Kenwood 2004 Annual Report Download - page 2

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Contents
Note regarding forward-looking statements฀
Certain information in this Annual Report, such as Kenwood business plans, strategies and
predictions, contains forward-looking statements that may prove to be incorrect. Although
any statements that express or involve management judgement are based on currently-
available information, they involve known and unknown risks, uncertainties and other
factors that may cause the actual results to materially differ from those considered by the
forward-looking statements. Potential risks, uncertainties and other factors include, but not
limited to: overall economic climate and consumer spending in Japan as well as other major
countries; demand for Kenwood's products and pressure of falling prices due to fierce
competition; corporate ability to continue to develop products and cutting-edge technologies
that appeal to consumers in a highly competitive market; and currency exchange rates
(especially between the Japanese yen and the U.S. dollar, as well as other key currencies in
which Kenwood carries out a large portion of its business transactions).
KENWOOD Corporate vision/Financial highlights฀
To our stakeholders฀
Outline of Kenwood฀
Three core businesses฀
Kenwood posted a record net income mainly by concentrating resources
on core businesses through a sweeping restructuring—Fiscal year
through March 2003
Kenwood achieved a V-shaped recovery, while eliminating the past
"negative legacies"—Fiscal year through March 2004
Kenwood will promote its strategy for a full-scale growth as preparation
for a new leap forward—Fiscal year through March 2005
Implementation status of corporate governance
Financial Sections฀
Financial Review฀
Consolidated Balance Sheets฀
Consolidated Statements of Operations฀
Consolidated Statements of Shareholders' Equity (Capital Deficiency)฀
Consolidated Statements of Cash Flows฀
Notes to the Consolidated Financial Statements
Independent Auditors' Report
Corporate Data฀
The Kenwood Group
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