Financial Information


Financial HighlightsFinancial ConditionPerformance Indicators


Financial Highlights

Unit:million yen

  2007 2008 2009 2010 2011
Net Sales 182,166 190,592 163,669 148,853 142,038
Cost of Sales 140,228 147,032 124,072 109,934 105,565
Gross of Profit 41,937 43,559 39,596 38,918 36,473
Selling General and
Administrative Expenses		 30,813 34,860 35,691 33,637 28,472
Operation Income 11,123 8,698 3,905 5,281 8,001
Ordinary Income 10,998 8,699 2,635 5,008 7,824
Income before Income
Taxes and Minority Interests		 11,149 8,495 -912 2,257 5,744
Net Income 6,566 4,650 -2,836 348 5,140

Financial Highlights
 Gulliver achieved significant growth in the fiscal year ended February 2010, with retail car sales increasing 38%. Fiscal year to February 2011 was initially targeting the same pace of growth, however due to a larger than-expected negative impact caused by the eco-car subsidy program, which effectively provides a discount of up to \250,000 on new cars, we made the decisions to shift our focus to profitability, implemented appropriate profit margin controls and reduced SG&A expenses.
 Although sales decreased to \142.0 billion, due to our shift of focus on profitability operating income increased 51.8% over the previous period to \8.0billion.

Net Sales(Unit: million yen)

Net Sales

Operating Income(Unit: million yen)

Operating Income（Unit


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Financial Condition

Unit:million yen

  2007 2008 2009 2010 2011
Assets  
Current Assets 26,880 31,148 40,202 50,179 36,338
Fixed Assets 19,066 19,278 18,571 17,769 23,517
Total Assets 45,947 50,426 58,773 67,948 59,856
Liabilities  
Current Liabilities 25,224 24,078 40,862 41,587 22,698
Long-term Liabilities 1,419 5,578 2,074 9,967 12,265
Total Liabilities 26,643 29,657 42,937 51,555 34,964
Net Assets  
Total Shareholders' Equity 18,932 20,344 15,492 15,810 24,297
Total Net Assets 19,303 20,769 15,836 16,393 24,891
Total Liabilities and Net Assets 45,947 50,426 58,773 67,948 59,856

Financial position
 The balance of current assets at the end of the period under review decreased \13,840 million compared to the end of the previous fiscal period to \36,338 million. This was primarily the result of a decline in accounts receivable due to the reduction of the financing business and the transfer of shares in a financing subsidiary.
 The balance of net assets at the end of the period to February 2011 was \24,891 million, up \8,498 million from the previous period. Primary factors included an increase in retained profit and the sale of treasury stock.

Current Assets(Unit: million yen)

Current Assets

Long-term Liabilities(Unit: million yen)

Long-term Liabilities


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Performance Indicators

Unit:million yen

  2007 2008 2009 2010 2011
Return on Assets [ROA] 26.2% 18.1% 7.2% 8.3% 12.5%
Return on Equity [ROE] 37.5% 23.7% - 2.2% 24.9%
Earnings per Share [EPS] 672.19 482.27 - 38.29 544.67
Book Value per Share [BPS] 1,936.38 2,122.06 1,704.02 1,794.18 2,454.79
Dividends Per Share (¥) 174.00 174.00 41.00 76.00 93.00
Dividend Payout Ratio 25.9% 36.1% - 198.5% 17.1%

Key indicators
 Return on equity (ROE) for the fiscal year to February 2011 increased 22.7% over the previous fiscal year to 24.9%. This was due to the increase in operating income to \8.0 billion, a reduction in treasury stock from the sale of 1,000,000 shares in November 2010 and an increase in retained profit as a result of net income of \5.1 billion, a significant increase in over the previous period, due to a decrease in corporate taxes resulting from various factors including the recognition of losses recorded in previous fiscal years resulting from the reorganization of Group companies.
 The Company is targeting a dividend payout ratio of about 30% of consolidated net income, however the dividend payout for the fiscal year to February 2011 will be calculated based on our financial results for the period.

Return on Assets [ROA]

Return on Assets [ROA]

Return on Equity [ROE]

Return on Equity [ROE]


Dividends Per Share (Unit:Yen)

Dividends Per Share


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