FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results
For the First Quarter of Fiscal 2009
Tokyo, July 28, 2009 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced its
consolidated financial results for the first quarter of fiscal 2009, ended June 30, 2009.
Notes:1. All figures, except for the outlook for full year and the first half of fiscal 2009, were converted at
the rate of 96 yen to the U.S. dollar, the approximate exchange rate on the Tokyo Foreign Exchange
Market as of June 30, 2009.
2. Segment information and operating income (loss) are presented in accordance with financial
reporting principles and practices generally accepted in Japan.

- more --2-Summary
In millions of yen and U.S. dollars, except Net income (loss) attributable to Hitachi, Ltd. per share (6) and
Net income (loss) attributable to Hitachi, Ltd. per American Depositary Share (7).
Three months ended June 30
Yen(B)/(A) U.S. Dollars(millions)(millions)
X100(%)
2008 (A)2009
2009 (B)
1. Revenues

2,543,495

1,892,901

74

19,718

2. Operating income (loss)

77,693(50,596)-(527)

3. Income (loss) before income taxes

83,615(80,828)-(842)

4. Net income (loss)

54,380(90,767)-(945)

5. Net income (loss) attributable to
Hitachi, Ltd.

31,557(82,665)-(861)

6. Net income (loss) attributable to
Hitachi, Ltd. per share
Basic

9.49

(24.87)-(0.26)

9.08(24.87)-(0.26)

95

(249)

-

(2.59)

91

(249)

-

(2.59)

Diluted7. Net income (loss) attributable to Hitachi, Ltd.
per ADS (representing 10 shares)
Basic
DilutedNotes: 1. The Company's consolidated financial statements are prepared based on U.S.GAAPs.
Notes: 2. Segment Information and operating income (loss) are presented in accordance with financial reporting principles and practices generally
Notes: 2. accepted in Japan.
Notes: 3. Upon the adoption of SFAS No. 160, "Income before income taxes and minority interests", "Income before minority interests" andNotes: 3. "Net income" are changed to "Income before income taxes", "Net income" and "Net income attributable to Hitachi, Ltd.", respectively,
Notes: 3. from Fiscal 2009.
Notes: 4. The figures are for 927 consolidated subsidiaries, including Variable Interest Entities, and 165 equity-method affiliates.

- more --3-

1. Qualitative Information Concerning Consolidated Business Results(1) Summary of Fiscal 2009 First-Quarter Consolidated Business Results
Three months ended June 30, 2009
Yen(billions)Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

1,892.9(26%)

19,718Operating loss

(50.5)(128.2)(527)

Loss before income taxes(80.8)(164.4)(842)

Net loss(90.7)(145.1)(945)

Net loss attributable to Hitachi, Ltd.

(82.6)(114.2)(861)

Revenues

During the first quarter of fiscal 2009, the global economy continued to suffer difficulties,
highlighted by extremely low levels of consumption and production, although progress was madein inventories adjustment, particularly of electronic components and devices.
The economies of industrialized nations in North America and Europe remained lackluster, with
employment and wages deteriorating, despite signs in some segments that conditions had stopped
worsening. The Chinese economy, meanwhile, remained on a recovery footing with a 7.9%
year-over-year increase in GDP for the April-June quarter, highlighting the success of massive
government stimulus measures focused in particular on spurring domestic demand.
The Japanese economy appears to have stopped deteriorating, as suggested by higher productionand exports compared to the January-March 2009 quarter, reflecting progress inventories
adjustment of electronic components and devices, and the government’s economic stimulus
measures, among other factors. However, the economy failed to stage a full-scale recovery, withcapital investment sluggish, and consumer spending and housing investment soft because ofdeteriorating employment and wages.
Hitachi's consolidated revenues for the first quarter were 1,892.9 billion yen, down 26%
year-over-year. Large declines in revenues were recorded mainly in the Power & Industrial
Systems, High Functional Materials & Components, and Information & Telecommunication
Systems segments, tracking declining demand for automobiles, semiconductors, industrial
equipment and other products. Falling capital investment was another reason.
Overseas revenues dropped 31% year over year, to 792.2 billion yen as falling worldwide demand
took its toll.
Hitachi posted a consolidated operating loss of 50.5 billion yen, 128.2 billion yen worse
year-over-year. This result reflected large declines in earnings in the Power & Industrial Systems,
High Functional Materials & Components, and Information & Telecommunication Systems
segments in line with lower revenues.
The consolidated operating loss represented a 4.8 billion yen improvement on the operating loss
recorded in the fourth quarter of fiscal 2008, despite a 22% quarter-on-quarter decline in revenues
due principally to seasonal factors. The narrower operating loss from the previous quarter resulted
from reductions to fixed costs, reductions to cost of sales and progress with business restructuring.
Hitachi posted net other deductions of 30.2 billion yen, 36.1 billion yen worse than the net otherincome recorded in the corresponding period of fiscal 2008. The principal reasons were net equity
in losses of affiliated companies due to worsening performances at semiconductor-related andcertain other affiliates, lower exchange gains, and expenses related to business restructuring.
- more --4-

As a result, Hitachi recorded a loss before income taxes of 80.8 billion yen, 164.4 billion yen
worse year over year. After income taxes of 9.9 billion yen, Hitachi posted a net loss of 90.7
billion yen, 145.1 billion yen worse year over year. After net loss attributable to noncontrollinginterests of 8.1 billion yen, Hitachi recorded a net loss attributable to Hitachi, Ltd. of 82.6 billion
yen, 114.2 billion yen worse year over year.
(2) Revenues and Operating Income (Loss) by Segment
Results by segment were as follows:[Information & Telecommunication Systems]
Three months ended June 30, 2009
Yen(billions)
Revenues

Year-over-year% change

U.S. dollars(millions)

471.6

(21%)

4,913

3.2

(86%)

34

Operating income

The Information & Telecommunication Systems recorded revenues of 471.6 billion yen, adecrease of 21% year-over-year. Although demand is expected to increase going forward in the
public sector and other fields as a result of government economic measures, software and services
posted lower revenues, reflecting lower revenues from both software and services. In addition to
constrained investment in the financial and industrial sectors because of the lackluster domestic
economy, the lower revenues reflected the decrease of demand for large system construction,
including system integration at mega-banks and for the transition to an electronic share certificate
system in Japan. Hardware revenues, including storage systems, fell year over year on account ofsoft demand and the effect of foreign currency fluctuations, including a lower storage revenue,
despite the impact of converting Hitachi Kokusai Electric Inc. into a consolidated subsidiary inMarch 2009.
Segment operating income fell 86%, to 3.2 billion yen, the result of lower earnings in both
software and services and hardware due to lower sales.
Note: HDD operations are conducted by Hitachi Global Storage Technologies (Hitachi GST), which has a
December 31 fiscal year-end, different from Hitachi’s March 31 year-end. Hitachi’s results for the threemonths ended June 30, 2009 include operating results of Hitachi GST for the three months ended March
31, 2009.

[Electronic Devices]
Three months ended June 30, 2009
Yen
Year-over-year
U.S. dollars(billions)% change(millions)
Revenues

189.8

(33%)

1,978

Operating loss

(7.1)

-

(75)

The Electronic Devices revenues declined 33%, to 189.8 billion yen. In addition to lower
revenues at Hitachi High-Technologies Corporation resulting mainly from decreased sales ofsemiconductor-related production equipment and electronic components, the decline in segment
revenues was due to lower sales of displays stemming from softening demand, although there
were signs of increased demand for mobile phones in emerging economies.
The segment recorded an operating loss of 7.1 billion yen, 16.8 billion yen worse year over year,- more --5-

due to lower earnings at Hitachi High-Technologies because of lower sales and other factors.
[Power & Industrial Systems]
Three months ended June 30, 2009
Yen(billions)Year-over-year% change

U.S. dollars(millions)

Revenues

657.1

(20%)

6,845

Operating loss

(16.8)-(175)

The Power & Industrial Systems revenues declined 20% year over year, to 657.1 billion yen,despite firm growth in sales of elevators and escalators in China and thermal power plant
equipment in Europe, as well as the impact of making Hitachi Koki Co., Ltd. a consolidated
subsidiary in March 2009. The overall decline in segment revenues was the result of sharply
lower sales in the automotive systems business and at Hitachi Construction Machinery Co., Ltd.
due to the effect of falling global demand.
The segment recorded an operating loss of 16.8 billion yen, 43.0 billion yen worse year over year.
This result reflected sharply lower sales in the automotive systems business and at Hitachi
Construction Machinery, and came despite improved earnings in the power systems business andHitachi Plant Technologies, Ltd. on account of better project management and other factors.
[Digital Media & Consumer Products]
Three months ended June 30, 2009
Yen(billions)Year-over-year% change

U.S. dollars(millions)

Revenues

241.2

(28%)

2,513

Operating loss

(13.4)-(140)

The Digital Media & Consumer Products revenues dropped 28%, to 241.2 billion yen. The lower
overall segment revenues reflected the impact of the reduction of overseas sales channels forflat-panel TVs as part of business structural reforms, as well as lower sales of optical disk drives
and other digital media products and industrial air conditioning equipment and room
air-conditioners because of lower demand.
The segment posted an operating loss of 13.4 billion yen, 0.4 billion yen better than in the firstquarter of fiscal 2008, despite of decrease in sales and sales prices. This was the result of anarrower loss in the flat-panel TV business resulting from the switch to procuring plasma panelsfrom outside the Hitachi Group, reducing overseas sales channels and other actions. The fiscal
2009 first-quarter operating loss represented a 49.3 billion yen improvement on the fourth quarterof fiscal 2008, reflecting cost savings due to business restructuring and lower businessrestructuring expenses.
Note: The optical disk drive operations are conducted by Hitachi-LG Data Storage, Inc. (HLDS), which has a December
31 fiscal year-end, different from Hitachi’s March 31 year-end. Hitachi’s results for the three months ended June 30,
2009 include operating results of HLDS for the three months ended March 31, 2009.

- more --6-[High Functional Materials & Components]
Three months ended June 30, 2009
Yen(billions)
Revenues

Year-over-year% change

U.S. dollars(millions)

272.6

(40%)

2,840

(2.5)

-

(27)

Operating loss

The High Functional Materials & Components revenues decreased 40%, to 272.6 billion yen.
This decline mainly reflected a large drop in sales at Hitachi Metals, Ltd., Hitachi ChemicalCo., Ltd. and Hitachi Cable, Ltd. due to falling worldwide demand, although signs of arecovery in demand are starting to emerge for automotive components- andsemiconductor-related products showing progress in inventories adjustment.
The segment reported an operating loss of 2.5 billion yen, 38.6 billion yen worse than the firstquarter of fiscal 2008, due to a marked drop in earnings at Hitachi Cable, Hitachi Metals andHitachi Chemical because of lower sales.
[Logistics, Services & Others]
Three months ended June 30, 2009
Yen(billions)
Revenues

Year-over-year% change

U.S. dollars(millions)

213.0

(27%)

2,220

2.5

(35%)

26

Operating income

The Logistics, Services & Others revenues declined 27%, to 213.0 billion yen, due to lower
revenues at Hitachi Transport System, Ltd. on account of soft demand, and lower sales at overseas
sales subsidiaries.
Segment operating income dropped 35%, to 2.5 billion yen because of decreased revenues and otherfactors.
[Financial Services]
Three months ended June 30, 2009
Yen(billions)Year-over-year% change

U.S. dollars(millions)

Revenues

92.2

0%

961

Operating income

2.3

(63%)

25

Segment revenues were 92.2 billion yen, on a par with the previous fiscal year. Although financebusiness was firm in the agricultural area and medical and nursing area at Hitachi Capital
Corporation, there was a decrease in lease transactions amid declining capital investment andpersonal spending.
Segment operating income dropped 63%, to 2.3 billion yen, mainly due to lower lease transaction
volumes and an increased bad debt expense at Hitachi Capital.

- more --7-(3) Revenues by Market
Three months ended June 30, 2009
Yen(billions)Japan

Year-over-year% change

U.S. dollars(millions)

1,100.6(21%)

11,465

Outside Japan

792.2

(31%)

8,252

Asia

357.0

(32%)

3,719

North America

172.3

(27%)

1,795

Europe

178.8

(34%)

1,863

Other Areas

84.0

(27%)

875

Revenues in Japan were 1,100.6 billion yen, down 21% year over year, reflecting lower
revenues mainly in the High Functional Materials & Components and Power & Industrial
Systems segments.
Overseas revenues declined 31%, to 792.2 billion yen, mainly due to falling demand
worldwide. As a result, the ratio of overseas revenues to consolidated revenues declined 3
percentage points to 42%.
(4) Capital Investment, Depreciation and R&D Expenditures
Capital investment on a completion basis, excluding leasing assets, decreased 37% year over year,
to 64.3 billion yen. Hitachi continued to strictly select investments, concentrating investments onstrengthening the foundations of the Power & Industrial Systems and Information &Telecommunication Systems segments in order to bolster the Social Innovation Business.
Depreciation, excluding leasing assets, decreased 9%, to 89.5 billion yen, due mainly to stricter
selection of capital investments.
R&D expenditures, though strict selections of development investment were made, were focusedon the Social Innovation Business, including on the themes of renewable energy, green mobility
and green ICT, as well as environmental and energy-conserving products and related materials
that support the Social Innovation Business, such as lithium-ion batteries. R&D expenditures
declined 12% to 86.6 billion yen, which corresponded to 4.6% of consolidated revenues.

- more --8-

2. Financial Position(1) Financial Position
As of June 30, 2009
Yen(billions)

Change fromMarch 31, 2009

U.S. dollars(millions)

Total assets

9,008.7(394.9)93,841

Total liabilities

6,866.0(358.3)71,521

Interest-bearing debt

2,769.6(50.4)

28,851

Total Hitachi, Ltd. stockholders’ equity

1,017.4(32.4)

10,599Noncontrolling interests

1,125.1(4.2)

11,721

Total Hitachi, Ltd. stockholders’equity ratio

11.3%

0.1 point increase-

1.29 times

No change-

D/E ratio (including noncontrolling interests)

Total assets as of June 30, 2009 were 9,008.7 billion yen, a decrease of 394.9 billion yen fromMarch 31, 2009, the result of ongoing efforts to reduce assets by improving asset efficiency.
Interest-bearing debt decreased 50.4 billion yen, to 2,769.6 billion yen due to the repayment ofdebt with cash on hand built up at the end of March 2009. Total Hitachi, Ltd. stockholders' equity
decreased 32.4 billion yen, to 1,017.4 billion yen due to the net loss attributable to Hitachi, Ltd
and other factors. As a result, the total Hitachi, Ltd. stockholders' equity ratio increased 0.1 of apoint to 11.3% from March 31, 2009. The debt-to-equity ratio (including noncontrolling interests)
was 1.29, the same as at March 31, 2009.
(2) Cash Flows
Three months ended June 30, 2009
Yen(billions)Year-over-yearchangeU.S. dollars(millions)

Cash flows from operating activities(12.7)(64.6)(133)

Cash flows from investing activities(151.4)(1.8)(1,578)

Free cash flows(164.2)(66.4)(1,711)

Cash flows from financing activities(80.8)(136.4)(842)

Operating activities used net cash of 12.7 billion yen, 64.6 billion yen more than in the firstquarter of fiscal 2008, despite progress in quickly collecting accounts receivable and reducing
inventories, among other measures. This reflected the net loss and the use of cash for businessrestructuring.
Investing activities used net cash of 151.4 billion yen, 1.8 billion yen more year over year,
despite the stricter selection of investments, including property, plant and equipment andshare purchases. This was due to a decrease in the securitization of investments in leases andother factors.
Free cash flows, the sum of cash flows from operating and investing activities, were minus
164.2 billion yen.
- more --9-Financing activities used net cash of 80.8 billion yen, 136.4 billion yen more than in the firstquarter of fiscal 2008. This was due to the repayment of debt with cash on hand built up at theend of March 2009.
The net result of the above items was a decrease of 240.0 billion yen in cash and cash
equivalents, to 567.9 billion yen.

3. Outlook for Fiscal 2009
The first half of fiscal 2009

Year ending March 31, 2010

ending September 30, 2009

Yen(billions)Year-over-year% change

U.S. dollars(millions)Yen(billions)Year-over-year% change

U.S. dollars(millions)

Revenues

4,100.0(23%)

43,1588,900.0(11%)

93,684

Operating income (loss)(110.0)-(1,158)

30.0

(76%)

316

Loss before income taxes(220.0)-(2,316)(170.0)-(1,789)Net loss(230.0)-(2,421)(260.0)-(2,737)Net loss attributable to
Hitachi, Ltd.

(210.0)-(2,211)(270.0)-(2,842)

Note: All fiscal 2009 outlook figures were converted using 95 yen to the U.S. dollar; the same rate was used forfiscal 2009 consolidated financial forecasts announced on May 12, 2009.

In terms of the overall business outlook, the Japanese economy showed signs of a pickup inexports and production, but personal spending and corporate capital investment remain low. The
Chinese economy is expected to maintain comparatively high growth due to the benefits of thegovernment's aggressive economic stimulus measures. The global economy as a whole, however,is still seeing low consumer demand, with worsened employment and wages expected to becontinued, although production has bottomed out thanks to the progress made by inventories
adjustment. Capital investment is also not expected to recover soon, given the low capacity
utilization rate of facilities. There are also concerns that the yen will be appreciated again.
Considering these factors, an economic recovery is not expected until the latter half of fiscal 2010.
Under these circumstances, Hitachi is forecasting the results shown above for the first half offiscal 2009 and fiscal year ending March 31, 2010. These are the same forecasts as thoseannounced with fiscal 2008 consolidated financial results on May 12, 2009.
Projections for the second quarter assume exchange rates of 90 yen to the U.S. dollar and 125 yen
to the euro.

- more -- 10 -

Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s
current views with respect to certain future events and financial performance and include any statement that does
not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,”“forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may
identify “forward-looking statements.” Such statements are based on currently available information and are
subject to various risks and uncertainties that could cause actual results to differ materially from those projectedor implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements”
are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should
not be placed on “forward-looking statements,” as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking
statement” and from historical trends include, but are not limited to:•

economic conditions including consumer spending and plant and equipment investments in Hitachi’s major markets, particularly Japan, Asia, the UnitedStates and Europe, as well as levels of demand in the major industrial sectors which Hitachi serves, including, without limitation, the information, electronics,
automotive, construction and financial sectors;•

fluctuations in product demand and industry capacity, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment
and Digital Media & Consumer Products segment;•

increased commoditization of information technology products and digital media related products and intensifying price competition
for such products, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment and DigitalMedia & Consumer Products segment;•

uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technology on a timely andcost-effective basis and to achieve market acceptance for such products;•

rapid technological innovation, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment
and Digital Media & Consumer Products segment;•

exchange rate fluctuation for the yen and other currencies in which Hitachi makes significant sales or in which Hitachi’s assets andliabilities are denominated, particularly against the U.S. dollar and the euro;•

fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminumand synthetic resins;•

uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand,exchange rate and/or the price of raw materials;•

general socio-economic and political conditions and the regulatory and trade environment of Hitachi’s major markets, particularly
Japan, Asia, the United States and Europe, including, without limitation, direct or indirect restrictions by other nations on imports, ordifferences in commercial and business customs including, without limitation, contract terms and conditions and labor relations;•

uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics
and data processing technologies;•

uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its
subsidiaries or its equity method affiliates have become or may become parties;•

the possibility of incurring expenses resulting from any defects in products or services of Hitachi;•

uncertainty as to the success of restructuring efforts to improve management efficiency and to strengthen competitiveness;•

uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporationsin the design and development of certain key products;•

uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing; and•uncertainty as to general market price levels for equity securities in Japan, declines in which may require Hitachi to write down equity
securities it holds.

The factors listed above are not all-inclusive and are in addition to other factors contained in Hitachi’s periodic filings
with the U.S. Securities and Exchange Commission and in other materials published by Hitachi.

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Consolidated Statements of Operations
Three months ended June 30
Yen(B)/(A)(millions)
X100(%)
2008 (A)2009 (B)U.S. Dollars(millions)
2009

Revenues

2,543,495

1,892,901

74

19,718

Cost of sales

1,955,935

1,460,255

75

15,211

509,867

483,242

95

5,034

77,693(50,596)-(527)

Selling, general and administrative expenses

Operating income (loss)

Other income

28,548

7,452

26

78

(Interest and dividends)

10,939

5,552

51

58

(Other)17,609

1,900

11

20

22,626

37,684167

393(Interest charges)

9,600

7,034

73

73

(Other)13,02630,650235

319

Income (loss) before income taxes

83,615(80,828)-(842)

29,235

9,939

34

104

54,380(90,767)-(945)

22,823(8,102)-(84)

31,557(82,665)-(861)

Other deductions

Income taxes

Net income (loss)
Less: Net income (loss) attributable tononcontrolling interests
Net income (loss) attributable to Hitachi, Ltd.

- more -- 12 -

Consolidated Balance Sheets

Total Assets
Current assets
Cash and cash equivalents
Short-term investments
Trade receivables
Notes
Accounts
Investments in leases
Inventories
Other current assets
Investments and advances
Property, plant and equipment
Other assets
Total Liabilities and Stockholders' equity
Current liabilities
Short-term debt and current portionof long-term debt
Trade payables
Notes
Accounts
Advances received
Other current liabilities
Noncurrent liabilities
Long-term debt
Retirement and severance benefits
Other liabilities
Total stockholders' equity
Total Hitachi, Ltd. stockholders' equity
Common stock
Capital surplus
Legal reserve and retained earnings
Accumulated other comprehensive loss
(Foreign currency translation adjustments)(Pension liability adjustments)(Net unrealized holding gain on
available-for-sale securities)(Cash flow hedges)
Treasury stock
Noncontrolling interests

Yen(millions)(B)-(A)As of March 31, As of June 30,
2009 (A)2009 (B)
9,403,709
9,008,746 (394,963)
5,065,399
4,652,078 (413,321)
807,926
567,918 (240,008)
8,654
16,8598,205

U.S. Dollars(millions)
As of June 30,
2009
93,841
48,4595,916
176

105,218
2,028,060
170,340
1,456,271
488,930
693,487
2,393,946
1,250,877

102,372(2,846)
1,767,243 (260,817)
178,852
8,512
1,479,486
23,215539,348
50,418721,143
27,656
2,385,555(8,391)
1,249,970
(907)

1,066
18,4091,863
15,4115,618
7,512
24,85013,021

9,403,709
4,621,904

9,008,746 (394,963)
4,189,787 (432,117)

93,841
43,644

1,530,457

1,400,371 (130,086)

14,58739,811
1,138,770
386,519
1,526,347
2,602,453
1,289,652
1,049,597
263,204
2,179,352
1,049,951
282,033
560,066
820,440(586,351)(179,737)(405,082)

28,997 (10,814)
964,370 (174,400)
417,959
31,4401,378,090 (148,257)
2,676,265
73,812
1,369,311
79,6591,046,438(3,159)260,516(2,688)2,142,694 (36,658)
1,017,499 (32,452)
282,033
0559,941(125)
737,775 (82,665)(536,068) 50,283(155,402) 24,335(394,564) 10,518

302
10,0464,354
14,35527,87814,264
10,9002,714
22,32010,599
2,938
5,833
7,685
(5,584)(1,619)(4,110)12(1,544)(26,237)
1,129,401

15,906(2,008)(26,182)
1,125,195

166
(21)
(273)
11,721- more -15,894(464)
55(4,206)

- 13 -

Consolidated Statements of Cash Flows
Three months ended June 30
Yen
U.S. Dollars(millions)(millions)
2008

2009

2009

Cash flows from operating activities
Net income (loss)

54,380(90,767)(945)

122,453

109,286

1,138

Adjustments to reconcile net income (loss) to net cash
provided by operating activities
Depreciation
Decrease in receivables and inventories

83,629305,837

3,186

Decrease in payables(157,701)(211,477)(2,203)Other
Net cash provided by (used in) operating activities(50,922)51,839(125,673)(12,794)(1,309)
(133)

(67)

(5,919)(62)(218,888)
12,017(143,268)(1,946)(1,492)(20)

79,98433,868353

Cash flows from investing activities
Increase in short-term investments
Purchase of rental assets and other properties, net
Sales (purchase) of investments in securities, net
Collection of investments in leases
Other
Net cash used in investing activities(22,636)(34,179)(356)(149,590)(151,444)(1,578)76,222(67,606)(704)

Cash flows from financing activities
Increase (decrease) in interest-bearing debt
Dividends paid to stockholders(9,997)

(124)

(1)

Dividends paid on noncontrolling interests(12,025)(12,640)

(132)

1,484

(439)

(5)

55,684(80,809)

(842)

Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents

452

5,039

52

Net decrease in cash and cash equivalents(41,615)(240,008)(2,500)Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period

560,960
519,345807,926
567,918

8,416
5,916

- more -- 14 -

Segment Information(1) Industry Segments
Three months ended June 30
Yen(B)/(A)(millions)
X100(%)
2008 (A)2009 (B)Information & Telecommunication
Systems
Electronic Devices
Power & Industrial Systems
Digital Media & Consumer
Products
High Functional Materials& Components

Revenues

Logistics, Services & Others
Financial Services
Subtotal
Eliminations & Corporate Items
Total
Information & Telecommunication
Systems
Electronic Devices
Power & Industrial Systems

Operatingincome (loss)

Digital Media & Consumer
Products
High Functional Materials& Components
Logistics, Services & Others
Financial Services
Subtotal
Eliminations & Corporate Items

Total

593,60121%
284,516
10%
817,89628%
335,50212%
455,69316%292,247
10%
92,4023%
2,871,857
100%

471,68122%
189,8719%657,16531%
241,26311%
272,655
13%
213,09310%
92,2424%
2,137,970
100%(328,362)

U.S. Dollars(millions)
2009

79

4,913

67

1,978

80

6,845

72

2,513

60

2,840

73

2,220

100

961

74

22,271(245,069)-(2,553)

2,543,495

1,892,901

74

19,71823,523
26%
9,644
10%
26,23329%(13,888)(15%)
36,059
39%
3,900
4%
6,445
7%
91,916100%

3,219(7,161)(16,832)(13,440)(2,583)2,538
2,363(31,896)
-

14

34

-

(75)

-

(175)

-

(140)

-

(27)

65

26

37

25

-

(332)

(14,223)(18,700)-(195)

77,693(50,596)-(527)

Note: Revenues by industry segment include intersegment transactions.

- more -- 15 -

(2) Revenues by Market
Three months ended June 30
Yen(B)/(A)(millions)
X100(%)
2008 (A)2009 (B)Japan
Asia
North America
EuropeOther Areas
Outside Japan
Total

1,395,992
55%
527,89721%
234,9119%
270,17711%
114,518
4%
1,147,503
45%
2,543,495
100%

###

1,100,667
58%
357,052
19%
172,3629%
178,80910%
84,011
4%
792,234
42%
1,892,901
100%

U.S. Dollars(millions)
2009

79

11,465

68

3,719

73

1,795

66

1,863

73

875

69

8,252

74

19,718

July 28, 2009
Hitachi, Ltd.

Supplementary Information for the First Quarter ended June 30, 2009
1. Summary(Consolidated basis)
2008
Three months ended
June 30(A)
2,543.4
77.6
3.1

2009
Three months ended June 30(B)1,892.9(50.5)(2.7)(B)/(A)X100
74%
－
－

83.6

(80.8)－Net income (loss)
Net income (loss) attritutable to
Hitachi, Ltd.*1

54.3(90.7)－

31.5(82.6)－

Average exchange rate (yen / U.S.$)

105
1.3

97
(1.4)

－
－

*1

Revenues
Operating income (loss)*1
Percentage of revenues
Income (loss) before
income taxes*1*1

Net interest and dividends*1*1

Billions of yen

As of March 31, 2009

As of June 30, 2009

Cash & cash equivalents,
Short-term investments(billions of yen)

816.5

584.7

Interest-bearing debt
(billions of yen)

2,820.1

2,769.6

D/E Ratio*2 (times)
Number of employees
Japan
Overseas1.29
400,129
260,677
139,452

1.29
395,284
262,728
132,556

Number of consolidated
subsidiaries (Including
Variable Interest Entities)

943

927

403
540

385
542

Japan
Overseas*2

Including Noncontrolling interests

2. Consolidated Overseas Revenues by Industry Segment

Information &Telecommunication Systems

2008
Three months ended
June 30(A)
234.6(Billions of yen)

2009
Three months ended June 30
165.6(B)/(A)X100
71%

(B)

Electronic Devices

118.9

76.5

64%

Power & Industrial Systems

357.0

272.8

76%

152.5

101.4

67%

162.2

104.3

64%

Logistics, Services & Others

107.7

59.0

55%

Financial Services

14.2

12.3

86%

1,147.5

792.2

69%

Digital Media &Consumer ProductsHigh Functional Materials& Components

Total- more --23. Consolidated Capital Investment by Industry Segment (Completion basis, including leasing assets)(Billions of yen)

Information &Telecommunication Systems

2008
Three months ended
June 30
(A)
16.9

2009
Three months ended June 30
(B)
13.2

(B)/(A)X100
78%

Electronic Devices

9.4

5.6

60%

Power & Industrial Systems

37.2

24.8

67%

Digital Media &Consumer Products

14.0

4.3

31%

High Functional Materials& Components

23.5

13.0

55%

5.6

6.3

113%

139.1

76.2

55%

(9.4)

(5.9)

63%

236.5

137.8

58%

Internal use Assets

102.0

64.3

63%

Leasing Assets

134.5

73.4

55%

Logistics, Services & Others
Financial Services
Eliminations & Corporate Items

Total

4. Consolidated Depreciation by Industry Segment
2008
Three months ended
June 30(A)
Information &Telecommunication Systems(Billions of yen)

2009
Three months ended June 30(B)(B)/(A)X100

86%

22.5

26.3

Electronic Devices

8.2

7.5

91%

Power & Industrial Systems

29.8

30.6

102%

Digital Media &Consumer ProductsHigh Functional Materials& Components

12.7

8.3

65%

17.8

18.6

104%

Logistics, Services & Others

6.3

6.2

97%

Financial Services

20.4

15.0

74%

Eliminations & Corporate Items

0.5

0.5

88%

122.4

109.2

89%

Internal use Assets

97.8

89.5

91%

Leasing Assets

24.6

19.7

80%

Total

5. Consolidated R&D Expenditure by Industry Segment
2008
Three months ended
June 30(A)
Information &Telecommunication Systems(Billions of yen)

2009

Three months ended June 30
(B)

36.3

(B)/(A)X100

33.8

93%

Electronic Devices

9.8

9.3

95%

Power & Industrial Systems

26.5

22.1

83%

Digital Media &Consumer ProductsHigh Functional Materials& Components

8.0

6.1

77%

12.8

10.6

83%

Logistics, Services & Others

1.2

0.7

60%

Financial Services

0.1

0.0

25%

Corporate Items

3.5

3.7

108%

Total

98.5

86.6

88%

3.9

4.6

－

Percentage of revenues (%)- more --36. Information & Telecommunication Systems(1)Revenues and Operating Income*4
2008

*3

(Billions of yen)

2009

Three months ended
June 30

Three months ended June 30(A)

Revenues
Software & Services
SoftwareServices
Hardware*5
Storage*6Servers
PCs*7
Telecommunication
OthersOperating income
*3

*4
*5
*6
*7

(B)

(B)/(A)X100

471.6
237.9
35.3
202.6
233.7
134.9
12.1
7.0
32.1
47.6
3.2

593.6
270.0
38.1
231.9
323.6
194.2
20.6
11.2
35.0
62.6
23.5

79%
88%
93%
87%
72%
69%
59%
63%
92%
76%
14%

The Hard Disk Drive operations are conducted by Hitachi Global Storage Technologies (Hitachi GST), which has a December 31 fiscal
year-end, different from Hitachi's March 31 year-end. Hitachi's results for the three months ended June 30, 2009 include the operating
results of Hitachi GST for the three months ended March 31, 2009.
Figures for each product exclude intra-segment transactions.
Figures for Storage include disk array subsystems, hard disk drives, etc.
Figures for Servers include general-purpose computers, UNIX servers, etc.
Figures for PCs include PC servers, client PCs (only commercial use), etc.

(2)Storage Solutions (except Hard Disk Drives)
2008(Billions of yen)

2009

Three months ended
June 30

Three months ended June 30(A)

Revenues

(B)

85.0

(B)/(A)X100

69.0

81%

(3)Hard Disk Drives*8*9
Period recorded forconsolidated accounting
purposes

Operatingincome(loss)

(B)

(C)

(D)

(D)/(A)X100 (E)(Preliminary) (E)/(B)X100(F)(Preliminary)

Apr. 2009 toJun. 2009

Jan. 2009 toJun. 2009(F)/(C)X100

146.9

150.7

297.6

97.7

66%

108.0

72%

205.6

69%

Millions of
U.S. dollars

1,415

1,430

2,845

1,026

72%

1,109

78%

2,135

75%

Billions of
yen

6.7

5.6

12.4

(5.4)

－

(3.1)

－

(8.6)

－

Millions of
U.S. dollars

65

53

118

(57)

－

(32)

－

(89)

－

21,10010,500
9,000
1,400
180

22,00011,000
9,000
1,600
380

43,10021,50018,0002,900
570

19,200
10,200
7,600
1,100
220

91%
97%
85%
80%
119%

22,30011,700
8,700
1,200
440

102%
106%
97%
78%
116%

41,50021,90016,400
2,300
660

96%
102%
91%
79%
117%

Shipments (thousand units)*11

Consumer and 2.5-inch*12
Commercial

3.5-inch

*8
*9
*10
*11
*12
*13
*14

(A)

Six months ending
September 30

Three months ending
September 30

Billions of
yen

*10

Servers*13
Emerging*14

2009
Three months ended
June 30

Jan. 2008 to Apr. 2008 to Jan. 2008 to Jan. 2009 to
Mar. 2008
Jun. 2008
Jun. 2008
Mar. 2009

Shipment Period

Revenues

2008
Three months ended Three months ended Six months ended
June 30
September 30
September 30

Figures include intra-segment transactions.
Hitachi GST's operating currency is U.S. dollar. Yen figures include yen / dollar conversion fluctuation.
Shipment less than 100,000 units have been rounded, with the exception of Emerging, where shipment less than 10,000 units have been rounded.
Note-PCs, consumer electronics applications(2.5-inch), etc.
Desktop-PCs, consumer electronics applications (3.5-inch), etc
Disk array subsystems, servers (3.5-inch), etc.
Automotive (2.5-inch), etc.

###