Report of Earnings and Financial Statements for the
Fiscal Year Ended March 31, 2022 (Consolidated)(Prepared pursuant to Japanese GAAP)May 10, 2022
Listed company’s name:

Kawasaki Heavy Industries, Ltd.

Listed on:
Stock code:
URL:
Representative:
Contact:
Tel:

TSE (Prime Market), and NSE (Premier Market)
7012
https://global.kawasaki.com/
Yasuhiko Hashimoto, President and Chief Executive Officer
Takashi Torii, Group Manager, Corporate Communication Group Department+81 3-3435-2130

Scheduled dates:
Ordinary general meeting of shareholders:Submission of financial statements:
Commencement of dividend payments:
Supplementary materials to financial results:
Financial Results Presentation:

June 24, 2022
June 24, 2022
June 27, 2022
Available
Conducted (for institutional investors, analysts and thepress)(Amounts in millions of yen rounded down to the nearest millions of yen)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2022
(April 1, 2021 – March 31, 2022)(1) Operating Results
Years ended March 31(Percentage figures indicate change compared with the previous fiscal year)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Millions of%Millions of%Millions of%Millions of
%
yen
yen
yen
yen
2022
1,500,879
0.8
45,805－29,934－21,801－2021
1,488,486(9.3)(5,305)－(2,855)－(19,332)－
Note: Comprehensive income Fiscal year ended March 31, 2022: ¥59,880 million 366.0%
Fiscal year ended March 31, 2021: ¥12,848 million －%Years ended March 31
Profit per share –Operating profit
Return on equity Return on assets
dilutedmargin
yen
yen
%
%
%
2022
130.26
－
4.6
1.5
3.1
2021
(115.73)
－
(4.2)
(0.1)
(0.4)
For reference: Share of profit of entities accounted for using equity method
Fiscal year ended March 31, 2022: ¥ (14,412) million
Fiscal year ended March 31, 2021: ¥ 411 million
Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29
of March 31, 2020) from this consolidated fiscal year, and the figures for the consolidated fiscal year
ended March 2022 are after the application of the accounting standard.
Earnings per share1(2) Financial Condition
March 31
Total assets

Net assets

Millions of yen
2,022,748
1,963,276
2021
For reference: Shareholders’ equity
2022

Equity ratio

Millions of yen
498,522482,775
March 31, 2022:
March 31, 2021:

Net assets per share

%
23.7

yen
2,861.25

23.7¥ 479,180 million¥ 465,332 million

2,785.71(3) Cash Flow Position
Years ended March 31
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities(Millions of yen)
Cash and cash equivalents
at end of period2022

144,430(52,537)(102,345)

108,5112021

34,601(37,392)

23,093

122,166

2. Dividends
Years ended/ending March 31
Dividend per share

Recorddate or
term

2021

1Q

2Q

3Q

Year-end

Full year

yen

yen

yen

yen

yen

－

0.00

－

0.00

0.00

Total
dividends
paid(annual)Millions ofyen－

Payout ratio(consolidated)

Dividends /Net assets(consolidated)

%

%

－

－

2022
－
20.00
－
20.00
40.00
6,715
30.7
1.4
2023
－
25.00
－
25.00
50.00
29.0
(forecast)
Note: In the Company’s articles of incorporation, the dates of record are set as the last day of the fiscal second
quarter and the last day of the fiscal year.

3. Forecast of Consolidated Earnings for the Fiscal Year Ending March 31, 2023
(April 1, 2022 – March 31, 2023)

Full year(Percentage figures indicate change compared with the previous fiscal year)
Profit attributable toEarnings
Net sales
Business profit
owners of parent
per share
Millions of%Millions of%Millions of
%
yen
yen
yen
yen
1,680,000－
53,000－29,000－173.28

Note: Due to voluntary application of IFRS from the beginning of the fiscal year ended March 2023, theforecast of consolidated earnings is calculated based on IFRS. Therefore, the percentage change for the
consolidated actual results of the fiscal year ended March 2022, to which Japanese GAAP is applied, is
not stated.
"Business profit" refers to the conventional operating profit adding non-operating income (expenses),other than financial income (expenses), and extraordinary income (loss).

2

Notes1) Changes affecting the status of material subsidiaries (scope of consolidation): None
2) Changes in accounting policies, changes in accounting estimates, and correction of errors(1) Changes in accounting policies in accord with revisions to accounting standards: Yes(2) Changes in accounting policies other than (1): None
(3) Changes in accounting estimates: None
(4) Correction of errors: None
*For further details, see “3.Consolidated Financial Statements (5)Notes on financial statements(Changes in accounting policies)” on page 21 in the Accompanying Materials.
3) Number of shares issued and outstanding (common stock)(1) Number of shares issued as of period-end (including treasury stock)
March 31, 2022:
167,921,800 shares
March 31, 2021:
167,080,532 shares(2) Number of shares held in treasury as of period-end
March 31, 2022:
449,527 shares
March 31, 2021:
38,282 shares(3) Average number of shares during respective periods
March 31, 2022:
167,361,902 shares
March 31, 2021:
167,043,192 shares(Reference) Financial Results of the Company for the Fiscal Year Ended March 31, 2022
(April 1, 2021 – March 31, 2022)(1) Operating Results
Years ended March 31(Percentage figures indicate change compared with the previous fiscal year)

Net sales

2022
2021

Millions ofyen
892,203
1,098,661

Operating profit%(18.8)(12.1)

Millions ofyen(15,804)(50,722)%－－

Ordinary profit
Millions of
yen
9,578
(35,544)%－－

ProfitMillions ofyen
21,269(35,788)%－－

Earnings per share– diluted
yen
yen
2022
127.08－2021(214.24)－
Note: The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29
of March 31, 2020) from this fiscal year, and the figures for the fiscal year ended March 2022 are after theapplication of the accounting standard.
Earnings per share3(2) Financial Condition
March 31
Total assets
Millions of yen
1,471,397
1,630,571
2021
For reference: Shareholders’ equity
2022

Net assets

Equity ratio

Millions of yen
266,870
287,749
March 31, 2022:
March 31, 2021:

%
18.1
17.6
¥ 266,870 million¥ 287,749 million

Net assets per shareyen
1,593.52
1,722.61*Report of Earnings and Financial Statements are not subject to audit.
*Appropriate Use of Financial Forecasts and Other Important Matters
Forward-Looking Statements
These materials contain various forward-looking statements and other forecasts regarding performanceand other matters. Such statements are based on information available at the time of their preparation, anddo not mean that the Company promises to achieve these figures. Actual results may differ from thoseexpressed or implied by forward-looking statements due to a range of factors. For assumptions underlying
earnings forecasts and other information regarding the use of such forecasts, refer to “1. Overview ofoperating results (4) Consolidated earnings outlook” on page 11 in the Accompanying Materials.
How to Obtain Supplementary Material on Financial Results and Details of the Financial Results
The Company plans to conduct a presentation for institutional investors, analysts and the press on Tuesday,
May 10, 2022, and to post the presentation material on financial results to be used for the presentation on
TDnet and the Company’s website simultaneously with the announcement of financial results.

4

Accompanying Materials – Contents
1. Overview of operating results

6(1) Consolidated operating results

6(2) Consolidated financial condition

11(3) Cash flows

11(4) Consolidated earnings outlook

11

2. Basic rationale for selecting accounting standards

12

3. Consolidated Financial Statements

13(1) Consolidated balance sheets

13(2) Consolidated statements of income and comprehensive income15(3) Consolidated statements of changes in net assets

17(4) Consolidated statements of cash flows

20(5) Notes on financial statements

21(Notes on the going-concern assumption)

21(Changes in accounting policies)

21(Related to consolidated balance sheets)

22(Related to consolidated statements of income)23(Segment information)

24(Per share data)

28(Material subsequent events)

28

4. Supplementary information on earnings forecasts for the fiscal year ending March 31, 2023

528

1. Overview of operating results(1) Consolidated operating results
In the global economy, concerns over downside growth and acceleration of inflation are intensifying
due to the impact of rise in the prices of resource and energy and supply chain disruptions caused by
Russia's invasion of Ukraine. With regard to the Japanese economy, although business capital
investment and production activities have continued to recover, uncertainty over the economic outlook
has increased with concerns over a deterioration in consumer sentiment due to price increases resulting
from simultaneous progress in the depreciation of yen, affected by widening differential between
domestic and foreign interest rates, and the rising resource costs. Regarding the impact of COVID-19
pandemic, the continuous attention should be paid because, while there have been the approaches
particularly in the developed countries to abolish and relax COVID-19 related regulations, there are
the concerns in China about the risk of an economic downturn due to the restricted activities by its
Zero-COVID-19 policy.
In this business environment, the Group’s consolidated orders received in the fiscal year ended
March 31, 2022, increased mainly due to increases in the Motorcycle & Engine segment and the
Aerospace Systems segment. Net sales decreased in the Aerospace Systems segment, the Energy
Solution & Marine Engineering segment, and other segments, but overall sales increased from theprevious fiscal year due to higher sales in the Motorcycle & Engine segment, the Precision Machinery& Robot segment, and other segment. Operating profit improved significantly year on year due toincreases in the Motorcycle & Engine segment and the Aerospace Systems segment. Ordinary profit
improved significantly due to an improvement in operating profit despite deterioration in share ofgains and losses of entities accounted for using equity method, and foreign exchange gains and losses.
Profit attributable to owners of parent improved significantly, mainly due to an improvement in
ordinary profit.
As a result, the Group’s consolidated orders received increased by ¥199.7 billion year on year to¥1,602.1 billion, consolidated net sales increased by ¥12.3 billion year on year to ¥1,500.8 billion,
operating profit improved by ¥51.1 billion year on year to ¥45.8 billion, ordinary profit improved by¥32.7 billion year on year to ¥29.9 billion, and profit attributable to owners of parent improved by¥41.1 billion year on year to ¥21.8 billion. ROIC* was 3.5%, while ROE was 4.6%.
* Before-tax ROIC = EBIT (profit before income taxes + interest expenses) ÷ invested capital(interest-bearing debt + shareholders’ equity)
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29 of March 31, 2020), etc. from the beginning of the current fiscal year. For more information,
see “3. (5) Notes on financial statements (Changes in accounting policies) and (Segment information)”.

6

Consolidated operating performance in the fiscal year ended March 31, 2022,is summarized bysegment below.

Segment Information
Segment net sales, operating profit, and orders received (billions of yen)
Fiscal year ended March 312021(A)

2022(B)

Orders received

Change (B – A)

Fiscal year ended
March 31

Net

OperatingNet

OperatingNet

Operating

2021

2022

Changesales

profitsales

profitSales

profit(A)(B)(B – A)

Aerospace
Systems

377.7(31.6)

298.2

(9.7)

(79.5)

21.9

329.5

383.3

53.7

Rolling Stock

133.2

(4.5)

126.6

3.2

(6.5)

7.8

77.0

71.5

(5.5)

319.5

10.3

297.3

1.1

(22.2)

(9.1)

317.1

343.5

26.3

240.8

14.0

252.6

16.6

11.8

2.5

259.4

271.8

12.4

Engine

336.6

11.7

447.9

37.3

111.2

25.5

336.6

447.9

111.2

Other

80.4

0.4

78.0

2.8

(2.3)

2.4

82.5

84.0

1.4

－

(5.7)

－

(5.7)

－

(0)

－

－

－

1,488.4(5.3)

1,500.8

45.8

12.3

51.1

1,402.4

1,602.1

199.7

Energy Solution& Marine
Engineering
Precision
Machinery &Robot
Motorcycle &Adjustments
Total

Notes: 1. Net sales include only sales to external customers.
2. The Motorcycle & Engine segment’s orders received are equal to its net sales as production is based mainlyon estimated demand.
3. From the beginning of the current consolidated accounting period, the previous reporting segments of “Energy
System & Plant Engineering” and “Ship & Offshore Structure” have been integrated into “Energy Solution &Marine Engineering”. As a result, reportable segments have been changed to “Aerospace Systems”, “Rolling
Stock”, “Energy Solution & Marine Engineering”, “Precision Machinery & Robot”, “Motorcycle & Engine”,
and “Other”.
Segment information for the previous fiscal year is presented using the new classification method.

7

Aerospace Systems
Regarding the business environment surrounding the Aerospace Systems segment, demand for
Ministry of Defense in Japan is generally stable despite the tight defense budget. With respect tocommercial aircraft, global passenger demand has been sluggish due to the COVID-19 pandemic, anddemand for commercial aircraft airframes and jet engines has declined. Despite signs of a recovery indemand on European, North American and Atlantic routes, the outlook remains uncertain due to delaysin the recovery of demand in Asia and elsewhere and the impact of Russia's invasion of Ukraine.
Amid such an operating environment, consolidated orders received increased by ¥53.7 billion year
on year to ¥383.3 billion, mainly due to an increase in component parts of airframes for Ministry of
Defense in Japan and commercial aircraft, despite a decrease in component parts of jet engines forcommercial aircraft resulting from the application of revenue recognition accounting standards.
Consolidated net sales decreased by ¥79.5 billion year on year to ¥298.2 billion, mainly due to adecrease in component parts of jet engines for commercial aircraft resulting from the application ofrevenue recognition accounting standards, as well as a decrease in component parts of airframes for
Ministry of Defense in Japan and commercial aircraft.
Operating loss came to ¥9.7 billion, improving ¥21.9 billion year on year, due to an improvementin profitability of component parts of airframes and jet engines for commercial aircraft, despite adecrease in sales.
Rolling StockRegarding the business environment surrounding the Rolling Stock segment, the effect of the
COVID-19 has led to a review railway-related investment plans in Japan, and delays in work processes
as well as postponement of biddings overseas. In addition, although the impact on the current situation
is limited, we need to keep a close watch on shortages of electronic components, logistics disruptions,and rising raw materials prices. In the medium and long term, however, relatively stable growth isexpected around the world due to development of urban transportation as an environmental protection
measure and to ease congestion in large cities caused by increasing population concentration, as well
as demand for railway infrastructure following economic development in Asian countries.
Amid such an operating environment, consolidated orders received decreased by ¥5.5 billion to¥71.5 billion compared to the previous fiscal year, when large-scale orders for Shinkansen bullet trains
were received, despite the orders for subway rolling stock for the domestic market.
Consolidated net sales decreased by ¥6.5 billion year on year to ¥126.6 billion, mainly due to adecrease in sales of railcars for domestic markets.
Operating profit came to ¥3.2 billion, improving ¥7.8 billion despite a decrease in sales, comparedto the previous fiscal year when the profitability of overseas projects deteriorated due to the impactof the COVID-19 pandemic.

8Energy Solution & Marine Engineering
The business environment surrounding the Energy Solution & Marine Engineering segment remains
on a recovery track as the global economy moves from stagnation due to the COVID-19 pandemic tonormalization. Demand for distributed power sources in Japan and overseas and, for energy
infrastructure development in emerging countries, remains strong, while there is ongoing demand forthe replacement of aging facilities for refuse incineration plants. Also, business opportunities on LPG
carriers are increasing. In addition, there is a growing worldwide trend toward achieving carbon
neutrality, and contacts and requests for cooperation are increasing regarding decarbonization
solutions, including hydrogen products of our Company’s strength. On the other hand, there areconcerns that the rapid normalization of the economy will lead to higher raw material prices and higher
transportation costs, which will squeeze earnings.
Amid such an operating environment, consolidated orders received increased by ¥26.3 billion fromthe previous fiscal year to ¥343.5 billion due to orders received for large-scale projects such as
maintenance and operation of domestic waste disposal facilities.
Consolidated net sales decreased by ¥22.2 billion year on year to ¥297.3 billion, mainly due to adecrease in the volume of work of submarines for Ministry of Defense in Japan and a decrease in salesof Gas Turbine Combined Cycle (GTCC) power plants.
Operating profit came to ¥1.1 billion, decreasing ¥9.1 billion year on year, due to a decrease in sales.
Precision Machinery & Robot
Regarding the business environment surrounding the Precision Machinery & Robot segment, in the
precision machinery field, demand in the Chinese construction machinery market has continued to be
at a high level since the fiscal year 2020 due to strong performance in the first half of the fiscal year
2021, despite the apparent slowdown in demand from the end of this fiscal year. In the construction
machinery market outside China, the performance has continued to be strong throughout the year, andoverall remained steady. In the robot field, although shortages of electronic components and logistics
disruptions have continued, the performance of robots for semiconductor manufacturing equipment isstrong due to aggressive capital investment by semiconductor manufacturers, and the general-purpose
robots continue to be in strong demand due to investment in automation of production facilities andother factors.
Amid such an operating environment, consolidated orders received increased by ¥12.4 billion year
on year to ¥271.8 billion, due to an increase in various robots for semiconductor manufacturing
equipment and other applications.
Consolidated net sales increased by ¥11.8 billion year on year to ¥252.6 billion, due to an increasein various robots for semiconductor manufacturing equipment and other applications and weakeryen.
Operating profit increased by ¥2.5 billion year on year to ¥16.6 billion mainly due to sales
9increase.
Motorcycle & Engine
The business environment surrounding the Motorcycle & Engine segment continues to be affectedby the COVID-19 pandemic. Demand for off-road models such as four-wheeled vehicles continued to
be strong in the United States, a major market, as in the previous fiscal year, and the European market
also remained strong. On the other hand, although the Southeast Asian market has recovered comparedto the previous fiscal year, the outlook remains uncertain. The supply of products is also affected byshortages of semiconductors and raw materials and disruptions in distribution.
Amid such an operating environment, consolidated net sales increased by ¥111.2 billion year on
year to ¥447.9 billion due to an increase in motorcycles for Europe and Southeast Asia, as well as anincrease in motorcycles for North America and an increase in general-purpose engines.
Operating profit increased by ¥25.5 billion from the previous fiscal year to ¥37.3 billion due to anincrease in sales, and a weaker yen compared to the previous fiscal year, despite rising prices of raw
materials and parts.
Other Operations
Consolidated net sales decreased by ¥2.3 billion year on year to ¥78.0 billion.
Operating profit increased by ¥2.4 billion year on year to ¥2.8 billion.
In the Group Vision 2030, the Group will focus on three fields; “A Safe and Secure RemotelyConnected Society”, “Near-Future Mobility” and “Energy and Environmental Solutions” and willtransform our business structure into a form which promises faster growth. The Group is making
steady progress in new businesses, such as the development of surgical support robots and automated
PCR testing, the development of delivery robots and unmanned transport helicopters, and thepromotion of hydrogen-related projects.

10(2) Consolidated financial condition(i) Assets
Current assets were ¥1,297.7 billion, ¥12.3 billion increase from the previous fiscal year due to anincreases in other items such as accounts receivable-other.
Non-current assets were ¥724.9 billion, ¥47.0 billion increase from the previous fiscal year due toan increase in investments and other assets.
As a result, total assets were ¥2,022.7 billion, ¥59.4 billion increase from the previous fiscal year.

(ii) Liabilities
Interest-bearing debt was ¥501.4 billion, ¥91.8 billion decrease from the previous fiscal year.
Liabilities were ¥1,524.2 billion, ¥43.7 billion increase from the previous fiscal year due toincreases in advances received of contract liabilities and other factors.

(iii) Net assets
Net assets were ¥498.5 billion, ¥15.7 billion increase from the previous fiscal year due to anincrease in foreign currency translation adjustment.
(3) Cash flows(i) Cash flows from operating activities
Operating activities provided net cash of ¥144.4 billion, ¥109.8 billion increase from the previous
fiscal year. Major sources of operating cash flows included depreciation of ¥60.8 billion and anincrease in advances received of contract liabilities of ¥92.0 billion. Major uses of operating cash
flows included expenditure of ¥39.0 billion due to an increase in inventory.
(ii) Cash flows from investing activities
Investing activities used net cash of ¥52.5 billion which is ¥15.1 billion more than in the previous
fiscal year, mainly due to purchase of property, plant and equipment, as well as intangible assets.
(iii) Cash flows from financing activities
Financing activities used net cash of ¥102.3 billion, which is ¥125.4 billion more than in theprevious fiscal year, when financing activities provided net cash of ¥23.0 billion. This was mainly
due to net decrease in short-term borrowings.

(4) Consolidated earnings outlook
The Company will voluntarily apply the International Financial Reporting Standards (IFRS) fromthe first quarter of the fiscal year ended March 2023, therefore, has calculated the forecast of
consolidated earnings based on IFRS.
With respect to the earnings forecasts for the fiscal year ending March 31, 2023, the Company is
expecting consolidated net sales of ¥1,680.0 billion, a ¥179.2 billion year on year increase, due to
expected increases in the Aerospace Systems segment, the Motorcycle & Engine segment and othersegments.
11

In terms of profit, the Company is forecasting business profit* of ¥53.0 billion and profit attributableto owners of parent of ¥29.0 billion. Furthermore, the Company is expecting ROIC of 4.7% and ROEof 5.9%. These forecasts are based on the expectation for an improvement of profitability ofcommercial aircraft jet engines with the recovery of commercial aircraft operating hours in the
Aerospace Systems segment and for an increase in profits in conjunction with a rise in sales of theMotorcycle and Engine segment and other factors.
Consolidated orders received are expected to decrease ¥32.1 billion year on year to ¥1,570.0 billion.
Assumed exchange rates of ¥120/US$ and ¥130/Euro are used for the above consolidated earnings
outlook.
*"Business profit" refers to the conventional operating profit adding non-operating income(expenses), other than financial income (expenses), and extraordinary income (loss).

Note regarding consolidated earnings outlook
The above earnings outlook is based on information available at the time of preparation, and includes
risks and uncertainties. We therefore discourage making investment decisions depending solely on thisoutlook. Please note that actual earnings may differ materially from this outlook, due to a variety ofimportant factors stemming from changes the external environment and/or the Company’s internal
environment. Important factors that impact actual operating performance include, but are not limited
to, the economic situation surrounding the Company’s scope of business, foreign exchange rates, inparticular the yen/dollar exchange rate, tax codes and other regulatory system-related issues.
2. Basic rationale for selecting accounting standards
Considering the progress of global business activities, the Group will voluntarily apply International
Financial Reporting Standards (IFRS) from the first quarter of the fiscal year ended March 2023 toenhance the global comparability of financial statements in the capital market and to improve thegroup management by standardizing the accounting process within the group.

123. Consolidated Financial Statements(1) Consolidated balance sheets
Millions of yen

Years ended March 31

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of bonds payable
Lease liabilities
Income taxes payable
Provision for sales promotion expenses
Provision for bonuses
Provision for construction warranties
Provision for loss on construction contracts
Advances received
Contract liabilities
Other
Total current liabilities

13

2021

2022

126,702460,436－
69,223452,848
136,471
43,314(3,589)1,285,407

114,469－
418,625
78,616419,954
160,113
109,911(3,908)1,297,781

172,951
142,951
57,743
10,564
16,63550,413451,259
22,427

168,409137,217
58,383
10,815
20,224
49,212444,262
23,413

12,721
155
70,452
122,254(1,403)204,180
677,868
1,963,276

14,539200
86,249157,668(1,366)257,291
724,967
2,022,748

247,294
107,849
141,579
30,000
1,061
4,753
7,380
18,23912,55014,263
153,298－
179,283
917,555

239,976
104,336
96,10820,00020,0001,1752
1,175
8,506
－
23,938
14,797
9,602－
256,189
212,696
987,328

Non-current liabilities
Bonds payable
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Retirement benefit liability
Provision for the in-service issuesof commercial aircraft jet engines engines
Other
Total non-current liabilities
Total liabilities

190,000
199,177
9,532
1,125
115,456

180,000
194,297
9,899
1,593
106,803(*1) 5,984(*1) 3,054

41,668562,944
1,480,500

41,249536,896
1,524,225

Total shareholders’ equity

104,484
54,542306,576(136)
465,467

104,484
55,526285,381(1,129)444,262

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

1,955
(179)
(931)
(979)
(134)
17,442482,775
1,963,276

1,424
(191)
23,585
10,09834,917
19,342498,5222,022,748

Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares

14

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen

Years ended March 31

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and allowances
Research and development expenses
Other

Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Gain on sale of investment securities
Share of profit of entities accounted for using equity method
Foreign exchange gains
Reversal of provision for the in-service issuesof commercial aircraft jet engines
Other

Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Loss on retirement of non-current assets
Other

Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Impairment losses
Loss on valuation of shares of subsidiaries and associates
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent

15

2021

2022

1,488,486
1,297,324
191,162

1,500,879
1,244,300
256,578

56,97044,94994,548
196,468(5,305)59,87247,098103,800
210,772
45,805

677
2,161
771
411
4,074

1,106
865
2,120
－
569

(*1) 3,306

－

3,815
15,218

4,680
9,342

3,790
－
2,866
6,091
12,768(2,855)

3,398
14,412951
6,451
25,21329,934(*2) 3,236(*3) 1,581
4,817(*2) 1,633－
1,633(*4) 15,205
1,444
16,649(14,688)
10,506(7,707)
2,798(17,486)
1,846(19,332)(*4) 715－
715
30,853
15,053(8,185)
6,867
23,9852,183
21,801

Consolidated statements of comprehensive income
Millions of yen

Years ended March 31
2021
Profit (loss)
Other comprehensive income
Net unrealized gains (losses) on securities
Deferred losses on hedges
Foreign currency translation adjustment
Remeasurement of defined benefit plans
Share of other comprehensive incomeof associates accounted for using equity method
Total other comprehensive income
Comprehensive Income attributable to:
Owners of parent
Non-controlling interests

16

2022

(17,486)

23,985

426
(284)
6,727
18,969(524)(337)
16,407
11,130

4,496

9,218

30,335
12,848
10,4232,425

35,89559,88056,854
3,026

(3) Consolidated statements of changes in net assets
Millions of yen

Years ended March 31
2021
Shareholders’ equity
Common stock
Balance at end of previous year2022

104,484

Total changes during the period
Balance at end of year

104,484－－

104,484

104,484

54,54254,542

Capital surplus
Balance at end of previous year
Changes during the period

1,916

Issuance of new shares
Loss on sales of treasury stock
Transfer of loss on sales of treasury stock
Changes in equity of parent company in transactions with noncontrolling shareholders
Total changes during the period
Balance at end of year
Retained earnings
Balance at end of previous year

(0)
0

2
0

(0)

(935)

(0)

983

54,542

55,526326,626

306,576

Cumulative effect of changes in accounting policies
Restated balance(39,639)
266,937

Changes during the period
Cash dividend(3,357)

Profit (loss) attributable to owners of parent
Transfer of loss on sales of treasury stock(19,332)(0)21,801
(0)

Other

（716)

－

Total changes during the period(20,049)

18,444

306,576

285,381

(133)

(136)

Treasury stock purchased, net
Loss on sales of treasury stock

(3)

(994)

0

1

Total changes during the period

(3)

(992)

(136)

(1,129)485,520

465,467(39,639)

Balance at end of year
Treasury stock
Balance at end of previous year
Changes during the period

Balance at end of year
Total shareholders’ equity
Balance at end of previous year
Cumulative effect of changes in accounting policies
Restated balance
Changes during the period

425,827

Issuance of new shares
Cash dividend

1,916(3,357)

Profit (loss) attributable to owners of parent
Treasury stock purchased, net(19,332)(3)

21,801(994)

Loss on sales of treasury stock
Transfer of loss on disposal of treasury stock

0
－

3
－

Changes in equity of parent company in transactions with noncontrolling shareholders

(0)

(935)

17

Millions of yen

Years ended March 31
2021
Other
Total changes during the period
Balance at end of year

2022
(716)

－

(20,052)

18,435465,467444,262

1,636

1,955

319

(530)

Comprehensive income
Net unrealized gains (losses) on securities
Balance at end of previous year
Changes during the period
Net changes in items other than shareholder’s equity
Total changes during the period

319

(530)

1,955

1,424

(272)

(179)

Net changes in items other than shareholders’ equity

92

(11)

Total changes during the period

92

(11)

(179)

(191)

(11,311)(931)

10,37924,516

10,37924,516(931)

23,585(19,946)(979)

Net changes in items other than shareholders’ equity

18,966

11,078

Total changes during the period

18,966

11,078

Balance at end of year(979)

10,098

Total comprehensive income
Balance at end of previous year

(29,892)(134)

29,75835,05229,75835,052(134)

34,917

15,934

17,442

1,507

1,899

Balance at end of year
Deferred gains (losses) on hedges
Balance at end of previous year
Changes during the period

Balance at end of year
Foreign currency translation adjustments
Balance at end of previous year
Changes during the period
Net changes in items other than shareholders’ equity
Total changes during the period
Balance at end of year
Remeasurements of defined benefit plans
Balance at end of previous year
Changes during the period

Changes during the period
Net changes in items other than shareholders’ equity
Total changes during the period
Balance at end of year
Non-controlling interests
Balance at end of previous year
Changes during the period
Net changes in items other than shareholders’ equity
Total changes during the period
Balance at end of year

18

1,507

1,899

17,442

19,342

Millions of yen

Years ended March 31
2021

2022

Total net assets
Balance at end of previous year
Cumulative effect of changes in accounting policies

471,562

Restated balance
Changes during the period

482,775(39,639)443,135

Issuance of new shares
Cash dividend

－

1,916
(3,357)(19,332)(3)

21,801(994)

Loss on sales of treasury stock
Transfer of loss on disposal of treasury stock

0
－

3
－

Changes in equity of parent company in transactions with noncontrolling shareholders

(0)

(935)

Other

(716)

－

Net changes in items other than shareholders’ equity

31,26536,951

Total changes during the period

11,21355,386

482,775

498,522

Profit attributable to owners of parent (loss)
Treasury stock purchased, net

Balance at end of year19(4) Consolidated statements of cash flows
Millions of yen

Years ended March 31
2021
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment loss
Loss on valuation of shares of subsidiaries and associates
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for sales promotion expenses
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for construction warranties
Increase (decrease) in provision for loss on construction contracts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for the in-service issuesof commercial aircraft jet engines
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale of non-current assets
Loss (gain) on sale of shares of subsidiaries and associates
Decrease (increase) in trade receivables
Decrease (increase) in notes and accounts receivable- trade and contract assets
Decrease (increase) in inventories
Increase (decrease) in trade payables
Decrease (increase) in advance payments to suppliers
Increase (decrease) in advances received
Increase (decrease) in contract liabilities
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets
Proceeds from sales of property,
plant and equipment and intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sale of shares of subsidiaries and associates
Proceeds from purchase of shares of subsidiaries resulting
in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Dividends paid to non-controlling interests
Proceeds from sale and leaseback transactions
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

20

2022

(14,688)
61,25815,205
1,444(343)(5,085)(3,819)(1,938)2,788
11,61130,85360,853
715
－
(110)
－
5,566
2,083
(4,838)4,778(9,705)(2,930)(2,839)3,790(411)(3,236)（1,581)
23,267(1,972)
3,398
14,412(1,633)－－－25,995(26,374)(16,784)
(132)
4,209
－
8,900
2,988
(5,570)42,9536,370(3,646)(11,076)
34,601(39,039)(15,067)(31,724)－
92,098(28,723)
43,354(470)
157,599
2,629(3,634)(12,164)
144,430(51,692)(62,399)

13,656

5,556(1,042)
1,407
(97)
1,927

(2,114)
5,717
(11)
－

－

489

(1,551)(37,392)

224(52,537)(28,409)27,310(22,297)
60,000(20,000)(59)(960)
10,014(2,505)23,093(682)
19,619102,546
122,166(74,242)
15,500(17,001)
10,000(30,000)(3,384)(913)－(2,303)(102,345)(3,202)(13,654)
122,166
108,511

(5) Notes on financial statements

Notes on the going-concern assumption
Not applicable

Changes in accounting policies(Application of Accounting Standards for Revenue Recognition)
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29 of March 31, 2020. Hereinafter referred to as “revenue recognition accounting standards”.),
etc. from the beginning of this consolidated fiscal year, and recognizes revenue at the amount
expected to be received in exchange for the promised goods or services when the control of those
goods or services is transferred to customers.
As a result of this adoption, a portion of the costs incurred in connection with the civil aviationengine program in which the Company is participating, which was previously recorded in cost of
sales, has been reduced from sales in consideration of payments to customers. As a result, thedevelopment contribution for the civil aviation engine program, which was previously accounted
for in work in process, has been transferred to investments and other assets. In addition, for aftersales services for the civil aviation engine program, although sales and cost of sales were previously
recorded based on information provided by the Company's main partner, revenue is now recognizedbased on fulfillment of performance obligations, and variable compensation and compensation paid
to customers are estimated when revenue is recognized. In addition, the Company changed themethod of accounting for certain types of discounts the Company is willing to pay in accordancewith the ratio of participation in the civil aviation engine program from the method previously
reported based on information provided by the main partner to the method in which the amount ofsuch discounts is estimated as variable compensation at the time of revenue recognition.
Regarding the application of the revenue recognition accounting standard, in accordance with thetransitional treatment prescribed in the proviso of Paragraph 84 of the revenue recognition
accounting standard, the cumulative effect of retroactive application of the new accounting policy
prior to the beginning of this consolidated fiscal year is added to or subtracted from retained earnings
at the beginning of this consolidated fiscal year, and the new accounting policy is applied from the
beginning balance. However, the new accounting policy has not been retroactively applied tocontracts that have been recognized almost all amounts of revenue in accordance with the previous
treatment prior to the beginning of this consolidated fiscal year by applying the method specified in
Paragraph 86 of the Accounting Standard for Revenue Recognition. In addition, by applying themethod specified in Paragraph 86 and Item (1) of the Accounting Standard for Revenue Recognition,changes in contracts made prior to the beginning of this consolidated fiscal year are accounted forunder the terms and conditions after reflecting all changes in contracts, and the cumulative effect ofsuch changes is recorded in the consolidated financial statements for the beginning of this21

consolidated fiscal year. The amount is adjusted to retained earnings at the beginning of thisconsolidated fiscal year.
Due to the application of revenue recognition accounting standards, “notes and accounts
receivable - trade”, which were included in “current assets” in the consolidated balance sheets forthe previous fiscal year, are included in “notes and accounts receivable - trade, and contract assets”
from the beginning of this consolidated fiscal year. “Advances received”, which were presented as“current liabilities” in the consolidated balance sheets for the previous fiscal year, have beenpresented as “contract liabilities” from the beginning of this consolidated fiscal year, and “provision
for sales promotion expenses” in “current liabilities” have been included in “other” under “current
liabilities”. The Company has not reclassified the previous consolidated fiscal year using the newpresentation method in accordance with the transitional treatment prescribed in Paragraph 89-2 ofthe Accounting Standard for Revenue Recognition.
As a result, compared with the figures before the application of the revenue recognition
accounting standards, net sales and cost of sales decreased respectively by ¥102,800 million and by¥108,128 million, and operating profit, ordinary profit and profit before income tax increased by¥5,327 million respectively.
Due to the reflection of the cumulative effect on net assets at the beginning of this consolidated
fiscal year, the beginning balance of retained earnings decreased by ¥39,639 million.

(Application of Accounting Standards for Fair Value Measurements)
The Company has applied the “Accounting Standard for Fair Value Measurements” (ASBJ
Statement No. 30 of July 4, 2019. Hereinafter referred to as “Accounting Standard for Fair Value
Measurements”.), etc. from the beginning of this consolidated fiscal year, and in accordance withthe transitional treatment set forth in Paragraph 19 of the Accounting Standard for Fair Value
Measurements and Paragraph 44-2 of the“ Accounting Standard for Financial Instruments ” (ASBJ
Statement No. 10 of July 4, 2019), the new accounting policy set forth in the Accounting Standard
for Fair Value Measurements, etc. will be applied in the future. There is no impact on the
consolidated financial statements.

Related to consolidated balance sheets(*1) Provision for the in-service issues of commercial aircraft jet engines
The Company participates as a risk and revenue sharing partner on the Rolls-Royce Trent 1000
engine program, which has been impacted by the challenge of managing significant in-service issues.
Rolls-Royce continues to work hard to remedy this situation and has made further substantial progresson the implementation of long-term solutions and mitigation of the near-term impact on customers.
The Company has made a provision of the abnormal cost related to in-service issues which theCompany would cover as a member of this program.
22

Related to consolidated statements of income(*1) Reversal of provision for the in-service issues of commercial aircraft jet engines
The Company participates as a risk and revenue sharing partner on the Rolls-Royce Trent 1000
engine program, which has been impacted by the challenge of managing significant in-service issues.
Rolls-Royce continues to work hard to remedy this situation. The Company has made a provision of
the cost related to in-service issues which the Company would cover as a member of this program.
The reversal of the provision was included within the non-operating income.

(*2) Gain on sale of non-current assets
Fiscal year ended March 31, 2021
Proceeds from the sale of housing sites of the Company and subsidiaries.

Fiscal year ended March 31, 2022
Proceeds from the sale of the land of the Company in Yokkaichi, Japan.

(*3) Gain on sale of shares of subsidiaries and associates
Proceeds from the sale of shares of associates of subsidiaries.

(*4) Impairment losses
Due to a decline in profitability from the assets of the Sakaide Works of the Energy Solution &Marine Engineering segment based on the current market environment.

23

Segment information
1. Overview of reportable segments
The Company’s reportable segments are components of the Company about which separate
financial information is available. These segments are subject to periodic reviews by theCompany’s board of directors to decide how to allocate resources and assess performance. The
Company’s operations are divided into internal companies based on product categories. Certain
authority is delegated to each of the internal companies, based on which they conduct businesses
in Japan and overseas. The Company’s operations are therefore segmented based on eachinternal company’s product categories. The Company’s six reportable segments are the
Aerospace Systems segment, the Rolling Stock segment, the Energy Solution & Marine
Engineering segment, the Precision Machinery & Robot segment, the Motorcycle & Engine
segment, and the Other segment.
From the beginning of this consolidated fiscal year, the previous reporting segments of “Energy
System & Plant Engineering” and “Ship & Offshore Structure” have been integrated into “Energy
Solution & Marine Engineering”. As a result, reportable segments have been changed to“Aerospace Systems” and “Rolling Stock”, “Energy Solution & Marine Engineering”, “Precision
Machinery & Robot”, “Motorcycle & Engine”, “Other”. Segment information for the previous
consolidated fiscal year is presented using the new classification method.
Main segment businesses are listed below.
Industry segment

Major products

Aerospace Systems

Production and sale of aircraft, jet engines, etc.

Rolling Stock

Production and sale of rolling stock, snow plows, etc.

Energy Solution &Marine Engineering

Production and sale of energy-related machinery and system, marine
machinery and system, industrial equipment, environmental equipment,ultralow temperature tank, hydrogen-related structures, crushers, ships
and other vessels, etc.

Precision Machinery &Robot

Production and sale of industrial hydraulic products, industrial robots, etc.

Motorcycle & Engine

Production and sale of motorcycles, vehicles of off-road models (SxS,
ATV), personal watercraft (“JET SKI”), general-purpose gasoline
engines, etc.

Other

Commercial activities, sales/order agency and intermediary activities,
administration of welfare facilities, etc.

2. Method for calculating sales, profit/loss, assets, liabilities, and other items for reportable segments
The accounting methods applied to the reported business segments generally follow theaccounting policies used to prepare the consolidated financial statements. The income of reporting
segments is based on operating profit. Inter-segment earnings and transfers are based on market
prices.
As stated in Changes in Accounting Policies, the Company has applied revenue recognition
accounting standards, etc. from the beginning of this consolidated fiscal year and has changed the24accounting method for revenue recognition.
As a result of this change, compared with the previous method, net sales of the “Aerospace
Systems” segment decreased by ¥79,490 million, segment loss improved ¥5,202 million, net salesof the “Rolling stock” segment decreased by ¥55 million, segment profit increased by ¥0 million,
net sales of the “Energy Solution & Marine Engineering” segment increased by ¥328 million,
segment profit increased by ¥66 million, and net sales of “Other” decreased by ¥23,582 million,
segment profit increased by ¥58 million.

25

3. Sales, profit (loss), assets, liabilities, and other items by reportable segment
Fiscal year ended March 31, 2021 (April 1, 2020 – March 31, 2021)(Millions of yen)
Sales

Other items

External sales Intersegment
sales

Aerospace
Systems
Rolling StockEnergySolution &MarineEngineering
Precision
Machinery &Robot
Motorcycle &EngineOther
Total
Adjustments
Consolidated
total

Total
sales

Operatingprofit(loss)

Total
assetsDepreciation Impairment
loss

Investment for
Increase inaffiliates
property, plant
applied forand equipment
equityandmethods
intangibles

377,720

7,681

385,402(31,668)

757,342

23,043－－

22,113

133,2487

133,256(4,593)

215,688

2,551

11,129148

2,424

319,543

19,756339,300

10,349476,254

4,747

4,076

67,921

5,193

240,864

14,853

255,717

14,086

213,792

10,071

－

(24)

9,836

336,694730

337,424

11,758

256,997

14,904－

1,538

12,79080,415
1,488,486－

36,97980,009(80,009)117,395
1,568,496(80,009)469
403(5,709)73,211
1,993,286(30,010)947
56,267
4,991－
15,205－3,880
73,464－548
52,907
12,772

1,488,486－

1,488,486(5,305)

1,963,276

61,25815,20573,464

65,679Fiscal year ended March 31, 2022 (April 1, 2021 – March 31, 2022)(Millions of yen)
Sales
External sales Intersegment
sales

Aerospace
Systems
Rolling StockEnergySolution &MarineEngineering
Precision
Machinery &Robot
Motorcycle &EngineOther
Total
Adjustments
Consolidated
total

Other items
Total
sales

Operatingprofit(loss)

Total
assetsDepreciation Impairment
loss

Investment for
Increase inaffiliates
property, plant
applied forand equipment
equityandmethods
intangibles

298,212

10,123308,335(9,702)746,450

23,350－－10,755

126,68433

126,718

3,288

213,462

1,244

－

173

1,922

297,306

15,936313,243

1,166

450,045

4,601

715

65,3094,483

252,678

19,746272,425

16,607238,338

10,713－

3

11,544447,927845

448,773

37,338288,876

14,447－815

13,56578,0701,500,879－

20,164
66,850(66,850)

98,234
1,567,730(66,850)

2,890
51,590(5,785)

157,136
2,094,310(71,561)813
55,171
5,681

－
715
－

4,104
70,405－

1,598
43,8709,647

1,500,879－

1,500,879

45,8052,022,748

60,853715

70,40553,51726

4. Reconciliation and main components of difference between total for reportable segments andamounts on the consolidated financial statements
Fiscal year ended March 31(Millions of yen)

Sales

2021

Total for reportable segments
Intersegment transactions
Net sales reported on the consolidated
financial statements

2022

1,568,496(80,009)1,567,730(66,850)

1,488,486

1,500,879

Fiscal year ended March 31(Millions of yen)

Income2021

Total for reportable segments
Intersegment transactions
Corporate expenses*
Operating profit (loss) on consolidated
financial statements

2022
403
36
(5,745)51,590135(5,921)(5,305)45,805

Note: Corporate expenses mainly comprise general and administrative expenses not attributed toreportable segments.
Fiscal year ended March 31(Millions of yen)

Assets2021

Total for reportable segments
Intersegment transactions etc.
Corporate assets shared by all segments*
Total assets on consolidated financial
statements

2022

1,993,286(138,799)
108,788

2,094,310(203,588)
132,027

1,963,276

2,022,748

Note: Corporate assets shared by all segments mainly comprise non-current assets not attributed toreportable segments.
Fiscal year ended March 31
Other items

Depreciation

Total for reportablesegments

Adjustments*(Millions of yen)Amounts reported on
the consolidated
financial statements

2021

2022

2021

2022

2021

2022

56,26755,171

4,991

5,681

61,25860,853

Increase in property, plantand equipment and
52,90743,87012,772
9,647
65,67953,517
intangibles
Note: Adjustments are mainly due to non-current assets not attributed to reportable segments.

27

Per share data
Fiscal year ended March 31
Net assets per share
Earnings per share - basic

2021
2,875.71

(Yen)
2022
2,861.25(115.73)130.26

Notes:
1. Diluted net earnings per share are not stated because there are no potential shares.
2. Profit/loss per share and net income per share (diluted) were calculated based on the following:
Fiscal year ended March 31(Millions of yen)
2022

2021
Earnings per share – basic
Profit (loss) attributable to owners of parent
Earnings not attributable to common shareholders
Profit (loss) allocated to the common stock
Average number of common stock outstanding (Thousands of shares)(19,332)－(19,332)
167,043

21,801－21,801
167,361

Material subsequent events
Not applicable.

4. Supplementary information on earnings forecasts for the fiscal year ending March 31, 2023
(1)

Net sales and operating profit (loss)

Fiscal year ended March 31(Billions of yen)
Business
profitOperating profit
Net sales
Reportable segment

Aerospace Systems
Rolling StockEnergy Solution &Marine Engineering
Precision Machinery &Robot
Motorcycle & Engine
Other
Adjustments
Total(For reference: Japanese GAAP)(IFRS)
2023

2022

2023

Change2022

2023

Change

(A)
298.2
126.6

(B)
350.0
140.0

(B – A)
51.8
13.4

(A)
(9.7)
3.2

(B)
1.5
3.5

(B – A)
11.2
0.3

297.3

330.0

32.7

1.1

2.5

1.4

2.5

252.6

270.0

17.4

16.6

20.0

3.4

17.0

447.9
78.0

500.0
90.0

52.1
12.0

1,500.8

1,680.0

179.2

37.3
2.8
(5.7)
45.8

45.0
4.0
(15.5)
61.0

7.7
1.2
(9.8)
15.2

43.0
4.0
(19.0)
53.0

28

(B)
2.5
3.0

(2) Orders received
Fiscal year ended March 31
2022

2023

(Billions of yen)
ChangeReportable segment(A)(B)(B – A)
383.3
280.0(103.3)Aerospace Systems
71.5
80.0
8.5
Rolling Stock
343.5
340.0
(3.5)
Energy Solution & Marine Engineering
271.8
280.0
8.2
Precision Machinery & Robot
447.9
500.0
52.1
Motorcycle & Engine
84.0
90.0
6.0
Other
1,602.1
1,570.0(32.1)
Total
Note: 1. Assumed exchange rate for the fiscal year ending March 31, 2023 would be ¥120/US$ and ¥130/Euro.
2. The Motorcycle & Engine segment’s orders received are equal to its net sales as production is based mainlyon estimated demand.
3. "Business profit" refers to the conventional operating profit adding non-operating income (expenses), otherthan financial income (expenses), and extraordinary income (loss).

29