For Immediate Release

August 4, 2021

Company Name: YAMAHA CORPORATION

President and Representative Executive Officer: Takuya Nakata

Code Number: 7951 (First Section of Tokyo Stock Exchange)

Yamaha Reports First Quarter (Three Months) Results for the Fiscal Year

Ending March 2022 and Full Year Outlook [IFRS]

  • First Quarter Results for the Fiscal Year Ending March 31, 2022 (FY2022.3)

A Substantial Year-on-Year Increase in Revenue and Profit in All Businesses

For the first three months of the first quarter of FY2022.3 (April 1, 2021 to June 30, 2021), revenue increased by ¥30.7 billion (+42.7%) year-on-year, to ¥102.5 billion, as the recovery from the impact of the COVID-19 pandemic progressed.

Core operating profit increased by ¥12.2 billion (compared with core operating profit of ¥1.1 billion in the same period of the previous fiscal year) to ¥13.4 billion due to a significant increase in revenue.

Profit for the period attributable to owners of the parent increased by ¥15.2 billion (compared with a loss of ¥1.8 billion in the same period of the previous fiscal year) to ¥13.4 billion.

  • Revenue and Profit/Loss by Reportable Segment

Figures in parentheses are percentage changes from the same period of the previous fiscal year, unless indicated otherwise.

Musical Instruments

Revenue ¥68.6 billion (+47.0%), core operating profit ¥10.4 billion (+313.0%)

Revenue increased in all products with higher revenue of acoustic pianos, digital musical instruments and guitars compared with the same period two years ago, before the impact of the COVID-19 pandemic. Revenue also increased in all regions year-on-year.

Revenue of the musical instruments business overall increased by ¥21.9 billion year-on-year. Core operating profit increased by ¥7.9 billion.

Audio Equipment

Revenue ¥24.5 billion (+25.3%), core operating profit ¥1.3 billion (core operating loss ¥1.1 billion in the previous fiscal year)

Revenue from audio products declined overall, as sales in North America and Japan fell below the previous year's level due to product supply shortages and other factors. Revenue from professional audio equipment increased in all regions due to a recovery in demand. Also, revenue from ICT equipment rose due to continued demand for conference systems in Japan.

1

Revenue for the audio equipment segment overall increased by ¥4.9 billion year-on-year. Core operating profit increased by ¥2.4 billion.

Industrial Machinery/Components and Others

Revenue ¥9.4 billion (+67.7%), core operating profit ¥1.7 billion (core operating loss ¥300 million in the previous fiscal year)

Revenue of electric devices, automobile interior wood components and FA equipment increased due to the market recovery.

Revenue for the industrial machinery/components and others segment overall increased by ¥3.8 billion year-on- year. Core operating profit rose by ¥2.0 billion.

  • Outlook for Performance in FY2022.3

Considering the Uncertain Outlook, the Previous Forecast Remains Unchanged

Although market conditions are recovering, the impact of the COVID-19 pandemic remains highly uncertain and there is also uncertainty regarding the procurement of semiconductor components. As a result, the full-year forecast for the fiscal year ending March 31, 2022 remains unchanged from the forecast announced on May 10, 2021: revenue of ¥400 billion (+7.3%), core operating profit of ¥47 billion (+15.4%), and profit for the period attributable to owners of the parent of ¥41 billion (+54.0%).

Note that the foreign currency exchange rates used in computing these forecasts are ¥105 to US$1 and ¥125 to €1.

Notes:

  1. Core operating profit corresponds to operating profit under Japanese GAAP and is calculated by subtracting selling, general and administrative expenses from gross profit.
  2. Figures for revenue and profit or loss in the text of this release have, in principle, been rounded to the nearest ¥100 million.

For further information, please contact:

Yamaha Corporation

Corporate Communications Division, Media Relations Group

Contact form: https://inquiry.yamaha.com/contact/?act=55&lcl=en_WW

2

First Quarter of FY2022.3 Performance Outline

August 4, 2021

(1) Key Financial Indicators

(Billions of yen)

Three Months Results

Three Months Results

Results

Projections (*1)

Previous Projections

Ended June 30, 2020

Ended June 30, 2021

(Previous Full Year)

(Full Year)

(Full Year)

(Announced on May 10, 2021)

FY2021.3

FY2022.3

FY2021.3

FY2022.3

FY2022.3

Revenue

71.8

102.5

372.6

400.0

400.0

Japan

20.4

(28.4%)

28.8

(28.1%)

108.2

(29.0%)

114.0

(28.5%)

114.0

(28.5%)

Overseas

51.4

(71.6%)

73.7

(71.9%)

264.4

(71.0%)

286.0

(71.5%)

286.0

(71.5%)

Core Operating Profit (*2)

1.1

(1.6%)

13.4

(13.1%)

40.7

(10.9%)

47.0

(11.8%)

47.0

(11.8%)

Operating Profit

-1.5

(-2.1%)

18.3

(17.9%)

35.0

(9.4%)

52.0

(13.0%)

52.0

(13.0%)

Profit before Income Tax

-1.7

(-2.4%)

18.7

(18.2%)

37.1

(10.0%)

55.5

(13.9%)

55.5

(13.9%)

Net Profit (*3)

-1.8

(-2.5%)

13.4

(13.1%)

26.6

(7.1%)

41.0

(10.3%)

41.0

(10.3%)

Currency Exchange Rate (*4)

108/US$

110/US$

106/US$

105/US$

105/US$

(Settlement Rate) (=yen)

121/EUR

127/EUR

121/EUR

125/EUR

125/EUR

ROE (*5)

-2.2%

13.2%

7.4%

10.0%

10.0%

ROA (*6)

-1.5%

9.5%

5.2%

7.2%

7.2%

Basic Profit per Share

-10.3yen

76.3yen

151.4yen

233.2yen

233.2yen

Capital Expenditures

3.1

2.3

11.3

18.2

18.2

(Depreciation Expenses)

(2.8)

(2.9)

(11.4)

(13.0)

(13.0)

R&D Expenses

6.1

6.0

24.2

25.3

25.3

Cash Flows

-1.4

12.7

58.2

47.0

47.0

Operating Activities

Investing Activities

2.1

5.2

-5.8

-10.0

-10.0

Free Cash Flow

0.6

17.9

52.4

37.0

37.0

Inventories at End of Period

100.8

97.4

96.8

101.0

101.0

Number of Employees

5,792

5,745

5,672

5,700

5,700

Japan

Overseas

14,431

14,399

14,349

14,600

14,600

Total (*7)

20,223

20,144

20,021

20,300

20,300

Temporary Staff

7,672

9,091

8,644

8,400

8,400

(Average during the period)

Revenue by Business

Segment

46.6

68.6

239.0

258.0

258.0

Musical Instruments

(65.0%)

(66.9%)

(64.1%)

(64.5%)

(64.5%)

Audio Equipment

19.5

(27.2%)

24.5

(23.9%)

103.8

(27.9%)

108.0

(27.0%)

108.0

(27.0%)

Others

5.6

(7.8%)

9.4

(9.2%)

29.8

(8.0%)

34.0

(8.5%)

34.0

(8.5%)

Core Operating Profit by

Business Segment (*2)

2.5

10.4

32.4

36.5

36.5

Musical Instruments

Audio Equipment

-1.1

1.3

7.1

8.0

8.0

Others

-0.3

1.7

1.2

2.5

2.5

(2) Revenue by Business Segment and Region

(Billions of yen)

Three Months Results Ended

Musical Instruments

Audio Equipment

Others

Total

June 30, 2021

Revenue

Change (*8)

Revenue

Change (*8)

Revenue

Change (*8)

Revenue

Change (*8)

(April-June, 2021)

Japan

16.7

158%

7.0

117%

5.1

132%

28.8

141%

North America

13.3

123%

5.1

94%

1.6

252%

20.0

119%

Europe

12.6

126%

6.9

132%

0.2

218%

19.6

128%

China

14.5

137%

2.0

124%

0.9

297%

17.4

140%

(126%)

Other Areas

11.4

152%

3.6

148%

1.6

222%

16.7

156%

Total

68.6

139%

24.5

119%

9.4

167%

102.5

135%

(119%)

*1

Full year projections remain unchanged from the previous announcement on May 10, 2021.

*2

Core operating profit is corresponding to operating income under the Japanese GAAP, and is calculated deducting SG&A from gross profit.

*3

Net profit is presented as net profit attributable to owners of the parent on the consolidated financial statements.

*4 Currency exchange rate is the export and import transaction rate applied to profit calculation. *5, 6 ROE and ROA are calculated on an annually adjusted basis.

*7 Number of employees = Number of full-time staff at end of the period

*8 The Change indicates actual year-on-year changes discounting impact of exchange rates and figures in parenthesis show actual year-on-year change excluding the sales of OEM products.

Consolidated financial forecasts were prepared based on information available at the time of the announcement and do not represent promises by the Company or its management that these performance figures will be attained. Actual consolidated results may differ from forecasts owing to a wide range of factors.

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Yamaha Corporation published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 06:35:03 UTC.