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 Three Months Ended June 30, 2023
(Based on Japanese GAAP)
July 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:

August 10, 2023–

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

NoNo

TEL

06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 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%Three months ended June 30, 2023
26,362(1.1)
2,517
13.8
2,596
9.9
1,738
9.3
Three months ended June 30, 2022
26,6554.8
2,212 (10.8)
2,363 (10.5)
1,590 (10.4)
Note: Comprehensive income

Three months ended June 30, 2023
Three months ended June 30, 2022

¥2,860 million [35.1%]¥2,117 million [31.9%]

Earnings per shareDiluted earnings per share

Yen
50.93
46.30

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen
50.43
–

(2) Consolidated financial position
Total assets
Millions of yen
99,167
98,188

As of June 30, 2023
As of March 31, 2023
Reference: Equity

Net assets

As of June 30, 2023:
As of March 31, 2023:

Equity ratio

Millions of yen
81,20479,704

Net assets per share
%
80.2
79.4

Yen
2,328.54
2,283.42¥79,498 million¥77,958 million

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

Yen–

Yen
35.00

Yen
65.00

35.00

–

35.00

70.00

Year ending March 31, 2024 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1Total3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profitOrdinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

53,500

2.1

4,080

6.3

4,080

3.2

2,750

4.1

80.55

111,000

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 three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

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:

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 June 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 June 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)
Three months ended June 30, 2023

34,140,959 shares Three months ended June 30, 2022

34,348,112 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
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
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

As of June 30, 2023

52,639255
13,015
1,196
7,896
12
780
(0)

48,355346
15,482
1,792
9,432
12
1,597
(0)

75,79677,02013,882(5,781)

13,910(5,877)

8,100

8,033

9,385
13
3,230
(2,463)

9,385
–
3,352
(2,528)767

823

18,266

18,242

354

495

2,200
7
452
1,118(7)

2,274
4
20
1,117
(7)

3,771

3,409

22,392

22,147

98,18899,167

6,047
–
1,530
63
5
3,152

6,274
6,600
837
19
4
3,097

Total current liabilities

10,80016,833Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other

6,600
677
10396–684
10434

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
Other

Total non-current liabilities
Total liabilities

3

7,683

1,129

18,484

17,963

(Millions of yen)
As of March 31, 2023
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

As of June 30, 2023

4,993
6,273
71,614(5,105)

4,993
6,273
72,157(5,105)77,77578,319

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans

232
(270)
245
(24)

268
599
332
(21)

Total accumulated other comprehensive income

182

1,179

Total shareholders' equity

Share acquisition rights

135

180

Non-controlling interests

1,610

1,526

Total net assets

79,70481,204

98,18899,167

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)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales
Cost of sales

26,65519,19926,362
18,469Gross profit

7,456

7,893

Selling, general and administrative expenses

5,244

5,375

Operating profit

2,212

2,517

Interest income
Dividend income

025

1227

Foreign exchange gains
Subsidy income

105313–Other2131

Total non-operating income

157

84

Interest expenses
Commission expenses

11

10

Other

3

3

Non-operating income

Non-operating expenses

65

Ordinary profit

Total non-operating expenses

2,363

2,596

Profit before income taxes

2,363

2,596

Income taxes - current
Income taxes - deferred

690
28763
50

Total income taxes

719

813

1,643

1,782

52

44

1,590

1,738

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

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
1,643

1,782

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

44228

35870

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

199
2168
2Total other comprehensive income

474

1,077

2,117

2,860

1,950

2,735

166

125

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

Three months ended

Three months ended

June 30, 2022

June 30, 2023
2,363

2,596

182

192

(41)

(44)

(1)

(1)

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

(2)
80
11

Share-based payment expenses
Subsidy income

–
(3)

45–

Interest and dividend income
Interest expenses

(26)
1(39)
1(3,880)(1,252)(3,124)(1,531)

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

797
173

198
251

Decrease (increase) in other current assets
Increase (decrease) in other current liabilities(88)
109(59)87

Other, net

44

Subtotal(1,656)(1,411)26

39(2)(1,116)(2)(1,402)

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

3–(2,744)(2,776)

Payments into time deposits
Purchase of property, plant and equipment–(50)(1,000)(50)

Purchase of intangible assets
Purchase of investment securities

(4)
(7)

(173)
(6)

Proceeds from collection of loans receivable
Other payments

3
(3)

3
(1)

Other proceeds

20

(60)

(1,229)

(646)
(39)

(0)
(36)

Dividends paid
Dividends paid to non-controlling interests(1,011)–(1,166)(210)

Net cash provided by (used in) financing activities(1,696)(1,412)

Effect of exchange rate change on cash and cash equivalents103134

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

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(4,398)(5,284)

Cash and cash equivalents at beginning of period

48,581

52,639Cash and cash equivalents at end of period

44,18347,355

7