Supplement(Consolidated)

Supplement Material:
May 20, 2004
Corporate Communications,
Isuzu Motors Limited

Financial Summary: FY2004 Consolidated Results
- April 1 2003 through March 31 2004 -


Unit: JPY in billion, Fraction less than half omitted
Volume in thousand units.
Changes from last year expressed in percent in bracket.
Negative numbers shown with the bracket

  FY2003
(April '02 to Mar '03)
FY2004
(April '03 to March '04)
FY2005 Forecast
(April '04 to March '05)
Sales Revenue
1,349.4 (15.5%)
1,430.3 6.0%
1,350.0 (5.6%)
Japan
International
474.0
875.5
(6.0%)
(20.0%)
627.4
803.0
32.4%
(8.3%)
510.0
840.0
(18.7%)
4.6%
Operating Profit
% to sales
15.5
1.1%
2.2%
84.5
5.9%
446.4%
70.0
5.2%
(17.1%)
Working Profit
% to sales
(4.2)
(0.3%)
-
81.7
5.7%
-
65.0
4.8%
(20.4%)
Net Income (loss)
Net margin %
(144.3)
(10.7%)
-
54.7
3.8%
-
50.0
3.7%
(8.6%)
Operating profit
improvement/
deterioration
factors
/
Profit increase due to:
  Expense cut 45.6
  Sales mix 39.1
  Rationalization 24.0
 
 
 
Profit decrease due to:
  GM alliance-related (18.9)
  Expense (10.5)
  PT subs.
  deconsolidation
(7.8)
  FX (2.5)
Profit increase due to:
  Rationalization 11.4
  Expense 7.9
  Consolidation of
  Thailand mfg.
  operations
4.3
 
Profit decrease due to:
  25.0
  10.0
  3.1
Exchange rate ¥122/US $ ¥114/US $ ¥105/US $
Facility
Investment
32.7 (50.9%)
34.0 4.0%
43.0 26.5%
Depreciation
43.2 (41.3%)
27.3 (36.8%)
26.0 (4.8%)
R&D
53.6 (13.1%)
47.5 (11.4%)
50.0 5.3%
Performance
Evaluation, etc.
Took special charges
for restructuring
Record operating profit,
working profit
and net income
Achieve New 3-year
Business Plan Targets
Sales: Japan
62 (3.1%)
103 66.5%
81 (21.5%)
Sales: International
216 (11.5%)
177 (17.9%)
164 (7.7%)