Hitachi Gross profit (Q2, 2019)632.8 B

Hitachi Gross profit margin (Q2, 2019), %27.2%

Hitachi Net income (Q2, 2019)118.7 B

Hitachi EBIT (Q2, 2019)171.9 B

Hitachi Cash, 30-Sep-2018825.6 B

Hitachi EV414.2 B

Hitachi revenue was ¥9.37 t in FY, 2018 which is a 2.3% year over year increase from the previous period.

Hitachi revenue breakdown by business segment: 5.4% from Smart Life and Ecofriendly Systems, 22.8% from Social Infrastructure and Industrial Systems, 10.6% from Automotive Systems, 17.1% from High Functional Materials and Components, 10.2% from Construction Machinery, 10.4% from Electronic Systems and Equipment, 20.2% from Information and Telecommunication Systems and 3.2% from Other

Hitachi revenue breakdown by geographic segment: 22.2% from Asia, 49.6% from Japan, 10.3% from Europe, 12.6% from North America and 5.4% from Other Areas

JPY | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Revenue | 9.8t | 10.0t | 9.2t | 9.4t |

| 3% | (9%) | 2% | |

## Cost of goods sold | 7.2t | 7.5t | 6.8t | 6.9t |

## Gross profit | 2.6t | 2.6t | 2.4t | 2.5t |

| 26% | 26% | 26% | 27% |

## General and administrative expense | 1.9t | 1.9t | 1.8t | 1.8t |

## Operating expense total | 1.9t | 1.9t | 1.8t | 1.8t |

## EBIT | 534.1b | 531.0b | 475.2b | 644.3b |

| 5% | 5% | 5% | 7% |

## Interest expense | 27.6b | 26.0b | 19.0b | 20.5b |

## Interest income | 12.5b | 12.0b | 12.9b | 14.9b |

## Pre tax profit | 519.0b | 517.0b | 469.1b | 638.6b |

## Income tax expense | 122.1b | 165.2b | 125.1b | 131.7b |

## Net Income | 343.4b | 294.8b | 338.0b | 490.9b |

- Source: Company Filings

JPY | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 2.3t | 2.2t | 2.4t | 2.1t | 2.5t | 2.2t | 2.1t | 2.3t | 2.3t | 2.2t | 2.3t |

## Cost of goods sold | 1.7t | 1.6t | 1.8t | 1.6t | 1.8t | 1.6t | 1.5t | 1.7t | 1.7t | 1.6t | 1.7t |

## Gross profit | 602.8b | 587.9b | 619.5b | 546.2b | 647.7b | 568.0b | 558.8b | 612.1b | 606.2b | 579.5b | 632.8b |

| 26% | 26% | 26% | 26% | 26% | 26% | 27% | 27% | 26% | 27% | 27% |

## General and administrative expense | 487.4b | 446.6b | 485.1b | 454.8b | 489.0b | 427.7b | 426.9b | 440.7b | 434.9b | 431.4b | 436.4b |

## Operating expense total | 487.4b | 446.6b | 485.1b | 454.8b | 489.0b | 427.7b | 426.9b | 440.7b | 434.9b | 431.4b | 436.4b |

## EBIT | 146.5b | 106.1b | 148.3b | 112.5b | 116.2b | 143.5b | 143.3b | 153.2b | 176.4b | 180.5b | 171.9b |

| 6% | 5% | 6% | 5% | 5% | 7% | 7% | 7% | 8% | 8% | 7% |

## Interest expense | 6.8b | 4.7b | 6.0b | 5.3b | 6.6b | 4.7b | 4.9b | 5.2b | 5.4b | 4.6b | 5.1b |

## Interest income | 3.0b | 3.0b | 3.5b | 2.5b | 2.5b | 4.0b | 3.2b | 3.5b | 4.1b | 4.6b | 5.7b |

## Pre tax profit | 142.7b | 104.4b | 145.9b | 109.8b | 112.0b | 142.8b | 141.6b | 151.5b | 175.1b | 180.5b | |

## Income tax expense | 46.1b | 20.2b | 39.6b | 33.4b | 31.0b | 33.3b | 35.2b | 37.7b | 43.6b | 48.9b | 43.8b |

## Net Income | 95.0b | 83.8b | 103.6b | 76.8b | 70.8b | 108.6b | 106.3b | 112.6b | 132.9b | 137.4b | 118.7b |

- Source: Company Filings

JPY | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Cash | 701.7b | 699.3b | 765.2b | 698.0b |

## Accounts Receivable | 2.9t | 3.0t | 2.4t | 2.5t |

## Inventories | 1.5t | 1.3t | 1.2t | 1.4t |

## Current Assets | 5.9t | 5.9t | 5.0t | 5.2t |

## PP&E | 2.5t | 2.5t | 2.0t | 2.1t |

## Goodwill | 438.1b | 528.6b | 527.2b | 588.2b |

## Total Assets | 12.4t | 12.6t | 9.7t | 10.1t |

## Accounts Payable | 1.5t | 1.4t | 1.4t | 1.5t |

## Short-term debt | 1.5t | 1.5t | 386.6b | 238.6b |

## Current Liabilities | 4.8t | 5.0t | 3.7t | 3.8t |

## Long-term debt | 2.1t | 2.1t | 790.0b | 811.7b |

## Non-Current Liabilities | 3.4t | 3.4t | 1.8t | 1.8t |

## Total Debt | 3.6t | 3.6t | 1.2t | 1.1t |

## Total Liabilities | 8.1t | 8.4t | 5.6t | 5.6t |

## Common Stock | 458.8b | 458.8b | 458.8b | 458.8b |

## Additional Paid-in Capital | 608.4b | 586.8b | 577.6b | 575.8b |

## Retained Earnings | 1.5t | 1.6t | 1.8t | 2.1t |

## Total Equity | 4.3t | 4.1t | 4.1t | 4.5t |

## Debt to Equity Ratio | 0.8 x | 0.9 x | 0.3 x | 0.2 x |

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.1 x | 0.1 x |

## Financial Leverage | 2.9 x | 3 x | 2.4 x | 2.2 x |

JPY | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 690.0b | 695.1b | 736.1b | 682.9b | 851.5b | 763.4b | 813.0b | 768.2b | 811.3b | 814.4b | 825.6b |

## Accounts Receivable | 2.6t | 2.6t | 2.8t | 2.6t | 2.6t | 2.2t | 2.2t | 2.3t | 2.2t | 2.1t | 2.2t |

## Inventories | 1.6t | 1.5t | 1.6t | 1.4t | 1.3t | 1.4t | 1.4t | 1.4t | 1.6t | 1.4t | 1.5t |

## Current Assets | 5.7t | 5.7t | 6.0t | 5.5t | 5.6t | 4.9t | 5.0t | 5.1t | 5.2t | 5.0t | 5.1t |

## PP&E | 2.5t | 2.5t | 2.5t | 2.2t | 2.3t | 2.0t | 2.0t | 2.1t | 2.1t | 2.1t | 2.2t |

## Total Assets | 12.5t | 12.4t | 12.8t | 11.7t | 11.8t | 9.6t | 9.7t | 10.0t | 10.2t | 9.9t | 10.1t |

## Accounts Payable | 1.3t | 1.3t | 1.4t | 1.3t | 1.3t | 1.3t | 1.4t | 1.4t | 1.5t | 1.4t | 1.4t |

## Short-term debt | 1.5t | 1.5t | 1.8t | 1.5t | 1.4t | 444.0b | 464.9b | 427.6b | 414.0b | 465.3b | 485.3b |

## Current Liabilities | 4.8t | 4.7t | 5.1t | 4.6t | 4.6t | 3.6t | 3.7t | 3.8t | 3.9t | 3.7t | 3.7t |

## Long-term debt | 2.1t | 2.2t | 2.1t | 2.0t | 2.2t | 819.7b | 803.2b | 844.0b | 832.9b | 743.2b | 716.1b |

## Non-Current Liabilities | 3.4t | 3.4t | 3.3t | 3.3t | 3.4t | 2.0t | 1.8t | 1.9t | 1.9t | 1.7t | 1.6t |

## Total Debt | 3.7t | 3.6t | 3.9t | 3.5t | 3.6t | 1.3t | 1.3t | 1.3t | 1.2t | 1.2t | 1.2t |

## Total Liabilities | 8.1t | 8.0t | 8.4t | 7.8t | 7.9t | 5.6t | 5.5t | 5.7t | 5.7t | 5.4t | 5.4t |

## Common Stock | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b | 458.8b |

## Additional Paid-in Capital | 608.2b | 607.6b | 604.0b | 586.7b | 586.3b | 586.1b | 577.0b | 579.2b | 576.0b | 576.7b | 577.1b |

## Retained Earnings | 1.5t | 1.6t | 1.6t | 1.6t | 1.7t | 1.8t | 1.8t | 1.9t | 2.0t | 2.2t | 2.3t |

## Total Equity | 4.4t | 4.3t | 4.4t | 3.8t | 3.9t | 4.1t | 4.2t | 4.3t | 4.4t | 4.5t | 4.7t |

## Debt to Equity Ratio | 0.8 x | 0.8 x | 0.9 x | 0.9 x | 0.9 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x |

## Debt to Assets Ratio | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x |

## Financial Leverage | 2.8 x | 2.9 x | 2.9 x | 3.1 x | 3 x | 2.4 x | 2.3 x | 2.3 x | 2.3 x | 2.2 x | 2.2 x |

JPY | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|

## Net Income | 343.4b | 294.8b | 338.0b | 490.9b |

## Depreciation and Amortization | 481.0b | 507.8b | 415.2b | 364.4b |

## Accounts Receivable | (201.4b) | (53.1b) | (196.8b) | 47.2b |

## Inventories | (116.3b) | 44.3b | (22.7b) | (181.2b) |

## Accounts Payable | (18.0b) | (1.6b) | 111.6b | 97.9b |

## Cash From Operating Activities | 451.8b | 812.2b | 629.6b | 727.2b |

## Purchases of PP&E | (358.1b) | (369.5b) | (316.1b) | (349.4b) |

## Cash From Investing Activities | (612.5b) | (730.8b) | (338.0b) | (474.3b) |

## Short-term Borrowings | 137.0b | (69.8b) | (233.8b) | (104.8b) |

## Long-term Borrowings | (629.1b) | (537.2b) | (397.4b) | (256.9b) |

## Dividends Paid | (87.6b) | (99.6b) | (94.4b) | (99.6b) |

## Cash From Financing Activities | 233.2b | (26.5b) | (209.5b) | (321.5b) |

## Net Change in Cash | 141.0b | (2.4b) | 65.9b | (67.3b) |

## Interest Paid | (28.2b) | (27.4b) | (20.7b) | (21.6b) |

## Income Taxes Paid | (159.4b) | (157.4b) | (140.3b) | (186.9b) |

JPY | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 95.0b | 165.9b | 269.5b | 76.8b | 160.6b | 269.2b | 106.3b | 218.9b | 351.8b | 137.4b | 256.2b |

## Depreciation and Amortization | 121.5b | 248.2b | 372.3b | 116.4b | 231.4b | 320.9b | 87.2b | 179.8b | 271.9b | 90.2b | 179.4b |

## Accounts Receivable | 295.3b | 230.9b | 184.3b | 231.1b | 121.8b | 116.5b | 311.9b | 212.1b | 369.0b | 293.0b | |

## Inventories | (125.4b) | (98.5b) | (163.6b) | (120.6b) | (113.6b) | (184.3b) | (137.1b) | (167.2b) | (321.7b) | (179.5b) | (222.5b) |

## Accounts Payable | (120.2b) | (105.0b) | (66.5b) | (971.0m) | 22.9b | 41.3b | (72.3b) | (39.9b) | 1.1b | (77.7b) | (120.7b) |

## Cash From Operating Activities | 105.4b | 309.6b | 386.4b | 85.0b | 284.9b | 379.2b | 126.9b | 278.5b | 473.2b | 134.4b | 212.0b |

## Purchases of PP&E | (85.3b) | (189.6b) | (283.1b) | (82.5b) | (154.7b) | (231.6b) | (78.9b) | (170.1b) | (251.1b) | (102.8b) | (197.9b) |

## Cash From Investing Activities | (134.0b) | (332.5b) | (552.9b) | (81.4b) | (216.5b) | (200.6b) | (104.6b) | (234.5b) | (314.2b) | (103.9b) | (142.5b) |

## Short-term Borrowings | 44.4b | (50.5b) | 199.8b | 61.4b | (10.7b) | (156.7b) | 115.4b | 61.2b | 47.4b | 139.3b | |

## Long-term Borrowings | (102.0b) | (225.9b) | 548.2b | (128.6b) | (262.8b) | 488.1b | (67.5b) | (163.9b) | (226.2b) | (19.5b) | (56.9b) |

## Dividends Paid | (50.8b) | (55.7b) | (99.4b) | (47.3b) | (50.3b) | (94.3b) | (50.4b) | (52.1b) | (98.7b) | 58.2b | (62.0b) |

## Cash From Financing Activities | 7.4b | 37.4b | 228.7b | 34.4b | 146.0b | (112.0b) | 18.9b | (59.6b) | (142.4b) | 87.8b | 60.0b |

## Net Change in Cash | (11.7b) | (6.6b) | (27.7b) | (16.4b) | 152.2b | (2.4b) | 47.8b | 2.9b | 46.1b | 116.4b | 127.6b |

## Interest Paid | (7.5b) | (13.5b) | (20.8b) | (5.8b) | (9.4b) | (15.7b) | (5.6b) | (10.5b) | (16.7b) | (5.7b) | (11.4b) |

## Income Taxes Paid | (62.3b) | (86.3b) | (131.2b) | (62.7b) | (79.5b) | (121.9b) | (88.5b) | (114.2b) | (183.2b) | (72.2b) | (93.4b) |

JPY | Y, 2018 |
---|---|

## EV/EBIT | 2.4 x |

## EV/CFO | 2 x |

## Debt/Equity | 0.3 x |

## Debt/Assets | 0.1 x |

## Financial Leverage | 2.2 x |

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