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, 2022
(Based on Japanese GAAP)May 9, 2022
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, 2022

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

June 29, 2022
June 30, 2022

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, 2022 (from April 1, 2021 to March 31, 2022)(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
%
(0.2)
7,109
(25.3)
7,598(21.9)
5,132(22.1)
5.2
9,522
58.8
9,734
55.5
6,588
56.4

Net sales
Millions of yen
101,027
101,257

Year ended March 31, 2022
Year ended March 31, 2021
Note: Comprehensive income

Year ended March 31, 2022

¥5,211 million [(28.5)%]

Year ended March 31, 2021

¥7,293 million [76.6%]

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
salesparent/equity
Yen%%%
–
6.9
8.1
7.0–
9.2
11.0
9.4

Diluted earnings pershareYen
146.55186.58Year ended March 31, 2022
Year ended March 31, 2021

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

Year ended March 31, 2022
Year ended March 31, 2021
(2) Consolidated financial position

Total assets
Millions of yen
94,371
94,028

As of March 31, 2022
As of March 31, 2021
Reference: Equity

Net assets
Millions of yen
76,712
74,767

As of March 31, 2022:¥75,285 million

As of March 31, 2021:¥73,334 million

Equity ratio

Net assets per share%
79.8
78.0

Yen
2,177.99
2,086.85(3) Consolidated cash flows

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

Cash flows fromoperating activities
Millions of yen
5,007
8,855

Cash flows frominvesting activities
Millions of yen(1,032)(483)

1

Cash and cash equivalents
Cash flows fromat end of period
financing activities
Millions of yen
Millions of yen(3,424)
48,581
1,884
47,8702. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2021
Year ended March 31, 2022
Year ending March 31, 2023
(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
30.00

––

30.00
30.00

55.00
60.00

1,932
2,091

29.5
40.9

2.7
2.8

–

30.00

–

30.00

60.00

36.73. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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
51,6005.2
3,950(0.1)
4,000(3.7)
2,700(3.3)
78.76
September 30, 2022
Full year
108,000
6.9
8,300
16.7
8,400
10.6
5,600
9.1
163.67
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2022
(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:

Yes
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, 2022

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 March 31, 2022

2,809,024 shares As of March 31, 2021

2,234,624 shares

35,023,281 shares Year ended March 31, 2021

35,310,450 shares

Average number of shares during the period
Year ended March 31, 20222

Reference: Summary of non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(1) Non-consolidated operating results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2022
Year ended March 31, 2021

Operating profit

Millions of yen
91,19191,755% Millions of yen
(0.6)
6,382
4.6
8,071

Earnings per share% Millions of yen(20.9)
6,972
56.9
8,225

Profit% Millions of yen(15.2)
4,906
38.5
5,674%(13.5)
34.1

Diluted earnings per share

Yen
140.09160.69Year ended March 31, 2022
Year ended March 31, 2021

Ordinary profit

Yen––(2) Non-consolidated financial position
Total assets
As of March 31, 2022
As of March 31, 2021
Reference: Equity

Net assets

Millions of yen
86,88486,336
As of March 31, 2022
As of March 31, 2021

Equity ratio

Millions of yen
70,73069,126

Net assets per share
%
81.4
80.1

Yen
2,046.20
1,967.11¥70,730 million¥69,126 million

2. Forecast of non-consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Percentages indicate year-on-year changes
Net sales
Six months ending
September 30, 2022
Full yearOrdinary profit

ProfitEarnings per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

46,6004.8

3,450(11.3)

2,400(13.3)

70.01

97,100

6.5

7,200

3.3

5,000

1.9

146.13* 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, 2021

As of March 31, 2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade47,87012,68048,581–––330
12,638

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,344
8,722

1,471
8,036

Short-term loans receivable
Other

32
1,401

13
933

(32)

(2)

72,02072,003

13,041

13,073

Accumulated depreciation(5,084)(5,442)

Buildings and structures, net

7,957

7,630

Land

9,385

9,385

Leased assets
Accumulated depreciation

1,005
(493)

932
(485)

Leased assets, net

511

447

Construction in progress
Other497
1,876

784
2,089

(1,550)(1,706)

Notes receivable - trade
Accounts receivable - trade

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Accumulated depreciation
Other, net

325

383

18,677

18,631

144

96

Other372

319

Total intangible assets

516

416

Investment securities
Long-term loans receivable

1,556
6

1,910
20

Deferred tax assets
Other

163
1,099

280
1,119

Total property, plant and equipment
Intangible assets
Leased assets

Investments and other assets

Allowance for doubtful accounts

(12)

(11)

Total investments and other assets

2,813

3,319

22,00722,36794,02894,371

Total non-current assets
Total assets

4

(Millions of yen)
As of March 31, 2021

As of March 31, 2022Liabilities
Current liabilities
Accounts payable - trade

5,837

5,916

Lease liabilities
Income taxes payable

153
2,326

151
1,192

74
657
5

Other

2,995

2,575

Total current liabilities

11,394

9,899

6,600
502

6,600
391

Retirement benefit liability
Asset retirement obligations

621
9650
10

Deferred tax liabilities
Other

56
76

3472

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

Non-current liabilities
Long-term borrowings
Lease liabilities

Total non-current liabilities

7,866

7,759

19,261

17,658

Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
65,0296,273
68,054

Total liabilities
Net assets

Treasury shares(3,576)(4,459)Total shareholders' equity

72,71974,861

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

183
428

56
207

Foreign currency translation adjustment
Remeasurements of defined benefit plans

28(25)

180(21)

Accumulated other comprehensive income

614

423

Non-controlling interests

Total accumulated other comprehensive income

1,432

1,427

Total net assets

74,76776,712

94,02894,371

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, 2021

Fiscal year ended
March 31, 2022

Net sales

101,257

101,027

Cost of sales

70,79673,012Gross profit

30,46028,014

Selling, general and administrative expenses

20,937

20,905

Operating profit

9,522

7,109

Non-operating income
Interest and dividend income

26171

Gain on adjustment of account payable
Foreign exchange gains

435815155

Operations consignment fee of subsidiaries and affiliates
Subsidy income

514

544

Compensation income
Settlement received

8––
19

Other

88

110

Total non-operating income

244

522

Interest expenses
Commission expenses

47

4
12

Provision of allowance for doubtful accounts
Other

712–
16

Non-operating expenses

32

33

Ordinary profit

Total non-operating expenses

9,734

7,598

Profit before income taxes

9,734

7,598

Income taxes - current

3,057

2,332

Income taxes - deferred(64)12Total income taxes

2,992

2,344

Profit

6,742

5,253

1531206,588

5,132

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

6Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
6,742

5,253

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

217
214

(126)
(221)

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

124
(6)

301
4

Total other comprehensive income

551

(41)

7,293

5,211

7,059

4,942

234269Comprehensive 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, 2021
(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

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)

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

–

–

4,801

(1,771)

3,029

4,993

6,273

65,029(3,576)72,719

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

Total changes during period

217

206

52(6)

470

234

3,734

Balance at end of period

183

428

28(25)

614

1,432

74,767

206

52

8(6)

470

234

705

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 onhedges
428

TotalForeigncurrencytranslation
adjustment

Remeasurements

accumulatedof defined benefit

otherplanscomprehensive

28(25)

Noncontrollinginterests

Total net
assetsincome614

1,432

74,767

Changes during period
Dividends of surplus(2,108)

Profit attributable to owners ofparent

5,132

Purchase of treasury shares(882)

Net changes in items otherthan shareholders' equity

(126)

(221)

152

Total changes during period

(126)

(221)

56

207

Balance at end of period

4(190)

152

4(190)

(5)

1,945

180

(21)

423

1,427

76,712

9(5)

(196)

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 (andFiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022
9,734

7,598

763

750

other officers)
Increase (decrease) in provision for bonuses

26(17)(42)(0)

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

(12)
47

(1)
35

Increase (decrease) in provision for environmental measures
Subsidy income

(0)
(14)

–(44)

Settlement incomeCompensation income

–(8)

(19)
–

Interest and dividend income
Interest expenses(26)
4(171)
4

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

140(880)

(345)
704

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

633
154

6(447)

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

(23)
116

172
(31)

Other, net

34

20

Subtotal

10,648

8,211

26

172

Interest paid
Income taxes paid

(2)
(1,902)(4)(3,435)

Subsidies received
Settlement received

49–

44
19

Proceeds from compensation
Payments associated with disaster loss

40
(3)

––

8,855

5,007

(343)

(420)

(111)
(19)

(34)
(521)

Loan advances
Proceeds from collection of loans receivable

(8)
18

(30)
5

Other payments
Other proceeds(28)
10(37)
6

Net cash provided by (used in) investing activities(483)(1,032)

Interest and dividends received

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities10(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

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)–(882)

Repayments of lease liabilities
Dividends paid

(157)
(1,787)(158)(2,108)Dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents–(275)

1,884(3,424)65

159

Net increase (decrease) in cash and cash equivalents

10,321

710

Cash and cash equivalents at beginning of period

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

47,87048,58111