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, 2015
(Based on Japanese GAAP)
July 31, 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 InCharge of Financial & Accounting Foreign

Toshihiro Fujimoto

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

August 11, 2015

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

Millions of yen
25,85323,768Percentages indicate year-on-year changes
Profit attributable toOperating income
Ordinary income
owners of parent% Millions of yen% Millions of yen% Millions of yen
%
8.8
1,784
16.8
1,859
16.4
1,180
19.4
(1.8)
1,528
9.2
1,597
3.0
988
5.0

Three months ended June 30, 2015

¥1,099 million [45.5 %]Three months ended June 30, 2014¥755 million [(35.8)%]

Earnings per share

Diluted earnings per share

Yen31.69
26.51

Three months ended June 30, 2015
Three months ended June 30, 2014

Yen––(2) Consolidated financial position
Total assets
Millions of yen
68,67068,280

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

Net assets

Equity ratio

Millions of yen
58,294
58,161

As of June 30, 2015:¥57,177 million

As of March 31, 2015:¥57,182 million

Net assets per share
%
83.3
83.7

Yen
1,539.05
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

Yen–

Yen
20.00

Yen
40.00

20.00

–

20.00

40.00

Year ending March 31, 2016 (Forecast)

TotalNotes: 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 ended March 31, 2015
Ordinary dividends

15 yenCommemorative dividends

5 yen1

3. Forecast of consolidated financial results for the year ending March 31, 2016 (from April 1, 2015 to March 31, 2016)
Net sales
Millions of yen
Six months ending
September 30, 2015
Full year

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

51,300

5.2

3,450

20.0

3,450

14.1

2,200

10.6

59.00

110,000

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 three months ended June 30, 2015(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:
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 June 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 June 30, 2015

224,311 shares As of March 31, 2015

84,711 shares

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

37,234,200 shares Three months ended June 30, 2014

37,291,260 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 June 30, 2015

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

26,736
16,89023,94018,319Merchandise and finished goods
Short-term loans receivable

7,614
21

9,607
24

OtherAllowance for doubtful accounts

2,905(2)

2,559
(2)

Total current assets

54,16554,4497,621(3,573)

7,641(3,623)

4,048

4,017

6,588
1,753

6,588
1,852

(1,092)(1,150)661

701

11,297

11,308148

148

Investment securities
Long-term loans receivable

1,593
29

1,728
23

Other
Allowance for doubtful accounts

1,071(27)

1,038
(27)

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
OtherAccumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets

2,667

2,764

14,114

14,22068,28068,670

4,698

6,145

Income taxes payable
Provision for directors' bonuses

1,515
62

538
18

Provision for bonuses
Other

45
2,999

10
2,862

Total current liabilities

9,321

9,576

Non-current liabilities
Net defined benefit liability

389

372

Asset retirement obligations
Other

55
352

56
371

Total non-current liabilities

797

800

10,11910,376

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade

Total liabilities

3

(Millions of yen)
As of March 31, 2015

As of June 30, 2015

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
44,526

6,043
44,960

(80)

(358)

55,482

55,638Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

260
1,379

348
1,103

Foreign currency translation adjustment
Remeasurements of defined benefit plans

177
(117)

199
(112)

Total accumulated other comprehensive income

1,700

1,539

173
804

231
885

58,16158,294

68,28068,670

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)Three months ended

Three months ended

June 30, 2014

June 30, 2015

Net sales
Cost of sales

23,76817,88125,853
19,517Gross profit

5,886

6,335

Selling, general and administrative expenses

4,357

4,551

Operating income

1,528

1,784

Interest income
Dividend income

21007House rent income
Foreign exchange gains

033068Other35

14

Total non-operating income

82

91Interest expenses
Commission fee

34

1
4

Loss on retirement of non-current assets
Loss on valuation of investment securities

1––
3

Other

4

6

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on liquidation of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Provision of allowance for doubtful accounts for subsidiaries
and associates
Total extraordinary losses

1317

1,597

1,859

12–

12–

14–

14–

1,596

1,859

Income taxes - current

437

547

Income taxes - deferred

81

66

Income before income taxes and minority interests

Total income taxes
Profit

518

614

1,077

1,244

Profit attributable to non-controlling interests

88

64

Profit attributable to owners of parent

988

1,180

5

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2014

June 30, 2015
1,0771,244

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

(9)
(218)

88(275)

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

(97)
337
4

Total other comprehensive income

(321)

(145)

755

1,099

685

1,019

69

80

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

Three months ended

Three months ended

June 30, 2014

June 30, 2015
1,596

1,859

Depreciation
Increase (decrease) in provision for directors' bonuses

116
(43)

120
(43)

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

(31)
(10)

(34)
(0)

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

15(13)(10)(8)

Interest expenses
Loss (gain) on valuation of investment securities

3–

13

Loss (gain) on liquidation of subsidiaries and associatesDecrease (increase) in notes and accounts receivable - trade(12)(1,055)–(1,460)

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade(2,993)
1,782(1,987)
1,439

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

(53)
(247)

(445)
(100)

Increase (decrease) in other current liabilities
Other, net

464
57

411
59

Subtotal

(426)

(194)

13(4)

8(1)

Income taxes paid

(1,747)(1,514)

Net cash provided by (used in) operating activities(2,165)(1,702)(2,000)
(57)

–(67)

Purchase of investment securities
Purchase of shares of subsidiaries and associates

(4)
(50)

(4)
(1)

Payments of loans receivableCollection of loans receivable

(14)
7(0)
3

Other payments
Other proceeds

(4)
0

(6)
2

(2,122)(74)

Interest and dividend income received
Interest expenses paid

Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment

Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares–(278)

Repayments of lease obligations
Repayments of installment payables

(21)
(9)

(23)
(9)

Cash dividends paid

(542)

(726)

Net cash provided by (used in) financing activities(573)(1,037)

Effect of exchange rate change on cash and cash equivalents

(49)

18

Net increase (decrease) in cash and cash equivalents(4,910)(2,796)

Cash and cash equivalents at beginning of period

26,233

26,736

Cash and cash equivalents at end of period

21,32323,9407