Hitachi : Consolidated Financial Results for the First Quarter Ended June 30, 2021 (News Release, PDF format, 230kBytes)

FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results

for the First Quarter Ended June 30, 2021

Tokyo, July 30, 2021 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for the first quarter of fiscal 2021, ended June 30, 2021

Note: All figures were converted at the rate of 111 yen to the U.S. dollar as of June 30, 2021.

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Summary

		Three months ended June 30
		Billions of yen	(B)/(A)	Millions of
		U.S. dollars
				(%)
		2020(A)	2021(B)	2021
1.	Revenues	1,594.2	2,367.4	148	21,328
2.	Adjusted operating income	58.3	130.4	224	1,176
3.	EBIT	340.4	168.6	50	1,520
	(Earnings before interest and taxes)
4.	Income from continuing operations,	339.7	166.8	49	1,503
	before income taxes
5.	Net income	226.4	136.9	60	1,234
6.	Net income attributable to	223.2	122.2	55	1,101
	Hitachi, Ltd. stockholders
7.	Earnings per share attributable to	(Yen)	(Yen)		(U.S.Dollars)
	Hitachi, Ltd. stockholders
	Basic	231.13	126.49	55	1.14
	Diluted	230.86	126.33	55	1.14

Notes: 1. The Company's consolidated financial statements are prepared based on IFRS.

1. "Adjusted operating income" is presented as revenues less cost of sales as well as selling, general and administrative expenses.
2. "EBIT" is presented as income from continuing operations, before income taxes less interest income plus interest charges.
3. The figures are for 865 consolidated subsidiaries and 274 equity-method associates and joint ventures.
4. A part of the thermal power generation systems business is classified as discontinued operations in accordance with the provision of IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations," which was not transferred to Mitsubishi Hitachi Power Systems, Ltd. (currently Mitsubishi Power, Ltd.) for the business integration in the thermal power generation systems with Mitsubishi Heavy Industries, Ltd. The results of the discontinued operations are reported separately from continuing operations.

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Condensed Quarterly Consolidated Statement of Profit or Loss

				Three months ended June 30
			Millions of yen		(B)/(A)	Millions of U.S. dollars
						(%)
			2020 (A)	2021 (B)		2021
Revenues	1,594,277		2,367,437	148		21,328
Cost of sales	(1,179,428)		(1,790,670)	152		(16,132)
Gross profit	414,849		576,767	139		5,196
Selling, general and administrative expenses		(356,479)		(446,284)	125		(4,021)
Adjusted operating income	58,370		130,483	224		1,176
Other income	284,154		37,149	13		335
Other expenses	(15,126)		(10,833)	72		(98)
Financial income	2,237		2,538	113		23
Financial expenses	(754)		(2,547)	338		(23)
Share of profits (losses) of investments accounted for using	11,537		11,880	103		107
the equity method
EBIT (Earnings before interest and taxes)	340,418		168,670	50		1,520
Interest income	3,656		4,639	127		42
Interest charges	(4,365)		(6,454)	148		(58)
Income from continuing operations, before income taxes	339,709		166,855	49		1,503
Income taxes		(112,881)		(29,906)	26		(269)
Income from continuing operations	226,828		136,949	60		1,234
Income (loss) from discontinued operations		(337)		0	-		0
Net income	226,491		136,949	60		1,234
Net income attributable to:
	Hitachi, Ltd. stockholders	223,251		122,231	55		1,101
	Non-controlling interests	3,240		14,718	454		133
Earnings per share from continuing operations,
attributable to Hitachi, Ltd. stockholders	Yen		Yen			U.S.Dollars
	Basic	231.48		126.49	55		1.14
	Diluted	231.21		126.33	55		1.14
Earnings per share attributable to Hitachi, Ltd.
stockholders	Yen		Yen			U.S.Dollars
	Basic	231.13		126.49	55		1.14
	Diluted	230.86		126.33	55		1.14

Condensed Quarterly Consolidated Statement of Comprehensive Income

Net income

Other comprehensive income (OCI)

Items not to be reclassified into net income

Net changes in financial assets measured at fair value through OCI

Remeasurements of defined benefit plans

Share of OCI of investments accounted for using the equity method

Total items not to be reclassified into net income Items that can be reclassified into net income

Foreign currency translation adjustments

Net changes in cash flow hedges

Share of OCI of investments accounted for using the equity method

Total items that can be reclassified into net income Other comprehensive income (OCI)

Comprehensive income Comprehensive income attributable to:

Hitachi, Ltd. stockholders Non-controlling interests

	Three months ended June 30
Millions of yen		(B)/(A)	Millions of U.S. dollars
			(%)
2020 (A)	2021 (B)	2021
226,491		136,949	60	1,234
17,462		(15,348)	-	(138)
-		-	-	-
39		(248)	-	(2)
17,501		(15,596)	-	(141)
11,015		6,462	59	58
1,173		6,714	572	60
(4,862)		10,696	-	96
7,326		23,872	326	215
24,827		8,276	33	75
251,318		145,225	58	1,308
242,291		127,022	52	1,144
9,027		18,203	202	164

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Condensed Quarterly Consolidated Statement of Financial Position

			Millions of yen			Millions of
				U.S. dollars
						(B)-(A)
			As of March 31,	As of June 30,	As of June 30,
			2021 (A)	2021 (B)		2021
Assets
	Current assets
		Cash and cash equivalents	1,015,886	1,161,989		146,103	10,468
		Trade receivables and contract assets	2,734,476	2,492,827		(241,649)	22,458
		Inventories	1,653,395	1,797,475		144,080	16,193
		Investments in securities and other financial assets	328,153	328,749		596	2,962
		Other current assets	211,390	247,387		35,997	2,229
		Total Current assets	5,943,300	6,028,427		85,127	54,310
	Non-current assets
		Investments accounted for using the equity method	472,105	360,774		(111,331)	3,250
		Investments in securities and other financial assets	534,324	604,932		70,608	5,450
		Property, plant and equipment	2,408,887	2,401,683		(7,204)	21,637
		Goodwill	1,161,210	1,166,273		5,063	10,507
		Other intangible assets	964,830	958,521		(6,309)	8,635
		Other non-current assets	368,197	379,136		10,939	3,416
		Total Non-current assets	5,909,553	5,871,319		(38,234)	52,895
		Total Assets	11,852,853	11,899,746		46,893	107,205
Liabilities
	Current liabilities
		Short-term debt	416,635	563,923		147,288	5,080
		Current portion of long-term debt	274,392	327,089		52,697	2,947
		Other financial liabilities	288,973	328,872		39,899	2,963
		Trade payables	1,515,954	1,516,184		230	13,659
		Accrued expenses	698,553	555,840		(142,713)	5,008
		Contract liabilities	933,844	1,000,091		66,247	9,010
		Other current liabilities	468,579	387,017		(81,562)	3,487
		Total Current liabilities	4,596,930	4,679,016		82,086	42,153
	Non-current liabilities
		Long-term debt	1,706,329	1,640,981		(65,348)	14,784
		Retirement and severance benefits	433,954	430,773		(3,181)	3,881
		Other non-current liabilities	657,408	645,869		(11,539)	5,819
		Total Non-current liabilities	2,797,691	2,717,623		(80,068)	24,483
		Total Liabilities	7,394,621	7,396,639		2,018	66,636
Equity
	Hitachi, Ltd. stockholders' equity
		Common stock	460,790	461,731		941	4,160
		Capital surplus	84,040	75,351		(8,689)	679
		Retained earnings	2,710,604	2,785,441		74,837	25,094
		Accumulated other comprehensive income	273,561	274,300		739	2,471
		(Foreign currency translation adjustments)	110,727	114,490		3,763	1,031
		(Remeasurements of defined benefit plans)	80,300	79,243		(1,057)	714
		(Net changes in financial assets	135,022	114,572		(20,450)	1,032
		measured at fair value through OCI)
		(Net changes in cash flow hedges)	(52,488)	(34,005)		18,483	(306)
		Treasury stock, at cost	(3,493)	(2,820)		673	(25)
		Total Hitachi, Ltd. stockholders' equity	3,525,502	3,594,003		68,501	32,378
	Non-controlling interests	932,730	909,104		(23,626)	8,190
		Total Equity	4,458,232	4,503,107		44,875	40,569
		Total Liabilities and Equity	11,852,853	11,899,746		46,893	107,205

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Condensed Quarterly Consolidated Statement of Changes in Equity

								Millions of yen
		Three months ended June 30, 2020
						Total
				Accumulated	Treasury	Non-
	Common	Capital	Retained	Hitachi, Ltd.	Total equity
	other	controlling
	stock,	stockholders'
	stock	surplus	earnings	comprehensive	interests
	at cost	equity
				income
Balance at beginning of period	459,862	464,795	2,296,208	(57,070)	(3,809)	3,159,986	1,106,753	4,266,739
Changes in equity
Reclassified into retained earnings	-	-	4,836	(4,836)	-	-	-	-
Net income	-	-	223,251	-	-	223,251	3,240	226,491
Other comprehensive income	-	-	-	19,040	-	19,040	5,787	24,827
Dividends to Hitachi, Ltd. stockholders	-	-	(48,311)	-	-	(48,311)	-	(48,311)
Dividends to non-controlling interests	-	-	-	-	-	-	(14,419)	(14,419)
Acquisition of treasury stock	-	-	-	-	(15)	(15)	-	(15)
Sales of treasury stock	-	(203)	-	-	465	262	-	262
Issuance of new shares	928	928	-	-	-	1,856	-	1,856
Changes in non-controlling interests	-	(325,174)	-	5,638	-	(319,536)	(437,044)	(756,580)
Total changes in equity	928	(324,449)	179,776	19,842	450	(123,453)	(442,436)	(565,889)
Balance at end of period	460,790	140,346	2,475,984	(37,228)	(3,359)	3,036,533	664,317	3,700,850
								Millions of yen
		Three months ended June 30, 2021
						Total
				Accumulated	Treasury	Non-
	Common	Capital	Retained	Hitachi, Ltd.	Total equity
	other	controlling
	stock,	stockholders'
	stock	surplus	earnings	comprehensive	interests
	at cost	equity
				income
Balance at beginning of period	460,790	84,040	2,710,604	273,561	(3,493)	3,525,502	932,730	4,458,232
Changes in equity
Reclassified into retained earnings	-	-	5,781	(5,781)	-	-	-	-
Net income	-	-	122,231	-	-	122,231	14,718	136,949
Other comprehensive income	-	-	-	4,791	-	4,791	3,485	8,276
Dividends to Hitachi, Ltd. stockholders	-	-	(53,175)	-	-	(53,175)	-	(53,175)
Dividends to non-controlling interests	-	-	-	-	-	-	(25,627)	(25,627)
Acquisition of treasury stock	-	-	-	-	(61)	(61)	-	(61)
Sales of treasury stock	-	(301)	-	-	734	433	-	433
Issuance of new shares	941	941	-	-	-	1,882	-	1,882
Changes in non-controlling interests	-	(9,329)	-	1,729	-	(7,600)	(16,202)	(23,802)
Total changes in equity	941	(8,689)	74,837	739	673	68,501	(23,626)	44,875
Balance at end of period	461,731	75,351	2,785,441	274,300	(2,820)	3,594,003	909,104	4,503,107
							Millions of U.S. Dollars
		Three months ended June 30, 2021
						Total
				Accumulated	Treasury	Non-
				Hitachi, Ltd.	Total equity
	Common	Capital	Retained	other	controlling
	stock,	stockholders'
	stock	surplus	earnings	comprehensive	interests
	at cost	equity
				income
Balance at beginning of period	4,151	757	24,420	2,465	(31)	31,761	8,403	40,164
Changes in equity
Reclassified into retained earnings	-	-	52	(52)	-	-	-	-
Net income	-	-	1,101	-	-	1,101	133	1,234
Other comprehensive income	-	-	-	43	-	43	31	75
Dividends to Hitachi, Ltd. stockholders	-	-	(479)	-	-	(479)	-	(479)
Dividends to non-controlling interests	-	-	-	-	-	-	(231)	(231)
Acquisition of treasury stock	-	-	-	-	(1)	(1)	-	(1)
Sales of treasury stock	-	(3)	-	-	7	4	-	4
Issuance of new shares	8	8	-	-	-	17	-	17
Changes in non-controlling interests	-	(84)	-	16	-	(68)	(146)	(214)
Total changes in equity	8	(78)	674	7	6	617	(213)	404
Balance at end of period	4,160	679	25,094	2,471	(25)	32,378	8,190	40,569

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