Rinnai Corporation TSE:5947
Rinnai : Financial Results (1,937KB)
Source: MarketScreener
Financial Results of Fiscal 2023, ended March 31, 2023
May 10, 2023
- Fiscal 2023 Results
- Progress of Medium-Term Business Plan, New ERA 2025
- Fiscal 2024 Outlook
2
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 | 3 |
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 | 4 |
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 | 5 |