Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

May 11, 2023

Consolidated Financial Results
for the Fiscal Year Ending March 31, 2023
<Under Japanese GAAP>
Company name: Paramount Bed Holdings Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code: 7817
URL:
https://www.paramountbed-hd.co.jp
Representative: Tomohiko Kimura, President and Chief Executive Officer
Contact:
Tatsuya Udagawa, General Manager, Finance Dept.
TEL: 03-3648-1100
Scheduled date of the ordinary general meeting of shareholders
Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:
Holding of quarterly financial results presentation meeting:June 29, 2023
June 29, 2023
June 12, 2023
Yes
Yes (for institutional investors andanalysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated financial results for the fiscal year ending March 31, 2023
(from April 1, 2022 to March 31, 2023)(1) Consolidated operating results (cumulative)
Net salesYear ended(Percentages indicate year-on-year changes.)

Operating profit

Millions of yen% Millions of yen% Millions of yen

March 31, 2023

99,0099.6

13,452

9.0

March 31, 2022

90,352-

12,3406.5

Note:

Comprehensive income Year ended March 31, 2023: ¥9,432 million:
Year ended March 31, 2022: ¥10,809 million:
Basic earnings
per share

Diluted earnings
per share

Yen

Yen

March 31, 2023

158.37

March 31, 2022

156.39Year ended

Note:

Equity in earnings (losses) of affiliated companies

Profit attributable toowners of parent

Ordinary profit% Millions of yen%

14,193

4.4

9,215

1.3

13,543

0.6

9,092

5.6

[(12.7%)][11.8%]
Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

%

%

%

–

7.4

8.4

13.6

–

7.7

8.5

13.7

Return on
equityYear ended March 31, 2023: ¥ – million
Year ended March 31, 2022: ¥ – million
Note: The year-on-year change is not shown because the “Accounting Standard for Revenue Recognition” (ASBJ Statement
No. 29) has been applied from the fiscal year ending March 31, 2022.

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

March 31, 2023

172,293

128,69774.7

2,207.86

March 31, 2022

164,281

121,675

74.1

2,092.47

Reference: Equity
As of March 31, 2023:
As of March 31, 2022:¥128,696 million¥121,674 million(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

9,151

△6,332△3,232

45,663

March 31, 2022

7,822

△220

△3,36545,462

Year ended

2.

Dividends
Dividends per share
First
SecondThird
Fiscalquarter-end quarter-end quarter-end year-end

Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

3.

Total

Total amountof cashdividends(Annual)Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–

26.00

–

29.00

55.00

3,198

35.2

2.7

–

28.00

–

31.00

59.00

3,436

37.3

2.7

–

31.00

–

31.00

62.00

36.9

Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Millions ofyen%Millions ofyen%

Six months ending
September 30, 2023

48,700

3.9

5,600

(9.9)

Fiscal year ending
March 31, 2024

105,000

6.1

14,000

4.1

Ordinary profit
Millions ofyen%Profit attributable to Basic earnings
owners of parent
per share
Millions of
yen

%

Yen

5,850 (23.0)

4,000 (20.7)

68.62

14,5009,800

168.12

2.6

6.3

*

Notes

(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in
the change in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes in accounting policies in accordance with changes in accounting standards, etc.: Yes
b. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatement: None(3)

Number of shares issued (common stock)a. Number of shares issued at the end of the period (including treasury stock)
As of March 31, 2023
As of March 31, 2022b.

Number of shares of treasury stock at the end of the period
As of March 31, 2023
As of March 31, 2022c.

61,754,974 shares
61,754,974 shares

3,464,828 shares
3,606,342 shares

Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Year ended March 31, 2023
Year ended March 31, 2022

58,191,123 shares
58,141,503 shares* Indication regarding execution of quarterly review procedures
The completion of quarterly review procedures in accordance with the Financial Instruments and Exchange Act is not
required for preparing this quarterly financial results report. At the time of disclosure of this quarterly financial
results report, the review procedures for quarterly consolidated financial statements in accordance with the Financial
Instruments and Exchange Act are incomplete.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the company and on certain assumptions deemed to be reasonable. Consequently, thestatements herein do not constitute assurances regarding the company’s actual results. Actual financial and otherresults may differ substantially from the statements herein due to various factors.

○Table of Contents for Attached Materials
1. Overview of Business Results, etc.…………………………………………………………………………………
(1) Business Results for the Period Under Review…………………………………………………………………
(2) Financial Highlights for the Period Under Review…………………………………………………………
2．Basic Approach to Choosing an Accounting Standard…………………………………………………………
3．Consolidated Financial Statements and Notes………………………………………………………………………
(1) Consolidated Balance Sheet………………………………………………………………………………………
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income……
Consolidated Statement of Income……………………………………………………………………………
Consolidated Statement of Comprehensive Income………………………………………………………
(3) Consolidated Statement of Changes in Equity………………………………………………………………
(4) Consolidated Statement of Cash Flows………………………………………………………………………
(5) Notes on Consolidated Statements………………………………………………………………………………
(Notes on the Going Concern Assumption)…………………………………………………………………
(Changes in Accounting Policies)………………………………………………………………………………
(Segment Information)……………………………………………………………………………………………
(Per Share Data) ……………………………………………………………………………………………………
(Significant Post-Balance Sheet Events)………………………………………………………………………
4. Others ……………………………………………………………………………………………………………………
(Officer Changes)……………………………………………………………………………………………………

1

2
2
4
5
6
6
8
8
9
10
12
14
14
14
14
14
14
15
15

1. Overview of Business Results, etc.
(1) Business Results for the Period under Review(1)Operating results for the fiscal year under review
During the consolidated fiscal year under review, the Japanese economy showed signs of gradual
recovery amid movements toward the normalization of economic activities. However, the outlook
remains uncertain against a backdrop of soaring raw material prices, unstable exchange rate trends, andthe prolonged crisis in Ukraine.
While progress has been made in the transition to a new phase of “living with COVID,” medical andnursing care-related institutions, which are the main customers of the Paramount Bed Group, continue tobe severely impacted. The Group will continue to provide various products and services with the aim ofcontributing to maintain the medical and nursing care systems.
Concerning the business results for the consolidated fiscal year under review, net sales demonstrated
strong performance with figures exceeding those in the previous consolidated fiscal year for the medical
and nursing care, and health promotion businesses. In the medical care business, sales increased for
product sales, maintenance services, and recurring revenue business, due to our flexible response to anincrease in demand, following the promotion of workstyle reform initiatives for staff in medical
institutions. Within the nursing care business, in addition to the continued strong sales performance of
our flagship beds for use in home care, our new products launched in March 2022 also contributed tosales throughout the year, and our rental wholesale of assistive products also achieved good results.
Partly due to the effect of various subsidies for nursing care facilities, new demand for the adoption ofnursing care robots to watch over patients, as well as demand for renewal of beds and other equipment,
has also expanded. In the health promotion business, despite a sense of stagnation was observed inconsumer sentiment toward consumer durables in response to rising prices, sales grew especially for new
products, thanks to our efforts to improve product recognition through promotional activities and otherinitiatives.
One of the topics for the period under review was the opening of large-scale maintenance bases by
PARAMOUNT CARE SERVICE CO., LTD., which engages in the rental wholesale of assistive
products as part of our nursing care business. These large-scale bases, which carry out maintenance ofrental equipment and other work, were opened in May 2022 in Takatsuki City, Osaka, and in November
2022 in Atsugi City, Kanagawa, respectively. Including the Chiba Ohira Maintenance Center (Sammu
City, Chiba), the company now has three large-scale maintenance bases. In addition to promoting
streamlining and labor-saving through gathering rental equipment of the neighboring bases formaintenance, disinfection, and storage work, the delivery system will also be reviewed, and a system will
be developed to enable the company to respond swiftly to growing demand. Furthermore, in May 2022,
all 23 PARAMOUNT CARE SERVICE maintenance bases in Japan were certified as conforming to therequirements of the “JIS Y2001” standards on the management of maintenance processes for assistive
products for rental. This certification, also known as the “Safety Maintenance Authorization” system,
conducts evaluation and certification by a third party of the process management for the safety of “rental
assistive product maintenance service providers”, in accordance with JIS Y2001. PARAMOUNT CARESERVICE is the first company in Japan to acquire this certification.
In terms of product development, we launched a bedside table with a lock function in November 2022.
Targeted for use in nursing care, all casters for this table can be locked and unlocked with a single pedal
mechanism. By reviewing the shape of the table legs, we also improved convenience for users.
As a part of our efforts to diversify our business, Paramount Bed Co., Ltd., jointly with SBI Investment
Co., Ltd,, established a corporate venture capital (CVC) fund, Paramount Bed-SBI Healthcare Fund
Investment Limited Partnership No. 1, in October 2022. This fund targets promising startups in Japanand overseas, whose strengths lie in the fields of medical care, nursing care, and health promotion.
Through the Fund, we aim to create new business opportunities to bring the Paramount Vision 2030 tofruition, by combining our own technologies, expertise, human networks, and other resources with thoseof external organizations to enable new synergies.
Since it was founded, the Paramount Bed Group has engaged in activities that aim to contribute to2society through its business. To promote ESG management, we have established as our “Materialities”(important issues), “Environmentally conscious business activities,” and “Creation of an environment
where everyone can live healthily and happily,” among others. As a new initiative for the consolidated
fiscal year under review, we developed an educational program in June 2022 for learning about theimportance of sleep and provided this for free to interested teachers, with the aim of supporting thedevelopment of the generations that will lead future generations. In October of the same year, we
published our first integrated report, “Paramount Bed Holdings Co., Ltd. Integrated Report 2022.”
Next, our sales for the consolidated fiscal year under review, categorized by the main products, areshown below.
Product

Fiscal year ended
March 31, 2022

Beds
Mattresses
Ward and Residential Equipment
Medical Equipment
RentalParts, etc.
Other
Total

28,785
5,601
6,546
7,540
25,124
4,340
12,41390,352

Fiscal year ended
March 31, 2023

Percentages indicate
year-on-year changes.

33,427
6,328
6,983
8,453
26,935
4,953
11,92699,009

16.1
13.0
6.7
12.1
7.2
14.1
(3.9)
9.6

As a result of the above, net sales in the consolidated fiscal year under review increased by ¥8,656
million (9.6%) year-on-year to ¥99,009 million, operating profit increased by ¥1,112 million (9.0%)
year-on-year to ¥13,452 million, ordinary profit increased by ¥595 million (4.4%) year-on-year to¥14,139 million, and quarterly net profit attributable to shareholders of the parent company increased by¥122 million (1.3%) to ¥9,215 million.
As the Group’s business consists of a single segment, segment information has been omitted.
(2)Future Outlook
Concerning our future outlook, alongside the downgrading of COVID-19 to a Class 5 disease, economic
activities are expected to normalize further. However, the situation remains uncertain due to factors
including soaring raw material and energy prices, supply shortages for semiconductors and other parts,and the prolonged crisis in Ukraine.
The Paramount Bed Group formulated the Paramount Vision 2030 on April 1, 2020, as our vision toward2030. We have set out our vision of “Smiles for everyone, from medical and nursing care to healthfields” with the aim of contributing to everyone in the healthcare sector, based on the technologies andknowledge that we have built up over many years in the fields of medical and nursing care. In our
Medium-term Management Plan, based on this vision, we will inject effort into our Phase I (FY2020 –FY2023) priority measures, which are “expansion of current businesses,” “fully engaging in healthpromotion business,” and “establishing the foundations of change,” as well as our Phase II (FY2024 –FY2026) direction and focus points, which are “expansion of recurring revenue businesses,” “evolutionof health promotion business,” and a “rapid growth in focused areas of Asia.” Through these efforts, we
aim to achieve our business targets of ¥120 billion in net sales and ¥17 billion in operating profit in
FY2026.
Under one of the priority measures “establishing the foundations of change,” we are currently working
on updating and renewing our Enterprise Resource Planning system to further streamline businessprocesses and accelerate management decisions. In the coming fiscal year, which marks the final year of
Phase I, we plan to put this new Enterprise Resource Planning system into operation in the second half ofthe fiscal year, and have substantially increased the budget for system-related expenditures in the firsthalf of the fiscal year. Accompanying these efforts, we expect profit to fall in the cumulative second
quarter under our forecast of business results for the next fiscal year. On the other hand, as the increase in3

gross profit associated with an increase in sales will exceed the increase in expenses, we anticipate bothsales and profit growth in our full-year financial results, with the following forecasts: sales of ¥105
billion (6.1% increase year-on-year), operating profit of ¥14 billion (4.1% increase year-on-year),ordinary profit of ¥14.5 billion (2.6% increase year-on-year), and net profit attributable to shareholdersof the parent company of ¥9.8 billion (6.3% increase year-on-year).
(2) Financial Highlights for the Period under Review(1) Assets, Liabilities, and Net Assets
Net assets at the end of the consolidated fiscal year under review increased by ¥8,011 million year-onyear to ¥172,293 million. The main aspects that contributed to this increase were an increase in notes andaccounts receivable - trade, and an increase in assets for rent.
Liabilities increased by ¥989 million compared to the end of the previous consolidated fiscal year, to¥43,596 million. The main reason behind this was an increase in notes and accounts payable - trade.
Net assets increased by ¥7,022 million year-on-year to ¥128,697 million. This was mainly due to anincrease in retained earnings.
As a result of the above, equity-to-asset ratio rose by 0.6 points year-on-year to 74.7%.
(2) Cash Flows
Cash and cash equivalents (hereinafter, “funds”) at the end of the consolidated fiscal year under review
were ¥45,663 million. The cash flow situation and the respective factors in the consolidated fiscal year
under review are as follows.
(Cash flows from operating activities)
As a result of our operating activities, the amount of funds increased by ¥9,151 million. This was mainly
due to increases in profit before income taxes of ¥13,812 million and the depreciation of ¥8,482 million,
along with decreases in income taxes paid of ¥4,685 million and increase in assets for rent of ¥8,005
million.
(Cash flows from investing activities)
The amount of funds decreased by ¥6,332 million as a result of investing activities. This was mainly due
to decreases from the purchase of investment securities of ¥2,898 million and the purchase of intangible
assets of ¥1,988 million, in spite of the increases from proceeds from sale of securities of ¥1,994 million.
(Cash flows from financing activities)
As a result of financing activities, the amount of funds decreased by ¥3,232 million. This was mainly
due to a decrease from dividends paid of ¥3,321 million.

4

Reference: Cash flow-related indicators
Fiscal year ended Fiscal year ended Fiscal year ended
March 31, 2021 March 31, 2022 March 31, 2023

Equity-to-asset ratio (%)

73.7

74.1

74.7

Equity-to-asset ratio on a markto-market basis (%)

88.6

70.6

79.8

Cash flow-to-debt-ratio (%)

71.3

81.0

62.4

Interest coverage ratio (times)

141.3

87.9

97.3

Equity-to-asset ratio: Equity capital / Total assets
Equity-to-asset ratio on a mark-to-market basis: Market value of shares / Total assets
Cash flow-to-debt-ratio: Interest-bearing debt / Operating cash flow
Interest coverage ratio: Operating cash flow/ Interest payments
1. All indicators are calculated based on the financial indicators on a consolidated basis.
2. Market value of shares is calculated by multiplying closing stock prices at the end of the period by the
number of issued shares at the end of the period (after deducting equity shares).
3. Interest-bearing debt covers all debts on which interest is paid, out of the debts recorded in the
consolidated balance sheet.
4. Operating cash flow uses “cash flow from operating activities” in the Consolidated Statement of Cash
Flow. With regard to interest payments, the amount of “interest paid” recorded in the Consolidated
Statement of Cash Flow is used.

2. Basic Approach to selection of Accounting Standard
The policy of the Paramount Bed Group is to prepare its consolidated financial statements based on thepresent Japanese standards, in consideration of the comparability of consolidated financial statements
between periods and between companies.
With regard to the application of international accounting standards, our policy is to adapt appropriately
in consideration of the domestic and overseas situation.

5

3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

39,67239,820Notes and accounts receivable - trade23,62024,793

Lease receivables and investments in leases
Securities

4,448
14,397

5,526
13,412Merchandise and finished goods

7,196

8,233

334

362

Raw materials and supplies
Income taxes refund receivable

2,111
588

2,660
336

Other

1,747

2,072

Work in process

Allowance for doubtful accounts

(82)

(83)

94,035

97,13530,881(21,634)

32,171(22,617)

Buildings and structures, net

9,247

9,553

Machinery, equipment and vehicles
Accumulated depreciation

8,913(7,534)9,440(8,068)

1,378

1,371

Land

8,831

8,846

Leased assets
Accumulated depreciation

3,406(2,105)2,652(1,428)

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

Machinery, equipment and vehicles, net

Leased assets, net
Assets for rent
Accumulated depreciation
Assets for rent
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets

1,301

1,223

48,614(29,047)

52,976(32,245)

19,566

20,731

98
10,635(9,306)579
10,682(9,409)

1,328

1,273

41,751

43,579

57
2,897

–
4,344

2,954

4,344

Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts

17,209
3,412
5,394
(476)

18,244
3,894
5,925
(830)

Total investments and other assets

25,54027,234

Total non-current assets
Total assets

670,24675,158164,281

172,293(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

12,917

13,432

Lease liabilities

1,847

1,542

Income taxes payable

2,402

2,410

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

1,595
28

1,647
28

Other

6,598

7,239

Total current liabilities

25,38726,300

Lease liabilities

4,288

3,965

Deferred tax liabilities

5,472

5,709

Retirement benefit liability
Other

6,807
650

7,005
615

Total non-current liabilities

17,21817,29642,606

43,596

Share capital
Capital surplus
Retained earnings

4,207
51,822
69,8894,207
51,902
76,338Treasury shares(7,017)(6,742)

Total shareholders' equity

118,901

125,705

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

1,552

889

Foreign currency translation adjustment
Remeasurements of defined benefit plans

1,438
(218)

2,400
(299)

Total accumulated other comprehensive income

2,773

2,990

Non-controlling interests
Total net assets
Total liabilities and net assets

7

0

0

121,675

128,697

164,281

172,293

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2022

March 31, 2023

Net sales

90,35299,009

Cost of sales

47,32051,806Gross profit

43,031

47,202

Selling, general and administrative expenses

30,691

33,749Operating profit

12,34013,452Non-operating income
Interest income

166

197

Dividend income

213

203

Insurance claim income

5074

Foreign exchange gains
Gain on investments in silent partnerships

763
111

484
–

Gain on investments in investment partnerships

173–

Gain on sale of scraps
Other

75
147

75
221

1,701

1,257

89
366

94
375

Loss on investments in investment partnerships
Other

–
41

33
67

Total non-operating expenses

497

570

13,543

14,139

22
32

–
89

Settlement income–

153

Total extraordinary income

54

242

24
9
14
112

–
2
173
392

Total non-operating income
Non-operating expenses
Interest expenses
Provision of allowance for doubtful accounts

Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on redemption of investment securities

Extraordinary losses
Loss on sale of investment securities
Loss on redemption of investment securities
Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries and associates

160

568

Profit before income taxes

Total extraordinary losses

13,437

13,812

Income taxes - current
Income taxes - deferred

4,052
292

4,560
35

Total income taxes

4,344

4,596

Profit

9,093

9,215

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

8

0

0

9,092

9,215

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitFiscal year ended
March 31, 2023
9,093

9,215

Valuation difference on available-for-sale securities
Foreign currency translation adjustment

610
1,019

(663)
961

Remeasurements of defined benefit plans, net of tax

85

(81)

1,716

217

10,8099,432

Comprehensive income attributable to owners of parent

10,808

9,432

Comprehensive income attributable to non-controllinginterests00

Other comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to9(3) Consolidated Statements of Changes in Equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

4,207

51,822Retainedearnings

Treasury shares

Total
shareholders'equity63,798(7,063)112,764

Cumulative effects ofchanges in accounting
policies
Restated balance

18
4,207

51,822

18

63,817(7,063)112,783

Changes during period
Dividends of surplus(3,052)(3,052)

Profit attributable to ownersof parent

9,092

9,092

Purchase of treasury shares
Disposal of treasury shares

0

(0)

(0)

46

47

Transfer from accumulated
other comprehensive income
to retained earnings

30

30

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

–

0

6,071

45

6,117

4,207

51,822

69,889(7,017)

118,901

Accumulated other comprehensive income

Balance at beginning of period

Valuation

Foreigndifference on
available-for-currencytranslation

sale securities

adjustment

942

Total
Remeasurementsof defined
benefit plans

418

(303)

accumulated
otherNon-controlling
Total net assetsinterests

comprehensive
income1,057

0Cumulative effects ofchanges in accounting

113,822
18

policies
Restated balance

942

418

(303)

1,057

0

113,841

Changes during period
Dividends of surplus(3,052)

Profit attributable to owners

9,092

of parent
Purchase of treasury shares(0)

Disposal of treasury shares

47

Transfer from accumulated
other comprehensive income30

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

610

1,019

85

1,716

(0)

610
1,552

1,019

85

1,716

(0)

7,833

1,438

(218)

2,773

0

121,675

10

1,715

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

4,207

51,822

Total

Retainedearnings

Treasury sharesshareholders'equity(7,017)

118,901

69,889Changes during period
Dividends of surplus(3,315)(3,315)

Profit attributable to ownersof parent

9,215

9,215

464

464

Change in scope of
consolidation
Purchase of treasury shares
Disposal of treasury shares

79

Transfer from accumulated
other comprehensive income

(0)

(0)

276

355

85

85

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

–

79

6,449

275

6,804

4,207

51,902

76,338(6,742)

125,705

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on

Foreigncurrency

Remeasurements

available-forsale securities

translation
adjustment

benefit plans

1,552

of defined

Total
accumulated
othercomprehensive

Non-controllinginterests

Total net assets

income

1,438

(218)

2,773

0

121,675

Changes during period
Dividends of surplus(3,315)

Profit attributable to owners

9,215

of parent
Change in scope of
consolidation

464

Purchase of treasury shares(0)

Disposal of treasury shares

355

Transfer from accumulated
other comprehensive income
to retained earnings
Net changes in items otherthan shareholders' equity

85

(663)

961

(81)

217

0

217

Total changes during period

(663)

961

(81)

217

0

7,022

Balance at end of period

889

2,400

(299)

2,990

0

128,69711

(4) Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Increase (decrease) in allowance for doubtful
accounts
Interest and dividend income
Foreign exchange losses (gains)
Insurance claim income
Interest expenses
Loss (gain) on investments in investment
partnerships
Loss (gain) on investments in silent partnerships
Loss (gain) on sale of short-term and long-term
investment securities
Loss (gain) on valuation of investment securities
Loss on valuation of shares of subsidiaries andassociates
Decrease (increase) in trade receivables
Net decrease (increase) in lease receivables andinvestments in leases
Increase in assets for rent
Decrease (increase) in inventories
Increase (decrease) in trade payables
Payments for lease obligations
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Proceeds from sale of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from share of profits on partnership
Purchase of insurance funds
Proceeds from maturity of insurance funds
Loan advances
Other, net
Net cash provided by (used in) investing activities

12

13,437
7,898
76
119
119

13,812
8,482
57
21
198

363

345

(379)
(140)
(50)
89

(401)
(86)
(74)
94

(173)

33

(111)

13

(21)

(86)

14

173

112

392

234

(753)

(159)

(469)

(8,442)(1,708)534(2,098)
1,688
11,402382(89)
314(4,187)
7,822(8,005)(968)
96(1,670)1,620
12,825394(94)
711(4,685)
9,151(4,300)4,683(1,047)(474)(3,452)
3,257
(485)
472
(128)
55
(211)
1,409
(220)

(500)
1,994
(1,814)(1,988)(2,898)905(1,523)
177
(369)
123
(457)
17
(6,332)

(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2022
Cash flows from financing activities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period

13(0)(3,054)(310)(3,365)(0)(3,321)89(3,232)

469

419

4,705
40,756

7
45,462–

194

45,462

45,663

(5) Notes on Consolidated Statements(Notes on the Going Concern Assumption)
Not applicable.
(Changes in Accounting Policies)(Application of the Implementation Guidance on Accounting Standard for Fair Value Measurement)
The Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance
No. 31 of June 17, 2021) is applied from the start of the consolidated fiscal year under review, and new
accounting policies prescribed by the Implementation Guidance on Accounting Standard for Fair Value
Measurement shall be applied in the future in accordance with the transitional treatment prescribed in
Paragraph 27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement.
This has no impact on the consolidated financial statements.
(Segment Information, etc.)[Segment Information]
Previous consolidated fiscal year (from April 1, 2021 to March 31, 2022)
The Paramount Bed Group comprises of a single segment related to the bed business, so segment
information has been omitted.
Consolidated fiscal year under review (from April 1, 2022 to March 31, 2023)
The Paramount Bed Group comprises of a single segment related to the bed business, so segment
information has been omitted.
(Per Share Information)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net asset per share
2,092.47 yen
2,207.86 yen
Net income per share
156.39 yen
158.37 yen
Notes
1. Net income per share after reconciliation of diluted net income per share is not disclosed as there areno potential shares with dilutive effect.
2. The following shows the basis for the calculation of net income per share.
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2023

Net income per share
Net income attributable to shareholders of theparent company (million yen)Amount not attributable to ordinary shareholders(million yen)

9,092

9,215

－

－

9,092

9,215

58,141,503

58,191,123

Net income attributable to shareholders of theparent company in relation to shares of common
stock (million yen)
Average number of shares during the fiscal year
(shares)(Significant Post-Balance Sheet Events)
Not applicable.

144. Others(Officer Changes)(1) Change of representative director
Not applicable.
(2) Transfer of other officers
・Candidate for newly appointed Board Member (excluding Board Member who is Audit andSupervisory Committee Member)
Member of the Board, Masaki Kobayashi (Currently Corporate Officer)
・Candidate for newly Outside Board Member who is Board Member of the Audit and Supervisory
Committee
Member of the Board, Kazuo Takahashi
・Board Member scheduled to retire (excluding Board Member who is Audit and Supervisory
Committee Member)
Senior Managing Director, Izumi Sato
(3) Scheduled date of appointment and retirement
June 29, 2023

15