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, 2024
(Based on Japanese GAAP)May 9, 2024
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483

URL

https://www.doshisha.co.jp

Representative:

President, CEO and COO
Director and Managing Executive Officer

Masayuki Nomura

Inquiries:

In Charge of Financial & Accounting,Foreign Trade Operation.

Takahiro Matsumoto

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 27, 2024
June 28, 2024

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 28, 2024
No

Holding of financial results meeting:

Yes

TEL

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

1. Consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results
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%
Year ended March 31, 2024
105,824
0.1
7,926
(1.6)
8,412
0.8
5,784
2.9
Year ended March 31, 2023
105,709
4.6
8,052
13.3
8,342
9.8
5,621
9.5
Note: Comprehensive income

Year ended March 31, 2024
Year ended March 31, 2023
Earnings per share¥7,005 million [25.9%]¥5,564 million [6.8%]
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
167.31
7.2
8.4
7.5
–
7.3
8.7
7.6

Diluted earnings pershareYen
169.42
164.34

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

Reference: Share of profit (loss) of entities accounted for using equity method
Year ended March 31, 2024¥– million¥– million

Year ended March 31, 2023
(2) Consolidated financial position

Total assets
Millions of yen
102,701
98,188

As of March 31, 2024
As of March 31, 2023Reference: Equity

Net assets
Millions of yen
84,28479,704As of March 31, 2024:¥82,283 million

As of March 31, 2023:¥77,958 million

Equity ratio

Net assets per share%
80.1
79.4

Yen
2,410.12
2,283.42(3) Consolidated cash flows

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

Cash flows fromoperating activities
Millions of yen
5,377
7,121

Cash flows frominvesting activities
Millions of yen(1,309)(304)

1Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(2,726)54,187(2,860)
52,639

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

Yenof dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Millions of yen%%

Year ended March 31, 2023
–
30.00
–
Year ended March 31, 2024
–
35.00
–
Year ending March 31, 2025
–
40.00
–
(Forecast)
Breakdown of year-end dividends for the fiscal year ended March 31, 2024:

35.00
40.00

65.00
75.002,219
2,560

39.6
44.3

2.9
3.2

40.00

80.00

45.5

Ordinary dividend of ¥35.00, and commemorative dividend of ¥5.00
Note: The company has revised the year-end dividend per share for the fiscal year ended March 31, 2024 from ¥35 to ¥40.
3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
Full year

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

54,100

4.3

4,450

4.3

4,500

2.6

2,950

0.6

86.41

110,000

3.9

9,000

13.5

9,100

8.2

6,000

3.7

175.74

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(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:
NoChanges in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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, 2024

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 March 31, 2024

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

3,234,655 shares

34,140,944 shares Year ended March 31, 2023

34,204,732 shares

Average number of shares during the period
Year ended March 31, 20242

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2024
Year ended March 31, 2023

Operating profit

Millions of yen
96,23596,149%0.1
5.4

Earnings per share

Millions of yen
6,808
7,064

% Millions of yen
(3.6)
7,361
10.78,008

Profit% Millions of yen
(8.1)
5,210
14.9
5,709

%
(8.7)
16.4

Diluted earnings per shareYen
152.61
166.92

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

Ordinary profit

Yen
150.71–(2) Non-consolidated financial position
Total assets
As of March 31, 2024
As of March 31, 2023
Reference: Equity

Net assets

Millions of yen
93,96890,390
As of March 31, 2024
As of March 31, 2023

Equity ratio

Millions of yen
77,27973,673

Net assets per share
%81.9
81.4

Yen
2,254.48
2,153.95¥76,970 million¥73,537 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2024
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

49,7005.3

3,850(1.5)

2,650(2.8)

77.62

101,000

5.0

7,800

5.9

5,350

2.7

156.70* 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 economic
and industry trends, price competition, and exchange rate fluctuations.

3

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade52,639255

55,187271

Accounts receivable - trade
Electronically recorded monetary claims - operating

13,015
1,196

13,722
1,476

Merchandise and finished goods
Short-term loans receivable

7,896
12

8,889
5

Other
Allowance for doubtful accounts

780
(0)

900
(0)

75,79680,452

13,882(5,781)

13,980(6,163)

8,100

7,816

9,385
974

9,385
1,089

Accumulated depreciation

(587)

(684)

Leased assets, net

387

404

Construction in progress

13

–

2,255
(1,875)2,343(2,034)379

308

18,266

17,914

Leased assets
Other

45309

18402

Total intangible assets

354421

Investments and other assets
Investment securities

2,200

2,683

7452

1124

1,118(7)1,109(6)Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Land
Leased assets

Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets

Long-term loans receivable
Deferred tax assets
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

3,771

3,912

22,392

22,24898,188102,701

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities
Current liabilities
Accounts payable - trade

6,047

6,487

–118

6,600
99

Income taxes payable
Provision for bonuses for directors (and other officers)

1,530
63

1,363
58

Provision for bonuses
Other5
3,034

11
2,756

Total current liabilities

10,80017,377

Non-current liabilities
Long-term borrowings

Current portion of long-term borrowings
Lease liabilities

6,600–

Lease liabilities
Retirement benefit liability

313
677

324
641

Asset retirement obligations
Deferred tax liabilities

1010

10
6

Other

72

57

7,683

1,040

18,484

18,417

Share capital
Capital surplus

4,993
6,273

4,993
6,273

Retained earnings
Treasury shares

71,614(5,105)75,008(5,105)

Total shareholders' equity

77,775

81,169

232

536

(270)
245

146
404

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

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

(24)

26

Total accumulated other comprehensive income

182

1,114

Share acquisition rights

135

309

Non-controlling interests

1,610

1,690

Total net assets

79,70484,284

98,188102,701

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, 2023

Fiscal year ended
March 31, 2024

Net sales

105,709

105,824

Cost of sales

77,04375,939Gross profit

28,66629,884

Selling, general and administrative expenses

20,613

21,958Operating profit

8,052

7,926

Non-operating income
Interest and dividend income

156

286

Gain on adjustment of accounts payable
Foreign exchange gains

1129

6106

Operations consignment fee of subsidiaries and affiliates
Subsidy income

5451

Other

103

108

Total non-operating income

310

514

Interest expenses
Commission expenses

45

5
3

Cancellation penalty
Other–
10514

Total non-operating expenses

2028

Ordinary profit

8,342

8,412Profit before income taxes

8,342

8,412

Income taxes - current

2,657

2,520

Income taxes - deferred(61)(16)

Total income taxes

2,596

2,504

Profit

5,746

5,908

Non-operating expenses

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

6124

124

5,621

5,784

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024
5,746

5,908

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

175(478)

303
417

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

124(3)

324
50

Total other comprehensive income

(181)

1,097

5,564

7,005

5,380

6,715

183

289

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, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,993

Retained earnings

6,273

Total shareholders'equityTreasury shares

68,054(4,459)74,861

Changes during period
Dividends of surplus(2,061)(2,061)

Profit attributable to owners ofparent

5,621

5,621

Purchase of treasury shares

(646)

(646)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

––

3,560

(646)

2,913

4,993

6,273

71,614(5,105)77,775

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

56

Deferredgains orlosses onhedges207

TotalForeign
currencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

180

(21)

Share
acquisitionrights

Noncontrollinginterests

–

1,427

Total net
assetsincome423

76,712

Changes during period
Dividends of surplus(2,061)

Profit attributable to owners ofparent

5,621

Purchase of treasury shares(646)

Net changes in items otherthan shareholders' equity

175

Total changes during period

175

(478)

Balance at end of period

232

(270)

(478)

64(3)

(241)

64(3)

(241)

135

1832,991

245(24)

182

135

1,610

79,704

8135

183

77

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,993

Retained earnings

6,273

Total shareholders'equityTreasury shares

71,614(5,105)77,775

Changes during period
Dividends of surplus(2,389)(2,389)Profit attributable to owners ofparent

5,784

5,784

Purchase of treasury shares

(0)

(0)

Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period––3,394

(0)

3,394

4,993

6,273

75,008(5,105)

81,169

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

232

Deferred
gains orlosses onhedges
(270)

Total

Foreigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive245

(24)

Share
acquisitionrights

Noncontrollinginterests

135

1,610

Total net
assetsincome182

79,704

Changes during period
Dividends of surplus(2,389)Profit attributable to owners ofparent

5,784

Purchase of treasury shares(0)Net changes in items otherthan shareholders' equity

303

417

159

50

Total changes during period

303

417

159

Balance at end of period

536

146

404

9931

174

79

1,185

50

931

174

79

4,579

26

1,114

309

1,690

84,284

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, 2023

March 31, 2024
8,342

8,412

752

803

6(5)

05

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

(5)
21(1)
37

Share-based payment expenses
Insurance claim income

135–

174
(0)

Subsidy income
Interest and dividend income

(4)
(156)

(1)
(286)

Interest expenses
Decrease (increase) in trade receivables

4(14)5(940)

Decrease (increase) in inventories
Increase (decrease) in trade payables

144
128(974)
376

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

(9)
(29)

114
(14)

Increase (decrease) in other current liabilities
Other, net(36)
2253
18

9,302

7,776

Interest and dividends received
Interest paid

156
(4)

284
(5)

Income taxes paid
Proceeds from insurance income(2,335)–(2,681)
04

1

7,121

5,377

Payments into time deposits
Proceeds from withdrawal of time deposits––(1,283)283

Purchase of property, plant and equipment
Purchase of intangible assets

(199)
(82)

(68)
(231)

Purchase of investment securities
Proceeds from sale of investment securities

(21)
–

(22)
2

Proceeds from collection of loans receivable
Other payments

13(17)

13(8)Depreciation
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in provision for bonuses

Subtotal

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

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

1026(304)(1,309)(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Cash flows from financing activities
Purchase of treasury shares

(646)

(0)

Repayments of lease liabilities
Dividends paid

(153)
(2,060)(126)(2,389)–(210)Net cash provided by (used in) financing activities(2,860)(2,726)

Effect of exchange rate change on cash and cash equivalents

101

205

Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents

4,058

1,547

Cash and cash equivalents at beginning of period

48,581

52,639Cash and cash equivalents at end of period

52,63954,187

11