ヤマハ（7951） – Analyst and Investor Briefing on FY2022.3

Analyst and Investor Briefing on FY2022.3(Fiscal year ended March 31, 2022)May 12, 2022Yamaha CorporationFY2022.3 Full Year HighlightsOverviewPerformance in FY2022.3• Revenue and profit both increased year-on-year as markets continued to recover from the impact of the spread of COVID-19.• Supply shortages continued due to semiconductor procurement difficulties.• Although logistics and procurement costs rose, core operating profit increased due to the effects of higher revenue.OutlookFull Year Forecasts for FY2023.3• Although the impact of semiconductor procurement difficulties remains especially for audio equipment, revenue and profit are both projected to rise due to easing of musical instrument supply shortages.11. Performance SummaryFY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookFY2022.3 SummaryFY2021.3FY2022.3Change (YoY)（billions of yen）*1 Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements.RevenueCore Operating Profit(Core Operating Profit Ratio)Net Profit*1Exchange Rate (yen)Revenue(Average rate during the period)Profit(Settlement rate)US$EURUS$EUR372.640.7(10.9%)26.6106124106121408.235.6*2 +9.5%43.0(10.5%)2.3+5.7%37.310.6+40.0%*2 +4.0%(Excluding the impact of exchange rate)1121311121313FY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookCore Operating Profit AnalysisVersus previous yearImpact of exchange rates40.7 7.6 -0.9 Labor cost at overseas factories(billions of yen)Increase in sales and production and model mix, etc.Cost increase-4.3Ocean freight charges11.0 -6.5 SG&A-7.5 IMC*1 business and others43.0 2.9 FY2021.3Versus previous projectionsIncrease in sales and production and model mix, etc.FY2022.341.0 Impact of exchange rates0.2 Labor cost at overseas factories-0.1 Cost increase-0.2Ocean freight charges-0.3 IMC*1 business and others43.0 SG&A-3.0 4.7 0.7 FY2022.3(previous projections)*1 Industrial Machinery and Components FY2022.34FY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookPerformance by Business SegmentMusical InstrumentsAudio Equipment*1IMC Business and OthersRevenueCore Operating ProfitCore Operating Profit RatioRevenueCore Operating ProfitCore Operating Profit RatioRevenueCore Operating ProfitCore Operating Profit RatioFY2021.3FY2022.3Change（billions of yen）Exchange rate impact239.032.413.6％103.87.16.8％29.81.24.1％276.237.313.5％96.91.51.6%35.14.237.24.9-0.1p-6.9-5.5-5.2p5.32.915.46.64.30.90.80.111.8％+7.7p*1 Industrial Machinery and Components5FY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookFY2023.3 OutlookFY2022.3FY2023.3 (projections)Change (YoY)（billions of yen）*1 Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements.RevenueCore Operating Profit(Core Operating Profit Ratio)Net Profit*1Exchange Rate（yen）Revenue(Average rate during the period)Profit(Settlement rate)US$EURUS$EUR408.243.0(10.5%)37.3112131112131440.050.0(11.4%)37.511513011513031.8*2 +7.8%7.00.2+16.2%+0.7%*2 +6.3%(Excluding the impact of exchange rate)6FY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookCore Operating Profit AnalysisVersus previous year(billions of yen)Increase in sales and production and model mix, etc.SG&A-2.9 IMC*1 business and others-0.2 50.0 43.0 Impact of exchange rates0.2 Labor cost at overseas factories-1.0 Cost increase15.1 -2.2Ocean freight charges-2.0 FY2022.3*1 Industrial Machinery and Components FY2023.3(projections)7FY2022.3 Full Year PerformanceFY2023.3 Full Year OutlookOutlook by Business SegmentMusical InstrumentsAudio EquipmentRevenueCore Operating ProfitCore Operating Profit RatioRevenueCore Operating ProfitCore Operating Profit Ratio*1IMC Business and OthersRevenueCore Operating Profit*1 Industrial Machinery and ComponentsFY2022.3FY2023.3(projections)ChangeExchange rate impact（billions of yen）276.237.313.5％96.91.51.6%35.14.2302.043.014.2%100.03.03.0％38.04.025.85.7+0.7p3.11.5+1.4p2.9-0.2-1.3p4.80.70.9-0.50.408Core Operating Profit Ratio11.8％10.5%Key Management FiguresCore Operating Profit RatioROE10.9％10.5%11.2％*13.8％11.4％10.1%*11.5％9.2％7.4%8.8%FY2020.3FY2021.3FY2022.3FY2022.3 FY2023.3 FY2020.3FY2021.3FY2022.3FY2022.3 FY2023.3 (target)(projections)(target)(projections)Earnings per Share (yen)Promoting musical instrument education in school music lessonsExpanding the utilization rate of certified timber*270■Total number of participated students(ten thousands)129215219*10048%52％*50%195151713928%FY2020.3FY2021.3FY2022.3FY2022.3 FY2023.3 (target)(projections)FY2020.3FY2021.3FY2022.3FY2020.3FY2021.3FY2022.3FY2022.3(target)FY2022.3(target)* Targets under the medium-term management (FY2020.3-FY2022.3) 92. Segment Overview & UpdatesMusical InstrumentsAudio EquipmentIMC Business and OthersSegment Revenue and Core Operating ProfitRevenue（billions of yen）(109%)276.2 (108%)302.0 239.0 300250200150100500FY2022.3 Overview: Revenue up in all product categories• Sales of pianos and wind, string, and percussion instruments grew by double digits. Despite semiconductor procurement difficulties, digital musical instrument sales also rose as supply gradually recovered, while guitar sales increased due to continuing firm demand amid supply shortage. • Sales increased in all regions as market recovered. FY2023.3 Outlook: Revenue expected to increase in all categories and regions• Supply shortages are expected to ease as impacts of semiconductor procurement difficulties are resolved. Core Operating Profit [13.6%][13.5%][14.2%]（billions of yen）32.4 37.3 43.0 50403020100FY2021.3FY2022.3FY2023.3(projections)FY2021.3FY2022.3FY2023.3(projections)Red figures show actual YoY changes discounting impact of exchange ratesFigures in [ ] indicate core operating profit ratio11Musical InstrumentsAudio EquipmentIMC Business and OthersRevenue by Major Product CategoryPianosDigital Musical Instruments(110%)107.3 Winds, Strings and Percussion(billions of yen)GuitarsGuitars includes Line 6 and Ampegproducts(107%)96.1 (110%)26.1 (90%)25.6(108%)21.3(127%)23.1 84.7 22.3 26.618.717.0 (103%)67.4 (114%)64.1 (103%)15.7 (103%)16.3(103%)15.8(172%)16.3 51.9 14.3 14.64Q3Q2Q14.31Q8.7 (110%)50.0 (115%)44.7 (121%)11.5 (112%)10.7(101%)11.2(129%)11.4 36.8 9.0 8.910.58.4 (117%)38.8 (103%)32.6 (99%)8.2 (98%)8.6(99%)7.7(118%)8.2 29.8 7.8 8.17.46.5 FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3(projections)(projections)(projections)(projections)Red figures show actual YoY changes discounting impact of exchange rates12Musical InstrumentsAudio EquipmentIMC Business and OthersRevenue by Region(102%)(106%)58.3 59.3 (110%)68.0 (116%)60.4 55.1 4Q15.3 3Q14.9 2Q14.3 1Q10.6 (97%)14.9 (91%)13.5 (93%)13.2 (158%)16.7 48.7 (126%)18.1 13.2 13.1 12.0 10.5 (108%)15.4 (109%)13.6 (123%)13.3 NorthAmerica(110%)65.5 (billions of yen)(110%)(110%)58.6 53.3 46.1 (118%)13.9 11.5 15.1 10.5 9.0 (90%)14.2 (115%)12.6 (126%)12.6 (105%)56.8 48.2 (98%)12.7 11.5 13.6 13.6 9.5 (100%)15.2 (96%)14.4 (137%)14.5 (106%)50.6 (108%)47.3 41.0 (97%)11.9 11.6 12.1 10.3 7.1 (96%)12.5 (105%)11.4 (152%)11.4 FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3(projections)(projections)(projections)(projections)(projections)JapanEuropeChina* Software products and music schools includedRed figures show actual YoY changes discounting impact of exchange ratesOther Regions13Musical InstrumentsAudio EquipmentIMC Business and OthersDevelop Products with Distinctive IndividualityDistinctive product line-up fusing a wide range of technologiesConcert Grand Pianos CFXARIUS Digital PianosYDP-165, YDP-145, YDP-S55, and YDP-S35Portable KeyboardsPSR-E473The next generation CFX, our flagship concert grand crafted for the world’s biggest stagesARIUS recreates the touch of a Yamaha acoustic piano and our flagship CFX concert grand sound to fit your home and your life.Features a newly developed tone generator that delivers stunning improvements in sound quality as well as high quality effects.Electric GuitarsREVSTAR seriesTransAcoustic GuitarsFGC-TA and FSC-TAA completely refreshed lineup of Revstar guitars which balances Japanese innovation and traditional artisanshipTransAcoustic cutaway guitars transport you to new creative spaces via immersive built-in reverb and chorus effects.14Musical InstrumentsAudio EquipmentIMC Business and OthersDevelop Products with Distinctive IndividualityDistinctive product line-up fusing a wide range of technologiesLine 6 Effects PedalsDL4 MkIILine 6 Guitar AmpsCatalyst seriesSILENT BassSLB300PROThe Catalyst family performs like traditional guitar amps while providing the increased versatility of modern amplifiersThe successor to the iconic LD4 delay modeler, Little Green Time Machine, makes even more appealing choice for modern musicians of all typesThe SLB300PRO goes beyond the standard definition of electric upright bass with unlimited musical potential.Worldwide acclaim for Yamaha design supports Yamaha growth and brand enhancementWins multiple world-renowned German Design Awards, iF Design Award and Red Dot DesignBoth products also chosen to receive Best of the Best award at Red Dot DesignCasual Wind Instruments VenovaYVS-120 and YVS-140Wireless HeadphonesYH-L700A15Musical InstrumentsAudio EquipmentIMC Business and OthersSegment Revenue and Core Operating ProfitFY2022.3 Overview: Revenue fell for AV products and ICT equipment, but rose for PA equipment[21/3期] 在宅、遠隔需要増もPA市場低迷し減収減益• AV: Sales decline was reduced from the previous forecast due to the partial recovery of production and actively selling slow moving inventory. ･AVはサウンドバー、HiFi伸長も供給不足から減収• PA: Although revenue increased as the live performance market rebounded, the impacts of ･PAは音楽制作・配信需要増もライブ・設備市場の低迷続き減収semiconductor procurement difficulties emerged in 4Q.ICT: High growth in UC* product sales levelled off, and network device sales declined despite firm demand, due to supply shortages. ･ICTはテレワーク、リモート会議普及で2桁成長•FY2023.3 Outlook: Although the impacts of semiconductor procurement difficulties will [22/3期] AV堅調、PA復調、ICT成長継続を予想･半導体不足リスクあるも、AVはサウンドバー、イヤフォン成長を見込むlinger, revenue is projected to increase• AV: Sales are expected to decline due to the prolonged impact of semiconductor procurement ･PAは設備市場の回復を予想difficulties, which were expected to ease in 2H. • PA: Although the impacts of semiconductor procurement difficulties will linger, revenue is ･ICTは引き続きUC*、ネットワーク関連機器の高需要を予想projected to increase as markets continue to recover.ICT: Despite the impact of semiconductor procurement difficulties, solid demand is expected to continue, and revenue is expected to rise.*UC:会議システム•*UC: Conference systemCore Operating Profit（billions of yen） [6.8%][1.6%][3.0%]Revenue（billions of yen）103.8 (89%)96.9 (102%)100.0 FY2021.3FY2022.3FY2023.3(projections)Red figures show actual YoY changes discounting imp of exchange rates7.1 1.5 FY2021.3FY2022.33.0 FY2023.3(projections)Figures in [ ] indicate core operating profit ratio161251007550250107.52.550Musical InstrumentsAudio EquipmentIMC Business and OthersRevenue by Major Product CategoryAV ProductsPA EquipmentPA equipment includes only sales of hardware products of PA Equipment (excluding engineering and installation services) (107%)44.7 (92%)29.6 39.1 4Q8.7 3Q13.0 2Q9.6 1Q7.8 (77%)31.9 (86%)7.8 (61%)8.5 (76%)7.6 (95%)8.0 (106%)41.2 (99%)10.6 (90%)10.0 (105%)9.8 (142%)10.8 36.7 10.2 10.5 8.8 7.1 (billions of yen)ICT Equipment(117%)17.0 16.2 4.2 4.6 5.0 2.4 (89%)14.5 4.2 (101%)2.8 (59%)3.4 (68%)4.0 (168%)FY2021.3FY2022.3FY2021.3FY2022.3FY2021.3FY2022.3FY2023.3(projections)FY2023.3(projections)Red figures show actual YoY changes discounting impact of exchange ratesFY2023.3(projections)17Musical InstrumentsAudio EquipmentIMC Business and OthersRevenue by Region(billions of yen)34.0 4Q11.5 (103%)29.6 (84%)28.7 (78%)8.9 (78%)6.1 3Q7.8 2Q8.7 (77%)6.7 1Q5.9 (117%)7.0 (103%)22.2 22.7 5.5 (87%)21.0 (100%)6.0 7.1 (69%)5.3 4.8 5.3 (91%)4.6 (94%)5.1 26.7 (102%)(90%)25.4 25.8 6.3 (97%)6.2 (64%)5.8 8.7 (88%)6.5 (132%)6.9 7.1 4.7 (104%)(98%)14.9 14.8 (80%)3.4 13.4 4.0 4.0 3.2 2.2 (99%)4.2 (109%)3.7 (148%)3.6 (105%)(89%)7.0 7.0 7.7 1.7 1.7 1.9 2.1 1.5 1.8 2.0 1.4 (124%)(88%)(80%)(72%)FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3FY2021.3 FY2022.3 FY2023.3(projections)(projections)(projections)(projections)(projections)JapanNorth AmericaEuropeChinaRed figures show actual YoY changes discounting impact of exchange ratesOtherRegions18Musical InstrumentsAudio EquipmentIMC Business and OthersDevelop Products with Distinctive IndividualityStrong product lineups to meet diverse needsTrue Wireless EarbudsTW-E5BPowered Monitor SpeakersMS101-4Live Streaming Mixers AG06MK2 and AG03MK2 Condenser Microphones YCM01High-performance sound and Yamaha original tech converge in these true wireless earbuds will take you to the next-level sound and styleThe standard model in our range of desktop utility powered monitors offers portability in a simple, compact design, with comprehensive functions for outstanding usabilityLive streaming mixers with USB audio interface and a studio-quality condenser microphoneAnalog Mixing ConsolesMG16X, MG12X, and MG10XDante, Analog and USB Audio InterfaceRUio16-DSteinberg softwareCubase 12 and Dorico 4The MG series boast an extensive lineup of compact mixing consoles suitable for a diverse range of users and applications; for installed, recording, or live music setting.A revolutionary audio interface that features a compact form while still being rugged enough to withstand the needs of touring, serving as a bridge between Dante, analog, and USB signalsThe latest release of Steinberg’s DAW software, and professional music notion and composition software19Musical InstrumentsAudio EquipmentIMC Business and OthersDevelop Products with Distinctive IndividualityVarious Remote CommunicationsSolutions for flexible working style and easy communicationsComplete and Customizable Communications Solutions ADECIAIn-wall flat speaker system YFSThe ADECIA solution provides comfortable and effortless remote conferencing experience for the post COVID eraThe YFS provides added value of audio solutions with directional sound system for use with office furniture and other sound systemPortable USB Conference Phones YVC-331Intelligent L2 Switch SWX2220-10NTIntelligent L2 PoE Switch SWX2221P-10NTPlug & play connectivity with driver-less USB, this conference phone focuses on participants around the table eliminating background noise.Provides increased speed of office wireless LAN environment and overall network speed20Musical InstrumentsAudio EquipmentIMC Business and OthersSegment Revenue and Core Operating ProfitRevenue（billions of yen）FY2023.3 Outlook:FY2022.3 Overview:• Recovery in market conditions drove increased sales of electronic devices and automobile interior wood components, but sales of factory automation equipment declined. • Although automotive-related business is expected to expand, growth is likely to be constrained by the impacts of semiconductor procurement difficulties. (115%)35.1 (107%)38.0 [4.1%] [11.8%][10.5%]29.8 Core Operating Profit（billions of yen）432101.2 4.2 4.0 FY2021.3FY2022.3FY2023.3(projections)FY2021.3FY2022.3FY2023.3(projections)Red figures show actual YoY changes discounting impact of exchange ratesFigures in [ ] indicate core operating profit ratio21403020100Musical InstrumentsAudio EquipmentIMC Business and OthersDevelop Products with Distinctive IndividualityShift into growing total in-vehicle solution domainDeveloped a technology that allows all seats in a car to enjoy the overwhelmingly immersive experience of 3D surround sound and started demonstrations for automakers in preparation for mass productionOverwhelming immersion of 3D surround sound in all seatsYamaha automotive sound systemYamaha Automotive Sound System https://device.yamaha.com/en/automotive_sound/223. Other Financial FiguresPerformance SummarySegment OverviewOtherFinancial FiguresESGShareholder ReturnsBalance Sheet SummaryAs of March 31, 2021As of March 31, 2022Change（billions of yen）As of March 31, 2023(projections)Cash and cash equivalents129.3172.5Trade and other receivablesOther financial assetsInventoriesOther current assetsNon-current assetsTotal assetsCurrent liabilitiesNon-current liabilitiesTotal equityTotal liabilities and equity57.38.696.89.1256.5557.6100.959.8396.9557.660.04.4118.67.2218.3580.9126.138.9415.9580.943.22.7-4.221.8-1.9-38.323.325.3-20.919.023.3158.064.54.5125.010.0226.0588.0108.038.0442.0588.024Performance SummarySegment OverviewOtherFinancial FiguresESGShareholder ReturnsCapital Expenditure/Depreciation and R&D ExpensesCapital Expenditure/Depreciation(billions of yen)14.8 0.7 2.6 11.4 11.6 12.1 FY2021.3FY2022.3■Others■Audio Equipment■Musical Instruments■Depreciation■Others■Audio Equipment■Musical InstrumentsR&D Expenses11.3 0.6 2.6 8.1 24.2 3.6 10.8 9.7 24.0 4.0 10.2 9.8 25.6 1.9 5.1 18.7 13.2 FY2023.3(projections)25.5 4.5 10.7 10.3 FY2021.3FY2022.3FY2023.3(projections)254. ESGESGContribute to sustainability of music cultureInstrumental music education in emerging countries7 countries with total of 1.29 million students participated in the Project (FY2022.3 target of 7 countries and a cumulative total of 1 million students)Musical lessons provided under COVID-19 pandemicPerformance SummarySegment OverviewOtherFinancial FiguresESGShareholder ReturnsContribute to sustainable development of music culture and societyCultureEnvironmentEnhance diversity Societyand fulfillment of the people we work withCoexist with the natural environmentYamaha selected as a Health & Productivity Stock Selection Brand for the first timehttps://www.yamaha.com/en/news_release/2022/22030901/Promoting diversity and inclusionFemale employees in management positions 16.5% (Yamaha Group)(FY2022.3 target of 17%)Awareness activities of International Women’s Dayhttps://www.yamaha.com/en/news_release/2022/22030801/Enhanced dialog going beyond hierarchy and divisionsUtilizing sustainable timberAchieved utilization rate of certified timber of 52%(FY2022.3 target of 50%)Reduce GHG emissionsExpanded introduction of renewable energySwitched to 100% renewable energy for the electricity purchased at the Yamaha Corporation headquartershttps://www.yamaha.com/en/news_release/2021/21050701/Yamaha recognized as 2021 CDP*Supplier Engagement Leaderhttps://www.yamaha.com/en/news_release/2022/22021401/* CDP is a global non-profit organization that runs the world’s environmental information disclosure system for companies, cities, states and regions.27Expanded activities in Africa and the Middle Easthttps://www.yamaha.com/en/news_release/2021/21121502/https://www.yamaha.com/en/news_release/2021/21121501/Online workplace visits by the president26 times during the year and participation by total of 730 employeesPerformance SummarySegment OverviewOtherFinancial FiguresESGShareholder ReturnsTopicsYamaha selected as Yearbook Member 2022 and Yamaha selected as a constituent of Industry Mover 2022 in the S&P Global Corporate Sustainability Assessment for the first timeFTSE Blossom Japan Sector Relative IndexYamaha selected for all five Japanese equities ESG indices adopted by the GPIFFTSE Russell (the trading name of International Limited and Frank Company) confirms that Yamaha Corporation has been independently assessed according to the FTSE Blossom Japan Sector Relative Index criteria, and has satisfied the requirements to become a constituent of the FTSE Blossom Japan Sector Relative Index. Created by the global index provider FTSE Russell, the FTSE Blossom Japan Sector Relative Index is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE Blossom Japan Sector Relative Index is used by a wide variety of market participants to create and assess responsible investment funds and other products.https://www.yamaha.com/en/news_release/2022/22030401/https://www.ftserussell.com/products/indices/blossom-japan/Yamaha Group’s Annual Report 2021 was selected as an Outstanding Integrated Report by GPIF’s Domestic Equity ManagersYamaha brand rises to rank No. 28* in the Best Japan Brands 2022https://www.yamaha.com/en/ir/publications/* The total value of the Yamaha brand which is the shared brand of Yamaha Corporation and Yamaha Motor Co., Ltd.https://www.yamaha.com/en/information/2022/22040501/285. Return to ShareholdersPerformance SummarySegment OverviewOtherFinancial FiguresESGShareholder ReturnsDividends, Total Return Ratio and Payout RatioAnnual per-share dividendTotal return ratioFY2020.3FY2021.3FY2022.3FY2023.3（projections）¥66¥66¥66¥66* Three year cumulative results under the medium-term management plan (FY2020.3-FY2022.3), the original target of 50%¥15 billion¥66 ¥28 billion¥66 -¥66 *78.8％¥66 43.6％33.9％30.7%30.2%FY2020.3FY2021.3FY2022.3FY2023.3（projections）Annual per-share dividendPayout ratioShare Buyback30AppendixFY2022.3 4Q Performance(three months)FY2022.3 4Q Segment Overview (three months)Full Year Other Income/ExpensesFY2022.3 4Q Summary (Three Months)FY2021.3 4QFY2022.3 4QChange (QoQ)（billions of yen）RevenueCore Operating Profit（Core Operating Profit Ratio）Net Profit*1Exchange Rate（yen）Revenue（Average rate during the period）Profit（Settlement rate）US$EURUS$EUR*1 Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements.100.311.7(11.6%)9.0106128105126105.98.2(7.7％)5.5*2 +5.5%-3.5-30.2%7.3-1.7-19.4%*2 +0.4%(Excluding the impact of exchange rate)11613011513232FY2022.3 4Q Performance(three months)FY2022.3 4Q Segment Overview (three months)Full Year Other Income/ExpensesPerformance by Business Segment (Three Months)FY2021.3 4Q FY2022.3 4Q Change（billions of yen）Exchange rate impactMusical InstrumentsAudio Equipment*1IMC Business and Others*1 Industrial Machinery and ComponentsRevenueCore Operating ProfitCore Operating Profit RatioRevenueCore Operating ProfitCore Operating Profit RatioRevenueCore Operating ProfitCore Operating Profit Ratio63.19.414.9%29.02.06.9%8.30.33.3%71.58.211.5%26.2-0-0.1%8.2-0-0.3%8.4-1.2-3.4p-2.8-2.0-7.0p-0.1-0.3-3.6p3.81.21.0-0.10.3033FY2022.3 4Q Performance(three months)FY2022.3 4Q Segment Overview (three months)Full Year Other Income/ExpensesFull Year Other Income and ExpenseFY2021.3FY2022.3FY2023.3（projections）（billions of yen）Profit from (loss on) disposal of fixed assetsCore Operating ProfitOther Income and ExpensesOthersTotalOperating ProfitFinancial Income and ExpensesOthersTotalDividends incomeProfit before Income TaxesIncome taxesNet profit attributable to non-controlling interestsNet Profit*1*40.7-0.1-5.6-5.735.02.7-0.62.137.110.40.126.643.04.61.76.349.33.40.33.753.015.70.137.350.000050.02.3-0.32.052.014.40.137.5*1 Net profit is presented as profit attributable to owners of the parent on the consolidated financial statements.34In 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 projections 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.