Consolidated Financial Resultsfor Fiscal Year Ending March 31, 2024
(Based on IFRS)
May 13, 2024
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (Prime)
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
Schedules date to be held Ordinary General Meeting of Shareholders: June 19, 2024
Scheduled date to file Securities Report: June 20, 2024
Scheduled date to commence dividend payments: June 20, 2024
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 FYE2024 (April 1, 2023 – March 31, 2024)(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)%

FYE2024

1,255,081

5.8

165,99634.8

172,04143.9

109,36444.0

105,90144.9

224,11288.6

FYE2023

1,186,683

24.0

123,124

19.9

119,524

18.1

75,965

14.0

73,08014.0

118,859(10.2)(Reference) Income before income taxes
FYE2024: ¥ 150,720 million [42.9%]
FYE2023: ¥ 105,503 million [15.2%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

FYE2024

244.66－Return on equity
attributable toowners of theparent (%)
12.9

FYE2023168.85－

10.8

Basic earnings
per share (Yen)

Diluted net income
per share (Yen)

Income before
income taxes tototal assets ratio(%)
6.6Core operating
income to revenue
ratio (%)

5.1

10.4

13.2

(Reference) Share of profit (loss) of associates and joint ventures accounted for using the equity method
FYE2024: ¥4,006 million FYE2023: ¥3,553 million(2) Financial position
Total assets(¥ million)

FYE2024(March 31, 2024)
FYE2023(March 31, 2023)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

Equity attributable toowners of the parent
per share (yen)2,409,083

946,112914,48138.0

2,112.66

2,158,950

757,996

724,31433.5

1,673.32- 1 -(3) Consolidated cash flows
Cash flows fromoperating activities(¥ million)

Cash flows frominvesting activities(¥ million)

Cash flows fromfinancing activities(¥ million)

Balance of cash and cash
equivalents at term-end(¥ million)

FYE2024

215,980(124,654)(110,072)

126,100

FYE2023

187,959(98,073)(54,430)132,217

2. Dividends
Annual Dividend
End of 1stquarter

End of 2ndquarter

End of 3rdquarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Total amountof dividends(¥ million)

Payout ratio(consolidated)(%)

Ratio of dividends toequity attributable toowners of the parent(consolidated) (%)

FYE2023

－

18.00

－

20.00

38.00

16,45022.5

2.4

FYE2024

－

20.00

－

24.00

44.00

19,047

18.0

2.3

－

24.00

－

24.00

48.00

FYE2025(est.)

19.8

3. Forecasts for business operations for FYE2025 full term (April 1, 2024 – March 31, 2025)
Core operating
incomeRevenue

Operating income

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

%

(Yen)

Full term

1,300,000

3.6

177,000

6.6

177,000

2.9

108,000(1.2)

105,000(0.9)

242.57(Reference)

Income before income taxes
FYE2025 full term: ¥154,000 million [2.2%]* 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)
1. Number of outstanding shares at the end of
the period (including treasury stock)

As of

As of

Mar. 31, 2024

433,092,837
sharesMar. 31, 2023

433,092,837
shares

2. Number of treasury stocks at the end of theperiodAs ofMar. 31, 2024

235,014shares

As ofMar. 31, 2023

232,517
shares

3. Average number of shares during the period

FYE2024

432,859,115
sharesFYE2023432,812,252
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 vary significantly due tovarious reasons. For details on the assumptions of the forecasts and related matters, please see page 6, “(4) Future
Outlook” in “1. Overview of Business Results.”
The Company plans to hold a briefing of results for institutional investors and analysts on Wednesday, May 22, 2024.
Results materials handed out at that briefing will be posted on the Company website in a prompt manner following thebriefing.

- 2 -○ Contents
1. Overview of Business Results .............................................................................................................................................
(1) Overview of Business Results for the Fiscal Year Under Review ..................................................................................

4
4(2) Overview of Financial Position for the Fiscal Year Under Review ................................................................................
(3) Overview of Cash Flows for the Fiscal Year Under Review ..........................................................................................

56(4) Future Outlook ...............................................................................................................................................................
(5) Basic Policy on Profit Distribution and Dividends for FYE2024 and FYE2025 ...........................................................

6
7

2. Basic Policy on Selection of Accounting Standards ............................................................................................................
3. Consolidated Financial Statements and Main Notes............................................................................................................

78(1) Consolidated Statement of Financial Position................................................................................................................
(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income ..............................

810(3) Consolidated Statement of Changes in Equity ...............................................................................................................
(4) Consolidated Statement of Cash Flows..........................................................................................................................

1214(5) Notes to the Consolidated Financial Statements ............................................................................................................
(Notes regarding going concern assumption) ..............................................................................................................

16
16(Segment information) .................................................................................................................................................
(Per share information) ................................................................................................................................................

16
19(Significant subsequent events) ...................................................................................................................................

19

- 3 -

1. Overview of Business Results(1) Overview of Business Results for the Fiscal Year Under Review(General Overview)
Nippon Sanso Holdings Group (NSHD Group) delivered positive profit growth for the fiscal year under review (from April 1, 2023
to March 31, 2024) despite challenging geopolitical issues, rising trade tensions, global inflation, JPY depreciation, and a soft
semiconductor market. Air separation gases (oxygen, nitrogen, and argon) transported via either truck or on-site pipeline to steel,chemical, and petroleum refining sectors, have decreased compared to the previous fiscal year. In addition, compared to prior year,
there has been a moderation of energy related production costs, where they previously had been high. Furthermore, price management
has been successful in passing costs through to our customers and our robust productivity projects continue to yield positive financial
result. These factors enabled the NSHD Group to achieve the following results for the full fiscal year under review.
Revenue on a consolidated basis increased by 5.8% year-on-year to ¥1,255,081 million, core operating income increased by 34.8%
to ¥165,996 million, operating income increased by 43.9% to ¥172,041 million, and net income attributable to owners of the parent
increased by 44.9% to ¥105,901 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥136.00 to ¥145.31 (+¥9.31, or+6.8%), against the EUR from ¥141.62 to ¥157.72 (+¥16.10, or +11.4%). As a result, overall revenue and core operating income werefavorably impacted by approximately ¥59.8 billion and ¥7.5 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to non-recurring
factors such as losses incurred due to 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.

(i) Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to price management activities against rising costs,
despite lower shipment volumes of core products such as air separation gases and LP gas. In addition, the shipment volume of
specialty gases for the electronics industry declined. In equipment and installation, both industrial gas-related and electronics-related
businesses posted higher revenues, mainly due to medium and large sized projects which are accounted for on a percentage-ofcompletion basis. Meanwhile, there was a decrease in revenue due to two items: the conversion of a consolidated on-site subsidiary toa joint operation entity and the deconsolidation of a subsidiary responsible for resident-use LP gas.
As a result, in the Japan segment, revenue decreased by 1.4% year-on-year to ¥414,365 million and segment income increased by
35.7% to ¥42,998 million.

(ii) United States
In the industrial gas-related business, revenue increased year-on-year mainly due to impact of the weak JPY and price management
activities. Air separation gases experienced lower shipment volumes due to soft industrial trends. In equipment and installation,industrial gas-related sales were flat to the previous fiscal year, but electronics-related equipment sales were favorable, thereby
increasing sales.
As a result, in the United States segment, revenue increased by 14.5% year-on-year to ¥347,054 million and segment income
increased by 34.9% to ¥50,004 million.

(iii) Europe
Revenue increased in the industrial gas-related business year-on-year mainly due to the impact of the weak JPY and pricemanagement activities despite slightly lower core product volumes such as air separation gases. Equipment and installation, continues
with positive performance in both industrial gas-related sales and medical-related equipment.
As a result, in the Europe segment, revenue increased by 10.8% year-on-year to ¥302,477 million, and segment income increased by
52.6% to ¥532,59 million.

(iv) Asia & Oceania- 4 -In the industrial gas-related business, revenue increased year-on-year mainly due to price management activities against rising costs
and weak JPY, despite lower shipment volumes of core products such as air separation gases. In LP gas, of which a large portion ofsales are in the Australia region, sales volumes slightly decreased. In the electronics-related business, revenue declined significantly in
East Asia due to softness in both gas and equipment demand due to customer inventory adjustments and customer postponements ofcapital investment.
As a result, in the Asia & Oceania segment, revenue increased by 0.2% year-on-year to ¥160,327 million and segment income
increased by 3.1% to ¥15,948 million.

(v) Thermos
In Japan, sales from portable vacuum-insulated mugs and sports bottles were firm, and revenue increased. Overseas, revenues wereflat to the previous fiscal year. Segment income decreased due to rising raw material prices from inflation and production costs
increased due to the weak JPY.
As a result, the Thermos segment revenue increased by 1.9% year-on-year to ¥30,765 million, the segment income decreased by
7.6% to ¥5,566 million.
(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets amounted to ¥2,409,083 million as of March 31, 2024, an increase of ¥250,132 million from March 31, 2023.
Foreign exchange rates resulted in an increase in total assets of approximately ¥204.0 billion. This mainly reflected foreignexchange rate changes, such as the JPY depreciation of ¥17.88 against the USD and the JPY depreciation of ¥17.52 against the
EUR as of March 31, 2024, compared with the rates as of March 31, 2023.
In the fiscal year, trade receivables increased as a result of increased revenues largely supported by price revision initiatives. In
addition, the Company proceeded with the planned repayment of interest-bearing debt with a focus on continued debt reduction
and financial soundness. Despite an unclear business environment, the Company will continue to communicate openly andappropriately with the bond market and financial institutions to improve its liquidity and funding capacity.
The hybrid financing raised in January and March 2019 totaled ¥250.0 billion, and the rating agencies (Japan Credit Rating
Agency, Ltd. and Rating and Investment Information, Inc.) have approved 50% of this financing as "equity." The Company has
referred to this as equity-type debt. Furthermore, of the hybrid bonds issued in January 2019, ¥100 billion was paid in full as acomplete early redemption in January 2024, bringing the total amount of hybrid finance to ¥150.0 billion as of the end of the
fiscal year under review. As a financial soundness indicator that considers this hybrid financing, the Company has established theadjusted net D/E ratio* as one of its key performance indicators and strives for the optimal composition of debt and equity. The
adjusted net D/E ratio achieved was 0.74 times, an improvement of 0.07 points from the end of the previous fiscal year.
Note: Adjusted net D/E ratio: (Net interest-bearing debt – Equity-type debt) / (Equity attributable to owners of the parent +Equity-type debt)[Assets]
Total current assets were ¥568,201 million, an increase of ¥41,127 million from March 31, 2023. The main factors were an
increase in trade receivables, a decrease in cash and cash equivalents, and the impact from the JPY depreciation against major
currencies such as the USD and the EUR. Total non-current assets were ¥1,840,881 million, an increase of ¥209,005 million fromMarch 31, 2023, mainly reflecting increases in plant, property and equipment, goodwill and the impact from JPY depreciation
against major currencies.
[Liabilities]
Total current liabilities were ¥498,019 million, an increase of ¥72,862 million from March 31, 2023. The main factors wereincreases in other financial liabilities and bonds and borrowings, and the impact from JPY depreciation against major currencies.
Total non-current liabilities were ¥964,951 million, a decrease of ¥10,845 million from March 31, 2023. The main factors were adecrease in bonds and borrowings, an increase in deferred tax liabilities, and the impact from JPY depreciation against major
currencies.
[Equity]
Total equity amounted to ¥946,112 million, an increase of ¥188,116 million from March 31, 2023. The main factors were an
increase due to the recording of net income attributable to owners of the parent, a decrease due to retained earnings paid as
dividends, and an increase in exchange differences on translation of foreign operations.
The ratio of equity attributable to owners of the parent stood at 38.0%, up 4.5 percentage points from March 31, 2023.

- 5 -(3) Overview of Cash Flows for the Fiscal Year Under Review[Cash flow from operating activities]
Net cash provided by operating activities increased 14.9% year on year to ¥215,980 million. The main factors were profit
before income taxes, depreciation and amortization, and corporate income tax payment or refund.
[Cash flow from investing activities]
Net cash used in investing activities increased 27.1% year on year to ¥124,654 million. The main use of cash was for thepurchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash used in financing activities increased 102.2% year on year to ¥110,072 million. The main factors were payments forredemption of bonds, proceeds from issuance of bonds, and repayment of long-term borrowings.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash equivalents as ofMarch 31, 2024, after accounting for the effects of exchange rates, decreased 4.6% year on year to ¥126,100 million.
FYE2020
The ratio of equity attributable toFYE2021

FYE2022

FYE2023

FYE2024

23.4

27.9

31.8

33.5

38.0

39.6

49.6

51.1

47.8

85.4

Redemption period (years)

6.7

6.4

6.2

5.0

4.3

Interest coverage ratio (times)

12.8

12.9

13.7

14.7

9.3

owners of the parent (%)
The ratio of equity attributable toowners of the parent on a marketvalue basis (%)

Note: The ratio of equity attributable to owners of the parent: Equity attributable to owners of the parent / total assets
The ratio of equity attributable to owners of the parent on a market-value basis (%): Total market value of the stock / total assets
Redemption period: Interest-bearing debts / cash flows
The interest coverage ratio: Cash flows / interest payment
1. The indicator values were all calculated based on financial numerical values on a consolidated basis.
2. The total market value was calculated by multiplying the term-end closing price of the stock by the number of term-end
outstanding shares.
3. The cash flow here is the cash flow from operating activities included in the Consolidated Statement of Cash Flows.
Interest-bearing debts cover all of the debts recorded in the Consolidated Statement of Financial Position on which the Company
pays interest. The figures specified for interest payment are the amounts of interest paid which are recorded in the Consolidated
Statement of Cash Flows.
(4) Future Outlook
We have formulated the medium-term management plan, “NS Vision 2026 – Enabling the Future,” for the four-year period
from FYE2023 to FYE2026. The plan defines five focused fields, “Sustainability Management,” “Explore New Business Toward
Carbon Neutrality,” “Total Electronics,” “Operational Excellence,” and “DX Initiatives,” under the business management
structure of four global industrial gas regions (Japan, United States, Europe, Asia & Oceania) and Thermos, which comprise thefive operating segments of the Nippon Sanso Holdings Group. In addition, we will enhance human well-being and contribute to amore sustainable future by improving the Group’s total strengths and aiming for further growth.
Overall, in the regions where we operate, the outlook remains difficult to predict due to geopolitical issues, trade tensions, a
global energy volatility, global inflation, and JPY depreciation. Therefore, the actual results may vary from our medium-term
management financial outlook due to these and other positive and negative factors.
In FYE2025, the Industrial gas business expects continued growth in resilient markets such as food & beverage and healthcare,we will explore new business opportunities with customers who are working toward Carbon Neutrality. In the electronics
business, we will adopt to customers’ production, demand and capital investment plans.
In addition, global energy inflation headwinds which began in FYE2022 from geopolitical issue, have moderated in someregions, but the situation remains volatile and varies from region to region. We expect future energy prices to remain
unpredictable. Hence, our entire group will continue to focus on appropriate price management in line with cost trends, andproductivity initiatives.

- 6 -In the Thermos business, we expect that higher raw material costs due to inflation pressures and higher manufacturing costs
due to weak JPY will continue. We will concentrate on improving business performance through offerings new design and new
products with better functionality such as dishwasher compatible series, expansion of product lines including kitchenware, and Ecommerce services including online shopping.
In FYE2024, we exceeded our targets in three indicators (revenue, core operating income, and ROCE after tax) out of the fivefinancial KPIs set in the medium-term management plan (for the period leading to FYE2026). We will continue to meet customer
expectations and strengthen our earnings power by providing value to our customers, ensuring appropriate price management,
and driving productivity initiatives.
Our consolidated earnings forecasts for FYE2025 are shown in the table below. The exchange rate assumptions used in theforecast are ¥145.31 to the USD, and ¥157.72 to the EUR. Therefore, the figures in FYE2025 and FYE2024 included in thetable below are on a comparable basis with no material currency impact.

Core operating

Revenue

FYE2025(¥ billion)
FYE2024(¥ billion)
Change(%)

Operating income

incomeNet income

Net income
attributable toowners of theparent1,300.0

177.0

177.0

108.0

105.0

1,255.0

165.9

172.0

109.3

105.9

3.6

6.6

2.9

(1.2)

(0.9)

(5) Basic Policy on Profit Distribution and Dividends for FYE2024 and FYE2025
We will strive to return profits to shareholders under a dividend policy that aims to provide continuous and stable dividends,
aligned in a way with consolidated business results, while setting aside enough retained earnings to enhance and strengthen ouroperational makeup.
Under this policy, we plan to offer a year-end dividend of ¥24 per share, up ¥4 from the year before. Since the interim dividendwas ¥20 per share, this means that we will pay an annual dividend of ¥44 per share. For the next fiscal year, we plan to offer anannual dividend of ¥48 per share (an interim dividend of ¥24).

2. Basic Policy on Selection of Accounting Standards
The NSHD Group adopted the International Financial Reporting Standards (IFRS) in FYE2017 in order to improve theinternational comparability of its financial statements in the capital market and integrate accounting procedures within the group.

- 7 -3. Consolidated Financial Statements and Main Notes(1) Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2023

As of March 31, 2024

AssetsCurrent assets
Cash and cash equivalents
Trade receivables
Inventories
Other financial assets
Other current assets
Subtotal
Assets possessed for a sales purpose
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- 8 -132,217

126,100

243,541
97,612

282,199
100,460

22,47926,152

27,216
27,847522,003
5,070

563,825
4,376

527,074

568,201

776,148

877,400

513,685
242,334

575,809
252,348

38,23046,76354,67363,436

2,810
8,461

4,712
9,133

3,442

3,367

1,631,875

1,840,881

2,158,950

2,409,083

(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Liabilities and equity
Liabilities
Current liabilities
Trade payables
Bonds and borrowings

128,197
140,540

136,027
166,219

Corporate income taxes payable
Other financial liabilities

16,191102,119

14,169121,402

Allowance
Other current liabilities

284
37,824

1,095
59,105

Total current liabilities

425,157

498,019

Non-current liabilities
Bonds and borrowings

759,480

724,039

Other financial liabilities
Retirement benefit liabilities

35,693
14,11739,48815,352

Allowance
Other non-current liabilities

5,440
20,364

5,019
20,656

Deferred tax liabilities

140,700

160,395

Total non-current liabilities

975,796

964,951

1,400,953

1,462,970

37,34437,344

Capital surplus
Treasury stock

51,610(233)

39,233(242)

Retained earnings
Other components of equity

537,867
97,724

627,544
210,601

Total equity attributable to owners of the parent
Non-controlling interests

724,31433,682

914,481
31,630Total equity

757,996

946,1122,158,950

2,409,083

Total liabilities
EquityShare capital

Total liabilities and equity- 9 -(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)(Millions of yen)
Year ended March 31, 2023
RevenueYear ended March 31, 2024

1,186,683

1,255,081(748,053)(744,103)438,630

510,977

Selling, general and administrative expenses(315,191)(346,405)

Other operating income
Other operating expense

5,182(12,650)

13,863(10,401)

3,553

4,006

119,524

172,041

Cost of sales
Gross operating profit

Share of profit of investments accounted for using theequity method
Operating income
Finance income

2,182

4,391

Finance costs(16,203)(25,711)

Profit before income taxes

105,503150,720

Corporate income taxes(29,538)(41,356)

Net income

75,965

109,364

Net income attributable to:
Owners of the parent

73,080105,901

Non-controlling interests

2,884

3,463

Earnings per share
Basic earnings per share (yen)168.85244.66- 10 -

(Consolidated Statement of Comprehensive Income)(Millions of yen)
Year ended March 31, 2023

Year ended March 31, 2024

75,965

109,364

(337)

5,529

1,814

1,075

(42)

69

Total of items that will not be reclassified to profit or loss

1,434

6,673

Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations

40,744

106,377

Effective portion of net change in fair value of cash flow
hedges(659)

580

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

1,374

1,115

41,459108,073

42,894

114,747

Comprehensive income

118,859

224,112Comprehensive income attributable to:
Owners of the parent

115,466

219,891

3,392

4,220

Net income
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 may be reclassified subsequently to profit
or loss
Total other comprehensive income, net of tax

Non-controlling interests- 11 -

(3) Consolidated Statement of Changes in Equity
FYE2023 (April 1, 2022 to March 31, 2023)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,945(281)

476,589

Net income

－

－

－

73,080

Other comprehensive income

－

－

－

－

－

－

－

73,080Purchase of treasury stock

－

－

(5)

－

Disposal of treasury stock

－

－

53

－

Dividends－－－(15,579)－(4,334)

－

－

－

－

－

－

－

－

－

3,777

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

－

(4,334)

48(11,802)37,344

51,610(233)

537,867

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 March 31, 2023

Other components of equity
Financial
Exchange Effective
assetsdifferences on portion of net measured at Remeasuremetranslation of change in fair fair value nts of definedforeignvalue of cash through other benefit plans
operations flow hedges comprehensiv
e income
Balance at April 1, 2022

Net income

39,428368

19,319－Total equity
Nonattributable tocontrolling
owners of theinterests
parentTotal

Total equity

59,115

628,71432,423

661,137

－

－

－

－

－

73,0802,884

75,96541,744

(652)

(507)

1,802

42,38642,386507

42,894

41,744

(652)

(507)

1,802

42,386

115,466

3,392

118,859

Purchase of treasury stock

－

－

－

－

－

(5)

－

(5)

Disposal of treasury stock

－

－

－

－

－

53

－

53

Dividends

－

－

－

－

－

(15,579)(1,018)(16,598)

－

－

－

－

－

(4,334)(1,907)(6,242)

－

－

－

－

－

－

389

389

－

－

(1,975)(1,802)(3,777)－－－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

402

402

－

－

(1,975)(1,802)(3,777)(19,866)(2,133)(22,000)

81,172(284)

16,836－

97,724

724,31433,682757,996

Other 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 March 31, 2023

- 12 -

FYE2024 (April 1, 2023 to March 31, 2024)
Share capital
Balance at April 1, 2023

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,344

51,610(233)

537,867

Net income

－

－

－

105,901

Other comprehensive income

－

－

－

－

－

－

－

105,901

Purchase of treasury stock

－

－

(8)

－

Disposal of treasury stock

－

－

－

－

Comprehensive income

Dividends－－－(17,316)－(12,377)

－

－

－

－

－

－

－

－

－

1,112

Change in scope of consolidation

－

－

－

(20)

Other changes

－

－

－

－

－

(12,377)(8)(16,224)

37,344

39,233(242)

627,544

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

Total transactions with owners

Balance at March 31, 2024

Other components of equity
Financial
Exchange Effective
assetsdifferences on portion of net measured at Remeasuremetranslation of change in fair fair value nts of definedforeignvalue of cash through other benefit plans
operations flow hedges comprehensiv
e income
Balance at April 1, 2023

Net income

81,172(284)

16,836－

Total equity
Nonattributable tocontrolling
owners of theinterests
parentTotal

Total equity

97,724

724,31433,682757,996

－

－

－

－

－

105,901

3,463

109,364

106,845

575

5,529

1,039

113,990

113,990757

114,747

106,845

575

5,529

1,039

113,990

219,891

4,220

224,112Purchase of treasury stock

－

－

－

－

－

(8)

－

(8)

Disposal of treasury stock

－

－

－

－

－

－

－

－

Dividends

－

－

－

－

－

(17,316)(863)(18,179)

－

－

－

－

－

(12,377)(5,489)(17,866)

－

－

－

－

－

－

－

－

－

－

(73)

(1,039)(1,112)－－－

Change in scope of consolidation

－

－

－

－

－

(20)

－

(20)

Other changes

－

－

－

－

－

－

79

79

－

－

(73)

(1,039)(1,112)(29,723)(6,272)(35,996)

188,017291

22,292－

210,601

914,481

31,630946,112

Other 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 March 31, 2024

- 13 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
Year ended March 31, 2023

Year ended March 31, 2024

Cash flow from operating activities
Profit before income taxes

105,503150,720

Depreciation and amortization
Impairment loss

105,7312,140

112,440
2,532

Gains on loss of control
Interest and dividends income－(1,640)(8,892)(3,555)Interest expenses
Share of (profit) loss of investments accounted for using

16,16525,631(3,553)(4,006)the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

375

1,387

(16,810)(27,207)(Increase) decrease in inventories
Increase (decrease) in trade payables(14,204)
8,758

2,214
4,336

(710)
2,366

(440)
533

(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other

15,73013,831

219,852

269,525

729
5,596

2,664
7,764

Interest paid
Corporate income tax refund (paid)(12,752)(25,466)(23,281)(40,692)

Cash flow from operating activities

SubtotalInterest received
Dividends received

187,959

215,980

Cash flow from investing activities
Payments for purchase of property, plant and equipment(91,825)(118,346)

Proceeds from sale of property, plant and equipment
Payments for purchase of investment

1,925(2,804)

1,326
(190)

Proceeds from sale and redemption of investments
Payments for acquisition of subsidiaries

4,276
(122)

790

Proceeds from sale of subsidiaries
Payments for acquisition of businesses
Other

－
－
(9,523)

Cash flow from investing activities(98,073)- 14 -－
362(2,326)(6,269)(124,654)

(Millions of yen)
Year ended March 31, 2023

Year ended March 31, 2024

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

3,232(6,521)

Net increase (decrease) in commercial papers
Proceeds from long-term borrowings

19,00030,433(9,000)61,801

Repayment of long-term borrowings
Proceeds from issuance of bonds(76,277)－(106,848)
99,532

Payments for redemption of bonds
Payments for repayment of lease obligations－(11,998)(100,000)(13,683)

Payments for purchase of shares in subsidiaries not
resulting in change in scope of consolidation(2,885)(17,438)

Dividends paid
Dividends paid to non-controlling interests(15,579)(1,018)(17,316)
(863)

662

265

Other

(54,430)(110,072)

Impact of exchange rate changes on cash and cash
equivalents

Cash flow from financing activities

2,961

12,444

Net increase (decrease) in cash and cash equivalents

38,416(6,301)

Balance of cash and cash equivalents at beginning of fiscal
year

93,697132,217

Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation－

184

Increase in cash and cash equivalents in relation to merger

104－132,217

126,100

Balance of cash and cash equivalents at term-end- 15 -

(5) Notes to the Consolidated Financial Statements(Notes regarding going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments are those of the components of the NSHD Group on which separate
financial information is available, and which are evaluated regularly by the Board of Directors to determine theallocation of management resources and assess business performance. No grouping of operating segments has been
carried out for reporting purposes.
The NSHD Group conducts gas businesses in Japan and overseas, mainly for customers in the steel, chemical, andelectronics industries, and has production and sales bases for its main products in Japan, United States, Europe, andAsia & Oceania. In addition, the NSHD Group engages in the manufacture and sale of housewares such as stainlesssteel vacuum bottles. Accordingly, the Company has established the following five reportable segments: Japan, UnitedStates, Europe, Asia & Oceania, and Thermos.
The principal products and services for each of the reportable segments are as shown below.
Reportable segment

Main products and services

Japan

Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gas-related

United Statesequipment, specialty gases (electronic materials gases, pure gases, etc.), electronicsrelated equipment and installation, semiconductor manufacturing equipment,

Europewelding and cutting equipment, welding materials, plants and machinery, liquid
Asia & Oceania

petroleum gas (LPG) and related equipment, medical-use gases (oxygen, nitrous
oxide, etc.), medical equipment, stable isotopes

Thermos

Housewares and consumer goods
The accounting methods adopted for the reported operating segments are the same as those adopted to prepare theconsolidated financial statements.
Revenue from inter-segment transactions and transfers is based primarily on prevailing market prices.

- 16 -

(2) Figures of revenue and income (loss) by reportable segment
FYE2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

420,452

303,090272,888

159,965

30,1901,186,587

95

1,186,683

13,694

21,377

236

3,334

17

38,660(38,660)－

Total

434,147

324,468

273,125

163,300

30,2071,225,248(38,564)

1,186,683

Segment income (Note 2)

31,68037,07434,904

15,465

6,021

125,146(2,021)

123,124

Depreciation andamortization

19,111

40,66935,061

9,317

1,471

105,63199

105,731

Impairment loss

－

－

2,138

1

－

2,140

－

2,140

177

－

52

297

3,171

3,698

(0)

3,698

Total

Revenue
Revenue from externalcustomers
Revenue from intersegment transactions andtransfers

Other items

Share of profit ofinvestments accounted
for using the equity
methodNote: 1. The negative adjustment of (¥2,021) million for segment income is comprised of (¥743) million of intersegment
eliminations and companywide expenses of (¥1,278) million that were not allocated to any particular reportablesegment. 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.

- 17 -

FYE2024 (April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidated(Note 1)
Statement of
IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

414,365

347,054

302,477

160,327

30,765

1,254,990

90

1,255,081

segment transactions andtransfers

16,58324,290

438

2,983

17

44,313(44,313)－

Total

430,948

371,344302,916

163,31030,783

1,299,303(44,222)1,255,081

Segment income (Note 2)

42,99850,00453,25915,948

5,566

167,777(1,780)165,996

18,26043,36938,88910,298

1,562

112,38060

112,440

－

－

954

63

－

1,017

－

1,017

211

－

507

429

2,856

4,005

1

4,006

Total

Revenue
Revenue from externalcustomers
Revenue from inter-

Other items
Depreciation andamortization
Impairment loss
Share of profit ofinvestments accounted
for using the equity
methodNote: 1. The negative adjustment of (¥1,780) million for segment income is comprised of (¥313) million of intersegment
eliminations and companywide expenses of (¥1,467) million that were not allocated to any particular reportablesegment. 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.

- 18 -

Reconciliation of segment income with profit before income taxes is made as shown below.
(Millions of yen)
FYE2023(April 1, 2022 to March 31, 2023)

FYE2024(April 1, 2023 to March 31, 2024)

123,124

165,996

Gains on loss of control

－

8,892

Proceeds from sale of fixed assets

615－

Loss on liquidation of subsidiaries and associates

－

(883)

(3,520)

－

(144)

－

－

(1,514)

(549)

(449)

Operating income

119,524

172,041

Finance income

2,182

4,391

Finance costs(16,203)(25,711)

105,503150,720

FYE2023(April 1, 2022 to March 31, 2023)

FYE2024(April 1, 2023 to March 31, 2024)

73,080105,901

432,812432,859168.85244.66

Segment income

Loss on arbitration award
Share of profit of investments accounted for using theequity method
Impairment loss
Other

Profit before income taxes(Per share information)
Basic earnings per share and the calculation basis are as follows.

Net income attributable to owners of parent (¥ million)
Average number of shares during the term (thousand
shares)Basic earnings per share (yen)Note: Diluted earnings per share are not listed as there are no dilutive shares.
(Significant subsequent events)
Not applicable.

- 19 -

Important Notice – Trading of Nippon Sanso Holdings Corporation Common Stock, Disclaimer Regarding Unsponsored American Depository
Receipts
Nippon Sanso Holdings Corporation ("NSHD”) encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock
Exchange, which is where its common stock is listed and primarily trades. NSHD’s disclosures are not intended to facilitate trades in, and should not
be relied on for decisions to trade, unsponsored American Depository Receipts (“ADRs”).
NSHD has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuanceor trading of any ADRs issued thereunder in respect of its common stock. NSHD does not represent to any ADR holder, bank or depositary institution,
nor should any such person or entity form the belief, that (i) NSHD has any reporting obligations within the meaning of the U.S. Securities Exchange
Act of 1934 (“Exchange Act”) or (ii) NSHD’s website will contain on an ongoing basis all information necessary for NSHD to maintain an exemption
from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder.
To the maximum extent permitted by applicable law, NSHD and its affiliates disclaim any responsibility or liability to ADR holders, banks, depositary
institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock.

- 20 -