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, 2017
(Based on Japanese GAAP)
January 31, 2018
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:

February 13, 2018

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, 2017 (from April 1, 2017 to December 31, 2017)(1) Consolidated operating results (cumulative)
Net salesNine months ended December 31, 2017
Nine months ended December 31, 2016
Note: Comprehensive income

Millions of yen
83,02085,100Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(2.4)
6,982
11.4
7,128
12.7
4,867
15.0(3.3)
6,267 (15.1)
6,323 (16.6)
4,234 (13.9)

Nine months ended December 31, 2017

¥5,606 million [0.2%]

Nine months ended December 31, 2016

¥5,594 million [43.3%]

Earnings per share

Diluted earnings per shareYen
135.50116.98Nine months ended December 31, 2017
Nine months ended December 31, 2016

Yen
134.68116.46(2) Consolidated financial position
Total assets
Millions of yen
85,80278,659As of December 31, 2017
As of March 31, 2017
Reference: Equity

Net assets

Equity ratio

Millions of yen
65,73960,255

As of December 31, 2017:¥64,707 million

As of March 31, 2017:¥58,869 million

Net assets per share
%75.4
74.8

Yen
1,772.25
1,657.39

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

25.00

50.00

Year ending March 31, 2018 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)
Net sales
Full year

Millions of yen
110,000

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen
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 nine months ended December 31, 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:

NoNo

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, 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 December 31, 2017864,008 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)
Nine months ended December 31, 201735,920,598 shares Nine months ended December 31, 201636,194,278 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 December 31, 2017

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade32,207
17,79628,38323,125

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,2068,247

2,956
7,673

14871

32
1,469

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

(2)

(1)

60,342

63,640Non-current assets
Property, plant and equipment
Buildings and structures

7,568

12,776

Accumulated depreciation(3,903)(4,057)

Buildings and structures, net

3,665

8,718

Land

9,174

9,174

Construction in progress
Other

2,008
2,109

–
2,668

(1,522)(1,655)

Accumulated depreciation
Other, net

586

1,012

15,43418,905123

133

Investment securities
Long-term loans receivable

1,525
29

1,969
45

Other
Allowance for doubtful accounts

1,210(7)1,109(1)Total investments and other assets

2,758

3,122

18,31722,161

78,65985,802

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

5,990

Income taxes payable
Provision for directors' bonuses

1,156
64

1,200
61

Provision for bonuses
Other

43
3,186

44
3,411

Total current liabilities

9,459

10,708Non-current liabilities
Long-term loans payable

8,000

8,000

Net defined benefit liability
Asset retirement obligations

589
57

614
58

Provision for environmental measures
Other52
243

56
625

8,944

9,354

18,40320,062

Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of March 31, 2017

As of December 31, 2017

Net assets
Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
51,761

6,172
54,834

Treasury shares(3,777)(1,758)

Total shareholders' equity

59,02164,241

Valuation difference on available-for-sale securitiesDeferred gains or losses on hedges

211(193)510
79

Foreign currency translation adjustment
Remeasurements of defined benefit plans

18(189)38(162)

Total accumulated other comprehensive income

(152)

465

456
929

200
831

60,25565,73978,65985,802

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)
Nine months ended

Nine months ended

December 31, 2016

December 31, 2017

Net sales
Cost of sales

85,10063,992

83,02060,997Gross profit

21,10722,023

Selling, general and administrative expenses

14,84015,040Operating profit

6,267

6,982

Interest income
Dividend income

120

123

Gain on sales of investment securities
Gain on adjustment of account payable–
35

1020

Foreign exchange gains
Other–
51

47
78

Total non-operating income

109

182

Non-operating income

Non-operating expenses
Interest expenses

33Commission fee
Foreign exchange losses

191720–Other

1213

Total non-operating expenses

52

36

6,323

7,128–

3–

3–

3–

3

Profit before income taxes

6,323

7,128

Income taxes - current
Income taxes - deferred

1,851
37

2,142
10

Total income taxes

1,888

2,153

Profit

4,435

4,974

201

107

4,234

4,867

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

Profit attributable to non-controlling interests
Profit attributable to owners of parent5

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

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2016

December 31, 2017

4,435

4,974

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

4
1,188

298
273

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

(60)
26

33
27

1,159

632

5,594

5,606

5,409

5,485

185

121

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

Nine months ended

Nine months ended

December 31, 2016

December 31, 2017

6,323

7,128

Depreciation
Increase (decrease) in provision for directors' bonuses

334
(18)

353
(3)

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

(4)
60(6)

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

56–63
3

Interest and dividend income
Interest expenses

(21)
3(25)
3

Loss (gain) on sales and valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade(0)(9,763)(10)(7,078)Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade

937
598

574
982

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

454(219)

(321)
(648)

Increase (decrease) in other current liabilities
Other, net1,065
56793
18

Subtotal

(186)

1,826

21(2)

25(2)

Income taxes paid

(2,781)(2,095)

Net cash provided by (used in) operating activities(2,949)(246)

Purchase of property, plant and equipment
Purchase of investment securities

(490)
(13)

(3,282)(14)

Proceeds from sales of investment securities
Payments of loans receivable

0(0)10(46)

Collection of loans receivable
Other payments

15(18)

11(63)

Interest and dividend income received
Interest expenses paid

Cash flows from investing activities

Other proceeds

11(506)(3,382)

Proceeds from long-term loans payable
Purchase of treasury shares

1,000(2,000)––

Proceeds from exercise of share options
Repayments of lease obligations

–
(66)

1,894
(70)

(25)
(1,809)(25)(1,788)

(152)

(219)

(3,054)(209)

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

Repayments of installment payables
Cash dividends paid
Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(69)

13

Net increase (decrease) in cash and cash equivalents(6,580)(3,824)

Cash and cash equivalents at beginning of period

32,99332,207

Cash and cash equivalents at end of period

26,41328,3837