Briefing on the Musical Instruments Business (PDF 944 KB)

YAMAHA CORPORATION
Briefing on the Musical
Instruments Business
Mitsuru Umemura
Senior Executive Officer
General Manager, Musical Instruments Group
Hiroo Okabe
Executive Officer
Deputy General Manager, Musical Instruments Group
June 28, 2005
1
Outline of Today's Presentation
I.
Progress in Implementation of the YSD50
Management Plan
II. Sales Expansion Plan
III. Cost Reduction Measures
2
I. YSD50’s Musical Instruments Business Strategy
Sales
expansion
Revitalizing
the
domestic
market
Growth
strategy
(China and
Commercial
Audio)
Expanding
sales of highhighvaluevalue-added
products
Building strengths to enable continued
generation of profits through major reforms in
business structure and stable sales growth
Cost
reduction
Reforms
in
manufacturing
Development
of human
resources
Reforms in
business
processes
Goals for fiscal year ending March 31, 2007
Net sales:
¥334.0 billion
Operating income: ¥31.0 billion
3
Medium-term Management Plan
Progress in Implementation of the Management Plan and Plans Going Forward
(B i l l i ons of y en)
YSD50
3-Year Plan
Net sales
Increase
Operatin g income
Improvement
F03/04
Actual
293.4
40.6
10.5
20.5
F04/05
F05/06
F06/07
Actual
Projection Projection
302.6
313.0
334.0
9.2
10.4
21.0
14.2
21.5
31.0
3.7
7.3
9.5
YSD50
3-Year Plan
14.6
F04/05
Actual
2.6
F05/06
Projection
4.5
F06/07
Projection
7.5
(0.9)
(1.7)
0.8
0.0
Reforms in manufacturing
3.2
1.3
0.9
1.0
Reforms in personnel composition
3.6
1.5
1.1
1.0
20.5
3.7
7.3
9.5
Operating income
Growth in sales
/improvement in gross margins
Decrease in SG&A
Total
4
II. Sales Expansion Plan
5
Total Demand for Musical Instruments (Excluding
Professional Audio Market)
(Billion of yen)
800
699.1
50%
732.7
725.3
40%
Total demand
600
30%
400
26%
26%
27%
Yamaha’s market share
200
20%
Yamaha’s net sales
183.0
189.8
10%
196.5
0%
F03/04
F04/05
F05/06
(Projection)
„ Total demand of F04/05 expanded 3.7% from
the previous fiscal year.
„ The trend toward lower prices is continuing,
and, the unit volume of sales increases,
demand for high- and medium-quality
models is firm. The movement toward
bipolarization is continuing.
„ Demand for digital pianos is increasing
worldwide (on a unit volume basis). On the
one hand, prices are declining and there is a
continuing trend to move up-market from
purchases of portable keyboards. At the
same time, we are seeing expansion in
demand as a result of efforts to diversify
designs in response to customer tastes.
„ Yamaha's market share in the acoustic
product group declined 1.2 percentage
points, as competition became more intense.
However, Yamaha's share in the digital
musical instrument group rose 1.2
percentage points, leaving overall market
stable at 26%.
(Total demand was revised by reviewing the
expanded EU)
6
Sales by Product (Worldwide)
Other
¥334.0 billion
¥293.4 billion
¥302.6 billion
¥313.0 billion
Professioal Audio
Equipment
Music Production
Equipment
String and Percussion
instruments
W ind and Educational
instruments
Home-use Keyboards
52.0
43.3
41.3
40.7
40.7
Yamaha’s
Share
49.8
50.5
49.5
20.2
11.2
21.4
21.6
10.5
22.2
25.4
11.7
25.2
36.7
36.6
37.0
55.8
26%
56.7
26%
59.7
Music School
29.8
13.0
27.9
Electone
Pianos
37.4
27%
59.4
6.7
13.3
10.6
12.2
51.2
50.5
52.3
59.0
F03/04
(Actual)
F04/05
(Actual)
F05/06
(Projection)
29%
F06/07
(Projection)
7
Sales Plan by Product (Worldwide)
(Billions of Yen)
Music Instruments
Segment: +31.4
(From F04/05 to F06/07)
Music
production
equipment
Professional
audio
equipment
Home-use
keyboards
Piano
(117%)
Electone
(1.1)
8.5
(105%)
2.7
(102%)
(106%)
(138%)
String and
percussion
instruments
Wind and
educational
instruments
Music
School
Other
(103%)
1.5
2.6
8.2
(124%)
(126%)
2.5
5.7
0.8
(92%)
Musical Instruments +19.1
*Figures in parentheses represent changes from F04/05 to F06/07.
8
Sales Plan by Geographic Region (Worldwide)
(Billions of yen)
Others
(114%)
China
(182%)
North
America
(116%)
Europe
(107%)
4.7
5.8
4.2
Japan
(105%)
6.7
10.0
Musical Instrument Segment +31.4
(From F04/05 to F06/07)
*Figures in parentheses represent changes from F04/05 to F06/07.
9
Sales Plan by Product (Japanese Market)
¥134.4 billion
¥147.0 billion
¥140.2 billion
¥136.8 billion
Other
Music School
Professional Audio Equipment
Music Production Equipment
String and Percussion instruments
W ind and Educational instruments
45.9
45.4
Yamaha’s
Share
10.1
9.0
5.9
19.0
F03/04
(Actual)
Home-use Keyboards
43.5
Electone
Pianos
37.3
2.3
1.1
4.3
47.2
47%
37.4
37.6
2.3
1.2
4..6
10.1
9.4
9.8
1.0
4..1
10.4
9.1
12.6
17.4
F04/05
(Actual)
• A continuing falling birthrate
• Increasing leisure time of baby
boomers
39.2
3.6
1.3
2.9
51%
18.1
F05/06
(Projection)
51%
5.6
9.9
9.0
11.4
53%
19.7
F06/07
(Projection)
• Expanding market accelerated by an
increase of Electone sales
10
Sales Expansion Plan by Product (Japanese
Market)
(Billions of Yen)
Music Instruments
Segment: +6.7
Other
Music
School
(From F04/05 to F06/07)
(103%)
1.3
(105%)
Music
production
equipment
Wind and
educational
instruments
Piano
Electone
(113%)
String and
percussion
instruments
Home-use
keyboards
(137%)
Professional
audio
equipment
1.8
(157%)
1.3
(130%)
0.3
(1.2)
2.3
(90%)
(0.1)
(99%)
1.5
(0.5)
(95%)
Musical Instruments +2.3
*Figures in parentheses represent
changes from F04/05 to F06/07.
11
Growth in the Japanese Market
„ Investment: Business expansion to match
customer lifestyles
•
Develop new business models for music schools and stores
through the creation of renewed value
„ Develop new customer groups
•
•
Adult market
Musical instrument rental systems
„ Work to expand EL performance population
•
•
Appeal to young people
Model rental program for EL beginners
12
Sales Plan by Product (North American Market)
¥64.7 billion
($1=¥113)
¥64.4 billion
($1=¥108)
1.6
2.1
Yamaha’s
Share
16.5
6.4
10.1
11.9
11.4
25%
23%
22%
24%
17.6
Music School
10.9
10.0
11.3
Other
1.1
0
0.1
9.1
5.3
8.0
11.8
¥74.4 billion
($1=¥110)
2.6
0.1
7.5
5.3
0.1
7.4
5.5
7.2
16.6
¥70.2 billion
($1=¥105)
16.6
Professioal Audio
Equipment
Music Production
Equipment
String and Percussion
instruments
W ind and Educational
instruments
Home-use Keyboards
Electone
Pianos
14.5
F03/04
(Actual)
13.6
F04/05
(Actual)
• Market value of pianos and wind
instruments decreasing slightly
13.7
F05/06
(Projection)
17.4
F06/07
(Projection)
• Sales of pianos made in China
expanding
13
Sales Expansion Plan by Product (North
American Market)
(Billions of Yen)
Music Instruments
Segment: +10.0
(From F04/05 to F06/07)
String and
percussion
instruments
Wind and
educational
instruments
Electone
Home-use
keyboards
(0%)
(101%)
Piano
(128%)
3.8
0
(0%)
(145%)
0.1
Music
production
equipment
3.4
(0.1)
Music
School
(52%)
(1.0)
Other
(121%)
(126%)
1.1
2.1
(105%)
Professional
audio
equipment
0.6
Musical Instruments +7.7
*Figures in parentheses represent changes from F04/05 to F06/07.
14
"Total Piano" Demand in the United States
(Unit
basis)
293K
Piano-type keyboards
Digital pianos
Player pianos
Other pianos
Pianos (made in China)
213K
98K
94K
1996
The expansionary trend in demand
for digital pianos will continue. As
unit prices decline, the greater
diversity in functions and design is
expected.
Demand for player pianos has been
on a recovery trend since 2001. As
a result of improvement in
functions and playability, demand
is expected to expand.
154K
1995
Since 2002, the market for pianotype keyboards sold in mass
merchandise outlets has expanded.
Further growth in demand is
forecast.
1997
1998
1999
2000
2001
2002
2003
2004
Total demand for upright pianos
will continue on a gradual
downward trend.
While the inflow of extremely lowpriced types will begin to decline,
the increase in pianos made in
China, especially grand pianos, will
continue
15
Yamaha's "Total Piano" Product Policy
Multifunction
pianos
Price
(high)
Multifunction,
high value
added
Expand sales of high
value added models
with sophisticated
design
Traditional
pianos
Multifunction
digital pianos
Instruments to
compete with
pianos/digital pianos
made in China
Yamaha will develop products to meet
increasingly diverse "total piano"
demand, by drawing on its distinguished
combination of technology in acoustic
and digital instruments, while working to
expand sales channels.
Single
function
digital pianos
Traditional design
Single
function
piano-type
keyboards
Leadingedge
design
Increase sales by
expanding sales
channels for simple,
low-priced models with
an emphasis on design
Single
function
Price
(low)
16
Growth in the North American
Market
„ Expand innovative, high-quality products and
services
•
•
•
Introduce innovative, high-quality products: DKV-Mark IV,
CLP-F01, Artist Model wind instruments, etc.
Draw on relationships with artists: Yamaha Artist Services
Inc. (YASI)
Propose new customer services: Internet Direct Connection
(IDC), Digital Music Notebook (DMN)
„ Strengthen product competitiveness and
expand sales network
•
•
Pursuing “Total Piano” strategy
Strengthening sales capabilities and expanding sales
channels for string and percussion instruments
„ Accelerate growth of commercial audio
business
•
•
•
Strengthen personnel resources
Improve communication about product value
Relocate facilities for YCATS and R&D
17
Sales Plan by Product (European Market)
¥57.5 billion
(E1=¥133)
¥59.1 billion
(E1=¥135)
3.8
1.3
0.2
7.9
3.5
6.6
6.8
10.1
9.9
1.3
0.2
7.0
18.9
19.4
¥63.3 billion
(E1=¥127)
Other
Music School
2.1
0.4
9.1
2.4
0.2
9.8
4.4
4.3
7.6
8.2
10.4
10.0
22%
21%
21%
Yamaha’s
Share
¥64.8 billion
(E1=¥134)
20.4
22%
19.2
Porfessional Audio
Equipment
Music Production
Equipment
String and percussion
instruments
W ind and Educational
instruments
Home-use Keyboards
Electone
9.6
F03/04
(Actual)
10.1
10.4
F04/05
(Actual)
• Demand for electronic keyboards
reducing slightly
• Especially in the wind instruments,
expansion of E-commerce fueling
price competition
9.2
F05/06
(Projection)
Pianos
F06/07
(Projection)
• Piano sales are expanding slightly
18
Sales Expansion Plan by Product (European
Market)
(Billions of Yen)
Music Instruments
Segment: +4.2
(From F04/05 to F06/07)
Other
Professional
audio
equipment
Music
School
(124%) (100%)
Music
production
equipment
String and
percussion
instruments
Home-use
keyboards
Wind and
educational
instruments
Piano
Electone
(0.9)
1.1
0
1.9
(123%)
0.8
1.4
(101%)
0
(0.2)
(%0)
(91%)
(121%)
(185%)
(99%)
0.1
Musical Instruments +1.2
*Figures in parentheses represent
changes from F04/05 to F06/07.
19
Growth in the European Market
„ Expand innovative, high-quality products and services
•
•
•
Increase sales of innovative, high-quality products and services: Silent Piano,
CLP-F01, medium to high-quality wind instruments, etc.
Draw on relationships with artists: Paris (pianos),
London (guitars), Frankfurt (wind instruments)
Propose new customer services: IDC, DMN
„ Enhance sales systems in growth markets
•
•
•
Established YMCE branch in Poland (August 2004)
Set up representative office in Moscow (April 2005)
Making preparations for direct sales in the expanded EU (Czech
Republic, Slovakia, Hungary, Slovenia)
„ Step up initiatives in the growing commercial audio (CA)
business
•
•
•
Established commercial audio support center for the EU (in London, April 2005)
Training professional staff teams in each country
Conducting training to improve product knowledge
„ Expand sales channels to include mass sales of electronic
keyboards (EKB)
20
Sales Plan by Product (Chinese Market)
¥12.9 billion
Other
Music school
2.4
¥8.7 billion
0 . 2
1.3
¥7.1 billion
¥6.5 billion
Professional audio
equipm ent
Music production
equipm ent
String and percussion
instrum ents
Wind and educational
instrum ents
Hom e-use ketybords
0 . 3
0.3
2.1 0.4
1 . 1
0.2
0.3
0 . 3
1.1
Electone
0 . 4
0 . 1
0 . 2
1 . 0
0.6
0 . 1
0 . 2
0 . 1
0.4 0.7
0 . 8
0.9
2.5
2.8
F03/04
(Actual)
15%
3.2
F04/05
(Actual)
1.0
Piano
19%
2.6
0 . 7
2.2
3.6
0.9
1.3 0.2
1.3 0.2
14%
13%
6.3
4.1
F05/06
(Projection)
F06/07
(Projection)
• China recording rapid market expansion, especially in the piano market
21
Sales Expansion Plan by Product (Chinese Market)
(Billions of Yen)
Music Instruments
Segment: +5.8
Wind and
educational
instruments
(From F04/05 to F06/07)
Home-use
keyboards
Electone
Piano
(197%)
(-%)
(164%
)
1.5
(122%)
0.3
String and
percussion
instruments
(300%)
0.2
Music
production
equipment
(-%)
Music
School
(217%
)
0.7
(-%)
0
Other
(-%)
0
0.3
Professional
audio
equipment
0
2.8
Musical Instruments +5.1
*Figures in parentheses represent changes from F04/05 to F06/07.
22
Expand Sales in the Chinese Market
„ Accelerate growth through improvement in the
business infrastructure
•
•
•
•
Improve human resource capabilities (especially of local staff)
Build the YAMAHA brand
Establish and strengthen the sales network
Enhance manufacturing strengths at Hangzhou Yamaha
Strategy for strengthening
the sales network of
pianos in China
YDACC in Beijing
•Opened the first piano shop
in Shanghai
•Opening 40 shops
nationwide by the end of July
23
Other Growth Markets
„ Korea: Expected to grow ¥0.5 billion, from ¥4.0 billion in F04/05 to ¥4.5 billion
in F06/07
„ As demand for pianos recedes, Yamaha will strengthen its brand and artist
relations
„ Establish Artist Center
„ Expand the music school business
„ The Gulf States: Expected to grow ¥0.4 billion, from ¥4.1 billion to ¥4.5 billion
„ Step up marketing in major markets, including Iran, UAE, Saudi Arabia
„ Strengthen the sales base in markets under development, including the CIS and
Khazafstan
„ Russia and Eastern Europe: Expected to grow ¥1.8 billion, from ¥5.4 billion to
¥7.2 billion
„ Russia: Established a representative office in April 2005; will expand sales
through developing a marketing base
„ Eastern Europe: Will expand sales by establishing a direct marketing base in
Vienna
„ India: Expected to grow ¥0.4 billion, from ¥1.6 billion to ¥2.0 billion
„ Will build a sales network along with implementation of market opening
measures
24
Sales Plan of Professional Audio Equipment
¥29.8billion
¥25.4billion
¥20.2billion
10%
¥21.6billion
9%
16.6
13.6
11.2
8.8
Yamaha’s
Share
Commercial
Audio Market
Musical
Instrument
retailers
7%
7%
11.4
F03/04
(Actual)
10.4
F04/05
(Actual)
11.8
F05/06
(Projection)
13.2
F06/07
(Projection)
„ Scale of targeted market is expected to increase steadily at the level of ¥300
billion. Trends for digitalization, systemization and networking is accelerating.
25
Sales Expansion Plans of Professional
Audio Equipment by Region
(Billions of Yen)
Other
North
America
China
(127%)
Europe
(217%)
0.9
(124%)
0.7
1.9
(145%)
3.4
Japan
(157%)
1.3
+8.2
(From F04/05 to F06/07)
*Figures in parentheses represent changes from F04/05 to F06/07.
26
Growth Strategy for the Professional Audio
Equipment Market
„ Make the transition from a "mixer manufacturer" to a
"solutions provider" for the professional audio
equipment market
• Establish a strong competitive position in applications
• Become a "one-stop" supplier for offering solutions
• Get closer to the market
¾ Establish support centers in Europe and North America
• Achieve results through M&A strategy
¾ Steinberg
¾ NEXO
27
Acquisition of Steinberg
Hardware
Software
Studio Connections
•
•
Seamless technological fusion for musica production software and
hardware (YAMAHA's digital mixers and synthesizers + Steinberg's
software)
Expand sales in the market for commercial music production software
• Enliven the musical production market and expand market share
• Expand sales through YAMAHA's sales channels in North America
• Cover customers from hobby users to commercial studios
Impact of the Acquisition
(Compared with March 2005, ¥ billion)
March 2007
March 2009
Sales
¥4.0
¥4.5
Technology Alliance with and Investment in NEXO
$10000
GOT
NEXO
ALFA
GOS
PS
$2000
IS
System solution
YAMAHA
$500
CLUB
AX /BR
Line-array
speaker
Conventional
speaker
S
Utility Speaker
• Joint development of products for system solutions
(YAMAHA digital mixers/amplifiers + NEXO speakers)
• Full-scale entry into the commercial speaker business
Development of speakers for the YAMAHA sales network
Acquired sales right for NEXO products in North America
Impact of the Alliance and Investment
(Compared with March 2005, ¥ billion)
March 2008
March 2010
Sales
¥4.0
¥6.0
III. Cost Reduction Measures
30
Musical Instruments Production Network
Xiaoshan
Xiaoshan (Piano
(Piano parts,
parts, Wind)
Wind)
Hangzhou
(Pianos,
Guitars)
Hangzhou (Pianos, Guitars)
Guangzhou
Guangzhou (Pianos)
(Pianos)
Kemble
&
Co.
(Pianos)
Kemble & Co. (Pianos) Tianjin
Tianjin (DMI*)
(DMI*)
Hamamatsu
Hamamatsu (Grand
(Grand Piano)
Piano)
YMP
YMP (Wind,
(Wind, String)
String)
Kakegawa
(Upright
Piano)
Kakegawa
(Upright
Piano)
YMM
YMM (Pianos,
(Pianos, PA)
PA)
Toyooka
Toyooka (Wind,
(Wind, PA・DMI)
PA・DMI)
Saitama
(Wind)
Saitama (Wind)
Taiwan
Taiwan (Piano)
(Piano)
Kaohsiung
Kaohsiung (Guitars,
(Guitars, PA)
PA)
YI
YI (Piano)
(Piano)
YMMI
YMMI (Guitars,
(Guitars, Drums)
Drums)
YMMA
YMMA (PA,
(PA, DMI)
DMI)
YMPI
(Wind,
YMPI (Wind, Educational)
Educational)
*DMI: Digital Musical Instruments.
31
Manufacturing Base Strategy by Product Group of
Musical Instruments
YSD-50
Expanding production innovation as mother factories
Group
Market
Manufacturing Base
Japan
Electronic
musical
instruments
PA
Stable
China
Indonesia
Expand
Wind and
educational
instruments
Guitars
Drums
Gradual
decline
(China
growing)
Stable
(YAMAHA
share low)
Strengthen production capability in
Japan, China, and Indonesia
Started Production
at Hangzhou
YAMAHA for Chinese
market
Expansion of
production,
nurturing of skill
at Xiaoshan
YAMAHA
Accumulate
technology/skill in
Japan
F06/07
Selection and concentration
of production items (low-price
Clavinova, high-price PK)
Concentrating low-price production of PA mixers (including OEM) in
Indonesia
Start-up and
development at
Hangzhou
YAMAHA
Stable
F05/06
Expand Electone production
by establishing cell
production
Evolution of cell
manufacturing
system
Evolution of cell
manufacturing
system
Piano
F04/05
Export to the U.S.
and European
markets
Recorder production
shifted to Toyooka
Selection and concentration of production base in
Japan
Consolidating highgrade production
factories
Saitama Factory concentrated on production of lowpitched brass instruments
Started Production
at Hangzhou
YAMAHA
Start-up and
development at
Hangzhou
YAMAHA
Expand
production
Expand production items
Cost down of hardware
procurement
Stable
(YAMAHA
share low)
Expand share
through
differentiation
Developed bases
Under
development
No
corresponding
32
Establishment of New Bases in China
Hangzhou Yamaha Musical Instruments Co.,Ltd.
(Established in November 2004)
33
Establishment of New Bases in China (2)
Piano production at Hangzhou Yamaha
↓
↑
Guitar production at Hangzhou Yamaha
34
Improving profitability of Musical Instruments and
Plans Going Forward
Decrease in production costs
(¥100 million)
Cost down
Effects
YSD 50 Estimated
effects
(F03/04 vs.F06/07)
F04/05
Actual effects
(against
previous year)
F05/06
Estimated
effects
F06/07
Estimated
effects
(against
previous year)
(against
previous year)
3-Year
Compound
effects
(against
previous year)
Fixed costs
16.7
5.0
8.2
5.2
18.4
Various costs
32.0
12.8
9.0
10.2
32.0
Total
48.7
17.8
17.2
15.4
50.4
Amid a trend toward increases in production in the first year of the plan, we
proceeded with cost reductions and were able to absorb ¥620 million in higher
materials costs.
Personnel Composition
Production
(Yamaha Corporation only)
(162)
(Number of employee)
(51)
(16)
(60)
(127)
35
Reforms in Personnel Composition
■Strengthening human resources
9 Recruit personnel with necessary skills
9 Training for core personnel
9 Installing a educational program for manager in the
new plant in China
„ Substantial improvement in overhead
productivity
9 Production process reform for improving productivity,
operational process reform
9 Organization reform of wind, string, and percussion
instruments for integration effect
z YSD50’s goal for improvement in efficiency through
reforms in personnel
+¥3.6 billion for 3 years
(Production: ¥1.7 billion + Domestic sales & other: ¥1.9 billion)
36
Reduction in Inventories due to SCM
„ Strict observance of delivery
schedules
„ Establish methods of global inventory
management
¾ Develop supply system responding to
orders
¾ Pull inventories of sales companies to the
Head Office
¾Make weekly delivery response
possible
„ Reduce lead times
¾Pianos: Reduce 3 months
¾Other: Reduce 2 months
„ Elimination of dormant/excess
inventories
->Goal of one months inventory overhead
for sales companies
Delay in production and sales adjustments for
electronic keyboard products in Europe and
North America
(Billions of Yen)
Goods in
process/materials
Products
14.8
13.8
13.9
40.8
37.5
41
F02/03
F03/04
F04/05
13.1
13.4
36.3
36.3
F05/06
F06/07
37
Appendix
38
Musical Instrument Sales in the Japanese Market
YAMAHA’s
Wholesale Amount
Wholesale Amount
(By category, excluding PA)
(By category, excluding PA)
% Change from
the previous
year
120
104.9
107.9
(103%)
103.7
(96%)
(Billions of Yen)
106.9
(103%) Musical
54.6
(111%)
production
equipment
100
String and
percussion
instruments
53.2
(97%)
49.4
Musical
production
equipment
String and
percussion
instruments
Wind and
educational
instruments
80
Wind and
educational
instruments
Home-use
keyboards
Home-use
keyboards
Electronic
organs
Electronic
organs
Pianos
60
40
56.9
(107%)
20
Pianos
F03/04
F04/05
F05/06
(Estimation)
F06/07
F03/04
F04/05
F05/06
F06/07
(Estimation) (Projection)
39
Musical Instrument Sales in the U.S. Market
YAMAHA’s
Wholesale Amount
Wholesale Amount
(By category, excluding PA)
(By category, excluding PA)
% Change from the
previous year
2500
1, 980
2,092
(106%)
2,103
(101%)
2000
Musical
production
equipment
String and
percussion
instruments
1500
Wholesale Amount
(Millions of U.S. Dollars)
2,138
(102%)
600
500
448
460
(103%)
494
(107%)
Wind and
educational
instruments
Home-use
keyboards
500
Electronic
organs
Musical
production
equipment
String and
percussion
instruments
400
1000
507
(103%)
300
Wind and
educational
instruments
200
Home-use
keyboards
100
Pianos
Pianos
0
0
F03/04
04/3
F04/05
05/3
F05/06
06/3
(Estimation)
F06/07
07/3
F03/04
04/3
F04/05
05/3
F05/06
06/3
F06/07
07/3
(予想)
(計画)
(Estimation) (Projection)
40
Musical Instrument Sales in European Market
YAMAHA’s
Wholesale Amount
Wholesale Amount
(By category, excluding PA)
2000
1,692
1,733
(102%)
1,756
(101%)
(By category, excluding PA)
% Change from the
previous year
1,792
(102%)
Musical
production
equipment
String and
percussion
instruments
1500
1000
Wind and
educational
instruments
Home-use
keyboards
500
Pianos
Wholesale Amount
(Millions of Euro)
500
400
382
375
(98%)
400
(107%)
422
(106%)
Musical
production
equipment
String and
percussion
instruments
300
Wind and
educational
instruments
200
Home-use
keyboards
100
Pianos
0
0
F03/04
04/3
F04/05
05/3
F05/06
06/3
(Estimation)
F06/07
07/3
F03/04
04/3
F04/05
05/3
F05/06
06/3
F06/07
07/3
(Estimation) (Projection)
41
Musical Instrument Sales in Chinese Market
YAMAHA’s
Wholesale Amount
Wholesale Amount
(By category, excluding PA)
% Change from the
previous year
5,000
4,245
(114%)
(By category, excluding PA)
3,739
(117%)
4,000
Wholesale Amount
(Millions of Yuan)
4,577 Musical
production
(108%)equipment
3,199
3,000
String and
percussion
instruments
900
Wind and
educational
instruments
800
Home-use
keyboards
700
825
(138%)
600
(121%)
600
Pianos
2,000
495
(138%)
String and
percussion
instruments
Wind and
educational
instruments
Home-use
keyboards
500
400
Musical
production
equipment
358
Pianos
300
1,000
200
100
0
0
F03/04
04/3
F04/05
05/3
F05/06
06/3
(Estimation)
F06/07
07/3
F03/04
04/3
F04/05
05/3
F05/06
06/3
07/3F06/07
(Estimation)
(Projection)
(予想)
42
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