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5/12/2018 Yamaha - Musicial Instrument Plan 2013 - slidepdf.com
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Accelerating Growth ofMusical Instruments Business
November 26, 2010
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2
1. Positioning of musical instrumentsbusiness within Yamaha
2. Musical instruments market and Yamaha'sposition
3. Yamaha's business strategy• Turning acoustic musical instruments
business into profit
• Growth in Chinese and emergingmarkets
Contents
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Positioning ofMusical Instruments Business
within Yamaha
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4
Musical Instruments Segment
Core Business Domain Focused on“Musical Instruments, Music, and Audio"
Products Services
Musical instruments
Professional audioequipment
Audio products
Music school
Music software
Musicalinstruments
segment
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Musical Instruments Segment – Sales & Operating Income
The musical instruments segment accounted for 67% of sales and
75% of operating income for the period ended March 31, 2010.
Operating Profit
-10
0
10
20
30
FY2007.3 FY2008.3 FY2009.3 FY2010.3 FY2013.3
Billions of yen
25.0
5.1
18.5
6.8
Sales
0
100
200
300
400
500
600
FY2007.3 FY2008.3 FY2009.3 FY2010.3 FY2013.3
Billions of yenLifestyle-Related Products
Other than musical inst.
Musical Instruments
276.3
309.0
427.0414.8
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Musical Instruments Marketand Yamaha’s Position
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Size of Global Musical Instruments Market
Estimated size of global market by product(unit: Billions of yen, at wholesale price)
Yamaha's share:
18% *Based on our own estimation.
PA
equipment
370
Wind
instruments
150
Piano120
Guitar/Drum240
Digital
keyboard
130Market size:Approx.
¥1,010 billion
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Past Trend in Musical Instruments Market
Sign of recovery from
demand contractionfollowing economic crisis
Changes in distribution
– Increasingly low price – Reduced public expenditure – Cutbacks in capital expenditures
by private sector – Slow recovery in economy
– Increasing sales through webshops
– Reducing number of specialtyshops, rise of volume retailers
Trend indeveloped countries
– Small impact of economic crisis
– Growing BRICs market
– Increasing middle-incomepopulation in Asia
Steady increase in demand
Trend inemerging countries
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Projection of Musical Instruments Market Growth(by product group)
Estimated growth for the next 5-year period: 11.2% (2.2% per annum)
Estimated market size in 2015: ¥1,130 billion
US$ =93Euro=131
represents impact ofexchange rate attributable toyen appreciation. Figures donot reflect the impact ofexchange rate.
US$ =87Euro=112
0
200
400
600
800
1,000
1,200
1,400
FY2010.3 FY2013.3 5 years later
Billions of yen
PA equipment
Digitalkeyboard
Wind
instruments
Guitar/Drum
Piano
1,010
1,080 1,130
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Projection of Musical Instruments Market Growth(by region)
US$ =93Euro=131
China and Asia-Pacific countries will lead the growth, while Japan, U.S., Europe,and other developed countries will remain almost flat.
US$ =87Euro=112
0
200
400
600
800
1,000
1,200
1,400
FY2010.3 FY2013.3 5 years later
Billions of yen
China
Asia Pacific
Europe
North America
Japan
represents impact ofexchange rate attributable toyen appreciation. Figures donot reflect the impact ofexchange rate.
1,010
1,0801,130
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Market Environment Recognition andYamaha
Market Condition and OutlookShare(2010)
Category
8%
20%
7%
49%
33%
The market is growing further. Yamaha has beenchallenged by fierce competitors in each product category,but has advantage in terms of input devices (mixers) over
them.
PAequipment
Stable market. Further growth is expected in emerging
countries. Chinese manufacturers are growing fast.Yamaha has a leading position in various productcategories.
Windinstruments
The market is stable in developed countries andexpanding in emerging countries. Each product category isconsisted of a few leading brands and many small-sizedpure-play manufacturers. Yamaha aims to increase itsshare focusing on electric acoustic guitar.
Guitar/ Drum
Demand is increasing mainly in emerging market. Theelectronic keyboard market is dominated by a smallnumber of Japanese companies, incl. Casio, Roland, andKorg. Yamaha has the largest share in the world.
Digitalkeyboard
The world-largest Chinese market will grow further. Salesin developed countries will gradually decrease in the future.Yamaha has the No.1 position in the global market.
Piano
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Market Size and Yamaha's Share by Product Group
0 100 200 300 400
Piano
Digital keyboard
Guitar/Drum
Wind instruments
PA equipment
Yamaha
Other than Yamaha
Estimated 2010 market sizes and shares.
Yamaha has a 23% share of the musical instruments market (excl. PA).
33%
Yamaha's share49%
7%
20%
8%
2010
2013
2010
2013
2010
2013
2010
2013
2010
2013
Billions of yen
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Yamaha's Business Strategy
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Musical Instruments Business:Medium-Term Sales & Operating Income Targets
Targeted sales growth for the next 3-year period: 12%
Achieve operating income margin of 6% in 3 years and 10% orhigher in the future.
270.0276.3
309.0
5.17.0
18.5
0
10
20
30
40
-FY2013.3FY2012.3FY2011.3FY2010.3
0
50
100
150
200
250
300
350
(Billions of yen)Sales Operating income
US$ =93Euro=131
US$ =90Euro=127
US$ =87Euro=112
5 years later
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10.1
6.4
3.5
10.6
2.1
276.3
309.0
By business domain
(unit: Billions of yen)
By region
7.3
8.8
16.6
China(+50%)
AsiaPacific
(+21%)
N. America/ Europe/Japan
(+8%)
+ 3 2. 7 ( +
1 2 % )
Breakdown of Changes in Sales for Medium-Term Plan
Piano/Digitalpiano
FY2010.3 FY2013.3
Digitalkeyboard
Guitar/Drum
Windinst.
PAequipment
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Turning Piano Business
into Profit
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Turning Piano Business into Profit
• Premium pianos
• Prestige pianos
• Affordable pianos
• Pianos made inIndonesia
Reductionin
manufacturingcost
• Locally-sourcedparts
• Review of woodprocurement
• Review of operationsand functions
• Review of operationvolume
Strengtheningproduct
competitiveness
Structuralreform of
Piano Division
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Turning Piano Business into Profit –Enhancing Operational Effectiveness
Review of Piano Division functions
Achieve equidistance between Piano Divisionand three factories.
Transfer indirect functions (incl. product development) from PianoDivision (HQ) to three factories.
Piano Division should perform minimum-necessary functions.
Enhance independence and operational efficiency of manufacturing
bases.
HangzhouFactory(China)
JakartaFactory
(Indonesia)
MarketingSCM
DevelopmentDesigning
Qualitycontrol
Productiontechnology
AdministrationPurchasing
KakegawaFactory
Piano Division
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ジャカルタインドネシア
営業SCM
開発設計
品質管理
productio
n
技術
管理購買
Kakegawafactory
業SCM
開発設計
品質管理
productio
n
技術
管理購買
Kakegawa
factory
Kakegawa
Factory
JakartaFactory
(Indonesia)
Turning Piano Business into Profit –Enhancing Operational Effectiveness
Piano Division
MarketingSCM
DevelopmentDesigning
Qualitycontrol
Productiontechnology
AdministrationPurchasing
Indirect Function Indirect Function
Review of Piano Division functions
Achieve equidistance between Piano Divisionand three factories.
Transfer indirect functions (incl. product development) from PianoDivision (HQ) to three factories.
Piano Division should perform minimum-necessary functions.
Enhance independence and operational efficiency of manufacturing
bases.
HangzhouFactory
(China)
Indirect Function
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Turning Piano Business into Profit –Manufacturing Cost Reduction
Overseas Factories
(China/Indonesia)
Kakegawa
FactorySupply of knock down parts
Increase
profitability
・Reduce cost and strengthenprice competitiveness by usingparts and components made inChinese and Indonesianfactories.
・ Increase Kakegawa Factory's
overseas parts procurementratio from the current 3% to15% in 3 years.
・ Reduce cost and strengthen
price competitiveness by usingparts and components made inChinese and Indonesianfactories.
・ Increase Kakegawa Factory's
overseas parts procurementratio from the current 3% to15% in 3 years.
• Accelerate in-house manufacturing andlocal procurement of parts
• Transfer wood processing (preprocess) tothe two overseas factories
• Accelerate in-house manufacturing andlocal procurement of parts
• Transfer wood processing (preprocess) tothe two overseas factories
Reduce cost byincreasing
productivity and localprocurement ratio
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Enhancing Product Competitiveness andIncreasing Profitability of Kakegawa Factory
UP made in Kakegawa
Grand Piano made inKakegawa
CF series Premium piano
Prestige Piano (GP)
Prestige Piano (UP)
Affordable PianoNewly introduce low-end pianos to
the market
Flagship model "CFX" → Premium Piano series
Development of new productswith attributes inherited from CFX → Prestige Piano series
Use of low-cost parts made inoverseas factories → Affordable Piano
Respond to polarizing demand for “individualpreferences-oriented” and “price-oriented”
Upright Piano made inKakegawa
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Turning Piano Business into Profitability –Manufacturing Base Strategy
36,000
24,000
37,600
Kakegawa
Indonesia
China
→ 130,000 unitsin 5 years
Increase the ratio of overseas production (primarily China)Keep the production volume of Kakegawa at 20,000 units
20,00026,000
Partial review of the medium-term plan – Change in the productionvolume at Kakegawa from 18,000 units to 20,000 units in March 2013.
82,000 units
129,100 units
83,000 units
39,000
20,000
20,000
19,000
34,000
63,000
116,000 units
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
FY2007.3 FY2010.3 FY2013.3 5 years later
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Increasing Piano Business Profitability
Logistics cost
Energy cost
Effect of consolidatingJapanese Factories:¥0.8 billion
Greater use of overseasmanufactured parts
Disposition of unprofitable models
Improvement of productivity
Lowering Kakegawa'sbreakeven point:
¥2.6 billion
Increase production inChina/Indonesia
(In-house manufacturing of partsat overseas factories)
Increase production ofhigh-grade GPs
Effect of productionincrease:
¥1.6 billion
Improve the Operating Income by ¥5billion from FY2010.3 to FY2013.3
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Piano Business – Numerical Targets
+0
45.0
FY2013.3Target
negativeOperating
income
40.3Sales
(Billions of yen)
FY2010.3Result
Operatingincome margin
5%
50
Target forthe 5th
year
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Strengthening Profitability of
Wind Instruments Business
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Strengthening Profitability ofWind Instruments Business
Accelerate cost reduction efforts
Consolidate domesticmanufacturing bases(To be completed in FY03/2012)
Transfer processes to overseasproduction bases
Increase the number of materialsources(Increase use of overseasmaterials)
Implement manufacturing reform ahead of the original schedule
Increase market competitiveness& profitability
Drastically boost sales in China Regain share in the U.S &
European markets Introduce lower-cost models
New Xiaoshan Factory→
Wi d I B i
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Wind Instruments Business –Manufacturing Base Strategy
Increase overseas production to achieve400 k units/year in 5 years
38%
27%
35%31%
310 k units
400 k units
63%
14%
23%
350 k units
330 k units
34%
25%
0
100
200
300
400
FY2007.3 FY2010.3 FY2013.3 5 years later
k (thousand) units
Indonesia• Woodwindinstruments
production base• Full production ofwoodwind instrumentparts
China• Brass instrumentsproduction base for all
markets except forJapan• Local materialprocurementfunctions
Toyooka• High value-addedproducts
• Skill transfer
Wi d I t t B i
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Wind Instruments Business –Numerical Targets
10%
34.5
FY2013.3
Plan
3%Operating
incomemargin
31.0Sales
(Billion of yen)
FY2010.3
Results
>10%
36.0
Target for
the 5thyear
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Growth in Chinese Market
M i l I t t S t S l Pl f
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Musical Instruments Segment Sales Plan forChina and Emerging Countries
Achieve a 30% growth in 3 years and a 60% growth in 5 years.
0
10
20
30
40
50
60
90
FY2010.3 FY2011.3 FY2013.3 - 5 years later
Billions of yen
52 57
6870
80
85
S. Korea, Taiwan,Australia,Singapore, etc.
Russia, CIS, India,
ASEAN, LatinAmerica, MiddleEast, and Africa
Mature Market
Growth Market
China
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Chinese Musical Instruments Market
0
2
4
6
8
10
12
14
FY2010.3 FY2013.3 FY2015.3
PAequipment
B&O
Guitar/Drum
DigitalKeyboard
Piano
The market is led by piano products: As of 2010,40% of the market is accounted for by pianoproducts.
12.0
Billions of RMB
9.8 Price range
Volume
Domains covered by Yamaha
The market has a pyramidstructure with a wide base. Thebottom part is dominated by
Chinese local manufacturer.
5 years later
7.0
Growth Strategy: Promoting Market Tailored
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Tianjin Factory(Digital musical instruments)
Hangzhou Factory
(Piano/Guitar)
Xiaoshan Factory(Wind instruments)
There is a plan to introduce China-exclusive models by making use of localmanufacturing bases.
Suzhou Factory(Electronic parts/AV)
Number of pianos sold in
retail market by price range
0 2 4 6 8 10 12
5-10
10-15
15-20
20-25
25-30
30-35
35-40
Price range
(1,000 RMB)
10,000 units
Up to 2008, Yamahalowest price was set at20,000 yuan.
In 2009, a 17,800yuan model wasintroduced.
The target price levelfor the next period willbe 15,000 yuan.
Increase sales of musical instruments segment to 1.5 billion yuan in 3years and 2.3 billion yuan in 5 years.
Growth Strategy: Promoting Market-TailoredProducts
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March 20101,000 stores
2010 → 2013Piano 350 500
Wind instruments 170 260
Digital keyboard 250 500
Others 230 240
Total 1,000 1,500
March 20131,500 stores
In local cities, Yamaha aims to open a generalmusical instruments store as a starting point.In large cities, Yamaha will expand andupgrade specialty stores.
Growth Strategy: Expansion of Sales Network
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Yamaha in Growing Chinese Market
370310Wind instruments
670500Guitar
460370Portable keyboard
140100Digital piano
280250Piano
20132010(1,000 units)
Projection of market growth (number of units)
430
800
530
160
300
5 years later
3017Wind instruments
5013Guitar
180112Portable keyboard
4022Digital piano
5032Piano
20132010(1,000 units)
50
100
300
60
65
5 years later
M ar k e t
Y
am ah a
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Growth in Other Emerging Countries
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Sales Plan for Other Regions
In the next 5 years, "emerging market" will account for 48% oftotal sales in the Asia-Pacific region.
0
10
20
30
40
50
60
Emergingmarket
Medium-growthmarket
Mature market
Billions of yen
39.741.2
48.3
54.8+38%
15.7 15.1 15.3 17.9
8.3 9.0 10.810.8
15.6 17.421.8
25.8
FY2010.3 FY2011.3 FY2013.3 5 years later
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Sales Plan for Emerging Countries
In emerging markets, achieve a growth rate of 40% in 3 yearsand 66% in 5 years.
1.9 2.4 3.0 3.40.5 0.8 1.1 1.73.3 3.54.9 5.3
0
5
10
15
20
25
30
Billions of yen
15.6
3.9
4.1
1.8
FY2010.3
Russia
India
Indonesia
Brazil
Middle East/
Africa/CIS
Other developingmarkets
25.8+66%
5.56.0
5.16.4
2.1
3.2
FY2013.3 5 years later
4.4
4.4
1.9
FY2011.3
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Increasing Middle-Income Population
Upper-income population: 1-5%
Middle-incomepopulation: 10-35%
Low-priced electric guitar
FG/Nylon string guitar
Local-taste modelsLow-priced keyboard
CIS-compliantPA equipment
Low-priced digitalpiano
Increase sales by introducing low-priced products
Middle-income population is rising in rapidly-growingemerging countries.
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Yamaha's Presence in Emerging Markets
Taiwan (1996)
China (2002)
S. Korea (2001)
Singapore (1966)Malaysia (1974)
Indonesia (1990)
Australia (1986)
Thailand (1989)
Dubai (1997)
India (2008)
Russia (2007)
Mexico (1958)
Panama (1975)
Brazil (1973)
Russia and India: Establishoperational bases and shiftto the sales network
expansion phase.
Completion of operational base establishment in everyemerging market ⇒ Shift to the full profit-maximization phase
Increase the number of sales base in emerging countries from 2,000 sites in 2010 to 3,400 in2013 to 4,400 in 5 years.
Strengthen music promotion activities by increasing the number of music school students from130,000 in 2010 to 180,000 in 2013 to 200,000 in 5 years.
Support various music activities for the youth.
Key Points of Strategies for China and
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y gEmerging Countries – Wrap up
● Introduce strategic products to the expandingmiddle-income population – Shift the primary target of product development from
developed countries to China and emerging markets.• Develop new piano models that target most selling price
range in China.• Low-price guitars and local-taste PKs for emerging
countries
• Wind instruments that can compete with Chinese products
● Expand sales network
● Increase the number of people who play music,
using Yamaha music schools – Attract middle-income population by deploying the
Yamaha Business Model
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In this report, the figures forecast for the Company’sfuture performance have been calculated on the basisof information currently available to Yamaha and the
Yamaha Group. Forecasts are, therefore, subject torisks and uncertainties.
Accordingly, actual performance may differ greatlyfrom our predictions depending on changes in theeconomic conditions surrounding our business,demand trends, and the value of key currencies, suchas the U.S. dollar and the euro.
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