Yamaha Corporation · TSE:7951
Yamaha — Q2 FY2023.3 Earnings Presentation
31 slides from Yamaha's earnings presentation, Nov 4, 2022
Slide 1: Analyst and Investor Briefing on Second Quarter of FY2023.3
Analyst and Investor Briefing on Second Quarter of FY2023.3 (Fiscal year ending March 31, 2023) November 4, 2022 Yamaha Corporation
Slide 2: FY2023.3 1H Highlights
FY2023.3 1H Highlights Overview FY2023.3 1H Achievements • Although the effects of lockdowns in China were prolonged and semiconductor procurement difficulties continued, revenue increased year-on-year due to the impact of exchange rates. • Amid a decline in actual sales, core operating profit incre
Slide 3: 1. Performance Summary
1. Performance Summary YAMAHA
Slide 4: FY2023.3 1H (Six Months) Summary
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook FY2023.3 1H (Six Months) Summary (billions of yen) FY2022.3 1H FY2023.3 1H Change (YoY) *2 Revenue 198.5 218.0 +19.5 +9.8% Core Operating 23.5 24.4 Profit +0.9 +3.9% (11.8%) (11.2%) (Core Operating Profit Ratio) *1 Net Profit 21.4 20.8
Slide 5: Core Operating Profit Analysis
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook Core Operating Profit Analysis Versus previous year (billions of yen) Labor cost at Increase in sales and Impact of overseas production, model *1 exchange IMC factories Procurement mix, and price rates Ocean business cost optimization S
Slide 6: Performance by Business Segment
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2022.3 1H FY2023.3 1H Change rate impact Revenue 133.8 150.1 16.3 16.6 Musical Core Operating Profit 19.3 20.6 1.3 3.7 Instruments Core Operating Profit Ratio 14.4% 13.7% -0.7
Slide 7: FY2023.3 Outlook
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook FY2023.3 Outlook (billions of yen) FY2022.3 FY2023.3 FY2023.3 Change from the Full year Full year Change previous Full year (previous projections) (projections) projections Revenue 408.2 460.0 470.0 +61.8 +10.0 Core Operating Profit 43.
Slide 8: Core Operating Profit Analysis
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook Core Operating Profit Analysis (billions of yen) Versus previous year Impact of exchange Procurement 52.0 Ocean -3.2 rates cost -0.7 -1.0 freight 14.2 SG&A *1 7.7 Labor cost at -6.0 charges IMC business 43.0 and others overseas -2.0 fac
Slide 9: Outlook by Business Segment
FY2023.3 1H Performance FY2023.3 (six months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2022.3 FY2023.3 Exchange Full year Change Full year rate impact (projections) Revenue 276.2 320.0 43.8 34.7 Musical Core Operating 37.3 44.0 6.7 7.8 Instruments Profit Core Operating Profi
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 1H overview: Sales made up for 1Q declines to reach similar levels to previous year - Sales of pianos decreased due to the impact of lockdowns in China, while digital musical instrument sales were o
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 ＊Guitars include Line 6 and Ampeg products (104%) 113.0 (107%) 96.1 84.7 (110%) 26.1 (95%) (114%) 68.3 22.3 (117%) 64.
Slide 13: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (113%) (billions of yen) 83.0 (98%) (116%) (105%) (106%) (98%) (105%) 63.7 (103%) 60.4 (110%) 59.7 58.3 57.0 56.8 56.5 55.1 53.3 (108%) (97%) (126%) (98%) 14.9 48.7 18.1 48.2 12.7 47.3 15.3 46.1 (118%) 4Q 13.9 11.5 41.0 (9
Slide 14: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality Distinctive product line-up fusing a wide range of technologies Bösendorfer New lineups of TransAcousticTM pianos Camellia Grand Piano and SILENT PianoTM series A new collector’s item from Bös
Slide 15: Segment Revenue and Core Operating Profit: Audio Equipment
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H overview: Sales declined as impact of semiconductor procurement difficulties continued - AV and PA: Sales decreased as supply shortages continued due to semiconductor procurement difficulties. -
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) (105%) 48.4 (106%) 41.2 39.1 (77%) (9
Slide 17: Revenue by Region
Musical Instruments Audio Equipment IMC Business and Others Revenue by Region (billions of yen) 34.0 (106%) (84%) 30.4 28.7 (97%) (99%) (90%) 4Q 11.5 26.7 26.5 25.5 25.4 (78%) 8.9 (87%) 22.7 6.3 (97%) 21.0 6.2 (96%) 5.5 (100%) 3Q 7.8 (104%) 16.9 (78%) 6.0 (64%) 6.1 8.7 5.8 14.9 13.4 (80%) 7.1 (69%)
Slide 18: Develop Products with Distinctive Individuality
Musical Instruments Audio Equipment IMC Business and Others Develop Products with Distinctive Individuality Strong product lineups to meet diverse needs in the audio equipment field Gaming Mixer ZG01 True Wireless Bluetooth® Earbuds and Headset YH-G01 TW-E7B This innovative audio mixer with USB inte
Slide 19: Segment Revenue and Core Operating Profit: IMC Business and Others
Musical Instruments Audio Equipment IMC Business and Others Segment Revenue and Core Operating Profit 1H Overview - Electronic devices sales declined due to semiconductor (billions of yen) procurement difficulties. Revenue - Although demand for factory automation equipment was weak, sales of automob
Slide 20: 3. Other Financial Figures
~>§§ 3. Other Financial Figures YAMAHA
Slide 21: Balance Sheet Summary
Performance Other Segment Overview Topics Summary Financial Figures Balance Sheet Summary (billions of yen) As of March As of Sept. As of March Change 31, 2023 31, 2022 30, 2022 (projections) Cash and cash equivalents 172.5 139.8 -32.7 159.0 Trade and other receivables 60.0 64.4 4.4 69.0 Other finan
Slide 22: Capital Expenditure/Depreciation, R&D Expense
Performance Other Segment Overview Topics Summary Financial Figures Capital Expenditure/Depreciation, R&D Expense *Full year projections remain unchanged from the previous announcement on August 3, 2022. Capital Expenditure/Depreciation 25.6 (billions of yen) 1.9 14.8 5.1 ■Others 0.7 6.0 6.6 ■Audio
Slide 23: 4. Topics
manage YAMAHA
Slide 24: Priority Themes of Make Waves 2.0 (1)
Performance Other Segment Overview Topics Summary Financial Figures Priority Themes of Make Waves 2.0 (1) Further strengthen Yamaha Designs Selected in the Good Create new value Design Awards the business foundation Good Design Best 100 Developed AI technology that can Develop closer ties with becom
Slide 25: Priority Themes of Make Waves 2.0 (2)
Performance Other Segment Overview Topics Summary Financial Figures Priority Themes of Make Waves 2.0 (2) Enable Yamaha colleagues to be Set sustainability more valued, more engaged, Published Engagement Tools as a source of value and more committed Expand market through the Yamaha Group promotion a
Slide 26: Appendix
Appendix manage YAMAHA
Slide 27: Performance in 2Q FY2023.3 (Three Months)
Performance in 2Q FY2023.3 (Three Months) (billions of yen) FY2022.3 2Q FY2023.3 2Q Change *2 Revenue 96.0 112.1 +16.1 +16.8% Core Operating Profit 10.1 13.4 +3.3 (Core Operating Profit Ratio) +32.8% (10.5%) (12.0%) *1 Net Profit 8.0 12.2 +4.2 +52.3% *2 Exchange Rate (yen) +2.7 % (Excluding the impa
Slide 28: Performance by Business Segment in 2Q FY2023.3 (Three Months)
Performance by Business Segment in 2Q FY2023.3 (Three Months) (billions of yen) Exchange FY2022.3 2Q FY2023.3 2Q Change rate impact Revenue 65.3 76.7 11.5 9.7 Musical Core Operating Profit 8.9 11.0 2.1 2.3 Instruments Core Operating Profit 13.6% 14.3% ＋0.7P Ratio Revenue 22.9 24.7 1.8 2.5 Audio Core
Slide 29: 1H Other Income and Expenses (Six Months)
1H Other Income and Expenses (Six Months) (billions of yen) FY2022.3 1H FY2023.3 1H Core Operating Profit 23.5 24.4 Profit from (loss on) disposal of fixed assets 4.7 -0 Other Income and Expenses Others 0.6 0.3 Total 5.3 0.3 Operating Profit 28.8 24.7 Dividends income 2.2 1.3 Financial Income and Ot
Slide 30: Full Year Other Income and Expenses
Full Year Other Income and Expenses (billions of yen) FY2022.3 FY2023.3 Full year Full year (projections) Core Operating Profit 43.0 52.0 Profit from (loss on) disposal of fixed assets 4.6 -0 Other Income and Expenses Others 1.7 0.5 Total 6.3 0.5 Operating Profit 49.3 52.5 Dividends income 3.4 2.4 F
Slide 31: 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