Report of Earnings and Financial Statements for theThree Months Ended June 30, 2014 (Consolidated)(Prepared pursuant to Japanese GAAP)
July 30, 2014
Listed company’s name:

Kawasaki Heavy Industries, Ltd.

Listed on:
Stock code:
URL:
Representative:
Contact:
Tel:

1st sections of the TSE, and NSE
7012
http://www.khi.co.jp/
Shigeru Murayama, President
Ryoji Mori, Senior Manager, Accounting Department+81 3-3435-2130

Scheduled dates:
Submission of quarterly securities filing:
Commencement of dividend payments:

August 7, 2014-

Supplementary materials to quarterly earnings:
Quarterly earnings presentation:

Available
Conducted (for institutional investors and analysts)

1. Consolidated Financial Results for the Three Months ended June 30, 2014
(April 1 – June 30, 2014)(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
million yen%
Three Months Ended
304,154
7.6
June 30, 2014
Three Months Ended
282,509(0.3)
June 30, 2013
Note: Comprehensive income June 30, 2014:
June 30, 2013:
Earnings per shareyen
Three Months Ended
June 30, 2014
Three Months Ended
June 30, 2013

Operating income

Recurring profit

Net income

million yen%

million yen%

million yen%

10,904(34.9)

6,694(28.7)

5,416

20.4

16,752

148.4

9,400

(19.8)

4,496(25.4)

4,610million yen (72.1%)
16,570million yen 86.4%
Earnings per share– diluted
yen

3.23

-

2.68

-

(2) Financial Condition
Total assets

Net assets

million yen

million yen%

June 30, 2014

1,570,651

370,760

22.7

March 31, 2014

1,554,430

376,68623.3

Note: Shareholders’ equity:

June 30, 2014: 357,329 million yen
March 31, 2014: 363,041 million yen

1Equity ratio

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, 2013
Year ending
March 31, 2014
Year ending March
3.00
31, 2015 (forecast)
Note: Revisions to the most recently announced dividend forecast: None

Full year
yen

6.00

6.00

4.00

7.00

3. Forecast of Consolidated Earnings for the Year Ending March 31, 2015
(April 1, 2014 – March 31, 2015)
Net sales
million yen%(Percentage figures represent changes versus the year-ago period)
Earnings per
Operating income
Recurring profit
Net income
sharemillion yen%
million yen%
million yen%yen

For six months
endingSeptember 30,
2014

650,000

9.2

22,000(18.0)

17,000(25.4)

12,500

(3.8)

7.47

Full year

1,490,000

7.5

73,0000.8

66,0008.9

42,500

10.0

25.42

Note: Revision to the most recently announced earnings forecast: Yes

Notes
1) Changes affecting the status of material subsidiaries (scope of consolidation): None2) 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 10 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
4) Number of shares issued and outstanding (common stock)(1) Number of shares issued as of period-end (including treasury stock)June 30, 2014:
1,671,892,659 shares
March 31, 2014:
1,671,892,659 shares(2) Number of shares held in treasury as of period-end
June 30, 2014:
146,851 shares
March 31, 2014:
141,710 shares(3) Average number of shares during respective periods
Three months ended June 30, 2014:
1,671,747,545 shares
Three months ended June 30, 2013:
1,671,787,906 shares

2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 their preparation, anddo not mean that the Company promises to achieve these figures. Actual results may differ from thoseexpressed or implied by forward-looking statements due to a range of factors. For assumptions underlying
earnings forecasts and other information regarding the use of such forecasts, refer to “Consolidated
earnings outlook” on page 9 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 by conference call on
Wednesday July 30, 2014, 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

9

2. Summary Information (Notes)

10(1) Changes affecting the status of material subsidiaries (scope of consolidation)

10(2) Accounting procedures specific to preparation of quarterly consolidated financial statements

10

3. Consolidated Financial Statements

11(1) Consolidated balance sheets

11(2) Consolidated statements of income and comprehensive income

13(Consolidated statements of income for the three months ended June 30, 2014)13(Consolidated statements of comprehensive income for the three months ended June 30, 2014)13(3) Notes on financial statements

14(Notes on the going-concern assumption)

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

14(Segment information and others)

14

4. Supplementary Information

15(1) Consolidated cash flow statements (condensed)

15(2) Orders and sales (consolidated)

16(3) Net sales by geographic area (consolidated)

17(4) Supplementary information on earnings forecasts for the fiscal year ending March 31,

18

2015

4

1. Qualitative Information and Financial Statements(1) Consolidated operating results
In the first quarter of the fiscal year ending March 31, 2015, the global economy recovered
modestly on the whole, as emerging market economies were supported by sound recoveries,
centered on developed economies, including the turnaround in the US economy and the pickup in theEuropean economy. Going forward, the global economy is expected to continue on a moderate
growth track, despite the ongoing concerns about downward economic risk due to factors such as theimpact of the tapering of monetary easing in the US, the future of China’s economy, as well as
geopolitical risks.
The Japanese economy continued on a recovery track supported by various fiscal and monetary
policies, despite some weakness in personal consumption due to the recoil drop in spending in thewake of the surge in demand in advance of the consumption tax hike. While a close eye needs to be
kept on various economic risks going forward, the economy is expected to maintain a modest
recovery trend, underpinned by a pickup in personal consumption with the clear improvement in theemployment and income environment, firm domestic demand, as well as growth in overseas
economies.
Amid such an economic environment, the Group achieved an overall increase in orders received
in the first quarter, driven by segments including Rolling Stock and Plant & Infrastructure, despite adecrease in orders in several segments including Ship & Offshore Structure. First quarter sales also
increased on the whole, as higher sales in segments such as Aerospace and Gas Turbine &Machinery offset the decline in sales in segments including Ship & Offshore Structure andMotorcycle & Engine. Operating income decreased overall, as increases in segments such as
Precision Machinery and Gas Turbine & Machinery were negated by declines in performance or
profit declines in several segments, including Ship & Offshore Structure, Motorcycle & Engine, andRolling Stock.
The Group’s first quarter consolidated orders received increased ¥50.7 billion year on year to¥333.8 billion. Consolidated net sales totaled ¥304.1 billion, a ¥21.6 billion year-on-year increase,but consolidated operating income decreased ¥5.8 billion year on year to ¥10.9 billion, as the impactof the reversal of reserves for losses on construction contracts was considerable in the same quarterof the previous fiscal year. Despite the contraction in the foreign exchange losses, consolidated
recurring profit declined ¥2.7 billion year on year to ¥6.6 billion, largely the result of the decline inconsolidated operating income. Consolidated net income increased ¥0.9 billion year on year to ¥5.4
billion, attributable to the decline in tax expense.

5

First-quarter consolidated operating performance is summarized by segment below.

Segment Information
Segment net sales, operating income, and orders received (billions of yen)Three months ended June 30

2014 (A)

Orders received

Change (A – B)

2013 (B)Three months ended
June 30

Net

OperatingNet

OperatingNet

Operating

2014

2013

Changesales

incomesales

incomesales

income(A)(B)(A – B)

Ship & Offshore
Structure

18.3

(0.4)

21.0

3.3

(2.7)

(3.7)

14.5

27.1

(12.5)

Rolling Stock

30.4

0.0

30.5

1.9

(0.0)

(1.8)

67.4

35.0

32.3

Aerospace

65.4

6.2

55.6

7.5

9.7

(1.2)

41.9

41.5

0.4

42.7

2.0

36.4

0.8

6.3

1.2

43.2

35.6

7.5

21.0

(0.4)

16.7

(0.6)

4.3

0.1

35.2

16.6

18.6

64.8

0.2

67.4

2.4

(2.6)

(2.2)

64.8

67.4

(2.6)

Machinery

30.6

2.8

25.1

1.5

5.5

1.2

31.7

29.8

1.8

Other

30.5

0.5

29.4

0.3

1.0

0.2

34.7

29.6

5.0

-

(0.3)

-

(0.7)

-

0.4

-

-

-

304.1

10.9

282.5

16.7

21.6

(5.8)

333.8

283.1

50.7

Gas Turbine &Machinery
Plant &
Infrastructure
Motorcycle &EnginePrecision

Adjustments
Total

Notes: 1. Net sales include only sales to external customers.
2.The Motorcycle & Engine segment’s orders received are equal to its net sales as production is based mainlyon estimated demand.

Ship & Offshore Structure
Consolidated orders received declined ¥12.5 billion year on year to ¥14.5 billion, as despitebooking an order for an LPG carrier, the segment had booked orders for two LNG carriers in the
year-earlier period, resulting in a year-on-year decline.
Consolidated net sales decreased ¥2.7 billion year on year to ¥18.3 billion, as growth in theamount of construction of LNG carriers was overshadowed by a decline in the amount ofconstruction of other vessels, most notably bulk carriers.
As a result of the decline in sales, the segment posted a consolidated operating loss of ¥0.4 billion,a ¥3.7 billion deterioration year on year, largely due to the fact that a reversal of reserves for losses
on construction contracts had been posted in the same quarter of the previous fiscal year.
6Rolling Stock
Consolidated orders received grew ¥32.3 billion to ¥67.4 billion, largely as a result of an orderfrom the Singapore Land Transport Authority for subway train cars for new lines.
Consolidated net sales were roughly flat year on year at ¥30.4 billion, due to a continued highlevel of sales to overseas customers and other factors.
Consolidated operating income decreased ¥1.8 billion year on year to ¥0.0 billion, attributable to a
decline in profit margin and other factors.
Aerospace
Consolidated orders received grew ¥0.4 billion year on year to ¥41.9 billion, as despite the decline
in orders from Japan’s Ministry of Defense, there was an increase in orders for component parts for
the Boeing 787.
Consolidated net sales increased ¥9.7 billion year on year to ¥65.4 billion, largely as a result ofgrowth in Boeing 787 component parts sales coupled with sales to Japan’s Ministry of Defense on
par with the year-earlier period .
Despite the increase in sales, consolidated operating income declined ¥1.2 billion year on year to¥6.2 billion as a result of the reversal of reserves for losses on construction contracts posted in the
year-earlier period.
Gas Turbine & Machinery
Consolidated orders received increased ¥7.5 billion year on year to ¥43.2 billion, attributable to
growth in orders for aircraft engine components and other products.
Consolidated net sales grew ¥6.3 billion year on year to ¥42.7 billion, due to an increase in salesof aircraft engine components, hydropower systems, and other products.
Consolidated operating income rose ¥1.2 billion year on year to ¥2.0 billion in response to theincrease in sales, among other factors.
Plant & Infrastructure
Consolidated orders received totaled ¥35.2 billion, an ¥18.6 billion increase year on year, due toan increase in orders for earth-moving machinery and environmental infrastructure projects.
Consolidated net sales grew ¥4.3 billion year on year to ¥21.0 billion, mainly attributable to theincrease in sales of LNG storage tanks and environmental infrastructure contracts.
Despite the increase in sales, a consolidated operating loss of ¥0.4 billion was posted, similar tothe consolidated operating loss in the year-earlier period.

7

Motorcycle & Engine
Consolidated net sales decreased ¥2.6 billion year on year to ¥64.8 billion, as the decline inmotorcycle sales in the US and Thailand negated the increase in motorcycle sales to Indonesia andcountries in Europe.
Consolidated operating income totaled ¥0.2 billion, a ¥2.2 billion year-on-year decline, largely
attributable to the drop in sales.
Precision Machinery
Consolidated orders received grew ¥1.8 billion year on year to ¥31.7 billion. The increase was theresult of a growth in orders of hydraulic components for the construction machinery market in Japan,
among other factors.
Consolidated net sales grew ¥5.5 billion year on year to ¥30.6 billion, largely due to the increasein sales of hydraulic components for the construction machinery market in Japan, as well as theincrease in sales of industrial robots for the automotive industry.
Consolidated operating income was up ¥1.2 billion year on year to ¥2.8 billion, largely inresponse to the growth in sales.
Other Operations
Consolidated net sales increased ¥1.0 billion yen year on year to ¥30.5 billion. Consolidated
operating income increased ¥0.2 billion year on year to ¥0.5 billion.

(2) Consolidated financial position
At June 30, 2014, consolidated assets totaled ¥1,570.6 billion, a ¥16.2 billion increase from March
31, 2014. The increase was chiefly attributable to inventory growth stemming from progress toward
completion of construction jobs and capital expenditure that added to property, plant and equipment,
which offset the decline in trade receivables. Consolidated liabilities at June 30, 2014, were ¥1,199.8
billion, a ¥22.1 billion increase from March 31, 2014. The rise was largely attributable to theincrease in commercial paper and other interest-bearing debt, which offset the decline in trade
payables. Interest-bearing debt ended the first quarter at ¥501.7 billion, a ¥57.1 billion increase fromMarch 31, 2014. Consolidated net assets at June 30, 2014, totaled ¥370.7 billion, a ¥5.9 billion
decline from March 31, 2014, largely attributable to dividend payments.

8(3) Consolidated earnings outlook
The Company has raised its consolidated recurring profit forecast for the first half of the fiscal
year ending March 31, 2015, to ¥17.0 billion, a ¥3.0 billion increase from the initial forecast
announced on April 25, 2014. This upward revision is based on the fact that investment gains onequity method are expected to improve due to the larger-than-expected concentration of relatively
high-profit projects in the first half of the fiscal year. On the net income, the Company raised its
initial first-half forecast by ¥4.0 billion to ¥12.5 billion, reflecting the improvement in recurring
profit and the revision of tax effects.
The Company has left its full-year recurring profit forecast unchanged from its initial forecast,given the limited change in full-year gains or losses on equity method. Meanwhile, the full-year net
income forecast was raised by ¥1.5 billion to ¥42.5 billion, in light of the revision of tax effects.
The Company’s earnings forecasts assume exchange rates of ¥100 to the US dollar and ¥135 to
the euro.

9

2. Summary Information (Notes)(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 first 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.

10

3. Consolidated Financial Statements(1) Consolidated balance sheets
Millions of yen
As of
As of
March 31, 2014
June 30, 2014
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

47,949415,664
56,673
302,511
98,84887,211(3,104)
1,005,754

43,312
388,318
59,580319,735
98,806110,191(2,934)
1,017,010

383,912
17,262

388,567
17,094

148,210(710)
147,500
548,675
1,554,430

148,743(764)
147,978
553,640
1,570,651

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

306,030
3,756
190,757
20,06010,10018,71922,118
310,775
13,56010,535
137,598
104,714795,415

273,866
161,917
3,277
25,167
11,166
10,194
156,516
177,671819,776

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

110,000
141,343
4,064
97,04829,871
382,328
1,177,744

100,000
150,349
3,616
95,97930,168380,114
1,199,891

Total current assets
Fixed assets
Net property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

11

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

104,484
54,393
217,449(43)
376,284

104,484
54,393
212,824(45)
371,657

Accumulated other comprehensive income
Net unrealized gains (losses) on securities, net of tax
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
Total net assets
Total net assets and liabilities

2,652(3,803)
6,416(18,509)(13,243)
13,645
376,686
1,554,430

2,755
(629)
1,463
(17,915)(14,327)
13,430370,760
1,570,651

12

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen
Three months ended
June 30, 2013
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and benefits
R&D expenses
Provision for doubtful accounts
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 losses
Other
Total non-operating expenses
Recurring profit (loss)
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)

Three months ended
June 30, 2014

282,509226,80955,699304,154
253,169
50,984

10,8408,076
281
19,75038,947
16,752

11,3408,014
20,72540,08010,904

252
216
1,523
627
2,619

116
130
2,465
1,012
3,724

1,030
7,993
947
9,971
9,400
9,400
4,588
4,812
315
4,496

990
5,873
1,069
7,933
6,694
6,694
619
6,075
658
5,416

Consolidated statements of comprehensive income
Millions of yen
Three months ended
June 30, 2013
Income before minority interests
Other comprehensive income
Net unrealized gains (losses) on securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income
Comprehensive Income attributable to:
Owners of the parent company
Minority interests

13

Three months ended
June 30, 2014

4,812

6,075

388
(182)
6,630
245

113
3,209
(2,169)409

4,675(3,027)

11,758
16,57015,736834(1,464)
4,610
4,332
278

(3) Notes on financial statements

Notes on the going-concern assumption
Not applicable
Notes on significant changes in the amount of shareholders’ equity
Not applicable
Segment information and others
Segment information
1. Three months ended June 30, 2013 (April 1, 2013 – June 30, 2013)(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)

21,07330,562
55,62436,452
16,712
67,49325,12429,466
282,509282,509

564
192
461
3,898
3,225
144
2,456
8,304
19,247(19,247)-

21,63830,75456,08640,35019,937
67,637
27,58037,771
301,756(19,247)
282,509

3,381
1,910
7,551
844
(606)
2,482
1,562
344
17,472(719)
16,752Millions of yen
IncomeAmountIntersegment transactions(58)
Corporate expenses*
(661)
Total
(719)
*Corporate expenses mainly comprise general and administrative expenses not attributed to reportablesegments.
2. Segment income adjustments are based on operating income reported on the consolidated statements
of income for the corresponding period.

(2) Impairment loss on fixed assets and goodwill by reportable segment
Not applicable142. Three months ended June 30, 2014 (April 1, 2014 – June 30, 2014)(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)

18,35030,46465,40342,79921,05364,892
30,63430,555304,154304,154

381
144
653
2,034
3,430
163
3,159
6,217
16,184(16,184)-

18,73230,60966,05644,83424,48365,056
33,79336,772
320,339(16,184)
304,154

(416)
12
6,274
2,056
(425)
263
2,850
590
11,205(301)
10,904

Millions of yen
AmountIncomeIntersegment transactions
Corporate expenses*

(71)
(229)

Total
(301)
* Corporate expenses mainly comprise general and administrative expenses not attributed to reportablesegments.
2. Segment income adjustments are based on operating income reported on the consolidated statements
of income for the corresponding period.

(2) Impairment loss on fixed assets and goodwill by reportable segment
Not applicable

4. Supplementary information(1) Consolidated cash flow statements (condensed)
Millions of yen
Three months ended
June 30, 2013
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period(1,133)(18,310)
20,12837,142

15

Three months ended
June 30, 2014
(38,067)(11,747)
49,93640,033

(2) Orders and sales (consolidated)
Orders received
Three months ended
June 30, 2013

Three months ended
June 30, 2014

Year ended
March 31, 2014

million yen% of total
million yen% of total
million yen% of total
Ship & Offshore Structure
27,185
9.6
14,586
4.3
117,872
8.0
Rolling Stock
35,046
12.3
67,42620.1
133,049
9.1
Aerospace
41,567
14.6
41,983
12.5
286,383
19.6
Gas Turbine & Machinery
35,685
12.6
43,261
12.9
222,013
15.2
Plant & Infrastructure
16,662
5.8
35,27510.5
103,9127.1
Motorcycle & Engine
67,49323.8
64,892
19.4
322,248
22.1
Precision Machinery
29,814
10.5
31,7009.4
127,297
8.7
Other29,686
10.4
34,736
10.4
142,684
9.8
Total
283,143100.0
333,863100.0
1,455,462
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

Three months ended
June 30, 2013
million yen% of total
21,073
7.4
30,562
10.8
55,62419.6
36,452
12.9
16,712
5.9
67,49323.8
25,1248.8
29,466
10.4
282,509
100.0

Three months ended
June 30, 2014
million yen% of total
18,3506.030,46410.0
65,40321.5
42,79914.0
21,0536.9
64,892
21.3
30,63410.0
30,55510.0
304,154
100.0

Year ended
March 31, 2014
million yen% of total
80,863
5.8
147,951
10.6
280,73720.2
189,241
13.6
103,898
7.4
322,248
23.2
123,2768.8
137,2649.9
1,385,482
100.0Year ended
March 31, 2014
million yen% of total
161,13410.7
364,65424.3
450,58130.0
295,100
19.6
170,737
11.3
25,821
1.7
32,2342.1
1,500,264
100.0

Three months ended
June 30, 2014
million yen% of total
155,74810.2
396,98626.1
426,32428.0
293,065
19.2
184,83112.1
26,8871.7
36,4172.3
1,520,260
100.0

Three months ended
June 30, 2013
million yen% of total
128,9139.2
374,85626.8
425,02630.4
241,99617.3
169,743
12.1
26,491
1.9
27,0241.9
1,394,051
100.0

Order backlog

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

16

(3) Net sales by geographic area (consolidated)
Three months ended June 30, 2013 (April 1, 2013 – June 30, 2013)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
41.9%
23.5%
6.9%
18.3%
9.2%
100.0%

118,426
66,61519,74251,70026,024
282,509

Three months ended June 30, 2014 (April 1, 2014 – June 30, 2014)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
39.5%
24.1%
9.1%
19.0%
8.1%
100.0%

120,208
73,40827,86558,021
24,650304,15417

(4) Supplementary information on earnings forecasts for the fiscal year ending March 31, 2015
1. Consolidated earnings outlook(Billions of yen)

Net sales
Operating income
Recurring profit
Net income
Orders received
Before-tax ROIC (%)

Fiscal 2013 (ended
March 31, 2014)(actual)1,385.4
72.3
60.6
38.6
1,455.4
8.1%

Outlook for the year ending March 31, 2015 (fiscal 2014)
Revised forecast
Forecast issued
Change(A)
April 25, 2014 (B)(A – B)
1,490.0
1,490.0
73.0
73.0
66.0
66.0
42.5
41.0
1.5
1,590.0
1,580.0
10.0
8.6%
8.6%
-

Notes: 1. Outlook’s assumed foreign exchange rates: ¥100 = US$1, ¥135 = 1 euro

2. Before-tax ROIC = (income before income taxes + interest expense) / invested capital.

2. Outlook by reportable segment(a) Net sales and operating income (loss)(Billions of yen)
Outlook for the year ending March 31, 2015 (fiscal 2014)
Revised forecast
Forecast issued
Change(A)
April 25, 2014 (B)(A – B)Net sales
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Engineering& Engine
Motorcycle
Precision Machinery
Other
Adjustments
Total

85.0
135.0
320.0
230.0
120.0
320.0
140.0
140.0
1,490.0

Operatingincome(loss)
0.0
6.0
27.0
9.0
6.0
16.0
12.0
4.0
(7.0)
73.0

Net sales
85.0
135.0
320.0
230.0
120.0
320.0
140.0
140.0
1,490.0

Operatingincome(loss)
0.0
6.0
27.0
9.0
6.0
16.0
12.0
4.0
(7.0)
73.0

Net sales-

Operatingincome(loss)-

Fiscal 2013 (ended
March 31, 2014)(actual)
Net sales
80.8
147.9
280.7
189.2
103.8
322.2
123.2
137.2
1,385.4

Operatingincome(loss)
(2.0)
7.5
26.2
10.4
6.3
16.1
10.4
4.4
(7.2)
72.3

(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, 2015 (fiscal 2014)
Revised outlook
Forecast issued
Change(A)
April 25, 2014 (B)(A – B)
150.0
150.0
180.0
180.0
300.0
290.0
10.0
230.0
230.0
130.0
130.0
320.0
320.0
140.0
140.0
140.0
140.0
1,590.0
1,580.0
10.0

18(Billions of yen)
Fiscal 2013 (ended
March 31, 2014)(actual)
117.8
133.0
286.3
222.0
103.9
322.2
127.2
142.6
1,455.4

(c) Before-tax ROIC(%)
Outlook for the year ending March 31, 2015 (fiscal 2014)
Revised outlook
Forecast issued
Change(A)
April 25, 2014 (B)(A – B)
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Total

0.2
7.9
17.7
5.1
13.5
9.2
16.8
8.6

0.2
7.9
17.7
5.1
13.5
9.2
16.8
8.6

19

Fiscal 2013 (ended
March 31, 2014)(actual)
-

3.4
10.2
19.6
4.6
14.9
1.4
17.5
8.1