Consolidated Financial Results
for the First Three Quarters of Fiscal Year Ending March 31, 2024
(Based on IFRS)
February 2, 2024
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (Prime)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Keita Kajiyama, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Securities Report: February 9, 2024
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 FYE2024 (April 1, 2023 – December 31, 2023)(1) Operating results
RevenueFirst threequarters of
FYE2024First threequarters of
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)%

928,656

6.4

124,70242.5

124,201

47.2

76,06339.8

73,39440.1

146,16280.2

873,042

26.2

87,53714.7

84,398

10.7

54,414

4.6

52,400

4.5

81,107

10.9(Reference) Income before income taxes
First three quarters of FYE2024: ¥ 108,245 million [44.8%]
First three quarters of FYE2023: ¥ 74,757 million [8.4%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

First three quartersof FYE2024
First three quartersof FYE2023

Basic earnings

Diluted net income

per share (Yen)per share (Yen)

169.56—121.07—(2) Financial position
Total assets(¥ million)

First three quarters of
FYE2024(December 31, 2023)
FYE2023(March 31, 2023)

Total equity(¥ million)

Equity attributable to ownersof the parent (¥ million)

Equity attributable to ownersof the parent ratio (%)

2,392,248

869,590

838,95335.1

2,158,950

757,996

724,314

33.5

- 1 -

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

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2023

—

18.00

—

FYE2024

—

20.00

—

FYE2024 (est.)

20.00

38.00

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)%

1,230,000

3.7

155,000

25.9

163,000

36.4

100,500

32.3(¥ million)

97,000

%

(Yen)

32.7

224.09Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2024 full term: ¥139,000 million (31.7%)* Notes(1) Changes in significant subsidiaries during the period: None
(Transfer of specified subsidiaries resulting in changes in the scope of consolidation)(2) Changes in accounting policies, changes in financial forecasts
1. Changes in accounting policies required by IFRS: None
2. Changes in accounting policies other than 1.: None
3. Changes in accounting estimates: None
(3) Number of outstanding shares (common shares)
1. Number of outstanding shares at the end of
the period (including treasury stock)

As of
Dec. 31, 2023

2. Number of treasury stocks at the end of theperiod
3. Average number of shares during the period

433,092,837
shares

As ofMar. 31, 2023

Dec. 31, 2023

234,331
sharesMar. 31, 2023

232,517
shares

As ofDec. 31, 2023

432,859,414
shares

As ofDec. 31, 2022

432,797,800
shares

As of

As of

433,092,837
shares* Financial reports are out of the scope of audit by certified public accountants or audit corporations.
* Explanation on the appropriate use of the forecasts of financial results and other comments
The forward-looking statements such as the forecasts of financial result stated in this document are based on theinformation currently available on the Company and certain assumptions that the Company judges as rational. The
Company is under no obligation to guarantee their achievement. Actual financial results may vary significantly due tovarious reasons. For details on the assumptions of the forecasts and related matters, please see page 6, “(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..........................................................................

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

15(Segment information) .................................................................................................................................................

15(Significant subsequent events) ...................................................................................................................................

17

- 3 -

9

1． Qualitative Information on Quarterly Financial Results(1) Explanation Concerning Business Results(General Overview)
Nippon Sanso Holdings Group (NSHD Group) delivered positive profit growth for the first three quarters of the fiscal
year under review (from April 1, 2023 to December 31, 2023) despite challenging geopolitical issues, rising tradetensions, global inflation, JPY depreciation, and a soft semiconductor market. Air separation gases (oxygen, nitrogen,and argon) transported via either truck or on-site pipeline to steel, chemical, and petroleum refining sectors, havedecreased compared to the previous fiscal year. In addition, compared to prior year, there has been a moderation in energy
related production and distribution costs, where costs previously had been high.
Furthermore, price management has been successful in passing costs through to our customers and our robust
productivity projects continue to yield positive financial results. These factors enabled the NSHD Group to achieve thefollowing results for the first nine months of the fiscal year currently under review.
Revenue on a consolidated basis increased by 6.4% year-on-year to ¥928,656 million, core operating income increasedby 42.5% to ¥124,702 million, operating income increased by 47.2% to ¥124,201 million, and net income attributable toowners of the parent increased by 40.1% to ¥73,394 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥136.85 to ¥143.78(+¥6.93, or +5.1%), against the EUR from ¥140.83 to ¥156.24 (+¥15.41, or +10.9%). As a result, overall revenue andcore operating income were favorably impacted by approximately ¥38.2 billion and ¥4.7 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to nonrecurring factors such as losses incurred due to business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
(i) Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to sales price revisions against risingcosts, despite lower shipment volumes of core products such as air separation gases and LP gas. In addition, the shipment
volume of specialty gases for the electronics industry declined. In equipment and installation, both industrial gas-related
and electronics-related businesses posted higher revenues, mainly due to medium and large sized projects which areaccounted for on a percentage-of-completion basis. Meanwhile, there was a decrease in revenue due to the conversion
from a consolidated on-site subsidiary to a joint operation entity.
As a result, in the Japan segment, revenue increased by 1.7% year-on-year to ¥305,554 million and segment income
increased by 65.2% to ¥33,265 million.
(ii) United States
In the industrial gas-related business, revenue increased year-on-year mainly due to impact of the weak JPY and sales
price revisions. Air separation gases experienced lower shipment volumes due to soft industrial trends. In equipment andinstallation, industrial gas-related sales were strong, especially for gas-related equipment, and electronics-related sales
were also favorable, thereby increasing sales.
As a result, in the United States segment, revenue increased by 15.0% year-on-year to ¥257,198 million and segment
income increased by 37.5% to ¥35,874 million.
(iii) Europe
Revenue increased in the industrial gas-related business year-on-year mainly due to the impact of the weak JPY
despite slightly lower core product volumes such as air separation gases. Equipment and installation, continues to see
positive performance in both industrial gas-related sales and medical-related equipment. In addition, segment income
increased due to continued emphasis and successful delivery of productivity initiatives and the impact of the weak JPY.
As a result, in the Europe segment, revenue increased by 9.8% year-on-year to ¥223,169 million, and segment income- 4 -increased by 56.1% to ¥39,622 million.
(iv) Asia & Oceania
In the industrial gas-related business, revenue increased year-on-year mainly due to sales price revisions against risingcosts and other factors, despite lower shipment volumes of core products such as air separation gases. In LP gas, ofwhich a large portion of sales are in the Australia region, sales volumes decreased. In the electronics-related business,revenue declined significantly in East Asia due to softness in both gas and equipment demand due to customer inventory
adjustments and postponements of capital investment.
As a result, in the Asia & Oceania segment, revenue decreased by 2.7% year-on-year to ¥119,503 million and segment
income increased by 2.8% to ¥12,662 million. Revenue and segment income were favorably impacted by the weak JPY.
(v) Thermos
In Japan, sales from Portable vacuum-insulated mugs and sports bottles were firm, and revenue increased. Overseas,revenues were flat to the previous fiscal year. Segment income decreased due to rising raw material prices from inflationand production costs increased due to the weak JPY.
As a result, the Thermos segment revenue increased by 2.3% year-on-year to ¥23,163 million, the segment income
decreased by 3.1% to ¥4,337 million.
(2) Explanation Concerning Financial Position
As of the end of the Q3 consolidated accounting period, total assets amounted to ¥2,392,248 million, an increase of¥233,298 million from March 31, 2023. The impact of foreign exchange rates resulted in an increase in total assets ofapproximately ¥119.7 billion. As of the end of the Q3 consolidated accounting period, the yen was down ¥8.30 against
the USD, and down ¥11.40 against the euro from the rates reported on March 31, 2023.
[Assets]
Total current assets amounted to ¥655,382 million, an increase of ¥128,308 million from March 31, 2023, mainlyreflecting increases in cash and cash equivalents and trade receivables.
Total non-current assets were ¥1,736,865 million, an increase of ¥104,990 million from March 31, 2023, mainlyreflecting increases in plant, property and equipment and goodwill.
[Liabilities]
Total current liabilities were ¥576,677 million, an increase of ¥151,520 million from March 31, 2023, mainly due toincreases in bonds and borrowings and other current liabilities.
Total non-current liabilities were ¥945,981 million, a decrease of ¥29,815 million from March 31, 2023. The main
factors were a decrease in bonds and borrowings and an increase in deferred tax liabilities.
[Equity]
Total equity amounted to ¥869,590 million, an increase of ¥111,593 million from March 31, 2023. The main factors
included increases in the recording of net income attributable to owners of the parent, exchange differences ontranslation of foreign operations, and a decrease in retained earnings as a result of dividend payments.
The ratio of equity attributable to owners of the parent stood at 35.1%, up 1.6 percentage points from March 31, 2023.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 21.2% year on year to ¥131,157 million. The main components
were income before income taxes, depreciation and amortization, and corporate income tax payment or refund.
[Cash flow from investing activities]
Net cash used in investing activities increased 30.8% year-on-year to ¥83,689 million. The main use of cash was forthe purchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash provided by financing activities increased to ¥19,677 million from net cash used of ¥28,876 million year-onyear. The main factors were the proceeds from issuance of bonds, repayment of long-term borrowings, and proceedsfrom long-term borrowings.
As a result of the Company’s operating, investing, and financing activities, the balance of cash and cash equivalents as- 5 -of the end of Q3, after accounting for the effects of exchange differences, came to ¥204,365 million.
(3) Explanation Concerning Predictive Information such as Consolidated Business Forecasts
No revisions have been made to the consolidated business forecasts released on October 31, 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 December 31, 2023

AssetsCurrent assets
Cash and cash equivalents
Account receivables

132,217
243,541

204,365
260,013Inventories
Other financial assets

97,612
22,479107,572
25,287

Other current assets

26,152

37,621

Subtotal
Assets possessed for a sales purpose

522,003
5,070

634,860
20,522

527,074

655,382

Property, plant and equipment
Goodwill

776,148
513,685

822,403552,487

Intangible assets
Investments accounted for using the equity method

242,334
38,230247,167
39,826

Other financial assets
Retirement benefit asset

46,7632,810

60,971
2,759

Other non-current assets
Deferred tax assets

8,461
3,442

7,797
3,452

Total non-current assets

1,631,875

1,736,865

2,158,950

2,392,248

Total current assets
Non-current assets

Total assets- 7 -(Millions of yen)
As of March 31, 2023

As of December 31, 2023

Liabilities and equity
Liabilities
Current liabilities
Account payables

128,197

117,944

Bonds and borrowings
Corporate income taxes payable

140,540
16,191

278,968
17,075

Other financial liabilities
Provision

102,119284

105,491
321

Other current liabilities

37,82453,860425,157

573,663－

3,014

Total current liabilities

425,157

576,677

Non-current liabilities
Bonds and borrowings

Subtotal
Liabilities directly pertaining to assets possessed for asales purpose

759,480

715,471

Other financial liabilities
Retirement benefit liabilities

35,693
14,11735,711
14,772

Provision
Other non-current liabilities

5,440
20,364

5,420
20,093

Deferred tax liabilities

140,700

154,511

Total non-current liabilities

975,796

945,9811,400,953

1,522,658

37,34437,344

Capital surplus
Treasury shares

51,610(233)

40,594(239)

Retained earnings
Other components of equity

537,867
97,724594,159
167,093

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

724,31433,682

838,953
30,636

Total equity

757,996

869,590

2,158,950

2,392,248

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 Third Quarter)(Millions of yen)
Nine-months ended
December 31, 2022
Revenue
Cost of sales
Gross operating profit
Selling, general and administrative expenses

Nine-months ended
December 31, 2023

873,042928,656(554,118)(551,642)

318,923

377,014(233,586)(254,973)

Other operating income
Other operating expense

4,454(7,616)2,800(3,072)

Share of profit of investments accounted for using theequity method

2,222

2,432

84,398124,201

Operating income
Finance income

1,653

3,381

Finance costs(11,293)(19,337)

Income before income taxes

74,757108,245

Corporate income taxes(20,343)(32,181)Net income

54,41476,063

Net income attributable to:
Owners of the parent

52,40073,394Non-controlling interests

2,013

2,668

Net income per share
Basic earnings per share (yen)121.07169.56- 9 -Condensed Consolidated Statement of Comprehensive Income(Consolidated Cumulative Third Period)(Millions of yen)
Nine-months ended
December 31, 2022
Net income

Nine-months ended
December 31, 2023
54,41476,063(3,451)

5,531

11

(2)

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

(42)

64

Total of items that will not be reclassified to profit orloss(3,482)

5,593

Exchange differences on translation of foreign
operations

28,95462,521

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

(893)

491

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

2,114

1,492

30,17464,504

Other comprehensive income
Items that will not be reclassified to profit or loss
Financial assets measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans

Items that may be reclassified subsequently to profit orloss

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

26,69270,098Comprehensive income

Total other comprehensive income, net of tax

81,107

146,162

Comprehensive income attributable to:
Owners of the parent

78,693142,994

2,413

3,168

Non-controlling interests- 10 -

(3) Quarterly Condensed Consolidated Statement of Changes in Equity
Nine-months ended December 31, 2022 (April 1, 2022 to December 31, 2022)
Share capital
Balance at April 1, 2022

CapitalsurplusTreasuryshares(Millions of yen)
Retainedearnings

37,34455,945(281)

476,589

Net income

－

－

－

52,400

Other comprehensive income

－

－

－

－

－

－

－

52,400Purchase of treasury shares

－

－

(4)

－

Disposal of treasury shares

－

－

53

－

Dividends－－－(15,579)－(4,171)

－

－

－

－

－

－

－

－

－

609

Change in scope of consolidation

－

－

－

－

Other changes

Comprehensive income

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

－

－

－

－

Total transactions with owners－(4,171)

48(14,970)

Balance at December 31, 2022

37,344

51,774(232)

514,020

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

－

－

－

－

－

52,4002,013

54,41430,768(884)(3,603)

11

26,292

26,292400

26,69230,768(884)(3,603)

11

26,292

78,693

2,413

81,107Purchase of treasury shares

－

－

－

－

－

(4)

－

(4)

Disposal of treasury shares

－

－

－

－

－

53

－

53

Dividends

－

－

－

－

－

(15,579)(885)(16,465)

－

－

－

－

－

(4,171)(1,857)(6,029)

－

－

－

－

－

－

389

389

－

－

(598)

(11)

(609)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

Other comprehensive income
Comprehensive income

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

－

－

－

－

－

－

253

253

Total transactions with owners

－

－

(598)

(11)

(609)

(19,702)(2,101)(21,803)

Balance at December 31, 2022

70,196(516)

15,117－

84,797

687,704

32,736

720,441- 11 -

Nine-months ended December 31, 2023 (April 1, 2023 to December 31, 2023)
Share capital
Balance at April 1, 2023

CapitalsurplusTreasuryshares(Millions of yen)
Retainedearnings

37,344

51,610(233)

537,867

Net income

－

－

－

73,394

Other comprehensive income

－

－

－

－

－

－

－

73,394Purchase of treasury shares

－

－

(5)

－

Disposal of treasury shares

－

－

－

－

Dividends－－－(17,316)－(11,016)

－

－

－

－

－

－

－

－

－

229

Change in scope of consolidation

－

－

－

(16)

Other changes

－

－

－

－

Total transactions with owners－(11,016)(5)(17,102)

Balance at December 31, 2023

37,34440,594(239)

594,159

Comprehensive income

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

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－－－－63,558487

63,558487

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－－

73,394

2,668

76,0635,555(2)69,59969,599499

70,0985,555(2)69,599142,994

3,168

146,162

－

－

－

－

(5)

－

(5)

－

－

－

－

－

－

－

(820)

(18,136)

Total

－

－

－

－

－

(17,316)

－

－

－

－

－

(11,016)(5,260)(16,276)

－

－

－

－

－

－

－

－

－

－

(231)

2

(229)

－

－

－

Change in scope of consolidation

－

－

－

－

－

(16)

－

(16)

Other changes

－

－

－

－

－

－

(133)

(133)

Total transactions with owners

－

－

(231)

2

(229)

(28,354)(6,213)(34,568)

Balance at December 31, 2023

144,730

202

22,159－167,093

838,953

30,636

869,590

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures
Transfer from other components ofequity to retained earnings- 12 -

(4) Quarterly Condensed Consolidated Statement of Cash Flows(Millions of yen)
Nine-months ended
December 31, 2022

Nine-months ended
December 31, 2023

Cash flow from operating activities
Income before income taxes

74,757108,245

Depreciation and amortization
Interest and dividends income

78,880(1,266)

83,049(2,727)

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

11,26819,273(2,222)(2,432)the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

(455)

408

(18,456)(15,595)(Increase) decrease in inventories
Increase (decrease) in trade payables(20,233)
2,643(7,752)(10,059)(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities

(647)
681

(393)
735

Other

9,442

2,445

134,392

175,195

392
5,540

1,893
4,116

Interest paid
Corporate income tax refund (paid)(9,703)(22,395)(19,448)(30,599)

Cash flow from operating activities

SubtotalInterest received
Dividends received

108,226

131,157

Cash flow from investing activities
Payments for purchase of property, plant and equipment(62,176)(80,123)

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

1,771(2,645)933(178)

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

1,505
(107)

755

Proceeds from sale of subsidiaries
Payments for acquisition of businesses
Other

－
－
(2,307)

Cash flow from investing activities(63,960)- 13 -－
154(2,326)(2,904)(83,689)

(Millions of yen)
Nine-months ended
December 31, 2022

Nine-months ended
December 31, 2023

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

22,295(1,398)Net increase (decrease) in commercial papers
Proceeds from long-term borrowings

29,0002,020(1,000)45,542

Repayment of long-term borrowings
Proceeds from issuance of bonds(54,693)(78,915)
99,532－(8,921)

Repayment of lease obligations
Payments for purchase of shares in subsidiaries not(10,036)

resulting in change in scope of consolidation
Dividends paid

(2,737)(16,174)(15,579)(17,316)

Dividends paid to non-controlling interests
Other

(885)
626

(820)
264

Cash flow from financing activities
Impact of exchange rate changes on cash and cash

(28,876)

19,677344

7,739

15,73474,886

93,697132,217－(2,738)equivalents
Net increase (decrease) in cash and cash equivalents
Balance of cash and cash equivalents at beginning of fiscal
year
Increase (decrease) in cash and cash equivalents resulting
from transfer to assets possessed for a sales purpose
Increase in cash and cash equivalents in relation to merger
Balance of cash and cash equivalents at end of quarter- 14 -

104－

109,535

204,365

(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, andelectronics industries, and has production and sales bases for its main products in Japan, 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, 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

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

(2) Figures of revenue and income (loss) by reportable segment
Nine-months ended December 31, 2022 (April 1, 2022 to December 31, 2022)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

300,550

223,608

203,302

122,868

22,639872,97072

873,042

10,353

17,065

187

2,558

14

30,179(30,179)－

Total

310,904

240,673

203,489

125,427

22,654

903,149(30,107)873,042

Segment income (Note 2)

20,13626,09925,387

12,321

4,475

88,420(883)

87,537

Total

Revenue
Revenue from externalcustomers
Revenue from intersegment transactions andtransfers

Notes: 1. The negative adjustment of (¥883) million for segment income is comprised of ¥100 million of intersegment eliminations
and companywide expenses of (¥983) 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 to- 15 -

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.

Nine-months ended December 31, 2023 (April 1, 2023 to December 31, 2023)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeJapan

The UnitedStatesEuropeAsia &
Oceania

Thermos

305,554

257,198

223,169

119,503

23,163

928,58967

928,656segment transactions andtransfers

10,632

17,739

312

2,357

12

31,054(31,054)－

Total

316,186

274,937

223,481

121,860

23,176959,643(30,986)

928,656

Segment income (Note 2)

33,26535,874

39,622

12,662

4,337

125,762(1,060)124,702

Total

Revenue
Revenue from externalcustomers
Revenue from inter-

Notes: 1. The negative adjustment of (¥1,060) million for segment income is comprised of ¥47 million of intersegment eliminations
and companywide expenses of (¥1,107) 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)
Nine-months ended December 31, 2022
(April 1, 2022 to December 31, 2022)

Nine-months ended December 31, 2023
(April 1, 2023 to December 31, 2023)

87,537

124,702596－(3,542)

－

(144)

－

(48)

(500)

Operating income

84,398124,201

Finance income

1,653

3,381

Finance costs(11,293)(19,337)

74,757108,245

Segment income
Proceeds from sale of fixed assets
Loss on arbitration award
Share of profit (loss) of investments
accounted for using the equity method
Other

Income before income taxes- 16 -

(Significant subsequent events)(Early Redemption of Hybrid Bonds (Public Subordinated Bonds))
Nippon Sanso Holdings Corporation (NSHD; formerly Taiyo Nippon Sanso Corporation) hereby announces that it will
implement the complete early redemption of following hybrid bonds (subordinated bonds) (“the Hybrid Bonds”), which
NSHD issued on January 29, 2019.
1. Background to Early Redemption of the Hybrid Bonds
As announced in the "Notice Regarding Issue of Hybrid Bonds (Public Subordinated Bonds)" dated December 4, 2018,
NSHD has issued the Hybrid Bonds as a means of raising funds to help maintain its financial soundness while avoiding adecline in capital efficiency due to share dilution.
As the initial optional redemption date of January 29, 2024 is approaching, with consideration for financial soundness
based on investment for growth and the cash-in-hand situation, NSHD has decided that complete early redemption will
increase the flexibility of its financial strategy and contribute to improving corporate value.
2. Details of Early Redemption
The details of the early redemption are as follows.
(1) Bonds to be redeemed prior tothe maturity date

Taiyo Nippon Sanso Corporation
1st Series Deferrable Interest and Callable Unsecured Subordinated Bonds(2) Amount of issue

100 billion yen(3) Payment date

January 29, 2019(4) Maturity date

January 29, 2054

(5) Early redemption date

January 29, 2024 (initial redemption date)(6) Total early redemption amount

100 billion yen(7) Early redemption price

100 yen for bonds with face value of 100 yen- 17 -