Consolidated Results
First Quarter of the Fiscal Year Ending February 29, 2012
(Three-month period ended May 31, 2011)

Gulliver International Co., Ltd.
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, 2012

June 30, 2011

Gulliver International Co., Ltd.

st

Stock Code: 7599
Listed exchanges: Tokyo (1 Section)
http://www.glv.co.jp/
Inquiries: Executive director: Yukihiro Yoshida
Chairman: Kenichi Hatori
Telephone: +81 3 5208-5503
Scheduled date for the submission of the financial report: July 15, 2011
Scheduled date for distribution of dividends: Appendix materials prepared to accompany this report: Yes
Investor conference call: None
1. Consolidated financial results for the Three-months period ended May 31, 2011
1) Consolidated operating results

Millions of yen, rounded down

Three months ended
May 31, 2011

Three months ended
May 31, 2010(% change)

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

37,141
2,900
2,903
1,529
150.90150.89

(9.0)
74.7
79.9
165.8
---

2) Financial position (Consolidated)

8.9(39.2)(35.1)(38.5)---

Millions of yen, rounded down

As of May 31, 2011

As of February 28, 2011

59,87925,79043.1
2,543.23

59,85624,89141.6
2,454.79

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

40,828
1,660
1,613
575
62.98
--

As of May 31,2011: ¥ 25,780 million
As of February 28,2011: ¥24,883 million

2. Dividends

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

Millions of yen, rounded down

Fiscal year ended
February 28, 2011-31.00-62.00
93.00

Fiscal year ending
February 29, 2012------

Fiscal year ending
February 29, 2012(Forecast)-52.00-52.00104.00Notes:Changes to the dividend forecast during the period: None

3. Consolidated financial forecasts for the fiscal year ending February 29, 2012(March 1, 2011 February 29, 2012)
Millions of yen, rounded down

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

Interim period ending
August 31, 2011
63,800(12.4)
3,100(16.2)
3,050(15.1)
1,670(55.3)
164.75

FY ending
February 29, 2012
133,000(6.4)
6,600(17.5)
6,500(16.9)
3,500(31.9)
345.28Notes: 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): Yes
Exclusion: 2 companies: G-Trading Co., Ltd., G-Trading Rus LLC
Note: Indicates transfers of specified subsidiaries resulting in changes in the scope of consolidation during the period underreview.
2) Adoption of special accounting procedures in the preparation of these financial statements: Yes
Note: Indicates adoption of simplified accounting methods or special accounting methods for the preparation of the quarterly
financial statements.
3) Changes in accounting principles, procedures and presentation in the preparation of these financial statements:(1) Changes in accordance with revision to accounting standards: Yes(2) Other changes: none
(3) Changes in accounting estimates: none
(4) Restatement: none
Note: Indicates changes in principles, procedures and methods of presentation of accounting methods in the making of thesefinancial statements.
4) Number of shares outstanding (ordinary shares)(1). Number of shares outstanding (including treasury shares):
As of May 31, 2011: 10,688,800
As of February 28, 2011: 10,688,800(2). Number of treasury shares:
As of May 31, 2011: 551,957
As of February 28, 2011: 551,954(3). Average number of shares during the period:
Three months ended May 31, 2011: 10,136,846
Three months ended May 31, 2010: 9,136,868
Disclosure of status of quarterly report review proceduresThis quarterly report is not subject to review under the Financial Instruments and Exchange Law, and at time of disclosure of thisquarterly financial report the review procedures for quarterly securities reports as stipulated under the Financial Instruments andExchange Law had not been completed.
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
Amidst an economic environment marked by sluggish consumption stemming from the effects of the Great East Japan
Earthquake, the number of cars sold at directly managed Gulliver stores remained on par with the same period of the previous fiscal
year, however retail sales have declined. Meanwhile, profitability for the period has improved and continues to remain steadycompared to a significant decline in profitability in the previous fiscal year from the effects of the eco-car subsidy system. Sales,
general and administrative expenses decreased mainly due to the removal of G-One Credit Services Co., Ltd. from the scope of
consolidation during the period due to the transfer outstanding shares. G-One Credit Services Co., Ltd. had been made a
consolidated subsidiary in the first quarter of the previous fiscal year.
The number of directly managed Gulliver stores as of May 31, 2011 was 284 (4 less than at the end of the same period of theprevious fiscal year and 2 less than at the end of the previous fiscal year), and the number of affiliate stores was 132 (2 more than
the at the end of the same period of the previous fiscal year, and 3 less than at the end of the previous fiscal year).
Operating income at consolidated subsidiary G-One Financial Services Co., Ltd. declined ¥193 million to ¥273 million. Accounts
receivable at the end of the period under review were ¥12,554 million, a decrease of ¥632 million compared to the end of theprevious fiscal year.
An extraordinary loss of ¥332 million was recorded due to the adoption of Accounting Standards for Asset Retirement
Obligations (ASB statement No. 18, March 31 2008) and Guidance on Accounting Standards for Asset Retirement Obligations(ASBJ Guidance No. 21, March 31, 2008). The loss recorded due to the adoption of accounting standards for asset retirement
obligations was already accounted for in the forecast for the current fiscal year. Further, an extraordinary loss of ¥100 million wasrecorded for damages relating to the Great East Japan Earthquake.
As a result of the factors noted above, and compared to the same period of the previous fiscal year, consolidated net sales
decreased 9.0% to ¥37,141 million, operating income increased by 74.7% to ¥2,900 million, ordinary income increased 79.9% to¥2,903 million, while net income for the period was ¥1,529 million, up 165.8% and as a result, the Company recorded higher
earnings on lower revenues.
(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 increased 0.0% to ¥59,879 million.
Current assets decreased 0.7% to ¥36,066 million due to a decrease in products.
Fixed assets increased 1.3% to ¥23,812 million due to the adoption of accounting standards for asset retirement obligations.
Liabilities
Total liabilities at the end of the period under review decreased 2.5% to ¥34,089 million.
Current liabilities decreased 7.4% to ¥21,029 million, mainly due to a decrease in accounts payable.
Long-term liabilities increased 6.5% to ¥13,059 million primarily due to the adoption of accounting standards for asset retirement
obligations.
Net assets
Total net assets at the end of the period under review increased 3.6% to ¥25,790 million due to an increase in retained profit
following the recording of net income for the period.

－ 3 －(3)Outlook for the fiscal year ending February 29, 2012
There have been no changes made to the full-year consolidated results forecasts included in Financial Results Fiscal 2011 (March
1, 2010 to February 28, 2011) issued April 8, 2011.
2. Other information
Outline of changes to accounting procedures, principles and presentation(1) Adoption of Accounting Standards for Equity Method of Accounting for Investments and the Practical Solution on Unification of
Accounting Policies Applied to Associates Accounted for Using the Equity Method.
As of the period under review Accounting Standards for Equity Method of Accounting for Investments (ASBJ Statement No.16,
March 10, 2008) and Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity
Method (ASBJ PITF No. 24, March 10, 2008) have been adopted. This will have no effect on operating income, ordinary income, or
net income before taxes.
(2) Adoption of Accounting Standards for Asset Retirement Obligations
As of the period under review Accounting Standards for Asset Retirement Obligations (ASB statement No. 18, March 31 2008) and
Guidance on Accounting Standards for Asset Retirement Obligations (ASBJ Guidance No. 21 March 31, 2008) have been adopted.
The resulting effect on operating income and ordinary income is minimal, and net income before taxes is ¥344 million lower. The
effect on asset retirement liabilities following the adoption of these standards is ¥781 million.

－ 4 －Consolidated Balance Sheets
Millions of yen
As of
May 31, 2011

As ofFebruary 28, 2011

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

13,304

Trade notes and accounts receivable ....

14,173

8,896
16,979Products ................................................

4,677

7,004

Short-term loans receivable ...................

1,047

1,234

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

1,402

1,151

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

1,550

1,625

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

(90)

(552)

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

36,06636,338

10,133

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

10,586(3,809)Buildings and structures (net) .............

6,776

6,462

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

426

557

(180)

(290)

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

(3,670)

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

246

267

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

2,302

2,309

(1,860)(1,836)

Tools, fixtures and equipment (net) ....

442

472

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

218

218

174

13

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

7,858

7,434

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

21

27

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

866

909

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

16

17

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

904

954

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

14

14

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

803

805

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

8,421

8,983

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

2,914

2,926

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

2,790

2,814

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

560

433

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

234

251

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

(689)(1,101)

Total investments and other assets......

15,05015,128

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

23,812

23,517

Total Assets ............................................

59,87959,856－ 5 －Consolidated Balance Sheets
Millions of yen
As of
May 31, 2011
Liabilities
Current liabilities
Accounts payable ....................................
Short-term borrowing...............................
Accrued expenses ...................................
Accrued corporate taxes..........................
Deposits received ....................................
Reserve for bonuses ...............................
Reserve for product warranty ................
Provision for loss on businessliquidation ................................................
Others......................................................
Total current liabilities............................
Long-term liabilities
Long-term borrowing ...............................
Long-term guarantee deposits received ..
Reserve for directors’ retirement
benefit......................................................
Asset retirement obligations ....................
Other .......................................................
Total long-term liabilities........................
Total liabilities........................................
Net assets
Shareholders’ equity
Paid-in capital ..........................................
Capital surplus.........................................
Retained profit .........................................
Treasury stock .........................................
Total shareholders’ equity...................

As of
February 28, 2011

2,383
8,516
2,217
1,347
254
38
1,473

3,806
8,517
2,278
918
416
496
1,336

498

1,016

4,299
21,0293,912
22,69811,000819

11,000
816

451

442

784
3
13,05934,089-6
12,26534,964

4,157
4,032
21,516(3,975)25,730

4,157
4,032
20,083(3,975)24,297

Translation adjustments...........................
Total appraisal and translationdifferences ..........................................

50

586

50

586

Subscription rights to shares ..............

10

7

Total net assets ..................................

25,79024,891

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

59,87959,856

Valuation difference on othermarketable securities－ 6 －Consolidated Statements of Income
Millions of yen

March 1, 2010 toMarch 1, 2011 to

May 31, 2010

May 31, 2011

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

40,82831,5099,319

37,141
27,739
9,402

7,658

6,502

Operating income ................................................................
Non-operating income
Interest received..........................................................
Commissions received ................................................
Amortization of negative goodwill ................................
Foreign exchange gains ..............................................
Other ...........................................................................
Total non-operating income .........................................
Non-operating expenses
Interest paid ................................................................
Exchange related loss .................................................
Other ...........................................................................

1,660

2,900

3
6
9
-5
24

34
--6
15
56

40
3
27
70
1,613

46
-6
53
2,903

-9

25
1

9

27

107
12
--

6
-100

Loss on adjustment for changes of accounting
standard for asset retirement obligations ....................

--

332

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 ................................................

4
125
1,498
940
(17)
922
--

26
466
2,463
1,311
(377)
934
1,529

Minority interests in income.................................................

----Net income.........................................................................

575

1,529

Total non-operating expenses.....................................
Ordinary income..................................................................
Extraordinary profit
Reversal of allowance for doubtful accounts...............
Others .........................................................................
Total extraordinary profit .............................................
Extraordinary losses
Loss on disposal of fixed assets..................................
provision of allowance for bad debts ...........................
Loss on disaster ..........................................................

－ 7 －Consolidated Statements of Cash flows
March 1, 2010 to
May 31, 2010

Millions of yen
March 1, 2011 to
May 31, 2011

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..................
Increasein reserve for product warranty ..................................................

Interest and dividends received...................................................................
Interest paid.................................................................................................
Gain (loss) on foreign exchange .................................................................
Loss on disposal of fixed assets..................................................................

1,498
317
5
(9)
10
(531)
15
217
(3)
40
(2)
107

2,463
273
5
-(19)
(455)
8
136
(34)
46
(6)
6

-(250)
4,966
119
260
(1,140)
993
1,899
8,515
2
(35)
(1,454)
7,028

332
1,837
2,294
186
(91)
(1,403)
997
(433)
6,147
33
(46)
(834)
5,299

(421)
(218)
(80)
18
(35)
27
(51)
-54
(708)

(217)
(88)
(52)
131
(45)
19
(30)
55
7
(221)

(6,392)
(37)
(0)
(317)
(6,748)

--(0)
(581)
(581)

(2)
(430)
3,586

0
4,497
8,869

-3,156(89)
13,277

Loss on adjustment for changes of accounting standard for asset
retirement obligations...................................................................................

(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....................................................
Increase (decrease) in accrued expenses ..................................................
Other ...........................................................................................................
Subtotal .......................................................................................................
Interest and dividends received...................................................................
Interest paid.................................................................................................
Corporate taxes paid ...................................................................................
Cash flow from operating activities ..............................................................
II. Cash flow from investing activities
Payments for acquisition of tangible fixed assets........................................
Payments for acquisition of intangible fixed assets.....................................
Amounts lent ...............................................................................................
Proceeds from repayment of loans .............................................................
Payments for deposits and guarantee.........................................................
Proceeds from repayment of deposits and guarantee ................................
Payments for construction cooperation fund ...............................................
Collection of construction assistance fund receivables ................... ...........
Other ...........................................................................................................
Cash flow from investing activities...............................................................
III. Cash flow from financing activities
Net increase (decrease) in short term borrowings ......................................
Repayment of long-term loans ....................................................................
Payments for purchases of treasury stock ..................................................
Payment of dividends ..................................................................................
Cash flow from financing activities...............................................................
IV. Cash and cash equivalents currency translation
Differences..............................................................................................
V. (Decrease) increase in cash and cash equivalents ...................................
VI. Cash and cash equivalents at beginning of period...................................
Vll.Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation....................................................... ...........
Vlll. Cash and cash equivalents at end of period...........................................

－ 8 －Segment information
Segment information has been omitted since Gulliver Group only conducts the sales of used automobiles and related
business, which together comprise a single segment.
(Additional information)
As of the first quarter of the current fiscal year, the Accounting Standards for Disclosure about Segments of anEnterprise and Related Information (ASBJ statement No. 17, March 27, 2009) and the Guidance on AccountingStandard for Disclosures about Segments of an Enterprise and Related Information (ASBJ Guidance No. 20, March
21, 2008) have been applied. Previously, segment information was disclosed in three segments—Sales of usedautomobiles, Financing business, and Other businesses. However, as a result of a decrease in the significance ofthe financing business following Group restructuring, and the revisions to the Accounting Standards for Disclosuresabout Segments of an Enterprise and Related Information, we have decided to consolidate the Group’s entire
business activity under the segment ‘Sales of used automobiles and related businesses’.

－ 9 －