Summary of Consolidated Financial Statements for the Nine Months Ended September 30, 2015
(Japanese GAAP)
November 6, 2015
Company name

HORIBA, Ltd.

Listing code

6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman, President and CEO

Contact

Junichi Tajika, Department Manager, Accounting Dept.

URL: http://www.horiba.com
TEL: (81)75-313-8121(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Nine Months Ended September 30, 2015 (January 1, 2015 - September 30, 2015)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income%

Millions of yen%

116,870
11,816
11,384
Nine months ended 9/30/15
15.7
51.5
59.3
101,049
7,801
Nine months ended 9/30/14
7,144
9.5
21.1
17.8
(Note) Comprehensive Income: FY2015Q3 4,101 million yen (42.2%), FY2014Q3 2,884 million yen (-68.2%)

Millions of yen

7,223
3,944

83.1
-6.6

%

%

Yen

Net Income per Share(Diluted)
Yen

171.3993.24

170.63
92.87

Net Income per Share

Nine months ended 9/30/15
Nine months ended 9/30/14

Millions of yen

Millions of yen(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

222,735
124,450
As of 9/30/15
55.7
As of 12/31/14
207,335
124,314
59.8(Reference) Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries:
As of September 30, 2015: 123,980 million yen; As of December 31, 2014: 123,924 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

ThirdquarterYen

25.00
Year ended 12/31/14－
28.00
Year ending 12/31/15－
Year ending 12/31/15(Forecast)(Note) Changes in the latest dividend forecasts released: None

Year end
Yen

－
－

Total

Yen

Yen

42.00

67.00

42.00

70.00

3. Consolidated Forecast for the Year Ending December 31, 2015 (January 1, 2015 - December 31, 2015)(Percentages represent changes from the previous fiscal year)

Net Sales

Full year

Operating Income

Ordinary Income

Net Income
per Share

Net Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

175,000

14.3

19,00010.4

18,50012.4

12,30016.2

291.91(Note) Changes in the latest business forecasts released: Yes

1

HORIBA, Ltd. (Consolidated)

Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries that caused a change in the scope of consolidation): None
(2) Application of the accounting method specific to quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates and retrospective restatement① Changes in accounting policies associated with revision of accounting standards: Yes② Changes in accounting policies arising from other than the above: None
③ Changes in accounting estimates: None
④ Retrospective restatement: None
(Note) Please see "2.Items Concerning Summary Information (Notes)" on page 5 for further details.
(4) Number of shares outstanding (common stock)① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during the nine months ended FY2015 and FY2014

September 30, 2015
42,532,752
439,001

December 31, 2014
42,532,752
220,551

Jan. - Sep. 2015
42,150,489

Jan. - Sep. 2014
42,308,726

Note 1. Indication regarding implementation status of quarterly review procedures
These quarterly financial statements have not been prepared for the purpose of quarterly review procedures pursuant
to the Financial Instruments and Exchange Act (FIEA). Review procedures for quarterly financial statements were in
the process of being implemented as of the release of these quarterly financial statements.
Note 2. Appropriate use of business forecasts and other important information
The business forecasts stated herein are based on information currently available and certain assumptions for factors
which may affect business results. We do not warrant that these forecasts will be achieved. Actual results may differ
from the forecasts due to a range of factors. For additional information, please see page 4, "1. (2) Information
Concerning Consolidated Earnings Forecasts for FY2015".

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results
With regard to the global economy during the nine months ended September 30, 2015 (the first threequarters), Chinese economy decelerated moderately and Southeast Asia also showed slowdown signs ineconomy. In the United States, economy continued to recover due to growth in private consumption andother factors in the background of improved labor environment. In Europe, despite sovereign debt
problems and geopolitical risks, a moderate economic recovery continued.
In Japan, despite some signs of weakness, the economy continued its moderate recovery trend in the
background of improved corporate earnings, with continued recovery in corporate capital investment andsteady improvement in employment and wage environment.

During the period from January 2015 to September 2015, average foreign exchange rates were 120.98
yen against the U.S. dollar and 134.74 yen against the euro, representing a year-on-year depreciation of
14.9% against the U.S. dollar and appreciation of 3.5% against the euro.
Under these conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “theHORIBA Group” or “HORIBA” as a consolidated group) increased sales by 15.7% year on year to116,870 million yen, thanks to the sales increase mainly in the Semiconductor Instruments & Systems
segment and the Automotive Test Systems segment, caused by production expansion by semiconductor
production equipment manufacturers and sales increase by the acquisition of MIRA Ltd. (current HORIBAMIRA Ltd.) in UK in July 2015.
In terms of profits, despite the expenses associated with the acquisition of MIRA Ltd., due to thedepreciation of the yen against the U.S. dollar, and sales increase in the Semiconductor Instruments &Systems segment and the Medical-Diagnostic Instruments & Systems segment, operating income roseby 51.5% to 11,816 million yen and ordinary income increased by 59.3% to 11,384 million yen. Net
income increased by 83.1% to 7,223 million yen, partially due to the reversal of provision for loss on
dissolution of the employees’ pension fund as an extraordinary gain*.
* “Provision for loss on dissolution of the employees’ pension fund” (Non-Current Liabilities) wererecorded in the first quarter of fiscal 2014, in preparation for the loss to be incurred due to the dissolutionof the employees’ pension fund (general type), of which the Company and a consolidated domestic
subsidiary are members. However, due to net gains generated by an improvement in investment return of
the fund and other factors, the HORIBA Group’s estimated loss amount has decreased, which generated
439 million yen in reversal of provision for loss on dissolution of the employees’ pension fund as an
extraordinary gain.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)

Segment sales increased by 17.5% year on year to 37,855 million yen due to the acquisition of MIRA
Ltd., increased sales of emission measurement systems in Japan, and sales increase in the Americas
because of the depreciation of yen against the U.S. dollar. Operating income, however, decreased by
44.9% to 727 million yen due to one-time expenses associated with the acquisition of MIRA Ltd. and therelocation of development and production base to HORIBA BIWAKO E-HARBOR in Shiga Prefecture.

3

HORIBA, Ltd. (Consolidated)

(Process & Environmental Instruments & Systems)

The robust sales of process analysis product lines in the Americas and the depreciation of the yen
against the U.S. dollar resulted in an increase in sales in the Americas in yen terms. However, sales ofstack gas analyzers decreased in Japan and China. As a result, segment sales increased by 0.5% to11,855 million yen and operating income decreased by 20.9% to 1,145 million yen.
(Medical-Diagnostic Instruments & Systems)

Although the depreciation of the euro against the yen resulted in sales amount decrease expressed inyen, hematology and C-Reactive Protein (CRP) analyzers which was launched in Japan in current fiscal
year, continued to present favorable sales performance. As a result, sales increased by 4.3% year on
year to 20,589 million yen, and operating income increased by 87.3% year on year to 1,874 million yen.
(Semiconductor Instruments & Systems)

Due to a high level of capital investment by semiconductor manufacturers, sales to semiconductor
production equipment manufacturers increased significantly compared with the same period of last year.
Consequently, segment sales increased by 38.8% to 27,680 million yen and operating income rose by
87.5% to 7,598 million yen compared with the same period of last year.
(Scientific Instruments & Systems)

Sales to private sector in the Americas were robust and the depreciation of the yen against the U.S. dollar
resulted in a sales amount increase in yen terms in the Americas. At the same time, in Asia, sales toChinese universities increased. Consequently, segment sales rose by 8.8% year on year to 18,888
million yen and the segment reported an operating income of 470 million yen (compared to an operating
loss of 20 million yen in the same period of last year).
(2) Information Concerning Consolidated Earnings Forecasts for FY2015
Consolidated earnings forecasts for the full fiscal year 2015 are as follows. HORIBA Group has changed
its assumed exchange rate from 130 yen to 135 yen against the euro. The exchange rate against the U.S.
dollar remains at 120 yen.
Consolidated forecast of full year FY2015(Amount: millions of yen)

Net sales
OperatingincomeOrdinary
incomeNet income

Previous
Forecast(As of Aug. 5)

Revised
Forecast(As of Nov. 6)

175,000

175,000-

19,00019,000-18,50018,500-12,00012,300+300

Changes

HORIBA’s full-year forecasts for all segments remained unchanged, after taking into account theoperating performance and order trends up to the third quarter. Given the impact of the extraordinary gainin the third quarter of fiscal year 2015, the net income forecast had been revised up by 300 million yen.
As a result, HORIBA’s full-year forecasts are 175,000 million yen in sales, 19,000 million yen in operating
income, 18,500 million yen in ordinary income and 12,300 million yen in net income.
The dividend forecast for the fiscal year has remained unchanged.
(Note) The forecasts of dividend amount and business performance have been made based on information available as ofNovember 6, 2015. However, due to the existence of various uncertainties, it is possible that actual performance would
vary considerably from the forecasts. The major risk factors are as follows, but are not limited to these.

4

HORIBA, Ltd. (Consolidated)

Business risks:
Risks associated with international business activities including a loss from fluctuation of currency exchange rates;changes in performance or financial position associated with acquisitions or alliances; repairs of facilities following
natural disasters and associated delays in delivery; risks associated with contracts and transactions; laws andregulations; and other business risks
Risks associated with development and production
Compensation for product liability; delays in development of new products; risks concerning intellectual property right;
and risks concerning fluctuation in raw material prices
Financial risks:
Impairment loss on securities and fixed assets by shifts in the market price; reversal of deferred tax assets resulting
from changes in systems or accounting policies; and dissolution of the employees’ local pension fund

2. Items Concerning Summary Information (Notes)(1) Changes in Accounting Policies(Application of Accounting Standards for Retirement Benefits)
HORIBA has adopted the main provisions from clause 35 of “Accounting Standard for Retirement
Benefits” (ASBJ Statement No. 26; issued on May 17, 2012) and clause 67 of “Guidance on AccountingStandard for Retirement Benefits” (ASBJ Guidance No. 25; issued on March 26, 2015) from the firstquarter of the fiscal year ending December 31, 2015. Accordingly, the method for calculating projected
benefit obligations and service cost has been revised and the method for attributing estimated benefit toperiods has been changed from a straight-line basis to a benefit formula basis. In addition, the method ofdetermining the discount rates applied in the calculation of projected benefit obligations was changed
from the method using the discount rate based on the period approximating the average of the estimatedremaining service years of employees to the method using the single weighted-average discount rate thatreflects the estimated period and amount of benefit payment in each period.
The accounting standard and guidance for retirement benefits were adopted in accordance with thetransitional treatment set forth in clause 37 of the standard, and the amounts of the change in calculation
methods for projected benefit obligations and service cost were reflected in retained earnings as ofJanuary 1, 2015.
The adoption of the standard and guidance had the effect of increasing net defined benefit liability by 139
million yen and reducing retained earnings by 90 million yen as of January 1, 2015. Its impact on profit for
the first three quarters of current fiscal year is immaterial.
(2) Additional Information(Revision of Amount of Deferred Tax Assets and Deferred Tax Liabilities due to Change in Rate ofCorporate and Other Income Taxes)
Following the promulgation of the “Act for Partial Amendment of the Income Tax Act (Act No. 9 of 2015)
and the Act for Partial Amendment of the Local Tax Act (Act No. 2 of 2015) on March 31, 2015, thestatutory effective tax rate for the consolidated fiscal year on and after April 1, 2015 was reduced.
Following the Act, the statutory effective tax rate used to calculate deferred tax assets and deferred tax
liabilities was changed from 35.5% to 33.0% for temporary differences expected to be reversed in thefiscal year beginning on January 1, 2016 and 32.2% for temporary differences expected to be reversed in
the fiscal year beginning on January 1, 2017.
Due to such change in tax rate, the amount of deferred tax assets (netted with deferred tax liabilities)
decreased by 55 million yen, while income taxes (deferred), net unrealized holding gains on securities,
and remeasurements of defined benefit plans increased by 161 million yen, 95 million yen, and 9 million
yen, respectively.

5

HORIBA, Ltd. (Consolidated)

(3) Significant Business Acquisition
In board of directors meeting held on July 14, 2015, the Company decided to acquire the business of
MIRA Ltd. through the Company’s subsidiary HRA International Ltd. and entered into a businesspurchase agreement on the same date.
HRA International Ltd. acquired the business of MIRA Ltd. and changed its corporate name to HORIBAMIRA Ltd. on the same date.
1. Summary of Business Acquisition
1) Name and business of acquired company

Name of company:

MIRA Ltd.

Description of business:

Engineering consultancy, Test services & consultancy and Leasing of R&D
facility

2) Purpose of business acquisition
Goal of HORIBA is to integrate MIRA’s competences into its Automotive Test Systems segment tocomplement its established strength in analysis and measurement technologies for automotive
development and regulatory compliance. HORIBA will expand its business and add new products andservices at the cutting-edge of next-generation mobility development, in area such as autonomousvehicles, electric vehicles and ultra-low fuel consumption vehicles.
3) Date of business acquisition
July 14, 20154) Legal form of business acquisition
Acquisition of business to be paid for in cash5) Name of company after acquisition
HORIBA MIRA Ltd.
6) Primary basis for determination of acquiring the company
The Company’s subsidiary HRA International Ltd. paid cash in consideration of acquiring 100% of thebusiness of MIRA Ltd.
2. Accounting period during which the financial results of the acquired company were included in the
consolidated statements of income for the nine months of the fiscal year
From July 14, 2015 to September 30, 2015
3. Acquisition cost and its breakdown of acquired business
Acquisition Price:
Cash
Acquisition Cost:

15,469 million yen
15,469The acquisition cost incorporates the amount of interest-bearing debt and other items of the acquiredcompany that the Company effectively took over in addition to the price of the business.
4. Amount of goodwill recognized, reason for recognition, amortization method, and amortization period
1) Amount of goodwill recognized
3,527 million yen
The amount of goodwill was computed tentatively, as the allocation of acquisition costs has not been
completed yet till the end of the third quarter.
2) Reason for recognition
This is mainly due to the expectation of excess earning power from future business development.
3) Amortization method and amortization period
Straight-line method of amortization over 5-year period

6

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2014(As of December 31,
2014)

FY2015 third quarter(As of September 30,
2015)

Cash and bank deposits

43,25545,626

Trade notes and accounts receivable

52,246

43,585Marketable securities

11,3804,997

Merchandise and finished goods

13,811

15,873Work in process

11,022

14,590Raw materials and supplies

10,003

10,172

Deferred tax assets

3,635

4,344

Other current assets

5,348

6,777

Allowance for doubtful accounts(1,023)(699)

149,680

145,268

Buildings and structures, net

17,154

31,473

Machinery, equipment and vehicles, net

4,802

6,647

Land

9,908

11,253

Construction in progress

3,817

2,844

Other property, plant and equipment, net

3,758

3,650

Total Property, Plant and Equipment

39,44155,869Goodwill

418

3,637

Software

4,134

4,996

Other intangibles

1,801

808

Total Intangibles

6,353

9,442

Investment securities

7,122

7,748

Deferred tax assets

1,993

1,737

2

-

2,785

2,719

(44)

(50)

11,85912,15557,65577,467

207,335

222,735

AssetsCurrent Assets:

Total Current Assets
Fixed Assets:
Property, Plant and Equipment:

Intangibles:

Investments and Other Non-Current Assets:

Net defined benefit asset
Other investments and other assets
Allowance for doubtful accounts
Total Investments and Other Non-Current Assets
Total Fixed Assets
Total Assets

7

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2014(As of December 31,
2014)

FY2015 third quarter(As of September 30,
2015)

Trade notes and accounts payable

15,406

16,638

Short-term loans payable

10,832

11,766

Accounts payable - other

14,457

13,855

Accrued income taxes

5,220

2,795

Deferred tax liabilities

88

80

Accrued bonuses to employees

908

1,836

Accrued bonuses to directors and corporate auditors

62

454

Reserve for product warranty

1,525

1,499

Other current liabilities

10,50011,569Total Current Liabilities

59,00360,496

Corporate bonds

15,00015,000Long-term loans payable

2,209

16,981

174

203

Net defined benefit liability

2,264

2,129

Provision for loss on dissolution of the employees’
pension fund

1,870

1,312

Other non-current liabilities

2,497

2,161

Total Non-Current Liabilities

24,01737,78983,02098,285

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

86,21890,396(730)(1,730)116,216

119,395

2,041

2,161

18

0

Foreign currency translation adjustments

5,630

2,395

Remeasurements of defined benefit plans

16

28

7,707

4,585

389

469

0

0

124,314

124,450

207,335

222,735

Liabilities
Current Liabilities:

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net Assets
Shareholders' Equity

Treasury stock
Total Shareholders' Equity
Accumulated Other Comprehensive Income
Net unrealized holding gains on securities
Deferred gains or losses on hedges

Total Accumulated Other Comprehensive Income
Subscription Rights to Shares
Minority Interests in Consolidated Subsidiaries
Total Net Assets
Total Liabilities and Net Assets

8

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2014 third quarter

FY2015 third quarter(Nine months ended
September 30, 2014)(Nine months ended
September 30, 2015)

Net sales

101,049

116,870

Cost of sales

58,00766,498Gross Income

43,04150,371

Selling, general and administrative expenses

35,24038,555

Operating Income

7,801

11,816

Interest income

145

211

Dividend income

55

91

Non-Operating Income

Subsidy income

124

27

Other

153

229

Total non-operating income

479

561

341

598

Non-Operating Expense
Interest expense
Foreign exchange losses

83

222

Equity in losses of affiliates

673

-

Other

37

Total non-operating expense
Ordinary Income

171

1,135

992

7,144

11,3847

11

Extraordinary Gain
Gain on sales of fixed assets
Gain on sale of investment securities

1,804

Reversal of provision for compensation losses-

77

Reversal of provision for loss on dissolution of the employees'
pension fundTotal extraordinary gain

2
-

439

1,890

453

Loss on sales of fixed assets

06Loss on disposal of fixed assets

79

5

Extraordinary Loss

Impairment loss-

Loss on sales of shares of subsidiaries and associates
Provision for loss on dissolution of the employees’
pension fund

0

-

1,954

-

Business structure improvement expenses-

Total extraordinary loss
Income before Income Taxes and Minority Interests

94

114

2,034

220

7,000

11,617

Income taxes (current)

4,010

4,763

Income taxes (deferred)

(954)

(370)

Total income taxes

3,056

4,393

3,943

7,223

Income before Minority Interests
Minority interests (losses) in earnings of consolidated
subsidiaries(1)

Net Income

3,944

9

7,223

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2015 third quarter(Nine months ended
September 30, 2015)

FY2014 third quarter(Nine months ended
September 30, 2014)
3,943

7,223

(659)

119

(3)

(18)

Foreign currency translation adjustments(416)(3,235)Remeasurements of defined benefit plans

-

11

20

-

(1,058)(3,122)

2,884

4,101

Parent company portion of comprehensive income

2,884

4,101

Minority interests portion of comprehensive income

0(0)Income before Minority Interests
Other Comprehensive Income
Net unrealized holding gains on securities
Deferred gains or losses on hedges

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive Income(Breakdown of comprehensive income)(3) Significant Change in Shareholders’ Equity
The Company purchased its own stock (218,400 shares) pursuant to the resolution of its board of directors meeting held on
February 12, 2015. Consequently, treasury stock increased by 999 million yen during the nine months ended September 30,
2015 and totaled 1,730 million yen as of September 30, 2015.

10

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Nine Months Ended September 30, 2015
1. Consolidated Financial Results

Amount: millions of yen

12/2015
Result12/2014
Result3Q (9Months)

3Q (9Months)

12/2015
Forecast

12/2014
ResultRatio

Full year

Full year+15.7%

175,000

153,065 +21,934+51.5%

19,00017,214+1,785

10.9%

11.2%

-0.3P

18,50016,454+2,045

10.6%

10.8%

-0.2P

12,300

10,589+1,710ChangesAmountChangesAmountNet Sales

116,870

Operating Income

11,816

7,801+4,014

Operating Income Ratio

10.1%

7.7%

+2.4P

11,384

7,144+4,239

9.7%

7.1%

+2.6P

7,223

3,944

+3,279Net Income Ratio

6.2%

3.9%

+2.3P

7.0%

6.9%

+0.1P

US$

120.98102.93+18.05120.00105.79+14.21Euro

134.74139.50-4.76

135.00140.35-5.35

12/2015
Forecast

12/2014
ResultFull year

Full year

Ordinary Income
Ordinary Income Ratio

Net Income

101,049 +15,820+59.3%+83.1%

2. Consolidated Segment Results

Ratio+14.3%+10.4%+12.4%+16.2%

Amount: millions of yen

12/2015
Result12/2014
Result3Q (9Months)

3Q (9Months)

Amount

Ratio

Automotive

37,85532,205+5,650+17.5%

66,50055,001 +11,498+20.9%

Process&Environmental

11,855

11,798+57+0.5%

17,50016,465+1,034+6.3%

Medical20,58919,738

+851

+4.3%

28,00027,037

+962

+3.6%

Semiconductor

27,68019,944+7,736+38.8%

35,00028,934+6,065+21.0%

Scientific

18,88817,363+1,525+8.8%

28,00025,627+2,372

+9.3%

Total

116,870

101,049 +15,820+15.7%

175,000 153,065 +21,934+14.3%

Operating Income

12/2015
Result12/2014
Result3Q (9Months)

3Q (9Months)

Automotive

727

1,320

-593

-44.9%

Process&Environmental

1,145

1,448

-303

Medical

1,874

1,000

Semiconductor

7,598

Scientific

Net Sales

Total

Changes

ChangesAmountRatio

12/2015
Forecast

12/2014
ResultFull year

Full year

Amount

5,200

5,827

-627

-10.8%-20.9%

1,500

2,007

-507

-25.3%+874+87.3%

2,000

1,717

+282

+16.5%

4,052+3,545+87.5%

9,000

6,455

+2,544+39.4%

470

(20)

+491

-

1,300

1,206

+93

+7.8%

11,816

7,801+4,014+51.5%

19,00017,214+1,785+10.4%

ChangesAmount11

Ratio

ChangesRatio

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2015
Result12/2014
ResultAmount: millions of yen
Changes

12/2015
Forecast

12/2014
ResultChanges

3Q (9Months) 3Q (9Months)

AmountRatio

Full year

Full year

37,85532,205+5,650+17.5%

66,50055,001 +11,498+20.9%

Japan

11,925

9,713+2,211+22.8%

17,60015,392+2,207+14.3%

Asia

9,173

8,922

+250

+2.8%

17,20015,589+1,610+10.3%

Americas(*)

6,262

5,182

+1,079+20.8%

11,0008,125+2,874+35.4%

Automotive

AmountRatio

Europe10,494

8,385+2,108+25.1%

20,70015,893+4,806+30.2%

Process&Environmental

11,855

11,798+57+0.5%

17,50016,465+1,034

+6.3%

Japan

5,999

6,216

-217

-3.5%

8,600

8,420

+179

+2.1%

Asia

2,386

2,515

-129

-5.1%

3,700

3,361

+338

+10.1%

Americas(*)

1,850

1,446

+403

+27.9%

2,900

2,312

+587

+25.4%

Europe

1,619

1,619

0

+0.0%

2,300

2,369

-69

-3.0%

Medical20,58919,738

+851

+4.3%

28,00027,037

+962

+3.6%

Japan

4,489

3,699

+789

+21.4%

6,000

5,252

+747

+14.2%

Asia

3,276

2,545

+730

+28.7%

4,500

3,513

+986

+28.1%

Americas(*)

5,043

4,968

+75

+1.5%

6,800

6,739

+60

+0.9%

Europe

7,780

8,525

-744

-8.7%

10,70011,531

-831

-7.2%

Semiconductor

27,68019,944+7,736+38.8%

35,00028,934+6,065+21.0%

Japan

9,595

8,257

+1,337+16.2%

12,400

11,391+1,008

+8.9%

Asia

11,395

7,597+3,798+50.0%

13,100

11,133+1,966+17.7%

Americas(*)

5,218

2,850

+2,368+83.1%

7,600

4,598

+3,001+65.3%

Europe

1,471

1,238

+232

+18.8%

1,900

1,811

+88

+4.9%

18,88817,363+1,525+8.8%

28,00025,627+2,372

+9.3%

Japan

4,688

4,729

-40

-0.9%

7,200

6,970

+229

+3.3%

Asia

4,321

3,996

+325

+8.1%

6,500

5,486

+1,013+18.5%

Americas(*)

5,252

4,058

+1,193+29.4%

7,300

6,065

+1,234+20.4%

Europe

4,625

4,579

+46

+1.0%

7,000

7,105

-105

-1.5%

101,049 +15,820+15.7%

175,000

153,065 +21,934+14.3%

ScientificTotal

116,870
Japan

36,69632,616+4,080+12.5%

51,80047,428+4,371

+9.2%

Asia

30,55325,577+4,975+19.5%

45,00039,085+5,914+15.1%

Americas(*)

23,62718,507+5,120+27.7%

35,60027,841+7,758+27.9%

Europe25,992

24,348+1,644+6.8%

42,60038,710+3,889+10.0%(Note) Americas includes all countries in North America and South America.

12

HORIBA, Ltd. (Consolidated)5. Consolidated Financial Results (Quarterly Comparison)
1Q Result

Net Sales
Operating Income

40,062
5,370

12/2015
2Q Result
3Q Result

37,554
3,689

Amount: millions of yen

4Q Forecast

1Q

58,1297,183

33,3703,370

39,2532,756

12/2014 Result
2Q
3Q

34,563
2,291

33,1142,140

4Q52,016
9,412

Operating Income Ratio

13.4%

9.8%

7.0%

12.4%

10.1%

6.6%

6.5%

18.1%

Ordinary Income

5,029

3,707

2,646

7,115

3,325

1,812

2,006

9,309

Ordinary Income Ratio

12.6%

9.9%

6.7%

12.2%

10.0%

5.2%

6.1%

17.9%

Net Income

2,962

2,254

2,006

5,076

1,246

1,346

1,352

6,644

Net Income Ratio

7.4%

6.0%

5.1%

8.7%

3.7%

3.9%

4.1%

12.8%

US$
Euro

119.16134.00121.44134.20122.34136.02117.06135.78102.77140.80102.15140.04103.87137.66114.37142.90

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

1Q Result

11,972
4,153
7,181
10,242
6,511
40,062

1Q Result

1,002
603
740
2,733
290
5,370

12/2015
2Q Result
3Q Result

4Q Forecast

1Q

13,941
3,668
6,827
8,606
6,208
39,25328,644
5,644
7,410
7,319
9,111
58,129

9,337
4,324
6,738
7,333
5,637
33,37012/2015
2Q Result
3Q Result

4Q Forecast

1Q

12/2014 Result
2Q
3Q

4Q

904
653
475
1,596
(260)
3,370

(33)
425
520
1,077
301
2,291

4,507
558
716
2,403
1,227
9,412

1Q

Amount: millions of yen
12/2014 Result
2Q
3Q
4Q

11,941
4,032
6,580
8,831
6,167
37,554

456
328
410
2,402
90
3,689

(731)
213
723
2,461
88
2,756

4,472
354
125
1,401
829
7,183

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAutomotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

1Q Result

13,006
4,028
7,468
9,669
5,741
39,914

1Q Result

35,324
4,503
2,562
4,086
8,076
54,553

Amount: millions of yen
12/2014 Result
2Q
3Q
4Q

12/2015
2Q Result
3Q Result

15,383
4,827
7,904
9,204
6,518
43,8384Q Forecast

16,254
3,596
6,260
7,865
6,709
40,687-

12/2015
2Q Result
3Q Result

4Q Forecast

38,766
5,298
3,887
4,458
8,426
60,83646,437
5,225
3,320
3,717
8,927
67,628

-

9,234
4,251
7,326
6,938
5,566
33,317

1Q

31,317
3,780
2,899
2,758
7,599
48,355

11,925
3,936
6,849
5,827
6,025
34,563

13,937
3,714
6,395
5,869
5,888
35,806

10,941
3,537
6,150
6,783
5,701
33,114

449
369
4
1,377
(61)
2,140

15,438
4,708
6,293
7,986
6,167
40,593

12/2014 Result
2Q
3Q

33,329
3,559
2,445
2,800
7,462
49,59837,826
4,730
2,588
4,003
7,928
57,076

22,796
4,666
7,299
8,990
8,264
52,016

19,261
4,564
6,986
9,646
9,182
49,6404Q

34,290
4,628
2,275
4,659
8,846
54,701

Contact
Eita Uesugi, Corporate & Segment Strategy Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: eita.uesugi@horiba.com

13

HORIBA, Ltd. (Consolidated)