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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Kawasaki Heavy Industries, Ltd.    7012   JP3224200000

KAWASAKI HEAVY INDUSTRIES, LTD.

(7012)
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Kawasaki Heavy Industries : Flash Report for the Third Quarter of the Fiscal Year Ending March 31, 2020 (Consolidated Basis) (PD...

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02/05/2020 | 11:07pm EDT

KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES

FLASH CONSOLIDATED FINANCIAL RESULTS

February 6, 2020

For nine months ended December 31, 2019 and 2018 and one year ended March 31, 2019

(Consolidated)

Operating results

Millions of yen

Thousands of U.S. dollars

Nine months ended

Nine months ended

Nine months ended

Net sales

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

1,135,444

1,094,583

$ 10,364,619

Operating profit

30,983

36,849

282,821

Profit attributable to owners of parent

4,762

11,385

43,469

Earnings per share (Yen)

28.50

68.15

Financial position

Millions of yen / Thousand shares

Thousands of U.S. dollars

As of

As of

As of

Total assets

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2019

2,053,540

1,838,855

$ 18,745,230

Net assets

475,013

492,261

4,336,038

Number of shares issued and outstanding

167,044

167,045

Equity Ratio

22.3%

25.9%

Cash flows

Millions of yen

Thousands of U.S. dollars

Nine months ended

Nine months ended

Nine months ended

Operating activities

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

(288,421)

(207,489)

$ (2,632,780)

Investing activities

(46,216)

(67,409)

(421,871)

Financing activities

335,815

254,463

3,065,404

Cash and cash equivalents at end of period

70,914

43,259

647,321

Fiscal year forecast

Millions of yen

Net sales

Operating profit

Profit attributable to

owners of parent

One year ending March 31, 2020

1,660,000

60,000

25,000

- 1 -

(Consolidated)

Notes : 1. This "FLASH CONSOLIDATED FINANCIAL RESULTS" and following financial statements have been prepared in conformity with generally accepted accounting principles and practices in Japan.

2. All US$ amounts in these statements represent the arithmetical results of translating Japanese yen to U.S. dollars on the basis of 109.55=$1, the rate prevailing as of December 30, 2019, solely for the convenience of the readers.

- 2 -

(Consolidated)

Consolidated Balance Sheets

As of December 31 and March 31, 2019

Millions of yen

Thousands of

U.S. dollars

As of

As of

As of

Assets

Dec. 31, 2019

Mar. 31, 2019

Dec. 31, 2019

Current assets

74,408

Cash and deposits

74,311

$

679,215

Notes and accounts receivable - trade

548,257

427,665

5,004,628

Merchandise and finished goods

89,052

68,176

812,889

Work in process

449,740

405,087

4,105,340

Raw materials and supplies

128,011

119,558

1,168,517

Other

66,322

45,333

605,404

Allowance for doubtful accounts

(4,094)

(3,792)

(37,371)

Total current assets

1,351,697

1,136,340

12,338,631

Non-current assets

Property, plant and equipment

195,891

Buildings and structures, net

194,939

1,788,142

Other

288,883

290,729

2,636,997

Total property, plant and equipment

484,774

485,669

4,425,139

Intangible assets

18,977

16,797

173,227

Investments and other assets

199,402

Other

201,471

1,820,192

Allowance for doubtful accounts

(1,311)

(1,422)

(11,967)

Total investments and other assets

198,091

200,048

1,808,225

Total non-current assets

701,843

702,514

6,406,600

Total assets

2,053,540

1,838,855

18,745,230

Liabilities

Current liabilities

227,269

Notes and accounts payable - trade

247,191

2,074,569

Electronically recorded obligations - operating

111,157

123,083

1,014,669

Short-term borrowings

283,420

100,023

2,587,129

Income taxes payable

4,755

10,390

43,405

Provision for sales promotion expenses

6,317

497

57,663

Provision for bonuses

10,595

21,168

96,714

Provision for construction warranties

12,428

13,096

113,446

Provision for loss on construction contracts

14,214

27,609

129,749

Advances received

145,900

181,419

1,331,812

Other

272,256

139,800

2,485,221

Total current liabilities

1,088,316

864,280

9,934,423

Non-current liabilities

140,000

Bonds payable

140,000

1,277,955

Long-term loans payable

191,940

187,568

1,752,077

Net defined benefit liability

101,980

97,602

930,899

Provision for the in-service issues of

13,993

11,468

127,732

commercial aircraft jet engines

42,296

Other

45,674

386,089

Total non-current liabilities

490,211

482,313

4,474,770

Total liabilities

1,578,527

1,346,593

14,409,192

Net assets

Shareholders' equity

104,484

Capital stock

104,484

953,756

Capital surplus

54,542

54,542

497,873

Retained earnings

312,726

324,606

2,854,642

Treasury shares

(133)

(130)

(1,214)

Total shareholders' equity

471,620

483,502

4,305,066

Accumulated other comprehensive income

2,673

Valuation difference on available-for-sale securities

2,682

24,400

Deferred gains or losses on hedges

(391)

(227)

(3,569)

Foreign currency translation adjustment

(11,171)

(4,556)

(101,972)

Remeasurements of defined benefit plans

(3,667)

(5,014)

(33,473)

Total accumulated other comprehensive income

(12,556)

(7,115)

(114,614)

Non-controlling interests

15,949

15,874

145,586

Total net assets

475,013

492,261

4,336,038

Total liabilities and net assets

2,053,540

1,838,855

18,745,230

- 3 -

Consolidated Statements of Profit and Loss

For nine months ended December 31, 2019 and 2018

Net sales Cost of sales Gross profit

Selling, general and administrative expenses Salaries and allowances

Research and development expenses Other

Total selling, general and administrative expenses Operating profit

Non-operating income Interest income Dividend income

Share of profit of entities accounted for using equity method Other

Total non-operating income Non-operating expenses

Interest expenses Foreign exchange losses

Payments for the in-service issues of commercial aircraft jet engines

Other

Total non-operating expenses Ordinary profit Extraordinary income

Gain on sales of non-current assets Total extraordinary income

Extraordinary losses

Loss on withdrawal from business Total extraordinary losses

Profit before income taxes Income taxes

Profit

Profit attributable to non-controlling interests Profit attributable to owners of parent

(Consolidated)

Millions of yen

Thousands of

U.S. dollars

Nine months ended

Nine months ended

Nine months ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

1,135,444

1,094,583

$

10,364,619

954,085

910,113

8,709,128

181,359

184,469

1,655,491

41,357

40,325

377,517

36,371

33,427

332,004

72,645

73,867

663,122

150,375

147,620

1,372,661

30,983

36,849

282,821

530

648

4,838

252

263

2,300

867

1,014

7,914

2,157

2,585

19,690

3,807

4,512

34,751

2,787

2,505

25,440

4,794

4,620

43,761

7,640

9,745

69,740

4,189

4,625

38,238

19,411

21,496

177,188

15,379

19,865

140,383

1,277

11,657

1,277

11,657

2,383

21,753

2,383

21,753

14,273

19,865

130,288

8,416

6,721

76,823

5,856

13,144

53,455

1,094

1,758

9,986

4,762

11,385

43,469

- 4 -

(Consolidated)

Segment information

Information by reportable segment

Millions of yen

Nine months ended

Dec. 31, 2018

External

Intersegment

Total

Operating

sales

sales

sales

profit (loss)

Aerospace Systems

328,137

8,536

336,674

21,295

Energy System & Plant Engineering

168,844

14,285

183,129

4,534

Precision Machinery & Robot

154,282

11,777

166,059

14,942

Ship & Offshore Structure

63,066

2,665

65,732

2,803

Rolling Stock

86,088

16

86,105

(6,452)

Motorcycle & Engine

226,298

496

226,795

(33)

Other

67,865

29,035

96,900

2,456

Total

1,094,583

66,813

1,161,397

39,545

Eliminations and corporate

-

(66,813)

(66,813)

(2,696)

Consolidated total

1,094,583

-

1,094,583

36,849

Millions of yen

Nine months ended

Dec. 31, 2019

External

Intersegment

Total

Operating

sales

sales

sales

profit (loss)

Aerospace Systems

371,446

6,913

378,360

20,517

Energy System & Plant Engineering

162,317

23,379

185,697

13,027

Precision Machinery & Robot

147,080

11,422

158,503

5,216

Ship & Offshore Structure

53,016

6,514

59,531

(788)

Rolling Stock

97,477

12

97,489

(3,147)

Motorcycle & Engine

230,171

497

230,668

(4,517)

Other

73,934

27,782

101,716

2,055

Total

1,135,444

76,522

1,211,967

32,364

Eliminations and corporate

-

(76,522)

(76,522)

(1,380)

Consolidated total

1,135,444

-

1,135,444

30,983

Thousands of U.S. dollars

Nine months ended

Dec. 31, 2019

External

Intersegment

Total

Operating

sales

sales

sales

profit (loss)

Aerospace Systems

$

3,390,653

$

63,104

$

3,453,765

$

187,284

Energy System & Plant Engineering

1,481,670

213,409

1,695,089

118,914

Precision Machinery & Robot

1,342,583

104,263

1,446,855

47,613

Ship & Offshore Structure

483,943

59,461

543,414

(7,193)

Rolling Stock

889,795

110

889,904

(28,727)

Motorcycle & Engine

2,101,059

4,537

2,105,596

(41,232)

Other

674,888

253,601

928,489

18,759

Total

10,364,619

698,512

11,063,140

295,427

Eliminations and corporate

-

(698,512)

(698,512)

(12,597)

Consolidated total

$

10,364,619

$

-

$

10,364,619

$

282,821

- 5 -

(Consolidated)

Orders by reportable segment

For nine months ended December 31, 2019 and 2018

Billions of yen

Millions of

U.S. dollars

Nine months ended

Nine months ended

Nine months ended

Orders :

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2019

245.1

Aerospace Systems

280.5

$

2,237

Energy System & Plant Engineering

184.3

201.6

1,682

Precision Machinery & Robot

157.1

172.0

1,434

Ship & Offshore Structure

31.6

65.2

288

Rolling Stock

91.2

79.6

832

Motorcycle & Engine

230.1

226.2

2,100

Other

82.8

71.1

756

Total

1,022.6

1,096.6

$

9,335

- 6 -

Disclaimer

Kawasaki Heavy Industries Ltd. published this content on 06 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2020 04:06:03 UTC

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Sales 2020 1 626 B
EBIT 2020 54 811 M
Net income 2020 21 739 M
Debt 2020 376 B
Yield 2020 4,47%
P/E ratio 2020 12,2x
P/E ratio 2021 13,7x
EV / Sales2020 0,39x
EV / Sales2021 0,38x
Capitalization 261 B
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Technical analysis trends KAWASAKI HEAVY INDUSTRIES,
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Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 1 881,82 JPY
Last Close Price 1 565,00 JPY
Spread / Highest target 85,3%
Spread / Average Target 20,2%
Spread / Lowest Target -23,3%
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NameTitle
Yoshinori Kanehana President, CEO & Representative Director
Shigeru Murayama Chairman
Nobuhisa Kato Executive Officer & General Manager-Finance
Koji Kadota General Manager-Technology & Development
Kazuo Hida Managing Director & Managing Executive Officer
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