Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2017
(Japanese GAAP)
August 4, 2017
Company name

HORIBA, Ltd.

Listing code

6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman, President and CEO

Contact

Junichi Tajika, Department Manager, Financial & Control Division Accounting Dept.

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

Scheduled date of start of interim dividend payment: September 4, 2017
(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Six Months Ended June 30, 2017 (January 1, 2017 - June 30, 2017)(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%

Six months ended 6/30/17
87,328
9,701
9,569
9.2
24.7
26.0
7,597 -29.1
Six months ended 6/30/16
79,984
7,778 -29.4-1.4(Note) Comprehensive Income: FY2017Q2 7,716 million yen (-%), FY2016Q2 -4,243 million yen (-%)

Millions of yen

6,459
4,128

56.5
-37.1

%

Millions of yen%

Yen

Net Income per Share(Diluted)Yen

153.2898.03

152.6397.60

Net Income per ShareSix months ended 6/30/17
Six months ended 6/30/16

Millions of yen(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

As of 6/30/17
243,670
138,680
56.7
As of 12/31/16
239,657
133,191
55.4(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of June 30, 2017: 138,121 million yen; As of December 31, 2016: 132,654 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter
Yen

Year ended 12/31/16
30.00
－
40.00
Year ending 12/31/17－
Year ending 12/31/17(Forecast)(Note) Changes in the latest dividend forecasts released: None

Year end
Yen

Total

Yen

Yen

－

55.00

85.00

－

50.00

90.00

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

Operating Income

Net Sales

Full year

Net income attributable
Net Income per Shareto Owners of Parent

Ordinary Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

187,000

9.9

22,00018.9

21,30016.5

14,50011.9

344.07(Note) Changes in the latest business forecasts released: Yes

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 Americas Holding Incorporated)(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: Yes③ Changes in accounting estimates: None
④ Retrospective restatement: None
(Note) Please see "2.Items Concerning Summary Information (Notes)" on page 5 for further details.
(4) Number of shares outstanding (common stock)① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during the six months ended FY2017 and FY2016

June 30,2017
42,532,752
377,723

December 31, 2016
42,532,752
402,986Jan. - Jun. 2017
42,142,936

Jan. - Jun. 2016
42,112,644

Note 1. Indication regarding implementation status of quarterly review procedures
These quarterly financial statements have not been prepared for the purpose of quarterly review procedures pursuant
to the Financial Instruments and Exchange Act (FIEA). Review procedures for quarterly financial statements were in
the process of being implemented as of the release of these quarterly financial statements.
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 August 4, 2017.
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 12, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Six Months Ended June30, 2017”)
In the six months ended June 30, 2017 (the first half year), HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries(together “the HORIBA Group” or “HORIBA” as a consolidated group) recorded sales of 87,328 million yen, up 9.2%
year-on-year, mainly due to an increase in sales in the Automotive Test Systems segment and the Semiconductor
Instruments & Systems segment. Operating income increased by 24.7% year-on-year to 9,701 million yen and ordinary
income by 26.0% to 9,569 million yen. Net income attributable to owners of parent increased by 56.5% to 6,459 million yen,
due to the absence of extraordinary loss related to the damage caused by the Kumamoto Earthquakes that were recordedin the first six of months of the previous year and the reversal of provision for loss on dissolution of the employees’ pension
fund.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Sales of emission measurement systems and MCT (Mechatronics) increased in Japan, Europe, and the Americas. As aresult, segment sales increased by 8.9% year-on-year to 30,627 million yen, and operating income increased by 291.6% to2,169 million yen.
(Process & Environmental Instruments & Systems)
While the process measurement equipment business in the Americas was sluggish, sales of stack gas analyzers to power
plants and factories were robust in Japan and China. As a result, segment sales increased by 3.6% year-on-year to 8,079
million yen. Operating income, however, decreased by 63.0% to 321 million yen due to lower profitability in Asia in addition
to a decrease in sales in the process measurement equipment business in the Americas.
(Medical-Diagnostic Instruments & Systems)
Sales of blood cell testing instruments were sluggish in Europe and the Americas. Consequently, segment sales decreasedby 10.5% year-on-year to 12,349 million yen, and operating income was down 46.5% to 852 million yen.
(Semiconductor Instruments & Systems)
As the high-level capital investment by semiconductor manufacturers has continued since last year, sales to semiconductor
production equipment manufactures increased significantly. As a result, segment sales increased by 38.3% year-on-year to
24,758 million yen and operating income surged by 51.7% to 6,798 million yen.
(Scientific Instruments & Systems)
Sales of instruments and systems for R&D to universities and other customers were sluggish in Japan and Europe.
Consequently, segment sales decreased by 6.9% year-on-year to 11,513 million yen and operating loss of 440 million yen
was recorded (Last year during the same period, operating income of 280 million yen had been recorded)3

HORIBA,Ltd(Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2017
After taking into account the recent trend in orders and other factors, HORIBA’s consolidated earnings forecasts for thecurrent fiscal year have been revised as follows.
Consolidated forecast of full year FY2017(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of May 12)(As of Aug.4)

Net sales

183,000

187,000+4,000Operating income

21,00022,000+1,000Ordinary income

20,30021,300+1,00013,60014,500+900

Changes

Net income attributableto owners of parent

Consolidated forecast of full year FY2017 by segment
Net sales(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of May 12)(As of Aug.4)

69,00071,000+2,00018,00018,000-

Medical

25,00025,000-

Semiconductor

46,00048,000+2,000Scientific25,00025,000-Total

183,000

187,000+4,000Automotive

Operating income

Environmental

Previous

Revised

Forecast

Forecast(As of May 12)(As of Aug.4)

5,200

5,700

+500

1,100

1,100

-

Medical

2,200

1,700

△500

Semiconductor

12,00013,000+1,000Scientific

500

500

-

Total

21,00022,000+1,000Changes

Automotive

Process &(Amount: millions of yen)

Changes

Process &Environmental

With regard to consolidated earnings forecasts for the current fiscal year, overall sales forecast has been revised upward
by 4,000 million yen to 187,000 million yen, while operating income forecast has been revised upward by 1,000 million yen
to 22,000 million yen. This increase in operating income forecast has led to upward revision by 1,000 million yen in ordinary
income forecast and 900 million yen in forecast for net income attributable to owners of parent.
By business segment, HORIBA has revised upward its forecast for the Automotive Test Systems segment by 2,000 million
yen in sales and 500 million yen in operating income, taking into account robust sales of emission measurement systems.
HORIBA has also revised upward its forecast for the Semiconductor Instruments & Systems segment by 2,000 million yen
in sales and 1,000 million yen in operating income, assuming that semiconductor manufacturers will continue the high-levelof capital investment.
In contrast, operating income forecast for the Medical-Diagnostic Instruments & Systems segment has been revised
downward by 500 million yen, after taking into account the current trend.
The dividend forecast for the current fiscal year has remained unchanged.
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 August. 4, 2017. However, due torisks and various uncertain factors such as future business operation policies, changes in the economic environment inJapan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from theforecasts.
4

HORIBA,Ltd(Consolidated)

2. Items Concerning Summary Information (Notes)(1)Significant Items That Form the Basis for Preparation of Consolidated Financial Statements(Significant Change in Scope of Consolidation)
From the first quarter of fiscal 2017, newly-established HORIBA Americas Holding Incorporated (U.S.) has been includedin the scope of consolidation.
(2)Application of special accounting for preparing quarterly consolidated financial statement(Change in 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.
(3) Changes in Accounting Policies(Change in calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries had previously used fundamental methods for calculating tax
expenses. However, in order to further streamline work involved in preparing the quarterly financial statements, theCompany and its domestic consolidated subsidiaries have changed the methods used in this regard. Accordingly, since thefirst quarter of fiscal 2017, the methods for calculating tax expenses has been changed to the methods of rationallyestimating their annual effective tax rate after the application of the deferred tax accounting to the annual income before
income taxes and multiplying quarterly income before income taxes by reasonably estimated annual effective tax rate.
As this change in accounting policy has an immaterial impact on earnings, it has not been retroactively applied.
(4) Business combination(Transactions under common control and others)
HORIBA Advanced Techno, a wholly owned subsidiary of the Company, which took over the water quality and liquid
analysis instruments and systems business of the company (hereinafter the “water measurement business”), throughabsorption-type company split approach, since January 1, 2017.
The absorption-type company split was summarized as follows.
(1) Purpose of the company 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 split its water measurement business and integrated it with HORIBA Advanced Techno inorder to develop more market-oriented products, improve customer satisfaction, and enhance market competitiveness andearnings power.
(2) Legal method of business combination
This company split was an absorption-type company split in which HORIBA Advanced Techno was the succeedingcompany.
(3) Date of business combination
January 1, 2017(4) Details of allotments relating to the company split
The company owned all shares of HORIBA Advanced Techno and there was no consideration such as allotment of sharesor payment of cash due to this company split.
(5) Calculation of allotments relating to the company split
There were no allotments of shares or other assets due to this company split.
(6) Rights and obligations to be succeeded by the successor company
In accordance with the absorption-type company split agreement, HORIBA Advanced Techno had took over assets,
liabilities, other rights and obligations, and contractual status that were considered necessary to carry out the business.

5

HORIBA,Ltd(Consolidated)

(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 had been treated as a transaction undercommon control.

6

HORIBA,Ltd(Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2016(As of December 31,
2016)

FY2017 first half
(As of June 30, 2017)

Cash and bank deposits

52,272

54,696

Trade notes and accounts receivable

53,72447,716

Marketable securities

1,178

1,801

Merchandise and finished goods

15,11815,763Work in process

14,543

16,853

Raw materials and supplies

10,626

11,201

Deferred tax assets

4,160

4,282

Other current assets

6,029

6,236

Allowance for doubtful accounts

(842)

(764)

156,812

157,786

Buildings and structures, net

32,96634,368

Machinery, equipment and vehicles, net

8,837

9,862

Land

13,065

13,281

Construction in progress

3,453

3,586

Other property, plant and equipment, net

3,654

3,721

Total Property, Plant and Equipment

61,97764,820Goodwill

387

320

Software

4,082

3,754

Other intangibles

3,453

3,135

Total Intangibles

7,923

7,210

Investment securities

8,519

9,232

Deferred tax assets

1,726

1,851

Other investments and other assets

2,764

2,831

(66)

(62)

12,943

13,852

82,84485,883

239,657

243,670

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
FY2016(As of December 31,
2016)

FY2017 first half
(As of June 30, 2017)

Trade notes and accounts payable

20,013

20,525

Short-term loans payable

12,463

7,680

Accounts payable - other

14,041

12,366

Accrued income taxes

1,838

3,448

Advances Received

10,162

14,512

Deferred tax liabilities

76

97

Accrued bonuses to employees

914

579

Accrued bonuses to directors and corporate auditors

58

281

Reserve for product warranty

1,672

1,888

Provision for loss on disaster

227

99

Other current liabilities

4,607

3,462

Total Current Liabilities

66,07664,943

Corporate bonds

15,00015,000Long-term loans payable

19,25519,086931

1,113

Net defined benefit liability

2,191

1,950

Provision for loss on dissolution of the employees’
pension fund

1,247

720

Other non-current liabilities

1,763

2,176

Total Non-Current Liabilities

40,38940,046

106,466

104,990

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

103,104

107,209(1,588)(1,488)132,244

136,449

2,928

3,417

-

0

Foreign currency translation adjustments(2,297)(1,554)Remeasurements of defined benefit plans

(221)

(192)

Total Accumulated Other Comprehensive Income

409

1,670

Subscription Rights to Shares

466

492

Non-controlling Interests

71

67

133,191

138,680

239,657

243,670

Liabilities
Current Liabilities:

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net 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

8

HORIBA,Ltd(Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2016 first half

FY2017 first half(Six months ended
June 30, 2016)(Six months ended
June 30, 2017)

Net Sales

79,98487,328

Cost of Sales

46,41450,715Gross Income

33,56936,613

Selling, General and Administrative Expenses

25,791

26,911

Operating Income

7,778

9,701

Interest income

81

69

Dividend income

84

93

Non-Operating Income

Subsidy income

79

8

Other

96

184

Total non-operating income

342

355

Interest expense

273

226

Foreign exchange losses

215

226

Other

33

34

Total non-operating expense

523

487

7,597

9,569

2

54

Non-Operating Expense

Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets
Reversal of provision for loss on dissolution of the employee's
pension fundTotal extraordinary gain

-

425

2

479

Loss on sales of fixed assets

02

Loss on disposal of fixed assets

160

159

Extraordinary Loss

Loss on disaster925-

Total extraordinary loss

1,085

162

Income before Income Taxes

6,514

9,887

Income taxes (current)

932

3,647

Income taxes (deferred)

1,452

(218)

Total income taxes

2,385

3,429

4,129

6,458

Profit attributable to non-controlling interests

0(1)

Net Income attributable to Owners of Parent

4,128

6,459

Net Income

9

HORIBA,Ltd(Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2017 first half(Six months ended
June 30, 2017)

FY2016 first half(Six months ended
June 30, 2016)
4,129

6,458

(830)

488

(5)

0

Foreign currency translation adjustments(7,547)741

Remeasurements of defined benefit plans

1028(8,373)

1,258(4,243)

7,716(4,244)

7,720

0

(3)

Net Income
Other Comprehensive Income
Net unrealized holding gains 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

10

HORIBA,Ltd(Consolidated)

(3) Consolidated Statements of Cash Flows
Amount: millions of yen
FY2017 first half(Six months ended
June 30, 2017)

FY2016 first half(Six months ended
June 30, 2016)
Cash Flows from Operating Activities:
Income before income taxes
Depreciation expense
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
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

(94)

(526)

(166)
273
30
(2)
160
3,457
(1,830)(481)(1,341)
9,713
167
(261)
(3,632)
5,987

(162)
226
53
(51)
159
6,095
(3,421)528
1,987
18,046168(237)(1,702)
16,274

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
Payments for purchase of investment securities
Proceeds from sales or redemption of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net Cash Provided by (used in) Investing Activities(1,829)
1,613
32
(101)
1,212
(5,802)
5
(162)
(9)
1
(16)
13
(28)
(5,071)

(600)
797
32
(1,101)101(5,859)
137
(202)
(8)
0
(18)
12
(95)
(6,804)

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
Cash and Cash Equivalents at End of Period

364
1,964
(500)
(107)
60
0
(1,721)59(1,115)(139)
47,85947,719(4,256)
232
(686)
(78)
(0)
(2,315)(7,104)(132)
2,233
51,94054,174

11

6,514
3,215
71
(47)
(44)

9,887
3,575
70
(85)
(289)

HORIBA,Ltd(Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Six Months Ended June 30, 2017
1. Consolidated Financial Results

Amount: millions of yen

12/2016
Result12/2017
Result

1st half

1st half

AmountNet Sales

79,98487,328Operating Income

7,778

Operating Income Ratio

Ordinary Income

12/2016
Result12/2017
Forecast

Ratio

Full year

Full year+7,344+9.2%

170,093

187,000 +16,906

+9.9%

9,701

+1,923+24.7%

18,49922,000+3,500+18.9%

9.7%

11.1%

+1.4P

10.9%

11.8%

+0.9P

7,597

9,569

+1,972

18,27921,300+3,020

10.7%

11.4%

+0.7P

12,962

14,500+1,537

Changes+26.0%

ChangesAmountRatio+16.5%

Ordinary Income Ratio

9.5%

11.0%

+1.5P

Net Income attributableto Owners of Parent

4,128

6,459

+2,331Net Income Ratio

5.2%

7.4%

+2.2P

7.6%

7.8%

+0.2P

US$

111.70112.34+0.64

108.78110.00

+1.22

Euro

124.52121.66-2.86

120.26120.00-0.26

12/2016
Result12/2017
Forecast

Full year

Full year

AmountRatio+56.5%

2. Consolidated Segment Results+11.9%

Amount: millions of yen

12/2016
Result12/2017
Result

1st half

1st half

Amount

Ratio

Automotive

28,12830,627+2,498+8.9%

62,20771,000+8,792+14.1%

Process&Environmental

7,798

8,079

+280

+3.6%

16,75318,000+1,246+7.4%

Medical13,80012,349-1,450-10.5%

26,56425,000-1,564-5.9%

Semiconductor

17,89524,758+6,862+38.3%

38,82848,000+9,171+23.6%

Scientific12,361

11,513

-847

-6.9%

25,73825,000

-738

-2.9%

Total

79,98487,328+7,344+9.2%

170,093 187,000 +16,906+9.9%

Net Sales

Operating Income

12/2016
Result12/2017
Result

1st half

1st half

Changes

ChangesAmountRatio

Changes

12/2016
Result12/2017
Forecast

Full year

Full year

Amount

Ratio

3,529

5,700

+2,170+61.5%

Changes

Automotive

554

2,169

Process&Environmental

867

321

-546

-63.0%

1,540

1,100

-440

-28.6%

Medical

1,593

852

-740

-46.5%

2,806

1,700

-1,106-39.4%

Semiconductor

4,483

6,798

+2,315+51.7%

9,678

13,000+3,321+34.3%

Scientific

280

-440

-720

-

944

500

-444

-47.1%

Total

7,778

9,701

+1,923+24.7%

18,49922,000+3,500+18.9%+1,615 +291.6%

12

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

Amount: millions of yen

12/2016
Result12/2017
Result12/2016
Result12/2017
Forecast

1st half

1st half

AmountRatio

Full year

Full year

AmountRatio

28,12830,627+2,498+8.9%

62,20771,000+8,792+14.1%

Japan

10,987

13,432+2,445+22.3%

19,06324,300+5,236+27.5%

Asia

5,959

5,317

-641

-10.8%

14,31015,600+1,289+9.0%

Americas(*)

3,755

4,105

+350

+9.3%

9,192

9,200

+7

+0.1%
+11.5%

Automotive

Changes

Changes

Europe

7,426

7,771

+345

+4.6%

19,642

21,900+2,257

Process&Environmental

7,798

8,079

+280

+3.6%

16,75318,000+1,246

+7.4%

Japan

4,478

4,910

+431

+9.6%

9,067

10,000+932+10.3%

Asia

965

1,370

+404

+41.9%

2,748

3,000

+251

+9.1%

Americas(*)

1,471

923

-547

-37.2%

2,935

3,000

+64

+2.2%

Europe

883

874

-8

-1.0%

2,001

2,000

-1

-0.1%

Medical13,80012,349-1,450-10.5%

26,56425,000-1,564

-5.9%

Japan

2,991

2,752

-238

-8.0%

5,877

6,000

+122

+2.1%

Asia

2,593

2,453

-139

-5.4%

4,852

4,800

-52

-1.1%

Americas(*)

3,229

2,758

-470

-14.6%

6,599

5,500

-1,099-16.7%

Europe

4,986

4,385

-601

-12.1%

9,235

8,700

-535

-5.8%

Semiconductor

17,89524,758+6,862+38.3%

38,82848,000+9,171+23.6%

Japan

6,814

8,805

+1,990+29.2%

15,00418,000+2,995+20.0%

Asia

7,323

11,651+4,327+59.1%

16,96921,400+4,430+26.1%

Americas(*)

2,810

3,225

+415

+14.8%

4,980

6,600

+1,619+32.5%

946

Europe

1,075

+129

+13.7%

1,874

2,000

+125

+6.7%

12,361

11,513

-847

-6.9%

25,73825,000

-738

-2.9%

Japan

3,670

3,012

-658

-17.9%

7,509

6,500

-1,009-13.4%

Asia

3,079

3,117

+38

+1.2%

6,082

6,500

+417

+6.9%

Americas(*)

2,955

3,082

+127

+4.3%

6,562

7,000

+437

+6.7%

Europe

5,000

Scientific

2,655

2,301

-354

-13.3%

5,584

79,98487,328+7,344+9.2%

170,093Japan

28,94332,913+3,970+13.7%

56,522

Asia

19,92023,910+3,989+20.0%

Americas(*)

14,221

14,095-126

Europe16,89816,409

-489

Total

-584

-10.5%

187,000 +16,906+9.9%

64,800+8,277+14.6%

44,96351,300+6,336+14.1%-0.9%

30,27031,300+1,029

+3.4%

-2.9%

38,33739,600+1,262+3.3%(Note) Americas includes all countries in North America and South America.

13

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

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income

Amount: millions of yen

1Q Result

12/2017
2Q Result

2H Forecast

1Q

45,6686,185

41,6603,516

99,671
12,29841,2705,172

12/2016 Result
2Q
3Q

38,713
2,606

36,9172,880

4Q

53,191
7,840

13.5%

8.4%

12.3%

12.5%

6.7%

7.8%

14.7%

6,041

3,528

11,730

5,100

2,496

2,744

7,937

Ordinary Income Ratio

13.2%

8.5%

11.8%

12.4%

6.4%

7.4%

14.9%

Net Income attributableto Owners of Parent

3,778

2,681

8,040

3,181

946

3,153

5,680

Net Income Ratio

8.3%

6.4%

8.1%

7.7%

2.4%

8.5%

10.7%

US$
Euro

113.60121.05111.08122.27107.66118.34115.35127.15108.05121.89102.31
114.14109.41117.86

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

1Q Result

2H Forecast

1Q

17,317
4,194
6,049
12,261
5,845
45,66813,3093,884
6,299
12,497
5,668
41,66040,372
9,920
12,65023,241
13,486
99,671

14,964
4,157
6,939
8,689
6,519
41,270

1Q Result

12/2017
2Q Result

2H Forecast

1Q

12/2016 Result
2Q
3Q

4Q

2,103
173
469
3,499
(61)
6,185

65
147
383
3,299
(379)
3,516

3,530
778
847
6,201
940
12,298

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

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAutomotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

Amount: millions of yen
12/2016 Result
2Q
3Q
4Q

12/2017
2Q Result

1Q Result

12/2017
2Q Result

2H Forecast

17,338
3,741
6,669
14,461
5,153
47,365

19,5894,505
6,284
12,755
6,023
49,158-

1Q Result

12/2017
2Q Result

2H Forecast

48,959
3,870
4,046
8,079
8,326
73,282

55,239
4,491
4,031
8,337
8,681
80,781-

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

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

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

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

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

Amount: millions of yen
12/2016 Result
2Q
3Q
4Q

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
70,38822,1995,016
6,632
11,867
8,673
54,3894Q

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

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

14

HORIBA,Ltd(Consolidated)