TOKYO- Japan - DENSO Corporation today announced global financial results for the First Quarter ended June 30, 2003:

•  Consolidated net sales of 614.4 billion yen (US$5.1 billion) totaled 53% of the original estimate of 1,165 billion yen (US$ 9.7 billion), for the first half year ending Sept. 30, 2003. •  Operating income totaled 51.7 billion yen (US$431.0 million), and operating margin was 8.4%, 70% of the original first-half year estimate of 74 billion yen (US$ 616.7 million). •  First-quarter income before income taxes and minority interests totaled 57.7 billion yen (US$480.9 million), 77% of the original first-half year estimate of 75 billion yen (US$ 625 million). •  Consolidated net income totaled 29.1 billion yen (US$242.7 million) and net profit margin was 4.7%, 73% of the original first-half year estimate of 40 billion yen (US$ 333.3 million).

"The financial results for this first quarter were fairly satisfactory in comparison with our estimates, due to the higher domestic car production and favorable exchange rate,?Esaid Nobuaki Katoh, chief financial officer, DENSO Corporation.

In Japan, sales totaled 436.5 billion yen (US$3.6 billion), 52% of the original first- half year estimate of 840 billion yen (US$ 7 billion). Operating income of 36.5 billion yen (US$304.5 million) is equivalent to 69% of the original first-half year estimate of 53 billion yen (US$ 441.7 million).

In North America, Central America and South America, sales totaled 146.3 billion yen (US$1.2 billion), achieving 53% of the original first-half year estimate of 277 billion yen (US$ 2.3 billion). Operating income of 10.7 billion yen (US$89.4 million) equaled 67% of the original first-half year estimate of 16 billion yen (US$ 133.3 million).

In Europe, sales totaled 84.2 billion yen (US$702.1 million), 58% of the original first-half year estimate of 146 billion yen (US$ 1.2 billion), and operating loss totaled 0.3 billion yen (US$2.4 million).

In Asia and Oceania, sales of 53.1 billion yen (US$442.8 million) achieved 56% of the original first-half year estimate of 95 billion yen (US$ 0.8 billion), and operating income totaling 5.2 billion yen (US$43.7 million), equaled 74% of the original first- half year estimate of 7 billion yen (US$ 58.3 million).   Contact: Sadayoshi Yokoyama +81 566-25-5594 sadayoshi_yokoyama@denso.co.jp Goro Kanemasu +81 566-25-5594 goro_kanemasu@denso.co.jp