Report of Earnings and Financial Statements for theNine Months Ended December 31, 2012 (Consolidated)(Prepared pursuant to Japanese GAAP)
January 31, 2013
Listed company’s name:

Kawasaki Heavy Industries, Ltd.

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

1st sections of the TSE, OSE, and NSE
7012
http://www.khi.co.jp/
Satoshi Hasegawa, President
Hideyuki Matsubara, Senior Manager, Accounting Department+81 3-3435-2130

Scheduled dates:
Submission of quarterly securities filing:
Commencement of dividend payments:

February 13, 2013-

Supplementary materials to quarterly earnings:
Quarterly earnings presentation:

Available
Conducted (for institutional investors and analysts)

1. Consolidated Financial Results for the Nine Months ended December 31, 2012
(April 1 – December 31, 2012)(Amounts in millions of yen rounded down to the nearest million yen)

(1) Operating Results(Percentage figures represent changes versus the year-ago period)
Net sales

Operating income

Recurring profit

million yen%
million yen%
million yen
Nine Months Ended
885,896(2.2)
22,920 (51.5)
31,446
December 31, 2012
Nine Months Ended
906,314
4.1
47,28222.0
58,111
December 31, 2011
Note: Comprehensive income December 31, 2012: 15,640 million yen (43.1%)
December 31, 2011: 27,531 million yen 37.6%
Earnings per shareyen
Nine Months Ended
December 31, 2012
Nine Months Ended
December 31, 2011%

million yen%(45.8)

19,343(42.5)

28.5

33,679

19.6

Earnings per share– diluted
yen

11.57

-

20.15

19.95

(2) Financial Condition
Total assets

Net assets

million yen

million yen%

December 31, 2012

1,494,484

322,365

20.8

March 31, 2012

1,362,139

315,92222.4

Note: Shareholders’ equity:

December 31, 2012:
March 31, 2012:

311,048 million yen
306,054 million yen

1

Net income

Equity ratio

2. Dividends

Record date or term

End of firstquarteryen

End of second
quarteryen

Dividend per share
End of third End of financial
quarter
year
yen
yen

Year ended
0.00
March 31, 2012
Year ending
0.00
March 31, 2013
Year ending March
31, 2013 (forecast)
Note: Revisions to the most recently announced dividend forecast: None

Full year
yen

5.00

5.00

5.00

5.00

3. Forecast of Consolidated Earnings for the Year Ending March 31, 2013
(April 1, 2012 – March 31, 2013)
Net sales

Full year

million yen%

1,300,000(0.2)(Percentage figures represent changes versus the year-ago period)
Earnings per
Operating income
Recurring profit
Net income
sharemillion yen%
million yen%
million yen%
yen
40,000(30.4)

50,000(21.4)

30,00028.6

Note: Revision to the most recently announced earnings forecast: Yes

4. Other Information
1) Changes affecting the status of material subsidiaries (scope of consolidation): None
*This refers to additions and removals of material subsidiaries to and from the consolidated groupduring the period. For further details, see “Changes affecting the status of material subsidiaries(scope of consolidation)” on page 9 in the Accompanying Materials.
2) Accounting procedures specific to preparation of quarterly consolidated financial statements: Yes*For further details, see “Accounting procedures specific to preparation of quarterly consolidated
financial statements” on page 9 in the Accompanying Materials.
3) 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: Yes(4) Correction of errors: None
* The above changes correspond to Article 10-5 in the “Ordinance on Terminology, Forms andPreparation Methods of Quarterly Consolidated Financial Statements”. For further details, see“Changes in accounting policies, changes in accounting estimates, and correction of errors” onpage 9 in the Accompanying Materials.
4) Number of shares issued and outstanding (common stock)(1) Number of shares issued as of period-end (including treasury stock)
December 31, 2012:
1,671,892,659 shares
March 31, 2012:
1,671,892,659 shares(2) Number of shares held in treasury as of period-end
December 31, 2012:
93,582 shares
March 31, 2012:
77,126 shares

2

17.94

(3) Average number of shares during respective periods
Nine months ended December 31, 2012:
1,671,806,157 shares
Nine months ended December 31, 2011:
1,671,347,871 shares*Quarterly review status
This report is exempt from the quarterly review of accounts conducted in accord with Japan’s Financial
Instruments and Exchange Act. As of this report’s publication, the quarterly review of the quarterly
financial results had not been completed.
*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 preparation. Actual
results may differ from those expressed or implied by forward-looking statements due to a range offactors. For assumptions underlying earnings forecasts and other information regarding the use of suchforecasts, refer to “Consolidated earnings outlook” on page 8 in the Accompanying Materials.
How to Obtain Supplementary Briefing Material on Quarterly Financial Results and Details of theQuarterly Financial Results Briefing
The Company plans to conduct a briefing for institutional investors and analysts by conference call on
Thursday January 31, 2013, and to post the briefing material on quarterly financial results to be used forthe briefing on TDnet and the Company’s website simultaneously with the announcement of financial
results.

3

Accompanying Materials – Contents
1. Qualitative Information and Financial Statements

5(1) Consolidated operating results

5(2) Consolidated financial position

8(3) Consolidated earnings outlook

8

2. Summary Information (Notes)

9(1) Changes affecting the status of material subsidiaries (scope of consolidation)

9(2) Accounting procedures specific to preparation of quarterly consolidated financial statements

9(3) Changes in accounting policies, changes in accounting estimates, and correction of errors

9

3. Consolidated Financial Statements

10(1) Consolidated balance sheets

10(2) Consolidated statements of income and comprehensive income

12(Consolidated statements of income for the nine months ended December 31, 2012)12(Consolidated statements of comprehensive income for the nine months ended December 31, 2012)12(3) Notes on the going-concern assumption

13(4) Notes on significant changes in the amount of shareholders’ equity

13(5) Segment information and others

13

4. Supplementary Information

14(1) Consolidated cash flow statements (condensed)

14(2) Orders and sales (consolidated)

15(3) Net sales by geographic area (consolidated)

16(4) Supplementary information on earnings forecasts for the fiscal year ending March 31, 201316

4

1. Qualitative Information and Financial Statements(1) Consolidated operating results
The global economy is expected to continue on a track toward gradual recovery, but the
speed thereof in developed countries remained slow due to uncertainties such as thefinancial problems and a continuing overall severe employment situation in the U.S.
and debtor nation problems in Europe. In addition, emerging countries that have led
the global economy are also experiencing economic slowdown, with the economic growthrate of China falling short of initial forecasts.
In Japan, demand for reconstruction related to the Great East Japan Earthquake wasmoving into full swing, but the economy continued to be uncertain due to expectedbusiness slowdown at export companies triggered by the downward global trend. The
new fiscal and financial government policies to get out of deflation and realize
sustainable economic growth and the movement of the strong yen correction are seen inrecent months, while it is thought that more time is needed before the effects of these
movements will be reflected in the real economy.
Under such business environment, overall orders received by the Group increased forthe third quarter of the fiscal year ending March 2013 because greater orders for the
Rolling Stock and Aerospace segments offset fewer orders for the Precision Machineryand other segments. Overall sales fell chiefly due to a decrease in the Precision
Machinery segment caused by the economic slowdown in China and a drop in the Ship
& Offshore Structure segment, despite increases in the Aerospace and other segments.
Overall profits declined, owing to lower profits in the Precision Machinery and Rolling
Stock segments, despite rises in profits in the Aerospace and other segments supported
larger sales.
As a result, orders received of the Group were ¥802.4 billion on a consolidated basis, up¥20.3 billion from the previous year. Consolidated net sales were ¥885.8 billion, down
¥20.4 billion year-on-year; operating income was ¥22.9 billion, down ¥24.3 billion; andrecurring profit was ¥31.4 billion, down ¥26.6 billion. Net income was ¥19.3 billion,
down ¥14.3 billion year-on-year.

5The overview of performance results by business segment for the third-quarter
cumulative period of the fiscal year ending March 2013 is as follows.
Segment Information

Segment net sales, operating income, and orders received (billions of yen)
Nine months ended December 31,

Orders received
Nine months ended

2011

2012
December 31,

Segment

Net

OperatingNet

Operatingsales

incomesales

income2011

2012

Ship & Offshore Structure

87.1

4.1

68.6

4.4

36.9

42.9

Rolling Stock

94.6

4.9

94.1

(0.5)

49.9

93.1

Aerospace

138.5

5.9

165.8

9.3

114.1

138.3

Gas Turbine & Machinery

137.0

8.0

144.6

4.6

123.3

131.6

Plant & Infrastructure

78.7

8.8

71.1

3.7

84.0

69.4

Motorcycle & Engine

154.2

(4.5)

158.8

(2.0)

154.2

158.8

Precision Machinery

129.0

20.7

93.8

4.8

131.1

78.4

Other

86.7

3.3

88.7

1.5

88.2

89.5

-

(4.0)

-

(2.9)

-

-

906.3

47.2

885.8

22.9

782.1

802.4

Adjustments
Total

Note: Net sales include only sales to external customers.

Ship & Offshore Structure
Orders received increased ¥6.0 billion from a year earlier to ¥42.9 billion on aconsolidated basis due to the receipt of orders for four ships, including an LNG carrier.
Net sales decreased ¥18.4 billion to ¥68.6 billion, owing to a fall in construction ofCape size bulk carriers, despite a growth in construction of liquefied gas carriers,
including an LNG carrier and an LPG carrier.
Operating income increased ¥0.2 billion to ¥4.4 billion due to a reduction in costs anda decrease in provision for losses on construction contracts, despite a decline in sales.

Rolling Stock
Orders received totaled ¥93.1 billion on a consolidated basis, up ¥43.2 billion year on
year, primarily thanks to the receipt of orders from Taiwan for high-speed rail cars andfrom Singapore for subway cars.
Net sales were ¥94.1 billion, mostly unchanged from the previous year, chiefly
because sales rose in Japan because of a rise in sales to JR companies, despite adecrease in sales overseas.
Operating income deteriorated ¥5.4 billion from a year ago to an operating loss of6

¥0.5 billion, affected by provision for losses on construction contracts for a certain
overseas project.

Aerospace
Orders received increased ¥24.2 billion from the previous fiscal year to ¥138.3 billion ona consolidated basis, mainly due to rises in orders from Japan’s Ministry of Defense andorders from Boeing for component parts for the Boeing 777 and 787.
Net sales jumped ¥27.2 billion to ¥165.8 billion, thanks to an increase in sales to the
Ministry of Defense, including C-2 transport aircraft, and a rise in sales to Boeing ofcomponent parts for the Boeing 777 and 787.
Operating income rose ¥3.4 billion to ¥9.3 billion, largely because of increased sales
and reduced costs.
Gas Turbine & Machinery
Orders received totaled ¥131.6 billion on a consolidated basis, up ¥8.3 billion year on
year, due to larger orders for component parts for commercial aircraft jet engines.
Net sales increased ¥7.5 billion to ¥144.6 billion, buoyed by increases in sales ofindustrial gas turbines and gas engines, despite a decrease in sales of turbine facilities.
Operating income was ¥4.6 billion, down ¥3.3 billion, primarily affected by higher
R&D expenses.

Plant & Infrastructure
Orders received decreased ¥14.5 billion year on year to ¥69.4 billion on a consolidated
basis, due to declines in domestic orders for LNG storage tanks and municipal refuse
incineration plants, despite the receipt of orders for cryogenic tanks and such like for
the Ichthys LNG project.
Net sales declined ¥7.6 billion to ¥71.1 billion, owing to a drop in large orders fromoverseas, although sales of LNG storage tanks continued to be strong, and sales of
conveying facilities and municipal refuse incineration plants went up.
Operating income decreased ¥5.1 billion to ¥3.7 billion, due to falls in sales andprofitability.

Motorcycle & Engine
Net sales were ¥158.8 billion on a consolidated basis, up ¥4.5 billion from a year earlier,mainly thanks to an increase in sales of motorcycles for the U.S. and emerging countries
such as Indonesia, despite a decrease in sales of motorcycles for Europe.
Operating income and loss improved ¥2.5 billion year on year chiefly due to increases
in sales and profitability, but this figure was adjusted to an operating loss of ¥2.0
billion.
7

Precision Machinery
Orders received sharply decreased ¥52.7 billion from a year ago to ¥78.4 billion on aconsolidated basis, primarily due to a decline in orders for hydraulic equipment to theconstruction machinery market in emerging countries, mainly China.
Net sales significantly fell ¥35.2 billion to ¥93.8 billion, owing to a drop in sales ofhydraulic equipment to the construction machinery market in emerging countries,
mainly China.
Operating income sharply declined ¥15.9 billion to ¥4.8 billion, because of lower sales
and an increase in fixed expenses caused by capital spending in previous years.

Other Operations
Net sales totaled ¥88.7 billion on a consolidated basis, up ¥2.0 billion from the previous
fiscal year.
Operating income was ¥1.5 billion, down ¥1.8 billion.

(2) Consolidated financial position
At the end of the third quarter under review, total assets stood at ¥1,494.4 billion on aconsolidated basis, up ¥132.3 billion from the end of the previous fiscal year, reflecting
an increase in trade receivables following the booking of net sales, an increase ininventories resulting from progress toward completion of construction jobs, and anincrease in property, plant and equipment due to capital investment and investments in
Dalian COSCO KHI Shipbuilding Engineering Co., Ltd. Liabilities were ¥1,172.1
billion, up ¥125.9 billion, due to rises in commercial paper, short-term borrowing andcorporate bonds, despite a fall in trade payables. Interest-bearing debt was ¥587.1
billion, up ¥180.0 billion. Net assets were ¥322.3 billion, up ¥6.4 billion, reflecting
payment of dividends and the booking of net income.

(3) Consolidated earnings outlook
The future direction of the business environment surrounding the Company stays
uncertain given that the speed of economic recovery in developed countries remains
slow and economies in emerging countries, mainly China, are also decelerating.

At themoment, signs of a correction in the excessive strength of the yen are appearing, but it
will likely take some more time before such correction will be reflected in the real
economy.
The earnings outlook for the current fiscal year is as follows. Consolidated net sales
are expected to be ¥1,300.0 billion, unchanged from the forecast previously announced.
Operating income is projected to increase ¥4.0 billion from the forecast announced
previously to ¥40.0 billion, chiefly due to improvements resulting from changing theassumption of exchange rates, despite the continued low demand in the Precision8

Machinery segment for hydraulic equipment to the construction machinery market inemerging countries and robots for semiconductor manufacturing equipment. Recurring
profit and net income are expected to remain unchanged from the forecasts previously
announced at ¥50.0 billion and ¥30.0 billion, respectively, as the effects of a change inexchange rates will be limited due to forward exchange contracts the Company has
conducted so far.
The above earnings outlook assumes exchange rates of ¥85 to the U.S. dollar and¥110 to the euro.

2. Summary Information (Notes)(1) Changes affecting the status of material subsidiaries (scope of consolidation)
Not applicable(2) Accounting procedures specific to preparation of quarterly consolidated financial statements
The Company calculates tax expense by rationally estimating its effective tax rate after
application of deferred-tax accounting to pretax net income for the fiscal year, which
includes the Third quarter under review, and multiplying quarterly pretax net income
by said estimated effective tax rate. If unable to use the estimated effective tax rate, theCompany calculates tax expense by multiplying the statutory effective tax rate byquarterly pretax net income adjusted to reflect material differences other than
temporary differences.
Income taxes are reported inclusive of income tax adjustments.

(3) Changes in accounting policies, changes in accounting estimates, and correction of errors
Change in depreciation method
In accordance with the revision to the Corporate Tax Law, from the first quarter of the
fiscal year ending March 2013, the Company and its domestic consolidated subsidiaries
have changed the depreciation method for property, plant and equipment acquired on orafter April 1, 2012 to the method stipulated in the revised Corporate Tax Law.
As a result, operating income, recurring profit and income before income taxes andminority interests for the third-quarter cumulative period increased ¥768 million
respectively.

93. Consolidated Financial Statements(1) Consolidated balance sheets
Millions of yen
As ofNine months ended
March 31, 2012
December 31, 2012
AssetsCurrent assets
Cash on hand and in banks
Trade receivables
Merchandise and finished products
Work in process
Raw materials and supplies
Other current assets
Allowance for doubtful receivables

34,316
404,054
53,558300,224
88,11390,174(3,255)967,186

30,839427,642
74,922
344,640
89,09490,710(3,329)1,054,521

274,750

296,365

Total current assets
Fixed assets
Net property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Other
Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

300
18,48518,78665
19,335
19,400102,356(940)
101,416
394,953
1,362,139

125,368(1,171)
124,196
439,962
1,494,484

Liabilities
Current liabilities
Trade payables
Short-term debt
Income taxes payable
Accrued bonuses
Provision for losses on construction contracts
Other provisions
Advances from customers
Other
Total current liabilities

310,775
137,568
4,627
20,58230,977
7,128
99,05085,291
696,002

263,547
227,409
3,511
9,818
19,626
5,671
102,834
208,238
840,659

Long-term liabilities
Bonds payable
Long-term debt
Employees’ retirement and severance benefits
Other provisions
Other
Total long-term liabilities
Total liabilities

60,000198,737
75,052
4,192
12,232350,214
1,046,216

70,000169,917
72,613
4,737
14,189331,459
1,172,118

104,484
54,393
176,414(22)
335,270

104,484
54,393
187,008(25)
345,860

Net assets
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity

10

Accumulated other comprehensive income
Net unrealized gains (losses) on securities, net of tax
Deferred gains (losses) on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

11

3,989
246
(33,451)(29,215)9,868
315,922
1,362,139

3,416(5,999)(32,229)(34,811)
11,316322,365
1,494,484

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen
Nine months ended
December 31, 2011
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and benefits
R&D expenses
Provision for doubtful accounts
Other
Total selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Equity in income of non-consolidated subsidiaries and affiliates
Foreign exchange gain, net
Other
Total non-operating income
Non-operating expenses
Interest expense
Loss on valuation of securities
Other
Total non-operating expenses
Recurring profit (loss)
Extraordinary losses
Provision for environmental measures
Loss on impairment of fixed assets
Total extraordinary losses
Income (loss) before income taxes and minority interests
Income taxes
Income before minority interests
Minority interests in net income of consolidated subsidiaries
Net income (loss)

Nine months ended
December 31, 2012

906,314749,211
157,102885,896
748,339
137,557

30,03925,222
95
54,461
109,819
47,282

31,33327,258260
55,784
114,637
22,920

1,172
641
7,100
2,723
6,046
17,684

1,335
592
7,082
1,724
4,141
14,877

3,237
12
3,606
6,856
58,111

3,130
20
3,199
6,351
31,446924
924
57,186
21,44235,744
2,065
33,679

1,395
212
1,608
29,837
8,694
21,1431,800
19,343

Consolidated statements of comprehensive income
Millions of yen
Nine months ended
December 31, 2011
Income before minority interests
Other comprehensive income
Net unrealized gains (losses) on securities, net of tax
Deferred gains (losses) on hedges
Foreign currency translation adjustments
Share of other comprehensive income of associates accounted forusing equity method
Total other comprehensive income
Comprehensive Income attributable to:
Owners of the parent company
Minority interests

12

Nine months ended
December 31, 2012

35,744

21,143(1,349)(241)(6,270)(585)(6,226)
2,476

(352)

(1,167)(8,213)
27,53125,872
1,658(5,503)
15,64013,746
1,893

(3) Notes on the going-concern assumption

Not applicable(4) Notes on significant changes in the amount of shareholders’ equity
Not applicable(5) Segment information and others
Segment information
1. Nine months ended December 31, 2011 (April 1, 2011 – December 31, 2011)(1) Sales and income (loss) by reportable segment
Millions of yen

Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Reportable segment total
Adjustments*1
Consolidated total
Notes: 1. Breakdown of adjustments:

External sales

Intersegment
sales

Total sales

Operatingincome (loss)

87,113
94,651
138,586
137,070
78,773
154,277
129,097
86,743906,314906,314

1,047
1,641
1,433
14,427
8,312
765
9,497
24,97362,098(62,098)-

88,161
96,292140,019
151,498
87,086
155,043
138,594
111,716
968,412(62,098)
906,314

4,132
4,905
5,905
8,034
8,837
(4,581)
20,7893,349
51,373(4,090)47,282Millions of yen
IncomeAmountIntersegment transactions(89)
Corporate expenses*(4,000)Total(4,090)*Corporate expenses mainly comprise general and administrative expenses not attributed to reportablesegments.
2. Segment income adjustments are based on operating income reported on the quarterly consolidated
statements of income for the corresponding period.

(2) Impairment loss on fixed assets and goodwill by reportable segment
Not applicable132. Nine months ended December 31, 2012 (April 1, 2012 – December 31, 2012)(1) Sales and income (loss) by reportable segment
Millions of yen

Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Reportable segment total
Adjustments*1
Consolidated total
Notes: 1. Breakdown of adjustments:

External sales

Intersegment
sales

Total sales

Operatingincome (loss)

68,62994,181
165,848
144,667
71,132
158,855
93,83088,750885,896885,896

1,446
2,467
1,656
12,227
11,460512
9,381
23,536
62,688(62,688)-

70,07596,649167,504
156,894
82,592
159,368
103,212112,287
948,584(62,688)885,896

4,417
(585)
9,346
4,655
3,712
(2,018)4,851
1,500
25,879(2,959)22,920Millions of yen
AmountIncomeIntersegment transactions
809
Corporate expenses*(3,768)
Total(2,959)* Corporate expenses mainly comprise general and administrative expenses not attributed to reportablesegments.
2. Segment income adjustments are based on operating income reported on the quarterly consolidated
statements of income for the corresponding period.

(2) Impairment loss on fixed assets and goodwill by reportable segment
Not applicable
4. Supplementary information(1) Consolidated cash flow statements (condensed)
Millions of yen
Nine months ended
December 31, 2011
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period(16,113)(51,417)
61,23234,30114

Nine months ended
December 31, 2012
(104,274)(66,116)
168,493
29,587

(2) Orders and sales (consolidated)
Orders received
Nine months ended
December 31, 2011

Nine months ended
December 31, 2012

Year ended March 31,
2012

million yen% of total
million yen% of total
million yen% of total
Ship & Offshore Structure
36,911
4.7
42,982
5.3
39,9093.0
Rolling Stock49,937
6.3
93,149
11.6
66,0995.0
Aerospace
114,11014.5
138,35917.2
327,233
24.9
Gas Turbine & Machinery
123,34415.7
131,670
16.4
227,28117.3
Plant & Infrastructure
84,06910.7
69,481
8.6
119,284
9.0
Motorcycle & Engine
154,27719.7
158,855
19.7
235,243
17.9
Precision Machinery
131,185
16.7
78,403
9.7
174,587
13.3
Other
88,27011.2
89,53011.1
122,239
9.3
Total
782,106
100.0
802,433100.0
1,311,878
100.0
Note: The Motorcycle & Engine segment’s orders received are equal to its net sales as production is based mainlyon estimated demand.

Net sales

Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Total

Nine months ended
December 31, 2011
% of total
million yen
87,113
9.6
94,651
10.4
138,586
15.2
137,070
15.1
78,773
8.6
154,27717.0
129,097
14.2
86,743
9.5
906,314100.0

Nine months ended
December 31, 2012
million yen% of total
68,6297.7
94,181
10.6
165,84818.7
144,667
16.3
71,1328.0
158,855
17.9
93,83010.5
88,75010.0
885,896
100.0

Year ended March 31,
2012
million yen% of total
113,532
8.7
132,684
10.1
206,580
15.8
194,655
14.9
122,800
9.4
235,24318.0
175,077
13.4
123,205
9.4
1,303,778
100.0Year ended March 31,
2012% of total
million yen
102,870
6.8
345,170
23.1
386,37625.8
409,81927.4
181,698
12.1
42,3002.8
25,8791.7
1,494,116
100.0

Nine months ended
December 31, 2012
million yen % of total
77,657
5.4
348,64424.4
359,572
25.2
411,81728.9
172,076
12.0
26,873
1.8
26,6411.8
1,423,283
100.0

Nine months ended
December 31, 2011
million yen% of total
124,552
9.3
353,27226.5
240,560
18.0
350,92126.3
190,50214.2
44,8783.3
28,3712.1
1,333,058
100.0

Order backlog

Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Total

15

(3) Net sales by geographic area (consolidated)
Nine months ended December 31, 2011 (April 1, 2011 – December 31, 2011)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
42.5%
16.8%
9.9%
19.7%
10.9%
100.0%

385,211
152,505
89,937179,10999,550906,314Nine months ended December 31, 2012 (April 1, 2012 – December 31, 2012)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
49.4%
20.0%
6.8%
15.5%
8.0%
100.0%

438,227
177,244
61,025
137,881
71,517885,896(4) Supplementary information on earnings forecasts for the fiscal year ending March 31, 2013
1) Consolidated earnings outlook
Outlook for the year ending March 31, 2013 (fiscal 2012)

Net sales
Operating income
Recurring profit
Net income
Orders received
Before-tax ROIC (%)

Revised forecast(A)

Forecast issued
October 31, 2012 (B)1,300.0
40.0
50.0
30.0
1,330.0
7.3%

1,300.0
36.0
50.0
30.0
1,350.0
7.3%

Change(A – B)
4.0(20.0)-

Notes: 1. Outlook’s assumed foreign exchange rates: ¥85 = US$1, ¥110= 1 euro
2. Before-tax ROIC = (income before income taxes + interest expense) / invested capital.

16

Billions of yen
Fiscal 2011
(ended March 31,
2012)(actual)1,303.7
57.4
63.6
23.3
1,311.8
7.4%

2) Outlook by reportable segment(a) Net sales and operating income (loss)
Billions of yen
Fiscal 2011 (ended
March 31, 2012)(actual)Outlook for the year ending March 31, 2013 (fiscal 2012)
Revised forecast
Forecast issued
Change(A)
October 31, 2012 (B)(A – B)Net sales
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Adjustments
Total

80.0
130.0
250.0
210.0
130.0
250.0
130.0
120.0
1,300.0

Operatingincome(loss)
3.0
2.0
12.0
8.0
11.0
2.0
8.0
3.0
(9.0)
40.0

Net sales
80.0
130.0
250.0
210.0
130.0
250.0
130.0
120.0
1,300.0

Operatingincome(loss)
(2.0)
2.0
9.0
8.0
11.0
2.0
12.0
3.0
(9.0)
36.0

Net sales-

Operatingincome(loss)
5.0
3.0
(4.0)
4.0

Net sales
113.5
132.6
206.5
194.6
122.8
235.2
175.0
123.2
1,303.7

Operatingincome(loss)
3.9
5.1
7.8
7.7
14.1
(2.9)
26.6
3.8
(8.8)
57.4

(b) Orders received

Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Total

Outlook for the year ending March 31, 2013 (fiscal 2012)
Revised outlook
Forecast issued
Change(A)
October 31, 2012 (B)(A – B)
110.0
110.0
140.0
140.0
220.0
220.0
240.0
240.0
130.0
130.0
250.0
250.0
110.0
130.0
(20.0)
130.0
130.0
1,330.0
1,350.0(20.0)

17

Billions of yen
Fiscal 2011 (ended
March 31, 2012)(actual)
39.9
66.0
327.2
227.2
119.2
235.2
174.5
122.2
1,311.8