Translation

January 31, 2020

Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending March 31, 2020
<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, 2020
–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, 2020
(from April 1, 2019 to December 31, 2019)(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, 2019

120,063(1.9)

6,349

(8.1)

8,414(11.4)

8,821

55.4

December 31, 2018

122,394

(5.7)

6,912

(19.5)

9,494(12.3)

5,675(33.3)(Note)

Comprehensive income
For the first nine months ended December 31, 2019: ¥ 9,111 million [124.2%]
For the first nine months ended December 31, 2018: ¥ 4,063 million [(76.1)%]
Net income per share

Diluted net
income per shareFirst nine months ended

Yen

Yen

December 31, 2019

71.71

–December 31, 2018

44.43

–

(2)

Consolidated financial position
Total assets

As ofNet assetsEquity ratio

Millions of yen

Millions of yen%

December 31, 2019292,228

208,263

71.2

March 31, 2019306,628

213,254

69.5(Reference) Equity
As of December 31, 2019: ¥ 208,164 million
As of March 31, 2019: ¥ 213,101 million

2.

Cash dividends
Annual dividends
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

–––50.00

50.00

–––
50.00

50.00

Fiscal year ended
March 31, 2019
Fiscal year ending
March 31, 2020
Fiscal year ending
March 31, 2020
(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, 2020
(from April 1, 2019 to March 31, 2020)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2020

Operating income

Ordinary income

Profit attributable toowners of parent

Net income pershare

Millions ofyen%Millions ofyen%Millionsof yen%

Millions ofyen%Yen170,000

2.9

10,00017.4

12,0004.9

11,5001.5

94.17(Note) Revisions to the consolidated earnings forecasts most recently announced: None* 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: 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, 2019
133,628,721 shares
As of March 31, 2019
133,628,721 sharesb. Number of shares of treasury shares at the end of the period
As of December 31, 201913,111,354 shares
As of March 31, 2019
7,641,087 sharesc. Average number of outstanding shares during the period
As of December 31, 2019
123,006,432 shares
As of December 31, 2018
127,732,394 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 January 31, 2020.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2019

As of December 31, 201985,65539,456
4,405
27,915
17,362
17,1639,770
ᇞ1,610200,119

68,00937,686
4,725
25,64418,30016,767
11,656
ᇞ1,455
181,333

44,334
ᇞ25,225
19,10923,326
ᇞ18,617
4,709
8,572
1,481
34,198
ᇞ25,019
9,178
43,05044,906
ᇞ26,058
18,847
24,117
ᇞ18,566
5,551
8,455
2,230
35,635
ᇞ26,391
9,243
44,329

1,370
3,271
4,642

791
3,115
3,907

51,005
347
2,104
3,391
2,505
ᇞ538
58,815
106,509306,628

55,502
25
1,929
3,441
2,331
ᇞ572
62,658110,894292,228

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance 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
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–(Millions of yen)
As of March 31, 2019
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 directors' stock payments
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, 2019

21,665
10,008
8,520
7,021
2,047
2,192
11
18,10569,572

21,479
6,512
7,534
1,023
1,071
1,888
13
15,65555,178

10,410
4,592

13,277
5,962

329

226

221
3,186
244
4,816
23,80093,373

198
3,944
241
4,934
28,786
83,964

19,556
27,727
162,936
ᇞ10,811
199,408

19,556
27,727
165,375
ᇞ18,590
194,068

14,445

15,781

ᇞ17
2,761
ᇞ3,496

ᇞ11
1,507
ᇞ3,182

13,69314,095152
213,254306,62899
208,263292,228

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Nine months ended
December 31, 2018
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
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
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using
equity method
Realized and unrealized loss on trading
securities
Loss on specified money in trust
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
Loss on disaster
Loss on valuation of shares of subsidiaries andassociates
Loss on revision of retirement benefit plan
Retirement benefit expenses
Business restructuring expenses
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent–3–

Nine months endedDecember 31, 2019

122,394
78,081
44,31237,3996,912

120,063
78,56341,49935,149
6,349

1,281
1,453
309

1,295
1,129－

－

119

66

335

－
194
3,305

96
328
3,305

379
－

497
423

25

39

229

－

9
79
723
9,494

－
279
1,240
8,414

84
1,733
1,818

5
5,453
5,459

56
8
20

25
17－

－

29

40
－
1,776
207
2,110
9,202
3,777
ᇞ249
3,527
5,674
ᇞ1
5,675

－
543
476
－
1,092
12,781
3,026
955
3,982
8,798
ᇞ22
8,821

(Consolidated Statements of Comprehensive Income)(Millions of yen)Nine months ended
December 31, 2018
ProfitOther 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–

Nine months ended
December 31, 2019

5,674

8,798ᇞ3,651

1,248

1
1,753

5
ᇞ1,272

285

314

1

16

ᇞ1,610
4,063

312
9,111

4,075

9,135

ᇞ11ᇞ24

(2) Notes regarding the consolidated financial statements(Segment information)
I.
First nine months of the fiscal year ended March 31, 2019 (from April 1, 2018 to December 31, 2018)
Information concerning net sales and income/loss by reporting segment(Millions of yen)

Reporting Segment
Light
Sources

Equipment

TotalOthers(Note 1)

Total

Amount on
consolidated
Adjustment
financial(Note 2)statements(Note 3)

Sales
Sales to outside customers

51,63968,632120,272

2,121

122,394－

122,394

Inter-segment sales or transfer
among segment

408

55

463

26490(490)－Total

52,047

68,688120,735

2,148

122,884(490)

122,394

6,714(278)

6,436

71

6,507

404

6,912

Segment profit (loss)(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.
II.

First nine months of the fiscal year ending 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
Others(Note 1)

Total

Amount on
consolidated
Adjustment
financial(Note 2)statements(Note 3)Light
Sources

Equipment

Total

44,831

72,791

117,6232,440

120,063－

120,063

8665

151

6

158

(158)

－

Total

44,91772,857

117,7742,446

120,221(158)

120,063

Segment profit

4,667

1,442

6,109

43

6,153

195

6,349

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 is adjusted with operating income in the quarterly consolidated statements of income.

–5–