Yamaha Corporation · TSE:7951
Yamaha — FY2024.3 Earnings Presentation
34 slides from Yamaha's earnings presentation, May 8, 2024
Slide 1: Analyst and Investor Briefing on FY2024.3
Analyst and Investor Briefing on FY2024.3 (Fiscal year ended March 31, 2024) May 8, 2024 Yamaha Corporation
Slide 2: FY2024.3 Full Year Highlights
FY2024.3 Full Year Highlights Overview Performance in FY2024.3 ・Revenue increased year-on-year due to strong B2B sales of audio equipment and the impact of foreign exchange rates, despite a decline in revenue from musical instruments due to slow recovery in the digital piano (DP) market and protract
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2024.3 Summary
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook FY2024.3 Summary (billions of yen) FY2023.3 FY2024.3 Change (YoY) *2 Revenue 451.4 462.9 11.5 +2.5% Core Operating Profit 45.9 33.7 -12.2 -26.6% (Core Operating Profit Ratio) (10.2%) (7.3%) *1 Net Profit 38.2 29.6 -8.5 -22.4% *2 -2.7% Exchang
Slide 5: Core Operating Profit Analysis
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Decrease in sales, production and model mix, etc. Cost increase -3.5 7.0 -9.5 45.9 6.5 Ocean freight Impact of charges -4.4 SG&A *1 IMC business exchange rates One-time -3.
Slide 6: Performance by Business Segment
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2023.3 FY2024.3 Change rate impact Revenue 302.7 305.2 2.5 15.6 Musical Core Operating Profit 36.2 25.3 -10.9 4.5 Instruments Core Operating Profit Ratio 12.0％ 8.3％ -3.7p Revenue 10
Slide 7: FY2025.3 Outlook
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook FY2025.3 Outlook （billions of yen） FY2024.3 FY2025.3 Change (YoY) (projections) *2 Revenue 462.9 465.0 2.1 +0.5% Core Operating Profit 33.7 45.0 11.3 +33.7% (Core Operating Profit Ratio) (7.3%) (9.7%) *1 Net Profit 29.6 34.0 4.4 +14.7% *2 +0.
Slide 8: Core Operating Profit Analysis
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year One-time expenses (incurred in the previous year) SG&A *1 IMC business 45.0 and others Increase in sales, -1.8 production and 4.4 -0.2 model mix, etc. Impact of 4.8 exchang
Slide 9: Outlook by Business Segment
FY2024.3 FY2025.3 Full Year Performance Full Year Outlook Outlook by Business Segment (billions of yen) FY2024.3 FY2025.3 Exchange Change (projections) rate impact Revenue 305.2 305.0 -0.2 -0.7 Musical Core Operating Profit 25.3 31.5 6.2 2.6 Instruments Core Operating Profit Ratio 8.3％ 10.3% +2.0p R
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 FY2024.3 Revenue decreased due to lower sales of pianos and digital pianos ･Sales of pianos decreased due to downturn in the Chinese market. Sales of digital musical instruments decreased due to slo
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 (105%) 103.0 (89%) 101.5 97.3 22.9 (93%) 23.5 (104%) (98%) 68.8 67.4 60.6 (88%) 30.1 (89%) 62.3 (109%) (94%) 55.9 28.6
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (95%) (99%) (billions of yen) 84.0 82.9 82.7 (100%) 22.2 24.8 (101%) (102%) (106%) (101%) (99%) 62.2 62.7 59.6 59.1 (95%) 59.9 57.4 55.6 (96%) 56.0 56.5 (106%) 14.4 51.0 (90%) (95%) 4Q 15.0 16.1 22.8 21.6 13.2 (82%) 13.2 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 FY2024.3 Revenue increased due to strong B2B product sales ･Consumer product sales decreased due to downturn in market ･B2B product sales increased significantly due to robust demand and the Revenue
Slide 15: Revenue by Major Product Category
Musical Instruments Audio Equipment IMC Business and Others Revenue by Major Product Category (billions of yen) Consumer Products B2B Products (103%) (128%) 63.0 61.3 (90%) (102%) (128%) 50.8 49.3 48.7 19.5 45.3 (79%) 4Q 12.6 11.1 14.1 (126%) 15.6 (101%) 3Q 14.5 15.6 11.8 (136%) (91%) 14.2 2Q 12.2 1
Slide 16: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (102%) (100%) (105%) (100%) 32.1 (116%) (102%) 31.5 31.3 31.2 31.2 30.3 30.8 (99%) (110%) 26.9 (98%) 8.3 4Q 11.4 10.9 24.5 8.4 (119%) (102%) 7.4 22.6 23.0 6.9 (99%) (116%) 8.5 17.7 6.0 (106%) (139%) 3Q 7.
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 FY2024.3 ･Sales of electronic devices increased with the increased adoption of automotive sound systems by automakers. Revenue ･Sales of automobile interior wood components and factory automation (b
Slide 18: 3. Other Financial Figures
3. Other Financial Figures mam I ten YAMAHA
Slide 19: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of March As of March 31, 2023 Change 31, 2025 31, 2024 (adjusted) (projections) Cash and cash equivalents 103.9 101.6 -2.3 124.0 Trade and other receivables 75.4 88.0 12.6 88.0
Slide 20: ROE, ROIC and Shareholder Returns
Performance Other Segment Overview Topics Summary Financial Figures ROE, ROIC and Shareholder Returns ROE FY2024.3 6.1% ROIC FY2024.3 5.5% (Cost of shareholders’ equity* 8.1%) (WACC 8.0%) 10% or 10% or 10.1% more more 9.7% 9.2％ 8.8% 7.4% 7.9% 7.8% 7.3% 6.1% 6.6% 6.4% 5.5% FY2020.3 FY2021.3 FY2022.3
Slide 21: 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 (billions of yen) 27.1 20.5 1.7 20.0 ■Others 4.9 1.4 2.0 ■Audio Equipment 4.0 3.0 ■Musical Instruments 20.5 15.2 13.1 13.8 15.0 15.0 ■Depreciation FY
Slide 22: 4. Topics
4. Topics
Slide 23: Medium-Term Management Plan Progress in Non-Financial Targets
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Progress in Non-Financial Targets Non-financial targets to enhance sustainable growth capability in the new society Indicators to connect more New value creation with customers indicators Resilience indic
Slide 24: Medium-Term Management Plan: Further strengthen the business foundation
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Further strengthen the business foundation (1) Develop closer ties with (2) Create new value (3) Be more flexible and customers resilient Creating customer interactions that deliver an Create c
Slide 25: Create new value - Develop Products with Distinctive Individuality
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/Further strengthen the business foundation (2) Create new value - Develop Products with Distinctive Individuality Hybrid piano Digital piano Music synthesizer Bösendorfer grand piano Acoustic gu
Slide 26: Medium-Term Management Plan: Set sustainability as a source of value
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Set sustainability as a source of value [Society] [Culture] [Environment] (1) Build a value chain that supports the (2) Enhance brand and competitiveness (3) Expand market through the promotion
Slide 27: Medium-Term Management Plan: Yamaha colleagues
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Key Theme/ Enable Yamaha colleagues to be more valued, more engaged, and more committed (3) Foster open organizational (2) Promote respect for human rights (1) Increase job satisfaction culture where peop
Slide 28: Medium-Term Management Plan Financial Indicators
Performance Other Segment Overview Topics Summary Financial Figures Medium-Term Management Plan Financial Indicators Revenue/Revenue growth Core operating profit ratio 6,000 ■■ Revenue（billions of yen） 4,650 35% 14% 4,142 4,082 4,514 4,629 20% 3,726 10.9％ 25% 10.5% 10.2% 4,000 13% 14% 9.7% 11% 15% 5
Slide 29: External Evaluation
Performance Other Segment Overview Topics Summary Financial Figures External Evaluation Yamaha selected for all six ESG indices for Japanese equities adopted by the GPIF Best Japan Brands 2024 FTSE Blossom Japan Index Selected for 10 consecutive years FTSE Blossom Japan Sector Relative Index Ranked
Slide 30: Appendix
Appendix YAMAHA
Slide 31: FY2024.3 4Q Summary (Three Months)
FY2024.3 4Q Performance FY2024.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses FY2024.3 4Q Summary (Three Months) （billions of yen） FY2023.3 4Q FY2024.3 4Q Change *2 Revenue 113.2 121.1 7.9 +7.0% Core Operating Profit 7.1 5.9 -1.3 -17.9% （Core Operating Profit Rat
Slide 32: Performance by Business Segment (Three Months)
FY2024.3 4Q Performance FY2024.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses Performance by Business Segment (Three Months) (billions of yen) Exchange FY2023.3 4Q FY2024.3 4Q Change rate impact Revenue 72.2 77.1 4.9 6.2 Musical Core Operating Profit 4.8 4.0 -0.9
Slide 33: Full Year Other Income and Expenses
FY2024.3 4Q Performance FY2024.3 4Q Segment Full Year (three months) Overview (three months) Other Income/Expenses Full Year Other Income and Expenses （billions of yen） FY2023.3 FY2024.3 FY2025.3 （projections） Core Operating Profit 45.9 33.7 45.0 Profit from (loss on) disposal of fixed assets -0 -0
Slide 34: 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