Yamaha Corporation · TSE:7951
Yamaha — Q2 FY2022.3 Earnings Presentation
33 slides from Yamaha's earnings presentation, Nov 4, 2021
Slide 1: Analyst and Investor Briefing on Second Quarter of FY2022.3
Analyst and Investor Briefing on Second Quarter of FY2022.3 (Fiscal year ending March 31, 2022) November 4, 2021 Yamaha Corporation
Slide 2: FY2022.3 1H Highlights
FY2022.3 1H Highlights Overview FY2022.3 1H Achievements - Market conditions continued to recover, and revenue and profit both increased year on year. - Supply shortages continued due to restrictions on factory operations caused by the resurgence of COVID-19 infections, semiconductor procurement dif
Slide 3: 1. Performance Summary
1. Performance Summary
Slide 4: FY2022.3 1H (Six Months) Summary
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook FY2022.3 1H (Six Months) Summary (billions of yen) FY2021.3 1H FY2022.3 1H Change *2 Revenue 164.8 198.5 +33.7 +20.4% Core Operating Profit 13.0 23.5 (Core Operating Profit Ratio) +10.5 +80.4% (7.9%) (11.8%) *1 Net Profit 7.1 21.4 +14.4
Slide 5: Core Operating Profit Analysis
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Increase in sales and production and model mix, etc. *1 SG&A IMC business and others 23.5 -4.9 Labor cost 2.9 Impact of at overseas Cost exchange factories increase O
Slide 6: Performance by Business Segment
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2021.3 1H FY2022.3 1H Change rate impact Revenue 107.2 133.8 +26.6 7.1 Musical Core Operating Profit 11.7 19.3 +7.5 3.3 Instruments Core Operating Profit Ratio 10.9% 14.4% +3.
Slide 7: FY2022.3 Outlook
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook FY2022.3 Outlook (billions of yen) FY2021.3 FY2022.3 FY2022.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections Revenue 372.6 400.0 390.0 +17.4 -10.0 Core Operating Profit 40.
Slide 8: Core Operating Profit Analysis
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of Labor cost Increase in exchange at overseas Cost Ocean sales and rates factories increase production and freight -0.8 model mix, etc. SG&A *1 -2.6 charges I
Slide 9: Outlook by Business Segment
FY2022.3 1H Performance FY2022.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2021.3 FY2022.3 Exchange Full year Change Full year (projections) rate impact Revenue 239.0 265.0 +26.0 8.4 Musical Core Operating Profit 32.4 36.5 +4.1 5.2 Instruments Core Operating Prof
Slide 10: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 11: Segment Revenue and Core Operating Profit: Musical Instruments
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H overview: Revenue increased in all product categories - Amid ongoing supply shortages, demand remained strong for pianos, digital musical instruments, and guitars, and sales also rose for wind, s
Slide 12: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category (billions of yen) Pianos Digital Musical Winds, Strings Guitars Instruments /Percussion ＊Guitars include Line 6 and Ampeg products 92.1 (99%) (93%) 84.7 86.8 19.0 (116%) (114%) 22.3 61.8 (98%) 28.7 53.0 51.
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) 68.9 (105%) (116%) (80%) 4Q 16.0 57.8 57.5 57.7 (107%) (103%) 55.1 (87%) 53.2 51.7 (108%) (96%) 48.7 49.7 (91%) 48.2 48.9 (105%) 13.4 46.1 15.3 44.3 (188%) (87%) 44.5 3Q 15.4 (101%) 13.2 9.9 (109%) 11.5 1
Slide 14: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality Distinctive product line-up fusing a wide range of technologies Bösendorfer Grand Pianos Casual Wind Instruments Electronic Drum Kits Concert Grand 230VC Tenor Venova DTX10 and DTX8 Series A w
Slide 15: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality World wide acclaim for Yamaha Design supports Yamaha growth and the brand enhancement Good Design Award 2021 winning products DFA Design for Asia Awards 2021 winning products Sponsored by the
Slide 16: Segment Revenue and Core Operating Profit: Audio Equipment
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H Overview: Despite semiconductor procurement difficulties, market conditions recovered and revenue increased year on year - AV products: revenue declined due to supply shortages stemming from fact
Slide 17: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category (billions of yen) AV Products PA Equipment ICT Equipment PA Equipment includes only sales of products for PA Equipment (excluding engineering and installation services) 47.3 (96%) (99%) 40.9 39.1 10.3 (78%)
Slide 18: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (109%) 34.0 31.3 30.3 (81%) (86%) (101%) 11.5 27.4 26.5 26.7 (88%) 6.1 4Q 11.4 (88%) 24.8 (96%) 5.6 22.7 6.3 (101%) (76%) (115%) 5.5 9.1 18.8 7.8 17.7 (93%) 3Q 6.8 8.0 4.2 (74%) (98%) (92%) 8.7 13.4 13.8
Slide 19: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality Strong product lineups to meet diverse needs in the audio equipment field Powered loudspeakers DHR series AV receivers RX-A8A, RX-A6A, RX-A4A Loudspeakers CHR series The top rated AV receiver
Slide 20: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality Various remote communications Yamaha awarded 1st place in the Solutions for flexible working style and easy network device category of the communications Customer Satisfaction Survey 2021- A c
Slide 21: Segment Revenue and Core Operating Profit: IMC Business and Others
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H Overview: - Recovery in market conditions drove increased sales of electronic (billions of yen) devices, automobile interior wood components, and factory automation equipment. 40 Revenue Full yea
Slide 22: 3. Other Financial Figures
3. Other Financial Figures
Slide 23: Balance Sheet Summary
Performance Other Segment Overview ESG Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of Sept. As of March Change 31, 2022 31, 2021 30, 2021 (projections) Cash and cash equivalents 129.3 178.2 48.8 178.0 Trade and other receivables 57.3 51.4 -6.0 53.0 Other financia
Slide 24: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview ESG Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense Capital Expenditure/Depreciation (billions of yen) 17.0 0.9 ■Others 6.0 11.3 3.6 5.4 0.3 0.6 ■Audio Equipment 0.3 1.1 2.6 ■Musical Instruments 1.1 11.4 12.5 12.3 5.6 4.7 5.9 8.1 ■Depreciati
Slide 25: 4. ESG
YAMAHA
Slide 26: ESG
Performance Other Segment Overview ESG Summary Financial Figures ESG Contribute to sustainable development of music culture and society Culture Society Enhance diversity Environment Contribute to Coexist with and fulfillment of the people we sustainability of music culture the natural environment wo
Slide 27: Topics
Performance Other Segment Overview ESG Summary Financial Figures Topics Yamaha Group Annual Report 2021 Promote constructive dialogue with stakeholders by using the report as an engagement tool Contents: I. Value Creation by Yamaha II. Management Strategy III. Strategies by Business and Function IV.
Slide 28: Appendix
Appendix manage YAMAHA
Slide 29: Performance in 2Q FY2022.3 (Three Months)
Performance in 2Q FY2022.3 (Three Months) (billions of yen) FY2021.3 2Q FY2022.3 2Q Change *2 Revenue 93.0 96.0 +3.0 +3.2% Core Operating Profit 11.9 10.1 -1.8 (Core Operating Profit Ratio) -14.9% (12.8%) (10.5%) *1 Net Profit 8.9 8.0 -0.9 -9.8% *2 Exchange Rate (yen) -1.1% (Excluding the impact of
Slide 30: Performance by Business Segment in 2Q FY2022.3 (Three Months)
Performance by Business Segment in 2Q FY2022.3 (Three Months) (billions of yen) Exchange FY2021.3 2Q FY2022.3 2Q Change rate impact Revenue 60.6 65.3 +4.7 3.1 Musical Core Operating Profit 9.2 8.9 -0.3 1.8 Instruments Core Operating Profit Ratio 15.2% 13.6% -1.6P Revenue 25.7 22.9 -2.7 0.8 Audio Cor
Slide 31: 1H Other Income and Expenses (Six Months)
1H Other Income and Expenses (Six Months) (billions of yen) FY2021.3 1H FY2022.3 1H Core Operating Profit 13.0 23.5 Profit from (loss on) disposal of fixed assets -0 4.7 Other Income and Expenses Others -2.3 0.6 Total -2.3 5.3 Operating Profit 10.7 28.8 Dividends income 0.4 2.2 Financial Income and
Slide 32: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2021.3 FY2022.3 Full year Full year (projections) Core Operating Profit 40.7 40.0 Profit from (loss on) disposal of fixed assets -0.1 4.6 Other Income and Expenses Others -5.6 0.9 Total -5.7 5.5 Operating Profit 35.0 45.5 Dividends income 2.7 3
Slide 33: Forward-looking statements notice
In this report, the figures forecast for the Company’s future performance have been calculated on the basis of information currently available to Yamaha and the Yamaha Group. Forecasts are, therefore, subject to risks and uncertainties. Accordingly, actual performance may differ greatly from our pro