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To the Board of Directors of Mazda Motor Corporation:
We have audited the accompanying consolidated financial statements of Mazda Motor Corporation and its
consolidated subsidiaries, which comprise the consolidated balance sheets as at March 31, 2012 and 2011, and the
consolidated statements of operations and comprehensive income, consolidated statements of equity and consolidated
statements of cash flows for the years then ended, and a summary of significant accounting policies and other explana-
tory information expressed in Japanese yen.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accor-
dance with accounting principles generally accepted in Japan, and for such internal control as management determines
is necessary to enable the preparation of consolidated financial statements that are free from material misstatements,
whether due to fraud or error.
Auditor’s Responsibility
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 generally accepted in Japan. Those standards require that
we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgement, including the assessment of the
risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those
risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the consoli-
dated financial statements in order to design audit procedures that are appropriate in the circumstances, while the
objective of the financial statement audit is not for the purpose of expressing an opinion on the effectiveness of the
entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
Mazda Motor Corporation and its consolidated subsidiaries as at March 31, 2012 and 2011, and their financial perfor-
mance and cash flows for the years then ended in accordance with accounting principles generally accepted in Japan.
Convenience Translation
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March
31, 2012 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 27, 2012, except as to note 19, which is as of August 6, 2012
Hiroshima, Japan
Independent Auditor’s Report
Mazda Annual Report 2012
56