Translation

May 11, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

USHIO INC.
Prime Market 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 of ordinary general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file Securities Report:
Preparation of supplementary material on earnings:
Holding of earnings performance review:

June 29, 2023
June 30, 2023
June 29, 2023
Yes
Yes (for analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the fiscal year ended March 31, 2023

(from April 1, 2022 to March 31, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Millions of yen

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen% Millions of yen%

March 31, 2023

175,025 17.6

15,861

21.4

20,144

32.6

13,699

8.7

March 31, 2022

148,821 25.5

13,068―15,195346.0

12,606―(Note)

Comprehensive income
For the fiscal year ended March 31, 2023: ¥19,881 million [(26.9%)]
For the fiscal year ended March 31, 2022: ¥27,188 million [103.8%]
Net income pershare

Diluted net
income per share

Net income/EquityFiscal year ended
Yen
Yen
115.69―March 31, 2023
104.54―
March 31, 2022
(Reference)
Equity in losses of affiliates
For the fiscal year ended March 31, 2023: ¥(115) million
For the fiscal year ended March 31, 2022: ¥(86) million

Ordinary income/ Operating income/net sales

total assets
%
5.7
5.7

%
6.2
5.0

%
9.1
8.8

(2) Consolidated financial position
Total assets
As ofMillions of yen
323,622
March 31, 2023
321,096
March 31, 2022
(Reference) Equity
As of March 31, 2023: ¥244,092 million
As of March 31, 2022: ¥235,118 million

Net assets
Millions of yen
244,105
235,202

Equity ratio

Net assets per share
%
75.4
73.2

Yen
2,074.27
1,949.73

(3) Consolidated cash flows
Cash flows from

Cash flows from

Cash flows from

Period-end cash andoperating activities

investing activities

financing activities

cash equivalents

Fiscal year ended
March 31, 2023
March 31, 2022

Millions of yen
871
21,628Millions of yen(1,175)(5,519)Millions of yen(26,811)(10,625)

Millions of yen
57,516
81,6192. Cash dividends
Total cash
dividends

Annual dividends
First
SecondThird
Fiscal yearquarter-end quarter-end quarter-end
end

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year
ending March 31,
2024 (Forecast)

Total(Total)Dividend
payout ratio

Ratio ofdividends to(Consolidated) net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

–

–

–

50.00

50.00

6,041

47.8

2.7

–

–

–

50.00

50.00

5,895

43.2

2.5

–

–

–

50.00

50.00

55.2

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024

(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year
endingMarch 31, 2024

Millions ofyen%

188,000

7.4

Operating profit

Ordinary profit

Millions ofyenMillions ofyen%

12,500 (21.2)

Profit attributable to Basic earnings perowners of parent
share%

14,000 (30.5)

Millions of
yen

%

Yen

10,000 (27.0)

90.58* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in a change in thescope of consolidation): None
(2) 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
(3) Number of issued shares (common stock)a. Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2023

123,500,000 shares

As of March 31, 2022

127,000,000 sharesb. Number of shares of treasury stock at the end of the period
As of March 31, 2023

5,823,752 shares

As of March 31, 2022

6,409,833 sharesc. Average number of shares during the period
For the fiscal year ended March 31, 2023

118,414,343 shares

For the fiscal year ended March 31, 2022
120,586,712 shares(Note) The Company’s shares held in trust introduced with respect to its stock remuneration plan for directors as
treasury shares within shareholders’ equity are included in the number of treasury shares.

Non-consolidated performance for the fiscal year ended March 31, 2023
(from April 1, 2022 to March 31, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales

Operating income% Millions of yen

Ordinary income

Fiscal year ended

Millions of yen

March 31, 2023

69,421

15.6

7,427

March 31, 2022

60,06136.0

5,596 983.3

Net income per share
Fiscal year ended
March 31, 2023
March 31, 2022

% Millions of yen
32.7

13,683

Net income% Millions of yen

%

51.1

13,92884.6

9,055 137.3

7,546

40.8

Diluted net income per share
Yen

117.63
62.58

Yen
―
―

(2) Non-consolidated financial position
Total assets
As ofMillions of yen
March 31, 2023
170,907
March 31, 2022
165,251(Reference) Equity
As of March 31, 2023: ¥131,097 million
As of March 31, 2022: ¥128,910 million

Net assets
Millions of yen
131,097
128,910Equity ratio

Net assets per share
%
76.7
78.0

* This Consolidated Financial Results 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 otherresults may differ substantially due to various factors.
See page 6 of the appended materials regarding performance forecasts.
*To obtain Financial Presentation
The financial results presentation for securities analysts and institutional investors is planned on May 12, 2023.
The Financial Presentation will be posted on the website of USHIO INC. on May 11, 2023

Yen
1,114.05
1,069.00

Contents
1. Summary of Financial Results for Term ……………………………………………………………………………………
(1) Business Performance ……………………………………………………………………………………………………
(2) Review of Financial Position ……………………………………………………………………………………………
(3) Overview of Cash Flows …………………………………………………………………………………………………
(4) Outlook ……………………………………………………………………………………………………………………
(5) Basic Policy on Profit Distribution and Dividends for Current and Next Fiscal Years …………………………………
2. Basic Approach to Choosing Accounting Standards ………………………………………………………………………
3. Consolidated Financial Statements and Notes ………………………………………………………………………………
(1) Consolidated Balance Sheets ……………………………………………………………………………………………
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income …………………………
Consolidated Statements of Income …………………………………………………………………………………
Consolidated Statements of Comprehensive Income ………………………………………………………………
(3) Consolidated Statements of Changes in Net Assets ……………………………………………………………………
(4) Consolidated Statements of Cash Flows …………………………………………………………………………………
(5) Notes to Consolidated Financial Statements ……………………………………………………………………………
(Notes on Premise of Going Concern) …………………………………………………………………………………
(Change in Accounting Policy) …………………………………………………………………………………………
(Segment Information) ………………………………………………………………………………………………
(Per Share Information) ………………………………………………………………………………………………
(Significant Subsequent Events) ………………………………………………………………………………………

4. Other ………………………………………………………………………………………………………
(1) Changes in Directors and Officers (on June 29, 2023) …………………………………………………………………
(2) Other ……………………………………………………………………………………………………………………

- 1 -

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1. Summary of Financial Results for Term
(1) Business Performance
The business climate remained challenging for the Ushio Group in the fiscal year ended March 31, 2023. The economy
slowed down amid energy and raw materials price hikes attributable to war between Russia and Ukraine. Policy interest
rates continued to rise amid accelerating inflation in Europe and the United States. One positive change regionally wasthat China experienced a gradual economic recovery after rolling back its zero-COVID-19 policy. The world nonethelessseemed on the brink of recession, with uncertainty persisting amid intensifying U.S.-China trade friction.
It was under these circumstances that capital investment in the semiconductor, electronic device, and printed circuitboard markets remained robust owing to 5G deployments and progress in using Internet of Things and artificial
intelligence technologies. Demand nevertheless decelerated owing to a global economic slowdown from the second halfof the year, leading to some operational reductions.
Demand for LCD panels for mobile devices and monitors ran its course in the flat panel display market, prompting LCD
panel manufacturers to roll back operations to adjust inventories. Except in China, which experienced a delayed
turnaround because it maintained a zero-COVID-19 policy, cinemas worldwide reopened and recovered screen operation
rates.
The average exchange rate during the period under review was ¥135 to the dollar, with the yen depreciating ¥23 from theprevious year.
Consolidated net sales rose 17.6% year on year, to ¥175,025 million. Operating profit climbed 21.4%, to ¥15,861
million. Ordinary profit advanced 32.6%, to ¥20,144 million. Profit attributable to owners of parent increased 8.7%, to¥13,699 million.
Segment results were as follows.
Light Source Business
Discharge Lamps
Sales of UV lamps for lithography equipment were robust in the first half of the year owing to solid demand forsemiconductors and electronic devices amid 5G technology uptakes and progress in the use of Internet of Things,
artificial intelligence, and other technologies. Sales were weak in the second half, however, owing to slower final
demand, which led to operating adjustments. Sales of UV lamps for LCD panel displays decreased because work-fromhome demand ran its course, prompting panel manufacturers to adjust production. Overall sales of UV lamps were thus
down. Sales of replacement xenon lamps for cinema projectors were up on cinemas worldwide reopenings and arecovery in screen operation rates. Discharge lamp sales accordingly increased year-on-year.
Halogen Lamps
Sales of halogen lamps for office automation equipment increased because demand for this equipment recovered on a
resolution of parts shortages throughout the year among set manufacturers. This factor offset weak sales later in the termfrom inventory adjustments. Also, sales of heater lamps for semiconductor production processes increased in a robust
active semiconductor market. Sales of halogen lamps accordingly rose for the year.
Ushio posted an inventory write-down for sodium lamps for several applications, primarily in the European and U.S.
markets. This was because lamp demand shrank amid a rapid transition to solid-state light sources.
Light Source business sales therefore increased 6.9% from a year earlier, to ¥61,825 million. Operating profit advanced
8.8%, to ¥9,020 million.

- 2 -Optical Equipment BusinessIn the semiconductor, electronic device, and printed circuit board markets, sales increased for large field steppers foradvanced IC package substrates and Direct Imaging lithography equipment for packages and printed circuit boards. Thiswas in line with ongoing demand gains for data center servers in view of the deployment of 5G technology and progresswith the Internet of Things and artificial intelligence.
In contrast, demand for LCD panels ran its course, driving related capital investments and equipment sales down. In
EUV light sources for EUV lithography mask inspections, light source unit sales decreased owing to temporary demand
adjustments, offsetting the impact of higher maintenance services on solid operating levels for light sources sold before
the period under review.
Optical Equipment business sales therefore increased 19.4% from a year earlier, to ¥57,805 million. Operating profit
advanced 55.0%, to ¥7,160 million.
Imaging Equipment Business
Cinemas progressed with reopenings, regaining screen operation rates during the term, particularly in Europe and theUnited States. Capital investment demand was on a recovery track. While unit shipments of digital cinema projectors
declined because of shortages of semiconductors and other materials and higher parts and materials procurement costs,
sales were up owing to a lower yen.
In general imaging, sales of related products increased on demand recoveries, principally in North America, because ofoperational resumptions for events and other activities, as well as because of the yen’s depreciation. At the same time,
the period saw alleviations in parts and materials shortages and materials procurement costs hikes affecting the imaging
equipment business overall.
Segment sales increased 31.0%, to ¥51,333 million. The Company posted an operating loss of ¥642 million, comparedwith an operating loss of ¥53 million a year earlier.
OthersSales increased on a recovery in investments, particularly for molding machines, which had been on the back burner
because of rises in COVID-19 infections.
Other segment sales thus increased 18.0%, to ¥4,113 million. Operating profit jumped 70.3%, to ¥191 million.

- 3 -(2) Review of Financial Position
AssetsTotal assets at the end of the term were ¥323,622 million, up ¥2,526 million from a year earlier. The main reasons forthis increase were greater inventories from higher orders for optical equipment and other products and a rise in right-ofuse assets from adopting Financial Accounting Standard Board Accounting Standards Update No. 2016-02, Leases(Topic 842). This rise offset a decrease in cash and deposits from repayments of borrowings, dividend and tax payments,
and treasury share purchases.
Liabilities
Total liabilities declined ¥6,376 million, to ¥79,517 million. The prime factors in this decline were a decrease in thecurrent portion of long-term borrowings as a result of repayments and a drop in contract liabilities from posting sales.
This factor offset a rise in notes and accounts payable - trade from higher materials and other purchases and an increasein lease liabilities from adopting Topic 842.
Net Assets
Net assets rose ¥8,902 million, to ¥244,105 million. Key upside factors were an increase in foreign currency translation
adjustments from the yen’s depreciation toward the close of the year and higher retained earnings from posting profit
attributable to owners of parent. These factors offset the impacts of lower retained earnings owing to dividend payments
and a treasury stock retirement.
(3) Overview of Cash Flows
Cash and cash equivalents at the close of the term were down ¥24,103 million from a year earlier, to ¥57,516 million.
Cash flows were as follows.
Cash Flows from Operating Activities
Net cash provided by operating activities was ¥871 million, from ¥21,628 million in the previous corresponding period.
This was despite ¥20,220 million in profit before income taxes, ¥7,615 million in depreciation, and a ¥4,356 million
increase in trade payables, and reflected a ¥16,549 million increase in inventories, a ¥3,369 million decrease in contract
liabilities, and ¥7,346 million in income taxes paid.
Cash Flows from Investing Activities
Net cash used in investing activities was ¥1,175 million, down from ¥5,519 million. Prime factors were ¥31,074 million
in proceeds from withdrawal of time deposits, ¥3,887 million in proceeds from sale and redemption of securities,¥28,066 million in payments into time deposits, and ¥7,767 million in purchase of property, plant and equipment.
Cash Flows from Financing Activities
Net cash used in financing activities was ¥26,811 million, down from ¥10,625 million. Key factors were ¥18,770 million
in repayments of long-term borrowings, a ¥5,004 million purchase of treasury shares, and ¥6,037 million in dividends
paid.

- 4 -

Group cash flow indicator trends are below.
Years ended March 31
2019

2020

2021

2022

2023

Equity ratio (%)

69.5

73.0

72.7

73.2

75.4

Market value-based equity
ratio (%)

53.1

45.3

60.6

68.6

60.5

Cash flow to interest-bearing
debt ratio (years)

3.3

18.9

1.7

0.9

6.1

Interest coverage ratio (times)

15.1

1.8

33.2

64.9

4.1

Equity ratio: Shareholders’ equity ÷ Total assets
Market value-based equity ratio: Market capitalization ÷ Total assets
Cash flow to interest-bearing debt ratio: Interest-bearing debt ÷ Operating cash flows
Interest coverage ratio: Operating cash flows ÷ Interest payments
Notes
1. All figures based on consolidated financial figures.
2. Market capitalization is based on the number of issued and outstanding shares and excludes treasury stock.
3. Cash flow is based on operating cash flows.
4. Interest-bearing debt includes all liabilities on the consolidated balance sheets for which interest is paid.

- 5 -(4) Outlook
The global economy will probably continue to experience uncertainty despite progress toward resolving worldwide
shortages of semiconductors and other materials and supply chain disruptions. That is because of the war between Russia
and Ukraine, the impact of this and other factors on energy and raw material prices, and intensifying Sino-American
trade friction.
For the next fiscal year, Ushio accordingly forecasts net sales of ¥188 billion, up 7.4% year-on-year, although operating
profit should decline 21.2%, to ¥12.5 billion, with ordinary profit falling 30.5%, to ¥14 billion. Profit attributable toowners of parent should decline 27.0%, to ¥10 billion.
The exchange rate assumptions for these forecasts are ¥135 to the U.S. dollar and ¥145 to the euro.
Ushio changed its segmentation from the fiscal year ending March 31, 2024. See Significant Subsequent Events in Notes
to Consolidated Financial Statements for details.
Industrial Processes Business
In UV lamps for lithography equipment, final demand for semiconductors, electronic devices, and printed circuit boards
will probably remain sluggish. Production adjustments should continue owing to global recession concerns. Sales of UV
lamps for LCD panel displays will likely stay lackluster despite panel maker production adjustments bottoming out.
Overall sales of UV lamps for lithography equipment should therefore decline.
At the same time, sales of lithography equipment for cutting-edge IC package substrates and direct-write exposuresystems for package substrates should rise only slightly despite demand growth assumptions remaining unchanged forthe medium through long terms. This is because of near-term postponements of some investment plans. For EUV
lithography mask inspection light sources, maintenance service revenues should increase from operations of installed
light sources remaining steady. Light source sales will probably decline, however, as cost and other issues will probably
prolong an installations adjustment phase.
Ushio will expand investments in development and in reinforcing its support structure for lithography equipment and
EUV, primarily for the semiconductor area.
Management accordingly expects Industrial Processes business revenues and earnings to decline in the year ahead.
Visual Imaging Business
Sales of digital cinema projectors should increase as replacement demand recuperates from a low ebb as capital
investment turns around in line with an economic recovery from the pandemic. At the same time, management
anticipates resolutions from the first through second halves of the year in projector component shortages and incomponent procurement cost hikes that affected performance in the previous term.
In general imaging, sales of projectors and related imaging equipment should rise increase on greater demand forcommercial facilities and events. Sales of replacement xenon lamps for cinema projectors should increase slightly. Thatis because Chinese market demand should at last recover gradually from the pandemic.
Visual Imaging business revenues and earnings should thereby increase in the coming year.
Life Sciences Business
Demand for light-based equipment in the medical industry is growing moderately. Sales of dermatological equipment
should increase from gaining market share with new offerings. In addition, sales of lamp light sources for medical
applications should rise with demand. Sales of sodium lamps for a range of uses in the European and U.S. markets
should decline, however, as demand is shrinking for such offerings amid a fast shift to solid-state light sources.
Life Sciences business revenues should accordingly decrease in the next fiscal year.

- 6 -Photonics Solutions Business
Demand for light-based applications in the medical, healthcare, and industrial sensor markets remains firm. Sales ofdevices and modules for these markets should increase.
Photonics Solutions business revenues should thus rise in the next fiscal year.
Management based these forecasts on currently available information and certain reasonable assumptions. Results may
differ owing to various factors.
(5) Basic Policy on Profit Distribution and Dividends for Current and Next Fiscal Years
Delivering shareholder returns remains a top priority for the Group. Its basic policy is to provide stable returns whilestrengthening its financial position and business foundations. In view of that stance and its operating results and businessdevelopment in the year ahead, Ushio plans to pay an annual dividend of ¥50 per share for the year ended March 31,
2023. This is unchanged from the preceding term. The consolidated ratio of dividends to net assets would therefore be
2.5%.
Management seeks to pay an annual an annual dividend of ¥50 per share for the year ending March 31, 2024.
Ushio will allocate retained earnings for R&D investments in new products and technologies from long-term
perspectives, in capital expenditure to enhance productivity, and in investments in growth businesses to bolster corporate
value.

2. Basic Approach to Choosing Accounting Standards
The Group’s policy for the foreseeable future is to prepare its consolidated financial statements in accordance with
Generally Accepted Accounting Principles in Japan, factoring in the comparability of consolidated financial statementsfrom period to period and comparability among companies.
Ushio applies International Financial Reporting Standards in light of a range of domestic and international
circumstances.

- 7 -3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
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
Land
Right-of-use assets
Accumulated depreciation
Right-of-use assets, net
Construction 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- 8 -As of March 31, 2023

88,68764,21935,29238,491

4,937
26,16920,282
18,891
10,134△2,686
201,708

2,591
31,481
25,101
26,872
11,787△2,025
198,519

47,161△29,767
17,39327,875△20,212
7,662
8,630
－
－
－
2,708
41,498△31,730
9,768
46,16248,513△31,365
17,14728,146△21,058
7,087
8,684
2,806
－
2,806
3,363
42,767△31,377
11,38950,480

235
2,755
2,991

252
2,782
3,034

59,146
15
4,135
5,592
1,924
△580
70,234
119,388
321,096

58,484
20
4,333
6,647
2,224
△121
71,588125,103
323,622

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for product warranties
Provision for loss on orders received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
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
Other
Total 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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets- 9 -As of March 31, 2023

21,164
2,185
16,402
12
3,828
14,388
2,699
2,597
－
9,113
72,393

26,205
3,921
－
796
3,210
11,731
2,530
3,775
0
10,23962,410

－
61
7,823

1,410
2,189
7,997

270

237

146

193

4,054
302
842
13,50085,893

3,839
318
921
17,106
79,517

19,556
27,727
161,877△9,032200,129

19,556
27,767
164,332△8,733202,922

21,39919,86914,186△598

20,779520

34,98841,17084
235,202
321,09612
244,105
323,622

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2022
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
Subsidies for employment adjustment
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using
equity method
Loss on specified money in trust
Loss on sale of securities
Loss on valuation of securities
Settlement payments
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of businesses
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on sale of shares of subsidiaries andassociates
Business restructuring expenses
Loss on temporary closure
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent- 10 -

Fiscal year ended
March 31, 2023

148,821
94,79254,02940,96013,068175,025
111,809
63,21547,353
15,861

670
914
377

1,602
1,051
1,909

207

10

26
468
338
3,004

24
－
353
4,951

329

218

86

115

101
－
28
119
211
877
15,195

87
57
80
－
109
668
20,144

1,153
17
－
1,171

216
963
360
1,539

98
11
164
15
1

81
9
588
35
212

－

188

161
151
603
15,7625,470△2,327
3,143
12,61913
12,606348－
1,463
20,220
6,432
93
6,526
13,693△6
13,699(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2022
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 ofparentComprehensive income attributable to noncontrolling interests- 11 -

Fiscal year ended
March 31, 2023

12,61913,693

3,119△1,5293
10,553

－
6,558

835

1,118

56

41

14,56927,1886,188
19,881

27,16919,88019

1

(3) Consolidated Statements of Changes in Net Assets
Fiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

19,556

Retained earnings

27,727

152,448

Cumulative effects of changes
in accounting policies

Total shareholders'equityTreasury shares

190,676△9,055△35

Restated balance

19,556

27,727△35

152,412

190,641△9,055

Changes during period
Dividends of surplus△3,141△3,141

Profit attributable to owners ofparent12,606

12,606

Purchase of treasury shares△5△5

Disposal of treasury shares

28

28

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period

－

－

9,465

22

9,487

19,556

27,727

161,877△9,032200,129

Accumulated other comprehensive income
Valuation
DifferenceOnavailablefor-salesecurities
Balance at beginning of period

18,280

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

△3

3,582

Total
Non-controlling
Total net assets
Remeasurements accumulated
interestsof definedotherbenefit planscomprehensive
income△1,433

20,426

77

Cumulative effects of changes
in accounting policies
Restated balance

211,180△35

18,280△3

3,582△1,433

20,426

77

211,145

Changes during period
Dividends of surplus△3,141

Profit attributable to owners ofparent12,606

Purchase of treasury shares△5

Disposal of treasury shares

28

Net changes in items other thanshareholders' equity

3,119

3

10,603835

14,562

6

14,569Total changes during period

3,119

3

10,603835

14,562

6

24,057

Balance at end of period

21,399－14,186△598

34,98884

235,202- 12 -

Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

19,556

Retained earnings

27,727

Total shareholders'equityTreasury shares

161,877

200,129△9,032

Changes during period
Dividends of surplus△6,041△6,041

Profit (loss) attributable toowners of parent

13,69913,699Purchase of treasury shares△5,004△5,004

Disposal of treasury shares

6

6

5,296

－

Cancellation of treasury shares△5,296

Purchase of shares of
consolidated subsidiaries

40

40

Change in scope of
consolidation

92

92

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period

－

40

2,454

299

2,793

19,556

27,767

164,332△8,733202,922

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains orlosses on hedges

21,399－Foreigncurrencytranslation
adjustment
14,186Total
Non-controlling
Total net assets
Remeasurements accumulated
interestsof definedotherbenefit planscomprehensive
income△598

34,98884

235,202

Changes during period
Dividends of surplus△6,041

Profit (loss) attributable toowners of parent

13,699Purchase of treasury shares△5,004

Disposal of treasury shares

6

Cancellation of treasury shares－

Purchase of shares of
consolidated subsidiaries△73

Change in scope of
consolidation
Net changes in items other thanshareholders' equity△33
92△1,529

－

6,592

1,118

6,181

1

6,182

Total changes during period△1,529

－

6,592

1,118

6,181

△72

8,902

Balance at end of period

19,869－20,779520

41,17012

244,105- 13 -

(4)Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2022

Cash flows from operating activities
Profit 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-sale securities
Share of loss (profit) of entities accounted for using equity method
Settlement payments
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Loss (gain) on sale of businesses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase Decrease In Contract Liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Subsidy income for employment adjustment
Payments for business structure improvement expenses
Income taxes paid
Settlement paid
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
Proceeds from sale of businesses
Long-term loan advances
Proceeds from collection of long-term loans receivable
Payments for sale of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities- 14 -

Fiscal year ended
March 31, 2023

15,762
6,939
164
△55
163
△360
161
△1,585
△468
329
△207
86
119
△1,142
98
△2
1
－
－
474
△4,329
4,142
673
641
21,607
1,641
△333
688
△495
△1,479－21,62820,220
7,615
588
△141
169
△58
348
△2,653
－
218
△10
115
－
△206
81
△927
212
188
△360
△2,696△16,549
4,356△3,369△1,070
6,069
2,662
△210
－
△170
△7,346△131
871△10,449
7,329
△38
326
△89
1,472
△5,9581,545△235△3,652
3,903
△52
－
△10
370

△28,066
31,074
△37
50
－
3,887
△7,767423△348△3,207
2,733
△210
360
△23
2

－

△47

18
△5,5190△1,175

(Millions of yen)
Fiscal year ended
March 31, 2022
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- 15 -

Fiscal year ended
March 31, 2023

△3,960－△3,520△5△3,1391,591
1,410△18,770△5,004△6,037△10,625△26,811

5,717

3,011

11,20070,41881,619△24,103
81,61957,516

(5) Notes to Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable.

(Change in Accounting Policy)(Application of Implementation Guidance on Accounting Standard for Fair Value Measurement)
Ushio applied the Implementation Guidance on Accounting Standard for Fair Value Measurement (AccountingStandards Board of Japan Guidance No. 31, issued on June 17, 2021) from the start of the year under review. The
Company is prospectively applying the new accounting policy stipulated in the Accounting Standard for Fair Value
Measurement in line with the transitional provisions of Paragraph 27-2 of the Accounting Standard for Fair Value
Measurement. This change does not affect consolidated financial statements.
(Application of Financial Accounting Standard Board Accounting Standards Update No. 2016-02, Leases (Topic
842)
Foreign subsidiaries that have adopted Generally Accepted Accounting Principles in the United States applied Financial
Accounting Standard Board Accounting Standards Update No. 2016-02, Leases (Topic 842) in the year under review. In
principle, lessees accordingly record all leases as assets and liabilities on their balance sheets. The cumulative effect ofapplying this standard, granted as a transitional measure, is recognized at the adoption date.
As a result of applying Topic 842, right-of-use assets under non-current assets increased ¥2,806 million, lease liabilities
under current liabilities were up ¥788 million, and lease liabilities under non-current liabilities rose ¥2,074 million in the
consolidated balance sheets for the year under review.
The impact of this application on the profit or loss in the current fiscal year is immaterial.

(Segment Information)
1. Overview of Reporting Segments
Ushio’s reporting segments are business units for which separate financial data are available. These segments are subject
to periodic Board of Directors reviews to assess businesses and decide how to allocate operating resources and evaluate
results.
The Company has adopted a divisional structure based on similarities in product type, sales markets, and other relevant
factors. It formulates comprehensive domestic and overseas strategies to develop, manufacture, sell, and service Group
products and do business worldwide.
Ushio accordingly organizes segments by product and sales market. Its three reportable segments are the Light Source,
Optical Equipment, and Imaging Equipment businesses.
The Light Source business produces and sells halogen, discharge lamps, and other offerings.
The Optical Equipment business produces and sells optical equipment and other products.
The Imaging Equipment segment produces and sells imaging equipment and other products.
2. Methods for Calculating Net Sales, Earnings, Assets, Liabilities, and Other Line Items by Reporting Segments
Ushio accounts for reportable business segments in line with the accounting principles and procedures used to prepare its
consolidated financial statements. Earnings for these segments are based on operating profit. Inter-segment revenues andtransfers are based on prevailing market prices.

- 16 -

3. Monetary Information Concerning Net Sales, Profit or Loss, Assets, Liabilities, and Other Line Items for Reporting
Segments
Fiscal year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(Millions of yen)Amount on
Total
Consolidated
Adjustment
Financial(Note 2)
Statements(Note 3)

Reporting Segment
Lightsourcesbusiness

Others(Note 1)

Total

Opticalequipment
business

Imagingequipment
business

Total

57,811

48,386

39,173

145,3713,450

148,821－

148,821

9

24

7

41

36

77

(77)

－

Total

57,82048,41039,180145,4123,486

148,899(77)

148,821

Segment profit (loss)

8,288

4,620

(53)

12,855112

12,968100

13,068101,016

84,88851,325237,230

67,260304,490

16,605321,096

3,025

2,206

1,671

6,903

36

6,939

－

6,939

52

110

－

163

－

163

－

163

－

191

－

191

－

191

－

191

1,831

3,600

1,673

7,104

274

7,378

－

7,378

Sales
Sales to outside
customers
Inter-segment sales ortransfer among segments

Segment assets
Other line items
Depreciation andamortization
Amortization of
goodwill
Investments in equitymethod affiliates
Increase in property,
plant and equipment
and intangible fixed
assets(Notes 4)(Notes)1. Others includes business segments not included in reportable segments and other revenue-producing operations,such as industrial machinery and fund management.
2. Adjustments are as follows(1) Total adjustment of ¥100 million for segment profit (loss) includes ¥107 million in eliminations of inter-segment
transactions.
(2) The total adjustment in segment assets of ¥16,605 million includes elimination of a ¥9,597 million loss in intersegment receivables and payables and corporate assets of ¥26,321 million that are not included in reportablesegments. Corporate assets consist primarily of surplus operating capital (cash and marketable securities) and funds
for long-term investment (investment securities).
3. Segment profit (loss) is adjusted with operating profit in the consolidated statements of income.
4. The increase in property, plant and equipment and intangible fixed assets includes an increase in long-term advanced
payment expenses.

- 17 -

Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Reporting Segment
Others(Note 1)

Total

Total
Adjustment(Note 2)

Amount on
Consolidated
Financial
Statements(Note 3)Light
sourcesbusiness

Opticalequipment
business

Imagingequipment
business

Total

61,813

57,794

51,328

170,937

4,087

175,025－

175,025transfer among
segments

11

10

4

27

26

53

(53)

－

Total

61,82557,80551,333

170,964

4,113

175,078(53)

175,025

Segment profit (loss)

9,020

7,160

(642)

15,539191

15,730130

15,861

101,373

91,922

67,544

260,839

80,422

341,262(17,640)

323,622

3,069

2,446

2,081

7,598

16

7,615

－

7,615

57

96

15

169

－

169

－

169

－

117

－

117

－

117

－

117

2,237

3,058

3,038

8,334

773

9,107

－

9,107

Sales
Sales to outside
customers
Inter-segment sales orSegment assets
Other line items
Depreciation andamortization
Amortization of
goodwill
Investments inequity-method
affiliates
Increase in property,
plant and equipment
and intangible fixed
assets(Notes 4)(Notes)1. Others includes business segments not included in reportable segments and other revenue-producing operations,such as industrial machinery and fund management.
2. Adjustments are as follows(1) Total adjustment of ¥130 million for segment profit (loss) includes ¥129 million in eliminations of inter-segment
transactions.
(2) The total adjustment in segment assets of ¥17,640 million includes elimination of a ¥43,826 million loss ininter-segment receivables and payables and corporate assets of ¥26,183 million that are not included in reportablesegments. Corporate assets consist primarily of surplus operating capital (cash and marketable securities) and funds
for long-term investment (investment securities).
3. Segment profit (loss) is adjusted with operating profit in the consolidated statements of income.
4. The increase in property, plant and equipment and intangible fixed assets includes an increase in long-term advanced
payment expenses.

- 18 -

(Per Share Information)
Year ended March 31, 2022
Net assets per share
Basic earnings per share

Year ended March 31, 2023

¥1,949.73¥104.54

Net assets per share
Basic earnings per share

Ushio does not present diluted basic earnings per sharebecause there are no dilutive shares.

¥2,074.27¥115.69

Ushio does not present diluted basic earnings per sharebecause there are no dilutive shares.

Note 1. The basis for calculating basic earnings per share is as follows.
Year ended March 31, 2022

Year ended March 31, 2023

Profit attributable to owners of parent
12,606
13,699(millions of yen)Amount not attributable to common－－shareholders (millions of yen)
Profit related to common stock attributable
12,606
13,699to owners of parent (millions of yen)
Average number of shares of common stock
120,586,712
118,414,343
during period
Note 2: In calculating net assets per share, Ushio shares held in trust for the directors’ stock compensation plan,
recorded as treasury stock in shareholders’ equity, are included in treasury stock and deducted from the total
number of shares issued and outstanding at the ends of terms (234,000 in the year ended March 31, 2022, and230,100 in the year ended March 31, 2023).
In calculating basic earnings per share, Ushio shares held in trust for the directors’ stock compensation plan,
recorded as treasury stock in shareholders’ equity, are included in treasury stock and deducted from the average
number of shares issued and outstanding during terms (238,895 in the year ended March 31, 2022, and 230,700
in the year ended March 31, 2023).
(Significant Subsequent Events)
Segment Classification ChangeManagement concluded that it would be vital to shift from a product-centric approach to a market-centric one toaccelerate efforts to provide solutions as a Light Solutions Company under Vision 2030. It accordingly resolved tochange reportable segments from the year ending March 31, 2024, in line with an organizational change implemented on
April 1, 2023.
Ushio according replaced its Light Source, Optical Equipment, and Imaging Equipment business segments with theIndustrial Processes, Visual Imaging, Life Sciences, and Photonics Solutions business segments.
Below is a summary of reportable segment classifications.
Reportable segment
Industrial Processes

Visual Imaging
Life Sciences
Photonics Solutions

Key productsLight sources: UV lamps, OA lamps, and optical equipment lamps
Equipment: UV equipment, curing equipment, EUV mask inspection
light sources, and maintenance services
Light sources: Cinema lamps and data projector lamps
Equipment: Digital cinema projectors, general imaging, video-related
equipment, and maintenance services
Light sources: Products incorporating Care222
Equipment: UV treatment equipment
Light sources: Solid state light sources

The Company is calculating net sales, earnings, assets, liabilities, and other amounts for the new segments for thecurrent fiscal year.

- 19 -

4. Other(1) Changes in Directors and Officers (on June 29, 2023)(1) New director candidate (not Audit and Supervisory Committee member)
Tetsuo Nakano, Director and Managing Executive Officer (currently Managing Executive Officer and General
Manager of ESG Promotion Headquarters)(2) New director candidate (not Audit and Supervisory Committee member)
Naoaki Mashita, Outside Director(3) Candidate for Chairman of Board of Directors
Masatoshi Matsuzaki, Chairman of Board of Directors(2) OtherNone.

- 20 -