Yamaha Corporation · TSE:7951
Yamaha — Q3 FY2012.3 Earnings Presentation
32 slides from Yamaha's earnings presentation, Feb 3, 2012
Slide 1: Analyst and Investor Briefing on the Third Quarter of FY2012.3
Analyst and Investor Briefing on the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2012.3) February 3, 2012
Slide 2: Overview of Performance in the Third Quarter
Overview of Performance in the Third Quarter 3Q External Environment ■Instability in the global economy and an increasingly uncertain outlook ・Gradual recovery in US economy, slowdown in Europe due to fiscal problems ・Pace of growth slowing in the Chinese market ■ Yen continues at all-time high 3Q (
Slide 3: Performance in the Third Quarter of FY2012.3 (Three Months)
Performance in the Third Quarter of FY2012.3 (Three Months) Net sales and income declined year-on-year and against previous projections (Billions of yen) FY2011.3 FY2012.3 Change from Previous (3Q) (3Q) projections Change from same period of (Dec. 19, 2011) projections results results previous year
Slide 4: Performance by Business Segment in the Third Quarter of FY2012.3
Performance by Business Segment in the Third Quarter of FY2012.3 (Three Months) Net Sales Operating Income (Billions of yen) (Billions of yen) 101.1 101.4 (-7.0%) 94.0 (-7.3%) Others 5.9 5.9 Electronic (+1.5) (+1.6) 5.2 6.0 4.4 devices (-27.2) 3.8 (-13.7) 18.5 7.1 6.2 AV/IT 19.1 . Electronic (-10.6)
Slide 5: Performance in the First Three Quarters of FY2012.3
Performance in the First Three Quarters of FY2012.3 Net sales and income declined year-on-year and against previous projections (Billions of yen) FY2011.3 FY2012.3 Change from Previous (1-3Q) projections for Change from (1-3Q) same period of FY2012.3 results projections results previous year (1-3Q)
Slide 6: Performance by Business Segment in the First Three Quarters of FY2012.3
Performance by Business Segment in the First Three Quarters of FY2012.3 Net Sales Operating Income (Billions of yen) (Billions of yen) 285.4 (-5.2%) 270.6 (-2.6%) 278.0 Others 19.5 (-12.6) 17.0 17.1 (+0.4) Electronic 15.5 11.9 12.5 devices (-22.9) (-4.5) 16.3 44.5 (-5.4) 42.1 (-3.1) 43.5 AV/IT Elect
Slide 7: FY2012.3 1-3Q Operating Income Analysis
FY2012.3 1-3Q Operating Income Analysis Versus same period of the previous year (Billions of yen) -¥1.9 Impact of Material cost exchange increases Change in rates inventory -¥1.3 valuation -¥0.4 method -¥0.6 Decrease in Restructuring Decrease actual SG&A cost increases 16.3 in actual expenses sales
Slide 8: Business Environment in the Fourth Quarter and Full Year Performance Forecast
Business Environment in the Fourth Quarter of FY2012.3 and Full Year Performance Forecast Business Environment in the Fourth Quarter ■ Continuing instability centered on the European market ■ Ongoing strong yen Full Year Performance Forecast ■Full year projections for sales and income have been revi
Slide 9: Forecast for Business Performance in the Fourth Quarter of FY2012.3
Forecast for Business Performance in the Fourth Quarter of FY2012.3 Fourth quarter sales are projected to decline year-on-year. Sales and income are projected to be lower than previous projections. (Billions of yen) FY2011.3 FY2012.3 Change from Previous projections Change from (4Q) (4Q) same perio
Slide 10: Forecast for Performance by Business Segment in the Fourth Quarter
Forecast for Performance by Business Segment in the Fourth Quarter of FY2012.3 Net Sales Operating Income (Billions of yen) (Billions of yen) 88.4 (-5.7%) 83.4 (-8.4%) 91.0 Others 5.6 (-12.1) 5.5 Electronic 4.9 (-10.9) 7.5 devices 5.1 (-10.4) 4.6 (-38.7) 12.5 11.0 AV/IT (-16.7) 10.4 (-5.5) 0 -3.5 Ot
Slide 11: Forecast for Performance in FY2012.3 (Full Year)
Forecast for Performance in FY2012.3 (Full Year) Estimated 4Q exchange rates: US$=¥75, EUR=¥105 Full year sales projection revised downward. Operating income projection revised downward by ¥5 billion. (Billions of yen) FY2012.3 FY2012.3 FY2012.3 FY2012.3 full (previous Change from Change from FY20
Slide 12: FY2012.3 Full Year Forecast for Performance by Business Segment
FY2012.3 Full Year Forecast for Performance by Business Segment Net Sales (Billions of yen) Operating Income Others 373.9 (-5.3%) 354.0 (-4.1%) 369.0 (Billions of yen) Electronic 25.1 22.5 devices 20.6 (-12.4) 22.0 (-2.2) 20.0 (-19.9) 16.5 (-17.5) 12.5 AV/IT 57.0 (-7.9) 52.5 (-3.7) 54.5 13.2 Electro
Slide 13: Impact of Japanese Earthquake and Thai Floods
Impact of Japanese Earthquake and Thai Floods Initial Phase 2 Previous Impact of earthquake projections projections projections (May 9, 2011) (Aug.1, 2011) (Nov. 1, 2011) Component procurement Net sales -¥9.2 billion -¥6.4 billion -¥4.9 billion difficulties (mainly affecting digital Operating musica
Slide 14: FY2012.3 Full Year Operating Income Analysis
FY2012.3 Full Year Operating Income Analysis Versus same period of the previous year (Billions of yen) Material cost -¥2.7 increases Change in Impact of -¥1.7 inventory Decrease in valuation exchange method actual SG&A 13.2 rates -¥0.6 Decrease in expenses -¥0.9 actual sales Restructuring ¥3.2 -¥4.1
Slide 15: Musical Instruments
Musical Instruments 3Q Overview Full Year Overview and 4Q Priorities •Sales and income declined year-on-year and against previous •Full year sales and income are expected to be lower than projections. previous projections. •Discounting the impact of exchange rates, actual sales decreased •Steadily d
Slide 16: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region (Billions of yen) Figures in parentheses North America Europe show actual year-on-year changes, discounting the impact of exchange rates 41.6 48.5 45.3 (-3%) 37.5 (-1%) Japan 9.9 9.3 (+3%) 10.3 8.9 (-7%) 121.8 10.3 9.1 15.5 13.7 (-6%) 117.9 (-3%) (-6%) 11.3 (-3%)
Slide 17: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region Musical Instrument Sales by Region Electones are selling well after shipments restarted in 3Q following supply disruptions caused by the earthquake. Sales of wind instruments were on a par with the previous year, while sales of guitars increased. The crucial pian
Slide 18: Musical Instruments: Sales by Product Category
Musical Instruments: Sales by Product Category Japan: Overall conditions were Pianos challenging in 3Q, and 1-3Q results were (Billions of yen) down. Electone 39.3 40.1 (+6%) North America: Slight improvement in 3Q, Figures in parentheses show actual year-on-year changes, but 1-3Q results did not re
Slide 19: AV/IT
AV/IT 3Q Overview Full Year Overview and 4Q Priorities •Sales and income declined year-on-year. Sales •Sales are expected to be down year-on-year and were lower than previous projections, but income against previous projections, but income is forecast was higher. to exceed previous projections. •Dis
Slide 20: Electronic Devices
Electronic Devices 3Q Overview Full Year Overview and 4Q Priorities •Sales and income were down year-on-year and •Sales and income projections revised downward. against previous projections. •Reinforce sales targeted at smart phone and home •Sales of most products were down year-on-year and applianc
Slide 21: Others
Others 3Q Overview Full Year Overview and 4Q Priorities •Sales were on a par with the same period of the •Sales and income projections revised downward. previous year and income declined. •Continue to steadily supply automobile interior •Sales of automobile interior wood components wood components a
Slide 22: Capital Expenditure/Depreciation/R&D Expenses
Capital Expenditure/Depreciation/R&D Expenses Capital Expenditure (Depreciation) (Billions of yen) 1-3Q Full year 13.0 14.0 (9.4) 7.7 (8.7) (12.8) (12.0) (12.3) 7.4 Others 10.4 1.6 0.4 1.5 1.1 0.2 0.5 0.8 2.0 0.80.6 0.6 Electronic devices 1.3 0.8 1.0 0.9 AV/IT Musical 5.8 5.8 8.0 9.4 9.4 instruments
Slide 23: Inventories
Inventories Inventories at the end of December were ¥3.9 billion higher than the same period of the previous year. Discounting the impact of exchange rates (-¥2.6 billion), actual inventories were up ¥6.5 billion. Discounting the impact of exchange rates, actual inventories were ¥5.1 billion highe
Slide 24: Balance Sheet Summary
Balance Sheet Summary (Billions of yen) As of end of 3Q Full year projections As of Dec. 31, As of Dec. 31, As of Mar. 31, As of Mar. 31, Change Change 2010 2011 2011 2012 Cash and deposits* 49.6 53.2 3.6 58.7 56.1 -2.6 Notes and accounts receivable 54.8 51.2 -3.6 45.1 39.8 -5.3 Inventories 71.4 75.
Slide 25: Appendix
Appendix
Slide 26: Third Quarter Non-Operating Income/Loss & Extraordinary Income/Loss
Third Quarter Non-Operating Income/Loss & Extraordinary Income/Loss FY2011.3 (3Q) FY2012.3 (3Q) FY2012.3 (3Q) results results previous projections (Billions of yen) Non-operating income/loss Net financial income 0.1 0.2 0.1 Other -1.2 -0.7 -1.1 Total -1.1 -0.5 -1.0 Extraordinary income/loss Income f
Slide 27: Full Year Non-Operating Income/Loss & Extraordinary Income/Loss
Full Year Non-Operating Income/Loss & Extraordinary Income/Loss FY2011.3 results FY2012.3 FY2012.3 new projections previous projections (Billions of yen) Non-operating income/loss Net financial income 0.7 1.4 0.8 Other -2.9 -2.9 -2.8 Total -2.2 -1.5 -2.0 •Revaluation loss on investment securities -1
Slide 28: 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: ¥263.0 billion Operating income: ¥5.1 billion Operating income: ¥8.6 billion Operating income: ¥7.5 billion (Billions of yen) 68.4 71.3 71.4 70.8 68.4 65.2 66.6 65.3 66.6 65.7 67.1 63.5 Ot
Slide 29: 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: ¥52.5 billion Operating income: ¥1.4 billion Operating income: ¥2.5 billion Operating income: ¥2.5 billion (Billions of yen) 19.1 17.4 17.1 13.3 12.5 12.0 13.4 12.5 12.4 12.7 11.2 10.4 2.0 2.3 1.9 1.3 0.5
Slide 30: 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: ¥16.5 billion Operating income: - ¥ 0.6 billion Operating income: ¥0.5 billion Operating income: - ¥3.0 billion (Billions of yen) 5.3 5.1 5.1 5.2 5.1 4.7 5.0 4.8 4.6 4.4 3.8 3.8 0.6 0.5 0.4 0
Slide 31: Others: Sales and Income by Quarter
Others: Sales and Income by Quarter Net sales: ¥27.5 billion Net sales: ¥25.1 billion Net sales: ¥22.0 billion Operating income: ¥0.5 billion Operating income: ¥1.5 billion Operating income: ¥0.5 billion (Billions of yen) 8.4 1.3 6.5 7.1 6.3 6.2 6.5 1.5 5.9 5.9 6.0 0.9 1.6 5.6 1.6 1.5 1.2 0.9 5.1 1.
Slide 32: Forward-looking forecasts 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