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40
Financial Section
Isuzu Motors Limited Annual Report 2006
To The Board of Directors
Isuzu Motors Limited
We have audited the accompanying consolidated balance sheets of Isuzu Motors Limited and consolidated
subsidiaries as of March 31, 2006, 2005 and 2004, and the related consolidated statements of operations,
shareholders’ equity, and cash flows for the years then ended, all expressed in yen. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Isuzu Motors Limited and consolidated subsidiaries at March 31, 2006,
2005 and 2004, and the consolidated results of their operations and their cash flows for the years then
ended in conformity with accounting principles generally accepted in Japan.
As described in Note 2, Isuzu Motors Limited, its consolidated domestic subsidiaries and its equity method-
applied domestic affiliates adopted a new accounting standard for impairment accounting for fixed assets
as adoption of the standard was permitted from the fiscal year ended March 31,2006.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year
ended March 31, 2006 are presented solely for convenience. Our audit also included the translation of
yen amounts into U.S. dollar amounts and, in our opinion, such translation has been made on the basis
described in Note 1 to the consolidated financial statements.
June 29, 2006
Tokyo, Japan
Report of Independent Auditors
Financial Section
Isuzu Motors Limited Annual Report 2006