（ August 3,2005 ）
Fuji Heavy Industries Ltd.

<Reference for the 1st Quarter of FY2006 Consolidated Financial Results>

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

ACTUAL RESULTS
1st Quarter of FY 2005
Apr.2004 to Jun.2004

ACTUAL RESULTS
1st Quarter of FY 2006
Apr.2005 to Jun.2005

FORECAST
FY2006
Apr.2005 to Mar.2006

Net Sales
Domestic
Overseas

3,075
1,366
1,710

2,999
1,292
1,707

△ 2.5 %
△ 5.4 %
△ 0.1 %

14,700
6,472
8,228

1.6 %
3.2 %
0.4 %

Margin Percentage
Operating income

0.0 %

0.4 %

2.1 %

310

△ 26.2 %

Margin Percentage
Ordinary income

0.8 %

0.1 %

△ 82.9 %

1.8 %

270

△ 38.0 %

Margin Percentage
Net income

0.2 %

△ 0.4 %

△ 12

1.0 %

150

△ 17.8 %

Analysis of
increase/decrease
in operating income

Gain factors

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

45
28
22

Loss factors

Decrease in sales mix
Foreign exchange

74
9

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

Exchange rate YEN/US$

110

107

105

Capital investment

670

Depreciation and amortization

125

580

R&D expenses

123

555

Interest bearing debt

4,072

4,124

4,100

Performance of
operation

Net sales to decrease
Net income to decrease

Net income to decrease
Best net sales
Net sales to increase

Domestic sales units
Small Cars
Minicars

54
20
34

50
19
31

△ 8.7 %
△ 7.9 %
△ 9.3 %

251
107
143

△ 1.3 %
3.3 %
△ 4.5 %

Overseas sales units
North America
Europe
Others

67
44
11
12

71
43
12
16

4.8 %
△ 2.3 %
11.3 %
24.5 %

331
219
58
54

1.0 %
4.3 %
△ 4.7 %
△ 4.8 %

Total sales units

122

120

△ 1.3 %

582

0.0 %

SIA Isuzu SUVs units	6	0	-	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.