Summary of Consolidated Financial Statements for the Nine Months Ended September 30, 2017
November 7, 2017
Company name

HORIBA, Ltd.

Listing code

6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman, President and CEO

Contact

Junichi Tajika, Department Manager, Financial & Control Division 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, 2017 (January 1, 2017 - September 30, 2017)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net income attributable
Net Sales
Operating Income
Ordinary Income
to Owners of Parent%

Millions of yen%

Nine months ended 9/30/17
132,289
14,612
14,350
13.2
37.1
38.8
10,341 -23.1
Nine months ended 9/30/16
116,901
10,659 -23.2-2.9(Note) Comprehensive Income: FY2017Q3 14,277 million yen (-%), FY2016Q3 -1,467 million yen (-%)

Millions of yen

10,785
7,281

48.1
-16.3

%

Millions of yen%

Yen

Net Income per Share(Diluted)Yen

255.90172.88254.82
172.12Net Income per Share

Nine months ended 9/30/17
Nine months ended 9/30/16

Millions of yen(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

As of 9/30/17
253,936
143,555
56.3
As of 12/31/16
239,657
133,191
55.4(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of September 30, 2017: 142,981 million yen; As of December 31, 2016: 132,654 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter
Yen

Year ended 12/31/16
30.00
－
40.00
Year ending 12/31/17－
Year ending 12/31/17(Forecast)(Note) Changes in the latest dividend forecasts released: Yes

Year end
Yen

－
－

Total

Yen

Yen

55.00

85.00

55.00

95.00

3. Consolidated Forecast for the Year Ending December 31, 2017 (January 1, 2017 - December 31, 2017)(Percentages represent changes from the previous fiscal year)

Operating Income

Net Sales

Full year

Net income attributable
Net Income per Shareto Owners of Parent

Ordinary Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

190,000

11.7

23,00024.3

22,00020.4

15,00015.7

355.88(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): Yes
New one company(company name:HORIBA Americas Holding Incorporated)(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) Changes in accounting policies, accounting estimates and retrospective restatement① Changes in accounting policies associated with revision of accounting standards: None
② Changes in accounting policies arising from other than the above: Yes③ Changes in accounting estimates: None
④ Retrospective restatement: None
(Note) Please see "3. Notes to Consolidated Financial Statements" on page 10 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 FY2017 and FY2016

September 30,2017
42,532,752
377,723

December 31, 2016
42,532,752
402,986Jan. - Sep. 2017
42,147,011

Jan. - Sep. 2016
42,118,411

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 forecasts of dividend amount and business performance contained in this report have been made based on
certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of November 7, 2017.
However, due to risks and various uncertain factors such as future business operation policies, changes in theeconomic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance
would vary considerably from the forecasts.

2

HORIBA, Ltd.(Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see page 12, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Nine Months Ended
September 30, 2017”)
In the nine months ended September 30, 2017 (the first three quarters), HORIBA, Ltd. (“the Company”) and its
consolidated subsidiaries (together “the HORIBA Group” or “HORIBA” as a consolidated group) recorded sales of 132,289
million yen, up 13.2% year-on-year, mainly due to an increase in sales in the Automotive Test Systems segment and the
Semiconductor Instruments & Systems segment. Operating income increased by 37.1% year-on-year to 14,612 million yen
and ordinary income by 38.8% to 14,350 million yen. Net income attributable to owners of parent increased by 48.1% to10,785 million yen due to the reversal of provision for loss on dissolution of the employees’ pension fund and other factors.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Sales of emission measurement systems and MCT (Mechatronics) increased in Japan and Europe. As a result, segment
sales increased by 15.1% year-on-year to 45,363 million yen and operating income of 2,283 million yen was recorded (Lastyear during the same period, operating income of 63 million yen had been recorded).
(Process & Environmental Instruments & Systems)
While the process measurement equipment business in the Americas was sluggish, sales of stack gas analyzers to power
plants and factories were robust in Japan and China. As a result, segment sales increased by 1.9% year-on-year to 12,034
million yen. Operating income, however, decreased by 62.4% to 422 million yen due to lower profitability in Asia in addition
to a decrease in sales in the process measurement equipment business in the Americas.
(Medical-Diagnostic Instruments & Systems)
Sales of blood cell testing instruments were sluggish in Europe and the Americas. Consequently, segment sales decreased
by 6.3% year-on-year to 18,520 million yen, and operating income was down 44.4% to 1,236 million yen.
(Semiconductor Instruments & Systems)
Along with the high-level capital investment by semiconductor manufacturers, sales to semiconductor production
equipment manufactures increased significantly. As a result, segment sales increased by 39.0% year-on-year to 38,596
million yen and operating income surged by 56.1% to 11,163 million yen.
(Scientific Instruments & Systems)
In addition to sluggish sales of analytical instruments to universities and other customers in Japan and Europe, R&D
expense increased. Consequently, segment sales decreased by 2.0% year-on-year to 17,773 million yen and operating lossof 492 million yen was recorded (Last year during the same period, operating income of 102 million yen had been recorded)3

HORIBA, Ltd.(Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2017
After taking into account the recent trend in sales, exchange rate and other factors, HORIBA’s consolidated earnings
forecasts for the current fiscal year have been revised as follows. The full-year exchange rate forecast has been changed
from 110 yen to 111 yen against the U.S. dollar and from 120 yen to 127 yen against the euro.
Consolidated forecast of full year FY2017(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Aug.4)(As of Nov.7)

Net sales

187,000

190,000+3,000Operating income

22,00023,000+1,000Ordinary income

21,30022,000+700

14,50015,000+500

Changes

Net income attributableto owners of parent

Consolidated forecast of full year FY2017 by segment
Net sales(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Aug.4)(As of Nov.7)

71,00071,000-18,00017,000-1,000

Medical

25,00025,000-

Semiconductor

48,00051,000Automotive

Operating income
Previous

Revised

Forecast

Forecast(As of Aug.4)(As of Nov.7)

5,700

5,700

-

1,100

600

-500

Medical

1,700

1,700

-

+3,000

Semiconductor

13,00014,500+1,500Changes

Automotive

Process &Environmental(Amount: millions of yen)

Changes

Process &Environmental

Scientific25,00026,000+1,000Scientific

500

500

-

Total

187,000

190,000+3,000Total

22,00023,000+1,000With regard to consolidated earnings forecasts for the current fiscal year, overall sales forecast has been revised upwardby 3,000 million yen to 190,000 million yen, while operating income forecast has been revised upward by 1,000 million yen
to 23,000 million yen. This increase in operating income forecast has led to upward revision by 700 million yen in ordinary
income forecast and 500 million yen in forecast for net income attributable to owners of parent.
By business segment, HORIBA has revised upward its forecast for the Semiconductor Instruments & Systems segment by
3,000 million yen in sales and 1,500 million yen in operating income, assuming that semiconductor manufacturers willcontinue the high-level of capital investment in the fourth quarter.
Sales forecast for the Scientific Instruments & systems segment has been revised upward by 1,000 million yen, taking into
account solid sales in Asia, the Americas and other areas.
In contrast, HORIBA has revised downward its forecast for the Process & Environmental Instruments & Systems segment
by 1,000 million yen in sales and 500 million yen in operating income, after taking into account the current trend.

4

HORIBA, Ltd.(Consolidated)Amendments to dividend forecasts for fiscal 2017

Dividend per share (Yen)Interim(End of second

Year end

Total

quarter)Previous forecasts
-

50

90

Revised forecasts

-

55

95

Actual results for Fiscal 2017

40

-

-

Actual results for Fiscal 2016

30

55

85

(as of February 14, 2017)(Reasons for the amendments)
HORIBA’s shareholder return policy is to target 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.
Dividend forecasts for fiscal 2017 had been 90 yen per share for the full year (40 yen for the interim and 50 yen for the
year-end) since “the announcement of the financial statements for fiscal 2016” on February 14, 2017. However,considering the revised consolidated earnings forecasts for fiscal 2017, the Company has amended the forecasts toincrease the year-end per-share dividend forecast by 5 yen to 55 yen. As a result, the annual dividend forecast is revised to
95 yen per share (40 yen for the interim and 55 yen for the year-end).
Cautionary statement with respect to earnings forecasts
The forecasts of dividend amount and business performance contained in this report have been made based on certain
future assumptions, outlooks, and plans which are available at the HORIBA Group as of November. 7, 2017. However, due
to risks and various uncertain factors such as future business operation policies, changes in the economic environment inJapan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from theforecasts.

5

HORIBA, Ltd.(Consolidated)2. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2016(As of December 31,
2016)

FY2017 third quarter(As of September 30,
2017)

Cash and bank deposits

52,27255,153

Trade notes and accounts receivable

53,724

48,931Marketable securities

1,178

1,979

Merchandise and finished goods

15,118

16,106Work in process

14,543

19,849Raw materials and supplies

10,626

12,405

Deferred tax assets

4,160

4,515

Other current assets

6,029

7,092

Allowance for doubtful accounts

(842)

(825)

156,812165,207

Buildings and structures, net

32,96634,895

Machinery, equipment and vehicles, net

8,837

10,656Land

13,065

13,497

Construction in progress

3,453

3,795

Other property, plant and equipment, net

3,654

3,757

Total Property, Plant and Equipment

61,97766,603

Goodwill

387

436

Software

4,082

3,489

Other intangibles

3,453

3,372

Total Intangibles

7,923

7,297

Investment securities

8,519

9,995

Deferred tax assets

1,726

2,025

Other investments and other assets

2,764

2,868

(66)

(62)

12,943

14,827

82,84488,728239,657

253,936

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:

Allowance for doubtful accounts
Total Investments and Other Non-Current Assets
Total Fixed Assets
Total Assets

6

HORIBA, Ltd.(Consolidated)Amount: millions of yen
FY2016(As of December 31,
2016)

FY2017 third quarter(As of September 30,
2017)

Trade notes and accounts payable

20,013

21,412

Short-term loans payable

12,463

9,134

Accounts payable - other

14,041

11,991

Accrued income taxes

1,838

3,484

Advances Received

10,162

15,597

Deferred tax liabilities

76

99

Accrued bonuses to employees

914

2,136

Accrued bonuses to directors and corporate auditors

58

422

Reserve for product warranty

1,672

1,891

Provision for loss on disaster

227

99

Other current liabilities

4,607

4,333

Total Current Liabilities

66,07670,605

Corporate bonds

15,00015,000Long-term loans payable

19,255

18,946931

1,333

Net defined benefit liability

2,191

2,333

Provision for loss on dissolution of the employees’
pension fund

1,247

606

Other non-current liabilities

1,763

1,556

Total Non-Current Liabilities

40,38939,775

106,466

110,380

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

103,104

109,848(1,588)(1,488)132,244

139,088

Net unrealized holding gains on securities

2,928

3,943

Foreign currency translation adjustments(2,297)132

Remeasurements of defined benefit plans

(221)

(183)

Total Accumulated Other Comprehensive Income

409

3,892

Subscription Rights to Shares

466

492

Non-controlling Interests

71

80

133,191

143,555

239,657

253,936

Liabilities
Current Liabilities:

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net Assets
Shareholders' Equity

Treasury stock
Total Shareholders' Equity
Accumulated Other Comprehensive Income

Total Net Assets
Total Liabilities and Net Assets

7

HORIBA, Ltd.(Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2017 third quarter(Nine months ended
September 30, 2017)

FY2016 third quarter(Nine months ended
September 30, 2016)
Net Sales

116,901

132,289

Cost of Sales

68,32976,895Gross Income

48,57255,393

Selling, General and Administrative Expenses

37,91240,780Operating Income

10,65914,612

Non-Operating Income
Interest income

110

83

Dividend income

89

100

Subsidy income

107

15

Other

163

221

Total non-operating income

471

421

Interest expense

385

317

Foreign exchange losses

341

285

Other

62

81

Total non-operating expense

789

683

10,341

14,350

5

56

0

0

Non-Operating Expense

Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates' stocks

240

Reversal of provision for loss on dissolution of the employee's
pension fund-Reversal of foreign currency translation adjustment

112

Total extraordinary gain

359

489
546

Extraordinary Loss
Loss on sales of fixed assets

02

Loss on disposal of fixed assets

170

167

Provision for loss on dissolution of the employees' pension fund

177-

Loss on disaster

940-

Total extraordinary loss

1,287

169

Income before Income Taxes

9,413

14,727

Income taxes (current)

1,517

4,498

Income taxes (deferred)

612

(566)

2,129

3,932

7,283

10,794

Profit attributable to non-controlling interests

1

9

Net Income attributable to Owners of Parent

7,281

10,785

Total income taxes
Net Income

8

HORIBA, Ltd.(Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2017 third quarter(Nine months ended
September 30, 2017)

FY2016 third quarter(Nine months ended
September 30, 2016)
Net Income

7,283

10,794

(369)

1,014

Other Comprehensive Income
Net unrealized holding gains on securities
Deferred gains or losses on hedges

0-

Foreign currency translation adjustments(8,380)2,430

Remeasurements of defined benefit plans

(0)

38

Total other comprehensive income
Comprehensive Income(8,750)3,483(1,467)

14,277(1,460)14,268(6)

9(Breakdown of comprehensive income)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

9

HORIBA, Ltd.(Consolidated)3. Notes to Consolidated Financial Statements(1)Significant Items That Form the Basis for Preparation of Consolidated Financial Statements(Significant Change in Scope of Consolidation)
From the first quarter of fiscal 2017, newly-established HORIBA Americas Holding Incorporated (U.S.) has been includedin the scope of consolidation.
(2)Application of special accounting for preparing quarterly consolidated financial statement(Change in calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries calculated Income tax expenses by multiplying quarterly income
before income taxes by reasonably estimated annual effective tax rate. This tax rate was reasonably estimated after
applying the deferred tax accounting to the annual income before income taxes.
(3) Changes in Accounting Policies(Change in calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries had previously used fundamental methods for calculating tax
expenses. However, in order to improve efficiency of the work of preparing the quarterly financial statements, the Company
and its domestic consolidated subsidiaries have changed the methods used in this regard. Accordingly, since the firstquarter of fiscal 2017, the methods for calculating tax expenses has been changed to the methods of rationally estimating
their annual effective tax rate after the application of the deferred tax accounting to the annual income before income taxes
and multiplying quarterly income before income taxes by reasonably estimated annual effective tax rate.
As this change in accounting policy has an immaterial impact on earnings, it has not been retroactively applied.

10

HORIBA, Ltd.(Consolidated)

(4) Business combination(Transactions under common control and others)
HORIBA Advanced Techno, a wholly owned subsidiary of the Company, which took over the water quality and liquid
analysis instruments and systems business of the company (hereinafter the “water measurement business”), throughabsorption-type company split approach, since January 1, 2017.
The absorption-type company split was summarized as follows.
(1) Purpose of the company split
The HORIBA Group’s water measurement business, represented by pH meters, the Group’s mainstay product since thefoundation of the Company, had been promoted jointly by the Company and HORIBA Advanced Techno. With the aim ofbusiness expansion in the water measurement area, as one of the priority initiatives in the HORIBA Mid-Long Term
Management Plan, the Company split its water measurement business and integrated it with HORIBA Advanced Techno inorder to develop more market-oriented products, improve customer satisfaction, and enhance market competitiveness andearnings power.
(2) Legal method of business combination
This company split was an absorption-type company split in which HORIBA Advanced Techno was the succeedingcompany.
(3) Date of business combination
January 1, 2017(4) Details of allotments relating to the company split
The company owned all shares of HORIBA Advanced Techno and there was no consideration such as allotment of sharesor payment of cash due to this company split.
(5) Calculation of allotments relating to the company split
There were no allotments of shares or other assets due to this company split.
(6) Rights and obligations to be succeeded by the successor company
In accordance with the absorption-type company split agreement, HORIBA Advanced Techno had took over assets,
liabilities, other rights and obligations, and contractual status that were considered necessary to carry out the business.
(7) Outline of the successor company
Capital:Business:

250 million yen
Development, manufacturing, sales and services of measurement equipment(8) Outline of accounting treatment to be applied
Based on the "Accounting Standard for Business Combinations" and the "Guidelines on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures," this transfer had been treated as a transaction undercommon control.

11

HORIBA, Ltd.(Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Nine Months Ended September 30, 2017
1. Consolidated Financial Results

Amount: millions of yen

12/2016
Result12/2017
Result3Q (9Months)

3Q (9Months)

12/2016
Result12/2017
Forecast

Ratio

Full year

Full year

ChangesAmountChangesAmountRatio

Net Sales

116,901

132,289 +15,387+13.2%

170,093

190,000 +19,906+11.7%

Operating Income

10,65914,612+3,953+37.1%

18,49923,000+4,500+24.3%

Operating Income Ratio

9.1%

11.0%

+1.9P

10.9%

12.1%

+1.2P

10,341

14,350+4,00818,27922,000+3,720

10.7%

11.6%

+0.9P

12,962

15,000+2,037

Ordinary Income+38.8%+20.4%

Ordinary Income Ratio

8.8%

10.8%

+2.0P

Net Income attributableto Owners of Parent

7,281

10,785+3,503Net Income Ratio

6.2%

8.2%

+2.0P

7.6%

7.9%

+0.3P

US$

108.57111.89+3.32

108.78111.00

+2.22

Euro

121.06124.58+3.52

120.26127.00+6.74

12/2016
Result12/2017
Forecast

Full year

Full year

AmountRatio+48.1%

2. Consolidated Segment Results+15.7%

Amount: millions of yen

12/2016
Result12/2017
Result3Q (9Months)

3Q (9Months)

Amount

Ratio

Automotive

39,42645,363+5,936+15.1%

62,20771,000+8,792+14.1%

Process&Environmental

11,80912,034

+225

+1.9%

16,75317,000

+246

+1.5%

Medical19,775

18,520-1,255-6.3%

26,56425,000-1,564-5.9%

Semiconductor

27,76038,596 +10,835+39.0%

38,82851,000 +12,171+31.3%

Scientific

18,128

17,773

-354

-2.0%

25,73826,000

+261

+1.0%

Total

116,901

132,289 +15,387+13.2%

170,093 190,000 +19,906+11.7%

Operating Income

12/2016
Result12/2017
Result3Q (9Months)

3Q (9Months)

Amount63

2,283+2,220-

Process&Environmental

1,122

422

-700

Medical

2,221

1,236

Semiconductor

7,149

Scientific

Net Sales

Automotive

Total

Changes

Changes

12/2016
Result12/2017
Forecast

Full year

Full year

Amount

Ratio

3,529

5,700

+2,170+61.5%-62.4%

1,540

600

-940

-61.0%-985-44.4%

2,806

1,700

-1,106-39.4%

11,163+4,013+56.1%

9,678

14,500+4,821+49.8%

102

(492)

-595

-

944

500

-444

-47.1%

10,65914,612+3,953+37.1%

18,49923,000+4,500+24.3%

Changes

12

Ratio

Changes

HORIBA, Ltd.(Consolidated)3. Consolidated Segment Sales by Destination
12/2016
Result12/2017
Result3Q (9Months) 3Q (9Months)

Automotive

Amount: millions of yen
Changes

12/2016
Result12/2017
Forecast

ChangesAmountRatio

Full year

Full year

AmountRatio

39,42645,363+5,936+15.1%

62,20771,000+8,792+14.1%

Japan

13,757

18,154+4,397+32.0%

19,06324,300+5,236+27.5%

Asia

8,730

8,815

+84

+1.0%

14,31015,000

+689

+4.8%

Americas(*)

5,657

5,761

+103

+1.8%

9,192

9,800

+607

+6.6%
+11.5%

Europe11,281

12,632+1,351+12.0%

19,642

21,900+2,257

Process&Environmental

11,80912,034

+225

+1.9%

16,75317,000

+246

+1.5%

Japan

6,532

6,953

+421

+6.4%

9,067

10,000+932+10.3%

Asia

1,535

2,201

+666

+43.4%

2,748

3,000

+251

+9.1%

Americas(*)

2,390

1,443

-947

-39.6%

2,935

2,000

-935

-31.9%

Europe

1,351

1,436

+84

+6.3%

2,001

2,000

-1

-0.1%

Medical19,775

18,520-1,255-6.3%

26,56425,000-1,564

-5.9%

Japan

4,393

4,284

-109

-2.5%

5,877

6,000

+122

+2.1%

Asia

3,711

3,582

-128

-3.5%

4,852

4,800

-52

-1.1%

Americas(*)

4,766

4,106

-659

-13.8%

6,599

5,500

-1,099-16.7%

Europe

6,904

6,547

-357

-5.2%

9,235

8,700

-535

-5.8%

Semiconductor

27,76038,596 +10,835+39.0%

38,82851,000 +12,171+31.3%

Japan

10,707

13,475+2,767+25.8%

15,004

18,200+3,195+21.3%

Asia

11,75318,312+6,559+55.8%

16,96923,800+6,830+40.3%

Americas(*)

3,839

4,829

+989

+25.8%

4,980

6,600

+1,619+32.5%

1,460

Europe

1,979

+519

+35.6%

1,874

2,400

+525

+28.0%

18,128

17,773

-354

-2.0%

25,73826,000

+261

+1.0%

Japan

5,484

4,485

-998

-18.2%

7,509

6,500

-1,009-13.4%

Asia

4,527

4,938

+411

+9.1%

6,082

7,400

+1,317+21.7%

Americas(*)

4,423

4,811

+387

+8.8%

6,562

7,100

+537

+8.2%

Europe

3,693

3,537

5,000

ScientificTotal

116,901

-155

-4.2%

5,584

132,289 +15,387+13.2%

170,093-584-10.5%

190,000 +19,906+11.7%

Japan

40,87547,353+6,477+15.8%

56,52265,000+8,477+15.0%

Asia

30,25737,851+7,593+25.1%

44,96354,000+9,036+20.1%

Americas(*)

21,077

20,951

-126

-0.6%

30,27031,000

+729

+2.4%

Europe24,69026,133+1,442+5.8%

38,33740,000+1,662+4.3%(Note) Americas includes all countries in North America and South America.

13

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

Amount: millions of yen
4Q

1Q Result

12/2017
2Q Result
3Q Result

Net Sales
Operating Income

41,2705,172

38,713
2,606

36,9172,880

53,191
7,840

45,6686,185

41,6603,516

44,961
4,911

57,7108,387

Operating Income Ratio

12.5%

6.7%

7.8%

14.7%

13.5%

8.4%

10.9%

14.5%

1Q

Ordinary Income

12/2016 Result
2Q
3Q

4Q Forecast

5,100

2,496

2,744

7,937

6,041

3,528

4,780

7,649

Ordinary Income Ratio

12.4%

6.4%

7.4%

14.9%

13.2%

8.5%

10.6%

13.3%

Net Income attributableto Owners of Parent

3,181

946

3,153

5,680

3,778

2,681

4,325

4,214

Net Income Ratio

7.7%

2.4%

8.5%

10.7%

8.3%

6.4%

9.6%

7.3%

US$
Euro

115.35127.15108.05121.89102.31
114.14109.41117.86113.60121.05111.08122.27110.99130.42

108.33134.26

4Q

1Q ResultAmount: millions of yen
12/2017
2Q Result
3Q Result 4Q Forecast

22,781
4,943
6,789
11,068
7,609
53,191

17,317
4,194
6,049
12,261
5,845
45,66813,3093,884
6,299
12,497
5,668
41,66014,736
3,955
6,170
13,837
6,260
44,961

25,6364,965
6,479
12,4038,226
57,710

1Q Result

12/2017
2Q Result
3Q Result

4Q Forecast

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

1Q

14,964
4,157
6,939
8,689
6,519
41,27012/2016 Result
2Q
3Q

13,164
3,641
6,860
9,205
5,841
38,713

11,298
4,010
5,975
9,865
5,767
36,9171Q

12/2016 Result
2Q
3Q

4Q

1,124
666
828
2,329
222
5,172

(570)
200
764
2,153
57
2,606

3,466
418
584
2,528
841
7,840

(490)
254
628
2,666
(177)
2,880

2,103
173
469
3,499
(61)
6,185

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

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

1Q

12,316
3,447
7,654
9,563
5,623
38,605

1Q

40,566
4,106
4,353
4,018
8,343
61,387

12/2016 Result
2Q
3Q

14,777
4,111
6,465
9,659
5,358
40,372

18,6383,684
5,600
10,477
5,858
44,25912/2016 Result
2Q
3Q

42,180
4,576
3,958
4,467
7,863
63,04649,520
4,249
3,583
5,080
7,955
70,388

65
147
383
3,299
(379)
3,516

114
100
383
4,364
(51)
4,911

3,416
177
463
3,336
992
8,387

4Q

1Q ResultAmount: millions of yen
12/2017
2Q Result
3Q Result 4Q Forecast

22,1995,016
6,632
11,867
8,673
54,38917,338
3,741
6,669
14,461
5,153
47,365

19,5894,505
6,284
12,755
6,023
49,15822,284
5,013
6,077
13,136
7,545
54,058-4Q

1Q Result

12/2017
2Q Result
3Q Result

4Q Forecast

48,938
4,323
3,426
5,879
9,018
71,586

48,959
3,870
4,046
8,079
8,326
73,282

55,239
4,491
4,031
8,337
8,681
80,78162,787
5,549
3,938
7,636
9,966
89,878

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

14

HORIBA, Ltd.(Consolidated)-