Consolidated Financial Results
For the Third Quarter of the Fiscal Year Ending March 31, 2013
(Japan GAAP)
February 6, 2013
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: February 14, 2013
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 Third Quarter of Fiscal Year 2013(April 1, 2012 to December 31, 2012)(1)Consolidated Results of Operations(for nine 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

3rd Quarter of
1,370,725
33.2%
73,368163.4%
63,427120.9%
53,13644.6%
FY20133rd Quarter of
1,029,407(12.4%)
27,854(62.1%)
28,713(61.6%)
36,756 (37.1%)
FY2012
Note: Comprehensive income 3rd Quarter of FY2013: 64,747 million yen (130.7%) 3rd Quarter of FY2012: 28,071
million yen ((30.8%))
Net income
per share, basic (Yen)
3rd Quarter of
FY20133rd Quarter of
FY2012

Net income per share,
diluted (Yen)

68.08

－

47.10

－

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

3rd Quarter of
FY2013

1,440,595

508,92435.2%

FY2012

1,352,532

451,60733.3%

Reference: Shareholders’ equity As of December 31, 2012: 507,546 million yen As of March 31, 2012: 450,302 million
yen

2. Dividends
Cash dividends per share (yen)Year-end
Annual
1st Quarter
2nd Quarter
3rd Quarter
－
4.50
－
4.50
9.00
FY 2012－5.00－
FY 20135.00
10.00
FY 2013 (Forecast)
Note: Revision of the forecasts in the third quarter of the fiscal year ending March 31, 2013: No

3. Projection of Consolidated Results for Fiscal Year 2013 (April 1, 2012 to March 31, 2013)(In Japanese yen rounded to million, except for per share figures, percentage figures indicate a change from the previous fiscal year / period)

Net sales
Full year

1,890,000

24.6%

Operating income

Ordinary income

107,000

99,000143.4%

165.6%Net income
76,00097.6%

Net income pershare,basic(Yen)
97.38

Note: Revision of the forecasts at the timing of announcement of the results of third quarter of the fiscal year ending March 31, 2013:Yes4. Others(1) Changes of significant subsidiaries in the third quarter of fiscal year 2013

: 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: Yes[2] Changes due to other reasons: No[3] Changes of estimation due to accounting issues: Yes[4] Restatements: No(Note) Since the beginning of the first quarter of fiscal year 2013, depreciation method for fixed assets has been changed and thischange corresponds to "Changes in accounting policies for items that are difficult to categorize as changes in accounting estimates".

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

As of December 31,2012:

782,865,873 shares

As of March 31,2012:

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

As of December 31,2012:

2,418,655 shares

As of March 31,2012:

2,406,736 shares[3] Average number of shares( for nine month period ）3rd Quarter of FY2013:

780,456,691 shares

3rd Quarter of FY2012:

780,381,306 shares(including treasury stock)*The status of the implementation of the third quarterly review
The third 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) Qualitative Information on Projection for Current Fiscal Year" on page 4.

Index of the attachments
1. Qualitative Information on Quarterly Financial Results···················································································· 2(1) Qualitative Information on Consolidated Operating Performance ··············································································· 2(2) Qualitative Information on Consolidated Financial Position ························································································ 3(3) Qualitative Information on Projection for Current Fiscal Year ···················································································· 4

2. Notes on Summary Information(Others)············································································································ 4(1) Changes of significant subsidiaries in the third quarter of fiscal year 2013·············································· 4(2) Application of specific accounting for preparing the quarterly consolidated financial statements ························· 4(3) Changes in accounting policies, accounting estimates and restatement of corrections ············································ 4

3. Quarterly Consolidated Financial Statements ······································································································ 5(1) Quarterly Consolidated Balance Sheets ···························································································· 5(2) Quarterly Consolidated Statements of (Comprehensive) Income ····················································· 7
Quarterly Consolidated Statements of Income ········································································································· 7
Quarterly Consolidated Statements of Comprehensive Income ············································································ 8(3) Quarterly Consolidated Statements of Cash Flows(4) Notes on Premise of Going Concern···························································································· 9····················································································································· 11(5) Changes in the Scope of Consolidation and Application of the Equity Method ····················································· 11(6) Notes on Significant Changes in the Amount of Shareholders’ Equity ··········································· 11(7) Explanatory Note ····························································································································· 11(8) Segment Information·················································································································································· 12(9) Significant Subsequent Event·································································································································· 13

11. Qualitative Information on Quarterly Financial Results(1) Qualitative Information on Consolidated Operating Performance
Consolidated net sales for the third quarter of the current fiscal year rose ¥341.3 billion (33.2%) fromthe same period of the previous fiscal year to ¥1,370.7 billion mainly due to higher automobile unit sales.
Regarding the profit, operating income increased ¥45.5 billion (163.4%) from the same period of theprevious fiscal year to ¥73.4 billion and ordinary income increased ¥34.7 billion (120.9%) from the same
period of the previous fiscal year to ¥63.4 billion, reflecting the higher sales. Net income increased ¥16.4
billion (44.6%) from the same period of the previous fiscal year to ¥53.1 billion.
[Results by Business Segment]
Results for the current consolidated third quarter period by business segment are as described below.
[1] Automobile Division
Unit sales of Subaru passenger cars in Japan increased 25 thousand (48.2%) units compared with thesame period of the previous fiscal year to 77 thousand units thanks to a strong rise in sales of Imprezaover the year earlier and contributions to unit sales from Legacy and Subaru BRZ.
On the other hand, minicars saw unit sales fall 27 thousand (44.0%) units compared with the same
period of the previous fiscal year to 35 thousand units as weak sales of minicars for commercial use
could not be covered by robust sales of mini-passenger cars.
As a result, a total of 112 thousand units were sold in Japan for a decrease of 2 thousand (2.0%) units
from the same period of the previous fiscal year.
Overseas sales increased in most of the regions compared with the same period of the previous fiscal
year due to favorable sales centered on the Impreza with additional support from the rebound after theGreat East Japan Earthquake.
By region, sales in North America increased 76 thousand (36.5%) units from the same period of theprevious fiscal year to 283 thousand units, sales in Europe including Russia increased 13 thousand(36.2%) units from the same period of the previous fiscal year to 48 thousand units, sales in Australia
increased 4 thousand (17.2%) units from the same period of the previous fiscal year to 28 thousand
units, sales in China increased 3 thousand (7.2%) units from the same period of the previous fiscal year
to 40 thousand units, and sales in other regions increased 2 thousand (12.4%) units from the same
period of the previous fiscal year to 15 thousand units.
As a result, the sales in overseas markets were 415 thousand units, an increase of 97 thousand(30.5%) units from the same period of the previous fiscal year.
The combined unit sales for Japan and overseas markets amounted to 527 thousand units, an increaseof 95 thousand (21.9%) units from the same period of previous fiscal year.
Overall net sales increased ¥331.3 billion (35.2%) from the same period of the previous fiscal year to¥1,271.7 billion, and segment income increased ¥42.2 billion (167.6%) from the same period of theprevious fiscal year to ¥67.4 billion.
[2] Aerospace Division
Deliveries to the Ministry of Defense posted a decline from the same period of the previous fiscal
year mainly due to the contract expiry for the multi-purpose helicopter UH-1J.
On the other hand, sales to the commercial sector rose compared with the same period of the previous
fiscal year thanks to higher sales of Boeing 777 and Boeing 787 aircraft.
As a result, overall net sales increased ¥8.5 billion (15.5%) compared with the same period of theprevious fiscal year to ¥63.6 billion. Segment income increased ¥2.3 billion (147.2%) compared withthe same period of the previous fiscal year to ¥3.8 billion.

2[3] Industrial Products Division
Net sales fell ¥2.8 billion (11.0%) compared with the same period of the previous fiscal year to ¥22.4
billion mainly due to lower sales of engines and power generators in Japan amid waning reconstruction
demand related to the Great East Japan Earthquake and lower overseas sales of engines. Segment
income decreased ¥0.2 billion (37.3%) compared with the same period of the previous fiscal year to¥0.3 billion.
[4] Other Businesses
Net sales increased ¥4.2 billion (48.0%) compared with the same period of the previous fiscal year to¥13.0 billion mainly due to the transfer of the wind power generation system business to Hitachi, Ltd.
and a rise in unit sales of sanitation truck Fuji Mighty than the year earlier. Segment income increased¥0.8 billion (107.6%) compared with the same period of the previous fiscal year to ¥1.5 billion.
(2) Qualitative Information on Consolidated Financial Position[1] Assets, Liabilities, and Net Assets
Total assets at the end of the third quarter of the current fiscal year were ¥1,440.6 billion, reflecting an
increase of ¥88.1 billion from the end of the previous fiscal year. This was mainly due to a ¥64.5 billion
decrease in cash and deposits, a ¥118.5 billion increase in short-term investment securities, and a newly
added overseas sales subsidiary in the consolidation, resulting in a net increase in total assets.
Total liabilities increased ¥30.7 billion compared with the end of the previous fiscal year to ¥931.7
billion. This was mainly due to a combined ¥5.6 billion increase in notes and accounts payable-trade andelectronically recorded obligations.
Net assets increased ¥57.3 billion compared with the end of the previous fiscal year to ¥508.9 billion.
This was mainly due to a ¥45.7 billion increase in retained earning as the same amount of net income forthe period was posted.
[2] Cash Flows
Cash and cash equivalents at the end of the third quarter of the current fiscal year (hereinafter “Cash”)
totaled ¥304.6 billion.
(Net cash provided by operating activities)
Net cash provided by operating activities was ¥111.3 billion (compared with ¥0.5 billion used inoperating activities in the same period of the previous fiscal year). Main factors included ¥61.7 billion
in income before income taxes and minority interests and ¥20.9 billion decrease in notes and accounts
receivable-trade.
(Net cash used in investment activities)
Net cash used in investing activities was ¥46.7 billion (compared with ¥3.7 billion used in investing
activities in the same period of the previous fiscal year). Main factors included ¥37.1 billion in
expenditures for the purchase of property, plant and equipment (net basis against proceeds from sales ofproperty, plant and equipment).
(Net cash used in financing activities)
Net cash used in financing activities was ¥43.9 billion (compared with ¥30.7 billion provided byfinancing activities in the same period of the previous fiscal year). Main factors included ¥10.0 billion
for the redemption of bonds (net basis against proceeds from issuance of bonds), ¥17.5 billion decreasein short-term loans payable, and ¥8.3 billion in expenditures for the repayment of long-term loans
payable (net basis against proceeds from loans payable).

3

(3) Qualitative Information on Projection for Current Fiscal Year
Consolidated results projections for the full fiscal year ending March 2013, released on October 30,
2012, have been revised up as stated below, taking into account high value of the yen which is being
corrected and increase in automobile unit sales, among other factors.
The projections of full-year consolidated results for the fiscal year ending March 2013 are based onassumed foreign exchange rates of ¥82/US$ (previously ¥79/US$) and ¥105/EUR (previously¥102/EUR). Exchange rate assumptions for the fourth quarter of the current fiscal year are ¥87/US$ and¥114/EUR.
Consolidated Results Forecast for the Fiscal Year Ending March 2013 (April 1, 2012 to March 31, 2013)
Net
OrdinaryNet
Net Sales Operating
IncomeIncomeIncomeIncomeper SharePrevious projection (A)Revised projection (B)Change in amount (B-A)
Percentage change (%)(Supplemental information)
Actual results of theprevious fiscal year
(April 1, 2011 to March 31,
2012)¥ million
1,840,000
1,890,000
50,0002.7¥ million
82,000107,000
25,00030.5¥ million
81,00099,00018,00022.2¥ million
67,00076,000
9,000
13.4

Yen
85.85
97.38

1,517,105

43,95937,27738,45349.27

2. Notes on Summary Information(Others)(1) Changes of significant subsidiaries in the third quarter of fiscal year 2013
(Transfer of subsidiaries resulting in changes in the scope of consolidation)

Not Applicable(2) 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".
(3) Changes in accounting policies, accounting estimates and restatement of corrections(Changes in accounting policies for items that are difficult to categorize as changes in accounting
estimates)
Since the beginning of the first quarter of fiscal year 2013, the Company and domestic consolidated
subsidiaries have changed their depreciation method for fixed assets acquired on or after April, 1 2012 inaccordance with the enacted revisions to the Corporate Tax Law and related tax regulations.
The effect of this change on operating income, ordinary income and before income tax and minority
interest in the third quarter of fiscal year 2013 was slight.

4

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Unit: Millions of yen)
FY2012
3rd Quarter of FY2013(as of March 31, 2012) (as of December 31, 2012)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
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

5

237,614117,062
21,86531,635
121,686
56,14333,715
17,39978,78848,019(1,395)762,531173,090
102,458
21,285150,089
148,91953,01437,183
21,96387,414
43,665(1,482)
837,598

113,359
99,222
171,920

112,329
108,775
172,963

12,361

10,265

12,023
17,206
426,091

14,012
15,828434,172

11,818
11,81812,85012,85077,714
1,873
76,089(3,584)
152,092590,001
1,352,532

81,933
4,385
73,187(3,530)155,975
602,997
1,440,595

(Unit: Millions of yen)
FY2012
3rd Quarter of FY2013(as of March 31, 2012) (as of December 31, 2012)
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 retirement benefits
Provision for directors' retirement benefits
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
Total accumulated other comprehensive
incomeMinority interests
Total net assets
Total liabilities and net assets

6

251,043－
71,04023,78620,0104,600
69,437
16,47828,861
2,841
4,177
69,362561,635

226,262
30,362
71,89425,663
10
5,787
73,9628,511
31,8862,700
3,840
100,440
581,317

4,070
222,074
22,74033,950469
55,987339,290
900,925

14,065211,949
24,457
34,835446
64,602
350,354931,671

153,795
160,071
188,538(1,259)501,145

153,795
160,071
234,256(1,270)546,852

18,96622,397(69,809)(61,703)(50,843)(39,306)

1,305
451,607
1,352,532

1,378
508,924
1,440,595

(2) Quarterly Consolidated Statements of (Comprehensive) Income
Quarterly Consolidated Statements of Income(for nine 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
Foreign exchange gains
Gain on valuation of derivatives
Other
Total non-operating income
Ⅴ Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on valuation of derivatives
Other
Total non-operating expenses
Ordinary income
Ⅵ Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
State subsidy
Gain on sale of loans receivable
Other
Total extraordinary income
Ⅶ Extraordinary loss
Loss on sales and retirement of noncurrent assets
Impairment loss
Loss on disaster
Loss on reduction of noncurrent assets
Provision for loss on transfer of business
Other
Total extraordinary losses
Income before income taxes and minority interests
Total Income taxes
Income before minority interest
Minority interests in income
Net income

7(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 to
December 31, 2011)
December 31, 2012)
1,029,407
1,370,725
826,713
1,091,449
202,694
279,276
174,840
205,908
27,85473,368
817
605
1,151
388
1,023
1,489
1,479
6,952

1,032
779
61
450
－
－
377
2,699

2,878
－
－
3,215
6,093
28,713

2,575
1,552
6,382
2,131
12,64063,427

26,471584－－
122
27,177

465
479
1,725
325
826
3,820

854
63
7,257
－
－
675
8,849
47,041
10,242
36,79943
36,756

1,558
36
－
1,725
936
1,250
5,505
61,742
8,532
53,21074
53,136

Quarterly Consolidated Statements of Comprehensive Income(for nine month period)(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 to
December 31, 2011)
December 31, 2012)
Income before minority interest
36,79953,210
Other comprehensive income
Valuation difference on available-for-sale securities
670
3,431
Foreign currency translation adjustment(9,254)
8,104
Share of other comprehensive income of(144)
2
associates accounted for using equity method
Total other comprehensive income(8,728)
11,537
Comprehensive income
28,07164,747
Comprehensive income attributable toComprehensive income attributable to28,03364,673owners of the parent
Comprehensive income attributable to38
74
minority interests8(3) Quarterly Consolidated Statements of Cash Flows(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 to
December 31, 2011) December 31, 2012)
ⅠNet cash provided by (used in) operating activities
Income before income taxes and minority interests

47,041

61,742

Depreciation and amortization

42,551

43,20763

36(8,166)(8,026)

548

1,594

(209)

(141)

459

740

Interest and dividends income(1,422)(1,811)

Interest expenses

2,878

2,575

Loss (gain) on valuation of derivatives(1,489)6,382

Equity in (earnings) losses of affiliates(1,151)(61)

Loss (gain) on sales and retirement of noncurrent assets(25,617)

1,093

Decrease (increase) in notes and accounts receivable-trade(25,276)

20,885Decrease (increase) in inventories(60,894)(19,753)

Increase (decrease) in notes and accounts payable-trade51,832

3,468

Decrease (increase) in lease investment assets

1,471

580

Decrease (increase) in operating loans receivable
Decrease (increase) in vehicles and equipmenton operating leases
Increase (decrease) in deposits received(10,115)(6,769)

2,580

524

1,994

2,272

Other, net(8,400)14,985

Subtotal

8,678

123,522

Interest and dividends income received

1,613

1,811

Interest expenses paid

(2,752)(2,561)

Income taxes (paid) refund(8,031)(11,488)(492)

111,284

Purchase of short-term investment securities(4,583)(5,844)

Proceeds from sales of short-term investment securities

2,616

3,617

Purchase of property, plant and equipment(34,995)(37,946)

Proceeds from sales of property, plant and equipment

34,392813

Purchase of intangible assets(2,121)(3,373)Purchase of investment securities(11,541)(10,580)

Proceeds from sales of investment securities

10,019

8,672

Payments of loans receivable(62,001)(68,654)

Collection of loans receivable

63,186

67,510

Other, net

1,344

(893)

Net cash provided by (used in) investing activities(3,684)(46,678)

Impairment loss
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for product warranties
Increase (decrease) in provision forloss on construction contracts
Increase (decrease) in provision for retirement benefits

Net cash provided by (used in) operating activities
Ⅱ Net cash provided by (used in) investing activities

9(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 to
December 31, 2011) December 31, 2012)
Ⅲ Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable(11,689)(17,514)

Proceeds from long-term loans payable

79,085

4,868

Repayments of long-term loans payable(9,235)(13,177)－

10,000

Redemption of bonds(20,005)(20,005)

Cash dividends paid

(6,986)(7,362)

(462)

(723)

30,708(43,913)(6,244)

4,547

20,28825,240227,704

258,08432

21,320248,024

304,644

Proceeds from issuance of bonds

Other, net
Net cash provided by (used in) financing activities
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 period10(4) Notes on Premise of Going Concern
FY2013 (April 1, 2012 to December 31, 2012)
Not Applicable(5) Changes in the Scope of Consolidation and Application of the Equity Method
FY2013 (April 1, 2012 to December 31, 2012)(Changes in the Scope of Consolidation)
Since the first quarter of fiscal year 2013, Subaru of China, Ltd. and other 3 companies have been
included into the scope of consolidation due to their increased significance.
(Changes in the Scope of Application of the Equity Method)
Since the first quarter of fiscal year 2013, Subaru of China, Ltd. and the other company have beentransferred from the equity method affiliated companies to the consolidated subsidiaries due to theirincreased significance.
(6) Notes on Significant Changes in the Amount of Shareholders’ Equity
FY2013 (April 1, 2012 to December 31, 2012)
Not Applicable(7) Explanatory Note
(Quarterly Consolidated Statement of income)
FY2012 (April 1, 2011 to December 31, 2011)(Extraordinary income)Gain on sales of noncurrent assets includes 26,137 million yen, the profit related to the sale of Shinjuku
Subaru Building(building and land) co-owned by FHI and Subaru Kosan Co., Ltd., wholly owned
subsidiary of FHI, to Odakyu Electric Railway Co., Ltd.
(Extraordinary loss)
Loss on disaster was caused by Great East Japan Earthquake, and mainly consists of the fixed overheadcorresponding to falling production, etc.
FY2013 (April 1, 2012 to December 31, 2012)(Extraordinary income)
775 million yen of other extraordinary income is mainly the reversal of extraordinary loss (loss on
valuation of inventories) recorded in the prior period relating to the sale of inventories in the aerospacebusiness.
(Extraordinary income)
1,099 million yen of other extraordinary loss is the return of funds received for commissioned researchand subsidies in the clean robot business in the prior period.

11

(8) Segment Information
Information on sales and income(loss) by business segment reported
3rd Quarter of FY 2012 (April 1, 2011 to December 31, 2011)
Business segment reported
Automobiles Aerospace

Industrial
products

SubTotal(Unit: Millions of yen)
Other
*1

Total

Consolidated
Adjustment
Statement of*2
income *3

Net sales
940,383

55,11825,1371,020,638

1,920

－

78

1,998

Total sales

942,303

55,11825,215

Operating income(loss)

25,202

1,533

456(1) Outside customers(2) Inter-segment－

1,029,407

11,300(11,300)－

1,022,636 18,071 1,040,707(11,300)

1,029,407(52)

27,85427,191

8,769 1,029,407
9,302
715

27,906

Note: *1. Other means the category which is not included into any business segment reported. It consists ofgarbage collection vehicles, specialized vehicles, real estate lease, etc.
*2. Adjustment of segment income(loss) refers to elimination of intersegment transaction.
*3. Operating income(loss) for segment is adjusted on operating income on the quarterly consolidated
statements of income.
3rd Quarter of FY 2013 (April 1, 2012 to December 31, 2012)(Unit: Millions of yen)

Business segment reported
Automobiles Aerospace

Industrial
products

SubTotal

Other
*1

Total

Consolidated
Adjustment
Statement of*2
income *3

Net sales(1) Outside customers(2) Inter-segment
Total sales
Operating income

1,271,731

63,641

22,376

2,362

－

21

1,274,093

63,641

22,39767,4453,790

286

1,357,748 12,977 1,370,725
2,383 10,727－

1,370,725

13,110(13,110)－

1,360,131 23,704 1,383,835(13,110)1,370,725

363

73,36871,521

1,484

73,005

Note: *1. Other means the category which is not included into any business segment reported. It consists ofgarbage collection vehicles, specialized vehicles, real estate 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.

12

(9) Significant Subsequent Event(Assignment of garbage collection vehicle business)
Fuji Heavy Industries, Ltd. assigned garbage collection vehicle business to ShinMaywa Industries, Ltd. on
January 1, 2013.
1.

Outline of the business assignment(a) Name of assignee
ShinMaywa Industries, Ltd.
(b) Assigned business
Garbage collection vehicle business(c)Reason for the assignment
FHI will concentrate on its management resources to other divisions including Subaru
automotive business.
(d) Date of the assignment
January 1, 2013(e) Other matter concerning the assignment
With regard to the business assignment, value received is limited for property including cash, etc.

2.

Overview of accounting treatment used for the assignment
The loss on the business assignment was included in the "Provision for loss on transfer of business" inthe fiscal year 2012 and the third quarter of fiscal year 2013.

3.

Business segment reported in which the assigned business was categorized
The assigned business was not categorized in "Business segment reported" and included in "Other".

4.

Estimated amount of sales on the assigned business recorded in the quarterly consolidated statement ofincome in the third quarter of fiscal year 2013.
3rd quarter

Net sales:

3,544 million yen(Conclusion of joint venture agreement )FHI entered into a joint venture agreement with China's auto distributor Pangda Automobile Trade Co.,Ltd. (Pangda) on
January 17, 2013 according to the resolution of the board of directors meeting held on January 16, 2013. Subaru of China,
Ltd. (SOC), presently a wholly-owned subsidiary of FHI, will become a joint venture sales company with Pangda.
1. Purpose of the agreement
FHI aims to strengthen its sales structure and engagement in the local sales activities. Through this initiatives, FHI
intends to enhance its sales performance in Chinese market.
2.

Name of contract partner
Pangda Automobile Trade Co., Ltd.

3.

Date of signing contract
January 17, 201313

4.

Contents of the agreement
With increasing the capital of SOC, SOC will become a joint venture company of Pangda and FHI.
(a) The amount of the investment and the investment ratio after the capital increase
FHI:
1,770 million yen (60%)
Pangda:1,180 million yen (40%)(b) Planned schedule for the capital increase
April 2013

5.

Significant effect on business activities relating to the conclusion of the agreement
As mentioned above, with strengthened sales structure, FHI aims to expand sales in China.
In addition, this conclusion of the agreement will not have any significant effect on the consolidated results for the
fiscal year 2013.

14

February 6, 2013
Fuji Heavy Industries Ltd.

< Reference for the 3rd Quarter of FY2013 Consolidated Financial Results >Yen (100 millions)
Units (thousands)

RESULTSRESULTSRESULTSFORECASTS

FY2012FY2013First 9 Months
2012/4-12

FY2012FY2013Full Year
2012/4-2013/3

First 9 Months

2011/4-12

ChangeNet sales
Japan
Overseas

Operating income%

Change33.2

15,171

18,900

3,729

24.6

18,400

3,375
6,919
279

4,823
8,884
734

1,448

42.9

2,118

20.8

455

163.4

6,596
12,304
1,070

32.3

28.4

4,985
10,186
440

1,611

1,965

630

143.4

6,570
11,830
820

2.7

5.4

2.9

5.7

287

634

990

617

165.6

810

375

97.6

670

2.8

4.6

368

531

3.6

347

120.9

373
2.5

5.2

164

44.6

385

760

3.9

2.5

Improvements on modelmix, etc
Cost reduction effort, etc

Other expenses
JPY/US$

79/US$

JPY/EUR

110/EUR

Unit sales (Japan)

Cost reduction effort, etc

295

31

Gain on currency
exchange163

3

Other expenses

(670)

52

77

62

35

318

415

North America

207

Europe35

China
OthersUnit sales (Overseas)

108/EUR

484
389
356
353
3,688
3,236
- Record high Net Sales- 1st Net Sales increase in 2 yrs.
- 1st Net Income increase in 2 yrs.

Minicars

Increase in SG&A exp,
etc
82/US$
105/EUR

79/US$(19)
79/US$
102/EUR

720
600
481
500
3,410
3,200
- Record high Net Sales and Profits- 1st Net Sales increase in 2 yrs.
- 1st Net Income increase in 2 yrs.

389

Passenger Cars

3.6

212

(602)

(2)

4.0

861

392

112

4.4

811

80/US$
103/EUR114

4.5

Improvements on modelmix, etc

Gain on currency
exchange
Decrease in SG&A exp,
etc

Change Factors
in Operating income

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

%

3,413

Profit margin (%)

Exchange rates

Full Year

2012/4-2013/3

13,707

Profit margin (%)

Net income

2011/4-2012/3

FY2013

10,294

Profit margin (%)

Ordinary income

Full YearPREVIOUSFORECASTS

543

720

537

600

(2.0)

172

160

25

48.2

80

109

(27)

(44.0)

92

51

97

30.5

468

563

283

76

36.5

309

48

13

36.2

55

38

40

3

7.2

6

15.5

(13)

500
3,300

(7.4)

160

29

35.7

108

(41)

(44.8)

52

95

20.4

554

390

81

26.3

382

62

7

12.6

66

48

50

2

3.9

40

56

61

5

9.2

65

38

44

Unit sales total

432

527

95

21.9

640

722

82

12.9

714

Production units total

443

557

115

25.9

639

763

124

19.4

768

325

426

101

30.9

468

582

114

24.3

592

181

11

6.2

176

Japan

Net sales bybusiness segment

Operating incomebybusiness segment

U.S.

118

132

14

12.0

171

Automobile

9,404

12,717

3,313

35.2

13,891

Aerospace

551

636

85

15.5

803

Industrial
Products

251

224

(28)

(11.0)

336

Other

88

130

42

48.0

142

Automobile

252

674

422

167.6

394

Aerospace

15

38

23

147.2

29

Industrial
Products

5

3

(2)

(37.3)

5

Other

7

15

8

107.6

10

Elimination &Corporate

(1)

4

4

-

2

* "Exchange rates": Rates used for FHI's non-consolidated sales recording.
* "Unit sales total" includes retail sales of Japanese consolidated dealers, wholesale sales of overseas consolidated distributors, and deliveries from FHI to non-consolidated
distributors/dealers.
<Forward-looking statements in this document are based on the information available at the time of the announcement and are subject to various risk and uncertainty factors that
could cause actual results to vary materially.>FHI Announces Third Quarter Financial Results for FY2013
Tokyo, February 6, 2013 - Fuji Heavy Industries Ltd. (FHI), the maker of Subaru automobiles, today announced its consolidated
financial results for the third quarter of fiscal year ending March 31, 2013.

< Consolidated Net Sales for Apr-Dec 2012 >Led by the popular Impreza series and other new models, Subaru’s overseas vehicle sales rose 30.5% from a year ago to 415,000
units, with an increase in every market. In Japan, while passenger car sales increased, mini car sales decline led the total Japan sales
to drop 2.0% to 112,000 units. In total, Subaru’s global vehicle sales rose 21.9% from a year earlier to 527,000 units, setting thebrand’s all-time record (*1) for April-December period.
Propelled by the strong vehicle sales, FHI’s consolidated net sales grew 33.2% to 1,370.7 billion yen, hitting a record high (*1) for
the fiscal nine months period.
*1: Since fiscal year ended March 2005 - the year FHI started quarterly consolidated financial reporting.

< Consolidated Profit and Loss for Apr-Dec 2012 >While the new model launches increased expenses such as SG&A and manufacturing fixed costs, improvements on product mix,
cost reduction efforts and other factors pushed operating income to jump 163.4% to 73.4 billion yen. Ordinary income and net
income rose 120.9% to 63.4 billion yen and 44.6% to 53.1 billion yen, respectively.

< FY2013 Full-Year Forecasts >As the annual vehicle sales projection has been raised from the previous forecast by 8,000 to 722,000 units and net sales are
expected to be pushed higher by the recent depreciation of the yen, the full-year earnings forecasts for FY2013 are revised upwardwith record high figures (*2) of net sales at 1,890 billion yen, operating income at 107 billion yen, ordinary income at 99 billion yen
and net income at 76 billion yen.
Currency rate assumptions: 82 yen/US$, 105 yen/euro*2: Since fiscal year ended March 1986 - the year FHI started full-year consolidated financial reporting.

FY2013 Previous Forecasts (Announced on October 30, 2012)
Net sales: 1,840 billion yen
Operating income: 82 billion yen
Ordinary income: 81 billion yen
Net income: 67 billion yen
Currency rate assumptions: 79 yen/US$, 102 yen/euroForward-looking statements in this document including the earnings forecasts are based on the information available at the time of theannouncement and are subject to various risk and uncertainty factors that could cause actual results to vary materially.

###