June 9, 2020
To whom it may concern:
Company Name:HORIBA, Ltd.

Representative:

Atsushi Horiba,
Chairman & Group CEO(Securities code:6856)

Contact:

Junichi Tajika,Telephone:(81)75-313-8121

Department Manager, Accounting Dept.

Notice of Earnings Forecasts and Dividend Forecasts
HORIBA, Ltd. hereby announces the consolidated earnings forecasts and dividend forecasts for the fiscal
year ending December 2020 (January 1, 2020 to December 31, 2020), which had not been estimated, asfollows.

1. Revision of Earnings Forecasts and Dividend Forecasts(1) Consolidated Earnings Forecasts for the First Six Months Ending June 30, 2020
(January 1, 2020 – June 30, 2020)

Net Income
Net Income
Attributable toAttributable toOwners of Parent
Owners of Parent
Per ShareNet Sales

OperatingIncome

OrdinaryIncome

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

－－－－－

84,000

5,500

5,500

4,000

94.82

Changes（B－A）－－－－

Changes（%）－－－－

91,607

8,282

8,040

5,770

Previous Forecasts（A）（April 16, 2020）

Revised Forecasts（B）（Reference）Results for theFirst Six Months Ended June 30, 20191136.84

(2) Consolidated Earnings Forecasts for the Year Ending December 31, 2020
(January 1, 2020 – December 31, 2020)

Net Income
Net Income
Attributable toAttributable toOwners of Parent
Owners of Parent
Per Share

Net Sales

Operating
IncomeOrdinary
IncomeMillions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

－－－－－

187,000

15,00014,50010,500248.89Changes（B－A）－－－－

Changes（%）－－－－

200,241

20,916

20,51815,481

Previous Forecasts（A）（April 16, 2020）

Revised Forecasts（B）（Reference）Results for the Year
Ended December 31,2019

367.09(3) Dividend ForecastsDividend Per ShareYear end

YenYenYen－－－

30.00

45.00

75.00

50.00

80.00

130.00Previous Forecasts（April 16, 2020）

Revised Forecasts（Reference）Results for the Year

Total

Second quarter

Ended December 31, 2019

2. Background of the Announcement of Earnings Forecasts and Dividend Forecasts
HORIBA withdrew its consolidated earnings forecasts and dividend forecasts for fiscal 2020 on April 16, because
it was very difficult to make a rational estimation of business forecasts in light of uncertainties concerning changes
in the business environment caused by the global spread of COVID-19.

In response to the relaxation of restriction of the public’s movements in various countries and other factors,
we have compiled data regarding potential impacts and forecasts of each Group company based on thecurrently-available information and projections, and announce consolidated earnings forecasts anddividend forecasts. The earnings forecasts are based on data as of June 9, 2020, and actual forecasts may
differ from these forecasts due to various uncertainties.

3. Information Concerning Consolidated Earnings Forecasts for Fiscal 2020
The consolidated earnings forecasts for fiscal 2020 are summarized as follows.

Our assumption for foreign exchange rates are 110 yen against the U.S. dollar (vs. 109.03 yen in fiscal2019) and 120 yen against the euro (vs. 122.03 yen in fiscal 2019).

2

Net Sales of 187,000 million yen (full-year; down 6.6% year-on-year)[Net Sales of 84,000 million yen (the first six months ending June 30, 2020; down 8.3% year-on-year)]In the Automotive Test Systems segment, the Process & Environmental Instruments & Systems segment, andthe Scientific Instruments & Systems segment, product shipment and acceptance may be delayed because ofmeasures to restrict the movements of people and goods by various countries and regions. In addition, sales areexpected to decline owing to impacts caused by the downturn in the automobile industry, energy industry andother markets.
In the Medical-Diagnostic Instruments & Systems segment, sales are projected to decrease due to a decreasein the number of tests performed at hospitals as a result of a decrease in the number of general patients becauseof the spread of COVID-19.
On the other hand, in the Semiconductor Instruments & Systems segment, along with an expected recovery incapital expenditure by semiconductor manufacturers in addition to an increase in demand for semiconductors
owing to the expansion of telework, digital business, and others, sales to semiconductor production equipment
manufacturers are expected to remain firm.
As a result, net sales are expected to decrease by 7,607 million yen from the first half of fiscal 2019 to 84,000
million yen in the first half of fiscal 2020 and to decrease by 13,241 million yen from fiscal 2019 to 187,000 million
yen for fiscal 2020.
Operating Income of 15,000 million yen (full-year; down 28.3% year-on-year)][Operating Income of 5,500 million yen (the first six months ending June 30, 2020; down 33.6% year-on-year)

While the Semiconductor Instruments & Systems segment is expected to increase operating income as a resultof an increase in sales, other segments are projected to decrease operating income owing to a decrease in sales.
As a result, operating income is expected to decrease by 2,782 million yen from the first half of fiscal 2019 to5,500 million yen in the first half of fiscal 2020 and to decrease by 5,916 million yen from fiscal 2019 to 15,000
million yen for fiscal 2020.
Ordinary Income of 14,500 million yen (full-year; down 29.3% year-on-year)[Ordinary Income of 5,500 million yen (the first six months ending June 30, 2020; down 31.6% year-on-year)]Ordinary income is expected to incorporate a net non-operating loss, assuming interest expenses and someuncertain non-operating expenses. As a result, ordinary income is expected to decrease by 2,540 million yen
from the first half of fiscal 2019 to 5,500 million yen in the first half of fiscal 2020 and to decrease by 6,018 million
yen from fiscal 2019 to 14,500 million yen for fiscal 2020.
Net Income Attributable to Owners of Parent of 10,500 million yen (full-year; down 32.2% year-on-year)[Net Income Attributable to Owners of Parent of 4,000 million yen (the first six months ending June 30, 2020; down
30.7% year-on-year)]

Net extraordinary loss of 500 million yen for the full year (compared to a net extraordinary gain of 215 million yenin fiscal 2019) is secured for unexpected incidences and as a result, net income attributable to owners of parent
is forecasted to decrease by 1,770 million yen from the first half of fiscal 2019 to 4,000 million yen in the first halfof fiscal 2020 and to decrease by 4,981 million yen from the fiscal 2019 to 10,500 million yen for the fiscal 2020.

3

4. Basic Policy for Profit Distribution and Dividends
HORIBA’s shareholder return policy is to set the total returns to shareholders (the combined amount of dividend
payments and share buybacks) at approximately 30% of consolidated net income attributable to owners of parent.
With regard to the dividend forecast for the fiscal ending December 31, 2020, we expect to pay an annual dividendof 75 yen per share (interim dividend is 30 yen).
The Company will continue to focus on improving corporate value through profit growth by investing its internal
reserves in growth areas in an effective manner, and it will make profit returns to shareholders that are linked toconsolidated earnings.

4

Supplemental Information
1. Consolidated Financial Results

Amount: Millions of yen
12/2019
Results

12/2020
Forecasts
1st half

Changes

12/2020
Forecasts

ChangesAmountFull Year

Amount

1st half

Full year

Net Sales

91,607200,241

84,000-7,607

187,000-13,241

Operating Income

8,282

20,9165,500-2,782

15,000-5,916

9.0%

10.4%

6.5%

-2.5P

8.0%

-2.4P

8,040

20,5185,500-2,54014,500-6,018Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

8.8%

10.2%

6.5%

-2.3P

7.8%

-2.4P

Net Income Attributableto Owners of Parent

5,770

15,4814,000-1,770

10,500-4,981

Net Income Ratio

6.3%

7.7%

4.8%

-1.5P5.6%

-2.1P

US$

110.06109.03110.00-0.06

110.00

+0.97

Euro

124.32122.03120.00-4.32

120.00-2.03

2. Consolidated Segment Results

Amount: Millions of yen
12/2019
Results

Net Sales
1st half

Full year

12/2020
Forecasts

Changes

12/2020
Forecasts

Changes

1st half

AmountFull Year

AmountAutomotive

34,381

81,042

26,500-7,88168,000-13,042

Process&Environmental

9,161

19,500

8,500

-661

17,500-2,000

Medical12,66725,335

11,000-1,66723,000-2,335

Semiconductor

22,70547,191

26,000+3,29452,500+5,308

Scientific12,691

27,17012,000-691

26,000-1,170Total

91,607200,241

84,000-7,607

187,000-13,241

12/2019
Results

Operating Income
1st half

Full year

12/2020
Forecasts

Changes

12/2020
Forecasts

Changes

1st half

AmountFull Year

AmountAutomotive

1,599

6,454

(1,300)-2,899500-5,954

Process&Environmental

663

1,697

200-463500-1,197

Medical

709

1,302

100-609200-1,102

Semiconductor

5,399

10,7276,500+1,10013,500+2,772

Scientific

(90)

734

-+90

300

-434

Total

8,282

20,9165,500-2,782

15,000-5,916

53. Consolidated Financial Results (Quarterly Comparison)

Net Sales
Operating Income

1Q

12/2019 Results
2Q
3Q

4Q

45,3204,434

46,287
3,848

63,211
8,910

45,422
3,722

1Q Results

44,9973,895

12/2020
2Q Forecasts 2H Forecasts

39,002
1,604

103,000
9,500

9.8%

8.3%

8.2%

14.1%

8.7%

4.1%

9.2%

4,303

3,737

3,517

8,960

3,906

1,593

9,000

Operating Income Ratio

Ordinary Income

Amount: Millions of yen

Ordinary Income Ratio

9.5%

8.1%

7.7%

14.2%

8.7%

4.1%

8.7%

Net Income Attributableto Owners of Parent

2,561

3,209

2,6557,055

2,287

1,712

6,500

Net Income Ratio

5.7%

6.9%

5.8%

11.2%

5.1%

4.4%

6.3%

4. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

1Q

12/2019 Results
2Q
3Q

4Q

16,242
4,791
6,307
11,5486,429
45,32018,138
4,369
6,359
11,157
6,261
46,28728,956
5,628
6,632
13,647
8,346
63,211

1Q

12/2019 Results
2Q
3Q

4Q

905
470
208
2,752
98
4,434

694
193
501
2,647(188)
3,848

3,655
721
252
3,290
991
8,910

17,705
4,709
6,036
10,837
6,132
45,422

1,199
312
339
2,037(167)
3,722

6

1Q Results

14,8704,595
5,749
13,847
5,935
44,997

1Q Results

322
250
156
3,241
(75)
3,895

Amount: Millions of yen
12/2020
2Q Forecasts 2H Forecasts

11,6293,904
5,250
12,152
6,064
39,002

41,5009,000
12,00026,50014,000103,000

12/2020
2Q Forecasts 2H Forecasts(1,622)
(50)
(56)
3,258
75
1,604

1,800
300
100
7,000
300
9,500