Rinnai : Financial Results (820KB)

Financial Results for First Quarter of Fiscal 2024, ending March 31, 2024

August 4, 2023

Fiscal 2024 (1Q): Consolidated Performance Overview

Net sales: ¥８９.８ billion (down 5.4% year on year)

Decrease due to deteriorating housing market in major countries

Operating income: ¥3.1 billion

(down 69.1% year on year, operating income to net sales ratio: 3.5%)

Increase in fixed costs due to production adjustments and high raw material prices

Ordinary income: ¥5.8 billion

(down 48.4% year on year, ordinary income to net sales ratio: 6.6%)

Up thanks due to foreign exchange gains despite decrease in operating income

Net income attributable to owners of the parent company: ¥3.2 billion

(down 53.1% year on year, net income to net sales ratio: 3.7%)

• Difficult start of year for both sales and income amid deteriorating market conditions due to rising prices and monetary tightening

©Rinnai Corporation

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Fiscal 2023 (1Q) : Consolidated Financial Results

Net Sales	Operating Income	Attributable to owners of the parent company
Net Income

[Billions of Yen]				[Billions of Yen]				[Billions of Yen]
120					12		10.9%	10.6%		12
								Operating income to
90					9	6.2%			net sales ratio	9		7.3%	7.4%	Net income to
											5.5%			net sales ratio
60					6				3.5%	6
														3.7%
30					3					3
0	FY2021 FY2022 FY2023	FY2024	0	FY2021 FY2022 FY2023	FY2024	0	FY2021 FY2022 FY2023	FY2024
	１Q	１Q	１Q	１Q		１Q	１Q	１Q	１Q		１Q	１Q	１Q	１Q

- Decrease in both sales and income for the first time in three years due to harsh market environment

©Rinnai Corporation

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Fiscal 2024 (1Q): Net Sales by Product

		Fiscal 2023 1Q	Fiscal 2024 1Q	YOY
		Change
		Amount	% of total	Amount	% of total	Amount		(%)
	Water heaters	55.56	58.5%	53.72	59.8%	-1.84		-3.3%
	Kitchen
	22.16	23.3%	20.33	22.6%	-1.83		-8.3%
	appliances
	Air	3.54	3.7%	3.58	4.0%	+0.04		+1.2%
	conditioning
	appliances
	Commercial-	2.42	2.6%	2.50	2.8%	+0.07		+3.2%
	use equipment
	Others	11.30	11.9%	9.70	10.8%	-1.60		-14.2%
	Total	95.00	100.0%	89.85	100.0%	-5.15		-5.4%

©Rinnai Corporation

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Fiscal 2024 (1Q): Consolidated Sales/Income Results

		Net Sales	YOY	Operating	YOY Change	Operating	YOY
		Change	Income	Margin	Change
	Consolidated	89.85	-5.4%	3.11	-69.1%	3.5%	-7.1pt

		Net Sales	YOY	Operating	YOY Change	Operating	YOY
		Change	Income	Margin	Change
	Rinnai	46.17	-18.9%	1.60	-70.6%	3.5%	-6.1pt
	Domestic	22.88	-14.8%	(0.00)	-	-0.0%	-3.5pt
	Overseas	48.90	-5.1%	0.54	-86.5%	1.1%	-6.7pt
	Total	117.96	-12.8%	2.14	-79.4%	1.8%	-5.9pt

©Rinnai Corporation

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