Mirrorless shipments surge....

Started Nov 1, 2013 | Discussions thread
peripheralfocus Veteran Member • Posts: 4,332
more on the gift of the yen's decline

I noted elsewhere in this thread that the only saving grace for the camera companies this year is the sharp decline in the value of the yen, which has prevented a real profit disaster for them.

I just found a crystal clear illustration of this in Sony's recent Q2 financial presentation. In presenting their year-over-year results (i.e. last year compared to this year), Sony also presents what those results would have been in "constant currency" terms -- that is to say, what the results would have been if the yen's value had not changed at all.

For the first half of fiscal 2013 (1H FY13), Sony's imaging division is down 8.2% in sales by value compared to 2012. But if their profits had not been boosted by the yen's sharp decline, they would have been down 24%.

The division has made an operating profit of 6.8 billion yen in 1H FY2013. But if the yen had not declined in value, they would have suffered a 55 billion yen operating loss (assuming their costs were the same). That's a 62 billion yen (roughly $600 million) boost due just to currency effects.

Elsewhere in their presentation they reveal that unit sales for 1H FY13 are 5.9 million units (this is point-and-shoots + ILCs combined), down from 9 million units for the same period last year, a 34% decline in unit sales. (The majority of that decline, of course, is point-and-shoots.)

The report can be found here:


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