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1 FY2004 Interim Financial Results FY2004 Interim Financial Results Six months ended September 30, 2003 Six months ended September 30, 2003 November 20, 2003 Isuzu Motors Limited Isuzu Motors Limited Note: This is an English translation from the original presentation in Japanese.

FY2004 Interim Financial Results...1 FY2004 Interim Financial Results Six months ended September 30, 2003 November 20, 2003 Isuzu Motors Limited Note: This is an English translation

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FY2004 Interim Financial ResultsFY2004 Interim Financial ResultsSix months ended September 30, 2003Six months ended September 30, 2003

November 20, 2003

Isuzu Motors LimitedIsuzu Motors LimitedNote: This is an English translation from the original presentation in Japanese.

2

代表取締役社長President & Representative Director

井田 義則Yoshinori Ida

3

1.1. FY2004 H1 HighlightFY2004 H1 HighlightSix months, Apr - Sept ‘03

4

Sales revenue: 722.9

Operating profit: 35.7Operating margin 4.93%

Working profit: 35.6Recurring margin 4.93%

Net income: 24.9Net margin 3.44%

Domestic sales: (k.units) 50 (+78.6%)Worldwide sales: (k.units) 85 (- 23.4%)

FY2004 H1 Highlight: Consolidated ResultsFY2004 H1 Highlight: Consolidated Results- Six Months, Apr - Sept ‘03, in JPY Bil. -

5

Consolidated Six-Month Results

4.5

-8.3

-23.6

10.66.3

-19.4 -21.4

-34.0

-84.2

36.930.4

-60.1

35.7 35.6

24.9

-100.0

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1

(JPY Bil.)

Oper

atin

g P

rofit

Work

ing P

rofit

Net

Inco

me

6

代表取締役副社長Executive Vice President& Representative Director

ベイジル N. ドロッソスBasil N. Drossos

7

2.2. IsuzuIsuzu--GM Partnership: GM Partnership: Current Status and FutureCurrent Status and Future

8

Isuzu and GM Group: Partnership

9Chevrolet Silverado

Opel Astra

Opel Signum

SAAB 9-5

Isuzu Diesel Powers GM VehiclesIsuzu Diesel Powers GM Vehicles

Launched in 2003

World First Euro-IV Compliance

US Share 3% → 26%

Luxury Car of the Year in 2002

10

● Next generation pickup truck concept (Revealed in 2001)

Thailand share 36% → 42%US Debut in Sept ‘03

● Chevrolet Colorado ● Isuzu D-Max (Launched in 2002)

IsuzuIsuzu--GM Joint Pickup Truck ProjectGM Joint Pickup Truck Project

11

Isuzu and GM: Going Forward (1)Isuzu and GM: Going Forward (1)

Enhance partnership synergy;

Step up to a New Stage

Enhance partnership synergy;

Step up to a New Stage

12

CVCV LCVLCV SUVSUV PCPC

DieselDiesel

AUVAUV

Isuzu and GM: Going Forward (Isuzu and GM: Going Forward (22))-- Product Collaboration Product Collaboration --

13

Isuzu and GM: Going Forward (3)Isuzu and GM: Going Forward (3)-- Market CoverageMarket Coverage--

14

取締役副社長 & CFOExecutive Vice President & CFO

当麻 茂樹Shigeki Toma

15

3.3. Business EnvironmentBusiness Environment

16

Japan HD Truck Industry Sales : Japan HD Truck Industry Sales : Isuzu ShareIsuzu Share

24.9%

25.1%

23.8%

24.4% 24.5%

0

20,000

40,000

60,000

80,000

100,000

120,000

FY00 FY01 FY02 FY03 FY04

23.0%

23.5%

24.0%

24.5%

25.0%

25.5%

Isuzu Share

(Units)

H2

H1

H2

Fo

reca

st

17

Japan 2 to 3Japan 2 to 3--ton Truck ton Truck Industry Sales : Isuzu ShareIndustry Sales : Isuzu Share

33.9%

37.4%

31.8%

33.7%

34.9%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

2000 2001 2002 2003 2004

29.0%

30.0%

31.0%

32.0%

33.0%

34.0%

35.0%

36.0%

37.0%

38.0%

Isuzu Share

H2

H1

(Units)

H2

Fo

reca

st

18

GIGA, Low PMGIGA, Low PM

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2

53,000

45,335

36,22238,553

34,935

57,175

All

Oth

er R

egio

nKan

to

H2 F

ore

cast

Regulation Impact on Japan Industry Sales- (1) Kanto vs All other Region (above GVW 2t), Six Months -

(Units)

19

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

FY02 H1 FY02H2 FY03 H1 FY03 H2 FY04 H1 FY04 H2

65,000

49,973

43,63149,800

48,483

70,012

Regulation Impact on Japan Industry Sales- (2) Kanto vs All other Region (GVW 2t – 3t), Six Months -

(Units)

All

Oth

er R

egio

nKan

to

H2 F

ore

cast

20

FY03

Base demandBase demand

NOx, PM complianceNOx, PM complianceComplianceCompliancePurchasingPurchasing

Regulation Impact on Japan Industry Sales- Conceptual Image of HD Sales Going Forward -

FY04 FY05 FY06

21

65%

72%

66%

64% 56%

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H10%

10%

20%

30%

40%

50%

60%

70%

80%

830.7

760.7

632.5

710.9 722.9

Sales Revenue; International vs Japan- Consolidated Revenue, Six-month: FY02 H1 to FY04 H1 -

Jap

an

O

vers

eas

22

4.4. FY2004 H1 Financial SummaryFY2004 H1 Financial Summary

23

(JPY Bil.) FY04 H1 FY03 H1 ChangesConsl.-to-

Parent Ratio

Sales Revenue 722.9 632.5 +90.4 1.62

Operating Profit 35.7 -21.4 +57.1 1.13

Working Profit 35.6 -34.6 +70.2 1.30

Net Income 24.9 -84.2 +119.1 1.45

FY04 H1 Consolidated ResultsFY04 H1 Consolidated Results- Six Months, Year-on-Year Comparison -

PARENT FY04 H1 FY03 H1 Changes

Sales Revenue 446.2 363.2 +83.0

Operating Profit 31.5 -16.0 +47.5

Working Profit 27.3 -20.4 +47.7

Net Income 17.2 -114.0 +131.2

24

(JPY Bil.) FY04 H1 FY03 H1 Changes

Sales Revenue 722.9 632.5 +90.4

Operating Profit 35.7 -21.4 +57.1

Working Profit 35.6 -34.6 +70.2

Net Income 24.9 -84.2 +109.1

FY04 H1 FY03 H1 Changes

Isuzu Parent 446.2 363.2 83.0

Domestic Dealers 223.1 165.9 57.2

North America 132.3 150.9 -18.6

ISPOL, DMAX - 73.8 -73.8

ASEAN and other 208.5 128.3 +80.2

Consl. Adj. -287.2 -249.6 -37.6

Total 722.9 632.5 +90.4

Sale

s R

evenue b

yS

egm

ent

FY04 H1 Consolidated ResultsFY04 H1 Consolidated Results- Sales Revenue: Six Months, Year-on-Year by Segment-

25

(JPY Bil.) FY04 H1 FY03 H1 Changes

Sales Revenue 722.9 632.5 +90.4

Operating Profit 35.7 -21.4 +57.1Working Profit 35.6 -34.6 +70.2

Net Income 24.9 -84.2 +109.1

FY04 H1 FY03 H1 Changes

Isuzu Parent 31.5 -16.0 +47.5

Domestic Dealers 3.2 -0.4 +3.6

North America -2.8 -12.1 +9.3

ISPOL, DMAX - 5.0 -5.0

ASEAN and Other 6.4 1.6 +4.8

Consl. Adj. -2.6 0.5 -3.1

Total 35.7 -21.4 +57.1

OP

by

Se

gm

en

t

FY04 H1 Consolidated Results- Operating Profit : Six Months, Year-on-Year by Segment-

26

(JPY Bil.) FY04 H1 FY03 H1 Changes

OperatingProfit 31.5 -16.0 +47.5

Favorable ◆ Rationalization +10.9◆ Expense reduction +14.8◆ Sales/production mix +27.5

+53.2

Unfavorable ◆ FX -0.7◆ Increase in expense -5.0

-5.7

Total +47.5

Va

ria

nce

FY04 H1 Parent ResultsFY04 H1 Parent Results- Operating Profit : Six Months, Year-on-Year -

27

FY04 H1 Consolidated Results- WP and Net Income : Six Months, Year-on-Year -

(JPY Bil.) FY04 H1 FY03 H1 Changes

Sales Revenue 722.9 632.5 +90.4Operating Profit 35.7 -21.4 +57.1

Working Profit 35.6 -34.6 +70.2

Net Income 24.9 -84.2 +109.1

Changes in OP +57.1Favorable ◆ On-equity income +8.0

◆ Balance of financial income +2.0◆ FX +3.1

Unfavorable ◆ Other -0.1

Total +70.2Changes in WP +70.2Favorable ◆ Special severance pay +22.9

◆ Corp. tax, etc. +32.5Unfavorable ◆ Return of pension fund agency to Gov. -13.4

◆ Evaluation loss on investment in affiliates, etc -2.2

Total +109.1

Work

ing

Pro

fit

Net

Inco

me

28

1.3

1.2

1.3

0.9

1.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

176.0

156.3

135.4

109.0

121.4

Inventory: TermInventory: Term--end Balanceend Balance- Consolidated, Six Months, CBU-basis -

(JPY Bil.) (Months)

Pare

nt

Oth

er

29

455.4517.9

678.2818.4

738.7

1,012.6 1,068.2

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

FY01 H1 FY01 H2 FY02 H1 FY02 H2 FY03 H1 FY03 H2 FY04 H1

(JPY Bil.)

Interest-bearing Debt: Term-end Balance- Six Months, Total Assets and Debt Balance -

30

5.5. FY2004 FullFY2004 Full--year Outlookyear OutlookApril 2003 - March 2004

31

FY04 Full-Year Outlook- Consolidated, Year-on-Year Comparison -

(JPY Bil.) FY04 FY03 ChangesConsl.-to-

ParentRatio

Sales Revenue 1,400.0 1,349.4 +50.6 1.65

Operating Profit 70.0 15.5 +54.5 1.21

Working Profit 67.0 -4.2 +71.2 1.34

Net Income 40.0 -144.3 +184.3 1.25

PARENT FY04 H1 FY03 H1 Changes

Sales Revenue 850.0 760.6 +89.4

Operating Profit 58.0 13.1 +44 .9

Working Profit 50.0 4.9 +45 .1

Net Income 32.0 -189.4 +221.4

32

(JPY Bil.) FY04 FY03 Changes

Sales Revenue 1,400.0 1,349.4 +50.6

Operating Profit 70.0 15.5 +54.5

Working Profit 67.0 -4.2 71.2

Net Income 40.0 -144.3 +184.3

FY04 FY03 Changes

Isuzu Parent 850.0 760.6 +89.4

Domestic Dealers 450.0 352.2 +97.8

North America 300.0 439.6 -139.6

ISPOL, DMAX - 148.1 -148.1

ASEAN and Other 410.0 308.2 +101.8

Consl. Adj. -610.0 -659.2 +49.2

Total 1.400.0 1349.4 +50.6

Sale

s R

evenue b

yS

egm

ent

FY04 Full-Year Outlook- Consolidated Sales Revenue, Year-on-Year By Segment -

33

FY04 Full-Year Outlook- Consolidated Operating Profit, Year-on-Year By Segment -

(JPY Bil.) FY04 FY03 Changes

Sales Revenue 1,400.0 1,349.4 +50.6

Operating Profit 70.0 15.5 +54.5

Working Profit 67.0 -4.2 -71.2

Net Income 40.0 -144.3 +184.3

FY04 FY03 Changes

Isuzu Parent 60.0 13.1 +46.9

Domestic Dealers 6.0 3.5 +2.5

North America -3.0 -24.0 +21.0

ISPOL, DMAX - 7.8 -7.8

ASEAN and Other 10.0 5.6 +4.4

Consl. Adj. -3.0 9.5 -12.5

Total 70.0 15.5 +54.5

OP

by S

egm

en

t

34

FY04 Full-Year Outlook- Parent, Operating Profit, Year-on-Year -

(JPY Bil.) FY04 FY03 Changes

OperatingProfit 58.0 -13.1 +44.9

Favorable ◆ Rationalization +19.0◆ Expense reduction +16.7◆ Sa;les/production mix +30.4

Total +66.1

Unfavorable ◆ FX -4.0◆ Increase in expense 6.5◆ Decrease in engineering fee income -10.7

Total -21.2

Total +44.9

Vari

ance

35

FY04 Full-Year Outlook- Consolidated WP and Net Income, Year-on-Year -

(JPY Bil.) FY04 FY03 Changes

Sales Revenue 1,400.0 1,349.4 +50.6Operating Profit 70.0 15.5 +54.5

Working Profit 67.0 -4.2 +71.2

Net Income 40.0 -144.3 +184.3Changes in OP +54.5Favorable ◆ On-equity income +7.8

◆ FX +2.6◆ Balance of financial income +6.3

Total +71.2

Changes in WP +71.2Favorable ◆ NA restructuring charges +75.1

◆ Special severance pay +24.8◆ Corp. tax, etc. +43.3

Unfavorable ◆ Return of pension fund agency to Go -14.0◆ Evaluation loss on sale of marketablesecurities etc 16.1

Total +184.3

Work

ing

Pro

fit

Net

Inco

me

36

(JPY Bil.) FY03 (Mar '03) FY04 (Mar '04) FY05 (Mar '05)

Sales Revenue 1270.0 1250.0 1270.0Act:1,349.4 Est: 1,400.0

Operating Profit 5.0 50.0 Over 60.0Act:15.5 Est: 70.0

Net Income -170.0 35.0 Over 50.0Act: -144.3 Est: 40.0

Debt Balance 560.0 510.0 450.0

Act: 517.9 Est: 450.0

New 3-year Business Plan Targets- Consolidated, Full-year -

37