Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2011.3 Earnings Presentation
24 slides from Yamaha's earnings presentation, Aug 2, 2010
Slide 1: Analyst and Investor Briefing on the First Quarter of FY2011.3
Analyst and Investor Briefing on the First Quarter of the Fiscal Year Ending March 31, 2011 (FY2011.3) August 2, 2010 YAMAHA CORPORATION
Slide 2: Overview of Performance in the First Quarter
Overview of Performance in the First Quarter ■First quarter sales declined year-on-year, but operating income increased. Sales were broadly in line with previous projections (made on April 28), but operating income exceeded projections, resulting in net income of ¥2.2 billion. Year-on-year ・Net sale
Slide 3: Performance in the First Quarter
Performance in the First Quarter Sales declined year-on-year, but operating income increased. Operating income was higher than previous projections. Billions of yen FY2010.3 FY2011.3 Change from Previous Change from (1Q) (1Q) same period of projections previous results Results the previous year (Ap
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 Others 99.4 (-8.6%) (-0.0%) Lifestyle- 6.4 90.9 91.0 5.2 related (+11.7) products 8.8 7.1 (+9.3) 6.5 Electronic 4.7 (+9.9) 5.1 (+2.6) 5.0 0.9 Electronic devices 11.2 (+7.3) 12.0 (+4.7) 11.
Slide 5: FY2011.3 1Q Operating Income Analysis
FY2011.3 1Q Operating Income Analysis Versus same period of the previous year Actual increase in Reduction in sales and Handover of actual SG&A production ¥5.2 lifestyle- Impact of Retirement related expenses ¥4.1 billion billion products exchange benefit business ¥0.1 billion rates obligations ¥0.2
Slide 6: Business Environment in 2-4Q and Full Year Outlook
Business Environment in 2-4Q and Full Year Outlook 2-4Q Business Environment ■Gradual upward trend in global economy ・Steady recovery in China and emerging markets. Signs that markets are bottoming out in Europe and the U.S. ■Continuing strong yen 2-4Q Overview and Priority Policies ■Focus on greate
Slide 7: Forecast for Business Performance in FY2011.3 (Full Year)
Forecast for Business Performance in FY2011.3 (Full Year) Following a review of full year forecasts, projections for net sales and operating income remain unchanged. The net income projection has been revised downward to reflect revaluation loss on stock holdings. Estimated exchange rates for 2-4Q
Slide 8: FY2011.3 Full Year Forecast for Performance by Business Segment
FY2011.3 Full Year Forecast for Performance by Business Segment Net Sales Operating Income Others 414.8 (-7.2%) Billions of yen Billions of yen Lifestyle- 27.5 385.0 (0.0%) 385.0 related (-7.1) products 36.9 25.5 (+6.3) 24.0 Electronic 19.7 (+19.0) 23.5 (+2.2) 23.0 devices AV/IT 54.4 (+6.6) 58.0 (+1
Slide 9: FY2011.3 Full Year Operating Income Analysis
FY2011.3 Full Year Operating Income Analysis Versus previous year Actual increase in Impact of Increase in lifestyle- Retirement Increase in sales and actual SG&A Effect of production Impact of related benefit overseas exchange products expenses consolidation ¥8.3 billion ¥10.0 obligations distribut
Slide 10: Musical Instruments
Musical Instruments 1Q Overview Full Year Overview and Priority Policies ・Sales declined year-on-year and were lower than previous projections, ・Sales and income were lower than previous projections due to while income rose year-on-year and exceeded previous projections. impact of exchange rates. ・D
Slide 11: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region (-6%) Figures in parentheses 34.0 31.8 1Q show actual year-on-year Billions of yen changes, discounting the impact of exchange rates Music schools, etc. (+3%) (+9%) (+4%) 10.2 11.5 11.0 10.1 9.7 10.2 (+23%) Yamaha musical 13.1 12.1 9.8 9.5 11.0 10.5 3.0 3.5 instr
Slide 12: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region Musical Instrument Sales by Region Japan Sales were below targets and previous year results amid the overall trend toward low- priced products. Consumers continue to trade down to low-priced or second-hand pianos. The company aims to turn the tide with sales prom
Slide 13: Musical Instruments: Sales by Product Category
Musical Instruments: Sales by Product Category Billions of yen Pianos Japan: Actual demand remains sluggish Electones Figures in parentheses show actual year-on-year changes, 40.3 39.3 (+1%) and grand piano sales, in particular, discounting the impact of continue to lag. exchange rates. North Americ
Slide 14: AV/IT
AV/IT 1Q Overview Full Year Overview and Priority Policies ・Sales and income rose year-on-year and against ・Downward revision of full year operating income due previous projections. to impact of exchange rates. ・Discounting the impact of exchange rates, actual ・Build AV business by launching product
Slide 15: Electronic Devices
Electronic Devices 1Q Overview Full Year Overview and Priority Policies ・Sales and income rose year-on-year and against ・Sales and income are projected to be higher than previous projections. previous projections. ・Sales of sound generators for mobile phones continued ・Boost profitability by reducin
Slide 16: Others
Others 1Q Overview Full Year Overview and Priority Policies ・Sales and income increased year-on-year and ・Sales and income are projected to be higher than against previous projections. previous projections. ・Production of automobile interior wood ・Assure profitability of automobile interior wood com
Slide 17: Capital Expenditure/Depreciation/R&D Expenses
Capital Expenditure/Depreciation/R&D Expenses Billions of yen Capital Expenditure (Depreciation) 1Q Full Year 14.5 (14.1) 13.9 (13.8) 13.9 (14.2) 0.8 0.6 0.6 0.7 1.3 1.3 1.2 2.4 2.1 2.5 (3.3) 2.1 (3.1) 11.7 Others 9.6 9.9 Electronic devices 0.2 0.1 0.6 0.4 0.1 AV/IT 1.6 1.6 Musical instruments FY201
Slide 18: Inventories
Inventories Inventories at the end of 1Q were ¥11.3 billion lower than the same quarter of the previous year (discounting the impact of exchange rates and changes in the scope of consolidated subsidiaries, actual inventories fell by ¥4.4 billion) Discounting the impact of exchange rates, actual in
Slide 19: 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 30, Change As of March Mar . 31, 2011 Change 30, 2009 2010 31, 2010 Projection Cash and deposits 36.5 50.6 14.1 59.4 56.8 -2.6 Notes and accounts receivable 52.5 45.0 -7.5 47.4 48.1 0.7 Inventories 84.3
Slide 20: Slide 20
Slide 21: Appendix
Appendix
Slide 22: First Quarter Non-Operating Income/Loss & Extraordinary Income/Loss
First Quarter Non-Operating Income/Loss & Extraordinary Income/Loss FY2010.3 (1Q) results FY2011.3 (1Q) results FY2011.3 (1Q) previous projections Non-operating income/loss Billions of yen Net financial income (loss) 0.2 0.5 0.1 Other -0.9 -0.8 -0.6 Total -0.7 -0.3 -0.5 Extraordinary income/loss Rev
Slide 23: Full Year Non-Operating Income/Loss & Extraordinary Income/Loss
Full Year Non-Operating Income/Loss & Extraordinary Income/Loss FY2010 results FY2011.3 new projections FY2011.3 previous projections Non-operating income/loss Billions of yen Net financial income (loss) 0.3 0.5 0 Other -2.2 -3.0 -2.5 Total -1.9 -2.5 -2.5 ・Handover of Yamaha Livingtec -2.2 Extraordi
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 pre