Konica Minolta 2003 Annual Report Download - page 43

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KONICA M INOLTA HOLDINGS, INC. 2 0 0 3
Pag e 41
Rep ort o f Independent Auditors
Konica Corporation and Consolidated Subsidiaries
To the Board of Directors and Shareholders of
KONICA CORPORATION
We have audited the accompanying consolidated balance sheets of KONICA CORPORATION and its subsidiaries as of March 31, 2003 and 2002, and the
related consolidated statements of income, shareholders’ equity, and cash flows for the years then ended, all expressed in Japanese yen. These consolidated
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits.
We conducted our audits in accordance with auditing standards, procedures and practices generally accepted and applied in Japan. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of KONICA COR-
PORATION and its subsidiaries as of March 31, 2003 and 2002, and the consolidated results of their operations and their cash flows for the years then ended in
conformity with accounting principles and practices generally accepted in Japan (see Note 1).
As described in Note 13 (a) the share exchange agreement with Minolta Co., Ltd. was approved at the general shareholders’ meeting held on June 25, 2003.
The amounts expressed in U.S. dollars, which are provided solely for the convenience of the reader, have been translated on the basis set forth in Note 3 to the
accompanying consolidated financial statements.
Tokyo, Japan
June 25, 2003