Translation
Notice:This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended May 31, 2013
(Based on Japanese GAAP)

July 11, 2013

Company name
Gulliver International Co., Ltd.
Stock exchange listing Tokyo
Stock Code
Representative

7599
Chairman

URL

http://221616.com

Kenichi Hatori

Inquiries
Accounting and Finance Section Manager
Scheduled date to file Quarterly Securities Report

Masayuki Matsumoto
July 16, 2013

Holding of quarterly earnings performance review

noScheduled date to commence dividend payments
Preparation of supplementary material on quarterly earnings

yes

TEL

03-5208-5503-(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended May 31, 2013 (from March 1, 2013 to May 31, 2013)(1) Consolidated operating results (cumulative)

Three months ended May 31, 2013
Three months ended May 31, 2012

Net sales

Millions of yen
45,72938,755

Yen
12.11
3.43

Three months ended May 31, 2013
Three months ended May 31, 2012
Total assets

Yen
12.11
3.43

1st quarter-end

Yen-Year ending February 28, 2014 (Forecast)

Equity ratio

Millions of yen
30,21029,451

2. Cash dividends

Year ended February 28, 2013
Year ending February 28, 2014

Net income

Diluted net income per share

Net assets

Millions of yen
53,20053,253As of May 31, 2013
As of February 28, 2013

Ordinary income% Millions of yen% Millions of yen% Millions of yen%
18.0
1,896 171.9
1,913 156.1
1,227 252.7
4.3
697 (76.0)
747 (74.3)
348 (77.2)

Net income per share(2) Consolidated financial position

Percentages indicate year-on-year changes

Operating income

2nd quarter-end

Yen
41.00

Annual dividends
3rd quarter-end

Yen
-

5.00

Net assets per share%
56.8
55.3

Yen
297.99290.50Fiscal year-end

Yen
47.00

-

5.00

Total

Yen
88.00
10.00

3. Forecast for the year ending February 28, 2014 (from March 1, 2013 to February 28, 2014)
Net sales
Six months ending
August 31, 2013
Full year

Millions of yen
72,700145,000

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary incomeNet income
per share% Millions of yen% Millions of yen% Millions of yen%Yen

2.0
1.1

3,000
5,800

88.8
14.2

13,000
5,800

74.6
10.4

1,700
3,300

95.7
10.7

16.77
32.56

4. Notes(1) Changes in significant subsidiaries during the three months ended May 31, 2013(changes in specified subsidiaries resulting in the change in scope of consolidation):no(2) Application of special accounting for preparing quarterly consolidated financial statements:

no(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:
Restatement of prior period financial statements after error corrections:

yes
noyes
no(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of May 31, 2013

106,888,000 shares As of February 28, 2013

106,888,000 shares

As of May 31, 2013

5,519,810 shares As of February 28, 2013

5,519,770 shares

Number of shares of treasury stock at the end of the period

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended May 31, 2013

101,368,230 shares Three months ended May 31, 20122

101,368,350 shares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. Contributory
factors included development of personnel at existing Gulliver stores that have been strengthened in recent years, and the opening of large-scale
showrooms WOW! TOWN, OUTLET and other new stores.
In the previous fiscal year, Gulliver saw a decline in the profitability of wholesale used car auctions to used car sellers, due to the impact of theeco-car subsidy program for new vehicles. However, following the end of the eco-car subsidy program in September 2012, profitability improvedin the fiscal year under review.
Selling, general and administrative (SG&A) expenses rose accompanying an increased number of stores.
Due to the above, consolidated business results for the first quarter were as follows: consolidated net sales were 45,729 million yen (up 18.0%
from the same term last year), operating income was 1,896 million yen (up 171.9% from the same term last year), ordinary income was 1,913
million yen (up 156.1% from the same term last year) and net income was 1,227 million yen (up 252.7% from the same term last year).
(2) Qualitative information on consolidated financial position
AssetsTotal assets at May 31, 2013 were 53,200 million yen, a decrease of 0.1% from February 28, 2013.
Current assets were 29,665 million yen, up 0.4% from the same date. The primary contributing factor was an increase in cash and deposits, partly
offset by decreases in merchandise and notes and accounts receivable-trade.
Total noncurrent assets at May 31, 2013 decreased by 0.7% from February 28, 2013, to 23,534 million yen. This mainly reflected a decrease inlong-term loans receivable.
Of the total amount of accounts receivable-trade, the accounts receivable (financial credit) of consolidated subsidiary G-One Financial Services
Co., Ltd. stood at 6,348 million yen.
Liabilities
Total liabilities at May 31, 2013 decreased by 3.4% from February 28, 2013 to 22,989 million yen.
Current liabilities at May 31, 2013 decreased by 4.2% from February 28, 2013 to 16,635 million yen mainly due to a decrease in accounts
payable-trade.
Total noncurrent liabilities at May 31, 2013 decreased by 1.4% from February 28, 2013 to 6,354 million yen.
Net assets
Net assets at May 31, 2013 increased by 2.6% from February 28, 2013 to 30,210 million yen, mainly due to an increase in retained earnings
accompanying the posting of net income.
(3) Outlook for the fiscal year ending February 28, 2014
There have been no changes to the full-year consolidated results forecasts for the fiscal year ending February 28, 2014, which were announcedwith Financial Results Fiscal 2013 (March 1, 2012 to February 28, 2013) (Japanese GAAP; Consolidated) issued on July 11, 2013.

3

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)

As of February 28, 2013

AssetsCurrent assets

Cash and deposits
Notes and accounts receivable-trade

As of May 31, 2013

6,863
9,614

11,7298,142

1,792(61)

1,604
(63)

Merchandise
Deferred tax assets

10,380965

Total current assets

29,55529,665

13,757(4,937)

13,830(5,075)

Other
Allowance for doubtful accounts
Noncurrent assets
Property, plant and equipment

Buildings and structures
Accumulated depreciation

Buildings and structures, net

8,820

Vehicles

232

7,077
1,175

8,754

233

Accumulated depreciation

(156)

(165)

Tools, furniture and fixtures

2,379

2,387

Vehicles, net

76

Accumulated depreciation

Tools, furniture and fixtures, net(1,925)(1,953)

218

218

454

Land

Construction in progress

40

Total property, plant and equipment

67

433

42

9,609

9,517

926

889

Total intangible assets

942

905

Investment securities
Stocks of subsidiaries and affiliates

14361

14365

Intangible assets
SoftwareOther

16

Investments and other assets

16

Long-term loans receivable
Lease and guarantee deposits

6,558
3,065

6,400
3,112

Other
Allowance for doubtful accounts

250(111)278(105)

Construction assistance fund receivablesDeferred tax assets

2,758
249

Total investments and other assets

13,146

Total noncurrent assets

23,698

Total assets

53,253

4

2,785
261

13,112

23,53453,200(Millions of yen)

As of February 28, 2013

Liabilities
Current liabilities

As of May 31, 2013

Accounts payable-trade
Short-term loans payable

3,439
5,000

2,303
5,000

Deposits received
Provision for bonuses

264
464

188
48

Accounts payable-other
Income taxes payable

1,829
579

Provision for merchandise warranties
Other

1,508
4,270

Total current liabilities

1,701
960

1,653
4,77917,357

16,635

4,000

4,000

1,129
50

1,142
1

Total liabilities

23,802

22,989

Shareholders' equity
Capital stock

4,157

4,157

Noncurrent liabilities
Long-term loans payable

Long-term guarantee deposited
Provision for directors' retirement benefits

772
493

Asset retirement obligations
Provision for loss on business of subsidiaries and affiliates
Total noncurrent liabilities

6,445

Net assets

761
449

6,354

Capital surplus
Retained earnings

4,032
25,171

4,032
25,922

Total shareholders' equity

29,38530,136

62

70

3

3

Treasury stock(3,975)

Accumulated other comprehensive income
Foreign currency translation adjustment

Total accumulated other comprehensive income

62

Subscription rights to shares
Total net assets

29,451

Total liabilities and net assets

53,2535(3,975)70
30,21053,200Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended
May 31, 2012

Net sales
Cost of sales

38,75531,019Gross profit

7,736

Selling, general and administrative expenses

7,038

Operating income

697

Non-operating income
Interest income

Foreign exchange gains
Other

Total non-operating income

Other

Ordinary income

9,053
7,157
1,896
28

8145

27223228

4

Total non-operating expenses

45,72936,67632
246

Non-operating expenses
Interest expenses

Three months ended
May 31, 2013

4116747

1,913

-

49

Total extraordinary income-49

Loss on retirement of noncurrent assets
Provision of allowance for doubtful accounts

1351

26-

Extraordinary income
Reversal of provision for loss on business of subsidiaries andaffiliates

Extraordinary lossOther2

Total extraordinary losses

68

Income before income taxes and minority interests

679

Total income taxes

330

Income taxes-current
Income taxes-deferred

368
(37)

Income before minority interests

348

Net income

348

6-26

1,935

929
(222)
707

1,227
1,227

Consolidated statements of comprehensive income (cumulative)
Three months ended
May 31, 2012

Income before minority interests
Other comprehensive income

Foreign currency translation adjustment
Total other comprehensive income(Millions of yen)

348

Comprehensive income attributable toComprehensive income attributable to owners of the parent

7

1,227

2

7350

1,235350

1,235

2

Comprehensive income

Three months ended
May 31, 20137