Hitachi Appliances
Business Strategy
Hitachi IR Day 2012

June 14, 2012

Haruki Yamamoto
President and Director
Hitachi Appliances, Inc.

© Hitachi, Ltd. 2012. All rights reserved.

Hitachi Appliances Business Strategy

Contents

1. Outline of Digital Media & Consumer Products Segment
2. Hitachi Appliances Business Overview
3. FY2011 Business Performance
4. Growth Strategy
5. Business Performance Plan

© Hitachi, Ltd. 2012. All rights reserved.

of the Digital Media &1-1 Position
Consumer Products Segment in the Hitachi GroupFY2011 consolidated revenues

Main Companies in the
Digital Media & Consumer
Products Segment¥9,665.8 billion*[ ]: Composition ratio (%)

Others [9] Information &Telecommunication
Digital Media &Systems [16]Consumer
Products [8]¥858.8 billion

Components &Devices [7]Social Infrastructure &Industrial Systems [11]Electronic
High
Systems &Functional
Equipment [10]Materials &Components
Construction[13]
Machinery [7]HitachiAppliances, Inc.
Home
Air
appliances conditioning

Sales and services

Automotive
Systems [8]Power
Systems [8]Development andmanufacturing

Financial
Services[3]Hitachi Consumer
Electronics Co., Ltd.
Flatpanel
TVs

Video related
products andcomponents

Hitachi Consumer Marketing, Inc.

Home
appliancesAir
conditioning

FlatpanelTVs*Mainly consumer route*Total consolidated revenues of ¥9,665.8 billion includes eliminations and corporate items© Hitachi, Ltd. 2012. All rights reserved.

3

1-2

Segment Revenue Composition

Segment Revenue Composition (FY2011)
Breakdown

Revenues

Composition ratio¥546.1 billion

64%¥262.4 billion

31%

Hitachi Appliances Consolidated•Air conditioning business (Home use and commercial use)
•Home appliances business(Electrical home appliances and new environment fields)

Digital Media Business Consolidated•Video related products and components•Flat-panel TVs

Trend in Revenue Composition
OthersOthersDigital Media Business
Consolidated¥386.0 billion

41

FY2010Consolidated
revenues¥951.5 billion

Others¥262.4 billion

5331¥502.6 billion

FY2011
Consolidated
revenues¥858.8 billion○: Composition
ratio (%)

¥210.0 billion FY2012

64¥546.1 billion

25

Consolidated
revenues¥830.0 billion
Forecast

67¥560.0 billion

Hitachi Appliances Consolidated*Flat-panel TVs will be reclassified from Digital Media Business Consolidated to Other from October 2012

© Hitachi, Ltd. 2012. All rights reserved.

4

Hitachi Appliances Business Strategy

Contents

1. Outline of Digital Media & Consumer Products Segment
2. Hitachi Appliances Business Overview
3. FY2011 Business Performance
4. Growth Strategy
5. Business Performance Plan

© Hitachi, Ltd. 2012. All rights reserved.

2-1

Hitachi Appliances Business Overview
New environment fields

Home use

Electricalhomeappliances

FY2011
Consolidated
revenues¥546.1 billion
Commercial
useHome appliancesbusiness（47%）

Air conditioning
business（53%）

Hitachi Appliances is thecorporations of Home
Appliances and Air Conditioning
Responsible for social and living
infrastructure in the Hitachi GroupGrowing
market ofEmerging
economics

A corporation that contributes to
the global environment
Increasedinterest inenergyconservation© Hitachi, Ltd. 2012. All rights reserved.

6

2-2 Position of Hitachi Appliances within Hitachi Group

Infrastructure
Systems Group

Information &Telecommunication
Systems Group

HitachiAppliances, Inc.

Power Systems
Group

Construction
Machinery Group

Hitachi Consumer
Electronics Co., Ltd.

High Functional
Materials Group

Hitachi Consumer
Marketing, Inc.

The Digital Media & Consumer Products segments

Accelerate business expansion in support for social and living infrastructure© Hitachi, Ltd. 2012. All rights reserved.

7

2-3 Product Lineup(Air Conditioning)
Answer energy-saving needs and create comfortable air-conditioned environments
in fields ranging from home use to industrial use

Industrial use
Commercial use (Shops, buildings, etc.)

Home use
Room air conditioners

Packaged air conditioners

Room air conditioners

Packaged air conditioners

Absorption &centrifugal chillers

Absorption chillers

Air conditioners with Ceiling cassette
powerful heating
type

Multi-split air
conditioners

Air conditioning
management system

Centrifugal chillers© Hitachi, Ltd. 2012. All rights reserved.

8

2-4 Product Lineup(Home Appliances)
support people's lives, guided by the slogan “eco + α = Hitachi”
Electrical home appliances
Refrigerators

Washing machines

Vacuum cleaners

New environment fields
LED lamps

LED lighting

LED ceiling light

Merged in October 2010

Microwave ovens

Rice cookers

Air cleaners

IH cooking heaters

EcoCuteheat pump water heaters

Solar power generation systems
Plan to sell under the Hitachi brand insummer 2012
© Hitachi, Ltd. 2012. All rights reserved.

9

Hitachi Appliances Business Strategy

Contents

1. Outline of Digital Media & Consumer Products Segment
2. Hitachi Appliances Business Overview
3. FY2011 Business Performance
4. Growth Strategy
5. Business Performance Plan

© Hitachi, Ltd. 2012. All rights reserved.

3-1 Changes in FY2011
FY2011 was a year of events that had a major social impact⇒Affected the markets and Hitachi Appliances' results
Events

ImpactImpact on
production

Japan

Great East Japan
Earthquake

Thailand Floods

Overseas

European
Sovereigndebt crisis•Holiday rotation tocope with power
shortage•Disruptions withprocuring parts

Impact on
Hitachi Appliances' Results

Impact on markets• Increased demand
replacing existingproducts withenergy-saving products• Reconstruction
demandHigher salesin Japan(air conditioning andhome appliances)

Hitachi’s refrigerator compressor factory
was flooded, causing the temporary
suspension of operations

Underachieved in terms ofrevenues and earnings
in the refrigerator businessin Japan and overseas

・Lackluster European markets
・Growth slowdown centeredon emerging nations

Overseas revenues
underperformed,
profitability declined© Hitachi, Ltd. 2012. All rights reserved.

11

3-2 FY2011 Business Performance
FY 2011 Business Performance
FY2010(Actual)(Previous forecast)

502.6
266.6
236.0
32%
2.2%

Revenues
Air conditioning business
Home appliances business

Overseas revenue ratio

Operating income ratio

FY2011(Actual)

FY2011

540.0
290.0
250.0
35%
1.9%

546.1
291.5
254.6
32%
1.0%

Revenues(Billion yen)

540.0

Compared toprevious forecast

YoY

109%
109%
108%
±0%
-1.2%

101%
101%
102%
-3%
-0.9%

Operating income ratio○ : Compared to previous forecast

100(Billion yen)

(%)

101
546.1

100

91

Previous
forecast

Actual

1.9
ThailandFloods Impact
Overseasbusiness
profitability
declineOverseasrevenue

Previous
forecast

▲1.3

1.0
+0.4

Higher Japan
sales

Actual© Hitachi, Ltd. 2012. All rights reserved.

12

3-3 Thailand Floods Damage and Restoration
Flood Damage

Restoration

Hitachi Compressor (Thailand), Ltd.
Compressors for refrigerators factory

Started full-scale restoration efforts
on November 28
after all water had been drained(Rojana Industrial Park, Ayutthaya) Inundated with flood waters for 49 days
from October 10 to November 27, 2011
 Highest water level: approx. 2 m
 Damage: approx. ¥6.7 billion(Buildings and facilities)

Local
staff

+

Support from all Hitachi GroupEngineers from all Hitachi Appliances factories
Engineers from facility manufacturers, etc.

[At the peak] 750 + 360 = 1,110

Highest water level

Mass production resumed on January 25, 2012
All production lines restored by end of March 2012

Photo taken on November 22

Photo taken on January 25© Hitachi, Ltd. 2012. All rights reserved.

13

Hitachi Appliances Business Strategy

Contents

1. Outline of Digital Media & Consumer Products Segment
2. Hitachi Appliances Business Overview
3. FY2011 Business Performance
4. Growth Strategy
5. Business Performance Plan

© Hitachi, Ltd. 2012. All rights reserved.

4-1 Market Trends (1)FY2011 impacts

Current view

Previous forecast(as of FY2011)

Japan

Home
appliancesNew
Environment
fieldsHome
appliances

Expansion of
new environment
fieldsExpanding demandcentered on emerging
economies*Energy Management System

Europeansovereign debt crisis

OverseasAir
conditioning

Lower demandfollowing end to
eco-points program

Great East Japan EarthquakeAir
conditioning

2011-2012 trends

Medium- to long-term trends

HigherAs before

Growth in energy-saving
Products
Increase in reconstruction
demandLower demand in Japan

Increasing

Increasing

Accelerated diffusion of LED lighting, solar power generation and EMS*

Stagnant demand for
all-electric housing

Lower
demandAs before

Recovery overthe medium and long terms

Slowdown

As before

Slowing pace of expansion(Differs depending on region)

Continued expansion
in demand overthe medium and long terms

Monitoring conditions© Hitachi, Ltd. 2012. All rights reserved.

15

4-2 Market Trends (2)Airconditioning(Trillion yen)

(Global Market)
Data for: Japan, Asia, Middle East, Europe, Russia,
Africa, North America, Central and South America,
Oceania*Circled numbers are 2013-2015 CAGR

6.0

6.1

8.5%

2012

2013-2015
CAGR

Japan
Europe

0.0%
4.2%
7.6%
8.2%
14.7%
14.8%

China

2013

～

Home
appliances

Previous forecast

Previous forecast

2011

5.9

Area
Previous

6.8 forecast
7.3

6.3

5.9

4.9%

Hitachi estimate

2015

Emerging
economies
Hitachiestimate(Global Market)

Southeast Asia
Emerging
economies

India

BrazilMarket Growth by Area

Data for: Japan, Asia, Middle East, North Africa

Hitachi estimate(Trillion yen)Refrigerators + washing machines + vacuum cleaners*Circled numbers are 2013-2015 CAGR

3.6

3.7

Previous
forecast

3.6

2012

2013-2015
CAGR

Japan

-0.9%
4.9%
7.0%

Previous

4.0 forecast
4.0

3.7

China
5.3%

2013

～

Previous
forecast

2011

3.7

Area

2015

Emerging
economies
Hitachiestimate

Emerging
Southeast Asia
economies

Middle East andNorth Africa

4.4%

Medium- to long-term outlook hasn’t changed*Packaged air conditioning systems + room air conditioners

Market Growth by Area

© Hitachi, Ltd. 2012. All rights reserved.

16

4-3 Company Growth Strategy
Revamped Strategy Based on FY2011 Changes(3) Accelerated expansion of LED lighting,solar power generationand EMS businesses
Accelerate

Business
expansion

Basic policies

Past Strategy (2011)

Promote local production
for local consumption
Execute premium strategy

New fields

Develop newenvironment fields
LED lighting
Solar power generation
All-electric housing(1) Continue to expand
business globally

Existing fields

Present situation

Continue

Air conditioning
business

Global businessexpansion

Electrical home
appliances business

China, India, Brazil, Europe,
Southeast Asia, Middle East

Japan

Overseas(However, must monitor conditions)+
Strengthen

Geographicalexpansion(2) Accelerate efforts tostrengthen global businessbase with an aggressive
cost strategy© Hitachi, Ltd. 2012. All rights reserved.

17

4-4 Global Business Expansion (1) [Locations]
China
Qingdao, Shanghai, Wuhu,
Guangzhou, Hong Kong
(Manufacturing, sales)
France(Sales)* The Qingdao manufacturing company is an equity-method affiliate

China(Manufacturing, sales)

India(Manufacturing,sales)
UAE(Sales)Taiwan area
(Manufacturing, sales)
Taiwan area
(Sales)

India(Sales)Philippines(Manufacturing)

Spain(Manufacturing)

Thailand(Manufacturing, sales)

Malaysia(Manufacturing, sales)

ThailandSingapore(Sales)(Manufacturing, sales)

Air conditioning

U.S.A.
(Sales)Singapore, Malaysia,
Indonesia(Sales)Brazil(Manufacturing,sales)

Home appliance

29 bases worldwide<Air conditioning: 20; home appliances: 9>© Hitachi, Ltd. 2012. All rights reserved.

18

Global Business Expansion (2)4-5 [Air Conditioning Business Basic Policy]

20 bases
worldwide

Enter emerging nations from an early stage, develop
business through local production for local consumption
47 years

40 years

13 years

Taiwan area

BrazilIndia(1965 Established)(1972 Acquired equity interest)(1999 Acquired equity interest)＋
Make comprehensive
air conditioning systems
available+
Integrated manufacturing,sales and services
at all bases

Make comprehensive
air conditioning systems available

Integrated manufacturing,sales and services

Commercial
use

Manufacturing Sales Services

Home use

Industrialuse

Capture synergies in home,commercial and industrial use

Flexibly respond to local needs

Utilize existing bases to expand business, particularly in emerging nations© Hitachi, Ltd. 2012. All rights reserved.

19

Global Business Expansion (3)4-6 [Air Conditioning Business Strategy]
Past Strategy

India : Home use +Commercial
use

Brazil : Commercial use + Home use
China : Home use +commercial use +absorption and centrifugal chillers(2) Expand business leveraging
home appliances sales
infrastructureSoutheast Asia:
Electrical home appliances +Home-use air
conditioners(3) Enhancing in core markets
Increase of products that comply
with environmental regulations
in Europe

Plan to invest ¥24.0 billion by 2015

Continue basic strategy (Must monitor conditions)(1) Expand business leveraging
existing base infrastructure

Future Initiatives
Continue (Must monitor)
India : Maintain competitiveness of home-use air
conditioners
Speed up launch of commercial-use air conditioners(Begin producing packaged air-conditioning systems in June2012)

Brazil : Strengthen profitability of commercial-use air
conditioners
Expand home-use business, carefully select timing forinvestment

China : Monitor inventory adjustment phase

Continue
Southeast Asia: Focus on promoting sales of inverter
driven room air conditioners
Bolster sales ability by working with home
appliance sales companies

Continue (Must monitor)
Europe: Established new company (April 2012)
Promote measures for raising market share,strengthen operations
Accelerate localization of production

Same as on left
© Hitachi, Ltd. 2012. All rights reserved.

20

Global Business Expansion (4)4-7 [Home Appliance Business Basic Policy]
Product
日本でシェアdevelopment
No.１を
targeting
狙った
for No.1
Share
in 商品開発
Japan

Across-the-board backup from Hitachi, Ltd. laboratories

Cutting-edge
technology
development

 Front loading washing
Machine Inverter technology

 Inverter technologies
 Highly efficient refrigerating cycle＋
Product
strategy
matched to
local needs

 Big Drum 510 series・
Front-loading WM
 Power Boost Inverter

Thailand

Local production for
local consumption
Premium strategy

42 years

Kabinburi(1970 Established)

19 years

Ayutthaya(1993 Established) Inverter Side-by-Side Eco Thermo-Sensor

China

18 years

Shanghai(1994 Established)

Expand sales centered on Southeast Asia and the Middle East, where Hitachi’s brand is strong© Hitachi, Ltd. 2012. All rights reserved.

21

Global Business Expansion (5)4-8 [Home Appliance Business in Japan Initiatives]* Electrical home appliances (5 main products)

Hitachi share (Refrigerators, washing machines, vacuum cleaners,
microwave ovens, and rice cookers)
Source: JEMA (Terms of monetary shipping amounts)

(%)

21

17

23

900

900

26

920

Continue using the
pop idol group Arashi
Run commercials
using the catchphrase“eco + α = Hitachi”+9 points
over 5 years

18

DemandCompany
establishedin 2006

24

28

29

920

Eco-points
systemExpand energy
saving products

980

980

910

900

890

FY2012FY2013800～(Billion yen)

FY2006

FY2007

FY2008FY2009FY2010FY2011Company
forecast

Expand share in Japan by providing energy savingsand feeling of reality value

Company
forecast

Develop globally© Hitachi, Ltd. 2012. All rights reserved.

22

Global Business Expansion (6)4-9 [Home Appliance Business Strategy]
Past Strategy

Aggressively expand businessin Southeast Asia, Middle East,and North Africa(2)Increase premium home
appliances made in Japan
Expand sales in major cities ofChina and Asia

(3)Expand key
components business
Increase production ofcompressors to support
refrigerator business expansion

Plan to invest ¥17.0 billion by 2015

Continue basic strategy (Quickly recover from Thailand floods)(1)Expand business mainly
using manufacturing basesin Thailand

Future Initiatives
Continue

Southeast Asia: Strengthen sales in Indonesia
and Vietnam

Middle East and North Africa:
Expand sales of large-capacity
refrigerators

Continue
Expand sales routes for premium products
in major cities of China and Asia
Restoration
・Completely recover from the floods
・Expand production of High value added
compressors

Same as on left
© Hitachi, Ltd. 2012. All rights reserved.

23

4-10 Aggressive Cost Strategy (Hitachi Smart Transformation Project)
Global businessexpansion

Basic
StanceTargetCreate a competitive cost structure
for establishing a global position.

Reduce the total cost to
revenues by 4 percentage
points by FY2015

Total cost to revenues(FY2011)

99.0
97.4
94.7

HitachiAppliances

CompanyA

Intensifying
competition

Company
B

94.2

95.0

CompanyC

Hitachi Appliances

Hitachi Group collaboration

Stronger

Promote Hitachi Smart Transformation Project
Reduce production
cost• Reform global TSCM
(Europe, Brazil, etc.)

Reduce directmaterials cost

• Promote global VEC• Promote global procurement

Reduce indirect cost

• Centralize administrative operations• Use shared services

Appoint executives
in charge to promote on a project basis© Hitachi, Ltd. 2012. All rights reserved.

24

4-11 Business Expansion in New Environment Fields

Systemization

Save energy throughout an entire city through systemization
Smart cities
Smart buildings

Accelerate

Smart houses• Strengthen cooperation within
Infrastructure Systems Group• Establish an Environmental
Business Equipment
Division to speed up efforts tocreate a commercially viable EMS
business

Launch new product businesses in new environment fields

Components businessAccelerate

Expand LED
lighting lineup

Market solar power
generation systems
under the Hitachi brand

FY2015¥75.0 billion

FY2012¥50.0 billion

Accelerate

Scheduled to go
on sale fromthis summer

FY2011¥38.6 billion

Make individual products more energy efficient (smarter)

Air conditioning andelectrical home appliancesNew
environment
fields
Revenues*

Bases businesses

Revenues include revenues of Hitachi Consumer Marketing (solar power generation systems, etc.)© Hitachi, Ltd. 2012. All rights reserved.

25

Hitachi Appliances Business Strategy

Contents

1. Outline of Digital Media & Consumer Products Segment
2. Hitachi Appliances Business Overview
3. FY2011 Business Performance
4. Growth Strategy
5. Business Performance Plan

© Hitachi, Ltd. 2012. All rights reserved.

5-1 Business Performance Trends*[ ]：Previous forecasts or targets announced on June 16, 2011

Overseas revenue ratio

(%)

33

Operating income ratio

(%)

32

2.2

［35］

［45］

32

31

5.0

［2.7］

［5.0］

［1.9］

0.9

2.5
1.0
546.1

Revenues

502.6(Billion yen)

45

［35］

［540.0］655.0［655.0］560.0［560.0］445.7

AirconditioningHomeappliances

FY2010FY2011FY2012 Forecast～～

FY2009FY2015 Target

Aiming to achieve plan targets in FY2015© Hitachi, Ltd. 2012. All rights reserved.

27

5-2 FY2012 Business Performance forecast
FY2012 Business Performance forecast
FY2011 (Actual)

Revenues

FY2012(Forecast)(Billion yen)
YoY

546.1

560.0

103%

Air conditioning business

291.5

290.0

99%

Home appliances business

254.6

270.0

106%

Overseas revenue ratio

32%

31%

-1%

Operating income ratio

1.0%

2.5%

+1.5%

Steadily capture
demand in Japan

Implement timely measures
to respond to changing
conditions overseas
Strengthen
the earnings basein Europe andemerging nations+

Open upnew markets

Strengthen costcompetitivenessThrough the Hitachi
Smart Transformation
Project

Generate revenues of ¥560 billion and achieve an operating income ratio of 2.5%
© Hitachi, Ltd. 2012. All rights reserved.

28

5-3 Conclusion

FY2012 Forecasts

FY2015 Targets

Revenues: ¥ 560 billion

Revenues: ¥ 655 billion

Overseas revenue ratio: 31%

Overseas revenue ratio: 45%

Operating income ratio: 2.5%

Operating income ratio: 5.0%

Growing market of
emerging economies

A corporation that
contributes to theglobal environment

Increased interestin energy conservation© Hitachi, Ltd. 2012. All rights reserved.

29

Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such“forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does notdirectly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions whichindicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks
and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain“forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forwardlooking statements,” as such statements speak only as of the date of this document.
Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are notlimited to:economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, particularly Japan, Asia, the United States and Europe,
as well as levels of demand in the major industrial sectors Hitachi serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
exchange rate fluctuations of the yen against other currencies in which Hitachi makes significant sales or in which Hitachi’s assets and liabilities are denominated, particularly
against the U.S. dollar and the euro;uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing;uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds;
the potential for significant losses on Hitachi’s investments in equity method affiliates;increased commoditization of information technology products and digital media-related products and intensifying price competition for such products, particularly in the Digital Media &Consumer Products segments;
uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptancefor such products;
rapid technological innovation;the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales;fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals,
or shortages of materials, parts and components;
fluctuations in product demand and industry capacity;uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or
shortages of materials, parts and components;
uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation Business;uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitivenessand other cost reduction measures;general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi conducts business, particularly Japan, Asia, the United States andEurope, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract
terms and conditions and labor relations;
uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporations in the design and development of certain
key products;
uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics and data processing technologies;
uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity method affiliates have become or
may become parties;
the possibility of incurring expenses resulting from any defects in products or services of Hitachi;
the possibility of disruption of Hitachi’s operations by earthquakes, tsunamis or other natural disasters;
uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect its confidential information or that of its customers;
uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its significant employee benefit-related costs; anduncertainty as to Hitachi’s ability to attract and retain skilled personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi.

© Hitachi, Ltd. 2012. All rights reserved.

30