annual report 2004 year ended march 31 yamaha corporation creating kando togeth message from the president 2 new medium term business plan ysd50 6 corporate governance 8 environmental activities 10 at a glance 12 review of operations 16 musical instruments av it 20 lifestyle related products 24 electronic equipment and metal 26 recreation 28 others 30 board directors auditors executive officers 32 financial section 34 history 62 overseas network 64 domestic 66 investor information 67 contents forward looking statements plans strategies regarding s future prospects presented in this have been drawn up by company management based on available current time therefore are subject to risks uncertainties accordingly our actual performance may differ significantly predictions depending changes operating economic environments demand trends value key currencies such as us dollar euro profile since its founding 1887 has grown become one world leading manufacturers while also broadening operational scope include audio video semiconductor
