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Financial Results Highlights

(Fiscal 2023)


Consolidated net sales for the period amounted to ¥430,186 million, up 1.2% from the previous year. Operating income declined 5.0%, to ¥39,362 million, and ordinary income rose 3.4%, to ¥46,071 million. Net income attributable to owners of the parent company increased 2.2%, to ¥26,667 million.

Financial Results

Results by Geographical Segment

  • Japan

    In Japan, distribution inventories reached optimal levels in the second half of the year, and production, which we had adjusted since April, the beginning of the fiscal year, returned to normal levels in the third quarter. Sales of key products were also strong, evidenced by growth in sales of our ECO ONE hybrid water heaters with heating systems, which benefited from government subsidies. However, these factors failed to compensate for our negative performance in the first half. As a result, sales in Japan declined 2.3%, to ¥192,354 million, and operating income fell 23.9%, to ¥17,965 million.

  • United States

    In the United States, new housing starts showed signs of picking up, while consumer sentiment remained sluggish on the back of high interest rates. Due to foreign exchange factors, however sales in the United States increased 3.8%, to ¥57,875 million. On the earnings side, we posted an increase in fixed cost burden due to adjustments for production cutbacks made since the beginning of the fiscal year, resulting in a significant operating loss in the first half of the year. In the second half, however, profitability improved thanks to a decrease in storage costs stemming from inventory reductions, as well as containment of labor costs. These efforts helped reduce the operating loss posted in the first half. As a result, the operating loss for the year was ¥1,197 million.

  • Australia

    Amid weakness in the housing market and a rapid shift toward electrification, sales of electrical products, such as heat pump water heaters and electric tank-based water heaters, remained strong. As a result, sales in Australia rose 9.7%, to ¥30,338 million, and operating income climbed 5.6%, to ¥1,245 million.

  • China

    Amid ongoing weakness in the real estate market and a continued decline in consumer sentiment, we benefited from strong e-commerce sales and expanded the sales territory of bricks-and-mortar stores owned by e-commerce platforms. Accordingly, sales in China grew 8.7%, to ¥71,886 million, and operating income rose 14.9%, to ¥12,146 million.

  • South Korea

    Although housing starts showed signs of bottoming out toward the end of the period, intense price competition resulted in weak sales of mainstay boilers. As a result, sales in South Korea decreased 0.7%, to ¥31,874 million. On the earnings side, we worked rigorously to reduce fixed costs under difficult conditions, resulting in operating income of ¥16 million, down 97.7%.

  • Indonesia

    Although sales remained sluggish due to continued weak personal consumption accompanying rising prices, we revised our sales prices, benefited from lower raw materials prices, and reduced costs. Consequently, sales in Indonesia declined 8.0%, to ¥14,913 million, and operating income increased 14.4%, to ¥2,745 million.