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If I were to summarize the 2018 Mid-term Management Plan, I would say its biggest achievements included instilling a shared sense of crisis in employees throughout the Company and fostering a growing focus on income and cash. These changes resulted in Hitachi achieving its Mid-term Management Plan target for an adjusted operating income ratio of 8%, total Hitachi, Ltd. stockholders' equity on the balance sheet during the period covered by the plan was up approximately ¥500 billion, backed by the Company improving its ability to generate cash, as well as a growing perception that Hitachi as a global company should naturally produce income margins in the double digits, and that the Company should be a global leader in the Social Innovation Business.
Having achieved a V-shaped recovery after recording losses of ¥787.3 billion in fiscal 2008, is it really necessary for the Company to push income ratios to 10% or higher? I think contributing to building social and environmental value is a major driver behind our personal growth and our job satisfaction. In other words, Hitachi's corporate philosophy for the past 109 years has been to "contribute to society through the development of superior, original technology and products" and if each of its 300,000 employees around the world can find satisfaction in resolving social and environmental issues through advancing the Social Innovation Business and broadening the field of related activities, I believe it would surely contribute to continued growth for Hitachi. Of course, it is important to improve economic value, but I also believe it is important at the same time to improve social and environmental value. We aim to pursue this goal based not only on leadership from the top, but also through bottom-up participation from employees who find real purpose in their work. If we can accomplish this, I believe Hitachi will be all the stronger for it.
Our 2021 Mid-term Management Plan, launched in April 2019, focuses on simultaneously improving social value, environmental value, and economic value, and establishes five business sectors (IT, Energy, Industry, Mobility and Smart Life) for the creation of social innovation. To put it differently, these are areas in which Hitachi can make use of the technological know-how it has built up through its many years of developing social infrastructure. Moreover, in each of these business sectors, Lumada can be used as a common platform to achieve the goals of improving people's quality of life (QoL) as well as corporate value at our client companies. Strengthening Lumada, which can accelerate innovation, is key to growth moving forward. Indeed, the creation of multiple reusable solutions in each of the key business fields can lead to the resolution of issues that cross industry and geographic boundaries.
Based on the "Hitachi Social Innovation is Powering Good" campaign tagline that launched this year, we will strive to provide social, environmental, and economic value in line with our efforts to contribute to enhanced value for our corporate customers and an improved quality of life for people in general. We thank you and look forward to your continued support as we move forward.
President & CEO