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, 2023
(Based on Japanese GAAP)
October 31, 2023
Company name:DOSHISHA CORPORATION
Stock exchange listing: Tokyo
Stock code:
Representative:

Inquiries:

7483
URL https://www.doshisha.co.jp
President, CEO and COO
Masayuki Nomura
Managing Executive Officer
Director In Charge Of Financial &Takahiro Matsumoto

Accounting, Foreign Trade Operation,
Business Management

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

November 13, 2023
December 4, 2023

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

NoYes

TEL

06-6121-5669(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Six months ended September 30, 2023
51,860
(1.0)
4,266
11.1
4,384
10.9
2,931
11.0
Six months ended September 30, 2022
52,404
6.8
3,839
(2.9)
3,954
(4.8)
2,641
(5.4)
Note: Comprehensive income

Six months ended September 30, 2023

¥4,251 million [17.7%]

Six months ended September 30, 2022

¥3,613 million [41.5%]

Earnings per share

Diluted earnings per share

Yen
85.86
77.10

Six months ended September 30, 2023
Six months ended September 30, 2022

Yen
84.82
–(2) Consolidated financial position
Total assets
As of September 30, 2023
As of March 31, 2023
Reference: Equity

Net assets

Millions of yen
101,616
98,188Equity ratio

Millions of yen
82,63979,704As of September 30, 2023:¥80,800 million

As of March 31, 2023:¥77,958 million

Net assets per share%
79.5
79.4

Yen2,366.67
2,283.42

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
30.00
35.00

Yen–

Yen
35.00

Yen
65.00

–

35.00

70.00

Year ending March 31, 2024 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
111,000Percentages 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
5.0
9,000
11.8
9,000
7.9
6,100
8.5
178.67

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, 2023
(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, 2023

37,375,636 shares As of March 31, 2023

37,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2023

3,234,699 shares As of March 31, 2023

3,234,655 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2023

34,140,949 shares Six months ended September 30, 2022

34,259,354 shares* Quarterly financial results reports are exempt from quarterly review 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, 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, 2023

As of September 30, 2023

AssetsCurrent assetsCash and deposits
Notes receivable - trade52,639255

51,274320

Accounts receivable - trade
Electronically recorded monetary claims - operating

13,015
1,196

14,305
1,922

Merchandise and finished goods
Short-term loans receivable

7,896
12

10,076
11

Other
Allowance for doubtful accounts

780
(0)

1,499
(0)

75,796

79,41013,882(5,781)

13,953(5,975)

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

8,100

7,978

Land
Construction in progress

Buildings and structures, net

9,385139,385–

Other
Accumulated depreciation

3,230(2,463)

3,375(2,601)

767

774

18,26618,138

354

466

2,200

2,449

7
452

2
46

1,118(7)1,111(7)Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets

3,771

3,601

22,392

22,20598,188

101,616

6,047

6,837

–
1,530

6,600
1,488

63
5

31
8

Other

3,152

2,899

Total current liabilities

10,80017,864

Long-term borrowings
Retirement benefit liability

6,600
677

–690

Asset retirement obligations
Other10396

10411

Total non-current liabilities

7,683

1,112

18,484

18,977

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses for directors (and other officers)
Provision for bonuses

Non-current liabilities

Total liabilities

3

(Millions of yen)
As of March 31, 2023

As of September 30, 2023

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
71,614

6,273
73,350Treasury shares(5,105)(5,105)

Total shareholders' equity

77,77579,511

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

232
(270)

382
553

Foreign currency translation adjustment
Remeasurements of defined benefit plans

245
(24)

371
(18)

Total accumulated other comprehensive income

182

1,288

Share acquisition rights
Non-controlling interests

135
1,610

223
1,615

Total net assets

79,704

82,63998,188

101,616

Accumulated other comprehensive income

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, 2022

September 30, 2023

Net sales
Cost of sales

52,404
38,172

51,86036,876Gross profit

14,231

14,984

Selling, general and administrative expenses

10,392

10,717

Operating profit

3,839

4,266

Interest income
Dividend income

1261528

Gain on adjustment of accounts payable
Foreign exchange gains

434

135

Subsidy income
Other

355

052

Total non-operating income

Non-operating income

125

133

Non-operating expenses
Interest expenses

22

Commission expenses
Cancellation penalty

2–

15

Other

55

Total non-operating expenses

1015

Ordinary profit

3,954

4,384

Profit before income taxes

3,954

4,384

Income taxes - current
Income taxes - deferred

1,276
(41)

1,379
(5)

Total income taxes

1,235

1,373

Profit

2,719

3,011

77

80

2,641

2,931

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

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

ProfitOther comprehensive income

Six months ended

Six months ended

September 30, 2022

September 30, 2023

2,719

3,011

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

102519149824

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

269
2260
5Total other comprehensive income

894

1,240

3,613

4,251

3,389

4,037

223

214

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, 2022

September 30, 2023

3,954

4,384

366

400(23)(32)

22

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability

(2)
17021

Share-based payment expenses
Subsidy income45(3)88(0)

Interest and dividend incomeInterest expenses

(28)
2(44)
2(292)(1,649)(2,030)(2,167)

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes

816
(8)

739
23

Decrease (increase) in other current assets
Increase (decrease) in other current liabilities

(97)
(58)

(35)
216

Other, net

88

Subtotal

3,051

1,577

28

44(2)
(1,270)(2)(1,419)Depreciation
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in provision for bonuses

Decrease (increase) in trade receivables
Decrease (increase) in inventories

Interest and dividends received
Interest paid
Income taxes paid
Subsidies received

30

1,810

199

Payments into time deposits
Purchase of property, plant and equipment–(102)(1,299)(60)

Purchase of intangible assets
Purchase of investment securities

(39)
(11)

(199)
(11)

Proceeds from collection of loans receivable
Other payments

6(11)

6(4)

26

(155)

(1,562)

(646)
(77)

(0)
(73)

Dividends paid
Dividends paid to non-controlling interests(1,036)–(1,194)(210)

Net cash provided by (used in) financing activities(1,760)(1,478)

Effect of exchange rate change on cash and cash equivalents

177

177

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

Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Repayments of lease liabilities

Net increase (decrease) in cash and cash equivalents

72(2,664)

Cash and cash equivalents at beginning of period

48,581

52,639Cash and cash equivalents at end of period

48,65349,975

7