Summary of Consolidated Financial Statements for the Year Ended December 31, 2021
(Japanese GAAP)
February 14, 2022
Listed stock exchanges: Tokyo
URL:https://www.horiba.com/int/

Company name
Listing code

HORIBA, Ltd.
6856

Representative
Contact

Atsushi Horiba, Chairman & Group CEO
Yoshihiro Morita, Department Manager, Finance and Accounting Dept.

TEL: (81)75-313-8121

Scheduled date of start of dividend payment: March 7, 2022
(Figures have been rounded down to the nearest million yen)
1. Consolidated Results for the Year Ended December 31, 2021 (January 1, 2021 - December 31, 2021)(1) Consolidated Operating Results(Percentages represent changes from the previous year)
Net Sales

Operating Income

Millions of yen
224,314
187,080

Year Ended 12/31/21
Year Ended 12/31/20

%
19.9
-6.6

(Note) Comprehensive income: FY2021

Millions of yen
32,046
19,69430,343 million yen

Net Income Attributableto Owners of Parent
per Share

%
62.7
-5.8

(162.0%)(Reference) Equity in earnings of affiliates:

Millions of yen
32,03819,399FY2020

%
65.1
-5.5

Yen
502.46311.09FY2021Millions of yen
21,311
13,188

11,580 million yen

Net Income Attributableto Owners of Parent per Share Return on Equity(Diluted)

Yen
505.05312.58Year Ended 12/31/21
Year Ended 12/31/20

Net Income Attributableto Owners of Parent

Ordinary Income(-26.8%)

Ordinary Income
to Total Assets

Operating Income
to Net Sales

%
9.2
6.0

%
14.3
10.5

%
11.2
7.6

-million yen

FY2020

%
61.6
-14.8

-million yen(2) Consolidated Financial Position
Total Assets

Net Assets

Millions of yen
371,585
328,068

As of 12/31/21
As of 12/31/20

Net Assets
per Share

Shareholders' Equity Ratio

Millions of yen
204,493
178,669

%
54.8
54.3

Yen
4,827.06
4,217.45(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 12/31/21

203,688 million yen

As of 12/31/20

177,964 million yen

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities(3) Consolidated Cash Flows
Cash Flows
from Operating Activities
Millions of yen
35,26832,253

Year Ended 12/31/21
Year Ended 12/31/20

Millions of yen(14,662)(14,016)

Cash and Cash Equivalents
at End of Period

Millions of yen(4,045)843

Millions of yen
133,938
114,156

2. Dividends
First
Quarter
Yen

Dividend per Share
SecondThird
Year End
Quarter
Quarter
Yen

Total

Total Dividends(Annual)Payout Ratio(Consolidated)

Dividends
to Net Assets(Consolidated)

Millions of yen
3,797
6,329

%
28.8
29.7

%
2.2
3.3

FY 12/2020
FY 12/2021

-

Yen
30.00
50.00

-

Yen
60.00
100.00Yen
90.00
150.00FY 12/2022 (Forecast)

-

50.00

-

110.00160.00

29.4

3. Consolidated Forecast for the Year Ending December 31, 2022 (January 1, 2022 - December 31, 2022)(Percentages represent changes from the same period in the previous year)
Net SalesFirst Half
Full Year

Millions of yen
120,000
250,000

Operating Income
%
18.4
11.5

Millions of yen
16,00035,000%22.4
9.2

Ordinary Income
Millions of yen
15,80034,500

1

%
21.1
7.7

Net Income Attributableto Owners of Parent
Millions of yen
10,00023,000%14.4
7.9

Net Income Attributableto Owners of Parent
per ShareYen
236.98545.06

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) 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
(3) Number of shares outstanding (common stock)① Shares issued (including treasury stock) December 31, 2021②

Treasury stock③

Average number of outstanding shares

42,532,752

December 31, 2020

42,532,752

December 31, 2021

335,502

December 31, 2020

335,478

December 31, 2021

42,197,305

December 31, 2020

42,192,859

Note 1. This consolidated financial report is not subject to audit 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 February 14,2022.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 15, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Year Ended
December 31, 2021”)

In the fiscal year ended December 31, 2021, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries(together “the HORIBA Group” or “HORIBA” as a consolidated group) increased sales by 19.9% year-on-year to224,314 million yen, due to an increase in sales in the Semiconductor segment. Operating income increased by 62.7%
to 32,046 million yen, ordinary income by 65.1% to 32,038 million yen and net income attributable to owners of parent
by 61.6% to 21,311 million yen.
The annual average exchange rates for 2021 were 109.90 yen against the U.S. dollar and 129.91 yen against theeuro, representing year-on-year depreciation of 2.9% against the U.S. dollar and 6.6% against the euro.
The operating results of each business segment are summarized as follows.

(Automotive Segment)
Owing to decrease in sales of emission measurement systems, segment sales decreased by 4.2% year-on-year to61,249 million yen. As a result, operating loss of 13 million yen was recorded (after an operating profit of 2,465 million
yen in the previous year).

(Process & Environmental Segment)
Mainly due to an increase in sales of stack gas analyzers in Asia, segment sales increased by 10.3% year-on-year to
20,217 million yen and operating income increased by 18.8% to 1,947 million yen.

(Medical-Diagnostics Segment)
Sales of hematology analyzers increased in Asia and Europe, in addition to an increase in sales of clinical chemistry
analyzers and test reagents in Americas. As a result, segment sales increased by 23.0% year-on-year to 25,882
million yen and operating income of 148 million yen was recorded (after an operating loss of 426 million yen in theprevious 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 52.7% year-on-year to 87,004 million yen and operating income increased by 99.3% to28,006 million yen.

(Scientific Segment)
Mainly due to an increase in sales of optical components in Americas, segment sales increased by 11.7% year-onyear to 29,958 million yen. On the profit side, operating income however decreased by 0.3% to 1,957 million yen
mainly due to an increase in R&D expenses.

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2022
The consolidated earnings forecasts are summarized as follows.
Our assumed foreign exchange rates for FY2022 are 115 yen against the U.S. dollar (vs. 109.90 yen in FY2021) and
130 yen against the euro (vs. 129.91 yen in FY2021).
Net sales of 250,000 million yen (up 11.5% year-on-year)
In the Automotive Segment, sales are expected to increase in Europe in response to acceleration of investment inelectrified vehicle development.
In the Semiconductor Segment, sales to semiconductor production equipment manufacturers are expected to increase
in reaction to further growth of semiconductor manufacturers’ capital expenditures driven by an increase in demand forsemiconductors.
In the Process & Environmental Segment, the Medical-Diagnostics Segment and the Scientific Segment, sales are
expected to increase, due to an anticipated increase in demand.
As a result, net sales are expected to increase by 25,685 million yen from FY2021 to 250,000 million yen.

Operating income of 35,000 million yen (up 9.2% year-on-year)
In the Automotive Segment, operating income is expected to increase, due to an increase in sales in Europe as well as
improvement in profitability.
In the Semiconductor Segment, operating income is expected to increase in line with an increase in sales.
As a result, total operating income is expected to increase by 2,953 million yen from FY2021 to 35,000 million yen.

Ordinary income of 34,500 million yen (up 7.7% year-on-year)
Ordinary income is expected to incorporate a net non-operating loss of 500 million yen (compared to that of 8 million
yen in FY2021), assuming interest expenses and some uncertain non-operating expenses.
As a result, ordinary income is expected to increase by 2,461 million yen from FY2021 to 34,500 million yen.

Net income attributable to owners of parent of 23,000 million yen (up 7.9 % year-on-year)
Net extraordinary loss of 1,000 million yen (compared to that of 1,834 million yen in FY2021) is secured for unexpected
incidences. As a result, net income attributable to owners of parent is forecasted to increase by 1,688 million yen fromthe FY2021 to 23,000 million yen.

4

HORIBA, Ltd. (Consolidated)

(3) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2021 and the Year Ending
December 31, 2022
HORIBA’s shareholder return policy is to set the total returns to shareholders (the combined amount of dividend
payments and share buybacks) at approximately 30% of consolidated net income attributable to owners of parent.
With regard to the dividends for the year ended December 31, 2021, we have decided to pay a year-end dividend of
100 yen per share. Combined with the interim dividend that has been paid out, the annual dividend will be 150 yen(compared to 90 yen in FY2020).
As regards the dividend forecast for the fiscal year ending December 31, 2022, we expect to pay an annual dividend of
160 yen per share (interim dividend is 50 yen).
The Company will continue to focus on improving corporate value through profit growth by investing internal reserves ingrowth areas in an effective manner, and it will make profit returns to shareholders that are linked to consolidated
earnings.

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 February 14, 2022. 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.

2. Basic policy on selection of accounting standard
The HORIBA Group prepares its consolidated financial statements in accordance with General Accepted Accounting
Principles in Japan (“JGAAP”), as it allows comparison between different periods and companies. Concerning adoptionof the International Financial Reporting Standards (IFRS), HORIBA intends to appropriately respond with due
consideration for various circumstances in Japan and abroad and expected clerical costs.

5

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount : Millions of yen
FY2020(As of December 31, 2020)

FY2021(As of December 31, 2021)

Cash and bank deposits

114,537

135,023

Trade notes and accounts receivable

50,87359,877

Marketable securities

1,965

2,012

Merchandise and finished goods

18,57817,864Work in process

16,786

16,513

Raw materials and supplies

13,886

18,736

Other current assets

8,364

9,249

Allowance for doubtful accounts(1,032)(1,232)

Total Current Assets

223,959

258,044

Buildings and structures, net

40,87445,648

Machinery, equipment and vehicles, net

11,386

12,986Land

15,315

15,994

Construction in progress

9,630

9,231

Other property, plant and equipment, net

4,863

4,441

Total Property, Plant and Equipment

82,07188,302

Goodwill

944

966

Software

2,375

1,968

Leasehold interests in land

563

607

Other intangibles

743

881

Total Intangibles

4,625

4,423

10,605

12,487

321

387

Deferred tax assets

3,844

5,002

Other investments and other assets

2,686

2,979

(46)

(43)

17,411

20,814104,108

113,540

328,068

371,585

AssetsCurrent Assets:

Fixed Assets:
Property, Plant and Equipment:

Intangibles:

Investments and Other Non-Current Assets:
Investment securities
Net defined benefit asset

Allowance for doubtful accounts
Total Investments and Other Non-Current Assets
Total Fixed Assets
Total Assets

6

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2020

FY2021(As of December 31, 2020)(As of December 31, 2021)

Trade notes and accounts payable

20,26429,546

Short-term loans payable

9,548

25,107

Accounts payable-other

15,092

16,407

Accrued income taxes

4,042

7,632

Advances received

15,473

14,308

Accrued bonuses to employees

919

1,137

Reserve for product warranty

2,331

2,630

Other current liabilities

5,124

5,368

Total Current Liabilities

72,797102,139

Corporate bonds

30,00030,000Long-term loans payable

37,51825,077836

1,731

Retirement benefit liability

2,237

2,107

Other non-current liabilities

6,009

6,036

Total Non-Current Liabilities

76,60164,953

149,399

167,092

Common stock

12,011

12,011

Capital surplus

18,59918,624Retained earnings

150,222

166,892(1,323)(1,323)

179,509196,204

4,363

5,664

6

-

Foreign currency translation adjustments(5,839)1,889

Remeasurements of defined benefit plans

(75)

(69)

(1,545)

7,484

697

791

6

12

178,669

204,493

328,068

371,585

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 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

7

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount : Millions of yen
FY2020(For the Year Ended

FY2021(For the Year Ended

December 31, 2020)

December 31, 2021)

Net Sales

187,080

224,314

Cost of Sales

110,648

131,091

Gross Income

76,431

93,222

Selling, General and Administrative Expenses

56,737

61,175

Operating Income

19,69432,046

Interest income

280

182

Dividend income

170

206

Subsidy income

182

96

Other

204

364

Total Non-Operating Income

838

850

Interest expense

466

516

Foreign exchange losses

444

245

Commission for syndicated loans

133

-

Other

89

97

1,133

859

19,39932,038Gain on sales of fixed assets

23

42

Gain on sales of investment securities

554

6

Gain on sales of golf memberships

31-

Gain on bargain purchase-148

Total Extraordinary Gain

610

196

Loss on sales of fixed assets

016Loss on disposal of fixed assets

51

205

Impairment losses

-

1,526

Loss on sale of investment securities-

20

Business restructuring expenses

1,136

260

Total Extraordinary Loss

1,188

2,031

Income before Income Taxes

18,82130,204

Income taxes (current)

5,891

9,171

Income taxes (deferred)

(256)

(280)

Total Income Taxes

5,634

8,891

13,18721,312(1)

0

13,18821,311

Non-Operating Income

Non-Operating Expense

Total Non-Operating Expense
Ordinary Income
Extraordinary Gain

Extraordinary LossNet Income
Profit (loss) attributable to non-controlling interests
Net Income Attributable to Owners of Parent

8

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount : Millions of yen
FY2020(For the Year Ended

FY2021(For the Year Ended

December 31, 2020)

December 31, 2021)

13,18721,312Net unrealized holding gains or losses on securities

18

1,301

Deferred gains or losses on hedges

5(6)Foreign currency translation adjustments(1,799)7,730

Remeasurements of defined benefit plans

169

5(1,606)

9,031

11,58030,343

11,58430,341(4)

2

Net Income
Other Comprehensive Income

Total Other Comprehensive Income
Comprehensive Income(Breakdown of comprehensive income)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

9

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statements of Changes in Net Assets
FY2020 (For the Year Ended December 31, 2020)
Amount : Millions of yen
Shareholders' Equity
Common Stock

Capital Surplus

12,011

18,599Beginning Balance

Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,405)

170,894

141,689

Changes during the Period
Dividend from Earnings(4,640)(4,640)Net Income Attributableto Owners of Parent

13,18813,188Purchase of Treasury Stock
Disposal of Treasury Stock

(0)

(0)

(0)

(15)

83

67

OthersTotal Changes
during the Period

-

(0)

8,533

82

8,615

Ending Balance

12,011

18,599150,222(1,323)

179,509

Accumulated Other Comprehensive Income

Beginning BalanceNet
Unrealized
Holding
GainsorLosseson
Securities

DeferredGains
orLosseson
HedgesForeign
Currency
Translation
Adjustments

4,344

0

(4,042)Remeasure
Subscription
NonTotal-mentsRightsControlling
Accumulatedofto Shares
Interests
Other
DefinedComprehensive
Benefit
Income
Plans

(244)

58

651

Total
Net
Assets10 171,615

Changes during the Period
Dividend from Earnings(4,640)Net Income Attributableto Owners of Parent

13,188Purchase of Treasury Stock(0)

Disposal of Treasury Stock67

Others18

5(1,797)169(1,603)46(4) (1,561)

Total Changes
during the Period

18

5(1,797)169(1,603)46(4)

Ending Balance

4,363

6

(5,839)(75)(1,545)697

6 178,669

10

7,053

HORIBA, Ltd. (Consolidated)

FY2021 (For the Year Ended December 31, 2021)
Amount : Millions of yen
Shareholders' Equity
Common Stock

Capital Surplus

12,011

18,599Beginning Balance

Retained
Earnings

Treasury Stock

Total
Shareholders'Equity(1,323)

179,509150,222

Changes during the Period
Dividend from Earnings(4,641)(4,641)Net Income Attributableto Owners of Parent

21,311

21,311

Purchase of Treasury Stock
Disposal of Treasury Stock

(1)

(1)

0

0

(0)

Capital Increase ofConsolidated Subsidiaries

25

25

OthersTotal Changes
during the Period-

25

16,670(0)

16,694Ending Balance

12,011

18,624

166,892(1,323)

196,204

Accumulated Other Comprehensive Income

Beginning BalanceNet
Unrealized
Holding
GainsorLosseson
Securities

DeferredGains
orLosseson
HedgesForeign
Currency
Translation
Adjustments

4,363

6

(5,839)Remeasure
Subscription
NonTotal-mentsRightsControlling
Accumulatedofto Shares
Interests
Other
DefinedComprehensive
Benefit
IncomePlans(75)(1,545)

697

Total
Net
Assets

6 178,669

Changes during the Period
Dividend from Earnings(4,641)Net Income Attributableto Owners of Parent

21,311

Purchase of Treasury Stock(1)

Disposal of Treasury Stock0

Capital Increase ofConsolidated Subsidiaries

25

Others

1,301

(6)

7,728

5

9,029

93

6

9,129

Total Changes
during the Period

1,301

(6)

7,728

5

9,029

93

6

25,823Ending Balance

5,664

-

1,889

(69)

7,484

791

12 204,493

11

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash Flows
Amount : Millions of yen
FY2020(For the Year Ended
December 31, 2020)

FY2021(For the Year Ended
December 31, 2021)

Income before income taxes

18,82130,204

Depreciation expense

9,296

10,063-

1,526

Amortization of goodwill

322

377

Increase (decrease) in allowance for doubtful accounts

235

93

-

(148)

Increase (decrease) in net defined benefit liability

158

(186)

Interest and dividend income

(451)

(388)

Interest expense

466

516

Foreign exchange losses (gains)

151

(80)

Loss (gain) on sales of fixed assets

(23)

(25)

Loss on disposal of fixed assets

51

205

Loss (gain) on sales of investment securities

(554)

14

Loss (gain) on sales of golf club memberships

(31)

-

Business restructuring expenses

1,136

260

Decrease (increase) in trade notes and accounts receivable

7,999(6,139)Decrease (increase) in inventories

2,049(1,161)

256

7,976

Other, net(4,239)(1,439)Subtotal

35,646

41,669Interest and dividend received

431

408

Interest paid

(485)

(481)

Income taxes (paid) refund(3,338)(6,327)

Net Cash Provided by (Used in) Operating Activities

32,25335,268

Increase in time deposits(1,061)(1,735)Decrease in time deposits

816

1,225

Payments for purchase of marketable securities(1,400)(2,000)

Proceeds from sales or redemption of marketable securities

2,000

1,917

(14,616)(12,195)

75

129

Payments for purchase of intangibles

(429)

(377)

Payments for purchase of investment securities

(43)

(30)

Proceeds from sales or redemption of investment securities

609

11

Payments of loans receivable

(38)

(219)

Collection of loans receivable

23

166

-

(1,144)49(408)(14,016)(14,662)

Cash Flows from Operating Activities:

Impairment losses

Gain on bargain purchase

Increase (decrease) in trade notes and accounts payable

Cash Flows from Investing Activities:

Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment

Purchase of shares of subsidiaries and associates
Other, net
Net Cash Provided by (Used in) Investing Activities

12

HORIBA, Ltd. (Consolidated)Amount : Millions of yen
FY2020(For the Year Ended
December 31, 2020)

FY2021(For the Year Ended
December 31, 2021)

Net increase (decrease) in short-term borrowings

1,204

(431)

Proceeds from long-term borrowings

20,898

2,666

(366)

(388)

Repayments on finance lease obligations(1,254)(1,252)

Net decrease (increase) of treasury stock

(0)

(1)

Cash dividends paid

(4,637)(4,637)

Redemption of bonds(15,000)-

843(4,045)

(988)

3,221

Net Increase (Decrease) in Cash and Cash Equivalents

18,091

19,782

Cash and Cash Equivalents at Beginning of Period

96,064

114,156

Cash and Cash Equivalents at End of Period

114,156

133,938

Cash Flows from Financing Activities:

Repayments of long-term debt

Net Cash Provided by (Used in) Financing Activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents

13

HORIBA, Ltd. (Consolidated)

(5) Notes to Consolidated Financial Statements
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 theamendment based on the treatment of Paragraph 3 of the “Practical Solution on the Treatment of Tax Effect Accounting
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 Guidanceon Tax Effect Accounting” (ASBJ Guidance No. 28, February 16, 2018).

14

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2021
1. Consolidated Financial Results

Amount : Millions of yen

12/2020
Results

12/2021
Results

12/2022
Forecasts

Full Year

Full Year

AmountNet Sales

187,080

224,314

Operating Income

19,694

Operating Income Ratio

10.5%

Ratio

+37,233

32,046+12,352

14.3%

+3.8P

19,39932,038+12,638

Ordinary Income Ratio

10.4%

14.3%

+3.9P

Net Income Attributableto Owners of Parent

13,18821,311+8,123

Ordinary Income

Changes

12/2022
Forecasts

Changes

Full Year

Amount

1st Half

Amount+19.9%

250,000+25,685

120,000+18,682+62.7%

35,000+2,95316,000+2,930

14.0%

-0.3P

13.3%

+0.4P

34,500+2,46115,800+2,752

13.8%

-0.5P

13.2%

+0.3P

23,000+1,68810,000+1,255

Changes+65.1%+61.6%Net Income Ratio

7.0%

9.5%

+2.5P

9.2%

-0.3P

8.3%

-0.3P

US$
Euro

106.76121.88109.90129.91+3.14

115.00130.00+5.10

115.00130.00

+7.18

+8.03

+0.09

2. Consolidated Segment Results
Net Sales

Amount : Millions of yen

12/2020
Results

12/2021
Results

Full Year

Full Year

Automotive

63,913

61,249Process&Environmental

18,337

20,217

Medical-Diagnostics

21,035

Semiconductor

56,967

Scientific
Total

Operating Income+0.11

ChangesAmountRatio

12/2022
Forecasts
Full Year

Changes

12/2022
Forecasts

ChangesAmount

1st Half

Amount-4.2%

68,000+6,75032,000+1,879+10.3%

23,500+3,282

11,000+959

25,882+4,847+23.0%

28,500+2,617

14,000+1,10387,004+30,037+52.7%

96,000+8,99548,000+7,956

26,82529,958+3,133+11.7%

34,000+4,041

15,000+1,587

187,080

224,314+37,233+19.9%

250,000+25,685

120,000+18,682

12/2020
Results

12/2021
Results

Full Year

Full Year-2,664

ChangesAmountRatio+7,075

12/2022
Forecasts

Changes

12/2022
Forecasts

Changes

Full Year

Amount

1st Half

AmountAutomotive

2,465

(13)

-2,479-1,500+1,513

Process&Environmental

1,639

1,947

+307

+18.8%

2,000+52

Medical-Diagnostics

(426)

148

+574

-

500

+351

Semiconductor

14,05228,006+13,954+99.3%

29,000+993

14,500+2,148

Scientific

1,963

1,957

-5

-0.3%

2,000

+42

500

+35

Total

19,69432,046+12,352+62.7%

35,000+2,95316,000+2,93015

1,000+1,187-114-

HORIBA, Ltd. (Consolidated)-326

3. Consolidated Segment Sales by Destination

Automotive

12/2020
Results

12/2021
Results

Full Year

Full Year

Amount : Millions of yen
ChangesAmountRatio

12/2022
Forecasts

Changes

Full Year

Amount63,913

61,249-2,664-4.2%

68,000+6,750Japan

17,64017,365

-275

-1.6%

14,500-2,865

Asia

17,584

15,842-1,742-9.9%

17,500+1,657

Americas

7,226

6,475

-750

-10.4%

7,500+1,024

Europe21,462

21,566

+104

+0.5%

28,500+6,933

Process&Environmental

18,337

20,217+1,879+10.3%

23,500+3,282

Japan

9,917

10,286

+369

+3.7%

11,500+1,213

Asia

4,010

5,046

+1,035+25.8%

6,000

+953

Americas

2,184

2,281

+97

+4.4%

2,500

+218

Europe

2,225

2,603

+377

+17.0%

3,500

+896

21,03525,882+4,847+23.0%

28,500+2,617

Japan

5,466

5,243

-223

-4.1%

6,000

+756

Asia

4,243

5,714

+1,470+34.7%

6,500

+785

Americas

3,966

5,816

+1,849+46.6%

6,500

+683

Europe

7,358

9,108

+1,749+23.8%

9,500

+391

56,96787,004+30,037+52.7%

96,000+8,995

Japan

18,511

26,833+8,321+45.0%

32,000+5,166

Asia

28,27044,857+16,587+58.7%

45,500+642

Americas

7,272

9,813

+2,540+34.9%

13,000+3,186

Europe

2,912

5,500

+2,587+88.8%

5,500-026,82529,958+3,133+11.7%

34,000+4,041

Japan

6,140

6,686

+545

+8.9%

8,000

+1,313

Asia

7,413

8,057

+643

+8.7%

9,000

+942

Americas

7,632

8,992

+1,360+17.8%

10,500+1,507

Europe

5,638

6,223

+584

+10.4%

6,500

+276

187,080

224,314+37,233+19.9%

250,000+25,685

Japan

57,676

66,414+8,738+15.2%

72,000+5,585

Asia

61,52279,517+17,995+29.3%

84,500+4,982

Americas28,28233,379+5,096+18.0%

40,000+6,620Europe39,59845,002+5,403+13.6%

53,500+8,497

Medical-Diagnostics

Semiconductor

Scientific

Total

16

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

Amount : Millions of yen

12/2020 Results

12/2021 Results

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

44,99739,97844,81557,28948,582

52,734

52,63970,356

3,895

2,781

4,291

8,726

5,936

7,133

6,789

12,187

8.7%

7.0%

9.6%

15.2%

12.2%

13.5%

12.9%

17.3%

3,906

2,870

4,022

8,600

5,885

7,161

6,820

12,169

8.7%

7.2%

9.0%

15.0%

12.1%

13.6%

13.0%

17.3%

2,287

2,573

2,665

5,662

3,900

4,844

4,976

7,590

Net Income Ratio

5.1%

6.4%

5.9%

9.9%

8.0%

9.2%

9.5%

10.8%

US$
Euro

108.86

107.60106.19104.39106.09109.55110.10113.86120.08118.54124.17

124.73127.81131.97129.83130.03

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributableto Owners of Parent

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Amount : Millions of yen

12/2020 Results

12/2021 Results

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Automotive

14,87012,23814,51522,29012,153

12,77012,38823,937

Process&Environmental

4,595

4,078

4,125

5,538

5,224

4,816

4,527

5,649

Medical-Diagnostics

5,749

4,653

4,875

5,757

6,302

6,593

6,226

6,759

Semiconductor

13,847

13,576

14,333

15,21018,441

21,602

22,64024,321

Scientific

5,935

5,431

6,965

8,492

6,461

6,951

6,857

9,688

Total

44,99739,97844,81557,28948,582

52,734

52,63970,356

1Q

2Q

4Q

1Q

2Q

3Q

4Q

Operating Income

12/2020 Results
3Q

12/2021 Results

Automotive

322

(591)

204

2,530

(424)

(763)

(747)

1,921

Process&Environmental

250

188

323

876

699

414

180

652

Medical-Diagnostics

156

(231)

(405)

54

164

162

(242)

63

Semiconductor

3,241

3,177

3,479

4,153

5,257

7,093

7,370

8,284

Scientific

(75)

238

688

1,111

239

224

228

1,265

Total

3,895

2,781

4,291

8,726

5,936

7,133

6,789

12,187

Contact
Corporate Planning and Investor Relations, Corporate Planning Office, Finance and Legal Division, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: ir-info@horiba.com

17

HORIBA, Ltd. (Consolidated)