Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2020
(Japanese GAAP)
Company name
Listing code
Representative
Contact

May 20, 2020
Listed stock exchanges: Tokyo
URL: https://www.horiba.com
TEL: (81)75-313-8121

HORIBA, Ltd.
6856
Atsushi Horiba, Chairman & Group CEO
Junichi Tajika, Department Manager, Accounting Dept.

(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Three Months Ended March 31, 2020 (January 1, 2020 - March 31, 2020)(Percentages represent changes from the corresponding in thh previous year)(1) Consolidated Operating Results
Net Sales％ Millions of yen

Millions of yen

Three months ended 3/31/20
Three months ended 3/31/19

44,99745,320(Note) Comprehensive Income: FY2020Q1

Three months ended 3/31/20
Three months ended 3/31/19

Operating Income

-0.7
-14.0

3,895
4,434

％ Millions of yen
-12.2
-51.8

-1,773 million yen (-％)

Net income Attributableto Owners of Parent

Ordinary Income
3,906
4,303％

Millions of yen％-9.2
-52.0

2,287
2,561-10.7-58.1

3,043 million yen (-0.4％)

FY2019Q1

Net Income AttributableNet Income Attributableto Owners of Parent per Shareto Owners of Parent per Share(Diluted)
Yen
Yen
54.22
53.98
60.75
60.49

(2) Consolidated Financial Position
Total Assets

Shareholders' Equity
Ratio

Net Assets％
Millions of yen
Millions of yen
As of 3/31/20
306,063
166,467
54.2
As of 12/31/19
315,133
171,615
54.3(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 3/31/20
165,843 million yen
As of 12/31/19 170,953 million yen
2. Dividends
FirstQuarter
Year ended 12/31/19
Year ended 12/31/20Dividend per Share
SecondThirdYear EndQuarter
Quarter

Yen-Yen
50.00

Yen-Year ending 12/31/20(Forecast)
Note 1. Changes in the latest dividend forecasts released: None
Note 2. The dividend forecast has not been determined.
It will be disclosed as soon as forecasts become available.

-Total

Yen
80.00

Yen
130.00--3. Consolidated Forecast for the Year Ending December 31, 2020 (January 1, 2020 - December 31, 2020)(Percentages represent changes from the same period in the previous year)

Net Sales
Millions of yen

Operating Income％ Millions of yenOrdinary Income％ Millions of yen％

Net Income Attributableto Owners of Parent
Millions of yen％

Net Income Attributableto Owners of Parent
per ShareYen-First half
Full year
Note 1. Changes in the latest business forecasts released: None
Note 2. With regard to consolidated earnings forecasts, the forecasts announced on February 14, 2020 were withdrawn
on April 16, and new forecasts have not been determined. It will be disclosed as soon as forecasts become
available.

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)

March 31, 2020

42,532,752

December 31, 201942,532,752② Treasury stock

March 31, 2020

345,662

December 31, 2019356,524③ Average number of outstanding sharesJan. - Mar.,2020

42,179,797

Jan. - Mar., 201942,170,434

Note 1. This consolidated financial report is not subject to quarterly review by certified public accountants or accounting
firms.
Note 2. With regard to consolidated earnings forecasts, the forecasts announced on February 14, 2020 were withdrawn
on April 16, and new forecasts have not been determined. It will be disclosed as soon as forecasts becomeavailable.For details, see page 4, "1(2) Information Concerning Consolidated Earnings Forecasts for FY2020".

1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see page 10, “3. Supplemental Information - HORIBA, Ltd. Financial Highlights for theThree Months Ended March 31, 2020”)

During the three months ended March 31, 2020 (the first quarter), HORIBA, Ltd. (“the Company”) andits consolidated subsidiaries (together “the HORIBA Group” or “HORIBA” as a consolidated group)
decreased sales by 0.7% year-on-year to 44,997 million yen, due to decline in sales in mainly
Automotive Test Systems segment while sales in the Semiconductor Instruments & Systems segment
increase. Operating income decreased by 12.2% to 3,895 million yen, ordinary income by 9.2% to3,906 million yen and net income attributable to owners of parent by 10.7% to 2,287 million yen.

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

(Automotive Test Systems)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, sales ofemission measurement systems and others declined in the Americas and Europe. As a result,segment sales decreased by 8.4% year-on-year to 14,870 million yen, and operating income
decreased by 64.4% to 322 million yen.

(Process & Environmental Instruments & Systems)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, sales ofstack gas analyzers and others declined in Asia. As a result, segment sales decreased by 4.1% yearon-year to 4,595 million yen and operating income decreased by 46.7% to 250 million yen.

(Medical-Diagnostic Instruments & Systems)
Segment sales decreased by 8.9% year-on-year to 5,749 million yen, mainly due to a decline in salesof blood cell testing instruments and others in the Americas, Asia and Japan. As a result, operating
income decreased by 24.8% to 156 million yen.

(Semiconductor Instruments & Systems)
In response to a gradual recovery of semiconductor manufacturers’ capital expenditures, sales tosemiconductor production equipment manufacturers increased. As a result, segment sales increasedby 19.9% year-on-year to 13,847 million yen and operating income increased by 17.8% to 3,241
million yen.

(Scientific Instruments & Systems)
Owing to sluggish R&D investment by companies and others due to the spread of COVID-19, sales ofRaman Spectrometers and others declined in Japan and Asia. As a result, segment sales decreasedby 7.7% year-on-year to 5,935 million yen, and operating loss of 75 million yen was recorded(compared to operating income of 98 million yen in the first three months of the previous year).

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2020
With regard to consolidated earnings forecasts, the forecasts announced on February 14, 2020 werewithdrawn on April 16, and new forecasts have not been determined.
The global spread of COVID-19 has restricted the movement of people and goods. Markets areexpected to be sluggish in regions where the end of the infectious diseases cannot be predicted.
While business activities have been sustained partly by the introduction and expansion of telework,activities of bookings, production, and delivery are expected to shrink.
The Automotive Test Systems segment can be affected by the reduction in R&D investment byautomobile manufacturers given a decline in automobiles sales. In addition, product shipment andacceptance may be delayed because of measures to restrict the public’s movements by various
countries and regions.
In the Semiconductor Instruments & Systems segment, bookings and sales to semiconductor
production equipment manufacturers are expected to remain firm along with a gradual recovery of
their capital expenditures.
The Medical-Diagnostic Instruments & Systems segment continues production in order to keep
providing medical equipment and reagents even in areas where the public’s movements have been
restricted. Trends of medical policy, however, vary by country and region, which makes it difficult toproject the demand outlook.
In the Process & Environmental Instruments & Systems segment and the Scientific Instruments &Systems segment, it is also difficult to project the demand outlook, due to sluggish economic activities
affected by the spread of COVID-19.
Under these circumstances, it is very difficult to make a rational estimation of business forecasts at
this time and consolidated earnings forecasts have not yet been determined. Consolidated earnings
forecasts will be disclosed as soon as the estimates become available.
Therefore the dividend forecast has also not been determined as well. It will be disclosed as soon asforecasts become available.

4HORIBA, Ltd. (Consolidated)2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount: Millions of yen
FY2019FY2020 first quarter(As of December 31, 2019)(As of March 31, 2020)

AssetsCurrent Assets:
Cash and bank deposits

95,646

95,779Trade notes and accounts receivable

59,121

50,691Marketable securities

3,079

2,793

Merchandise and finished goods

19,99519,618

Work in process

17,69019,574

Raw materials and supplies

13,927

14,017

Other current assets

7,889

7,983

Allowance for doubtful accounts

(796)

(718)

216,553

209,739

Buildings and structures, net

39,78038,737

Machinery, equipment and vehicles, net

12,053

11,716Land

15,177

14,922

Construction in progress

3,604

5,264

Other property, plant and equipment, net

5,313

5,090

Total Property, Plant and Equipment

75,92975,731

Goodwill

1,254

1,148

Software

2,734

2,645

Leasehold interests in land

548

522

Other intangibles

997

809Total Intangibles

5,535

5,126

10,612

8,924

1348

Deferred tax assets

3,605

3,723

Other investments and other assets

2,933

2,819(51)(49)

17,114

15,466

98,57996,324315,133

306,063

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

5HORIBA, Ltd. (Consolidated)Amount: Millions of yen
FY2019FY2020 first quarter(As of December 31, 2019)(As of March 31, 2020)

Liabilities
Current Liabilities:
Trade notes and accounts payable

19,861

19,736

Short-term loans payable

8,495

6,711

Current portion of bonds

15,00015,000Accounts payable - other

16,164

14,406

Accrued income taxes

2,004

2,157

Advances Received

19,16917,864

Accrued bonuses to employees

1,188

1,971

-139

Reserve for product warranty

2,369

2,332

Other current liabilities

4,218

4,307

Total Current Liabilities

88,472

84,627

Corporate bonds

30,00030,000Long-term loans payable

16,87816,770

613

128

Net defined benefit liability

2,017

1,993

Other non-current liabilities

5,534

6,075

Total Non-Current Liabilities

55,04454,967

143,517

139,595

Common stock

12,011

12,011

Capital surplus

18,59918,599Retained earnings

141,689

140,592

Treasury stock(1,405)(1,363)

Total Shareholders' Equity

170,894

169,840

4,344

3,163

0(0)

Foreign currency translation adjustments(4,042)(6,936)

Remeasurements of defined benefit plans

(244)

(223)

58(3,996)

Subscription Rights to Shares

651

618

Non-Controlling Interests

105171,615

166,467

315,133

306,063

Accrued bonuses to directors and corporate auditors

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net Assets
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

6HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: Millions of yen
FY2019 first quarter

FY2020 first quarter(Three months ended(Three months ended

March 31, 2019)

March 31, 2020)

Net Sales

45,32044,997

Cost of Sales

26,00826,207Gross Income

19,311

18,789Selling, General and Administrative Expenses

14,877

14,893Operating Income

4,434

3,895

Interest income

52

116

Dividend income

04

Subsidy income

23168

Other48

55

Total Non-Operating Income

124

345

Interest expense

117

110

Foreign exchange losses

101

190

Other

36

34

Total Non-Operating Expense

255

334

4,303

3,906

Gain on sales of fixed assets

16

Total Extraordinary Gain16Loss on sales of fixed assets-0Loss on disposal of fixed assets

23

Loss on valuation of investment securities-9

Total Extraordinary Loss

2134,302

3,898

Income taxes (current)

1,931

1,742

Income taxes (deferred)

(197)

(127)

Total Income Taxes

1,733

1,615

2,568

2,283

6(3)

2,561

2,287

Non-Operating Income

Non-Operating Expense

Ordinary Income
Extraordinary Gain

Extraordinary Loss

Income before Income Taxes

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

7HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: Millions of yen

Net Income

FY2019 first quarter

FY2020 first quarter(Three months ended(Three months ended

March 31, 2019)

March 31, 2020)

2,568

2,283477(1,180)

Deferred gains or losses on hedges

0(0)Foreign currency translation adjustments

18(2,896)

Remeasurements of defined benefit plans

721475(4,056)

3,043(1,773)

3,035(1,768)8(5)Other Comprehensive Income
Net unrealized holding gains or losses on securities

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

8HORIBA, Ltd. (Consolidated)

(3) Notes to Consolidated Financial Statements
Application of special accounting for preparing quarterly consolidated financial statement(Calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries calculated income tax expenses bymultiplying quarterly income before income taxes by reasonably estimated annual effective tax rate.
This tax rate was reasonably estimated after applying the deferred tax accounting to the annual
income before income taxes.
Additional information"Leasehold interests in land", which was included in “Other intangibles” in “Intangibles” in the previous
consolidated fiscal year, is presented separately from the first quarter of the current consolidated
fiscal year, from the viewpoint of clarity in accounts classification. The Consolidated Financial
Statements for the previous consolidated fiscal year have been reclassified to reflect this change.
As a result, in the Consolidated Balance Sheets for the previous consolidated fiscal year, the 1,546million 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.

9HORIBA, Ltd. (Consolidated)3. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Three Months Ended March 31, 2020
1. Consolidated Financial Results

Amount: Millions of yen
12/2019
Result12/2019
Result12/2020
Result1Q(3months)

1Q(3months)

Net Sales

45,32044,997

-322

-0.7%

91,607200,241

Operating Income

4,434

3,895

-538

-12.2%

8,282

20,916

9.8%

8.7%

-1.1P

9.0%

10.4%

4,303

3,906

-397

8,040

20,518

9.5%

8.7%

-0.8P

8.8%

10.2%

2,561

2,287-274

5,770

15,481Net Income Ratio

5.7%

5.1%

-0.6P

6.3%

7.7%

US$

110.22108.86-1.36

110.06109.03Euro

125.16120.08-5.08

124.32122.03Operating Income Ratio

Ordinary IncomeOrdinary Income Ratio

Net Income Attributableto Owners of Parent

ChangesAmountRatio

1st half-9.2%-10.7%

2. Consolidated Segment Results

Full year

Amount: Millions of yen
12/2019
Result12/2019
Result12/2020
Result1Q(3months)

1Q(3months)

Automotive

16,242

14,870-1,371-8.4%

34,381

81,042

Process&Environmental

4,791

4,595

-196

-4.1%

9,161

19,500

Medical

6,307

5,749

-558

-8.9%

12,66725,335

Semiconductor

11,548

13,847+2,298+19.9%

22,70547,191

Scientific

6,429

5,935-494-7.7%

12,691

27,170Total

45,32044,997

-322

-0.7%

91,607200,241

Net Sales

ChangesAmountRatio

1st half

Full year

12/2019
Result12/2019
Result12/2020
Result1Q(3months)

1Q(3months)

Automotive

905

322-583-64.4%

1,599

6,454

Process&Environmental

470

250

-219

-46.7%

663

1,697

Medical

208

156

-51

-24.8%

709

1,302

Semiconductor

2,752

3,241+489+17.8%

5,399

10,72798(75)

-173

-(90)

734

4,434

3,895

-538

-12.2%

8,282

20,916

Operating Income

Scientific
Total

Changes10

AmountRatio

1st half

Full year

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

Amount: Millions of yen
12/2019
Result12/2019
Result12/2020
Result1Q(3months)

1Q(3months)

16,242

14,870-1,371-8.4%

34,381

81,042

Japan

6,145

6,377+232+3.8%

10,52821,541

Asia

3,002

2,989

-13-0.4%

9,096

24,507

Americas

1,830

1,116-713-39.0%

4,372

9,986

Europe-16.7%

Automotive

ChangesAmountRatio

1st half

Full year

5,264

4,386

-877

10,38325,006

4,791

4,595

-196

-4.1%

9,161

19,500

Japan

2,735

2,649

-85

-3.1%

4,900

10,187

Asia

903

703

-200

-22.2%

1,874

4,242

Americas555

690+134+24.2%

1,152

2,461

Europe596

551

-44

-7.5%

1,234

2,608

6,307

5,749

-558

-8.9%

12,66725,335

Japan

1,594

1,446-148-9.3%

3,107

6,328

Asia

1,316

1,152-163-12.5%

2,726

5,661

Americas

1,317

1,123

-194

-14.8%

2,642

5,080

Europe

2,078

2,027

-50-2.4%

4,190

8,265

11,548

13,847+2,298+19.9%

22,70547,191

Japan

4,108

4,663

+554

+13.5%

8,067

16,790

Process&Environmental

Medical

Semiconductor
Asia

5,000

7,020

+2,020+40.4%

9,935

21,251

Americas

1,469

1,564

+94

+6.4%

2,995

6,030

Europe970

598

-371

-38.3%

1,706

3,118

6,429

5,935

-494

-7.7%

12,691

27,170

Japan

2,097

1,826

-270-12.9%

3,536

7,321-28.9%

Scientific
Asia

1,449

1,031-418

3,007

6,796

Americas

1,713

1,960+247+14.4%

3,525

7,520Europe

1,168

1,116-52-4.5%

2,621

5,531

45,32044,997

-322

-0.7%

91,607200,241

Japan

16,681

16,963

+282

+1.7%

30,141

62,169Asia

11,672

12,895+1,223+10.5%

26,641

62,460Americas

6,887

6,455

-432

-6.3%

14,68831,079Europe10,078

8,682-1,396-13.9%

20,13644,532

Total

11

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

Amount: Millions of yen

12/2019 Result

Net Sales
Operating Income

2Q

3Q

4Q

45,3204,434

46,2873,848

45,422
3,722

63,211
8,910

Operating Income Ratio

Ordinary Income

44,997
3,895

9.8%

8.3%

8.2%

14.1%

8.7%

4,303

3,737

3,517

8,960

3,906

9.5%

8.1%

7.7%

14.2%

8.7%

2,561

3,209

2,655

7,055

2,287

Ordinary Income Ratio

Net Income Attributableto Owners of Parent

12/2020 Result
1Q

1Q

Net Income Ratio

5.7%

6.9%

5.8%

11.2%

5.1%

US$Euro110.22125.16109.90123.48107.24119.22108.76120.26108.86120.08

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

12/2019 Result

Amount: Millions of yen
12/2020 Result
1Q

1Q

2Q

3Q

4Q

16,242
4,791
6,307
11,5486,429
45,32018,138
4,369
6,359
11,157
6,261
46,287

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

28,956
5,628
6,632
13,647
8,346
63,211

1Q

2Q

3Q

4Q

12/2019 Result905
470
208
2,752
98
4,434

694
193
501
2,647
(188)
3,848

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

3,655
721
252
3,290
991
8,910

14,8704,595
5,749
13,847
5,935
44,997
12/2020 Result
1Q

322
250
156
3,241(75)3,895Contact
Investor Relations, Corporate Control Dept, General Administration Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: ir-info@horiba.com

12HORIBA, Ltd. (Consolidated)