Summary of Consolidated Financial Statements for the Nine Months Ended September 30, 2021
(Japanese GAAP)
Company name
Listing code
Representative
Contact

November 11, 2021
Listed stock exchanges: Tokyo
URL: https://www.horiba.com/en_en/
TEL: (81)75-313-8121

HORIBA, Ltd.
6856
Atsushi Horiba, Chairman & Group CEO
Yoshihiro Morita, Department Manager, Accounting Dept.

(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Nine Months Ended September 30, 2021 (January 1, 2021 - September 30, 2021)(Percentages represent changes from the corresponding in the previous year)(1) Consolidated Operating Results
Net Sales
Millions of yen

Nine months ended 9/30/21
Nine months ended 9/30/20

153,957
129,790(Note) Comprehensive Income: FY2021Q3

Nine months ended 9/30/21
Nine months ended 9/30/20

Operating Income％ Millions of yen
18.6
19,859-5.3
10,968

Ordinary Income％ Millions of yen
81.1
19,868-8.6
10,79920,278 million yen (366.1％)

Net Income Attributableto Owners of Parent％ Millions of yen
84.0
13,721-6.6
7,525

FY2020Q3

％
82.3
-10.7

4,350 million yen (-18.2％)

Net Income Attributable
Net Income Attributableto Owners of Parent per Shareto Owners of Parent per Share(Diluted)
Yen
Yen
325.17323.51
178.37177.53(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets％
Millions of yen
Millions of yen
As of 9/30/21
357,832
194,428
54.1
As of 12/31/20
328,068
178,669
54.3(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 9/30/21
193,626 million yen
As of 12/31/20 177,964 million yen

2. Dividends
Dividend per Share
First
Quarter

SecondQuarterYen

Third
Quarter

FY 12/2020

-

Yen
30.00

-

FY 12/2021

-

50.00

-

FY 12/2021 (Forecast)(Note) Changes in the latest dividend forecasts released:

None

Year End

Yen

Total

Yen
60.00

Yen
90.00

80.00

130.003. Consolidated Forecast for the Year Ending December 31, 2021 (January 1, 2021 - December 31, 2021)(Percentages represent changes from the previous fiscal year)

Net Sales

Operating Income

Ordinary Income％ Millions of yen％ Millions of yen％
Full year
220,000 17.6
28,500 44.7
28,000 44.3
(Note) Changes in the latest business forecasts released: None
Millions of yen

1

Net Income Attributableto Owners of Parent

Net Income Attributableto Owners of Parent
per Share

％
40.3

Yen
438.42Millions of yen

18,500HORIBA, 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, 2021 42,532,752② Treasury stock
September 30, 2021
335,472③ Average number of outstanding sharesJan. - Sep., 2021

42,197,319

December 31, 2020

42,532,752

December 31, 2020

335,478Jan. - Sep., 2020

42,191,357

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 11,
2021. 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 the Nine Months Ended
September 30, 2021”)

During the nine months ended September 30, 2021, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries(together “the HORIBA Group” or “HORIBA” as a consolidated group) increased sales by 18.6% year-on-year to
153,957 million yen, mainly due to an increase in sales of the Semiconductor segment. Operating income increased by
81.1% to 19,859 million yen, ordinary income by 84.0% to 19,868 million yen and net income attributable to owners ofparent by 82.3% to 13,721 million yen.
The operating results of each business segment are summarized as follows.

(Automotive Segment)
Owing to decrease in sales of emission measurement systems in Japan and Asia, segment sales decreased by 10.4%
year-on-year to 37,312 million yen. As a result, operating loss of 1,935 million yen was recorded (compared tooperating loss of 65 million yen in the third quarter of the previous year).

(Process & Environmental Segment)
Mainly due to an increase in sales of stack gas analyzers in Asia, segment sales increased by 13.8% year-on-year to
14,567 million yen and operating income increased by 69.7% to 1,294 million yen.

(Medical-Diagnostics Segment)
Sales of hematology analyzers increased in Americas and other areas. As a result, segment sales increased by 25.2%
year-on-year to 19,122 million yen and operating income of 84 million yen was recorded (compared to operating lossof 480 million yen in the third quarter of the previous year).

(Semiconductor Segment)
Sales to semiconductor production equipment manufacturers increased significantly, in response to expansion ofsemiconductor manufacturers’ capital expenditures driven by an increase in demand for semiconductors. As a result,segment sales increased by 50.1% year-on-year to 62,683 million yen and operating income increased by 99.2% to19,722 million yen.

(Scientific Segment)
Mainly due to an increase in sales of optical components in Americas, segment sales increased by 10.6% year-onyear to 20,270 million yen. On the profit side, operating income however decreased by 18.7% to 692 million yen mainly
due to increase in R&D expenses.

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2021
Consolidated earnings forecasts for FY2021 remain unchanged from those in “Summary of Consolidated Financial
Statements for the Six Months Ended June 30, 2021” disclosed on August 10, 2021.
Also, the dividend forecast for the current fiscal year remains 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 November 11, 2021. However,
due to risks and various uncertain factors such as future business operation policies, changes in the economic
environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance would varyconsiderably from the forecasts.

4

HORIBA, Ltd. (Consolidated)2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount : Millions of yen
FY2020(As of December 31, 2020)

FY2021 Third Quarter(As of September 30, 2021)

Cash and bank deposits

114,537

127,448

Trade notes and accounts receivable

50,87349,911Marketable securities

1,965

2,053

Merchandise and finished goods

18,57819,285Work in process

16,786

21,780Raw materials and supplies

13,88615,751Other current assets

8,364

10,316

Allowance for doubtful accounts(1,032)(1,140)Total Current Assets

223,959

245,407

Buildings and structures, net

40,87446,364

Machinery, equipment and vehicles, net

11,386

12,800Land

15,315

15,812

Construction in progress

9,630

7,785

Other property, plant and equipment, net

4,863

4,723

Total Property, Plant and Equipment

82,071

87,485

Goodwill

944

1,546

Software

2,375

2,051

Leasehold interests in land

563

595

Other intangibles

743

632

Total Intangibles

4,625

4,826

10,605

12,360321

450

Deferred tax assets

3,844

4,467

Other investments and other assets

2,686

2,884

(46)

(49)

17,411

20,113

104,108

112,425

328,068

357,832

AssetsCurrent 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
Total Fixed Assets
Total Assets

5

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2020(As of December 31, 2020)

FY2021 Third Quarter(As of September 30, 2021)

Trade notes and accounts payable

20,264

26,586

Short-term loans payable

9,548

25,114

Accounts payable-other

15,092

13,879Accrued income taxes

4,042

6,071

Advances received

15,473

16,503

919

2,004

-

419

Reserve for product warranty

2,331

2,375

Other current liabilities

5,124

5,310

Total Current Liabilities

72,797

98,265

Corporate bonds

30,00030,000Long-term loans payable

37,51825,017836

1,636

Retirement benefit liability

2,237

2,471

Other non-current liabilities

6,009

6,014

Total Non-Current Liabilities

76,601

65,139149,399

163,404

Common stock

12,011

12,011

Capital surplus

18,59918,624Retained earnings

150,222

159,302

Treasury stock(1,323)(1,323)

Total Shareholders' Equity

179,509

188,614

4,363

5,568

6

-

Foreign currency translation adjustments(5,839)(517)

Remeasurements of defined benefit plans

(75)

(38)

(1,545)

5,012

697

791

6

9

178,669

194,428

328,068

357,832

Liabilities
Current Liabilities:

Accrued bonuses to employees
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
Subscription Rights to Shares
Non-Controlling Interests
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
FY2020 Third Quarter(Nine Months Ended

FY2021 Third Quarter(Nine Months Ended

September 30, 2020)

September 30, 2021)

Net Sales

129,790

153,957

Cost of Sales

76,81689,252Gross Income

52,97464,704

Selling, General and Administrative Expenses

42,00644,845

Operating Income

10,96819,859Interest income

233

143

Dividend income

94

119

Subsidy income

176

69

Other

170

279

Total Non-Operating Income

674

610

Interest expense

324

364

Foreign exchange losses

314

169

Other

204

67

Total Non-Operating Expense

843

601

10,79919,868Gain on sales of fixed assets

19

15

Gain on sales of investment securities

554

6

Total Extraordinary Gain

574

22

Loss on sales of fixed assets

02

Loss on disposal of fixed assets

26

60

Loss on valuation of investment securities

9-

Business restructuring expenses

114-

Total Extraordinary Loss

149

63

Income before Income Taxes

11,223

19,827

Income taxes (current)

3,855

6,406

Income taxes (deferred)

(153)

(297)

Total Income Taxes

3,702

6,109

7,521

13,718Loss attributable to non-controlling interests

(4)

(2)

Net Income Attributable to Owners of Parent

7,525

13,721

Non-Operating Income

Non-Operating Expense

Ordinary Income
Extraordinary Gain

Extraordinary LossNet Income

7

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount : Millions of yen
FY2020 Third Quarter(Nine Months Ended

FY2021 Third Quarter(Nine Months Ended

September 30, 2020)

September 30, 2021)

7,521

13,718

(718)

1,205

(0)

(6)

Foreign currency translation adjustments(2,500)

5,323

Remeasurements of defined benefit plans

49

36(3,171)

6,559

4,350

20,278

4,357

20,279(6)(0)

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 by multiplying quarterly
income before income taxes by reasonably estimated annual effective tax rate. This tax rate was reasonably estimatedafter applying the deferred tax accounting to the annual income before income taxes.
Additional information(Application of tax effect accounting for transition from consolidated taxation system to group tax sharing
system)With regard to the transition to group tax sharing system established in the “Act for Partial Amendment of the Income
Tax Act, etc.” (Act No. 8 of 2020) and items for which the nonconsolidated taxation system has been reviewed in linewith the transition to the group tax sharing system, the Company and its domestic consolidated subsidiaries calculated
the amounts of deferred tax assets and deferred tax liabilities in accordance with the provisions of the tax act before
the amendment based on the treatment of Paragraph 3 of the “Practical Solution on the Treatment of Tax EffectAccounting for the Transition from the Consolidated Taxation System to the Group Tax Sharing System” (ASBJ
Practical Issues Tax Force No. 39, March 31, 2020), instead of applying the provision of Paragraph 44 of the“Implementation Guidance on Tax Effect Accounting” (ASBJ Guidance No. 28, February 16, 2018).

9

HORIBA, Ltd. (Consolidated)3. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Nine Months Ended September 30, 2021
1. Consolidated Financial Results

Amount : Millions of yen

12/2020
Results

12/2021
Results

3Q (9 months)

3Q (9 months)

AmountNet Sales

129,790

153,957

Operating Income

10,968Operating Income Ratio

Ordinary Income

12/2020
Results

12/2021
Forecasts

Ratio

Full year

Full year

AmountRatio+24,166+18.6%

187,080

220,000+32,919+17.6%

19,859+8,891+81.1%

19,69428,500+8,805+44.7%

8.5%

12.9%

+4.4P

10.5%

13.0%

+2.5P

19,39928,000+8,600

10.4%

12.7%

+2.3P

13,18818,500+5,311

Changes

Changes

10,79919,868+9,069Ordinary Income Ratio

8.3%

12.9%

+4.6P

Net Income Attributableto Owners of Parent

7,525

13,721+6,195Net Income Ratio

5.8%

8.9%

+3.1P

7.0%

8.4%

+1.4P

US$

107.55108.58+1.03

106.76109.00

+2.24

Euro

120.93129.87+8.94

121.88130.00+8.12+84.0%+82.3%

2. Consolidated Segment Results
12/2021
Results

3Q (9 months)

3Q (9 months)

AmountAutomotive

41,62337,312-4,311-10.4%

63,913

Process&Environmental

12,79914,567+1,768+13.8%

Medical-Diagnostics

15,27819,122+3,844

Semiconductor

41,756

62,683

Scientific18,332

Total

Operating Income+40.3%

Amount : Millions of yen

12/2020
Results

Net Sales+44.3%

Changes
Ratio

12/2020
Results

12/2021
Forecasts

Full year

Full year

ChangesAmountRatio

64,000+86+0.1%

18,33721,000+2,662+14.5%+25.2%

21,03525,000+3,964+18.8%+20,927+50.1%

56,96781,000+24,032+42.2%

20,270+1,937+10.6%

26,82529,000+2,174+8.1%

129,790

153,957+24,166+18.6%

187,080

220,000+32,919+17.6%

12/2020
Results

12/2021
Results

3Q (9 months)

3Q (9 months)

Amount-2,465

Changes
Ratio

Automotive(65)(1,935)-1,870

Process&Environmental

763

1,294

+531

+69.7%

Medical-Diagnostics

(480)

84

+565

Semiconductor

9,898

19,722

Scientific

852

Total

10,968

12/2020
Results

12/2021
Forecasts

Full year

Full year

ChangesAmount

Ratio

1,000

-1,465-59.4%

1,639

1,500

-139

-8.5%

-

(426)

500

+926

-

+9,823+99.2%

14,052

24,000+9,947+70.8%

692-159-18.7%

1,963

1,500

-463

-23.6%

19,859+8,891+81.1%

19,69428,500+8,805+44.7%

10

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2020
Results

12/2021
Results

3Q (9 months)

3Q (9 months)

41,62337,312

Japan

12,517

Asia

11,499Americas

4,005

Automotive

Amount : Millions of yen
12/2020
Results

12/2021
Forecasts

Ratio

Full year

Full year-4,311-10.4%

63,91364,000+86+0.1%

10,637-1,879-15.0%

17,64015,000-2,640-15.0%

9,892-1,607-14.0%

17,584

16,500-1,084

-6.2%

3,863

-141

-3.5%

7,226

8,000

+773

+10.7%

ChangesAmountChangesAmountRatio

Europe13,601

12,918

-683

-5.0%

21,462

24,500+3,037+14.2%

Process&Environmental

12,79914,567+1,768+13.8%

18,33721,000+2,662+14.5%

Japan

7,077

7,328

+251

+3.6%

9,917

10,500

+582

+5.9%

+54.2%

4,010

6,000

+1,989+49.6%

-3.5%

2,184

2,000

-184

-8.4%

Asia

2,461

3,795

+1,333

Americas

1,716

1,656

-60

Europe

1,543

1,787

+243

+15.8%

2,225

2,500

+274

+12.3%

15,27819,122+3,844+25.2%

21,03525,000+3,964+18.8%

3,958

4,013

+55

+1.4%

5,466

5,000

-466

-8.5%

Medical-Diagnostics

Japan
Asia

3,105

4,192

+1,086+35.0%

4,243

5,500

+1,256+29.6%

Americas

2,867

4,375

+1,508+52.6%

3,966

5,500

+1,533+38.6%

Europe

5,346

6,541

+1,194+22.3%

7,358

9,000

+1,641+22.3%

Semiconductor

41,756

62,683+20,927+50.1%

56,96781,000+24,032+42.2%

Japan

13,51919,041+5,522+40.8%

18,511

25,000+6,488+35.1%

Asia

20,57232,327+11,755+57.1%

28,27040,500+12,229+43.3%

Americas

5,433

7,209

+1,776+32.7%

7,272

10,500+3,227+44.4%

Europe

2,230

4,103

+1,872+84.0%

2,912

5,000

+2,087+71.6%

Scientific18,332

20,270+1,937+10.6%

26,82529,000+2,174

+8.1%

Japan

4,218

4,859

+640

+15.2%

6,140

7,000

+859

+14.0%

Asia

4,782

4,765

-17

-0.4%

7,413

8,000

+586

+7.9%

Americas

5,369

6,543

+1,173+21.8%

7,632

8,000

+367

+4.8%

Europe

3,960

4,102

+141

+3.6%

5,638

6,000

+361

+6.4%

Total

129,790

153,957+24,166+18.6%

187,080

220,000+32,919+17.6%

Japan

41,29145,881+4,589+11.1%

57,67662,500+4,823

+8.4%

Asia

42,422

54,973+12,550+29.6%

61,52276,500+14,977+24.3%

Americas19,39323,649+4,255+21.9%

28,282

34,000+5,717+20.2%

Europe26,68329,453+2,769+10.4%

39,59847,000+7,401+18.7%

11

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

Amount : Millions of yen

12/2020 Results

12/2021
1Q Results

2Q Results

3Q Results

4Q Forecasts

57,28948,582

52,734

52,63966,042

8,726

5,936

7,133

6,789

8,640

9.6%

15.2%

12.2%

13.5%

12.9%

13.1%

2,870

4,022

8,600

5,885

7,161

6,820

8,131

7.2%

9.0%

15.0%

12.1%

13.6%

13.0%

12.3%

2,287

2,573

2,665

5,662

3,900

4,844

4,976

4,778

Net Income Ratio

5.1%

6.4%

5.9%

9.9%

8.0%

9.2%

9.5%

7.2%

US$
Euro

108.86120.08107.60118.54106.19124.17104.39124.73106.09127.81109.55131.97110.10129.83110.26130.39Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributableto Owners of Parent

1Q

2Q

3Q

4Q

44,99739,97844,815

3,895

2,781

4,291

8.7%

7.0%

3,906
8.7%

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Amount : Millions of yen

12/2020 Results

12/2021

1Q

2Q

3Q

4Q

Automotive

1Q Results

2Q Results

3Q Results

4Q Forecasts

14,87012,23814,515

Process&Environmental

4,595

4,078

4,125

22,29012,153

12,77012,38826,687

5,538

5,224

4,816

4,527

6,432

Medical-Diagnostics

5,749

4,653

4,875

5,757

6,302

6,593

6,226

5,877

Semiconductor

13,847

13,576

14,333

15,21018,441

21,602

22,64018,316

Scientific

5,935

5,431

6,965

8,492

6,461

6,951

6,857

8,729

Total

44,99739,97844,81557,28948,582

52,734

52,63966,042

1Q

2Q

1Q Results

2Q Results

Operating Income

12/2020 Results
3Q

12/2021
4Q

3Q Results

4Q Forecasts

Automotive

322

(591)

204

2,530

(424)

(763)

(747)

2,935

Process&Environmental

250

188

323

876

699

414

180

205

Medical-Diagnostics

156

(231)

(405)

54

164

162

(242)

415

Semiconductor

3,241

3,177

3,479

4,153

5,257

7,093

7,370

4,277

Scientific

(75)

238

688

1,111

239

224

228

807

Total

3,895

2,781

4,291

8,726

5,936

7,133

6,789

8,640

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)