Summary of Consolidated Financial Statements for the Nine Months Ended September 30, 2020
(Japanese GAAP)
Company name
Listing code
Representative
Contact

November 12, 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 Nine Months Ended September 30, 2020 (January 1, 2020 - September 30, 2020)(Percentages represent changes from the corresponding in the previous year)(1) Consolidated Operating Results
Net Sales

Operating Income％ Millions of yen

Millions of yen

Nine months ended 9/30/20
Nine months ended 9/30/19

129,790137,030(Note) Comprehensive Income: FY2020Q3

Nine months ended 9/30/20
Nine months ended 9/30/19

-5.3
-6.2

Ordinary Income％ Millions of yen

10,96812,005Net Income Attributableto Owners of Parent％ Millions of yen

-8.6
-32.8

10,79911,557-6.6-34.0

4,350 million yen (-18.2％)

FY2019Q3

7,525
8,426

％
-10.7
-37.5

5,319 million yen (-52.5％)

Net Income Attributable
Net Income Attributableto Owners of Parent per Share to Owners of Parent per Share(Diluted)
Yen
Yen
178.37177.53199.81
198.92(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets％
Millions of yen
Millions of yen
As of 9/30/20
331,875
171,439
51.5
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 9/30/20
170,737 million yen
As of 12/31/19 170,953 million yen
2. Dividends
Dividend per ShareYear ended 12/31/19
Year ending 12/31/20

First
Quarter

SecondQuarter

Third
Quarter

Yen
-

Yen
50.00
30.00

Yen
-

Year EndYear ending 12/31/20(Forecast)(Note) Changes in the latest dividend forecasts released: None

Total

Yen
80.00

Yen
130.00

45.00

75.00

3. Consolidated Forecast for the Year Ending December 31, 2020 (January 1, 2020 - December 31, 2020)(Percentages represent changes from the previous fiscal year)

Net Sales
Millions of yen

Operating Income％ Millions of yen

Ordinary Income％ Millions of yen％

Full year
188,000 -6.1
16,000 -23.5
15,000 -26.9(Note) Changes in the latest business forecasts released: Yes

1

Net Income Attributableto Owners of Parent
Millions of yen％

10,500 -32.2

Net Income Attributableto Owners of Parent
per ShareYen
248.83

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): None
(2)Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) 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
(4) Number of shares outstanding (common stock)① Shares issued (including treasury stock)

September 30, 2020 42,532,752

December 31, 2019

② Treasury stock

September 30, 2020

December 31, 2019356,524③ Average number of outstanding sharesJan. - Sep.,2020Jan. - Sep., 201942,174,228

335,405
42,191,357

42,532,752

Note 1. This consolidated financial report is not subject to quarterly review by certified public accountants or accounting
firms.
Note 2. Appropriate use of business forecasts and other important information
The forecasts of dividend amount and business performance contained in this report have been made based on
certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of November 12,
2020. However, due to risks and various uncertain factors such as future business operation policies, changes inthe economic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual
performance would vary considerably from the forecasts.

2

HORIBA, Ltd. (Consolidated)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 theNine Months Ended September 30, 2020”)

During the Nine months ended September 30, 2020, HORIBA, Ltd. (“the Company”) and its
consolidated subsidiaries (together “the HORIBA Group” or “HORIBA” as a consolidated group)
decreased sales by 5.3% year-on-year to 129,790 million yen, due to decline in sales mainly in
Automotive Test Systems segment while sales in the Semiconductor Instruments & Systems segment
increase. Operating income decreased by 8.6% to 10,968 million yen, ordinary income by 6.6% to10,799 million yen and net income attributable to owners of parent by 10.7% to 7,525 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, segment
sales decreased by 20.1% year-on-year to 41,623 million yen. As a result, operating loss of 65 million
yen was recorded (compared to operating income of 2,799 million yen in the first nine months of theprevious year).

(Process & Environmental Instruments & Systems)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment
sales decreased by 7.7% year-on-year to 12,799 million yen and operating income decreased by
21.8% to 763 million yen.

(Medical-Diagnostic Instruments & Systems)
The number of tests performed at hospitals decreased as the spread of COVID-19 led to a decreasein the number of patients who visit hospital. Consequently, segment sales decreased by 18.3% yearon-year to 15,278 million yen, and operating loss of 480 million yen was recorded (compared tooperating income of 1,049 million yen in the first nine months of the previous year).

(Semiconductor Instruments & Systems)
Sales to semiconductor production equipment manufacturers increased, in response to a recovery ofsemiconductor manufacturers’ capital expenditures driven by an increase in demand forsemiconductors associated with the expansion of telework, digital business and others. As a result,segment sales increased by 24.5% year-on-year to 41,756 million yen and operating income
increased by 33.1% to 9,898 million yen.

(Scientific Instruments & Systems)
Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment
sales decreased by 2.6% year-on-year to 18,332 million yen. On the profit side, operating income of
852 million yen was recorded, contributed by cost reduction mainly in selling expense (compared tooperating loss of 257 million yen in the first nine months of the previous year).

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2020
HORIBA's full year consolidated earnings forecast is as follows.
Our assumption for the exchange rate remains unchanged: 107 yen against the US dollar and 120
yen against the euro.
Consolidated forecast of full year FY2020
Amount : Millions of yen
Previous
Forecasts(As of Aug. 11)

Revised
Forecasts(As of Nov. 12)

Net Sales

188,000

188,000-

Operating Income

15,00016,000+1,000Ordinary Income

14,50015,000+500

Net Income Attributableto Owners of Parent

10,50010,500-Changes

Consolidated forecast of full year FY2020 by segment
Net Sales

Amount : Millions of yen Operating Income
Previous
Revised
Forecasts
Forecasts
Changes(As of Aug. 11) (As of Nov. 12)

Amount : Millions of yen

Previous
Revised
Forecasts
Forecasts
Changes(As of Aug. 11) (As of Nov. 12)

Automotive

68,00067,000-1,000Automotive

500

500

-

Process &Environmental

17,50018,000+500

Process &Environmental

500

1,000

+500

Medical

22,00021,000-1,000

Medical

-

(500)

-500

Semiconductor

54,00055,500+1,500

Semiconductor

13,50014,000+500

Scientific26,50026,500-Scientific

500

1,000

+500

Total

188,000

188,000-

Total

15,00016,000+1,000In light of the progress achieved up to the third quarter of this year, the Process & Environmental
Instruments & Systems segment revised upward its sales and operating income forecasts by 500
million yen respectively, and the Scientific Instruments & Systems segment also revised upward its
operating income forecast by 500 million yen. In response to an increase in sales to semiconductor
production equipment manufacturers, the Semiconductor Instruments & Systems segment revised
upward its sales and operating income forecasts by 1,500 million yen and 500 million yen
respectively.
On the other hand, the Automotive Test Systems segment revised downward its sales forecast by
1,000 million yen, as product shipment and acceptance expected to be delayed mainly because ofmeasure to restrict the movement of people and goods by various countries and regions. The Medical-Diagnostic Instruments & Systems segment revised downward its sales and operating income
forecast by 1,000 million yen and 500 million yen respectively, because the number of tests
performed at hospitals is projected to continue to stagnate, along with an anticipated decrease in thenumber of patients who visit hospital because of the spread of COVID-19.
As a result, operating income and ordinary income forecasts have been revised upward by 1,000
million yen and 500 million yen to 16,000 million yen and 15,000 million yen respectively, while
forecasts for sales, ordinary income, and net income attributable to owners of parent remainunchanged.
The dividend forecast for the current fiscal year remains unchanged.

4

HORIBA, Ltd. (Consolidated)2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount : Millions of yen
FY2019(As of December 31, 2019)

FY2020 third quarter(As of September 30, 2020)

Cash and bank deposits

95,646124,015

Trade notes and accounts receivable

59,121

43,955Marketable securities

3,079

2,205

Merchandise and finished goods

19,995

19,614Work in process

17,69021,333

Raw materials and supplies

13,927

13,754

Other current assets

7,889

7,828

Allowance for doubtful accounts

(796)

(760)

216,553

231,947

Buildings and structures, net

39,78038,096

Machinery, equipment and vehicles, net

12,053

11,420Land

15,177

15,179Construction in progress

3,604

9,256

Other property, plant and equipment, net

5,313

4,870

Total Property, Plant and Equipment

75,92978,823

Goodwill

1,254

1,013

Software

2,734

2,389

Leasehold interests in land

548

516

Other intangibles

997

771

Total Intangibles

5,535

4,690

10,612

9,543

13

127

Deferred tax assets

3,605

3,856

Other investments and other assets

2,933

2,940

(51)

(54)

17,114

16,413

98,57999,927315,133

331,875

AssetsCurrent Assets:

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

5

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2019FY2020 third quarter(As of December 31, 2019)(As of September 30, 2020)

Trade notes and accounts payable

19,861

18,525

Short-term loans payable

8,495

8,241

Current portion of bonds

15,00015,000Accounts payable - other

16,164

12,970Accrued income taxes

2,004

2,485

Advances Received

19,16917,555

Accrued bonuses to employees

1,188

1,816

-

419

Reserve for product warranty

2,369

2,507

Other current liabilities

4,218

4,693

Total Current Liabilities

88,472

84,215

Corporate bonds

30,00030,000Long-term loans payable

16,87837,585613

469

Net defined benefit liability

2,017

2,177

Other non-current liabilities

5,534

5,987

Total Non-Current Liabilities

55,04476,220143,517160,435

Common stock

12,011

12,011

Capital surplus

18,59918,599Retained earnings

141,689

144,559

Treasury stock(1,405)(1,322)

Total Shareholders' Equity

170,894

173,847

4,344

3,625

0

-

Foreign currency translation adjustments(4,042)(6,540)Remeasurements of defined benefit plans

(244)

(195)

58

(3,109)Subscription Rights to Shares

651

697

Non-Controlling Interests

103

171,615

171,439

315,133

331,875

Liabilities
Current Liabilities:

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

6

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

FY2020 third quarter(Nine months ended
September 30, 2019)(Nine months ended
September 30, 2020)

Net Sales

137,030

129,790

Cost of Sales

79,691

76,816Gross Income

57,33852,974

Selling, General and Administrative Expenses

45,33242,006

Operating Income

12,005

10,968Interest income

143

233

Dividend income

105

94

Subsidy income

40

176

Other

158

170

Total Non-Operating Income

447

674

Interest expense

333

324

Foreign exchange losses

463

314

Other

98

204

Total Non-Operating Expense

895

843

11,557

10,799

111

19

-

554

Reversal of provision for loss on dissolutionof the employees'pension fund137-

Total Extraordinary Gain

249

574

Loss on sales of fixed assets-

0Loss on disposal of fixed assets

8

26

Loss on valuation of investment securities-

9

Business restructuring expenses-

114

Total Extraordinary Loss

8

149

11,798

11,223

Income taxes (current)

3,409

3,855

Income taxes (deferred)

(57)

(153)

Total Income Taxes

3,351

3,702

8,446

7,521

19

(4)

8,426

7,525

Non-Operating Income

Non-Operating Expense

Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets
Gain on sales of investment securities

Extraordinary Loss

Income before Income Taxes

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

7

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount : Millions of yen
FY2019 third quarter(Nine months ended

FY2020 third quarter(Nine months ended

September 30, 2019)

September 30, 2020)

8,446

7,521

930

(718)

1

(0)

Foreign currency translation adjustments(4,082)(2,500)Remeasurements of defined benefit plans

23

49(3,126)(3,171)

5,319

4,350

5,307

4,357

11

(6)

Net Income
Other Comprehensive Income
Net unrealized holding gains or losses on securities
Deferred gains or losses on hedges

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

8

HORIBA, 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 1,546
million 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.

9

HORIBA, Ltd. (Consolidated)3. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Nine Months Ended September 30, 2020
1. Consolidated Financial Results

Amount: Millions of yen

12/2019
Results

12/2020
Results

Changes

12/2020
Forecasts

Full year

Full year

3Q (9Months)

3Q (9Months)

AmountNet Sales

137,030

129,790-7,239-5.3%

200,241

Operating Income

12,005

10,968-1,037-8.6%

Operating Income Ratio

8.8%

8.5%

-0.3P

Ordinary Income

Ratio

12/2019
Results

ChangesAmount188,000-6.1%

20,916

16,000-4,916-23.5%

10.4%

8.5%

-1.9P

20,51815,000-5,518

10.2%

8.0%

-2.2P

15,481

10,500-4,981

11,557

10,799-758

Ordinary Income Ratio

8.4%

8.3%

-0.1P

Net Income Attributableto Owners of Parent

8,426

7,525

-901

Net Income Ratio

6.1%

5.8%

-0.3P

7.7%

5.6%

-2.1P

US$

109.12

107.55-1.57

109.03107.00

-2.03

Euro

122.62120.93-1.69

122.03120.00

-2.03

-6.6%

-10.7%

2. Consolidated Segment Results
Net Sales

Ratio-12,241-26.9%-32.2%

Amount: Millions of yen

12/2019
Results

12/2020
Results

3Q (9Months)

3Q (9Months)

AmountRatio-20.1%

81,042

Changes

12/2019
Results

12/2020
Forecasts

Full year

Full year

ChangesAmountRatio

67,000-14,042-17.3%

Automotive

52,086

41,623-10,462

Process&Environmental

13,871

12,799-1,072-7.7%

19,50018,000-1,500-7.7%

Medical18,703

15,278-3,425-18.3%

25,33521,000-4,335-17.1%

Semiconductor

33,54341,756+8,212+24.5%

47,19155,500+8,308+17.6%

Scientific

18,824

18,332

-491

-2.6%

27,17026,500

-670

-2.5%

Total

137,030

129,790-7,239-5.3%

200,241

188,000-12,241-6.1%

12/2019
Results

12/2020
Results

3Q (9Months)

3Q (9Months)

Operating Income

Automotive

2,799

Process&Environmental

ChangesAmountRatio

12/2019
Results

12/2020
Forecasts

Full year

Full year(65)-2,864

-

6,454

975

763

-212

-21.8%

Medical

1,049

(480)

-1,530

Semiconductor

7,437

9,898

Scientific

(257)

Total

12,005

ChangesAmountRatio

500-5,954-92.3%

1,697

1,000

-697

-41.1%

-

1,302

(500)

-1,802-+2,460+33.1%

10,727

14,000+3,272+30.5%

852+1,109

-

734

1,000

+265

+36.2%

10,968-1,037-8.6%

20,916

16,000-4,916-23.5%

10

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2019
Results

12/2020
Results

3Q (9Months)

3Q (9Months)

52,086
Japan

Amount: Millions of yen
Changes

12/2019
Results

12/2020
Forecasts
Full year

AmountRatio

Full year

41,623-10,462-20.1%

81,042

15,123

12,517-2,606-17.2%

Asia

15,152

11,499-3,652

Americas

5,940

4,005

-1,935

Europe15,87013,601

Process&Environmental

13,871

Japan

ChangesAmountRatio

67,000-14,042-17.3%

21,541

17,500-4,041-18.8%-24.1%

24,50719,000-5,507-22.5%-32.6%

9,986

8,000

-1,986-19.9%-2,268-14.3%

25,00622,500-2,506-10.0%

12,799-1,072-7.7%

19,50018,000-1,500

-7.7%

7,366

7,077

-289

-3.9%

10,187

10,000

-187

-1.8%

Asia

2,806

2,461

-344

-12.3%

4,242

4,000

-242

-5.7%

Americas

1,816

1,716

-99

-5.5%

2,461

2,000

-461

-18.7%

Europe

1,882

1,543

-338

-18.0%

2,608

2,000

-608

-23.3%

18,703

15,278-3,425-18.3%

25,33521,000-4,335-17.1%

Japan

4,701

3,958

-743

-15.8%

6,328

5,500

-828

-13.1%

Asia

4,107

3,105

-1,001-24.4%

5,661

4,500

-1,161-20.5%

Americas

3,867

2,867

-1,000-25.9%

5,080

4,000

-1,080-21.3%

Europe

6,026

5,346

-680

-11.3%

8,265

7,000

-1,265-15.3%+24.5%+17.6%

Automotive

Medical

Semiconductor

33,54341,756+8,21247,19155,500+8,308Japan

11,806

13,519+1,713+14.5%

16,79018,000+1,209

+7.2%

Asia

14,84020,572+5,731+38.6%

21,251

27,500+6,248+29.4%

Americas

4,400

5,433

+1,033+23.5%

6,030

7,000

+969

+16.1%

Europe

2,496

2,230

-265

-10.6%

3,118

3,000

-118

-3.8%

18,824

18,332

-491

-2.6%

27,17026,500

-670

-2.5%

Japan

5,083

4,218

-864

-17.0%

7,321

6,000

-1,321-18.1%

Asia

4,654

4,782

+128

+2.8%

6,796

7,500

+703

+10.3%

Americas

5,330

5,369

+39

+0.7%

7,520

7,500

-20

-0.3%

Europe

3,755

3,960

+205

+5.5%

5,531

5,500

-31

-0.6%

137,030

129,790-7,239-5.3%

200,241

188,000-12,241

-6.1%

Japan

44,082

41,291-2,791-6.3%

62,16957,000-5,169

-8.3%

Asia

41,56142,422

+860

+2.1%

62,46062,500+39+0.1%

Americas21,355

19,393-1,962-9.2%

31,07928,500-2,579-8.3%

Europe30,03026,683-3,346-11.1%

44,53240,000-4,532-10.2%

Scientific

Total

11

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

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributableto Owners of Parent

45,3204,434

12/2019 Results
2Q
3Q

46,287
3,848

Amount: Millions of yen
4Q

45,422
3,722

63,2118,910

1Q Results

44,9973,895

12/2020
2Q Results
3Q Results

39,9782,781

44,815
4,291

4Q Forecasts

58,209
5,031

9.8%

8.3%

8.2%

14.1%

8.7%

7.0%

9.6%

8.6%

4,303

3,737

3,517

8,960

3,906

2,870

4,022

4,200

9.5%

8.1%

7.7%

14.2%

8.7%

7.2%

9.0%

7.2%

2,561

3,209

2,655

7,055

2,287

2,573

2,665

2,974

Net Income Ratio

5.7%

6.9%

5.8%

11.2%

5.1%

6.4%

5.9%

5.1%

US$
Euro

110.22125.16109.90123.48107.24119.22108.76120.26108.86120.08107.60118.54106.19124.17105.35117.21

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

16,242
4,791
6,307
11,5486,429
45,32012/2019 Results
2Q
3Q

18,138
4,369
6,359
11,157
6,261
46,287

4Q

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

12/2019 Results
2Q
3Q

4Q

905
470
208
2,752
98
4,434

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

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

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

1Q Results

14,8704,595
5,749
13,847
5,935
44,997

1Q Results

322
250
156
3,241
(75)
3,895

Amount: Millions of yen
12/2020
2Q Results
3Q Results 4Q Forecasts

12,238
4,078
4,653
13,576
5,431
39,97814,515
4,125
4,875
14,333
6,965
44,81525,376
5,200
5,721
13,743
8,167
58,20912/2020
2Q Results
3Q Results

4Q Forecasts

(591)
188
(231)
3,177
238
2,781

204
323
(405)
3,479
688
4,291

565
236
(19)
4,101
147
5,031

Contact
Corporate Planning and Investor Relations, Corporate Planning Office, General Administration Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: ir-info@horiba.com

12

HORIBA, Ltd. (Consolidated)