（Oct. 31, 2007）
Fuji Heavy Industries Ltd.

<Reference for the First Half of FY2008(Apr. 2007 to Sep. 2007) Consolidated Financial Results>

(in 100 millions of yen)
(in thousands of units)
  RESULTS
1st HALF of FY2007
Apr. 2006 to Sep. 2006		 RESULTS
1st HALF of FY2008


Apr. 2007 to Sep. 2007		 RESULTS
FY2007

Apr. 2006 to Mar. 2007		 FORECAST
FY2008

Apr. 2007 to
Mar. 2008		 FORECAST
FY2008
(May 2007)
Apr. 2007 to
Mar. 2008
Net Sales
Domestic
Overseas		 6,987
2,864
4,123		 7,088
2,457
4,631		 1.5 %
(14.2) %
12.3 %		 14,948
5,762
9,186		 15,600
5,300
10,300		 4.4 %
(8.0) %
12.1 %		 15,500
5,600
9,900
Margin Percentage
Operating Income
2.6%
181
2.7%
189
4.3 %
3.2%
479
2.6%
400
(16.5) %
2.3%
350
Margin Percentage
Ordinary Income
2.0%
139
2.0%
142
2.0 %
2.8%
422
2.2%
350
(17.1) %
1.9%
300
Margin Percentage
Net Income
1.7%
116
1.1%
78
(32.5) %
2.1%
319
1.1%
170
(46.7) %
1.0%
160
Factors of Change
in Operating Income		   Gain factors
Decrease of expenses
and others
Foreign exchange
Reduction in cost		 111

65
38

Loss factors
Decrease in sales mix
Increases in cost		 191
15
  Gain factors
Reduction in cost
Foreign exchange		 63
36

Loss factors
Decrease in sales mix

Increases in R&D expenses

Increases of expenses
and others		 116

53


9
Gain factors
Reduction in cost 53
Increases in sales mix 5

Loss factors
Increase of expenses
and others

Foreign exchange

Increase in R&D
expenses		 108


56

23
Foreign Exchange Rate YEN/US$ 115 120 117 118 115
Capital Investment 209 279 596 600 600
Depreciation and Amortization 289 307 589 640 640
R&D Expenses 251 266 507 560 530
Interest bearing debt 3,671 3,168 3,439 3,290 3,290
Performance of Operation   Net Sales to increase
Net Income to decrease
Best Net Sales		   Net Sales to decrease
Net Income to decrease
Best Net Sales		  
Domestic Sales
Small Cars
Minicars
112
40
72
99
35
64
(11.3) %
(11.4) %
(11.3) %
227
81
146
204
78
125
(10.3) %
(3.4) %
(14.1) %
218
89
129
Overseas Sales
North America
Europe
Other
157
89
32
35
172
90
38
44
9.8 %
0.7 %
18.7 %
24.8 %
351
207
71
73
389
215
85
89
10.8 %
4.2 %
18.6 %
21.9 %
366
215
80
71
Units Total 269 271 1.0 % 578 593 2.5 % 584

* 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/dealers.
* Exchange rate is the non-consolidated base of Fuji Heavy Industries Ltd..

copyright (c) FUJI HEAVY INDUSTRIES Ltd. 2007 All Rights Reserved.