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, 2019
(Based on Japanese GAAP)May 13, 2019
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483
Representative:

Inquiries:

URL

http://www.doshisha.co.jp

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

Masayuki Nomura

Takahiro Matsumoto

Business Management
Scheduled date of ordinary general meeting of shareholders:June 27, 2019

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

June 28, 2019
June 28, 2019

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

NoYes

TEL06-6121-5669(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019)(1) Consolidated operating results
Net sales
Millions of yen
98,668103,589

Year ended March 31, 2019Year ended March 31, 2018
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
%
(4.8)
5,561
(28.4)
6,065(24.2)
4,263(22.4)
(3.2)
7,769
9.7
8,001
12.3
5,490
15.1

Year ended March 31, 2019

¥4,739 million [(16.4)%]

Year ended March 31, 2018

¥5,669 million [(5.6)%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
114.476.3
6.8
5.6
151.148.8
9.7
7.5

Diluted earnings pershareYen
114.53151.97

Year ended March 31, 2019Year ended March 31, 2018

Reference: Share of income of investments accounted for using the equity method
Year ended March 31, 2019Year ended March 31, 2018¥– million¥– million(2) Consolidated financial position
Total assets
As of March 31, 2019
As of March 31, 2018
Reference: Equity

Net assets

Millions of yen
90,181
86,985
As of March 31, 2019:As of March 31, 2018:

Millions of yen
70,40566,594Equity ratio

Net assets per share%
76.8
75.5

Yen
1,856.84
1,778.84¥69,254 million¥65,687 million(3) Consolidated cash flows

Year ended March 31, 2019Year ended March 31, 2018

Cash flows fromoperating activities
Millions of yen
5,864
7,072

Cash flows frominvesting activities
Millions of yen(601)(3,805)

1

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen(1,088)40,195536
35,986

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

Year ended March 31, 2018Year ended March 31, 2019Year ending March 31, 2020
(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

1,829
1,864

32.9
43.7

2.9
2.8

–

25.00

–

25.00

50.00

39.5

3. Forecast of consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
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
50,000
3.1
3,100
12.4
3,100
8.9
2,150
15.5
58.06
September 30, 2019
Full year
103,000
4.4
6,700
20.5
6,800
12.1
4,650
9.1
126.63
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2019(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(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:
Changes in accounting policies due to other reasons:

No
No

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(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, 201937,375,636 shares As of March 31, 2018

37,375,636 shares

Number of treasury shares at the end of the period
As of March 31, 201978,439 shares As of March 31, 2018448,808 shares

37,224,286 shares Year ended March 31, 201836,130,404 shares

Average number of shares during the period
Year ended March 31, 20192

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2019Year ended March 31, 2018

Operating profit

Millions of yen
90,51896,181% Millions of yen
(5.9)
4,873
(3.7)
6,972

Earnings per share% Millions of yen(30.1)
5,295
15.7
7,405

Profit% Millions of yen(28.5)
3,616
13.2
5,200%(30.5)
13.2

Diluted earnings per share

Yen
97.15
143.95

Year ended March 31, 2019Year ended March 31, 2018

Ordinary profit

Yen
97.10
143.16(2) Non-consolidated financial position
Total assets
As of March 31, 2019
As of March 31, 2018
Reference: Equity

Net assets

Millions of yen
84,50482,442
As of March 31, 2019
As of March 31, 2018

Equity ratio

Millions of yen
66,01363,366

Net assets per share%
78.1
76.7

Yen
1,769.93
1,713.45¥66,013 million¥63,272 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2020 (from April 1, 2019 to March 31, 2020)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2019
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

45,000

1.9

2,600

8.4

1,800

13.548.61

93,000

2.7

5,900

11.4

4,100

13.4

111.66* 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, 2018

As of March 31, 2019

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

35,986
15,82840,25014,460Electronically recorded monetary claims - operating
Merchandise and finished goods

3,226
8,368

3,434
8,426

Short-term loans receivable
Other

273
1,016

8
1,123

Allowance for doubtful accounts
Total current assets

(5)

(5)

64,694

67,698Non-current assets
Property, plant and equipment
Buildings and structures

12,896

12,995

Accumulated depreciation(4,145)(4,404)

Buildings and structures, net

8,751

8,591

Land

9,174

9,385

Leased assets
Accumulated depreciation

825
(236)

922
(302)

Leased assets, net

589

619

Construction in progress
Other–
1,759

281
1,906

(1,360)(1,504)399

402

18,914

19,280

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

42211

Other

85103

Total intangible assets

127

314

Investment securities
Long-term loans receivable

1,776
36

1,574
39

Deferred tax assets
Other378
1,071

194
1,095

(13)

(16)

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

3,249

2,887

22,291

22,482

86,98590,181

(Millions of yen)
As of March 31, 2018

As of March 31, 2019

Liabilities
Current liabilities
Accounts payable - trade

6,259

6,557

–
100

7,000
143

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

1,534
34

1,041
8

Provision for bonuses
Other26
3,13892,618

Total current liabilities

11,093

17,378Non-current liabilities
Long-term loans payable

Current portion of long-term loans payable
Lease obligations

8,000

1,000

Lease obligations
Retirement benefit liability

534
582

687
516

Asset retirement obligations
Provision for environmental measures

5855

948

Deferred tax liabilities
Other

065

72
62

Total non-current liabilities

9,297

2,396

20,391

19,775

Shareholders' equity
Capital stock

4,993

4,993

Capital surplus
Retained earnings

6,226
55,4586,273
57,865

Total liabilitiesNet assets

Treasury shares

(913)

(159)

65,763

68,972

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

380
(320)

188
101

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(11)
(124)

22
(30)

Total accumulated other comprehensive income

(76)

281

94
812

–
1,150

66,59470,40586,98590,181

Total shareholders' equity
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, 2018

Fiscal year ended
March 31, 2019

Net sales

103,589

98,668

Cost of sales

76,30772,507Gross profit

27,281

26,160

Selling, general and administrative expenses

19,512

20,598Operating profit

7,769

5,561

86160

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

1052–
43

Foreign exchange gains
Operations consignment fee of subsidiaries and affiliates

28
780
5Subsidy income
Other–
94

157
105

Total non-operating income

279552Non-operating income
Interest and dividend income

Non-operating expenses
Interest expenses

44Commission expenses
Other2518

1628

Total non-operating expenses

48

49

8,001

6,065

Gain on reversal of share acquisition rights
Insurance income

3–

–
97

Gain on bargain purchase–248

Total extraordinary income

3346

loss on removal of fixed assets
Impairment loss

–
–

73
33

Loss on disaster
Provision for environmental measures–
385–

Ordinary profit
Extraordinary income

Extraordinary losses

3193

Profit before income taxes

Total extraordinary losses

8,001

6,218

Income taxes - current
Income taxes - deferred

2,424(36)

1,726
113

Total income taxes

2,388

1,840

Profit

5,612

4,378

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

6122

115

5,490

4,263

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019
5,612

4,378

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

168
(127)

(191)
422

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

(49)
6436
93

Total other comprehensive income

56360

5,669

4,739

5,566

4,621

102

117

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, 2018
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,043

Total shareholders'equity

Treasury 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

Purchase of treasury shares
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)

Foreigncurrencytranslation
adjustment
18

Total
accumulated
otherof defined benefit
comprehensiv
plans
e income
Remeasurements

(189)

(152)

Share
acquisitionrights

Noncontrollinginterests

456

929

Total net
assets60,255

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

Profit attributable to owners ofparent

5,490

Purchase of treasury shares
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

66,5948

Fiscal year ended March 31, 2019
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

4,993

Retained earnings

6,226

Total shareholders'equityTreasury shares

55,458(913)

65,763

Changes of items during period
Dividends of surplus(1,855)(1,855)

Profit attributable to owners ofparent

4,263

4,263

Purchase of treasury sharesDisposal of treasury shares

47

(0)

(0)

753

801

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

–

47

2,407

753

3,209

4,993

6,273

57,865(159)

68,972

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of current
period380

Deferred
gains orlosses onhedges(320)

Foreigncurrencytranslation
adjustment
(11)

Total
accumulated
otherof defined benefit
comprehensiv
planse income
Remeasurements

(124)

(76)

Shareacquisitionrights

Noncontrollinginterests

94

812

Total net
assets

66,594

Changes of items during period
Dividends of surplus(1,855)

Profit attributable to owners ofparent

4,263

Purchase of treasury shares(0)

Disposal of treasury shares801

Net changes of items otherthan shareholders' equity

(191)

422

34

93358

(94)

338

602

Total changes of items during
period

(191)

422

34

93

358

(94)

338

3,811

Balance at end of current period

188

101

22(30)

281

–

1,150

70,4059Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in provision for bonuses

Fiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019
8,001

6,218

525

672

(29)

(26)

(17)

(16)

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

986

369

Increase (decrease) in provision for environmental measures
Insurance income

3––(97)

Subsidy income
loss on removal of fixed assets––(157)73

Impairment loss
Loss of disaster

–
–

33
85

Loss (gain) on sales of investment securities
Gain on bargain purchase(10)––(248)Interest and dividend income
Interest expenses(86)
4(160)
4

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories

(81)
(139)

1,165
(86)

Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in accrued consumption taxes

1,265(334)

302
145

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

(388)
253

59(221)Other, net

1220

Subtotal

9,072

7,838

85

160

(2)
(2,082)(5)(2,205)

––

97
(20)

7,072

5,864

Interest and dividend income received
Interest expenses paid
Income taxes paid
Proceed from insurance income
Payments for loss of disasterNet cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits–(55)(3,462)
(17)

(489)
(18)

10
––
(50)

Payments for acquisition of businesses
Payments of loans receivable–(286)(193)(16)

Collection of loans receivableOther payments

20(72)

277(56)

20(3,805)(601)

Purchase of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates

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

10

(Millions of yen)

Cash flows from financing activities
Purchase of treasury sharesFiscal year ended

Fiscal year ended

March 31, 2018

March 31, 2019–(0)

Proceeds from exercise of share options
Repayments of lease obligations

2,687(101)

707
(132)

Repayments of installment payables
Cash dividends paid

(35)
(1,794)(28)(1,854)

Dividends paid to non-controlling interests
Proceeds from share issuance to non-controlling shareholders

(219)
––
220

Net cash provided by (used in) financing activities

536(1,088)

Effect of exchange rate change on cash and cash equivalents

(25)

34

Net increase (decrease) in cash and cash equivalents

3,778

4,209

Cash and cash equivalents at beginning of period

32,20735,986

Cash and cash equivalents at end of period

35,98640,19511