Consolidated Financial Results
for the First half of Fiscal Year Ending March 31, 2022
(Based on IFRS)
November 1, 2021
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (1st section)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp/
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Takayoshi Umehara, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Quarterly Securities Report: November 10, 2021
Scheduled date to commence dividend payments: December 1, 2021
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 the first half of FYE2022 (April 1, 2021– September 30, 2021)(1) Operating resultsCore operating
incomeRevenue%

Operating income(¥ million)%(Percentages indicate year-on-year change)
Net income
Total comprehensive
attributable toincomeowners of the parent

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

First half of
FYE2022447,374

16.4

49,84435.7

49,79935.8

35,15463.0

34,291

63.3

39,383

2.3

First half of
FYE2021384,505(9.1)

36,727(19.2)

36,665(21.6)

21,561(24.9)

21,001(24.3)

38,485―(Reference) Income before income taxes
First half of FYE2022: ¥45,026 million [46.1%]
First half of FYE2021: ¥30,821 million [(24.5%) ]Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
Basic earnings
per share (Yen)First half of
FYE2022First half of
FYE2021

Diluted net income
per share (Yen)

79.24

－

48.53

－

(2) Financial position
Total assets(¥ million)

First half of FYE2022(September 30, 2021)
FYE2021(March 31, 2021)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

1,835,487

576,319544,900

29.7

1,836,294

543,900

513,164

27.9%

2. Dividends
Annual Dividend
End of 1 quarterEnd of 2ndquarter

End of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

st

FYE2021－14.00

FYE2022－16.00

FYE2022 (est.)

－

16.00

30.00

－

16.00

32.00

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

3. Forecasts for business operations for FYE2022 full term (April 1, 2021 – March 31, 2022)
Core operating
incomeRevenue

Full term(¥ million)%

865,000

5.7(¥ million)

96,000%

10.0

Operating income(¥ million)

96,500%(Percentages indicate year-on-year change)
Basic
Net income
Net income
attributable to owners
earningsof the parent
per share(¥ million)

8.6%

60,000(¥ million)

5.5

58,200

%

(Yen)

5.4

134.49Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2022 full term: ¥ 86,000 million [10.7%]* 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)
1. Number of outstanding shares at the end of
the period (including treasury stock)
2. Number of treasury stocks at the end of theperiod
3. Average number of shares during the period

As ofSep. 30, 2021
As ofSep. 30, 2021
As ofSep. 30, 2021

433,092,837
shares343,853
shares432,749,892
shares

As ofMar. 31, 2021
As ofMar. 31, 2021
As ofSep. 30, 2021

433,092,837
shares342,332
shares432,753,143
shares* Quarterly 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 results stated in this document are based on theinformation currently available to 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 vary significantly
due to various reasons. For details on the assumptions of the forecasts and related matters, please see page 6, “(3)Explanation concerning predictive information such as forecasts for business operations” in “1. General information
relating to the first half results.”(Obtaining Details of the Quarterly Financial Results Briefing)
NSHD plans to hold the following briefing for investors.
Thursday, November 11, 2021: Business performance briefing for institutional investors and analysts

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022

Contents
1. General information relating to the first half 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 ....... 6

2. Condensed consolidated financial statements and main notes................................................................................. 7(1) Condensed Consolidated Statement of Financial Position ........................................................... 7(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated
Statement of Comprehensive Income ........................................................................................... 9(3) Condensed Consolidated Statement of Changes in Equity ......................................................... 11(4) Condensed Consolidated Statement of Cash Flows ..................................................................... 13(5) Notes to the Condensed Consolidated Financial Statements ..................................................... 14(Note regarding going concern assumption) ................................................................................. 14(Segment information) ................................................................................................................... 14

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022

1. General information relating to the first half results(1) Explanation concerning business results(General overview)
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first halfof the fiscal year under review (from April 1, 2021 to September 30, 2021), the COVID-19 pandemic
continued from the previous fiscal year, without any indication of when it might end. Nevertheless, theeconomy appeared to recover, mainly in Europe and the United States, and the shipment volume of air
separation gases (oxygen, nitrogen, argon) increased significantly compared to the previous fiscal year. The
negative impact of the COVID-19 pandemic on the first quarter revenue and core operating income has beenless severe than the previous fiscal year. While there is a continuing impact on some business activities, theCompany has maintained its reliable supply structure for air separation gases in its global geographic hubs.
Against this backdrop, the NSHD Group achieved the following results for the first half of the fiscal year
under review. Revenue on a consolidated basis increased 16.4% year on year to ¥447,374 million, core
operating income increased 35.7% to ¥49,844 million, operating income increased 35.8% to ¥49,799 million,
and net income attributable to owners of the parent increased 63.3% to ¥34,291 million.
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
From the first quarter of the fiscal year under review, the NSHD Group has changed its reportable segments.
Therefore, to facilitate the year-on-year comparisons shown below, the figures for the first half of the previous
fiscal year have been reclassified based on the changes to the reportable segments.
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 a general recovery in production activity in relevant industries. Additionally,in LP gas, revenue rose from an increase in unit sales prices due to a large increase in the purchasing price,although shipment volume declined. Meanwhile, in the electronics-related business, revenue fromelectronic materials gases increased.
In industrial gas-related equipment and installation, medical-related equipment sales performed
favorably, and revenue in the electronics-related business also grew year on year.
As a result, in the Gas Business in Japan, revenue increased 9.0% year on year to ¥173,204 million andsegment income increased 20.4% to ¥13,991 million.
② Gas Business in the United States
In the industrial gas-related business, revenue from air separation gases, a core product, significantly
increased year on year, driven by a recovery in production activity, with growth centered on bulk gases.
In addition, sales of carbon dioxide gas were strong.
In equipment and installation, demand for welding and cutting equipment recovered after weakness inthe previous fiscal year, with revenue increasing sharply. In the electronics-related business, revenue also
increased.
As a result, in the Gas Business in the United States, revenue increased 17.7% year on year to ¥107,373
million and segment income increased 46.9% to ¥14,103 million.
③ Gas Business in Europe
In the previous fiscal year, demand dropped sharply overall in the key region of Iberia, Germany and Italy
as the serious impact of COVID-19 caused a general halt in production activity there. However, from thesecond half of the previous fiscal year, demand in the region continued to recover gradually, leading toan increase in sales.
As a result, in the Gas Business in Europe, revenue increased 26.8% year on year to ¥94,901 million
and segment income increased 47.4% to ¥12,715 million.

4

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022④ Gas Business in Asia & Oceania
In the industrial gas-related business, air separation gases, a core product, saw an increase in revenue
driven by a recovery in production activity in related industries. In LPG, which makes up a large
portion of sales in the Australia region, sales increased in unit sales prices due to an increase in thepurchasing price and steady shipment volume. In the electronics-related business, revenue fromelectronic materials gases in East Asia was mostly unchanged. In equipment and installation, revenue
increased in the industrial gas-related business.
As a result, in the Gas Business in Asia & Oceania, revenue increased 21.8% year on year to ¥58,917
million and segment income increased 25.4% to ¥6,646 million.
⑤ Thermos BusinessIn the Thermos Business, in Japan revenue significantly increased year on year due to a recovery inshipment volumes of portable mugs and sports bottles from the previous fiscal year. Furthermore, sales
volumes of frying pans and tumblers also increased, continuing from the previous fiscal year, in connection
with the widespread adoption of new lifestyles where consumer spend longer periods of time at home.
Overseas, shipping volume increased due to the recovery of business conditions in various regions.
As a result, in the Thermos Business, revenue increased 16.6% year on year to ¥12,869 million, andsegment income increased 42.1% to ¥2,981 million.
(2) Explanation concerning financial position
Total assets amounted to ¥1,835,487 million as of September 30, 2021, a decrease of ¥807 million fromMarch 31, 2021. Due to the impact of foreign exchange rates, total assets were stated approximately ¥2.8
billion higher than they otherwise would have been reported. This mainly reflected foreign exchange ratechanges such as the yen’s depreciation of ¥1.21 against the U.S. dollar, and the yen’s depreciation of ¥0.06
against the euro as of September 30, 2021, compared with the rates as of March 31, 2021.
[Assets]
Total current assets amounted to ¥374,573 million as of September 30, 2021, an increase of ¥5,672 million
from March 31, 2021. The main changes were an increase in trade receivables and a decrease in cash andcash equivalents.
Total non-current assets were ¥1,460,914 million, a decrease of ¥6,479 million from March 31, 2021,
mainly reflecting decreases in property, plant and equipment and intangible assets.
[Liabilities]
Total current liabilities were ¥317,409 million, a decrease of ¥8,610 million from March 31, 2021, mainlyreflecting decreases in other financial liabilities and bonds and borrowings.
Total non-current liabilities were ¥941,758 million, a decrease of ¥24,615 million from March 31, 2021,
mainly reflecting a decrease in bonds and borrowings and an increase in deferred tax liabilities.
[Equity]
Total equity amounted to ¥576,319 million, an increase of ¥32,419 million from March 31, 2021. The mainchanges were an increase due to the recording of profit attributable to owners of parent and a decrease due toretained earnings paid as dividends.
The equity attributable to owners of the parent ratio stood at 29.7%, up 1.8 percentage points from theprevious fiscal year-end.
(Cash flow analysis)(Cash flow from operating activities)
Net cash provided by operating activities amounted to ¥66,637 million. The main components were income
before income taxes, depreciation and amortization, and increase/decrease in trade receivables.
(Cash flow from investing activities)
Net cash used in investing activities was ¥29,878 million. The main use of cash was for the purchase ofproperty, plant and equipment.
NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(Cash flow from financing activities)
5

Net cash used in financing activities was ¥43,010 million. The main changes were repayments of long-termborrowings, 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 of September 30, 2021, after accounting for the effects of exchange rates, was ¥84,173 million.

(3) Explanation concerning predictive information such as forecasts for business operations
The Company has not revised its forecasts for business operations announced on May 10, 2021.

6

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022

2. Condensed consolidated financial statements and main notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
As of Mar. 31, 2021

As of Sep. 30, 2021

AssetsCurrent assets:
Cash and cash equivalents

91,05884,173

Trade receivables

182,077

189,089

Inventories

69,61375,739Other financial assets

6,710

6,107

Other current assets

19,441

19,464

Total current assets

368,901

374,573

Plant, property and equipment:

685,733

681,521

Goodwill

455,036453,999

Intangible assets

237,751

233,825

Investments accounted for using the equity method

32,29533,726

Other financial assets

49,73950,892Retirement benefit asset

2,467

2,428

Other non-current assets

1,120

1,231

Deferred tax assets

3,249

3,289

1,467,393

1,460,914

1,836,294

1,835,487

Non-current assets:

Total non-current assets
Total assets

7

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(Millions of yen)
As of Mar. 31, 2021

As of Sep. 30, 2021

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

96,093

95,796

Bonds and borrowings

131,721

129,818

Income taxes payable

11,022

9,858

Other financial liabilities

58,42853,896

469

243

Other current liabilities

28,284

27,797

Total current liabilities

326,019

317,409

Non-current liabilities:
Bonds and borrowings

780,895

753,612

Other financial liabilities

29,453

28,799Retirement benefit liabilities

14,037

14,214

Allowance

Allowance

3,870

4,119

Other non-current liabilities

19,35920,323

Deferred tax liabilities

118,757

120,689

Total non-current liabilities

966,374

941,758

1,292,394

1,259,167

Share capital

37,34437,344

Capital surplus

55,901

55,929Treasury stock

(273)

(278)

Retained earnings

422,838

452,472

Other components of equity(2,646)(567)

Total equity attributable to owners of parent

513,164

544,900

Non-controlling interests

30,736

31,419Total equity

543,900

576,319

1,836,294

1,835,487

Total liabilities
EquityTotal liabilities and equity

8

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(2) Condensed Consolidated Statement of Profit or Loss andCondensed Consolidated Statement of Comprehensive Income(Condensed Consolidated Statement of Profit or Loss)(Millions of yen)Six-months ended
September 30, 2021

Six-months ended
September 30, 2020
Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses

384,505447,374(236,602)(273,530)

147,902173,843(112,522)(125,661)

Other operating income

2,120

1,264

Other operating expense
Share of profit of investments accounted for using the equity
method(1,464)(1,041)

628

1,394

36,66549,799743

1,060(6,587)(5,833)30,82145,026(9,259)(9,872)

21,56135,15421,001

34,291

560

862

48.53

79.24

Operating profit
Finance income
Finance costs
Income before income taxes
Income taxes
Proﬁt
Proﬁt attributable to:
Owners of parent
Non-controlling interests
Net income per share
Basic earnings per share (Yen)9NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(Condensed Consolidated Statement of Comprehensive Income)Six-months ended
September 30, 2020
Proﬁt

(Millions of yen)Six-months ended
September 30, 2021

21,56135,154

3,252

4,358

(18)

0

(32)

39

3,201

4,397

Other comprehensive income:Items that will not be reclassified to profit or loss
Financial assets measured at fair value
through other comprehensive 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 or loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations

14,157(1,010)Effective portion of net change in fair value of cash flow hedges

(4)

(102)

Share of other comprehensive income of investments accounted
for using the equity method

(430)

944

Total of items that may be reclassified subsequently to profit or loss

13,722(168)

16,923

4,229

38,48539,38337,664821

38,596786

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests

10

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(3) Condensed Consolidated Statement of Changes in Equity

Six-months ended September 30, 2020 (April 1, 2020 to September 30, 2020)
Share capital
Balance atApril 1, 2020

Capitalsurplus(Millions of yen)
Retainedearnings

Treasurystock

37,34456,387(268)

379,322

Net income
Other comprehensive income
Comprehensive income

–
–
–

–
–
–

–
–
–

21,001–
21,001

Purchase of treasury stock

–

–

(2)

–

Disposal of treasury stock

–

0

0

–

Dividends–––(6,060)Changes in ownership interest in subsidiaries

–

(339)

–

–

Business combinations or business divestitures

–

–

–

–

Transfer from other components ofequity to retained earnings

–

–

–

(18)

Change in scope of consolidation

–

–

–

(110)

Other changes

–

–

–

–

–

(339)

(2)

(6,190)37,34456,048(271)

394,134

Total transactions with owners
Balance at
September 30, 2020

Other components of equity

Balance atApril 1, 2020

Exchangedifferences ontranslationof foreign
operations

Effective
portionof netchange infair valueof cashflow
hedgesFinancialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans(71,170)

19

7,709

–

Total

Total equity
attributableto ownersof parent

Noncontrollinginterests

Total
equity(63,441)

409,344

31,349440,693560

21,561

Net income
Other comprehensive
incomeComprehensive
income

–

–

–

–

–

21,001

13,516

(7)

3,172

(18)

16,662

16,662

260

16,923

13,516

(7)

3,172

(18)

16,662

37,664821

38,485Purchase of treasury
stock

–

–

–

–

–

(2)

–

(2)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(6,060)(407)(6,468)Changes inownership interest in
subsidiaries

–

–

–

–

–

(339)

(2,517)(2,856)

–

–

–

–

–

–

54

54

–

–

(0)

18

18

–

–

–

Change in scope of
consolidation

–

–

–

–

–

(110)

–

(110)

Other changes

–

–

–

–

–

–

177

177

Total transactions
with owners

–

–

(0)

18

18

(6,513)(2,692)(9,205)(57,653)

11

10,881－(46,760)

440,495

29,477469,973

Business
combinations orbusiness divestitures
Transfer from othercomponents of equity
to retained earnings

Balance at
September 30, 2020

11

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022

Six-months ended September 30, 2021 (April 1, 2021 to September 30, 2021)(Millions of yen)
Share capital
Balance atApril 1, 2021

Capital surplus

Treasury stock

Retained earnings

37,34455,901(273)

422,838

Net income
Other comprehensive income
Comprehensive income

–
–

–
–

–
–

34,291–
34,291

Purchase of treasury stock

–

–

(4)

–

Disposal of treasury stock

–

0

0

–

Dividends–––(6,926)

Changes in ownership interest in subsidiaries

–

27

–

–

Business combinations or business divestitures

–

–

–

–

Transfer from other components ofequity to retained earnings

–

–

–

2,225

Change in scope of consolidation

–

–

–

43

Other changes

–

–

–

–

–

27

(4)

(4,657)37,34455,929(278)

452,472

Total transactions with owners
Balance at
September 30, 2021

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portionof netchange infair valueof cashflow
hedgesFinancialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

Total
equityattributableto ownersof parent

Noncontrollinginterests(18,029)71

15,310–(2,646)513,164

30,736543,900

–

–

–

–

–

34,291

862

35,154

22
22

(101)
(101)

4,383
4,383

0
0

4,304
4,304

4,304
38,596

(75)
786

4,229
39,383Purchase of treasury
stock

–

–

–

–

–

(4)

–

(4)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(6,926)(481)(7,408)Changes inownership interest in
subsidiaries

–

–

–

–

–

27

240

267

Business
combinations orbusiness divestitures

–

–

–

–

–

–

–

–

Transfer from othercomponents of equity
to retained earnings––(2,225)(0)(2,225)–––

Change in scopeof consolidation

–

–

–

–

–

43

–

43

Other changes

–

–

–

–

–

–

138

138

Total transactions
with owners––(2,225)(0)(2,225)(6,860)(103)(6,963)(18,007)(29)

17,469–(567)

544,900

31,419576,319

Balance atApril 1, 2021
Net income
Other comprehensive
incomeComprehensive income

Balance at
September 30, 2021

12

Total

Total
equityNIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)Six-months ended
September 30, 2021

Six-months ended
September 30, 2020
Cash flow from operating activities

Income before income taxes

30,82145,026

Depreciation and amortization

43,02245,433

Interest and dividends income

(480)

(501)

Interest expenses

6,565

5,826

Share of (profit) loss of investments accounted for using the equity method(628)(1,394)

Loss (gain) on sales and retirement of property, plant and equipment, andintangible assets

29

(9)

(Increase) decrease in trade receivables

8,859(6,348)(Increase) decrease in inventories(4,445)(5,768)

Increase (decrease) in trade payables(12,050)(950)(Increase) decrease in retirement benefit asset

(196)

(287)

Increase (decrease) in retirement benefit liabilities

405

514

Other
SubtotalInterest receive(4,549)(729)

67,35380,811

93

98

Dividends received

1,023

1,924

Interest paid

(5,705)(5,472)

Income taxes refund (paid)(8,836)(10,725)

Net cash provided by operating activities

53,92866,637(29,026)(33,217)

Proceeds from sale of property, plant and equipment

218

568

Purchase of investment

(468)

(759)

5

4,790

(119)

(520)

－

0

Cash flow from investing activities
Purchase of property, plant and equipment

Proceeds from sales and redemption of investments
Payments for acquisition of subsidiaries
Proceeds from sale of subsidiaries
Other
Net cash used in investing activities

(846)

(741)

(30,237)(29,878)

Cash flow from financing activities
Net increase (decrease) in short-term borrowings

2,010

10,236

Net increase (decrease) in commercial papers(10,000)(5,000)

Proceeds from long-term borrowings

51,564

2,362

Repayment of long-term borrowings(51,320)(38,831)

Repayments of lease obligations(4,230)(4,314)(2,704)(11)(6,060)(6,926)

(407)

(481)

36

(42)

(21,112)(43,010)

1,739

(886)

Purchases of investments in subsidiaries not resulting in change in scope of
consolidation
Dividends paid
Dividends paid to non-controlling interests
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents

4,318(7,139)Balance of cash and cash equivalents at beginning of fiscal year
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Increase in cash and cash equivalents resulting from merger

100,005

91,058

－

253

19

－

Balance of cash and cash equivalents at term-end

104,342

84,173

13

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022(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 for reporting purposes.
The NSHD Group conducts gas businesses, mainly for customers in the steel, chemical and electronics
industries, and has 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 businessof housewares 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.
（Changes to reportable segments）
In conjunction with its transition to a holding company structure, from the first quarter of the fiscal year
under review, the Group has changed the reportable segments and adjustment amounts of the Company
and certain consolidated subsidiaries to facilitate more appropriate evaluation of the management resultsof each segment. Furthermore, to facilitate the year-on-year comparisons, the figures for the first half ofthe previous fiscal year have been reclassified based on the changes to the reportable segments.
*The Gas Business in Japan reportable segment has changed its name in Japanese, but the name remains
the same in English.
The principal products and services included in the five reportable segments are shown in the table below.
Reportable segment
Gas Business in Japan
Gas Businessin the United States
Gas Business in Europe
Gas Businessin Asia & Oceania
Thermos Business

Main products and services
Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gasrelated equipment, specialty gases (electronic materials gases, pure gases, etc.),
electronics-related equipment and installation, semiconductor manufacturing
equipment, cutting and welding equipment, welding materials, plants andmachinery, liquid petroleum gas (LPG) and related equipment, medical-use
gases (oxygen, nitrous oxide, etc.), medical equipment, stable isotopes
Houseware and motion related consumer products

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 isbased primarily on prevailing market prices.

14

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first half of FYE2022

2) Figures of revenue and income (loss) by reportable segment

Six-months ended September 30, 2020 (April 1, 2020 to September 30, 2020)(Millions of yen)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

158,915

Revenue from intersegment transactions
and transfers

Amounts ontheAdjustments
Consolidated(Note 1)
Statements ofIncomeGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

91,25374,821

48,367

11,039384,397107

384,505

8,977

8,812

6

1,107

17

18,920(18,920)－

Total

167,892

100,066

74,82849,474

11,057403,318(18,813)384,505

Segment income(Note 2)

11,625

9,598

8,624

5,299

2,097

37,245(518)

36,727

Total

Revenue

Notes:

1. The (¥518) million negative adjustment for segment income is comprised of (¥129) million of intersegment eliminations
and companywide expenses of (¥388) million that were not allocated to any particular reportable segment. These
companywide expenses mainly comprise Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains orlosses attributable to non-recurring factors (non-recurring items).

Six-months ended September 30, 2021 (April 1, 2021 to September 30, 2021)(Millions of yen)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

173,204

Revenue from intersegment transactions
and transfers

Adjustments(Note 1)

Amounts on
theConsolidated
Statements ofIncome447,266107

447,374

6

14,890(14,890)－

60,48012,876462,157(14,783)

447,374

6,646

2,981

50,438(593)

49,844Gas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

107,373

94,901

58,917

12,869

4,848

8,377

94

1,562

Total

178,052

115,751

94,996

Segment income(Note 2)

13,991

14,103

12,715

Total

Revenue

Notes:

1. The (¥593) million negative adjustment for segment income is comprised of ¥2 million of intersegment eliminations
and companywide expenses of (¥595) million that were not allocated to any particular reportable segment. These
companywide expenses mainly comprise Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains orlosses attributable to non-recurring factors (non-recurring items).

15

Reconciliation of segment income with income before income taxes is shown in the table below.
(¥ million)
Six- months ended
September 30, 2021

Six-months ended
September 30, 2020
Segment income
Other
Operating income

36,727

49,844(61)(44)

36,66549,799Financial revenue

743

1,060

Financial expenses(6,587)(5,833)30,82145,026

Income before income taxes

16