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, 2024
(Based on Japanese GAAP)
July 31, 2024
Company name:DOSHISHA CORPORATION
Stock exchange listing: Tokyo
Stock code:
Representative:

7483
URL https://www.doshisha.co.jp
President, CEO and COO
Masayuki Nomura

Inquiries:

Director and Managing Executive OfficerIn Charge of Financial & Accounting,Takahiro Matsumoto

Foreign Trade Operation.
Scheduled date to commence dividend payments:–Preparation of supplementary material on financial results:
Holding of 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, 2024 (from April 1, 2024 to June 30, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profitowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Three months ended June 30, 2024
27,869
5.7
2,416
(4.0)
2,516(3.1)
1,678
(3.5)
Three months ended June 30, 2023
26,362
(1.1)
2,517
13.8
2,596
9.9
1,738
9.3
Note: Comprehensive income

Three months ended June 30, 2024
Three months ended June 30, 2023

¥1,988 million [(30.5)%]¥2,860 million [35.1%]

Earnings per share

Diluted earnings per share

Yen
49.15
50.93

Three months ended June 30, 2024
Three months ended June 30, 2023

Yen
48.48
50.43

(2) Consolidated financial position
Total assets
As of June 30, 2024
As of March 31, 2024
Reference: EquityNet assets

Millions of yen
98,781
102,701
As of June 30, 2024:
As of March 31, 2024:

Equity ratio

Millions of yen
84,951
84,284

Net assets per share
%
83.8
80.1

Yen
2,424.50
2,410.12¥82,774 million¥82,283 million

2. Cash dividends
Annual dividends per share

Year ended March 31, 2024
Year ending March 31, 2025

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––Yen
35.00

Yen–

Yen
40.00

Yen
75.00

40.00

–40.0080.00

Year ending March 31, 2025 (Forecast)
Note: Revision of cash dividends forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Net sales
Millions of yen
Six months ending
September 30, 2024
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

54,100

4.3

4,450

4.3

4,500

2.6

2,950

0.6

86.41

110,000

3.9

9,000

13.5

9,100

8.2

6,000

3.7

175.74

Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Significant changes in the scope of consolidation during the three months ended June 30, 2024:

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
No
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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 June 30, 2024

37,375,636 shares As of March 31, 2024

37,375,636 shares

Number of treasury shares at the end of the period
As of June 30, 2024

3,234,699 shares As of March 31, 2024

3,234,699 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2024

34,140,937 shares Three months ended June 30, 2023

34,140,959 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or anaudit corporation: No* 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, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes receivable - trade55,187271

46,452560

Accounts receivable - trade
Electronically recorded monetary claims - operating13,722
1,476

16,956
2,037

Merchandise and finished goods
Short-term loans receivable

8,889
5

9,793
2

Other
Allowance for doubtful accounts

900
(0)

703
(0)

80,45276,504

13,980(6,163)

14,030(6,265)

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

7,816

7,764

Land
Construction in progress

Buildings and structures, net

9,385
–

9,385
6

Other
Accumulated depreciation

3,432(2,719)3,445(2,741)

713

703

17,914

17,859

421

413

2,683

2,862

1124–
37

1,109
(6)

1,111(7)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

3,912

4,003

22,24822,276

102,701

98,781

6,487

8,269

6,600
1,363

–
828

58
1119
4

Other

2,855

3,675

Total current liabilities

17,377

12,797Retirement benefit liability
Asset retirement obligations

641
10637
10

Other388

384

1,040

1,032

18,417

13,830Total 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

Non-current liabilities

Total non-current liabilities
Total liabilities

3

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
75,0086,273
75,320Treasury shares(5,105)(5,105)

Total shareholders' equity

81,16981,482

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

536
146646122

Foreign currency translation adjustment
Remeasurements of defined benefit plans

404
26

498
24

1,114

1,292

Accumulated other comprehensive income

Total accumulated other comprehensive income
Share acquisition rights

309

353

Non-controlling interests

1,690

1,823

84,284

84,951

102,701

98,781

Total net assets
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, 2023

June 30, 2024

Net sales
Cost of sales

26,362
18,46927,86919,533Gross profit

7,893

8,335

Selling, general and administrative expenses

5,375

5,919

Operating profit

2,517

2,416

Interest income
Dividend income

1227

1729

Foreign exchange gains
Subsidy income

13–

280

Other

3130

Total non-operating income

84

106

Interest expenses
Commission expenses

1000

Other

34

Non-operating income

Non-operating expenses56

Ordinary profit

Total non-operating expenses

2,596

2,516

Profit before income taxes

2,596

2,516

Income taxes - current
Income taxes - deferred

763
50

746
49

Total income taxes

813

796

1,782

1,720

44

41

1,738

1,678

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

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

ProfitOther comprehensive income

Three months ended

Three months ended

June 30, 2023

June 30, 2024
1,782

1,720

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

35870

110(24)Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

168
2184(1)

1,077

268

2,860

1,988

2,735

1,856

125132

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, 2023

June 30, 2024
2,596

2,516

192

181

(44)

(39)

(1)

(7)

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

0
11

1(6)

Share-based payment expenses
Subsidy income

45–

43(0)

Interest and dividend income
Interest expenses

(39)
1(46)
0(3,124)(1,531)(4,058)(896)

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

198
251

1,757
171

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

(59)
87

170
557

Other, net

42

Subtotal(1,411)

348

3948(2)(1,402)(2)(1,238)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
Interest paid
Income taxes paid
Subsidies received–0(2,776)(843)

Payments into time deposits
Proceeds from withdrawal of time deposits(1,000)––
1,000

Purchase of property, plant and equipmentPurchase of intangible assets

(50)
(173)

(23)
(29)

Purchase of investment securities
Proceeds from collection of loans receivable

(6)
3(6)
3

Other payments
Other proceeds

(1)
0(2)
0

(1,229)941

Cash flows from financing activities
Repayments of long-term borrowings–(6,600)Purchase of treasury shares
Repayments of lease liabilities

(0)
(36)

–
(27)

Dividends paid
Dividends paid to non-controlling interests(1,166)(210)(1,337)–

Net cash provided by (used in) financing activities(1,412)(7,964)

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

Net cash provided by (used in) investing activities

Effect of exchange rate change on cash and cash equivalents

134132

Net increase (decrease) in cash and cash equivalents(5,284)(7,734)

Cash and cash equivalents at beginning of period

52,63954,187

Cash and cash equivalents at end of period

47,35546,4527