Consolidated Results
First Quarter of the Fiscal Year Ending February 28, 2013
(Three-month period ended May 31, 2012)

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)
First quarter results for the fiscal year ending February 28, 2013

July 10, 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: July 13, 2012
Scheduled date for distribution of dividends: Appendix materials prepared to accompany this report: Yes
Investor conference call: None
1. Consolidated financial results for the Three-months period ended May 31, 2012
1) Consolidated operating results

Millions of yen, rounded down

Three months ended
May 31, 2012

Three months ended
May 31, 2011(% change)

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

38,755
697
747
348
34.35
34.35

4.3
(76.0)(74.3)(77.2)---2) Financial position (Consolidated)

(9.0)
74.7
79.9
165.8
---Millions of yen, rounded down

As of May 31, 2012

As of February 29, 2012

51,961
27,22652.4
2,685.72

54,64327,29249.9
2,692.16

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

37,141
2,900
2,903
1,529
150.90150.89As of May 31,2012:27,224 million
As of February 29,2012:27,289 million

2. Dividends

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

Millions of yen, rounded down

Fiscal year ended
February 29, 2012
-74.00-41.00115.00Fiscal year ending
February 28, 2013------

Fiscal year ending
February 28, 2013(Forecast)-41.00-41.0082.00

Notes:Changes to the dividend forecast during the period: None

3. Consolidated financial forecasts for the fiscal year ending February 28, 2013(March 1, 2012 February 28, 2013)
Millions of yen, rounded down

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

Interim period ending
August 31, 2012
63,600
2,600
2,600
1,450
143.04(2.4)(44.3)(44.3)(51.8)FY ending
February 28, 2013
134,000
0.8
5,000(20.0)
5,000(20.9)
2,800(26.0)
276.22

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. Other1) Transfer of important subsidiaries during the period (Transfers of certain subsidiaries resulting in changes in the scope ofconsolidation): 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: None
(2) Other changes: None
(3) Changes in accounting estimates: None
(4) Restatement: 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 May 31, 2012: 10,688,800
As of February 29, 2012: 10,688,800(2). Number of treasury shares:
As of May 31, 2012: 551,965
As of February 29, 2012: 551,965(3). Average number of shares during the period:
Three months ended May 31, 2012: 10,136,835
Three months ended May 31, 2011: 10,136,846
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. Qualitative information on settlement of accounts for the first three months(1) Qualitative information on consolidated operating results
In the first quarter of the fiscal year under review, car sales volume at Gulliver-directly operated stores increased year on year.
However, the profitability of wholesale used car auctions to used-car sellers declined due to falling prices in the used car auction
market.
In the first quarter, the new car market was buoyed by the implementation of an eco-car subsidy program and other measures,
leading to an increase in trade-in vehicles in step with higher new car sales volume. Combined with the sluggish market conditions
seen from the second half of the previous fiscal year due to the impact of the Great East Japan Earthquake, the result was a large
increase in used cars put up for sale at used car auctions. This continuing over-supply of used cars to used car auctions pushed
down prices in the used car auction market.
Selling, general and administrative (SG&A) expenses increased due to higher personnel expenses and advertising expenses.
Consolidated subsidiary G-One Financial Services Co., Ltd. posted an operating loss of 16 million yen as operations have beenscaled down. Accounts receivable (financial credit) of G-One Financial Services Co., Ltd. stood at 9,028 million yen as of the end of
the first quarter, down 627 million yen from the end of the previous fiscal period.
Due to the above, consolidated business results for the first quarter were as follows: consolidated net sales were 38,755 million
yen (up 4.3% from the same term last year), operating income was 697 million yen (down 76.0% from the same term last year),ordinary income was 747 million yen (down 74.3% from the same term last year) and net income was 348 million yen (down 77.2%
from the same term last year).
(2) Qualitative information on consolidated financial position
AssetsTotal assets at May 31, 2012 were 51,961 million yen, a decrease of 4.9% from February 29, 2012. Current assets were 28,300
million yen, down 8.5% from the same date, mainly due to a decline in products.
Total noncurrent assets at May 31, 2012 decreased by 0.2% from February 29, 2012, to 23,661 million yen. This mainly reflected adecrease in long-term loans receivable due to the recovery of such loans.
Liabilities
Total liabilities at May 31, 2012 decreased by 9.6% from February 29, 2012 to 24,734 million yen.
Current liabilities at May 31, 2012 decreased by 16.4% from February 29, 2012 to 13,419 million yen. The primary contributing
factors were decreases in accounts payable and income taxes payable due to the payment of income taxes.
Total noncurrent liabilities at May 31, 2012 increased by 0.2% from February 29, 2012 to 11,315 million yen. The major factor was anincrease in asset retirement obligations mainly due to the opening of new stores.
Net assets
Net assets at May 31, 2012 decreased by 0.2% from February 29, 2012 to 27,226 million yen, mainly due to the payment of theyear-end dividend.

(3) Outlook for the fiscal year ending February 28, 2013
There have been no changes to the full-year consolidated results forecasts for the fiscal year ending February 28, 2013, whichwere announced with Financial Results Fiscal 2012 (March 1, 2011 to February 29, 2012) (Japanese GAAP; Consolidated) issued
on April 4, 2012.
－ 3 －Consolidated Balance Sheets
Millions of yen
As of February 29, 2012

As of May 31, 2012

AssetsCurrent assets
Cash and deposits ............................................

8,472

Notes and accounts receivable-trade...............

10,683

9,768
10,460

Products ...........................................................

8,640

5,114

Deferred tax assets ..........................................

1,320

1,341

Other ................................................................

1,873

1,678

Allowance for doubtful accounts ......................
Total current assets

(65)

(62)

30,92528,300Noncurrent assets
Property, plant and equipment
Buildings and structures................................

11,901

11,931

Accumulated depreciation.............................

(4,347)(4,492)

Buildings and structures, net ............................

7,553

7,438

Vehicles..........................................................

370

327

Accumulated depreciation ............................

(210)

(196)

Vehicles, net.....................................................

160

130

Tools, furniture and fixtures............................

2,279

2,282

Accumulated depreciation ............................

(1,830)(1,863)Tools, furniture and fixtures, net .......................

448

419Land .................................................................

218

218

Construction in progress ...................................

22577

8,403

8,784

Goodwill ...........................................................

51

Software...........................................................

939

916

Other................................................................

1515961933

Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Investment securities .......................................

14

14

Stocks of subsidiaries and affiliates..................

768

772

Long-term loans receivable ..............................

7,993

7,557

Lease and guarantee deposits .........................

2,894

2,993

Construction assistance fund receivables ........

2,840

2,786

Deferred tax assets...........................................

235

251

Other .................................................................

257

269

Allowance for doubtful accounts .......................

(652)

(701)

Total investments and other assets ...................

14,353

13,942

Total noncurrent assets .......................................

23,71823,661

Total assets........................................................

54,64351,961－ 4 －Consolidated Balance Sheets
Millions of yen
As of February 29, 2012

As of May 31, 2012Liabilities
Current liabilities
Accounts payable-trade....................................

2,912

Short-term loans payable.................................

2,000

1,717
2,000

Accounts payable-other ...................................

2,130

2,063

Income taxes payable......................................

2,532

397

Deposits received ............................................

232

213

Provision for bonuses ......................................

489

41

Provision for merchandise warranties..............

1,810

2,075

Other................................................................

3,951

4,911

Total current liabilities ..................................

16,06013,419Long-term loans payable ..............................

9,000

9,000

Long-term guarantee deposited....................

807

816

Noncurrent liabilities

Provision for directors' retirement benefits.......

461

468

Asset retirement obligations...........................

1,016

1,030

Other ............................................................

5--

Total noncurrent liabilities ................................

11,29011,315

Total liabilities ..................................................

27,351

24,734

Capital stock ................................................

4,157

4,157

Capital surplus .............................................

4,032

4,032

Net assets
Shareholders' equity

Retained earnings........................................

23,021

22,954

Treasury stock .............................................

(3,975)(3,975)

Total shareholders' equity............................

27,235

27,168Valuation and translation adjustments
Foreign currency translation adjustmen...........

54

56

Total valuation and translation adjustments.....

54

56

Subscription rights to shares............................

2

2

Total net assets................................................

27,292

27,226

Total liabilities and net assets ......................

54,64351,961－ 5 －Consolidated Statements of Income
Millions of yen

March 1, 2011 toMarch 1, 2012 toMay 31, 2011

May 31, 2012

Sales ...................................................................................
Cost of sales........................................................................
Gross profit ..........................................................................
Sales general and administrative expenses ........................

37,141
27,7399,402

38,75531,019
7,736

6,502

7,038

Operating income ................................................................
Non-operating income
Interest received..........................................................
Foreign exchange gains ..............................................
Other ...........................................................................
Total non-operating income .........................................
Non-operating expenses
Interest paid ................................................................
Other ...........................................................................

2,900697

34615563224681466532,90327432747251---

Total non-operating expenses.....................................
Ordinary income..................................................................
Extraordinary profit
Reversal of allowance for doubtful accounts...............
Others .........................................................................
Total extraordinary profit .............................................
Extraordinary losses
Loss on disposal of fixed assets..................................
provision of allowance for bad debts ...........................
Loss on disaster ..........................................................

27--

6-100

1351--

Loss on adjustment for changes of accounting
standard for asset retirement obligations ....................

332

--

Others .........................................................................
Total extraordinary loss ...............................................
Net income before taxes, etc...............................................
Income tax, inhabitants tax and enterprise tax ....................
Corporate tax adjustment ....................................................
Total corporate taxes ..........................................................
Gain from minority interests ................................................

26466
2,463
1,311(377)
934
1,529

268679368(37)330
348

Net income.........................................................................

1,529

348

－ 6 －