Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2022.3 Earnings Presentation
24 slides from Yamaha's earnings presentation, Aug 5, 2021
Slide 1: Analyst and Investor Briefing on First Quarter of FY2022.3
Analyst and Investor Briefing on First Quarter of FY2022.3 (Fiscal year ending March 31, 2022) August 5, 2021 Yamaha Corporation
Slide 2: FY2022.3 1Q Highlights
FY2022.3 1Q Highlights Overview FY2022.3 1Q Achievements (Three Months) • Despite disrupted logistics and supply shortages, etc., revenue and profit both increased, underpinned by firm demand. • Net profit moved into positive territory to a profit of ¥13.4 billion yen, recovering from the loss recor
Slide 3: 1. Performance Summary
~ 11. Performance Summary YAMAHA
Slide 4: FY2022.3 1Q (Three Months) Summary
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook FY2022.3 1Q (Three Months) Summary (billions of yen) FY2021.3 1Q FY2022.3 1Q Change (YoY) *2 Revenue 71.8 102.5 +30.7 +42.7% Core Operating 13.4 1.1 Profit +12.2 +1,077.0% (Core Operating Profit Ratio) (1.6%) (13.1%) *1 Net Profit -1.
Slide 5: Core Operating Profit Analysis
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Increase in sales and production and *1 model mix, etc. SG&A IMC business and others 13.4 -2.4 Cost reduction 2.0 -0.4 11.4 Labor cost Impact of at overseas exchang
Slide 6: Performance by Business Segment
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2021.3 1Q FY2022.3 1Q Change rate impact Revenue 46.6 68.6 +21.9 3.9 Musical Core Operating Profit 2.5 10.4 +7.9 1.5 Instruments Core Operating Profit Ratio 5.4% 15.1% +9.8P
Slide 7: FY2022.3 Outlook
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook FY2022.3 Outlook *Full year projections remain unchanged from the previous announcement on May 10, 2021. (billions of yen) FY2021.3 FY2022.3 Full year Change Full year (projections) *2 Revenue 372.6 400.0 27.4 7.3% Core Operating Prof
Slide 8: Core Operating Profit Analysis
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook Core Operating Profit Analysis *Full year projections remain unchanged from the previous announcement on May 10, 2021. Versus previous year (billions of yen) Increase in sales and production and model mix, etc. SG&A *1 IMC business -8
Slide 9: Outlook by Business Segment
FY2022.3 1Q Performance FY2022.3 (three months) Full Year Outlook Outlook by Business Segment *Full year projections remain unchanged from the previous announcement on May 10, 2021. (billions of yen) FY2021.3 FY2022.3 Exchange Full year Change Full Year rate impact (projections) Revenue 239.0 258.0
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 Three months: Double-digit revenue growth in all product categories • Although supply shortages continued, sales for pianos, digital musical instruments, and guitars were higher than in FY2020.3, be
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 (110%) 92.1 (93%) 92.4 84.7 19.0 (116%) 22.3 (98%) (105%) 53.0 54.1 28.7 51
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) 68.9 (107%) (80%) 16.0 59.1 57.5 (109%) 4Q (109%) (108%) 55.1 (87%) (108%) 52.8 (91%) 51.4 49.7 50.8 (109%) (96%) 13.4 48.7 48.2 48.9 46.1 44.3 (87%) 3Q 15.3 (188%) 43.9 15.4 (101%) 13.2 9.9 (109%) 11.5 1
Slide 14: Segment Revenue and Core Operating Profit: Audio Equipment
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Three months: AV product sales declined, but PA equipment market is on a recovery trend. • AV products: Sales decreased due to semiconductor shortages. (billions of yen) • PA equipment: Rebound of l
Slide 15: 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%) (101%) (109%) 40.9 10.3 (7
Slide 16: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (109%) (98%) 34.0 33.2 31.3 (106%) 30.3 (86%) (101%) 28.6 11.5 26.5 (106%) 26.7 (88%) 6.1 4Q 11.4 23.8 (96%) 5.6 22.7 6.3 (101%) (115%) 5.5 9.1 18.8 (117%) 7.8 (93%) 8.0 4.2 (74%) 15.5 3Q 6.8 8.7 (92%) 13
Slide 17: Segment Revenue and Core Operating Profit: IMC Business and Others
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Three months: • Sales of electronic devices, automobile interior wood components, and Revenue (billions of yen) factory automation equipment all increased due to recovery in market 40 conditions FY2
Slide 18: 3. Other Financial Figures
~- 3. Other Financial Figures YAMAHA
Slide 19: Balance Sheet Summary
Performance Other Segment Overview Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of June As of March Change 31, 2022 31, 2021 30, 2021 (projections) Cash and cash equivalents 129.3 141.1 11.8 148.4 Trade and other receivables 57.3 54.5 -2.9 60.7 Other financial ass
Slide 20: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense Capital Expenditure/Depreciation (billions of yen) ■Others 18.2 3.1 ■Audio Equipment 2.3 11.3 1.3 0.2 4.1 0.6 0.1 0.6 ■Musical Instruments 0.5 2.6 2.3 2.8 2.9 11.4 12.8 13.0 ■Depreciation 1.8 8
Slide 21: Appendix
Appendix manage YAMAHA
Slide 22: 1Q Other Income and Expenses
1Q Other Income and Expenses (billions of yen) FY2021.3 1Q FY2022.3 1Q Core Operating Profit 1.1 13.4 Profit from (loss on) disposal of fixed assets 0 4.7 Other Income and Expenses Others -2.7 0.2 Total -2.6 4.9 Operating Profit -1.5 18.3 Dividends income 0.3 0.3 Financial Income and Expenses Others
Slide 23: Full Year Other Income and Expenses
Full Year Other Income and Expenses *Full year projections remain unchanged from the previous announcement on May 10, 2021. (billions of yen) FY2021.3 FY2022.3 Full year Full year ( projections) Core Operating Profit 40.7 47.0 Profit from (loss on) disposal of fixed assets -0.1 4.7 Other Income and
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