Financial Information
HORIBA, Ltd.
August, 2022
© 2022 HORIBA, Ltd. All rights reserved.

1

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

2

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

3

Review of First Half of 2022

External
EventsInternal
Events◆ Procurement difficulties and rising purchasing prices◆ Increasingly complex international situations such as the Russia-Ukraine war andenergy issues◆ Global structural reform of the semiconductor industry from the economic security
perspective◆ Growing interest in hydrogen energy as a way to achieve carbon neutrality◆ Further heightened interest in life science◆◆◆◆

Continued investment for growth mainly in China and Europe
Business expansion in new fields such as hydrogen energy and life science
Focus on new technology development and aggressive launch of new products
Strengthened procurement capabilities through cooperation among HORIBAGroup companies© 2022 HORIBA, Ltd. All rights reserved.

4

2022 First Half Results(Billions of yen)

2021

2022

vs 2021

vs
Previous
Forecasts

1st half Results(Jan-Jun)

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

Changes

Changes

119.0
17.0

114.9
16.2

+13.6

- 4.0

Operating Profit

101.3
13.0

+3.1

- 0.7

O.P.%

12.9%

14.3%

14.1%

＋1.2p

-0.2p

Ordinary Profit

13.0

16.8

16.7

+3.7

- 0.0

Net Income Attributableto Owners of Parent

8.7

11.0

11.2

+2.4

+0.2

107.82129.89-123.14134.39+15.32

-

+4.50

-

Sales

USD/JPY
EUR/JPY© 2022 HORIBA, Ltd. All rights reserved.

： Record-high52022 First Half Results by Segment
Sales
2021

2022

1st half
Results(Jan-Jun)

1st half
Results(Jan-Jun)

Auto

24.9

P&E

10.0

Medical
Semi
Scientific

12.8

Total

101.3

© 2022 HORIBA, Ltd. All rights reserved.

40.0
13.4

25.6
10.1
13.6
49.4
15.9
114.9

(Billions of yen)

Operating Profit
vs 20212021

1st half
Changes Results(Jan-Jun)

+0.7

-1.1

+0.1

1.1

+0.7

0.3

+9.3

12.3

+2.5

0.4

+13.6

13.0

2022

vs 2021

1st half
Results(Jan-Jun)

Changes

-1.7
0.6
-0.1
16.7
0.7
16.2

-0.5
-0.4
-0.4
+4.4
+0.3
+3.1
： Record-high62022 First Half Results (B/S, CF)
B/S◆Total assets were ¥398.3bn, up ¥26.8bn, by increasing
inventory◆Equity ratio: 56.2%(compared to the end of Dec. 2021)

CF◆Operating CF: Cash in ¥10.2bn due tooperating profit◆Investing CF: Cash out ¥3.0bn due tocapital investments◆Financial CF: Cash out ¥6.9bn due topayment of dividends© 2022 HORIBA, Ltd. All rights reserved.

Free CF: + ¥7.1bn

7Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

8

HORIBA’s Assumptions Regarding Market Environment
General

Expect a recovery in economic activities living-with/post COVID-19.
Remain concerned about procurement issues such as material shortages and rising prices, aswell as increasingly complex international affairs.

Automotive

Expect an increase in R&D investment for electrification, autonomous driving, etc.
Concerned about delay in shipment and acceptance inspection due to procurement difficulties.

Process &Environmental

Environmental regulation-driven demand will remain strong; the Asian market will expand
mainly in air and water quality measurement.
Expect expansion of applications with the launch of new products.

MedicalMarket outlook is difficult to foresee due to uncertainty in timing of containing COVID-19 byregion.

Semiconductor

Capital investment by semiconductor manufacturers will stay high.
Expect a medium-term growth in demand for measurement due to technological advance insemiconductor manufacturing processes.

Scientific

Expect strong demand for measurement and analysis equipment for development andmanufacturing processes in the semiconductor market.
Anticipate an increase in demand in the life science market.

© 2022 HORIBA, Ltd. All rights reserved.

92022 Forecasts(Billions of yen)

2021
Results

Changes

2022
Previous
Forecasts(as of May 13)

Forecasts(as of Aug. 12)

vs 2021

vs Previous
Forecasts

260.0
38.0

260.0
40.0

+35.6

-

Operating Profit

224.3
32.0

+7.9

+2.0

O.P.%

14.3%

14.6%

15.4%

+1.1p

＋0.8p

Ordinary Profit

32.0

37.5

40.0

+7.9

+2.5

Net Income Attributableto Owners of Parent

21.3

25.5

28.0

+6.6

+2.5

USD/JPY

109.90129.91124.00133.00130.00135.00+20.10

+6.00

+5.09

+2.00

Sales

EUR/JPY© 2022 HORIBA, Ltd. All rights reserved.

： Record-high102022 Forecasts by Segment(Billions of yen)

Sales
Previous
Results

Changes

2022

2021

Forecasts(as of May 13)

Auto

61.2

70.0

P&E

20.2

23.5

Medical

25.8

28.5

Semi

87.0

103.0

Scientific

29.9

35.0

Total

224.3

260.0

© 2022 HORIBA, Ltd. All rights reserved.

Operating Profit

Forecasts(as of Aug. 12)

66.0
23.5
28.5
107.0
35.0
260.0

Previousvs 2021

vs Previous
Forecasts

Changes

2022

2021

Results

Forecasts(as of May 13)

+4.7

-4.0

-0.0

1.5

+3.2

-

1.9

2.0

+2.6

-

0.1

0.5

+19.9

+4.0

28.0

31.5

+5.0

-

1.9

2.5

+35.6

-

32.0

38.0

Forecasts(as of Aug. 12)

2.0
0.5
35.0
2.5
40.0

vs 2021

vs Previous
Forecasts

+0.0

-1.5

+0.0

-

+0.3

-

+6.9

+3.5

+0.5

-

+7.9

+2.0

： Record-high11

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

12Automotive

First Half Results and 2022 Forecasts
2022 Full Year Forecasts
Medium- to long-term outlook

2022 First Half Results◼ Orders were on a recovery trend; the timing of shipments andacceptance inspections delayed due to procurement difficulties.
【EMS】
Captured demand for heavy-duty vehicles such as trucks and buses in
Europe and the U.S.
【MCT*1 ECT*2】• Expansion of demand for new technologies and electrified vehicle
development solutions• Increase in demand related to new energy, especially hydrogentechnology

Sales and O.P.（First Half and Second Half）(Billions of yen)

*1 Mechatronics*2 Engineering Consultancy & Testing◼ Remain concerned about procurement difficulties and rising prices.
◼ Focus on vehicle development support during power unit transition.
【EMS】
Increase in medium-term demand in response to the introduction of
new exhaust gas regulations【MCT・ECT】• Expect sales expansion in the field of next-generation mobility
development.
• Expect further expansion of demand for hydrogen related technology.

Sales By Region
Sales
OP

2022
2H Fore.
© 2022 HORIBA, Ltd. All rights reserved.

2022
Annual Fore.

13

Process &Environment

First Half Results and 2022 Forecasts
2022 Full Year Forecasts
Medium- to long-term outlook

2022 First Half Results◼ Business was strong but was affected by procurement difficulties.
【Gas monitoring】• Steady demand for replacement and sales increase in Japan• Solid measurement-related at existing power plants【Water quality monitoring】
Strong demand for water quality measurement equipment used in the
manufacturing processes in the electronics industry and in compliancewith environmental regulations

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

2022
2H Fore.
© 2022 HORIBA, Ltd. All rights reserved.

(Billions of yen)

*1 Carbon dioxide Capture, Utilization and Storage*2 Total Organic Carbon◼ Expect steady measurement demand to comply with environmental
regulations and for the electronics industry.
【Gas monitoring】• Expect an increase in demand for gas measurement in the electronics
industry.
• Expect an increase in demand for new energy such as hydrogen andammonia combustion power generation, and CCUS*1-related demand.
【Water quality monitoring】
Will capture demand for TOC*2 and regulation-related new products.

Sales By Region

Sales
OP

2022
Annual Fore.

14

MedicalDiagnosis

First Half Results and 2022 Forecasts(Billions of yen)2022 Full Year Forecasts
Medium- to long-term outlook

2022 First Half Results◼ Expect containment of COVID-19, leading to fullnormalization in the number of hospital in-patients.
◼ Will supply hematology analyzers to Siemens earnestly.
Will expand sales areas globally from some European
countries, where the product was launched. Anticipate
medium- to long-term profit contribution.
◼ Aim for further business expansion in the fields ofimmunology and clinical chemistry other than hematology.

◼ Sales of test reagents remained sluggish due to thelingering impact of COVID-19.
◼ Increased sales of hematology analyzers in Asia.
◼ Increased sales of clinical chemistry analyzers andreagents in Europe.

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

Sales By Region
Sales

OP

2022
2H Fore.
© 2022 HORIBA, Ltd. All rights reserved.

2022
Annual Fore.

15

Semiconductor

First Half Results and 2022 Forecasts(Billions of yen)2022 Full Year Forecasts
Medium- to long-term outlook

2022 First Half Results◼ Semiconductor manufacturers further boosted capital
investment. Significant increase in sales to semiconductor
production equipment (SPE) manufacturers.
◼ Expanded business to China and India. Increased sales ofphotovoltaic cell manufacturing products, demand forwhich has been increasing from the perspective of carbon
neutrality.

Sales and O.P.（First Half and Second Half）◼ Expect an increase in sales to SPE manufacturers on theback of continued strong capital investment bysemiconductor manufacturers.
◼ Concerned about procurement difficulties and risingmaterials prices.
◼ In addition to existing main products, aim to expand
business fields by utilizing various sensing technologies.

Sales By Region
Sales
OP

© 2022 HORIBA, Ltd. All rights reserved.

2022
2H Fore.

2022
Annual Fore.

16

ScientificFirst Half Results and 2022 Forecasts(Billions of yen)2022 Full Year Forecasts
Medium- to long-term outlook

2022 First Half Results◼ Concerned about procurement difficulties and rising prices,
despite anticipating steady business.
◼ Expect to reap the harvest from products recently introduced
to the market.
◼ Will strengthen analysis and measurement applications interms of both technologies and sales. Will provide solutionsin the life-science field (i.e., food and pharmaceuticals) andthe semiconductor market (industrial processes).

◼ Strong demand for and increased sales of opticalcomponents for semiconductor production equipment(SPE) manufacturers.
◼ A recovery in corporate R&D investment led to an
improvement in sales of Raman Spectrometers andother devices.

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

Sales By Region
Sales
OP

2022
2H Fore.
© 2022 HORIBA, Ltd. All rights reserved.

2022
Annual Fore.
17

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

18

Contribution to Social Issues by Cross-Segment Approach
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

Bio & Healthcare

Materials & Semiconductor

Medical-Diagnostic

Semiconductor

Automotive
Environmental
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© 2022 HORIBA, Ltd. All rights reserved.

Service Lifecycle
Management

Mobility Solution
Business

Alternative Energy
Conversion
19

HORIBA FuelCon New Facility Launched Operation

Alternative Energy
Conversion

Response to needs to realize carbon neutrality✓ Named "HORIBA eHUB" as a global hub for new energy
business.
✓ Production capacity to be tripled by the end of 2023.
Started mass production ofelectrolyzers that generate hydrogenusing renewable energy in Europe.

Top:
Evaluator series
production line at eHUB
Right:
Battery, fuel cell,electrolyzer evaluation
device "Evaluator"© 2022 HORIBA, Ltd. All rights reserved.

Evaluator series is composed ofevaluation devices for electrolyzer
development and inspection devices fortheir manufacturing.

Location:
Barleben, Germany
Building area: 9,900㎡(Development/production area 7,000㎡
Office area 2,900㎡）

HORIBA eHUB,
a base to meet growing needs

Employees: 139 (Dec. 2021)
Total cost:
Approx. 3.5 billion yen
20Contributing to Next-Generation Mobility Development

Mobility Solution
Business

Demand growth for advanced vehicle engineering services
Continuous investment immediately after
acquisition
Advanced Emission Test Facilities
Advanced Battery Test Facilities
Environmental Wind Tunnel Laboratory
Vehicle Resilience* Technology Centre
Comprehensive Development Engineering Facilityー
Assured CAV etc.

2015

2016
2016

2017
2017

2018
2018

*Solutions that eliminate threats associated with advanced
vehicle technologies

Acquisition of
HORIBA MIRA
REE

Vehicle Resilience Technology Centre
2019
2020
2021
2020
2019
2021

2022…
Further leap

Order intake in ECT business
TOGG

Increase inorder intake

Viritech

Projects with companies
focused on next-generation
mobility development© 2022 HORIBA, Ltd. All rights reserved.

21

"HORIBA will Never Stop Combustion Measurement”

Service Lifecycle
Management

Contribute to energy issues caused by increasingly complex international affairs
Respond to demand for new vehicles in the transition period to vehicle electrification
Thoroughly support customers’ utilization of HORIBA’s existing emission measurement
systems and development labs
Multifaceted approach to ensure availabilityof automotive development labs

<UPDATE>

Contribute to improving the efficiency of
conventional power plants to meet the growing
demand for electricity
Stack Gas Analyzer
ーENDAーEquipment for process control
of stack gas treatment installedin power plants, etc.

Upgrade to the latest equipment for future use
Introduce equipment with latest specification

Emission Measurement System—MEXA—
Monitoring combustion control in theengine through analysis of emission

Shipment of about 8,000 units of
MEXA series in 2001-2021, creating
the installed base of HORIBA© 2022 HORIBA, Ltd. All rights reserved.

<PROLONG PRODUCT LIFE>
Maintain functions with a prolonged life plan
Add new functions<RECYCLE>
Remove parts
Manage stock parts for repair✓ Contribute to solving thermal power plantissues such as safe operation, stable power
supply, and improved power generation
efficiency.
✓ Support the efficiency of the power generation
process by monitoring the equipment for stackgas desulfurization and denitrification.
22

Bio & Healthcare

Development of Healthcare Business<Medical Business>*IVD: In Vitro Diagnostics

Medical Business – Aiming to expand business in the IVD* field
Hematology and CRP analyzer “Yumizen H330 CRP”

【Medical Business】

Global network for product development and reagent production✓ Simultaneous measurement of blood cell count and CRP, an index
of inflammation.
✓ Used as one of the diagnostic indicators of the severity of
infectious diseases including COVID-19.
HORIBA’s
hematology and CRP analyzer➢ Introduced to the market for the
first time in the world in 1998
➢ 90% market share in Japan

Kyoto/Aso

New product

HORIBA India Nagpur New Reagent Factory✓ Quadrupled annual reagent production capacity to approximately 8,000
tons by combining new factory with the Haridwar Factory.
✓ Demand is expected to grow in the fields of hematology and clinicalchemistry testing in India.

Location:
Nagpur, India
Total floor area: 23,900㎡(Reagent factory7,769㎡)

Reagent factory

Start operation in
January 2022

Employees:
Total cost:

35 (as of end of Dec. 2021)
Approx. 1.9 billion yen
23© 2022 HORIBA, Ltd. All rights reserved.

Bio & Healthcare

Business Expansion in Life-science Field
Proactive approach to the food and pharmaceutical industries
Residual chlorine concentration monitor “UP-400CL”✓ An online monitor that manages the chlorine
concentration of washing water at food cooking,manufacturing, and processing sites with ourunique measurement technology that specializes
in vegetable washing✓ Automatic sampling and measurement data output
to collectively manage measured figures andcontribute to food safety and security➢ The world's first* diamond electrode is used
for a residual chlorine concentration monitor.
➢ Achieve long-life and measure electrolyzed
water with high accuracy.

*HORIBA’s estimates as of Apr. 2022

Microbial rapid inspection device “Rapica”✓ Inspects microorganisms
contained in products
and enable strict quality
control.
✓ Contributes tosophistication of quality
control and productivity
improvement in a wide
range of fields such as
pharmaceuticals,
beverages, andregenerative medicine.

➢ Microorganisms can be detected in about
2.5 hours without culture, instead ofseveral days with the culture method.
➢ Minimize human operations, reduce therisk of contamination from workers, andreduce work man-hours.

Raman monitor for pharmaceutical processes✓ Enables non-destructive monitoring in the pharmaceutical manufacturing process and contributes tomanufacturing design, analysis, and quality control.
✓ Improves the efficiency and quality in development and manufacturing by monitoring control indicatorsof the composition and antibody concentration of biopharmaceuticals with a growing need in the future.
© 2022 HORIBA, Ltd. All rights reserved.

Versatile Raman probe24Materials &Semiconductor

Expanding Cross-segment Business Opportunities
for the Semiconductor Market

Contribute to productivity improvement in the semiconductor manufacturing process
CEMS for semiconductor factories*

AMC* monitoring system✓ AMC affects the performance of products and manufacturing
equipment in clean rooms used in the semiconductor and electronic
component industries, etc.
✓ Automatically monitors AMC trends and estimates pollution causes.
✓ Visualizes pollution status and reduces management costs.
*AMC: Airborne MolecularContamination

Line selector

Automatic continuous
measurement at eachpoint with a stand-alone
analyzer【Under development】

Send data to
the central
control room
via LANconnection✓ A measuring device that monitors whether thegases used in the semiconductor manufacturing
process have been rendered harmless before
being released into the atmosphere.
✓ Utilizing proprietary technology IRLAM, various
components contained in emission gas aremeasured with high accuracy.
*CEMS: Continuous Emission Monitoring System

IRLAM
Infrared Laser Absorption Modulation

Analyzer

Automatic measurement
at multiple points by a line
selector
Point-by-point
measurement with aportable stand-alone
analyzer© 2022 HORIBA, Ltd. All rights reserved.

✓ Gas concentration
calculation algorithm
originally developed by
HORIBAIn-house developed laser

25

Cross-segment

Growth Investment in Europe
Respond to increasing demand for analysis and measurement in various industries
Drive the market as a leading company with spectroscopic technology✓ Relocated the custom grating production base in Saclay near Paris to the "HORIBA Europe
Research Center“.
✓ Respond to increasing demand in fields such as advanced materials research, medical care, andbiotechnology by consolidating production functions.
Top:
HORIBA France SAS
Right:
Manufacturing
facilities for large
gratings【Gratings】➢ A device which disperses light by wavelength➢ Critical components for analytical instruments
and laser systems

HORIBA’s meter-size grating

Professor Gérard Moule,winner of the 2018 Nobel Prize in Physics (photo).
He uses HORIBA’s gratings for research for a long time.

Respond to measurement needs to achieve carbon neutrality✓ The production base for gas analyzers such as air pollution analyzers in Reichlingen, Germany, has been
expanded to about twice the size of the existing production base, and began full-scale operations this spring.
✓ Respond to growing needs for gas measurement in order to improve factory production efficiency andreduce CO2 emissions.
✓ Provide total solutions that combine gas measurement technology with evaluation technology for fuel cells
and hydrogen production equipment.
© 2022 HORIBA, Ltd. All rights reserved.

26

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 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⚫ 2020 Results 90yen [Interim 30yen/Year-end 60yen]⚫ 2021 Results 150yen [Interim 50yen/Year-end 100yen]⚫ 2022 Forecast 200yen [Interim 65yen/Year-end 135yen]
Per-share dividend
Ordinary Div. (yen)240Commemorative Div. (yen)Total Return Ratio (%)

60.0%

200
45.0%

Share Buyback
160
120

28.2%

30.6%

30.0%

26.8%
27.6%

116
60

67

70

28.8%

29.7%

125

30.1%
30.0%
200

27.4%

80
40

145
20

35.4%

150

130

15.0%

90

85

0

0.0%
2013

2014

2015

© 2022 HORIBA, Ltd. All rights reserved.

2016

2017

2018

2019

2020

2021

2022F

28

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

29

Exchange Rate Trend / Forecasts / Impacts
2021
1H

2022

AnnualForecasts

Previous
Forecasts

Actual(as of 13 May)

1H

2H

Annualvs 2021USD

107.82109.90124

123.14136.86130+20.10EUR

129.89129.91133

134.39135.61135+5.09

Exchange rate impact
for 2022 Forecasts

Exchange rate impact(2022 First Half results)
Increase Sales+7.05

Increase Cost of Goods Sales-2.48

Impact to Gross Profit+4.56

Increase Expenses-1.35

Impact to Operating Profit+3.20© 2022 HORIBA, Ltd. All rights reserved.

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

USD
EUR

Sales

Operating
Profit

+0.70
+0.34

+0.36
+0.00
30

Operating Profit Analysis (vs 2021)(Billions of yen)2021
Jan. – Jun.

13.06

2022
Jan. – Jun.

Increase
Sales

＋6.59

Increase
COGS

Exchange
impact for
Gross Profit

Exchange
impact for
ExpenseIncrease
R&D
ExpenseIncrease
Other
Expense

-5.04

+4.56

-1.35

-0.34

-1.22

Increase
Gross Profit ＋1.54

Exchange
Impact ＋3.20

Increase
Expenses -1.56

Increase Operating Profit ＋3.19© 2022 HORIBA, Ltd. All rights reserved.

16.26

Capital Investment, Depreciation, R&D
2022

2021

Actual(Billions of Yen)

Previous
Forecasts(as of May 13)

Forecasts(as of Aug 12)2022
vsPrevious
Forecasts

ActualJan - Jun

Capex

12.4

15.0

15.0

-

4.0

Depreciation andamortization

10.4

11.0

11.0

-

5.5

R&D expenses

16.7

19.0

19.0

-

8.5

7.4%

7.3%

7.3%

-

7.4%

to net sales(%)

2022
Topics

PP&E:
Continuation : , investment in a new facility in China, HORIBA FuelCon’s new facility, etc.
New : enhance the base of global production© 2022 HORIBA, Ltd. All rights reserved.

32

(Consolidated basis, each end of period)(Billions of Yen)

Cash Balance
Total Loan BalanceBondredemption

Cash

139.9
Cash
Cash

70.3
Cash

95.6

Bonds
45.0

114.5

77.0

135.0

80.1

￥15.0bn

79.6

Bonds
30.0

Long 16.8

2019
245％
54％

￥15.0bn（2029）

Bonds
30.0

Bonds
30.0

Long 25.0

Long 25.2

Long 37.5

Short 8.4（2026）¥15.1bn(redemption 2022.Sep.)

Short 25.1

Short 24.3

Short 9.5

2020
308％
54％

Borrowed from
Banks

2021
253％
55％

2022 end of Jun.
258％
56％

¥20.0bn(redemption 2030)

Current ratio

Capital ratio

・Recent issuer rating: R&I “A” (Aug. 2021), JCR “A+” (Aug. 2021)© 2022 HORIBA, Ltd. All rights reserved.

33

Contents◼ 2022 First Half Results◼ 2022 Forecasts◼ Outlines by Business Segment◼ Topics – Contribution to Social Issues by Cross-Segment Approach◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

34

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2021​

Automotive（27%）

Emission Measurement
Systems

Process &Environmental（9%）

Stack Gas Analyzers© 2022 HORIBA, Ltd. All rights reserved.

Medical

Semiconductor

Scientific

（12%）

（39%）

（13%）

Automatic Blood Cell
Counters plus CRP

Mass Flow Controllers

Raman Imaging Device

Global Network
Sales by region●(as of Dec 2021): Major business hubs

Americas

Europe

Asia

Japan

15%

20%

35%

30%

Asia

Japan

19%

37%

Employee headcount by region

Americas(as of Dec 2021)

Europe12%32%

Number of companies（as of Dec 31, 2021)© 2022 HORIBA, Ltd. All rights reserved.

49

Overseas sales ratio（as of Dec 2021)

70%

Foreign employee ratio（as of Dec 31, 2021)

63%

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】

224.3 billion yen

Trends in consolidated sales

Six-fold growth in corporate scale in 30 years

1990

2000
© 2022 HORIBA, Ltd. All rights reserved.

2010

2020

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© 2022 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance© 2022 HORIBA, Ltd. All rights reserved.

39