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HITACHI KOKUSAI ELECTRIC INC. AND SUBSIDIARIES

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

Consolidated Quarterly Statements of Cash Flows (Unaudited)

For the six months ended September 30, 2009 and 2008

Cash Flows
  YEN (millions) (A)/(B)
×100(%)		 U.S.Dollars
(millions)
2Q of FY2009 2Q of FY2008 2Q of FY2009
 Net cash provided by (used in) operating activities
Loss before income taxes and minority interests
(6,855)
(652)
-
(76)
Depreciation and amortization
 2,211 2,480 89 25
Increase (Decrease) in provision for retirement benefits
 252 (59) - 3
Increase (Decrease) in provision for directors' retirement benefits
 16 (59) - 0
Decrease in provision for product warranties
 (285) (199) - (3)
Increase in provision for loss on construction contracts
 1,024 - - 11
Interest and dividends income
 (194) (437) - (2)
Interest expenses
 8 11 73 0
Loss on disposal of noncurrent assets
 30 63 48 0
Gain on sales of noncurrent assets
 (11) (16) - (0)
Decrease in notes and accounts receivable-trade
 13,010 23,059 56 144
Decrease in inventories
 511 829 62 6
Decrease (increase) in other current assets
 72 (106) - 1
Decrease in notes and accounts payable-trade
 (583) (12,748) - (6)
Decrease in accrued consumption taxes
 (519) (223) - (6)
Decrease in other current liabilities
 (1,506) (3,522) - (17)
Other, net
 (255) (144) - (3)
Subtotal
 6,928 8,274 84 77
Interest and dividends income received
 194 712 27 2
Interest expenses paid
 (9) (10) - (0)
Income taxes paid
 (471) (1,470) - (5)
Income taxes refund
 883 114 775 10
Net cash provided by (used in) operating activities
 7,525 7,620 99 83
 Net cash provided by (used in) investment activities
Payments into time deposits

(6)

(193)

-

(0)
Proceeds from withdrawal of time deposits
 6 134 4 0
Purchase of investment securities
 (204) (5) - (2)
Proceeds from sales of investment securities
 469 0 - 5
Purchase of property, plant and equipment
 (718) (2,234) - (8)
Proceeds from sales of property, plant and equipment
 33 69 48 0
Decrease in short-term loans receivable
 1 6 17 0
Increase in investment in variable interest rate deposit
 - (2,000) - -
Maturities of long term deposit
 1,000 - - 11
Decrease in other investments
 32 6 533 0
Other, net
 (283) (566) - (3)
Net cash provided by (used in) investing activities
 330 (4,783) - 4
 Net cash provided by (used in) financing activities        
Cash dividends paid
 (926) (1,028) - (10)
Cash dividends paid to minority shareholders
 (14) (6) - (0)
Net Increase in treasury stock
 (6) (25) - (0)
Other, net
 (1) (1) - (0)
Net cash provided by (used in) financing activities
 (949) (1,060) - (11)
 Effect of exchange rate change on cash and cash equivalents (232) 25 - (3)
 Net increase(decrease) in cash and cash equivalents 6,674 1,801 371 74
 Increase in cash and cash equivalents
from newly consolidated subsidiary		 306 - - 3
 Cash and cash equivalents at beginning of period 36,064 51,208 70 400
 Cash and cash equivalents at end of period 43,045 53,009 81 477