Supplement(Non-Consolidated)

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

Financial Summary: FY2004 Non-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
760.6 (0.2%)
890.3 17.1%
770.0 (13.5%)
Japan
International
306.5
454.1
(0.5%)
-
465.9
424.4
52.0%
(6.5%)
360.0
410.0
(22.7%)
(3.4%)
Operating Profit
% to sales
13.1
1.7%
62.4%
67.0
7.5%
410.3%
50.0
6.5%
(25.4%)
Working Profit
% to sales
4.9
0.6%
133.3%
57.6
6.5%
1079.4%
45.0
5.8%
(21.8%)
Net Income (loss)
Net margin %
(189.4)
(24.9%)
-
38.9
4.4%
 
40.0
5.2%
2.9%
Operating profit
improvement/
deterioration
factors
/
Profit increase due to:
  Sales vol/mix 40.9
  Rationalization 20.8
  Expense 14.6
 
Profit decrease due to:
  GM alliance-related (10.7)
  Expense (9.0)
  FX (2.7)
Profit increase due to:
  Expense 15.4
  Rationalization 7.4
 
 
Profit decrease due to:
  Sales vol/mix (29.9)
  Expense (6.8)
  FX (3.1)
Exchange rate ¥ 122US $ ¥ 114/US $ ¥ 105/US $
Facility
Investment
13.4 22.9%
23.0 71.6%
32.0 39.1%
Breakdown
Product
Development 5.6
Manufacturing 5.3
Other 2.5
Product
Development 5.3
Manufacturing 16.3
Other 1.4
Product
Development 7.0
Manufacturing 23.0
Other 2.0
Depreciation
21.7 (12.1%)
17.3 (20.3%)
16.0 (7.5%)
R&D
46.5 (17.8%)
46.5 -
50.0 7.5%
Performance
Evaluation, etc.
Took special charges
for restructuring
Record operating profit,
working profit
and net income
Increase earnings/
net income
Production:
Japan
230 5.5%
231 0.5%
183 (20.6%)
Sales: Japan
60  
101 69.8%
78 (22.8%)
Export from Japan
173  
132 (23.9%)
105 (20.6%)
Sales: International
240 20.6%
279 16.3%
309 10.8%