Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2016
(Japanese GAAP)May 11, 2016
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 Three Months Ended March 31, 2016 (January 1, 2016 - March 31, 2016)(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%

Three months ended 3/31/16
41,2705,172 -25.9
5,100 -23.5-4.1
Three months ended 3/31/15
6,666
43,0496,982―――(Note) Comprehensive Income: FY2016Q1 367 million yen (-80.7%), FY2015Q1 1,910 million yen (-%)

Millions of yen

3,181
4,078

-22.0
―

%

Millions of yen%

Yen

Net Income per Share(Diluted)
Yen

75.58
96.50

75.23
96.10

Net Income per ShareThree months ended 3/31/16
Three months ended 3/31/15

Millions of yen(Note) The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis.
However, starting from the fiscal year 2016, the Company and its domestic consolidated subsidiaries have changed to revenue
recognition method on a completion date of installation or a delivery date basis under the terms and conditions of contracts.
Accordingly, retrospective restatement is applied. The percentage of change for the three months ended March 31, 2015 versus
the same period of previous year is not released because retrospective restatement is not applied for the three months ended
March 31, 2014.
(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

As of 3/31/16
223,436
125,891
56.1
As of 12/31/15
232,121
127,243
54.6(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of March 31, 2016: 125,458 million yen; As of December 31, 2015: 126,774 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter
Yen

Year ended 12/31/15
28.00－
Year ending 12/31/16－
Year ending 12/31/16
30.00(Forecast)(Note) Changes in the latest dividend forecasts released: None

Year end
Yen

Total

Yen

Yen

－

42.00

70.00

－

45.00

75.00

3. Consolidated Forecast for the Year Ending December 31, 2016 (January 1, 2016 - December 31, 2016)(Percentages represent changes from the same period in the previous year)

Net Sales

Operating Income
Millions of yen

Net income attributable
Net Income per Shareto Owners of Parent

Ordinary Income

Millions of yen%%

Millions of yen%

Millions of yen%

Yen

First half

85,0004.88,500 -22.9

8,100

-24.4

5,200

-20.8

123.53Full year

175,000

1.8

17,500 -13.1

16,500-16.0

10,800-18.7

256.57(Note) Changes in the latest business forecasts released: None1

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: Yes③ 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 three months ended FY2016 and FY2015

March 31,2016
42,532,752
402,921

December 31, 2015
42,532,752
439,021Jan. - Mar. 2016
42,095,456

Jan. - Mar. 2015
42,265,814

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. The consolidated
operating results and consolidated financial position are calculated based on the retrospectively-restated amounts offiscal year 2015. Those retrospectively-restated amounts are unaudited and are subject to change.
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 FY2016".

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see page 11, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Three Months Ended
March 31, 2016”)
During the three months ended March 31, 2016 (the first quarter), with regard to the global economy, Europe continued torecover moderately despite some weakness in the corporate sector. The United States remained a recovery trend althoughconcerns were warranted to the trend in oil prices. In China, the economy growth slowed down, due to a decline in exports
and other factors. In Japan, the economy sustained a moderate recovery trend due partially to an increase in corporate
capital investment and some improvement in the labor market.
The average exchange rates for the first quarter of fiscal 2016 were 115.35 yen against the U.S. dollar and 127.15 yen
against the euro, marking appreciation of 3.3% against the U.S. dollar and of 5.4% against the euro, compared to the firstquarter of the previous year.
Under these conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “the HORIBA Group” or“HORIBA” as a consolidated group) decreased sales by 4.1% year-on-year to 41,270 million yen, mainly because sales in
the Automotive Test Systems segment increased, but sales in all other segments decreased.
In terms of profits, owing to significant decrease in profit in the Automotive Test Systems segment, overall operating income
decreased by 25.9% year-on-year to 5,172 million yen, ordinary income decreased by 23.5% to 5,100 million yen and net
income attributable to owners of parent decreased by 22.0% to 3,181 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Segment sales increased by 5.5% year-on-year to 14,964 million yen, mainly due to sales contribution by HORIBA MIRA
Ltd. (U.K.), which was acquired in July 2015, and sales growth in Japan. However, operating income decreased by 49.5%
to 1,124 million yen, in comparison with the first quarter of the previous year when the high-margin transaction in Asia wasrecorded, and the negative impact from the yen’s appreciation against the dollar.
(Process & Environmental Instruments & Systems)
Sales in the Americas, primarily to companies in the petrochemical industry, were robust, but there was a temporary drop in
demand for instruments that responded to various environmental regulations in Asia and demand for capital expendituresby semiconductor manufacturers, resulting in a decrease in sales. As a result, segment sales were 4,157 million yen, down
3.1% year-on-year, while operating income increased by 2.2% to 666 million yen.
(Medical-Diagnostic Instruments & Systems)
Despite sales growth of blood cell testing instruments in Asia, the yen’s appreciation against the euro resulted in adecrease in the amount of overseas sales expressed in yen. Consequently, segment sales decreased by 4.7%
year-on-year to 6,939 million yen, and operating income increased by 1.1% to 828 million yen.
(Semiconductor Instruments & Systems)
Capital investment by semiconductor manufacturers were robust in 2015 but have completed a cycle with a decline indemand from the end of 2015 to the beginning of 2016. Owning to that factor and the yen’s appreciation against the dollar,segment sales fell by 15.7% year-on-year to 8,689 million yen and operating income decreased by 15.3% to 2,329 million
yen.

3

HORIBA, Ltd. (Consolidated)

(Scientific Instruments & Systems)
Sales mainly to private sector showed underlying strength in Japan and Asia, while the yen’s appreciation against the dollar
and other factors resulted in a decrease in sales in Europe and the Americas in yen terms. Consequently, segment sales
decreased by 6.7% year-on-year to 6,519 million yen and operating income dropped by 58.0% to 222 million yen.
(2) Information Concerning Consolidated Earnings Forecasts for FY2016
Consolidated earnings forecasts for the first half of fiscal year 2016 are as follows, taking into account the recent trend inorders, the foreign exchange rate and other factors.
Consolidated forecast for the first half of FY2016(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 9)(As of May 11)

Changes

Net sales

85,00085,000-Operating income

8,500

8,500

-

Ordinary income

8,100

8,100

-

5,200

5,200

-

Net income attributableto owners of parent

Consolidated forecast for the first half of FY2016 by segment

Net sales

Automotive(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 9)(As of May 11)

31,60031,600

-

8,900

8,900

-

Operating income

Changes

Automotive

Process &(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 9)(As of May 11)

2,000

2,000

-

600

800

+200

Changes

Process &Environmental

Environmental

Medical14,00014,000-

Medical

1,000

1,200

+200

Semiconductor

16,80016,800-

Semiconductor

4,300

4,300

-

Scientific13,70013,700-Scientific

600

200

-400

Total

85,00085,000

-

Total

8,500

8,500

-

With regard to consolidated earnings forecasts for the first half of fiscal 2016, after taking into account the businessprogress made in the first quarter, HORIBA has retained its sales forecast of 85,000 million yen in total.
In terms of profits, HORIBA has also retained its overall operating income forecast at 8,500 million yen. By businesssegment, HORIBA has revised down its operating income forecast for the Scientific Instruments & Systems segment by
400 million yen, but has revised up its operating income forecast for the Process & Environmental Instruments & Systems
segment and the Medical-Diagnostic Instruments & Systems segment by 200 million yen each. For the remaining two
segments, HORIBA has retained its forecasts.
In addition, HORIBA has retained its forecasts for ordinary income and net income attributable to owners of parent.
HORIBA’s full-year consolidated earnings forecasts and its dividend forecast for the current fiscal year have also remained
unchanged.

4

HORIBA, Ltd. (Consolidated)

(Note) The forecasts of dividend amount and business performance have been made based on information available as of May 11, 2016.
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.

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 buildings and facilities following natural
disasters and associated delays in delivery; risks associated with contracts and transactions; laws and regulations; and otherbusiness 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; reversal of deferred tax assets resulting from changes in systems or accounting
policies; and fluctuations in the estimated loss at the time of employees’ local pension fund dissolution

2. Items Concerning Summary Information (Notes)(1) Changes in Accounting Policies(Change in revenue recognition standard)
The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis.
However, starting from the three months ended March 31, 2016, the Company and its domestic consolidated subsidiaries
have changed to revenue recognition method on a completion date of installation or a delivery date basis under the terms
and conditions of contracts.
HORIBA’s overseas consolidated subsidiaries, pursuant to IFRS and US GAAP, had recognized revenue on an installation
completion date or a delivery date basis under the terms and conditions of contracts. In addition, sales of products that
require a long time for installation have been increasing. Consequently, HORIBA has decided to make a change to more
adequately reflecting revenue status, upon introduction of a new operating system.
This change in accounting policy has been retrospectively applied to the consolidated financial statements for the quarterand full-year period of fiscal year 2015.
As a result, net sales for the first quarter of fiscal year 2015 increased by 2,987 million yen, and operating income
increased by 1,612 million yen, ordinary income and income before income taxes increased by 1,636 million yen,respectively, as compared with the figures prior to the retrospective application. The net assets at the beginning of theprevious fiscal year have reflected the cumulative effects, which resulted in a decrease by 3,223 million yen in retained
earnings at the beginning of the previous fiscal year.
(Adoption of Revised Accounting Standard for Business Combinations, etc.)“Revised Accounting Standard for Business Combinations” (ASBJ Statement No. 21, released on Sep. 13, 2013,
hereinafter the “Accounting Standard for Business Combinations”), “Revised Accounting Standard for Consolidated
Financial Statements” (ASBJ Statement No. 22, released on Sep. 13, 2013, hereinafter the “Consolidated AccountingStandard”), “Revised Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, released on Sep. 13, 2013,
hereinafter the “Accounting Standard for Business Divestitures”) and others have been adopted effective from the
beginning of the first quarter of the fiscal year ending March 31, 2016. As a result, any change resulting from theCompany’s ownership interests in its subsidiary when the Company retains control over the subsidiary is accounted for as
capital surplus, and acquisition related costs are expensed in the year in which the costs are incurred. For any businesscombinations on or after the beginning of the current first quarter, subsequent measurement of the provisional amountrecognized based on the purchase price allocation due to the completion of accounting for the business combination arereflected in the quarterly consolidated financial statements for the period to which the date of that business combination
occurs. In addition, the presentation method of net income was amended as well as “minority interests in consolidated
subsidiaries” to “non-controlling interests.” To reflect these changes in presentation, adjustments have been made to the5

HORIBA, Ltd. (Consolidated)consolidated financial statements for the prior first quarter and the prior fiscal year presented herein. The aforementioned
accounting standards are adopted as of the beginning of the current first quarter and thereafter, according to thetransitional treatment provided for in Paragraph 58-2 (4) of the Accounting Standard for Business Combinations, Paragraph44-5 (4) of the Consolidated Accounting Standard and Paragraph 57-4 (4) of the Accounting Standard for Business
Divestitures. There is no impact of these changes on profit and loss.
(2) Change in Method of Presentation(Consolidated Balance Sheets)
In fiscal 2015, “Advances received” was included in “Other current liabilities”. However, due to an increased significance inamount, it is independently stated from the three months ended March 31, 2016. To reflect this change in presentation
method, the consolidated financial statements for fiscal 2015 have been restated.
As a result, “Other current liabilities” of 14,460 million yen in the consolidated balance sheets for fiscal 2015 is restated as“Advances received” of 10,831 million yen and “Other current liabilities” of 3,628 million yen.
(3) Additional Information(Revision of Amount of Deferred Tax Assets and Deferred Tax Liabilities due to Change in Rate of Corporate andOther Income Taxes)
Following the promulgation of the Act for Partial Amendment of the Income Tax Act (Act No. 15 of 2016) and the Act for
Partial Amendment of the Local Tax Act (Act No. 13 of 2016) on March 31, 2016, the statutory effective tax rate for the
consolidated fiscal year on and after April 1, 2016 was reduced. Following the Act, the statutory effective tax rate used to
calculate deferred tax assets and deferred tax liabilities was changed from 32.2% to 30.8% for temporary differences
expected to be reversed in the fiscal year beginning on January 1, 2017 and 2018, and to 30.5% for temporary differences
expected to be reversed in the fiscal year beginning on January 1, 2019.
Due to such change in tax rate, the amount of deferred tax assets (netted with deferred tax liabilities) decreased by 9
million yen, while income taxes (deferred), net unrealized holding gains on securities, and remeasurements of defined
benefit plans increased by 57 million yen, 43 million yen, and 4 million yen, respectively.
(4) Significant Subsequent Event
The Aso Factory of HORIBA’s consolidated subsidiary HORIBA STEC Co., Ltd. and the Kumamoto Service Station ofanother subsidiary HORIBA Techno Service Co., Ltd. were struck by the severe earthquakes occurred in Kumamoto
Prefecture and surrounding regions in Japan on April 14, 2016 and after. Since April 25, the factories have been
recommencing their operations one after another. At the moment, HORIBA is not anticipating any material impact on
consolidated earnings forecasts for fiscal 2016. The Company will promptly disclose if any material impact is expected.

6

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2015(As of December 31,
2015)

FY2016 first quarter(As of March 31, 2016)

Cash and bank deposits

43,922

42,086

Trade notes and accounts receivable

50,12848,262Marketable securities

6,927

4,375

Merchandise and finished goods

15,696

15,431Work in process

13,707

14,489Raw materials and supplies

10,786

10,431

Deferred tax assets

5,140

4,533

Other current assets

6,584

6,856

Allowance for doubtful accounts

(789)

(730)

152,104

145,734

Buildings and structures, net

31,28830,541

Machinery, equipment and vehicles, net

6,468

6,652

Land

10,647

10,714

Construction in progress

4,739

5,191

Other property, plant and equipment, net

3,834

3,672

Total Property, Plant and Equipment

56,97856,772

Goodwill

576

511

Software

4,851

4,692

Other intangibles

4,870

4,170

Total Intangibles

10,2989,374

Investment securities

8,335

7,302

Deferred tax assets

1,671

1,547

Other investments and other assets

2,783

2,748

(50)

(44)

12,73911,55480,017

77,701

232,121

223,436

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

7

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2015(As of December 31,
2015)

FY2016 first quarter(As of March 31, 2016)

Trade notes and accounts payable

17,675

15,932

Short-term loans payable

12,87911,315

Accounts payable - other

14,75913,238

Accrued income taxes

3,796

1,850

Advances Received

10,831

10,811

Deferred tax liabilities

91

79

Accrued bonuses to employees

948

1,664

Accrued bonuses to directors and corporate auditors

63

148

Reserve for product warranty

1,651

1,637

Other current liabilities

3,628

3,442

Total Current Liabilities

66,32560,121

Corporate bonds

15,00015,000Long-term loans payable

16,826

16,626

Deferred tax liabilities

1,181

884

Net defined benefit liability

1,947

1,850

Provision for loss on dissolution of the employees’
pension fund

1,267

1,221

Other non-current liabilities

2,329

1,840

Total Non-Current Liabilities

38,55237,423

104,878

97,545

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

93,232

94,587

Treasury stock(1,730)(1,588)122,230

123,728

2,624

1,967

(0)

(5)

Foreign currency translation adjustments

1,852

(304)

Remeasurements of defined benefit plans

66

71

4,543

1,730

469

385

0

46

127,243

125,891

232,121

223,436

Liabilities
Current Liabilities:

Non-Current Liabilities:

Total Liabilities
Net Assets
Shareholders' Equity

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
Non-controlling Interests
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
FY2015 first quarter

FY2016 first quarter(Three months ended
March 31, 2015)(Three months ended
March 31, 2016)

Net Sales

43,04941,270

Cost of Sales

23,941

23,148Gross Income

19,10818,122

Selling, General and Administrative Expenses

12,126

12,949Operating Income

6,982

5,172

Interest income

3146

Dividend income11Foreign exchange gain

5-

Subsidy income

4

47

Other

38

57

Total non-operating income

81

152

306

133

-

65

91

25

Non-Operating Income

Non-Operating Expense
Interest expense
Foreign exchange losses
Other
Total non-operating expense
Ordinary Income

398

224

6,666

5,100

Extraordinary Gain
Gain on sales of fixed assets

1

2

Total extraordinary gain

1

2

Extraordinary Loss
Loss on sales of fixed assets

30Loss on disposal of fixed assets

3

13

Total extraordinary loss

6

13

Income before Income Taxes

6,661

5,089

Income taxes (current)

2,275

1,133

Income taxes (deferred)

307

775

2,583

1,908

4,078

3,180

Total income taxes
Net Income
Loss attributable to non-controlling interests-

Net Income attributable to Owners of Parent

4,078

9

(0)
3,181

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2016 first quarter(Three months ended
March 31, 2016)

FY2015 first quarter(Three months ended
March 31, 2015)
4,078

3,180

Net unrealized holding gains on securities

652

(656)

Deferred gains or losses on hedges

(22)

(4)

Foreign currency translation adjustments(2,798)(2,156)

Remeasurements of defined benefit plans(0)4(2,167)(2,812)

1,910

367

1,910

368

0

(0)

Net Income
Other Comprehensive Income

Total other comprehensive income
Comprehensive Income(Breakdown of comprehensive income)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

10

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Three Months Ended March 31, 2016
1. Consolidated Financial Results

Amount: millions of yen

12/2016
Result12/2015
Result1Q(3months)

1Q(3months)

Net Sales

41,27043,049-1,779Operating Income

5,172

6,982

-1,810Operating Income Ratio

12.5%

16.2%

-3.7P

Ordinary Income

5,100

6,666

-1,565

Ordinary Income Ratio

12.4%

15.5%

-3.1P

Net Income attributableto Owners of Parent

3,181

4,078

-896

Net Income Ratio

7.7%

9.5%

US$

115.35Euro

127.15

12/2016
Forecast

ChangesAmountRatio

12/2015
Result

1st half

Full year

1st half-4.1%

85,000175,000

81,084 171,916-25.9%

8,500

17,50011,01820,142

10.0%

10.0%

13.6%

11.7%

8,100

16,50010,716

19,639

9.5%

9.4%

13.2%

11.4%

5,200

10,8006,566

13,282

-1.8P

6.1%

6.2%

8.1%

7.7%

119.16-3.81

115.00115.00120.30121.10134.00-6.85

125.00125.00134.10134.31-23.5%-22.0%

2. Consolidated Segment Results

Amount: millions of yen
12/2016
Forecast

12/2016
Result12/2015
Result1Q(3months)

1Q(3months)

Automotive

14,964

14,177

+786

+5.5%

31,600

Process&Environmental

Net Sales

Full year

ChangesAmountRatio

1st half

12/2015
Result
1st half

Full year

70,00026,68965,436

Full year

4,157

4,291

-134

-3.1%

8,900

18,0008,218

16,708

Medical

6,939

7,283

-343

-4.7%

14,00028,00013,953

27,669

Semiconductor

8,689

10,307-1,617-15.7%

16,80031,00019,10135,353

Scientific

6,519

6,989

-470

-6.7%

13,70028,00013,122

26,748

Total

41,27043,049-1,779-4.1%

85,000175,000

81,084 171,916

12/2016
Result12/2015
Result1Q(3months)

1Q(3months)

Automotive

1,124

Process&Environmental

Operating Income

12/2016
Forecast

ChangesAmount

Ratio

2,227

-1,103-49.5%

2,000

666

652

+14

+2.2%

Medical

828

820

+8

Semiconductor

2,329

2,752

Scientific

222

Total

5,172

12/2015
Result
1st half

Full year

5,000

2,990

5,200

800

1,500

947

1,756

+1.1%

1,200

2,000

1,309

2,558

-422

-15.3%

4,300

7,500

5,166

9,429

530

-307

-58.0%

200

1,500

603

1,197

6,982

-1,810-25.9%

8,500

17,50011,01820,142

1st half

Full year(Note) The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping
basis. However, starting from the fiscal year 2016, the Company and its domestic consolidated subsidiaries havechanged to revenue recognition method on a completion date of installation or a delivery date basis under the terms
and conditions of contracts. Accordingly the amounts of fiscal year ended December 31, 2015 are calculated based on
the retrospectively-restated amounts.

11

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2016
ResultAutomotive

12/2015
ResultAmount: millions of yen
Changes

1Q(3months) 1Q(3months)

Amount14,177

14,964

12/2016
Forecast

12/2015
ResultRatio

1st half

Full year

1st half

Full year

+786

+5.5%

31,60070,00026,68965,436

Japan

7,827

6,742

+1,085+16.1%

10,10018,0009,971

17,782

Asia

1,652

3,448

-1,796-52.1%

6,900

14,2007,577

17,371

Americas(*)

2,155

1,739

+415

+23.9%

4,200

10,500

4,058

10,477

Europe

3,328

2,247

+1,081+48.1%

10,40027,3005,081

19,805

Process&Environmental

4,157

4,291

-134

-3.1%

8,900

18,0008,218

16,708

Japan

2,448

2,616

-167

-6.4%

4,700

9,000

4,401

8,352

Asia

404

899

-494

-55.0%

1,700

3,600

1,646

3,517

Americas(*)

871

399

+471

+118.2%

1,400

3,000

1,184

2,567

Europe

433

376

+56

+15.0%

1,100

2,400

986

2,270

Medical

6,939

7,283

-343

-4.7%

14,00028,00013,953

27,669

Japan

1,502

1,517

-14

-1.0%

2,900

5,700

3,078

5,950

Asia

1,372

1,116

+256

+22.9%

2,400

5,000

2,147

4,326

Americas(*)

1,522

1,805

-282

-15.7%

3,500

7,000

3,416

6,813

Europe

2,542

2,844

-302

-10.6%

5,200

10,300

5,310

10,578

Semiconductor

8,689

10,307-1,617-15.7%

16,80031,00019,10135,353

Japan

3,413

3,601

-187

-5.2%

6,400

12,0006,819

13,071

Asia

3,474

4,230

-755

-17.9%

6,900

12,5007,866

14,147

Americas(*)

1,362

1,966

-604

-30.7%

2,900

5,500

3,435

6,368

Europe

439

508

-69

-13.7%

600

1,000

979

1,766

-470

-6.7%

26,748

Scientific

6,519

6,989

13,70028,00013,122

Japan

2,399

2,336

+63

+2.7%

4,000

7,700

3,617

6,992

Asia

1,275

1,257

+18

+1.5%

3,000

6,400

2,980

6,207

Americas(*)

1,550

1,864

-314

-16.9%

3,400

7,200

3,321

7,048

Europe

1,293

1,531

-237

-15.5%

3,300

6,700

3,202

6,499

41,27043,049-1,779-4.1%

85,000175,000

81,084

171,916Japan

17,592

16,813

+778

+4.6%

28,10052,40027,88952,148

Asia

8,179

10,951-2,771-25.3%

20,90041,70022,21845,571

Total

Americas(*)

7,461

7,776

-314

-4.0%

15,40033,20015,41733,276

Europe

8,037

7,509

+528

+7.0%

20,60047,70015,56040,919(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

41,2705,172

12/2016
2Q Forecast 2H Forecast

43,7293,327

90,0009,000

Amount: millions of yen
1Q

43,0496,982

12/2015 Result
2Q
3Q

38,034
4,035

39,2772,869

4Q

51,554
6,254

Operating Income Ratio

12.5%

7.6%

10.0%

16.2%

10.6%

7.3%

12.1%

Ordinary Income

5,100

2,999

8,400

6,666

4,050

2,736

6,186

Ordinary Income Ratio

12.4%

6.9%

9.3%

15.5%

10.6%

7.0%

12.0%

Net Income attributable to
Owners of Parent

3,181

2,018

5,600

4,078

2,487

2,133

4,582

Net Income Ratio

7.7%

4.6%

6.2%

9.5%

6.5%

5.4%

8.9%

US$
Euro

115.35127.15114.65122.85115.00125.00119.16134.00121.44134.20122.34136.02121.46133.02

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

14,964
4,157
6,939
8,689
6,519
41,270

1Q Result

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

12/2016
2Q Forecast 2H Forecast

16,635
4,742
7,060
8,110
7,180
43,72938,400
9,100
14,00014,20014,30090,00012/2016
2Q Forecast 2H Forecast

875
133
371
1,970
(22)
3,327

3,000
700
800
3,200
1,300
9,000

1Q

14,177
4,291
7,283
10,307
6,989
43,049Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

24,707
4,804
6,891
7,633
7,517
51,554

4Q

2,227
652
820
2,752
530
6,982

762
295
489
2,414
73
4,035

2,762
593
532
1,808
557
6,254

1Q Result

1Q

12,316
3,447
7,654
9,563
5,623
38,605-13,006
4,028
7,468
9,670
5,740
39,914

1Q Result

12/2016
2Q Forecast 2H Forecast

1Q

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

41,231
4,648
2,688
4,119
8,255
60,942-

14,040
3,685
6,823
8,618
6,109
39,277

12/2015 Result
2Q
3Q

12/2016
2Q Forecast 2H Forecast-

12,511
3,926
6,670
8,794
6,132
38,0341Q

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAmount: millions of yen
12/2015 Result
2Q
3Q
4Q

(552)
215
717
2,454
35
2,869

Amount: millions of yen
12/2015 Result
2Q
3Q
4Q

15,383
4,829
7,904
9,203
6,519
43,840

16,254
3,594
6,260
7,865
6,709
40,684

12/2015 Result
2Q
3Q

44,103
5,551
3,922
4,528
8,641
66,74751,675
5,460
3,359
3,775
9,242
73,513

16,246
4,159
7,170
6,999
7,517
42,093

4Q

43,215
4,815
3,638
3,140
9,243
64,052

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)