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Annual Report 2008
Year ended March 31, 2008

Table of contents

  • Page 1
    Annual Report 2008 Year ended March 31, 2008

  • Page 2
    ... Systems 21 Electronic Devices 22 Power & Industrial Systems 23 Digital Media & Consumer Products 24 High Functional Materials & Components 25 Logistics, Services & Others 25 Financial Services 26 29 30 31 33 86 87 Segment Information Research and Development Intellectual Property Corporate...

  • Page 3
    ...new technology on a timely and cost-effective basis and to achieve market acceptance for such products; • rapid technological innovation, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment and Digital Media & Consumer Products segment; • exchange rate...

  • Page 4
    ...our corporate value. In this endeavor, we will establish a new growth strategy that will include, among other initiatives, the creation of new businesses that seek to capture more Hitachi Group synergies. Stepping up initiatives to protect the natural environment globally will be an integral part of...

  • Page 5
    ... information and telecommunication systems and power and industrial systems, we will channel business resources into high functional materials and components and other areas. We will also implement structural reforms to strengthen and grow these businesses. Hitachi has launched a new initiative we...

  • Page 6
    Interview with the President Collaborative Creation and Profits-Progress with Corporate Strategy 04

  • Page 7
    ... Building a Robust Operating Base and Creating Environmental Value Since November 2006, Hitachi has been promoting a corporate strategy that has "collaborative creation and profits" as its central theme, with the goal of establishing a structure that consistently generates high profits. This will...

  • Page 8
    ... in terms of earnings in your Hard Disk Drive (HDD) business? ANSWER We finally managed to turn a profit in the HDD business from the latter half of fiscal 2007. This business had experienced a sluggish period for rather a long time from January 2003 when Hitachi Global Storage Technologies started...

  • Page 9
    ... plan to bolster our lineup of ultra-thin 35mm-thick TVs that harness the Hitachi Group's technologies. Additionally, we will concentrate on developing products boasting enhanced environmental performance, such as in terms of lower power consumption. We aim to achieve positive FIV in the flat-panel...

  • Page 10
    ...' majority shareholder in the future, while Matsushita Electric Industrial will acquire almost all the shares held by Hitachi Displays in IPS Alpha Technology, Ltd., which handles IPS LCD panels for large TVs. Priority Areas Social Innovation Business Social Infrastructure Business ฀Power Systems...

  • Page 11
    ... alliance, we established joint venture companies in the U.S., Canada and Japan in fiscal 2007, thereby strengthening our partnership. Hitachi boasts experience constructing nuclear power plants as well as related technologies and know-how, while GE brings with it global marketing capabilities. This...

  • Page 12
    ...developed a stereo camera for automobiles with Fuji Heavy Creating Group Synergies Car information systems Lithium-ion batteries Motors/inverters Clarion, Hitachi Global Storage Technologies Hitachi Vehicle Energy, Hitachi Maxell, Hitachi Chemical, Hitachi Cable Hitachi Industrial Equipment Systems...

  • Page 13
    ...develop these businesses globally, centered on products and services with high market shares such as storage solutions, while striving to add even more value mainly through outsourcing services and integrated IT platforms. Looking ahead, taking advantage of outstanding technologies unique to Hitachi...

  • Page 14
    ... of human resources, we are promoting the selection and development of overseas local personnel as executives. Moreover, Hitachi is expanding the use of the Group joint recruitment and development programs to recruit outstanding people from around the world. Regarding the Increase in Eco-Products...

  • Page 15
    ..., based on our Environmental Vision 2025, which we announced in December 2007. One of our goals under this vision is to reduce CO2 emissions from the use of Hitachi products worldwide by 100 million tons by 2025. QUESTION Finally, how do you plan to increase Hitachi's corporate value? ANSWER We...

  • Page 16
    ... accounting auditors and non-audit work performed by these auditors. Regarding collaboration with internal audit units, Audit Committee action plans are prepared in coordination with the Board of Directors The Board of Directors determines basic management policies and supervises executive officers...

  • Page 17
    ... of its corporate governance guidelines; or to adopt a code of business conduct and ethics for its directors, officers and employees that would comply fully with the NYSE's requirements. Internal Control Over Financial Reporting Hitachi's shares are listed on the New York Stock Exchange (the "NYSE...

  • Page 18
    ... and Executive Officer Advisor, Japan Institute of Workers' Evolution Chairman of the Board, Showa Denko K.K. Special Advisor, NIPPON MINING HOLDINGS, INC. Senior Advisor, Sumitomo Corporation Attorney at Law * Denotes directors who serve concurrently as executive officers. Numbers in parentheses...

  • Page 19
    ... Executive Officers Kazuhiro Mori Social Infrastructure Business (Power Systems Business and Industrial Systems Business), Quality Assurance and Production Engineering Industrial Infrastructure Business (Automotive Systems Business), Life Infrastructure Business (Urban Planning & Development Systems...

  • Page 20
    ...Hitachi Medical's fluoroscopic X-ray system Standardized elevators Main Products and Services Systems Integration Outsourcing Services Software Hard Disk Drives Disk Array Subsystems Servers Mainframes PCs Telecommunications Equipment ATMs LCDs Semiconductor Manufacturing Equipment Test...

  • Page 21
    ...Hitachi Metals' amorphous alloys for transformers Hitachi Maxell's prismatic lithium ion rechargeable batteries featuring thin type and high capacity Hitachi Cable's probe cables for medical applications Optical Disk Drives Plasma TVs LCD TVs LCD Projectors Mobile Phones Room Air Conditioners...

  • Page 22
    ... growth in software, services and HDDs (Hard Disk Drives). Operating income jumped 92%, to ¥116.1 billion (U.S.$1,161 million), mainly due to higher earnings in services and a major improvement in HDD profitability. Share of Revenues Software and Services In software and services, sales rose year...

  • Page 23
    ... related to large LCD semiconductor manufacturing equipment. In life sciences too, sales increased, mainly of chemical analyzers for customers in the U.S. and Europe. However, information systems & electronic components saw lower sales of semiconductor devices in Asia. Advanced industrial products...

  • Page 24
    .... Share of Revenues Power Systems Sales jumped year on year as a result of growth in construction of nuclear power plants in Japan and coal-fired thermal Urban Planning and Development Systems Sales rose year on year due to strong growth in elevators and escalators, mainly in China. Earnings...

  • Page 25
    ...room air conditioners, especially overseas. 12% by lower flat-panel TV sales due to sluggish growth in sales volume and lower prices, as well as contraction in the projection TV business, streamlining of DVD recorder sales channels and other business structural reforms. Hitachi Maxell, Ltd. Sales...

  • Page 26
    ... FY06 FY07 132.3 141.0 and other materials for printed wiring boards, as well as die bonding materials, epoxy molding compounds and other semiconductor-related products. In advanced performance products, sales rose year on year due mainly to growth in sales of molded plastic rear hatch door and 24

  • Page 27
    ... general trading companies on the back of solid growth, particularly in Europe and Asia. FY07 Share of Revenues Financial Services Segment revenues decreased 11% year on year, to ¥445.4 billion (U.S.$4,454 million), due to a more selective approach to order-winning at Hitachi Capital Corporation...

  • Page 28
    ... 30,755 - Digital Media & Consumer Products 2008 2007 Millions of yen 2006 Millions of U.S. dollars 2008 Revenues ...Operating income (loss) ...Capital investment (Property, plant and equipment) ...Depreciation (Property, plant and equipment) ...R&D expenditures ...Assets ...Number of employees...

  • Page 29
    ...250 47 9,814 - Financial Services 2008 2007 Millions of yen 2006 Millions of U.S. dollars 2008 Revenues ...Operating income ...Capital investment (Property, plant and equipment) ...Depreciation (Property, plant and equipment) ...R&D expenditures ...Assets ...Number of employees ... ¥ 445,400 25...

  • Page 30
    ... sale and disposal of rental assets and other property and impairment losses are included as part of operating income (loss). See the consolidated statements of operations and notes 18, 19 and 20 to the consolidated financial statements. The restructuring charges mainly represent special termination...

  • Page 31
    ... Electronic Devices Power & Industrial Systems Digital Media & Consumer Products High Functional Materials & Components Logistics, Services & Others Corporate items Total Structure of Research & Development Group Central Research Laboratory Mechanical Engineering Research Laboratory Production...

  • Page 32
    ... contribution to business development. Going forward, Hitachi plans to continue working actively to strategically develop and exploit IP. USA: 18% Europe: 15% Others (incl. India): over 6% China: 11% Japan: less than 50% Hitachi Group Domestic/ Overseas Patent Application FY2010 targets Royalty...

  • Page 33
    ... an advanced global enterprise in this field, we have also created the Hitachi Group Three-Year CSR Roadmap as a medium-term CSR action plan. The Hitachi Group's Approach to CSR The corporate credo is to contribute to society through the development of superior, original technology and products, and...

  • Page 34
    ... all Hitachi Group products Eco-Products by 2025 Use the Hitachi Group's total technological strengths to pursue environmental efficiency for all aspects of our business including materials, parts, components, products, systems, services and solutions With the global market in mind, develop global...

  • Page 35
    ... Balance Sheets Consolidated Statements of Operations Consolidated Statements of Stockholders' Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Management's Report on Internal Control Over Financial Reporting 83 Reports of Independent Registered Public...

  • Page 36
    ... Balance Sheets Hitachi, Ltd. and Subsidiaries March 31, 2008 and 2007 Millions of yen Thousands of U.S. dollars (note 3) 2008 Assets Current assets: Cash and cash equivalents ...Short-term investments (note 4) ... 2008 2007 ¥ 560,960 61,289 ¥ 617,866 33,986 $ 5,609,600 612,890 Trade...

  • Page 37
    ...Long-term debt (notes 6 and 10) ...Retirement and severance benefits (note 11) ...Other liabilities (note 9) ...Total liabilities ...Minority interests ...Stockholders' equity: Common stock 3,368,126,056 shares issued for 2008 and 2007 (notes 10 and 12) ...Capital surplus (note 12) ...Legal reserve...

  • Page 38
    ... of sales: Product sales ...Financial and other services ...Total cost of sales ...Selling, general and administrative expenses ...Impairment losses for long-lived assets (note 18) ...Restructuring charges (note 19) ...Interest income ...Dividends income ...Gains on sales of stock by subsidiaries...

  • Page 39
    ... 15): Net loss ...Other comprehensive loss, net of reclassification adjustments ...Comprehensive loss ...Cash dividends (note 13) ...Acquisition of treasury stock (note 14) ...Sales of treasury stock (note 14) ...Balance at end of year ...Comprehensive loss (note 15): Net loss ...Other comprehensive...

  • Page 40
    ... loss ...Adjustment to initially apply SFAS No. 158 (note 11) ...Cash dividends (note 13) ...Acquisition of treasury stock (note 14) ...Sales of treasury stock (note 14) ...Stock exchange for acquisition (note 14) ...Balance at end of year ...Comprehensive loss (note 15): Net loss ...Other...

  • Page 41
    ...Purchase of software ...Other ...Net cash used in investing activities ...Cash flows from financing activities (note 24): Increase (decrease) in short-term debt, net ...Proceeds from long-term debt ...Payments on long-term debt ...Proceeds from sale of common stock by subsidiaries ...Dividends paid...

  • Page 42
    ...located in Japan. The Company's and its subsidiaries' businesses are diverse, and include information and telecommunication systems, electronic devices, power and industrial systems, digital media and consumer products, high functional materials and components, and other services including financial...

  • Page 43
    ... a number of securitization programs. Under those programs, certain financial assets such as lease receivables, trade receivables and others are sold to Special Purpose Entities (SPEs) which are mainly funded through the issuance of asset-backed securities to investors. When a transfer of financial...

  • Page 44
    ... except for some assets which are depreciated by the straight-line method, mainly over the following estimated useful lives: Buildings Buildings and building equipment ...Structures ...Machinery and equipment Machinery ...Vehicles ...Tools, furniture and fixtures ... 3 to 50 years 7 to 60 years 4 to...

  • Page 45
    ... with Statement of Position (SOP) 98-1, "Accounting for the Costs of Computer Software Developed or Obtained for Internal Use." In addition, the Company and its subsidiaries develop certain computer software to be sold where related costs are capitalized after establishment of technological...

  • Page 46
    ... system products, construction equipment, displays, disk drives, televisions, air conditioners, batteries, magnetic tapes, high functional materials, cable products, automotive equipment, semiconductor manufacturing equipment, test and measurement equipment, railway vehicles, medical electronic...

  • Page 47
    ... with SFAS No. 86, "Accounting for the Costs of Computer Software to Be Sold, Leased or Otherwise Marketed." Development costs incurred in the research and development of new software products and enhancements to existing products are expensed as incurred until technological feasibility has been...

  • Page 48
    ... compensation plans. Effective April 1, 2006, the Company adopted the fair value recognition provisions of SFAS No. 123 (revised 2004), "Share-Based Payment," which is a revision of SFAS No. 123, "Accounting for Stock-Based Compensation." This statement requires all share-based payments to employees...

  • Page 49
    ... adjustment to the opening balance of retained earnings. (ab) New Accounting Standards In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This statement defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles, and...

  • Page 50
    ... or rendered in future research and development activities should be deferred and capitalized. Such amounts should be recognized as an expense as the related goods are delivered or the related services are performed. This Issue is effective for financial statements issued for fiscal years beginning...

  • Page 51
    ...holding losses and aggregate fair value of available-for-sale securities by the consolidated balance sheets classification as of March 31, 2008 and ...cost basis Gross gains Gross losses Aggregate fair value 2008 Short-term investments: Debt securities ...Other securities ...Investments and advances: ...

  • Page 52
    ... in the accompanying consolidated statement of operations. Trading securities consist mainly of investments in trust accounts. The portions of trading gains and losses for the years ended March 31, 2008, 2007 and 2006 that relate to trading securities still held at the balance sheet date were a loss...

  • Page 53
    ..., respectively. The major component of equity-method goodwill recorded during the year ended March 31, 2008 was related to the acquisition of the interests in GE-Hitachi Nuclear Energy Holdings, LLC. Summarized combined financial information relating to affiliated companies accounted for by the...

  • Page 54
    ...450,258 $ 5,533,440 6,651,060 2,225,740 $14,410,240 6. LEASES The Company and certain subsidiaries are lessors of certain assets such as manufacturing machinery and equipment under financing and operating lease arrangements with terms ranging from 3 to 6 years, some of which are transacted with...

  • Page 55
    ...future minimum lease receivables of financing leases as of March 31, 2007: Millions of yen Financing leases Years ending March 31 Operating leases 2008 Financing leases Thousands of U.S. dollars Operating leases 2008 2009 ...2010 ...2011 ...2012 ...2013 ...Thereafter ...Total minimum payments to be...

  • Page 56
    ... the years ended March 31, 2008, 2007 and 2006, Hitachi Capital Corporation and certain other financing subsidiaries sold primarily lease receivables to Special Purpose Entities (SPEs) and the SPEs issued asset-backed commercial paper to investors. The investors and the SPEs have no recourse to the...

  • Page 57
    ...: 2008 Weighted average life (in years) ...Expected credit loss ...Discount rate ... 3.4 0.00-0.03...main component of intangible assets subject to amortization was capitalized software. Amortization of capitalized costs for software to be sold, leased or otherwise marketed is charged to cost of sales...

  • Page 58
    ... adjustment and other ...Balance at end of the year ... ¥148,431 26,154 (7,448) (8,098) ¥159,039 ¥ 64,210 85,250 (1,743) 714 ¥148,431 $1,484,310 261,540 (74,480) (80,980) $1,590,390 The major components of goodwill recorded during the year ended March 31, 2007 were related to the acquisition...

  • Page 59
    9. INCOME TAXES Components of income (loss) before income taxes and minority interests, and income taxes attributable to continuing operations are as follows: Millions of yen 2008 Domestic Foreign ...

  • Page 60
    ... of other components listed below) ...Change in valuation allowance ...Other comprehensive income (loss), net of reclassification adjustments: Minimum pension liability adjustments ...Pension liability adjustments ...Net unrealized holding gain on available-for-sale securities ...Cash flow hedges...

  • Page 61
    ... within the group, which had been deferred in accordance with Accounting Research Bulletin No. 51, "Consolidated Financial Statements," as of March 31, 2008 and 2007 are reflected in the accompanying consolidated balance sheets under the following captions: Millions of yen 2008 2007 Thousands...

  • Page 62
    ..., zero coupon, issued by a subsidiary ...Loans, principally from banks and insurance companies: Secured by various assets and mortgages on property, plant and equipment, maturing 2008-2017, interest 1.85-5.4% ...Unsecured, maturing 2008-2026, interest 0.6-5.74% ...Capital lease obligations ...Less...

  • Page 63
    ... coupon convertible bonds. During the conversion period, the bondholders may exercise the stock acquisition rights anytime after the closing price of the Company's shares at the Tokyo Stock Exchange on at least one trading day is 115 percent or more of the then applicable conversion price rounded...

  • Page 64
    ... the cash balance plans, each employee has a notional account which represents pension benefits. The balance in the notional account is based on principal credits, which are accumulated as employees render services, and interest credits, which are determined based on the market interest rates. On...

  • Page 65
    ... funded benefit pension plans and the unfunded lump-sum payment plans for the years ended March 31, 2008, 2007 and 2006 consists of the following components: Millions of yen 2008 2007 2006 Thousands of U.S. dollars 2008 Service cost ...Interest cost ...Expected return on plan assets for the period...

  • Page 66
    ... pension plan ...Curtailment ...Foreign currency exchange rate changes ...Benefit obligation at end of year ...Change in plan assets: Fair value of plan assets at beginning of year ...Actual return on plan assets ...Employers' contributions: Cash ...Available-for-sale securities ...Employees' cash...

  • Page 67
    ...as follows: 2008 2007 2006 Discount rate ...Expected long-term return on plan assets ...Rate of compensation increase ... 2.5% 3.1% 2.7% 2.5% 3.0% 2.5% 2.5% 3.0% 2.9% The expected long-term rate of return on plan assets is developed for each asset class, and is determined primarily on historical...

  • Page 68
    ... with the provisions of the Japanese Commercial Code, the former Japanese Company Law, by crediting one-half of the conversion price to each of the common stock accounts and the capital surplus accounts. 13. LEGAL RESERVE AND RETAINED EARNINGS, AND DIVIDENDS The Japanese Company Law provides that...

  • Page 69
    ...: Millions of yen Shares Amount Thousands of U.S. dollars Amount Balance as of March 31, 2005 ...Acquisition for treasury ...Sales of treasury stock ...Balance as of March 31, 2006 ...Acquisition for treasury ...Sales of treasury stock ...Stock exchange for acquisition ...Balance as of March 31...

  • Page 70
    ... unrealized holding gain on available-for-sale securities: Balance at beginning of year ...Other comprehensive income (loss), net of reclassification adjustments ...Net transfer from minority interests ...Balance at end of year ...Cash flow hedges: Balance at beginning of year ...Other comprehensive...

  • Page 71
    ...amounts of income tax expense or benefit allocated to each component of other comprehensive income (loss), including reclassification adjustments. ... translation adjustments ...Pension liability adjustments ...Net unrealized holding gain on available-for-sale securities ...Cash flow hedges ...(...

  • Page 72
    ... flow hedges ...Other comprehensive income, net of reclassification adjustments: Foreign currency translation adjustments ...Minimum pension liability adjustments ...Net unrealized holding gain on available-for-sale securities ...Cash flow hedges ...48,435 160,654 100,209 2,624 ¥311,922 - (63,846...

  • Page 73
    ...stand ready to perform over the term of the guarantees in the event the customer cannot make scheduled payments. The subsidiaries provide certain revolving lines of credit to its credit card holders in accordance with the terms of the credit card business customer service contracts. Furthermore, the...

  • Page 74
    ...relating to static random access memories. In December 2006, the Company and a subsidiary in Europe received requests for information from the European Commission, a subsidiary in Japan received requests for information from the Antitrust Division of the U.S. Department of Justice and the Fair Trade...

  • Page 75
    ..., plant and equipment located in Japan. The High Functional Materials & Components division recognized a loss of ¥4,351 million primarily due to a specific type of material for semiconductors that was projected to have lower production because of smaller demand in the market. The Digital Media...

  • Page 76
    ... to ¥7,260 million ($72,600 thousand). 2. Digital Media & Consumer Products division restructured in order to reorganize the flat-panel TV business which is subject to severe market competition accompanied with falling prices. The accrued special termination benefits expensed during the year ended...

  • Page 77
    ...,860 (82,460) (284,140) The major components of net gain on securities for the year ended March 31, 2008 were related to sales of a part of shares of Hitachi Displays, Ltd. and Hitachi-GE Nuclear Energy, Ltd. and of all shares of Hitachi Semiconductor Singapore Pte. Ltd. Other income for the year...

  • Page 78
    ... per share computation excludes some stock options because their effect would have been antidilutive. 23. SUPPLEMENTARY INCOME AND EXPENSE INFORMATION Millions of yen 2008 2007 2006 Thousands of U.S. dollars 2008 Shipping and handling costs ...Advertising expense ...Maintenance and repairs ...Rent...

  • Page 79
    ...of the counterparties are internationally recognized financial institutions and contracts are diversified into a number of major financial institutions. Risk management policy The Company and its subsidiaries assess foreign currency exchange rate risk and interest rate risk by continually monitoring...

  • Page 80
    ... associated with medium-term notes and make fixed interest rate payments, thereby creating fixed interest rate long-term debt. The Company and certain financing subsidiaries mainly finance a portion of their operations by long-term debt with a fixed interest rate and lend funds at variable interest...

  • Page 81
    ... cash equivalents, Trade receivables, Short-term debt and Trade payables The carrying amount approximates the fair value because of the short maturity of these instruments. Derivative financial instruments The fair values of forward exchange contracts, cross currency swap agreements, interest rate...

  • Page 82
    ...'s financial condition, future earnings prospects and a third party evaluation of the estimated value of Clarion stock, and included a premium of approximately 33% over average share price of Clarion common stock traded on the First Section of the Tokyo Stock Exchange for the three month period...

  • Page 83
    ...-based compensation expense for the years ended March 31, 2008, 2007 and 2006. The fair value of the Company's stock options is estimated using the Black-Sholes option pricing model under the following assumptions: 2006 Expected volatility ...Expected dividends ...Expected term ...Risk-free rate...

  • Page 84
    ... a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because...

  • Page 85
    ... of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the...

  • Page 86
    ... financial position of Hitachi, Ltd. and subsidiaries at March 31, 2008 and 2007, and the consolidated results of their operations and their cash flows for each of the three years in the period ended March 31, 2008, in conformity with U.S. generally accepted accounting principles. 84 Tokyo, Japan...

  • Page 87
    85

  • Page 88
    ... is useful to investors in comparing the Company's financial results with those of other Japanese companies. Under accounting principles generally accepted in the United States of America, restructuring charges, net gain or loss on sale and disposal of rental assets and other property and impairment...

  • Page 89
    ...: Investor Relations JAPAN Hitachi, Ltd. 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, 100-8280 TEL: +81-3-3258-1111 E-mail: [email protected] Number of Shares Issued Common Stock: 3,368,126,056 shares Number of Shareholders 371,330 U.S.A. Hitachi America, Ltd. 50 Prospect Avenue, Tarrytown, NY...

  • Page 90
    Printed in Japan