Yamaha Corporation Analyst and Investor Briefing on the Fiscal Year Ended March 31, 2014 () May 1, 2014
Overview of Performance in Results Summary Full year sales increased year-on-year, and operating, ordinary, and net income all rose sharply Fourth quarter results were much higher than previous projections Musical instrument sales exceeded previous projections, partly due to a rush in demand prior to the consumption tax increase in Japan Although audio equipment sales rose year-on-year, actual sales were on a par with the previous year Electronic device sales increased from the previous year, and operating income moved into positive territory due to the effects of structural reforms Note: FY2013.3 figures have been adjusted to reflect segment composition changes effective from *Previous projections were announced on February 5, 2014 2
Performance in Sales and income increased substantially against the previous year FY2013.33 results Changes from same period of the previous year previous projections Changes from previous projection Net Sales 366.9 410.3 +11.8% 408.0 +0.6% Operating Income 9.2 26.0 22.0 +182.1% (Operating Income Ratio) (2.5%) (6.3%) (5.4%) Ordinary Income 8.6 26.1 20.5 (Ordinary Income Ratio) +204.7% (2.3%) (6.4%) (5.0%) Net Income 4.1 22.9 18.0 (Net Income Ratio) +455.5% (1.1%) 1%) (5.6%) (4.4%) 4%) +18.2% +27.5% +27.2% Exchange Rate (yen) Net Sales Operating Income US$ 83 100 100 EUR 107 134 133 US$ 82 100 99 EUR 103 129 128 *Previous projections were announced on February 5, 2014 3
Performance by Business Segment in Others Electronic Devices Audio Equipment 366.9 23.8 15.0 * 92.6 Net Sales Year-on-year change 408.00 (11.8%) 410.3 24.0 (-0.6%) 23.7 20.0 (25.2%) 18.8 105.55 (14.0%) 105.55 235.5 258.5 262.3 Change from the previous projections Operating Income (0.6%) 26.0 22.0 0.8 0 0.5 5.9 5.0 (-1.3%) (-5.9%) (±0%) 9.2 03 0.3 Musical * (11.4%) (1.5%) * Instruments 4.6 16.5 * 6.4 19.7 Others Electronic Devices Audio Equipment Musical Instruments FY2013.3 * Impact of Exchange Rates + 42.8 billion Year-on-Year Versus previous projections (previous projections) (musical instruments + 27.7 billion, audio equipment + 14.0 billion, electronic devices + 1.1billion) + 2.0 billion (musical instruments + 1.3 billion, audio equipment + 0.6 billion, electronic devices + 0 billion) *Previous projections were announced on February 5, 2014-2.0-0.4 FY2013.3 * (previous projections) + 13.7 billion (musical instruments + 9.8 billion, audio equipment + 3.4 billion, electronic devices + 0.5 billion) + 0.4 billion (musical instruments + 0.3 billion, audio equipment + 0.1 billion) 4
Operating Income Analysis Versus same period of the previous year 9.2 Increase in labor cost at overseas Impact of factories guitar - 2.7 production - 0.8 Actual increase in sales + 0.6 Actual decrease in SG&A + 1.0 Impact of exchange rates + 13.7 Improvement Effect of in structural manufacturing reform cost + 2.3 + 2.7 26.0 FY2013.3 Versus previous projections Impact of exchange rates 22.0 + 0.4 Actual increase in sales + 0.7 Improvement in operating margin + 1.8 Actual decrease in SG&A + 1.1 26.0 (previous projections) *Previous projections were announced on February 5, 2014 5
Musical Instruments 4Q Music schools, etc. Net Sales Operating Income 59.55 61.8 65.7 20.9 20.4 21.3 Yamaha musical instruments 38.6 41.4 44.3-0.5 0.6 3.8 FY2013.3 * 4Q 4Q 4Q Full Year Music schools, etc. Yamaha musical instruments 235.55 81.9 (previous projections) 258.5 262.3 79.7 80.6 153.6 178.8 181.7 64 6.4 16.5 19.7 FY2013.3 * (previous projections) *Previous projections were announced on February 5, 2014 4Q Overview Sales and income both rose year-on-year and exceeded previous projections Strong sales of digital musical instruments In Japan, there was a rush in demand for pianos, wind instruments, t etc. prior to the consumption tax increase Operating income increased sharply due to cost reduction and higher income in the Japanese market Full Year Overview Sales and income increased year-on-year and were higher than previous projections Generally steady sales of pianos, digital musical instruments, and wind instruments String and percussion instrument sales were down year-on-year due to the impact of disrupted guitar production Sales in China and emerging markets did not reach targets 6
Musical Instruments Sales by Region (100%) 108.0 107.6 Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates 4Q 26.7 29.2 (109%) 3Q 2Q 1Q 25.9 256 25.6 25.4 24.22 30.0 28.6 (99%) (95%) 40.8 (101%) 45.5 43.2 33.4 (98%) 37.6 36.7 98 9.4 10.6 (101%) 9.8 (102%) 8.5 6 10.7 11.6 15.3 19.8 25.3 9.7 10.1 (103%) (101%) (102%) (101%) 5.9 10.3 11.9 8.6 52 2 8.2 10.7 8.3 10.8 5.2 (107%) (97%) 4.6 6.2 8.7 5.6 7.8 10.8 (107%) (98%) (91%) 7.2 8.7 8.3 9.5 8.9 4.4 5.4 (96%) 10.3 (95%) (104%) FY2013.33FY2014 3 FY2013.33FY2014 3 FY2013.33FY2014 3 FY2013.33FY2014 3 FY2013.33FY2014 3 Japan North America Europe China Other Regions (97%) (98%) (97%) (101%) (95%) 7
Audio Equipment 4Q ICT devices PA equipment AV products, karaoke Net Sales Operating Income 24.1 26.1 26.1 1.8 2.2 2.3 12.2 11.4 11.9 10.9 11.8 11.8 0-0.3 0.6 FY2013.3 * 4Q 4Q 4Q Full Year 92.6 ICT devices PA equipment AV products, karaoke 6.5 37.0 49.1 (previous projections) 105.5 105.5 7.6 7.8 41.7 41.5 56.2 56.2 46 4.6 50 5.0 59 5.9 FY2013.3 * (previous projections) *Previous projections were announced on February 5, 2014 4Q Overview Sales increased year-on-year and were in line with previous projections In North America and Europe, AV products struggled compared to the previous year For PA equipment, commercial audio equipment sales were lower than anticipated Robust sales of routers and karaoke equipment Operating income was higher than previous projections due to reduction of SG&A expenses and other costs Full Year Overview Sales and income were up year-on-year, and income surpassed previous projections Actual sales of AV products were lower than the previous year due to fierce competition Commercial audio equipment sales also lagged, and overall PA equipment sales were down year-on-year Sales of network karaoke equipment were higher than anticipated Router sales rebounded from sluggishness due to inventory adjustments early in the year to record strong results 8
Audio Equipment Sales by Region 24.6 24.6(100%) 25.1 (98%) 21.3 4Q (122%) (89%) 23.3 28.6 (97%) (92%) Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates 17.4 20.6 (103%) (94%) (107%) 3Q (87%) (104%) (100%) 2Q 1Q (97%) (98%) (109%) 6.0 6.6 (83%) (104%) (90%) (86%) (108%) (92%) (101%) (84%) (101%) (106%) Japan North America Europe China Other Regions 9
Musical Instruments/Audio Equipment: Sales by Major Product Category 4Q 3Q 2Q 1Q 40.9 Musical Instruments Piano 48.1 (101%) Wind Instruments 30.2 7.8 6.2 7.1 (110%) (103%) (97%) (93%) 35.4 (102%) 9.1 74 7.4 8.9 9.1 9.9 FY2013.3 (109%) Digital Musical Instruments (104%) 62.5 15.1 19.0 13.9 76.7 18.1 24.5 18.0 14.5 16.1 FY2013.3 20.00 (110%) (106%) (106%) (94%) (102%) 21.5 (91%) (104%) (96%) String and Percussion Instruments 5.1 5.6 45 4.5 4.6 5.3 6.1 4.8 5.5 FY2013.3 (82%) Audio Equipment AV Products (excl. parts) 42.4 10.11 14.1 96 9.6 49.2 10.3 16.5 11.8 8.6 10.5 FY2013.3 PA Equipment 37.0 41.5 11.4 11.9 10.7 (79%) 8.9 (110%) 8.4 9.6 (96%) Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates 8.3 9.3 FY2013.3 (97%) (93%) (96%) (99%) (101%) (96%) (97%) (100%) (93%) (93%) 10
Electronic Devices 4Q 3.7 Net Sales 52 5.2 Operating Income 4.0-0.4-0.8-0.5 FY2013.3 * 4Q 4Q 4Q Full Year 15.0 (previous projections) 20.0 18.8 4Q Overview Sales were up year-on-year, year, but below previous projections Sales of components for amusement equipment and geomagnetic sensors for smart phones were lower than expected Operating profit exceeded previous projections due to changes in product line-up and cost reductions Full Year Overview Sales rose year-on-year, but were below previous projections Although sales of components for amusement equipment and smartphones were up pyear-on- year, they slowed in the second half Operating income moved into positive territory -2.0 0.5 0.8 FY2013.3 * (previous projections) *Previous projections were announced on February 5, 2014 11
Others 4Q FA equipment, etc. Resort Golf products Automobile interior wood component 62 6.2 Net Sales Operating Income 59 5.9-0.3-0.3-0.7 FY2013.33 * 4Q 4Q 4Q Full Year 23.8 FA equipment, etc. Resort Golf products 4Q Overview Sales increased year-on-year, year, but were lower 57 5.7 than previous projections 1.4 1.3 1.2 Resort guest numbers were lower than 1.0 1.1 1.1 anticipated 1.6 20 2.0 19 1.9 Although h golf product sales rose year-on-year as overseas markets recovered, they were still 1.8 1.8 1.8 below previous projections 5.4 5.2 8.0 (previous projections) 24.0 5.8 5.2 7.2 23.7 5.6 5.2 5.2 5.8 5.8 7.2 Automobile interior wood component 0.3 0-0.4 FY2013.3 * (previous projections) *Previous projections were announced on February 5, 2014 Robust sales of automobile interior wood components, but factory automation equipment struggled Full Year Overview Sales were on a par with the previous year and below previous projections Sales of automobile interior wood components were in line with previous projections Golf product sales increased as overseas markets picked up An operating loss was recorded, partly due to deteriorating profitability in the factory automation and golf product businesses compared to previous projections 12
Forecast for Performance in FY2015.3 Sales and income are forecast to increase year-on-year FY2015.3 Increase/ results projections decrease Year-on-year percentage change Net Sales 410.3 430.0 +19.7 +4.8% Operating Income (Operating Income Ratio) Ordinary Income (Ordinary Income Ratio) 26.0 (6.3%) 29.0 (6.7%) 26.1 28.0 (6.4%) (6.5%) 22.9 21.0 Net Income (Net Income Ratio) (5.6%) (4.9%) +3.0 +11.6% +1.9 +7.1% -1.9-8.3% Exchange Rate (yen) Net Sales Operating Income US$ 100 100 EUR 134 135 US$ 100 100 EUR 129 135 13
Forecast for Performance by Business Segment in FY2015.3 Others Electronic Devices Audio Equipment 410.3 23.7 18.8 105.5 Net Sales 430.00 26.0 19.0 Year-on-year change (+4.8%) (+9.8%) (+0.9%) 112.0 (+6.2%) Operating Income 26.0 0.8 5.9 29.0 05 0.5 0.5 6.0 Others Electronic t i Devices Audio Equipment Musical Instruments 262.3 273.0 (+4.1%) 19.7 22.0 Musical Instruments FY2015.3 projections -0.4 FY2015.3 projections Impact of Exchange Rates - 2.4 billion Year-on-Year (musical instruments - 1.9 billion, audio equipment - 0.6 billion, electronic devices + 0.1 billion) + 1.9 billion (musical instruments + 1.4 billion, audio equipment + 0.5 billion, electronic devices + 0 billion) 14
FY2015.3 Sales and Operating Income Analysis Sales Actual increase in sales 430.0 New consolidations Impact of + 12.8 exchange rates + 9.3 410.3-2.4 FY2015.3 projections Operating Income 26.0 Actual Actual increase in increase in SG&A sales and - 1.4 New production - 3.7 Increase in consolidations + 3.9 labor cost - 1.4 at overseas factories Impact of exchange rates + 1.9 + 3.7 Improvement in manufacturing cost 29.0 FY2015.3 projections 15
Musical Instruments (projections) Net Sales Full Year Projections Sales and income are expected to rise year-onyear (including consolidation of newly acquired Line 6, Inc.) Steady sales are anticipated in developed markets other than Japan Although there is uncertainty surrounding China and emerging markets, a certain level of growth is projected New products including Electone and digital pianos will have a positive effect, and a recovery from guitar production difficulties is expected Music schools, etc. Yamaha musical instruments 262.3 80.6 273.0 78.9 181.7 194.1 FY2015.3 projections Operating Income 19.7 22.0 FY2015.3 projections 16
Musical Instruments Sales by Region 107.6 105.1 1 (98%) Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates (98%) exchange rates 4Q 29.2 26.6 (91%) 3Q 2Q 1Q 25.6 26.22 24.22 25.1 28.6 27.2 (102%) 49.6 (104%) (122%) 40.8 45.5 46.7 (102%) 43.2 44.7 98 89 10.6 12.4 (120%) 9.8 8.9 (94%) 10.1 10.7 12.7 15.3 15.4 25.3 26.9 (109%) (119%) (101%) (114%) 11.9 13.0 10.7 5.9 6.4 (122%) 10.7 13.2 10.8 11.8 (106%) (112%) 62 6.2 67 6.7 10.8 10.8 (105%) (106%) 7.8 8.1 8.7 11.3(128%) 9.5 10.6 10.3 5.4 (107%) 10.2 5.7 (95%) (122%) FY2015.3 FY2015.3 FY2015.3 FY2015.3 FY2015.3 Japan North America Europe China Other Regions (106%) (109%) (112%) (101%) (103%) 17
Audio Equipment (projections) Net Sales Full Year Projections Sales are projected to rise year-on-year, while operating income will remain steady (including consolidation of newly acquired Revolabs, Inc.) The launch of new professional audio equipment and AV equipment products is expected to boost sales Higher ICT devices sales are anticipated, driven especially by routers Operating income is expected to rise less than sales, due to factors including cost increases ICT devices 105.55 112.0 7.8 13.6 41.5 PA equipment 43.2 AV products, karaoke 56.2 55.2 FY2015.3 projections Operating Income 5.9 6.0 FY2015.3 projections 18
Audio Equipment Sales by Region 4Q 3Q 2Q 1Q 24.6 24.1 7.7 7.7 5.7 6.1 (98%) (100%) (107%) 25.1 5.7 8.0 26.9 5.8 8.9 5.9 (82%) 4.9 5.7 6.4 (108%) (106%) (111%) (111%) (101%) 28.6 65 6.5 30.0 6.5 0 9.2 10.0 6.6 7.1 5.2 5.5(105%) 5.6 5.7 6.4 6.5 (105%) (105%) (110%) (104%) 6.6 9.8 2.3 15 1.5 27 2.7 1.8 2.4 1.8 1.5 2.3 (151%) (159%) (153%) (96%) (138%) (158%) Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates 20.6 21.1 4.7 47 4.7 58 5.8 6.2 5.3 5.7 4.8 4.5 FY2015.3 FY2015.3 FY2015.3 FY2015.3 FY2015.3 Japan North America Europe China Other Regions (105%) (102%) (109%) (108%) (97%) 19
Musical Instruments/Audio Equipment: Sales by Major Product Category 4Q 3Q 2Q 1Q Piano Musical Instruments Digital Musical Instruments Audio Equipment AV Products (excl. parts) 48.1 47.4 (100%) (107%) 81.7 76.7 49.2 49.99 (102%) 12.6 11.7 (96%) 12.6 12.4 12.4 12.5 10.6 10.7 FY2015.3 Wind Instruments (101%) (101%) (100%) 35.4 34.5 (98%) 9.1 8.1 7.4 7.3 8.9 9.3 9.9 9.7 (92%) (99%) (104%) (98%) 18.1 24.5 18.0 17.5 25.8 20.2 16.1 18.3 FY2015.3 (100%) (107%) (111%) (113%) String and Percussion Instruments 21.5 23.4 4.6 5.2 5.3 6.6 61 6.1 63 6.3 5.5 5.3 (110%) (117%) (126%) (103%) (97%) FY2015.3 FY2015.3 Figures in parentheses show actual year-on-year changes, discounting the impact of exchange rates 10.3 9.9 11.8 12.4 (99%) 16.5 17.6 (108%) 10.5 10.1 FY2015.3 PA Equipment 41.5 43.2 11.9 12.7 10.7 11.3 9.6 10.1 9.3 9.0 FY2015.3 (104%) (94%) (105%) (109%) (107%) (106%) (97%) 20
M&A Development Announced acquisition (100% ownership) of Line 6, Inc. (a U.S. musical instruments and audio equipment manufacturer) in December 2013, and Revolabs, Inc. (a U.S. provider of wireless audio solutions) in March 2014 Has a solid reputation in the marketplace for its modeling technology used in guitar processing products (guitar amplifiers, effecters, etc.) Built market position with wireless microphone systems for conference rooms Accelerate growth in new businesses and generate synergy with the current businesses. 21
Key Products in FY2015.3 Another progress in the digital musical instruments with leading-edge technology and brand new concept unit Electone TM electronic organ STAGEA TM ELS-02C custom model ELS-02 standard d model JPY980,000 (excl. tax) JPY650,000 (excl. tax) current model ELS-01 series new model function enhancing device Professional model function enhancing device Professional ELS-02X ELS-02X professional model JPY1,580,000 (excl. tax) Custom Home Edition function enhancing device Custom ELS-02C Launched in April 2014 Standard d Standard d ELS-02 No need for upgrade purchasing, the customer simply installs a device to the current ELS-01 to enhance the functions, which will allow him/her to enjoy the same experience as ELS-02 22
Key Products in FY2015.3 Digital piano incorporated with superb sounds of two different concert grand pianos Clavinova digital piano CLP series Carries true tonal characters of concert grand pianos Clavinova CLP-545WA White ash JPY215,000 (excl. tax) Clavinova CLP-585PE polished ebony JPY400,000 (excl. tax) Yamaha CFX grand piano (left) and Bösendorfer Imperial grand (right) Easy-to-use interface enables simple operation Product release scheduled to start from May 2014 23
Key Products in FY2015.3 Music production synthesizer with the latest sound engine and rich sound production function The music production synthesizers MOXF6 and MOXF8 Music production synthesizers MOXF6 and MOXF8 (discretionary price) A trumpet carrying an international artist s deep musical sensitivity and the expertise and skill of designers and craftsmen The trumpet Xeno series YTR-8335 Xeno JPY255,000 (excl. tax) YTR-8335RS Xeno JPY280,000 (excl. tax) 24
Key Products in FY2015.3 Renewing a lineup of acoustic guitars with A.R.E. wood reforming technology The acoustic guitar L series Acoustic guitar LL36 ARE JPY360,000 000 (excl. tax) Launched in March 2014 A modified non-scalloped bracing pattern (traditional model on the left, and the new model on the right) A 5-ply neck and headstock of the model LL36 ARE Introducing a new era of active bass which delivers sheer tonal quality The electric basses TRBX300 and TRBX500 Electric bass TRBX304 CAR JPY45,000 (excl. tax) Electric bass TRBX505 TBL JPY72,000 (excl. tax) 25
Key Products in FY2015.3 Mixers with an intuitive easy-to-use interface with superior sound quality and reliable construction The mixing console MG series Product release started from February 2014 A compact mixing console with core futures and performance inherited from the industry leading standards of CL series The digital mixing console QL series Launched in April 2014 26
Key Products in FY2015.3 A unique designer sound system of light and music, blending into one Relit lighting audio system LSX-700 Lighting and audio system LSX-700 Black on the left and brown on the right JPY70,000 (excl. tax) 11.2-channel AV preamplifier and power amplifier at the pinnacle of the Aventage series AV pre-amplifier CX-A5000 and power amplifier MX-A5000 AV pre-amplifier CX-A5000 black JPY250,000 (excl. tax) Power amplifier MX-A5000 black JPY300,000 (excl. tax) 27
Electronic Devices (projections) Net Sales Full Year Projections Sales and income are both likely to be generally on a par with the previous year Although use of geomagnetic sensors will increase, unit prices are projected to fall Demand from buyers of amusement equipment is expected to rebound 18.88 19.0 FY2015.3 projections Operating Income 0.8 0.5 FY2015.3 projections 28
Others (projections) Net Sales Full Year Projections Sales and income are expected to increase yearon-year FA equipment, etc. Factory automation equipment, golf, and resort sales are projected to rise Sales of automobile interior wood components will remain on a par with the previous year Operating income is expected to return to positive territory due to increased sales Resort Golf products Automobile interior wood component 23.7 5.6 5.2 26.0 6.9 5.5 5.8 6.5 7.2 7.2 FY2015.3 projections Operating Income -0.4 0.5 FY2015.3 projections 29
Inventories Inventories at the end of the fiscal year (March 31, 2014) were 82.7 billion (previous projections were 81.0 billion) Actual inventories decreased excluding the impact of exchange rates (forex impact of + 5.1 billion versus previous year, and + 2.0 billion versus the previous projections) 82.0 82.7 84.44 Goods in process/ materials Other products Audio Equipment 27.0 2.2 25.3 4.2 * 16.1 17.2 25.4 3.2 16.1 Musical Instruments 36.8 * 36.1 39.7 FY2013.3 * FY2015.3 (projections) 30
Capital Expenditure/Depreciation/R&D Expenses Capital Expenditure (Depreciation) Others Electronic Devices Audio Equipment 13.8 13.8 (11.6) 10.8 (12.8) (12.8) 1.1 1.0 14 1.4 08 0.8 * 1.2 2.5 0.2 2.4 2.8 Musical Instruments 8.9 * 6.6 9.6 FY2013.3 * FY2015.3 projections R&D Expenses 22.1 22.6 1.5 1.4 3.4 3.1 * 9.2 10.0 25.6 1.2 2.4 12.0 * 8.1 8.1 99 9.9 FY2013.3 * FY2015.3 projections 31
Balance Sheet Summary As of March 31, 2013 As of March 31, 2014 As of March 31, 2015 projections Cash and deposits 51.4 60.6 76.2 Notes and accounts receivable 51.0 56.7 57.3 Inventories 82.0 82.7 84.44 Other current assets 13.5 14.5 14.5 Fixed assets 192.7 224.44 219.5 Total assets 390.6 438.9 451.9 Notes and accounts payable 20.3 21.6 22.4 Short- and long-term loans 10.1 8.8 8.7 Resort membership deposits 15.4 15.3 15.4 Other liabilities 115.2 118.4 115.2 Total net assets 229.6 274.8 290.2 Total liabilities and net assets 390.6 438.9 451.9 *Unrecognized pension liabilities have been recorded on the balance sheet as of end of the first quarter of 32
Key Financial Figures FY2011.3 FY2012.3 FY2013.3 FY2015.3 (projections) FY2016.3 Mid-term target Net Sales 373.9 356.6 366.9 410.3 430.0 430.0 Operating Income (Operating Income Ratio) 13.2 (3.5%) 8.1 (2.3%) 9.2 (2.5%) 26.0 (6.3%) 29.0 (6.7%) 30.00 (7.0%) ROE 2.1% - 1.9% 9.2% 7.5% 10% Free Cash Flow 12.9 1.9-4.9 10.3 20.7 (over three years) 50.0 Exchange Rate (yen) Net Sales Operating Income US$ 86 79 83 100 100 85 EUR 113 109 107 134 135 115 US$ 86 79 82 100 100 85 EUR 115 112 103 129 135 115 33
Return to Shareholders Annual l cash dividends id d for have been revised upward to 27, an increase of 4.5 from the previous announcement Annual dividends for FY2015.3 is forecast to be 27 50 38.6 47.0 Payout Ratio (%) 26.1 42.5 22.8 24.9 16.6 Annual dividend per share (yen) 22.5 27.5 Special Dividends 22.5 27 27 Regular Dividendsid d 10 10 10 FY2007.3 FY2008.3 FY2009.3 FY2010.3 FY2011.3 FY2012.3 FY2013.3 FY2015.3 (previous (projections) projections) *Previous projections were announced on February 5, 2014 34
Appendix
Full Year Non-Operating Income/Loss & Extraordinary Income/Loss FY2013.3 full year Non-Operating Income/Loss full year FY2015.3 full year projections Net financial income 1.1 2.6 1.6 Other -1.7-2.5-2.6 Total -0.6 06 01 0.1-1.0 10 Extraordinary Income/Loss Income from (loss on) disposal of fixed assets Gain on sales of investment securities 1.0 Structural reform expenses -0.9 Expenses related to YMMI production closure, etc. -0.7 1.6 0.3-0.2 Others Structural reform expenses -3.1-2.4-0.6 0.2 Total -0.8-0.3 0 Income Taxes and Other Expenses Income taxes -current 3.7 5.8 6.4 Income taxes -deferred -0.2-3.1 0.4 Minority interests in 02 0.2 02 0.2 02 0.2 income Total 3.7 2.9 7.0 36
Quarterly Sales and Income 97.0 100.7 111.0 101.6 100.5 106.0 120.00 103.5 7.5 9.1 6.2 6.0 3.2 9.5 10.5 3.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015.3 projections 37
Quarterly Sales and Income by Segment Musical Instruments Audio Equipment 62.66 64.3 69.8 65.66 65.0 69.0 74.0 65.0 23.5 25.3 30.6 26.1 24.5 26.5 34.0 27.0 7.5 7.0 52 6.3 44 4.4 5.2 38 3.8 55 5.5 27 2.7 30 3.0 2.0 1.7 0.5 2.0 0.9 0.6 0.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015.3 projections FY2015.3 projections Electronic Devices Others 4.6 5.5 4.7 4.0 4.5 4.5 5.0 5.0 04 0.4 08 0.8 0.1 0 0 0 05 0.5-0.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015.3 projections 6.3 5.9 5.9 6.5 6.0 7.0 5.6 6.5 0 0.5 0.5 0-0.2 0 0-0.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2015.3 projections 38
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.