Financial Information
HORIBA, Ltd.
August, 2021
© 2021 HORIBA, Ltd. All rights reserved.

1

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

2

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

3

Review of First Half of 2021
 Increased momentum to de-carbonization and carbon neutral Accelerated investment in electrification by the automotive
industry
External
Events  Increased investment in semiconductor production equipment
due to increased demand for data transmission
 Further heightened interest in life science

Internal
Events Continued investment for growth mainly in China and Europe
 Focused development of new technologies and aggressive
launch of new products Business expansion in new markets related to energy and lifescience© 2021 HORIBA, Ltd. All rights reserved.

4

2021 First Half Results(Billions of yen)

2020

2021

vs 2020

vsPrevious
Forecasts

1st half Results(Jan-Jun)

1st half
1st half Results
Forecasts(Jan-Jun)(as of May 13)

Changes

Changes

97.0
10.5

101.3
13.0

+16.3

+4.3

Operating Profit

84.9
6.6

+6.3

+2.5

O.P.%

7.9%

10.8%

12.9%

＋5.0p

＋2.1p

Ordinary Profit

6.7

10.3

13.0

+6.2

+2.7

Net Income attributableto Owners of Parent

4.8

6.7

8.7

+3.8

+2.0

108.23
119.31108.00128.00107.82129.89

-0.41

-0.18

+10.58

+1.89

Sales

USD/JPY
EUR/JPY© 2021 HORIBA, Ltd. All rights reserved.

: Record-high52021 First Half Results by Segment
Sales
2020

2021

1st half
Results

1st half
Results(Jan-Jun)(Jan-Jun)

Auto

27.1

P&E
Medical

8.6

Semi
ScientificTotal© 2021 HORIBA, Ltd. All rights reserved.

10.4
27.4
11.3
84.9

24.9
10.0
12.8
40.0
13.4
101.3

(Billions of yen)

Operating profit
vs 2020

2020

2021

vs 2020

Changes

1st half
Results

1st half
Results

Changes(Jan-Jun)(Jan-Jun)

-2.1

-0.2

+1.3

0.4

+2.4

-0.0

+12.6

6.4

+2.0

0.1

+16.3

6.6

-1.1
1.1
0.3
12.3
0.4
13.0

-0.9
+0.6
+0.4
+5.9
+0.3
+6.3
: Record-high62021 First Half Results (B/S, CF)

B/S

Total assets were ¥348.9bn, up ¥20.8bn, by establishing some bases
and increasing in cashEquity ratio: 54.7%(compared to the end of Dec. 2020)

Operating CF: Cash in ¥15.8bn due tooperating profit

CFFree CF:+¥8.8bn

Investing CF: Cash out ¥6.9bn due to capital
investments
Financial CF: Cash out ¥3.1bn due to dividend payout© 2021 HORIBA, Ltd. All rights reserved.

7

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

8

HORIBA’s Assumptions Regarding Market Environment
GeneralAutomotive
Process &Environmental

MedicalDue to the re-spread of COVID-19, the future remains uncertain.
Growing concern about the procurement of components.
Expect stagnant R&D investment demand to recover.
Electrification and autonomous driving technology development are expectedto accelerate.
Environmental regulation-related demand remains strong, and the Asian market
expands centered on air and water quality measurement.
The crude oil processing market is likely to remain uncertain.
The market environment is difficult to forecast due to uncertainty about when the
spread of COVID-19 will be contained.

Semiconductor

Capital investment by semiconductor manufacturers stays at a high level.
Monitoring demand will increase in the medium term due to technological evolution ofsemiconductor manufacturing process.

Scientific

Expect a recovery in R&D and capital investment by the corporate sector.
Anticipate an increase in demand in the semiconductor and life science market.

© 2021 HORIBA, Ltd. All rights reserved.

92021 Forecasts(Billions of yen)

Results

Changes

2021

2020
Previous
Forecasts(as of May 13)

Forecasts(as of Aug. 10)

vs 2020

vs Previous
Forecasts

210.0
24.5

220.0
28.5

+32.9

+10.0

Operating Profit

187.0
19.6

+8.8

+4.0

O.P.%

10.5%

11.7%

13.0%

+2.5p

＋1.3p

Ordinary Profit

19.3

24.0

28.0

+8.6

+4.0

Net income attributableto Owners or Parent

13.1

16.0

18.5

+5.3

+2.5

USD/JPY106.76121.88108.00128.00109.00130.00

+2.24

+1.00

+8.12

+2.00

Sales

EUR/JPY: Record-high© 2021 HORIBA, Ltd. All rights reserved.

102021 Forecasts by Segment(Billions of yen)

Sales
Previous
Results

Changes

2021

2020

Forecasts(as of May 13)

Auto

63.9

64.0

P&E

18.3

21.0

Medical

21.0

25.0

Semi

56.9

71.0

Scientific

26.8

29.0

Total

187.0

210.0

Operating

Forecasts(as of Aug. 10)

64.0
21.0
25.0
81.0
29.0
220.0

Previousvs 2020

vs Previous
Forecasts

Changes

2021

2020

Results

Forecasts(as of May 13)

+0.0

-

2.4

1.0

+2.6

-

1.6

1.5

+3.9

-

-0.4

0.5

+24.0

+10.0

14.0

20.0

+2.1

-

1.9

1.5

+32.9

+10.0

19.6

24.5

Forecasts(as of Aug. 10)

1.0
1.5
0.5
24.0
1.5
28.5

vs 2020

vs Previous
Forecasts

-1.4

-

-0.1

-

+0.9

-

+9.9

+4.0

-0.4

-

+8.8

+4.0

: Record-high© 2021 HORIBA, Ltd. All rights reserved.

11

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

12Automotive

First Half Results and 2021 Forecasts(Billions of yen)2021 Full Year Forecasts

2021 First Half Results Decline in sales due to the relatively long product lead time
and the decreased order backlog from the end of theprevious fiscal year
【EMS*1】
Limited sales activities because of the influence of thetransformational period for power units【MCT*2 and ECT*3】
Delayed product shipments and acceptance, which resulted
in sales and profit falling below projections

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

 Focus on support for vehicle development in thetransformational period of power units【EMS】
Launch new products ahead of introduction of new emission
gas regulations【MCT・ECT】
Aim for further expansion of business related to EV
development*1 Emission*2 Mechatronics*3 Engineering Consultancy & Testing

Sales By Region
Sales
OP

© 2021 HORIBA, Ltd. All rights reserved.

2021
2H Fore.

2021
Annual Fore.

13

Process &Environment

First Half Results and 2021 Forecasts(Billions of yen)2021 Full Year Forecasts

2021 First Half Results
 Solid demand for public investment due to environmental
regulations, and for measurement related to the electronics
industry【Gas Monitoring, Water Quality 】
Solid regulation-related demand, especially forenvironmental regulations in Asia
【Water quality】
Strong demand for water quality measurement equipment
for manufacturing processes in the electronics industry

 Expand business, boosted by growing interests inenvironmental conservation【Stack Gas Analyzer, Air Quality Monitoring 】• Plan to gain more orders in Asia
• Introduce new technology of gas measurement to themarket【Water quality】
Expect solid sales of devices to the electronics industry inJapan and Asia

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

Sales By Region
Sales
OP

© 2021 HORIBA, Ltd. All rights reserved.

2021
2H Fore.

2021
Annual Fore.

14

MedicalDiagnosis

First Half Results and 2021 Forecasts(Billions of yen)2021 Full Year Forecasts

2021 First Half Results

 Expect containment of spread of COVID-19 and thereby afull-scale recovery in the number of patients visiting hospitals
 Will start supply of hematology analyzers to Siemens in
Europe. Expect profit contribution over the medium to longterm
 Through the acquisition of MedTest, seek to strengthen thereagent production function of the clinical chemistry businessin the US, and to expand the business over the medium tolong term Increase in sales of hematology analyzers in theAmericas and other areas.
【Asia】
Improvement in equipment and reagent sales, since
blood tests were encouraged as a part of medical
measures against the COVID-19

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

Sales By Region
Sales
OP

2021
2H Fore.
© 2021 HORIBA, Ltd. All rights reserved.

2021
Annual Fore.

15

Semiconductor

First Half Results and 2021 Forecasts

2021 First Half Results(Billions of yen)2021 Full Year Forecasts

 Increase in demand for semiconductors, associatedwith the expansion of digital business Increase in sales to semiconductor production
equipment manufacturers, in response to a recoveryof semiconductor manufacturers’ capital investment

 Continue to expect sales to semiconductor production
equipment manufacturers to increase, in response to a
growth of semiconductor manufacturers' capital
investment driven by an increase in demand forsemiconductors
 Expand business fields by utilizing various sensing
technologies

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

Sales By Region
Sales
OP

2021
2H Fore.
© 2021 HORIBA, Ltd. All rights reserved.

2021
Annual Fore.

16

ScientificFirst Half Results and 2021 Forecasts(Billions of yen)2021 Full Year Forecasts

2021 First Half Results

 Expect a recovery in R&D and capital investments,
which were stagnant in 2020
 Expect further increase in demand in the life sciencefield such as pharmaceuticals
 Aim to expand the inline solution business for industrial
manufacturing processes over the medium to long term Strong demand and increase in sales of opticalcomponents for semiconductor production equipment
manufactures
 Recovery in sales of Raman Spectrometers and otherproducts due to a gradual recovery in corporate R&D
investments

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

Sales By Region
Sales
OP

2021
2H Fore.
© 2021 HORIBA, Ltd. All rights reserved.

2021
Annual Fore.

17

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

18

HORIBA’s Contribution to Social Issues
Cross-segmentation in Response to Various Social Issues
1. Market Oriented Business
Energy & Environment

Bio & Healthcare

Materials & Semiconductor

Three Fields

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

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

3. HORIBA Core Values “The Next Stage of Super Dream Team”
Mid-Long Term Management Plan ”MLMAP2023”© 2021 HORIBA, Ltd. All rights reserved.

19

Business Expansion in the Energy Field
Acquisition of BeXema, a manufacturer of power supplies in Germany
BeXema has supplied
power supplies to
HORIBA FuelCon forsome time.

 BeXema supplies power and electronic load devices used in
test equipment for fuel cells and battery testing equipment
 HORIBA established the system to provide evaluation andmeasurement solution technologies for fuel cells, batteries, and waterelectrolysis

Acquisition of the power electronics technology

HORIBA FuelCon G,bH
© 2021 HORIBA, Ltd. All rights reserved.

BeXema GmbH

BeXema's chargingdischarging device, converter,and emulator installed in thebattery test room of CELL0**CELL0: a test room that evaluates and analyzes batteries andfuel cells for electric vehicles. It is established in HORIBA BIWAKO
E-HARBOR, Biwako Factory

CompanyName:

BeXema GmbH

Established:

2014

Sales:

Approx. 250 mln yen (FY2020)

Workforce:18

Contract date:July 2, 2021

20

Leading the Way to a Sustainable Energy Society
Aiming to develop new technologies and create business in the energy field
Launch of HORIBA Institute for Mobility and Connectivity2

 A research institutesupported by HORIBA
opened in July
 Undertook a standardization
project from a public
institution
HORIBA Institute for Mobility and Connectivity2（HIMaC2）

 Conduct research on electrochemistry, renewableenergy, energy storage, energy grid, etc.
 Achieve connectivity of electric power and mobility

Promote innovation for next-generation mobility andurban energy networks© 2021 HORIBA, Ltd. All rights reserved.

Contribution to a hydrogen energy society
Demand growth for hydrogen generators using water electrolysis
 HORIBA FuelCon provides
equipment that enables to evaluate
performance efficiency of waterelectrolysis cells for hydrogenproduction; demand is increasing
Evaluator EC/ES
Control the temperature and flow volume of waterand evaluate the performance and efficiency ofwater electrolysis cells up to 5000kW.

Contributing to the early construction of a hydrogen-based society with"measurement" technology

 Joined the Japan
Hydrogen Association in
March 2021
【Japan Hydrogen Association 】
Established: December 7, 2020
Purpose: As a cross-industry and open organization with a bird’s eye view of the entire supply chain, it
will support the early creation of a hydrogen society by carrying out social implementation projects."
21

Contributing to Higher Efficiency of Vehicle Testing
Providing total measurement solutions for vehicle development
Launch of VULCAN EVO
 Sales launch of "VULCAN EVO" chassis
dynamometer in Japan Easy maintenance to sharply reduce downtime
 Evaluation testing for vehicle performance andemissions in compliance with international standards for
ICEs, EVs, FCVs, PHEVs, etc.
【International standards: WLTP】

 Worldwide harmonized Light
vehicles Test Procedure WLTP-based measurement of fuelefficiency and electricity efficiency
became mandatory in Japan in April
2020

Full-scale development of STARS SOAK + Measures vehicle conditions and the soak room
temperature before emission gas/fuel economy test.
 Improves test efficiency by preventing human error andensuring traceability
The status of the vehicle in the soak room canbe centrally managed with a tablet terminal.

【Soak Room】
 A room kept at a
certain temperature.
 In order to measure
the test data accurately,
the test vehicle is putin the room in advanceContributing to reducing the test burden on auto-related manufacturers© 2021 HORIBA, Ltd. All rights reserved.

22

Development of New Technology “IRLAM”
Providing new value with the cutting-edge core technology
IRLAM: Infrared Laser Absorption Modulation

In-house developed laser

 The world’s first*1 gas concentration calculation algorithm inspired by the concept of data science By downsizing and lengthening the Heliot cell (a container that contains the gas to be measured), high-sensitivity, highspeed measurement is possible
 In-house manufactured quantum cascade laser (QCL) meets needs for a wide range of gas measurement*1: HORIBA estimate

New products with IRLAM technology
Laser gas analyzer for processmonitoring “PLGA-1000”

Adopted for automotive emission measurement systems“OBS-ONE-XL” “XLA-13H” “XLA-11”

Semiconductor process monitor(under development)

 High-sensitivity, high-speed
continuous measurementof raw material gas andimpurity gas in the
petrochemical
manufacturing process Optimize productivity

 Gases that were difficult tomeasure can now bemeasured with highaccuracy Real-time monitoring in thesemiconductor manufacturing
process will become possible

Adopted for OBSONE-XL onboard
emissionmeasurement system

Adopted for MEXA-ONE<Measurable gas type>
XLA-13H: Formaldehyde
XLA-11: Nitrous oxide

Application insemiconductor gas
concentration monitors(rendering)Contributing to next-generation energy development such as hydrogen,industrial process monitoring, and tightening of environmental regulations© 2021 HORIBA, Ltd. All rights reserved.

23

High value-added solutions forsemiconductor manufacturing processes
Various applications that contribute to semiconductor manufacturing
Particle detection systems
Optical Smart Sensing - Metrology
Semicon. manufacturing
processes

HORIBA’s response

Reticle/mask
manufacturing
process

Blank mask inspection

Photolithography/
wafer process

Inspection of three surfaces(Pattern, Glass, Pellicle)

Pellicle inspection
Various mask sizes/board inspection

New dissolved oxygen meterHD-960LR
Highly accurate continuous
monitoring of dissolved oxygen inchemicals used in semiconductor
manufacturing processes

Expands types of chemicals andcontributes to improvement in yields

Centrifugal nanoparticle analyzer

Representative product

PR-PD3EP
High-accuracy detection offoreign substances on EUVprocess pellicles
Strengthen the production line
in anticipation of an increase in demand© 2021 HORIBA, Ltd. All rights reserved.

Partica Centrifuge
Measure the size of particles fromthe sedimentation velocity ofparticles
Contributes to improving abrasive uniformity inflattening processes (CMP) of semiconductor
manufacturing
24Business Expansion in the Life Science Field
Expanding applications - from R&D to manufacturing processes
Cooperation with SHIMADZU: LC-Raman System"Separate" technology
to extract
measurement targets
from mixed samples

Control / analysis /data management

Rapid Microorganism Detection System Rapica"Visible" technology
to distinguishdifferences inmolecular structure
Qualitative analysis

Separation &collection

Dedicated software
LiChRaTM

High Performance
Liquid Chromatograph(LC)

Rapid detection of the presence orabsence of microorganisms by the highsensitivity ATP method*

Automated protocols such as automatic
reagent introduction
Possible to manage the trend of data



Raman
Spectrometers

A complex system that combines SHIMADZU's LC and HORIBA's Raman
with the dedicated software program “LiChRa”© 2021 HORIBA, Ltd. All rights reserved.







Shorter inspection time for raw material
arrival and product shipment
Management of environmental protection
and water use
Investigation at the time of pollution andresumption of production* Measure the amount of light emitted by combining ATP which
exists in the cells of living organisms with enzymes to emit light.

25

Participation in the HAYABUSA2
Sample Analysis Project
HORIBA's core technology for the future Implemented non-destructive, non-contact
analysis of elements contained in samples ofasteroid Ryugu
 Advanced analytical and measurement
equipment and high skills of technicians are
required（Illustrated by
Akihiro Ikeshita）

Analytical Solution Plaza has been
established to broaden service business HORIBA Techno Service, which specializes
in high-precision microanalysis, participates
Analyzing the sample with our X-ray fluorescenceanalyzer

Established in a newbuilding of HORIBATechno Service

Development of
a container(cell) dedicatedto samples of
Ryugu toperform
advancedsamplehandling

 A new "place" for exchange analysis
 Providing analytical technology through contracted
analysis and joint research by analytical engineers

Results of the analysis to be announced by JAXA in December 2021. Check it up!
© 2021 HORIBA, Ltd. All rights reserved.

26

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

27

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

Amended the previous forecasts toincrease the year-end per-share
dividend forecast by 20yen.
(Interim dividend increased by 10yen) 2019 Results 130yen [Interim 50yen/Year-end 80yen] 2020 Results 90yen [Interim 30yen/Year-end 60yen] 2021 Forecast 130yen [Interim 50yen/Year-end 80yen]

Per-share dividend (from 2007 to 2021 Forecast)Ordinary Div. (yen)160

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

60.0%

145
20

44.0%
120

45.0%

自己株式取得29.0%

自己株式取得

80
19.0%

20.0%

17.0%

40
44

0
2007

2008

40
13

17

2009

2010

© 2021 HORIBA, Ltd. All rights reserved.

30.6%
27.6%

50

40

30.0%

26.8%

10

9.0%
39

28.2%

35.4%

60

67

70

116

28.8%

27.4%
125

29.7%
30.0%

130

130
90

85

15.0%

0.0%
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021(F)

28

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

29

Operating Profit Analysis (vs 2020 Jan. – Jun.)(Billions of yen)

2020

2021

Jan. – Jun.

Jan. – Jun.

6.67

Increase
Sales

Increase
COGS+14.14-7.30

Increase
Gross Profit ＋6.83

Exchange
Exchange
impact for impact for
Gross Profit Expense

+0.89

-0.72

Exchange
Impact ＋0.16

Decrease
R&D
Expense＋0.07

Increase
Other
Expense

13.06

-0.69

Increase
Expenses -0.61

Increase Operating Profit ＋6.39© 2021 HORIBA, Ltd. All rights reserved.

30

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

Total Loan Balance

77.0
Cash

70.3

95.6
Cash

63.6

44.0

Bonds
45.0

Bonds
15.0
Long
17.0

Long 16.8

Short 12.0

Short 8.4

2018
246％
58％

2019
245％
54％

77.9
Cash

Cash

Bonds
30.0

¥15.0bn
Bonds
300

Long 37.5

Long 38.5

Short 9.5

Short 9.3

2020
308％
54％

¥15.0bn(2026)

122.3

114.5

Bond
redemption

2021 end of Jun.
302％
55％

(2029)

Borrowed fromBank
¥15.1bn(redemption 2022)¥20.0bn(redemption 2030)
Current ratio
Capital ratio

Recent issuer rating: R&I “A”(Aug. 2021), JCR “A+” (Aug. 2021)© 2021 HORIBA, Ltd. All rights reserved.

31

Exchange rate

(Yen)

2020

2021
Previous

1H

AnnualForecasts(as of 13th May)

Actual
1Q

2Q

Forecasts
1H

2H

Annualvs 2020USD

108.23106.76108 106.09 109.55 107.82 110.18

109

+2.24

EUR

119.31121.88128 127.81 131.97 129.89 130.11

130

+8.12

Revise forecast for annual exchange rate.
1USD : 108 Yen -> 109 Yen
1EUR : 128 Yen -> 130 Yen© 2021 HORIBA, Ltd. All rights reserved.

32

Impact of Fluctuation in Foreign exchange

Exchange rate impact
for 2021 Forecast

Exchange rate impact(2021 First Half results)
Increase Sales+2.19

Increase Cost of Goods Sales-1.30

Increase Expenses-0.72

Impact to Operating Profit

+0.16

(Yen)

USD
EUR

2020

2021

Jan - Jun

Jan - Jun

1 yen impact of Sales and O.P.
(Yen appreciation)

Sales

USD
EUR

Operating
Profit

-0.56
-0.31

-0.26
-0.00

Diff.

108.23107.82

-0.41

(Yen)

119.31129.89+10.58USD
EUR© 2021 HORIBA, Ltd. All rights reserved.

(Billions of yen)

2021
Forecast
109.00130.0033

Capital Investment, Depreciation, R&D
2021

2020
Previous

Results

Forecasts(as of May 13)

Capex
Depreciation andamortization
R&D expenses
to net sales(%)

2021
Topics(Billions of yen)

Forecasts(as of Aug. 10)

2021
ActualDiff.

Jan - Jun

15.1

16.5

16.5

-

6.2

9.6

10.5

10.5

-

5.0

15.5

17.0

17.0

-

7.9

8.3%

8.1%

7.7%

-0.4p

7.9%

PP&E
Continuation: Investment to HORIBA FuelCon’s new facility, a new
facility in China, etc.
New:
Enhance the base of global production© 2021 HORIBA, Ltd. All rights reserved.

34

Contents
 2021 First Half Results 2021 Forecasts
 Outlines by Business Segment
 Topics – HORIBA’s Contribution to Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

35

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2020​

Automotive（34%）

Emission Measurement
Systems

Process &Environmental

MedicalDiagnostics

（10%）

（11%）

Stack Gas Analyzers

Automatic Blood Cell
Counters plus CRP© 2021 HORIBA, Ltd. All rights reserved.

Semiconductor

Scientific

（31%）

（14%）

Mass Flow Controllers

Raman Imaging Device

36Global Network
Sales by region●(as of Dec 2020): Major business hubs

Americas

Europe

Asia

Japan

15%

21%

33%

31%

Asia

Japan

18%

38%

Employee headcount by region

Americas(as of Dec 2020)

Europe11%

33%

Number of companies（as of Dec 31, 2020)© 2021 HORIBA, Ltd. All rights reserved.

49

Overseas sales ratio（as of Dec 2020)

69%

Foreign employee ratio（as of Dec 31, 2020)

62%37

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】

2018
FuelCon（Germany）【Automotive】

187.0 billion yen

Trends in consolidated sales

Six-fold growth in corporate scale in 30 years

1990

2000
© 2021 HORIBA, Ltd. All rights reserved.

2010

2020
38

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

Semiconductor device
Solar panels
Petrochemical plant

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© 2021 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance39

Published “HORIBA Report 2020-2021” (Eng. ver.)An Integrated Report that conveys HORIBA's "diversity" and “uniqueness"!

https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/HORIBA_Report/20210812_HR_en_01.pdf© 2021 HORIBA, Ltd. All rights reserved.

40

© 2021 HORIBA, Ltd. All rights reserved.

41