Translation

February 3, 2022

Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending March 31, 2022
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

USHIO INC.
First Section of the Tokyo Stock Exchange6925
https://www.ushio.co.jp/en
Koji Naito, President and Chief Executive Officer
Hideaki Takizawa, General Manager, Accounting & Finance Department
TEL: +81-3-5657-1000 (from overseas)

Scheduled date to file Quarterly Securities Report:
Scheduled date to commence dividend payments:
Preparation of supplementary material on earnings:
Holding of earnings performance review:

February 14, 2022
–Yes
Yes (for analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the first nine months of the fiscal year ending March 31, 2022
(from April 1, 2021 to December 31, 2021)(1)

Consolidated operating results (cumulative)
Net sales(Percentages indicate year-on-year changes.)
Operating income

First nine months ended Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary income% Millions of yen% Millions of yen%December 31, 2021

109,71433.1

10,807―

12,562 641.5

10,187―

December 31, 2020

82,431(31.3)

(409)

―

1,694

(1,047)―(Note)

Comprehensive income
For the first nine months ended December 31, 2021: ¥ 17,135 million [829.1%]
For the first nine months ended December 31, 2020: ¥ 1,844 million [(79.8%)]
Net income per share

Diluted net
income per shareFirst nine months ended

Yen

Yen

December 31, 2021

84.48

–

December 31, 2020

(8.69)–(2)(79.9)

Consolidated financial position
Total assets

As ofNet assets

Equity ratio

Millions of yen

Millions of yen%

December 31, 2021

304,744

225,150

73.9

March 31, 2021

290,275

211,180

72.7(Reference) Equity
As of December 31, 2021: ¥ 225,071 million
As of March 31, 2021
: ¥ 211,102 million

2.

Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

―――

26.00

26.00

―――
50.00

50.00

Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
Fiscal year ending
March 31, 2022
(Forecast)(Note)

3.

Fiscal year-endTotal

Revisions to the forecasts of cash dividends most recently announced: Yes

Consolidated earnings forecasts for the fiscal year ending March 31, 2022
(from April 1, 2021 to March 31, 2022)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2022

Operating income

Ordinary income

Net income
per share

Net income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

150,000

26.5

12,500―14,000310.9

11,000―91.22(Note) Revisions to the consolidated earnings forecasts most recently announced: Yes* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in the scope ofconsolidation): None
(2) Application of a specific accounting procedure for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatements
a. Changes in accounting policies due to revisions to accounting standards: Yes
b. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: Yes
d. Restatements: None
(4) Number of issued shares (common shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2021
127,000,000 shares
As of March 31, 2021
127,000,000 sharesb. Number of shares of treasury shares at the end of the period
As of December 31, 2021
6,409,173 shares
As of March 31, 2021
6,424,307 sharesc. Average number of outstanding shares during the period
As of December 31, 2021
120,585,588 shares
As of December 31, 2020
120,543,965 shares(Note) The Company’s shares held in trust introduced with respect to its stock remuneration plan for directors as treasury shareswithin shareholders’ equity are included in the number of treasury shares.
* This Consolidated Financial Review is not subject to audit procedures by Certified Public Accountants or audit firm.
* Notes on the proper use of earnings forecasts and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on information currently
available to the Company and on certain assumptions deemed to be reasonable. Actual business and other results may differ
substantially due to various factors.
*To obtain Financial Presentation
The Financial Presentation will be posted on the website of USHIO INC. on February 3rd, 2022.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, andcontract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structuresAccumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets–1–

As of December 31, 2021

73,67034,024

83,513－－33,013

2,915
22,885
17,884
17,110
10,585△2,716
176,359

4,979
24,43720,006
17,7549,212△2,465
190,451

44,919△27,943
16,97526,314△19,006
7,307
8,650
2,268
38,114△28,494
9,620
44,822

45,629△29,126
16,502
26,468△19,603
6,865
8,492
3,100
39,937△30,492
9,444
44,404

335
3,075
3,411

271
2,727
2,999

56,364
517
1,994
5,391
1,950
△535
65,682
113,915290,275

57,768
21
2,286
5,474
1,891
△552
66,889114,293304,744(Millions of yen)
As of March 31, 2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Income taxes payable
Provision for bonuses
Provision for product warranties
Provision for loss on order received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors(and other officers)
Provision for share awards for directors (andother officers)
Retirement benefit liability
Asset retirement obligations
OtherTotal non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets–2–

As of December 31, 2021

16,356
6,058
3,520
1,056
2,021
2,355
016,639
48,007

21,2392,474
15,552
2,245
1,223
2,379－
17,67862,794

15,056
7,005

－
8,043

286

255

87

112

4,098
272
4,280
31,08779,094

4,250
289
3,849
16,80079,594

19,556
27,727
152,448△9,055
190,676

19,556
27,727
159,458△9,031
197,71118,28020,782△33,582△1,433－
7,489△911

20,42627,36077
211,180
290,27578
225,150
304,744

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Nine months ended
December 31, 2020Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Realized and unrealized profit on trading
securities,net
Gain on investments in investment partnerships
Gain on specified money in trust
Subsidies for employment adjustment
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodSettlement package
Other
Total non-operating expenses
Ordinary profit
Extraordinary incomeGain on sale of non-current assets
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses
Loss on valuation of investment securities
Loss on sale of investment securities
Business restructuring expenses
Loss on temporary closure
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent–3–

Nine months ended
December 31, 2021

82,431
53,99428,436
28,845△409

109,714
69,09940,61529,807
10,807

790
882
－

471
913
82

60

119

167
239
1,178
358
3,676

－
－
434
298
2,320

350
1,024

244
－

63

76

－
134
1,572
1,694

119
123
565
12,562

9
277
286

1,142
17
1,160

68
27
93
81
32
943
1,109
2,355
△374
620
62
683
△1,058△10△1,047

49
11
91
115
118
151
438
13,284
3,353
△268
3,085
10,1991110,187

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Nine months ended
December 31, 2020
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests–4–

Nine months ended
December 31, 2021

△1,058

10,1993,841
4△1,308
339

2,502
3
3,928
522

24

△202,902
1,844

6,936
17,135

1,858

17,121△1413

(2) Notes regarding the consolidated financial statements(Segment information)
I.
First nine months of the fiscal year ended March 31, 2021 (from April 1, 2020 to December 31, 2020)
Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment
Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)82,431－

82,431

27

101

(101)

－

80,585

1,946

82,532(101)82,431(518)7(510)

101(409)

Others(Note 1)

Lightsourcesbusiness

Opticalequipment
business

Imagingequipment
business

32,71425,80021,99680,511

1,919

4222

974

Total

32,75625,82222,006

Segment profit (loss)

1,464

235(2,218)

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment

Total

Total(Notes) 1. The “Others” classification refers to business segments not included in reporting segments, such as machinery forindustrial uses and other businesses.
2. “Adjustment” refers to eliminations of inter-segment transactions.
3. Segment profit (loss) is adjusted with operating loss in the quarterly consolidated statements of income.
II.

First nine months of the fiscal year ending March 31, 2022 (from April 1, 2021 to December 31, 2021)
Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment
TotalSegment profit

Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)

109,714－

109,71418155(155)－

107,401

2,468

109,869(155)

109,714

10,6199310,712

95

10,807

Others(Note 1)Light
sourcesbusiness

Opticalequipment
business

Imagingequipment
business

43,21835,30528,739107,264

2,450

61

71

3

137

43,28035,37728,743

6,999

3,523

96

Total

Total

(Notes) 1. The “Others” classification refers to business segments not included in reporting segments, such as machinery forindustrial uses and other businesses.
2. “Adjustment” refers to eliminations of inter-segment transactions.
3. Segment profit is adjusted with operating profit in the quarterly consolidated statements of income.

–5–