Financial Results Highlights

(Fiscal 2018)


Sales by appliances

Consolidated net sales for the year amounted to ¥347,071 million, up 5.1%from the previous year. Operating income declined 3.5% year on year, to ¥32,849 million, and ordinary income slipped 2.8%, to ¥34,286 million. Net income attributable to owners of the parent company was down 5.1%, to ¥21,194 million.

Results by Geographical Segment


In Japan, our performance was affected by contraction of the market for tabletop cookers and a decrease in sales of built-in hobs (stovetops) due to intensified competition, as well as lower sales of water heaters via some sales channels. Accordingly, sales in Japan edged down 1.2% year on year, to ¥186,779 million, and operating income declined 18.3%, to ¥18,228 million.

United States

In the United States, where the market for housing appliances remained steady, sales of highly convenient tankless water heaters were healthy, and we posted sales growth for high-efficiency models. As a result, sales in the United States increased 18.0%, to ¥27,738 million, and operating income climbed 32.9%, to ¥2,207 million.


In Australia, we enjoyed healthy sales of mainstay tankless water heaters, as well as higher sales of ducted heating/cooling systems and air conditioners. As a result, sales in Australia rose 9.4%, to ¥23,479 million, and operating income grew 26.5%, to ¥1,580 million.


In China, we posted steady sales of water heaters thanks to expansion of gas infrastructure and rising living standards. Sales of boilers also increased, due to government environmental policies promoting a shift in fuel from coal to gas in cold regions. Consequently, sales in China increased 23.2%, to ¥44,294 million, and operating income jumped 64.4%, to ¥5,045 million.

South Korea

In South Korea, we enjoyed healthy sales of boilers owing to a rise in the number of newly built small-scale condominium buildings, as well as higher replacement demand. As a result, sales climbed 7.0%, to ¥34,739 million. However, operating income declined 11.9%, to ¥811 million, due to intensified competition in the tabletop cooker market and surging raw materials costs.


In Indonesia, a gradual increase in replacement demand led to recovery in sales of tabletop cookers. Accordingly, sales in rose 7.0% year on year, to ¥11,486 million. Due to surging raw materials costs, however, operating income declined 5.4%, to ¥1,799 million.

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