Rinnai : Financial Results for First Three Quarters of Fiscal 2023, ending March 31, 2023

Financial Results for First Three Quarters of

Fiscal 2023, ending March 31, 2023

February 8, 2023

Record-highlevel

Fiscal 2023 (3Q) : Consolidated Performance Overview

Net sales: ¥ 314.0 billion (up 14.7% year on year)

Steady sales of water heaters in Japan; overseas sales also up due to higher sales in the United States, China, and other markets and the impact of foreign currency translation

Operating income: ¥33.6 billion

Record-high level

(up 20.1% year on year; operating income to net sales ratio: 10.7%)

Increase due to sales growth mainly in major countries despite soaring raw material prices and energy costs

Ordinary income: ¥36.4 billion

(up 20.0% year on year; ordinary income to net sales ratio: 11.6%)

Net income attributable to owners of the parent company: ¥21.4 billion

(up 16.7%, net income to net sales ratio: 6.8%)

Record-high level

Record-high level

• Increase in sales mainly in major countries despite concerns of economic downturn due to high prices and interest rates
• Record-highsales and income, but increased costs put pressure on profits

©Rinnai Corporation

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Fiscal 2023 (3Q) : Consolidated Financial Results

Net Sales

Operating Income

[Billions of Yen]				[Billions of Yen]
350				35
300				30
250				25
200				20			Operating margin
150				15		11.3%	10.2%	10.7%
			9.7%
100				10
50				5
0				0
FY2020 FY2021 FY2022 FY2023		FY2020 FY2021 FY2022 FY2023
3Q	3Q	3Q	3Q		3Q	3Q	3Q	3Q

Attributable to owners of the parent company

Net Income

[Billions of Yen]

35

30

25

20

15
	Net	income margin

10		7.9%	6.8%
6.1%	6.7%
5
0

FY2020 FY2021 FY2022 FY2023

3Q 3Q 3Q 3Q

• Record-highnet sales for second consecutive year due to increased domestic and overseas sales and foreign currency impact
• Record-highoperating income owing to revenue growth, but profit margins slowed due to increases in raw material prices and other costs

©Rinnai Corporation

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Fiscal 2023 (3Q): Net Sales by Product

			Fiscal 2022 3Q	Fiscal 2023 3Q	YOY Change
	[Billions of Yen]	Amount	% of total	Amount	% of total	Amount	(%)
	Water heaters		157.14	57.4%	185.85	59.2%	+28.71	+18.3%
	Kitchen
		64.54	23.6%	70.10	22.3%	+5.55	+8.6%
	appliances
	Air		16.79	6.1%	17.85	5.7%	+1.06	+6.3%
	conditioning
	appliances
	Commercial-
		6.57	2.4%	7.88	2.5%	+1.31	+20.0%
	use equipment
	Others		28.70	10.5%	32.39	10.3%	+3.68	+12.8%
	Total		273.76	100.0%	314.09	100.0%	+40.32	+14.7%

©Rinnai Corporation

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Fiscal 2023 (3Q): Consolidated Sales/Income Results

		Net Sales	YOY	Operating	YOY Change	Operating	YOY
	[Billions of Yen]	Change	Income	Margin	Change
	Consolidated	314.09	+14.7%	33.68	+20.1%	10.7%	+0.5pt

		Net Sales	YOY	Operating	YOY Change	Operating	YOY
		Change	Income	Margin	Change
	Rinnai	186.97	+20.8%	17.50	+56.2%	9.4%	+2.1pt
	Domestic	85.59	+17.6%	2.87	+38.4%	3.4%	+0.5pt
	Overseas	174.86	+14.2%	14.51	-1.0%	8.3%	-1.3pt
	Total	447.43	+17.5%	34.89	+24.8%	7.8%	+0.5pt

©Rinnai Corporation

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