Summary of Consolidated Financial Statements
for the Third Quarter of the Term Ending March 2017 (Japan GAAP)
February 7, 2017
Name of Listed Company: TSUMURA & CO.

Exchange: Tokyo Stock Exchange

Code:

URL:

4540

Representative:
Contact:

http://www.tsumura.co.jp

Position: President & Representative Director
Position: Head of Corporate Communications Dept.
Telephone: 81-3-6361-7100

Name: Terukazu Kato
Name: Noboru Suzuki

Scheduled date of submission: February 8, 2017
Scheduled date of dividend payment commencement: Preparation of supplementary materials for the quarterly financial statements: No.
Holding of the quarterly results briefing: No.
(Figures are rounded down to the nearest one million yen.)

1. Consolidated business results for the third quarter of the term ending March 2017(from April 1, 2016 to December 31, 2016)(1) Financial results (year to date)(Figures in percentages denote the year-on-year change.)
Net sales

Net income attributableto owners of parent

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen%

87,9591.6

13,985-12.8

14,626-10.2

11,163

4.9

86,562

1.8

16,0391.7

16,286-7.5

10,641-12.5

Nine month period ended
December 31, 2016
Nine month period ended
December 31, 2015
(Note) Comprehensive income

Operating profit

Nine month period ended December 31, 2016: 7,441 million yen (-33.0%)
Nine month period ended December 31, 2015: 11,105 million yen (-25.3%)

Net income per share

Fully diluted net income per share
Yen

Nine month period ended
December 31, 2016
Nine month period ended
December 31, 2015

Yen

159.85－150.89－(2) Consolidated financial conditions
Total assets
Million yen

As of December 31, 2016
As of March 31, 2016
(Reference) Shareholders’ equity:

Shareholders’equity ratio

Net assets
Million yen%

216,177
153,544
222,468
155,702
As of December 31, 2016: 151,178 million yen

69.9
68.8
As of March 31, 2016: 152,976 million yen

2. Dividends
Dividend per share
End of firstquarterEnd of secondquarter
Yen

End of thirdquarterYen

F Y 3/2016
32.00－
F Y 3/2017
32.00－
FY 3/2017 (Projection)(Note) Revisions to dividends projection published most recently: No

End of fiscal year
Yen

TotalYen

Yen－

32.00

64.00

－

32.00

64.00

3. Projections of consolidated business results for the term ending March 2017 (From April 1, 2016 to March 31, 2017)(Figures in percentage show the rate of increase or decrease from the previous fiscal year.)Net sales
Million yen

Operating profit
Million yen%

Net income
attributable to ownersof parent

Net income
per share

Million yen%

Million yen%

Yen

115,400
2.5
14,500 -26.9
15,000(Note) Revisions to business results projection published most recently: No-23.1

10,700-14.8

153.75Full-year%

Ordinary income

Notes(1) Important changes of subsidiaries during the term(change of specified subsidiaries that lead to a change in the scope of consolidation): No(2) Application of special accounting practices in consolidated quarterly financial statements preparation: Yes(3) Changes in accounting principles and procedures and the method for indication, etc.
1) Changes associated with the revision of accounting principles, etc.:
No2) Change other than 1):
No3) Accounting estimate change:
No4) Retrospective restatement:No(4) Number of shares issued (common stock)1) Number of shares issued at the end of the term(including treasury stock) (shares)
2) Number of treasury stock at the end of the term(shares)
3) Average number of shares during the term (shares)

FY 3/2017 3Q

70,771,662

FY 3/2016

70,771,662

FY 3/2017 3Q

1,989,082

FY 3/2016

247,631

FY 3/2017 3Q

69,835,972

FY 3/2016 3Q

70,524,410* Indication concerning the condition of carrying-out of the quarterly audit procedure
This Summary of Consolidated Quarterly Financial Statements does not require the quarterly audit procedure based on theFinancial Instruments and Exchange Act. As of the time of disclosure of this Summary of Consolidated Quarterly FinancialStatements, the procedure to quarterly audit financial statements based on the Financial Instruments and Exchange Act was not
yet completed.

* Explanation about the proper use of financial projections and other important notes
Forward-looking statements such as financial projections, which are stated in this document, are based on information currently
available to the Company and certain assumptions deemed reasonable. There is a possibility that actual results, etc. will differ
materially from forecasts due to various factors.

Consolidated Quarterly Financial Statements(i) Consolidated Quarterly Balance Sheets(Unit: million yen)
As ofMarch 31, 2016
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and stores
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Other
Accumulated depreciation
Total property, plant and equipment
Intangible assets
Investment and other assets
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investment and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Income taxes payable
Provision for sales returns
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net Assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

As ofDecember 31, 201625,15041,8758,438
12,42831,482
14,298(4)
133,668

24,74343,265
7,639
13,06729,573
13,297(4)
131,582

56,226
74,138(67,542)
62,822
226

63,567
68,576(69,239)
62,903
211

20,119
122
5,510
(2)
25,75088,799222,468

17,196
633
3,650
(0)
21,47984,595
216,177

3,157
21,9572,838
16
15,732
43,702

3,675
12,581885
19
12,86830,03015,00066
7,996
23,063
66,76524,37681
8,145
32,60362,633

19,4871,940
122,047(392)
143,084

19,487
1,940
128,612(5,393)
144,647

3,835
479
2,513
3,549
(485)
9,891
2,726
155,702
222,468

3,622
1,551
2,513
(823)
(331)
6,531
2,365
153,544
216,177

(ii) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive Income
Consolidated Quarterly Statements of Income / For the Third Quarter Consolidated Accumulative Term
(Unit: million yen)
Nine month period ended
December 31, 2015
(From April 1, 2015
to December 31, 2015)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary incomeExtraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets
Loss on retirement of non-current assets
Loss on disaster
Total extraordinary losses
Income before income taxes and minority interests
Income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of parent

Nine month period ended
December 31, 2016
(From April 1, 2016
to December 31, 2016)

86,562
34,65351,90935,86916,03987,95937,42350,53536,55013,985

74
360－
242
677

49
382
44
317
793

136
5269
19
430
16,286

104－
35
13
153
14,626

0
00

1873
874

0
19－
19
16,267
5,373
10,894253
10,64114
26
5
46
15,453
4,072
11,381
218
11,163

Consolidated Quarterly Statements of Comprehensive Income / For the Third Quarter Consolidated Accumulative Term
(Unit: million yen)

Net income
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
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toOwners of parent
Non-controlling interests

Nine month period ended
December 31, 2015
(From April 1, 2015
to December 31, 2015)
10,894

Nine month period ended
December 31, 2016
(From April 1, 2016
to December 31, 2016)
11,381

2,934(1,771)
(928)
(1)

(213)
1,071
(4,857)
153

(22)

(94)

211
11,105(3,939)7,441

10,974
131

7,802
(360)

(iii) Consolidated Quarterly Statements of Cash Flows(Unit: million yen)
Nine month period ended
December 31, 2016
(From April 1, 2016
to December 31, 2016)

Nine month period ended
December 31, 2015
(From April 1, 2015
to December 31, 2015)
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on sales and retirement of property, plant and equipment
Decrease (increase) in notes and accounts receivable
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Loss (gain) on sales of short-term and long-term investment securities
Decrease (increase) in net defined benefit assets
Increase (decrease) in net defined benefit liability
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipmentPurchase of intangible assets
Purchase of short-term and long-term investment securities
Proceeds from sales and redemption of short-term andlong-term investment securities
Payments for investments in capital of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Payments into time deposits
Proceeds from withdrawal of time deposits
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated
subsidiary
Increase in cash and cash equivalents resulting from merger withunconsolidated subsidiaries
Cash and cash equivalents at end of period

16,2673,776
0(434)
136
512(1,232)(1,564)
245
(0)
(459)
(2)
(2,161)
14,590457(137)(3,818)
11,091

15,453
4,039
(2)
(431)
104(44)40(1,546)
(565)
1,369
(873)
(211)
(65)
3,077
20,343452(103)(5,360)15,332(6,043)
1,200
(34)
(7)

(6,926)
22
(23)
(8)

8

1,874－
(932)
4(25)
48
(16)
(5,797)

(238)
(1)
3(26)
24
222
(5,077)(1)(4,431)(54)(27)(4,515)(144)
633
19,343(5,001)(4,413)(49)(33)(9,496)(1,497)(738)
25,128

－

290

－

28

19,976

24,709(iv)Notes to the Consolidated Quarterly Financial Statements
Notes on premise of a going concern
No relevant items.
Notes on case of extreme change in shareholder's equity amountThe Company acquired 1,741,000 shares of its own shares in accordance with the resolution by a Board of Directors Meeting held on
August 4, 2016. As a result, the number of treasury stock increased 5,001 million yen in this term, including due to purchase of fractional
shares, and the number of treasury stock at the end of the term was 5,393 million yen.