FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results
for the First Quarter ended June 30, 2012
Tokyo, July 30, 2012 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated
financial results for the first quarter of fiscal 2012, ended June 30, 2012.
Notes: 1. All figures, except for the outlook for full year and the first half of fiscal 2012, were converted
at the rate of 79 yen to the U.S. dollar, the approximate exchange rate on the Tokyo Foreign
Exchange Market as of June 29, 2012.
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).

Three months ended June 30
Yen
U.S. Dollars(B)/(A)(millions)(millions)(%)
2011 (A)2012 (B)2012
1. Revenues

2,150,693

2,120,715

99

26,844

2. Operating income

52,40363,574121805

3. Income before income taxes

41,154

48,866119

619

4. Net income

16,265

20,380125

258

5. Net income attributable to
Hitachi, Ltd.

2,931

7,011

239

89

Basic

0.65

1.51

232

0.02

Diluted

0.61

1.45

238

0.02

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

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 928 consolidated subsidiaries and 182 equity-method affiliates. Although the consolidated subsidiaries
Notes: 3. include Variable interest entities, there is no Variable interest entity included into the figures of consolidated subsidiaries
Notes:3. in this period. Also, 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 2012 First-Quarter Consolidated Business Results
Three months ended June 30, 2012
Yen
(billions)Year over yearchange(% or billions yen)

U.S. dollars(millions)

2,120.7(1%)

26,844

Operating income

63.5

11.1

805

Income before income taxes

48.8

7.7

619

Net income

20.3

4.1

258

Net income attributable to Hitachi, Ltd.

7.0

4.0

89

Revenues

During the first quarter of fiscal 2012, the U.S. economy continued to experience a
gradual recovery. However, economic turmoil continued in Europe due to credit worries
in some countries and also China and other emerging economies slowed further due tolower exports to Europe.
The Japanese economy, meanwhile, staged a recovery, supported by higher public
works spending to help the reconstruction after the Great East Japan Earthquake, and by
higher consumer spending spurred by government programs. Exports, however,struggled due to the global economic slowdown and persistent yen strength.
Hitachi’s consolidated revenues for the first quarter edged down 1% year over year, to2,120.7 billion yen, reflecting mainly the sale of the hard disk drive business in fiscal 2011.
Positive factors were strong revenues in the Automotive Systems Segment as global
automobile demand rebounded; increased revenues in the Construction Machinery
Segment and the Power Systems Segment.
Hitachi posted consolidated operating income of 63.5 billion yen, up 11.1 billion yen fromthe first quarter of fiscal 2011, despite the impact of the sale of the hard disk drive
business. The higher operating income overall was attributable to increased operating
income in the Automotive Systems, Power Systems and Construction Machinery
segments on higher revenues.
Hitachi posted net other deductions of 14.7 billion yen, a 3.4 billion yen change year overyear, the result mainly of exchange losses due to the yen’s appreciation.
As a result, Hitachi recorded income before income taxes of 48.8 billion yen, 7.7 billion
yen more year over year. After taxes of 28.4 billion yen, Hitachi posted net income of
20.3 billion yen, a year over year increase of 4.1 billion yen. After deducting net income
attributable to noncontrolling interests of 13.3 billion yen, Hitachi recorded net income
attributable to Hitachi, Ltd. of 7.0 billion yen, up 4.0 billion yen year over year.

- more --4-(2) Revenues and Operating income (loss) by Segment
Results by segment were as follows:[Information & Telecommunication Systems]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating loss

Year over yearchange(% or billions yen)

U.S. dollars(millions)

371.6

6%

4,704

(1.4)

(3.5)

(18)

The segment recorded revenues of 371.6 billion yen, an increase of 6% year overyear, on the back of higher sales in both software and services, and hardware.
The segment recorded an operating loss of 1.4 billion yen, declined 3.5 billion yen
year over year, despite improved profitability in hardware. This loss reflected lower
earnings year over year in software and services due to lower projects profitability.

[Power Systems]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. dollars(millions)

190.5

15%

2,412

2.4

5.7

31

Segment revenues increased 15% year over year, to 190.5 billion yen. While nuclear
power generation systems recorded lower sales, thermal power generation systems
performed strongly. The April 2012 taking over of the transmission and distribution
business of Japan AE Power Systems Corporation also contributed to increase inrevenues.
The segment recorded operating income of 2.4 billion yen, a 5.7 billion yen
improvement year over year. This improvement resulted from higher earnings due toincreased revenues, as well as the fact that in the same period of the previous fiscal
year Hitachi recorded additional expenses at overseas thermal power generation
systems projects.

- more --5-[Social Infrastructure & Industrial Systems]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating loss

Year over yearchange(% or billions yen)

U.S. dollars(millions)

238.0

4%

3,014

(2.0)

(3.0)

(26)

Segment revenues increased 4% year over year, to 238.0 billion yen despite lower
sales of industrial equipment for the manufacturing industry. The overall increase
mainly reflected strong growth in the elevators and escalators business in Japan, in
addition to higher sales of railway systems and plant-related equipment andconstruction in Japan.
The segment recorded an operating loss of 2.0 billion yen, a 3.0 billion yen decline
year over year due to lower earnings in industrial equipment for the manufacturingindustry.

[Electronic Systems & Equipment]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. dollars(millions)

245.2

0%

3,105

9.5

2.3

121

Segment revenues were flat year over year at 245.2 billion yen. While the sales of Hitachi
High-Technologies Corporation's medical analysis systems and Hitachi Medical
Corporation's ultrasound diagnostic systems increased, Hitachi Kokusai Electric Inc. saw
sales decline.
Segment operating income increased 2.3 billion yen, to 9.5 billion yen, reflecting year
over year growth in semiconductor manufacturing equipment for mobile-related devices
and in medical analysis systems at Hitachi High-Technologies Corporation.

- more --6-[Construction Machinery]
Three months ended June 30, 2012
Yen
(billions)Year over yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

199.0

15%

2,520

Operating income

14.1

3.0

179

The segment recorded a 15% year over year increase in revenues, to 199.0 billion
yen, despite lower demand in China. The overall increase reflects strong sales ofhydraulic excavators in other emerging markets and North America, as well as mining
machinery in Asia and Oceania.
Segment operating income increased 3.0 billion yen, to 14.1 billion yen, reflecting thehigher revenues and cost reduction.

[High Functional Materials & Components]
Three months ended June 30, 2012
Yen
(billions)Year over yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

343.1

(1%)

4,344

Operating income

20.0

0.6

253

Segment revenues edged down 1% year over year, to 343.1 billion yen. Although Hitachi
Metals, Ltd.’s automotive-related products recorded strong sales, Hitachi Cable, Ltd. saw
sales fall due to downward pressure on sales prices resulting from a drop in the price ofcopper and the withdrawal from unprofitable businesses.
Segment operating income was 20.0 billion yen, an increase of 0.6 billion yen year overyear due to cost reduction and other factors.

- more --7-[Automotive Systems]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. dollars(millions)

205.0

23%

2,595

9.3

6.4

118

Segment revenues increased 23% year over year, to 205.0 billion yen, as a result of
growing global automobile demand, mainly in emerging markets, and a recovery from theGreat East Japan Earthquake.
The segment recorded operating income of 9.3 billion yen, a 6.4 billion yen year overyear increase due to the higher revenues and cost reduction.

[Digital Media & Consumer Products]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. dollars(millions)

218.5

(6%)

2,766

0.0

(3.2)

0

Segment revenues declined 6% year over year, to 218.5 billion yen. This result reflected
lower demand for flat-panel TVs, and the impact of the flooding in Thailand and lower
sales prices on optical disk drive-related products.
The segment secured positive operating income by promoting structural reform of theflat-panel TV business, although it was down 3.2 billion yen year over year due to fallingin sales prices of home air-conditioners and home appliances mainly in the Japanesemarket.
Note:

The optical disk drive operations are conducted by Hitachi-LG Data Storage, Inc. (HLDS),
which has a December 31 fiscal year-end, different from Hitachi’s March 31 year-end.
Hitachi’s results for the three months ended June 30, 2012 include operating results of HLDS for
the three months ended March 31, 2012.

- more --8-[Financial Services]
Three months ended June 30, 2012
Yen
(billions)Year over yearchange(% or billions yen)

U.S. dollars(millions)

Revenues

94.6

2%

1,198

Operating income

7.2

0.3

92

The segment reported a 2% year over year increase in revenues, to 94.6 billion yen, due
to a strong performance in the overseas business at Hitachi Capital Corporation,
particularly in Asia.
Segment operating income increased 0.3 billion yen, to 7.2 billion yen. This reflected
higher earnings at Hitachi Capital Corporation due to reduction of credit costs.

[Others]
Three months ended June 30, 2012
Yen
(billions)
Revenues
Operating income

Year over yearchange(% or billions yen)

U.S. dollars(millions)

278.5

(33%)

3,526

8.9

(0.9)

113

Segment revenues declined 33% year over year, to 278.5 billion yen although the salesof Hitachi Transport System, Ltd. were flat year over year. The overall decline reflected
the sale of hard disk drive business in the previous fiscal year.
Segment operating income decreased 0.9 billion yen year over year, to 8.9 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 the previous fiscal year, reflect the changed segmentation.

- more --9-(3) Revenues by Market
Three months ended June 30, 2012
Yen
(billions)Japan

Year over year
% change

U.S. dollars(millions)

1,204.6

2%

15,249Outside Japan

916.0

(6%)

11,595

Asia

418.1

(15%)

5,292

North America

203.2

5%

2,573

Europe

164.0

(11%)

2,077

Other Areas

130.6

25%

1,653

Revenues in Japan were 1,204.6 billion yen, up 2% year over year. While the Others
Segment recorded lower revenues due to the sale of the hard disk drive business, theAutomotive Systems, the Information & Telecommunication Systems and the Power
Systems segments recorded higher revenues year over year, mainly reflecting a
recovery from the Great East Japan Earthquake.
Outside Japan revenues declined 6% year over year, to 916.0 billion yen. The main
reasons for the overall decline were the impact of selling the hard disk drive business,
which resulted in much lower revenues in the Others Segment. The overall revenue
decline came despite higher revenues in the Construction Machinery Segment onstrong sales of hydraulic excavators and mining machinery to emerging markets, andin the Automotive Systems Segment because of growth in automobile demand
worldwide.
As a result, the ratio of overseas revenues to consolidated revenues was 43%, 2
points lower year over year.

(4) Capital Expenditures, Depreciation and R&D Expenditures
Capital expenditures on a completion basis, excluding leasing assets, increased 39%
year over year, to 82.8 billion yen, mainly due to investments for global businessexpansion.
Depreciation, excluding leasing assets, decreased 23% year over year, to 52.0 billion yen,primarily due to strict selection of capital investments.
R&D expenditures decreased 16% year over year, to 79.0 billion yen, whichcorresponded to 3.7% of consolidated revenues, reflecting the impact of the sale of thehard disk drive business, although Hitachi made further R&D investments to strengthen
the Social Innovation Business.

- more -- 10 -

2. Financial Position(1) Financial Position
As of June 30, 2012
Yen
(billions)

Change fromMarch 31, 2012

Total assets

9,220.3(198.1)

116,713

Total liabilities

6,510.1(134.3)82,407

Interest-bearing debt

2,469.5

73.0

31,260Total Hitachi, Ltd. stockholders’ equity

1,718.2(53.4)

21,750Noncontrolling interests

991.8(10.3)

12,555

Total Hitachi, Ltd. stockholders’equity ratio

18.6%

0.2 point decrease-

0.91 times

0.05 point increase-

D/E ratio (including noncontrolling interests)

U.S. dollars(millions)

Total assets as of June 30, 2012 decreased 198.1 billion yen from March 31, 2012, to
9,220.3 billion yen. Interest-bearing debt increased 73.0 billion yen, to 2,469.5 billion yen,mainly due to an increase in working capital because of seasonal factors such as bonus
payment. Stockholders’ equity declined 53.4 billion yen, to 1,718.2 billion yen because
the accumulated other comprehensive loss increased due to appreciation of the yen andstock market slump. As a result, the total Hitachi, Ltd. stockholders’ equity ratio was
18.6%. The debt-to-equity ratio, including noncontrolling interests, was 0.91 times.
(2) Cash Flows
Three months ended June 30, 2012
Yen
(billions)Year over yearchange(billions yen)

U.S. dollars(millions)

Cash flows from operating activities

43.4

43.6

550

Cash flows from investing activities(89.1)

25.1(1,129)

Free cash flows(45.7)

68.7

(579)

Cash flows from financing activities

31.8(274.1)

403

Operating activities provided net cash of 43.4 billion yen, an improvement of 43.6 billion
yen year over year. This improvement reflected the absence of the decline in cash fromoperations due to inspection delays at customers in the first quarter of fiscal 2011 causedby the impact of the Great East Japan Earthquake.
Investing activities used net cash of 89.1 billion yen, 25.1 billion yen less than in thecorresponding quarter of the previous fiscal year. This result mainly reflected lower
outlays related to corporate acquisitions than in the previous fiscal year.
Free cash flows, the sum of cash flows from operating and investing activities, was anegative 45.7 billion yen, but this was a 68.7 billion yen improvement year over year.
- more -- 11 -

Financing activities provided net cash of 31.8 billion yen, a 274.1 billion yen decrease
year over year, due to lower short-term debt than in the corresponding quarter of theprevious fiscal year, which had been increased to secure liquidity of cash reserves after
the Great East Japan Earthquake.
The net result was a decrease of 17.1 billion yen in cash and cash equivalents, to 602.4
billion yen.
3. Outlook for First Half of Fiscal 2012 and the Full Year of Fiscal 2012
The first half of fiscal 2012 ending September 30, 2012

Yen
(billions)
Revenues

Year over yearchange(% or billions yen)

U.S. dollars(millions)4,300.0(6%)

57,333Operating income

150.0(20.6)

2,000

Income before income taxes

120.0(13.0)

1,600

Net income

70.0

(7.7)

933

Net income attributable to Hitachi, Ltd.

30.0

(20.9)

400

Year ending March 31, 2013
Yen
(billions)
Revenues

Year over yearchange(% or billions yen)

U.S. dollars(millions)9,100.0(6%)

121,333

Operating income

480.0

67.7

6,400

Income before income taxes

420.0(137.7)5,600

Net income

295.0(117.8)3,933

Net income attributable to Hitachi, Ltd.

200.0(147.1)

2,667

Note: All fiscal 2012 outlook figures were converted using 75 yen to the U.S. dollar.

In terms of the overall business environment going forward, credit worries in Europe are
expected to drag on, while at the same time there is a slowdown building in China andother emerging economies. These and other factors are increasing uncertainty about theoutlook for the global economy. In Japan, while the economy is staging a gentle recovery
on the back of demand associated with reconstruction after the Great East Japan
Earthquake, there are many issues to address such as the yen’s strength and unstableelectric energy supply.
Hitachi is projecting the consolidated results in the table above for fiscal 2012, which are
the same as the projections issued with the fiscal 2011 results on May 10, 2012. Hitachi
has not revised its overall forecasts for the first half of fiscal 2012 and the full year of fiscal
2012, although some segments are expected to be affected by the economic condition.
Projections for fiscal 2012 assume exchange rates of 75 yen to the U.S. dollar and 100
yen to the euro.
- more -- 12 -Other
(1) Changes in significant subsidiaries during the period (changes in specified
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
Hitachi computes interim income tax provisions by applying an estimated annual
effective tax rate, which is reasonably determined considering the factors that willaffect the tax rate including non-taxable transactions, tax credits and valuation
allowances, to income before income taxes.
(3) Changes in accounting principles, procedures and presentation methods for
preparing quarterly consolidated financial statements.
Yes
Effective on April 1, 2012, Hitachi, Ltd. and its domestic subsidiaries changed theirdepreciation method for property, plant and equipment mainly from the declining-balancemethod to the straight-line method.
Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as definedin 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” andsimilar expressions which indicate future events and trends may identify “forward-looking
statements.” Such statements are based on currently available information and are subject tovarious risks and uncertainties that could cause actual results to differ materially from thoseprojected 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 notprove to be accurate. Undue reliance should not be placed on “forward-looking statements,” assuch 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;- more -- 13 -•

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
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.

- more -- 14 Consolidated Statements of Operations
Three months ended June 30
Yen(millions)2011 (A)(B)/(A)(%)

2012 (B)U.S. Dollars(millions)
2012

Revenues

2,150,693

2,120,715

99

26,844

Cost of sales

1,626,010

1,603,444

99

20,297472,280

453,697

96

5,743

52,40363,574121

805

12,938

9,457

73

120

(Interest and dividends)

6,908

6,304

91

80

(Other)

6,030

3,153

52

40

24,187

24,165100306(Interest charges)

7,033

7,051

100

89

(Other)17,154

17,114100

217

Income before income taxes

41,154

48,866

119

619

Income taxes

24,88928,486

114

361

Net income

16,265

20,380125

258

13,334

13,369

100

169

2,931

7,011

239

89

Selling, general and administrative expenses
Operating income
Other income

Other deductions

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

Consolidated Statements of Comprehensive Income
Three months ended June 30
Yen(B)/(A)(millions)(%)
2011 (A)2012 (B)Net income

U.S. Dollars(millions)2012

16,265

20,380125258Foreign currency translation adjustments(3,470)(38,669)-(489)

Pension liability adjustments

13,761

15,538113

197

Net unrealized holding loss
on available-for-sale securities(2,929)(27,257)

-

(345)

806

3,022

375

38

8,168

(47,366)-(600)

24,433(26,986)

-

(342)

9,422

(99)

-

(1)

15,011(26,887)-(340)

Other comprehensive income (loss)
arising during the period

Cash flow hedges
Total other comprehensive income(loss) arising during the period
Comprehensive income (loss)
Less: Comprehensive income (loss)
attributable to noncontrolling interests
Comprehensive income(loss) attributable to Hitachi, Ltd.

- more -- 15 Consolidated Balance Sheets
Yen(millions)

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

As of March 31,

As of June 30,

2012 (A)2012 (B)9,418,526
5,162,186
619,577
11,5629,220,348
5,023,740
602,408
11,852(198,178)(138,446)(17,169)
290

116,71363,592
7,625
150

117,951
2,225,519
235,744

133,279
1,980,925
226,162

15,328(244,594)(9,582)

1,687
25,075
2,863

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

76,908
1,529,068
463,138
687,555
2,045,085
603,949(9,163)
115,816
10,628(56,938)
19,547(6,013)974
19,355
5,863
8,703
25,887
7,645

205,411
670,936

187,931
672,088(17,480)
1,152

2,379
8,507

9,418,526
4,110,873

9,220,348
4,062,927(198,178)(47,946)

116,713
51,429915,556

1,069,366

153,810

13,53697,00475,351(21,653)954

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

21,5771,225,317
393,279
1,278,037
2,447,254
1,199,901(2,448)(76,442)
30,384(131,597)(86,404)(48,950)

273
15,5104,978
16,17830,97815,189135,043
890,977
258,787
2,773,995
1,771,782
427,775
600,243
1,242,110(496,896)(220,615)(294,252)

124,902872,668
249,783
2,710,167
1,718,289
427,780
596,218
1,225,945(530,195)(245,476)(279,285)(10,141)(18,309)(9,004)(63,828)(53,493)
5(4,025)(16,165)(33,299)(24,861)
14,967

1,581
11,046
3,162
34,306
21,7505,415
7,547
15,518(6,711)(3,107)(3,535)

20,491(2,520)(1,450)1,002,213(4,606)(828)(1,459)991,878(25,097)
1,692(9)(10,335)

(58)
(10)
(18)
12,555

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 (loss) on
available-for-sale securities)(Cash flow hedges)
Treasury stock
Noncontrolling interests(B)-(A)

U.S. Dollars(millions)- more -As of June 30,

2012- 16 -

Consolidated Statements of Cash Flows
Three months ended June 30
Yen
U.S. Dollars(millions)(millions)
2011
2012
2012
Cash flows from operating activities
Net income

16,265

20,380258

Depreciation

87,29770,551

893

Amortization

27,86628,003354

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

(605)

(633)

(8)

Decrease in receivables

Gain on sale of investments in securities and other221,642

222,943

2,822

Increase in inventories(202,088)(133,167)(1,686)

Decrease in payables(42,592)(60,792)

(770)

Other

(108,013)(103,864)(1,315)(228)

43,421

550

Purchase of property, plant and equipment, net(53,394)(79,743)(1,009)Purchase of intangible assets, net(21,153)(20,703)(262)

Purchase of tangible assets and software to be leased, net
Purchase of investments in securities and shares of
consolidated subsidiaries resulting in deconsolidation, net(59,575)(81,343)(1,030)(46,197)

(154)

(2)

Collection of investments in leases

67,56374,216939

Other(1,567)

18,548235(114,323)(89,179)(1,129)

Increase in interest-bearing debt

327,273

76,670971

Dividends paid to stockholders(13,590)(23,215)(294)

Dividends paid to noncontrolling interests(6,496)(9,485)

(120)

Other

(1,146)(12,125)(153)

306,041

31,845403(1,354)(3,256)(41)

Net increase (decrease) in cash and cash equivalents

190,136(17,169)(217)

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

554,810
744,946

619,577
602,408

7,843
7,625

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

Net cash used in investing activities
Cash flows from financing activities

Net cash provided by financing activities
Effect of exchange rate changes on cash and cash equivalents- more -- 17 -

Segment Information(1) Business Segments
Three months ended June 30
Yen
U.S. Dollars(B)/(A)(millions)(millions)(%)
2011 (A)2012 (B)2012
Information & Telecommunication
Systems

350,79614%
166,3497%
229,83010%
246,128
10%
172,5157%
347,07514%167,0707%
233,135
10%
92,476
4%414,84717%2,420,221
100%

371,636
16%
190,5748%
238,07310%
245,25910%
199,0428%
343,15914%
205,0029%
218,552
9%
94,6304%
278,56512%2,384,492
100%

Eliminations & Corporate items(269,528)

Total

2,150,693

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- more -

106

4,704

115

2,412

104

3,014

100

3,105

115

2,520

99

4,344

123

2,595

94

2,766

102

1,198

67

3,526

99

30,183(263,777)-(3,339)2,120,715

99

26,844

- 18 -

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
OthersSubtotalThree months ended June 30
Yen
U.S. Dollars(B)/(A)(millions)(millions)(%)
2011 (A)2012 (B)2012
2,102(1,408)
(18)
4%
(2%)
(3,225)
2,485
31
(5%)
4%
969
(2,034)
(26)
2%
(3%)
7,196
9,538
133
121
12%
14%
11,037
14,108
128
179
18%
21%
19,35820,011
103
253
32%
29%
2,919
9,327
320
118
5%
14%
3,288
17
1
0
5%
0%
6,902
7,250
105
92
11%
10%
9,913
8,948
90
113
16%
13%
60,45968,242
113
864
100%
100%

Eliminations & Corporate Items(8,056)(4,668)

-

(59)

Total

52,40363,574

121805

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

- more -- 19 -

(2) Revenues by Market
Three months ended June 30
Yen
U.S. Dollars(B)/(A)(millions)(millions)(%)
2011 (A)2012 (B)
2012
Japan
Asia
North America
EuropeOther Areas
Outside Japan
Total

1,177,156
55%
490,839
23%
194,0819%
184,5378%
104,0805%
973,53745%
2,150,693
100%- more -1,204,676
57%
418,100
20%
203,2599%
164,0678%
130,613
6%
916,03943%
2,120,715
100%

102

15,249

85

5,292

105

2,573

89

2,077

125

1,653

94

11,59599

26,844- 20 July 30, 2012
Hitachi, Ltd.

Supplementary Information for the First Quarter ended June 30, 2012
1. Summary (Consolidated basis)
Fiscal 2011
Three months ended June 30(A)

Revenues*1
Operating income*1
Percentage of revenues

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

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

As of March 31, 2012

Interest-bearing debt (billions of yen)

Number of employees
Japan
Overseas

As of June 30, 2012

631.1

614.2

2,396.4

2,469.5

0.86

0.91

323,540
212,302111,238

329,970
216,086
113,884

939

928

340
599

322
606

D/E Ratio (Including Noncontrolling interests) (times)

Number of consolidated subsidiaries*2(Including Variable interest entities)
Japan
Overseas

There is no Variable interest entity included into the figures of consolidated subsidiaries in this period.

2. Consolidated Overseas Revenues by Business Segment*3(Billions of yen)

Fiscal 2011
Three months ended June 30

97.0
61.6
60.3
145.5
136.8
137.4
79.1
98.8
12.3
179.6
1,008.8(35.2)
973.5

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

Fiscal 2012
Three months ended June 30
(B)

(A)

*3

99%
121%
119%
125%
239%
-

2,120.7
63.5
3.0
48.8
20.3
7.0
80
(0.7)

Billions of yen

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

*2

Fiscal 2012
Three months ended June 30(B)(B)/(A)(B)/(A)

97.1
73.5
68.7
144.2
155.4
134.0
93.9
97.3
14.2
63.5
942.3
(26.2)
916.0

100%
119%
114%
99%
114%
98%
119%
99%
115%
35%
93%
94%

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 -- 21 -

3. Revision of the Forecast of Consolidated Revenues and Operating income (loss) by Business Segment
for the First Half of Fiscal 2012 and the Full Year of Fiscal 2012
Hitachi revised the forecast of consolidated revenues and operating income (loss) by business segment for the first half of fiscal 2012
ending September 30, 2012 and the full year of fiscal 2012, that was announced with fiscal 2011 consolidated financial results on
May 10, 2012. Hitachi has not revised the forecasts of total amounts of consolidated revenues and operating income.

(1) Revenues(Billions of yen)
Fiscal 2012
First half ending September 30, 2012

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

Previous
forecast

Revisedforecast

(A)

(B)

800.0
450.0
540.0
510.0
410.0
700.0
390.0
420.0
150.0
550.0
4,920.0(620.0)4,300.0

800.0
450.0
540.0
510.0
380.0
700.0
390.0
420.0
150.0
550.0
4,890.0(590.0)4,300.0(B)-(A)

0.0
0.0
0.0
0.0
(30.0)
0.0
0.0
0.0
0.0
0.0
(30.0)
30.0
0.0

Previous
forecast

Revisedforecast(C)(D)

1,760.0840.0
1,230.0
1,120.0850.0
1,450.0
800.0
830.0
320.0
1,150.0
10,350.0(1,250.0)
9,100.0

1,760.0840.0
1,230.0
1,120.0800.01,440.0
800.0
830.0
320.0
1,150.0
10,290.0(1,190.0)
9,100.0(2) Operating income (loss)(D)-(C)

0.0
0.0
0.0
0.0
(50.0)(10.0)
0.0
0.0
0.0
0.0
(60.0)
60.0
0.0(Billions of yen)

Fiscal 2012
First half ending September 30, 2012

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

Previous
forecast

Revisedforecast

(A)

(B)

33.0
6.0
3.0
11.0
25.0
39.0
17.0
(6.0)
13.0
17.0
158.0
(8.0)
150.0

30.0
6.0
3.0
14.0
25.0
39.0
17.0
(6.0)
13.0
17.0
158.0
(8.0)
150.0

- more -(B)-(A)

(3.0)
0.0
0.0
3.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Previous
forecast

Revisedforecast

(C)

(D)

120.0
22.0
55.0
52.0
82.0
98.0
37.0
0.0
26.0
40.0
532.0
(52.0)
480.0

120.0
22.0
55.0
52.0
75.0
95.0
37.0
0.0
26.0
40.0
522.0
(42.0)
480.0(D)-(C)

0.0
0.0
0.0
0.0
(7.0)
(3.0)
0.0
0.0
0.0
0.0
(10.0)
10.0
0.0

- 22 -

4. Consolidated Capital Expenditure by Business Segment (Completion basis, including Leasing Assets)*3(Billions of yen)
Fiscal 2011
Three months ended June 30
(A)

6.9
2.7
4.5
2.7
7.9
11.6
5.8
3.5
62.5
16.3
124.9
(2.8)
122.1
59.7
62.3

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

Fiscal 2012
Three months ended June 30(B)(B)/(A)

13.3
4.1
9.8
3.8
15.3
19.7
10.5
4.1
82.5
8.2
171.9
(1.4)
170.4
82.8
87.5

5. Consolidated Depreciation by Business Segment*3(Billions of yen)

Fiscal 2011
Three months ended June 30
(A)

7.1
4.0
4.7
2.7

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

191%
153%
218%
141%
192%
170%
181%
116%
132%
50%
138%
140%
139%
140%

Fiscal 2012
Three months ended June 30(B)(B)/(A)

7.4
3.8
4.6
2.3

104%
95%
97%
84%

Construction Machinery

8.9

7.5

85%

High Functional Materials & Components

15.5
5.7
5.2
14.8
17.8
86.9
0.3
87.2
67.2
20.0

13.5
4.7
4.3
13.8
7.6
69.8
0.7
70.5
52.0
18.5

87%
82%
82%
93%
43%
80%
226%
81%
77%
92%

Automotive Systems

Digital Media & Consumer Products
Financial Services
OthersSubtotal
Eliminations & Corporate items
Total
Internal use Assets
Leasing Assets

6. Consolidated R&D Expenditure by Business Segment*3(Billions of yen)

Fiscal 2011
Three months ended June 30
(A)

18.7
3.6
4.7
10.7
3.9
11.2
11.8
5.6
0.1
18.0
5.3
94.0
4.4

Information & Telecommunication Systems
Power Systems
Social Infrastructure & Industrial Systems
Electronic Systems & Equipment
Construction Machinery
High Functional Materials & Components
Automotive Systems
Digital Media & Consumer Products
Financial Services
OthersCorporate items
Total
Percentage of revenues (%)- more -Fiscal 2012
Three months ended June 30(B)(B)/(A)

19.0
4.4
5.2
9.6
3.9
10.7
13.5
4.9
0.0
1.4
5.9
79.0
3.7

102%
121%
111%
90%
101%
96%
114%
87%
30%
8%
110%
84%
-

- 23 -

7. Consolidated Balance Sheets by Financial and Non-Financial Services*4(Billions of yen)

As of March 31, 2012

As of June 30, 2012

Manufacturing,Servicesand Others

Financial
Services

Total*5

Manufacturing,Servicesand Others

Financial
Services

Total*5

4,593.2

1,023.1

5,162.1

4,431.5

1,021.5

5,023.7

589.0

142.0

619.5

576.3

143.9

602.4

1,999.5593.5

2,343.4

1,765.1

599.6

2,114.2

Investments in leases

86.6

169.6

235.7

81.9

161.5

226.1

Current portion of financial assets transferred toconsolidated securitization entities

5.6

80.3

86.0

5.8

71.0

76.9

1,413.2

0.0

1,413.2

1,529.1

0.1

1,529.0

499.0

37.3

464.0

473.1

45.2

474.9

685.4

92.0

744.4

627.9

93.6

687.5

1,828.4

198.4

2,025.5

1,854.2

192.2

2,045.0

-

205.4

205.4

-

187.9

187.9

Other assets

887.6

431.6

1,280.8

882.2

426.2

1,276.0

Total Assets

7,994.7

1,950.6

9,418.5

7,796.0

1,921.5

9,220.3

Current liabilities

3,576.1

991.1

4,110.8

3,573.0923.9

4,062.9

615.2

491.6

915.5

781.1

459.0

1,069.3

5.6

91.3

97.0

5.8

69.4

75.3

Trade payables

1,284.0

269.9

1,325.7

1,217.2

258.6

1,246.8

Others

1,671.1

138.1

1,772.5

1,568.8

136.7

1,671.3

801.9

501.9

1,248.8

693.7

553.9

1,199.9

-

135.0

135.0

-

124.9

124.9

Other noncurrent liabilities

1,089.4

65.6

1,149.7

1,068.0

59.6

1,122.4

Total Liabilities

5,467.6

1,693.8

6,644.5

5,334.8

1,662.3

6,510.1

Total Hitachi, Ltd. stockholders' equity

1,635.8

146.6

1,771.7

1,581.0

147.9

1,718.2

891.3

110.2

1,002.2

880.0

111.2

991.8

Total Equity

2,527.1

256.8

2,773.9

2,461.1

259.1

2,710.1

Total Liabilities and Equity

7,994.7

1,950.6

9,418.5

7,796.0

1,921.5

9,220.3

Interest-bearing debt

1,422.8

1,220.0

2,396.4

1,480.7

1,207.3

2,469.5

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

0.56

4.75

0.86

0.60

4.66

0.91

Total Hitachi, Ltd. stockholders’ equity ratio

20.5%

7.5%

18.8%

20.3%

7.7%

18.6%

Current assets
Cash and cash equivalents
Trade receivables

Inventories
OthersInvestments and advances
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*4*5

Figures in tables 7, 8 and 9 represent unaudited financial information prepared by the Company for the purpose of this supplementary information.
Total Figures exclude inter-segment transactions.

- more -- 24 -

8. Consolidated Statements of Operations by Financial and Non-Financial Services*4
Fiscal 2011
Three months ended June 30
Manufacturing,Servicesand Others(Billions of yen)
Fiscal 2012
Three months ended June 30

Financial
Services

Total*5

Manufacturing,Servicesand Others

2,087.4

92.4

2,150.6

Operating income

46.0

6.9

Income before income taxes

35.3

Net income attributable to Hitachi, Ltd.

1.5

Revenues

Financial
Services

Total*5

2,059.4

94.6

2,120.7

52.4

56.6

7.2

63.5

6.8

41.1

42.3

7.6

48.8

2.5

2.9

4.5

3.6

7.0

9. Consolidated Statements of Cash Flows by Financial and Non-Financial Services*4
Fiscal 2011
Three months ended June 30
Manufacturing,Servicesand Others

Financial
Services(Billions of yen)
Fiscal 2012
Three months ended June 30

Total

*5

Manufacturing,Servicesand Others

Financial
Services

Total

*5

Cash flows from operating activities

31.9(29.2)

(0.2)

45.6

0.6

43.4

Cash flows from investing activities(109.9)10.9(114.3)(67.2)

5.2(89.1)Cash flows from financing activities

269.3

44.8

306.0

11.8

(3.7)

31.8

Effect of exchange rate changes on cash and cash
equivalents

(1.3)

0.0

(1.3)

(2.9)

(0.2)

(3.2)

Net increase (decrease) in cash and cash equivalents

189.9

26.5

190.1

(12.6)

1.9(17.1)Cash and cash equivalents at beginning of the period

533.6

108.8

554.8

589.0

142.0

619.5

Cash and cash equivalents at end of the period

723.6

135.4

744.9

576.3

143.9

602.4

- more -- 25 -

10. Information & Telecommunication Systems(1) Revenues and Operating income (loss)*6(Billions of yen)
Fiscal 2012

Fiscal 2011
Three months
ended June 30

Revenues
Software & Services
SoftwareServices
Hardware
Storage*7
Servers*8
PCs*9
Telecommunication
OthersOperating income (loss)
*6
*7
*8
*9

Three months ended June 30

(A)

(B)

350.7
244.3
38.2
206.0
106.4
44.9
10.3
5.9
24.9
20.2
2.1

371.6
252.5
34.5
218.0
119.0
46.5
13.2
4.9
27.6
26.7
(1.4)

(B)/(A)

106%
103%
90%
106%
112%
104%
128%
83%
111%
132%
-

Total
( Forecast )First half ending September 30, 2012

( Forecast )(C) / six months
ended Sep. 30, 2011

(C)

(D)

(D) / fiscal 2011

800.0
560.0

100%
101%

1,760.0
1,240.0

100%
101%

240.0

98%

520.0

96%

30.0

97%

120.0

118%

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
Three months
ended June 30(A)

Revenues

83.0

Fiscal 2012
Three months ended June 30

(B)

84.0

(B)/(A)

101%

###

Total
( Forecast )First half ending September 30, 2012

( Forecast )

(C)

170.0

(C) / six months
ended Sep. 30, 2011

102%

(D)

360.0

(D) / fiscal 2011103%