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Table of contents FINANCIAL HIGHLIGHTS ..............................................................................2TO OUR SHAREHOLDERS ............................................................................4DIVISIONAL REVIEW .....................................................................................6RESEARCH & DEVELOPMENT .....................................................................8TOPICS .........................................................................................................10FINANCIAL REVIEW ....................................................................................12FIVE-YEAR SUMMARY ................................................................................14CONSOLIDATED SUBSIDIARIES ................................................................14CONSOLIDATED BALANCE SHEET ...........................................................15CONSOLIDATED STATEMENT OF INCOME ...............................................17CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ..............17CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS ................18CONSOLIDATED STATEMENT OF CASH FLOWS ......................................19NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ...........................20INDEPENDENT AUDITOR’S REPORT .........................................................29DIRECTORS AND AUDIT & SUPERVISORY BOARD MEMBERS ..............30CORPORATE DATA ......................................................................................31PROFILE OF THE HAMAMATSU FAMILY ...................................................321

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