|Cost of Sales||124,072||109,934||105,565||99,892||109,527||132,843|
|Gross of Profit||39,596||38,918||36,473||32,989||33,889||36,554|
|Selling General and
|Income before Income
Taxes and Minority Interests
Total retail sales volume of cars over the whole financial year amounted to approximately 50,000, a record since the founding of Gulliver. Contributory factors included development of personnel at existing Gulliver stores that have been strengthened in recent years, and the fact that Gulliver has been opening sales stores in new retail channels and that the large-scale showrooms.
Meanwhile, in the year ended February 2014, used cars procured at all stores directly operated by Gulliver surpassed initial assumptions.
From the above, consolidated net sales for the year ended February 2014 rose 18.1% year on year to 169,398 million yen and operating income increased 39.7% year on year to 7,094 million yen. Ordinary income was 7,201 million yen (up 37.1% from last year) and net income was 4,360 million yen (up 46.3% from last year).
|Net Sales(Unit: million yen)
|Total Shareholders’ Equity||15,492||15,810||24,297||27,235||29,385||32,761|
|Total Net Assets||15,836||16,393||24,891||27,292||29,451||32,846|
|Total Liabilities and Net Assets||58,773||67,948||59,856||54,643||53,253||52,779|
The balance of current assets at the end of the year under review increased. The primary contributing factor was an increase in cash and deposits, partly offset by decreases in merchandise and notes and accounts receivable-trade.
The balance of noncurrent assets at the end of the fiscal year under review decreased. This mainly reflected a decrease in long-term loans receivable.
The balance of current liabilities at the end of the fiscal year under review decreased. This mainly reflected a decrease in accounts payable-trade and short-term loans payable.
The balance of noncurrent liabilities at the end of the fiscal year under review decreased.
The balance of net assets at the end of the year under review increased. The major factor was an increase in retained earnings.
|Current Assets(Unit: million yen)
||Long-term Liabilities(Unit: million yen)
|Return on Assets [ROA]||7.2%||8.3%||12.5%||10.9%||9.4%||13.4%|
|Return on Equity [ROE]||-||2.2%||24.9%||14.5%||10.5%||14.0%|
|Earnings per Share [EPS]||-||38.29||544.67||373.45||294.06||43.01|
|Book Value per Share [BPS]||1,704.02||1,794.18||2,454.79||2,692.16||2,905.04||323.99|
|Dividends Per Share (¥)*||41.00||76.00||93.00||115.00||88.00||13.00|
|Dividend Payout Ratio||-||198.5%||17.1%||30.8%||29.9%||30.2%|
We have identified the return of profit to investors as a key management issue and also emphasize our dividend payout ratio. We are focused on ensuring the performance-based return of profit. In specific terms, we are targeting a dividend payout ratio of about 30% of consolidated current net income.
|Return on Assets [ROA]
||Return on Equity [ROE]
|Dividends Per Share (Unit:Yen)*
* We had split one common share to 10 shares and implemented the share unit system, |
by which 10 shares turn to as share unit, effective as of May 1,2013. Annual dividends per share for the fiscal year ended Feb 28, 2014 adjusted for stock splits.