Supplement(Consolidated)

Supplement Material:
November 20, 2003
Corporate Communications,
Isuzu Motors Limited

Financial Summary: FY2004 First-half Consolidated Results
- April 1 2003 through September 30 2003 -


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 H1
(Six months
to Sept. '02)
FY2004 H1
(Six month
to Sept. '03)
FY2003
(Full-year
to Mar '03)
FY2004 Forecast
(Full-year
to Mar '04)
Sales Revenue
632.5 (23.9%)
722.9 14.3%
1,349.4 (15.5%)
1.400.0 3.7%
Dom. Japan
International
214.0
418.5
(26.9%)
(22.2%)
316.3
406.6
47.8%
(2.8%)
473.9
875.5
(6.0%)
(20.0%)
610.0
790.0
28.7%
(9.8%)
Operating Profit
% to sales
(21.4)  
(3.4%)
35.7  
4.9%
15.5 2.6%
1.1%
70.0 351.6%
5.0%
Working Profit
% to sales
(34.6)  
(5.5%)
35.6  
4.9%
(4.2)  
(0.3%)
67.0  
4.8%
Net Income
(loss)%
(84.2)  
(13.3%)
24.9  
3.4%
(144.3)  
(10.7%)
40.0  
2.9%
Operating profit
improvement/
deterioration
factors
/
Profit increase
due to:
  Sales mix 24.2
  Expense cut 26.7
  Rationalization 11.9
Profit decrease
due to:
  FX (0.7)
  Deconsolidation
  of PT subs.
(5.0)
/
Profit increase
due to:
  Expense cut 37.7
  Sales mix 29.0
  Rationalization 20.0
Profit decrease
due to:
  Dcrs. special
  income
(21.0)
  Deconsolidation
  of PT subs.
(7.8)
  FX (3.4)
Exchange rate ¥123/US $ ¥119/US $ ¥122/US $ ¥112/US $
Facility
Investment
15.6 (69.0%)
12.1 (22.4%)
32.7 (50.9%)
27.0 (17.4%)
Depreciation
21.1 (59.1%)
15.6 (26.1%)
43.2 (41.3%)
30.0 (30.6%)
R&D
31.2 10.6%
23.2 (25.6%)
53.6 (13.1%)
53.0 (1.1%)
Performance
Evaluation, etc.
Income/profit
decreased after
two years
Record high
operating, working
and net profit
(Took special
charges for
restructuring)
Record high
operating, working
and net profit
Domestic
Sales
28 (17.6%)
50 78.6%
62 (3.1%)
94 51.6%
Overseas
Production
111 (11.9%)
85 (23.4%)
216 (11.5%)
168 (22.2%)