Presentation of Business Results
for the 1st Quarter of FYE 2009

Fuji Heavy Industries Ltd.
August 1, 20080

http://www.fhi.co.jp/english/ir/

A Summary ofBusiness Results1

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11st Quarter：
Quarter： Consolidated Automobile Sales(Thousand Units)
Actual Results
Increase
1Q/DecreaseFYE March 2009
2009

Actual Results
1Q
FYE March 2008

14.5
29.7

14.7
28.1

+0.2
-1.7

Domestic Total

44.2

42.8

-1.4

U.S.
CanadaRussiaEuropeAustralia
ChinaOthers

35.5
4.9
3.0
12.2
8.6
2.8
8.5

36.1
3.8
7.9
15.910.7
4.9
6.0+0.6-1.1+4.9+3.7+2.1+2.1-2.4

75.5
119.7

85.2
128.0+9.7

Passenger CarMinicar

Overseas Total

Total

+8.3

(U.S. and Canada figures were on the calendar year basis from Jan.
Jan. to Mar.)2

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1st Quarter: Consolidated Statements of Income(100 million yen)
Actual Results
1Q
FYE March 2008

Actual Results
1Q
FYE March 2009

Increase/Decrease

Net Sales

3,182

3,411+229

Domestic

1,124

1,171+47

Overseas

2,059

2,240+181

Operating Income

3565+29Ordinary Income

671+65Net Income/Loss-3

14+17¥119/$¥103/$-¥16/$FHI Exchange Rate3

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2

1st Quarter：
Quarter： Analysis of Increase and Decrease in
Operating Income changes (Consolidated)(100 million yen)Japan & Overseas：

Increase of sales volume
Improvement of sales
mixtureImprovement ofsales volume &mixture andothers

17

Increase ofSG&A expenses
and others

Decrease ofR&D
expenses-110

US$/ -102
EUR/ 0
CA$/ -2

Loss oncurrency
exchange

FHI/ -14
SIA/+6

Reduction in235
・Increase of fixed cost-104・Increase of SG&A
expenses
・Increase of warranty
claimscost, net of raw
material priceraise-86535
Operating Income
1Q
FYE March 2008
2008

Operating Income
1Q
FYE March 20092009

+2.9 billions

4

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1st Quarter：
Quarter： Net sales by Business Segment(Consolidated)(100 million yen)
Actual Results
1Q
FYE March 2008

Actual Results
1Q
FYE March 2009

Increase/Decrease

Automobile

2,862

3,105+243

Aerospace

188

182-6

Industrial
Products

11198-142126＋63,182

3,411+229

Percentage ofTotal Sales
IndustrialProductsAerospace

2.9%

5.3%

Other

0.8%

Other
Automobile

91.0%

5Totalhttp://www.fhi.co.jp/english/ir/

31st Quarter: Operating Income by Business Segment(Consolidated)(100 million yen)
Actual Results
1Q
FYE March 2008
Percentage ofOperating Income
Industrial
Products-5.5%
Other
16.9%

Aerospace
11.7%

Elimination
andcorporate
1.2%

Automobile
75.7%

Actual Results
Increase
1Q/DecreaseFYE March 2009

Automobile

149+48Aerospace228-15

Industrial
Products

3-4-7

Other

211+9

Elimination
andcorporate

61-5Total

3565+296

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1st Quarter：
Quarter： Net Sales by Geographic Area
(Consolidated)(100 million yen)
Actual Results
1Q
FYE March 2008

Actual Results
1Q
FYE March 2009

Increase/Decrease

Japan

1,838

2,104+266

North
America

1,216

1,151-65

Other

128

156

+28

3,182

3,411+229

Percentage ofTotal Sales
North
America

33.8%

Other
4.6%

Japan
61.7%

7Totalhttp://www.fhi.co.jp/english/ir/

4

1st Quarter：
Quarter： Operating Income by Geographic Area
(Consolidated)(100 million yen)
Actual Results
Actual Results
Increase
1Q
1Q/DecreaseFYE March 2008 FYE March 2009

Percentage ofOperating IncomeJapan

8850-38

North
America-46-11+35

Other

15+4

Elimination
andcorporate-821+29Total

3565+29

Elimination

andCorporate

32.2%
Other
8.0%

North
America-17.6%

Japan
77.4%

8

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Operating Results of Subsidiaries in U.S.
(million US$)SOA (Jan to Mar)

Actual Results
1Q of CY2007

Actual Results
1Q of CY2008

Increase/Decrease$841$869+28

Operating Income/Loss-28-21+7Net Income/Loss-16-12+4

Retail Sales (Thousand units)42.3

40.4-1.9

Net SalesSIA (Jan to Mar)

Actual Results
1Q of CY2007

Actual Results
1Q of CY2008

Increase/Decrease$619$601-18

Operating Income/Loss-7

19+26

Net Income/Loss-5

10+15

Subaru Production

22.5

24.3+1.8

Net Sales(Thousand units)(U.S. subsidiaries were Consolidated on calendar year basis.)9

http://www.fhi.co.jp/english/ir/5Analysis of NonNon-Operating Income and Expenses(100 million yen)
Actual Results
1Q
FYE March 2008

Actual Results
1Q
FYE March 2009

Increase/Decrease

Non-Operating Income

3385+51

Interest and Dividend Income
Equity income from affiliated companies

13412
1-0-2

Non-Operating Expenses

6278+16

Interest expenses

119+2-29

6+35

Net

Actual Results
1Q
FYE March 2008

FOREX Effects

Actual Results
1Q
FYE March 2009

Increase/Decrease

Net of gain and loss onrevaluation of derivatives-43-61-18

Net of FOREX gain and loss

361+58-40

1+40Total
10

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Consolidated Balance Sheets(100 million yen)

As ofMarch 31, 2008

As ofJune 30, 2008

Increase/Decrease

Total Assets

12,964

12,254-710

Current Assets

6,228
6,736

6,1086,108
6,146-120

3,045
4,944

3,073
4,629-315-405-405

0

38.1%

37.7
37.7%

-0.4%

0.62

0.67
0.67

0.05

Fixed Assets
Interest Bearing Debt

Net Assets
Less treasury stock,at costShareholders’ Equity toTotal Assets
D/E Ratio
11-590+28

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6

〈Appendix〉
Appendix〉 1st Quarter: Automobile Sales(non(non-Consolidated)(Thousand units)
Actual Results
1Q
FYE March 2008

Increase/Decrease

113
113.1

128.2

+15.1

49.6

47.4

-2.2

Passenger Car

18.7

18.1

-0.6

Minicar30.9

29.4-1.5

Number of Vehicles
Exported55.8

74.5+18.7

components forOverseas Production

30.7

25.6

-5.1

136.0

147.5

＋11.5

Domestic Production
Domestic Sales

Total
12

Actual Results
1QFYE March 2009http://www.fhi.co.jp/english/ir/

Outlook for the TermEnding March 200913

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7

1st Half：
Half： Revised Operating Plan (Consolidated)(100 million yen)
Actual Results
1st Half
FYE March 2008

Revised Plan
1st Half
FYE March 2009

Increase/Decrease

Previous Plan
1st Half
FYE March 2009

Net Sales

7,088

7,400

+312

7,400

Domestic2,457
4,631

2,700
4,700+243+69-

Operating
Income18980-109

10Ordinary
Income14260-82

5Net Income780-780

FHI ExchangeRate¥120/$¥103/$-¥17/$¥100/$

Overseas14

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1st Half：
Half： Analysis of Increase and Decrease in
Operating Income changes <Appendix>
Japan & Overseas:
Increase of sales volume
Improvement of sales
mixtureDecrease ofR&D
expense(100 million yen)

Loss oncurrency
exchange

Increase of fixed cost
Increase of SG&A
expenses, etc

16-243344

Increase ofSG&A expenses
and others

US$/ -235

189

Improvement ofsales volume &mixture andothers

Operating Income
1st Half Results
FYE March 2008
2008
15

EUR/ -1
CA$/ -7-10.9 billions-210

FHI/ -23
SIA/ +7

Reduction in
cost, net of raw
material price
raise

-16

80

Operating Income
1st Half PlanFYE March 20092009
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8

1st Half：
Half： Analysis of Increase and Decrease in
Revised Operating Income changes
Improvement ofsales volume &mixture andothers

US$/ 43
EUR/ 8
CA$/ -1

Gain oncurrency
exchange(100 million yen)

20
Overseas：50

Improvement ofsales mixture

8010Previous 1st Half
Operating PlanFYE March 2009

+7.0 billions

16

Revised 1st Half
Operating PlanFYE March 2009http://www.fhi.co.jp/english/ir/

Full Year：
Year： Consolidated Operating Plan
(100 million yen)
Actual Results
FYE March 2008

Plan
FYE March 2009

Increase/Decrease

Net Sales

15,72316,000+277

Domestic
Overseas

5,440
10,2845,600
10,400+160230
200-227

Ordinary Income

457454Net Income

185100-85¥116/$*¥102/$-¥14/$

Operating Income

FHI Exchange Rate+116-254* Revised FHI Exchange Rate from ¥100/$ to ¥102/$.
17

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9Full Year：
Year：Analysis of Increase and Decrease in
Operating Income changes <Appendix>
Improvementof sales volume Loss on& mixture and currency
exchangeothers

-410

474

(100 million yen)
Increase of fixed cost
Increase of SG&A
expenses, etc

Increase ofSG&A
Expensesand others-158

FHI/ -93
SIA/ 0

Reduction incost, net of raw
material price
raise

US$/ -390
EUR/ -7
CA$/ -13

457

-40

-93

Increase ofR&D
expenses

Japan & Overseas:
Increase of sales volume
Improvement of sales
mixtureOperating IncomeActual Results
FYE March 2008

230Operating IncomePlan
FYE March 2009-22.7 billions

18

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Full Year：
Year： Analysis of Increase and Decrease in
Revised Operating Income changes
Gain oncurrency
exchange

50

Reduction incost, net of
Increase of
raw material SG&A
price raise
expenses andothers-20-20(100 million yen)

Increase of
R&D expenses-10

FHI/ -20

230

US$/43
EUR/ 8
CA$/ -1

Operating Income
Original PlanFYE March 20092009
19

Increase of fixed costs
Increase of SG&A
expenses and others

230

Operating IncomePlan
FYE March 20092009
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capex,capex, Depreciation and R&D <Appendix>(100 million yen)FYE March2008 (1)Previous PlanFYE March2009

Plan
1st Half of FYEMarch 2009

Plan
FYE March2009 (2)

Increase/Decrease((2)-(1))

CapitalExpenditures

563

700

360

700

+137

Depreciation

655

660

320

660

+5R&D
expenses

520

550

250

560

+40

3,045

3,045

2,750

3,045

±0

Actual Results

Interest
Bearing Debt

20

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