Rinnai : Financial Results (1,937KB)

Financial Results of Fiscal 2023, ended March 31, 2023

May 10, 2023

1. Fiscal 2023 Results
2. Progress of Medium-Term Business Plan, New ERA 2025
3. Fiscal 2024 Outlook

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[vs target*: up 0.1%*]

Record-highlevel

Fiscal 2023: Consolidated Performance Overview

Net sales: ¥425.2 billion (up 16.1% year on year)

Increase thanks to higher domestic sales of mainstay water heaters; overseas sales also up due to higher revenue and foreign exchange factors

Record-high level

Operating income: ¥41.4 billion (up 15.5% year on year; Operating income to net sales ratio：9.7%] Increase due to higher revenue despite soaring raw material prices and logistics and energy costs factors

		[vs target*: down 5.9%*]
		Record-high level
	Ordinary income: ¥44.5 billion (up 14.1% year on year; Ordinary income to net sales ratio：10.5%)
		[vs target*: down 8.1%*]
	Net income attributable to owners of the parent company: ¥26.0 billion
	(up 9.9% year on year; Net income to net sales ratio: 6.1%)	[vs target*: down 11.5%*]

*"vs target" indicates the figure compared to performance forecasts announced on November 4, 2022.

• Record-highfigures for net sales, operating income, and ordinary income despite rapidly changing environment
• Income fell short of upwardly revised plan due to high costs of raw materials and other items

©Rinnai Corporation

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Fiscal 2023: Consolidated Financial Results

Net Sales

Operating Income

Attributable to owners of the parent company

Net Income

[Billions of Yen]

450

300

150

0

FY2020 FY2021 FY2022 FY2023

[Billions of Yen]

45

Operating income to

30		net sales ratio
		11.8%
	10.1%	9.8%	9.7%
15
0
	FY2020 FY2021 FY2022 FY2023

[Billions of Yen]

45

30

Net income to net sales ratio

15	8.0%
6.3%	6.5%	6.1%
0
FY2020 FY2021 FY2022 FY2023

• Net sales up for third consecutive year due to sales growth and foreign currency translation effects; significantly surpassed historical high
• Operating income reached record high, but operating margin improvement stalled by increases in raw materials and costs

©Rinnai Corporation

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Fiscal 2023: Net Sales by Product

	Fiscal	Fiscal	YOY
[Billions of yen]		2022	2023	Change
Amount	% of total	Amount	% of total	Amount		(%)

	Water heaters	211.02	57.6%	258.65	60.8%	+47.63	+22.6%
	Kitchen
	85.53	23.4%	91.78	21.6%	+6.24	+7.3%
	appliances
	Air	21.10	5.8%	21.94	5.2%	+0.83	+3.9%
	conditioning
	appliances
	Commercial-
	9.00	2.5%	10.66	2.5%	+1.66	+18.5%
	use equipment
	Others	39.50	10.8%	42.17	9.9%	+2.66	+6.8%
	Total	366.18	100.0%	425.22	100.0%	+59.04	+16.1%

©Rinnai Corporation

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