Financial Results Highlights

(Fiscal 2017)


Sales by appliances

As a result, consolidated net sales for the year amounted to ¥330,256 million, up 3.2% from the previous year. Operating income slipped 1.6%, to ¥34,056 million, and ordinary income was down 1.5%, to ¥35,280 million. Net income attributable to owners of the parent declined 1.7%, to ¥22,322 million.

Results by Geographical Segment


In Japan, we enjoyed an increase in sales of standalone water heaters amid growth in the home rental market. We also benefited from healthy sales of dishwasher/dryers thanks to enhancement of our lineup for the replacement market, as well as firm sales of gas clothes dryers—a distinctive Rinnai strength—and our ECO ONE hybrid water heaters with heating systems. Accordingly, sales in Japan rose 5.7% year on year, to ¥189,036 million. However, an increase in sales of low-priced products led to a decline in the sales ratio for high-value-added products. As a result, operating income declined 3.1%, to ¥22,305 million.

United States

In the United States, we saw a shift away from conventional tank-based water heaters toward highefficiency gas tankless water heaters, due to stricter minimum heat efficiency standards enforced by the Department of Energy. As a result, sales in the United States rose 4.0%, to ¥23,504 million. Due to an increase in procurement costs stemming from the yen's appreciation, however, operating income declined 8.6%, to ¥1,661 million.


In Australia, we enjoyed steady business expansion thanks to growth in storage-type (tank-based) water heaters and air conditioning systems of Brivis Climate Systems Pty Ltd, which became a consolidated subsidiary in the previous fiscal year. Sales in local-currency terms increased as a result. Due to the yen's appreciation, however, sales in Australia declined 7.0%, to ¥1,468 million. Operating income grew 8.8%, to ¥1,249 million, thanks to a year-on-year decrease in expenses associated with the acquisition of Brivis Climate Systems.


In China, the number of gas appliance users continued to increase thanks to expansion of gas infrastructure in regional cities. This, together with enlargement of our sales network, resulted in healthy sales of water heaters. Moreover, rising living standards led to the continued trend towards larger-capacity, higher-performance water heaters, which also bolstered sales. Consequently, sales in China increased 12.5%, to ¥35,962 million, and operating income rose 15.4%, to ¥3,069 million.

South Korea

In South Korea, we enjoyed healthy sales of boilers thanks to increased construction of small-scale multiple-dwelling projects and growing replacement demand. We also posted higher sales of gas clothes dryers due to acclaim for their fast-drying capability. Local-currency sales increased year on year as a result. Due to the yen's appreciation, however, sales in South Korea slipped 4.2%, to ¥32,455 million. Operating income fell 38.6%, to ¥920 million.


In Indonesia, sales of tabletop cookers increased year on year, leading to a rise in overall local currency sales. Due to the yen's appreciation, however, sales in yen terms decreased 2.7% year on year, to ¥10,737 million. Operating income jumped 44.0%, to ¥1,901 million, thanks to cost-related improvements.

  • Net sales by business segment
  • Sales, operating income ratio
  • Ordinary income, net income
  • Total assets, net assets, equity ratio