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ＭＡＹ１６，２００３

Reference for FY2003 Non-Consolidated Financial Results

(in 100 millions of yen)
(in thousands of units)

RESULTS
FY2002
01/4-02/3

RESULTS
FY2003
02/4-03/3

FORECAST
FY2004
03/4-04/3

Net Sales

Domestic

Overseas

9,217	△0.2%
4,726	△10.5%
4,490	13.7%

9,122	△1.0%
4,325	△8.5%
4,796	6.8%

9,600	5.2%
4,900	13.3%
4,700	△2.0%

Margin Percentage

Operating income

6.9%
636	12.9%

5.5%
501	△21.3%

4.3%
410	△18.3%

Margin Percentage

Ordinary income

7.1%
650	19.3%

5.1%
464	△28.6%

3.9%
370	△20.3%

Margin Percentage

Net income

2.4%
218	△27.9%

2.1%
188	△13.6%

2.0%
190	0.6%

Change of operating income

by factors

Gain factors
Reduction in costs	183
Foreign exchange	28


Loss factors
Decrease in sales mix	216
Increase of expenses and others	77
Increase in R&D expenses	53

Gain factors
Reduction in costs	125
Increase in sales mix	100


Loss factors
Increase of expenses and others	164
Foreign exchange	130
Increase in R&D expenses	22

Exchange rate YEN/US$

123

124

118

Capital investment

428

346

450

Depreciation and amortization

256

270

300

R&D expenses

545

598

620

Interest bearing debt

1,565

1,459

1,550

Performance of operation

Net sales to decrease
Ordinary income to decrease

Net sales to increase
Ordinary income to decrease

Domestic production volume

450

△4.6%

440

△2.3%

462

5.1%

Domestic sales

Small Cars

Minicars

279	△8.0%
111	△13.8%
167	△3.7%

252	△9.6%
104	△6.3%
148	△11.7%

271	7.4%
127	21.6%
144	△2.6%

Export

173

3.9%

196

13.2%

196

0.2%

Knock down parts

104

△6.8%

108

3.2%

108

0.8%