Consolidated Financial Results
for the First Three Quarters of Fiscal Year Ending March 31, 2023
(Based on IFRS)
February 2, 2023
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 Quarterly Securities Report: February 10, 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 the first three quarters of FYE2023 (April 1, 2022 – December 31, 2022)(1) Operating results
RevenueFirst threequarters of
FYE2023First threequarters of
FYE2022Core 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)%

873,042

26.2

87,53714.7

84,398

10.7

54,414

4.6

52,400

4.5

81,107

10.9

691,535

16.8

76,31626.2

76,25620.7

52,00835.9

50,13634.3

73,151

10.8(Reference) Income before income taxes
First three quarters of FYE2023: ¥ 74,757 million [8.4 %]First three quarters of FYE2022: ¥ 68,991 million [26.1%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
Basic earnings
per share (Yen)First three quartersof FYE2023
First three quartersof FYE2022

Diluted net income
per share (Yen)

121.07－115.85－

Total assets(¥ million)

Total equity(¥ million)(2) Financial position

First three quarters of
FYE2023(December 31, 2022)
FYE2022(March 31, 2022)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent ratio(%)

2,109,908

720,441

687,704

32.6

1,977,026

661,137

628,71431.8-1-

2. Dividends
Annual Dividendst

End of 1 quarternd

End of 2 quarterEnd of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2022

－

16.00

－

FYE2023

－

18.00

－

FYE2023(est.)

18.00

34.00

18.00

36.00

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

3. Forecasts for business operations for FYE2023 full term (April 1, 2022 – March 31, 2023)
Core operating
incomeRevenue

Full term(¥ million)%

1,160,000

21.2(¥ million)

115,000%

Operating income(¥ million)

12.0

113,000%

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

Net income(¥ million)

70,500%(¥ million)

5.8%

68,000(Yen)

6.1

157.11

Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2023 full term: ¥99,000 million [8.1%]* 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, 2022

433,092,837
shares

As ofMar. 31, 2022

433,092,837
shares

2. Number of treasury stocks at the end of theperiodAs ofDec. 31, 2022

232,218
shares

As ofMar. 31, 2022

344,870
shares

3. Average number of shares during the period

Dec. 31, 2022

432,797,800
sharesDec. 31, 2021

432,749,531
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 varysignificantly due to various reasons. For details on the assumptions of the forecasts and related matters, pleasesee 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 to going concern assumption)…………………………………………………………………………………

15(Segment information) …………………………………………………………………………………………………

15

-3-

9

1. Qualitative information on quarterly financial results(1) Explanation Concerning Business Results(General overview)
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first three quarters of the
fiscal year under review (from April 1, 2022 to December 31, 2022), we have faced a challenging and unpredictableenvironment due to geopolitical issues in Ukraine, trade tensions between the US and China, a global energy cost surge, global
inflation, and Yen depreciation. These items result in shipment volumes of air separation gases (oxygen, nitrogen, argon), ourmain product, decreasing from the previous fiscal year. However, due to pass through, cost recovery, pricing management, andsolid productivity initiatives, the NSHD Group achieved the following results for the first three quarters of the fiscal year underreview.
Revenue on a consolidated basis increased 26.2% year-on-year to ¥873,042 million, core operating income increased 14.7%
to 87,537 million, operating income increased 10.7% to 84,398 million, and net income attributable to owners of the parent
increased 4.5% to 52,400 million.
As for the impact of foreign exchange rates year-on-year, Yen depreciated against the USD from ¥111.45 to ¥136.85(+¥25.40, or +22.8%), against the Euro from ¥130.96 to ¥140.83 (+¥9.87, or +7.5%), and against the AUD from ¥82.69 to¥93.16 (¥10.47, or +12.7%). As a result, overall revenue and core operating income were favorably impacted byapproximately ¥62.7 billion and ¥7.9 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.
Effective from the first three quarters of the current fiscal year, the names of the reportable segments, which were previously"Gas Business in Japan," " Gas Business in the United States," " Gas Business in Europe," " Gas Business in Asia & Oceania,"
and "Thermos Business," were changed to "Japan," " United States," "Europe," " Asia & Oceania," and "Thermos" in thatorder, without impact on the segment information.
Segment income represents core operating income.
(1) Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to the price revisions in conjunction withincreased costs, despite a decrease in shipment volume on core product air separation gases as well as on LP gas. In theelectronics-related business, electronic material gases revenue increased firmly. In equipment and installation, both industrial
gas-related and electronics-related revenue increased.
Segment income decreased due to the time lag between manufacturing and distribution cost increases related to energy andgeneral inflation, etc., and the ability to recover them from customers.
As a result, in the Japan segment, revenue increased 12.7% year-on-year to ¥300,550 million and segment income decreased
10.4% to ¥20,136 million.
(2) United States
In the industrial gas-related business, shipment volume of air separation gases, a core product, were on par with prior year.
However, revenue increased year-on-year mainly due to price revisions in conjunction with cost increases. Revenue fromcarbon dioxide gases was strong especially dry-ice. In equipment and installation, industrial gas-related revenue increased
significantly in the hardgoods for welding and cutting related, while electronics-related revenue were essentially flat.
As a result, in the United States segment, revenue increased 36.2% year-on-year to ¥223,608 million and segment income
increased 27.7% to ¥26,099 million. Moreover, revenue and segment income were favorably impacted by the weak JPY.
(3) Europe
Revenue increased sharply from air separation gases, a core product, although shipment volumes declined due to energy
intensive customers slowing production and operational activities. This reflects successful pricing efforts offsetting asignificant surge in both energy and inflations. In addition, productivity and cost reduction efforts remain a key focus of thebusiness.

-4-

As a result, in the Europe segment, revenue increased 36.2% year-on-year to ¥203,302 million, and segment income
increased 30.7% to ¥25,387 million. Moreover, revenue and segment income were favorably impacted by the weak JPY.
(4) Asia & Oceania
In the industrial gas-related business, shipment volume in air separation gas, a core product, remained firm, and sales
revenue increased. In LP gas, of which a large portion of sales are in the Australia region, revenue increased due to priceincreases linked to higher purchase costs and firm volume trends. In electronic-related business, revenue increased from robust
sales for both gases and equipment.
As a result, in the Asia & Oceania segment, revenue increased 35.3% year-on-year to ¥122,868 million and segment income
increased 26.6% to ¥12,321 million. Moreover, revenue and segment income were favorably impacted by the weak JPY.
(5) Thermos
In Japan, due to milder restrictions for outside activities from Spring 2022, sales of portable mugs and sports bottles were
firm, and sales for the kitchenware products such as frying pans were also strong, contributing to the increase in revenue.
Overseas, revenues are generally firm. Segment income decreased because of both rising raw material prices due to inflationand production costs increasing due to the weak JPY.
As a result, the Thermos segment revenue increased 11.2% year-on-year to ¥22,639 million, the segment income decreased
9.7% to ¥4,475 million.
(2) Explanation concerning financial position
As of the end of the Q3 consolidated accounting period, total assets amounted to ¥2,109,908 million, an increase of¥132,882 million from March 31, 2022. The impact of foreign exchange rates resulted in an increase in total assets ofapproximately ¥74.5 billion. As of the end of the Q3 consolidated accounting period, the yen was down ¥10.31 against the
USD, and down ¥4.77 against the euro from the rates it marked on March 31, 2022.
[Assets]
Total current assets amounted to ¥508,287 million, an increase of ¥85,793 million from March 31, 2022, mainly reflecting
increases in operating receivables and inventories.
Total non-current assets were ¥1,601,621 million, an increase of ¥47,088 million from March 31, 2022, mainly reflecting
increases in tangible fixed assets and goodwill.
[Liabilities]
Total current liabilities were ¥433,017 million, an increase of ¥101,422 million from March 31, 2022, mainly due toincreases in bonds, borrowings and other financial liabilities.
Total non-current liabilities were ¥956,449 million, a decrease of ¥27,843 million from March 31, 2022. The main factors
were an increase in deferred tax liabilities, and a decrease in bonds and borrowings.
[Equity]
Total equity amounted to ¥720,441 million, an increase of ¥59,303 million from March 31, 2022. The main factors were an
increase in net income attributable to owners of the parent, a decrease in dividends from retained earnings, and an increase in
exchange differences on translation of foreign operations.
The ratio of equity attributable to owners of the parent stood at 32.6%, up 0.8 percentage points from March 31, 2022.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 11.2% year-on-year to ¥108,226 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 35.5% year-on-year to ¥63,960 million. The primary use of cash was thepurchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash used in financing activities decreased 53.5% year-on-year to ¥28,876 million. The main components wererepayment of long-term borrowings and net increases (decreases) in commercial papers and short-term borrowings.
As a result, after considering exchange differences, the balance of cash and cash equivalents as of the end of Q3 came to¥109,535 million.

-5-(3) Explanation concerning predictive information such as consolidated business forecasts
No revisions have been made to the consolidated business forecasts released on November 1, 2022.

-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, 2022

As of December 31, 2022

AssetsCurrent assets
Cash and cash equivalents
Trade receivables

93,697
218,480

109,535
243,432

Inventories
Other financial assets

80,064
7,310

103,090
24,553

Other current assets

22,94027,674

Total current assets
Non-current assets

422,493508,287

Property, plant and equipment
Goodwill

729,658
485,190762,266
503,974

Intangible assets
Investments accounted for using the equity method

241,320
35,700240,788
36,286

Other financial assets
Retirement benefit asset

55,4102,468

50,923
2,674

Other non-current assets
Deferred tax assets

1,163
3,619

1,301
3,405

Total non-current assets

1,554,532

1,601,621

1,977,026

2,109,908

Total assets-7-

(Millions of yen)
As of March 31, 2022

As of December 31, 2022

Liabilities and equity
Liabilities
Current liabilities
Trade payables

115,123

120,557

Bonds and borrowings
Income taxes payable

110,595
9,746

174,642
9,281

Other financial liabilities
Allowance

65,228
1,068

92,355316

Other current liabilities

29,83235,864

Total current liabilities

331,595

433,017

Non-current liabilities
Bonds and borrowings

779,749

737,964

Other financial liabilities
Retirement benefit liabilities

31,231
14,16535,922
14,736

Allowance
Other non-current liabilities

5,107
20,918

5,242
22,568Deferred tax liabilities

133,120140,015

Total non-current liabilities
Total liabilities
EquityShare capital

984,292

956,449

1,315,888

1,389,467

37,34437,344

Capital surplus
Treasury stock

55,945(281)

51,774(232)

Retained earnings
Other components of equity

476,589
59,115514,020
84,797

Total equity attributable to owners of parent

628,714687,704

Non-controlling interests

32,42332,736

Total equity

661,137

720,441

1,977,026

2,109,908

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, 2021
Revenue
Cost of sales
Gross operating profit
Selling, general and administrative expenses

Nine-months ended
December 31, 2022

691,535

873,042(426,569)(554,118)

264,966

318,923(191,052)(233,586)

Other operating income
Other operating expense

1,704(1,590)4,454(7,616)

Share of profit of investments accounted for using theequity method

2,228

2,222

76,256

84,398Operating profit
Finance income

1,634

1,653

Finance costs(8,900)(11,293)

Income before income taxes

68,99174,757

Corporate income tax(16,982)(20,343)

Net income

52,00854,414

Net income attributable to:
Owners of the parent

50,13652,400Non-controlling interests

1,872

2,013

115.85121.07

Net income per share
Basic quarterly earnings per share (yen)-9-Condensed Consolidated Statement of Comprehensive Income(Consolidated cumulative third quarter)(Millions of yen)
Nine-months ended
December 31, 2021
Net income

Nine-months ended
December 31, 2022
52,00854,414

8,167(3,451)32

11

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

53

(42)

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

8,253

(3,482)

11,883

28,954

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

(61)

(893)

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

1,067

2,114

12,88930,174

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

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

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

21,142

26,692Comprehensive income

Total other comprehensive income, net of tax

73,151

81,107

Comprehensive income attributable to:
Owners of the parent

71,17478,693

1,976

2,413

Non-controlling interests- 10 -

(3) Quarterly Condensed Consolidated Statement of Changes in Equity
Nine-months ended December 31, 2021 (April 1, 2021 to December 31, 2021)
Share capital
Balance at April 1, 2021

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,901(273)

422,838

Net income

－

－

－

50,136

Other comprehensive income

－

－

－

－

－

－

－

50,136

Purchase of treasury stock

－

－

(5)

－

Disposal of treasury stock

－

0

0

－

Dividends－－－(13,853)

－

(79)

－

－

－

－

－

－

－

－

－

2,552

Change in scope of consolidation

－

－

－

43

Other changes

－

－

－

(0)

－

(79)

(5)

(11,257)

37,34455,822(279)

461,716Comprehensive income

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

Total transactions with owners

Balance as of December 31, 2021

Other components of equity

Balance at April 1, 2021

Net income

Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasuremen
ts of defined
benefit plans(18,029)71

15,310－Total equity
attributableto owners ofparentNoncontrollinginterests

Total equity(2,646)513,164

30,736543,900

Total

－

－

－

－

－

50,136

1,872

52,008

12,849

(60)

8,217

32

21,03821,038104

21,142

12,849

(60)

8,217

32

21,03871,174

1,976

73,151

Purchase of treasury stock

－

－

－

－

－

(5)

－

(5)

Disposal of treasury stock

－

－

－

－

－

0

－

0

Dividends

－

－

－

－

－

(13,853)(991)(14,844)

－

－

－

－

－

(79)

129

49

－

－

－

－

－

－

－

－

－

－

(2,519)(32)(2,552)－－－

Change in scope of consolidation

－

－

－

－

－

43

－

43

Other changes

－

－

－

－

－

(0)

179

179

－

－

(2,519)(32)(2,552)(13,895)(682)(14,578)(5,180)11

21,008－15,839570,443

32,029602,473

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 as of December 31, 2021

- 11 -

Nine-months ended December 31, 2022 (April 1, 2022 to December 31, 2022)
Share capital
Balance as of April 1, 2022

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,945(281)

476,589

Net income

－

－

－

52,400

Other comprehensive income

－

－

－

－

－

－

－

52,400Purchase of treasury stock

－

－

(4)

－

Disposal of treasury stock

－

－

53

－

Dividends－－－(15,579)－(4,171)

－

－

－

－

－

－

－

－

－

609

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

－

(4,171)

48(14,970)

37,344

51,774(232)

514,020

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 as of December 31, 2022

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasuremen
ts of defined
benefit plans

39,428368

19,319－－－－30,768(884)

30,768(884)

Purchase of treasury stock－

Disposal of treasury stock－

Balance as of April 1, 2022

Net income
Other comprehensive income
Comprehensive income

Dividends

Total equity
attributableto owners ofparentNoncontrollinginterests

Total equity

59,115

628,71432,423

661,137－－

52,4002,013

54,414(3,603)

11

26,292

26,292400

26,692(3,603)

11

26,292

78,693

2,413

81,107

－

－

－

－

(4)

－

(4)

－

－

－

－

53

－

53

(885)

(16,465)

Total

－

－

－

－

－

(15,579)

－

－

－

－

－

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

－

－

－

－

－

－

389

389

－

－

(598)

(11)

(609)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

253

253

－

－

(598)

(11)

(609)

(19,702)(2,101)(21,803)70,196(516)

15,117－

84,797

687,704

32,736

720,441

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

Total transactions with owners

Balance as of December 31, 2022

- 12 -

(4) Quarterly Condensed Consolidated Statement of Cash Flows(Millions of yen)
Nine-months ended
December 31, 2021

Nine-months ended
December 31, 2022

Cash flow from operating activities
Income before income taxes

68,99174,757

Depreciation and amortization
Interest and dividends income

68,339(857)

78,880(1,266)

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

8,742

11,268(2,228)(2,222)the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

73

(455)

(23,766)(18,456)(Increase) decrease in inventories
Increase (decrease) in trade payables(10,956)
9,832(20,233)
2,643(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities

(432)
806

(647)
681

Other

1,655

9,442

120,199

134,392

137
3,427

392
5,540

Interest paid
Corporate income tax payment or refund(8,274)(18,126)(9,703)(22,395)

Cash flow from operating activities

SubtotalInterest received
Dividends received

97,364

108,226

Cash flow from investing activities
Payments for purchase of property, plant and equipment(50,343)(62,176)

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

904
(943)

1,771
(2,645)

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

5,332
(520)

1,505
(107)

Proceeds from sale of subsidiaries
Other

0(1,636)－(2,307)

Cash flow from investing activities(47,207)(63,960)- 13 -

(Millions of yen)
Nine-months ended
December 31, 2021

Nine-months ended
December 31, 2022

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

18,774

22,295

Net increase (decrease) in commercial papers
Proceeds from long-term borrowings(7,000)13,94229,000
2,020

Payments for repayment of long-term borrowings
Proceeds from issuance of bonds(76,182)
25,000(54,693)

Payments for redemption of bonds
Payments for repayment of lease obligations(15,000)(6,595)－(8,921)(199)(2,737)(13,853)(991)(15,579)
(885)

(43)

626

Payments for purchase of shares in subsidiaries not
resulting in change in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other
Cash flow from financing activities－(62,149)(28,876)

Impact of exchange rate changes on cash and cash
equivalents

(674)

344

Net increase (decrease) in cash and cash equivalents(12,666)

15,734

Balance of cash and cash equivalents at beginning of fiscal
year

91,05893,697

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

253－

Increase in cash and cash equivalents in relation to merger－

104

78,645109,535

Balance of cash and cash equivalents at end of quarter- 14 -

(5) Notes to the Quarterly Condensed Consolidated Financial Statements(Notes to going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments concern the components of the NSHD Group about which separate financial
information is available and which are evaluated regularly by the Board of Directors to decide 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, mainly for customers in the steel, chemical, and electronics industries, andhas built production and sales facilities for its main products in Japan, the United States, Europe, and Asia & Oceania. In
addition, the NSHD Group conducts 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.
(Matters regarding change of the names of the reportable segments)
Effective from the just-ended consolidated third quarter, the names of the reportable segments, which were previously"Gas Business in Japan," "Gas Business in the United States," "Gas Business in Europe," "Gas Business in Asia &Oceania," and "Thermos Business," were changed to "Japan," "United States," "Europe," "Asia & Oceania," and"Thermos" in that order.
These changes have no impact on segment information.
For the previous consolidated cumulative third quarter, the reportable segments are indicated with their new names.
The principal products and services included in the five reportable segments are shown in the table below.
Reportable segment

Main products and services

Japan

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

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

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

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

Thermos

Housewares
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 and transfers is based primarily on
prevailing market prices.

- 15 -

(2) Figures of revenue and income (loss) by reportable segment
Nine-months ended December 31, 2021 (April 1, 2021 to December 31, 2021)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementsof IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

266,755

164,236

149,249

90,782

20,361

691,385150

691,535

segment transactions andtransfers

7,419

12,564

146

2,620

11

22,762(22,762)－

Total

274,174

176,800

149,396

93,403

20,372

714,147(22,611)

691,535

Segment income (Note 2)

22,474

20,43919,430

9,734

4,953

77,032(715)

76,316

Total

Revenue
Revenue to externalcustomers
Revenue from inter-

Notes: 1. The (¥715) million negative adjustment for segment income is comprised of ¥164 million of intersegment eliminations
and companywide expenses of (¥879) 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.

- 16 -

Nine-months ended December 31, 2022 (April 1, 2022 to December 31, 2022)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementsof IncomeJapan

The UnitedStatesEuropeAsia &
Oceania

Thermos

300,550

223,608

203,302

122,868

22,639872,97072

873,042segment transactions andtransfers

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 to externalcustomers
Revenue from inter-

Notes: 1. The (¥883) million negative adjustment 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 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, 2021
(April 1, 2021 to December 31, 2021)

Nine-months ended December 31, 2022
(April 1, 2022 to December 31, 2022)

76,31687,537

Proceeds from sale of fixed assets－

596

Loss on arbitration award－(3,542)

－

(144)

(59)

(48)

76,256

84,398Finance income

1,634

1,653

Finance costs(8,900)(11,293)

68,99174,757

Segment income

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

Income before income taxes- 17 -