Report of Earnings and Financial Statements for the
Six Months Ended September 30, 2011 (Consolidated)(Prepared pursuant to Japanese GAAP)
November 2, 2011
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:

November 10, 2011-

Supplementary materials to quarterly earnings:
Quarterly earnings presentation:

Available
Conducted (for institutional investors and analysts)

1. Consolidated Financial Results for the Six Months ended September 30, 2011
(April 1 – September 30, 2011)(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
Six Months Ended
584,990
2.3
26,62327.3
27,237
September 30, 2011
Six Months Ended
571,708
10.7
20,904
21,249September 30, 2010
Note: Comprehensive income September 30, 2011: 14,916 million yen (92.6%)
September 30, 2010:
7,742 million yen (- %)Earnings per shareyen
Six Months Ended
September 30, 2011
Six Months Ended
September 30, 2010

Net income%

million yen

%

28.1

17,813

44.4-

12,334-

Earnings per share– diluted
yen

10.65

10.50

7.39

7.27

(2) Financial Condition
Total assets

Net assets

million yen

million yen

Ratio ofshareholders’ equity
to total assets%

September 30, 2011

1,309,588

306,652

22.7

March 31, 2011

1,354,278

297,433

21.3

Note: Shareholders’ equity:

September 30, 2011: 297,378 million yen
March 31, 2011:
289,056 million yen

1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, 2011
Year ending
0.00
March 31, 2012
Year ending March
31, 2012 (forecast)
Note: Revisions to the most recently announced dividend forecast: None

Full year
yen

3.00

3.00

4.00

4.00

3. Forecast of Consolidated Earnings for the Year Ending March 31, 2012
(April 1, 2011 – March 31, 2012)
Net sales

Full year

million yen%

1,360,000

10.8(Percentage figures represent changes versus the year-ago period)
Earnings per
Operating income
Recurring profit
Net income
sharemillion yen%
million yen%
million yen%
yen
50,00017.2

52,0005.8

32,00023.2

Note: Revision to the most recently announced earnings forecast: None

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 8 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 8 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: None
(2) Changes in accounting policies other than (1): None
(3) Changes in accounting estimates: None
(4) Correction of errors: None
*For further details, see “Changes in accounting policies, changes in accounting estimates, andcorrection of errors” on page 8 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)
September 30, 2011:
1,671,892,659 shares
March 31, 2011:
1,670,646,460 shares(2) Number of shares held in treasury as of period-end
September 30, 2011:
72,454 shares
March 31, 2011:
100,288 shares(3) Average number of shares during respective periods
Six months ended September 30, 2011:
1,671,112,605 shares
Six months ended September 30, 2010:
1,668,269,268 shares

2

19.14

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 on Wednesday
November 2, 2011, and to post the briefing material on quarterly financial results to be used for thebriefing 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 (Others)

8(1) Changes affecting the status of material subsidiaries (scope of consolidation)

8(2) Accounting procedures specific to preparation of quarterly consolidated financial statements

8(3) Changes in accounting policies, changes in accounting estimates, and correction of errors

8

3. Consolidated Financial Statements

9(1) Consolidated balance sheets

9(2) Consolidated statements of income and comprehensive income

11(Consolidated statements of income for the six months ended September 30, 2011)11(Consolidated statements of comprehensive income for the six months ended September 30, 2011)11(3) Consolidated cash flow statements

12(4) Notes on the going-concern assumption

13(5) Segment information

13(6) Notes on significant changes in the amount of shareholders’ equity

14

4. Supplementary Information

14(1) Orders and sales

14(2) Net sales by geographic area

15(3) Supplementary information on earnings forecasts for the fiscal year ending March 31, 201216

4

1. Qualitative Information and Financial Statements(1) Consolidated operating results
In the six months ended September 30, 2011 (first half of the fiscal year ending March 2012),
the Japanese economy continued to tread water. The business environment surrounding the KHI
Group remained adverse due to factors including the yen's appreciation and continuing highprices of materials. The economic outlook for Japan remained uncertain. This was primarily
because of a slump in personal consumption and the impact on production activities ofelectricity supply constraints in the aftermath of the Great East Japan Earthquake of March 11.
The world economy continued to track a moderate growth trend, in general, supported by robust
demand for infrastructure in China and other emerging countries. At the same time, however,there were concerns over a further economic downturn because of prolonged balance sheet
adjustments in the US and sovereign risk in some European countries.
In this operating environment, both sales and profits of the Group for the second quarter underreview as a whole increased from the corresponding period of the previous fiscal year. This was
despite year-on-year decreases in sales or profits in some businesses. Overall orders received
decreased. This was because order increases in the Gas Turbine & Machinery and Precision
Machinery segments failed to offset a decrease in orders in the Rolling Stock segment, abusiness in which we booked large orders in the previous first half, and the Plant &Infrastructure segment. Sales generally rose as higher revenue in the Precision Machinery,
Aerospace and Plant & Infrastructure segments offset lower revenue in the Gas Turbine &Machinery, Ship & Offshore Structure and Rolling Stock segments. Overall profits increased
thanks to higher profits and improvements in the Precision & Machinery and Aerospacesegments. This was despite decreases in profits and deterioration in other segments whose sales
dropped.
As a result, in the second quarter of the current fiscal year, orders received fell ¥99.9 billion
from a year earlier to ¥513.4 billion on a consolidated basis. Net sales increased ¥13.2 billion to¥584.9 billion. Operating income rose ¥5.7 billion to ¥26.6 billion, ordinary income advanced¥5.9 billion to ¥27.2 billion, and net income increased ¥5.4 billion to ¥17.8 billion.

Consolidated segment information for the first half of the fiscal year is summarized below.

5Segment Information
Segment net sales, operating income, and orders received (billions of yen)Six months ended September 30,

Orders received
Six months ended

2011

2010
September 30,

Segment

Net

OperatingNet

Operatingsales

incomesales

income2011

2010

Ship & Offshore Structure

53.1

0.5

61.2

2.0

24.6

36.4

Rolling Stock

55.3

1.1

63.0

3.4

42.1

117.7

Aerospace

87.4

3.0

83.0

(1.1)

67.5

87.9

Gas Turbine & Machinery

84.7

3.9

99.2

6.1

79.7

65.3

Plant & Infrastructure

56.2

6.7

38.8

3.5

46.8

77.3

Motorcycle & Engine

106.2

(2.3)

113.2

(1.1)

106.2

113.2

Precision Machinery

85.2

14.5

60.9

8.6

91.1

68.0

Other

56.4

1.8

51.9

0.9

55.1

47.2

-

(2.7)

-

(1.5)

-

-

584.9

26.6

571.7

20.9

513.4

613.4

Adjustments
Total

Note: Net sales include only sales to external customers.

Ship & Offshore Structure
In the first half under review, consolidated orders received decreased ¥11.8 billion year on yearto ¥24.6 billion, despite the receipt of orders for 7 bulk carriers.
Consolidated net sales totaled ¥53.1 billion, down ¥8.0 billion from a year ago, whenrevenues were raised by large ship sales.
Consolidated operating income fell ¥1.5 billion to ¥0.5 billion, due primarily to a decline insales, the strong yen and a hike in the prices of steel materials.
Rolling Stock
Consolidated orders received were ¥42.1 billion, down ¥75.5 billion from the year-earlier period,
when the segment received a large order from overseas.
Consolidated net sales decreased ¥7.6 billion to ¥55.3 billion, due mainly to a decline in salesof rolling stock to overseas.
Consolidated operating income dropped ¥2.3 billion to ¥1.1 billion, affected mainly by lower
sales and the yen's appreciation.
Aerospace
Consolidated orders received decreased ¥20.3 billion to ¥67.5 billion, owing chiefly to a decline6

in orders from Japan's Ministry of Defense.
Consolidated net sales increased ¥4.4 billion to ¥87.4 billion, due mainly to higher sales of
Boeing 777 component parts.
Consolidated operating income was ¥3.0 billion, an improvement of ¥4.1 billion from a year
earlier, owing mainly to an increase in sales and a reduction in costs.
Gas Turbine & Machinery
Consolidated orders received increased ¥14.3 billion to ¥79.7 billion, chiefly because of orders
received for construction of a gas-engine power plant.
Consolidated net sales decreased ¥14.5 billion to ¥84.7 billion, owing chiefly to declines insales of gas compression modules and sales to Japan's Ministry of Defense.
Consolidated operating income dropped ¥2.2 billion to ¥3.9 billion, hurt mainly by a fall insales.
Plant & Infrastructure
Consolidated orders received decreased ¥30.5 billion to ¥46.8 billion, due primarily to lower
orders for plants for Japan.
Consolidated net sales increased ¥17.4 billion to ¥56.2 billion, partly because of higher sales
for overseas plants.
Consolidated operating income advanced ¥3.2 billion to ¥6.7 billion, owing mainly to anincrease in sales.
Motorcycle & Engine
Consolidated net sales decreased ¥7.0 billion to ¥106.2 billion, due chiefly to a decline in salesof motorcycles to developed countries and the strong yen.
Consolidated operating loss was ¥2.3 billion, a deterioration of ¥1.2 billion from theyear-earlier period, affected largely by declined sales and the strong yen.
Precision Machinery
Consolidated orders received increased ¥23.1 billion to ¥91.1 billion, chiefly because of growthin orders for hydraulic equipment from construction machinery makers.
Consolidated net sales went up ¥24.2 billion to ¥85.2 billion, due mainly to increases in salesof hydraulic equipment to construction machinery makers and sales of various clean robots forsemiconductor production facilities.
Consolidated operating income advanced ¥5.9 billion to ¥14.5 billion, primarily because of anincrease in sales.
Other Operations
Consolidated net sales increased ¥4.4 billion to ¥56.4 billion.
7

Consolidated operating income advanced ¥0.9 billion to ¥1.8 billion.
(2) Consolidated financial position
Consolidated total assets at the end of the first half under review were \1,309.5 billion, down
\44.6 billion from the end of the previous fiscal year. The decrease is attributable to a decline intrade receivables following collection of sales receipts. Consolidated liabilities stood at \1,002.9
billion, down \53.9 billion, due to a fall in trade payables. Interest-bearing debt was \427.1
billion, down \1.9 billion. Consolidated net assets were \306.6 billion, up \9.2 billion, reflecting
distribution of dividends and the booking of net income.
(3) Consolidated earnings outlook
The strong yen is adversely affecting earnings of the Motorcycle & Engine, Rolling Stock andAerospace segments, among others. However, we expect earnings to improve in the Precision
Machinery segment, which is operating at a high utilization rate, and the Plant & Infrastructure
segment, where existing projects are progressing steadily. Business performance has developed
generally as planned. Given this, the Company has left unchanged its previously announced
earnings forecast for the fiscal year ending March 31, 2012.
The Company's earnings forecasts assume exchange rates of ¥80 to the US dollar and ¥110 tothe euro.
2. Summary Information (Others)(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 second quarter under review, and multiplying quarterly pretax net income by said estimatedeffective tax rate. If unable to use the estimated effective tax rate, the Company calculates tax
expense by multiplying the statutory effective tax rate by quarterly 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
Not applicable83. Consolidated Financial Statements(1) Consolidated balance sheets
Millions of yen
As of
Six months ended
March 31, 2011
September 30, 2011
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

47,233401,753
50,528285,977
88,81780,239(2,829)951,719

37,169323,203
43,228319,451
88,497
85,260(2,808)894,003

275,780

283,061

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

626
18,622
19,249471
18,58319,054

108,515(986)
107,529
402,558
1,354,278

114,400(930)
113,469
415,585
1,309,588

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

319,271
143,972
5,988
15,69233,068
8,865
80,81596,051
703,726

258,894
153,907
5,953
14,03035,042
7,138
91,75378,706645,426

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

50,000203,801
80,5569,202
9,557
353,117
1,056,844

70,000189,42278,566
8,765
10,754
357,509
1,002,936

104,340
54,251
158,615(30)
317,176

104,484
54,393
170,904(21)
329,761

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

9

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

10

3,876
(990)
(31,006)(28,119)
8,376
297,433
1,354,278

2,753
(913)
(34,223)(32,382)9,274
306,652
1,309,588

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen
Six months ended
September 30, 2010
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and benefits
R&D expenses
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
Other
Total non-operating income
Non-operating expenses
Interest expense
Foreign exchange loss, net
Loss on valuation of securities
Other
Total non-operating expenses
Recurring profit (loss)
Extraordinary losses
Loss on impairment of fixed assets
Loss on adjustment for changes of accounting standard for asset
retirement obligations
Provision for doubtful accounts of affiliates
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)

Six months ended
September 30, 2011

571,708
481,156
90,551

584,990
485,826
99,164

19,53316,007
34,10569,647
20,904

19,896
16,22836,41672,541
26,623

945
366
4,875
2,424
8,610

701
377
4,833
2,396
8,308

2,435
1,963
1,715
2,150
8,265
21,249

2,255
2,990
7
2,442
7,694
27,237

-

924

280

-

256
536
20,712
7,434
13,278943
12,334924
26,312
7,254
19,058
1,245
17,813

Consolidated statements of comprehensive income
Millions of yen
Six months ended
September 30, 2010
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

11

Six months ended
September 30, 201113,27819,058(1,726)
1,061(3,975)(1,175)153(3,680)

(895)

561

(5,535)
7,742
6,904
837

(4,141)
14,916
13,5501,366

(3) Consolidated cash flow statements
Millions of yen
Six months ended
September 30, 2010
Cash flow from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Loss on impairment of fixed assets
Increase (decrease) in provisionInterest and dividend income
Interest expense
Loss (gain) on valuation of securities
Equity in income non-consolidated subsidiaries and affiliates(Increase) decrease in trade receivables(Increase) decrease in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances from customers
Other
Subtotal
Cash received for interest and dividends
Cash paid for interest
Cash paid for income taxes
Net cash provided by operating activities
Cash flow from investing activities
Acquisition of property, plant, equipment and intangible assets
Proceeds from sales of property, plant, equipment and intangible
assetsAcquisition of investments in securities
Proceeds from sales of investments in securities
Decrease (Increase) in short-term loans receivable
Additions to long-term loans receivable
Proceeds from collection of long-term loans receivable
Other
Net cash used for investing activities
Cash flow from financing activities
Net increase (decrease) in short-term debt
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from issuance of bonds
Redemption of bonds payable
Acquisition of treasury stock
Proceeds from stock issuance to minority shareholders
Cash dividends paid
Cash dividends paid to minority shareholders
Other
Net cash used for financing activities
Effect of exchange rate changes
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents by change ofconsolidation period of subsidiaries
Cash and cash equivalents at end of period

12

Six months ended
September 30, 2011

20,712
23,348(1,629)(1,311)
2,435
1,715(4,875)58,874(15,666)(14,662)(361)(13,061)
55,5181,298(2,440)(6,207)
48,16826,312
22,312924(3,927)(1,078)2,255
7(4,833)73,204(28,528)(58,568)
13,350(434)
40,995
1,063(2,298)(7,188)32,572(25,854)(33,176)

402

155

(28)
0
16
(10)
50
(740)
(26,164)

(34)
5
25
(35)
43
330
(32,686)(47,923)
15,580(3,516)20,000(5)
1,209(4,985)(418)(37)(20,096)(2,244)(336)
34,137(4,416)
8,741(3,954)20,000(20,186)(7)(5,000)(470)(33)(5,328)(1,977)(7,419)44,629-(1,508)33,80035,701

(4) Notes on the going-concern assumption

Not applicable(5) Segment information and others
Segment information
1. Six months ended September 30, 2010 (April 1, 2010 – September 30, 2010)(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)

61,25363,01883,07099,26438,867113,247
60,98851,997571,708
571,708

1,107
384
840
10,527
6,130
572
6,150
15,056
40,769(40,769)-

62,36063,402
83,910109,792
44,998113,820
67,13867,054612,477(40,769)
571,708

2,063
3,436
(1,138)
6,166
3,537(1,175)8,610
938
22,440(1,536)
20,904

Millions of yen
IncomeAmountIntersegment transactions
67
Corporate expenses*(1,603)
Total(1,536)*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
2. Six months ended September 30, 2011 (April 1, 2011 – September 30, 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

External sales

Intersegment
sales

Total sales

Operatingincome (loss)

53,18355,36687,47984,76056,299106,20285,251
56,446584,990584,990

722
472
899
7,432
4,311
482
6,564
16,76937,655(37,655)-

53,906
55,83888,37992,19360,610106,684
91,816
73,215
622,646(37,655)584,990

532
1,133
3,057
3,914
6,740
(2,378)14,514
1,868
29,383(2,760)26,62313

Notes: 1. Breakdown of adjustments:
Millions of yen
IncomeAmountIntersegment transactions
13
Corporate expenses*(2,774)
Total(2,760)* 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(6) Notes on significant changes in the amount of shareholders’ equity
Not applicable
4. Supplementary information(1) Orders and sales (consolidated)
Orders received
Six months ended
September 30, 2010

Six months ended
September 30, 2011

Year ended March 31,
2011

million yen% of total
million yen% of total
million yen% of total
Ship & Offshore Structure
36,4685.9
24,657
4.8
78,953
6.2
Rolling Stock
117,71219.1
42,126
8.2
187,122
14.7
Aerospace
87,956
14.3
67,596
13.1
206,730
16.2
Gas Turbine & Machinery
65,381
10.6
79,72915.5
187,582
14.7
Plant & Infrastructure
77,378
12.6
46,823
9.1
119,987
9.4
Motorcycle & Engine
113,24718.4
106,202
20.6
234,479
18.4
Precision Machinery
68,04211.0
91,15917.7
148,955
11.7
Other
47,252
7.7
55,161
10.7
106,841
8.4
Total
613,440
100.0
513,456100.0
1,270,652
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

Six months ended
September 30, 2010
million yen% of total
61,253
10.7
63,01811.0
83,07014.5
99,26417.3
38,867
6.7
113,247
19.8
60,988
10.6
51,997
9.0
571,708
100.0

14

Six months ended
September 30, 2011
million yen% of total
53,1839.0
55,366
9.4
87,47914.9
84,76014.4
56,2999.6
106,20218.1
85,251
14.5
56,4469.6
584,990
100.0Year ended March 31,
2011
million yen% of total
118,416
9.6
131,104
10.6
196,876
16.0
202,692
16.5
89,012
7.2
234,47919.1
140,32811.4
114,0389.2
1,226,949
100.0

Order backlog

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

Year ended March 31,
2011
million yen% of total
177,25411.8
411,560
27.5
269,470
18.0
382,269
25.5
185,41412.3
42,7902.8
26,5891.7
1,495,349
100.0

Six months ended
September 30, 2011
million yen % of total
145,76210.4
394,12528.3
244,59817.5
356,45425.6
175,708
12.6
48,698
3.5
25,5581.8
1,390,905
100.0(2) Net sales by geographic area (consolidated)
Six months ended September 30, 2010 (April 1, 2010 – September 30, 2010)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
44.2%
20.3%
7.4%
18.1%
9.7%
100.0%

253,062
116,170
42,492104,041
55,940571,708

Six months ended September 30, 2011 (April 1, 2011 – September 30, 2011)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
41.2%
17.5%
10.6%
19.7%
10.8%
100.0%

241,194
102,865
62,180115,232
63,516584,99015

Six months ended
September 30, 2010
million yen% of total
191,779
12.7
423,38928.0
264,84617.5
365,470
24.2
192,899
12.7
41,2182.7
29,0441.9
1,508,648
100.0

(3) Supplementary information on earnings forecasts for the fiscal year ending March 31,
20121) Consolidated earnings outlook

Revised forecast(A)

Forecast issued
April 28, 2011 (B)Net sales
Operating income
Recurring profit
Net income

1,360.0
50.0
52.0
32.0

1,360.0
50.0
52.0
32.0

-

Billions of yen
Fiscal 2010
(ended March 31,
2011)(actual)1,226.9
42.6
49.1
25.9

Orders received
Before-tax ROIC (%)
R&D expenses
Capital expenditures
Depreciation/amortization
Number of employees at end of
fiscal year
(Of which, employees outside ofJapan)

1,430.0
7.8%
44.4
88.0
51.0

1,360.0
7.8%
43.0
76.0
55.0

70.0
1.4
12.0
(4.0)

1,270.6
6.0%
37.0
55.3
50.3

33,90033,200700

32,706(8,900)(8,200)(700)(8,195)

Outlook for the year ending March 31, 2012 (fiscal 2011)
Change(A – B)

Notes: 1. Outlook’s assumed foreign exchange rates: ¥80 = US$1, ¥110= 1 euro

2. Before-tax ROIC = (income before income taxes + interest expense) / invested capital.
3. Capital expenditures represent the total of newly recorded property, plant and equipment andnewly recorded intangible assets. Depreciation/amortization represents depreciation andamortization expenses on property, plant and equipment and intangible assets.
2) Outlook by reportable segment(a) Net sales and operating income (loss)
Billions of yen
Outlook for the year ending March 31, 2012 (fiscal 2011)
Revised forecast
Forecast issued
Change(A)
April 28, 2011 (B)(A – B)Net sales
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Other
Adjustments
Total

110.0
130.0
220.0
210.0
130.0
260.0
190.0
110.0
1,360.0

Operatingincome(loss)
(4.0)
6.0
5.0
6.0
14.0
2.0
28.0
2.0
(9.0)
50.0

Net sales
110.0
150.0
220.0
210.0
130.0
260.0
170.0
110.0
1,360.016

Operatingincome(loss)
(4.0)
7.0
8.0
5.0
11.0
5.0
25.0
2.0
(9.0)
50.0

Net sales(20.0)
20.0-

Operatingincome(loss)
(1.0)
(3.0)
1.0
3.0
(3.0)
3.0
-

Fiscal 2010 (ended
March 31, 2011)(actual)
Net sales
118.4
131.1
196.8
202.6
89.0
234.4
140.3
114.0
1,226.9

Operatingincome(loss)
(1.0)
8.1
3.0
9.5
8.2
(4.9)
22.3
2.5
(5.3)
42.6

(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, 2012 (fiscal 2011)
Revised outlook
Forecast issued
Change(A)
April 28, 2011 (B)(A – B)
60.0
60.0
150.0
150.0
280.0
260.0
20.0
230.0
220.0
10.0
140.0
120.0
20.0
260.0
260.0
200.0
180.0
20.0
110.0
110.0
1,430.0
1,360.0
70.0

17Billions of yen
Fiscal 2010 (ended
March 31, 2011)(actual)
78.9
187.1
206.7
187.5
119.9
234.4
148.9
106.8
1,270.6