Kawasaki Heavy Industries : Flash Report for the First Quarter of the Fiscal Year Ending March 31, 2024(Consolidated Basis)

KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES

FLASH CONSOLIDATED FINANCIAL RESULTS [ IFRS ]	August 8, 2023
For three months ended June 30, 2023 and 2022 and one year ended March 31, 2023	(Consolidated)

Operating results

			(Millions of yen)
	Three months ended		Three months ended
Revenue	Jun. 30, 2023		Jun. 30, 2022
405,340		350,344
Business Profit	10,253	4,593
Profit attributable to owners of parent	9,089	5,457
Earnings per share (Yen)	54.27	32.58

Financial position

	(Millions of yen / Thousand shares)
	As of		As of
Total assets	Jun. 30, 2023		Mar. 31, 2023
2,480,770		2,457,725
Equity	605,244	596,872
Number of shares issued and outstanding	167,481	167,481
Equity Ratio	23.6%	23.4%

Cash flows

			(Millions of yen)
	Three months ended		Three months ended
Operating activities	Jun. 30, 2023		Jun. 30, 2022
(22,434)		(61,995)
Investing activities	(21,989)	(24,035)
Financing activities	1,925	62,769
Cash and cash equivalents at end of period	91,879	78,495

Fiscal year forecast					(Millions of yen)
	Revenue		Business profit		Profit attributable to
			owners of parent
One year ending March 31, 2024	1,900,000	78,000	47,000

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(Consolidated)

Consolidated Statement of Financial Position

As of June 30 and March 31, 2023
			(Millions of yen)
	As of		As of
Assets	Mar. 31, 2023		Jun. 30, 2023
Current assets		91,879
Cash and cash equivalents	138,420
Trade and other receivables	470,398	491,155
Contract assets	159,422	131,614
Inventories	690,431	719,180
Income taxes receivable	551	2,292
Other financial assets	10,741	9,278
Other current assets	100,385	122,184
Total current assets	1,570,350		1,567,585
Non-current assets		459,717
Property, plant and equipment	451,010
Intangible assets	66,248	68,679
Right-of-use assets	68,422	69,368
Investments accounted for using equity method	77,440	85,571
Other financial assets	70,224	76,832
Deferred tax assets	110,264	109,357
Other non-current assets	43,763	43,658
Total non-current assets	887,374		913,184
Total assets	2,457,725		2,480,770
Liabilities and equity
Liabilities
Current liabilities		436,820
Trade and other payables	452,250
Bonds, borrowings and other financial liabilities	340,176	409,777
Income taxes payable	18,071	5,934
Contract liabilities	256,247	277,664
Provisions	22,897	21,658
Other current liabilities	219,019	194,626
Total current liabilities	1,308,661		1,346,482
Non-current liabilities		417,687
Bonds, borrowings and other financial liabilities	445,082
Retirement benefit liability	91,552	92,839
Provisions	1,942	1,907
Deferred tax liabilities	833	921
Other non-current liabilities	12,779	15,688
Total non-current liabilities	552,190		529,043
Total liabilities	1,860,852		1,875,525
Equity
Equity attributable to owners of parent		104,484
Share capital	104,484
Capital surplus	55,716	55,962
Retained earnings	380,255	379,315
Treasury shares	(1,107)	(1,108)
Other components of equity	36,852	46,114
Total equity attributable to owners of parent	576,201		584,768
Non-controlling interests	20,670		20,476
Total equity	596,872		605,244
Total liabilities and equity	2,457,725		2,480,770

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			(Consolidated)
Consolidated Statement of Profit or Loss
For three months ended June 30, 2023 and 2022
			(Millions of yen)
	Three months ended		Three months ended
Revenue	Jun. 30, 2022		Jun. 30, 2023
350,344		405,340
Cost of sales	292,972	339,247
Gross profit	57,372		66,093
Selling, general and administrative expenses	53,568		62,352
Share of profit (loss) of investments accounted for using equity method	631	6,093
Other income	1,625	1,203
Other expenses	1,467	783
Business profit	4,593		10,253
Finance income	7,512		7,859
Finance costs	1,500	3,146
Profit before tax	10,605		14,966
Income tax expense	4,810		5,519
Profit	5,794		9,447
Profit attributable to		9,089
Owners of parent	5,457
Non-controlling interests	336	357
Earnings per share
Basic earnings per share	32.58		54.27

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		(Consolidated)
Consolidated Statement of Comprehensive Income
For three months ended June 30, 2023 and 2022
			(Millions of yen)
	Three months ended	Three months ended
Profit	Jun. 30, 2022		Jun. 30, 2023
5,794	9,447
Other comprehensive income
Items that will not be reclassified to profit or loss		1,728
Financial assets measured at fair value through other comprehensive income	(575)
Remeasurements of defined benefit plans	457	35
Share of other comprehensive income of investments accounted for using equity method	(241)	0
Total of items that will not be reclassified to profit or loss	(359)		1,763
Items that may be reclassified to profit or loss		(7,038)
Cash flow hedges	(3,041)
Exchange differences on translation of foreign operations	12,310	14,385
Share of other comprehensive income of investments accounted for using equity method	4,057	620
Total of items that may be reclassified to profit or loss	13,326	7,967
Total other comprehensive income	12,967	9,731
Comprehensive income	18,761	19,179
Comprehensive income attributable to
Owners of parent	17,869	18,534
Non-controlling interests	891	644

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(Consolidated)

Consolidated Statement of Changes in Equity

For three months ended June 30, 2022
				(Millions of yen)
		Equity attributable to owners of parent
	Share capital	Capital surplus	Retained earnings	Treasury shares
Balance as of Apr. 1, 2022	104,484	55,525	320,671	(1,129)
Profit			5,457
Other comprehensive income
Comprehensive income			5,457
Purchase of treasury shares				(0)
Dividends			(3,357)
Transfer to retained earnings			465
Change in scope of consolidation
Loss of control of subsidiaries
Change in ownership interest of parent due to
transactions with non-controlling interests
Transfer to non-financial assets
Other			34
Total transactions with owners			(2,856)	(0)
Balance as of Jun. 30, 2022	104,484	55,525	323,272	(1,129)
			Equity attributable to owners of parent
		Other components of equity
		Financial assets		Exchange		Total equity	Non-controlling
	Remeasurements of	measured at fair			Total
		differences on	Total	attributable to	interests
	defined benefit	value through other	Cash flow hedges
	translation of foreign	owners of parent
	plans	comprehensive		operations
		income
Balance as of Apr. 1, 2022	-	4,435	(284)	21,780	25,931	505,484	19,407	524,891
Profit						5,457	336	5,794
Other comprehensive income	465	(792)	(3,291)	16,030	12,412	12,412	554	12,967
Comprehensive income	465	(792)	(3,291)	16,030	12,412	17,869	891	18,761
Purchase of treasury shares						(0)		(0)
Dividends						(3,357)	(560)	(3,918)
Transfer to retained earnings	(465)				(465)	-		-
Change in scope of consolidation							366	366
Loss of control of subsidiaries							(2,079)	(2,079)
Change in ownership interest of parent due to								-
transactions with non-controlling interests
Transfer to non-financial assets			(229)		(229)	(229)		(229)
Other						34	0	34
Total transactions with owners	(465)		(229)		(695)	(3,553)	(2,272)	(5,826)
Balance as of Jun. 30, 2022	-	3,642	(3,805)	37,810	37,647	519,800	18,026	537,827

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