Medium-term Management Plan

Objectives for the Year Ending March 31, 2019

Net Sales 2016(Actual) ¥179.1 billion -> 2019(Plan) ¥230.0 billion +¥50.9 billion, growth rate +28%)

Operating Income 2016(Actual) ¥13.1 billion -> 2019(Plan) ¥20.0 billion (+¥6.9 billion, growth rate +53%)

Operating Income Ratio 2016(Actual) 7.3% -> 2019(Plan) 8.7％ +1.4 percentage points

ROE 2016(Actual) 5.2% -> 2019(Plan) Avobe 8%

Sales (by sub-segments) and Operating Income

Graph: Sales (by sub-segments) and Operating Income

Segments	Sub-Segments	March 2019 (Plan) (Billions of Yen)	For the Next 3 Years		CAGR
Segments	Sub-Segments	March 2019 (Plan) (Billions of Yen)	Amount of Increase (Billions of Yen)	Growth Rates	CAGR
Equipment Business	Imaging equipment	97.0	+26.7	38%	11%
	Optical equipment	35.0	+9.1	35%	11%
	Illumination and related facilities	3.0	+0.6	25%	8%
	Sub-total	135.0	+36.3	37%	11%
Light Sources Business	Discharge lamps (including solid state light sources)	79.0	+15.6	25%	8%
	Halogen lamps	13.0	-0.7	-5%	-2%
	Sub-total	92.0	+14.8	19%	6%
Others	Machinery for industrial use and other business	3.0	-0.1	-3%	-1%
Total		230.0	+50.9	28%	9%

Key Strategies under the Current Medium-term Management Plan

Maintain and Improve Earning Capability in Existing Businesses

Move to second stage of structural reform in the optical equipment business
Increase cost competitiveness in Light Sources and Equipment businesses

Pursue New Growth Opportunities

Expand existing products in new fields
Full-scale expansion of the solutions businesses
- Establish solution-type business model in the imaging field
- Expand solution-type business into other business fields
Expand M&A investment focused on synergies

Increasing USHIO's Corporate Value

We will expand business earnings and aim to swiftly attain an ROE of 8% at the same time by enhancing our capital efficiency and bolstering shareholder returns.

Figure: Increasing USHIO's Corporate Value

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Medium-term Management Plan (PDF: 288KB)