Consolidated Financial Results
For the First Quarter of the Fiscal Year Ending March 31, 2013
(Japan GAAP)
August 3, 2012
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 10, 2012
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 2013(April 1, 2012 to June 30, 2012)(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 of
428,895
42.8%
17,332
62.5%
19,12863.6%
16,354 (42.5%)
FY2013
1st Quarter of
300,393(18.9%)
10,668(52.9%)
11,691(51.7%)
28,45448.7%
FY2012
Note: Comprehensive income 1st Quarter of FY2013: 9,183 million yen ((67.8%)) 1st Quarter of FY2012: 28,530 million
yen (166.2%)
Net income
per share, basic (Yen)
1st Quarter of
FY2013
1st Quarter of
FY2012

Net income per share,
diluted (Yen)

20.95

－

36.47

－

(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
FY2013

1,353,769

457,276

33.7%

FY2012

1,352,532

451,60733.3%

Reference: Shareholders’ equity

As of June 30, 2012: 455,956 million yen As of March 31, 2012: 450,302 million yen

2. Dividends
Cash dividends per share (yen)Year-end
2nd Quarter
3rd Quarter
－
4.50
4.50

Annual
1st Quarter－
FY 20129.00－
FY 2013－
FY 2013 (Forecast)
4.50
4.50
9.00
Note: Revision of the forecasts in the first 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

Operating income

Ordinary income

Net income

Net income pershare,basic(Yen)

1st half

910,000

38.9%

32,00070.6%

30,00039.1%

23,000(29.8%)

29.47

Full year

1,860,000

22.6%

67,00052.4%

63,00069.0%

48,000

24.8%

61.50

Note: Revision of the forecasts at the timing of announcement of the results of first quarter of the fiscal year ending March 31, 2013: No

4. Others(1) Changes of significant subsidiaries in the first 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 June 30,2012:

782,865,873 shares

As of March 31,2012:

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

As of June 30,2012:

2,405,350 shares

As of March 31,2012:

2,406,736 shares[3] Average number of shares( for three month period )1st Quarter of FY2013:

780,459,549 shares

1st Quarter of FY2012:

780,261,681 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) Qualitative Information on Projection for Current Fiscal Year" on page 4.

Index of the attachments
1. Qualitative Information on Quarterly Consolidated Operating 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 first 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 (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) Notes on Premise of Going Concern ············································································································· 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 first quarter of the current fiscal year rose ¥128.5 billion (42.8%) fromthe same period of the previous fiscal year to ¥428.9 billion mainly due to higher automobile unit sales.
Regarding the profit, operating income increased ¥6.7 billion (62.5%) from the same period of theprevious fiscal year to ¥17.3 billion and ordinary income increased ¥7.4 billion (63.6%) from the same
period of the previous fiscal year to ¥19.1 billion, reflecting the higher sales. Net income for the quarter
declined ¥12.1 billion (42.5%) from the same period of the previous fiscal year to ¥16.4 billion,
reflecting the absence of an extraordinary gain of ¥26.1 billion posted the year earlier in connection
with the sale of the Shinjuku Subaru Building.
[Results by Business Segment]
Results for the current consolidated first quarter period by business segment are as described below.
[1] Automobile Division
Unit sales of Subaru passenger cars in Japan increased 2 thousand (13.1%) units compared with thesame period of the previous fiscal year to 18 thousand units. This gain was due to continued robust
sales of the Impreza and the Subaru BRZ launched in the second half of the previous fiscal year as wellas higher unit sales of the Legacy which received minor facelifts in May, such as implementation of thedirect injection turbo engine.
On the other hand, minicars saw unit sales fall 2 thousand (12.9%) units compared with the same
period of the previous fiscal year to 13 thousand units as weak sales of the Sambar could not be coveredby favorable sales of mini-passenger cars.
As a result, total unit sales in Japan increased 0.1 thousand (0.3%) units compared with the same
period of the previous fiscal year to 31 thousand units.
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 28 thousand (46.9%) units from the same period of theprevious fiscal year to 89 thousand units, sales in Europe including Russia increased 9 thousand(95.3%) units from the same period of the previous fiscal year to 18 thousand units, sales in Australia
increased 5 thousand (70.0%) units from the same period of the previous fiscal year to 12 thousand
units, sales in China increased 5 thousand (81.0%) units from the same period of the previous fiscal
year to 11 thousand units, and sales in other regions increased 0.4 thousand (9.4%) units from the same
period of the previous fiscal year to 5 thousand units.
As a result, the sales in overseas markets were 135 thousand units, an increase of 47 thousand(54.2%) units from the same period of the previous fiscal year.
The combined unit sales for Japan and overseas markets amounted to 166 thousand units, an increaseof 48 thousand (40.2%) units from the same period of previous fiscal year.
Overall net sales increased ¥123.9 billion (45.5%) from the same period of the previous fiscal year to¥396.3 billion, and segment income increased ¥6.0 billion (62.5%) from the same period of theprevious fiscal year to ¥15.6 billion.
[2] Aerospace Division
Deliveries to the Japan Ministry of Defense saw higher sales of Unmanned Reconnaissance Systems
and the fixed-wing patrol aircraft P-1, but mainly due to the contract expiry for the multi-purpose
helicopter UH-1J, net sales declined from the same period of the previous fiscal year.
Sales to the commercial sector rose compared with the same period of the previous fiscal year due tohigher sales of Boeing 777 and Boeing 787 aircraft.
As a result, overall net sales increased ¥1.5 billion (9.1%) compared with the same period of theprevious fiscal year to ¥18.4 billion. Segment income fell ¥0.5 billion (69.5%) compared with the same2

period of the previous fiscal year to ¥0.2 billion mainly due to effects related to the sales mix.
[3] Industrial Products Division
Lower engine sales at the North American sales subsidiary caused net sales to decline ¥0.3 billion(2.9%) compared with the same period of the previous fiscal year to ¥8.4 billion. Segment income
increased ¥0.3 billion compared with the same period of the previous fiscal year to ¥0.3 billion owing
to an enhanced sales mix.
[4] Other Businesses
Net sales increased ¥3.4 billion (138.0%) compared with the same period of the previous fiscal year
to ¥5.8 billion mainly thanks to the delivery of four large-scale wind-power generation systems andhigher unit sales of the sanitation truck Fuji Mighty than the year earlier. Segment income increased¥0.8 billion (330.4%) compared with the same period of the previous fiscal year to ¥1.1 billion.
(2) Qualitative Information on Consolidated Financial Position[1] Assets, Liabilities, and Net Assets
Total assets at the end of the first quarter of the current fiscal year were ¥1,353.8 billion, reflecting an
increase of ¥1.2 billion from the end of the previous fiscal year. This was mainly due to ¥11.0 billion
reduction in notes and accounts receivable-trade and an increase in overall assets from newly
consolidated overseas sales subsidiaries.
Total liabilities decreased ¥4.4 billion compared with the end of the previous fiscal year to ¥896.5
billion. This was mainly due to ¥20.0 billion redemption of bonds and ¥10.0 billion from issuance ofbonds.
Net assets increased ¥5.7 billion compared with the end of the previous fiscal year to ¥457.3 billion.
This was mainly due to a ¥12.8 billion increase in retained earning as the same amount of net income
for the period was posted.
[2] Cash Flows
Cash and cash equivalents at the end of the first quarter of the current fiscal year (hereinafter “Cash”)
totaled ¥274.5 billion.
(Net cash provided by operating activities)
Net cash provided by operating activities was ¥39.3 billion (compared with ¥19.7 billion used inoperating activities in the same period of the previous fiscal year). Main factors were ¥19.0 billion inincome before income taxes and minority interests and ¥16.6 billion decrease in notes and accounts
receivable-trade.
(Net cash used in investment activities)
Net cash used in investing activities was ¥17.2 billion (compared with ¥27.5 billion provided byinvesting activities in the same period of the previous fiscal year). Main factors included ¥12.0 billion
in expenditures for the purchase of property, plant and equipment (net basis against proceeds from salesof property, plant and equipment).
(Net cash used in financing activities)
Net cash used in financing activities was ¥24.3 billion (compared with ¥62.4 billion provided byfinancing activities in the same period of the previous fiscal year). Main factors included ¥10.0 for theredemption of bonds (net basis against proceeds from issuance of bonds) and ¥9.2 billion decrease in
short-term loans payable.

3(3) Qualitative Information on Projection for Current Fiscal Year
The projections for the fiscal year ending March 2013 remain unchanged from the projections
released on May 8, 2012.
The projections of consolidated results for the first half of the fiscal year ending March 2013 and forthe full fiscal year ending March 2013 assume the following foreign exchange rates.
<For the first half of the fiscal year>¥80/US$ (previously ¥80/US$), ¥102/EUR (previously ¥105/EUR)<For the full fiscal year>¥80/US$ (previously ¥80/US$), ¥99/EUR (previously ¥105/EUR)
2. Notes on Summary Information(Others)(1) Changes of significant subsidiaries in the first 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 2012in accordance 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 first quarter of fiscal year 2013 was slight.

4

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance SheetASSETSⅠ 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

FY2012(as of March 31, 2012)(Unit: Millions of yen)
1st Quarter of FY2013(as of June 30, 2012)

237,614117,062
21,86531,635
121,686
56,14333,715
17,39978,78848,019(1,395)762,531

146,828
106,11121,553
147,311
119,805
52,32032,282
18,28584,22342,334(1,599)769,453

113,359
99,222
171,920

111,843
96,835
172,639

12,361

20,05812,023
17,206
426,091

13,802
17,384
432,561

11,818
11,818

12,11012,11077,714
1,873
76,089(3,584)
152,092590,001
1,352,532

69,014
3,567
70,678(3,614)
139,645584,316
1,353,769

LIABILITIESⅠ Current liabilities
Notes and accounts payable-trade
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

FY2012(as of March 31, 2012)(Unit: Millions of yen)
1st Quarter of FY2013(as of June 30, 2012)

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

239,620
79,72024,906
10
2,528
61,40524,901
28,4103,327
4,158
80,657549,642

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

14,070219,385
20,592
34,598411
57,795
346,851
896,493

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

153,795
160,071
201,379(1,259)513,986

18,966

15,830(69,809)(73,860)(50,843)(58,030)

1,305
451,607
1,352,532

1,320
457,276
1,353,769

(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
Loss on disaster
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

FY2012(April 1, 2011 toJune 30, 2011)
300,393
236,003
64,39053,722
10,668(Unit: Millions of yen)
FY2013(April 1,2012 toJune 30, 2012)
428,895
343,40785,48868,156
17,332

262
308
456
129
1,715
759
3,629

319
282
72
153
8,872
186
9,884

908
638
1,060
2,606
11,691

911
6,580
597
8,088
19,12826,325146
1126,482

58
326
4
388

173
5,704
26
5,903
32,2703,800
28,47016
28,454

412
－
111
523
18,993
2,623
16,37016
16,354

Quarterly Consolidated Statements of Comprehensive Income(for three month period)(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 toJune 30, 2011)
June 30, 2012)
Income before minority interest
28,47016,370
Other comprehensive income
1,727(3,136)
Valuation difference on available-for-sale securities(1,825)(4,133)Foreign currency translation adjustment
Share of other comprehensive income of158
82
associates accounted for using equity method
60(7,187)
Total other comprehensive income
Comprehensive income
28,5309,183Comprehensive income attributable toComprehensive income attributable to owners of
28,5169,167
the parent
Comprehensive income attributable to minority
14
16
interests8

(3) Quarterly Consolidated Statements of Cash Flows(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to(April 1,2012 toJune 30, 2011)
June 30, 2012)
ⅠNet cash provided by (used in) operating activities
Income before income taxes and minority interests

32,27018,993

Depreciation and amortization

12,907

13,327

Increase (decrease) in provision for bonuses

8,227

8,374

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

(639)

173

(578)

486

(146)

486

Interest and dividends income

(570)

(601)

Interest expenses

908

911

Loss (gain) on valuation of derivatives(1,715)(8,872)Equity in (earnings) losses of affiliates

(456)

(72)

Loss (gain) on sales and retirement of noncurrent assets(26,152)354

Decrease (increase) in notes and accounts receivable-trade(5,704)

16,624

Decrease (increase) in inventories(8,745)

7,307

Increase (decrease) in notes and accounts payable-trade(21,372)(11,627)

Decrease (increase) in lease investment assets

913

312

Decrease (increase) in operating loans receivable
Decrease (increase) in vehicles and equipment on
operating leases
Increase (decrease) in deposits received(820)(3,526)

1,268(9,206)

3,347

8,489

Other, net(9,377)

4,263

Subtotal(16,434)

46,195Interest and dividends income received

614

626

Interest expenses paid

(806)

(941)

Income taxes (paid) refund(3,093)(6,538)Net cash provided by (used in) operating activities(19,719)

39,342

Purchase of short-term investment securities(1,151)(2,035)

Proceeds from sales of short-term investment securities

1,106

1,037

Purchase of property, plant and equipment(8,375)(12,435)

Proceeds from sales of property, plant and equipment

34,097483

Purchase of intangible assets

(713)

(908)

Purchase of investment securities(4,423)(2,313)

Proceeds from sales of investment securities

3,633

3,157

Payments of loans receivable(19,885)(24,619)

Collection of loans receivable

21,90523,588Other, net

1,320(3,192)

Net cash provided by (used in) investing activities

27,514(17,237)

Ⅱ Net cash provided by (used in) investing activities

9(Unit: Millions of yen)
FY2012FY2013(April 1, 2011 to (April 1,2012 toJune 30, 2011)
June 30, 2012)
Ⅲ Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable

12,115(9,215)

Proceeds from long-term loans payable

75,670－

Repayments of long-term loans payable(1,947)(1,588)－10,000

Redemption of bonds(20,000)(20,000)

Cash dividends paid

(3,277)(3,306)

Other, net

(194)

(207)

Net cash provided by (used in) financing activities

62,367(24,316)

Ⅳ Effect of exchange rate change on cash and cash equivalents(836)(2,672)

Ⅴ Net increase (decrease) in cash and cash equivalents

69,326(4,883)

Ⅵ Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Ⅶ Cash and cash equivalents at end of period

227,704

258,08432

21,320297,062

274,521

Proceeds from issuance of bonds

10

(4) Notes on Premise of Going Concern
FY2013 (April 1, 2012 to June 30, 2012)
Not Applicable(5) Changes in the Scope of Consolidation and Application of the Equity Method
FY2013 (April 1, 2012 to June 30, 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 June 30, 2012)
Not Applicable(7) Explanatory Note
(Quarterly Consolidated Statement of income)
FY2012 (April 1, 2011 to June 30, 2011)(Extraordinary income)Gain on sales of noncurrent assets includes 26,143 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.

11

(8) Segment Information
Information on sales and income(loss) by business segment reported
1st Quarter of FY 2012 (April 1, 2011 to June 30, 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(1) Outside customers(2) Inter-segment
Total sales
Operating income

272,459

16,8608,628

297,9472,446

300,393－

300,393

649

－

22

671

3,095

3,766

(3,766)－273,108

16,8608,650

298,618

5,541

304,159(3,766)300,393

9,605

747

27

10,379250

10,62939

10,668

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.
1st Quarter of FY 2013 (April 1, 2012 to June 30, 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
396,310

18,3868,377

423,073

5,822

428,895－

428,895

848

－

16

864

3,512

4,376

(4,376)－

Total sales

397,158

18,386

8,393

423,937

9,334

433,271(4,376)

428,895

Operating income

15,606228309

16,143

1,076

17,219113

17,332(1) Outside customers(2) Inter-segment

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 wind turbine generator system business)
Fuji Heavy Industries, Ltd. has assigned wind turbine generator system business to Hitachi, Ltd. on July 1,
2012.

1.

Outline of the business assignment(a) Name of assignee
Hitachi, Ltd.
(b) Assigned businessWind turbine generator system business(c)Reason for the assignment
FHI will concentrate on its management resources to other divisions including the Subaru
automotive business.
(d) Date of the assignment
July 1, 2012(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.

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 assigned business recorded in quarterly consolidated statement ofincome in the first quarter of fiscal year 2013.
1st quarter
Net sales:

3,252 million yen

13August 3, 2012
Fuji Heavy Industries Ltd.

<Reference for the 1st Quarter of FY2013 Consolidated Financial Results>(in 100 millions of yen)

RESULTSRESULTSFORECASTS(in thousands of units)

1st Qtr FY2012

1st Qtr of FY2013

1st Half of FY2013

FY2013Apr-Jun 2011

Apr - Jun 2012

Apr - Sep 2012

Apr 2012 - Mar 2013

Net Sales

Change%FORECASTS

Change

%

2,550

38.9

Change%18,600

3,429

22.6

3,004

4,289

1,285

42.8

9,100

Domestic

988

1,427

438

44.3

3,129

884

39.4

6,278

1,293

25.9

Overseas

2,016

2,862

847

42.0

5,971

1,666

38.7

12,322

2,136

21.0

107

173

67

62.5

320

132

70.6

670

230

52.4

257

69.0

95

24.8

514

Operating Income
Margin Percentage

Ordinary Income
Margin Percentage

117

191

285

164

74

63.6

300

(121)

(42.5)

230

Improvements on sales volume
and model mix, etc.

334

3.6
84

39.1

630

(98)

(29.8)

480

Improvements on sales volume
and model mix, etc.

483

Improvements on sales volume
and model mix, etc.

3.3

3.8

9.5

Operating Income change factors

Exchange rates

3.5

4.5

3.9

Net Income
Margin Percentage

4.0

3.6

3.4

2.5

2.6

Cost reduction effort, etc.

40

Cost reduction effort, etc.

157

Cost reduction effort, etc.

263

Increase in SG&A exp., etc.

(246)

Increase in SG&A exp., etc.

(423)

Increase in SG&A exp., etc.

(497)

Loss on currency exchange(37)

Increase in R&D exp.

(47)

Increase in R&D exp.

Increase in R&D exp.

(24)

Loss on currency exchange(38)

Loss on currency exchange

(49)
(1)

YEN/US$

82 yen/US$

81 yen/US$

80 yen/US$

80 yen/US$

YEN/EURO

117 yen/euro

106 yen/euro

102 yen/euro

99 yen/euro

Capital expenditures

140

113

360

720

Depreciation and amortization

116

119

260

600

R&D expenses

106

130

276

530

3,381

3,400

3,300

- All-time record Net Sales- All-time record Net Sales- All-time record Net Sales

3,965Interest bearing debts
Performance of operation- 1st Net Sales increase in 2 yrs.

- 1st Net Sales increase in 2 yrs.

- 1st Net Sales increase in 2 yrs.

- 1st Net Income decrease in 2 yrs.

- Net Income decrease for 2nd straight yr.

- 1st Net Income increase in 2 yrs.

31

31

0

0.3

75

3

3.6

145

(27)

Passenger Cars

16

18

2

13.1

47

12

32.1

95

15

18.4

Minicars

15

13

(2)

(12.9)

28(9)(24.3)

51(42)(45.2)

88

135

47

54.2

281

87

45.2

575

108

23.1

North America

61

89

28

46.9

180

51

40.1

356

47

15.3

Europe

9

18

9

95.3

40

20

98.0

82

28

50.1

China

6

11

5

81.0

28

9

48.5

62

14

28.4

Domestic unit sales

Overseas unit sales

OthersTotal unit sales
Production Units Total
Japan

12

17

5

45.7

33

7

27.0

75

19

35.0

118

166

48

40.2

356

90

33.8

721

81

12.7

111

182

71

63.7

365

119

48.2

768

129

20.2

78

137

59

75.7

278

100

56.3

598

130

27.9

87

19

27.1

169

(1)

(0.9)

33

45

12

35.9

Net sales

Automobile

2,725

3,963

1,239

45.5

by business

Aerospace

169

184

15

9.1

Industrial Products

86

84

(3)

(2.9)

Other

24

58

34

138.0

Operating income

Automobile

96

156

60

62.5

by business

Aerospace

7

2

(5)

(69.5)

Industrial Products

0

3

3

1,044.4

Other

3

11

8

330.4

Elimination andCorporate

0

1

1

189.7

U.S.

segment

segment(15.6)- Exchange rate is the non-consolidated sales rate of FHI.
- Figures of Total Unit Sales are the sum of retail sales units of the Japanese subsidiary dealers,
wholesale units of the overseas subsidiary distributors, and wholesale units of FHI to other distributors/dealers* The earnings forecasts are based on the information available at the time of the announcement and actual results may vary due to various risk and uncertainty factors.

FHI Announces First Quarter Financial Results for FY 2013
Tokyo, August 3, 2012 - Fuji Heavy Industries Ltd. (FHI), the maker of Subaru automobiles, today announced its
financial results for the first quarter of fiscal year ending March 31, 2013.

< 1st Quarter Consolidated Results: Net Sales >Led by the all-new Impreza, Subaru vehicle sales in overseas were up from a year ago in almost every market including
the U.S. where April-June sales posted an all-time record* of 82,000 units. The strong demand for new models andrecovery from last year’s production plunge caused by the major earthquake drove the total overseas sales to jump
54.2% to 135,000 units. In Japan, while minicar sales declined, passenger car sales rose with the introduction of the
all-new Impreza and facelifted Legacy and the March debut of the Subaru BRZ, resulting in the total Japan sales of
31,000 units, up 0.3% over the prior year. In total, Subaru’s global vehicle sales increased 40.2% from a year earlier
to166,000 units, setting the brand’s all-time record* for April-June period.
Led by the strong vehicle sales, FHI’s consolidated net sales grew 42.8% to 428.9 billion yen, the company’s record net
sales* for the fiscal first quarter.
< 1st Quarter Consolidated Results: Profit and Loss >While the new model launches increased expenses such as SG&A and manufacturing fixed costs, the net sales growth
pushed operating income to rise 62.5% to 17.3 billion yen and ordinary income to grow 63.6% to 19.1 billion yen. Net
income was 16.4 billion yen, a 42.5% decline from a year ago mainly due to last year’s extraordinary income of 26.1
billion yen from the sale of FHI’s head-office building.
< FY 2013 Forecasts >In light of uncertainties including the ongoing yen appreciation, European economies and possible sales drop in Japanafter the end of the government’s eco-friendly car subsidy program, FHI maintain the full-year earnings outlook forfiscal 2013 unchanged from the forecasts announced on May 8, 2012.
Currency rate assumptions: 80 yen/US$, 99 yen/euro
FY 2013 Forecasts (Announced on May 8, 2012)
Net sales: 1,860 billion yen
Operating income: 67 billion yen
Ordinary income: 63 billion yen
Net income: 48 billion yen
Currency rate assumptions: 80 yen/US$, 105 yen/euro* Best records since fiscal year ended March 2005 - the year FHI started quarterly financial reporting.

Forward-looking statements in this document including the earnings forecasts are based on the information available atthe time of the announcement and are subject to various risk and uncertainty factors that could cause actual results varymaterially.
###