Gulliver International Co., Ltd.

Consolidated Results
Third Quarter of the Fiscal Year Ending February 28, 2009
(Three-month period ended November 30, 2008)

This document has been translated from the original Japanese as a guide for non-Japanese investors. It
contains forward-looking statements based on a number of assumptions made and beliefs held bymanagement in light of information currently available. Actual financial results may differ materiallydepending on a number of factors, including changing economic conditions and the pricing and productinitiatives of new and existing competitors.

SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
Third quarter results for the fiscal year ending February 28, 2009

January 7, 2008

Gulliver International Co., Ltd.

st

Stock Code: 7599
http://www.glv.co.jp/
Chairman: Kenichi Hatori

Listed exchanges: Tokyo (1 Section)
Inquiries: Senior Managing Director: Ikuo Murata
Telephone: +81 3 5208-5503

1. Consolidated financial results for the nine-month period ended November 30, 2008
1) Consolidated operating results

Millions of yen, rounded downNine months ended
November 30, 2008

Nine months ended
November 30, 2007(% change)

Sales ................................................................
131,162
Operating income................................................................
3,703
Ordinary income................................................................
3,486
Net income ................................................................ 1,242
Earnings per share (¥)............................................................
130.14
Fully diluted earnings per share (¥)................................
--

(5.3)
(50.5)(53.3)(70.1)

Fiscal Year ended
February 29, 2008(% change)

138,549
7,479
7,462
4,156
430.35430.20(% change)

2.4
(3.0)
(2.5)
(15.3)

190,592
8,698
8,699
4,650
482.27482.15

4.6(21.8)(20.8)(29.1)---

Note: Percentage figures for sales, operating income, etc. represent changes compared to the comparable period of the previous fiscal year.

2) Financial position (Consolidated)

Millions of yen, rounded down

As of November 30, 2008

As of November 30, 2007

58,042
19,69633.6
2,040.58

46,70020,39942.8
2,083.46

Nine months ended
November 30, 2008
Cash flow from operating activities................................
(5,785)
Cash flow from investing activities ................................
(1,718)Cash flow from financing activities ................................
6,761
Cash and cash equivalents at end of period ..........................
2,817

Nine months ended
November 30, 2007
3,042
(3,511)
(937)
3,636

Total assets................................................................
Net assets ................................................................
Shareholders’ equity ratio (%) ................................
Shareholders’ equity per share (¥) ................................
3) Consolidated cash flows

As of February 29, 2008
50,426
20,76940.4
2,122.06

Millions of yen, rounded down

2. Dividends

Fiscal Year ended
February 29, 2008
1,354
(2,960)177
3,639Millions of yen, rounded down

Fiscal year ended
February 29, 2008
Interim dividend per share(¥) ................................
Year-end dividend per share(¥)................................
Annual dividend per share(¥) ................................

87.00
87.00
174.00Fiscal year ending
February 28, 2009
(Forecast)-41.00Fiscal year ending
February 28, 2009
41.00
-82.003. Reference: Consolidated forecasts for the fiscal year ending February 28, 2009 (March 1, 2008 to February 28, 2009)
Millions of yen, rounded down

Sales .....................................................................................................................................
Operating income..................................................................................................................
Ordinary income.......................................................................................................................
Net Income............................................................................................................................
Earnings per share (¥)..............................................................................................................

FY ending
February 28, 2009
196,300
3.0%
5,600(35.6%)
5,600(35.6%)
2,500(46.2%)
260.50--Note: Percentage figures for sales, operating income, etc. represent changes compared to the comparable period of the previous fiscal year.

－ 1 －4. Other
1) Transfer of important subsidiaries during the period (Transfers of certain subsidiaries resulting in changes in the scope of
consolidation): None
2) Utilization of simplified method of accounting: Yes
3) Changes to accounting methods during the fiscal year: Yes
See Operating Results, Section 4. Other on page 4 for more detail.
Reference: Outline of Non-Consolidated Financial Results1.

Non-consolidated financial results for the three-month period ended November 30, 2008

1) Non-consolidated operating results

Millions of yen, rounded downNine months ended
November 30, 2008
Sales.......................................................................................
110,873(9.2)
Operating income................................................................ 3,728(47.1)
Ordinary income................................................................ 3,759(47.0)Net income................................................................
1,547(60.6)
Earnings per share (¥) ............................................................
162.04
Fully diluted earnings per share (¥)................................
--

Nine months ended
November 30, 2007
122,086
(1.1)
7,045
(4.9)
7,099
(4.3)
3,926
2.7
406.61406.47

Fiscal Year ended
February 29, 2008
167,2190.4%
8,459(21.0%)
8,614(18.0%)
4,293(23.9%)
445.27-445.16--

Note: Percentage figures for sales, operating income, etc. represent changes compared to the comparable period of the previous fiscal year.
2) Financial position (non-consolidated)

Millions of yen, rounded down

As of November 30, 2008
Total assets ................................................................
39,847
Net assets ................................................................
18,886
Shareholders’ equity ratio (%) ................................
47.4
Net assets per share (¥) .........................................................1,977.98

As of November 30, 2007 As of February 29, 2008
38,203
19,03049.8
1,982.95

35,37819,38954.8
2,020.31

2. Reference: Non-consolidated forecasts for the fiscal year ending February 28, 2009 (March 1, 2008 to February 28, 2009)
Millions of yen, rounded down

Sales...............................................................................................................................
Operating income ...........................................................................................................
Ordinary income ................................................................................................................
Net income .....................................................................................................................
Earnings per share (¥) .......................................................................................................

FY ending
February 28, 2009
170,000
5,500
5,500
2,500
260.501.7%(35.0%)(36.2%)(41.8%)--

Forecasts and forward-looking statements in this document are based on a number of assumptions made and beliefs held bymanagement in light of information currently available. Actual financial results may differ materially depending on a number offactors, including economic conditions, legislative and regulatory developments, delay in new product or service launches, andpricing and product initiatives of competitors.

－ 2 －Operating results and financial position
1. Consolidated operating results
Among Gulliver’s stores involved in the purchase and sale of cars, 307 are directly operated stores (9 more than at the end of thesame period of the previous fiscal year and 8 more than at the end of the previous fiscal year). The number of cars sold by directly
operated stores was similar to that in the first nine months of the last fiscal year but, the average sale price per car decreased incomparison to the previous year due to a drop in the price of cars at used car auctions.
In sales, general and administrative expenses, advertising expenses decreased due to more effective advertising, however
personnel expenses increased following an increase in the number of staff in the previous fiscal year and SG&A expenses of
consolidated subsidiaries increased.
Non-operating expenses increased due to a ¥185 million yen foreign exchange loss at consolidated subsidiary G-TRADING Co.,Ltd.
As a result of changes to the accounting treatment for the reserve for retirement benefits for directors, provisions for the reserve
for retirement benefits for directors arising with respect to previous fiscal years have been recorded as extraordinary losses ascalculated in the first quarter of the current fiscal year.
As a result of the factors noted above, consolidated sales for the period under review decreased 5.3% to ¥131,162 million,
operating income decreased 50.5% to ¥3,703 million, ordinary income decreased 53.3% to ¥3,486 million and net income
decreased 70.1% to ¥1,242 million.
2. Financial Position
At the end of the third quarter, total assets increased ¥7,615 million compared to February 29, 2008, liabilities increased ¥8,689
million and net assets decreased ¥1,073 million.
The primary contributing factors to changes in total assets were a ¥6,985 million increase in accounts receivable and a ¥1,043
million increase in inventory. The primary contributing factor to changes in liabilities were a ¥9,033 million increase in short-termborrowing. The primary factor contributing to changes in net assets was a ¥787 million increase in treasury shares.
Further, of the ¥23,151 million in accounts receivable at the end of the third quarter, accounts receivable for the finance businessincreased ¥9,117 million to ¥17,913 million compared to the end of the previous fiscal year.
As a result, net assets per share were ¥2,040.58 and the shareholders equity ratio was 33.6%.
Cash flow
As of November 30, 2008, the balance of cash and cash equivalents, on a consolidated basis, was ¥2,817 million, a decline of¥742 million compared to the end of the last fiscal year.
Primary contributing factors to the status of cash flow are as follows:
Cash flow used in operating activities
Cash used in operating activities during the period under review was ¥5,785 million compared to an inflow of ¥3,042 million in thecomparable period of the previous fiscal year. This was primarily due to the effects of a ¥6,993 million increase in accounts
receivable.
Cash flow used in investing activities
Net cash used in investing activities was ¥1,718 million, compared to cash of ¥3,511 million used in the comparable period of theprevious fiscal year. This was primarily due to payments for investments in facilities.
Cash flow from financing activities
Net cash generated from financing activities was ¥6,761 million, compared to cash of ¥937 million used in the comparable periodof the previous fiscal year. This was primarily due to an inflow of ¥9,070 million from an increase in short-term borrowing.

－ 3 －3. Qualitative information regarding forecasts
There have been no changes made to the full year consolidated results forecasts announced October 17, 2008.
4.

Other

1)

Transfer of important subsidiaries during the period (Transfers of subsidiaries resulting in changes in the scope of
consolidation): None.

2)

Changes in accounting principles and procedures:
Certain simple accounting methods were employed. The effects on financial results were immaterial.

3)

Changes to accounting methods made during the current fiscal year.
Reserve for retirement benefits for directors
Previously, payments for retirement benefits for directors were treated as expenses at time of payment. However, as of the
fiscal year ending February 28, 2009, the required amount of retirement benefits for directors at the end of the consolidated
period under review will be based on the retirement benefits for directors’ rules and will be recorded as reserve for directors’
retirement benefit. This change follows the adoption of revisions to the treatment for Auditing of Reserve under Special
Taxation Measures Law, Allowance or Reserve under Special Laws (JICPA Audit and Assurance Practice Committee Report
No. 42) announced April 13, 2007 by the JICPA.
In comparison to use of the former method, operating income and ordinary income are ¥35 million lower and net income
before taxes, etc. is ¥412 million lower as a result of this change.
Merchandise Warranty Reserve
Previously, warranty reserves were expensed when repairs to cars under warranty occurred. However, as of the fiscal year
ending February 28, 2009, estimated future warranty payments will be accounted for as the merchandize warranty reserve.
This change follows the application of revisions to the treatment for Auditing of Reserve under Special Taxation Measures
Law, Allowance or Reserve under Special Laws (JICPA Audit and Assurance Practice Committee Report No. 42) announced
April 13, 2007 by the JICPA.
In comparison to use of the former method, operating income and ordinary income are ¥78 million lower and income before
taxes, etc. is ¥328 million lower as a result of this change.

－ 4 －Consolidated Balance Sheets
Millions of yen
As ofNovember 30, 2008

As ofNovember 30, 2007ASSETS

As of
February 29,
2008

ChangeAmountPercentage

Current assets
Cash and deposits ..............................................................
3,117

3,636

(518)

3,639

Accounts receivable ................................

23,151

12,042

11,10916,166Inventory ................................................................

8,338

6,855

1,482

7,294

829

260

568

407

Other ................................................................

3,621

3,564

57

3,667

Allowance for doubtful accounts................................

(193)

(8)

(184)

(25)

38,86426,351

12,513

Buildings and structures ................................

8,060

7,903

157

7,848

Tools, fixtures and equipment ................................

1,008

1,679

(670)

1,420

407

327

80

327

Deferred tax assets ................................

Total current assets ................................

47.4

31,148Fixed assets
Tangible fixed assets

Land ................................................................
Other ................................................................

672

264

407

Total tangible fixed assets ................................
Intangible fixed assets

10,148

10,174(26)

Software ................................................................

1,593

2,077

(484)

1,994

197

154

43

225

1,791

2,231

(440)

31

126

(94)

Other ................................................................
Total intangible fixed assets ................................

161
(0.3)

(19.7)

9,758

2,220

Investments and other assets
Investment securities ................................
Shares in affiliate companies ................................

98

55

--

55

5

Deposits and guarantee money ................................

3,572

3,774

(202)

3,404

Construction cooperation fund ................................

2,864

2,852

11

3,180

Deferred tax assets ..............................................................541

430

110

465

Others ................................................................

415

1,129

(714)

436

Allowance for doubtful accounts................................

(241)

(370)

128

Total investments and other assets ................................7,238

7,943

(705)

(8.8)

7,298

Total fixed assets................................

19,177

20,349(1,171)(5.8)

19,278

Total Assets ................................................................ 58,042

46,70011,341

24.3

50,426

－ 5 －

(292)

Consolidated Balance Sheets
Millions of yen
As ofNovember 30, 2008

As ofNovember 30, 2007

LIABILITIESCurrent liabilities
Accounts payable ................................................................
3,906
Short-term borrowing ............................................................ 22,165
Accrued expenses ................................................................ 2,064
Accrued corporate taxes .......................................................
323
Deposits received ................................................................
190
Reserve for bonuses............................................................. 1,150
Others ................................................................
3,336
Total current liabilities......................................................... 33,137
Long-term liabilities
Long-term borrowing .........................................
3,812
Guarantee deposits received ................................
970
Other.....................................................................................
425
Total long-term liabilities..................................................... 5,208
Total liabilities ................................................................
38,346NET ASSETS
Shareholders’ equity
Paid-in capital ................................................................
4,157
Capital surplus ................................................................
4,032
Retained profit................................................................
22,847
Treasury stock ................................................................
(11,465)
Total shareholders’ equity ................................
19,571
Appraisal and translation differences
Unrealized gains and losses in othersecurities ................................................................
(25)
Translation adjustments........................................................
(65)
Total appraisal and translation differences ..........................

(91)

As of
February 29,
2008

ChangeAmount2,746
12,149
2,756
586
343
341
2,021
20,945

1,160
10,015
(692)
(263)
(152)
809
1,314
12,192

4,075
849
431
5,355
26,301

(262)
121
(5)
(147)
12,045

4,157
4,032
22,472(10,678)
19,983

--374
(786)
(412)

17
(5)

(42)
(60)

11

(103)

Percentage

58.2

3,505
13,131
3,039
1,306
351
562
2,182
24,078

(2.7)
45.8

4,085
1,021
471
5,578
29,657

(2.1)

4,157
4,032
22,833(10,678)
20,3447
13(863.5)20

Warrants for new shares .........................................................

4

3

1

46.1

4

Minority interests ................................................................

211

400

(189)

(47.2)

400

Total net assets ................................................................

19,696

20,399

(703)

(3.4)

20,76958,042

46,70011,341

24.3

50,426

Total liabilities and net assets ................................

－ 6 －Consolidated Statements of Income
Millions of yen

March 1, 2008 to

March 1, 2007 to

November 30, 2008

November 30, 2007

March 1,
2007 toFebruary 29,
2008

ChangeAmountPercentage

Sales ..................................................

131,162

138,549(7,386)(5.3)

190,592

Cost of sales.......................................

100,274

106,264(5,989)(5.6)

147,032

Gross profit........................................

30,88832,285(1,397)(4.3)

43,559

Sales general and administrative
expenses........................................

27,18424,8062,378

9.6

34,860Operating income ...........................

3,703

7,479

(3,775)(50.5)

8,698

Non-operating income ......................

160

155

4

2.7

307

Non-operating expenses ..........................

377

172

205

119.0

306

Ordinary income ............................................

3,486

7,462

(3,976)(53.3)

8,699

Extraordinary profit ...........................

62

46

16

35.1

146

Extraordinary losses ..................... ............

945

170

775

455.2

350

Net income before taxes, etc ......................

2,603

7,339

(4,735)(64.5)

8,495

Income tax, inhabitants tax andenterprise tax .....................................

2,020

2,835

(815)

(28.8)

3,669

Corporate tax adjustment...........................

(475)

300

(776)

(258.3)126

Minority interests.......................................

(183)

46

(230)

(491.2)49

Net income........................................ ............

1,242

4,156

(2,913)(70.1)

4,650

－ 7 －

Consolidated Statements of Cash flows
March 1, 2008 to

March 1, 2007 to

November 30, 2008

November 30, 2007

I. Cash flow from operating activities
Income before taxes, etc. ................................................................
Depreciation..............................................................................................
Increase (decrease) in reserve for bonuses...............................................
Increase (decrease) in allowance for doubtful accounts.............................
Interest and dividends received ................................................................
Interest paid ..............................................................................................
Gain on sale of fixed assets ................................................................
Loss on disposal of fixed assets ................................................................
Payment of directors’ bonuses ................................................................
Increase (decrease) in accounts receivable...............................................
Increase (decrease) in inventory ...............................................................
Increase (decrease) in accounts payable ..................................................
Increase (decrease) in operating loans......................................................
Increase (decrease) in accrued consumption tax................................
Other................................................................................................

Millions of yen
March 1, 2007 to
February 29, 2008

2,603
1,726
588
117
(15)
130
-116
-(6,993)(1,043)
303
(245)
38
7
(2,667)15(130)(3,003)(5,785)

7,339
1,629
(112)
235
(9)
93
-170
(73)
1,861
(2,187)
(607)
(411)
(178)
518
8,268
9
(93)
(5,141)
3,042

8,495
2,342
109
174
(5)
140
(15)
330
-(2,267)(2,588)
169
(601)
(89)
508
6,705
5
(140)
(5,214)
1,354

(300)
(1,590)
192
(175)
(50)
(3)
2
207
(1,718)-(1,738)-(819)-(962)
359(350)(3,511)-(1,946)
116
(824)
(0)
(3)
3
(305)
(2,960)

9,070
(387)
100
(787)
-(1,228)(5)-6,761(1,440)(50)
3,575(1,327)56(1,744)(5)-(937)

(471)
(986)
4,661
(1,320)56(1,744)
(5)
(10)
177

(78)

--

6

V. (Decrease) increase in cash and cash equivalents .............................

(742)(1,406)(1,421)

VI. Cash and cash equivalents at beginning of period............................
VII. Increase in cash and cash equivalents from change inscope of consolidation................................................................
VIII. Cash and cash equivalents at end of period ................................

3,639

4,855

4,855

--

186

205

2,817

3,636

3,639

Subtotal................................................................................................
Interest and dividends received ................................................................
Interest paid ..............................................................................................
Corporate taxes paid .................................................................................
Cash flow from operating activities ..............................................................
II. Cash flow from investing activities
Payments for placement of time deposits ..................................................
Payments for purchase of tangible fixed assets................................
Proceeds from sale of tangible fixed assets...............................................
Payments for acquisition of intangible fixed assets................................
Payments for acquisition of shares of affiliates ................................
Amounts lent .............................................................................................
Proceeds from repayment of loans............................................................
Deposit and guarantee payments..............................................................
Cash flow from investing activities ...............................................................
III. Cash flow from financing activities
Net increase (decrease) in short term borrowings ................................
Repayment of long-term loans................................................................
Proceeds from long-term loans................................................................
Payments for acquisition of treasury stock.................................................
Proceeds from disposal of treasury stock ..................................................
Payment of dividends ................................................................................
Dividends paid to minority shareholders ....................................................
Other................................................................................................
Cash flow from financing activities...............................................................
IV. Cash and cash equivalents currency translationdifferences ..........................................................................................

－ 8 －Segment Information
Segment information by business type

Nine month period of the fiscal year ending February 28, 2009 (March 1, 2008 to November 30, 2008)

Sales(1) Sales to externalcustomers(2) Inter-segmental sales
or transfers
Total
Operating expenses
Operating income

Millions of yen

Trading ofused cars

Financialbusiness

Otherbusinesses

121,504

3,658

6,090

131,254--

131,254952
122,456
116,848
5,607

1,024
4,683
4,436
247

2,182
8,273
6,260
2,012

4,158
135,413
127,545
7,867(4,158)(4,158)4(4,163)-131,254
127,550
3,703

Total

Elimination/
All company

Consolidated

Nine month period of the fiscal year ended February 29, 2008 (March 1, 2007 to November 30, 2007) Millions of yen

Sales(1) Sales to externalcustomers(2) Inter-segmental sales
or transfers
Total
Operating expenses
Operating income

Trading ofused cars

Financialbusiness

Otherbusinesses

129,864

3,093

5,591

138,549--

138,549683
130,547
121,255
9,291

452
3,545
3,370
174

2,092
7,684
5,687
1,997

3,227
141,777
130,313
11,463(3,227)(3,227)756(3,984)-138,549
131,070
7,479

Total

Elimination/
All company(Reference) Fiscal year ended February 29, 2008 (March 1, 2007 to February 29, 2008)

Consolidated

Millions of yen

Trading ofused cars

Financialbusiness

Otherbusinesses

Sales(2) Sales to externalcustomers(2) Inter-segmental sales
or transfers

178,455

4,503

7,632

190,592

―

987

623

2,908

4,518

（4,518）―

Total

179,443

5,126

10,540

195,111（4,518）

190,592

Operating expenses

168,048

4,980

7,840

180,869

1,024

181,893

Operating income

11,394146

2,700

14,241（5,543）

8,698

－ 9 －

Total

Elimination/
All company

Consolidated

190,592

Non-consolidated Balance Sheets
As of
As of
November 30, 2008 November 30, 2007ASSETS

Millions of yen
As ofFebruary 29, 2008

ChangeAmountPercentage

Current assets
Cash and deposits ................................................................
930

1,204

(273)

2,004

2,119
Accounts receivable................................................................

3,306(1,186)

5,125

4,245

4,618

(373)

4,042

678
Deferred tax assets................................................................

220

457

344

Inventory ................................................................
Others ................................................................

655

1,468

(813)

1,083

Allowance for doubtful accounts ................................

(22)

(8)

(14)

(7)

8,607

10,810(2,203)

Total current assets ................................

(20.3)

12,592

Fixed assets
Tangible fixed assets
7,833

7,758

74

7,595

Tools, fixtures and equipment................................

905

1,110

(204)

1,055

Land................................................................

407

327

80

327

Other................................................................

160

150

10

124

9,305

9,345

(39)

1,373

1,734

(361)

Buildings and structures................................

Total tangible fixed assets

(0.4)

9,103

Intangible fixed assets
Software................................................................
Other ................................................................
Total intangible fixed assets ................................

154

135

18

1,527

1,869

(342)

1,673
170
(18.3)

1,845

Investments and other assets
Investment securities ................................

31

114

(82)

98

Shares in affiliate companies ................................

2,163

2,061

102

2,267

Long-term loans to affiliates................................
Deposits and guarantee money ...........................

11,985

7,600

4,385

3,116

3,158

3,389

(230)

3,035

Construction cooperation fund ................................

2,864

2,852

11

3,180

277
Deferred tax assets................................................................

275

2

238

Other................................................................

118

243

(124)

157

Allowance for doubtful accounts ................................

165
4,230

26.1

(257)
11,837

(194)

(359)

Total investment and other assets................................
20,407

16,177

Total fixed assets ................................................................
31,24027,392

3,847

14.0

22,78538,2031,644

4.3

35,378

Total Assets ................................................................39,847－ 10 －

Non-consolidated Balance Sheets
Millions of yen
As of
As of
November 30, 2008 November 30, 2007

AmountLIABILITIES

As ofFebruary 29, 2008

ChangePercentage

Current liabilities
1,901

(139)

2,217

11,000

9,399

1,600

5,300

Accrued expenses...............................................................
947

1,720

(772)

1,185

94

468

(373)

1,122

Advances received...............................................................14

352

(337)

266

Deposits received................................................................
154

315

(160)

322

Reserve for bonuses ................................

988

286

702

473

1,564

779

785

16,526

15,223

1,302

3,200
Long-term debt ................................................................
822
Guarantee deposits received ................................

3,100

100

3,100

849

(27)

844

412

--

412

--

4,434

3,949

485

12.2

3,944

Total liabilities ................................................................
20,96019,172

1,788

9.3

15,988NET ASSETS
Shareholders’ equity
Paid-in capital................................................................4,157
Capital surplus ................................................................4,032
22,188Retained profit................................................................
(11,465)
Treasury stock................................................................

4,157
4,032
21,501(10,678)

--686
(787)

Total shareholders’ equity ................................
18,912
Appraisal and translation differences
Unrealized gains and losses in other(25)
securities ................................................................
Total appraisal and translation(25)
differences ................................................................

19,013

(100)

17

(42)

17

(42)

(248.6)

7

Total net assets ...............................................................
18,886

19,030

(143)

(0.7)

19,389Total liabilities and net assets ................................
39,847

38,2031,644

4.3

35,378

Accounts payable................................................................
1,761
Short-term borrowing ................................
Accrued corporate taxes ................................

Other ................................................................
Total current liabilities ................................

1,155
8.5

12,043Long-term liabilities

Reserve for retirement benefits for
directors................................................................
Total long-term liabilities ................................

－ 11 －

4,157
4,032
21,869(10,678)(0.5)

19,3817

Non-consolidated Statements of Income
Millions of yen
March 1, 2008 to

March 1, 2007 to

November 30, 2008

November 30, 2007

Sales................................................................

March 1, 2007 to
February 29, 2008

ChangeAmountPercentage

110,873

122,086(11,213)(9.2)

167,219

Cost of sales ................................................................
83,99592,937(8,942)(9.6)

128,303

26,878Gross profit................................................................

29,149(2,271)(7.8)

38,915

Sales, general & administrative
23,149expenses ................................................................

22,1041,045

4.7

30,456

3,728
Operating income ................................................................

7,045(3,316)(47.1)

8,459

Non-operating income ................................

156

214

(58)

(27.0)

356

Non-operating expenses................................

125

160

(35)

(21.9)

201

Ordinary income ................................................................
3,759

7,099

(3,339)(47.0)

8,614

Extraordinary profit...............................................................
64

20

44

219.0

20

936

316

620

196.2

898

2,887

6,803

(3,915)(57.6)

7,735

1,691
enterprise tax ................................................................

2,661

(970)

(36.5)

3,307

(350)

214

(565)

(263.3)135

Net income ................................................................ 1,547

3,926(2,379)(60.6)

4,293

Extraordinary losses................................
Net income before taxes, etc.................................
Corporate income tax, inhabitants tax and

Corporate tax adjustments ................................

－ 12 －