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 Six Months Ended September 30, 2019
(Based on Japanese GAAP)
October 31, 2019
Company name:DOSHISHA CORPORATION
Stock exchange listing: Tokyo
Stock code:
Representative:

Inquiries:

7483
URL http://www.doshisha.co.jp
President and Chief Operating Officer
Masayuki Nomura
Managing Executive OfficerDirector In Charge Of Financial &Takahiro Matsumoto

Accounting, Foreign Trade Operation,
Business Management

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:

November 12, 2019
December 9, 2019

Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results meeting:

No
Yes

TEL

06-6121-5669(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2019 (from April 1, 2019 to September 30, 2019)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Six months ended September 30, 2019
48,313
(0.3)
3,124
13.3
3,156
10.9
2,138
14.9
Six months ended September 30, 2018
48,477(3.9)
2,758 (26.8)
2,845 (26.7)
1,861 (29.7)
Note: Comprehensive income

Six months ended September 30, 2019
Six months ended September 30, 2018

¥1,885 million [(25.1)%]¥2,515 million [(22.0)%]

Earnings per share

Diluted earnings per share

Yen
57.70
50.08

Six months ended September 30, 2019
Six months ended September 30, 2018

Yen–50.03

Note: Diluted earnings per share for the six months ended September 30, 2019 is not presented since there were no potentially dilutive shares.
(2) Consolidated financial position
Total assets
As of September 30, 2019
As of March 31, 2019
Reference: Equity

Net assets

Millions of yen
89,42090,181Equity ratio

Millions of yen
70,26170,405

As of September 30, 2019:¥69,113 million

As of March 31, 2019:¥69,254 million

Net assets per share
%77.3
76.8

Yen
1,885.47
1,856.84

2. Cash dividends
Annual dividends per share

Year ended March 31, 2019Year ending March 31, 2020

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
25.00
25.00

Yen–

Yen
25.00

Yen
50.00

–

25.00

50.00

Year ending March 31, 2020 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1Total3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Net sales
Full year

Millions of yen
103,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen
%
Yen
4.4
6,700
20.5
6,800
12.1
4,650
9.1
126.63

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2019(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
No
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:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 201937,375,636 shares As of March 31, 201937,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2019

719,839 shares As of March 31, 201978,439 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 201937,065,111 shares Six months ended September 30, 201837,161,770 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* 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 statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2019

As of September 30, 2019

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade40,25014,46041,915
13,305

Electronically recorded monetary claims - operating
Merchandise and finished goods

3,434
8,426

1,524
9,558

Short-term loans receivable
Other

8
1,123

10862

Allowance for doubtful accounts
Total current assets

(5)

(4)

67,69867,172

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

12,995

12,995

Accumulated depreciation(4,404)(4,569)Buildings and structures, net

8,591

8,425

Land

9,385

9,385

Construction in progress
Other

281
2,828

259
2,965

(1,807)(1,920)

Accumulated depreciation
Other, net

1,021

1,044

19,28019,114314

325

Investment securities
Long-term loans receivable

1,574
39

1,414
36

Other
Allowance for doubtful accounts

1,289
(16)

1,378
(20)

Total investments and other assets

2,887

2,809

22,482

22,24890,18189,420

6,557

5,841

7,000
1,041

8,000
1,093

8926
36

Total property, plant and equipment
Intangible assets
Investments and other assets

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses for directors (and other officers)
Provision for bonuses
Other

2,761

2,808

Total current liabilities

17,37817,806

1,000
516

–530

948

927

Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Provision for environmental measures
Other
Total non-current liabilities
Total liabilities

3822

785

2,396

1,35319,775

19,159(Millions of yen)
As of March 31, 2019

As of September 30, 2019

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
57,865

6,273
59,071

Treasury shares(159)(1,256)

68,972

69,081

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

188
101

73
38

Foreign currency translation adjustment
Remeasurements of defined benefit plans

22(30)(61)(18)

Total shareholders' equity
Accumulated other comprehensive income

281

31

Non-controlling interests

Total accumulated other comprehensive income

1,150

1,147

Total net assets

70,40570,261

90,18189,420Total liabilities and net assets

4Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended

Six months ended

September 30, 2018

September 30, 2019

Net sales
Cost of sales

48,47735,20848,313
34,665Gross profit

13,26813,647

Selling, general and administrative expenses

10,51010,522

Operating profit

2,758

3,124

Interest income
Dividend income257

315

Gain on adjustment of account payable
Foreign exchange gains

81138–

Other

4549

Total non-operating income

125

107

Interest expenses
Commission expenses

292
3Provision of allowance for doubtful accounts
Foreign exchange losses

13–

–
59

Other

1210

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income
Reversal of provision for environmental measures

37

75

2,845

3,156

–

21

Insurance claim income

24–

Total extraordinary income

24217333––

Loss on disaster20–

Total extraordinary losses

127–

2,741

3,177

797

1,007

Extraordinary losses
Provision for loss on removal of fixed assets
Impairment loss

Profit before income taxes
Income taxes - current
Income taxes - deferred

27

(27)

Total income taxes

825

980

1,916

2,197

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

555

59

1,861

2,138

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2018

September 30, 2019

1,916

2,197

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(26)
537(115)(63)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

70
16(145)
12

Total other comprehensive income

598(312)

2,515

1,885

2,444

1,888

71

(3)

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 taxesDepreciation
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for loss on removal of fixed
assetsIncrease (decrease) in provision for environmental measures
Impairment loss
Loss on disaster
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Proceeds from subsidy income
Payments associated with disaster loss

Six months ended

Six months ended

September 30, 2018

September 30, 2019

2,741
306

3,177
351

(13)

18(0)
12
29

27
2
31

73

–

–
33
20
(60)
2
1,881
(688)
323
136
(588)
(24)
3
4,189
60
(2)
(1,429)
––

(21)
––
(19)
2
3,054
(1,160)
(691)
(79)
17156
204,888
19(2)
(949)
157
(45)

Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of investment securities
Payments for acquisition of businesses
Loan advances
Collection of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from exercise of employee share options
Purchase of treasury shares
Repayments of lease obligations
Repayments of installment payables
Dividends paid
Proceeds from share issuance to non-controlling shareholders

2,817

4,068

–
(355)
(9)
–
(13)
143
(14)
0(248)

55
(165)
(9)
(30)
(2)
4(17)
0(164)

707
–
(55)
(19)
(923)
220

–
(1,097)
(75)
–
(932)
–

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

(69)
45
2,543
35,98638,529(2,105)(79)
1,719
40,19541,915

7