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 Nine Months Ended December 31, 2022
(Based on Japanese GAAP)
January 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:

February 13, 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 nine months ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(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%
Nine months ended December 31, 2022
84,737
5.4
7,254
8.9
7,405
6.5
4,991
6.4
Nine months ended December 31, 2021
80,401(1.4)
6,661 (23.5)
6,950 (21.9)
4,692 (22.2)
Note: Comprehensive income Nine months ended December 31, 2022

¥4,588 million [2.4%]

Nine months ended December 31, 2021

¥4,481 million [(25.7)%]

Earnings per share

Diluted earnings per shareYen
145.85133.61

Nine months ended December 31, 2022
Nine months ended December 31, 2021

Yen––(2) Consolidated financial position
Total assets
As of December 31, 2022
As of March 31, 2022
Reference: Equity

Net assets

Millions of yen
98,90094,371Equity ratio

Millions of yen
78,68576,712As of December 31, 2022:¥77,021 million

As of March 31, 2022:¥75,285 million

Net assets per share
%
77.9
79.8

Yen
2,255.98
2,177.99

2. Cash dividends
Annual dividends per shareYear ended March 31, 2022
Year ending March 31, 2023

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
30.00
30.00

Yen––

Yen
30.00

Yen
60.00

30.00

60.00

Year ending March 31, 2023 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Full year

Millions of yen
108,000

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
6.9
8,300
16.7
8,400
10.6
5,600
9.1
163.67

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the nine months ended December 31, 2022
(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:

NoNo

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 December 31, 2022

37,375,636 shares As of March 31, 2022

37,375,636 shares

Number of treasury shares at the end of the period
As of December 31, 2022

3,234,624 shares As of March 31, 2022

2,809,024 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2022

34,223,852 shares Nine months ended December 31, 2021

35,120,762 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, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

48,581330

44,507458

Accounts receivable - trade
Electronically recorded monetary claims - operating

12,638
1,471

20,6472,180

Merchandise and finished goods
Short-term loans receivable

8,036
13

7,697
12

Other
Allowance for doubtful accounts

933
(2)

886
(0)

72,00376,38913,073(5,442)

13,073(5,694)

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

7,630

7,378

Land
Construction in progress

Buildings and structures, net

9,385
784

9,385
791

Other
Accumulated depreciation

3,022(2,191)

3,156(2,386)830

770

18,631

18,326

416

361

1,910

2,157

20
280

10543

1,119(11)1,123(11)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

3,319

3,823

22,36722,51094,371

98,900

5,916

7,214

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

1,192
57

1,195
55

Provision for bonuses
Other5
2,727

3
4,087

Total current liabilities

9,899

12,555

Non-current liabilities
Long-term borrowings

6,600

6,600

Retirement benefit liability
Asset retirement obligations

650
10653
10

Other

498

395

7,759

7,659

17,65820,215

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade

Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
68,054

6,273
70,984

Treasury shares(4,459)(5,105)

Total shareholders' equity

74,861

77,145

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

56
207

205(532)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

180
(21)

215
(12)

Total accumulated other comprehensive income

423

(124)

Accumulated other comprehensive income

Share acquisition rights–

91

Non-controlling interests

1,427

1,572

Total net assets

76,712

78,68594,371

98,900Total 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)
Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

Net sales
Cost of sales

80,401
57,53084,737
61,630Gross profit

22,87023,106

Selling, general and administrative expenses

16,20815,852

Operating profit

6,661

7,254

Interest income
Dividend income

178

543

Gain on adjustment of account payable
Foreign exchange gains

1063423

Subsidy income
Settlement received

44
19

3–

Insurance claim income
Other–
96581Total non-operating income

313

168

Non-operating expenses
Interest expenses

33

Commission expenses
Other101048

Non-operating income

2416

Ordinary profit

Total non-operating expenses

6,950

7,405

Profit before income taxes

6,950

7,405

Income taxes - current

2,066

2,336

Income taxes - deferred

87

(26)

Total income taxes

2,154

2,310

Profit

4,795

5,095

103

103

4,692

4,991

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

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

4,795

5,095

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

(115)
(347)

148
(739)

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

140876
8Total other comprehensive income

(314)

(506)

4,481

4,588

4,309

4,443

172

145

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

Nine months ended

Nine months ended

December 31, 2021

December 31, 2022

6,950

7,405

553

556

(23)

(1)

(3)

(2)

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

(1)
26

(1)
14

Share-based payment expenses
Insurance claim income

––91
(5)

Subsidy income
Settlement income

(44)
(19)

(3)
–

Interest and dividend income
Interest expenses

(79)
3(49)
3(8,716)923(8,841)
334

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

736
(309)

1,304
90

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

7523

(189)
468

Other, net

15

14

Subtotal

543

1,188

Interest and dividends received

79

49

(4)
(3,413)(4)(2,350)

Proceeds from insurance income
Subsidies received

–
44

5
3

Settlement received

19–(2,732)(1,107)Purchase of property, plant and equipment
Purchase of intangible assets(315)(18)

(156)
(53)

Purchase of investment securities
Proceeds from collection of loans receivable

(517)
2(17)
10

Other payments
Other proceeds

(24)
3(14)
2

Net cash provided by (used in) investing activities

(869)

(230)

Cash flows from financing activities
Purchase of treasury shares

(256)

(646)

Repayments of lease liabilities
Dividends paid

(118)
(2,105)(115)(2,057)(275)–

Net cash provided by (used in) financing activities(2,756)(2,820)Effect of exchange rate change on cash and cash equivalents

67

84

DepreciationIncrease (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 paid
Income taxes paid

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

Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents(6,290)(4,074)

Cash and cash equivalents at beginning of period

47,87048,581

Cash and cash equivalents at end of period

41,58044,507

7