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Investor Presentaiton

1 Consolidated Results for FY2020 -Balance Sheet- End of End of (Billion Yen) Details Change Mar. 2020 % Mar. 2021 % 1 Trade payables Interest-bearing debt 371.6 355.1 16.5 2 567.4 593.3 + 25.8 Advances received 148.6 153.2 + 4.6 Provision for losses on construction contracts 11.4 14.2 + 2.7 Provision for the in-service issues of commercial aircraft jet engines Other liabilities 15.6 5.9 - 9.7 371.3 358.4 - Total liabilities 1,486.2 75.9 1,480.5 75.4 Total shareholders' equity 485.5 465.4 I 12.9 5.7 20.0 (1) Due to a decrease in sales 2 Preparation for unforeseen events due to COVID-19 ③ Unrecognized actuarial gains and losses improved due to higher stock prices (remeasurements of defined benefit plans +\18.9bn) 3 Other net assets - 13.9 17.3 + 31.2 Total net assets Total liabilities & net assets 471.5 1,957.8 24.1 100.0 482.7 1,963.2 100.0 24.6 + 11.2 + 5.4 Short-term debt (Bil Yen) Net D/E Ratio Long-term debt (Bil Yen) 787.6 800 711.9 695.6 601.8 595.4 541.1 600 439.4 400 142.4% 119.1% 104.4% 200 760.6 *Cash Conversion Cycle 732.7 729.4 (day) 593.3 567.4 End of FY'16 101 155.3% 142.9% 135.4% 141.6% End of FY'17 101 119.9% 126.8% 101.2% 100.2% End of FY'18 111 76.6% End of FY'19 133 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q End of FY'20 153 FY2018 FY2019 FY2020 © Kawasaki Heavy Industries, Ltd. All Rights Reserved Kawasaki Powering your potential 10
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