KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIESMay 10, 2023
FLASH CONSOLIDATED FINANCIAL RESULTS(Consolidated)

For the year ended March 31, 2023 and 2022

Operating results
Revenue
Business Profit
Profit attributable to owners of parent
Earnings per share (Yen)

Financial position
Total assets
EquityNumber of shares issued and outstanding
Equity Ratio

Year ended
Mar. 31, 2023
1,725,609
85,29455,071
329(Millions of yen / Thousand shares)
As of
As ofMar. 31, 2023
Mar. 31, 2022
2,174,630
2,459,767
524,891
598,914
167,481

167,472

23.5%

23.2%

Year ended
Mar. 31, 2023
23,617(77,457)
85,305
138,420(Millions of yen)
Year ended
Mar. 31, 2022
156,890(58,396)(108,904)
108,511

Cash flows
Operating activities
Investing activities
Financing activities
Cash and cash equivalents at end of period(Millions of yen)
Year ended
Mar. 31, 2022
1,500,879
30,366
12,63876

Fiscal year forecast
Revenue
One year ending March 31, 2024

Note:

1,900,000

Business profit(Millions of yen)
Profit attributable toowners of parent

78,000

The KHI Group has adopted International Financial Reporting Standards(IFRS) from the firstquarter ending June 30, 2022, and the fiscal year ended March 31, 2022 are reclassified based on IFRS.

-1-

47,000(Consolidated)

Consolidated Statement of Financial Position
As of March 31, 2023, 2022 and Apr 1, 2021

As ofMar. 31, 2022

(Millions of yen)
As ofMar. 31, 2023

122,166
355,061
148,523565,860
3,482
6,660
23,1101,224,865

108,511409,246
109,132
615,476
3,046
10,60664,184
1,320,204

138,420473,337
159,422
690,431551
10,741
100,385
1,573,289

449,155
62,51055,50473,464
69,913
106,430
48,835865,8142,090,679

444,375
61,94058,52470,43870,752102,20946,183
854,425
2,174,630

451,010
66,24868,42277,44070,224
109,366
43,763
886,477
2,459,767

418,070
266,724
4,753
159,476
26,918116,244992,187

399,892
208,773
8,506
256,189
24,409161,951
1,059,723

452,250
340,176
18,071
256,247
22,897
219,019
1,308,661

478,002115,218
7,082
1,038
17,504
618,847
1,611,034

458,068
107,024
4,136
1,382
19,403590,014
1,649,738

445,082
91,552
1,942
833
12,779552,190
1,860,852

104,484
54,542
299,409(136)
3,846
462,146
17,498479,645
2,090,679

104,484
55,525
320,671(1,129)25,931
505,484
19,407
524,891
2,174,630

104,484
55,716382,297(1,107)36,852578,243
20,670598,9142,459,767

As ofApr. 1, 2021

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
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 the year ended March 31, 2023 and 2022

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Share of profit (loss) 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 toOwners of parent
Non-controlling interests
Earnings per share
Basic earnings per share-3-Year ended
Mar. 31, 2022
1,500,879
1,247,615
253,263
211,134(14,410)
6,795
4,147
30,366
2,556
5,251
27,67012,834
14,836(Millions of yen)
Year ended
Mar. 31, 2023
1,725,609
1,391,787
333,822249,372
3,314
4,850
7,320
85,2942,291
14,29773,28815,95557,332

12,6382,198

55,071
2,261

75.51

328.82

(Consolidated)

Consolidated Statement of Comprehensive Income
For the year ended March 31, 2023 and 2022

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 loss
Cash flow hedges
Exchange differences on translation of foreign operationsShare 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 toOwners of parent
Non-controlling interests-4-

Year ended
Mar. 31, 2022
14,836(Millions of yen)
Year ended
Mar. 31, 2023
57,332

2,350
10,281(1)
12,630(363)
14,3530
13,989(125)
13,6809,220
22,77535,40550,241

1,932
10,112508
12,553
26,542
83,87547,186
3,055

80,8273,048

(Consolidated)

Consolidated Statement of Changes in Equity
For the year ended March 31, 2022
(Millions of yen)
Equity attributable to owners of parent
Share capital
Balance as of Apr. 1, 2021
ProfitOther comprehensive income
Comprehensive income
Issuance of new shares
Purchase of treasury shares
Disposal of treasury shares
Transfer of loss on disposal of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Loss of control of subsidiaries
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
OtherTotal transactions with owners
Balance as of Mar. 31, 2022

Balance as of Apr. 1, 2021
ProfitOther comprehensive income
Comprehensive income
Issuance of new shares
Purchase of treasury shares
Disposal of treasury shares
Transfer of loss on disposal of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Loss of control of subsidiaries
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
OtherTotal transactions with owners
Balance as of Mar. 31, 2022

104,484

Capital surplus

Retained earnings

54,542

299,409
12,638Treasury shares(136)

12,6381,916
20(994)1(0)(3,357)
12,158(936)

104,484982
55,525(177)
8,623
320,671(992)(1,129)Equity attributable to owners of parent
Other components of equity
Financial assets
Exchange
Remeasurements ofmeasured at fairdifferences on
defined benefit
value through other Cash flow hedges
translation of foreign
comprehensive
plans
operations
income4,025(179)
10,224
10,224

2,343
2,343

(10,224)(1,933)200
200

21,77921,779Total equity
attributable toowners of parent

Total

3,84634,548
34,548(12,158)

462,146
12,63834,54847,186
1,916(994)
3(3,357)-

Non-controllinginterests

17,498
2,198
857
3,055

(936)
795

(936)
(305)
(10,224)-(1,933)
4,435

(305)
(284)

-5-

0
0
21,780(305)
0(12,463)
25,931(305)(176)(3,849)505,484

Total

479,645
14,83635,40550,241
1,916(994)
3(4,294)795-(1,004)(1,940)(1,145)
19,407(305)(176)(4,995)524,891

(Consolidated)

For the year ended March 31, 2023
(Millions of yen)
Equity attributable to owners of parent
Share capital
Balance as of Apr. 1, 2022
ProfitOther comprehensive income
Comprehensive income
Issuance of new shares
Purchase of treasury shares
Disposal of treasury shares
Transfer of loss on disposal of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Loss of control of subsidiaries
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
OtherTotal transactions with owners
Balance as of Mar. 31, 2023

Balance as of Apr. 1, 2022
ProfitOther comprehensive incomeComprehensive income
Issuance of new shares
Purchase of treasury shares
Disposal of treasury shares
Transfer of loss on disposal of treasury shares
Dividends
Transfer to retained earnings
Change in scope of consolidation
Loss of control of subsidiaries
Change in ownership interest of parent due totransactions with non-controlling interests
Transfer to non-financial assets
OtherTotal transactions with owners
Balance as of Mar. 31, 2023

104,484

Capital surplus

Retained earnings

55,525

320,671
55,071

Treasury shares(1,129)55,071
(0)
0(4)
26(0)
(8,394)
14,191

190

104,484

19055,716

756
6,554
382,29722(1,107)

Equity attributable to owners of parent
Other components of equity
Financial assets
Exchange
Remeasurements ofmeasured at fairdifferences onvalue through other Cash flow hedges
defined benefit
translation of foreignplanscomprehensive
operations
income4,435(284)
21,780
14,235
14,235(14,235)

(370)
(370)

1,603
1,603

10,286
10,28643

Total equity
attributable toowners of parent

Total

25,93125,75525,755505,484
55,07125,75580,827(14,191)(4)
26(8,394)
-190
(643)
(14,235)
-43
4,109

(643)
676

-6-(643)
32,066(14,834)
36,852(643)
756(8,067)578,243

Non-controllinginterests

19,407
2,261
787
3,048

Total

524,891
57,332
26,542
83,875366(2,079)(4)26(9,358)
366(2,079)

891

1,082

(1,785)
20,670(643)
756(9,852)598,914(964)

(Consolidated)

Consolidated Statement of Cash Flows
For the year ended March 31, 2023 and 2022

Year ended
Mar. 31, 2022

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 expense
Increase (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 other current liabilities
OtherSubtotal
Interest 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
Payments for equity method investment and purchase of other financial assets
Proceeds from equity method investment and sale of other financial assets
Payments for acquisition of subsidiaries
Decrease due to loss of control over subsidiaries
Proceeds from acquisition of subsidiaries
OtherNet cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Proceeds from fluidity of lease receivables
Repayment of payables under fluidity lease receivables
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-(Millions of yen)
Year ended
Mar. 31, 2023

14,83676,998728
2,172
14,410(554)
12,834
4,778(38,213)
39,412(37,984)(11,848)(31,707)
92,07240,939(8,122)
170,751
1,755
865(4,318)(12,164)
156,890

57,332
77,374
4,606
7,312(3,314)
1,042
15,955
1,281(59,334)(50,291)(64,217)
42,213(28,508)(3,730)43,231
3,023
43,9753,328
332(5,005)(19,013)
23,617(58,943)
2,929(8,700)(2,042)(58,943)2,180(11,001)(6,702)

6,347

160

489
1,522
(58,396)(648)(3,224)
722(77,457)(74,247)(13,436)
15,500(17,001)
10,000(30,000)(3,384)62,749(56,186)(913)(1,983)(108,904)(3,244)(13,654)
122,166
108,51136,664(14,545)
18,500(21,987)
9,000(20,000)(8,383)
130,662(37,861)(964)(5,777)85,305(1,556)29,909108,511
138,420

Segment information
Information by reportable segment
For the year ended March 31, 2023 and 2022
Millions of yen
Year ended Mar. 31, 2022Intersegment
sales

External sales

Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Motorcycle & Engine
Other
Total
Eliminations and corporate
Consolidated total\\298,212
126,684
297,306
252,678
447,927
78,0701,500,879
0
1,500,879\\

10,12333
15,936
19,746845
20,164
66,850(66,850)-Business
profit(loss)

Total sales\\308,335
126,718
313,243
272,425
448,773
98,234
1,567,730(66,850)
1,500,879\\(10,346)
2,250(10,884)
13,92837,523
3,151
35,623(5,257)30,366

Finance income

Finance costs

Profit before tax\\2,556(5,251)\\

27,670\30,906
1,567
6,184
10,835
17,521
1,285
68,301
8,696
76,998

Share of profit (loss)of investments
accounted for using
equity method

Impairment
Loss

Depreciation
and amortization

728
728
728

\\\\

17(11,261)(3,437)81156(14,442)32(14,410)

Millions of yen
Year ended Mar. 31, 2023
Intersegment
sales

External sales

Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Motorcycle & Engine
OtherTotalEliminations and corporate
Consolidated total\\348,880
131,935
314,552
252,697591,151
86,392
1,725,609
1,725,609\\

10,25414
21,303
19,315
1,033
23,27075,191(75,191)-Business
profit(loss)

Total sales\\

359,134
131,949
335,856
272,013592,184
109,662
1,800,801(75,191)
1,725,609\\

17,816
1,372
3,905
8,766
71,533(1,845)
101,550(16,256)
85,294

Finance costs

Finance income

Profit before tax

Depreciation
and amortization

\\-8-

2,291

\(14,297)\73,288\29,499
1,913
6,231
11,271
17,408
1,413
67,738
9,636
77,374

Impairment
Loss\\

1,649
554
2,402
4,606
4,606

Share of profit (loss)of investments
accounted for using
equity method
\\8
6,016
(2,761)
(40)
104
3,328
(14)
3,314

(Consolidated)

Orders by reportable segment
For the year ended March 31, 2023 and 2022
(Billions of yen)
Year ended
Mar. 31, 2023

Year ended
Mar. 31, 2022
Orders :Aerospace Systems
Rolling StockEnergy Solution & Marine Engineering
Precision Machinery & Robot
Powersports & Engine
OtherTotal

383.3
71.5
343.5
271.8
447.9
84.0
1,602.1

345.5
313.2
439.0
262.0
591.1
86.4
2,037.4-9-