We established "terraWell 30," our vision for FY2030, and formulated the "terraWell 30 1st stage," which will be implemented over the 3-years period from FY2022 to FY2024.


For details of the new medium-term management plan, please refer to the following news release and presentation materials.


Our vision for FY2030,"terrAWell 30"

(1)Our Purposes

In preparation for changes in the business environment and further growth, we have defined our purpose as "Meeting Society's Needs with Nature's Blessings." In accordance with this purpose, we will pursue and enhance the essential value of the Group's business, namely, "to support healthy living and manufacturing by working closely with people and communities" through our role of "stably providing products that are essential and indispensable to people's lives."

(2) Concept of "terrAWell 30”

Going forward, we are committed to solving social issues through our business activities in line with the diverse business domains of our group and our two growth axes, "Global Environment" and "Wellness," based on social issues such as climate change and a super-aging society, to achieve sustainable growth and increase our corporate value.

In addition, we named the period up to FY2030 as our "Third Foundation Period" and aim to maximize the corporate value that combines economic and social value by achieving the "creation of new corporate value through solving social issues." We will achieve them through synergies generated by a creative combination of "diverse businesses, human resources, and technologies" that are the management resources we acquired over the past 20 years since the establishment of Air Water Inc.


To achieve this goal, on April 1, 2022, we implemented a major organizational reform and shifted to a new group management structure that integrates the corporate organization and the group companies and has formulated "terrAWell 30" as our vision for FY2030.

"Terra" means "earth" in Latin, and "Well" means "Wellness = Healthy Life" We named our vision "terrAWell 30" with the hope that Air Water (AW) will connect earth (Terra) and wellness (Well)


(3) Growth Strategy and Targeted Goals, etc.

<Growth Strategy>
1. Integrate the direction of diverse business areas into a new growth axis of "Global Environment" and "Wellness."

2. Maximize synergy creation by leveraging "diverse businesses, human resources, and technologies" and "community-based business” 

3. Achieve a positive cycle of growth and investment.

<Target Goals for FY2030,ect.>

Value Theme Targeted Goals for FY2030, etc.
Economic Value Business Expansion Revenue: 1.6 trillion yen Overseas Revenue Ratio: 20%
Profitability Operating Profit: 160 billion yen OperatingMargins: 10%
Capital Efficiency ROE: Stably over 10% ROIC: Stably over 7%
Social Value Non-Financial Key
Performance Indicators
GHG (greenhouse gas) emissions: Reduce by 30% (vs. FY2020)
The Society We Seek to Create Decarbonization, resource recycling, the coexistence of people and nature, smart society, healthy longevity

Medium-Term Management Plan "terrAWell 30 1st stage" (FY2022-FY2024)

As the first stage of "terrAWell 30," we have formulated Medium-Term Management Plan, "terrAWell 30 1st stage," with a three-year implementation period from FY2022 to FY2024

(1) Basic Policy

Create synergies by optimizing group management resources to expand growth areas, strengthen profitability, and incubate new businesses.

(2) Business Strategy

(i) Growth Policy for Each Business Unit 
- The "Electronics-related business" and the "Overseas industrial gas business" are our growth drivers. 
- Existing domestic businesses (Industrial Gases, Energy, Health & Safety, Agriculture & Foods, etc.)" will strengthen profitability and achieve stable growth. 
- The "resource recycling" business, actively implementing technological development to achieve a decarbonized society, and the "regional business", a business field to incubate new businesses, will develop the foundations for future growth. 


(ii) Expansion of Overseas Business 
- Overseas revenue target for FY2024: 140 billion yen (approx. 1.8 times the FY2021 level) 
- Consider the expansion of industrial gas field in India and North America as our most important initiatives, accelerate business expansion based on the establishment of an engineering structure and strategic collaboration with Mitsui & Co. 


 (iii) Synergy Creation through Integration among business units 
- In the organizational reform conducted on April 1, 2022, we established four business groups and business units under the umbrella of the "Global Environment" and "Wellness" key growth domain. 
- Business Groups promote synergy creation among business units, and business units promote the unit management integrated with related business company groups to create synergies beyond the boundaries of business.


 (Iv) Expansion of Regional Businesses
 - Improve profitability of existing businesses (industrial gas, medical, energy, etc.) 
- Collaborate with local governments and universities to incubate new businesses that contribute to solving social issues by transforming local issues (needs) into businesses


(3) Strategy by Functions

(i) Technology development to incubate new businesses
 - Incubate and nurture new businesses by integrating established technological fields with digital-related technologies
 - Promote new technological development through group centralization of technological resources and open innovation 


(ii) Maximize the utilization of the Group's human resources 
- Promote HR policy reforms and career development initiatives that encourage the selection, promotion, and development of highly motivated and capable talents.
 - The entire group establish an "corporate talent bank" to promote the mobility and activation of middle management employees. 


(iii) Strengthen Group strategic functions (business innovation through DX, promotion of logistics innovation, optimization of procurement activities, etc.) 
- To further advance data-driven management, innovate business management platform system and promote the development of DX human resources
 - Expand logistics business and promote logistics innovation in the Agriculture & Foods sector through the development of infrastructure for our main nationwide logistics networks 
- Reduce cost through group-wide procurement activities
 - Through optimizing the entire group through above initiatives, we plan to generate more than 5 billion yen in profits in FY2024.


(4) Investment and Finance

(i) Our approach to financial policy* 
- While actively investing, we will improve our cash generation capability and capital efficiency to achieve a positive cycle of investment and growth. 
- Set company-wide targets for ROE and ROIC, and promote initiatives such as improving the cash conversion cycle and careful selection of investments. 
*(5) Management Objectives: Capital Efficiency and Financial Soundness Indicators 


(ii) Our Approach to Shareholder Returns
 - Target a dividend payout ratio of 30% and pay stable dividends in line with business performance in the future. 


(iii) Investment Plan
 - Total investment for the three-year period is planned at 400 billion yen. (Capital Expenditure: 260 billion yen, M&A investment: 140 billion yen) 
- Actively invest in growth-driving electronics-related businesses and industrial gas & engineering businesses in North America

Investment Category

“NEXT-2020 Final”

FY 2019-2021 Results

"terrAWell 30 1st stage"

FY2022-2024 Plan

Capital Expenditure

Strategic Investment

(New and Expansion)

119.8 billion yen

190 billion yen

Normal Investment

(Maintenance and Renewal)

40.6 billion yen

70 billion yen

M&A Investment

114.6 billion yen

140 billion yen


274.9 billion yen

400 billion yen


(5) Management Objectives

(i) Business Results

NEXT-2020 Final


Management Plan


30 1st stage"

Growth over Three Years

vs. FY2021



Earnings Forecast


FY2024 Plan




888.7 billion yen

1.2 trillion yen

+311.3 billion yen


1 trillion yen

Operating Profit

65.2 billion yen

100 billion yen

+34.8 billion yen


70 billion yen

Operating Profit Margin






Net Income*

43.2 billion yen

63 billion yen

+19.8 billion yen


44 billion yen

*Net income attributable to owners of the parent


(ii) Management Indicators




Overseas Revenue Ratio


More than 11.0%



More than 10.0%



More than 7.0%

Ratio of equity attributable to owners of the parent



Net D/E Ratio

0.80 times

0.80 - 1.0 times


(iii) Non-Financial Indicators
 - Responses to Climate Change

 Reduce GHG (greenhouse gas) emissions by 30% from FY2020 to FY2030
 - Implement Resource Recycling

 Achieve Waste recycling rate to 80% in FY2030 (65% in FY2021) 
- Control Environmentally Harmful Substances

 FY2030 Per-unit water consumption* 10% reduction from FY2021

*Water consumption per unit: Water consumption per unit sales
 - Promote Well-being of Employees

 Achieve Female Management Ratio to 10.0% in FY2024 (4.0% in FY2021)

 The frequency rate of lost-worktime injuries for FY2024* to 0.9 or less (1.15 in FY2021)