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Financial Results Highlights

(Fiscal 2021)

Performance

Consolidated net sales for the year amounted to ¥344,364 million, up 1.1% from the previous year. Operating income rose 18.2%, to ¥40,690 million, and ordinary income climbed 18.8%, to ¥42,400 million. Net income attributable to owners of the parent company jumped 27.9%, to ¥27,581 million.

Financial Results

Results by Geographical Segment

  • Japan

    In Japan, we enjoyed growth in sales of gas clothes dryers and dishwashers, as well as increased sales of gas stoves with automatic cooking functions amid growing demand among people staying at home. We also benefited from replacement demand for water heaters due to cold weather at the end of 2020. As a result, sales in Japan increased 1.1% year on year, to ¥183,137 million, and operating income rose 18.6%, to ¥24,544 million.

  • United States

    In the United States, we benefited from healthy demand among people staying at home due to the COVID-19 pandemic, as well as a steady housing market buoyed by people relocating to suburban areas to avoid infections. Sales of tankless gas water heaters also continued to expand. Accordingly, sales increased 11.6%, to ¥36,971 million, and operating income rose 12.3%, to ¥2,177 million.

  • Australia

    Our business in Australia benefited from healthy sales of both tankless and storage-type water heaters, as well as growth in sales of room heaters stemming from an increase in people working at home due to COVID-19. As a result, sales increased 2.8%, to ¥24,311 million, and operating income surged 132.2% to ¥911 million.

  • China

    Sales in China declined 6.9% year on year, to ¥41,160 million, reflecting a significant drop in sales at the beginning of the period due to COVID-19. However, operating income rose 4.0%, to ¥6,667 million, thanks to a recovery in sales of water heaters, mainly through Internet sales, following the lifting of restrictions on economic activities.

  • South Korea

    In South Korea, we reported increases in sales of both gas and electric stoves thanks to emergency disaster relief funds provided by the government to address the COVID-19 pandemic. We also posted growth in sales of high-efficiency boilers in response to stricter environmental regulations. As a result, sales decreased 2.4%, to ¥28,358 million, and operating income was ¥141 million (compared with an operating loss of ¥17 million in the previous year).

  • Indonesia

    In Indonesia, we reported an increase in sales of tabletop stoves driven by stay-at-home demand associated with COVID-19. We also posted significant growth in sales of high-priced built-in hobs (stovetops) and range hoods as customers embraced new our new products. As a result, sales increased 5.1%, to ¥11,248 million, and operating income jumped 51.4%, to ¥2,423 million.

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