FY2009 Half year Consolidated Financial Results(April 1, 2008 through September 30 , 2008)
October 30, 2008
Company NameAISIN SEIKI Co., Ltd.

Listed on

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

Code Number
7259
LocationU
R
L
Representative
Yasuhito Yamauchi, President
T
E
L
Reference person in charge Masaaki Yasui,
General Manager, Finance & Accounting Dept.

（Amounts less than million yen are rounded down.）

１. Consolidated Results for FY2009 Half year（Apr. 1, 2008 through Sep. 30, 2008）(1)Consolidated Financial Results
Net Sales
Operating Income
Ordinary Income
FY2009 Half year
FY2008 Half year

Net Income

Million Yen％

Million Yen％

Million Yen％

Million Yen％

1,304,590
1,293,501－
15.5

57,18881,031－
55.3

66,49484,882－55.2

31,581
38,628－56.5

Fully Diluted Earnings
Per Share

Earnings Per Share
FY2009 Half year
FY2008 Half year

Yen

Yen

112.21135.45112.20135.26(2)Consolidated Financial Position

FY2009 Half year
FY2008

Net assets excluding
Net assets excluding
subscription rights to shares subscription rights to sharesand minority interest as aand minority interest perpercentage of total assets
share

Total Assets

Net Assets

Million Yen

Million Yen％

Yen

1,994,947
2,097,727

978,792
994,592

37.7
36.6

2,675.17
2,725.67

Note : Net assets excluding subscription rights to shares and minority intere FY2009 Half year : 752,951 million yen , FY2008 : 767,123 million yen

２. Cash Dividends
Annual Cash Dividends Per Share
4th quarter2nd quarter3rd quarter

1st quarter
FY2008FY2009FY2009(Forecast)

FY Total

Yen

Yen

Yen

Yen

Yen

―
―

24.00
30.00

―

36.00

60.00

―

30.00

60.00

Note : Dividend forecast corrections for FY2009 : None

３. Consolidated forecast for FY2009 (Apr. 1, 2008 through Mar. 31, 2009)
Net Sales
Operating Income
Ordinary Income
Net Income
FY2009(Forecast)Million Yen％

2,520,000-6.7

Million Yen％

Million Yen

80,000 -55.7％

Million Yen

90,000 -51.7

Earnings Per Share％Yen

43,000 -53.1

152.78Note : Consolidated forecast corrections for FY2009 : Yes

４. Others(１)Changes in significant subsidiaries： None(２)Use of estimation in reporting financial statements: Yes(note）Please refer to 【Qualitative Information , Financial Statements 】 " 4.Others " on page ２(３)Changes in Accounting Policies and Presentation①Changes according to revision of accounting policy ： Yes②Changes other than above ： None
(note）Please refer to 【Qualitative Information , Financial Statements 】 " 4.Others " on page ３(４)Issued and outstanding capital stock① Number of shares issued as of the respective balance sheet date
FY2009 Half year : 294,674,634 shares , FY2008 : 294,674,634 shares② Number of treasury stock
FY2009 Half year : 13,215,271 shares , FY2008 : 13,231,279 shares③ Average number of common stocks
FY2009 Half year : 281,454,447 shares , FY2008 Half year : 285,189,939 shares(※）

Explanation regarding the appropriate use of forecasts, and other statements
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
to be materially different from the forecasts expressed or implied in this report. For details please refer to 【 Qualitative
Information , Financial Statements 】 " ３. Qualitative information on Consolidated forecast for FY2009" on page ２.
(Adoption of the "Accounting Standard for Quarterly Financial Statements" )The quarterly consolidated statements disclosed follow the requirements set forth by the "Accounting Standard for
Quarterly Financial Statements" ASBJ statement 12 issued on March 14th 2007 and the "Guidance on Accounting Standard
for Quarterly Financial Reporting" ASBJ statement 14 issued on March 14th 2007. The disclosed statements also uses
the general financial terms and format set forth by the Financial Services Agency.

1

【Qualitative information , Financial statements】
１. Qualitative information on Consolidated Financial Results
Aisin group has developed and sold new products corresponding to social change and changing
customer's needs; business expansion in global market, while promoting positive environmental
and social activities.
Although overall demand in the auto parts segment were sluggish in the United States and Japanesemarkets, aggressive sales activities in the emerging Chinese market for automatic transmissions,manual transmissions, and brake system components, contributed to the second quarter sales within
the Auto Parts segment of 1,251,766 million yen.
Sales within the Life & Energy related products were 21,749 million yen. And other sales segment
which includes construction, and gasoline sales were 31,074 million yen. As a result, second quarter
net sales totaled 1,304,590 million yen.
Despite cost reductions and other measures to streamline operations, negative factors suchas raw material increase, currency exchange fluctuation and higher amortization and researchcosts resulted in operating income of 57,188 million yen. Ordinary income totaled 66,494 million yen.
Net income totaled 31,581 million yen.
２. Qualitative information on Consolidated Financial Position
During the 1st half of FY2009 (Apr. 1, 2008 through Sep. 30, 2008) total assets decreased
4.9% from 2,097,727 million yen to 1,994,947 million yen due to decrease in current assets andmarket value of securities. Despite generating net profit, net assets decreased 1.6% from 994,592
million yen to 978,792 million yen due to dividend payments, and currency valuation adjustments.
３. Qualitative information on Consolidated forecast for FY2009
As for the fiscal year outlook, uncertainties such as worldwide financial insecurity,
currency fluctuations, and escalating price of commodities will likely continue. The concerns in theautomobile industry are the stagnant United States and Japanese markets, growing global
environmental concerns, and intensifying global competition. We expect that this challenging
environment will continue for the foreseeable future.
Upon taking into consideration the above business climate the company will revise forecast for
FY2009 from the forecast released on July 30th 2008. The revised forecast for FY2009 is as follows:
Consolidated net sales of 2,520,000 million yen, operating income of 80,000 million yen, ordinary
income of 90,000 million yen, and net income of 43,000 million yen. The exchange rate used in thisforecast are \100 to the US dollar, and \135 to the Euro.

４. Others(1) Significant changes in scope of consolidation
None(2) Adoption of estimates in accounting policies and unique accounting policies for preparing
quarterly statements① Estimation used in reporting
1 Fixed asset depreciation estimation
For fixed assets using the declining balance depreciation method the full fiscal year
depreciation amount has been proportionally divided to calculate depreciation.
2 Income tax, Deferred tax assets and Deferred tax liabilities estimation
A number of consolidated subsidiaries estimate income tax by using only important tax
adjustment items.
The decision if deferred tax assets are recoverable is based on the company forecast andtax planning.

23 Retirement benefit obligation estimation
To prepare for employee retirement benifit, accrual amount is estimated by using the difference
between the actual amount that would be paid to the employee as of the balance sheet
date and the reserve accrued by the company.
② Unique accounting policies for preparing quarterly statements
Income tax calculation
A number of consolidated subsidiaries estimate income tax by using income before income taxes
multiplied by the tax rate determined by tax planning.
The deferred tax amount is included in the income taxes line.
(3) Changes in Accounting Policies and Presentation
1 Adoption of the "Accounting Standard for Quarterly Financial Statements"
Starting from the 1st quarter of this fiscal year, the quarterly consolidated statements
disclosed follow the requirements set forth by the "Accounting Standard for Quarterly Financial
Statements ASBJ statement 12 issued on March 14th 2007 and the Guidance on AccountingStandard
for Quarterly Financial Statements" ASBJ statement 14 issued on March 14th 2007. The disclosed
statements also uses the general financial terms and format set forth by the Financial
Services Agency.
2 Evaluation method and changes of important assets
Inventories
The previous measurement method of inventories held for sale in the ordinary course ofbusiness used the cost method. Starting from the 1st quarter of this fiscal year thecompany has adopted a new measurement that follow the requirements set forth by the"Accounting Standard for Measurement of Inventories" ASBJ Statement 9 issued on July 5th 2006,
the lower-of-cost-or-market method (Inventories shall be carried at the net selling valueon the balance sheet).
The effect of this change has minimal impact on the disclosed income statement.
Also the effect of this change has minimal impact on the disclosed segment information.
3 Application of "Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for
Consolidated Financial Statements"
Starting from the 1st quarter of this fiscal year the company has adopted accounting
policies that follows the requirements set forth by the "Practical Solution on
Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated
Financial Statements" ASBJ Practical Issues Task Force No. 18 issued on May 17th 2006.
The effect of this application has no impact on the disclosed income statement.

3

５. Consolidated finalcial statements(１） Consolidated Balance Sheets（Million Yen）

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials and Supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

4

FY2009 Half year
(As of Sep. 30, 2008)

FY2008(As of Mar. 31. 2008)

89,002
344,031
49,304
84,15551,265
48,140118,336-579
783,657

102,293373,697
95,63680,967
46,95247,440123,675-746
869,917544,135-291,359
252,775
1,404,780-971,516
433,263
254,166-214,984
39,182
96,72060,053881,995
20,098536,086-282,709
253,377
1,365,899-936,366
429,533
248,379-206,768
41,61094,64956,602875,773
20,885

240,864
68,769-439
309,195
1,211,289
1,994,947

267,509
64,086-445
331,150
1,227,810
2,097,727

（Million Yen）

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Income taxes payable
Provision
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Provision for retirement benefits
Other provision
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total valuation and translation adjustments
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

5

FY2009 Half year
(As of Sep. 30, 2008)

FY2008(As of Mar. 31. 2008)

342,753
33,096
18,90020,475226,208
641,433

372,058
28,64742,206
21,034
240,332
704,280

39,988211,876
82,764
5,711
34,379374,7211,016,154

39,988
227,664
82,0186,233
42,950398,854
1,103,134

45,04958,832600,418-20,720
683,579

45,04958,825578,969-20,738
662,106

69,775-805
402
69,372862
224,978
978,792
1,994,947

88,130-1,184
18,071
105,016
601
226,867
994,592
2,097,727

(２） Consolidated half year statements of income（Million Yen）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and allowances
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income taxes
Minority interests in income
Net income

6

FY2009 Half year
(Apr. 1, 2008 throughSep. 30, 2008)
1,304,590
1,146,284
158,306
26,41674,701
101,117
57,188
596
2,814
4,416
8,672
16,499
1,777
5,415
7,193
66,494
66,494
23,312
11,60031,581

Consolidated quarterly statements of income（Million Yen）

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and allowances
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income taxes
Minority interests in income
Net income

7

FY2009 2nd quarter(Jul. 1, 2008 throughSep. 30, 2008)
634,566
563,561
71,004
13,27337,90551,17819,825
263
128
973
1,196
3,418
5,980
1,130
3,333
4,464
21,341
21,341
9,804
3,799
7,736

(３） Consolidated half year statements of cash flows（Million Yen）

FY2009 Half year
(Apr. 1, 2008 throughSep. 30, 2008)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities
Decrease (increase) in time deposits and securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales and redemption of investment securities
Other, net
Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities
Increase (decrease) in short-term bank loans and commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

866,49488,85923,915-12,906-20,937-6,912
138,513
5,984-1,666-47,106
95,724-5,741-121,726
3,944-11,302
12,026-2,244-125,04230
149-11,633-10,133-6,113294-27,405-3,790-60,514
190,245
129,730

Starting from the 1st quarter of this fiscal year, the quarterly consolidated statements
disclosed follow the requirements set forth by the "Accounting Standard for Quarterly Financial
Statements" ASBJ statement 12 issued on March 14th 2007 and the "Guidance on Accounting Standard
for Quarterly Financial Statements" ASBJ statement 14 issued on March 14th 2007. The disclosed
statements also uses the general financial terms and format set forth by the Financial Services Agency.
(４） Notes for Going concern basis of Accounting
None(５） Segment Information【Industry Segments】
AISIN's main business is manufacturing and sales of automotive parts. Over 90% of sales
and operating income derive from this segment.
Therefore information of industry segments is omitted.
【Geographical Segments】
FY2009 Half year (Apr. 1, 2008 through Sep. 30, 2008)
North
Japan
Europe Others
Total
America
Sales
899,319 180,234
96,946 128,090 1,304,590(1) Customers(2) Inter-segment
Total
Operating Income

165,451

5,649

3,989

1,064,771
32,143

185,884
1,960

100,936
1,082

4,588

（Million Yen）

Eliminations

Consolidated― 1,304,590

179,680 ( 179,680 )―

132,679 1,484,271 ( 179,680 ) 1,304,590
20,37055,557
1,631
57,188

Note: 1.Geographical segments are determined according to geographical closeness.
2.Main countries are① North America② Europe③ Others:::

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

FY2009 2nd quarter (Jul. 1, 2008 through Sep. 30, 2008)
North
Japan
Europe Others
America
Sales
81,87045,26464,504442,926(1) Customers（Million Yen）

Total
634,566

Eliminations

Consolidated―

634,566(2) Inter-segment

79,531

2,988

1,963

2,446

86,930 ( 86,930 )

―

Total
Operating Income (Loss)

522,457
11,25584,859(1,389)47,227376

66,9509,154

721,496 ( 86,930 )
19,396
428

634,566
19,8259

【Sales by Customer Location】
FY2009 Half year (Apr. 1, 2008 through Sep. 30, 2008)
North America
Overseas Sales

Note: Main countries are① North America② Europe③ Others:::

EuropeOthersTotal

200,940

114,204

194,693

509,838―――

1,304,590

15.4

8.8

14.9

39.1

Net Sales
Overseas Sales
Ratio to Net Sales(%)（Million Yen）

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

FY2009 2nd quarter (Jul. 1, 2008 through Sep. 30, 2008)
North America
Overseas Sales
Net Sales
Overseas Sales
Ratio to Net Sales(%)（Million Yen）

Europe

Total

Others

92,18253,28696,225

241,693―――

634,566

14.5

8.4

15.2

38.1

(６） Consolidated Statements of Changes in Shareholders' Equity
FY2009 Half year (Apr. 1, 2008 through Sep. 30, 2008)
Capital stock

Balance as of Mar. 31, 2008

（Million Yen）

Capital surplus Retained earnings Treasury stock

45,04958,825578,969

Total
Shareholders'equity-20,738

662,106-1431
17-20,720-10,133
31,581-14
39
21,473
683,579

Increase(Decrease) in FY2009 1st quarter

Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Total Changes in the Term
Balance as of Sep. 30, 2008

-10,133
31,5817
7
58,832―45,04910

21,448600,418

【Reference】(１） Consolidated half year statements of income（Million Yen）

FY2008 Half year
(Apr. 1, 2007 throughSep. 30, 2007)
1,293,501
1,115,322
178,179
97,14781,031

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income and Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income
Income before income taxes and minority interests
Income Taxes-current
Income Taxes-deferred
Total Income Taxes
Minority interests in income
Net income

3,169
4,261
5,008
12,439
2,234
6,354
8,588
84,882
84,882
27,2882,203
29,491
16,762
38,62811

(2） Consolidated half year statements of cash flows（Million Yen）

FY2008 Half year
(Apr. 1, 2007 throughSep. 30, 2007)
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Increase(Decrease) in allowance for retirement benefits
Interest and dividends income
Interest expenses
Equity in (earnings) losses of affiliates
Loss on disposal of property, plant and equipment
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities
Decrease (increase) in time deposits and securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investments in securities
Proceeds upon maturity of security investments
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities
Increase (decrease) in short-term bank loans and commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from stock issuance to minority shareholders
Cash dividends paid
Cash dividends paid to minority shareholders
Purchase of treasury stock
Proceeds from disposal of treasury stock
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

1284,882
82,176-1,073-3,1692,234-4,261
1,459-7,820376-8,881
10,549135,372
4,953-2,154-45,320
92,851
2,224-96,507
3,111-10,038
382
3,075
-618
775
-2,161-99,755-3,081
10,646-5,285644-6,835-3,829-26
1,650-6,117
2,597-10,424
136,307
125,883(３） Segment Information【Industry Segments】
AISIN's main business is manufacturing and sales of automotive parts. Over 90% of sales
and operating income derive from this segment.
Therefore information of industry segments is omitted.
【Geographical Segments】
FY2008 Half year (Apr. 1, 2007 through Sep. 30, 2007)
North
Japan
Europe Others
Total
America
Sales
881,696 211,484
94,042 106,277 1,293,501(1) Customers(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
95,409
2,512

5,074

（Million Yen）

Eliminations

Consolidated―

1,293,501

188,730 ( 188,730 )―

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

Note: 1.Geographical segments are determined according to geographical closeness.
2.Main countries are① North America② Europe③ Others:::

U.S.A., Mexico
Belgium, Czech
Thailand, China【Sales by Customer Location】
FY2008 Half year (Apr. 1, 2007 through Sep. 30, 2007)
North America
Overseas Sales

―
17.9

:
:
:

Others109,488―

Overseas Sales
Ratio to Net Sales(%)

Note: Main countries are① North America② Europe③ Others

Europe231,469

Net Sales（Million Yen）

169,932―

8.4

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

13

Total
504,890
1,293,501
12.7

39.0