To the Board of Directors and Stockholders of Kobe Steel, Ltd.
We have audited デュエルビッツ 登録ccompanying consolidated balance sheets of Kobe
Steel, Ltd. (a Japanese corporation) and subsidiaries at March 31, 1999
and 1998 and the related consolidated statements of operations,
stockholders' equity and cash flows for the years then ended, expressed in
Japanese yen. Our audits were made in accordance with generally accepted
auditing standards in Japan and, accordingly, included such tests of the
accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the consolidated financial statements referred to above
present fairly the consolidated financial position of Kobe Steel, Ltd. and
subsidiaries at March 31, 1999 and 1998 and the consolidated results of
their operations and their cash flows for the years then ended, in
conformity with accounting principles generally accepted in Japan, applied
on a consistent basis, except for the change, with which we concur, in the
method of accounting for expenses in respect of the development of new
products and research into and デュエルビッツ 登録pplication of new technologies as
explained in Note 2 (8).
Kobe Steel, Ltd. has included information on differences between
Japanese generally accepted accounting principles and International
Accounting Standards in Note 3 to the Consolidated Financial Statements.
This information is not required to be disclosed in Japan and is not
included in デュエルビッツ 登録udited consolidated financial statements filed with the
Ministry of Finance of Japan.
We have also reviewed the translation of the statements mentioned above
into U.S. dollars on the basis described in Note 1. In our opinion, such
statements have been properly translated on such basis.
Osaka, Japan June 29, 1999
(Member Firm of Andersen
Worldwide SC)
Statement on Accounting Principles and Auditing Standards
This statement is to remind users that accounting principles and auditing
standards and their application in practice may vary among nations and
therefore could affect, possibly materially, the reported financial
position and results of operations. デュエルビッツ 登録ccompanying financial statements
are prepared based on accounting principles generally accepted in Japan,
and デュエルビッツ 登録uditing standards and their application in practice are those
generally accepted in Japan. Accordingly, デュエルビッツ 登録ccompanying financial
statements and デュエルビッツ 登録uditors' report presented above are for users familiar
with Japanese accounting principles, auditing standards and their
application in practice.
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