Ushio : Consolidated Financial Results for the First Three Months of the Fiscal Year Ending March 31, 2022

Translation

August 3, 2021

Consolidated Financial Results

for the First Three Months of the Fiscal Year Ending March 31, 2022

Company name:	USHIO INC.
Listing:	First Section of the Tokyo Stock Exchange
Stock code:	6925
URL:	https://www.ushio.co.jp/en/
Representative:	Koji Naito, President and Chief Executive Officer
Inquiries:	Hideaki Takizawa, General Manager, Accounting & Finance Department
	TEL: [phone] (from overseas)

Scheduled date to file Securities Report:	August 6, 2021
Scheduled date to commence dividend payments:	－
Preparation of supplementary material on earnings:	Yes
Holding of earnings performance review:	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, 2022

(from April 1, 2021 to June 30, 2021)

(1) Consolidated operating results

(Percentages indicate year-on-year changes.)

Net sales

Operating income

Ordinary income

Net income

First three months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

June 30, 2021

34,981

47.7

2,574

―

3,308

915.1

3,378

―

June 30, 2020

23,686 (39.1)

(742)

―

325

(89.1)

(1,055)

―

(Note)

Comprehensive

income

For the first three months ended June 30, 2021: ¥

5,812 million [319.4%]

For the first three months ended June 30, 2020: ¥

1,385 million [―%]

Net income per

Diluted net

share

income per share

First three months ended

Yen

Yen

June 30, 2021

28.02

―

June 30, 2020

(8.76)

―

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

As of

Millions of yen

Millions of yen

%

June 30, 2021

293,355

213,825

72.9

March 31, 2021

290,275

211,180

72.7

(Reference)

Equity

As of June 30, 2021 : ¥ 213,748 million

As of March 31, 2021: ¥ 211,102 million

As of June 30, 2021

As of March 31, 2021

b. Number of shares of treasury stock at the end of the period As of June 30, 2021

As of March 31, 2021

c. Average number of shares during the period As of June 30, 2021

As of June 30, 2020

2. Cash dividends

				Annual dividends
		First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
		Yen	Yen	Yen	Yen	Yen
Fiscal year ended	―	―	―	26.00	26.00
March 31, 2021
Fiscal year ending	―
March 31, 2022
Fiscal year ending		―	―	26.00	26.00
March 31, 2022
(Forecast)
(Note)	Revisions to the forecasts of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 to March 31, 2022)

(Percentages indicate year-on-year changes.)

	Net sales		Operating income	Ordinary income	Net income		Net income
			per share
	Millions of		Millions of		Millions of		Millions of
	yen	%	yen	%	yen	%	yen	%	Yen
Fiscal year ending	150,000	26.5	9,000	―	10,500	208.2	8,000	―	66.35
March 31, 2022
(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 a change in the scope of consolidation): 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

1. Changes in accounting policies due to revisions to accounting standards: Yes
2. Changes in accounting policies due to other reasons: None
3. Changes in accounting estimates: Yes
4. Restatements: None

1. Number of issued shares (common stock)

a. Total number of issued shares at the end of the period (including treasury stock)

127,000,000 shares

127,000,000 shares

6,419,391 shares

6,424,307 shares

120,576,880 shares

120,521,947 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.

• 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 August 3, 2021.

Consolidated Financial Statements

(1) Consolidated Balance Sheets

											(Millions of yen)
					As of March 31, 2021				As of June 30, 2021
	Assets
	Current assets
	Cash and deposits					73,670				78,543
	Notes and accounts receivable - trade					34,024						－
	Notes and accounts receivable - trade, and							－				31,758
	contract assets
	Securities						2,915					2,707
	Merchandise and finished goods					22,885				22,658
	Work in process					17,884				18,205
	Raw materials and supplies					17,110				16,597
	Other					10,585				11,635
	Allowance for doubtful accounts				△	2,716			△	2,743
	Total current assets	176,359		179,364
	Non-current assets
	Property, plant and equipment
	Buildings and structures					44,919				44,967
	Accumulated depreciation					27,943				28,204
					△16,975			△16,763
	Buildings and structures, net
	Machinery, equipment and vehicles				△	26,314			△	26,448
	Accumulated depreciation				19,006			19,355
	Machinery, equipment and vehicles, net					7,307				7,093
	Land						8,650					8,437
	Construction in progress						2,268					2,367
	Other					38,114				38,647
	Accumulated depreciation				△	28,494			△	29,177
	Other, net					9,620				9,470
	Total property, plant and equipment					44,822				44,131
	Intangible assets
	Goodwill							335						285
	Other						3,075					2,914
	Total intangible assets						3,411					3,199
	Investments and other assets
	Investment securities					56,364				57,498
	Long-term loans receivable							517						29
	Deferred tax assets						1,994					2,326
	Retirement benefit asset						5,391					5,388
	Other						1,950					1,951
	Allowance for doubtful accounts							535						535
	Total investments and other assets					65,682				66,659
					△					△
	Total non-current assets				113,915			113,990
	Total assets		290,275		293,355

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						(Millions of yen)
			As of March 31, 2021		As of June 30, 2021
	Liabilities
	Current liabilities
	Notes and accounts payable - trade	16,356		16,922
	Short-term borrowings	6,058		5,739
	Current portion of long-term borrowings		3,520			3,450
	Income taxes payable	1,056		928
	Provision for bonuses	2,021		989
	Provision for product warranties		2,355			2,393
	Provision for loss on order received	0			－

Other

Total current liabilities

Non-current liabilities

Long-term borrowings

Deferred tax liabilities

Provision for retirement benefits for directors (and other officers)

Provision for share awards for directors (and other officers)

Retirement benefit liability

Asset retirement obligations

Other

Total non-current liabilities

Total liabilities

Net assets

Shareholders' equity

Share capital

	16,639	17,165
	48,007			47,588
	15,056			15,045
	7,005	8,105
	286		294
	87	101
	4,098			4,212
	272	273
	4,280		3,907
	31,087	31,940
	79,094		79,529
	19,556	19,556

	Capital surplus	27,727	27,727
	Retained earnings		152,448		152,649
			△9,055		△9,047
	Treasury shares

Total shareholders' equity

Accumulated other comprehensive income Valuation difference on available-for-sale securities

Deferred gains or losses on hedges Foreign currency translation adjustment Remeasurements of defined benefit plans

190,676		190,886
18,280		19,863
△	3		△	1
3,582		4,258
△1,433		△1,258

Total accumulated other comprehensive income	20,426	22,862
Non-controlling interests	77	76
Total net assets	211,180	213,825
Total liabilities and net assets	290,275	293,355

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