Gulliver International Co., Ltd.

Consolidated Results
Second Quarter of the Fiscal Year Ending February 28, 2011
(Six-month period ended August 31, 2010)

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 28, 2011

October 8, 2010

Gulliver International Co., Ltd.

st

Stock 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 15, 2010
Scheduled date for distribution of dividends: November 15,2010

1. Consolidated financial results for the Six-month period ended August 31, 2010
1) Consolidated operating results

Millions of yen, rounded down

Six months ended
August 31, 2009

Six months ended
August 31, 2010(% change)

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

72,869
3,700
3,591
3,738
¥409.19--(% change)(3.9)(29.7)(28.5)
64.6---

75,804
5,259
5,023
2,270
¥249.62---------

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 August 31, 2010

As of February 28, 2010

56,58819,73534.9%¥2,159.66

67,94816,39324.1%¥1,794.18

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

As of August 31, 2010: ¥19,732 million
As of February 28, 2010: ¥16,393 million

2. Dividends

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

Millions of yen, rounded down

Fiscal year ended
February 28, 2010
38.00
38.00
76.00

Fiscal year ending
February 28, 2011
31.00
--

Fiscal year ending
February 28, 2011 (Forecast)-31.0062.00

Changes to the dividend forecast during the period: None

3. Consolidated financial forecasts for the fiscal year ending February 28, 2011(March 1, 2010 to February 28, 2011)
Millions of yen, rounded down

FY ending
February 28, 2011
137,000
(8.0)
6,000
13.6
5,900
17.8
4,700
-¥514.40--

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

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 (Transfers of certain subsidiaries resulting in changes in the scope of
consolidation): Exclusion: G-One Credit Services Co., Ltd.,
2) Utilization of simplified method of accounting: Yes
3) Changes in accounting methods, procedures and presentation in the making of these financial statements (key items
mentioned in Significant Items for the Preparation of Consolidated Financial Statements):
1. Changes following revisions to accounting standards: No
2. Other changes: Yes
4) Number of shares outstanding (ordinary shares)
1. Number of shares outstanding (including treasury shares):
As of August 31, 2010: 10,688,800
As of February 28, 2010: 10,688,800
2. Number of treasury shares:
As of August 31, 2010: 1,551,934
As of February 28, 2010: 1,551,926
3. Average number of shares during the period:
Six months ended August 31, 2010: 9,136,865
Six months ended August 31, 2009: 9,097,068
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
Net sales for interim period of the consolidated fiscal year ending February 28, 2011 decreased 3.9% compared to the interim periodof the previous fiscal year. This was primarily the result of the transfer of all outstanding shares of G-One Credit Services Co., Ltd., acredit subsidiary of wholly owned financial subsidiary G-One Financial Services Co., Ltd., to SBI Holdings, Inc., and a decline in cars
purchased at consolidated subsidiary G-Trading Co., Ltd.

Although the number of cars purchased by directly managed Gulliver stores were in line with the same period of the previous year,
the gross profit margin declined as a result of a decrease in highly profitable retail sales to regular consumers, due to effects of theeco-car subsidy system.

Sales, general and administrative expenses decreased compared to the interim period of the previous fiscal year due tostreamlining of advertising expenses and a reduction in depreciation expenses. An extraordinary gain of ¥1,157 million wasrecorded due to the profit generated from the transfer of G-One Credit Services Co., Ltd. shares.
Meanwhile, an extraordinary loss of ¥1,775 million was recorded. Primary factors included expenses of ¥492 million recorded as aprovision for loses at affiliates arising from the scaling down of G-Rental Co., Ltd. business (construction machinery rentals), which
is a subsidiary of consolidated subsidiary G-Trading Co., Ltd., and losses on business reorganization of ¥1,033, including an ¥880
million expense following the withdrawal from a construction machinery business in Russia, run by G-Trading Rus LLC, a subsidiaryof G-Trading Co., Ltd.
Net income for the interim period increased 64.6%, as a result of a large reduction in corporate tax and other factors.
With respect to the reduction in corporate tax, the main reasons were as follows. Upon the transfer of all outstanding shares of
G-One Credit Services Co., Ltd., to SBI Holdings, Inc., losses recorded in previous fiscal years were for tax purposes offset by the
extraordinary gain that occurred in the current period while losses carried forward with respect to G-One Financial Services Co., Ltd.,
were included in taxable income for the current period. Furthermore, in August 2010, Gulliver International sold all outstanding
shares of G-Trading Co., Ltd. to G-One Credit Services Co., Ltd. As a result of this transaction, the provisions recorded in previous
fiscal years in respect of G-Trading Co., Ltd. were recognized as losses for tax purposes.
As a result of the factors noted above, and compared to the interim period of the previous fiscal year, consolidated net sales forthe interim period decreased 3.9% to ¥72,869 million, operating income decreased by 29.7% to ¥3,700 million, ordinary income
decreased 28.5% to ¥3,591 million, while net income for the period was ¥3,738 million, up 64.6%.

Performance by segment
i. Sales of used automobiles
Net sales of used automobiles declined due to a decrease in income at consolidated subsidiary G-Trading Co., Ltd. Although thenumber of cars purchased by directly managed Gulliver stores was in line with the interim period of the previous year, retail sales toregular consumers, which are highly profitable, declined due to effects of the eco-car subsidy system.
Among the stores involved in the sale and purchase of cars, as of August 31, 288 were directly managed Gulliver stores (1 morethan at the end of the same period of the previous fiscal year and no change from the end of the previous fiscal year).
As a result of the above factors, consolidated net sales for the segment were ¥67,664 million, ¥2,406 million (3.4%) lower than in
the interim period of the previous fiscal year, and operating income decreased ¥2,322 million (37.7%), to ¥3,837 million.

－ 3 －ii. Financing business
Since May 2010, the majority of auto loans for used cars initiated by Gulliver at the retail point of sale were handled by other credit
companies. As a result, and also due to the transfer of all outstanding shares in G-One Credit Services Co., Ltd., net sales for thissegment declined. .

The transfer of all outstanding shares in G-One Credit Services Co., Ltd. resulted in a reduction in selling expenses and generaladministrative expenses, while revenues from loans signed in previous fiscal years were recorded in the period under review,
resulting in an increase in operating income.

Further, in line with the reduction in the number of loans, and the transfer of all outstanding shares in G-One Credit Services Co.,
Ltd., compared to the end of the previous fiscal year, accounts receivable for the financing business decreased 40.3%, or ¥9,784
million, to ¥14,482 million.
Due to the above factors, consolidated net sales for the segment decreased 28.9%, or ¥1,156 million compared to the interim
period of the previous fiscal year to ¥2,839 million, but operating income increased 112.9%, or ¥419 million, to ¥791 million.

iii. Other businesses
As of August 31, 2010, the number of Gulliver franchised stores was 135 (5 more than at the end of the same period of theprevious fiscal year and 5 more than at the end of the previous fiscal year) and as a result, consolidated net sales from Gulliver
franchised stores decreased 0.4%, or ¥18 million to ¥4,689 million, and operating income decreased 6.0%, or ¥63 million, to ¥987
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 16.7% to ¥56,588 million.
Current assets decreased 35.4% to ¥32,426 million mainly due to a decrease in accounts receivable and inventories held for the
purpose of sales. Fixed assets increased 36.0% to ¥24,162 million as a result of an increase of long-term loans receivable, due tothe simultaneous execution of loans along with the transfer of all outstanding shares in G-One Credit Services Co., Ltd.

Liabilities
Total liabilities at the end of the period under review decreased 28.5% to ¥36,853 million.
Current liabilities decreased 50.0% to ¥20,796 million due to the repayment of short-term borrowings and other factors.
Long-term liabilities increased 61.1% to ¥16,057 million due primarily to an increase in long-term lending and other factors.

Net assets
Total net assets at the end of the period under review increased 20.4% to ¥19,735 million due to an increase in retained profit
following the recording of net income for the period. The equity ratio increased 10.8% to 34.9%.

(3) Outlook for the fiscal year ending February 28, 2011
There have been no changes made to the full-year consolidated results forecasts issued on September 29, 2010.
－ 4 －2. Other(1) Transfer of important subsidiaries
Consolidated subsidiary G-One Credit Services Co., Ltd., has been removed from the scope of consolidation due tothe transfer of all outstanding shares. Further, because the date of sale of all shares was June 1, 2010, the company isincluded in the consolidated statements of income and the consolidated statements of cash flow for the period between
March 1 and May 31, 2010.

(2) Simple accounting procedures and specific accounting procedures(1) Simple accounting methods
・Calculation methods for estimating loss on ordinary loans
Since there have been no significant change to the loan loss ratio and others calculated at the end of the previous consolidated
fiscal year, these figures were used for the basis of calculations for the estimated loan loss and others at the end of the period
under review.
・Calculation methods for depreciation allowance of fixed assets
For assets to which the declining balance method is applied, depreciation allowance is calculated by the amount distributed
proportionally for that consolidated fiscal year.
・Evaluation of inventory assets
Calculations for inventory assets at the end of the interim period are based on a combination of a reduction of actual inventories
and the actual inventory at the end of the previous consolidated fiscal year. Regarding the reduction in the book value of inventory
assets, in respect of only those items where the decline in profitability is clear, we have estimated the net sale price and reduced
the book value accordingly.
・Calculation methods for corporate and other taxes and deferred tax assets and liabilities
The calculation for corporate and other tax payments is limited to important increases or decreases and tax credit items. In cases
where there have been significant change in the operating environment, etc., since the end of the previous consolidated fiscal
year or other significant temporary changes, the results forecasts and tax planning used at the end of the previous consolidated
fiscal year, including adjustments for the said significant changes, are used as the calculation method for evaluating the possibilityof recovering deferred tax assets.
・Mutual debt and loans and elimination transactions among consolidated subsidiaries
In cases where the differences in amounts of the aforementioned credit and liabilities are clear, when the differences are within areasonable scope, the amounts are not adjusted and the credit and liabilities are eliminated. When there are immaterial
differences in transaction amounts, eliminations are made using methods such as matching the amount to that of the parent
company.
(2) Utilization of special accounting methods
No applicable items(3) Accounting principles, procedures and presentation
Accounting methods for auto loan revenues
Previously, accounting methods used by consolidated subsidiary G-One Financial Services Co., Ltd., a financial services
company, and consolidated subsidiary G-One Credit Services Co., Ltd., recorded revenues such as interest from unexpired periods－ 5 －during the contractual period. With regards to other parts of the contract, unobtainable income from full repayment before maturity or
payment in subrogation were excluded and revenues from auto loan contracts were recorded as a lump sum. However, as of thecurrent consolidated fiscal year, we have changed our accounting methods to record revenue based on the contract period and will
no longer recognize such revenue as a lump-sum amount, and the respective expenses represented by commission payments are
now also recorded based on the contract period.

In line with the above change, operating loans have been transferred to a trust subsidiary and trust beneficiary rights and sharesissued and have been sold as collateralized assets. However, when these securitized assets are sold, the part of the assets thatwere sold at book value and the parts that we continue to hold are each valued at fair value and the accounting methods used havebeen changed to recognize the difference between the gains/losses on securitization and the book value allotted to assets sold.

As a result, accounting methods differ for the previous and current consolidated first quarter and interim periods. If the method
currently used had been used in the second quarter period of the previous fiscal year, net sales and gross profit would each havebeen recorded as ¥268 million higher, and operating income, ordinary income, and net income before taxes would each have beenrecorded as ¥256 million higher. While if the method currently used had been used in the interim period of the previous fiscal year
net sales and gross profit would each have been ¥506 million higher, and operating income, ordinary income, and net income before
taxes would have been ¥484 million higher.
(4) Important events relating to the premise of a going concern
No applicable items－ 6 －Consolidated Balance Sheets
Millions of yen
As ofAugust 31, 2010

As ofFebruary 28, 2010

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

4,651

Trade notes and accounts receivable ....

16,913

3,613
30,287

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

5,403

10,351

Operating loans .....................................

1,669

2,045

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

1,922

942

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

3,097

4,340

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

(1,231)(1,400)Total current assets............................

32,42650,17910,343

Depreciation .......................................

10,366(3,517)

Buildings and structures (net) .............

6,849

6,986

Vehicles and transportation ...................
Depreciation........................................

586

336

(175)

(58)

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

(3,356)

Vehicles and transportation (net)........

410

278

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

2,455

2,686

(1,820)(1,722)Tools, fixtures and equipment (net) ....

634

964

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

218

218

48

270

Total tangible fixed assets .................
Intangible fixed assets

8,161

8,717

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

37

48

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

947

1,532

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

18

18

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

1,003

1,599

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

14

14

Shares in affiliate companies .................

816

859

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

8,251

328

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

2,941

3,055

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

2,934

2,955

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

207

367

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

270

525

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

(439)

(654)

Total investments and other assets......

14,997

7,452

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

24,162

17,769Total Assets ............................................

56,58867,948－ 7 －Consolidated Balance Sheets
Millions of yen
As ofAugust 31, 2010
Liabilities
Current liabilities
Accounts payable ....................................
Short-term borrowing...............................
Accrued expenses ...................................
Accrued corporate taxes..........................
Deposits received ....................................
Reserve for bonuses ...............................
Reserve for product warranty ................
Reserve for loss on businessliquidation ................................................
Others......................................................
Total current liabilities............................
Long-term liabilities
Long-term borrowing ...............................
Long-term guarantee deposits received ..

As ofFebruary 28, 2009

2,369
9,583
2,400
105
262
568
1,089

4,230
26,159
3,032
1,528
249
570
797

207

--

4,209
20,796

5,020
41,587

14,250
820

8,516
877

Reserve for directors’ retirement
benefit......................................................

426

405

Negative goodwill ....................................

--

101

Reserve for loss on restructuring ofaffiliated company....................................

549

57

9
16,05736,853

9
9,967
51,555

4,157
4,032
22,129(11,178)
19,140

4,157
4,032
18,798(11,178)
15,810592

583

Other .......................................................
Total long-term liabilities........................
Total liabilities........................................
Net assets
Shareholders’ equity
Paid-in capital ..........................................
Capital surplus.........................................
Retained profit .........................................
Treasury stock .........................................
Total shareholders’ equity...................
Valuation difference on othermarketable securities
Translation adjustments...........................
Total appraisal and translationdifferences ..........................................
Share warrant.........................................
Total net assets ..................................

592

583

2
19,735-16,393

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

56,58867,948－ 8 －Consolidated Statements of Income
Millions of yen

March 1, 2010 toMarch 1, 2009 toAugust 31, 2010

August 31, 2009

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

72,86954,654
18,21475,80453,431
22,373

14,514

17,113Operating income ...........................................................
Non-operating income
Interest received...................................................................
Commissions received .........................................................
Amortization of negative goodwill .........................................
Other ....................................................................................
Total non-operating income ............................................
Non-operating expenses
Interest paid.........................................................................
Exchange related loss .........................................................
Other ...................................................................................
Total non-operating expenses........................................
Ordinary income......................................................................
Extraordinary profit
Gains from cancellation in the previous term ......................
Gain on sales of investment securities ..............................
Reversal of allowance for doubtful accounts ........................
Gain on sales of Stocks of affiliated companies ...................
Others ..................................................................................
Total extraordinary profit .................................................
Extraordinary losses
Loss from cancellation in the previous term .........................
Loss on disposal of fixed assets...........................................
Provision of allowance for bad debts....................................

3,700

5,259

41
8
9
18
77

4
6
18
65
95

79
62
44
186
3,591

74
236
20
331
5,023

---1,157
26

33
22
14
-26

1,183

97

-167
57

334
471
--

Provision for loss on business of subsidiaries and affiliates .

492

--

Loss from restructuring of operations ...................................
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..................................................

1,033
24
1,775
3,000
82
(820)
(738)
--

66
50
922
4,198
2,119
(194)
1,924
2

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

3,738

2,270

－ 9 －

Consolidated Statements of Income
Millions of yen

June 1, 2010 toJune 1, 2009 toAugust 31, 2010

August 31, 2009

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

32,04023,1458,895
6,855

38,312
26,91011,401
8,873

Operating income ...........................................................
Non-operating income
Interest received...................................................................
Commissions received .........................................................
Amortization of negative goodwill .........................................
Other ....................................................................................

2,039

2,528

38
2
-12
53

3
1
9
35
50

39
58
17
115
1,977

33
1
6
40
2,538

---1,157
26

1
22
(23)
--

Total non-operating income..................................................
Non-operating expenses
Interest paid.........................................................................
Exchange related loss .........................................................
Other ...................................................................................
Total non-operating expenses........................................
Ordinary income......................................................................
Extraordinary profit
Gains from cancellation in the previous term ......................
Gain on sales of investment securities ..............................
Reversal of allowance for doubtful accounts ........................
Gain on sales of Stocks of affiliated companies ...................
Others ..................................................................................
Total extraordinary profit.................................................
Extraordinary losses
Loss from cancellation in the previous term .........................
Loss on disposal of fixed assets ..........................................
Provision of allowance for bad debts....................................

1,174

8
8

-59
45

211
42
--

Provision for loss on business of subsidiaries and affiliates.

492

--

Loss from restructuring of operations...................................
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..................................................
Net income .......................................................................

1,033
20
1,649
1,501
(858)
(803)
(1,661)
--

-25
280
2,266
812
119
931
(1)

3,163

1,335

－ 10 －

Consolidated Statements of Cash flows
March 1, 2010 toMillions of yen
March 1, 2009 toAugust 31, 2010

August 31, 2009

I. Cash flow from operating activities
Income before taxes, etc. ............................................................................
Depreciation ................................................................................................
Amortization of goodwill ..............................................................................
Amortization of negative goodwill................................................................
Increase (decrease) in allowance for doubtful accounts .............................
Increase (decrease) in reserve for bonuses................................................
Increase (decrease) in reserve for directors’ retirement benefit..................
Increase (decrease) in reserve for product warranty...................................
Interest and dividends received...................................................................
Interest paid.................................................................................................
Gain (loss) on foreign exchange .................................................................
Loss on disposal of fixed assets..................................................................
Loss (gain) on sales of stocks of subsidiaries and affiliates........................
Loss on liquidation of business ...................................................................
(Increase) decrease in accounts receivable................................................
(Increase) decrease in inventory assets......................................................
(Increase) decrease in operating loans .......................................................
Increase (decrease) in accrued consumption tax........................................
Increase (decrease) in accounts payable....................................................
Other ...........................................................................................................
Subtotal .......................................................................................................
Interest and dividends received...................................................................
Interest paid.................................................................................................
Corporate taxes paid ...................................................................................
Cash flow from operating activities..............................................................

3,000
617
10
(9)
(151)
33
21
352
(41)
79
39
167
(1,157)
446
4,500
4,973
376
197
(1,618)（842)
10,99440(79)(1,210)
9,744

4,198
837
13
(18)
52
44
17
100
(4)
74
236
471

--(4,969)
(962)
39
76
744
620
1,574
4
(74)
(523)
981

II. Cash flow from investing activities
Payments for acquisition of intangible fixed assets.....................................

(729)
(314)

Proceeds from sales of investment securities .............................................

--

(255)
(590)
43

(109)

--

(128)
3,757
(57)
40
(95)
109
13
2,485

---

Payments for acquisition of tangible fixed assets........................................

Purchase of investments in subsidiaries resulting in change in scope of
consolidation ...................................................................................
Payments of loans receivable .....................................................................
Collection of loans receivable......................................................................
Payments for deposits and guarantee.........................................................
Proceeds from repayment of deposits and guarantee ................................
Payments for construction cooperation fund ...............................................
Proceeds from repayment of construction cooperation fund.......................
Other ...........................................................................................................
Cash flow from investing activities...............................................................

(30)
99
(41)
106
20
(648)

III. Cash flow from financing activities
Net increase (decrease) in short term borrowings ......................................
Proceeds from long-term loans ...................................................................
Repayment of long-term loans ....................................................................
Cash dividends paid ....................................................................................
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. Cash and cash equivalents at end of period ...........................................

－ 11 －(21,499)
11,000
(341)
(346)
(0)
(11,188)(2,109)5,000(3,791)

(3)

(7)

1,037
3,586
4,624

(575)
4,215
3,640

-(0)
(901)

4. Assumptions related to going concern
No applicable items

5. Segment Information
Segment information by business type
Second quarter of the fiscal year ended February 28, 2010 (March 1, 2009 to August 31, 2009)

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

Used car saleFinancialbusiness

Otherbusinesses

69,153

3,268

3,382

917
70,071
6,160

728
3,996
371

1,325
4,708
1,051

Millions of yen

Elimination/
All company

Consolidated

75,804--75,804

2,970
78,775
7,583(2,970)(2,970)(2,323)-75,804
5,259

Total

Second quarter of the fiscal year ending February 28, 2011 (March 1, 2010 to August 31, 2010)
Used car saleFinancialbusiness

Otherbusinesses

67,148

2,319

3,401

515
67,664
3,837

520
2,839
791

1,287
4,689
987

Millions of yen

Elimination/
All company

Consolidated

72,869--72,8692,324
75,1935,617(2,324)(2,324)(1,917)-72,869
3,700

Total

Sales
(1) Sales to externalcustomers(2) Inter-segmental sales
or transfers
Total
Operating income
Notes:
1. Method of business classification: Businesses have been classified according to the classification used in calculating sales.
2. Names of principal products or services attributable to each business classification:
Business Classification
Used car sales
Financing business

Principal Product Name or Service Name
Purchase and sales of used automobiles such as through directly operated storesConsolidated subsidiary G-One Financial Services Co., Ltd. provides auto loans and other financing
services.

Other businesses

Provision of services for franchises involved in the management of Gulliver, for the sale and purchaseof cars, and stores established with graphic sales systems.

Segment information by geographical location
For the second quarter of the current consolidated fiscal year over 90% of sales were from Japan and therefore segment information
by geographical location has been omitted.

Overseas sales
For the second quarter of the current consolidated fiscal year overseas sales were less than 10% of consolidated sales and havetherefore been omitted.

－ 12 －