（Oct 31, 2008）
Fuji Heavy Industries Ltd.

<Reference for the First Half of FY2009(Apr. 2008 to Sep. 2008) Consolidated Financial Results>

(in 100 millions of yen)
(in thousands of units)
  ACTUAL RESULTS
1st HALF of FY2008
Apr. 2007 to Sep. 2007		 ACTUAL RESULTS
1st HALF of FY2009
Apr. 2008 to Sep. 2008		 ACTUAL RESULTS
FY2008
Apr. 2007 to Mar. 2008		 FORECAST
FY2009
Apr. 2008 to Mar. 2009		 FORECAST FY2009
(August 2008)
Apr. 2008 to Mar. 2009
Net Sales
Domestic
Overseas		 7,088
2,457
4,631		 7,442
2,602
4,840		 5.0％
5.9 ％
4.5％		 15,723
5,440
10,284		 16,000
5,600
10,400		 1.8％
2.9％
1.1％		 16,000
5,600
10,400
Margin Percentage
Operating Income
2.7%
189
2.5%
183
(3.0)％
2.9%
457
1.4%
230
(49.6)％
1.4%
230
Margin Percentage
Ordinary Income
2.0%
142
2.4%
182
28.4％
2.9%
454
1.3%
200
(56.0)％
1.3%
200
Margin Percentage
Net Income
1.1%
78
0.6%
44
(43.9)％
1.2%
185
0.6%
100
(45.9)％
0.6%
100
Analysis of
increase/decrease
in operating income		   Gain factors
Improvement of sales volume &mixture and others 375
Decrease of R&D expenses 38

Loss factors
Foreign exchange
 200
Increase of SG&
A expenses and others
 194
Reduction in cost &
Net of raw material price raise
 25
  Gain factors
Improvement of sales volume &mixture and others 382
Decrease of R&D expenses 20

Loss factors
Foreign exchange
 400
Increase of SG&
A expenses and others
 172
Reduction in cost &
Net of raw material price raise
 57
Gain factors
Improvement of sales volume &mixture and others 474

Loss factors
Foreign exchange 410
Increase of SG&
A expenses and others		 158
Reduction in cost &
Net of raw material price raise		 93
Increase of R&D expenses 40
Foreign Exchange Rate YEN/US$ 120 105 116 103 102
Capital Expenditures 279 317 563 620 700
Depreciation and Amortization 307 312 655 640 660
R&D Expenses 266 228 520 500 560
Interest bearing debt 3,168 2,769 3,045 2,800 3,045
Performance of Operation   Net Sales to increase
Net Income to decrease
Recorded high net sales		   Net Sales to increase
Net Income to decrease
Recorded high net sales		  
Domestic Sales

Passenger Cars
Minicars		 99

35
64		 94

36
58		 (5.1)％

3.5％
(9.8)％		 209

78
131		 201

83
118		 (3.7) ％

6.9％
(10.0)％		 213

98
115
Overseas Sales

North America
Europe
Other		 172

90
38
44		 188

91
50
48		 9.3％

0.8％
29.8％
8.9％		 388

210
86
92		 415

212
97
105		 6.9％

0.8％
13.0％
15.0％		 423

223
102
99
Total sales units 271 282 4.0％ 597 616 3.2 ％ 636

* 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/dealers.
* Exchange rate is the non-consolidated base of Fuji Heavy Industries Ltd..

copyright (c) FUJI HEAVY INDUSTRIES Ltd. 2007 All Rights Reserved.