VI.. Quantitative Targets

1.Volume Assumption - Shipment Volume from Isuzu -
(k. units)   Mar.'02 Mar.'03 Mar.'04 Mar.'05
SUP JPN 64 57 66 68
NA 25 20 14 17
Other 137 143 90 77
Total 226 220 170 162
KD set/Compo. NA 69 33 35 34
Thailand 57 100 143 199
Other 77 105 100 82
Total 203 238 278 315
JPN Industry Sales HD
(Mkt. share%)
78
23.8
74
25.2
82
25.2
87
25.2
LD
(Mkt. share%)
93
31.8
86
33.7
97
33.7
104
33.7
FX(Y/$)   125 120 120 120

2.Revenue/Earnings
(Ybil.)   Mar.'02 Mar.'03 Mar.'04 Mar.'05
Sales Revenue Cons.
Incl. CV
1,597.7
594.7
1,270.0
710.0
1,220.0
730.0
over 1,270.0
over 760.0
Operating
Profit
Cons.
Incl. CV
15.1
18.1
5.0
18.0
50.0
42.0
over 60.0
over 50.0
Net Income Cons. (42.9) (170.0) 35.0 over 50.0

2- (1) Parent Company
    Mar.'02 Mar.'03 Mar.'04 Mar.'05
Sales volume(k.units) HD 33.6 34.4 38.7 41.9
LD 94.7 105.7 101.3 110.4
Sales revenue (Ybil.)   761.9 740.0 700.0 700.0
Operating profit   8.1 11.0 40.0 50.0
Net income   (56.2) (181.0) 30.0 40.0

<Variance analysis (Operating Profit) >
* as compared to actual results through March '02
Vol/Mix (23.0) (11.0) (9.0)
Material cost reduction 5.0 15.0 22.0
FX (2.0) (2.0) (2.0)
Labor cost 22.0 27.0 28.0
Expense 0.9 2.9 2.9

2-(2) Domestic Consolidated Dealers
    Mar.'02 Mar.'03 Mar.'04 Mar.'05
Sales volume
(k. units)
HD 11.9 11.5 12.0 12.4
LD 30.0 28.5 29.3 29.7
Sales revenue   357.0 340.0 350.0 360.0
Operating profit   (5.0) 3.0 5.0 6.0
Net income   (17.0) (7.0) - -

<Variance analysis (Operating Profit) >
* as compared to actual results through March '02
-Gross profit improvement, etc. 2.0 2.5 3.5
-Fixed cost reduction
 (incl. labor cost)
6.0
4.5
7.5
6.0
7.5
6.0
-Number of employees (aver.) ps 7,031 6,811 6,811
-Revenue per head (Ymil.) 48.8 51.4 52.3

2-(3) North American Subsidiaries
    CY01 CY02 CY03 CY04
Sales volume
(k. units)
CV 21.4 21.8 22.8 22.8
SUV 82.9 37.6 39.4 40.3
Sales revenue (mil.$)   4,930 2,800 2,950 3,000
Operating profit   (150) (200) - 20
Net income   (190) (250) (40) 4

<Variance analysis (Operating Profit) >
* as compared to actual results through March '02
Gross profit improvement
(Included: effects of OEM)
80
50
75
70
Sales cost reduction
(incl. labor cost)
(incl. ad.promo exp.)
120
30
40
145
30
60

3. Consolidated Cashflow
(Ybil.)   Mar.'02 Mar.'03 Mar.'04 Mar.'05
CF Operating CF 59.0 13.0 50.0 64.0
Severance allowance (14.0) (42.0)    
Investing CF 6.0 13.0 (15.0) -
Free CF 65.0 26.0 35.0 64.0
Financing CF (123.0) (34.0) (43.0) (65.0)
Total (58.0) (8.0) (8.0) (1.0)
Main Items Debt 738.7 560.0 510.0 450.0
Total equity 61.0 2.0 39.0 91.0
Capex 67.6 29.0 28.0 26.0
D&A 73.6 34.0 32.0 31.0

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