Yamaha Corporation · TSE:7951
Yamaha — Q2 FY2013.3 Earnings Presentation
30 slides from Yamaha's earnings presentation, Nov 1, 2012
Slide 1: Analyst and Investor Briefing on the Second Quarter of FY2013.3
Yamaha Corporation Analyst and Investor Briefing on the Second Quarter of the Fiscal Year Ending March 31, 2013 (FY2013.3) November 1, 2012
Slide 2: Performance in the First Half of FY2013.3
Performance in the First Half of FY2013.3 A slowdown in the second quarter kept 1H performance at a similar level to the same period of the previous year, and net sales and operating income were both lower than previous projections. (Billions of yen) FY2013.3 Change from FY2013.3 FY2012.3 Change fr
Slide 3: Performance by Business Segment in the First Half of FY2013.3
Performance by Business Segment in the First Half of FY2013.3 (Billions of yen) Net Net Sales Sales Operating Operating Income Income 176.6 (+0.1%) 176.8 (-3.1%) 182.5 Others (+11.9) (-0.9) Electronic 11.1 12.4 12.5 devices (-3.0) (-1.3) 8.0 8.5 8.1 7.9 AV/IT (-1.3) (-3.1) 25.5 6.8 25.0 24.7 0.5 Oth
Slide 4: FY2013.3 1H Operating Income Analysis
FY2013.3 1H Operating Income Analysis (Billions of yen) Versus Versus same same period period of of the the previous previous year year Increased Price actual sales increases and Impact of /newly production exchange Raw Increase in consolidated ¥2.3 rates material Retirement actual SG&A benefit subs
Slide 5: Outlook for Second Half and Full Year
Outlook for Second Half and Full Year Outlook Outlook for for 2H 2H ■Concerns over market slowdown in developed markets. ■Monitor slowing pace of growth in the Chinese economy and impact of anti-Japanese sentiment on business. ■Adjust production to reduce inventory. ■Stronger sales of new products i
Slide 6: Forecast for Performance in FY2013.3 (Full Year)
Forecast for Performance in FY2013.3 (Full Year) Full year sales and income projections revised downward Estimated exchange rates for 2H: US$=77, EUR=100 (Billions of yen) FY2012.3 results FY2013.3 FY2013.3 Increase/ previous 1H 2H projections 1H 2H Total new Total decrease (made July results 31)
Slide 7: FY2013.3 Full Year Forecast for Performance by Business Segment
FY2013.3 Full Year Forecast for Performance by Business Segment (Billions of yen) Net Net Sales Sales Operating Operating Income Income (-2.0%) 375.0 356.6 (+3.1%) 367.5 (+13.0) 25.0 (-) 25.0 14.5 Others 22.1 17.0 Electronic devices 16.2 (+4.7) 17.0 (-) 11.0 53.2 (+3.5) 55.0 (-) 55.0 0.5 Others AV/I
Slide 8: FY2013.3 Full Year Operating Income Analysis
FY2013.3 Full Year Operating Income Analysis (Billions of yen) Versus Versus previous previous year year Increased actual sales Impact of Effects of ¥5.0 exchange structural rates Price Raw reform 11.0 -¥4.0 (Saitama increases 8.1 material Increase in integration) /newly cost actual SG&A consolidate
Slide 9: Musical Instruments
Musical Instruments (Billions of yen) 1H Overview Full Year Projections and Priority Measures •Sales declined from the same period of the previous year, but •Sales and income are expected to be lower than previous operating income increased. Sales and income were both lower projections. than previou
Slide 10: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region (Billions of yen) Figures in parentheses show 59.1 59.0 (±0%) 1H actual year-on-year changes, discounting the impact of exchange rates Music schools, etc. 22.7 21.7 21.7 (+6%) 19.1 19.1 (+1%) 20.6 (+3%) 11.4 (+14%) Yamaha 9.8 musical 20.2 19.6 18.6 21.9 20.0 19.2
Slide 11: Musical Instruments: Sales by Region
Musical Instruments: Sales by Region Musical Instrument Sales by Region Amid difficult conditions, sales of crucial piano, digital musical instrument, and wind instrument Japan products were down year-on-year. Upright and digital piano sales, in particular, were below expectations. Music school enro
Slide 12: Musical Instruments: Sales by Product Category
Musical Instruments: Sales by Product Category (Billions of yen) Japan: New grand piano products sold well, but Pianos upright pianos manufactured in Indonesia lagged (+3%) Figures in parentheses show and overall sales were down year-on-year. 40.3 40.5 North America: Launch of new products in 2Q mad
Slide 13: AV/IT
AV/IT 1H Overview Full Year Projections and Priority Measures •Sales and income declined year-on-year, and sales •Full year projections remain unchanged. were lower than previous projections. •Maintain strong sales achieved through launch of •Discounting the impact of exchange rates, actual new prod
Slide 14: Electronic Devices
Electronic Devices 1H Overview Full Year Projections and Priority Measures •Although sales and income decreased year-on-year, •Full year projections remain unchanged. they were broadly in line with previous projections. •Steadily shift to production outsourcing. •The recovery trend in sales of graph
Slide 15: Others
Others 1H Overview Full Year Projections and Priority Measures •Sales increased year-on-year, in line with previous •Full year projections remain unchanged. projections. •Begin supply of automobile interior wood •Strong sales of automobile interior wood components for new car models. components. •Un
Slide 16: Capital Expenditure/Depreciation/R&D Expenses
Capital Expenditure/Depreciation/ R&D Expenses (Billions of yen) Capital Capital Expenditure Expenditure (Depreciation) (Depreciation) 15.3 15.7 1.4 1.6 11.3 (12.0) 2.0 (11.8) 2.0 (12.1) 7.9 1.3 3.2 3.3 5.8 0.7 5.1 (5.7) 0.9 1.1 Others (5.4) 0.4 (5.5) Electronic devices 0.50.2 0.2 0.5 2.1 AV/IT 0.7
Slide 17: Inventories
Inventories Inventories at the end of September were ¥8.4 billion higher than the same period of the previous year. Discounting the impact of exchange rates (+¥0.3 billion), actual inventories were up by ¥8.1 billion. (Billions of yen) End of 1H End of Fiscal Year 83.7 75.3 80.9 77.1 69.5 70.9 Good
Slide 18: Balance Sheet Summary
Balance Sheet Summary (Billions of yen) As of end of 1H As of fiscal year end As of Sept. As of Sept. As of March Mar. 31, 2013 Change Change 30, 2011 30, 2012 31, 2012 projection Cash and deposits* 55.6 50.0 -5.6 56.6 50.3 -6.3 Notes and accounts receivable 45.9 48.8 2.9 44.5 46.8 2.3 Inventories 7
Slide 19: Appendix
Appendix 19
Slide 20: Performance in the Second Quarter of FY2013.3 (Three Months)
Performance in the Second Quarter of FY2013.3 (Three Months) 2Q sales and income declined year-on-year and were lower than previous projections (Billions of yen) Change from Previous FY2012.3 FY2013.3 projections for Change from same period of FY2013.3 2Q (2Q) (2Q) previous the previous (made July
Slide 21: Performance by Business Segment in the Second Quarter of FY2013.3
Performance by Business Segment in the Second Quarter of FY2013.3 (Three Months) (Billions of yen) Net Net Sales Sales Operating Operating Income Income 92.5 88.7 (-2.1%) 86.8 (-6.2%) Others 5.7 Electronic 5.9 (-6.3) 5.6 (-2.5) 4.1 devices 4.4 4.0 (-7.3) (-1.6) 13.5 AV/IT 12.7 (+0.1) 12.7 (-6.0) 4.2
Slide 22: First Half Non-Operating Income/Loss & Extraordinary Income/Loss
First Half Non-Operating Income/ Loss & Extraordinary Income/Loss (Billions of yen) FY2013.3 (1H) FY2012.3 (1H) results FY2013.3 (1H) results previous projections Non-operating Non-operating income/loss income/loss Net financial 0.4 income (loss) 0.5 0.4 Other -1.4 -1.2 -1.4 Total -1.0 -0.7 -1.0 Ext
Slide 23: Full Year Non-Operating Income/Loss & Extraordinary Income/Loss
Full Year Non-Operating Income/ Loss & Extraordinary Income/Loss (Billions of yen) FY2013.3 FY2012.3 results FY2013.3 new projections previous projections Non-operating Non-operating income/loss income/loss Net financial income (loss) 1.3 0.8 0.8 Other -2.1 -2.8 -2.3 Total -0.8 -2.0 -1.5 Extraordina
Slide 24: Musical Instruments: Emerging Market Sales
Musical Instruments: Emerging Market Sales (Billions of yen) Eastern Europe Russia 8% ピア ノ Pianos (+2%) (+7%) (+30%) (+16%) 24% Digital 3.1 電子楽器 musical 4.2 4.2 4.1 2.4 2.9 instruments Wind 48% 管楽器 instruments 2H 2.1 1.7 1.8 14% 2.1 2.3 1.4 String & 弦打楽器 percussion 1H 6% instruments 2.1 2.1 1.8 1.0
Slide 25: 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: ¥9.5 billion 73.2 68.4 70.8 66.6 65.3 66.6 65.7 67.1 65.6 67.3 64.5 65.5 Ot
Slide 26: 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: ¥3.0 billion 19.1 18.3 17.1 12.0 13.4 12.5 12.4 12.7 12.0 12.7 11.1 12.0 Operating income/ 2
Slide 27: 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: ¥17.0 billion Operating income: ¥0.5 billion Operating income: -¥2.9 billion Operating income: -¥2.0 billion 5.1 5.1 5.2 5.1 5.0 4.4 4.3 3.9 4.0 4.1 3.8 3.8 Operating 0.5 0.
Slide 28: 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: ¥25.0 billion Operating income: ¥1.5 billion Operating income: ¥0.4 billion Operating income: ¥0.5 billion 7.1 6.5 6.8 6.5 5.9 5.6 5.9 6.0 6.1 1.5 5.6 5.1 5.0 1.3 1.3 Recreation 1.6 1.1
Slide 29: 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
Slide 30: Yamaha Years of Passion & Performance
YAMAHA 125 VEARS OF PASSION & PERFORMANCE