Gulliver International Co., Ltd.

Consolidated Results
First Quarter of the Fiscal Year Ending February 28, 2009
(Three-month period ended May 31, 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)
First quarter results for the fiscal year ending February 28, 2009

July 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 three-month period ended May 31, 2008
1) Consolidated operating results

Millions of yen, rounded down

Three months ended
May 31, 2008

Three months ended
May 31, 2007(% change)

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

46,198
1,243
1,065
266
27.80
27.80

8.1
(46.7)(55.1)(81.3)---

Fiscal Year ended
February 29, 2008(% change)

42,714
2,337
2,377
1,430
146.25146.10

(3.5)
11.0
13.7
(29.9)---(% change)

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)

Total assets .....................................................
Net assets........................................................
Shareholders’ equity ratio (%)..........................
Shareholders’ equity per share (¥)...................

Millions of yen, rounded down

As of May 31, 2008

As of May 31, 2007

54,257
20,15036.4
2,063.04

42,196
18,44642.8
1,885.20

Three months ended
May 31, 2008
(1,778)
(717)
2,670
3,831

Three months ended
May 31, 2007
2,096
(1,694)(2,317)3,1263) Consolidated cash flows

Cash flow from operating activities ..................
Cash flow from investing activities ...................
Cash flow from financing activities ...................
Cash and cash equivalents at end of period ....

50,426
20,76940.4
2,122.06
Millions of yen, rounded down

2. Dividends

Interim dividend per share(¥) ...........................
Year-end dividend per share(¥) .......................
Annual dividend per share(¥)...........................

As of February 29, 2008

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

Fiscal year ended
February 29, 2008
87.00
87.00
174.00Fiscal year ending
February 28, 2009 (Forecast)
62.00
62.00
124.003. Reference: 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 (¥) .....................................

Interim period ending
August 31, 2008
89,6002.7%
3,200(32.7%)
3,200(33.0%)
1,700(37.2%)
177.14--

FY ending
February 28, 2009
196,300
3.0%
7,400(14.9%)
7,400(14.9%)
4,000(14.0%)
416.79--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 May 31, 2008

1) Non-consolidated operating results

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

Millions of yen, rounded down

Three months ended
May 31, 2008
39,8665.8%
1,247(43.4%)
1,247(44.7%)
451(37.0%)
47.08-47.08--Three months ended
May 31, 2007
37,663(7.3%)
2,206
10.7%
2,257
12.4%
1,370
35.7%
140.11-139.97--

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)

Total assets...............................................................
Net assets .................................................................
Shareholders’ equity ratio (%) ...................................
Shareholders’ equity per share (¥) ............................

Millions of yen, rounded down

As of May 31, 2008

As of May 31, 2007

As of February 29, 2008

35,98018,99652.7
1,979.37

36,241
17,28347.7
1,801.80

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

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

Interim period ending
August 31, 2008
79,0003.3%
3,100(29.9%)
3,100(30.6%)
1,650(33.3%)
171.93--

FY ending
February 28, 2009
170,000
1.7%
7,200(14.%)
7,200(16.%)
3,800(11.%)
395.95--

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, 300 are directly operated stores (8 more than at the end of thesame period of the previous fiscal year and 1 more than at the end of the previous fiscal year). The number of cars sold at directly
managed stores increased as a result of an increase in the number of stores and investments in advertising.
In sales, general and administrative expenses, in addition to an increase in advertising expenses, personnel expenses increased
following an increase in the number of staff in the previous fiscal year.
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.
As a result of the factors noted above, consolidated net sales for the period under review increased 8.1% to ¥46,198 million andoperating income decreased 46.7% to ¥1,243 million. Ordinary income decreased 55.1% to ¥1,065 million and net income
decreased 81.3% to ¥266 million.
2. Financial Position
At the end of the first quarter of the fiscal year ending February 28, 2009, total assets increased ¥3,831 million compared to
February 29, 2008, liabilities increased ¥4,449 million and net assets decreased ¥619 million.
The primary contributing factor to changes in total assets was a ¥2,649 million increase in inventory. The primary contributing
factors to changes in liabilities were a ¥1,095 million increase in accounts payable and a ¥2,918 million increase in short-termborrowing. The primary factor contributing to changes in net assets was a ¥573 million decrease in retained profit.
As a result, net assets per share were ¥2,063.04 and the shareholders equity ratio was 36.4%.
Cash flow
As of May 31, 2008, the balance of cash and cash equivalents, on a consolidated basis, increased ¥192 million compared to
February 29, 2008 to ¥3,831 million.
Primary contributing factors to the status cash flow are as follows:
Cash flow used in/from operating activities
Cash used in operating activities during the period under review was ¥1,778 million compared to an increase of ¥2,096 million at
the end of the first quarter of the previous fiscal year. This was primarily due to the effects of a ¥2,649 million payment from anincrease in inventory.
Cash flow from investing activities
Net cash used in investing activities was ¥717 million, compared to cash of ¥1,694 million used in the first quarter of the previous
fiscal year. This was primarily due to payments for investments in facilities.
Cash flow from financing activities
Net cash generated from financing activities was ¥2,670 million, compared to cash of ¥2,317 million used in the first quarter of theprevious fiscal year. This was primarily due to an inflow of ¥2,918 million from an increase in short-term borrowing, and an inflow of¥587 million due to an increase in long-term borrowing and an outflow of ¥834 million for year-end dividend payments.
3. Qualitative information regarding forecasts
There have been no changes made to the interim and full year consolidated results forecasts included in the financial statements
issued April 18, 2008.

－ 3 －

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, we have changed method, and now record the amount of retirement benefits for
directors incurred in a given year in the reserve for retirement benefits for directors at the end of that year, based on our
regulations for payment of retirement benefits for directors, following our adoption of the revised “Treatment for Auditing ofReserve under Special Taxation Measures Law, Allowance or Reserve under Special Laws and Allowance for Retirements
Benefits to Directors” (JICPA Audit and Assurance Practice Committee Report No. 42).
For the first quarter of the consolidated fiscal year ending February 28, 2009, a provision for the retirement benefits for
directors of ¥10 million was recorded under sales, general and administrative expenses and ¥376 million was recorded as an
extraordinary loss for the previous fiscal years in which they occurred.

－ 4 －Consolidated Balance Sheets
As of
May 31, 2008

As of
May 31, 2007ASSETS

Millions of yen
As ofFebruary 29,
2008

ChangeAmountPercentage

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

3,831

3,126

704

3,639

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

16,066

11,468

4,598

16,166Inventory ................................................

9,943

4,804

5,138

7,294

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

274

508

(233)

407

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

4,970

3,357

1,612

3,667

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

(125)

(167)

41

(25)

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

34,961

23,09911,861

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

7,854

7,913

(58)

7,848

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

1,544

1,264

280

1,420

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

327

327

--

327

51.3

31,148Fixed assets
Tangible fixed assets

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

289

169

119

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

10,015

9,674

341

1,856

2,158

(302)

161
3.5

9,758

Intangible fixed assets
Software.................................................
Other......................................................

216

165

51

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

2,073

2,324

(251)

1,994
225
(10.8)

2,220

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

78

97

(19)

98

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

5

108

(103)

5

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

3,359

3,750

(391)

3,404

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

3,180

2,540

639

3,180

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

540

264

276

465

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

427

410

17

436

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

(383)

(74)

(308)

(292)

Total investments and other assets

7,207

7,097

109

1.5

7,298

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

19,296

19,096199

1.0

19,278

Total Assets.............................................

54,25742,196

12,06128.5

50,426－ 5 －Consolidated Balance Sheets
Millions of yen
As of
May 31, 2008
LIABILITIESCurrent liabilities
Accounts payable .............................................
Short-term borrowing........................................
Accrued expenses ............................................
Accrued corporate taxes...................................
Deposits received .............................................
Reserve for bonuses ........................................
Others...............................................................
Total current liabilities ....................................
Long-term liabilities
Long-term borrowing ........................................
Guarantee deposits received............................
Other ................................................................
Total long-term liabilities ................................
Total liabilities.................................................
NET ASSETS
Shareholders’ equity
Paid-in capital ...................................................
Capital surplus..................................................
Retained profit ..................................................
Treasury stock ..................................................
Total shareholders’ equity............................

As of
May 31, 2007

As ofFebruary 29,
2008

ChangeAmountPercentage

4,600
16,049
3,108
394
229
477
2,784
27,642

2,383
13,500
2,919
760
699
308
1,777
22,348

2,217
2,549
188
(366)
(470)
168
1,006
5,294

23.6

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

4,672
1,027
763
6,463
34,106525
876-1,401
23,749

4,147
151
763
5,062
10,357

361.3
43.6

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

4,157
4,032
22,260(10,678)
19,771

4,157
4,032
20,612(10,724)
18,077--1,647
46
1,694

9.4

4,157
4,032
22,833(10,678)
20,344

Unrealized gains and losses in othersecurities.......................................................
Translation adjustments ...................................

(2)
30

6

(1)

(9)
32

Total appraisal and translation differences......

28

5

23

420.6

Valuation difference on other marketablesecurities
7
13
20

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

4

1

3

171.4

4

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

345

361

(15)

(4.3)

400

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

20,15018,446

1,704

9.2

20,769Total liabilities and net assets..................

54,25742,196

12,06128.5

50,426－ 6 －Consolidated Statements of Income
Millions of yen
March 1, 2008 to

March 1, 2007 to

May 31, 2008

May 31, 2007

March 1, 2007
to February
29, 2008

ChangeAmountPercentage

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

46,19842,714

3,483

8.1

190,592

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

35,77732,5883,189

9.7

147,032

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

10,42010,126293

2.9

43,559

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

9,176

7,788

1,387

17.8

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

1,243

2,337

(1,094)(46.7)

8,698

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

73

72

1

1.6

307

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

251

32

218

662.4

306

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

1,065

2,377

(1,311)(55.1)

8,699

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

17

59

(42)

(70.7)

146

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

438

38

400

--

350

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

644

2,398

(1,754)(73.1)

8,495

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

326

741

(414)

(55.9)

3,669

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

102

224

(122)

(54.5)

126

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

(51)

2

(53)

--

49

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

266

1,430

(1,163)(81.3)

4,650

－ 7 －

Consolidated Statements of Cash flows
Millions of yen
March 1, 2007 to
February 29, 2008

March 1, 2008 to

March 1, 2007 to

May 31, 2008

May 31, 2007

644
526
(85)
190
(14)
7
----(98)(2,649)
1,038
-43
2,561
2,163
14
(7)
(3,949)(1,778)

2,398
511
(138)
2
(1)
20
7
-33
(73)
2,383
(113)
(907)
(252)
(28)
1,203
5,045
1
(21)
(2,928)
2,096

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

(589)
-(41)
-(102)
-45
(30)
(717)

(942)
0
(341)
-(276)
1(142)
6(1,694)(1,946)
116
(824)
(0)
(3)
3
(305)
-(2,960)

2,918
587----(834)--2,670(90)(25)-(1,320)
41
(7)
(909)
(5)
(1)
(2,317)

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

17

0

6

174
3,639

(1,915)
4,855(1,421)
4,855

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.......................................................................................
New share issuance expenses .........................................................
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 .................................................................................................
Subtotal .............................................................................................
Interest and dividends received.........................................................
Interest paid.......................................................................................
Corporate taxes paid .........................................................................
Cash flow from operating activities.................................................
II. Cash flow from investing activities
Payments for purchase of marketable securities ..............................
Proceeds from sale of marketable securities ....................................
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 .....................................................
Other .................................................................................................
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
Proceeds from issuance of new shares ............................................
Payment of dividends ........................................................................
Dividends paid to minority shareholders ...........................................
Other .................................................................................................
Cash flow from financing activities .................................................
IV. Cash and cash equivalents currency translationdifferences...................................................................................
V. (Decrease) increase in cash and cash equivalents....................
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 ...........................

－ 8 －

--

186

205

3,831

3,126

3,639

4. Segment Information
Segment information by business typeFirst quarter of the fiscal year ending February 28, 2009 (March 1, 2008 to May 31, 2008)

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

Trading ofused cars

Financialbusiness

Otherbusinesses

42,818

1,259

2,120

268
43,086
41,280
1,805

178
1,438
1,343
94

961
3,082
2,355
726

Millions of yen

Elimination/
All company

Consolidated

46,198--46,1981,408
47,60644,9792,627(1,408)(1,408)(25)(1,383)-46,198
44,954
1,243

Total

First quarter of the fiscal year ended February 29, 2008 (March 1, 2007 to May 31, 2007)

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

Trading ofused cars

Financialbusiness

Otherbusinesses

39,875

1,011

1,823

205
40,08037,139
2,941

137
1,148
999
149

613
2,442
1,771
671

Millions of yen

Elimination/
All company

Consolidated

42,714--42,714957
43,671
39,909
3,762

(957)
(957)
467
(1,424)-42,71440,376
2,337

Total

Segment information by geographical location
For the first quarter of the current consolidated fiscal year and for the previous fiscal year some consolidated subsidiaries werelocated overseas, but as over 90% of sales for each segment were in Japan, segment information by geographical location has
been omitted.

Overseas sales
For the first quarter of the current consolidated fiscal year, and for the previous fiscal year, overseas sales were less than 10% ofconsolidated sales and have therefore been omitted.

－ 9 －Non-consolidated Balance Sheets
As of
May 31, 2008

As of
May 31, 2007ASSETS

Millions of yen
As ofFebruary 29, 2008

ChangeAmountPercentage

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

1,624

1,440

184

2,004

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

4,064

3,424

639

5,125

Inventory...................................................

4,794

2,606

2,188

4,042

Prepaid expenses.....................................

482

--

482

396

Accrued credit ..........................................

178

--

178

300

Advances paid ..........................................

812

--

812

280

Short-term loans to related companies.....

--

6,497

(6,497)--

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

141

477

(335)

344

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

100

1,556

(1,456)

96

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

(22)

(188)

165

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

12,176

15,814(3,638)

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

7,604

7,883

(278)

7,595

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

1,032

1,271

(239)

1,055

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

327

327

--

327

(7)
(23.0)

12,592

Fixed assets
Tangible fixed assets

241

90

150

9,206

9,573

(367)

Software ...................................................
Other ........................................................

1,548

1,988

(440)

1,673

165

145

20

170

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

1,713

2,133

(420)

Other .......................................................
Total tangible fixed assets

124
(3.8)

9,103

Intangible fixed assets(19.6)

1,845

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

78

97

(19)

98

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

2,267

2,191

76

2,267

Long-term loans to affiliates .....................

4,246

--

4,246

3,116

Defaulted claims, etc ................................
Long-term prepaid expenses ....................
Insurance reserves ...................................
Deposits and guarantee money................

46
43
81

----

46
(43)
81

19
58
79

2,950

3,654

(704)

3,035

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

3,180

2,540

639

3,180

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

322

37

285

238

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

--

231

(231)

--

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

(333)

(33)

(300)

(257)

Total investment and other assets........

12,884

8,719

4,165

47.6

11,837

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

23,804

20,426

3,377

16.5

22,785

Total Assets ............................................

35,98036,241

(260)

(0.7)

35,378－ 10 －

Non-consolidated Balance Sheets
Millions of yen, rounded down
As of
May 31, 2008

As of
May 31, 2007

AmountLIABILITIES

As ofFebruary 29, 2008

ChangePercentage

Current liabilities
Accounts payable ...................................

2,291

1,915

375

2,217

(4,601)

5,300

Short-term borrowing ..............................

6,398

11,000Accounts payable...................................

1,402

2,164

(762)

1,185
1,122
90

Accrued corporate taxes .........................

254

714

(459)

Accrued consumption taxes....................

188

--

188

Accrued expenses ..................................

1,089

--

1,089

842

Advances received .................................

262

302

(39)

266

Deposits received ...................................

193

670

(476)

322

333

272

61

473

63

--

63

63

Reserve for bonuses...............................
Reserve for directors’ bonuses ...............
Accrued expenses for facilities ...............

138

--

138

106

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

22

1,041

(1,019)52

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

12,63718,081(5,444)Long-term debt.......................................

3,100

--

3,100

3,100

Guarantee deposits received ..................
Reserve for retirement benefits for
directors ..............................................

860

876

(15)

844

386

--

(30.1)

12,043Long-term liabilities

386

--

Total long-term liabilities.......................

4,346

876

3,470

Total liabilities.....................................
NET ASSETS
Shareholders’ equity
Paid-in capital .........................................
Capital surplus ........................................
Retained profit ........................................
Treasury stock ........................................

16,984

18,957(1,973)

4,157
4,032
21,486(10,678)

4,157
4,032
19,811(10,724)--1,675
46

Total shareholders’ equity ..................
Valuation difference on othermarketable securities
Unrealized gains and losses in othersecurities .............................................
Total appraisal and translationdifferences..........................................

18,99817,276

1,721

(2)

6

(9)

(2)

6

(9)

(130.8)

7

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

18,996

17,283

1,713

9.9

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

35,98036,241

(260)

(0.7)

35,378－ 11 －

396.1

3,944

(10.4)

15,988

4,157
4,032
21,869(10,678)
9.9

19,3817

Non-consolidated Statements of Income
Millions of yen
March 1, 2008 to
May 31, 2008

March 1, 2007 to
May 31, 2007

March 1, 2007 to
February 29, 2008

ChangeAmountPercentage

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

39,866

37,6632,202

5.8

167,219

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

30,73828,452

2,286

8.0

128,303

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

9,127

9,211

(84)

(0.9)

38,915874

12.4

30,456

expenses ..................................................

7,879

7,005

Operating income.......................................

1,247

2,206

(958)

(43.4)

8,459

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

90

72

18

24.9

356

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

90

21

69

325.8

201

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

1,247

2,257

(1,009)(44.7)

8,614

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

--

52

(52)

(100.0)20

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

438

38

400

--

898

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

809

2,271

(1,462)(64.3)

7,735

enterprise tax.........................................

233

698

(465)

(66.6)

3,307

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

124

203

(78)

(38.8)

135

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

451

1,370

(918)

(67.0)

4,293

Sales, general & administrative

Corporate income tax, inhabitants tax and－ 12 －