Summary of Consolidated Financial Statements for the Year Ended December 31, 2012
(Japanese GAAP)
February 14, 2013
Company name
Listing code

Listed stock exchanges: Tokyo, Osaka
URL: http://www.horiba.com

HORIBA, Ltd.
6856

Representative
Atsushi Horiba, Chairman, President and CEO
Contact
Fumitoshi Sato, Managing Director
Scheduled date of start of dividend payment: March 4, 2013

TEL: (81)75-313-8121(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Year Ended December 31, 2012 (January 1, 2012 - December 31, 2012)(Percentages represent changes from the previous year)(1) Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income% Millions of yen

%

7,396
Year ended 12/31/12
117,609 -4.7
11,751 -21.2
11,353 -22.3
8,664
Year ended 12/31/11
123,456
14,906 21.2
14,611 18.7
4.1
(Note) Comprehensive Income: FY2012 10,960 million yen (55.5%), FY2011 7,050 million yen (51.3%)

Millions of yen% Millions of yen% Millions of yen

-14.6
9.3

Net Income per ShareNet Income per Share(Diluted)

Yen

Yen

Return on
EquityOrdinary
Operating
Income to Total Income to Net
AssetsSales%%%

Year ended 12/31/12
174.37174.87
7.8
Year ended 12/31/11
204.41204.889.9(Reference) Equity in earnings of affiliates: FY2012 -24 million yen, FY2011 2 million yen

7.6
10.4

10.0
12.1

(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen

Net Assets
per Share%

Yen

99,536
64.5
As of 12/31/12
153,836
2,346.45
62.4
144,649
90,460
As of 12/31/11
2,133.44(Reference) Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries:
As of December 31, 2012: 99,248 million yen; As of December 31, 2011: 90,232 million yen(3) Consolidated Cash Flows
Cash Flows from
Cash Flows fromOperating Activities Investing Activities
Millions of yen

Year ended 12/31/12
Year ended 12/31/11

Cash Flows from
Financing Activities

Millions of yen

Millions of yen(7,891)(6,145)

13,395
6,954

Cash and Cash
Equivalents at endof the period(3,304)855

Millions of yen

38,85835,767

2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

ThirdquarterYear end
Yen

Total

Year ended 12/31/11
Year ended 12/31/12

-

Yen
9.00
15.00

-

Yen
31.00
35.00

Yen
40.00
50.00

Year ending 12/31/13(Forecast)

-

18.00

-

27.00

45.00

Total Dividends(Annual)Payout Ratio(Consolidated)

Dividends to Net
Assets(Consolidated)

Millions of yen
1,691
2,114

%
19.5
28.6

%
1.9
2.2

30.2

Note1. Regarding the year-end dividend for the fiscal year 2012, the board of directors' meeting of HORIBA, Ltd.
has decided to pay an ordinary dividend per share of 25 yen and a commemorative dividend for the 60th
Anniversary of the Company Foundation of 10 yen, making a total dividend of 35 yen.
Note2. As regards the dividend forecast for the fiscal year 2013, HORIBA expects to pay an interim dividend pershare of 18 yen and a year-end dividend of 27 yen, making a total dividend of 45 yen, in accordance withthe “Basic dividend Policy” that will be newly implemented.
Please see "1.(2) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2012
and the Year Ending December 31, 2013" on page 7 for further details.
3. Consolidated Forecast for the Year Ending December 31, 2013 (January 1, 2013 - December 31, 2013)(Percentages represent changes from the same period in the previous year)

Net Sales
Millions of yen

First half
Full year

Operating Income% Millions of yen

60,000 5.3
130,000 10.5

Ordinary Income% Millions of yen

3,300 -37.8
11,000 -6.4

% Millions of yen

3,100 -39.0
10,600 -6.6

1

Net Income
per Share

Net Income%

1,700 -44.3
6,300 -14.8

Yen

40.19
148.95HORIBA, 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: Yes③ Changes in accounting estimates: Yes④ Retrospective restatement: None
(Note) This note falls under the case that "it is difficult to distinguish between a change in an accounting
policy and a change in an accounting estimtate".
Please see "3.(7)Changes in accounting policies" on page 17 for further details.
(3) Number of shares outstanding (common stock)
December 31, 2012
42,532,752
235,583
42,297,149① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during Jan. - Dec. in FY2012 and FY2011

December 31, 2011
42,532,752
238,083
42,293,434(Reference) Overview of Non-Consolidated Financial Results
1. Non-Consolidated Results for the Year Ended December 31, 2012 (January 1, 2012 - December 31, 2012)(Percentages represent changes from the previous year)(1) Non-Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

53,52651,902

3.1
14.7

5,051
5,651

-10.6
133.6

7,261
8,278

-12.3
121.4

5,636
5,541

1.7
133.8

Year ended 12/31/12
Year ended 12/31/11

Net Income per Share(Diluted)
Yen
Yen

Net Income per ShareYear ended 12/31/12
Year ended 12/31/11

133.25131.03132.87130.73

Total Assets

Net Assets(2) Non-Consolidated Financial Position

Millions of yen

Shareholders' Equity
Ratio

Millions of yen

Net Assets
per Share%Yen

1,801.19
As of 12/31/12
103,282
76,43073.8
72,403
71.2
101,479
As of 12/31/11
1,707.46(Reference) Net assets excluding subscription rights to shares:
As of December 31, 2012: 76,185 million yen; As of December. 31, 2011: 72,216 million yen
2. Non-Consolidated Forecast for the Year Ending December 31, 2013 (January 1, 2013 - December 31, 2013)(Percentages represent changes from the same period in the previous year)

Net Sales
Millions of yen

First half
Full year

Operating Income%

24,200 -10.5
53,000 -1.0

Millions of yen%

Millions of yen

1,100 -58.6
4,500 -10.9

Net Income
per Share

Net Income

Ordinary Income%

2,100 -57.2
5,500 -24.3

Millions of yen%

1,700 -57.6
4,000 -29.0

Yen

40.19
94.57

Note 1. Indication regarding implementation status of audit procedures
These financial statements have not been prepared for the purpose of audit procedures pursuant to the Financial
Instruments and Exchange Act (FIEA). Audit procedures for financial statements were in the process of being
implemented as of the release of these 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 forfactors 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 "1. Operating Results"
on page 3.

2

HORIBA, Ltd. (Consolidated)1. Operating Results(1) Operating Results Analysis(For details, see page 19, “HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2012”)(i) Operating Results for the year ended December 31, 2012
During the fiscal year ended December 31, 2012, the US economy saw a moderate recovery mainly inconsumer spending and housing construction, but the European economy weakened due to the spreading
impact of debt crisis. Moreover, in emerging countries such as China and India, which continued to growstrongly, economic growth slowed in response to the impact of a slowdown in exports to Europe andmonetary tightening. Japanese economy recovered moderately until around spring, on the back of demand
for recovery from the Great East Japan Earthquake, but economic activities were weak from summer
onward due to the slowdown in the global economy, keeping strong level of the yen and worsening relations
with China.
The annual average exchange rates for 2012 were 79.81 yen against the US dollar and 102.55 yen against
the euro. While the rate versus the dollar did not change from last year’s level, the yen continued toappreciate against the euro, rising by 8.4% compared to the previous year.
The analytical and measurement equipment market saw signs of a recovery in capital spending anddevelopment investment by Japanese and overseas automakers. Equipment demand in thesemiconductor-related market dropped sharply from summer onward, as semiconductor makers andlight-emitting diode (LED) makers had completed a cycle of capital spending. In addition, owing to thestronger yen and intensified competition, the general trend of declining product prices continued in all
segments.
In the face of these economic conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries(together “the HORIBA Group” or “HORIBA” as a consolidated group) implemented measures to enhance
our businesses in 2012. The HORIBA Group promoted business restructuring through the Corporate &Segment Strategy Division, which was newly established in fiscal year 2011 to design and promote overallbusiness strategy, and accelerated the launch of products that met market needs. By business segment, in
the Automotive Test System Segment, MCT (Mechatronics) business, that was acquired from Carl Schenck
AG (Germany) in 2005, turned profitable thanks to the successful transfer of production bases and cost
reduction activities, and the segment also launched new engine emission measurement systems,
HORIBA’s major product. In China, where demand has been expanding, the segment set up demonstration
facilities for testing equipment and developed an organization to capture local demand. In the Process &Environmental Instruments & Systems Segment, sales declined as demand for environmental radiation
monitor tapered off, but the segment set up a service office in Fukushima Prefecture and developed anorganization capable of providing fine-tuned services. In addition, the segment responded to increased
demand for stack gas analyzers for thermal power plants in various regions of Japan. In the
Medical-Diagnostic Instruments & Systems Segment, with the aim of responding to growing demand fortesting reagents in various countries, HORIBA undertook work on a new reagent plant in India. In Japan,
HORIBA STEC Co., Ltd. completed the expansion work on the Aso factory in Kumamoto Prefecture in orderto enhance the production system for blood cell testing instruments, and thereby increased a production
capacity. The Semiconductor Instruments & Systems Segment promoted cost cutting by making use of theknow-how of Beijing HORIBA METRON Instruments Co.,Ltd., revised production processes in tandem withthe expansion of the Aso factory, and promoted a production system that can respond precisely to changes
in production volume. In the Scientific Instruments & Systems Segment, owing to the completion of the new
R&D center in Europe, which was being constructed in the suburbs of Paris in France, HORIBA supports

3

HORIBA, Ltd. (Consolidated)joint research with universities and research institutions and aims to develop products that meet theadvanced needs of customers in advanced material analysis and other fields.
At the same time, the Group implemented cost reduction measures to improve profitability. Specificmeasures included promotion of the use of “shared services” (consolidation of common services in several
organizations to make them more efficient and specialized) and integrated group companies in Brazil under
US operation, and carried out restructuring aimed at expanding sales in growing markets. Furthermore, in
the UK, the Group is accelerating the promotion of One Company management through the consolidation ofgroup companies, curbing fixed costs and speeding up management decisions. In Japan, the Company
merged with HORIBA Itec Co., Ltd., which handles driving management systems, at the start of the year
and aims to further expand business operations by accelerating the launch of products through the sharingof development resources and creating a fine-tuned support system.
Despite a result of such measures and sales efforts, sales decreased by 4.7% from a year earlier to117,609 million yen. Operating income decreased by 21.2% to 11,751 million yen, ordinary income declinedby 22.3% to 11,353 million yen and net income was down 14.6% to 7,396 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Although sales declined in Europe because of the yen’s appreciation for the period, signs of a recovery incapital investment and R&D expenditure by automakers in the US and Japan were evident, and sales grewin Asia in response to increased investment. Moreover, as sales of engine emission measurement systems,
HORIBA’s major product, increased and cost cutting bore fruit in the MCT business, profitability improved in
the second half of the year in particular.
Consequently, sales in the segment increased by 11.8% year-on-year to 43,230 million yen and operating
income rose by 55.7% to 4,412 million yen.
(Process & Environmental Instruments & Systems)
Stack gas analyzers for thermal power plants, water quality analyzers and other products that responded tovarious environmental regulations showed underlying strength. Sales of environmental radiation monitor
decreased gradually from the second quarter, as the demand for the monitor soared after the Great East
Japan Earthquake tapered off.
As a result, sales in the segment decreased by 5.8% year-on-year to 13,709 million yen and operating
income declined by 35.1% to 1,642 million yen.
(Medical-Diagnostic Instruments & Systems)
Although sales of blood cell testing instruments were robust in various Asian countries, sales declined inEurope and the US due to the stronger yen.
Consequently, sales in the segment decreased by 4.6% year-on-year to 22,400 million yen and operating
income declined by 21.7% to 2,478 million yen.
(Semiconductor Instruments & Systems)
In the first half of the year, production recovered at some semiconductor production equipment
manufacturers which are HORIBA’s customers, which resulted in an increase in sales of HORIBA’s
mainstay product, such as mass flow controllers and chemical concentration monitors. In the second half ofthe year, however, sales declined due mainly to the impact of production adjustments by customers, andprofitability also deteriorated substantially.

4

HORIBA, Ltd. (Consolidated)

As a result, segment sales decreased 27.7% year-on-year to 17,861 million yen and operating income
declined 53.9% to 2,274 million yen.
(Scientific Instruments & Systems)
Sales in Japan of such products as newly released pH meters showed underlying strength. However, salesof HORIBA Jobin Yvon’s products fell due to the impact of government budget reductions in various
countries and sales were lower after yen conversion due to the stronger yen.
Consequently, sales in the segment decreased by 7.4% year-on-year to 20,406 million yen and operating
income declined by 34.2% to 943 million yen.

5

HORIBA, Ltd. (Consolidated)

(ii) Outlook for the Year Ending December 31, 2013
Regarding the outlook for global economy in the next fiscal year, the European economy is expected toremain stagnant because of the impact of debt crisis. On the other hand, the US economy is likely to record
moderate growth and gradually turn upward in the second half in particular.

Emerging countries such as

China and India are projected to continue to see economic growth on par with last year. In Japan, theeconomy is likely to recover moderately, as the export situation has improved in response to the weaker
yen since around the end of last year and business sentiment has also turned favorable. Against thisbackground, HORIBA’s forecasts for fiscal 2013 are shown below.
Our assumed foreign exchange rates are 90 yen against the U.S. dollar (vs. 79.81 yen in fiscal 2012) and
120 yen against the euro (vs. 102.55 yen in fiscal 2012).
Net sales of 130,000 million yen, up 10.5% y-o-yNet sales are expected to increase by 12,390 million yen from the previous year to 130,000 million yen.
In the Automotive Test System Segment, although there is uncertainty regarding investing by automakers,
the segment’s major customers, in relation to capital and R&D investment, sales of engine emission
measurement systems, HORIBA’s major product, and various products in the MCT business are expected
to increase due to the weakening of the yen for the period.
In the Process & Environmental Instruments & Systems Segment, demand is showing underlying strength
in the case of products related to environmental regulations such as stack gas analyzers, although weaker
demand for environmental radiation monitor is expected. Consequently segment sales are projected toincrease.
In the Medical-Diagnostic Instruments & Systems Segment, HORIBA expects sales of blood cell testing
instruments to increase in various Asian countries and overseas sales to increase after yen conversion due
to the weaker yen.
In the Semiconductor Instruments & Systems Segment, although the future outlook regarding demand forsolar cells and LEDs manufacturing equipment is uncertain, demand for semiconductor production
equipment is expected to recover in the second half of the year and sales are forecast to rise in response to
the weaker yen.
In the Scientific Instruments & Systems Segment, HORIBA expects sales after yen conversion to increase
because of yen depreciation and demand to rise in line with the implementation of Japan’s supplementarybudget.
Operating income of 11,000 million yen, down 6.4% y-o-yOperating income is likely to decrease by 751 million yen from the previous year to 11,000 million yen.
HORIBA expects profits to increase as a reflection of the increased sales mentioned above in the
Medical-Diagnostic Instruments & Systems Segment, Semiconductor Instruments & Systems Segment,
and Scientific Instruments & Systems Segment. However, profitability is expected to deteriorate in the
Automotive Test System Segment. Although export profits are projected to improve on the back of the yen’s
depreciation, costs are likely to rise in relation to low-margin shipments of MCT products and the launch of
new engine emission measurement systems. In the Process & Environmental Instruments & Systems
Segment, HORIBA foresees a decline in profits due to a drop in sales of environmental radiation monitor.
Ordinary income of 10,600 million yen, down 6.6% y-o-yOrdinary income is expected to decrease by 753 million yen from the previous year to 10,600 million yen.
Our forecasts incorporate a non-operating loss of 400 million yen on a net basis, assuming foreignexchange losses and some uncertain non-operating expenses.

6

HORIBA, Ltd. (Consolidated)

Net income of 6,300 million yen, down 14.8% y-o-yAssuming the generation of some extraordinary losses, a net extraordinary loss of 500 million yen has been
incorporated in our forecasts. As a result, net income is forecast to decrease by 1,096 million yen from theprevious year to 6,300 million yen.
(Note) The above forecasts have been made on the basis of information available as of February 14, 2013,
but owing to the existence of various uncertain elements, it is possible that actual performance will varyconsiderably from those forecasts.
(2) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2012 and theYear Ending December 31, 2013
The Company’s basic dividend policy has been to maintain its standard payout ratio in which the total
dividend payment is equal to 30% of the non-consolidated net income of the Company, while aiming tostrengthen its profit structure through an improvement in productivity and other means. According to its
basic policy, HORIBA has decided to pay a year-end dividend of 35 yen per share, after combining thecommemorative dividend for the 60th anniversary of the company foundation of 10 yen. Combined with theinterim dividend that has been paid out, the annual dividend is 50 yen.
From the fiscal year 2013, the Company will adopt a dividend policy in which it will maintain a total
shareholder return ratio of around 30% of consolidated net income of the Company, combined with theamount of dividend payments and the amount of share repurchase, responding to the expansion of
corporate size and the enhancement of the profitability of domestic and overseas group companies, with aview to repurchase share flexibly according to the states of securities markets and the Company’s financial
condition.
For the next fiscal year ending December 31, 2013, HORIBA is forecasting an annual dividend per share of
45 yen, a decrease of 5 yen compared to the previous year, as a commemorative dividend will not be paid,

according to its basic policy. The Company will continue to make effective use of internal reserves toimprove corporate value through profit growth and focus on investing in growth areas, it will make profit
returns to shareholders that are linked to consolidated earnings.

7

HORIBA, Ltd. (Consolidated)2. Management Policies(1) Basic Management Policies
As a manufacturer of analytical equipment that is developing its business worldwide, the HORIBA Groupaims to be a truly global company. Our basic philosophy is to contribute to society by preserving theenvironment, bringing human health and greater convenience and safety to society, and promoting thedevelopment of science and technology through our business activities, which focus on analyticaltechnologies and span a variety of industrial fields in the global market. In addition, HORIBA Group has long
focused on consolidated-based management and promoted the reinforcement of alliances and theintegration of its 37 companies throughout the world by utilizing our human and technological resources.
(2) Management Target Indices
The HORIBA Group established the Mid-Long Term Management Plan in 2011 with numerical targets set
for 2015. The HORIBA Group is launching various measures to achieve the numerical targets of 150 billion
yen in consolidated net sales, an operating income margin of 13% or more, and ROE of 11% or more. In
2012, the second year of the plan, although a recovery in investment was seen in the automotive industry,
the business environment remained severe due to a slowdown in investment in the semiconductor industry
in the second half of the year and the strong yen. As a result, HORIBA recorded net sales of 117.6 billion
yen, an operating income margin of 10.0%, and ROE of 7.8%. Both sales and profits declined for the firsttime since fiscal year 2009, a period of three fiscal years.
(3) Challenges for HORIBA: Mid-Long Term Business Strategies of HORIBAThe HORIBA Group’s business consists of five segments: Automotive Test Systems, Process andEnvironmental Instruments & Systems, Medical-Diagnostic Instruments & Systems, Semiconductor
Instruments & Systems and Scientific Instruments & Systems. Each segment operates business in adifferent market, which enables each to exert its strengths and complement the weaknesses of each other.
Our aim is to achieve well-balanced growth with this structure. Technologies and know-how in all segments
are shared mutually. The transfer of human and other resources among segments gives us the strategic
flexibility to temporarily integrate resources in a favorably performing business while alleviating the burden
to a certain extent in an underperforming business. This enables us to achieve efficient management.
Moreover, we aim to evolve and perfect the management principle of the “HORIBA Group is One
Company.” which was launched in fiscal March 2004, and establish a corporate structure that enables us togenerate steady high earnings.
The primary measures of the Mid-Long Term Management Plan for fiscal 2011 to fiscal 2015 are as follows:z

Primary measure 1: Building a corporate structure that enables us to generate stable highearnings

1. Select and invest heavily in focused businesses
Thanks to aggressive investments under the previous Mid-Long Term Management Plan, themedical-diagnostic and semiconductor businesses have grown to contribute to HORIBA’s overall earnings,
with to their high profitability. In other words, focused investments in these two businesses have changed
HORIBA’s earnings structure from being highly dependent on the automotive business to be becoming
more well-balanced earnings structure that enable us to generate stable high earnings. In addition, we plan
to focus on water quality-related products which belong to the environmental, scientific, and semiconductorbusinesses. Because of their high near-term growth potential, we will concentrate our human and R&D
resources in this area and accelerate its global development.

8

HORIBA, Ltd. (Consolidated)

Regarding the automotive business, the MCT (Mechatronics) business which HORIBA acquired in 2005,
became profitable in 2012 for the first time since its acquisition, and HORIBA will promote structural
improvements, aiming at a further increase in profitability.
2. From business expansion driven by “technology development” to business expansion focusedon “customer oriented business model”
The HORIBA Group has developed product with its unique technologies and has provided distinguishedproducts to customers in the niche “analysis” market. Going forward, we will add application technologies to
products and transform our business model so that we can provide customers with proposals for efficiency
and laborsaving. By making proposals that encompass measurement methods and software, we will create
the industry standard, expand market share in each of the five business area, and thereby aim to become a
global leader in the analysis and measurement market.
zPrimary measure 2: Evolving and perfecting “One Company Management”

1. Organizational reform to enhance the corporate structureWith the aim of becoming a highly profitable company and enhance its global leadership as theheadquarters, HORIBA’s headquarters restructured its organization in January 2011. The R&D Division,
where operations had been separated by business segment, was reorganized by function so that
intra-segment information is shared and the capability to propose solutions is enhanced. We will alsoenhance the speed and quality of decision-making by clearly defining the responsibilities of persons incharge of development, production, and sales, who work under a newly-appointed person in charge ofoverall business strategies.
2. Efficient management by region
During the previous Management Plan, shared services which had been successful in the U.S., wasimplemented in Japan. In fiscal year 2012, HORIBA integrated bases in the Americas, including Brazil, andthe UK. Going forward, we will introduce “shared services” in Europe and Asia with reference to successful
examples in the U.S. and Japan. We will also promote further efficiency by speeding up management
decision-making, and achieving a more specialized level of operations and cost reduction.
z

Primary measure 3: Accelerating establishment of global development and production system

The HORIBA Group will make further progress in establishing footholds, mainly in Asian countries. In 2011,
the first year of the Mid-Long Term Management Plan, HORIBA expanded the production capacity of its
semiconductor business by opening a joint-venture plant in China. As a foothold for future businessexpansion, the Group opened representative offices in Vietnam and Indonesia, where demand is rising andeconomic growth is pronounced even among South East Asian countries. In 2012, relocation and the
expansion of the reagent plant in Brazil is now going under the process and is increasing capacity in order
to expand the medical business in South America. In India, we commenced construction of a new reagent
plant. In Japan, the construction for expansion of Aso factory in Kumamoto prefecture, with the aim of
responding to rising demand for testing reagents, has been completed. In France, construction of the new
R&D center, which will be a Europe’s central base for R&D activities in Scientific Instruments & Systems
segment, has been completed. We will also accelerate the building of footholds especially for the
medical-diagnostic and automotive businesses, where growth in demand is highly anticipated.

9

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2011FY2012(As of December 31, 2011)(As of December 31, 2012)

Cash and bank deposits

28,89334,685Trade notes and accounts receivable

39,37537,521Marketable securities

8,350

6,100

Merchandise and finished goods

9,015

10,099Work in process

9,127

10,053

Raw materials and supplies

8,144

7,947

Deferred tax assets

3,201

2,881

Other current assets

2,896

3,554

Allowance for doubtful accounts

(750)

(856)

108,255

111,988

Buildings and structures, net

8,156

11,894

Machinery, equipment and vehicles, net

2,945

3,171

Land

7,362

8,172

Construction in progress

2,130

1,851

Other property, plant and equipment, net

2,328

3,089

Total Property, Plant and Equipment

22,92428,179Goodwill

201

319

Software

4,182

3,488

Other intangibles

256

681

Total Intangibles

4,640

4,490

Investment securities

3,514

4,045

Deferred tax assets

2,115

2,030

Other investments and other assets

3,240

3,176

(40)

(74)

8,829

9,178

36,394

41,848144,649

153,836

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:

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

10

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2011FY2012(As of December 31, 2011)(As of December 31, 2012)

Trade notes and accounts payable

13,196

11,829

Short-term loans payable

6,684

5,523

Accounts payable - other

7,805

9,195

Accrued income taxes

2,459

1,317

Deferred tax liabilities

18

6

Accrued bonuses to employees

755

902

Accrued bonuses to directors and corporate auditors

84

38

1,308

1,176

174

-

Other current liabilities

6,085

7,671

Total Current Liabilities

38,574

37,662

Corporate bonds

10,00010,000Long-term loans payable

1,291

2,113

108

153

1,775

2,066

Directors' and corporate auditors' retirement benefits

221

195

Provision for compensation losses

616

457

Other non-current liabilities

1,600

1,651

Total Non-Current Liabilities

15,615

16,63754,18954,299Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

66,27871,725

(788)

(780)

96,219101,674

Net unrealized holding gains on securities

717

987

Foreign currency translation adjustments(6,703)(3,413)

Total Accumulated Other Comprehensive Income(5,986)(2,426)

Subscription Rights to Shares

186

245

Minority Interests in Consolidated Subsidiaries

40

42

90,46099,536

144,649

153,836

Liabilities
Current Liabilities:

Reserve for product warranty
Provision for business structure improvement

Non-Current Liabilities:

Deferred tax liabilities
Employees' retirement benefits

Total Liabilities
Net Assets
Shareholders' Equity

Treasury stock
Total Shareholders' Equity
Accumulated Other Comprehensive Income

Total Net Assets
Total Liabilities and Net Assets

11

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2012(For the year ended
December 31, 2012)

FY2011(For the year ended
December 31, 2011)
Net sales

123,456

117,609

Cost of sales

70,25968,22053,19749,38938,29037,637

14,906

11,751

Interest income

112

233

Dividend income

78

79

Other

358

257

Total non-operating income

548

570

Interest expense

494

478

Foreign exchange losses

283

206

Other

66

284

Total non-operating expense

844

969

14,611

11,353Gain on sales of fixed assets

1031

Reversal of provision for loss on guarantees

67-

Reversal of provision for compensation losses

-

67

Other

0

Total extraordinary gain

78

98

4

0

Gross Income
Selling, general and administrative expenses
Operating Income
Non-Operating Income

Non-Operating Expense

Ordinary Income
Extraordinary Gain-

Extraordinary Loss
Loss on sales of fixed assets
Loss on disposal of fixed assets

48

143

Loss on impairment of fixed assets

98

135

Loss on sales of investment securities

0-

Loss on valuation of investment securities

370

2

Provision for compensation losses

214-

Provision for business structure improvement

267

-

Other

38

-

Total extraordinary loss

1,042

281

13,647

11,170

Income taxes (current)

5,187

3,236

Income taxes (deferred)

(204)

538

Total income taxes

4,982

3,774

8,664

7,395

(0)

(0)

8,664

7,396

Income before Income Taxes and Minority Interests

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

12

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2012(For the year ended
December 31, 2012)

FY2011(For the year ended
December 31, 2011)

Income before Minority Interests

8,664

7,395

Net unrealized holding gains on securities

(179)

270

Foreign currency translation adjustments(1,434)

3,297

(0)

(2)

(1,613)

3,565

7,050

10,960Parent company portion of comprehensive income

7,051

10,956

Minority interests portion of comprehensive income(0)4

Other Comprehensive Income

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive Income(Breakdown of comprehensive income)13

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statement of Changes in Net Assets
FY2011(For the year ended
December 31, 2011)

Amount: Millions of yen
FY2012(For the year ended
December 31, 2012)

Shareholders' Equity
Common Stock
Beginning balanceEnding balance

12,011
12,011

12,011
12,011

Capital Surplus
Beginning balanceEnding balance

18,717
18,717

18,717
18,71758,46866,278

(845)
8,664
(8)
7,810
66,278(1,945)
7,396
(3)
5,446
71,725

(804)

(788)

(0)
16
16
(788)

8
8
(780)

88,392

96,219

(845)
8,664
(0)
7
7,826
96,219(1,945)
7,396
4
5,455
101,674Retained Earnings
Beginning balance
Changes during the period
Dividend from earnings
Net income
Disposal of treasury stock
Total changes during the periodEnding balance
Treasury Stock
Beginning balance
Changes during the period
Acquisition of treasury stock
Disposal of treasury stock
Total changes during the periodEnding balance
Total Shareholders' Equity
Beginning balance
Changes during the period
Dividend from earnings
Net income
Acquisition of treasury stock
Disposal of treasury stock
Total changes during the periodEnding balance

14

HORIBA, Ltd. (Consolidated)Accumulated Other Comprehensive Income
Net Unrealized Holding Gains on Securities
Beginning balance
Changes during the period
OthersTotal changes during the periodEnding balance
Foreign Currency Translation Adjustments
Beginning balance
Changes during the period
OthersTotal changes during the periodEnding balance
Total Accumulated Other Comprehensive Income
Beginning balance
Changes during the period
OthersTotal changes during the periodEnding balance
Subscription Rights to Shares
Beginning balance
Changes during the period
OthersTotal changes during the periodEnding balance
Minority Interests
Beginning balance
Changes during the period
OthersTotal changes during the periodEnding balance
Total Net Assets
Beginning balance
Changes during the period
Dividend from Earnings
Net Income
Acquisition of Treasury Stock
Disposal of Treasury Stock
OthersTotal Changes during the PeriodEnding Balance

15

FY2011(For the year ended
December 31, 2011)

Amount: millions of yen
FY2012(For the year ended
December 31, 2012)

897

717

(179)
(179)
717

270
270
987

(5,269)(6,703)(1,434)(1,434)(6,703)

3,289
3,289
(3,413)(4,372)(5,986)(1,613)(1,613)(5,986)

3,560
3,560
(2,426)

126

186

60
60
186

58
58
245

9

40

31
31
40

2
2
42

84,15590,460

(845)
8,664
(0)
7
(1,521)
6,305
90,460(1,945)
7,396
4
3,621
9,076
99,536

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash FlowsFY2011(For the year ended
December 31, 2011)

Amount: millions of yen
FY2012(For the year ended
December 31, 2012)

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 provision for business structure improvement
Increase (decrease) in employees' retirement benefits
Increase (decrease) in directors' and corporate auditors'
retirement benefits
Increase (decrease) in provision for loss on guarantees
Increase (decrease) in provision for compensation losses
Interest 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 valuation of investment securities
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 for purchase of investments in consolidated subsidiaries
Payments of loans receivableCollection of loans receivable
Other, net
Net Cash Provided by (used in) Investing Activities

(872)
507
32
(1,908)905(4,204)
51
(226)
(136)
12
(44)
(92)
32
(200)
(6,145)(2,410)2,410
32(2,904)
2,509(6,741)
79
(712)
(147)
7
(18)
(142)
87
58
(7,891)

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
Proceeds from stock issuance to minority shareholders
Net decrease (increase) of treasury stock
Cash dividends paid
Cash dividends paid to minority interests
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
Cash and Cash Equivalents at End of Period

1,557
824
(577)
(135)
41
(0)
(847)
(6)
855
(356)
1,308
34,45935,767(2,395)
1,827
(635)
(156)
0
(1,943)(3,304)891
3,090
35,76738,85816

13,647
4,111
98
34
(40)
192
87

11,170
3,645
135
98
55
(177)
186

(26)

(26)

(67)
187
(190)
494
(21)
(5)
48
370
0
(4,080)(2,144)70
791
13,560184(519)(6,270)
6,954

(159)
(312)
478
13
(30)
143
2
4,133
40
(2,345)
1,417
18,468305(499)(4,879)13,395HORIBA, Ltd. (Consolidated)

(5) Notes related to Going Concern
None(6) Important Items Regarding the Preparation of the Consolidated Financial Statements
1. Significant changes in the scope of consolidation
HORIBA Brasil Holding, Ltda.(Brazil),HORIBA OOO(Russia) and HORIBA United States Holding,
LLC(USA) that newly established in the current fiscal year, have been included in the scope of
consolidation.
HORIBA ITECH Co., Ltd.(Japan) was merged to the Company and Genoptics S.A.(France) was merged to
HORIBA Jobin Yvon SAS(France) which is the Company’s consolidated subsidiary. Thus, these twocompanies were excluded from the scope of consolidation.
2. Number of consolidated subsidiaries after the above changes: 36(7) Changes in accounting policies(Change in method of depreciation of tangible fixed assets)
Previously, the method of depreciation for tangible fixed assets other than buildings at HORIBA, Ltd. andthree domestic consolidated subsidiaries were accounted for based on the declining balance method, but
this changed to the straight line method, which overseas consolidated subsidiaries use, from fiscal year
2012.
This change was implemented mainly for two reasons: to unify the accounting processes of the
HORIBA Group and to ensure the appropriateness of periodic earnings. First, in the case of the MidLong Term Management Plan that started in 2011, in order to further develop global management, we
adopted the development and completion of “One Company Management” as a high-priority policy, andas part of this, a unified business performance evaluation system, including overseas consolidated
subsidiaries, became necessary. Second, in view of the outcome of an investigation regarding theactual use of tangible fixed assets at HORIBA and future business development planned under the MidLong Term Management Plan, we concluded that the adoption of the straight line method would enable
expenditure to be allocated in a way that is more consistent with the actual state of asset use.
The effect of this change in fiscal year 2012 was an increase of 537 million yen each in operating income,ordinary income, and income before income taxes.
(8) Changes in method of presentation(Consolidated Statements of Income)Previously, HORIBA, Ltd. and some consolidated subsidiaries presented freight and shipping expenses
as selling, general and administrative (SG&A) expenses, but from fiscal year 2012, this method changed topresent as cost of sales.
This change was implemented mainly for two reasons. First, in the case of the Mid-Long Term
Management Plan that started in 2011, in order to further develop global management, we adopted thedevelopment and completion of “One Company Management” as a high-priority policy, and as part ofthis, a unified business performance evaluation system, including overseas consolidated subsidiaries,
became necessary. Second, as the ratio of freight and shipping expenses to overall costs has
increased, due to an increase in international transportation and higher fuel costs caused by
globalization, we concluded that making freight and shipping expenses correspond directly to sales,
including the cost of sales, would result in more appropriate disclosure of gross income.

17

HORIBA, Ltd. (Consolidated)To reflect this change in presentation method, we have rearranged the consolidated financial statements forfiscal year 2011. In the consolidated statements of income for fiscal year 2011, the amounts disclosed forcost of sales and SG&A expenses were 67,892 million yen and 40,657 million yen, respectively. However,owing to this change, these amounts have been restated as 70,259 million yen for cost of sales and 38,290
million yen for SG&A expenses.
(9) Changes in accounting estimates(Change in estimates regarding residual value of tangible fixed assets)
On the occasion of the change in the method of depreciation for tangible fixed assets, HORIBA, Ltd.
and three domestic consolidated subsidiaries revised the residual value of tangible fixed assets. As aresult, we changed to the method that entails depreciation to a residual value (1 yen) based on theactual state of asset use from fiscal year 2012.
The effect of this change in fiscal year 2012 was a decrease of 235 million yen each in operating income,ordinary income, and income before income taxes.
(10) Additional information(Application of accounting standard for accounting changes and error corrections)
The Company has applied “Accounting Standard for Accounting Changes and Error Corrections” (ASBJ
Statement No. 24, December 4, 2009) and “Guidance on Accounting Standard for Accounting Changes andError Corrections” (ASBJ Guidance No. 24, December 4, 2009) for accounting changes and/or correctionsof past errors which occur from the beginning of the fiscal year 2012.

18

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2012
1. Consolidated Financial Results

Amount: millions of yen

12/2012Result12/2011
ResultFull year

Full year

AmountNet Sales

117,609

123,456-5,847

Operating Income

11,751

14,906-3,155

10.0%

12.1%

-2.1P

11,353

14,611-3,258Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income

12/2013
Estimate

Changes fromprevious year

12/2013
Estimate

Changes fromprevious year

Full year

Amount

1st half

Amount-4.7%

130,000+12,390

60,000+3,044-21.2%

11,000

-751

3,300

-2,007

8.5%

-1.5P

5.5%

-3.8P

-22.3%

10,600

-753

3,100

-1,979

8.2%

-1.5P

5.2%

-3.7P

-14.6%

6,300-1,0961,700-1,349Changes

9.7%

11.8%

-2.1P

7,396

8,664

-1,268

Ratio

6.3%

7.0%

-0.7P

4.8%

-1.5P

2.8%

-2.6P

US$

79.81

79.80

+0.01

90.00

+10.1990.00+10.23Euro

102.55111.13-8.58

120.00+17.45120.00+16.52Net Income Ratio

2. Consolidated Segment Results
Net Sales

Amount: millions of yen

12/2012Result12/2011
ResultFull year

Full year

ChangesAmountRatio

12/2013
Estimate

Changes fromprevious year

12/2013
Estimate

Changes fromprevious year

Full year

Amount

1st half

AmountAutomotive

43,23038,678+4,552+11.8%

48,000+4,76921,000+2,424

Process&Environmental

13,70914,558

-848

-5.8%

14,000

+290

7,000

-108

Medical22,40023,485-1,085-4.6%

25,000+2,59912,500+1,458

Semiconductor

17,861

24,694-6,833-27.7%

19,000+1,1388,000-2,415

Scientific

20,40622,040-1,633-7.4%

24,000+3,593

11,500+1,686

Total

117,609

123,456-5,847-4.7%

130,000+12,390

60,000+3,044

12/2012Result12/2011
ResultFull year

Full year

Operating Income

ChangesAmountRatio

12/2013
Estimate

Changes fromprevious year

12/2013
Estimate

Changes fromprevious year

Full year

Amount

1st half

AmountAutomotive

4,412

2,834

+1,577+55.7%

3,000

Process&Environmental

1,642

2,532

-889

-35.1%

1,300

Medical

2,478

3,166

-688

-21.7%

2,800

Semiconductor

2,274

4,939

-2,664-53.9%

2,500

Scientific

943

1,433

-489

-34.2%

1,400

Total

11,751

14,906-3,155-21.2%

11,00019-1,412

300

-434

-342

500

-521

+321

1,300

-99

+225

600

-1,334

+456

600

+381

-751

3,300

-2,007

HORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination

Amount: millions of yen

12/2012Result12/2011
ResultFull year

Full year

AmountRatio

43,23038,678+4,552+11.8%

Japan

15,051

14,672

+378

+2.6%

Asia

12,524

7,379+5,145+69.7%

Automotive

Changes

12/2013
Estimate

Changes

12/2013
Estimate

Changes

Full year

Amount

1st half

Amount+4,76921,000+2,424

15,500

+448

6,700

-1,533

13,600+1,0756,400+2,43848,000Americas(*)

5,346

4,989

+356

+7.1%

6,700

+1,353

2,900

+668

Europe10,308

11,636-1,327-11.4%

12,200+1,891

5,000

+851

13,70914,558

-848

-5.8%

14,000

+290

7,000

-108

Japan

9,268

10,447-1,178-11.3%

9,000

-268

4,800

-223

Asia

1,850

1,643

+206

+12.6%

2,000

+149

800

+28

Americas(*)

996

809

+187

+23.2%

1,200

+203

500

-43

Process&Environmental

EuropeMedical

1,593

1,657

-64

-3.9%

1,800

+206

900

+130

22,40023,485-1,085-4.6%

25,000+2,59912,500+1,458

Japan

5,281

5,435

-153

-2.8%

5,500

+218

2,800

+153

Asia

2,882

2,704

+177

+6.6%

3,500

+617

1,700

+331

Americas(*)

5,333

6,019

-685

-11.4%

6,000

+666

3,000

+348

Europe

8,902

9,326

-423

-4.5%

10,000+1,097

5,000

+624

17,861

24,694-6,833-27.7%

19,000+1,1388,000-2,415

9,120

11,244-2,124-18.9%

9,000

-120

4,000

-1,357

Semiconductor
Japan
Asia

5,268

5,998

-729

-12.2%

5,500

+231

2,500

-587

Americas(*)

2,377

3,656

-1,278-35.0%

3,000

+622

1,000

-363

EuropeScientific
Japan

1,095

3,795

-2,699-71.1%

1,500

+404

500

-107

20,40622,040-1,633-7.4%

24,000+3,593

11,500+1,686

7,055

7,186

-131

-1.8%

7,600

+544

4,000

+333

Asia

3,744

4,567

-822

-18.0%

4,700

+955

2,100

+133

Americas(*)

4,086

4,493

-407

-9.1%

5,300

+1,213

2,400

+586

Europe

5,520

5,791

-271

-4.7%

6,400

+879

3,000

+632

-5,847-4.7%

60,000+3,044

Total

117,609

123,456

130,000+12,390

Japan

45,77748,986-3,209-6.6%

46,600+822

22,300-2,627

Asia

26,27022,293+3,977+17.8%

29,300+3,02913,500+2,344

Americas(*)

18,14019,969-1,828-9.2%

22,200+4,0599,800+1,195

Europe27,421

32,207-4,786-14.9%

31,900+4,47814,400+2,132(Note) Americas includes all countries in North America and South America.

4. Capital Expenditures, Depreciation and R&D Expenses

Capital Expenditures (*)

Amount: millions of yen

12/2012

12/2011

12/2013

ResultResultEstimate

7,882

4,670

6,500

Depreciation

3,743

4,146

4,500

R&D Expenses

10,092

10,06011,000(Note) Capital Expenditures are investments in tangible and intangible fixed assets.

20

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

Amount: millions of yen

12/2012 Result

Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income

12/2011 Result

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

29,522
3,627

27,432
1,680

25,8891,748

34,765
4,695

29,3083,108

30,723
3,689

27,6142,880

35,810
5,200

12.3%

6.1%

6.8%

13.5%

10.6%

12.0%

10.4%

14.5%

3,555

1,523

1,597

4,676

3,077

3,696

2,604

5,201

12.0%

5.6%

6.2%

13.5%

10.5%

12.0%

9.4%

14.5%

2,771

2,141

908

1,027

3,319

2,157

2,120

1,616

Net Income Ratio

7.3%

3.3%

4.0%

9.5%

7.4%

6.9%

5.9%

7.7%

US$
Euro

79.35
104.1480.19
102.82

78.63
98.20

81.07
105.0482.31
112.6681.71
117.4277.75
110.0977.43
104.35

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

Amount: millions of yen

12/2012 Result

12/2011 Result

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

9,185
4,106
5,543
5,508
5,178
29,522

9,390
3,002
5,497
4,907
4,635
27,432

9,343
3,005
5,451
3,614
4,474
25,88915,311
3,596
5,907
3,831
6,119
34,765

8,268
2,917
5,774
6,971
5,376
29,308

8,844
3,346
6,220
7,485
4,826
30,723

7,133
3,810
5,746
5,588
5,336
27,614

14,431
4,483
5,744
4,649
6,501
35,810

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

562
893
746
1,210
215
3,627

171
128
652
724
2
1,680

731
223
577
145
71
1,748

2,947
398
501
194
653
4,695

357
246
795
1,520
188
3,108

450
409
1,024
1,767
37
3,689

120
813
675
932
338
2,880

1,897
1,059
667
711
865
5,200

12/2012 Result

12/2011 Result

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

12/2012 Result

12/2011 Result

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

12,348
3,933
6,031
5,372
5,502
33,188

10,148
3,211
5,299
4,532
4,526
27,71812,446
3,074
5,402
4,077
4,526
29,527

12,223
3,367
6,258
3,901
5,762
31,513

11,391
2,891
6,449
7,502
6,195
34,43010,822
4,088
6,150
7,377
4,733
33,172

8,366
3,731
5,522
4,466
5,082
27,16913,083
4,085
5,641
4,965
5,734
33,509

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

27,755
2,525
2,562
1,597
5,603
40,04328,512
2,734
2,364
1,223
5,495
40,33031,616
2,804
2,314
1,685
5,547
43,96828,527
2,575
2,665
1,755
5,190
40,71522,728
2,433
2,471
2,648
6,393
36,67524,707
3,174
2,402
2,539
6,300
39,12325,940
3,095
2,178
1,418
6,047
38,67924,591
2,697
2,075
1,733
5,279
36,377

12/2012 Result

12/2011 Result

21

HORIBA, Ltd. (Consolidated)8. Non-Consolidated Financial Results

Amount: millions of yen

12/2012Result12/2011
ResultFull year

Full year

Amount

Ratio

Operating Income

53,526
5,051

51,902
5,651+1,623-599-10.6%Net Sales

Changes

Operating Income Ratio

9.4%

10.9%

-1.5P

Ordinary Income

7,261

8,278

-1,016

Ordinary Income Ratio

13.6%

15.9%

-2.3P

5,636

5,541

+94

10.5%

10.7%

-0.2P

Net Income
Net Income Ratio+3.1%-12.3%+1.7%

12/2013
Estimate
Full year

Changes

12/2013
Estimate

ChangesAmount

1st Half

Amount53,000
4,500

-526
-551

24,2001,100-2,845-1,556

8.5%

-0.9P

4.5%

-5.3P

5,500

-1,761

2,100-2,805

10.4%

-3.2P

8.7%

-9.4P

4,000

-1,6361,700-2,313

7.5%

-3.0P

7.0%

-7.8P

Contact
Eita Uesugi, Corporate Controlling Dept., HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: eita.uesugi@horiba.com

22

HORIBA, Ltd. (Consolidated)