Financial Highlights
Hitachi, Ltd. and subsidiaries

FY2013

FY2012FY2011FY2010FY2009FY2008For the year:
Revenues¥9,616,202¥9,041,071¥9,665,883¥9,315,807¥8,968,546¥10,000,369

Operating income

532,811422,028

412,280

444,508

202,159

127,146

EBIT (earnings before interest and taxes)

580,153

358,015573,218

443,81277,815(275,239)

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

264,975

175,326

347,179

238,869(106,961)(787,337)

Cash flows from operating activities

439,406

583,508

447,155

841,554798,299558,947

Cash flows from investing activities(491,363)(553,457)(195,584)(260,346)(530,595)(550,008)

Free cash flows(51,957)

30,051

251,571581,208

267,704

8,939

Cash flows from financing activities

32,968(180,445)(167,838)(584,176)(502,344)

284,388

Cash dividends declared

50,71147,69036,72736,133—

9,971

Capital investment (Property, plant and equipment)

849,877

742,537

649,234

556,873

546,326

788,466

Depreciation (Property, plant and equipment)

329,833

300,664

360,358

382,732

441,697478,759

R&D expenditures

351,426

341,310412,514395,180

372,470

416,517

Total assets

11,016,899

9,809,230

9,418,526

9,185,629

8,964,464

9,403,709

Property, plant and equipment

2,342,091

2,279,964

2,025,538

2,111,270

2,219,804

2,393,946

Total Hitachi, Ltd. stockholders’ equity

2,651,241

2,082,560

1,771,782

1,439,865

1,284,658

1,049,951

Interest-bearing debt

2,823,049

2,370,079

2,396,454

2,521,551

2,367,143

2,820,109

Number of employees

320,725

326,240

323,540

361,745359,746

361,796

Basic¥54.86¥37.28¥76.81¥52.89¥(29.20)¥(236.86)

Diluted

54.85

36.29

71.86

49.38

(29.20)(236.87)

10.5

10.0

8.0

8.0

—

3.0

549.02431.13382.26318.73287.13315.86

At year-end:

Per share data:
Net income (loss) attributable to Hitachi, Ltd. stockholders:Cash dividends declared
Total Hitachi, Ltd. stockholders’ equity

Financial ratios:
Operating income ratio

5.5

4.7

4.3

4.8

2.3

1.3

EBIT ratio

6.0

4.0

5.9

4.80.9–2.8

Return on revenues

2.8

1.9

3.6

2.6

–1.2

–7.9

Return on equity (ROE)

11.2

9.1

21.6

17.5

–9.2

–48.9

Return on assets (ROA)

2.4

1.8

3.7

2.6

–1.2

–8.4

D/E ratio (including noncontrolling interests) (times)

0.73

0.75

0.86

1.03

1.04

1.29

Total Hitachi, Ltd. stockholders’ equity ratio

24.1

21.2

18.8

15.7

14.3

11.2

Notes:
1. In order to be consistent with financial reporting principles and practices generally accepted in Japan, operating income is presented as total revenues less cost of sales andselling, general administrative expenses. The Company believes that this is useful to investors in comparing the Company’s financial results with those of other Japanese companies.
Under accounting principles generally accepted in the United States of America, restructuring charges, net gain or loss on sales and disposal of rental assets and other property
and impairment losses for long-lived assets are included as part of operating income.
2. The restructuring charges mainly represent special termination benefits incurred with the reorganization of our business structures, and as the result of the Company andits subsidiaries reviewing and reshaping the business portfolio.
3. EBIT is presented as income before income taxes less interest income plus interest charges.
4. The Company has changed the number of employees to exclude temporary employees starting from the year ended March 31, 2010.
The figure for the prior year has been restated to reflect the current year’s presentation.

20

Hitachi, Ltd. | Annual Report 2014

Millions of yen

FY2007

FY2006

FY2005

FY2004

Revenues / Operating income ratio / EBIT ratio
Revenues (left scale)Operating income ratio (right scale)

EBIT ratio (right scale)(Millions of yen)

¥11,226,735¥10,247,903¥9,464,801¥9,027,043

345,516

182,512

256,012

279,055

335,729

214,218

289,959

280,150(58,125)(32,799)

37,32051,496

791,837

615,042

690,875

565,356(637,618)(786,170)(501,362)(526,988)

154,219(171,128)

189,51338,368(185,556)

121,259(261,638)(99,429)

19,947

19,97436,641

36,462

969,087

1,048,572

954,706

959,593541,470

472,175

451,170425,080

428,171412,534

405,079

388,634

10,530,847

10,644,259

10,021,195

9,736,247

2,653,918

2,688,977

2,460,186

2,357,931

2,170,612

2,442,797

2,507,773

2,307,831

2,531,506

2,687,450

2,419,044

2,502,506

347,810

349,996327,324

323,072(%)

12,000,000

99,000,000

6

6,000,000

33,000,000

0

0

04

05

06

0708

09

10

11

1213(FY)

1213(FY)–3

Return on equity (ROE) / Return on assets (ROA)
Return on equity (ROE)

Return on assets (ROA)

(%)

Yen

¥(17.48)¥(9.84)¥11.20¥15.53(17.77)(9.87)

10.84

15.15

6.0

6.0

11.0

11.0

652.95734.66752.91

692.73
%

50

25

0

–25

–50

04

05

06

07

08

09

1011

Cash flows
Cash flows from operating activities (left scale)Free cash flows (right scale)

Cash flows from investing activities (left scale)(Millions of yen)

3.1

1.8

2.7

3.1

3.0

2.1

3.1

3.1

–0.5

–0.3

0.4

0.6

–2.5

–1.3

1.5

2.3

–0.6

–0.3

0.4

0.5

0.76

0.76

0.68

0.78

20.6

22.9

25.0

23.7

(Millions of yen)

1,000,000

800,000

500,000

400,000

00–500,000–1,000,000–400,000

04

05

06

07080910111213(FY)–800,00021