Consolidated Results
Second Quarter of the Fiscal Year Ending February 29, 2012
(Six-months period ended August 31, 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)
Second quarter results for the fiscal year ending February 29, 2012

September 30, 2011

Gulliver International Co., Ltd.

stStock Code: 7599
Listed exchanges: Tokyo (1 Section)
Inquiries: Executive director: Yukihiro Yoshida
http://www.glv.co.jp/Chairman: Kenichi Hatori
Telephone: +81 3 5208-5503
Scheduled date for the submission of the financial report: October 14, 2011
Scheduled date for distribution of dividends: November 14,2011
Appendix materials prepared to accompany this report: Yes
Investor conference call: None
Holding of earnings performance review: Yes(for analysts)
1. Consolidated financial results for the Six-months period ended August 31, 2011
1) Consolidated operating results

Millions of yen, rounded down

Six months ended
August 31, 2010

Six months ended
August 31, 2011(% change)

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

70,318
4,668
4,670
3,009
296.92296.88

(3.5)
26.2
30.0
(19.5)---2) Financial position (Consolidated)(3.9)(29.7)(28.5)
64.6---

Millions of yen, rounded down

As of August 31, 2011

As of February 28, 2011

55,65427,26849.0
2,689.88

59,85624,89141.6
2,454.79

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

72,869
3,700
3,591
3,738
409.19--As of August 31,2011: ¥27,266 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 August 31, 2011: 10,688,800
As of February 28, 2011: 10,688,800(2) Number of treasury shares:
As of August 31, 2011: 551,962
As of February 28, 2011: 551,954(3) Average number of shares during the period:
Six months ended August 31, 2011: 10,136,844
Six months ended Augustr31, 2010: 9,136,865
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. Operating results(1) Outline of consolidated operating results

Amidst an economic environment marked by sluggish consumption stemming from the effects of the Great East Japan
Earthquake, retail sales through directly managed Gulliver stores declined compared to the interim period of the previous year,
however the number of cars purchased have increased. Contributing to the number of cars purchased was our ability to establish
well-timed purchase prices in conjunction with used car auction market rate increases from the effects of the Great East Japan
Earthquake.
Meanwhile, profitability for the first quarter improved and continues to remain steady in the interim period compared to asignificant decline in profitability in the first quarter of the previous fiscal year from the effects of the eco-car subsidy system.
In financing, operating income at consolidated subsidiary G-One Financial Services Co., Ltd. declined ¥364 million to ¥436 million
since the previous period due to efforts to downsize the financing business. Accounts receivable in the financing business at the endof the period under review were ¥10,924 million, a decrease of ¥2,261 million compared to the end of the previous interim 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.
Extraordinary losses were recorded due to the adoption of accounting standards for asset retirement obligations, and damages
relating to the Great East Japan Earthquake.
As a result of the factors noted above, and compared to the interim period of the previous fiscal year, consolidated net sales
decreased 3.5% to ¥70,318 million, operating income increased by 26.2% to ¥4,668 million, ordinary income increased 30.0% to¥4,670 million, while net income for the period was ¥3,009 million, down 19.5% and as a result, the Company recorded higher
earnings on lower revenues.

(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 7.0% to ¥55,654 million.
Current assets decreased 12.4% to ¥31,827 million due to a decrease in products.
Fixed assets increased 1.3% to ¥23,826 million due to the adoption of accounting standards for asset retirement obligations.
Liabilities
Total liabilities at the end of the period under review decreased 18.8% to ¥28,385 million.
Current liabilities decreased 24.3% to ¥17,187 million, mainly due to a decrease in accounts payable.
Long-term liabilities decreased 8.7% to ¥11,198 million primarily due to the adoption of accounting standards for asset retirement
obligations.

－ 3 －Net assets
Total net assets at the end of the period under review increased 9.5% to ¥27,268 million due to an increase in retained profit
following the recording of net income for the period.

(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 forecast revisions issued on
August 18, 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 Equity
Method (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. The
effect on asset retirement liabilities following the adoption of these standards is ¥919 million.

－ 4 －Consolidated Balance Sheets
Millions of yen
As ofAugust 31, 2011

As ofFebruary 28, 2011

Cash and deposits

7,789

Notes and accounts receivable-trade

12,1598,896
16,979

Short-term investment securities

3,100

--

Merchandise

5,743

7,004

AssetsCurrent assets

--

1,234

Deferred tax assets

Operating loans

1,279

1,151

Other

1,829

1,625

-73

-552

31,82736,338

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

11,097

10,133

Accumulated depreciation-4,026-3,670

Buildings and structures, net

7,071

6,462

Vehicles412

557

Accumulated depreciation-183-290

228

267

Vehicles, net
Tools, furniture and fixtures

2,170

2,309

Accumulated depreciation-1,754-1,836

Tools, furniture and fixtures, net

415

472

Land

218

218

Construction in progress

411

13

Total property, plant and equipment

8,345

7,434

Intangible assets
Goodwill

16

27

Software

861

909

Other

16

17

894

954

Investment securities

14

14

Stocks of subsidiaries and affiliates

799

805

Long-term loans receivable

8,282

8,983

Lease and guarantee deposits
Construction assistance fund

2,869

2,926

2,761

2,814

263

433

Total intangible assets
Investments and other assets

Deferred tax assets
Other212

251

Allowance for doubtful accounts-616-1,101

Total investments and other assets

14,58615,128

Total noncurrent assets

23,826

23,517

Total assets

55,65459,856－ 5 －Consolidated Balance Sheets
Millions of yen
As ofAugust 31, 2011

As ofFebruary 28, 2011

Accounts payable-trade

2,153

Short-term loans payable

5,250

3,806
8,517

Accounts payable-other

2,087

2,278

Income taxes payable

2,042

918

Liabilities
Current liabilities

Deposits received

206

416

Provision for bonuses

531

496

Provision for merchandise warranties
Provision for loss on business

1,582

1,336

--

1,016

Other

3,332

3,912

Total current liabilities

17,187

22,698

Noncurrent liabilities
Long-term loans payable

9,000

11,000Long-term guarantee deposited

802

816

Provision for directors' retirement

460

442

Asset retirement obligations

934

--

06

Total noncurrent liabilities

11,19812,265

Total liabilities

28,38534,964

OtherNet assets
Shareholders' equity
Capital stock

4,157

4,157

Capital surplus

4,032

4,032

Retained earnings

22,99620,083

Treasury stock-3,975-3,97527,21024,297

Total shareholders' equity
Valuation and translation adjustments
Foreign currency translation

56

586

Total valuation and translation

56

586

Subscription rights to shares

17

Total net assets

27,26824,891

Total liabilities and net assets

55,65459,856－ 6 －Consolidated Statements of Income
Millions of yen

March 1, 2010 toMarch 1, 2011 toAugust 31, 2010

August 31, 2011

72,86954,654
18,21470,31852,582
17,735

14,514

13,067

3,700

4,668

41
8
9
18
77

67
--38
106

79
62
44
186
3,59190112104
4,670

--26
1,183

86779
49915-57

106--

492

--

Loss on liquidation of business
Loss on adjustment for changes of counting standard
for asset retirement obligations

1,033

--

--

360

Other

24
1,775
3,000
82-820-738

28
558
5,027
1,975
41
2,017

Income before minority interests

--

3,009

Minority interests in income----

Net income

3,738

3,009

Net income

3,738

3,009

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
Reversal for loss on business liquidation
Other
Total extraordinary income
Extraordinary loss
Loss on disaster
Provision of allowance for doubtful accounts
Provision for loss on business of subsidiaries andaffiliates

Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes－ 7 －Consolidated Statements of Cash flows
Millions of yen
March 1, 2010 toMarch 1, 2011 toAugust 31, 2010

August 31, 2011

Ⅰ.Net cash provided by (used in) operating activities
3,000

5,027

Depreciation and amortization

Income before income taxes and minority interests

617

557

Amortization of goodwill

1010

Amortization of negative goodwill-9---151-109

Increase (decrease) in provision for bonuses

33

37

Increase (decrease) in provision for directors' retirement benefits

2117

Increase (decrease) in provision for product warranties

352

246

Interest and dividends income-41-67

Interest expenses

7990Foreign exchange losses (gains)

39

1

Loss on retirement of noncurrent assets

167

63

Increase (decrease) in allowance for doubtful accounts-1,157

--

--

-779

446

--

--

360

Decrease (increase) in notes and accounts receivable-trade

4,500

4,106

Decrease (increase) in inventories

4,973

1,220

Decrease (increase) in operating loans receivable

376

1,234

Increase (decrease) in accrued consumption taxes

197

-272

-1,618-1,632

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
Other, net-842-765

Subtotal

10,994

9,347Interest and dividends income received

40

71Interest expenses paid

-79-90

Income taxes paid

-1,210-871

Net cash provided by (used in) operating activities

9,744

8,456

Purchase of property, plant and equipment

-729

-534

Purchase of intangible assets

-314

-171

-109

--

--

-3,100Ⅱ.Net cash provided by (used in) investing activitiesPayments for sales of investments in subsidiaries resulting in change inscope of consolidation
Purchase of short-term investment securities
Payments of loans receivable

-128

-57

Collection of loans receivable

3,757

274

Payments for lease and guarantee deposits

-57

-173

Proceeds from collection of lease and guarantee deposits

40

133

Payments of construction assistance fund receivables

-95

-65

Collection of construction assistance fund receivables

109

109

Payments into time deposits---1,900

Other, net

1312,485-5,483

Net cash provided by (used in) investing activities－ 8 －Consolidated Statements of Cash flows
Millions of yen
March 1, 2010 toMarch 1, 2011 toAugust 31, 2010

August 31, 2011

Ⅲ.Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable-21,499

Proceeds from long-term loans payable

11,000--

Repayment of long-term loans payable-341-5,266

Cash dividends paid-346-624

Other, net
Net cash provided by (used in) financing activities
Ⅳ.Effect of exchange rate change on cash and cash equivalents---0-0-11,188-5,890-3-0

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

1,037-2,917

Ⅵ.Cash and cash equivalents at beginning of period

3,586

8,869

---89

4,624

5,862

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 second 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 －