Report of Earnings and Financial Statements for theNine Months Ended December 31, 2011 (Consolidated)(Prepared pursuant to Japanese GAAP)
January 31, 2012
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:

February 9, 2012-

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, 2011
(April 1 – December 31, 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
Nine Months Ended
906,314
4.1
47,28222.0
58,111
December 31, 2011
Nine Months Ended
870,540
9.0
38,75045,215
December 31, 2010
Note: Comprehensive income December 31, 2011: 27,531 million yen (37.6%)
December 31, 2010: 19,999 million yen (- %)Earnings per shareyen
Nine Months Ended
December 31, 2011
Nine Months Ended
December 31, 2010

Net income%

million yen

%

28.5

33,67919.6-

28,159-Earnings per share– diluted
yen

20.15

19.95

16.87

16.60

(2) Financial Condition
Total assets

Net assets

million yen

million yen

Ratio ofshareholders’ equity
to total assets%

December 31, 2011

1,404,498

319,257

22.0

March 31, 2011

1,354,278

297,433

21.3

Note: Shareholders’ equity:

December 31, 2011:
March 31, 2011:

309,700 million yen
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%

1,330,000

8.3(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

26,0000.1

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

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)
December 31, 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
December 31, 2011:
74,937 shares
March 31, 2011:
100,288 shares(3) Average number of shares during respective periods
Nine months ended December 31, 2011:
1,671,347,871 shares
Nine months ended December 31, 2010:
1,668,992,016 shares

2

15.55

*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 7 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
Tuesday January 31, 2012, 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

7(3) Consolidated earnings outlook

7

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 nine months ended December 31, 2011)11(Consolidated statements of comprehensive income for the nine months ended December 31, 2011)11(3) Notes on the going-concern assumption

12(4) Segment information and others

12(5) Notes on significant changes in the amount of shareholders’ equity

13

4. Supplementary Information

13(1) Condensed consolidated cash flow statements

13(2) Orders and sales

13(3) Net sales by geographic area

14(4) Supplementary information on earnings forecasts for the fiscal year ending March 31, 201215

4

1. Qualitative Information and Financial Statements(1) Consolidated operating results
In the nine months ended December 31, 2011 (first three quarters of the fiscal year ending
March 31, 2012), the Japanese economy, severely affected by the Great East Japan Earthquakeof March 11, 2011, showed signs of recovery. However, the business environment
surrounding the KHI Group remained challenging, hurt by factors such as a historically highyen and the effects of flooding in Thailand. The economic outlook for Japan also remained
uncertain, given the impact on production activities of electricity supply constrains and concern
over a slowdown in the world economy.
The global economy is in danger of further downturn because of a delay in the improvement of
the employment situation in the U.S. and fears of financial system instability caused by
European debt crisis, despite a steady demand for infrastructure in China and other emerging
countries.
Under such a business environment, both sales and profits of the Group for the third quarter
under review as a whole increased form the corresponding period of the previous fiscal year,
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, Ship & Offshore
Structure, and Plant & Infrastructure segments. Sales generally rose as higher revenue in thePrecision Machinery, Plant & Infrastructure and Aerospace segments offset lower revenue in
the Gas Turbine & Machinery, Ship & Offshore Structure and Motorcycle & Engine segments.
Overall profits increased thanks to higher profits in the Precision Machinery, Plant &Infrastructure and Aerospace segments, despite decreases in profits and deterioration in othersegments whose sales dropped.
As a result, in the third quarter of the current fiscal year, orders received fell ¥91.9 billion froma year earlier to ¥782.1 billion on a consolidated basis. Consolidated net sales increased ¥35.7
billion to ¥906.3 billion. Operating income rose ¥8.5 billion to ¥47.2 billion, ordinary income
advanced ¥12.8 billion to ¥58.1 billion, and net income increased ¥5.5 billion to ¥33.6 billion.
Consolidated segment information for the first three quarters of the fiscal year is summarized
below.

5

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

Orders received
Nine months ended

2011

2010
December 31,

Segment

Net

OperatingNet

Operatingsales

incomesales

income2011

2010

Ship & Offshore Structure

93.2

4.9

87.1

4.1

67.2

36.9

Rolling Stock

95.5

5.9

94.6

4.9

124.1

49.9

Aerospace

135.0

2.0

138.5

5.9

123.7

114.1

Gas Turbine & Machinery

149.6

9.6

137.0

8.0

113.6

123.3

Plant & Infrastructure

56.4

4.6

78.7

8.8

105.4

84.0

Motorcycle & Engine

159.2

(2.6)

154.2

(4.5)

159.2

154.2

Precision Machinery

99.0

14.6

129.0

20.7

106.7

131.1

Other

82.2

1.6

86.7

3.3

73.8

88.2

-

(2.3)

-

(4.0)

-

-

870.5

38.7

906.3

47.2

874.0

782.1

Adjustments
Total

Note: Net sales include only sales to external customers.

Ship & Offshore Structure
In the nine-month period under review, consolidated orders received decreased ¥30.3 billion
year on year to ¥36.9 billion, despite the receipt of orders for eight bulk carriers.
Consolidated net sales were ¥87.1 billion, down ¥6.1 billion from a year ago, when revenues
were raised by large ship sales.
Operating income fell ¥0.8 billion to ¥4.1 billion, due primarily to a decline in sales, thestrong yen and a hike in the prices of steel materials.
Rolling Stock
Consolidated orders received were ¥49.9 billion, down ¥74.2 billion from the year-earlier
period, when the segment received a large order overseas.
Consolidated net sales remained nearly unchanged from a year ago at ¥94.6 billion, reflecting
a decrease in domestic railway car sales and an increase in overseas railway car sales.
Operating income fell ¥1.0 billion to ¥4.9 billion due mainly to the yen’s appreciation.
Aerospace
Consolidated orders received declined ¥9.5 billion to ¥114.1 billion, owing chiefly to a decreasein orders from Japan’s Ministry of Defense.
Consolidated net sales advanced ¥3.5 billion to ¥138.5 billion, due mainly to an increase insales of Boeing 777 component parts.
Operating income rose ¥3.8 billion to ¥5.9 billion, primarily because of increased sales andreduced costs.

6

Gas Turbine & Machinery
Consolidated orders received increased ¥9.6 billion to ¥123.3 billion, due mainly to the receipt
of orders for construction of a gas-engine power plant.
Consolidated net sales decreased ¥12.5 billion to ¥137.0 billion, owing chiefly to decreases insales of gas compression modules and sales to Japan’s Ministry of Defense.
Operating income dropped ¥1.6 billion to ¥8.0 billion, primarily because of a decrease insales.
Plant & Infrastructure
Consolidated orders received decreased ¥21.3 billion to ¥84.0 billion, due in large part to lower
orders received for plants for Japan.
Consolidated net sales increased ¥22.2 billion to ¥78.7 billion, owing mainly to an increase insales of plants for overseas.
Operating income went up ¥4.1 billion to ¥8.8 billion, chiefly because of an increase in sales.
Motorcycle & Engine
Consolidated net sales decreased ¥4.9 billion to ¥154.2 billion, affected mainly by the strong
yen and a fall in sales of motorcycles to developed countries.
Operating loss was ¥4.5 billion, a deterioration of ¥1.9 billion from a year earlier, due chiefly
to decreased sales and the strong yen.
Precision Machinery
Consolidated orders received increased ¥24.4 billion to ¥131.1 billion, chiefly because of
growth in orders for hydraulic equipment from construction machinery makers.
Consolidated net sales rose ¥30.0 billion to ¥129.0 billion, due mainly to increases in sales ofhydraulic equipment to construction machinery makers and sales of painting robots.
Operating income advanced ¥6.0 billion to ¥20.7 billion, primarily because of increased sales.
Other Operations
Consolidated net sales increased ¥4.4 billion to ¥86.7 billion.
Operating income rose ¥1.6 billion to ¥3.3 billion.
(2) Consolidated financial position
Consolidated total assets at the end of the nine-month period under review were ¥1,404.4
billion, up ¥50.2 billion from the end of the previous fiscal year, due in large part to an increase
in inventories following the progress of construction works on hand. Interest-bearing debt was¥491.6 billion, up ¥62.5 billion. Despite decreases in trade payables, consolidated liabilities
stood at ¥1,085.2 billion as a whole, up ¥28.3 billion. Consolidated net assets were ¥319.2
billion, up ¥21.8 billion, reflecting distribution of dividends and the booking of net income.
(3) Consolidated earnings outlook
Consolidated net sales for the fiscal year ending March 2012 are expected to be ¥1,330.0 billion,
down ¥30.0 billion from the previously announced forecast, due to a decrease in sales at theMotorcycle & Engine segment caused by the floods in Thailand and a decline in sales ofhydraulic equipment to emerging countries.
Consolidated operating income and recurring profit are predicted to be ¥50.0 billion and ¥52. 0
billion, respectively, unchanged from the previously announced forecasts, thanks to profitability
improvement measures taken by each segment such as reduction in fixed costs and increase in7

productivity, despite the effects of decreased sales and the strong yen. Consolidated net income
will be ¥26.0 billion, down ¥6.0 billion from the previous forecast, owing to a partial
write-down of deferred tax assets following the promulgation of a law concerning reduction of
the corporate tax rate.
The Company’s earnings forecasts assume exchange rates of ¥80 to the US dollar and ¥100 to
the 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 Third 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 ofNine months ended
March 31, 2011
December 31, 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

35,954374,954
57,063
333,431
89,190100,531(2,677)
988,447

275,780

281,275

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
19,249385
18,09718,483

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

117,230(937)
116,292
416,051
1,404,498

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

290,034
139,179
15,5389,843
30,016
6,668
85,992
160,478
737,751

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

60,000195,612
77,165
5,471
9,239
347,489
1,085,240

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

104,484
54,393
186,770(22)
345,626

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

2,579(1,244)(37,261)(35,926)
9,557
319,257
1,404,498

(2) Consolidated statements of income and comprehensive income
Consolidated statements of income
Millions of yen
Nine months ended
December 31, 2010
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
Foreign exchange gain, net
Other
Total non-operating income
Non-operating expenses
Interest expense
Loss on valuation of securities
Other
Total non-operating expenses
Recurring profit (loss)
Extraordinary losses
Loss on impairment of fixed assets
Provision for doubtful accounts of affiliates
Loss on adjustment for changes of accounting standard for asset
retirement obligations
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)

Nine months ended
December 31, 2011

870,540
727,702
142,837

906,314749,211
157,102

29,12324,160148
50,654
104,086
38,75030,03925,222
95
54,461
109,819
47,282

1,388
513
7,076
560
3,391
12,930

1,172
641
7,100
2,723
6,046
17,684

3,590
4
2,870
6,465
45,215

3,237
12
3,606
6,856
58,111

293

924
-

280

-

573
44,642
15,02929,612
1,453
28,159924
57,186
21,44235,744
2,065
33,679Consolidated statements of comprehensive income
Millions of yen
Nine months ended
December 31, 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

Nine months ended
December 31, 2011

29,61235,744(1,211)(1,128)(5,508)(1,349)(241)(6,270)(1,765)(352)(9,613)19,99918,552
1,447(8,213)
27,53125,872
1,658

(3) Notes on the going-concern assumption

Not applicable(4) Segment information and others
Segment information
1. Nine months ended December 31, 2010 (April 1, 2010 – December 31, 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)

93,222
95,588135,020
149,644
56,479159,219
99,091
82,272
870,540
870,540

1,332
1,457
1,308
15,070
9,416
865
9,060
23,632
62,144(62,144)-

94,554
97,046
136,329
164,71565,895160,085
108,151
105,905
932,684(62,144)
870,540

4,990
5,920
2,076
9,679
4,653
(2,626)
14,691
1,680
41,065(2,314)38,750Millions of yen
IncomeAmountIntersegment transactions
0
Corporate expenses*(2,315)
Total(2,314)*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. Nine months ended December 31, 2011 (April 1, 2011 – December 31, 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)

87,113
94,651
138,586
137,070
78,773
154,277
129,097
86,743906,314906,314

1,047
1,641
1,433
14,427
8,312
765
9,497
24,97362,098(62,098)-

88,161
96,292140,019
151,498
87,086
155,043
138,594
111,716
968,412(62,098)
906,314

4,132
4,905
5,905
8,034
8,837
(4,581)
20,7893,349
51,373(4,090)47,28212

Notes: 1. Breakdown of adjustments:
Millions of yen
IncomeAmountIntersegment transactions(89)
Corporate expenses*(4,000)Total(4,090)* 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(5) Notes on significant changes in the amount of shareholders’ equity
Not applicable
4. Supplementary information(1) Condensed consolidated cash flow statements
Millions of yen
Nine months ended
December 31, 2010
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period(33,545)(41,504)
78,04935,820Nine months ended
December 31, 2011(16,113)(51,417)
61,23234,301(2) Orders and sales (consolidated)
Orders received
Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Year ended March 31,
2011% of total
million yen% of total
million yen% of total
million yen
Ship & Offshore Structure
67,256
7.6
36,911
4.7
78,953
6.2
Rolling Stock
124,166
14.2
49,937
6.3
187,122
14.7
Aerospace
123,700
14.1
114,110
14.5
206,730
16.2
Gas Turbine & Machinery
113,677
13.0
123,34415.7
187,582
14.7
Plant & Infrastructure
105,436
12.0
84,06910.7
119,987
9.4
Motorcycle & Engine
159,21918.2
154,277
19.7
234,479
18.4
Precision Machinery
106,71912.2
131,18516.7
148,955
11.7
Other
73,893
8.4
88,27011.2
106,841
8.4
Total
874,070
100.0
782,106
100.0
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.

13

Net sales

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

Nine months ended
December 31, 2010
% of total
million yen
93,222
10.7
95,58810.9
135,020
15.5
149,64417.1
56,4796.4
159,21918.2
99,091
11.3
82,2729.4
870,540100.0

Nine months ended
December 31, 2011
million yen% of total
87,113
9.6
94,651
10.4
138,586
15.2
137,070
15.1
78,773
8.6
154,27717.0
129,097
14.2
86,743
9.5
906,314100.0

Year 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
100.0Year 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

Nine months ended
December 31, 2011
million yen % of total
124,552
9.3
353,27226.5
240,560
18.0
350,92126.3
190,50214.2
44,8783.3
28,3712.1
1,333,058
100.0

Nine months ended
December 31, 2010
million yen% of total
190,096
13.0
388,83926.7
248,08717.0
356,95224.5
203,365
13.9
41,7922.8
25,4051.7
1,454,538
100.0

Order backlog

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

(3) Net sales by geographic area (consolidated)
Nine months ended December 31, 2010 (April 1, 2010 – December 31, 2010)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
45.0%
18.8%
6.7%
19.3%
10.0%
100.0%

391,842
164,453
58,459168,258
87,526
870,540

Nine months ended December 31, 2011 (April 1, 2011 – December 31, 2011)
Japan
United States
EuropeAsia
Other areas
Total

Millions of yen
42.5%
16.8%
9.9%
19.7%
10.9%
100.0%

385,211
152,505
89,937179,10999,550906,31414

(4) Supplementary information on earnings forecasts for the fiscal year ending March 31,
20121) Consolidated earnings outlook
Billions of yen
Outlook for the year ending March 31, 2012 (fiscal 2011)
Forecast issued
ChangeRevised forecast
November 2, 2011
(A – B)(A)(B)
1,330.0
1,360.0(30.0)
50.0
50.0
52.0
52.0
26.0
32.0
(6.0)
1,380.0
1,430.0(50.0)
7.8%
7.8%-

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

Fiscal 2010
(ended March 31,
2011)(actual)1,226.9
42.6
49.1
25.9
1,270.6
6.0%

Notes: 1. Outlook’s assumed foreign exchange rates: ¥80 = US$1, ¥100= 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
Fiscal 2010 (ended
March 31, 2011)(actual)Outlook for the year ending March 31, 2012 (fiscal 2011)
Revised forecast
Forecast issued
Change(A)
November 2, 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
240.0
180.0
110.0
1,330.0

Operatingincome(loss)
(4.0)
7.0
6.0
7.0
15.0
(3.0)
27.0
3.0
(8.0)
50.0

Net sales
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(20.0)(10.0)(30.0)

Operatingincome(loss)
1.0
1.0
1.0
1.0
(5.0)
(1.0)
1.0
1.0
-

Net sales
118.4
131.1
196.8
202.6
89.0
234.4
140.3
114.0
1,226.9(b) Orders received
Billions of yen

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)
Forecast issued
ChangeRevised outlook
November 2, 2011
(A – B)
(A)
(B)
60.0
60.0
110.0
150.0
(40.0)
300.0
280.0
20.0
230.0
230.0
140.0
140.0
240.0
260.0
(20.0)
180.0
200.0(20.0)
120.0
110.0
10.0
1,380.0
1,430.0(50.0)

15

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

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