Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2020.3 Earnings Presentation
24 slides from Yamaha's earnings presentation, Aug 2, 2019
Slide 1: Analyst and Investor Briefing on First Quarter of FY2020.3
Analyst and Investor Briefing on First Quarter of FY2020.3 (Fiscal year ending March 31, 2020) August 2, 2019 Yamaha Corporation
Slide 2: FY2020.3 First-Quarter Highlights
FY2020.3 First-Quarter Highlights Overview Figures in parentheses are year-on-year comparisons FY2020.3 1Q Achievements • Revenue and profit both declined year-on-year, mainly due to deteriorating market conditions in the Industrial Machinery and Components (IMC) business and the impact of exchange
Slide 3: 1. Performance Summary
1. Performance Summary
Slide 4: FY2020.3 1Q (Three Months) Summary
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook FY2020.3 1Q (Three Months) Summary (billions of yen) FY2019.3 1Q FY2020.3 1Q Change *2 Revenue 104.5 99.5 -5.0 -4.8% Core Operating Profit 12.4 10.8 -1.6 -13.2% (Core Operating Profit Ratio) (11.9%) (10.8%) Net Profit *1 9.5 7.3 -2.2
Slide 5: Core Operating Profit Analysis
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of exchange IMC*1 12.4 rates Model business mix etc. and others -1.1 SG&A Cost 1.2 -1.4 Labor cost reduction at overseas 10.8 -0.8 factories 0.8 -0.3 FY2019.
Slide 6: Performance by Business Segment
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2019.3 1Q FY2020.3 1Q Change rate impact Revenue 68.5 67.5 -1.0 -1.7 Musical Core Operating Profit 9.7 9.8 +0.2 -0.7 Instruments Core Operating Profit Ratio 14.1% 14.6% +0.5
Slide 7: FY2020.3 Outlook
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook FY2020.3 Outlook *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) FY2019.3 FY2020.3 Full year Change Full year (projections) *2 Revenue 434.4 444.0 +9.6 +2.2% Core Operating Profi
Slide 8: Core Operating Profit Analysis
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook Core Operating Profit Analysis *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) Versus previous year Increased IMC*1 revenue, business Impact of model mix etc. and others exchange
Slide 9: Outlook by Business Segment
FY2020.3 1Q Performance FY2020.3 (three months) Full Year Outlook Outlook by Business Segment *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) FY2019.3 FY2020.3 Exchange Full year Change Full Year (projections) rate impact Revenue 279.5 285.5 +6
Slide 10: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 11: Musical Instruments: Segment Revenue and Core Operating Profit
IMC Business Musical Instruments Audio Equipment and Others *Full year projections remain Segment Revenue and Core Operating Profit unchanged from the previous announcement on May 9, 2019 [Three months] Sales up year-on-year in all product categories except wind instruments • Piano sales were strong
Slide 12: Sales by Major Product Category
IMC Business Musical Instruments Audio Equipment and Others Sales by Major Product Category *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) Pianos Digital Musical Winds Strings/ Instruments Percussion (103%) 92.9 94.9 20.7 (103%) 56.0 57.4 28.9
Slide 13: Sales by Region
IMC Business Musical Instruments Audio Equipment and Others Sales by Region *Full year projections remain unchanged from the previous announcement on May 9, 2019 (98%) (billions of yen) 75.4 74.2 (103%) 4Q 19.7 58.1 59.3 (102%) (110%) (105%) 50.5 50.3 50.7 51.0 15.0 48.8 46.6 3Q 17.7 10.4 9.7 11.6 1
Slide 14: Audio Equipment: Segment Revenue and Core Operating Profit
IMC Business Musical Instruments Audio Equipment and Others *Full year projections remain Segment Revenue and Core Operating Profit unchanged from the previous announcement on May 9, 2019 [Three months] Delays in shipment of AV products caused mistiming in North America, but sales were brisk in Euro
Slide 15: Sales by Major Product Category
IMC Business Musical Instruments Audio Equipment and Others Sales by Major Product Category *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) AV Products PA Equipment ICT Devices (109%) 52.7 (102%) 48.7 46.0 46.4 11.5 (92%) 4Q 9.3 (105%) 15.1 14.
Slide 16: Sales by Region
IMC Business Musical Instruments Audio Equipment and Others Sales by Region *Full year projections remain unchanged from the previous announcement on May 9, 2019 (102%) (104%) (billions of yen) (103%) 32.1 32.0 30.9 29.3 29.8 28.4 6.4 6.9 (112%) 4Q 9.9 22.5 20.1 10.2 9.6 4.6 3Q 5.9 (91%) (111%) 5.7
Slide 17: IMC Business and Others: Segment Revenue and Core Operating Profit
IMC Business Musical Instruments Audio Equipment and Others *Full year projections remain Segment Revenue and Core Operating Profit unchanged from the previous announcement on May 9, 2019 [Three months] • As projected, sales of factory automation equipment were at a lower level than the previous yea
Slide 18: 3. Other Financial Figures
3. Other Financial Figures
Slide 19: Balance Sheet Summary
Performance Other Segment Overview Financial Figures Summary Balance Sheet Summary *Full year projections remain unchanged from the previous announcement on May 9, 2019 (billions of yen) As of Mar. As of June As of March Change 31, 2020 31, 2019 30, 2019 (projections) Cash and cash equivalents 95.8
Slide 20: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview Financial Figures Summary *Full year projections remain Capital Expenditure/Depreciation, R&D Expense unchanged from the previous announcement on May 9, 2019 (billions of yen) Capital Expenditure/Depreciation ■Depreciation 22.0 Others 16.0 2.1 3.8 3.8 1.2 3.9 Audio
Slide 21: Appendix
Appendix manage YAMAHA
Slide 22: 1Q Other Income and Expenses (Three Months)
1Q Other Income and Expenses (Three Months) (billions of yen) FY2019.3 1Q FY2020.3 1Q Core Operating Profit 12.4 10.8 Profit from (loss on) disposal of fixed assets 0 0 Other Income and Expenses Others -0.3 0.3 Total -0.3 0.3 Operating Profit 12.1 11.1 Financial Dividends income 0.3 0.3 Income and O
Slide 23: Full Year Projections of Other Income and Expenses
*Full year projections remain Full Year Projections of Other Income and Expenses unchanged from the previous announcement on May 9, 2019 (billions of yen) FY2019.3 FY2020.3 Full year Full year (projections) Core Operating Profit 52.7 55.0 Profit from (loss on) disposal of fixed assets -0.3 -0.1 Othe
Slide 24: 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