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 Six Months Ended September 30, 2017
(Based on Japanese GAAP)
October 31, 2017
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:

November 13, 2017

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

December 11, 2017
No

Holding of quarterly financial results meeting:

Yes

TEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2017 (from April 1, 2017 to September 30, 2017)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2017
Six months ended September 30, 2016
Note: Comprehensive income

Millions of yen
50,42650,921

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(1.0)
3,769
9.1
3,882
16.7
2,645
19.6
(3.2)
3,455
(6.1)
3,327 (12.5)
2,211(9.0)

Six months ended September 30, 2017
Six months ended September 30, 2016

¥3,222 million [209.5%]¥1,041 million [(32.3)%]

Earnings per share

Diluted earnings per share

Yen
74.08
60.73

Six months ended September 30, 2017
Six months ended September 30, 2016

Yen
73.61
60.47

(2) Consolidated financial position
Total assets
Millions of yen
83,67578,659As of September 30, 2017
As of March 31, 2017
Reference: Equity

Net assets

As of September 30, 2017:
As of March 31, 2017:

Equity ratio

Millions of yen
63,78460,255

Net assets per share
%
75.0
74.8

Yen
1,729.82
1,657.39¥62,725 million¥58,869 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2017
Year ending March 31, 2018

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
25.00
25.00

Yen–

Yen
25.00

Yen
50.00

–25.0050.00

Year ending March 31, 2018 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1

Total

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
Full year
110,000
2.8
8,000
13.0
8,000
12.3
5,350
12.1
150.62
Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2017(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(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:

No
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 September 30, 2017

37,375,636 shares As of March 31, 2017

37,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2017

1,114,408 shares As of March 31, 2017

1,856,408 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 201735,716,413 shares Six months ended September 30, 2016

36,416,063 shares* This quarterly financial results report is exempt from the quarterly review.
* 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, 2017

As of September 30, 2017

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade32,207
17,79634,923
15,970Electronically recorded monetary claims - operating
Merchandise and finished goods

1,206
8,247

2,395
8,747

14871

24
1,243

Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets

(2)

(1)

60,342

63,304Non-current assets
Property, plant and equipment
Buildings and structures

7,568

7,574

Accumulated depreciation(3,903)(3,984)

Buildings and structures, net

3,665

3,590

Land

9,174

9,174

Construction in progress
Other

2,008
2,109

4,008
2,090

(1,522)(1,587)

Accumulated depreciation
Other, net

586

503

15,434

17,276123

127

Investment securities
Long-term loans receivable

1,525
29

1,758
54

Other
Allowance for doubtful accounts

1,210(7)

1,156
(1)

Total investments and other assets

2,758

2,967

18,317

20,371

78,65983,675

Total property, plant and equipment
Intangible assets
Investments and other assets

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

5,008

6,927

Income taxes payable
Provision for directors' bonuses

1,156
64

1,268
34

Provision for bonuses
Other43
3,186

32
2,702

Total current liabilities

9,459

10,965

Non-current liabilities
Long-term loans payable

8,000

8,000

Net defined benefit liability
Asset retirement obligations

589
57

606
58

Provision for environmental measures
Other52
243

56
204

8,944

8,925

18,40319,891

Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of March 31, 2017

As of September 30, 2017

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
51,761

6,140
53,519Treasury shares(3,777)(2,267)

Total shareholders' equity

59,021

62,385

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

211(193)367
107

Foreign currency translation adjustment
Remeasurements of defined benefit plans

18(189)36(171)

Total accumulated other comprehensive income

(152)

340

456
929

264
794

60,25563,78478,65983,675

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)Six months ended

Six months ended

September 30, 2016

September 30, 2017

Net sales
Cost of sales

50,92137,89850,42636,956Gross profit

13,023

13,469Selling, general and administrative expenses

9,567

9,700

Operating profit

3,455

3,769

Interest income
Dividend income

011

113

Gain on sales of investment securities
Gain on adjustment of account payable

–35

1020

Foreign exchange gains
Other–
40

4153

Total non-operating income

89139

Non-operating income

Non-operating expenses
Interest expenses
Commission feeForeign exchange losses
Other
Total non-operating expenses

2214
194

13–

710218

26

3,327

3,882

–

3–

3–

3–

3

Profit before income taxes

3,327

3,882

Income taxes - current
Income taxes - deferred973
25

1,175(18)

Total income taxes

998

1,157

2,328

2,725

116

79

2,211

2,645

Ordinary profit
Extraordinary income
Gain on reversal of subscription rights to shares
Total extraordinary income
Extraordinary losses
Provision for environmental measures
Total extraordinary losses

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2016

September 30, 2017

2,328

2,725

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

(112)
(969)

155
301

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

(223)
1722
18(1,287)

497

1,041

3,222

1,027

3,138

1484

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

Six months ended

Six months ended

September 30, 2016

September 30, 2017

3,327

3,882

Depreciation
Increase (decrease) in provision for directors' bonuses

211(43)

205(29)

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

(12)
5(11)
(7)

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

37–

43
3

Loss (gain) on sales of investment securities
Interest and dividend income

–(12)

(10)
(14)

Interest expenses
Decrease (increase) in notes and accounts receivable - trade2(464)

2637

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade

(478)
965

(499)
1,918

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

172
94(314)(331)

Increase (decrease) in other current liabilities
Other, net14554

129104,005

5,613

12(2)

14(0)

Income taxes paid

(1,813)(1,087)

Net cash provided by (used in) operating activities

2,201

4,539

Purchase of property, plant and equipment
Purchase of investment securities

(112)
(9)

(2,025)(9)

Proceeds from sales of investment securities
Payments of loans receivable––

10(43)

11(12)

8(26)SubtotalInterest and dividend income received
Interest expenses paid

Cash flows from investing activities

Collection of loans receivable
Other payments
Other proceeds

11(121)(2,084)

Proceeds from long-term loans payable
Purchase of treasury shares

1,000(1,048)––

Proceeds from exercise of share options
Repayments of lease obligations

–(44)

1,416
(42)

Repayments of installment payables
Cash dividends paid

(19)
(912)

(15)
(886)

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

Dividends paid to non-controlling interests

(152)

(219)

Net cash provided by (used in) financing activities(1,177)251

Effect of exchange rate change on cash and cash equivalents

(102)

8

Net increase (decrease) in cash and cash equivalents

800

2,716

Cash and cash equivalents at beginning of period

32,99332,207

Cash and cash equivalents at end of period

33,79434,9237