MAXIMIZING VALUE: TECHNOLOGICAL INNOVATION FOR HIGH-VALUE SOLUTIONS. To Our Shareholders

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1 MAXIMIZING VALUE: TECHNOLOGICAL INNOVATION FOR HIGH-VALUE SOLUTIONS FISCAL 2001 PERFORMANCE For fiscal 2001, ended March 31, 2002, Hitachi Chemical s performance was substantially below the record sales and income achieved in fiscal Net sales decreased 18.0 percent year-on-year to billion. Operating income declined 70.3 percent to 13.6 billion, and net income was down 75.9 percent to 3.1 billion. Net income per share decreased to from for the previous fiscal year, while return on equity decreased sharply year-on-year to 2.3 percent from 10.1 percent. FACTORS IN RESULTS AND INITIATIVES IN FISCAL 2001 The primary factor contributing to the sharp decrease in sales and income for fiscal 2001 was the rapid decline in demand for global information technologies, followed by a subsequent drop in sales of electronics-related products, including networking equipment, personal computers and mobile phones, which were key growth drivers in the previous fiscal year. Additionally, the Japanese economy has been deflationary for an extended period, which was another important factor that contributed to depressed product prices. Further, the Company was not able to respond swiftly enough to rapid changes in the operating environment. More specifically, Hitachi Chemical s product mix was too heavily weighted with Electronics-Related Products, and results were strongly influenced by negative changes in this market. In addition, the timing of capital investment decisions did not produce expected results. Finally, our efforts to date directed at reducing overall costs have been insufficient to cover the rapid deterioration in earnings. 4 Hitachi Chemical Co., Ltd.

2 Responding to this sudden change in its operating environment, Hitachi Chemical has accelerated efforts to build a more balanced and diversified business portfolio by bolstering its Electronics-Related Business and reviving its Chemical- Related Business. In addition, Hitachi Chemical is working to enhance its core strengths and competitiveness with ongoing efforts to reduce manufacturing costs and further improve production technologies. Moreover, the Company took steps to reduce fixed costs by reducing capital investment by approximately 10.0 billion from fiscal 2000 levels, and reducing the number of Group employees by approximately 1,100. Inventory reduction efforts and accelerated collection of account receivables increased the amount of capital available to reduce interestbearing liabilities. As a result, interest-bearing liabilities decreased to 90.6 billion from a previous amount of billion as of March 31, As a result of the Company s ongoing restructuring program to strengthen the Hitachi Chemical Group, the number of consolidated subsidiaries was reduced from 100 three years ago, to 68 currently. Despite these efforts, 11 subsidiaries recorded losses before income taxes in the past fiscal year due to declining market conditions. President and Representative Director Isao Uchigasaki at the GSO single crystal scintillator production line of the Yamazaki Works (Katsuta) in Japan. ECONOMIC OUTLOOK AND MANAGEMENT TASKS FOR FISCAL 2002 The rapid deterioration of the operating environment during fiscal 2001 contributed to a substantial decline in performance. However, I can say with Hitachi Chemical Co., Ltd. 5

3 President Uchigasaki on an inspection tour of Hitachi Chemical s Yamazaki Works (Katsuta). confidence that the recent management strategies implemented during the past fiscal year will definitely contribute to performance gains for fiscal During fiscal 2002, ongoing inventory adjustments and a halt in the decrease of exports have been realized. These favorable signs of change, however slight, in Japan s stagnant economy will provide a positive influence. Nevertheless, personal consumption and capital investment are not projected to improve rapidly, suggesting that the operating environment will still remain extremely challenging. Reflecting on the past fiscal year, more than ever, Hitachi Chemical needs to build a more balanced and diversified business portfolio and must increase the synergistic effects of consolidated management in order to strengthen and stabilize its earnings base to withstand changes in its operating environment. BUILDING A BALANCED AND DIVERSIFIED BUSINESS PORTFOLIO While the electronics industry experienced a global decline during 2001, it is projected to continue to expand at a robust pace over the mid-term with the continued growth of Internet-based wireless communications and digital household information appliances. Hitachi Chemical will maintain its strategic emphasis on developing innovative, leading-edge technologies and new products for the electronics industry. Hitachi Chemical intends to achieve consistent results in leading-edge sectors by further refining its selective resource allocation processes for new investment. Building a balanced and diversified business portfolio of products with differing growth cycles is essential in strategically positioning the Company against volatility in any particular market. Our key strategies involve developing new products and exploring new applications for existing products and technologies, 6 Hitachi Chemical Co., Ltd.

4 MAXIMIZING VALUE: TECHNOLOGICAL INNOVATION FOR HIGH-VALUE SOLUTIONS by deploying our broad technology platforms, which have been one of our core strengths, in new and innovative ways. Creating new product clusters with varying growth cycles is a primary objective, and Hitachi Chemical intends to aggressively invest management resources in three high-potential fields: telecommunications, energy and life sciences. These key business areas will be the mainstay of our earnings base. This strategy has been paying off and a variety of new business opportunities have been created. By combining and fusing its existing chemical-related technologies, Hitachi Chemical developed electromagnetic (EMI) shielding films for plasma display panels, and light guides that brighten liquid crystal displays. Other examples include carbon anode materials for lithium ion batteries, GSO (gadolinium silicon oxide) single crystal scintillators for positron emission tomography medical equipment, and a microchip for gene analysis. All of these products, based on technologies the Company cultivated over many years, were able to fulfill emerging market needs in new, value-added sectors. Another aspect of the Company s efforts to diversify its product portfolio will be aggressive international expansion, augmented by the local market manufacturing of products that have proven to be strongly competitive in offshore markets. Hitachi Chemical also plans to devote extensive efforts in building a larger presence in rapidly growing markets such as China and Southeast Asia, with the target of increasing its net percentage of overseas sales from the current level of approximately 20 percent to 30 percent. In addition, Hitachi Chemical intends to strengthen its intellectual property with strategies that will ensure that the Company s unique products and technologies will be directed at improving its global competitiveness. INCREASING THE SYNERGISTIC EFFECTS OF CONSOLIDATED MANAGEMENT Hitachi Chemical continues to implement a consolidated management system and strengthen its management of the Group to maximize synergistic benefits. During fiscal 2001, the Company spun off the Housing Equipment and Environmental Facilities Division into a wholly owned subsidiary, Hitachi Housetec Co., Ltd. We also converted some consolidated business companies, including Hitachi AIC Inc. and Hitachi Chemical Filtec Inc., into wholly owned subsidiaries, and concentrated Hitachi Chemical Co., Ltd. 7

5 on reorganizing and merging unprofitable business entities. Through these efforts, we have essentially completed the reorganized framework for the Group. As a result, we are now able to implement the most appropriate business model reflecting the Company s unique strengths in each area of our operations. This shift to unified management of all Group companies, including our overseas operations, will further heighten this synergism and our global competitiveness. In addition, Hitachi Chemical continues to make progress in improving cash flow, reducing interest-bearing liabilities and strengthening its overall financial performance. As part of the process of streamlining consolidated management, Hitachi Chemical has already implemented intragroup financing procedures and a new performance evaluation system. During fiscal 2002, the Company will accelerate the installation of an administration and control system, which incorporates a consolidated accounting system. Making full use of information technology, we will also continue to move forward with initiatives directed at raising the effectiveness of our Group management. These plans will include integrating business processes, improving overall efficiency of our sales functions by eliminating overlapping sales coverage, and sharing services for indirect administrative tasks. Of particular note, Hitachi Chemical will implement quarterly consolidated financial reports during fiscal Quarterly reports will be a useful mechanism to evaluate the performance of each of the Company s businesses on a more frequent basis and will enable us to respond more quickly and flexibly to new challenges in our operating environment. CORPORATE ETHICS AND ENVIRONMENTAL MANAGEMENT Hitachi Chemical is fully committed to further contributing to society through the development of superior technologies and products, while consistently striving to reduce its impact on the environment. The Company s management is closely aligned with environmental protection, and Hitachi Chemical aims to maintain Environmental Management practices that incorporate environmental protection with increased management efficiency. During fiscal 2001, Hitachi Chemical made significant progress in its activities to achieve zero emissions by fiscal This 8 Hitachi Chemical Co., Ltd.

6 MAXIMIZING VALUE: TECHNOLOGICAL INNOVATION FOR HIGH-VALUE SOLUTIONS fiscal year, the Company will take additional steps to reduce emissions of global warming gases. We will also emphasize lowering the volume of hazardous chemical substances used and released into the environment, in keeping with the Pollutant Release and Transfer Register (PRTR) System under relevant laws of Japan for controlling particular chemicals. In this regard, starting from the product design stage, we will implement new measures that will conserve resources and energy use to the greatest extent possible. Moreover, in March 2002, the Environmental Management Council was established to carefully review and determine the Hitachi Chemical Group s environmental management policies and key issues related to environmental protection, accident prevention and safety. To maintain its position as a responsible corporate citizen, Hitachi Chemical operates in accordance with all relevant laws and its corporate code of ethics. I believe that this raison d etre is the basis of our communication with all our stakeholders, including shareholders, customers, suppliers, and local communities. We strive to succeed at the important task of earning their respect and support. Hitachi Chemical offers numerous opportunities to respond to questions or concerns raised by any of its stakeholders, and it will keep all lines of communication open to further enhance the level of its stakeholders trust. The chemical industry is undergoing an unprecedented structural transformation. While working to create a management base that can maintain stable earnings regardless of changes in its operating environment, Hitachi Chemical, as a technologically innovative corporation, aims to maximize the value of its Group companies. July 2002 Isao Uchigasaki President and Representative Director Hitachi Chemical Co., Ltd. 9

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