Financial Results for First Quarter of
Fiscal 2025, ending March 31, 2025
August 7, 2024
Fiscal 2025 (1Q): Consolidated Performance Overview
Net sales: ¥98.1 billion (up 9.3% year on year)
Record-high level
Record-higher net sales partly due to foreign exchange factors amid normalizing business conditions worldwide
Operating income: ¥8.7 billion
(up 180.0% year on year, operating income to net sales ratio: 8.9%)
Increase in operating income thanks to price revisions and cost reduction activities despite continued high domestic raw material costs
Ordinary income: ¥10.8 billion
(up 84.7% year on year, ordinary income to net sales ratio: 11.1%)
Increase with the help of foreign exchange gain, in addition to operating profit
Net income attributable to owners of the parent company: ¥6.8 billion
(up 107.3% year on year, net income to net sales ratio: 6.9%)
- Return to normal business environment and a smooth start toward achieving medium-term business plan
©Rinnai Corporation | 3 |
Fiscal 2025 (1Q) : Consolidated Financial Results
Net Sales | Operating Income | |
[Billions of Yen] | [Billions of Yen] | Operating income to |
120 | 12 | 10.9% | 10.6% | net sales ratio | ||||
8.9% | ||||||||
90 | 9 | |||||||
60 | 6 | 3.5% | ||||||
30 | 3 | |||||||
0 | 0 | |||||||
FY2022 FY2023 | FY2024 | FY2025 | FY2022 FY2023 | FY2024 | FY2025 | |||
１Q | １Q | １Q | １Q | １Q | １Q | １Q | １Q |
Attributable to owners of the parent company
Net Income
[Billions of Yen] | ||||
12 | Net income to | |||
net sales ratio | ||||
9 | 7.3% | 7.4% | 6.9% | |
6 | ||||
3.7% | ||||
3 | ||||
0 | FY2022 FY2023 | FY2024 | FY2025 | |
１Q | １Q | １Q | １Q |
- Record-highernet sales supported by price revisions and foreign exchange factors despite weak global housing market
- The impact of elevated inventories in the major markets of Japan and the United States has dissipated, and earning power has recovered under normalized business conditions
©Rinnai Corporation | 4 |
Fiscal 2025 (1Q): Net Sales by Product
Fiscal 2024 1Q | Fiscal 2025 1Q | YOY | |||||
Change | |||||||
[Billions of yen] | |||||||
Amount | % of total | Amount | % of total | Amount | (%) | ||
Water heaters | 53.72 | 59.8% | 57.73 | 58.8% | +4.01 | +7.5% | |
Kitchen | |||||||
20.33 | 22.6% | 22.38 | 22.8% | +2.05 | +10.1% | ||
appliances | |||||||
Air | 3.58 | 4.0% | 3.81 | 3.9% | +0.23 | +6.5% | |
conditioning | |||||||
appliances | |||||||
Commercial- | 2.50 | 2.8% | 2.72 | 2.8% | +0.21 | +8.7% | |
use equipment | |||||||
Others | 9.70 | 10.8% | 11.51 | 11.7% | +1.81 | +18.7% | |
Total | 89.85 | 100.0% | 98.18 | 100.0% | +8.33 | +9.3% | |
©Rinnai Corporation | 5 |
Fiscal 2025 (1Q): Consolidated Sales/Income Results
[Billions of yen] | Net Sales | YOY | Operating | YOY Change | Operating | YOY | ||
Change | Income | Margin | Change | |||||
Consolidated | 98.18 | +9.3% | 8.71 | +180.0% | 8.9% | +5.4pt | ||
[Billions of yen] | Net Sales | YOY | Operating | YOY Change | Operating | YOY | ||
Change | Income | Margin | Change | |||||
Japan | 44.16 | +4.8% | 4.93 | +171.2% | 11.2% | +6.9pt | ||
United States | 15.67 | +24.8% | 0.04 | - | 0.3% | +14.2pt | ||
Australia | 7.24 | +7.0% | 0.10 | -50.6% | 1.5% | -1.7pt | ||
China | 10.21 | +2.2% | 1.19 | -16.3% | 11.7% | -2.6pt | ||
South Korea | 8.64 | +8.0% | 0.31 | +137.2% | 3.7% | +2.0pt | ||
Indonesia | 4.31 | +29.8% | 0.93 | +77.2% | 21.7% | +5.8pt | ||
Others | 7.92 | +12.3% | 1.19 | +20.2% | 15.1% | +1.0pt | ||
Adjustments | - | - | -0.01 | - | - | - | ||
©Rinnai Corporation | 6 |
Fiscal 2025 (1Q): Consolidated Operating Income Analysis
[Billions of yen]
Effect of local
revenue
increase at
overseas
subsidiaries
Effect of domestic revenue increase
3.11+2.84
+1.55
+2.47
Increased
fixed
costs in
Japan
-0.83
Increased
fixed costs overseas
-2.07
-1.50
Cost-
cutting
efforts, etc.
Effect of raw materials prices
+0.20 +2.99
+0.21
*Overseas local
procurement
YOY change
+5.60 billion
8.71
FY2024 | Forex effect +0.26 | FY2025 |
- Improved production efficiency in line with normalized business activities. Expand effects of cost cutting efforts, etc.
©Rinnai Corporation | 7 |
Japan Fiscal 2025 (1Q) Results
*From April to June 2024
- Segment companies
Rinnai (non-consolidated basis), domestic consolidated subsidiaries (manufacture and sales of products)
- Net sales by product, Fiscal 2025 (1Q) results
Commercial-use equipment 1.3%
Gas clothes | Others 16% | |
dryers | ||
Water | ||
Air-conditioningKitchen | heaters | |
52.2% | ||
appliances | appliances | Hybrid water |
1.0% | ||
Built-in hobs | 29.2% | heater |
(stovetops)
- Segment results
[Billions of Yen] | Fiscal | Fiscal | YOY |
2024 | 2025 | change | |
- Non-consolidatedresults of major company Rinnai (non-consolidated basis)
- The supply-demand imbalance caused by COVID-19 outbreak has settled down, enabling the fiscal year to begin under normal business conditions
- Significant growth in sales of highly distinctive hybrid water heaters and gas clothes dryers - Increase in operating income due to price revisions and higher production capacity
utilization despite soaring raw material prices
Rinnai (non-consolidated basis), Fiscal 2024 (1Q) Results
■：Net sales | ■：Operating income | ||
-●-：Operating income to net sales ratio | （Billions of yen） | ||
56.90 | 52.04 | ||
46.17 | |||
5.47 | 1.60 | 4.35 | |
Fiscal 2023 | Fiscal 2024 | Fiscal 2025 |
Net Sales | 42.14 | 44.16 | +4.8% | |
Operating Income | ||||
1.81 | 4.93 | +171.2% | ||
Operating income | ||||
4.3% | 11.2% | +6.9pt | ||
to net sales ratio | ||||
[Billions of Yen] | Fiscal | Fiscal | YOY | |
2024 | 2025 | change | ||
Net Sales | 46.17 | 52.04 | ＋12.7% | |
Operating Income | ||||
1.60 | 4.35 | ＋171.2% | ||
Operating income to | ||||
3.5% | 8.4% | ＋4.9pt | ||
net sales ratio | ||||
[Sales Volume in Japan] | YOY change | ||
Water heater with heating | -17.5% | ||
systems | |||
Hybrid water heaters | +57.0% | ||
Built-in hobs (stovetops) | -10.9% | ||
Gas clothes dryers | +36.6% | ||
©Rinnai Corporation | 8 |
Japan Topics：ECO ONE hybrid water heater with heating systems
■ Subsidy for high-efficiency water heaters (including ECO ONE)
(Water Heater Energy Saving 2024 Project)
- Total budget: ¥58 billion (Of which ¥4 billion used to subsidize removal of electric water heaters and electric space heaters)
- Percentage of hybrid water heaters (new construction vs replacement)
■ ：New construction ■ ：Replacement
ECO ONE: ¥150,000/unit for all models
Fiscal 2024 (1Q) results | Fiscal 2025 (1Q) results |
Replacement |
Detached houses | ||
General housing | Narrow houses | |
April 2024 | Launched | |
model change | ||
Jun. 2022 | ||
New | ||
houses | ||
160-liter model | X5 (70-liter model) | |
Launched
Sep. 2023
Existing houses
X5 Plug-in model
Housing complexes
Launched
Sept. 2023
X5 PS (for balcony installation)
28％ | +250% YOY | |
44％ | ||
72％ | 56％ | |
・Driven by X5 plug-in model, which requires no dedicated power supply wiring for its heat pump
- Subsidy applications as percentage of total budget
46％
36％
26％ | 7/31 |
Existing external power point can be used, when replacing gas water heaters
*Each wiring breaker must be 20A
14％ | 6/30 |
5/31
4/30
*From the website of the Ministry of Economy, Trade and Industry's Water Heater Energy Saving 2024 Project
https://kyutou-shoene2024.meti.go.jp
©Rinnai Corporation | 9 |
Japan Topics： New kitchen appliance DELICIA
Launch: August 20, 2024
100V type: ¥434,830~ (including tax)
3V type: ¥379,500~ (including tax) * Recommended retail prices
- New cookware (The Cocotte Round with toast/pizza plate)
- Large-capacitystovetop waterless cooking pot (The Cocotte Round) now available as option
Kitchenware | The Cocotte | The Cocotte Round |
Capacity | 2.4L | 3.1L |
Weight | 1.7kg | 1.7kg |
Size | height 110 x width 228 x | height 139 x width 287 x |
depth 272mm | depth 232mm | |
Corresponding area | On the stove, grill | On the stove |
- +R RECIPE (smartphone app) allows continuous auto cooking and finishing touches
・Some recipes allow for continuous auto cooking ・Finishing touches can be adjusted according to preference
Basic hamburger steak Non-fried pork cutlet
Luxurious butter toast | Melty baked sweet potato |
■ All-black lineup
・Launch of all-black model that comes entirely in highly popular black color
Steamed cooking | Ovenstyle cooking | |||||
Boiled cooking | ||||||
Anhydrous cooking | ||||||
Tomato curry | Shrimp Shumai | Boiled chicken | Apple cake | |||
and pumpkin |
・Toast/pizza plate included with all models
・Surface of the toast comes into direct contact with the plate, preventing moisture from escaping and leaving a fluffy texture
©Rinnai Corporation | 10 |
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