FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results for Fiscal 2012
Tokyo, May 10, 2013 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated
financial results for fiscal 2012, ended March 31, 2013.
Notes: 1. All figures, except for the outlook for fiscal 2013, were converted at the rate of 94 yen to the
U.S. dollar, the approximate exchange rate on the Tokyo Foreign Exchange Market as ofMarch 29, 2013.
2. Operating income is presented in accordance with financial reporting principles andpractices generally accepted in Japan.

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In millions of yen and U.S. dollars, except Net income attributable to Hitachi, Ltd. stockholders per share (6).
The years ended March 31
Yen(B)/(A)(millions)(%)
2012(A)
2013(B)
1. Revenues

U.S. Dollars(millions)2013

9,665,883

9,041,071

94

96,182

2. Operating income

412,280

422,028

102

4,490

3. Income before income taxes

557,730

344,53762

3,665

4. Net income

412,808

237,72158

2,529

5. Net income attributable to
Hitachi, Ltd. stockholders

347,179

175,326

51

1,865

(Yen)

(Yen)

76.81
71.86

37.28
36.29

6. Net income attributable to
Hitachi, Ltd. stockholders per share
Basic
Diluted(U.S.Dollars)
49
51

Notes: 1. The Company's consolidated financial statements are prepared based on U.S.GAAP.
Notes: 2. Operating income is presented in accordance with financial reporting principles and practices generally accepted in Japan.
Notes: 3. The figures are for 963 consolidated subsidiaries and 215 equity-method affiliates. Although the consolidated subsidiaries
include Variable interest entities, there is no Variable interest entity included into the figures of consolidated subsidiaries
in this period. Also, consolidated trust accounts are not included into the figures of consolidated subsidiaries.

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0.40
0.39

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1. Qualitative Information Concerning Consolidated Business Results
1-1. Summary of Fiscal 2012 Consolidated Business Results(1) Business Results
Year ended March 31, 2013
Yen
(billions)Year over yearchange(% or billions yen)

U.S. Dollars(millions)

9,041.0(6%)

96,182

Operating income

422.0

9.7

4,490

Income before income taxes

344.5(213.1)

3,665

Net income

237.7(175.0)2,529

Net income attributable to Hitachi, Ltd. stockholders

175.3(171.8)

1,865

Revenues

During fiscal 2012, the year ended March 31, 2013, in the U.S., the economy
experienced a moderate recovery as a result of an uptick in the housing market
and improvements in the employment market. On the other hand, the European
sovereign debt crisis continued, and the rate of economic growth continued to slow
in emerging markets due to falling exports and other factors.
The Japanese economy experienced an economic upturn due to higher public
works spending on reconstruction efforts from the Great East Japan Earthquake,and an anticipated economic uptick due to the Yen’s depreciation during the latter
half of the fiscal year. However, the economy has not made a full recovery, mainly asa result of decreased exports due to global economic sluggishness and lackluster
growth in consumer spending and capital expenditures.
Hitachi’s consolidated revenues for fiscal 2012 decreased 6% year over year, to
9,041.0 billion yen, due mainly to the sale of the hard disk drive business in fiscal
2011. However, revenues rose in the Social Infrastructure & Industrial Systems
Segment, where the elevator and escalator business in China performed strongly,
and in the Power Systems Segment, mainly as a result of taking-over of part of thetransmission and distribution business from Japan AE Power Systems Corporation.
Hitachi posted operating income of 422.0 billion yen, an improvement of 9.7 billion
yen from fiscal 2011. This improvement mainly reflected improved profitability in theSocial Infrastructure & Industrial Systems Segment as a result of the strong
performance in the elevator and escalator business, and continued progress withcost structure reforms under the Hitachi Smart Transformation Project. On the other
hand, operating income was impacted by the sale of the hard disk drive business. In
addition, there were declines in the Electronic Systems & Equipment Segment as aresult of market downturns in China and Europe and in the High Functional
Materials & Components Segment due to write-offs associated with a decrease in
raw material prices.
Hitachi posted net other deductions of 77.4 billion yen, 222.9 billion yen worse year
over year. This outcome primarily reflected the recording of a large net gain on
securities in fiscal 2011.

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As a result, Hitachi recorded income before income taxes of 344.5 billion yen, 213.1
billion yen lower than in fiscal 2011.
After deducting income taxes of 106.8 billion yen, Hitachi posted net income of 237.7
billion yen, 175.0 billion yen lower year over year. After deducting net income
attributable to noncontrolling interests of 62.3 billion yen, Hitachi posted net income
attributable to Hitachi, Ltd. stockholders of 175.3 billion yen, down 171.8 billion yen
from fiscal 2011.
Excluding the impact of selling the hard disk drive business and the small andmedium-sized display business in fiscal 2011, consolidated revenues for fiscal 2012
decreased 21.8 billion yen year over year, while operating income increased 45.2
billion yen. Income before income taxes increased 36.2 billion yen, and net income
attributable to Hitachi, Ltd. stockholders increased 74.9 billion yen.

(2) Revenues and Operating Income (Loss) by Segment
Results by segment were as follows.
[Information & Telecommunication Systems]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

1,786.5

1%

19,006

104.6

2.9

1,114

For fiscal 2012, the segment recorded revenues of 1,786.5 billion yen, an increaseof 1% year over year. The higher overall revenues resulted mainly from steady salesof services in Japan and of storage solutions overseas.
Segment operating income increased 2.9 billion yen year over year, to 104.6 billion
yen. While profitability in services declined, storage solutions posted higher
earnings based on steady sales.

- more --5-[Power Systems]
Year ended March 31, 2013
Yen
(billions)Year over yearchange(% or billions yen)

U.S. Dollars(millions)

Revenues

904.6

9%

9,624

Operating income

29.9

63.8

318

For fiscal 2012, segment revenues rose 9% year over year, to 904.6 billion yen. The
overall increase mainly reflected the taking-over of part of the transmission anddistribution business from Japan AE Power Systems Corporation and higher salesof thermal power generation systems.
The segment recorded operating income of 29.9 billion yen, up 63.8 billion yen year
over year. The improvement resulted from increased revenues, and progress withcost-reduction measures. Moreover, in fiscal 2011, Hitachi recorded additional
expenses at overseas thermal power generation systems projects.
[Social Infrastructure & Industrial Systems]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

1,313.8

9%

13,977

60.2

11.0

640

For fiscal 2012, segment revenues increased 9% year over year, to 1,313.8 billion
yen. The overall increase mainly reflected strong growth in the elevator andescalator business in China and higher sales of industrial-use electrical equipment
overseas.
The segment recorded operating income of 60.2 billion yen, an 11.0 billion yen
increase year over year, mainly due to higher sales in the elevator and escalator
business and progress with cost-reduction measures.

- more --6-[Electronic Systems & Equipment]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

1,014.3(8%)

10,791

29.3(20.6)

313

For fiscal 2012, the segment recorded revenues of 1,014.3 billion yen, down 8%
year over year. The overall decline mainly reflected lower revenues due to lower
sales of mobile phones in the trading division and medical analysis systems at
Hitachi High-Technologies Corporation, semiconductor manufacturing systems at
Hitachi Kokusai Electric Inc., and medical electronics equipment at Hitachi Medical
Corporation.
Segment operating income declined 20.6 billion yen year over year, to 29.3 billion
yen, mainly due to lower revenues, as well as lower earnings at Hitachi Medical
Corporation on account of losses stemming from business plan revisions.
[Construction Machinery]
Year ended March 31, 2013
Yen
(billions)Year over yearchange(% or billions yen)

U.S. Dollars(millions)

Revenues

756.0

(5%)

8,043

Operating income

54.6

(8.5)

581

For fiscal 2012, the segment recorded a 5% year over year decline in revenues, to756.0 billion yen. The overall decline reflected lower demand for hydraulicexcavators in China and decreased sales of mining machinery in Asia.
Segment operating income declined 8.5 billion yen year over year, to 54.6 billion yen,mainly reflecting lower revenues.

- more --7-[High Functional Materials & Components]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

1,336.4(7%)

14,21758.4(18.5)

621

For fiscal 2012, segment revenues declined 7% year over year, to 1,336.4 billion
yen. The overall decline reflected lower sales at Hitachi Cable, Ltd. due to its
withdrawal from unprofitable businesses and decreased sales resulting from lower
demand for electronics-related products. In addition, Hitachi Metals, Ltd. recorded
lower sales due to lower demand for display- and semiconductor-related products.
Segment operating income decreased 18.5 billion yen year over year, to 58.4 billion
yen. This was mainly attributable to lower earnings due to lower sales and write-offs
associated with a decrease in raw material prices at Hitachi Metals.
[Automotive Systems]
Year ended March 31, 2013
Yen
(billions)Year over yearchange(% or billions yen)

U.S. Dollars(millions)

Revenues

806.8

(1%)

8,583

Operating income

35.4

(1.6)

377

For fiscal 2012, segment revenues decreased 1% year over year, to 806.8 billion
yen. This was mainly attributable to decreased production by Japanese carmakers
in China.
The segment recorded operating income of 35.4 billion yen, down 1.6 billion yen
year over year, mainly due to decreased revenues.

- more --8-[Digital Media & Consumer Products]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating loss

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

818.5

(5%)

8,708

(5.3)

5.5

(57)

For fiscal 2012, the segment recorded revenues of 818.5 billion yen, down 5% year
over year. While the segment recorded steady sales of home appliances, the overall
decrease reflected lower sales due to business strategy changes in flat-panel TVs,
as well as decreased sales from optical disk drive products caused by falling sales
prices.
The segment recorded an operating loss of 5.3 billion yen, a 5.5 billion yen
improvement on fiscal 2011. This improvement reflected the benefits of businessstructure reforms in the flat-panel TV business and the absence of the impact of theflooding in Thailand in fiscal 2011.
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 fiscal year ended March 31, 2013 include operating results of HLDS
for the fiscal year ended December 31, 2012.

[Financial Services]Year ended March 31, 2013
Yen
(billions)Year over yearchange(% or billions yen)

U.S. Dollars(millions)

Revenues

340.2

(4%)

3,620

Operating income

29.2

(0.9)

312

For fiscal 2012, the segment reported a 4% year over year decline in revenues, to340.2 billion yen. Hitachi Capital Corporation saw revenues decline in the financeservices business for corporate customers in Japan, although the overseas businessrecorded a strong performance, particularly in Asia.
Segment operating income declined 0.9 billion yen, to 29.2 billion yen, due mainly to
lower revenues.

- more --9-[Others]
Year ended March 31, 2013
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. Dollars(millions)

1,111.0(35%)

11,81940.1(32.5)

427

For fiscal 2012, segment revenues declined 35% year over year, to 1,111.0 billion yen.
The overall decline reflected the sale of the hard disk drive business in the previous
fiscal year.
Segment operating income decreased 32.5 billion yen year over year, to 40.1 billion
yen, due mainly to the sale of the hard disk drive business.
Note:

Effective on April 1, 2012, Hitachi discontinued the Components & Devices Segment.
The businesses which were previously included in the Components & Devices Segment
have been included in the Others. Figures for each segment, including figures for theprevious fiscal year, reflect the changed segmentation.

(3) Revenues by Market
Year ended March 31, 2013
Yen
(billions)Year over yearchangeU.S. Dollars(millions)Japan

5,355.1(3%)

56,969Outside Japan

3,685.9(11%)

39,212

Asia

1,711.1(14%)

18,204

North America

804.0

(7%)

8,554

Europe

636.8

(16%)

6,775

Other Areas

533.9

7%

5,680

For fiscal 2012, revenues in Japan were 5,355.1 billion yen, down 3% year over year.
This result mainly reflected lower revenues in the High Functional Materials &Components Segment due to the impact of lower demand in the electronics field.
However, the Power Systems and the Social Infrastructure & Industrial Systems
segments experienced increases in revenues year over year.
Outside Japan, revenues declined 11% year over year, to 3,685.9 billion yen,despite higher revenues in the Social Infrastructure & Industrial Systems Segment
due to strong sales of elevators and escalators in China. The overall decline wasmainly attributable to the sale of the hard disk drive business, as well as lower
year-over-year revenues in the Electronic Systems & Equipment Segment.
As a result, the ratio of overseas revenues to consolidated revenues was 41%, 2 points
lower on a year over year basis.

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(4) Capital Expenditures, Depreciation and R&D Expenditures
For fiscal 2012, capital expenditures on a completion basis in Manufacturing, Services& Others were flat year over year at 406.1 billion yen, despite further investments inglobal business development. This result was due to the sale of the hard disk drive
business.
Depreciation in Manufacturing, Services & Others declined 20% year over year, to242.8 billion yen. This was primarily due to the sale of the hard disk drive business.
Including Financial Services, capital expenditures were 742.5 billion yen,
Depreciation was 300.6 billion yen.
R&D expenditures decreased 17% year over year, to 341.3 billion yen, whichcorresponded to 3.8% of consolidated revenues. This decline mainly reflected theimpact of the sale of the hard disk drive business, and it occurred despite continued
investment in research and development to strengthen the Social Innovation
Business.
(5) Outlook for Fiscal 2013
Year ending March 31, 2014
Yen
(billions)
Revenues

Year over yearchange(% or billions yen)

U.S. Dollars(millions)9,200.0

2%

96,842

Operating income

500.0

77.9

5,263

Income before income taxes

425.0

80.4

4,474

Net income

305.0

67.2

3,211

Net income attributable to Hitachi, Ltd. stockholders

210.0

34.6

2,211

Note: All fiscal 2013 outlook figures were converted using 95 yen to the U.S. dollar.

In terms of the overall global business environment going forward, Europe is
expected to experience a protracted economic slowdown due to ongoinggovernment austerity programs. Meanwhile, the U.S. economy could see the paceof recovery accelerate during the second half of 2013, as a result of quantitativeeasing and household debt adjustments. In addition, economic growth is expected
to resume somewhat in emerging markets, driven by internal demand in ASEAN
countries. The Japanese economy is forecasted to experience moderate growthduring the latter half of 2013 as a result of the projected global economic uptick andthe benefit of various government measures aimed at ending the deflationary
period.
At present, the Hitachi Group is striving to transform itself into a global major player,
centered on the Social Innovation Business. While channeling business resources
into the Social Innovation Business, Hitachi will also rigorously manage cash flows,
accelerate far-reaching cost structure reforms through the Hitachi Smart
Transformation Project and take other steps, as it works to achieve sustained
growth and establish a stable earnings base in global markets.

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Hitachi is forecasting the results shown before mentioned for fiscal 2013, the year
ending March 31, 2014.
Projections for fiscal 2013 assume an exchange rate of 95 yen to the U.S. dollar and
120 yen to the euro.
1-2. Financial Position(1) Financial Position
As of March 31, 2013
Yen
(billions)

Change fromMarch 31, 2012

U.S. Dollars(millions)

Total assets

9,809.2

390.7

104,354

Total liabilities

6,629.9(14.5)

70,531

Interest-bearing debt

2,370.0(26.3)

25,214

Total Hitachi, Ltd. stockholders’ equity

2,082.5

310.7

22,155

Noncontrolling interests

1,096.7

94.5

11,667

Total Hitachi, Ltd. stockholders’ equity ratio

21.2%

2.4 point improvement-

D/E ratio (including noncontrolling interests)

0.75times

0.11 point improvement-

Total assets as of March 31, 2013 increased 390.7 billion yen, to 9,809.2 billion yen,
due mainly to the acquisition of the U.K. company Horizon Nuclear Power Limited.
Interest-bearing debt declined 26.3 billion yen from March 31, 2012, to 2,370.0 billion
yen, mainly because of progress converting convertible bond-type bonds with stockacquisition rights to shares. Stockholders’ equity increased 310.7 billion yen fromMarch 31, 2012, to 2,082.5 billion yen, mainly reflecting net income attributable to
Hitachi, Ltd. stockholders and an increase in foreign currency translation adjustments.
As a result, the total Hitachi, Ltd. stockholders’ equity ratio was 21.2%. The
debt-to-equity ratio, including noncontrolling interests, was 0.75 times.
(2) Cash Flows
Year ended March 31, 2013
Yen
(billions)Year over yearchange(billions yen)

U.S. Dollars(millions)

Cash flows from operating activities

583.5

136.3

6,208

Cash flows from investing activities(553.4)(357.8)(5,888)30.0(221.5)320(180.4)(12.6)(1,920)Free cash flows
Cash flows from financing activities

Operating activities provided net cash of 583.5 billion yen, a 136.3 billion yen
increase year over year. This increase reflected the absence of the decline in cashfrom operations due to acceptance delays from customers in fiscal 2011 caused by
the effect of the Great East Japan Earthquake.

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Investing activities used net cash of 553.4 billion yen, 357.8 billion yen more than in
fiscal 2011. This mainly reflected the absence of the impact of selling the hard disk
drive business in fiscal 2011, and the acquisition of the U.K. company Horizon
Nuclear Power Limited.
Free cash flows, the sum of cash flows from operating and investing activities, was apositive 30.0 billion yen, despite declining 221.5 billion yen year over year.
Financing activities used net cash of 180.4 billion yen, 12.6 billion yen more than in
fiscal 2011. This mainly reflected an increase in dividend payments from fiscal 2011.
The net result of the above items was a 91.9 billion yen decrease in cash and cash
equivalents to 527.6 billion yen.
(3) Trends in Cash Flow IndexesYear ended
March 31,2011

Year ended
March 31,2012

Year ended
March 31,2013

Hitachi, Ltd. stockholders’ equity ratio (%)

15.7

18.8

21.2

Equity ratio based on market value (%)

21.3

26.1

26.7

Cash flow to interest-bearing debt ratio

3.0

5.4

4.1

Interest coverage ratio (times)

33.8

15.9

21.8

(a) Hitachi, Ltd. stockholder’s equity ratio: Total Hitachi, Ltd. shareholders’ equity / Total assets(b) Equity ratio based on market value: Market capitalization / Total assets(c) Cash flow to interest-bearing debt ratio: Interest-bearing debt / Cash flows from operating
activities(d) Interest coverage ratio: Cash flows from operating activities / Interest charges
Note:

Market capitalization is computed based on the number of issued shares, excluding treasury
stock.

1-3. Basic Policy on the Distribution of Earnings and Fiscal 2012 and 2013
Dividends
Hitachi views enhancement of the long-term and overall interests of shareholders as
an important management objective.
The industrial sector encompassing energy, information systems, social
infrastructure and other primary businesses of Hitachi is undergoing rapid
technological innovation and changes in market structure. This makes vigorous
upfront investment in R&D and plant and equipment essential for securing andmaintaining market competitiveness and improving profitability. Dividends are
therefore decided based on medium-to-long term business plans with an eye toensuring the availability of internal funds for reinvestment and the stable growth of
dividends, with appropriate consideration of a range of factors, including Hitachi’sfinancial condition, results of operations and dividend payout ratio.
Hitachi believes that the repurchase of its shares should be undertaken, whennecessary, as part of its policy on distribution to shareholders to complement the- more -- 13 -

dividend payout. In addition, Hitachi will repurchase its own shares in order toflexibly implement a capital strategy, including business restructuring, to maximize
shareholder value so far as consistent with the dividend policy. Such action will betaken by Hitachi after considering its future capital requirement under its businessplans, market conditions and other relevant factors.
Based on the above policies, Hitachi plans to pay an annual dividend of 10 yen per
share for fiscal 2012. Dividends for fiscal 2013 have yet to be determined.
Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” asdefined 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 andfinancial 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 andare subject to various risks and uncertainties that could cause actual results to differ materiallyfrom 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’s major 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, theinformation, 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, declines in which may
require Hitachi to write down equity securities that it holds;•

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

increased commoditization of information technology products and digital media-related
products and intensifying price competition for such products, particularly in the DigitalMedia & Consumer Products segments;•

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

rapid technological innovation;•

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

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

fluctuations in product demand and industry capacity;•

uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative- more -- 14 -

impact of fluctuations 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 tostrengthen its Social Innovation Business;•

uncertainty as to the success of restructuring efforts to improve management efficiency bydivesting or otherwise exiting underperforming businesses and to strengthen competitiveness;•

uncertainty as to the success of cost reduction measures;•

general socioeconomic and political conditions and the regulatory and trade environment ofcountries where Hitachi conducts business, particularly Japan, Asia, the United States andEurope, including, without limitation, direct or indirect restrictions by other nations on imports
and differences in commercial and business customs including, without limitation, contract
terms and conditions and labor relations;•

uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi
may not control, 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 of which the Company, its subsidiaries or its equity method affiliates havebecome or may become parties;•

the possibility of incurring expenses resulting from any defects in products or services ofHitachi;•the possibility of disruption of Hitachi’s operations by earthquakes, tsunamis or other natural
disasters;•

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 othermaterials published by Hitachi.

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2. Management Policy(1) Basic Management Policy
Amid intensifying competition in global markets, the Hitachi Group has been
expanding its business through development of Hitachi and its related companies(subsidiaries and affiliated companies). Hitachi aims to improve its development by
delivering competitive products and services imbuing higher value for customers. By
taking full advantage of the diverse resources of the Hitachi Group while at the sametime reviewing and restructuring businesses, Hitachi aims to bolster its
competitiveness and achieve growth in global markets. This process will be consistent
with Hitachi’s basic management policy, which is to increase shareholder value by
meeting the expectations of customers, shareholders, employees and otherstakeholders.
(2) Medium- and Long-term Management Strategy
The Hitachi Group will work to drive global growth through the Social Innovation
Business by fully capitalizing on the Hitachi Group’s business base built up over theyears. The Social Innovation Business includes information and telecommunication
systems, power systems, industrial and transportation systems, and social and urban
systems, as well as the sophisticated materials and key devices that support them. At
the same time, the Hitachi Group will work to establish an even more solidmanagement base by pushing ahead with ongoing business reforms and cost
structure reforms.
(3) Challenges Facing Hitachi Group
While the forecast of the management environment remains uncertain, the HitachiGroup will promote the following measures in order to further improve profitability
and achieve future growth as Hitachi works to become a top global company.
・ In order to respond to increasing global demand for safe, secure, and highly
economical social infrastructures, Hitachi will promote the Social Innovation
Business globally. Hitachi will further strengthen the Social Innovation Businessthrough the integration of IT with social infrastructure by collaboratively
operating highly related businesses and establishing cross-functionalorganization.
・ In order to achieve global growth, Hitachi will strengthen its regional functions,employing specific strategies tailored to the needs of each region. Hitachi will
focus mainly on China, Asia, and other areas where high levels of growth are
expected and will create and expand businesses in these regions. Hitachi will
also work to develop and promote human capital by implementing humanresource utilization measures globally throughout the Hitachi Group.
・ In order to achieve cost competitiveness that will be advantageous in global
markets, Hitachi will promote cost reductions by thoroughly overhauling its cost
structure across the Group including procurement, production and administrative
operations.
・ Hitachi will continue to strengthen the financial position by striving to improve the- more -- 16 -

cash flow through reducing costs, as well as thoroughly implementing measures
such as inventory management and reduction of working capital.
・ By continuing to strive to ensure the quality of the products and services Hitachi
provides to customers, Hitachi will further gain the trust of society in the HitachiGroup, and increase the value of the Hitachi brand.
・ Hitachi will combine various strengths of the Hitachi Group to promote measuresdirected at recovering from the Great East Japan Earthquake, such as bycontributing to the creation of sustainable, disaster-resistant cities. At the sametime, Hitachi will utilize such experience to contribute to the development ofsocial infrastructures worldwide.
・ Hitachi will contribute to stable supplies of energy around the world by striving toprovide even safer nuclear power generation systems.
・ Hitachi will intensify the focus on “Basics and Ethics” in order to eliminate
misconducts within the Hitachi Group, and strive to contribute to theenvironment and to communities.

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Consolidated Statements of Operations
The years ended March 31
Yen(B)/(A)(millions)(%)
2012 (A)2013 (B)U.S. Dollars(millions)
2013

Revenues

9,665,883

9,041,071

94

96,182

Cost of sales

7,278,971

6,743,991

93

71,745

Selling, general andadministrative expenses

1,974,632

1,875,052

95

19,947

Operating income

412,280

422,028

102

4,490

247,11045,86419488(Interest and dividends)

18,204

19,644108

209(Other)228,906

26,22011

279

101,660

123,355

121

1,312

(Interest charges)

28,141

26,70795284(Other)73,51996,648131

1,028

Income before income taxes

557,730

344,53762

3,665

Income taxes

144,922

106,81674

1,136

Net income

412,808

237,72158

2,529

65,62962,39595

664

347,179

175,326

51

1,865

Other income

Other deductions

Less: Net income attributable tononcontrolling interests
Net income attributable to
Hitachi, Ltd. stockholders

Consolidated Statements of Comprehensive Income
The years ended March 31
Yen(B)/(A)(millions)(%)
2012 (A)2013 (B)Net income

U.S. Dollars(millions)2013

412,808

237,72158

2,529

Foreign currency translation
adjustments

23,462

181,814

775

1,934

Other comprehensive income (loss)
arising during the year

Pension liability adjustments(44,149)(12,040)－(128)

Net unrealized holding gain on
available-for-sale securities

2,962

41,386－440

Cash flow hedges(2,502)(28,201)－(300)(20,227)

182,959－

1,946

392,581420,680

107

4,475

49,446

117,490

238

1,250

343,135

303,190

88

3,225

Total other comprehensive income(loss) arising during the year

Comprehensive income
Less: Comprehensive income
attributable to noncontrolling interests
Comprehensive income attributable
to Hitachi, Ltd. stockholders- more -- 18 -

Consolidated Balance Sheets
Yen(millions)

Total Assets
Current assets
Cash and cash equivalents
Short-term investments
Trade receivables, net
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, at cost
Noncontrolling interests(B)-(A)

U.S. Dollars(millions)

As of March 31,

As of March 31,

2012 (A)2013 (B)9,418,526
5,162,186
619,577
11,5629,809,230
5,190,138
527,632
10,444

390,704
27,952(91,945)(1,118)104,354
55,214
5,613
111

117,951
2,225,519
235,744

110,316
2,311,460
270,899(7,635)85,94135,155

1,174
24,5902,882

86,071
1,413,252
452,510744,4932,025,538
609,962

23,365
1,437,399
498,623
781,984
2,279,964
705,396(62,706)
24,147
46,11337,491
254,426
95,434249
15,291
5,305
8,319
24,255
7,504

205,411
670,936

131,379
720,369(74,032)
49,433

1,398
7,664

9,418,526
4,110,873

9,809,230
3,964,141

390,704(146,732)

104,354
42,172915,556

934,035

18,4799,937

97,004

26,399(70,605)281

24,0251,301,759
362,895
1,409,634
2,533,658
1,248,851

15,462
1,219,402
359,795
1,409,048
2,665,802
1,306,747(8,563)(82,357)(3,100)(586)
132,144
57,896

164
12,972
3,828
14,99028,36013,902135,043
890,977
258,787
2,773,995
1,771,782
427,775
600,243
1,242,110(496,896)(220,615)(294,252)

102,898
913,211
342,946
3,179,287
2,082,560
458,790622,946
1,370,723(368,334)(91,314)(308,724)(32,145)
22,234
84,159405,292
310,778
31,01522,703
128,613
128,562
129,301(14,472)

1,095
9,715
3,648
33,822
22,155
4,881
6,627
14,582(3,918)(971)(3,284)

20,491(2,520)(1,450)1,002,213

61,482(29,778)(1,565)
1,096,727

40,991(27,258)(115)
94,514

654
(317)
(17)
11,667- more -As of March 31,

2013- 19 -

Consolidated Statements of Stockholders' Equity
The years ended March 31
Yen

U.S. Dollars(millions)(millions)

2012

2013

2013

Hitachi, Ltd. stockholders' equity
Common stock
Balance at beginning of year

409,129427,775

4,551

Conversion of convertible bonds

18,64631,015

330

Balance at end of year

427,775

458,7904,881

Balance at beginning of year

603,133

600,243

6,386

Conversion of convertible bonds

18,64631,015

330

(9)

(5)

(0)

Equity transactions and other(21,527)(8,307)(88)

Balance at end of year

600,243

622,946

6,627

Balance at beginning of year

922,036

1,242,110

13,214

Net income attributable to Hitachi, Ltd. stockholders

347,179

175,326

1,865

Cash dividends(27,105)(46,713)(497)

1,242,110

1,370,723

14,582(493,062)(496,896)(5,286)

Current-period change(3,834)

128,562

1,368

Balance at end of year

(496,896)(368,334)(3,918)(1,371)(1,450)(15)

Current-period change

(79)

(115)

(1)

Balance at end of year

(1,450)(1,565)(17)

1,771,782

2,082,560

22,1551,001,524

1,002,213

10,662

Net income attributable to noncontrolling interests

65,62962,395664

Dividends to noncontrolling interests(22,293)(24,162)(257)

Equity transactions and other(42,647)

56,281599

1,002,213

1,096,727

11,6672,773,995

3,179,287

33,822

Capital surplus

Sales of treasury stock

Retained earnings

Balance at end of year
Accumulated other comprehensive loss
Balance at beginning of year

Treasury stock
Balance at beginning of year

Total Hitachi, Ltd. stockholders' equity
Noncontrolling interests
Balance at beginning of year

Balance at end of year
Total equity- more -- 20 -

Consolidated Statements of Cash FlowsThe years ended March 31
Yen
U.S. Dollars(millions)(millions)
2012
2013
2013
Cash flows from operating activities
Net income

412,808

237,7212,529

360,358

300,664

3,199

Amortization

119,308

117,355

1,248

Net gain on sale of investments in securities and other(228,115)(24,047)(256)

Decrease (increase) in receivables(259,211)

71,777764

Decrease (increase) in inventories(162,594)

7,860

84

Increase (decrease) in payables

119,177(187,651)(1,996)

Other

85,424

59,829636

Net cash provided by operating activities

447,155

583,508

6,208

Cash flows from investing activities
Purchase of property, plant and equipment, net(289,805)(353,175)(3,757)Purchase of intangible assets, net(106,042)(105,842)(1,126)

Purchase of tangible assets and software to be leased, net(251,903)(314,696)(3,348)Proceeds from sale (purchase) of investments in securities
and shares of consolidated subsidiaries resulting indeconsolidation, net

179,594(91,119)(969)

Collection of investments in leases

244,446

285,407

3,036

Other

28,12625,968276(195,584)(553,457)(5,888)Cash flows from financing activities
Decrease in interest-bearing debt

(85,745)(81,886)(871)

Dividends paid to stockholders(27,018)(46,564)(495)

Dividends paid to noncontrolling interests(22,206)(25,827)(275)

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

Net cash used in investing activities

Other(32,869)(26,168)(278)(167,838)(180,445)(1,920)Effect of exchange rate changes on cash and cash equivalents(18,966)

58,449622

Net increase (decrease) in cash and cash equivalents

64,767(91,945)(978)Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

554,810619,577

619,577
527,632

6,591
5,613

Net cash used in financing activities- more -- 21 -

Segment Information(1) Business Segments

Information & Telecommunication
Systems
Power Systems
Social Infrastructure &Industrial Systems
Electronic Systems & Equipment
Construction Machinery
High Functional Materials &Components
Revenues

Automotive Systems
Digital Media & Consumer
Products
Financial Services
OthersSubtotal
Eliminations & Corporate items
Total

The years ended March 31
Yen(B)/(A)(millions)2012 (A)2013 (B)(%)
1,764,247
1,786,587
101
16%
18%
832,408
904,696109
8%
9%1,204,975
1,313,847
109
11%
13%
1,101,784
1,014,312
92
10%
10%
798,785
756,06795
7%
7%
1,437,186
1,336,441
93
13%
13%
811,583
806,84799
8%
8%
858,845
818,52295
8%
8%353,204
340,29496
3%
3%
1,719,753
1,111,022
65
16%
11%
10,882,770
10,188,635
94
100%
100%

U.S. Dollars(millions)2013
19,006
9,624
13,977
10,791
8,043
14,217
8,583
8,708
3,620
11,819108,390(1,216,887)(1,147,564)－(12,208)

9,665,883

9,041,071

94

96,182- more -- 22 -

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

Automotive Systems
Digital Media & Consumer
Products
Financial Services
OthersSubtotal

The years ended March 31
Yen(B)/(A)(millions)2012 (A)2013 (B)(%)
101,732
104,689103
23%
24%(33,986)
29,911－(8%)
7%
49,18160,203122
11%
14%49,99529,38259
11%
7%
63,12954,62787
14%
12%77,00758,4187618%
13%37,04935,42396
9%
8%(10,947)(5,355)－(2%)(1%)
30,222
29,29097
7%
7%72,72140,16255
17%
9%436,103436,750
100
100%
100%

Eliminations & Corporate items
Total

U.S. Dollars(millions)
2013
1,114
318
640
313
581
621
377
(57)
312
427
4,646

(23,823)(14,722)－(157)

412,280

422,028

102

4,490

Notes: 1. Revenues by business segment include inter-segment transactions.
Notes: 2. Effective on April 1, 2012, Hitachi discontinued the Components & Devices Segment. The businesses, which were previously
included in the Components & Devices Segment, have been included in the Others. Figures for each segment, including figures
for the previous fiscal year, reflect the changed segmentation.

- more -- 23 -

(2) Revenues by Market

Japan
Asia
North America
EuropeOther Areas
Outside Japan
Total

The years ended March 31
Yen(B)/(A)(millions)2012 (A)2013 (B)(%)
5,534,462
5,355,119
97
57%
59%
2,000,989
1,711,141
86
21%
19%
869,014804,057939%
9%761,125
636,840848%
7%500,293533,914107
5%
6%4,131,421
3,685,952
89
43%
41%
9,665,883
9,041,071
94
100%
100%

- more -U.S. Dollars(millions)2013
56,96918,204
8,554
6,775
5,680
39,212
96,182

- 24 -Per Share Information
The years ended March 31
2012

2013

2013

(Yen)

(Yen)

(U.S.Dollars)382.26431.13

4.59

Basic

76.81

37.28

0.40

Diluted

71.86

36.29

0.39

Hitachi, Ltd. stockholders' equity per share
Net income attributable to Hitachi, Ltd.
stockholders per share

The reconciliations of the numbers and the amounts used in the basic and diluted
net income attributable to Hitachi, Ltd. stockholders per share computations are as follows:
The years ended March 31

Weighted average number of shares on whichbasic net income per share is calculated

2012

2013

2013

(Number of shares)(Number of shares)

4,520,117,309

4,702,790,707

310,772,267

127,952,024

4,830,889,576

4,830,742,731(Millions of yen)

(Millions of yen)

(Millions of U.S. dollars)

347,179

175,326

1,865

(12)

(11)

(0)

347,167

175,314

1,865

Effect of dilutive securities:
130% call option attached unsecured convertible
bonds (8th series)
Number of shares on which diluted net income
per share is calculated

Net income attributable to Hitachi, Ltd.
stockholders
Effect of dilutive securities:
Other
Net income attributable to Hitachi, Ltd.
stockholders on which diluted net income pershare is calculated- more -- 25 -

Unconsolidated Financial Statements Summary
Income Statements
The years ended March 31
Yen(B)/(A)(millions)(%)
2012 (A)2013 (B)
Revenues

1,870,475

1,911,529

Cost of sales

1,415,426

U.S. Dollars(millions)
2013

102

20,335

1,447,857

102

15,403Gross Profit
Selling, general andadministrative expenses
Operating income

455,048463,672

102

4,933

437,179

428,891

98

4,563

17,86934,781

195

370

Other income

75,55680,497107

856

Other deductions

44,502

39,22888417

Ordinary income

48,92376,050155809

Extraordinary gain

280,135

7,259

3

77

Extraordinary loss

69,98839,64257422

259,070

43,66717

465

Current income taxes

2,157(15,911)－(169)

Deferred income taxes

2,364

1,897

80

20

254,549

57,681

23

614

Basic EPS (yen and dollars)

56.31

12.27

22

0.13

Diluted EPS (yen and dollars)

52.70

11.94

23

0.13

Income before income taxes

Net income

Balance Sheets
Yen(millions)
As of March 31,
As of March 31,
2012 (A)2013 (B)
1,290,992
1,221,492(69,500)

U.S. Dollars(millions)
As of March 31,
2013
12,995(Quick assets)

1,087,824

1,010,411(77,412)

10,749(Inventories)

198,128

206,135

8,006

2,193

Current assets(Deferred tax assets)
Fixed assets(Investments)(B)-(A)

5,039

4,945

(94)

53

2,040,596

2,201,924

161,328

23,425

1,707,783

1,815,341

107,557

19,312(Others)

332,813

386,583

53,7704,113

Total assets

3,331,589

3,423,417

91,82736,419Current liabilities

1,592,737

1,698,008

105,270

18,064

Fixed liabilities

526,652

426,525(100,126)

4,538(Debentures)

192,068

50,000(142,068)

532(Long-term loans)

220,000

222,000

2,000

2,362

(Deferred tax liabilities)

21,80840,86919,061435(Others)

92,776113,656

20,8791,209

Total liabilities

2,119,390

2,124,534

5,144

22,601

Net assets

1,212,199

1,298,882

86,683

13,818

Liabilities and net assets

3,331,589

3,423,417

91,82736,419- more -- 26 -

May 10, 2013
Hitachi, Ltd.

Supplementary Information for Consolidated Financial Results for Fiscal 2012
1. Summary(1)Consolidated Basis
Fiscal 2013 (Forecast)Fiscal 2011

Fiscal 2012

Six months
ending September 30(B)

Revenues*1
Operating income*1
Percentage of revenues
Income before
income taxes*1

9,665.8412.2
4.3

9,041.0
422.0
4.7

94%
102%
－

4,350.0
130.0
3.0

100%
79%
－

9,200.0
500.0
5.4

102%
118%
－

557.7

344.5

62%

90.0

77%

425.0

123%

*1

412.8

237.7

58%

40.0

61%

305.0

128%

347.1

175.3

51%

10.0

33%

210.0

120%

10.4

26.8

－

－

－

－

－

79

83

－

95

－

95

－

(9.9)

(7.0)

－

－

－

－

－

Net income

Net income attributable to
Hitachi, Ltd. stockholders*1

Dividend payout ratio(%)
Average exchange rate(yen / U.S.$)Net interestand dividends*1*1(B)/(A)(C)/six months
ended Sep. 30,
2012

(A)

(C)

Billions of yen

As of
As of
March 31, 2012 March 31, 2013

Cash & cash equivalents,
Short-term investments(billions of yen)Interest-bearing debt
(billions of yen)
D/E Ratio

631.1

538.0

2,396.4

2,370.0

0.86

0.75

323,540
212,302111,238

326,240
207,727
118,513

939

963

340
599

314
649

(Including Noncontrollinginterests) (times)

Number of employees
Japan
Overseas
Number of consolidated
subsidiaries(Including Variableinterest entities)*2
Japan
Overseas*2

There were no Variable interest entities included into the figures of consolidated subsidiaries in the prior year and this year.
Also, consolidated trust accounts are not included into the figures of consolidated subsidiaries.

(2)Unconsolidated Basis
Fiscal 2011
Revenues*1
Operating income*1
Ordinary income*1
Net income*1
Average exchange rate(yen / U.S.$)

Fiscal 2012

(A)

(B)

1,870.4
17.8
48.9
254.5

1,911.5
34.7
76.0
57.6

(B)/(A)

102%
195%
155%
23%

81

84

－

As of
As of
March 31, 2012 March 31, 2013

Cash & cash equivalents,
Short-term investments(billions of yen)Interest-bearing debt
(billions of yen)
Number of employees

85.6

36.5

515.2

479.6

32,90833,665- more -(D)(D)/(B)- 27 -

2. Consolidated Revenues by Business Segment*3
Fiscal 2011

Information &Telecommunication Systems(Billions of yen)

Fiscal 2013 (Forecast)Fiscal 2012

Six months ending September 30(B)/(A)(C)(C)/six months
ended Sep. 30,
2012

(A)

(B)

(D)

(D)/(B)

1,764.2

1,786.5

101%

830.0

100%

1,820.0

102%

832.4

904.6

109%

370.0

89%

750.0

83%

Social Infrastructure &Industrial Systems

1,204.9

1,313.8

109%

570.0

105%

1,370.0

104%

Electronic Systems & Equipment

1,101.7

1,014.3

92%

490.0

96%

1,090.0

107%

798.7

756.0

95%

380.0

103%

800.0

106%

Power Systems

Construction Machinery
High Functional Materials &Components

1,437.1

1,336.4

93%

650.0

96%

1,310.098%

Automotive Systems

811.5

806.8

99%

400.0

100%

820.0

102%

Digital Media & Consumer
Products

858.8

818.5

95%

430.0

100%

820.0

100%

Financial Services

353.2

340.2

96%

160.0

89%

330.0

97%

Others1,719.7

1,111.0

65%

540.0

97%

1,150.0

104%

Subtotal

10,882.7

10,188.6

94%

4,820.098%

10,260.0101%

Eliminations & Corporate items(1,216.8)(1,147.5)－(470.0)－(1,060.0)

－

Total

9,665.8

9,041.094%

4,350.0100%

9,200.0102%*3Effective on April 1, 2012, Hitachi discontinued the Components & Devices Segment. The businesses, which were previously included in the Components& Devices Segment, have been included in the Others. Figures for each segment, including figures for the previous fiscal year, reflect the changed
segmentation.

3. Consolidated Operating Income (Loss) by Business Segment*3
Fiscal 2011

(Billions of yen)

Fiscal 2013 (Forecast)Fiscal 2012

Six months ending September 30(B)/(A)(C)(C)/six months
ended Sep. 30,
2012

(A)

(B)

Information &Telecommunication Systems(D)(D)/(B)

101.7

104.6

103%

34.0

125%

120.0

115%

Power Systems(33.9)

29.9

－

(7.0)

－

15.0

50%

Social Infrastructure &Industrial Systems

49.1

60.2

122%

0.0

－

66.0

110%

Electronic Systems & Equipment

49.9

29.3

59%

7.0

35%

47.0

160%

Construction Machinery

63.1

54.6

87%

28.0

123%

82.0

150%

High Functional Materials &Components

77.0

58.4

76%

35.0

92%

84.0

144%

Automotive Systems

37.0

35.4

96%

18.0

93%

41.0

116%

Digital Media & Consumer
Products(10.9)

(5.3)

－

(4.0)

－

0.0

－

Financial Services

30.2

29.2

97%

14.0

102%

30.0

102%

Others

72.7

40.1

55%

17.0

82%

45.0

112%

Subtotal

436.1

436.7

100%

142.0

83%

530.0

121%

Eliminations & Corporate items(23.8)(14.7)－(12.0)－(30.0)

－

Total

412.2

422.0

102%

130.0

79%

500.0

118%

- more -- 28 -

4. Consolidated Overseas Revenues by Business Segment*3
Fiscal 2012
(B)

Information &Telecommunication Systems

434.6

458.1

105%

Power Systems

284.7

326.8

115%

Social Infrastructure &Industrial Systems

302.1

382.8

127%

Electronic Systems & Equipment

607.3

534.1

88%

Construction Machinery

591.8

567.8

96%

High Functional Materials &Components

542.5

521.3

96%

Automotive Systems

360.5

361.9

100%

Digital Media & Consumer
Products

369.7

352.8

95%

51.0

62.8

123%

Others

715.6

207.1

29%

Subtotal

4,260.3

3,776.089%

Eliminations & Corporate items(128.9)(90.0)－

Total

4,131.4

3,685.9

89%

Financial Services(Billions of yen)

Fiscal 2013 (Forecast)Fiscal 2011
(A)

(B)/(A)(C)

4,100.0(C)/(B)111%

5. Overseas Production (Total Revenues of Overseas Manufacturing Subsidiaries)*4

Overseas production(billions of yen)
Percentage of revenues(%)

Fiscal 2011
(A)

(B)

2,499.8

1,930.2

77%

26

21

－

61

52

－

Percentage of overseas
revenues (%)*4

Fiscal 2012
(B)/(A)

Figures in tables 5, 9, 10 and 11 represent unaudited financial information prepared by the Company for the purpose of this supplementary information.

6. Consolidated Capital Expenditure by Business Segment in Manufacturing, Services & Othersand Financial Services (Completion basis, including Leasing Assets)*3, 5(Billions of yen)

Fiscal 2011

Fiscal 2012

Fiscal 2013 (Forecast)

(A)

(B)

Information &Telecommunication
Systems(B)/(A)

50.6

52.6

104%

Power Systems

27.3

24.9

91%

Social Infrastructure &Industrial Systems
Electronic Systems &Equipment

24.2

32.6

135%

22.3

19.8

88%

Construction Machinery

65.0

67.6

104%

High Functional Materials &Components

67.8

82.2

121%

Automotive Systems

38.3

51.7

135%

Digital Media & Consumer
Products

20.4

21.9

107%

Others

85.4

46.0

54%

(C)

(C)/(B)

3.5

6.4

181%

Manufacturing, Services& Others

405.4

406.1

100%

432.0

106%

Financial Services

256.2

345.0

135%

417.0

121%

Eliminations(12.4)

(8.6)

－

(7.0)

－

649.2

742.5

114%

842.0

113%

Corporate items

Total
*5

From this announcement, the Company adopted the new category as titled.
Figures for each segment, including figures for the previous fiscal year, reflect the new category.

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7. Consolidated Depreciation by Business Segment in Manufacturing, Services & Others*3, 5
and Financial Services(Billions of yen)

Fiscal 2011

Fiscal 2012

Fiscal 2013 (Forecast)

(A)

(B)

Information &Telecommunication
Systems

33.2

32.6

98%

Power Systems

17.1

16.9

99%

Social Infrastructure &Industrial Systems
Electronic Systems &Equipment

20.5

19.1

93%

11.8

10.2

86%

Construction Machinery

35.0

31.5

90%

High Functional Materials &Components

62.8

56.8

90%

Automotive Systems

25.8

21.0

82%

Digital Media & Consumer
Products

19.0

18.9

99%

Others

74.0

32.0

43%

2.6

3.4

128%

302.2

242.8

80%

260.0

107%

58.1

57.8

99%

63.0

109%

360.3

300.6

83%

323.0

107%

Corporate items
Manufacturing, Services& Others
Financial Services
Total(B)/(A)(C)

8. Consolidated R&D Expenditure by Business Segment*3
Fiscal 2011

Fiscal 2012

(C)/(B)(Billions of yen)

Fiscal 2013 (Forecast)

(A)

(B)

Information &Telecommunication Systems

87.9

81.2

92%

Power Systems

16.5

19.7

119%

Social Infrastructure &Industrial Systems

22.5

24.6

109%

Electronic Systems & Equipment

47.3

43.4

92%

Construction Machinery

16.4

17.2

104%

High Functional Materials &Components

46.1

43.4

94%

Automotive Systems

52.8

58.3

111%

Digital Media & Consumer
Products

23.6

20.8

88%

0.3

0.1

54%

Others

74.6

6.9

9%

Corporate items

24.0

25.2

105%

412.5

341.3

83%

363.0

106%

4.3

3.8

－

3.9

－

Financial Services

Total
Percentage of revenues (%)(B)/(A)- more -(C)(C)/(B)- 30 *4

9. Consolidated Balance Sheets by Manufacturing, Services & Others and Financial Services
As of March 31, 2012

Current assets
Cash and cash equivalents
Trade receivables(Billions of yen)

As of March31, 2013

Manufacturing,Services& Others

Financial
Services

Total*6

Manufacturing,Services& Others

Financial
Services

Total*6

4,593.2

1,023.1

5,162.1

4,534.7

1,056.0

5,190.1

589.0

142.0

619.5

500.7

141.7

527.6

1,999.5593.5

2,343.4

2,007.2642.3

2,421.7

Investments in leases

86.6

169.6

235.7

84.4

203.0

270.8

Current portion of financial assets transferred toconsolidated securitization entities

5.6

80.3

86.0

5.1

18.1

23.3

1,413.2

0.0

1,413.2

1,437.4

0.0

1,437.3

499.0

37.3

464.0

499.7

50.7

509.0

Inventories
OthersInvestments and advances

685.4

92.0

744.4

720.6

112.3

781.9

1,828.4

198.4

2,025.5

2,074.7

206.3

2,279.9

－

205.4

205.4

－

131.3

131.3

Other assets

887.6

431.6

1,280.8

994.2

454.8

1,425.7

Total Assets

7,994.7

1,950.6

9,418.5

8,324.4

1,960.9

9,809.2

Current liabilities

3,576.1

991.1

4,110.8

3,537.6

827.5

3,964.1

615.2

491.6

915.5

690.9

407.9

934.0

5.6

91.3

97.0

5.1

21.2

26.3

Trade payables

1,284.0

269.9

1,325.7

1,181.6

256.2

1,234.8

Others

1,671.1

138.1

1,772.5

1,659.8

142.1

1,768.8

801.9

501.9

1,248.8

672.7

692.8

1,306.7

－

135.0

135.0

－

102.8

102.8

Other noncurrent liabilities

1,089.4

65.6

1,149.7

1,204.3

56.9

1,256.1

Total Liabilities

5,467.6

1,693.8

6,644.5

5,414.7

1,680.2

6,629.9

Total Hitachi, Ltd. stockholders' equity

1,635.8

146.6

1,771.7

1,932.3

161.1

2,082.5

891.3

110.2

1,002.2

977.3

119.6

1,096.7

Total Equity

2,527.1

256.8

2,773.9

2,909.7280.7

3,179.2

Total Liabilities and Equity

7,994.7

1,950.6

9,418.5

8,324.4

1,960.9

9,809.2

Interest-bearing debt

1,422.8

1,220.0

2,396.4

1,368.8

1,224.9

2,370.0

D/E ratio (including noncontrolling interests)

0.56

4.75

0.86

0.47

4.36

0.75

Total Hitachi, Ltd. stockholders’ equity ratio

20.5%

7.5%

18.8%

23.2%

8.2%

21.2%

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

Short-term debt and current portion of long-term debt
Current portion of non-recourse borrowings ofconsolidated securitization entities

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

Noncontrolling interests*6

Total Figures exclude inter-segment transactions.

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10. Consolidated Statements of Operations by Manufacturing, Services & Others and Financial Services*4(Billions of yen)
Fiscal 2011
Manufacturing,Services& Others

Fiscal 2012

Financial
Services

Total*6

Manufacturing,Services& Others

9,457.4

353.2

9,665.8

Operating income

383.8

30.2

Income before income taxes

529.0

Net income attributable to Hitachi, Ltd. stockholders

341.0

Revenues

Financial
Services

Total*6

8,839.6

340.2

9,041.0

412.2

393.9

29.2

422.0

29.6

557.7

317.9

28.7

344.5

7.7

347.1

164.9

12.7

175.3

*4

11. Consolidated Statements of Cash Flows by Manufacturing, Services & Others and Financial Services(Billions of yen)
Fiscal 2011
Manufacturing,Services& Others

Financial
Services

Fiscal 2012

Total

*6

Manufacturing,Services& Others

Financial
Services

Total

*6

Cash flows from operating activities

442.7

17.8

447.1

503.4

105.2

583.5

Cash flows from investing activities(229.6)

14.4(195.5)(478.4)(63.0)(553.4)

Cash flows from financing activities(138.6)0.7(167.8)(170.1)(44.4)(180.4)

Effect of exchange rate changes on cash and cash
equivalents(19.1)

0.1(18.9)

56.7

1.8

58.4

Net increase (decrease) in cash and cash equivalents

55.4

33.2

64.7

(88.3)(0.3)(91.9)Cash and cash equivalents at beginning of year

533.6

108.8

554.8

589.0

142.0

619.5

Cash and cash equivalents at end of year

589.0

142.0

619.5

500.7

141.7

527.6

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12. Information & Telecommunication Systems(1)Revenues and Operating Income
Fiscal 2011

Revenues
Software & Services
SoftwareServices
Hardware
Storage*8Servers*9
PCs*10
Telecommunication
OthersOperating income
Software & Services
Hardware
*7
*8
*9
*10

*7

(Billions of yen)
Fiscal 2013 (Forecast)Fiscal 2012

(A)

(B)

1,764.2
1,222.2
171.0
1,051.2
542.0
193.0
51.5
32.3
140.9
124.0
101.7
86.2
15.4

1,786.5
1,235.6
160.6
1,075.0
550.9
202.4
50.3
29.2
122.7
146.0
104.6
75.6
29.0

Total

Six months ending September 30(B)/(A)

101%
101%
94%
102%
102%
105%
98%
90%
87%
118%
103%
88%
188%

(C)

(C)/six months
ended Sep. 30,
2012

(D)

(D)/(B)

830.0
592.0

100%
104%

1,820.0
1,303.0

102%
105%

238.0

91%

517.0

94%

34.0

125%

120.0
102.0
18.0

115%
135%
62%

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)
Fiscal 2011

Revenues

Fiscal 2013 (Forecast)Fiscal 2012

(A)

(B)

351.0

379.0

Total

Six months ending September 30(B)/(A)

108%
###

(C)

195.0

(C)/six months
ended Sep. 30,
2012

111%

(D)

410.0

(D)/(B)108%