Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2024
(Based on IFRS)July 28, 2023
Stock exchange listing: Tokyo (Prime)
Company name: Nippon Sanso Holdings Corporation
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Keita Kajiyama, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Securities Report: August 8, 2023
Scheduled date to commence dividend payments: —Supplementary materials on quarterly financial results: Yes
Quarterly results explanatory meeting: Yes (For institutional investors and analysts)(Amounts less than ¥1 million are omitted)

1. Financial results for Q1 FYE2024 (April 1, 2023 – June 30, 2023)(1) Operating results
Revenue

Q1
FYE2024
Q1
FYE2023Core 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)%

308,903

11.9

40,74834.6

40,71548.2

25,542

42.2

24,55842.1

99,06958.1

276,006

26.4

30,27423.2

27,472

11.8

17,9599.5

17,285

7.6

62,653

207.3(Reference) Income before income taxes
Q1 FYE2024: ¥36,226 million [41.8%]
Q1 FYE2023: ¥25,540 million [15.0%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

Q1
FYE2024
Q1
FYE2023

Basic earnings

Diluted net income

per share (Yen)per share (Yen)

56.74

—

39.95

—

(2) Financial position
Total assets(¥ million)

Q1 FYE2024(June 30, 2023)
FYE2023(March 31, 2023)

Total equity(¥ million)

Equity attributable to ownersof the parent (¥ million)

Equity attributable to ownersof the parent ratio (%)

2,288,601

847,530

813,06335.5

2,158,950

757,996

724,31433.5-1-

2. Dividends
Annual Dividend
End of 1st quarterEnd of 2nd quarterEnd of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2023—

FYE2024—

FYE2024 (est.)

18.00

—

20.00

38.00

20.00

—

20.00

40.00

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

3. Forecasts for business operations for FYE2024 full term (April 1, 2023 – March 31, 2024)
Core operating
incomeRevenue

Full term

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)%

1,160,000(2.2)

127,500

3.6

127,500

6.7

73,500(3.2)(¥ million)

70,500

%

(Yen)

(3.5)

162.87

Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2024 full term: ¥102,000 million [(3.3%)]* 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 ofJun. 30, 2023

2. Number of treasury stocks at the end of theperiodJun. 30, 2023

3. Average number of shares during the period

Jun. 30, 2023

As of

433,092,837
shares

As ofMar. 31, 2023

233,008
sharesMar. 31, 2023

432,860,141
shares

As ofJun. 30, 2022

433,092,837
shares232,517
shares432,702,592
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 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 consolidated business forecasts” in “1. Qualitative
Information on Quarterly Financial Results.”-2-

○ Contents
1. Qualitative Information on Quarterly Financial Results ......................................................................................................

4(1) Explanation concerning business results ........................................................................................................................

4(2) Explanation concerning financial position .....................................................................................................................

5(3) Explanation concerning predictive information such as consolidated business forecasts ..............................................

6

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

7(1) Quarterly Condensed Consolidated Statement of Financial Position .............................................................................
(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statement ofComprehensive Income .......................................................................................................................................................
(3) Quarterly Condensed Consolidated Statement of Changes in Equity ............................................................................

711(4) Quarterly Condensed Consolidated Statement of Cash Flows .......................................................................................

13(5) Notes to the Quarterly Condensed Consolidated Financial Statements..........................................................................

14(Notes regarding going concern assumption) ..............................................................................................................

14(Segment information).................................................................................................................................................

14

-3-

9

1. Qualitative Information on Quarterly Financial Results(1) Explanation Concerning Business Results(General Overview)
The business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first quarter of the
fiscal year under review (from April 1, 2023 to June 30, 2023), has continued to face a challenging and unpredictablebusiness environment as a result of geopolitical issues in Ukraine, trade tensions between the US and China, global
inflation, and JPY depreciation. Air separation gases (oxygen, nitrogen, and argon) volume, which are supplied via onsite pipeline mainly to steel, chemical, and petroleum refining industries, have decreased from the previous fiscal year.
On the other hand, energy costs have moderated compared to the previously elevated levels experienced in Europe andthe United States. Additionally, the burden of electricity costs, which constitutes a significant portion of the air
separation gases production costs, has eased compared to the previous fiscal year.
Due to group-wide price management efforts, including cost pass-through, and solid productivity initiatives, the NSHDGroup achieved the following results for the first quarter of the fiscal year under review.
Revenue on a consolidated basis increased 11.9% year-on-year to ¥308,903 million, core operating income increased
34.6% to ¥40,748 million, operating income increased 48.2% to ¥40,715 million, and net income attributable to ownersof the parent increased 42.1% to ¥24,558 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥131.25 to ¥139.63(+¥8.38, or +6.4%), against the EUR from ¥138.75 to ¥151.89 (+¥13.14, or +9.5%), and JPY appreciated against the
AUD from ¥92.52 to ¥91.94 ((¥0.58), or (0.6%)). As a result, overall revenue and core operating income were favorably
impacted by approximately ¥11.6 billion and ¥1.6 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to nonrecurring factors such as losses arising from business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
(1) Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to the effect of sales price revisions
against the backdrop of rising costs, despite lower shipment volumes of core products such as air separation gases,
carbon dioxide gas, and LP gas. In addition, sales of specialty gases for the electronics industry were firm, resulting in an
increase in sales. In equipment and installation, both industrial gas-related and electronics-related businesses posted
higher revenues, mainly due to the recording of medium- to large-sized projects on a percentage-of-completion basis.
As a result, in the Japan segment, revenue increased by 13.1% year-on-year to ¥107,629 million and segment income
increased by 87.1% to ¥11,245 million.
(2) United States
In the industrial gas-related business, revenue increased year-on-year mainly due to the effect of sales price revisions
against the backdrop of rising costs and other factors, despite lower shipment volumes of core products such as air
separation gases. In equipment and installation, industrial gas-related sales were strong, especially for gas-related
equipment, and electronics-related sales were also favorable, resulting in an increase in sales.
As a result, in the United States segment, revenue increased by 19.1% year-on-year to ¥82,051 million and segment
income increased by 20.0% to ¥11,191 million. Revenue and segment income were favorably impacted by the weak JPY.
(3) Europe
In the industrial gas-related business, revenue increased year-on-year mainly due to the effect of sales price revisions
against the backdrop of rising costs and other factors, despite lower shipment volumes of core products such as air
separation gases and carbon dioxide gas. In equipment and installation, industrial gas-related sales increased due tostrong sales of medical-related equipment. In addition, productivity and cost reduction efforts contributed to the positive
performance of the business.

-4-

As a result, in the Europe segment, revenue increased by 12.6% year-on-year to ¥73,146 million, and segment income
increased by 49.1% to ¥13,150 million. Revenue and segment income were favorably impacted by the weak JPY.
(4) Asia & Oceania
In the industrial gas-related business, revenue increased year-on-year mainly due to the effect of sales price revisions
against the backdrop of rising costs and other factors, despite lower shipment volumes of core products such as air
separation gases. In LP gas, of which a substantial portion of sales are in the Australia region, unit sales prices and sales
volumes were consistent with the previous fiscal year. In the electronics-related business, revenue declined significantlyin East Asia due to softness in both gas and equipment as a result of electronics customers reducing inventory andpostponing capital investment due to their operating conditions.
As a result, in the Asia & Oceania segment, revenue decreased by 2.1% year-on-year to ¥38,469 million and segment
income decreased by 10.6% to ¥4,128 million. Revenue was favorably impacted by the weak JPY.
(5) Thermos
In Japan, sales from portable vacuum-insulated mugs and kitchenware such as frying pans were firm, and revenue
increased slightly. Overseas, revenues were generally soft. Segment income decreased significantly due to rising raw
material prices from inflation and production costs increase due to the weak JPY.
As a result, the Thermos segment revenue decreased by 1.2% year-on-year to ¥7,584 million, the segment income
decreased by 27.2% to ¥1,427 million.
(2) Explanation concerning financial position
As of the end of the Q1 consolidated accounting period, total assets amounted to ¥2,288,601 million, an increase of¥129,650 million from March 31, 2023. The impact of foreign exchange rates resulted in an increase in total assets ofapproximately ¥134.9 billion. As of the end of the Q1 consolidated accounting period, the yen was down ¥11.46 against
the USD, and down ¥11.88 against the euro from the rates reported on March 31, 2023.
[Assets]
Total current assets amounted to ¥548,855 million, an increase of ¥21,781 million from March 31, 2023. The mainchanges were an increase in assets held for sale and a decrease in cash and cash equivalents.
Total non-current assets were ¥1,739,745 million, an increase of ¥107,869 million from March 31, 2023, mainlyreflecting increases in plant, property and equipment and goodwill.
[Liabilities]
Total current liabilities were ¥458,014 million, an increase of ¥32,857 million from March 31, 2023. The main changes
were an increase in bonds and borrowings and a decrease in trade payables.
Total non-current liabilities were ¥983,056 million, an increase of ¥7,259 million from March 31, 2023. The main
factors were an increase in deferred tax liabilities and a decrease in bonds and borrowings.
[Equity]
Total equity amounted to ¥847,530 million, an increase of ¥89,533 million from March 31, 2023. The main factors
were increases due to the recording of exchange differences on translation of foreign operations and net income
attributable to owners of the parent.
The ratio of equity attributable to owners of the parent stood at 35.5%, up 2.0 percentage points from March 31, 2023.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 5.7% year on year to ¥33,610 million. The main components wereincome before income taxes, depreciation and amortization expenses, and corporate income tax payment or refund.
[Cash flow from investing activities]
Net cash used in investing activities increased 25.5% year on year to ¥24,975 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 47.7% year on year to ¥24,922 million. The main changes wererepayment of long-term borrowings, net increase in short-term borrowings, and proceeds from long-term borrowings.

-5-

As a result of the Company’s operating, investing and financing activities, the balance of cash and cash equivalents asof the end of Q1, after accounting for the effects of exchange differences, came to ¥122,423 million.
(3) Explanation concerning predictive information such as consolidated business forecasts
No revisions have been made to the consolidated business forecasts released on May 11, 2023.

-6-

2. Quarterly Condensed Consolidated Financial Statements and Main Notes(1) Quarterly Condensed Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and cash equivalents
Trade receivables

132,217
243,541

122,423
248,524

Inventories
Other financial assets

97,612
22,479103,642
25,304

Other current assets

26,152

31,538Subtotal
Assets possessed for a sales purpose

522,003
5,070

531,433
17,421

527,074

548,855

Property, plant and equipment
Goodwill

776,148
513,685

815,107554,620

Intangible assets
Investments accounted for using the equity method

242,334
38,230255,757
39,000

Other financial assets
Retirement benefit asset

46,7632,810

61,008
2,717

Other non-current assets
Deferred tax assets

8,461
3,442

8,016
3,515

Total non-current assets

1,631,875

1,739,745

2,158,950

2,288,601

Total current assets
Non-current assets

Total assets-7-

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities and equity
Liabilities
Current liabilities
Trade payables

128,197

125,423

Bonds and borrowings
Corporate income taxes payable

140,540
16,191

172,569
17,078Other financial liabilities
Allowance

102,119284

101,519
289

Other current liabilities

37,82438,475425,157

455,356－

2,657

Total current liabilities

425,157

458,014

Non-current liabilities
Bonds and borrowings

Subtotal
Liabilities directly pertaining to assets possessed for asales purpose

759,480

749,866

Other financial liabilities
Retirement benefit liabilities

35,693
14,117

37,103
14,608

Allowance
Other non-current liabilities

5,440
20,364

5,767
20,510

Deferred tax liabilities

140,700

155,198

Total non-current liabilities

975,796

983,056

1,400,953

1,441,070

37,34437,344

Capital surplus
Treasury stock

51,610(233)

51,411(234)

Retained earnings
Other components of equity

537,867
97,724

553,779
170,761

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

724,31433,682813,063
34,467

Total equity

757,996

847,530

2,158,950

2,288,601

Total liabilities
EquityShare capital

Total liabilities and equity-8-(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statement ofComprehensive Income
Condensed Consolidated Statement of Profit or Loss
(Consolidated cumulative first quarter)(Millions of yen)Three-months ended
June 30, 2022
RevenueThree-months ended
June 30, 2023

276,006

308,903(173,531)(187,077)

102,475

121,825

Selling, general and administrative expenses(72,659)(81,766)

Other operating income
Other operating expense

1,454(4,245)

812
(443)

446

286

27,472

40,715

Cost of sales
Gross operating profit

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

1,058

1,605

Finance costs(2,990)(6,093)

Income before income taxes

25,54036,226

Corporate income taxes(7,580)(10,683)

Net income

17,95925,542

Net income attributable to:
Owners of the parent

17,28524,558Non-controlling interests

674

984

Net income per share
Basic earnings per share (yen)

39.95

56.74

-9-

Condensed Consolidated Statement of Comprehensive Income(Consolidated cumulative first quarter)(Millions of yen)Three-months ended
June 30, 2022
Net income

Three-months ended
June 30, 2023

17,95925,542(4,769)

4,995

14

9

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

(27)

11

Total of items that will not be reclassified to profit orloss(4,782)

5,016

Exchange differences on translation of foreign
operations

48,851

68,547

Effective portion of net change in fair value of cash
flow hedges

(267)

(499)

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

891

461

49,47568,509Other 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

Items that may be reclassified subsequently to profit orloss

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

44,69373,526Comprehensive income

Total other comprehensive income, net of tax

62,65399,069Comprehensive income attributable to:
Owners of the parent

61,45597,624

1,197

1,445

Non-controlling interests- 10 -

(3) Quarterly Condensed Consolidated Statement of Changes in Equity
Three-months ended June 30, 2022 (April 1, 2022 to June 30, 2022)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,945(281)

476,589

Net income

－

－

－

17,285

Other comprehensive income

－

－

－

－

－

－

－

17,285Purchase of treasury stock

－

－

(1)

－

Disposal of treasury stock

－

－

53

－

Dividends－－－(7,787)

－

(686)

－

－

－

－

－

－

－

－

－

221

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

－

(686)

52

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

486,308

Comprehensive income

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

Total transactions with owners

Balance at June 30, 2022

Other components of equity

Balance at April 1, 2022

Net income

Exchangedifferencesontranslationof foreign
operations

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

39,428368

19,319－Total equity
attributableto owners of
the parent

Noncontrollinginterests

Total equity

59,115

628,71432,423

661,137

Total

－

－

－

－

－

17,285674

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

14

44,17044,170522

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

14

44,17061,455

1,197

62,653Purchase of treasury stock

－

－

－

－

－

(1)

－

(1)

Disposal of treasury stock

－

－

－

－

－

53

－

53

Dividends

－

－

－

－

－

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

－

－

－

－

－

(686)

(604)

(1,290)

－

－

－

－

－

－

513

513

－

－

(207)

(14)

(221)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

287

287

－

－

(207)

(14)

(221)

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

14,309－103,064

681,748

33,374715,123

Other comprehensive income
Comprehensive income

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

Total transactions with owners

Balance at June 30, 2022

- 11 -

Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)
Share capital
Balance at April 1, 2023

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,344

51,610(233)

537,867

Net income

－

－

－

24,558Other comprehensive income

－

－

－

－

－

－

－

24,558Purchase of treasury stock

－

－

(1)

－

Disposal of treasury stock

－

－

－

－

Dividends－－－(8,658)

－

(199)

－

－

－

－

－

－

－

－

－

28

Change in scope of consolidation

－

－

－

(16)

Other changes

－

－

－

－

－

(199)

(1)

(8,646)37,344

51,411(234)

553,779

Comprehensive income

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

Total transactions with owners

Balance at June 30, 2023

Other components of equity
Exchangedifferencesontranslationof foreign
operations

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

81,172(284)

16,836－－－－

68,560(494)

68,560(494)

Purchase of treasury stock－

Disposal of treasury stock－

Balance at April 1, 2023

Net income
Other comprehensive income
Comprehensive income

Dividends

Total equity
attributableto owners of
the parent

Noncontrollinginterests

Total equity

97,724

724,31433,682757,996－－

24,558984

25,5424,990

973,06573,065

460

73,5264,990

973,06597,624

1,445

99,069

－

－

－

－

(1)

－

(1)

－

－

－

－

－

－

－

(553)

(9,212)

Total

－

－

－

－

－

(8,658)

－

－

－

－

－

(199)

(88)

(287)

－

－

－

－

－

－

－

－

－

－

(18)

(9)

(28)

－

－

－

Change in scope of consolidation

－

－

－

－

－

(16)

－

(16)

Other changes

－

－

－

－

－

－

(17)

(17)

－

－

(18)

(9)

(28)

(8,875)(660)(9,535)

149,732(779)

21,808－

170,761

813,063

34,467

847,530

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

Total transactions with owners

Balance at June 30, 2023

- 12 -

(4) Quarterly Condensed Consolidated Statement of Cash Flows(Millions of yen)Three-months ended
June 30, 2022

Three-months ended
June 30, 2023

Cash flow from operating activities
Income before income taxes

25,54036,226

Depreciation and amortization
Interest and dividends income

25,586(555)

27,126(1,011)

Interest expenses
Share of (profit) loss of investments accounted for using the

2,983

6,083

(446)

(286)

equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

150

1

2,070

(1,599)(Increase) decrease in inventories
Increase (decrease) in trade payables(7,792)(4,701)(3,399)(3,439)(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities

(331)
203

(82)
228

Other

(989)

(11,502)41,717

48,346

51
876

490
1,355

Interest paid
Corporate income tax refund (paid)(2,834)(8,009)(6,922)(9,660)Cash flow from operating activities

SubtotalInterest received
Dividends received

31,801

33,610Cash flow from investing activities
Payments for purchase of property, plant and equipment(19,849)(25,093)

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

321
(116)

367
(24)

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

527
(107)

77

Proceeds from sale of subsidiaries
Other

－
(673)

－
154
(457)

Cash flow from investing activities
Cash flow from financing activities(19,897)(24,975)

Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers

17,4733,000

14,281(5,000)

Proceeds from long-term borrowings
Payments for repayment of long-term borrowings

52(26,971)

12,914(34,853)

Payments for repayment of lease obligations
Payments for purchase of shares in subsidiaries not resulting(2,751)(3,165)

(71)

(33)

(7,787)(8,658)

(442)
622

(553)
145

in change in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other(16,876)(24,922)

Impact of exchange rate changes on cash and cash equivalents

Cash flow from financing activities

1,812

7,407

Net increase (decrease) in cash and cash equivalents(3,159)(8,881)

Balance of cash and cash equivalents at beginning of fiscal year
Increase (decrease) in cash and cash equivalents resulting from93,697132,217－(912)

90,537

122,423transfer to assets possessed for a sales purpose
Balance of cash and cash equivalents at end of quarter- 13 -

(5) Notes to the Quarterly Condensed 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 the allocation ofmanagement resources and assess business performance. No grouping of operating segments has been carried out forreporting purposes.
The NSHD Group conducts gas businesses in Japan and overseas, mainly for customers in the steel, chemical,
electronics, and has production and sales bases for its main products in Japan, the United States, Europe, and Asia &Oceania. In addition, the NSHD Group engages in the manufacture and sale of housewares such as stainless-steel vacuum
bottles. Accordingly, the Company has established the following five reportable segments: Japan, the United States,
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

The 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
petroleum gas (LPG) and related equipment, medical-use gases (oxygen, nitrous

Asia & Oceania

oxide, etc.), medical equipment, stable isotopes
Thermos

Housewares
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 prevailingmarket prices.

(2) Figures of revenue and income (loss) by reportable segment
Three-months ended June 30, 2022 (April 1, 2022 to June 30, 2022)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof Income

The UnitedStatesEuropeAsia &
Oceania

Thermos

95,15068,89164,97639,286

7,679

275,98422

276,006

3,867

6,037

55

755

2

10,718(10,718)－

Total

99,01874,92865,03240,041

7,681

286,702(10,696)

276,006

Segment income (Note 2)

6,011

9,325

8,816

4,615

1,961

30,731(457)

30,274

Japan

Total

Revenue
Revenue to externalcustomers
Revenue from intersegment transactions andtransfers

Notes: 1. The negative adjustment of (¥457) million for segment income is comprised of (¥132) million of intersegment
eliminations and companywide expenses of (¥324) million that were not allocated to any particular reportable segment.
These companywide expenses consist mainly of Group administration expenses at the Company that are not- 14 -

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.

Three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof Income

The UnitedStatesEuropeAsia &
Oceania

Thermos

107,629

82,051

73,146

38,4697,584

308,88022

308,903

3,333

6,002

75

722

3

10,137(10,137)－

Total

110,963

88,05473,22139,192

7,587

319,018(10,115)

308,903

Segment income (Note 2)

11,245

11,191

13,150

4,128

1,427

41,142(394)

40,748

Japan

Total

Revenue
Revenue to externalcustomers
Revenue from intersegment transactions andtransfers

Notes: 1. The negative adjustment of (¥394) million for segment income is comprised of (¥30) million of intersegment eliminations
and companywide expenses of (¥364) million that were not allocated to any particular reportable segment. These
companywide expenses consist mainly of Group administration expenses at the Company that are not attributable toreportable segments.
2. Segment income represents core operating income, which is calculated by excluding from operating income certain gains
or losses attributable to non-recurring factors such as losses arising from business withdrawal or downsizing.
Reconciliation of segment income with income before income taxes is shown below.
(Millions of yen)Three-months ended June 30, 2022
(April 1, 2022 to June 30, 2022)
Segment income

Three months ended June 30, 2023
(April 1, 2023 to June 30, 2023)

30,27440,748(3,397)

－

595

(33)

Operating income

27,472

40,715

Finance income

1,058

1,605

Finance costs(2,990)(6,093)25,54036,226

Loss on arbitration award
Other

Income before income taxes- 15 -