KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES
August 6, 2024
FLASH CONSOLIDATED FINANCIAL RESULTS(Consolidated)

For three months ended June 30, 2024 and 2023 and one year ended March 31, 2024

Operating results
Revenue
Business profit
Profit attributable to owners of parent
Earnings per share (yen)Financial position
Total assets
EquityThree months ended
Jun. 30, 2024
444,227
16,935
15,375
91.79(Millions of yen)Three months ended
Jun. 30, 2023
405,340
10,253
9,089
54.27(Millions of yen / Thousand shares)
As of
As ofJun. 30, 2024
Mar. 31, 2024
2,680,176
2,815,381
654,549
677,806
167,501

167,501

23.3%

23.7%

Three months ended
Jun. 30, 2024
Operating activities
23,623
Investing activities(26,122)
Financing activities
27,114
Cash and cash equivalents at end of period
102,859(Millions of yen)Three months ended
Jun. 30, 2023
(22,434)(21,989)
1,925
91,879Number of shares issued and outstanding
Equity Ratio

Cash flows

Fiscal year forecast
Revenue
One year ending March 31, 2025

2,250,000-1-Business profit
130,000(Millions of yen)
Profit attributable toowners of parent
78,000(Consolidated)

Consolidated Statement of Financial Position
As of June 30 and March 31, 2024

As ofMar. 31, 2024

(Millions of yen)
As ofJun. 30, 2024

84,153681,030
136,706
710,207
2,158
11,024
101,644
1,726,925

102,859
653,666
126,193775,321
2,144
14,675
153,154
1,828,014

496,331
69,61764,82490,95480,762
117,452
33,307953,250
2,680,176

513,527
70,59367,093
101,893
83,441
117,589
33,227987,366
2,815,381

521,734
453,694
7,928
265,468
34,24272,518185,902
1,541,489

512,234
539,752
12,720319,906
33,312
74,869190,077
1,682,872

391,539
74,604957
707
16,327484,137
2,025,626

360,193
75,744966
705
17,091
454,7022,137,574

104,484
56,455405,156(1,060)69,054
634,090
20,459654,549
2,680,176

104,484
56,455415,782(1,062)
81,151
656,812
20,994
677,806
2,815,381

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Contract assets
Inventories
Income taxes receivable
Other financial assets
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Right-of-use assets
Investments accounted for using equity method
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds, borrowings and other financial liabilities
Income taxes payable
Contract liabilities
Provisions
Refund liabilities
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds, borrowings and other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityEquity attributable to owners of parent
Share capital
Capital surplus
Retained earnings
Treasury shares
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity-2-

(Consolidated)

Consolidated Statement of Profit or Loss
For three months ended June 30, 2024 and 2023

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Share of profit of investments accounted for using equity method
Other income
Other expenses
Business profit
Finance income
Finance costs
Profit before tax
Income tax expense
ProfitProfit attributable to:
Owners of parent
Non-controlling interests
Earnings per share
Basic earnings per share-3-

Three months ended
Jun. 30, 2023
405,340
339,247
66,09362,352
6,093
1,203
783
10,2537,859
3,146
14,966
5,519
9,447(Millions of yen)Three months ended
Jun. 30, 2024
444,227
358,808
85,41873,841
5,819
983
1,444
16,935
13,711
4,761
25,885
9,942
15,942

9,089
357

15,375
566

54.27

91.79

(Consolidated)

Consolidated Statement of Comprehensive Income
For three months ended June 30, 2024 and 2023

ProfitOther comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through other comprehensive income
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted for using equity method
Total of items that will not be reclassified to profit or loss
Items that may be reclassified to profit or lossCash flow hedges
Exchange differences on translation of foreign operations
Share of other comprehensive income of investments accounted for using equity method
Total of items that may be reclassified to profit or loss
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests-4-

Three months ended
Jun. 30, 2023
9,447

(Millions of yen)Three months ended
Jun. 30, 2024
15,942

1,728
35
0
1,763

(1,640)303
0(1,336)(7,038)14,385
620
7,967
9,731
19,179(1,109)11,8193,712
14,422
13,08629,02918,534644

28,035993

(Consolidated)

Consolidated Statement of Changes in Equity
For three months ended June 30, 2023
(Millions of yen)
Equity attributable to owners of parent
Share capital
Balance as of Apr. 1, 2023
ProfitOther comprehensive income
Comprehensive income
Purchase of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
Total transactions with owners
Balance as of Jun. 30, 2023

Balance as of Apr. 1, 2023
ProfitOther comprehensive income
Comprehensive income
Purchase of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
Total transactions with owners
Balance as of Jun. 30, 2023

Capital surplus

104,484

55,716

Retained earnings
380,255
9,089

Treasury shares(1,107)9,089(1)(10,072)
44
(1)
246

104,484

246
55,962(10,029)
379,315(1)(1,108)Equity attributable to owners of parent
Other components of equity
Financial assets
Exchangemeasured at fairdifferences on
Remeasurements ofvalue through other Cash flow hedges
translation of foreign
defined benefit planscomprehensive
operations
income4,109
676
32,066
44
44

1,657
1,657

(7,860)(7,860)15,602
15,602

(44)

(44)
-

Total equity
attributable toowners of parent

Total

36,852
9,444
9,444
(44)

5,767

(138)
(138)
(7,322)-5-

47,669(138)(182)
46,114Non-controllinginterests

Total

576,201
9,089
9,444
18,534(1)(10,072)(1)

20,670357
287644246(258)

(11)

(839)
20,476(138)(10,807)605,244(138)(9,967)584,768(581)

596,872
9,447
9,731
19,179(1)(10,654)(1)

(Consolidated)

For three months ended June 30, 2024
(Millions of yen)
Equity attributable to owners of parent
Share capital
Balance as of Apr. 1, 2024
ProfitOther comprehensive income
Comprehensive income
Purchase of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assetsTotal transactions with owners
Balance as of Jun. 30, 2024

Balance as of Apr. 1, 2024
ProfitOther comprehensive income
Comprehensive income
Purchase of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
Total transactions with owners
Balance as of Jun. 30, 2024

104,484

Capital surplus

Retained earnings

56,455405,156
15,375

Treasury shares(1,060)15,375(1)(5,036)286

104,484

56,455(4,750)415,782(1)(1,062)Equity attributable to owners of parent
Other components of equity
Financial assets
Exchangemeasured at fair
Remeasurements ofdifferences onvalue through other Cash flow hedges
defined benefit planstranslation of foreign
comprehensive
operations
income10,407355
58,291284
284(1,655)(1,655)

(284)

(1)

(860)
(860)

14,89014,890Total equity
attributable toowners of parent

Total

69,054(286)

634,090
15,375
12,65928,035(1)(5,036)-(275)(561)
81,151(275)(5,313)656,812

12,65912,659Non-controllinginterests

20,459566
427993
(458)

Total

654,549
15,942
13,08629,029(1)(5,494)-(284)
-(1)
8,750

(275)
(275)
(780)

-6-

73,181(458)
20,994(275)(5,771)
677,806

(Consolidated)

Consolidated Statement of Cash Flows
For three months ended June 30, 2024 and 2023

Cash flows from operating activities
ProfitDepreciation and amortization
Impairment losses
Finance income and finance costs
Share of loss (profit) of investments accounted for using equity method
Loss (gain) on sale of fixed assets
Income tax expenseIncrease (decrease) in retirement benefit liability
Decrease (increase) in trade and other receivables
Decrease (increase) in contract assets
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Decrease (increase) in advance payment
Increase (decrease) in contract liabilities
Increase (decrease) in refund liability
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other
SubtotalInterest received
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
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of intangible assets
Payments for equity method investment and purchase of other financial assets
Proceeds from equity method investment and sale of other financial assets
OtherNet cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities
Repayments of long-term borrowings
Redemption of bonds
Dividends paid
Proceeds from factoring agreements
Repayment of liabilities under factoring agreements
Dividends paid to non-controlling interests
OtherNet 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 period
Cash and cash equivalents at end of period-7-

Three months ended
Jun. 30, 2023

(Millions of yen)Three months ended
Jun. 30, 2024

9,447
21,391
109
2,329(6,093)
(527)
5,519
1,113
7,677
27,816(19,445)(17,928)(3,123)
15,786(2,414)(18,736)(33,886)
1,910(9,052)614
294(1,729)(12,561)(22,434)

15,942
20,8803,987(5,819)
(346)
9,942
1,350
40,007
10,513(49,904)(17,270)(33,229)
51,015
1,679(17,178)(6,371)
4,598
29,796744
220(2,576)(4,562)
23,623(19,019)
1,087(4,248)10(166)346(21,989)(22,633)
1,352(2,945)26(325)969(2,566)(26,122)

90,299(3,490)(1,030)(20,000)(9,329)(49,033)(581)(4,908)
1,925(4,042)(46,541)
138,420
91,87974,118(3,667)(4,500)(4,766)
5,902(33,580)(458)(5,933)
27,114(5,909)18,706
84,153102,859

(Consolidated)

Segment information
Information by reportable segment(Millions of yen)

Revenue fromexternal customers
Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Powersports & Engine
Other
Total
Eliminations and corporate
Consolidated total

Three months ended
Jun. 30, 2023
Intersegment
Total
revenue and transfers
revenue

80,21743,51970,76549,315
143,982
17,540405,340
405,340

2,403
12
4,927
3,604
207
5,505
16,661(16,661)-

82,62143,53175,692
52,919144,189
23,046422,002(16,661)
405,340

Business
profit (loss)(4,650)(6)
5,860(2,552)
14,300645
13,597(3,343)
10,253(Millions of yen)

Revenue fromexternal customers
Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Powersports & Engine
Other
Total
Eliminations and corporate
Consolidated total

Three months ended
Jun. 30, 2024
Intersegment
Total
revenue and transfers
revenue

104,960
43,83180,17752,651
144,742
17,864444,227444,227

4,770
6
3,871
3,748
235
5,504
18,137(18,137)-Three months ended
Jun. 30, 2023

(Billions of yen)Three months ended
Jun. 30, 2024

118.7
16.4
102.3
54.0
143.9
21.7
457.3

88.2
17.0
121.8
61.6
144.7
23.3
456.8

Orders by reportable segment
For three months ended June 30, 2024 and 2023

Orders :Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Powersports & Engine
OtherTotal-8-

109,73143,83784,04856,400144,97723,368
462,364(18,137)444,227

Business
profit (loss)
4,870(1,473)
5,983(142)
11,519717
21,475(4,539)16,935