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, 2023
(Based on Japanese GAAP)
January 31, 2024
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, 2024–

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, 2023 (from April 1, 2023 to December 31, 2023)(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, 2023
84,707
(0.0)
7,202
(0.7)
7,385
(0.3)
4,970
(0.4)
Nine months ended December 31, 2022
84,737
5.4
7,254
8.9
7,405
6.5
4,991
6.4
Note: Comprehensive income Nine months ended December 31, 2023
Nine months ended December 31, 2022

¥5,645 million [23.0%]¥4,588 million [2.4%]

Earnings per share

Diluted earnings per shareYen
145.59145.85

Nine months ended December 31, 2023
Nine months ended December 31, 2022

Yen
143.82–(2) Consolidated financial position
Total assets
Millions of yen
102,404
98,188

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

Net assets

As of December 31, 2023:
As of March 31, 2023:

Equity ratio

Millions of yen
82,88279,704

Net assets per share
%
79.1
79.4

Yen
2,372.78
2,283.42¥81,008 million¥77,958 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
30.00
35.00

Yen––

Yen
35.00

Yen
65.00

35.00

70.00

Year ending March 31, 2024 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1

Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Net sales
Full year

Millions of yen
111,000

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
5.0
9,000
11.8
9,000
7.9
6,100
8.5
178.67

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, 2023
(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:

No
No

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, 2023

37,375,636 shares As of March 31, 2023

37,375,636 shares

Number of treasury shares at the end of the period
As of December 31, 2023

3,234,699 shares As of March 31, 2023

3,234,655 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2023

34,140,945 shares Nine months ended December 31, 2022

34,223,852 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, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims - operating
Merchandise and finished goods
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment

As of December 31, 2023

52,639255
13,015
1,196
7,896
12780
(0)

47,942274
20,754
2,214
7,971
8
1,033
(0)

75,79680,19913,882(5,781)

13,936(6,064)

8,100

7,872

9,385
13
3,230(2,463)

9,385–
3,404(2,654)

767

750

18,26618,008Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts

354

427

2,200
7
452
1,118(7)

2,396
1
268
1,109(7)Total investments and other assets

3,771

3,769

Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses for directors (and other officers)
Provision for bonuses
Other22,392

22,204

98,188102,404

6,047
–
1,530
63
5
3,152

6,943
6,600
1,117
50
3
3,708

Total current liabilities

10,80018,422

Non-current liabilities
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other

6,600
677
10396

–
692
10397

Total non-current liabilities

7,683

1,099

18,484

19,521

Total liabilities

3

(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
71,614

6,273
74,194

Treasury shares(5,105)(5,105)

Total shareholders' equity

77,77580,356

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

232
(270)

348
(41)

Foreign currency translation adjustment
Remeasurements of defined benefit plans

245
(24)

361
(15)

Total accumulated other comprehensive income

182

652

135

267

Accumulated other comprehensive income

Share acquisition rights
Non-controlling interests

1,610

1,605

Total net assets

79,70482,882

98,188102,404

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)
Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

Net sales
Cost of sales

84,737
61,63084,70760,766Gross profit

23,10623,940

Selling, general and administrative expenses

15,852

16,737

Operating profit

7,254

7,202

Interest income
Dividend income

543

28
46

Gain on adjustment of accounts payable
Foreign exchange gains

423

142

Subsidy income
Insurance claim income

351–

Non-operating income

Other

81

85

Total non-operating income

168

205

Interest expenses
Commission expenses

34

32

Cancellation penalty
Other–
8511

Non-operating expenses

1623

Ordinary profit

Total non-operating expenses

7,405

7,385

Profit before income taxes

7,405

7,385

Income taxes - current

2,336

2,283

Income taxes - deferred(26)17Total income taxes

2,310

2,301

Profit

5,095

5,084

103

113

4,991

4,970

Profit attributable to non-controlling interests
Profit attributable to owners of parent5Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Nine months ended

Nine months ended

December 31, 2022

December 31, 2023

5,095

5,084

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

148(739)116
229

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

768206
8(506)

561

4,588

5,645

4,443

5,440

145

204

Total other comprehensive income
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, 2022

December 31, 2023

7,405

7,385

556

599

(1)

(13)

(2)

(2)

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

(1)
14(0)
27

Share-based payment expenses
Insurance claim income

91(5)

132–

Subsidy income
Interest and dividend income(3)
(49)

(1)
(75)

Interest expenses
Decrease (increase) in trade receivables

3(8,841)3(8,744)

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

334
1,304(64)862

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

90(189)257(237)

Increase (decrease) in other current liabilities
Other, net

468
14567
13

1,188

711

Interest and dividends received
Interest paid

49(4)

75
(5)

Income taxes paid
Proceeds from insurance income(2,350)5(2,651)–31(1,107)(1,869)Payments into time deposits
Proceeds from withdrawal of time deposits––(1,283)
283

Purchase of property, plant and equipment
Purchase of intangible assets

(156)
(53)

(64)
(200)

Purchase of investment securities
Proceeds from sale of investment securities

(17)
–

(19)
2

Proceeds from collection of loans receivable
Other payments

10(14)

10(6)Depreciation
Increase (decrease) in provision for bonuses for directors (andother officers)
Increase (decrease) in provision for bonuses

Subtotal

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

Other proceeds

26(230)(1,271)

(646)
(115)

(0)
(99)

Dividends paid
Dividends paid to non-controlling interests(2,057)–(2,387)(210)

Net cash provided by (used in) financing activities(2,820)(2,697)

Net cash provided by (used in) investing activities
Cash flows from financing activities
Purchase of treasury shares
Repayments of lease liabilities

Effect of exchange rate change on cash and cash equivalents

84140

Net increase (decrease) in cash and cash equivalents(4,074)(5,696)

Cash and cash equivalents at beginning of period

48,581

52,639Cash and cash equivalents at end of period

44,507

46,9427