> Investor Relations > Annual Report 2003 2003 ANNUAL REPORT 2003 (3MB) MANAGEMENT PHILOSOPHY AND PROFILE (24KB) FINANCIAL HIGHLIGHTS (35KB) [p1] MESSAGE FROM THE PRESIDENT (261KB) [p2 - p5] OUR BUSINESS (164KB) [p6 - p7] REVIEW OF OPERATIONS (605KB ) [p8 - p13] RADIO COMMUNICATIONS EQUIPMENT (369KB) [p8 - p11] SEMICONDUCTOR DEVICES AND MICROWAVE TUBES (130KB) [p12] MEDICAL ELECTRONICS EQUIPMENT (164KB) [p13] RESEARCH AND DEVELOPMENT ACTIVITIES (775KB) [p14 - p15] ENVIRONMENTAL INITIATIVES (490KB) [p16 - p17] BOARD OF DIRECTORS (26KB) [p18] FINANCIAL SECTION (191KB) [p19 - p51] MANAGEMENT'S DISCUSSION & ANALYSIS (35KB) [p20 - p21] CONSOLIDATED BALANCE SHEETS (31KB) [p22 - p23] CONSOLIDATED STATEMENTS OF OPERATIONS (26KB) [p24] CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (27KB) [p25] CONSOLIDATED STATEMENTS OF CASH FLOWS (28KB) [p26] NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (68KB) [p27 - p36] INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS (27KB) [p37] NON-CONSOLIDATED BALANCE SHEETS (30KB) [p38 - p39] NON-CONSOLIDATED STATEMENTS OF OPERATIONS (26KB) [p40] NON-CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (27KB) [p41] NON-CONSOLIDATED STATEMENTS OF CASH FLOWS (27KB) [p42] NOTES TO NON-CONSOLIDATED FINANCIAL STATEMENTS (55KB) [p43 - p50] INDEPENDENT AUDITORS' REPORT ON THE NON-CONSOLIDATED FINANCIAL STATEMENTS (25KB) [p51] AFFILIATED COMPANIES OF JRC (153KB) [p52 - p53] MAIN OFFICE, PLANTS AND OVERSEAS OFFICES (68KB) [p54] INVESTOR INFORMATION (45KB) [p55]