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Summary of Recent Financial Results

Earnings Announcement

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Summary of Recent Financial Results

Summary of Consolidated Financial Results for Second Quarter of the Fiscal Year Ending February 28, 2020 (Updated October 15, 2019)

◆Retail car sales and gross profit per unit steadily recovered

Retail car sales from all directly managed stores totaled 67,831 (up 11.0% from the same term last year). In the previous term, retail car sales per store and gross profit per unit fell due to the impacts of changes in sales price setting and store sales strategy. However, a range of improvement measures succeeded in the current term, and those indicators showed signs of recovery. In addition, retail car sales increased due to a certain rush in demand resulting from the consumption tax hike in October 2019.

SG&A expenses increased due to store management expenses

SG&A expenses increased because of store management expenses resulting from new store openings.

◆Australian subsidiary

The new Melbourne-based car dealer group in Victoria, Australia that was acquired in October 2018 became our subsidiary in the previous consolidated fiscal year (its financial results were consolidated for the period from October 1, 2018 to February 28, 2019). As a result, it contributed to an increase in net sales in the first six months under review.

Factor for increase in interest expenses

Associated with the syndicated loan agreement signed in March 2019, an arrangement fee was paid to an arranger financial institution, and the expenses were recorded in non-operating expenses and interest expenses.