(July 31,2007)
Fuji Heavy Industries Ltd.

<Reference for the 1st Quarter of FY2008 Consolidated Financial Results>

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

ACTUAL RESULTS
1st Quarter of FY 2007
Apr.2006 to Jun.2006

ACTUAL RESULTS
1st Quarter of FY 2008
Apr.2007 to Jun.2007

FORECAST
1st HALF of FY 2008
Apr.2007 to Sep.2007

FORECAST
FY2008
Apr.2007 to Mar.2008

Net Sales
Domestic
Overseas

3,295
1,213
2,082

3,182
1,124
2,059

-3.4 %
-7.4 %
-1.1 %

6,900
2,600
4,300

-1.2 %
-9.2 %
4.3 %

15,500
5,600
9,900

3.7 %
-2.8 %
7.8 %

Margin Percentage
Operating income

3.3%

108

1.1%

-67.4 %

1.4%

100

-44.8 %

2.3%

350

-26.9 %

Margin Percentage
Ordinary income

2.9%

0.2%

0.7%

-64.0 %

1.9%

300

-28.9 %

Margin Percentage
Net Income

1.4%

－

-3.0

ー
0

ー

1.0%

160

-49.8 %

Analysis of
increase/decrease
in operating income

Gain factors

Reduction in costs Foreign exchange Decrease of expenses and others	26 24 18

Increase in

Decrease in sales mix Increase in R&D expenses	138 3

Gain factors

Foreign exchange
Reduction in costs
Decrease of
expenses and others

63
30

27

Increase in

Decrease in sales mix Increase in
R&D expenses

182

19

Gain factors

Reduction in costs
Foreign exchange

53
14

Increase in

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

118

53
25

Exchange rate

115YEN/US$

119YEN/US$

120YEN/US$

118YEN/US$

Capital investment

104

210

600

Depreciation and Amortization

146

148

310

640

R&D Expenses

111

114

270

560

Interest bearing debt

3,835

3,492

3,390

3,290

Performance of Operation

Net sales to decrease
Net income to decrease

Net sales to increase
Net income to decrease
Best Net sales

Domestic Sales

Small Cars
Minicars

45

16
29

44

14
30

-2.1 %

-9.9 %
2.2 %

106

41
65

-4.9 %

2.9 %
-9.2 %

218

89
129

-3.9 %

10.0 %
-11.7 %

Overseas Sales

North America
Europe
Other

79

47
16
17

75

40
15
20

-4.3 %

-13.6 %
-2.5 %
20.2 %

166

91
37
38

6.0 %

1.9 %
15.6 %
7.4 %

366

215
80
71

4.2 %

4.1 %
11.5 %
-2.8 %

Knock Down Parts

124

120

-3.5 %

273

1.4 %

584

1.0 %

*	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.