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 Six Months Ended August 31, 2013
(Based on Japanese GAAP)

October 11, 2013

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
October 15, 2013

Holding of quarterly earnings performance review

yes

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

TEL03-5208-5503

November 11, 2013
yesfor analysts and institutional investors(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended August 31, 2013 (from March 1, 2013 to August 31, 2013)(1) Consolidated operating results (cumulative)

Six months ended August 31, 2013
Six months ended August 31, 2012

Net sales

Millions of yen
83,401
71,299Operating income(2) Consolidated financial position

Yen
22.67
8.57

Total assets

Diluted net income per share
Yen
22.67
8.57

Net assets

Millions of yen
54,66653,253As of August 31, 2013
As of February 28, 2013

Millions of yen
31,282
29,451

2. Cash dividends
1st quarter-end
Year ended February 28, 2013
Year ending February 28, 2014

Year ending February 28, 2014 (Forecast)Yen-

2nd quarter-end

Yen
41.00
5.00

Full year

Millions of yen
145,000

Equity 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% Millions of yen% Millions of yen% Millions of yen%
17.0
3,557 123.8
3,658 112.9
2,298 164.5
1.4
1,589 (66.0)
1,718 (63.2)
868 (71.2)

Net income per share
Six months ended August 31, 2013
Six months ended August 31, 2012

Percentages indicate year-on-year changes

Ordinary income

Yen-Net assets per share

%
57.2
55.3

Yen
308.57290.50Fiscal year-endYen
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 six months ended August 31, 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 August 31, 2013

106,888,000 shares As of February 28, 2013

106,888,000 shares

As of August 31, 2013

5,519,810 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)
Six months ended August 31, 2013

101,368,210 shares Six months ended August 31, 20122

101,368,340 shares1. Qualitative information on settlement of accounts for the first three months(1) Qualitative information on consolidated operating results
In the first six months of the fiscal year under review, used vehicle purchases and retail sales volume at Gulliver-directly operated storesincreased year on year. While we limited PR and advertising costs compared to the previous year, contributory factors included development ofpersonnel at existing Gulliver stores that have been strengthened in recent years, and the opening of large-scale showrooms WOW! TOWN,OUTLET and other new stores.
In the previous fiscal year, Gulliver saw a decline in the profitability of wholesale used car auctions to used car sellers, due to the impact of theeco-car subsidy program for new vehicles. However, following the end of the eco-car subsidy program in September 2012, profitability improvedin the fiscal year under review.
Selling, general and administrative (SG&A) expenses rose accompanying an increased number of stores.
Due to the above, consolidated business results for the first six months were as follows: consolidated net sales were 83,401 million yen (up17.0% from the same term last year), operating income was 3,557 million yen (up 123.8% from the same term last year), ordinary income was
3,658 million yen (up 112.9% from the same term last year) and net income was 2,298 million yen (up 164.5% from the same term last year).
(2) Qualitative information on consolidated financial position
AssetsTotal assets as of August 31, 2013 were 54,666 million yen, an increase of 2.7% from February 28, 2013.
Current assets were 36,962 million yen, up 25.1% from the same date. The primary contributing factor was an increase in cash and deposits andshort-term loans receivable, partly offset by decreases in merchandise and notes and accounts receivable-trade.
Total noncurrent assets as of August 31, 2013 decreased by 25.3% from February 28, 2013, to 17,703 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 5,988 million yen.
Liabilities
Total liabilities as of August 31, 2013 decreased by 1.8% from February 28, 2013 to 23,383 million yen.
Current liabilities as of August 31, 2013 decreased by 1.8% from February 28, 2013 to 17,039 million yen mainly due to a decrease in accounts
payable-trade.
Total noncurrent liabilities as of August 31, 2013 decreased by 1.6% from February 28, 2013 to 6,343 million yen.
Net assets
Net assets as of August 31, 2013 increased by 6.2% from February 28, 2013 to 31,282 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, First Quarter of theFiscal Year Ending February 28, 2014 that was issued on July 11, 2013.

3Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)

As of February 28, 2013

AssetsCurrent assets

Cash and deposits
Notes and accounts receivable-trade
Merchandise
Short-term loans receivable

As of August 31, 2013

6,863
9,614

12,167
8,383

965
1,014

1,120
1,192

10,380
777

Deferred tax assets
Other

Allowance for doubtful accounts

(61)

7,594
6,564

(60)

Total current assets

29,55536,962

Property, plant and equipment
Buildings and structures

13,757

14,073

8,820

8,822

Noncurrent assets

Accumulated depreciation(4,937)

Buildings and structures, net

VehiclesAccumulated depreciation

232
(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
231

9,857

926
16889
16

14

14

3,065
2,758

Deferred tax assets
Other249
250

Allowance for doubtful accounts(111)

Total investments and other assets

13,146

Total noncurrent assets

23,698

Total assets

53,253

4527

9,609

361
6,558

Lease and guarantee deposits
Construction assistance fund receivables

57

2,515
(1,987)942

Investments and other assets
Investment securities

231
(173)

2,379
(1,925)454

LandConstruction in progress(5,251)

905

400
151

3,185
2,728

247
275

(62)

6,940

17,70354,666

(Millions of yen)

As of February 28, 2013

Liabilities
Current liabilities

As of August 31, 2013

Accounts payable-trade
Short-term loans payable

3,439
5,000

2,482
5,000

Deposits received
Provision for bonuses

264
464

276
536

Accounts payable-other
Income taxes payable

1,829
579

Provision for merchandise warranties
Other

1,508
4,270

Total current liabilities

1,725
1,596

1,702
3,719

17,357

17,039

4,000

4,000

1,129
50

1,151
-

Total liabilities

23,802

23,383

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 assets735
457

6,343

Capital surplus
Retained earnings

4,032
25,171

4,032
26,993

Total shareholders' equity

29,38531,20662

72

33Treasury 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)

72
31,282
54,666

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
August 31, 2012

Net sales
Cost of sales

71,29955,636Gross profit

15,663

Selling, general and administrative expenses

14,073Operating income

1,589

Non-operating income
Interest income

Foreign exchange gains
Reversal of allowance for doubtful accounts

Total non-operating income

Non-operating expenses
Interest expenses
OtherOrdinary income

17,763
14,206

3,557
56

6357

527

1052

187

152

54

4258

51

4

Total non-operating expenses

83,401
65,63764
0-Insurance income
Other

Six months ended
August 31, 2013

81,7183,658-50

Total extraordinary income-50

Loss on retirement of noncurrent assets
Provision of allowance for doubtful accounts

45
64

28
-

Extraordinary income
Reversal of provision for loss on business of subsidiaries andaffiliates

Extraordinary loss

Other

10

Total extraordinary losses

120

Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred

Income before minority interests

3,679

728

1,381

868

Net income

868

6

28

1,597

701
27

Total income taxes-1,535(153)
2,298
2,298

Consolidated statements of comprehensive income (cumulative)
Six months ended
August 31, 2012

Income before minority interests
Other comprehensive income

Foreign currency translation adjustment
Total other comprehensive income(Millions of yen)

868

Comprehensive income attributable toComprehensive income attributable to owners of the parent

72,298

1

9870

2,307

870

2,307

1

Comprehensive income

Six months ended
August 31, 20139

Consolidated statements of cash flows(Millions of yen)Six months ended
August 31, 2012

Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill

Six months ended
August 31, 2013
1,597

3,679

5469(51)71554
5

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses

Increase (decrease) in provision for directors' retirement
benefits

601-

15(35)

419(65)193(56)

Loss on retirement of noncurrent assets
Decrease (increase) in notes and accounts receivable-trade

45
1,155

28415

Increase (decrease) in notes and accounts payable-trade
Other, net(1,097)(326)

Increase in provision for merchandise warranties
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)54(1)Decrease (increase) in inventories
Increase (decrease) in accrued consumption taxes

SubtotalInterest and dividends income received
Interest expenses paid

3,496
261

2,745
369

6,240

6,477(2,365)

(505)

346
(54)

Income taxes paid

Net cash provided by (used in) operating activities

42(10)(960)(556)
56(42)Net cash provided by (used in) investing activities
Purchase of property, plant and equipment

4,167

5,985

(1,126)(541)

Purchase of stocks of subsidiaries and affiliates
Payments of loans receivable

(25)

(31)
(20)

Purchase of intangible assets
Payments for asset retirement obligations(210)-(137)(6)

Collection of loans receivable
Payments for lease and guarantee deposits

583
(101)

639
(167)

Collection of construction assistance fund receivables
Proceeds from withdrawal of time deposits

123
500

118
-

Net cash provided by (used in) investing activities

(271)

(212)

Net increase (decrease) in short-term loans payable
Repayment of long-term loans payable(2,000)5,000(5,000)Net cash provided by (used in) financing activities(2,415)(475)

Net increase (decrease) in cash and cash equivalents

1,482

5,303

Cash and cash equivalents at end of period

9,428

12,140

Proceeds from collection of lease and guarantee deposits
Payments of construction assistance fund receivables

33(40)

Other, net(7)

Net cash provided by (used in) financing activities

Cash dividends paid
Other, net

(415)
(0)

Effect of exchange rate change on cash and cash equivalents

1

Cash and cash equivalents at beginning of period

7,945

848(113)0(475)(0)56,836