Consolidated Financial Resultsfor Fiscal Year Ending March 31, 2021
(Based on IFRS)
May 10, 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 be held Ordinary General Meeting of Shareholders: June 18, 2021
Scheduled date to file Securities Report: June 21, 2021
Scheduled date to commence dividend payments:
June 21, 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 FYE2021 (April 1, 2020 – March 31, 2021)(1) Operating resultsCore operating
incomeRevenue%

Operating income(¥ million)%(Percentages indicate year-on-year change)
Net income
Total comprehendNet income
attributable tosive income
owners of the parent(¥ million)%(¥ million)(¥ million)%(¥ million)

FYE2021818,238(3.8)

87,251(3.4)

88,846(5.4)

56,863

3.3

55,214FYE2020

850,239

14.8

90,33737.2

93,921

40.5

55,03825.9

53,340%(¥ million)%

3.5

118,924

888.9

29.2

12,025(59.6)(Reference) Income before income taxes
FYE2021: ¥77,706 million [(1.8)% ]FYE2020: ¥79,133 million [27.5% ]Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

FYE2021127.59－Return on equity
attributable toowners of theparent (%)
12.0

FYE2020123.26－

13.1

Basic earnings
per share (Yen)(Reference)

Diluted net income
per share (Yen)

Income before
income taxes tototal assets ratio(%)
4.3

Core operating
income to revenue
ratio (%)

4.5

10.6

10.7

Share of profit (loss) of associates and joint ventures accounted for using the equity method
FYE2021: ¥5,602 million
FYE2020: ¥3,533 million(2) Financial position
Total assets(¥ million)

FYE2021(March 31, 2021)
FYE2020(March 31, 2020)

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)1,836,294

543,900

513,16427.9

1,185.82

1,751,732

440,693409,34423.4

945.91

(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)

FYE2021

149,231(59,686)(103,159)

91,058FYE2020150,084(62,629)(46,242)

100,005

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) (%)

FYE2020

－

14.00

－

14.00

28.00

12,12122.7

3.0

FYE2021

－

14.00

－

16.00

30.00

12,98723.5

2.8

FYE2022(est.)

－

16.00

－

16.00

32.00

23.8

3. Forecasts for business operations for FYE2022 full term (April 1, 2021 – March 31, 2022)(Percentages indicate year-on-year change)
Core operating
incomeRevenue

Full term(¥ million)%

865,000

5.7(¥ million)

96,000%

10.0

Operating income(¥ million)%

96,500(¥ million)

8.6

Net income
attributable to ownersof the parent

Net income

60,000%(¥ million)

5.5

58,200%Basicearnings
per share
(Yen)

5.4

134.49(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)

2. Number of treasury stocks at the end of theperiodAs ofMar. 31, 2021
As ofMar. 31, 2021

3. Average number of shares during the period

FYE2021

1. Number of outstanding shares at the end of
the period (including treasury stock)433,092,837
shares342,332
shares432,752,228
shares

As ofMar. 31, 2020
As ofMar. 31, 2020
FYE2020

433,092,837
shares339,139
shares432,755,426
shares(Reference) Non-consolidated Business Results

1. Non-consolidated Business Results for FYE2021 full term (April 1, 2020 – March 31, 2021)(1) Non-consolidated business results(Percentages indicate year-on-year change)
OperatingrevenueSales(¥ million)%

OperatingincomeOrdinary
income(¥ million)%(¥ million)

FYE202196,363(55.4)

4,677

－

8,754

(44.0)

9,032(39.3)

8,558(49.9)

FYE2020

216,006

0.6－－

15,636(6.1)

15,019(26.3)

17,066(4.9)

FYE2021

19.77

Diluted net income
per share(Yen)—FYE2020

39.42—

Net income per share
(Yen)

%

Net income(¥ million)%(¥ million)%(2) Non-consolidated financial position

FYE2021990,088266,436

Equity attributable toowners of the parent
ratio(%)
26.9

FYE2020

1,137,024

267,929

23.6(Reference)

Total assets

Total equity(¥ million)(¥ million)

Shareholders’ equity
FYE2021: ¥266,436 million

Net assets per share(¥ million)

615.45618.90FYE2020: ¥267,929 million* 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 7, “(4)Future Outlook” in “1. Overview of Business Results.”
The Company plans to hold a briefing of results for institutional investors and analysts on Thursday, May 20, 2021.
Results materials handed out at that briefing will be posted on the Company website in a prompt manner following thebriefing.

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-termContents
1. Overview of Business Results ................................................................................................................................. 5(1) Overview of Business Results for the Fiscal Year Under Review ................................................................... 5(2) Overview of Financial Position for the Fiscal Year Under Review ................................................................. 6(3) Overview of Cash Flows for the Fiscal Year Under Review ............................................................................ 6(4) Future Outlook.................................................................................................................................................. 7(5) Basic Policy on Profit Distribution and Dividends for FYE2021 and FYE2022 ............................................. 7
2. Basic Policy on Selection of Accounting Standards ................................................................................................ 8
3. Condensed consolidated financial statements and main notes................................................................................. 9(1) Condensed Consolidated Statement of Financial Position ............................................................................... 9(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income.................................................................................................................................. 11(3) Condensed Consolidated Statement of Changes in Equity ............................................................................. 13(4) Condensed Consolidated Statement of Cash Flows........................................................................................ 15(5) Notes to the Condensed Consolidated Financial Statements .......................................................................... 17(Note regarding going concern assumption) .................................................................................................... 17(Segment information) ..................................................................................................................................... 17(Per-Share Information) ................................................................................................................................... 19(Significant Subsequent Events)....................................................................................................................... 19

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term

1. Overview of Business Results(1) Overview of Business Results for the Fiscal Year Under Review(General overview)
The Nippon Sanso Holdings Group’s (NSHD Group) business environment in the first fiscal year underreview (from April 1, 2020 to March 31, 2021) was as follows. In the first quarter (from April 1, 2020 toJune 30, 2020), the global COVID-19 pandemic caused a significant economic downturn and decline indemand in the countries and regions in which the NSHD Group operates, and production activity in the
manufacturing sector rapidly decreased. However, from the start of the second quarter (from July 1, 2020 to
September 30, 2020), signs of overall recovery began to emerge. The trend in shipments of air separation
gases (oxygen, nitrogen, and argon) has been gradually recovering from the third quarter (from October 1,
2020 to December 31, 2020), but in spite of the improved trends sequentially overall sales remain down ascompared to previous fiscal year.

Against this backdrop, the NSHD Group achieved the following results for the fiscal year under review.
Revenue on a consolidated basis decreased 3.8% year on year to ¥818,238 million, core operating
income fell 3.4% to ¥87,251 million, operating income decreased 5.4% to ¥88,846 million, and net
income attributable to owners of the parent increased 3.5% to ¥55,214 million.
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
（Overview of business performance by reportable segment）
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
① Gas Business in Japan
In the industrial gas-related business, revenue from air separation gases, decreased sharply year on year,
primarily due to sluggish production activity in relevant industries. Meanwhile, in the electronicsrelated field, revenue increased in electronic materials gases. In equipment and installation, revenuerose substantially in the electronics-related field. However, there was a large year-on-year decline inrevenue primarily in Installation of Air Separation Units and welding & cutting equipment for metal
processing
As a result, in the Gas Business in Japan, revenue decreased 4.8% year on year to ¥338,938 million,
while segment income increased 1.3% to ¥29,124 million.
② Gas Business in the United States
In the industrial-gas related business, revenue from air separation gases, decreased sharply year on year,
primarily due to packaged and bulk gases. In the on-site business, revenue declined year on year due tothe 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.
As a result, in the Gas Business in the United States, revenue decreased 4.5% year on year to ¥189,994
million and segment income increased 5.4% to ¥23,455 million.
③ Gas Business in Europe
Demand for packaged and bulk gases decreased sharply due to strong decline in production activity as
a whole in the key regions of Iberia (Spain and Portugal), Germany, and Italy, but trended toward
recovery from the third quarter. In the on-site business, a similar trend in demand occurred with suppliers.
In equipment and installation, overall demand decreased in general.
As a result, in the Gas Business in Europe, revenue decreased 3.3% year on year to ¥160,035 million
and segment income decreased 14.5% to ¥21,254 million.

5

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term④ Gas Business in Asia & Oceania
In the industrial gas-related business, revenue from air separation gases, decreased due to the impacts ofgovernment impose restrictions and the associated decline in production activity in the manufacturingsector. In LPG, unit sales prices fell due to lower contract prices in purchasing, but customer shipments
in Australia were positive. In the electronics-related business, shipments were favorable for electronicmaterials 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, andlower demand for welding and cutting equipment for metal processing.
As a result, in the Gas Business in Asia & Oceania, revenue increased 0.7% year on year to ¥105,305
million and segment income decreased 4.6 % to ¥9,497 million.
⑤ Thermos BusinessIn the Thermos Business, revenue from motion products decreased sharply in Japan, as revenue washeavily impacted by the loss of sales opportunities associated with the leisure season. These sales
opportunities were lost because of restrictions on outdoor activities and the voluntary suspension ofbusiness activities from Japanese government and municipalities. Meanwhile, sales volume of frying
pans and tumblers increased substantially in connection with the widespread adoption of new lifestyles
where consumers spend longer periods of time at home. Overseas, shipping volume increased while
being influenced by business slowdowns in various regions.
As a result, in the Thermos Business, revenue decreased 4.6% year on year to ¥23,964 million, andsegment income fell 27.6% to ¥5,229 million.
(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets amounted to ¥1,836,294 million as of March 31, 2021, an increase of ¥84,562 million fromMarch 31, 2020. Due to the impact of foreign exchange rates, total assets were stated approximately ¥90
billion higher than they otherwise would have been reported. This mainly reflected foreign exchange ratechanges such as the yen’s depreciation of ¥1.88 against the U.S. dollar and the yen’s depreciation of ¥10.25
against the euro as of March 31, 2021, compared with the rates as of March 31, 2020.
[Assets]
Total current assets were ¥368,901 million, an increase of ¥1,599 million from March 31, 2020.
Total non-current assets were ¥1,467,393 million, an increase of ¥82,962 million from March 31, 2020,
mainly due to increases in goodwill and other financial assets.
[Liabilities]
Total current liabilities were ¥326,019 million, a decrease of ¥5,883 million from March 31, 2020, due
mainly to a decrease in bonds and borrowings.
Total non-current liabilities were ¥966,374 million, a decrease of ¥12,760 million from March 31, 2020,
due mainly to a decrease in bonds and borrowings.
[Equity]
Total equity amounted to ¥543,900 million, an increase of ¥103,206 million from March 31, 2020. The mainchanges were an increase due to the recording of net income attributable to owners of the parent, a decrease
in 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 27.9%, up 4.5 percentage points from theprevious fiscal year-end.
(3) Overview of Cash Flows for the Fiscal Year Under Review(Cash flow from operating activities)
Net cash provided by operating activities amounted to ¥149,231 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 ¥59,686 million. The main use of cash was for the purchase ofproperty, plant and equipment

6

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(Cash flow from financing activities)
Net cash used in financing activities was ¥103,159 million. The main uses of cash included repayments oflong-term borrowings, a net increase in short-term borrowings and proceeds from long-term borrowings.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash
equivalents as of March 31, 2021 was ¥91,058 million, after accounting for the effects of exchange rates.

As of Mar. 31,
2017
Ratio of equity attributable to ownersof the parent (%)
Ratio of equity attributable to owners of
the parent on a market value basis (%)
Interest-bearing debt to cash flow
(years)Interest coverage ratio (times)

As of Mar 31,
2018

As of Mar. 31,
2019

As of Mar. 31,
2020

As of Mar. 31,
2021

38.0

41.5

23.0

23.4

27.9

61.0

74.9

41.2

39.6

49.6

4.8

3.9

10.2

6.7

6.4

16.6

16.7

15.3

12.8

12.9

Notes: Ratio of equity attributable to owners of the parent: Equity attributable to owners of the parent / total
assetsRatio of equity attributable to owners of the parent on a market value basis: Market capitalization /total assets
Interest-bearing debt to cash flow: Interest-bearing debt / operating cash flow
Interest coverage ratio: Operating cash flow / interest payments
1. Each indicator is calculated based on consolidated financial data.
2. Market capitalization is calculated by multiplying the closing year-end share price by the number of shares
outstanding at year-end.
3. Operating cash flow uses cash flow from operating activities on the Consolidated Statement of Cash Flows.
Interest-bearing debt includes all debt on which interest is paid among liabilities recorded on the
consolidated financial statements.
(4) Future Outlook
The consolidated earnings forecast for the fiscal year ending March 31, 2022 is as follows. The outlook for
key regions in which the Company conducts business calls for continued economic recovery. Based on thisimproved economic outlook, the Company expects revenue to increase in its industrial gas-related, electronicmaterials gases, hard goods (welding and cutting equipment) and gas-related equipment businesses. Taking
into account the sluggish performance in the first half of the fiscal year ended March 31, 2021, the Company
forecasts a stronger start year on year in the first quarter of the fiscal year ending March 31, 2022. On theother hand, there are also growing adversities and concerns, and this situation is expected to continue for thetime being. Under the uncertain macroeconomic environment created by the spread of COVID-19, the mainconcerns are a shortage of semiconductor chips, pressure brought about by a rise in overall price levels,
increased prices for electricity and energy, a drop in demand for oxygen for medical use and transportation
congestion at shipping ports. Amid this challenging environment, for the fiscal year ending March 31, 2022,
the Company forecasts revenue of ¥865 billion, an increase of ¥46.7 billion (up 5.7%) compared to theprevious fiscal year, and core operating income of ¥96 billion, an increase of ¥8.7 billion (up 10%).

As of Mar. 31, 2022 (¥ billion)

865.0

96.0

96.5

Net income
attributable toowners of theparent60.0
58.2

As of Mar. 31, 2021 (¥ billion)

818.2

87.2

88.8

56.8

55.2

5.7

10.0

8.6

5.5

5.4

Core operating Operating income
incomeRevenue

Change (%)

Net income(5) Basic Policy on Profit Distribution and Dividends for FYE2021 and FYE2022
The Company’s basic policy is to continuously maintain a stable dividend, while remaining mindful of theneed to retain an internal reserve to enhance and strengthen the business structure. The Company will strive
to return profits to shareholders through a dividend policy linked to consolidated business performance.
In accordance with this policy, the Company plans to set the year-end dividend for the fiscal year underreview at ¥16 per share, an increase of ¥2 per share compared to the previous fiscal year. Therefore, the7

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term

Company plans to pay an annual dividend of ¥30 per share, including an interim dividend of ¥14 per share.
For the fiscal year ending March 31, 2022, the Company plans to pay an annual dividend of ¥32 per share,including an interim dividend of ¥16 per share.
2. Basic Policy on Selection of Accounting Standards
From the fiscal year ended March 31, 2017, the NSHD Group has adopted International Financial ReportingStandards (IFRS) primarily for the purpose of improving the international comparability of financial
statements in the capital markets and to unify accounting procedures within the NSHD Group.

8

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term

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

As of Mar 31, 2021

AssetsCurrent assets:
Cash and cash equivalents

100,005

91,058Trade receivables

179,243

182,077

Inventories

65,886

69,613

Other financial assets

7,147

6,710

Other current assets

15,02019,441

Total current assets

367,302368,901

Plant, property and equipment:

655,195

685,733

Goodwill

419,290455,036

Intangible assets

232,077

237,751

Investments accounted for using the equity method

32,06532,295

Other financial assets

38,83449,739Retirement benefit asset

1,358

2,467

Non-current assets:

Other non-current assets
Deferred tax assets
Total non-current assets
Total assets

9

971

1,120

4,637

3,249

1,384,430

1,467,393

1,751,732

1,836,294

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(Millions of yen)
As of Mar. 31, 2020

As of Mar. 31, 2021

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

93,88596,093

Bonds and borrowings

154,980

131,721

Income taxes payable

8,331

11,022Other financial liabilities

51,52558,428375

469

Other current liabilities

22,80528,284

Total current liabilities

331,903

326,019

Non-current liabilities:
Bonds and borrowings

807,611

780,895

Other financial liabilities

29,171

29,453Retirement benefit liabilities

12,952

14,037

Allowance

3,281

3,870

Allowance

Other non-current liabilities

20,282

19,359Deferred tax liabilities

105,835

118,757

Total non-current liabilities

979,135

966,374

1,311,038

1,292,394

Share capital

37,34437,344

Capital surplus

56,38755,901

Treasury stock

(268)

(273)

Retained earnings

379,322422,838

Other components of equity(63,441)(2,646)

Total equity attributable to owners of parent

409,344

513,164

Non-controlling interests

31,34930,736

Total equity

440,693543,900

1,751,732

1,836,294

Total liabilities
EquityTotal liabilities and equity

10

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(2) Condensed Consolidated Statement of Profit or Loss andCondensed Consolidated Statement of Comprehensive Income(Condensed Consolidated Statement of Profit or Loss)

Revenue
Cost of sales
Gross profit

Year ended
Mar.31, 2020
850,239(Millions of yen)
Year ended
Mar.31, 2021
818,238(522,680)(500,799)

327,559

317,439(242,129)(233,276)

Other operating income

10,623

3,949

Other operating expense
Share of profit of investments accounted for using the equity
method(5,665)(4,867)

3,533

5,602

93,921

88,846

Selling, general and administrative expenses

Operating profit
Finance income

1,150

1,424

Finance costs(15,938)(12,564)

79,13377,706(24,095)(20,842)

55,03856,863

Owners of parent

53,34055,214Non-controlling interests

1,697

1,648

123.26127.59

Income before income taxes

Income taxes
Proﬁt

Proﬁt attributable to:

Net income per share
Basic earnings per share (Yen)11

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(Condensed Consolidated Statement of Comprehensive Income)(Millions of yen)
Year ended
Mar. 31, 2021

Year ended
Mar.31, 2020
Proﬁt

55,03856,863(4,061)

7,617

(698)

710

33

(31)

(4,727)

8,296(36,897)

53,841Other 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

59

56

Share of other comprehensive income of investments accounted
for using the equity method(1,446)(133)

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

(38,284)

53,764(43,012)62,06012,025

118,924

10,996
1,029

116,598
2,325

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

12

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(3) Condensed Consolidated Statement of Changes in Equity
FYE2020 (April 1, 2019 to March 31, 2020)
Share capital
Balance at April 1, 2019

Capitalsurplus(Millions of yen)
Retainedearnings

Treasurystock

37,344

53,116(261)

339,393

Net income
Other comprehensive income
Comprehensive income

–
–
–

–
–
–

–
–
–

53,340–53,340Purchase of treasury stock

–

–

(7)

–

Disposal of treasury stock

–

0

0

–

Dividends–––(11,688)

Changes in ownership interest in subsidiaries

–

(264)

–

–

Business combinations or business divestitures

–

3,535

–

–

Transfer from other components ofequity to retained earnings

–

–

–

(1,893))Change in scope of consolidation

–

–

–

171

Other changes

–

–

–

(1)

–

3,270

(7)

(13,411)37,34456,387(268)

379,322

Total transactions with owners
Balance at March 31, 2020

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

–

–

–

–

–

53,3401,697

55,038(37,730)(37,730)

59
59(3,983)(3,983)

(689)
(689)

(42,343)(42,343)(42,343)
10,996

(668)
1,029

(43,012)
12,025Purchase of treasury
stock

–

–

–

–

–

(7)

–

(7)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(11,688)(742)(12,431)

Changes inownership interest in
subsidiaries

–

–

–

–

–

(264)

318

54

–

–

–

–

–

3,535

1,950

5,485

–

–

1,203

689

1,893

–

–

–

Change in scope of
consolidation

–

–

–

–

–

171

5

177

Other changes

–

–

–

–

–

(1)

(464)

(465)

Total transactions
with owners

–

–

1,203

689

1,893

(8,255)

1,068(7,186)(71,170)

19

7,709

－

(63,441)

409,344

31,349440,693

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

Balance at
March 31, 2020

13

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term

FYE2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Share capital
Balance at April 1, 2020

Capital surplus

Treasury stock

Retained earnings

37,34456,387(268)

379,322

Net income
Other comprehensive income
Comprehensive income

–
–

–
–

–
–

55,214–55,214Purchase of treasury stock

–

–

(5)

–

Disposal of treasury stock

–

0

0

Dividends–

Changes in ownership interest in subsidiaries

–

(485)

–

Business combinations or business divestitures

–

–

–

–

Transfer from other components ofequity to retained earnings

–

–

–

588

Change in scope of consolidation

–

–

–

(166)

Other changes

–

–

–

–

–

(485)

(5)

(11,699)

37,34455,901(273)

422,838

Total transactions with owners
Balance at March 31, 2021–
(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

–

–

–

–

–

55,214

1,648

56,86353,14153,141

52
52

7,507
7,507

682
682

61,38361,38361,383
116,598

677
2,325

62,060118,924

Purchase of treasury
stock

–

–

–

–

–

(5)

–

(5)

Disposal of treasury
stock

–

–

–

–

–

0

–

0

Dividends

–

–

–

–

–

(12,121)(681)(12,803)(485)(2,787)(3,273)

Net income
Other comprehensive
incomeComprehensive income

Changes inownership interest in
subsidiaries
–

–

–

–

–

–

54

54

–

–

93

(682)

(588)

–

–

–

Change in scopeof consolidation

–

–

–

–

–

(166)

–

(166)

Other changes

–

–

–

–

–

–

476

476

Total transactions
with owners

–

–

93

(682)

(588)

(12,778)(2,939)(15,717)(18,029)71

15,310–(2,646)513,164

30,736543,900

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

Balance at
March 31, 2021

14

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)
Year ended
Mar.31, 2020

Year ended
Mar. 31, 2021

Cash flow from operating activities

Income before income taxes

79,13377,706

Depreciation and amortization

83,79886,380

Impairment losses

1,948

2,022

Interest and dividends income(1,150)(821)

Interest expenses

13,895

12,554

Share of (profit) loss of investments accounted for using the equity method(3,533)(5,602)

Loss (gain) on sales and retirement of property, plant and equipment, andintangible assets(6,479)(295)(Increase) decrease in trade receivables

14,2092,248(Increase) decrease in inventories

(844)

(766)

Increase (decrease) in trade payables(10,195)

(938)

(416)

(394)

(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other
SubtotalInterest receive
Dividends received

689

764

7,019

(529)

178,073

172,328

244

195

4,912

6,117

Interest paid

(11,738)(11,548)

Income taxes refund (paid)(21,407)(17,860)

Net cash provided by operating activities

150,084

149,231(72,810)(60,075)

8,409

1,434

Purchase of investment

(535)

(633)

Proceeds from sales and redemption of investments

3,023

252

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

Payments for acquisition of subsidiaries
Proceeds from sales of subsidiaries

(15)

(119)

1,586

－

(182)

(608)

Other

(2,105)64

Net cash used in investing activities(62,629)(59,686)

Payments for acquisition of businesses

15

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term
Year ended
Mar. 31, 2021

Year ended
Mar. 31, 2020
Cash flow from financing activities
Net increase (decrease) in short-term borrowings(414,640)(22,924)

Net increase (decrease) in commercial papers

8,000(3,000)

Proceeds from long-term borrowings

393,994

58,106

Repayment of long-term borrowings(62,148)(101,049)

Proceeds from issuance of bonds

49,736－－(10,000)(8,646)(8,688)(55)(2,834)(11,688)(12,121)

Dividends paid to non-controlling interests

(742)

(681)

Other

(51)

34

(46,242)(103,159)

Repayments for redemption of bonds
Repayments of lease obligations
Purchases of investments in subsidiaries not resulting in change in scope of
consolidation
Dividends paid

Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents(1,096)

4,543

Net increase (decrease) in cash and cash equivalents

40,116(9,070)

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

268

105

－

19

Balance of cash and cash equivalents at term-end

100,005

91,05816

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term(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
Houseware and motion related 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 andtransfers is based primarily on prevailing market prices.

17

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term

2) Figures of revenue and income (loss) by reportable segment
FYE2020 (April 1, 2019 – Marc 31, 2020)(¥ million)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

356,145

Revenue from intersegment transactions
and transfers

Amounts on
theConsolidated
Statements ofIncomeAdjustments(Note 1)Gas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

198,869

165,564

104,541

25,118850,239－

850,239

10,272

17,480

166

3,088

24

31,032(31,032)－

Total

366,418

216,350

165,731

107,629

25,143881,272(31,032)

850,239

Segment income(Note 2)

28,73722,26324,854

9,952

7,224

93,032(2,695)90,337

Depreciation andamortization

18,92428,74927,732

6,732

1,226

83,365433

83,798

Impairment loss

38

－

－

－

－

38

－

38

Total

Revenue

Other items

Share of profit (loss)of investments
280
(123)
(23)
63
3,372
3,569
(0)
accounted for using
equity method
Notes: 1. The (¥2,695) million negative adjustment for segment income is comprised of (¥853) million of intersegment eliminations andcompanywide expenses of (¥1,841) 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).

3,569

FYE2021 (April 1, 2020 – March 31, 2021)(¥ million)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

338,938

Revenue from intersegment transactions
and transfers

Amounts on theConsolidated
Statements ofIncomeAdjustments(Note 1)Gas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

189,994

160,035

105,305

23,964

818,238－

818,238

10,68318,182

42

3,088

25

32,022(32,022)－

Total

349,621208,177

160,077

108,393

23,989850,260(32,022)818,238

Segment income(Note 2)

29,12423,455

21,254

9,497

5,229

88,561(1,309)87,251

Depreciation andamortization

19,094

29,10628,962

7,498

1,328

85,990390

86,380

Impairment loss

155

－

－

765

－

921

－

921

Share of profit (loss)of investments
accounted for using
equity method

192

348

(11)

(48)

2,360

2,842

0

2,842

Total

Revenue

Other items

18

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for FYE2021 full-term
Notes:

1. The (¥1,309) million negative adjustment for segment income is comprised of (¥50) million of intersegment
eliminations and companywide expenses of (¥1,258) 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).

Reconciliation of segment income with income before income taxes is shown in the table below.
(¥ million)
FYE2020

FYE2021(April 1, 2019 to March 31, 2020)

Segment income
Gain on sales of noncurrent assets
Share of loss of investments
accounted for using the equity method
Impairment loss
Other
Operating income(April 1, 2020 to March 31, 2021)

90,33787,251

6,490

－

(35)

2,759

(1,910)(1,100)

(960)

(64)

93,921

88,846

Financial revenue

1,150

1,424

Financial expenses(15,938)(12,564)

79,13377,706

Income before income taxes(Per-Share Information)
Basic earnings per share and the basis for share appraisal are as follows.
FYE2020

FYE2021(April 1, 2019 to March 31, 2020)(April 1, 2020 to March 31, 2021)

Net income attributable to ownersof the parent (¥ million)
Average number of shares(thousand shares)

53,34055,214

432,755

432,752

Weighted average number of shares (¥)

123.26127.59Note: Diluted earnings per share are not listed as there are no dilutive shares.
(Significant Subsequent Events)
Not applicable.

19