Summary of Consolidated Financial Statements for the Year Ended December 31, 2016
(Japanese GAAP)
February 14, 2017
Company name

HORIBA, Ltd.

Listed stock exchanges: Tokyo

Listing code

6856

Representative

Atsushi Horiba, Chairman, President and CEO

URL: http://www.horiba.com
TEL: (81)75-313-8121

Contact
Junichi Tajika, Department Manager, Financial & Control Division, Accounting Dept.
Scheduled date of start of dividend payment: March 6, 2017
(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Year Ended December 31, 2016 (January 1, 2016 - December 31, 2016)(Percentages represent changes from the previous year)(1) Consolidated Operating Results
Net Sales

Operating Income

Millions of yen

Net income attributableto Owners of Parent

Ordinary Income
Millions of yen%

Millions of yen%

170,093
18,49918,279Year ended 12/31/16
-1.1
-8.2
171,916
20,142
19,639Year ended 12/31/15(Note) Comprehensive Income: FY2016 8,826 million yen -12.6%, FY2015 10,102 million yen -%-6.9-

12,962
13,282-2.4-%

Net Income attributableto Owners of Parent
per Share

Millions of yen%

Net Income per Share(Diluted)

Yen

Ordinary Income Operating Income
to Total Assets
to Net Sales

Return on Equity

Yen

%

%

%

307.74306.38
10.0
7.7
10.9
Year ended 12/31/16
315.23313.81
10.7
9.0
11.7
Year ended 12/31/15(Reference) Equity in earnings of affiliates: FY2016 - million yen, FY2015 - million yen(Note) The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis.
However, starting from the fiscal year 2016, the Company and its domestic consolidated subsidiaries have changed to revenue
recognition method on a completion date of installation or a delivery date basis under the terms and conditions of contracts.
Accordingly, retrospective restatement is applied. The percentage of change for fiscal 2015 versus the same period of previous year
is not released because retrospective restatement is not applied for fiscal 2014.
(2) Consolidated Financial Position
Total Assets

Shareholders' Equity
Ratio

Net Assets

Millions of yen

Millions of yen

Net Assets
per Share%

Yen

239,657
133,191
55.4
As of 12/31/16
232,121
127,243
54.6
As of 12/31/15(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of December 31, 2016: 132,654million yen; As of December 31, 2015: 126,774 million yen

3,148.70
3,011.71(3) Consolidated Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash and Cash
Equivalents at endof period

Cash Flows from
Financing Activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

15,871
14,770(10,427)(30,642)(451)
12,843

51,94047,859Year ended 12/31/16
Year ended 12/31/15
2. Dividends

Dividend per shareFirst
quarter

Secondquarter

Yen
Year ended 12/31/15
Year ended 12/31/16
Year ending 12/31/17(Forecast)Third
quarter

Yen

Year end

Yen

-

28.00

-

-

30.00

-

-

40.00

-

Total

Total Dividends(Annual)Payout Ratio(Consolidated)

Dividends to Net
Assets(Consolidated)

%
22.9

%
2.3

27.6

2.7

Yen

Yen

42.00

70.00

Millions of yen
2,946

55.00

85.00

3,581

50.00

90.00

29.2

3. Consolidated Forecast for the Year Ending December 31, 2017 (January 1, 2017 - December 31, 2017)(Percentages represent changes from the same period in the previous year)

Net SalesFirst half
Full year

Operating Income

Net Income attributable
Net Income attributableto Owners of Parent per
to Owners of Parent
Share

Ordinary Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

84,000177,000

5.0
4.1

9,000
20,000

15.7
8.1

8,700
19,300

14.5
5.6

5,500
13,00033.2
0.3

130.55308.57

1

HORIBA, Ltd. (Consolidated)

Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries that caused a change in the scope of consolidation): Yes
New One company (Company name: HORIBA UK Finance Limited)(2) Changes in accounting policies, accounting estimates and retrospective restatement① Changes in accounting policies associated with revision of accounting standards: Yes② Changes in accounting policies arising from other than the above: Yes③ Changes in accounting estimates: None
④ Retrospective restatement: None
(Note) Please see "4 (6)Changes in Accounting Policies" on page 14 for further details.
(3) Number of shares outstanding (common stock)
December 31, 2016
42,532,752
402,986
42,121,274① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during Jan. - Dec. in FY2016 and FY2015

December 31, 2015
42,532,752
439,02142,136,185

Note 1. Indication regarding implementation status of audit procedures
These financial statements have not been prepared for the purpose of audit procedures pursuant to the Financial
Instruments and Exchange Act (FIEA). Audit procedures for financial statements were in the process of being
implemented as of the release of these financial statements.
Note 2. Appropriate use of business forecasts and other important information
The business forecasts stated herein are based on information currently available and certain assumptions for factors
which may affect business results. We do not warrant that these forecasts will be achieved. Actual results may differ
from the forecasts due to a range of factors. For additional information, please see "1. Operating Results" on page 3.

2

HORIBA, Ltd. (Consolidated)1. Operating Results(1) Operating Results Analysis(For details, see page 16, “HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2016”)(i) Operating Results for the year ended December 2016
With regard to the global economy in the fiscal year ended December 31, 2016, the United States continued its economic
recovery, driven by an increase in consumption supported by an improvement in the employment environment and otherfactors. In Europe, a modest economic recovery was sustained. In emerging countries, the overall economy recovered
moderately, partly due to economic stimulus measures, but some countries experienced an economic slowdown.
In Japan, on top of a mild increase in capital spending, consumer spending was modest, supported by an improvement in
the employment and wage environment. These factors allowed the moderate economic recovery trend to continue.
The annual average exchange rates for 2016 were 108.78 yen against the U.S. dollar and 120.26 yen against the euro,
representing year-on-year appreciation of 11.3% against the U.S. dollar and appreciation of 11.7% against the euro.
In the analytical and measurement equipment industry, demand for semiconductors and electronic devices increased due
to demand for servers used in data centers and the increased functionality of smartphones. Consequently,
semiconductor-related investment remained at a high level throughout the year, and demand for semiconductor production
equipment expanded. In the automotive industry, domestic and overseas automakers were temporarily cautious regarding
capital and R&D investment. On the other hand, following the introduction of new emission gas regulations in Europe, asJapan has decided to introduce new regulations in 2018, demand for emission measurement systems has increased. In thescientific analysis equipment industry, demand for leading-edge scientific analysis equipment was at a high level in China
but sluggish in other areas.
Under such business environment, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “the HORIBAGroup” or “HORIBA” as a consolidated group), implemented several measures to strengthen each segment in current fiscal
year.
In the Automotive Test Systems segment, we opened automotive development and demonstration laboratory “HORIBA
India Technical Center” in India in order to expand the automotive measurement instrument business in that market. We
also invested aggressively in the ECT (Engineering Consultancy & Testing) business, which we acquired from MIRA Ltd.
(U.K.) in 2015,with the aim of expanding into business fields that include the development of next-generation mobility,
including automatic driving technology.
In the Process & Environmental Instruments & Systems segment, HORIBA, jointly with local universities and otherinstitutions, proposed analytical and measurement solutions that contribute to the tightening of local environmental
regulations and the improvement of the local environment, in order to expand business in Asia. Furthermore, in the process
analytical product line, which HORIBA acquired from the U.S. corporation Cameron in 2013, HORIBA was active in the oil
refining market.
In the Medical-Diagnostic Instruments & Systems segment, we accelerated the development of new products which aredeveloped in France in the hematology sector. At the same time, our product line-up has been expanded for prospective
launch through sales alliances of biochemical testing equipment.
In the Semiconductor Instruments & Systems segment, the Aso Factory of HORIBA STEC began construction to expand
capacity, in order to respond to an increase in demand for semiconductor production equipment.
In the Scientific Instruments & Systems segment, we strengthened the sales organization for products such as Raman
spectrometers used in R&D in China. The segment also sought to mutually utilize technology resources and customer
networks with other business segments and focused on growing its customer base, with the aim of developing business in
new markets.
Furthermore, in Japan, HORIBA BIWAKO E-HARBOR, the new Biwako factory in Japan, began full-fledged operation. This
newly-constructed factory aims to cater for the reinforcement of development and production capabilities in the gas
measurement field for the Automotive Test Systems segment and the Process & Environmental Instruments & Systems
segment. Moreover, we have been strengthening the water measurement-related business, which has been promoted as
one of the priority initiatives in the Company’s Mid-Long Term Management Plan “MLMAP2020”. Specifically, development
and production resources which have been dispersed in the Company and HORIBA Advanced Techno, were decided to be
integrated in HORIBA Advanced Techno, in order to grow the business and strengthen its brand power globally. In addition,with the aim at improving asset efficiency and accelerating business growth at the same time, HORIBA’s management
indices to measure asset efficiency were introduced and have been thoroughly implemented by all Group companies.

3

HORIBA, Ltd. (Consolidated)

Despite those measures and sales efforts, due to some impacts from the yen’s appreciation against foreign currency,
HORIBA recorded net sales of 170,093 million yen (down 1.1% y-o-y), operating income of 18,499 million yen (down 8.2%),
ordinary income of 18,279 million yen (down 6.9%), and net income attributable to owners of parent of 12,962 million yen(down 2.4%).
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
On top of increased sales of emission measurement systems supported by tighter automotive emission gas regulations
across the world, sales of HORIBA MIRA, Ltd. (U.K.), which was acquired in July 2015, contributed to sales gain on afull-year basis. On the other hand, due to the impacts of the appreciation of the yen, which decreased overseas sales inyen terms, and the MCT (Mechatronics) sales decreased, as customers temporarily became cautious regarding
investments. As a result, segment sales decreased by 4.9% y-o-y to 62,207 million yen. Operating income decreased by
32.1% to 3,529 million yen, which was attributable to increased costs that are related to the full-scale operation of HORIBABIWAKO E-HARBOR, the new factory in Japan from May 2016, and sales decrease of the MCT business.
(Process & Environmental Instruments & Systems)
While sales of stack gas analyzers for power plants and factories in Asia and Europe were sluggish, sales were modest inJapan. Sales were also firm in the Americas, as a decline in oil prices led to an increase in demand in the process
measurement equipment business. As a result, segment sales increased by 0.3% y-o-y to 16,753 million yen. Operating
income, however, decreased by 12.3% to 1,540 million yen due to lower profitability of overseas projects.
(Medical-Diagnostic Instruments & Systems)
Sales of the hematology and C-Reactive Protein (CRP) analyzers, which were launched in March 2015 in Japan, were at ahigh level, but sales in Europe in yen terms decreased, stemming from the yen’s appreciation against the euro.
Consequently, segment sales decreased by 4.0% y-o-y to 26,564 million yen. Operating income increased by 9.7% to
2,806 million yen thanks to high level sales in Japan and other factors.
(Semiconductor Instruments & Systems)
Despite some impacts from the yen’s appreciation against foreign currency, due to high level of capital investment bysemiconductor manufacturers, sales to semiconductor production equipment manufacturers surged.
As a result, segment sales increased by 9.8% y-o-y to 38,828 million yen and operating income was up 2.6% to 9,678
million yen.
(Scientific Instruments & Systems)
Sales of instruments and systems to universities and other customers for R&D were solid in Japan and China but sluggish
in Europe and the Americas. Sales in Europe in yen terms were also depressed by the yen’s appreciation against the euro.
Consequently, segment sales decreased by 3.8% y-o-y to 25,738 million yen and operating income decreased by 21.1% to944 million yen.
(ii) Outlook for the Year Ending December 31, 2017
Regarding the global economic outlook for the next fiscal year, the United States is expected to continue its economic
recovery, driven by solid demand in the domestic private sector. In Europe, although uncertainties over the U.K.’s decision
to leave the EU (Brexit) and other political situations will weigh on economic activities, the moderate economic recovery is
likely to continue. Emerging economies are also expected to maintain moderate recovery, stemming from the steady
growth of developed countries and the effects of economic stimulus measures.
In Japan, the economy is likely to recover moderately, driven by an increase in demand in Japan and overseas. However,caution is required concerning uncertainties over the fluctuation of foreign exchange rates and the overseas economic
trend.
Based on such economic outlook, HORIBA’s forecasts for fiscal 2017 are shown as below.
Our assumed foreign exchange rates are 110 yen against the U.S. dollar (vs. 108.78 yen in fiscal 2016) and 120 yen
against the euro (vs. 120.26 yen in fiscal 2016).
Net sales of 177,000 million yen, up 4.1% y-o-yIn the Automotive Test Systems segment, overall sales are expected to increase. Sales of emission measurement systems
are likely to be firm because of tighter automotive emission gas regulations, while sales in the MCT business are also
projected to increase largely, supported by a recovery in demand.
In the Semiconductor Instruments & Systems segment, conservative forecast is made due to uncertainties over outlook indemand by semiconductor production equipment in the second half of the fiscal year. However, demand in the first half is
projected to remain robust, resulting in forecasting an increase in full-year sales.

4

HORIBA, Ltd. (Consolidated)In the Medical-Diagnostic Instruments & Systems segment, overall sales are expected to decline as steady sales in Japanand Asia are anticipated to be more than offset by a decrease in sales in Europe and the Americas.
In the Process & Environmental Instruments & Systems segment and the Scientific Instruments & Systems segment, sales
are expected to be firm, mainly contributed by demand in Japan and Asia.
As a result, net sales are expected to increase by 6,906 million yen from the previous year to 177,000 million yen.
Operating income of 20,000 million yen, up 8.1% y-o-yIn the Automotive Test Systems segment, we expect segment operating income to increase, due to solid demand foremission measurement systems, and sales growth and profitability improvement in the MCT business.
In the Medical-Diagnostic Instruments & Systems segment, segment operating income is expected to decrease due tooverall sales decline, an increase in sales promotion expenses for new product launch and other factors.
The Semiconductor Instruments & Systems segment is expected to increase operating income thanks to sales gain for
products such as mass flow controllers and chemical concentration monitors for semiconductor production equipment.
As a result, operating income is expected to increase by 1,500 million yen from the previous year to 20,000 million yen.
Ordinary income of 19,300 million yen, up 5.6% y-o-y
HORIBA’s forecasts incorporate a net non-operating loss of 700 million yen (compared to a net non-operating loss of 220
million yen in fiscal 2016), assuming foreign exchange losses and some uncertain non-operating expenses. As a result,ordinary income is expected to increase by 1,020 million yen from the previous year to 19,300 million yen.
Net income attributable to owners of parent of 13,000 million yen, up 0.3% y-o-yIn addition to an increase in ordinary income, net extraordinary loss of 300 million yen (compared to a net extraordinary
loss of 1,035 million yen in fiscal 2016) is expected by assuming the generation of some extraordinary losses. As a result,net income is forecast to increase by 37 million yen from the previous year to 13,000 million yen.
(Note) The above forecasts have been made on the basis of information available as of February 14, 2017, but due to the existence ofvarious uncertain elements, it is possible that actual performance will vary considerably from those forecasts.

(2) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2016 and the Year Ending
December 31, 2017
At the board of directors’ meeting held on February 14, 2013, HORIBA decided to adopt a basic dividend policy in which theCompany will maintain a total shareholder return ratio of around 30% of consolidated net income attributable to owners ofparent.
According to its basic policy, we have decided to pay a year-end dividend of 55 yen per share. Combined with the interim
dividend that has been paid out, the annual dividend is 85 yen.
As regards the dividend forecast for the fiscal year ending December 31, 2017, we expect to increase the annual dividendby 5 yen from the fiscal 2016 to 90 yen (Interim dividend is 40 yen).
The Company will continue to make effective use of internal reserves to improve corporate value through profit growth andfocus on investing in growth areas, and it will make profit returns to shareholders that are linked to consolidated earnings.
2. Management Policies(1) Basic Management Policies
As a manufacturer of analytical equipment that has developed its business worldwide, the HORIBA Group aims to be atruly global company. Our basic philosophy is to contribute to society by preserving the environment, bringing human healthand greater convenience and safety to society, and promoting the development of science and technology through ourbusiness activities, which focus on analytical technologies and span a variety of industrial fields in the global market.
In addition, HORIBA Group has long focused on consolidated-based management and promoted the reinforcement ofalliances and the integration of its 49 companies throughout the world by utilizing our human and technological resources.
(2) Management Target Indices
In February 2016, the HORIBA Group formulated the “MLMAP 2020” (Mid-Long Term Management Plan 2020) withnumerical targets set for 2020, or five years later. These targets call for the achievement of consolidated net sales of 250.0
billion yen, operating income of 30.0 billion yen, and ROE of 10% or more. Various measures have been and will continue
to be implemented to realize these targets.
(3) Mid-Long Term Business Strategies and Challenges for HORIBAThe HORIBA Group’s business consists of five segments: Automotive Test Systems, Process & Environmental Instruments& Systems, Medical-Diagnostic Instruments & Systems, Semiconductor Instruments & Systems and Scientific Instruments& Systems. Each segment operates business in a different market, which enables each to exert its strengths andcomplement the weaknesses of each other. Our aim is to achieve well-balanced growth with this structure. Technologies
and know-how in all segments are shared mutually. The transfer of human, production capacity and other resources among

5

HORIBA, Ltd. (Consolidated)segments gives us the strategic flexibility to temporarily integrate resources in a favorably performing business while
alleviating the burden to a certain extent in an underperforming business. This enables us to achieve efficientmanagement.
In keeping with the management principle of the “HORIBA Group is One Company.”, HORIBA had pursued integrated
group management by promoting efficiency region by region, and enhancing matrix management. As the next stage,
through “HORIBA Stained Glass Project * ” which was launched in January 2014, we are aiming to promote businessgrowth and expand business fields with the aim to become a true partner to all customers in analysis and measurement,with the slogan “ONE STEP AHEAD”.
*The “HORIBA Stained Glass Project” was launched in January 2014, in accordance with the belief that employees having
diverse experiences, values, individuality, and restrictions create new value in their efforts to play leading roles throughtheir diversity and contribute to realize a strong HORIBA. This project was upgraded to the Stained Glass Project
Promotion Office in January 2017 in order to accelerate the growth of the project from HORIBA, Ltd. alone to its globalorganization.
The priority measures of the Mid-Long Term Management Plan toward fiscal 2020 “MLMAP 2020” are as follows.
● Priority Measure 1: Applying HORIBA Technology in new business fields and new markets and becoming atrue partner in analysis and measurement
By making use of established operational bases and investments for future growth made during the previous Mid-Long
Term Management Plan, HORIBA intends on achieving strategic growth of each business segment on the back of new
investments, in addition to further growth of the two businesses, namely the Automotive Test Systems business and the
Semiconductor business.
In the Automotive Test Systems business, the HORIBA BIWAKO E-HARBOR will increase production volume and improve
profitability to expand business in the emission gas measurement field, turning to advantage the expected tightening of gas
emission regulations in many countries. In addition, HORIBA will grow ECT business. HORIBA will make use of HORIBA
MIRA’s testing knowhow in connection with autonomous driving technology and promote expansion in connection with
next-generation mobility.
In the Semiconductor business, the semiconductor manufacturing market is expected to expand on the back of significant
growth in use of semiconductors as the automotive, medical, and other fields are becoming increasingly high-tech andconnected online. HORIBA, with its stable supply capacity of high-precision products, will aim for further growth in this field.
Moreover, by actively making new investments and pursuing M&A opportunities, HORIBA will enter into other businessfields and markets with great growth potential. They include aspects of fuel cells and other alternative energy sources, thebio-life science field, and the water analytical and measurement field. HORIBA plans to integrally utilize in-house
technological resources and the customer network of each other’s business in order to realize strategic growth. In addition
to working to achieve the plan’s targets for each business, HORIBA aims to develop businesses which can drive the growthin the future.
● Priority Measure 2: Accelerating corporate growth by its Super Dream Team based on balanced management,
matrix organization, and HORIBA Stained Glass Project
In keeping with the management principle of the “HORIBA Group is One Company,” HORIBA has implemented
well-balanced matrix management and has achieved a high order of integrated group operation. In order to further advance
this group operation, HORIBA will continue to promote diversity, through the HORIBA Stained Glass Project, to realize theSuper Dream Team of its human resources with diversity and to accelerate renovation in existing business and creation of
new businesses.
● Priority Measure 3: Raising capital efficiency to maximize corporate value
Under the previous Mid-Long Term Management Plan, HORIBA promoted laying a foundation for future growth byestablishing many bases and acquiring businesses globally. In order to make effective use of those assets, each groupcompany and each business segment will set its asset efficiency target and remain dedicated to efficient management
under the new plan.
3. Basic policy on selection of accounting standard
The HORIBA Group prepares its consolidated financial statements in accordance with General Accepted Accounting
Principles in Japan (“JGAAP”), as it allows comparison between different periods and companies. Concerning adoption of
the International Financial Reporting Standards (IFRS), HORIBA intends to appropriately respond with due consideration tovarious circumstances in Japan and abroad and expected clerical costs.

6

HORIBA, Ltd. (Consolidated)4. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2015(As of December 31,
2015)

FY2016(As of December 31,
2016)

Cash and bank deposits

43,922

52,272

Trade notes and accounts receivable

50,12853,724Marketable securities

6,927

1,178

Merchandise and finished goods

15,69615,118Work in process

13,707

14,543

Raw materials and supplies

10,786

10,626

Deferred tax assets

5,140

4,160

Other current assets

6,584

6,029

Allowance for doubtful accounts

(789)

(842)

152,104

156,812

Buildings and structures, net

31,28832,966

Machinery, equipment and vehicles, net

6,468

8,837

Land

10,647

13,065Construction in progress

4,739

3,453

Other property, plant and equipment, net

3,834

3,654

Total Property, Plant and Equipment

56,97861,977

Goodwill

576

387

Software

4,851

4,082

Other intangibles

4,870

3,453

Total Intangibles

10,298

7,923

Investment securities

8,335

8,519

Deferred tax assets

1,671

1,726

Other investments and other assets

2,783

2,764

(50)

(66)

12,73912,94380,017

82,844

232,121239,657

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:

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

7

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2015(As of December 31,
2015)

FY2016(As of December 31,
2016)

Trade notes and accounts payable

17,67520,013

Short-term loans payable

12,87912,463

Accounts payable - other

14,75914,041

Accrued income taxes

3,796

1,838

Advances Received

10,831

10,162

Deferred tax liabilities

91

76

Accrued bonuses to employees

948

914

Accrued bonuses to directors and corporate auditors

63

58

Reserve for product warranty

1,651

1,672

Provision for loss on disaster-

227

Other current liabilities

3,628

4,607

Total Current Liabilities

66,32566,076

Corporate bonds

15,00015,000Long-term loans payable

16,826

19,255

Deferred tax liabilities

1,181

931

Net defined benefit liability

1,947

2,191

Provision for loss on dissolution of the employees’
pension fund

1,267

1,247

Other non-current liabilities

2,329

1,763

Total Non-Current Liabilities

38,55240,389104,878

106,466

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

93,232

103,104

Treasury stock(1,730)(1,588)122,230132,244

2,624

2,928

(0)

-

Foreign currency translation adjustments

1,852(2,297)

Remeasurements of defined benefit plans

66

(221)

4,543

409

469

466

0

71

127,243

133,191

232,121239,657

Liabilities
Current Liabilities:

Non-Current Liabilities:

Total Liabilities
Net Assets
Shareholders' Equity

Total Shareholders' Equity
Accumulated Other Comprehensive Income
Net unrealized holding gains on securities
Deferred gains or losses on hedges

Total Accumulated Other Comprehensive Income
Subscription Rights to Shares
Non-controlling Interests
Total Net Assets
Total Liabilities and Net Assets

8

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2016(For the year ended
December 31, 2016)

FY2015(For the year ended
December 31, 2015)
Net Sales

171,916

170,093

Cost of Sales

99,842

100,339

Gross Income

72,07469,754

Selling, General and Administrative Expenses

51,932

51,254

Operating Income

20,142

18,499Interest income

267

144

Dividend income

152

150

Non-Operating Income

Subsidy income

160

149

Other

269

211

Total non-operating income

850

655

816

574

Foreign exchange losses

308

206

Other

227

95

1,352

875

19,63918,279Gain on sales of fixed assets

833

Gain on sales of investment securities

44

Non-Operating Expense
Interest expense

Total non-operating expense
Ordinary Income
Extraordinary Gain

Gain on sales of subsidiaries and affiliates' stocks

0-

Reversal of provision for compensation losses
Reversal of provision for loss on dissolution of theemployees'pension fund

240

2

-

439

-

Reversal of foreign currency translation adjustment-

113

Insurance income-

139

Total extraordinary gain

495

527

Loss on sales of fixed assets

130Loss on disposal of fixed assets

10

219

Impairment loss

170

Extraordinary Loss

Loss on valuation of investment securities
Provision for loss on dissolution of the employees' pension fundBusiness structure improvement expenses

-

68

-

177

135

Loss on disaster-

Total extraordinary loss

1,098

330

1,563

Income before Income Taxes

19,804

17,243

Income taxes (current)

6,013

3,372

Income taxes (deferred)

508

906

Total income taxes
Net Income

6,522

4,278

13,282

12,964

Profit attributable to non-controlling interests-

Net Income attributable to Owners of Parent

13,2829

112,962

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2016(For the year ended
December 31, 2016)

FY2015(For the year ended
December 31, 2015)
13,282

12,964

Net unrealized holding gains on securities

582

304

Deferred gains or losses on hedges

(19)

0

Foreign currency translation adjustments(3,793)(4,153)Remeasurements of defined benefit plans

50

(288)

Net Income
Other Comprehensive Income

Total other comprehensive income
Comprehensive Income(3,180)(4,137)

10,102

8,826

10,102

8,828

(0)

(1)

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

10

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statement of Changes in Net Assets
FY2015 (For the year ended December 31, 2015)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Retained earnings

Capital surplus
12,011

86,21818,717

Cumulative effects of changes inaccounting policies

Total Shareholders' Equity

Treasury stock

116,216(730)(3,313)

Beginning balance after reflectionof changes in accounting policies

12,011

18,717(3,313)82,905(730)

112,903

Changes during the period
Dividend from earnings(2,955)(2,955)Net Income attributable to
Owners of Parent

13,282

13,282
(999)

(999)

10,326

(999)

9,326

93,232(1,730)122,230

Purchase of treasury stock
Others-Total changes during the period-

12,011Ending balance

18,717

Accumulated Other Comprehensive Income

Beginning balance

Net unrealized
holding gains on
securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

Total Accumulated
Other
Comprehensive
IncomeSubscription
Rights to Shares

2,041

18

5,630

16

7,707

389

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies

15
2,041

18

5,646

Non-controlling
Interests

Total Net Assets

0

15
16

7,723

124,314(3,297)389

0

121,017

Changes during the period
Dividend from earnings(2,955)Net Income attributable to
Owners of Parent

13,282

Purchase of treasury stock(999)

OthersTotal changes during the periodEnding balance

582

(19)

(3,793)50(3,180)79(0)(3,100)582(19)(3,793)50(3,180)

79

(0)

6,225

2,624

(0)

1,852

66

4,543

469

0

127,243

11

HORIBA, Ltd. (Consolidated)

FY2016 (For the year ended December 31, 2016)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Capital surplus

Retained earnings

Treasury stock

Total Shareholders' Equity

12,011

18,717

93,232(1,730)122,230

12,011

18,717

93,232(1,730)122,230

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies
Changes during the period
Dividend from earnings(3,031)(3,031)Net Income attributable to
Owners of Parent

12,962

12,962
(0)

(0)

(58)

142

83

9,871

141

10,013103,104(1,588)132,244

Purchase of treasury stock
Disposal of treasury stock
OthersTotal changes during the period-Ending balance-

12,011

18,717

Accumulated Other Comprehensive Income

Beginning balance

Net unrealized
holding gains on
securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

Total Accumulated
Other
Comprehensive
IncomeSubscription
Rights to Shares

Non-controlling
Interests

2,624

(0)

1,852

66

4,543

469

0

127,243

2,624

(0)

1,852

66

4,543

469

0

127,243

Total Net Assets

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies
Changes during the period
Dividend from earnings(3,031)Net Income attributable to
Owners of Parent

12,962

Purchase of treasury stock(0)

Disposal of treasury stock83

OthersTotal changes during the periodEnding balance304

0(4,150)(288)(4,134)(2)

71(4,066)304

0(4,150)(288)(4,134)

(2)

71

5,947

(2,297)

(221)

409

466

71

133,191

2,928

-

12

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash FlowsFY2015(For the year ended
December 31, 2015)
Cash Flows from Operating Activities:
Income before income taxes
Depreciation expense
Loss on impairment of fixed assets
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for loss on dissolution of the employees'
pension fundInterest and dividend income
Interest expense
Foreign exchange losses (gains)
Loss (gain) on sales of fixed assets
Loss on disposal of fixed assets
Loss (gain) on valuation of investment securities
Loss (gain) on sales of investment securities
Decrease (increase) in trade notes and accounts receivable
Decrease (increase) in inventories
Increase (decrease) in trade notes and accounts payable
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes (paid) refund
Net Cash Provided by (used in) Operating Activities
Cash Flows from Investing Activities:
Increase in time deposits
Decrease in time deposits
Decrease in time deposits restricted for use
Payments for purchase of marketable securities
Proceeds from sales or redemption of marketable securities
Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchase of intangibles
Proceeds from sales of intangibles
Payments for purchase of investment securities
Proceeds from sales or redemption of investment securities
Proceeds from sales of stocks of subsidiaries and affiliates
Payments of loans receivableCollection of loans receivable
Payments for transfer of business
Other, net
Net Cash Provided by (used in) Investing Activities
Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings
Increase in long-term debt
Repayments of long-term debt
Repayments on finance lease obligations
Proceeds from share issuance to non-controlling shareholders
Net decrease (increase) of treasury stock
Cash dividends paid
Net Cash Provided by (used in) Financing Activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Increase (Decrease) in Cash and Cash Equivalents Resulting from
Change of Scope of Consolidation
Cash and Cash Equivalents at End of Period

13

Amount: millions of yen
FY2016(For the year ended
December 31, 2016)

19,804
5,964
170
145
(243)
(302)

17,243
6,676
139
110
349

(603)

(19)

(420)
816
(106)
5
10
(44)
(2,060)(917)
2,078(1,452)
22,844423(814)(7,682)
14,770

(294)
574
42
(32)
219
68
(0)
(5,454)(1,461)
3,333
837
22,330298(569)(6,187)
15,871(3,204)2,964
32(1,702)
2,504(15,671)68(1,442)
4
(620)
83
(21)
43
(13,610)(69)(30,642)(2,857)
3,014
32
(103)
1,414
(13,001)
53
(373)
(48)
4
256
(27)
23
1,184
(10,427)

2,380
15,388
(826)
(170)
(999)
(2,928)
12,843(668)(3,697)
51,109130
3,690(1,078)
(195)
60
(0)
(3,058)
(451)
(911)
4,081
47,859446-

47,85951,940HORIBA, Ltd. (Consolidated)

(5) Significant Items That Form the Basis for Preparation of Consolidated Financial Statements(Significant Change in Scope of Consolidation)
From fiscal 2016, newly-established HORIBA UK Finance Limited (U.K.) has been included in the scope of consolidation.
(6) Changes in Accounting Policies(Change in revenue recognition standard)
The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping basis.
However, starting from the year ended December 31, 2016, the Company and its domestic consolidated subsidiaries havechanged to revenue recognition method on a completion date of installation or a delivery date basis under the terms andconditions of contracts.
HORIBA’s overseas consolidated subsidiaries, pursuant to IFRS or US GAAP, had recognized revenue on an installation
completion date or a delivery date basis under the terms and conditions of contracts. In addition, sales of products that
require a long time for installation have been increasing. Consequently, HORIBA made a change to more adequatelyreflecting revenue status, upon introduction of the Enterprise Resource Planning System.
This change in accounting policy has been retrospectively applied to the consolidated financial statements for full-year
period of fiscal year 2015.
As a result, net sales for fiscal year 2015 increased by 1,017 million yen, and operating income increased by 769 million
yen, ordinary income and income before income taxes increased by 790 million yen, respectively, as compared with thefigures prior to the retrospective application. The net assets at the beginning of the previous fiscal year have reflected thecumulative effects, which resulted in a decrease by 3,223 million yen in retained earnings at the beginning of the previous
fiscal year.
(Adoption of Revised Accounting Standard for Business Combinations, etc.)“Revised Accounting Standard for Business Combinations” (ASBJ Statement No. 21, released on Sep. 13, 2013,
hereinafter the “Accounting Standard for Business Combinations”), “Revised Accounting Standard for Consolidated
Financial Statements” (ASBJ Statement No. 22, released on Sep. 13, 2013, hereinafter the “Consolidated AccountingStandard”), “Revised Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, released on Sep. 13, 2013,
hereinafter the “Accounting Standard for Business Divestitures”) and others have been adopted effective from the
beginning of the year ended December 31, 2016. As a result, any change resulting from the Company’s ownershipinterests in its subsidiary when the Company retains control over the subsidiary is accounted for as capital surplus, andacquisition related costs are expensed in the year in which the costs are incurred. For any business combinations on orafter the beginning of the year, subsequent measurement of the provisional amount recognized based on the purchaseprice allocation due to the completion of accounting for the business combination are reflected in the consolidated financial
statements for the year to which the date of that business combination occurs. In addition, the presentation method of net
income was amended as well as “minority interests in consolidated subsidiaries” to “non-controlling interests.” To reflect
these changes in presentation, adjustments have been made to the consolidated financial statements for the prior fiscal
year presented herein. The aforementioned accounting standards are adopted as of the beginning of the year andthereafter, according to the transitional treatment provided for in Paragraph 58-2 (4) of the Accounting Standard forBusiness Combinations, Paragraph 44-5 (4) of the Consolidated Accounting Standard and Paragraph 57-4 (4) of the
Accounting Standard for Business Divestitures. There is no impact of these changes on profit and loss.
(7) Change in Method of Presentation(Consolidated Balance Sheets)
In fiscal 2015, “Advances received” was included in “Other current liabilities”. However, due to an increased significance inamount, it is independently stated from the year ended December 31, 2016. To reflect this change in presentation method,
the consolidated financial statements for fiscal 2015 have been restated.
As a result, “Other current liabilities” of 14,460 million yen in the consolidated balance sheets for fiscal 2015 is restated as“Advances received” of 10,831 million yen and “Other current liabilities” of 3,628 million yen.
(8) Additional Information(Revision of Amount of Deferred Tax Assets and Deferred Tax Liabilities due to Change in Rate of Corporate andOther Income Taxes)
The Act for Partial Amendment of the Income Tax Act (Act No. 15 of 2016) and the Act for Partial Amendment of the Local
Tax Act (Act No. 13 of 2016) were enacted in the Diet session on March 29, 2016, and the statutory effective tax rate for the
consolidated fiscal year on and after April 1, 2016 was reduced. Following the Act, the statutory effective tax rate used to
calculate deferred tax assets and deferred tax liabilities was changed from 32.2% to 30.8% for temporary differences
expected to be reversed in the fiscal year beginning on January 1, 2017 and 2018, and to 30.5% for temporary differences
expected to be reversed in the fiscal year beginning on January 1, 2019.
Due to such change in tax rate, the amount of deferred tax assets (netted with deferred tax liabilities) and remeasurementsof defined benefit plans decreased by 75 million yen and 2 million yen, respectively, while income taxes (deferred) and net
unrealized holding gains on securities increased by 139 million yen and 66 million yen, respectively.

14

HORIBA, Ltd. (Consolidated)

(9) Subsequent Events(Transfer of the water quality and liquid analysis instruments and systems business through simplified
absorption-type corporate split)
The Company had HORIBA Advanced Techno, a wholly owned subsidiary of the Company, take over its water quality andliquid analysis instruments and systems business (hereinafter the “water measurement business”) through absorption-type
corporate split approach, effective January 1, 2017.
The absorption-type corporate split is summarized as follows.
(1) Purpose of the corporate split
The HORIBA Group’s water measurement business, represented by pH meters, the Group’s mainstay product since thefoundation of the Company, had been promoted jointly by the Company and HORIBA Advanced Techno. With the aim ofbusiness expansion in the water measurement area, as one of the priority initiatives in the HORIBA Mid-Long Term
Management Plan, the Company separated its water measurement business division and integrated it with HORIBA
Advanced Techno in order to develop more market-oriented products, improve customer satisfaction, and enhance market
competitiveness and earnings power.
(2) Corporate split method
This corporate split is an absorption-type corporate split in which HORIBA Advanced Techno is the succeeding company.
(3) Effective date
January 1, 2017(4) Details of allotments relating to the corporate split
The Company owns all shares of HORIBA Advanced Techno and there is no consideration such as allotment of shares or
payment of cash due to this corporate split.
(5) Calculation of allotments relating to the corporate split
There are no allotments of shares or other assets due to this corporate split.
(6) Rights and obligations to be succeeded by the successor company
In accordance with the absorption-type corporate split agreement, HORIBA Advanced Techno shall succeed to assets,
liabilities, other rights and obligations, and contractual status that are considered necessary to carry out the business.
(7) Outline of the successor company
Capital:
250 million yen
Business:
Development, manufacturing, sales and services of measurement equipment(8) Outline of accounting treatment to be applied
Based on the "Accounting Standard for Business Combinations" and the "Guidelines on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures," this transfer is to be treated as a transaction undercommon control.

15

HORIBA, Ltd. (Consolidated)5. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2016
1. Consolidated Financial Results

Amount: millions of yen

12/2016
Result12/2015
ResultFull year

Full year

AmountNet Sales

170,093

171,916-1,823Operating Income

18,49920,142-1,642

10.9%

11.7%

-0.8P

18,27919,639-1,360Operating Income Ratio

Ordinary Income

Changes

12/2017
Forecast

Changes

Full year

Amount

1st half

Amount-1.1%

177,000+6,90684,000+4,015-8.2%

20,000+1,5009,000+1,221

11.3%

+0.4P

10.7%

+1.0P

19,300+1,0208,700+1,102

10.9%

+0.2P

10.4%

+0.9P

13,000+37

5,500+1,371

Changes
Ratio

-6.9%

12/2017
Forecast

Ordinary Income Ratio

10.7%

11.4%

-0.7P

Net Income attributableto Owners of Parent

12,962

13,282-320

Net Income Ratio

7.6%

7.7%

-0.1P

7.3%

-0.3P

6.5%

+1.3P

US$

108.78121.10-12.32110.00+1.22

110.00

-1.70

Euro

120.26134.31-14.05120.00-0.26

120.00-4.52

12/2017
Forecast

Changes

12/2017
Forecast

Changes

Full year

Amount

1st half

Amount-2.4%

2. Consolidated Segment Results
Net Sales

Amount: millions of yen

12/2016
Result12/2015
ResultFull year

Full year

AmountChanges
Ratio

Automotive

62,20765,436-3,228-4.9%

67,000+4,79230,000+1,871

Process&Environmental

16,753

16,708+44+0.3%

18,000+1,246

8,000

+201

Medical26,564

27,669-1,104-4.0%

25,000-1,56412,000-1,800

Semiconductor

38,82835,353+3,475+9.8%

41,000+2,171

22,000+4,104

Scientific25,73826,748-1,009-3.8%

26,000+261

12,000

-361

Total

170,093

171,916-1,823-1.1%

177,000+6,90684,000+4,015

12/2016
Result12/2015
Result12/2017
Forecast

Changes

12/2017
Forecast

Changes

Operating Income

Full year

Full year

Full year

Amount

1st half

AmountChangesAmount

Ratio

Automotive

3,529

5,200

-1,670-32.1%

5,200+1,6701,800+1,245

Process&Environmental

1,540

1,756

-215

-12.3%

1,600

+59

500

-367

Medical

2,806

2,558

+247

+9.7%

2,200

-606

1,000

-593

Semiconductor

9,678

9,429

+249

+2.6%

10,000

+321

5,500

+1,016

Scientific

944

1,197

-252

-21.1%

1,000

+55

200

-80

Total

18,49920,142-1,642-8.2%

20,000+1,5009,000+1,221(Note) The Company and its domestic consolidated subsidiaries had formerly recognized revenue mainly on a shipping
basis. However, starting from the fiscal year 2016, the Company and its domestic consolidated subsidiaries havechanged to revenue recognition method on a completion date of installation or a delivery date basis under the terms
and conditions of contracts. Accordingly the amounts of fiscal year ended December 31, 2015 are calculated based on the
retrospectively-restated amounts.

16

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

Amount: millions of yen

12/2016
Result12/2015
ResultFull year

Full year

Amount62,20765,436-3,228Japan

19,063

17,782

Asia

14,31017,371

Americas(*)

9,192

EuropeProcess&Environmental

Automotive

12/2017
Forecast

Changes

12/2017
Forecast

Changes

Ratio

Full year

Amount

1st half

Amount-4.9%

67,000+4,79230,000+1,871+1,281+7.2%

21,500+2,436

12,000+1,012-3,061-17.6%

15,400+1,089

6,400

+440

10,477-1,285-12.3%

9,000

-192

3,500

-255

19,64219,805

-163

-0.8%

21,100+1,457

8,100

+673

16,753

16,708+44+0.3%

18,000+1,246

8,000

+201

Changes

Japan

9,067

8,352

+714

+8.6%

10,000

+932

4,500

+21

Asia

2,748

3,517

-768

-21.8%

3,000

+251

1,300

+334

Americas(*)

2,935

2,567

+368

+14.3%

3,000

+64

1,300

-171

Europe

2,001

2,270

-268

-11.8%

2,000

-1

900

+16

Medical26,564

27,669-1,104-4.0%

25,000-1,56412,000-1,800

Japan

5,877

5,950

-72

-1.2%

6,000

+122

3,000

+8

Asia

4,852

4,326

+525

+12.1%

4,800

-52

2,500

-93

Americas(*)

6,599

6,813

-214

-3.2%

5,500

-1,099

2,500

-729

Europe9,235

10,578-1,342-12.7%

8,700

-535

4,000

-986

Semiconductor

38,82835,353+3,475+9.8%

41,000+2,171

22,000+4,104Japan

15,004

13,071+1,933+14.8%

16,000

+995

8,500

+1,685

Asia

16,96914,147+2,821+19.9%

17,500

+530

9,500

+2,176

Americas(*)

4,980

6,368

-1,388-21.8%

5,500

+519

3,000

+189

Europe

1,874

1,766

+107

+6.1%

2,000

+125

1,000

+53

-1,009-3.8%

Scientific25,73826,74826,000+261

12,000

-361

Japan

7,509

6,992

+517

+7.4%

7,500

-9

4,000

+329

Asia

6,082

6,207

-125

-2.0%

6,200

+117

2,800

-279

Americas(*)

6,562

7,048

-486

-6.9%

6,700

+137

2,800

-155

Europe

5,584

6,499

-915

-14.1%

5,600

+15

2,400

-255

170,093

171,916-1,823-1.1%

177,000+6,90684,000+4,015

Japan

56,522

52,148+4,373+8.4%

61,000+4,47732,000+3,056

Asia

44,96345,571

-608

-1.3%

46,900+1,93622,500+2,579Americas(*)

30,27033,276-3,006-9.0%

29,700-570

13,100-1,121

Europe38,33740,919-2,581-6.3%

39,400+1,062

16,400

-498

Total

(Note) Americas includes all countries in North America and South America.

17

HORIBA, Ltd. (Consolidated)5. Consolidated Financial Results (Quarterly Comparison)
1Q

Net Sales
Operating Income

41,2705,172

12/2016 Result
2Q
3Q

38,713
2,606

36,9172,880

Amount: millions of yen
4Q

1Q

53,191
7,840

43,0496,982

12/2015 Result
2Q
3Q

38,034
4,035

39,2772,869

4Q

51,554
6,254

12.5%

6.7%

7.8%

14.7%

16.2%

10.6%

7.3%

12.1%

5,100

2,496

2,744

7,937

6,666

4,050

2,736

6,186

Ordinary Income Ratio

12.4%

6.4%

7.4%

14.9%

15.5%

10.6%

7.0%

12.0%

Net Income attributableto Owners of Parent

3,181

946

3,153

5,680

4,078

2,487

2,133

4,582

Operating Income Ratio

Ordinary Income

Net Income Ratio

7.7%

2.4%

8.5%

10.7%

9.5%

6.5%

5.4%

8.9%

US$
Euro

115.35127.15108.05121.89102.31
114.14109.41117.86119.16134.00121.44134.20122.34136.02121.46133.02

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

1Q

14,964
4,157
6,939
8,689
6,519
41,27012/2016 Result
2Q
3Q

13,164
3,641
6,860
9,205
5,841
38,713

11,298
4,010
5,975
9,865
5,767
36,917

4Q

1Q

22,781
4,943
6,789
11,068
7,609
53,191

14,177
4,291
7,283
10,307
6,989
43,049Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

12,511
3,926
6,670
8,794
6,132
38,034

14,040
3,685
6,823
8,618
6,109
39,277

24,707
4,804
6,891
7,633
7,517
51,554

1Q

12/2016 Result
2Q
3Q

4Q

1Q

12/2015 Result
2Q
3Q

4Q

1,124
666
828
2,329
222
5,172

(570)
200
764
2,153
57
2,606

3,466
418
584
2,528
841
7,840

2,227
652
820
2,752
530
6,982

762
295
489
2,414
73
4,035

2,762
593
532
1,808
557
6,254

Amount: millions of yen
12/2015 Result
2Q
3Q
4Q

(490)
254
628
2,666
(177)
2,880

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAmount: millions of yen
12/2015 Result
2Q
3Q
4Q

1Q

12,316
3,447
7,654
9,563
5,623
38,605

1Q

40,566
4,106
4,353
4,018
8,343
61,387

12/2016 Result
2Q
3Q

14,777
4,111
6,465
9,659
5,358
40,372

18,6383,684
5,600
10,477
5,858
44,25912/2016 Result
2Q
3Q

42,180
4,576
3,958
4,467
7,863
63,04649,520
4,249
3,583
5,080
7,955
70,3884Q

1Q

22,1995,016
6,632
11,867
8,673
54,38913,006
4,028
7,468
9,670
5,740
39,914

4Q

1Q

48,938
4,323
3,426
5,879
9,018
71,586

41,231
4,648
2,688
4,119
8,255
60,942

15,383
4,829
7,904
9,203
6,519
43,840

(552)
215
717
2,454
35
2,869

16,254
3,594
6,260
7,865
6,709
40,684

12/2015 Result
2Q
3Q

44,103
5,551
3,922
4,528
8,641
66,74751,675
5,460
3,359
3,775
9,242
73,513

Contact
Eita Uesugi, Corporate & Segment Strategy Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: eita.uesugi@horiba.com

18

HORIBA, Ltd. (Consolidated)

16,246
4,159
7,170
6,999
7,517
42,093

4Q

43,215
4,815
3,638
3,140
9,243
64,052