(MAY 9,2006)
Fuji Heavy Industries Ltd.

<Reference for FY2006 Non-consolidated Financial Results>

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

RESULTS
FY2005
Apr.2004 to Mar.2005

RESULTS
FY2006
Apr.2005 to Mar.2006

FORECAST
FY2007
Apr.2006 to Mar.2007

Net Sales
Domestic
Overseas

9,495
4,524
4,971

9,761
4,376
5,386

2.8%
△ 3.3%
8.4%

9,900
4,500
5,400

1.4%
2.8%
0.3%

Margin Percentage
Operating income

3.7%

354

5.3%

521

47.1%

3.1%

310

△ 40.5%

Margin Percentage
Ordinary income

3.3%

313

4.2%

414

32.2%

3.1%

310

△ 25.1%

Margin Percentage
Net income

0.3%

1.1%

103

310.5%

1.4%

140

36.3%

Change of operating income
by factors

Gain factors

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

118
118
93
62

Loss factors

Decrease in sales mix

　224

Gain factors

Reduction in costs

Loss factors

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

82
68
55

22

Exchange rate YEN/US$

108

112

110

Capital investment

256

239

380

Depreciation and amortization

276

249

270

R&D expenses

528

467

535

Interest bearing debt

1,403

1,369

1,400

Performance of operation

Best net sales
Operating income to increase
Net sales to increase

Net sales to increase
Best net sales
Operating income to decrease

Domestic production volume

481

467

△ 3.0%

484

3.8%

Domestic sales
Small Cars
Minicars

273
108
165

245
106
138

△ 10.3%
△ 1.7%
△ 15.9%

264
96
168

7.8%
△ 9.9%
21.4%

Export
North America
Europe
Other

213
102
54
57

225
100
58
66

5.8%
△ 1.4%
7.9%
16.7%

219
102
57
61

△ 2.4%
1.1%
△ 2.1%
△ 8.2%

Knock down parts

115

120

3.9%

115

△ 4.3%