Mazda 2008 Annual Report Download - page 87

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To the Shareholders and Board of Directors of
Mazda Motor Corporation:
We have audited the accompanying consolidated balance sheets of Mazda Motor Corporation and consolidated
subsidiaries as of March 31, 2008 and 2007, the related consolidated statements of income, equity and cash flows for
each of the three years in the period ended March 31, 2008, expressed in Japanese yen. These consolidated financial
statements are the responsibility of Mazda Motor Corporation’s management. Our responsibility is to independently
express an opinion on these consolidated 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 consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Mazda Motor Corporation and subsidiaries as of March 31, 2008 and 2007, and the
consolidated results of their operations and their cash flows for each of the three years in the period ended March 31,
2008, in conformity with accounting principles generally accepted in Japan.
Without qualifying our opinion, we draw attention to the following:
(1) As referred to in Note 3, effective April 1, 2007, Mazda Motor Corporation and domestic subsidiaries adopted new
accounting standard for lease transaction.
(2) As referred to in Note 3, effective April 1, 2006, Mazda Motor Corporation and consolidated domestic subsidiaries
adopted new accounting standard for presentation of equity in the balance sheet and revised accounting standard
for treasury shares and appropriation of legal reserve.
(3) As referred to in Note 3, effective April 1, 2006, Mazda Motor Corporation and domestic subsidiaries adopted new
accounting standard for share-based payment.
(4) As referred to in Note 3, effective April 1, 2005, Mazda Motor Corporation and consolidated domestic subsidiaries
adopted new accounting standard for impairment of fixed assets.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended
March 31, 2008 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.
Hiroshima, Japan
June 25, 2008
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