Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2023.3 Earnings Presentation
27 slides from Yamaha's earnings presentation, Aug 4, 2022
Slide 1: Analyst and Investor Briefing on First Quarter of FY2023.3
Analyst and Investor Briefing on First Quarter of FY2023.3 (Fiscal year ending March 31, 2023) August 4, 2022 Yamaha Corporation
Slide 2: FY2023.3 1Q Highlights
FY2023.3 1Q Highlights Overview Performance in FY2023.3 1Q • Although lockdowns in China and semiconductor procurement difficulties had negative effects, revenue increased due to the impact of exchange rates. • Cost increases were more than offset by price optimization, the core operating profit dec
Slide 3: 1. Performance Summary
~ 11. Performance Summary YAMAHA
Slide 4: FY2023.3 1Q (Three Months) Summary
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook FY2023.3 1Q (Three Months) Summary (billions of yen) FY2022.3 1Q FY2023.3 1Q Change (YoY) *2 Revenue 102.5 105.9 +3.4 +3.3% Core Operating 13.4 11.0 Profit -2.4 -18.0% (Core Operating Profit Ratio) (13.1%) (10.4%) *1 Net Profit 13.4 8
Slide 5: Core Operating Profit Analysis
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Labor cost at Impact of overseas exchange rates factories Ocean Cost increase freight 1.1 -0.2 -0.9 charges -1.5 SG&A -0.9 13.4 11.0 FY2022.3 1Q FY2023.3 1Q 4
Slide 6: Performance by Business Segment
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2022.3 1Q FY2023.3 1Q Change rate impact Revenue 68.6 73.4 4.8 7.0 Musical Core Operating Profit 10.4 9.6 -0.8 1.3 Instruments Core Operating Profit Ratio 15.1% 13.0% -2.1p
Slide 7: FY2023.3 Outlook
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook FY2023.3 Outlook (billions of yen) FY2022.3 FY2023.3 Full year Change Full year (projections) *2 Revenue 408.2 460.0 51.8 12.7% Core Operating Profit 43.0 50.0 7.0 16.2% (Core Operating Profit Ratio) (10.5%) (10.9%) *1 Net Profit 37.3
Slide 8: Core Operating Profit Analysis
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook Core Operating Profit Analysis 前期との比較 Versus previous year (billions of yen) Impact of -3.9 50.0 exchange rates Cost increase -0.4 SG&A 43.0 -1.0 Ocean freight 14.1 *1 4.3 Labor cost at -4.1 charges IMC business overseas and others fa
Slide 9: Outlook by Business Segment
FY2023.3 1Q Performance FY2023.3 (three months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2022.3 FY2023.3 Exchange Full year Change Full Year rate impact (projections) Revenue 276.2 315.0 38.8 22.2 Musical Core Operating Profit 37.3 43.0 5.7 5.1 Instruments Core Operating Pro
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: Sharp decline due to impact of lockdowns in China • Sales of pianos and digital musical instruments decreased due to the impact of lockdowns in China. Guitar sales decreased despite do
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 (106%) 110.7 (107%) 96.1 (100%) 84.7 (110%) 26.1 69.3 (114%) 22.3 64.1 (118
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (115%) 77.9 (105%) (101%) (116%) (106%) 65.7 (106%) (105%) 60.4 58.3 59.1 (110%) 58.6 56.8 (103%) 55.1 53.3 53.6 (97%) (126%) (98%) (108%) 14.9 48.7 18.1 48.2 12.7 47.3 4Q 15.3 46.1 (118%) 13.9 11.5 41.0
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: Sales declined as impact of semiconductor procurement difficulties continued • AV and PA: Sales decreased as supply shortages continued due to semiconductor (billions of yen) procureme
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) (106%) 46.8 (106%) 41.2 39.1 (77%) (9
Slide 16: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) 34.0 (106%) (84%) 30.4 28.7 (99%) (90%) 11.5 26.7 (101%) 25.4 26.2 4Q (78%) (87%) 23.8 8.9 22.7 6.3 (97%) 21.0 6.2 5.5 (100%) (96%) 7.8 (78%) 6.0 (64%) (104%) 6.1 16.0 3Q 8.7 5.8 14.9 (69%) 13.4 (80%) 7.1
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 factory automation equipment all declined due to reduced production by (billions of yen) corporate customers. 40
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, 2023 31, 2022 30, 2022 (projections) Cash and cash equivalents 172.5 149.6 -22.9 163.0 Trade and other receivables 60.0 62.5 2.5 69.0 Other financial ass
Slide 20: Capital Expenditure/Depreciation and R&D Expenses
Performance Other Segment Overview Summary Financial Figures Capital Expenditure/Depreciation and R&D Expenses Capital Expenditure/Depreciation (billions of yen) 25.6 ■Others 1.9 14.8 5.1 ■Audio Equipment 2.3 2.3 0.7 0.1 0.1 ■Musical Instruments 0.3 2.6 0.5 18.7 2.9 3.2 1.9 11.6 12.1 13.2 ■Depreciat
Slide 21: 4. ESG
YAMAHA
Slide 22: ESG topics
Performance Other Segment Overview ESG Summary Financial Figures ESG topics Culture Promotion and development of Inclusion in ESG indices music culture A project to introduce instrumental music education in Yamaha has been selected for inclusion in all Egypt and Brazil was certified as a 2022 EDU-Po
Slide 23: Governance: Compensation for an Officer
Performance Other Segment Overview ESG Summary Financial Figures Governance: Compensation for an Officer Revision of assessment indicators for compensation of directors and officers* For restricted stock compensation, non-financial targets focused on sustainability and corporate value targets have b
Slide 24: Appendix
Appendix manage YAMAHA
Slide 25: 1Q Other Income and Expenses
1Q Other Income and Expenses （billions of yen ） FY2022.3 1Q FY2023.3 1Q Core Operating Profit 13.4 11.0 Profit from (loss on) disposal of fixed assets 4.7 -0 Other Income and Expenses Others 0.2 0.1 Total 4.9 0.1 Operating Profit 18.3 11.1 Dividends income 0.3 0.3 Financial Income and Expenses Other
Slide 26: Full Year Other Income and Expense
Full Year Other Income and Expense （billions of yen ） FY2022.3 FY2023.3 Full year Full year ( projections) Core Operating Profit 43.0 50.0 Profit from (loss on) disposal of fixed assets 4.6 -0 Other Income and Expenses Others 1.7 0 Total 6.3 0 Operating Profit 49.3 50.0 Dividends income 3.4 2.4 Fina
Slide 27: 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