Consolidated Results
Third Quarter of the Fiscal Year Ending February 29, 2012
(Nine-months period ended November 30, 2011)

Gulliver International Co., Ltd.
This document has been translated from the original Japanese as a guide for non-Japanese investors. It
contains forward-looking statements based on a number of assumptions made and beliefs held bymanagement in light of information currently available. Actual financial results may differ materiallydepending on a number of factors, including changing economic conditions and the pricing and productinitiatives of new and existing competitors.

SUMMARY OF FINANCIAL STATEMENTS (Consolidated)
Third quarter results for the fiscal year ending February 29, 2012

January 5, 2012

Gulliver International Co., Ltd.

stStock Code: 7599
Listed exchanges: Tokyo (1 Section)
http://www.glv.co.jp/Inquiries: Executive director: Yukihiro Yoshida
Chairman: Kenichi Hatori
Telephone: +81 3 5208-5503
Scheduled date for the submission of the financial report: January 13, 2012
Scheduled date for distribution of dividends: -Appendix materials prepared to accompany this report: Yes
Investor conference call: None
Holding of earnings performance review: None1. Consolidated financial results for the Nine-months period ended November 30, 2011
1) Consolidated operating results

Millions of yen, rounded downNine months ended
November 30, 2010

Nine months ended
November 30, 2011(% change)

Sales...............................................................
Operating income ...........................................
Ordinary income .............................................
Net income......................................................
Earnings per share (¥) ....................................
Fully diluted earnings per share (¥) ................

103,345
5,719
5,727
3,619
357.09357.05

(4.9)
(4.8)
(2.2)
(30.1)---

2) Financial position (Consolidated)(6.6)(13.3)(11.9)
71.4---

Millions of yen, rounded down

As of November 30, 2011
55,45327,12748.9
2,675.98

Total assets .....................................................
Net assets........................................................
Shareholders’ equity ratio (%)..........................
Shareholders’ equity per share (¥)...................
Shareholders’ equity:(% change)

108,666
6,008
5,857
5,175
561.97561.70

As of February 28, 2011
59,85624,89141.6
2,454.79

As of November 30,2011: ¥27,125 million
As of February 28,2011: ¥24,883 million

2. Dividends

First Quarter dividend per share (¥).................
Interim dividend per share (¥) ..........................
Third Quarter dividend per share (¥)................
Year-end dividend per share (¥) ......................
Annual dividend per share (¥)..........................

Millions of yen, rounded down

Fiscal year ended
February 28, 2011-31.00-62.00
93.00

Fiscal year ending
February 29, 2012
-74.00----Fiscal year ending
February 29, 2012(Forecast)---74.00
148.00Notes:Changes to the dividend forecast during the period: None

3. Consolidated financial forecasts for the fiscal year ending February 29, 2012(March 1, 2011 February 29, 2012)
Millions of yen, rounded down

Sales................................................................
Operating income ............................................
Ordinary income ..............................................
Net Income ......................................................
Earnings per share (¥) .....................................

FY ending
February 29, 2012
140,000
8,000
8,000
5,000
493.25

(1.4)
(0.0)
2.3
(2.7)

Notes: Percentage figures for sales, operating income, etc. represent changes compared to the comparable period of the previous fiscal year.
Changes to the consolidated financial forecast during the period: None－ 1 －4. Other
1) Transfer of important subsidiaries during the period: None
Note: Indicates transfers of specified subsidiaries resulting in changes in the scope of consolidation during the period underreview.
2) Adoption of special accounting procedures in the preparation of these financial statements: Yes
Note: Indicates adoption of simplified accounting methods or special accounting methods for the preparation of the quarterly
financial statements.
3) Changes in accounting principles, procedures and presentation in the preparation of these financial statements:(1) Changes in accordance with revision to accounting standards: Yes(2) Other changes: None
Note: Indicates changes in principles, procedures and methods of presentation of accounting methods in the making of thesefinancial statements.
4) Number of shares outstanding (ordinary shares)(1) Number of shares outstanding (including treasury shares):
As of November 30, 2011: 10,688,800
As of February 28, 2011: 10,688,800(2) Number of treasury shares:
As of November 30, 2011: 551,965
As of February 28, 2011: 551,954(3) Average number of shares during the period:
Nine months ended November 30, 2011: 10,136,841
Nine months ended November 30, 2010: 9,209,589
Disclosure of status of quarterly report review proceduresThis quarterly report is not subject to review under the Financial Instruments and Exchange Law, and at time of disclosure of thisquarterly financial report the review procedures for quarterly securities reports as stipulated under the Financial Instruments andExchange Law had not been completed.
Notice regarding the appropriate use of the financial forecasts and other items
Forecasts and forward-looking statements in this document are based on a number of assumptions made and beliefs held bymanagement in light of information currently available. Actual financial results may differ materially depending on a number offactors, including economic conditions, legislative and regulatory developments, delay in new product or service launches, andpricing and product initiatives of competitors.

－ 2 －(1) Outline of consolidated operating results
Amidst an economic environment marked by sluggish consumer spending stemming from the effects of the Great East Japan
Earthquake, retail sales from directly managed Gulliver stores declined compared to the nine-month period of the previous year.
Although the used car auction market rose steadily in the first half of the fiscal year due the effects of the Great East Japan
Earthquake, market prices reversed in the third quarter, resulting in a temporary decline in wholesale profitability.
In financing, operating income at consolidated subsidiary G-One Financial Services Co., Ltd. declined ¥741 million compared tothe previous comparable period to ¥528 million due to efforts to downsize the business carried on from the previous period.
Accounts receivable in the financing business at the end of the period under review were ¥10,348 million, a decrease of ¥2,838
million compared to the end of the previous nine-month period.
Extraordinary income of ¥779 million was recorded as a reversal of restructuring losses. The reversal concerns a portion of therestructuring losses recorded in fiscal year ended February 28, 2011 for plans to transfer or consolidate head office functions related
to making Gulliver a group company, which were reviewed in light of recent power saving and other measures following the Great
East Japan Earthquake and recorded in the second quarter of the current fiscal year. Further, ¥117 million was recorded for reversalof allowance for doubtful accounts.
Extraordinary losses such as for loss on adjustment for changes of accounting standard for asset retirement obligations, loss on
disaster and loss on disposal of fixed assets were also recorded.
Net income decreased compared to the previous nine-month period when corporate tax decreased as a result of the transfer ofsubsidiaries during the previous fiscal year.
As a result of the factors noted above, and compared to the nine-month period of the previous fiscal year, consolidated net sales
decreased 4.9% to ¥103,345 million, operating income decreased by 4.8% to ¥5,719 million, ordinary income decreased 2.2% to¥5,727 million, while net income decreased 30.1% to ¥3,619 million.

(2) Financial position
Consolidated financial position and related analysis
Assets, liabilities and shareholders’ equity
Note: Comparisons represent changes compared to the end of the previous fiscal year.
AssetsTotal assets at the end of the period under review decreased 7.4% to ¥55,453 million.
Current assets decreased 13.6% to ¥31,406 million, mainly due to a decrease in accounts receivable and products.
Fixed assets increased 2.3% to ¥24,047 million, mainly due to the adoption of accounting standards for asset retirement obligations.

Liabilities
Total liabilities at the end of the period under review decreased 19.0% to ¥28,325 million.
Current liabilities decreased 24.9% to ¥17,055 million, mainly due to a decrease in accounts payable and short term borrowings.
Long-term liabilities decreased 8.1% to ¥11,270 million, mainly due to a decrease in long-term borrowings.

Net assets
Total net assets at the end of the period under review increased 9.0% to ¥27,127 million due to an increase in retained earnings due
to recording net income for the period.
－ 3 －(3) Outlook for the fiscal year ending February 29, 2012
There have been no changes made to the full-year consolidated results forecasts as announced in the Consolidated Results,
Second Quarter of the Fiscal Year Ending February 29, 2012 that was issued on September 30, 2011.

2. Other information
Outline of changes to accounting procedures, principles and presentation(1) Adoption of Accounting Standards for Equity Method of Accounting for Investments and the Practical Solution on Unification ofAccounting Policies Applied to Associates Accounted for Using the Equity Method.
As of the period under review Accounting Standards for Equity Method of Accounting for Investments (ASBJ Statement No.16,March 10, 2008) and Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the EquityMethod (ASBJ PITF No. 24, March 10, 2008) have been adopted. This will have no effect on operating income, ordinary income, ornet income before taxes.
(2) Adoption of Accounting Standards for Asset Retirement Obligations
As of the period under review Accounting Standards for Asset Retirement Obligations (ASB statement No. 18, March 31 2008) andGuidance on Accounting Standards for Asset Retirement Obligations (ASBJ Guidance No. 21 March 31, 2008) have been adopted.
The resulting effect on operating income and ordinary income is minimal, and net income before taxes is ¥386 million lower. Theeffect on asset retirement liabilities following the adoption of these standards is ¥919 million.

－ 4 －Consolidated Balance Sheets
Millions of yen
As ofNovember 30, 2011

As ofFebruary 28, 2011

Cash and deposits

9,471

Notes and accounts receivable-trade

11,105

8,896
16,979

Short-term investment securities

3,100

--

Merchandise

4,867

7,004

AssetsCurrent assets

--

1,234

Deferred tax assets

Operating loans

1,478

1,151

Other

1,460

1,625

-77

-552

31,40636,338

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures

11,860

10,133

Accumulated depreciation-4,183-3,670

Buildings and structures, net

7,677

6,462

Vehicles396

557

Accumulated depreciation

-199

-290

197

267

Vehicles, net
Tools, furniture and fixtures

2,302

2,309

Accumulated depreciation-1,806-1,836

Tools, furniture and fixtures, net

496

472

Land

218

218

Construction in progress

33

13

8,623

7,434

Total property, plant and equipment
Intangible assets
Goodwill

1127

Software

881

909

Other

16

17908

954

Investment securities

1414

Stocks of subsidiaries and affiliates

731

805Long-term loans receivable

8,185

8,983

Lease and guarantee deposits
Construction assistance fund

2,887

2,926

2,789

2,814

271

433

Total intangible assets
Investments and other assets

Deferred tax assets
Other

214

251

Allowance for doubtful accounts-577-1,101

Total investments and other assets

14,515

15,128

Total noncurrent assets

24,04723,517

Total assets

55,45359,856－ 5 －Consolidated Balance Sheets
Millions of yen
As of November 30,
2011

As ofFebruary 28, 2011

Accounts payable-trade

1,549

Short-term loans payable

5,250

3,806
8,517

Accounts payable-other

1,965

2,278

Income taxes payable

2,237

918

Deposits received

255

416

Provision for bonuses

80496

Liabilities
Current liabilities

Provision for merchandise warranties
Provision for loss on business

1,697

1,336

--

1,016

Other

4,019

3,912

17,055

22,698

Total current liabilities
Noncurrent liabilities
Long-term loans payable

9,000

11,000Long-term guarantee deposited

802

816

Provision for directors' retirement

468

442

Asset retirement obligations

999

--

--

6

Total noncurrent liabilities

11,27012,265Total liabilities

28,32534,964

OtherNet assets
Shareholders' equity
Capital stock

4,157

4,157

Capital surplus

4,032

4,032

Retained earnings

22,85520,083

Treasury stock-3,975-3,97527,06924,297

Total shareholders' equity
Valuation and translation adjustments
Foreign currency translation

55

586

Total valuation and translation

55

586

Subscription rights to shares

1

7

Total net assets

27,127

24,891

Total liabilities and net assets

55,45359,856－ 6 －Consolidated Statements of Income
Millions of yen

March 1, 2010 toMarch 1, 2011 toNovember 30, 2010

November 30, 2011

108,666
81,09827,568103,345
77,88725,457

21,55919,738

6,008

5,719

76
10
9
22
119

99
--55
154

129
94
46
270
5,857

124
4
16
146
5,727

20
1,157
-49
1,227

117
-779
49
946

231
--

116
105

451

--

1,024

--

--

360

31
1,739
5,344
236
-67
169

46
628
6,044
2,589
-164
2,425

Income before minority interests

--

3,619

Minority interests in income

--

--

5,175

3,619

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Commission fee
Amortization of negative goodwill
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Reversal of allowance for doubtful accounts
Gain on sales of subsidiaries and affiliates’ stocks
Reversal for loss on business liquidation
Other
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on disaster
Provision for loss on business of subsidiaries andaffiliates
Loss on liquidation of business
Loss on adjustment for changes of counting standard
for asset retirement obligations
OtherTotal extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes

Net income－ 7 －Consolidated Statements of Cash flows
Millions of yen
March 1, 2010 toMarch 1, 2011 toNovember 30, 2010

November 30, 2011

Ⅰ.Net cash provided by (used in) operating activities
5,344

6,044

Depreciation and amortization

Income before income taxes and minority interests

906

862

Amortization of goodwill

1515

Amortization of negative goodwill-9--

Increase (decrease) in allowance for doubtful accounts

-209

-143

Increase (decrease) in provision for bonuses

-451

-413

Increase (decrease) in provision for directors' retirement benefits

3125

Increase (decrease) in provision for product warranties

502

360

Interest and dividends income

-76

-99

Interest expenses

129

124

Foreign exchange losses (gains)

65

4

Loss on retirement of noncurrent assets

231

116

-1,157

----

-779

423

--

--

360

Decrease (increase) in notes and accounts receivable-trade

4,227

5,186

Decrease (increase) in inventories

5,648

2,087

Decrease (increase) in operating loans receivable

603

1,234

Increase (decrease) in accrued consumption taxes

283-342-1,724-2,235

Loss (gain) on sales of stocks of subsidiaries and affiliates
Reversal of loss on business liquidation
Loss on liquidation of business
Loss on adjustment for changes of accounting standard for asset
retirement obligations

Increase (decrease) in notes and accounts payable-trade
Increase(decrease) in accrued expenses

882

894

Other, net-489-766

Subtotal

15,17812,538Interest and dividends income received
Interest expenses paid

77103

-129

-124

Income taxes paid

-1,213-1,241

Net cash provided by (used in) operating activities

13,912

11,275Purchase of property, plant and equipment

-934

-971

Purchase of intangible assets

-366

-309

-109

--

Ⅱ.Net cash provided by (used in) investing activities

Payments for sales of investments in subsidiaries resulting in change inscope of consolidation---3,100

Payments of loans receivable

-949

-410

Collection of loans receivable

4,942

722

-64

-208

Purchase of short-term investment securities

Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits

56

226

Payments of construction assistance fund receivables

-95

-148

Collection of construction assistance fund receivables

168

164

Payments into time deposits---1,900

Other, net

1348

2,661

-5,885

Net cash provided by (used in) investing activities－ 8 －Consolidated Statements of Cash flows
Millions of yen
March 1, 2010 toMarch 1, 2011 toNovember 30, 2010

November 30, 2011

Ⅲ.Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable-24,499

Proceeds from long-term loans payable

11,000--Repayment of long-term loans payable-379-5,266

Proceeds from sales of treasury stock

4,038

--

Cash dividends paid

-617

-1,357

Other, netNet cash provided by (used in) financing activities
Ⅳ.Effect of exchange rate change on cash and cash equivalents

---0

-0

-10,458-6,624-15-1

Ⅴ.Net increase (decrease) in cash and cash equivalents

6,099-1,235

Ⅵ.Cash and cash equivalents at beginning of period

3,586

8,869

--

-89

9,686

7,544

Ⅶ.Increase (decrease) in cash and cash equivalents resulting from changeof scope of consolidation
Ⅷ.Cash and cash equivalents at end of period－ 9 －Segment information
Segment information has been omitted since Gulliver Group only conducts the sales of used automobiles and related business,
which together comprise a single segment.
(Additional information)
As of the third quarter of the current fiscal year, the Accounting Standards for Disclosure about Segments of an Enterprise andRelated Information (ASBJ statement No. 17, March 27, 2009) and the Guidance on Accounting Standard for Disclosures aboutSegments of an Enterprise and Related Information (ASBJ Guidance No. 20, March 21, 2008) have been applied. Previously,segment information was disclosed in three segments—Sales of used automobiles, Financing business, and Other businesses.
However, as a result of a decrease in the significance of the financing business following Group restructuring, and the revisions
to the Accounting Standards for Disclosures about Segments of an Enterprise and Related Information, we have decided toconsolidate the Group’s entire business activity under the segment ‘Sales of used automobiles and related businesses’.

－ 10 －