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, 2021
(Based on Japanese GAAP)May 10, 2021
Company name:DOSHISHA CORPORATION

Stock exchange listing: Tokyo
Stock code:
7483
Representative:

Inquiries:

URL

https://www.doshisha.co.jp

President, CEO and COO
Managing Executive Officer

Masayuki Nomura

Director In Charge Of Financial &Accounting, Foreign Trade Operation,

Takahiro Matsumoto

Business Management
Scheduled date of ordinary general meeting of shareholders:June 29, 2021

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

June 30, 2021
June 30, 2021

Preparation of supplementary material on financial results:
Holding of 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 year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Consolidated operating results
Net sales
Millions of yen
101,257
96,238Year ended March 31, 2021
Year ended March 31, 2020
Note: Comprehensive income

Operating profit% Millions of yen
5.2
9,522
(2.5)
5,995

%
58.8
7.8

Percentages indicate year-on-year changes
Profit attributable toOrdinary profit
owners of parent
Millions of yen% Millions of yen%
9,734
55.5
6,588
56.4
6,260
3.2
4,211
(1.2)

Year ended March 31, 2021

¥7,293 million [76.6%]

Year ended March 31, 2020

¥4,129 million [(12.9)%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
–
9.2
11.0
9.4
–
6.1
7.2
6.2

Diluted earnings pershare

Yen
186.58114.61

Year ended March 31, 2021
Year ended March 31, 2020

Reference: Share of profit (loss) of entities accounted for using equity method¥– million¥– million

Year ended March 31, 2021
Year ended March 31, 2020
(2) Consolidated financial position

Total assets
As of March 31, 2021
As of March 31, 2020
Reference: Equity

Net assets

Millions of yen94,028
82,798
As of March 31, 2021:
As of March 31, 2020:

Millions of yen
74,767
71,032Equity ratio

Net assets per share%
78.0
84.3

Yen
2,086.85
1,921.50¥73,334 million¥69,833 million(3) Consolidated cash flows

Year ended March 31, 2021
Year ended March 31, 2020

Cash flows fromoperating activities
Millions of yen
8,855
8,583

Cash flows frominvesting activities
Millions of yen
(483)
(538)

1

Cash flows from
Cash and cash equivalents
at end of period
financing activities
Millions of yen
Millions of yen
1,884
47,870(10,647)
37,549

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

Year ended March 31, 2020
Year ended March 31, 2021
Year ending March 31, 2022
(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
30.00

50.00
55.00

1,824
1,932

43.6
29.5

2.6
2.7

–

30.00

–

30.00

60.00

34.6

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
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
49,900(0.6)
4,400 (15.4)
4,450 (16.4)
2,950 (17.8)
83.95
September 30, 2021
Full year
103,400
2.1
9,000(5.5)
9,100(6.5)
6,100(7.4)
173.594. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2021
(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:
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, 2021

37,375,636 shares As of March 31, 2020

37,375,636 shares

Number of treasury shares at the end of the period
As of March 31, 2021

2,234,624 shares As of March 31, 2020

1,032,274 shares

35,310,450 shares Year ended March 31, 2020

36,747,960 shares

Average number of shares during the period
Year ended March 31, 20212

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2021 (from April 1, 2020 to March 31, 2021)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2021
Year ended March 31, 2020

Operating profit

Millions of yen
91,75587,712% Millions of yen
4.6
8,071
(3.1)
5,143

Earnings per share

%
56.9
5.5

Millions of yen
8,225
5,939

Profit%38.5
12.2

Millions of yen
5,674
4,230

%
34.1
17.0

Diluted earnings per share

Yen
160.69115.12

Year ended March 31, 2021
Year ended March 31, 2020

Ordinary profit

Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2021
As of March 31, 2020
Reference: Equity

Net assets

Millions of yen
86,33676,464As of March 31, 2021
As of March 31, 2020

Equity ratio

Millions of yen
69,126
66,648

Net assets per share
%
80.1
87.2

Yen
1,967.11
1,833.85¥69,126 million¥66,648 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2021
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%Millions of yen%

Millions of yen%

Yen

45,4000.9

3,800(13.6)

2,600(14.4)

73.99

94,0002.4

7,700(6.4)

5,350(5.7)

152.24* 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, 2020

As of March 31, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade37,54912,80947,87012,680Electronically recorded monetary claims - operating
Merchandise and finished goods

1,326
7,825

1,344
8,722

Short-term loans receivable
Other101,152

32
1,401

Allowance for doubtful accounts
Total current assets

(5)

(32)

60,66872,020Non-current assets
Property, plant and equipment
Buildings and structures

13,01013,041

Accumulated depreciation(4,746)(5,084)

Buildings and structures, net

8,264

7,957

Land

9,385

9,385

Leased assets
Accumulated depreciation

987(392)

1,005(493)

Leased assets, net

594

511

Construction in progress
Other

274
2,054

497
1,876

(1,679)(1,550)375

325

18,894

18,677

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

196

144

Other

445

372

Total intangible assets

642

516

Investment securities
Long-term loans receivable

1,225
38

1,556
6

Deferred tax assets
Other278
1,101

163
1,099(51)(12)

Investments and other assets

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

4

2,592

2,813

22,12922,007

82,79894,028(Millions of yen)
As of March 31, 2020

As of March 31, 2021

Liabilities
Current liabilities
Accounts payable - trade

5,174

5,837

Current portion of long-term borrowings
Lease obligations

1,000
156

–
153

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

1,134
48

2,326
74

Provision for bonuses
Other

48
2,874

6
2,995

Total current liabilities

10,437

11,394Non-current liabilities
Long-term borrowings

–

6,600

635
565

502
621

Asset retirement obligations
Provision for environmental measures

90

9–Deferred tax liabilities
Other

55
62

56
76

Lease obligations
Retirement benefit liability

Total non-current liabilities

1,328

7,866

11,765

19,261

Shareholders' equity
Share capital4,993

4,993

Capital surplus
Retained earnings

6,273
60,2286,273
65,029Total liabilities
Net assets

Treasury shares(1,805)(3,576)

Total shareholders' equity

69,69072,719Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(34)
222

183
428

Foreign currency translation adjustment
Remeasurements of defined benefit plans

(24)
(19)

28
(25)

Total accumulated other comprehensive income

143

614

Accumulated other comprehensive income

Non-controlling interests

1,198

1,432

Total net assets

71,032

74,767

82,79894,028

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, 2020

Fiscal year ended
March 31, 2021

Net sales

96,238101,257

Cost of sales

69,53170,796Gross profit

26,70630,460

Selling, general and administrative expenses

20,711

20,937

Operating profit

5,995

9,522

69

26

Gain on adjustment of account payable
Foreign exchange gains

86–

4358

Operations consignment fee of subsidiaries and affiliates
Subsidy income

535514Compensation income
Other

32
126

888

Total non-operating income

356

244

Non-operating income
Interest and dividend income

Non-operating expenses
Interest expenses

44Commission expenses
Provision of allowance for doubtful accounts

6–77

Foreign exchange losses
Other

59
21–
12

Total non-operating expenses

91

32

6,260

9,734

Reversal of provision for environmental measures

23–

Total extraordinary income

23–

45–

Ordinary profit
Extraordinary income

Extraordinary losses
Loss on valuation of shares of subsidiaries and associates

45–

Profit before income taxes

Total extraordinary losses

6,238

9,734

Income taxes - current

1,987

3,057

Income taxes - deferred

(64)

(64)

Total income taxes

1,922

2,992

Profit

4,316

6,742

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

6104

153

4,211

6,588

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021
4,316

6,742

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(223)
120217214Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(95)
10124
(6)

Total other comprehensive income

(186)

551

4,129

7,293

4,073

7,059

55

234

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, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,993

Retained earnings

6,273

Total shareholders'equity

Treasury shares

57,865(159)

68,972

Changes during period
Dividends of surplus(1,848)(1,848)

Profit attributable to owners ofparent

4,211

4,211

Purchase of treasury shares(1,645)(1,645)

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

2,362(1,645)

717

4,993

6,273

60,228(1,805)69,690

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

188

Deferredgains orlosses onhedges101

TotalForeign
currencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

22(30)

Noncontrollinginterests

Total net
assetsincome281

1,150

70,405

Changes during period
Dividends of surplus(1,848)

Profit attributable to owners ofparent

4,211

Purchase of treasury shares(1,645)

Net changes in items otherthan shareholders' equity(223)

120(46)

10(138)47(90)

Total changes during period(223)

120(46)

10(138)47626

Balance at end of period(34)

222(24)

(19)

143

1,198

71,0328Fiscal year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

4,993

Retained earnings

6,273

Total shareholders'equityTreasury shares

60,228(1,805)69,690Changes during period
Dividends of surplus(1,787)(1,787)

Profit attributable to owners ofparent

6,588

6,588

Purchase of treasury shares(1,771)(1,771)

4,801(1,771)

3,029

65,029(3,576)72,719Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period

4,9936,273

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period(34)

Deferred
gains orlosses onhedges222

Foreigncurrencytranslation
adjustment
(24)

Total
Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

Noncontrollinginterests

Total net
assetsincome

(19)

143

1,198

71,032

Changes during period
Dividends of surplus(1,787)

Profit attributable to owners ofparent

6,588

Purchase of treasury shares(1,771)

Net changes in items otherthan shareholders' equity

217

206

52

(6)470234

705

Total changes during period

217

206

52(6)

470

234

3,734

Balance at end of period

183

428

28(25)

614

1,432

74,7679

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, 2020

March 31, 2021
6,238

9,734

758

763

40

26

38(42)

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

34
64(12)
47

Increase (decrease) in provision for environmental measures
Insurance claim income

(48)
(4)

(0)
–

Subsidy income
Compensation income

(35)
(32)

(14)
(8)

Loss on valuation of shares of subsidiaries and associates
Loss on disaster

45
3–
–

Interest and dividend income
Interest expenses

(69)
4(26)
4

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

3,754
575

140(880)

Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes(1,360)154633154

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

4146(23)
116

Other, net

3934

Subtotal

10,28910,64869

26(4)(1,889)(2)(1,902)

Subsidies received
Proceeds from compensation

157
–

49
40

Proceed from insurance income
Payments associated with disaster loss

4(45)

–
(3)

8,583

8,855

Interest and dividends received
Interest paid
Income taxes paid

Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from withdrawal of time deposits

55–

Purchase of property, plant and equipment
Purchase of intangible assets

(255)
(258)

(343)
(111)

Purchase of investment securities
Payments for acquisition of businesses

(18)
(30)

(19)
–

Loan advances
Proceeds from collection of loans receivable

(9)
9(8)
18

Other payments
Other proceeds

(34)
3(28)
10

Net cash provided by (used in) investing activities

(538)

(483)

10

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2020

March 31, 2021

Cash flows from financing activities
Proceeds from long-term borrowings

–

6,600

Repayments of long-term borrowings
Purchase of treasury shares(7,000)(1,645)(1,000)(1,771)

Repayments of lease obligations
Dividends paid

(153)
(1,848)(157)(1,787)

Net cash provided by (used in) financing activities(10,647)

1,884

Effect of exchange rate change on cash and cash equivalents

(43)

65

Net increase (decrease) in cash and cash equivalents(2,646)

10,321

Cash and cash equivalents at beginning of period

40,19537,549Cash and cash equivalents at end of period

37,54947,87011