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Table of contents FINANCIAL HIGHLIGHTS.......................................................................................2TO OUR SHAREHOLDERS....................................................................................4DIVISIONAL REVIEW.............................................................................................6RESEARCH & DEVELOPMENT.............................................................................8TOPICS.................................................................................................................10FINANCIAL REVIEW.............................................................................................12FIVE-YEAR SUMMARY.........................................................................................14CONSOLIDATED SUBSIDIARIES.........................................................................15CONSOLIDATED BALANCE SHEETS.................................................................16CONSOLIDATED STATEMENTS OF INCOME.....................................................18CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME....................18CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS.....................19CONSOLIDATED STATEMENTS OF CASH FLOWS............................................20NOTES TO CONSOLIDATED FINANCIAL STATEMENTS...................................21REPORT OF INDEPENDENT AUDITORS............................................................29DIRECTORS AND AUDIT & SUPERVISORY BOARD MEMBERS.......................30CORPORATE DATA..............................................................................................31PROFILE OF THE HAMAMATSU FAMILY............................................................321

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