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ＭＡＹ１４，２００４

Reference for FY2004 Non-Consolidated Financial Results

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

RESULTS
FY2003
Apr.2002 to Mar.2003

RESULTS
FY2004
Apr.2003 to Mar.2004

FORECAST
FY2005
Apr.2004 to Mar.2005

Net Sales

Domestic

Overseas

9,122
4,325
4,796

9,369

4,648

4,720

2.7%

7.5%

△1.6%

9,850

5,030

4,820

5.1%

8.2%

2.1%

Margin Percentage

Operating income

5.5%
501

3.2%

301

△39.9%

3.6%

355

17.8%

Margin Percentage

Ordinary income

5.1%
464

3.0%

284

△38.7%

3.4%

330

15.8%

Margin Percentage

Net income

2.1%
188

2.0%

190

0.7%

1.8%

180

△5.3%

Change of operating income

by factors

Gain factors
Reduction in costs	143
Decrease in R&D expenses	25





Loss factors
Increase of expenses and others	147
Foreign exchange	139
Decrease in sales mix	83

Gain factors
Increase in sales mix	189
Reduction in costs	120
Decrease of expenses and others	51

Loss factors
Foreign exchange	302
Increase in R&D expenses	4

Exchange rate YEN/US$

124

116

105

Capital investment

346

327

320

Depreciation and amortization

270

293

280

R&D expenses

598

573

577

Interest bearing debt

1,459

1,368

1,550

Performance of operation

Net sales to increase
Operating income to decrease

Net sales to increase
Operating income to increase

Domestic production volume

440

465

5.9%

513

10.1%

Domestic sales

Small Cars

Minicars

252
104
148

262

119

144

4.0%

13.7%

△2.9%

302

113

189

15.3%

△4.4%

31.6%

Export

196

201

2.5%

214

6.5%

Knock down parts

108

△16.2%

121

34.0%