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 Year Ended March 31, 2018
(Based on Japanese GAAP)May 7, 2018
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483
Representative:

Inquiries:

URL

http://www.doshisha.co.jp

President and Chief Operating Officer
Executive Officer
Director In Charge Of Financial &Accounting, Foreign Trade Operation,

Masayuki Nomura

Takahiro Matsumoto

Investigation, Business Management
Scheduled date of ordinary general meeting of shareholders:June 28, 2018

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 29, 2018
June 29, 2018

Preparation of supplementary material on financial results:
Holding of financial results meeting:

NoYes

TEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2018 (from April 1, 2017 to March 31, 2018)(1) Consolidated operating results
Net sales
Millions of yen
103,589
107,015

Year ended March 31, 2018Year ended March 31, 2017
Note: Comprehensive income

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
(3.2)
7,769
9.7
8,001
12.3
5,490
15.1
(3.5)
7,080 (19.0)
7,122(20.2)
4,770(17.1)

Year ended March 31, 2018

¥5,669 million [(5.6)%]

Year ended March 31, 2017

¥6,003 million [99.5%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
151.148.8
9.7
7.5
131.798.2
9.2
6.6

Diluted earnings pershareYen
151.97132.39Year ended March 31, 2018Year ended March 31, 2017

Reference: Share of income of investments accounted for using the equity method
Year ended March 31, 2018Year ended March 31, 2017¥– million¥– million(2) Consolidated financial position
Total assets
As of March 31, 2018
As of March 31, 2017
Reference: Equity

Net assets

Millions of yen
86,98778,659As of March 31, 2018:
As of March 31, 2017:

Millions of yen
66,59460,255Equity ratio

Net assets per share%
75.5
74.8

Yen
1,778.84
1,657.39¥65,687 million¥58,869 million(3) Consolidated cash flows

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

Cash flows fromoperating activities
Millions of yen
7,072
4,682

Cash flows frominvesting activities
Millions of yen(3,805)(2,299)1

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
536
35,986(3,093)32,207

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2017
Year ended March 31, 2018Year ending March 31, 2019
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen

%%

–
–

25.00
25.00

––

25.00
25.00

50.00
50.00

1,787
1,829

37.8
32.9

3.1
2.9

–

25.00

–

25.00

50.00

32.6

3. Forecast of consolidated financial results for the year ending March 31, 2019 (from April 1, 2018 to March 31, 2019)
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
Six months ending
52,500
4.1
3,900
3.5
3,900
0.5
2,700
2.0
73.12
September 30, 2018
Full year
110,000
6.2
8,400
8.1
8,500
6.2
5,800
5.6
157.07
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2018(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) 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:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2018

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 March 31, 2018448,808 shares As of March 31, 2017

1,856,408 shares

36,130,404 shares Year ended March 31, 201736,038,497 shares

Average number of shares during the period
Year ended March 31, 20182

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2018 (from April 1, 2017 to March 31, 2018)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2018Year ended March 31, 2017

Operating profit

Millions of yen
96,181
99,860% Millions of yen
(3.7)
6,972
(3.6)
6,025

Earnings per share% Millions of yen
15.7
7,405
(22.4)
6,542

Profit% Millions of yen
13.2
5,200(20.2)
4,593

%
13.2
(15.9)

Diluted earnings per share

Yen
143.95127.47

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

Ordinary profit

Yen
143.16126.90(2) Non-consolidated financial position
Total assets
As of March 31, 2018
As of March 31, 2017
Reference: Equity

Net assets

Millions of yen82,442
74,448
As of March 31, 2018
As of March 31, 2017

Equity ratio

Millions of yen
63,36657,190Net assets per share%
76.7
76.2

Yen
1,713.45
1,597.26¥63,272 million¥56,733 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2019 (from April 1, 2018 to March 31, 2019)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2018
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

49,0004.7

3,500(2.3)

2,400(5.7)

64.99

102,500

6.6

7,700

4.0

5,300

1.9

143.53* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* 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, include forecasts based on certain assumptions andplans available at the time of disclosure of this document. Actual results may differ materially due to risks and uncertainty regarding economicand industry trends, price competition, and exchange rate fluctuations.

3Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2017

As of March 31, 2018

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade32,207
17,79635,986
15,828

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,206
8,247

3,226
8,368

Deferred tax assets
Short-term loans receivable

208
14282
273

Other
Allowance for doubtful accounts

663
(2)

1,016
(5)

60,34264,976

7,568(3,903)

12,896(4,145)

3,665

8,751

9,174
367

9,174
825

(226)

(236)

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

140

589

Construction in progress

2,008

–

Other
Accumulated depreciation

1,742(1,295)

1,759(1,360)

Other, net

446

399

15,434

18,914

Leased assets
Other4874

42
85

Total intangible assets

123

127

Investments and other assets
Investment securities

1,525

1,77629181

36
97

Other
Allowance for doubtful accounts

1,029(7)1,071(13)Total investments and other assets

2,758

2,968

18,31722,01078,65986,987

Total property, plant and equipment
Intangible assets

Long-term loans receivable
Deferred tax assets

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2017

As of March 31, 2018

Liabilities
Current liabilities
Accounts payable - trade

5,008

6,259

Lease obligations
Income taxes payable

80
1,156

100
1,534–64

234

Provision for bonuses
Other43
3,105

26
3,138

Total current liabilities

9,459

11,095

Non-current liabilities
Long-term loans payable

8,000

8,000

Lease obligations
Deferred tax liabilities

130–

5340

Net defined benefit liability
Asset retirement obligations

589
57

582
58

Provision for environmental measures
Other

52
113

55
65

Deferred tax liabilities
Provision for directors' bonuses

Total non-current liabilities

8,944

9,297

18,403

20,393

Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,043
51,7616,226
55,458

Total liabilities
Net assetsTreasury shares(3,777)(913)

Total shareholders' equity

59,021

65,763

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

211
(193)

380
(320)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

18(189)

(11)
(124)

Total accumulated other comprehensive income

(152)

(76)

456
929

94
812

60,25566,59478,65986,987

Accumulated other comprehensive income

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2017

Fiscal year ended
March 31, 2018

Net sales

107,015

103,589

Cost of sales

80,78476,307Gross profit

26,23027,281

Selling, general and administrative expenses

19,15019,512

Operating profit

7,080

7,769

2286

Gain on sales of investment securities
Gain on adjustment of account payable–
69

1052

Foreign exchange gains
Operations consignment fee of subsidiaries and affiliates

–
528
7

Other6194

Total non-operating income

159

279

Interest expenses
Commission fee

424

425

Foreign exchange losses
Other66
21–
18

Total non-operating expenses

117

48

7,122

8,001

Gain on reversal of share acquisition rights–

3

Total extraordinary income

–

344

3

Non-operating income
Interest and dividend income

Non-operating expenses

Ordinary profit
Extraordinary income

Extraordinary losses
Provision for environmental measures

44

3

Profit before income taxes

Total extraordinary losses

7,077

8,001

Income taxes - current

2,077

2,424

Income taxes - deferred3(36)Total income taxes

2,081

2,388

Profit

4,996

5,612

225

122

4,770

5,490

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

6

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018
4,996

5,612

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

23
1,061

168
(127)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(103)
25(49)
64

Total other comprehensive income

1,006

56

6,003

5,669

5,818

5,566

185

102

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

7

Consolidated statements of changes in equity
Fiscal year ended March 31, 2017
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equityTreasury shares

48,803(1,777)58,063

Changes of items during period
Dividends of surplus(1,812)(1,812)

Profit attributable to owners ofparent

4,770

4,770

Purchase of treasury shares(2,000)(2,000)Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

––

2,958

(2,000)

958

4,993

6,043

51,761(3,777)59,021

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period188

Deferred
gains orlosses onhedges(1,255)

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

81(215)

Shareacquisitionrights

Noncontrollinginterests

402

897

Total net
assetsincome(1,199)

58,163

Changes of items during period
Dividends of surplus(1,812)

Profit attributable to owners ofparent

4,770

Purchase of treasury shares(2,000)Net changes of items otherthan shareholders' equity

23

1,061

(62)

25

1,047

54

32

1,134

Total changes of items during
period

23

1,061

(62)

25

1,047

54

32

2,092

Balance at end of current period

211

(193)

18(189)

(152)

456

929

60,255

8Fiscal year ended March 31, 2018
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equityTreasury shares

51,761(3,777)59,021

Changes of items during period
Dividends of surplus(1,794)(1,794)

Profit attributable to owners ofparent

5,490

5,490

Disposal of treasury shares

182

2,863

3,046

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current period

–

182

3,696

2,863

6,742

4,993

6,226

55,458(913)

65,763

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period211

Deferred
gains orlosses onhedges
(193)

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

18(189)Shareacquisitionrights

Noncontrollinginterests

456

929

Total net
assetsincome(152)60,255

Changes of items during period
Dividends of surplus(1,794)

Profit attributable to owners ofparent

5,490

Disposal of treasury shares

3,046

Net changes of items otherthan shareholders' equity

168

(127)

(30)

6475(362)

(116)

(403)

Total changes of items during
period

168

(127)

(30)

6475(362)

(116)

6,338

Balance at end of current period

380

(320)

(11)

(124)

(76)

94

812

66,5949

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018
7,077

8,001

Depreciation
Increase (decrease) in provision for directors' bonuses

463
(8)

525
(29)

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

3(11)

(17)
9

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

76
4486
3

Interest and dividend income
Interest expenses

(22)
4(86)
4

Loss (gain) on sales and valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade(0)(2,533)(10)(81)

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

1,083
193

(139)
1,265

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

318187(334)(388)

Increase (decrease) in other current liabilities
Other, net

530
84253
127,492

9,072

22(4)

85
(2)

Income taxes paid

(2,827)(2,082)

Net cash provided by (used in) operating activities

4,682

7,072

Purchase of property, plant and equipment
Purchase of investment securities(2,250)(17)(3,462)(17)

Proceeds from sales of investment securities
Payments of loans receivable

0(12)10(286)

Collection of loans receivable
Other payments19(40)20(72)

SubtotalInterest and dividend income received
Interest expenses paid

Cash flows from investing activities

Other proceeds
Net cash provided by (used in) investing activities

10

12(2,299)(3,805)

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018

Cash flows from financing activities
Proceeds from long-term loans payable

1,000

–

Purchase of treasury shares
Proceeds from exercise of share options(2,000)
––
2,687

(89)
(38)

(101)
(35)

Cash dividends paid
Dividends paid to non-controlling interests(1,812)(152)(1,794)(219)

Net cash provided by (used in) financing activities(3,093)

536

Repayments of lease obligations
Repayments of installment payables

Effect of exchange rate change on cash and cash equivalents

(75)

(25)

Net increase (decrease) in cash and cash equivalents

(786)

3,778

Cash and cash equivalents at beginning of period

32,99332,207

Cash and cash equivalents at end of period

32,20735,986

11