business results for the first nine months of the fy2010 · 1 business results for the first nine...

1

Business Results Business Results for the First Nine Months of the FY2010for the First Nine Months of the FY2010

Yamaha Motor Co., Ltd.November 4, 2010

Xeon (Indonesia)

2

AgendaAgenda

● Notice regarding the forecasts of consolidated results: Forecasts of 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 forecasts of 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.

Consolidated Financial Resultsfor the First Nine Months of the FY2010

Consolidated Financial Forecastsfor the FY2010

3

Kozo ShinozakiSenior Executive Officer

Director

Kozo ShinozakiSenior Executive Officer

Director

Consolidated Financial Results for the First Nine Months of the FY2010

andConsolidated Financial Forecasts

for the FY2010


andConsolidated Financial Forecasts

for the FY2010

4($/€)

1,153.6

(216.1)

(68.3)(62.6)

(94/130) (88/115)

1,300.0

45.055.0

+12.7%

Sales and Profits (Forecast FY2010 : Aug.10)

Operating Profit

Ordinary Profit

Net Profit

Net Sales

FY09 ResultsFY10 Forecasts

(Aug.10)

25.0

Operating Profit + ¥107.6 bil. Ordinary Profit + ¥123.3 bil.Net Profit + ¥241.1 bil vs FY2009

(¥ Billion)

5

換算R($/€) ($/€) (94/134) (85/108)(86/111) (95/130) (89/117)(89/118)

3-months (Jul-Sep) 9-months (Jan-Sep)

279.1

(11.5)

7.0

315.0311.2

13.7

+11.5% 858.5

987.4

(45.0)

48.8 42.0

991.2+15.0%

Sales and Operating Profit

Operating Profit

Net Sales

FY09Results

FY10Results

FY10Forecasts(Aug.10)

FY09Results

FY10Results


(¥ Billion)

6

(45.0)

48.8+7.4

＋45.9

＋19.5

＋34.8

＋100.2

(4.9)(9.0)

-13.9

FY09 Results

Operating Profit

Others

FY10 Results

(vs. 09)(+93.7)

Operating Profit

(¥ Billion)

Changes in Operating Profit vs. FY2009 (3Q : Jan-Sep)

Increase in gross profit due to sales increase

Cost reductionthroughstructural reform

Increase of marginal profit by production recovery Impact of

appreciation(¥) Rise in raw material prices

18ATVs*

111Outboard motors

125MotorcyclesFY09

Production in Japan(K units)

42177137FY10

Depreciation +11.5Personnel +7.7

+8.6Expense reduction

+34.8Total

+7.0Procurement cost reduction

+19.2Fixed cost

reduction by structural reform

* ATVs: All-Terrain Vehicle

Impact of exchange rateUS$ (8.5)EURO (8.0)Other +6.2Total (10.2)

+1.2SG&A expensesOperating Profit (9.0)

Gross profit

7

（$/€）

858.5987.4

157.2

407.5

293.8

(45.0)

17.8

(60.9)

(1.8)

48.8

49.4

(19.7)

19.0

189.0

543.4

255.0

(89/118)(95/130)

-13%

+33%

+41.3

+31.6

+20.8

+20%

991.2

190.2

542.7

258.2 46.9

(23.3)

18.4

(89/117)

42.0

Sales and Operating Profit (3Q : Jan-Sep)

Other

Net Sales

Operating Profit

FY09 Results FY10 Results FY10 Forecasts(Aug.10)

(¥ Billion)

Others

Developed markets

Motorcyclesin emerging markets(Asia, Latin America)

Developed markets

Motorcyclesin emerging markets

(YoY )

Others

Developed markets

Developed markets

Others Motorcyclesin emerging markets

(YoY )

Developed Markets : Motorcycles in Japan, the U.S. and Europe; All-Terrain Vehicles (ATVs), Outboard motorsin the U.S. and Europe, personal watercraft, and snowmobile businesses

8

（$/€）

1,153.6

1,300.0

212.1

577.3

364.2(62.6)

27.2

(87.9)

(2.0)

△450

50.0

64.0

(36.5)

22.5

256.0

728.0

316.0

(94/130)

-13%

+26%

+51.4

+36.8

+24.5

+21%

1,300.0

250.0

725.0

325.062.5

(37.5)

20.0

45.0

(88/115)(87/115)（$/€） (90/133) (85/108)(80/110)

TTL Year

4Q

Sales and Operating Profit (Forecast FY2010)

Improve Operating Profit + ¥5.0 bil. vs Previous Forecasts (Aug.10)

Net Sales

Operating Profit

FY09 ResultsFY10 Forecasts

(4.Nov.10)FY10 Forecasts

(Aug.10)

(¥ Billion)

Others

Developed markets

Motorcyclesin emerging markets(Asia, Latin America)

Developed markets

Others


(vs. 09 )

(vs. 09 )

Developed markets

Others


Others

Developed markets


Developed Markets : Motorcycles in Japan, the U.S. and Europe; All-Terrain Vehicles (ATVs), Outboard motorsin the U.S. and Europe, personal watercraft, and snowmobile businesses

9



Manabu OmuraGeneral Manager of

Finance and Accounting Division

Manabu OmuraGeneral Manager of

Finance and Accounting Division

10

換算R($/€) ($/€) (94/134) (85/108)(86/111) (95/130) (89/117)(89/118)

(84.0)

(7.0)

(11.5)

7.53.5

7.0

(158.8)

(43.9)(45.0)

51.3

27.342.0

279.1

315.0311.2+11.5% 858.5

987.4 991.2+15.0%

13.77.3

17.6 48.831.1

61.4

Sales and Profits

Operating Profit

Ordinary Profit

NetProfit

Net Sales

FY09 Results

FY10 Results


FY09 Results

FY10 Results


(¥ Billion)


11

換算R($/€)

197.8 216.0

42.024.128.022.529.0

34.8

279.1315.0

858.5

991.2

688.3

133.5

75.1

90.5

987.4

211.8

37.730.731.0

311.2

($/€) (94/134) (85/108)(86/111) (95/130) (89/117)(89/118)

+27.2%+38.0%

+11.5%

+8.5%

+7.1% 692.5

137.8

72.4

88.4

607.8

71.661.1

118.0

+4.8%

+48.0%

+15.0%

+13.2%

+13.2%

Sales by Business Segment

Motorcycles

Marine products

Power products

Other products

FY09 Results

FY10 Results


FY09 Results

FY10 Results


(¥ Billion)


12

28 265 756 57

1,335

1,42886

124 112

6

1,647

1,511

1,631

10.3 9.04.0

28.4 27.0

131.8 144.0

22.830.8 32.0

4.5

211.8

197.8

216.0

-9.6%

-8.2%

+8.0%

+44.2%

-21.9%

+9.0% +7.1%

1,441

5225

145.9

23.4

8.5-17.5%-28.3%

-17.6%

+10.7%

+35.3%

3.3

Sales of Motorcycles Business (3Q : Jul-Sep)

Unit Sales Sales Amounts

AsiaExcl. Japan

Europe

North America

Japan

Other areas

FY09 Results

FY10 Results


FY09 Results

FY10 Results


(¥ Billion)(K units)

13

86 7740 42226 193

3,517

4,473273

335 324

81

5,124

4,183

5,109

30.1 25.228.1

117.996.5

337.5 454.1

70.0

87.4 88.6

52.4

688.3

607.8

692.5

-11.2%

-17.1%

+27.6%

+22.6%

-50.9%

+22.5% +13.2%

4,486

18776

456.0

92.927.3

24.7-17.9%-47.9%

-21.2%

+35.1%

+24.9%

(K units)

FY09 Results

FY10 Results

FY10Forecasts

(8/4)

FY09 Results

FY10 Results

FY10Forecasts

(8/4)

(¥ Billion)

Sales of Motorcycles Business (3Q : Jan-Sep)

Unit Sales Sales Amounts

AsiaExcl. Japan

Europe

North America

Japan

Other areas

14

5.7

6.11.6

6.9 7.7

14.4

37.734.8

+12.8%

+53.2%

+8.5%

2.55.8

16.3

5.4

+12.3%

17.9

28.2

4.821.9

23.7

45.2

133.5

118.0

+26.5%

+45.1%

+13.2%

7.0

29.2

57.1

16.6

+8.0%

FY09 Results

FY10 Results

FY09 Results

FY10 Results

(¥ Billion)

AsiaExcl. Japan

Europe

North America

Japan

Other areas


Sales of Marine Business

15

6.8

14.5

3.34.810.3

8.9

36.6

75.171.6

12.3

40.7

8.3

+4.8%

+11.0%

1.7

4.61.3

1.63.3

3.1

13.2

30.7

24.1

+41.5%

+27.2%

4.6

18.7

2.7FY09

ResultsFY10

ResultsFY09

ResultsFY10

Results

(¥ Billion)

AsiaExcl. Japan

Europe

North America

Japan

Other areas


Sales of Power Products Business

16

40 30 39 28 3657 57 60 61 50 48 3832 18 23 41 324255 58 52 4930 25

32 2742

23 2331 32 30 28 24 25 28 2422 22

33

12 1629 25 24 20 17 20

10 7 6 6 924 19 17

3119

12 12722 16 18

2717 1711 7 6 5 11

10 11 12 1 2 3 4 5 6 7 8 9

(-19%)(-15%)(-26%)

(-22%)(-19%)(-31%)

(-10%)(-14%)(+7%)

(-4%)(-36%)(-35%)

(-7%)(-30%)(-46%)

(-9%)(-18%)(-20%)

(-19%)(-13%)(+2%)

(-27%)(-22%)(-22%)

(+6%)(-11%)(-12%)

(-16%)(-13%)

(-14%)(-22%)(-28%)

(+36%)(-13%) (-8%)

(-19%)

(K units)

-20%Jan-Mar: -10%Apr-Jun: -16%Jul-Sep:-15%

Jan-Sep:

-25%Jan-Mar: -24%Apr-Jun: -21%Jul-Sep:-23%

Jan-Sep:

-13%Jan-Mar: -7%Apr-Jun: +2%Jul-Sep:-6%

Jan-Sep:

Total Demand in U.S. MarketsFY09 FY10FY08

Motorcycles

ATVs* (excl. SSVs*)

Outboard motors

* ATVs: All-terrain vehicle, * SSVs: Side-by-side vehicleData source: Motorcycles and ATVs : Figures used in total demand are based on the number officially announced by MIC, Outboard motors : Figures used in total

demand are based on the number officially announced by NMMA

17

5 3 4 6

13 1311

16 15

22

1319 16

20 1814

11 13

-16%

-37%+111%

-23%+16%

+46%

Motorcycles ATVs* Outboard motors(K units)Retail Sales

Wholesale

FY09Results

FY10Results


FY09Results

FY10Results


FY09Results

FY10Results


* ATV: All-terrain vehicle

U.S. Business Condition (3Q : Jul-Sep)

18

676944

58

89

120122109143150

62

5969

8890101

117136

124

9683

141

40333636435168

82

7768

81

8991213192833282620

49

37

13

56

(K units)

Motorcycles(wholesale Only)

1Q 2Q 3Q 4QFY08

1Q 2Q 3Q 4QFY09

1Q 2QFY10

Forecasts(11/4)

FY103Q


ATVs(Retail +wholesales)

Motorcycles(Retail +wholesales)

Outboard motors(wholesales only)

Market Stocks in the U.S. and Europe

U.S.

Europe

19

Net Sales (¥ Billion)

86.2

71.883.3

717806

828+42%

14.5 14.215.3

168 160152

+25%

8.67.2 8.3

66 6470+14％

20.6 19.914.9

59 6046

+4%

Unit Sales (K units)

Xeon

SZ Crypton

Luvias

Sales in Emerging Markets (3Q : Jul-Sep)

Indonesia (YIMM) Vietnam (YMVN)

India (IYM) Brazil (YMDB)

(Launched in May.10)

(Launched in Aug. 10)

(Launched in Aug. 10)

(Launched in Mar. 10)

FY09 Results

FY10 Results

FY10 Forecasts(Aug.10)

FY09 Results

FY10 Results


Note: Unit sales consist only of sales in each nation, while sales amount includes exports from each nation.

20

9.1 9.3

11.710.2

8.7 8.6 8.3

5.5

2.8

4.95.8

9.3 9.5

3.04.5

580 600

800660

510 500 495

125

325 325

620 600

210270 300

1Q 2Q 3Q 4Q

FY2007

1Q 2Q 3Q 4Q

FY2008

1Q 2Q 3Q 4Q

FY2009

1Q 2Q 3QForecast(Aug.10)

FY2010

3Q

9.6

710Unit sales of surface mounters**

Unit sales(Units)

Net sales(¥ Billion)

* Intelligent Machinery: Industrial robots (including surface mounters)** Unit sales of surface mounters includes peripheral equipment such as printers.

Sales in IM* Business

Sales amount of IM* Business(incl. industrial robots, wheelchairs)

21

45.9

19.5

21.8

7.013.8 (4.9)

(10.2)0.8

(45.0)

48.8

Operating profit

FY09 Results

Decrease in SG&A

Decrease in depreciation

ProcurementCost reduction

Change in the product mix; other factors

(+93.7)

Operating profit

FY10 ResultsImpact of FX +1.2

Fixed cost reduction +5.0through structural reform


Expense reduction +3.9Product liability allowance etc. (booked on LY) +11.7

Gain from structural reform +9.6Reducing CAPEX +4.2

Incl. Gain from structural reformPersonnel : +4.6

Changes in Operating Profit vs. FY2009 (3Q : Jan-Sep)

18ATVs*

111Outboard motors

125MotorcyclesFY09


42177137FY10

Impact of exchange rateUS$ (8.5)EURO (8.0)Other +6.2Total (10.2)


Gross profit

Increase ingross profitdue to sales Increase

Increase ofmarginal profitby production recovery

Rise in Rawmaterialprices

Impact of appreciation(¥)

Others

(vs. 09 )

(¥ Billion)

+8.6Expense reduction


+19.2Fixed cost


22

(3.2)

33.0

(9.2)

(23.6)

4.7

(2.2)

13.5

48.8

(45.0)

42.0

14.2

38.0

(7.2)(1.3)

7.0

(5.0)

(3.7)

0.5

(0.3)

4.5

(6.2)

13.7

(11.5)

7.05.3

11.9

(3.0)(15.9)

(0.5)

3.7

Operating Profit by Business Segment

Motorcycles

Marine Products

Power Products

Other Products

FY09 Results

FY10 Results


FY09 Results

FY10 Results


(¥ Billion)


23

(38.1)

19.157.2

(23.5)

117.2

93.8

Cash Flows (3Q : Jan-Sep)

Free CF

Free CF

CF fromOperating activities

Free Cash Flows

CF fromInvesting activities

FY09 Results FY10 Results

(¥ Billion)

24

1,007.5＋20.4

366.3 339.8

483.5 433.7

337.9 354.3

399.9 322.2

137.3 234.1

Total assets987.1

Cash and Banks

Current assets

Fixed assets

End of Dec. 09

Accounts payable

Borrowings

Net assets

Accounts receivable(20.2)Inventories (10.0)

Tangible fixed assets (20.3)

(¥ Billion)

Public offering of Stock +74.6Increased profit

+31.1

88.10.3

262.61.2

Interest-bearing debt (Net)D/E ratio (Net)

29％22%Equity ratioEnd of Sep. 10

249.3 331.0

Balance Sheets (End of Sep.10 )

26

AppendixAppendix

U.S. Business Condition (3Q : Jan-Sep)Sales in Emerging Markets (3Q : Jan-Sep)Motorcycles Unit Sales by Category in Indonesia (3Q: Jan-Sep)Impact of Exchange RateChanges in Operating Profit vs. FY2009 (3Q : Jul-Sep)Sales / Operating Profit by Business Segment

27

70

30 31 22 28 28 3345 45

765260

4962

514934 36

-20%

-57%+27%

-32%-6%

+36%

Motorcycles ATVs* Outboard motors(K units)Retail Sales

Wholesales

FY09Results

FY10Results


FY09Results

FY10Results


FY09Results

FY10Results


* ATVs: All-terrain vehicle

U.S. Business Condition (3Q : Jan-Sep)

28

264.7

179.6261.8

1,872

2,4492,471

+32%

49.4 49.244.1

531 523

441+20%

23.117.8

22.7

161172178+11％

57.9 57.245.3

162 163145

+12％

Indonesia (YIMM) Vietnam (YMVN)

India (IYM) Brazil (YMDB)

FY09 Results

FY10 Results


FY09 Results

FY10 Results


Note: Unit sales consist only of sales in each nation, while sales amount includes exports from each nation.

Unit Sales(K units)

Net Sales(¥ Billion)

Sales in Emerging Markets (3Q : Jan-Sep)

29

Total demand

《Category share》2,470Yamaha

（Share：45%）

(Yamaha)

1,070

1,180

1,540

350

380

500

840

1,8704,140

(54%)

(42%)

(35%)

160(45%)

-2%

+58%

+44%

(Y:+15%)

(Y:+45%)

(Y:+28%)

-2%(Y:+15%)

430

640

1,220

180

(50%)

(42%)

(38%)

(52%)

1,040

1,700

2,430

340

5,510

《19%》

《31%》

《44%》

《6%》

《26%》

《29%》

《37%》

《8%》

(K units)

Total demand Yamaha

（Share：45%）《Category share》

Others

+33%(Y:+32%)

YoYTotal demand

V-ixion

Xeon

Jupiter Z

Vega-ZR

(Launched in Jan. 2010)

(Launched in May. 2010)

(Launched in Nov. 2009)

FY09 Results FY10 ResultsData source: Figures used in total demand are based on the number of wholesale units officially announced by AISI,

and Yamaha figures are based on the number of wholesale units.

Motorcycles Unit Sales by Category in Indonesia (3Q: Jan-Sep)

Automatic(AT)

Mopeds (Standard prices)

Mopeds (affordably prices)

30

Impact of Exchange Rate

4.41.22.7Impact on SG&A expenses

-13.3-9.0-7.4Impact on operating profit

0.52.3-2.9Impact on ordinary profit

-17.84.1-12.1-9.8-10.26.2-8.0-8.5-10.1-0.8-4.7-4.7①＋② Total impact on gross profit

118891118610 rate (results: yen)

EUR0.6

3.4

2.2

1.5

0.7

Other

-2.1

-1.8

13.9

-15.7

Total

US$1.7

-4.2

115

130

0.6

8.5

-7.9

EURO

-1.2

87

94

-4.6

3.9

-8.6

US$

Total Year Forecasts (4.Nov.10)

2.0

-0.9

11.3

-12.2

Total

EUR0.5

5.4

1.9

1.1

0.9

Other

US$1.4

-2.8

130

2.1

7.3

-5.2

EURO

-0.6

95

-5.0

2.9

-7.9

US$

3Q (Jan-Sep)3Q (Jul-Sep)

②Impact on gross profit due to the difference of exchange rates used to translate profits/losses

① Impact on gross profit due to the difference of exchange rates used to translate sales

Exchange rate of profits/losses

EUR0.1

US$0.5

Impact of one yen fluctuation

-2.2-0.5-1.3-0.3

10 rate (forecasts(11/4): yen)

1349409 rate (results: yen)

-3.40.7-1.3-2.8Net impact(purchasing rate)

4.50.92.11.5※Difference between exchange rate and purchasing rate (non-operating profits or losses)

-7.9-0.2-3.4-4.3

Exchange rate (sales)

TotalOtherEUROUS$(¥ Billion)

Notes: ① Impact on gross profit 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 profit due to the difference between the exchange rate used in the year to consolidate foreign currency-denominated items posted in non-consolidated financial statements into Japanese yen, versus the consolidation exchange rate applied in the previous year.

※: Impact on non-operating profits 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.

31

16.6

10.0

1.93.2

5.2

(3.0)

(10.1)

1.513.7

(11.5)

Operating Profit

FY09 Results

Change in the product mix; other factors

(¥ Billion)

(+25.2)

Operating Profit

FY10 Results

Changes in Operating Profit vs. FY2009 (3Q : Jul-Sep)

Decrease in SG&A

Decrease in depreciation

ProcurementCost reduction

Impact of FX +2.7Fixed cost reduction +1.7through structural reform


Gain fromstructural reform +3.2Reducing CAPEX +2.0

Incl. Gain from structuralreform : Personnel +1.7

7ATVs*

33Outboard motors

28MotorcyclesFY09


185743

FY10

Impact of exchange rateUS$ (4.7)EURO (4.7)Other (0.8)Total (10.1)


Gross profit

Increase ingross profitdue to sales Increase

Increase of marginal profit by production recovery

Rise in Rawmaterialprices Impact of

appreciation(¥)

Others

(vs. 09 )


+6.6Fixed cost


32

Sales

279.122.524.134.8

197.8

FY09Results

987.490.575.1

133.5688.3

FY10Results

858.561.171.6

118.0607.8

FY09Results

3Q (Jan-Sep)3Q (Jul-Sep) Total Year Forecasts (4.Nov.10)

+12.7%+36.2%+4.4%

+15.2%+10.8%

vs. FY09

1,300.0117.0105.0173.0905.0

FY10Forecasts(4.Nov.10)

-1.2%+11.5%311.2315.0Total

+9.5%+27.2%30.728.0Power products

+38.0%

+8.5%+7.1%

vs. FY09

29.0

42.0216.0

FY10Forecasts(4.Aug.10)

+6.9%

-10.2%-1.9%

vs. Forecasts(4.Aug.10)

31.0Other products

37.7Marine products

211.8Motorcycles

FY10Results

Operating Profit

OperatingProfite margin (%)

Reference: Motorcycles+ATV*s

48.814.2-7.23.7

38.0

-45.0-2.2

-23.6-15.9-3.2

―

―

―

―

―

50.016.5-12.0

2.543.0

+95.8%―13.77.0-11.5Total

――-3.0-5.0-3.7Power products

―

―

―

-0.3

-6.2-1.3

4.5

0.57.0

+16.7%

―

+70.5%

5.3Other products

-0.5Marine products

11.9Motorcycles

4.9%15.7%-9.6%2.8%5.5%

-5.2%-3.7%

-33.0%-13.5%

-0.5%

+9.3%+14.6%+22.1%+17.6%+5.3%

3.8%14.1%-11.4%

1.4%4.8%

+2.2%+8.5%4.4%2.2%-4.1%Total

+8.0%+5.4%-9.8%-17.9%-15.3%Power products

+18.1%

+16.6%+6.3%

-1.2%

-17.9%-0.7%

15.5%

1.2%3.2%

+1.4%

-2.4%+2.4%

16.9%Other products

-1.2%Marine products

5.6%Motorcycles

4.2%

30.0722.7

-4.4%

-28.1640.9

+7.5%―

+10.3%

3.2%

30.0952.0

+3.0%+6.3%3.8%0.9%-2.5%Operating profit margin

―

+8.3%-5.1

208.42.0

228.0―

-1.0%8.7Operating

profit

225.8Sales


Sales / Operating Profit by Business Segment(¥ Billion)

33

Information

http://www.yamaha-motor.co.jp/global/Yamaha Motor website(Global site: English)

You are also welcome to review the IR information on Yamaha Motor’s website.

http://www.yamaha-motor.co.jp/global/ir/For investorsInvestor meeting presentationIR materials

http://www.yamaha-motor.co.jp/global/ir/explanation/http://www.yamaha-motor.co.jp/global/ir/material/

business results for the first nine months of the fy2010 · 1 business results for the first nine...

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