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 Three Months Ended June 30, 2022
(Based on Japanese GAAP)
July 29, 2022
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:

August 10, 2022–

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 three months ended June 30, 2022 (from April 1, 2022 to June 30, 2022)(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%Three months ended June 30, 2022
26,6554.8
2,212 (10.8)
2,363 (10.5)
1,590 (10.4)
Three months ended June 30, 2021
25,427(2.8)
2,480 (24.6)
2,640 (20.5)
1,775 (21.4)
Note: Comprehensive income

Three months ended June 30, 2022

¥2,117 million [31.9%]

Three months ended June 30, 2021

¥1,605 million [(30.1)%]

Earnings per share

Diluted earnings per share

Yen
46.30
50.52

Three months ended June 30, 2022
Three months ended June 30, 2021

Yen––(2) Consolidated financial position
Total assets
As of June 30, 2022
As of March 31, 2022
Reference: Equity

Net assets

Millions of yen
95,481
94,371Equity ratio

Millions of yen
77,14776,712As of June 30, 2022:¥75,553 million

As of March 31, 2022:¥75,285 million

Net assets per share
%79.1
79.8

Yen
2,212.97
2,177.99

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
30.00

Yen–

Yen
30.00

Yen
60.00

30.00

–

30.00

60.00

Year ending March 31, 2023 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No

1Total3. Forecast of consolidated financial results for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
Net sales
Millions of yen
Six months ending
September 30, 2022
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profitOrdinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

51,6005.2

3,950(0.1)

4,000(3.7)

2,700(3.3)

78.76

108,000

6.9

8,300

16.7

8,400

10.6

5,600

9.1

163.67

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2022
(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:
Changes in accounting policies due to other reasons:

NoNo

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 June 30, 2022

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 June 30, 2022

3,234,624 shares As of March 31, 2022

2,809,024 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2022

34,348,112 shares Three months ended June 30, 2021

35,141,012 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, 2022

As of June 30, 2022

AssetsCurrent assets
Cash and depositsNotes receivable - trade

48,581330

44,183501

Accounts receivable - trade
Electronically recorded monetary claims - operating

12,638
1,471

16,237
1,613

Merchandise and finished goods
Short-term loans receivable

8,036
13

9,311
13

Other
Allowance for doubtful accounts

933
(2)

1,361
(0)

72,00373,221

13,073(5,442)

13,089(5,534)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

7,630

7,554

Land
Construction in progress

Buildings and structures, net

9,385
784

9,385831

Other
Accumulated depreciation

3,022(2,191)

3,073(2,251)

830

822

18,631

18,594

416

390

1,910

2,000

20
280

17
151

1,119(11)1,119(11)Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets

3,319

3,276

22,36722,26094,371

95,481

5,916

6,740

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

1,192
57

725
15Provision for bonuses
Other

5
2,727

4
3,097

Total current liabilities

9,899

10,583

Non-current liabilities
Long-term borrowings

6,600

6,600

Retirement benefit liability
Asset retirement obligations

650
10655
10

Other

498

485

7,759

7,750

17,65818,334

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

Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of March 31, 2022

As of June 30, 2022

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplusRetained earnings

6,273
68,054

6,273
68,607

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

Total shareholders' equity

74,861

74,768Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

56
207

100
435

Foreign currency translation adjustment
Remeasurements of defined benefit plans

180
(21)

265
(18)

Total accumulated other comprehensive income

423

784

Accumulated other comprehensive income

Non-controlling interests

1,427

1,593

Total net assets

76,712

77,147

94,371

95,481

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)Three months ended

Three months ended

June 30, 2021

June 30, 2022

Net sales
Cost of sales

25,427
17,39926,65519,199Gross profit

8,028

7,456

Selling, general and administrative expenses

5,548

5,244

Operating profit

2,480

2,212

Interest income
Dividend income

069

025

Foreign exchange gains
Subsidy income

1135

105
3

Settlement received
Other

1931–21

Total non-operating income

Non-operating income

167157

Non-operating expenses
Interest expenses

11

Commission expenses
Other131
3

Total non-operating expenses

66

Ordinary profit

2,640

2,363

Profit before income taxes

2,640

2,363

Income taxes - current

708

690

Income taxes - deferred

110

28

Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5818

719

1,822

1,643

47

52

1,775

1,590

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income

Three months ended

Three months endedJune 30, 2021

June 30, 2022
1,822

1,643

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

(43)
(210)

44
228

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

34
2

199
2(216)

474

1,605

2,117

1,547

1,950

58

166

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

Three months ended

Three months ended

June 30, 2021

June 30, 2022
2,640

2,363

178

182

(53)

(41)

(1)

(1)

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

(0)
8(2)
8

Subsidy income
Settlement income

(35)
(19)

(3)
–

Interest and dividend income
Interest expenses

(69)
1(26)
1(3,550)(720)(3,880)(1,252)

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

(293)
(164)

797
173

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

214
206(88)
109

Other, net

64

Subtotal(1,652)(1,656)69

26

Interest paid
Income taxes paid

(2)(2,182)(2)(1,116)

Subsidies received
Settlement received

35
19

3–

(3,713)(2,744)

(98)

(50)

Purchase of intangible assets
Purchase of investment securities

(5)
(6)

(4)
(7)

Proceeds from collection of loans receivable
Other payments

0(4)

3(3)

Other proceeds

32

(111)

(60)

–(39)

(646)
(39)

Dividends paid
Dividends paid to non-controlling interests(1,030)(275)(1,011)–

Net cash provided by (used in) financing activities(1,345)(1,696)

Effect of exchange rate change on cash and cash equivalents

17103

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

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

Interest and dividends received

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

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

Net increase (decrease) in cash and cash equivalents(5,152)(4,398)Cash and cash equivalents at beginning of period

47,87048,581

Cash and cash equivalents at end of period

42,71844,1837