Consolidated Financial Results
for the First half of Fiscal Year Ending March 31, 2024
(Based on IFRS)October 31, 2023
Stock exchange listing: Tokyo (Prime)
Company name: Nippon Sanso Holdings Corporation
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, 2023
Scheduled date to commence dividend payments: December 1, 2023
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 FYE2024 (April 1, 2023 – September 30, 2023)(1) Operating results
RevenueFirst half of
FYE2024First half of
FYE2023Core operating
incomeOperating income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of the parent
incomeNet income(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

612,571

6.8

81,64845.3

81,57651.4

50,43838.5

48,54738.1

139,96146.0

573,69928.2

56,185

12.7

53,872

8.2

36,422

3.6

35,1492.5

95,894

143.5(Reference) Income before income taxes
First half of FYE2024: ¥ 71,549 million [44.1%]
First half of FYE2023: ¥ 49,641 million [10.3%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).

First half of
FYE2024First half of
FYE2023

Basic earnings

Diluted net income

per share (Yen)per share (Yen)

112.16

—

81.22

—

(2) Financial position
Total assets(¥ million)

First half of FYE2024(September 30, 2023)
FYE2023(March 31, 2023)

Total equity(¥ million)

Equity attributable to ownersof the parent (¥ million)

Equity attributable to ownersof the parent ratio (%)

2,425,994

887,894852,75135.2

2,158,950

757,996

724,314

33.5

- 1 -

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

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2023—18.00

FYE2024—

20.00

FYE2024 (est.)

—

20.00

38.00

—

20.00

40.00

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

3. Forecasts for business operations for FYE2024 full term (April 1, 2023 – March 31, 2024)
Core operating
incomeRevenue

Full term

Operating income

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

1,230,000

3.7

155,000

25.9

163,000

36.4

100,500

32.3(¥ million)

97,000

%

(Yen)

32.7

224.09Note: Revisions have been made from recently announced forecasts.
(Reference) Income before income taxes
FYE2024 full term: ¥139,000 million (31.7%)* Notes(1) Changes in significant subsidiaries during the period: None
(Transfer of specified subsidiaries resulting in changes in the scope of consolidation)(2) Changes in accounting policies, changes in financial forecasts
1. Changes in accounting policies required by IFRS: None
2. Changes in accounting policies other than 1.: None
3. Changes in accounting estimates: None
(3) Number of outstanding shares (common shares)
1. Number of outstanding shares at the end of
the period (including treasury stock)

As of
Sep. 30, 2023

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

433,092,837
shares

As ofMar. 31, 2023

Sep. 30, 2023

233,879
sharesMar. 31, 2023

232,517
shares

As of
Sep. 30, 2023

432,859,727
shares

As of
Sep. 30, 2022

432,770,724
shares

As of

As of

433,092,837
shares* Financial reports are out of the scope of audit by certified public accountants or audit corporations.
* Explanation on the appropriate use of the forecasts of financial results and other comments
The forward-looking statements such as the forecasts of financial result stated in this document are based on theinformation currently available on the Company and certain assumptions that the Company judges as rational. The
Company is under no obligation to guarantee their achievement. Actual financial results may vary significantly due tovarious reasons. For details on the assumptions of the forecasts and related matters, please see page 6, “(3)Explanation concerning predictive information such as consolidated business forecasts” in “1. Qualitative
Information on Quarterly Financial Results.”- 2 -○ Contents
1. Qualitative Information on Quarterly Financial Results ......................................................................................................

4(1) Explanation concerning business results ........................................................................................................................

4(2) Explanation concerning financial position .....................................................................................................................

5(3) Explanation concerning predictive information such as consolidated business forecasts ..............................................

6

2. Quarterly Condensed Consolidated Financial Statements and Main Notes .........................................................................

7(1) Quarterly Condensed Consolidated Statement of Financial Position .............................................................................
(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statement ofComprehensive Income .......................................................................................................................................................
(3) Quarterly Condensed Consolidated Statement of Changes in Equity ............................................................................

711(4) Quarterly Condensed Consolidated Statement of Cash Flows .......................................................................................

13(5) Notes to the Quarterly Condensed Consolidated Financial Statements..........................................................................

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

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

15

- 3 -

9

1． Qualitative Information on Quarterly Financial Results(1) Explanation Concerning Business Results(General Overview)
The business environment around the Nippon Sanso Holdings Group (NSHD Group) during the first half of the fiscal
year under review (from April 1, 2023 to September 30, 2023) has remained challenging and volatile due to geopoliticalissues in Ukraine and Middle East, trade tensions between the US and China, global inflation, JPY depreciation, andoperating conditions within the semiconductor industry, one of our key segments. Air separation gases (oxygen, nitrogen,and argon) primarily delivered via on-site mainly to steel, chemical, and petroleum refining sectors, have shown adecrease compared to the previous fiscal year. In contrast, there has been a moderation in energy costs, particularly inEurope and the United States, where costs previously have been high. Additionally, the burden of electricity costs, whichconstitute a substantial portion of the production costs for air separation gases, has alleviated in comparison to theprevious fiscal year.
Furthermore, as a result of our comprehensive group-wide price management strategies, including successful cost passthrough initiatives, and robust productivity enhancements, the NSHD Group achieved the following results for the firsthalf of the fiscal year currently under review.
Revenue on a consolidated basis increased 6.8% year-on-year to ¥612,571 million, core operating income increased
45.3% to ¥81,648 million, operating income increased 51.4% to ¥81,576 million, and net income attributable to ownersof the parent increased 38.1% to ¥48,547 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥135.30 to ¥142.61(+¥7.31, or +5.4%), against the EUR from ¥139.14 to ¥154.81 (+¥15.67, or +11.3%). As a result, overall revenue andcore operating income were favorably impacted by approximately ¥25.7 billion and ¥3.0 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to nonrecurring factors such as losses incurred due to business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
(i)

Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to sales price revisions against
the backdrop of rising costs, despite lower shipment volumes of core products such as air separation gases, carbon
dioxide gas, and LP gas. In addition, the shipment volume of specialty gases for the electronics industry declined. In
equipment and installation, both industrial gas-related and electronics-related businesses posted higher revenues,
mainly due to medium- to large-sized projects accounted for on a percentage-of-completion basis. Meanwhile, there
was a decrease in revenue due to the conversion from a consolidated on-site subsidiary to a joint operation
subsidiary.
As a result, in the Japan segment, revenue increased by 4.0% year-on-year to ¥202,179 million and segment
income increased by 67.7% to ¥21,331 million.

(ii) United States
In the industrial gas-related business, revenue increased year-on-year mainly due to sales price revisions against
the backdrop of rising costs and other factors, despite lower shipment volumes of core products such as air
separation gases. In equipment and installation, industrial gas-related sales were strong, especially for gas-related
equipment, and electronics-related sales were also favorable, resulting in an increase in sales.
As a result, in the United States segment, revenue increased by 16.1% year-on-year to ¥169,519 million andsegment income increased by 45.8% to ¥23,437 million. Revenue and segment income were favorably impacted by
the weak JPY.

- 4 -(iii) Europe
Revenue increased year-on-year mainly due to the impact of the weak JPY and sales price revisions against the
backdrop of moderating energy costs as well as lower shipment volumes of core products such as air separation
gases. In equipment and installation, industrial gas-related sales increased due to strong sales of gas-related andmedical-related equipment. In addition, productivity initiatives contributed to the positive performance of thebusiness.
As a result, in the Europe segment, revenue increased by 8.1% year-on-year to ¥147,381 million, and segment
income increased by 65.7% to ¥26,363 million.
(iv) Asia & Oceania
In the industrial gas-related business, revenue increased year-on-year mainly due to sales price revisions against
the backdrop of rising costs and other factors, despite lower shipment volumes of core products such as air
separation gases. In LP gas, of which a large portion of sales are in the Australia region, sales volumes decreased. In
the electronics-related business, revenue declined significantly in East Asia due to softness in both gas andequipment as a result of inventory adjustments and postponement of capital investment by our customers.
As a result, in the Asia & Oceania segment, revenue decreased by 4.5% year-on-year to ¥78,114 million andsegment income decreased by 4.2% to ¥8,568 million. Revenue and segment income were favorably impacted by the
weak JPY.
(v) Thermos
In Japan, sales from sports bottles and portable vacuum-insulated mugs were firm, and revenue increased.
Overseas, revenues were generally soft. Segment income decreased significantly due to rising raw material prices
from inflation and production costs increased due to the weak JPY.
As a result, the Thermos segment revenue increased by 1.1% year-on-year to ¥15,331 million, the segment
income decreased by 13.3% to ¥2,868 million.
(2) Explanation concerning financial position
As of the end of the Q2 consolidated accounting period, total assets amounted to ¥2,425,994 million, an increase of¥267,044 million from March 31, 2023. The impact of foreign exchange rates resulted in an increase in total assets ofapproximately ¥159.2 billion. As of the end of the Q2 consolidated accounting period, the yen was down ¥16.05 against
the USD, and down ¥12.28 against the euro from the rates reported on March 31, 2023.
[Assets]
Total current assets amounted to ¥660,098 million, an increase of ¥133,024 million from March 31, 2023, mainlyreflecting increases in cash and cash equivalents and account receivables.
Total non-current assets were ¥1,765,896 million, an increase of ¥134,020 million from March 31, 2023, mainlyreflecting increases in plant, property and equipment and goodwill.
[Liabilities]
Total current liabilities were ¥435,247 million, an increase of ¥10,090 million from March 31, 2023. The main changes
were an increase in other current liabilities and a decrease in account payables.
Total current liabilities were ¥1,102,852 million, an increase of ¥127,056 million from March 31, 2023, mainly due toincreases in bonds and borrowings and deferred tax liabilities.
[Equity]
Total equity amounted to ¥887,894 million, an increase of ¥129,897 million from March 31, 2023. The main factors
were increases due to the recording of exchange differences on translation of foreign operations and net income
attributable to owners of the parent.
The ratio of equity attributable to owners of the parent stood at 35.2%, up 1.7 percentage points from March 31, 2023.
(Cash flow analysis)[Cash flow from operating activities]
Net cash provided by operating activities increased 22.0% year-on-year to ¥87,976 million. The main components
were income before income taxes, variations in account payables, and variations in inventories.
[Cash flow from investing activities]- 5 -Net cash used in investing activities increased 31.8% year-on-year to ¥55,668 million. The main use of cash was forthe purchase of property, plant and equipment.
[Cash flow from financing activities]
Net cash provided by financing activities increased to ¥44,745 million from net cash used of ¥25,448 million yearon-year. The main factors were the proceeds from issuance of bonds, proceeds from long-term borrowings, and net
variation in commercial papers.
As a result of the Company’s operating, investing, and financing activities, the balance of cash and cash equivalents asof the end of Q2, after accounting for the effects of exchange differences, came to ¥217,077 million.
(3) Explanation concerning predictive information such as consolidated business forecasts
The Company has revised its forecasts for business operations for the full term of the fiscal year ending March 31,
2024. For details, please refer to the “Notice Regarding Earnings Forecast Revisions” released today (October 31, 2023).

- 6 -2. Quarterly Condensed Consolidated Financial Statements and Main Notes(1) Quarterly Condensed Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2023

As of September 30, 2023

AssetsCurrent assets
Cash and cash equivalents
Account receivables

132,217
243,541

217,077
260,728

Inventories
Other financial assets

97,612
22,479108,649
25,718Other current assets

26,15232,189Subtotal
Assets possessed for a sales purpose

522,003
5,070

644,364
15,734

527,074

660,098

Property, plant and equipment
Goodwill

776,148
513,685

835,340561,207

Intangible assets
Investments accounted for using the equity method

242,334
38,230254,156
39,041Other financial assets
Retirement benefit asset

46,7632,810

61,687
2,666

Other non-current assets
Deferred tax assets

8,461
3,442

8,284
3,511

Total non-current assets

1,631,875

1,765,896

2,158,950

2,425,994

Total current assets
Non-current assets

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

As of September 30, 2023

Liabilities and equity
Liabilities
Current liabilities
Account payables

128,197

120,596

Bonds and borrowings
Corporate income taxes payable

140,540
16,191135,019
18,975

Other financial liabilities
Provision

102,119284

105,144
260

Other current liabilities

37,82452,606425,157

432,602－

2,645

Total current liabilities

425,157

435,247

Non-current liabilities
Bonds and borrowings

Subtotal
Liabilities directly pertaining to assets possessed for asales purpose

759,480

866,383

Other financial liabilities
Retirement benefit liabilities

35,693
14,11737,73914,804

Provision
Other non-current liabilities

5,440
20,364

5,521
20,778Deferred tax liabilities

140,700

157,625

Total non-current liabilities

975,796

1,102,852

1,400,953

1,538,100

37,34437,344

Capital surplus
Treasury shares

51,610(233)

51,316(237)

Retained earnings
Other components of equity

537,867
97,724

577,893
186,434

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

724,31433,682852,751
35,142

Total equity

757,996

887,894

2,158,950

2,425,994

Total liabilities
EquityShare capital

Total liabilities and equity- 8 -(2) Quarterly Condensed Consolidated Statement of Profit or Loss and Quarterly Condensed Consolidated Statement ofComprehensive Income
Condensed Consolidated Statement of Profit or Loss
(H1 Consolidated Cumulative Period)(Millions of yen)Six-months ended
September 30, 2022
Revenue
Cost of sales
Gross operating profit
Selling, general and administrative expenses

Six-months ended
September 30, 2023

573,699

612,571(366,611)(364,586)

207,088247,985(152,456)(167,822)

Other operating income
Other operating expense

3,704(5,558)1,848(1,440)Share of profit of investments accounted for using theequity method

1,093

1,005

53,872

81,576

Operating income
Finance income

2,392

2,571

Finance costs(6,623)(12,598)

Income before income taxes

49,641

71,549Corporate income taxes(13,219)(21,110)Net income

36,42250,438Net income attributable to:
Owners of the parent

35,14948,547

Non-controlling interests

1,272

1,890

Net income per share
Basic earnings per share (yen)81.22

112.16- 9 -Condensed Consolidated Statement of Comprehensive Income(H1 Consolidated Cumulative Period)(Millions of yen)Six-months ended
September 30, 2022
Net income

Six-months ended
September 30, 2023
36,42250,438(4,438)

4,714

19

6

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

(40)

13

Total of items that will not be reclassified to profit orloss(4,459)4,735

62,67682,827

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

(884)

525

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

2,138

1,434

63,93084,787

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

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

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

59,471

89,522Comprehensive income

Total other comprehensive income, net of tax

95,894

139,961

Comprehensive income attributable to:
Owners of the parent

93,903

137,410

1,990

2,550

Non-controlling interests- 10 -

(3) Quarterly Condensed Consolidated Statement of Changes in Equity
Six-months ended September 30, 2022 (April 1, 2022 to September 30, 2022)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,945(281)

476,589

Net income

－

－

－

35,149Other comprehensive income

－

－

－

－

－

－

－

35,149Purchase of treasury shares

－

－

(2)

－

Disposal of treasury shares

－

－

53

－

Dividends－－－(7,787)－(4,381)

－

－

－

－

－

－

－

－

－

617

Change in scope of consolidation

－

－

－

－

Other changes

Comprehensive income

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

－

－

－

－

Total transactions with owners－(4,381)

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

37,34451,563(230)

504,569

Other components of equity

Balance at April 1, 2022

Net income

Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans

39,428368

19,319－Total equity
attributableto owners of
the parent

Noncontrollinginterests

Total equity

59,115

628,71432,423

661,137

Total

－

－

－

－

－

35,1491,272

36,42264,197(875)(4,587)19

58,75358,753718

59,47164,197(875)(4,587)19

58,75393,903

1,990

95,894Purchase of treasury shares

－

－

－

－

－

(2)

－

(2)

Disposal of treasury shares

－

－

－

－

－

53

－

53

Dividends

－

－

－

－

－

(7,787)(572)(8,360)

－

－

－

－

－

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

－

－

－

－

－

－

389

389

－

－

(598)

(19)

(617)

－

－

－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

Other comprehensive income
Comprehensive income

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

－

－

－

－

－

－

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- 11 -

Six-months ended September 30, 2023 (April 1, 2023 to September 30, 2023)
Share capital
Balance at April 1, 2023

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,344

51,610(233)

537,867

Net income

－

－

－

48,547

Other comprehensive income

－

－

－

－

－

－

－

48,547Purchase of treasury shares

－

－

(4)

－

Disposal of treasury shares

－

－

－

－

Dividends－－－(8,658)

－

(294)

－

－

－

－

－

－

－

－

－

152

Change in scope of consolidation

－

－

－

(16)

Other changes

－

－

－

－

Total transactions with owners

－

(294)

(4)

(8,521)

Balance at September 30, 2023

37,34451,316(237)

577,893

Comprehensive income

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

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Effective
portion of
net change
in fair valueof cash flow
hedgesFinancialassetsmeasured atfair value
throughothercomprehensi
ve incomeRemeasurements ofdefinedbenefit plans

81,172(284)

16,836－－－－

83,629521

83,629521

Purchase of treasury shares－

Disposal of treasury shares－

Balance at April 1, 2023

Net income
Other comprehensive income
Comprehensive income

Dividends

Total equity
attributableto owners of
the parent

Noncontrollinginterests

Total equity

97,724

724,31433,682757,996－－

48,5471,890

50,4384,704

688,862

88,862660

89,5224,704

688,862

137,4102,550

139,961

－

－

－

－

(4)

－

(4)

－

－

－

－

－

－

－

(690)

(9,348)

Total

－

－

－

－

－

(8,658)

－

－

－

－

－

(294)

(264)

(559)

－

－

－

－

－

－

－

－

－

－

(145)

(6)

(152)

－

－

－

Change in scope of consolidation

－

－

－

－

－

(16)

－

(16)

Other changes

－

－

－

－

－

－

(135)

(135)

Total transactions with owners

－

－

(145)

(6)

(152)

(8,973)(1,090)(10,063)

Balance at September 30, 2023

164,802237

21,394－

186,434

852,751

35,142887,894

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

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

Six-months ended
September 30, 2023

Cash flow from operating activities
Income before income taxes

49,641

71,549Depreciation and amortization
Interest and dividends income

52,030(729)

54,832(1,699)Interest expenses
Share of (profit) loss of investments accounted for using

6,601

12,562(1,093)(1,005)the equity method
Loss (gain) on sale and retirement of property, plant andequipment, and intangible assets(Increase) decrease in account receivables

(422)

23

(6,234)(11,328)(Increase) decrease in inventories
Increase (decrease) in account payables(13,661)
4,733(7,193)(8,889)

(408)
568

(166)
477

(3,052)

1,139

87,973110,303

180
1,017

1,152
3,265

Interest paid
Corporate income tax refund (paid)(6,099)(10,948)(10,406)(16,339)

Cash flow from operating activities(Increase) decrease in retirement benefit asset
Increase (decrease) in retirement benefit liabilities
Other
SubtotalInterest received
Dividends received

72,122

87,976

Cash flow from investing activities
Payments for purchase of property, plant and equipment(42,616)(53,110)Proceeds from sale of property, plant and equipment
Payments for purchase of investment

1,626(1,633)607(147)

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

1,415
(107)

431

Proceeds from sale of subsidiaries
Payments for acquisition of businesses

－
－
(937)

Other
Cash flow from investing activities(42,252)- 13 -－
154(1,743)(1,861)(55,668)(Millions of yen)Six-months ended
September 30, 2022

Six-months ended
September 30, 2023

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

15,9657,000

11,370(26,000)

Proceeds from long-term borrowings

1,232

33,650

Repayment of long-term borrowings(34,099)(57,745)

Proceeds from issuance of bonds
Repayment of lease obligations－(5,824)

99,532(6,598)

Payments for purchase of shares in subsidiaries not
resulting in change in scope of consolidation(1,989)(380)

Dividends paid
Dividends paid to non-controlling interests(7,787)(572)(8,658)
(690)

627

264

Other

(25,448)

44,745

Impact of exchange rate changes on cash and cash
equivalents

Cash flow from financing activities

2,896

8,414

Net increase (decrease) in cash and cash equivalents

7,318

85,468

Balance of cash and cash equivalents at beginning of fiscal
year

93,697132,217

Increase (decrease) in cash and cash equivalents resulting
from transfer to assets possessed for a sales purpose

－

(609)

101,015217,077

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

(5) Notes to the Quarterly Condensed Consolidated Financial Statements(Notes regarding going concern assumption)
Not applicable.
(Segment information)(1) Outline of reportable segments
The NSHD Group’s reportable segments are those of the components of the NSHD Group on which separate financial
information is available, and which are evaluated regularly by the Board of Directors to determine the allocation ofmanagement resources and assess business performance. No grouping of operating segments has been carried out forreporting purposes.
The NSHD Group conducts gas businesses in Japan and overseas, mainly for customers in the steel, chemical, andelectronics industries, and has production and sales bases for its main products in Japan, United States, Europe, and Asia
& Oceania. In addition, the NSHD Group engages in the manufacture and sale of housewares such as stainless-steel
vacuum bottles. Accordingly, the Company has established the following five reportable segments: Japan, United States,
Europe, Asia & Oceania, and Thermos.
The principal products and services for each of the reportable segments are as shown below.
Reportable segment

Main products and services

Japan

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

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

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

Asia & Oceania

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

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

(2) Figures of revenue and income (loss) by reportable segment
Six-months ended September 30, 2022 (April 1, 2022 to September 30, 2022)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

194,406

145,961

136,308

81,803

15,169573,64950

573,699

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

Total

Revenue
Revenue from externalcustomers
Revenue from intersegment transactions andtransfers

Notes: 1. The negative adjustment of (¥769) million 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- 15 -

attributable to 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, 2023 (April 1, 2023 to September 30, 2023)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidate(Note 1)d Statementof IncomeJapan

UnitedStatesEuropeAsia &
Oceania

Thermos

202,179

169,519

147,381

78,114

15,331

612,52645

612,571

segment transactions andtransfers

6,982

12,229

205

1,489

8

20,915(20,915)－

Total

209,162

181,748

147,587

79,603

15,340633,442(20,870)

612,571

Segment income (Note 2)

21,331

23,43726,363

8,568

2,868

82,569(920)

81,648

Total

Revenue
Revenue from externalcustomers
Revenue from inter-

Notes: 1. The negative adjustment of (¥920) million for segment income is comprised of (¥204) million of intersegment
eliminations and companywide expenses of (¥716) 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 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.
Reconciliation of segment income with income before income taxes is shown below.
(Millions of yen)Six-months ended September 30, 2022
(April 1, 2022 to September 30, 2022)

Six months ended September 30, 2023
(April 1, 2023 to September 30, 2023)

56,18581,648594－(3,502)

－

595

(72)

Operating income

53,872

81,576

Finance income

2,392

2,571

Finance costs(6,623)(12,598)

49,641

71,549Segment income
Proceeds from sale of fixed assets
Loss on arbitration award
Other

Income before income taxes- 16 -