Third Quarter FY2021

Financial Results
Ushio Inc.
February 3, 2022
This report contains forward-looking statements, including earnings forecasts, which are
based on information currently available to the Company and on certain assumptions
deemed to be reasonable. Please be advised that actual results may differ substantiallyfrom those forward-looking statements due to various factors.
* All figures in the material have been rounded down to the nearest billion yen.
* FY2021 starts from April 1st, 2021 through March 31st, 2022.
Copyright © 2008 Ushio Inc. All rights reserved

Copyright © 2008 Ushio Inc. All rights reserved

3Q FY2021 Overview■ Net Sales and Earnings Increased to YoY for 3Q FY2021 (Result)■ Earnings Increased to YoY for FY2021 (Full-year Forecast)■ FY2021 Annual Dividend per Share (Plan) :Revised by JPY 24 yen up to JPY 50 yen from 26 yen

Copyright © 2008 Ushio Inc. All rights reserved2AgendaI.
Financial Results for 3Q FY2021
II. Full-year Forecast for FY2021
III. Supplementary Information

Copyright © 2008 Ushio Inc. All rights reserved

3

Highlights of Financial Results for 3Q FY2021

Net Sales : 109.7 billion yen (+27.2 billion yen YoY, +33.1%)- Optical Equipment: Sales increased by semiconductor-related demand increase- Light Source Business and Imaging Equipment: Sales increased due to recovery trend from COVID-19

Operating Income : 10.8 billion yen (+11.2 billion yen YoY)
- Profit increased by sales increase and SGA reduction effort by structural reforms

Profit Attribute to Owner of Parent: 10.1 billion yen(+11.2 billion yen YoY)

【Extraordinary Income】 - Gain on sales of fixed assets: 1.1 billion yen (FY20_3Q：０.0 billion yen)
【Extraordinary Loss】- Loss on Temporary Closing and others: 0.1 billion yen (FY20_3Q: 1.1 billion yen）
- Restructuring Costs:
0.1 billion yen (FY20_3Q: 0.9 billion yen)
Copyright © 2008 Ushio Inc. All rights reserved4Summary of Financial Results（billion yen)

FY20

FY21

3Q

3Q

YoY comparison

Changes％

Net Sales

82.4

109.7

＋27.2

+33.1

Operating Income

▲0.4

10.8

+11.2

－

Operating Income (%)

▲0.5

9.9

+10.3P－

Ordinary Income

1.6

12.5

+10.8​+641.5

▲1.0

10.1

+11.2

－

▲8.69

84.48

+93.17

－

USD

106

111

+5

－

EUR

122

131

+9

－

Profit Attributable to Ownerof Parent
EPS (yen)

FOREX (yen)Copyright © 2008 Ushio Inc. All rights reserved

5

YoY Variation Analysis of Operating Income(billion yen)

＋1.5
＋3.1

▲0.5

＋0.6

10.8

OthersFixed cost increase
including
SGA(manpower cost)
Imaging Equipment(mainly impact of
net sales up/down)＋2.3

Optical Equipment＋3.7(mainly impact of
net sales up/down)

Others,effect of revenue
increase

▲0.4

＋0.5
Recovery fromCOVID-19(mainly lamps for cinema)

FY20_3Q
Operating
IncomeFOREX

Sales increase by recovery from COVID-19＋5.2

FY21_3Q
Operating
IncomeLight Source Business(mainly impact of net sales up/down)＋11.2 billion yen
Note: 「Light Source Business (mainly impact of net sales up/down)」～「Others including SGA」exclude「FOREX」

Copyright © 2008 Ushio Inc. All rights reserved

6

Financial Results by Business Segments
Net Sales

82.4

109.7

billion yen

billion yen

120.0
2.4

Operating Income
YoY comparison+27.2
billion yen

Others+0.5 billion yen

▲0.4

10.8

billion yen

billion yen

12.0

0.0

10.0

100.0

28.7
80.0

1.9

+6.7 billion yen

21.9
35.3

60.0

40.0

20.0

25.8

32.7

Imaging
Equipment

OpticalEquipment+9.5 billion yen
43.2

4.0

2.0

Light Source+11.2
billion yen

Others+0.0 billion yen
Imaging
Equipment+2.3 billion yen

6.0

0.0

+10.5 billion yen

3.5

8.0

YoY comparison

6.9

OpticalEquipment+3.2 billion yen

0.2

1.4
Light Source-2.2+5.5 billion yen

-2.0

0.0
FY20_3Q

FY21_3Q-4.0
FY20_3Q

FY21_3Q

Copyright © 2008 Ushio Inc. All rights reserved

7

Business Environment■Common・ A partial business was suffered from world-wide supply chain confusion such as lack of semiconductor-related materials
and logistics disruption, despite of having taken measures
・ COVID-19 Omicron variant impacted to a partial business but market remained in recovery trend→ Risks have been involved into revised FY2021 forecast, however, careful observation will be required to the market trend■Electronics Field
With technology evolution such as IoT and 5G, operations remain strong in flat panel display- and semiconductor- market and new investments
・・・

FPD: As LCD panel production for mobile devices and monitors remained strong due to stay-at-home demand increased,
demand will settle down soon and supply-demand balance will be adjusted
Semiconductor and PCB: Demand increased due to IoT technological innovation and 5G implementation, investments are increasing
and operations remain strong
While IoT evolution brought data process capacity increase, latest package market achieves high rate of growth with progress ofhigh speed data processing and low power consumption of semiconductor■Visual Imaging Field
Markets are in recovery trend, as economic activities started to resume due to expansion of COVID-19 vaccinations globally・・・

Cinema market : While movie theater operations resumed and operating rate has been improving in mainly Europe and the United States,
full-scale investment will recover after FY2023
General imaging market : As a result of releasing event restriction, market in Europe and the United States is slowly recovering
OA equipment market : While demand has been in recovery trend, careful observation will be required to set manufacturers’ production
schedule and their raw material shortage status
Copyright © 2008 Ushio Inc. All rights reserved

8Light source business
UV lamp sales comparison to FY2020（YoY）（billion yen）

FY20

FY21

3Q

3Q

◇ UV lamp (+2.1 billion yen, +24%)

YoY comparison
Changes・Sales increased, as LCD panel production remained strong
・Demand stayed steady for semiconductor and electronic components markets％◇ Lamps for cinema (+2.9 billion yen, +125%）・Sales increased, as operation of movie theaters worldwide resumed from COVID-19

32.7

43.2

+10.5

+32.1

UV lamp

21.7

28.9

+7.2

+33.2

◇ Lamps for optical equipment (+1.6 billion yen, +43%)

Halogen lamp

6.3

7.7

+1.4

+22.5

Halogen lamp sales comparison to FY2020 (YoY)

Solid State
light source

4.6

6.4

+1.8

+40.4

Operation Income

1.4

6.9

+5.5

+377.8Operating Income (%)

4.5％

16.2%

+11.7P－

Net Sales◇ Lamps for data projector (+0.6 billion yen, +28%)
・Sales increased, as projector demand recovered from COVID-19

・Sales increased, as LCD panel related production operation was in high level◇ Lamps for OA (+0.1 billion yen, +5%）
・Sales increased, as demand for OA equipment recovered from COVID-19◇ Others (+1.0 billion yen, +56%）
・Sales increased of heater lamps for semiconductor market mainly

Solid state light source sales comparison to FY2020 (YoY)◇ Solid state light source（＋1.8 billion yen, +40%）
・Sales increased, as entertainment- and sensor-related markets recoveredfrom COVID-19

Copyright © 2008 Ushio Inc. All rights reserved

9Equipment business
Optical equipment（billion yen）
Net Sales

FY20

FY21

3Q

3Q

25.8

35.3

YoY comparison

Sales comparison to FY2020 (YoY)

Changes◇ UV equipment (+4.5 billion yen, +29%)

+9.5

％

+36.8

・Sales increased of Large field stepper for latest IC package and Direct imaging
equipment for printed circuit boards◇ Cure equipment (+0.5 billion yen, +15%）
Operating income
Operating income (%)

0.2

3.5

+3.2

－

0.9％

10.0％

+9.1P

－

・Sales increased of LCD-related equipment, as LCD-related investment continued◇ Others (+4.3 billion yen, +66%)
・Sales increased of EUV related products for EUV lithography mask inspection

Imaging equipment（billion yen）

FY20

FY21

YoY comparison

Sales comparison to FY2020 (YoY)

１H

１H

Changes◇ Cinema (+3.2 billion yen, +33%)％

Net Sales

21.9

28.7

+6.7

+30.7

Operating income

▲2.2

0.0

+2.3

－

▲10.1％

0.3％+10.4P－

Operating income (%)

・Sales increased of DCP mainly in China and North America due to recovery
from COVID-19◇ General imaging (+3.3 billion yen, +32%)
・Sales increased of imaging-related products in Europe and in US as
result of releasing event restriction

Copyright © 2008 Ushio Inc. All rights reserved

10

I.
Financial Results for 3Q FY2021
II. Full-year Forecast for FY2021
III. Supplementary Information

Copyright © 2008 Ushio Inc. All rights reserved

11Summary of Financial Results FY21
FY21 Forecast(billion yen)

New Revision

Revision on
2021.11.2

FY20

FY21
3Q

ChangesAchievement
rate (%)*

ResultChangesfrom newrevision

Changes
(%)

150.0

150.0

-

109.7

73.1

118.5

+31.4

+26.5

12.5

11.0

+1.5

10.8

86.5

0.7

+11.7

-

8.3

7.3

+1.0P

9.9

-

0.6

+7.7P

-

Ordinary Income

14.0

12.5

+1.5

12.5

89.7

3.4

+10.5

+310.9Profit Attributable to
Owner of Parent

11.0

10.0

+1.0

10.1

92.6

▲0.6

+11.6

-

EPS (yen)

91.22

82.93

+8.29

84.48

92.6

▲5.70

+96.92-

ROE (％)

5.0

4.6

+0.4P

4.7

-

▲0.3

+5.4

-

Dividend per year (yen)

50

26

+24

-

-

26

+24

-

USD

111

108

+3

111

-

106

+5

-

EUR

130

128

+2

131

-

123

＋7

-

Net Sales
Operating Income
Operating Income (%)

FOREX (yen)

FOREX sensitivity: Amount of impact from 1 yen fluctuations (full-year)
vs USDNet Sales

Operating income

Approx. 1.0 billion yen

Approx. 0.15 billion yen*Achievement rate to new revision this time

Copyright © 2008 Ushio Inc. All rights reserved

12Financial Results by Sub-segment
FY21 (Full-year Forecast)

58.0

58.0

-

43.2

74.5

Light source

8.5

8.0

+0.5

6.9

82.3

【Reason for revision】
Product mix improvement, expense reduction, weak yen

14.7％

13.8％

+0.9P

16.2%

-

50.0

50.0

-

35.3

70.6

4.5

3.0

+1.5

3.5

78.3

Operating Income (%)

9.0％

6.0％

+3.0P

10.0%

-

Net Sales

39.0

39.0

-

28.7

73.7

Operating Income

▲0.5

0.0

▲0.5

0.0

-

▲1.3％

0.0％

▲1.3P

+0.3%

-

Net Sales

3.0

3.0

-

2.4

81.7

Operating Income

0.0

0.0

-

0.0

-

0.0％

0.0％

-

3.8%

-

150.0

150.0

-

109.7

73.1

Operating Income

12.5

11.0

+1.5

10.8

86.5

Operating Income (%)

8.3%

7.3%

+1.0P

9.9%

-

Operating Income
Operating Income (%)
Net Sales

Opticalequipment

Imagingequipment

Operating Income

Operating Income (%)

OthersOperating Income (%)
Net Sales

Total

Reason for revision /Comment on 4Q business environment

Changes

Net SalesLightsourceAchieve-ment
rate (%)*

Revision on
2021.11.2（billion yen)New
Revision

FY21
3Q【4Q business environment】
・UV Lamp: Maintain high operation rate in both
semiconductor- and liquid crystal display-market
・Lamps for cinema: Slowly recovering
・Care222: Expense increase due to strengthening sales promotion

Optical equipment【Reason for revision】
Product mix improvement, expense reduction, weak yen【4Q business environment】
・Large field stepper for latest IC package substrates: While someprojects postponed to next fiscal year due to COVID-19, orders
received increasing with positive demand
・Direct imaging equipment: Sales increasing of high-definition
models mainly with positive demand
・EUV light source for EUV lithograph mask inspection:
Sales increasing with move-up order from next fiscal year
・R&D expense: Continuous investment for next-generation
exposure equipment (more investment compared to 1H)

Imaging equipment【Reason for revision】
Cost increasing due to logistic disruption, change of product mix【4Q business environment】
・Cinema: Sales decreasing of DCP compared to 3Q due toseasonal factor
・General imaging: Demand in gradual recovery trend*Achievement rate to new revision this time

Copyright © 2008 Ushio Inc. All rights reserved

13Update on Latest Business Environment for Imaging-Related Business （as of February 3 , 2022)rdCinema-related market: Moves toward steady recovery worldwide, despite ofmovie theater operation regulation in some area due to COVID-19 resurgence・More than 80% Movie theaters have resumed as COVID-19 vaccination expanded and business activities resumed
and operation and turnover rate are in recovery trend
・Hollywood blockbusters have released and they have contributed to sales and box-office revenue
Dozens blockbusters are coming up this year
→As of 3Q FY21: Screen operation worldwide × operation rate = Approximately 60%
・While movie theaters in some area due to resurgence of COVID-19, operations have not been limited in wide area
like last year yet. However, careful observation is required to the market trend＜Operation status in main area＞
Main area

Status of movie theater operation and resumption

North America (20％)

・About 80% of movie theaters resumed operation. Operation will be improving along withincrease of blockbuster releases.

China (35%)

・Approximately 90% of movie theaters resumed operation. Sales and box-office revenue
mainly for domestic movies are favorably recovering

EMEA (20％)

・About 80% of movie theaters resumed operation. Operations have not been in full mode
yet considering economic basis, but they will be in full mode overall(%) indicates percentage of screen number in worldwide

Copyright © 2008 Ushio Inc. All rights reserved

14Latest Status of Promising Products: Optical Equipment
Due to demand increase and technology evolution with IoT and 5G progress,
high operation and positive business investment
Product

Latest Status and Comment after 2H•

Large Field Stepper
forlatest IC package
substrates•••

Direct Imaging
Exposure System•

Continuous growth of IC package market. Orders and inquiries
are promising
Increasing production capacity (1.3 times) will be contributing tosales in FY22
Investment in development of Next-generation lithographyequipment (high productivity X high resolution)
With evolution of IoT and 5G, package substrates market andprint circuit boards market are growing steadySales of high resolution model (2μmL/S) has started and will becontributing to sales in FY22
Target: latest IC package (Fan-out) and organic package substrates markets

EUV Light Sourcefor
Mask Inspection•

Sales Forecast

FY2018Result

FY2019Result

FY2018Result

FY2019ResultFY2020ResultFY2020ResultFY2021
Forecast

FY2022Plan

FY2021
Forecast

FY2022Plan

MaintenanceWith miniaturization, EUV lithography mask inspection market
continues to grow•

Maintenance demand increase as plannedLight source

FY2018Result

FY2019ResultFY2020ResultFY2021
Forecast

FY2022Plan

Copyright © 2008 Ushio Inc. All rights reserved15Latest Status of Promising Products: Care222 as disinfection and Virus Inactivation Solution
・Due to delay of UL certification, sales recovery delayed and performed below expectation
・Toward to next fiscal year, strengthening awareness and spreading the safety of UV rays
are key points
・ UL certification delay for products equipped with Care222 in US market and units equipped with Care222 defective in Japan・ Strengthening measurement and continuous effort for important challenge of “Awareness Improvement” and “Spreading the safety of UV rays”

To DO

StatusBuild production system

Competed

Brand value improvement

・Actively participating in exhibitions and advertising
・Opened brand site in July 2021
・Conference presentation・clinical research

Product expansion

・Collaboration/product development・expanding productlineup・Applying to certification worldwide
・ACGIH* revised UV-C (222nm) threshold limit values(TLVs) (December 2021)

STEP0

STEP1

Space infrastructure withhigh affinity

・Phase to expand sales by collaboration with partners

STEP2

Challenge to MaaS market
Severe usage environment

・Implementing efforts to signing in vehicles, aircraft andmarine vessels

Base foundation

Step 2

Step 1

Step 0

Takeoff to growth

Step 3

Toward growth trajectory
Medical caremarketSpace infrastructure market

Challenge toSpace
Further growth-Build production
MaaS market/
infrastructure
throughmedicalsystemSevere usage
with high affinity
site development-Brand value
environments
Hospital sites
Lighting equipment/
improvement(Medical treatment
Vehicles/AircraftAir
conditioners/-Product expansion/Marine vessels /Infection prevention)
elevators

FY2020

FY2022

FY2021

FY2023

Sales forecast*UL standard: Product safety standard Underwriters Laboratories Inc.: UL defines*ACGIH: American Conference of Governmental Industrial Hygienists, which prescribes Threshold Limit Values (TLVs)

In detail investigation

FY2020 Result

FY2021
Forecast

FY2022Plan

Copyright © 2008 Ushio Inc. All rights reserved

16Shareholders Return

Dividend per share
FY2021 annual dividend (plan) : revised by 24 yen up to 50 yen (revised this time)
Dividend policy : stable return of profits
Dividend (JPY)

56.3

Payment ratio (%)

47.2

40.1
33.2

35.5
31.6
27.8

22

22

FY11

FY12

54.8

30.3

30.2

26

24

24

26

26

FY13

FY14

FY15

FY16

FY17

50

50

FY18

26

26

FY19

FY20

FY21
FY21…
Plan

Share Buyback
Ushio purchases own treasury shares, taking flexible approach. We retain our treasury shares of approximately 5% of thetotal numbers of issued shares at maximum and cancel the excess portion of the treasury shares in each year.
Copyright © 2008 Ushio Inc. All rights reserved

17

I.
Financial Results for 3Q FY2021
II. Full-year Forecast for FY2021
III. Supplementary Information

Copyright © 2008 Ushio Inc. All rights reserved18Care222 as Disinfection and Virus Inactivation Solution
FY2022 Press release on Care222■ Intellego Technologies AB and Ushio America, Inc. Complete Technology Evaluation and Announce Collaborationfor 222nm Dosimeter Products
Release announced on December 15, 2021：
https://www.ushio.com/intellego-technologies-ab-and-ushio-america-inc-complete-technology-evaluation-and-announce-collaboration-for-222nm-dosimeter-products/■ Research shows Ushio’s 222nm UV-C Light is Effective in Inactivating the Delta Variant of SARS-CoV-2
Release announced on December 22, 2021:
https://www.ushio.co.jp/en/news/1002/2021-2021/500871.html■ American Conference of Governmental Industrial Hygienists (ACGIH) revised Threshold Limit Values (TLVs)
Release announced on July 6th, 2021 (only in Japanese)：https://jp.care222.com/topics/pdf/220114.pdf■ If We’re Going to Live With COVID-19, It’s Time to Clean Our Indoor Air Properly
Release announced on February 2nd, 2022 (only in English)：https://www.ushio.com/how-to-clean-our-indoor-air-properly-against-covid-19/

Copyright © 2008 Ushio Inc. All rights reserved

19EUV Light Source for Mask Inspection
EUV light source for nextgeneration semiconductor
mass-production process
Development, Production, Sales

Sale
Maintenance

Mask Inspection equipment
manufacturer/
Research & development
institution

Semiconductor device
manufacturers
Increase EUV light source needs forinspection and development

Next-generation semiconductor
mass-production needs with EUV
lithography technology evolution●Ushio EUV Light Source
Development History
2000 EUV light source development started
2001 Established EUVA**Extreme Ultraviolet Lithography System Development Association●Ushio Strength

Contribution of
Ushio’s EUV light source

Expect to expand business opportunities
of EUV light source for mask inspection

Long business experiencein semiconductor industry

2013 Withdrew from Lithography related development＋
2016 Delivered EUV light source to TNO
Many years of experience
2018 Delivered first EUV light source for inspection（for test purpose)in EUV technology
2019 Delivered and received first acceptance(Compact/High-brightness/High Power)
for mass production process
Copyright © 2008 Ushio Inc. All rights reserved

20Sales Expansion of Exposure Equipment for Latest IC Package Substrates
Cutting-edge & Next generation
package demand expansion

Large Field Stepper（UX-5）
Production and sales●World wide share:
Maintain 100％
High-end BGA substrate exposure market(self-survey)

Equipment
Sales

Package substrate
manufacturer

Chip MountingServer Installed●UX-5 Strength（Feature）

１．Large-area projection→ High productivity & low CoO

２．Non-contact mask work
→ Yield enhancement

３．Deep focal depthWith IoT evolution, demand increased forservers for data centers processing highcapacity and high speed data processing
Data center market>20％ growth per year (self-survey）⇒ Expanding Adoption of
next-generation package substrates

CPU（Server）
High
Bandwidth
memoryGPU（AI）→ Process margin & substrate warping

４．High Resolution/alignment accuracy→ Pitch miniaturization & process margin
Copyright © 2008 Ushio Inc. All rights reserved

21Direct Imaging (DI) Exposure System
As 5G progressed
Print-wired board demand increasing
Innovation of each application and demand increasing
as application innovation

Direct Imaging
Exposure System

Print-wired board
Equipment Package substrate
Sales
manufacturer
Development・Production・Sales
Refinement
High
Productivity

Board
Mounting

Data Center
Base Station
Lower
Power
Consumption

High Density

Downsizing

Multi-layering●Ushio Strength

Demand increasing

Smartphone
Communication
DeviceDemand increasing

5G Service
Started andexpandingaround the world

VehicleInstallation
Demand increasing

High Resolution (High end products)
World’s fastest High Productivity(Middle end products)＋●World wide share：20％ (self-survey) Customer-first maintenance support capability
Copyright © 2008 Ushio Inc. All rights reserved22

Reference: Summary of Quarterly Financial Results
FY20

FY21

YoY comparison

1Q

2Q

3Q

4Q

1Q

2Q

3Q

Changes％

Net Sales

23.6

28.3

30.4

36.1

34.9

36.6

38.1

+7.7

+25.4

Operating Income

▲0.7

▲0.3

0.6

1.1

2.5

3.9

4.2

+3.5

+543.7

Operating Income

▲3.1

▲1.1

2.2

3.2

7.4

10.9

11.1

+9.0P

－

0.3

0.0

1.2

1.7

3.3

4.3

4.8

+3.5

+278.2

Profit Attributable to
Owner of Parent

▲1.0

▲0.9

0.9

0.3

3.3

3.1

3.6

+2.7

+298.3

EPS (yen)

▲8.76

▲7.60

7.66

2.99

28.02

25.94

30.52

+22.86+298.2

USD

108

106

105

105

110

110

113

+8

－

EUR

118

124

124

128

132

130

130

+7

－

(billion yen)(%)

Ordinary Income

FOREX (yen)Copyright © 2008 Ushio Inc. All rights reserved23

Reference: Summary of Quarterly Financial Results by Business Segments
FY20
2Q

3Q

4Q

1Q

10.4

10.5

11.6

13.0

13.6

14.3

15.2

+3.5

+30.4

Operating Income

0.4

0.1

0.7

1.7

1.9

2.5

2.4

+1.6

+215.5

Operating Income (%)

4.6

1.8

6.8

13.5

14.3

17.8

16.3

+9.6P

－

Net Sales

7.1

9.2

9.4

13.1

12.4

12.0

10.8

+1.3

+14.7

Operating Income

0.0

0.0

0.0

0.6

1.0

1.3

1.0

+1.0

－

Operating Income (%)

1.1

0.9

0.8

4.6

8.7

11.3

10.1

+9.3P

－

Net Sales

5.4

7.9

8.5

9.0

8.2

9.4

11.1

+2.5

+29.5

▲1.2

▲0.6

▲0.2

▲1.2

▲0.4

0.0

0.5

+0.8

－

▲23.9

▲8.0

▲3.3

▲14.1

▲5.8

0.3

4.9

+8.2P

－

0.6

0.5

0.7

0.8

0.6

0.8

0.9

+0.2

+35.3

Operating Income

▲0.0

0.0

0.0

0.0

▲0.0

0.0

0.0

+0.0

+146.7

Operating Income (%)

▲3.6

0.1

4.3

6.1

▲0.2

2.2

7.8

+3.5P

－

Net Sales

23.6

28.3

30.4

36.1

34.9

36.6

38.1

+7.7

+25.4

Operating Income

▲0.7

▲0.3

0.6

1.1

2.5

3.9

4.2

+3.5

+543.7

Operating Income (%)

▲3.1

▲1.1

2.2

3.2

7.4

10.9

11.1

+9.0P

－

Net Sales

Opticalequipment

Imagingequipment

Operating Income
Operating Income (%)
Net Sales

OthersTotal

YoY comparison

1Q(billion yen)Lightsource

FY21
2Q

3Q

Changes

Copyright © 2008 Ushio Inc. All rights reserved％24

Reference: Sales Ratio by Region
Others0.7%

FY20_3Q
Net Sales
82.4

Japan

North America

Asia

Europe

27.9%

17.6%

45.9%

7.9%

Japan

North America

Asia

Europe

27.2%

17.5%

46.3%

7.6%

billion yen

FY21_3Q
Net Sales
109.7
billion yen

Others1.4%

Copyright © 2008 Ushio Inc. All rights reserved25

Reference: R&D Expenses/Capital Expenditures and Depreciation
R&D Expenses（billion yen）
Ratio of R&D Expenses to net sales (%)

Capital Expenditures (billion yen)
Depreciation (billion yen)

8.5
7.3
6.2

6.1

8.2

7.9
6.7

6.7

8.0 8.0
7.1

6.8 6.9

6.4
5.0
10.0

10.6

FY17

10.1

FY18

10.1

FY19

11.0

3Q
Result3Q
Result

7.3

7.6

FY20

FY21
Plan

FY17

FY18

FY19

3Q
Result3Q
Result5.9 5.1

4.7 5.1

FY20

FY21

Plan
Copyright © 2008 Ushio Inc. All rights reserved26

Reference: Balance Sheet

Asset (billion yen)
304.7

290.2

2.9

4.9

57.8

62.1

7.8

6.7

44.8

44.4

Changes

290.2
16.3
31.6
31.0

+9.8 Cash and Bank Deposits▲1.0 Marketable Securities+2.0 Notes and AR (Trade)

33.0

34.0

Changes

+14.4

83.5

73.6

Liabilities/Total Net Equity (billion yen)304.7 +14.4+4.8 Notes and AP

21.2
41.5
16.8

+9.9 Other Current Liabilities▲14.2 Long-term Liabilities+4.3 Inventories▲1.1 Other Current Assets▲0.4 Property, Plant and Equipment

211.1

225.1

2021/32021/12+13.9 Total Net Equity

Intangible Assets+0.7 Investments and Other Assets

69.0

69.8

2021/32021/12●Turnover (months)

2021/32021/12

Receivable-trade

3.8

2.8

Inventories

5.8

4.9

●Equity Ratio (%)

2021/32021/12

72.7

73.9

Copyright © 2008 Ushio Inc. All rights reserved27

Reference: Cash Flow(billion yen)
+19.0
+8.5

59.0

▲0.3

Operating
Activities

Investing
Activities

68.1

+2.4

▲1.6

Financing
Activities

Effect of
Exchange
rate change

▲2.3

▲10.2

70.4
Operating
Activities

Investing
Activities

Financing
Activities

79.1

+2.2
Effect of
Exchange
rate changeFree Cash Flow

＋16.7

Free Cash Flow

+8.2

Cash and cash
equivalents at
beginning of
period

FY20_3Q

Cash and cash Cash and cash
equivalents at equivalents at
beginning of
end of period
period

FY21_3Q

Cash and cash
equivalents at
end of period

Copyright © 2008 Ushio Inc. All rights reserved28

GlossaryAI

Artificial Intelligence

BGA

Ball Grid Array

COF

Chip on Film

CoO

Cost of Ownership

CPU

Central Processing Unite

DCP

Digital Cinema Projector

DI

Direct Imaging

EUV

Extreme Ultraviolet Radiation

FPD

Flat Panel Display

GPU

Graphic Processing Unit

IoTInternet of Things

OA

Office Automation

OLED

Organic Light Emitting DiodeRGB

Red Green BlueTNOThe Netherlands Organization of Applied Scientific Research

UV

Ultraviolet

5G

5 th Generation

Copyright © 2008 Ushio Inc. All rights reserved

29

Contact:
Corporate Planning Department, Ushio Inc.
Email: ir@ushio.co.jp
https://www.ushio.co.jp/en/

Copyright © 2008 Ushio Inc. All rights reserved30