Financial Information
HORIBA, Ltd.
August 2023
© 2023 HORIBA, Ltd. All rights reserved.

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

2

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

3

Review of First Half of 2023

External
Events Revitalization of economic activity by reclassifying COVID-19’s category(equivalent to Class 2) to Class 5
 Accelerated inflation, including a rise in energy prices, in addition to yen
depreciation
 Greater delay than expected in recovery in demand for semiconductors
 Growing interest in hydrogen energy, ammonia, and synthetic fuels Further heightening of interest in life science

Internal
Events Accelerated cross-segment business activities in our three focused fields
 Focus on an application for process measurement for industries
 Accelerated efforts in new fields such as hydrogen energy and life science Acquisition in the water quality field© 2023 HORIBA, Ltd. All rights reserved.

4

2023 First Half Results(Billions of yen)

2022

2023

Changes

1st half results(Jan.-Jun.)

1st half
1st half results
forecasts(Jan.-Jun.)(as of May 12)

vs 2022

vs Previous
Forecasts

127.5
18.5

131.1
17.8

+16.1

+3.6

Operating profit

114.9
16.2

+1.5

- 0.6

O.P.%

14.1%

14.5%

13.6%

-0.5p

-0.9p

Ordinary profit

16.7

18.3

18.1

+1.3

- 0.1

Net income attributableto owners of parent

11.2

19.0

19.0

+7.7

+0.0

USD/JPY

123.14134.39133.00144.00135.00145.93+11.86+2.00+11.54

+1.93

Sales

EUR/JPY© 2023 HORIBA, Ltd. All rights reserved.

： Record-high52023 First Half Results by Segment
Sales
2022

2023

1st half
results(Jan.-Jun.)

1st half
results(Jan.-Jun.)

Auto
P&E
Medical
Semi
ScientificTotal© 2023 HORIBA, Ltd. All rights reserved.

25.6
10.1
13.6
49.4
15.9
114.9

30.5
11.3
15.5
56.2
17.4
131.1

(Billions of yen)

Operating profit
vs 2022

2022

2023

vs 2022

Changes

1st half
results(Jan.-Jun.)

1st half
results(Jan.-Jun.)

Changes

+4.8

-1.7

+1.1

0.6

+1.9

-0.1

+6.8

16.7

+1.4

0.7

+16.1

16.2

-2.1
0.9
0.1
18.6
0.2
17.8

-0.3
+0.2
+0.3
+1.9
-0.5
+1.5
： Record-high62023 First Half Results (B/S, CF)
B/S

Total assets were ¥435.2bn, up ¥18.5bn, by increasing
inventory
Equity ratio: 61.1%(compared to the end of Dec. 2022)

CFOperating CF: Cash in ¥3.6bn due tooperating profit
Investing CF: Cash out ¥1.2bn due tocapital investments
Financial CF: Cash out ¥18.5bn due torepayments of debt

© 2023 HORIBA, Ltd. All rights reserved.

Free CF: + ¥2.3bn

7

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

8

HORIBA’s Assumptions Regarding Market Environment
GeneralContinued concern about the impact of global inflation and geopolitical situations.
Expect a recovery in economic activities in the “with or post-COVID-19” era.

Automotive

Accelerate use of hydrogen energy/batteries and increase in plug-in vehicles.
Expect the introduction of new emission regulations in Europe and China.

Process &Environmental

Expect business expansion in the new energy market in response to the decarbonization trend.
Environmental regulation-driven demand remains strong. Anticipate it to expand to industrial
processes including semiconductors.

Medical

Expect strong sales of medical instruments in Japan and in growing regions.
Sales of test reagents are recovering in the “with or post-COVID-19” era.

Semiconductor

Capital investment by semiconductor manufacturers continue to be in an adjustment phase.
Expect medium-term growth in measurement demand, driven by growth in generative AI, etc. inthe semiconductor market.

Scientific

Demand is strong for measurement and analysis equipment used for development andmanufacturing processes in various markets.
Anticipate an increase in demand in the life science market.

© 2023 HORIBA, Ltd. All rights reserved.

92023 Forecasts(Billions of yen)

Results

Changes2023

2022
Previous
Forecasts(as of May 12)

Forecasts(as of Aug. 9)

vs 2022

vs Previous
Forecasts

279.0
40.0

281.0
41.0

+10.8

+2.0

Operating profit

270.1
45.8

- 4.8

+1.0

O.P.%

17.0%

14.3%

14.6%

-2.4p

+0.3p

41.0

- 5.8

+1.5

Sales

Ordinary profit

46.8

Net income attributableto owners of parent

34.0

34.0

35.5

+1.4

+1.5

USD/JPY

131.62138.14133.00144.00137.00148.00

+5.38

+4.00

+9.86

+4.00

EUR/JPY© 2023 HORIBA, Ltd. All rights reserved.

39.5： Record-high102023 Forecasts by Segment(Billions of yen)

Sales
Results

Changes

2023

2022

Previous
Forecasts(as of May 12)

Auto

67.5

79.0

P&E

22.5

25.0

Medical

29.7

31.0

Semi

114.0

105.0

Scientific

36.2

39.0

Total

270.1

279.0

© 2023 HORIBA, Ltd. All rights reserved.

Operating profit

Forecasts(as of Aug. 9)

79.0
25.0
31.0
107.0
39.0
281.0

vs 2022

vs Previous
forecasts

Changes

2023

2022

Results

Previous
Forecasts(as of May 12)

+11.4

-

-0.6

0.5

+2.4

-

2.1

2.5

+1.2

-

-0.0

0.5

-7.0

+2.0

42.0

33.5

+2.7

-

2.5

3.0

+10.8

+2.0

45.8

40.0

Forecasts

vs 2022(as of Aug. 9)

0.5
2.5
0.5
34.5
3.0
41.0

vs Previous
forecasts

+1.1

-

+0.3

-

+0.5

-

-7.5

+1.0

+0.4

-

-4.8

+1.0

： Record-high11

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

12Automotive

First Half Results and 2023 Forecasts (Billions of yen)2023 First Half Results

2023 Full Year Forecasts
Medium- to long-term outlook※1 Mechatronics※2 Engineering Consultancy & Testing【EMS】• Sales increased on the back of recovery in demand, mainly in Asia.
• Captured demand for heavy-duty vehicles such as trucks andbuses in Europe and the Americas.
【MCT*1 and ECT*2】• Sales increased by capturing demand for vehicle electrificationand hydrogen energy.
• Increased investment in growth fields such as hydrogen energy
and batteries.

Sales and O.P.（First Half and Second Half）【EMS】
Increase in demand in anticipation of the introduction of new emission
regulations in Europe and other countries.
【MCT and ECT】
• Expect sales expansion in the field of next-generation mobility
development.
• Continue to invest in the production and development of products forthe hydrogen energy industry. Aim to further increase sales bystrengthening production and development systems.
• Aim to improve profitability by shifting to higher-value-added
products in the MCT business.

Sales by Region
Sales
OP

© 2023 HORIBA, Ltd. All rights reserved.

2023
2H (F)

2023
Annual (F)13Process &Environment

First Half Results and 2023 Forecasts (Billions of yen)2023 Full Year Forecasts
Medium- to long-term outlook

2023 First Half Results【Gas monitoring】
Steady demand related to environmental regulations contributed tosales increase in Europe.
【Water quality monitoring】
Demand was steady for water quality measurement equipment used in
the manufacturing processes in the electronics industry and incompliance with environmental regulations.

Sales and O.P.（First Half and Second Half）※1 Carbon dioxide Capture, Utilization and Storage※2 Total Organic Carbon

 Expect an increase in demand for process measurement in theenvironmental regulation related field and the industrial field.
【Gas monitoring】• Expect an increase in demand for gas measurement in the electronics
device industry.
• Expect an increase in demand for new energy and in CCUS*1-related
demand.
【Water quality monitoring】
Aim to further expand in the water quality field through the business of
TOC analyzers*2 and that of Tethys, an acquired company.

Sales by Region
Sales
OP

© 2023 HORIBA, Ltd. All rights reserved.

2023
2H (F)

2023
Annual (F)14MedicalDiagnosis

First Half Results and 2023 Forecasts (Billions of yen)2023 First Half Results

2023 Full Year Forecasts
Medium- to long-term outlook

 Sales of test reagents were on a recovery trend due to recovery ofsocial activities as the COVID-19 pandemic settled down.
【Japan/ Americas 】
Launch of new hematology analyzers contributed to sales increase.
Sales of clinical chemistry analyzers and reagents increased.

 Expect a recovery in sales of test reagent sales, following that ofequipment sales in Japan and growth markets.
 Will significantly supply hematology analyzers to Siemens. Plan toexpand sales areas globally from Europe, where the product was
launched. Anticipate medium- to long-term profit contribution.
 Aim for further business expansion in the fields of immunology
and clinical chemistry, in addition to the hematology field.

Sales and O.P.（First Half and Second Half）

Sales by Region
Sales
OP

© 2023 HORIBA, Ltd. All rights reserved.

2023
2H (F)

2023
Annual (F)15Semiconductor

First Half Results and 2023 Forecasts (Billions of yen)2023 Full Year Forecasts
Medium- to long-term outlook

2023 First Half Results A high order backlog at the end of 2022 led to sales
increase, although demand for semiconductors fell into an
adjustment phase.
 Demand for mass flow controllers for production ofphotovoltaic panels and artificial diamond increased.
Localization accelerated in China and India.

Sales and O.P.（First Half and Second Half）

 Capital investment by semiconductor manufacturers will
be in an adjustment phase throughout 2023.
 Expect a pick-up in demand along with the market
recovery in 2024 and beyond.
 Aim to expand business fields by utilizing the Optical
Smart Sensing technology, in addition to existing main
products .

Sales by Region
Sales
OP

© 2023 HORIBA, Ltd. All rights reserved.

2023
2H (F)

2023
Annual (F)16ScientificFirst Half Results and 2023 Forecasts (Billions of yen)2023 First Half Results

2023 Full Year Forecasts
Medium- to long-term outlook

 Increased sales of Raman Spectrometers, Particle-size
distribution analyzers, X-ray fluorescence analyzers
and other devices for the markets related to advanced
materials and life science.
 A slowdown in the semiconductor market led to adecrease in sales of optical components forsemiconductor production equipment manufacturers.

 Expand the industrial manufacturing process evaluation andmonitoring business in parallel with sales expansion of
cutting-edge R&D products.
 Expect growth in demand for products specialized forindustrial processes of the life science field (i.e.,
pharmaceuticals) and the semiconductor market.
 Expect an increase in sales of optical components, led by arecovery in the semiconductor market.

Sales and O.P.（First Half and Second Half）

Sales by Region
Sales
OP

© 2023 HORIBA, Ltd. All rights reserved.

2023
2H (F)

2023
Annual (F)17Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

18

Accelerate initiatives in focus markets
Mid-Long Term Management Plan ”MLMAP2023”

Market Oriented BusinessTo develop analysis and measurement solutions, utilizing HORIBA’s core technologies,
in the leading three business fields of the mega trend

Energy & Environment
Automotive
Environmental

Bio & Healthcare

Materials & Semiconductor

Medical-Diagnostic

Semiconductor

Process
Scientific

Solution Provider Beyond “Life Cycle Management”
To support customers’ core businesses from all aspects – from product introduction to replacement

Three concepts ofAutomotive Business© 2023 HORIBA, Ltd. All rights reserved.

Service Lifecycle
Management

Mobility Solution
Business

Alternative Energy
Conversion
19

[Energy & Environment] Hydrogen Business
Production tweaking to meet growing needs
Started mass production in Europeof water electrolyzers that producehydrogen by using renewable energy

Growing demand for evaluation
systems and production inspection
systems for the development ofelectrolyzers

The HORIBA Group
responds to growing needs

FuelCon:Booking and personnel
FuelCon
受注・人員動向

Build a production system that can meetincreasing demand by strengthening
personnel and production facilities

Plan to acquire more talent
to respond to a growth inbooking

Optimization of the production floor✔ Increase production lines✔ Improve production processes✔ Effectively use outsourcing© 2023 HORIBA, Ltd. All rights reserved.

2020

2021

2022

2023

2024
・・・

人員
Personnel

Booking
受注

2025

2026

HORIBA FuelCon in Germany「HORIBA eHUB」
20

[Energy & Environment]
Accelerated Global Partnership in Hydrogen BusinessContributing to efficient use of hydrogen energy, i.e., fuel cells and electrolyzers
Established a test facility center at HORIBA MIRA in partnership with Ceres Power Provide various testing, requiredfor developing SOFC & SOEC
 Conduct a range of tests, from
24-hour mapping to endurance
tests for thousands of hours

 Deliver fuel cell technology to
global partners
 Contribute to systems and productdevelopment for climate changesuch as power production,transportation, and data centers.
© 2023 HORIBA, Ltd. All rights reserved.

SOFC: Solid Oxide Fuel Cell
SOEC: Solid Oxide Electrolysis Cell

Source: Disclosure document by Ceres Power 21

[Energy & Environment] Conventional Energy"HORIBA Will Always Be Involved in Combustion Measurement”
Trends in various countries toward the introduction of new emission regulationsand HORIBA’s application

Emission measurementbusiness order trend
Nov. 2022: EU’s
announcement of the Euro 7
emission regulations✔ Respond to RDE

Growth in order in
preparation for new
regulations✔ New productunder development
 Modify existing products
to comply with stricter
NOx regulations✔ Supports measurement of various components
for Flex Fuel development
FTX-ONE
MEXA-ONE-XL-NX(NO, NO2, N2O, NH3)

© 2023 HORIBA, Ltd. All rights reserved.

HyEVO

・・・

forecast

Respond to brake dust

✔ Respond to regulationsof various countries✔ New productunder development

Wide coverage from gas measurement (i.e., ammonia, nitrogen compounds, andhydrogen) to particulate matter measurement (i.e., brake dust)

22[Energy & Environment] Water Quality Measurement System:
Strengthening Technology and Lineup
Globalizing the water business and accelerating the market share growth in Asia

 Strengthen the ability topropose solutions for watermeasurement system
 Accelerate businessdevelopment in emerging
countries
 Promote new productdevelopment by synergy
effects in technologies© 2023 HORIBA, Ltd. All rights reserved.

TOCADERO (DE)Tethys (FR)HORIBA Advanced Techno (Asia)

NDIR+
combustion

UV-VIS
spectroscopy

Electrochemical+ Pretreatment, sample handling, anti fouling Contribute toimproving
efficiency indrainage control Develop businessfrom Germany

 Measurement technology
based on ultraviolet-visible
spectroscopy
 Sales network in India andother developing countries Water quality analysis and examination systems thatuse electrochemistry and the Non-dispersive Infrared
Absorption Method (NDIR)
 Develop businesses mainly in the Japanese market

23

[Bio & Healthcare] ”New” Integrated Remote Monitoring Support
Services for Medical Equipment
Automatic report creation and remote functions: Contribute to medical workplace reform

Launched “HORIBA MEDISIDE LINKAGE next”
Strengthened “HORIBA MEDISIDE
LINKAGE” service, launched in 2016
System overview

Automatic report creation

Users
Monitoring
systemData collection(automatedMaintenance
Remoteoperation

Devicestatusmonitoring

Call center

Background: Amended Labor Standards Act (scheduled to be
enforced in April 2024) to put cap of doctors’ overtime work
 Challenge for the whole healthcare industry to reform
its working practices
HORIBA’s proposals (improved points)• Automatically create reports required by the amended
Medical Service Act (2018)• Remotely control device settings and perform cleaning
operations
Started offering the services for automatic hematology and
CRP analyzer Yumizen H330 CRP (bestselling model).
Plan to support other models one by one.

Linkage

Distributors© 2023 HORIBA, Ltd. All rights reserved.

Reducing the workload in medical workplaces
Contributing to provision of safe, secure medical services
24

[Bio & Healthcare] Increase in Production of Micro Reagent Chips
for Multi-assay Blood Analyzers
Multi-assay blood analyzer “Banalyst” for POCT of Hemoglobin A1C and CRP
Visualized production lines to realize increased production efficiency
Nickname of an area dedicated to manufacturing of micro reagent
chips for Banalyst located in HORIBA’s headquarters.

M-FRONTIER naming concept:• MICRO &• MACHINE• MANUFACTURE• MUGEN (infinite)• MIRAI (future)• FRONTIER

Meaning to “infinitely explore the frontiers of future market by
manufacturing machines for micro reagent chips”

After taking over the business of microblood analysis system from ROHM Co., Ltd. in 2018,
micro reagent chips for multi-assay POCT blood analyzer Banalyst had continuously been
produced at a factory located outside of HORIBA’s head office in Kyoto.
The production has been moved to M-FRONTIER when its construction was completed at
the headquarters.
© 2023 HORIBA, Ltd. All rights reserved.

POCT: Point-of-care Testing25

[Bio & Healthcare]
Method Using Proprietary Technology Acquired Local Certification
Aqualog using HORIBA’s unique A-TEEM* technology adopted for pharmaceutical testing
Shortening time to examine pharmaceuticals
Pharmaceutical testing has many inspection items and some testing takes a long time.
Three-dimensional fluorescence measurement analyzer Aqualog, which uses HORIBA’s unique A-TEEM
technology, has been adopted as a quality control item and obtained the local certification.
 Enable sample measurement, which used to take a long timeby using a liquid chromatography method, to be completed ina few minutes
 Also applicable to bio-sample measurement

3D fluorescence measurement analyzer
Aqualog*HORIBA A-TEEM technology
 Technology to simultaneously
measure absorption and fluorescenceof liquid samples
 Combines the unique analysis withown optical measurement technology
to accurately measure samples withcomplex composition in a short time
© 2023 HORIBA, Ltd. All rights reserved.

26

[Materials & Semiconductors]
Contributing to Realizing High-quality Continuous Production
Introducing high-end tabletop analysis technology into production process innovation
Constant monitoring of production lines for thin metal films【What to measure】
Measuring brush and switches for motor, and metal sheets with a thicksilver film (clad material) used for relay contacts【Purposes for introducing the technology】• Reduce use of silver (Cost reduction)• Reduce the control operator’s man-hours on production lines
In conjunction with automation of
production lines, HORIBA’s uniquemeasurement method has enabledmeasurement of thick films withthicknesses exceeding 100um,
which cannot be measured bynormal X-ray analysis.
Introducing HORIBA’s X-ray analysis technology into
production lines© 2023 HORIBA, Ltd. All rights reserved.

The analysis part of the X-ray analyzer
being installed in the production line
27

[Materials & Semiconductors]
Aggressive Investment in the Semiconductor Field
Continuous investment to cope with the further growth of the semiconductor market
Strengthening the production and development system
for Reticle/mask particle detection equipment

Launched a local MFC production line in India
Contributing to the production ofsolar panels and artificial diamonds

 Plans to expand the production area for theequipment at Horiba’s HQ factory and increase
production capacity by 1.5
 Improve efficiency by dedicating the existing area
only for development. And advance development
aimed at expanding the functionality of the equipment.
•
•




Enables efficient inspection of particles, fromlegacy to EUV and other cutting-edge
processes
Enables detailed inspection by beingcombined with spectroscopic instruments

Fast measurement of particles on reticles*
and blanks used in the lithography process*Surface of pattern/glass/pellicle© 2023 HORIBA, Ltd. All rights reserved.

Reticle/mask particle detection system
PD Xpadion

Started production of general-industrial
MFC
Many major customers participated in
the opening event. High expectationsfor HORIBA were evidenced.

Booking for generalindustrial MFCs
Booking in 2022
reached 10 billion yen
forecast

・・・

HORIBA India Private Limited(Pune)
28

Academic-government Collaboration Leads the Creation of Nextgeneration Ecosystems
HORIBA’s top executives were appointed chairmen of industrial associations
JEMIMA（Japan Electric Measuring Instruments Manufacturers' Association）

Chairman Juichi Saito

JAIMA（Japan Analytical Instruments Manufacturers' Association ）Chairman Masayuki Adachi

JEMIMA’s new top team: From left: Vice Chairman Nara, Vice
Chairman Sone, Advisor Nishijima and Chairman Saito

Japan's largest industrial association in the fields of "measurement" and "control“

Operates the largest exhibition in the field of industrial measurement
The only entity representing the electrical measuring instrument industry

JAIMA President Inaugural Speech: Chairman Adachi

Japan's largest industrial association in the field of "analysis“
Operates JASIS, the largest exhibition in the field of scientific instruments

By leveraging HORIBA's unique position to contribute to the development of a sustainable society,
HORIBA is helping to revitalize the activities of both associations and contribute to the development ofscience and industry around the world© 2023 HORIBA, Ltd. All rights reserved.

29

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

30

Shareholder Return
Dividend payment + Share buyback = 30% of Consolidated net profit to be targeted
Remaining earnings are retained internally for strategic investment (i.e. facilities, M&A)

Basic policy

Dividends per share and Share buybacks
 2021 Results 150yen [Interim 50yen/Year-end 100yen] 2022 Results 245yen [Interim 65yen/Year-end 180yen] 2023 Forecast 255yen [Interim 80yen/Year-end 175yen]
Per-share dividend
Ordinary Div. (yen)280

Commemorative Div. (yen)Total Return Ratio (%)

60.0%

240

Share Buyback

200
160

26.8%

30.6%

120

30.0%
27.6%

67

70

85

2014

2015

2016

28.8%

145
20

29.7%

27.4%

80
40

45.0%

35.4%

116

125

130

2017

2018

2019

30.4%

30.4%

245

255

150

30.0%

15.0%

90
0.0%

0
© 2023 HORIBA, Ltd. All rights reserved.

2020

2021

2022

2023F

31

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

32

Exchange Rate Trend / Forecasts / Impacts
2022
1H

2023

AnnualForecasts

Previous
Forecasts

Actual1H

2H(as of 12 May )vs 2022(Annual)Annual

USD

123.14131.62133135.00139.00

137

+5.38

EUR

134.39138.14144

145.93150.07

148

+9.86
(Yen)

Exchange rate impact for 2023 First Half results(vs 2022 First Half results )Increase sales+6.29

Increase cost of goods sales-3.21

Impact to gross profit+3.08

Increase expenses-1.36

Impact to operating profit+1.71© 2023 HORIBA, Ltd. All rights reserved.

(Billions of yen)Exchange rate impact
for 2023 Forecasts

1 yen impact of Sales and O.P.
(Weak yen)

USD
EUR

Sales

Operatingprofit

+0.64
+0.38

+0.40
+0.00
(Billions of yen)33

Operating Profit Analysis (vs 2022)(Billions of yen)2022
Jan. – Jun.

16.26

2023
Jan. – Jun.

Increase
Sales

＋9.84

Increase
COGS

-5.7

Increase
Gross Profit ＋4.13

Exchange
impact for
Gross Profit+3.08

Exchange
impact for
ExpenseExchange
Impact ＋1.71

Increase
R&D
Expense

-1.36

-0.95

Increase
Other
Expense

-3.31

17.83

Increase
Expenses -4.27

Increase Operating Profit ＋1.57© 2023 HORIBA, Ltd. All rights reserved.

34

Capital Investment, Depreciation, R&D
2023

2022

Actual(Billions of yen)Previous
Forecasts(as of May 12)

Forecasts(as of Aug. 9)2023
vsPrevious
Forecasts

ActualJan. - Jun.

Capex

12.5

14.0

14.0

-

4.2

Depreciation andamortization

11.3

12.0

12.0

-

5.9

R&D expenses

18.5

22.0

22.0

-

9.8

6.9%

7.9%

7.8%

-0.1p

7.5%

to net sales(%)

2023
Topics

PP&E:
investment in semi and automotive-related facilities, enhancement of global bases
Consider urgency and priority and make investment decisions© 2023 HORIBA, Ltd. All rights reserved.

35

Cash Balance(Consolidated basis, each end of period)(Billions of yen)

Total Loan Balance

Cash
114.5

77.0
Bonds
30.0
Long
37.5
Short 9.5

2020
308％
54％

Cash
135.0

80.1

Cash
139.8

67.2
Bonds
30.0
Long
25.0
Short
25.1

2021
253％
55％

Cash
127.7

Bonds
30.0
Long
24.8
Short 12.3

2022
264％
58％

Bond
redemption
57.9
Bonds
30.0

Short 3.0

￥15.0bnLong
24.9（2026）￥15.0bn（2029）

Borrowed fromBanks
¥20.0bn(redemption 2030)

2023 end of Jun.
294 ％
61％

Current ratio
Capital ratio

・Recent issuer rating: R&I “A” (Sep. 2022), JCR “A+” (Sep. 2022)© 2023 HORIBA, Ltd. All rights reserved.

36

Contents
 2023 First Half Results 2023 Forecasts
 Outlines by Business Segment
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

37

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2022​

Automotive（25%）

Emission Measurement
Systems

Process &Environmental

Medical

Semiconductor

Scientific

Stack Gas Analyzers

Automatic Blood Cell
Counters plus CRP

Mass Flow Controllers

Raman Imaging Device（8%）© 2023 HORIBA, Ltd. All rights reserved.

（11%）

（42%）

（14%）

38

Global Network
Sales by region(as of Dec 2022)

Americas●

Europe16%

20%

Employee headcount by region
Americas

Number of companies（as of Dec 31, 2022)© 2023 HORIBA, Ltd. All rights reserved.

Japan

Asia

Japan

27%

(as of Dec 2022)

20%

32%

49

Asia

37%

Europe12%: Major business hubs

Overseas sales ratio（as of Dec 2022)

73%

36%

Foreign employee ratio（as of Dec 31, 2022)

64%
39

Achieving Sustainable Growth through M&A
Major M&As
1996
ABX (France)【Medical】

1997
Jobin Yvon

2005
SCHENCK DTS【Scientific】【Automotive】(France)(Germany)

2015
MIRA(UK)【Automotive】

Trends in consolidated sales

About nine-fold growth in corporate scale in 30 years

1990

2000
© 2023 HORIBA, Ltd. All rights reserved.

2010

2018
FuelCon(Germany)【Automotive】

270.1 billion yen

2020
40

HORIBA’s Business Domain
Space
Development
Agriculture
Plant factory
Soil analysis
Food safety
Safety management

New Material
Development
Secondary battery
Biomaterial
Steel and ceramics

Planetary probe
Auroral analysis

IT Infrastructure

Health and Security

IoT, Cloud, 5G
Automation informatics

Diagnostic equipment
New drug development
Drinking water

Manufacturing Process
Semiconductor device
Solar panels
Petrochemical plant

Water Quality
Management

Global Environment
Conservation

Monitoring system
Compliance with
waste water regulations

Monitoring air pollution
Renewable energy/power plant
Greenhouse gases© 2023 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance41

HORIBA celebrates its 70th anniversary in 2023.

© 2023 HORIBA, Ltd. All rights reserved.

© 2023 HORIBA, Ltd. All rights reserved.