Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2019
(Japanese GAAP)May 14, 2019
Company name

HORIBA, Ltd.

Listing code6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman & Group CEO

Contact

Junichi Tajika, Department Manager,General Administration Division, Accounting Dept.

URL: http://www.horiba.com
TEL: (81)75-313-8121(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Three Months Ended March 31, 2019 (January 1, 2019 - March 31, 2019)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net income attributable
Net Sales
Operating Income
Ordinary Income
to Owners of Parent%

Millions of yen%Three months ended 3/31/19
45,320 -14.0
4,434 -51.8
4,303 -52.0
Three months ended 3/31/18
52,696
9,199
8,968
15.4
48.7
48.5
(Note) Comprehensive Income: FY2019Q1 3,043 million yen (-0.4%), FY2018Q1 3,055 million yen (8.8%)

Millions of yen

2,561
6,114-58.1
61.8%

Millions of yen

Millions of yen%

Net Income Attributable Net Income Attributable toOwners of Parent perto Owners of Parent per
Share (Diluted)
Share
Yen
Yen

Three months ended 3/31/19
Three months ended 3/31/18

60.75
145.0560.49
144.45(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

As of 3/31/19
277,052
161,056
57.9
As of 12/31/18
277,368
162,018
58.2(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of March 31, 2019: 160,391 million yen; As of December 31, 2018: 161,362 million yen
2. Dividends
Dividend per shareFirstquarter

Secondquarter
Yen

Thirdquarter
Yen

Year end
Yen

TotalYen

Yen

95.00
50.00
Year ended 12/31/18
145.00－－Year ending 12/31/19－
Year ending 12/31/19
80.00
130.0050.00－(Forecast)(Note) Changes in the latest dividend forecasts released: None
Total Year-end dividend for fiscal year 2018 of 95 yen per share:
Year-end ordinary dividend of 75 yen and commemorative dividend for the 65th anniversary of the company foundation of 20 yen
3. Consolidated Forecast for the Year Ending December 31, 2019 (January 1, 2019 - December 31, 2019)(Percentages represent changes from the same period in the previous year)

Net Sales

Operating Income
Millions of yen

Net Income Attributable
Net income attributableto Owners of Parent perto Owners of Parent
Share

Ordinary Income

Millions of yen%%

Millions of yen%

Millions of yen%

YenFirst half

96,000-4.0

10,500 -25.3

10,300-25.0

7,000-33.4

165.99Full year

218,000

3.5

29,00028,5000.6

20,000-10.4

474.270.6(Note) Changes in the latest business forecasts released: No1HORIBA, 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: Yes② 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)② Treasury stock

March 31, 201942,532,752
362,319

December 31, 2018
42,532,752
362,304③ The average number of outstanding sharesJan. - Mar., 201942,170,434

Jan. - Mar., 2018
42,155,667

Note 1. This consolidated financial report is not subject to quarterly review by certified public accountants or accounting firm.
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 May 14, 2019.
However, due to risks and various uncertain factors such as future business operation policies, changes in theeconomic 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 9, “3. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Three Months Ended March31, 2019”)

During the three months ended March 31, 2019 (the first quarter), HORIBA, Ltd. (“the Company”) and its consolidated
subsidiaries (together “the HORIBA Group” or “HORIBA” as a consolidated group) posted a decline in sales mainly in theAutomotive Test Systems segment and the Semiconductor Instruments & Systems segment. As a result, sales decreased by
14.0% year-on-year to 45,320 million yen, while operating income decreased by 51.8% to 4,434 million yen, ordinary income by
52.0% to 4,303 million yen and net income attributable to owners of parent by 58.1% to 2,561 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Owning mainly to a decline in sales of emission measurement systems and others in Japan, segment sales decreased by
10.3% y-o-y to 16,242 million yen. As a result, operating income decreased by 65.3% to 905 million yen.
(Process & Environmental Instruments & Systems)
Mainly due to a decline in sales of air pollution analyzers and others in Asia, segment sales decreased by 3.0% y-o-y to 4,791million yen. As a result, operating income decreased by 31.0% to 470 million yen.
(Medical-Diagnostic Instruments & Systems)
Segment sales decreased by 5.0% y-o-y to 6,307 million yen, mainly due to a decline in sales of blood cell testing instruments
and others in Europe. As a result, operating income decreased by 62.3% to 208 million yen.
(Semiconductor Instruments & Systems)
In response to semiconductor manufacturers’ capital expenditure adjustments, sales to semiconductor production equipment
manufacturers decreased. Segment sales consequently declined by 29.9% y-o-y to 11,548 million yen and operating income
decreased by 49.5% to 2,752 million yen.
(Scientific Instruments & Systems)
Segment sales decreased by 1.9% y-o-y to 6,429 million yen, as the appreciation of the yen against the euro deflated sales in
Europe when translated into yen. On the profit side, the absence of one-off expenses that occurred in the Americas in 2018
improved profitability, resulting in an operating profit of 98 million yen. (Last year during the same period, operating loss of 97
million yen had been recorded.)

3HORIBA, Ltd. (Consolidated)2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount: millions of yenFY2018(As of December 31,2018)

FY2019 first quarter(As of March 31, 2019)

AssetsCurrent Assets:
Cash and bank deposits

63,63260,161

Trade notes and accounts receivable

59,111

55,287

Marketable securities

2,399

2,201

Merchandise and finished goods

20,01819,872Work in process

19,84322,047

Raw materials and supplies

15,276

15,043

Other current assets

8,290

8,483

Allowance for doubtful accounts(682)(696)

187,891

182,400

Buildings and structures, net

37,20739,506

Machinery, equipment and vehicles, net

10,244

11,604

Land

13,692

13,705Construction in progress

3,018

3,050

Other property, plant and equipment, net

4,576

4,786

Total Property, Plant and Equipment

68,73972,653

Goodwill

901

831

Software

2,907

2,838

Other intangibles

1,092

1,827

Total Intangibles

4,901

5,497

Investment securities

8,359

9,006

Deferred tax assets

4,636

4,603

Other investments and other assets

2,917

2,967

(76)

(75)

15,836

16,50189,477

94,652

277,368

277,052

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

4HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2018(As of December 31,2018)

FY2019 first quarter(As of March 31, 2019)

Liabilities
Current Liabilities:
Trade notes and accounts payable

21,933

18,834

Short-term loans payable

12,044

9,712

Accounts payable - other15,920

15,560Accrued income taxes

3,514

2,712

Advances received

17,47521,075

Accrued bonuses to employees

1,265

1,997

-140

Reserve for product warranty

2,012

1,924

Other current liabilities

3,830

4,122

Total Current Liabilities

77,99776,081

Corporate bonds

15,00015,000Long-term loans payable

17,02816,918

184

162

1,946

1,953

640

640

Other non-current liabilities

2,552

5,240

Total Non-Current Liabilities

37,352

39,915

115,349

115,996

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

132,329

130,885(1,428)(1,428)

161,630

160,185

2,788

3,236

(2)

(1)

Foreign currency translation adjustments(2,829)(2,812)Remeasurements of defined benefit plans

(224)

(216)

Total Accumulated Other Comprehensive Income

(267)

205

Subscription Rights to Shares

549

549

Non-controlling Interests

106

115

162,018

161,056

277,368

277,052

Accrued bonuses to directors and corporate auditors

Non-Current Liabilities:

Deferred tax liabilities
Net defined benefit liability
Provision for loss on dissolution of the employees’
pension fundTotal LiabilitiesNet Assets
Shareholders' Equity

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

Total Net Assets
Total Liabilities and Net Assets

5HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2019 first quarter(Three months ended
March 31, 2019)

FY2018 first quarter(Three months ended
March 31, 2018)
Net Sales

52,69645,320

Cost of Sales

29,17626,008Gross Income23,520

19,311

Selling, General and Administrative Expenses

14,32014,877

Operating Income

9,199

4,434

Interest income

1752

Dividend income20

Non-Operating Income

Subsidy income

73

23

Other

41

48

Total non-operating income

134

124

Interest expense

106

117

Foreign exchange losses

238

101

Other

2036

Total non-operating expense

365

255

8,968

4,303

Gain on sales of fixed assets

51

Total extraordinary gain

51

Loss on disposal of fixed assets

92

Total extraordinary loss

92

Non-Operating Expense

Ordinary Income
Extraordinary Gain

Extraordinary Loss

Income before Income Taxes8,965

4,302

Income taxes (current)

2,921

1,931

Income taxes (deferred)

(75)

(197)

2,846

1,733

6,118

2,568

Total income taxes
Net Income
Profit attributable to non-controlling interests

36

Net Income attributable to Owners of Parent

6,114

2,561

6

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2019 first quarter(Three months ended
March 31, 2019)

FY2018 first quarter(Three months ended
March 31, 2018)
6,118

2,568(477)

447

23

0

Foreign currency translation adjustments(2,601)

18Remeasurements of defined benefit plans(8)

7Net Income
Other Comprehensive Income
Net unrealized holding gains on securities
Deferred gains or losses on hedges

Total other comprehensive income
Comprehensive Income(3,063)

475

3,055

3,043

3,054

3,035

08

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

7HORIBA, 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 by multiplying 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.

Change in accounting policy(Application of IFRS 16, “Leases” and FASB Accounting Standards Update (ASU) 2016-02, “Leases”)
The Company applied IFRS 16, “Leases” and FASB Accounting Standards Update (ASU) 2016-02, “Leases” for foreignsubsidiaries from the first quarter of the current fiscal year ending December 31, 2019. The aforementioned standards
require a lessee to recognize assets and liabilities generally for all leases on the balance sheet. The impact of this change
to the consolidated balance sheet as at March 31, 2019, and the consolidated income statement and statement ofcomprehensive income for the three months ended March 31, 2019 is immaterial.
Additional information(Application of the “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No.
28; February 16, 2018), etc.)
As the Company applied “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28;
February 16, 2018), etc., from the beginning of the first quarter of the current fiscal year, deferred tax assets are presented
under investments and other assets and deferred tax liabilities are presented under non-current liabilities.

8HORIBA, Ltd. (Consolidated)3. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Three Months Ended March 31, 2019
1. Consolidated Financial Results

Amount: millions of yen

12/2018
Result12/2019
Result1Q(3months)

1Q(3months)

Net Sales

52,696

Operating Income
Operating Income Ratio

Ordinary Income

12/2019
Forecast

12/2018
ResultChanges
AmountRatio

1st half

Full year

1st half

45,320-7,376-14.0%

99,966

210,570

96,000 218,000

9,199

4,434

-4,764-51.8%

14,057

28,83810,50029,000

17.5%

9.8%

-7.7P

14.1%

13.7%

10.9%

13.3%

8,968

4,303

-4,665

13,731

28,316

10,30028,500

13.7%

13.4%

10.7%

13.1%

10,50322,3137,000

20,000-52.0%

Full year

Ordinary Income Ratio

17.0%

9.5%

-7.5P

Net Income attributableto Owners of Parent

6,114

2,561-3,552

Net Income Ratio

11.6%

5.7%

-5.9P

10.5%

10.6%

7.3%

9.2%

US$

108.22110.22+2.00

108.67110.44110.00110.00Euro133.14125.16-7.98

131.55130.35125.00125.00-58.1%

2. Consolidated Segment Results

Amount: millions of yen

12/2018
Result12/2019
Result1Q(3months)

1Q(3months)

Automotive

18,097

Process&Environmental

Net Sales

ChangesAmountRatio

1st half

16,242-1,855-10.3%

32,705

4,941

4,791-149-3.0%

Medical

6,637

6,307-330

Semiconductor

16,468

11,548Scientific

6,551

Total

52,696

Full year

1st half

Full year

79,65636,00085,0009,248

19,361

10,00020,000-5.0%

13,13426,012

14,00028,000-4,919-29.9%

32,34357,78523,00055,000

6,429

-121

-1.9%

12,53527,75413,00030,00045,320-7,376-14.0%

99,966

210,570

96,000 218,000

12/2018
Result12/2019
Result1Q(3months)

1Q(3months)

Automotive

2,610

Process&Environmental

Operating Income

12/2019
Forecast

12/2018
Result12/2019
Forecast

12/2018
ResultChanges
AmountRatio

1st half

905-1,704-65.3%

2,489

681

470-211-31.0%

Medical552

208-343

Semiconductor

5,453

2,752

Scientific(97)

Total

9,199

Full year

1st half

Full year

7,702

3,000

9,000

868

2,027

1,000

2,000

-62.3%

1,004

1,823

1,000

2,000

-2,701-49.5%

10,24017,0635,500

15,00098+195-(545)

221-

1,000

4,434

-4,764-51.8%

14,057

28,83810,50029,0009

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2018
Result12/2019
Result1Q(3months) 1Q(3months)

Automotive

Amount: millions of yen
12/2019
Forecast

12/2018
ResultChangesAmountRatio

1st half

Full year

1st half

Full year

79,65636,00085,00018,097

16,242-1,855-10.3%

32,705

Japan

8,040

6,145

-1,895-23.6%

11,876

23,075

13,50023,000

Asia

3,468

3,002

-466

-13.4%

7,514

21,672

8,000

23,500Americas

1,676

1,830

+154

+9.2%

4,267

11,191

4,000

10,500Europe

4,912

5,264

+351

+7.2%

9,047

23,716

10,50028,000

Process&Environmental

4,941

4,791

-149

-3.0%

9,248

19,361

10,00020,000

Japan

2,671

2,735

+63+2.4%

4,737

9,538

5,000

10,000

Asia

1,143

903-239-21.0%

2,103

4,616

2,500

4,500

Americas533

555+22+4.3%

1,287

2,677

1,500

3,000

Europe593596+3+0.5%

1,119

2,528

1,000

2,500

Medical

6,637

6,307

-330

-5.0%

13,13426,012

14,00028,000

Japan

1,618

1,594

-23-1.5%

3,150

5,889

3,000

7,000

Asia

1,318

1,316

-1-0.2%

2,724

5,607

3,000

6,000

Americas

1,341

1,317

-23-1.7%

2,688

5,341

3,000

5,500

Europe

2,359

2,078

-281

-11.9%

4,571

9,174

5,000

9,500

Semiconductor

16,468

11,548-4,919-29.9%

32,34357,78523,00055,000

Japan

5,439

4,108-1,330-24.5%

10,531

20,2089,000

20,000

Asia

8,141

5,000

-3,141-38.6%

16,027

26,7889,500

25,000Americas

1,990

1,469

-520

-26.1%

3,918

6,956

3,000

6,500

896

Europe970+73+8.2%

1,865

3,833

1,500

3,500

6,551

6,429

-121

-1.9%

12,53527,75413,00030,000

Japan

2,160

2,097

-62-2.9%

3,545

7,275

4,000

8,000

Asia

1,339

1,449+110+8.2%

2,901

7,609

3,000

8,000

Americas

1,716

1,713-2-0.1%

3,326

7,117

3,500

8,000

ScientificEurope

1,335

1,168

-166

-12.5%

2,761

5,753

2,500

6,000

52,69645,320-7,376-14.0%

99,966

210,570

96,000218,000

Japan

19,93016,681-3,248-16.3%

33,841

65,98634,50068,000Asia

15,411

11,672-3,739-24.3%

31,27066,29326,00067,000Total

Americas

7,256

6,887

-368

-5.1%

15,48833,28315,00033,500Europe10,098

10,078-19-0.2%

19,36645,006

20,50049,50010HORIBA, Ltd. (Consolidated)5. Consolidated Financial Results (Quarterly Comparison)Net Sales
Operating Income

Amount: millions of yen

1Q

12/2018 Result
2Q
3Q

4Q

1Q Result

52,696
9,199

47,270 46,063
4,857 3,819

64,53910,96145,3204,434

12/2019
2Q Forecast 2H Forecast

50,6796,065

122,000
18,500

17.5%

10.3%

8.3%

17.0%

9.8%

12.0%

15.2%

8,968

4,763

3,786

10,798

4,303

5,996

18,200Ordinary Income Ratio

17.0%

10.1%

8.2%

16.7%

9.5%

11.8%

14.9%

Net Income attributableto Owners of Parent

6,114

4,388

2,970

8,840

2,561

4,438

13,000

9.3%

6.4%

13.7%5.7%

8.8%

10.7%

109.12 111.46
129.96 129.51

112.96
128.79110.22125.16109.78124.84110.00125.00Operating Income Ratio

Ordinary Income

Net Income Ratio

11.6%

US$Euro108.22133.14

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

12/2018 Result
2Q
3Q

4Q

1Q Result

18,097
4,941
6,637
16,4686,551
52,696

14,607 15,640
4,306 4,250
6,497 6,106
15,875 13,058
5,983 7,008
47,270 46,063

31,3105,861
6,771
12,384
8,210
64,53916,242
4,791
6,307
11,5486,429
45,3201Q

12/2018 Result2Q
3Q

4Q

1Q Result

2,610
681
552
5,453(97)9,199(120)187
452
4,786(448)4,857(745)
314
308
3,812
131
3,819

5,958
844
511
3,011
635
10,961

905
470
208
2,752
98
4,434

Amount: millions of yen
12/2019
2Q Forecast 2H Forecast

19,757
5,208
7,692
11,451
6,570
50,67949,00010,00014,00032,00017,000122,000

12/2019
2Q Forecast 2H Forecast

2,094
529
791
2,747(98)6,065

6,000
1,000
1,000
9,500
1,000
18,500

Contact
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

11HORIBA, Ltd. (Consolidated)