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50 O LYMPUS 2 00 5
TO THE SHAREHO LDERS AND BO ARD O F DIRECTO RS O F O LYMPUS CO RPO RATION
We have audited the accompanying consolidated balance sheets o f O lympus Corporation and conso lidated subsidiaries as of March 31,
2005 and 200 4 , and the related consolidated statements of operatio ns, shareholders’ equity and cash flows for each of the three years in the
period ended March 3 1, 2005, expressed in Japanese yen. These consolidated financial statements are the responsibility of the Company’s
management. O ur responsibility is to independently express an opinion on these consolidated financial statements based on our audits.
We conducted o ur audits in accordance with auditing standards generally accepted in Japan. Those standards require that we plan and per-
form the audit to obtain reasonable assurance about whether the financial statements are free o f 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 po si-
tion of O lympus Corporation and subsidiaries as of March 31, 2 0 05 and 2004, and the co nsolidated results of their operations and their
cash flows for each of the three years in the period ended March 3 1 , 2005, in conformity with accounting principles generally accepted in
Japan.
W ithout qualifying our opinion we draw attention to the following.
(1) As discussed in Note 19, effective April 1 , 2003, O lympus Corporation established a new business segment and changed the categoriza-
tion of business segments.
(2) As discussed in Note 18, effective April 1 , 2 005, O lympus Corporation changed the categories of business in the business segments.
(3) As discussed in Note 18, on May 31, 2 005, O lympus Corporation acquired 100% o f the shares outstanding of the acquired company
thro ugh its wholly o wned subsidiary.
The U.S. dollar amounts in the accompanying consolidated financial statements with respect to the year ended March 3 1, 2005 are pre-
sented solely for convenience. O ur audit also included the translation of yen amounts into U.S. dollar amounts and, in our opinion, such trans-
lation has been made on the basis described in Note 1 to the consolidated financial statements.
Tokyo, Japan
June 2 9, 2005
REPO RT O F IN DEPEN DEN T PUBLIC ACCO UN TAN TS