Yamaha Corporation · TSE:7951
Yamaha — Q3 FY2022.3 Earnings Presentation
29 slides from Yamaha's earnings presentation, Feb 8, 2022
Slide 1: Analyst and Investor Briefing on Third Quarter of FY2022.3
Analyst and Investor Briefing on Third Quarter of FY2022.3 (Fiscal year ending March 31, 2022) February 8, 2022 Yamaha Corporation
Slide 2: FY2022.3 3Q Highlights
FY2022.3 3Q Highlights Overview Performance in the first three quarters of FY2022.3 (nine months) • Revenue and profit both increased year-on-year as markets continued to recover from the impact of the spread of COVID-19 infections. • Supply shortages continued due to semiconductor procurement diffi
Slide 3: 1. Performance Summary
1. Performance Summary
Slide 4: FY2022.3 3Q (Nine Months) Summary
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook FY2022.3 3Q (Nine Months) Summary (billions of yen) FY2021.3 1-3Q FY2022.3 1-3Q Change *2 Revenue 272.3 302.3 +30.0 +11.0％ Core Operating Profit 29.0 34.9 +20.1％ (Core Operating Profit Ratio) +5.8 (10.7%) (11.5%) Net Profit*1 17.6 30.0
Slide 5: Core Operating Profit Analysis
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Increase in sales Impact of Labor cost and production and exchange at overseas model mix, etc. SG&A rates factories IMC*1 business Cost increase and others 34.9 -0.6
Slide 6: Performance by Business Segment
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook Performance by Business Segment (billions of yen) FY2021.3 FY2022.3 Exchange Change 1-3Q 1-3Q rate impact Revenue 175.9 204.7 +28.8 11.6 Musical Core Operating 23.0 29.1 +6.1 5.5 Instruments Profit Core Operating Profit Ratio 13.1％ 14.
Slide 7: FY2022.3 Outlook
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook FY2022.3 Outlook (billions of yen) FY2021.3 FY2022.3 FY2022.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections *2 Revenue 372.6 390.0 395.0 +22.4 +5.0 Core Operating Profit
Slide 8: Core Operating Profit Analysis
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of exchange rates Increase in sales -0.8 and production and IMC*1 business 7.4 Labor cost -4.1 model mix, etc. 40.7 and others 41.0 at overseas Cost factories
Slide 9: Outlook by Business Segment
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2021.3 FY2022.3 Exchange Full year Change Full year (projections) rate impact Revenue 239.0 270.0 +31.0 13.3 Musical Core Operating 32.4 37.5 +5.1 6.3 Instruments Profit Core Operating Pr
Slide 10: Outlook by Business Segment
FY2022.3 3Q Performance FY2022.3 (nine months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2022.3 FY2022.3 Exchange Full year Full year Change rate impact (previous projections) (projections) Revenue 265.0 270.0 +5.0 4.9 Musical Core Operating 36.5 37.5 +1.0 1.3 Instruments Pro
Slide 11: 2. Segment Overview & Updates
2. Segment Overview & Updates
Slide 12: Musical Instruments: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Nine months: Revenue increased in all product categories • Amid ongoing supply shortages, sales of pianos and wind, string, and percussion instruments grew by double digits, and brisk demand also (b
Slide 13: 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 (99%) 92.1 (93%) 89.0 84.7 19.0 (116%) (115%) 22.3 63.7 (98%) (90%) 53.0 28
Slide 14: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) 68.9 (117%) (104%) (80%) 60.0 (104%) 4Q 16.0 57.1 57.5 (108%) 55.4 55.1 (87%) (91%) 52.1 (108%) 13.4 48.7 49.7 48.2 48.9 (104%) (96%) 46.1 (87%) 45.4 15.3 (101%) 44.3 3Q 15.4 9.9 (188%) 13.2 (109%) 11.5 1
Slide 15: Audio Equipment: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Nine months: Revenue declined for AV and ICT, but increased for PA • AV: Revenue declined due to supply shortages stemming from difficulties procuring semiconductors. (billions of yen) • PA: Revenue
Slide 16: 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) 47.3 (96%) (97%) 40.9 10.3 (78%) 39.1
Slide 17: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) (109%) 34.0 31.3 (80%) 30.3 (86%) (101%) 11.5 27.2 26.5 26.7 (88%) (88%) 6.1 4Q 11.4 24.7 (96%) 5.6 22.7 6.3 (101%) (75%) (115%) 5.5 9.1 18.8 7.8 17.9 (78%) (93%) (64%) 6.1 8.0 4.2 (74%) (96%) 3Q 6.8 8.7
Slide 18: IMC Business and Others: Segment Revenue and Core Operating Profit
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit Nine months: • Recovery in market conditions drove increased sales of (billions of yen) electronic devices and automobile interior wood components, 40 Revenue but sales of factory automation equipme
Slide 19: 3. Other Financial Figures
~- 3. Other Financial Figures YAMAHA
Slide 20: Balance Sheet Summary
Performance Other Segment Overview ESG Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of Dec. As of March Change 31, 2022 31, 2021 31, 2021 (projections) Cash and cash equivalents 129.3 171.5 42.2 178.0 Trade and other receivables 57.3 54.4 -2.9 53.0 Other financial
Slide 21: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview ESG Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense Capital Expenditure/Depreciation (billions of yen) 17.0 0.9 ■Others 11.3 3.6 9.9 ■Audio Equipment 8.2 0.3 0.6 0.3 2.6 1.7 ■Musical Instruments 1.9 11.4 12.5 12.3 8.5 7.9 8.9 8.1 ■Depreciati
Slide 22: 4. ESG
YAMAHA
Slide 23: ESG
Performance Other Segment Overview ESG Summary Financial Figures ESG Contribute to sustainable development of music culture and society Culture Society Enhance diversity Environment Contribute to Coexist with and fulfillment of the people we sustainability of music culture the natural environment wo
Slide 24: Appendix
Appendix manage YAMAHA
Slide 25: Performance in 3Q FY2022.3 (Three Months)
Performance in 3Q FY2022.3 (Three Months) (billions of yen) FY2021.3 3Q FY2022.3 3Q Change *2 Revenue 107.5 103.8 -3.7 -3.4％ Core Operating Profit 16.0 11.4 -4.6 (Core Operating Profit Ratio) -29.0% (14.9%) (10.9%) Net Profit*1 10.5 8.6 -2.0 -18.7% *2 Exchange Rate (yen) -9.0% (Excluding the impact
Slide 26: Performance by Business Segment in 3Q FY2022.3 (Three Months)
Performance by Business Segment in 3Q FY2022.3 (Three Months) (billions of yen) Exchange FY2021.3 3Q FY2022.3 3Q Change rate impact Revenue 68.7 70.9 2.2 4.5 Musical Core Operating Profit 11.3 9.8 -1.4 2.2 Instruments Core Operating Profit Ratio 16.4% 13.9％ -2.5p Revenue 29.6 23.3 -6.3 1.2 Audio Cor
Slide 27: 3Q Other Income and Expenses (Nine Months)
3Q Other Income and Expenses (Nine Months) (billions of yen) FY2021.3 1-3Q FY2022.3 1-3Q Core Operating Profit 29.0 34.9 Profit from (loss on) disposal of fixed assets -0.1 4.6 Other Income and Expenses Others -2.3 1.1 Total -2.3 5.8 Operating Profit 26.7 40.6 Dividends income 0.6 2.4 Financial Inco
Slide 28: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2021.3 FY2022.3 Full year Full year (projections) Core Operating Profit 40.7 41.0 Profit from (loss on) disposal of fixed assets -0.1 4.6 Other Income and Expenses Others -5.6 0.9 Total -5.7 5.5 Operating Profit 35.0 46.5 Dividends income 2.7 3
Slide 29: In this report, the figures forecast for the Company’s future performance have been calculated
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