Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 7, 2024

Financial Highlights for FY2023(Under Japanese GAAP) (Unaudited)
Company name:

Kawasaki Kisen Kaisha, Ltd.

Listing:

Prime Market of Tokyo Stock Exchanges

Securities code:

9107

URL:

https://www.kline.co.jp/en/

Representative:

Yukikazu Myochin, Representative Director, President &CEOInquiries:

Goro Kitamura, General Manager, Corporate Sustainability,
Environment Management, IR and Communication Group

Telephone:+81-3-3595-5189

Scheduled date of annual general meeting of shareholders:June 21, 2024

Scheduled date to commence dividend payments:

June 24, 2024

Scheduled date to file annual securities report:

June 21, 2024

Preparation of supplementary material on financial results:

Yes

Holding of financial results briefing:

Yes (for Analysts)(Amounts rounded down to the nearest million yen)
1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,2024)(Percentages indicate year-on-year changes.)(1) Consolidated operating results
Operating income(loss)

Operating revenues

Year ended
March 31, 2024
Year ended
March 31, 2023

Million yen%

Million yen%

Million yen%

Million yen%

962,300

2.1

84,763

7.5

135,796(80.3)

104,776(84.9)

942,606

24.5

78,857346.4

690,8395.1

694,9048.2

Note: Comprehensive income for the fiscal year ended March 31, 2024: ¥254,973 million
For the fiscal year ended March 31, 2023:¥794,036 million
Profit (loss) per
share

Year ended
March 31, 2024
Year ended
March 31, 2023

Profit (loss)
attributable to ownersof the parent

Ordinary income(loss)

Profit per shareratio in

Profit (loss) per
share-fully

Ratio of ordinary
income (loss) toshareholders’equitydiluted[(67.9)%][19.0%]

total assets

Ratio ofoperating income(loss) to operating
revenues

Yen

Yen

%

%

%

145.24

-

6.7

6.5

8.8

857.01

-

57.9

38.1

8.4

Reference: Equity in earnings of unconsolidated subsidiaries and affiliates:
Year ended March 31, 2024:¥51,710 million
Year ended March 31, 2023:¥627,759 million- 1 -* The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022
and April 1, 2024 respectively. Accordingly, profit (loss) per share is calculated on the assumption that thosestock splits were conducted at the beginning of the previous fiscal year ended March 31, 2023.
(2) Consolidated financial position
Total assets

As of March
31, 2024
As of March
31, 2023

Shareholders’ equity
ratio

Net assets

Net assets per share

Million yen

Million yen%

Yen2,109,432

1,624,600

75.5

2,251.81

2,052,616

1,546,679

73.8

2,042.80

Reference: Shareholders’ equity:
As of March 31, 2024:¥1,591,925 million

As of March 31, 2023:¥1,515,399 million* The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022
and April 1, 2024 respectively. Accordingly, net assets per share is calculated on the assumption that those stock
splits were conducted at the beginning of the previous fiscal year ended March 31, 2023.
(3) Consolidated cash flows
Cash flows from

Cash flows from

Cash flows fromoperating activities

investing activities

financing activities

Year ended
March 31, 2024
Year ended
March 31, 2023

Cash and cash
equivalents at end of
periodMillion yen

Million yen

Million yen

Million yen

203,095(66,911)(223,727)

269,474

456,049(46,745)(300,790)

346,831

2. Dividends
Annual dividends per shareFirst
quarterend

Secondquarterend

Third
quarterend

Fiscalyear-end

Total
dividends(Total)Total

Ratio of
Payout ratio
dividends to(Consolidated)
net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen%%

Year ended
March 31, 2023-

300.00-300.00-102,981

15.6

8.6

Year ended
March 31, 2024-

100.00-150.00250.0059,52957.4

3.9Year ending
March 31, 2025
(Forecast)

-

42.50

-

42.50

85.00

50.1

1. The Company implemented a 3-for-1 stock split of common shares on October 1, 2022.
The interim dividend per share for the fiscal year ended March 2023 represents the actual amount of dividend
before the stock split.
The full-year dividend for the fiscal year ended March 2023 per share is not presented as simple comparisons are
not possible due to the implementation of the stock split, however, the full-year dividend per share based on theshares following the stock split is 400.00 yen.
2. The Company implemented a 3-for-1 stock split of common shares on April 1, 2024.
The dividends per share for the fiscal year ended March 2024 and 2023 represent the actual amount of dividend- 2 -before the stock split.
3. The dividends per share for the fiscal year ending March 2025 (Forecast) has been calculated taking into

consideration the impacts from the stock split of common shares on April 1, 2024.
3. Consolidated Financial Results Forecast for the Year Ending March 31, 2025 (April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Operating revenues

Operating income(loss)

Profit (loss)

Ordinary income(loss)

attributable toowners of the parent

Profit (loss)
per share

Million yen%

Million yen%

Million yen%

Million yen%

Yen

Cumulative
second quarter
endingSeptember 30,
2024

494,000

7.6

51,00014.2

81,500(4.4)

77,00021.9

108.92

Year ending
March 31,2025

980,000

1.8

93,0009.7

135,000(0.6)

120,000

14.5

169.74* The Company split its common share on the basis of one (1) share into three (3) shares effective April 1, 2024.
Accordingly, profit (loss) per share is calculated based on the shares following the stock split.
4. Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change

in scope of consolidation): None
Newly included:
Excluded:

None
None

(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None

(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

714,728,067 shares

As of March 31, 2023

752,137,167 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

7,773,052 shares

As of March 31, 2023

10,314,051 shares(iii) Average number of shares outstanding during the period
Year ended March 31, 2024

721,415,878 sharesYear ended March 31, 2023

810,851,769 shares* The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022
and April 1, 2024 respectively. Accordingly, total number of issued shares at the end of the period, number oftreasury shares at the end of the period and average number of shares outstanding during the period are calculatedon the assumption that those stock splits were conducted at the beginning of the previous fiscal year ended March
31, 2023.

- 3 -[Reference] Overview of non-consolidated financial results
Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March
31, 2024)(1) Non-consolidated operating results
Operating income(loss)

Operating revenues

Year ended
March 31, 2024
Year ended
March 31, 2023

(Percentages indicate year-on-year changes.)
Ordinary income(loss)

Profit (loss)

Million yen%

Million yen%

Million yen%

Million yen%

764,334

5.2

60,09930.1

172,884(56.4)

158,142(61.2)

726,266

31.7

46,199-396,58059.6

407,706

80.4

Profit (loss) per share

Profit (loss) per sharefully diluted

Yen

Yen

Year ended
March 31, 2024

219.17-

Year ended
March 31, 2023

502.70-* The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022
and April 1, 2024 respectively. Accordingly, profit (loss) per share is calculated on the assumption that thosestock splits were conducted at the beginning of the previous fiscal year ended March 31, 2023.
(2) Non-consolidated financial position
Total assets

Net assets

Shareholders’ equity
ratio

Net assets per share

Million yen

Million yen%

Yen

As of March
31, 2024

844,085

523,50562.0

740.34As of March
31, 2023

877,521515,36558.7

694.59Reference: Shareholders’ equity:
As of March 31, 2024:
As of March 31, 2023:¥523,505 million¥515,365 million* The Company split its common share on the basis of one (1) share into three (3) shares effective October 1, 2022
and April 1, 2024 respectively. Accordingly, net assets per share is calculated on the assumption that those stock
splits were conducted at the beginning of the previous fiscal year ended March 31, 2023.
* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* Assumption for the forecast of consolidated financial results for the year ending March 31, 2025
The forecast is based on currently available information that KLINE deems to be reasonable. Actual results may
differ from the forecast as a result of various factors.
Refer to “5. Qualitative Information on Financial Results (1) Description of Operating Results 2) Prospect for
Fiscal year 2024” for assumptions related to the forecast.

- 4 -5. Qualitative Information on Financial Results(1) Description of Operating Results

1)Summary of Consolidated Operating Results for FY2023(Billion yen)
Fiscal Year 2022
Fiscal Year 2023
(Ended March 31, 2023) (Ended March 31, 2024)

Change% Change

Operating revenues

942.6

962.3

19.6

2.1％

Operating income (loss)

78.8

84.7

5.9

7.5％

Ordinary income (loss)

690.8

135.7

(555.0)(80.3％)

Profit (loss) attributable to owners of theparent

694.9

104.7

(590.1)(84.9％)

Exchange Rate (¥/US$)(12-month average)¥135.07¥143.82

¥8.75

6.5%

Fuel oil price (US$/MT)(12-month average)

US$769

US$620

US$(149)(19.4%)

The company recorded 51.7 billion yen of equity in earnings of unconsolidated subsidiaries and affiliates for the
fiscal year 2023 and OCEAN NETWORK EXPRESS PTE. LTD. (hereinafter referred to as "ONE") accounted for45.6 billion yen of this amount.

Performance per segment was as follows.
(Billion yen)
Fiscal Year 2022
Fiscal Year 2023
(Ended March 31, 2023) (Ended March 31, 2024)

Change% Change

Operating revenues

312.2

295.0

(17.2)(5.5%)

Segment profit (loss)

19.1

3.6

(15.5)(81.1%)

Operating revenues

100.2

106.9

6.7

6.7%

Segment profit (loss)

9.0

7.9

(1.1)

(12.2%)

Operating revenues

519.7

550.1

30.3

5.8%

Segment profit (loss)

669.9

131.1

(538.7)(80.4%)

Operating revenues

10.3

10.1

(0.2)

(2.1%)

Segment profit (loss)

0.8

1.4

0.6

78.6%

Segment profit (loss)

(8.0)

(8.3)

(0.2)

-%

Operating revenues

942.6

962.3

19.6

2.1%

Segment profit (loss)

690.8

135.7

(555.0)(80.3%)

Dry bulk

Energy resource
transport

Product logistics

Other
Adjustments andeliminations
Total

Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the fiscal year
2023 and 2022 are presented based on the changed allocation method.

- 5 -

(i)
Dry Bulk Segment
Dry Bulk BusinessIn the Cape-size sector, market rates remained to be sluggish in the first half of the fiscal year. In the second halfof the fiscal year, while strong demand for China-bound transportation continued and demand for transportation ofbauxite from the Atlantic to East Asia and iron ore loaded in Brazil increased, market rates increased as the vessel
supply-demand balance tightened due to an increase in vessels taking detours round the Red Sea and stormy

weather around the ports of discharge in China.
In the medium-small vessel sector, in the first half of the fiscal year, market rates were sluggish due to a decreasein demand for coal and steel transportation to distant destinations, such as Europe, as well as a decrease in demand
for transportation led by a decline in grain futures prices and delayed harvests. In the second half of the fiscal year,with an increase in demand for coal transportation to China and India, and the recovery and full-scale increase indemand for grain transportation from North and South America, market rates increased as the vessel supplydemand balance tightened due to the prolonged Panama Canal drought and an increase in vessels taking detours
round the Red Sea.
Under these circumstances, although the Group strived to manage the market exposures appropriately and reduce
operation costs and improve vessel operation efficiency, the overall Dry Bulk Segment recorded a year-on-year
decrease both in revenue and profit due to delayed effects of contracts concluded in the previous fiscal year andtemporary factors.

(ii)

Energy Resource Transport Segment

LNG Carrier, Electricity Business, Tanker Carrier and Offshore Business
Concerning LNG carriers, thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship andFPSO (Floating Production, Storage and Offloading system), the business stayed firm for mid- and long-term
charter contracts and contributed to secure stable profit.
On the other hand, partly due to reorganizations of operating ships conducted last fiscal year, the overall Energy
Resource Transport Segment recorded a year-on-year increase in revenue but decrease in profit.

(iii)
Product Logistics Segment
Car Carrier BusinessIn the global car sales market, recovery continued while the impact of supply shortages of semiconductors andauto parts on production and shipments gradually decreased. Meanwhile, the Group continued efforts to restore

freight rates and improve operational efficiency.
Logistics BusinessIn the domestic logistics and port business, the domestic container handling volume decreased year-on-year. In
the towage business and warehousing business, work volume stayed firm. As for the international logistics sector,
market rates were sluggish and the downtrend in ocean and air cargo transportation demand continued in theforwarding business from the beginning of the year. In the finished vehicle transportation business, the port
congestion in Australia continued, but demand was still high and both land transportation volume and storage
volume increased year-on-year.
Short Sea and Coastal BusinessIn the short sea business, despite the stable transportation volume in steel products and biomass fueltransportation, the total transportation volume significantly decreased year-on-year due to a considerable decline in
the transportation of Russian coal. In the coastal business, although the number of users of passenger and cartransportation increased during the busy period, the total transportation volume decreased year-on-year due to a

- 6 -

decline in cargo movement resulting from high price level and a decline in vessel availability due to stormy
weather. The transportation volume of dedicated vessels for tramp services decreased year-on-year due to a long-term periodic inspection at the thermal power plant.
Containership BusinessAlthough short-term freight rates have showed a certain level of increase because of easing of surplus in vessel
due to continued detouring via the Cape of Good Hope route caused by the situation in the Middle East since thefourth quarter, "ONE", the affiliate company accounted with the equity method recorded a significant year-on-year
decrease in revenue and profit because of sluggish cargo movement until the end of the third quarter and increased
supply resulting from delivery of newly built vessels.

The overall Product Logistics Segment recorded a year-on-year increase in revenue but decrease in profit.
(iv)
Other
Other includes but not limited to the Group’s ship management service, travel agency service, and real estate andadministration service. The segment recorded a year-on-year decrease in revenue but increase in profit.
2)Prospect for Fiscal year 2024

For the fiscal year ending March 31, 2025, the Group is projecting the performance as follows.
(Billion yen; Percentages indicate year-on-year changes.)
Operating Revenue
Fiscal Year 2024
(End March 2025)

980.0

1.8%

Operating Income
93.0

9.7%

Ordinary Income
135.0(0.6%)

Profit attributable toowners of the parent
120.0

14.5%

(Exchange Rate(¥/US$) : ¥140.95/ Fuel Oil Price(US$/MT) : US$640)
In the Dry Bulk Segment, despite some factors of concern, such as the uncertainty about the future of the Chinese
economy, the economic stagnation in Europe, and the growing geopolitical risks in areas such as the Middle East,
the mid-term vessel supply-demand balance will be tight against the backdrop of limited building of new ships, andmarket rates are expected to stay firm overall with strong cargo movement. The Group will watch out for changes
in transportation demand and trade patterns and prepare to promptly respond. At the same time, amid growing needto deal with environmental problems, taking advantage of its business foundation and high-quality transportation,
the Group will strive to secure stable profit by increasing vessel operation efficiency and reducing costs as well as
increasing mid- and long-term contracts while maintaining appropriate risk control.

In the Energy Resource Transport Segment, the Group will continue efforts to secure stable profit as it expects toensure smooth business operations, supported by mid- and long-term contracts, with respect to LNG carriers,
thermal coal carriers, large crude oil tankers (VLCCs), LPG carriers, drillship and FPSO (Floating Production,
Storage and Offloading systems).
As for the Product Logistics Segment, in the car carrier business, despite concern in the global auto market about
the global economic recession risk and geopolitical risks, production and shipment are expected to stay firm. The
Group will continue to strive to optimize our fleet and improve the efficiency of vessel operation and allocation.
In the logistics business, regarding the domestic logistics and port business, the current trends in the container
handling volume are expected to continue, and the cargo volume for the next fiscal year is expected to be at thesame level as the current fiscal year. In the towage business and the warehouse business, the Group expects thesame level of profits as the current fiscal year. As for the international logistics sector, in the forwarding business,
the Group expects that demand for ocean and air transportation and freight rates will recover more slowly than in- 7 -the current fiscal year. In the finished vehicle transportation business operated overseas, both land transportation
volume and storage volume are expected to remain firm.
In the short sea business, the transportation volume of biomass fuel is expected to increase year-on-year. In the
coastal business, although demand for car and passenger transportation has been increasing, the Group expects afall in demand after the demand increase seen in the previous year when the COVID-19 pandemic was suppressed.
The total transportation volume is expected to decrease year-on-year due to sluggish cargo movements resulting

from a decline in demand. The Group aims to improve its balance of payment by reducing the number of services of
the Kyushu route. The Group expects to ensure the generally smooth operation of ships for tramp services and tosecure the transportation volume on par with the previous year for general cargo ships.
In the container shipping business, while gradual recoveries in demand for cargo movement are expected with theUnited States at the center, a full-scale recovery is not anticipated due to geopolitical instability and ongoinginflation. In addition, with delivery of newly built vessels reaches its peak, supply is expected to exceed demand
continuously. However, increasing utilization of the Cape of Good Hope route, stemming from the uncertain
situation in the Middle East, is expected to generate high vessel demand. "ONE" will continue to closely monitor
the economic environment and strive for steady business operations by implementing flexible allocation of vessels
and efficient operations.
(2) Analysis of Financial Position
1) Assets, Liabilities and Net Assets
Consolidated assets at the end of March 2024 were ¥2,109.4 billion, an increase of ¥56.8 billion from the endof the previous fiscal year. Current assets decreased by ¥46.6 billion from the end of the previous fiscal year, due
mainly to a decrease in Marketable securities. Non-current assets increased by ¥103.4 billion, mainly as a resultof an increase in investment securities.
Consolidated liabilities decreased by ¥21.1 billion to ¥484.8 billion from the end of the previous fiscal year,
mainly as a result of a decrease in long-term loans, less current portion.
Consolidated net assets were ¥1,624.6 billion, an increase of ¥77.9 billion compared to the end of the previous
fiscal year, mainly as a result of an increase in foreign currency translation adjustments.
2) Cash Flows
Total cash and cash equivalents at the end of fiscal year 2023 were ¥269.4 billion, a decrease of ¥77.3 billion
over the end of the previous fiscal year. Details of each cash flow source are as follows:
Cash flows from operating activities were a net cash inflow of ¥203.0 billion (compared to a net cash inflow of¥456.0 billion in the previous fiscal year) due mainly to profit before income taxes.
Cash flows from investing activities resulted in a net cash outflow of ¥66.9 billion (compared to a net cash
outflow of ¥46.7 billion in the previous fiscal year) due mainly to purchase of vessels, property and equipment.
Cash flows from financing activities resulted in a net cash outflow of ¥223.7 billion (compared to a net cash
outflow of ¥300.7 billion in the previous fiscal year) due mainly to repayments of long-term loans, cash dividends
paid and purchase of treasury stock.
Reference: Changes in cash flow-related indicators
Fiscal Year
Ended
March 2020

Fiscal Year
Ended
March 2021

Fiscal Year
Ended
March 2022

Fiscal Year
Ended
March 2023

Fiscal Year
Ended
March 2024

Equity ratio (%)

11.3

22.4

56.2

73.8

75.5

Equity ratio(based on market value) (%)

8.5

24.3

47.5

36.4

67.8

Ratio of debt to cash flow
(annual)

-

15.2

1.9

0.8

1.4

Interest coverage ratio (x)

-

3.3

22.0

47.1

20.4

*Equity ratio is the shareholders’ equity divided by total assets.
Equity ratio (based on market value) is market capitalization divided by total assets.
- 8 -Ratio of debt to cash flow is interest-bearing liabilities divided by cash flow.
Interest coverage ratio is cash flow divided by interest expenses.
Notes
1. Indicators are calculated on the basis of consolidated figures.

2. Market capitalization is calculated based on the number of shares outstanding, not including treasury stock.
3. Cash flows above refer to cash flows from operating activities.
4. Interest-bearing liabilities are the total of all liabilities on the consolidated balance sheet on which interest is paid.
Interest paid shown in the consolidated statement of cash flows is used as interest expenses.
5. The ratio of debt to cash flow and the interest coverage ratio for the fiscal year ended March 2020 was omitted
since the cash flows from operating activities were negative.
(3) Basic Dividend Policy and Dividend Payments for Fiscal Year 2023 and Following Fiscal Year
Our basic policy is to improve shareholder profits over the medium and long terms by proactively promoting
shareholder returns, including share buyback. This is done by taking cash flow into consideration and ensuring theinvestment level and financial stability necessary to improve our corporate value while being conscious of optimal
capital structure and cash allocation.
Based on this basic policy, regarding dividend for the fiscal year ended March 31, 2024, the Company has
implemented an interim dividend of 100 yen per share. Also, in line with the dividend forecast announced on
February 2, 2024, the Company is planning the year-end dividend at 150 yen per share and an annual dividend of
250 yen per share.

Above will be implemented subject to the resolution at the Ordinary General Meeting of Shareholders scheduledin June 2024.
Regarding the dividend for the fiscal year ending March 31, 2025, in accordance with the annual dividend of
83.33 yen per share (basic dividend of 40 yen per share and additional dividend of 43.33 yen per share) announced

on February 2, 2024, we plan to add an extra dividend of 1.67 yen per share, planning for an annual dividend of 85
yen per share.
Regarding the dividend for the fiscal year ending March 31, 2026, and March 31, 2027, taking into account thecomprehensive consideration of performance prospects and other factors, in accordance with the annual dividend of
40 yen per share announced on May 8, 2023, the Company plans to add an additional dividend of 45 yen per shareto the basic dividend of 40 yen per share announced on May 8, 2023, planning for an annual dividend of 85 yen per
share.
(Note)As stated in the "Notice regarding Stock Split and Partial Amendment to the Articles of Incorporation"
announced February 2, 2024, a stock split has been conducted at a ratio of 3 shares for every 1 share of common
stock, effective from April 1, 2024. Forecast of annual dividend for the fiscal year ending March 31, 2025, ending
March 31, 2026, and ending March 31, 2027, are stated based on the post-split basis.
At the meeting of the Board of Directors held on May 7, 2024, the company resolved to repurchase its stock inaccordance with Article 156 of the Companies Act of Japan, as applied pursuant to paragraph 3 of Article 165 of
the Companies Act of Japan. Please refer to (Stock repurchase) in the section of (Significant Subsequent Event) for
details.

6. Basic Approach to Selection of Accounting Standards
To allow reliable year-on-year and company-to-company comparisons, the Group’s policy for the time being isto prepare its consolidated financial statements according to Japanese accounting standards.
With respect to application of IFRS, our policy is to respond appropriately based on consideration of various
domestic and overseas circumstances.

- 9 -7. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)

Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As ofMarch 31, 2024

ASSETS
Current assets :Cash and deposits
Accounts and notes receivable - trade and contract assets
Marketable securities
Raw materials and supplies
Deferred and prepaid expenses
Short-term loans receivable
Other current assets
Allowance for doubtful accounts
Total current assets

247,429
107,522102,001
38,35622,0182,293
16,345(1,074)534,894

272,616
129,632
42,51325,6291,688
17,609(1,411)
488,278

Non-current assets :(Vessels, property and equipment)
Vessels, net
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total vessels, property and equipment

319,329
9,709
3,129
15,537
18,842
5,599
372,147

324,106
9,600
3,245
15,54851,364
6,452
410,318

3,808
3,808

6,036
6,036

(Investments and other assets)
Investment securities
Long-term loans receivable
Asset for retirement benefits
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets

1,070,227
24,5681,400
6,175
41,323(1,930)1,141,765

1,139,971
20,4792,387
3,728
39,955(1,723)
1,204,799

Total non-current assets

1,517,722

1,621,154

2,052,616

2,109,432(Intangible assets)
Other intangible assets
Total intangible assets

Total assets- 10 -

Consolidated Balance Sheet(Millions of yen)
As ofMarch 31, 2023

As ofMarch 31, 2024

LIABILITIESCurrent liabilities :Accounts and notes payable - trade
Short-term loans and current portion of long-term loans
Lease obligations
Accrued income taxes
Provision for loss related to the Anti-Monopoly Act
Provision for loss on chartering contracts
Provision for bonuses
Provision for directors’ bonuses
Other current liabilities
Total current liabilities

62,80350,691
13,367
2,095
1,692
9,609
4,489
523
40,106
185,378

77,59649,135
11,958
3,399
3,821
5,442
3,393
418
54,742
209,908

267,313
20,320
4,044
1,174

8,000
206,107
12,58016,519
1,174

83

38

1,192
14,8106,441
5,177
320,558
505,937

2,300
16,542
4,855
6,805
274,924484,832

75,457
29,102
1,302,769(6,550)1,400,779

75,457
29,102
1,233,274(7,648)1,330,186

Accumulated other comprehensive income :Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Retirement benefits liability adjustments
Total accumulated other comprehensive income

6,482
2,100
4,682
103,353(2,000)114,619

13,0303,076
4,677
240,272681
261,738

Non-controlling interests

31,28032,674

Total net assets

1,546,679

1,624,600

Total liabilities and net assets

2,052,616

2,109,432

Non-current liabilities :Bonds
Long-term loans, less current portion
Lease obligations
Deferred tax liabilities
Deferred tax liabilities on land revaluation
Provision for directors’ and audit and supervisory board
members’ retirement benefits
Provision for directors’ stock benefits
Provision for periodic dry docking of vessels
Liability for retirement benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity :Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity- 11 -

Consolidated Statement of Operations(Millions of yen)
Year
ended
March 31, 2023

Year
ended
March 31, 2024

Marine transportation and other operating revenues

942,606

962,300

Marine transportation and other operating costs and expenses
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income :Interest income
Dividend income
Equity in earnings of unconsolidated subsidiaries and affiliates
Foreign exchange gains
Other non-operating income
Total non-operating income
Non-operating expenses :Interest expenses
Foreign exchange losses
Loss on valuation of derivatives
Other non-operating expenses
Total non-operating expenses
Ordinary income (loss)
Extraordinary income :Gain on sales of non-current assets
Gain on liquidation of subsidiaries and affiliates
Other extraordinary income
Total extraordinary income
Extraordinary losses :Impairment losses
Loss on change in equity
Loss on valuation of marketable securities
Provision for loss related to the Anti-Monopoly Act
Other extraordinary losses
Total extraordinary losses
Profit (loss) before income taxes
Income taxes :Current
Deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of the parent

799,881
142,724
63,86678,857801,126
161,174
76,41084,7632,805
2,517
627,759
2,950
636,033

3,755
3,285
51,7105,192
1,884
65,828

9,996
9,723
4,332
24,052
690,839

9,642
3,469
1,683
14,795
135,796

3,829
447
472
4,748

1,926
428
1,132
3,487

18
614
1,335
742
2,710
692,877

258
1,558
2,485
1,232
5,535
133,748

3,864(9,982)(6,117)
698,994
4,090
694,904

15,64011,18826,829106,918
2,142
104,776- 12 -

Consolidated Statement of Comprehensive Income(Millions of yen)
Year
ended
March 31, 2023
Profit (loss)

Year
ended
March 31, 2024

698,994

106,918894
402
12,014
(29)

6,484
613
15,584
2,754

Other Comprehensive income:Net unrealized holding gain (loss) on investment securities
Deferred gain (loss) on hedges
Foreign currency translation adjustments
Retirement benefits liability adjustments
Share of other comprehensive income (loss) of unconsolidated
subsidiaries and affiliates accounted for using equity method
Total other comprehensive income
Comprehensive income

81,759122,619

95,042794,036

148,054
254,973(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests

789,261
4,774

251,900
3,073- 13 -

Consolidated Statement of Changes in Net Assets
Kawasaki Kisen Kaisha Ltd. and Consolidated Subsidiaries for the year ended March 31, 2023
(Millions of yen)
Shareholder’s equity

Balance at April 1, 2022

Total
Treasury stock shareholders’equityCommonstock

Capital surplus

Retainedearnings

75,457

14,214

777,130(2,378)864,424

Change in items during theyear
Cash dividends
Profit (loss) attributableto owners of the parent(84,613)(84,613)694,904

694,904

Purchase of treasury
stock
Disposal of treasury

60

stock
Cancellation of treasury

(381)

stock

(84,574)(89,558)(89,558)30

90

84,955-

Disposal of treasury

stock for the Board-

Benefit Trust
Purchase of treasury

stock by the Board-

Benefit Trust
Share exchanges

14,898400

15,299Changes in a foreign

affiliated company's-

interests in its subsidiary
Change in ownershipinterest of parent due to

310transactions with noncontrolling interests
Reversal of revaluation
reserve for land

310

(52)

(52)

(25)

(25)

Net changes in retained

earnings from changes inscope of consolidation orequity method
Net changes in items

other than shareholders’equityNet changes during the year-

14,888525,639(4,172)536,355

Balance at March 31, 2023

75,457

29,102

1,302,769(6,550)1,400,779- 14 -

Accumulated other comprehensive income
Net unrealized
holding gain Deferred gain
(loss) on(loss) on
investments inhedgessecurities
Balance at April 1, 2022

5,474

(893)

Revaluation
reservefor landForeigncurrencytranslation
adjustments

Retirement
benefits
liability
adjustments

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net assets

4,630

12,954(1,956)

20,209100,248984,882

Change in items during theyear
Cash dividends(84,613)

Profit (loss) attributable

694,904

to owners of the parent
Purchase of treasury(89,558)

stock
Disposal of treasury

90

stock
Cancellation of treasury

-

stock
Disposal of treasury

stock for the Board-

Benefit Trust
Purchase of treasury
stock by the Board-

Benefit Trust
Share exchanges

15,299Changes in a foreign

affiliated company's-

interests in its subsidiary
Change in ownershipinterest of parent due to

310transactions with noncontrolling interests
Reversal of revaluation(52)

reserve for land
Net changes in retained

earnings from changes in(25)

scope of consolidation orequity method
Net changes in items

other than shareholders’

1,007

2,994

52

90,398(43)

94,409(68,968)

25,441

Net changes during the year

1,007

2,994

52

90,398(43)

94,409(68,968)

561,796

Balance at March 31, 2023

6,482

2,100

4,682

103,353(2,000)114,619

31,2801,546,679

equity- 15 -

Consolidated Statement of Changes in Net Assets
Kawasaki Kisen Kaisha Ltd. and Consolidated Subsidiaries for the year ended March 31, 2024
(Millions of yen)
Shareholder’s equity

Balance at April 1, 2023

Total
Treasury stock shareholders’equityCommonstock

Capital surplus

Retainedearnings

75,457

29,102

1,302,769(6,550)1,400,779

Change in items during theyear
Cash dividends
Profit (loss) attributableto owners of the parent(98,422)(98,422)

104,776

104,776

Purchase of treasury
stock
Disposal of treasury

0

stock
Cancellation of treasury

(788)

stock

(54,954)(56,211)(56,211)

159

159

55,743

-

4,051

4,839

(4,839)(4,839)

Disposal of treasury

stock for the Board

788

Benefit Trust
Purchase of treasury

stock by the Board
Benefit Trust-

Share exchanges
Changes in a foreign

affiliated company's(20,908)(20,908)

interests in its subsidiary
Change in ownershipinterest of parent due to-transactions with noncontrolling interests
Reversal of revaluation
reserve for land

5

5

8

8

Net changes in retained

earnings from changes inscope of consolidation orequity method
Net changes in items

other than shareholders’equityNet changes during the year-

0(69,495)(1,097)(70,592)

Balance at March 31, 2024

75,457

29,102

1,233,274(7,648)1,330,186- 16 -

Accumulated other comprehensive income
Net unrealized
holding gain Deferred gain
(loss) on(loss) on
investments inhedgessecurities
Balance at April 1, 2023

6,482

2,100

Revaluation
reservefor landForeigncurrencytranslation
adjustments

Retirement
benefits
liability
adjustments

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net assets

4,682

103,353(2,000)114,619

31,2801,546,679

Change in items during theyear(98,422)

Cash dividends
Profit (loss) attributable

104,776

to owners of the parent
Purchase of treasury(56,211)stock
Disposal of treasury

159

stock
Cancellation of treasury

-

stock
Disposal of treasury

stock for the Board

4,839

Benefit Trust
Purchase of treasury
stock by the Board(4,839)Benefit Trust-

Share exchanges
Changes in a foreign

affiliated company's(20,908)

interests in its subsidiary
Change in ownershipinterest of parent due to-transactions with noncontrolling interests
Reversal of revaluation

5

reserve for land
Net changes in retained

earnings from changes in8

scope of consolidation orequity method
Net changes in items

other than shareholders’

6,548

975

(5)

136,918

2,681

147,119

1,394

148,513

Net changes during the year

6,548

975

(5)

136,918

2,681

147,119

1,394

77,920

Balance at March 31, 2024

13,030

3,076

4,677

240,272681

261,738

32,674

1,624,600

equity- 17 -

Consolidated Statement of Cash Flows(Millions of yen)
Year
ended
March 31, 2023
Cash flows from operating activities:
Profit (loss) before income taxes
Depreciation and amortization
Increase (decrease) in liability for retirement benefits(Increase) decrease in asset for retirement benefits
Increase (decrease) in retirement benefits liability adjustments
Increase (decrease) in provision for directors’ and audit and supervisory board members’
retirement benefits
Increase (decrease) in provision for periodic dry docking of vessels
Increase (decrease) in provision for loss related to the Anti-Monopoly Act
Increase (decrease) in provision for loss on chartering contracts
Increase (decrease) in provision for directors’ stock benefits
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Impairment losses
Equity in (earnings) losses of unconsolidated subsidiaries and affiliates(Gain) loss on sales of vessels, property and equipment(Gain) loss on valuation of marketable securities(Gain) loss on change in equity(Gain) loss on liquidation of subsidiaries and affiliates(Increase) decrease in accounts and notes receivable - trade and contract assets(Increase) decrease in inventories(Increase) decrease in other current assets
Increase (decrease) in accounts and notes payable - trade
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Payments for cancellation of chartered vessels
Payments related to the Anti-Monopoly Act
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchases of marketable securities and investment securities
Proceeds from sales of marketable securities and investment securities
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation
Purchase of vessels, property and equipment
Proceeds from sales of vessels, property and equipment
Purchase of intangible assets
Payments of long-term loans receivableCollection of long-term loans receivable
Other, net
Net cash provided by (used in) investing activities- 18 -

Year
ended
March 31, 2024

692,877
42,396
439
(171)
(125)

133,748
45,360(1,663)
(986)
3,057

(79)

(44)

1,389
1,335
(4,294)885(5,323)
9,996
7,786
18
(627,759)(3,802)614(321)(1,651)(1,642)(8,586)(1,969)(1,935)
3,414
103,489
368,103(9,676)(546)(399)(4,919)456,049

1,672
2,485
(4,166)
1,267(7,040)9,642(5,754)
258(51,710)(1,919)1,558(147)(19,275)(3,850)(3,041)
11,826
9,993(309)
120,961
106,910(9,939)(459)(14,377)
203,095(4,231)
4,729(21,669)
965
4,882(67,641)
37,746(867)(2,264)
3,835(2,230)(46,745)(4,801)
4,509(8,520)574
33(82,635)
20,108(2,227)
(330)
7,118
(741)
(66,911)

Consolidated Statement of Cash Flows(Millions of yen)
Year
ended
March 31, 2023
Cash flows from financing activities:
Increase (decrease) in short-term loans, net
Proceeds from long-term loans
Repayments of long-term loans and obligations under finance leases
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Repayments to non-controlling interests
Purchase of shares of subsidiaries not resulting in change in scope of consolidation
Proceeds from sales of shares of subsidiaries not resulting in change in scope of
consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Increase in cash and cash equivalents arising from initial consolidation of subsidiaries
Cash and cash equivalents at end of the year

- 19 -

Year
ended
March 31, 2024

(635)
44,450(102,294)(7,000)(89,558)(84,506)(4,035)(56,875)
(289)

(166)
27,291(102,565)
8,000(56,353)(98,307)(1,710)
-

11

134

(57)
(300,790)(6,001)
102,512244,316
2
346,831(49)(223,727)
10,186(77,357)
346,8310
269,474

8. Explanatory Notes to Consolidated Financial Statements(Notes Regarding Going Concern Assumption)
Not applicable.
Segment information
Year ended March 31, 2023
(Millions of yen)
Dry bulk

Energyresourcetransport

307,835

96,024

513,637

10,195

927,693

-

4,431

4,201

6,156

123

14,912-

14,912

312,267

100,225

519,794

10,318942,606-

942,606

Product
logistics

Other

Total

Adjustments
andConsolidated
eliminations

Revenues
Revenues from contracts with customers
Other revenues
Operating revenues from customers
Inter-group revenues and transfers
Total revenues

927,693

42

24

5,516

57,421

63,004(63,004)-

312,309100,250

525,310

67,7391,005,610(63,004)

942,606

Segment profit (loss)

19,1309,061

669,917804

698,913(8,074)

690,839

Segment assets

285,917236,256

1,482,497

47,4682,052,140

476

2,052,616

Depreciation and amortization
Interest income
Interest expenses

14,697
242
2,244

9,997
719
2,469

16,596
326
637

679
128
28

41,970
1,417
5,380

426
1,388
4,615

42,396
2,805
9,996

88

2,956

624,458256

627,759-

627,759589

38,046

974,4125,102

1,018,150-

1,018,150

4,545

32,45734,044

246

71,294533

71,827

Dry bulk

Energyresourcetransport

291,518

103,661545,998

9,984

951,162

-

3,539

3,323

4,155

118

11,137-

11,137

295,057
99

106,98516

550,154
4,363

10,10270,000962,300
74,478(74,478)

962,300-

295,156

107,002554,51780,103

1,036,779(74,478)

962,300

3,606

7,954

131,130

1,435

144,127(8,331)

135,796

Segment assets

248,392

255,602

1,552,490

47,2652,103,750

5,682

2,109,432

Depreciation and amortization

Equity in earnings (loss) of unconsolidated
subsidiaries and affiliates
Investments in subsidiaries and affiliates accounted

for by the equity method
Increase in vessels, property and equipment, andintangible assets

Year ended March 31, 2024
(Millions of yen)

Revenues
Revenues from contracts with customers
Other revenues
Operating revenues from customers
Inter-group revenues and transfers
Total revenues
Segment profit (loss)

Product
logistics

Other

Total

Adjustments
andConsolidated
eliminations
951,162

15,802

11,08917,464757

45,113

246

45,360Interest income

231

741

599

123

1,696

2,058

3,755

Interest expenses

2,412

2,425

325

29

5,193

4,449

9,642

62

3,305

47,991351

51,710-51,710720

41,367

1,023,463

5,183

1,070,735-

1,070,735

11,95440,02933,196279

85,460396

85,857

Equity in earnings (loss) of unconsolidated
subsidiaries and affiliates
Investments in subsidiaries and affiliates accounted

for by the equity method
Increase in vessels, property and equipment, andintangible assets

Since the beginning of this fiscal year, The Company partly changed the allocation method of corporate expenses
to present the condition of each segment in a more appropriate manner. Segment information for the fiscal year
2023 and 2022 are presented based on the changed allocation method.

- 20 -

(Significant Subsequent Event)(Stock split)
Based on the resolution at the Board of Directors’ meeting held on February 2, 2024, the Company implemented
a stock split effective April 1, 2024.
1. Purpose of the stock split
The purpose is to further expand the investor base by reducing the Company’s stock price per investment unit
and creating an environment in which investors including individual investors can invest more easily, and toincrease share liquidity.

2. Method of the stock split
The Company implemented a 3-for-1 stock split of common shares owned by shareholders listed or recorded in
the closing register of shareholders with a record date of March 31, 2024.
3. Number of shares to be increased by the stock split
Total number of issued shares before the stock split
Increase in number of shares due to the stock split
Total number of issued shares after the stock split
Total number of shares authorized to be issued after the stock split

238,242,689 shares
476,485,378 shares
714,728,067 shares
1,800,000,000 shares

4. Schedule of the stock split
Date of public notice of the record date March 11, 2024
Record date
March 31, 2024 (R1)
Effective date
April 1, 2024
(R1) As the record date falls on a holiday of the shareholder registry administrator, the actual record date is
Friday, 29 March 2024.
(Stock repurchase)At the meeting of the Board of Directors held on May 7, 2024, the Company resolved to repurchase its stockin accordance with Article 156 of the Companies Act of Japan, as applied pursuant to paragraph 3 of Article 165 of
the Companies Act of Japan. Details of the repurchase are as follows.
1. Purpose of the stock repurchase
The company is always conscious of capital efficiency. Our basic policy is to improve shareholder profits overthe medium and long terms by proactively promoting shareholder returns, including share buyback. This is done bytaking cash flow into consideration and ensuring the investment level and financial stability necessary to improve
our corporate value. Furthermore, in five-year medium-term management plan for the fiscal year 2022 to the fiscal
year 2026, we have raised the lower limit of the total amount of shareholder returns from at least 500.0 billion yen
to at least 700.0 billion yen. For fiscal year 2024 and beyond, we plan to implement an additional return of 150.0
billion yen in addition to the basic dividend and additional dividend. Considering the scale of this additional
shareholder’s return, the Company has determined that the best way to do this will be to perform a share buyback
capped at 100.0 billion yen. The buyback will be implemented based on these policies.
2. Details of repurchase(1) Class of share: Common stock of the company(2) Total number of shares of common stock to be repurchased: Up to 39,556,000 shares(5.5% of the total number of shares of common stock outstanding excluding treasury stock)(3) Total amount: Up to 100,000,000,000 yen(4) Period: From May 8, 2024 to July 31, 2024
(5) Repurchase method: Purchase on the Tokyo Stock Exchange through off-auction own share repurchase trading(ToSTNeT-3) and Auction market
3. Others
In principle, the shares to be repurchased will be cancelled.
- 21 -