Translation

January 29, 2021

Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending March 31, 2021
<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 10, 2021
–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, 2021
(from April 1, 2020 to December 31, 2020)(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, 2020

82,431(31.3)(409)―

1,694(79.9)(1,047)―

December 31, 2019

120,063

(1.9)

6,349

(8.1)

8,414(11.4)

8,821

55.4

(Note)

Comprehensive income
For the first nine months ended December 31, 2020: ¥ 1,844 million [(79.8%)]
For the first nine months ended December 31, 2019: ¥ 9,111 million [124.2%]
Net income per share

Diluted net
income per shareFirst nine months ended

Yen

Yen

December 31, 2020

(8.69)–

December 31, 2019

71.71

–

(2)

Consolidated financial position
Total assets

As ofNet assetsEquity ratio

Millions of yen

Millions of yen%

December 31, 2020

278,216

199,489

71.7

March 31, 2020

274,904

200,705

73.0(Reference) Equity
As of December 31, 2020: ¥ 199,427 million
As of March 31, 2020: ¥ 200,616 million

2.

Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

―――26.00

26.00

―――
26.00

26.00

Fiscal year ended
March 31, 2020
Fiscal year ending
March 31, 2021
Fiscal year ending
March 31, 2021
(Forecast)(Note)

3.

Fiscal year-end

TotalRevisions to the forecasts of cash dividends most recently announced: NoneConsolidated earnings forecasts for the fiscal year ending March 31, 2021
(from April 1, 2020 to March 31, 2021)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2021

Operating income

Profit attributable to Net income
owners of parentper share

Ordinary income

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

Yen

115,000(27.7)

(500)

―

1,500

(82.8)(2,000)―(16.59)(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: Noneb. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
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, 2020
127,000,000 shares
As of March 31, 2020
127,000,000 sharesb. Number of shares of treasury shares at the end of the period
As of December 31, 2020
6,423,512 shares
As of March 31, 2020
6,480,983 sharesc. Average number of outstanding shares during the period
As of December 31, 2020
120,543,965 shares
As of December 31, 2019
123,006,432 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 differsubstantially due to various factors.
*To obtain Financial Presentation
The Financial Presentation will be posted on the website of USHIO INC. on January 29, 2021.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
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 structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
LandConstruction in progress
OtherAccumulated 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, 2020

60,67940,326
4,222
25,75815,40916,014
10,467△2,043
170,835

70,69931,074
2,638
23,987
19,174
17,44010,956△2,473
173,500

44,619△26,222
18,396
23,676△17,904
5,772
8,393
2,061
36,018△26,400
9,617
44,242

44,867△27,335
17,532
24,859△18,436
6,423
8,351
2,858
37,494△27,935
9,559
44,725

698
3,048
3,746

416
3,004
3,420

50,278
18
1,963
1,949
2,398
△529
56,079104,069
274,904

50,982
23
1,780
1,987
2,304
△508
56,570104,716
278,216(Millions of yen)
As of March 31, 2020
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-based remuneration for
directors (and other officers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilitiesTotal 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, 2020

18,730
3,110
6,298
955
1,999
2,202
15
14,41647,72916,993
9,442
3,635
638
1,050
2,111
28
16,42850,326

12,847
3,863

14,227
5,390

243

223

186

87

3,829
240
5,257
26,46874,198

3,996
270
4,204
28,40078,727

19,556
27,727156,082△9,148194,218

19,556
27,727
151,893△9,054
190,123

11,874

15,715△10△1,242△4,223△5△2,522△3,883

6,397

9,303

89
200,705
274,904

62
199,489
278,216

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Nine months ended
December 31, 2019
Net sales
Cost of salesGross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
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 method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sales of non-current assets
Impairment loss
Loss on valuation of investment securities
Loss on valuation of shares of subsidiaries andassociates
Loss on sales of investment securities
Retirement benefit expenses
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)
Loss attributable to non-controlling interests
Profit (loss) attributable to owners of parent–3–

Nine months ended
December 31, 2020

120,063
78,56341,49935,1496,349

82,431
53,99428,436
28,845
△409

1,295
1,129

790
882

119

60

335

167

96－
328
3,305

239
1,178
358
3,676

497
423

350
1,024

39

63

279
1,240
8,414

134
1,572
1,694

5
5,453
5,459

9
277
286

25
17－
－

68
27
93
81

29－

－
543
476
－
1,092
12,781
3,026
955
3,982
8,798
△228,821

32－
943
1,109
2,355
△374
620
62683
△1,058△10△1,047

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Nine months ended
December 31, 2019
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 ofparent
Comprehensive income attributable to noncontrolling interests–4–

Nine months ended
December 31, 2020

8,798

△1,0581,248
5△1,272
314

3,841
4
△1,308339

1624312
9,111

2,902
1,844

9,135

1,858

△24△14(2) Notes regarding the consolidated financial statements(Segment information)
I.
First nine months of the fiscal year ended March 31, 2020 (from April 1, 2019 to December 31, 2019)
Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment
Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)120,063－

120,0636163(163)－

117,7792,446

120,226(163)

120,063

6,111

43

6,155

194

6,349

Others(Note 1)Light
sourcesbusiness

Opticalequipment
business

Imagingequipment
business

44,831

24,70748,084

117,623

2,440

86

31

38

156

44,917

24,73948,122

4,667

196

1,247

Total

Total

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment
Total
Segment profit(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 income in the quarterly consolidated statements of income.
II.

First nine months of the fiscal year ending 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)Light
sourcesbusiness

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)

Total

Total

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment(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.
2．Changes to Reporting Segments（Changes to Reporting Segments）
Beginning with the consolidated first nine months, the reporting segments have been changed from “Light Sources” and“Equipment” to “Light sources business,” “Optical equipment business,” and “Imaging equipment business.”
The change is that “Equipment” has been subdivided into “Optical equipment business” and “Imaging equipment business.”
Segment information for the previous first nine months has been prepared based on the new reporting segments.

–5–