Consolidated Financial Resultsfor Fiscal Year Ended March 31, 2022
(Based on IFRS)
May 11, 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 and CEO
Inquiries:
Takayoshi Umehara, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to hold Ordinary General Meeting of Shareholders: June 17, 2022
Scheduled date to file Securities Report: June 20, 2022
Scheduled date to commence dividend payments: June 20, 2022
Supplementary materials on financial results: Yes
Financial results explanatory meeting: Yes (For institutional investors and analysts)(Amounts less than ¥1 million are omitted)

1. Consolidated financial results for FYE2022 (April 1, 2021 – March 31, 2022)(1) Consolidated operating results
RevenueCore operating
incomeOperating income

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

FYE2022

957,169

17.0

102,71017.7

101,183

13.9

66,63717.2

64,103

16.1

132,363

11.3

FYE2021818,238(3.8)

87,251(3.4)

88,846(5.4)

56,863

3.3

55,214

3.5

118,924

888.9(Reference) Income before income taxes
FYE2022: ¥91,611 million [17.9%]
FYE2021: ¥77,706 million [(1.8) %]Core operating income is calculated as operating income excluding certain gains and expenses attributable tonon-recurring factors (non-recurring items).

FYE2022148.13－Return on equity
attributable toowners of theparent (%)
11.2

FYE2021127.59－12.0

Basic earnings
per share (Yen)

Diluted net income
per share (Yen)

Income before
income taxes tototal assets ratio(%)
4.8

Core operating
income to revenue
ratio (%)

4.3

10.7

10.7

(Reference) Share of profit (loss) of associates and joint ventures accounted for using the equity method
FYE2022: ¥3,512 million FYE2021: ¥5,602 million(2) Consolidated financial position
Total assets(¥ million)

FYE2022(March 31, 2022)
FYE2021(March 31, 2021)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

Equity attributable toowners of the parent
per share (yen)1,977,026

661,137

628,71431.8

1,452.84

1,836,294

543,900

513,16427.9

1,185.82-1-

(3) Consolidated cash flows
Cash flows fromoperating activities(¥ million)

Cash flows frominvesting activities(¥ million)

Cash flows fromfinancing activities(¥ million)

Balance of cash and cash
equivalents at term-end(¥ million)

FYE2022

148,760(70,858)(77,946)

93,697FYE2021

149,231(59,686)(103,159)

91,058

2. Dividends
Annual Dividend
End of 1stquarter

End of 2ndquarter

End of 3rdquarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Total amountof dividends(¥ million )Payout ratio(consolidated)(%)

Ratio of dividends toequity attributable toowners of the parent(consolidated) (%)

FYE2021

－

14.00

－

16.00

30.00

12,98723.5

2.8

FYE2022

－

16.00

－

18.00

34.00

14,71823.0

2.6

FYE2023

－

18.00

－

18.00

36.00

23.3

(est.)

3. Forecasts for consolidated business operations for FYE2023 full term (April 1, 2022 – March 31, 2023)(Percentages indicate year-on-year change)
Core operating
incomeRevenue

Full term

Operating income

Net income
attributable to ownersof the parent

Net income(¥ million)%(¥ million)%(¥ million)%(¥ million)

950,000(0.7)

107,000

4.2

107,500

6.2

69,000%(¥ million)

3.5

Basic
earnings
per share

%

(Yen)

4.5

154.8267,000(Reference) Income before income taxes
FYE2023 full term: ¥97,000 million [5.9%]* 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)
As of

1. Number of outstanding shares at the end of theperiod (including treasury stock)

Mar.31, 2022

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

3. Average number of shares during the period

FYE2022

As of

As of

433,092,837
sharesMar. 31, 2021

344,870
sharesMar. 31, 2021

432,749,204
sharesAs of
FYE2021433,092,837
shares342,332
shares432,752,228
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 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 4, “(4) Future
Outlook” in “1. Overview of Business Results.”
The Company plans to hold a briefing of results for institutional investors and analysts on Friday, May 20, 2022.
Financial results disclosed at that briefing will be posted on the Company website in a prompt manner following thebriefing.

-2-

○ Contents
1. Overview of Business Results ………………………………………………………………………………………………
(1) Overview of Business Results for the Fiscal Year Under Review ………………………………………………………

4
4(2) Overview of Financial Position for the Fiscal Year Under Review ………………………………………………………
(3) Overview of Cash Flows for the Fiscal Year Under Review ……………………………………………………………

5
5(4) Future Outlook ……………………………………………………………………………………………………………
(5) Basic Policy on Profit Distribution and Dividends for FYE2022 and FYE2023 …………………………………………

6
7

2. Basic Policy on Selection of Accounting Standards …………………………………………………………………………
3. Consolidated Financial Statements and Main Notes …………………………………………………………………………

7
8(1) Consolidated Statement of Financial Position ……………………………………………………………………………
(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income ……………………

810(3) Consolidated Statement of Changes in Equity ……………………………………………………………………………
(4) Consolidated Statement of Cash Flows …………………………………………………………………………………

1214(5) Notes to the Consolidated Financial Statements …………………………………………………………………………
(Note regarding going concern assumption) ……………………………………………………………………………

16
16(Segment information) …………………………………………………………………………………………………
(Per-Share Information) …………………………………………………………………………………………………

16
19(Significant Subsequent Events) ………………………………………………………………………………………

19

- 3 -

1. Overview of Business Results(1) Overview of Business Results for the Fiscal Year Under Review(General overview)
During fiscal year April 1, 2021 to March 31, 2022, revenue was strong. This was a result of strong economic recovery with
underlying volume improvement in all business segments. Shipment volume of air separation gases (oxygen, nitrogen, and argon)
all increased significantly compared to last fiscal year. Also contributing significantly to the performance was the high cost
recovery, pass through, and surcharges that were implemented to recover the increasing cost of electricity, diesel, liquefied
natural gas, supply chain disruptions, and other inflationary factors on a global level.
The NSHD Group achieved the following results for the fiscal year under review: revenue on a consolidated basis increased
17.0% year on year to ¥957,169 million; core operating income increased 17.7% to ¥102,710 million; operating income increased
13.9% to ¥101,183 million; and net income attributable to owners of the parent increased 16.1% to ¥64,103 million.
Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring
factors (non-recurring items) 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.
From the fiscal year under review, the NSHD Group has changed its reportable segments. Therefore, to facilitate the year-onyear comparisons shown below, the figures for the previous fiscal year have been reclassified based on the changes to thereportable 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, revenue from LP gas rose as a resultof higher cost pass through while underlying volumes were down slightly. In addition, revenue from electronic material gases
and related businesses increased; industrial gas-related equipment and installation improved; medical-related equipment sales
were also positive.
As a result, in the Gas Business in Japan, revenue increased 8.8% year on year to ¥372,033 million and segment income
increased 3.5% to ¥30,939 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 gases werestrong. 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 and remained strong. In
addition, high distribution surcharges and energy pass-through occurred throughout the fiscal year further increasing revenues.
As a result, in the Gas Business in the United States, revenue increased 18.3% year on year to ¥224,801 million and segment
income increased 18.1% to ¥27,314 million.
③ Gas Business in Europe
While the previous fiscal year was seriously impacted by the spread of COVID-19, this fiscal year has seen a consistent andsolid economic recovery. In addition, the sharp rise in record energy costs that began in the second quarter accelerated throughthe fourth quarter, but we responded through price pass-through and cost reduction efforts. And, much of the increase inrevenue was due to our efforts to pass on prices.
As a result, in the Gas Business in Europe, revenue increased 31.1% year on year to ¥209,778 million and segment income
increased 25.2% to ¥26,303 million.
④ Gas Business in Asia & Oceania
In the industrial gas-related business, air separation gas revenue, a core product, increased driven by a recovery inproduction activity in related industries. In LP gas, which makes up a large portion of sales in the Australia region, revenue
increased due to increased volume as well as higher cost pass through of LP gas prices. In the electronics-related business,revenue increased in electronic material gases in East Asia. In equipment and installation, revenue increased in the industrial
gas-related business.

- 4 -As a result, in the Gas Business in Asia & Oceania, revenue increased 21.1% year on year to ¥123,533 million and segment
income increased 43.9% to ¥12,837 million.
⑤ Thermos Business
In Japan, revenue significantly increased year on year due to a recovery in shipment volumes of portable mugs and sports
bottles from the previous fiscal year. Furthermore, sales volumes of frying pans and tumblers also increased, continuing fromthe previous fiscal year, in connection with the widespread adoption of new lifestyles where consumers spend longer periods oftime at home. Overseas, shipping volume increased due to the recovery of business conditions in various regions.
As a result, revenue increased 12.0% year on year to ¥26,849 million, and segment income increased 24.6% to ¥6,441
million.
(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets amounted to ¥1,977,026 million as of March 31, 2022, an increase of ¥140,731 million from March 31, 2021.
Foreign exchange rates resulted in an increase in total assets of approximately ¥105.5 billion. This mainly reflected foreignexchange rate changes, such as the yen’s depreciation of ¥11.68 against the U.S. dollar and the yen’s depreciation of ¥6.90
against the euro as of March 31, 2022, compared with the rates as of March 31, 2021.
In the fiscal year, trade receivables increased as a result of increased revenues from economic recovery and price revision
activities, etc. In addition, the Company proceeded with the planned repayment of interest-bearing debt with a focus on continued
debt reduction and financial soundness. The Company will continue to communicate openly and appropriately with the bondmarket and financial institutions to improve our liquidity and funding capacity.
The hybrid financing raised in January 2019 and March 2019 totaled ¥250 billion, and the rating agencies (Japan Credit Rating
Agency and Rating, Ltd. and Investment Information, Inc.) have approved 50% of this financing as "equity". The Company has
referred to this as equity-type debt. As a financial soundness indicator that considers this hybrid financing, the Company has
established the Adjusted net D/E ratio* as one of our key performance indicators and strives for the optimal composition of debt
and equity. The Adjusted net D/E ratio achieved was 0.94 times, an improvement of 0.21 points from the end of the previous
fiscal year.
(Note) Adjusted net D/E ratio: (Net interest-bearing debt – Equity-type debt) / (Equity attributable to owners of the parent +Equity-type debt)[Assets]
Total current assets were ¥422,493 million, an increase of ¥53,592 million from March 31, 2021. The main changes were an
increase in trade receivables, cash and cash equivalents, and the impact from yen depreciation against major currencies. Total
non-current assets were ¥1,554,532 million, an increase of ¥87,139 million from March 31, 2021, mainly reflecting increases inplant, property and equipment, goodwill and the impact from yen depreciation.
[Liabilities]
Total current liabilities were ¥331,595 million, an increase of ¥5,575 million from March 31, 2021. The main changes were adecrease in bonds and borrowings, an increase in trade payables, and the impact from yen depreciation. Total non-current
liabilities were ¥1,315,888 million, an increase of ¥17,918 million from March 31, 2021. The main factors were an increase indeferred tax liabilities, a decrease in bonds and borrowings, and the impact from yen depreciation.
[Equity]
Total equity amounted to ¥661,137 million, an increase of ¥117,237 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, andan increase in foreign exchange differences on translation of foreign operations.
The equity attributable to owners of the parent ratio stood at 31.8%, up 3.9 percentage points from the previous fiscal year-end.
(3) Overview of Cash Flows for the Fiscal Year Under Review[Cash flow from operating activities]
Net cash provided by operating activities decreased 0.3% year on year to ¥148,760 million. The main components were profit
before income taxes, depreciation and amortization, and increase in trade receivables.
[Cash flow from investing activities]
Net cash used in investing activities increased 18.7% year on year to ¥70,858 million. The main use of cash was for thepurchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash used in financing activities decreased 24.4% year on year to ¥77,946 million. The main changes were repayment of- 5 -long-term borrowings, proceeds from issuance of bonds, and net variation in short-term borrowings.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash equivalents as ofMarch 31, 2022, after accounting for the effects of exchange rates, increased 2.9% year on year to ¥93,697 million.

Ratio of equity attributable toowners of the parent (%)
Ratio of equity attributable toowners of the parent on a market

As of Mar. 31,

As of Mar. 31,

As of Mar. 31,

As of Mar. 31,

As of Mar. 31,

2018

2019

2020

2021

2022

41.5

23.0

23.4

27.9

31.8

74.9

41.2

39.6

49.6

51.1

3.9

10.2

6.7

6.4

6.2

16.7

15.3

12.8

12.9

13.7

value basis (%)
Interest-bearing debt to cash flow
(years)Interest coverage ratio(times)

Notes: Ratio of equity attributable to owners of the parent: Equity attributable to owners of the parent / total assets
Ratio of equity attributable to owners of the parent on a market value basis: Market capitalization / total assets
Interest-bearing debt to cash flow: Interest-bearing debt / operating cash flow
Interest coverage ratio: Operating cash flow / interest payments
1. Each indicator is calculated based on consolidated financial data.
2. Market capitalization is calculated by multiplying the closing year-end share price by the number of shares outstanding at yearend.
3. Operating cash flow is from cash flow from operating activities in the Consolidated Statement of Cash Flows.
Interest-bearing debt includes all debt on which interest is paid among liabilities recorded on the Consolidated Statement of
Financial Position. Interest payments are from interest paid in the Consolidated Statement of Cash Flows.
(4) Future Outlook
The Company has formulated a medium-term management plan "NS Vision 2026: Enabling the Future" for the four-year
period from FYE2023 to FYE2026. Based on the “four global regions + Thermos” management structure, the five businesssegments of the NSHD Group, the plan sets forth five key strategies: "Sustainability Management," "Exploring New Businesses
Toward Carbon Neutrality," "Total Electronics," "Operational Excellence," and "DX Initiatives." Through the plan, the Company
aims to strengthen the Group’s comprehensive capabilities and achieve further growth to provide a bright and comfortable future
for people, society, and the Earth.
The business environment is generally favorable across the regions where the Company operates, and demand for industrial
gases continues to grow strongly in FYE2022 and beyond. However, the business environment is uncertain. Price of energy,
commodities and other resources are soaring against a backdrop of heightened geopolitical risks, in addition to prolonged
inflation and supply chain disruptions. Actual results may differ from the outlook in the medium-term management plan due tothese factors.
For FYE2023, the Company expects growth in the industrial gases business through continued growth in the field ofelectronics and a focus on resilience markets such as food, beverage, pharmaceuticals, and healthcare. The Company foresees theglobal energy price spike that began in FYE2022 to continue at least through to the second quarter of FYE2023, especially inEurope and the United States. But the prices are expected to gradually return to more normal levels from the third quarter
onward, pushing revenue down slightly from the previous fiscal year. Meanwhile, core operating income is expected to increase
through increased sales volume, continued aggressive price revisions, productivity improvements, and cost reduction measures.
Revenue from the Thermos Business had been severely affected by restrictions on consumers’ outdoor activities due to COVID19, but earnings are expected to improve in FYE2023 as a result of improved consumer confidence following the lifting of such
restrictions.
The consolidated earnings forecast for the fiscal year ending March 31, 2023 is as follows. Assumed exchange rates against
major currencies used in the forecast are 115 yen per U.S. dollar, and 125 yen per euro.

- 6 -RevenueYear ending Mar.
31, 2023

Core operating
incomeOperatingincomeNet income

Net income attributable toowners of the parent

950.0

107.0

107.5

69.0

67.0

957.1

102.7

101.1

66.6

64.1

(0.7)

4.2

6.2

3.5

4.5

(¥ billion)
Year ended Mar.
31, 2022(¥ billion)
Change(%)(5) Basic Policy on Profit Distribution and Dividends for FYE2022 and FYE2023
The Company’s basic policy is to maintain a stable and reliable dividend, while remaining mindful of the need to retain aninternal reserve to enhance and strengthen the business structure. The Company will strive to return profits to shareholders
through a dividend policy linked to consolidated business performance.
In accordance with this policy, the Company plans to set the year-end dividend for the fiscal year under review at ¥18 pershare, an increase of ¥2 per share compared to the previous fiscal year. Therefore, the Company plans to pay an annual dividendof ¥34 per share, including an interim dividend of ¥16 per share. For the fiscal year ending March 31, 2023, the Company plansto pay an annual dividend of ¥36 per share, including an interim dividend of ¥18 per share.

2. Basic Policy on Selection of Accounting Standards
From the fiscal year ended March 31, 2017, the NSHD Group has adopted International Financial Reporting Standards (IFRS)
primarily for the purpose of improving the international comparability of financial statements in the capital markets and to unify
accounting procedures within the NSHD Group.

- 7 -3. Consolidated financial statements and main notes(1) Consolidated Statement of Financial Position(Millions of yen)
As of Mar. 31, 2021

As of Mar. 31, 2022

AssetsCurrent assets:
Cash and cash equivalents

91,05893,697

Trade receivables
Inventories

182,077
69,613

218,480
80,064

Other financial assets
Other current assets

6,710
19,441

7,310
22,940368,901

422,493

Plant, property and equipment
Goodwill

685,733
455,036

729,658
485,190

Intangible assets
Investments accounted for using the equity method

237,751
32,295

241,320
35,700

Other financial assets
Retirement benefit asset

49,7392,467

55,4102,468

Other non-current assets
Deferred tax assets

1,120
3,249

1,163
3,619

Total non-current assets

1,467,393

1,554,532

1,836,294

1,977,026

Total current assets
Non-current assets:

Total assets- 8 -(Millions of yen)
As of Mar. 31, 2021

As of Mar. 31, 2022

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

96,093

115,123

Bonds and borrowings
Income taxes payable

131,721
11,022

110,595
9,746

Other financial liabilities
Allowance

58,428469

65,228
1,068

Other current liabilities

28,28429,832

Total current liabilities
Non-current liabilities:

326,019331,595

Bonds and borrowings
Other financial liabilities

780,895
29,453779,749
31,231Retirement benefit liabilities
Allowance

14,0373,870

14,165
5,107

Other non-current liabilities
Deferred tax liabilities

19,359118,757

20,918133,120

Total non-current liabilities

966,374

984,292

Total liabilities
Equity1,292,394

1,315,888

Share capital
Capital surplus

37,34455,901

37,34455,945

Treasury stock
Retained earnings(273)
422,838(281)
476,589

Other components of equity(2,646)

59,115

Total equity attributable to owners of parent

513,164

628,714

Non-controlling interests

30,73632,423

Total equity

543,900

661,137

1,836,294

1,977,026

Total liabilities and equity- 9 -(2) Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income(Consolidated Statement of Profit or Loss)(Millions of yen)
Year ended
Mar. 31, 2021

Year ended
Mar. 31, 2022

Revenue
Cost of sales

818,238(500,799)

957,169(598,597)

Gross profit

317,439

358,572(233,276)
3,949(259,204)2,241(4,867)(3,937)

5,602

3,512

Operating income

88,846

101,183

Finance income
Finance costs

1,424(12,564)

2,192(11,765)

77,706

91,611(20,842)(24,973)

56,863

66,63755,214
1,648

64,103
2,534

127.59148.13

Selling, general and administrative expenses
Other operating income
Other operating expense
Share of profit of investments accounted for using theequity method

Profit before income taxes
Income taxes
Net income
Profit attributable to:
Owners of parent
Non-controlling interests
Earnings per share
Basic earnings per share (Yen)- 10 -

(Consolidated Statement of Comprehensive Income)(Millions of yen)
Year ended
Mar. 31, 2021
Net income

Year ended
Mar. 31, 2022
56,863

66,637

7,617

6,773

710

607

(31)

70

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

8,296

7,451

Exchange differences on translation of foreign operations
Effective portion of net change in fair value of cash flow

53,841

55,994

56

299

(133)

1,979

53,76458,27362,06065,725

118,924

132,363

116,598
2,325

129,325
3,038

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

hedgesShare 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- 11 -

(3) Consolidated Statement of Changes in Equity
FYE2021 (April 1, 2020 to March 31, 2021)
Share capital
Balance at April 1, 2020

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34456,387(268)

379,322

Net income

－

－

－

55,214

Other comprehensive income

－

－

－

－

－

－

－

55,214Purchase of treasury stock

－

－

(5)

－

Disposal of treasury stock

－

0

0

－

Dividends－－－(12,121)

－

(485)

－

－

－

－

－

－

－

－

－

588

Change in scope of consolidation

－

－

－

(166)

Other changes

－

－

－

－

－

(485)

(5)

(11,699)

37,34455,901(273)

422,838

Comprehensive income

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

Total transactions with owners

Balance at March 31, 2021

Other components of equity
Financial
Exchange
Effectiveassetsdifferences on portion of net measured at Remeasuremetranslation of change in fair fair value nts of definedforeignvalue of cash through other benefit plans
operations flow hedges comprehensiv
e income
Balance at April 1, 2020

Net income(71,170)

19

7,709

－

Total equity
Nonattributable tocontrolling
owners ofinterests
parentTotal

Total equity(63,441)

409,344

31,349440,693

－

－

－

－

－

55,214

1,648

56,86353,141

52

7,507

682

61,38361,383677

62,06053,141

52

7,507

682

61,383

116,598

2,325

118,924

Purchase of treasury stock

－

－

－

－

－

(5)

-

(5)

Disposal of treasury stock

－

－

－

－

－

0

－

0

Dividends

－

－

－

－

－

(12,121)(681)(12,803)

－

－

－

－

－

(485)

(2,787)(3,273)

－

－

－

－

－

－

54

54

－

－

93

(682)

(588)

－

－

－

Change in scope of consolidation

－

－

－

－

－

(166)

-

(166)

Other changes

－

－

－

－

－

－

476

476

－

－

93

(682)

(588)

(12,778)(2,939)(15,717)(18,029)71

15,310－(2,646)513,164

30,736543,900

Other comprehensive income
Comprehensive income

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

Total transactions with owners

Balance at March 31, 2021

- 12 -

FYE2022 (April 1, 2021 to March 31, 2022)
Share capital
Balance at April 1, 2021

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,901(273)

422,838

Net income

－

－

－

64,103

Other comprehensive income

－

－

－

－

Comprehensive income

－

－

－

64,103Purchase of treasury stock

－

－

(7)

－

Disposal of treasury stock

－

0

0

－

Dividends－－－(13,853)

－

43

－

－

－

－

－

－

－

－

－

3,459

Change in scope of consolidation

－

－

－

41

Other changes

－

－

－

－

－

43

(7)

(10,352)

37,34455,945(281)

476,589

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

Total transactions with owners

Balance at March 31, 2022

Other components of equity
Financial
Exchange
Effectiveassetsdifferences on portion of net measured at Remeasuremetranslation of change in fair fair value nts of definedforeignvalue of cash through other benefit plans
operations flow hedges comprehensiv
e income
Balance at April 1, 2021

Total equity
Nonattributable tocontrolling
owners ofinterests
parentTotal

Total equity(18,029)71

15,310－(2,646)513,164

30,736543,900

－

－

－

－

－

64,103

2,534

66,63757,457

296

6,844

623

65,222

65,222503

65,72557,457

296

6,844

623

65,222

129,325

3,038

132,363

Purchase of treasury stock

－

－

－

－

－

(7)

-

(7)

Disposal of treasury stock

－

－

－

－

－

0

－

0

Dividends

－

－

－

－

－

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

－

－

－

－

－

43

(379)

(335)

－

－

－

－

－

－

－

－

－

－

(2,836)(623)(3,459)－－－Change in scope of consolidation

－

－

－

－

－

41

5

46

Other changes

－

－

－

－

－

－

14

14

－

－

(2,836)(623)(3,459)(13,775)(1,350)(15,126)

39,428368

19,319－59,115

628,71432,423

661,137

Net income
Other comprehensive income
Comprehensive income

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

Total transactions with owners

Balance at March 31, 2022

- 13 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
Year ended
Mar. 31, 2021

Year ended
Mar. 31, 2022

Cash flow from operating activities
Profit before income taxes
Depreciation and amortization

77,70686,38091,611
92,435

Impairment losses
Interest and dividends income

2,022
(821)

1,216
(965)

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

12,554

11,601(5,602)(3,512)the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in trade receivables

(295)

449

2,248

(28,158)(Increase) decrease in inventories
Increase (decrease) in trade payables

(766)
(938)

(6,764)
14,264(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities

(394)
764

(580)
1,095

Other

(529)

4,756

172,328

177,451

195
6,117

201
3,720

Interest paid
Income taxes refund (paid)(11,548)(17,860)(10,842)(21,770)

Net cash provided by operating activities

149,231

148,760

Cash flow from investing activities
Purchase of property, plant and equipment

SubtotalInterest received
Dividends received(60,075)(74,478)

Proceeds from sale of property, plant and equipment
Purchase of investment

1,434
(633)

1,516
(1,560)

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

252
(119)

6,083
(520)

Proceeds from sale of subsidiaries
Payments for acquisition of businesses

－
(608)

Other
Net cash used in investing activities- 14 -

064－(1,900)(59,686)(70,858)(Millions of yen)
Year ended
Mar. 31, 2021

Year ended
Mar. 31, 2022

Cash flow from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers(22,924)(3,000)8,016(10,000)

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

58,106(101,049)

25,105(86,466)

Proceeds from issuance of bonds
Redemption of bonds－(10,000)

25,000(15,000)

Repayment of lease obligations
Purchases of investments in subsidiaries not resulting in(8,688)(9,437)(2,834)(276)(12,121)(13,853)

(681)
34

(991)
(43)

(103,159)(77,946)

4,543

2,416

(9,070)2,371

100,005

91,058

105

266

19

－

91,05893,697change 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
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
Increase in cash and cash equivalents resulting from merger
Balance of cash and cash equivalents at term-end- 15 -

(5) Notes to the 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 in Japan and overseas, mainly for customers in the steel, chemical andelectronics industries, and has 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 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 United States, Gas Business in Europe, Gas Business in Asia & Oceania, andThermos Business.
(Changes to reportable segments)
In conjunction with its transition to a holding company structure, from the fiscal year under review, the Group haschanged the reportable segments and adjustment amounts of the Company and certain consolidated subsidiaries tofacilitate more appropriate evaluation of the management results of each segment. Furthermore, to facilitate the yearon-year comparisons, the figures for the previous fiscal year have been reclassified based on the changes to thereportable segments.
* 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

Main products and services
Oxygen, nitrogen, argon, carbon dioxide, helium, hydrogen, acetylene, gas-related
equipment, specialty gases (electronic material gases, pure gases, etc.), electronics-

Gas Business in the United States
Gas Business in Europe

related equipment and installation, semiconductor manufacturing equipment, cutting
and welding equipment, welding materials, plants and machinery, liquid petroleumgas (LPG) and related equipment, medical-use gases (oxygen, nitrous oxide, etc.),

Gas Business in Asia & Oceania

medical equipment, stable isotopes

Thermos BusinessHouseware and consumer goods

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.

- 16 -

(2) Figures of revenue and income (loss) by reportable segment
FYE2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Reportable segment
Gas
Gas
Gas
Gas
Business in
Business in
Business in
Business in
Asia &
the UnitedJapan
EuropeOceania
StatesThermos
Business

Total

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

341,990

189,994

160,035

102,036

23,964

818,021217

818,238

segment transactions andtransfers

13,67518,182

42

2,179

25

34,105(34,105)－

Total

355,665

208,177

160,077

104,215

23,989852,126(33,887)

818,238

Segment income (Note 2)

29,88923,12921,015

8,921

5,168

88,124(872)

87,251

19,534

29,10628,962

7,379

1,328

86,31069

86,380

155

－

－

765

－

921

－

921

193

348

(11)

(49)

2,360

2,842

0

2,842

customers
Revenue from inter-

Other items
Depreciation andamortization
Impairment losses
Share of profit (loss) ofinvestments accounted
for using the equity
methodNotes: 1. The (¥872) million negative adjustment for segment income is comprised of (¥49) million of intersegment eliminations
and companywide expenses of (¥823) 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 toreportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains orlosses attributable to non-recurring factors (non-recurring items) such as losses arising from business withdrawal or
downsizing.

- 17 -

FYE2022 (April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable segment
Gas
Gas
Gas
Gas
Business in
Business in
Business in
Business in
Asia &
the UnitedJapan
EuropeOceania
StatesThermos
Business

Total

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

372,033

224,801

209,778

123,533

26,849956,996173

957,169

segment transactions andtransfers

10,92917,020

148

3,314

18

31,432(31,432)－

Total

382,963

241,822

209,926

126,848

26,867

988,428(31,258)

957,169

Segment income (Note 2)

30,93927,31426,303

12,837

6,441

103,837(1,127)102,710

19,351

31,98731,736

7,935

1,315

92,326108

92,435

4

－

－

136

－

140

－

140

298

－

41

184

3,159

3,683

0

3,684

customers
Revenue from inter-

Other items
Depreciation andamortization
Impairment losses
Share of profit (loss) ofinvestments accounted
for using the equity
methodNotes:1. The (¥1,127) million negative adjustment for segment income is comprised of ¥102 million of intersegment eliminations
and companywide expenses of (¥1,229) 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 toreportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains orlosses attributable to non-recurring factors (non-recurring items) such as losses arising from business withdrawal or
downsizing.

- 18 -

Reconciliation of segment income with profit before income taxes is shown in the table below.
(Millions of yen)
FYE2021(April 1, 2020 to March 31, 2021)

FYE2022(April 1, 2021 to March 31, 2022)

87,251

102,710

2,759

(172)

(1,100)(1,075)

(64)

(278)

Operating income

88,846

101,183

Finance income

1,424

2,192

Finance costs(12,564)(11,765)

77,706

91,611

Segment income
Share of profit (loss) of investments accounted forusing the equity method
Impairment losses
Other

Profit before income taxes(Per-Share Information)
Basic earnings per share and the basis for share appraisal are as follows.

FYE2021(April 1, 2020 to March 31, 2021)

FYE2022(April 1, 2021 to March 31, 2022)

Net income attributable to owners of the parent(¥ million)

55,214

64,103

Average number of shares (thousand shares)

432,752

432,749

Basic earnings per share (Yen)

127.59148.13

Note: Diluted earnings per share are not listed as there are no dilutive shares.
(Significant Subsequent Events)
Not applicable.

- 19 -