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＜Reference for the First Half of FY2004(Apr. 2003 to Sep. 2003)
Non-Consolidated Financial Results＞

（Ｎｏｖ． 1７ ，２００３）
Fuji Heavy Industries Ltd.

(in 100 millions of yen)
(in thousands of units)  		 RESULTS
1st HALF ofFY2003
 Apr. 2002 to Sep. 2002		 RESULTS
1st HALF of FY2004  

 Apr. 2003 to Sep. 2003        		 RESULTS
FY2003

 Apr. 2002 to Mar. 2003		 FORECAST
  FY2004


    Apr. 2003 to Mar. 2004  		 FORECAST
  FY2004  
（May 2003）

  Apr. 2003 to Mar. 2004  
Net Sales
Domestic
Overseas		 4,440
2,043
2,397		 4,551
2,144
2,407		 2.5％
5.0％
0.4％		 9,122
4,325
4,796		 9,400
4,740
4,660		 3.0％
9.6％
△2.9％		 9,600
4,900
4,700
Margin Percentage
Operating Ｉncome
5.5%
246
3.2%
144
   △41.2％
5.5%
501
3.3%
310
   △38.2％
4.3%  
410
Margin Percentage
Ordinary Ｉncome
5.2%
230
3.6%
162
  △29.5％
5.1%
464
3.2%
300
  △35.4％
3.9%
370
Margin Percentage
Net Ｉncome
2.3%
102
2.4%
109
  7.5％
2.1%
188
2.0%
190
  0.6％
2.0%
190
Factors of Change
in Operating Income        		  
Gain factors 　
Reduction in cost 71
　 　
Loss factors 　
Increase of expenses and others 78
Foreign exchange 57
Decrease in sales mix 27
Increase in R&D expenses 10
 
Gain factors 　
Reduction in cost 143
Decrease in R&D expenses 18
　 　
Loss factors 　
Increase of expenses and others 144
Foreign exchange 135
Decrease in sales mix 73
Gain factors 　
Reduction in cost 125
Increase in sales mix 100
　 　
Loss factors 　
Increase of expenses and others 164
Foreign exchange 130
Increase in R&D expenses 22
Foreign Exchange Rate
YEN/US$		  126  120       124  116         118
Capital Investment 134 200    346 350    450
Depreciation and Amortization 125 135    270 290    300
R&D Expenses 292 302    598 580    620
Interest bearing debt 1,482 1,359    1,459 1,450    1,550
Performance of operation     Net Sales to increase
  Operation Income to decrease
  Best Net Sales  		   Net Sales to increase
  Operation Income to decrease
  Best Net Sales  		  
Domestic Production Volume 213 222 4.3％ 440 460 4.7％ 462
Domestic Sales
Small Cars
Minicars		 121
49
72		 119
56
63		 △1.5％
15.5％
△13.0％		 252
104
148		 263
119
144		 4.5％
14.6％
△2.7％		 271
127
144
Export 98 97 △0.4％ 196 199 1.4％ 196
Knock Down Parts 53 46 △13.3％ 108 92 △14.2％ 108
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