Summary of Financial Statements
for Fiscal Year Ended March 31, 2023 [Japanese GAAP](Consolidated)
May 12, 2023
Name of listed company:

SHIP HEALTHCARE HOLDINGS, INC.
Shares listed on: Tokyo Stock Exchange
Code:
3360
URL
https://www.shiphd.co.jp/en/
Representative:(Title) President(Name) Futoshi Ohashi
Contact:(Title) Executive Director(Name) Hiroshi YokoyamaTel.: +81-6-6369-0130
Scheduled date for regular general meeting of shareholders: June 29, 2023
Scheduled start date for dividend payments: June 30, 2023
Scheduled date for filing securities report: June 29, 2023
Supplementary briefing materials on results: Yes
Briefing on results: Yes (for institutional investors and analysts)(All figures are rounded down to the nearest million yen.)

1. Consolidated financial results for the fiscal year ended March 31, 2023
(April 1, 2022 – March 31, 2023)(1) Consolidated operating results
Net sales(Percentages represent year-on-year changes.)
Profit attributable toOrdinary profit
owners of parent

Operating profit(Million yen)%

(Million yen)%

(Million yen)%

(Million yen)%

FY ended March 2023
572,285
11.3
21,144
3.1
20,607(3.2)
12,063(0.9)
514,353
20,505(5.9)
21,287(2.2)
12,172(0.9)
FY ended March 2022－
Note: Comprehensive income: FY ended March 2023: ¥ 13,433 million (21.4 %); FY ended March 2022: ¥ 11,061 million ((23.4) %)Net income per
Diluted net
Return on
Return on
Operating margin
share
income per shareequityassets
(Yen)

(Yen)

%

%

%

FY ended March 2023
127.85115.929.8
5.7
3.7
FY ended March 2022
129.01117.01
10.6
6.4
4.0
Reference: Share of profit (loss) of entities accounted for using equity method: FY ended March 31, 2023: ¥ (5) million;
Reference: Share of profit (loss) of entities accounted for using equity method: FY ended March 31, 2022: ¥357 million
Note: As the Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations have been applied from the beginning of previous fiscal year, the figures forthe fiscal year ended March 31, 2022 are those after retrospectively applying the accounting standard and relevant revised
ASBJ regulations. Due to the above reason, YoY rate of change in net sales are not shown.

(2) Consolidated financial condition
Total assets

Net assets(Million yen)

Equity capital ratio(Million yen)

Net assets per share
%

(Yen)

FY ended March 2023
381,977
131,115
33.5
FY ended March 2022
335,074
122,318
35.3
Reference: Equity: FY ended March 2023: ¥128,037 million; FY ended March 2022: ¥118,289 million

1,357.05
1,253.73(3) Consolidated cash flows
Cash and cash
equivalents at end of
periodNet cash from operating Net cash from investing Net cash from financing
activities
activities
activities
FY ended March 2023
FY ended March 2022

(Million yen)

(Million yen)

(Million yen)

(Million yen)

14,105
12,428(6,774)(3,870)(1,022)(8,842)

79,02072,804

2. Dividends
End Q1(Yen)

Annual dividends
End Q2End Q3Year-end
(Yen)

(Yen)

(Yen)

FY ended March 2022
–
0.00
–
41.00
FY ended March 2023
–
0.00
–
42.00
FY ending March 2024
–
0.00
–
48.00
(projected)
Note: Dividend breakdown for the fiscal year ending March 31, 2024 (forecast)Ordinary dividend ¥43.00 Commemorative dividend ¥5.00

Total

Total annual
dividends(Yen) (Million yen)

41.00
42.00
48.00

3,868
3,962

Payout ratio(consolidated)

Dividends to net
assets(consolidated)

%

%

31.8
32.8

3.4
3.2

33.5

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2024
(April 1, 2023 – March 31, 2024)
Net sales
Cumulative throughsecond quarter
Full-year

Operating profit(Percentages represent changes from previous year.)
Profit attributable to Net income per
Ordinary profit
owners of parent
share(Million yen)
(Million yen)
(Yen)
%
%

(Million yen)%

(Million yen)%

270,000

2.5

8,000

0.4

7,800

4.0

4,200

1.4

44.51

600,000

4.8

24,00013.5

23,50014.0

13,50011.9

143.08Notes(1) Changes made in significant subsidiaries during this fiscal year under review(Changes in specified subsidiaries resulting in change in scope of consolidation):(2) Changes made in accounting policies, accounting estimates, and/or restatements:(i) Changes in accounting policies associated with changes in accounting standards, etc.:(ii) Any changes in accounting policies other than those under (i) above:(iii) Changes in accounting estimates:(iv) Restatements:(3) Number of shares issued and outstanding (common stocks)(i) Number of shares issued and outstanding
FY ended Marchat the end of the period (including treasury 2023
stock)(ii) Number of treasury stock at the end of the FY ended March
2023
period(iii) Average number of shares during the
FY ended March
2023
period

None
None
None
None
None

101,669,400 shares

FY ended March
2022

101,669,400 shares

7,319,175 shares

FY ended March
2022

7,319,116 shares

94,350,259 shares

FY ended March
2022

94,350,306 shares

Reference: Overview of non-consolidated financial results
1. Non-consolidated financial results for fiscal year ended March 31, 2023 (April 1, 2022–March 31, 2023)(1) Non-consolidated operating results(Percentages represent year-on-year changes.)
Net sales
FY ended March 2023
FY ended March 2022

Operating profit

Ordinary profit

Net income(Million yen)%

(Million yen)%

(Million yen)%

(Million yen)

%

8,064
8,075

(0.1)
5.5

6,476
6,237

3.8
(2.2)

6,494
6,270

3.6
0.9

6,281
6,173

1.8
0.6

Net income per share
FY ended March 2023
FY ended March 2022

Diluted net income per
share

(Yen)

(Yen)

66.58
65.43

60.29
59.27

(2) Non-consolidated financial condition
Total assets(Million yen)

Net assets(Million yen)

Equity capital ratio

Net assets per share%

FY ended March 2023
95,42452,54755.1
FY ended March 2022
83,21948,634
58.4
Reference: Equity: FY ended March 31, 2023: ¥ 52,547 million; FY ended March 31, 2022: ¥ 48,634 million(Yen)

556.94515.46* This summary of financial results is not subject to review by a Certified Public Accountant or an audit firm.
* Information on appropriate use of financial forecasts and other special notes:• The number of outstanding shares (excluding treasury stock) as of March 31, 2023 is used for the average number of shares during
the period, which is the basis for calculating net income per share in the consolidated financial forecast for the fiscal year ending
March 31, 2024.
• The forecasts of financial results and other forward-looking statements provided herein are based on information available at thetime this document was prepared and certain assumptions considered reasonable. Actual results may differ significantly fromforecasts due to various factors. For assumptions underlying forecasts of financial results, notes on use of forecasts of financial
results, and other related information, please refer to “Future outlook” on page 5 of the Annexed Materials.
• The Company is a holding company and the bulk of its revenue consists of dividends received from subsidiaries and revenues fromtheir operating costs. Detailed information on non-consolidated financial forecasts is omitted since information is not important forinvestment information and business indicators.

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

 Index of attached materials
1.

Qualitative information on business results ...........................................................................................

2(1)

Description of business results ..............................................................................................................

2(2)

Description of financial position ...........................................................................................................

3(3)

Description of cash flows ......................................................................................................................

4(4)

Future outlook .......................................................................................................................................

5

2.

Basic approach in selecting accounting standards .................................................................................

5

3.

Consolidated financial statements and notes thereto .............................................................................

6(1)

Consolidated balance sheet ....................................................................................................................

6(2)

Consolidated statement of income and consolidated statement of comprehensive income ...................

8(3)

Consolidated statement of changes in shareholders' equity ...................................................................

10

(4)

Consolidated statement of cash flows ....................................................................................................

12

(5)

Notes on consolidated financial statements ...........................................................................................

14(Notes on the going concern assumption) ............................................................................................

14(Segment information, etc.) .................................................................................................................

14(Per-share infomation) .........................................................................................................................

19(Important subsequent information) ....................................................................................................

191

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

1. Qualitative information on business results(1) Description of business results
The Japanese economy during FY ended March 2023, as concerns about COVID-19 receded and movement restrictions
were gradually eased, the movement toward normalization of economic activities accelerated. On the other hand, theoutlook remains uncertain due to the soring resource prices caused by the prolonged situation in Russia and Ukraine andthe rapid depreciation of the yen due to the widening interest rate differential between Japan and the United States.
Healthcare industry in which the Group operates, while it requires both continuing measures against COVID-19 andefficient and high-quality medical care system, there is also a continuing demand for the promotion of work style reforms
for doctors and other medical professionals.
Under such conditions, while the Group’s business was entirely affected by the soaring prices of energy and raw materials,
the business performance generally progressed according to the plan due to the smooth progress of projects in Total Pack
Produce business. Furthermore, the Group keep on promoting 4 core strategic measures set forth in the medium-term
management plan, “Further high growth of core business”, “Further expand value”, “Functional organization enhancement
strategy”, and “Activities for sustainability”.
For FY ended March 2023, the various factors noted above resulted in net sales of 572,285 million yen (up 11.3% YoY),
operating profit of 21,144 million yen (up 3.1% YoY), ordinary profit of 20,607 million yen (down 3.2% YoY), and profit
attributable to owners of the parent of 12,063 million yen (down 0.9% YoY).
Business results by segment are summarized below.
(i) Total Pack Produce businessIn Total Pack Produce business, in addition to the completion and new contracts of projects have steadily recorded, theCompany’s business capabilities have been expanded thanks to the newly joined company, Kingrun Co., Ltd. Also, in
Osaka heavy ion therapy center, increase of the number of new outpatients and treatment cases due to the expansionof treatment areas covered by national insurance from April 2022 led to the profitability in operating income.
On the other hand, business results fell short of the plan because the manufacturers were still affected by thedifficulties in procuring electrical components and soaring raw material prices, also the progress of large-scale
projects in Myanmar business was delayed because of the impact of foreign currency shortages due to the financial
regulations such as compulsory conversion.
As a result, this segment recorded net sales of 121,868 million yen (up 22.4% YoY) and segment profit (operating
profit) of 9,024 million yen (down 2.6% YoY).
(ii) Medical Supply business
In Medical Supply business, while the business was affected by soaring raw material prices and logistic costs, newly
contracted SPD facilities steadily operated. Furthermore, the demand for medical materials recovered due to theincrease in the number of surgeries.
As a result, this segment recorded net sales of 386,335 million yen (up 7.1% YoY) and segment profit (operating
profit) of 6,666 million yen (up 7.4% YoY).
(iii) Lifecare business
In Lifecare business, while the sales in food service business increased due to the activities including new M&As, thebusiness was greatly affected by the soaring food prices. The nursing care business continued to maintain highoccupancy rate, however, it was also largely affected by soaring utility costs.
As a result, this segment recorded net sales of 33,581 million yen (up 33.0% YoY) and segment profit (operating
profit) of 2,055 million yen (down 14.6% YoY).
(iv) Dispensing Pharmacy business
In Dispensing Pharmacy business, while the business was affected by the public drug price revision, the businessperformance was firmly progressed by new store openings and small-scale M&As, and improvement of management
efficiency.
As a result, this segment recorded net sales of 30,499 million yen (up 5.4% YoY) and segment profit (operating
profit) of 3,256 million yen (up 1.8% YoY)2

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(2) Description of financial position(i) Current assets
The balance of current assets at the end of this consolidated fiscal year stood at 257,241 million yen (vs. a balance of
226,529 million yen at the end of the previous consolidated fiscal year), increase of 30,712 million yen since the endof the previous consolidated fiscal year.
Major reasons included increases of 17,684 million yen in “Accounts receivable – trade”, 7,030 million yen in “Cashand deposits”, and 2,611 million yen in “Merchandise and finished goods”, despite decrease of 532 million yen in“Lease investment assets”.
(ii) Non-current assets
The balance of non-current assets at the end of this consolidated fiscal year stood at 124,735 million yen (vs. abalance of 108,545 million yen at the end of the previous consolidated fiscal year), increase of 16,190 million yen
since the end of the previous consolidated fiscal year.
Major reasons included increases of 3,983 million yen in “Goodwill”, 3,200 million yen in “Buildings andstructures”, despite decreases of 5,987 million yen in “Construction in progress”, and 504 million yen in “Guarantee
deposits”.
(iii) Current liabilities
The balance of current liabilities at the end of this consolidated fiscal year stood at 197,020 million yen (vs. a balanceof 148,371 million yen at the end of the previous consolidated fiscal year), increase of 48,648 million yen since theend of the previous consolidated fiscal year.
Major reasons included increases of 25,016 million yen in “Current portion of bonds with share acquisition rights”,
and 9,811 million yen in “Notes and accounts payable – trade”, despite decrease of 586 million yen in “Short-termloans payable”.
(iv) Non-current liabilities
The balance of non-current liabilities at the end of this consolidated fiscal year stood at 53,842 million yen (vs. abalance of 64,384 million yen at the end of the previous consolidated fiscal year), decrease of 10,542 million yen
since the end of the previous consolidated fiscal year.
Major reasons included decrease of 25,041 million yen in “Bonds with share acquisition rights”, despite increase of
11,600 million yen in “Long-term loans payable”.
(v) Net assets
The balance of net assets at the end of this consolidated fiscal year stood at 131,115 million yen (vs. a balance of
122,318 million yen at the end of the previous consolidated fiscal year), an increase of 8,796 million yen since theend of the previous consolidated fiscal year.
Major reasons included increases of 12,063 million yen in “Retained earnings from profit attributable to owners ofparent”, and 1,475 million yen in “Valuation differences on available-for-sale securities”, despite decrease of 3,868
million yen in “Retained earnings” due to payment of dividends.

3

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(3) Description of cash flows
The balance of cash and cash equivalents at the end of this consolidated fiscal year stood at 79,020 million yen, increase 6,216
million yen from the balance of 72,804 million yen at the end of the previous consolidated fiscal year.
(i) Cash flow from operating activities
Cash flow proceeded from operating activities was 14,105 million yen (proceeds increased 1,677 million yen
compared to the previous consolidated fiscal year). Major contributing factors included recording of 20,665 million
yen in “Profit before income taxes”, and increase of 12,160 million yen in notes and accounts payable – trade, andrecording of 5,213 million yen in “Depreciation and amortization”, despite increase of 15,161 million yen in notes
and accounts receivable – trade, payments of 8,637 million yen in income taxes, and increase of 3,825 million yen in
inventories.
(ii) Cash flow from investing activities
Cash flow expensed in investing activities was 6,774 million yen (expenses increased 2,904 million yen compared tothe previous consolidated fiscal year). Major contributing factors included expenditures of 3,477 million yen on“Purchase of property, plant, and equipment”, and 3,039 million yen on “Purchase of shares of subsidiaries resulting
in change in scope of consolidation”.
(iii) Cash flow from financing activities
Cash flow expensed in financing activities was 1,022 million yen (proceeds increased 7,819 million yen compared tothe previous consolidated fiscal year). Major contributing factors included expenditures of 5,497 million yen on“Repayment of long-term loans payable” and 3,868 million yen on “Cash dividends paid”, despite proceeds of 10,254
million yen from “Long-term loans payable”.
Reference: Trends in cash flow indices
FY ended
March 2019
Equity capital ratio (%)

FY ended
March 2020

31.9

FY ended
March 2021

33.0

Mark-to-market equity
72.3
67.9
capital ratio (%)
Years of debt redemption
6.9
2.9(years)Interest coverage ratio
40.9
89.4
(times)* Equity capital ratio = equity capital/total assets
Mark-to-market equity capital ratio = total market capitalization/total assets
Years of debt redemption = interest-bearing debt/operating cash flows
Interest coverage ratio = operating cash flows/interest paid

FY ended
March 2022

FY ended
March 2023

33.3

35.3

33.5

87.7

56.0

60.2

3.4

5.1

5.4

61.1

43.7

33.1

Notes:
1. All indices are calculated from consolidated-basis financial data.
2. Total market capitalization is calculated by multiplying the closing stock price at the end of the fiscal year by total numberof shares issued and outstanding (after subtracting treasury stock) as of the end of the fiscal year.
3. Calculations of operating cash flows are based on cash flows from operating activities on the Consolidated Cash Flow
Statement. Interest-bearing debt consists of all debt on the Consolidated Balance Sheet for which interest is paid. The
amount of interest paid is based on interest paid as shown on the Consolidated Cash Flow Statement.

4

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(4) Future outlook
As the baby boom generation ages and low birth rates continue, projections indicate Japan will continue to see restraints
on remuneration for medical and nursing care costs, and reductions in their price. In addition, since the enactment of the
Act for Securing Comprehensive Medical and Long-term Care in the Community, progress is being made to develop
comprehensive community care systems through continuing reforms in the structure of providing medical care, withcompletion envisioned for 2025.
Given these conditions and drawing on advanced capabilities in providing comprehensive and optimal solutions inmedical, healthcare, welfare, nursing care, and services, the Group will seek to contribute to society by meeting a wide
range of needs based on the SHIP philosophy and Group mission to “Creating environments for medical professionals”.
The Group has formulated the medium-term management plan “SHIP VISION 2024” for the three-year period from thefiscal year ended March 31, 2023 to the fiscal year ending March 31, 2025.
As a corporate group aiming for consolidated net sales of 1 trillion yen, the Group plan to achieve record high net sales of630 billion yen and operating income of 26 billion yen in the final year of the plan, the fiscal year ending March 31, 2025,
through four key measures; “Further high growth of core business”, “Further expand value”, “Functional organization
enhancement strategy”, and “Activities for sustainability”.
The business performance projected for the next fiscal year (FY ending March 2024) is summarized below.
<Projected consolidated results>
FY ending March 2024 (projected)
Profit margin

YoY change(Unit: Million yen, %)FY ended March 2023 (actual)
Profit margin

Net sales

600,000–

4.8

572,285–

Operating profit

24,0004.0

13.5

21,144

3.7

Ordinary profit

23,5003.9

14.0

20,607

3.6

12,063

2.1

Profit attributable to owners
13,5002.3
11.9
of parent
The projected amount of (year-end) dividends per share in FY ending March 2024 is 48 yen.
(Ordinary dividend 43 yen, Commemorative dividend 5 yen)

2. Basic approach in selecting accounting standards
To facilitate comparisons from period to period and between entities, the Group for the time being will continue to prepare
its consolidated financial statements based on J-GAAP.
The Group will duly address the application of International Financial Reporting Standards (IFRS) after taking into accountvarious circumstances both in Japan and abroad.

5

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

3. Consolidated financial statements and notes thereto(1) Consolidated balance sheet(Unit: Million yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade
Electronically recorded monetary claims - operating
Lease investment assets
Merchandise and finished goods
Work in process
Raw materials and supplies
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
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Real estate for rent
Accumulated depreciation
Real estate for rent, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant, and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Claims provable in bankruptcy, claims provablein rehabilitation and other
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

73,8082,163
109,399
4,720
3,634
18,778
2,317
1,010
1,718
9,872
(895)
226,52980,8392,083
127,083
5,374
3,102
21,389
3,776
1,504
1,809
11,380(1,101)
257,241

36,716(16,470)
20,245
8,195(3,448)
4,746
16,293
14,895(3,902)
10,993
1,249
14,560(10,092)
4,468
57,99543,395(19,949)
23,446
9,489(5,005)
4,484
18,20915,072(4,121)
10,951
650
21,755(14,369)
7,386
65,127

8,336
1,017
9,354

12,3203,828
16,14923,608
7,518
1,012
3,184

25,424
7,117
1,022
4,345

86

29

6,260
1,266
(1,741)
41,195
108,545
335,074

5,756
1,451
(1,689)43,458
124,735
381,977SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

Fiscal year ended
March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of bonds with share acquisition rights
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds with share acquisition rights
Long-term loans payable
Net defined benefit liability
Deferred tax liabilities
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation differences on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7(Unit: Million yen)
Fiscal year ended
March 31, 2023

100,071
22,173
2,401
－
3,807
4,980
2,461
12,473
148,371

109,883
28,622
1,815
25,016
5,536
5,332
2,908
17,904
197,020

25,041
29,970
2,938
1,397
873
4,162
64,384
212,756－
41,571
3,383
2,347
1,156
5,383
53,842
250,862

15,55323,90891,964(15,526)
115,899

15,55323,533
100,158(15,526)
123,718

1,503
1
842
44
2,390
4,028
122,318
335,074

2,978
1
1,305
32
4,319
3,077
131,115
381,977SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income

Net sales
Cost of sales
Gross profit
Sales, general, and administrative expenses
Directors’ compensation
Salaries and allowances
Bonuses
Retirement benefit expenses
Provision for bonus
Other
Total sales, general, and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend income
Equity gains of affiliated companies
Reversal of allowance for doubtful accounts
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Equity losses of affiliated companies
Foreign exchange loss
Provision for doubtful accounts
Commission paid
Other
Total non-operating expenses
Ordinary profit
Extraordinary profit
Gains on sales of non-current assets
Subsidy income
Gains on sales of investment securities
Other
Total extraordinary profit
Extraordinary losses
Losses on sales of non-current assets
Losses on retirement of non-current assets
Impairment loss
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8

Fiscal year ended
March 31, 2022
514,353
460,70953,643(Unit: Million yen)
Fiscal year ended
March 31, 2023
572,285
511,667
60,617

1,521
11,223
1,325
458
1,004
17,60533,13820,505

1,729
13,309
1,504
496
1,314
21,11739,473
21,144

289
211
357
270
344
1,473

310
227
－
12
553
1,104

283
－
284
32
43
46
691
21,287

424
5
1,094
－
24
92
1,641
20,607

1
－
1
0
3

42
45
2
3
94

1
243
241
0
486
20,804
7,921
496
8,418
12,385
213
12,1723
27－
4
35
20,665
8,681
379
9,061
11,604(458)
12,063SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

Consolidated statement of comprehensive income

Net income
Other comprehensive income
Valuation differences on available-for-sale securities
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

9

Fiscal year ended
March 31, 2022
12,385(Unit: Million yen)
Fiscal year ended
March 31, 2023
11,604(2,420)
1,016
84

1,475
351
(14)

(4)

16

(1,323)
11,061

1,829
13,433

10,605455

13,991(558)

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(3) Consolidated statement of changes in shareholders' equity
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)(Unit: Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

15,553Retained earnings

23,891

Treasury stock

83,565(15,526)

Total shareholders’equity107,483

Changes of items during period
Dividends of surplus(3,774)(3,774)

Profit attributable toowners of parent

12,172

12,172

Purchase of treasury stock(0)

Capital increases by
consolidated subsidiaries

(0)

17

17

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period

－

17

8,398

(0)

8,415

15,55323,90891,964(15,526)

115,899

Accumulated other comprehensive income
Valuation difference
Differed gains or
on available-for-salelosses on hedges
securities

Balance at beginning of current
period3,923

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

68

(35)

3,957

0

Noncontrollinginterests

3,663

Total net assets

115,103

Changes of items during period
Dividends of surplus(3,774)

Profit attributable toowners of parent

12,172

Purchase of treasury stock(0)

Capital increases by
consolidated subsidiaries

17

Net changes of items otherthan shareholders’ equity(2,420)

0

773

79

(1,566)365(1,200)Total changes of items during
period(2,420)

0

773

79

(1,566)

365

7,214

Balance at end of current
period

1,503

1

842

44

2,390

4,028

122,318

10

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

This consolidated fiscal year (April 1, 2022–March 31, 2023)(Unit: Million yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
periodCapital surplus

15,553Retained earnings

23,908Treasury stock

91,964(15,526)

Total shareholders’equity115,899

Changes of items during period
Dividends of surplus(3,868)(3,868)

Profit attributable toowners of parent

12,063

12,063Purchase of treasury stock(0)

Capital increases by
consolidated subsidiaries

(0)

(375)

(375)

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period

－

(375)

8,194

(0)

7,819

15,55323,533

100,158(15,526)

123,718

Accumulated other comprehensive income
Valuation difference
Differed gains or
on available-for-salelosses on hedges
securities

Balance at beginning of current
period1,503

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

Total accumulated
othercomprehensive
income

842

44

2,390

1

Noncontrollinginterests

4,028

Total net assets

122,318

Changes of items during period
Dividends of surplus(3,868)

Profit attributable toowners of parent

12,063Purchase of treasury stock(0)

Capital increases by
consolidated subsidiaries(375)

Net changes of items otherthan shareholders’ equity

1,475

0

463

(11)

1,928

(951)

977

Total changes of items during
period

1,475

0

463

(11)

1,928

(951)

8,796

Balance at end of current
period

2,978

1

1,305

32

4,319

3,077

131,115

11

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(4) Consolidated statement of cash flows
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity method[( ) represents profit]
Increase (decrease) in provision for bonuses[( ) represents decrease]
Increase (decrease) in allowance for doubtful accounts[( ) represents decrease]
Increase (decrease) in lease investment assets[( ) represents increase]
Increase (decrease) in net defined benefit liability[( ) represents decrease]
Loss on retirement of property, plant, and equipment
Interest and dividend income
Interest expenses
Decrease (increase) in notes and accounts receivable – trade[( ) represents increase]
Decrease (increase) in inventories[( ) represents increase]
Increase (decrease) in notes and accounts payable – trade[( ) represents decrease]
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Cash flows from operating activities

12(Unit: Million yen)
Fiscal year ended
March 31, 2023

20,804
3,609
241
1,879

20,665
5,213
－
2,237

(357)

5

(66)

(27)

(159)

104

(285)

532

117

66

243
(500)
283

27
(538)
424

(97)

(15,161)(3,325)(3,825)(1,645)

12,160544
21,283602
22,487681(426)(8,637)
14,105599(284)(9,170)12,428SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(Unit: Million yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2022
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Purchase of intangible assets
Payments of short-term loans receivableCollection of short-term loans receivable
Payments of long-term loans receivableCollection of long-term loans receivable
Purchase of investment securities
Proceeds from sales and redemption of investment securities
Purchase of shares of subsidiaries and associates
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from purchase of shares of subsidiaries resulting
in change in scope of consolidation
Other
Cash flows from investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable[( ) represents decrease]
Proceeds from long-term loans payable
Repayments of long-term loans payable
Purchase of treasury stock
Cash dividends paid
Dividends paid to non-controlling shareholders
Payments from changes in ownership interests in subsidiaries that do
not result in change in scope of consolidation
Repayments of lease obligations
Other
Cash flows from financing activities
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents[( ) represents decrease]
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents from newly consolidated
subsidiaries
Cash and cash equivalents at the end of the period

13

(185)
146
(3,124)
70
(346)
(401)
330
(220)
269
(15)
1
(121)

(496)
590
(3,469)
203
(439)
(147)
55
(7)
371
(321)
6
－

(216)

(3,492)

24

382

(83)
(3,870)(10)(6,774)

1,014

(788)

299
(6,056)(0)(3,774)(16)

10,254(5,497)(0)(3,868)
(22)

(48)

(851)

(249)
(11)
(8,842)
130

(248)
－
(1,022)
(91)

(154)

6,216

72,95072,8048－

72,80479,020SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(5) Notes on consolidated financial statements(Notes on the going concern assumption)
Not applicable(Segment information, etc.)[Segment information]
1

Overview of reportable segments
The Company’s reportable segments are Company components for which separate financial information is available andsubject to periodic review by the Board of Directors in determining the allocation of management resources and evaluating
business performance.
The Company classifies its business divisions by service. The Company formulates comprehensive strategies reflecting thenature of the activities of each business division and subsidiary and undertakes business activities based on these strategies.
Accordingly, the Company organizes its segments based on its business divisions. Its four reportable segments are the Total
Pack Produce business, the Medical Supply business, the Lifecare business, and the Dispensing Pharmacy business.
The Total Pack Produce segment engages in sales of medical devices and medical equipment based on bulk orders; consulting
on topics including medicine, healthcare, welfare, and nursing care facilities; and leasing of real estate to medical facilities
and other tenants. The Medical Supply segment engages in sales of medical examination and treatment materials and special
treatment materials. The Lifecare segment operates homes for senior citizens, group homes and other facilities, and provide
food service. The Dispensing Pharmacy segment operates dispensing pharmacies, among other business activities.

2

Methods for calculating net sales, profit (loss), assets, and other amounts by reportable segment
The accounting methods for reportable segments are same as those outlined under “Significant Matters that Serve as the Basisfor Preparation of Consolidated Financial Statements.”
Reportable segment profit figures are based on operating profit. Intersegment revenues and transfers are based on market
prices.

14

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

3

Net sales, profit (loss), assets, and other amounts by reportable segment
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)(Unit: Million yen)
Adjustments*1

Amountrecorded on
consolidated
financialstatements*2

Reportable segment
Total Pack
Producebusiness

MedicalSupplybusiness

Dispensing
Pharmacybusiness

Lifecarebusiness

Subtotal

Net sales(1) Sales to outside
customers(2) Intersegment sales ortransfers

99,539360,635

25,24728,930514,353－514,353

2,176

1,256

188

101

3,724

(3,724)－

101,716

361,892

25,43629,032

518,077(3,724)514,353

Segment profit

9,265

6,209

2,407

3,200

21,082(577)

20,505

Segment assets

121,743

144,820

34,75527,629328,947

6,127

335,074

Depreciation

1,628

956

646

314

3,545

63

3,609

Amortization of
goodwill

503

411

408

556

1,879

－

1,879

Impairment loss

－

241

－

－

241

－

241

Subtotal

Other items

Investment in entities
accounted for using
560
－
9,803
－
10,363－
10,363equity method
Increase in property,
plant, and equipment,
1,326
712
499
491
3,029
205
3,235
and intangible fixed
assets
Notes:
1. The amounts of the various adjustments are described below.
(1) The figure of (577) million yen in adjustments to segment profit includes (73) million yen for the cancellation ofintersegment transactions and (509) million yen for companywide costs not allocated to an individual reportablesegment. These companywide costs consist mainly of parent company operating expenses and sales, general, andadministrative expenses not attributable to individual reportable segments.
(2) The figure of 6,127 million yen in adjustments to segment assets includes (19,662) million yen for cancellation ofintersegment transactions, and 26,538 million yen for companywide assets not allocated to an individual reportablesegment. These companywide assets consist mainly of assets related to administrative sections not attributable toindividual reportable segments.
(3) The figure of 205 million yen in adjustments to increase in property, plant, and equipment, and intangible fixed assets
consists mainly of capital investment related to administrative sections not attributable to individual reportablesegments.
2. Segment profit is adjusted against the operating profit reported on the consolidated statement of income.

15

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

Consolidated fiscal year under review (April 1, 2022–March 31, 2023)(Unit: Million yen)
Adjustments*1

Amountrecorded on
consolidated
financialstatements*2

Reportable segment
Total Pack
Producebusiness

MedicalSupplybusiness

Dispensing
Pharmacybusiness

Lifecarebusiness

Subtotal

Net sales(1) Sales to outside
customers(2) Intersegment sales ortransfers

121,868

386,335

33,58130,499572,285－

572,285

3,013

1,660

76

103

4,854

(4,854)－

124,882

387,996

33,65730,603577,139(4,854)572,285

Segment profit

9,024

6,666

2,055

3,256

21,002

141

21,144

Segment assets

152,619

154,139

40,40832,029379,196

2,781

381,977

Depreciation

3,111

869

826

349

5,157

55

5,213

Amortization of
goodwill

1,018

395

476

346

2,237

－

2,237

Impairment loss

－

－

－

－

－

－

－

Subtotal

Other items

Investment in entities
accounted for using
570
－
9,622
－
10,192－
10,192equity method
Increase in property,
plant, and equipment,
2,021
552
736
359
3,670
364
4,034
and intangible fixed
assets
Notes:
1. The amounts of the various adjustments are described below.
(1) The figure of 141 million yen in adjustments to segment profit includes (107) million yen for the cancellation ofintersegment transactions and 242 million yen for companywide costs not allocated to an individual reportablesegment. These companywide costs consist mainly of parent company operating expenses and sales, general, andadministrative expenses not attributable to individual reportable segments.
(2) The figure of 3,105 million yen in adjustments to segment assets includes (23,643) million yen for cancellation ofintersegment transactions, and 26,880 million yen for companywide assets not allocated to an individual reportablesegment. These companywide assets consist mainly of assets related to administrative sections not attributable toindividual reportable segments.
(3) The figure of 364 million yen in adjustments to increase in property, plant, and equipment, and intangible fixed assets
consists mainly of capital investment related to administrative sections not attributable to individual reportablesegments.
2. Segment profit is adjusted against the operating profit reported on the consolidated statement of income.

16

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

[Related information]
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)
1

Product and service-specific information
This information is reported under segment information and is therefore omitted here.

2

Region-specific information(1) Net sales
This information is omitted because sales to external customers in Japan account for more than 90% of net sales on theConsolidated Statement of Income.
(2) Property, plant, and equipment
This information is omitted because property, plant, and equipment located in Japan account for more than 90% of
property, plant, and equipment on the Consolidated Balance Sheet.

3

Information concerning key individual customers
Not applicable because sales to no single external customer account for 10% or more of net sales on the Consolidated
Statement of Income.
This consolidated fiscal year (April 1, 2022–March 31, 2023)

1

Product and service-specific information
This information is reported under segment information and is therefore omitted here.

2

Region-specific information(1) Net sales
This information is omitted because sales to external customers in Japan account for more than 90% of net sales on theConsolidated Statement of Income.
(2) Property, plant, and equipment
This information is omitted because property, plant, and equipment located in Japan account for more than 90% of
property, plant, and equipment on the Consolidated Balance Sheet.

3

Information concerning key individual customers
Not applicable because sales to no single external customer account for 10% or more of net sales on the Consolidated
Statement of Income.

[Information concerning impairment losses on fixed assets per reportable segment]
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)
This information is reported under segment information and is therefore omitted here.
This consolidated fiscal year (April 1, 2022–March 31, 2023)
This information is reported under segment information and is therefore omitted here.

17

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

[Information concerning amounts of amortization of goodwill and remaining unamortized balances, per reportable segment]
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)(Unit: Million yen)Companywide/cancellation

Reportable segment
Total Pack
Producebusiness

MedicalSupplybusiness

Lifecarebusiness

Dispensing
Pharmacybusiness

Total

Subtotal(Goodwill)－Ending balance
3,991
1,424
1,946
974
8,336
8,336
Note: Amounts of amortization of goodwill is omitted because similar information is reported under segment information.
This consolidated fiscal year (April 1, 2022–March 31, 2023)(Unit: Million yen)Companywide/cancellation

Reportable segment
Total Pack
Producebusiness

MedicalSupplybusiness

Lifecarebusiness

Dispensing
Pharmacybusiness

Total

Subtotal(Goodwill)－Ending balance
8,374
1,029
2,184
732
12,32012,320Note: Amounts of amortization of goodwill is omitted because similar information is reported under segment information.
[Information on gains on bargain purchases per reportable segment]
Previous consolidated fiscal year (April 1, 2021–March 31, 2022)
No important gains on bargain purchases occurred.
This consolidated fiscal year (April 1, 2022–March 31, 2023)
No important gains on bargain purchases occurred.

18

SHIP HEALTHCARE HOLDINGS, INC. (3360): Summary of Financial Statements
for Fiscal Year Ended March 31, 2023

(Per-share information)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023
(Yen)

(Yen)

Net assets per share

1,253.73

1,357.05

Net income per share

129.01127.85

Diluted net income per share

117.01115.92

Notes: 1. “Net income per share” and “Diluted net income per share” are calculated based on the following information:
Account

Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net income per share
Profit attributable to owners of parent(million yen)

12,172

12,063

Amount not attributable to owners ofcommon stock (million yen)－－

12,172

12,063

94,350,306

94,350,259

Adjustment for profit attributable to owners ofparent (million yen)

(16)

(16)

[Interest income (after tax equivalentdeduction) (million yen)][(17)][(17)]

Increase in number of common stock(shares)

9,529,091

9,565,079[Bonds with share acquisition rights included inabove (shares)][9,529,091][9,565,079]

Profit attributable to owners of parent related tocommon stock (million yen)
Average shares of common stock during theperiod (shares)
Diluted net income per share

Description of potentially dilutive commonshares not included in the computation ofdiluted earnings per share because of their antidilutive effect––

2. Net assets per share were calculated based on the following information:
Account

Fiscal year ended
March 31, 2022

Total net assets (million yen)

Fiscal year ended
March 31, 2023
122,318

131,115

Amount subtracted from total net assets (million
yen)

4,028

3,077

[Non-controlling interests included in above(million yen)][4,028][3,077]

Ending balance of net assets related to common
stock (million yen)

118,289

128,037

Ending number of shares of common stock usedin calculation of net assets per share (shares)

94,350,284

94,350,225(Important subsequent information)
Not applicable19