Consolidated Financial Results
for the First Quarter of Fiscal Year Ending March 31, 2022
(Based on IFRS)July 30, 2021
Company name: Nippon Sanso Holdings Corporation
Stock exchange listing: Tokyo (1st section)
TSE Code:4091 URL: https://www.nipponsanso-hd.co.jp/
Representative: Toshihiko Hamada, Representative Director, President CEO
Inquiries:
Takayoshi Umehara, General Manager, Investor Relations
Tel.:+81-3-5788-8512
Scheduled date to file Quarterly Securities Report: August 6, 2021
Scheduled date to commence dividend payments:
Supplementary materials on quarterly financial results: Yes
Quarterly results explanatory meeting: Yes (For institutional investors and analysts)(Amounts less than ¥1 million are omitted)

1. Financial results for the first quarter of FYE2022 (April 1, 2021– June 30, 2021)(1) Operating resultsCore operating
incomeRevenueFirst quarterof
FYE2022First quarterof
FYE2021%

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

218,303

18.3

24,572

74.6

24,572

184,503(12.3)

14,070(35.2)

14,070%(Percentages indicate year-on-year change)
Net income
Total comprehenNet income
attributable tosive income
owners of the parent(¥ million)%(¥ million)%(¥ million)

%

74.6

16,403115.0

16,062116.0

20,38714.3(33.3)

7,629(40.2)

7,436(39.1)

17,835―(Reference) Income before income taxes
First quarter of FYE2022: ¥22,202 million [93.1%]
First quarter of FYE2021: ¥11,495 million [(37.1%) ]Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
Basic earnings
per share (Yen)First quarter of
FYE2022First quarter of
FYE2021

Diluted net income
per share (Yen)

37.12

－

17.19

－

(2) Financial position
Total assets(¥ million)

First quarter of FYE2022(June 30, 2021)
FYE2021(March 31, 2021)

Total equity(¥ million)

Equity attributable toowners of the parent(¥ million)

Equity attributable toowners of the parent
ratio (%)

1,842,429

557,316

526,32628.6

1,836,294

543,900

513,164

27.9

2. Dividends
Annual Dividendst

End of 1 quarterEnd of 2ndquarter

End of 3rd quarter

Term
end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

FYE2021－

FYE2022－

FYE2022 (est.)

－

14.00

－

16.00

30.00

16.00

－

16.00

32.00

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

3. Forecasts for business operations for FYE2022 full term (April 1, 2021 – March 31, 2022)(Percentages indicate year-on-year change)
Core operating
incomeRevenue

Full term(¥ million)%

865,000

5.7(¥ million)

96,000%

10.0

Operating income(¥ million)

96,500%(¥ million)

8.6%

60,000Basicearnings
per share

Net income
attributable to ownersof the parent

Net income(¥ million)

5.5

58,200

%

(Yen)

5.4

134.49Note: No revisions have been made to recently announced forecasts.
(Reference) Income before income taxes
FYE2022 full term: ¥ 86,000 million [10.7%]* 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)
2. Number of treasury stocks at the end of theperiod
3. Average number of shares during the period

As ofJun. 30, 2021
As ofJun. 30, 2021
As ofJun. 30, 2021

433,092,837
shares342,615
shares432,750,371
shares

As ofMar. 31, 2021
As ofMar. 31, 2021
As ofJun. 30, 2020

433,092,837
shares342,332
shares432,753,552
shares* Quarterly 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 6, “(3)Explanation concerning predictive information such as forecasts for business operations” in “1. General
information relating to the first quarter results.”

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

Contents
1. General information relating to the first quarter results........................................................................................... 4(1) Explanation concerning business results ....................................................................................... 4(2) Explanation concerning financial position ..................................................................................... 5(3) Explanation concerning predictive information such as forecasts for business operations ....... 6

2. Condensed consolidated financial statements and main notes................................................................................. 7(1) Condensed Consolidated Statement of Financial Position ........................................................... 7(2) Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated
Statement of Comprehensive Income ........................................................................................... 9(3) Condensed Consolidated Statement of Changes in Equity ......................................................... 11(4) Condensed Consolidated Statement of Cash Flows ..................................................................... 13(5) Notes to the Condensed Consolidated Financial Statements ..................................................... 14(Note regarding going concern assumption) ................................................................................. 14(Segment information) ................................................................................................................... 14

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

1. General information relating to the first quarter results(1) Explanation concerning business results(General overview)
In the business environment surrounding the Nippon Sanso Holdings Group (NSHD Group) in the firstquarter of the fiscal year under review (from April 1, 2021 to June 30, 2021), the COVID-19 pandemic
continued from the previous fiscal year, without any indication of when it might end. Nevertheless, theeconomy appeared to recover, mainly in Europe and the United States, and the shipment volume of air
separation gases (oxygen, nitrogen, argon) increased significantly compared to the previous fiscal year. The
negative impact of the COVID-19 pandemic on the first quarter revenue and core operating income has beenless severe than the previous fiscal year. While there is a continuing impact on some business activities, theCompany has maintained its stable supply structure for air separation gases in its global geographic hubs.
Against this backdrop, the NSHD Group achieved the following results for the first quarter of the fiscal year
under review. Revenue on a consolidated basis increased 18.3% year on year to ¥218,303 million, core
operating income increased 74.6% to ¥24,572 million, operating income increased 74.6% to ¥24,572 million,
and net income attributable to owners of the parent increased 116.0% to ¥16,062 million.
Core operating income is calculated as operating income excluding certain gains and expenses attributable
to non-recurring factors (non-recurring items).
（Overview of business performance by reportable segment）
A breakdown of business performance by reportable segment is as follows.
Segment income represents core operating income.
From the first quarter of the fiscal year under review, the NSHD Group changed its reportable segments.
Therefore, to facilitate the year-on-year comparisons shown below, the figures for the first quarter of theprevious fiscal year have been reclassified based on the changes to the reportable segments.
① Gas Business in Japan
In the industrial gas-related business, revenue from air separation gases, a core product, increased
sharply year on year, mainly due to a general recovery in production activity in relevant industries.
Meanwhile, in the electronics-related business, revenue from electronic materials gases also increased.
In equipment and installation, medical-related equipment sales performed favorably, and sales in theelectronics-related business also grew year on year.
As a result, in the Gas Business in Japan, revenue increased 8.0% year on year to ¥83,085 million andsegment income increased 36.9% to ¥6,503 million.
② Gas Business in the United States
In the industrial gas-related business, revenue from air separation gases, a core product, increased
significantly year on year, mainly for bulk gases, driven by a recovery in production activity. In
equipment and installation, demand for welding and cutting equipment recovered after weakness in theprevious fiscal year, with sales increasing sharply. In the electronics-related business, revenue also
increased.
As a result, in the Gas Business in the United States, revenue increased 15.1% year on year to ¥51,659
million and segment income increased 100.1% to ¥7,043 million.
③ Gas Business in Europe
In the previous fiscal year, demand dropped sharply overall in the key regions of Iberia, Germany and
Italy as the serious impact of COVID-19 caused a general halt in production activity there. However,from the second half of the previous fiscal year, demand in the region recovered gradually, leading toan increase in sales.
As a result, the Gas Business in Europe, revenue increased 35.3% year on year to ¥47,489 million
and segment income increased 99.1% to ¥6,641 million.

4

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022④ Gas Business in Asia & Oceania
In the industrial gas-related business, air separation gases, a core product, saw an increase inrevenue driven by a recovery in production activity in related industries. In LPG, which makes up
a large portion of sales in the Australia region, sales increased from an increase in unit sales prices
due to an increase in the purchasing price on steady shipment volumes. In the electronics-related
business, sales increased due to improved performance in electronic material gas shipment volume
in East Asia. In equipment and installation, sales increased in the electronic-related business.
As a result, in the Gas Business in Asia & Oceania, revenue increased 29.8% year on year to ¥29,271
million and segment income increased 40.8% to ¥3,035 million.
⑤ Thermos BusinessIn the Thermos Businesses, in Japan revenue increased significantly year on year due to a sharp recovery
in sales of portable mugs and sports bottles. Furthermore, sales volumes of frying pans and tumblers
also increased, continuing from the previous fiscal year, in connection with the widespread adoption of
new lifestyles where consumer spend longer periods of time at home. Overseas, shipping volume
increased due to the recovery of business conditions in various regions.
As a result, in the Thermos Business, revenue increased 36.0% year on year to ¥6,744 million, andsegment income increased 143.8% to ¥1,501 million.
(2) Explanation concerning financial position
Total assets amounted to ¥1,842,429 million as of June 30, 2021, an increase of ¥6,134 million from March
31, 2021. Due to the impact of foreign exchange rates, total assets were stated approximately ¥10.1 billion
higher than they otherwise would have been reported. This mainly reflected foreign exchange rate changes
such as the yen’s depreciation of ¥0.13 against the U.S. dollar and the yen’s depreciation of ¥1.78 against
the euro as of June 30, 2021, compared with the rates as of March 31, 2021.
[Assets]
Total current assets amounted to ¥373,816 million as of June 30, 2021, an increase of ¥4,914 million fromMarch 31, 2021, mainly reflecting increases in trade receivables and inventories, and a decrease in cash andcash equivalents.
Total non-current assets were ¥1,468,613 million, an increase of ¥1,219 million from March 31, 2021,
mainly reflecting an increase in goodwill and a decrease in property, plant and equipment.
[Liabilities]
Total current liabilities were ¥335,778 million, an increase of ¥9,758 million from March 31, 2021, mainlyreflecting an increase in bonds and borrowings and a decrease in income taxes payable.
Total non-current liabilities were ¥949,334 million, a decrease of ¥17,039 million from March 31, 2021,
mainly reflecting a decrease in bonds and borrowings and an increase in deferred tax liabilities.
[Equity]
Total equity amounted to ¥557,316 million, an increase of ¥13,416 million from March 31, 2021. The mainchanges were an increase due to the recording of net income attributable to owners of the parent, a decrease
in retained earnings paid as dividends, and an increase in exchange differences on translation of foreign
operations.
The equity attributable to owners of the parent ratio stood at 28.6%, up 70 basis points from the previous
fiscal year-end.
(Cash flow analysis)(Cash flow from operating activities)
Net cash provided by operating activities amounted to ¥24,843 million. The main components were profit
before income taxes, depreciation and amortization, and income taxes refund (paid).
(Cash flow from investing activities)
Net cash used in investing activities was ¥16,739 million. The main use of cash was for the purchase ofproperty, plant and equipment.

5

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(Cash flow from financing activities)
Net cash used in financing activities was ¥15,153 million. The main uses of cash included repayments oflong-term borrowings, a net increase in short-term borrowings, and net increase in commercial papers.
As a result of the Company’s operating, investing and financing activities, the balance of cash and cash
equivalents as of June 30, 2021, after accounting for the effects of exchange rates, was ¥85,252 million.

(3) Explanation concerning predictive information such as forecasts for business operations
The Company has not revised its forecasts for business operations announced on May 10, 2021.

6

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

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

As of June 30, 2021

AssetsCurrent assets:
Cash and cash equivalents

91,05885,252

Trade receivables

182,077

186,181

Inventories

69,61373,516

Other financial assets

6,710

7,332

Other current assets

19,441

21,532

Total current assets

368,901

373,816

Plant, property and equipment:

685,733

682,947

Goodwill

455,036

457,679

Intangible assets

237,751

239,469

Investments accounted for using the equity method

32,29533,034

Other financial assets

49,73948,496Retirement benefit asset

2,467

2,448

Other non-current assets

1,120

1,163

Deferred tax assets

3,249

3,372

1,467,393

1,468,613

1,836,294

1,842,429

Non-current assets:

Total non-current assets
Total assets

7

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

As of June 30, 2021

Liabilities and equity
Liabilities
Current liabilities:
Trade payables

96,093

93,630Bonds and borrowings

131,721

149,911

Income taxes payable

11,022

6,909

Other financial liabilities

58,42855,335469

449

Other current liabilities

28,28429,541

Total current liabilities

326,019335,778

Non-current liabilities:
Bonds and borrowings

780,895

761,253

Other financial liabilities

29,45328,084Retirement benefit liabilities

14,037

14,209Allowance

3,870

4,135

Allowance

Other non-current liabilities

19,35920,251

Deferred tax liabilities

118,757

121,400

Total non-current liabilities

966,374

949,334

1,292,394

1,285,112

Share capital

37,34437,344

Capital surplus

55,901

55,919Treasury stock

(273)

(275)

Retained earnings

422,838

432,019

Other components of equity(2,646)

1,318

Total equity attributable to owners of parent

513,164

526,326

Non-controlling interests

30,73630,990Total equity

543,900

557,316

1,836,294

1,842,429

Total liabilities
EquityTotal liabilities and equity

8

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(2) Condensed Consolidated Statement of Profit or Loss andCondensed Consolidated Statement of Comprehensive Income(Condensed Consolidated Statement of Profit or Loss)(Millions of yen)Three-months ended

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses

Three-months ended

June 30, 2020
184,503

June 30, 2021
218,303(113,769)(131,548)

70,73386,754(56,366)(62,796)

Other operating income

545

509

Other operating expense
Share of profit of investments accounted for using the equity
method

(616)

(567)

(225)

672

14,07024,572867

639(3,441)(3,009)11,49522,202(3,865)(5,798)

7,629

16,403

7,436

16,062

192

340

17.19

37.12

Operating profit
Finance income
Finance costs
Income before income taxes
Income taxes
Proﬁt
Proﬁt attributable to:
Owners of parent
Non-controlling interests
Net income per share
Basic earnings per share (Yen)9NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(Condensed Consolidated Statement of Comprehensive Income)(Millions of yen)Proﬁt

Three-months ended

Three-months ended

June 30, 2020

June 30, 2021

7,629

16,403

2,052

(301)

(31)

0

(33)

38

1,987

(261)

8,637

3,455

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

28

20

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

(446)

770

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

8,218

4,246

10,205

3,984

17,835

20,387

17,482352

20,029358

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

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

10

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(3) Condensed Consolidated Statement of Changes in Equity

Three-months ended June 30, 2020 (April 1, 2020 to June 30, 2020)
Share capital(Millions of yen)
Retainedearnings

Capital surplus

Treasury stock

37,34456,387(268)

379,322

Net income
Other comprehensive income
Comprehensive income

–
–
–

–
–
–

–
–
–

7,436
–
7,436

Purchase of treasury stock

–

–

(0)

–

Dividends–––(6,060)Changes in ownership interest in subsidiaries

–

(318)

–

–

Transfer from other components ofequity to retained earnings

–

–

–

(31)

Change in scope of consolidation

–

–

–

(110)

Other changes

–

–

–

–

–

(318)

(0)

(6,202)

37,34456,068(269)

380,556

Balance at April 1, 2020

Total transactions with owners
Balance at June 30, 2020

Other components of equity
Exchangedifferences ontranslationof foreign
operations

Balance at April 1,
2020
Net income
Other comprehensive
incomeComprehensive
incomeEffective
portionof netchange infair valueof cashflow
hedges(71,170)
19

Financialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

7,709

–

Total

Total
equityattributabl
e toowners ofparentNoncontrollin
g interests

Total
equity(63,441)

409,344

31,349440,693

–

–

–

–

–

7,436

192

7,629

8,063
8,063

25
25

1,988
1,988

(31)
(31)

10,045
10,045

10,045

159
352

10,205
17,835

17,482

Purchase of treasury
stock

–

–

–

–

–

(0)

–

(0)

Dividends

–

–

–

–

–

(6,060)(358)(6,418)Changes inownership interest in
subsidiaries

–

–

–

–

–

(318)

(2,288)(2,607)

Transfer from othercomponents of equity
to retained earnings

–

–

(0)

31

31

–

–

–

Change in scope of
consolidation

–

–

–

–

–

(110)

–

(110)

Other changes

–

–

–

–

–

–

10

10

Total transactions
with owners

–

–

(0)

31

31

(6,490)(2,635)(9,126)(63,106)

44

9,697

－

(53,364)

420,336

29,065449,402

Balance atJune 30, 2020

11

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

Three-months ended June 30, 2021 (April 1, 2021 to June 30, 2021)
Capital surplus

Treasury stock(Millions of yen)
Retainedearnings

37,34455,901(273)

422,838

Net income
Other comprehensive income
Comprehensive income

–
–

–
–

–
–

16,062–
16,062

Purchase of treasury stock

–

–

(1)

Dividends–

Changes in ownership interest in subsidiaries

–

17

–

–

Transfer from other components ofequity to retained earnings

–

–

–

2

Change in scope of consolidation

–

–

–

43

Other changes

–

–

–

–

Share capital
Balance at April 1, 2021

–

17

(1)

(6,881)

37,34455,919(275)

432,019

Total transactions with owners
Balance at June 30, 2021–
(6,926)

Other components of equity
Exchangedifferencesontranslationof foreign
operations

Balance at April 1,
2021

Effective
portionof netchange infair valueof cashflow
hedges(18,029)
71

Financialassetsmeasured atfair value
through othercomprehensive
incomeRemeasurementsof defined
benefit plans

15,310

–

Total

Total
equityattributabl
e toowners ofparentNoncontrollin
g interests

Total
equity(2,646)513,164

30,736543,900

–

–

–

–

–

16,062340

16,403

4,200
4,200

20
20

(254)
(254)

0
0

3,967
3,967

3,967
20,029

17
358

3,984
20,387Purchase of treasury
stock

–

–

–

–

–

(1)

–

(1)

Dividends

–

–

–

–

–

(6,926)(425)(7,3523)

17

242

259

Net income
Other comprehensive
incomeComprehensive income

Changes inownership interest in
subsidiaries
Transfer from othercomponents of equity
to retained earnings

–

–

(1)

(0)

(2)

–

–

–

Change in scopeof consolidation

–

–

–

–

–

43

–

43

Other changes

–

–

–

–

–

–

78

78

Total transactions
with owners

–

–

(1)

(0)

(2)

(6,867)(104)(6,971)(13,828)92

15,054–

1,318

526,326

30,990557,316

Balance atJune 30, 2021

12

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(4) Condensed Consolidated Statement of Cash Flows(Millions of yen)Three-months ended
June 30, 2020Three-months ended
June 30, 2021

Income before income taxes

11,49522,202

Depreciation and amortization

21,45623,204

Interest and dividends income

(376)

(406)

Interest expenses

3,428

3,009

Share of (profit) loss of investments accounted for using the equity method

225

(672)

Loss (gain) on sales and retirement of property, plant and equipment, andintangible assets

(0)

(28)

(Increase) decrease in trade receivables

9,590(3,255)(Increase) decrease in inventories(2,666)(3,624)

Increase (decrease) in trade payables(11,459)(3,376)(Increase) decrease in retirement benefit asset

(98)

(144)

Increase (decrease) in retirement benefit liabilities

241

215

Cash flow from operating activities

Other
Subtotal(3,321)(717)

28,51236,406

Interest received

55

52

Dividends received

650

1,758

Interest paid

(3,659)(2,895)

Income taxes refund (paid)(4,667)(10,479)

Net cash provided by operating activities

20,892

24,843(15,242)(15,875)

Proceeds from sale of property, plant and equipment

148

513

Purchase of investment

(187)

(714)

5

11

Payments for acquisition of subsidiaries

－

(520)

Other

(40)

(154)

(15,317)(16,739)

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

Proceeds from sales and redemption of investments

Net cash used in investing activities
Cash flow from financing activities
Net increase (decrease) in short-term borrowings(2,211)13,800Net increase (decrease) in commercial papers

24,00011,000

Proceeds from long-term borrowings

48,690

1,762

Repayments of long-term borrowings(38,873)(32,167)

Repayments of lease obligations(1,986)(2,193)

(323)

(2)

(6,060)(6,926)

(358)

(425)

(0)

(0)

22,875(15,153)344
28,794(6,059)Balance of cash and cash equivalents at beginning of fiscal year
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Increase in cash and cash equivalents resulting from merger

100,005

91,058

－

253

19

－

Balance of cash and cash equivalents at term-end

128,819

85,252

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

13

990

NIPPON SANSO Holdings Corporation ( Ticker : 4091.T )Consolidated Financial Performance for the first quarter of FYE2022(5) Notes to the Condensed Consolidated Financial Statements(Note regarding going concern assumption)
Not applicable.
(Segment information)
1) Outline of reportable segments
The NSHD Group’s reportable segments are components of the NSHD Group about which separate
financial information is available and which are evaluated regularly by the Board of Directors in deciding
how to allocate management resources and in assessing performance. No grouping of operating segments
has been carried out for reporting purposes.
The NSHD Group conducts gas businesses mainly for customers in the steel, chemical and electronics
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 manufactures and distributes houseware items
such as stainless steel vacuum bottles. Therefore, the Company has established the following fivereportable segments: Gas Business in Japan, Gas Business in the United States, Gas Business in Europe,
Gas Business in Asia & Oceania, and Thermos Business.
（Changes to reportable segments）
In conjunction with its transition to a holding company structure, from the first quarter of the fiscal year
under review, the Group has changed the reportable segments and adjustment amounts of the Company
and certain consolidated subsidiaries to facilitate more appropriate evaluation of the management resultsof each segment. Furthermore, to facilitate the year-on-year comparisons, the figures for the first quarterof the previous fiscal year have been reclassified based on the changes to the reportable 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
Gas Businessin the United States
Gas Business in Europe
Gas Businessin Asia & Oceania
Thermos Business

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

The accounting methods adopted for the reported operating segments are the same as the methods
adopted to prepare the consolidated financial statements. Revenue from inter-segment transactions andtransfers is based primarily on prevailing market prices.

14

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

2) Figures of revenue and income (loss) by reportable segment

Three-months ended June 30, 2020 (April 1, 2020 to June 30, 2020)(¥ million)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

76,923

Revenue from intersegment transactions
and transfers

Adjustments(Note 1)

Amounts on
theConsolidated
Statements ofIncomeGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

44,89835,10922,5594,959

184,45053

184,503

5,145

4,080

2

563

14

9,807

(9,807)－

Total

82,06948,97935,112

23,122

4,973

194,257(9,753)

184,503

Segment income(Note 2)

4,749

3,520

3,335

2,156

615

14,378(308)

14,070Total

Revenue

Notes:

1. The (¥308) million negative adjustment for segment income is comprised of (¥94) million of intersegment eliminations andcompanywide expenses of (¥214) million that were not allocated to any particular reportable segment. These companywide
expenses mainly comprise Group administration expenses at the Company that are not attributable to reportable segments.
2. Segment income represents core operating income, which is calculated as operating income excluding certain gains or losses
attributable to non-recurring factors (non-recurring items).

Three-months ended June 30, 2021 (April 1, 2021 to June 30, 2021)(¥ million)
Reportable segment
Gas
Business in
Japan

Gas
Business in
the UnitedStates

Revenue to externalcustomers

83,085

Revenue from intersegment transactions
and transfers

Adjustments(Note 1)

Amounts on
theConsolidated
Statements ofIncomeGas
Business in
EuropeGas
Business in
Asia &
Oceania

Thermos
Business

51,65947,48929,271

6,744

218,249

53

218,303

2,324

4,823

47

714

3

7,913

(7,913)－

Total

85,41056,48247,53629,986

6,747

226,163(7,859)218,303

Segment income(Note 2)

6,503

7,043

6,641

3,035

1,501

24,726(153)

24,572

Total

Revenue

Notes:

1. The (¥153) million negative adjustment for segment income is comprised of ¥157 million of intersegment
eliminations and companywide expenses of (¥311) million that were not allocated to any particular reportablesegment. These companywide expenses mainly comprise Group administration expenses at the Company that are not
attributable to reportable segments.

2. Segment income represents core operating income, which is calculated as operating income excluding certain
gains or losses attributable to non-recurring factors (non-recurring items).

15

Reconciliation of segment income with income before income taxes is shown in the table below.
(¥ million)
Three- months ended
June 30, 2021

Three-months ended
June 30, 2020
Segment income

14,07024,572

Operating income

14,07024,572Financial revenue

867

639

Financial expenses(3,441)(3,009)11,49522,202

Income before income taxes

16