Third Quarter FY2019 Financial Results USHIO INC. January 31, 2020 * All figures in the material have been rounded down to the nearest billion yen. * FY2019 starts from April 1 st , 2019 through March 31 st , 2020. This report contains forward-looking statements, including earnings forecasts, which are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Please be advised that actual results may differ substantially from those forward-looking statements due to various factors.
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Third Quarter FY2019 Financial Results...2020/01/31 · Third Quarter FY2019 Financial Results USHIO INC. January 31, 2020 * All figures in the material have been rounded down to
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Third Quarter FY2019
Financial Results
USHIO INC.
January 31, 2020
* All figures in the material have been rounded down to the nearest billion yen.
* FY2019 starts from April 1st, 2019 through March 31st, 2020.
This report contains forward-looking statements, including earnings forecasts, which are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Please be advised that actual results may differ substantially from those forward-looking statements due to various factors.
Decline in sales Light Source Business: Slowdown in related markets and decreasing lamp demand due to conversion to solid-state light sources Increase in sales Imaging Equipment: RGB projector sales increased
※FOREX(FY19_3Q):1US$=109 yen
親会社株主に帰属する
Net Sales:120.0 billion yen (▲2.3 billion yen YoY, ▲1.9%)
Operating Income:6.3 billion yen (▲0.5 billion yen YoY, ▲8.1%)
Profit Attributable to Owner of Parent:8.8 billion yen (+3.1 billion yen YoY, +55.4%)
Achievement Rate to Initial Plan 70.6%
Achievement Rate to Initial Plan 63.5%
Achievement Rate to Initial Plan 76.7%
Highlights of Financial Results for 3Q FY2019
Decline in profit Light Source Business: Profitability decrease Increase in profit Imaging Equipment: Increase in sales and profit resulted from structural reform
Extraordinary Income Sales gain of Investment Securities (FY19_3Q: 5.4 billion yen, FY18_3Q: 1.7 billion yen)
Capital investment and operation is slowing down in semiconductor, FPD and PCB-related markets
- Continuous investments in large-size LCD market in China, and new investment is shifting to OLED from LCD-related market
- LCD production slowed down due to oversupply of panels mainly in Korea
- Smartphone-related market slowed down due to lower sales
Equipment Business
UV Equipment
▲1.4 billion yen ▲10%
・Sales declined for photo-alignment equipment due to slowdown of capital investment for SAW filters ・Sales increased for COF due to expansion of narrow bezel frame displays
Cure Equipment
+1.9 billion yen +46%
・Sales increased for LCD-related equipment due to investment in large-size LCD panels in China
Light Source Business
UV Lamps
▲2.2 billion yen ▲20%
・Replacement demand declined due to LCD production adjustments mainly in Korea ・Unit price fell as panel price declined due to oversupply
9
Electronics Field
Note: Indicated value (income, %) represents YoY comparison.
Business Environment and Business Segment Overview
Cinema: Solid sales for RGB laser projectors General Imaging: Contributed by amusement park demand
Optical- equipment 40.0 24.7 61.8
Large Field Stepper for latest IC package: Sales Expansion DI exposure systems for printed circuit boards: Gradual increase due to 5G and other applications EUV light source for mask inspection: Sales Increasing
Illumination and others 2.0 2.0 103.7
Sub-total 101.0 72.7 72.1
Lig
ht S
ourc
es
Discharge- lamps 54.0 36.7 68.0 Lamps for cinema: Deteriorating market environment UV lamps: Demand improving but actual recovery of related markets will be after FY20
Halogen lamps 11.5 8.0 70.4 Lamps for OA: Demand slowdown in related markets but stable sales by environment-friendly lamps
Sub-total 65.5 44.8 68.4
Oth
ers
Machinery for industrial use and other
3.5 2.4 69.7
Total 170.0 120.0 70.6 Concern: Continuous slowdown of Chinese economy
13
Net Sales by Sub-Segment / FY2020 4Q Business Trend
Total number of shares purchased: 7.2 million shares
Retirement of treasury Shares Retirement of 6.6 million shares will be resolved
as of February 21st, 2020
(retain % of total number of issued share after retirement : 4.8%)
Shareholders Return
Dividend per share and payout ratio
FY2018 (Result) : 50 yen(56.3%)
FY2019 (Plan) : 50 yen(53.1%)
22 22 22
26 24 26 26 26
50 50
30.7
33.2
40.1
31.6
27.8
30.3
47.2
30.2
56.3 53.1
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
計画
Dividend (yen)
Payout ratio (%)
FY19
Plan
Ushio always recognized that profit return to shareholders is one the most important duties as a listed company. The basic policy is to return profits to shareholders in a stable and consistent manner. Ushio purchases own treasury shares, taking flexible approach. We retain our treasury shares of approximately 5% of the total number of issued shares at maximum and cancel the excess portion of the treasury shares in each year.
Shareholders Return Policy
Share Buyback As per notice concerning status of purchase of
EUV light source for next-generation semiconductor mass-production process Development, Production, Sales
Sale Maintenance
Next-generation semiconductor mass-production needs with EUV lithography technology evolution
Increase EUV light source needs for inspection and development
Expect to expand business opportunities of EUV light source for mask inspection
●Ushio Strength ●Ushio EUV Light Source Development History
2000 EUV light source development started 2001 Established EUVA* *Extreme Ultraviolet Lithography System Development Association
2013 Withdrew from Lithography related development 2016 Delivered EUV light source to TNO 2018 Delivered first EUV light source for inspection (for test purpose) 2019 Delivered and received first acceptance for mass production process
Long business experience in semiconductor industry
RGB laser projector lineup to adjust to various screen size
・Released Industry’s first-lightest & high quality RGB laser projector ・Added high luminance LaPH model
・Major order
・RGB ratio among all DCPs
FY19_3Q:about 40% (YoY: about 10%)
・Major order
Expo 2020 Dubai : 250 units etc.
・RGB + LaPH ratio among all projectors FY19_3Q:about 90% (YoY: about 50%)
FY18
・Fixed Cost Reduction by production transfer to China ・Divestitures of unprofitable businesses
FY19 (~3Q)
・Reorganize business bases ・Productivity improvement ・Control SGA level
・Production transfer to China Completed as planned ・Divestitures of unprofitable businesses Completed ・Consolidation and closure of business bases Completed