MAY 14, 2004

Reference for FY2004 Consolidated Financial Results

(in 100 millions of yen)
(in thousands of units)
  RESULTS
FY2003
Apr.2002 to Mar.2003
RESULTS
FY2004
Apr.2003 to Mar.2004
FORECAST
FY2005
Apr.2004 to Mar.2005
Net Sales
Domestic
Overseas
13,723
5,992
7,730
14,394
6,279
8,115
4.9 %
4.8 %
5.0 %
14,700
6,800
7,900
2.1 %
8.3 %
△ 2.7 %
Margin Percentage
Operating income
4.9 %
675
3.5 %
503
△ 25.5 %
3.1 %
450
△ 10.6 %
Margin Percentage
Ordinary income
4.3 %
585
3.9 %
566
△ 3.3 %
3.2 %
470
△ 17.0 %
Margin Percentage
Net income
2.4 %
334
2.7 %
386
15.4 %
2.2 %
320
△17.2 %
Change of operating income by factors   Gain factors
Reduction in costs
Increase in sales mix
Decrease in R&D expenses
194
77
26

Loss factors
Increase of expenses
and others
Foreign exchange

323
146
Gain factors
Reduction in costs
Increase in sales mix
152
118

Loss factors
Foreign exchange
Increase of expenses
and others
Increase in R&D expenses
119

88
21
Capital investment 646 745 820
Depreciation and amortization 488 532 520
R&D expenses 601 575 585
Interest bearing debt 3,891 3,789 4,100
Performance of operation   Net sales to increase
Net income to increase
Net sales to increase
Net income to decrease
Domestic sales
Small Cars
Minicars
246
103
143
246
111
134
0.0 %
8.2 %
△ 5.9 %
298
115
183
21.2 %
3.1 %
36.2 %
Overseas sales 295 306 3.7 % 329 7.5 %
Total sales 540 551 2.0 % 626 13.6 %
SIA Isuzu SUVs 25 25 - 13 △ 47.7 %