B/S (Consolidated Basis)  
 
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Next, I would like to discuss the balance sheet.
Current assets and current liabilities rose and fell with seasonal trend in working capital. Also, increases in fixed assets such as buildings and structure and decreases in construction in progress were because of a large-scale shopping center, which was acquired for the redevelopment project of the land of former Omiya Plant and because progress was made over the startup of the production line for the new Legacy at SIA.
Interest-bearing debt was 408.9 billion yen. Compared to the end of March 2004, increased commercial papers 15 billion yen was issued by the subsidiary, Subaru Finance, 20 billion yen in corporate bonds was issued by Fuji Heavy Industries Ltd. in April, though the previously-issued corporate bonds in the amount of 10 billion yen were already redeemed, a 10.1 billion yen decrease in short-term borrowings, and a 15 billion yen increase in long-term borrowings. The debt-equity ratio was 0.85.
In shareholders’ equity, in terms of retained earnings, there was a dividend payment of 7 billion yen but net income was 20.7 billion yen. And with translation adjustment, total shareholders’ equity increased by 27.3 billion yen.
Shareholders’ equity ratio increased by 1.8% to 35.4%.