Consolidated Financial Results
for the First half of Fiscal Year Ending March 31, 2023
(Based on IFRS)
November 1, 2022
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: November 10, 2022
Scheduled date to commence dividend payments: December 1, 2022
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 half of FYE2023 (April 1, 2022 – September 30, 2022)(1) Operating results
RevenueCore 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)%

First half of
FYE2023

573,69928.2

56,185

12.7

53,872

8.2

36,422

3.6

35,1492.5

95,894

143.5

First half of
FYE2022447,374

16.4

49,84435.7

49,79935.8

35,15463.0

34,291

63.3

39,383

2.3(Reference) Income before income taxes
First half of FYE2023: ¥ 49,641million [10.3%]
First half of FYE2022: ¥ 45,026million [46.1%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable tonon-recurring factors (non-recurring items).
Basic earnings
per share (Yen)First half of
FYE2023First half of
FYE2022

Diluted net income
per share (Yen)

81.22

－

79.24

－

(2) Financial position
Total assets(¥ million)

First half of FYE2023(September 30, 2022)
FYE2022(March 31, 2022)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent ratio(%)

2,155,691

743,006

710,49933.0

1,977,026

661,137

628,714

31.8

- 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: Revisions have been made to recently announced forecasts: Yes(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
Sep.30, 2022

433,092,837
shares

As ofMar. 31, 2022

433,092,837
shares

2. Number of treasury stocks at the end of theperiodAs of
Sep.30, 2022

231,466
shares

As ofMar. 31, 2022

344,870
shares

3. Average number of shares during the period

Sep.30, 2022

432,770,724
sharesSep.30, 2022

432,749,892
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 5, “(3) Explanation concerning predictive Information such as forecasts for business operations” in “1.
General information relating to the first half results.”- 2 -○ Contents
1. General information relating to the first half results…………………………………………………………………………

2(1) Explanation concerning business results…………………………………………………………………………………

2(2) Explanation concerning financial position………………………………………………………………………………

3(3) Explanation concerning predictive information such as forecasts for business operations………………………………

3

2. Condensed consolidated financial statements and main notes………………………………………………………………

4(1) Condensed Consolidated Statement of Financial Position………………………………………………………………
(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive
Income………………………………………………………………………………………………………………………
(3) Condensed Consolidated Statement of Changes in Equity………………………………………………………………

4(4) Condensed Consolidated Statement of Cash Flows……………………………………………………………………

10(5) Notes to the Condensed Consolidated Financial Statements……………………………………………………………

11(Note regarding going concern assumption) ……………………………………………………………………………

11(Segment information) …………………………………………………………………………………………………

11

- 3 -

6
8

1. General information relating to the first half results(1) Explanation concerning business results(General overview)
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first half of the fiscal year
under review (from April 1, 2022 to September 30, 2022), we faced severe business environment where there were many
uncertainties in the economic outlook, such as global energy cost surge largely due to the prolonged crisis in Ukraine, pricehikes across the globe, and further depreciation of the Yen. Nevertheless, the shipment volume of air separation gases (oxygen,nitrogen, and argon) remained relatively flat compared to the same period of the previous fiscal year.
Under such circumstances, the NSHD Group achieved the following results for the first half of the fiscal year under review.
Revenue on a consolidated basis increased 28.2% year-on-year to ¥573,699 million, core operating income increased 12.7% to¥56,185 million, operating income increased 8.2% to ¥53,872 million, and net income attributable to owners of the parent
increased 2.5% to ¥35,149 million.
As for the impact of foreign exchange rates year-on-year, the Yen depreciated against the USD from ¥110.10 to ¥135.30(+¥25.20, or +22.9%), against the Euro from ¥131.16 to ¥139.14 (+¥7.98, or +6.1%), and against the AUD from ¥82.33 to¥93.51 (¥11.18, or +13.6%). As a result, overall revenue and core operating income were favorably impacted by approximately¥39.7 billion and ¥5.2 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 Gas Business in Japan
In the industrial gas-related business, revenue increased year-on-year due to higher selling prices for air separation gases,
a core product, and LP gas in conjunction with cost increases, although shipment volume declined. Meanwhile, in theelectronics-related business, revenue from electronic materials gases increased. In equipment and installation, both industrial
gas-related, and electronics-related revenues increased compared to the previous year. On the other front, segment income
decreased due to the time lag between manufacturing and distribution cost increases related to energy and general inflation,etc., and the ability to recover it from customers.
As a result, in the Gas Business in Japan, revenue increased 12.2% year-on-year to ¥194,406 million and segment income
decreased 9.1% to ¥12,721 million.
② Gas Business in the United States
In the industrial gas-related business, shipment volume as well as revenue of air separation gases, a core product, were on
par with those a year earlier, and sales of other bulk products increased. Sales from carbon dioxide gases, especially dry-ice,were strong. In equipment and installation, revenue from welding and cutting equipment increased significantly compared tothe previous year, and sales of the electronics-related business were strong.
As a result, in the Gas Business in the United States, revenue increased 35.9% year-on-year to ¥145,961 million andsegment income increased 14.0% to ¥16,072 million. Moreover, revenue and segment income were favorably impacted by
the depreciation of the Yen.
③ Gas Business in Europe
In the industrial gas-related business, revenue from air separation gases, a core product, despite flat shipment volumes,
increased sharply, reflecting successful price initiatives offsetting significant surge in energy and other costs. Other
businesses were also firm.
As a result, in the Gas Business in Europe, revenue increased 43.6% year-on-year to ¥136,308 million, and segment
income increased 25.1% to ¥15,908 million. Moreover, revenue and segment income were favorably impacted by thedepreciation of the Yen.

- 4 -

④ Gas Business in Asia & Oceania
In the industrial gas-related business, revenue increased year-on-year due to favorable sales in package gas, and on-sitebusiness, offsetting sluggish shipment volume of air separation gas, a core product. In LP gas, of which a large portion ofsales are in the Australia region, revenue continued to increase due to the pass-through of higher costs unto customers andsteady sales volume. In electronic-related business, revenue increased due to steady sales of both gases and equipment.
As a result, in the Gas Business in Asia & Oceania, revenue increased 38.8% year-on-year to ¥81,803 million andsegment income increased 34.6% to ¥8,943 million. Moreover, revenue and segment income were favorably impacted by thedepreciation of the Yen.
⑤ Thermos Business
In Japan, the Thermos Business revenue significantly increased year on year due to steady sales of portable mugs andsports bottles after stay-at-home measures were relaxed since the beginning of the new fiscal year, and strong sales of frying
pans and other new products. Overseas, revenues generally increased.
As a result, the Thermos Business revenue increased 17.9% year-on-year to ¥15,169 million, and segment income
increased 11.0% to ¥3,309 million.
(2) Explanation concerning financial position
Total assets amounted to ¥2,155,691 million as of September 30, 2022, an increase of ¥178,665 million from March 31,
2022. The impact of foreign exchange rates resulted in an increase in total assets of approximately ¥137.4 billion. This mainlyreflected foreign exchange rate changes, such as the Yen depreciation of ¥22.42 against the USD and that of ¥5.62 against Euroas of September 30, 2022, compared with the rates as of March 31, 2022.
[Assets]
Total current assets amounted to ¥497,503 million as of September 30, 2022, an increase of ¥75,010 million from March 31,
2022, mainly reflecting increases in other financial assets and inventories.
Total non-current assets were ¥1,658,188 million, an increase of ¥103,655 million from March 31, 2022, mainly reflecting
increases in property, plant and equipment and goodwill.
[Liabilities]
Total current liabilities were ¥425,504 million, an increase of ¥93,908 million from March 31, 2022, mainly due to increases
in bonds and borrowings and other financial liabilities.
Total non-current liabilities were ¥987,180 million, an increase of ¥2,887 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 ¥743,006 million, an increase of ¥81,869 million from March 31, 2022. The main factors were an
increase in exchange differences on translation of foreign operations and quarterly profit attributable to owners of the parent.
The equity attributable to owners of the parent ratio stood at 33.0%, up 1.2 percentage points from the previous fiscal yearend.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 8.2% year-on-year to ¥72,122 million. The main components wereincome before income taxes, depreciation and amortization, and an increase (decrease) in inventories.
[Cash flow from investing activities]
Net cash used in investing activities increased 41.4% year-on-year to ¥42,252 million. The primary use of cash was forpurchasing of property, plant and equipment.
[Cash flow from financing activities]
Net cash used in financing activities decreased 40.8% year-on-year to ¥25,448 million. The main components wererepayment of long-term borrowings, a net increase (decrease) in short-term borrowings, and dividends paid.
As a result of the Company’s operating, investing, and financing activities, the balance of cash and cash equivalents as of
September 30, 2022, after considering the effects of exchange rate changes, was ¥101,015 million.
(3) Explanation concerning predictive information such as forecasts for business operations
The Company has revised its forecasts for business operations for the full term of the fiscal year ending March 31, 2023. For
details, please refer to the "Notice Regarding Earnings Forecast Revisions" released today (November 1, 2022).

- 5 -2. Condensed consolidated financial statements and main notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
As of Mar. 31, 2022

As of Sep. 30, 2022

AssetsCurrent assets:
Cash and cash equivalents
Trade receivables

93,697
218,480

101,015
236,473

Inventories
Other financial assets

80,064
7,310

98,941
28,877

Other current assets

22,94032,196

Total current assets
Non-current assets:

422,493

497,503

Property, plant and equipment
Goodwill

729,658
485,190794,580
518,138

Intangible assets
Investments accounted for using the equity method

241,320
35,700249,20238,807

Other financial assets
Retirement benefit asset

55,4102,468

50,221
2,577

Other non-current assets
Deferred tax assets

1,163
3,619

1,204
3,455

Total non-current assets

1,554,532

1,658,188

1,977,026

2,155,691

Total assets- 6 -(Millions of yen)
As of Mar. 31, 2022

As of Sep. 30, 2022

Liabilities and equity
Liabilities
Current liabilities:
Trade payables
Bonds and borrowings

115,123
110,595

124,672
158,583

Income taxes payable
Other financial liabilities

9,746
65,22813,766
92,093

Allowance
Other current liabilities

1,068
29,832347
36,041

Total current liabilities

331,595

425,504

Non-current liabilities:
Bonds and borrowings

779,749

760,032

Other financial liabilities
Retirement benefit liabilities

31,231
14,16535,503
14,841

Allowance
Other non-current liabilities

5,107
20,918

5,387
27,963

Deferred tax liabilities

133,120

143,452

Total non-current liabilities

984,292

987,180

1,315,888

1,412,684

37,34437,344

Capital surplus
Treasury stock

55,945(281)

51,563(230)

Retained earnings
Other components of equity

476,589
59,115504,569
117,251

Total equity attributable to owners of parent
Non-controlling interests

628,71432,423

710,499
32,507

Total equity

661,137

743,006

1,977,026

2,155,691

Total liabilities
EquityShare capital

Total liabilities and equity- 7 -(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Profit or Loss
(H1 Consolidated Cumulative Period)(Millions of yen)Six-months ended
September 30, 2021

Six-months ended
September 30, 2022

Revenue
Cost of sales

447,374(273,530)

573,699(366,611)

Gross profit

173,843

207,088(125,661)
1,264(152,456)
3,704(1,041)(5,558)

1,394

1,093

49,79953,872

1,060(5,833)

2,392(6,623)45,02649,641(9,872)(13,219)

35,15436,422

34,291862

35,149
1,272

79.24

81.22

Selling, general and administrative expenses
Other operating income
Other operating expense
Share of profit of investments accounted for using theequity method
Operating profit
Finance income
Finance costs
Income before income taxes
Income taxes
ProfitProfit attributable to:
Owners of parent
Non-controlling interests
Net income per share
Basic earnings per share (Yen)- 8 -Condensed Consolidated Statement of Comprehensive Income(H1 Consolidated Cumulative Period)(Millions of yen)Six-months ended
September 30, 2021
ProfitSix-months ended
September 30, 2022
35,15436,422

4,358(4,438)

0

19

39

(40)

4,397

(4,459)(1,010)62,676

(102)

(884)

944

2,138

(168)

63,9304,229

59,471

39,383

95,894

38,596786

93,903
1,990

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
Share of other comprehensive income of investments
accounted for using the equity method
Total of items that will not be reclassified to profit orloss
Items that may be reclassified subsequently to profit orloss
Exchange differences on translation of foreign
operations
Effective portion of net change in fair value of cash
flow hedges
Share of other comprehensive income of investments
accounted for using the equity method
Total of items that may be reclassified subsequently
to profit or loss
Total other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests- 9 -(3) Condensed Consolidated Statement of Changes in Equity
Six-months ended September 30, 2021 (April 1, 2021 to September 30, 2021)
Share capital
Balance at April 1, 2021

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,901(273)

422,838

Net income

－

－

－

34,291Other comprehensive income

－

－

－

－

－

－

－

34,291

Purchase of treasury stock

－

－

(4)

－

Disposal of treasury stock

－

0

0

－

Dividends－－－(6,926)

－

27

－

－

－

－

－

－

－

－

－

2,225

Change in scope of consolidation

－

－

－

43

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

－

27

(4)

(4,657)

Balance at September 30, 2021

37,34455,929(278)

452,472

Other components of equity

Balance at April 1, 2021

Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans(18,029)71

15,310－Total equity
attributableto owners ofparentNoncontrollinginterests

Total equity(2,646)513,164

30,736543,900

Total

Net income

－

－

－

－

－

34,291

862

35,154

Other comprehensive income

22

(101)

4,383

0

4,304

4,304

(75)

4,229

22

(101)

4,383

0

4,304

38,596786

39,383Purchase of treasury stock

－

－

－

－

－

(4)

－

(4)

Disposal of treasury stock

－

－

－

－

－

0

－

0

Dividends

－

－

－

－

－

(6,926)(481)(7,408)

－

－

－

－

－

27

240

267

－

－

－

－

－

－

－

－

－

－

(2,225)(0)(2,225)－－－

Change in scope of consolidation

－

－

－

－

－

43

－

43

Other changes

Comprehensive income

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

－

－

－

－

－

－

138

138

Total transactions with owners－－(2,225)(0)(2,225)(6,860)(103)(6,963)

Balance at September 30, 2021

(18,007)(29)

17,469－(567)

544,900

31,419576,319- 10 -

Six-months ended September 30, 2022 (April 1, 2022 to September 30, 2022)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,945(281)

476,589

Net income

－

－

－

35,149Other comprehensive income

－

－

－

－

－

－

－

35,149Purchase of treasury stock

－

－

(2)

－

Disposal of treasury stock

－

－

53

－

Dividends－－－(7,787)－(4,381)

－

－

－

－

－

－

－

－

－

617

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

Total transactions with owners－(4,381)

51(7,169)Balance at September 30, 2022

37,34451,563(230)

504,569

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

39,428368

19,319－－－－64,197(875)

64,197(875)

Purchase of treasury stock－

Disposal of treasury stock－

Balance at 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－－

35,1491,272

36,422(4,587)19

58,75358,753718

59,471(4,587)19

58,75393,903

1,990

95,894

－

－

－

－

(2)

－

(2)

－

－

－

－

53

－

53

(572)

(8,360)

Total

－

－

－

－

－

(7,787)

－

－

－

－

－

(4,381)(1,910)(6,292)

－

－

－

－

－

－

389

389

－

－

(598)

(19)

(617)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

186

186

Total transactions with owners

－

－

(598)

(19)

(617)

(12,118)(1,906)(14,024)

Balance at September 30, 2022

103,625(507)

14,132－

117,251

710,499

32,507743,006

Changes in ownership interest in
subsidiaries
Business combinations or businessdivestitures
Transfer from other components ofequity to retained earnings- 11 -

(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)Six-months ended
September 30, 2022

Six-months ended
September 30, 2021
Cash flow from operating activities
Income before income taxes
Depreciation and amortization

45,02645,43349,641
52,030Interest and dividends income
Interest expenses

(501)
5,826

(729)
6,601

Share of (profit) loss of investments accounted for using
the equity method(1,394)(1,093)

Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets

(9)

(422)

(6,348)(5,768)(6,234)(13,661)

Increase (decrease) in trade payables(Increase) decrease in retirement benefit asset

(950)
(287)

4,733
(408)

Increase (decrease) in retirement benefit liabilities
Other

514
(729)

568
(3,052)80,811

87,973

98
1,924

180
1,017

(5,472)(10,725)(6,099)(10,948)

66,637

72,122

Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(33,217)568(42,616)
1,626

Purchase of investment
Proceeds from sale and redemption of investments

(759)
4,790

(1,633)
1,415

Payments for acquisition of subsidiaries
Proceeds from sale of subsidiaries

(520)
0

(107)

Other

(741)

－
(937)

(29,878)(42,252)

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

10,236(5,000)15,9657,000

Proceeds from long-term borrowings
Repayment of long-term borrowings

2,362(38,831)1,232(34,099)

Repayment of lease obligations
Purchases of investments in subsidiaries not resulting in(4,314)(5,824)(11)(1,989)(6,926)(7,787)

Dividends paid to non-controlling interests
Other

(481)
(42)

(572)
627

Net cash used in financing activities
Effect of exchange rate changes on cash and cash

(43,010)(25,448)

(886)

2,896

(7,139)7,318

91,05893,697

253－

84,173101,015(Increase) decrease in trade receivables(Increase) decrease in inventories

SubtotalInterest received
Dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by operating activities
Cash flow from investing activities

Net cash used in investing activities
Cash flow from financing activities

change in scope of consolidation
Dividends paid

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 change of scope of consolidation
Balance of cash and cash equivalents at end of period- 12 -

(5) Notes to the Condensed Consolidated Financial Statements(Note regarding going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments are components of the NSHD Group about which separate financial
information is available and which are evaluated regularly by the Board of Directors in deciding how to allocate
management resources and in assessing performance. No grouping of operating segments has been carried out forreporting purposes.
The NSHD Group conducts gas businesses, mainly for customers in the steel, chemical, and electronics industries, andhas built production and sales structures for its main products in Japan, the United States, Europe, and Asia & Oceania. In
addition, the NSHD Group conducts the manufacture and sales of houseware such as stainless steel vacuum bottles.
Therefore, the Company has established the following five reportable segments: Gas Business in Japan, Gas Business in
the United States, Gas Business in Europe, Gas Business in Asia & Oceania, and Thermos Business.
The principal products and services included in the five reportable segments are shown in the table below.
Reportable segment

Main products and services

Gas Business in Japan

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

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

Gas Business in Europe

welding and cutting equipment, welding materials, plants and machinery, liquid
petroleum gas (LPG) and related equipment, medical-use gases (oxygen, nitrous

Gas Business in Asia & Oceania

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

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.
(2) Figures of revenue and income (loss) by reportable segment
Six-months ended September 30, 2021 (April 1, 2021 to September 30, 2021)(Millions of yen)
Reportable segment
Gas
Gas
Gas
Gas
Business in
Business in
Business in
Business in
the United
Asia &
Japan
EuropeStates
Oceania

Thermos
Business

Total

Amounts ontheAdjustments
Consolidate(Note 1)d Statementsof IncomeRevenue
Revenue to externalcustomers

173,204

107,373

94,901

58,917

12,869447,266107

447,374

4,848

8,377

94

1,562

6

14,890(14,890)－

Total

178,052

115,751

94,99660,48012,876462,157(14,783)

447,374

Segment income (Note 2)

13,991

14,103

12,715

6,646

2,981

50,438(593)

49,844

Revenue from intersegment transactions andtransfers

Notes: 1. The (¥593) million negative adjustment for segment income is comprised of ¥2 million of intersegment eliminations andcompanywide expenses of (¥595) 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- 13 -

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.

Six-months ended September 30, 2022 (April 1, 2022 to September 30, 2022)(Millions of yen)
Reportable segment
Gas
Gas
Gas
Gas
Business in
Business in
Business in
Business in
the United
Asia &
Japan
EuropeStates
Oceania

Thermos
Business

Total

Amounts ontheAdjustments
Consolidate(Note 1)d Statementsof IncomeRevenue
Revenue to external

194,406

145,961

136,308

81,803

15,169573,64950

573,699

segment transactions andtransfers

6,666

11,472

113

1,640

6

19,898(19,898)－

Total

201,073

157,433

136,421

83,444

15,175593,548(19,848)573,699

Segment income (Note 2)

12,721

16,072

15,908

8,943

3,309

56,954(769)

56,185

customers
Revenue from inter-

Notes: 1. The (¥769) million negative adjustment for segment income is comprised of (¥113) million of intersegment eliminations
and companywide expenses of (¥655) 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 in the table below.
(Millions of yen)Six-months ended September 30, 2021

Six-months ended September 30, 2022

49,84456,185

Proceeds from sale of fixed assets－

594

Loss on arbitration award－(3,502)

Other

(44)

595

Operating income

49,79953,872Finance income

1,060

2,392

Finance costs(5,833)(6,623)45,02649,641

Segment income

Income before income taxes- 14 -