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YAMAHA CONSOLIDATED FINANCIAL REPORT 12
The Board of Directors
YAMAHA CORPORATION
We have audited the accompanying consolidated balance sheets of YAMAHA CORPORATION and consolidated
subsidiaries as of March 31, 1998 and 1997, and the related consolidated statements of income and shareholders’
equity for the years then ended, all expressed in yen. Our examinations were made in accordance with auditing stan-
dards generally accepted in Japan and, accordingly, included such tests of the accounting records and such other audit-
ing procedures as we considered necessary in the circumstances.
In our opinion, the consolidated financial statements referred to above present fairly the consolidated financial posi-
tion of YAMAHA CORPORATION and consolidated subsidiaries at March 31, 1998 and 1997, and the consolidat-
ed results of their operations for the years then ended in conformity with accounting principles generally accepted in
Japan applied on a consistent basis.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March
31, 1998 are presented solely for convenience. Our examination 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 2 to the con-
solidated financial statements.
Hamamatsu, Japan
June 26, 1998
REPORT OF INDEPENDENT AUDITORS