（Feb. 14, 2005）
Fuji Heavy Industries Ltd.

<Reference for the 3rd Quarter of FY2005 Consolidated Financial Results>

(in 100 millions of yen)
(in thousands of units)
  RESULTS
3rd Quarter of FY2004
Apr. 2003 to
Dec. 2003		 RESULTS
3rd Quarter of FY2005

Apr. 2004 to
Dec. 2004		 RESULTS
FY2004

Apr. 2003 to
Mar. 2004		 FORECAST
FY2005

Apr. 2004 to
Mar. 2005		 FORECAST
FY2005
（November 2004）
Apr. 2004 to
Mar. 2005
Net Sales
Domestic
Overseas		 10,284
4,329
5,955		 10,504
4,455
6,049		 2.1 %
2.9 %
1.6 %		 14,395
6,279
8,115		 14,500
6,400
8,100		 0.7 %
1.9 %
△0.2 %		 14,500
6,500
8,000
Margin Percentage
Operating Income
3.5 %
356
2.5 %
265 		△ 25.7 % 503
3.5 %
2.8 %
400 		△ 20.5 %
3.1 %
450
Margin Percentage
Ordinary Income
4.2 %
432
2.7 %
286 		△ 33.7 %
3.9 %
566
3.0 %
430 		△ 24.0 %
3.2 %
470
Margin Percentage
Net Income
2.8 %
287
2.0 %
207 		△ 27.9 %
2.7 %
386
1.9 %
280		 △ 27.6 %
2.2 %
320
Factors of Change
in Operating Income		   Gain factors
Reduction in cost
Decrease of expenses
and others
Decrease in R&D
expenses		 90

42

27

Loss factors
Foreign exchange
Decrease in sales mix		 151
99
  Gain factors
Reduction in cost
Decrease in R&D expenses
Decrease of expenses
and others		 166

25

7

Loss factors
Foreign exchange
Decrease in sales mix		 178
123
Gain factors
Reduction in cost
Decrease of expenses
and others
Increase in R&D
expenses		 163

28

25

Loss factors
Foreign exchange
Decrease in sales mix		 176
93
Exchange rate YEN/US$ 118 109 116 108 108
R&D Expenses 427 400 575 550 550
Interest bearing debt 3,894 4,089 3,790 4,100 4,100
Performance of Operation   Net Sales to increase
Net Income to decrease		   Net Sales to increase
Net Income to decrease
Best Net Sales		  
Domestic Sales
Small Cars
Minicars		 166
77
89		 179
72
107		 7.9 %
△5.5 %
19.4 %		 246
111
134		 263
108
155		 7.2 %
△2.6 %
15.3 %		 265
110
155
Overseas Sales
North America
Europe
Other		 219
146
40
34		 240
153
45
42		 9.4 %
5.0 %
13.9 %
23.3 %		 306
206
54
46		 326
209
60
57		 6.6 %
1.5 %
12.2 %
22.5 %		 323
210
59
54
Units Total 385 419  8.8 % 551 589 6.8 % 588
SIA Isuzu SUVｓ 19 13 △ 31.2 % 25 13 △ 47.9 % 13

* 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 base of Fuji Heavy Industries Ltd..

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