Consolidated Financial Results
For the First Quarter of the Fiscal Year Ending March 31, 2015
(Japan GAAP)
July 31, 2014
Company Name
: Fuji Heavy Industries Ltd. (Tokyo Stock Exchange First Section, Code No.: 7270)
URL: http://www.fhi.co.jp/english/ir/
Representative: Yasuyuki Yoshinaga, President and CEO
Contact for Inquiries: Kazunori Yamafuji, General Manager of Administration Department Phone +81-3-3347-2005
Scheduled date of submitting Quarterly Report: August 7, 2014:
Scheduled date for dividend payment‐
Quarterly earnings supplementary explanatory documents : Yes
Holding of quarterly financial results meeting : Yes(for investment analysts and institutional investors)(All amounts have been rounded off to the nearest million yen, unless otherwise specified)

1.

Consolidated Results for the First Quarter of Fiscal Year 2015 (April 1, 2014 to June 30, 2014)(1)Consolidated Results of Operations(for three-month period)(In Japanese yen rounded to million, except for per share figures, percentage figures indicate a change from the previous fiscal year / period)

Net sales

Operating income

Ordinary income

Net income

1st Quarter of593,388
8.5%
78,72113.0%
80,57524.9%
52,246
7.8%
FY2015
1st Quarter of
546,932
27.5%
69,635301.8%
64,504237.2%
48,467 196.4%
FY2014
Note: Comprehensive income 1st Quarter of FY2015: 53,970 million yen ((10.7%)) 1st Quarter of FY2014: 60,458 million
yen (558.4%)
Net income
per share, basic (Yen)
1st Quarter of
FY2015
1st Quarter of
FY2014

Net income per share,
diluted (Yen)

66.95

－

62.10

－

(2) Consolidated Financial Position
Total assets(Unit: Millions of yen, except for per share figures)
Shareholders’ equity to
Net assets
total assets (%)

1st Quarter of
FY2015

1,848,424

799,658

42.9%

FY2014

1,888,363

770,071

40.5%

Reference: Shareholders’ equity

As of June 30, 2014: 793,412 million yen As of March 31, 2014: 765,544 million yen

2. Dividends
Cash dividends per share (yen)Year-end
Annual
1st Quarter
2nd Quarter
3rd Quarter－－
FY 2014
20.00
33.00
53.00
－
－
FY 2015－
FY 2015 (Forecast)
28.00
28.00
56.00
Note: Revision of the forecasts in the first quarter of the fiscal year ending March 31, 2015: No

3. Projection of Consolidated Results for Fiscal Year 2015 (April 1, 2014 to March 31, 2015)(In Japanese yen rounded to million, except for per share figures, percentage figures indicate a change from the previous fiscal year / period)

Net sales

Operating income

Ordinary income

Net income

Net income pershare,basic(Yen)

1st half

1,300,000

15.5%

160,000

6.2%

156,000

6.7%

101,000

1.2%

129.42

Full year

2,720,000

13.0%

340,000

4.1%

330,000

4.9%

215,000

4.1%

275.50Note: Revision of the forecasts at the timing of announcement of the results of first quarter of the fiscal year ending March 31, 2015: No

4. Others(1) Changes of significant subsidiaries in the first quarter of fiscal year 2015

: No

(Transfer of subsidiaries resulting in changes in the scope of consolidation)

Application of specific accounting for preparing the quarterly consolidated financial : Yes
statements(3) Changes in accounting policies, procedures and methods of presentation for preparing the quarterly
consolidated financial statements(2)[1] Changes due to revisions of accounting standards[2] Changes due to other reasons[3] Changes of estimation due to accounting issues[4] Restatements

: Yes
: No
: No
: No

(4) Number of outstanding shares (Common Stock)[1] Number of outstanding shares

As of June 30,2014:

782,865,873 shares

As of March 31,2014:

782,865,873 shares[2] Number of treasury stock

As of June 30,2014:

2,478,124 shares

As of March 31,2014:

2,477,430 shares[3] Average number of shares( for three-month period ）1st Quarter of FY2015:

780,388,103 shares

1st Quarter of FY2014:

780,422,165 shares(including treasury stock)*The status of the implementation of the first quarterly review
The first quarterly review is now conducted on the basis of the Financial Instruments and Exchange Act on
the date for the release of this quarterly report.
*Proper use of projection of operating results, and other information
The above performance projections were made based on the information available as of the date when thisdocument was released. Therefore, actual results may differ considerably due to various factors that mightoccur in the future.
For assumptions and other information on which the performance projections were based, please refer to"(3) Explanation about Future Forecasts such as Projections for the Current Fiscal Year" on page 3.

Index of the attachments
1. Qualitative Information on Quarterly Financial Results ........................................................... 2(1) Explanation about Operating Performance................................................................................................................................ 2(2) Explanation about Financial Position ......................................................................................................................................... 3(3) Explanation about Future Forecasts such as Projections for the Current Fiscal Year............................................................ 3

2. Notes on Summary Information(Others) ..................................................................................... 4(1) Application of specific accounting for preparing the quarterly consolidated financial statements........................................ 4(2) Changes in Accounting Policy ...................................................................................................................................................... 4

3. Quarterly Consolidated Financial Statements ............................................................................. 5(1) Quarterly Consolidated Balance Sheet ....................................................................................................................................... 5(2) Quarterly Consolidated Statements of (Comprehensive) Income ............................................................................................. 7
Quarterly Consolidated Statements of Income(for three-month period) ................................................................................... 7
Quarterly Consolidated Statements of Comprehensive Income(for three-month period)........................................................ 8(3) Quarterly Consolidated Statements of Cash Flows.................................................................................................................... 9(4) Note to Quarterly Consolidated Financial Statements............................................................................................................. 11(Notes on Premise of Going Concern) ......................................................................................................................................... 11(Notes on Significant Changes in the Amount of Shareholders’ Equity).................................................................................. 11(Segment Information) ................................................................................................................................................................. 11( Significant Subsequent Event) .................................................................................................................................................. 11-1-

1. Qualitative Information on Quarterly Financial Results(1) Explanation about Operating Performance
Consolidated net sales for the first quarter of the current fiscal year increased ¥46.5 billion (8.5%) fromthe same period of the previous fiscal year to ¥593.4 billion mainly due to higher automobile unit sales
and higher yen-converted sales revenues owing to currency fluctuations.
Regarding the profit, operating income increased ¥9.1 billion (13.0%) from the same period of theprevious fiscal year to ¥78.7 billion and ordinary income increased ¥16.1 billion (24.9%) from the same
period of the previous fiscal year to ¥80.6 billion, reflecting the higher sales. Net income for the firstquarter increased ¥3.8 billion (7.8%) from the same period of the previous fiscal year to ¥52.2 billion.
[Results by Business Segment]
Results for the current consolidated first quarter period by business segment are as described below.
[1] Automobile Division
In Japan, unit sales of Subaru passenger cars decreased 8 thousand (29.1%) units compared with thesame period of the previous fiscal year to 20 thousand units, while unit sales of minicars decreased 5
thousand (43.2%) units compared with the same period of the previous fiscal year to 7 thousand units,
and total unit sales decreased 14 thousand (33.2%) units compared with the same period of the previous
fiscal year to 27 thousand units. The lower unit sales reflect the reverse effect that followed the rush oflast-minute purchases ahead of the consumption tax rate increase at the end of the previous fiscal year
and the situation where higher sales were recorded in the same period of the previous fiscal year owing
to the launch of new models.
Overseas total unit sales increased 16 thousand (10.7%) units compared with the same period of theprevious fiscal year to 166 thousand units. The increase was mainly due to strong sales of the Forester
mostly in North America and China—key markets of FHI, and contributions to unit sales from the allnew WRX launched in North America as a debut.
By region, sales in North America increased 7 thousand (6.4%) units from the same period of theprevious fiscal year to 123 thousand units, sales in Europe including Russia increased 1 thousand(12.5%) units from the same period of the previous fiscal year to 11 thousand units, sales in Australia
decreased 2 thousand (18.9%) units from the same period of the previous fiscal year to 9 thousand
units, sales in China increased 10 thousand (175.0%) units from the same period of the previous fiscal
year to 16 thousand units, and sales in other regions decreased 0.3 thousand (4.0%) units from the same
period of the previous fiscal year to 7 thousand units.
As a result, combined unit sales in Japan and overseas markets amounted to 194 thousand units, anincrease of 3 thousand (1.3%) units from the same period of previous fiscal year.
Affected also by currency fluctuations, overall net sales increased ¥41.8 billion (8.1%) from the same
period of the previous fiscal year to ¥555.1 billion, and segment income increased ¥10.3 billion(15.8%) from the same period of the previous fiscal year to ¥75.2 billion.
[2] Aerospace Division
Deliveries to the Japan Ministry of Defense saw sales fall below the level of the same period of theprevious fiscal year mainly due to the decrease of mass production of the combat helicopter AH-64D
and patrol aircraft P-1 as well as lower development construction sales of the transport aircraft XC-2,
etc.
On the other hand, sales to the commercial sector rose compared with the same period of the previous
fiscal year due to higher sales of Boeing 777 and Boeing 787 aircraft.
As a result, overall net sales increased ¥4.9 billion (20.2%) compared with the same period of theprevious fiscal year to ¥29.2 billion. Segment income decreased ¥1.2 billion (31.9%) compared withthe same period of the previous fiscal year to ¥2.6 billion.

-2-[3] Industrial Products Division
Net sales decreased ¥0.3 billion (3.4%) compared with the same period of the previous fiscal year to¥7.5 billion. Although engine sales increased in Middle East and Europe, sales in North America
decreased centered on engines for leisure applications. Segment income decreased ¥0.02 billion (12.0%)
compared with the same period of the previous fiscal year to ¥0.1 billion.
[4] Other Businesses
Net sales were almost unchanged compared with the same period of the previous fiscal year at ¥1.6
billion. Segment income increased ¥0.1 billion (17.1%) compared with the same period of the previous
fiscal year to ¥0.7 billion.
(2) Explanation about Financial Position[1] Assets, Liabilities, and Net Assets
Total assets at the end of the first quarter of the current fiscal year were ¥1,848.4 billion, a decrease of¥39.9 billion from the end of the previous fiscal year. This was mainly due to combined results, such as a¥18.5 billion increase in merchandise and finished goods, a ¥22.4 billion increase in property, plant, andequipment, and a ¥54.7 billion decrease in combined funds on hand comprised of cash, deposits, andshort-term investment securities for short-term fund management.
Total liabilities decreased ¥69.5 billion compared with the end of the previous fiscal year to ¥1,048.8
billion. This was mainly due to a ¥85.9 billion decrease in income taxes payable.
Net assets increased ¥29.6 billion compared with the end of the previous fiscal year to ¥799.7 billion.
This was mainly due to a ¥27.9 billion increase in retained earnings from net income recognized for theperiod.
[2] Cash Flows
Cash and cash equivalents at the end of the first quarter of the current fiscal year (hereinafter “Cash”)
totaled ¥502.3 billion.
(Net cash provided by operating activities)
Net cash provided by operating activities was ¥0.3 billion (compared with ¥71.2 billion in the same
consolidated cumulative period of the previous fiscal year). Main factors included ¥80.7 billion in income
before income taxes and minority interests, a ¥41.1 billion decrease in notes and accounts receivable-trade,a ¥25.1 billion increase in inventories, and ¥113.8 billion in income taxes paid.
(Net cash used in investment activities)
Net cash used in investing activities was ¥16.6 billion (compared with ¥19.6 billion in the same
consolidated cumulative period of the previous fiscal year). Main factors included ¥16.1 billion in
expenditures for the purchase of property, plant and equipment as well as intangible assets (net basis
against proceeds from sales of property, plant and equipment).
(Net cash used in financing activities)
Net cash used in financing activities was ¥36.7 billion (compared with ¥18.6 billion in the same
consolidated cumulative period of the previous fiscal year). Main factors included a ¥9.9 billion decreasein short-term loans payable and ¥25.0 billion in expenditures for cash dividends paid.
(3) Explanation about Future Forecasts such as Projections for the Current Fiscal YearThe consolidated results projection announced on May 9, 2014 remains unchanged.

-3-

2. Notes on Summary Information(Others)(1) Application of specific accounting for preparing the quarterly consolidated financial statements(Income taxes)
Income tax expense was calculated as multiplying income before income taxes and minority interests
by reasonably estimated annual effective tax rate. This annual tax rate was reasonably estimated after
applying the deferred tax accounting to the annual income before income taxes and minority interests.
"Income taxes-deferred" was included in "Total income taxes".
(2) Changes in Accounting Policy
The Accounting Standard for Retirement Benefits (ASBJ Statement No.26, May 17, 2012 (hereinafter,
the “Statement No.26”)) and Guidance on Accounting Standard for Retirement Benefits (ASBJ Guidance
No.25, May 17, 2012 (hereinafter, the “Guidance No.25”)) were applied from the period of the firstquarter of fiscal year 2015, in accordance with the provisions stated in the article 35 of the Statement
No.26 and the article 67 of the Guidance No.25. The method of calculating retirement benefit obligations
and current service costs was revised, with the method of attributing expected benefits to periods changed
from the straight-line basis to the benefit formula basis and the method of determination of discount ratechanged from discount rate based on the average remaining service period for employees to the methodthat uses a single weighted average discount rate reflecting the expected payment period and the amountfor each expected payment period.
In accordance with the article 37 of the Statement No.26, The effect of changing the determination ofretirement benefit obligations and current service costs has been recognized in retained earnings at the
beginning of the first quarter of fiscal year 2015.
As a result of the application, the influence of the amount is insignificant.

-4-3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance SheetFY2014(as of March 31, 2014)(Unit: Millions of yen)
1st Quarter of FY2015(as of June 30, 2014)

351,125
181,646
23,633
233,766
159,536
51,65933,00864,214
122,681
53,375(862)
1,273,781

211,618
138,118
23,104
318,621
178,078
52,42834,09365,159122,280
63,088(1,355)
1,205,232

114,810
113,519
175,808

115,593
121,610
175,844

11,512

18,91324,116
21,048460,813

16,366
34,840483,166

14,712
14,712

14,74914,74976,788
1,222
18,332
76,312(33,597)
139,057
614,582
1,888,363

81,808
1,285
16,73478,507(33,057)
145,277
643,192
1,848,424

ASSETSⅠ Current assets
Cash and deposits
Notes and accounts receivable-trade
Lease investment assets
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Ⅱ Noncurrent assets
1. Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Vehicles and equipment on operatingleases, net
Construction in progress
Other, net
Total property, plant and equipment
2. Intangible assets
Other
Total intangible assets
3. Investments and other assets
Investment securities
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets-5-

FY2014(as of March 31, 2014)(Unit: Millions of yen)
1st Quarter of FY2015(as of June 30, 2014)

279,926
67,63759,19342,557
4,060
110,426
91,921
20,44639,494
1,032
2,128
114,088
832,908

271,385
72,82348,45859,1244,060
24,55880,79830,842
41,395572
2,018
142,083
778,116

10,000
153,8449,827
504
22,85288,357285,384
1,118,292

10,000135,717
9,756
319
21,697
93,161
270,650
1,048,766

153,795
160,071483,910(1,395)796,381

153,795
160,071
511,775(1,397)824,244

10,62913,381(26,661)(13,886)(30,238)(13,071)

(919)

(904)

(30,837)(30,832)

4,527
770,071
1,888,363

6,246
799,658
1,848,424

LIABILITIESⅠ Current liabilities
Notes and accounts payable-trade
Electronically recorded obligations-operating
Short-term loans payable
Current portion of long-term loans payable
Current portion of bonds
Income taxes payable
Accrued expenses
Provision for bonuses
Provision for product warranties
Provision for loss on construction contracts
Provision for loss on transfer of business
Other
Total current liabilities
Ⅱ Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Provision for directors' retirement benefits
Net defined benefit liability
Other
Total noncurrent liabilities
Total liabilities
NET ASSETS
Ⅰ Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Ⅱ Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Remeasurements of other postretirement
benefits of foreign consolidated subsidiaries
Total accumulated other comprehensive
incomeMinority interests
Total net assets
Total liabilities and net assets-6-

(2) Quarterly Consolidated Statements of (Comprehensive) Income
Quarterly Consolidated Statements of Income(for three-month period)

Ⅰ Net sales
Ⅱ Cost of sales
Gross profit
Ⅲ Selling, general and administrative expenses
Operating income
Ⅳ Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Real estate rent
Gain on valuation of derivatives
Other
Total non-operating income
Ⅴ Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Ⅵ Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Other
Total extraordinary income
Ⅶ Extraordinary loss
Loss on sales and retirement of noncurrent assets
Other
Total extraordinary losses
Income before income taxes and minority interests
Total Income taxes
Income before minority interests
Minority interests in income
Net income-7-(Unit: Millions of yen)
FY2014FY2015(April 1, 2013 to(April 1,2014 toJune 30, 2013)
June 30, 2014)
546,932
593,388396,974
423,657
149,958
169,731
80,32391,01069,63578,721
372
389
52
135
7,857
393
9,198

510
331
65
128
2,611
617
4,262

695
13,057577
14,32964,504

822
873
713
2,408
80,575

41
80
40
161

295
104
239
638

445
111
556
64,10915,614
48,49528
48,467535
17552
80,661
26,522
54,1391,893
52,246

Quarterly Consolidated Statements of Comprehensive Income(for three-month period)(Unit: Millions of yen)
FY2014FY2015(April 1, 2013 to(April 1,2014 toJune 30, 2013)
June 30, 2014)
Income before minority interests
48,49554,139Other comprehensive income
Valuation difference on available-for-sale securities
2,611
2,752
Foreign currency translation adjustment
9,280(3,705)Remeasurements of defined benefit plans
815－
Remeasurements of other postretirement benefits of15－
foreign consolidated subsidiaries
Share of other comprehensive income of associates
72(46)
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to minority interests-8-

11,96360,458(169)
53,97060,43052,25128

1,719

(3) Quarterly Consolidated Statements of Cash Flows(Unit: Millions of yen)
FY2014FY2015(April 1, 2013 to(April 1,2014 toJune 30, 2013)
June 30, 2014)
Ⅰ Net cash provided by (used in) operating activities
Income before income taxes and minority interests

64,10980,661

Depreciation and amortization

15,023

14,42057(46)Interest and dividends income

(761)

(841)

Interest expenses

695

822

Loss (gain) on sales and retirement of noncurrent assets

404

240

Decrease (increase) in operating loans receivable(5,111)(1,554)

Decrease (increase) in notes and accounts receivable-trade

13,36341,056

Decrease (increase) in inventories

17,196(25,123)

Increase (decrease) in notes and accounts payable-trade(15,778)(1,654)

Other, net(7,040)5,717

Subtotal

82,157

113,698

Interest and dividends income received

763

832

Interest expenses paid

(611)

(412)

Income taxes paid

(11,113)(113,801)

Net cash provided by (used in) operating activities

71,196

317

(948)

(34)

Purchase of short-term investment securities(4,972)(4,689)Proceeds from sales of short-term investment securities

8,849

5,186

(19,488)(16,380)

256

235

Purchase of investment securities(7,848)(8,077)

Proceeds from sales of investment securities

4,923

5,410

Payments of loans receivable(26,722)(23,088)

Collection of loans receivable

26,653

24,840

Other, net

(326)

(22)

(19,623)(16,619)

Net increase (decrease) in short-term loans payable(9,265)(9,881)

Proceeds from long-term loans payable

1,172

350

Repayment of long-term loans payable(2,721)(1,933)

Cash dividends paid

(7,449)(24,995)

(297)

(259)

(18,560)(36,718)

Increase (decrease) in allowance for doubtful accounts

Ⅱ Net cash provided by (used in) investing activities
Net decrease (increase) in time deposits

Purchase of non-current assets
Proceeds from sales of non-current assets

Net cash provided by (used in) investing activities
Ⅲ Net cash provided by (used in) financing activities

Other, net
Net cash provided by (used in) financing activities-9-

FY2014(April 1, 2013 toJune 30, 2013)
Ⅳ Effect of exchange rate change on cash and cash
equivalents
Ⅴ Net increase (decrease) in cash and cash equivalents
Ⅵ Cash and cash equivalents at beginning of period
Ⅶ Increase (decrease) in cash and cash equivalents
resulting from change of scope of consolidation
Ⅷ Cash and cash equivalents at end of period-10-

FY2015(April 1,2014 toJune 30, 2014)

5,842(2,561)

38,855(55,581)

328,947

557,870122－

367,924502,289

(4) Note to Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)
FY2015 (April 1, 2014 to June 30, 2014)
Not Applicable(Notes on Significant Changes in the Amount of Shareholders’ Equity)
FY2015 (April 1, 2014 to June 30, 2014)
Not Applicable(Segment Information)
Information on sales and income(loss) by business segment reported
1st Quarter of FY 2014 (April 1, 2013 to June 30, 2013)
Business segment reported
Automobiles Aerospace

Industrial
products

SubTotal(Unit: Millions of yen)
Other
*1

Total

Consolidated
Adjustment
Statement of*2
income *3

Net sales
513,252

24,3307,747

545,329

1,603

546,932－

546,932

784

－

114

898

3,212

4,110

(4,110)－Total sales

514,036

24,3307,861

546,227

4,815

551,042(4,110)546,932

Operating income(loss)

64,8983,887

150

68,935585

69,520115

69,635(1) Outside customers(2) Inter-segment

Note: *1. Other means the category which is not included into any business segment reported. It consists of realestate lease, etc.
*2. Adjustment of segment income refers to elimination of intersegment transaction.
*3. Operating income for segment is adjusted on operating income on the quarterly consolidated
statements of income.
1st Quarter of FY 2015 (April 1, 2014 to June 30, 2014)(Unit: Millions of yen)

Business segment reported
Automobiles Aerospace

Industrial
products

SubTotal

Other
*1

Total

Consolidated
Adjustment
Statement of*2
income *3

Net sales
555,064

29,2397,486

591,789

1,599

593,388

－

858

－

73

931

3,882

4,813

(4,813)－

Total sales

555,922

29,2397,559

592,720

5,481

598,201(4,813)593,388

Operating income

75,1592,646

132

77,937685

78,622

99

78,721(1) Outside customers(2) Inter-segment593,388

Note: *1. Other means the category which is not included into any business segment reported. It consists of realestate lease, etc.
*2. Adjustment of segment income refers to elimination of intersegment transaction.
*3. Operating income for segment is adjusted on operating income on the quarterly consolidated
statements of income.
( Significant Subsequent Event)Not Applicable-11-

July 31, 2014
Fuji Heavy Industries Ltd.

< Reference for the 1st Quarter of FYE2015 Consolidated Financial Results >(Yen in 100 Millions, Units in Thousands)
FYE2014 Q1

RESULTSFYE2015 1st Qtr

FORECASTS
FYE2015 1st Half

FORECASTS
FYE2015 Full Year2013. 4-6

2014.4.1－－6.30

2014.4.1－－9.30

2014.4.1－－2015.3.31

RESULTS

ChangeNet sales
Japan
Overseas

Operating income
Profit margin (%)

Ordinary income
Profit margin (%)

Net income
Profit margin (%)

JPY/US$
JPY/EUR

Capital expenditures
Depreciation and amortization
R&D expenses
Interest bearing debts

Change%Change

%

5,934

465

8.5

13,000

1,744

15.5

27,200

3,119

13.0

1,577
3,892
696

1,162
4,772
787

(416)
880
91

(26.3)
22.6
13.0

3,426
9,574
1,600

120
1,623
93

3.6
20.4
6.2

7,032
20,168
3,400

311
2,807
135

4.6
16.2
4.1

161

24.9

1,560

98

6.7

3,300

156

4.9

84

4.1

12.7

13.3

645

806

11.8

13.6

485

522

8.9

8.8

Change Factors
in Operating income

Exchange rates

%

5,469

98/US$
127/EUR
124
133
128
2,967

Performance description

12.3

12.5

12.0

38

7.8

1,010

12.1

12

1.2

7.8

Gain on currency
exchange
Improvements onmodel mix, etc
Cost reduction
effort, etc
Increase in SG&A
exp, etc
Increase in R&D
exp
102/US$
141/EUR

92
80
30
(80)
(31)

7.9

Improvements onmodel mix, etc
Gain on currency
exchange
Cost reduction
effort, etc
Increase in SG&A
exp, etc
Increase in R&D
exp
100/US$
135/EUR

280
127
159
2,574

2,150

473
47
30
(394)
(63)

Improvements onmodel mix, etc
Cost reduction
effort, etc
Increase in SG&A
exp, etc
Increase in R&D
exp
Loss on currency
exchange
100/US$
135/EUR

680
290
360
2,500

920
70
(679)
(139)
(37)

1,200
660
740
2,400

- Net sales, operating income and- Net sales and all profits toordinary income increased for 3rd
increase for 3rd straight yr.
straight yr.

- Net sales and all profits toincrease for 3rd straight yr.

- Net income increased for 2nd
straight yr.

- Full-year record unit sales, net
sales and all profits- 1st-half record unit sales, net
sales and all profits- 1st-qtr record unit sales, net
sales and all profits

U.S.

41
29
12
150
116
10
6
19
191
197
153
44

27
20
7
166
123
11
16
17
194
211
169
42

(14)
(8)
(5)
16
7
1
10
(3)
3
14
16
(2)

(33.2)(29.1)(43.2)
10.7
6.4
12.5
175.0
(13.0)
1.3
6.9
10.5
(5.6)

Automobile

5,133

5,551

418

8.1

Aerospace

243

292

49

20.2

Industrial Products

77

75

(3)

(3.4)

Other

16

16

(0)

(0.2)

Automobile

649

752

103

15.8

Unit sales (Japan)
Passenger Cars
Minicars

Unit sales (Overseas)
North America
EuropeChina
Other

Unit sales total
Production units total
Japan

Net sales bybusiness segment

Operating income bybusiness segment

Aerospace

39

26

(12)

(31.9)

Industrial Products

2

1

(0)

(12.0)

Other

6

7

1

17.1

93
71
23
346
256
28
28
35
439
434
342
92

6
9
(3)
40
28
5
9
(2)
46
43
32
11

6.7
14.2
(11.6)
13.2
12.3
24.8
45.4
(4.9)
11.8
11.1
10.3
13.9

195
144
51
721
531
60
57
74
916
910
702
209

13
18
(4)
78
53
13
12
(0)
91
97
52
45

Elimination &1
1(0)(13.9)
Corporate* Exchange Rates are the rates used for FHI's non-consolidated sales recording.
* Unit Sales include retail sales of Japanese consolidated dealers, wholesale sales of overseas consolidated distributors, and deliveries from FHI to non-consolidated
distributors/dealers.
* Production in Japan includes production of the 86/FR-S models for Toyota.
< Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various risks anduncertainties that could cause actual results to vary materially. >

7.3
13.9
(7.8)
12.1
11.0
26.6
27.8
(0.2)
11.0
11.9
8.0
27.7

FHI Announces First Quarter Consolidated Financial Results for FYE2015
Tokyo, July 31, 2014 - Fuji Heavy Industries Ltd. (FHI), the manufacturer of Subaru automobiles, today announced its
consolidated financial results for the first quarter of fiscal year ending March 31, 2015.

< 1st Quarter Results: Consolidated Net Sales >Subaru’s Japan sales fell 33.2% from a year ago to 27,000 units due to the consumption tax hike, posting a decrease inboth passenger car and mini car sales. Overseas sales rose 10.7% to 166,000 units led by North American sales growthof 6.4% to 123,000 units as the Forester maintained its momentum and the all-new WRX series got off to a strong start.
In total, Subaru’s global sales increased 1.3% to 194,000 units.
Due to the unit sales growth, foreign exchange gains and other factors, FHI’s consolidated net sales rose 8.5% from ayear earlier to 593.4 billion yen.
Net sales, overseas unit sales and global unit sales marked all-time records for the first quarter.

(*1)< 1st Quarter Results: Consolidated Profit and Loss >As increases in costs such as SG&A expenses associated with unit sales increase and R&D spending for future growth
were covered by exchange rate gains, unit sales mix/volume improvements, cost reduction progress and other factors,
operating income rose 13.0% to 78.7 billion yen and ordinary income grew 24.9% to 80.6 billion yen. Net income was up
7.8% to 52.2 billion yen.
Operating income, ordinary income and net income posted all-time records for the first quarter.

(*1)< FYE2015 Full-Year Forecasts >Full-year forecasts for FYE2015 remain unchanged from the previous announcement of May 9, 2014.
Forecasts for FYE2015 (Announced on May 9, 2014)
Net sales: 2,720 billion yen
Operating income: 340 billion yen
Ordinary income: 330 billion yen
Net income: 215 billion yen
Currency rate assumptions: 100 yen/US$, 135 yen/euro*1: Since fiscal year ended March 2004 - the year FHI started quarterly consolidated financial reporting.
Forward-looking statements in this document including financial and other forecasts are based on the information available at the timeof the announcement and are subject to various risks and uncertainties that could cause actual results to vary materially.

###