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, 2014
(Based on Japanese GAAP)
October 31, 2014
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 Managing Executive Officer In
Charge of Financial & Accounting Foreign

Toshihiro Fujimoto

Trade Operation Business Management
Scheduled date to file Quarterly Securities Report:

November 12, 2014

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:

December 1, 2014
No

Holding of quarterly financial results meeting:

Yes

TEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2014 (from April 1, 2014 to September 30, 2014)(1) Consolidated financial results (cumulative)

Percentages indicate year-on-year changes
Net sales

Six months ended September 30, 2014
Six months ended September 30, 2013
Note: Comprehensive income

Millions of yen
48,767
49,978Operating income% Millions of yen
(2.4)
2,873
6.4
3,022

Six months ended September 30, 2014
Six months ended September 30, 2013

Ordinary income% Millions of yen(4.9)
3,022(6.9)
3,078¥2,788million¥1,984million

Net income per share%
11.7(12.9)[40.5%][11.8%]

Diluted net income per share

Yen
53.32
47.75

Six months ended September 30, 2014
Six months ended September 30, 2013

Net income% Millions of yen
(1.8)
1,988
(8.7)
1,780

Yen––(2) Consolidated financial position
Total assets
Millions of yen
68,18064,975

As of September 30, 2014
As of March 31, 2014
Reference: Equity

Net assets

As of September 30, 2014:
As of March 31, 2014:

Equity ratio

Millions of yen
55,35253,416

Net assets per share
%80.1
80.8

Yen
1,465.36
1,408.18¥54,645million¥52,512million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2014
Year ending March 31, 2015

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
15.00
20.00

Yen–

Yen
15.00

Yen
30.00

–

20.00

40.00

Year ending March 31, 2015 (Forecast)

Total

Notes: Revision of cash dividend forecast most recently announced: Yes
Details of interim dividends for the six months ended September 30, 2014
Ordinary dividends
Details of year-end dividends for the year ending March 31, 2015 [forecast]

15 yenCommemorative dividends

5 yen

Ordinary dividends

15 yenCommemorative dividends

5 yen

13. Forecast of consolidated financial results for the year ending March 31, 2015 (from April 1, 2014 to March 31, 2015)
Net sales
Full year

Millions of yen
110,000

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen
4.2
8,500
16.7
8,500
13.2
5,200
17.6
139.44

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, 2014(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes
No(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 September 30, 2014

37,375,636 shares As of March 31, 2014

37,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2014

84,411 shares As of March 31, 2014

84,376 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2014

37,291,245 shares Six months ended September 30, 201337,291,294 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 and ExchangeAct. At the time of disclosure of this quarterly financial results report, the review procedures for quarterly financial statements are in progress.
* 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, 2014

As of September 30, 2014

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade26,233
15,931

27,701
15,283Merchandise and finished goods
Short-term loans receivable

7,292
24

8,601
13

OtherAllowance for doubtful accounts

965
(7)

2,208
(1)

50,44053,807

7,949(3,517)

7,575(3,462)

4,432

4,113

Land

6,588

6,588

Other

1,657

1,791

(1,021)(1,120)635

671

11,656

11,373161

162

Investment securities
Long-term loans receivable

1,525
18

1,701
12

Other
Allowance for doubtful accounts

1,340
(168)

1,202
(79)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets

2,716

2,837

14,534

14,37364,97568,180

4,420

5,672

5
1,797

198
1,078

55
39

32
28

Other

1,720

2,486

Total current liabilities

8,038

9,496

Bonds payable
Long-term loans payable

2,500
198

2,500
–

Net defined benefit liability
Asset retirement obligations

353
54

368
55

Other

413

406

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term loans payable
Income taxes payable
Provision for directors' bonuses
Provision for bonuses

Non-current liabilities

Total non-current liabilities
Total liabilities

33,5203,331

11,55812,827

(Millions of yen)
As of March 31, 2014

As of September 30, 2014

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
41,354

6,043
42,783(79)(80)

52,31053,739Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

80
103

148
832

Foreign currency translation adjustment
Remeasurements of defined benefit plans

134
(116)

33(109)Total accumulated other comprehensive income201905

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares–57

Minority interests

904

649

Total net assets

53,41655,35264,97568,180Total 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
September 30, 2013

Six months ended
September 30, 2014

Net sales

49,97848,767

Cost of sales

38,32137,020Gross profit

11,657

11,747

Selling, general and administrative expenses

8,634

8,873

Operating income

3,022

2,873

Interest income
Dividend income

37611

Gain on adjustment of account payable
House rent income

98300

Foreign exchange gains
Other–
65

4482

Total non-operating income

94175

Non-operating income

Non-operating expenses
Interest expenses

76Commission fee
Foreign exchange losses

9810–

Other

139

Total non-operating expenses

3826

3,078

3,022

Gain on reversal of subscription rights to shares

0–Gain on liquidation of subsidiaries and associates
Gain on sales of shares of subsidiaries and associates

––

13158

Total extraordinary income

0172

Loss on valuation of shares of subsidiaries and associates

44–

Provision of allowance for doubtful accounts for subsidiaries
and associates

77

15

Ordinary income
Extraordinary income

Extraordinary losses

Provision of allowance for doubtful accounts

18–

Total extraordinary losses

140

15

Income before income taxes and minority interests

2,939

3,179

Income taxes - current

1,064

1,050

Income taxes - deferred(19)13

Total income taxes

1,045

1,064

Income before minority interests

1,8932,115

113

127

1,780

1,988

Minority interests in income
Net income

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2013
Income before minority interests

Six months ended
September 30, 2014

1,893

2,115

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(29)
167729Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

119–(131)
7

Total other comprehensive income

90673

1,984

2,788

1,829
155

2,691
96

Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

6Consolidated statements of cash flows(Millions of yen)Six months ended
September 30, 2013

Six months ended
September 30, 2014

Cash flows from operating activities
Income before income taxes and minority interests

2,939

3,179

Depreciation
Increase (decrease) in provision for directors' bonuses

237
(38)

245
(23)

Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts(22)
91(11)(95)

Increase (decrease) in provision for retirement benefits
Increase (decrease) in net defined benefit liability

16––
26

Interest and dividend income
Interest expenses

(11)
7(18)
6

Loss on valuation of shares of subsidiaries and associates
Loss (gain) on sales of shares of subsidiaries and associates

44–

–
(158)

Loss (gain) on liquidation of subsidiaries and associates
Loss (gain) on sales of property, plant and equipment––(13)
0

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories

784(1,221)668(1,295)

Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accrued consumption taxes

1,101
4

1,236
108

Decrease (increase) in other current assets
Increase (decrease) in other current liabilities(640)
101(248)
341

Other, net

(1)

204

Subtotal

3,392

4,152

1118

Interest expenses paid
Income taxes paid

(10)
(1,595)(6)(1,762)

Net cash provided by (used in) operating activities

1,797

2,401

Interest and dividend income received

7

(Millions of yen)Six months ended
September 30, 2013

Six months ended
September 30, 2014

Cash flows from investing activities
Payments into time deposits(300)(2,000)

Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

300
(105)

2,000
(106)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

–
(1)

1(0)

Purchase of investment securities
Purchase of shares of subsidiaries and associates

(8)
–

(12)
(50)

Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation–555

Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation–132

Payments of loans receivableCollection of loans receivable

(127)
6(15)
13

Other payments
Other proceeds

(10)
0(9)
2

Net cash provided by (used in) investing activities

(246)

513

Repayments of long-term loans payable

(5)

(5)

Proceeds from disposal of treasury shares
Purchase of treasury shares

0(0)

–(0)

Repayments of lease obligations
Repayments of installment payables

(43)
–(43)
(19)

Cash dividends paid
Cash dividends paid to minority shareholders(559)–(559)(778)

Net cash provided by (used in) financing activities(609)(1,405)

Effect of exchange rate change on cash and cash equivalents

71

(41)

Cash flows from financing activities

Net increase (decrease) in cash and cash equivalents

1,013

1,467

Cash and cash equivalents at beginning of period

23,66526,233

Cash and cash equivalents at end of period

24,67827,7018