Translation

February 3, 2022

Consolidated Financial Results

for the First Nine 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: +81-3-5657-1000 (from overseas)

Scheduled date to file Quarterly Securities Report:

February 14, 2022

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 nine months of the fiscal year ending March 31, 2022 (from April 1, 2021 to December 31, 2021)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Net sales

Operating income

Ordinary income

Profit attributable to

owners of parent

First nine months ended

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

December 31, 2021

109,714

33.1

10,807

―

12,562

641.5

10,187

―

December 31, 2020

82,431

(31.3)

(409)

―

1,694

(79.9)

(1,047)

―

(Note)

Comprehensive income

For the first nine months ended December 31, 2021: ¥

17,135 million [829.1%]

For the first nine months ended December 31, 2020: ¥

1,844 million [(79.8%)]

Net income per share

Diluted net

income per share

First nine months ended

Yen

Yen

December 31, 2021

84.48

-

December 31, 2020

(8.69)

-

  1. Consolidated financial position

Total assets

Net assets

Equity ratio

As of

Millions of yen

Millions of yen

%

December 31, 2021

304,744

225,150

73.9

March 31, 2021

290,275

211,180

72.7

(Reference) Equity

As of December 31, 2021:

¥ 225,071 million

As of March 31, 2021 :

¥ 211,102 million

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

March 31, 2022

50.00

50.00

(Forecast)

(Note)

Revisions to the forecasts of cash dividends most recently announced: Yes

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

12,500

―

14,000

310.9

11,000

―

91.22

March 31, 2022

(Note) Revisions to the consolidated earnings forecasts most recently announced: Yes

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the 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 shares)
  1. Total number of issued shares at the end of the period (including treasury shares)

As of December 31, 2021

127,000,000 shares

As of March 31, 2021

127,000,000 shares

b. Number of shares of treasury shares at the end of the period

As of December 31, 2021

6,409,173 shares

As of March 31, 2021

6,424,307 shares

c. Average number of outstanding shares during the period

As of December 31, 2021

120,585,588 shares

As of December 31, 2020

120,543,965 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 February 3rd, 2022.

Consolidated Financial Statements

(1) Consolidated Balance Sheets

(Millions of yen)

As of March 31, 2021

As of December 31, 2021

Assets

Current assets

Cash and deposits

73,670

83,513

Notes and accounts receivable - trade

34,024

－

Notes and accounts receivable - trade, and

－

33,013

contract assets

Securities

2,915

4,979

Merchandise and finished goods

22,885

24,437

Work in process

17,884

20,006

Raw materials and supplies

17,110

17,754

Other

10,585

9,212

Allowance for doubtful accounts

△2,716

△2,465

Total current assets

176,359

190,451

Non-current assets

Property, plant and equipment

Buildings and structures

44,919

45,629

Accumulated depreciation

△27,943

△29,126

Buildings and structures, net

16,975

16,502

Machinery, equipment and vehicles

26,314

26,468

Accumulated depreciation

△19,006

△19,603

Machinery, equipment and vehicles, net

7,307

6,865

Land

8,650

8,492

Construction in progress

2,268

3,100

Other

38,114

39,937

Accumulated depreciation

△28,494

△30,492

Other, net

9,620

9,444

Total property, plant and equipment

44,822

44,404

Intangible assets

Goodwill

335

271

Other

3,075

2,727

Total intangible assets

3,411

2,999

Investments and other assets

Investment securities

56,364

57,768

Long-term loans receivable

517

21

Deferred tax assets

1,994

2,286

Retirement benefit asset

5,391

5,474

Other

1,950

1,891

Allowance for doubtful accounts

△535

△552

Total investments and other assets

65,682

66,889

Total non-current assets

113,915

114,293

Total assets

290,275

304,744

- 1 -

(Millions of yen)

As of March 31, 2021

As of December 31, 2021

Liabilities

Current liabilities

Notes and accounts payable - trade

16,356

21,239

Short-term borrowings

6,058

2,474

Current portion of long-term borrowings

3,520

15,552

Income taxes payable

1,056

2,245

Provision for bonuses

2,021

1,223

Provision for product warranties

2,355

2,379

Provision for loss on order received

0

－

Other

16,639

17,678

Total current liabilities

48,007

62,794

Non-current liabilities

Long-term borrowings

15,056

－

Deferred tax liabilities

7,005

8,043

Provision for retirement benefits for directors

286

255

(and other officers)

Provision for share awards for directors (and

87

112

other officers)

Retirement benefit liability

4,098

4,250

Asset retirement obligations

272

289

Other

4,280

3,849

Total non-current liabilities

31,087

16,800

Total liabilities

79,094

79,594

Net assets

Shareholders' equity

Share capital

19,556

19,556

Capital surplus

27,727

27,727

Retained earnings

152,448

159,458

Treasury shares

△9,055

△9,031

Total shareholders' equity

190,676

197,711

Accumulated other comprehensive income

Valuation difference

on

available-for-sale

18,280

20,782

securities

Deferred gains or losses on hedges

△3

－

Foreign currency translation adjustment

3,582

7,489

Remeasurements of defined benefit plans

△1,433

△911

Total accumulated

other

comprehensive

20,426

27,360

income

Non-controlling interests

77

78

Total net assets

211,180

225,150

Total liabilities and net assets

290,275

304,744

- 2 -

Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Consolidated Statements of Income)

(Millions of yen)

Nine months ended

Nine months ended

December 31, 2020

December 31, 2021

Net sales

82,431

109,714

Cost of sales

53,994

69,099

Gross profit

28,436

40,615

Selling, general and administrative expenses

28,845

29,807

Operating profit (loss)

△409

10,807

Non-operating income

Interest income

790

471

Dividend income

882

913

Foreign exchange gains

－

82

Realized and unrealized profit on trading

60

119

securities,net

Gain on investments in investment partnerships

167

－

Gain on specified money in trust

239

－

Subsidies for employment adjustment

1,178

434

Other

358

298

Total non-operating income

3,676

2,320

Non-operating expenses

Interest expenses

350

244

Foreign exchange losses

1,024

－

Share of loss of entities accounted for using equity

63

76

method

Settlement package

－

119

Other

134

123

Total non-operating expenses

Ordinary profit

Extraordinary income

Gain on sale of non-current assets Gain on sale of investment securities

Total extraordinary income

1,572

565

1,694

12,562

9

1,142

277

17

286

1,160

Extraordinary losses

Loss on retirement of non-current assets

68

49

Loss on sale of non-current assets

27

11

Impairment losses

93

91

Loss on valuation of investment securities

81

1

Loss on sale of investment securities

32

15

Business restructuring expenses

943

118

Loss on temporary closure

1,109

151

Total extraordinary losses

2,355

438

Profit (loss) before income taxes

△374

13,284

Income taxes - current

620

3,353

Income taxes - deferred

62

△268

Total income taxes

683

3,085

Profit (loss)

△1,058

10,199

Profit (loss) attributable to non-controlling interests

△10

11

Profit (loss) attributable to owners of parent

△1,047

10,187

- 3 -

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Ushio Inc. published this content on 03 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2022 06:58:05 UTC.