AQUA
REPORT
2022
Nippon Aqua Integrated Report
From January 1, 2022 to December 31, 2022
About Nippon Aqua • Management Philosophy / History / Editorial Policy | About Nippon Aqua | Growth Strategy | Business Activities | Sustainability | Data |
Management Philosophy
Contributing to society by creating a housing environment
that is friendly to people and the Earth
Vision
We exist to reduce total energy demand through innovation in insulation technology, prevent global warming,
and at the same time, help people lead healthy and comfortable lives.
Action Guidelines
- Provide the best service with customer satisfaction as the first priority.
- Create new value in housing.
- Act sensibly as a member of society and as a corporate citizen based on compliance.
- Strive for self-improvement through daily learning in order to achieve goals.
Principles
1. We will strive to be fair and just in everything we do.
2. We will strive to never fail to reward good conduct or let a fault go unpunished in everything we try.
History
AQUA BLOW
Listed on the First Section of the Tokyo Stock Exchange
19.4
11.3%
Average annual growth rate since listing
29.0
25.6 Forecast
Moved to the Prime Market following
the market reorganization of the
Tokyo Stock Exchange
AQUA FOAM
Founded by Fumitaka Nakamura (current Presi- dent) as a company engaging in the installation and sales of insulation for single-family homes
2004
Net sales
AQUA FOAM for buildings | Yokohama Technical Center |
Entered the insulation market for buildings | Strengthened product development functions |
2012 | Started manufacturing raw materials |
2014 | |
9.8
Listed on Mothers
Section of the Tokyo
Stock Exchange
Urethane materials recycling
Commercialized a blowing insulation product
2016
2019
2020
2021
(Billion yen)
Non-flammable insulation | Ultrarapid-hardening waterproofing |
Nippon Aqua's presence grew in the market | Entered the waterproofing market |
for buildings | with polyurea waterproofing |
AQUA FOAM LITE
30% reduction in raw material usage
(compared to AQUA FOAM)
Formulation using plant derived materials
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
2021 2022 2023
CONTENTS | Editorial Policy | |||||||
01 About Nippon Aqua | Management Philosophy / History / | 13 Business Activities | Single-family Homes Division | 13 | Editorial Policy | Please be aware that these are forecasts based on currently available | ||
Editorial Policy | 01 | Buildings Division | 14 | |||||
This report is published to provide our shareholders, investors, and | information and may differ from actual results due to various factors | |||||||
Business Model / Strengths | 03 | Waterproofing Division | 15 | |||||
in the future. | ||||||||
other stakeholders with a better understanding of our company and | ||||||||
Financial / Non-financial Highlights | 05 | Product Sales Division | 16 | |||||
07 Growth Strategy | Value Creation Process | 07 | 17 Sustainability | Environment | 17 | to trigger further dialogue by disclosing non-financial information, | Reporting Period | |
such as our efforts to enhance our corporate value over the medium | ||||||||
Message from the President | 09 | Society | 19 | |||||
to long term, in addition to financial information, such as our results | From January 1, 2022 to December 31, 2022 | |||||||
Medium-Term Management Plan | 11 | Governance | 21 | |||||
for the fiscal year under review. | ||||||||
23 Data | Financial Data | 23 | ||||||
Issue Date | ||||||||
Company Overview / | Cautionary Statement | March 2023 | ||||||
Stock Information | 24 | |||||||
This report contains forward-looking statements regarding our business. | ||||||||
1 Nippon Aqua Co., Ltd. Integrated Report 2022 | Nippon Aqua Co., Ltd. Integrated Report 2022 2 | |||||||
About Nippon Aqua • Business Model / Strengths
Strengths That Drive Our Business
Our strengths lie in our unique business model in which we comprehensively conduct everything in-house, from the development of raw materials for urethane insulation to installation and even recycling. Although there are competitors in the sales and installation of urethane, we are the only company that offers a full range of services, and we differentiate ourselves with our stable product supply and quality of construction.
About Nippon Aqua | Growth Strategy | Business Activities | Sustainability | Data |
Raw Material Development and Quality Management
Procurement source diversification and raw material storage and warehousing
In addition to securing global procurement routes that are not limited to North America and Asia, we have established stocking points for urethane raw materials in various parts of Japan, which enables us to procure raw materials
Nationwide Sales Network
We have sales offices, distribution warehouses, and urethane recycling plants in 27 locations throughout Japan, from Hokkaido in the north to Kagoshima in the south, and are engaged in business activities tailored to regional characteristics and the stable supply of urethane raw materials, which are easily affected by market con- ditions. We are also working to enhance the trust of certified contractors and improve their construction capabilities by pro- moting their development through our own properties.
From Material Development to
Installation and Recycling (Unique Business Model)
in a flexible manner. This has allowed us to avoid the im-* pact of the "urethane raw material shortage" that occurred
in Japan from 2021 to 2022.
* There is no fact that we are short of raw materials.
Environmentally Friendly Insulation
Material Derived From Water
web | Please check our website for more details. >>> |
https://www.n-aqua.jp/company/branch/ | |
(available in Japanese only) |
Recycling to Reprocess
Recycle blowing Certified operator under the Ministry of the Environment's Wide Area Certification System with four recycling plants
In the installation of sprayed rigid urethane foam, a large amount of urethane scraps (shavings) is generated. We collect urethane scraps from construction sites across Japan and reprocess them as AQUA BLOW (used mainly as insulation to be spread in the ceiling space).
Reprocessing Flow
Industrial waste collection and | Before construction |
haulage trucks dedicated to | |
collecting AQUA FOAM/AQUA | |
FOAM LITE | During construction |
After construction | |
Product manufacturing Fabless manufacturer
AQUA FOAM, which supports the Company, is an insulation material that is foamed on- | |||
site using water, without the use of chlorofluorocarbon gas, which has a large greenhouse | |||
effect. The rigid urethane foam material is both human- and earth-friendly, using carbon | |||
dioxide gas, which is generated by mixing polyol and isocyanate | |||
containing water, as a foaming agent. | |||
Conventional insulation materials such as glass wool | |||
are cut and pasted to fit the insulation area on-site, which | Total construction | ||
sometimes leaves gaps. However, AQUA FOAM can fill | record in Japan | ||
even the smallest of areas without gaps, and its | 473,400 | ||
high adhesiveness ensures a stable insula- | |||
tion effect. | buildings | ||
No.1 share of | |||
the on-site foam | |||
web | Please check our website for more details. >>> | insulation material | |
https://www.n-aqua.jp/products/ | market | ||
(available in Japanese only)
Focus on Strengthening Construction Capabilities
Nationwide Construction Network In house construction + certified contractors
On-site construction and | Transportation | Processing and | AQUA BLOW | ||
scrap material collection | reprocessing | ||||
Construction Quality Management
Ensuring work safety and construction quality
Ensuring a high construction quality
In recognition of the insulation properties and quality control system of our spray-on construction, we have been certified by IBEC (Institute for Built Environment and Carbon Neutral for SDGs) as an "Excellent On-site Insulation Construction Certification System*."
- A system for enhancing the reliability of sprayed and blown-in insulation materials by allowing installation contractors of a certain level of competence to dis- seminate correct construction management and displaying this information externally.
3 Nippon Aqua Co., Ltd. Integrated Report 2022
In order for us to achieve stable growth, it is essential to further strengthen and secure our construction capabilities. To this end, we consider increasing the number of our construction employees to be a top priority and have been promoting work style reform, as we introduce a five-day workweek, raise wages in conjunction with the expansion of various allowances such as the Metropolitan Region Allowance and Child- care Support Allowance, and actively recruit employees through social media and other means.
We undertake insulation installation work projects as the sole contractor and either do them ourselves or subcontract them out to certied contractors
House builders | Insulation installation | Installation service by Nippon Aqua | ||||||||||||||
General contractors | and sales | |||||||||||||||
Trading companies, | Construction | |||||||||||||||
materials sales | ||||||||||||||||
etc. | ||||||||||||||||
Work order | Subcontract | |||||||||||||||
(outsourcing) | ||||||||||||||||
Raw material | Certified | |||||||||||||||
manufacturers | Raw materials | Blowing equipment | ||||||||||||||
Installation | ||||||||||||||||
purchase | sales | contractors | ||||||||||||||
service | ||||||||||||||||
Construction | ||||||||||||||||
Purchase | materials sales | |||||||||||||||
Industrial material | Industrial | |||||||||||||||
manufacturers | materials | Blowing equipment | ||||||||||||||
sales | Urethane | |||||||||||||||
manufacturers | ||||||||||||||||
Construction material | insulation | |||||||||||||||
OEM suppliers | contractors | |||||||||||||||
Nippon Aqua Co., Ltd. Integrated Report 2022 4
About Nippon Aqua • Financial / Non-financialHighlightsAbout Nippon Aqua Growth Strategy Business Activities Sustainability Data
Key Financial Data
FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | ||
Net sales | (Million yen) | 6,488 | 9,825 | 13,020 | 14,046 | 15,608 | 18,052 | 19,417 | 21,366 | 21,872 | 23,903 | 25,670 |
Operating profit | (Million yen) | 662 | 956 | 944 | 1,013 | 1,404 | 1,313 | 766 | 1,909 | 1,896 | 1,412 | 2,329 |
Ordinary profit | (Million yen) | 662 | 925 | 937 | 1,016 | 1,404 | 1,419 | 764 | 1,909 | 1,911 | 1,429 | 2,359 |
Profit | (Million yen) | 364 | 512 | 529 | 137 | 979 | 941 | 489 | 1,275 | 1,342 | 953 | 1,549 |
Net assets
Total assets
(Million yen) | 1,080 | 5,103 | 5,529 | 5,590 | 6,663 | 5,508 | 5,885 | 6,843 | 7,638 | 7,951 | 7,966 |
(Million yen) | 2,787 | 7,982 | 9,138 | 11,254 | 12,596 | 12,806 | 14,381 | 15,379 | 16,021 | 18,279 | 21,969 |
Net assets per share | (Yen) | 270.19 | 147.81 | 160.15 | 161.01 | 184.40 | 171.31 | 182.36 | 211.88 | 236.46 | 246.09 | 254.41 |
Dividend per share | (Yen) | - | 15.00 | 15.00 | 3.00 | 3.00 | 4.00 | 10.00 | 17.00 | 20.00 | 20.00 | 24.00 |
Basic earnings per share | (Yen) | 91.24 | 20.61 | 15.33 | 3.97 | 27.61 | 27.84 | 15.19 | 39.50 | 41.57 | 29.52 | 47.99 |
Equity ratio | (%) | 38.8 | 63.9 | 60.5 | 49.7 | 52.9 | 43.0 | 40.9 | 44.5 | 47.7 | 43.5 | 36.3 |
Return on equity | (%) | 40.6 | 16.6 | 10.0 | 2.5 | 16.0 | 15.5 | 8.6 | 20.0 | 18.5 | 12.2 | 19.5 |
Cash flows from operating activities | (Million yen) | 129 | 770 | (146) | (748) | 1,502 | 447 | (359) | 1,657 | 694 | 520 | (297) |
Cash flows from investing activities | (Million yen) | (217) | (376) | (1,273) | (1,501) | (834) | (492) | (39) | (769) | (609) | (355) | (293) |
Cash flows from financing activities | (Million yen) | (7) | 3,612 | (66) | 1,645 | (489) | (547) | 316 | (902) | (311) | 109 | 1,340 |
Cash and cash equivalents at end of period | (Million yen) | 476 | 4,481 | 2,995 | 2,390 | 2,569 | 1,976 | 1,893 | 1,878 | 1,651 | 1,926 | 2,676 |
Key Non-financial Data
Number of employees
Male Female
(People) | |||||
600 | |||||
475 | 487 | ||||
438 | 422 | ||||
450 | 98 | 108 | |||
95 | |||||
99 | |||||
300 | |||||
150 | 377 | 379 | 343 | 323 | |
0 | |||||
2019 | 2020 | 2021 | 2022 | (FY) |
5 Nippon Aqua Co., Ltd. Integrated Report 2022
Diversity index
Percentage of female directors among all Directors
- Percentage of female managers among all managers
60
45
33.3 33.3 33.3 33.3
30
15 | 9.2 | 10.7 | 14.0 | ||
8.4 | |||||
0 | |||||
2019 | 2020 | 2021 | 2022 | (FY) |
Percentage of paid leave taken
(%)
100
75 | 71.7 | 68.7 |
65.1 |
50 43.6
25
0
2019 | 2020 | 2021 | 2022 | (FY) |
Number of installation work personnel at certified contractors
(People) | 794 | ||||
800 | 780 | ||||
657 | |||||
600 | 556 | ||||
400 | |||||
200 | |||||
0 | |||||
2019 | 2020 | 2021 | 2022 | (FY) |
Nippon Aqua Co., Ltd. Integrated Report 2022 6
Growth Strategy • Value Creation Process
Value Creation Process
Nippon Aqua's value creation process is a concrete representation of how we are addressing stakeholders and society under our vision of "we exist to reduce total energy demand through innovation in insulation technol- ogy, prevent global warming, and at the same time, help people lead healthy and comfortable lives."
About Nippon Aqua | Growth Strategy | Business Activities | Sustainability | Data |
Goal of Nippon Aqua
We will continue aiming to achieve
sustainable growth as a TSE
Prime-listed company
External environment
International framework for reducing greenhouse gas emissions
"Paris
Agreement"
Japanese government's
"2050 Carbon
Neutral
Declaration"
"Work style reform"
in the construction industry
INPUT
Financial
Net assets
7,966 mil. yen
Manufactured
Raw materials, catalysts, flame- resistant materials Recycling plants
Human
No. of employees 422 people
BUSINESS MODEL
Management philosophy
Contributing to society by creating a housing environment that is friendly to people and the Earth
Raw material development and quality management
Nationwide | Product |
construction | |
manufacturing | |
network | |
OUTPUT
AQUA FOAM series
For single-family homes
AQUA FOAM
Highly airtight insulation for wooden homes
AQUA FOAM LITE
Contains plant-derived raw materials
For buildings
AQUA FOAM NEO
Balances environmental performance and thermal conductivity
AQUA MOEN NEO
Non-flammable insulation
AQUA BARRIER
Fireproof coating
OUTCOME
Decarbonization
Achieving highly airtight and insulated homes and buildings
with the AQUA FOAM series
Contributing to the realization of carbon neutrality
Resource and energy conservation
AQUA FOAM LITE
reduces raw material usage by approximately 30%
Uncertainty of international situation
Social and relationship
Manufacturing subcontractors for home brand materials
Recycle | Nationwide |
blowing | |
sales network | |
For waterproofing
AQUA HAJIKUN
Spray coating waterproofing system for buildings
Waste reduction
Reprocessing of urethane scraps as AQUA BLOW
Increase in electricity | Certified contractors | |
No. of installation work | ||
and other energy | Construction | |
prices | personnel at certified | |
quality | ||
contractors | ||
management | ||
794 people | ||
Urethane scrap recycling
AQUA BLOW
Product recycled from AQUA FOAM
Nippon Aqua SDGs Declaration
Strengthening foundations and increasing capital for growth
7 Nippon Aqua Co., Ltd. Integrated Report 2022 | Nippon Aqua Co., Ltd. Integrated Report 2022 8 |
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Nippon Aqua Co. Ltd. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 06:46:05 UTC.