Translation

August 5, 2024

Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending March 31, 2025
<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/
Takabumi Asahi, President and Chief Executive Officer
Hiromi Ito, General Manager, Accounting & Finance Department
TEL: +81-3-5657-1000 (from overseas)

Scheduled date to commence dividend payments: －Preparation of supplementary material on earnings:
Holding of earnings performance review:Yes
Yes (for analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the first three months of the fiscal year ending March 31, 2025

(from April 1, 2024 to June 30, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales

Operating profit

Ordinary profit

First three months ended Millions of yen% Millions of yen% Millions of yen
June 30, 2024
37,539(4.4)
342(83.3)
1,459
June 30, 2023
39,281(1.1)
2,055(54.1)
2,825(Note)
Comprehensive income
For the first three months ended June 30, 2024: ¥ 7,311 million [(54.4 %)]For the first three months ended June 30, 2023: ¥ 16,024 million [20.8 %]First three months ended
June 30, 2024
June 30, 2023

Basic earnings
per share

Diluted earnings
per share

Yen
2.92
15.36

Yen
―
―

% Millions of yen(48.4)
297(55.1)
1,794(2) Consolidated financial position
Total assets
As ofJune 30, 2024
March 31, 2024

Millions of yen
339,337
337,546(Reference) Equity
As of June 30, 2024 : ¥ 235,244 million
As of March 31, 2024: ¥ 236,963 million

Net assets
Millions of yen
235,253
236,975

Profit attributable toowners of parent

Equity ratio
%
69.3
70.2

%
(83.4)(53.5)

2. Cash dividends
Annual dividends
First quarter-end Second quarter-end Third quarter-end
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
Fiscal year ending
March 31, 2025
(Forecast)Fiscal year-end

Total

Yen

Yen

Yen

Yen

Yen

―

―

―

50.00

50.00

―

―

70.00

70.00

―

(Note) Revisions to the forecasts of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025

(from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2025

Operating profit

Millions of yen%

175,000(2.5)

Millions of yen

Profit attributable toowners of parent

Ordinary profit%

5,000 (61.5)

Millions of yen%

Millions of yen

6,500 (59.6)%

Yen

4,500 (58.3)

46.79(Note) Revisions to the consolidated earnings forecasts most recently announced: None
* Notes(1) Significant changes in the scope of consolidation during the period: 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
(Note) For details, see page 10 of the attached document, “(3) Notes to Quarterly Consolidated Financial
Statements (Notes on Changes in Accounting Policies)”.
(4) Number of issued shares (common stock)a. Total number of issued shares at the end of the period (including treasury stock)
As of June 30, 2024

107,500,000 shares

As of March 31, 2024

107,500,000 sharesb. Number of shares of treasury stock at the end of the period
As of June 30, 2024

6,958,879 shares

As of March 31, 2024

5,072,501 sharesc. Average number of shares during the period
As of June 30, 2024

Basic earnings
per share

101,845,021 shares

As of June 30, 2023
116,841,430 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.

* Review procedures by certified public accountants or audit firm on the attached Quarterly Consolidated Financial
Statements: None
* Notes on the proper use of earnings forecasts and other special matters(Caution Regarding Forward-Looking Statements)
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 5 of the appended materials regarding earnings forecasts.
(How to obtain Financial Presentation)
The financial results presentation for securities analysts and institutional investors is planned on August 5, 2024.
The Financial Presentation will be posted on the website of USHIO INC. on August 5, 2024.

[Attached document]
Contents
1.

Overview of Financial Results for the Period ............................................................................................. 2(1) Overview of Business Performance ................................................................................................................. 2(2) Overview of Financial Position ........................................................................................................................ 5(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking statements ............................... 5
2. Quarterly Consolidated Financial Statements and Notes ......................................................................... 6(1) Quarterly Consolidated Balance Sheets ........................................................................................................... 6(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
Income.............................................................................................................................................................. 8(Quarterly Consolidated Statements of Income (cumulative)).......................................................................... 8(Quarterly Consolidated Statements of Comprehensive Income (cumulative)) ................................................ 9(3) Notes to Quarterly Consolidated Financial Statements .................................................................................. 10(Notes on Changes in Acounting Policies) ..................................................................................................... 10(Notes on Segment Information) .....................................................................................................................11(Notes on Significant Changes in the Amount of Shareholders’ Equity) ....................................................... 12(Notes on Premise of Going Concern)............................................................................................................ 12(Notes to Quarterly Consolidated Statements of Cash Flows)........................................................................ 12

1

1. Overview of Financial Results for the Period(1) Overview of Business Performance
The global economic outlook remained uncertain in the first quarter of the fiscal year ending March 31,
2025. This was despite a gradual recovery and reflected such ongoing geopolitical risks as the conflict in
Ukraine and a prolonged slowdown in Chinese economic growth.
It was under those circumstances that the semiconductor, electronic devices, and printed circuit board
markets experienced signs of a turnaround in end-use demand for PCs and smartphones worldwide. While
operations picked up, a recovery in related capital investments was slow, with such spending remaining
restrained. In the server market, despite a new surge in demand for servers driven by generative AI,
investment in existing data center servers remains constrained. In the flat panel display market, LCD
panel manufacturers continued to adjust operations in response to lackluster demand. In the visual
imaging market, movie shortages owing to Hollywood strikes and other factors slowed cinema
operations, temporarily shrinking investment appetites. The general imaging market conditions remained
firm amid a rising need for advanced video production for events and other activities.
The average exchange rate during the term was ¥155 to the dollar, down ¥19 from a year earlier.
Consolidated net sales decreased 4.4% year on year, to ¥37,539 million. Operating profit fell 83.3%, to¥342 million. Ordinary profit was down 48.4%, to ¥1,459 million. Profit attributable to owners of parent
dropped 83.4%, to ¥297 million.
Segment results were as follows.
Industrial Processes Business
UV Lamps
Sales were sluggish for LCD panel offerings owing to ongoing production adjustments among LCD panel
manufacturers. On the upside, sales for semiconductors and electronic devices rose on steady operationsof installed equipment following a recovery trend in final demand for PCs, smartphones, and otherproducts. Sales of UV lamps thus increased, with currency effects from the depreciation of the yen also
contributing.
OA Lamps
Sales of OA lamps increased owing to the end of inventory adjustments among set manufacturers andsteady demand.
Optical Equipment Lamps
Sales of optical equipment lamps were down despite the lower yen, as demand remained sluggish for lightsources, primarily for LCD panels, as a result of ongoing production adjustments by LCD panel
manufacturers.
Optical Equipment (Lithography Equipment)
Despite rising demand for new servers, mainly because of generative AI, constraints and postponementsof capital investment are ongoing due to weak demand for existing data center servers and for such end
products as PCs. Thus, Sales of steppers and direct imaging lithography equipment declined.
Optical Equipment (Others)
Sales decreased owing to a downturn in maintenance services revenues from EUV light sources for EUV
2lithography mask inspection that resulted from lower operations.
With sales down, the Company increased forward development investments necessary for future growth,
mainly in the Optical Equipment (Lithography Equipment) segment, which lowered earnings.
Industrial Processes business sales therefore declined 10.8%, to ¥15,583 million. Operating profit
dropped 53.3%, to ¥1,050 million.
Visual Imaging Business
Projector Lamps
Sales of xenon lamps for cinema projectors were down owing to a decline in cinema operations that
stemmed largely from movie shortages as a result of Hollywood strikes. Sales of lamps for generalimaging projectors declined because of a shift to solid-state light sources. Sales of projector lamps thus
fell.
Imaging Equipment (Cinema Projectors)
Sales of digital cinema projectors decreased because of a temporary decline in investment appetites
caused by movie shortages stemming from Hollywood strikes and other factors.
Imaging Equipment (General Imaging Projectors)
Sales of general imaging projectors increased because demand remained robust for advanced video
production, particularly for events. The currency effects from the depreciation of the yen also contributed
to higher sales.
In addition to the decline in sales, profit margins declined owing to inventory write-downs related tomaintenance service parts and an increase in selling, general and administrative expenses due to higher
labor costs and the currency impact of the depreciation of the yen. Earnings thus declined.
Visual Imaging business sales therefore declined 0.4%, to ¥17,578 million. There was an operating loss of¥474 million, compared with an operating profit of ¥624 million in the previous corresponding period.
Life Sciences Business
Higher sales of sodium lamps boosted revenues. The sale of these lamps helped to increase overall profit
margins, as the Company had already recorded their inventory write-downs in the past, which lifted
earnings.
Life Sciences business sales therefore increased 11.2%, to ¥1,544 million. There was an operating loss of¥171 million, compared with an operating loss of ¥454 million in the previous corresponding period.
Photonics Solutions Business
Sales increased driven primarily by higher sales in semiconductor market-related areas. With sales up, theCompany boosted earnings from constraining investments.
Photonics Solutions business sales thus increased 1.9%, to ¥2,550 million. There was an operating loss of¥59 million, compared with an operating loss of ¥323 million in the previous corresponding period.
OthersSales of power supply increased on recovery in capacity utilization at customer production lines.
3

Others sales thus increased 3.7%, to ¥293 million. There was an operating profit of ¥3 million, comparedwith an operating loss of ¥64 million in the previous corresponding period.

4

(2) Overview of Financial Position
AssetsTotal assets at the end of the first quarter were ¥339,337 million yen, up ¥1,791 million from a year earlier. This riselargely reflected higher inventories from postponed sales of some optical equipment. Another key factor was anincrease in property, plant and equipment from investments to develop next-generation lithography equipment foradvanced semiconductor packaging. Partly offsetting this rise was a decrease in cash and deposits, owing primarily to
dividend and tax payments and share repurchases.
Liabilities
Total liabilities rose ¥3,513 million, to ¥104,084 million. Principal factors in this increase were higher long-term debt
to cover such temporary capital needs as dividend payments and share repurchases and a rise in contract liabilities
associated with sales of optical equipment and other products.
Net Assets
Net assets decreased ¥1,721 million, to ¥235,253 million. This stemmed mainly from lower retained earnings as aresult of dividend payments and a rise in treasury shares through acquisition. The decline offset an increase in foreign
currency translation adjustments because of the yen’s depreciation toward the end of the term.

(3) Explanation of Consolidated Earnings Forecasts and Other Forward-looking
statements
Management has retained the full-year consolidated earnings forecasts announced on May 14 for the fiscal year
ending March 31, 2025. It based these forecasts on information currently available to the Company and certain
assumptions that it deems reasonable.

52. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2024
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

6

As of June 30, 2024

65,651

61,88439,75337,0384,120
37,03825,03029,982
11,607△1,683
211,501

1,790
36,41028,14732,05011,048△1,749206,620

52,543△34,143
18,40027,049△22,981
4,067
9,062
5,022
△1,3653,657
2,106
35,849△27,288
8,560
45,85453,589△35,110
18,47828,410△23,791
4,618
9,227
5,353
△1,713
3,639
6,609
35,648△27,073
8,574
51,148

780
7,816
8,596

793
8,228
9,022

54,30528
4,211
10,6822,502△136
71,593126,045
337,546

54,85033
4,465
10,7172,618△139
72,546
132,717339,337(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
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

7

As of June 30, 2024

21,648
2,455
940
4,362
11,294
2,616

20,225
2,587
967
2,133
14,579
1,485

77

88

4,068
11,78859,252

4,145
12,32158,534

26,4103,046
6,706

30,410
3,019
6,955

159

179

298

294

3,654
326
717
41,318100,571

3,744
329
616
45,550104,084

19,556
27,767140,163△9,155
178,331

19,556
27,767
135,315△13,044
169,595

20,146

20,04935,004
3,481

42,226
3,372

58,63265,648

11
236,975
337,5469
235,253
339,337

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated
Statements of Comprehensive Income(Quarterly Consolidated Statements of Income (cumulative))(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodOther
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
Impairment losses
Loss on valuation of investment securities
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

8

Three months ended
June 30, 2024

39,281
24,792
14,48812,433
2,055

37,53923,574
13,965
13,622
342

339
542
－
69
950

344
448
316
125
1,235

64
46

63
－

30

34

39
180
2,825

20
118
1,459

7
300
308

8
－
8

24
0
－
11
36
3,097
811
493
1,305
1,792
△2
1,794

35
0
47
－
82
1,384
909
179
1,089
294
△2
297

(Quarterly Consolidated Statements of Comprehensive Income (cumulative))(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
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

9

Three months ended
June 30, 2024

1,792

294

4,844

△96

9,306

7,197

41

△108

39

24

14,231
16,024

7,017
7,311

16,026

7,314

△2

△2

(3) Notes to Quarterly Consolidated Financial Statements(Notes on Changes in Accounting Policies)(Application of Accounting Standard for Current Income Taxes)
Ushio adopted the Revised Application of Accounting Standard for Current Income Taxes (ASBJ Statement No. 27,
October 28, 2022, “the 2022 Revised Accounting Standard”) from the first quarter of the fiscal year ending March 31,
2025. With regard to a revision relating to the classification of income taxes (taxation on other comprehensive
income), the Company adopted the transitional measures stipulated in the proviso of Paragraph 20-3 of the 2022
Revised Accounting Standard. It also adopted the transitional measures stipulated in the proviso of Paragraph 65-2(2)of the Guidance on Accounting Standards for Tax Effect Accounting (ASBJ Guidance No. 28, October 28, 2022, “the2022 Revised Application Guidance”). This accounting policy change had no impact on the quarterly consolidated
financial statements under review.
Also, the Company adopted the 2022 Revised Application Guidance from the start of the first quarter regarding theamendments related to reviews in accounting in the consolidated financial statements for gains and losses on sales ofsubsidiary shares, and other transactions between consolidated companies when applying tax deferrals. The Company
retroactively applied the change in accounting policy to the consolidated financial statements for the previous
corresponding quarter and previous fiscal year. This accounting policy change had no impact on the quarterly
consolidated financial statements of the previous corresponding quarter and previous fiscal year.

10(Notes on Segment Information)【Segment Information】
I.

First three months of the fiscal year ended March 31, 2024 (from April 1, 2023 to June 30, 2023)
Information concerning net sales and profit/loss by reportable segment(Millions of yen)

Reportable Segment
Others(Note 1)

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

Total

Industrial
Processes

VisualImaging

Life
Sciences

Photonics
Solutions

17,465

17,642

1,387

2,504

38,999281

39,281－

39,281

10

3

1

－

15

1

17

(17)

－

Total

17,475

17,645

1,389

2,504

39,015283

39,298(17)39,281

Segment profit (loss)

2,247

624

(454)

(323)

2,094

(64)

2,030

25

2,055

Total

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment(Notes) 1. “Others” represents business segments that are not included in other reportable segments and otherrevenue-generating business activities.
2. Total adjustment of ¥25 million for segment profit (loss) includes ¥8 million in eliminations of intersegment transactions.
3. Segment profit (loss) is adjusted with operating profit in the quarterly consolidated statements ofincome.
II.

First three months of the fiscal year ending March 31, 2025 (from April 1, 2024 to June 30, 2024)
Information concerning net sales and profit/loss by reportable segment(Millions of yen)

Reportable Segment
Others(Note 1)

Total

Adjustment(Note 2)

Amount on
consolidated
financialstatements(Note 3)

Industrial
Processes

VisualImaging

Life
Sciences

Photonics
Solutions

15,581

17,575

1,544

2,550

37,252287

37,539－37,539

2

2

0

－

5

6

11

(11)

－

Total

15,583

17,578

1,544

2,550

37,258293

37,551(11)

37,539Segment profit (loss)

1,050

(474)

(171)

(59)

344

3

348

(5)

342

Total

Sales
Sales to outside
customers
Inter-segment sales
or transfer
among segment(Notes) 1. “Others” represents business segments that are not included in other reportable segments and otherrevenue-generating business activities.
2. Total adjustment of ¥(5) million for segment profit (loss) includes ¥10 million in eliminations ofinter-segment transactions and ¥(20) million in corporate expenses. The latter expenses are primarily
general and administrative expenses that are not included in reportable segments or other revenuegenerating business activities.
3. Segment profit (loss) is adjusted with operating profit in the quarterly consolidated statements ofincome.

11

(Notes on Significant Changes in the Amount of Shareholders’ Equity)
Not applicable.
(Notes on Premise of Going Concern)
Not applicable.
(Notes to Quarterly Consolidated Statements of Cash Flows)
The Company has not prepared quarterly consolidated statements of cash flows for period under review. Depreciation(including depreciation related to intangible assets except goodwill) and amortization of goodwill for the first quarterof this fiscal year were as follows.
First three months of the fiscal year ended First three months of the fiscal year ending
March 31, 2024
March 31, 2025
(from April 1, 2023 to June 30, 2023)(from April 1, 2024 to June 30, 2024)
Depreciation
Amortization of Goodwill

1,858 Millions of yen
45

12

1,813 Millions of yen
30