Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2015
(Japanese GAAP)
August 5, 2015
Company name

HORIBA, Ltd.

Listing code

6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman, President and CEO

Contact

Junichi Tajika, Department Manager, Accounting Dept.

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

Scheduled date of start of interim dividend payment: August 31, 2015
(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Six Months Ended June 30, 2015 (January 1, 2015 - June 30, 2015)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income%

Millions of yen%

Six months ended 6/30/15
77,616
9,059
8,737
14.3
60.0
70.0
Six months ended 6/30/14
67,934
5,661
5,138
13.8
42.5
37.4
(Note) Comprehensive Income: FY2015Q2 4,526 million yen (-%), FY2014Q2 273 million yen (-95.9%)

Millions of yen

5,217
2,592

101.3
2.5

%

%

Yen

Net Income per Share(Diluted)Yen

123.6961.27

123.16
61.03

Net Income per ShareSix months ended 6/30/15
Six months ended 6/30/14

Millions of yen

Millions of yen(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

As of 6/30/15
206,579
126,054
60.8
As of 12/31/14
207,335
124,314
59.8(Reference) Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries:
As of June 30, 2015: 125,584 million yen; As of December 31, 2014: 123,924 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

ThirdquarterYen

25.00
Year ended 12/31/14
䠉
28.00
Year ending 12/31/15
䠉Year ending 12/31/15(Forecast)(Note) Changes in the latest dividend forecasts released: None

Year end
Yen

Total

Yen

Yen

䠉

42.00

67.00

䠉

42.00

70.00

3. Consolidated Forecast for the Year Ending December 31, 2015 (January 1, 2015 - December 31, 2015)(Percentages represent changes from the previous fiscal year)䚷Full year

Net Sales

Operating Income

Ordinary Income

Net Income
per Share

Net Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

175,000

14.3

19,00010.4

18,50012.4

12,00013.3

284.79(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): None
(2) Application of the accounting method specific to quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates and retrospective restatement
䐟 Changes in accounting policies associated with revision of accounting standards: Yes
䐠 Changes in accounting policies arising from other than the above: None
䐡 Changes in accounting estimates: None䐢 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)䐟 Shares issued (including treasury stock)䐠 Treasury stock䐡 The average number of outstanding shares
during the six months ended FY2015 and FY2014

June 30, 2015
42,532,752
438,971

December 31, 2014
42,532,752
220,551

Jan. - Jun. 2015
42,179,324

Jan. - Jun. 2014
42,306,925

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 business forecasts stated herein are based on information currently available and certain assumptions for factors
which may affect business results. We do not warrant that these forecasts will be achieved. Actual results may differ
from the forecasts due to a range of factors. For additional information, please see page 4, "1. (2) Information
Concerning Consolidated Earnings Forecasts for FY2015".

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results
During the six months ended June 30, 2015 (the first half year), in regard to the global economy,
economic growth rate decelerated temporarily due to the slowdown in the United States and China in thefirst three months but recovered moderately mainly in the developed markets, despite uncertainties over
Greek’s debt problem and the turmoil in the Chinese stock markets. In Japan, on the back of improved
corporate earnings, the economy continued to keep a moderate recovery trend with a continued rise incorporate capital investment and a steady improvement in the employment and wage environment.

The average exchange rates for the six months from January to June 2015 were 120.30 yen against the
U.S. dollar and 134.10 yen against the euro, marking depreciation of 14.8% against the U.S. dollar andappreciation of 4.7% against the euro, compared to the same period of last year.
Under these conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “theHORIBA Group” or “HORIBA” as a consolidated group), increased sales by 14.3% year-on-year to77,616 million yen, mainly due to sales gains by the Semiconductor Instruments & Systems segment
and the Automotive Test Systems segment, as semiconductor production equipment manufacturers
expanded production and HORIBA’s MCT (Mechatronics) business increased sales.
In terms of profits, owing to the sales gains in the Semiconductor Instruments & Systems segment andthe Automotive Test Systems segment, on top of positive impacts from the weaker yen against the U.S.
dollar, operating income rose by 60.0% to 9,059 million yen and ordinary income increased by 70.0% to8,737 million yen. Net income was up 101.3% to 5,217 million yen.
The operating results of each business segment are summarized as follows.
 (Automotive Test Systems)

The MCT business posted robust sales and improved profitability in Japan and the Americas, whilesales of emission measurement systems increased in Asia. Consequently, segment sales increased by
12.5% year-on-year to 23,914 million yen, and operating income increased by 67.5% to 1,458 millionyen.
 (Process & Environmental Instruments & Systems)

The depreciation of the yen against the U.S. dollar resulted in an increase in sales in the Americas inyen terms but sales of stack gas analyzers temporarily decreased in Japan and Asia. As a result,segment sales decreased by 0.9% year-on-year to 8,186 million yen, and operating income decreased
by 13.7% to 931 million yen.
 (Medical-Diagnostic Instruments & Systems)

The appreciation of the yen against the euro resulted in a decrease in the amount of European sales
expressed in yen. On the other hand, the new model of hematology and C-Reactive Protein (CRP)
analyzers, which enables simultaneously measuring blood cell counts and CRP, was launched in thefirst quarter and recorded steady sales in Japan. In Asia sales were robust. As a result, segment sales
increased by 1.3% year-on-year to 13,762 million yen, and operating income increased by 15.6% to
1,151 million yen.
(Semiconductor Instruments & Systems)

Owing to high-level capital expenditures by semiconductor manufacturers, sales for semiconductor
production equipment manufacturers increased year-on-year. As a result, segment sales rose by 44.9%
year-on-year to 19,073 million yen, and operating income increased by 92.0% to 5,136 million yen.





3

HORIBA, Ltd. (Consolidated)

(Scientific Instruments & Systems)

In the Americas sales to universities and the private sector increased, while in Asia sales to universities
temporarily picked up. Consequently, segment sales increased by 8.7% year-on-year to 12,679 million
yen, and operating income increased by 826.3% to 381 million yen.
(2) Information Concerning Consolidated Earnings Forecasts for FY2015
After taking into account the trend in consolidated earnings in the first half of fiscal 2015 and current
trend in orders, HORIBA has changed its consolidated earnings forecasts for the full-year fiscal 2015.
HORIBA has changed its assumed exchange rates from 110 yen to 120 yen against the U.S. dollar andfrom 135 yen to 130 yen against the euro.
Consolidated forecast of full year FY2015

Previous
Forecast㻌Net sales
OperatingincomeOrdinary
incomeNet income(Amount: millions of yen)
Revised
Forecast
Changes(As of May 11)(As of Aug. 5)

170,000

175,000+5,00018,00019,000+1,00017,50018,500+1,00011,50012,000+500Consolidated forecast of full year FY2015 by segment
Net sales
Previous
Forecast㻌(Amount: millions of yen)
Revised
Forecast
Changes(As of May 11)(As of Aug. 5)

64,00066,500+2,50018,50017,500-1,000

Medical28,50028,000-500

Semiconductor

31,00035,000+4,000Scientific28,00028,000-Total

170,000

175,000+5,000Automotive
Process㻌 &㻌Environmental

Operating income㻌Previous
Forecast(Amount: millions of yen)
Revised
Forecast
Changes(As of May 11)(As of Aug. 5)

6,000

5,200

-800

2,100

1,500

-600

Medical

1,800

2,000

+200

Semiconductor

6,800

9,000

+2,200Scientific

1,300

1,300

-

Total

18,00019,000+1,000Automotive
Process㻌 &㻌Environmental

By business segment, HORIBA has revised up its sales forecast for the Automotive Test Systems
segment by 2,500 million yen due to sales increase by the acquisition of MIRA Ltd., U.K., in July 2015.
The forecast for the segment operating income, however, has been revised down by 800 million yen
mainly due to expenses related to the acquisition of MIRA Ltd. and the recent trend in orders received
for the MCT (Mechatronics) and ITS (Intelligent Transportation System) businesses.
For the Medical-Diagnostic Instruments & Systems segment, the sales forecast has been revised downby 500 million yen, mainly because sales were lower after yen conversion due to the stronger yen
against the euro in Europe, while the operating income forecast has been revised up by 200 million yen
thanks to robust sales in Japan.
After taking into account the business progress in the first half and the recent trend in orders received,
HORIBA has revised up its sales forecast by 4,000 million yen and operating income forecast by 2,200
million yen for the Semiconductor Instruments & Systems segment, but sales forecast and operating
income forecast for the Process & Environmental Instruments & Systems segment have been revised
down by 1,000 million yen and 600 million yen respectively.
HORIBA has retained its forecast for Scientific Instruments & Systems segment.
4

HORIBA, Ltd. (Consolidated)In total, HORIBA’s full-year forecasts are 175,000 million yen in sales, 19,000 million yen in operating
income, 18,500 million yen in ordinary income and 12,000 million yen in net income.
The dividend forecast for the fiscal year has remained unchanged at 70 yen per share.
(Note) The forecasts of dividend amount and business results have been made on the basis of information available as ofAugust 5, 2015. However owing to the existence of various uncertain elements, it is possible that actual performance willvary considerably from the forecasts. The major risk factors are as follows, but are not limited to these.
Business risks:
Risks associated with international business activities including a loss from fluctuation of currency exchange rates;changes in performance or financial position associated with acquisitions or alliances; repairs of facilities following
natural disasters and associated delays in delivery; risks associated with contracts and transactions; laws andregulations; and other business risks
Risks associated with development and production:
Compensation for product liability; delays in development of new products; risks concerning intellectual property
right; and risks concerning fluctuation in raw material prices
Financial risks:
Impairment loss on securities and fixed assets by shifts in the market price; reversal of deferred tax assets resulting
from changes in systems or accounting policies; and dissolution of the employees’ local pension fund

2. Items Concerning Summary Information (Notes)(1) Changes in Accounting Policies
(Application of Accounting Standards for Retirement Benefits)

HORIBA has adopted the main provisions from clause 35 of “Accounting Standard for Retirement
Benefits” (ASBJ Statement No. 26; issued on May 17, 2012) and clause 67 of “Guidance on AccountingStandard for Retirement Benefits” (ASBJ Guidance No. 25; issued on March 26, 2015) from the firstquarter of the fiscal year ending December 31, 2015. Accordingly, the method for calculating projected
benefit obligations and service cost has been revised and the method for attributing estimated benefit toperiods has been changed from a straight-line basis to a benefit formula basis. In addition, the method ofdetermining the discount rates applied in the calculation of projected benefit obligations was changed
from the method using the discount rate based on the period approximating the average of the estimatedremaining service years of employees to the method using the single weighted-average discount ratethat reflects the estimated period and amount of benefit payment in each period.
The accounting standard and guidance for retirement benefits were adopted in accordance with thetransitional treatment set forth in clause 37 of the standard, and the amounts of the change in calculation
methods for projected benefit obligations and service cost were reflected in retained earnings as ofJanuary 1, 2015.
The adoption of the standard and guidance had the effect of increasing net defined benefit liability by
139 million yen and reducing retained earnings by 90 million yen as of January 1, 2015. Its impact on
profit for the current first half is immaterial.
(2) Additional Information(Revision of Amount of Deferred Tax Assets and Deferred Tax Liabilities due to Change in Rate of Corporate andOther Income Taxes)

Following the promulgation of the “Act for Partial Amendment of the Income Tax Act (Act No. 9 of 2015)
and the Act for Partial Amendment of the Local Tax Act (Act No. 2 of 2015) on March 31, 2015, thestatutory effective tax rate for the consolidated fiscal year on and after April 1, 2015 was reduced.
Following the Act, the statutory effective tax rate used to calculate deferred tax assets and deferred tax
liabilities was changed from 35.5% to 33.0% for temporary differences expected to be reversed in the5

HORIBA, Ltd. (Consolidated)fiscal year beginning on January 1, 2016 and 32.2% for temporary differences expected to be reversedin the fiscal year beginning on January 1, 2017.
Due to such change in tax rate, the amount of deferred tax assets (net of deferred tax liabilities)
decreased by 31 million yen, while income taxes (deferred), net unrealized holding gains on securities,
and remeasurements of defined benefit plans increased by 165 million yen, 124 million yen, and 9
million yen, respectively.
(3) Significant Subsequent Events(Significant Business Acquisition)

The board of directors’ meeting of the Company passed a resolution to increase the capital of HRA
International Ltd. and to acquire the business of MIRA Ltd., and business purchase agreement was
concluded on July 14, 2015.
HRA International Ltd. acquired the business of MIRA Ltd. and changed its corporate name to HORIBAMIRA Ltd. on the same date.
1. Purpose of the business acquisition
Goal of HORIBA is to integrate MIRA’s competences into its Automotive Test Systems segment tocomplement its established strength in analysis and measurement technologies for automotive
development and regulatory compliance. HORIBA will expand its business and add new products
and services at the cutting-edge of next-generation mobility development, in areas such as
autonomous vehicles, electric vehicles and ultra-low fuel consumption vehicles.
2. Corporate name and location of the transferor
MIRA Ltd. (Nuneaton, Warwickshire, United Kingdom)
3. Business activities acquired from MIRA Ltd.
Engineering consultancy, Test services & consultancy and Leasing of R&D facility
4. Amounts of business assets and liabilities
The amounts of business assets and liabilities acquired from MIRA Ltd. are currently under review.
5. Acquisition price
HORIBA has agreed with MIRA Ltd. on the acquisition price of approximately 83 million pound. This
includes the value of business and debts and other liabilities which HORIBA essentially assumes
from MIRA Ltd.

6

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2014(As of December 31,
2014)

FY2015 first half
(As of June 30, 2015)

Cash and bank deposits

43,25550,989Trade notes and accounts receivable

52,246

43,799Marketable securities

11,3802,605

Merchandise and finished goods

13,811

15,411Work in process

11,022

11,931

Raw materials and supplies

10,003

10,261

Deferred tax assets

3,635

3,797

Other current assets

5,348

6,224

Allowance for doubtful accounts(1,023)(781)

149,680

144,240

Buildings and structures, net

17,154

17,433

Machinery, equipment and vehicles, net

4,802

5,152

Land

9,908

9,850

Construction in progress

3,817

6,903

Other property, plant and equipment, net

3,758

3,632

Total Property, Plant and Equipment

39,44142,971

Goodwill

418

405

Software

4,134

5,040

Other intangibles

1,801

873

Total Intangibles

6,353

6,319

Investment securities

7,122

8,589

Deferred tax assets

1,993

1,800

2

-

2,785

2,708

(44)

(50)

11,85913,04857,65562,338207,335

206,579

AssetsCurrent Assets:

Total Current Assets
Fixed Assets:
Property, Plant and Equipment:

Intangibles:

Investments and Other Non-Current Assets:

Net defined benefit asset
Other investments and other 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
FY2014(As of December 31,
2014)

FY2015 first half
(As of June 30, 2015)

Trade notes and accounts payable

15,406

16,124

Short-term loans payable

10,832

12,152

Accounts payable - other

14,457

12,112

Accrued income taxes

5,220

3,628

Deferred tax liabilities

88

80

Accrued bonuses to employees

908

591

Accrued bonuses to directors and corporate auditors

62

302

Reserve for product warranty

1,525

1,551

Other current liabilities

10,50010,366

Total Current Liabilities

59,00356,909Corporate bonds

15,00015,000Long-term loans payable

2,209

2,097

174

343

Net defined benefit liability

2,264

2,271

Provision for loss on dissolution of the employees’
pension fund

1,870

1,813

Other non-current liabilities

2,497

2,090

Total Non-Current Liabilities

24,017

23,61583,02080,525

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

86,21889,568(730)(1,730)116,216

118,567

2,041

2,750

18

1

Foreign currency translation adjustments

5,630

4,245

Remeasurements of defined benefit plans

16

19

7,707

7,017

389

469

0

0

124,314126,054

207,335

206,579

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 Accumulated Other Comprehensive Income
Subscription Rights to Shares
Minority Interests in Consolidated Subsidiaries
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
FY2014 first half

FY2015 first half(Six months ended
June 30, 2014)(Six months ended
June 30, 2015)

Net sales

67,934

77,616

Cost of sales

38,72543,750Gross Income

29,20933,866

Selling, general and administrative expenses

23,54724,806

Operating Income

5,661

9,059

Non-Operating Income
Interest income

90

156

Dividend income

52

88

Subsidy income

115

13

Other

79

111

Total non-operating income

338

369

207

392

Non-Operating Expense
Interest expense
Foreign exchange losses

48

208

Equity in losses of affiliates

583

-

Other

22

90

Total non-operating expense
Ordinary Income

861

691

5,138

8,737

Extraordinary Gain
Gain on sales of fixed assets
Gain on sale of investment securities
Reversal of provision for compensation losses
Total extraordinary gain

8

10

1,804

-

65

2

1,879

13

Extraordinary Loss
Loss on sales of fixed assets-

6

Loss on disposal of fixed assets

54

3

Impairment loss-

93

Loss on sales of shares of subsidiaries and associates

0

-

1,954

-

-

113

2,008

217

Provision for loss on dissolution of the employees’
pension fundBusiness structure improvement expenses
Total extraordinary loss
Income before Income Taxes and Minority Interests

5,009

8,533

Income taxes (current)

3,024

3,294

Income taxes (deferred)

(606)

21

Total income taxes

2,417

3,316

2,591

5,217

(0)

-

2,592

5,217

Income before Minority Interests
Minority interests (losses) in earnings of consolidated
subsidiaries
Net Income

9

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2015 first half(Six months ended
June 30, 2015)

FY2014 first half(Six months ended
June 30, 2014)
2,591

5,217

(934)

709

(8)

(17)

Foreign currency translation adjustments(1,381)(1,385)Remeasurements of defined benefit plans-

3

Share of other comprehensive income of associates
accounted for using equity method

6-(2,318)

(690)

273

4,526

Parent company portion of comprehensive income

272

4,526

Minority interests portion of comprehensive income

00Income before Minority Interests
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)

10

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statements of Cash Flows
Amount: millions of yen
FY2015 first half(Six months ended
June 30, 2015)

FY2014 first half(Six months ended
June 30, 2014)
Cash Flows from Operating Activities:
Income before income taxes and minority interests
Depreciation expense
Loss on impairment of fixed assets
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in employees' retirement benefits
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
Loss (gain) on sales of investment securities
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
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
Payments for transfer of business
Other, net
Net Cash Provided by (used in) Investing Activities
Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings
Increase in long-term debt
Repayments of long-term debt
Repayments on finance lease obligations
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
Increase (Decrease) in Cash and Cash Equivalents Resulting from
Change of Scope of Consolidation
Cash and Cash Equivalents at End of Period

5,009
2,317
㸫
39
27
(55)
㸫

8,533
2,637
93
57
(214)
㸫
(43)

1,926

(57)

(143)
207
(15)
(8)
54
(1,804)
7,945(1,821)(2,230)(1,338)
10,107146(235)(3,341)
6,676

(244)
392
15
(4)
3
㸫
7,729
(2,499)672(1,778)15,293245(347)(5,088)
10,103(1,707)1,783
32(1,604)
2,102(5,192)62(822)(1,779)
1,887
(12)
12
(641)
(10)
(5,890)(1,634)1,718
32(1,000)
1,902(7,832)
42
(630)
(590)
0
(7)
26
㸫
(3)
(7,974)

1,814
㸫
(381)
(98)
0
(1,775)
(441)
(177)
167
49,246

726
276
(454)
(87)
(999)
(1,775)(2,313)(325)(508)
51,109㸫446

49,41351,047(4) Significant Change in Shareholders’ Equity
The Company purchased its own stock (218,400 shares) pursuant to the resolution of its board of directors meeting held on February 12,
2015. Consequently, treasury stock increased by 999 million yen during the six months ended June 30, 2015 and totaled 1,730 million yen
as of June 30, 2015.

11

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Six Months Ended June 30, 2015
1. Consolidated Financial Results

Amount: millions of yen

12/2015
Result12/2014
Result12/2015
Forecast

12/2014
Result

1st half

1st half

AmountRatio

Full year

Full year

Net Sales

77,616

67,934+9,682+14.3%

175,000

153,065 +21,934

Operating Income

9,059

5,661

+3,397+60.0%

19,00017,214+1,785

Operating Income Ratio

11.7%

8.3%

+3.4P

10.9%

11.2%

-0.3P

Ordinary Income

8,737

5,138

+3,59818,50016,454+2,045

Ordinary Income Ratio

11.3%

7.6%

+3.7P

10.6%

10.8%

-0.2P

Net Income

5,217

2,592

+2,62412,000

10,589+1,410Net Income Ratio

6.7%

3.8%

+2.9P

6.9%

6.9%

+0.0P

US$

120.30102.46+17.84120.00105.79+14.21

Euro

134.10140.42-6.32

130.00140.35-10.35

12/2015
Forecast

12/2014
ResultFull year

Full year

Changes+70.0%+101.3%

2. Consolidated Segment Results

ChangesAmountRatio+14.3%+10.4%+12.4%+13.3%

Amount: millions of yen

12/2015
Result12/2014
Result

1st half

1st half

Amount

Ratio

Automotive

23,914

21,263+2,651+12.5%

66,50055,001 +11,498+20.9%

Process&Environmental

8,186

8,261

-74

-0.9%

17,50016,465+1,034+6.3%

Medical13,762

13,587

+174

+1.3%

28,00027,037

+962

+3.6%

Semiconductor

19,073

13,160+5,913+44.9%

35,00028,934+6,065+21.0%

Scientific12,67911,662+1,017+8.7%

28,00025,627+2,372

+9.3%

Total

77,616

67,934+9,682+14.3%

175,000 153,065 +21,934+14.3%Net Sales

Operating Income

12/2015
Result12/2014
Result

1st half

1st half

Changes

ChangesAmountRatio

ChangesAmount12/2015
Forecast

12/2014
ResultFull year

Full year

AmountRatio

Changes
Ratio

Automotive

1,458

870

+587

+67.5%

5,200

5,827

-627

-10.8%

Process&Environmental

931

1,079

-147

-13.7%

1,500

2,007

-507

-25.3%

Medical

1,151

996

+155

+15.6%

2,000

1,717

+282

+16.5%

Semiconductor

5,136

2,674

+2,461+92.0%

9,000

6,455

+2,544+39.4%

Scientific

381

41

+340 +826.3%

1,300

1,206

+93

+7.8%

Total

9,059

5,661

19,00017,214+1,785+10.4%+3,39712+60.0%HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination

Amount: millions of yen

12/2015
Result12/2014
Result12/2015
Forecast

12/2014
Result

1st half

1st half

AmountRatio

Full year

Full year

23,914

21,263+2,651+12.5%

66,50055,001 +11,498+20.9%

Japan

8,726

7,093

+1,633+23.0%

17,80015,392+2,407+15.6%

Asia

6,048

4,943

+1,105+22.4%

16,00015,589

+410

+2.6%

Americas(*)

4,058

3,753

+304

+8.1%

11,2008,125+3,074+37.8%

Automotive

Changes

ChangesAmountRatio

Europe

5,081

5,472

-391

-7.2%

21,50015,893+5,606+35.3%

Process&Environmental

8,186

8,261

-74

-0.9%

17,50016,465+1,034

+6.3%

Japan

4,362

4,420

-58

-1.3%

8,600

8,420

+179

+2.1%

Asia

1,653

1,739

-86

-5.0%

3,900

3,361

+538

+16.0%

Americas(*)

1,184

1,018

+165

+16.3%

2,800

2,312

+487

+21.1%

Europe

986

1,081

-95

-8.8%

2,200

2,369

-169

-7.2%

Medical13,762

13,587

+174

+1.3%

28,00027,037

+962

+3.6%

Japan

2,887

2,590

+296

+11.4%

6,000

5,252

+747

+14.2%

Asia

2,147

1,666

+480

+28.8%

4,500

3,513

+986

+28.1%

Americas(*)

3,416

3,420

-3

-0.1%

6,800

6,739

+60

+0.9%

Europe

5,310

5,908

-598

-10.1%

10,70011,531

-831

-7.2%

Semiconductor

19,073

13,160+5,913+44.9%

35,00028,934+6,065+21.0%

Japan

6,792

5,694

+1,097+19.3%

12,600

11,391+1,208+10.6%

Asia

7,866

4,956

+2,909+58.7%

12,600

11,133+1,466+13.2%

Americas(*)

3,435

1,794

+1,641+91.5%

7,900

4,598

+3,301+71.8%

Europe

979

715

+264

+36.9%

1,900

1,811

+88

+4.9%

12,67911,662+1,017+8.7%

28,00025,627+2,372

+9.3%

Japan

3,190

3,339

-148

-4.5%

7,200

6,970

+229

+3.3%

Asia

2,965

2,603

+361

+13.9%

6,500

5,486

+1,013+18.5%

Americas(*)

3,321

2,740

+580

+21.2%

7,300

6,065

+1,234+20.4%

Europe

3,202

2,978

+223

+7.5%

7,000

7,105

-105

-1.5%

77,616

67,934+9,682+14.3%

175,000

153,065 +21,934+14.3%

Japan

25,95823,138+2,819+12.2%

52,20047,428+4,771+10.1%

Asia

20,681

15,909+4,771+30.0%

43,50039,085+4,414+11.3%

Americas(*)

15,417

12,728+2,688+21.1%

36,00027,841+8,158+29.3%

Europe15,56016,158

-597

-3.7%

43,30038,710+4,589+11.9%

Scientific

Total(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

Amount: millions of yen

1Q Result

12/2015
2Q Result

2H Forecast

1Q

40,062
5,370

37,554
3,689

97,3839,940

33,3703,370

12/2014 Result
2Q
3Q

34,563
2,291

33,1142,140

4Q52,016
9,412

Operating Income Ratio

13.4%

9.8%

10.2%

10.1%

6.6%

6.5%

18.1%

Ordinary Income

5,029

3,707

9,762

3,325

1,812

2,006

9,309

Ordinary Income Ratio

12.6%

9.9%

10.0%

10.0%

5.2%

6.1%

17.9%

Net Income

2,962

2,254

6,782

1,246

1,346

1,352

6,644

Net Income Ratio

7.4%

6.0%

7.0%

3.7%

3.9%

4.1%

12.8%

US$
Euro

119.16134.00121.44134.20119.70125.90102.77140.80102.15140.04103.87137.66114.37142.90

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

11,972
4,153
7,181
10,242
6,511
40,062

11,941
4,032
6,580
8,831
6,167
37,554

42,585
9,313
14,237
15,92615,32097,383

9,337
4,324
6,738
7,333
5,637
33,370

1Q Result

12/2015
2Q Result

2H Forecast

1Q

12/2014 Result
2Q
3Q

4Q

1,002
603
740
2,733
290
5,370

456
328
410
2,402
90
3,689

3,741
568
848
3,863
918
9,940

904
653
475
1,596
(260)
3,370

(33)
425
520
1,077
301
2,291

4,507
558
716
2,403
1,227
9,412

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
12/2014 Result
2Q
3Q
4Q

12/2015
2Q Result

1Q Result

12/2015
2Q Result

2H Forecast

13,006
4,028
7,468
9,669
5,741
39,914

15,383
4,827
7,904
9,204
6,518
43,838-

1Q Result

12/2015
2Q Result

2H Forecast

35,324
4,503
2,562
4,086
8,076
54,55338,766
5,298
3,887
4,458
8,426
60,836

-

1Q

9,234
4,251
7,326
6,938
5,566
33,317

1Q

31,317
3,780
2,899
2,758
7,599
48,355

11,925
3,936
6,849
5,827
6,025
34,563

10,941
3,537
6,150
6,783
5,701
33,114

449
369
4
1,377
(61)
2,140

22,796
4,666
7,299
8,990
8,264
52,016

Amount: millions of yen
12/2014 Result
2Q
3Q
4Q

13,937
3,714
6,395
5,869
5,888
35,806

15,438
4,708
6,293
7,986
6,167
40,593

12/2014 Result
2Q
3Q

33,329
3,559
2,445
2,800
7,462
49,59837,826
4,730
2,588
4,003
7,928
57,076

19,261
4,564
6,986
9,646
9,182
49,6404Q

34,290
4,628
2,275
4,659
8,846
54,701

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)