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Operating Income Amounted to ¥48.1 Billion (Up 16.0%) and the Operating Income Ratio Reached 14.4% (Up 1.8 Percentage Points)

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Operating Income Amounted to ¥48.1 Billion (Up 16.0%) and the Operating Income Ratio Reached 14.4% (Up 1.8 Percentage Points) Analyst and Investor Briefing on Third Quarter of FY2019.3 (Fiscal year ending March 31, 2019) February 6, 2019 Yamaha Corporation Yamaha Music India Pvt. Ltd. FY2019.3 Third-Quarter Highlights Overview Figures in parentheses are year-on-year comparisons Performance in the First Three Quarters of FY2019.3 (nine months) • Sales and income both increased year-on-year. Performance was on target to meet full-year projections. • Robust sales (up 1.6%) were driven by strength in the musical instruments segment. • Operating income amounted to ¥48.1 billion (up 16.0%) and the operating income ratio reached 14.4% (up 1.8 percentage points). FY2019.3 Full Year Outlook • Sales projections were revised downward by ¥2.0 billion compared to the previous projections due to the decrease in sales of industrial machinery and components business. • Operating income projection remains unchanged to ¥55.0 billion (+12.6%). • Operating and ordinary income are projected to reach record high profits. 1 1. Performance Summary FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook FY2019.3 3Q (Nine Months) Summary (billions of yen) FY2018.3 1-3Q FY2019.3 1-3Q Change *2 Net Sales 328.7 333.9 +5.2 +1.6% Operating Income 41.5 48.1 +6.6 +16.0% (Operating Income Ratio) (12.6%) (14.4%) Ordinary Income 41.6 48.9 +7.3 +17.4% Net Income*1 49.6 36.7 -12.8 -25.9% *2 +2.2% Exchange Rate (yen) (Excluding the impact of exchange rate) Net Sales US$ 112 111 (Average rate during the period) EUR 129 129 Operating US$ 112 111 Income (Settlement rate) EUR 124 132 *1 Net income is presented as net income attributable to owners of parent on the consolidated financial statements. In the same period of the previous year, gains of ¥25.8 billion (extraordinary income) were posted from a partial sale of shares in Yamaha Motor Co., Ltd. 3 FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook Operating Income Analysis (billions of yen) Versus previous year Impact of exchange 48.1 rates Increase in sales Cost and production, reduction 1.7 product mix, etc. 0.6 Labor cost 41.5 at overseas factories 7.9 -0.8 SG&A -2.8 FY2018.3 FY2019.3 1-3Q 1-3Q 4 FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook Performance by Business Segment (billions of yen) Exchange FY2018.3 1-3Q FY2019.3 1-3Q Change rate impact Net Sales 208.8 215.0 +6.2 -1.5 Musical Operating 28.1 35.8 +7.6 +1.2 Instruments Income Operating Income +3.2P Ratio 13.5% 16.6% Net Sales 92.3 91.0 -1.3 -0.7 Audio Operating 10.1 9.2 -0.8 +0.5 Equipment Income Operating Income -0.7P Ratio 10.9% 10.2% Net Sales 27.7 27.9 +0.2 0 * IMC Business Operating 3.3 3.1 -0.2 0 and Others Income Operating Income -0.8P Ratio 11.8% 11.0% * Industrial Machinery and Components Impact on operating income resulting from revision in cost burden of new business development expenses: +¥600 million for Musical Instruments and -¥600 million for Audio Equipment 5 FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook FY2019.3 Outlook (billions of yen) FY2018.3 FY2019.3 Change Full year Full year (projections) *2 Net Sales 433.0 440.0 +7.0 +1.6% Operating Income 48.8 55.0 +6.2 +12.6% (Operating Income Ratio) (11.3%) (12.5%) Ordinary Income 49.2 55.0 +5.8 +11.7% Net Income*1 54.4 40.0 -14.4 -26.4% *2 Exchange Rate (yen) +2.5% (Excluding the impact Net Sales US$ 111 111 of exchange rate) (Average rate during the period) EUR 130 128 Operating US$ 111 111 Income (Settlement rate) EUR 126 131 4Q currency exchange rates US$=110JPY, EUR=125JPY *1 Net income is presented as net income attributable to owners of parent on the consolidated financial statements. In the same period of the previous year, gains of ¥25.8 billion (extraordinary income) were posted from a partial sale of shares in Yamaha Motor Co., Ltd. 6 FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook Operating Income Analysis (billions of yen) Increase in sales Cost Impact of Versus previous year and production, reduction exchange rates 55.0 product mix, etc. Labor cost at 1.1 0.3 overseas factories 48.8 SG&A -1.0 9.8 -4.0 FY2018.3 FY2019.3 Versus previous projections Impact of 55.0 SG&A exchange rates 55.0 -1.0 0.3 0.7 Decrease in sales and production, product mix, etc. FY2019.3 FY2019.3 (previous projections) 7 FY2019.3 3Q Performance FY2019.3 (nine months) Full Year Outlook Outlook by Business Segment (billions of yen) FY2019.3 FY2018.3 Exchange Full Year Change rate impact Full Year (projections) Net Sales 274.5 282.5 +8.0 -2.6 Musical Operating 34.6 41.5 +6.9 +0.3 Instruments Income Operating Income +2.1P Ratio 12.6% 14.7% Net Sales 121.8 123.5 +1.7 -1.2 Audio Operating 10.7 11.0 +0.3 +0.1 Equipment Income Operating Income +0.1P Ratio 8.8% 8.9% Net Sales 36.7 34.0 -2.7 0 * IMC Business Operating 3.5 2.5 -1.0 0 and Others Income Operating Income -2.1P Ratio 9.5% 7.4% * Industrial Machinery and Components Impact on operating income resulting from revision in cost burden of new business development expenses: +¥900 million for Musical Instruments and -¥900 million for Audio Equipment 8 2. Segment Overview IMC Business Musical Instruments Audio Equipment and Others Segment Sales and Operating Income [Nine Months] Higher sales in all product categories • Product: Ongoing strength in piano sales due to double-digit growth in China and robust results in North America. Digital pianos also sold briskly due to (billions of yen) growing sales of entry models. Guitar sales grew by double digit in China and North America. 300 Net Sales • Region: China and North America both achieved double-digit growth. [Full Year] Sales are projected to increase in all product categories, 250 and growth is expected to exceed the previous year • Region: Ongoing double-digit growth in China. Continuing strength in North America. Emerging markets projected to be robust despite sluggishness in some regions. Sales are expected to decline in Japan and Europe. 200 Operating Income (billions of yen) 50 150 (104%) [14.7%] 274.5 282.5 [16.6%] (104%) 40 [13.5%] [12.6%] 215.0 100 208.8 30 20 41.5 34.6 35.8 50 28.1 10 0 0 FY2018.3 FY2018.3 FY2019.3 FY2019.3 FY2018.3 FY2018.3 FY2019.3 FY2019.3 1-3Q Full year 1-3Q Full year 1-3Q Full year 1-3Q Full year (projections) (projections) Red figures show actual YoY changes discounting impact of exchange rates Figures in [ ] indicate operating income ratio 10 IMC Business Musical Instruments Audio Equipment and Others Sales by Major Product Category (billions of yen) Pianos Digital Musical Winds Strings/ Instruments Percussion (104%) 91.3 93.4 21.0 1–3Q (105%) (107%) (105%) 55.9 29.2 52.9 28.5 (104%) 4Q 12.6 42.4 43.6 1–3Q (107%) (106%) (108%) 9.9 14.9 (102%) 1–3Q 3Q 14.2 (101%) 29.3 30.8 22.6 22.7 (104%) 9.1 9.1 7.0 1–3Q (109%) (106%) 14.3 (104%) (106%) 2Q 13.3 10.7 11.3 8.2 8.3 (107%) (103%) (103%) 19.3 21.0 (104%) 7.8 8.0 1Q 12.8 13.5 12.6 13.3 (112%) 6.3 7.1 FY2018.3 FY2019.3 FY2018.3 FY2019.3 FY2018.3 FY2019.3 FY2018.3 FY2019.3 Red figures show actual YoY changes discounting impact of exchange rates 11 IMC Business Musical Instruments Audio Equipment and Others Sales by Region (billions of yen) (99%) 77.0 76.2 4Q 19.5 (108%) 58.7 54.2 (98%) (104%) 1–3Q 52.1 (97%) 50.6 (115%) 50.1 50.4 3Q (96%) 46.6 18.5 17.7 14.2 11.0 1–3Q 41.0 12.3 (111%) 1–3Q (112%) (98%) 1–3Q 1–3Q (99%) 8.7 15.8 (115%) (116%) (103%) 14.2 (105%) 2Q (98%) 17.3 16.7 12.1 13.6 17.5 17.2 13.7 11.0 (107%) 14.8 (98%) (116%) (99%) 13.8 12.5 12.2 12.8 13.5 12.9 11.2 1Q (96%) 21.5 (112%) 20.7 (97%) (115%) (106%) 13.3 12.0 11.4 11.8 10.0 12.2 10.7 11.1 FY2018.3 FY2019.3 FY2018.3 FY2019.3 FY2018.3 FY2019.3 FY2018.3 FY2019.3 FY2018.3 FY2019.3 North Other Japan Europe China America Regions * Software products and music schools included Red figures show actual YoY changes discounting impact of exchange rates 12 IMC Business Musical Instruments Audio Equipment and Others Segment Sales and Operating Income [Nine Months] Robust sales of commercial audio equipment • AV products: Although mass channel shipments were robust in the US, sales were below the same period of the previous year due to delays in responding to changes in demands. • PA equipment: Commercial audio equipment sales were strong, but audio (billions of yen) engineering and installation projects were delayed. Net Sales • ICT devices: Network equipment were robust, but overall sales were down year- 125 on-year due to the impact of lower OEM product sales.
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