Consolidated Financial Resultsfor Fiscal Year Ending March 31, 2023
(Based on IFRS)
May 11, 2023
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (Prime)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Keita Kajiyama, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to be held Ordinary General Meeting of Shareholders: June 20, 2023
Scheduled date to file Securities Report: June 21, 2023
Scheduled date to commence dividend payments: June 21, 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 FYE2023 (April 1, 2022 – March 31, 2023)(1) Operating results
RevenueCore operating
incomeOperating income(Percentages indicate year-on-year change)
Net income
Total
attributable tocomprehensive
owners of the parent
incomeNet income(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%(¥ million)%

FYE2023

1,186,683

24.0

123,124

19.9

119,524

18.1

75,965

14.0

73,08014.0

118,859(10.2)

FYE2022

957,169

17.0

102,71017.7

101,183

13.9

66,63717.2

64,103

16.1

132,363

11.3(Reference) Income before income taxes
FYE2023: ¥105,503 million [15.2%]
FYE2022: ¥91,611 million [17.9%]
Core operating income is calculated as operating income excluding certain gains and expenses attributable tonon-recurring factors (non-recurring items).

FYE2023168.85－Return on equity
attributable toowners of theparent (%)
10.8

FYE2022148.13－

11.2

Basic earnings
per share (Yen)

Diluted net income
per share (Yen)

Income before
income taxes tototal assets ratio(%)
5.1

Core operating
income to revenue
ratio (%)

4.8

10.7

10.4

(Reference) Share of profit (loss) of associates and joint ventures accounted for using the equity method
FYE2023: ¥3,553 million FYE2022: ¥3,512 million(2) Financial position
Total assets(¥ million)

FYE2023(March 31, 2023)
FYE2022(March 31, 2022)

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)2,158,950

757,996

724,31433.5

1,673.32

1,977,026

661,137

628,71431.8

1,452.84- 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)

FYE2023

187,959(98,073)(54,430)132,217

FYE2022

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

93,697

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) (%)

FYE2022

－

16.00

－

18.00

34.00

14,71823.0

2.6

FYE2023

－

18.00

－

20.00

38.00

16,450

22.5

2.4

－

20.00

－

20.00

40.00

FYE2024(est.)

24.6

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

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)%

Full term

1,160,000(2.2)

127,500

3.6

127,500

6.7

73,500(3.2)(Reference)

Income before income taxes
FYE2024 full term: ¥102,000 million [(3.3%)](¥ million)

70,500

%

(Yen)

(3.5)

162.87* 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
Mar.31, 2023

433,092,837
shares

As ofMar. 31, 2022

433,092,837
shares

2. Number of treasury stocks at the end of theperiodAs ofMar.31, 2023

232,517
shares

As ofMar. 31, 2022

344,870
shares

3. Average number of shares during the period

FYE2023432,812,252
sharesFYE2022432,749,204
sharesFinancial reports are out of the scope of audit by certified public accountants or audit corporations.
Explanation on the appropriate use of the forecasts of financial results and other comments
The forward-looking statements such as the forecasts of financial result stated in this document are based on theinformation currently available on the Company and certain assumptions that the Company judges as rational.
The Company is under no obligation to guarantee their achievement. Actual financial results may varysignificantly due to various reasons. For details on the assumptions of the forecasts and related matters, pleasesee page 6, “(4) Future Outlook” in “1. Overview of Business Results.”

The Company held a briefing of results for institutional investors and analysts on Friday, May 19, 2023.
Results materials handed out at that briefing were 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
6(4) Future Outlook……………………………………………………………………………………………………………
(5) Basic Policy on Profit Distribution and Dividends for FYE2023 and FYE2024…………………………………………

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…………………………………………………………………………
(Notes 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)
In the current year under review (from April 1, 2022 to March 31, 2023), the Nippon Sanso Holdings Group (NSHD Group)
has faced a challenging and unpredictable business environment as a result of geopolitical issues in Ukraine, trade tensions
between the US and China, unprecedented global energy costs, global inflation, and JPY depreciation. These items resulted in
shipment volume of air separation gases (oxygen, nitrogen, argon), our main product, decreasing from the previous fiscal year.
However, due to solid price management such as pass through, and various productivity initiatives, the NSHD Group achieved
the following results for the fiscal year under review.
Revenue on a consolidated basis increased 24.0% year-on-year to ¥1,186,683 million, core operating income increased 19.9%
to ¥123,124 million, operating income increased 18.1% to ¥119,524 million, and net income attributable to owners of the parent
increased 14.0% to 73,080 million.
As for the impact of foreign exchange rates year-on-year, JPY depreciated against the USD from ¥113.04 to ¥136.00 (+¥22.96,
or +20.3%), against the EUR from ¥131.11 to ¥141.62 (+¥10.51, or +8.0%), and against the AUD from ¥83.33 to ¥92.67 (+¥9.34,
or +11.2%). As a result, overall revenue and core operating income were favorably impacted by approximately ¥79.6 billion and¥9.9 billion respectively.
Core operating income is calculated by excluding from operating income certain gains and losses attributable to non-recurring
factors such as losses arising from business withdrawal or downsizing.
(Overview of business performance by reportable segment)
A breakdown of business performance by reportable segment is as follows.
Effective from the fiscal year under review, the names of the reportable segments, which were previously "Gas Business inJapan," " Gas Business in the United States," " Gas Business in Europe," " Gas Business in Asia & Oceania," and "Thermos
Business," were changed to "Japan," " United States," "Europe," " Asia & Oceania," and "Thermos" in that order, without
impacting segment information.
Segment income represents core operating income.
(1) Japan
In the industrial gas-related business, revenue increased year-on-year mainly due to price revisions in response to cost andinflation increases, despite a decrease in shipment volume on both core product air separation gases and LP gas. In theelectronics-related business, electronic material gases revenue increased strongly. In equipment and installation, both industrial
gas-related and electronics-related revenue increased.
In addition, segment income was suppressed due to the time lag between manufacturing and distribution cost increases related toenergy and general inflation, etc., and the time to recover the costs from customers.
As a result, in the Japan segment, revenue increased 13.0% year-on-year to ¥420,452 million and segment income increased
2.4% to ¥31,680 million.
(2) The United States
In the industrial gas-related business, shipment volume of air separation gases, a core product, were flat with prior year.
However, revenue increased year-on-year mainly due to price revisions in conjunction with cost increases. Revenue from carbon
dioxide gas was strong. In equipment and installation, industrial gas-related revenue increased significantly in hardgoods for
welding and cutting related products, while electronics-related revenue turned slightly negative.
As a result, in the United States segment, revenue increased 34.8% year-on-year to ¥303,090 million and segment income
increased 35.7% to ¥37,074 million. Revenue and segment income were favorably impacted by the weak JPY.
(3) Europe
Revenue increased from air separation gases, a core product, although shipment volumes declined due to lower customer
requirements. This reflects a lag in price recovery efforts offsetting the significant surge in both energy and inflation. In addition,
productivity initiatives and cost reduction efforts contributed to the positive performance of the business.
As a result, in the Europe segment, revenue increased 30.1% year-on-year to ¥272,888 million, and segment income increased
32.7% to ¥34,904 million. Revenue and segment income were favorably impacted by the weak JPY.

-4-

(4) Asia & Oceania
In the industrial gas-related business, shipment volume in air separation gas, a core product, remained firm, and sales revenue
increased. In LP gas, of which a large portion of sales are in the Australia region, revenue increased due to price increases linked
to higher purchase costs and firm trends in shipped volume. In electronic-related business, revenue increased from robust sales
for both gases and equipment.
As a result, in the Asia & Oceania segment, revenue increased 29.5% year-on-year to ¥159,965 million and segment income
increased 20.5% to ¥15,465 million. Revenue and segment income were favorably impacted by the weak JPY.
(5) Thermos
In Japan, due to milder restrictions for outside activities from Spring 2022, both sales of portable mugs and sports bottles aswell as sales for the kitchenware products such as frying pans were strong, contributing to considerable increase in revenue.
Overseas, revenues are generally firm. Segment income decreased because of both rising raw material prices due to inflation andproduction costs increasing due to the weak JPY.
As a result, the Thermos segment revenue increased 12.4% year-on-year to ¥30,190 million, the segment income decreased
6.5% to ¥6,021 million.
(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets amounted to ¥2,158,950 million as of March 31, 2023, an increase of ¥181,924 million from March 31, 2022.
Foreign exchange rates resulted in an increase in total assets of approximately ¥106.1 billion. This mainly reflected foreignexchange rate changes, such as the JPY depreciation of ¥11.14 against the USD and the JPY depreciation of ¥9.02 against the
EUR as of March 31, 2023, compared with the rates as of March 31, 2022.
In the fiscal year, trade receivables increased as a result of increased revenues. In addition, the Company proceeded with theplanned repayment of interest-bearing debt with a focus on continued debt reduction and financial soundness. The Company willcontinue to communicate openly and appropriately with the bond market and financial institutions to improve our liquidity andfunding 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 0.81 times, an improvement of 0.13 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 ¥527,074 million, an increase of ¥104,581 million from March 31, 2022. The main changes were an
increase in cash and cash equivalents and trade receivables, and the impact from JPY depreciation against major currencies suchas the USD and the EUR. Total non-current assets were ¥1,631,875 million, an increase of ¥77,343 million from March 31, 2022,
mainly reflecting increases in plant, property and equipment, goodwill and the impact from JPY depreciation against major
currencies.
[Liabilities]
Total current liabilities were ¥425,157 million, an increase of ¥93,562 million from March 31, 2022. The main changes werean increase in bonds and borrowings, trade payables, and the impact from JPY depreciation against major currencies. Total noncurrent liabilities were ¥975,796 million, a decrease of ¥8,496 million from March 31, 2022. The main factors were a decrease inbonds and borrowings, an increase in deferred tax liabilities and the impact from JPY depreciation against major currencies.
[Equity]
Total equity amounted to ¥757,996 million, an increase of ¥96,859 million from March 31, 2022. 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 33.5%, up 1.7 percentage points from the previous fiscal year-end.

-5-(3) Overview of Cash Flows for the Fiscal Year Under Review[Cash flow from operating activities]
Net cash provided by operating activities increased 26.4% year on year to ¥187,959 million. The main components were profit
before income taxes, depreciation and amortization, and corporate income tax payment or refund.
[Cash flow from investing activities]
Net cash used in investing activities increased 38.4% year on year to ¥98,073 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 30.2% year on year to ¥54,430 million. The main changes were repayment oflong-term borrowings, 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 as ofMarch 31, 2023, after accounting for the effects of exchange rates, increased 41.1% year on year to ¥132,217 million.
FYE2019
The ratio of equity attributable toFYE2020

FYE2021

FYE2022

FYE2023

23.0

23.4

27.9

31.8

33.5

41.2

39.6

49.6

51.1

47.8

Redemption period (years)

10.2

6.7

6.4

6.2

5.0

Interest coverage ratio (times)

15.3

12.8

12.9

13.7

14.7

owners of the parent (%)
The ratio of equity attributable toowners of the parent on a marketvalue basis (%)

Note: The ratio of equity attributable to owners of the parent: Equity attributable to owners of the parent / total assets
The ratio of equity attributable to owners of the parent on a market-value basis (%): Total market value of the stock / total assets
Redemption period: Interest-bearing debts / cash flows
The interest coverage ratio: Cash flows / interest payment
1. The indicator values were all calculated based on financial numerical values on a consolidated basis.
2. The total market value was calculated by multiplying the term-end closing price of the stock by the number of term-end
outstanding shares.
3. The cash flow here is the cash flow from operating activities included in the Consolidated Statement of Cash Flows.
Interest-bearing debts cover all of the debts recorded in the Consolidated Statement of Financial Position on which the Company
pays interest. The figures specified for interest payment are the amounts of interest paid which are recorded in the Consolidated
Statement of Cash Flows.
(4) Future Outlook
We have formulated a medium-term management plan, "NS Vision 2026 - Enabling the Future," covering the four-year period
from the fiscal year beginning April 1, 2022 to the fiscal year ending March 31, 2026. The plan defines five focused fields,"Sustainability Management," "Explore New Business Toward Carbon Neutrality," "Total Electronics," "Operational
Excellence," and "DX Initiatives," under the business management structure of four global industrial gas regions and Thermos,
which comprise the five operating segments of the Nippon Sanso Holdings Group. In addition, we will enhance human wellbeing and contribute to a more sustainable future by improving the Group's total strengths and aiming for further growth.
Overall, in the regions where we operate, the outlook remains difficult to predict due to geopolitical issues, trade tensions, a
global energy volatility, global inflation, and JPY depreciation. Therefore, the actual results may vary from our medium-term
management financial outlook due to these and other positive and negative unknown factors.
In FYE2024, the Industrial gas business expects continued growth in resilient markets such as food & beverage,
pharmaceuticals, and healthcare, we will explore new business opportunities with customers who are working toward Carbon
Neutrality. In electronics, we will adopt to customers’ production, demand, and capital investment plans.
In addition, global energy inflation headwinds which began in FYE 2022 have moderated in some regions, but the situation
remains volatile and varies from region to region. Therefore, future energy prices remain unpredictable. Hence, our entire groupwill continue to focus on strong price management, cost recovery, and productivity initiatives.

-6-

In Thermos, we expect higher raw material costs due to inflation pressures and higher manufacturing costs due to the weak
JPY, but we will concentrate on improving business performance through new product offerings with better functionality,
expansion of product lines including frying pans and kitchenware, and E-commerce services including online shopping.
Our consolidated earnings forecast for FYE2024 is shown in the table below. The exchange rate assumptions used in theforecast are ¥130 to the USD and ¥140 to the EUR.

Core operating

Revenue

FYE2024(¥ billion)
FYE2023(¥ billion)
Change(%)

Operating income

incomeNet income
attributable to

Net income

owners of theparent1,160.0

127.5

127.5

73.5

70.5

1,186.6

123.1

119.5

75.9

73.0

(2.2)

3.6

6.7

(3.2)

(3.5)

(5) Basic Policy on Profit Distribution and Dividends for FYE2023 and FYE2024
We will strive to return profits to shareholders under a dividend policy that aims to provide continuous and stable dividends,
aligned in a way with consolidated business results, while setting aside enough retained earnings to enhance and strengthen ouroperational makeup.
Under this policy, we plan to offer a year-end dividend of ¥20 per share, up ¥2 from the year before. Since the interim dividendwas ¥18 per share, this means that we will pay an annual dividend of ¥38 per share. For the next fiscal year, we plan to offer anannual dividend of ¥40 per share (an interim dividend of ¥20).

2. Basic Policy on Selection of Accounting Standards
The NSHD Group adopted the International Financial Reporting Standards (IFRS) in FYE2017 in order to improve theinternational comparability of its financial statements in the capital market and integrate accounting procedures within the group.

-7-3. Consolidated Financial Statements and Main Notes(1) Consolidated Statement of Financial Position(Millions of yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and cash equivalents
Trade receivables

93,697
218,480132,217
243,541

Inventories
Other financial assets

80,064
7,310

97,612
22,479Other current assets
Subtotal
Assets possessed for a sales purpose

22,94026,152422,493522,003－

5,070

422,493527,074

Property, plant and equipment
Goodwill

729,658
485,190776,148
513,685

Intangible assets
Investments accounted for using the equity method

241,320
35,700242,334
38,230

Other financial assets
Retirement benefit asset

55,4102,468

46,763
2,810

Other non-current assets
Deferred tax assets

1,163
3,619

8,461
3,442

Total non-current assets

1,554,532

1,631,875

1,977,026

2,158,950

Total current assets
Non-current assets

Total assets- 8 -(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Liabilities and equity
Liabilities
Current liabilities
Trade payables
Bonds and borrowings

115,123
110,595

128,197
140,540

Corporate income taxes payable
Other financial liabilities

9,746
65,22816,191102,119

Allowance
Other current liabilities

1,068
29,832284
37,824

Total current liabilities

331,595

425,157

Non-current liabilities
Bonds and borrowings

779,749

759,480

Other financial liabilities
Retirement benefit liabilities

31,231
14,16535,693
14,117

Allowance
Other non-current liabilities

5,107
20,9185,440
20,364

Deferred tax liabilities

133,120

140,700

Total non-current liabilities

984,292

975,796

1,315,888

1,400,953

37,34437,344

Capital surplus
Treasury stock

55,945(281)

51,610(233)

Retained earnings
Other components of equity

476,589
59,115537,867
97,724

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

628,71432,423724,31433,682

Total equity

661,137

757,996

1,977,026

2,158,950

Total liabilities
EquityShare capital

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 March 31, 2022
Revenue
Cost of sales
Gross operating profit
Selling, general and administrative expenses

Year ended March 31, 2023

957,169

1,186,683(598,597)(748,053)

358,572438,630(259,204)(315,191)

Other operating income
Other operating expense

2,241(3,937)

5,182(12,650)

Share of profit of investments accounted for using theequity method

3,512

3,553

101,183

119,524

Operating income
Finance income

2,192

2,182

Finance costs(11,765)(16,203)

Profit before income taxes

91,611

105,503

Corporate income taxes(24,973)(29,538)

Net income

66,63775,965

Net income attributable to:
Owners of the parent

64,10373,080Non-controlling interests

2,534

2,884

Earnings per share
Basic earnings per share (Yen)148.13168.85- 10 -

(Consolidated Statement of Comprehensive Income)(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

66,63775,965

6,773

(337)

607

1,814

70

(42)

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

7,451

1,434

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

55,99440,744

299

(659)

1,979

1,374

58,27341,45965,72542,894Comprehensive income

132,363

118,859

Comprehensive income attributable to:
Owners of the parent

129,325

115,466

3,038

3,392

Net income
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

Effective portion of net change in fair value of cash flow
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

Non-controlling interests- 11 -

(3) Consolidated Statement of Changes in Equity
FYE2022 (April 1, 2021 to March 31, 2022)
Share capital
Balance at April 1, 2021

(Millions of yen)
Retained
Treasury stockearnings

Capitalsurplus37,34455,901(273)

422,838

Net income

－

－

－

64,103

Other 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

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

Other components of equity
Financial
Exchange Effective
assetsdifferences 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

Net income(18,029)71

15,310－Total equity
Nonattributable tocontrolling
owners of theinterests
parentTotal

Total equity(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

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

- 12 -

FYE2023 (April 1, 2022 to March 31, 2023)
Share capital
Balance at April 1, 2022

(Millions of yen)
Retainedearnings

CapitalsurplusTreasury stock

37,34455,945(281)

476,589

Net income

－

－

－

73,080

Other comprehensive income

－

－

－

－

－

－

－

73,080Purchase of treasury stock

－

－

(5)

－

Disposal of treasury stock

－

－

53

－

Dividends－－－(15,579)－(4,334)

－

－

－

－

－

－

－

－

－

3,777

Change in scope of consolidation

－

－

－

－

Other changes

－

－

－

－

－

(4,334)

48(11,802)37,344

51,610(233)

537,867

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, 2023

Other components of equity
Financial
Exchange Effective
assetsdifferences 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, 2022

Net income

39,428368

19,319－Total equity
Nonattributable tocontrolling
owners of theinterests
parentTotal

Total equity

59,115

628,71432,423

661,137

－

－

－

－

－

73,0802,884

75,96541,744

(652)

(507)

1,802

42,38642,386507

42,894

41,744

(652)

(507)

1,802

42,386

115,466

3,392

118,859

Purchase of treasury stock

－

－

－

－

－

(5)

－

(5)

Disposal of treasury stock

－

－

－

－

－

53

－

53

Dividends

－

－

－

－

－

(15,579)(1,018)(16,598)

－

－

－

－

－

(4,334)(1,907)(6,242)

－

－

－

－

－

－

389

389

－

－

(1,975)(1,802)(3,777)－－－

Change in scope of consolidation

－

－

－

－

－

－

－

－

Other changes

－

－

－

－

－

－

402

402

－

－

(1,975)(1,802)(3,777)(19,866)(2,133)(22,000)

81,172(284)

16,836－

97,724

724,31433,682757,996

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, 2023

- 13 -

(4) Consolidated Statement of Cash Flows(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

Cash flow from operating activities
Profit before income taxes

91,611

105,503

Depreciation and amortization
Impairment loss

92,435
1,216

105,7312,140Interest and dividends income
Interest expenses(965)
11,601(1,640)16,165

Share of (profit) loss of investments accounted for using
the equity method(3,512)(3,553)

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

449

375

(Increase) decrease in trade receivables(Increase) decrease in inventories(28,158)(6,764)(16,810)(14,204)

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

14,264
(580)

8,758
(710)

Increase (decrease) in retirement benefit liabilities
Other

1,095
4,756

2,366
15,730Interest received

177,451201

219,852
729

Dividends received
Interest paid

3,720
(10,842)5,596(12,752)

Subtotal

Corporate income tax refund (paid)(21,770)(25,466)

Cash flow from operating activities
Cash flow from investing activities

148,760

187,959

Payments for purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment(74,478)
1,516(91,825)
1,925

Payments for purchase of investment
Proceeds from sale and redemption of investments(1,560)6,083(2,804)
4,276

(520)
0

(122)

Payments for acquisition of subsidiaries
Proceeds from sale of subsidiaries
Other(1,900)－(9,523)

Cash flow from investing activities(70,858)(98,073)- 14 -

(Millions of yen)
Year ended March 31, 2022

Year ended March 31, 2023

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

8,016

3,232

Net increase (decrease) in commercial papers
Proceeds from long-term borrowings(10,000)
25,10519,00030,433

Payments for repayment of long-term borrowings
Proceeds from issuance of bonds(86,466)
25,000(76,277)

Payments for redemption of bonds
Payments for repayment of lease obligations(15,000)(9,437)－(11,998)(276)(2,885)(13,853)(991)(15,579)(1,018)(43)

662

Payments for purchase of shares in subsidiaries not
resulting in change in scope of consolidation
Dividends paid
Dividends paid to non-controlling interests
Other
Cash flow from financing activities－(77,946)(54,430)

Impact of exchange rate changes on cash and cash
equivalents

2,416

2,961

Net increase (decrease) in cash and cash equivalents

2,371

38,416

Balance of cash and cash equivalents at beginning of fiscal
year

91,05893,697

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

266－

Increase in cash and cash equivalents in relation to merger－

104

93,697132,217

Balance of cash and cash equivalents at term-end- 15 -

(5) Notes to the 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 theallocation of management resources and assess business performance. No grouping of operating segments has been
carried out for reporting purposes.
The NSHD Group conducts gas businesses, mainly for customers in the steel, chemical, electronics, and food andbeverage industries, and has production and sales bases for its main products in Japan, the United States, Europe, andAsia & Oceania. In addition, the NSHD Group engages in the manufacture and sale of houseware such as stainless steel
vacuum bottles. Accordingly, the Company has established the following five reportable segments: Japan, the UnitedStates, Europe, Asia & Oceania, and Thermos.
(Matters regarding change of the names of the reportable segments)
Effective from the consolidated fiscal year under review, the names of the reportable segments, which had previously
been "Gas Business in Japan," "Gas Business in the United States," "Gas Business in Europe," "Gas Business in Asia &Oceania," and "Thermos Business," were changed to "Japan," "The United States," "Europe," "Asia & Oceania," and"Thermos" in that order.
These changes have no impact on segment information.
For the previous consolidated fiscal year, the reportable segments are indicated with their new names.
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

The United Statesequipment, specialty gases (electronic materials gases, pure gases, etc.), electronics-related
equipment and installation, semiconductor manufacturing equipment, welding and cutting

Europeequipment, welding materials, plants and machinery, liquid petroleum gas (LPG) andAsia & Oceania

related equipment, medical-use gases (oxygen, nitrous 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 prevailing market prices.

- 16 -

(2) Figures of revenue and income (loss) by reportable segment
FYE2022 (April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidated(Note 1)
Statement of
IncomeJapan

The UnitedStatesEuropeAsia &
Oceania

Thermos

372,033

224,801

209,778

123,533

26,849956,996173

957,169

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)102,710Depreciation andamortization

19,351

31,98731,736

7,935

1,315

92,326108

92,435

Impairment loss

4

－

－

136

－

140

－

140

298

－

41

184

3,159

3,683

0

3,684

Total

Revenue
Revenue to externalcustomers
Revenue from intersegment transactions andtransfers

Other items

Share of profit ofinvestments accounted
for using the equity
methodNotes: 1. The negative adjustment of (¥1,127) million 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 reportablesegment. 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.

- 17 -

FYE2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable segment

Amounts ontheAdjustments
Consolidated(Note 1)
Statement of
IncomeJapan

The UnitedStatesEuropeAsia &
Oceania

Thermos

420,452

303,090272,888

159,965

30,1901,186,587

95

1,186,683

segment transactions andtransfers

13,694

21,377

236

3,334

17

38,660(38,660)－

Total

434,147

324,468

273,125

163,300

30,2071,225,248

Segment income (Note 2)

31,68037,07434,904

15,465

6,021

125,146(2,021)

123,124

19,111

40,66935,061

9,317

1,471

105,63199

105,731

－

－

2,138

1

－

2,140

－

2,140

177

－

52

297

3,171

3,698

(0)

3,698

Total

Revenue
Revenue to externalcustomers
Revenue from inter-(38,564) 1,186,683

Other items
Depreciation andamortization
Impairment loss
Share of profit ofinvestments accounted
for using the equity
methodNote: 1. The negative adjustment of (¥2,021) million for segment income is comprised of (¥743) million of intersegment
eliminations and companywide expenses of (¥1,278) million that were not allocated to any particular reportablesegment. 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.

- 18 -

Reconciliation of segment income with profit before income taxes is made as shown below.
(Millions of yen)
FYE2022(April 1, 2021 to March 31, 2022)

FYE2023(April 1, 2022 to March 31, 2023)

102,710

123,124

Proceeds from sale of fixed assets－

615

Loss on arbitration award－(3,520)

(172)

(144)

(1,075)

－

(278)

(549)

Operating income

101,183

119,524

Finance income

2,192

2,182

Finance costs(11,765)(16,203)

91,611

105,503

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

FYE2023(April 1, 2022 to March 31, 2023)

64,10373,080432,749

432,812148.13168.85

Segment income

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

Profit before income taxes(Per share information)
Basic earnings per share and the calculation basis are as follows.

Net income attributable to owners of parent(¥ million)
Average number of shares during the term(thousand shares)
Basic earnings per share(Yen)
Note: Diluted earnings per share are not listed as there are no dilutive shares.
(Significant subsequent events)
Not applicable.

- 19 -