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, 2023
(Based on Japanese GAAP)May 10, 2023
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, 2023

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

June 30, 2023
June 30, 2023

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, 2023 (from April 1, 2022 to March 31, 2023)(1) Consolidated operating results

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
4.6
8,052
13.3
8,342
9.8
5,621
9.5
(0.2)
7,109
(25.3)
7,598(21.9)
5,132(22.1)Net sales
Millions of yen
105,709
101,027

Year ended March 31, 2023
Year ended March 31, 2022
Note: Comprehensive income

Year ended March 31, 2023

¥5,564 million [6.8%]

Year ended March 31, 2022

¥5,211 million [(28.5)%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
–
7.3
8.7
7.6–
6.9
8.1
7.0

Diluted earnings pershareYen
164.34146.55

Year ended March 31, 2023
Year ended March 31, 2022

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

Year ended March 31, 2023
Year ended March 31, 2022
(2) Consolidated financial position

Total assets
Millions of yen
98,18894,371

As of March 31, 2023
As of March 31, 2022
Reference: Equity

Net assets
Millions of yen
79,70476,712As of March 31, 2023:¥77,958 million

As of March 31, 2022:¥75,285 million

Equity ratio

Net assets per share%
79.4
79.8

Yen
2,283.42
2,177.99(3) Consolidated cash flows

Year ended March 31, 2023
Year ended March 31, 2022

Cash flows fromoperating activities
Millions of yen
7,121
5,007

Cash flows frominvesting activities
Millions of yen(304)(1,032)

1

Cash and cash equivalents
Cash flows fromat end of period
financing activities
Millions of yen
Millions of yen(2,860)52,639(3,424)
48,5812. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end
Yen

Yen

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

Total

Yen

Yen

Millions of yen

Year ended March 31, 2022
–
30.00
–
30.00
60.00
2,091
Year ended March 31, 2023
–
30.00
–
35.00
65.00
2,219
Year ending March 31, 2024
–35.00
–
35.00
70.00
(Forecast)
Note: The company has revised the year-end dividend per share for the fiscal year ended March 31, 2023 from ¥30 to ¥35.

%%

40.9
39.6

2.8
2.9

39.2

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Millions of yen
Six months ending
September 30, 2023
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

53,500

2.1

4,080

6.3

4,080

3.2

2,7504.180.55

111,000

5.0

9,000

11.8

9,000

7.9

6,100

8.5

178.67

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2023
(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, 2023

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 March 31, 2023

3,234,655 shares As of March 31, 2022

2,809,024 shares

34,204,732 shares Year ended March 31, 2022

35,023,281 shares

Average number of shares during the period
Year ended March 31, 2023

2Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2023
Year ended March 31, 2022

Operating profit

Millions of yen
96,14991,191% Millions of yen
5.4
7,064
(0.6)
6,382

Earnings per share% Millions of yen
10.7
8,008
(20.9)
6,972

Profit% Millions of yen
14.9
5,709
(15.2)
4,906

%
16.4
(13.5)

Diluted earnings per share

Yen
166.92140.09

Year ended March 31, 2023
Year ended March 31, 2022

Ordinary profit

Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2023
As of March 31, 2022
Reference: Equity

Net assets

Millions of yen
90,39086,884As of March 31, 2023
As of March 31, 2022

Equity ratio

Millions of yen
73,67370,730Net assets per share%
81.4
81.4

Yen
2,153.95
2,046.20¥73,537 million¥70,730 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2023
Full year

Ordinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

49,0003.7

3,580(14.6)

2,500(19.0)

73.23

102,000

6.1

7,900(1.4)

5,500(3.7)

161.10* 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, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Notes receivable - trade

48,581
330

52,639255

Accounts receivable - trade
Electronically recorded monetary claims - operating

12,6381,471

13,015
1,196

Merchandise and finished goods
Short-term loans receivable

8,036
13

7,896
12

Other
Allowance for doubtful accounts

933
(2)

780
(0)

72,00375,796

13,073(5,442)

13,882(5,781)

7,630

8,100

9,385
932

9,385
974

Accumulated depreciation

(485)

(587)

Leased assets, net

447

387

Construction in progress

784

13

2,089
(1,706)2,255(1,875)383

379

18,631

18,266

Leased assets
Other

96
319

45309

Total intangible assets

416

354Investments and other assets
Investment securities

1,910

2,200

20280

7452

1,119(11)1,118(7)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
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

43,3193,771

22,36722,392

94,371

98,188(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Accounts payable - trade

5,916

6,047

Lease liabilities
Income taxes payable

151
1,192

118
1,530

57
563
5

Provision for bonuses for directors (and other officers)
Provision for bonuses
Other

2,575

3,034

Total current liabilities

9,899

10,800

6,600
391

6,600
313

Retirement benefit liability
Asset retirement obligations

650
10677
10

Deferred tax liabilities
Other3472

1072

Non-current liabilities
Long-term borrowings
Lease liabilities

Total non-current liabilities

7,759

7,683

17,65818,484

Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
68,054

6,273
71,614

Total liabilities
Net assets

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

Total shareholders' equity

74,86177,775

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

56
207

232
(270)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

180
(21)

245
(24)

Total accumulated other comprehensive income

Accumulated other comprehensive income

423

182

Share acquisition rights–135

Non-controlling interests

1,427

1,610

Total net assets

76,71279,704

94,371

98,188

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, 2022

Fiscal year ended
March 31, 2023

Net sales

101,027

105,709

Cost of sales

73,012

77,043Gross profit

28,014

28,666

Selling, general and administrative expenses

20,905

20,613Operating profit

7,109

8,052

Non-operating income
Interest and dividend income

171

156

Gain on adjustment of accounts payable
Foreign exchange gains

15155

1129

Operations consignment fee of subsidiaries and affiliates
Subsidy income

544

54

Settlement received
Other

19110

–
103

Total non-operating income

522

310

Non-operating expenses
Interest expenses

44

Commission expenses
Other

1216

510

Total non-operating expenses

33

20

Ordinary profit

7,598

8,342

Profit before income taxes

7,598

8,342

Income taxes - current

2,332

2,657

Income taxes - deferred12(61)

Total income taxes

2,344

2,596Profit

5,253

5,746

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

6120

124

5,132

5,621

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023
5,253

5,746

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

(126)
(221)

175
(478)

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

301
4124
(3)

Total other comprehensive income

(41)

(181)

5,211

5,564

4,942

5,380

269

183

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, 2022
(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

65,029(3,576)72,719Changes during period
Dividends of surplus(2,108)(2,108)

Profit attributable to owners ofparent

5,132

5,132

Purchase of treasury shares

(882)

(882)

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

––

3,024

(882)

2,142

4,993

6,273

68,054(4,459)74,861

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

183

Deferred
gains orlosses onhedges428

Total

Foreigncurrencytranslation
adjustment

of defined benefit

otherplanscomprehensive

28(25)

Remeasurements

accumulated

Noncontrollinginterests

Total net
assetsincome

614

1,432

74,767

Changes during period
Dividends of surplus(2,108)

Profit attributable to owners ofparent5,132

Purchase of treasury shares(882)

Net changes in items otherthan shareholders' equity

(126)

(221)

152

4(190)(5)(196)

Total changes during period

(126)

(221)

152

4(190)

(5)

1,945

56

207

180

(21)

423

1,427

76,712

Balance at end of period8

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

Deferred
gains orlosses onhedges207

Total

Foreigncurrencytranslation
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

183

2,991

245

(24)

182

1351,610

79,704

9135

18377

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, 2022

March 31, 2023
7,598

8,342

750

752

(17)

6(0)

0

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

(1)
35

(5)
21

Share-based payment expenses
Subsidy income–(44)

135(4)

Settlement income
Interest and dividend income

(19)
(171)

–(156)

Interest expenses
Decrease (increase) in trade receivables4(345)4(14)

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

704
6144
128

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

(447)
172

(9)
(29)

Increase (decrease) in other current liabilities
Other, net

(31)
20

(36)
22

8,211

9,302

172
(4)

156
(4)

Income taxes paid
Subsidies received(3,435)44(2,335)
4

Settlement received

19

–

5,007

7,121

Purchase of property, plant and equipment
Purchase of intangible assets

(420)
(34)

(199)
(82)

Purchase of investment securities
Loan advances

(521)
(30)

(21)
–Proceeds from collection of loans receivable
Other payments

5(37)

13(17)

62(1,032)(304)

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

SubtotalInterest and dividends received
Interest paid

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

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

10

(Millions of yen)
Fiscal year ended

Fiscal year endedMarch 31, 2022

March 31, 2023

Cash flows from financing activities
Purchase of treasury shares

(882)

(646)

Repayments of lease liabilities
Dividends paid

(158)
(2,108)(153)(2,060)(275)–

Net cash provided by (used in) financing activities(3,424)(2,860)Effect of exchange rate change on cash and cash equivalents

159

101

Dividends paid to non-controlling interests

Net increase (decrease) in cash and cash equivalents

710

4,058

Cash and cash equivalents at beginning of period

47,87048,581

Cash and cash equivalents at end of period

48,581

52,63911