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 Nine Months Ended December 31, 2014
(Based on Japanese GAAP)
January 30, 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 In
Charge of Financial & Accounting Foreign

Toshihiro Fujimoto

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

February 12, 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 nine months ended December 31, 2014 (from April 1, 2014 to December 31, 2014)(1) Consolidated financial results (cumulative)

Percentages indicate year-on-year changes
Net sales

Nine months ended December 31, 2014
Nine months ended December 31, 2013
Note: Comprehensive income

Millions of yen
81,31083,994

Operating income% Millions of yen
(3.2)
5,540
5.2
6,404

Nine months ended December 31, 2014
Nine months ended December 31, 2013

Net income% Millions of yen(10.0)
3,830(1.6)
3,876%(1.2)(5.5)¥6,307 million [38.3%]¥4,560 million [5.1%]

Net income per share

Diluted net income per share

Yen
102.71103.95

Nine months ended December 31, 2014
Nine months ended December 31, 2013

Ordinary income% Millions of yen(13.5)
5,968
(0.9)
6,628

Yen––(2) Consolidated financial position
Total assets
Millions of yen
69,66464,975

As of December 31, 2014
As of March 31, 2014
Reference: Equity

Net assets

As of December 31, 2014:
As of March 31, 2014:

Equity ratio

Millions of yen
58,18453,416

Net assets per share
%82.2
80.8

Yen
1,536.09
1,408.18¥57,282 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-end

Fiscal year-end

Yen––Yen
15.00
20.00

Yen––

Yen
15.00

Yen
30.00

20.00

40.00

Year ending March 31, 2015 (Forecast)

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

15 yenCommemorative dividends

5 yen

Ordinary dividends

15 yenCommemorative dividends

5 yen

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

Millions of yen
105,000

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(0.5)
6,700(8.0)
7,000(6.8)
4,530
2.5
121.48

Note: Revision of consolidated financial results forecast most recently announced: Yes
4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2014(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

Yes
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 December 31, 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 December 31, 2014

84,411 shares As of March 31, 2014

84,376 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2014

37,291,239 shares Nine months ended December 31, 201337,291,292 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 December 31, 2014

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

18,62023,785Merchandise and finished goods
Short-term loans receivable

7,292
24

8,375
13

OtherAllowance for doubtful accounts

965
(7)

4,510
(2)

50,44055,304

7,949(3,517)

7,598(3,520)

4,432

4,077

6,588
1,657

6,588
1,865

(1,021)(1,190)635

675

11,656

11,341

161

156

Investment securities
Long-term loans receivable

1,525
18

1,728
30

Other
Allowance for doubtful accounts

1,340(168)

1,132
(29)

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

Total investments and other assets

2,716

2,862

14,534

14,36064,97569,664

4,420

5,316

5
1,797

198
1,032

55
3954
37

Other

1,720

4,035

Total current liabilities

8,038

10,674

Bonds payable
Long-term loans payable

2,500
198

––

Net defined benefit liability
Asset retirement obligations

353
54

371
55

Other

413

379

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' bonuses
Provision for bonusesNon-current liabilities

Total non-current liabilities
Total liabilities

33,520806

11,558

11,480(Millions of yen)
As of March 31, 2014

As of December 31, 2014

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
41,354

6,043
43,879(79)(80)

52,31054,836

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

80103

165
2,242

Foreign currency translation adjustment
Remeasurements of defined benefit plans

134
(116)

143(105)

Total accumulated other comprehensive income

201

2,446–
904

115
785

53,41658,18464,97569,664

Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Subscription rights to shares
Minority 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)
Nine months ended

Nine months ended

December 31, 2013

December 31, 2014

Net sales
Cost of sales

83,99464,31681,31062,034Gross profit19,677

19,275

Selling, general and administrative expenses

13,273

13,734

Operating income

6,404

5,540

Interest income
Dividend income

412750Gain on sales of investment securities
Gain on adjustment of account payable–
9530

House rent income
Foreign exchange gains

11109

0268

Insurance premiums refunded cancellation
Other

2991–
108

Total non-operating income

268

470

Non-operating income

Non-operating expenses
Interest expenses

119Commission fee
Other

13
19

1418

Total non-operating expenses

4442

6,628

5,968

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

0–

–
13

Gain on sales of shares of subsidiaries and associates–

158

Total extraordinary income

0172

102

3

Ordinary income
Extraordinary income

Extraordinary losses
Loss on valuation of shares of subsidiaries and associates
Provision of allowance for doubtful accounts for subsidiaries
and associates
Loss on sales of shares of subsidiaries and associates

–

1421–

Provision of allowance for doubtful accounts

97–

222

17

Income before income taxes and minority interests

Total extraordinary losses

6,406

6,124

Income taxes - current

2,432

2,056

Income taxes - deferred

(69)

31

Total income taxes

2,362

2,088

Income before minority interests

4,043

4,036

167

205

3,876

3,830

Minority interests in income
Net income

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

Income before minority interests
Other comprehensive income

Nine months ended

Nine months ended

December 31, 2013

December 31, 2014

4,043

4,036

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

(22)
343

85
2,139

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

196–35
10

Total other comprehensive income

517

2,271

4,560

6,307

4,308
252

6,075
232

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)

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

Nine months ended

Nine months ended

December 31, 2013

December 31, 2014

6,406

6,124

DepreciationIncrease (decrease) in provision for directors' bonuses371(12)378(0)Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts

(9)
98(2)
(144)

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

22––
35

Interest and dividend income
Interest expenses(17)
11(57)
9

Loss on valuation of shares of subsidiaries and associates
Loss (gain) on sales and valuation of investment securities

102–

3(5)

Loss (gain) on sales of shares of subsidiaries and associates
Loss (gain) on liquidation of subsidiaries and associates

21–(158)(13)

Loss (gain) on sales of property, plant and equipment
Decrease (increase) in notes and accounts receivable - trade–(8,254)0(7,824)

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

(695)
296

(1,045)
862

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

65(51)

302(357)

Increase (decrease) in other current liabilities
Other, net

388
(3)

902314(1,256)(677)

17(14)

57(11)

Income taxes paid

(2,578)(2,803)

Net cash provided by (used in) operating activities(3,832)(3,435)

SubtotalInterest and dividend income received
Interest expenses paid

7

(Millions of yen)

Cash flows from investing activities
Payments into time deposits

Nine months ended

Nine months ended

December 31, 2013

December 31, 2014
(300)

(2,000)

300
(170)

2,000
(170)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

–(1)

1(0)

Purchase of investment securitiesProceeds from sales of investment securities

(12)
–

(22)
27

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

–
56

(50)
–

Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation–

555

Proceeds from sales of shares of subsidiaries resulting inchange in scope of consolidation–

132

Payments of loans receivableCollection of loans receivable

(134)
8(36)
17

Other payments
Other proceeds

(290)
1(19)
3

Net cash provided by (used in) investing activities(541)

440Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment

Cash flows from financing activities
Repayments of long-term loans payable

(5)

(5)

Redemption of bonds
Proceeds from disposal of treasury shares–0(2,500)
–

(0)
(65)

(0)
(66)

–
(1,116)(25)(1,303)

(56)

(778)

Net cash provided by (used in) financing activities(1,244)(4,678)

Effect of exchange rate change on cash and cash equivalents

7660

Net increase (decrease) in cash and cash equivalents(5,540)(7,612)

Cash and cash equivalents at beginning of period

23,66526,233

Cash and cash equivalents at end of period

18,124

18,620Purchase of treasury shares
Repayments of lease obligations
Repayments of installment payables
Cash dividends paid
Cash dividends paid to minority shareholders

8