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, 2017
(Based on Japanese GAAP)May 8, 2017
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483

URL

http://www.doshisha.co.jp

Representative:

President and Chief Operating Officer
Director Executive Officer In Charge ofMasayuki Nomura

Inquiries:

Financial & Accounting Foreign Trade
Operation Business Management

Takahiro Matsumoto

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

June 29, 2017
June 30, 2017

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

June 30, 2017
No

Holding of financial results meeting:

Yes

TEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2017 (from April 1, 2016 to March 31, 2017)(1) Consolidated operating resultsPercentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2017
107,015(3.5)
7,080 (19.0)
7,122(20.2)
4,770(17.1)
Year ended March 31, 2016
110,843
6.9
8,736
33.5
8,921
25.4
5,754
28.5
Note: Comprehensive income

Year ended March 31, 2017
Year ended March 31, 2016
Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equityYen%%%131.798.2
9.2
6.6
155.28
10.1
12.3
7.9

Diluted earnings pershareYen
132.39156.27

Year ended March 31, 2017
Year ended March 31, 2016

¥6,003 million [99.5 %]¥3,008 million [(51.7)%]

Reference: Share of income of investments accounted for using the equity method
Year ended March 31, 2017¥– million¥– million

Year ended March 31, 2016
(2) Consolidated financial position

Total assets
As of March 31, 2017
As of March 31, 2016
Reference: EquityNet assets

Millions of yen
78,65976,806
As of March 31, 2017:
As of March 31, 2016:

Millions of yen
60,25558,163Equity ratio

Net assets per share%
74.8
74.0

Yen
1,657.39
1,557.17¥58,869 million¥56,863 million(3) Consolidated cash flows

Year ended March 31, 2017
Year ended March 31, 2016

Cash flows fromoperating activities
Millions of yen
4,682
5,483

Cash flows frominvesting activities
Millions of yen(2,299)(2,775)

1

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(3,093)32,207
3,634
32,993

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2016
Year ended March 31, 2017
Year ending March 31, 2018
(Forecast)of 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
25.00

––

25.00
25.00

45.00
50.00

1,644
1,787

28.8
37.8

2.9
3.1

–

25.00

–

25.00

50.00

33.2

3. Forecast of consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Six months ending
52,500
3.1
3,700
7.1
3,700
11.2
2,450
10.8
68.98
September 30, 2017
Full year
110,000
2.8
8,000
13.0
8,000
12.3
5,350
12.1
150.62
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2017(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:

No
No

Restatement 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, 2017

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 March 31, 2017

1,856,408 shares As of March 31, 2016

858,658 shares

Average number of shares during the period
Year ended March 31, 201736,038,497 shares Year ended March 31, 2016

236,824,551 sharesReference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2017 (from April 1, 2016 to March 31, 2017)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2017
Year ended March 31, 2016

Operating profit

Millions of yen
99,860103,621% Millions of yen
(3.6)
6,025
7.9
7,762

Earnings per share% Millions of yen(22.4)
6,542
30.4
8,196

Profit% Millions of yen(20.2)
4,593
17.7
5,459

%
(15.9)
15.5

Diluted earnings per shareYen
127.47148.26

Year ended March 31, 2017
Year ended March 31, 2016

Ordinary profit

Yen
126.90147.32(2) Non-consolidated financial position
Total assets
As of March 31, 2017
As of March 31, 2016
Reference: EquityNet assets

Millions of yen
74,44872,758
As of March 31, 2017
As of March 31, 2016

Equity ratio

Millions of yen
57,19055,378

Net assets per share%
76.2
75.6

Yen
1,597.26
1,505.49¥56,733 million¥54,975 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2017
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

49,000

3.3

3,200

8.3

2,200

7.161.94

103,100

3.2

7,150

9.3

4,950

7.8

139.36* Financial results reports are not required to be audited.
* 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 economicand industry trends, price competition, and exchange rate fluctuations.

3Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2016

As of March 31, 2017

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade32,993
15,61632,207
17,796

Electronically recorded monetary claims - operating
Merchandise and finished goods

789
9,332

1,206
8,247

Deferred tax assets
Short-term loans receivable

720
19208
14

Other
Allowance for doubtful accounts

952
(1)

663
(2)

60,42360,342

7,597(3,746)

7,568(3,903)

3,851

3,665

9,174
316

9,174367

Accumulated depreciation

(185)

(226)

Leased assets, net

130

140

Construction in progress

–

2,008

1,575
(1,140)1,742(1,295)

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

Other
Accumulated depreciation
Other, net

435

446

13,591

15,434

Leased assets
Other

41
78

4874

Total intangible assets

119

123

Investments and other assets
Investment securities

1,475

1,525

32
166

29181

Other
Allowance for doubtful accounts

1,016
(19)

1,029
(7)

Total investments and other assets

2,671

2,758

16,382

18,31776,80678,659Total property, plant and equipment
Intangible assets

Long-term loans receivable
Deferred tax assets

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2016

As of March 31, 2017

Liabilities
Current liabilities
Accounts payable - trade

4,816

5,008

Lease obligations
Income taxes payable

80
1,881

80
1,156

73
40

64
43

Other

3,856

3,105

Total current liabilities

10,747

9,459

Long-term loans payable
Lease obligations

7,000
132

8,000130

Net defined benefit liability
Asset retirement obligations

550
56

589
57

Provision for environmental measures
Other–
154

52
113

7,894

8,944

18,642

18,403

Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
48,803

6,043
51,761

Treasury shares(1,777)(3,777)

Total shareholders' equity

58,06359,021188(1,255)211(193)

81(215)18(189)(1,199)

(152)

402
897

456
929

58,16360,25576,80678,659Provision for directors' bonuses
Provision for bonuses

Non-current liabilities

Total non-current liabilities
Total liabilities
Net assets

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

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2016

Fiscal year ended
March 31, 2017

Net sales

110,843

107,015

Cost of sales

83,88080,784Gross profit

26,962

26,230

Selling, general and administrative expenses

18,22619,150Operating profit

8,736

7,080

2322

Gain on adjustment of account payable
Foreign exchange gains

56
77

69
–

Operations consignment fee of subsidiaries and affiliates
Other

673

561

Total non-operating income

238

159

84

Commission fee
Foreign exchange losses

25–

2466

Other

1921

Non-operating income
Interest and dividend income

Non-operating expenses
Interest expenses

Total non-operating expenses53117

8,921

7,122

7–

Provision for environmental measures–

44

Total extraordinary losses

744

Profit before income taxes

8,914

7,077

Income taxes - current

2,975

2,077

Ordinary profit
Extraordinary losses
Loss on valuation of shares of subsidiaries and associates

Income taxes - deferred(26)3Total income taxes

2,948

2,081

Profit

5,965

4,996

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

6211

225

5,754

4,770

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive incomeFiscal year ended

Fiscal year ended

March 31, 2016

March 31, 2017
5,965

4,996

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(71)(2,634)23
1,061

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

(152)
(98)

(103)
25

(2,956)

1,006

3,008

6,003

2,854

5,818

154

185

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, 2016
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equityTreasury 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

otherplanscomprehensive

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

58,1638

Fiscal year ended March 31, 2017
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equityTreasury shares

48,803(1,777)58,063

Changes of items during period
Dividends of surplus(1,812)(1,812)

Profit attributable to owners ofparent

4,770

4,770

Purchase of treasury shares(2,000)(2,000)Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

–

–

2,958

(2,000)

958

4,993

6,043

51,761(3,777)59,021

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period188Deferredgains orlosses onhedges(1,255)

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

81(215)

Subscription
rights toshares

Noncontrollinginterests

402

897

Total net
assetsincome(1,199)58,163

Changes of items during period
Dividends of surplus(1,812)

Profit attributable to owners ofparent

4,770

Purchase of treasury shares(2,000)Net changes of items otherthan shareholders' equity

23

1,061

(62)

25

1,047

54

32

1,134

Total changes of items during
period23

1,061(62)

25

1,047

54

32

2,092

Balance at end of current period

211(193)18(189)

(152)

456

929

60,2559

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, 2016

March 31, 2017
8,914

7,077

Depreciation
Increase (decrease) in provision for directors' bonuses

499
10463
(8)

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

(5)
(8)

3(11)

Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for environmental measures

24–

76
44

Interest and dividend income
Interest expenses

(23)
8(22)
4

Loss on valuation of shares of subsidiaries and associates
Decrease (increase) in notes and accounts receivable - trade7397–(2,533)

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

1,083
193

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

(453)
(64)

318
187

Increase (decrease) in other current liabilitiesOther, net

160
245

530
84

8,113

7,492

23(8)

22(4)

Income taxes paid

(2,644)(2,827)

Net cash provided by (used in) operating activities

5,483

4,682

(2,738)(17)(2,250)(17)

Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates

6(1)

0–

Payments of loans receivableCollection of loans receivable(29)
28(12)
19

Other payments
Other proceeds

(29)
4(40)
1(2,775)(2,299)SubtotalInterest and dividend income received
Interest expenses paid

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

Net cash provided by (used in) investing activities

10

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2016

March 31, 2017

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

7,000

1,000

Purchase of treasury shares
Repayments of lease obligations(1,696)(91)(2,000)(89)

Repayments of installment payables
Cash dividends paid

(38)
(1,477)(38)(1,812)

(61)

(152)

Net cash provided by (used in) financing activities

3,634(3,093)

Effect of exchange rate change on cash and cash equivalents

(85)

(75)

Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents

6,256

(786)

Cash and cash equivalents at beginning of period

26,73632,993

Cash and cash equivalents at end of period

32,99332,207

11