Financial Information
HORIBA, Ltd.
March, 2022
© 2022 HORIBA, Ltd. All rights reserved.

1

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment Activities◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

2

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment Activities◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

3

Review of 2021

External
Events◆ Increased momentum to de-carbonization and carbon neutral◆ Accelerated investment in vehicle electrification◆ Increased investment in semiconductor production equipment due
to increased demand for data transmission◆ Further heightened interest in life science

Internal
Events◆ Continued investment for growth mainly in China and Europe◆ Focused development of new technologies and aggressive launchof new products◆ Implemented M&A in the medical and energy fields◆ Business expansion in new markets related to hydrogen energy
and life-science© 2022 HORIBA, Ltd. All rights reserved.

4

2021 Results(Billions of Yen)

2021

2020
Results

Forecasts(as of Nov. 11)

Results

vsForecasts(as of Nov. 11)

vs
2020

220.0
28.5

224.3
32.0

+37.2

+4.3

Operating Profit

187.0
19.6

+12.3

+3.5

O.P.%

10.5%

13.0%

14.3%

＋3.8p

＋1.3p

Ordinary Profit

19.3

28.0

32.0

+12.6

+4.0

Net Income attributableto Owners of Parent

13.1

18.5

21.3

+8.1

+2.8

USD/JPY106.76121.88109.00130.00109.90129.91

+3.14

+0.90

+8.03

-0.09

Sales

EUR/JPY© 2022 HORIBA, Ltd. All rights reserved.

： Record-high52021 Results by Segment(Billions of Yen)

Sales
2021

2020

Results

Operating Profit

Forecasts(as of Nov. 11)

Auto
P&E

63.9

64.0

18.3

21.0

Medical

21.0

25.0

Semi
Scientific

56.9

81.0

26.8

29.0

Total

187.0

220.0

Results

61.2
20.2
25.8
87.0
29.9
224.3

2021

2020
vs
2020

vs
Forecasts

Results

Forecasts(as of Nov. 11)

Results(as of Nov. 11)

-2.6

-2.7

2.4

1.0

+1.8

-0.7

1.6

1.5

+4.8

+0.8

-0.4

0.5

+30.0

+6.0

14.0

24.0

+3.1

+0.9

1.9

1.5

+37.2

+4.3

19.6

28.5

-0.0
1.9
0.1
28.0
1.9
32.0

vs
2020

vs
Forecasts(as of Nov. 11)

-2.4

-1.0

+0.3

+0.4

+0.5

-0.3

+13.9

+4.0

-0.0

+0.4

+12.3

+3.5

： Record-high© 2022 HORIBA, Ltd. All rights reserved.

6

2021 Results (B/S, CF)

B/S◆Total assets were ¥371.5bn, up ¥43.5bn, by increasing in cash
and accounts receivables due to an increase in sales◆Equity ratio: 54.8%(compared to the end of Dec. 2020)

CF◆Operating CF: Cash in ¥35.2bn due tooperating profit◆Investing CF: Cash out ¥14.6bn due tocapital investments◆Financial CF: Cash out ¥4.0bn due topayment of dividends© 2022 HORIBA, Ltd. All rights reserved.

Free CF: + ¥20.6bn

7Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment Activities◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

8

HORIBA’s Assumptions Regarding the Market Environment
GeneralRemain concerned about supply chain of components.
Expect economic activities to be revitalized in the “Living with Covid” society.

Automotive

Electrification including utilization of hydrogen and autonomous driving technology accelerates.
Stagnant demand for development investment related to internal combustion engines continues.

Process &Environmental

Environmental regulation-driven demand remains strong; the Asian market expands centeredon air and water quality measurement.
Decarbonization expands business opportunities in the crude oil processing market.

MedicalOpacity of the market environment, due to uncertainty of timing of containment of COVID-19 indifferent regions.

Semiconductor

Capital investment by semiconductor manufacturers stays high.
Medium-term, increase in demand for measurement due to technological evolution ofsemiconductor manufacturing processes.

ScientificStrong demand for measurement and analysis equipment for development and manufacturing
processes in the semiconductor market.
Anticipate an increase in demand in the life science market.

© 2022 HORIBA, Ltd. All rights reserved.

92022 Forecasts(Billions of Yen)

2020

2021

Results

Results2022

Forecasts

vs
2021

+25.6

32.0

250.0
35.0

10.5%

14.3%

14.0%

-0.3p

Ordinary Profit

19.3

32.0

+2.4

Net Income attributableto Owners of Parent

13.1

21.3

34.5
23.0

Net profit per share (Yen)

312
7.6%

505
11.2%

545
10.8%

+40

Sales

187.0

224.3

Operating Profit

19.6

O.P.%

ROE
© 2022 HORIBA, Ltd. All rights reserved.

+2.9

+1.6

-0.4p
： Record-high102022 Forecasts by Segment(Billions of Yen)

Sales
2021

Results

Auto
P&E
Medical
Semi
Scientific
Total

61.2
20.2
25.8
87.0
29.9
224.3

© 2022 HORIBA, Ltd. All rights reserved.

Operating Profit

2022

Forecasts

68.0
23.5
28.5
96.0
34.0
250.0

2022

2021
vs
2021

Results

+6.7

-0.0

+3.2

1.9

+2.6

0.1

+8.9

28.0

+4.0

1.9

+25.6

32.0

Forecasts

vs
2021

1.5
2.0
0.5
29.0
2.0
35.0
： Record-high

+1.5
+0.0
+0.3
+0.9
+0.0
+2.9
11

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment Activities◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

12Automotive

2021 Results and 2022 Forecasts

2021 Results*1 Mechatronics*2 Engineering Consultancy & Testing2022 Forecasts(Billions of yen)
*3 Advanced Driver-Assistance Systems*4 Connected and Autonomous Vehicle【EMS】
Expect the similar level of capital investment by automotive
manufacturers as in 2021.
【MCT】
Expect an increase in sales by faster growth of R&D investment forvehicle electrification and hydrogen energy utilization.
【ECT】
Inquiries related to ADAS*3 / CAV*4 and vehicle electrification
increase.

◼ Outlook for internal combustion engine development remained
uncertain. Demand for vehicle electrification expanded.
【EMS】• Sales declined as demand driven by regulations has run its
course in Asia region.
• Sales in Japan were sluggish, lowering the profit margin.
【MCT*1・ ECT*2】
Captured demand related to vehicle electrification and hydrogenenergy, and increased sales.

Sales and O.P. (Half Year/Full Year)Sales by Region
Sales
O.P

© 2022 HORIBA, Ltd. All rights reserved.

13

Process &Environment

2021 Results and 2022 Forecasts
2022 Forecasts

2021 Results(Billions of yen)
※1 Carbon dioxide Capture, Utilization and Storage※2 Total Organic Carbon◼ Demand for public investment remained firm against the backdrop ofenvironmental regulations, which led to an increase in sales.
【Gas Monitoring】
Sales increased in Asia due to strong demand related to environmental
regulations.
【Water quality】
Demand for water quality measurement equipment for manufacturing
processes in the electronics industry, and demand based oncompliance with environmental regulations were strong.

【Gas Monitoring】• Strong demand for product replacement in Japan and Europe.
• Increase in demand related to new energy technology (such ashydrogen energy and ammonia combustion power generation) andthe CCUS*1 related business.
【Water quality】
Increase in sales by capturing demand for new products such as TOC*2
analyzers and by responding to regulations.

Sales and O.P. (Half Year/Full Year)Sales by Region
Sales

O.P.

© 2022 HORIBA, Ltd. All rights reserved.

14

MedicalDiagnosis

2021 Results and 2022 Forecasts(Billions of yen)2022 Forecasts

2021 Results◼ Expect containment of COVID-19, enabling full normalization of
the number of hospital in-patients.

◼ Sales of test reagents remained sluggish due to the
spread of COVID-19.
【Asia and Europe】
Increase in sales of hematology analyzers.
【Americas】
Acquisition of MedTest, a provider of clinical chemistry
analyzers and reagents, contributed to increase in sales.

◼ Increase in sales of large-scale analyzers following start of
supply of hematology analyzers to Siemens. Outlook is forprofit contribution over the medium to long term.

◼ Further expansion in the clinical chemistry field through thebusiness by MedTest.

Sales and O.P. (Half Year/Full Year)Sales by Region
Sales
O.P.

© 2022 HORIBA, Ltd. All rights reserved.

15

Semiconductor

2021 Results and 2022 Forecasts

2021 Results(Billions of yen)2022 Forecasts◼ Significant increase in sales to semiconductor
manufacturing equipment (SME) manufacturers, who
expanded capital investment driven by increased
semiconductor demand.
◼ Less-then-expected effects of supply chain problems, thatwere limited up to the end of 2021.

Sales and O.P. (Half Year/Full Year)◼ Increase in sales to SME manufacturers on the back ofhigher capital investment by semiconductor
manufacturers.
◼ Risk of persistent supply chain issues.
◼ Growth of new products sales, contributing tosemiconductor manufacturing in addition to the existing
main products.

Sales by Region

Sales
O.P.

© 2022 HORIBA, Ltd. All rights reserved.

16

Scientific2021 Results and 2022 Forecasts(Billions of yen)2022 Forecasts

2021 Results◼ Strong demand and sales increase of opticalcomponents for semiconductor manufacturing equipment(SME).
◼ A gradual recovery in corporate R&D investment due torecovery from the COVID-19 impact led to an
improvement in sales of particle-size distribution
analyzers and other devices.

Sales and O.P. (Half Year/Full Year)◼ Strengthening of analytical and measurement
applications in terms of both technologies and sales.
Expect to reap the harvest from products recently
introduced to the market.
◼ Demand growth for special products in the life sciencefield (i.e., certain pharmaceuticals) and industrial
processes at semiconductor makers.

Sales by Region
Sales
O.P.

© 2022 HORIBA, Ltd. All rights reserved.

17

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment Activities◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

18

HORIBA’s Contribution to Social Issues
Cross-segmentation in Response to Various Social Issues

Market Oriented BusinessTo develop analysis and measurement solutions, utilizing HORIBA’s core technologies,
in the leading three business fields of the mega trend

Energy & Environment
Automotive

Bio & Healthcare

Materials & Semiconductor

Medical-Diagnostic

Semiconductor

Environmental
Process
Scientific

Solution Provider Beyond “Life Cycle Management”
To support customers’ core businesses from all aspects – from product introduction to replacement
Mid-Long Term Management Plan ”MLMAP2023”© 2022 HORIBA, Ltd. All rights reserved.

19

Organizational Restructuring to Deepen Cross-Segments
Our objective: Further growth by creating new businesses

Established the Business Incubation Division
Operations at five centers

Alternative Energy Conversion Center

Mobility Solution Business Center

Bio・Life Science Center

Optical Smart Sensing（OSS）

R&D Planning Center

Technology Innovation Center(Belongs to HORIBA STEC)✓Personnel assigned to cross-segment activities became dedicated full-time.
✓Propose solutions that integrate core technologies to the three focused fields in the
MLMAP2023.

Corporate Officer (CTO)
General Manager ofBusiness Incubation Division
Hiroshi Nakamura(Doctor of Engineering)

Simultaneously restructure the organization and work process,and accelerate product launches© 2022 HORIBA, Ltd. All rights reserved.

20

Concept for reorganization of automotive business
Service
Lifecycle
Management

Dawn Market

Market growth

Matured Market
Response to electrified vehicle(Drive systems etc.)

Emission measurement*1 Vehicle Resilience:
Solutions that eliminate threats associated with advanced vehicle*2 Advanced Driver-Assistance Systems

VRES*1/Cyber security

Mobility
Solution
Business
Alternative
EnergyConversion© 2022 HORIBA, Ltd. All rights reserved.

Autonomous vehicle/ADAS*2
Data science

Model-base development
Fuel cells/batteries
New energy(Hydrogen/alternative energy)21Service Lifecycle Management（1/2）
Expanding service coverage to include the function of customers’ facility management
Current

Products

Services

Services• Functions• Performance• Specifications • Stable operationof equipment• Facility management• Improvement in lab
utilization rate and test
efficiency

Products

Future【Equipment maintenance】
Services that contribute to thestable operation of equipment【Facility maintenance】
High-level utilization of theentire facility and affordable
maintenance costs【Total facility planning】
Enhanced test efficiency andoptimal capital investment

Transformation from equipment sales to facility management businessstarting from an installation base© 2022 HORIBA, Ltd. All rights reserved.

22

Service Lifecycle Management（2/2）
Business model transformation starting from 8,000 installed sites
Providing high-quality
services to make themost of existing facilities

Vehicle electrification✓ New vehicle demand during
the transition period✓ EURO7 and other new regulations【Issues at customers’ sites】【顧客現場課題】
Reduced
設備投資予算削減
capitalinvestment budget

2001-2021
Shipped about 8,000 units of MEXA
emission measurement systems(currently in operation)
HORIBA’s installed sites【Social needs】

HORIBA Techno Service
handles the service business✓ 老朽設備が更新困難✓ Difficulty
to renew aging equipment✓✓ メンテナンス回数減少
Reduced frequency ofmaintenanceThoroughly support the transformation of the automotive industry© 2022 HORIBA, Ltd. All rights reserved.

23

Mobility Solution Business（1/2）
Strengthening the supply of solutions for the mobility business
Mobility Solution Business: Focus areas
Date science✓ Providing applications
that support
customers’ modelbased development✓ From data
management
platform building todata utilization

VRES*/
Cyber security✓ Developing efficient
vehicle evaluation
solutions for cybersecurity andfunctional safety

Autonomous driving/
ADAS✓ Business developmentwith an eye on potential
regulation of vehicle
evaluation solutions forautonomous driving/
ADAS functions

Solution development

New technology
fieldsEnhancement oftechnologies

Tighter regulations

New business

Model-based
development

Approach to the target markets© 2022 HORIBA, Ltd. All rights reserved.

* Vehicle Resilience: Solutions that eliminate threats associated with advanced vehicles

24

Mobility Solution Business（2/2）
Supporting R&D for vehicles in the new fields
HORIBA MIRA to expand global activities
Autonomous driving/ADAS✓ Comprehensive support for vehicle control performance andsafety evaluation tests for practical use of autonomous driving
technology➢ Constructed a high-speed marginal behavior evaluation
course, which is equipped with a controllable communication
network (1km in straight line and 300m in diameter) in
December 2021.
➢ Enable digital simulation and feasibility tests seamlessly(digital-twin).

✓ Developing a comprehensive approach in fields including
automotive cyber security and functional safety➢ Contracted for a project related to functional safety from the US
emerging EV manufacturer, Rivian Automotive.
VRES/Cyber security© 2022 HORIBA, Ltd. All rights reserved.

25

Alternative Energy Conversion（1/3）
Promoting new application development by utilizing existing business network
Generation

Energy conversion

Utilization<Business Incubation>

Existing
business area

Existing
business area

Alternative Energy
Conversion

Process &Environmental

AutomotiveCoretechnologies
Sales
network

Energy related business(electricity, gas, oil)
© 2022 HORIBA, Ltd. All rights reserved.

Concentrate resources ondeveloping applications for
new energy industries
such as hydrogen

Sales
network

Automotive industry
Heavy industry
26

Alternative Energy Conversion（2/3）
Contributing to carbon neutral strategy in France✓ In July 2021, Atsushi
Horiba, Chairman
and Group CEO, metwith President
Emmanuel Macron ofFrance .

✓ “Introduce multiple small nuclear
reactors and aim for mass
production of clean hydrogenusing the electric power.”(President Macron's speech in
October 2021)© 2022 HORIBA, Ltd. All rights reserved.

✓ Delivered theelectrolyzer test
system to GENVIA.

Support to build
a hydrogenenergy society✓ President Macron visited GENVIA’sfactory in November 2021 andannounced an additional investment of€1.9 billion.
➢ Of this amount, €200 million will be
used for R&D investment by GENVIA.

✓ A hydrogen technology
venture company in France✓ Clean hydrogen production,energy storage, fuelapplication development

GENVIA
27

Alternative Energy Conversion（3/3）
Various measures for expanding new energy business
HORIBA Fuelcon: Construction of a new factory
Architectural rendering (construction to be completed in 2022)✓ Construction of a new factory with the aim to establish a
production system with high ability to respond to demand✓ An increase in production capacity will enable timely response
in demand, including shipment to GENVIA, France.
✓ Participated in "H2Giga", a large-scale research and feasibility
project on hydrogen technology.
【H2Giga project】✓ Germany's national project aimed at mass production and pricereduction of hydrogen electrolyzers© 2022 HORIBA, Ltd. All rights reserved.

HORIBA MIRA: Partnering with Octopus Hydrogen✓ Installed a hydrogen/EV charging
station of Octopus Hydrogen at
HORIBA MIRA for the purpose ofvehicle development.
✓ Produce hydrogen energy fromsolar power.

HORIBA Institute for Mobility & Connectivity2✓ A research institute for realization of
power and mobility connectivity
established at the University ofCalifornia, Irvine✓ HORIBA agreed to financial support
in 2018 in anticipation of the comingof a sustainable-energy society.
28Bio-life Science（1/2）
Providing a wide range of analytical and measurement solutions for R&D and manufacturing

Bio-life science
Research
institutes
Strengthen
HORIBA’s area ofexpertise
Analysis andmeasurement in
cutting-edge research

Grow in new areas

Corporate
R&D
Industrial process

Product processevaluation andmanufacturing
process monitoring

Concentrate human resources and technologies at the Bio-life Science Center and enhancecoordination of activities in Europe, the US and Japan in order to respond globally© 2022 HORIBA, Ltd. All rights reserved.

29

Bio-life Science（2/2）
Business expansion in the pharmaceutical industry
Propose customized technologies and contribute to the realization of high-quality continuous production
Analysis of cell /biological samples

Analysis of small
module medicines(formulation)

Quality inspection
for vaccine✓ Analyze exosomes,
which are expected
to be applied tobiomarkers✓ Fast analysis of
medical ingredientsin tablets✓ Efficient testing ofvaccines used in the
research process

Transmission raman
spectrometer

Chromophoric Dissolved
Organic Matter (CDOM)
fluorescence analyzer,
Aqualog

ViewsizerTM
3000

Exploratory
research© 2022 HORIBA, Ltd. All rights reserved.

Developmentof new drugs

Analysis of antibody medicines✓ Reactor
monitoring in the
manufacturing
process

Analytical probe&
Microscopic raman

Pharmaceuticalmanufacturing process30Optical Smart Sensing (OSS)（1/2）
Develop the sensing technology for semiconductor manufacturing market
Mass flow
controller

ChemicalConcentration
monitorOptical Smart Sensing
From R&D to quality control

In-line process monitoring

Process gas
monitorGas monitor
End-point
monitorEstablished the business for thesemiconductor market

Measurement equipment used in a wide range ofapplications

X-ray fluorescence analyzers

Spectroscopic
ellipsometry

Intend to develop as a new business for thesemiconductor market

Diversify applications for the semiconductor market
by utilizing various sensing technologies owned by the HORIBA Group globally© 2022 HORIBA, Ltd. All rights reserved.

31

Optical Smart Sensing (OSS)（2/2）
Deploying solutions that meet customer needs, based on core technologies
Contribute to improving productivity in semiconductor manufacturing processes
Reticle/Mask Particle Detection system PD Xpadion✓ Fast measurement of particles
on reticles* and blanks used in
the lithography process*Surface of pattern/glass/pellicle• Fast measurement of micro-sizedparticles.
• Improve detection efficiency byusing in combination with defectinspection equipment.

From legacy to cutting-edge processes such as EUV,
the system allows efficient inspection of particles© 2022 HORIBA, Ltd. All rights reserved.

Plasma Emission Monitor EV 2.0✓ Monitor the state of plasma in thesemiconductor manufacturing
process.
✓ Automatically extract wavelength,
which is required to find the endpointof etching.

Spectroscopic Ellipsometer UVISEL Plus
✓ Analyze characteristics of thin films,
surfaces and interfaces.
• Enable evaluation of ultra-thin films
SiO2 (approx. 9.7nm).
✓ Measure changes in film thickness inreal time by mounting UVISEL Plus in
the chamber.
32

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

33

Shareholder Return
Dividend payment + Share buyback = 30% of Consolidated net profit to be targeted
Remaining earnings are retained internally for strategic investment (i.e. facilities, M&A)

Basic policy

Dividends per share and Share buybacks⚫ 2020 Results 90yen [Interim 30yen/Year-end 60yen]⚫ 2021 Results 150yen [Interim 50yen/Year-end 100yen]⚫ 2022 Forecasts 160yen [Interim 50yen/Year-end 110yen]
Per-share dividend
Ordinary Div. (yen)

200

160

Commemorative Div. (yen)Share Buyback

28.2%

30.6%

30.0%

26.8%

45.0%

35.4%
28.8%

27.4%

60

67

70

2013

2014

2015

116

125

2017

2018

29.7%

29.4%
30.0%

27.6%

80

40

60.0%

145
20

120

Total Return Ratio (%)

150

130

160
15.0%

90

85

0

0.0%

© 2022 HORIBA, Ltd. All rights reserved.

2016

2019

2020

2021

2022F
34

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

35

Operating Profit Analysis (vs 2020)(Billions of yen)

2020
Jan. – Dec.

19.69

2021
Jan. – Dec.

Increase
Sales＋30.13

Increase
COGS

ｰ16.76

Increase
Gross Profit ＋13.37

Exchange
impact for
Gross Profit

Exchange
impact for
ExpenseIncrease
R&D
ExpenseIncrease
Other
Expense

+3.41

-1.74

-0.71

-1.98

Exchange
Impact ＋1.67

32.04

Increase
Expenses -2.69

Increase Operating Profit ＋12.35© 2022 HORIBA, Ltd. All rights reserved.

36

Consolidated Cash Flows(Billions of Yen)

2021

2020

Variation

Cash flows from operating activities

+35.2

+32.2

+3.0

Cash flows from investing activities

-14.6

-14.0

-0.6

Cash flows from financing activities

-4.0

+0.8

-4.8

Cash and cash equivalents at end of year

133.9

114.1

+19.7

Free cash flows

+20.6

+18.2

+2.3

© 2022 HORIBA, Ltd. All rights reserved.

37

(Consolidated basis, each end of period)(Billions of Yen)

Cash Balance
Total Loan Balance
70.3
44.0
Cash
95.6
Cash
63.6

Bonds
45.0

Bonds
15.0
Long
17.0

Long
16.8

Short 12.0

Short 8.4

77.0

Cash
135.0

80.1

Bond
redemption￥15.0bn

Cash
114.5

（2026）

Bonds
30.0

Long
37.5
Short 9.5

Bonds
30.0
Long
25.0

￥15.0bn（2029）

Borrowed fromBanks
¥15.1bn

Short
25.1

(redemption 2022)¥20.0bn(redemption 2030)

2018
246％
58％

2019
245％
54％

2020
308％
54％

2021
253％
55％

Current ratio

Capital ratio

・Recent issuer rating: R&I “A” (Aug. 2021), JCR “A+” (Aug. 2021)© 2022 HORIBA, Ltd. All rights reserved.

38

Exchange Rate
2020

2021

AnnualAnnual

USD

106.76EUR

121.882022
Forecasts

vs 2021109.90115+5.10

129.91130+0.09

1 yen O.P. sensitivity for 2022 forecast (Yen appreciation)
USD -0.37 billion yen
EUR -0.01 billion yen© 2022 HORIBA, Ltd. All rights reserved.

39

Impact of Fluctuation in Foreign exchange
Exchange rate impact for 2021

Exchange rate impact
for 2022 Forecasts(vs 2020)
Increase Sales+7.09

Increase Cost of Goods Sales-3.67

Impact to Gross Profit+3.41

Increase Expenses-1.74

Impact to Operating Profit

+1.67

(Yen)

2020

2021

Diff.

USD
EUR

106.76109.90+3.14

121.88129.91+8.03© 2022 HORIBA, Ltd. All rights reserved.

(Billions of Yen)

1 yen impact of Sales and O.P.
(Yen appreciation)

USD
EUR

(Yen)

USD
EUR

Sales

Operating
Profit

-0.72
-0.35

-0.37
-0.01
2022
Forecasts
115.00130.0040Capital Investment, Depreciation, R&D(Billions of Yen)

2021

2020

ActualPrevious
Forecasts

Actual(as of Nov 11)2022
vsPrevious

vs
Forecasts

Forecasts

vs
Previous

Capex

15.1

16.5

12.4

-2.6

-4.0

15.0

+2.5

Depreciation andamortization

9.6

10.5

10.4

+0.8

-0.0

11.0

+0.5

R&D expenses

15.5

17.0

16.7

+1.1

-0.2

19.0

+2.2

8.3%

7.7%

7.4%

to net sales(%)

2022
Topics

7.6%

PP&E:
Continuation : a new facility in China, investment to HORIBA FuelCon’s new facility, etc.
New : enhance the base of global production© 2022 HORIBA, Ltd. All rights reserved.

41

Contents◼ 2021 Results◼ 2021 Forecast◼ Outlines by Business Segment◼ Topics - Deepening Cross-segment◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2022 HORIBA, Ltd. All rights reserved.

42

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2020​

Automotive（34%）

Emission Measurement
Systems

Process &Environmental（10%）

Stack Gas Analyzers© 2022 HORIBA, Ltd. All rights reserved.

Medical

Semiconductor

Scientific

（11%）

（31%）

（14%）

Automatic Blood Cell
Counters plus CRP

Mass Flow Controllers

Raman Imaging Device

Global Network
Sales by region●(as of Dec 2020): Major business hubs

Americas

Europe

Asia

Japan

15%

21%

33%

31%

Asia

Japan

18%

38%

Employee headcount by region

Americas(as of Dec 2020)

Europe11%

33%

Number of companies（as of Dec 31, 2020)© 2022 HORIBA, Ltd. All rights reserved.

49

Overseas sales ratio（as of Dec 2020)

69%

Foreign employee ratio（as of Dec 31, 2020)

62%

Achieving Sustainable Growth Through M&A
Major M&As
1996
ABX （France）【Medical】

1997
Jobin Yvon

2005
SCHENCK DTS【Scientific】【Automotive】（France）（Germany）

2015
MIRA （UK）【Automotive】

2018
FuelCon（Germany）【Automotive】

187.0 billion yen

Trends in consolidated sales

Six-fold growth in corporate scale in 30 years

1990

2000
© 2022 HORIBA, Ltd. All rights reserved.

2010

2020

HORIBA’s Business Domain
Space
Development
Agriculture
Plant factory
Soil analysis
Food safety
Safety management

New Material
Development
Secondary battery
Biomaterial
Steel and ceramics

Planetary probe
Auroral analysis

IT Infrastructure

Health and Security

IoT, Cloud, 5G
Automation informatics

Diagnostic equipment
New drug development
Drinking water

Manufacturing Process
Semiconductor device
Solar panels
Petrochemical plant

Water Quality
Management

Global Environment
Conservation

Monitoring system
Compliance with
waste water regulations

Monitoring air pollution
Renewable energy/power plant
Greenhouse gases© 2022 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory complianceHORIBA Report 2020-2021 (Eng. ver. )An Integrated Report that conveys HORIBA's "diversity" and “uniqueness"!

https://static.horiba.com/fileadmin/Horiba/Company/Investor_Relations/IR_Library/HORIBA_Report/20210812_HR_en_01.pdf© 2022 HORIBA, Ltd. All rights reserved.

47

© 2022 HORIBA, Ltd. All rights reserved.

48