Consolidated Financial Results
for the First Three Quarters of Fiscal Year Ending March 31, 2022
(Based on IFRS)
February 2, 2022
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (1st section)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp/
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Takayoshi Umehara, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Quarterly Securities Report: February 9, 2022
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 FYE2022 (April 1, 2021 – December 31, 2021)(1) Operating resultsCore operating
incomeRevenue

Operating income

Net income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of theincomeparent(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

First threequarters of
FYE2022

691,535

16.8

76,31626.2

76,25620.7

52,00835.9

50,13634.3

73,151

10.8

First threequarters of
FYE2021592,256(6.5)

60,468(11.4)

63,154(12.2)

38,275(10.0)

37,318(9.8)

66,032

131.6(Reference) Income before income taxes
First three quarters of FYE2022: ¥68,991 million [26.1%]
First three quarters of FYE2021: ¥54,721 million [(10.2) %]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 quarters of
FYE2022First three quarters of
FYE2021

Diluted net income
per share (Yen)

115.85

－

86.24

－

(2) Financial position
Total assets(¥ million)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

First three quarters of FYE2022(December 31, 2021)

1,880,388

602,473

570,443

30.3

FYE2021 (March 31, 2021)

1,836,294

543,900

513,164

27.9

2. Dividends
Annual Dividend
End of 1
quarter

st

nd

(Yen)

End of 2
quarter

End of 3rdquarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

FYE2021

－

14.00

－

FYE2022

－

16.00

－

FYE2022 (est.)

16.00

30.00

16.00

32.00

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

3. Forecasts for business operations for FYE2022 full term (April 1, 2021 – March 31, 2022)
Core operating
incomeRevenue

Full term

Operating income(¥ million)%(¥ million)%(¥ million)%

932,000

13.9

101,000

15.8

101,000

13.7(Percentages indicate year-on-year change)
Basic
Net income
Net income
attributable to owners
earningsof the parent
per share(¥ million)%(¥ million)

69,00021.3

67,000

%

(Yen)

21.3

154.82

Note: Revisions have been made to recently announced forecasts: Yes(Reference) Income before income taxes
FYE2022 full term: ¥91,000 million [17.1%]* Notes(1) Changes in significant subsidiaries during the nine months ended Dec.31, 2021: 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)
2. Number of treasury stocks at the end of theperiod
3. Average number of shares during the period(quarterly cumulative)

As of
Dec.31, 2021
As of
Dec.31, 2021
Nine months ended
Dec.31, 2021

433,092,837
shares344,467
shares432,749,531
shares

As ofMar. 31, 2021
As ofMar. 31, 2021
Nine months ended
Dec.31, 2020

433,092,837
shares342,332
shares432,752,699
shares* Quarterly financial reports are out of the scope of quarterly review by certified public accountants or audit
corporations.
* Explanation on the appropriate use of the forecasts of financial results and other comments
The forward-looking statements such as the forecasts of financial results stated in this document are based on theinformation currently available to the Company and certain assumptions that the Company judges as rational. The
Company is under no obligation to guarantee their achievement. Actual financial results may vary significantly
due to various reasons. For details on the assumptions of the forecasts and related matters, please see page 6, “(3)Explanation concerning predictive information such as forecasts for business operations” in “1. General information
relating to the first three quarters results.”

Contents
1. General information relating to the first three quarters results ................................................................................ 4(1) Explanation concerning business results ................................................................................................. 4(2) Explanation concerning financial position ............................................................................................... 5(3) Explanation concerning predictive information such as forecasts for business operations ........................... 6
2. Condensed consolidated financial statements and main notes................................................................................. 7(1) Condensed Consolidated Statement of Financial Position......................................................................... 7(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement ofComprehensive Income ......................................................................................................................... 9(3) Condensed Consolidated Statement of Changes in Equity ...................................................................... 11(4) Condensed Consolidated Statement of Cash Flows ................................................................................ 13(5) Notes to the Condensed Consolidated Financial Statements ................................................................... 14(Note regarding going concern assumption) ................................................................................................... 14(Segment information) .................................................................................................................................... 14

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

1. General information relating to the first three quarters results(1) Explanation concerning business results
General overview
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the first threequarters of the fiscal year under review (from April 1, 2021 to December 31, 2021), the COVID-19 pandemic
continued from the previous fiscal year, without any indication of when it might end. Nevertheless, theeconomy appeared to recover in nearly all business segments and the shipment volume of air separation
gases (oxygen, nitrogen, argon) increased significantly compared to the previous fiscal year. The negative
impact of the COVID-19 pandemic on the first three quarters revenue and core operating income has beenless severe than the previous fiscal year. While there is a continuing impact on some business activities, theCompany has maintained its reliable supply structure for air separation gases in its global geographic hubs.
Against this backdrop, the NSHD Group achieved the following results for the first three quarters of the
fiscal year under review. Revenue on a consolidated basis increased 16.8% year on year to ¥691,535 million,
core operating income increased 26.2% to ¥76,316 million, operating income increased 20.7% to ¥76,256
million and net income attributable to owners of the parent increased 34.3% to ¥50,136 million.
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
From the first quarter of the fiscal year under review, the NSHD Group has changed its reportable segments.
Therefore, to facilitate the year-on-year comparisons shown below, the figures for the first three quartersof the previous fiscal year have been reclassified based on the changes to the reportable segments.

① Gas Business in Japan
In the industrial gas-related business, revenue from air separation gases, a core product, increased
sharply year on year, mainly due to a general recovery in production activity in relevant industries.
Additionally, in LP gas, revenue rose from an increase in unit sales prices due to an increase in thepurchasing price, although shipment volume declined. Meanwhile, in the electronics-related business,revenue from electronic materials gases increased. In industrial gas-related equipment and installation,
medical-related equipment sales performed favorably, and revenue in the electronics-related businessalso grew year on year.
As a result, in the Gas Business in Japan, revenue increased 9.0% year on year to ¥266,755 million
and segment income increased 15.0% to ¥22,474 million.
② Gas Business in the United States
In the industrial gas-related business, revenue from air separation gases, a core product, significantly
increased year on year, driven by a recovery in production activity, with growth centered on bulk
gases. In addition, sales of carbon dioxide gas were strong. In equipment and installation, demand for
welding and cutting equipment recovered after weakness in the previous fiscal year, with revenue
increasing sharply. In the electronics-related business, revenue also increased.
As a result, in the Gas Business in the United States, revenue increased 17.8% year on year to¥164,236 million and segment income increased 28.5% to ¥20,439 million.
③ Gas Business in Europe
In the previous fiscal year, demand dropped sharply overall in the key region of Iberia, Germany and
Italy as the serious impact of COVID-19 caused a general halt in production activity there. However,from the second half of the previous fiscal year, demand in the region continued to recover, leading toan increase in sales.
As a result, in the Gas Business in Europe, revenue increased 28.7% year on year to ¥149,249 million
and segment income increased 34.4% to ¥19,430 million.

4

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022④ Gas Business in Asia & Oceania
In the industrial gas-related business, air separation gases, a core product, saw an increase in revenue
driven by a recovery in production activity in related industries. In LP gas, which makes up a large
portion of sales in the Australia region, revenue increased atop an increase in unit sales prices due to anincrease in the purchasing price and steady shipment volume. In the electronics-related business, revenue
increased in electronic materials gases in East Asia. In equipment and installation, revenue increased in
the industrial gas-related business.
As a result, in the Gas Business in Asia & Oceania, revenue increased 21.9% year on year to ¥90,782
million and segment income increased 27.2% to ¥9,734 million.
⑤ Thermos BusinessIn the Thermos Business, in Japan revenue significantly increased year on year due to a recovery inshipment volumes of portable mugs and sports bottles from the previous fiscal year. Furthermore, sales
volumes of frying pans and tumblers also increased, continuing from the previous fiscal year, inconnection with the widespread adoption of new lifestyles where consumer spend longer periods of time
at home. Overseas, shipping volume increased due to the recovery of business conditions in various
regions.
As a result, in the Thermos Business, revenue increased 15.5% year on year to ¥20,361 million, andsegment income increased 40.8% to ¥4,953 million.
(2) Explanation concerning financial position
Total assets amounted to ¥1,880,388 million as of December 31, 2021, an increase of ¥44,093 million fromMarch 31, 2021. Due to the impact of foreign exchange rates, total assets were stated approximately ¥24.9
billion higher than they otherwise would have been reported. This mainly reflected foreign exchange ratechanges such as the yen’s depreciation of ¥4.31 against the U.S. dollar and the yen’s depreciation of ¥0.71
against the euro as of December 31, 2021, compared with the rates as of March 31, 2021.
[Assets]
Total current assets were ¥398,272 million, an increase of ¥29,371 million from March 31, 2021. The mainchanges were an increase in trade receivables and a decrease in cash and cash equivalents.
Total non-current assets were ¥1,482,115 million, an increase of ¥14,722 million from March 31, 2021,
mainly reflecting increases in other financial assets and plant, property and equipment.
[Liabilities]
Total current liabilities were ¥310,853 million, a decrease of ¥15,166 million from March 31, 2021. The
main changes were a decrease in bonds and borrowings and an increase in trade payables.
Total non-current liabilities were ¥967,061 million, an increase of ¥686 million from March 31, 2021.
The main factors were an increase in deferred tax liabilities and a decrease in bonds and borrowings.
[Equity]
Total equity amounted to ¥602,473 million, an increase of ¥58,573 million from March 31, 2021. The
main factors were an increase due to the recording of profit attributable to owners of parent, a decrease
due to retained earnings paid as dividends, and an increase in exchange differences on translation offoreign operations.
The equity attributable to owners of the parent ratio stood at 30.3%, up 2.4 percentage points from theprevious fiscal year-end.
(Cash flow analysis)(Cash flow from operating activities)
Net cash provided by operating activities amounted to ¥97,364 million. The main components were income
before income taxes, depreciation and amortization, and an increase (decrease) in trade receivables.
(Cash flow from investing activities)
Net cash used in investing activities was ¥47,207 million. The main use of cash was for the purchase ofproperty, plant and equipment.

5

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(Cash flow from financing activities)
Net cash used in financing activities was ¥62,149 million. The main changes were repayment of longterm borrowings, proceeds from issuance of bonds, and net increase (decrease) in short-term borrowings.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash
equivalents as of December 31, 2021, after accounting for the effects of exchange rates, was ¥78,645
million.
(3) Explanation concerning predictive information such as forecasts for business operations
The Company has revised its consolidated earnings forecasts for the full term of fiscal year under review,
ending March 31, 2022. For details, please see the press release titled "Notice Regarding Earnings Forecast
Revisions" issued today (February 2, 2022).

6

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

2. Condensed consolidated financial statements and main notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)
As of Mar. 31, 2021

As of Dec. 31, 2021

AssetsCurrent assets:
Cash and cash equivalents

91,05878,645Trade receivables

182,077

208,229

Inventories

69,61381,926

Other financial assets

6,710

6,808

Other current assets

19,441
368,901

22,663398,272

Plant, property and equipment:

685,733

692,399

Goodwill

455,036459,928

Intangible assets

237,751

232,738

Investments accounted for using the equity method

32,29533,557

Other financial assets

49,73956,647Retirement benefit asset

2,467

2,410

Other non-current assets

1,120

1,225

Deferred tax assets
Total non-current assets
Total assets

3,249
1,467,393
1,836,294

3,208
1,482,115
1,880,388

Total current assets
Non-current assets:

7

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(Millions of yen)
As of Mar. 31, 2021

As of Dec. 31, 2021

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

96,093

107,415

Bonds and borrowings

131,721

108,365

Income taxes payable

11,022

7,614

Other financial liabilities

58,42858,564469

331

Other current liabilities

28,28428,562

Total current liabilities

326,019

310,853

Bonds and borrowings

780,895

772,227

Other financial liabilities

29,45329,643Retirement benefit liabilities

14,037

14,351

Allowance

3,870

4,250

Allowance

Non-current liabilities:

Other non-current liabilities

19,35920,889Deferred tax liabilities

118,757

125,698

Total non-current liabilities

966,374

967,061

1,292,394

1,277,914

Share capital

37,34437,344

Capital surplus

55,901

55,822

Treasury stock

(273)

(279)

Retained earnings

422,838

461,716

Other components of equity(2,646)

15,839Total equity attributable to owners of parent

513,164

570,443

Non-controlling interests

30,73632,029Total equity

543,900

602,473

1,836,294

1,880,388

Total liabilities
EquityTotal liabilities and equity

8

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(2) Condensed Consolidated Statement of Profit or Loss andCondensed Consolidated Statement of Comprehensive Income(Consolidated Financial Results for the Cumulative Third Quarter)
Condensed Consolidated Statement of Profit or Loss
(Consolidated Financial Results for the Cumulative Third Quarter)
Nine months ended
Dec. 31, 2020
Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other operating income
Other operating expense
Share of profit of investments accounted for using the equity
methodOperating profit(Millions of yen)
Nine months ended
Dec. 31, 2021

592,256

691,535(363,025)(426,569)

229,230

264,966(171,588)(191,052)

3,223

1,704

(1,881)(1,590)

4,171

2,228

63,15476,256

Finance income

1,102

1,634

Finance costs(9,535)(8,900)54,721

68,991(16,446)(16,982)

38,27552,00837,31850,136

956

1,872

86.24

115.85Proﬁt before income taxes

Income taxes
Proﬁt

Proﬁt attributable to:
Owners of parent
Non-controlling interests

Earnings per share
Basic earnings per share (Yen)9NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

Condensed Consolidated Statement of Comprehensive Income(Consolidated Financial Results for the Cumulative Third Quarter)

ProﬁtNine months ended
Dec. 31, 2020

(Millions of yen)
Nine months ended
Dec. 31, 2021

38,27552,008

5,417

8,167

(17)

32

(33)

53

5,366

8,253

Other comprehensive income:Items that will not be reclassified to profit or loss
Financial assets measured at fair value
through other comprehensive income
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted
for using the equity method
Total of items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations

22,531

11,883

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

131

(61)

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

(272)

1,067

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

22,39012,88927,75621,142

66,03273,15164,767
1,264

71,174
1,976

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

10

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(3) Condensed Consolidated Statement of Changes in Equity
First three quarters of FYE2021 (April 1, 2020 to December 31, 2020)
Share capital

Capitalsurplus(Millions of yen)
Retainedearnings

Treasurystock

37,34456,387(268)

379,322

—
—

—
—

—
—

37,318————37,318

—

—

(3)

—

—

0

0

—

—

—

—

(12,121)

—

(369)

—

—

—

—

—

—

—

—

—

1

—

—

—

(110)

—

—

—

—

Total transactions with owners

—

(369)

(3)

(12,231)

Balance at December 31, 2020

37,34456,017(272)

404,410

Balance at April 1, 2020
Proﬁt
Other comprehensive income
Comprehensive income
Purchase of treasury stock
Disposal of treasury stock
Dividends
Changes in ownership interest in subsidiaries
Business combinations or business divestitures
Transfer from other components ofequity to retained earnings
Change in scope of consolidation
Other changes

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portionof netchange infair valueof cashflow
hedgesFinancialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

Total
equityattributableto ownersof parent

Noncontrollinginterests(71,170)

19

7,709

—

(63,441)

409,344

31,349440,693

—

—

—

—

—

37,318956

38,27522,02022,020

126
126

5,319
5,319

(17)
(17)

27,44827,44827,44864,767307
1,264

27,756
66,032

Purchase of treasury
stock

—

—

—

—

—

(3)

—

(3)

Disposal of treasury
stock

—

—

—

—

—

0

—

0

Dividends

—

—

—

—

—

(12,121)(555)(12,677)

Changes inownership interest in
subsidiaries

—

—

—

—

—

(369)

(2,716)(3,086)

Business
combinations orbusiness divestitures

—

—

—

—

—

—

54

54

Transfer from othercomponents of equity
to retained earnings

—

—

(18)

17

(1)

—

—

—

Change in scope of
consolidation

—

—

—

—

—

(110)

—

(110)

Other changes

—

—

—

—

—

—

272

272

Total transactions
with owners

—

—

(18)

17

(1)

(12,605)(2,945)(15,551)(49,149)146

13,009—(35,994)

461,506

29,667491,174

Balance at April 1,
2020
Proﬁt
Other comprehensive
incomeComprehensive
incomeBalance at
December 31, 2020

11

Total

Total
equityNIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

First three quarters of FYE2022 (April 1, 2021 to December 31, 2021)(Millions of yen)
Share capital
Balance at April 1, 2021

Capital surplus

Treasury stock

Retained earnings

37,34455,901(273)

422,838

Proﬁt
Other comprehensive income
Comprehensive income

—
—

—
—

—
—

50,136—50,136

Purchase of treasury stock

—

—

(5)

—

Disposal of treasury stock

—

0

0

—

Dividends———(13,853)

Changes in ownership interest in subsidiaries

—

(79)

—

—

Business combinations or business divestitures

—

—

—

—

Transfer from other components ofequity to retained earnings

—

—

—

2,552

Change in scope of consolidation

—

—

—

43

Other changes

—

—

—

(0)

Total transactions with owners

—

(79)

(5)

(11,257)

Balance at December 31, 2021

37,34455,822(279)

461,716

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portionof netchange infair valueof cashflow
hedgesFinancialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

Balance at April 1,
2021(18,029)71

15,310—

Proﬁt
Other comprehensive
incomeComprehensive income

—

—

—

12,849

(60)

8,217

12,849

(60)

8,217

Purchase of treasury
stock

—

—

Disposal of treasury
stock

—

Dividends
Changes inownership interest in
subsidiaries

Total
equityattributableto ownersof parent

Noncontrollinginterests

Total
equity(2,646)513,164

30,736543,900——

50,136

1,872

52,00832

21,03821,038104

21,142

32

21,03871,174

1,976

73,151

—

—

—

(5)

—

(5)

—

—

—

—

0

—

0

—

—

—

—

—

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

—

—

—

—

—

(79)

129

49

Business
combinations orbusiness divestitures

—

—

—

—

—

—

—

—

Transfer from othercomponents of equity
to retained earnings——(2,519)(32)(2,552)———

Change in scopeof consolidation

—

—

—

—

—

43

—

43

Other changes

—

—

—

—

—

(0)

179

179

Total transactions
with owners——(2,519)(32)(2,552)(13,895)(682)(14,578)(5,180)11

21,008—15,839570,443

32,029602,473

Balance at
December 31, 2021

12

Total

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)
Nine months ended
Dec. 31, 2020

Nine months ended
Dec. 31, 2021

Cash flow from operating activities
Profit before income taxes

54,721

68,991

Depreciation and amortization

64,12068,339Interest and dividends income

(755)

(857)

Interest expenses

9,514

8,742

Share of (profit) loss of investments accounted for using the equity method(4,171)(2,228)Loss (gain) on sales and retirement of property, plant and equipment, andintangible assets

(357)

73

632

(23,766)(Increase) decrease in inventories(6,698)(10,956)

Increase (decrease) in trade payables(4,416)

9,832

(295)

(432)

612

806

(3,319)1,655

109,587

120,199

149

137(Increase) decrease in trade receivables(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other
SubtotalInterest received
Dividends received

3,075

3,427

Interest paid

(8,743)(8,274)

Income taxes refund (paid)(15,498)(18,126)

88,56997,364(43,865)(50,343)

Proceeds from sale of property, plant and equipment

1,072

904

Purchase of investment

(524)

(943)

38

5,332

(119)

(520)

—

0

Net cash provided by operating activities
Cash flow from investing activities
Purchase of property, plant and equipment

Proceeds from sales and redemption of investments
Payments for acquisition of subsidiaries
Proceeds from sales of subsidiaries
Other

(755)

(1,636)(44,153)(47,207)(10,373)

18,774

Net increase (decrease) in commercial papers

4,000(7,000)

Proceeds from long-term borrowings

52,308

13,942

Repayment of long-term borrowings(76,000)(76,182)

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

Proceeds from issuance of bonds—

25,000

Redemption of bonds—(15,000)(6,485)(6,595)(2,830)(199)(12,121)(13,853)

(555)

(991)

35

(43)

(52,021)(62,149)

3,252

(674)

Net increase (decrease) in cash and cash equivalents(4,353)(12,666)

Balance of cash and cash equivalents at beginning of fiscal year
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Increase in cash and cash equivalents resulting from merger

100,005

91,058

—

253

19

—

Balance of cash and cash equivalents at end of fiscal year

95,67078,645

Repayments of lease obligations
Purchases of investments in subsidiaries not resulting in change in scope of
consolidation
Dividends paid
Dividends paid to non-controlling interests
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents

13

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022(5) Notes to the Condensed Consolidated Financial Statements(Note regarding going concern assumption)
Not applicable.
(Segment information)
1) Outline of reportable segments
The NSHD Group’s reportable segments are components of the NSHD Group about which separate
financial information is available and which are evaluated regularly by the Board of Directors in deciding
how to allocate management resources and in assessing performance. No grouping of operating segments
has been carried out for reporting purposes.
The NSHD Group conducts gas businesses in Japan and overseas, mainly for customers in the steel,chemical and electronics industries, and has built production and sales structures for its main products inJapan, the United States, Europe, and Asia & Oceania. In addition, the NSHD Group conducts the
manufacture and sales of housewares such as stainless steel vacuum bottles. Therefore, the Company has
established the following five reportable segments: Gas Business in Japan, Gas Business in the UnitedStates, Gas Business in Europe, Gas Business in Asia & Oceania, and Thermos Business.
(Changes to reportable segments)
In conjunction with its transition to a holding company structure, from the first quarter of the fiscal year
under review, the Group has changed the reportable segments and adjustment amounts of the Company
and certain consolidated subsidiaries to facilitate more appropriate evaluation of the management resultsof each segment. Furthermore, to facilitate the year-on-year comparisons, the figures for the first threequarter of the previous fiscal year have been reclassified based on the changes to the reportablesegments.
*The Gas Business in Japan reportable segment has changed its name in Japanese, but the name remains
the same in English.
The principal products and services included in the five reportable segments are shown in the table below.
Reportable segment
Gas Business in Japan
Gas Businessin the United States
Gas Business in Europe
Gas Businessin Asia & Oceania
Thermos Business

Main products and services
Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gasrelated equipment, specialty gases (electronic materials gases, pure gases, etc.),
electronics-related equipment and installation, semiconductor manufacturing
equipment, cutting and welding equipment, welding materials, plants andmachinery, liquid petroleum gas (LPG) and related equipment, medical-use
gases (oxygen, nitrous oxide, etc.), medical equipment, stable isotopes
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 andtransfers is based primarily on prevailing market prices.

14

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

2) Figures of revenue and income (loss) by reportable segment
Nine-months ended December 31, 2020 (April 1, 2020 – December 31, 2020)(Millions of yen)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

244,622

Revenue from intersegment transactions
and transfers

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

Thermos
Business

139,385

115,938

74,48017,635592,062193

592,256

10,517

13,534

14

1,632

21

25,721(25,721)―

Total

255,140

152,920

115,953

76,112

17,657

617,783(25,527)592,256

Segment income(Note 2)

19,542

15,907

14,462

7,655

3,519

61,087(618)

60,468

Total

Revenue

Notes:

1. The (¥618) million negative adjustment for segment income is comprised of ¥28 million of intersegment eliminations andcompanywide expenses of (¥647) million that were not allocated to any particular reportable segment. These companywide
expenses mainly comprise Group administration expenses at the Company that are not attributable to reportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains or losses
attributable to non-recurring factors (non-recurring items).

Nine-months ended December 31, 2021 (April 1, 2021 – December 31, 2021)(Millions of yen)
Reportable segment
Adjustments(Note 1)

Amounts on
theConsolidated
Statements ofIncomeGas
Business in
Japan

Gas
Business in
the UnitedStatesGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

Revenue to externalcustomers

266,755

164,236

149,249

90,782

20,361

691,385150

691,535

Revenue from intersegment transactions
and transfers

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

Notes:

1. The (¥715) million negative adjustment for segment income is comprised of ¥164 million of intersegment eliminations andcompanywide expenses of (¥879) million that were not allocated to any particular reportable segment. These companywide
expenses mainly comprise Group administration expenses at the Company that are not attributable to reportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains or losses
attributable to non-recurring factors (non-recurring items).

15

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first three quarters of FYE2022

Reconciliation of segment income with income before income taxes is shown in the table below.
Nine-months ended
December 31, 2020
(April 1, 2020 to December 31, 2020)(Millions of yen)
Nine-months ended
December 31, 2021
(April 1, 2021 to December 31, 2021)

60,46876,316

2,749

－

(63)

(59)

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

63,15476,256

Financial revenue

1,102

1,634

Financial expenses(9,535)(8,900)54,721

68,991

Income before income taxes

16