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Annual Report 2007
Year ended March 31, 2007
Value in New Approaches

Table of contents

  • Page 1
    Annual Report 2007 Year ended March 31, 2007 Value in New Approaches

  • Page 2
    ... 18 Board of Directors 19 Executive Officers 20 The Business of Hitachi 22 Review of Operations page page page page 22 Information & Telecommunication Systems 23 Electronic Devices 24 Power & Industrial Systems 25 Digital Media & Consumer Products 26 High Functional Materials & Components 27...

  • Page 3
    ... Systems segment, Electronic Devices segment and Digital Media & Consumer Products segment; • uncertainty as to Hitachi's ability to continue to develop and market products that incorporate new technology on a timely and cost-effective basis and to achieve market acceptance for such products...

  • Page 4
    ... strengths as a company, and continue implementing business reforms. Through steady execution of these measures, we are determined to meet your expectations. Etsuhiko Shoyama Chairman and Director Kazuo Furukawa President, Chief Executive Officer and Director 02 Hitachi, Ltd. Annual Report 2007

  • Page 5
    ... HDD (Hard Disk Drive), digital media and other fields. Further bringing down earnings was an increase in investments in development and marketing aimed at making our businesses stronger. We also incurred one-time charges in the form of repair costs for turbine damage at certain nuclear power plants...

  • Page 6
    ... 2006, we unveiled a new corporate strategy. Hitachi is now making a new start under a revitalized management structure guided by this strategy statement. This management policy has as its central theme "collaborative creation and profits," through a rigorous focus on a market-oriented approach and...

  • Page 7
    ... to a comprehensive strategic global alliance with GE to establish joint venture companies in the nuclear power business, which is expected to grow going forward. In the HDD business, we will partially consolidate and integrate production operations. Meanwhile, in flat-panel TVs, we have decided to...

  • Page 8
    ...Inspiration Value), creating a business portfolio that emphasizes high profitability, making progress with managing the Hitachi Group better, and innovating in collaboration with group companies and business partners. Through steady execution of these key initiatives, Hitachi's management goal is to...

  • Page 9
    ..., we are also stressing collaborative creation with business partners. In the nuclear power business, for example, we have formed a global strategic alliance with GE. Meanwhile, in flat-panel TVs we are cross-supplying plasma panels with Matsushita Electric Industrial Co., Ltd. Through collaborative...

  • Page 10
    ... of batteries for the automotive, railcar and power tool fields as one group. And an Urban Planning and Development Project is providing solutions extending from elevators and escalators to information systems and building maintenance services in conjunction with related Hitachi Group business units...

  • Page 11
    ... â- Urban Systems â- Home ICT Systems â- Medical Systems Information Infrastructure Business â- IT Platforms â- System Solutions â- Semiconductors â- Materials Infrastructure Technology/Products â- Panels â- Motors / Inverters â- Hard Disk Drives Hitachi, Ltd. Annual Report 2007 09

  • Page 12
    ... with GE. Flat-panel TV Business In flat-panel TVs, our strategy is to concentrate resources on large-screen products of 50 inches and over, centered on plasma TVs. The goal is to raise our global market share in plasma TVs from 8% in fiscal 2006 to 20% by fiscal 2010. Flat-panel TV markets are...

  • Page 13
    ...-method affiliate IPS Alpha Technology, Ltd. Collaborative creation such as the above with Hitachi Group companies and business partners will make our flat-panel TV business stronger and is intended to also elevate earnings. HDD (Hard Disk Drive) Business Our product strategy in HDD operations is...

  • Page 14
    ... power plants overseas such as in North America, where the number of projects is expected to increase going forward, by building a global cooperative framework with GE. We also plan to expand businesses that leverage our strengths such as in leading-edge maintenance and service technology and high...

  • Page 15
    ...these businesses, the company is also working to add value by strengthening development of battery-powered excavators and technologies that save energy and reduce the environmental burden. Hitachi Construction Machinery's ultra-large hydraulic excavator "EX8000" Hitachi, Ltd. Annual Report 2007 13

  • Page 16
    ... maintenance service networks. These solutions will relate to areas such as security system, energy solution, project & engineering and building management system, and respond to rising public interest in crime prevention and corporate environmental awareness. Home ICT Systems Business Hitachi is...

  • Page 17
    ... and industrial equipment. One recent move saw Hitachi Metals integrate NEOMAX Co., Ltd. to strengthen the magnetic materials business. Hitachi Chemical Co., Ltd., meanwhile, is increasing production of anisotropic conductive film for flat-panel TVs. Toward Achieving Targets Hitachi uses FIV...

  • Page 18
    ... business operation, while making management highly transparent by having outside directors on the Board of Directors. In terms of the basic policy for corporate governance of the Hitachi Group, Hitachi, Ltd. Standards of Corporate Conduct is positioned as the basis for the Hitachi brand and CSR...

  • Page 19
    ... publicly available one or more documents which purport to summarize all aspects 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. Hitachi, Ltd. Annual Report 2007...

  • Page 20
    ... * Denotes directors who serve concurrently as executive officers. Numbers in parentheses beside names show committee membership: (1)Nominating Committee,(2)Audit Committee, and (3)Compensation Committee. Italicized numbers in bold type show committee chairman. 18 Hitachi, Ltd. Annual Report 2007

  • Page 21
    ... (Global) and Platform Systems Business) Business Development Koichiro Nishikawa Representative Executive Officer Senior Vice President, Executive Officer and Director Toyoaki Nakamura Finance, Corporate Pension System, Hitachi Group Management and Business Development Hitachi, Ltd. Annual Report...

  • Page 22
    ....1 3,022.2 Digital Media & Consumer Products 13% FY05 FY06 1,305.6 1,506.0 High Functional Materials & Components 15% FY05 FY06 1,600.2 1,794.5 Logistics, Services & Others 10% FY05 FY06 1,214.7 1,213.5 Financial Services 4% 20 FY05 FY06 517.9 500.0 Hitachi, Ltd. Annual Report 2007

  • Page 23
    ... Disk Drives Plasma TVs â- LCD TVs â- LCD Projectors â- Mobile Phones â- Room Air Conditioners â- â- Refrigerators Washing Machines â- Information Storage Media â- Batteries â- Air-Conditioning Equipment â- â- FY05 FY06 110.0 132.3 Wires and Cables Copper Products â- Semiconductor...

  • Page 24
    ... and in the outsourcing business. Earnings increased due to healthy earnings growth in services in line with higher sales. growth in blade servers. Contrastingly, PC operations posted lower sales, reflecting the transfer of products for personal use to the Digital Media & Consumer Products segment...

  • Page 25
    ...beyond Hitachi Medical's high magnetic field MRI system (ECHELON Vega) Displays Sales rose year on year despite a large decline in sales caused by the transfer of operations related to large LCD panels for TVs to IPS Alpha Technology, Ltd., an equity-method affiliate formed in a joint venture with...

  • Page 26
    ...markets. Automotive Systems Sales rose due to the consolidation of Clarion and the transfer of Hitachi Mobile Co., Ltd. from the Logistics, Services & Others segment. Earnings were also up due to cost cutting. Hitachi Plant Technologies, Ltd. In April 2006, Hitachi Plant Engineering & Construction...

  • Page 27
    Plasma TV, DVD camcorder Room air conditioner, washing machine, refrigerator, vacuum cleaner Hitachi Maxell's prismatic lithium ion rechargeable batteries featuring thin type and high capacity High capacity Blu-ray Disc for HD (High Definition) content Digital Media Sales rose year on year ...

  • Page 28
    ... refrigerant heat pump water heaters. Earnings increased year on year due to growth in semiconductor-related products and cost cutting. Hitachi Metals, Ltd. Sales increased year on year. In high-grade metal products and materials, sales rose due to higher sales of electronics-related materials...

  • Page 29
    ... in customers in the outsourcing business. Earnings declined due to the transfer of the finance- and human resources-related shared services operations of Hitachi Triple Win Corp. to Hitachi Management Partner, Corp. Hitachi, Ltd. Annual Report 2007 Multifunctional IC card and electronic toll...

  • Page 30
    ... & Corporate items ...Total ... Others 2007 2006 2005 Number of employees Information & Telecommunication Systems ...Electronic Devices ...Power & Industrial Systems ...Digital Media & Consumer Products ...High Functional Materials & Components ...Logistics, Services & Others ...Financial Services...

  • Page 31
    ... 2007 Capital investment (Property, plant and equipment) Information & Telecommunication Systems ...Electronic Devices ...Power & Industrial Systems ...Digital Media & Consumer Products ...High Functional Materials & Components ...Logistics, Services & Others ...Financial Services ...Subtotal...

  • Page 32
    ... financial statements. The restructuring charges mainly represent special termination benefits incurred with the reorganization of the business structures, and as the result of the Company and its subsidiaries reviewing and reshaping the business portfolio. 30 Hitachi, Ltd. Annual Report 2007

  • Page 33
    ...Policy of the Hitachi Group to every Hitachi Group company, Hitachi ran Hitachi Group Corporate Social Responsibility Report 2007 This report outlines the Hitachi Group's overall stance and specific activities and measures regarding CSR. a CSR e-learning program, conducted an employee survey of CSR...

  • Page 34
    ... and processing and refining of parts; greenhouse gases emitted from factories; and energy used for recycling waste and for transportation. *2 Social loads: electricity consumed by products and energy used for recycling end-of-life products, among other items. 32 Hitachi, Ltd. Annual Report 2007

  • Page 35
    ...Consolidated Statements of Cash Flows 40 Notes to Consolidated Financial Statements 83 Management's Report on Internal Control Over Financial Reporting 84 Reports of Independent Registered Public Accounting Firm 86 Five-Year Summary page page page page page page page Hitachi, Ltd. Annual Report 2007...

  • Page 36
    ... Balance Sheets Hitachi, Ltd. and Subsidiaries March 31, 2007 and 2006 Millions of yen Thousands of U.S. dollars (note 3) 2007 Assets Current assets: Cash and cash equivalents ...Short-term investments (note 4) ...¥ 2007 2006 617,866 33,986 ¥ 658,255 162,756 $ 5,236,153 288,017 Trade...

  • Page 37
    ...(note 3) 2007 Liabilities and Stockholders' Equity Current liabilities: Short-term debt (note 10) ...Current portion of long-term debt (notes 6 and 10) ...Trade payables: Notes ...Accounts ...Accrued expenses... 20,701,669 ¥10,644,259 ¥10,021,195 ¥90,205,585 Hitachi, Ltd. Annual Report 2007 35

  • Page 38
    ...714,729 (1,379,780) 334,949 (612,907) $ (277,958) Net income (loss) per share (note 22): Basic ...Diluted ...See accompanying notes to consolidated financial statements. Yen U.S. dollars (note 3) ¥(9.84) (9.87) ¥11.20 10.84 ¥15.53 15.15 $(0.08) (0.08) 36 Hitachi, Ltd. Annual Report 2007

  • Page 39
    ... 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 40
    ...): Net income ...Other comprehensive income arising during the year ...Reclassification adjustments for net gain included in net income ...Comprehensive income ...See accompanying notes to consolidated financial statements. ¥ 51,496 97,878 (5,212) ¥ 144,162 38 Hitachi, Ltd. Annual Report 2007

  • Page 41
    ...Net change in inventory-related receivables from financial services ...Other ...Net cash provided by operating activities ...Cash flows from investing activities (note 24): Decrease in short-term investments ...Capital expenditures ...Purchase of assets to be leased ...Collection of investments in...

  • Page 42
    ..., power and industrial systems, digital media and consumer products, high functional materials and components, and other services including financial services and logistics services. 2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The Company and...

  • Page 43
    ... than at the end of each semi-annual period, the Company evaluates an availablefor-sale security, a held-to-maturity security and a cost-method investment for possible impairment. Fair value is determined based on quoted market prices, projected discounted cash flows or other valuation techniques as...

  • Page 44
    ... 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 assets is eligible to be accounted for as a sale...

  • Page 45
    ..., the Company and its subsidiaries develop certain computer software to be sold where related costs are capitalized after establishment of technological feasibility in accordance with SFAS No. 86, "Accounting for the Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed." The annual...

  • 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
    ...the service, revenue is recognized based on the pattern of the cost accrual. Finance lease income is recognized at level rates of return over the term of the leases. Operating lease income is recognized on a straight-line basis over the term of the lease. (p) Shipping and handling costs Shipping and...

  • Page 48
    ..., and their cash flows for the year ended March 31, 2007. Prior to April 1, 2006, the Company accounted for those plans under the recognition and measurement provisions of Accounting Principle Board Opinion (APB) No. 25, "Accounting for Stock Issued to Employees," and related interpretations. For...

  • Page 49
    ... no effect on net income or total shareholders' equity. These reclassified balances relate to the current and long-term portions of investment in leases and trade receivables which were previously reported in the footnotes to the consolidated financial statements and now separately reflected on the...

  • Page 50
    ... readily determinable fair values ...Investments in affiliated companies ...Advances and other ... ¥ 396,910 1,048 72,190 406,324 173,252 ¥1,049,724 ¥ 447,298 1,316 79,321 368,989 132,749 ¥1,029,673 $3,363,644 8,881 611,780 3,443,424 1,468,237 $8,895,966 48 Hitachi, Ltd. Annual Report 2007

  • Page 51
    ...available-for-sale securities by the consolidated balance sheets classification as of March 31, 2007 and 2006. Millions of yen Amortized cost basis Gross gains Gross losses Aggregate fair value 2007 Amortized cost basis Gross gains Gross losses Aggregate fair value 2006 Short-term investments: Debt...

  • Page 52
    ... accounts. Net unrealized holding gains on trading securities as of March 31, 2007, 2006 and 2005 were ¥2,684 million ($22,746 thousand), ¥7,556 million and ¥2,223 million, respectively, and were classified as other income in the consolidated statements of operations. 50 Hitachi, Ltd. Annual...

  • Page 53
    ..., 2007 and 2006 were ¥68,741 million ($582,551 thousand) and ¥75,764 million, respectively, mainly because it is not practicable to estimate the fair value of the investments due to lack of a market price and difficulty in estimating fair value without incurring excessive cost and the Company did...

  • Page 54
    The balances and transactions with affiliated companies accounted for by the equity method are as follows: Millions of yen 2007 2006 Thousands of U.S. dollars 2007 Trade receivables ...Trade payables ... ¥144,610 85,517 ¥166,484 64,654 $1,225,508 724,720 Thousands of U.S. dollars 2007 Millions...

  • Page 55
    ...-term net investment in financing leases, included in other assets ... ¥512,322 (20,449) (33,934) (6,182) 451,757 143,569 ¥308,188 The Company and certain subsidiaries lease certain manufacturing machinery and equipment used in their operations. The amount of leased assets at cost under capital...

  • Page 56
    ... For the years ended March 31, 2007, 2006 and 2005, Hitachi Capital Corporation and certain other financing subsidiaries sold primarily lease receivables to Special Purpose Entities (SPE) and the SPEs issued asset-backed commercial paper to investors. The investors and the SPEs have no recourse to...

  • Page 57
    Quantitative information about delinquencies, net credit losses, and components of lease receivables subject to transfer and other assets managed together as of and for the year ended March 31, 2007 is as follows: Millions of yen Total principal amount of receivables Principal amount of receivables ...

  • Page 58
    ...million and ¥132,370 million, respectively. The 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. The amounts charged during the years ended March...

  • Page 59
    ...$ 544,152 722,458 (14,771) 6,051 $1,257,890 The major components of goodwill acquired during the year ended March 31, 2007 were related to the acquisition of the noncontrolling interests in a subsidiary, NEOMAX Co., Ltd...32,680 ¥274,864 120,533 33,815 ¥154,348 Hitachi, Ltd. Annual Report 2007 57

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

  • Page 61
    ... profit on assets remaining within the group, which had been deferred in accordance with Accounting Research Bulletin No. 51, "Consolidated Financial Statements," as of March 31, 2007 and 2006 are reflected in the accompanying consolidated balance sheets under the following captions: Millions of yen...

  • Page 62
    ... due 2009, zero coupon ...Series B, due 2009, zero coupon ...Loans, principally from banks and insurance companies: Secured by various assets and mortgages on property, plant and equipment, maturing 2007-2017, interest 1.09-4.65% ...Unsecured, maturing 2007-2026, interest 0.52-5.74% ...Capital lease...

  • Page 63
    ... 19, 2007 for series A zero coupon convertible bonds and on April 19, 2008 for series B zero coupon convertible bonds. The prices will be 95% (rounded upwards to the nearest one yen) of the average closing prices of the Company's shares on the Tokyo Stock Exchange for 30 consecutive trading days up...

  • Page 64
    ... balance plans. Under 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...

  • Page 65
    ... funded benefit pension plans and the unfunded lump-sum payment plans for the years ended March 31, 2007, 2006 and 2005 consists of the following components: Millions of yen 2007 2006 2005 Thousands of U.S. dollars 2007 Service cost ...Interest cost ...Expected return on plan assets for the period...

  • Page 66
    ...03-2, "Accounting for the Transfer to the Japanese Government of the Substitutional Portion of Employee Pension Fund Liabilities." Reconciliations of beginning and ending balances of the benefit obligation of the funded defined benefit pension plans and the unfunded defined benefit pension plans and...

  • Page 67
    ... for the years ended March 31, 2007, 2006 and 2005 are as follows: 2007 2006 2005 Discount rate ...Expected long-term return on plan assets ...Rate of compensation increase ... 2.5% 3.0% 2.5% 2.5% 3.0% 2.9% 2.5% 3.0% 3.1% The expected long-term rate of return on plan assets is developed for each...

  • Page 68
    ...100.0% 37.7% 35.3 17.6 2.9 4.9 1.6 100.0% The objective of the Company's investment policy is to ensure a stable return from the plan's investments over the long term, which allows the Company's and certain subsidiaries' pension funds to meet their future obligations. In order to achieve the above...

  • Page 69
    ... up to 6,500,000 shares of the Company's common stock for an aggregate acquisition amount not exceeding ¥5,000 million ($42,373 thousand) during May 2006. The Company acquired a total of 6,210,000 shares for ¥4,996 million ($42,339 thousand) during the period. Hitachi, Ltd. Annual Report 2007 67

  • Page 70
    ... end of March 2007. The Company acquired a total of 7,200,000 shares for ¥5,817 million ($49,297 thousand) during the period. 15. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of related tax effects, displayed in the consolidated statements of stockholders' equity...

  • Page 71
    ... adjustments: Foreign currency translation adjustments ...Minimum pension liability adjustments ...Net unrealized holding gain on available-for-sale securities ...Cash flow hedges ... ¥19,532 39,469...163,314) 184,441 186,694 (124,949) 1,661 $247,847 Hitachi, Ltd. Annual Report 2007 69

  • Page 72
    ...adjustments: Foreign currency translation adjustments ...Minimum pension liability adjustments ...Net unrealized holding gain on available-for-sale securities ...Cash flow hedges ... ¥ 4,650 147,...(5,212) 5,320 86,541 1,458 (653) ¥92,666 ¥154,117 ¥(61,451) 70 Hitachi, Ltd. Annual Report 2007

  • Page 73
    ... service agency business contracts from which temporary payments on behalf of such parties are made. In addition, the Company and HCC provide loan commitments mainly to affiliates. The outstanding balance of these revolving lines of credit, credit facilities and loan commitments as of March 31, 2007...

  • Page 74
    ... in Japan for companies, in the ordinary course of business, to receive promissory notes in the settlement of trade accounts receivable and to subsequently discount such notes to banks or to transfer them by endorsement to suppliers in the settlement of accounts payable. As of March 31, 2007 and...

  • Page 75
    ...long-lived property, plant and equipment located in Japan. The High Functional Materials & Components division recognized a loss of ¥4,351 million ($36,873 thousand) primarily due to a specific type of material for semiconductors that was projected to have lower production because of smaller demand...

  • Page 76
    ... employees of subsidiaries in the Electronic Devices division and loss on fixed assets in the High Functional Materials & Components division. The following represent significant restructuring activities for the year ended March 31, 2005 by business line: 1. Information & Telecommunication Systems...

  • Page 77
    ... manufactures optical modules and components, issued 12,536,406 shares of common stock at $15 per share to third parties with the initial public offering and the Company sold a portion of the investment in Opnext, Inc. As a result of the issuance of new shares and sale of the investment, the Company...

  • Page 78
    .... The proceeds from sale of securities classified as available-for-sale discussed in note 4 are included in both decrease in short-term investments and proceeds from sale of investments and subsidiaries' common stock on the consolidated statements of cash flows. 76 Hitachi, Ltd. Annual Report 2007

  • Page 79
    ...notes mainly through the Euro markets to finance its overseas long-term operating capital. As a result, the Company and its subsidiaries are exposed to market risks from changes in foreign currency exchange rates and interest rates. The Company and its subsidiaries are also exposed to credit-related...

  • Page 80
    ... expected that a net gain of approximately ¥123 million ($1,042 thousand) recorded in AOCI related to the interest rate swaps will be reclassified into interest charges as a yield adjustment of the hedged debt obligations during the year ending March 31, 2008. 78 Hitachi, Ltd. Annual Report 2007

  • Page 81
    ...its subsidiaries' incremental borrowing rates for similar borrowing arrangements. Cash and 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. Hitachi, Ltd. Annual Report 2007 79

  • Page 82
    ... manufactures and sells in-vehicle equipment such as car audio and car navigation systems. The Company has strategically targeted the automotive systems business and the purpose of the tender offer was to further expand its car information system business. 80 Hitachi, Ltd. Annual Report 2007

  • Page 83
    ...'s shareholders registered as of September 30, 2004. As a result, ¥12,509 million of gains on stock exchange upon the merger was credited to capital surplus. TOKICO manufactures automotive components and pneumatic equipment. The Company has strategically targeted the automotive products business...

  • Page 84
    ...the new U.S. and Canadian companies will be owned 40% by the Company and 60% by GE. On July 1, 2007, the Company will transfer its nuclear business to Hitachi-GE Nuclear Energy, the new Japanese company which was initially established in preparation for the alliance. 82 Hitachi, Ltd. Annual Report...

  • Page 85
    ...the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies...

  • Page 86
    ... with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of Hitachi, Ltd. and subsidiaries' internal control over financial reporting as of March 31, 2007, based on...

  • Page 87
    ... respects, effective internal control over financial reporting as of March 31, 2007, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the accompanying consolidated balance sheets of Hitachi, Ltd. and...

  • Page 88
    ... Issue No. 03-2, "Accounting for the Transfer to the Japanese Government of the Substitutional Portion of Employee Pension Fund Liabilities," for the years ended March 31, 2004 and 2003 totaled net losses of ¥52,983 million and ¥9,673 million, respectively. 86 Hitachi, Ltd. Annual Report 2007

  • Page 89
    ... E-mail: [email protected] Depositary and Registrar for American Depositary Receipts (New York Stock Exchange Listed Symbol - HIT) Citibank, N.A. Shareholder Services P.O. Box 43077 Providence, Rhode Island 02940-3077 USA TEL: U.S.A. 1-877-CITI-ADR (248-4237) (toll-free) International...

  • Page 90
    This annual report was printed on recycled paper. Printed in Japan