Gulliver International Co., Ltd.

Financial Results
Third Quarter of the Fiscal Year Ending February 29, 2008
(Nine-month period ended November 30, 2007)

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 29, 2008

Gulliver International Co., Ltd.

January 8, 2008

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

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

1. Consolidated financial results for the nine month period ended November 30, 2007
1) Consolidated operating results

Millions of yen, rounded downNine months ended
November 30, 2006

Nine months ended
November 30, 2007(% change)

Sales ...............................................................
Operating income............................................
Ordinary income..............................................
Net income......................................................
Net income per share (¥) ................................
Net income per share (¥)(fully diluted) ............

138,549
7,479
7,462
4,156
¥430.35¥430.20

2.4
(3.0)
(2.5)
(15.3)---

Fiscal Year ended
February 28, 2007(% change)

135,224
7,718
7,657
4,912
¥502.89¥500.20

1.5
30.3
30.1
75.7
---

(% change)

182,166
11,123
10,9986,566¥672.19¥669.68

(0.2)
18.0
17.2
48.5
---

Notes to the preparation of these financial statements:
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 ........................................................
Equity ratio (%) ................................................
Shareholders’ equity per share (¥) ...................

Millions of yen, rounded down

As ofNovember 30, 2007
46,70020,39942.8
2,083.46

As ofNovember 30, 2006
38,87017,58344.3
1,764.40

As ofFebruary 28, 2007
45,947
19,30342.0
1,936.38

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

Nine months ended
November 30, 2006
5,074
(4,567)
(772)
3,110

Fiscal Year ended
February 28, 2007
6,103
(5,604)9784,8553) 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 ....

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

Fiscal year ended
February 28, 2007
81.00
93.00
174.00Fiscal year ending
February 29, 2008
87.00
---

Fiscal year ending
February 29, 2008 (est.)-87.00174.003. Forecasts for the fiscal year ending February 29, 2008 (March 1, 2007 to February 29, 2008)
Millions of yen

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

FY ending
February 29, 2008
194,400
12,10012,1006,500¥673.04% change
6.7
8.8
10.0
(1.0)
--

Percentage figures represent changes compared to the previous fiscal year1

4. Other
1) Transfer of important subsidiaries during the period (Transfers of certain subsidiaries resulting in changes in the scope of
consolidation): No
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 Results
1. Non-consolidated financial results for the nine month period ended November 30, 2007
Percentage figures represent changes compared to the previous fiscal year

1) Non-consolidated operating results

Millions of yen, rounded downNine months ended
November 30, 2007

Nine months ended
November 30, 2006(% change)

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

122,086
7,045
7,099
3,926
406.61406.47

(1.1)
(4.9)
(4.3)
2.7
---

(% change)

123,456
7,408
7,423
3,823
391.35389.26

(0.1)
17.3
17.2
13.3
---

Fiscal Year ended
February 28, 2007(% change)
166,466(1.9)
10,715
5.6
10,509
3.6
5,645
6.1
577.92-575.76--2) Financial position (non-consolidated)

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

2.

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

As ofNovember 30, 2006
33,344
16,21048.6
1,661.39

As ofFebruary 28, 2007
40,414
18,10144.8
1,850.96

Non-consolidated forecasts for the fiscal year ending February 29, 2008 (March 1, 2007 to
February 29, 2008)
Millions of yen, rounded down

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

Fiscal year ending
February 29, 2008
176,200
11,40011,4006,100635.61% Change
5.8
6.4
8.5
8.1
--

Percentage figures represent changes compared to the previous fiscal year

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. Operating Results
Gulliver operates 298 directly operated stores involved in the sale and purchase of cars (15 more thanat the end of the third quarter of the previous fiscal year and 7 more than at the end of the previous
fiscal year) and has 153 franchise stores (34 fewer than at the end of the third quarter of the previous
fiscal year and 31 fewer than at the end of the previous fiscal year). In total, Gulliver operates 451 stores(19 fewer than at the end of the third quarter of the previous fiscal year and 24 fewer than at the end of
the previous fiscal year). Regarding directly operated store operations, the net increase in the numberof stores has not grown in line with our original plans due to the closure of a number of branches,
however we will maintain our policy of continuing to open new stores.

In the first half of the fiscal year we acted as primary sponsor of the Pro baseball All-star game in July,and continued to restrain advertisement costs and carry out effective marketing activities. In the third
quarter, (September 1, 2007 to November 30, 2007), we were more active in advertising and promotion
than in the first half of the fiscal year as we carried out a campaign that included investing in televisioncommercials and regional test market trials. Also, regarding human resources, we are continuing tofocus on training and strengthening management’s capabilities.

We steadily increased the operating base and profitability of our consolidated subsidiary G-One
Financial Services Co., Ltd., which conducts financial business, primarily auto-loans. Also, in
November 2007, G-One Financial Services established a 100%-owned subsidiary, G-One Credit
Service Co., Ltd., to which certain operations of Gakken Credit Corporation were transferred.
Currently, bases are being established in Tokyo and Osaka and while utilizing transferred systems
and other factors, new business development is underway.
As a result of the above, consolidated net sales for the nine-month period ended November 30, 2007
increased 2.4% (¥3,325 million) to ¥138,549 million, while operating income declined 3.0% (¥239
million) to ¥7,479 million. Ordinary income decreased 2.5% (¥194 million) to ¥7,462 million and net
income decreased 15.3% (¥756 million) to ¥4,156 million.

2. Financial Position
At the end of the third quarter, compared to the end of the previous fiscal year, total assets increased¥753 million to ¥ 46,700 million and net assets increased ¥1,095 million to ¥20,399 million. The main
components of the change in total assets were an increase in inventory of ¥2,187 million and anincrease in tangible fixed assets of ¥487 million. The main components of the change in net assets
were an increase in retained earnings of ¥2,188 million, partially offset by a decline of ¥1,138 million
resulting from the acquisition of treasury stock.

3

Cash flow
In the nine month period cash flow from operating activities was positive and cash flow from investing
activities and financing activities were negative, representing an overall cash outflow of ¥1,406 million
and cash and cash equivalents as of the end of the period were ¥3,636 million.
Cash flow from operating activities
Cash generated from operating activities was ¥3,042 million. This was primarily due to an increase inoperating revenue from the purchase and sale of cars.
Cash flow from investing activities
Net cash used in investing activities was ¥3,511 million. This was primarily due to investment in the
opening of new directly operated stores.
Cash flow from financing activities
Net cash used in financing activities was ¥937 million. This was primarily due to the acquisition oftreasury stock.
3. Qualitative information regarding forecasts
With regard to the consolidated forecasts, there are no changes to the forecasts previously
announced on April 18, 2007.
4. Other(1) Transfer of important subsidiaries during the period (Transfers of certain subsidiaries resulting inchanges in the scope of consolidation): None.
(2) Utilization of simplified method of accounting: The simplified method was used for certain items
where the effect was regarded as insignificant.
(3) Changes to the depreciation method of tangible fixed assets
In accordance with the revision of Corporation Tax Law (Law Concerning the Partial Revisionof Income Tax No. 6, issued on March 30, 2007 and Government Ordinance Concerning thePartial Revision of Corporation Tax Law Order No. 83, issued on March 30, 2007), the method ofdepreciation of tangible fixed assets acquired after April 1, 2007 has been revised. The effects ofthis change on operating income, ordinary income or net income before adjustment for income
taxes is immaterial.

4Consolidated Balance Sheets
As of
November 30, 2007

As ofNovember 30, 2006ASSETS

Millions of yen
As ofFebruary 28, 2007

ChangeAmountPercentage

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

3,636

3,110

525

4,855

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

12,042

9,353

2,689

13,664Inventory ................................................

6,855

4,697

2,157

4,668

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

260

351

(90)

445

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

3,564

2,871

692

3,315

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

(8)

(85)

77

(69)

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

26,351

20,299

6,052

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

7,903
1,679

7,564
1,398

339
280

7,832
1,384

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

327

327

--

327

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

264

67

197

143

10,174

9,357

817

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

2,077

2,528

(451)

2,082

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

154

113

41

110

2,231

2,642

(410)

29.8

26,880

Fixed assets
Tangible fixed assets
Buildings and structures.........................

Total tangible fixed assets

8.7

9,687

Intangible fixed assets

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

(15.5)

2,192

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

126

99

26

96

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

3,774

3,464

310

3,749

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

2,852

2,470

381

2,508

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

430

157

273

489

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

1,129

767

362

417

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

(370)

(388)

17

(74)

Total investments and other assets ......

7,943

6,571

1,371

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

20,34918,570Total Assets.............................................

46,70038,870

20.8

7,187

1,778

9.5

19,066

7,830

20.1

45,947

5

Consolidated Balance Sheets
As of
November 30, 2007
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 debt .....................................
Guarantee deposits received ..................
Other.......................................................
Total long-term liabilities.......................
Total liabilities.....................................
NET ASSETS
Shareholders’ equity .................................
Paid-in capital .........................................
Capital surplus ........................................
Retained earnings...................................
Treasury shares
Total shareholders’ equity ..................
Appraisal and translation differences
Unrealized gains and losses in othersecurities.................................................
Translation adjustments..........................
Total Appraisal and translationdifferences .........................................
Warrants....................................................
Minority interests

As of
November 30, 2006

Millions of yen
As ofFebruary 28, 2007

ChangeAmountPercentage

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

2,158
11,880
2,235
1,267
616
348
1,330
19,837

587
269
521
(680)
(273)
(7)
691
1,107

5.5

3,303
13,590
2,900
2,957
809
453
1,210
25,224

4,075
849
431
5,355
26,301578
870-1,44921,286

3,496
(21)
431
3,906
5,014

269.5
23.5

550
869
-1,41926,643

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

4,157
4,032
18,794(9,775)
17,208--3,678
(903)
2,774

--19.5
9.2
16.1

4,157
4,032
20,283(9,540)18,932

17

8

9

109.7

6

(5)

(1)

(3)

282.5

(2)

11

6

5

74.8

3

3

--

3

--

1

400

368

32

8.8

366

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

20,39917,583

2,815

16.0

19,303

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

46,70038,870

7,830

20.1

45,947

6

Consolidated Statements of Income
March 1, 2007 to

March 1, 2006 to

November 30, 2007

November 30, 2006

Millions of yen
March 1, 2006 to
February 28, 2007

ChangeAmountPercentage

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

138,549

135,224

3,325

2.4

182,166

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

106,264

104,391

1,872

1.7

140,228

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

32,28530,832

1,453

4.7

41,937

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

24,80623,113

1,692

7.3

30,813Operating income .........................

7,479

7,718

(239)

(3.0)

11,123Non-operating income .......................

155

69

86

124.7

79

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

172

130

41

31.9

204

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

7,462

7,657

(194)

(2.5)

10,998Extraordinary profit .............................

46

1,164

(1,117)(95.9)

1,164

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

170

578

(408)

(70.5)

1,013

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

7,339

8,243

(903)

(10.9)

11,149

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

2,835

3,199

(364)

(11.3)

4,880

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

300

112

188

168.1

(313)

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

46

18

28

152.3

16

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

4,156

4,912

(756)

(15.3)

6,566

7

Consolidated Statements of Cash flows
March 1, 2007 to
November 30, 2007

March 1, 2006 to
November 30, 2006

Millions of yen
March 1, 2006 to
February 28, 2007

I. Cash flow from operating activities
Income before taxes, etc....................................................................

7,339

8,243

11,149Depreciation .......................................................................................

1,629

1,691

2,352

Increase (decrease) in reserve for bonuses.......................................

(112)

(173)

(68)

Increase (decrease) in allowance for doubtful accounts ....................

235

17

(66)

Interest and dividends received .........................................................

(9)

(2)

(2)

Interest paid .......................................................................................

93

45

65

New share issuance expenses ..........................................................

--

7

--

Share exchange expenses.................................................................

--

--

7

Loss on disposal of fixed assets ........................................................

170

578

689
278

Impairment losses ..............................................................................

----

Payment of directors’ bonuses...........................................................

(73)

(73)

(73)

Increase (decrease) in accounts receivable.......................................

1,861

1,721

(2,825)

Increase (decrease) in inventory........................................................

(2,187)

49

108

Increase (decrease) in accounts payable ..........................................

(607)(1,308)444

Increase (decrease) in operational loans receivable(411)(1,006)(1,292)

Increase (decrease) in accrued consumption tax ..............................

(178)

(260)

(177)

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

518

(729)

(749)

Subtotal ..............................................................................................

8,268

8,799

9,838

Interest and dividends received .........................................................

9

2

2

Interest paid .......................................................................................

(93)

(45)

(65)

Corporate taxes paid..........................................................................

(5,141)(3,681)(3,671)

Cash flow from operating activities..................................................

3,042

5,074

6,103

II. Cash flow from investing activities
Proceeds from sale of investment securities .....................................

--

100

100

Payments for acquisition of tangible fixed assets ..............................

(1,738)(3,136)(3,731)

Proceeds from sale of tangible fixed assets ......................................

--

0

1

Payments for acquisition of intangible fixed assets ...........................

(819)

(475)

(581)

Payments for acquisition of shares of affiliates ..................................

--

(5)

(5)

Amounts lent ......................................................................................

(962)

(56)

(61)

Proceeds from repayment of loans ....................................................

359

4

6

Deposit and guarantee payments ......................................................

(350)(1,004)(1,327)

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

--

4

(5)

Cash flow from investing activities ...................................................

(3,511)(4,567)(5,604)

III. Cash flow from financing activities
Net increase (decrease) in short term borrowings .............................

(1,440)

2,480

4,190

Repayment of long-term loans ...........................................................

(50)

(57)

(207)

Proceeds from long-term loans ..........................................................

3,575

378

500

Payments for acquisition of treasury stock.........................................

(1,327)(2,079)(2,079)183

Proceeds from disposal of treasury stock ..........................................

56

112

Payments for issuance of new shares ...............................................

--

(7)

(7)

Payment of dividends.........................................................................

(1,744)(1,608)(1,608)

Payment of dividends to minority shareholders .................................

(5)

(5)

(5)

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

--

14

13

Cash flow from financing activities ...................................................

(937)

(772)

978

IV. Cash and cash equivalents currency translation differences ...

--

1

3

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

(1,406)

(263)

1,481

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

4,855

3,374

3,374

186

--

--

3,636

3,110

4,855

8

Segment Information
Segment information by business type
Third quarter of the fiscal year ending February 29, 2008 (March 1, 2007 to November 30, 2007)
Trading of
Financial
Other
Elimination/
Total
used cars
businessbusiness
All company
Sales(1) Sales to external
129,864
3,093
5,591
138,549-customers(2) Inter-segmental sales
683
452
2,092
3,227
(3,227)or transfers
130,547
3,545
7,684
141,777(3,227)
Total
121,255
3,370
5,687
130,313756
Operating expenses
9,291
174
1,997
11,463(3,984)
Operating income

Millions of yen

Consolidated

138,549-138,549
131,070
7,479

Third quarter of the fiscal year ending February 28, 2007 (March 1, 2006 to November 30, 2006)
Trading of
Other
Elimination/
Total
used cars
businesses
All company
Sales(2) Sales to external
128,631
6,592
135,224-customers(2) Inter-segmental sales----or transfers
128,631
6,592
135,224-Total118,242
5,461
123,703
3,801
Operating expenses
10,388
1,131
11,520(3,801)
Operating income

Millions of yen

Consolidated

135,224-135,224
127,505
7,718

Changes to the method of business classification
Previously, “Financing business” was included “Other business”; however, since its significance has increased it has been classified
separately as “Financing business” since the fiscal year ended February 28, 2007. The segment information for the third quarter of the
fiscal year ended February 28, 2007 is presented below according to the method of business classification used in the third quarter ofthe fiscal year ending February 29, 2008.

Third quarter of the fiscal year ended February 28, 2007 (March 1, 2006 to November 30, 2006)
Millions of yen
Trading of
Financial
Other
Elimination/
Total
Consolidated
used cars
businessbusiness
All company
Sales(1) Sales to external
128,6311,686
4,905
135,224-135,224
customers(2) Inter-segmental sales
2,020
307
1,861
4,189
(4,189)-or transfers
130,652
1,993
6,767
139,413(4,189)135,224
Total
121,551
1,803
4,672
128,027521
127,505
Operating expenses
9,101
190
2,095
11,386(3,668)
7,718
Operating income

Fiscal year ended February 28, 2007 (March 1, 2006 to February 28, 2007)
Trading ofused cars
Sales(1) Sales to externalcustomers(2) Inter-segmental sales
or transfers
Total
Operating expenses
Operating income

Financialbusiness

Otherbusiness

Millions of yen

Total

Elimination/
All company

Consolidated

173,289

2,369

6,507

182,166--

182,166

1,140

423

2,596

4,160

(4,160)--174,429
161,295
13,134

2,792
2,486
305

9,104
6,323
2,780

186,326
170,105
16,221(4,160)937(5,097)

182,166
171,042
11,1239

Segment information by geographical location
For the third quarter of the current and previous consolidated fiscal years and for the previous fiscal year consolidated
subsidiaries were located overseas, but as over 90% of sales for each segment were in Japan segment information bygeographical location has been omitted.
Overseas sales
For the third quarter of the current and previous consolidated fiscal years and for the previous fiscal year, overseas sales
were less than 10% of consolidated sales and have therefore been omitted.

10Non-Consolidated Balance Sheets
As of
November 30, 2007

As ofNovember 30, 2006ASSETS

Millions of yen
As ofFebruary 28, 2007

ChangeAmountPercentage

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

1,204

1,542

(337)

3,337

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

3,306

3,206

100

5,854

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

4,618

2,765

1,852

3,065

Short-term loans to related companies ...

--

3,768

(3,768)

5,373

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

220

281

(61)

447

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

1,468

1,475

(6)

2,084

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

(8)

(89)

81

(229)

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

10,81012,949(2,138)

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

7,758

7,542

216

7,807

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

1,110

1,386

(275)

1,316

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

327

327

--

327

(16.5)

19,933Fixed assets
Tangible fixed assets

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

150

60

89

9,345

9,315

29

1,734

2,357

(623)

109
0.3

9,561

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

1,910

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

135

89

45

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

1,869

2,447

(577)

88

Investment securities ..............................

114

99

14

96

(23.6)

1,998

Investments and other assets
Shares held in related companies...........

2,061

2,321

(259)

2,191

Short-term loans to related companies ...

7,600

--

7,600

--

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

3,389

3,366

23

3,651

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

2,852

2,470

381

2,508

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

275

148

127

270

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

243

574

(331)

236

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

(359)

(349)

(9)

(33)

Total investments and other assets ......

16,177

8,631

7,545

87.4

8,921

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

27,392

20,394

6,997

34.3

20,480Total Assets.............................................

38,20333,344

4,859

14.5

40,41411

Non-Consolidated Balance Sheets
As of
November 30, 2007
LIABILITIESCurrent liabilities
Accounts payable ...................................
Short-term borrowing ..............................
Accrued expenses ..................................
Accrued corporate taxes .........................
Advances received .................................
Deposits received ...................................
Reserve for bonuses...............................
Others.....................................................
Total current liabilities...........................
Long-term liabilities
Long-term debt .....................................
Guarantee deposits received ..................
Total long-term liabilities.......................
Total liabilities.....................................
NET ASSETS
Shareholders’ equity
Paid-in capital .........................................
Capital surplus ........................................
Retained earnings...................................
Treasury shares
Total shareholders’ equity ..................

As of
November 30, 2006

Millions of yen
As ofFebruary 28, 2007

ChangeAmountPercentage

1,901
9,399
1,720
468
352
315
286
779
15,223

1,944
9,700
1,551
963
306
593
310
893
16,263

(42)
(300)
169
(494)
45
(277)
(24)
(114)
(1,039)

(6.3)

2,953
11,600
1,696
2,590
178
721
415
1,288
21,443

3,100
849
3,949
19,172-870
870
17,134

3,100
(21)
3,078
2,038

353.5
11.9

-869
869
22,313

4,157
4,032
21,501(10,678)
19,013

4,157
4,032
17,787(9,775)
16,201--3,713
(902)
2,811

--20.9
9.2
17.3

4,157
4,032
19,445(9,540)18,094

17

8

9

109.7

6

17

8

9

109.7

6

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

19,03016,210

2,820

17.3

18,101

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

38,20333,344

4,859

14.5

40,414

Appraisal and translation differences
Unrealized gains and losses in othersecurities.................................................
Total Appraisal and translationdifferences .........................................

12

Non-Consolidated Statements of Income
March 1, 2007 to

March 1, 2006 to

November 30, 2007

November 30, 2006

Millions of yen
March 1, 2006 to
February 28, 2007

ChangeAmountPercentage

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

122,086

123,456(1,369)(1.1)

166,466

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

92,937

93,990(1,053)(1.1)

126,526

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

29,14929,465

(316)

(1.0)

39,940

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

22,10422,05647

0.2

29,224

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

7,045

7,408

(363)

(4.9)

10,715Non-operating income .......................

214

88

126

142.8

61

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

160

73

86

117.9

268

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

7,099

7,423

(324)

(4.3)

10,509Extraordinary profit .............................

20

12

7

64.4

520

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

316

578

(262)

(45.3)

1,018

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

6,803

6,857

(53)

(0.7)

10,010

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

2,661

2,868

(207)

(7.2)

4,486

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

214

165

49

30.0

(121)

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

3,926

3,823

103

2.7

5,645

13