（Oct 31, 2006）
Fuji Heavy Industries Ltd.

<Reference for the First Half of FY2007(Apr. 2006 to Sep. 2006)
Consolidated Financial Results>

(in 100 millions of yen)
(in thousands of units)
  RESULTS
1st HALF of FY2006
Apr. 2005 to
Sep. 2005		 RESULTS
1st HALF of
FY2007
Apr. 2006 to
Sep. 2006		 RESULTS
FY2006

Apr. 2005 to
Mar. 2006		 RESULTS
FY2007

Apr. 2006 to
Mar. 2007		 FORECAST
FY2007
(May 2006)
Apr. 2006 to
Mar. 2007
Net Sales
Domestic
Overseas		 6,671
2,955
3,716		 6,987
2,864
4,123		 4.7 %
(3.1) %
11.0 %		 14,764
6,04
8,722		 15,000
5,800
9,200		 1.6 %
(4.0) %
5.5 %		 15,500
6,400
9,100
Margin Percentage
Operating Income
2.6%
174
2.6%
181		 4.1 %
4.0%
583
3.3%
500		 (14.2) %
3.2%
500
Margin Percentage
Ordinary Income
2.0%
135
2.0%
139		 2.6 %
3.2%
468
2.8%
420		 (10.2) %
3.2%
500
Margin Percentage
Net Income
1.2%
80
1.7%
116		 45.8 %
1.1%
156
2.0%
300		 92.2 %
1.9%
300
Factors of Change
in Operating Income		   Gain factors
Foreign exchange
Reduction in cost		 84
36

Loss factors
Decrease in sales mix
Increases in R&D
expenses
Increases of expenses
and others		 63

35

15
  Gain factors
Foreign exchange
Reduction in cost		 96
77

Loss factors
Decrease in sales mix
Increases in R&D
expenses
Increases of expenses
and others		 208

41

7
Gain factors
Decrease in sales mix
Reduction in cost		 107
27

Loss factors
Increase of expenses
and others
Increase in R&D
expenses
Foreign exchange
96

71
50
Foreign Exchange Rate YEN/US$ 109 115 112 115 110
Capital Investment 324 209 562 730 930
Depreciation and Amortization 270 289 575 590 605
R&D Expenses 216 251 469 510 540
Interest bearing debt 3,981 3,671 3,741 3,500 3,700
Performance of Operation   Net Sales to increase
Net Income to increase
Best Net Sales		   Net Sales to increase
Net Income to increase
Best Net Sales		  
Domestic Sales Small Cars
Minicars 		114
48
66		 112
40
72		 ( 1.7 ) %
( 18.2 ) %
10.4 %		 230
98
132		 237
82
155		 3.0 %
(16.3) %
17.2 %		 264
97
167
Overseas Sales
North America
Europe
Other		 150
88
31
31		 157
89
32
35		 4.2 %
1.1 %
5.4 %
11.7 %		 341
210
65
67		 345
207
69
69		 1.1 %
(1.6) %
7.0 %
3.8 %		 347
220
65
62
Knock Down Parts 264 269 1.7 % 571 582 1.8 % 611

* 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.