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 December 31, 2016
(Based on Japanese GAAP)
January 31, 2017
Company name:DOSHISHA CORPORATION
Stock exchange listing: Tokyo
Stock code:
Representative:

7483
URL http://www.doshisha.co.jp
President and Chief Operating Officer
Masayuki Nomura

Inquiries:

Director Executive Officer In Charge ofFinancial & Accounting Foreign Trade

Takahiro Matsumoto

Operation Business Management
Scheduled date to file Quarterly Securities Report:

February 13, 2017

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the nine months ended December 31, 2016 (from April 1, 2016 to December 31, 2016)(1) Consolidated operating results (cumulative)
Net salesNine months ended December 31, 2016
Nine months ended December 31, 2015
Note: Comprehensive income

Millions of yen
85,10088,011

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen%(3.3)
6,267 (15.1)
6,323 (16.6)
4,234 (13.9)
8.2
7,378
33.2
7,587
27.1
4,916
28.4

Nine months ended December 31, 2016

¥5,594 million [43.3%]

Nine months ended December 31, 2015

¥3,904 million [(38.1)%]

Earnings per share

Diluted earnings per share

Yen
116.98133.18Nine months ended December 31, 2016
Nine months ended December 31, 2015

Yen
116.46132.55(2) Consolidated financial position
Total assets
As of December 31, 2016
As of March 31, 2016
Reference: Equity

Net assets

Millions of yen
78,97476,806

As of December 31, 2016:
As of March 31, 2016:

Equity ratio

Millions of yen
59,847
58,163

Net assets per share
%74.0
74.0

Yen
1,645.88
1,557.17¥58,460 million¥56,863 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2016
Year ending March 31, 2017

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
20.00
25.00

Yen––

Yen
25.00

Yen
45.00

25.00

50.00

Year ending March 31, 2017 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1Total3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Net sales
Full year

Millions of yen
106,000

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen(4.4)
6,900 (21.0)
7,000 (21.5)
4,600 (20.1)
127.64

Note: Revision of consolidated financial results forecast most recently announced: Yes
4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2016(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:

Yes
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2016

37,375,636 shares As of March 31, 2016

37,375,636 shares

Number of treasury shares at the end of the period
As of December 31, 2016

1,856,408 shares As of March 31, 2016

858,658 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 201636,194,278 shares Nine months ended December 31, 2015

36,916,819 shares* Indication regarding execution of quarterly review proceduresThis quarterly financial results report is exempt from the quarterly review procedures in accordance with the Financial Instruments andExchange Act. At the time of disclosure of this quarterly financial results report, the review procedures for quarterly financial statements are inprogress.
* Proper use of forecasts of financial results, and other special matters
Caution concerning forward-looking statements
The forward-looking statements, including the earnings forecasts shown in this document, are based on information currently available to theCompany and on certain assumptions deemed to be reasonable by the Company. As such, they do not constitute guarantees by the Company offuture performance. Actual performance and other results may differ materially due to various factors.

2Quarterly consolidated financial statementsConsolidated balance sheets(Millions of yen)
As of March 31, 2016

As of December 31, 2016

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade32,993
15,616

26,413
24,599

Electronically recorded monetary claims - operating
Merchandise and finished goods

789
9,332

1,644
8,403

Short-term loans receivable
Other

19
1,673

14
1,290

Allowance for doubtful accounts
Total current assets

(1)

(4)

60,42362,362

Non-current assets
Property, plant and equipment
Buildings and structures

7,597

7,595

Accumulated depreciation(3,746)(3,877)

Buildings and structures, net

3,851

3,717

Land

9,174

9,174

Other
Accumulated depreciation

1,891(1,326)

2,392(1,497)

Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Other

565

895

13,591

13,787

119

121

1,475

1,501

32
1,182

22
1,203

Allowance for doubtful accounts

(19)

(23)

Total investments and other assets

2,671

2,703

16,382

16,61276,80678,974

4,816
1,881

5,422
938

73
40

54
35

Other

3,936

3,801Total current liabilities

10,747

10,252Long-term loans payable
Net defined benefit liability

7,000
550

8,000
568

Asset retirement obligations
Other56
287

57
248

Total non-current liabilities

7,894

8,874

18,642

19,126

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Income taxes payable
Provision for directors' bonuses
Provision for bonuses

Non-current liabilities

Total liabilities

3

(Millions of yen)
As of March 31, 2016

As of December 31, 2016

Net assets
Shareholders' equity
Capital stock4,993

4,993

Capital surplus
Retained earnings

6,043
48,803

6,043
51,224

Treasury shares(1,777)(3,777)

Total shareholders' equity

58,06358,484

188(1,255)193(67)

81(215)37(188)

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

4(1,199)(24)402897

457
929

58,163

59,84776,80678,974

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

December 31, 2015

December 31, 2016

Net sales
Cost of sales

88,011
66,572

85,10063,992Gross profit

21,438

21,107

Selling, general and administrative expenses

14,06014,840Operating income

7,378

6,267

Interest income
Dividend income

416

120

Gain on adjustment of account payable
Foreign exchange gains33130

35–

Other

63

51

Total non-operating income

248

109

Interest expenses
Commission fee

615

3
19

Foreign exchange losses
Loss on valuation of investment securities

–
317–

Other

13

12

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary losses
Loss on valuation of shares of subsidiaries and associates
Total extraordinary losses

39

52

7,587

6,323

7–

7–

Profit before income taxes

7,579

6,323

Income taxes - current
Income taxes - deferred

2,476
81,85137

Total income taxes

2,485

1,888

Profit

5,094

4,435

Profit attributable to non-controlling interests
Profit attributable to owners of parent

5177

201

4,916

4,234

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2015

December 31, 2016

5,094

4,435

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

60(1,192)

4
1,188

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(92)
34(60)
26(1,189)

1,159

3,904

5,594

3,742

5,409

161

185

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Nine months ended

Nine months ended

December 31, 2015

December 31, 2016

7,579

6,323

Depreciation
Increase (decrease) in provision for directors' bonuses368
7334(18)

Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts

(9)
0(4)
6

Increase (decrease) in net defined benefit liability
Interest and dividend income

12(20)

56(21)

67

3–

Loss (gain) on sales and valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade0(9,237)(0)(9,763)

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade(1,399)
1,036

937
598

Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets(419)
(327)

454
(219)

Increase (decrease) in other current liabilities
Other, net755
176

1,065
56

(1,461)

(186)

20(6)

21(2)

Income taxes paid

(2,671)(2,781)

Net cash provided by (used in) operating activities(4,119)(2,949)

(121)
(13)

(490)
(13)

Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates

6
(1)

0–

Payments of loans receivableCollection of loans receivable

(4)
16(0)
15

Other payments
Other proceeds

(16)
3(18)
1

Net cash provided by (used in) investing activities

(130)

(506)

Interest expenses
Loss on valuation of shares of subsidiaries and associates

SubtotalInterest and dividend income received
Interest expenses paid

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of investment securities

Cash flows from financing activities
Proceeds from long-term loans payable

–

1,000

Purchase of treasury shares
Repayments of lease obligations(1,696)(68)(2,000)(66)

Repayments of installment payables
Cash dividends paid

(25)
(1,476)(25)(1,809)Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(61)

(152)

(3,329)(3,054)

(72)

(69)

Net increase (decrease) in cash and cash equivalents(7,651)(6,580)Cash and cash equivalents at beginning of period

26,73632,993

Cash and cash equivalents at end of period

19,085

26,4137