Consolidated Financial Results
For the First Quarter of the Fiscal Year Ending March 31, 2010
Jul. 31, 2009
Company Name
: Fuji Heavy Industries Ltd. (Tokyo Stock Exchange First Section, Code No.: 7270)
URL: http://www.fhi.co.jp/english/ir/
Representative: Ikuo Mori, President and CEO
Contact for Inquiries: Toshimasa Nakamura, General Manager of Administration Department Phone +81-3-3347-2005
Scheduled date of submitting Quarterly Report: August 7, 2009

(All amounts have been rounded off to the nearest million yen, unless otherwise specified)

1. Consolidated Results for the First Quarter of Fiscal Year 2010(April 1, 2009 to June 30, 2009)(1) Consolidated Results of Operations(In Japanese yen rounded to million, except for per share figures, percentage figures indicate a change from the previous fiscal year / period)

Net sales
1st Quarter of
FY2010
1st Quarter of
FY2009Operating income (loss)

Ordinary income (loss)

Net income (loss)

271,323(20.5%)(19,673)-(19,472)-(19,288)-341,104

-

6,459

-

7,088

-

1,414

-

Net income (loss)
per share, basic (Yen)
1st Quarter of
FY2010
1st Quarter of
FY2009Net income per share,
diluted (Yen)(24.75)

-

1.97

-

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

Total assets

Net assets

1st Quarter of
FY20101,204,173

378,37231.4%

484.68FY20091,165,431

394,71933.8%

505.59Note: Shareholders’ equity As of June 30, 2009: 377,651 million yen As of March 31, 2009: 393,946 million yen

2. Dividends
1st Quarter

Cash dividends per share (yen)2nd Quarter
3rd Quarter
Year-end
4.50
0.00

Annual4.50

FY 2009
FY 2010
FY 2010 (Forecast)
0.00
Note: Revision of the forecasts in the first quarter of the fiscal year ending March 31, 2010：No
Note: For the (projected) dividends of fiscal 2009, we are suspending the payment for the end of the second quarter(interim). A decision regarding the payment of dividends for the end of the term has not yet been made.

3. Projection of Consolidated Results for Fiscal Year 2010 (April 1, 2009 to March 31, 2010)(In Japanese yen rounded to million, except for per share figures, percentage figures indicate a change from the previous fiscal year / period)

Net sales
1st.half

624,000(16.2%)

Operating loss
34,00037,000-Net loss per share,
basic (Yen)

Net loss

Ordinary loss-

44,000-(56.47)(8.7%)
Full year 1,320,000
35,00040,00055,000(70.59)Note: Revision of the forecasts at the timing of announcement of the results of first quarter of the fiscal year ending March 31, 2010：No

1

4. Others(1) Changes of significant subsidiaries in the first quarter of fiscal year 2010

：No

(Transfer of subsidiaries resulting in changes in the scope of consolidation)(2) Application of simple accounting as well as specific accounting for preparing thequarterly consolidated financial statements：Yes

Note: Please refer to the section of “4. Others” of [Qualitative Information, Financial Statements etc.] on page 5.

(3) Changes in accounting policies, procedures and methods of presentation for preparing the quarterly
consolidated financial statements (changes described in the section of "Changes in significant matters forming thebasis of preparing the quarterly consolidated financial statements")[1] Changes due to revisions of accounting standards：No[2] Changes due to other reasons：Yes
Note: Please refer to the section of “4. Others” of [Qualitative Information, Financial Statements etc.] on page 5.

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

As of June 30,2009:

782,865,873 shares

As of March 31,2009:

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

As of June 30,2009:

3,690,600 shares

As of March 31,2009:

3,682,316 shares[3] Average number of shares(for three months period）

1st Quarter of FY2010:

779,179,082 shares

1st Quarter of FY2009:

718,167,674 shares(including treasury stock)

Proper use of forecasts of business results (disclaimer), and other special information
1.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 Fiscal 2010 (From April 1, 2009 to March 31, 2010) ” on page 5
under [Qualitative Information, Financial Statements etc.].
2. For the (projected) dividends of fiscal 2009, we are suspending the payment for the end of the second
quarter (interim). A decision regarding the payment of dividends for the end of the term has not yet been made.
Regarding the dividends for the end of the term, we will make a decision based on a consideration of all
factors, including performance and dividend payout ratio, and will promptly announce the estimated value assoon as possible.

2

[Qualitative Information/Financial Statement]
1. Qualitative Information on Consolidated Operating Performance(1) Business Performance
Net sales were down ¥69.8 billion year, or 20.5% over the same period of the previous fiscal year to ¥271.3
billion, as the current consolidated first quarter accounting period was marked by a significant decline inautomobile sales caused by the across-the-board drop in demand due to the global recession as well as losses oncurrency exchange generated by the strong yen.
Regarding the profit, operating income was down ¥26.1 billion over the same period of the previous fiscal
year resulting in an operating loss of ¥19.7 billion, and ordinary income was down ¥26.6 billion over the same
period of the previous fiscal year resulting in ¥19.5 billion of ordinary loss. These losses were due to the effectsof the significant decline in automobile sales, and in spite of increased profits resulting from reduction ofmaterial costs, and reduction of SG&A and other expenses. In addition, net income was down ¥20.7 billion overthe same period of the previous fiscal year, resulting in a net loss of ¥19.3 billion.
(2) Results by Business Segment
Results for the current consolidated first quarter accounting period by business segment are as described below.
[1] Automobile Division
Total car sales in Japan were 3 thousand units, or 17.9% less over the same period of the previous fiscal year
to 12 thousand total units even though the Legacy, underwent a full-model change for the first time in six
years, enjoying a good amount of popularity. However, the reduced sales were due to the fact that the new
Legacy was not introduced until mid-May so the sales of other existing models dropped too much to offset
the difference.
In addition, the number of minicars sold was 21 thousand, a decrease of 7 thousand or 25.8% less over thesame period of the previous fiscal year due to the prolonging of current models and a slowdown in total
demand.
As a result, a total of 33 thousand units were sold in Japan for a decrease of 10 thousand, or 23.1% over thesame period of the previous fiscal year.
Overseas sales totaled 67 thousand units for a decrease of 18 thousand, or 21.1% over the same period of
the previous fiscal year due to a very tough quarter resulting from a worsening economy and drop in total
demand, not withstanding the good sales in North America and China.
By region, sales in North America were up 5 thousand units, or 13.6% over the same period of the previous
fiscal year to a total of 45 thousand units while sales in Europe (including Russia) were decrease of 17
thousand (71.4%) for a total of 7 thousand units, as well as falling by 4 thousand (39.2%) to 6 thousand units
in Australia. Sales in China increased by 2 thousand, or 44.0% over the same period of the previous fiscal
year for a total of 7 thousand units, while sales in all other regions dropped by 4 thousand (73.1%) to 2
thousand units.
As a result, the combined sales volume for Japan and overseas markets amounted to 100 thousand, adecrease of 28 thousand units, or 21.7% over the same period of the previous fiscal year, and overall net sales
were down ¥69.9 billion, or 22.5% over the same period of the previous fiscal year, to ¥240.7 billion.
Operating income was also down ¥26.6 billion over the same period of the previous fiscal year, resulting inan operating loss of ¥21.7 billion.

3[2] Aerospace Division
Net sales to the Japan Ministry of Defense improved over the same period of the previous fiscal year due toincreased sales of items such as the” UH-1J” multi-purpose helicopter and “Forward Field Observation
System”. In the commercial sector however, net sales were less than over the same period of the previous
fiscal year due to the discontinued production of the “Eclipse 500” and losses on currency exchange
generated by the strong yen.
As a result, overall net sales were up ¥4.2 billion, or 23.4% over the same period of the previous fiscal yearto ¥22.4 billion, and operating income was up ¥0.9 billion or 117.1% over the same period of the previous
fiscal year to ¥1.6 billion.
[3] Industrial Products Division
Even though sales increased due to the completed consolidation of two new subsidiaries, overall net sales
were down ¥3.8 billion, or 39.4% over the same period of the previous fiscal year to ¥5.9 billion due to theworldwide expansion of sluggish demand resulting in declining engine sales and losses on currency exchange
generated by the strong yen. Operating income was up ¥0.1 billion over the same period of the previous fiscal
year, resulting in an operating loss of ¥0.3 billion.
[4] Other Businesses
Even though sales increased due to the completed consolidation of one new subsidiary, net sales were down
¥0.3 billion, or 12.0% from over the same period of the previous fiscal year to ¥2.3 billion due to decreased
sales of the "Fuji Mighty" sanitation truck. Operating income was down ¥0.8 billion, or 68.8% from theprevious fiscal year to ¥0.3 billion.
(3) Results by Geographic Region
Results for the current consolidated first quarter accounting period by geographic region are as described below.
[1] Japan
Net sales in Japan were down ¥55.2 billion, or 26.3% over the same period of the previous fiscal year to¥155.2 billion due to a significant decline in domestic and export automotive sales volume and losses oncurrency exchange generated by the strong yen. Operating income was down ¥18 billion over the same
period of the previous fiscal year, resulting in an operating loss of ¥13 billion.
[2] North America
Even though automotive unit sales by Subaru of America, Inc. and other subsidiaries in the United States
increased, net sales in North America were down ¥5.3 billion, or 4.6% from over the same period of theprevious fiscal year to ¥109.8 billion due to losses on currency exchange generated by the strong yen.
Operating income was down ¥1.6 billion over the same period of the previous fiscal year, resulting in an
operating loss of ¥2.7 billion.
[3] Other Regions
Net sales were down ¥9.2 billion, or 59.2% over the same period of the previous fiscal year to ¥6.4 billion
due to a decrease in sales at Subaru Europe, a subsidiary in the European Union, and losses on currency
exchange generated by the strong yen. Operating income was down ¥0.4 billion, or 81.2% over the same4

period of the previous fiscal year, resulting in an operating income of ¥0.1 billion.
2. Qualitative Information on Consolidated Financial Position
Total assets at the end of this first quarter were ¥1,204.2 billion, which was an increase of ¥38.7 billion overthe end of the previous fiscal year.
Liabilities were ¥825.8 billion, which was an increase of ¥55.1 billion over the end of the previous fiscal year.
Net assets were ¥378.4 billion, which was a decrease of ¥16.3 billion over the end of the previous fiscal year.
3. Qualitative Information on Projection for Current Fiscal Year
There have been no revisions of the consolidated performance projection released on May 8, 2009.
4. Others(1) Changes of significant subsidiaries in the first quarter of fiscal year 2010
(Transfer of subsidiaries resulting in changes in the scope of consolidation)
Not Applicable(2) Application of simple accounting as well as specific accounting for preparing the quarterly consolidated
financial statements[Application of simple accounting]
Not Applicable[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 byreasonably estimated annual effective tax rate. This annual tax rate was reasonably estimated after applying thediffered tax to the annual income before income taxes and minority interests which included the amounts of thisfirst quarter period ended June 30, 2009.
"Income taxes-deferred" was included in "Total income taxes."(3) Changes in accounting policies, procedures and methods of presentation for preparing the quarterly
consolidated financial statements[Changes in the scope of consolidation ]Since the first quarter of the current consolidated fiscal year, as a result of our reevaluation of theirsignificance to the consolidated financial statements, newly scope of consolidation includes “Robin Europe
Gmbh Industrial Engine And Equipment (old name : Robin Europe Gmbh)” and 3 other companies.
Since the first quarter of the current consolidated fiscal year, one subsidiary company of "Subaru ofAmerica,Inc." was excluded from scope of consolidation as a result of liquidation of the subsidiary.
[Changes in the application of the equity method]
Since the first quarter of the current consolidated fiscal year, as a result of our reevaluation of theirsignificance to the consolidated financial statements, “Robin Europe Gmbh Industrial Engine And Equipment(old name : Robin Europe Gmbh)” and 3 other companies were transferred from equity method companies toconsolidated subsidiaries.

55. Quarterly Consolidated Financial Statements(1)Quarterly Consolidated Balance Sheets(Unit: Million of yen)
1st Quarter of FY2010(as of June 30, 2009)
Amount

FY2009(as of March 31, 2009)
AmountASSETSⅠ 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
Lease assets, net
Vehicles and equipment on operating leases, 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
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

6

128,880
69,16827,151
19,970114,361
97,70137,046
16,31362,00734,042(1,588)605,051

78,151
82,352
27,074
11,439128,645
96,42534,24915,91859,43453,845(1,509)586,023

123,806
106,750
184,026
26,7245,290
34,365
480,961

123,403108,077
183,741
20,765
12,287
19,786
468,059

12,937
12,937

13,972
13,97259,005
3,416
10,99037,736(5,923)
105,224599,122
1,204,173

51,8383,334
10,70237,428(5,925)97,377579,408
1,165,431

(Unit: Million of yen)
1st Quarter of FY2010(as of June 30, 2009)
Amount

FY2009(as of March 31, 2009)
AmountLIABILITIESⅠ Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
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
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
Provision for loss on guarantees
Other
Total noncurrent liabilities
Total liabilities

146,634
225,251
25,00024,15620,0001,130
45,05921,522
17,894810
65,555593,011148,015
225,149
24,00021,956
2,062
50,52414,141
17,934760
56,707561,248

40,00089,108
10,426
38,634626
745
53,25160,00050,583
7,448
36,997702
745
52,989232,790825,801

209,464
770,712

153,795
160,071
107,305(2,088)419,083

153,795
160,071
126,593(2,086)438,373

7,601(49,033)(41,432)
721

3,002(47,429)(44,427)773

378,372
1,204,173

394,719
1,165,431

NET ASSETS
Ⅰ Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Ⅱ Valuation and translation adjustments
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets

7

(2) Quarterly Consolidated Statements of Income
FY2009(April 1, 2008
to June 30, 2008)
Amount341,104
264,647
76,457
69,998Ⅰ Net sales
Ⅱ Cost of sales
Gross profit
Ⅲ Selling, general and administrative expenses
Operating income (loss)
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 (loss)
Ⅵ Extraordinary income
Gain on sales of noncurrent assets
Gain on revision of retirement benefit plan
Other
Total extraordinary income
Ⅶ Extraordinary loss
Loss on sales and retirement of noncurrent assets
Provision for loss on construction contracts
Other
Total extraordinary losses
Income (loss) before income taxes and minority interests
Income taxes
Minority interests in income (loss)
Net income (loss)(Unit: Million of yen)
FY2010(April 1, 2009
toJune 30, 2009)
Amount271,323
228,660
42,66362,336

6,459(19,673)

867
380
147
139
6,141
791
8,465

192
288
336
142
2,479
449
3,886

888
6,083
865
7,836

1,143
1,871
1
670
3,685

7,088

(19,472)

52
654
1,123
1,829

19
93
112

1,201
2,901
11
4,113
4,804
3,373
17

329
248
577
(19,937)
(574)
(75)

1,414

(19,288)

Note: “Other” 1,123 million yen in VI Extraordinary income in the three months period ended June 30,2008,
includes 1,001 million yen, the impact of change in recognition of sales or interest revenue on credit from theequal installment method to the seven-eight allocation method.

8

(Changes in Presentation of Quarterly Financial Statements)[Quarterly consolidated balance sheets]
Vehicles and equipment on operating leases included in “Lease assets,net” in fiscal 2009 is presented in“Vehicles and equipment on operating leases, net” since the first quarter of the current consolidated fiscal
year.The amount of vehicles and equipment on operating leases included in “Lease assets,net” in fiscal year
2009 was 20,421 million yen.
In addition, other lease assets (lease assets obtained by finance lease transactions) is included in “Other, net”
because of its materiality.

(3)Notes on Premise of Going Concern
Not Applicable(4) Segment Information[Business Segment Information]
1st Quarter of FY 2009 (April 1, 2008 to June 30, 2008)
Automobiles Aerospace

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

310,528
1,012
311,540
4,887(Unit: Million of yen)
Industrial
products

Other

Total

9,766
3
9,769
(356)

2,647
3,313
5,960
1,091

341,104
4,328
345,432
6,377

18,163
18,163755

1st Quarter of FY 2010 (April 1, 2009 to June 30, 2009)
Automobiles Aerospace

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

240,669539
241,208(21,679)

Elimination
Consolidated
and
total
corporate(4,328)(4,328)82

341,104
341,104
6,459(Unit: Million of yen)
Industrial
products

Other

Total

5,918
12
5,930
(292)

2,330
2,576
4,906
340

271,323
3,127
274,450(19,992)

22,406
22,406
1,639

9

Elimination
Consolidated
and
total
corporate(3,127)(3,127)319

271,323
271,323(19,673)

[Geographic Segment Information]
1st Quarter of FY 2009 (April 1, 2008 to June 30, 2008)

Net sales(1) Outside customers(2) Inter-segment
Total sales
Operating income (loss)(Unit: Million of yen)

Japan

North
America

Other

Total

210,387
72,514282,901
5,000

115,123
6,623
121,746(1,135)

15,594172
15,766516

341,104
79,309420,413
4,381

Elimination Consolidated
total
and corporate(79,309)(79,309)
2,078

341,104
341,104
6,459

1st Quarter of FY 2010 (April 1, 2009 to June 30, 2009)(Unit: Million of yen)

Japan

North
America

Elimination Consolidated
total
and corporate

155,152
51,083
206,235(13,037)

109,814799
110,613(2,745)Net sales(1) Outside customers(2) Inter-segment
Total sales
Operating income (loss)

Other

6,357
111
6,468
97

Total

271,323
51,993323,316(15,685)[Overseas Net Sales]
1st Quarter of FY 2009 (April 1, 2008 to June 30, 2008)
North America

Europe123,665

54,287

Overseas net sales(51,993)(51,993)(3,988)271,323
271,323(19,673)(Unit: Million of yen)
Other
Total
46,042

Consolidated net sales

223,994
341,104

Percentage of overseas net sales over consolidated sales

36.3%

15.9%

1st Quarter of FY 2010 (April 1, 2009 to June 30, 2009)
North America

Europe117,288

14,509Overseas net sales

13.5%

65.7%

(Unit: Million of yen)
Other
Total
30,400Consolidated net sales

162,197
271,323

Percentage of overseas net sales over consolidated sales

43.2%

5.4 %

(5) Notes on Significant Changes in the Amount of Shareholders’ Equity
Not Applicable

10

11.2%

59.8%

(JUL.31,2009)
Fuji Heavy Industries Ltd.

<Reference for the 1st Quarter of FY2010 Consolidated Financial Results>(in 100 millions of yen)

ACTUAL RESULTS

ACTUAL RESULTSFORECAST(in thousands of units)

1st Quarter of FY 2009

1st Quarter of FY 2010

1st Half of FY 2010

FY2010

Apr.2008 to Jun.2008

Apr.2009 to Jun.2009

Apr.2009 to Sep.2009

Apr.2009 to Mar.2010

Net Sales

Difference

Ratio

(698)

(20.5)

6,240

(80)

(6.8)

2,500

(618)

(27.6)

3,740

-

(340)

(523)

-

-

-

(370)

3,411

2,713

Domestic

1,171

1,091

Overseas

2,240

1,622

65

(197)

(261)

Operating Income/Loss
Margin Percentage

Ordinary Income/Loss
Margin Percentage

-

1.9

71

Net Income/Loss

(266)

14

Margin Percentage

(195)

2.1

Difference

Ratio(1,202)(16.2)

13,200Difference

(102)

(3.9)

5,100

25

0.5

(1,100)(22.7)

8,100(1,283)(13.7)

-

(350)

(292)

-

(354)

-

(207)

-

(440)

149

-

-

(1,258)

Ratio

(8.7)

(552)

-

(400)

-

(193)

0.4

FORECAST

(484)

-

(550)

-

-

Change of operating income

Decrease of SG&A expenses and others

74

Reduction in cost, net of raw
material price raise

93

Reduction in cost, net of raw
material price raise

by factors

Reduction in cost, net of raw
material price raise

35

Decrease of SG&A expenses and others

85

Decrease of SG&A expenses and others

139

Decrease of R&D expenses

13

Decrease of R&D expenses

18

Deterioration of sales volume &mixture and others(411)

Deterioration of sales volume &mixture and others
Loss on currency exchange

Exchange rates

(351)
(32)

218

Deterioration of sales volume &mixture and others(512)

Loss on currency exchange(236)

Loss on currency exchange(207)

Increase of R&D expenses(2)

YEN/US$

YEN103/US$

YEN98/US$YEN95/US$YEN95/US$YEN/EURO

YEN160/EUROYEN130/EUROYEN125/EUROYEN125/EURO

Capital expenditures

132

215

310

590

Depreciation and amortization

157

147

290

590

R&D expenses

97

84

210

430

3,073

4,235

4,000

4,000

Interest bearing debts
Performance of operation

Net Sales to decrease

Net Sales to decrease

Net Sales to decrease

Net Income to decrease

Net Income to decrease

Net Income to decrease

43

33

(10)

(23.1)

78(16)(17.2)

160(18)

Passenger Cars

15

12

(3)

(17.9)

35

(1)

(2.6)

73

3

4.6

Minicars

28

21

(7)

(25.8)

43(15)(26.4)

87(22)(20.0)

85

67

(18)

(21.1)

159(29)(15.5)

348

(29)

(7.7)

North America

40

45

5

13.6

102

11

12.1

215

8

3.8

Europe

24

7

(17)

(71.4)

23(26)(53.1)

56(22)(28.2)

Others

22

15

(6)

(29.6)

34(14)(28.6)

77(15)(16.3)

Total sales

128

100

(28)

(21.7)

237(45)(16.1)

508

(47)

(8.5)

Production Units Total

153

95

(58)

(37.9)

231(88)(27.6)

490(76)(13.4)

Japan

128

85

(44)

(34.1)

197(71)(26.4)

404(70)(14.7)

U.S.

24

10

(14)

(57.8)

34(17)(33.5)

85

(6)

(6.8)

(699)

(22.5)

Domestic sales

Overseas sales

Net sales

Automobile

3,105

2,407

by business

Aerospace

182

224

42

23.4

Industrial Products

98

59

(38)

(39.4)(12.0)

segment

Other

26

23

(3)

Operating income

Automobile

49

(217)

(266)

-

by business

Aerospace

8

16

9

117.1

Industrial Products

(4)

(3)

1

-

Other

11

3

(8)

(68.8)

segment

Elimination andCorporate

1

3

2

-

Japan

2,104

1,552

(552)

(26.3)

by geographic area

North America

1,151

1,098

(53)

(4.6)

Other

156

64

(92)

(59.2)

Operating income

Japan

50

(130)

(180)

-

by geographic area

North America

(11)

(27)

(16)

-

Other

5

1

(4)

(81.2)

Elimination andCorporate

21

(40)

(61)

-

Net sales* Figures of Total 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/dearlers.
* Exchange rate is the non-consolidated sales rate of FHI.

(10.3)