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, 2014
(Based on Japanese GAAP)
July 31, 2014
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 12, 2014

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, 2014 (from April 1, 2014 to June 30, 2014)(1) Consolidated financial results (cumulative)

Percentages indicate year-on-year changes
Net sales

Three months ended June 30, 2014
Three months ended June 30, 2013
Note: Comprehensive income

Millions of yen
23,76824,196

Operating income% Millions of yen
(1.8)
1,528
8.4
1,399

Three months ended June 30, 2014
Three months ended May 31, 2013

Ordinary income% Millions of yen
9.2
1,597
(18.7)
1,550%
5.0(13.5)¥755 million [(35.8) %]¥1,176 million [40.0%]

Net income per share

Diluted net income per share

Yen
26.51
25.24

Three months ended June 30, 2014
Three months ended June 30, 2013Net income% Millions of yen
3.0988(13.6)
941

Yen––(2) Consolidated financial position
Total assets
Millions of yen
66,14964,975

As of June 30, 2014
As of March 31, 2014
Reference: Equity

Net assets

As of June 30, 2014:
As of March 31, 2014:

Equity ratio

Millions of yen
53,61253,416

Net assets per share
%79.6
80.8

Yen
1,411.57
1,408.18¥52,639 million¥52,512 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2014
Year ending March 31, 2015

1st quarter-end

2nd quarter-end

3rd quarter-endFiscal year-end

Yen––

Yen
15.00

Yen–

Yen
15.00

Yen
30.00

18.00

–18.0036.00

Year ending March 31, 2015 (Forecast)

TotalNotes: Revision of cash dividend forecast most recently announced: No
Details of interim dividends for the six months ending September 30, 2014 [forecast]Ordinary dividends
Details of year-end dividends for the year ending March 31, 2015 [forecast]

15 yenCommemorative dividends

3 yen

Ordinary dividends

15 yenCommemorative dividends

3 yen1

3. Forecast of consolidated financial results for the year ending March 31, 2015 (from April 1, 2014 to March 31, 2015)
Net sales
Millions of yen
Six months ending
September 30, 2014
Full year

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen

50,600

1.2

3,600

19.1

3,600

16.9

2,200

23.5

59.00

110,000

4.2

8,500

16.7

8,500

13.2

5,200

17.6

139.44

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, 2014(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, 2014

37,375,636 shares As of March 31, 2014

37,375,636 shares

Number of treasury shares at the end of the period
As of June 30, 2014

84,376 shares As of March 31, 2014

84,376 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2014

37,291,260 shares Three months ended June 30, 201337,291,289 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, 2014

As of June 30, 2014

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade26,233
15,931

23,323
16,982Merchandise and finished goods
Short-term loans receivable

7,292
24

10,28216

OtherAllowance for doubtful accounts

965
(7)

1,047
(1)

50,44051,651

7,949(3,517)

7,940(3,570)

4,432

4,370

Land

6,588

6,588

Other

1,657

1,703(1,021)(1,057)635

645

11,656

11,603161

164

Investment securities
Long-term loans receivable

1,525
18

1,563
14

Other
Allowance for doubtful accounts

1,340(168)

1,316
(164)

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

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets

Total investments and other assets

2,716

2,729

14,534

14,49864,975

66,149

4,420

6,198

5
1,797

5463

55
39

118

Other

1,720

2,329

Total current liabilities

8,038

9,017

Bonds payable
Long-term loans payable

2,500
198

2,500
198

Net defined benefit liability
Asset retirement obligations

353
54

363
56

Other413

401

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term loans payable
Income taxes payable
Provision for directors' bonusesProvision for bonuses

Non-current liabilities

Total non-current liabilities
Total liabilities

33,5203,519

11,55812,536

(Millions of yen)
As of March 31, 2014

As of June 30, 2014

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
41,354

6,043
41,783(79)(79)

52,31052,740

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

80103

71
(115)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

134
(116)

56(112)

Total accumulated other comprehensive income

201(100)

Minority interests

904

973

Total net assets

53,416

53,61264,975

66,149Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

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
June 30, 2013

Three months ended
June 30, 2014

Net sales

24,19623,768

Cost of sales

18,493

17,881Gross profit

5,703

5,886

Selling, general and administrative expenses

4,303

4,357

Operating income

1,399

1,528

07210

House rent income
Foreign exchange gains

4118033

Other

3835

Total non–operating income

169

82

Interest expenses
Commission fee

4434

Loss on retirement of non–current assets
Other

64

14

Total non–operating expenses

1913

1,550

1,597

Gain on reversal of subscription rights to shares
Gain on liquidation of subsidiaries and associates

0––12

Total extraordinary income

012–

14Non–operating income
Interest income
Dividend income

Non–operating expenses

Ordinary income
Extraordinary income

Extraordinary losses
Provision of allowance for doubtful accounts for subsidiaries
and associates
Total extraordinary losses

–14

1,550

1,596

Income taxes – current

444

437

Income taxes – deferred

93

81

Income before income taxes and minority interests

Total income taxes
Income before minority interests

537

518

1,013

1,077

Minority interests in income

72

88

Net income

941

988

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2013
Income before minority interests

Three months ended
June 30, 2014

1,013

1,077

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

(33)
108

(9)
(218)

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

87–(97)
3

Total other comprehensive income

162

(321)

1,176

755

1,067
108

685
69

Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

6Consolidated statements of cash flows(Millions of yen)Three months ended
June 30, 2013

Three months ended
June 30, 2014

Cash flows from operating activities
Income before income taxes and minority interests

1,550

1,596

Depreciation
Increase (decrease) in provision for directors' bonuses

116
(49)

116
(43)

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

(31)
(8)

(31)
(10)

Increase (decrease) in provision for retirement benefits
Increase (decrease) in net defined benefit liability

8––15Interest and dividend income
Interest expenses

(7)
4(13)
3

Loss (gain) on liquidation of subsidiaries and associates
Decrease (increase) in notes and accounts receivable – trade–(1,544)(12)(1,055)Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable – trade(2,897)3,139(2,993)
1,782

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

0(44)

(53)
(247)

Increase (decrease) in other current liabilities
Other, net

299
18464
57

Subtotal554

(426)

8

13

Interest and dividend income received
Interest expenses paid

(7)

(4)

Income taxes paid

(1,582)(1,747)

Net cash provided by (used in) operating activities(1,027)(2,165)

(300)
(51)

(2,000)
(57)

(1)
(4)

–(4)

–
(126)

(50)
(14)

2(5)

7(4)

Cash flows from investing activities
Payments into time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Other payments
Other proceeds

00(485)(2,122)

Proceeds from disposal of treasury shares
Purchase of treasury shares

0(0)

––

Repayments of lease obligations
Repayments of installment payables

(21)
–(21)
(9)

Cash dividends paid

(536)

(542)

Net cash provided by (used in) financing activities

(558)

(573)

Net cash provided by (used in) investing activities
Cash flows from financing activities

Effect of exchange rate change on cash and cash equivalents

33

(49)

Net increase (decrease) in cash and cash equivalents(2,038)(4,910)Cash and cash equivalents at beginning of period

23,66526,233

Cash and cash equivalents at end of period

21,627

21,3237