Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Consolidated Financial Results for the Three Months Ended February 20, 2025
[Japanese GAAP]
March 31, 2025
Company name: Zojirushi Corporation
Stock exchange listing: Tokyo Stock Exchange Securities code: 7965
URL:http://www.zojirushi.co.jp
Representative: Norio Ichikawa, Representative Director, President and Corporate Officer Contact: Shigehisa Okamoto, Corporate Officer and General Manager, Accounting Department Phone: +81-6-6356-2368
Scheduled date of commencing dividend payments: -
Availability of supplementary explanatory materials on financial results: Available Schedule of financial results briefing session: None
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended February 20, 2025 (November 21, 2024 to
February 20, 2025)
(1) Consolidated Operating Results (cumulative) (% indicates changes from the previous corresponding period.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | |
Three months ended February 20, 2025 February 20, 2024 | Million yen %
| Million yen %
| Million yen %
| Million yen %
|
(Note) Comprehensive income: Three months ended February 20, 2025: ¥4,099 million [55.7%]
Three months ended February 20, 2024: ¥2,632 million [53.4%]
Basic earnings per share | Diluted earnings per share | |
Three months ended February 20, 2025 February 20, 2024 | Yen 34.93 39.83 | Yen - - |
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
As of February 20, 2025 As of November 20, 2024 | Million yen 115,308 114,769 | Million yen 89,896 87,305 | % 77.1 75.3 |
(Reference) Equity: As of February 20, 2025: ¥88,946 million
As of November 20, 2024: ¥86,465 million
2. Dividends
Annual dividends | |||||
1st quarter-end | 2nd quarter-end | 3rd quarter-end | Year-end | Total | |
Fiscal year ended November 20, 2024 Fiscal year ending November 20, 2025 | Yen - - | Yen 17.00 | Yen - | Yen 23.00 | Yen 40.00 |
Fiscal year ending November 20, 2025 (Forecast) | 20.00 | - | 20.00 | 40.00 |
(Note) Revision of the dividend forecast announced most recently: None
3. Consolidated Financial Results Forecast for the Fiscal Year Ending November 20, 2025 (November 21, 2024 to
November 20, 2025)
(% indicates changes from the previous fiscal year.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |
Full year | Million yen 89,500 % 2.6 | Million yen 5,750 % (3.4) | Million yen 6,450 % (12.9) | Million yen 4,250 % (34.2) | Yen 63.55 |
(Note) Revision of the financial results forecast announced most recently: None
* Notes:
(1) Significant changes in the scope of consolidation during the period: None Newly included: - (Name) -
Excluded: - (Name) -
(2) Accounting methods adopted particularly for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
February 20, 2025:
November 20, 2024:
72,600,000 shares 72,600,000 shares
2) Total number of treasury shares at the end of the period: February 20, 2025:
November 20, 2024:
7,001,517 shares 7,001,517 shares
3) Average number of shares during the period (cumulative): Three months ended February 20, 2025:
Three months ended February 20, 2024:
65,598,483 shares 67,671,101 shares
* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: Yes (voluntary)
* Explanation of the proper use of financial results forecast and other notes
Forward-looking statements, such as performance forecasts, made in this document are based on information currently available to the Company and certain assumptions deemed reasonable, and the Company does not in any way guarantee the achievement of the projections. Actual results, etc. may differ significantly due to various factors.
Table of Contents - Attachments
1. Qualitative Information on Financial Results for the Period under Review ........................................ 2
(1) Explanation of Operating Results ................................................................................................... 2
(2) Explanation of Financial Position ................................................................................................... 3
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements 3
2. Quarterly Consolidated Financial Statements and Principal Notes ..................................................... 4
(1) Quarterly Consolidated Balance Sheets .......................................................................................... 4
(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................. 6
Quarterly Consolidated Statements of Income ................................................................................ 6
Three Months Ended February 20, 2025 .................................................................................... 6
Quarterly Consolidated Statements of Comprehensive Income ...................................................... 7
Three Months Ended February 20, 2025 .................................................................................... 7
(3) Notes to Quarterly Consolidated Financial Statements ................................................................... 8
(Notes on going concern assumption) ........................................................................................ 8
(Notes when there are significant changes in amounts of equity) .............................................. 8
(Notes on segment information, etc.) ......................................................................................... 8
(Notes on statements of cash flows) ........................................................................................... 8
Independent Auditor's Interim Review Report on the Quarterly Consolidated Financial Statements .... 9
1. Qualitative Information on Financial Results for the Period under Review
(1) Explanation of Operating Results
The global economy maintained a steady growth trajectory during the period under review (November 21, 2024 to February 20, 2025) despite ongoing geopolitical risks. In Japan, signs of economic recovery were observed, including robust demand from travelers to Japan and improvements in personal consumption. Overseas, there was a gradual recovery trend, supported by steady personal consumption in the U.S. and Europe, despite China experiencing an economic slowdown due to the real estate slump and sluggish personal consumption.
In this business environment, on November 21, 2022, the Group launched its three-year medium-term plan, SHIFT, intended to advance a steady shift toward becoming a brand of solutions that grows sustainably while delivering solutions to lifestyle and social issues, and made efforts toward implementation of specific measures under this plan.
For the period under review, the Group's net sales increased by ¥887 million (up 3.2% year on year) from the previous year to ¥29,032 million. Net sales by product category exceeded the previous year for cooking appliances, and household appliances also remained strong. Regarding total consolidated performance, domestic net sales amounted to ¥18,242 million (up 16.5% year on year), and overseas net sales amounted to ¥10,790 million (down 13.6% year on year). As a result, overseas net sales made up 37.2% of net sales. Outside of Japan, sales trended strongly in Taiwan, but sales in China showed a significant decrease from the previous year.
As for profits, despite an increase in net sales due to strong domestic sales and efforts to pass on the higher import costs due to the depreciation of the yen, operating profit amounted to ¥3,376 million (down 4.2% year on year) due to an increase in selling, general and administrative expenses. Ordinary profit amounted to ¥3,504 million (down 11.3% year on year) due to foreign exchange losses and other factors. Profit attributable to owners of parent amounted to ¥2,291 million (down 15.0% year on year) because of an increase in tax burden rates due to changes in the profit composition ratio of each company within the Group.
Business results by product category were as follows.
1) Cooking appliances
Net sales of cooking appliances amounted to ¥20,327 million (up 6.6% year on year).
In Japan, sales of rice cookers/warmers exceeded the previous year's results due to strong sales of the top-of-the-line induction heating pressure rice cooker "Embudaki." Additionally, sales of the "EVERINO" oven range were strong, along with electric kettles and toaster ovens.
Overseas, sales of oven ranges and rice cookers/warmers were strong in Taiwan, but sales of rice cookers/warmers and electric pots decreased in China, resulting in an overall sales decrease year on year.
2) Household and thermal products
Net sales of household and thermal products amounted to ¥4,954 million (down 18.6% year on year).
In Japan, sales increased year on year due to the strong performance of stainless-steel vacuum mugs featuring the Gasket-Free One-Piece Lid, which integrates the stopper and gasket into a single unit.
Overseas, despite strong performance in Taiwan, sales decreased year on year due to struggles in selling stainless-steel vacuum bottles in the key Chinese market.
3) Household appliances
Net sales of household appliances amounted to ¥3,083 million (up 32.0% year on year).
In Japan, sales exceeded the previous year's results due to strong sales of humidifiers in response to increased demand, along with strong performance of dish dryers, air cleaners, and bedding dryers.
Overseas, sales fell below the previous year's results due to decreased sales of humidifiers in South Korea.
4) Others
Net sales of others amounted to ¥667 million (up 2.0% year on year).
Net sales by region and product category
(Million yen)
Overseas
Japan Asia
Total
Of which,
Americas Other Subtotal
China
Net sales
Cooking appliances Household and thermal products Household appliances
12,967
1,906
3,571 2,402
1,011 1,232
3,720
447
7,359 3,047
2,871
Others
496
212 144
26 52
-
25
- 0
212 170
20,327 4,954 3,083
18,242
6,330
2,322
4,193
Composition (%)
62.8
21.8
8.0
14.4
266 0.9
10,790
37.2
667 29,032 100.0
(2) Explanation of Financial Position
In regard to financial position as of the end of the period under review, total assets increased by ¥538 million, liabilities decreased by ¥2,052 million, and net assets increased by ¥2,591 million from the end of the previous fiscal year. As a result, the equity ratio increased by 1.8 percentage points to 77.1%.
The increase of ¥538 million in total assets was attributable to an increase of ¥571 million in current assets and a decrease of ¥33 million in non-current assets.
The increase of ¥571 million in current assets was due mainly to increases of ¥2,395 million in cash and deposits, ¥1,762 million in notes and accounts receivable - trade, and ¥916 million in electronically recorded monetary claims - operating, partially offset by decreases of ¥3,663 million in merchandise and finished goods, ¥468 million in other current assets, and ¥266 million in raw materials and supplies. The decrease of ¥33 million in non-current assets was due mainly to decreases of ¥113 million in leased assets and ¥73 million in tools, furniture and fixtures, partially offset by an increase of ¥187 million in investment securities.
The decrease of ¥2,052 million in liabilities was attributable to a decrease of ¥2,520 million in current liabilities and an increase of ¥467 million in non-current liabilities.
The decrease of ¥2,520 million in current liabilities was due mainly to decreases of ¥1,665 million in income taxes payable, ¥1,500 million in current portion of long-term borrowings, and ¥677 million in provision for bonuses, partially offset by increases of ¥1,022 million in refund liabilities and ¥610 million in other current liabilities. The increase of ¥467 million in non-current liabilities was due mainly to an increase of ¥592 million in deferred tax liabilities, partially offset by a decrease of ¥82 million in lease liabilities.
The increase of ¥2,591 million in net assets was due mainly to increases of ¥1,635 million in foreign currency translation adjustment, ¥782 million in retained earnings, and ¥110 million in non-controlling interests.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Statements
Regarding the consolidated financial results forecast for the fiscal year ending November 20, 2025, we have left unchanged the forecast announced on December 23, 2024, in light of the business performance during the three months ended February 20, 2025.
The exchange rate assumption used for the financial forecast is 150 yen to the U.S. dollar.
2. Quarterly Consolidated Financial Statements and Principal Notes (1) Quarterly Consolidated Balance Sheets
(Million yen)
Assets |
As of November 20, 2024 | As of February 20, 2025 | |
Current assets | ||
Cash and deposits | 33,726 | 36,122 |
Notes and accounts receivable - trade | 15,994 | 17,756 |
Electronically recorded monetary claims - operating | 1,275 | 2,192 |
Merchandise and finished goods | 24,324 | 20,661 |
Work in process | 393 | 310 |
Raw materials and supplies | 6,012 | 5,745 |
Other | 2,939 | 2,470 |
Allowance for doubtful accounts | (22) | (44) |
Total current assets | 84,644 | 85,215 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 13,399 | 13,418 |
Accumulated depreciation | (10,458) | (10,527) |
Buildings and structures, net | 2,940 | 2,890 |
Machinery, equipment and vehicles | 4,038 | 4,026 |
Accumulated depreciation | (3,637) | (3,621) |
Machinery, equipment and vehicles, net | 400 | 405 |
Tools, furniture and fixtures | 12,169 | 12,059 |
Accumulated depreciation | (10,006) | (9,970) |
Tools, furniture and fixtures, net | 2,162 | 2,088 |
Land | 6,970 | 6,976 |
Leased assets | 3,212 | 3,299 |
Accumulated depreciation | (1,641) | (1,842) |
Leased assets, net | 1,570 | 1,457 |
Construction in progress | 85 | 74 |
Total property, plant and equipment | 14,130 | 13,893 |
Intangible assets | ||
Software | 507 | 513 |
Other | 176 | 168 |
Total intangible assets | 684 | 682 |
Investments and other assets | ||
Investment securities | 9,272 | 9,460 |
Deferred tax assets | 619 | 562 |
Retirement benefit asset | 4,825 | 4,869 |
Other | 596 | 626 |
Allowance for doubtful accounts | (2) | (2) |
Total investments and other assets | 15,311 | 15,516 |
Total non-current assets | 30,125 | 30,092 |
Total assets | 114,769 | 115,308 |
(Million yen)
Liabilities |
Total current liabilities | 21,331 | 18,811 |
Total non-current liabilities | 6,133 | 6,601 |
Net assets |
Total shareholders' equity | 77,685 | 78,467 |
Remeasurements of defined benefit plans | 554 | 557 |
Non-controlling interests | 839 | 950 |
As of November 20, 2024 | As of February 20, 2025 | |
Current liabilities | ||
Notes and accounts payable - trade | 7,093 | 6,859 |
Current portion of long-term borrowings | 1,500 | - |
Lease liabilities | 585 | 549 |
Accrued expenses | 4,629 | 4,518 |
Income taxes payable | 2,138 | 473 |
Contract liabilities | 219 | 259 |
Refund liabilities | 1,946 | 2,968 |
Provision for bonuses | 1,254 | 577 |
Provision for product warranties | 414 | 442 |
Other | 1,550 | 2,160 |
Non-current liabilities | ||
Lease liabilities | 1,107 | 1,025 |
Deferred tax liabilities | 2,249 | 2,841 |
Retirement benefit liability | 2,532 | 2,495 |
Other | 244 | 239 |
Total liabilities | 27,464 | 25,412 |
Shareholders' equity | ||
Share capital | 4,022 | 4,022 |
Capital surplus | 4,327 | 4,327 |
Retained earnings | 73,555 | 74,338 |
Treasury shares | (4,220) | (4,220) |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 3,116 | 3,175 |
Foreign currency translation adjustment | 5,109 | 6,745 |
Total accumulated other comprehensive income | 8,780 | 10,478 |
Total net assets | 87,305 | 89,896 |
Total liabilities and net assets | 114,769 | 115,308 |
(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended February 20, 2025
(Million yen) For the three months ended
February 20, 2024
For the three months ended
February 20, 2025
Net sales | 28,144 | 29,032 |
Cost of sales
18,755
19,553
Gross profit 9,388 | 9,478 |
5,863
Selling, general and administrative expenses
6,102
Operating profit 3,525 | 3,376 |
Non-operating income
Interest income Dividend income Purchase discounts
Share of profit of entities accounted for using equity method
Royalty income Rental income
Foreign exchange gains Other
88
87
42
52
6
8
159
209
11
11
101
28
16
28 - 22
Total non-operating income 455 | 421 |
Non-operating expenses
Interest expenses
Rental expenses on non-current assets Foreign exchange losses
19 4
- 5
12 8 270
Other
1
Total non-operating expenses 29 | 292 |
Ordinary profit
3,951
3,504
Extraordinary income |
Extraordinary losses |
0 0 1
Gain on sale of investment securities 0 | - |
Gain on sale of non-current assets
Total extraordinary income
Loss on retirement of non-current assets
0 0 7
Total extraordinary losses 1 | 7 |
3,949
Profit before income taxes
3,497
Income taxes - current 676 | 448 |
505
Income taxes - deferred
649
Total income taxes 1,182 | 1,097 |
Profit attributable to non-controlling interests 71 | 108 |
Profit attributable to owners of parent
Profit
2,767 2,695
2,400 2,291
Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended February 20, 2025
For the three months ended
February 20, 2024
Profit
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method
383
2,767
(541)
3
20
(Million yen)
For the three months ended
February 20, 2025
2,400
59
1,502
2
135
Total other comprehensive income
(134)
Comprehensive income Comprehensive income attributable to
2,632
1,699
4,099
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests
2,572 60
3,989 110
(3) Notes to Quarterly Consolidated Financial Statements
(Notes on going concern assumption)
Not applicable.
(Notes when there are significant changes in amounts of equity)
Not applicable.
(Notes on segment information, etc.)
[Segment information]
For the three months ended February 20, 2024
The Group engages in manufacture and sales of household products and other products, as well as incidental operations thereto, and businesses other than household products are immaterial. Accordingly, the segment information is omitted.
For the three months ended February 20, 2025
The Group engages in manufacture and sales of household products and other products, as well as incidental operations thereto, and businesses other than household products are immaterial. Accordingly, the segment information is omitted.
(Notes on statements of cash flows)
The Company has not prepared quarterly consolidated statements of cash flows for the three months of the fiscal year ending November 20, 2025. However, depreciations (including amortization of intangible assets) for the first three-month periods are as follows:
(Million yen)
For the three months ended | For the three months ended | |
February 20, 2024 | February 20, 2025 | |
Depreciation | 525 | 528 |