FY2008 Half year Consolidated Financial Results(April 1, 2007 through September 30, 2007)
Company NameAISIN SEIKI Co., Ltd.

Code Number
7259
Representative
Reference person in charge

October 31, 2007
The Tokyo, Osaka and Nagoya
Stock Exchanges (1st division)
http://www.aisin.com/
81 - 566 - 24 - 8265

Listed on

URL
Yasuhito Yamauchi, President
TEL
Masaaki Yasui,
General Manager, Finance & Accounting Dept.

（Amounts less than million yen are rounded down.）

１. Consolidated Results for FY2008 Half year (April 1, 2007 through September 30, 2007)(1)Consolidated Financial Results
Net Sales
FY2008 Half year
FY2007 Half year
FY2007

Operating Income

Ordinary Income

Net Income

Million Yen％

Million Yen％

Million Yen％

Million Yen％

1,293,501
1,120,307
2,378,611

15.5
12.7
―

81,031
52,171
131,034

55.3
0.4
―

84,882
54,695
134,287

55.2
-1.2
―

38,62824,682
66,889

56.5
-4.9
―

Earnings Per Share
FY2008 Half year
FY2007 Half year
FY2007

Fully Diluted Earnings
Per Share

Yen

Yen

135.4585.99
233.03135.2685.86
232.71

Note1 : Equity income
FY2008 Half year : 4,261 million yen, FY2007 Half year : 3,059 million yen, FY2007 : 6,302 million yen
Note2 : Percentages for net sales, operating income, ordinary income and net income indicate changes from the same period of the previous year.

(2)Consolidated Financial Position
Total Assets

FY2008 Half year
FY2007 Half year
FY2007Note : Equity capital

Net income as a percentage
Net assets excluding shareof net assets excluding sharesubscription warrant andsubscription warrant andminority interest per shareminority interest

Total Net Assets

Million Yen

Million Yen％

Yen

2,030,406
1,849,181
2,037,896

999,836875,854955,853

38.7
37.6
37.2

2,749.53
2,417.14
2,662.78

FY2008 Half year :785,180 million yen, FY2007 Half year : 694,487 million yen, FY2007 : 758,743 million yen(3)Consolidated Cash Flows
From operating
activities

From investing
activities

Million Yen

Million Yen

92,851
71,281
228,402

FY2008 Half year
FY2007 Half year
FY2007(((

Cash and cash
equivalents
at end of year

From financing
activities
Million Yen

99,755 )
134,725 )
236,614 )Million Yen

6,117 )
32,524
13,361(

125,883
97,311
136,307

２. Cash Dividends
Annual Cash dividends Per Share
Interim dividend
FY2006
FY2007
FY2007(Forecast)

Final dividend

Total

Yen

Yen

Yen

16.00
24.00

24.00

40.00
48.00 (Forecast)

24.00

３. Consolidated forecast for FY2008 (April 1, 2007 through March 31, 2008)
Net Sales
Operating Income
Ordinary Income
FY2008Net Income

Earnings Per Share

Million Yen％

Million Yen％

Million Yen％

Million Yen％

Yen

2,660,000

11.8

167,000

27.4

170,000

26.6

77,00015.1

269.64Note : Percentages for net sales, operating income, ordinary income and net income indicate changes from the same period of the previous year.

４. Others(1)Consolidation Scope and Changes in Consolidation Scope① Consolidation Scope
Number of consolidated subsidiaries: 145
Number of unconsolidated subsidiaries: none12
Affiliates accounted for under equity method :② Changes in Consolidation Scope
Consolidated subsidiaries

4
Added
:
Excluded : none
Added
: noneExcluded : none

Affiliates accounted forunder the equity method(2)Changes in Accounting Policies and Presentation①Changes according to revision of accounting policy ： Yes②Changes other than above ： No
(note）Please refer to "Significant accounting policy for FY 2008 half year"(3)Issued and outstanding capital stock① Number of shares issued as of the respective balance sheet date
FY2008 Half year : 294,674,634 shares , FY2007 Half year : 294,674,634 shares , FY2007: 294,674,634 shares② Number of treasury stock
FY2008 Half year : 9,105,732 shares , FY2007 Half year : 7,357,104 shares , FY2007: 9,730,145 shares(note）To determine number of shares used to calculate earnings per share, please refer to "Amounts per share"（Reference) Unconsolidated Results
１. Unconsolidated Results for FY2008 Half year (April 1, 2007 through September 30, 2007)(1)Unconsolidated Financial Results
Net Sales
FY2008 Half year
FY2007 Half year
FY2007

Operating Income

Ordinary Income

Net Income

Million Yen％

Million Yen％

Million Yen％

Million Yen％

404,106
366,755
786,966

10.2
6.5
―

14,1798,836
28,538

60.5
-47.8
―

24,423
14,50136,808

68.4
-34.2
―

18,378
11,193
27,112

64.2
-25.1
―

Earnings Per Share
Yen

64.44
38.07
92.42

FY2008 Half year
FY2007 Half year
FY2007Note : Percentages for net sales, operating income, ordinary income and net income indicate changes from the same period of the previous year.

(2)Unconsolidated Financial Position
Total Assets

Total Net Assets

Net income as a percentage
Net assets excluding shareof net assets excluding sharesubscription warrant andsubscription warrant andminority interest per shareminority interest

Million Yen

Million Yen％

Yen

FY2008 Half year
FY2007 Half year
FY2007

1,038,475
980,277
1,069,056

439,499
448,513441,595

42.3
45.7
41.3

1,537.66
1,524.62
1,548.99

Note : Equity capital

FY2008 Half year :439,160 million yen, FY2007 Half year : 448,471 million yen, FY2007 : 441,427 million yen

２. Unconsolidated forecast for FY2008 (April 1, 2007 through March 31, 2008)
Net Sales
FY2008Operating Income

Ordinary Income

Net Income

Earnings Per Share

Million Yen％

Million Yen％

Million Yen％

Million Yen％

Yen

860,000

9.3

33,00015.6

44,00019.5

32,50019.9

113.79Note : Percentages for net sales, operating income, ordinary income and net income indicate changes from the same period of the previous year.

※ Forecasts above are based on AISIN's plans and expectations. These are not guarantees of future performance including known
and unknown risks, uncertainties and other factors that may cause actual results, performance, achievements or financial position
to be materially different from the forecasts expressed or implied in this report.

Operating Results and Financial Position
1．Operating Results(1) Achievements for the Half year Ended September 30, 2007
AISIN has worked on enhancing its business in the global market; AISIN has developed andsold new products corresponding to social change and meeting customer’s demands.
Sales within the Auto Parts segment increased 15.1% (¥1,236.6 billion) compared with the same
half year of the previous fiscal year (¥1,074.6 billion) due to clients’ production expansions, inaddition to aggressive sales activities for automatic transmissions, manual transmissions, carnavigation systems, and power sliding doors. Sales of the Life & Energy related products andother business increased 24.5% (¥56.8 billion) compared with the same half year of the previous
fiscal year (¥45.6 billion).
As a result, total sales increased 15.5% (¥1,293.5 billion) compared to the same half year of
the last fiscal year (¥1,120.3 billion).
Despite increase in depreciation and amortization expenses and surging material costs such asaluminum, favorable activities to streamline and raise efficiency in all areas of operations throughcost reductions and other measures, resulted in a 55.3% increase in operating income from \52.1

billion to ¥81.0 billion. Ordinary income increased 55.2% to ¥84.8 billion. (Previous: ¥54.6
billion) Net income increased 56.5% to \38.6 billion. (Previous: ¥24.6 billion)

Consolidated Net Sales by Item

Category

FY2007 Half year
(Apr. 2006 throughSep. 2006)
Yen%

FY2008 Half year
(Apr. 2007 throughSep. 2007)
Yen%

Increase(Decrease)

Change（In Millions）
FY2007(Apr. 2006 throughMar. 2007)
Yen%

Engine Related

105,6449.4

126,3149.8

20,67019.6

223,275

9.4

Drivetrain Related

470,88242.0

559,02143.2

88,13918.7

1,014,016

42.6

Brake & Chassis Related

225,575

20.2

252,844

19.5

27,26912.1

468,260

19.7

Body Related

209,72318.7

226,468

17.5

16,7458.0

433,210

18.2

Information Related

62,848

5.6

72,016

5.6

9,168

14.6

140,053

5.9

1,074,673

95.9

1,236,664

95.6

161,991

15.1

2,278,816

95.8

24,723

2.2

25,855

2.0

1,132

4.6

51,592

2.2

Others

20,9111.9

30,981

2.4

10,07048.2

48,2022.0Grand Total

1,120,307

100.0

1,293,501

100.0

173,194

15.5

2,378,611

100.0

Total Automotive
RelatedLife & Energy Related

Note : Sales of “Others” includes “Construction and Engineering Works Business” and “Oil Sales Business,”and so on.

(2) Outlook for FY2008
The business environment remains unclear owing to numerous ongoing uncertainties and issues
that include soaring prices for crude oil and other raw materials as well as exchange rate
fluctuations and intensifying global competition.
Amid this environment, despite sluggish unit sales in the principal markets of North America
and Europe, the automobile industry is achieving large sales increases in emerging markets,
beginning with China and India, and the industry is expected to continue recording overall
growth worldwide.
Regarding the full-year outlook for Aisin’s consolidated business results, based on expected
second-half exchange rates of \110 for 1 US dollar and \155 for 1 Euro, and taking into
consideration a change in our depreciation method resulting from a revision of the tax system, we
have revised our full-year forecast announced on April 26, 2007. Accordingly, we are forecasting
consolidated net sales of \2,660.0 billion, operating income of \167.0 billion, ordinary income of\170.0 billion, and net income of \77.0 billion.

(3) Achievement situation of management index that aims
Aisin is working to reach our target of achieving ROE of 10%, and in fiscal 2008 we expect toattain ROE of 9.8% by expanding our business with a steady improvement in profitability. In
addition to implementing initiatives aimed at further improving profitability, we will makefuture-focused upfront investments as we work to quickly build a solid earnings structure thatenables us to achieve our objectives over the medium and long terms.

2．Financial Position(Analysis of assets, liabilities, and cash flows)
Total assets at the end of the fiscal period amounted to \2,030.4 billion, down 0.4% from
\2,037.8 billion at the end of the previous fiscal year, due to fluctuations in the value of stocks
held by the Company. Total net assets at the end of the interim period amounted to \999.8
billion, an increase of 4.6% from \955.8 billion at the end of the previous fiscal year.
Looking at cash flows in the fiscal period, cash and cash equivalents (hereafter referred to ascash) amounted to \125.8 billion, a decrease of \10.4 billion, or 7.6%, from \136.3 billion at theend of the previous fiscal year. This resulted from \92.8 billion in net cash provided by operating
activities, \99.7 billion in net cash used in investing activities, \6.1 billion in net cash used infinancing activities, and a \2.5 billion inflow from translation adjustment of cash and cash
equivalents.
(Cash Flows from Operating Activities)
Cash flows from operating activities increased \21.5 billion, or 30.3%, from the end of theprevious fiscal period to \92.8 billion. Despite an outflow resulting from a \15.6 billion increasein accounts receivable, cash flows from operating activities increased due to a \30.1 billion risein income before income taxes and minority interests, and an \11.7 billion increase indepreciation and amortization.

(Cash Flows from Investing Activities)
Net cash used in investing activities amounted to \99.7 billion, a \34.9 billion, or 26.0%,
decline from \134.7 billion in the previous fiscal period. This was due to an \8.8 billion net
decrease in time deposits and short-term investments from the end of the previous interim
period and \96.5 billion in payments for purchases of property, plant and equipment, a decreaseof \26.0 billion from \122.5 billion in the previous fiscal period.
(Cash Flows from Financing Activities)
Net cash used in investing activities amounted to \6.1 billion, a \38.6 billion decrease from
\32.5 billion in net cash provided by financing activities in the previous fiscal period. This wasdue to \10.6 billion in proceeds from long-term debt—a \26.6 million decrease from \36.6 billion
in the previous interim term—as well as an \18.5 billion decrease in commercial paper and shortterm borrowings.
Reference : Transition of index related to cash flows

Equity ratio（％）
Equity ratio to the publicstock market value（％）
Liabilities with interest to
cash flows（point）
Interest

coverageratio(magnification)

Apr.2003

Apr.2004

Apr.2005

Apr.2006

Apr.2007

throughthroughthroughthroughthroughMar. 2004

Mar. 2005

Mar. 2006

Mar. 2007

Sep. 2007

36.6

36.8

36.6

37.2

38.7

42.0

46.4

70.9

57.7

64.6

1.5

1.6

1.5

1.3

―

57.3

59.2

74.3

81.2

―

Equity ratio = Shareholders' Equity ÷ Total Assets
Equity ratio to the public stock market value = The public stock market value ÷ Total Assets
Liabilities with interest to cash flows =Liabilities with interest

÷ Cash flows

Interest coverage ratio = Cash flows ÷ Interest payment
Note1 : The above-mentioned data are calculated by the consolidated basis.
Note2 : The public stock market value are calculated based on the numbers of issued shares except
treasury stock.
Note3 : The operating cash flows is used for the cash flows.
Note4 : The interest-bearing debt includes all the debts to pay the interest of the debts summed up by the
consolidated balance sheet.

3. Basic Policy on the Profit Redistribution
As we strive to raise the level of stable dividends, Aisin pays dividends taking into
consideration a comprehensive range of factors that include our business results and payout ratio.
Aisin plans to raise capital efficiency by acquiring its own shares. To secure shareholder profits
in the future, Aisin will continue to utilize retained earnings to further carry out our operationsin Japan and overseas and for investments to further upgrade and strengthen our corporate
constitution.
Aisin will pay interim cash dividends of \24 per share. Regarding annual dividends, we haverevised our initial forecast and plan to pay cash dividends of \48 per share, an increase of \8over the previous fiscal year.

Overview of Associated Companies
This “Overview of Associated Companies” is omitted because there is no significant alteration from
“Overview of Associated Companies” of FY2006 Consolidated Financial Reports issued on June 23,
2006.

Management Policy
1. Basic Management Policy
AISIN sets its Corporate Principles as “Quality First.”

AISIN aims to offer products andservices that customers would satisfy by the following principles: enhanced value creation,
continuous global growth, harmony with society and nature, and individual creativity and initiative.
Additionally, through these policies, AISIN enhances its corporate value and contributes tostakeholders such as shareholders, regional societies, business partners, and employees.

2. Targeted Management Indicators
Aisin group will strive for continuous growth in the global market, strengthen production
capacity where needed, and strengthen sales and research competitiveness.
Also Aisin will develop appealing products and use innovative cost reduction measures to further
solidify our financial foundation.
Finally by raising capital efficiency by purchasing our own treasury shares and other measuresmanagement target for ROE(Return On Equity) will be set at 10%.

3. Medium-to Long-Term Management Strategies and Countermeasures
Utilizing our wide-ranging product line-up and technologies, we are striving to further expand
our core Automotive Related Business, while creating new businesses in Energy and Life-Related
businesses.
Accordingly, in the Automotive Related Business, Aisin will work to expand shares of domestic
and overseas markets, mainly in such mainstay product sectors as Drivetrain Related, Brake &Chassis Related, Body Related, and Engine Related products. At the same time, we will focus ondeveloping system products based on the themes of environment, safety, and comfort.
Moreover, Aisin will also actively promote the globalization of its business by expanding
production activities in North America, China, Australasia, and Europe. In Life Related and Other
Products, Aisin will develop new products and offer services that match people’s changing needs.

－ ２ －Consolidated Balance Sheets（Million Yen）

FY2007

FY2008 Half year

Increase(Decrease)(As of Mar. 31, 2007) (As of Sep. 30, 2007)

FY2007 Half year
(As of Sep. 30, 2006)〔 Assets 〕
Current Assets

767,369

778,881

11,512

676,149

Cash and Cash Equivalents

98,62894,4284,200 )

94,089Trade Notes & Accounts
Receivable

363,726

374,329

10,603

330,184

Marketable Securities

38,622

42,634

4,012

16,025Inventories

168,762

170,089

1,327

158,425

Deferred Tax Assets

48,38647,390996 )

37,654

Others49,97450,710736

40,514702 )30

Less: Allowance for Doubtful
Accounts(

Fixed Assets

732 )

(

1,270,526

1,251,525

Property, Plant & Equipment

839,192

Buildings & Structures

(

(

745 )

19,001 )

1,173,032

843,192

4,000

785,140

240,051

249,186

9,135

218,964

Machinery, Equipment &Vehicles419,876

423,556

3,680

394,899

Tools, Furniture & Fixtures

42,55041,041

1,509 )

39,215

Land

88,412

89,836

1,424

85,637

Construction in Progress

48,301

39,571(8,730 )

46,423

16,13915,979(160 )

12,714

Consolidation Adjustments

3,566

3,184

(

382 )

2,190

Software

10,068

10,16395

8,142

Others

2,504

2,631

127

2,382

Investments & Other Assets

415,194

392,352(

22,842 )375,176

Investments in Securities

357,422331,634(

25,788 )321,397

Long-term Loans

4,259

4,616

357

4,827

Deferred Tax Assets

24,22825,088860

22,099Others29,77331,472

1,699

28,068458 )30Intangible Fixed Assets

Less: Allowance for Doubtful
Accounts
Total Assets
Note: 1. Accumulated depreciation
2. Guarantees on Liability

(

488 )

(

(

(

(

(

1,216 )

2,037,896

2,030,406(

7,490 )

1,849,181

1,343,154
344

1,416,198
26(

73,044318 )

1,289,836
1,979

（Million Yen）

FY2007

FY2008 Half year

Increase(Decrease)(As of Mar. 31, 2007) (As of Sep. 30, 2007)〔 Liabilities 〕
Current Liabilities
Trade Notes& Accounts Payable
Commercial Paper& Short-term Borrowings
Current Portion of Bonds
PayableAmount in Arrears
Accrued Expenses
Accrued Income Taxes
Deposits Received from
Employees
Accrued Warranty Cost
OthersLong-term Liabilities
Bonds Payable
Long-term Debt
Deferred Tax Liabilities'
Allowance for Employees
Retirement Benefits
Long-term Amount in
Arrears
Consolidation Adjustments
OthersTotal Liabilities〔 Net Assets 〕
Shareholders' Equity
Common Stock
Capital Surplus
Retained Earnings
Less:Treasury Stock, at Cost
Evaluation andConversion Difference
Net Unrealized Gain on
Available-for-sale Securities
Profit & Loss of Deferral
Hedge Accounting
Foreign Currency
Translation Adjustments
Subscription Warrant
Minority Interests
Total Net Assets
Total Liabilities
and Net Assets((

FY2007 Half year
(As of Sep. 30, 2006)

679,070

635,896(

43,174 )577,675

359,873

349,933(

9,940 )

317,242

30,51833,9783,460

55,047

15,00015,000―150

47,907130,345
41,647

29,820134,104
24,83418,087 )3,759
16,813 )32,581
113,465
12,353

16,883

17,032

149

17,163

16,133
20,761

17,331
13,861

1,198
6,900 )

14,891
14,779402,972
20,000221,076
72,627394,673
20,000220,603
66,837(((

8,299 )―
473 )
5,790 )

395,652
35,000208,558
62,596

86,97885,910(1,068 )

85,516

1,052

231

(

821 )

1,864

121
1,116
1,082,042

85
1,006
1,030,570

(
(
(

36 )
110 )
51,472 )

1,181
934
973,327

602,382
45,04957,891
501,0091,567 )

635,118
45,04958,762532,798
1,491 )

32,736―871
31,78976

570,82945,04963,813
463,359
1,393 )

(

(
(

(

(

156,361

150,062(6,299 )

123,657

145,136

127,117(

18,019 )122,099

667 )

(

594 )

73

11,892

23,54011,6482,118

167
196,941
955,853339
214,316
999,836

172
17,37543,983

41
181,324
875,854

2,037,896

2,030,406

7,490 )

1,849,181

(

(

559 )

Consolidated Statements of Income
FY2007 Half year FY2008 Half year

Increase(Decrease)(Apr. 2006 through (Apr. 2007 throughSep. 2006)
Sep. 2007)（Million Yen）
FY2007(Apr. 2006 throughMar. 2007)

Net Sales

1,120,307

1,293,501

173,194

2,378,611

Cost of Sales

981,747

1,115,322

133,575

2,060,667

Gross Profit

138,560

178,179

39,619317,944

Selling, General &Administrative Expenses

86,38997,147

10,758

186,909

Operating Income

52,171

81,031

28,860131,034

Non-Operating Income

10,087

12,4392,352

21,703

Interest & Dividend Income

2,408

3,169

761

4,735

Equity Income

3,059

4,261

1,202

6,302

Other Income

4,619

5,008

389

10,664

Non-Operating Expenses

7,563

8,588

1,025

18,450Interest Expense

1,434

2,234

800

3,546

Other Expenses

6,129

6,354

225

14,903

Ordinary Income

54,69584,88230,187

134,287

Income Before Income Taxes
and Minority Interests

54,69584,88230,187

134,287

Income Taxes-current

13,901

27,28813,38751,765

Income Taxes-deferred

5,241

2,203

Minority Interests in Net Income

10,86916,762

5,893

22,622Net Income

24,682

38,628

13,946

66,889Note : Depreciation and Amortization

70,41982,176

11,757145,276(

3,038 )(

6,989 )

Consolidated Statements of Changes in Shareholders' Equity
FY2007 Haｌf year (April 1, 2006 through September 30, 2006)（Million Yen）

Shareholders' Equity

Balance as of Mar. 31, 2006

CommonStockCapitalSurplusRetained
Earnings

45,04963,262445,241

Evaluation and Conversion Difference

Less:
Treasury
Stock,
at Cost(Sub Total

1,820 )Net Unrealized Profit & Loss ofGain onDeferral
Available-forHedge
sale Securities
Accounting

551,732

123,720

Foreign
Currency
Translation
Adjustments

Sub Total

Subscription
Warrant

3,427

127,148――

Minority
Total
Interests Net Assets
172,183

851,064

Increase(Decrease)
in FY2007 Half year
Dividends Paid(

5,401 )(

5,401 )(

Bonus of Directors and Corporate Auditors(

1,162 )(

1,162 )(

1,162 )103 ) (
530

24,682
103 )
1,081

(

24,682103 )
1,081

24,682Net Income(

Purchase of Treasury Stock551

Disposal of Treasury Stock
Net Change of items other thanShareholders' Equity
Total Changes in the Term
Balance as of Sep. 30, 2006―
45,049551
63,813

18,118463,359427
1,393 )(

19,097570,829(

1,621 ) (559 ) (

1,309 ) (3,491 )

41

9,141

5,692

(

1,621 ) (122,099 (559 ) (
559 )

1,309 ) (3,491 )
2,118
123,657

41
41

9,141
181,324

24,790875,854（Million Yen）

FY2008 Haｌf year (April 1, 2007 through September 30, 2007)
Shareholders' Equity

Balance as of Mar. 31, 2007

CommonStockCapitalSurplusRetained
Earnings

45,04957,891

501,009

5,401 )

Evaluation and Conversion Difference

Less:
Treasury
Stock,
at Cost(Sub Total

1,567 )Net Unrealized Profit & Loss ofGain onDeferral
Available-forHedge
sale Securities
Accounting

602,382

145,136(667 )Foreign
Currency
Translation
Adjustments

Sub Total

Subscription
Warrant

11,892

156,361

167

Minority
Total
Interests Net Assets
196,941

955,853

Increase(Decrease)
in FY2008 Half year(

Dividends Paid
Net Income

6,839 )
38,628((Purchase of Treasury Stock

26 ) (
102

871

Disposal of Treasury Stock
Net Change of items other thanShareholders' Equity
Total Changes in the Term
Balance as of Sep. 30, 2007―
45,049871
58,762

31,788532,79876
1,491 )(

6,839 )
38,62826 )
973

32,735635,118(((

18,019 )72

11,647(

6,298 )

171

17,374

11,247(18,019 )127,117 (

72
594 )

11,64723,540(6,298 )
150,062

171
339

17,374
214,316

43,983
999,836

Note : Type and number of treasury stock（Shares）

Type of shares

Number as of Mar. 31, 2007

Common stock

9,730,145

Reason for changes

Increase

Decrease
6,046

Number as of Sep. 30, 2007
630,459（Increase） Request for purchase of less-than-one-unit shares（Decrease)

9,105,732

6,046 shares

Exercise of stock option
Request for additional purchase of less-than-one-unit shares

630,300 shares
159

FY2007 (April 1, 2006 through March 31, 2007)（Million Yen）
Shareholders' Equity

Balance as of Mar. 31, 2006

6,839 )
38,62826 )973

CommonStockCapitalSurplusRetained
Earnings

45,04963,262445,241

Evaluation and Conversion Difference

Less:
Treasury
Stock,
at Cost(Sub Total

1,820 )

551,732

Net Unrealized Profit & Loss ofGain onDeferral
Available-forHedge
sale Securities
Accounting

123,720―

Foreign
Currency
Translation
Adjustments

Sub Total

Subscription
Warrant

3,427

127,148―

Total
Minority
Interests Net Assets
172,183

851,064

Increase(Decrease)
in FY2007
Dividends Paid(

9,958 )(

9,958 )(

9,958 )

Bonus of Directors and Corporate Auditors(

1,162 )(

1,162 )(

1,162 )

66,889Net Income
Change according to internal dealings ofcommon stock for treasury
Purchase of Treasury Stock(

Balance as of Mar. 31, 2007

66,889(445 ) (

6,503 )(

18 ) (
717

18 )
1,403

686

Disposal of Treasury Stock
Net Change of items other thanShareholders' Equity
Total Changes in the Term

6,057 )―
45,049(5,371 )
57,891

55,768501,009(253
1,567 )

50,649602,382

66,889(1,809 ) (8,312 )

(

18 )
1,403

21,415

(

667 )

8,464

29,212

167

26,56855,94821,415
145,136

(
(

667 )
667 )

8,464
11,892

29,212
156,361

167
167

24,758
196,941

104,788955,853

Consolidated Statements of Cash FlowsFY2007 Half year
FY2008 Half year
(Apr. 2006 through (Apr. 2007 throughSep. 2006)
Sep. 2007)

Ⅰ Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Increase(Decrease) in allowance for retirement benefits

Interest and dividend income
Interest expense
Eequity income
Loss on disposal of property, plant and equipment(((Increase)Decrease in trade notes and accounts receivable(Increase)Decrease in inventories
Increase(Decrease) in trade notes and accounts payable

OthersSubtotalInterest and dividend income received
Interest paid
Income taxes paid
Net cash provided by operating activities

(
(
(

(
(

54,69570,419766
2,408 )
1,434
3,059 )
1,667
7,854
8,448 )
9,739 )
9,123 )
104,056
3,373
958 )
35,189 )71,281

(
(
(
(
(
(

(
(

84,882
82,176
1,073 )
3,169 )
2,234
4,261 )
1,459
7,820 )
376
8,881 )
10,549 )135,372
4,953
2,154 )
45,320 )92,851

Increase(Decrease)

(
(
(
(
(

(

(
(

30,187
11,757
1,839 )
761 )
800
1,202 )
208 )
15,674 )
8,824
858
1,426 )
31,316
1,580
1,196 )
10,131 )
21,570（Million Yen）
FY2007(Apr. 2006 throughMar. 2007)

(
(
(
(
(

(
(

134,287
145,276
2,186
4,735 )
3,546
6,302 )
5,687
20,736 )14,423 )26,186769 )
270,202
5,753
2,814 )
44,738 )
228,402

Ⅱ Cash flows from investing activities(Increase)Decrease in time deposit and short-term investments

Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Payments for purchase of investments in securities
Payments for acquisition of subsidiaries' stock
resulting in change in scope of consolidation

Proceeds from sales of investments in securities
Proceeds upon maturity of security investments
Repayments for loans madeProceeds from collections of loans
OthersNet cash used in investing activities
Ⅲ Cash flows from financing activities
Increase(Decrease) in commercial paper andshort-term borrowings
Proceeds from long-term debt
Repayments of long-term debt
Repayments of bonds payable
Contributions from minority shareholders
Cash dividends paid
Cash dividends paid for minority shareholders
Payments for purchase of treasury stock
Proceeds from disposal of treasury stock
Net cash provided by (used in) financing activities
Ⅳ Translation adjustment of cash and cash equivalents
Ⅴ Net increase in cash and cash equivalents

(
(
(
(

(
(
(

6,589 )
122,513 )5,563
8,827 )
508 )
54
2,219
2,208 )
459
2,375 )
134,725 )
15,432(((((

36,67012,250 )500 )525,397 )
2,727 )
12 )
1,257
32,524

Ⅵ Cash and cash equivalents at the beginning of the year

17
30,901 )128,212

Ⅶ Cash and cash equivalents
at half year end or the end of the year

97,311

(

(
(

2,224
96,507 )3,111
10,038 )
―

(
(

8,813
26,0062,452 )
1,211 )
508

(
(

382
3,075
618 )
775
2,161 )
99,755 )(3,081 )(

18,513 )10,646
5,285 )―
644
6,835 )
3,829 )
26 )
1,650
6,117 )(

26,024 )
6,965
500
592
1,438 )
1,102 )
14 )
393
38,641 )

(

(

(
(
(
(
(

(
(
(
(

Other current assets beside Cash & Cash Equivalents

Cash and Cash Equivalents((

6,285 )
37,182 )97,311((((

6,575 )
224,433 )
7,850
11,708 )2,085 )

328
856
1,590
316
214
34,970

(
(

1,396
5,496
1,399 )
938
6,092 )
236,614 )(5,299 )

(

(
(
(
(
(

50,20918,995 )650 )52
9,952 )
3,663 )
33 )
1,695
13,361

2,597
10,424 )136,307

2,580
20,477
8,095

2,946
8,094
128,212125,883

28,572

136,307

Note: Reconciliation between Cash & Cash Equivalents and accounts on the consolidated balance sheet#
94,08994,428339
Cash and Cash Equivalents
16,02542,63426,609Marketable Securities
40,51450,71010,196
Other Current Assets
150,630
187,773
37,143
Subtotal(
9,850 ) (5,686 )
4,164
Saving accounts over three months
Short-term investments of over three months until due date((

16,897 )39,306 )125,883((

10,612 )2,124 )
28,572#(((

98,62838,622
49,974
187,225
4,986 )
10,666 )35,265 )136,307

Significant accounting policy for FY 2008 half year
（Change in accounting standards）【Change in fixed assets depeciation】
In accordance with the change mandated under the income tax laws Aisin and its Japanese subsidiaries
have adopted the amended calculation method for all fixed assets acquired after April 1st, 2007.
For fixed assets acquired before April 1st, 2007 the past method for depreciation will be used until
the allowable limit for depreciation (95% of acquired cost). Then the remaining cost will be depreciatedevenly over five years starting from the following business year.
Other disclosure are omitted due to the fact that no significant change has occurred for FY
2008.

( Segment Information )１． Industry Segments
AISIN's main business is manufacturing and sales of automotive parts. The amount of sales and operating incomein this business occupies over 90% of these in all segments.
Therefore information of industry segments is omitted.
２． Geographical Segments
FY2007 Half year (April 1, 2006 through September 30, 2006)
North
Japan
EuropeAmerica
Sales
79,860776,996 186,735(1) Customers

OthersTotal

76,715 1,120,307（Million Yen）
Elimina- Consolitions
dated―

1,120,307

148,919

4,633

2,907

3,697

925,916
890,177
35,738191,368
186,692
4,676

82,76880,572
2,195

80,413 1,280,466 ( 160,159 ) 1,120,307
70,913 1,228,356 ( 160,219 ) 1,068,136
52,11060
52,1719,500

FY2008 Half year (April 1, 2007 through September 30, 2007)
North
Japan
EuropeAmerica
Sales
881,696 211,484
94,042(1) Customers（Million Yen）
Elimina- Consolitions
dated(2) Inter-segment
Total
Operating Costs & Expenses
Operating Income(2) Inter-segment
Total
Operating Costs & Expenses
Operating Income

175,085

4,691

3,878

1,056,782
1,000,749
56,032

216,175
209,620
6,555

97,921
95,4092,512

Others160,159 ( 160,159 )Total

106,277 1,293,501
5,074

188,730 ( 188,730 )(2) Inter-segment
Total
Operating Costs & Expenses
Operating Income

Japan

North
America

EuropeOthers1,668,562

373,537

174,837

161,673 2,378,611

314,019

9,143

6,524

1,982,582
1,883,567
99,015

382,680
374,592
8,088

181,362
177,452
3,910

8,717

U.S.A., Mexico
Belgium, Czech
Thailand, China

―

Total

（Million Yen）
Elimina- Consolitions
dated―

338,404 ( 338,404 )2,378,611―

170,390 2,717,016 ( 338,404 ) 2,378,611
149,550 2,585,162 ( 337,584 ) 2,247,577
20,840 131,854 (819 )131,034

Note: 1.Geographical segments determined according to geographical closeness.
2.Main countries are① North America :② Europe:③ Others:

1,293,501

111,352 1,482,231 ( 188,730 ) 1,293,501
94,875 1,400,654 ( 188,184 ) 1,212,469
81,576 (545 )81,031
16,477

FY2007 (April 1, 2006 through March 31, 2007)

Sales(1) Customers――

３． Sales by Customer Location
FY2007 Half year (April 1, 2006 through September 30, 2006)（Million Yen）

North America

EuropeOthers

Total

Overseas Sales

206,369

102,056

100,032

408,458

Net Sales―――

1,120,307

Overseas Sales
Ratio to Net Sales

18.4

％

9.1

％

9.0

％

FY2008 Half year (April 1, 2007 through September 30, 2007)

36.5（Million Yen）

North America

EuropeOthers

Total

Overseas Sales

231,469

109,488

163,932

504,890

Net Sales―――

1,293,501

Overseas Sales
Ratio to Net Sales

17.9

％

8.4

％

12.7

％

FY2007 (April 1, 2006 through March 31, 2007)

39.0

EuropeOthers

Total

Overseas Sales

415,763

205,129

237,637

858,530

Net Sales―――

2,378,611

Overseas Sales
Ratio to Net Sales

17.5

Note: Main countries are① North America :② Europe:③ Others:％（Million Yen）

North America

％

％

8.6

％

U.S.A., Canada
Germany, Sweden
Thailand, China, South Korea

10.0

％

36.1

％

（Amounts per share）
FY2007 Half year

FY2008 Half year

FY2007(2006.4.1～2006.9.30)(2007.4.1～2007.9.30)(2007.4.1～2008.3.31)(1) Net assets excluding
share subscription
warrant and minority
interest per share

2,417.14(1) Net assets excluding
share subscription
warrant and minority
interest per share

2,749.53(1) Net assets excluding
share subscription
warrant and minority
interest per share

2,662.78(2) Earnings Per Share

85.99(2) Earnings Per Share

135.45(2) Earnings Per Share

233.03(3) Fully Diluted
Earnings Per Share

85.86(3) Fully Diluted
Earnings Per Share

135.26(3) Fully Diluted
Earnings Per Share

232.71

Note : Bases for calculation
1. Net assets excluding share subscription warrant and minority interest per share
FY2007 Half year
(As of Sep. 30, 2006)

FY2008 Half year
(As of Sep. 30, 2007)

FY2007(As of Mar. 31, 2007)

Total Net Assets（Million Yen）

875,854

999,836

955,853

Amounts deducted from Total Net Assets

181,366

214,655

197,109（41）（181,324）（339）（214,316）（167）（196,941）

694,487

785,180

758,743

287,317285,568

284,944（Million Yen）

Subscription Warrant
Minority Interests
Total Net Assets related to common stock（Million Yen）

Number of common stocks used todetermine Equity Per Share（thousand shares）

2. Earnings Per Share and Fully Diluted Earnings Per Share
FY2007 Half year

FY2008 Half year

FY2007(2006.4.1～2006.9.30)(2007.4.1～2007.9.30)(2007.4.1～2008.3.31)

Earnings Per ShareNet Income

Amount that doesn't belong to thecommon stockholders（Million Yen）
Net Income related to common stock（Million Yen）

Number of Average Common Stocks（thousand shares）

24,682

38,62866,889―――24,682

38,62866,889287,037

285,189

287,038

Fully Diluted Earnings Per Share

Adjustment in Net Income （Million Yen）
Increase in common stocks（thousand shares）
Subscription Warrant（thousand shares）
Shares excluded from diluted earnings per
share calculation

―
431
（431）

―
400
（400）

―
402
（402）

（Important subsequent event）【Acquisition of own shares】
At its board meeting held on October 31st, 2007 the board resolved to acquire its own common stock
for treasury as follows:
1． Purpose of acquisition
To improve capital efficiency and implement flexible capital policies in response to changes
in the business environment.
2．Type of stock:

Common stock of Aisin

3. Number of shares:

Up to 2 million shares(Percentage against outstanding shares is 0.7%)

4. Total amount:

Up to 10 billion yen

5. Acquisition period:

Between November 1st 2007 thru November 30th 2007

6. Acquisition method:

Purchase in the market through a trust bank

（Omitted disclosure）
Notices of Lease transactions, Securities, Derivatives transactions, Incentive stock option and Company
mergers etc. are omitted due to their low materiality.

Non-consolidated Balance Sheets（Million Yen）

FY2007

FY2008 Half year

Increase(Decrease)(As of Mar. 31, 2007) (As of Sep. 30, 2007)〔 Assets 〕
Current Assets
Cash and Cash Equivalents
Trade Notes Receivable
Trade Accounts Receivable
Marketable Securities
Finished Products
Raw Materials
Work in Process
Supplies
Prepaid Expenses
Deferred Tax Assets
Accrued Accounts Receivable
Short-term Loans
OthersLess: Allowance for Doubtful
Accounts

341,769
25,4252,432
150,368
28,734
5,745
834
11,415
3,293
560
15,1406,367
91,263435(

Fixed Assets
Property, Plant & Equipment
Buildings
Structures
Machinery & Equipment
Vehicles & Delivery Equipment
Tools, Furniture & Fixtures
Land
Construction in Progress
Intangible Fixed Assets
Software
Institution Usufruct
OthersInvestments & Other Assets
Investments in Securities
Investments for Affiliates
Equity Share Capital

Total Assets
Note: 1. Accumulated depreciation
2. Guarantees on Liability(

727,287
182,260
53,587
13,291
63,896
1,018
11,60927,187
11,671
3,978
3,869
53
55
541,048
98,409327,254996
22,30584,7596,363
1,096

Equity Share Capital for Affiliates

Long-term Loans
Long-term Prepaid Expenses
OthersLess: Allowance for Doubtful
Accounts

248 )

333,924
20,4952,180
147,333
37,114
6,915
659
12,287
3,593
765
14,5485,406
81,815
1,043

(

137 )

(

(
(
(
(

(

(
(
(

237 )

7,845 )
4,930 )
252 )3,035 )
8,380
1,170
175 )
872
300
205
592 )
961 )
9,448 )
608
11

309,470
19,8202,191
152,886
9,811
6,129
433
12,674
3,236
361
11,0204,870
85,265
1,011
(

(
(
(
(
(
(
(
(
(
(
(
(
(

138 )

(

1)

(

30,581 )980,277

12,97914348,112365

1,038,475

352,645382

365,624396(

22,737 )
1,840 )
2,870
95
634 )
45 )
1,188 )
2)2,938 )
329 )
326 )
4)
0)
20,568 )6,965 )
13,981 )
5)
61
26 )
339
11

243 )

704,550
180,420
56,457
13,386
63,262973
10,421
27,185
8,733
3,649
3,543
49
55
520,480
91,444313,273991
22,366
84,7336,702
1,107

1,069,056((

FY2007 Half year
(As of Sep. 30, 2006)

670,806
170,505
50,376
13,97659,853903
11,26827,208
6,919
3,912
3,799
56
56
496,388
94,571
295,072992
22,132
76,581
6,110
1,057
(

130 )

（Million Yen）

FY2007

FY2008 Half year

Increase(Decrease)(As of Mar. 31, 2007) (As of Sep. 30, 2007)〔 Liabilities 〕
Current Liabilities
Trade Notes Payable
Trade Accounts Payable
Commercial Paper& Short-term Borrowings
Current Portion of Bonds
PayableAmount in Arrears
Accrued Expenses
Accrued Income Taxes
Deposits Received
Deposits Received from
Employees
Accrued Warranty Cost
OthersLong-term Liabilities
Bonds Payable
Long-term Debt
Deferred Tax Liabilities
Allowance for Employees
Retirement Benefits
Long-term Amount in Arrears
OthersTotal Liabilities〔 Net Assets 〕
Shareholders' Equity
Common Stock
Capital Surplus
Capital Reserve
Other Capital Surplus
Retained Earnings
Legal Reserve
Other Retained Earnings
Reserve for Special
Depreciation

196,565
2,556
97,72910,00010,00015,00015,00015,000――19,63846,5899,952
61,7789,491
45,312
3,457
46,97910,147 )1,277 )
6,495 )
14,799 )10,96639,331
38
16,904

7,351

7,398

47

7,409

6,876
1,180
347,577
20,000214,000
73,156

7,699
576
343,670
20,000213,000
62,973

(
(

823
604 )
3,907 )―
1,000 )
10,183 )

5,517
1,111
335,197
35,000200,000
60,26938,00336,689(1,314 )

38,010451
1,966
627,461―
11,006598,975

(

451 )
9,040
28,486 )982
934
531,763

301,868
45,04963,13962,926212
233,429
10,285
223,144

315,032
45,04962,92662,926―244,247
10,285
233,962

13,164
―
212 )
―
212 )
10,818―
10,818329,08145,04963,171
62,926244
222,217
10,285211,932

506

450

(

56 )

588

Reserve for Reduction of
Acquisition Cost of Fixed Assets

2,784

2,698

(

86 )

2,875

General Reserve
Unappropriated Retained
Earnings
Less:Treasury Stock, at Cost
Evaluation andConversion Difference
Net Unrealized Gain on
Available-for-sale Securities
Profit & Loss of Deferral
Hedge Accounting
Subscription Warrant
Total Net Assets
Total Liabilities
and Net Assets

112,500

112,500―

112,500

107,353

118,313

10,96095,96837,191 )

2,558(

255,305
3,267
106,122―

39,749 )(((As of Sep. 30, 2006)

24,578 )415
2,541 )(

279,8832,852
108,663

FY2007 Half year

(

(
(
(
(

(
(

(

(
(

(

1,356 )

139,558

124,127(

15,431 )

119,389

140,229

124,733(

15,496 )119,951

671 )

(

605 )

66

(

562 )

167
441,595

339
439,499(172
2,096 )

41
448,513

1,069,056

1,038,475(

30,581 )980,277

Non-Consolidated Statements of Income
FY2007 Half year FY2008 Half year
(Apr. 2006 through (Apr. 2007 throughSep. 2006)
Sep. 2007)

Increase(Decrease)（Million Yen）
FY2008(Apr. 2006 throughMar. 2007)

Net Sales

366,755

404,106

37,351

786,966

Cost of Sales

329,521359,151

29,630696,831

Gross Profit

37,233

44,954

7,721

90,134

Selling, General &Administrative Expenses

28,39630,7752,379

61,596

Operating Income

8,836

14,1795,343

28,538

Non-Operating Income

9,562

14,322

4,760

16,622

Interests & Dividend Income

8,113

13,2295,116

13,537

Other Income

1,448

1,092

356 )

3,085

Non-Operating Expenses

3,897

4,078

181

8,352

Interest Expense

1,081

1,921

840

2,613

Other Expenses

2,815

2,156

659 )

5,739

Ordinary Income

14,501

24,4239,922

36,808

Income Before Income Taxes

14,501

24,4239,922

36,808

Income Taxes-current

1,200

5,400

4,200

12,200

Income Taxes-deferred

2,107

644

Net Income

11,193

18,378

7,185

27,112

Note : Depreciation and Amortization

16,79619,0072,211

33,253(((

1,463 )(

2,504 )

Non-Consolidated Statements of Changes in Shareholders' Equity
FY2008 Haｌf year （April 1, 2007 through September 30, 2007）（Million Yen）

Shareholders' Equity
Retained Earnings

Capital Surplus

Other Retained Earnings
CommonStock45,049Balance as of Mar. 31, 2007

CapitalReserve

Other Capital
Surplus

Sub Total

62,926

212

63,139Reserve forReserve for Reduction
Legal Reserve
Special of AcquisiDepreci- tion Costof Fixed
ation
Assets

10,285

506

2,784

Less:
Treasury
Stock, atCost

Sub Total

39,749 )301,868

GeneralReserve

Unappropriated Retained
Earnings

Sub Total

112,500

107,353

233,429

36 )

―

―

178

―

―

6,839 ) (6,839 )

18,37818,378(

Increase(Decrease)
in FY2008 Haｌf year

36

Increase in Reserves(

Decrease in Reserves(

93 ) (

85 )(Dividends Paid
Net Income(

18,378(Purchase of Treasury Stock(212 ) (

212 )

― (

212 ) (

212 )Disposal of Treasury Stock

721 ) ((

6,839 )

721 )

26 ) (

26 )

2,584

1,650

2,558

13,16337,191 )315,032

Net Change of items otherthan Shareholders' Equity
Total Changes in the Term―

Balance as of Sep. 30, 2007

45,04962,926― (－62,926

10,285

Profit &Loss ofDeferralHedge
Accounting

Sub Total

Subscripition
Warrant

Total
Net
Assets671 )139,558167

56 ) (
450

85 )

―

10,95910,817

2,698

112,500

118,313244,247(

Evaluation and Conversion Defference

Net Unrealized
Gain onAvailable-forsale Securities

140,229

Balance as of Mar. 31, 2007(

441,595

Increase(Decrease)
in FY2008 Haｌf year
Increase in Reserves―

Decrease in Reserves―(

Dividends Paid

6,839 )
18,378Net Income(

Purchase of Treasury Stock

26 )
1,650

Disposal of Treasury Stock
Net Change of items otherthan Shareholders' Equity(

15,496 )65 (15,430 )171(

15,259 )Total Changes in the Term(

15,496 )65 (15,430 )171(

2,095 )

605 )

124,127

339

Balance as of Sep. 30, 2007

124,733(

439,499

Note ： Type and number of treasury stock
Type of shares
Common Stock

Reason for changes(Increase)(Shares)Number as of Mar. 31, 2007

Increase

9,696,477

Decrease
6,046

630,459

Request for purchase of less-than-one-unit shares

6,046 shares(Decrease) Exercise of stock option
Request for additional ｐurchase of less-than-one-unit shares

630,300 shares
159

Number as of Sep. 30, 2007
9,072,064