（Feb. 4, 2008）
Fuji Heavy Industries Ltd.

<Reference for the 3rd Quarter of FY2008（Apr. 2007 to Dec. 2007) Consolidated Financial Results>

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

RESULTS
3rd Quarter of FY2007
Apr. 2006 to Dec. 2006

RESULTS
3rd Quarter of FY2008
Apr. 2007 to Dec. 2007

RESULTS
FY2007
Apr. 2006 to Mar. 2007

FORECAST
FY2008
Apr. 2007 to Mar. 2008

Net Sales
Domestic
Overseas

10,587
4,177
6,411

11,053
3,694
7,359

4,4％
(11.6)％
14.8％

14,948
5,762
9,186

15,600
5,300
10,300

4.4％
(8.0)％
12.1％

Margin Percentage
Operating Income

3.4%

358

3.3%

366

2.4％

3.2%

479

2.6%

400

(16.5)％

Margin Percentage
Ordinary Income

2.9%

302

3.0%

327

8.4％

2.8%

422

2.2%

350

(17.1)％

Margin Percentage
Net Income

2.3%

247

1.6%

179

(27.5)％

2.1%

319

1.1%

170

(46.7)％

Factors of Change
in Operating Income

Gain factors

Reduction in cost
Decrease of expenses and others
Foreign exchange

65
55

54

Loss factors

Decrease in sales mix
Increases in R&D expenses

155
10

Gain factors

Reduction in cost
Decrease of expenses and others

63
6

Loss factors

Decrease in sales mix
Increases in R&D expenses
Foreign exchange

101
43
4

Foreign Exchange Rate YEN/US$

116

118

117

115

Capital Investment

374

405

596

600

Depreciation and Amortization

437

478

589

640

R&D Expenses

373

384

507

550

Interest bearing debt

3,721

3,316

3,439

3,290

Performance of operation

Net Sales to increase
Net Income to ｄecrease
Best Net Sales

Domestic Sales

Passenger Cars
Minicars

160

56
104

144

51
93

(10.1)％

(8.7)％
(10.8)％

227

81
146

204

78
125

(10.3) ％

(3.4)％
(14.1)％

Export

North America
Europe
Other

246

141
52
53

273

149
58
65

10.9％

6.1％
11.0％
23.3％

351

207
71
73

389

215
85
89

10.8 ％

4.2％
18.6％
21.9％

Units Total

406

417

2.6％

578

593

2.5 ％

* 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..