FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results
for the First Quarter ended June 30, 2011
Tokyo, July 29, 2011 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced its
consolidated financial results for the first quarter of fiscal 2011, ended June 30,
2011.
Notes:1. All figures, except for the outlook for full year and the first half of fiscal 2011, were converted
at the rate of 81 yen to the U.S. dollar, the approximate exchange rate on the Tokyo Foreign
Exchange Market as of June 30, 2011.
2. Operating income is presented in accordance with financial reporting principles andpractices generally accepted in Japan.

- more --2-Summary
In millions of yen and U.S. dollars, except Net income attributable to Hitachi, Ltd. stockholders per share (6)and Net income attributable to Hitachi, Ltd. stockholders per American Depositary Share (7).

Three months ended June 30
Yen
U.S. Dollars(B)/(A)(millions)(millions)
X100(%)
2010 (A)2011 (B)2011
1. Revenues

2,152,566

2,150,693

100

26,552

2. Operating income

88,47552,40359647

3. Income before income taxes

144,284

41,15429508

4. Net income

117,468

16,26514

201

5. Net income attributable to
Hitachi, Ltd.

86,058

2,931

3

36

Basic

19.06

0.65

3

0.01

Diluted

17.80

0.61

3

0.01

Basic

191

7

4

0.09

Diluted

178

6

3

0.07

6. Net income attributable to
Hitachi, Ltd. stockholders per share

7. Net income attributable to Hitachi, Ltd.
stockholders per ADS(representing 10 shares)

Notes: 1. The Company's consolidated financial statements are prepared based on U.S.GAAPs.
Notes: 2. Operating income is presented in accordance with financial reporting principles and practices generally accepted in Japan.
Notes: 3. The figures are for 933 consolidated subsidiaries, including Variable interest entities, and 178 equity-method affiliates.
Notes: 3. Consolidated trust accounts are not included into the figures of consolidated subsidiaries.

- more --3-

1. Qualitative Information Concerning Consolidated Business Results(1) Summary of Fiscal 2011 First-Quarter Consolidated Business Results
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)2,150.6

0%26,552

Operating income

52.4(36.0)

647

Income before income taxes

41.1(103.1)508

Net income

16.2(101.2)201

Net income attributable to Hitachi, Ltd.

2.9

(83.1)

36

During the first quarter of fiscal 2011, the operating environment remained harsh, not in
the least because of the catastrophic damage caused by the Great East Japan
Earthquake of March 11, and ensuing power supply restrictions, disruptions to supply
chains for parts and components and other factors. The Hitachi Group suffered damage
to a large number of buildings and production facilities. However, due to cohesive
group-wide efforts to quickly restore operations, production had resumed across theboard at most sites by the end of April 2011. The Hitachi Group also worked to help
affected areas recover quickly from the natural disaster, including by providing support
for the resumption of operations at affected thermal power plants.
Hitachi’s consolidated revenues for the first quarter were flat year over year, at 2,150.6
billion yen, despite most segments experiencing the effects of the Great East Japan
Earthquake. One reason was higher revenues in the Others Segment, resulting from
Hitachi Transport System, Ltd. making Vantec Corporation a consolidated subsidiary in
April 2011, as well as strong growth in third-party logistics solutions. In addition, theConstruction Machinery Segment produced strong revenues, mainly in emerging
countries, and the Information & Telecommunication Systems Segment saw revenues
rise year on year, notably in storage solutions for overseas customers.
Overseas revenues declined 1% year over year, to 973.5 billion yen.
Hitachi posted consolidated operating income of 52.4 billion yen, down 36.0 billion yen
from the first quarter of fiscal 2010, even though the Construction Machinery andInformation & Telecommunication Systems segments posted higher year-over-year
earnings despite the impact of the Great East Japan Earthquake. The overall decline
mainly reflected lower earnings from the Components & Devices, Power Systems
segments and others.
Hitachi posted net other deductions of 11.2 billion yen, 67.0 billion yen worse than the net
other income in the corresponding quarter of the previous fiscal year. The year-over-yearchange was attributable to gains on the sale of securities recorded in the first quarter offiscal 2010 resulting from the transfer of shares of IPS Alpha Technology, Ltd. toPanasonic Corporation. There were no large sales of shares in the first quarter of fiscal
2011.

- more --4-

As a result, Hitachi recorded income before income taxes of 41.1 billion yen, 103.1 billion
yen less year over year. After taxes of 24.8 billion yen, Hitachi posted net income of 16.2
billion yen, a year-over-year decline of 101.2 billion yen. After deducting net income
attributable to noncontrolling interests of 13.3 billion yen, Hitachi posted net income
attributable to Hitachi, Ltd. of 2.9 billion yen, down 83.1 billion yen year over year.

(2) Revenues and Operating Income by Segment
Results by segment were as follows:[Information & Telecommunication Systems]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

350.7

1%

4,331

2.1

1.9

26

Operating income

The segment recorded revenues of 350.7 billion yen, an increase of 1% year overyear, despite lower hardware sales caused by the shortage of parts and components
for some products in the wake of the Great East Japan Earthquake. The higher overall
revenues resulted from increased sales of consulting services and of software andservices for storage, mainly for overseas customers, which lifted software andservices revenues year over year.
Segment operating income improved 1.9 billion yen year over year to 2.1 billion yen,
due to higher earnings in hardware, reflecting increased earnings from storage
solutions stemming from growth in high-end models.
[Power Systems]
Three months ended June 30, 2011
Yen
(billions)
Revenues
Operating loss

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

166.3

(6%)

2,054

(3.2)

(7.8)

(40)

Segment revenues dropped 6% year over year to 166.3 billion yen. In addition tolower sales of nuclear power generation systems in the aftermath of the Great East
Japan Earthquake, the lower segment revenues also resulted from some thermal
power generation system projects being pushed back.
The segment recorded an operating loss of 3.2 billion yen, declined 7.8 billion year
over year. This loss mainly reflected the impact of the Great East Japan Earthquake
and lower revenues.

- more --5-[Social Infrastructure & Industrial Systems]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

229.8

(1%)

2,837

0.9

(1.5)

12

Operating income

Segment revenues inched down 1% year over year, to 229.8 billion yen. Higher salesof railway systems, mainly for overseas markets, and strong sales of elevators andescalators in China were negated by lower year-over-year sales of plant-related
equipment and construction.
The segment posted operating income of 0.9 billion yen, down 1.5 billion yen year
over year, primarily on account of lower sales and the impact of the Great East Japan
Earthquake.
[Electronic Systems & Equipment]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

246.1

(2%)

3,039

7.1

1.8

89

Operating income

The segment recorded a 2% year-over-year decrease in revenues to 246.1 billion yen,
due to lower sales in the semiconductor- and display-related products, parts andcomponents sales businesses at Hitachi High-Technologies Corporation as a result of
the Great East Japan Earthquake. On the other hand, Hitachi Medical Corporation
recorded higher sales, which is the result of consolidating Aloka Co., Ltd. in January
2011.
Segment operating income improved 1.8 billion yen year over year, to 7.1 billion yen,reflecting higher earnings at Hitachi Kokusai Electric Inc. and Hitachi Koki Co., Ltd.
mainly due to progress with cost-cutting programs.
[Construction Machinery]
Three months ended June 30, 2011
Yen
(billions)Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

172.5

6%

2,130

Operating income

11.0

4.0

136

The segment posted a 6% year over year increase in revenues, to 172.5 billion yen,despite the impact of the Great East Japan Earthquake and lower demand in China.
The overall increase reflects the growth in sales of hydraulic excavators and others,
driven by the demand in Asian countries and other emerging markets, as well as the
U.S. and other industrial countries.

- more --6-

Despite the impact of the Great East Japan Earthquake, segment operating income
improved 4.0 billion yen year over year, to 11.0 billion yen due to higher revenues.
[High Functional Materials & Components]
Three months ended June 30, 2011
Yen
(billions)Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

347.0

0%

4,285

Operating income

19.3

(6.8)

239

Segment revenues were flat year over year, at 347.0 billion yen. Sales declined at Hitachi
Chemical Co., Ltd. due to the suspension of operations at some factories within the
exclusion zone created by the Japanese government after the accident at the Fukushima
Daiichi Nuclear Power Station owned by The Tokyo Electric Power Company,
Incorporated. On the other hand, Hitachi Cable, Ltd. and Hitachi Metals, Ltd. recorded
higher sales year over year.
Segment operating income dropped 6.8 billion yen year over year, to 19.3 billion yen.
Although earnings improved at Hitachi Cable due to higher sales and cost-cutting, Hitachi
Chemical and Hitachi Metals recorded lower year-over-year earnings.
[Automotive Systems]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

177.1

(4%)

2,188

2.0

0.1

26

Operating income

Segment revenues declined 4% year over year, to 177.1 billion yen, as a result of lower
automobile production mainly in Japan after the Great East Japan Earthquake.
Despite the lower revenues, segment operating income improved 0.1 billion yen year
over year, to 2.0 billion yen, reflecting mainly the benefits of cost reductions.
Note: Effective from April 1, 2011, there was a change in segmentation between the Automotive
Systems and the Components & Devices segments. Figures for each segment, including figures
for the first quarter of fiscal 2010, reflect the new segmentations.

[Components & Devices]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

177.7

(8%)

2,195

4.9

(14.1)

61

Operating income

Segment revenues declined 8% year over year, to 177.7 billion yen, as HDD operations
posted lower sales due to lower sales prices.
- more --7-

Segment operating income dropped 14.1 billion yen, to 4.9 billion yen, on account oflower HDD earnings resulting from decreased sales.
Notes 1: Effective from April 1, 2011, there was a change in segmentation between the Automotive
Systems and the Components & Devices segments. Figures for each segment, including
figures for the first quarter of fiscal 2010, reflect the new segmentations.
2: 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 three months ended June 30, 2011 include operating results of Hitachi GST for
the three months ended March 31, 2011.

[Digital Media & Consumer Products]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

233.1

(9%)

2,878

3.2

(3.8)

41

Operating income

Segment revenues declined 9% year over year, to 233.1 billion yen. Optical disk
drive-related products recorded lower sales year over year, which is the result of partsand components shortages after the Great East Japan Earthquake and the yen’s
appreciation. Another factor was lower year-over-year sales of flat-panel TVs due tolower sales prices and other factors. However, room air conditioners posted higher sales,
mainly in Japan, spurred by demand for upgrading to energy-saving models.
Segment operating income declined 3.8 billion yen to 3.2 billion yen, despite the strong
performance from room air conditioners. The overall decline reflected decreased
earnings from optical disk drive-related products and flat-panel TVs in line with lower
sales.
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 threemonths ended June 30, 2011 include operating results of HLDS for the three months ended March 31,
2011.

[Financial Services]
Three months ended June 30, 2011
Yen
(billions)Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

92.4

(2%)

1,142

Operating income

6.9

1.7

85

The segment reported a 2% year-over-year decrease in revenues, to 92.4 billion yen,
due to lower revenues in the finance services business at Hitachi Capital Corporation in
the aftermath of the Great East Japan Earthquake. However, the overseas business andnew business, including debt collection services, generated higher revenues.
Segment operating income improved 1.7 billion yen, to 6.9 billion yen, reflecting higher
earnings at Hitachi Capital because of increased revenues from the overseas and new
businesses and reduced credit costs.
- more --8-[Others]
Three months ended June 30, 2011
Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

226.9

26%

2,802

5.7

(0.2)

72

Operating income

Segment revenues increased 26% year over year, to 226.9 billion yen, on healthy growthin sales in third-party logistics solutions, in addition to the effect of Hitachi Transport
System making Vantec a consolidated subsidiary in April 2011.
Segment operating income declined 0.2 billion yen, to 5.7 billion yen. Although earnings
increased at Hitachi Transport System in line with higher revenues, the Great East Japan
Earthquake affected overall earnings.
(3) Revenues by Market
Three months ended June 30, 2011
Yen
(billions)Japan

Year-over-year% change

U.S. dollars(millions)

1,177.1

0%

14,533

Outside Japan

973.5

(1%)

12,019

Asia

490.8

(2%)

6,060

North America

194.0

1%

2,396

Europe

184.5

(2%)

2,278

Other Areas

104.0

9%

1,285

Revenues in Japan were 1,177.1 billion yen, unchanged year over year. The Others
Segment posted higher revenues at Hitachi Transport System due to theconsolidation of Vantec and strong sales growth in third-party logistics solutions, andothers. However, the Components & Devices, Electronic Systems & Equipment, andAutomotive Systems segments all saw revenues decline.
Outside Japan revenues declined 1% year over year, to 973.5 billion yen. The
consolidation of Vantec at Hitachi Transport System led to higher revenues in the
Others Segment, and the Construction Machinery and Electronic Systems &Equipment segments also posted higher revenues. However, revenues declined in the
Digital Media & Consumer Products and Power Systems segments.
As a result, the ratio of overseas revenues to consolidated revenues was 45%, flat
year over year.

- more --9-(4) Capital Investment, Depreciation and R&D Expenditures
Capital investment on a completion basis, excluding leasing assets, increased 27% year
over year, to 59.7 billion yen, primarily due to investments for stepping up global businessdevelopment.
Depreciation, excluding leasing assets, decreased 11% year over year, to 67.2 billion yen,primarily due to strict selection of capital investments.
R&D expenditures increased 2% year over year to 94.0 billion yen, which corresponded
to 4.4% of consolidated revenues. The increase was due mainly to further R&D
investment to strengthen the Social Innovation Business.
2. Financial Position(1) Financial Position
As of June 30, 2011
Yen
(billions)

Change fromMarch 31, 2011

Total assets

9,433.6

248.0

116,465

Total liabilities

6,988.5

244.3

86,278Interest-bearing debt

2,860.0

338.5

35,309Total Hitachi, Ltd. stockholders’ equity

1,440.2

0.4

17,781

Noncontrolling interests

1,004.8

3.2

12,405

Total Hitachi, Ltd. stockholders’equity ratio

15.3%

0.4 point decrease-

1.17 times

0.14 point increase-

D/E ratio (including noncontrolling interests)

U.S. dollars(millions)

Total assets as of June 30, 2011 increased 248.0 billion yen from March 31, 2011, to
9,433.6 billion yen. Interest-bearing debt increased 338.5 billion yen from March 31, 2011,
to 2,860.0 billion yen, because of an increase in working capital due to seasonal factors,
as well as an increase in short-term debt, mainly in the form of commercial paper, toensure the Company was ready to cope with jittery credit markets after the Great East
Japan Earthquake. Stockholders’ equity increased 0.4 billion yen, to 1,440.2 billion yen.
As a result, the total Hitachi, Ltd. stockholders’ equity ratio was 15.3%. The debt-to-equity
ratio, including noncontrolling interests, was 1.17.

- more -- 10 -

(2) Cash Flows
Three months ended June 30, 2011
Yen
(billions)Year-over-yearchangeU.S. dollars(millions)

Cash flows from operating activities(0.2)(131.7)(3)

Cash flows from investing activities(114.3)(34.7)(1,411)

Free cash flows(114.5)(166.4)(1,414)

Cash flows from financing activities

306.0

279.4

3,778

Operating activities used net cash of 0.2 billion yen, a 131.7 billion yen change fromthe net cash provided in the first quarter of fiscal 2010. This result was mainly due to adecrease in net income as a result of the impact of the Great East Japan Earthquake.
Investing activities used net cash of 114.3 billion yen, 34.7 billion yen more year overyear. This result mainly reflected the large ammount of sale of certain securities in thefirst quarter of fiscal 2010.
Free cash flows, the sum of cash flows from operating and investing activities, was anegative 114.5 billion yen.
Financing activities provided net cash of 306.0 billion yen, 279.4 billion yen more year
over year. The increase was due to an increase in short-term debt mainly from theissue of commercial paper.
The net result of the above items was an increase of 190.1 billion yen in cash andcash equivalents, to 744.9 billion yen.
3. Outlook for Six Months Period Ending September 30, 2011
The first half of fiscal 2011
ending September 30, 2011

Yen
(billions)
Revenues

Year-over-yearchange(% or billions yen)

U.S. dollars(millions)

4,400.0(2%)

55,000Operating income

100.0(118.0)1,250

Income before income taxes

75.0(188.8)938

Net Income

30.0(174.4)375

Net Income attributable to Hitachi, Ltd.

10.0

(148.0)125

Note: First half of fiscal 2011 outlook figures were converted using 80 yen to the U.S. dollar.

In terms of the overall business environment going forward, while the parts andcomponents supply problem stemming from the Great East Japan Earthquake is
expected to be gradually resolved, power supply shortages and other problems are
expected to persist. In addition, causes for concern abound such as an expected
strengthening of the yen, and growing uncertainty about the global economic outlook.
The situation remains unpredictable.

- more -- 11 -

Under these circumstances, Hitachi has revised consolidated forecasts for the first half offiscal 2011 issued on June 9, 2011, as per the forecasts in the table above. Regarding
full-year forecasts, Hitachi has not revised its previous forecasts at this time because of
considerable uncertainty. This uncertainty includes trends in the global economy,
especially in the U.S., Europe and China, foreign currency fluctuations, and fluctuations
in raw materials prices.
Projections for the second quarter of fiscal 2011 assume exchange rates of 80 yen to the
U.S. dollar and 110 yen to the euro.
Other(1) Changes in significant subsidiaries during the period (changes in significant
subsidiaries causing changes in scope of consolidation)
None(2) Application of simple accounting treatment and/or specific accounting treatment in
preparing the quarterly consolidated financial statements
Yes(3) Changes in accounting principles, procedures and presentation methods for
preparing quarterly consolidated financial statements.
Yes
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 whichindicate 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 projected or 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 investment in Hitachi’smajor markets, particularly Japan, Asia, the United States and Europe, as well as levels of demand in
the major industrial sectors Hitachi serves, including, without limitation, the information, electronics,
automotive, construction and financial sectors;•

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

•

uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term
financing;•

uncertainty as to general market price levels for equity securities in Japan, declines in which may
require Hitachi to write down equity securities that it holds;- more -- 12 -•

the potential for significant losses on Hitachi’s investments in equity method affiliates;•

increased commoditization of information technology products and digital media-related products andintensifying price competition for such products, particularly in the Components & Devices and theDigital Media & Consumer Products segments;•

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

rapid technological innovation;•

the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts forwhich Hitachi uses the percentage-of-completion method to recognize revenue from sales;•

fluctuations in the price of raw materials including, without limitation, petroleum and other materials,
such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages ofmaterials, parts and components;•

fluctuations in product demand and industry capacity;•

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

uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its
Social Innovation Business;•

uncertainty as to the success of restructuring efforts to improve management efficiency by divesting orotherwise exiting underperforming businesses and to strengthen competitiveness and other cost
reduction measures;•

general socioeconomic and political conditions and the regulatory and trade environment of countries
where Hitachi conducts business, particularly Japan, Asia, the United States and Europe, including,
without limitation, direct or indirect restrictions by other nations on imports and differences incommercial and business customs including, without limitation, contract terms and conditions andlabor relations;•

uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may notcontrol, with other corporations in the design and development of certain key products;•

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 ofwhich 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;•

the possibility of disruption of Hitachi’s operations in Japan by earthquakes, tsunamis or other natural
disasters, including the possibility of continuing adverse effects on Hitachi’s operations as a result of
the earthquake and tsunami that struck northeastern Japan on March 11, 2011;•

uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as
Hitachi’s ability to protect its confidential information or that of its customers;•

uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its significant employee
benefit-related costs; and•uncertainty as to Hitachi’s ability to attract and retain skilled personnel.

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.

- more -- 13 -

Consolidated Statements of Operations
Three months ended June 30
Yen(B)/(A)(millions)
X100(%)
2010 (A)2011 (B)U.S. Dollars(millions)
2011

Revenues

2,152,566

2,150,693

100

26,552

Cost of sales

1,594,464

1,626,010

102

20,074

Selling, general andadministrative expenses

469,627472,280

101

5,831

Operating income

88,47552,40359

647

77,337

12,93817160(Interest and dividends)

5,381

6,908

128

85

(Other)71,956

6,030

8

74

21,52824,187112

299(Interest charges)

6,306

7,033

112

87

(Other)15,222

17,154

113

212

Income before income taxes

144,284

41,15429

508

Income taxes

26,81624,88993307

Net income

117,468

16,26514

201

Less: Net income attributable tononcontrolling interests

31,41013,33442

165

Net income attributable to
Hitachi, Ltd.

86,058

2,931

3

36

Other income

Other deductions- more -- 14 Consolidated Balance Sheets
Yen(millions)(B)-(A)

U.S. Dollars(millions)

As of March 31,

As of June 30,

2011 (A)2011 (B)

9,185,629
4,900,029
554,810
16,5989,433,634
5,163,656
744,946
26,464

248,005
263,627
190,136
9,866

116,465
63,7499,197
327

100,694
1,990,225
228,346

106,598
5,904
1,823,032 (167,193)
232,974
4,628

1,316
22,507
2,876

183,559
1,341,768
484,029
614,145
2,111,270
528,018

163,597
1,536,752
529,293599,140
2,124,572
557,010(19,962)
194,984
45,264(15,005)
13,302
28,992

2,020
18,972
6,534
7,397
26,2296,877

304,160
728,007274,520714,736(29,640)(13,271)

3,389
8,824

9,185,629
4,088,824

9,433,634
4,414,176

248,005
325,352

116,465
54,496810,806

1,224,899

414,093

15,122

190,868

171,119(19,749)

2,113

20,4301,236,758
395,605
1,434,357
2,655,416
1,300,311

22,1301,213,205
432,173
1,350,650
2,574,371
1,271,193

1,700(23,553)
36,568(83,707)(81,045)(29,118)273
14,978
5,335
16,67531,782
15,694

219,566
891,815
243,724
2,441,389
1,439,865
409,129
603,133
922,036(493,062)(252,206)(256,566)

192,852 (26,714)
869,559 (22,256)
240,767(2,957)2,445,087
3,698
1,440,280
415
409,1301
602,247(886)
911,414 (10,622)(481,119) 11,943(250,866)
1,340(243,692) 12,874

2,381
10,7352,972
30,186
17,781
5,051
7,435
11,252(5,940)(3,097)(3,009)16,905(1,195)(1,371)1,001,524

14,212(773)(1,392)
1,004,807

175
(10)
(17)
12,405

Total Assets
Current assets
Cash and cash equivalents
Short-term investments
Trade receivables
Notes
Accounts
Investments in leases
Current portion of financial assets transferred
to consolidated securitization entities
Inventories
Other current assets
Investments and advances
Property, plant and equipment
Intangible assets
Financial assets transferred toconsolidated securitization entities
Other assets
Total Liabilities and Equity
Current liabilities
Short-term debt and current portionof long-term debt
Current portion of non-recourse borrowingsof consolidated securitization entities
Trade payables
Notes
Accounts
Advances received
Other current liabilities
Noncurrent liabilities
Long-term debt
Non-recourse borrowings of consolidated
securitization entities
Retirement and severance benefits
Other liabilities
Total 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- more -As of June 30,

2011(2,693)
422
(21)
3,283

- 15 -

Consolidated Statements of Cash Flows
Three months ended June 30
Yen
U.S. Dollars(millions)(millions)
2010
2011
2011
Cash flows from operating activities
Net income

117,468

16,265201

Depreciation

95,09787,297

1,078

Amortization

27,55627,866344

Adjustments to reconcile net income to net cash
provided by operating activities

Gain on sale of investments in securities and other(70,486)

(605)

(7)

Decrease in receivables

283,584

221,642

2,736

Increase in inventories(143,976)(202,088)(2,495)Decrease in payables(38,822)(42,592)

(526)

Other

(138,919)(108,013)(1,333)

131,502

(228)

(3)

Purchase of property, plant and equipment, net(45,722)(53,394)(659)

Purchase of intangible assets, net(21,418)(21,153)(261)

Purchase of tangible assets and software to be leased, net(62,394)(59,575)(735)

Proceeds from sale (purchase) of investments in securities
and shares of consolidated subsidiaries resulting indeconsolidation, net

17,877(46,197)(570)

Collection of investments in leases

70,861

67,563834

Other(38,771)(1,567)(19)(79,567)(114,323)(1,411)

38,098327,273

4,040

(6)

(13,590)(168)

Dividends paid to noncontrolling interests(7,825)(6,496)

(80)

Other

(3,673)(1,146)(14)

26,594

306,041

3,778

Effect of consolidation of securitization entities upon
initial adoption of new accounting guidances

12,030--Effect of exchange rate changes on cash and cash equivalents(12,374)(1,354)(17)

Net increase in cash and cash equivalents

78,185

190,136

2,347

Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period

577,584
655,769

554,810
744,946

6,850
9,197

Net cash provided by (used in) operating activities
Cash flows from investing activities

Net cash used in investing activities
Cash flows from financing activities
Increase in interest-bearing debt
Dividends paid to stockholders

Net cash provided by financing activities- more -- 16 -

Segment Information(1) Business Segments
Three months ended June 30
Yen(B)/(A) U.S. Dollars(millions)(millions)
X100(%)
2010 (A)2011 (B)2011
Information & Telecommunication
Systems
Power Systems
Social Infrastructure &Industrial Systems
Electronic Systems & Equipment
Construction Machinery

Revenues

High Functional Materials &Components
Automotive Systems
Components & Devices
Digital Media & Consumer
Products
Financial Services
OthersSubtotal
Eliminations & Corporate items
Total

348,976
14%
177,8187%
231,60610%
250,27010%
162,026
7%
345,521
14%
183,8148%
193,3438%
256,69311%
94,235
4%
179,9217%2,424,223
100%

350,79615%
166,3497%
229,83010%
246,128
10%
172,5157%
347,075
14%
177,1987%
177,7657%
233,135
10%
92,476
4%
226,9549%2,420,221
100%(271,657)
2,152,566

101

4,331

94

2,054

99

2,837

98

3,039

106

2,130

100

4,285

96

2,188

92

2,195

91

2,878

98

1,142

126

2,802

100

29,879(269,528)-(3,328)2,150,693

100

26,552

Note: Starting from April 1, 2011, the Company has changed the business segment classification between the Automotive Systems Segment
and the Components & Devices Segment. Figures of business segments, including the figures of previous fiscal year, have been restatedto reflect the reclassification.

- more -- 17 -

Information & Telecommunication
Systems
Power Systems
Social Infrastructure &Industrial Systems
Electronic Systems &Equipment
Construction Machinery
High Functional Materials &Components
Operatingincome (loss)

Automotive Systems
Components & Devices
Digital Media & Consumer
Products
Financial Services
OthersSubtotalThree months ended June 30
Yen(B)/(A) U.S. Dollars(millions)
X100(millions)2010 (A)2011 (B)
(%)
2011
184
2,102
26
0%
4%
4,639
(3,225)
(40)
6%
(5%)
2,528
969
38
12
3%
2%
5,391
7,196
133
89
6%
12%
6,940
11,037
159
136
8%
18%
26,20819,358
74
239
31%
32%
1,953
2,067
106
26
2%
3%
19,103
4,973
26
61
23%
8%
7,114
3,288
46
41
8%
5%
5,153
6,902
134
85
6%
11%
6,002
5,792
97
72
7%
10%
85,21560,459
71
746
100%
100%

Eliminations & Corporate Items

3,260(8,056)

-

(99)

Total

88,47552,40359647

Note: Starting from April 1, 2011, the Company has changed the business segment classification between the Automotive Systems Segment
and the Components & Devices Segment. Figures of business segments, including the figures of previous fiscal year, have been restatedto reflect the reclassification.

- more -- 18 -

(2) Revenues by Market
Three months ended June 30
Yen(B)/(A) U.S. Dollars(millions)(millions)
X100(%)
2010 (A)2011 (B)
2011
Japan
Asia
North America
EuropeOther Areas
Outside Japan
Total

1,173,224
55%
502,97423%
193,0179%
187,6459%95,706
4%
979,34245%
2,152,566
100%- more -1,177,156
55%
490,839
23%
194,0819%
184,5378%
104,0805%
973,53745%
2,150,693
100%

100

14,533

98

6,060

101

2,396

98

2,278

109

1,285

99

12,019100

26,552

- 19 July 29, 2011
Hitachi, Ltd.

Supplementary Information for the First Quarter ended June 30, 2011
1. Summary (Consolidated basis)
2010
Three months ended June 30(A)

Revenues*1
Operating income*1
Percentage of revenues

2,152.5
88.4
4.1
144.2
117.4
86.0
92
(0.9)

Income before income taxes*1
Net income*1
Net income attributable to Hitachi, Ltd.*1
Average exchange rate (yen / U.S.$)Net interest and dividends*1*1

2011
Three months ended June 30(B)(B)/(A)

Billions of yen

As of March 31, 2011

Cash and cash equivalents, Short-term investments(billions of yen)Interest-bearing debt (billions of yen)
D/E Ratio (Including Noncontrolling interests) (times)
Number of employees
Japan
Overseas
Number of consolidated subsidiaries(Including Variable interest entities)
Japan
Overseas

As of June 30, 2011

571.4

771.4

2,521.5

2,860.0

1.03

1.17

361,745
216,393
145,352

371,833
223,114
148,719

913

933

351
562

352
581

2. Consolidated Overseas Revenues by Business Segment*2(Billions of yen)

2010
Three months ended June 30
(A)

93.4
74.7
55.8
137.2
129.3
135.0
82.8
142.1
124.0
11.7
22.2
1,008.6(29.3)
979.3

Information & Telecommunication Systems
Power Systems
Social Infrastructure & Industrial Systems
Electronic Systems & Equipment
Construction Machinery
High Functional Materials & Components
Automotive Systems
Components & Devices
Digital Media & Consumer Products
Financial Services
OthersSubtotal
Eliminations & Corporate Items
Total
*2

100%
59%
29%
14%
3%
-

2,150.6
52.4
2.4
41.1
16.2
2.9
82
(0.1)

2011
Three months ended June 30(B)/(A)
(B)

97.0
61.6
60.3
145.5
136.8
137.4
86.7
139.5
98.8
12.3
34.4
1,010.8(37.3)
973.5

104%
82%
108%
106%
106%
102%
105%
98%
80%
105%
155%
100%
99%

Starting from April 1, 2011, the Company has changed the business segment classification between the Automotive Systems Segment and the Components & Devices
Segment. Consolidated figures by business segment, including the figures of previous fiscal year, have been restated to reflect the reclassification.

- more -- 20 3. Consolidated Capital Investment by Business Segment (Completion basis, including leasing assets)*2(Billions of yen)
2010
Three months ended June 30
(A)

5.4
2.8
3.0
3.1
5.7
11.4
3.0
7.8
2.5
65.6
5.0
115.7
(1.5)
114.2
46.9
67.3

Information & Telecommunication Systems
Power Systems
Social Infrastructure & Industrial Systems
Electronic Systems & Equipment
Construction Machinery
High Functional Materials & Components
Automotive Systems
Components & Devices
Digital Media & Consumer Products
Financial Services
OthersSubtotal
Eliminations & Corporate Items
Total
Internal use Assets
Leasing Assets

2011
Three months ended June 30(B)(B)/(A)

6.9
2.7
4.5
2.7
7.9
11.6
6.2
9.6
3.5
62.5
6.2
124.9
(2.8)
122.1
59.7
62.3

4. Consolidated Depreciation by Business Segment*2(Billions of yen)

2010
Three months ended June 30
(A)

8.3
4.3
5.3
3.3

Information & Telecommunication Systems
Power Systems
Social Infrastructure & Industrial Systems
Electronic Systems & Equipment

128%
95%
148%
89%
140%
102%
204%
123%
139%
95%
125%
108%
107%
127%
93%

2011
Three months ended June 30(B)(B)/(A)

7.1
4.0
4.7
2.7

85%
92%
89%
82%

Construction Machinery

8.7

8.9

102%

High Functional Materials & Components

17.1
7.7
12.4
4.9
15.0
6.8
94.3
0.7
95.0
75.1
19.9

15.5
6.0
10.5
5.2
14.8
7.0
86.9
0.3
87.2
67.2
20.0

91%
78%
85%
107%
99%
104%
92%
44%
92%
89%
100%

Automotive Systems
Components & Devices
Digital Media & Consumer Products
Financial Services
OthersSubtotal
Eliminations & Corporate Items
Total
Internal use Assets
Leasing Assets

5. Consolidated R&D Expenditure by Business Segment*2(Billions of yen)

2010
Three months ended June 30
(A)

19.7
3.9
4.4
9.9
3.9
11.3
11.8
16.2
5.9
0.0
0.7
4.2
92.5
4.3

Information & Telecommunication Systems
Power Systems
Social Infrastructure & Industrial Systems
Electronic Systems & Equipment
Construction Machinery
High Functional Materials & Components
Automotive Systems
Components & Devices
Digital Media & Consumer Products
Financial Services
OthersCorporate Items
Total
Percentage of revenues (%)- more -2011
Three months ended June 30(B)(B)/(A)

18.7
3.6
4.7
10.7
3.9
11.2
12.4
16.9
5.6
0.1
0.5
5.3
94.0
4.4

95%
92%
107%
108%
99%
99%
105%
104%
95%
323%
74%
127%
102%
-

- 21 6. Consolidated Balance Sheets by Financial and Non-Financial Services*3(Billions of yen)

As of March 31, 2011
Manufacturing,Servicesand Others

As of June 30, 2011

Financial
Services

Total*4

Manufacturing,Servicesand Others

4,302.1

940.0

4,900.0

533.6

108.8

1,770.8

Investments in leases
Current portion of financial assets transferred toconsolidated securitization entities

Current assets
Cash and cash equivalents
Trade receivables

Inventories
OthersInvestments and advances
Property, plant and equipment
Financial assets transferred to consolidated securitization
entities

Financial
Services

Total*4

4,548.6

983.6

5,163.6

554.8

723.6

135.4

744.9

483.4

2,090.9

1,614.5

511.4

1,929.6

82.6

171.2

228.3

84.5

174.7

232.9

58.2

125.3

183.5

52.8

110.7

163.5

1,341.8

0.2

1,341.7

1,532.4

0.2

1,536.7

514.9

50.9

500.6

540.6

50.9

555.7

605.6

43.2

614.1

588.7

45.7

599.1

1,920.1

193.4

2,111.2

1,935.7

191.1

2,124.5

-

304.1

304.1

-

274.5

274.5

Other assets

849.8

456.7

1,256.0

875.0

446.4

1,271.7

Total Assets

7,677.7

1,937.6

9,185.6

7,948.1

1,941.4

9,433.6

Current liabilities

3,505.8926.8

4,088.8

3,793.0

991.1

4,414.1

Short-term debt and current portion of long-term debt

605.2

347.4

810.8

915.1

464.3

1,224.8

Current portion of non-recourse borrowings ofconsolidated securitization entities

21.8

169.0

190.8

21.7

149.3

171.1

Trade payables

1,182.3

224.7

1,257.1

1,197.7214.8

1,235.3

Others

1,696.4

185.6

1,829.9

1,658.3

162.5

1,782.8

886.5

484.3

1,300.3

887.1

454.6

1,271.1

Long-term debt
Non-recourse borrowings of consolidated securitization
entities

-

219.5

219.5

-

192.8

192.8

Other noncurrent liabilities

1,075.0

64.8

1,135.5

1,055.5

59.1

1,110.3

Total Liabilities

5,467.4

1,695.5

6,744.2

5,735.6

1,697.8

6,988.5

Total Hitachi, Ltd. stockholders' equity

1,308.9

142.8

1,439.8

1,308.3

143.8

1,440.2

901.3

99.1

1,001.5

904.0

99.7

1,004.8

Total Equity

2,210.3

242.0

2,441.3

2,212.4

243.6

2,445.0

Total Liabilities and Equity

7,677.7

1,937.6

9,185.6

7,948.1

1,941.4

9,433.6

Interest-bearing debt*2

1,513.6

1,220.3

2,521.5

1,824.1

1,261.2

2,860.0

D/E ratio (including noncontrolling interests)*2

0.68

5.04

1.03

0.82

5.18

1.17

Total Hitachi, Ltd. stockholders’ equity ratio

17.0%

7.4%

15.7%

16.5%

7.4%

15.3%

Noncontrolling interests*3

Figures in tables 6, 7 and 8 represent unaudited financial information prepared by the Company for the purpose of this supplementary information.

*4

Total Figures exclude intra-segment transactions.

- more -- 22 7. Consolidated Statements of Operations by Financial and Non-Financial Services*3
2010
Three months ended June 30
Manufacturing,Servicesand Others(Billions of yen)
2011
Three months ended June 30

Financial
Services

Total*4

Manufacturing,Servicesand Others

2,096.9

94.2

2,152.5

Operating income

83.6

5.1

Income before income taxes

139.8

Net income attributable to Hitachi, Ltd.

85.5

Revenues

Financial
Services

Total*4

2,087.4

92.4

2,150.6

88.4

46.0

6.9

52.4

5.2

144.2

35.3

6.8

41.1

1.4

86.0

1.5

2.5

2.9

8. Consolidated Statements of Cash Flows by Financial and Non-Financial Services*3

Manufacturing,Servicesand Others(Billions of yen)
2011
Three months ended June 30

2010
Three months ended June 30
Financial
Services

Total*4

Manufacturing,Servicesand Others

Financial
Services

Total*4

Cash flows from operating activities

153.7(19.8)

131.5

31.9

(29.2)(0.2)

Cash flows from investing activities(117.3)47.2(79.5)(109.9)10.9(114.3)

Cash flows from financing activities

47.9(28.8)

26.5

269.3

44.8

306.0

-

12.0

12.0

-

-

-

Effect of exchange rate changes on cash and cash equivalents(12.2)(0.1)(12.3)

(1.3)

0.0

(1.3)

Net increase in cash and cash equivalents

72.0

10.4

78.1

189.9

26.5

190.1

Cash and cash equivalents at beginning of the period

549.1

213.3

577.5

533.6

108.8

554.8

Cash and cash equivalents at end of the period

621.2

223.7

655.7

723.6

135.4

744.9

Effect of consolidation of securitization entities upon initialadoption of new accounting guidances- more -- 23 9. Information & Telecommunication Systems(1) Revenues and Operating Income*5(Billions of yen)

2010

2011

Three months ended
June 30

Three months ended June 30(A)
Software & Services
SoftwareServices
Hardware
Storage*6
Servers*7
PCs*8
Telecommunication
OthersOperating income
*5
*6
*7
*8

(B)

348.9
233.6
35.6
198.0
115.2
46.0
10.0
5.6
29.9
23.5
0.1

Revenues(B)/(A)

350.7
244.3
38.2
206.0
106.4
44.9
10.3
5.9
24.9
20.2
2.1

101%
105%
107%
104%
92%
98%
103%
105%
83%
86%
-

Figures for each product exclude intra-segment transactions.
Figures for Storage include disk array systems, 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(Billions of yen)
2010

2011

Three months ended
June 30

Three months ended June 30

(A)

(B)

74.0

Revenues

10. Hard Disk Drives(B)/(A)

83.0

112%

*9*10

2010

Period recorded forconsolidated accounting
purposesThree months ended Three months ended
June 30
September 30

2011
Six months ended
September 30

Three months ended
June 30

(A)

(B)

(C)

(D)

Apr. 2010 toJun. 2010

Jan. 2010 toJun. 2010

Jan. 2011 toMar. 2011

Billions of yen

132.3

138.4

270.7

115.4

87%

116.8

84%

232.2

86%

Millions of
U.S.$

1,459

1,504

2,963

1,402

96%

1,429

95%

2,831

96%

Billions of yen

19.7

17.1

36.8

6.6

34%

6.8

40%

13.5

37%

Millions of
U.S.$

217

186

403

80

37%

84

45%

164

41%

26,50015,700
7,800
1,500
780
800

28,20016,600
8,200
1,900
860
660

54,70032,30016,000
3,400
1,650
1,460

28,60015,800
8,900
1,900
970
930

108%
101%
115%
132%
123%
116%

26,90016,800
6,700
2,300
490
670

95%
101%
81%
119%
57%
103%

55,50032,60015,600
4,200
1,460
1,610

101%
101%
97%
125%
89%
110%

(E)(Preliminary)(E)/(B)Six months ending
September 30

Jan. 2010 toMar. 2010

Shipment Period(D)/(A)

Three months ending
September 30

Apr. 2011 toJun. 2011(F)(Preliminary)(F)/(C)

Jan. 2011 toJun. 2011

Revenues

OperatingincomeShipments (thousand units)
Consumer andCommercial

2.5-inch
3.5-inchServers
Emerging
External HDD
*9

*10
*11

*11

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, 2011 include the operating results of Hitachi GST for the three months ended
March 31, 2011.
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 and External HDD, where shipment less than 10,000 units have been rounded.

###