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New Water Heating Technology and Its Fit in Today's Commercial
New Water Heating Technology and Its Fit in Today’s Commercial Environment Enhancing Lives By Changing The Way Water Is Heated © 2014 Rinnai America Corporation PROPRIETARY and CONFIDENTIAL 1 10/30/17 Agenda • History • Global Presence • Rinnai North America Experience and Expertise • Fabrication and Assembly • Tankless Water Heater • Advantages • Common Vent • Accessories • Installation Requirements • Installation Examples • Supporting Materials Enhancing Lives By Changing The Way Water Is Heated © 2014 Rinnai America Corporation PROPRIETARY and CONFIDENTIAL 2 10/30/17 History Taiwan Singapore Australia Rinnai Founded by Vietnam Mr. Naito and Mr. Hayashi Korea Italy America Completed In-House CSA New Zealand Certified Lab United Kingdom Dedicated Commercial Team 1920 1932 1944 1956 1968 1980 1992 2004 Tankless Infrared Heater Rack Infrared Gas Burners Tankless Water System Heater Stoves / Ranges / Ovens / Hot Water Units Condensing Tankless Manufactured Aircraft Direct Vent Furnace Parts and Boilers America Enhancing Lives By Changing The Way Water Is Heated © 2014 Rinnai America Corporation http://www.rinnai.com/en/profile/history PROPRIETARY and CONFIDENTIAL 3 10/30/17 Global Presence • Operations in 13 countries • Over 7000 employees worldwide • One of the LARGEST gas appliance manufacturers in the world Enhancing Lives By Changing The Way Water Is Heated © 2014 Rinnai America Corporation PROPRIETARY and CONFIDENTIAL 4 10/30/17 A Global Leader in Gas Appliances • Based in Nagoya, Japan • Established in 1920 • 10,000 employees worldwide -
Sumi TRUST Monthly Commentary February 2014
SuMi TRUST Monthly Commentary February 2014 Key Points 1. Asian Economic Outlook (p1) The Asian economies are entering into a moderate growth phase after a period of rapid growth. China’s era of double digit growth has come to an end whilst Japan has finally come out of two decades of deflation. ASEAN nations still show potential for high growth, but are temporarily facing headwinds due to shifts in global money flows and the political turmoil in Thailand. Yet, there have been no changes to their advantages; namely a rich young labor force and an increase in income which will boost consumption. 2. Japanese companies’ Asian expansion (p.1) Over 15,500 Japanese companies have expanded their operations to Asia and total direct investment assets have exceeded JPY 24.9 trillion which is more than that invested in the US. This is the proof that there are many Japanese companies which see growth opportunities in Asia. 3. Our Focus: Rinnai (5947) (p.2-3) Rinnai, a gas cooker and hot-water heater manufacturer, is enjoying tailwinds both domestically and abroad. In Japan, the electricity fee hike has weakened demand for adopting all-electric houses. Hence, demand for gas cookers and hot-water heaters has increased. In developing countries, gasification policy is preferred to restrain oil consumption. In Indonesia, Rinnai already enjoys 60% share of the gas cooker market. 4. Japanese Equity Market in January (p.4) The Japanese equity market fell by 6% in January due to unexpectedly low employment data in the US, China’s slowdown and emerging market currency fluctuation. -
Rinnai Corporation Securities Code: 5947
Rinnai Corporation Securities Code: 5947 Notice of Convocation of the 66th Ordinary General Shareholders’ Meeting to Be Held on June 28, 2016 DATE AND TIME Tuesday, June 28, 2016 at 10:00 a.m. PLACE 7F (“Tsubaki-no-ma” Room), Meitetsu New Grand Hotel 6-9, Tsubaki-cho, Nakamura-ku, Nagoya-shi Matters for Resolution First Item on the Agenda: Approval of the proposed appropriation of retained earnings Second Item on the Agenda: Election of eight (8) directors Third Item on the Agenda: Election of four (4) audit & supervisory board members Fourth Item on the Agenda: Election of one (1) substitute audit & supervisory board member Contents Notice of Convocation of the 66th Ordinary General Shareholders’ Meeting (Attachment) 02 Business Report 05 Consolidated Financial Statements 21 Nonconsolidated Financial Statements 33 Independent Auditors’ Report 40 Guide to Voting 44 This document has been prepared as a guide for non-Japanese investors and contains forward-looking statements that are based on management’s estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. This document is a translation of the Japanese-language original. 1 Securities Code: 5947 June 6, 2016 To the Shareholders of Rinnai Corporation Hiroyasu Naito President Rinnai Corporation 2-26, Fukuzumi-cho, Nakagawa-ku, Nagoya-shi, Aichi 454-0802, Japan Notice of Convocation of the 66th Ordinary General Shareholders’ Meeting to Be Held on June 28, 2016 You are cordially invited to attend the 66th Ordinary General Shareholders’ Meeting of Rinnai Corporation (the “Corporation”). Details of the meeting are given below. -
Spring 2017 Analyst Presentation Forward Looking Statements
Spring 2017 Analyst Presentation Forward Looking Statements This presentation contains statements that we believe are “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‐looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” “guidance” or words of similar meaning. All forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date ofthis presentation. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following: a further slowdown in the growth rate of the Chinese economy or a decline in the growth rate of consumer spending in China; potential weakening in the high efficiency boiler market segment in the U. S.; significant volatility in raw material prices; our inability to implement or maintain pricing actions; potential weakening in U. S. residential or commercial construction or instability in our replacement markets; foreign currency fluctuations; inability to successfully integrate or achieve our strategic objectives resulting from future acquisitions; competitive pressures on our businesses; the impact of potential information technology or data security breaches; changes in government regulations or regulatory requirements; and adverse developments in general economic, political and business conditions in the key regions of the world. Forward‐looking statements included in this presentation are made only as of the date of this presentation, and the company is under no obligation to update these statements to reflect subsequent events or circumstances. All subsequent written and oral forward‐looking statements attributed to the company, or persons acting on its behalf, are qualified entirely by these cautionary statements. -
Notice of Convocation of the 68Th Ordinary General Shareholders’ Meeting: Internet Disclosure Items
Notice of Convocation of the 68th Ordinary General Shareholders’ Meeting: Internet Disclosure Items Contents Consolidated Statements of Changes in Shareholders’ Equity 02 Significant Accounting Policies of Consolidated Financial Statements 03 Nonconsolidated Statements of Changes in Shareholders’ Equity 10 Significant Accounting Policies of Nonconsolidated Financial Statements 11 Rinnai Corporation The above items are provided to shareholders via Rinnai Corporation’s website (http://www.rinnai.co.jp) according to laws and Article 16 of the Corporation’s Articles of Incorporation. 1 Consolidated Statements of Changes in Shareholders’ Equity Year ended March 31, 2018 (Millions of yen) Shareholders’ equity Total Common Capital Earned Treasury shareholders’ stock surplus surplus stock equity Balance at the beginning of current 6,459 8,756 247,327 (1,007) 261,536 term Net changes during the current term Dividends paid (4,549) (4,549) Net income attributable to owners of 21,194 21,194 the parent company Acquisition of treasury stock (6,010) (6,010) Retirement of treasury stock (5,157) 5,157 — Transfer from earned surplus to 5,157 (5,157) — capital surplus Net other changes than shareholders’ equity during the current term Total net changes during the current — — 11,487 (853) 10,633 term Balance at the end of current term 6,459 8,756 258,814 (1,860) 272,170 Other accumulated comprehensive income Remeasure- Unrealized Foreign Total other Non- ments of Total net gain on exchange accumulated controlling defined assets marketable translation comprehensive -
MBA 2009 Tang, J..Pdf
A STRATEGIC ANALYSIS OF THE FUTURE EXPANSION OPTIONS FOR AN ESTABLISHED GAS COOKING APPLIANCES MANUFACTURER IN VIETNAM by Yuen San Tang B. Sc. (Hons), Universiti Putra Malaysia, 1999 PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Business Administration © Yuen San Tang 2009 SIMON FRASER UNIVERSITY Summer 2009 All rights reserved. However, in accordance with the Copyright Act of Canada , this work may be reproduced, without authorization, under the conditions for Fair Dealing . Therefore, limited reproduction of this work for the purposes of private study, research, criticism, review and news reporting is likely to be in accordance with the law, particularly if cited appropriately. Approval Name: Yuen San Tang Degree: Master of Business Administration Title of Project: A Strategic Analysis of Future Expansion Options for an Established Gas Cooking Appliances Manufacturer in Vietnam Supervisory Committee: ________________________________________ Dr. Neil R. Abramson Senior Supervisor Associate Professor of Strategy Faculty of Business Administration ________________________________________ Dr. Pek-Hooi Soh Second Reader Assistant Professor Faculty of Business Administration Date Approved: ________________________________________ ii Abstract This paper speaks to the prevailing business environment presently encountered at Kein Hing Industry Sendirian Berhad (KHI), a leading gas stove manufacturer based in Selangor, Malaysia. KHI manufacturers gas stoves under the brand name “Zenne”. KHI aims to expand into Vietnam. The scope of this paper covers topics such as company overview, external industry analysis, and internal company analysis using strategic tools such as Michael Porter’s five forces framework. This paper will evaluate each of the entry strategies for KHI to penetrate the Vietnamese market and conclude with recommendations for KHI’s expansion plan and suggest a sequence of implementation order and timeframe. -
Vanguard ETF Series Annual Report for the Year Ended 31 December
Vanguard ETF Series Annual Report For the year ended 31 December 2016 Vanguard Sub-Funds covered in this annual report Vanguard FTSE Asia ex Japan Index ETF SEHK Stock code: 2805 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF SEHK Stock code: 3085 Vanguard FTSE Developed Europe Index ETF SEHK Stock code: 3101 Vanguard FTSE Japan Index ETF SEHK Stock code: 3126 Vanguard S&P 500 Index ETF SEHK Stock code: 3140 Vanguard ETF Series For the year ended 31 December 2016 Contents Page Report of the manager to the unitholders 1 Report of the trustee to the unitholders 2 Statement of responsibilities of the manager and the trustee 3 Independent auditor’s report 4 Statement of financial position 8 Statement of comprehensive income 11 Statement of changes in net assets attributable to unitholders 14 Statement of cash flows 17 Notes to the financial statements 20 Vanguard FTSE Asia ex Japan Index ETF Investment portfolio (Unaudited) 59 Statement of movements in investment portfolio (Unaudited) 82 Performance record (Unaudited) 103 Vanguard FTSE Asia ex Japan High Dividend Yield Index ETF Investment portfolio (Unaudited) 104 Statement of movements in investment portfolio (Unaudited) 116 Performance record (Unaudited) 127 Vanguard FTSE Developed Europe Index ETF Investment portfolio (Unaudited) 128 Statement of movements in investment portfolio (Unaudited) 145 Performance record (Unaudited) 160 Vanguard FTSE Japan Index ETF Investment portfolio (Unaudited) 161 Statement of movements in investment portfolio (Unaudited) 176 Performance record (Unaudited) 189 Vanguard S&P 500 Index ETF Investment portfolio (Unaudited) 190 Statement of movements in investment portfolio (Unaudited) 205 Performance record (Unaudited) 219 Administration and management 220 Vanguard ETF Series Annual Report 2016 Report of the manager to the unitholders The Vanguard ETF Series (the “Trust”) is an umbrella unit trust authorised under the Securities and Futures Ordinance (Cap.