Summary of Consolidated Financial Statements for the Year Ended December 31, 2023
(Japanese GAAP)
February 14, 2024
Listed stock exchanges: Tokyo
URL:https://www.horiba.com/int/

Company name
Listing code

HORIBA, Ltd.
6856

Representative
Contact

Masayuki Adachi, President & COO
Yoshihiro Morita, Department Manager, Finance and Accounting Dept.

TEL: (81)75-313-8121

Scheduled date of start of dividend payment: March 4, 2024
(Figures have been rounded down to the nearest million yen)
1. Consolidated Results for the Year Ended December 31, 2023 (January 1, 2023 - December 31, 2023)(1) Consolidated Operating Results(Percentages represent changes from the previous year)
Net Sales

Operating Income

Millions of yen
290,558
270,133

Year Ended 12/31/23
Year Ended 12/31/22

%
7.6
20.4

(Note) Comprehensive income: FY2023

Millions of yen
47,29645,84353,690 million yen

Net Income Attributableto Owners of Parent
per Share

%
3.2
43.1

(24.4%)(Reference) Equity in earnings of affiliates:

Millions of yen
48,251
46,860
FY2022

%
3.0
46.3

Yen
948.83802.89FY2023

Millions of yen
40,302
34,072

43,153 million yen

Net Income Attributableto Owners of Parent per Share Return on Equity(Diluted)Yen
953.71807.06

Year Ended 12/31/23
Year Ended 12/31/22

Net Income Attributableto Owners of Parent

Ordinary Income(42.2%)

Ordinary Income
to Total Assets

Operating Income
to Net Sales

%
11.1
11.9

%
16.3
17.0

%
15.4
15.4

-million yen

FY2022

%
18.3
59.9

-million yen(2) Consolidated Financial Position
Total Assets

Net Assets

Millions of yen
449,030
416,742

As of 12/31/23
As of 12/31/22

Net Assets
per Share

Shareholders' Equity Ratio

Millions of yen
283,732
240,850

%
63.0
57.6

Yen
6,695.30
5,684.68(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 12/31/23

283,008 million yen

As of 12/31/22

240,065 million yen

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities(3) Consolidated Cash Flows
Cash Flows
from Operating Activities
Millions of yen
16,65233,966

Year Ended 12/31/23
Year Ended 12/31/22

Millions of yen(7,315)(10,745)

Cash and Cash Equivalents
at End of Period

Millions of yen(20,963)(22,447)

Millions of yen
130,550
138,760

2. Dividends

FY 12/2022
FY 12/2023

First
QuarterYen-

FY 12/2024 (Forecast)-

Dividend per Share
SecondThird
Year End
Quarter
Quarter
Yen
Yen
Yen
65.00
180.0080.00
210.0080.00-

185.00Total

Total Dividends(Annual)Payout Ratio(Consolidated)

Dividends
to Net Assets(Consolidated)

Yen
245.00290.00Millions of yen
10,346
12,258

%
30.4
30.4

%
4.7
4.7

265.0030.3

3. Consolidated Forecasts for the Year Ending December 31, 2024 (January 1, 2024 - December 31, 2024)(Percentages represent changes from the same period in the previous year)
Net SalesFirst Half
Full Year

Millions of yen
150,000
321,000

Operating Income
%
14.4
10.5

Millions of yen
21,00052,000%17.7
9.9

Ordinary Income
Millions of yen
21,40052,700

1

%
18.1
9.2

Net Income Attributableto Owners of Parent
Millions of yen
15,00037,000

%
-21.1
-8.2

Net Income Attributableto Owners of Parent
per ShareYen
354.86875.33

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): YesNew
One company (Company name: HII PE Corp.)
Excluded One company (Company name: HII PE Corp.)(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: None
③ Changes in accounting estimates: None
④ Retrospective restatement: None
(3) Number of shares outstanding (common stock)① Shares issued (including treasury stock)
December 31, 2023

42,532,752

December 31, 2022

42,532,752② Treasury stock

December 31, 2023

263,029

December 31, 2022

302,553③ Average number of outstanding shares

December 31, 2023

42,258,835

December 31, 2022

42,218,533

Note 1. This consolidated financial report is not subject to audit 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 February 14,2024. 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 16-18, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Year Ended
December 31, 2023)

In FY2023, HORIBA, Ltd. (hereinafter the Company) and its consolidated subsidiaries (hereinafter together “theHORIBA Group” or “HORIBA” as a consolidated group) increased sales by 7.6% year-on-year to 290,558 million yen,mainly due to an increase in sales in the Automotive segment. Operating income increased by 3.2% to 47,296 million
yen and ordinary income increased by 3.0% to 48,251 million yen. In addition, contributed mainly by extraordinary gainon the sale of shares of subsidiaries, net income attributable to owners of parent (hereinafter net income) increased by
18.3% to 40,302 million yen.
The annual average exchange rates for 2023 were 140.67 yen against the U.S. dollar and 152.11 yen against the euro,
representing year-on-year depreciation of yen by 6.9% against the U.S. dollar and by 10.1% against the euro.
The operating results of each business segment are summarized as follows.

(Automotive Segment)
Sales of emission measurement systems in Asia and Americas, and sales in the MCT (Mechatronics) business in
Europe increased. As a result, segment sales increased by 19.1% year-on-year to 80,406 million yen. The segment
turned profitable and posted operating income of 1,209 million yen (compared to an operating loss of 667 million yen
in the previous year).

(Process & Environmental Segment)
Sales of air pollution analyzers in Europe as well as sales in the process measurement equipment business and ofwater quality systems in Americas increased. As a result, segment sales increased by 10.7% year-on-year to 24,959
million yen and operating income increased by 14.8% to 2,412 million yen.

(Medical-Diagnostics Segment)
Segment sales increased due to an increase in sales of hematology analyzers. Sales of reagents increased due to arecovery in the number of medical examinations after settling down of the COVID-19 pandemic peaked. As a result,segment sales increased by 9.8% year-on-year to 32,678 million yen. and the segment turned profitable and posted
operating income of 638 million yen (compared to an operating loss of 99 million yen in the previous year).

(Semiconductor Segment)
Although sales to semiconductor production equipment manufacturers decreased as the adjustment phase of capital
expenditures continued in the semiconductor market, the decrease of segment sales was limited thanks to theincreasing demand in Asia. As a result, segment sales decreased by 1.1% year-on-year to 112,872 million yen. On
the profit side, operating income was limited to a decrease by 3.4% to 40,580 million yen as well.

(Scientific Segment)
Due to the sales expansion to new applications on a global basis and an increase in sales of Raman spectrometers inAsia, segment sales increased by 9.4% year-on-year to 39,641million yen. On the profit side, operating income
decreased by 1.9% to 2,456 million yen mainly caused by a change in the product sales mix.

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2024
The consolidated earnings forecasts are summarized as follows.
Our assumed foreign exchange rates for FY2024 are 140 yen against the U.S. dollar (vs. 140.67 yen in FY2023) and
155 yen against the euro (vs. 152.11 yen in FY2023).
Net sales of 321,000 million yen (up 10.5% year-on-year)
In the Automotive Segment, sales of products for the hydrogen energy industry by HORIBA FuelCon GmbH (Germany)is expected to increase continuously. This segment also expects an increase in sales of emission measurement
systems, due to anticipated demand growth in response to the new emission regulations in Europe.
In the Semiconductor Segment, although semiconductor manufacturers’ capital expenditures might be in an adjustment
phase until the first half of FY2024, sales for the full year are expected to increase along with a recovery of thesemiconductor market in the second half.
In the Process & Environmental Segment, the Medical-Diagnostics Segment and the Scientific Segment, sales are
expected to increase, due to an anticipated increase in demand.
As a result, net sales are expected to increase by 30,441 million yen from FY2023 to 321,000 million yen.

Operating income of 52,000 million yen (up 9.9% year-on-year)
In the Automotive Segment, operating income is expected to increase due to an increase in sales in Europe as well as
improvement in profitability.
In the Semiconductor Segment, operating income is also expected to increase in line with the increase in sales.
As a result, total operating income is expected to increase by 4,703 million yen from FY2023 to 52,000 million yen.

Ordinary income of 52,700 million yen (up 9.2% year-on-year)
Ordinary income is expected to incorporate a net non-operating gain of 700 million yen (compared to a net nonoperating gain of 954 million yen in FY2023), mainly assuming interest income, considering the financial situationworldwide.
As a result, ordinary income is expected to increase by 4,448 million yen from FY2023 to 52,700 million yen.

Net income of 37,000 million yen (down 8.2% year-on-year)
Preparing for unexpected extraordinary losses to be incurred, net extraordinary loss of 1,000 million yen has been
provisionally set aside (compared to net extraordinary gain of 5,452 million yen in FY2023).
As a result, net income is expected to decrease by 3,302 million yen from FY2023 to 37,000 million yen.

In addition, the Company expects the transactions of share-based remuneration as follows in the fiscal year ending
December 31, 2024.
Based on the restricted stock remuneration plan for directors and executive officers of domestic group companies
which has been introduced since 2022, it is planned to issue new shares or dispose treasury stock as the share-based
remuneration in the fiscal year ending December 31, 2024. The total amount is expected to be 180 million yen. The
board of directors of the Company will resolve the details, which will be held on March 23, 2024, and the Company will
disclose them.

4

HORIBA, Ltd. (Consolidated)

(3) Basic Policy for Profit Distribution and Dividends for FY2023 and FY2024
We refer to our shareholders as "owners" and have continued to pay dividends to shareholders based on a payout ratio
since 1974, the earliest among listed companies in Japan.
At the board of directors meeting held on February 14, 2024, the Company's board of directors resolved to change theshareholder return policy from "targeting a total shareholder return ratio (total of dividends and share buybacks) at 30%of net income" to "targeting a dividend payout ratio at 30% of net income, while special dividend and share buybacks
will be executed timely and properly, taking into account investment opportunities, cash flow situation and otherfactors". The Company will actively invest for business growth (human resources, technologies, facilities, M&As,
sustainability, etc.) as defined in MLMAP2028, the new med-long term management plan announced on the same day.
Internal funds will be used for such investments and also to maintain sound financial conditions. Additionally, as part ofthe capital policy, the Company will plan out to implement special dividends and share buybacks considering thenecessity.
The Company has decided to pay a year-end dividend of 210 yen per share for the fiscal year ended December 31,
2023. Combined with the interim dividend already paid, this will bring the annual dividend to 290 yen per share (245yen per share in the previous year).
For the fiscal year ending December 31, 2024, we forecast an annual dividend of 265 yen (including an interim
dividend of 80 yen).
In addition, the Company made an announcement of share buybacks up to 530 thousand shares or 5,000 million yen.
The repurchased shares will be cancelled except for those to be used for stock-based remunerations to the Group's
directors, executive officers, and others.

Cautionary statement with respect to earnings forecasts
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 February 14, 2024.
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. 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 adoptionof the International Financial Reporting Standards (IFRS), HORIBA intends to appropriately respond with due
consideration for various circumstances in Japan and abroad and expected clerical costs.

5

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount : Millions of yen
FY2022

FY2023(As of December 31, 2022)(As of December 31, 2023)

139,855

132,775

69,81871,541Marketable securities

1,499

2,000

Merchandise and finished goods

26,44735,145Work in process

21,415

24,696

Raw materials and supplies

27,40939,632Other current assets

11,422

14,102

Allowance for doubtful accounts(1,320)(1,317)

Total Current Assets

296,547

318,577

Buildings and structures, net

54,22655,454

Machinery, equipment and vehicles, net

13,894

17,652

Land

16,865

20,311

Construction in progress

6,379

2,530

Other property, plant and equipment, net

4,337

4,853

Total Property, Plant and Equipment

95,702

100,801

Goodwill

610

1,343

Software

1,559

1,258

Leasehold interests in land

616

629

Other intangibles

806

1,733

Total Intangibles

3,593

4,965

10,475

15,666690

1,212

Deferred tax assets

6,715

6,244

Other investments and other assets

3,063

2,778

(46)

(1,214)20,89824,686

Total Fixed Assets

120,195

130,453

Total Assets

416,742449,030

AssetsCurrent Assets:
Cash and bank deposits
Notes and accounts receivable - trade,and contract assets

Fixed Assets:
Property, Plant and Equipment:

Intangibles:

Investments and Other Non-Current Assets:
Investment securities
Retirement benefit asset

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

6

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2022

FY2023(As of December 31, 2022)(As of December 31, 2023)

Trade notes and accounts payable

36,94530,518

Short-term loans payable

12,351

5,695

Accounts payable-other

19,44322,184

Accrued income taxes

9,133

5,783

Contract liabilities

24,632

24,713

Accrued bonuses to employees

2,003

2,312

Reserve for product warranty

2,799

3,570

Other current liabilities

4,920

6,272

Total Current Liabilities

112,229

101,051

Corporate bonds

30,00030,000Long-term loans payable

24,854

24,699Deferred tax liabilities

1,270

645

Retirement benefit liability

1,547

1,873

Other non-current liabilities

5,990

7,027

Total Non-Current Liabilities

63,66364,246

Total Liabilities

175,892

165,298

Common stock

12,011

12,011

Capital surplus

18,684

18,766

Retained earnings

194,000

223,320(1,193)(1,037)

223,502

253,060

Net unrealized holding gains or losses on securities

4,257

6,850

Foreign currency translation adjustments

12,15622,785Remeasurements of defined benefit plans

148

312

16,562

29,947

Subscription Rights to Shares

769

706

Non-Controlling Interests

15

17

Total Net Assets

240,850

283,732

Total Liabilities and Net Assets

416,742449,030

Liabilities
Current Liabilities:

Non-Current Liabilities:

Net Assets
Shareholders' Equity

Treasury stock
Total Shareholders' Equity
Accumulated Other Comprehensive Income

Total Accumulated Other Comprehensive Income

7

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount : Millions of yen
FY2022(For the Year Ended
December 31, 2022)

FY2023(For the Year Ended
December 31, 2023)

Net Sales

270,133

290,558

Cost of Sales

153,459

163,174

Gross Income

116,674

127,383

Selling, General and Administrative Expenses

70,83080,086

Operating Income

45,84347,296

Interest income

585

1,892

Dividend income

264

307

Foreign exchange gains

211-

Subsidy income

277

143

Other

498

380

1,836

2,723

657

722

-

948

Other

162

98

Total Non-Operating Expenses

820

1,769

46,86048,251Gain on sales of fixed assets

519

38

Gain on sales of investment securities

25-

Gain on sale of shares of subsidiaries

-

6,615

Gain on reversal of share acquisition rights

1

-

546

6,653

1

0

132

59

Loss on sale of investment securities

00

Loss on valuation of investment securities-

21

Provision of allowance for doubtful accounts

-

1,120

Total Extraordinary Losses

134

1,201

Income before Income Taxes

47,27253,703

Income taxes (current)

14,652

14,730

Income taxes (deferred)(1,452)(1,329)Total Income Taxes

13,19913,40034,07240,302(0)034,07240,302

Non-Operating Income

Total Non-Operating Income
Non-Operating Expenses
Interest expenses
Foreign exchange losses

Ordinary Income
Extraordinary Gain

Total Extraordinary Gain
Extraordinary Losses
Loss on sales of fixed assets
Loss on disposal of fixed assets

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

8

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount : Millions of yen
FY2022(For the Year Ended
December 31, 2022)

FY2023(For the Year Ended
December 31, 2023)

34,07240,302Net unrealized holding gains or losses on securities(1,407)2,592

Foreign currency translation adjustments

10,26910,467

Remeasurements of defined benefit plans

218

163

-

163

9,081

13,38843,15353,69043,15153,6882

2

Net Income
Other Comprehensive Income

Share of other comprehensive income of entities accounted forusing equity method
Total Other Comprehensive Income
Comprehensive Income(Breakdown of comprehensive income)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

9

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statements of Changes in Net Assets
FY2022 (For the Year Ended December 31, 2022)
Amount: Millions of yen
Shareholders' Equity

Beginning BalanceCommon Stock

Capital Surplus

12,011

18,624Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,323)

196,204

166,892

Changes during the Period
Dividend from Earnings(6,964)(6,964)Net Income Attributableto Owners of Parent

34,072

34,072

Purchase of Treasury Stock-

Disposal of Treasury Stock

2

17

20

Restricted StockRemuneration

57

112

170

OthersTotal Changes
during the Period-

60

27,108130

27,298Ending Balance

12,011

18,684

194,000(1,193)

223,502

Accumulated Other Comprehensive Income

Beginning BalanceNet
Unrealized
Holding
GainsorLosseson
Securities

Foreign
Currency
Translation
Adjustments

Remeasure-mentsofDefinedBenefit
Plans

5,664

1,889

(69)

Subscription
Total
Rights
Accumulated
to Shares
Other
Comprehensive
Income7,484

791

NonControlling
Interests

12

Total
Net
Assets

204,493

Changes during the Period
Dividend from Earnings(6,964)Net Income Attributableto Owners of Parent

34,072

Purchase of Treasury Stock-

Disposal of Treasury Stock20

Restricted StockRemuneration

170

Others(1,407)

10,266

218

9,078

(21)

2

9,058

Total Changes
during the Period(1,407)

10,266

218

9,078

(21)

2

36,356

Ending Balance

4,257

12,156

148

16,562769

15240,850

10

HORIBA, Ltd. (Consolidated)

FY2023 (For the Year Ended December 31, 2023)
Amount: Millions of yen
Shareholders' Equity

Beginning BalanceCommon Stock

Capital Surplus

12,011

18,684Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,193)

223,502

194,000

Changes during the Period
Dividend from Earnings(10,983)(10,983)

Net Income Attributableto Owners of Parent

40,30240,302

Purchase of Treasury Stock

(0)

(0)

Disposal of Treasury Stock

(2)

65

63

Restricted StockRemuneration

83

91

175

OthersTotal Changes
during the Period-

81

29,319156

29,557

Ending Balance

12,011

18,766

223,320(1,037)253,060

Accumulated Other Comprehensive Income

Beginning BalanceNet
Unrealized
Holding
GainsorLosseson
Securities

Foreign
Currency
Translation
Adjustments

Remeasure-mentsofDefinedBenefit
Plans

4,257

12,156

148

Total
Subscription
Accumulated
RightsOther
to Shares
Comprehensive
Income16,562769

NonControlling
Interests

15

Total
Net
Assets240,850

Changes during the Period
Dividend from Earnings(10,983)

Net Income Attributableto Owners of Parent

40,302

Purchase of Treasury Stock(0)

Disposal of Treasury Stock63

Restricted StockRemuneration

175

Others

2,592

10,629163

13,385(63)

2

13,324

Total Changes
during the Period

2,592

10,629163

13,385(63)

242,882Ending Balance

6,850

22,785

312

29,947706

17283,732

11

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash Flows
Amount : Millions of yen
FY2022(For the Year Ended
December 31, 2022)

FY2023(For the Year Ended
December 31, 2023)

Income before income taxes

47,27253,703

Depreciation expenses

10,911

12,097

Amortization of goodwill

437

505

Increase (decrease) in allowance for doubtful accounts

26

1,001

Increase (decrease) in retirement benefit liability

(711)

159

Interest and dividend income(849)(2,199)Interest expenses

657

722

Foreign exchange losses (gains)

152

132

Loss (gain) on sales of fixed assets

(518)

(38)

Loss on disposal of fixed assets

132

59

-

21

Loss (gain) on sales of investment securities

(24)

0

Loss (gain) on sale of shares of subsidiaries-(6,615)Decrease (increase) in notes and accounts receivable - trade, andcontract assets(6,159)2,878

Decrease (increase) in inventories(18,809)(20,091)

Increase (decrease) in trade notes and accounts payable

5,867(8,290)

Other, net

8,732

(595)

Subtotal

47,11733,448Interest and dividend received

769

2,101

Interest paid

(680)

(721)

Income taxes (paid) refund(13,240)(18,176)

Net Cash Provided by (Used in) Operating Activities

33,966

16,652

Cash Flows from Operating Activities:

Loss (gain) on valuation of investment securities

12

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2022(For the Year Ended
December 31, 2022)

FY2023(For the Year Ended
December 31, 2023)

Increase in time deposits(3,135)(4,096)

Decrease in time deposits

3,261

3,129

Payments for purchase of marketable securities(2,000)(1,503)

Proceeds from sales or redemption of marketable securities

2,500

1,000

(11,639)(8,849)Proceeds from sales of property, plant and equipment

797

75

Payments for purchase of intangibles

(444)

(322)

Payments for purchase of investment securities

(36)

(48)

Proceeds from sales or redemption of investment securities

52

1

Payments of loans receivable

(4)

(23)

Collection of loans receivable

78

34

-

(2,421)

-

4,446

(173)

1,262

(10,745)(7,315)

1,869(7,908)83-

Repayments of long-term debt

(15,958)(318)

Repayments on finance lease obligations(1,482)(1,762)

Net decrease (increase) of treasury stock0(0)

Cash dividends paid

(6,959)(10,973)

Net Cash Provided by (Used in) Financing Activities(22,447)(20,963)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

4,049

3,415

Net Increase (Decrease) in Cash and Cash Equivalents

4,822(8,209)Cash and Cash Equivalents at Beginning of Period

133,938

138,760

Cash and Cash Equivalents at End of Period

138,760

130,550

Cash Flows from Investing Activities:

Payments for purchase of property, plant and equipment

Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Proceeds from sale of shares of subsidiaries resulting in change inscope of consolidation
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

13

HORIBA, Ltd. (Consolidated)

(5) Notes to Consolidated Financial Statements
Significant Items That Form the Basis for Preparation of Consolidated Financial Statements(Significant Change in Scope of Consolidation)
In FY2023, HII PE Corp. (U.S.) was newly established and merged with Process Instruments, Inc. (U.S.). As a result,
HII PE Corp. (U.S.) was excluded from the scope of consolidation.
Change in accounting policy(Application of Accounting Standard for Fair Value Measurement, etc.)
The Company has applied the “Implementation Guidance on Accounting Standard
Measurement” (ASBJ Guidance No. 31, June 17, 2021) from the beginning of FY 2023.

for

Fair

Value

And the Company will prospectively apply new accounting policies based on the transitional measures in paragraph27-2 of the Implementation Guidance on Accounting Standard for Fair Value Measurement.
There is no impact of these changes on the consolidated financial statements.
Additional information(Application of the Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System)
The Company and its domestic consolidated subsidiaries have transitioned from the consolidated taxation system tothe group tax sharing system from the beginning of FY2023. Accordingly, the accounting procedures and disclosure ofcorporate and local income taxes and tax effect accounting are accounted for and disclosed in accordance with the“Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System”(ASBJ Practical Issues
Task Force No. 42, August 12, 2021; hereinafter, “Practical Solution No. 42”). Pursuant to the provision of Paragraph
32 (1) of Practical Solution No. 42, the Company has assumed that there is no impact of the change in accounting
policy due to the application of Practical Solution No. 42.

14

HORIBA, Ltd. (Consolidated)

Business divestiture
In FY2023, HORIBA MIRA Limited (U.K.) (hereinafter MIRA), a consolidated subsidiary of the Company, sold part ofthe shares of MIRA UGV Limited (now IDV Robotics Limited) (U.K.) (hereinafter UGV) owned by MIRA to Iveco
Defence Vehicles S.p.A. (Italy) (hereinafter IDV). As a result, UGV is no longer a consolidated subsidiary and has
become an equity-method affiliate.
1. Outline of business divestiture(1) Name of the acquiring entity
Iveco Defence Vehicles S.p.A (Italy)(2) Content of divestiture business
Unmanned Ground Vehicle development engineering services for the defense industry(3) Main reasons for business divestiture
MIRA has provided Unmanned Ground Vehicle development engineering services for the defense industry. Taking
a comprehensive view of the future prospects of the entire HORIBA Group, HORIBA decided to transfer part of theshares of UGV to IDV, in order to concentrate management resources of the Automotive segment on field ofconsumer vehicles such as passenger cars and heavy-duty vehicles.
(4) Date of divestiture
February 1, 2023
(5) Overviews of transaction including legal form
Share transfer which the consideration received is cash.
2. Outline of accounting treatment
Amount of gain or loss on transfer
Gain on sale of shares of subsidiaries: 6,615 million yen
The difference between the book value of the transferred shares on the consolidated basis and the transferred
amount is recorded as gain on sale of shares of subsidiaries. It includes 1,382 million yen as gain on valuation ofshares of associates.
3. Reportable segment that includes the consolidated subsidiary to be transferred
Automotive segment
4. Approximate amount of profit or loss related to the divested business recorded in the consolidated
statements of income for the year ended December 31, 2023
Sales: 22 million yen
Operating loss: 27 million yen

15

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2023
1. Consolidated Financial Results

Amount : Millions of yen

12/2022
Results

12/2023
Results

12/2024
Forecasts

Full Year

Full Year

AmountNet Sales

270,133

290,558

Operating Income

45,843Operating Income Ratio

17.0%

Ratio

+20,424

47,296+1,453

16.3%

-0.7P

46,86048,251+1,391

Ordinary Income Ratio

17.3%

16.6%

-0.7P

Net Income Attributableto Owners of Parent

34,07240,302+6,229Ordinary Income

Changes

12/2024
Forecasts

Changes

Full Year

Amount

1st Half

Amount+7.6%

321,000+30,441

150,000+18,894+3.2%

52,000+4,70321,000+3,161

16.2%

-0.1P

14.0%

+0.4P

52,700+4,44821,400+3,275

16.4%

-0.2P

14.3%

+0.5P

37,000-3,302

15,000-4,006

Changes+3.0%+18.3%Net Income Ratio

12.6%

13.9%

+1.3P

11.5%

-2.4P

10.0%

-4.5P

US$
Euro

131.62138.14140.67152.11+9.05

140.00155.00-0.67

140.00155.00+5.00+13.97+2.89

2. Consolidated Segment Results
Net Sales+9.07

Amount : Millions of yen

12/2022
Results

12/2023
Results

Full Year

Full Year

ChangesAmountRatio

12/2024
Forecasts
Full Year

Changes

12/2024
Forecasts

ChangesAmount

1st Half

AmountAutomotive

67,52480,406+12,881+19.1%

94,000+13,593

46,000+15,454

Process&Environmental

22,541

24,959+2,417+10.7%

31,500+6,54015,000+3,663

Medical-Diagnostics

29,75332,678+2,925+9.8%

34,500+1,821

17,000+1,407

Semiconductor

114,075

112,872-1,203-1.1%

119,000+6,12753,000-3,225

Scientific

36,23939,641+3,402+9.4%

42,000+2,35819,000+1,595

Total

270,133

290,558+20,424+7.6%

321,000+30,441

150,000+18,894

12/2022
Results

12/2023
Results

Full Year

Full Year

Operating Income

ChangesAmountRatio

12/2024
Forecasts

Changes

12/2024
Forecasts

Changes

Full Year

Amount

1st Half

AmountAutomotive

(667)

1,209

+1,876-3,000+1,790500+2,659Process&Environmental

2,101

2,412

+311

+14.8%

3,000

+587

1,000

+83

Medical-Diagnostics

(99)

638

+738

-

1,000

+361

Semiconductor

42,00540,580-1,425-3.4%

42,000+1,41919,000+310

Scientific

2,503

2,456

-47

-1.9%

3,000

+543

500

+286

Total

45,84347,296+1,453+3.2%

52,000+4,70321,000+3,161

16

-

-178

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

Automotive

Amount : Millions of yen

12/2022
Results

12/2023
Results

Full Year

Full Year

ChangesAmountRatio

12/2024
Forecasts

Changes

Full Year

Amount67,52480,406+12,881+19.1%

94,000+13,593

Japan

16,555

16,868

+312

+1.9%

20,800+3,931

Asia

14,33919,761+5,421+37.8%

20,500+738

Americas

8,110

10,637+2,527+31.2%

12,400+1,762Europe28,51833,138+4,619+16.2%

40,300+7,161

22,541

24,959+2,417+10.7%

31,500+6,540Japan

10,861

11,446

+585

+5.4%

13,100+1,653

Asia

5,585

5,863

+278

+5.0%

9,300

+3,436

Americas

3,002

3,689

+686

+22.9%

4,000

+310

Europe

3,092

3,960

+867

+28.1%

5,100+1,13929,75332,678+2,925+9.8%

34,500+1,821

Japan

6,363

6,906

+542

+8.5%

7,100

+193

Asia

7,102

7,812

+709

+10.0%

8,700

+887

Americas

6,517

7,069

+551

+8.5%

7,700

+630

Europe9,769

10,889+1,120+11.5%

11,000+110

114,075

112,872-1,203-1.1%

119,000+6,127

Japan

32,46927,343-5,125-15.8%

31,000+3,656

Asia

59,50969,052+9,543+16.0%

67,200-1,852

Americas15,2699,266-6,002-39.3%

15,000+5,733

Europe

6,827

7,209

+381

+5.6%

5,800

-1,40936,23939,641+3,402+9.4%

42,000+2,358

Japan

7,117

7,579

+461

+6.5%

9,300

+1,720Asia

11,935

14,777+2,841+23.8%

15,300+522

Americas10,46010,024

-435

-4.2%

9,400

-624

Europe

6,725

7,261

+535

+8.0%

8,000

+738

270,133

290,558+20,424+7.6%

321,000+30,441

Japan

73,367

70,144-3,222-4.4%

81,300+11,155

Asia

98,472

117,266+18,794+19.1%

121,000+3,733

Americas43,36040,687-2,672-6.2%

48,500+7,812Europe54,93362,458+7,525+13.7%

70,200+7,741

Process&Environmental

Medical-Diagnostics

Semiconductor

Scientific

Total

17

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

Amount : Millions of yen

12/2022 Results

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributableto Owners of Parent
Net Income Ratio

1Q

2Q

3Q

55,51059,45470,156

8,605

7,654

12,311

15.5%

12.9%

17.5%

8,743

8,041

15.8%

13.5%

5,721
10.3%

12/2023 Results
4Q

1Q

2Q

3Q

4Q

85,01265,854

17,271

10,45065,251

69,57489,878

7,387

10,66018,797

20.3%

15.9%

11.3%

15.3%

20.9%

12,72318.1%

17,351

10,320

7,803

10,964

19,162

20.4%

15.7%

12.0%

15.8%

21.3%

5,518

9,461

13,37013,556

5,449

7,966

13,330

9.3%

13.5%

15.7%

20.6%

8.4%

11.4%

14.8%

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Amount : Millions of yen

12/2022 Results

12/2023 Results

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Automotive

13,67512,013

15,632

26,203

15,943

14,602

17,621

32,238Process&Environmental

4,788

5,403

5,233

7,116

5,404

5,931

5,921

7,701

Medical-Diagnostics

6,650

7,022

7,914

8,165

7,351

8,241

7,815

9,270

Semiconductor

22,22527,19531,99432,65928,98827,23728,33028,315

Scientific

8,169

7,819

9,380

10,868

8,166

9,238

9,884

12,352

Total

55,51059,45470,15685,01265,85465,251

69,57489,878

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Operating Income

12/2022 Results

12/2023 Results

Automotive

133(1,895)(1,530)

2,624

330

(2,490)

(577)

3,946

Process&Environmental

453

184

343

1,119

529

387

505

990

Medical-Diagnostics

154

(316)

140

(77)

(43)

221

51

408

Semiconductor

7,180

9,600

12,46812,757

9,707

8,981

10,132

11,757

Scientific

683

82

890

848

(73)

286

549

1,693

Total

8,605

7,654

12,311

17,271

10,4507,387

10,66018,797

Contact
IR・ESG, Corporate Planning Office, Group Strategy Division, HORIBA, Ltd. E-mail: ir-info@horiba.com

18

HORIBA, Ltd. (Consolidated)