（MAY 12 ，2005）
Fuji Heavy Industries Ltd.

<Reference for FY2005 Consolidated Financial Results>

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

RESULTS
FY2004
Apr.2003 to Mar.2004

RESULTS
FY2005
Apr.2004 to Mar.2005

FORECAST
FY2006
Apr.2005 to Mar.2006

Net Sales
Domestic
Overseas

14,395
6,279
8,115

14,465
6,271
8,194

0.5 %
△0.1 %
1.0 %

14,700
6,472
8,228

1.6 %
3.2 %
0.4 %

Margin Percentage
Operating income

3.5 %

503

2.9 %

420

△ 16.5 %

2.1 %

310

△ 26.2 %

Margin Percentage
Ordinary income

3.9 %

566

3.0 %

436

△ 23.0 %

1.8 %

270

△ 38.0 %

Margin Percentage
Net income

2.7 %

386

1.3 %

182

△ 52.8 %

1.0 %

150

△ 17.8 %

Change of operating income by factors

Gain factors

Reduction in costs
Decrease in R&Dexpenses
Decrease of expenses
and others

164
45

31

Loss factors

Decrease in sales mix
Foreign exchange

172
151

Gain factors

Reduction in costs

110

Loss factors

Decrease in sales mix
Foreign exchange
Increase in R&D expenses
Increase of expenses
and others

92
86
25

17

Capital investment

745

853

670

Depreciation and amortization

532

511

580

R&D expenses

575

530

555

Interest bearing debt

3,790

4,122

4,100

Performance of operation

Net sales to increase
Net income to decrease
Best Net Sales

Domestic sales
Small Cars
Minicars

246
111
134

254
104
150

3.5 %
△ 6.4 %
11.6 %

251
107
143

△ 1.3 %
3.3 %
△ 4.5 %

Overseas sales
North America
Europe
Other

306
206
54
46

328
210
61
57

7.2 %
2.3 %
13.0 %
22.3 %

331
219
58
54

1.0 %
4.3 %
△ 4.7 %
△ 4.8 %

Total sales

551

582

5.5 %

582

0.0 %

SIA Isuzu SUVs	25	13	△ 47.9 %	0	-

*	Figures of Total Sales are the sum of retail sales units of the Japanese subsidiary dealers, wholesale units of the overseas subsidiary distributors, and wholesale units of FHI to other distributors/dearlers.