Outline of Financial and Business Performance for the ... · Forecast by business segment for the fiscal year ending December 31, 2012 Segment information 7.7 7.0 7.4 4.0 3.7 5.0

Outline of Financial and Business Outline of Financial and Business Performance for the fiscal year Performance for the fiscal year

ended December 31, 2011ended December 31, 2011

SIC：：：：5943

10th February 2012

1

The forecasts provided in this overview are projections based oninformation currently available to Noritz and are subject to risks and other uncertainties. As such they are not a guarantee of future results.

　　　　　　　　Heating up Heating up new happinessnew happiness

Harness synergies in household system equipment and kitchen equipment to provide bottom-up progress

2011 2013 2016

Development and Development and growth of overseas growth of overseas operationsoperations

Growth of domestic Growth of domestic new energy businessnew energy business

Expansion of eco and safety markets and creation of customer value

Focus on new products to drive growth in overseas and domestic markets

Focus on new products to drive growth Focus on new products to drive growth in overseas and domestic marketsin overseas and domestic markets

Growth of Growth of domestic water domestic water heaters and air heaters and air conditioning conditioning equipmentequipment

Mid-term plan: V-plan 16 CONCEPT

2

Overview of financial and business performance for the fiscal year ended December 31, 2011

Outline ofOutline ofFinancial and Business Financial and Business

PerformancePerformancefor the fiscal year ended for the fiscal year ended

December 31, 2011December 31, 2011

Topics for the fiscal year ended December 31, 2011

Operating conditionsOperating conditionsOperating conditions� Adverse conditions caused by the Great East Japan Earthquake and flooding in

Thailand� Post-quake restoration demand, increased need for electricity and other energy

conservation, focus of public attention on renewable energies� Strong Japanese yen, European economic crisis and slowdown of Chinese GDP

growth rate factors in a stagnant global economy

� Group company reorganization� Increase sales of ECO-Jozu models� Expansion of new energies business

Main domestic business initiativesMain domestic business initiativesMain domestic business initiatives

� Strengthening of operations in inland China� Management restructuring in North America� Improved competitiveness through

investment in new products

Towards net sales of JPY200bn and Operating income of JPY10bnTowards net sales of JPY200bn and Operating income of JPY10bnTowards net sales of JPY200bn and Operating income of JPY10bn

Establishing a sound business footing•Development of growth businesses (new energies, overseas operations)

•Strengthening of management culture (reorganization of value chain)

Main overseas business initiativesMain overseas business initiativesMain overseas business initiatives

3


Consolidated performance for the fiscal year ended December 31, 2011 (FY2011)

184.3175.0

250.0

200.0

169.315.0

10.0

4.3

7.18.1

15.7

10.7

4.8

7.3

8.7

8.5

5.8

3.84.7

0.8

FY 2009

FY 2010

FY 2011

FY 2013 (

Foreca

st））））

FY 2016 (

Foreca

st））））

Net sales

Operating income

Current income

Net income

Steady progress in the mid-term planSteady progress in the midSteady progress in the mid--term planterm plan

[Billions of yen]

* Annual average exchange rate: JPY/USD=79.63; JPY/RMB=12.35

4


(Billions of yen)

■Net sales : 184.3(+5.3% YoY)

■Operating income : 8.1(+14.6% YoY)

■Current income : 8.7(+17.9% YoY)

■Net income : 4.7(+24.9% YoY)

■ROE : 5.7%■ROA : 3.3%

158.9170.4

6.7

8.3

0.00.00.00.0

180.0180.0180.0180.0

FY 2010 FY 20110.00.00.00.0

10.010.010.010.0

Net sales

Operating income

Domestic: Increase in sales and profitOverseas: decrease in sales and profitDomestic: Increase in sales and profitDomestic: Increase in sales and profitOverseas: decrease in sales and profitOverseas: decrease in sales and profit

13.816.0

▲▲▲▲ 0.10

0.4

0.00.00.00.0

17.017.017.017.0

FY 2010 FY 2011▲ 1▲ 1▲ 1▲ 1

0000

1111

1111

2222

Net sales

Operating income

5

■■OverseasOverseas　　　　　　　　businessbusiness■■DomesticDomestic　　　　　　　　businessbusiness[Billions of yen]

（（（（+7.2% YoY））））

（（（（+23.6% YoY））））（（（（▲▲▲▲13.8% YoY））））


Consolidated performance for the fiscal year ended December 31, 2011 (FY2011)Segment information

[Billions of yen]

�� Domestic business (by business)Domestic business (by business) [Billions of yen]

�� Overseas business (by region)Overseas business (by region)

170.4170.4

158.9

16.0

13.813.8

(New energies business included in water heater and air conditioning segment)

6


Consolidated performance for the fiscal year ended December 31, 2011 (FY2011)Segment information

[Billions of yen]

111.3

98.9

15.8

16.1

25.5

24.3

17.6

19.6

0.00.00.00.0 40.040.040.040.0 80.080.080.080.0 120.0120.0120.0120.0 160.0160.0160.0160.0

FY 2011

FY 2010

Water heaters and air conditioning equipment Household system equipment

Kitchen equipment Other

7.0

7.4

3.7

5.0

3.0

3.6

FY 2011

FY 2010

China North America Other

[Billions of yen]

7

FY 2010Operating

income7.14

FY 2011Operating

income8.18

Increase in Units, Increase in Units, changes in the changes in the

product mix and product mix and other factorsother factors

+1.46+1.46

Effect of Effect of foreign foreign

currency currency fluctuationsfluctuations

+0.04+0.04

Material costs Material costs driven down by driven down by cost reduction cost reduction

effortsefforts

+1.94+1.94

Decrease in Decrease in SG&A SG&A

expensesexpenses

+0.54+0.54Increased Increased

manufacturing manufacturing costscosts

▲▲1.601.60

Changes in raw Changes in raw materials costs materials costs

▲▲1.341.34


Consolidated performance for the fiscal year ended December 31, 2011 (FY2011)Factors accounting for increase (decrease) in operating income

54.5

40.9 43.4

45.4

1st quarter 2nd quarter 3rd quarter 4th quarter

FY 2009 FY 2010 FY 2011

1.2

4.4

2.8

▲▲▲▲0.3


FY 2009 FY 2010 FY 2011

Quarterly net sales informationQuarterly net sales information Quarterly Operating income (loss) Quarterly Operating income (loss) informationinformation

8

[Billions of yen][Billions of yen]


Consolidated performance for the fiscal year ended December 31, 2011 (FY2011)Quarterly

Forecast for Financial and Forecast for Financial and Business Performance Business Performance

For the Fiscal YearFor the Fiscal YearEnding December 31, 2012 Ending December 31, 2012

(FY2012)(FY2012)

External Operating Environment during the fiscal year ending December 31, 2012 [1]　　　　

◆◆国内国内

◆◆北米北米

� Increasing demand for eco/energy conservation� Increasing demand for safety and peace of mind� Increasing energy conservation awareness

� Slight increase in new housing starts� Expansion of market for existing and renovated housing� Preferential treatment of energy efficient housing

(Flat 35S eco, reconstruction assistance, eco-point scheme)� Launch of renewable energy buyback program� Gas industry condensing model standardization by 2013

End users

[1,000 houses]

◆◆中国中国ChinaChinaChina North AmericaNorth AmericaNorth America

Housing industry

� Continued housing market slump� Stricter environmental regulations (NOx 20ppm)� Increasing demand for condensing models

9

0000

1100110011001100

2012 2011 2012(forecast)

2013(forecast)

Number of new housing starts

Number of new housing unitstransferred to new owners

New housing starts hovering around 800,000 mark

DomesticDomesticDomestic

Overview of financial and business performance for the fiscal year ending December 31, 2012

� Slower GDP growth denotes economic slowdown� Rise in labor costs� Increasing demand in inland China

Increasing demand for Increasing demand for ECOECO--JozuJozu models and builtmodels and built--in gas rangesin gas rangesAcceleration of market growth of new energies equipmentAcceleration of market growth of new energies equipment

Quarterly demand for built-in gas ranges in 2011Quarterly demand for built-in gas ranges in 2011

Continued high demandContinued high demand Improved market conditionsImproved market conditions

10

7.0%YoY1.9%YoY

▲13.6%YoY▲13.6%YoY▲13.6%YoY▲13.6%YoY

▲17.1%YoY▲17.1%YoY▲17.1%YoY▲17.1%YoY

8.9%YoY

25.3% YoY

▲2.3%YoY▲2.3%YoY▲2.3%YoY▲2.3%YoY

2.8%YoY

-20%-20%-20%-20%

2011.Q1 2011.Q2 2011.Q3 2011.Q4

Electric heatersand heat pumps

Gas andkerosene waterheaters

[Rate of change over the previous year]

10.2%YoY

3.5%YoY

▲20.9%YoY▲20.9%YoY▲20.9%YoY▲20.9%YoY

▲22.0%YoY▲22.0%YoY▲22.0%YoY▲22.0%YoY

2.3%YoY

0.3%YoY

7.6%YoY

16.6%YoY

-25%-25%-25%-25%

2011.1Q 2011.Q2 2011.Q3 2011.Q4

IH cooking heaters

Built-in gas ranges

Quarterly demand for water heaters in 2011Quarterly demand for water heaters in 2011


[Rate of change over the previous year]


Demand for domestic water heating products (forecast)Demand for domestic water heating products (forecast) Demand for built-in gas ranges (forecast)Demand for built-in gas ranges (forecast)

[1,000 units]

Demand for gas and kerosene Demand for gas and kerosene water heaters to decrease by water heaters to decrease by

2.1% on the year2.1% on the year

11

0000

4 , 0 0 04 , 0 0 04 , 0 0 04 , 0 0 0

2010201020102010 2011201120112011 2012 ( forecast2012 ( forecast2012 ( forecast2012 ( forecast 2013 ( forecast)2013 ( forecast)2013 ( forecast)2013 ( forecast)

Electric heaters and heat pumpsGas and kerosene heaters

3,6703,7713,570 3,644

3,050（（（（▲2.1% YoY））））

0000

2,0002,0002,0002,000

2010201020102010 2011201120112011 2012 ( forecast)2012 ( forecast)2012 ( forecast)2012 ( forecast) 2013 ( forecast)2013 ( forecast)2013 ( forecast)2013 ( forecast)

IH cooking heatersBuilt-in gas ranges

1,8781,7951,777 1,829

1,200（（（（+5.9% YoY））））

Demand for builtDemand for built--in gas ranges to in gas ranges to increase by 5.9% on the yearincrease by 5.9% on the year

Single burner models not included[1,000 units]



Laying the foundations for reaching an operating income of JPY10 billion

Laying the foundations Laying the foundations for reaching an operating income of JPY10 billionfor reaching an operating income of JPY10 billion

188.0184.3

250.0

200.0

175.0

15.0

10.0

7.18.1

9.0

15.7

10.7

7.38.7

9.6

8.5

5.84.7 5.4

3.8

FY 2010 FY 2011 FY 2012(forecast)

FY 2013(forecast)

FY 2016(forecast)

Net sales

Operating income

Current incomeNet income

[Billions of yen]

12


* Assumed annual average exchange rate: JPY/USD=78.00; JPY/RMB=12.21

Forecast for consolidated management for the fiscal year ending December 31, 2012　　　　(FY2012)

(Billions of yen)

■Net sales : 188.0(+2.0% YoY)

■Operating income : 9.0(+9.9% YoY)

■Current income : 9.6(+10.3% YoY)

■Net income : 5.4(+12.5% YoY)

■ROE : 6.2%■ROA : 3.5%

�� Overseas businessOverseas business

13

�� Domestic businessDomestic business

158.9 170.4 173.2

6.78.3

9.0

0.00.00.00.0

210.0210.0210.0210.0

FY 2010 FY 2011 FY 2012

0.00.00.00.0

15.015.015.015.0

Net salesOperating income

14.813.8

16.0

0.0

▲0.1

0.4

0.00.00.00.0

FY 2010 FY 2011 FY 2012

(0 .5)(0 .5)(0 .5)(0 .5)

Net sales

Operating income

Expansion of domestic and overseas businessExpansion of domestic and overseas businessExpansion of domestic and overseas business

(+1.6% YoY)

(+8.1% YoY)

[Billions of yen] [Billions of yen]

(+6.7% YoY)

Profitability


Forecasts by Business Segment for the fiscal year ending December 31, 2012 (FY2012)

7.1 15.8

16.1

25.5

24.3

17.6

19.6

102.0

98.9

104.2

10.0 16.2 26.5 18.5

0.00 .00 .00 .0 40.040.040.040.0 80.080.080.080.0 120.0120.0120.0120.0 160.0160.0160.0160.0

Dec. 2012(forecast)

Dec. 2011

Dec. 2010

Water heaters and air conditioning New energy Household system equipment Gas ranges Other

158.9

170.4

173.2173.2

[Billions of yen]

Focus on new energies business and overseas operationsFocus on new energies business and overseas operationsFocus on new energies business and overseas operations

�� Domestic business plan for each business segmentDomestic business plan for each business segment

15


� New energy products for 2010 included in hot water and air conditioning products

16.0

13.8

14.814.8

Forecast by business segment for the fiscal year ending December 31, 2012Segment information　　　　

7.7

7.0

7.4

4.0

3.7

5.0

3.1

3.0

3.6

0000 10101010 20202020

Dec. 2012(forecast)

Dec. 2011

Dec. 2010

China North America Other

�� Overseas business plan for each regionOverseas business plan for each region [Billions of yen]

14

Water heatersWater heatersWater heaters Gas rangesGas rangesGas rangesHousehold equipmentHousehold Household equipmentequipment

15

[1,000 units]

619 661

372 394

140158

655

376

157

0000

1300130013001300

FY 2010 FY 2011 FY 2012(forecast））））

Kerosene water heaters

Gas water heaters

Gas bath boilers

27 3012 12

107 111

31

14

114

0000

200200200200


Vanity units

Unit Kitchens

Unit baths

360 390

121137

415

138

0000

650650650650


Tabletop gas ranges

Built-in gas ranges

1,1311,1881,188

148 155159159

481527

553553


Single burner models not included

Forecast of unit sales by domestic principal product for the fiscal year ending December 31, 2012　　　　

1,214

16

FY2011Operating

income8.18

FY2012Operating

income9.00


Changes in raw Changes in raw materials costs materials costs

+1.02+1.02

Material costs driven Material costs driven down by cost down by cost

reduction effortsreduction efforts

+1.47+1.47Increase in Increase in

manufacturing manufacturing costscosts

▲▲1.711.71Increase in Increase in SG&A costsSG&A costs

▲▲0.50.500

[Billions of yen]

Increase in Units, Increase in Units, changes in the product changes in the product mix and other factorsmix and other factors

+0.54+0.54

Effect of foreign Effect of foreign currency currency

fluctuationsfluctuations

▲▲0.020.02

Consolidated performance for the fiscal year ending December 31, 2012 (FY2012)

Factors accounting for increase (decrease) in operating income

Main initiativesMain initiatives

Water heaters

�� Launch of Launch of ECOECO--JozuJozu condensing condensing model suitable for installation in model suitable for installation in existing apartmentsexisting apartments

�� Integration and phasing out of GT Integration and phasing out of GT range of range of ECOECO--JozuJozu modelsmodels

17

506

647

734

33.5%29.0%

24.9% 29.5%25.3%

21.5%

0000

900900900900


FY 2013(forecast)

0 .0%0 .0%0 .0%0 .0%

60 .0%60 .0%60 .0%60 .0%

Demand for ECO-JozuProportion of ECO-Jozu (Noritz)Proportion of ECO-Jozu (industry)

Raise proportion of ECO-Jozu models to improve profitabilityRaise proportion of Raise proportion of ECOECO--JozuJozu models to improve profitabilitymodels to improve profitability

[1,000 units]

Strengthening of Strengthening of ECOECO--JozuJozu model rangemodel range

Planned proportion of ECO-Jozu modelsPlanned proportion of Planned proportion of ECOECO--JozuJozu modelsmodels

(+4.5pt)


Aiming at standardization

Domestic business for the fiscal year ending December 31, 2012　　　　

Increase saleIncrease saless of leading of leading productsproducts••New range of betterNew range of better--looking, easier to looking, easier to use models :use models : SS--Blink duo, SBlink duo, S--Blink Blink revorrevor

18

Unit sales of built-in gas rangesUnit sales of builtUnit sales of built--in gas rangesin gas ranges

[1,000 units]

Strengthening of sales Strengthening of sales operationsoperations••Maximizing the benefits of integration of Maximizing the benefits of integration of Noritz and Harman sales operationsNoritz and Harman sales operations••Improvement of cooking appliance sales operationsImprovement of cooking appliance sales operations••Strengthening of kitchen space sales proposal Strengthening of kitchen space sales proposal operationsoperations••Reduction of fixed costs by integrating sales officesReduction of fixed costs by integrating sales offices

1,059

360

1,1391,206 1,255

390415

0000

1 ,4001 ,4001 ,4001 ,400


FY 2013(forecast)

Demand

Unit sales

Seize the opportunity presented by increased demand for gasSeize the opportunity presented by increased demand for gasSeize the opportunity presented by increased demand for gas

(+6.4%)


Domestic business for the fiscal year ending December 31, 2012　　　　Built-in gas ranges

Business plan for new energies productsBusiness plan for new energies productsBusiness plan for new energies products

19

16.0

10.0

7.1

0000

FY 2013(forecast)

FY 2012(forecast)

FY 2011

Accelerate development of growth areasAccelerate development of growth areasAccelerate development of growth areas

[Billions of yen]

(+40.8%YoY)


Domestic business for the fiscal year ending December 31, 2012　　　　New energies products

•• Increase the number of dedicated staffIncrease the number of dedicated staff

•• Increase sales effort to industrial customersIncrease sales effort to industrial customers

•• Introduction of automated systemsIntroduction of automated systems

•• Broaden range of installation accessoriesBroaden range of installation accessories

Improved R&D and production capacityImproved R&D and production capacity Improved sales operation systemImproved sales operation system

Concentration of efforts on photovoltaic and solar thermal water heating systemsConcentration of efforts on photovoltaic and solar thermal water heating systems

China

Expansion

�� Expansion of sales areaExpansion of sales area•• Establishment of sales joint venture in Establishment of sales joint venture in

Jiangsu Jiangsu (Nov. 2011)(Nov. 2011)

•• Increase sales of lower cost leading Increase sales of lower cost leading productsproductsLaunch of new products which are more Launch of new products which are more

compact and which offer greater comfort compact and which offer greater comfort and quieter operationand quieter operation

�� Increased sales of addedIncreased sales of added--value value products and reduction of raw products and reduction of raw material costsmaterial costs

•• Increase sales of products offering Increase sales of products offering greater comfort and performancegreater comfort and performance

•• Increase inIncrease in--house manufacture of house manufacture of componentscomponents

20

Expansion of sales areaExpansion of sales areaExpansion of sales area

Shanghai


Overseas business for the fiscal year ending December 31, 2012

Concentration

21

LA

DallasAtlanta


Concentration of management and operational restructuringConcentration of management and operational restructuringConcentration of management and operational restructuring

Overseas business for the fiscal year ending December 31, 2012　　　　North America

�� Concentration of management resources Concentration of management resources

•• Concentration of management resources in LA Concentration of management resources in LA headquarters and Dallas and Atlanta branchesheadquarters and Dallas and Atlanta branches

　　　Personnel reduction through flattening and streamliningPersonnel reduction through flattening and streamlining　　　　

organizational structureorganizational structure　　　　 New sales strategy for Chicago and New York areas New sales strategy for Chicago and New York areas

(deployment and development of sales reps)(deployment and development of sales reps)

�� Increase sales of new productsIncrease sales of new products

•• Increase sales of condensing modelsIncrease sales of condensing models

•• Broader range of Broader range of NOxNOx 20 20 ppmppm compliant models compliant models

Capital investment, depreciation and R&D expenditures(FY2012)　　　　

22

7.7

5.85.2

8.1

5.8 5.6

Captal investmentCaptal investmentCaptal investmentCaptal investment DeprecialtionDeprecialtionDeprecialtionDeprecialtion R&D expendituresR&D expendituresR&D expendituresR&D expenditures

[Billions of yen]

Capital investmentCapital investment DepreciationDepreciation R&D R&D expendituresexpenditures

FY FY 20112011

FY FY 20102010

FYFY2012 2012

(forecast)(forecast)

FY FY 20112011

FY FY 20102010

FY FY 20112011

FY FY 20102010


FYFY2012 2012


FYFY2012 2012


EcoEco--First pledge (abstract)First pledge (abstract)

23


The annual CO2 emissions throughout the entire lifecycle of ourThe annual CO2 emissions throughout the entire lifecycle of our products products amounts to 1% of Japanamounts to 1% of Japan’’s total CO2 emissions. As a Ministry of the s total CO2 emissions. As a Ministry of the EnvironmentEnvironment--certified ecocertified eco--first company, Noritz is proactively engaged in first company, Noritz is proactively engaged in reducing CO2 emissions as part of our core business activities.reducing CO2 emissions as part of our core business activities.

CSR and eco-projects for the fiscal year ending December 31, 2012　　　　

Eco-First standard Requirement 2010 20112012

(plan)2016

(plan)2020

(plan)

We will be proactively committed to developmentand promotion of High-thermal-efficiency waterheating products and energy saving products,aiming at reducing the CO2 emission fromresidential products by 200,000 ton a year by 2016compared to that from conventional gas orkerosene products in 2000.

We will be proactively committed to developmentof High-thermal-efficiency water heating productsand energy saving products and promoting themmaking the most of advantage of each product.

Enhancing ‘Green Promotion’, we will proactivelyprovide comprehensible and sufficient informationon the environment issues of our products andservices such as ‘visualization of CO2 emission’,looking at the product cycle.

Amount of CO2emission(10,000 t)

2.36 2.29 2.16 2.12 1.89 1.77

Rate of reduction 100% △3.0% △8.5% △△△△10.0% △20.0% △25.0%

20(40,000

households)-

Total amount ofCO2 emission

copared with 2002

Guideline

We are aiming at reducing the total amount of CO2emission from our offices in Japan by at least 20%by 2016, and by at least 25% by 2020.

Amount of CO2reduction

compared with2000

Amount of CO2emission(10,000 t)

*5.04t/ year/household

-6

(12,000households)

7.4(15,000

households)

10(20,000

households)

24

▲▲▲▲ 37.6

17.5

65.2 61.4

98.0 86.762.6

▲▲▲▲ 25.3

80.3

100.3

0000

FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011-50

0

50

100

150

200

250

300

Commemorative dividend paid per share (yen)

Dividends paid per share (yen)

Net income per share (yen)

1517

28 28 28 28 28 28 2830

With Noritz celebrating the 60With Noritz celebrating the 60th th year since its founding in the year ended year since its founding in the year ended December 31, 2011, a commemorative 2 yen dividend is planned. NDecember 31, 2011, a commemorative 2 yen dividend is planned. Noritz oritz will continue to pay consistent dividends into the future.will continue to pay consistent dividends into the future.


Expected dividend for the fiscal year ending December 31, 2012

(Billions of yen)

FY 2011 FY 2011 FY 2011. FY 2011

Management planNet sales 188.0 2.0% 184.3 5.3% 45.4 43.4 10.4% 40.9 1.8% 54.5 6.8%

Domestic business 173.2 1.6% 170.4 7.2% 42.0 5.3% 39.8 14.9% 37.5 1.7% 51.0 7.6%Water heaters and air conditioning equipment 102.0 △2.1% 104.2 27.4 24.6 21.4 30.6New energy equipment 10.0 39.5% 7.1 1.2 1.5 2.1 2.2Household system equipment 16.2 2.0% 15.8 △1.5% 3.2 △15.0% 4.3 6.5% 4.1 4.6% 4.2 △2.7%Built-in gas stoves 26.5 3.5% 25.5 5.2% 5.4 5.3% 5.5 5.5% 5.8 2.2% 8.7 6.9%Other 18.5 5.0% 17.6 △10.1% 4.7 △6.2% 3.7 △10.7% 3.9 △17.6% 5.1 △6.6%

Overseas business 14.8 6.7% 13.8 △13.8% 3.3 △24.2% 3.5 △23.5% 3.4 3.0% 3.4 △3.8%JPY 7.8 10.8% 7.0 △6.1% 1.6 △20.7% 1.7 △6.3% 1.6 △2.1% 1.8 8.8%RMB 63.7 12.1% 56.8 △1.7% 13.2 △15.8% 14.3 0.3% 14.0 1.7% 14.9 7.6%JPY 4.0 7.1% 3.7 △24.5% 1.1 △16.9% 0.8 △41.9% 0.8 △12.3% 0.8 △21.5%USD 5.1 9.4% 4.7 △17.3% 1.3 △8.4% 1.0 △34.5% 1.1 △4.4% 1.1 △17.4%

Other 3.1 1.3% 3.0 △19.8% 0.5 △41.2% 0.9 △27.4% 0.8 5.6% 0.7 2.4%Operating income 9.0 9.9% 8.1 14.6% 2.8 △3.0% 1.2 72.3% △ 0.3 － 4.4 44.9%

Domestic business 9.0 8.1% 8.3 23.6% 2.8 9.9% 1.2 118.3% △ 0.2 － 4.4 43.4%Overseas business 0.0 － △ 0.1 - 0.0 － △ 0.0 － 0.0 － 0.0 －

Current income 9.6 10.3% 8.7 17.9% 3.0 △1.6% 1.4 80.9% △ 0.4 － 4.6 49.9%Net income 5.4 12.5% 4.7 24.9% 1.6 △1.4% 0.7 80.6% △ 0.2 － 2.6 60.0%

(1,000 units)

FY 2011Level vs.previous

yearShare FY 2011

Level vs.previous

yearShare FY 2011

Level vs.previous

yearShare FY 2011

Level vs.previous

yearShare

Domestic business: sales plan for each product segmentWater heaters and air conditioning equipment Gas bath boilers 655 99.0% 40.9% 661 106.8% 40.8% 181 104.2% 39.5% 159 122.1% 42.6% 132 97.5% 38.9% 187 105.4% 42.0%

Gas water heaters 376 95.3% 35.4% 394 106.0% 35.1% 123 110.7% 36.9% 107 133.7% 34.6% 75 88.2% 34.6% 87 93.0% 33.8%Kerosene water heaters 157 99.3% 40.7% 158 112.7% 40.2% 42 114.0% 39.7% 42 138.2% 42.0% 30 99.0% 38.4% 42 102.6% 40.3%Subtotal 1,188 97.9% 39.0% 1,214 107.3% 38.7% 347 107.6% 38.6% 310 128.0% 39.4% 239 94.5% 37.4% 317 101.3% 39.1%

Household system equipment Unit baths (detached house) 31 101.6% 4.2% 30 110.7% 4.2% 5 83.3% 3.5% 9 136.4% 5.4% 8 120.1% 4.1% 7 102.1% 4.0%Unit kitchens (detached house) 14 111.7% 2.2% 12 100.9% 2.0% 2 98.2% 1.8% 3 99.7% 2.6% 3 102.5% 1.9% 3 102.6% 1.8%Vanity Units 114 102.1% 7.3% 111 103.8% 7.1% 26 96.9% 6.6% 28 104.8% 8.3% 28 108.3% 7.1% 28 105.3% 6.8%

Gas stoves Built-in gas stoves 415 106.5% 34.4% 390 108.2% 34.2% 83 100.6% 34.7% 85 102.1% 35.5% 95 110.7% 33.7% 126 116.7% 33.4%Tabletop gas stoves 138 101.0% 5.3% 137 112.9% 5.1% 27 160.7% 4.3% 35 184.3% 5.6% 28 88.7% 4.7% 45 86.4% 5.2%

Domestic business: demand forecast for each product segmentWater heaters and air conditioning equipment Gas bath boilers 1,601 98.7% 1,622 106.0% 459 106.2% 374 114.3% 340 98.9% 447 105.1%

Gas water heaters 1,063 94.6% 1,124 109.7% 334 110.1% 310 139.2% 219 93.8% 259 98.6%Kerosene water heaters 385 98.0% 393 113.8% 106 117.3% 102 132.0% 80 104.0% 104 104.0%Subtotal 3,050 97.1% 3,139 108.3% 900 108.9% 787 125.3% 639 97.7% 812 102.8%

Household system equipment Unit baths (detached house) 748 103.5% 723 103.7% 149 99.6% 171 99.2% 202 113.5% 199 101.8%Unit kitchens (detached house) 654 102.3% 639 106.2% 143 108.5% 130 92.0% 167 106.7% 197 115.9%Washstands 1,576 100.4% 1,570 105.1% 399 105.5% 343 101.4% 399 108.5% 426 104.7%

Gas stoves Built-in gas stoves 1,206 105.9% 1,139 107.5% 241 102.3% 240 100.3% 283 107.6% 376 116.6%Tabletop gas stoves 2,605 97.0% 2,685 100.4% 614 98.9% 625 114.3% 588 91.3% 859 99.3%

Change (Year-on-year)


FY 2012 FY 2011

FY 2012(forecast)

FY 2011

5.2% 12.0%

Year-on-yearparcentage

change

Parcentage change(Year-on-year)




12.6% 10.4% 24.0%

Level vs.previous

yearShare

China

North America

FY 2012 FY 2011

FY 2011Year-on-year

FY 2012(forecast)



Business performance overview for the fiscal year ended December 31, 2011

Outline of Financial and Business Performance for the ... · Forecast by business segment for the fiscal year ending December 31, 2012 Segment information 7.7 7.0 7.4 4.0 3.7 5.0

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