Failure to Meet Plan Due to Exchange-Rate Fluctuations
First written in FY2016. 15 of 27 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2026.
The whole theme swung hardest in 2025: 71 of 159 companies on the "Worse" side.
- FY2026The positive effects of yen depreciation on revenue and profit continue.Annual report
「Overall, revenue increased by approximately ¥4.1 billion from the previous period. Including other currencies, the overall impact on profit was an increase of approximately ¥2.7 billion from the previous period.」
Foreign exchange remained an overall positive factor for revenue and profit during the current period. The disclosure states that the weaker yen against the euro increased revenue by approximately ¥6.4 billion and profit by approximately ¥3.4 billion. - FY2026-H1MaterialisedAnnual report
「Revenue decreased by ¥11.769 billion, or 5.2%, year on year to ¥216.364 billion due to lower piano sales in China, the end of the period of high demand for professional audio equipment and the impact of the stronger yen, which reduced revenue by ¥5.2 billion.」
Foreign-exchange risk actually appeared during the interim period as a ¥5.2 billion reduction in revenue due to the stronger yen. The disclosure has shifted from describing higher revenue and profit due to the weaker yen to describing lower revenue due to the stronger yen. - FY2025-H1Higher profit from the weaker yen coexisted with weak musical instrument salesAnnual report
「Business profit for the six-month consolidated accounting period increased by ¥5.105 billion, or 33.3%, year on year to ¥20.430 billion, due to the impact of the weaker yen.」
The weaker yen increased business profit by 33.3% year on year, while weak musical instrument sales due to sluggish market conditions in China and impairment losses on production facilities caused profit attributable to owners of the parent for the interim period to decline by 64.8%. - FY2024-Q3The contribution from the weaker yen coexisted with weak demand for musical instrumentsAnnual report
「Revenue increased by ¥3.567 billion, or 1.1%, year on year to ¥341.788 billion. Sales of musical instruments remained sluggish due to continued weak demand for digital pianos, particularly entry-level models, and the delayed recovery of market conditions in China, but this was offset by the recovery in sales of professional audio equipment and the impact of the weaker yen.」
While weak demand for musical instruments continued, revenue increased 1.1% year on year due to the recovery in professional audio equipment and the impact of the weaker yen. - FY2024-Q2The contribution from the weaker yen continued and revenue growth expandedAnnual report
「Revenue increased by ¥1.619 billion, or 0.7%, year on year to ¥219.628 billion. Sales of musical instruments remained sluggish due to continued weak demand for digital pianos, particularly entry-level models, and the delayed recovery of market conditions in China, but this was offset by the recovery in sales of professional audio equipment and the impact of the weaker yen.」
While musical instrument sales remained sluggish, the recovery in professional audio equipment and the weaker yen contributed to a 0.7% year-on-year increase in revenue. The positive revenue contribution from the weaker yen continues. - FY2024-Q1The weaker yen continued to contribute, but the increase in revenue narrowedAnnual report
「Against this backdrop, revenue for the first quarter increased by ¥306 million, or 0.3%, year on year to ¥106.196 billion, partly due to the weaker yen.」
The weaker yen continued to drive revenue growth, but the year-on-year increase in revenue was limited to 0.3%. Business profit decreased by 39.2% year on year, indicating that the contribution from the weaker yen did not offset the decline in profit. - FY2023-Q3Continued contribution from the weaker yenAnnual report
「Against this backdrop, revenue for the first nine months increased by ¥35.889 billion, or 11.9%, year on year to ¥338.221 billion. Although affected by difficulties in procuring semiconductors, lower demand for entry-level models and disruption caused by COVID-19 in China, revenue benefited in part from a substantial depreciation of the yen against the US dollar.」
The substantial depreciation of the yen continued to drive revenue growth. The company also explains that business profit benefited from foreign exchange in addition to the impact of higher revenue. - FY2023-Q2Higher revenue from the weaker yen, but limited contribution to profitAnnual report
「Against this backdrop, revenue for the first half increased by ¥19.511 billion, or 9.8%, year on year to ¥218.009 billion. Although affected by lockdowns in China and difficulties in procuring semiconductors, revenue benefited from a substantial depreciation of the yen against the US dollar.」
The substantial depreciation of the yen increased revenue by ¥19.511 billion, while its contribution to business profit remained limited. - FY2023-Q1Higher revenue from the weaker yen coexisted with lower profitAnnual report
「Against this backdrop, revenue for the first quarter increased by ¥3.424 billion, or 3.3%, year on year to ¥105.889 billion. Although affected by the Shanghai lockdown in China and difficulties in procuring semiconductors, revenue benefited from a substantial depreciation of the yen against the US dollar. Business profit for the first quarter decreased by ¥2.405 billion, or 18.0%, year on year to ¥10.977 billion, as the foreign-exchange impact was limited despite the underlying decline in revenue.」
The substantial depreciation of the yen contributed to a 3.3% year-on-year increase in revenue, while the positive foreign-exchange impact was limited amid the underlying revenue decline, and business profit decreased by 18.0%. - FY2022Higher revenue and profit due to the weaker yenAnnual report
「Overall, revenue increased by approximately ¥20.5 billion from the previous period. Including other currencies, the overall impact on profit was an increase of approximately ¥7.6 billion from the previous period.」
Foreign-exchange risk emerged during the current period as a ¥20.5 billion increase in revenue and a ¥7.6 billion increase in business profit due to the weaker yen. - FY2021MaterialisedAnnual report
「As for business profit, the impact of exchange-rate movements on settlement rates for the US dollar was largely hedged through the allocation, or matching, effect, but the translation of overseas subsidiaries' business profit and other factors resulted in an approximately ¥300 million negative impact. The euro settlement rate was ¥121, approximately ¥1 stronger against the yen than in the previous period, resulting in an approximately ¥40 million negative impact. Including other currencies, the overall impact was an approximately ¥600 million reduction from the previous period.」
Foreign exchange appeared as an approximately ¥600 million negative impact on business profit during the current period. The disclosure also describes hedging through the matching effect and forward exchange contracts. - FY2021-Q3MaterialisedAnnual report
「Revenue for the first nine months decreased by ¥50.312 billion, or 15.6%, year on year to ¥272.303 billion due to the impact of the spread of COVID-19, including a ¥3.5 billion negative foreign-exchange impact.」
The foreign-exchange impact actually reduced revenue by ¥3.5 billion and business profit by ¥1.4 billion during the first nine months. - FY2021-Q2MaterialisedAnnual report
「Against this backdrop, revenue for the first half decreased by ¥43.721 billion, or 21.0%, year on year to ¥164.803 billion due to the impact of the spread of COVID-19, including a ¥2.7 billion negative foreign-exchange impact. Business profit for the first half decreased by ¥13.113 billion, or 50.2%, year on year to ¥13.029 billion, including a ¥1.4 billion negative foreign-exchange impact.」
The foreign-exchange impact actually appeared in first-half results as a ¥2.7 billion reduction in revenue and a ¥1.4 billion reduction in business profit. - FY2021-Q1MaterialisedAnnual report
「Business profit fell sharply across all businesses due to lower revenue, decreasing overall by ¥9.654 billion, or 89.5%, year on year to ¥1.137 billion, including a ¥700 million negative foreign-exchange impact.」
The foreign-exchange impact actually reduced business profit by ¥700 million in the first quarter. Revenue was also negatively affected by ¥2.4 billion. - FY2020MaterialisedAnnual report
「Overall, revenue was approximately ¥13.1 billion lower than in the previous period. Including other currencies, the overall impact on profit was a reduction of approximately ¥6.5 billion from the previous period.」
Foreign exchange actually emerged as a factor reducing revenue and business profit during the current period. The company states that the profit impact of a ¥1 movement in the euro-yen exchange rate is approximately ¥440 million. - FY2020-Q3MaterialisedAnnual report
「Against this backdrop, revenue for the first nine months decreased by ¥9.097 billion, or 2.7%, year on year to ¥322.615 billion, despite continued firm performance in the core musical instruments business, due to weak market conditions in the components and equipment business and a ¥11.2 billion negative foreign-exchange impact. Business profit for the first nine months decreased by ¥2.461 billion, or 5.5%, year on year to ¥42.396 billion, due to deterioration in the components and equipment business and a ¥5.2 billion negative foreign-exchange impact.」
The foreign-exchange impact actually reduced revenue by ¥11.2 billion and profit by ¥5.2 billion in the first nine months. - FY2020-Q2MaterialisedAnnual report
「Against this backdrop, revenue for the first half decreased by ¥4.754 billion, or 2.2%, year on year to ¥208.524 billion, despite strong performance in the core musical instruments business, due to weak market conditions in the components and equipment business and a ¥6.7 billion negative foreign-exchange impact. Business profit for the first half decreased by ¥562 million, or 2.1%, year on year to ¥26.143 billion, due to deterioration in the components and equipment business and a ¥3.1 billion negative foreign-exchange impact.」
The foreign-exchange impact actually appeared in first-half results as a ¥6.7 billion reduction in revenue and a ¥3.1 billion reduction in profit. - FY2020-Q1MaterialisedAnnual report
「Against this backdrop, revenue for the first quarter decreased by ¥4.965 billion, or 4.8%, year on year to ¥99.518 billion, despite firm performance in the musical instruments business, due to deteriorating market conditions in the components and equipment business and a ¥2.3 billion negative foreign-exchange impact. Business profit for the first quarter decreased by ¥1.636 billion, or 13.2%, year on year to ¥10.792 billion, due to the deterioration in the components and equipment business and a ¥1.1 billion negative foreign-exchange impact.」
The foreign-exchange impact actually appeared in first-quarter results as a ¥2.3 billion reduction in revenue and a ¥1.1 billion reduction in profit. - FY2019WorsenedAnnual report
「In particular, the profit impact of the euro-yen exchange rate, which has a significant effect, is approximately ¥450 million for every ¥1 movement.」
The profit impact of a ¥1 movement in the euro-yen exchange rate increased from approximately ¥400 million to approximately ¥450 million. Meanwhile, during the current period, foreign exchange reduced revenue by approximately ¥4 billion but increased operating profit by approximately ¥100 million. - FY2018Foreign exchange emerged as a factor driving higher revenue and profitAnnual report
「Overall, revenue increased by approximately ¥14.8 billion year on year. Including other currencies, the overall impact on profit was an increase of approximately ¥4 billion year on year.」
While foreign exchange had previously posed a downside risk to profit, during the current period the impact of the weaker yen emerged as a factor increasing revenue by ¥14.8 billion and operating profit by ¥4 billion. - FY2018-Q3MaterialisedAnnual report
「Against this backdrop, revenue for the first nine months increased by ¥20.418 billion, or 6.6%, year on year to ¥328.729 billion, partly due to a ¥14.2 billion positive foreign-exchange impact.」
The foreign-exchange impact actually increased revenue by ¥14.2 billion during the first nine months. Foreign exchange appeared as a positive revenue factor. - FY2018-Q2MaterialisedAnnual report
「Against this backdrop, revenue for the first half increased by ¥10.647 billion, or 5.3%, year on year to ¥209.8 billion. The foreign-exchange impact increased revenue by ¥8 billion. Operating profit for the first half decreased by ¥718 million, or 2.9%, year on year to ¥23.927 billion. The foreign-exchange impact reduced operating profit by ¥1.3 billion.」
The foreign-exchange impact actually increased revenue by ¥8 billion and reduced operating profit by ¥1.3 billion. - FY2018-Q1MaterialisedAnnual report
「Against this backdrop, revenue for the first quarter increased by ¥2.849 billion, or 2.9%, year on year to ¥101.249 billion, including a ¥900 million positive foreign-exchange impact, as sales remained firm. Operating profit decreased by ¥200 million, or 1.7%, year on year to ¥11.575 billion, due in part to a ¥1.8 billion negative foreign-exchange impact.」
During the first quarter, the foreign-exchange impact actually increased revenue by ¥900 million and reduced operating profit by ¥1.8 billion. - FY2017-Q3MaterialisedAnnual report
「Consolidated revenue for the cumulative third quarter was ¥308.310 billion, down ¥27.449 billion, or 8.2%, year on year, despite solid sales, due to a ¥32.0 billion negative impact from foreign exchange rates and a ¥4.2 billion negative impact associated with the transfer of the operation of domestic music schools to the Yamaha Music Foundation in the previous second quarter.」
The foreign-ex exchange impact actually reduced revenue by ¥32 billion during the first nine months and reduced operating profit by ¥10 billion. - FY2017-Q2MaterialisedAnnual report
「Although sales remained strong, revenue was negatively affected by ¥22.4 billion due to foreign exchange rates and by ¥4.2 billion in connection with the transfer of the operation of domestic music schools to the Yamaha Music Foundation in the previous second quarter」
The ¥22.4 billion negative impact of foreign exchange rates on revenue actually occurred during the cumulative period. The disclosure also states that operating profit was negatively affected by ¥6.3 billion due to foreign exchange rates. - FY2017-Q1MaterialisedAnnual report
「Operating profit increased by ¥2.924 billion, or 33.0%, year on year to ¥11.775 billion, despite a ¥2.4 billion negative impact from foreign exchange rates.」
The negative impact of foreign exchange fluctuations on profit actually occurred in the quarter. The disclosure also states that revenue was negatively affected by ¥8.8 billion due to foreign exchange rates. - FY2016First statedAnnual report
「We enter into forward foreign exchange contracts and other transactions for foreign-currency-denominated transactions to minimize the impact of short-term foreign exchange fluctuations. However, foreign exchange fluctuations may prevent us from achieving our initial business plan. In particular, a ¥1 fluctuation in the euro-yen exchange rate, which has a significant impact on profit and loss, results in an impact of approximately ¥400 million on profit and loss.」
Although hedging is conducted through foreign exchange contracts and other instruments, the potential impact is disclosed.