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Financial Results Highlights

(Fiscal 2020)


Consolidated net sales for the year amounted to ¥340,460 million, down 2.2% from the previous year. Operating income rose 11.5%, to ¥34,422 million, and ordinary income climbed 7.1%, to ¥35,679 million. Net income attributable to owners of the parent company increased 5.3%, to ¥21,561 million.

Financial Results

Results by Geographical Segment

  • Japan

    In Japan, we enjoyed growth in sales of gas clothes dryers and mid-level and high-end built-in hobs (stovetops), as well as improved profits stemming from ongoing cost reduction activities. This was despite a recoil in demand for mainstay water heater with bath-filling system and some built-in hobs (stovetops) following the consumption tax hike. (There was a rush in such demand ahead of the consumption tax hike.) As a result, sales in Japan edged up 0.1% year on year, to ¥181,072 million, and operating income rose 19.0%, to ¥20,703 million.

  • United States

    In the United States, we enjoyed a 9.0% increase in sales, to ¥33,133 million, thanks to growing sales of highly convenient tankless water heaters, as well as an increase the proportion of high-grade, high-efficiency water heaters sold. Operating income jumped 30.0%, to ¥1,939 million.

  • Australia

    Our business in Australia benefited from healthy sales of mainstay tankless water heaters, as well as steady sales of storage-type water heaters, air conditioners, and other electric equipment. Due to foreign exchange factors, however, sales declined 5.1%, to ¥23,652 million. Operating income fell 74.0%, to ¥392 million, due to rising purchasing costs stemming from depreciation of the local currency.

  • China

    In China, we reported a 3.9% year-on-year decrease in sales, to ¥44,226 million, due to a significant decline in demand for boilers in rural areas. However, operating income rose 28.5%, to ¥6,410 million, thanks to increased sales of mainstay water heaters—driven mainly by online sales—and the inclusion of Guangzhou Rinnai Gas and Electric Appliance Co., Ltd. in the scope of consolidation.

  • South Korea

    In South Korea, sales fell 16.0% year on year, to ¥27,695 million, as market contraction stemming from economic slowdown, as well as an onslaught of low-priced models offered by other companies, led to a decrease in sales of mainstay gas stoves and boilers. We posted an operating loss of ¥17 million.

  • Indonesia

    In Indonesia, we reported an 11.8% decline in sales, to ¥10,699 million, due to lack of strength in the market for mainstay tabletop stoves. This was despite recovery in sales of high-priced built-in hobs (stovetops) and range hoods. Operating income declined 5.1%, to ¥1.6 billion.

  • セグメント売上高
  • 売上高、売上高営業利益率
  • 経常利益、当期純利益
  • 総資産、純資産、自己資本比率