Q2 FYE2022
Consolidated Financial Results
Earnings Announcement
（Six months ended September, 2021）
November 1, 2021
Tokyo（Japan）
Important Notice
For the purpose of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by
NIPPON SANSO Holdings Corporation (“NSHD”) regarding this presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not
intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise
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be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restriction may
constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, “NSHD” is sometimes
used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words “the Company”, “we”, ”us” and “our” are also used to refer to subsidiaries in
general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
● Forward-Looking Statements
This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD’s future business, future
position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as “targets”, “plans”,
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thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those
expressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD’s global business, including general economic conditions here and abroad;
competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the
timing thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health
crises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of its business;
the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD’s operations and the timing of any such
divestment(s); and other factors identified in NSHD’s most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on
NSHD’s website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as
required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicative of, and are not
an estimate, forecast, guarantee or projection of NSHD’s future results.
● Certain Non-IFRS Financial Measures
This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial Reporting
Standards (“IFRS”), such as Core Operating Income, EPS (Earnings per share), Debt, Net Debt, Adjusted net D/E ratio and Free Cash Flow. NSHD’s management and executive officers
evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income,
cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS
measures, management and executive officers intends to provide investors with additional information to further analyze NSHD’s performance, core results and underlying trends. NSHD’s
non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in
accordance with IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our
slide deck.
● Financial information
NSHD’s financial statements are prepared in accordance with international Financial Reporting Standards (“IFRS”).
2 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Notes
● Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income)
In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business results of NSHD
group on a quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's perspective, and
will omit the same information on a consolidated cumulative basis. The same information on a cumulative basis is omitted. Please note that Segment Operating Income is based on Core
Operating Income.
● The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income.
The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous period).
These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors
to understand the business conditions of the Group.
＜Forex rates＞ Average Forex rates
FYE2021 FYE2021 FYE2022 FYE2022 FYE2022 Full-term FYE2022 Full-term
Unit：JPY 1Q 1st Half 1Q 1st Half Assumption (No Change) Assumption(Previous)
Currency （Apr.-Jun.） （Apr.-Sep.） （Apr.-Jun.） （Apr.-Sep.） （Apr.-Mar.） （Apr.-Mar.）
（Announced on Nov.1） （Announced on May 10）
USD 107.38 106.32 109.76 110.10 105 105
EUR 118.74 121.66 132.44 131.16 125 125
SDG 76.29 76.67 82.41 82.01 77 77
AUD 71.69 73.91 84.15 82.33 74 74
CNY 15.11 15.20 17.06 17.07 16 16
● Presentation of overall business performance and segment performance
The amounts shown are after offsetting and elimination of inter-segment transactions and do not include consumption tax etc.
3 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Contents
1. Q2 FYE2022 Business performance
-1. Quarter（Jul.-Sep.）Period performance
-2. 1st Half （Apr.-Sep.）Cumulative performance
2. FYE2022 full-term Forecast
3. Appendix
1. Group summary
2. Changes in disclosure details
3. Non-recurring items
4. Key performance Indicators
5. Condensed consolidated statements of Cash flows
6. Condensed consolidated statements of Financial position
7. Revenue composition
8. Industrial gas supply systems
4 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022
Business performance
-1. Quarter（Jul.-Sep.）Period performance
5 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Consolidated results
FYE2021 FYE2022 YoY
Q2 Q2 Difference ％ Change
（Unit: ￥ bn.） （Jul.-Sep.） （Jul.-Sep.）
Revenue 200.0 229.0 +29.0 +14.5%
Core operating income 22.6 25.2 +2.6 +11.5%
Core OI margin 11.3% 11.0%
Non-recurring profit and loss -0.0 -0.0 +0.0
Operating income（IFRS） 22.5 25.2 +2.7 +11.6%
OI margin 11.3% 11.0%
Finance costs -3.2 -2.4 +0.8
Income before income taxes 19.3 22.8 +3.5 +18.1%
Income tax expenses -5.3 -4.0 -1.3
Net income 13.9 18.7 +4.8 +34.6%
(Attribution of net income)
Net incom e attributable to owners of the parent 13.5 18.2 +4.7 +34.4%
NI margin 6.8% 8.0%
Net income attributable to non-controlling interests 0.3 0.5 +0.2
6 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Results by Segment [Reclassified*]
FYE2021 FYE2022 YoY
Composition
Q2 Q2 ratio
Difference % Change Forex impact
（Unit: ￥ bn.） （Jul.-Sep.） （Jul.-Sep.）
Revenue 81.9 90.1 39.3% +8.2 +9.9% +0.0
Gas business in Japan Segment OI 6.8 7.4 29.6% +0.6 +8.9% +0.0
OI margin 8.4% 8.3%
Revenue 46.3 55.7 24.3% +9.4 +20.2% +2.2
Gas business in the U.S. Segment OI 6.0 7.0 27.9% +1.0 +16.2% +0.2
OI margin 13.1% 12.7%
Revenue 39.7 47.4 20.7% +7.7 +19.4% +1.7
Gas business in Europe Segment OI 5.2 6.0 24.0% +0.8 +14.9% +0.2
OI margin 13.3% 12.8%
Revenue 25.8 29.6 12.9% +3.8 +14.9% +1.7
Gas business in A&O* Segment OI 3.1 3.6 14.3% +0.5 +14.9% +0.2
*A&O: Asia and Oceania. OI margin 12.2% 12.2% 0.0%
0
0
Revenue 6.0 6.1 2.7% +0.1 +0.7% +0.0
Thermos business Segment OI 1.4 1.4 5.9% -0.0 -0.1% +0.0
OI margin 24.4% 24.2%
Revenue 0.0 0.0 0.0% +0.0 +0.3%
Adjustment Segment OI -0.2 -0.4 -1.7% -0.2 ― ―
Revenue 200.0 229.0 100.0% +29.0 +14.5% +5.8
Consolidated total Segment OI 22.6 25.2 100.0% +2.6 +11.5% +0.8
OI margin 11.3% 11.0%
* Reclassified：As a result of the reclassification of segment classifications in FYE2022, figure for FYE2021 has been restated based on the new segment classifications.
7 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Gas business in Japan
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） Q2 Q2 Difference % Change
ratio ratio
(Jul.-Sep.) (Jul.-Sep.)
Packaged 3.2 4.0% 3.4 3.9% +0.2 +6.2%
Bulk 25.8 31.5% 28.8 32.1% +3.0 +11.7%
On-site 17.9 21.9% 19.1 21.3% +1.2 +6.6%
Gases Specialty gases 6.6 8.1% 7.7 8.6% +1.1 +17.2%
Subtotal 53.7 65.5% 59.2 65.8% +5.5 +10.3%
Equipm ent and Industrial Gases-related 21.8 26.6% 24.7 27.5% +2.9 +13.3%
installation, other Electronics-related 6.4 7.8% 6.1 6.8% -0.3 -5.0%
Subtotal 28.2 34.5% 30.8 34.2% +2.6 +9.1%
Revenue 81.9 100.0% 90.1 100.0% +8.2 +9.9%
Total Segment OI 6.8 7.4 +0.6 +8.9%
Segment OI margin 8.4% 8.3%
●Forex translation impact: Positive impacts of ¥0.0bn. on revenue and ¥0.0bn. on segment OI
YoY Factors for increase/decrease
・ Bulk & On-Site (Air separation gases): Demand rebounds in manufacturing sectors, but costs increased due to higher fuel prices.
・ Bulk (LP gas): Increase in selling prices linked to purchase prices.
・ Specialty gases: Increased shipment volume for Electronics sector.
・ Equipment and construction, other: Steady demand for medical-related.
8 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Gas business in the U.S.
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） Q2 Q2 Difference % Change
ratio ratio
(Jul.-Sep.) (Jul.-Sep.)
Packaged 9.2 20.0% 11.7 21.1% +2.5 +26.3%
Bulk 20.3 43.9% 23.9 42.9% +3.6 +17.5%
On-site 4.9 10.6% 5.9 10.6% +1.0 +19.8%
Gases Specialty gases 1.4 3.2% 2.7 4.9% +1.3 +86.4%
Subtotal 36.0 77.8% 44.2 79.5% +8.2 +22.9%
Equipm ent and Industrial Gases-related 8.6 18.8% 9.7 17.5% +1.1 +11.9%
installation, other Electronics-related 1.6 3.5% 1.6 3.0% +0.0 +4.6%
Subtotal 10.3 22.2% 11.4 20.5% +1.1 +10.8%
Revenue 46.3 100.0% 55.7 100.0% +9.4 +20.2%
Total Segment OI 6.0 7.0 +1.0 +16.2%
Segment OI margin 13.1% 12.7%
●Forex translation impact: Positive impacts of ¥2.2bn. on revenue and ¥0.2bn. on segment OI
YoY Factors for increase/decrease
・ Bulk & Packaged: Demand rebounds in manufacturing sectors, and profitability improved.
・ On-site: Net customer demand up from prior year
・ Equipment and construction, other: Demand recovered in welding and cutting related fields.
9 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Gas business in Europe
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） Q2 Q2 Difference % Change
ratio ratio
(Jul.-Sep.) (Jul.-Sep.)
Packaged 9.5 23.9% 9.8 20.9% +0.3 +4.2%
Bulk 19.3 48.6% 23.0 48.5% +3.7 +19.2%
On-site 5.8 14.7% 8.7 18.4% +2.9 +49.3%
Gases Specialty gases 1.6 4.1% 2.2 4.8% +0.6 +37.2%
Subtotal 36.2 91.4% 43.8 92.6% +7.6 +20.9%
Equipm ent and
installation, other Industrial Gases-related 3.4 8.6% 3.5 7.4% +0.1 +3.1%
Subtotal 3.4 8.6% 3.5 7.4% +0.1 +3.1%
Revenue 39.7 100.0% 47.4 100.0% +7.7 +19.4%
Total Segment OI 5.2 6.0 +0.8 +14.9%
Segment OI margin 13.3% 12.8%
●Forex translation impact: Positive impacts of ¥1.7bn. on revenue and ¥0.2bn. on segment OI
YoY Factors for increase/decrease
・ Bulk, packaged and on-site: Demand rebounds in manufacturing sectors.
(In the previous fiscal year, the COVID-19 infection spread had a significant impact on our business performance in this segment.)
10 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Gas business in Asia & Oceania
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） Q2 Q2 Difference % Change
ratio ratio
(Jul.-Sep.) (Jul.-Sep.)
Packaged 0.9 3.6% 1.0 3.4% +0.1 +7.3%
Bulk 10.1 39.3% 12.5 42.4% +2.4 +23.9%
On-site 0.8 3.3% 1.2 4.2% +0.4 +44.3%
Gases Specialty gases 8.0 31.2% 8.6 29.3% +0.6 +8.0%
Subtotal 19.9 77.4% 23.4 79.2% +3.5 +17.6%
Equipm ent and Industrial Gases-related 4.6 18.0% 5.4 18.4% +0.8 +17.5%
installation, other Electronics-related 1.1 4.6% 0.6 2.3% -0.5 -41.7%
Subtotal 5.8 22.6% 6.1 20.8% +0.3 +5.5%
Revenue 25.8 100.0% 29.6 100.0% +3.8 +14.9%
Total Segment OI 3.1 3.6 +0.5 +14.9%
Segment OI margin 12.2% 12.2%
●Forex translation impact: Positive impacts of ¥1.7bn. on revenue and ¥0.2bn. on segment OI
YoY Factors for increase/decrease
・ Bulk gas: Demand is recovering.
・ Specialty gases: Shipment volume for electronics remained unchanged from the previous fiscal year.
・ Equipment and construction, other: Industrial gas-related revenue increased in Singapore and Australia.
Electronics-related revenue decreased in Taiwan.
11 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -1. Quarter（Jul.-Sep.）Period performance
Thermos business
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） Q2 Q2 Difference % Change
ratio ratio
(Jul.-Sep.) (Jul.-Sep.)
Japan 5.2 87.2% 5.4 88.3% +0.2 +2.1%
Overseas 0.7 12.8% 0.7 11.7% -0.0 -8.6%
Revenue 6.0 100.0% 6.1 100.0% +0.1 +0.7%
Total Segment OI 1.4 1.4 -0.0 -0.1%
Segment OI margin 24.4% 24.2%
●Forex translation impact: Positive impacts of ¥0.0bn. on revenue and ¥0.0bn. on segment OI
YoY Factors for increase/decrease
・ Japan: Revenue of vacuum insulated mugs and sports bottles softened due to the state of emergency COVID-19 related restrictions.
・ Revenue of frying pans and tumblers were steady due to continued demand for stay at home products.
・ Overseas: Temporary plant closures due to government mandated requirements related to COVID-19.
Earnings at equity-method affiliates decreased.
12 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022
Business performance
-2. 1st Half（Apr.-Sep.）Cumulative performance
13 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Consolidated results
FYE2021 FYE2022 YoY FYE2022
1st Half 1st Half Difference ％ Change Full-term forecast
（Unit: ￥ bn.） （Apr.-Sep.） （Apr.-Sep.） （Announced on May 10）
Revenue 384.5 447.3 +62.8 +16.4% 865.0
Core operating income 36.7 49.8 +13.1 +35.7% 96.0
Core OI margin 9.6% 11.1% 11.1%
Non-recurring profit and loss -0.0 -0.0 +0.0 0.5
Operating income（IFRS） 36.6 49.7 +13.1 +35.8% 96.5
OI margin 9.5% 11.1% 11.2%
Finance costs -5.8 -4.7 +1.1 -10.5
Income before income taxes 30.8 45.0 +14.2 +46.1% 86.0
Income tax expenses -9.2 -9.8 +0.6 -26.0
Net income 21.5 35.1 +13.6 +63.0% 60.0
(Attribution of net income)
Net incom e attributable to owners of the parent 21.0 34.2 +13.2 +63.3% 58.2
NI margin 5.5% 7.7% 6.7%
Net income attributable to non-controlling interests 0.5 0.8 +0.3 1.8
Forex （Unit: JPY） USD 106.32 110.10 105
(average rate during the period) EUR 121.66 131.16 125
AUD 73.91 82.33 74
14 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Results by Segment [Reclassified*]
FYE2021 FYE2022 YoY
st st Composition
1 Half 1 Half Difference % Change Forex impact
ratio
（Unit: ￥ bn.） （Apr.-Sep.） （Apr.-Sep.）
Revenue 158.9 173.2 38.7% +14.3 +9.0% +0.1
Gas business in Japan Segment OI 11.6 13.9 28.1% +2.3 +20.4% +0.0
OI margin 7.3% 8.1%
Revenue 91.2 107.3 24.0% +16.1 +17.7% +3.2
Gas business in the U.S. Segment OI 9.5 14.1 28.3% +4.6 +46.9% +0.3
OI margin 10.5% 13.1%
Revenue 74.8 94.9 21.2% +20.1 +26.8% +5.8
Gas business in Europe Segment OI 8.6 12.7 25.5% +4.1 +47.4% +0.6
OI margin 11.5% 13.4%
Revenue 48.3 58.9 13.2% +10.6 +21.8% +4.0
Gas business in A&O* Segment OI 5.2 6.6 13.3% +1.4 +25.4% +0.5
*A&O: Asia and Oceania. OI margin 11.0% 11.3% 0.0%
0
0
Revenue 11.0 12.8 2.9% +1.8 +16.6% +0.0
Thermos business Segment OI 2.0 2.9 6.0% +0.9 +42.1% +0.0
OI margin 19.0% 23.2%
Revenue 0.1 0.1 0.0% +0.0 +0.1%
Adjustment Segment OI -0.5 -0.5 -1.2% +0.0 ― ―
Revenue 384.5 447.3 100.0% +62.8 +16.4% +13.3
Consolidated total Segment OI 36.7 49.8 100.0% +13.1 +35.7% +1.6
OI margin 9.6% 11.1%
* Reclassified：As a result of the reclassification of segment classifications in FYE2022, figure for FYE2021 has been restated based on the new segment classifications.
15 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Gas business in Japan
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） 1st Half 1st Half Difference % Change
ratio ratio
(Apr.-Sep.) (Apr.-Sep.)
Packaged 6.5 4.1% 6.8 4.0% +0.3 +5.6%
Bulk 50.7 31.9% 57.4 33.2% +6.7 +13.2%
On-site 35.3 22.2% 37.4 21.6% +2.1 +5.9%
Gases Specialty gases 12.9 8.1% 14.8 8.6% +1.9 +15.1%
Subtotal 105.5 66.4% 116.6 67.3% +11.1 +10.5%
Equipm ent and Industrial Gases-related 43.6 27.5% 46.4 26.8% +2.8 +6.4%
installation, other Electronics-related 9.7 6.2% 10.1 5.9% +0.4 +3.8%
Subtotal 53.4 33.6% 56.5 32.7% +3.1 +5.9%
Revenue 158.9 100.0% 173.2 100.0% +14.3 +9.0%
Total Segment OI 11.6 13.9 +2.3 +20.4%
Segment OI margin 7.3% 8.1%
●Forex translation impact: Positive impacts of ¥0.1bn. on revenue and ¥0.0bn. on segment OI
16 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Gas business in the U.S.
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） 1st Half 1st Half Difference % Change
ratio ratio
(Apr.-Sep.) (Apr.-Sep.)
Packaged 20.1 22.1% 22.8 21.3% +2.7 +13.4%
Bulk 39.1 42.9% 46.3 43.2% +7.2 +18.5%
On-site 10.3 11.4% 11.4 10.6% +1.1 +9.9%
Gases Specialty gases 3.2 3.6% 4.3 4.1% +1.1 +33.4%
Subtotal 72.9 80.0% 85.0 79.2% +12.1 +16.5%
Equipm ent and Industrial Gases-related 15.2 16.7% 19.0 17.7% +3.8 +24.6%
installation, other Electronics-related 3.0 3.3% 3.3 3.1% +0.3 +9.7%
Subtotal 18.2 20.0% 22.3 20.8% +4.1 +22.1%
Revenue 91.2 100.0% 107.3 100.0% +16.1 +17.7%
Total Segment OI 9.5 14.1 +4.6 +46.9%
Segment OI margin 10.5% 13.1%
●Forex translation impact: Positive impacts of ¥3.2bn. on revenue and ¥0.3bn. on segment OI
17 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Gas business in Europe
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） 1st Half 1st Half Difference % Change
ratio ratio
(Apr.-Sep.) (Apr.-Sep.)
Packaged 17.9 24.0% 20.6 21.8% +2.7 +15.1%
Bulk 35.7 47.7% 45.3 47.8% +9.6 +27.0%
On-site 11.2 15.0% 16.8 17.8% +5.6 +49.8%
Gases Specialty gases 3.1 4.3% 4.6 4.9% +1.5 +45.1%
Subtotal 68.1 91.1% 87.5 92.2% +19.4 +28.5%
Equipm ent and
installation, other Industrial Gases-related 6.6 8.9% 7.3 7.8% +0.7 +10.4%
Subtotal 6.6 8.9% 7.3 7.8% +0.7 +10.4%
Revenue 74.8 100.0% 94.9 100.0% +20.1 +26.8%
Total Segment OI 8.6 12.7 +4.1 +47.4%
Segment OI margin 11.5% 13.4%
●Forex translation impact: Positive impacts of ¥5.8bn. on revenue and ¥0.6bn. on segment OI
18 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Gas business in Asia & Oceania
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） 1st Half 1st Half Difference % Change
ratio ratio
(Apr.-Sep.) (Apr.-Sep.)
Packaged 1.6 3.4% 2.0 3.5% +0.4 +25.2%
Bulk 18.9 39.1% 24.5 41.7% +5.6 +29.8%
On-site 1.6 3.5% 2.3 4.0% +0.7 +41.4%
Gases Specialty gases 15.4 31.9% 16.8 28.6% +1.4 +9.0%
Subtotal 37.6 77.9% 45.8 77.8% +8.2 +21.6%
Equipm ent and Industrial Gases-related 8.4 17.6% 10.8 18.4% +2.4 +27.6%
installation, other Electronics-related 2.1 4.5% 2.2 3.8% +0.1 +2.3%
Subtotal 10.6 22.1% 13.0 22.2% +2.4 +22.5%
Revenue 48.3 100.0% 58.9 100.0% +10.6 +21.8%
Total Segment OI 5.2 6.6 +1.4 +25.4%
Segment OI margin 11.0% 11.3%
●Forex translation impact: Positive impacts of ¥4.0bn. on revenue and ¥0.5bn. on segment OI
19 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
1. Q2 FYE2022 Business performance -2. 1st Half（Apr.-Sep.）Cumulative performance
Thermos business
FYE2021 FYE2022 YoY
Composition Composition
（Unit: ￥ bn.） 1st Half 1st Half Difference % Change
ratio ratio
(Apr.-Sep.) (Apr.-Sep.)
Japan 9.6 87.0% 11.1 86.7% +1.5 +16.2%
Overseas 1.4 13.0% 1.7 13.3% +0.3 +19.3%
Revenue 11.0 100.0% 12.8 100.0% +1.8 +16.6%
Total Segment OI 2.0 2.9 +0.9 +42.1%
Segment OI margin 19.0% 23.2%
●Forex translation impact: Positive impacts of ¥0.0bn. on revenue and ¥0.0bn. on segment OI
20 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
2. FYE2022 full-term Forecast
21 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
2. FYE2022 full-term Forecast
Consolidated forecast
FYE2021 FYE2022 YoY FYE2022
Full-term Full-term fcst (No Change) Difference ％ Change Full-term previous fcst
（単位：億円） （Announced on Nov. 1） （Announced on May 10）
Revenue 818.2 865.0 +46.8 +5.7% 865.0
Core operating income 87.2 96.0 +8.8 +10.0% 96.0
Core OI margin 10.7% 11.1% 11.1%
Non-recurring profit and loss 1.5 0.5 -1.0 0.5
Operating income（IFRS） 88.8 96.5 +7.7 +8.6% 96.5
OI margin 10.9% 11.2% 11.2%
Finance costs -11.1 -10.5 +0.6 -10.5
Income before income taxes 77.7 86.0 +8.3 +10.7% 86.0
Income tax expenses -20.8 -26.0 +5.2 -26.0
Net income 56.8 60.0 +3.2 +5.5% 60.0
(Attribution of net income)
Net incom e attributable to owners of the parent 55.2 58.2 +3.0 +5.4% 58.2
NI margin 6.7% 6.7% 6.7%
Net income attributable to non-controlling interests 1.6 1.8 +0.2 1.8
Forex （Unit: JPY） USD 105.94 105 105
(average rate during the period) EUR 124.07 125 125
AUD 73.67 74 74
22 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
2. FYE2022 full-term Forecast
Consolidated forecast by Segment [Reclassified*]
FYE2021 FYE2022 full-term YoY FYE2022 full-term
Composition
full-term Fcst (No change) ratio
Difference % Change Forex impact Pre. Fcst
（Unit: ￥ bn.） （Annouced on Nov. 1） （Annouced on May 10）
Revenue 341.9 360.0 41.6% +18.1 +5.3% ― 360.0
Gas business in Japan Segment OI 29.8 31.1 32.4% +1.3 +4.1% ― 31.1
OI margin 8.7% 8.6% 8.6%
Revenue 189.9 198.0 22.9% +8.1 +4.2% -1.6 198.0
Gas business in the U.S. Segment OI 23.1 23.6 24.6% +0.5 +2.0% -0.2 23.6
OI margin 12.2% 11.9% 11.9%
Revenue 160.0 173.0 20.0% +13.0 +8.1% +1.1 173.0
Gas business in Europe Segment OI 21.0 24.8 25.8% +3.8 +18.0% +0.1 24.8
OI margin 13.1% 14.3% 14.3%
Revenue 102.0 106.0 12.3% +4.0 +3.9% 106.0
Gas business in A&O* Segment OI 8.9 10.2 10.6% +1.3 +14.3% 10.2
*A&O: Asia and Oceania. OI margin 8.7% 9.6% 9.6%
Revenue 23.9 28.0 3.2% +4.1 +16.8% 28.0
Thermos business Segment OI 5.1 7.4 7.7% +2.3 +43.2% 7.4
OI margin 21.6% 26.4% 26.4%
Revenue 0.2 ― ― ― ― ―
Adjustment Segment OI -0.8 -1.1 -1.1% -0.3 ― ― -1.1
Revenue 818.2 865.0 100.0% +46.8 +5.7% -0.4 865.0
Consolidated total Segment OI 87.2 96.0 100.0% +8.8 +10.0% +0.0 96.0
OI margin 10.7% 11.1% 11.1%
* Reclassified：As a result of the reclassification of segment classifications in FYE2022, figure for FYE2021 has been restated based on the new segment classifications.
23 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Appendix
[1st Half（Apr.-Sep.）Cumulative performance basis ]
24 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
NIPPON SANSO Holdings Group Summary https://www.nipponsanso-hd.co.jp/en/ir/
Published on November 1, 2021
Corporate Information （As of March 31. 2021）
Corporate Philosophy
Company Name Nippon Sanso Holdings Corporation
Founded October 30, 1910
Headquarters 1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan Group Philosophy
TEL 81-3-5788-8500 Proactive. Innovative. Collaborative.
Representative Director, President CEO Making life better through gas technology.
Representative Toshihiko Hamada
Group Vision
Common stock 37.3 billion yen
We aim to create social value through innovative gas solutions that increase industrial productivity,
Stock information （As of March 31. 2021） enhance human well-being and contribute to a more sustainable future.
Number of shares 433,092,837
Number of shareholders 16,205 Main Core business
Listed stock exchanges Tokyo Stock Exchange First section Industrial Gas business Electronics business Thermos business
Ticker 4091.T
Distribution by share holders (%) Japanese Indivisuals and others 10.40
Mitsubishi Chemical Holdings 50.59 Foreign Institutions and Individuals 14.89
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Other Japanese Corporations 5.86 Japanese Financial Institutions 18.26
Revenue / Employee personnel by Segment （As of Match 31, 2021）
3% 2%
7%
13%
31%
22% FYE2022 Financial Forecast（IFRS)
41%
20% ¥818.2bn. 19,357 Revenue ¥865.0 bn.
Net income attributable to
¥58.2 bn.
people owners of the parent
Operating income ¥96.5 bn. EPS ¥134.49
15%
23%
23%
Japan US Europe Asia & Oceania Thermos Corporate
Changes in disclosure details
The following disclosure items have been changed from FYE2022.
1. Change in the period for reporting year-on-year changes
The period for reporting changes from the previous fiscal year was previously based on the cumulative
consolidated accounting period, but will now be based on the quarterly consolidated accounting period.
2. Change in the classification of product segment disclosure
In order to provide our investors and shareholders with a concise and easy-to-understand understanding of
the Company's operations, the Company will change to the following segments.
Revenue disclosure category Breakdown
Gases Industrial gases such as oxygen, nitrogen, argon, carbon dioxide and helium, LP gases, specialty gases
Packaged Gas filling containers (cylinders) are delivered to the customer, and the gas is supplied according to method of use
Bulk A storage tank for liquified gas is installed within the customer’s facility, and the gas is supplied according to method of use
On-site A gas production facility is established in an area adjacent to the customer, and the gas is constantly supplied using a directly connected pipe
Specialty gases Mainly, gases for electronic materials that are used in the manufacture of semiconductors or LCD panels, standard gas, high-purity gas
Equipment and construction, other Ancillary equipment for gas usage, refining equipment to raise gas purity level, construction for equipment installation, and welding and cutting-related goods
Industrial Gases-related Supply facilities and other gas-using equipments, air separation units, and hardgoods (welding and cutting-related)
Electronics-related Construction for equipment and pipe installation toward electronics, refining equipment for removing impurities, and other equipment
26 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Non-recurring items
Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement
allowances), losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets).
Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring items
in the Company.
FYE2021 FYE2022 YoY
1st Half 1st Half Difference
（Unit: ￥ bn.）
Core operating income 36.7 49.8 +13.1
Non-recurring profit and loss -0.0 -0.0 +0.0
Operating income（IFRS） 36.6 49.7 +13.1
27 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Key performance Indicators Not
Updated
FYE2021 FYE2022 FYE2021
Item Unit 1st Half 1st Half full-term
Basic earnings per share JPY 48.53 79.24 127.59
Overseas sales ratio ％ 56.6 59.1 56.1
ROE ％ ー ー 12.0
0
ROCE ％ ー ー 6.1
Annual dividends per share JPY ー ー 30
Dividend payout ratio ％ ー ー 23.5
614
CAPEX(fund basis) & Investments and loans \bn. 29.6 34.4 61.4
Depreciation and amortization \bn. 43.0 45.4 86.3
Free cash flow \bn. 23.6 36.7 89.5
0
Adjusted net D/E ratio Times 1.36 1.06 1.15
Interest-bearing liabilities \bn. 998.7 918.9 949.2
Net interest-bearing liabilities \bn. 894.4 834.7 858.1
28 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Condensed consolidated statements of Cash flows
FYE2021 FYE2022 YoY
（Unit：￥ bn.） st
1 Half
st
1 Half Difference % Change
Income before income taxes 30.8 45.0 +14.2 +46.1%
Depreciation and amortization 43.0 45.4 +2.4
Changes in working capital -7.6 -13.0 -5.4
Others -12.2 -10.7 +1.5
Cash flows from operating activities 53.9 66.6 +12.7 +23.6%
Capital expenditures -29.0 -33.2 -4.2
Investments and loans -0.5 -1.2 -0.7
Others (asset sales, etc.) -0.6 4.6 +5.2
Cash flows from investing activities -30.2 -29.8 +0.4 +1.2%
Free cash flow 23.6 36.7 +13.1 +55.2%
Cash flows from financing activities -21.1 -43.0 -21.9 -103.7%
29 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Condensed consolidated statements of Financial position
FYE2021 FYE2022 YoY FYE2021 FYE2022 YoY
（Unit：\bn.） Q4 Q2 Difference Q4 Q2 Difference
Cash and cash equivalents 91.0 84.1 -6.9 Trade payables 96.0 95.7 -0.3
Trade receivables 182.0 189.0 +7.0 Interest-bearing liabilities 949.2 918.9 -30.3
Inventories 69.6 75.7 +6.1 Others 247.0 244.4 -2.6
Others 26.1 25.5 -0.6
Total liabilities 1,292.3 1,259.1 -33.2
Total current assets 368.9 374.5 +5.6
Share capital and capitalsurplus, etc 515.8 545.4 +29.6
Property, plant Other components of equity -2.6 -0.5 +2.1
and equipment 685.7 681.5 -4.2
Equity attributable to
Goodw ill 455.0 453.9 -1.1
owners of parent 513.1 544.9 +31.8
Intangible assets 237.7 233.8 -3.9
Others 88.8 91.5 +2.7 Non-controlling interests 30.7 31.4 +0.7
Total non-current assets 1,467.3 1,460.9 -6.4 Total equity 543.9 576.3 +32.4
Total assets 1,836.2 1,835.4 -0.8 Total liabilities and equity 1,836.2 1,835.4 -0.8
30 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Revenue composition
By Segment By Business
3%
6%
13%
8%
39%
1st Half FYE2022 1st Half FYE2022
¥447.3bn. 18% ¥434.3bn.
21%
(exc. Thermos business)
68%
24%
Japan U.S. Europe Asia & Oceania Thermos Industrial Gas Electronis Medical Energy
31 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
Industrial gas supply systems
Air Separation Gases Other Gases
Air Separation Unit
On-site
Air
Major supply destination（Sector）
Storage tank for liquid gases
Steel Petrochemical Refinery
Oxygen Nitrogen
O2 N2 We’ve established production plants in the vicinity of the customer.
A form of direct connection and constant supply of pipes.
（Large-scale supply）
Supply via pipeline Refining by-product gas from chemical factories and gas transported overseas
Oxygen
O2 Bulk LP
CO2 H2 He
Major supply destination（Sector） Gas
Nitrogen Automobile Shipbuilding
Manufacturing
N2 Glass/Paper
Construction Pharmaceutical Food/
Tank truck Tank truck
machinery Medical beverage
Argon LCP Solar cell Semiconducto
Ar r
We’ve installed a storage tank for liquefied gas in the customer's
premises. A form of supply according to the method of use of gas.
Supply via Liquid gases form （ Medium-scale supply）
Supply via Liquid gases form
Packaged
Filling station Major supply destination（Sector） Filling station
Homecare Advanced Sanitation
Flatbed truck medicine Flatbed truck
Engineering Construction/
development
R&D Installation
We deliver filling containers (cylinders) to customers.
A form of supply according to the method of use of gas.
Supply via Cylinder （ Small-scale supply）
Supply via Cylinder
32 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
For further information, please contact:
Public Relations for media Investor Relations for investors
Public Relations, Investor Relations,
Group Human Resources & Corporate Secretariat Office Group Finance & Accounting Office
Tel：+81 (0)3-5788-8513 Tel: +81 (0)3-5788-8512
E-mail：Nshd.info@nipponsanso-hd.co.jp E-mail：Nshd.ir@nipponsanso-hd.co.jp
Upcoming IR events
Q3 FYE2022 Earnings Call February 2, 2022
www.nipponsanso-hd.co.jp/en/
NIPPON SANSO Holdings Corporation
(Ticker:4091.T)
Headquarters：1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan
33 November 1, 2021 | NIPPON SANSO Holdings Supplementary Materials FYE2022 Q2 results
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