Presentation(PDF 276 MB)

Yamaha Corporati
Y
tion
Analyst and Investor Briefing on
the Third Quarter of Fiscal Year
Ending
g March 31,, 2016 (FY2016.3))
February 5, 2016
Overview of Performance in the
Third Quarter (October-December)
Results Summary

Sales increased year-on-year and exceeded previous projections.
Operating, ordinary, and net income all rose sharply.
3Q operating income exceeded 15 billion yen, regaining levels
prevailing prior to FY2004.3
The operating income ratio rose to 13.3%
 In the musical instrument segment, actual sales of digital musical
instruments and string and percussion instruments rose by double digits
year on year
year-on-year
 In the audio equipment segment, actual sales of AV products and
professional audio equipment also rose by double digits from the same
period of the previous year
 Although electronic device sales declined year-on-year, profitability was
broadly in line with expectations
 Other businesses showed firm results, especially for shipment of new golf
products
2
Performance in the Third Quarter of
FY2016.3 (Three Months)
(Billions of yen)
FY2015.3 FY2016.3
3Q results 3Q results
Changes from
same period of
the previous
year
Net Sales
116.9
118.3
O
Operating
ti Income
I
10 6
10.6
15 7
15.7
(9.1%)
(13.3%)
10.9
15.4
(9 3%)
(9.3%)
(13 0%)
(13.0%)
9.9
13.1
(8.5%)
(11.1%)
US$
114
121
120
EUR
143
133
130
US$
112
121
120
EUR
138
135
130
(Operating Income Ratio)
Ordinary Income
(Ordinary Income Ratio)
Net Income*
(Net Income Ratio)
+1.2%
FY2016.3
3Q previous
projections
+47.7%
+41.0%
+32.0%
117.0
11 8
11.8
(10.1%)
11.3
(9 7%)
(9.7%)
9.1
(7.8%)
Changes from
the previous
projection
p
j
+1.1%
+33.0%
+35.9%
+43.8%
Exchange Rate (yen)
Net Sales
Operating
Income
* Net income is presented as net income attributable to owners of parent on the consolidate financial statements
**Previous projections were announced on October 30, 2015
3
Performance by Business Segment in the
Third Quarter of FY2016.3 (Three Months)
Net Sales
Operating Income
Year-on-year change
116.9
■Others
■Electronic
Devices
■Audio
Equipment
5.7
3.0
31.8
(1.2%)
(4.6%)
(-15.1%)
(13.8%)
(Billions of yen)
Change from the
previous projections
118.3 (1.1%) 117.0
6.0
2.6
15.7
0.4
36.2
10.6
0.4
■Musical
Instruments
76.3
(-3.6%)
4.3
11 8
11.8
■Others
■Audio
Equipment
2.7
11.1
73.6
■Musical
Instruments
7.8
■Electronic
Devices
-0.3
FY2015.3 3Q
FY2016.3 3Q
Impact of Exchange Rates
Year-on-Year
FY2016.3 3Q
FY2015.3 3Q
(previous
projections)
-0.1
FY2016.3 3Q
FY2016.3 3Q
(previous
projections)
-¥1.7 billion
-¥0.3 billion
(musical instruments -¥1.1 billion, audio equipment
-¥0.7
¥0 7 billion
billion, electronic devices +¥0
+¥0.1
1 billion)
(musical instruments -¥0.2 billion, electronic devices
-¥0.1
¥0 1 billion)
-¥0.2 billion
Versus previous
(musical instruments -¥0.1 billion, audio equipment
projections
-¥0.1 billion)
*Previous projections were announced on October 30, 2015
+¥0.8 billion
(musical instruments +¥0.3 billion, audio equipment
+¥0.5 billion)
4
Musical Instruments 3Q (Three Months)
3Q
(Billions of yen)
■Net Sales
Music
schools,
etc.
Yamaha
musical
instruments
■Operating Income
76.3
73.6
20.0
14.6
56.3
59.0
7.8
FY2015.3 3Q
11.1
FY2016.3 3Q
3Q Overview
 Although sales declined year-on-year,
income rose sharply
 The
Th transfer
t
f off music
i school
h l operations
ti
and effect of exchange rate were the main
factor behind lower sales
 Actual sales of digital musical instruments
and string and percussion instruments
grew by double digits year-on-year, and
wind instruments also recorded strong
sales
 The Chinese and European markets
achieved double-digit year-on-year growth,
and the North American market was also
robust
 Sales in the Japanese market were on a
par with the previous year, with gains
compensating for declining Electone sales
5
Audio Equipment 3Q (Three Months)
3Q
(Billions of yen)
■■■Net Sales
■Operating Income
3Q Overview
31.8
36 2
36.2
4.2
ICT devices
PA
equipment
AV products,
karaoke
3.5
13.3
12.2
16.1
2.7
FY2015.3 3Q
18.7
4.3
FY2016.3 3Q
 Sales and income increased sharply from
the same period of the previous year
 The launch of new AV products helped to
drive strong
g results in all markets,, with
actual sales growing by double digits
year-on-year
 Actual sales of professional audio
equipment
i
also
l maintained
i i d double-digit
d bl di i
year-on-year growth, due to factors
including new product launches and
installation of audio equipment in Japan
 Revolabs sales rebounded, and sales of
communication and karaoke equipment
were also robust
6
Electronic Devices 3Q (Three Months)
3Q
(Billions of yen)
■Net Sales
■Operating Income
3Q Overview
 Sales fell year-on-year
year-on-year, but profitability
improved
 The recoil effect following advance
shipment
p
of amusement equipment
q p
in the
first half was a factor behind lower sales
 Profitability was broadly in line with
projections, due to the effects of structural
reforms
f
3.0
-0.3
FY2015.3 3Q
2.6
-0.1
FY2016.3 3Q
7
Others 3Q (Three Months)
3Q
(Billions of yen)
■■■■Net Sales
■Operating Income
3Q Overview
FA equipment,
etc.
Resort
Golf products
Automobile
i t i wood
interior
d
component
5.7
6.0
1.1
1.4
1.2
1.2
1.2
1.6
22
2.2
18
1.8
-0.4
FY2015.3 3Q
 Sales increased from the same period of
the previous year, and profitability was
steady
 Golf p
product sales increased,, due to
shipment of new products
 In the factory automation equipment
segment, leak testers achieved firm sales
-0.4
FY2016.3 3Q
8
Performance in the First Three Quarters of
FY2015.3 (Nine Months)
(Billions of yen)
FY2016.3
Changes from the
Changes from
FY2015.3
FY2016.3 same
period of
p
previous
p
Q previous
p
1 3Q results 1-3Q
1-3Q
1 3Q results the previous year 1-3Q
projection
projections
323.2
335.8
25.7
36.9
(8.0%)
(11.0%)
26.0
37.6
(8.0%)
(11.2%)
20.7
30.5
((6.4%)
%)
((9.1%)
%)
107
122
121
140
134
133
US$
105
122
121
EUR
140
134
133
Net Sales
Operating Income
(Operating Income Ratio)
Ordinary Income
(Ordinary Income Ratio)
Net Income*
(Net Income Ratio)
Exchange Rate (yen)
US$
Net Sales
EUR
Operating
Income
+3.9%
+43.6%
+44.9%
44 9%
+47.3%
334.5
33.0
(9.9%)
33.5
(10.0%)
26.5
((7.9%)
%)
* Net income is presented as net income attributable to owners of parent on the consolidate financial statements
**Previous projections were announced on October 30, 2015
+0.4%
+11.9%
+12.2%
12 2%
+15.1%
9
Cumulative Results for the First Three Quarters:
Non-Operating Profit and Loss
Recognition of Extraordinary Profit and Loss
 Recognition of extraordinary loss due to immediate amortization of goodwill
It has been decided to record immediate amortization of goodwill for Line 6, Inc.,
which became a wholly-owned subsidiary of Yamaha Corporation in January 2014.
Reason: Line 6 is projected to record losses for two consecutive years, and since
delays have occurred in producing results that utilize its product planning and
development strengths,
strengths it was deemed unlikely that Yamaha Corporation would
recoup its investment within the timeframe initially targeted.
Impact on consolidated profit and loss: An extraordinary loss of 4.5 billion yen for
immediate amortization of goodwill has been recognized.
 Gain on sale of fixed assets
A 5.6 billion yen gain on sale of fixed assets has been recognized following the sale
of land and buildings of the former Shinsaibashi store in Osaka and other facilities
facilities.
10
Performance by Business Segment in the First
Three Quarters of FY2015.3 (Nine Months)
Net Sales
Change from the
previous projections
Year-on-year change
323 2
323.2
■Others
■Electronic
Devices
■Audio
Equipment
17.8
10.6
(3.9%)
(0.7%)
(-0.4%)
82 5
82.5
((9.8%))
Operating Income
(Billions of yen)
335.8 (0.4%)
334 5
(0 4%) 334.5
17.9
10.5
36.9
90.6
0.7
25.7
25
7 0.6 7
7.8
8
0.3
■Musical
Instruments
212.4
(2.0%)
33.0
■Others
■Electronic
Devices
■Audio
Equipment
4.7
27.8
216.7
22.0
■Musical
Instruments
-1.2
FY2015.3 1-3Q
FY2016.3 1-3Q
FY2016.3 1-3Q
FY2015.3 1-3Q
(previous projections)
FY2016.3 1-3Q
(previous
projections)
Impact of Exchange Rates
Year-on-Year
FY2016.3 1-3Q
+¥8.5 billion
-¥0.4 billion
(musical instruments +¥6.2 billion, audio equipment
+¥2 0 billion
+¥2.0
billion, electronic devices +¥0
+¥0.2
2 billion)
(musical instruments +¥0.8 billion, audio equipment
-¥0.9
¥0 9 billion
billion, electronic devices -¥0.3
¥0 3 billion)
-¥0.2 billion
Versus previous
(musical instruments -¥0.1 billion, audio equipment
projections
-¥0.1 billion)
*Previous projections were announced on October 30, 2015
+¥0.8 billion
(musical instruments +¥0.3 billion, audio equipment
+¥0.5 billion)
11
FY2016.3 1-3Q Operating Income Analysis
(Nine Months)
Versus same period of the previous year
Increase in
labor cost
Increase in
at overseas
SG&A
factories
-¥0.8
-¥1.4
Increase in
fit bilit off Increase in
I
Impact
t off profitability
electronic
exchange
sales and
devices
rates
gross margin
-¥0.4
(Billi
(Billions
off yen))
Improvement in
manufacturing
cost
+¥2.1
+¥3.2
36.9
+¥8.5
25.7
FY2016 3 1-3Q
FY2016.3
FY2015 3 1-3Q
FY2015.3
1 3Q
Versus previous projections
Electronic
devices not
reaching the
planned cost
measures
-¥0.1
¥0 1
Increase in
sales and
production
Impact of
exchange
rates
Decrease in
SG&A
+¥1.5
+¥1.7
36.9
+¥0.8
¥0.8
33.0
FY2016.3 1-3Q
FY2016.3 1-3Q
(previous projections)
*Previous projections were announced on October 30, 2015
** Impact of exchange rates has been adjusted after the review of calculation method of currency exchange rates, the above figures may differ
from the previously announced figures.
12
Outlook for Fourth Quarter and Full Year
Outlook for 4Q



Despite concerns over the slowdown in the Chinese market and elsewhere and the
impact of advance shipments of some products in 3Q, the outlook for the musical
instrument and audio equipment segments is generally in line with previous
projections
Previous projections also remain largely unchanged for the electronic device and
others segments
No particular increase in SG&A expenses, etc. is anticipated
Full Year Outlook
Although strong results were recorded in the 3Q period of highest demand, and
cumulative profitability over the first three quarters exceeded previous projections by a
wide margin, projections for 4Q remain basically unchanged.
The full year sales projection also remains unaltered at 437
437.0
0 billion yen
yen. Full year income
projections have been revised to 41.0 billion yen for operating income, 41.5 billion yen for
ordinary income, and 34.5 billion yen for net income.
13
Forecast for Performance in FY2015.3
(Full Year)
(Billions of yen)
FY2014.3
1-3Q
4Q
FY2015.3
Full Year
108.9 432.2
1-3Q
4Q
projections
p
j
335.8 101.2
Net Sales
323.2
Operating
I
Income
25.7
4.4
30.1
36.9
4.1
(Operating Income Ratio) (8.0%)
(4.1%)
(7.0%)
(11.0%)
(4.1%)
Ordinary Income 26.0
5.3
31.2
37.6
3.9
(Ordinary Income Ratio) ((8.0%))
((4.8%))
((7.2%))
(11.2%)
(3.9%)
Net Income*
20.7
4.2
24.9
30.5
4.0
(Net Income Ratio)
(6.4%)
(3.9%)
(5.8%)
(9.1%)
(4.0%)
ROE
8.1%
Change from FY2015.3 full Change from
previous year previous previous
Full Year New year results projections projections
Projections
437.0 +1.1% 437.0
41.0 +36.1%
+36 1%
(9.4%)
41.5 +32.9%
(9.5%)
34.5 +38.4%
(7.9%)
-
37.0 +10.8%
+10 8%
(8.5%)
37.5 +10.7%
((8.6%))
29.0 +19.0%
(6.6%)
10.0%
8.3%
Exchange Rate (yen)
Net Sales
Operating
Income
US$
107
119
110
122
120
121
121
EUR
140
134
139
134
130
133
133
US$
105
119
109
122
120
121
121
EUR
140
144
141
134
130
134
132
* Net income is presented as net income attributable to owners of parent on the consolidate financial statements
**Previous projections were announced on October 30, 2015
14
FY2016.3 Full Year Forecast for
Performance by Business Segment
Net Sales
Operating Income
Year-on-year change
432 2
432.2
■Others
■Electronic
Devices
■Audio
Equipment
24.2
13.4
(1 1%)
(1.1%)
(-1.0%)
Change from the
previous projections
437.0 ( - )
24.0
13.0
(-3.2%)
437 0
437.0
(-)
(5.0%)
41.0
24.0
13.0
(-)
118 5
118.5
112 8
112.8
(Billions of yen)
118 5
118.5
(-)
37.0
30.1 0.5
0.5
85
8.5
0.5
05
0.5
0.4
7.5
■Others
■Electronic
Devices
■A di
■Audio
Equipment
6.1
■Musical
Instruments
31.5
281.7
(-0.1%)
281.5
(-)
281.5
25.1
28.5
■Musical
Instruments
-1.4
FY2016.3
FY2015.3
FY2016.3
FY2015.3
(previous projections)
FY2016.3
(previous
projections)
Impact of Exchange Rates
Year-on-Year
FY2016.3
+¥7.4 billion
-¥1.7 billion
(musical instruments +¥5.5 billion, audio equipment
+¥1 6 billion
+¥1.6
billion, electronic devices +¥0
+¥0.2
2 billion)
(musical instruments -¥1.3billion, electronic devices
-¥0.3
¥0 3 billion)
-¥0.9 billion
Versus previous
(musical instruments -¥0.6 billion, audio equipment
projections
-¥0.3 billion)
*Previous projections were announced on October 30, 2015
+¥0.8 billion
(musical instruments +¥0.2 billion, audio equipment
+¥0.5 billion)
15
FY2016.3 Full Year Operating Income Analysis
Versus same period of the previous year
30.1
(Billi
(Billions
off yen))
Improvement in
manufacturing
cost
Increase in
+¥4.1
sales and
production
Increase in
labor cost
+¥8.1
Increase in
at overseas
profitability of
factories Increase in
Impact of electronic
SG&A
exchange devices
-¥1.8
rates
-¥0.2
+¥2.3
41.0
-¥1.6
FY2016 3
FY2016.3
FY2015 3
FY2015.3
projections
Increase in
sales and
gross margin
Versus previous projections
Impact of
exchange
rates
Increase in
SG&A
+¥1.4
41.0
+¥1.8
+¥0.8
37.0
FY2016 3
FY2016.3
FY2016 3
FY2016.3
(previous projections)
projections
*Previous projections were announced on October 30, 2015
** Impact of exchange rates has been adjusted after the review of calculation method of currency exchange rates, the above figures may differ
from the previously announced figures.
16
Musical Instruments Full Year Projections
Full Year
(Billions of yen)
■Net Sales
■Operating Income
Full Year Projections
 Full year sales projections remain
unchanged, and income is expected to be
higher than previously projected
 Sales of digital
g
musical instruments,, wind
instruments, and string and percussion
instruments are expected to remain robust
 Although a slowdown is likely in the
E
European
and
d Chinese
Chi
markets
k
in
i 4Q,
4Q
results are expected to be broadly in line
with previous projections
281.7
281.5
281.5
Music
schools, etc.
78.2
63.4
63.8
Yamaha
musical
instruments
203.5
218.1
217.7
25.1
31.5
28.5
FY2015.3
FY2016.3
FY2016.3
(previous
projections)
*Previous projections were announced on October 30, 2015
17
Musical Instruments: Sales by Region
Sales Projections (including software products and music schools)
(Billions of yen)
*Figures in blue
parentheses show actual
year-on-year changes,
excluding the sales of music
school
Figures in red parentheses
show actual year-on-year
changes, discounting the
impact of exchange rates
105.0 88.9
88 9
(97%)
(85%)
4Q
26.9
21.8 (81%)
3Q
56.8
56
8 (104%)
26 1
26.1
1-3Q
20.5 (79%)
50.2
14.0(102%)
(86%)
9.7
13 6
13.6
2Q
24 2
24.2
49.4 51.4
19.4
(104%)
(80%)
1Q
27.8 27.2 (98%)
14.0(107%)
12.5
13 0
13.0
(101%)
10.1 (106%)
29 3
29.3
16.2 16.9 (112%)
(109%)
15 8((105%))
15.8
11.0 13.1(101%)
47.8 48.2
(109%)
13.8
8 (109%)
12.8 13
10.6 10.7
(105%)
FY2015 3 FY2016.3
FY2015.3
FY2016 3
FY2015 3 FY2016.3
FY2015.3
FY2016 3
FY2015 3 FY2016.3
FY2015.3
FY2016 3
Japan
North America
Europe
36.1 (113%)
11 2
11 8 11.2
11.8
(99%)
7.8 (108%)
8.9 (117%)
7.2
7 (115%)
7.5
5
11.1 (114%)
8.5
6.1 8.3 (114%)
FY2015 3 FY2016.3
FY2015.3
FY2016 3
China
14.0 13.2
(99%)
((102%))
12 (103%)
3
11.9 12.3
10.1 11.5
(105%)
FY2015 3 FY2016.3
FY2015.3
FY2016 3
Other Regions
18
Audio Equipment Full Year Projections
Full Year
(Billions of yen)
■■■Net Sales
■Operating Income
Full Year Projections
 Full year sales projections remain
unchanged, but income is expected to be
higher than previously projected
 Ay
year-on-year
y
rise in sales of AV p
productsICT devices
is anticipated, partly driven by new
products
PA
equipment
 Professional audio equipment results are
lik l to be
likely
b boosted
b
d by
b new products
d
and
d
sales through musical instrument
channels
AV products,
 Strong sales of karaoke and ICT
k
karaoke
k
(information and communication
technology) devices are also anticipated
112.8
118 5
118.5
118 5
118.5
13.6
15.3
15.2
47.4
51.8
52.2
51.9
51.3
51.2
6.1
8.5
7.5
FY2016.3
FY2016.3
FY2015.3
(previous
projections)
*Previous projections were announced on October 30, 2015
19
Audio Equipment: Sales by Region
(Billions of yen)
31.4
(99%)
6.7
24.3(99%)
(108%)
6.4
(101%)
30.1
28.7
24.7
31.0
Figures in parentheses show
actual year-on-year changes,
discounting the impact of
exchange rates
(85%)
6.5
7.9
20.6 (108%)
19.6
4Q
8.8
8.5
(96%)
9.9
9
9
(111%)
92
9.2
10 4 (121%)
10.4
4.5
8.5
3Q
5.3
5.9
(111%)
8.0
1-3Q
(100%)
2Q
5.0
(109%)
(104%)
5.9
(117%)
(103%)
6.6
7.5
7.8
(96%)
1Q
5.5
4.1
(74%)
5.7
6.7
6.8
6.4
(105%)
(99%)
FY2015.3 FY2016.3
FY2015.3 FY2016.3
FY2015.3 FY2016.3
Japan
North America
Europe
9 7 11.2 (110%)
9.7
2.1 (86%)
2.5
3.5 (132%)
2.6
(119%)
(108%)
2.4 2.8
2.2 2.7 (115%)
FY2015.3 FY2016.3
China
61
6.1
4 2(96%)
4.2
6.4(113%)
(112%)
4.8
5.3(110%)
4.1
4.7(111%)
FY2015.3 FY2016.3
Other Regions
20
Musical Instruments/Audio Equipment:
Sales by Major Product Category (Yamaha branded products)
(Billions of yen)
Musical Instruments
Piano
50.1
4Q
3Q
2Q
1Q
12.8
13.3
Digital Musical Instruments
52.6
(101%)
12.6
(99%)
13.1
(100%)
14.7
11.1
12.1
FY2015.3
FY2016.3
(100%)
Wi d Instruments
Wind
I t
t
42.6
(109%)
9.8
(102%)
19.0
((103%)
%)
(100%)
26 2
26.2
28 1
28.1
8.6
(105%)
8.3
11.7
21.5
18.7
15.5
23.1
19.8
(102%)
(114%)
12.5
FY2015.3
FY2016.3
(113%)
48.4
9.5
(102%)
(94%)
17.9
(117%)
(104%)
(100%)
11.5
12.2
9.2
8.8
FY2015.3
FY2016.3
(99%)
FY2015.3 FY2016.3
String
St
i and
d Percussion
P
i
Instruments
27.5
(89%)
PA E
Equipment
i
t
47.4
(108%)
14 7
14.7
51.8
(109%)
14.5
(100%)
13.3
(112%)
12.6
(111%)
(114%)
6.3
(103%)
7.7
(110%)
62
6.2
73
7.3
((111%)
%)
10 9
10.9
5.2
6.1
(109%)
9.5
11.5
FY2015.3
FY2016.3
FY2015.3
FY2016.3
6.2
7.1
(110%)
10.3
46.5
((110%)
%)
24.8
9.6
9.7
19.3
89.9
(104%)
(105%)
12.9
(112%)
85 7
85.7
AV Products (excl. parts)
10.4
1-3Q
(102%)
37.9
Audio Equipment
12.2
(113%)
Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates
21
Electronic Devices Full Year Projections
Full Year
(Billions of yen)
■Net Sales
■Operating Income
Full Year Projections
 Previous projections remain unchanged
 Conditions will remain challenging in the
amusement equipment market
 It will be difficult to increase sales of
geomagnetic sensors and other products
above previous projections
 Structural reforms are expected to
improve profitability and pull the segment
back into the black
13.4
13.0
13.0
0.5
0.5
-1.4
FY2015.3
FY2016.3
FY2016.3
(previous
projections)
*Previous projections were announced on October 30, 2015
22
Others Full Year Projections
Full Year
(Billions of yen)
■■■■Net Sales
■Operating Income
Full Year Projections
 Previous projections remain unchanged
 New golf products are expected to boost
sales
FA equipment,
etc.
 Plans to attract more customers in winter
are expected to spur resort sales
 In the factory automation equipment
Resort
business, conditions will remain
challenging for precision machine, but
Golf products
increased demand is anticipated for leak
testers and other products
Automobile
interior wood
component
24 2
24.2
24 0
24.0
24 0
24.0
64
6.4
69
6.9
68
6.8
4.9
5.0
5.5
5.7
5.6
7.7
6.5
6.5
4.7
0.4
0.5
FY2015.3
FY2016.3
0.5
FY2016.3
(previous
projections)
*Previous projections were announced on October 30, 2015
23
Capital Expenditure/Depreciation/R&D Expenses
(Billi
(Billions
off yen))
Capital Expenditure (Depreciation)
■Others
■Electronic Devices
■Audio Equipment
■M i l Instruments
■Musical
I t
t
0.6
0.6
(9.4)
9.8 (9.2)
0.7
06
0.6
1.9
7.7
13 8
13.8
0.8
0.6
(12.6)
12.3 (12.7)
0.8
0.7
2.8
13 8
13.8
0.7
0.6
(12.9)
4.8
43
4.3
2.2
9.5
6.7
FY2015.3 1Q
FY2015.3
FY2016.3 1Q
25 4
25.4
R&D E
Expenses
0.9 18.5
2.7
1.4
18.5
1.4
3.4
FY2016.3
FY2016.3
projections
(previous projections)
25 1
25.1
1.8
2.2
1.7
25 5
25.5
2.3
1.6
11.0
11.7
12 0
12.0
95
9.5
95
9.5
8.3
8.5
6.5
7.0
96
9.6
FY2016.3 1Q
FY2015.3
FY2015.3 1Q
7.8
6.5
4.3
*Previous projections were announced on October 30, 2015
FY2016.3
FY2016.3
projections
(previous projections)
24
Inventories
Inventories at the end of the third quarter (December 31, 2015) amounted to 95.2
billion yen. Actual inventories increased by 4.8 billion yen year-on-year after adjusting
for foreign exchange impact of -4.5 billion yen.
Inventories at the end off the fiscal
f
year are fforecast to be 92.1 billion yen. Although
this will exceed the optimum inventory level, there are no significant issue such as
(Billions of yen)
defective or immobile stock.
End of 3Q
94.9
End of Fiscal Year
95.2
87.8
Goods in
process/
materials
Other
products
28.4
28.0
27.7
4.3
4.8
Audio
Equipment
20.6
19.9
Musical
Instruments
41.6
42.4
FY201 3
FY2015.3
FY2016 3
FY2016.3
4.7
16.7
38.8
FY2015.3
92.1
90.3
26.2
26.2
4.0
3.6
18.4
17.6
43.5
42.9
FY2016.3
Impact of Exchange Rates
Year-on-Year
Versus previous projections
FY2016.3
(previous projections)
-¥4.5 billion
-
-¥1.1 billion
-¥1.1 billion
25
Balance Sheet Summary
(Billi
(Billions
off yen))
As of end of fiscal year end
As of end of 3Q
As of Dec. 31, As of Dec. 31,
2014
2015
Change
Cash and deposits
74.5
99.5
25.0
Notes and accounts receivable
68.2
62.8
5.4
94.9
19.4
262.0
95.2
23.6
262.5
0.3
4.2
0.5
519.0
23.0
19.8
146.5
329.7
519.0
543.6
18.9
20.5
140.8
363.4
543.6
24.6
-4.1
0.7
-5.7
33.7
24.6
Inventories
Other current assets
Fixed assets
Total assets
Notes and accounts payable
Short- and long-term loans
Other liabilities
Total net assets
Total liabilities and net assets
As of Mar. 31, As of Mar. 31,
2016 projections
2015
79.3
60.3
87.8
20.2
282.4
530.0
23.2
11.8
146.3
348.7
530.0
89.4
54.1
92.1
30.9
250.5
517.0
20.4
11.8
137.8
347.0
517.0
Change
10.1
-6.2
4.3
10.7
-31.9
-13.0
-2.8
0
-8.5
-1.7
-13.0
26
Return to Stockholders:
Stock Buyback and Dividends
Decision to acquire treasury stock
Reason:
To increase the return profits to shareholders
p
capital
p
efficiency
y
and improve
Type of shares to be acquired:
Common stock of Yamaha Corporation
Total shares to be acquired:
9 million shares (upper limit)
Total value of acquisition:
20 billion yen (upper limit)
Acquisition period:
From February 5 to July 15, 2016
Method of acquisition:
Purchase in the market through a trust bank
The year-end dividend has been revised upward by 8 yen per
share to 26 yen, consequently the annual dividend for FY2016.3 is
f
t tto b
forecast
be 44 yen
FY2011.3
Annual per-share
dividend (yen)
10
Dividend payout
ratio
38.6%
FY2012.3
10
-
FY2013.3
FY2014.3
FY2015.3
FY2016.3
10
27
36
44
47.0%
22.8%
28.0%
24.6%
27
Appendix
付
属資料
Forecast for Performance in the Fourth
Quarter of FY2016.3 (Three Months)
(Billions of yen)
FY2014.3 FY2015.3 4Q
4Q
Q results
esu ts p
projections
oject o s
Changes from
same period of
the previous year
Net Sales
108.9
101.2
Operating
O
i
Income
4.4
4.1
(4.1%)
(4.1%)
Ordinary Income
53
5.3
39
3.9
(Ordinary Income Ratio)
(4.8%)
(3.9%)
4.2
4.0
(3 9%)
(3.9%)
(4 0%)
(4.0%)
US$
119
120
120
EUR
134
130
130
US$
119
120
120
EUR
144
130
130
(Operating Income
Ratio)
Net Income*
(Net Income Ratio)
-7.1%
FY2015.3
Changes from the
4Q previous pprevious pprojection
j
projections
-7.3%
-26.1%
-5.3%
102.5
4.0
(3.9%)
40
4.0
(3.9%)
2.5
(2 4%)
(2.4%)
-1.3%
+2.5%
-2.5%
+60.0%
Exchange Rate (yen)
Net Sales
Operating
Income
* Net income is presented as net income attributable to owners of parent on the consolidate financial statements
**Previous projections were announced on October 30, 2015
29
Forecast for Performance by Business Segment
in the Fourth Quarter of FY2016.3 (Three Months)
Net Sales
Year-on-year change
108.9
■Others
■Electronic
Devices
■Audio
Equipment
( 7 1%)
(-7.1%)
6.5
2.9
Operating Income
Change from the
previous projections
101 2 (-1.3%)
101.2
(-5.7%)
(-13.3%)
30.3
(-7.9%)
6.1
2.5
(Billions of yen)
102.5
27.9
44
4.4
41
4.1
1.5
0.7
4.0
■Others
■Electronic
Devices
■A di
■Audio
Equipment
0.1
■Musical
Instruments
69.3
(-6.6%)
3.1
64.7
-0.3
FY2015.3 4Q
FY2016.3 4Q
Impact of Exchange Rates
Year-on-Year
FY2016.3 4Q
■Musical
Instruments
3.7
-0.1
-0.2
FY2015.3 4Q
(previous
projections)
FY2016.3 4Q
FY2016.3 4Q
(previous
projections)
-¥1.1billion
-¥1.3 billion
(musical instruments -¥0.7 billion, audio equipment
-¥0.4
¥0 4 billion)
(musical instruments -¥0.8billion, audio equipment
-¥0.5
¥0 5 billion)
-¥0.8 billion
Versus previous
(musical instruments -¥0.5 billion, audio equipment
projections
-¥0.3 billion)
*Previous projections were announced on October 30, 2015
¥0 billion
(musical instruments -¥0.1 billion, audio equipment
+¥0.1 billion)
30
Third Quarter Non-Operating Income/Loss &
Extraordinary Income/Loss (Nine Months)
FY2014.3 1-3Q
(Billions of yen)
FY2015.3 1-3Q
FY2015.3 1-3Q
previous projections
Non-Operating Income/Loss
Net financial income
Other
Patent income +¥0.6
1.3
1.6
1.5
-1.0
-0.9
-1.0
0.3
0.7
0.5
Total
-Gain on sales of fixed assets (music instrument
store and residential quarters) +¥6.2
Extraordinary Income/Loss
Income from (loss on)
disposal of fixed assets
Other
T t l
Total
0
56
5.6
04
0.4
-0.7
-4.7
-0.4
-0.7
0
09
0.9
0
-Immediate amortization of goodwill of
Line 6 -¥4.5
Income Taxes and Other Expenses
I
Income
taxes
t
-currentt
57
5.7
81
8.1
74
7.4
Income taxes -deferred
-1.3
-0.2
-0.5
0.2
0.1
01
0.1
4.6
8.0
7.0
Minority
y interests in income
Total
*Previous projections were announced on October 30, 2015
31
Full Year Non-Operating Income/Loss &
Extraordinary Income/Loss
(Billions of yen)
FY2015.3 full year
FY2016.3 full year
FY2016.3 full year
projections
previous projections
Non-Operating
p
g Income/Loss
Net financial income
Other
Total
2.6
2.6
2.4
-1.5
-2.1
-1.9
1.1
0.5
0.5
-Gain on sales of fixed assets (music instrument
store and residential quarters) +¥6.2
-Gain on disposal of idle land +¥2.7
Extraordinary Income/Loss
IIncome from
f
(loss
(l
on))
disposal of fixed assets
Other
-Structural reform expenses -¥1.8
-Impairment loss on fixed asset -¥0.9
Total
0
81
8.1
0
0.4
-2.7
-5.6
-0.4
-2.7
2.5
0
-Immediate amortization of goodwill of
Line 6 -¥4.5
Income Taxes and Other Expenses
Income taxes -current
7.3
9.1
9.0
Income taxes -deferred
-3.9
0.4
-0.5
9.5
8.5
Minority interests in income
Total
*Previous projections were announced on October 30, 2015
02
0.2
3.6
32
Quarterly Sales and Income
(Billi
(Billions
off yen))
118.3
116.9
106.8
108.9
111.9
105.5
101.2
99.6
6.2
6
2
1Q
10 6 4
10.6
4.4
4
2Q 3Q 4Q
FY2015.3
89
8.9
111.9
105.5
12.4 15.7 4.1
41
89
8.9
1Q 2Q 3Q 4Q
FY2016.3 (projections)
1Q
89
8.9
117.0
102 5
102.5
12.4 11.8
11 8
40
4.0
2Q 3Q
FY2016.3
4Q
(previous projections)
Net Sales
Operating Income
432.2
30.1
Net Sales
Operating Income
*Previous projections were announced on October 30, 2015
437.0
41.0
Net Income
Operating Income
437.0
37.0
33
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 predictions depending on changes in the
economic conditions surrounding our business,
demand trends, and the value of key currencies, such
as the U.S. dollar and the euro.