Translation

November 2, 2021

Consolidated Financial Results
for the First Six 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:

November 10, 2021
–Yes
Yes (for analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the first six months of the fiscal year ending March 31, 2022
(from April 1, 2021 to September 30, 2021)(1)

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

Operating income

First six months ended Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary income% Millions of yen% Millions of yen%September 30, 2021

71,59437.6

6,566―

7,682―

6,506―

September 30, 2020

52,021(36.6)(1,068)―403(93.1)(1,971)―(Note)

Comprehensive income
For the first six months ended September 30, 2021: ¥ 11,251 million [―%]For the first six months ended September 30, 2020: ¥ (822) million [―%]Net income per share

Diluted net
income per shareFirst six months ended

Yen

Yen

September 30, 2021

53.96

–

September 30, 2020

(16.36)–(2)

Consolidated financial position
Total assets

As ofNet assets

Equity ratio

Millions of yen

Millions of yen%

September 30, 2021

294,829219,268

74.3

March 31, 2021

290,275

211,180

72.7(Reference) Equity
As of September 30, 2021: ¥ 219,194 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

―――

26.00

26.00

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

3.

Fiscal year-end

TotalRevisions to the forecasts of cash dividends most recently announced: None

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

11,000―12,500266.9

10,000―82.93(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 September 30, 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 September 30, 2021
6,408,503 shares
As of March 31, 2021
6,424,307 sharesc. Average number of outstanding shares during the period
As of September 30, 2021
120,583,254 shares
As of September 30, 2020
120,529,884 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 Highlights
The Financial Highlights will be posted on the website of USHIO INC. on November 2, 2021.

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 September 30, 2021

73,67034,024

77,077－－33,234

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

4,078
23,117
18,835
16,641
9,152△2,605
179,53144,919△27,943
16,97526,314△19,006
7,307
8,650
2,268
38,114△28,494
9,620
44,82245,194△28,578
16,616
26,161△19,150
7,010
8,442
2,544
38,981△29,606
9,375
43,989

335
3,075
3,411

251
2,804
3,055

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

58,943
192,493
5,443
1,893
△540
68,252
115,298
294,829

(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 September 30, 2021

16,356
6,058
3,520
1,056
2,021
2,355
0
16,63948,007

17,745
2,209
1,679
1,844
1,998
2,394－
17,05644,927

15,056
7,005

13,520
8,397

286

285

87

90

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

4,222
274
3,842
30,63375,561

19,556
27,727
152,448△9,055
190,676

19,556
27,727
155,777△9,029194,031

18,28021,527△3
3,582△1,433－
4,718△1,084

20,42625,162

77
211,180
290,275

74
219,268
294,829

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)Six months ended
September 30, 2020
Net sales
Cost of sales
Gross 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
methodRealized and unrealized loss on investments insecurities,net
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain 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
Business restructuring expenses
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
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–

Six months ended
September 30, 2021

52,02133,813
18,20819,276△1,06871,59445,72225,872
19,306
6,566

522
462

349
461

－

89

57
150
867
234
2,296

－
9
410
140
1,460

228
417

170
48

37

44

60

－

80
824
403

79
344
7,682

6
277
284

1,139
17
1,157

55
6
825
12
4
82
896
1,884
△1,196599
186
786△1,982△10△1,971

2910
79
91
71151
370
8,468
2,398
△445
1,952
6,515
96,506

(Consolidated Statements of Comprehensive Income)(Millions of yen)Six months ended
September 30, 2020
Profit (loss)
Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
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–Six months ended
September 30, 2021

△1,982

6,515

1,796

3,247

1△8663
1,140

226

349

2

△41,160△822

4,735
11,251△809

11,242△139

(3) Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2020
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
Increase (decrease) in retirement benefit liability
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Business restructuring expenses
Interest and dividend income
Subsidies for employment adjustment
Interest expenses
Profit / Loss on sale / revaluation of available-for-salesecurities
Loss (gain) on valuation of investment securities
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in advances received
Other, net
SubtotalInterest and dividends received
Interest paid
Payments for business structure improvement expenses
Income taxes paid
Subsidy income for employment adjustment
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Short-term loan advances
Proceeds from collection of short-term loans receivable
Purchase of securities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Payments for acquisition of businesses
Long-term loan advances
Proceeds from collection of long-term loans receivable
Other, net
Net cash provided by (used in) investing activities–5–Six months ended
September 30, 2021

△1,196
3,460
12405
180
326825
△985
△867
228

8,468
3,456
9167
84
△142
79
△810
△410
170

82

△89

137

44055
△273
12,401△4,283△3,779
562
△412
6,841
1,070
△224
△536
△322
562
7,392

△1,12929△101,006
△369
1,296
△293
1,431
12,971855△174△289△798408
12,974△3,6842,367△1113△33865△3,51623△258△22,602△3,904
2,957△38321△24268△2,852
1,480△118△716－△3631△1,600△26△73700△89260

1,397

(Millions of yen)Six months ended
September 30, 2020
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8,797
1,588
△2,234△1△3,140
5,009△3,831－△3,520△2△3,136△10,491

9,951
59,046
68,9972,231
70,41872,650△850–6–Six months ended
September 30, 2021

641

(4) Notes regarding the consolidated financial statements(Segment information)
I.
First six months of the fiscal year ended March 31, 2021 (from April 1, 2020 to September 30, 2020)
1．Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment
Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)52,021－52,021

1268

(68)

－

50,8691,219

52,089(68)

52,021(1,096)(23)(1,119)51(1,068)Others(Note 1)Light
sourcesbusiness

Opticalequipment
business

Imagingequipment
business

21,051

16,34813,41450,814

1,206

28

24

2

55

Total

21,07916,373

13,416

Segment profit (loss)

677

160

(1,934)

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 six months of the fiscal year ending March 31, 2022 (from April 1, 2021 to September 30, 2021)
1．Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment
Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)71,594－

71,5941294(94)－

70,1901,498

71,688(94)

71,594

6,500

17

6,518

47

6,566

Others(Note 1)

Lightsourcesbusiness

Opticalequipment
business

Imagingequipment
business

28,014

24,468

17,626

70,108

1,486

37

422

82

Total

28,051

24,51017,628Segment profit (loss)

4,515

2,433(448)

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 income in the quarterly consolidated statements of income.

–7–