Rinnai Corporation TSE:5947
Rinnai : Financial Results (820KB)
Source: MarketScreener
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 | 2 |
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 | 3 |
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 | 4 |
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 | 5 |