Glossary

A~E

 Adjusted net D/E ratio

The net D/E ratio is one of the safety indicators calculated from net interest-bearing debt, obtained by subtracting cash and cash equivalents from the interest-bearing debt, divided by shareholders’ capital.
This is an index adjusted in consideration of hybrid finance equity. We adopt it as a Key Performance Indicator (KPI) for financial soundness.

Bulk

This is a form of industrial gas supply. Cryogenic liquefied gas produced at an industrial gas production base is supplied to a storage tank on the users’ premises via a tanker truck. It is common to have a relatively medium-term supply contract with users.

Cubic meter

This is an internal term. It is common to use the Japanese character (米) to indicate meters, but we call cubic meters ryube.

F~J

Hybrid finance

This is a financing method, and we put it into practice with a combination of hybrid bonds (corporate bonds) and hybrid loans (borrowing) for the first time in 2019. Generally speaking, the portion accepted as equity by an external rating agency can be treated as “capital” when analyzing a company using a safety index.

Industrial gas

Before the early 2000s, oxygen and nitrogen used for medical purposes were separated. Now however, gases for both industrial and medical purposes are collectively called industrial gases. In English, industrial gas is the common term.

K~O

Leeden NOX

This is one of the operating companies of Nippon Sanso Holdings in the Asia and Oceania area, and its official name is Leeden National Oxygen Ltd. In 2014, we merged National Oxygen (commonly known as NOX), established in 1982, with Leeden, a manufacturer of industrial gas and liquid materials in Singapore and Malaysia which we acquired in 2012, and the resulting company continues to the present day.

Matheson

This is one of the US operating companies of Nippon Sanso Holdings, and its official name is Matheson Tri-Gas Inc. In 1999, the former Nippon Sanso merged with Matheson, which was acquired in 1983, and Tri-gas, which was acquired in 1992, creating Matheson Tri-Gas Inc. Matheson has expanded its scale of business in the US since the 2000s by acquiring operating companies and making aggressive capital investments.

Nippon Gases Europe

This is one of the European operating companies of Nippon Sanso Holdings, and is a group of companies operating in Europe with Nippon Gases Euro-Holding as the presiding company. In December 2019, we acquired the European business of the major US industrial gas company Praxair and made it the European operating company of Nippon Sanso Holdings. In terms of position in our group’s business, the unique features of this company are that it has embedded, longstanding activities to improve productivity, and accounts for a higher proportion of on-site business compared to other regions.

Ortus

This is a Latin word meaning the origin and the beginning. This is commonly used to mean the previous medium-term management plan.

On-site

This is a form in which industrial gases are supplied. An air separation unit is installed on the user’s premises or adjacent thereto to supply gas directly through piping. The common practice is to conclude a long-term supply contract with users for underground piping.

P~T

Package

This is one of the industrial gas supply forms to vaporize cryogenic liquefied gas stored in industrial gas supply bases by raising the temperature with an evaporator, pressurizing it to fill containers (also called tanks), and to transport them by vehicles such as trucks to end users. It is common to have a relatively short-term supply contract with users.

Supagas

This is one of Nippon Sanso Holdings’ operating companies in the Asia and Oceania area. We acquired two companies operating in Australia: Renegade in 2015 and Supagas in 2016. Later, in 2018, the two companies were merged and they continue to operate under the Supagas brand name in Australia today.

Taiyo Nippon Sanso Corporation

This is one of the domestic operating companies of Nippon Sanso Holdings. It was also the official name of the current Nippon Sanso Holdings from October 2004 to September 2020. The name is derived from the merger of “Taiyo Toyo Sanso” founded in 1946, and Nippon Sanso founded in 1910 and was commonly referred to as “Nissan”, which is a combination of Nippon (Japan) and Sanso (oxygen).

Total TNSC

This is the “Structural Reform” basic strategic business concept in the Ortus Stage 2, previous medium-term management plan. TNSC is an abbreviation of Taiyo Nippon Sanso Corporation, the English name of our company. This is a group concept that fosters a sense of unity within the group, solves customer issues as a group, and contributes to the group.