Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2023
(Based on IFRS)July 29, 2022
Stock exchange listing: Tokyo (Prime)
Company name: Nippon Sanso Holdings Corporation
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Keita Kajiyama, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Securities Report: August 8, 2022
Scheduled date to commence dividend payments: —Supplementary materials on quarterly financial results: Yes
Quarterly results explanatory meeting: Yes (For institutional investors and analysts)(Amounts less than ¥1 million are omitted)

1. Financial results for Q1 FYE2023 (April 1, 2022 – June 30, 2022)(1) Operating results
RevenueCore operating
incomeOperating income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of the parent
incomeNet income(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

Q1
FYE2023

276,006

26.4

30,27423.2

27,472

11.8

17,9599.5

17,285

7.6

62,653207.3

Q1
FYE2022

218,303

18.3

24,572

74.6

24,572

74.6

16,403115.0

16,062116.0

20,387

14.3(Reference) Income before income taxes
Q1 FYE2023: ¥25,540 million [15.0%]
Q1 FYE2022: ¥22,202million [93.1%]
Core operating income is calculated as operating income excluding certain gains and losses attributable tonon-recurring factors (non-recurring items).
Basic earnings
per share (Yen)Q1
FYE2023Q1
FYE2022

Diluted net income
per share (Yen)

39.95

—

37.12

—

(2) Financial position
Total assets(¥ million)

FYE2023(June 30, 2022)
FYE2022(March 31, 2022)

Total equity(¥ million)

Equity attributable to ownersof the parent (¥ million)

Equity attributable to ownersof the parent ratio (%)

2,082,539

715,123

681,74832.7

1,977,026

661,137

628,71431.8-1-

2. Dividends
Annual Dividendst

End of 1 quarternd

End of 2 quarterEnd of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2022—

FYE2023
FYE2023 (est.)

—

16.00

—

18.00

34.00

18.00

—

18.00

36.00

Note: No revisions have been made to recently announced forecasts.

3. Forecasts for business operations for FYE2023 full term (April 1, 2022 – March 31, 2023)
Core operating
incomeRevenue

Full term

Operating income(Percentages indicate year-on-year change)
Basic
Net income
attributable to owners
earningsof the parent
per share

Net income(¥ million)%(¥ million)%(¥ million)%(¥ million)

950,000(0.7)

107,000

4.2

105,000

3.8

67,000%(¥ million)

0.5

%

(Yen)

1.4

150.1865,000Note: Revisions have been made to recently announced forecasts: Yes(Reference) Income before income taxes
FYE2023 full term: ¥94,500 million [3.2%]* Notes(1) Changes in significant subsidiaries during the period: None
(Transfer of specified subsidiaries resulting in changes in the scope of consolidation)(2) Changes in accounting policies, changes in financial forecasts
1. Changes in accounting policies required by IFRS: None
2. Changes in accounting policies other than 1.: None
3. Changes in accounting estimates: None
(3) Number of outstanding shares (common shares)

2. Number of treasury stocks at the end of theperiodAs ofJun.30, 2022
As ofJun.30, 2022

3. Average number of shares during the period

Jun.30, 2022

1. Number of outstanding shares at the end of
the period (including treasury stock)433,092,837
shares230,555
shares432,702,592
shares

As ofMar. 31, 2022
As ofMar. 31, 2022
Jun.30, 2021

433,092,837
shares344,870
shares432,750,371
shares* Financial reports are out of the scope of audit by certified public accountants or audit corporations.
* Explanation on the appropriate use of the forecasts of financial results and other comments
The forward-looking statements such as the forecasts of financial result stated in this document are based on theinformation currently available on the Company and certain assumptions that the Company judges as rational.
The Company is under no obligation to guarantee their achievement. Actual financial results may varysignificantly due to various reasons. For details on the assumptions of the forecasts and related matters, pleasesee page 5, “(3) Explanation Concerning Predictive Information Such as Forecasts for Business Operations” in“1. General Information Relating to Q1 Results.”-2-

○ Contents
1. General Information Relating to Q1 Results ........................................................................................................................

4(1) Explanation Concerning Business Results ......................................................................................................................

4(2) Explanation Concerning Financial Position ....................................................................................................................

5(3) Explanation Concerning Predictive Information Such as Forecasts for Business Operations .........................................

5

2. Condensed Consolidated Financial Statements and Main Notes ..........................................................................................

6(1) Condensed Consolidated Statement of Financial Position ..............................................................................................
(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive
Income ............................................................................................................................................................................
(3) Condensed Consolidated Statement of Changes in Equity .............................................................................................

610(4) Condensed Consolidated Statement of Cash Flows ........................................................................................................

12(5) Notes to the Condensed Consolidated Financial Statements ...........................................................................................

13(Note regarding going concern assumption) .................................................................................................................

13(Segment information) ..................................................................................................................................................

13

-3-

8

1. General Information Relating to Q1 Results(1) Explanation Concerning Business Results(General overview)
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first quarter of the fiscal
year under review (from April 1, 2022 to June 30, 2022), although there were differences in market conditions within eachregion, overall market conditions remained stable. As a result, shipment volumes of air separation gases (oxygen, nitrogen, andargon) were on par with those a year earlier. Higher prices such as for electricity, crude oil, and liquefied natural gas as well as
supply chain disruptions continued to drive up costs. However, we responded in each segment by revising selling prices andmaking efforts to reduce costs and overhead expenses.
Against this backdrop, the NSHD Group achieved the following results for the first quarter of the fiscal year under review.
Revenue on a consolidated basis increased 26.4% year-on-year to ¥276,006 million, core operating income increased 23.2% to¥30,274 million, operating income increased 11.8% to ¥27,472 million, and net income attributable to owners of the parent
increased 7.6% to ¥17,285 million.
As for the impact of foreign exchange rates year-on-year, the Yen depreciated against the USD from ¥109.76 to ¥131.25(+¥21.49, or +19.6%), against the Euro from ¥132.44 to ¥138.75 (+¥6.31, or +4.8%), and against the AUD from ¥84.15 to¥92.52 (+¥8.37, or +9.9%). As a result, overall revenue and core operating income were favorably impacted by approximately¥16.3 billion and ¥2.1 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to nonrecurring factors such as losses arising from business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
① Gas Business in Japan
In the industrial gas-related business, revenue from air separation gases, a core product, increased sharply year-on-year,
mainly due to the effect of price pass-through and price revision based on existing contracts, despite a decrease in shipment
volume. In addition, LP gas revenue increased, despite a decline in shipment volume, as unit sales prices rose in conjunction
with a significant increase in purchase prices. In equipment and installation, industrial gas-related revenue was on par withthat of a year earlier. In the electronics-related business, the revenue from electronic material gases and related equipment
and installation increased.
As a result, in the Gas Business in Japan, revenue increased 14.5% year-on-year to ¥95,150 million, and segment income
decreased 7.6% to ¥6,011 million.
② Gas Business in the United States
In the industrial gas-related business, revenue from air separation gases, a core product, increased. In addition, revenue
from carbon dioxide gases was strong. In equipment and installation, revenue from welding and cutting equipment increased
sharply. Furthermore, revenue from sales in the electronics sector increased in both gas and equipment and installation. The
increase in revenues was due to the progress of price pass-through against the backdrop of rising costs.
As a result, in the Gas Business in the United States, revenue increased 33.4% year-on-year to ¥68,891 million, andsegment income increased 32.4% to ¥9,325 million. Moreover, revenue and segment income were favorably impacted by thedepreciation of the Yen.
③ Gas Business in Europe
In the industrial gas-related business, revenue from air separation gases, a core product, increased sharply year-on-year
due to the effect of price revision, and a slight increase in shipment volume. In equipment and installation, the revenue fromgas-related equipment increased substantially, but welding and cutting equipment revenue decreased. Another factor
contributing to the increase in revenues was the progress made in price pass-through and cost recovery in response to thesteep rise in energy costs that began in the second quarter of the previous fiscal year.
As a result, in the Gas Business in Europe, revenue increased 36.8% year-on-year to ¥64,976 million, and segment
income increased 32.8% to ¥8,816 million. Moreover, revenue and segment income were favorably impacted by thedepreciation of the Yen.

-4-

④ Gas Business in Asia & Oceania
In the industrial gas-related business, air separation gas revenue, a core product, increased due to a steady increase inproduction activity in related industries. In LP gas, a large portion of whose sales are in the Australia region, revenue
increased due to steady volume as well as pass through from purchase prices to selling prices. Revenue from equipment andinstallation increased mainly in Singapore and Australia. In the electronics-related business, revenue from electronic material
gases increased significantly in East Asia, while equipment and construction increased in Taiwan.
As a result, in the Gas Business in Asia & Oceania, revenue increased 34.2% year-on-year to ¥39,286 million, andsegment income increased 52.0% to ¥4,615 million. Moreover, revenue and segment income were favorably impacted by thedepreciation of the Yen.
⑤ Thermos Business
In Japan, strong sales during the new school season without COVID-19 related restrictions on activities as well as a shortrainy season and rising temperatures led to a recovery in shipment volumes of portable mugs and sports bottles from theprevious fiscal year, resulting in a significant increase in revenue year-on-year. Furthermore, the revenue from frying pans
continued to be strong from the previous year, in connection with the widespread adoption of new lifestyles where
consumers spend longer periods at home. Overseas, shipping volume increased due to the recovery of business conditions invarious regions.
As a result, the Thermos Business revenue increased 13.9% year-on-year to ¥7,679 million, and segment income
increased 30.7% to ¥1,961 million.
(2) Explanation Concerning Financial Position
Total assets amounted to ¥2,082,539 million as of June 30, 2022, an increase of ¥105,513 million from March 31, 2022. The
impact of foreign exchange rates resulted in an increase in total assets of approximately ¥105.0 billion. This mainly reflected
foreign exchange rate changes, such as the Yen depreciation of ¥14.29 against the USD and that of ¥5.97 against EUR as ofJune 30, 2022, compared with the rates as of March 31, 2022.
[Assets]
Total current assets amounted to ¥447,552 million as of June 30, 2022, an increase of ¥25,058 million from March 31, 2022,
mainly reflecting increases in inventories and trade receivables.
Total non-current assets were ¥1,634,987 million, an increase of ¥80,454 million from March 31, 2022, mainly reflecting
increases in property, plant and equipment and goodwill.
[Liabilities]
Total current liabilities were ¥370,682 million, an increase of ¥39,086 million from March 31, 2022, mainly due to increases
in bonds and borrowings and other financial liabilities.
Total non-current liabilities were ¥996,734 million, an increase of ¥12,441 million from March 31, 2022, mainly due to anincrease in deferred tax liabilities and other financial liabilities.
[Equity]
Total equity amounted to ¥715,123 million, an increase of ¥53,985 million from March 31, 2022. The main factors were an
increase in exchange differences on translation of foreign operations and quarterly income attributable to owners of the parent.
The equity attributable to owners of the parent ratio stood at 32.7%, up 0.9 percentage points from the previous fiscal year-end.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 28.0% year-on-year to ¥31,801 million. The main components were
profit before income taxes, depreciation and amortization, and income taxes paid (refund).
[Cash flow from investing activities]
Net cash used in investing activities increased 18.9% year-on-year to ¥19,897 million. The primary use of cash was forpurchasing of property, plant and equipment.
[Cash flow from financing activities]
Net cash used in financing activities increased 11.4% year-on-year to ¥16,876 million. The main components wererepayment of long-term borrowings, a net increase (decrease) in short-term borrowings, and dividends paid.
As a result of the Company’s operating, investing, and financing activities, the balance of cash and cash equivalents as ofJune 30, 2022, after considering the effects of exchange rate changes, was ¥90,537 million.
(3) Explanation Concerning Predictive Information Such as Forecasts for Business Operations
The Company has revised its forecasts for business operations for the full term of the fiscal year ending March 31, 2023. For
details, please refer to the "Notice Regarding Earnings Forecast Revisions" released today (July 29, 2022).

-5-

2. Condensed Consolidated Financial Statements and Main Notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
FYE2022
As of Mar. 31, 2022
AssetsCurrent assets:
Cash and cash equivalents
Trade receivables
Inventories
Other financial assets
Other current assets
Total current assets
Non-current assets:
Property, plant and equipment
Goodwill
Intangible assets
Investments accounted for using the equity method
Other financial assets
Retirement benefit asset
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets-6-

FYE2023
As of Jun 30, 2022

93,697
218,480
80,064
7,310
22,94090,537225,300
91,713
10,27629,724422,493

447,552

729,658
485,190
241,320
35,70055,410
2,468
1,163
3,619

777,224
512,782
251,579
36,885
48,971
2,654
1,179
3,709

1,554,532

1,634,987

1,977,026

2,082,539

(Millions of yen)
FYE2022
As of Mar. 31, 2022
Liabilities and equity
Liabilities
Current liabilities:
Trade payables
Bonds and borrowings
Income taxes payable
Other financial liabilities
Allowance
Other current liabilities

FYE2023
As of Jun 30, 2022

115,123
110,595
9,746
65,228
1,068
29,832

114,395
136,577
10,34874,948441
33,970Total current liabilities
Non-current liabilities:
Bonds and borrowings
Other financial liabilities
Retirement benefit liabilities
Allowance
Other non-current liabilities
Deferred tax liabilities

331,595

370,682779,749
31,231
14,165
5,107
20,918133,120776,776
35,713
14,6485,396
23,876140,322

Total non-current liabilities

984,292

996,734

1,315,888

1,367,416

37,34455,945(281)
476,589
59,11537,34455,259(228)
486,308
103,064

Total equity attributable to owners of parent
Non-controlling interests

628,71432,423681,748
33,374

Total equity

661,137

715,123

1,977,026

2,082,539

Total liabilities
EquityShare capital
Capital surplus
Treasury stock
Retained earnings
Other components of equity

Total liabilities and equity-7-(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Profit or Loss
(Q1 Consolidated Cumulative Period)(Millions of yen)
Q1 FYE2022(April 1, 2021 June 30, 2021)

Q1 FYE2023(April 1, 2022 June 30, 2022)

Revenue
Cost of sales

218,303(131,548)

276,006(173,531)

Gross profit

86,754102,475(62,796)
509(567)(72,659)
1,454(4,245)672

446

24,572

27,472639(3,009)1,058(2,990)22,20225,540(5,798)(7,580)

Profit16,403

17,959Profit attributable to:
Owners of parent
Non-controlling interests

16,062340

17,285674

Earnings per share
Basic earnings per share (Yen)

37.12

39.95

Selling, general and administrative expenses
Other operating income
Other operating expense
Share of profit of investments accounted for using theequity method
Operating profit
Finance income
Finance costs
Profit before income taxes
Income taxes-8-Condensed Consolidated Statement of Comprehensive Income(Q1 Consolidated Cumulative Period)(Millions of yen)
Q1 FYE2022(April 1, 2021 June 30, 2021)
ProfitQ1 FYE2023(April 1, 2022 June 30, 2022)
16,403

17,959(301)(4,769)

0

14

38

(27)

(261)

(4,782)

3,455

48,851

20

(267)

770

891

4,246

49,475

3,984

44,693Comprehensive income

20,38762,653Comprehensive income attributable to:
Owners of parent
Non-controlling interests

20,029358

61,455
1,197

Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans
Share of other comprehensive income of investments
accounted
for using the equity method
Total of items that will not be reclassified to profit orloss
Items that may be reclassified subsequently to profit orloss
Exchange differences on translation of foreign
operations
Effective portion of net change in fairvalue of cash flow hedges
Share of other comprehensive income of investments
accounted
for using the equity method
Total of items that may be reclassified subsequently
to profit or loss
Total other comprehensive income, net of tax-9-(3) Condensed Consolidated Statement of Changes in Equity
Q1 FYE2022 (April 1, 2021 to June 30, 2021)
Share capital
Balance at April 1, 2021

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,901(273)

422,838

Profit———16,062Other comprehensive income

—

—

—

—

—

—

—

16,062

Purchase of treasury stock

—

—

(1)

—

Disposal of treasury stock

—

—

—

—

Dividends———(6,926)

—

17

—

—

—

—

—

—

Transfer from other components ofequity to retained earnings

—

—

—

2

Change in scope of consolidation

—

—

—

43

Other changes

—

—

—

—

—

17

(1)

(6,881)

37,34455,919(275)

432,019

Comprehensive income

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures

Total transactions with owners

Balance at June 30, 2021

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans(18,029)71

15,310

—

—

—

—

4,200

20

4,200

20

Purchase of treasury stock—

Disposal of treasury stock
Dividends

Total equity
attributableto owners ofparentNoncontrollinginterests(2,646)513,164

30,736543,900——

16,062340

16,403

(254)

0

3,967

3,967

17

3,984

(254)

0

3,967

20,029358

20,387

—

—

—

—

(1)

—

(1)

—

—

—

—

—

—

—

—

—

—

—

—

—

(6,926)(425)(7,352)

—

—

—

—

—

17

242

259

—

—

—

—

—

—

—

—

—

—

(1)

(0)

(2)

—

—

—

Change in scope of consolidation

—

—

—

—

—

43

—

43

Other changes

—

—

—

—

—

—

78

78

—

—

(1)

(0)

(2)

(6,867)(104)(6,971)(13,828)92

15,054—

1,318

526,326

30,990557,316

Balance at April 1, 2021

ProfitOther comprehensive income
Comprehensive income

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures
Transfer from other components ofequity to retained earnings

Total transactions with owners

Balance at June 30, 2021

- 10 -

Total

Total
equityQ1 FYE2023 (April 1, 2022 to June 30, 2022)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,945(281)

476,589

Profit———17,285

Other comprehensive income

—

—

—

—

—

—

—

17,285Purchase of treasury stock

—

—

(1)

—

Disposal of treasury stock

—

—

53

—

Dividends———(7,787)

—

(686)

—

—

—

—

—

—

Transfer from other components ofequity to retained earnings

—

—

—

221

Change in scope of consolidation

—

—

—

—

Other changes

—

—

—

—

—

(686)

52

(7,565)37,34455,259(228)

486,308

Comprehensive income

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures

Total transactions with owners

Balance at June 30, 2022

Other components of equity

Balance at April 1, 2022

ProfitExchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans

39,428368

19,319—Total equity
attributableto owners ofparentNoncontrollinginterests

59,115

628,71432,423

661,137

Total

Total
equity

—

—

—

—

—

17,285674

17,95949,222(265)(4,801)

14

44,17044,170522

44,69349,222(265)(4,801)

14

44,17061,455

1,197

62,653Purchase of treasury stock

—

—

—

—

—

(1)

—

(1)

Disposal of treasury stock

—

—

—

—

—

53

—

53

Dividends

—

—

—

—

—

(7,787)(442)(8,230)

—

—

—

—

—

(686)

(604)

(1,290)

—

—

—

—

—

—

513

513

Transfer from other components ofequity to retained earnings

—

—

(207)

(14)

(221)

—

—

—

Change in scope of consolidation

—

—

—

—

—

—

—

—

Other changes

—

—

—

—

—

—

287

287

—

—

(207)

(14)

(221)

(8,421)(246)(8,667)88,650103

14,309—103,064

681,748

33,374715,123

Other comprehensive income
Comprehensive income

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures

Total transactions with owners

Balance at June 30, 2022

- 11 -

(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)
Q1 FYE2022(April 1, 2021 June 30, 2021)
Cash flow from operating activities
Profit before income taxes
Depreciation and amortization
Interest and dividends income
Interest expenses
Share of (profit) loss of investments accounted for using
the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables(Increase) decrease in inventories
Increase (decrease) in trade payables(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other

Q1 FYE2023(April 1, 2022 June 30, 2022)
22,202
23,204(406)
3,009

25,54025,586
(555)
2,983

(672)

(446)

(28)

150

(3,255)(3,624)(3,376)
(144)
215
(717)

2,070
(7,792)(4,701)
(331)
203
(989)

36,40652
1,758(2,895)(10,479)

41,71751876(2,834)(8,009)24,84331,801(15,875)
513
(714)
11
(520)
(154)

(19,849)
321
(116)
527
(107)
(673)

Cash flow from investing activities
Net cash used in financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayment of long-term borrowings
Repayment of lease obligations
Purchases of investments in subsidiaries not resulting inchange in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other(16,739)(19,897)

13,80011,0001,762(32,167)(2,193)

17,4733,000
52(26,971)(2,751)(2)(71)(6,926)(425)(0)(7,787)(442)
622

Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents(15,153)(16,876)

990

1,812

Net increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at beginning of fiscal
year
Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation(6,059)(3,159)91,05893,697

253—

Balance of cash and cash equivalents at end of period

85,252

90,537

SubtotalInterest received
Dividends received
Interest paid
Income taxes refund (paid)
Cash flow from operating activities
Cash flow from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment
Proceeds from sale and redemption of investments
Payments for acquisition of subsidiaries
Other- 12 -

(5) Notes to the Condensed Consolidated Financial Statements(Note regarding going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments are components of the NSHD Group about which separate financial
information is available and which are evaluated regularly by the Board of Directors in deciding how to allocate
management resources and in assessing performance. No grouping of operating segments has been carried out forreporting purposes.
The NSHD Group conducts gas businesses, mainly for customers in the steel, chemical, and electronics industries, andhas built production and sales structures for its main products in Japan, the United States, Europe, and Asia & Oceania. In
addition, the NSHD Group conducts the manufacture and sales of houseware such as stainless steel vacuum bottles.
Therefore, the Company has established the following five reportable segments: Gas Business in Japan, Gas Business in
the United States, Gas Business in Europe, Gas Business in Asia & Oceania, and Thermos Business.
The principal products and services included in the five reportable segments are shown in the table below.
Reportable segment

Main products and services

Gas Business in Asia & Oceania

Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gas-related
equipment, specialty gases (electronic materials gases, pure gases, etc.), electronicsrelated equipment and installation, semiconductor manufacturing equipment,
welding and cutting equipment, welding materials, plants and machinery, liquid
petroleum gas (LPG) and related equipment, medical-use gases (oxygen, nitrous
oxide, etc.), medical equipment, stable isotopes

Thermos BusinessHouseware

Gas Business in Japan
Gas Business in the United States
Gas Business in Europe

The accounting methods adopted for the reported operating segments are the same as the methods adopted to prepare
the consolidated financial statements. Revenue from inter-segment transactions and transfers is based primarily on
prevailing market prices.
(2) Figures of revenue and income (loss) by reportable segment
Q1 FYE2022 (April 1, 2021 to June 30, 2021)(Millions of yen)
Reportable segment
Gas Business
Gas Business
Gas Business
Gas Businessin the Unitedin Asia &in Japanin Europe
States
Oceania

Thermos
Business

Total

Adjustments(Note 1)

Amounts on theConsolidated
Statements ofIncomeRevenue
Revenue from external
83,08551,65947,48929,271
6,744
218,249
53
218,303customers
Revenue from intersegment transactions and
2,324
4,823
47
714
3
7,913
(7,913)—transfers
Total
85,41056,48247,53629,986
6,747
226,163(7,859)218,303
Segment income (Note 2)
6,503
7,043
6,641
3,035
1,501
24,726(153)
24,572
Note: 1. The (¥153) million negative adjustment for segment income is comprised of ¥157 million of intersegment eliminations
and companywide expenses of (¥311) million that were not allocated to any particular reportable segment. These
companywide expenses consist mainly of Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated by excluding from operating income certain
gains or losses attributable to non-recurring factors such as losses arising from business withdrawal or downsizing.

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Q1 FYE2023 (April 1, 2022 to June 30, 2022)(Millions of yen)
Reportable segment
Gas Business
Gas Business
Gas Business
Gas Businessin the Unitedin Asia &in Japanin Europe
States
Oceania

Thermos
Business

Total

Adjustments(Note 1)

Amounts on theConsolidated
Statements ofIncomeRevenue
Revenue from external
95,15068,89164,97639,286
7,679
275,98422
276,006
customers
Revenue from intersegment transactions and
3,867
6,037
55
755
2
10,718(10,718)—transfers
Total
99,01874,92865,03240,041
7,681
286,702(10,696)
276,006
Segment income (Note 2)
6,011
9,325
8,816
4,615
1,961
30,731(457)
30,274
Note: 1. The (¥457) million negative adjustment for segment income is comprised of (¥132) million of intersegment
eliminations and companywide expenses of (¥324) million that were not allocated to any particular reportable segment.
These companywide expenses consist mainly of Group administration expenses at the Company that are not
attributable to reportable segments.
2. Segment income represents core operating income, which is calculated by excluding from operating income certain
gains or losses attributable to non-recurring factors such as losses arising from business withdrawal or downsizing.
Reconciliation of segment income with profit before income taxes is shown in the table below.
(Millions of yen)
Q1 FYE2022(April 1, 2021 June 30, 2021)
Segment income

Q1 FYE2023(April 1, 2022 June 30, 2022)
24,57230,274

Loss on arbitration award—(3,397)

Other

—

595

24,572

27,472639

1,058(3,009)(2,990)22,20225,540Operating profit
Finance income
Finance costs
Profit before income taxes- 14 -