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 Year Ended March 31, 2016
(Based on Japanese GAAP)May 9, 2016
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483

URL

http://www.doshisha.co.jp

Representative:

President and Chief Operating Officer
Director Managing Executive Officer In

Masayuki Nomura

Inquiries:

Charge of Financial & Accounting Foreign
Trade Operation Business Management

Toshihiro Fujimoto

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 29, 2016
June 30, 2016

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

June 30, 2016
No

Holding of financial results meeting:

Yes

TEL06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2016 (from April 1, 2015 to March 31, 2016)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2016
110,843
6.9
8,736
33.5
8,921
25.4
5,754
28.5
Year ended March 31, 2015
103,647(1.8)
6,543 (10.2)
7,114(5.3)
4,477
1.3
Note: Comprehensive income

Year ended March 31, 2016
Year ended March 31, 2015
Earnings per share

Profit attributable toOrdinary
owners ofincome/total assets
parent/equity
Yen%%
155.28
10.112.3–8.2
10.7

Diluted earnings per
shareYen
156.27120.07

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

¥3,008 million [(51.7)%]¥6,235 million [30.7%]
Operatingincome/net sales%
7.9
6.3

Reference: Share of income of investments accounted for using the equity method
Year ended March 31, 2016¥– million¥– million

Year ended March 31, 2015
(2) Consolidated financial position

Total assets
As of March 31, 2016
As of March 31, 2015
Reference: Equity

Net assets

Millions of yen
76,806
68,280
As of March 31, 2016
As of March 31, 2015

Millions of yen
58,16358,161Equity ratio

Net assets per share%
74.0
83.7

Yen
1,557.17
1,533.42¥56,863 million¥57,182 million(3) Consolidated cash flows

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

Cash flows fromoperating activities
Millions of yen
5,483
4,741

Cash flows frominvesting activities
Millions of yen(2,775)581

1

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
3,634
32,993(4,914)
26,736

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-endof dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

20.00
20.00

––

20.00
25.00

40.00
45.00

1,491
1,644

33.3
28.8

2.7
2.9

–

25.00

–

25.00

50.00

Year ended March 31, 2015
Year ended March 31, 2016
Year ending March 31, 2017
(Forecast)–

Details of interim dividends for the six months ended September 30, 2014
Ordinary dividends

15 yenCommemorative dividends

5 yen

Ordinary dividends

15 yenCommemorative dividends

5 yen

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

3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Net sales
Millions of yen
Six months ending
September 30, 2016
Full year

Percentages indicate year-on-year changes
Profit attributable toEarnings per share
Operating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen%
Yen

56,7007.8

4,150

12.84,150

9.2

2,800

15.2

76.68

120,000

8.3

9,500

8.7

9,500

6.5

6,400

11.2

175.26

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2016(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNoRestatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2016

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 March 31, 2016

858,658 shares As of March 31, 2015

84,711 shares

Average number of shares during the period
Year ended March 31, 2016

36,824,551 shares Year ended March 31, 2015

237,291,212 sharesReference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2016 (from April 1, 2015 to March 31, 2016)(1) Non-consolidated financial results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2016
Year ended March 31, 2015

Operating income

Millions of yen
103,62196,061% Millions of yen
7.9
7,762
(2.8)
5,955

Earnings per share% Millions of yen
30.4
8,196
(8.2)
6,963

Profit%17.7
3.4

Millions of yen
5,459
4,725

%
15.5
15.9

Diluted earnings per shareYen
148.26126.72

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

Ordinary income

Yen147.32–(2) Non-consolidated financial position
Total assets
As of March 31, 2016
Year ended March 31, 2015
Reference: Equity

Net assets

Millions of yen
72,75864,166

As of March 31, 2016
As of March 31, 2015

Equity ratio

Millions of yen
55,37855,355

Net assets per share%
75.6
86.0

Yen
1,505.49
1,479.76¥54,975 million¥55,181 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2016
Full year

Ordinary incomeProfit

Earnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

52,800

8.4

3,700

3.2

2,600

6.8

71.20

112,300

8.4

8,700

6.1

6,100

11.7

167.05* Indication regarding execution of audit proceduresThis financial results report is exempt from the audit procedures in accordance with the Financial Instruments and Exchange Act. At the time of
disclosure of this financial results report, the audit procedures for financial statements in accordance with the Financial Instruments andExchange Act have not been completed.
* 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, include forecasts based on certain assumptions andplans available at the time of disclosure of this document. Actual results may differ materially due to risks and uncertainty regarding economic
and industry trends, price competition, and exchange rate fluctuations.

3

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2015

As of March 31, 2016

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

26,736
16,36432,993
15,616

Electronically recorded monetary claims - operating
Merchandise and finished goods

526
7,614

789
9,332

4
21

720
19

Other
Allowance for doubtful accounts

2,900
(2)

952
(1)

Total current assets

54,16560,423

7,621(3,573)

7,597(3,746)

4,048

3,851

6,588
275

9,174
316

(156)

(185)

Deferred tax assets
Short-term loans receivable

Non-current assetsProperty, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net

119

130

1,478

1,575

Accumulated depreciation(936)(1,140)

Other, net

541

435

11,297

13,591

Other

Total property, plant and equipment
Intangible assets
Leased assets

60

41

Other

88

78

Total intangible assets

148

119

Investment securities
Long-term loans receivable

1,593
29

1,475
32

Deferred tax assets
Other

65
1,006

166
1,016

(27)

(19)

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

2,667

2,671

14,114

16,382

68,28076,806

(Millions of yen)
As of March 31, 2015

As of March 31, 2016

Liabilities
Current liabilities
Accounts payable - trade

4,698

4,816

Lease obligations
Income taxes payable

83
1,515

80
1,881

527
62

–
73

Provision for bonuses
Other45
2,388

40
3,856

Total current liabilities

9,321

10,747

Deferred tax liabilities
Provision for directors' bonuses

Non-current liabilities
Long-term loans payable–7,000

Lease obligations
Net defined benefit liability

157
389

132
550

Asset retirement obligations
Other

55
194

56
154

Total non-current liabilities

797

7,894

10,11918,642

Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
44,526

6,043
48,803(80)(1,777)55,48258,063

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

260
1,379

188
(1,255)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

177
(117)

81(215)

Total accumulated other comprehensive income

1,700(1,199)

173
804

402
897

58,161

58,163

68,28076,806

Total liabilities
Net assets

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2015

Fiscal year ended
March 31, 2016

Net sales

103,647

110,843

Cost of sales

79,25083,880Gross profit

24,39626,962

Selling, general and administrative expenses

17,853

18,226

Operating income

6,543

8,736

79

23

Gain on sales of investment securities
Gain on adjustment of account payable

1992

356

Foreign exchange gains
Operations consignment fee of subsidiaries and affiliates

293
977
6

Other

132

70

Total non-operating income

628

238

Interest expenses
Commission fee

13
19

825

Other

25

19

Non-operating income
Interest and dividend income

Non-operating expenses

Total non-operating expenses

57

53

7,114

8,921

13–

Gain on sales of shares of subsidiaries and associates158–

Total extraordinary income

172–

Loss on valuation of shares of subsidiaries and associates
Loss on liquidation of subsidiaries and associates

19107
–

Provision of allowance for doubtful accounts for subsidiaries
and associates

14–

Total extraordinary losses

43

7

Profit before income taxes

7,243

8,914

Income taxes - current
Income taxes - deferred

2,505
25

2,975
(26)

Total income taxes

2,531

2,948

Profit

4,712

5,965

234

211

4,477

5,754

Ordinary income
Extraordinary income
Gain on liquidation of subsidiaries and associates

Extraordinary losses

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

6

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2015

March 31, 2016
4,712

5,965

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

179
1,275(71)(2,634)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

68(0)

(152)
(98)

1,523

(2,956)

6,235

3,008

5,975

2,854

259

154

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

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2015
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equity

Treasury shares

41,354(79)

52,310Changes of items during period
Dividends of surplus(1,305)(1,305)

Profit attributable to owners ofparent

4,477

4,477

Purchase of treasury shares

(0)

(0)

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

–

–

3,172

(0)

3,171

4,993

6,043

44,526(80)

55,482

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period80

Deferred
gains orlosses onhedges103

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

134

(116)

Subscription
rights toshares

Noncontrollinginterests–904

Total net
assetsincome201

53,416

Changes of items during period
Dividends of surplus(1,305)

Profit attributable to owners ofparent

4,477

Purchase of treasury shares(0)

Net changes of items otherthan shareholders' equity

179

1,275

43(0)

1,498

173

(99)

1,572

Total changes of items during
period

179

1,275

43(0)

1,498

173

(99)

4,744

Balance at end of current period

260

1,379

177

(117)

1,700

173

804

58,161

8Fiscal year ended March 31, 2016
(Millions of yen)
Shareholders' equity
Capital stockBalance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equity

Treasury shares

44,526(80)

55,482

Changes of items during period
Dividends of surplus(1,477)(1,477)

Profit attributable to owners ofparent

5,754

5,754

Purchase of treasury shares(1,696)(1,696)

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

––

4,277

(1,696)

2,580

4,993

6,043

48,803(1,777)58,063

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period260

Deferred
gains orlosses onhedges
1,379

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

other

plans

comprehensive

177

(117)

Subscription
rights toshares

Noncontrollinginterests

173

804

Total net
assetsincome1,700

58,161

Changes of items during period
Dividends of surplus(1,477)

Profit attributable to owners ofparent

5,754

Purchase of treasury shares(1,696)

Net changes of items otherthan shareholders' equity(71)(2,634)

(96)

(98)

(2,899)229

92(2,578)

Total changes of items during
period(71)(2,634)

(96)

(98)

(2,899)

229

92

2

Balance at end of current period

188(1,255)81(215)(1,199)402

897

58,1639

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2015

March 31, 2016
7,243

8,914

Depreciation
Increase (decrease) in provision for directors' bonuses

518
7499
10

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

5(145)(5)(8)

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

43(79)

24(23)

Interest expenses
Loss (gain) on sales of investment securities

13(19)

8(3)Loss on valuation of shares of subsidiaries and associates
Loss (gain) on sales of shares of subsidiaries and associates

19(158)

7–

Loss (gain) on liquidation of subsidiaries and associates
Decrease (increase) in notes and accounts receivable - trade

(3)
(930)

–397Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade(285)246(1,737)
138

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

389
(101)

(453)
(64)

Increase (decrease) in other current liabilities
Other, net

328
372

160
249

7,464

8,113

79(15)

23(8)Income taxes paid

(2,786)(2,644)

Net cash provided by (used in) operating activities

4,741

5,483

Payments into time deposits
Proceeds from withdrawal of time deposits(2,000)2,000––Purchase of property, plant and equipment
Purchase of investment securities

(258)
(25)

(2,738)(17)

Proceeds from sales of investment securities
Proceeds from liquidation of subsidiaries and affiliated

272

617–

SubtotalInterest and dividend income received
Interest expenses paid

Cash flows from investing activities

company
Purchase of shares of subsidiaries and associates

(54)

(1)

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 consolidation132–

Payments of loans receivableCollection of loans receivable(47)
20(29)
28

Other payments
Other proceeds

(38)
6(29)
4

Net cash provided by (used in) investing activities

581(2,775)10

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2015

March 31, 2016

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

–

7,000

Repayments of long-term loans payable
Redemption of bonds(203)(2,500)

–
–

(0)
(88)

(1,696)(91)(38)(1,305)(38)(1,477)Purchase of treasury sharesRepayments of lease obligations
Repayments of installment payables
Cash dividends paid
Dividends paid to non-controlling interests

(778)

(61)

Net cash provided by (used in) financing activities(4,914)

3,634

Effect of exchange rate change on cash and cash equivalents

94

(85)

Net increase (decrease) in cash and cash equivalents

503

6,256

Cash and cash equivalents at beginning of period

26,233

26,736

Cash and cash equivalents at end of period

26,73632,99311