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 Six Months Ended September 30, 2021
(Based on Japanese GAAP)
October 29, 2021
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:

November 12, 2021
December 6, 2021

Preparation of supplementary material on quarterly financial results:
Holding of quarterly 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 six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)(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%
Six months ended September 30, 2021
49,046(2.3)
3,953 (24.0)
4,155 (21.9)
2,791 (22.2)
Six months ended September 30, 2020
50,189
3.9
5,203
66.5
5,322
68.6
3,586
67.7
Note: Comprehensive income

Six months ended September 30, 2021
Six months ended September 30, 2020¥2,553 million [(30.3)%]¥3,660 million [94.2%]

Earnings per share

Diluted earnings per share

Yen
79.45
101.16Six months ended September 30, 2021
Six months ended September 30, 2020

Yen––(2) Consolidated financial position
Total assets
Millions of yen
93,941
94,028

As of September 30, 2021
As of March 31, 2021
Reference: Equity

Net assets

As of September 30, 2021:
As of March 31, 2021:

Equity ratio

Millions of yen
75,99074,767

Net assets per share%
79.6
78.0

Yen
2,126.63
2,086.85¥74,731 million¥73,334 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2021
Year ending March 31, 2022

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
25.00
30.00

Yen–

Yen
30.00

Yen
55.00

–

30.00

60.00

Year ending March 31, 2022 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1Total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
Full year
103,400
2.1
9,000(5.5)
9,100(6.5)
6,100(7.4)
173.59Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2021
(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2021

37,375,636 shares As of March 31, 2021

37,375,636 shares

Number of treasury shares at the end of the period
As of September 30, 2021

2,234,624 shares As of March 31, 2021

2,234,624 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2021

35,141,012 shares Six months ended September 30, 2020

35,455,676 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, 2021

As of September 30, 2021

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade47,87012,68047,807
12,713

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,344
8,722

1,537
9,224

Short-term loans receivable
Other

32
1,401

32
726

Allowance for doubtful accounts
Total current assets

(32)

(31)

72,02072,010Non-current assets
Property, plant and equipment
Buildings and structures

13,041

13,048

Accumulated depreciation(5,084)(5,258)

Buildings and structures, net

7,957

7,790

Land

9,385

9,385

Construction in progress
Other497
2,881618
2,990(2,044)(2,163)

Accumulated depreciation
Other, net

837

826

18,677

18,620516

466

Investment securities
Long-term loans receivable

1,556
6

1,516
5

Other
Allowance for doubtful accounts

1,262
(12)

1,331
(10)

Total investments and other assets

2,813

2,843

22,007

21,93094,02893,941

Total property, plant and equipment
Intangible assets
Investments and other assets

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

5,837

6,210

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

2,326
74

1,328
32

Provision for bonuses
Other6
3,149

9
2,580

Total current liabilities

11,394

10,160Non-current liabilities
Long-term borrowings

6,600

6,600

Retirement benefit liability
Asset retirement obligations

621
9628
9

Other634

551

Total non-current liabilities
Total liabilities

3

7,866

7,789

19,261

17,950(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
65,0296,273
66,767

Treasury shares(3,576)(3,576)

Total shareholders' equity

72,71974,457

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

183
428

146120Foreign currency translation adjustment
Remeasurements of defined benefit plans

28(25)

28(19)

Accumulated other comprehensive income

614

274

Non-controlling interests

Total accumulated other comprehensive income

1,432

1,258

Total net assets

74,76775,99094,02893,941

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)Six months ended

Six months ended

September 30, 2020

September 30, 2021

Net sales
Cost of sales

50,18934,68749,04634,478Gross profit

15,501

14,568Selling, general and administrative expenses

10,298

10,615

Operating profit

5,203

3,953

Interest income
Dividend income

215

071

Gain on adjustment of account payable
Foreign exchange gains

2328

1026

Subsidy income
Settlement received––3519

Non-operating income

Other6454

Total non-operating income

134

219

Interest expenses
Commission expenses

2428

Other

95

Non-operating expenses

1517

Ordinary profit

Total non-operating expenses

5,322

4,155

Profit before income taxes

5,322

4,155

Income taxes - current
Income taxes - deferred

1,613
2

1,215
71

Total income taxes

1,615

1,286

Profit

3,707

2,868

120

76

3,586

2,791

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

Six months ended

Six months ended

September 30, 2020

September 30, 2021

3,707

2,868

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

173
(186)

(36)
(308)

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

(44)
1024
5

Total other comprehensive income

(46)

(315)

3,660

2,553

3,539

2,452

121

101

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
Depreciation
Increase (decrease) in provision for bonuses for directors (andSix months ended

Six months ended

September 30, 2020

September 30, 2021

5,322

4,155375

362

(7)

(42)

other officers)
Increase (decrease) in provision for bonuses

(38)

2

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

(6)
22(2)
14

Increase (decrease) in provision for environmental measures
Subsidy income(0)––(35)

Settlement received
Compensation income

–(8)

(19)
–

Interest and dividend income
Interest expenses

(17)
2(72)
2(989)(1,106)

(212)
(498)

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

670
(52)

361
(441)

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

72
(32)

235
(157)

Other, net

1710

Subtotal

4,222

3,663

1772

(0)
(1,013)(2)(2,186)

Subsidies received
Settlement package received

35–35
19

Proceeds from compensation
Payments associated with disaster loss

40(3)

––

3,297

1,601(129)

(211)

(103)
(9)

(14)
(11)

Loan advances
Proceeds from collection of loans receivable

(7)
2–
1

Other payments
Other proceeds

(15)
8(19)
3

Net cash provided by (used in) investing activities

(253)

(251)

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

Interest and dividends received
Interest paid
Income taxes paid

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assetsPurchase of investment securities

7

(Millions of yen)Six months ended

Six months ended

September 30, 2020

September 30, 2021

Cash flows from financing activities
Proceeds from long-term borrowings

6,600

–

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

––

(78)
(908)

(79)
(1,054)–(275)Net cash provided by (used in) financing activities

2,841(1,408)

Effect of exchange rate change on cash and cash equivalents

(51)

(4)

Repayments of lease obligations
Dividends paid
Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents

5,833

(62)

Cash and cash equivalents at beginning of period

37,54947,870Cash and cash equivalents at end of period

43,38347,807

8