Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2012.3 Earnings Presentation
28 slides from Yamaha's earnings presentation, Aug 2, 2011
Slide 1: Analyst and Investor Briefing on the First Quarter of FY2012.3
Analyst and Investor Briefing on the First Quarter of the Fiscal Year Ending March 31, 2012 (FY2012.3) August 2, 2011
Slide 2: Overview of Performance in the First Quarter
Overview of Performance in the First Quarter ■First quarter sales and operating income both declined year-on-year, but exceeded previous projections (made on May 9). Year-on-year • Net sales declined by 3.3% (¥3.0 billion). Discounting the impact of exchange rates (-¥2.4 billion), actual sales were
Slide 3: Performance in the First Quarter
Performance in the First Quarter Sales and operating income declined year-on-year, but exceeded previous projections. (Billions of yen) Change from Previous Change from FY2011.3 (1Q) FY2012.3 (1Q) same period of projections previous results results the previous (May 9, 2011) projections year Net sa
Slide 4: Performance by Business Segment in the First Quarter
Performance by Business Segment in the First Quarter Net Sales Operating Income (Billions of yen) (Billions of yen) 90.9 (-3.3%) 87.9 (+2.2%) 86.0 Others 7.1 (-27.5) 5.1 (+2.9) Electronic 5.1 (-26.2) 3.8 (-12.0) 5.0 devices 4.3 5.2 AV/IT 12.0 (+2.8) 12.4 (+5.8) 11.7 Others 0.9 Electronic devices 0.5
Slide 5: FY2012.3 1Q Operating Income Analysis
FY2012.3 1Q Operating Income Analysis Versus same period of the previous year Impact of Material exchange cost Change in Decreased rates actual increases inventory valuation sales and Decrease in -¥1.1 billion -¥0.3 method production Retirement Effects of actual SG&A billion -¥0.3 billion benefit re
Slide 6: Business Environment in 2-4Q and Full Year Outlook
Business Environment in 2-4Q and Full Year Outlook 2-4Q Business Environment ■Increasing uncertainty in global economy •Steady economic growth in China and emerging markets, but concerns over delayed recovery in the US and financial instability in Europe ■Continuing strong yen 2-4Q Overview and Prio
Slide 7: Forecast for Business Performance in FY2012.3 (Full Year)
Forecast for Business Performance in FY2012.3 (Full Year) Following a review of full year forecasts, projections for sales and all categories of income have been revised upward Estimated exchange rates for 2-4Q: US$=85, EUR=115 (Billions of yen) Previous Change from FY2011.3 FY2012.3 Change from p
Slide 8: FY2012.3 Full Year Forecast for Performance by Business Segment
FY2012.3 Full Year Forecast for Performance by Business Segment Net Sales Operating Income (Billions of yen) 373.9 (+1.1%) 378.0 (+2.2%) 370.0 (Billions of yen) Others 25.1 (-6.4) 23.5 (±0) 23.5 Electronic devices 20.6 (+6.7) 22.0 (-6.4) 23.5 AV/IT 57.0 (-0.9) 56.5 (+8.7) 52.0 13.2 12.5 1.5 0.5 10.0
Slide 9: Impact of Great East Japan Earthquake
Impact of Great East Japan Earthquake The previously estimated impact of -¥17.0 billion on sales and -¥6.0 billion on operating income has been revised to -¥11.7 billion on sales and -¥4.0 billion yen on operating income. Previous New projection projection Impact (May 9, (August 1, Situation 2011)
Slide 10: FY2012.3 Full Year Operating Income Analysis
FY2012.3 Full Year Operating Income Analysis Versus previous year Impact of Material Increased cost actual exchange increases Increased Change in rates restructuring inventory sales and Effects of -¥0.9 costs valuation Retirement production -¥0.2 billion billion method benefit restructuring -¥0.5 bi
Slide 11: Musical Instruments
Musical Instruments 1Q Overview Full Year Overview and Priority Policies •Sales were on a par with the same period of the previous •Sales and income projections revised upward to year, but income declined. Sales and income both exceeded reflect improving component procurement previous projections. e
Slide 12: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region Figures in parentheses (Billions of yen) (-2%) show actual year-on-year 1Q 31.9 31.3 changes, discounting the impact of exchange rates Music schools, etc. (+4%) (+13%) (-5%) 11.0 11.5 10.2 10.9 10.3 8.8 (+22%) Yamaha musical instruments 12.1 12.0 3.6 4.1 9.7 10.5
Slide 13: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region Musical Instrument Sales by Region Although the market stalled temporarily after the March 11 earthquake, it is gradually recovering. Customers returned to the stores from the May “Golden Week” holidays onward, and sales of wind Japan instruments and digital pian
Slide 14: Musical Instruments: Sales by Product Category
Musical Instruments: Sales by Product Category Japan: Sales were broadly in line with the previous year. Strong customer orders. Electone (Billions of yen) Pianos Figures in parentheses (+3%) North America: Retail sector remains 39.3 40.6 sluggish, with sales down by double digits show actual year-o
Slide 15: AV/IT
AV/IT 1Q Overview Full Year Overview and Priority Policies •Sales and income rose year-on-year and against •Sales projection revised upward to reflect improving previous projections. component procurement environment. •Discounting the impact of exchange rates, actual •Steadily launch new products in
Slide 16: Electronic Devices
Electronic Devices 1Q Overview Full Year Overview and Priority Policies •Sales and income declined year-on-year, and •Sales projection revised downward. sales were lower than previous projections. •Actively expand sales of analogue devices •Sales of sound generators for mobile phones including new m
Slide 17: Others
Others 1Q Overview Full Year Overview and Priority Policies •Sales and income declined year-on-year. •Income projection revised downward. •Sales of automobile interior wood components •Steadily supply automobile interior wood fell sharply due to reduced production by components to meet rebounding de
Slide 18: Capital Expenditure/Depreciation/R&D Expenses
Capital Expenditure/Depreciation/ R&D Expenses Capital Expenditure (Depreciation) (Billions of yen) 1Q Full Year 14.1 14.8 10.4 1.2 (12.9) 1.3 (12.8) 1.1 1.2 (13.2) 0.5 2.2 2.4 0.9 1.0 2.1 1.8 Others (3.1) (2.8) 9.5 9.9 8.0 0.10.1 Electronic devices 0.1 AV/IT 0.4 0.3 Musical instruments 1.6 1.3 FY20
Slide 19: Inventories
Inventories Inventories at the end of 1Q were ¥3.0 billion higher than the same quarter of the previous year. Discounting the impact of exchange rates (-¥0.5 billion), actual inventories increased by ¥3.5 billion. End of 1Q End of Fiscal Year (Billions of yen) 73.0 76.1 75.2 71.7 70.2 68.8 Goods in
Slide 20: Balance Sheet Summary
Balance Sheet Summary (Billions of yen) As of end of 1Q As of fiscal year end As of June As of June As of March Mar. 31, 2012 Change Change 30, 2010 30, 2011 31, 2011 projection Cash and deposits* 50.6 52.6 1.9 58.7 62.0 3.3 Notes and accounts receivable 45.0 43.1 -1.9 45.1 48.7 3.6 Inventories 73.0
Slide 21: Appendix
Appendix
Slide 22: First Quarter Non-Operating Income/Loss & Extraordinary Income/Loss
First Quarter Non-Operating Income/Loss & Extraordinary Income/Loss FY2012.3 (1Q) previous FY2011.3 (1Q) results FY2012.3 (1Q) results projections (Billions of yen) Non-operating income/loss Net financial 0.5 income (loss) 0.3 0.2 Other -0.8 -0.6 -0.7 Total -0.3 -0.3 -0.5 Extraordinary income/loss •
Slide 23: Full Year Non-Operating Income/Loss & Extraordinary Income/Loss
Full Year Non-Operating Income/Loss & Extraordinary Income/Loss FY2012.3 previous FY2011.3 results FY2012.3 new projections projections (Billions of yen) Non-operating income/loss Net financial income (loss) 0.7 0.4 0.2 Other -2.9 -2.4 -2.2 Total -2.2 -2.0 -2.0 •Revaluation loss on investment Extrao
Slide 24: Musical Instruments: Sales and Income by Quarter
Musical Instruments: Sales and Income by Quarter Net sales: ¥276.3 billion Net sales: ¥271.1 billion Net sales: ¥276.0 billion Operating income: ¥5.1 billion Operating income: ¥8.6 billion Operating income: ¥10.5 billion (Billions of yen) 73.5 68.4 71.3 71.4 70.8 66.6 68.4 66.6 68.9 67.0 65.2 65.3 O
Slide 25: AV/IT: Sales and Income by Quarter
AV/IT: Sales and Income by Quarter Net sales: ¥54.4 billion Net sales: ¥57.0 billion Net sales: ¥56.5 billion Operating income: ¥1.4 billion Operating income: ¥2.5 billion Operating income: ¥1.5 billion (Billions of yen) 19.1 18.5 17.4 13.3 12.5 12.0 13.4 12.5 12.4 13.1 12.5 11.2 Operating 2.3 incom
Slide 26: Electronic Devices: Sales and Income by Quarter
Electronic Devices: Sales and Income by Quarter Net sales: ¥19.7 billion Net sales: ¥20.6 billion Net sales: ¥22.0 billion Operating income: ¥-0.6 billion Operating income: ¥0.5 billion Operating income: ¥0 billion (Billions of yen) 8.0 5.0 5.3 5.1 5.1 5.2 5.1 5.5 4.7 4.8 4.7 3.8 Operating 0.6 0.1 0
Slide 27: Others: Sales and Income by Quarter
Others: Sales and Income by Quarter Net sales: ¥27.5 billion Net sales: ¥25.1 billion Net sales: ¥23.5 billion Operating income: ¥0.5 billion Operating income: ¥1.5 billion Operating income: ¥0.5 billion (Billions of yen) 8.4 1.3 7.1 6.3 6.2 6.5 6.5 6.5 5.9 5.9 6.0 0.9 1.5 5.6 5.1 1.6 1.5 1.6 1.3 1.
Slide 28: Forward-looking forecast 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 pre