Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

November 2, 2023

Financial Highlights for 2nd Quarter FY2023(Under Japanese GAAP) (Unaudited)
Company name:

Kawasaki Kisen Kaisha, Ltd.

Listing:

Prime Market of Tokyo Stock Exchanges

Securities code:

9107

URL:

https://www.kline.co.jp/en/

Representative:

Yukikazu Myochin, Representative Director, President &CEOInquiries:

Goro Kitamura, General Manager, Corporate Sustainability,
Environment Management, IR and Communication Group

Telephone:+81-3-3595-5189

Scheduled date to file annual quarterly securities report:

November 13, 2023

Scheduled date to commence dividend payments:

December 4, 2023

Preparation of supplementary material on quarter financial results:

Yes

Holding of quarterly financial results briefing:

Yes (for Analysts)(Amounts rounded down to the nearest million yen)
1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to
September 30, 2023)(Percentages indicate year-on-year changes.)(1) Consolidated operating results (cumulative)
Operating income(loss)

Operating revenues

Profit (loss)
attributable to ownersof the parent

Ordinary income(loss)

Million yen%

Million yen%

Million yen%

Million yen%

Six months ended
September 30, 2023

458,973(5.0)

44,655(15.7)

85,280(85.0)

63,178(88.8)

Six months ended
September 30, 2022

482,897

35.1

52,998420.5

567,540

138.4

565,430129.8

Note: Comprehensive income for the six months ended September 30, 2023:¥

192,651 million[(72.0)%]

For the six months ended September 30, 2022:¥

686,859 million [176.2%]

Profit (loss) per share

Six months ended
September 30, 2023
Six months ended
September 30, 2022

Profit (loss) per
share-fully diluted

Yen

Yen

258.28-2,009.74-- 1 -*The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022.
Accordingly, profit (loss) per share is calculated on the assumption that the stock split was conducted at the

beginning of the previous fiscal year ended March 31, 2023.
(2) Consolidated financial position
Total assets

Net assets

Shareholders’equity ratio

Million yen

Million yen%

As of September 30, 2023

2,150,632

1,615,847

73.6

As of March 31, 2023

2,052,616

1,546,679

73.8

Reference: Shareholders’equity:
As of September 30, 2023:
As of March 31, 2023:¥ 1,583,718 million¥ 1,515,399 million

2. Dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

Year ended
March 31, 2023-

300.00-300.00-Year ending
March 31, 2024-

100.00-100.00200.00Year ending
March 31, 2024
(Forecast)Fiscal year-end

Total*Revision of forecast for dividends in this quarter: None
1. The Company implemented a 3-for-1 stock split of common shares on October 1, 2022.
2. The interim dividend for the fiscal year ended March 2023 which has a dividend record date of September 30,
2022, were paid based on the shares before the stock split.
3. The full-year dividend for the fiscal year ended March 2023 per share is not presented as simple comparisons
are not possible due to the implementation of the stock split, however, the full-year dividend per share based on theshares following the stock split is 400.00 yen.
3. Consolidated Financial Results Forecast for the Year Ending March 31, 2024 (April 1, 2023 to March 31,2024)(Percentages indicate year-on-year changes.)Year ending
March 31, 2024

Operating revenues

Operating income(loss)

Ordinary income(loss)

Profit (loss)
attributable toowners of the parent

Million yen%

Million yen%

Million yen%

Million yen%

Yen

930,000(1.3)

92,00016.7

135,000(80.5)

105,000(84.9)

435.40*Revision to Consolidated Financial Forecasts in this quarter: Yes- 2 -Profit (loss)
per share4. Notes(1) Changes in significant subsidiaries during the quarter period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
Newly included: None
Excluded:None(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:
None(3) Changes in accounting policies, changes in accounting estimates, and restatement(ⅰ) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ⅱ) Changes in accounting policies due to other reasons: None(ⅲ) Changes in accounting estimates: None(ⅳ) Restatement: None
(4) Number of issued shares (common shares)(ⅰ) Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2023

250,712,389 shares

As of March 31, 2023

250,712,389 shares(ⅱ) Number of treasury shares at the end of the period
As of September 30, 2023

13,593,471 shares

As of March 31, 2023

3,438,017 shares(ⅲ) Average number of shares outstanding during the period
Six months ended September 30, 2023

244,617,801 shares

Six months ended September 30, 2022

281,345,320 shares*The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022.
Accordingly, total number of issued shares at the end of the period, number of treasury shares at the end of theperiod and average number of shares outstanding during the period are calculated on the assumption that the stock
split was conducted at the beginning of the previous fiscal year ended March 31, 2023.
*Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
*Assumption for the forecast of consolidated financial results for the year ending March 31, 2024
The forecast is based on currently available information that KLINE deems to be reasonable. Actual results may
differ from the forecast as a result of various factors.
Refer to “5. Qualitative Information on Quarterly Financial Results (3) Description of Information on Future
Outlook, Including Forecast of Consolidated Financial Results” for assumptions related to the forecast.

- 3 -5. Qualitative Information on Quarterly Financial Results(1) Description of Operating Results(Billion yen)Six months ended
Six months ended
September 30, 2022 September 30, 2023

Change% Change

Operating revenues

482.8

458.9

(23.9)(5.0%)

Operating income (loss)

52.9

44.6

(8.3)

(15.7%)

Ordinary income (loss)

567.5

85.2

(482.2)(85.0%)

Profit (loss) attributable to owners of theparent

565.4

63.1

(502.2)(88.8%)

131.56139.93

8.37

6.4%

850

605

(245)

(28.8%)

Exchange Rate (¥/US$)(6-month average)
Fuel oil price (US$/MT)(6-month average)

The company recorded 35.0 billion yen of equity in earnings of unconsolidated subsidiaries and affiliates for the
consolidated cumulative second quarter of this fiscal year and OCEAN NETWORK EXPRESS PTE. LTD.

(hereinafter referred to as "ONE") accounted for 32.2 billion yen of this amount.
Performance per segment was as follows.
(Billion yen)Six months ended
Six months ended
September 30, 2022 September 30, 2023

Change% Change

Operating revenues

171.5

137.5

(33.9)(19.8%)

Segment profit (loss)

24.8

2.8

(21.9)(88.5%)

Operating revenues

50.7

51.4

0.6

1.3%

Segment profit (loss)

8.9

5.2

(3.6)

(41.4%)

Operating revenues

254.6

264.6

9.9

3.9%

Segment profit (loss)

536.9

79.8

(457.0)(85.1%)

Operating revenues

5.9

5.3

(0.5)

(9.9%)

Segment profit (loss)

0.5

1.1

0.6

131.3%

Segment profit (loss)

(3.6)

(3.8)

(0.1)

－

Operating revenues

482.8

458.9

(23.9)(5.0%)

Segment profit (loss)

567.5

85.2

(482.2)(85.0%)

Dry bulk

Energy resource
transport

Product logistics

Other
Adjustments andeliminations
Total

Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the six months
ended September 30, 2023 and 2022 are presented based on the changed allocation method.

- 4 -

(i)
Dry Bulk Segment
Dry Bulk BusinessIn the Cape-size sector, market rates softened as the demand for transporting iron ore for China temporarily
improved, but the ship supply-demand balance loosened and softened due to the delayed recovery of China's actual
demand and the easing of port congestion. However, there were seasonal factors such as expectations for therecovery of domestic steel demand in China and bauxite transportation demand from Guinea after the rainy season,
which contributed to an upward trend.
The medium-small vessel sector, market rates declined due to a reduction in demand for coal and steeltransportation to remote destinations such as Europe, as well as a decrease in demand for transportation to China
due to restraint in purchases caused by a decline in grain futures prices. However, there was an increase in vessel
congestion due to the full-scale increase in grain transportation demand and the impact of the drought of the
Panama Canal, leading to a rise in the market at present.
Under these circumstances, the Group strived to manage the market exposures appropriately and reduce
operation costs and improve vessel operation efficiency.

The overall Dry Bulk Segment recorded a year-on-year decrease both in revenue and profit.
(ⅱ)
Energy Resource Transport Segment
LNG Carrier, Electricity Business, Tanker Carrier and Offshore Business
Concerning LNG carriers, thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship andFPSO (Floating Production, Storage and Offloading system), the business stayed firm for mid- and long-term
charter contracts and contributed to secure stable profit.
On the other hand, partly due to reorganizations of operating ships conducted last year, the overall Energy
Resource Transport Segment recorded a year-on-year increase in revenue but a decrease in profit.
(ⅲ)
Product Logistics Segment
Car Carrier BusinessIn the global car sales market, recovery continued while the impact of supply shortages of semiconductors andauto parts on production and shipments gradually decreased. Meanwhile, the Group continued efforts to restore
freight rates and improve operational efficiency.
Logistics BusinessIn the domestic logistics and port business, the domestic container handling volume decreased year-on-year. In
the towage business and warehousing business, work volume stayed firm. As for the international logistics sector,
the downtrend in ocean and air cargo transportation demand continued, and market rates were sluggish in theforwarding business. In the finished vehicle transportation business, the port congestion resulting from the increasein the number of imported vehicles that failed to pass quarantine because they were carrying foreign plant seeds
was serious in Australia, but demand was still high and both land transportation volume and storage volume
increased year-on-year.

Short Sea and Coastal BusinessIn the short sea business, despite the decrease in the transportation volume of coal, the total transportation
volume increased significantly due to the acquisition of new contracts for transportation of steel products. In the
coastal business, while the transportation volume of trucks and chassis decreased due to the impact of rising prices,
the transportation volume of cars and passengers increased due to the reduction of the impact of COVID-19.
Containership BusinessIn the container shipping business, despite entering the peak season, a recovery in cargo movement was weak,
and with an increase in the delivery of new building vessels, the upward trend in short-term freight rates did notcontinue. The business performance of "ONE", the affiliate company accounted with the equity method,
implemented reduced sailings and service rationalization, securing profitability, but experienced a significant
decline in profit compared to the same period last year.
The overall Product Logistics Segment recorded a year-on-year increase in revenue but decrease in profit.
- 5 -

(ⅳ)
Other
Other includes but not limited to the Group’s ship management service, travel agency service, and real estate andadministration service. The segment recorded a year-on-year decrease in revenue but increase in profit.

(2) Description of Financial Position
Total assets at the end of the consolidated second quarter of this fiscal year were ¥2,150.6 billion, an increase of¥98.0 billion from the end of the previous fiscal year as a result of an increase in investment securities and otherfactors.
Total liabilities increased by ¥28.8 billion to ¥534.7 billion as a result of an increase in bonds and other factors
compared to the end of the previous fiscal year.
Total net assets were ¥1,615.8 billion, an increase of ¥69.1 billion compared to the end of the previous fiscal
year as a result of an increase in foreign currency translation adjustments and other factors.
(3) Description of Information on Future Outlook, Including Forecast of Consolidated Financial Results(Billion yen)
Prior Forecast

Current Forecast(at the time of announcement of(at the time of announcement of

the 1st Quarter result)the 2nd Quarter result)

Change% Change

Operating revenues

900.0

930.0

30.0

3.3%

Operating income (loss)

89.0

92.0

3.0

3.4%

Ordinary income (loss)

135.0

135.0

－

－

Profit (loss) attributable toowners of the parent

120.0

105.0

(15.0)(12.5%)

Profit (loss) per share (Yen)485.29435.40(49.89)Exchange Rate (¥/US$)

136.04140.76

4.73

3.5%

Fuel Oil Price (US$/MT)

613

624

11

1.8%

Mainly due to the revision of foreign exchange rate assumptions and estimated tax expenses, the Company
revised estimation of Operating revenues, Operating income (loss), Profit (loss) attributable to owners of the parent
and Profit (loss) per share in the consolidated financial forecast for full year of fiscal year ending March 31, 2024,
from the previously announced forecasts on August 2, 2023.
In the Dry Bulk Segment, despite some factors of concerns, such as the uncertainty about the future of theChinese economy, the economic stagnation caused by inflation and high interest rates mainly in Europe and theUnited States, the mid-term vessel supply-demand balance will be tight against the backdrop of limited building of
new ships, and market rates are expected to stay firm overall with some fluctuations. The Group will watch out forchanges in transportation demand and trade patterns and prepare to promptly respond. At the same time, amid
growing need to deal with environmental problems, take advantage of its strength in high quality transportation, theGroup will strive to secure stable profit by increasing vessel operation efficiency and reducing costs as well as
increasing mid- and long-term contracts.

In the Energy Resource Transport Segment, the Group will continue efforts to secure stable profit as it expects toensure smooth business operations, supported by mid- and long-term contracts, with respect to LNG carriers,
thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship and FPSO (Floating Production,
Storage and Offloading systems).
As for the Product Logistics Segment, regarding the car carrier business, while geopolitical risks and risks ofglobal economic stagnation will remain, the year-on-year recovery trends of production and shipment are expected
to continue along with the recovery of supply of semiconductors and auto parts as economic activities become- 6 -normal. The Group will continue to strive to optimize our fleet and improve the efficiency of vessel operation andallocation.
In the logistics business, regarding the domestic logistics and port business, the container handling volume wasstill in the declining trend, and the volume throughout the fiscal year is uncertain. The income and expenditure in
the towage business are expected to improve. In the warehouse business, the Group expects the same level ofprofits as a typical year. As for the international logistics sector, market rate trends are uncertain in the forwarding
business due to declining demand for ocean and air transportation. In the finished vehicle transportation business,both land transportation volume and storage volume are expected to remain firm because the port congestion
resulting from the increase in the number of imported vehicles that failed to pass quarantine because they werecarrying foreign plant seeds at various ports in Australia has been improving gradually.
In the Short Sea and Coastal Business, as market rates are expected to stay at a low level in the short sea
business, the Group will continue to manage the market exposures appropriately and strive to improve operational
efficiency and reduce costs. In the coastal business, car transportation and passenger transportation by ferry are
expected to increase year-on-year. As operational costs, particularly mainly personnel costs, are increasing, theGroup will strive to restore freight rates while seeking understanding from customers.
In the container shipping business, although a gradual recovery in cargo volume is expected in the second half ofthe fiscal year, inventories in major consumer countries in the West remain at high levels, and with an increase in
vessel supply, a challenging business environment is expected to persist. "ONE" will continue to closely monitor
the economic environment and strive for steady business operations by implementing flexible measures to adapt tofluctuations in transportation demand.
Our basic policy is to improve shareholder profits over the medium and long terms by proactively promoting
shareholder returns, including share buyback. This is done by taking cash flow into consideration and ensuring theinvestment level and financial stability necessary to improve our corporate value.
Based on this basic policy, regarding dividend for the fiscal year ending March 31, 2024, as previously
announced on May 8, 2023, the Company implement payment of an interim dividend of 100 yen per share andplans the year-end dividend of 100 yen per share, resulting in annual dividend of 200 yen per share. The annual
dividend of 200 yen per share is composed of basic dividend of 120 yen per share and an additional dividend of 80
yen per share.
Furthermore, regarding the repurchase of treasury stock conducted based on the resolution of the Board of
Directors meeting held on August 2, 2023, as announced on October 18, 2023, total number of shares repurchasedof 11,676,000 shares were acquired at total repurchase amount of 56,201,702,697 yen. In principle, the repurchased
shares will be cancelled.

- 7 -6. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)

Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As of
September 30, 2023

ASSETS
Current assets :Cash and deposits
Accounts and notes receivable - trade and contract assets
Marketable securities
Raw materials and supplies
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets

247,429
107,522102,001
38,35622,01818,639(1,074)534,894

245,118
112,461
101,558
40,011
23,20730,933(1,253)552,037

Non-current assets :(Vessels, property and equipment)
Vessels, net
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total vessels, property and equipment

319,329
9,709
3,129
15,537
18,842
5,599
372,147

330,784
9,688
2,993
15,554
23,1105,636
387,768

3,808
3,808

4,277
4,277

(Investments and other assets)
Investment securities
Long-term loans receivable
Asset for retirement benefits
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets

1,070,227
24,5681,400
47,499(1,930)1,141,765

1,135,870
23,618
1,415
47,682(2,038)1,206,549

Total non-current assets

1,517,722

1,598,594

2,052,616

2,150,632(Intangible assets)
Other intangible assets
Total intangible assets

Total assets- 8 -Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As of
September 30, 2023

LIABILITIESCurrent liabilities :Accounts and notes payable - trade
Short-term loans and current portion of long-term loans
Accrued income taxes
Provision for loss related to the Anti-Monopoly Act
Provision for loss on chartering contracts
Other provisions
Other current liabilities
Total current liabilities

62,80350,691
2,095
1,692
9,609
5,012
53,474
185,378

70,42555,506
4,637
1,649
4,804
4,437
54,435
195,897－
267,3138,000
267,512

83

37

1,192
14,8106,441
30,716
320,558
505,937

1,047
15,586
6,580
40,123338,888534,785

75,457
29,102
1,302,769(6,550)1,400,779

75,457
29,102
1,291,383(54,763)
1,341,180

Accumulated other comprehensive income :Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income

6,482
2,100
4,682
103,353(2,000)114,619

10,0382,248
4,682
227,206(1,639)242,537

Non-controlling interests

31,28032,128

Total net assets

1,546,679

1,615,847

Total liabilities and net assets

2,052,616

2,150,632

Non-current liabilities :Bonds
Long-term loans, less current portion
Provision for directors’ and audit and supervisory board
members’ retirement benefits
Provision for directors’ stock benefits
Provision for periodic dry docking of vessels
Liability for retirement benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity- 9 -Consolidated Statement of Operations(Millions of yen)Six months
ended
September 30, 2022

Six months
ended
September 30, 2023

Marine transportation and other operating revenues

482,897458,973

Marine transportation and other operating costs and expenses
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income :Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses :Interest expenses
Other non-operating expenses
Total non-operating expenses
Ordinary income (loss)
Extraordinary income :Gain on sales of non-current assets
Other extraordinary income
Total extraordinary income
Extraordinary losses :Loss on valuation of shares of subsidiaries and affiliates
Loss on liquidation of subsidiaries and affiliates
Other extraordinary losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes :Current
Deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of the parent

398,986
83,91130,912
52,998379,039
79,93335,27744,655

828
1,606
499,280
17,206
1,627
520,549

1,720
1,734
35,0936,599
1,188
46,336

5,016
991
6,007
567,540

4,966
745
5,711
85,280

3,291
18
3,309

1,770
908
2,679

121
8
17
147
570,702

179
280
74
534
87,424

2,478
436
2,914
567,7882,358
565,430

12,374
10,882
23,25764,167
988
63,178- 10 -

Consolidated Statement of Comprehensive Income(Millions of yen)

Profit (loss)
Other Comprehensive income :Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Retirement benefits liability adjustments
Share of other comprehensive income (loss) of unconsolidated subsidiaries
and affiliates accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests- 11 -

Six months
ended
September 30, 2022

Six months
ended
September 30, 2023

567,788

64,167(642)(2,410)19,449
435

3,539
(800)
14,094347

102,239

111,303

119,071
686,859

128,483
192,651

683,8962,963

191,096
1,554

Consolidated Statement of Cash Flows(Millions of yen)

Cash flows from operating activities :Profit (loss) before income taxes
Depreciation and amortization
Increase (decrease) in liability for retirement benefits(Increase) decrease in asset for retirement benefits
Increase (decrease) in retirement benefits liability adjustments
Increase (decrease) in provision for directors’ and audit and supervisoryboard members’ retirement benefits
Increase (decrease) in provision for periodic dry docking of vessels
Increase (decrease) in provision for loss on chartering contracts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Equity in (earnings) losses of unconsolidated subsidiaries and affiliates(Gain) loss on sales of vessels, property and equipment
Loss on valuation of shares of subsidiaries and affiliates(Gain) loss on liquidation of subsidiaries and affiliates(Increase) decrease in accounts and notes receivable - trade and contract
assets(Increase) decrease in inventories(Increase) decrease in other current assets
Increase (decrease) in accounts and notes payable - trade
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Payments for cancellation of chartered vessels
Payments related to the Anti-Monopoly Act
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities :Payments into time deposits
Proceeds from withdrawal of time deposits
Purchases of marketable securities and investment securities
Proceeds from sales of marketable securities and investment securities
Proceeds from sales of shares of subsidiaries resulting in change in scope of
consolidation
Purchases of vessels, property and equipment
Proceeds from sales of vessels, property and equipment
Purchases of intangible assets
Payments of long-term loans receivableCollection of long-term loans receivable
Other, net
Net cash provided by (used in) investing activities- 12 -

Six months
ended
September 30, 2022

Six months
ended
September 30, 2023

570,702
21,133
(100)
(11)
285

87,42422,094
71
(15)
308

(64)

(45)

(253)
(7,067)(2,434)
5,016(11,563)(499,280)(3,267)121
8733(4,804)(3,454)
4,966(5,602)(35,093)(1,767)
179(113)(22,502)(2,585)(7,417)(8,598)
4,227
3,085
3,084
45,103
110,536(5,001)(546)(399)(3,871)
145,821(1,364)(12,165)
5,160
3,385
(1,353)
55,956
91,842(4,814)－(48)(9,829)133,106(2,666)2,258(1,049)584(2,889)1,528(2,844)
559

4,887

33

(49,538)
16,144
(244)
(884)
2,983
358
(27,166)(37,796)
11,278
(744)
(172)
3,429
(1,076)(28,693)

Consolidated Statement of Cash Flows(Millions of yen)

Cash flows from financing activities :Increase (decrease) in short-term loans, net
Proceeds from long-term loans
Repayments of long-term loans and obligations under finance leases
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Purchase of shares of subsidiaries not resulting in change in scope of
consolidation
Proceeds from sales of shares of subsidiaries not resulting in change in scopeof consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Increase in cash and cash equivalents arising from initial consolidation ofsubsidiaries
Cash and cash equivalents at end of the period- 13 -

Six months
ended
September 30, 2022

Six months
ended
September 30, 2023

42
29,143(46,824)－(7,000)(20)(56,055)(3,312)

192
24,324(27,936)8,000－(48,212)(74,439)
(740)

(289)

－

11

－

(37)
(84,340)
14,94549,260244,316(49)(118,861)
8,554(5,893)346,8311

0

293,578

340,939

7. Explanatory Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumption)
Not Applicable.

(Notes on Significant Changes in Amount of Shareholders’ Equity)
In the current cumulative second quarter, treasury stock increased by ¥48,209 million following the Company’s
repurchase of 10,154,700 shares of common stock in accordance with a resolution of the Board of Directors at its
meeting held on August 2, 2023.
Segment information

Six months ended September 30, 2022
(Millions of yen)
Dry bulk

Energyresourcetransport

168,508

48,185

251,498

5,859

474,052

-

3,072

2,568

3,141

62

8,845

-

8,845

171,581550,754
3

254,639
2,672

5,922
30,865482,897
33,546(33,546)482,897-

Total revenues

171,586

50,757257,31136,787516,444(33,546)482,897

Segment profit (loss)

24,858

8,913

536,911510

571,195(3,654)

567,540

Product
logistics

Other

Total

Adjustments
andConsolidated
eliminations

Revenues
Revenues from contracts with customers
Other revenues
Operating revenues from customers
Inter-group revenues and transfers

474,052

Six months ended September 30, 2023
(Millions of yen)
Dry bulk

Energyresourcetransport

136,337

49,966262,2945,251

453,851

-

1,256

1,466

2,314

84

5,122

-

5,122

137,594

51,433

264,609

5,336

458,973-

458,973

Product
logistics

Other

Total

Adjustments
andConsolidated
eliminations

Revenues
Revenues from contracts with customers
Other revenues
Operating revenues from customers
Inter-group revenues and transfers
Total revenues
Segment profit (loss)

453,851

64

7

2,159

35,602

37,834(37,834)-

137,659

51,440266,769

40,938496,808(37,834)

458,973

2,864

5,227

79,8601,182

89,134(3,854)85,280Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the six months
ended September 30, 2023 and 2022 are presented based on the changed allocation method.

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