Yamaha Corporation (YAMCF) Q2 2024 Earnings Call Transcript


Yamaha Corporation (OTCPK:YAMCF) Q2 2024 Earnings Conference Call November 1, 2023 9:00 PM ET

Company Participants

Takuya Nakata – President, Representative Executive Officer

Conference Call Participants

Takuya Nakata

[Interpreted]

This is Nakata. I’m pleased to see you. Thank you very much for sparing your precious time to attend Yamaha’s briefing on the second quarter of FY March 2024. I’d also like to express my sincere gratitude for your continued support and understanding of our business.

Now, I’d like to start a briefing on the first half results. Please turn to the next page for the highlights.

First, regarding the results of the first half, due to the slow recovery in the Chinese market and the weakness of the Digital Pianos market, the Musical Instruments saw a big decline of sales. Yet, with the recovery of B2B Audio Equipment and the positive impact of foreign exchange rates, the overall revenue increased. However, reflecting the revenue decline of the Musical Instruments and the production adjustments to reduce the inventory, the profit declined.

Regarding the full year forecast for FY March 2024, as shown in the bottom half of the page, we have three key points. We further counted in the impact of the slow recovery in Chinese market and decided to revise the revenue downward. Moreover, in addition to the impact of the revenue decline due to the lower factory profitability from the additional production cutbacks, we revised the core operating profit downward. Yet, we are hoping to keep the annual dividends per share at JPY74.

I’d like to provide the further details from here on. The revenue in the first half was JPY219.6 billion, which was an increase by 0.7% year-on-year. But, as it is described below, if the impact of exchange rates was excluded, it was actually a decline year-on-year. The core operating profit was JPY15.3 billion, which was



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