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FY2018 Financial Results

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FY2018 Financial Results Outline of Consolidated Financial Results for Fiscal 2018 April 26, 2019 Hitachi, Ltd. © Hitachi, Ltd. 2019. All rights reserved. Contents 1. Outline of Consolidated Financial Results for Fiscal 2018 2. Outlook for Fiscal 2019 3. Supplemental Information © Hitachi, Ltd. 2019. All rights reserved. 2 1. Outline of Consolidated Financial Results for Fiscal 2018 © Hitachi, Ltd. 2019. All rights reserved. 3 1-1. Highlights of FY2018 Financial Results 9,480.6 billion yen up 1% / up 112.0 billion yen YoY up 1% compared to previous forecast*4 Revenues Increased in Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, Construction Machinery, and High Functional Materials & Components segments 754.9 billion yen up 6% / up 40.3 billion yen YoY up 1% compared to previous forecast*4 Adjusted operating income*1 Posted record-high for FY2018*5 Increased in Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, and Construction Machinery segments 513.9 billion yen down 20% / down 130.3 billion yen YoY up 3% compared to previous forecast*4 EBIT*2 Decreased mainly due to impairment loss and other expenses attributed to the suspension of the UK nuclear power stations construction project Net income attributable to 222.5 billion yen down 39% / down 140.4 billion yen YoY Hitachi, Ltd. stockholders up 24% compared to previous forecast*4 ROA*3 3.3% down 1.7 points from March 31, 2018 Cash Conversion Cycle 69.3 days improved 0.4 days from March 31, 2018 Free cash flows 447.1 billion yen up 194.3 billion yen YoY The year-end dividend for FY2018 50 yen per share *6 *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 ROA(Return on Asset) = [Net income] / [Total Asset (Average between the end of current fiscal year and the end of previous fiscal year)] x 100 *4 Announced on February 1, 2019 *5 Since FY1986 ended March 31, 1987 when Hitachi introduced the financial results on a consolidated basis which is covered the same scope of consolidated subsidiaries as the current. *6 The year-end dividend for FY2018 will be decided at the Board of Directors in May 2019. © Hitachi, Ltd. 2019. All rights reserved. 4 1-2. Consolidated Statement of Profit or Loss Billions of yen Previous forecast*3 Year over year FY2017 FY2018 comparison +112.0 +80.6 Revenues 9,368.6 9,480.6 [101%] [101%] Adjusted operating income ratio 7.6% 8.0% +0.4% ±0.0% Adjusted operating income 714.6 754.9 +40.3 +4.9 EBIT ratio 6.9% 5.4% (1.5%) +0.1% EBIT 644.2 513.9 (130.3) +13.9 Income from continuing operations, 638.6 516.5 (122.1) +26.5 before income taxes Income taxes (131.7) (186.3) (54.6) +3.6 Income from continuing operations 506.9 330.1 (176.7) +30.1 Loss from discontinued operations*1 (16.0) (9.1) +6.8 +0.8 Net income 490.9 321.0 (169.8) +31.0 Net income attributable to 362.9 222.5 (140.4) +42.5 Hitachi, Ltd. stockholders Earnings per share*2 375.93 yen 230.47 yen (145.46 yen) +44.06 yen *1 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. as part of 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. *2 On October 1, 2018, Hitachi completed the share consolidation of every five shares into one share for its common stock. Earnings per share are calculated on the assumption that the company conducted this consolidation at the beginning of FY2017. *3 Announced on February 1, 2019 © Hitachi, Ltd. 2019. All rights reserved. 5 FY2018: Factors Affecting Changes in Revenues and 1-3. Adjusted Operating Income (Year over Year) Billions of yen Billions of yen Revenues Adjusted operating income Profitability 23,140億円 9,480.6 improvement, etc. +71.3 [YoY 110%] 754.9 9,368.6 Foreign 714.6 exchange (47.0) Foreign exchange Impact of (8.0) reorganization of Hitachi Kokusai Impact of Electric Business scale reorganization (183.0) expansion, etc. of Hitachi Kokusai +342.0 Electric [YoY 104%] (23.0) FY2017 FY2018 FY2017 FY2018 Business scale expansion, etc. Profitability improvement, etc. - Hitachi Construction Machinery, - Business scale expansion and cost reduction, etc. Information & Telecommunication Systems business, Railway systems business, Hitachi High-Technologies, and etc. © Hitachi, Ltd. 2019. All rights reserved. 6 1-4. FY2018 Revenues by Market Billions of yen FY2017 FY2018 Year over year Ratio Ratio Japan 4,643.0 50% 4,664.5 49% 100% Outside Japan 4,725.5 50% 4,816.0 51% 102% Asia 2,081.1 22% 2,019.5 21% 97% China 1,041.0 11% 1,009.8 11% 97% ASEAN, India, 1,040.1 11% 1,009.7 10% 97% other areas North America 1,177.5 13% 1,205.6 13% 102% Europe 964.4 10% 1,018.5 11% 106% Other Areas 502.3 5% 572.3 6% 114% Total 9,368.6 100% 9,480.6 100% 101% © Hitachi, Ltd. 2019. All rights reserved. 7 Summary of Consolidated Financial Position and 1-5. Summary of Consolidated Statements of Cash Flows Summary of Consolidated Financial Position Billions of yen As of As of Change from March 31, 2018 March 31, 2019 March 31, 2018 Total assets 10,106.6 9,626.5 (480.0) Trade receivables and contract assets 2,501.4 2,399.9 (101.4) Total liabilities 5,594.9 5,212.1 (382.7) Interest-bearing debt 1,050.2 1,004.7 (45.5) Total Hitachi, Ltd. stockholders’ equity 3,278.0 3,262.6 (15.4) Non-controlling interests 1,233.6 1,151.8 (81.8) Cash Conversion Cycle 69.7 days 69.3 days 0.4 days decrease Total Hitachi, Ltd. stockholders’ equity ratio 32.4% 33.9% 1.5 points increase D/E ratio (Including non-controlling interests) 0.23 times 0.23 times ±0.00 points ROA 5.0% 3.3% 1.7 points decrease Summary of Consolidated Statements of Cash Flows Billions of yen FY2017 FY2018 Year over year Cash flows from operating activities 727.1 610.0 (117.1) Cash flows from investing activities (474.3) (162.8) +311.4 Free cash flows 252.8 447.1 +194.3 © Hitachi, Ltd. 2019. All rights reserved. 8 Revenues, Adjusted Operating Income and EBIT 1-6. by Business Segment (1) Billions of yen *1 *1 Previous forecast*2 FY2017 FY2018 Year over year comparison Dynamics (Year over year) (+) Expansion of system integration business Revenues 2,008.9 2,065.9 103% 103% (-) Stock transfer of ALAXALA Networks Adjusted (+) Profitability improvement in systems integration business Information & 9.4% 10.9% +1.5% +0.5% operating 189.2 225.2 +36.0 +18.2 (+) Profitability improvement in Telecommunication income IT Platform & Products Systems (+) Increase in adjusted operating income (+) Gains by selling the land of 6.9% 10.2% +3.3% +0.4% EBIT 139.2 210.9 +71.6 +14.9 Totsuka Works (former telecommunication network products base) (+) Posting of revenues of overseas EPC*3 project in industry & distribution field (+) Increase in revenues of railway Revenues 2,375.0 2,539.8 107% 104% systems business for Europe (+) Increase in revenues of industrial products business due to the acquisition of Sullair (+) Increase in revenues of railway Social Infrastructure systems business & Industrial Systems Adjusted (+) Increase in revenues and operating 4.9% 115.5 6.0% 151.3 +1.1% +35.7 (1.1%) (23.6) profitability improvement in income industrial products business (-) Cost of risk for overseas EPC project in industry & distribution field (+) Gains by selling a part of Agility Trains West stocks EBIT 4.3% 101.2 (6.0%) (151.9) (10.3%) (253.2) (0.9%) (26.9) (-) Impairment loss and other expenses due to the suspension of UK nuclear power stations construction project *1 Italic figures indicate adjusted operating income ratio or EBIT ratio. *2 Announced on February 1, 2019 *3 EPC: Engineering, Procurement and Construction © Hitachi, Ltd. 2019. All rights reserved. 9 Revenues, Adjusted Operating Income and EBIT 1-7. by Business Segment (2) Billions of yen *1 *1 Previous forecast*2 FY2017 FY2018 Year over year comparison Dynamics (Year over year) (+) Sales increase of clinical analyzers and semiconductor processing equipment at Hitachi High-Technologies Revenues 1,086.5 951.2 88% 97% (+) Sales increase of radiation therapy systems in healthcare business (-) Deconsolidation of Hitachi Kokusai Electric Electronic Systems & Equipment (+) Increase in revenues at Hitachi Adjusted High- Technologies and in operating 8.0% 86.9 7.9% 75.6 (0.1%) (11.3) +0.6% +3.6 healthcare business income (-) Deconsolidation of Hitachi Kokusai Electric (+) Increase in adjusted operating income 8.2% 7.4% (0.8%) +0.4% EBIT 88.8 70.8 (18.0) +1.8 (-) Deconsolidation of Hitachi Kokusai Electric (+) Sales increase mainly in Revenues 959.1 1,033.7 108% 102% North America and Asia-Pacific Construction Adjusted 9.6% 11.2% +1.6% +0.8% (+) Increase in revenues Machinery operating 92.5 115.7 +23.2 +10.7 income (+) Increase in adjusted operating income 10.1% 10.1% ± +0.1% EBIT 97.0 104.5 0.0% +7.4 +3.5 (-) Posting of structural reform expenses, etc.
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