Data File 2008
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DATA FILE 2008 KAWASAKI HEAVY INDUSTRIES, LTD. Code No. (7012) HISTORY Kawasaki Heavy Industries, Ltd. (KHI) traces its origins to an industrial shipyard in Tsukiji, Tokyo, established by Shozo Kawasaki in 1878. In 1896, KHI was incorporated under the laws of Japan as Kawasaki Dockyard Co., Ltd. The Company later expanded its business to include the manufacture of rolling stock, steel, steel structures, industrial machinery, automobiles and aircraft. KHI also engaged in the shipping business through the company known as Kawasaki Kisen Kaisha, Ltd., which later became an independent company. In 1939, KHI adopted its present name, Kawasaki Heavy Industries, Ltd. In 1950, KHI’s steel manufacturing division was divested and Kawasaki Steel Corporation was formed. In 1969, Kawasaki Aircraft Co., Ltd. and Kawasaki Rolling Stock Mfg. Co., Ltd., former divisions which had been divested, were merged back into KHI, forming an integrated heavy industry enterprise. KHI established a subsidiary in the United States to sell its motorcycles in 1966. In 1975, through its local subsidiary, KHI began to produce motorcycles in the United States ahead of any other Japanese producer of any type of motor vehicle. Subsequently, through its U.S. subsidiaries, KHI began to manufacture rolling stock in New York in 1986, wheel loaders in Georgia in 1987, and small gasoline engines in Missouri in 1989. In 1993, KHI established a local subsidiary to acquire a hydraulic machinery manufacturing business in Plymouth, U.K., its first production facility in Europe. In 2001, KHI built a new rolling stock plant in Lincoln, Nebraska, where we already have a motorcycle plant. The new plant started full-scale operation in April 2002. KHI also reorganized several industry segments of the Group to improve profitability, including spinning off the shipbuilding, hydraulics, plant engineering businesses. In 2002,Kasawaki Shipbuilding Corporation and Kawasaki Precision Machinery, Ltd., in 2005, Kawasaki Plant Systems, Ltd. was established as wholly owned subsidiary. KHI has been seeking to expand its activities in Asia. KHI has wholly owned subsidiary in Thailand and joint ventures in Malaysia, the Philippines and Indonesia to manufacture motorcycles as well as a shipbuilding joint venture in China and other production and/or sales facilities in China, Malaysia, the Philippines and Korea. CONTENTS FINANCIAL HIGHLIGHTS ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 1 KEY INDICATORS ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 2 SEGMENT INFORMATION ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 4 OVERSEAS SALES ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 5 OPERATIONS BY SEGMENT SHIPBUILDING ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 6 ROLLING STOCK・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 8 AEROSPACE・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 10 GAS TURBINES & MACHINERY・・・・・・・・・・・・・・・・・・・・・・・・・・ 13 ENERGY & ENVIRONMENTAL ENGINEERING・・・・・・・・・・・・・ 16 CONSUMER PRODUCTS & MACHINERY ・・・・・・・・・・・・・・・・・19 INDUSTRIAL HYDRAULIC PRODUCTS ・・・・・・・・・・・・・・・・・・・22 CONDENSED BALANCE SHEETS ・・・・・・・・・・・・・・・・・・・・・・・・・・ 23 CONDENSED STATEMENTS OF INCOME ・・・・・・・・・・・・・・・・・・・24 STOCK INFORMATION ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 25 FINANCIAL HIGHLIGHTS Kawasaki Heavy Industries, Ltd. and consolidated subsidiaries Years ended March 31 Millions of yen 2004 2005 2006 2007 2008 For the year: Net sales \1,160,252 \1,241,592 \1,322,487 \1,438,619 \1,501,097 Net income 6,333 11,479 16,467 29,772 35,141 Net income per share (yen) 4.4 7.9 11.2 18.9 21.1 Return on average shareholders' equity (%) 3.4% 5.7% 7.3% 11.1% 11.4% Cash dividends per share (yen) 2.0 2.5 3.0 5.0 5.0 At year end: Total assets 1,156,904 1,194,473 1,284,085 1,357,980 1,378,770 Working capital 121,941 138,523 113,240 155,412 157,741 Current ratio (%) 118.0% 119.8% 114.1% 119.3% 119.1% Total shareholders' equity 190,175 201,465 237,588 290,428 313,192 Net Sales Total Assets Years ended March 31 (Billion \) As of March 31 (Billion \) 1,501 1,600 1,439 1,600 1,322 1,358 1,379 1,400 1,242 1,400 1,284 1,160 1,157 1,194 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Net Income (Loss) Total Shareholders' Equity Years ended March 31 (Billion \) As of March 31 (Billion \) 40 35.1 350 313.2 35 290.4 29.8 300 30 237.6 250 25 190.2 201.5 200 20 16.5 150 15 11.5 10 6.3 100 5 50 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 1 KEY INDICATORS (CONSOLIDATED BASIS) Ratio of Operating Income to Sales Earnings per Share Return on Sales Cash Flow per Share Years ended March 31 Years ended March 31 (%) (\) 6 50 40 4 30 20 2 10 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Operating Income to Sales -■- EPS ■ 4.4 7.9 11.2 18.9 21.1 1.92 1.99 3.16 4.81 5.12 CFPS ■ 27.0 29.8 32.0 38.2 43.5 ROS -◆- 0.55 0.92 1.25 2.07 2.34 Earnings per Share: Net Income/Average Number of Operating Income to Sales: Operating Income/Net Sales. Shares Outstanding. ROS: Net Income/Net Sales. Cash Flow per Share: (Net Income + Depreciation) /Average Number of Shares Outstanding. Return on Shareholders' Equity Return on Assets Book Value per Share Years ended March 31 As of March 31 (%) (\) 15 200 150 10 100 5 50 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 ROE -■- 3.4 5.7 7.3 11.1 11.4 131.8 139.7 152.5 175.0 187.5 ROA -◆- 0.5 1.0 1.3 2.3 2.6 Book Value per Share: Total Shareholders' Equity/ ROE: Net Income/Average Shareholders' Equity. Number of Shares Outstanding. ROA: Net Income/Average Total Assets. 2 Net Sales per Employee Interest Coverage Years ended March 31 Years ended March 31 (million \) (Multiples) 60 12 50 10 40 8 30 6 20 4 10 2 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 39.59 43.29 45.73 49.25 49.11 3.54 4.44 8.37 10.97 10.27 Net Sales per Employee: Net Sales/Number of Employees. Interest Coverage: (Operating Income + Interest and Dividend Income)/Interest Expense. Asset Turnover Debt to Equity Ratio Years ended March 31 Years ended March 31 (Multiples) 1.2 200 1.0 150 0.8 0.6 100 0.4 50 0.2 0.0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 1.01 1.06 1.07 1.09 1.10 187 154 119 91 76 Asset Turnover: Net Sales/Average Total Assets. Debt to Equity Ratio: (Interest Bearing Debt- Cash on Hand and in Banks) /Total Shareholders' Equity. 3 SEGMENT INFORMATION Years ended March 31 (Billion \) Other NET SALES OPERATING INCOME 1,600 90 Industrial Hydraulic 80 Products 1,400 Consumer 70 Products & 1,200 Machinery 60 Energy & 1,000 Environmental 50 Engineering 40 Gas Turbines & 800 Machinery 30 600 Aerospace 20 400 10 Rolling Stock 200 0 -10 Shipbuilding 0 2006 2007 2008 -20 2006 2007 2008 Net Sales (Billion \) 2006 2007 2008 Shipbuilding 109.7 108.8 141.4 Rolling Stock 168.3 184.3 171.7 Aerospace 218.5 269.1 237.3 Gas Turbines & Machinery 161.4 183.3 185.5 Energy & Environmental Engineering 164.5 122.1 142.5 Consumer Products & Machinery 367.0 403.7 434.0 Industrial Hydraulic Products - 66.6 84.0 Other 133.1 100.7 104.6 Total 1,322.5 1,438.6 1,501.1 Operating Income (Loss) (Billion \) 2006 2007 2008 Shipbuilding (1.7) (2.2) 3.3 Rolling Stock 8.8 13.2 7.2 Aerospace 9.7 13.4 10.9 Gas Turbines & Machinery 6.8 9.8 13.4 Energy & Environmental Engineering (8.5) (2.4) 10.8 Consumer Products & Machinery 19.9 27.6 19.7 Industrial Hydraulic Products - 6.1 9.1 Other 6.7 3.8 2.6 Net Operating Income 41.8 69.1 76.9 Ratio of Operating Income to Sales 2006 2007 2008 Shipbuilding (1.7%) (2.1%) 2.3% Rolling Stock 5.2% 7.1% 4.2% Aerospace 4.4% 5.0% 4.6% Gas Turbines & Machinery 4.2% 5.4% 7.2% Energy & Environmental Engineering (5.2%) (2.0%) 7.6% Consumer Products & Machinery 5.4% 6.8% 4.5% Industrial Hydraulic Products - 9.1% 10.8% Other 4.9% 3.8% 2.5% Total 3.2% 4.8% 5.1% Note:Industrial Hydraulic Products segment which had been included in ''Other'' until the year 2007 is disclosed separately for the year 2008 as its materiality increased in the company. 4 Years ended March 31 (Billion \) Other ORDERS RECEIVED ORDER BACKLOG 1,600 1,800 Industrial Hydraulic Products 1,400 1,600 Consumer 1,400 Products & 1,200 Machinery Energy & 1,200 Environmental 1,000 Engineering 1,000 Gas Turbines & 800 Machinery 800 600 Aerospace 600 400 400 Rolling Stock 200 200 Shipbuilding 0 0 2006 2007 2008 2006 2007 2008 (Billion \) Orders Received Order Backlog 2006 2007 2008 2006 2007 2008 Shipbuilding 128.3 135.6 251.3 289.2 314.0 414.2 Rolling Stock 203.2 269.1 183.3 346.3 434.4 431.4 Aerospace 229.3 255.6 202.5 301.6 286.7 248.3 Gas Turbines & Machinery 188.1 204.8 227.4 195.1 216.9 246.0 Energy & Environmental Engineering 97.3 150.2 106.0 144.1 172.3 135.3 Consumer Products & Machinery 367.0 403.7 434.0 0.0 0.0 0.0 Industrial Hydraulic Products - 72.9 92.3 - 21.0 29.3 Other 138.5 100.7 113.9 34.1 19.9 29.2 Total 1,351.6 1,592.7 1,610.8 1,310.4 1,465.2 1,533.7 Note:Industrial Hydraulic Products segment which had been included in ''Other'' until the year 2007 is disclosed separately for the year 2008 as its materiality increased in the company.