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16 June, 2015

Hitachi Is Bullish on Business Development Overseas, Citing Lithuanian Project

On June 11, Japan's Hitachi, Ltd. explained its business strategy in light of progress under the 2015 Midterm Business Plan (FY13 to FY15).

The revenues for Hitachi’s Power Systems and Energy Solutions Business in FY14 (April 2014 to March 2015) were JPY466.7 billion (USD3.889 billion at USD=JPY120), and are expected to be JPY460 billion (approximately USD3.8 billion) in FY15 (April 2015 to March 2015), less than the previous forecast of JPY520 billion (approximately USD4.3 billion) that was issued in June 2014.

The reduced forecast is due to intensified competition in the transmission and distribution market, as well as due to the slower than anticipated growth in the renewable energy market. The company will, however, boldly carry out a series of structural reforms and relentlessly strengthen its product competitiveness, targeting growth at JPY800 billion (approximately USD6.7 billion) by FY20.

In the domestic side of its Nuclear Power Business, the company will endeavor to enhance safety measures toward restarting existing new nuclear power plants, and to stabilize the Fukushima Daiichi NPPs and contribute to its decommissioning, given that no new NPPs are expected to be constructed in the country, excluding those currently under construction.

Overseas, the company will extend its global management and expand its business overseas, including the U.K. Horizon nuclear power project and the Lithuanian project.

At a presentation in Tokyo on June 11, representatives of Hitachi’s Power Systems Company spoke about the Lithuanian project, which has been delayed as a result of domestic considerations there. They said that the company hoped to establish a Project Company (PCO) in the coming 12 months or so.

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