August 8, 2024
Consolidated Financial Results (Under IFRS)For the First Quarter of the March 31, 2025 Fiscal Year
AIR WATER INC.
Head Office: 12-8, Minami semba 2-chome,
Chuo-ku, Osaka, Japan(Note: All amounts are rounded down to the nearest million yen.)
1. Results for the three months ended June 30, 2024
(1) Consolidated operating results(% of change from previous year)
RevenueThree months
ended
June 30, 2024
three months
ended
June 30, 2023

Operating profit

Profit before tax

ProfitProfitattributable toowners of parent
Million
%
yen

Total
comprehensive
incomeMillion%yen

Millionyen%

Millionyen%

Millionyen%

Millionyen%

245,943

6.9

13,93923.8

14,320

24.5

9,617

30.6

9,363

31.1

26,74024.0

230,039

2.4

11,263-13.3

11,501

-9.3

7,362

-13.0

7,141

-11.7

21,56328.8

Three months ended
June 30, 2024
Three months ended
June 30, 2023

Basic earnings
per share
Yen

Diluted earnings
per share
Yen

41.01

40.98

31.39

31.36

(2) Consolidated financial position

As of June 30, 2024
As of March 31, 2024

Total assets

Total equity

Equity attributableto owners of parent

Million yen
1,231,387
1,222,696

Million yen
523,412508,485

Million yen
504,012488,557

Ratio of equity
attributableto owners of parent
to total assets
%
40.9
40.0

2. Dividends

The fiscal year
ended March 31, 2024
The fiscal year
ending March 31, 2025
The fiscal year
ending March 31, 2025
(Forecasts)

End of firstquarterYen

End of second
quarter
Yen

Dividend per share
End of third
quarter
Yen

Year-end

Annual

Yen

Yen

－

30.00

－

34.00

64.00

32.00

－

32.00

64.00

－

(Note) Changes in forecast of dividends for the fiscal year ending March 31, 2025, from the latest disclosure: No

1

3. Forecast of consolidated operating results for the fiscal year ending March 31, 2025(% of change from previous year)
Revenue

Operating profit

Profit before tax

Profit attributable toowners of parent

Basic earnings
per share

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

Yen

The second
quarter(cumulative)

510,000

6.9

33,00016.3

32,00015.0

21,000

21.3

91.94

The fiscal year

1,100,000

7.4

78,00014.2

76,00013.9

50,00012.7

218.88(Note) Changes in forecast of consolidated operating results for the fiscal year ending March 31, 2025, from the latest
disclosure: No

Notes(1) Significant changes in the scope of consolidation during the period : None
(2) Changes in accounting policies and changes in accounting estimatesa. Changes in accounting policies required by IFRS:
Noneb. Changes in accounting policies other than (a):Nonec. Changes in accounting estimates:
None(3) Number of shares outstanding (ordinary shares)
a. Total number of shares outstanding (including treasury shares)
As of June 30, 2024:
229,755,057 shares
As of March 31, 2024:
229,755,057 sharesb. Number of shares of treasury shares
As of June 30, 2024:
1,289,874 shares
As of March 31, 2024:
1,529,317 sharesc. Average number of shares during the termFirst Three months of the fiscal year ending March 31, 2025:
228,338,236 sharesFirst Three months of the fiscal year ended March 31, 2024:
227,478,311 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm : None
* Explanations and other special notes concerning the appropriate use of business performance forecasts
・The forward-looking statements such as result forecasts included in this document are based on the information
available to AIR WATER INC. (hereinafter “the Company”) at the time of the announcement and on certain
assumptions considered reasonable. Actual results may differ materially from the forecast depending on a range offactors. For matters relating to the forecasts, please, refer to “1-(3) Explanation of future prediction information suchas forecast of consolidated operating results”.

2

4.Qualitative Information relating to First Quarter Settlement of Accounts(1) Explanation of Operating Results1) Operating results for the current period
For the current first quarter consolidated cumulative period, the Group’s revenue was ¥245,943 million (106.9% thatof the corresponding period of the previous year), operating profit was ¥13,939 million (123.8%), and profit attributableto owners of parent was ¥9,363 million (131.1%).
During the first quarter of the fiscal year under review, the Japanese economy experienced sluggish personal spending
due to rising commodity prices while signs of a recovery were seen in capital expenditure supported by the robust
performance of the corporate sector. The overseas outlook remained uncertain due to tension continuing to rise in the
Middle East and downward pressure on the US and European economies caused by ongoing monetary tightening.
In this environment, the Group bolstered the profitability of existing businesses in Japan through integrated Groupmanagement based on business units. It is also making progress in building a foundation for overseas businesses as a
future growth area and to address issues in carbon neutrality and agriculture, with a view to solving social issues.
During the first quarter under review, all segments achieved profit growth thanks to the steady performance in activities
in the overseas industrial gas and agriculture businesses positioned as growth segments, in addition to progress in pricemanagement and structural reforms, which the Group had been instituting.

2) Consolidated results by segment for this period（Million yen）

Revenue
FY 2024.1Q
YoY Growth

Operating profit
FY2024.1Q
YoY Growth

Digital & Industry

78,524

96.1%

6,044

114.0%

Energy Solutions

14,741106.7%

879

132.1%

Health & Safety

56,389108.2%

2,466

102.7%

Agriculture & Foods

42,589111.2%

1,731

127.8%

Other Business

53,697121.9%

2,069

253.7%（Adjustment）

-

-%

748

103.2%

245,943
106.9%
13,939123.8%
Total(Note) The adjustment to operating profit is due to costs incurred at the company’s headquarters division which was
not allocated to any reporting segment.
<Digital & Industry>
Revenue in this segment was ¥78,524million (96.1% that of the corresponding period of the previous year), andoperating profit was ¥6,044 million (114.0%).
The Group developed new customers and implemented capital expenditure for large plants to acquire demand for gases
amid growth in manufacturing facilities for semiconductors and digital industry in Japan. It also worked to expand its
electronics-related businesses such as supply of special chemicals and sale of gas refining equipment. Moreover, theGroup continued to revise gas prices, which had started in the previous fiscal year, and further streamlined manufacturing
and supply structures while the general demand for industrial gasses remained somewhat weak.
Revenue decreased year on year as a result of a fall in the unit selling price of on-site gas supply for steelmakers andlow sales of basic chemicals in the functional materials business, which more than offset the revenue growth throughthe price revision of industrial gasses. Operating profit increased year on year owing to the strong performance of gas
supply to large semiconductor plants and the effect of the management of industrial gas prices ongoing since theprevious fiscal year.

3

<Energy solutions>
Revenue in this segment was ¥14,741 million (106.7%), and operating profit was ¥879 million (132.1%).
The Group actively promoted customers’ fuel conversion from fuel oil to LNG to meet the growing demand for lowcarbon and net-zero carbon emissions and started energy supply that would contribute to carbon neutrality by harnessing
unused local resources such as liquefied biomethane derived from cow manure. Efforts to raise the earning power of LPgas supply for households mostly in Hokkaido included an increase in delivery efficiency using the IoT technology andobtaining vendor commercial rights to acquire customers.
Revenue from LP gas increased year on year due to a rise in the selling price to customers, which was linked to importprice. An increase in the sales volume of LNG also contributed to the revenue growth. Operating profit increased as theimpact of inventory valuation of LP gas posted a year earlier had disappeared.
<Health & Safety>
Revenue in this segment was ¥56,389 million (108.2%), and operating profit was ¥2,466 million (102.7%).
The Group worked to satisfy needs at clinical sites through the supply of gasses for medical use and focused on thedevelopment of medical equipment, proposals for upgrading hospital facilities such as operating rooms, and receiving
outsourcing contracts for hospital operations. In addition, the Group worked to enhance the structures of businesses closer
to consumers such as home medical care, dental care, hygiene medicals, injection needles, and aerosol cosmetics. The
safety services segment sought to receive contracts for data center-related projects.
Revenue increased year on year, which was attributable, in the safety services segment, to progress in the contractionof emergency generators for data centers in partnership with overseas, an increase in the number of nitric oxide inhalation
therapy cases, and sales growth of shower bathing systems. Contract manufacturing of products such as injection needles,
aerosol, and cosmetics remained at the level of the same period in the previous fiscal year. Operating profit was affectedby higher raw material prices, mainly for imported products such as medical equipment and hygiene products, but
increased from the same period of the previous year due to the effect of price revisions, mainly for medical gases.
<Agriculture & Foods>
Revenue in this segment was ¥42,589 million (111.2%), and operating profit was ¥1,731 million (127.8%).
In the business as a whole, the Group built a cooperative structure of four companies in the same industry in the
agriculture sector in anticipation of the realization of sustainable agriculture and stable food supply system. Also, it
worked to enhance the platform for the function of raw material procurement and the distribution and processing ofvegetables and fruits. In addition, the Group improved the technology for smart agriculture, established a new businessmodel using distribution and processing functions, and focused on the sale of commercial food products catering tochanges in lifestyles and diverse needs in food consumption.
The foods segment was affected by a rise in the prices of raw materials such as meat, while sales of products such asfrozen broccoli remained strong. Also, Contract manufacturing of vegetable and fruit beverages also remained solid. In
the agriculture segment, the new consolidation of Marushin Seika Co., Ltd., a wholesaler of vegetables and fruits in
Kyushu, in the previous period contributed to a year-on-year increase both in revenue and operating profit.
<Other business>
Revenue in this segment was ¥53,697 million (121.9%), and operating profit was ¥2,069 million (253.7%).
In the logistics business, general freight transportation and food distribution remained strong, and progress in therationalization of contract fees resulted in steady growth.
NIHON KAISUI CO. LTD. posted solid results thanks to a recovery in the sales volume of commercial-use salt andthe contribution of the operation of Kanda Biomass Power Plant, which had started operation in August 2023, to revenue.
The electric power business remained at the level in the same period of the previous fiscal year as a result of stable
operation of the Onahama Biomass Power Plant.
In the global and engineering business, both on-site gas supply for steelmakers and gas supply using lorry cylinders in
the industrial gas business in India performed strongly. In the industrial gas business in North America, two gas
distributors newly consolidated in the previous fiscal year contributed to revenue. The high-output UPS (uninterruptible
power source) business remained strong thanks to growth of the data center market.
4

As a result, both sales revenue and operating income of other businesses increased from the same period of the previous
year.

(2) Explanation of financial position for the current period
Total assets at the end of the current first quarter consolidated fiscal year stood at ¥1,231,387 million, an increase of¥8,691 million from the end of the previous consolidated fiscal year due mainly to an increase in other financial assets.
Liabilities stood at ¥707,975 million, a decrease of ¥6,235 million from the end of the previous consolidated fiscal year
due mainly to a decrease in trade and other payables. Equity stood at ¥523,412 million, an increase of ¥14,926 million
from the end of the previous consolidated fiscal year, due mainly to an increase in other components of equity.
Equity attributable to owners of parent per share grew from ¥2,140.68 at the end of the previous consolidated fiscal
year to ¥2,206.08, and ratio of equity attributable to owners of parent to total assets changed to 40.9％ from 40.0％ at
the end of the previous consolidated fiscal year.
Cash flows from operating activities for the first quarter of the current fiscal year was an inflow of ¥25,725 million,
reflecting an increase of ¥12,596 million from the same period of the previous fiscal year, after deducting income taxes
paid from profit before tax, depreciation and others.
Cash flows from investing activities for the first quarter of the current fiscal year was an outflow of ¥17,620 million,
reflecting a decrease of outflow by ¥1,679 million from the same period of the previous fiscal year, due mainly to adecrease of expenditures resulting from purchase of investment securities despite an increase in expenditures resulting
from purchase of property, plant and equipment.
Cash flows from financing activities for the first quarter of the current fiscal year was an outflow of ¥10,612 million,
reflecting an increase of ¥2,759 million from the same period of the previous fiscal year, due mainly to an increase of
expenditures resulting from additional purchase of shares of subsidiaries
As a result, cash and cash equivalents at the end of the first quarter of the current fiscal year stood at ¥63,240 million,
an increase of ¥10,454 million from the end of the first quarter of the previous consolidated fiscal year.
(3) Explanation of future prediction information such as forecast of consolidated operating results
Our full-year operating results forecasts remain unchanged from the forecasts announced on May 9, 2024.

55. Condensed Quarterly Consolidated Financial Statements and Significant Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(Unit：Million yen)

End of the previous fiscal year
(As of March 31, 2024)
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Income taxes receivable
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Goodwill
Intangible assets
Investments accounted for using equity method
Retirement benefit asset
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

6

End of the first quarter offiscal year
(As of June 30, 2024)

64,975240,584
92,643
11,7502,465
36,953449,372

63,240218,674
102,964
12,6202,288
33,548433,336

497,708
81,85946,24034,507
5,640
100,6212,705
4,038
773,323
1,222,696

506,148
85,60546,88334,4905,528
112,876
2,636
3,880
798,051
1,231,387

End of the previous fiscal year
(As of March 31, 2024)
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds and borrowings
Other financial liabilities
Retirement benefit liability
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Treasury shares
Retained earnings
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

7

End of the first quarter offiscal year
(As of June 30, 2024)

167,685
85,933
13,865
11,4181,049
37,528317,481

161,294
91,917
12,9105,392
1,056
37,957
310,529

332,786
22,951
6,478
3,559
23,845
7,107
396,729714,210331,625
22,2256,450
3,723
26,643
6,778
397,446
707,975

55,85549,097(2,217)335,11350,707
488,557
19,927508,485
1,222,696

55,85547,953(1,850)336,696
65,357504,012
19,399523,4121,231,387

(2) Condensed quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement ofComprehensive Income
Condensed quarterly consolidated statement of profit or loss
Cumulative first quarter of the consolidated fiscal year
(Unit：Million yen)Three months ended
June 30, 2023
Continuing operations
Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Share of profit of investments accounted
for using equity method
Operating profit
Finance income
Finance costs
Profit before tax
Income tax expense
Profit from continuing operations
Discontinued operations
Profit (loss) from discontinued operations
ProfitProfit attributable to
Owners of parent
Non-controlling interests
ProfitThree months ended
June 30, 2024

230,039(182,188)
47,851(37,722)
1,326
(723)

245,943(193,266)
52,676(39,921)
1,392
(754)

532

546

11,263
1,018(779)
11,501(4,137)
7,364

13,9391,593(1,211)
14,320(4,701)
9,619

(2)
7,362

(2)
9,617

7,141
220
7,362

9,363
253
9,617
(Unit：Yen)

Earnings per share
Basic earnings (loss) per share
Continuing operations
Discontinued operations
Basic earnings per share
Diluted earnings (loss) per share
Continuing operations
Discontinued operations
Diluted earnings per share

8

31.40
(0.01)
31.39

41.02(0.01)
41.01

31.37(0.01)
31.36

40.99(0.01)
40.98

Condensed quarterly consolidated statement of comprehensive income
Cumulative first quarter of the consolidated fiscal year
(Unit：Million yen)Three months ended
June 30, 2023
ProfitThree months ended
June 30, 2024
7,362

9,617

4,174

406

10

113

4,185

520

7,361

9,498

2,602

6,989

53

115

10,016

16,603

14,201
21,563

17,123
26,74021,273290
21,56325,081
1,658
26,740

Other comprehensive income
Items that will not be reclassified to profit or loss
Net change in fair value of financial assets
measured through other comprehensive
incomeShare of other comprehensive income ofinvestments accounted for using equity method
Total of items that will not be reclassified to
profit or loss
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign
operations
Effective portion of gains and losses on
hedging instruments in a cash flow hedge
Share of other comprehensive income ofinvestments accounted for using equity method
Total of items that may be reclassified to profit
or loss
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income9(3) Condensed Quarterly Consolidated Statement of Changes in Equity
Three months ended June 30, 2023
(Unit：Million yen)
Equity attributable to owners of parent
Other components of equity
CapitalRemeasurementsof defined benefit
plans

Exchangedifferences ontranslation offoreign operations

303,680－

11,427

－

7,141

－

－

－

－

－

7,385

Capital surplus

Treasury shares

55,85549,962(3,532)

Profit－－Other comprehensive income－－

Balance as of April 1, 2023

Retainedearnings

Comprehensive income

－

－

－

7,141

－

7,385

Purchase of treasury shares

－

－

(0)

－

－

－

Disposal of treasury shares

－

－

397

－

－

－

Dividends－－－(7,326)－－

Share-based payment transactions
Increase (decrease) due tochanges in equity
Increase (decrease) due to newconsolidation
Transfer from other components ofequity to retained earnings

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

(30)

－

－

－

－

－

99

－

－

Put option provided to non-controllingshareholders

－

(177)

－

－

－

－

Transfer to non-financial assets

－

－

－

－

－

－

Total transactions with owners
Balance as of June 30, 2023

－

(177)

396

(7,256)－－55,85549,784(3,135)

303,564－

18,81210

Equity attributable to owners of parent
Other components of equity
Effective
Net change inportion offair value ofgains andfinancial assets
losses on
measuredhedging
through other
instruments incomprehensivea cash flow
incomehedge
Balance as of April 1, 2023

ShareacquisitionrightsNon-controllinginterests

Total

Total
equityTotal

10,7081,846

284

24,266430,232

16,249446,482

－

－

－

－

7,141

220

7,362

Other comprehensive income

4,165

2,581

－

14,132

14,132

69

14,201

ProfitComprehensive income

4,165

2,581

－

14,132

21,273290

21,563Purchase of treasury shares

－

－

－

－

(0)

－

(0)

Disposal of treasury shares

－

－

－

－

397

－

397

Dividends

－

－

－

－

(7,326)(279)(7,605)

Share-based payment transactions

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

(30)

474

443

(99)

－

－

(99)

－

－

－

－

－

－

－

(177)

－

(177)

Increase (decrease) due tochanges in equity
Increase (decrease) due to newconsolidation
Transfer from other components ofequity to retained earnings
Put option provided to non-controllingshareholders
Transfer to non-financial assets
Total transactions with owners
Balance as of June 30, 2023

－

(256)

－

(256)

(256)

－

(256)

(99)

(256)

－

(356)

(7,394)

194(7,199)14,773

4,170

284

38,041

444,111

16,735

460,84611

Three months ended June 30, 2024
(Unit：Million yen)
Equity attributable to owners of parent
Other components of equity
CapitalBalance as of April 1, 2024

Capital surplus

Treasury shares

Retainedearnings

Remeasurementsof defined benefit
plans

Exchangedifferences ontranslation offoreign operations

55,85549,097(2,217)335,113－

25,159Profit

－

－

－

9,363

－

－

Other comprehensive income

－

－

－

－

－

9,482

Comprehensive income

－

－

－

9,363

－

9,482

Purchase of treasury shares

－

－

(1)

－

－

－

Disposal of treasury shares

－

－

－

－

－

－

Dividends－－－(7,788)－－

Share-based payment transactions
Increase (decrease) due tochanges in equity
Increase (decrease) due to newconsolidation
Transfer from other components ofequity to retained earnings

－

－

368

－

－

－

－

(1,144)

－

－

－

－

－

－

－

－

－

－

－

－

－

7

－

－

Put option provided to non-controllingshareholders

－

－

－

－

－

－

Transfer to non-financial assets

－

－

－

－

－

－

－

(1,144)367(7,780)－－55,85547,953(1,850)336,696－

34,641

Total transactions with owners
Balance as of June 30, 202412

Equity attributable to owners of parent
Other components of equity
Effective
Net change inportion offair value ofgains andfinancial assets
losses on
measuredhedging
through other
instruments incomprehensivea cash flow
incomehedge
Balance as of April 1, 2024

18,253

Shareacquisitionrights7,100

193

Non-controllinginterests

Total

Total
equityTotal

50,707

488,557

19,927508,485

Profit

－

－

－

－

9,363

253

9,617

Other comprehensive income

532

5,703

－

15,71815,718

1,405

17,123Comprehensive income

532

5,703

－

15,71825,081

1,658

26,740Purchase of treasury shares

－

－

－

－

(1)

－

(1)

Disposal of treasury shares

－

－

－

－

－

－

－

Dividends

－

－

－

－

(7,788)(434)(8,222)

Share-based payment transactions

－

－

－

－

368

－

368

－

－

－

－

(1,144)(1,477)(2,621)

－

－

－

－

－

－

－

(7)

－

－

(7)

－

－

－

Put option provided to non-controllingshareholders

－

－

－

－

－

－

－

Transfer to non-financial assets－(1,061)－(1,061)(1,061)(275)(1,336)(7)(1,061)－(1,069)(9,626)(2,187)(11,814)

18,778

11,742

193

65,357504,012

19,399523,412

Increase (decrease) due tochanges in equity
Increase (decrease) due to newconsolidation
Transfer from other components ofequity to retained earnings

Total transactions with owners
Balance as of June 30, 202413

(4) Condensed quarterly Consolidated Statement of Cash Flows(Unit：Million yen)Three months ended
June 30, 2023

Three months ended
June 30, 2024

Cash flows from operating activities
Profit before tax

11,501

Profit (loss) before tax from discontinued operations

14,320(2)(2)

Depreciation and amortization

11,11012,043

Interest and dividend income(809)(1,113)

Interest expenses

719

1,120

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

(532)

(546)

Loss (gain) on sale and retirement of fixed assets

50

(48)

Decrease (increase) in trade and other receivables

26,55922,894

Decrease (increase) in inventories(8,433)(9,462)

Increase (decrease) in trade and other payables(18,272)(6,571)

Decrease (increase) in contract assets

2,885

5,336

Increase (decrease) in contract liabilities

1,768

2,043

Other

(2,046)(3,816)24,49936,198SubtotalInterest received

179

190

Dividends received

701

1,074

(660)

(1,074)

Income taxes paid

Interest paid

(11,590)(10,663)

Net cash provided by (used in) operating activities

13,12925,725(11,467)(15,869)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

134

312

Purchase of intangible assets

(584)

(276)

(7,723)(1,890)Purchase of investment securities
Proceeds from sale of investment securities

181

59

Collection of loans receivable

156

737

Other
Net cash provided by (used in) investing activities

3

(693)

(19,299)(17,620)

3,263

5,012

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

319

2,113

Repayments of long-term borrowings(4,014)(3,845)Additional purchase of shares of subsidiaries－(4,855)

Proceeds from sale and leaseback transactions

289

204

Repayments of lease liabilities(1,046)(1,161)Dividends paid

(6,779)(7,644)

Dividends paid to non-controlling interests

(279)

(434)

Other

394

(1)

(7,853)(10,612)Net cash provided by (used in) financing activities
Impact of exchange fluctuations for cash and cash equivalents

706

772

Net increase (decrease) in cash and cash equivalents
Net increase (decrease) in cash and cash equivalents due to a change
in the scope of consolidation
Cash and cash equivalents at beginning of period(13,317)(1,734)

157－

65,94464,975

Cash and cash equivalents at end of period

52,78563,24014

(5) Notes to Condensed Quarterly Consolidated Financial Statements(Notes on assumption of going business)
Not applicable.
(Reporting company)
Air Water Inc. (the “Company”) is a joint-stock company located in Japan. The registered address of the head office of
the Company is in Chuo-ku, Osaka-shi.
The condensed quarterly consolidated financial statement of the Company and its subsidiaries (the “Group”) closes onJune 30 and consists of equity interests of the Group and its affiliates and joint control agreement.
The Group operates manufacturing and sale in the segments, Digital & Industry, Energy Solutions, Health & Safety,
Agriculture & Foods, and Other products and services. See the section, “segment information, etc.” for the details ofeach business.
(Basis of preparation)(1) Applicable Financial Reporting Framework
The condensed quarterly consolidated financial statement of the Group have been prepared in accordance with Article
5, Paragraph 2 of the Tokyo Stock Exchange, Inc.’s Standards for the Preparation of Quarterly Financial Statements,
applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards(2) Basis of Measurement
The condensed quarterly consolidated financial statement of the Group is prepared based on acquisition costs except
retirement benefit liability (Assets) and financial instruments, etc. measured at fair value.
(3) Functional Currency and Presentation Currency
The monetary amounts in the condensed quarterly consolidated financial statement are presented in units of yen, thefunctional currency of the Company. All financial data presented in Japanese yen are rounded down to the nearest
million yen.
(4) Important Accounting Estimates and Decisions involving Estimates
In the preparation of the Group’s condensed quarterly consolidated financial statement, the business manager must
make decisions, estimates, and assumptions that affect the application of accounting policies and reported amounts ofassets, liabilities, revenues, and expenses. The actual results may vary from such estimates.
Estimates and assumptions that become the basis of estimates are reviewed continuously. The impact of a revision of
accounting estimates is recognized during the accounting period in which the estimates are revised and futureaccounting periods that will be affected.
The important accounting estimates and decisions involving estimates in this condensed quarterly consolidated
financial statement are the same as the consolidated financial statement for the accounting year ending March 31, 2024.
(Significant accounting policies)
The accounting principles that the Group applies to the condensed quarterly consolidated financial statement are thesame as the accounting principles applied to the consolidated financial statement for the consolidated fiscal year ending
March 31, 2024.

15

(Segment Information)(1) Overview of Reportable Segments
The Group’s reportable segments are components of an entity for which separate financial information is available andis evaluated regularly by the Board of Directors in determining the allocation of management resources and in assessing
performance.
The Group plans comprehensive strategies for each product and service and operates its business activities.
Therefore, the Group consists of operating segments for each product and service, and has five reportable segments,
including “Digital & Industry,” “Energy Solutions,” “Health & Safety,” “Agriculture & Foods,” and “Other
Businesses.”
The Digital & Industry segment primarily manufactures and sells industrial gases including oxygen, nitrogen, argon,carbon dioxide and hydrogen, and also manufactures and sells electronic materials, functional materials and so on.
The Energy Solutions segment primarily sells LP gas and kerosene, and also manufactures and sells LNG-related
equipment.
The Health & Safety segment primarily manufactures and sells oxygen and other medical gases, dental and hygienematerials, hypodermic needles, aerosol products and other items, and also provides services including hospital facility
construction, hospital services and home medical care.
The Agriculture & Foods segment primarily processes and distributes vegetables and fruits, manufactures and sellsfrozen food and processed meat products, and operates contract manufacturing of soft drinks.
The Other Business segment consists of the logistics business, which provides logistics services for general cargo, food,medical supplies and environmental products, NIHON KAISUI CO. LTD. which manufactures and sells commercial-use
salt, overseas industrial gas businesses in North America, India and elsewhere, a business supplying high-output
uninterruptible power sources (UPS), and a woody biomass power generation business, etc.
(2) Information about the Amounts of Revenue and Profit or Loss by Reportable Segment
The accounting method of the reported operating segments is the same as the accounting method used to prepare theconsolidated financial statements.
The profit figures of the reportable segments are operating profit. Intersegment revenue and transfers of funds arepresented based on prevailing market prices.

16

Three months ended June 30, 2023
（Unit：Million yen）
Reportable Segment
Digital& Industry

EnergySolutions

Health& Safety

Agriculture &Foods

Other Business

Total

Adjustment(Note)

Quarterly
consolidated
statements ofincomeRevenue
Revenue from outside
customers

81,734

13,821

52,12038,29744,064230,039－

230,039

Inter-segment revenue

1,771

1,110

130

177

3,681

6,871

△6,871－

Total

83,506

14,932

52,251

38,47547,746

236,911△6,871230,039

Revenue by segment

5,300

665

2,401

1,354

815

10,537725

11,263Finance income

1,018

Finance costs(779)

Operating profit

11,501(Note) 1. The reconciling item of -6,870 million yen of intersegment revenue and transfers is elimination ofintersegment transactions.
2. The reconciling item of 725million yen of segment profit is related to profit or loss of the Company’s head
office, which is not distributed to elimination of inter-segment transactions and each reportable segment.

Three months ended June 30, 2024
（Unit：Million yen）
Reportable Segment
Digital& Industry

Energy Solutions

Health& Safety

Agriculture &Foods

Other Business

Total

Adjustment(Note)

Quarterly
consolidated
statements ofincomeRevenue
Revenue from outside
customers

78,524

14,741

56,38942,58953,697245,943－

245,943

Inter-segment revenue

2,276

1,175

132

189

4,306

8,079

△8,079－Total

80,80015,91656,522

42,77858,004254,022△8,079245,943

Revenue by segment

6,044

879

2,466

1,731

2,069

13,190748

13,939Finance income

1,593

Finance costs(1,211)

Operating profit

14,320(Note) 1. The reconciling item of -8,079 million yen of intersegment revenue and transfers is elimination ofintersegment transactions.
2. The reconciling item of 748 million yen of segment profit is related to profit or loss of the Company’s head
office, which is not distributed to elimination of inter-segment transactions and each reportable segment.
(Significant subsequent events)
Not applicable.

17