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Financial HighlightsFinancial ConditionPreformance indicators


Financial Highlights

Unit:million yen

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Net Sales 163,669 148,853 142,038 132,881 143,417 169,398
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
Administrative Expenses
35,691 33,637 28,472 26,739 28,812 29,460
Operation Income 3,905 5,281 8,001 6,249 5,077 7,094
Ordinary Income 2,635 5,008 7,824 6,318 5,252 7,201
Income before Income
Taxes and Minority Interests
-912 2,257 5,744 6,596 5,172 7,071
Net Income -2,836 348 5,140 3,785 2,980 4,360

Financial Highlights
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)
Net Sales
Operating(Unit:million yen)
Operating Income(Unit:million yen)

 

Financial Condition

Unit:million yen

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Assets
Current Assets 40,202 50,179 36,338 30,925 29,555 33,463
Fixed Assets 18,571 17,769 23,517 23,718 23,698 19,316
Total Assets 58,773 67,948 59,856 54,643 53,253 52,779
Liabilities
Current Liabilities 40,862 41,587 22,698 16,060 17,357 13,525
Long-term Liabilities 2,074 9,967 12,265 11,290 6,445 6,407
Total Liabilities 42,937 51,555 34,964 27,351 23,802 19,933
Net Assets
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
Financial position
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)
Current Assets
Long-term Liabilities(Unit: million yen)
Long-term Liabilities

 

Performance Indicators

Unit:million yen

FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
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%
Key indicators
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 Assets [ROA]
Return on Equity [ROE]
Return on Equity [ROE]
Dividends Per Share (Unit:Yen)*
Dividends Per Share
* 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.