .............................................. (1) (1) (8) Balance at end of year............................................................................ Net unrealized holding gains on other securities ¥157,589 ¥170,496 $1,182,657 Balance at beginning of year ........................................................................ ¥ 308 ¥ — $ 2,311 Net change during the year ...................................................................... 458 308 3,437 Balance at end of year............................................................................ Translation adjustments ¥ 766 ¥ 308 $ 5,749 Balance at beginning of year ........................................................................ ¥ (37,794) ¥ — $ (283,632) Net change during the year ...................................................................... 9,514 (37,794) 71,400 Balance at end of year............................................................................ Treasury stock, at cost Balance at beginning of year ¥ (28,280) ¥ (37,794) $ (212,233) (2002—5,136 shares; 2001—3,914 shares)............................................... ¥ (5) ¥ (2) $ (38) Net change during the year ...................................................................... Balance at end of year (44) (3) (330) (2002—46,038 shares; 2001—5,136 shares)............................................. See notes to consolidated financial statements. ¥ (49) ¥ (5) $ (368) Yamaha Corporation Annual Report 2002 Consolidated Statements of Shareholders’ Equity 25
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YAMAHA CORPORATION

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