（APR. 28，2008）
Fuji Heavy Industries Ltd.

<Reference for FY2008 Consolidated Financial Results>

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

RESULTS
FY2007
Apr.2006 to Mar.2007

RESULTS
FY2008
Apr.2007 to Mar.2008

yoy

FORECAST
FY2009
Apr.2008 to Mar.2009

yoy

Net Sales
Domestic
Overseas

14,948
5,762
9,186

15,723
5,440
10,284

5.2 %
-5.6 %
11.9 %

16,000
5,600
10,400

1.8 %
2.9 %
1.1 %

Margin Percentage
Operating Income

3.2%

479

2.9%

457

-4.6 %

1.4%

230

-49.6 %

Margin Percentage
Ordinary Income

2.8%

422

2.9%

454

7.6 %

1.3%

200

-56.0 %

Margin Percentage
Net Income

2.1%

319

1.2%

185

-42.1 %

0.6%

100

-45.9 %

Change of operating income
by factors

Gain factors

Reduction in cost & Net of raw material price raise	70
Foreign exchange	10

Loss factors

Increase of SG&A expenses and others	81
Increases of R&D expenses	13
Deterioration of sales volume & mixture and others	8

Gain factors

Improvement of sales volume &
mixture and others

474

Loss factors

Foreign exchange	460
Increase of SG&A expenses and others	138
Reduction in cost & Net of raw material price raise	73
Increases of R&D expenses	30

Exchange rate YEN/US$

117

116

100

Capital investment

596

563

700

Depreciation and amortization

589

655

660

R&D expenses

507

520

550

Interest bearing debt

3,439

3,045

Performance of operation

Net sales to increase
Net Income to ｄecrease
Best net sales

Domestic sales

Passenger Cars
Minicars

227

81
146

209

78
131

-8.0 %

-3.9 %
-10.3 %

213

98
115

1.9 %

25.6 %
-12.3 %

Overseas sales

North America
Europe
Other

351

207
71
73

388

210
86
92

10.5 %

1.9 %
20.4 %
25.2 %

423

223
102
99

9.1 %

5.8 %
18.3 %
8.1 %

Total sales

578

597

3.2 %

636

6.6 %

* 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.
* Exchange rate is the non-consolidated sales rate of FHI.