Yamaha Corporation · TSE:7951
Yamaha — Q3 FY2013.3 Earnings Presentation
36 slides from Yamaha's earnings presentation, Feb 7, 2013
Slide 1: Analyst and Investor Briefing on the Third Quarter of FY2013.3
Yamaha Corporation Analyst and Investor Briefing on the Third Quarter of the Fiscal Year Ending March 31, 2013 (FY2013.3) February 7, 2013
Slide 2: Overview of Performance in the Third Quarter (Three Months)
Overview of Performance in the Third Quarter (Three Months) 3Q 3Q (Oct-Dec) (Oct-Dec) Results Results ■ Although sales increased year-on-year, they were much lower than previous projections. ■ This was chiefly due to lower-than-expected musical instrument sales during the year-end period of high dem
Slide 3: Performance in the Third Quarter of FY2013.3 (Three Months)
Performance in the Third Quarter of FY2013.3 (Three Months) Net sales rose year-on-year, but operating and ordinary income declined. Sales and income were both lower than previous projections. (Billions of yen) FY2012.3 FY2013.3 Change from Previous Change from (3Q) (3Q) same period of projections
Slide 4: Performance by Business Segment in the Third Quarter of FY2013.3
Performance by Business Segment in the Third Quarter of FY2013.3 (Three Months) (Billions of yen) Figures in parentheses represent changes from the previous Net Sales Operating Income year or from previous projections 94.0 (+3.3%) 97.1 (-4.5%) 101.7 (-5.0) 5.7 (-6.7) 6.1 Others Electronic 6.0 3.5 4.
Slide 5: Musical Instruments: 3Q Overview
Musical Instruments: 3Q Overview (Billions of yen) Net Net Sales Sales 70.2 73.2 67.1 3Q Overview (three months) Music 21.2 22.2 schools, etc. 20.4 Sales were well below previous projections. Yamaha musical 49.0 51.0 Projected vs. actual growth rates by market instruments 46.7 on local currency bas
Slide 6: AV/IT: 3Q Overview
AV/IT: 3Q Overview (Billions of yen) Net Net Sales Sales 17.1 17.8 18.3 1.4 1.8 Routers, etc. 1.7 3Q Overview (three months) Sales of AV products remained AV products 15.4 16.4 16.5 robust in the North American Karaoke market. Online karaoke equipment also recorded strong sales. FY2012.3 FY2013.3
Slide 7: Electronic Devices: 3Q Overview
Electronic Devices: 3Q Overview (Billions of yen) Net Net Sales Sales 3Q Overview (three months) Manufacturing subsidiary in Japan was 4.1 streamlined through measures including 3.8 3.5 voluntary resignations. The rally in sales of graphics and sound FY2012.3 FY2013.3 FY2013.3 controllers for amus
Slide 8: Others: 3Q Overview
Others: 3Q Overview (Billions of yen) Net Net Sales Sales 6.0 5.7 6.1 3Q Overview (three months) Factory automation equipment, etc.0.9 1.0 1.4 Sales of automobile interior wood Recreation 1.1 components were generally on 1.4 1.4 Golf products 2.0 target. 1.2 1.1 Automobile interior 2.1 2.2 Golf sa
Slide 9: Performance in the First Three Quarters of FY2013.3
Performance in the First Three Quarters of FY2013.3 Net sales rose year-on-year, but operating income declined. Sales and income were both lower than previous projections. (Billions of yen) FY2012.3 FY2013.3 Change from Previous Change from projections for (1-3Q) (1-3Q) same period of FY2013.3 prev
Slide 10: Performance by Business Segment in the First Three Quarters of FY2013.3
Performance by Business Segment in the First Three Quarters of FY2013.3 (Billions of yen) Figures in parentheses represent changes from the previous Net Sales Operating Income year or from previous projections 270.6 (+1.2%) 273.9 (-1.6%) 278.5 12.0 Others 17.1 18.1 (-2.2) 18.5 11.0 10.4 Others Elect
Slide 11: FY2013.3 1-3Q Operating Income Analysis
FY2013.3 1-3Q Operating Income Analysis (Billions of yen) Versus Versus same same period period of of the the previous previous year year Effects of Increased structural actual sales Raw reform (Saitama ¥0.9 material integration) cost ¥0.7 decreases Impact of Price ¥0.2 11.0 exchange Increase in Ret
Slide 12: Outlook for Fourth Quarter and Full Year
Outlook for Fourth Quarter and Full Year Key Key Points Points ■ Musical instrument sales projections revised downward for all markets. ■ Deterioration in manufacturing profitability due to further production adjustments. ■ 4Q exchange rates revised. ■ Recent depreciation of yen will have limited im
Slide 13: Forecast for Business Performance in the Fourth Quarter of FY2013.3
Forecast for Business Performance in the Fourth Quarter of FY2013.3 (Three Months) Sales are expected to increase year-on-year and exceed previous projections, but operating income is anticipated to decline year-on-year and be lower than previous projections. (Billions of yen) FY2012.3 FY2013.3 Cha
Slide 14: Forecast for Performance by Business Segment in the 4Q of FY2013.3
Forecast for Performance by Business Segment in the 4Q of FY2013.3 (Three Months) (Billions of yen) Figures in parentheses represent changes from the previous year Net Sales Operating Income or from previous projections 91.1 (+2.3%) 89.0 86.0 (+5.9%) (-9.0) 5.9 Others Electronic 5.0 (+17.0) 4.2 (-17
Slide 15: Forecast for Performance in FY2013.3 (Full Year)
Forecast for Performance in FY2013.3 (Full Year) Full year projections revised downward for sales and sharply downward for income (Billions of yen) FY2013.3 Previous Change Change FY2013.3 FY2013.3 projections FY2012.3 Full year from from (1-3Q) (4Q) (new for full year FY2013.3 results previous pre
Slide 16: FY2013.3 Full Year Forecast for Performance by Business Segment
FY2013.3 Full Year Forecast for Performance by Business Segment (Billions of yen) Figures in parentheses represent changes from the previous Net Sales Operating Income year or from previous projections (+2.4%) 365.0 (-0.7%) 367.5 356.6 Others 22.1 (+8.5) 24.0 (-4.0) 25.0 11.0 Electronic 16.2 (-4.5)
Slide 17: FY2013.3 Full Year Operating Income Analysis
FY2013.3 Full Year Operating Income Analysis (Billions of yen) Versus Versus same same period period of of the the previous previous year year Price rises/newly consolidated Increase in Effects of subsidiaries Decrease in structural actual ¥2.9 actual reform (Saitama Impact of SG&A production Raw Re
Slide 18: Musical Instruments: Full Year Projections
Musical Instruments: Full Year Projections (Billions of yen) Net Net Sales Sales Full Year Projections 265.1 270.5 270.5 Although sales are expected to Music 87.1 88.2 increase year-on-year and match schools, etc. 87.4 previous projections, actual sales (discounting the impact of Yamaha musical exc
Slide 19: Musical Instrument: Sales by Region
Musical Instrument: Sales by Region (Billions of yen) Figures in parentheses show actual year-on-year changes, North America Europe discounting the impact of exchange rates 45.4 44.7 (+3%) 40.7 (+3%) 37.9 Japan 9.7 11.3 (+7%) 9.0 10.1 (+2%) 13.7 14.0 (+4%) 9.1 10.3 (+8%) 118.5 116.6 (-2%) 10.3 (+3%)
Slide 20: Musical Instruments: Sales by Product Category
Musical Instruments: Sales by Product Category (Billions of yen) Piano Digital Musical Instruments Figures in parentheses show (+5%) 59.2 61.8 actual year-on-year changes, 40.8 (±0%) discounting the impact of 40.3 14.4 (-6%) exchange rates 14.4 4Q 9.3 10.5 (+6%) (+9%) 17.1 19.0 3Q 10.2 10.2 (-2%) 1～
Slide 21: AV/IT: Full Year Projections
AV/IT: Full Year Projections (Billions of yen) Net Net Sales Sales 53.2 55.0 55.0 Full Year Projections 6.6 7.2 Routers, etc. 6.4 AV products sales are expected to be in line with previous AV products projections. Karaoke 46.8 48.4 47.8 Although robust sales of karaoke equipment are anticipated, r
Slide 22: Electronic Devices: Full Year Projections
Electronic Devices: Full Year Projections (Billions of yen) Net Net Sales Sales Full Year Projections Sales are expected to be below 16.2 15.5 17.0 previous projections. Fiercer competition in the amusement market. FY2012.3 FY2013.3 FY2013.3 full year full year full year Lack of growth in new cus
Slide 23: Others: Full Year Projections
Others: Full Year Projections (Billions of yen) Net Net Sales Sales Full Year Projections 24.0 25.0 Sales will be lower than 22.1 previously projected. Factory automation 5.4 6.3 equipment, etc. 4.2 Sales of automobile interior 5.3 5.5 Recreation 5.0 wood components and golf products are expected
Slide 24: Capital Expenditure/Depreciation/R&D Expenses
Capital Expenditure/Depreciation/R&D Expenses (Billions of yen) Capital Expenditure (Depreciation) 15.3 14.0 11.3 (12.0) 0.8 1.4 (11.8) 8.7 (8.3) 1.5 (11.5) 2.0 7.7 (8.7) 1.3 2.3 3.2 0.7 Others 0.6 0.4 0.40.7 1.1 Electronic devices 1.4 AV/IT 0.8 Musical 8.3 9.4 8.7 instruments 5.8 6.1 FY2012.3 FY201
Slide 25: Inventories
Inventories Inventories at the end of December were ¥8.2 billion higher than the same period of the previous year, including the impact of exchange rates (+¥6.3 billion). Inventories at fiscal year-end are projected to be ¥77.1 billion. The impact of exchange rates is +¥1.9 billion year-on-year an
Slide 26: Balance Sheet Summary
Balance Sheet Summary (Billions of yen) As of end of 3Q As of fiscal year end As of Dec. 31, As of Dec. 31, As of Mar. 31, As of Mar. 31, Change Change 2011 2012 2012 2013 projections Cash and deposits* 53.2 50.0 -3.2 56.6 49.4 -7.2 Notes and accounts receivable 51.2 57.1 5.9 44.5 48.0 3.5 Inventori
Slide 27: Appendix
Appendix
Slide 28: Third Quarter Non-Operating Income/Loss & Extraordinary Income/Loss
Third Quarter Non-Operating Income/Loss & Extraordinary Income/Loss (Three Months) (Billions of yen) FY2012.3 (3Q) FY2013.3 (3Q) FY2013.3 (3Q) results results previous projections Non-operating income/loss Net financial income 0.2 0.1 0.1 Other -0.7 -0.2 -0.9 Total -0.5 -0.1 -0.8 Extraordinary incom
Slide 29: Full Year Non-Operating Income/Loss & Extraordinary Income/Loss
Full Year Non-Operating Income/Loss & Extraordinary Income/Loss (Billions of yen) FY2013.3 FY2013.3 FY2012.3 results new projections previous projections Non-operating income/loss Net financial income 1.3 0.9 0.8 Other -2.1 -1.9 -2.8 Total -0.8 -1.0 -2.0 Extraordinary income/loss Income from (loss o
Slide 30: Musical Instruments: 3Q Sales by Region
Musical Instruments: 3Q Sales by Region Musical Instrument Sales by Region (three months) There is still no market recovery, with all product categories recording weak actual sales during the year-end period. Sales of grand and hybrid pianos were relatively robust, but upright pianos lagged and over
Slide 31: Musical Instruments: Sales and Income by Quarter
Musical Instruments: Sales and Income by Quarter (Billions of yen) Net sales: ¥271.1 billion Net sales: ¥265.1 billion Net sales: ¥270.5 billion Operating income: ¥8.6 billion Operating income: ¥7.7 billion Operating income: ¥6.5 billion 70.8 70.2 66.6 68.4 65.3 66.6 65.7 67.1 65.6 67.3 64.5 68.5 Ot
Slide 32: AV/IT: Sales and Income by Quarter
AV/IT: Sales and Income by Quarter (Billions of yen) Net sales: ¥57.0 billion Net sales: ¥53.2 billion Net sales: ¥55.0 billion Operating income: ¥2.5 billion Operating income: ¥2.9 billion Operating income: ¥2.5 billion 19.1 17.8 17.1 12.0 13.4 12.5 12.4 12.7 12.0 12.7 12.5 11.1 Operating 2.3 1.9 i
Slide 33: Electronic Devices: Sales and Income by Quarter
Electronic Devices: Sales and Income by Quarter (Billions of yen) Net sales: ¥20.6 billion Net sales: ¥16.2 billion Net sales: ¥15.5 billion Operating income: ¥0.5 billion Operating loss: -¥2.9 billion Operating loss: -¥2.5 billion 5.1 5.1 5.2 5.1 4.4 4.3 4.0 4.2 3.8 3.8 3.9 3.5 Operating income/ lo
Slide 34: Others: Sales and Income by Quarter
Others: Sales and Income by Quarter (Billions of yen) Net sales: ¥25.1 billion Net sales: ¥22.1 billion Net sales: ¥24.0 billion Operating income: ¥1.5 billion Operating income: ¥0.4 billion Operating income: ¥0.5 billion 7.1 6.5 6.8 5.9 5.6 5.9 6.0 5.9 1.5 1.3 5.6 5.7 1.6 5.1 5.0 1.2 0.9 1.6 1.1 1.
Slide 35: Forward-looking forecasts caution
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
Slide 36: Yamaha Years of Passion & Performance
YAMAHA 125 VEARS OF PASSION & PERFORMANCE