Summary of Consolidated Financial Statements for the Year Ended December 31, 2020
(Japanese GAAP)
February 15, 2021
Company name

HORIBA, Ltd.

Listed stock exchanges: Tokyo

Listing code

6856

Representative

Atsushi Horiba, Chairman & Group CEO

URL: https://www.horiba.com/en_en/

Contact

Yoshihiro Morita, Department Manager, Accounting Dept.

TEL: (81)75-313-8121

Scheduled date of start of dividend payment: March 8, 2021
(Figures have been rounded down to the nearest million yen)
1. Consolidated Results for the Year Ended December 31, 2020 (January 1, 2020 - December 31, 2020)(1) Consolidated Operating Results(Percentages represent changes from the previous year)
Net Sales

Operating Income

Net income Attributableto Owners of Parent

Ordinary Income

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Year ended 12/31/20

187,080-6.6

19,694-5.8

19,399-5.5

13,188-14.8

Year ended 12/31/19

200,241-4.9

20,916-27.5

20,518-27.5

15,481-30.6(Note) Comprehensive Income: FY2020(-26.8％)

11,580 million yen

Net Income Attributableto Owners of Parent
per Share

FY2019Net Income Attributableto Owners of Parent per Share(Diluted)(-3.3％)

15,827 million yen

Ordinary Income
to Total Assets

Return on Equity

Operating Income
to Net Sales

Yen

Yen

％

％

％

Year ended 12/31/20

312.58311.09

7.6

6.0

10.5

Year ended 12/31/19

367.09365.44

9.3

6.9

10.4

(Reference) Equity in earnings of affiliates:

FY2020-million yen

FY2019-million yen(2) Consolidated Financial Position
Total Assets

Net Assets

Net Assets
per Share

Shareholders' Equity Ratio

Millions of yen

Millions of yen％

Yen

As of 12/31/20

328,068

178,66954.3

4,217.45

As of 12/31/19

315,133

171,61554.3

4,053.30(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 12/31/20

177,964 million yen

As of 12/31/19

170,953 million yen(3) Consolidated Cash Flows
Cash Flows
from Operating Activities

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities

Cash and Cash Equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended 12/31/20

32,253(14,016)

843

114,156

Year ended 12/31/19

26,638(12,367)

19,21596,064

2. Dividends
Dividend per Share
SecondquarterFirst
quarterYen

Thirdquarter

Dividends
to Net Assets(Consolidated)

Yen

Yen

Millions of yen

％

％

-

50.00

-

80.00

130.00

5,482

35.4

3.3

Year ended 12/31/20

-

30.00

-

60.00

90.00

3,797

28.8

2.2

-

30.00

-

60.00

90.00

(Forecast)

Yen

Total

Payout Ratio(Consolidated)Year ended 12/31/19
Year ending 12/31/21

Yen

Year end

Total Dividends(Annual)

28.1

3. Consolidated Forecast for the Year Ending December 31, 2021 (January 1, 2021 - December 31, 2021)(Percentages represent changes from the same period in the previous year)
Net Sales

Operating Income

Net Income Attributableto Owners of Parent

Ordinary Income

Net Income Attributableto Owners of Parent
per Share

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Yen

First half

91,500

7.7

8,500

27.3

8,300

22.5

5,500

13.2

130.34

Full year

200,000

6.9

20,0001.5

19,5000.5

13,5002.4

319.93

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) 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: None
③ Changes in accounting estimates: None
④ Retrospective restatement: None
(3) Number of shares outstanding (common stock)① Shares issued (including treasury stock)

December 31, 2020

42,532,752

December 31, 201942,532,752② Treasury stock

December 31, 2020

335,478

December 31, 2019356,524③ Average number of outstanding shares

December 31, 2020

42,192,859

December 31, 201942,174,733

Note 1. This consolidated financial report is not subject to audit by certified public accountants or accounting firms.
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 currently.
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
Effective from January 1, 2021, the names of the report segments were changed as below. Thischange was only a change of the segment names and had no effect on information on the segments.
The segment information for the fiscal year ended December 31, 2020 and the fiscal year ended
December 31, 2019 are stated using the new segment names.
Before Change

After Change

Automotive Test Systems

Automotive

Process & Environmental Instruments & Systems

Process & Environmental

Medical-Diagnostic Instruments & Systems

Medical-Diagnostics

Semiconductor Instruments & Systems

Semiconductor

Scientific Instruments & Systems

Scientific(1) Information Concerning Consolidated Operating Results(For details, see page 15, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for theYear Ended December 31, 2020”)

In the fiscal year ended December 31, 2020, HORIBA, Ltd. (“the Company”) and its consolidated
subsidiaries (together “the HORIBA Group” or “HORIBA” as a consolidated group) decreased sales
by 6.6% year-on-year to 187,080 million yen, due to a decline in sales in mainly Automotive
segment, while sales in the Semiconductor segment increase. Operating income decreased by
5.8% to 19,694 million yen, ordinary income by 5.5% to 19,399 million yen and net income
attributable to owners of parent by 14.8% to 13,188 million yen.
The annual average exchange rates for 2020 were 106.76 yen against the U.S. dollar and 121.88
yen against the euro, representing year-on-year appreciation of 2.1% against the U.S. dollar and
0.1% against the euro.

The operating results of each business segment are summarized as follows.

(Automotive Segment)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment
sales decreased by 21.1% year-on-year to 63,913 million yen and operating income decreased by
61.8% to 2,465 million yen.

(Process & Environmental Segment)
Demand from public investments was solid against the backdrop of tightening environmental
regulations globally.
However, segment sales decreased by 6.0% year-on-year to 18,337 million yen and operating
income decreased by 3.4% to 1,639 million yen, mainly due to the stagnation of corporate activities
affected by the spread of COVID-19.

3

HORIBA, Ltd. (Consolidated)

(Medical-Diagnostics Segment)
The number of tests performed at hospitals decreased as the spread of COVID-19 led to adecrease in the number of patients who visit hospital. Consequently, segment sales decreased by
17.0% year-on-year to 21,035 million yen, and operating loss of 426 million yen was recorded(compared to operating income of 1,302 million yen in the previous year).

(Semiconductor Segment)
Sales to semiconductor production equipment manufacturers increased, in response to a recoveryof semiconductor manufacturers’ capital expenditures driven by an increase in demand forsemiconductors associated with the expansion of telework, digital business and other factors. As aresult, segment sales increased by 20.7% year-on-year to 56,967 million yen and operating income
increased by 31.0% to 14,052 million yen.

(Scientific Segment)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment
sales decreased by 1.3% year-on-year to 26,825 million yen. On the profit side, operating income
increased by 167.4% to 1,963 million yen, due to an increase in sales of high-margin products andcost reduction mainly in selling expense.

4

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2021
The consolidated earnings forecasts are summarized as follows.
Our assumed foreign exchange rates for fiscal 2021 are 105 yen against the U.S. dollar (vs. 106.76
yen in fiscal 2020) and 125 yen against the euro (vs. 121.88 yen in fiscal 2020).
Net sales of 200,000 million yen (up 6.9% year-on-year)
In the Automotive Segment, sales in Japan are expected to decline, while sales in Europe are
expected to be favorable. As a result, segment sales are expected to stay at the same level in theprevious fiscal year.
In the Process & Environmental Segment, the Medical-Diagnostics Segment and the ScientificSegment, sales are expected to increase, in response to recovery from stagnant social and economic
activities caused by the impact from the spread of COVID-19.
In Semiconductor Segment, sales to semiconductor production equipment manufacturers are
expected to increase, in response to a growth of semiconductor manufacturers’ capital expenditures
driven by an increase in demand for semiconductors.
As a result, net sales are expected to increase by 12,919 million yen from fiscal 2020 to 200,000
million yen.

Operating income of 20,000 million yen (up 1.5% year-on-year)
In the Automotive Segment, operating income is expected to decrease, due to normalization of
expenses that decreased owing to slowdown in activities caused by the spread of COVID-19, andchanges in the sales composition of products.
In the Semiconductor Segment, operating income is expected to increase in line with an increase insales.
As a result, total operating income is expected to increase by 305 million yen from fiscal 2020 to
20,000 million yen.

Ordinary income of 19,500 million yen (up 0.5% year-on-year)
Ordinary income is expected to incorporate a net non-operating loss of 500 million yen (compared tothat of 295 million yen in fiscal 2020), assuming interest expenses and some uncertain non-operating
expenses.
As a result, ordinary income is expected to increase by 100 million yen from fiscal 2020 to 19,500
million yen.

Net income attributable to owners of parent of 13,500 million yen (up 2.4% year-on-year)
Net extraordinary loss of 500 million yen (compared to net extraordinary loss of 578 million yen in
fiscal 2020) is secured for unexpected incidences. As a result, net income attributable to owners ofparent is forecasted to increase by 311 million yen from the fiscal 2020 to 13,500 million yen.

5

HORIBA, Ltd. (Consolidated)

(3) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2020 and
the Year Ending December 31, 2021
HORIBA’s shareholder return policy is to set the total returns to shareholders (the combined amountof dividend payments and share buybacks) at approximately 30% of consolidated net income
attributable to owners of parent.
With regard to the dividends for the year ended December 31, 2020, we have decided to pay a yearend dividend of 60 yen per share. Combined with the interim dividend that has been paid out, theannual dividend will be 90 yen (compared to 130 yen in fiscal 2019).
As regards the dividend forecast for the fiscal year ending December 31, 2021, we expect to pay anannual dividend of 90 yen per share (interim dividend is 30 yen).
The Company will continue to focus on improving corporate value through profit growth by investing
internal reserves in growth areas in an effective manner, and it will make profit returns toshareholders that are linked to consolidated earnings.

(Disclaimer regarding business 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 currently.
However, due to risks and various uncertain factors such as future business operation policies,changes in the economic environment in Japan and overseas, fluctuation of currency rates, it ispossible that actual performance would vary considerably from the forecasts.

2. Basic policy on selection of accounting standard
The HORIBA Group prepares its consolidated financial statements in accordance with General
Accepted Accounting Principles in Japan (“JGAAP”), as it allows comparison between different
periods and companies. Concerning adoption of the International Financial Reporting Standards(IFRS), HORIBA intends to appropriately respond with due consideration for various circumstances inJapan and abroad and expected clerical costs.

6

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount : Millions of yen
FY2019(As of December 31, 2019)

FY2020(As of December 31, 2020)

Cash and bank deposits

95,646

114,537

Trade notes and accounts receivable

59,12150,873Marketable securities

3,079

1,965

Merchandise and finished goods

19,995

18,578Work in process

17,69016,786

Raw materials and supplies

13,927

13,886

Other current assets

7,889

8,364

Allowance for doubtful accounts(796)(1,032)

216,553

223,959

Buildings and structures, net

39,78040,874

Machinery, equipment and vehicles, net

12,053

11,386Land

15,177

15,315Construction in progress

3,604

9,630

Other property, plant and equipment, net

5,313

4,863

Total Property, Plant and Equipment

75,92982,071

Goodwill

1,254

944

Software

2,734

2,375

Leasehold interests in land

548

563

Other intangibles

997

743

Total Intangibles

5,535

4,625

10,612

10,605

13

321

Deferred tax assets

3,605

3,844

Other investments and other assets

2,933

2,686

(51)

(46)

17,114

17,411

98,579104,108

315,133

328,068

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:
Investment securities
Net defined benefit asset

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

7

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2019(As of December 31, 2019)

FY2020(As of December 31, 2020)

Trade notes and accounts payable

19,861

20,264

Short-term loans payable

8,495

9,548

Current portion of bonds

15,000-Accounts payable - other

16,16415,092

Accrued income taxes

2,004

4,042

Advances Received

19,16915,473

Accrued bonuses to employees

1,188

919

Reserve for product warranty

2,369

2,331

Other current liabilities

4,218

5,124

Total Current Liabilities

88,472

72,797

Corporate bonds

30,00030,000Long-term loans payable

16,87837,518613

836

Net defined benefit liability

2,017

2,237

Other non-current liabilities

5,534

6,009

Total Non-Current Liabilities

55,04476,601

143,517

149,399

Common stock

12,011

12,011

Capital surplus

18,59918,599Retained earnings

141,689

150,222(1,405)(1,323)

170,894

179,509

4,344

4,363

0

6

Foreign currency translation adjustments(4,042)(5,839)Remeasurements of defined benefit plans

(244)

(75)

58

(1,545)

Subscription Rights to Shares

651

697

Non-Controlling Interests

106

171,615

178,669

315,133

328,068

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 or losses on securities
Deferred gains or losses on hedges

Total Accumulated Other Comprehensive Income

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
FY2019FY2020(For the year ended
December 31, 2019)(For the year ended
December 31, 2020)

Net Sales

200,241

187,080

Cost of Sales

117,624

110,648

Gross Income

82,61776,431

Selling, General and Administrative Expenses

61,701

56,737

Operating Income

20,916

19,694

Interest income

237

280

Dividend income

185

170

Subsidy income

43

182

Foreign tax refund

148

-

Other

214

204

Total Non-Operating Income

827

838

Interest expense

496

466

Bond issuance cost

154-

Foreign exchange losses

439

444

-

133

135

89

1,225

1,133

20,51819,399113

23

Gain on sales of investment securities

9554

Gain on sales of golf memberships

Non-Operating Income

Non-Operating Expense

Commission for syndicated loans
Other
Total Non-Operating Expense
Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets-

31

Reversal of provision for loss on dissolutionof the employees' pension fund137-

Total Extraordinary Gain

260

610

Loss on sales of fixed assets-

0Loss on disposal of fixed assets

44

51

Business restructuring expenses

-

1,136

44

1,188

20,734

18,821

Income taxes (current)

4,956

5,891

Income taxes (deferred)

268

(256)

Total Income Taxes

5,225

5,634

15,50813,18726(1)15,481

13,188Extraordinary Loss

Total Extraordinary Loss
Income before Income Taxes

Net Income
Profit (loss) attributable to non-controlling interests
Net Income Attributable to Owners of Parent

9

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount : Millions of yen
FY2019(For the year ended

FY2020(For the year ended

December 31, 2019)

December 31, 2020)

15,50813,187

1,555

18

3

5

Foreign currency translation adjustments(1,220)(1,799)Remeasurements of defined benefit plans

(20)

169

Total Other Comprehensive Income

318(1,606)

15,827

11,58015,807

11,58419(4)Net Income
Other Comprehensive Income
Net unrealized holding gains or losses on securities
Deferred gains or losses on hedges

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

10

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statements of Changes in Net Assets
FY2019 (For the year ended December 31, 2019)
Amount : Millions of yen
Shareholders' Equity
Common Stock

Capital Surplus

12,011

18,717

Beginning Balance

Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,428)

161,630

132,329

Changes during the Period
Dividend from Earnings(6,115)(6,115)

Net income Attributableto Owners of Parent

15,481

15,481

Purchase of Treasury Stock
Disposal of Treasury Stock0

Purchase of Sharesof Consolidated Subsidiaries

(6)

(0)

(0)

23

16

(118)

(118)

OthersTotal changes
during the Period

－

(117)

9,359

22

9,264

Ending Balance

12,011

18,599141,689(1,405)

170,894

Accumulated Other Comprehensive Income

Beginning BalanceNet
unrealized
holding
gains
orlosseson
securities

Deferredgains
orlossesonhedgesForeigncurrencytranslation
adjustments

2,788

(2)

(2,829)Remeasure
Total
Subscription
Non-ments
Accumulated
Rightscontrollingof
Other
to Shares
Interests
definedComprehensive
benefit
Income
plans

(224)

(267)

549

Total
Net
Assets106 162,018

Changes during the Period
Dividend from Earnings(6,115)Net Income Attributableto Owners of Parent

15,481

Purchase of Treasury Stock(0)

Disposal of Treasury Stock16

Purchase of Sharesof Consolidated Subsidiaries(118)

Others1,555

3(1,212)

(20)

326

102

(95)

332

Total Changes
during the Period

1,555

3

(1,212)

(20)

326

102

(95)

9,596

Ending Balance

4,344

0

(4,042)

(244)

58

651

10 171,615

11

HORIBA, Ltd. (Consolidated)

FY2020 (For the year ended December 31, 2020)
Amount : Millions of yen
Shareholders' Equity
Common Stock

Capital Surplus

12,011

18,599Beginning Balance

Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,405)

170,894

141,689

Changes during the Period
Dividend from Earnings(4,640)(4,640)Net Income Attributableto Owners of Parent

13,18813,188Purchase of Treasury Stock
Disposal of Treasury Stock

(0)

(0)

(0)

(15)

83

67

OthersTotal Changes
during the Period

－

(0)

8,533

82

8,615

Ending Balance

12,011

18,599150,222(1,323)

179,509

Accumulated Other Comprehensive Income

Beginning BalanceNet
unrealized
holding
gains
orlosseson
securities

Deferredgains
orlossesonhedgesForeigncurrencytranslation
adjustments

4,344

0

(4,042)Remeasure
Total
Subscription
Non-ments
Accumulated
Rightscontrollingof
Other
to Shares
Interests
definedComprehensive
benefit
Income
plans

(244)

58

651

Total
Net
Assets10 171,615

Changes during the Period
Dividend from Earnings(4,640)Net Income Attributableto Owners of Parent

13,188Purchase of Treasury Stock(0)

Disposal of Treasury Stock67

Others18

5(1,797)169(1,603)46(4)(1,561)

Total Changes
during the Period

18

5(1,797)169(1,603)

46

(4)

7,053

Ending Balance

4,363

6

(5,839)(75)(1,545)697

6 178,669

12

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash Flows
Amount : Millions of yen
FY2019FY2020(For the year ended
December 31, 2019)(For the year ended
December 31, 2020)

Cash Flows from Operating Activities:
Income before income taxes

20,734

18,821

Depreciation expense

8,485

9,296

Amortization of goodwill

309

322

Increase (decrease) in allowance for doubtful accounts

105

235

Increase (decrease) in net defined benefit liability

1158Interest and dividend income

(422)

(451)

Interest expense

496

466

Foreign exchange losses (gains)

89

151

Loss (gain) on sales of fixed assets

(113)

(23)

Loss on disposal of fixed assets

44

51

Loss (gain) on sales of investment securities

(9)

(554)

Loss (gain) on sales of golf club memberships

-

(31)

Business restructuring expenses

-

1,136

Decrease (increase) in trade notes and accounts receivable

(935)

7,999

Decrease (increase) in inventories

2,852

2,049

Increase (decrease) in trade notes and accounts payable(1,760)256

Other, net

3,196(4,239)Subtotal

33,07535,646

Interest and dividend received

434

431

Interest paid

(465)

(485)

(6,405)(3,338)26,63832,253

Increase in time deposits(2,418)(1,061)

Decrease in time deposits

3,018

816

Payments for purchase of marketable securities(2,000)(1,400)

Income taxes (paid) refund
Net Cash Provided by (used in) Operating Activities
Cash Flows from Investing Activities:

Proceeds from sales or redemption of marketable securities
Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

1,900

2,000

(11,762)(14,616)262

75(1,172)(429)

Payments for purchase of investment securities

(24)

(43)

Proceeds from sales or redemption of investment securities

13

609

Payments of loans receivable

(39)

(38)

96

23

Payments for purchase of intangibles

Collection of loans receivable
Other, net
Net Cash Provided by (used in) Investing Activities

(239)

49

(12,367)(14,016)

Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term debt
Repayments on finance lease obligations
Net decrease (increase) of treasury stock(2,205)

1,204

313

20,898(1,561)

(366)

(831)

(1,254)(0)(0)

Cash dividends paid

(6,110)(4,637)

Proceeds from issuance of bonds

29,845--(15,000)

(7)

-

(226)

-

19,215

843

Redemption of bonds
Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Net Cash Provided by (used in) Financing Activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents

(259)

(988)

Net Increase (Decrease) in Cash and Cash Equivalents

33,22718,091

Cash and Cash Equivalents at Beginning of Period

62,837

96,064

Cash and Cash Equivalents at End of Period

96,064

114,156

13

HORIBA, Ltd. (Consolidated)

(5) Notes to Consolidated Financial Statements
Additional information(Change in presentation method)(Relation to the consolidated balance sheets)"Leasehold interests in land", which was included in “Other intangibles” in “Intangibles” in theprevious consolidated fiscal year, is presented separately from the current consolidated fiscal year
ended December 31, 2020, from the viewpoint of clarity in accounts classification. The Consolidated
Financial Statements for the previous consolidated fiscal year have been reclassified to reflect thischange.
As a result, in the Consolidated Balance Sheets for the previous consolidated fiscal year, the 1,546
million yen presented as "Other intangibles" in "Intangibles" has been reclassified as "Leaseholdinterests in land" of 548 million yen and "Other intangibles" of 997 million yen.
(Application of tax effect accounting for transition from consolidated taxation system to grouptax sharing system)
With regard to the transition to group tax sharing system established in the “Act for Partial
Amendment of the Income Tax Act, etc.” (Act No. 8 of 2020) and items for which the nonconsolidated taxation system has been reviewed in line with the transition to the group tax sharing
system, the Company and its domestic consolidated subsidiaries calculated the amounts ofdeferred tax assets and deferred tax liabilities in accordance with the provisions of the tax act before
the amendment based on the treatment of Paragraph 3 of the “Practical Solution on the Treatment
of Tax Effect Accounting for the Transition from the Consolidated Taxation System to the Group Tax
Sharing System” (ASBJ Practical Issues Tax Force No. 39, March 31, 2020), instead of applying theprovision of Paragraph 44 of the “Implementation Guidance on Tax Effect Accounting” (ASBJ
Guidance No. 28, February 16, 2018).

14

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2020
1. Consolidated Financial Results

Amount : Millions of yen

12/2019
Results

12/2020
Results

Full year

Full year

Net Sales

200,241

Operating Income
Operating Income Ratio

Ordinary Income

12/2021
Forecasts

ChangesAmountRatio

Full year

187,080-13,161-6.6%

20,916

19,694-1,221

-5.8%

10.4%

10.5%

+0.1P

Changes

12/2021
Forecasts

ChangesAmount

1st half

Amount200,000+12,919

91,500+6,52420,000

+305

8,500

+1,823

10.0%

-0.5P

9.3%

+1.4P

19,500

+100

8,300

+1,523

9.8%

-0.6P

9.1%

+1.1P

13,500

+311

5,500

+639

20,51819,399-1,118

Ordinary Income Ratio

10.2%

10.4%

+0.2P

Net Income Attributableto Owners of Parent

15,481

13,188-2,293Net Income Ratio

7.7%

7.0%

-0.7P

6.8%

-0.2P

6.0%

+0.3P

US$

109.03106.76-2.27

105.00-1.76

105.00

-3.23

Euro

122.03121.88-0.15

125.00+3.12

125.00

+5.69

-5.5%

-14.8%

2. Consolidated Segment Results
Net Sales

Amount : Millions of yen

12/2019
Results

12/2020
Results

Full year

Full year

ChangesAmountRatio

12/2021
Forecasts
Full year

Changes

12/2021
Forecasts

ChangesAmount

1st half

AmountAutomotive

81,042

63,913-17,128-21.1%

64,000+86

27,000-108

Process&Environmental

19,50018,337-1,162-6.0%

21,000+2,662

9,000

+326

Medical-Diagnostics

25,33521,035-4,300-17.0%

25,000+3,96412,000+1,597

Semiconductor

47,191

56,967+9,775+20.7%

61,000+4,03230,500+3,076

Scientific27,17026,825

-345

-1.3%

29,000+2,17413,000+1,632

Total

200,241

187,080-13,161-6.6%

200,000+12,919

91,500+6,524

12/2019
Results

12/2020
Results

Full year

Full year

Operating Income

ChangesAmountRatio

12/2021
Forecasts

Changes

12/2021
Forecasts

Changes

Full year

Amount

1st half

AmountAutomotive

6,454

2,465

-3,988-61.8%

1,000-1,465

(500)

-230

Process&Environmental

1,697

1,639

-57

-3.4%

1,500

-139

500

+60

Medical-Diagnostics

1,302

(426)

-1,728

-

500

+926

-

+75

Semiconductor

10,727

14,052+3,324+31.0%

15,500+1,4478,000+1,581

Scientific

734

1,963

+1,229+167.4%

1,500

-463

500

+336

Total

20,916

19,694-1,221-5.8%

20,000

+305

8,500

+1,823

15

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination

Automotive

12/2019
Results

12/2020
Results

Full year

Full year

Amount : Millions of yen
ChangesAmountRatio

12/2021
Forecasts
Full year

Changes

12/2021
Forecasts

ChangesAmount

1st half

Amount

81,042

63,913-17,128-21.1%

64,000+86

27,000

-108

Japan

21,541

17,640-3,900-18.1%

15,000-2,6406,000-3,174Asia

24,507

17,584-6,922-28.2%

16,500-1,084

7,500

+554

Americas

9,986

7,226

-2,760-27.6%

8,000

+773

3,500

+1,285

Europe25,006

21,462-3,544-14.2%

24,500+3,037

10,000+1,226

Process&Environmental

19,50018,337-1,162-6.0%

21,000+2,662

9,000

+326

Japan

10,187

9,917

-269

-2.6%

10,500

+582

4,500

-434

Asia

4,242

4,010

-232

-5.5%

5,500

+1,489

2,500

+959

Americas

2,461

2,184

-277

-11.3%

2,000

-184

1,000

-168

Europe

2,608

2,225

-383

-14.7%

3,000

+774

1,000

-29

25,33521,035-4,300-17.0%

25,000+3,96412,000+1,597

6,328

5,466

-861

-13.6%

6,000

+533

3,000

+235

Medical-Diagnostics

Japan
Asia

5,661

4,243

-1,418-25.0%

6,000+1,756

2,500

+465

Americas

5,080

3,966

-1,113-21.9%

4,000

+33

2,000

+41

Europe

8,265

7,358

-906

-11.0%

9,000+1,641

4,500

+853

Semiconductor

47,191

56,967+9,775+20.7%

61,000+4,03230,500+3,076

Japan

16,79018,511+1,721+10.2%

22,000+3,48811,000+1,498Asia

21,251

28,270+7,018+33.0%

25,000-3,27012,500-571

Americas

6,030

7,272

+1,242+20.6%

11,000+3,7275,500+1,943

Europe

3,118

2,912

-205

-6.6%

3,000

+87

1,500

+205

27,17026,825

-345

-1.3%

29,000+2,17413,000+1,632

Scientific
Japan

7,321

6,140

-1,181-16.1%

7,500+1,359

3,000

-16

Asia

6,796

7,413

+616

+9.1%

7,500

+86

3,500

+841

Americas

7,520

7,632

+111

+1.5%

8,000

+367

3,500

+262

Europe

5,531

5,638

+107

+1.9%

6,000

+361

3,000

+546

200,241

187,080-13,161-6.6%

200,000+12,919

91,500+6,524

Japan

62,16957,676-4,492-7.2%

61,000+3,32327,500-1,890

Total
Asia62,46061,522

-937

-1.5%

60,500-1,02228,500+2,248Americas

31,07928,282-2,797-9.0%

33,000+4,717

15,500+3,364

Europe44,532

39,598-4,933-11.1%

45,500+5,901

20,000+2,801

16

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

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributableto Owners of Parent

Amount : Millions of yen

1Q

12/2019 Results
2Q
3Q

4Q

45,3204,434

46,287
3,848

63,211
8,910

45,422
3,722

1Q

12/2020 Results
2Q
3Q

4Q

44,997
3,895

39,9782,781

57,2898,726

44,815
4,291

9.8%

8.3%

8.2%

14.1%

8.7%

7.0%

9.6%

15.2%

4,303

3,737

3,517

8,960

3,906

2,870

4,022

8,600

9.5%

8.1%

7.7%

14.2%

8.7%

7.2%

9.0%

15.0%

2,561

3,209

2,655

7,055

2,287

2,573

2,665

5,662

Net Income Ratio

5.7%

6.9%

5.8%

11.2%

5.1%

6.4%

5.9%

9.9%

US$
Euro

110.22125.16109.90123.48107.24119.22108.76120.26108.86120.08107.60118.54106.19124.17104.39124.73

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental
Medical-Diagnostics

Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental
Medical-Diagnostics

Semiconductor
Scientific
Total

1Q

12/2019 Results
2Q
3Q

4Q

1Q

Amount : Millions of yen
12/2020 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

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

12,238
4,078
4,653
13,576
5,431
39,9781Q

12/2019 Results
2Q
3Q

4Q

1Q

12/2020 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

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

(591)
188
(231)
3,177
238
2,781

2,530
876
54
4,153
1,111
8,726

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

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

14,515
4,125
4,875
14,333
6,965
44,81522,2905,538
5,757
15,2108,492
57,289

204
323
(405)
3,479
688
4,291

Contact
Corporate Planning and Investor Relations, Corporate Planning Office, General Administration Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: ir-info@horiba.com

17

HORIBA, Ltd. (Consolidated)