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 Three Months Ended June 30, 2016
(Based on Japanese GAAP)
July 29, 2016
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:

August 12, 2016

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 three months ended June 30, 2016 (from April 1, 2016 to June 30, 2016)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2016
Three months ended June 30, 2015
Note: Comprehensive income

Millions of yen
25,77525,853

Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(0.3)
1,955
9.6
1,906
2.5
1,256
6.5
8.8
1,784
16.8
1,859
16.4
1,180
19.4

Three months ended June 30, 2016
Three months ended June 30, 2015¥(300) million [(127.3)%]¥1,099 million [45.5 %]Earnings per share

Diluted earnings per share

Yen34.4131.69

Three months ended June 30, 2016
Three months ended June 30, 2015

Yen
34.25
–(2) Consolidated financial position
Total assets
Millions of yen
77,65876,806

As of June 30, 2016
As of March 31, 2016
Reference: Equity

Net assets

As of June 30, 2016:
As of March 31, 2016:

Equity ratio

Millions of yen
57,00558,163

Net assets per share
%
71.7
74.0

Yen
1,524.27
1,557.17¥55,661 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

Yen–

Yen
25.00

Yen
45.00

25.00

–

25.00

50.00

Year ending March 31, 2017 (Forecast)
Notes: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2017 (from April 1, 2016 to March 31, 2017)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating income
Ordinary income
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%YenSix months ending
56,700
7.8
4,150
12.8
4,150
9.2
2,800
15.2
76.68
September 30, 2016
Full year
120,000
8.3
9,500
8.7
9,500
6.5
6,400
11.2
175.26
Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2016(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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 June 30, 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 June 30, 2016

858,658 shares As of March 31, 2016

858,658 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2016

36,516,978 shares Three months ended June 30, 2015

37,234,200 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 statementsConsolidated balance sheets(Millions of yen)
As of March 31, 2016

As of June 30, 2016

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

29,053
17,995

Electronically recorded monetary claims - operating
Merchandise and finished goods

789
9,332

961
11,345

Short-term loans receivable
Other

19
1,673

15
2,080

Allowance for doubtful accounts
Total current assets

(1)

(3)

60,42361,447

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

7,597

7,569

Accumulated depreciation(3,746)(3,783)

Buildings and structures, net

3,851

3,786

Land

9,174

9,174

Other
Accumulated depreciation

1,891(1,326)

1,959(1,361)Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Other

565

597

13,591

13,558

119

112

1,475

1,281

32
1,182

28
1,254

Allowance for doubtful accounts

(19)

(26)

Total investments and other assets

2,671

2,539

16,382

16,21076,806

77,658

4,816
1,881

6,011
569

73
40

16
12

Other

3,936

6,140

Total current liabilities

10,747

12,750Long-term loans payable
Net defined benefit liability

7,000
550

7,000555

Asset retirement obligations
Other56287

56
289

Total non-current liabilities

7,894

7,902

18,642

20,652

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 June 30, 2016

Net assets
Shareholders' equity
Capital stock

4,9934,993

Capital surplus
Retained earnings

6,043
48,803

6,043
49,147

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

Total shareholders' equity

58,06358,406

188(1,255)60(2,573)

81
(215)

(25)
(206)

(1,199)(2,745)

402
897

457
885

58,16357,00576,806

77,658

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

Three months ended

June 30, 2015

June 30, 2016

Net sales
Cost of sales

25,853
19,517

25,775
18,973Gross profit

6,335

6,801

Selling, general and administrative expenses

4,551

4,845

Operating income

1,784

1,955

Interest income
Dividend income

07010

Foreign exchange gains
Other68
14–11

Total non-operating income

91

221

1

Commission fee
Foreign exchange losses

4–

761

Loss on valuation of investment securities
Other3
6–
1

Total non-operating expenses

1772

Ordinary income

1,859

1,906

Profit before income taxes

1,859

1,906

Income taxes - current

547

494

Income taxes - deferred

66

78

Non-operating income

Non-operating expenses
Interest expenses

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5614

573

1,244

1,332

6476

1,180

1,256Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2015

June 30, 2016
1,244

1,332

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

88(275)(128)(1,318)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

37
4(194)
8(145)(1,633)

1,099

(300)

1,019(288)80(11)

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

Three months ended

Three months ended

June 30, 2015

June 30, 2016
1,859

1,906

Depreciation
Increase (decrease) in provision for directors' bonuses

120
(43)

102
(56)

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

(34)
(0)

(27)
8

Increase (decrease) in net defined benefit liability
Interest and dividend income(10)(8)

17(11)

Interest expenses
Loss (gain) on valuation of investment securities

13

1–

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories(1,460)(1,987)(2,577)(2,035)

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

1,439(445)

1,213
107

Decrease (increase) in other current assets
Increase (decrease) in other current liabilities

(100)
411

(5)
213

Other, net

5949

Subtotal(194)(1,091)

Interest and dividend income received

8

11Interest expenses paid
Income taxes paid

(1)
(1,514)(0)(1,776)

Net cash provided by (used in) operating activities(1,702)(2,858)

(67)

(64)

Purchase of investment securities
Purchase of shares of subsidiaries and associates

(4)
(1)

(4)
–

Payments of loans receivableCollection of loans receivable

(0)
3

–
7

Other payments
Other proceeds

(6)
2(4)
0

Net cash provided by (used in) investing activities

(74)

(65)

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

Cash flows from financing activities
Purchase of treasury shares

(278)

–

Repayments of lease obligations
Repayments of installment payables

(23)
(9)

(22)
(9)

Cash dividends paid

(726)

(891)

Net cash provided by (used in) financing activities(1,037)(923)

Effect of exchange rate change on cash and cash equivalents

18

(92)

Net increase (decrease) in cash and cash equivalents(2,796)(3,940)Cash and cash equivalents at beginning of period

26,73632,993

Cash and cash equivalents at end of period

23,94029,0537