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54 Hitachi, Ltd. Annual Report 2012
To Our ShareholdersFinancial Highlights
Research and Development/
Intellectual Property
Management Structure
Financial Section/
Corporate Data Segment Information
Millions of yen
2012 2011 2010
Cash fl ows from operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥412,808 ¥303,126 ¥ (84,391)
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360,358 382,732 441,697
Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,308 115,037 116,065
Impairment losses for long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . 31,841 35,170 25,196
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,509 3,952 60,440
Equity in net loss of affi liated companies . . . . . . . . . . . . . . . . . . . . . . . 15,571 20,142 58,186
Gain on sale of investments in securities and other . . . . . . . . . . . . . . . (228,115) (72,987) (6,061)
Impairment of investments in securities . . . . . . . . . . . . . . . . . . . . . . . . 15,096 11,407 9,585
(Gain) loss on disposal of rental assets and other property . . . . . . . . . (18,627) 4,387 22,670
(Increase) decrease in receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . (259,211) 121,606 (138,785)
(Increase) decrease in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . (162,594) (171,275) 205,848
Decrease in prepaid expenses and other current assets . . . . . . . . . . . 987 1,964 8,687
Increase in payables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119,177 47,512 62,295
Increase (decrease) in accrued expenses and retirement and
severance benefi ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,430) 22,871 69,724
Increase in accrued income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,103 3,066 17,249
Decrease in other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,812) (26,118) (83,519)
Net change in lease receivables related to the Company’s and
its subsidiaries’ products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012 19,523 (17,935)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,174 19,439 31,348
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . 447,155 841,554 798,299
Cash fl ows from investing activities:
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (337,502) (254,460) (286,259)
Purchase of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (106,042) (95,500) (85,092)
Purchase of tangible assets and software to be leased . . . . . . . . . . . . . . (269,350) (268,446) (271,341)
Proceeds from disposal of property, plant and equipment . . . . . . . . . . . . 47,697 27,427 20,821
Proceeds from disposal of tangible assets and software to be leased . . . 17,447 19,866 22,672
Collection of investments in leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,446 286,356 172,327
Purchase of investments in securities and shares of
newly consolidated subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (151,413) (122,555) (156,989)
Proceeds from sale of investments in securities and
shares of consolidated subsidiaries resulting in deconsolidation . . . . . . 331,007 147,941 27,410
Refund of deposit received for sale of investment in affi liated company
. . . . —(43,550) —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,126 42,575 25,856
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . (195,584) (260,346) (530,595)
Cash fl ows from fi nancing activities:
Increase (decrease) in short-term debt, net . . . . . . . . . . . . . . . . . . . . . . . 70,105 75,535 (551,044)
Proceeds from long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388,991 179,324 656,768
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (544,841) (790,328) (565,212)
Proceeds from issuance of common stock . . . . . . . . . . . . . . . . . . . . . . . — — 252,420
Proceeds from sale of common stock by subsidiaries . . . . . . . . . . . . . . . 736 415 504
Dividends paid to Hitachi, Ltd. stockholders . . . . . . . . . . . . . . . . . . . . . . (27,018) (22,466) (134)
Dividends paid to noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . (22,206) (19,575) (24,852)
Acquisition of common stock for treasury . . . . . . . . . . . . . . . . . . . . . . . . (126) (183) (115)
Proceeds from sales of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 52 65
Purchase of shares of consolidated subsidiaries from
noncontrolling interest holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,230) (3,043) (261,113)
Proceeds from sale of shares of consolidated subsidiaries to
noncontrolling interest holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,188 229 1,886
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (475) (4,136) (11,517)
Net cash used in fi nancing activities . . . . . . . . . . . . . . . . . . . . . . . . . (167,838) (584,176) (502,344)
Effect of consolidation of securitization entities upon initial adoption of
the amended provisions of ASC 810 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —
12,030 —
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . (18,966) (31,836) 4,298
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . 64,767 (22,774) (230,342)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . 554,810 577,584 807,926
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . ¥619,577 ¥554,810 ¥577,584
More details on fi nancial disclosure are provided in the Annual Securities Report. WEB http://www.hitachi.com/IR-e/library/stock/index.html
Consolidated Statements of Cash Flows
Hitachi, Ltd. and Subsidiaries
Years ended March 31, 2012, 2011 and 2010