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, 2021
(Based on Japanese GAAP)
July 30, 2021
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 12, 2021–

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, 2021 (from April 1, 2021 to June 30, 2021)(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, 2021
25,427(2.8)
2,480 (24.6)
2,640 (20.5)
1,775 (21.4)
Three months ended June 30, 2020
26,149
5.6
3,289
63.3
3,320
61.5
2,258
63.3
Note: Comprehensive income

Three months ended June 30, 2021
Three months ended June 30, 2020

¥1,605 million [(30.1)%]¥2,298 million [124.3%]

Earnings per share

Diluted earnings per share

Yen
50.52
63.27

Three months ended June 30, 2021
Three months ended June 30, 2020

Yen––(2) Consolidated financial position
Total assets
Millions of yen
92,524
94,028

As of June 30, 2021
As of March 31, 2021
Reference: Equity

Net assets

As of June 30, 2021:
As of March 31, 2021:

Equity ratio

Millions of yen
75,04374,767

Net assets per share
%
79.8
78.0

Yen
2,100.89
2,086.85¥73,827 million¥73,334 million

2. Cash dividends
Annual dividends per share

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

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
25.00

Yen–

Yen
30.00

Yen
55.00

30.00

–

30.00

60.00

Year ending March 31, 2022 (Forecast)
Note: Revision of cash dividend forecast most recently announced: No1Total

3. Forecast of consolidated financial results for the year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)
Net sales
Millions of yen
Six months ending
September 30, 2021
Full year

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

49,900(0.6)

4,400(15.4)

4,450(16.4)

2,950(17.8)

83.95

103,400

2.1

9,000(5.5)

9,100(6.5)

6,100(7.4)

173.59Note: Revision of consolidated financial results forecast most recently announced: No
4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2021
(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:

Yes
NoChanges 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, 2021

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 June 30, 2021

2,234,624 shares As of March 31, 2021

2,234,624 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2021

35,141,012 shares Three months ended June 30, 2020

35,691,637 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, 2021

As of June 30, 2021

AssetsCurrent assets
Cash and depositsNotes and accounts receivable - trade47,87012,68042,71815,935

Electronically recorded monetary claims - operating
Merchandise and finished goods

1,344
8,722

1,647
9,445

Short-term loans receivable
Other

32
1,401

32885

Allowance for doubtful accounts
Total current assets

(32)

(32)

72,02070,633

Non-current assets
Property, plant and equipment
Buildings and structures

13,041

13,045

Accumulated depreciation(5,084)(5,171)

Buildings and structures, net

7,957

7,873

Land

9,385

9,385

Construction in progress
Other

497
2,881

5512,938(2,044)(2,100)

Accumulated depreciation
Other, net

837

837

18,677

18,648516

493

Investment securities
Long-term loans receivable

1,556
6

1,500
6

Other
Allowance for doubtful accounts

1,262
(12)

1,254
(12)

Total investments and other assets

2,813

2,749

22,007

21,89094,02892,524

Total property, plant and equipment
Intangible assets
Investments and other assets

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

5,837

5,549

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

2,326
74

777
21

Provision for bonuses
Other6
3,149

4
3,290

Total current liabilities

11,394

9,644

Non-current liabilities
Long-term borrowings

6,600

6,600

Retirement benefit liability
Asset retirement obligations

621
9626
9

Other

634

600

Total non-current liabilities
Total liabilities

3

7,866

7,836

19,261

17,481

(Millions of yen)
As of March 31, 2021

As of June 30, 2021

Net assets
Shareholders' equity
Share capital

4,993

4,993

Capital surplus
Retained earnings

6,273
65,0296,27365,750

Treasury shares(3,576)(3,576)

Total shareholders' equity

72,71973,440

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

183
428

139
218

Foreign currency translation adjustment
Remeasurements of defined benefit plans

28
(25)

51
(22)

Accumulated other comprehensive income

614

386

Non-controlling interests

Total accumulated other comprehensive income

1,432

1,215

Total net assets

74,76775,04394,02892,524

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, 2020

June 30, 2021

Net sales
Cost of sales

26,14917,77925,427
17,399Gross profit

8,369

8,028

Selling, general and administrative expenses

5,080

5,548

Operating profit

3,289

2,480

Interest income
Dividend income

114069Foreign exchange gains
Subsidy income

––

1135

Settlement received
Other–
29

1931

Total non-operating income

44167

Non-operating income

Non-operating expenses
Interest expenses

01

Commission expenses
Foreign exchange losses

361–

Other23

136

Ordinary profit

Total non-operating expenses

3,320

2,640

Profit before income taxes

3,320

2,640

Income taxes - current
Income taxes - deferred

967
35

708
110

Total income taxes

1,002

818

Profit

2,317

1,822

58

47

2,258

1,775

Profit 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, 2020

June 30, 2021
2,317

1,822

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

63(59)(43)(210)

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

(27)
534
2

Total other comprehensive income

(18)

(216)

2,298

1,605

2,240

1,547

57

58

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

Three months ended

Three months ended

June 30, 2020

June 30, 2021
3,320

2,640

186

178

(44)

(53)

(43)

(1)

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

(2)
16(0)
8

Subsidy income
Settlement received

––

(35)
(19)

(15)
0(69)
1(4,739)(1,966)(3,550)(720)

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

421
(29)

(293)
(164)

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

156
56

214
206

Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories

Other, net

76

Subtotal(2,676)(1,652)

15

69(0)
(996)

(2)
(2,182)

Subsidies received
Settlement package received

35
–35
19

Proceeds from compensation
Payments associated with disaster loss

32
(3)

––

(3,593)(3,713)

(50)

(98)

(103)
(5)

(5)
(6)

Loan advances
Proceeds from collection of loans receivable

(6)
0–
0

Other payments
Other proceeds

(11)
0(4)
3

Net cash provided by (used in) investing activities

(174)

(111)

Cash flows from financing activities
Proceeds from long-term borrowings

6,600

–

Purchase of treasury shares
Repayments of lease obligations(1,771)
(39)

–
(39)

Dividends paid
Dividends paid to non-controlling interests(885)–(1,030)(275)

Net cash provided by (used in) financing activities

3,903(1,345)Interest and dividends received
Interest paid
Income taxes paid

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 securities

Effect of exchange rate change on cash and cash equivalents

(24)

17

Net increase (decrease) in cash and cash equivalents

110(5,152)

Cash and cash equivalents at beginning of period

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

37,66042,718

7