MAY 14, 2004

Reference for FY2004 Non-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

9,122
4,325
4,796

9,369
4,648
4,720

2.7 %
7.5 %
△ 1.6 %

9,850
5,030
4,820

5.1%
8.2%
2.1%

Margin Percentage
Operating income

5.5 %

501

3.2 %

301

△ 39.9 %

3.6 %

355

17.8 %

Margin Percentage
Ordinary income

5.1 %

464

3.0 %

284

△ 38.7 %

3.4 %

330

15.8 %

Margin Percentage
Net income

2.1 %

188

2.0 %

190

0.7 %

1.8 %

180

△ 5.3 %

Change of operating income by factors

Gain factors

Reduction in costs
Decrease in R&D expenses

143
25

Loss factors

Increase of expenses
and others
Foreign exchange
Decrease in sales mix

147
139
83

Gain factors

Increase in sales mix
Reduction in costs
Decrease of expenses
and others

189
120

51

Loss factors

Foreign exchange
Increase in R&D expenses

302
4

Exchange rate YEN/US$

124

116

105

Capital investment

346

327

320

Depreciation and amortization

270

293

280

R&D expenses

598

573

577

Interest bearing debt

1,459

1,368

1,550

Performance of operation

Net sales to increase
Operating income to decrease

Net sales to increase
Operating income to increase

Domestic production volume

440

465

5.9%

513

10.1%

Domestic sales
Small Cars
Minicars

252
104
148

262
119
144

4.0 %
13.7 %
△ 2.9 %

302
113
189

15.3 %
△ 4.4 %
31.6 %

Export

196

201

2.5%

214

6.5%

Knock down parts

108

△ 16.2 %

121

34.0 %