Date: February 13, 2020

Consolidated Financial Results for the Third Quarter of Fiscal Year Ending March 31, 2020

(Under IFRS)

AIR WATER INC.

Head Office: 12-8, Minami semba 2-chome,

Chuo-ku, Osaka, Japan

Qualitative Information relating to Third Quarter Earnings

(1) Explanation of Operating Results

  1. Operating results for the current period
    The Japanese economy in the cumulative third quarter of the current consolidated fiscal year was on a modest

recovery trend thanks to improvements in the employment environment and a pickup in consumer spending. However uncertainty over the future economy continued, with export remaining stagnant due to the protracted U.S. China trade dispute and slowdown in the Chinese economy, which also affected the production activities and facility investment of the domestic manufacturing industry.

Under these circumstances, the results of our corporate group showed steady progress in improving profitability, as a result of our efforts to strengthen our earnings structure including product price revisions, despite sluggishness in demand seen in some of our industrial gas businesses as we entered the third quarter. Business remained strong, contributed to by the effect of new consolidation through aggressive M&A and the start of revenue generation from our woody biomass power generation business.

As a result, for the current third quarter consolidated cumulative period, the group's revenue was ¥592,077 million (110.1% that of the corresponding period of the previous year), operating profit was ¥38,821 million (123.4%), and quarterly net profit attributable to owners of parent was ¥23,322 million (110.9%).

Effective the current consolidated fiscal year, the classification of reporting segments has been changed. The segment information for the third quarter cumulative period of the previous consolidated fiscal year has been revised in accordance with the new reporting segment classification.

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2) Consolidated results by segment for this period

(Million

yen)

Revenue

Operating profit

FY 2019.3Q

YoY Growth

FY 2019.3Q

YoY Growth

Industrial Gas Business

138,016

110.2ï¼…

14,116

120.3ï¼…

Chemical Business

18,725

110.4ï¼…

2,414

387.6ï¼…

Medical Business

135,491

110.3ï¼…

5,687

103.2ï¼…

Energy Business

35,070

97.8ï¼…

2,097

107.6ï¼…

Agriculture and

107,218

101.5ï¼…

3,584

81.7ï¼…

Food Products Business

Logistics Business

38,041

105.3ï¼…

1,866

103.5ï¼…

Seawater Business

28,782

101.5ï¼…

2,099

137.1ï¼…

Other Business

90,729

135.9ï¼…

4,997

190.1ï¼…

(Adjustment)

-

- ï¼…

1,958

151.7ï¼…

Total

592,077

110.1ï¼…

38,821

123.4ï¼…

(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.

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AIR WATER Inc. published this content on 13 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 February 2020 12:11:04 UTC