Translation
Notice:This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the eventof 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, 2012
(Based on Japanese GAAP)
January 10, 2013
Company name
Gulliver International Co., Ltd.
Stock exchange listing Tokyo
Stock Code7599
URL http://www.glv.co.jp
Representative
Chairman
Kenichi Hatori
Inquiries
Business Management Division Manager Masayuki Matsumoto
Scheduled date to file Quarterly Securities Report
January 15, 2013
Scheduled date to commence dividend payments
Preparation of supplementary material on quarterly earnings
yes
Holding of quarterly earnings performance review
no-TEL 03-5208-5503(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended November 30, 2012 (from March 1, 2012 to November 30, 2012)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Net sales
Millions of yen
Nine months ended November 30,2012
Nine months ended November 30,
2011

Operating income% Millions of yen

Ordinary income% Millions of yen

Net income% Millions of yen%

109,169

5.6

3,319 (42.0)

3,477 (39.3)

1,952 (46.1)

103,345

(4.9)

5,719

5,727

3,619 (30.1)

Yen

Diluted net income pershare
Yen

192.59192.59357.09357.05

Net income per share
Nine months ended November 30,
2012
Nine months ended November 30,
2011

(4.8)

(2.2)

(2) Consolidated financial position
Total assets
As of November 30, 2012
As of February 29, 2012

Net assets

Millions of yen
50,58054,643Equity ratioMillions of yen
28,41327,292

Net assets per share%
56.2
49.9

Yen
2,802.75
2,692.16

2. Cash dividends
Annual dividends

Year ended February 29, 2012
Year ending February 28, 2013
Year ending February 28, 2013
(Forecast)

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen-

Yen
74.00
41.00

Yen-

Yen
41.00

Total
Yen
115.00

41.00

82.00

3. Forecast for the year ending February 28, 2013 (from March 1, 2012 to February 28, 2013)
Percentages indicate year-on-year changes
Net income
Net sales
Operating income
Ordinary incomeNet income
per share
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Full year
134,000
0.8
5,000 (20.0)
5,000 (20.9)
2,800 (26.0)
276.22

1

4. Notes(1) Changes in significant subsidiaries during the nine months ended November 30, 2012(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting for preparing quarterly consolidated financial statements:

noyes(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements aftererror corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:noChanges in accounting policies due to other reasons:noChanges in accounting estimates:
noRestatement of prior period financial statements after error corrections:no(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of November 30, 2012

10,688,800
As of February 29, 2012
shares

10,688,800
sharesNumber of shares of treasury stock at the end of the period
As of November 30, 2012

551,971
As of February 29, 2012
shares551,965
sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended November 30,
2012

10,136,832

Nine months ended November 30,
shares 2011

210,136,841

shares1. Qualitative information on settlement of accounts for the first three quarters(1) Qualitative information on consolidated operating results
In the first nine months of the fiscal year under review, the car sales volume at Gulliver’s directly operated storesincreased year on year.
However, the profitability when Gulliver sold used cars wholesale to used-car sellers through used car auctions,declined due to the eco-car subsidies that the Japanese government provided through September 2012 to help
consumers buy new cars. However, this profitability has started to improve since the beginning of the thirdquarter.
Selling, general and administrative (SG&A) expenses increased due to higher personnel expenses andadvertising expenditures made with a view to expanding the retail business in the future.
Consolidated subsidiary G-One Financial Services Co., Ltd. saw operating income decline 514 million yen year on
year to 14 million yen, as operations have been scaled down.
Accounts receivable (financial credit) of G-One Financial Services Co., Ltd. stood at 7,098 million yen as of theend of the first nine months, down 2,557 million yen from the end of the previous fiscal year.
Due to the above, consolidated business results for the first nine months were as follows: consolidated net sales
were 109,169 million yen (up 5.6% from the same term last year), operating income was 3,319 million yen (down42.0% from the same term last year), ordinary income was 3,477 million yen (down 39.3% from the same term
last year) and net income was 1,952 million yen (down 46.1% from the same term last year).
(2) Qualitative information on consolidated financial position
AssetsTotal assets at November 30, 2012 were 50,580 million yen, a decrease of 7.4% from February 29, 2012.
Current assets were 26,898 million yen, down 13.0% from the same date, mainly due to a decline in products.
Total noncurrent assets at November 30, 2012 decreased by 0.2% from February 29, 2012 to 23,681 million yen.
This mainly reflected a decrease in long-term loans receivable due to the recovery of such loans.
Liabilities
Total liabilities at November 30, 2012 decreased by 19.0% from February 29, 2012 to 22,166 million yen.
Current liabilities at November 30, 2012 decreased by 1.8% from February 29, 2012 to 15,772 million yen. The
primary contributing factors were decreases in accounts payable-trade and income taxes payable due to thepayment of income taxes.
Total noncurrent liabilities at November 30, 2012 decreased by 43.4% from February 29, 2012 to 6,393 millionyen. The major factor was a decrease due to repayment of long-term loans payable.
Net assets
Net assets at November 30, 2012 increased by 4.1% from February 29, 2012 to 28,413 million yen, mainly due toan increase in retained earnings accompanying the posting of net income.
(3) Outlook for the fiscal year ending February 28, 2013
There have been no changes made to the full-year consolidated results forecasts for the fiscal year ending
February 28, 2013, as announced in the Summary of Consolidated Financial Results for the Six Months Ended
August 31, 2012 (Based on Japanese GAAP) that was issued on October 10, 2012.

3

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of February 29, 2012

As of November 30, 2012

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise
Deferred tax assets
OtherAllowance for doubtful accounts

8,472
10,6838,640
1,320
1,873(65)

9,375
9,021
5,390
1,478
1,693(59)

Total current assets

30,92526,898

Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

11,901(4,347)

12,110(4,751)

Buildings and structures, net

7,553

7,359

VehiclesAccumulated depreciation

370
(210)

269
(177)

Vehicles, net

160

91

2,279
(1,830)2,326(1,912)Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

448

413

Land

218

218

Construction in progress

22

1,473

8,403

9,556

Intangible assets
GoodwillSoftware
Other

5939
15905
16

Total intangible assets

961

921

Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Long-term loans receivable
Lease and guarantee deposits
Construction assistance fund receivables
Deferred tax assets
OtherAllowance for doubtful accounts

14768
7,993
2,894
2,840
235
257
(652)

14
342
6,783
3,015
2,677
235
250
(115)

Total investments and other assets

14,353

13,203

Total noncurrent assets

23,71823,681

Total assets

54,64350,580Total property, plant and equipment

4

(Millions of yen)
As of February 29, 2012

As of November 30, 2012

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise
Deferred tax assets
Other
Allowance for doubtful accounts

8,472
10,6838,640
1,320
1,873(65)

9,375
9,021
5,390
1,478
1,693
(59)

Total current assets

30,92526,898

Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

11,901(4,347)

12,110(4,751)

Buildings and structures, net

7,553

7,359

VehiclesAccumulated depreciation

370(210)

269
(177)

Vehicles, net

160

91

Tools, furniture and fixtures

2,279

2,326

Accumulated depreciation(1,830)(1,912)Tools, furniture and fixtures, net

448

413

Land

218

218

Construction in progress

22

1,473

Total property, plant and equipment

8,403

9,556

Intangible assets
GoodwillSoftware
Other

5939
15905
16

Total intangible assets

961

921

Investments and other assets
Investment securities
Stocks of subsidiaries and affiliates
Long-term loans receivable
Lease and guarantee deposits
Construction assistance fund receivables
Deferred tax assets
Other
Allowance for doubtful accounts

14768
7,993
2,894
2,840
235257(652)

14342
6,783
3,015
2,677
235
250
(115)

Total investments and other assets

14,353

13,203

Total noncurrent assets

23,71823,681

Total assets

54,64350,5805

(Millions of yen)
As of February 29, 2012

As of November 30, 2012

Liabilities
Current liabilities
Accounts payable-trade
Short-term loans payable
Accounts payable-other
Income taxes payable
Deposits received
Provision for bonuses
Provision for merchandise warranties
Other

2,912
2,000
2,130
2,532
232
489
1,810
3,951

2,030
5,000
1,624
299
139
85
2,444
4,148

Total current liabilities

16,06015,772

Noncurrent liabilities
Long-term loans payable
Long-term guarantee deposited
Provision for directors' retirement benefits
Asset retirement obligations
Provision for loss on business of subsidiaries and affiliates
Other

9,000
807
461
1,016
5

4,000
777
484
1,079
52
-

Total noncurrent liabilities

11,290

6,393

Total liabilities

27,351

22,166

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock

4,157
4,032
23,021(3,975)

4,157
4,032
24,142(3,975)

Total shareholders' equity

27,23528,356

Foreign currency translation adjustment

5454

Total accumulated other comprehensive income

54

54

Accumulated other comprehensive income

Subscription rights to shares

22

Total net assets

27,292

28,413

Total liabilities and net assets

54,64350,5806

Consolidated statements of income (cumulative) and consolidated statements of comprehensive
income (cumulative)
Consolidated statements of income (cumulative)(Millions of yen)
Nine months ended
November 30, 2011
Net sales
Cost of sales

Nine months ended
November 30, 2012

103,34577,887

109,169
84,686Gross profit

25,45724,482

Selling, general and administrative expenses

19,73821,163Operating income

5,719

3,319

Interest income
Foreign exchange gains
Insurance income
Other

99
19
35

94
778
62

Total non-operating income

154

243

Non-operating expenses
Interest expenses
Foreign exchange losses
Other

124
41676
8

Total non-operating expenses

146

84

Non-operating income

Ordinary income

5,727

3,477

Extraordinary income
Reversal of allowance for doubtful accounts
Compensation income
Reversal of loss on business liquidation
Other

117
779
49

60

Total extraordinary income

946

6116
105

51
18-360-Extraordinary loss
Loss on retirement of noncurrent assets
Provision for loss on business of subsidiaries and affiliates
Loss on disaster
Loss on adjustment for changes of accounting standard for asset
retirement obligations
Other

46

21

628

91

Income before income taxes and minority interests

6,044

3,392

Income taxes-current
Income taxes-deferred

2,589
(164)

1,601
(161)

Total income taxes

2,425

1,439

Income before minority interests

3,619

1,952

Net income

3,619

1,952

Total extraordinary losses

7Consolidated statements of comprehensive income (cumulative)(Millions of yen)
Nine months ended
November 30, 2011
Income before minority interests
Other comprehensive income
Foreign currency translation adjustment

Nine months ended
November 30, 2012

3,619

1,952

1(0)

1(0)

Comprehensive income

3,620

1,952

Comprehensive income attributable toComprehensive income attributable to owners of the parent

3,620

1,952

Total other comprehensive income8