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, 2015
(Based on Japanese GAAP)

July 13, 2015

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 14, 2015

Holding of quarterly financial results meeting:Yes

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

–Yes

TEL

03-5208-5503(for analysts and institutional investors)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended May 31, 2015 (from March 1, 2015 to May 31, 2015)(1) Consolidated financial results (cumulative)

Three months ended May 31, 2015
Three months ended May 31, 2014

Net salesMillions of yen
50,49838,845% Millions of yen
30.0
2,040
(15.1)
1,476

Net income per share

Yen
12.31
8.99

Three months ended May 31, 2015
Three months ended May 31, 2014
(2) Consolidated financial position

Total assets

Yen––

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

Year ending February 29, 2016 (Forecast)% Millions of yen
38.2
2,017
(22.2)
1,507

Net income% Millions of yen
33.9
1,248
(21.2)
910%
37.1(25.8)

Diluted net income per share
Yen–
8.98

Equity ratio

Millions of yen
35,11334,6292. Cash dividends
1st quarter-end

Ordinary income

Net assets

Millions of yen
56,20857,153

As of May 31, 2015
As of February 28, 2015

Percentages indicate year-on-year changes

Operating income

Net assets per share

%
62.5
60.6

Yen
346.26341.49Annual dividends per share

2nd quarter-end

Yen
7.50

3rd quarter-end

Yen–

7.50

Fiscal year-end

Yen
7.50

–

7.50

Total

Yen
15.00
15.00

3. Forecast of consolidated financial results for the year ending February 29, 2016 (from March 1, 2015 to February 29, 2016)
Net sales
Six months endingAugust 31, 2015
Full year

Millions of yen
85,000180,000

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

13.9
15.6

3,000
8,200

10.0
54.0

1

3,000
8,200

8.8

53.4

1,800
4,900

9.4

49.1

17.75
48.32

4. Notes(1) Changes in significant subsidiaries during the three months ended May 31, 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:

No
No
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 May 31, 2015

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

106,888,000 shares

As of May 31, 2015

5,480,270 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)
Three months ended May 31, 2015

101,407,812 shares Three months ended May 31, 2014

2101,367,917 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 (March 1 to May 31, 2015), retail car sales volume at nationwide directly managed storesincreased by 43.4% from the same term last year to 18,416 cars. The Company is accelerating new store openings of display sales stores in theWOW!TOWN, OUTLET, LIBERALA, SNAP HOUSE, and MINICLE formats. The operation of these stores contributed to an increase in thenumber of retail car sales.
On the other hand, at existing Gulliver stores, the market has not yet recovered from a protracted slump in the new car market following theincrease in the consumption tax rate in 2014. In this situation, the Company worked to increase the number of customers visiting stores bymaking advertising expenditures centered on the Internet.
Selling, general and administrative (SG&A) expenses saw an increase in expenses related to store operations, accompanying an increased
number of display sales stores and the increase in the above advertising expenditures.
Due to the above, consolidated business results for the first quarter were as follows: consolidated net sales increased by 30.0% from the same
term last year to 50,498 million yen, operating income increased by 38.2% from the same term last year to 2,040 million yen, ordinary income
increased by 33.9% from the same term last year to 2,017 million yen and net income increased by 37.1% from the same term last year to 1,248
million yen.
(2) Qualitative information on consolidated financial position
AssetsTotal assets at May 31, 2015 were 56,208 million yen, a decrease of 1.7% from February 28, 2015.
Current assets were 27,454 million yen, down 6.6% from the same date. The primary contributing factors were a 3,026 million yen decrease inmerchandise ,a 929 million yen decrease in notes and accounts receivable-trade, and a 2,210 million yen increase in cash and deposits.
Total noncurrent assets at May 31, 2015 increased by 3.6% from February 28, 2015, to 28,754 million yen. This mainly reflected a 128 million
yen increase in long-term loans receivable, and a 299 million yen decrease in construction in progress.
Of the total amount of accounts receivable-trade, the accounts receivable (financial credit) of consolidated subsidiary G-One Financial ServicesCo., Ltd. stood at 866 million yen.
LiabilitiesTotal liabilities at May 31, 2015 decreased by 6.3% from February 28, 2015 to 21,094 million yen.
Current liabilities at May 31, 2015 decreased by 7.5% from February 28, 2015 to 18,368 million yen. The primary contributing factor was a 150
million yen decrease in Short–term loans payable, a 1,053 million yen decrease in advances received, and a 638 million yen increase in income
taxes payable.
Total noncurrent liabilities at May 31, 2015 increased by 1.9% from February 28, 2015 to 2,726 million yen. The primary contributing factor was
a 54 million yen increase in asset retirement obligations.
Net assets
Net assets at May 31, 2015 increased by 1.4% from February 28, 2015 to 35,113 million yen, mainly due to a 484 million yen increase inretained earnings accompanying the posting of net income.
(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 Fiscal 2015 (March 1, 2014 to February 28, 2015) (Japanese GAAP; Consolidated) issued on April 13, 2015.

3

2. 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, net
LandConstruction in progressTotal 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 May 31, 2015

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

7,108
3,689
13,993
921
1,789
(48)
27,454

20,622(6,571)
14,051
571
(104)
466
3,155
(2,414)741
218
649
16,126

21,755(6,859)14,896
457
(101)
356
3,344
(2,550)793
218
350
16,614

1,332
1,997
19
3,349

1,442
1,971
19
3,434

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

0
76
253
4,159
3,626
250
417
(78)
8,704
28,75456,2084

Liabilities
Current liabilities
Accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Current 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
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 incomeTotal net assets
Total liabilities and net assets

As of February 28, 2015

(Millions of yen)
As of May 31, 2015

5,100
150
4,647
495
2,203
242
2,951
479
436
1,276
1,864
19,8474,877–
4,000–
1,918
881
1,898
308
30
1,015
3,439
18,368

43
690
507
1,435
2,676
22,523

39
682
515
1,489
2,726
21,094

4,157
4,032
30,278(3,947)34,521

4,157
4,032
30,763(3,947)35,005108
10834,62957,153108
10835,11356,2085

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended
Three months ended
May 31, 2014
May 31, 2015
Net sales
38,84550,498
Cost of sales
29,45338,766Gross profit
9,391
11,731
Selling, general and administrative expenses
7,915
9,690
Operating income
1,476
2,040
Non-operating income
Interest income
37
Foreign exchange gains
0–
Insurance premiums refunded cancellation–
11
Compensation income
8–
Other29
13
Total non-operating income
4132
Non-operating expenses
Interest expenses1024
Provision of allowance for doubtful accounts
–
0www–
15
Foreign exchange losses
–
5
Other
08
Total non-operating expenses
1054
Ordinary income
1,507
2,017
Extraordinary income
Other00
Total extraordinary income00
Extraordinary losses
Loss on retirement of non-current assets
200
Other
–
0
Total extraordinary losses
200
Income before income taxes and minority interests
1,487
2,017
Income taxes - current
317
870
Income taxes - deferred
258
(102)
Total income taxes
576
768
Income before minority interests
910
1,248
Net income910
1,248

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

7

Three months ended
May 31, 2014
910

(Millions of yen)Three months ended
May 31, 2015
1,248

(0)
(0)
910

(0)
(0)
1,248

910

1,248