Report of Earnings and Financial Statements for theNine Months Ended December 31, 2014 (Consolidated)(Prepared pursuant to Japanese GAAP)
January 29, 2015
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:

February 12, 2015-

Supplementary materials to quarterly earnings:
Quarterly earnings presentation:

Available
Conducted (for institutional investors and analysts)

1. Consolidated Financial Results for the Nine Months ended December 31, 2014
(April 1 – December 31, 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

Operating income

Recurring profit

million yen% million yen% million yen
Nine Months Ended
1,016,447
10.3
60,35730.9
64,772
December 31, 2014
Nine Months Ended
920,852
3.9
46,079101.0
38,729December 31, 2013
Note: Comprehensive income December 31, 2014: 62,927 million yen 46.0%
December 31, 2013: 43,075 million yen 175.4%
Earnings per shareyen
Nine Months Ended
December 31, 2014
Nine Months Ended
December 31, 2013%

million yen

67.2

44,92892.8

23.1

23,292

20.4

Earnings per share– diluted
yen

26.87

-

13.93

-

(2) Financial Condition
Total assets

Net assets

million yen

million yen%

December 31, 2014

1,800,783

424,272

22.6

March 31, 2014

1,554,430

376,68623.3

Note: Shareholders’ equity:

December 31, 2014:
March 31, 2014:

408,433 million yen
363,041 million yen

1

Net income

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

Full year
yen

6.00

6.00

5.00

8.00

3. Forecast of Consolidated Earnings for the Year Ending March 31, 2015
(April 1, 2014 – March 31, 2015)
Net sales

Full year

million yen%

1,510,000

8.9(Percentage figures represent changes versus the year-ago period)
Earnings per
Operating income
Recurring profit
Net income
sharemillion yen% million yen% million yen%
yen
86,00018.8

84,00038.6

56,00045.0

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

4. 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)
December 31, 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
December 31, 2014:
176,574 shares
March 31, 2014:
141,710 shares(3) Average number of shares during respective periods
Nine months ended December 31, 2014:
1,671,734,829 shares
Nine months ended December 31, 2013:
1,671,776,326 shares

2

33.49

*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, and do
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 Presentation Material on Quarterly Financial Results and Details of theQuarterly Financial Results Presentation
The Company plans to conduct a briefing for institutional investors and analysts by conference call on
Thursday January 29, 2015, and to post the briefing material on quarterly financial results to be used forthe briefing 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 nine months ended December 31, 2014)13(Consolidated statements of comprehensive income for the nine months ended December 31, 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

16(1) Consolidated cash flow statements (condensed)

16(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, 2015174

1. Qualitative Information and Financial Statements(1) Consolidated operating results
The global economy continues to grow modestly, led by the US economy which is on afull-fledged recovery track, but there is increasing uncertainty about future economic prospects, due
to the impacts of the rapid decline in crude oil prices on the economies of natural resource-richcountries and emerging countries, among other factors. Also, the situation will continue to bear
watching, particularly the with respect to the impacts of US monetary policy, as well as concerns
about economic stagnation in the eurozone and emerging countries, along with geopolitical risks.
The Japanese economic recovery is taking longer than expected, as GDP growth was negative fortwo consecutive quarters since the consumption tax hike was implemented in April, among otherfactors. Going forward, the economy is expected to grow modestly, underpinned by the strong
employment environment and the improvement in the income environment, as well as theacceleration of the various growth strategies under Abenomics. Still, there are concerns about
consumer sentiment languishing for a prolonged period of time as well as a downturn in overseas
economies.
Amid such an economic environment, the Group achieved an increase in orders received during
the nine months ended December 31, 2014, centered on order growth in segments such as Ship &Offshore Structure and Aerospace. Overall sales increased, as the increase in sales in segments suchas Aerospace and Gas Turbine & Machinery offset a decline in sales in Rolling Stock and othersegments. There was also a significant increase in operating income, recurring profit and net income
as a result of the increase in profit in most business segments, including Aerospace and Ship &Offshore Structure.
The Group’s consolidated orders received increased ¥125.6 billion year on year to ¥1,079.4 billion.
Consolidated net sales totaled ¥1,016.4 billion, a ¥95.5 billion year-on-year increase, while
consolidated operating income rose ¥14.2 billion year on year to ¥60.3 billion. Consolidated
recurring profit increased ¥26.0 billion to ¥64.7 billion, as in addition to the increase in operating
income there was a narrowing of foreign exchange losses and an increase in equity in income ofnon-consolidated subsidiaries and affiliates. Meanwhile, consolidated net income grew ¥21.6 billion
year on year to ¥44.9 billion.

5

Consolidated operating performance for the nine months ended December 31, 2014, is summarized
by segment below.

Segment Information
Segment net sales, operating income, and orders received (billions of yen)
Nine months ended December 31

2014 (A)

Orders received

Change (A – B)

2013 (B)

Nine months ended
December 31

Net

OperatingNet

OperatingNet

Operating

2014

2013

Changesales

incomesales

incomesales

income(A)(B)(A – B)

Ship & Offshore
Structure

64.8

3.3

58.6

0.0

6.2

3.3

140.7

54.6

86.0

Rolling Stock

87.8

4.3

97.9

6.2

(10.0)

(1.9)

102.4

108.2

(5.8)

Aerospace

229.3

30.1

187.1

20.9

42.2

9.2

194.9

162.0

32.8

149.7

7.1

125.3

6.8

24.3

0.2

144.3

140.9

3.3

72.2

2.2

58.4

0.8

13.7

1.4

81.4

83.5

(2.1)

212.9

4.1

213.0

4.0

(0.1)

0.0

212.9

213.0

(0.1)

Machinery

95.3

7.9

84.9

7.1

10.4

0.7

96.5

92.4

4.1

Other

104.0

2.8

95.3

2.3

8.7

0.4

106.0

98.8

7.2

-

(1.8)

-

(2.5)

-

0.6

-

-

-

1,016.4

60.3

920.8

46.0

95.5

14.2

1,079.4

953.7

125.6

Gas Turbine &Machinery
Plant &
Infrastructure
Motorcycle &EnginePrecision

Adjustments
Total

Note: 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 increased ¥86.0 billion year on year to ¥140.7 billion, as a result ofbooking orders for a submarine and four liquefied gas carriers (LNG carriers and LPG carrier).
Consolidated net sales increased ¥6.2 billion year on year to ¥64.8 billion, as growth in theamount of construction of LNG carriers and other factors offset the decline in the amount ofconstruction of LPG carriers, bulk carriers, and other vessels.
As a result of the increase in sales, the reversal of provision for losses on construction contracts,
and other factors, the segment posted consolidated operating income of ¥3.3 billion, a ¥3.3 billion
year-on-year increase.

6

Rolling Stock
Consolidated orders received declined ¥5.8 billion year on year to ¥102.4 billion, as despite
receiving an order from the Singapore Land Transport Authority for subway train cars for new lines,
there was an absence of large orders from North America and from within Japan such as werereceived in the same period of the previous fiscal year.
Consolidated net sales decreased ¥10.0 billion year on year to ¥87.8 billion, as a result of a decline
in overseas sales to customers in North America and Asia.
Consolidated operating income decreased ¥1.9 billion year on year to ¥4.3 billion, attributable to a
decline in sales and profit margin.

Aerospace
Consolidated orders received grew ¥32.8 billion year on year to ¥194.9 billion, due to an increasein orders from Japan’s Ministry of Defense and for component parts for the Boeing 787.
Consolidated net sales increased ¥42.2 billion year on year to ¥229.3 billion, largely due to thegrowth in sales to Japan’s Ministry of Defense and of component parts for Boeing777 and 787.
Consolidated operating income increased significantly, growing ¥9.2 billion year on year to ¥30.1
billion, due to the increase in sales as well as the booking of sales for highly-profitable projects
during the three-month period ended December 31, 2014, among other factors.

Gas Turbine & Machinery
Consolidated orders received increased ¥3.3 billion year on year to ¥144.3 billion, attributable tothe increase in orders for industrial gas turbines, natural gas compression modules, and otherproducts.
Consolidated net sales grew ¥24.3 billion year on year to ¥149.7 billion, due to an increase insales of hydraulic machinery, aircraft engine components, and other products.
Despite the increase in amortization of development costs for the aircraft engine new program,
R&D costs, and other factors, the increase in sales resulted in consolidated operating income of ¥7.1
billion, a ¥0.2 billion year-on-year increase.

Plant & Infrastructure
Consolidated orders received fell slightly year on year to ¥81.4 billion, despite receiving orders
for boiler plant power projects and shield tunneling machines.
Consolidated net sales grew ¥13.7 billion year on year to ¥72.2 billion, attributable to the increasein overseas projects including LNG storage tank plants, and other factors.
Operating income grew ¥1.4 billion year on year to ¥2.2 billion, due to the increase in sales,
among other factors.

7

Motorcycle & Engine
Consolidated net sales totaled ¥212.9 billion, which was on par with the same period of theprevious fiscal year, as the increase in motorcycle sales to Indonesia and countries in Europe wasnegated by the decline in sales to Latin America and Thailand.
Consolidated operating income totaled ¥4.1 billion, which was roughly flat year on year, as bothsales and profit margin were on par with the same period of the previous fiscal year.

Precision Machinery
Consolidated orders received grew ¥4.1 billion to ¥96.5 billion, mainly due to growth in orders forvarious industrial robots, particularly for the automotive industry.
Consolidated net sales increased ¥10.4 billion year on year to ¥95.3 billion, attributable to thegrowth in sales for industrial robots for the automotive industry, a rise in sales of hydrauliccomponents for the construction machinery market in Japan, and other factors.
Consolidated operating income was up ¥0.7 billion year on year to ¥7.9 billion, due to the growthin sales and other factors.

Other Operations
Consolidated net sales increased by ¥8.7 billion year on year to ¥104.0 billion.
Consolidated operating income increased by ¥0.4 billion year on year to ¥2.8 billion.

(2) Consolidated financial position
At December 31, 2014, consolidated assets totaled ¥1,800.7 billion, an increase of ¥246.3 billion
from March 31, 2014. The increase was attributable to a rise in trade receivables in conjunction withthe posting of sales, along with inventory growth stemming from progress toward completion of
construction jobs, as well as capital expenditure that added to property, plant and equipment, among
other factors. Consolidated liabilities at December 31, 2014, were ¥1,376.5 billion, a ¥198.7 billion
increase from March 31, 2014. The rise was largely due to the increase in commercial paper andother interest-bearing debt. At December 31, 2014, interest-bearing debt totaled ¥632.8 billion, an
increase of ¥188.2 billion from March 31, 2014. At December 31, 2014, consolidated net assets
totaled ¥424.2 billion, a ¥47.5 billion increase from March 31, 2014, largely attributable to theposting of quarterly net income despite the payment of dividends.

8

(3) Consolidated earnings outlook
Despite the uncertainty surrounding economic prospects in the eurozone and the future outlook fornatural resource-rich countries and emerging countries due to the sharp decline in the price of crudeoil, the economic environment surrounding the Group’s business remains solid. Amid this economic
environment, we are forecasting consolidated net sales of ¥1,510.0 billion for the current fiscal year
ending March 31, 2015, the same amount as previously announced on October 29, 2014. We expect
improvements in the Ship & Offshore Structure, Aerospace, Gas Turbine & Machinery, andMotorcycle & Engine segments based on our revisions to foreign exchange rate assumptions andother factors. We are now forecasting consolidated operating income of ¥86.0 billion, a ¥9.0 billion
increase versus the previous announcement, consolidated recurring profit of ¥84.0 billion (up ¥12.0
billion) and consolidated net income of ¥56.0 billion (up ¥8.0 billion)
We are forecasting consolidated orders received of ¥1,660.0 billion (up ¥20.0 billion versus theprevious forecast), due to an increase in orders received in both the Ship & Offshore Structure andAerospace segments, and other factors, despite the impact of a revision to an order we had expected
to receive in the Rolling Stock segment.
The Company's earnings forecasts assume exchange rates of ¥115 to the US dollar and ¥135 to
the euro. The above outlooks do not factor in the impact of tax code changes expected to occur in the
future.

Note regarding consolidated earnings outlook
The above earnings outlook is based on information available at the time of preparation, andincludes risks and uncertainties. We therefore discourage making investment decisions depending
solely on this outlook. Actual earnings may differ materially from this outlook, due to a variety ofimportant factors stemming from changes the external environment and/or the Company’s internal
environment. Important factors that impact actual operating performance include, but are not limited
to, the economic situation surrounding the Company’s scope of business, foreign exchange rates, inparticular the yen/dollar exchange rate, tax codes and other regulatory system-related issues.

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 applicationof deferred-tax accounting to pretax net income for the fiscal year, which includes the Third quarter
under review, and multiplying quarterly pretax net income by the said estimated effective tax rate. If
unable to use the estimated effective tax rate, the Company calculates tax expense by multiplying thestatutory 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 ofNine months ended
March 31, 2014
December 31, 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
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
Liabilities
Current liabilities
Trade payables
Electronically recorded obligations-operating
Short-term debt
Income taxes payable
Accrued bonuses
Provision for losses on construction contracts
Other provisions
Advances from customers
Other
Total current liabilities
Long-term liabilities
Bonds payable
Long-term debt
Provisions
Net defined benefit liability
Other
Total long-term liabilities
Total liabilities

11

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

45,585509,040
74,249350,913
115,763
116,183(3,161)
1,208,574

383,912
17,262

414,429
16,286148,210(710)
147,500
548,675
1,554,430

162,381(888)
161,493592,2091,800,783

252,107
3,756
53,92320,060190,757
18,71910,100310,775
22,11813,56010,535
137,598
104,714795,415

231,163
84,912
195,236
15,098
10,785
5,837
10,021
145,605
280,341
979,003

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

110,000
155,008
2,845
96,40433,249397,508
1,376,511

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
247,555(58)
406,374

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

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

3,503(4,249)19,941(17,137)
2,058
15,839424,272
1,800,783

12

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen
Nine months ended
December 31, 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
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
Other
Total non-operating expenses
Recurring profit
Income before income taxes and minority interests
Income taxes
Income before minority interests
Minority interests in net income of consolidated subsidiaries
Net income (loss)

Nine months ended
December 31, 2014

920,852
750,864
169,987

1,016,447
827,638
188,808

33,91027,37873
62,546
123,908
46,07936,322
27,146
143
64,838
128,450
60,357

688
387
4,039
2,635
7,750

474
305
8,199
2,776
11,756

3,011
9,154
2,934
15,10038,72938,72913,65725,072
1,779
23,292

2,872
468
4,000
7,341
64,77264,772
17,79846,974
2,045
44,928

Consolidated statements of comprehensive income
Millions of yen
Nine months ended
December 31, 2013
Income before minority interests
Other comprehensive income
Net unrealized gains (losses) on securities
Deferred gains (losses) on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
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

13

Nine months ended
December 31, 2014

25,072

46,974

1,368(2,361)
10,921
449

892
(394)
12,926
1,174

7,625

1,354

18,00343,07540,436
2,639

15,952
62,927
60,2302,696

(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. Nine months ended December 31, 2013 (April 1, 2013 – December 31, 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)

58,63597,956
187,125
125,368
58,494
213,030
84,906
95,335920,852
920,852

1,168
3,734
1,468
12,112
10,776499
8,717
23,85062,328(62,328)-

59,803
101,690
188,593
137,481
69,270213,530
93,623
119,186
983,181(62,328)
920,852

12
6,287
20,935
6,892
859
4,038
7,190
2,398
48,614(2,535)46,079Millions of yen
Amount(37)(2,498)

IncomeIntersegment transactions
Corporate expenses*

Total(2,535)*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 applicable142. Nine months ended December 31, 2014 (April 1, 2014 – December 31, 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)

64,89087,884229,364
149,734
72,248
212,925
95,314
104,086
1,016,447
1,016,447

1,686
3,061
1,736
9,861
14,475522
10,183
26,14067,667(67,667)-

66,57690,945
231,101
159,595
86,723
213,448
105,497130,226
1,084,114(67,667)
1,016,447

3,347
4,374
30,173
7,113
2,285
4,134
7,951
2,834
62,215(1,858)60,357

Millions of yen
AmountIncomeIntersegment transactions
Corporate expenses*(600)(1,258)
Total(1,858)* 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 applicable15

4. Supplementary information(1) Consolidated cash flow statements (condensed)
Millions of yen
Nine months ended
December 31, 2013
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period(82,941)(62,728)
141,841
31,126Nine months ended
December 31, 2014
(110,348)(52,480)
161,068
41,468(2) Orders and sales (consolidated)
Orders received
Nine months ended
December 31, 2013

Nine months ended
December 31, 2014

Year ended March 31,
2014

million yen% of total
million yen% of total
million yen% of total
Ship & Offshore Structure
54,6835.7
140,773
13.0
117,872
8.0
Rolling Stock
108,259
11.3
102,457
9.4
133,049
9.1
Aerospace
162,052
16.9
194,93918.0
286,383
19.6
Gas Turbine & Machinery
140,990
14.7
144,318
13.3
222,013
15.2
Plant & Infrastructure
83,573
8.7
81,465
7.5
103,9127.1
Motorcycle & Engine
213,03022.3
212,925
19.7
322,248
22.1
Precision Machinery
92,401
9.6
96,5198.9127,297
8.7
Other
98,80710.3
106,052
9.8
142,684
9.8
Total
953,798
100.0
1,079,453
100.0
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

Nine months ended
December 31, 2013
million yen% of total
58,635
6.3
97,956
10.6
187,125
20.3
125,368
13.6
58,494
6.3
213,030
23.1
84,906
9.2
95,33510.3
920,852
100.0

Nine months ended
December 31, 2014
million yen% of total
64,890
6.3
87,884
8.6
229,36422.5
149,734
14.7
72,2487.1
212,925
20.9
95,3149.3
104,086
10.2
1,016,447
100.0Year 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

Nine months ended
December 31, 2014
million yen% of total
251,730
15.3
411,14725.0
421,86225.7
313,075
19.0
182,082
11.0
27,027
1.6
34,1992.0
1,641,124
100.0

Nine months ended
December 31, 2013
million yen% of total
120,876
8.2
397,18027.2
419,06428.7
266,66418.2
195,667
13.4
29,2952.0
30,2812.0
1,459,029
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)
Nine months ended December 31, 2013 (April 1, 2013 – December 31, 2013)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
44.0%
22.7%
6.7%
17.6%
8.8%
100.0%

405,697
209,367
62,130
162,530
81,125920,852

Nine months ended December 31, 2014 (April 1, 2014 – December 31, 2014)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
42.3%
24.2%
7.3%
16.9%
9.0%
100.0%

430,930
246,440
74,730171,983
92,361
1,016,447(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 (%)

Outlook for the year ending March 31, 2015 (fiscal 2014)
Revised forecast
Forecast issued
Change(A)
October 29, 2014 (B)(A – B)
1,510.0
1,510.0
86.0
77.0
9.0
84.0
72.0
12.0
56.0
48.0
8.0
1,660.0
1,640.0
20.0
10.0%
9.3%
0.7%

Notes: 1. Outlook’s assumed foreign exchange rates: ¥115 = US$1, ¥135= 1 euro
2. Before-tax ROIC = (income before income taxes + interest expense) / invested capital.

17

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

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)
October 29, 2014 (B)(A – B)Net sales
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Engineering
Motorcycle & Engine
Precision Machinery
Other
Adjustments
Total

95.0
135.0
330.0
220.0
120.0
330.0
140.0
140.0
1,510.0

Operatingincome(loss)
4.0
6.0
35.0
11.0
6.0
14.0
12.0
5.0
(7.0)
86.0

Net sales
95.0
135.0
330.0
230.0
120.0
320.0
140.0
140.0
1,510.0

Operatingincome(loss)
2.0
6.0
30.0
10.0
6.0
13.0
12.0
5.0
(7.0)
77.0

Net sales(10.0)
10.0-

Fiscal 2013 (ended
March 31, 2014)(actual)Operatingincome(loss)
2.0
5.0
1.0
1.0
9.0

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)
October 29, 2014 (B)(A – B)
160.0
150.0
10.0
130.0
150.0
(20.0)
330.0
310.0
20.0
240.0
240.0
190.0
190.0
330.0
320.0
10.0
140.0
140.0
140.0
140.0
1,660.0
1,640.0
20.0

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)
October 29, 2014 (B)(A – B)
Ship & Offshore Structure
Rolling Stock
Aerospace
Gas Turbine & Machinery
Plant & Infrastructure
Motorcycle & Engine
Precision Machinery
Total

8.0
7.3
25.6
5.3
13.3
8.0
16.6
10.0

5.4
7.9
20.8
5.2
13.5
7.0
17.9
9.3

18

Fiscal 2013 (ended
March 31, 2014)(actual)
2.6
(0.6)
4.8
0.1
(0.2)
1.0
(1.3)
0.7

3.4
10.2
19.6
4.6
14.9
1.4
17.5
8.1