Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In theevent of any discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2020
[Japanese GAAP]May 14, 2020
Company name: Sanoyas Holdings Corporation
Stock exchange listing: Tokyo Stock Exchange
Code number: 7022
URL: http://www.sanoyas.co.jp/
Representative: Takashi Ueda, President & CEO
Contact: Atsushi Daimon, Executive Officer, General Manager, Finance Department
Phone: +81-6-4803-6171
Email: info@sanoyas.co.jp
Scheduled date of Annual General Meeting of Shareholders: June 23, 2020
Scheduled date of filing annual securities report: June 23, 2020
Scheduled date of commencing dividend payments: June 24, 2020
Availability of supplementary briefing material on annual financial results: Not available(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2020 (April 1, 2019 to March 31, 2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit (loss)
Operating profit
Net sales
Ordinary profit (loss)
attributable to(loss)
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2020
49,805
3.5(1,775)–(1,710)–(2,211)–March 31, 2019
48,144
1.5
1,272
–
1,326
–
1,383
–
(Note) Comprehensive income: Fiscal year ended March 31, 2020: ¥(2,862) million [–%]
Fiscal year ended March 31, 2019: ¥1,347 million [–%]
Basic earnings
per share

Diluted earnings
per share

Return on equity

Rate of ordinary
profit (loss) tototal assets

Rate of operating
profit (loss) to
net sales%%%
Fiscal year ended
Yen
Yen
March 31, 2020
(67.87)–(16.9)(2.6)(3.6)
March 31, 2019
42.45
42.06
9.9
2.0
2.6
(Reference) Profit (loss) on equity method investments: Fiscal year ended March 31, 2020: ¥238 million
Fiscal year ended March 31, 2019: ¥197 million(Note) Diluted earnings per share for the Fiscal Year Ended March 31, 2020 are not shown in above table as a net loss
per share was posted.

(2) Consolidated Financial Position
Total assets

Net assets

Million yen

As of March 31, 2020
63,681
As of March 31, 201967,110(Reference) Equity: As of March 31, 2020: ¥11,571 million
As of March 31, 2019: ¥14,590 million

Equity ratio

Net assets per share

Million yen%

Yen

11,66014,65418.2
21.7

354.76447.74

(3) Consolidated Cash Flows
Cash flows fromoperating activities

Fiscal year ended
March 31, 2020
March 31, 2019

Cash flows frominvesting activities

Cash and cash
equivalents at the endof period

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen(3,317)298(1,534)(3,154)

(605)
(135)

15,053
19,323

2. Dividends
Annual dividends
1st
2nd
3rd
Year-endquarter-end quarter-end quarter-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended
Yen
Yen
Yen
Yen
Yen Million yen%%
March 31, 2019
–
0.00
–
5.00
5.00
162
11.8
1.2
March 31, 2020
–
0.00
–
5.00
5.00
163
–
1.2
Fiscal year ending
March 31, 2021
–
–
–
–
–
–
(Forecast)(Note 1) Dividends for the fiscal year ended March 31, 2020 is planned to be paid out of other capital surplus. For
details, please refer to “Breakdown of dividends paid out of other capital surplus” below.
(Note 2) Annual dividend for the Fiscal Year Ending March 31, 2021 has not yet been determined.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2021 (April 1, 2020 to March
31, 2021)(% indicates changes from the previous corresponding period.)
Net sales

Full year

Operating profit

Ordinary profit(loss)(loss)

Profit (loss)
attributable toowners of parent

Basic earnings
per share

Million yen%

Million yen%

Million yen%

Million yen

%

Yen

–

–

–

–

–

–

–

–

–

(Note) The consolidated earnings forecast for the fiscal year ending March 31, 2021 has not been determined becauseof the uncertain outlook for the business environment due to the impact of the COVID-19 and other factors,
and the difficulty to make a proper and reasonable estimate of the impact at this time.
* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting inchanges in scope of consolidation): No(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2020: 32,637,500 shares
March 31, 2019: 32,606,800 shares2) Total number of treasury shares at the end of the period:
March 31, 2020: 20,715 shares
March 31, 2019: 20,715 shares

3) Average number of shares during the period:
Fiscal Year Ended March 31, 2020: 32,590,754 sharesFiscal Year Ended March 31, 2019: 32,580,838 shares* These consolidated financial results are outside the scope of audit* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available
and certain assumptions deemed reasonable. Actual results may differ significantly from these forecasts due to awide range of factors.
Breakdown of dividends paid out of other capital surplus
The following provides the breakdown of dividends for the fiscal year ended March 31, 2020 that were paid out ofother capital surplus:
Record date for dividend: March 31, 2020
Dividend per share: ¥5.00
Total dividends: ¥163 million

1. Summary of Business Results
In the business environment surrounding the Sanoyas Group, “twin surpluses” of shipping tonnage and shipbuilding
capacity continues structurally and intensifies competition against Chinese and South Korean shipyards. The
shipping market of bulk carriers has not shown recovery trend and newbuilding prices has been stagnant for a longtime against a backdrop of

uncertainty of global economy, and the shipbuilding industry is undergoing

consolidation and restructuring both domestically and internationally.
In the Shipbuilding business, new 82,000 DWT type PANAMAX bulk carriers and new 64,000 DWT typeULTRAMAX bulk carriers have been developed. These vessels are applied IMO NOx Tier Ⅲ regulation and IACS
Harmonized Common Structural Rules and further improved fuel consumption. In addition, 41,000 DWT type
HANDY SIZE bulk carriers have been developed newly. This type of vessel with wide beam and shallow draft haslarger cargo hold capacity and applies new regulations. We carry out sales promotion. At the same time, we are
expanding the range of our products to passenger ferries, special purpose vessels and work vessels, etc., and we areworking on adding new item on our menu. On December 3, 2019, we completed and delivered a passenger and car
ferry, which was built for the first time in the past about 20 years. As to the marine (ship repairing) and gas tank(manufacturing of cargo tank for LPG carrier) business that we have been working on expanding to complement the
Shipbuilding business, we reorganized our gas tank business structure by placing "Gas Tank Sales Department" and"Gas Tank Design Department" that were established on April 1, 2019 under newly formed “Gas Tank Business
Department” in order to strengthen its dedicated organizational capability and we have been constructing new gas
tank production facilities in the Mizushima Shipyard (Kurashiki City, Okayama Prefecture) in addition to the Osaka
Shipyard (Osaka City, Osaka Prefecture). Furthermore, the first LNG-fueled ship which is equipped our jointly
developed fuel gas supply systems with Sumitomo Seika Chemicals Company, Limited. was completed in January,
2020. Despite the fact that we have made managerial efforts as noted above, we booked impairment loss of ￥991
million as extraordinary loss that is the difference between the sum of the amount of property, plant and equipment
and intangible assets and the sum of the amount of real estate appraisals because negative cash flow of operating
activities of shipbuilding business have continued reflecting sluggish shipbuilding market and low newbuilding
prices. We had regarded the Machinery & Technology business as “second core business” and promoted various
business portfolios. Sanoyas Engineering Corporation and DAICHU CO., LTD. which are mainly engaged in
manufacturing and maintenance service of industrial machinery merged in April 1, 2019 In addition, Sanoyas
Engineering Corporation merged with Sanoyas Construction Machinery Corporation which is mainly engaged insales and rental business of construction-use elevator on April 1, 2020. We proceed to strengthen and expand thebusiness structure by pursuing of synergies on sharing their factories. Furthermore, for the aim of promoting
productivity and improving business efficiency by utilizing IT technologies such as Internet of Things, we assigned
system engineers to our group companies from SANOTEC Corporation which is engaged in software development
and calculation/information processing business on April 1, 2019. At the same time, we integrated SANOTEC
Corporation and Sanoyas Business Partner Corporation which was mainly engaged in trading business. As a resultof the business integration and consolidation of SANOTEC, the majority of the business domain has shifted to
shipbuilding-related industries. We transferred the shares and the business administration of SANOTEC Corporationfrom Sanoyas MTG Corporation to Sanoyas Shipbuilding Corporation that was effective on January 1, 2020.

1

Moreover, in order to expand business field, we acquired all shares of Happiness Electric Corporation which is amanufacturer of power control boards, power distribution boards and power switch boards, and the company became
a wholly-owned subsidiary of Sanoyas MTG Corporation on January 6, 2020.

Consolidated net sales for the fiscal year ended March 31, 2020 increased by ¥1,661 million (3.5%) over the same
period of the previous fiscal year, to ¥49,805 million. Operating loss was ¥1,775 million (operating profit of theprevious fiscal year was 1,272 million), ordinary loss was ¥1,710 million (ordinary profit of the previous fiscal year
was ¥1,326 million), and loss attributable to owners of parent was ¥2,211 million (profit attributable to owners ofparent of the previous fiscal year was ¥1,383 million).

2. Segment Results①Shipbuilding & Engineering business
We tried to secure new orders for vessels under the market in which the newbuilding shipping price has not been
recovered, and we received new orders of 4 vessels of new 82,000 DWT type PANAMAX bulk carriers and 1 vesselof 64,000 DWT type ULTRAMAX bulk carrier. In addition, we delivered 4 vessels of 82,000 DWT type PANAMAX
bulk carriers, 2 vessels of 64,000 DWT type ULTRAMAX bulk carriers, 1 vessel of 60,000 DWT type SUPRAMAX
bulk carrier and 1 vessel of passenger and car ferry. The number of backlog of orders has been 13 vessels as of March
31, 2020. As marine business and gas tank business, we focused on sales of repairing services for vessels of public
and private sectors and LPG tanks. As a result of the business activities, the segment backlog of orders was ¥ 36,875
million on a percentage of completion method. The segment net sales for the fiscal year ended March 31,
2020increased by ¥287 million (1.0%) over the same period of the previous fiscal year, to ¥29,932 million. The costsof shipbuilding have remained high due to rising material and construction costs. In addition, the evaluated net salesof the backlog of shipbuilding orders, including the newly ordered vessels, on a US dollar basis decreased because
the yen has been stronger against the US dollar since April 2019. As a result, the profitability of the vessels
deteriorated and the operating loss was ¥2,779 million (operating profit of the previous fiscal year was ¥336 million).
②M & T business
Regarding the Machinery & Technology business, steady results were seen in sales of vacuum emulsifiers and stirrers
for cosmetics and industrial wastewater treatment for Japanese companies in China continue to increase. In addition,owing to the acquisition of Happiness Electric Corporation in January 6, 2020, its financial results of fourth quarter
were consolidated. As a result of the business activities, the segment net sales for the fiscal year ended March 31,
2020 increased by ¥1,374 million (7.4%) over the previous fiscal year, to ¥19,873 million. The operating profit
increased by ¥165 million (13.5%), to ¥1,396 million and the segment backlog of orders was ¥7,802 million.

22. Consolidated Financial Statements [Japanese GAAP](1) Consolidated Balance Sheets [Japanese GAAP](Million yen)
As of March 31, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
Securities
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
Accumulated depreciation
Buildings and structures, net
Docks and building berths
Accumulated depreciation
Docks and building berths, net
Machinery, vehicles, tools, furniture and fixtures
Accumulated depreciation
Machinery, vehicles, tools, furniture andfixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of March 31, 2020

20,10815,305
465
500
251
1,117
659
2,725
(21)
41,112

15,62315,085
535
500
179
1,464
829
3,656
(33)
37,83919,152(12,976)
6,175
5,033
(3,612)
1,421
34,910(30,924)

20,686(14,376)
6,310
4,763
(3,663)
1,099
34,761(31,133)

3,985

3,628

4,980
196
16,7605,168
158
16,365

362
357
31
752

550
901
39
1,490

6,997
475
247
277
591
(103)
8,485
25,997
67,110

5,894
401
231
254
1,346
(143)
7,984
25,841
63,681

(Million yen)
As of March 31, 2019
Liabilities
Current liabilities
Notes and accounts payable - trade
Notes payable - facilities
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Provision for bonuses
Provision for construction warranties
Provision for loss on construction contracts
Provision for removal cost of property andequipment
Lease obligations
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for removal cost of property and equipment
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gain (loss) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition right
Total net assets
Total liabilities and net assets

4

As of March 31, 2020

11,489
460
4,830
3,853
273
4,505
495
167
3,109

10,858
115
5,442
3,665
200
2,696
534
287
2,286

34

90

165
1,844
31,229261
1,845
28,284

12,699
1,222
2,322
－
4,501
451
28
21,22652,456

14,214
1,823
2,181
8
5,024
450
33
23,73652,020

2,538
402
8,739
(5)
11,675

2,542
405
6,364
(5)
9,306

3,308
(2)
(169)
(221)
2,915
63
14,654
67,110

2,708
11
(286)
(169)
2,264
89
11,66063,681

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income [Japanese
GAAP]
Consolidated Statements of Income [Japanese GAAP](Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gain
Other
Total non-operating income
Non-operating expenses
Interest expenses
Commission for syndicate loan
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sales of investment securities
Gain on sale of non-current assets
Gain on insurance adjustment
Gain on sale of businesses
Total extraordinary income
Extraordinary loss
Impairment loss
Provision for assets removal
Total extraordinary loss
Profit (loss) before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to owners of parent

For the fiscal year
ended March 31, 2019
48,14442,071
6,073
4,800
1,272

For the fiscal year
ended March 31, 2020
49,80546,477
3,328
5,103(1,775)

17
115

11
132

197

238

131
96
558

–
43
426

265
102
137
504
1,326

268
–
92
361
(1,710)

38
–
149
110
297

578
399
–
–
977

62
–
62
1,562
301
(122)
178
1,383
1,383

1,123
99
1,223
(1,956)
272
(17)
255
(2,211)(2,211)

5

Consolidated Statements of Comprehensive Income [Japanese GAAP](Million yen)
For the fiscal year
ended March 31, 2019
Profit (loss)

For the fiscal year
ended March 31, 2020

1,383

(2,211)

Valuation difference on available-for-sale securities

34

(600)

Deferred gain (loss) on hedges

(2)

16

(136)

(114)

69

52

0

(4)

Comprehensive income

(35)
1,347

(650)
(2,862)Comprehensive income (loss) attributable to
Owners of the parent

1,347(2,862)－－Other comprehensive loss (income)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Comprehensive loss (income) of affiliates
accounted for by the equity method
attributable to the Company
Total other comprehensive loss (income)Non-controlling interests6(3) Consolidated Statements of Cash Flows [Japanese GAAP](Million yen)
For the fiscal year
ended March 31, 2019
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in net defined benefit liability
Increase (decrease) in allowance for doubtful accounts
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 provision for removal cost of
property and equipment
Interest and dividend income
Interest expenses
Foreign exchange loss (gain)
Gain on insurance income
Loss(gain) on sale of businesses
Loss(gain) on sale of non-current assets
Loss (gain) on sales of investment securities
Decrease (increase) in notes and accounts receivable –trade
Decrease (increase) in inventories
Decrease (increase) in advance payment
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received
Decrease (increase) in consumption taxes refund
receivable
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Proceeds from dividends income from affiliates
accounted for by equity method
Proceeds from insurance income
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
Net decrease (increase) in short-term investment
securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of non-current assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Proceeds from sale of businesses
Payments for purchase of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities

For the fiscal year
ended March 31, 2020

1,562
1,690
62
69
192
2
30

(1,956)
1,577
1,123
84
361
52
(2)

(86)

113

(2,101)

(822)

25

99

(132)
265
(115)
(149)
(110)
1
(38)

(143)
268
17

(1,544)

857

169
2
244
666

299
(1,014)(1,270)(1,820)

(94)

(202)

(145)
464
128
(264)

(175)
(3,526)
143
(275)

－

261

232
(262)
298

259
(179)
(3,317)

(483)
493

(168)
383

(500)

－

(2,787)
50
(116)
(16)
13
(1)
74
110

(1,970)
765
(364)
(15)
884
(1)
73

－

(1,023)(96)(1,534)(9)(3,154)

7

－
－

(395)
(578)

－

(Million yen)
For the fiscal year
ended March 31, 2019
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from sales and leaseback transactions
Cash dividends paid
Repayments of lease obligations
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

200
12,100(13,467)
1,343
(162)
(148)
0
(135)
90
(2,901)22,224
19,3238

For the fiscal year
ended March 31, 2020
(101)
5,281
(4,480)
273

(162)
(204)
0
605
(23)
(4,269)19,323
15,053

(Segment Information)
Information concerning Net sales and Operating profit or loss by Reportable business segment
Fiscal Year Ended March 31, 2019 (April 1, 2018 to March 31, 2019)
Reportable segment
Shipbuilding &Engineering
Business

Machinery &Technology
Business

Adjustments(Note 1)

Total

(Million yen)Amount recordedin consolidated
statements ofincome(Note 2)

Net sales
29,644

18,49948,144－

48,144

Internal sales or transfers

276

15

292

(292)

－

Total

29,921

18,51548,436(292)

48,144

Segment profit

336

1,231

1,567

(294)

1,272

Segment assets

41,44226,00467,446(335)

67,110Depreciation andamortization

852

749

1,602

88

1,690

Amortization of goodwill

－

69

69

－

69

Increase in property, plantand equipment andintangible assets

675

1,880

2,556

39

2,595

External sales

Other items(Note 1) Details of “Adjustments” are as follows:
Adjustments for the segment profit of ¥(294) million include corporate cost of ¥(322) million not allocated to each reportablesegment, allowance for doubtful accounts of ¥4 million and elimination of inter-segment transaction of ¥23 million.
Adjustments for segment assets of ¥(335) million include corporate assets of ¥5,176 million and consolidation adjustments of¥(5,512) million.
Adjustments for depreciation and amortization of ¥88 million include depreciation and amortization of corporate assets of¥92 million and the elimination of transaction between the segments of ¥(3) million.
Adjustment for the increase in property, plant and equipment and intangible assets of ¥39 million include investments incorporate assets of ¥4 million and software of ¥34 million.
Corporate cost consists of general and administrative expenses which do not belong to the reporting segment.
(Note 2) Segment profit is adjusted with operating profit recorded in the consolidated statements of income.

9

Fiscal Year Ended March 31, 2020 (April 1, 2019 to March 31, 2020)
Reportable segment
Shipbuilding &Engineering
Business

Machinery &Technology
Business

Adjustments(Note 1)

Total

(Million yen)Amount recordedin consolidated
statements ofincome(Note 2)

Net sales
29,932

19,87349,805－49,805Internal sales or transfers

429

10

440

(440)

－

Total

30,361

19,88450,246(440)

49,805

Segment profit(loss)(2,779)1,396(1,382)(393)(1,775)

Segment assets

35,76428,56664,330(649)

63,681

Depreciation andamortization

811

707

1,519

57

1,577

Amortization of goodwill

－

84

84

－

84

Increase in property, plantand equipment andintangible assets

1,453

443

1,897

393

2,290

External sales

Other items(Note 1) Details of “Adjustments” are as follows:
Adjustments for the segment profit of ¥(393) million include corporate cost of ¥(418) million not allocated to each reportablesegment, allowance for doubtful accounts of ¥2 million and elimination of inter-segment transaction of ¥23 million.
Adjustments for segment assets of ¥(649) million include corporate assets of ¥6,208 million and consolidated adjustment of¥(6,858) million
Adjustments for depreciation and amortization of ¥57 million include depreciation and amortization of corporate assets of¥58 million and the elimination of transaction between the segments of ¥(1) million.
Adjustment for the increase in property, plant and equipment and intangible assets of ¥393 million include investments incorporate assets of ¥161 million and software of ¥231 million.
Corporate cost consists of general and administrative expenses which do not belong to the reporting segment.
(Note 2) Segment profit is adjusted with operating profit recorded in the consolidated statements of income.

10

3. Supplementary information
Status of sales and orders
Segmental sales
Segment

Fiscal Year Ended March 31, 2019 (April 1,2018 to March 31, 2019)(Million yen)

Shipbuilding &Engineering Business
Machinery &Technology Business
Total

Composition ratio (%)

Fiscal Year Ended March 31, 2020 (April 1,
2019 to March 31, 2020)(Million yen)

Composition ratio (%)

29,644

61.6

29,93260.1

18,49938.4

19,87339.9

48,144100.0

49,805100.0

Order status and backlog of orders
Fiscal Year Ended March 31, 2019 (April 1,2018 to March 31, 2019)
Segment

Shipbuilding &Engineering Business
Machinery &Technology Business
Total

Orders(Million yen)Backlog of orders(Million yen)

Fiscal Year Ended March 31, 2020 (April 1,
2019 to March 31, 2020)
Orders(Million yen)Backlog of orders(Million yen)

30,22940,826

24,95136,875

13,403

6,790

12,371

7,802

43,632

47,61637,322

44,677(Note) The backlog of orders of the shipbuilding in the Shipbuilding & Engineering Business as of March 31, 2020 is stated on thepercentage of completion method and the number of backlog of orders is 13 ships on a delivery basis.

11