Ushio Inc. · TSE:6925
Ushio — Q3 FY2022 Earnings Presentation
32 slides from Ushio's earnings presentation, Feb 8, 2023
Slide 1: Ushio Q3 FY2022 financial results introduction
My name is Takabumi Asahi, Director, Managing Executive Officer, Chief Financial Officer, and General Manager of Corporate Headquarters, of Ushio Inc. We would like to explain the details of our financial results for Q3 of the fiscal year ending March 31, 2023, based on the financial materials discl
Slide 2: Key points for today
The two things I would like to share with you today are as follows. For the nine months ended December 31, 2022, the Company continued to increase both revenues and profits compared to the same period of the previous year. However, we have revised downward our full year earnings forecast for FY2022
Slide 3: Agenda
Agenda USHIO I. Financial Results for Q3 FY2022
Slide 4: Summary of Q3 results
As a summary of Q3 results, net sales increased 17% to JPY128.3 billion. This was due to the depreciation of the yen, an increase in sales of Optical Equipment Business as the market for semiconductor package substrates expanded, and an increase in sales of Imaging Equipment Business as the market r
Slide 5: Summary of Financial Results
Summary of Financial Results USHIO YoY Comparison Q3 FY2021 Q3 FY2022 P (Billions of yen) Changes Percentage changes Net Sales 109.7 128.3 +18.6 +17.0% Operating Profit 10.8 13.5 42.7 +25.2% Operating Margin 9.9% 10.5% +0.7P - Ordinary Profit 12:5 18.0 +5.4 +43.6% Profit Attributable to Owners of Pa
Slide 6: Operating profit change analysis
Operating profit increased by JPY2.7 billion, firstly due to a JPY2 billion increase from the weaker yen. As for Light Source Business, the increase in sales of UV lamps and the impact of the inventory write-down of sodium lamps recorded in Q2 resulted in a decrease in gross profit, excluding foreig
Slide 7: Segment sales and operating profit overview
Segment sales increased in all segments, but operating profit decreased in Imaging Equipment Business. The contents of each segment will be explained later in this section. Then please see slide page 8. 7
Slide 8: Latest business environment
The latest business environment will be explained. The shortage of semiconductors and other components continues to have an impact on some Imaging and Optical Equipment Businesses, and the soaring procurement costs of materials, energy prices, logistics costs, and other factors are beginning to affe
Slide 9: Light Source Business results
The Light Source Business posted increases in both sales and income. Net sales increased 10% to JPY47.5 billion, and operating profit rose 3.6% to JPY7.2 billion. Sales of cinema, data projector, and office automation lamps increased from the same period of the previous year, when they were affected
Slide 10: Optical and Imaging Equipment results
In Optical Equipment Business, net sales increased 17.9% to JPY41.6 billion and operating profit rose 78.4% to JPY6.2 billion. Sales of each lithography equipment included in UV equipment increased due to the expansion of demand for semiconductor packaging. Sales of light sources for EUV mask inspec
Slide 11: Full-Year Forecast for FY2022
USHIO II. Full-Year Forecast for FY2022 11
Slide 12: Revision of full-year forecast
In light of changes in the market environment, we have made the decision to revise our full year forecast for operating profit and below downward as we expect H2 performance to be lower than expected. In addition to the revision of operating profit, we have revised the figures for ordinary profit an
Slide 13: Forecast revisions by segment
First, we have revised downward our full year forecasts for Light Source Business and Imaging Equipment Business. The Light Source Business is expected to be lower than expected in H2 of the fiscal year due to a drop in sales of UV lamps caused by the deteriorating semiconductor market and a delayed
Slide 14: Q4 outlook by segment
First, Q4 of the light source is expected to be very challenging. In particular, sales of UV lamps are expected to be sluggish in Q4 due to excessive distribution inventories affected by temporary production adjustments in LCDs and semiconductors. Lamps for office automation and data projectors were
Slide 15: Light source demand outlook
As explained earlier, demand for UV lamps remains sluggish for both semiconductors and LCDs, but we expect growth over the medium to long term. Although we are currently scrutinizing the next fiscal year, we believe that the low level in H2 of the current fiscal year will continue for some time and
Slide 16: Optical equipment outlook
Orders and inquiries for Large Field Stepper for Cutting-Edge IC Package Substrates remained strong. However, the recent deterioration in the semiconductor market has raised the possibility that sales estimates for the next fiscal year and beyond may be pushed back. Currently, there are no major cha
Slide 17: Dividends and share buyback
Despite the downward revision of the full year earnings forecast, the dividend per share for FY2022 is expected to be JPY50 per share, as planned, based on the stable dividend policy. With regard to share buybacks, the JPY5 billion buyback announced at the beginning of this fiscal year was completed
Slide 18: Supplementary Information
USHIO III. Supplementary Information 18
Slide 19: EUV Light Source for Mask Inspection
EUV Light Source for Mask Inspection EUV light source for next- Mask Inspection equipment generation semiconductor R manvfacturer/ : mass-production process esearc! tit ee lopmen' Development, Production, Sales institution Next-generation semiconductor mass-production needs with EUV lithography tech
Slide 20: Sales Expansion of Exposure Equipment for Cutting-edge IC Package Substrates
Sales Expansion of Exposure Equipment for Cutting-edge IC Package Substrates USHIO Cutting-edge & Next generation USHIO package demand expansion With IoT evolution, demand increased for servers for data centers processing high capacity and high speed data processing Large Field Stepper (UX-5) Packag
Slide 21: Direct Imaging (DI) Lithography Equipment
Direct Imaging (DI) Lithography Equipment USHIO iy ADTEC Print-wired board demand increasing 4) ENGINEERING as application innovation Direct Imaging Lithograph Equipment Development - Production - Sales Print-wired board Package substrate manufacturer Ushio Strength As 5G progressed Innovation of ea
Slide 22: Care222 as Disinfection and Virus Inactivation Solution
Care222 as Disinfection and Virus Inactivation Solution Care222®: Disinfection and Care /f Virus Inactivation Solution msi) Our Goal : Safe and reassured environment, which prevents from Pandemics Towards the needs for space and surface disinfection and virus inactivation under occupied space (provi
Slide 23: Reference: Quarterly Results Summary
Reference: Quarterly Results Summary USHIO (Billions of yen) Net Sales Operating Profit Operating Margin Ordinary Profit Profit Attributable to Owners of Parent EPS (yen) Forex rate (yen) EUR Qi 34.9 2.9 7.4% 3.3 3.3 28.02 110 132 FY2021 Q2 Q3 36.6] 38.1 3.9 4.2 10.9% | 11.1% 4.3 4.8 3a 3.6 25.94 |
Slide 24: Reference: Quarterly Business Segments Summary
Reference: Quarterly Business Segments Summary Light Source Optical Equipment FY2021 YoY comparison a @ | 8 | Qa gr gq | Qs Changes Change Net Sales 13.6 14.3 15.2 145 16.0 16.4] 15.0 (0.1) (1.1)% Operating Profit 1.9 2.5 2.4 de2 3.1 2.0 2 (0.3) (14.4)% operating Margin 14.3% 17.8% | 16.3% | 8.8% 19
Slide 25: Reference: Sales Ratio by Region
Reference: Sales Ratio by Region 3 FY2024 North America Soo? 17.5% billion yen Q3 FY2022 North America jet Sales 128.3 25.9% billion yen Copyright © 2023 Ushio Inc ll rights reserved 25 25
Slide 26: Reference: R&D Expenses/Capital Expenditures and Depreciation
Reference: R&D Expenses/Capital Expenditures and Depreciation USHIO l@l™ R&D Expenses (Billions of yen) @™ Capital Expenditures (Billions of yen) —— R&D Expenses to net sales (%) Depreciation (Billions of yen) 8.5 10.0 7.6 0) 7.5 10.6 5.6 FY17 FY18 FY19 FY20 Fy21 FY22 Fyi7 Fyis Fy19 FY20 Fy2i Fy22 P
Slide 27: Reference: Balance Sheets
Reference: Balance Sheets USHIO Assets Changes Liabilities /Total Net Equity ,...,.. (Billion of yen) (Billions of yen) 321.0 317.7 -3.3 321.0 317.7 -3.3 45.5 Notes and accounts gag 0 Zit Cash and deposits 21.1 26.6 72. POY 88.6 . 713.8 Other current liabilities +0.4 Securities +1.1 Long-term liabil
Slide 28: Reference: Cash Flows
Reference: Cash Flows USHIO (Billions of yen) 25.0 19.8 21.6 -20.3 HE Operating gy Sates Investment gy Financial @ Free Profit cash flow = cash flow = cash flow cash flow Copyright ©2023 Ushio Inc. AllRightsReserved 28 28
Slide 29: Business Segments and Main Products
Business Segments and Main Products Business segments Main products Product examples Light Source Discharge lamps Halogen lamps Solid state light sources i Ay : j 1 i / <P SS e& e, UV lamps Cinema Data projector OA lamps fight sources Care222 related lamps lamps (LD/LED) products Optical Equipment L
Slide 30: Renewed IR Website / IR Mail Distribution Feature
Renewed IR Website/ IR Mail Distribution Feature USHIO > Our official website "Investor Relations Information" has been renewed. We have reorganized the contents to make it more accessible and to let you know about Ushio's present to future. > We added new feature “IR E-mail distribution” to send ou
Slide 31: Glossary
Glossary AL Artificial Intelligence APMI Actinic Patterned Mask Defect Inspection BGA Ball Grid Array CoO Cost of Ownership CPU Central Processing Unite DCP Digital Cinema Projector DI Direct Imaging EUV Extreme Ultraviolet Radiation FPD Flat Panel Display GPU Graphic Processing Unit IoT Internet of
Slide 32: Contact
23/2/8 OfFOS Contact: Investor Relations Section Corporate Communication Department Ushio Inc. Email: ir@ushio.co.jp https://www.ushio.co.jp/en/ Copyright © 2025 Ushio nc. AllRightsReserved 32 32