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 Nine Months Ended November 30, 2015
(Based on Japanese GAAP)

January 12, 2016

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

7599
Chairman

URL

http://221616.com

Kenichi Hatori

Inquiries:
Manager, Business Management Division
Scheduled date to file Quarterly Securities Report:

Masayuki Matsumoto
January 14, 2016

Holding of quarterly financial results meeting:No

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

TEL

03-5208-5503–Yes(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended November 30, 2015 (from March 1, 2015 to November 30, 2015)(1) Consolidated financial results (cumulative)

Nine months ended November 30, 2015
Nine months ended November 30, 2014

Net sales

Millions of yen152,082
117,623

Operating income% Millions of yen
29.3
6,599(8.6)
4,626

Net income per share

Yen
41.63
27.28

Nine months ended November 30, 2015
Nine months ended November 30, 2014
(2) Consolidated financial position

Total assets

As of November 30, 2015
As of February 28, 2015

Year ended February 28, 2015
Year ending February 29, 2016

Year ending February 29, 2016 (Forecast)Yen––% Millions of yen
47.0
4,221(22.4)
2,765

Equity ratio

Net assets per share

%42.1
60.6

Yen
368.01341.49Annual dividends per share

2nd quarter-endYen
7.50
7.50

3rd quarter-end

Yen––

Fiscal year-end

Yen
7.50
7.50

3. Forecast of consolidated financial results for the year ending February 29, 2016 (from March 1, 2015 to February 29, 2016)
Net sales
Full year

Millions of yen
200,000%
52.7(25.4)

Yen–
27.27

Millions of yen
37,61334,6292. Cash dividends
1st quarter-end% Millions of yen
42.6
6,856
(21.7)
4,665

Net income

Diluted net income per share

Net assets

Millions of yen
88,70257,153

Percentages indicate year-on-year changes

Ordinary income

TotalYen15.00
15.00

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen
28.5
8,200
54.0
8,200
53.4
4,900
49.1
48.32

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended November 30, 2015(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
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:

NoNo
No
No

(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of November 30, 2015

106,888,000 shares As of February 28, 2015

106,888,000 shares

As of November 30, 2015

5,480,300 shares As of February 28, 2015

5,480,170 shares

Number of treasury shares at the end of the period

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended November 30, 2015

101,407,744 shares Nine months ended November 30, 20142

101,385,882 shares

1.

Qualitative information on settlement of accounts for the first three quarters(1) Qualitative information on consolidated operating results
In the first three quarters of the fiscal year under review (March 1 to November 30, 2015), the retail car sales volume at nationwide directly
managed stores increased by 33.4% from the same period last year to 52,426 cars. The result reflects the continued strong retail car sales volume
at display sales stores (WOW!TOWN, OUTLET, LIBERALA, SNAP HOUSE, MINICLE, etc.).
Selling, general and administrative expenses mainly reflected increases with expenses related to store operations, accompanying an increased
number of display sales stores.
Gulliver Australia Holdings Pty Ltd and Buick Holdings Pty Ltd., in which the Company acquired 67% of shares in September 2015, and its
subsidiaries became newly consolidated subsidiaries of the Company.
Due to the above, consolidated business results for the first three quarters were as follows: consolidated net sales increased by 29.3% from thesame term last year to 152,082 million yen, operating income increased by 42.6% from the same term last year to 6,599 million yen, ordinary
income increased by 47.0% from the same term last year to 6,856 million yen and net income increased by 52.7% from the same term last year to4,221 million yen.
(2) Qualitative information on consolidated financial position
AssetsTotal assets at November 30, 2015 were 88,702 million yen, a increase of 55.2 % from February 28, 2015.
Current assets were 46,271 million yen, up 57.4 % from the same date. The primary contributing factors were a 7,758 million yen increase in
cash and deposit, and a 8,594 million yen increase in Merchandise.
Total noncurrent assets at November 30, 2015 increased by 52.9% from February 28, 2015, to 42,430 million yen. This mainly reflected a 2,382
million yen increase in Buildings and structures, and a 10,299 million yen increase in Goodwill.
Liabilities
Total liabilities at November 30, 2015 increased by 126.8 % from February 28, 2015 to 51,088 million yen.
Current liabilities at November 30, 2015 increased by 24.4 % from February 28, 2015 to 24,695 million yen. The primary contributing factor wasa 7,885 million yen increase in Accounts payable - trade, and a 1,829 million yen increase in Income taxes payable.
Total noncurrent liabilities at November 30, 2015 increased by 886.3 % from February 28, 2015 to 26,393 million yen. The primary contributing
factor was a 22,845 million yen increase in Long-term loans payable.
Net assets
Net assets at November 30, 2015 increased by 8.6% from February 28, 2015 to 37,613 million yen, mainly due to a 2,700 million yen increase inretained earnings accompanying the posting of net income, and a 294 million yen increase in Minority interests.
(3) Outlook for the fiscal year ending February 29, 2016
There have been no changes to the full-year consolidated results forecasts for the fiscal year ending February 29, 2016, which were announcedwith Financial Results, Second Quarter of the Fiscal Year Ending February 29, 2016 (Japanese GAAP; Consolidated) issued on October 30,2015.

3

Quarterly consolidated financial statements
Consolidated balance sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
VehiclesAccumulated depreciation
Vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, netLand
Construction in progress
Total property, plant and equipment
Intangible assets
Software
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Long-term loans receivable
Lease and guarantee deposits
Construction assistance fund receivables
Deferred tax assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

As of February 28, 2015

(Millions of yen)
As of November 30, 2015

4,897
4,619
17,020801
2,114(49)
29,402

12,656
4,464
25,614
1,037
2,565
(66)
46,271

20,622(6,571)
14,051
571
(104)
466
3,155
(2,414)741
218
649
16,12624,855(8,422)
16,433
455
(158)
297
3,746
(2,737)
1,008
218
714
18,672

1,332
1,997
19
3,349

1,825
12,29619
14,141

0
71
124
4,034
3,472
268
381
(78)
8,274
27,75057,153

21
76
264
4,449
4,123
302
458
(79)
9,616
42,43088,702

4

Liabilities
Current liabilities
Accounts payable - trade
Short-term loans payable
Current portion of long-term loans payableCurrent portion of bonds
Accounts payable - other
Income taxes payable
Advances received
Deposits received
Provision for bonuses
Provision for merchandise warranties
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Long-term guarantee deposited
Provision for directors' retirement benefits
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

As of February 28, 2015

(Millions of yen)
As of November 30, 2015

5,100
150
4,647
495
2,203
242
2,951
479
436
1,276
1,864
19,847

12,985
–
79
–
2,139
2,072
1,909
439
113
1,066
3,888
24,695

43
690
507
1,435
–
2,676
22,523

22,888
635
532
1,580
756
26,39351,0884,157
4,032
30,278(3,947)34,521

4,157
4,032
32,979(3,947)37,221108
108–
34,62957,15397
97
294
37,61388,702

5

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended
Nine months ended
November 30, 2014
November 30, 2015
Net sales
117,623
152,082
Cost of sales
88,374
114,756
Gross profit
29,24837,325
Selling, general and administrative expenses
24,62130,725
Operating income
4,626
6,599
Non-operating income
Interest income
1226
Compensation income
12–
Foreign exchange gains
3314
Insurance income
12–Insurance premiums refunded cancellation
–
11
Other
30
70
Total non-operating income
72421
Non-operating expenses
Interest expenses
30
119
Provision of allowance for doubtful accounts
00www
–
15
Other
229
Total non-operating expenses
34
165
Ordinary income
4,665
6,856
Extraordinary income
Gain on liquidation of subsidiaries
–
3
Other
00
Total extraordinary income
03
Extraordinary losses
Loss on retirement of non-current assets
11255
Lease contract cancelation penalty
24
–
Other
70
Total extraordinary losses
144
55
Income before income taxes and minority interests
4,522
6,804
Income taxes - current
1,534
2,677
Income taxes - deferred222(120)
Total income taxes
1,756
2,556
Income before minority interests
2,765
4,247
Minority interests in income–26
Net income
2,765
4,221

6

Consolidated statements of comprehensive income (cumulative)

Income before minority interests
Other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to minority
interests

7

Nine months ended
November 30, 2014
2,765

(Millions of yen)
Nine months ended
November 30, 2015
4,247

10
10
2,775

(3)
(3)
4,244

2,775

4,210

–33