Consolidated Financial Results
for the First Three Quarters of Fiscal Year Ending March 31, 2021
(Based on IFRS)
February 2, 2021
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (1st section)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp/
Representative: Yujiro Ichihara, Representative Director, President CEO
Inquiries:
Takayoshi Umehara, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Quarterly Securities Report: February 9, 2021
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 the first three quarters of FYE2021 (April 1, 2020 –December 31, 2020)(1) Operating resultsCore operating
incomeRevenue

Operating income

Net income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of theincomeparent(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

First threequarters of
FYE2021592,256(6.5)

60,468(11.4)

63,154(12.2)

38,275(10.0)

37,318(9.8)

66,032

131.6

First threequarters of
FYE2020

633,435

22.3

68,251

55.6

71,89660.9

42,54746.6

41,35851.9

28,511

47.5(Reference) Income before income taxes
First three quarters of FYE2021: ¥54,721 million [(10.2) %]First three quarters of FYE2020: ¥60,915 million [(44.3) %]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 three quarters of
FYE2021First three quarters of
FYE2020

Diluted net income
per share (Yen)

86.24

－

95.57

－

(2) Financial position
Total assets(¥ million)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

First three quarters of FYE2021(December 31, 2020)

1,789,466

491,174

461,506

25.8

FYE2020 (March 31, 2020)

1,751,732

440,693409,344

23.4

2. Dividends
Annual Dividend
End of 1
quarter

st

nd

(Yen)

End of 2
quarter

End of 3rdquarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

FYE2020

－

14.00

－

FYE2021

－

14.00

－

FYE2021 (est.)

14.00

28.00

14.00

28.00

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

3. Forecasts for business operations for FYE2021 full term (April 1, 2020 – March 31, 2021)
Core operating
incomeRevenue

Full term(¥ million)%

802,000(5.7)(¥ million)

83,000%（8.1)

Operating income(¥ million)

84,600%(9.9)(Percentages indicate year-on-year change)
Basic
Net income
Net income
attributable to owners
earningsof the parent
per share(¥ million)

49,600%(¥ million)(9.9)

48,100

%

(Yen)

(9.8)

111.15

Note: Revisions have been made to recently announced forecasts: Yes(Reference) Income before income taxes
FYE2021 full term: ¥ 72,900million [(7.9) %]* Notes(1) Changes in significant subsidiaries during the nine months ended Dec.31, 2020: 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(quarterly cumulative)

As of
Dec.31, 2020
As of
Dec.31, 2020
Nine months ended
Dec.31, 2020

433,092,837
shares341,763
shares432,752,699
shares

As ofMar. 31, 2020
As ofMar. 31, 2020
Nine months ended
Sep. 30, 2019

433,092,837
shares339,139
shares432,755,895
shares* Quarterly financial reports are out of the scope of quarterly review 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 three quarters results.”

Contents
1. General information relating to the first three quarters 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 ofComprehensive 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

1. General information relating to the first three quarters results(1) Explanation concerning business results
General overview
The business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first threequarters of the fiscal year under review (from April 1, 2020 to December 31, 2020) was as follows. In thefirst quarter (from April 1, 2020 to June 30, 2020), the global COVID-19 pandemic caused a drastic
economic downturn and decline in demand in the countries and regions the NSHD Group has entered, andproduction activity in the manufacturing sector rapidly decelerated and became stagnant. However, from thestart of the second quarter (from July 1, 2020 to September 30, 2020), signs of overall recovery have begun
to emerge. The trend in shipments of air separation gases (oxygen, nitrogen, and argon) has been gradually
recovering even in the third quarter (from October 1, 2020 to December 31, 2020), but these shipments havedecreased sharply in comparison to the previous fiscal year.
Against this backdrop, the NSHD Group achieved the following results for the first three quarters of the
fiscal year under review. Revenue on a consolidated basis decreased 6.5% year on year to ¥592,256 million,
core operating income decreased 11.4% to ¥60,468 million, operating income decreased 12.2% to ¥63,154
million and net income attributable to owners of the parent decreased 9.8% to ¥37,318 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.
① Gas Business in Japan
In the industrial gas-related business, revenue from air separation gases, a core product, decreased
sharply year on year, mainly due to sluggish production activity in relevant industries. Meanwhile, inthe electronics-related field, revenue from electronic materials gases were mostly on a par with theprevious fiscal year. In equipment and installation, revenue rose substantially in the electronics-related
field. However, there was a large year-on-year decline in revenue primarily in welding and cutting
equipment for metal processing
As a result, in the Gas Business in Japan, revenue decreased 6.9 % year on year to ¥242,216 million,
while segment income declined 4.2 % to ¥19,127 million.
② Gas Business in the United States
In the industrial-gas related business, revenue from air separation gases, a core product, decreased
sharply year on year, primarily for packaged and bulk gases. In the on-site business, revenue declined
year on year due to the impact of lower demand from gas customers. In equipment and installation,
electronics-related revenue increased, but revenue from welding and cutting equipment for metal
processing decreased sharply, due partly to the voluntary suspension of business activities at retail storesin the relevant states.
As a result, in the Gas Business in the United States, revenue decreased 6.4 % year on year to ¥139,385
million and segment income decreased 4.2 % to ¥16,077 million.
③ Gas Business in Europe
Demand for packaged and bulk gases decreased sharply due to stagnation in production activity as awhole in the key regions Iberia (Spain and Portugal), Germany, and Italy. In equipment and installation,
demand decreased substantially, mainly for welding and cutting equipment for metal processing.
As a result, in the Gas Business in Europe, revenue decreased 7.5 % year on year to ¥115,938 million
and segment income decreased 24.1% to ¥14,590million.

4④ Gas Business in Asia & Oceania
In the industrial gas-related business, revenue from air separation gases, a core product, decreased
sharply due to the impact of city lockdowns in countries and regions such as the Philippines and stagnant
production activity in the manufacturing sector. In LPG, unit sales prices fell due to lower contract prices
in purchasing, but shipments in Australia were solid. In the electronics-related business, shipments werefavorable for electronic materials gases in East Asia. In equipment and installation, demand decreased
sharply, mainly reflecting a decrease in spot projects in Singapore, as well as the absence of an
installation project in Taiwan, and lower demand for welding and cutting equipment for metal processing.
As a result, in the Gas Business in Asia & Oceania, revenue decreased 2.6% year on year to ¥77,079
million and segment income decreased 0.4 % to ¥8,114 million.
⑤ Thermos BusinessIn the Thermos Business, revenue from portable mugs, a core product, decreased sharply in Japan, as
revenue was heavily impacted by the loss of sales opportunities associated with the leisure season. Thesesales opportunities were lost because of restrictions on going outdoors and the voluntary suspension ofbusiness activities in the first quarter of the fiscal year. Meanwhile, sales volume of frying pans andtumblers increased substantially in connection with the widespread adoption of new lifestyles where
consumers spend longer periods of time at home. Overseas, sales volume decreased in response to theimpact of business slowdowns in various regions.
As a result, in the Thermos Business, revenue decreased 11.2 % year on year to ¥17,635 million, andsegment income fell 41.3 % to ¥3,556 million.
(2) Explanation concerning financial position
Total assets amounted to ¥1,789,466 million as of December 31, 2020, an increase of ¥37,733 million fromMarch 31, 2020. Due to the impact of foreign exchange rates, total assets were stated ¥34.4 billion higher
than they otherwise would have been reported. This mainly reflected foreign exchange rate changes such as
the yen’s appreciation of ¥5.33 against the U.S. dollar and the yen’s depreciation of ¥7.40 against the euro
as of December 31, 2020, compared with the rates as of March 31, 2020.
[Assets]
Total current assets were ¥374,527 million, an increase of ¥7,225 million from March 31, 2020. The mainchanges were an increase in inventories and a decrease in trade receivables.
Total non-current assets were ¥1,414,938 million, an increase of ¥30,508 million from March 31, 2020,
mainly due to increases in goodwill and other financial assets.
[Liabilities]
Total current liabilities were ¥333,411 million, an increase of ¥1,507 million from March 31, 2020. This
result mainly reflected an increase in bonds and borrowings, and a decrease in other financial liabilities.
Total non-current liabilities were ¥964,881 million, a decrease of ¥14,254 million from March 31, 2020.
This result mainly reflected an increase in deferred tax liabilities and a decrease in bonds and borrowings.
[Equity]
Total equity amounted to ¥491,174 million, an increase of ¥50,480 million from March 31, 2020. The mainchanges were an increase due to the recording of net income attributable to owners of the parent, retained
earnings paid as dividends, and an increase in exchange differences on translation of foreign operations.
The equity attributable to owners of the parent ratio stood at 25.8%, up 2.4 percentage points from theprevious fiscal year-end.
(Cash flow analysis)(Cash flow from operating activities)
Net cash provided by operating activities amounted to ¥88,569 million. The main components were profit
before income taxes, depreciation and amortization, and income taxes refund (paid).
(Cash flow from investing activities)
Net cash used in investing activities was ¥44,153 million. The main use of cash was for the purchase ofproperty, plant and equipment.

5

(Cash flow from financing activities)
Net cash used in financing activities was ¥52,021 million. Principal factors behind this result included
repayments of long-term borrowings, proceeds from long-term borrowings, and dividends paid.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash
equivalents at end of fiscal year, after accounting for the effects of exchange rates, was ¥95,670 million asof December 31, 2020.
(3) Explanation concerning predictive information such as forecasts for business operations
The Company has revised its consolidated earnings forecasts for the full term of fiscal year under review,
ending March 31, 2021. For details, please see the press release titled "Notice Regarding Earnings Forecast
Revisions" issued today (February 2, 2021).

6

2. Condensed consolidated financial statements and main notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
As of Mar. 31, 2020

As of Dec. 31, 2020

AssetsCurrent assets:
Cash and cash equivalents

100,005

95,670Trade receivables

179,243

179,744

Inventories

65,88673,904

Other financial assets

7,147

7,331

Other current assets

15,02017,876

Total current assets

367,302374,527

Plant, property and equipment:

655,195

656,617

Goodwill

419,290437,682

Intangible assets

232,077

233,145

Investments accounted for using the equity method

32,06533,538Other financial assets

38,83446,730Retirement benefit asset

1,358

1,378

Other non-current assets

971

1,342

Deferred tax assets
Total non-current assets
Total assets

4,637

4,504

1,384,430
1,751,732

1,414,938
1,789,466

Non-current assets:7

(Millions of yen)
As of Mar. 31, 2020

As of Dec. 31, 2020

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

93,88590,814

Bonds and borrowings

154,980

159,989

Income taxes payable

8,331

7,388

Other financial liabilities

51,525

48,140375

370

Other current liabilities

22,80526,707

Total current liabilities

331,903

333,411

Non-current liabilities:
Bonds and borrowings

807,611

783,779

Other financial liabilities

29,171

28,717Retirement benefit liabilities

12,952

13,754

Allowance

Allowance

3,281

3,425

Other non-current liabilities

20,282

18,932

Deferred tax liabilities

105,835

116,270

Total non-current liabilities

979,135

964,881

1,311,038

1,298,292

Share capital

37,34437,344

Capital surplus

56,38756,017

Treasury stock

(268)

(272)

Retained earnings

379,322404,410

Other components of equity(63,441)(35,994)

Total equity attributable to owners of parent

409,344461,506

Non-controlling interests

31,34929,667

Total equity

440,693491,174

1,751,732

1,789,466

Total liabilities
EquityTotal liabilities and equity8(2) Condensed Consolidated Statement of Profit or Loss andCondensed Consolidated Statement of Comprehensive Income(Consolidated Financial Results for the Cumulative Third Quarter)
Condensed Consolidated Statement of Profit or Loss
(Consolidated Financial Results for the Cumulative Third Quarter)

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses

Nine months ended
Dec.31, 2019
633,435(Millions of yen)
Nine months ended
Dec.31, 2020
592,256(388,228)(363,025)

245,207229,230(181,013)(171,588)

9,685

3,223

(4,212)(1,881)

2,228

4,171

71,896

63,154

Finance income

1,021

1,102

Finance costs(12,002)(9,535)60,91554,721(18,368)(16,446)

42,547

38,275

Owners of parent

41,35837,318Non-controlling interests

1,189

956

95.57

86.24

Other operating income
Other operating expense
Share of profit of investments accounted for using the equity
methodOperating profit

Proﬁt before income taxes

Income taxes
Proﬁt

Proﬁt attributable to:Earnings per share
Basic earnings per share (Yen)9

Condensed Consolidated Statement of Comprehensive Income(Consolidated Financial Results for the Cumulative Third Quarter)
Nine months ended
Dec.31, 2019
Proﬁt

(Millions of yen)
Nine months ended
Dec.31, 2020

42,547

38,275

453

5,417

(10)

(17)

9

(33)

452

5,366

(12,600)

22,531Other 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
Effective portion of net change in fair value of cash flow hedges

40

131

Share of other comprehensive income of investments accounted
for using the equity method(1,928)(272)

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

(14,488)

22,390(14,035)

27,75628,511

66,032

27,483
1,027

64,767
1,264

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests10(3) Condensed Consolidated Statement of Changes in Equity
First three quarters of FYE2020 (April 1, 2019 to December 31, 2019)
Share capital

Capitalsurplus(Millions of yen)
Retainedearnings

Treasurystock

37,344

53,116(261)

339,393–––

41,358

–

–

–

–

–

–

–

41,358

–

–

(6)

–

–

0

0

–

–

-

–

(11,688)

–

0

–

–

–

4,333

–

–

–

–

–

523

–

–

–

12

–

–

–

–

Total transactions with owners

–

4,334

(6)

(11,152)

Balance at December 31, 201937,34457,450(267)

369,599

Balance at April 1, 2019
Proﬁt
Other comprehensive income
Comprehensive income
Purchase of treasury stock
Disposal of treasury stock
Dividends
Changes in ownership interest in subsidiaries
Business combinations or business divestitures
Transfer from other components ofequity to retained earnings
Change in scope of consolidation
Other changes

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Balance at April 1,
2019

Effective
portionof netchange infair valueof cashflow
hedges(33,440)(39)

Financialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

10,488

–

Total

Total
equityattributableto ownersof parent

Noncontrollinginterests

Total
equity(22,991)

406,602

29,251

435,854

–

–

–

–

–

41,3581,189

42,547(14,358)(14,358)

40
40

453
453

(10)
(10)

(13,874)(13,874)(13,874)
27,483

(161)
1,027

(14,035)
28,511

Purchase of treasury
stock

–

–

–

–

–

(6)

–

(6)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(11,688)(674)(12,363)

Changes inownership interest in
subsidiaries

–

–

–

–

–

0

(92)

(91)

–

–

–

–

–

4,333

1,961

6,294

–

–

(534)

10

(523)

–

–

–

Change in scope of
consolidation

–

–

–

–

–

12

–

12

Other changes

–

–

–

–

–

(233)

(233)

Total transactions
with owners

–

–

(534)

10

(523)

(7,347)959(6,388)(47,798)1

10,407–(37,389)

426,738

31,239457,977

Proﬁt
Other comprehensive
incomeComprehensive
incomeBusiness
combinations orbusiness divestitures
Transfer from othercomponents of equity
to retained earnings

Balance at
December 31, 201911

First three quarters of FYE2021 (April 1, 2020 to December 31, 2020)(Millions of yen)
Share capital
Balance at April 1, 2020

Capital surplus

Treasury stock

Retained earnings

37,34456,387(268)

379,322

Proﬁt
Other comprehensive income
Comprehensive income

–
–

–
–

–
–

37,318–37,318Purchase of treasury stock

–

–

(3)

–

Disposal of treasury stock

–

0

0

Dividends–

Changes in ownership interest in subsidiaries

–

(369)

–

–

Business combinations or business divestitures

–

–

–

–

Transfer from other components ofequity to retained earnings

–

–

–

1

Change in scope of consolidation

–

–

–

(110)

Other changes

–

–

–

–

Total transactions with owners

–

(369)

(3)

(12,231)

Balance at December 31, 2020

37,34456,017(272)

404,410–(12,121)

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Balance at April 1,
2020

Effective
portionof netchange infair valueof cashflow
hedges(71,170)
19

Financialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

7,709

–

Total

Total
equityattributableto ownersof parent

Noncontrollinginterests

Total
equity(63,441)

409,344

31,349440,693

–

–

–

–

–

37,318956

38,27522,02022,020

126
126

5,319
5,319

(17)
(17)

27,44827,44827,44864,767307
1,264

27,756
66,032

Purchase of treasury
stock

–

–

–

–

–

(3)

–

(3)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(12,121)(555)(12,677)(369)(2,716)(3,086)

Proﬁt
Other comprehensive
incomeComprehensive income

Changes inownership interest in
subsidiaries
–

–

–

–

–

–

54

54

–

–

(18)

17

(1)

–

–

–

Change in scopeof consolidation

–

–

–

–

–

(110)

–

(110)

Other changes

–

–

–

–

–

–

272

272

Total transactions
with owners

–

–

(18)

17

(1)

(12,605)(2,945)(15,551)(49,149)146

13,009–(35,994)

461,506

29,667491,174

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

Balance at
December 31, 202012

(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)
Nine months ended
Dec. 31, 2019

Nine months ended
Dec. 31, 2020

Profit before income taxes

60,91554,721

Depreciation and amortization

63,07364,120Cash flow from operating activities

Impairment losses

1,931

－

Interest and dividends income(1,021)(755)

Interest expenses

10,713

9,514

Share of (profit) loss of investments accounted for using the equity method(2,228)(4,171)

Loss (gain) on sales and retirement of property, plant and equipment, andintangible assets(6,529)(357)(Increase) decrease in trade receivables

10,849632(Increase) decrease in inventories(7,166)(6,698)

Increase (decrease) in trade payables(11,953)(4,416)(Increase) decrease in retirement benefit asset

(311)

(295)

Increase (decrease) in retirement benefit liabilities

683

612

1,349

(3,319)120,305

109,587

168

149

Other
SubtotalInterest receive
Dividends received

4,850

3,075

Interest paid

(9,183)(8,743)

Income taxes refund (paid)(18,863)(15,498)

Net cash provided by operating activities

97,276

88,569(54,389)(43,865)

Proceeds from sale of property, plant and equipment

8,135

1,072

Purchase of investment

(548)

(524)

Proceeds from sales and redemption of investments

1,172

38

－

(119)

1,586

－

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

Payments for acquisition of subsidiaries
Proceeds from sales of subsidiaries
Other(1,064)(755)

Net cash used in investing activities(45,107)(44,153)(411,569)(10,373)

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

6,000

4,000

Proceeds from long-term borrowings

386,61752,308

Repayment of long-term borrowings(48,733)(76,000)

Net increase (decrease) in commercial papers

Proceeds from issuance of bonds

49,736－

Repayments of lease obligations(6,349)(6,485)(43)(2,830)(11,688)(12,121)

(674)

(555)

(0)

35

(36,706)(52,021)(1,332)
14,1303,252(4,353)

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

59,620100,005

41

－

－

19

Balance of cash and cash equivalents at end of fiscal year

73,791

95,670Purchases 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 equivalents13(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 in Japan and overseas, mainly for customers in the steel,chemical and electronics industries, and has built production and sales structures for its main products inJapan, the United States, Europe, and Asia & Oceania. In addition, the NSHD Group conducts the
manufacture and sales business of housewares such as stainless steel vacuum bottles. Therefore, theCompany 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
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
Housewares

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 andtransfers is based primarily on prevailing market prices.
2) Figures of revenue and income (loss) by reportable segment
First Three Quarters, FYE2020 (April 1, 2019 – December 31, 2019)(¥ million)
Reportable segment
Adjustments(Note 1)

Amounts on
theConsolidated
Statements ofIncomeGas
Business in
Japan

Gas
Business in
the UnitedStatesGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

Revenue to externalcustomers

260,257

148,840

125,307

79,161

19,869633,435―

633,435

Revenue from intersegment transactions
and transfers

7,447

11,970

82

2,319

20

21,840(21,840)―

Total

267,704

160,811

125,390

81,48019,889655,276(21,840)

633,435

Segment income(Note 2)

19,972

16,77919,212

8,148

6,060

70,173(1,922)

68,251

Total

Revenue

Notes:

1. The (¥1,922) million negative adjustment for segment income is comprised of (¥465) million of intersegment eliminations andcompanywide expenses of (¥1,457) million that were not allocated to any particular reportable segment. These companywide
expenses related principally to basic research expenses that were not allocated to a particular reportable segment.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains or losses
attributable to non-recurring factors (non-recurring items).

14First Three Quarters, FYE2021 (April 1, 2020 – December 31, 2020)(¥ million)
Reportable segment
Adjustments(Note 1)

Amounts on theConsolidated
Statements ofIncomeGas
Business in
Japan

Gas
Business in
the UnitedStatesGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

Revenue to externalcustomers

242,216

139,385

115,938

77,07917,635592,256―592,256

Revenue from intersegment transactions
and transfers

8,090

13,534

14

2,341

21

24,003(24,003)―

Total

250,306

152,920

115,953

79,421

17,657616,260(24,003)592,256

Segment income(Note 2)

19,127

16,077

14,590

8,114

3,556

61,466(998)

60,468

Total

Revenue

Notes:

1. The (¥998) million negative adjustment for segment income is comprised of (¥35) million of intersegment
eliminations and companywide expenses of (¥1,034) million that were not allocated to any particular reportablesegment. These companywide expenses related principally to basic research expenses that were not allocatedto a particular reportable segment.
2. Segment income represents core operating income, which is calculated as operating income excluding certain
gains or losses attributable to non-recurring factors (non-recurring items).

Reconciliation of segment income with income before income taxes is shown in the table below.

First Three Quarters of FYE2020(¥ million)
First Three Quarters of FYE2021(April 1, 2019 to December 31, 2019)(April 1, 2020 to December 31, 2020)

68,25160,468

6,490
－

―
2,749

(1,927)―

Segment income
Gain on sales of noncurrent assets
Share of loss of investments
accounted for using the equity method
Impairment loss
Other
Operating income

(917)

(63)

71,896

63,154

Financial revenue

1,021

1,102

Financial expenses(12,002)(9,535)60,91554,721

Income before income taxes

15