Yamaha Corporation · TSE:7951
Yamaha — Q1 FY2024.3 Earnings Presentation
28 slides from Yamaha's earnings presentation, Aug 3, 2023
Slide 1: Analyst and Investor Briefing on First Quarter of FY2024.3
Analyst and Investor Briefing on First Quarter of FY2024.3 (Fiscal year ending March 31, 2024) August 3, 2023 Yamaha Corporation
Slide 2: FY2024.3 1Q Highlights
FY2024.3 1Q Highlights Overview Performance in FY2024.3 1Q • Although demand for entry-level models continued to decline and recovery in the Chinese market was slow, revenue increased, partly due to the impact of exchange rates. • Core operating profit decreased due to deterioration in the model mix
Slide 3: 1. Performance Summary
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Slide 4: FY2024.3 1Q (Three Months) Summary
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook FY2024.3 1Q (Three Months) Summary (billions of yen) FY2023.3 1Q FY2024.3 1Q Change (YoY) *2 Revenue 105.9 106.2 +0.3 +0.3% Core Operating Profit 11.0 6.7 -4.3 -39.2% (Core Operating Profit Ratio) (10.4%) (6.3%) *1 Net Profit 8.6 6.7
Slide 5: Core Operating Profit Analysis
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Decrease in sales and production, model mix, and Impact of Energy prices and price optimization exchange rates procurement cost 11.0 -0.2 1.1 1.2 -0.8 Labor cost Oc
Slide 6: Performance by Business Segment
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2023.3 1Q FY2024.3 1Q Change rate impact Revenue 73.4 72.2 -1.2 2.4 Musical Core Operating Profit 9.6 4.9 -4.7 0.8 Instruments Core Operating Profit Ratio 13.0％ 6.7％ -6.3P R
Slide 7: FY2024.3 Outlook
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook FY2024.3 Outlook (billions of yen) FY2023.3 FY2024.3 Full year Change Full year (projections) *2 Revenue 451.4 470.0 18.6 +4.1% Core Operating Profit 45.9 50.0 4.1 +9.0% (Core Operating Profit Ratio) (10.2%) (10.6%) *1 Net Profit 38.2
Slide 8: Core Operating Profit Analysis
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year SG&A *1 Ocean freight IMC business charges 5.0 -5.7 and others 50.0 Impact of Energy prices exchange rates and procurement Increase in sales -1.2 45.9 cost 7.0 and
Slide 9: Performance by Business Segment
FY2024.3 1Q Performance FY2024.3 (three months) Full Year Outlook Performance by Business Segment (billions of yen) FY2023.3 FY2024.3 Exchange Full year Change Full Year (projections) rate impact Revenue 302.7 318.0 15.3 1.0 Musical Core Operating Profit 36.2 39.0 2.8 1.4 Instruments Core Operating
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: Revenue declined due to decrease in digital piano (DP) sales • Sales of pianos increased compared to the same period of the previous year, when (billions of yen) China was in lockdown.
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 (95%) (101%) 103.0 104.2 96.1 (81%) 22.9 26.1 (107%) 64.6 (123%) (102%) (84%) (102%) 64.1 62.3 63.6 60.6 30.1 (86%) (1
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (114%) (100%) 82.7 82.4 (108%) 22.2 (107%) (101%) (98%) 61.5 (104%) 59.5 60.4 (97%) (112%) (103%) 58.3 57.4 56.8 (79%) 56.2 58.5 55.6 56.0 53.3 (101%) (120%) (86%) 51.0 (101%) 4Q 14.9 18.1 12.7 (67%) 47.3
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: Healthy B2B demand fueled a rise in revenue • Sales of consumer products declined due to sluggish demand. (billions of yen) • B2B sales increased due to brisk demand in the entertainme
Slide 15: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category Consumer Products B2B Products (billions of yen) (105%) (88%) 53.5 50.8 (106%) (116%) 48.7 (90%) 45.3 12.6 4Q (133%) 14.1 (96%) 3Q 14.5 (134%) 11.8 (88%) 2Q 12.2 (103%) 9.9 (76%) (84%) (122%) (95%) 1Q 11.4
Slide 16: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (112%) (112%) 32.1 (94%) 31.2 28.7 28.9 (110%) (98%) (128%) (97%) 26.9 26.9 11.4 25.4 24.5 8.9 (110%) 4Q 7.4 21.0 (100%) 6.2 (108%) 6.9 (102%) 19.2 (123%) 17.7 6.0 (122%) 3Q 6.1 7.5 5.8 14.9 (125%) (101%)
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 automotive sound systems and automobile interior wood (billions of yen) components rose sharply. Revenue • Steep decline in sales of factory automation equipment and golf pr
Slide 18: 3. Other Financial Figures
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Slide 19: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of June As of March Change 31, 2024 31, 2023 30, 2023 (projections) Cash and cash equivalents 103.9 98.3 -5.6 130.5 Trade and other receivables 75.4 72.4 -3.0 74.0 Other financi
Slide 20: Capital Expenditure/Depreciation and R&D Expenses
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation and R&D Expenses Capital Expenditure/Depreciation 33.5 (billions of yen) 2.0 6.8 6.5 ■Others 0.3 20.5 1.4 1.4 ■Audio Equipment 4.0 2.3 25.0 ■Musical Instruments 0.1 5.1 0.3 3.2 3.4 15.2 13.1 14.5 ■De
Slide 21: 4. Topics
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Slide 22: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Further strengthen the business foundation Develop closer ties with customers Hybrid value appeal and Strategic investments to Expand business domain enhancement of product value enhance sustai
Slide 23: Medium-Term Management Plan Key Themes
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Themes Set sustainability as a Further strengthen the business foundation source of value [Culture] Expand market through the promotion and Create new value development of music culture Develop produc
Slide 24: Governance
Performance Other Segment Overview Topics Summary Financial Figures Governance Ensure diversity on board of directors (professional expertise, experience, gender, and nationality) Expertise held by the Company’s Directors Manufacturing, Corporate Legal and risk Finance and Marketing and ◆◆ Directors
Slide 25: Appendix
Appendix | rad annie ek that Wiad @ UT Tee YAMAHA
Slide 26: 1Q Other Income and Expenses
1Q Other Income/ FY2024.3 Full Year Expenses (three months) Other Income/Expenses 1Q Other Income and Expenses （billions of yen ） FY2023.3 1Q FY2024.3 1Q Core Operating Profit 11.0 6.7 Profit from (loss on) disposal of fixed assets -0 0 Other Income and Expenses Others 0.1 0.2 Total 0.1 0.2 Operatin
Slide 27: Full Year Other Income and Expense
1Q Other Income/ FY2024.3 Full Year Expenses (three months) Other Income/Expenses Full Year Other Income and Expense （billions of yen ） FY2023.3 FY2024.3 Full year Full year ( projections) Core Operating Profit 45.9 50.0 Profit from (loss on) disposal of fixed assets -0 0 Other Income and Expenses O
Slide 28: 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