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HITACHI KOKUSAI ELECTRIC INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2009

Consolidated Quarterly Balance Sheets (Unaudited)

As of September 30, 2009 and March 31, 2009

Balance Sheets
  YEN (millions) U.S.Dollars
(millions)
2Q of FY2009 FY2008 2Q of FY2009
Assets
 Current assets
Cash and deposits
Deposits with Hitachi, Ltd.
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
 16,849
26,306
23,063
7,196
13,916
4,817
2,220
1,317
(135)		 36,162
12
35,798
7,754
12,880
5,867
2,650
1,681
(186)		 187
292
256
80
154
53
25
15
(1)
Total current assets
 95,553 102,621 1,059
 Noncurrent assets
 Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Construction in progress
Other, net
13,686
2,069
5,508
261
2,898
13,979
2,397
5,508
295
3,383
152
23
61
3
32
Total property, plant and equipment
 24,423 25,565 271
 Intangible assets
 Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
 1,928

3,419
42
2,286
2,386
(870)		 1,964

3,397
36
2,330
3,573
(941)		 21

38
0
25
26
(10)
Total investments and other assets
 7,264 8,395 81
Total noncurrent assets
 33,616 35,925 373
 Total assets 129,170 138,546 1,432
Summary
  YEN (millions) U.S.Dollars
(millions)
2Q of FY2009 FY2008 2Q of FY2009
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Income taxes payable
Accrued expenses
Provision for product warranties
Provision for loss on construction contracts
Notes payable-facilities
Other
14,727
1,417
223
7,094
636
1,024
2
4,173
15,222
1,417
206
7,494
926
-
5
5,317
163
16
2
79
7
11
0
46
Total current liabilities 29,299 30,588 325
 Noncurrent liabilities
Provision for retirement benefits
Provision for directors' retirement benefits
Deferred tax liabilities
Other
25,882
365
448
262
25,529
343
469
298
287
4
5
3
Total noncurrent liabilities
 26,959 26,640 299
 Total liabilities 56,258 57,229 624
Net assets
 Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
10,058
26,204
40,251
(2,560)
10,058
26,204
48,427
(2,553)
111
290
446
(28)
Total shareholders' equity
 73,953 82,136 820
 Valuation and translation adjustments
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
368
(1,474)
329
(1,258)
4
(16)
Total valuation and translation adjustments
 (1,106) (928) (12)
 Minority interests 64 110 1
 Total net assets 72,912 81,317 808
Total liabilities and net assets 129,170 138,546 1,432