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 Six Months Ended August 31, 2012
(Based on Japanese GAAP)
October 10, 2012
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
TEL 03-5208-5503Scheduled date to file Quarterly Securities Report
October 15, 2012
Scheduled date to commence dividend payments
November 12, 2012
Preparation of supplementary material on quarterly earnings
yes
Holding of quarterly earnings performance review
yes(for analysts and institutional investors)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended August 31, 2012 (from March 1, 2012 to August 31, 2012)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Net sales
Six months ended August 31, 2012
Six months ended August 31, 2011

Millions of yen
71,29970,318Operating income

Net income% Millions of yen% Millions of yen% Millions of yen%
1.4
1,589 (66.0)
1,718 (63.2)
868 (71.2)(3.5)
4,668 26.2
4,670 30.0
3,009 (19.5)

Net income per share
Yen
85.72
296.92Six months ended August 31, 2012
Six months ended August 31, 2011

Ordinary income

Diluted net income pershare
Yen
85.72
296.88(2) Consolidated financial position
Total assets
As of August 31, 2012
As of February 29, 2012

Net assets

Millions of yen50,064
54,643Equity ratio

Millions of yen
27,747
27,292

Net assets per share%
55.4
49.9

Yen
2,737.06
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 incomeNet sales
Operating income
Ordinary income
Net 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 six months ended August 31, 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 August 31, 2012

10,688,800

shares

As of February 29, 2012

10,688,800

sharesNumber of shares of treasury stock at the end of the period
As of August 31, 2012

551,971

shares

As of February 29, 2012

551,965
sharesAverage number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended August 31, 2012

10,136,834

sharesSix months ended August 31, 2011

10,136,844

sharesDisclosure 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

Qualitative information on settlement of accounts for the second quarter(1) Qualitative information on consolidated operating results
In the first six 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 to help
consumers buy new cars.
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. posted an operating loss of 15 million yen as
operations have been scaled down. Accounts receivable (financial credit) of G-One Financial Services Co., Ltd.
stood at 7,522 million yen as of the end of the first six months, down 2,133 million yen from the end of the previous
fiscal year.
Due to the above, consolidated business results for the first six months were as follows: consolidated net sales
were 71,299 million yen (up 1.4% from the same term last year), operating income was 1,589 million yen (down
66.0% from the same term last year), ordinary income was 1,718 million yen (down 63.2% from the same term lastyear) and net income was 868 million yen (down 71.2% from the same term last year).

(2) Qualitative information on consolidated financial position
AssetsTotal assets at August 31, 2012 were 50,064 million yen, a decrease of 8.4% from February 29, 2012.
Current assets were 26,737 million yen, down 13.5% from the same date, mainly due to a decline in products.
Total noncurrent assets at August 31, 2012 decreased by 1.7% from February 29, 2012, to 23,326 million yen.
This mainly reflected a decrease in long-term loans receivable due to the recovery of such loans.

Liabilities
Total liabilities at August 31, 2012 decreased by 18.4% from February 29, 2012 to 22,316 million yen.
Current liabilities at August 31, 2012 decreased by 0.6% from February 29, 2012 to 15,963 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 August 31, 2012 decreased by 43.7% from February 29, 2012 to 6,352 million yen.
The major factor was a decrease due to repayment of long-term loans payable.

Net assets
Net assets at August 31, 2012 increased by 1.7% from February 29, 2012 to 27,747 million yen, mainly due to anincrease 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 as announced in theConsolidated Results, First Quarter of the Fiscal Year Ending February 28, 2013 that was issued on July 10, 2012.

3

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

As of August 31, 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)

9,455
9,270
5,138
1,278
1,654(59)

Total current assets

30,925

26,737Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

11,901(4,347)

12,116(4,603)

Buildings and structures, net

7,553

7,513

VehiclesAccumulated depreciation

370
(210)

291
(180)

Vehicles, net

160

110

2,279
(1,830)2,324(1,877)

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net

448

447

Land

218

218

Construction in progress

22

810

8,403

9,101

Intangible assets
GoodwillSoftware
Other

5939
15901
15

Total intangible assets

961

916

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
235
257
(652)

14
345
7,425
2,990
2,731
245
269
(713)

Total investments and other assets

14,353

13,308

Total property, plant and equipment

Total noncurrent assets

23,71823,326

Total assets

54,64350,0644

(Millions of yen)
As of February 29, 2012

As of August 31, 2012

LiabilitiesCurrent 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

1,815
5,000
1,650
759
109
559
2,230
3,839

Total current liabilities

16,06015,963

Noncurrent liabilities
Long-term loans payable
Long-term guarantee deposited
Provision for directors' retirement benefits
Asset retirement obligations
Other

9,000
807
461
1,016
54,000801
476
1,074-Total noncurrent liabilities

11,2906,352

Total liabilities

27,351

22,316

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

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

4,157
4,032
23,474(3,975)

Total shareholders' equity

27,23527,688Foreign currency translation adjustment

54

56

Total accumulated other comprehensive income

5456

Subscription rights to shares

22

Total net assets

27,292

27,747

Total liabilities and net assets

54,64350,064

Accumulated other comprehensive income

5Consolidated statements of income (cumulative) and consolidated statements of comprehensive
income (cumulative)(Millions of yen)Six months ended
August 31, 2011

Six months ended
August 31, 2012

Net sales
Cost of sales

70,31852,582

71,29955,636Gross profit

17,735

15,663

Selling, general and administrative expenses

13,067

14,073Operating income

4,668

1,589

Interest income
Foreign exchange gains
Insurance income
Other67
830

64
06357

Total non-operating income

106

187

Non-operating expenses
Interest expenses
Foreign exchange losses
Other9011254
4

Non-operating income

Total non-operating expenses

10458

4,670

1,718

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

86779
49-

Total extraordinary income915-

63106-

45
64360-

28

10

Ordinary income

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on disaster
Provision of allowance for doubtful accounts
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Other558

120

Income before income taxes and minority interests

Total extraordinary losses

5,027

1,597

Income taxes-current
Income taxes-deferred

1,975
41

701
27

Total income taxes

2,017

728

Income before minority interests

3,009

868

Net income

3,009

868

6

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
August 31, 2011
Income before minority interests
Other comprehensive income
Foreign currency translation adjustment

Six months ended
August 31, 2012
3,009

868

111

1

Comprehensive income

3,011

870

Comprehensive income attributable toComprehensive income attributable to owners of the parent

3,011

870

Total other comprehensive income

7Consolidated statements of cash flows(Millions of yen)Six months ended
August 31, 2011
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' retirement
benefits
Increase in provision for merchandise warranties
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Loss on retirement of noncurrent assets
Reversal of loss on business liquidation
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Decrease (increase) in operating loans receivable
Increase (decrease) in accrued consumption taxes
Increase (decrease) in notes and accounts payable-trade
Other, net

Six months ended
August 31, 2012
5,027
557
10(109)
37

1,597
554
554
69

17

15

246
(67)
90
1
63(779)

419
(65)
54(1)
45-

360

-

4,106
1,220
1,234(272)(1,632)(765)

1,1553,496
261(1,097)(326)

Subtotal

9,347

6,240

Interest and dividends income received
Interest expenses paid
Income taxes paid

71(90)
(871)

346
(54)
(2,365)

Net cash provided by (used in) operating activities

8,456

4,167

Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of short-term investment securities
Payments of loans receivableCollection of loans receivable
Payments for lease and guarantee deposits
Proceeds from collection of lease and guarantee deposits
Payments of construction assistance fund receivables
Collection of construction assistance fund receivables
Payments into time deposits
Proceeds from withdrawal of time deposits
Other, net

(534)
(171)
(3,100)
(57)
274
(173)
133
(65)
109
(1,900)1(1,126)
(210)
(25)
583
(101)
33(40)
123500(7)

Net cash provided by (used in) investing activities(5,483)(271)

Net cash provided by (used in) investing activities

8

(Millions of yen)Six months ended
August 31, 2011

Six months ended
August 31, 2012

Net cash provided by (used in) financing activities
Repayment of long-term loans payable
Cash dividends paid
Other, net(5,266)(624)(0)(2,000)(415)(0)

Net cash provided by (used in) financing activities(5,890)(2,415)

Effect of exchange rate change on cash and cash equivalents(0)

1

Net increase (decrease) in cash and cash equivalents(2,917)

1,482

Cash and cash equivalents at beginning of period

8,869

7,945

(89)

-5,862

9,428

Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation
Cash and cash equivalents at end of period9