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

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

(in 100 millions of yen)
(in thousands of units)  		 RESULTS
1st HALF of FY2003
 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		 6,484
2,865
3,619		 6,653
2,921
3,732		 2.6％
2.0％
3.1％		 13,723
5,992
7,730		 14,300
6,500
7,800		 4.2％
8.5％
0.9％		 14,500
6,440
8,060
Margin Percentage
Operating Ｉncome
5.7%
369
2.8%
183
  △50.4％
4.9%
675
3.7%
530
  △21.5％
4.3%
620
Margin Percentage
Ordinary Ｉncome
4.8%
312
3.7%
244
  △21.6％
4.3%
585
4.1%
580
  △ 1.0％
4.1%
600
Margin Percentage
Net Ｉncome
2.6%
167
2.9%
194
  16.2％
2.4%
334
2.5%
360
  7.5％
2.4%
350
Factors of Change
in Operating Income         		  
Gain factors 　
Reduction in cost 85
Increase in sales mix 30
　 　
Loss factors 　
Increase of expenses and others 239
Foreign exchange 52
Increase in R&D expenses 10
 
Gain factors 　
Reduction in cost 175
Increase in sales mix 111
Decrease in R&D expenses 11
Loss factors 　
Increase of expenses and others 301
Foreign exchange 141
Gain factors 　
Increase in sales mix 190
Reduction in cost 160
　 　
Loss factors 　
Increase of expenses and others 246
Foreign exchange 130
Increase in R&D expenses 29
Capital Investment 270 357    646 870    970
Depreciation and Amortization 223 272    488 530    540
R&D Expenses 294 304    601 590    630
Interest bearing debt 3,873 3,966    3,891 4,000    4,000
Performance of Operation      Net sales to increase
  Net income to increase   
Best Net Sales  
Best Net Income  		   Net sales to increase   
Net income to increase  
Best Net Sales     		  
Domestic Sales
Small Cars
Minicars		 119
48
71		 113
52
61		 △5.3％
7.2％
△13.9％		 246
103
143		 259
115
145		 5.7％
11.9％
1.2％		 261
122
139
Overseas Sales 134 135 1.2％ 295 300 1.9％ 307
Units Total 253 248 △1.9％ 540 560 3.6％ 568
　
SIA Isuzu SUVｓ   13 -    25 -  30
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