We released our financial results of fiscal year ended March 31, 2008, recorded - net sales 1,572.3 billion yen, operating income 45.7 billion yen, ordinary income 45.4 billion yen and net income 18.5 billion yen.
With the effect of the foreign exchange gain owing to depreciation of yen, the improvement of volume and mixture attributed to the sales volume increase in overseas market and the mixture improvement of new cars in Japan, and the reduction of cost in spite of rising raw material price, revenue and profits increased more than our original plan. We analyzed these results were the evidence of returning to Subaru's original strengths. Furthermore, we believe that our efforts are bearing fruits, by promoting the "To provide a distinctive Subaru experience for drivers and passengers" and "To increase sales globally" based on the customer first principle upheld by our mid-term business plan.
Our consolidated operating plan for the fiscal year ending March 31, 2009 will expect significant improvement in sales volume and mixture due to increased new car sales, however we forecast operating income of 23 billion yen less than half of FYE 2008 results owing to the appreciating yen, uncertainty over the economic conditions not only the United States but also other area of the world and drastic material price raise.
Business environment is more and more challenging, even so, we expedite realization of "A compelling company with strong market presence" according to our management vision.

Consolidated financial results of FYE March 2008 and plan of FYE March 2009 (100 million yen)

	Actual Results FYE March 2008	Plan FYE March 2009
Net sales	15,723	16,000
Operating Income	457	230
Ordinary Income	454	200
Net Income	185	100
Consolidated Automobile Sales (Thousand Units)	596.7	636.0
FHI Exchange Rate	¥116/$	¥100/$

On April 10th, we agreed to deepen the alliance ties with TOYOTA MOTOR CORPORATION (TMC) and DAIHATSU MOTOR CO., LTD (Daihatsu). By strengthening the trilateral competitiveness, we will invest our resource in our core competence to grow to be "A compelling company with strong market presence". Through those focus on our resource, we will enhance the advantage of Subaru with maintaining independence of management.
We continue our efforts for long-term growth path. I appreciate your support and expectation for our company.

Ikuo Mori
President and CEO