Financial Information
HORIBA, Ltd.
June, 2020
(This material was prepared for the 2020Q1 financial results briefing performed on the 25 th Jun., 2020)© 2020 HORIBA, Ltd. All rights reserved.

1

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

2

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

3

Review of 2019

External
Events The rise of protectionism (the US-China trade conflict, thedeteriorating Japan-South Korea relationship) BREXIT Slowdown in capital spending on semiconductors
 The accelerating automotive electrification trend and tighter
emission regulations globally

Internal
Events Formulation of the Mid-Long Term Management Plan
“MLMAP2023”
 Continual enhancement of R&D bases on a global scale Aggressive launch of new products
 Selected as a “Nadeshiko Brand” and for the “Health & Productivity
Stock Selection Program” by METI and the Tokyo Stock Exchange© 2020 HORIBA, Ltd. All rights reserved.

4

Summary of 2019 Results
Year-on year decrease in sales and profit due to slowdown of thesemiconductor segment

P&L

B/S

Year-on-year decrease in sales and profit of the Semiconductor segment
due to impacts of the market
Due to a change in geographical sales mix and other factors, decline inprofitability of the Automotive segment though the sales increased
Total assets were ¥315.1bn, increase ¥37.7bn, mainly due to increase in
cash caused by issuing corporate debts
Equity ratio: 54.3% (-3.9%)(compared to the end of Dec. 2018)

Operating CF: Cash in ¥26.6bn due to operating profit

CFInvesting CF: Cash out ¥12.3bn due to acquisition of tangible
fixed assets

Free CF：＋14.2bn

Financial CF: Cash in ¥19.2bn due to issue of corporate debts© 2020 HORIBA, Ltd. All rights reserved.

5

2019 Results(Billions of Yen)

2018
Results

2019
Forecast(as of Nov. 11)

Results

vs
2018

vs
Forecast(as of Nov. 11)

Sales

210.5

207.0

200.2

-10.3

-6.7

Operating Profit

28.8

23.0

20.9

-7.9

-2.0

O.P.%

13.7%

11.1%

10.4%

-3.3p

-0.7p

Ordinary Profit

28.3

22.5

20.5

-7.7

-1.9

Net Income attributableto Owners of Parent

22.3

16.0

15.4

-6.8

-0.5

USD/JPY110.44130.35110.00122.00109.03122.03

-1.41

-0.97

-8.32

+0.03

EUR/JPY© 2020 HORIBA, Ltd. All rights reserved.

6

2019 Results by Segment(Billions of Yen)

Sales
2019

2018

Results:Record-highOperating profit

Forecast(as of Nov. 11)

Results

2019

2018
vs
2018

vs
Forecast

Results

Forecast(as of Nov. 11)

Results(as of Nov. 11)

vs
2018

vs
Forecast(as of Nov. 11)

Auto

79.6

83.0

81.0

+1.3

-1.9

7.7

7.0

6.4

-1.2

-0.5

P&E

19.3

20.0

19.5

+0.1

-0.4

2.0

2.0

1.6

-0.3

-0.3

Medical

26.0

26.0

25.3

-0.6

-0.6

1.8

1.5

1.3

-0.5

-0.1

Semi

57.7

50.0

47.1

-10.5

-2.8

17.0

12.0

10.7

-6.3

-1.2

Scientific

27.7

28.0

27.1

-0.5

-0.8

0.2

0.5

0.7

+0.5

+0.2

Total

210.5

207.0

200.2

-10.3

-6.7

28.8

23.0

20.9

-7.9

-2.0

© 2020 HORIBA, Ltd. All rights reserved.

7

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

8

Background of the Announcement ofEarnings Forecasts and Dividend Forecasts
 14th Feb.

Disclosed Earnings Forecasts andDividend Forecasts

 16th Apr.



Withdrew Earnings Forecasts andDividend Forecasts（First Half / Full-year / Dividend）

 20th May

Announcement of 1Q Financial Results

 9th Jun.

Re-disclosed Earnings Forecasts andDividend Forecasts

 11th Aug.

Announcement of the First Half ofIn response to the relaxation of
restriction of the public's
movements in various countries
and other factors, compiled data
regarding potential impacts andforecasts of each Group
company
Disclose forecasts based on thecurrently-available informationand projections

Financial Results© 2020 HORIBA, Ltd. All rights reserved.

9

2020 Forecasts(Billions of Yen)

2019

2020
Forecast

vs 2019

Results

Forecast(as of Feb. 14)

First Half

Second Half

Full year

Yen

Sales

200.2

215.0

84.0

103.0

187.0

-13.2

-7%

Operating Profit

20.9

25.0

5.5

9.5

15.0

-5.9

-28%

O.P. %

10.4%

11.6%

6.5%

9.2%

8.0%

-2.4p

Ordinary Profit

20.5

24.5

5.5

9.0

14.5

-6.0

-29%

Neto Income attributable to
Owners of Parent

15.4

17.5

4.0

6.5

10.5

-4.9

-32%

367

414

-118

9.3%

9.9%

248
6.1%

Net Profit per Share (yen)ROE© 2020 HORIBA, Ltd. All rights reserved.

%

-3.2p

10

2020 Forecasts by Segments(Billions of Yen)
2019

2020
Forecast

Results

Forecast(as ofFec. 14)

Auto

81.0

85.0

P&E

19.5

Medical

Yen

%

68.0

-13.0

-16%

21.5

17.5

-2.0

-10%

25.3

27.0

23.0

-2.3

-9%

Semi

47.1

52.5

52.5

5.3

11%

 Sales are expected to decline owing to impacts caused by the
downturn in the automobile industry, energy industry and othermarkets.

Scientific

27.1

29.0

26.0

-1.1

-4%

<Medical>

Total

200.2

215.0

187.0

-13.2

-7%

Auto

6.4

7.5

0.5

-5.9

-92%

 Sales are projected to decrease due to a decrease in the numberof tests performed at hospitals as a result of a decrease in thenumber of general patients because of the spread of COVID-19.

P&E

1.6

1.5

0.5

-1.1

-71%

Medical

1.3

1.5

0.2

-1.1

-85%

 Recovery in capital expenditure by semiconductor manufacturers

Semi

10.7

13.5

13.5

2.7

26%

Scientific

0.7

1.0

0.3

-0.4

-59%

 Sales to semiconductor production equipment manufacturers are
expected to remain firm.

Total

20.9

25.0

15.0

-5.9

-28%

Sales

Operating
Profit[Topics by segments]

vs 2019© 2020 HORIBA, Ltd. All rights reserved.

Full year<Auto, Process & Environment, Scientific>
 Product shipment and acceptance may be delayed because ofmeasures to restrict the movements of people and goods by
various countries and regions.

<Semi>

 An increase in demand for semiconductors are expected owing
to the expansion of telework, digital business, and others
11Market Assumptions by Regions and HORIBA Group’s Status
Market Assumption
in response to the spread of COVID-19
Japan

China/Asia

EuropeProcurement

Production

Promotion/Sales Recovery of sales are expected along with fullscale recovery of economic activities after thestate of emergency was lifted.
Americas

HORIBA Group’s Status

Recovery of sales are expected as the situation in East
Asian such as China was settle down a bit earlier.
Keep an eye on the prospects of US-China trade friction.

 Economic activities were resumed and arepromoted, but heightening concerns about thesituation.

 Economic activities were resumed after thestate of emergency was lifted.
(As of 9th June, 2020)© 2020 HORIBA, Ltd. All rights reserved.

12

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

Total Loan Balance
70.3

44.0

42.0
Cash*
58.9

Bonds
15.0

Cash*
63.6

Bonds
15.0

Long
17.0

Long
18.7
Short 8.3

2017
239％
57％

Cash*
95.6

2018
246％
58％

Cash*
95.7
Bonds
45.0

Long
16.8

Short 12.0

Short 8.4

2019
245％
54％

68.4

Bonds
45.0

Long
16.7
Short 6.7

Mar, 2020
248％
54％

Bond
redemption¥15.0bn(2020)

Borrowedfrom JBIC¥15.1bn(redemption
2022)
Current ratio
Capital ratio

・Reduction of external borrowing through intra-group lending
・Recent issuer rating: R&I “A”(Oct. 2019), JCR “A+” (Oct. 2019)*Cash…Cash and bank deposit at end of period© 2020 HORIBA, Ltd. All rights reserved.

13

Approach to Capital Investments and R&D
 Capital investment
Continue strategic investment from a long-term perspectiveContinue large-scale capital investment such as construction of new facility in
China; scrutinizing the schedule

Scrutinize renewal investment and others and implement from the mosturgent R&D investment
Continue investment, looking ahead of demand recovery period
Consider priority of investment

 Forecasts has not been determined To be announced when the second quarter financial results are announced© 2020 HORIBA, Ltd. All rights reserved.

14

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

15

Priority Measures of MLMAP2023
MLMAP2023 Slogan “ONE STAGE AHEAD”
1. Market Oriented Business To develop analysis and measurement solutions, utilizing HORIBA’s core technologies, in theleading three business fields of the mega trend

2. Solution Provider Beyond Life Cycle Management
 To support customers’ core businesses from all aspects – from product introduction to
replacement

3. HORIBA Core Values “The Next Stage of Super Dream Team”
 To enhance the organizational structure that fosters resilient human resources, which are thedriving force of all businesses BlackJack Project/Stained Glass Project/HORIBA Premium Value© 2020 HORIBA, Ltd. All rights reserved.

16

Market Oriented Business
Energy&Environment

Accelerate Business in Electrification Area
Global increase in demand for electrified vehicles
Enhance the field of evaluationof fuel cell and power-train systems

Establish a production system that
responds to demand
HORIBA FuelCon’s new facility
Technologies
of HORIBA
FuelConMCT
business

Open the test facility for evaluation of batteries for electrified vehicles “CELL 0”

Fuel cell
evaluation
room

Battery
evaluation
room

Useful in evaluating
electrified vehicles and fuel cells© 2020 HORIBA, Ltd. All rights reserved.

Magdeburg in Germany (architectural rendering)
Construction to be completed at the end of 2021
Total cost: approx. 3.5 billion yen Enable connection from CELL0 up to CELL3
 Total evaluation system "Test in the Loop" Offer value-added measurement solutions

Expand production capacity
Shorten lead times with strategic facilities

Become a center of excellence
for electrification business
17Market Oriented Business
Energy&Environment

Growing Needs for Environmental Measures【Water monitoring】
Water monitoring system for vessel emission gas scrubber【Gas monitoring】
Air pollution monitoring system

Emission gas regulations targeting vessels(SOx Regulation)

Air pollution such as PM2.5 is a global-wide issue

Monitor intake- and drain-water fromexhaust gas scrubbers
Monitorfor intake
waterSpecify the air pollution source
Identify the causal mechanism

Emission gas

Exhaust gas scrubber
Monitorfor drain
water

Input

Water monitoring system forvessel emission gas scrubber
EG-100Emission
gas

VesselOutputImplement corrective measures
promptly and appropriately【U.S.】
 Air monitoring at several
points, using PX-375 installed
on a vehicle,

PM2.5 analyzer with
automatic sampling
PX-375

Sea water

Respond to globally expanding environmental regulations© 2020 HORIBA, Ltd. All rights reserved.

18

Market Oriented BusinessContribute to the entire semiconductor
manufacturing process

Materials&
Semiconductors

Diverse product line-up contributing to the overall semicon manufacturing process
Material assessment

Raman spectrometer

Manufacturing process

Cathodoluminescencemeasurement system

Reticle/mask particle
detection systems

End-point monitor*Typicalproduct
exampleQuality control &waste water treatment

pH meterIndustrial water
quality analyzer

Ultra-thin Mass Flow Controller (MFC)

New chemical concentration monitor

Gas flow conditions used in a chamber are becoming more complex as
semiconductor devices become increasingly miniaturized and highly integrated

The issue: chemical leakage in the chemical treatment process
Enable measurement ofchemicals delivered throughpiping without touching them

Increase in the number of
MFCs installed in a chamber

Gas box size is limited© 2020 HORIBA, Ltd. All rights reserved.

Ultra-thin Mass Flow Controller“DZ-100” is 3 times thinnerthan existing models

Non-Contact Chemical
Concentration Monitor“CS-900”

Exclude factors causing
leaks or contamination

19

Market Oriented Business
Bio&
Healthcare

Medical: Expand and Maintain Production Bases
Japan

FranceEmerging countries

Renovate the production line at
Aso Plant, HORIBA STEC

Purchase of the land adjacent
to HORIBA ABX

Prepare for the expanding
Medical business

Reinforce adaptation to the global standard

 Establish a base for production, storageand logistics
 Respond to an increase in production
under the partnership agreement with
Siemens Healthcare Diagnostics Inc.

India, China
 Strengthen the reagent supply
system Enhance local production

Strengthen the structure globally to expand business in the focus market© 2020 HORIBA, Ltd. All rights reserved.

20

Market Oriented Business
Bio&
Healthcare

Contribute to Research in Life Sciences
Analyzers for life sciences

Transmission Raman

Confocal Raman Microscope

Nanoparticle measurement
instrument

Fluorescence analyzer

ViewSizer™ 3000

DUETTALabRAM HR Evolution

 2D analysis of medicinal
elements in pills⇒Analyze therapeutic
drugs for Parkinson’s
disease Label-free cell analysis⇒Evaluate differentiationof ES cells and iPS cells

 Particle distribution
analysis of exosomes**Granular materials, diameter 50150nm, secreted by various
cells2020 Masao Horiba Awards【Theme】
Research in the field of life sciences, notably state-of-the-art
optical/spectroscopic measurement technologies© 2020 HORIBA, Ltd. All rights reserved.



Analyze interaction between
molecules
 Simultaneous measurement for
absorption and fluorescence spectra⇒Effective in quality control ofvaccines

Support technology development in
the field of cutting-edge drug
discovery and medicine manufacture21

Solution Provider Beyond Life Cycle Management

To Change to a Solution-proposal Style Business
Always with You
Support customers in all ways
Architectural Rendering

Building a new HQ for HORIBA TECHNO SERVICEIntegrate functions and enhance abilities to gather/transmit information
Expand the analysis lab, the maintenance facility and the training
space
MLMAP2023

Maintenance services using
operating data
In the same premises as HORIBA HQ, Kyoto
Construction to be completed in Nov. 2020
Total cost: approx. 3.8 billion yen

Consulting using
measurement data

Integrate equipment sales with high-value-added support

Aim to create a new business to provide data and solutions based on analysis technologies© 2020 HORIBA, Ltd. All rights reserved.

22

Solution Provider Beyond Life Cycle Management

Start construction of a new facility in China
Integrate strengths of all businesses and R&D/production/service functions
Architectural rendering

Automotive testing labs
 Install battery/fuel cell test systems, chassis dynamo, and drive test systems
 Enable tests that combine vehicles/real machines and simulation

Scientific analysis application center Profit from being based in China’s new energy development area
 Collaborate with academia and companies in application development

Manufacturing
 Enhance local engineering and supply capacity for gas and water monitoring
systems
 Establish a production system to supply the semiconductor market in China

Jiading, Shanghai
Construction to be completed in April 2021
Total cost: approx. 9.0 billion yen

Technical center Provide services according to the product life cycle, from installation to aftersales service

Aim to further expand business in the Chinese market© 2020 HORIBA, Ltd. All rights reserved.

23

HORIBA Core Values “The Next Stage of Super
Dream Team”

A "Super Dream Team" to Embody "Joy and Fun"
Activities to create new value and realize a strong HORIBABlackJack Project

Stained Glass Project

Basis for multi-product low-volume manufacturing
and a global business

Promote diversity as a management strategy

Expand across the entire group

Close contact between thefront-line and top management【BlackJack Project】
HORIBA's unique operational improvement initiative began in 1997 withthe objective of changing the awareness and activities of employees

Aim to be a truly flat organization

Encourage change in awareness and action toachieve both "job satisfaction" and a "comfortableworking environment"
Think about employees' healthcare from the
management perspective
Issued the "Physical and Mental
Health Promotion Declaration" by
top management and carried out
various activities【Example】
Promote healthmanagement
activities
through meals

Improve productivity and enhance competitivenessHighly evaluated from the ESG investment perspective© 2020 HORIBA, Ltd. All rights reserved.

24

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

25

Shareholder Return
Basic policy 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)

Dividends per share and Share buybacks
 2018 Results: 145yen [Interim 50yen/Year-end 95yen (inc. Commemorative dividend 20 yen]
 2019 Results: 130yen [Interim 50yen/Year-end 80yen] 2020 Forecasts: 75yen [Interim 30yen/Year-end 45yen]
Per-share dividend (from 2005 to 2020 )160

Ordinary Div. (yen)Commemorative Div. (yen)Div. Total (yen)140

Total Return Ratio (%)
20

60.0%

145

50.0%

120

35.4%

100

29.0%

80

20.0%

60
40

0

17
2010

26.8%

27.6%

50

40

40

2011

2012

30.0%

116

10

9.0%

20

28.2%

30.6%

60

67

70

2013

2014

2015

27.4%

125

30.1%

40.0%
30.0%

130
20.0%

85

75

10.0%
0.0%

2016

2017

2018

2019

2020
（F）

© 2020 HORIBA, Ltd. All rights reserved.

26

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

27

Expand Core Technologies and Contribute to Society
HORIBA Jobin Ybon IBH received the Business
Innovation Award from the Institute of Physics in the UK Award theme: Development of
FLIMERA, fluorescence lifetime
microscope camera
 Joint development project
members: Prof. Henderson,
University of Edinburgh (backrow, third from left), Prof. Burch,
University of Strathclyde (frontrow, third from left), and others

Montajir Rahman, HORIBA Instruments (US),received the SAE/InterRegs Standards & Regulations
Award 2020 Montajir Rahman (center)obtained a doctorate
degree from a university inJapan Awarded for his work andinvolvement in numerous
regulations and industry
standards related toemissions reduction

Institute of Physics Business Innovation Award

SAE/InterRegs Standards & Regulations Award

Awarding companies which realize successful innovation
utilizing physics

Rewards and encourages engineers' participation instandards and regulations

Fluorescence lifetime microscope camera,
FLIMERA Applicable technology in observation of living
cells in the bio and life-science field© 2020 HORIBA, Ltd. All rights reserved.

 SAE (Society of Automotive Engineers): A US non-profit organization
with members who are experts in the mobility field InterRegs: A UK organization which collects information related tovehicle safety and emission regulations and provides such information
online28

Awarded Nadeshiko Brands and Health & Productivity
Stock Selection Program by METI and Tokyo Stock Exchange
Activities aimed at realizing a better working environment
highly evaluated from the stock market
Selected for two consecutive years following 2019

Evaluated our activities based on the“Health promotion activities of mind and body”,
the policy declared by the management© 2020 HORIBA, Ltd. All rights reserved.

Evaluated the engagement based on our
Diversity promotion activities“HORIBA Stained Glass Project”
29Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

30

2020 Jan.-Mar. Results(Billions of Yen)

Decreased in sales and profits due to a decline in sales all
business segments except the semiconductor segment
2020

1Q Results(Jan-Mar)

1Q Results(Jan-Mar)

Changes

%

Sales

45.3

44.9

-0.3

Operating Profit

4.4

3.8

-0.5 -12%

O.P.%

9.8%

8.7%

-1.1p

Ordinary Profit

4.3

3.9

-0.3

Net income attributableto Owners or Parent

2.5

2.2

-0.2 -11%

110.22125.16108.86120.08USD/JPY
EUR/JPY© 2020 HORIBA, Ltd. All rights reserved.

vs 2019

2019

-1%

-9%

-1.36
-5.08
31

2020 Jan.-Mar. Results by Segments(Billions of Yen)
Sales
2019

2020

1Q Results(Jan-Mar)

1Q Results(Jan-Mar)

Auto

16.2

P&E

vs 2019

%

14.8

-1.3

-8%

4.7

4.5

-0.1

-4%

Medical

6.3

5.7

-0.5

-9%

Semi

11.5

13.8

2.2 +20%

Scientific

6.4

5.9

-0.4

-8%

Total

45.3

44.9

-0.3

-1%

Operating Profit
2019
1Q Results(Jan-Mar)2020
1Q Results(Jan-Mar)vs 2019

%

Auto

0.9

0.3

-0.5

-64%

P&E

0.4

0.2

-0.2

-47%

Medical

0.2

0.1

-0.0

-25%

Semi

2.7

3.2

0.4 +18%

Scientific

0.0

-0.0

-0.1

-

Total

4.4

3.8

-0.5

-12%

© 2020 HORIBA, Ltd. All rights reserved.

<Auto>• Affected by stagnation of corporate activities owing to the spread of COVID-19
 EMS: Decline in sales in Europe and Americas while increased in Japan MCT: Sales decrease owing to stagnation of projects mainly in China<P&E>• Affected by stagnation of corporate activities owing to the spread of COVID-19
 Sales of stack gas analyzers and water quality analyzers declined in Asia
<Medical>• Decline in sales of blood cell testing instruments in the Americas, Asia andJapan<Semi>• Increase in sales in response to a gradual recovery of semiconductor
manufactures’ capital expenditure<Scientific>• Sluggish R&D investment by companies and others due to the spread of
COVID-19
 Sales of Raman Spectrometers and others declined in Japan and Asia
※ MCT：Mechatronics

32

Impact of Fluctuation in Foreign exchange(Billions of Yen)

Exchange rate impact (2020 Jan.-Mar. results)
2020 Jan.-Mar. results

vs 2019

Decrease Sales
Decrease Cost of Goods Sales
Decrease Expense
Impact to Operatinf Profit
(Yen)

USD
EUR

© 2020 HORIBA, Ltd. All rights reserved.

- 0.68+ 0.39+ 0.21- 0.072019 Jan.-Mar. 2020 Jan.-Mar.

110.22125.16108.86120.08

Deiff.

- 1.36- 5.0833

Operating Profit Analysis (vs 2019)(Billions of Yen)

2019

2020

Jan. – Mar.

Jan. - Mar.

4.43

Increase
Sales

+0.36

Increase
Cost of Goods
Sales

Exchange
Impact for
Gross Profit

Exchange
Impact for
Expenses

-0.59

-0.29

+0.21

Increase
R&D Cost-0.14

Increase
Other
Expense

3.89

-0.08

Excludedexchange impact

Decrease -0.22
Gross Profit© 2020 HORIBA, Ltd. All rights reserved.

Exchange-0.07
ImpactIncrease-0.23
Expenses

Decrease Operating Profit -0.53

34

Capital Investment, Depreciation, R&D(Billions of Yen)

Increase in capital expenditures due to enhancement of business sites
Forecasts will be disclosed as soon as they become available.
2019

Results

2020

1Q Results 1Q Results(Jan.-Mar.) (Jan.-Mar.)

Capital Investment

12.8

2.3

3.4

Depreciation

8.7

2.0

2.3

R&D

16.2

4.0

4.1

8.1%

8.9%

9.1%

(To Net Sales)© 2020 HORIBA, Ltd. All rights reserved.

2019

35

Contents
2019 Results2020 Forecasts
Progress of MLMAP2023
Shareholder ReturnOther Topics
Financial Data
Corporate Profile© 2020 HORIBA, Ltd. All rights reserved.

36

Business Segments
Automotive
Test Systems

Process &Environmental

Scientific14%

Net Sales
200.2 billion yen

Automotive
Semiconductor

40%

23%
Medical P&E

Sales by business segment (%)
Fiscal 2019
© 2020 HORIBA, Ltd. All rights reserved.

Medical

Semiconductor

ScientificExpanding in New
Domains and Moving
onto a New Stage

13% 10%37

Global Network(as of Dec 2019)

Sales

Sales

Sales

Sales

22%

31%

31%

16%

Europe

Asia

Japan

Americas

Other
Europe2%

Americas

2%
USA
10%
Japan

Germany

38%

10%
UK
10%
France11%

Employees by Region

Other
Asia

17%

© 2020 HORIBA, Ltd. All rights reserved.

The number of companies

Americas993 （12％）7

Europe2,771 （33％）

23

Asia

4,524 （55％）

19 (4 in Japan, Including HORIBA, Ltd.)

Total

8,288

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38

HORIBA’s Steady GrowthFiscal year ending Dec. 2019
Net sales: 200.2 billion yen
Operating profit: 20.9 billion yen

Moving on to
the next
stage with
our new MidLong Term
Management
Plan

1953
HORIBA, LTD. wasestablished

1960

1970

Founded business as
student entrepreneur
President

Masao Horiba© 2020 HORIBA, Ltd. All rights reserved.

1980

1990

2000

2010

Developed globally
successful products

Expanded businessglobally through M&A

Moving on to thenext stage with
our new management

Masahiro Oura

Atsushi Horiba

Masayuki Adachi
39

HORIBA MIRA Ltd.
HORIBA BIWAKO E-HARBOR© 2020 HORIBA, Ltd. All rights reserved.

40

HORIBA MIRA Ltd.
Providing Engineering Service with World Leading Mobility Development
Capability and R&D Location with Dedicated Facilities and Proving Ground
Business Offering

Established
Head office
Major locations© 2020 HORIBA, Ltd. All rights reserved.

1. Vehicle development engineering
2. Test engineering
3. MIRA Technology Park
(Providing Unique R&D Location)
1946
Nuneaton, Warwickshire, UK
U.K., China, and India

41

MIRA Technology Park
Various experiments using a large test course

MIRA Technology Park
30 customers

Test Site“35” Test Site
Wind Tunnels / EMC / Crash
lab/NVH Chassis/Battery test

© 2020 HORIBA, Ltd. All rights reserved.

1km

Proving ground• Performance(4.5km)• Off road
• Wet surface• City Circuit• Noise-Generating• Ride & Durability
Transmission test
Braking systems
Tire development
Durability
42

HORIBA BIWAKO E-HARBOR
 Consolidating development, design, and production operationsof gas measurement equipment at a single location
 Doubling of production capability and shortening delivery time
to one-third by using a new production methodology
 Comprehensive engineering services from sales to development, production, andmaintenance in the Automotive testing laboratory• Profitability improvement of exhaust gas analyzers• Presenting cutting edge automotive development technology

Total investment: 10.0 billion yen, Location: Otsu City, Shiga Prefecture, Full operation : May 2016
© 2020 HORIBA, Ltd. All rights reserved.

43

HORIBA BIWAKO E-HARBOR© 2020 HORIBA, Ltd. All rights reserved.

44

© 2020 HORIBA, Ltd. All rights reserved.

45

© 2020 HORIBA, Ltd. All rights reserved.

46

2020 Forecasts
Status of each segment following the spread of COVID-19

Auto

The reduction in R&D investment by automotive manufacturers, given a decline inautomobile sales, will have an impact.
Product shipment and delivery may be delayed because of measures to restrict the
public’s movements by various countries and regions.

P&E

It is highly possible that the introduction of environmental regulations will slow down,
especially in emerging countries, and sales may decline.

Medical

Semi
Scientific© 2020 HORIBA, Ltd. All rights reserved.

Continuing production in order to keep providing medical equipment and reagents even inareas where the public’s movements have been restricted.
Trends of medical policy vary by country and region, which makes it difficult to project thedemand outlook.
An increase in demand for semiconductors is expected due to rapid expansion of telecommuting
and digital business.
Bookings and sales to semiconductor production equipment manufacturers are expected to remain
firm along with a gradual recovery of capital expenditures of semiconductor manufacturers.
Sales is likely to decrease due to sluggish R&D investments by companies
47

Response to the spread of COVID-19
HORIBA Group’s response and status(As of May 20th, 2020) The production/distribution situation varies depending on the country/region and business.
 While service and maintenance are impacted due to restriction of people’s movement,
HORIBA continues business activities as much as possible.

 Procurement is generally on schedule but with some delay.
[Japan] There is no significant impact.
[Europe] In France the medical base is in operation and the scientific base has restarted.
In Germany and the UK the bases are in operation as much as possible.
[U.S.]

Continuing production but some bases are closed.

[China]Normal operation resumed in late March.

 Following government policies of each country, many group companies in Japan andoverseas have adopted teleworking as appropriate case by case.
© 2020 HORIBA, Ltd. All rights reserved.

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