Hitachi Announces Consolidated Financial Results for Fiscal 2021

28/04/2022

Tokyo, April 28, 2022 --- Hitachi, Ltd. (TSE:6501) today announced its consolidated financial results for fiscal 2021, ended March 31, 2022.

Note: All figures were converted at the rate of 122 yen to the U.S. dollar, as of March 31, 2022.

Summary

Years ended March 31

Billions of yen

(B)/(A) (%)

Millions of

U.S. dollars

2021(A)

2022(B)

2022

1. Revenues

8,729.1

10,264.6

118

84,136

2. Adjusted operating income

495.1

738.2

149

6,051

3. EBIT

(Earnings before interest and taxes)

850.2

850.9

100

6,975

4. Income from continuing operations, before income taxes

844.4

839.3

99

6,880

5. Net income

518.5

670.8

129

5,499

6. Net income attributable to Hitachi, Ltd. stockholders

501.6

583.4

116

4,783

7. Earnings per share attributable to Hitachi, Ltd. stockholders

Basic

Diluted

(Yen)

(Yen)

116

116

(U.S.dollars)

519.29

518.51

603.75

602.96

4.95

4.94

Notes: 1. The Companys consolidated financial statements are prepared based on IFRS.

Adjusted operating income is presented as revenues less cost of sales as well as selling, general and administrative expenses.

EBIT is presented as income from continuing operations, before income taxes less interest income plus interest charges.

The figures of the company are for 853 consolidated subsidiaries and 287 equity-method associates and joint ventures.

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.

1. Qualitative Information Concerning Consolidated Business Results

(1) Summary of Fiscal 2021 Consolidated Business Results

Year ended March 31, 2022

Yen (billions)

Year over year change

(billion yen)

U.S. dollars (millions)

Revenues

10,264.6

18%

84,136

Adjusted operating income

738.2

243.0

6,051

EBIT

850.9

0.6

6,975

Income from continuing operations, before income taxes

839.3

(5.1)

6,880

Income from continuing operations

670.8

151.6

5,499

Income from discontinued operations

0.0

0.6

0

Net income

670.8

152.3

5,499

Net income attributable to Hitachi, Ltd. stockholders

583.4

81.8

4,783

For fiscal 2021, the Hitachis consolidated revenues were 10,264.6 billion yen, increased 18% year over year. While revenues in Smart Life segment decreased due to the sale of diagnostic imaging-related business and the overseas home appliance business, the revenues increased mainly in Automotive Systems segment where the revenues were affected by the integration impact from the establishment of Hitachi Astemo, Energy segment where the power grids business was acquired from ABB, Ltd., and Hitachi Construction Machinery segment where was benefited from firm demand due to market recovery.

Adjusted operating income increased 243.0 billion yen year over year, to 738.2 billion yen. The increase was mainly due to the increase in Energy segment, Hitachi Construction Machinery segment and Industry segment, despite the decrease in profit in IT segment and Smart Life segment.

EBIT increased 0.6 billion yen year over year, to 850.9 billion yen, led by adjusted operating income increase, despite gains from selling of Hitachi Chemical stock and gains from selling of diagnostic imaging-related business in Smart Life segment in fiscal 2020.

Income from continuing operations, before income taxes, decreased 5.1 billion yen year over year, to

839.3 billion yen. After deducting income taxes of 168.4 billion yen, Hitachi posted income from continuing operations of 670.8 billion yen, up 151.6 billion yen year over year. Net income increased

152.3 billion yen year over year, to 670.8 billion yen. Net income attributable to Hitachi, Ltd. stockholders increased 81.8 billion yen year over year, to 583.4 billion yen.

(2) Revenues, Adjusted Operating Income and EBIT by Segment

Please visit www.hitachi.com and refer to the presentation material, Outline of Consolidated Financial Results for the Year Ended March 31, 2022.

(3) Outlook for Fiscal 2022

Year ending March 31, 2023

Yen (billions)

Year over year change

(billion yen)

U.S. dollars (millions)

Revenues

9,500.0

(7%)

77,869

Adjusted operating income

700.0

(38.2)

5,738

Adjusted EBITA

820.0

(35.3)

6,721

Income from continuing operations, before income taxes

871.0

31.6

7,139

Net income

656.0

(14.8)

5,377

Net income attributable to Hitachi, Ltd. stockholders

600.0

16.5

4,918

Reflecting these business environments, Hitachi forecasts the results shown above for fiscal 2022, the year ending March 31, 2023.

Projections for fiscal 2022 assume exchange rates of 120 yen to the U.S. dollar and 130 yen to the euro.

Hitachi will accelerate the global expansion of its Social Innovation Business through collaborative creation with customers, persist with its business structural reforms and pursue efforts to strengthen its business foundations by reviewing its business portfolio, with the aim of achieving sustainable growth.

2. Financial Position

(1) Financial Position

As of March 31, 2022

Yen (billions)

Change from March 31, 2021 (billion yen)

U.S. dollars (millions)

Total assets

13,887.5

2,034.6

113,832

Total liabilities

8,532.2

1,137.6

69,936

Interest-bearing debt

3,126.7

729.3

25,629

Total Hitachi, Ltd. stockholders' equity

4,341.8

816.3

35,589

Non-controlling interests

1,013.4

80.7

8,307

Cash Conversion Cycle

78.1 days

2.9 days decrease

-

Total Hitachi, Ltd. stockholders' equity ratio

31.3%

1.6 points increase

-

D/E ratio (includin

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