Gulliver International Co., Ltd.

Consolidated Results
First Quarter of the Fiscal Year Ending February 29, 2008
(Three-month period ended May 31, 2007)

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 29, 2008

Gulliver International Co., Ltd.

July 6, 2007

Stock Code: 7599
Listed exchanges: Tokyo (1st Section)
Inquiries: Senior Managing Director: Ikuo Murata
http://www.glv.co.jp/
President: Kenichi Hatori
Telephone: +81 3 5208-5503
1. Notes to preparation of these financial statements
1. Adoption of simplified accounting treatments:
Yes (partial use of the simplified method)
2. Differences in accounting treatments applied compared to previous consolidated fiscal year:
None
3. Changes to scope of consolidation or equity method accounting:
Yes
Newly consolidated companies: 1 (G-Care Kyousaikai) Newly eliminated companies: 1 (Carbross Co., Ltd.)
2. Consolidated financial results for the three-month period ended May 31, 2007
1) Consolidated operating results

Millions of yen, rounded down

Three months ended
May 31, 2007

Three months ended
May 31, 2006(% change)

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

42,714
2,337
2,377
1,430
146.25146.10

(3.5)
11.0
13.7
(29.9)---

Fiscal Year ended
February 28, 2007(% change)

44,292
2,104
2,089
2,040
¥207.87¥206.34

1.2
(4.5)
(5.3)
79.9
---

(% change)

182,166
11,123
10,9986,566¥672.19¥669.68

(0.2)
18.0
17.2
48.5
---

Note: Percentage figures for sales, operating income, etc. represent changes compared to the comparable period of the previous fiscal year.

2) Financial position (Consolidated)

Millions of yen, rounded down

As of May 31, 2007

As of May 31, 2006

As of February 28, 2007

42,196
18,44642.8
1,885.20

38,862
15,47539.0
1,589.55

45,947
19,30341.2
1,936.38

Three months ended
May 31, 2007
2,096
(1,694)(2,317)
3,126

Three months ended
May 31, 2006
1,464
(2,610)747
2,977

Total assets.....................................................
Shareholders’ equity .......................................
Equity ratio (%) ...............................................
Shareholders’ equity per share (¥) ..................
3) Consolidated cash flows

Cash flow from operating activities..................
Cash flow from investing activities ..................
Cash flow from financing activities ..................
Cash and cash equivalents at end of period ...

Millions of yen, rounded down

3. Forecasts for the fiscal year ending February 29, 2008 (March 1, 2007 to February 29, 2008)

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

Interim period ending
August 31, 2007
90,000
4,800
2,550
--

Fiscal Year ended
February 28, 2007
6,103
(5,604)978
4,855
Millions of yen

FY ending
February 29, 2008
194,400
12,1006,500
677.62

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.

－ 1 －Operating results and financial position
Gulliver operates 292 directly operated stores involved in the purchase and sale of cars (24 more than
the same period of the previous fiscal year and 1 more than at the end of the previous fiscal year) and has
166 affiliated stores (37 less than the same period of the previous fiscal year and 18 less than at the end of
the previous fiscal year). In total, Gulliver operates 458 stores (13 less than the same period of the previous
fiscal year and 17 less than at the end of the previous fiscal year). The opening of new branches andreplacement of stores (relocating or launching new stores) continues and the number of directly operated
stores is increasing in accordance with our previous policy.
In the three months to May 31, 2007 we have cut back investments in areas such as advertising andexercised measures that emphasize efficiency. Vehicles handled by Gulliver are sold quickly, with anaverage timeframe of only one week to ten days required to achieve a sale via channels that include: 1)
auction sites throughout Japan; 2) the on-screen selling system ‘Dolphinet’; 3) GAO! Auction, the internet
based real-time auction aimed at used car dealers. Sales from all three channels are currently performing
well. Consolidated subsidiary, G-One Financial Service Co,. Ltd. which operates in the financial services
business and primarily handles auto loans, is steadily expanding its operating base and increasing
revenues.
As a result of the factors noted above, consolidated net sales for the period under review decreased 3.5%(¥1,577 million) to ¥42,714 million and operating income increased 11.0% (¥233 million) to ¥2,337 million.
Ordinary income increased 13.7% (¥287 million) to ¥2,377 million and net income decreased 29.9% (¥610
million) to ¥1,430 million.
Financial Position
In the first quarter of the fiscal year ending February 29, 2008, total assets decreased ¥3,751 million and net
assets decreased ¥857 million.
Cash flow
In the first quarter of the fiscal year ending February 29, 2008, cash flow from operating activities was
positive and cash flow from investing and financing activities was negative, while overall cash flow
decreased ¥1,915 million. The balance of cash and cash equivalents as of the end of the period was ¥3,126
million.
Cash flow from operating activities
Cash generated from operating activities was ¥2,096 million. This was primarily due to an increase inoperating revenue from the purchase and sale of cars.
Cash flow from investing activities
Net cash used in investing activities was ¥1,694 million. This was primarily due to investment in the openingof new directly operated stores.
Cash flow from financing activities
Net cash used in financing activities was ¥2,317 million. This was primarily due to payments for theacquisition of treasury stock.
Qualitative information regarding forecasts
Results for the first quarter of the consolidated fiscal year ending February 29, 2008, represent good
progress towards the previously announced forecasts for the full year.

－ 2 －Consolidated Balance Sheets
As of May 31,
2007
ASSETS

Millions of yen
As of February 28,
2007

As of May 31,
2006% of total% of total% of total

Current assets
Cash and deposits ................................

3,126

2,977

4,855

Accounts receivable..............................

11,468

8,843

13,664Marketable securities ............................

--

100

--

Inventory ...............................................

4,804

5,626

4,668

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

508

346

445

Others ...................................................

3,357

3,247

3,315

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

(167)

(86)

(69)

Total current assets ...........................

23,09954.7

21,05454.2

26,88058.5

Fixed assets
Tangible fixed assets
Buildings and structures........................

7,913

7,148

7,832

Tools, fixtures and equipment ...............

1,264

1,594

1,384

Land......................................................

327

327

327

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

169

272

143

Total tangible fixed assets

9,674

23.0

9,341

24.0

9,687

21.1

Intangible fixed assets
Software................................................

2,158

2,591

2,082

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

165

118

110

Total intangible fixed assets ..............

2,324

5.5

2,710

7.0

2,192

4.8

Investments and other assets
Investment securities .............................

97

191

96

Shares of related companies .................

108

108

108

Deposits and guarantee money .............

3,750

3,174

3,749

Construction cooperation fund ...............

2,540

1,962

2,508

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

264

112

489

Others ....................................................

410

567

309

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

(74)

Total investments and other assets .....

7,097

Total fixed assets ..............................
Total Assets.............................................

(360)

(74)

16.8

5,756

19,09645.3

17,80845.8

19,06641.5

42,196100.0

38,862100.0

45,947

100.0

－ 3 －

14.8

7,187

15.6

Consolidated Balance Sheets
Millions of yen
As of May 31,
2007
LIABILITIESCurrent liabilities
Accounts payable ...................................
Short-term borrowing ..............................
Accrued expenses ..................................
Accrued corporate taxes .........................
Deposits received ...................................
Reserve for bonuses...............................
Others.....................................................
Total current liabilities...........................
Long-term liabilities
Long-term debt .....................................
Guarantee deposits received ..................
Total long-term liabilities.......................
Total liabilities.....................................
NET ASSETS
Shareholders’ equity
Paid-in capital .........................................
Capital surplus ........................................
Retained earnings...................................
Treasury shares......................................
Total shareholders’ equity ..................
Appraisal and translation differences
Unrealized gains and losses in othersecurities .............................................
Translation adjustments..........................
Total Appraisal and translationdifferences .........................................
Share warrants ..........................................

As of May 31,
2006% of total

2,383
13,500
2,919
760
699
308
1,777
22,348
525
876
1,401
23,7494,157
4,032
20,612(10,724)
18,077% of total

53.0

2,860
13,060
2,290
948
891
371
2,174
22,597

3.3
56.3

200
589
789
23,387

42.8

4,157
4,032
16,867(9,998)15,058

6(1)

As of February 28,
2007% of total

58.1

3,303
13,590
2,900
2,957
809
453
1,210
25,224

54.9

2.0
60.1

550
869
1,419
26,643

3.1
58.0

38.8

4,157
4,032
20,283(9,540)18,932

41.2

62
2

6
(2)

5

0.0

65

0.2

3

0.0

1

0.0

--

--

1

0.0

351

0.9

366

0.8

15,47538,862

39.9

19,303

42.0

100.0

45,947100.0

Minority interests .......................................

361

0.9

Total capital .............................................

18,446

43.7

Total liabilities and capital .....................

42,196

100.0

－ 4 －

Consolidated Statements of Income
Millions of yen
March 1, 2007 to

March 1, 2006 to

May 31, 2007

May 31, 2006

% of total

March 1, 2006 to
February 28, 2007

% of total% of total

Sales .....................................................

42,714100.0

44,292100.0

182,166

100.0

Cost of sales..........................................

32,58876.3

34,31477.5

140,228

77.0

Gross profit .....................................

10,126

23.7

9,978

22.5

41,937

23.0

Sales general and administrative
expenses ............................................

7,788

18.2

7,873

17.7

30,813

16.9

Operating income ...........................

2,337

5.5

2,104

4.8

11,123

6.1

Non-operating income.........................

72

0.2

21

0.0

79

0.0

Non-operating expenses ......................

32

0.1

36

0.1

204

0.1

Ordinary income ................................

2,377

5.6

2,089

4.7

10,9986.0

Extraordinary profit ...............................

59

0.1

1,181

2.7

1,164

0.6

Extraordinary losses ......................... ...

38

0.1

169

0.4

1,013

0.5

Net income before taxes, etc. ....

2,398

5.6

3,102

7.0

11,149

6.1

Income tax, inhabitants tax andenterprise tax..................................

741

1.7

932

2.1

4,880

2.7

Corporate tax adjustment ...............

224

0.5

124

0.3

(313)

(0.2)

Minority interests ............................

2

0.0

4

0.0

16

0.0

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

1,430

3.4

2,040

4.6

6,566

3.6

－ 5 －

(3) Changes to Consolidated shareholders’ equity
First quarter of the fiscal year ending February 29, 2008 (March 1, 2007 to May 31, 2007)
Millions of yen
Shareholder’s equity

CapitalBalance as of February 28, 2007

Capital Surplus

4,157

Total

Accumulated

Treasury Stockearnings

4,032

shareholder’sequity20,283(9,540)18,932

Change during the period
Surplus dividend(909)

Net income

1,430

(909)
1,430

Acquisition of treasury stock(95)

Disposal of treasury stock(1,320)(1,320)136

41

Changes to the scope of consolidated
following decrease in accumulated

(174)

(174)

78

78

earnings
Changes to the scope of consolidated
following increase in accumulated
earnings
Changes to items other thanshareholders’ equity during the period
Total change during the period
Balance as of May 31, 2007

--

--

--

--

--

--

--

329

(1,184)

(854)

4,157

4,032

20,612(10,724)

18,077
Millions of yen

Valuation and translation differences
Valuation differences

Balance as of February 28, 2007

Translation

Total valuation

Share

Minority

Total net

warrants

interest

assetson other marketableadjustment

and translation

securities

account

differences

6

(2)

3

1

366

19,303

Change during the period
Surplus dividend(909)

Net income

1,430

Acquisition of treasury stock(1,320)

Disposal of treasury stock

41

Changes to the scope of consolidated
following decrease in accumulated(174)

earnings
Changes to the scope of consolidated
following increase in accumulated

78

earnings
Changes to items other than

0

1

1

0

(4)

(2)

Total change during the period

0

1

1

0

(4)

(857)

Balance as of May 31, 2007

6

(1)

5

1

361

18,446

shareholders’ equity during the period－ 6 －Consolidated Statements of Cash flows
Millions of yen
March 1, 2006 to
February 28, 2007

March 1, 2007 to
May 31, 2007

March 1, 2006 to
May 31, 2006

2,398
511
(138)
2
(1)
20
7
33
-(73)
2,383
(113)
(907)
(252)
(28)
1,203
5,045
1
(21)
(2,928)
2,096

3,102
535
(140)
(8)
(0)
9
-169
-(73)
1,948
(960)
(520)
-(251)
(297)
3,509
0
(9)
(2,036)
1,464

11,149
2,352
(68)
(66)
(2)
65
7
689
278
(73)
(2,825)108444(1,292)
(177)
(749)
9,838
2
(65)
(3,671)6,103-(942)
0(341)-(276)
1-(142)
6(1,694)-(1,866)
0
(123)
(5)
(35)
13
(393)
(199)
(0)
(2,610)100(3,731)
1
(581)
(5)
(61)
6
-(1,327)(5)(5,604)(90)(25)-(1,320)
41
(7)
(909)
(5)
(1)
(2,317)3,660(54)-(2,079)45-(824)
--747

4,190
(207)
500
(2,079)183(7)(1,608)
(5)
13
978

0

0

3

(1,915)
4,855

(396)
3,374

1,481
3,374

186

--

--

3,126

2,977

4,855

I. Cash flow from operating activities
Income before taxes, etc...................................................................
Depreciation......................................................................................
Increase (decrease) in reserve for bonuses .....................................
Increase (decrease) in allowance for doubtful accounts...................
Interest and dividends received ........................................................
Interest paid ......................................................................................
New share issuance expenses .........................................................
Loss on disposal of fixed assets .......................................................
Impairment losses.............................................................................
Payment of directors’ bonuses..........................................................
Increase (decrease) in accounts receivable .....................................
Increase (decrease) in inventory.......................................................
Increase (decrease) in accounts payable .........................................
Increase (decrease) in operating loans.............................................
Increase (decrease) in accrued consumption tax .............................
Other .................................................................................................
Subtotal.............................................................................................
Interest and dividends received ........................................................
Interest paid ......................................................................................
Corporate taxes paid.........................................................................
Cash flow from operating activities ................................................
II. Cash flow from investing activities
Proceeds from sale of investment securities ....................................
Payments for purchase of marketable securities ..............................
Proceeds from sale of marketable securities ....................................
Payments for acquisition of intangible fixed assets ..........................
Payments for acquisition of shares of affiliates.................................
Amounts lent .....................................................................................
Proceeds from repayment of loans ...................................................
Increase (decrease) in short-term borrowing ....................................
Deposit and guarantee payments .....................................................
Other .................................................................................................
Cash flow from investing activities .................................................
III. Cash flow from financing activities
Net increase (decrease) in short term borrowings ............................
Repayment of long-term loans..........................................................
Proceeds from long-term loans.........................................................
Payments for acquisition of treasury stock .......................................
Proceeds from disposal of treasury stock .........................................
Proceeds from issuance of new shares ............................................
Payment of dividends........................................................................
Dividends paid to minority shareholders ...........................................
Other .................................................................................................
Cash flow from financing activities.................................................
IV. Cash and cash equivalents currency translationdifferences ..................................................................................
V. (Decrease) increase in cash and cash equivalents ...................
VI. Cash and cash equivalents at beginning of period ..................
VII. Increase in cash and cash equivalents from change inscope of consolidation ..............................................................
VIII. Cash and cash equivalents at end of period...........................

－ 7 －Changes to Material Items Forming the Basis for the Preparation of theFirst Quarter Consolidated Financial Statements
March 1, 2007 – May 31, 2007-------------------------March 1, 2006 – May 31, 2006
Accounting standards relating to theimpairment of fixed assets
From the first quarter of the fiscal year
ending February 28, 2007, we haveapplied the ‘Accounting Standards for
Impairment of Fixed Assets’ (issued by the
Accounting Standards Board of Japan on
August 9, 2002) and the Financial
Accounting Standards Implementation
Guidance No. 6, ‘Implementation Guidance
for Accounting Standards for Impairment of
Fixed Assets’ (issued by the AccountingStandards Board of Japan on October 31,2003). This change has had no material
effect on profit and loss statements.

March 1, 2006 – February 28, 2007
Accounting standards relating to theimpairment of fixed assets
From the first quarter of the fiscal year ending
February 28, 2007, we have applied the‘Accounting Standards for Impairment of Fixed
Assets’ (issued by the Accounting Standards
Board of Japan on August 9, 2002) and the
Financial
AccountingStandards
Implementation
GuidanceNo.
6,‘Implementation Guidance for AccountingStandards for Impairment of Fixed Assets’(issued by the Accounting Standards Board ofJapan on October 31, 2003).
The effect of this change, compared to theprevious accounting method, was to reduce
net income before taxes, etc. by ¥278 million.

Accounting treatments relating toincome generated through auto-loans
Previously, a deferred accounting method
for the unpaid portion of the loan was
employed for income generated throughauto-loans at the consolidated subsidiary
G-One Financial Service Co., Ltd.
However, as of this quarter, we have begun
to employ a method which makes a
one-time calculation of the unpaid portion
at the time of signing of the loan contract,
excluding income related to procurement
rates and foreseeable loss arising fromearly
repaymentorsubrogatedperformance. In order to make loan
contracts signed in the previous year
conform to this method, the balance of
unpaid loans from the end of the fiscal year
ended February 28, 2007, excluding
income related to procurement rates andforeseeable loss arising from early
repayment or subrogated performance,
has been recorded as extraordinary profit.
We made this change based on theexpertise and internal data we haveaccumulated based on the auto-loans
business, and we believe that the relatingof income generated through auto-loans to
expenses (rebates) arising at the time ofthe signing of the contract better reflects
actual operating conditions.
As a result of this change, net sales, grossprofit on sales, operating income andordinary income have increased ¥208
million compared to the previous method,and net income before adjustment forincome taxes has increased ¥1,372 million.

Accounting treatments relating to income
generated through auto-loans
Previously, a deferred accounting method forthe unpaid portion of the loan was employed
for income generated through auto-loans at theconsolidated subsidiary G-One Financial
Service Co., Ltd. However, as of this quarter,
we have begun to employ a method whichmakes a one-time calculation of the unpaid
portion at the time of signing of the loan
contract, excluding income related to
procurement rates and foreseeable loss arisingfrom early repayment or
subrogatedperformance. In order to make loan contracts
signed in the previous year conform to thismethod, the balance of unpaid loans from theend of the fiscal year ended February 28,
2007, excluding income related to procurement
rates and foreseeable loss arising from early
repayment or subrogated performance, hasbeen recorded as extraordinary profit.
We made this change based on the expertiseand internal data we have accumulated basedon the auto-loans business, and we believethat the relating of income generated throughauto-loans to expenses (rebates) arising at thetime of the signing of the contract betterreflects actual operating conditions.
As a result of this change, net sales, grossprofit on sales, operating income and ordinary
income have increased ¥547 million comparedto the previous method, and net income before
adjustment for income taxes has increased¥1,711 million.

－ 8 －March 1, 2007 – May 31, 2007--------------------------March 1, 2006 – May 31, 2006
Accounting standards relating topresentation of net assets on balance
sheetsFrom the first quarter of the fiscal year
ending February 28, 2007, the ‘Statement
Regarding the Presentation of Net Assets
on the Balance Sheet’ (BusinessAccounting Council, December 9, 2005,
Article No. 5) and ‘’Guidelines for the
Application of Accounting Policies for the
Presentation of Net Assets on the Balance
Sheet’ (Guidelines for the Application ofBusiness Accounting Polices, Article 8;
Business Accounting Council, December
9, 2005) have been applied. The
equivalent amount previously recorded as‘Capital’is ¥16,250 million. Followingchanges to the regulations on financial
statements, net assets on the balance
sheet have been recorded in accordancewith the revised regulations.

March 1, 2006 – February 28, 2007
Accounting
standards
relating
topresentation of net assets on balance
sheetsFrom the fiscal year ending February 28, 2007,
the ‘Statement Regarding the Presentation of
Net Assets on the Balance Sheet’ (BusinessAccounting Council, December 9, 2005, Article
No. 5) and ‘’Guidelines for the Application of
Accounting Policies for the Presentation of Net
Assets on the Balance Sheet’ (Guidelines for
the Application of Business Accounting
Polices, Article 8; Business Accounting
Council, December 9, 2005) have been
applied. The equivalent amount previously
recorded as ‘Capital’ is ¥18,936 million.
Following changes to the regulations on
financial statements, net assets on the balance
sheet have been recorded in accordance withthe revised regulations.

-------------

Accounting standards relating to directors’
bonuses
From the fiscal year ending February 28,
2007, the ‘Accounting Standard Regarding
Directors’ Bonuses’ (Business Accounting
Council, November 29, 2005, Article No. 4)
has been applied. As a result, ordinary income
and net income before adjustment for income
taxes have each decreased ¥73 million.

－ 9 －4. Segment Information
Segment information by business typeFirst quarter of the fiscal year ending February 29, 2008 (March 1, 2007 to May 31, 2007)

Sales(1) Sales to externalcustomers(2) Inter-segmental sales
or transfers
Total
Operating expenses
Operating income

Trading ofused cars

Financialbusiness

Otherbusinesses

39,875

1,011

1,828

205
40,08037,139
2,941

137
1,148
999
149

613
2,442
1,771
671

Millions of yen

Elimination/
All company

Consolidated

42,714--42,714957
43,671
39,909
3,762

(957)
(957)
467
(1,424)-42,71440,376
2,337

Total

Notes: 1. Businesses have been classified according to the classification used in calculating sales.

2. Principal product name or service nameBusiness Classification
Used Car Sales
Financial business
Other businesses

Principal Product Name or Service Name
Purchase and sales of used automobiles through directly operated stores and other outlets
Consolidated subsidiary, G-One Financial Service Co,. Ltd. operates in the financial services
business handling auto loans
Franchise operations related to the management of stores with ‘Gulliver’ which purchases andsells automobiles, and ‘Dolphinet’, the on-screen selling system services

3. Breakdown of amount and principal content included in the “Elimination or Total Company” item

Millions of yen

March 1, 2007 to May 31, 2007

Principal content

1,424

Expenses relating to head officeadministration at the parent
company

Amount of unallocated operating expenses included inelimination or total company item

4. Changes to method of classification
Previously, ‘Financial business’ was included in ‘Other businesses’. However, as its overall importance has increased, ’Financial
business’ has been made a separate category as of the fourth quarter of the previous fiscal year. Applying this change to the‘Segment Information’ section of the first quarter of the previous fiscal year, would result as follows:First quarter of the fiscal year ending February 28, 2007 (March 1, 2006 to May 31, 2006)

Millions of

yen

Sales
(2) Sales to externalcustomers(2) Inter-segmental sales
or transfer
Total
Operating expenses
Operating income

Trading ofused cars

Financialbusiness

Otherbusinesses

42,029

571

1,690

290
42,32039,650
2,669

77
649
549
100

659
2,350
1,668
681

－ 10 －

Elimination/
All company

Consolidated

44,292--

44,292

1,027
45,31941,8683,451(1,027)(1,027)318(1,346)-44,292
42,187
2,104

Total

First quarter of the fiscal year ended February 28, 2007 (March 1, 2006 to May 31, 2006)
Millions of yen

Trading ofused cars

Other businesses

Total

Elimination/
All company

Consolidated

Sales(1) Sales to externalcustomers(2)Inter-segmental sales
or transfers

42,0172,274

44,292--

44,292

--

--

--

--

--

Total

42,0172,274

44,292--

44,292

Operating expenses

38,923

1,972

40,896

1,291

42,187

Operating income

3,093

302

3,396

(1,291)

2,104

Notes: 1. Businesses have been classified according to the classification used in calculating sales.

2. Principal product name or service nameBusiness Classification
Used Car Sales
Other businesses

Principal Product Name or Service Name
Purchase and sales of used automobiles through directly operated stores and other outlets
Royalties arising out of franchise agreements and fees for the provision of training etc., andintermediation in buying and selling of used automobiles, also includes other operations suchas a financial business and other businesses

3. Breakdown of amount and principal content included in the “Elimination or Total Company” item

Millions of yen

March 1, 2006 to May 31, 2006

Principal content

1,291

Expenses relating to head officeadministration at the parent company

Amount of unallocated operating expenses included inelimination or total company item

－ 11 －

Fiscal year ended February 28, 2007 (March 1, 2006 to February 28, 2007)
Millions of yen

Trading of

Financial

Other

Elimination/
Total

Consolidated

used cars

businessbusinesses

All company

173, 289

2,369

6,507

182,166--

182,166

1,140
174, 429
161,295
13,134

423
2,792
2,486
305

2,596
9,104
6,323
2,780

4,160
186,326
170,105
16,221(4,160)(4,160)937(5,097)-182,166
171,042
11,123Sales(1) Sales to externalcustomers(2) Inter-segmental sales ortransfers
Total
Operating expenses
Operating income

Notes: 1. Businesses have been classified according to the classification used in calculating sales.

2. Principal product name or service nameBusiness Classification
Used Car Sales
Financial business
Other businesses

Principal Product Name or Service Name
Purchase and sales of used automobiles through directly operated stores and other outlets
Consolidated subsidiary, G-One Financial Service Co,. Ltd. operates in the financial services
business handling auto loans
Franchise operations related to the management of stores with ‘Gulliver’ which purchases andsells automobiles, and ‘Dolphinet’, the on-screen selling system services

3. Breakdown of amount and principal content included in the “Elimination or Total Company” item

Millions of yen

March 1, 2006 to February 28, 2007

Principal content

5,097

Expenses relating to head officeadministration at the parent company

Amount of unallocated operating expenses included inelimination or total company item

Segment information by geographical location
For the first quarter of the current consolidated fiscal year and for the previous fiscal year some consolidated
subsidiaries were located overseas, but as over 90% of sales for each segment were in Japan, segment information
by geographical location has been omitted.

Overseas sales
For the first quarter of the current consolidated fiscal year, and for the previous fiscal year, overseas sales were lessthan 10% of consolidated sales and have therefore been omitted.

－ 12 －