FY rd Quarter Business Results

Transcription

1 FY rd Quarter Business Results Nozza (Vietnam) Launched in Sep. Yamaha Motor Co., Ltd. November 4,

2 Agenda Consolidated Financial Results for the 3 rd Quarter and Nine months of the FY2011 Outline - Director - Kozo Shinozaki Details - General Manager of Finance and Accounting Division - Takeo Ishii Notice regarding the forecast consolidated results: Forecast consolidated results stated herein are based on the management s assumptions and beliefs in light of the information currently available, and involve risks and uncertainties. Please be advised that actual results may differ significantly from those discussed in the forecast consolidated results. Potential risks and uncertainties include, but are not limited to, general economic conditions in Yamaha Motor s major markets, changing consumer preferences, and currency exchange rate fluctuations. 2

3 Outline Kozo Shinozaki Director 3

4 FY2011 Forecasts Achieve operating income margin of 5% in FY2011 FY10 Results Net sales 1, ,350.0 Operating income Operating income ratio FY11 Forecasts (Aug.3) 4.0% 5.0% Ordinary income Net income Exchange rate ($/ ) (FY) $1=\88 / 1=\116 (2H) $1=\84 / 1=\111 (FY) $1=\81/ 1=\113 (2H) $1=\80/ 1=\110 4

5 Sales and Operating income () 3-months: Net sales increased bil. vs FY10 Operating income +5.5 bil. vs FY10 3-months (Jul.-Sep.) -0.2% +3.7% % % 3.9% Net Sales Operating income 9-months (Jan.-Sep.) % % FY10 FY11 Forecasts FY10 FY11 換算 ($/ ) R($/ ) (86/111) (78/110) (80/110) (89/118) (81/113) 5

6 Motorcycles in emerging markets () Total Demand +12% vs. FY10 Yamaha Wholesales +14% vs. FY10 Y o Y 1H (Jan.-Jun.) 3-months (Jul.-Sep.) 9-months (Jan.-Sep.) Total Demand Yamaha wholesale Total Demand Yamaha wholesale Total Demand Yamaha wholesale Indonesia +7% +0% +7% +5% +8% +2% Vietnam +11% +19% +29% +46% +17% +27% Thailand +16% +7% +15% -11% +15% 0% China -26% -37% +1% +47% -19% -21% India +18% +41% +17% +31% +18% +37% Brazil +11% +15% +11% +10% +11% +13% Total +2% +1% +12% +14% +5% +5% * Total Demand : Yamaha survey 6

7 Sales and Operating income by quarter Sales increase and expense reduction made up for Yen appreciation and raw material cost increase Impact of Exchange Rate (Sales) Net Sales Operating income % % % 6.1% 5.9% 4.4% % % ($/ ) FY10 FY11 FY10 FY11 FY10 FY11 FY10 FY11 (91/125) (82/113) (92/117) (82/117) (86/111) (78/110) (89/118) (81/113) Jan. to Mar. Apr. to Jun. Jul. to Sep. Sep. YTD PL Provision Reversal Earthquake Effect Excl. Special factor Currency Effect (O.P) Raw Material Cost Up

8 Sales and Operating income (Jul.-Sep. 3-months) Operating income : +5.5 bil. vs. FY10 Developed markets+5.3,emerging markets-1.6, Others+1.8 Others Net Sales Motorcycle in emerging markets (Asia, Latin America) Developed markets (Europe, U.S.) in emerging Others Motorcycle markets Developed markets ($/ ) (86/111) (78/110) (80/110) FY10 FY11 Forecasts * Developed markets : Motorcycles in Japan, U.S. and Europe; and All-Terrain Vehicles, Outboard Motors, Personal Watercrafts and Snowmobiles ** Others : Except Developed markets and Motorcycles in Emerging markets Operating income 8

9 Sales and Operating income (Jan.-Sep. 9-months) Operating income : bil. vs. FY10 Developed markets+9.7,emerging markets-2.7, Others+5.0 Others Net Sales Motorcycle in emerging markets (Asia, Latin America) Others Operating income Developed markets (Europe, U.S.) 53.9 in emerging Motorcycle markets Developed markets FY10 FY11 Forecasts ($/ ) (89/118) (81/113) (81/113) * Developed markets : Motorcycles in Japan, U.S. and Europe; and All-Terrain Vehicles, Outboard Motors, Personal Watercrafts and Snowmobiles ** Others : Except Developed markets and Motorcycles in Emerging markets 9

10 Performance on the Balance Sheets (End of Sep.) Borrowings reduced 31.1 bil. vs FY10 end Equity ratio 31% GROSS Dec. end 2010 Sep.end NET Borrowings Net Assets Borrowings Net Assets D/E ratio Equity ratio 28.0% 31.2% Free C/F

11 Details Takeo Ishii General Manager of Finance and Accounting Division 11

12 Net Sales and Operating profit () 3-months : Operating income increased +5.5 bil. vs FY10, +6.2 bil. vs forecast FY10 3 months (Jul.-Sep.) FY11 Forecasts FY10 Net sales Operating income Operating income ratio 4.4% 5.9% 3.9% 4.9% 6.2% Ordinary income Net income Exchange rate $1=\86 $1=\78 $1=\80 $1=\89 ($/ ) 1=\111 1=\110 1=\110 1=\118 9 months (Jan.-Sep.) FY11 $1=\81 1=\113 12

13 Sales by Business Segment () 3-months : Sales increased vs. FY10 Motorcycle sales increase made up for Yen appreciation 3-months (Jul.-Sep.) % -0.9% -13.9% +1.7% +7.1% Other products Power products Marine products Motorcycles 9-months (Jan.-Sep.) % % -5.2% +5.1% -0.4% FY10 FY11 FY10 FY11 Forecasts (78/110) (89/118) (81/113) ($/ ) 換算 R($/ ) (86/111) (80/110) 13

14 Motorcycle Sales (Jul.-Sep. 3-months) Sales increased vs. FY10, despite impact of Yen appreciation Asia, Latin America and U.S sales increased Unit Sales (K Units) Sales Amount 1, , % +23.8% +12.7% 1,859 1, ,624 1,644 Other areas Asia (Excluding Japan) Europe +7.1% % +8.2% % % +1.4% North America Japan % % +12.6% FY10 FY11 Forecasts FY10 FY11 Forecasts

15 Marine/ Power/ Other Product Sales (Jul.-Sep. 3-months) Marine: Increase of sales in U.S., Russia and Latin America offsets Yen appreciation Power Products: Continuous demand decrease in U.S. Marine products % % +22.0% -0.5% Forecast (38.0) Power products -13.9% 1.2 Forecast (27.0) Other products -0.9% Forecast (30.0) Other areas Asia (Excluding Japan) Europe % +4.6% % FY10 FY11 FY10 FY11 FY10 FY11 North America Japan 15

16 Sales in Asia and Latin America (Jul.-Sep. 3-months) Indonesia, Vietnam and India sales increased vs.fy10 and forecasts Indonesia (YIMM) Vietnam (YMVN) Unit sales (K Units) Sales amount Jupiter MX (Launched in Jan.2011) India (IYM) Brazil (YMDB) Nozza (Launched in Sep.2011) YZF-R15 (Launched in Sep.2011) FY10 FY11 Forecasts FY10 FY11 Forecasts Note: Unit sales consist only of sales in each nation, while sales amount includes exports from each nation. XT660Z Tenere (Launched in Oct.2011) 16

17 Monthly Total Demand for Major U.S. Products Motorcycles (-20%) 30 (-20%) (-16%) % Jan.-Mar.: (+13%) (-11%) (+10%) Apr.-Jun.: -2% (-11%) (+3%) (+3%) (+2%) 42 Jul.-Sep.: (-4%) 40-2% (-6%) FY09 FY10 FY11 (K Units) Jan.-Sep.: +0% ATV*s (-6%) (-11%) (-10%) Jan.-Mar.:-16% (-10%) (-19%) (-15%) Apr.-Jun.: -18% (-18%) (-24%) (-13%) (-16%) 17 Jul.-Sep.: 15 (-9%) % (-16%) Jan.-Sep.: -16% Outboard motors (+4%) (+48%) (+62%) Jan.-Mar.: (+15%) (-3%) (+10%) % Apr.-Jun.: (-4%) % (+11%) (+5%) (-2%) Jul.-Sep.: (+7%) 18 +1% (+5%) (-6%) Jan.-Sep.: +5% * ATV: All-terrain vehicle, Data) Motorcycle and ATV: MIC, Outboard motor: NMMA

18 U.S. Business Condition (Jul.-Sep. 3-months) (K units) Motorcycles ATV*s Outboard motors Retail % Wholesales Inventory ** FY10 FY11 Forecasts FY10 FY11 Forecasts *ATV: All-terrain vehicle ** Inventory: Motorcycles and ATVs include wholesales and dealer inventory, Outboard motors includes wholesale inventory only. FY10 FY11 Forecasts 18

19 Sales in IM* Business Unit sales (Units) Net sales Unit sales of surface mounters** Sales amount of IM* Business (incl. industrial robots, wheelchairs) Q 2Q 4Q 1Q 2Q 4Q 1Q 2Q 4Q 1Q 2Q FY07 FY08 FY09 FY10 FY11 4Q 1Q 2Q forecast * Intelligent Machinery: Industrial robots (including surface mounters) ** Unit sales of surface mounters includes peripheral equipment such as printers. 19

20 Changes in Operating income vs. FY10 (Jul.-Sep. 3-months) Profit increased despite sharp Yen appreciation and raw material cost up Motorcycle Sales increased in emerging markets and U.S. Outboard motor recovered from earthquake Structural reform effect and Expense Reduction Increase in gross income due to sales expansion Recovery from Reversal earthquake Product liability Structural Provision +1.4 reform effect Cost reduction Impact of exchange rate (operating income) -5.9 Impact of increased raw material prices -2.4 Increase in R&D expenses Others FY10 ($/ :86/111) FY11 ($/ :78/110) 20

21 Sales and Operating income by Business Segment () Marine and Power Products segment made up for Motorcycle profit decrease. Securing profitability in all business segments months (Jul.-Sep.) +40.0% Other products Power products Marine products Motorcycles 9-months (Jan.-Sep.) % FY10 FY11 Forecasts FY10 FY11 21

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23 Appendix Motorcycles Sales Marine/Power/Other Products Sales Sales in Asia and Latin America U.S. Business Condition Market Stocks in the U.S. and Europe Exchange Rate Impacts Changes in Operating Income Sales and Operating income by Business Segment 23

24 Motorcycles Sales (Jan.-Sep. 9-months) Unit Sales 5, % +25.7% 5, (K Units) Other areas Sales Amount % +12.3% 98.7 Asia (Excluding Japan) % , % -19.8% +13.0% +5.5% 4, Europe North America Japan % -2.2% -0.4% FY10 FY11 FY10 FY11 24

25 Marine/Power/Other Product Sales (Jan.-Sep. 9-months) Marine products +5.1% -3.4% +14.5% +7.3% +7.6% Power products -5.2% Other products -2.0% Other areas Asia (Excluding Japan) Europe North America Japan % % FY10 FY11 FY10 FY11 FY10 FY11 25

26 Sales in Asia and Latin America (Jan.-Sep. 9-months) Indonesia (YIMM) 2,520 2,514 2, % Vietnam (YMVN) +20% Unit sales (K Units) Sales amount India (IYM) +11% Brazil (YMDB) +12% FY10 FY11 FY10 FY11 Forecasts Forecasts Note: Unit sales consist only of sales in each nation, while sales amount includes exports from each nation. 26

27 U.S. Business Condition (Jan.-Sep. 9-months) (K units) Motorcycles ATV*s Outboard motors Retail % Wholesale Inventory ** FY10 FY11 Forecasts *ATV: All-terrain vehicle ** Inventory: Motorcycles and ATVs include wholesales and dealer inventory, Outboard motors includes wholesale inventory only. FY10 FY11 Forecasts FY10 FY11 Forecasts 27

28 Market Stocks in the U.S. and Europe Major Products in the U.S Q 2Q 4Q 1Q 2Q 4Q FY09 FY10 FY11 Motorcycles in Europe Q Q (K Units) Outboard motors (wholesale stocks) 4Q Forecasts U.S. Motorcycles ATVs Europe Motorcycles (wholesale stocks) 55 *ATV: All-terrain vehicle 28

29 Exchange Rate Impacts (FY10 vs. FY 11 ) Exchange rate (sales) US$ Jul.-Sep. 3-months EURO Other Total US$ Jan.-Sep. 9-months EURO Other Total 1 Impact on gross income due to the difference of exchange rates used to translate sales Difference between exchange rate and purchasing rate (non-operating income or losses) Substantial impact (purchasing rate) Exchange rate of income/losses 10 rate (results: ) 11 rate (results: ) 11 rate (revised forecasts: ) Impact on gross income due to the difference of exchange rates used to translate income/losses Total impact on gross income Impact on SG&A expenses Impact on operating income Impact on ordinary income Impact of fluctuation (per 1 yen change) US$ 0.6 EURO US$ 1.6 EURO Notes: 1 Impact on gross income due to the difference between the exchange rate used in the year to translate foreign currency-denominated sales into Japanese yen, versus the translation exchange rate applied in the previous year. 2 Impact on gross income due to the difference between the exchange rate used in the year to consolidate foreign currency-denominated items posted in nonconsolidated financial statements into Japanese yen, versus the consolidation exchange rate applied in the previous year. : Impact on non-operating income or losses due to the difference between the exchange rate used in the year to translate foreign currency-denominated sales into Japanese yen and purchasing rate of foreign currencies in the same year, versus that difference applied in the previous year. 29

30 Changes in Operating Income vs. FY10 (Jul.-Sep. 3-months) 13.7 Increase in gross income due to sales expansion 6.8 Decrease in SG&A expenses Cost reduction in procurement Decrease in depreciation expenses Structural reform effect +0.2 Foreign exchange effect +1.6 Structural reform effect Personnel expenses +0.7 Impact of exchange rate (gross income) Impact of increased raw material prices Increase in R&D expenses (cost of sales) -1.4 Change in the product mix; other factors -2.1 Structural reform effect Personnel expenses +1.5 (10 vs. 11 ) (+5.5) 19.2 FY10 ($/ :86/111) Structural reform effect Depreciation expenses : 0.2 Personnel expenses : 2.2 FY11 ($/ :78/110) 30

31 Changes in Operating Income vs. FY10 (Jan.-Sep. 9-months) 48.8 Increase in gross income due to sales expansion 20.7 Decrease in SG&A expenses 15.6 Cost reduction in procurement Decrease in depreciation expenses Structural reform effect +0.7 Foreign exchange effect +5.3 Structural reform effect Personnel expenses +2.0 Impact of exchange rate (gross income) Impact of increased raw material prices Increase in R&D expenses (cost of -4.3 sales) -4.5 Change in the product mix; other factors 0.8 Structural reform effect (10 vs. 11 ) (+11.9) 60.7 Personnel expenses +4.0 FY10 ($/ :89/118) Structural reform effect Depreciation expenses : 0.7 Personnel expenses : 6.0 FY11 ($/ :81/113) 31

32 Sales and Operating income by Business Segment () Sales (3-months) (9-months) FY10 FY11 FY11 vs. FY10 FY11 vs. FY10 Forecasts Forecasts Motorcycles % -4.5% Marine Products % 0.9% Power Products % -2.3% Other Products % -4.5% Total % -3.7% Operating income Motorcycles % -6.2% Marine Products % Power Products Other Products % 15.2% Total % 47.5% Operating income margin (%) Motorcycles 6.2% 4.2% 4.1% -2.1% -0.1% 6.2% 4.8% Marine Products -1.2% 3.9% 7.0% 8.2% 3.0% 2.8% 6.1% Power Products -9.8% -5.6% 13.9% 23.7% 19.5% -9.6% 13.1% Other Products 13.8% 10.0% 12.1% -1.8% 2.1% 11.3% 12.0% Total 4.4% 3.9% 5.9% 1.5% 2.1% 4.9% 6.2% Reference: Motorcycles+ATV*s Sales % -4.6% Operating income % 33.6% Operating income Margin 4.4% 3.2% 4.5% 0.1% 1.3% 4.8% 5.3% * ATV: All-terrain vehicle 32

33 Information You are also welcome to review the IR information on Yamaha Motor s website. Yamaha Motor website (Global site: English) For investors Investor meeting presentation IR materials