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, 2015
(Based on Japanese GAAP)
October 30, 2015
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, 2015

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

December 1, 2015
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, 2015 (from April 1, 2015 to September 30, 2015)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2015
Six months ended September 30, 2014
Note: Comprehensive income

Millions of yen
52,603
48,767

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
7.9
3,678
28.0
3,800
25.7
2,429
22.2
(2.4)
2,873
(4.9)
3,022
(1.8)
1,988
11.7

Six months ended September 30, 2015

¥1,537 million [(44.9)%]

Six months ended September 30, 2014

¥2,788 million [40.5%]

Earnings per share

Diluted earnings per share

Yen
65.53
53.32

Six months ended September 30, 2015
Six months ended September 30, 2014

Yen
65.39
–(2) Consolidated financial position
Total assets
Millions of yen
68,133
68,280

As of September 30, 2015
As of March 31, 2015
Reference: Equity

Net assets

Equity ratio

Millions of yen
57,45958,161

As of September 30, 2015:¥56,326 million

As of March 31, 2015:¥57,182 million

Net assets per share
%
82.7
83.7

Yen
1,539.76
1,533.42

2. Cash dividends
Annual dividends per share

Year ended March 31, 2015
Year ending March 31, 2016

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
20.00
20.00

Yen–

Yen
20.00

Yen
40.00

–

20.00

40.00

Year ending March 31, 2016 (Forecast)

Total

Notes: Revision of cash dividend forecast most recently announced: No
Details of interim dividends for the six months ended September 30, 2014
Ordinary dividends

15 yenCommemorative dividends

5 yen

Details of year-end dividends for the year ending March 31, 2015
Ordinary dividends

15 yenCommemorative dividends5 yen

13. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)
Net sales
Full year

Millions of yen
110,000

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
6.1
8,000
22.3
8,000
12.4
5,150
15.0
138.10Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2015(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 September 30, 2015

37,375,636 shares As of March 31, 2015

37,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2015

794,289 shares As of March 31, 2015

84,711 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2015

37,076,652 shares Six months ended September 30, 2014

37,291,245 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, 2015

As of September 30, 2015

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

26,736
16,364

26,774
15,597

Electronically recorded monetary claims - operating
Merchandise and finished goods

526
7,614

925
8,820

Short-term loans receivable
Other

21
2,905

24
1,963

Allowance for doubtful accounts
Total current assets

(2)

(1)

54,165

54,103

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

7,621

7,631

Accumulated depreciation(3,573)(3,669)Buildings and structures, net

4,048

3,961

Land

6,588

6,588

Other
Accumulated depreciation

1,753(1,092)

1,862(1,210)

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

661

652

11,297

11,202148137

1,593

1,611

29
1,071

19
1,087

Allowance for doubtful accounts

(27)

(27)

Total investments and other assets

2,667

2,689

Total non-current assets

14,114

14,02968,28068,133

4,698
1,515

5,765
1,245

62
45

36
24

Other

2,999

2,829

Total current liabilities

9,321

9,901

Net defined benefit liability
Asset retirement obligations

389
55

380
56

Other

352

336

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

Non-current liabilities

Total non-current liabilities
Total liabilities

3797

772

10,11910,674

(Millions of yen)
As of March 31, 2015

As of September 30, 2015

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
44,526

6,043
46,210(80)(1,626)55,482

55,620

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

260
1,379

272
392

Foreign currency translation adjustment
Remeasurements of defined benefit plans

177
(117)

150(108)

Total accumulated other comprehensive income

1,700

705

173
804

287
844

58,16157,45968,28068,133

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares
Non-controlling interests
Total net assets
Total 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, 2014

September 30, 2015

Net sales
Cost of sales

48,76737,02052,60339,908Gross profit

11,74712,694

Selling, general and administrative expenses

8,873

9,016

Operating income

2,873

3,678

Interest income
Dividend income

61138

Gain on adjustment of account payable
House rent income

300330Foreign exchange gains
Other

44
82

5845

Total non-operating income

175

150

Non-operating income

Non-operating expenses
Interest expenses

63Commission fee
Loss on valuation of investment securities

10–

103

Other

910

Total non-operating expenses

26

28

3,022

3,800

13–

Gain on sales of shares of subsidiaries and associates

158–

Total extraordinary income

172––

715–

15

7

Income before income taxes and minority interests

3,179

3,793

Income taxes - current

1,050

1,244

Ordinary income
Extraordinary income
Gain on liquidation of subsidiaries and associates

Extraordinary losses
Loss on valuation of shares of subsidiaries and associates
Provision of allowance for doubtful accounts for subsidiaries
and associates
Total extraordinary losses

Income taxes - deferred

138

Total income taxes

1,064

1,253

Profit

2,115

2,540

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

5127

110

1,988

2,429

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2014

September 30, 2015

2,115

2,540

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

67729

12(987)

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

(131)
7(36)
8

Total other comprehensive income

673(1,002)

2,788

1,537

2,691

1,435

96

101

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
Income before income taxes and minority interests
Depreciation
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on sales of shares of subsidiaries and associates
Loss (gain) on liquidation of subsidiaries and associates
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accrued consumption taxes
Decrease (increase) in other current assets
Increase (decrease) in other current liabilities
Other, net

Six months ended

Six months ended

September 30, 2014

September 30, 2015

3,179
245
(23)
(11)
(95)
26
(18)
6(158)(13)
668(1,295)
1,236
108
(248)
341
205

3,793
242
(25)
(20)(0)
3(12)
3–
–
367
(1,206)
1,066(457)
(369)
596
127

Subtotal

4,152

4,109

Interest and dividend income received
Interest expenses paid
Income taxes paid

18(6)(1,762)12(3)(1,534)

Net cash provided by (used in) operating activities

2,401

2,583

(2,000)
2,000
(106)
(12)
(50)

––
(92)
(8)
(1)

555

–

132

–

(15)
13(9)
4(0)
8(10)
3

513

(102)

(5)
(0)
(43)
(19)
(559)
(778)

–
(1,545)
(46)
(19)
(745)
(61)

(1,405)(2,419)Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term loans payable
Purchase of treasury shares
Repayments of lease obligations
Repayments of installment payables
Cash dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(41)

(24)

Net increase (decrease) in cash and cash equivalents

1,467

37

Cash and cash equivalents at beginning of period

26,233

26,736

Cash and cash equivalents at end of period

27,701

26,7747