Translation
Notice:This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Nine Months Ended November 30, 2013
(Based on Japanese GAAP)

January 10, 2014

Company name
Gulliver International Co., Ltd.
Stock exchange listing Tokyo
Stock Code
Representative

7599
Chairman

URL http://221616.com

Kenichi Hatori

Inquiries
Accounting and Finance Section Manager
Scheduled date to file Quarterly Securities Report

Masayuki Matsumoto
January 14, 2014

Holding of quarterly earnings performance review

noScheduled date to commence dividend payments
Preparation of supplementary material on quarterly earnings

yes

TEL 03-5208-5503-(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended November 30, 2013 (from March 1, 2013 to November 30, 2013)(1) Consolidated operating results (cumulative)

Nine months ended November 30, 2013
Nine months ended November 30, 2012

Net sales

Millions of yen
128,637
109,169

Operating income% Millions of yen
17.8
5,912
5.6
3,319

Net income per share

Yen
36.58
19.26

Nine months ended November 30, 2013
Nine months ended November 30, 2012
(2) Consolidated financial position

Total assets

As of November 30, 2013
As of February 28, 2013

Year ended February 28, 2013
Year ending February 28, 2014

Year ending February 28, 2014 (Forecast)

Yen-Full year

Millions of yen
145,000% Millions of yen
72.9
3,707
(39.3)
1,952

%
89.9
(46.1)

Yen
36.57
19.26

Millions of yen
32,18429,451

2nd quarter-endYen
41.00
5.00Equity ratio

Annual dividends
3rd quarter-end

3. Forecast for the year ending February 28, 2014 (from March 1, 2013 to February 28, 2014)
Net sales

Net income

Diluted net income per share

2. Cash dividends
1st quarter-end% Millions of yen
78.1
6,012
(42.0)
3,477

Net assets

Millions of yen
50,73353,253

Percentages indicate year-on-year changes

Ordinary income

Yen-Net assets per share

%
63.4
55.3

Yen
317.47290.50Fiscal year-end

Yen
47.00
5.00

TotalYen
88.00
10.00

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen
1.1
5,800
14.2
5,800
10.4
3,300
10.7
32.56

14. Notes(1) Changes in significant subsidiaries during the nine months ended November 30, 2013(changes in specified subsidiaries resulting in the change in scope of consolidation):no(2) Application of special accounting for preparing quarterly consolidated financial statements:

no(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements after error corrections:

yes
noyes
no(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of November 30, 2013

106,888,000 shares

As of February 28, 2013

106,888,000 shares

As of November 30, 2013

5,519,820 shares

As of February 28, 2013

5,519,770 shares

Number of shares of treasury stock at the end of the period

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended November 30, 2013

101,368,200 shares

2

Nine months ended November 30, 2012

101,368,323 shares1. Qualitative information on settlement of accounts for the first three quarters(1) Qualitative information on consolidated operating results
In the first nine months of the fiscal year under review, used vehicle purchases and retail sales volume at Gulliver-directly operated storesincreased year on year. Contributory factors included the opening of stores in new channels, such as OUTLET and LIBERALA, which mainly
carry luxury vehicles, as well as the full-year operation of large-scale showrooms WOW! TOWN, which opened in the previous fiscal year.
Another factor was the development of personnel at existing Gulliver stores that have been strengthened in recent years.
While we limited PR and advertising costs, selling, general and administrative (SG&A) expenses saw an increase in expenses related to store
operations, accompanying an increased number of Gulliver-directly operated stores.
As a result of the above, consolidated business results for the first nine months were highlighted by higher net sales and earnings, as follows:
consolidated net sales were 128,637 million yen (up 17.8% from the same term last year), operating income was 5,912 million yen (up 78.1%
from the same term last year), ordinary income was 6,012 million yen (up 72.9% from the same term last year) and net income was 3,707 million
yen (up 89.9% from the same term last year).
(2) Qualitative information on consolidated financial positionAssets
Total assets as of November 30, 2013 were 50,733 million yen, a decrease of 4.7% from February 28, 2013.
Current assets were 32,464 million yen, up 9.8% from the same date. The primary contributing factor was an increase in cash and deposits, partly
offset by decreases in merchandise and notes and accounts receivable-trade.
Total noncurrent assets as of November 30, 2013 decreased by 22.9% from February 28, 2013, to 18,269 million yen. This mainly reflected adecrease in long-term loans receivable.
Of the total amount of accounts receivable-trade, the accounts receivable (financial credit) of consolidated subsidiary G-One Financial Services
Co., Ltd. stood at 4,682 million yen.
Liabilities
Total liabilities as of November 30, 2013 decreased by 22.1% from February 28, 2013 to 18,548 million yen.
Current liabilities as of November 30, 2013 decreased by 29.8% from February 28, 2013 to 12,178 million yen mainly due to a decrease inaccounts payable-trade and short-term loans payable.
Total noncurrent liabilities as of November 30, 2013 decreased by 1.2% from February 28, 2013 to 6,369 million yen.
Net assets
Net assets as of November 30, 2013 increased by 9.3% from February 28, 2013 to 32,184 million yen, mainly due to an increase in retained
earnings accompanying the posting of net income.
(3) Outlook for the fiscal year ending February 28, 2014
There have been no changes made to the full-year consolidated results forecasts as announced in the Consolidated Results, Second Quarter of theFiscal Year Ending February 28, 2014 that was issued on October 11, 2013.

3Quarterly consolidated financial statementsConsolidated balance sheets(Millions of yen)

As of February 28, 2013

AssetsCurrent assets
Cash and deposits

Notes and accounts receivable-trade
Merchandise

As of November 30, 2013

6,863

15,045

965
1,792

1,324
1,024

9,614
10,380

Deferred tax assets
Other

Allowance for doubtful accounts

(61)

7,042
8,087

(60)

Total current assets

29,55532,464

Property, plant and equipment
Buildings and structures

13,757

14,397

8,820

9,006

Noncurrent assets

Accumulated depreciation(4,937)

Buildings and structures, net

VehiclesAccumulated depreciation232(156)

Vehicles, net

76

Tools, furniture and fixtures
Accumulated depreciation

Tools, furniture and fixtures, net

Total property, plant and equipment

Intangible assets
Software
Other

Total intangible assets

Stocks of subsidiaries and affiliates
Long-term loans receivable

218
40

218
316

10,070

926
16881
18

14

9

3,065
2,758

Deferred tax assets
Other

249
250

Allowance for doubtful accounts(111)

Total investments and other assets

13,146

Total noncurrent assets

23,698

Total assets

53,253

4488

9,609

361
6,558

Lease and guarantee depositsConstruction assistance fund receivables

40

2,530(2,042)

942

Investments and other assets
Investment securities

220(180)

2,379(1,925)454

LandConstruction in progress(5,390)

899

640
151

3,235
2,803

237
283

(62)

7,299

18,26950,733

(Millions of yen)

As of February 28, 2013

Liabilities
Current liabilities

As of November 30, 2013

Accounts payable-trade
Short-term loans payable

3,439
5,000

2,536
-

Deposits received
Provision for bonuses

264
464

125
96

Accounts payable-other
Income taxes payable

1,829
579

Provision for merchandise warranties
Other

1,508
4,270

Total current liabilities

1,240
1,744

1,779
4,654

17,357

12,178

4,000

4,000

1,129
50

1,165
-

Total liabilities

23,802

18,548

Shareholders' equity
Capital stock

4,157

4,157

Noncurrent liabilities
Long-term loans payable

Long-term guarantee deposited
Provision for directors' retirement benefits

772
493

Asset retirement obligations
Provision for loss on business of subsidiaries and affiliates
Total noncurrent liabilities

6,445

Net assets

738
465

6,369

Capital surplus
Retained earnings

4,032
25,171

4,032
27,895

Total shareholders' equity

29,385

32,10962

71

34

Treasury stock(3,975)

Accumulated other comprehensive income
Foreign currency translation adjustment

Total accumulated other comprehensive income

62

Subscription rights to shares
Total net assets

29,451

Total liabilities and net assets

53,2535(3,975)71
32,18450,733

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)

Nine months ended
November 30, 2012

Net sales
Cost of sales

109,169
84,686Gross profit

24,482

Selling, general and administrative expenses

21,163Operating income

3,319

Non-operating income
Interest income

Foreign exchange gains
Reversal of allowance for doubtful accounts

Total non-operating income

Non-operating expenses
Interest expenses
Other

Ordinary income

Extraordinary income
Compensation income

Reversal of provision for loss on business of subsidiaries andaffiliates
Other

21,345

5,912

78
62

8
33

952

243

166

76

53

84

66

12

3,477

6,012

6--500Total extraordinary income

27,257618

Total non-operating expenses128,637
101,379

947-

Insurance income
Other

Nine months ended
November 30, 2013-

650

Loss on retirement of noncurrent assets
Provision for loss on business of subsidiaries and affiliates

51
1859
-

Total extraordinary losses

91

77

Extraordinary loss

Other

2118

Income before income taxes and minority interests

3,392

5,984

Total income taxes

1,439

2,277

Income taxes-current
Income taxes-deferred

1,601
(161)

Income before minority interests

1,952

Net income

1,952

62,625(347)
3,707
3,707Consolidated statements of comprehensive income (cumulative)(Millions of yen)

Nine months ended
November 30, 2012

Income before minority interests
Other comprehensive income

1,952

Foreign currency translation adjustment(0)

Total other comprehensive income(0)Comprehensive income

Comprehensive income attributable toComprehensive income attributable to owners of the parent

7

Nine months ended
November 30, 2013

3,707
88

1,952

3,716

1,952

3,716