Kawasaki Heavy Industries : Flash Report for Fiscal Year Ended March 31, 2021 (Consolidated Basis) （PDF：343KB）

KAWASAKI HEAVY INDUSTRIES, LTD. AND CONSOLIDATED SUBSIDIARIES

FLASH CONSOLIDATED FINANCIAL RESULTS	May 11, 2021
For the year ended March 31, 2021 and 2020	(Consolidated)

Operating results

		Millions of yen	Thousands of U.S. dollars
		Year ended			Year ended		Year ended
Net sales		Mar. 31, 2021			Mar. 31, 2020		Mar. 31, 2021
	1,488,486		1,641,335		$ 13,443,696
Operating profit		(5,305)			62,063	(47,914)
Profit attributable to owners of parent		(19,332)			18,662	(174,603)
Earnings per share (Yen)		(115.73)			111.72

Financial position

		Millions of yen / Thousand shares	Thousands of U.S. dollars
		As of			As of		As of
Total assets		Mar. 31, 2021			Mar. 31, 2020		Mar. 31, 2021
	1,963,276		1,957,845		$ 17,731,900
Net assets		482,775			471,562	4,360,323
Number of shares issued and outstanding		167,042			167,043
Equity Ratio		23.7%			23.3%

Cash flows

		Millions of yen	Thousands of U.S. dollars
		Year ended			Year ended			Year ended
Operating activities		Mar. 31, 2021			Mar. 31, 2020			Mar. 31, 2021
	34,601		(15,461)		$	312,509
Investing activities		(37,392)			(69,401)			(337,717)
Financing activities		23,093			115,803			208,571
Cash and cash equivalents at end of period		122,166			102,546			1,103,378

Fiscal year forecast					Millions of yen
		Net sales			Operating profit			Profit attributable to
						owners of parent
One year ending March 31, 2022		1,500,000		30,000		17,000

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(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 ￥110.72=$1, the rate prevailing as of March 31, 2021, solely for the convenience of the readers.

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								(Consolidated)
Consolidated Balance Sheets
As of March 31, 2021 and 2020
		Millions of yen			Thousands of
				U.S. dollars
		As of			As of			As of
Assets		Mar. 31, 2020			Mar. 31, 2021			Mar. 31, 2021
Current assets					126,702
Cash and deposits		106,108		$	1,144,346
Notes and accounts receivable - trade		473,204			460,436			4,158,562
Merchandise and finished goods		75,042			69,223			625,208
Work in process		426,256			452,848			4,090,029
Raw materials and supplies		130,359			136,471			1,232,578
Other		51,176			43,314			391,203
Allowance for doubtful accounts		(3,367)			(3,589)			(32,415)
Total current assets		1,258,781			1,285,407			11,609,529
Non-current assets
Property, plant and equipment					172,951
Buildings and structures, net		193,931					1,562,057
Machinery, equipment and vehicles, net		151,196			142,951			1,291,104
Land		62,183			57,743			521,523
Leased assets, net		2,694			10,564			95,412
Construction in progress		15,959			16,635			150,244
Other, net		56,604			50,413			455,320
Total property, plant and equipment		482,570			451,259			4,075,677
Intangible assets		21,358			22,427			202,556
Investments and other assets					12,721
Investment securities		12,035					114,893
Retirement benefit asset		135			155			1,400
Deferred tax assets		70,598			70,452			636,308
Other		114,203			122,254			1,104,173
Allowance for doubtful accounts		(1,838)			(1,403)			(12,672)
Total investments and other assets		195,134			204,180			1,844,111
Total non-current assets		699,063			677,868			6,122,363
Total assets		1,957,845			1,963,276			17,731,900
Liabilities
Current liabilities					247,294
Notes and accounts payable - trade		261,159					2,233,508
Electronically recorded obligations - operating		110,526			107,849			974,070
Short-term borrowings		166,188			141,579			1,278,712
Current portion of bonds payable		20,000			30,000			270,954
Lease obligations		1,542			1,061			9,583
Income taxes payable		6,116			4,753			42,928
Provision for sales promotion expenses		12,174			7,380			66,655
Provision for bonuses		22,032			18,239			164,731
Provision for construction warranties		14,454			12,550			113,349
Provision for loss on construction contracts		11,464			14,263			128,820
Advances received		148,610			153,298			1,384,556
Other		173,456			179,283			1,619,247
Total current liabilities		947,726			917,555			8,287,166
Non-current liabilities					190,000
Bonds payable		160,000					1,716,040
Long-term borrowings		188,859			199,177			1,798,925
Lease obligations		873			9,532			86,091
Deferred tax liabilities		796			1,125			10,161
Retirement benefit liability		129,846			115,456			1,042,775
Provision for the in service issues		15,689			5,984			54,046
of commercial aircraft jet engines
				41,668
Other		42,491					376,337
Total non-current liabilities		538,556			562,944			5,084,393
Total liabilities		1,486,283			1,480,500			13,371,568
Net assets
Shareholders' equity					104,484
Share capital		104,484					943,678
Capital surplus		54,542			54,542			492,612
Retained earnings		326,626			306,576			2,768,931
Treasury shares		(133)			(136)			(1,228)
Total shareholders' equity		485,520			465,467			4,204,001
Accumulated other comprehensive income					1,955
Valuation difference on available-for-sale securities		1,636					17,657
Deferred gains or losses on hedges		(272)			(179)			(1,617)
Foreign currency translation adjustment		(11,311)			(931)			(8,409)
Remeasurements of defined benefit plans		(19,946)			(979)			(8,842)
Total accumulated other comprehensive income		(29,892)			(134)			(1,210)
Non-controlling interests		15,934			17,442			157,533
Total net assets		471,562			482,775			4,360,323
Total liabilities and net assets		1,957,845			1,963,276			17,731,900

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(Consolidated)

Consolidated Statements of Profit and Loss

For the year ended March 31, 2021 and 2020

		Millions of yen			Thousands of
				U.S. dollars
		Year ended			Year ended			Year ended
Net sales		Mar. 31, 2020			Mar. 31, 2021			Mar. 31, 2021
	1,641,335		1,488,486		$	13,443,696
Cost of sales		1,370,809			1,297,324			11,717,160
Gross profit		270,526			191,162			1,726,535
Selling, general and administrative expenses					56,970
Salaries and allowances		56,651					514,541
Research and development expenses		52,608			44,949			405,970
Other		99,203			94,548			853,938
Total selling, general and administrative expenses		208,463			196,468			1,774,458
Operating profit (loss)		62,063			(5,305)			(47,914)
Non-operating income					677
Interest income		695					6,115
Dividend income		288			2,161			19,518
Share of profit of entities accounted for using equity method		1,255			411			3,712
Foreign exchange gains		－			4,074			36,796
Reversal of provision for the in-service issues		－			3,306			29,859
of commercial aircraft jet
				4,587
Other		7,446					41,429
Total non-operating income		9,686			15,218			137,446
Non-operating expenses					3,790
Interest expenses		3,615					34,230
Foreign exchange losses		8,479			－			-
Loss on retirement of non-current assets		1,699			2,886			26,066
Payments for the in service issues		11,500			－			-
of commercial aircraft jet
				6,091
Other		6,025					55,013
Total non-operating expenses		31,319			12,768			115,318
Ordinary profit (loss)		40,429			(2,855)			(25,786)
Extraordinary income
Gain on sale of non-current assets		1,277			3,236			29,227
Gain on sale of shares of subsidiaries and associates		－			1,581			14,279
Total extraordinary income		1,277			4,817			43,506
Extraordinary losses
Loss on withdrawal from business		2,383			－			-
Impairment losses		－			15,205			137,328
Loss on valuation of shares of subsidiaries and associates		－			1,444			13,042
Total extraordinary losses		2,383			16,649			150,370
Profit (loss) before income taxes		39,323			(14,688)			(132,659)
Income taxes - current		10,546			10,506			94,888
Income taxes - deferred		8,500			(7,707)			(69,608)
Total income taxes		19,046			2,798			25,271
Profit (loss)		20,276			(17,486)			(157,930)
Profit attributable to non-controlling interests		1,614			1,846			16,673
Profit (loss) attributable to owners of parent		18,662			(19,332)			(174,603)

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Consolidated Statements of Cash Flows

For the year ended March 31, 2021 and 2020

Cash flows from operating activities Profit (loss) before income taxes Depreciation

Impairment losses

Loss on valuation of shares of subsidiaries and associates Increase (decrease) in allowance for doubtful accounts Increase (decrease) in provision for sales promotion expenses Increase (decrease) in provision for bonuses

Increase (decrease) in provision for construction warranties Increase (decrease) in provision for loss on construction contracts Increase (decrease) in retirement benefit liability

Increase (decrease) in provision for the in-service issues

of commercial aircraft jet engines

				(Consolidated)
							Thousands of
	Millions of yen			U.S. dollars
	Year ended	Year ended			Year ended
	Mar. 31, 2020			Mar. 31, 2021			Mar. 31, 2021
	39,323	(14,688)	$	(132,659)
	61,283			61,258			553,270
	－	15,205			137,328
	－	1,444			13,042
	238			(343)			(3,098)
	707			(5,085)			(45,927)
	889			(3,819)			(34,492)
	1,412			(1,938)			(17,504)
	(16,133)			2,788			25,181
	10,574			11,611			104,868
	4,221			(9,705)			(87,654)

Interest and dividend income	(983)	(2,839)	(25,641)
Interest expenses	3,615	3,790	34,230
Share of loss (profit) of entities accounted for using equity method	(1,255)	(411)	(3,712)
Loss (gain) on sale of non-current assets	(1,277)	(3,236)	(29,227)
Loss on withdrawal from business	2,383		－	-
Loss (gain) on sale of shares of subsidiaries and associates	－	(1,581)	(14,279)
Decrease (increase) in trade receivables	(46,753)	23,267	210,143
Decrease (increase) in inventories	(48,068)	(26,374)	(238,204)
Increase (decrease) in trade payables	2,401	(16,784)	(151,590)
Decrease (increase) in advance payments to suppliers	3,326	(132)	(1,192)
Increase (decrease) in advances received	(31,827)	4,209	38,015
Decrease (increase) in other current assets	(8,986)	8,900	80,383
Increase (decrease) in other current liabilities	18,303	2,988	26,987
Other, net	6,004	(5,570)	(50,307)
Subtotal	(600)		42,953		387,943
Interest and dividends received	2,500		6,370		57,533
Interest paid	(3,630)	(3,646)	(32,930)
Income taxes paid	(13,731)	(11,076)	(100,036)
Net cash provided by (used in) operating activities	(15,461)		34,601		312,509
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets	(71,947)	(51,692)	(466,871)
Proceeds from sale of property, plant and equipment and intangible assets	6,087	13,656	123,338
Purchase of investment securities	(935)	(1,042)	(9,411)
Proceeds from sale of investment securities	1,232	1,407	12,708
Purchase of shares of subsidiaries and associates	(5,400)	(97)	(876)
Proceeds from sale of shares of subsidiaries and associates	－	1,927	17,404
Other, net	1,562		(1,551)		(14,008)
Net cash provided by (used in) investing activities	(69,401)	(37,392)	(337,717)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings	103,758	(28,409)	(256,584)
Proceeds from long-term borrowings	24,348	27,310	246,658
Repayments of long-term borrowings	(28,938)	(22,297)	(201,382)
Proceeds from issuance of bonds	40,000	60,000	541,908
Redemption of bonds	(10,000)	(20,000)	(180,636)
Dividends paid	(11,710)	(59)	(533)
Dividends paid to non-controlling interests	(989)	(960)	(8,671)
Proceeds from sale and leaseback transactions	－	10,014	90,444
Other, net	(664)		(2,505)		(22,625)
Net cash provided by (used in) financing activities	115,803		23,093		208,571
Effect of exchange rate change on cash and cash equivalents	3,293		(682)		(6,160)
Net increase (decrease) in cash and cash equivalents	34,234		19,619		177,195
Cash and cash equivalents at beginning of period	68,311		102,546		926,174
Cash and cash equivalents at end of period	102,546		122,166		1,103,378

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