Financial Information
HORIBA, Ltd.
March, 2021
© 2021 HORIBA, Ltd. All rights reserved.

1

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

2

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

3

Review of 2020

External
Events Economic contraction, driven by COVID-19 impacts
 Sluggish capital investment and accelerated investment inelectrification by the automobile industry
 Increased investment in semiconductor production equipment due
to increased demand for data transmission
 Heightened interest in life science

Internal
Events Continued business activities as much as possible despite the
COVID-19 restrictions on public movement in various countries
 Continued growth investment mainly in Japan, China and Europe
 Promoted use of the “Good Place work system,” which wasdeveloped from the work-at-home system, and the online
communication tool

© 2021 HORIBA, Ltd. All rights reserved.

4

2020 Results(Billions of Yen)

2020

2019
Results

Forecast(as of Nov. 12)

Results

vs
2019

vs
Forecast(as of Nov. 12)

188.0
16.0

187.0
19.6

-13.1

-0.9

Operating Profit

200.2
20.9

-1.2

+3.6

O.P.%

10.4%

8.5%

10.5%

＋0.1p

＋2.0p

Ordinary Profit

20.5

15.0

19.3

-1.1

+4.3

Net Income attributableto Owners of Parent

15.4

10.5

13.1

-2.2

+2.6

USD/JPY

109.03122.03107.00120.00106.76121.88

-2.27

-0.24

-0.15

+1.88

Sales

EUR/JPY© 2021 HORIBA, Ltd. All rights reserved.

5

2020 Results by Segment(Billions of Yen)

Operating Profit

Sales
2020

2019

:Record-highResults

Forecast(as of Nov. 12)

Results

2020

2019
vs
2019

vs
Forecast

Results

Forecast(as of Nov. 12)

Results(as of Nov. 12)

vs
2019

vs
Forecast(as of Nov. 12)

Auto

81.0

67.0

63.9

-17.1

-3.0

6.4

0.5

2.4

-3.9

+1.9

P&E

19.5

18.0

18.3

-1.1

+0.3

1.6

1.0

1.6

-0.0

+0.6

Medical

25.3

21.0

21.0

-4.3

+0.0

1.3

-0.5

-0.4

-1.7

+0.0

Semi

47.1

55.5

56.9

+9.7

+1.4

10.7

14.0

14.0

+3.3

+0.0

Scientific

27.1

26.5

26.8

-0.3

+0.3

0.7

1.0

1.9

+1.2

+0.9

Total

200.2

188.0

187.0

-13.1

-0.9

20.9

16.0

19.6

-1.2

+3.6

© 2021 HORIBA, Ltd. All rights reserved.

6

2020 Results (B/S, CF)

B/S

Total assets were ¥328.0bn, up ¥12.9bn, by establishingsome bases and financing
Equity ratio: 54.3%(compared to the end of Dec. 2019)

CF

Operating CF: Cash in ¥32.2bn due tooperating profit
Free CF: + ¥18.2bn
Investing CF: Cash out ¥14.0bn due tocapital investments
Financial CF: Cash in ¥0.8bn due tobond redemption and long-term financing© 2021 HORIBA, Ltd. All rights reserved.

7

Assumptions Regarding Market Environment
GeneralAutomotive
Process &Environmental

Medical
Semiconductor

Scientific

Despite growing expectations of containment of spread of COVID-19, the socialand economic outlook remains uncertain.
Expect stagnant R&D investment demand to recover.
Electrification and autonomous driving technology development are expectedto accelerate.
Environmental regulation-related demand remains strong, and the Asian market
expands centered on air and water quality measurement.
The crude oil processing market is likely to remain uncertain.
The market environment is difficult to forecast due to uncertainty about when the
spread of COVID-19 will be contained.

Capital investment by semiconductor manufacturers stays at a high level.
Monitoring demand will increase in the medium term due to technological evolution ofsemiconductor manufacturing process.
Expect a recovery in R&D and capital investment by the corporate sector.
Anticipate an increase in demand in the semiconductor and life science market.

© 2021 HORIBA, Ltd. All rights reserved.

8

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

92021 Forecast(Billions of Yen)

2019

2020

Results

Results

2021

Forecast

vs
2020

+12.9

19.6

200.0
20.0

10.4%

10.5%

10.0%

▲0.5p

Ordinary Profit

20.5

19.3

+0.1

Net Income attributableto Owners of Parent

15.4

13.1

19.5
13.5

Net profit per share (Yen)

367
9.3%

312
7.6%

319
7.4%

+7

Sales

200.2

187.0

Operating Profit

20.9

O.P.%

ROE
© 2021 HORIBA, Ltd. All rights reserved.

+0.3

+0.3

-0.2p
10

2021 Forecast by Segment(Billions of Yen)

Sales
2020

Results

Operating Profit

2021

Forecast

2021

2020
vs
2020

Results

Forecastvs2020:Record-highAutomotive

63.9

64.0

+0.0

2.4

1.0

-1.4

Process &Environment

18.3

21.0

+2.6

1.6

1.5

-0.1

Medical

21.0

25.0

+3.9

-0.4

0.5

+0.9

Semiconductor

56.9

61.0

+4.0

14.0

15.5

+1.4

Scientific

26.8

29.0

+2.1

1.9

1.5

-0.4

Total

187.0

200.0

+12.9

19.6

20.0

+0.3

© 2021 HORIBA, Ltd. All rights reserved.

11

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

12Automotive

2020 Results and 2021 Forecasts

2020 Results

1: Mechatronics(Billions of Yen)

2021 Forecasts

2: Engineering Consultancy & Testing Affected by stagnant corporate activities owing to the spread of
COVID-19【EMS, MCT1】
Delayed product shipment and acceptance, limited sales activities
Affected by stagnant capital investment by automotive related
manufactures【ECT2】
Stagnate operations due to COVID-19 restrictive measures

Sales and O.P. (Half Year/Full Year)【EMS】
Expect a recovery in automakers’ sluggish capital investment【MCT】
Expect a sales increase due to accelerated investment in electrified
vehicles by automotive-related manufacturers【ECT】
Business is likely to expand by accelerating technological developments
related to connected, autonomous driving, and vehicle security

Sales by Region
Sales
O.P

© 2021 HORIBA, Ltd. All rights reserved.

13

Process &Environmental

2020 Results and 2021 Forecasts(Billions of Yen)

2021 Forecasts

2020 Results

 Expect a recovery from the sluggish economic activity, causedby the spread of COVID-19【Stack Gas Analyzer, Air Quality Monitoring】
Expect to acquire orders, driven by tighter environmental
regulations in Asia
【Water Quality】
Expect solid sales to the clean water and electronics industries inJapan and Asia

 Public spending demand was solid but affected by stagnationof corporate activities owing to spread of COVID-19【Gas Monitoring, Water Quality】
Solid regulation-related demand, especially in the public sector【Water Quality】
Strong demand for environmental equipment for the electronic
industry

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

© 2021 HORIBA, Ltd. All rights reserved.

14

Medical2020 Results and 2021 Forecasts(Billions of Yen)

2021 Forecasts

2020 Results

 Expect containment of spread of COVID-19 and thereby a recovery
in the number of patients visiting hospitals
 Will start supply of hematology analyzers to Siemens and expect
profit contribution over the medium to long term
 Through the acquisition of MedTest, seek to strengthen the reagent
production function of the clinical chemistry business in the US, andto expand the business over the medium to long term Decline in sales, caused by a decline in the number oftests performed at hospitals, as the spread of COVID-19
led to a decrease in the number of patients who visit
hospitals

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

© 2021 HORIBA, Ltd. All rights reserved.

15

Semiconductor

2020 Results and 2021 Forecasts

2020 Results(Billions of Yen)

2021 Forecasts

 Increase in demand for semiconductors, associated with the
expansion of telework and digital business Increase in sales to semiconductor production equipment
manufacturers, in response to a recovery of semiconductor
manufacturers’ capital investment

 Continue to expect sales to semiconductor production equipment
manufacturers are expected to increase, in response to a growthof semiconductor manufacturers' capital investment driven by anincrease in demand for semiconductors
 Expect an increase in various monitoring requirements, as the
manufacturing process becomes more complicatedSales and O.P. (Half Year/Full Year)Sales by Region
Sales
O.P.

© 2021 HORIBA, Ltd. All rights reserved.

16

Scientific2020 Results and 2021 Forecasts(Billions of Yen)

2021 Forecasts

2020 Results

 Expect a recovery in R&D and capital investments,
which were stagnant in 2020
 Expect further increase in demand in the life sciencefield such as pharmaceuticals

 Decrease in sales mainly due to the stagnant corporate
activities affected by the spread of COVID-19
 Increase in demand for optical components fromsemiconductor production equipment manufacturers and forlife science devices
 Operating income increased due to reduction in selling andother expenses

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

© 2021 HORIBA, Ltd. All rights reserved.

17

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

18

HORIBA’s Contribution to Social Issues
Business Expansion in Response to Various Social Issues
1. Market Oriented BusinessTo develop analysis and measurement solutions, utilizing HORIBA’s core technologies,
in the leading three business fields of the mega trend

Energy & Environment

Bio & Healthcare

Materials & Semiconductor

Three Fields

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

3. HORIBA Core Values “The Next Stage of Super Dream Team”
Mid-Long Term Management Plan ”MLMAP2023”© 2021 HORIBA, Ltd. All rights reserved.

19

Developing the Sensing Technology
for the Semiconductor Market

MLMAP2023
Market Oriented Business
Materials & Semiconductor

Promote Optical Smart Sensing Technology
 From the perspective of the Optical Smart Sensing (OSS) technology, utilize various sensing technologies
owned by the HORIBA Group globally to aggressively launch applications in the semiconductor market.
 Established a department specialized in OSS at HORIBA STEC, a main group company of thesemiconductor business.
Mass Flow
Controller

ChemicalConcentration Monitor【Perspective of Utilization of Optical Smart Sensing Technology】
 Contribution to productivity improvement in semiconductor manufacturing processes
 Use of big data in the process control of semiconductor manufacturing equipment

In-situ Measurement Devices

Process Gas
MonitorEstablished the business for thesemiconductor market© 2021 HORIBA, Ltd. All rights reserved.

End-point
MonitorGas Monitor

Measurement Equipment Used in a Wide
Range of Applications

Particle Detection
Systems

X-ray Fluorescence
Analyzers

Spectroscopic
Ellipsometry

Intend to develop as a new business for the semiconductor market
20

Development of Healthcare Business<Medical Business>

MLMAP2023
Market Oriented Business
Bio & Healthcare

Expand Business in the US by Acquiring MedTest
Engaged in R&D and production of a wide range of biochemical
reagents. Possesses the application development function, which is
combined with equipment.
Established a system that complies with FDA1 regulation, which
requires world-class rigorous quality systems
1: Food and Drug Administration

Canton, Michigan, USA

Company
name:MedTest Holdings Inc.

Established:

2011

Sales:

Approx. 1.3 bln yen (Preliminary figure for 2020)

Workforce:

52（Group）

Contract date:

January 28, 2021

Applies to 4 affiliated companies

Accelerate reagent production
and application developmentin the biochemistry-related
fieldsStrengthen the R&D structure
in Japan, France and the US

USA
Strengthening
the medical
business

Aiming for further business expansion in the IVD2 field© 2021 HORIBA, Ltd. All rights reserved.

2IVD: In Vitro Diagnostics

21

Business Expansion
in the Pharmaceutical Industry

MLMAP2023
Market Oriented Business
Bio & Healthcare

Contribution in a Wide Range, from R&D to Production Processes
Pharmaceutical process evaluation

Analysis of exosomes1 in blood

Highly-sensitive and rapid microbial
contamination inspection

Process Raman System

Nanoparticle Measurement
Instrument

Microbial Rapid
Inspection Device

Analytical Probe &Microscopic Raman

ViewsizerTM
3000
1: Exosomes: Granular materials, diameter
50-150nm, secreted by various cells

Probe

Probe
Probe

Bioreactor© 2021 HORIBA, Ltd. All rights reserved.

 Reactor monitoring in thepharmaceuticalmanufacturing process• API concentration, crystal
polymorph monitoring• Control of hydrates, etc.

RapicaInspection for vaccine shipping

Quantitative analysis of medicinal
ingredients in tablets

Fluorescence Analyzer

Transmission Raman
Spectrometer

Aqualog22

Hydrogen Energy Society and HORIBAMLMAP2023
Market Oriented Business
Energy & Environment

Hydrogen Energy: "Clean," "Storable and Transportable," and "Inexhaustible"
Hydrogen Smartly
 Production

 Storage
rf-GD-OES1 (GDS)
Evaluate thehydrogen
distribution during
plating. Identify therelease of hydrogen

Evaluator
EC/ES
Control thetemperature andflow volume ofwater and evaluate
the performanceand efficiency ofwater electrolysis
cells up to 5000 kW.

Water Electrolysis Cell
Performance Evaluation

1: Radio Frequency Glow
Discharge OpticalEmission Spectrometry

Hydrogen Embrittlement Evaluation

A wide range of coverage
from demonstration experiments to practical use

 Use
Evaluator
EC/ES
Meet the fuel cell
test requirements of
the R&D stage andconduct
performance
evaluation andcycle evaluation

Fuel Cell System Evaluation

Please see the link to the website for other products (Japanese only).
https://www.horiba.com/jp/corporate-news/events/horiba-showcase/wsew/2020/corner/fc-expo/

Established the Hydrogen Energy Project
 "Hydrogen Energy Project,” a cross-organization consisting of five existing businesses, was established in order to strengthen efforts in thehydrogen-related market.
 Aiming to contribute to a hydrogen energy society by using HORIBA's core technology in capturing various aspects of hydrogen© 2021 HORIBA, Ltd. All rights reserved.

23

MLMAP2023
Market Oriented Business

Vehicle Electrification and HORIBA

Energy & Environment

Provide Total Solution for the Vehicle Development – from Internal Combustion Engine to Electrification
Vehicle type

R&D Technology requirement
VehicleDrivetrain

EngineEngine✔

✔

✔

(HEV) Hybrid Electric Vehicle

Engine + Motor

✔

✔

✔

✔

(PHEV) Plug-in Hybrid Electric Vehicle

Motor + Engine

✔

✔

✔

✔

(FCEV) Fuel Cell Electric Vehicle

Motor

✔

✔

✔

(BEV) Battery Electric vehicle

Motor

✔

✔

✔

(ICE)

Electrified
VehiclePowertrain

Internal Combustion Engine Vehicle

VehicleDrivetrain

EngineBatty/Fuel cell

Battery/Fuel Cell

Measurement
Analyzer

Testing
Procedures

Engineering

HORIBA's Technologies© 2021 HORIBA, Ltd. All rights reserved.

24

Established Vehicle Development Center forConnected and Autonomous

MLMAP2023
Market Oriented Business
Energy & Environment

Comprehensive Support from Design to feasible verification of vehicle
Comprehensive R&D and Engineering facilities(Open in Mar. 2021)
Support vehicle developmentfrom four aspects

PHYSICALCOMMUNICATION

Test course for the limit ofcontrollability at high speed

Test course for urban environment

SIMULATIONENABLERS© 2021 HORIBA, Ltd. All rights reserved.

Validation area for automatedvalet parking

Test course for public roadenvironment

25

Initiatives for Open Innovation

MLMAP2023
Market Oriented Business
Energy & Environment/Materials & Semiconductor

Collaborate with Academia Globally
HORIBA & University of California, Irvine A new research institute supported by HORIBA will start
operation soon.
 Consists of four labs: "Vehicle Evolution," "Grid Evolution," "Connected andAutonomous Mobility," and “Energy-related Materials Research (Analytic)"
 Work on research themes that cross the fields of mobility and energy

HORIBA Institute for Mobility and Connectivity

HORIBA & National Institute ofAdvanced Industrial Science and Technology (AIST) Established "HORIBA Institute for Particle Analysis
in AIST TSUKUBA"
 Through open innovation, aim for practical application of its world-class particle measurement system that contributes to thedevelopment of nano-materials

HORIBA Institute for Particle Analysis
in AIST TSUKUBA<HIPAA>A system for accurate, easymeasurement of minuteparticles, such as PM2.5

Promote innovation for next-generation mobility
and urban energy networks© 2021 HORIBA, Ltd. All rights reserved.

A system for analysis andevaluation of advanced
materials, such as carbon
nanotubes

Immediately utilize cutting-edge research
directly linked to industry for business
26

Opened a Production Base forAdvanced Spectroscopic Technology in Europe

MLMAP2023
Market Oriented Business
Materials & Semiconductor

Leading the Market as an Advanced Company in Spectroscopic Technology
 Relocated an R&D and production base in Lille, France and doubled thebuilding area.
 Strengthened spectroscopic technology engineering and production
functions.
 Expanded the target market to a wide range of fields from semiconductors
to pharmaceuticals and drug discovery, and cells and genes.

Increased importance of the bio-lifescience field
Rising demand in spectroscopic
analysis technology and equipment

Location:
LabRAM Soleil

Strengthened functions and realized
development and supply of higher
quality products.
© 2021 HORIBA, Ltd. All rights reserved.

【Raman Spectrometers】
Use for analysis of material
composition and molecular
structure

Premises of HORIBAFRANCE SAS（Lille, France ）Workforce: 106 (as of Jan. 2021)
Investment: Approx. 1.3 billion yen
27

Aim to Establish New Business Model

MLMAP2023
Solution Provider
Beyond Life Cycle Management

Built New Headquarters for HORIBA TECHNO SERVICE Functions as the forefront of
the sales division that createsa continuous use cycle for
HORIBA products
 Opened ”Analytical Solution
Plaza” to propose totalsolutions including analysis(relocated from and expanded
the former HORIBA Analytical
Laboratory).

Start of operation in Feb. 2021
Total cost: Approx. 3.8 billion yen

MLMAP2023

Maintenance services using
Operating data

Consulting Using
Measurement Data

Aiming for establishing a business model centered on solutions proposals and data management© 2021 HORIBA, Ltd. All rights reserved.

28

Participation in the HAYABUSA2
Sample Analysis Project

MLMAP2023
Solution Provider
Beyond Life Cycle Management

Participation in the Initial Analysis Project Six international teams are conducting initial analysis of samples takenfrom the asteroid, Ryugu.
 HORIBA TECHNO SERVICE, which specializes in high-precision
microanalysis, belongs to the chemical analysis team.
 Analysis, using a fluorescent X-ray analyzer, is scheduled to begin in
June 2021 at the "Analytical Solution Plaza“ in the new building（Illustrated by Akihiro Ikeshita）【X-ray fluorescence analysis】• Analyze the constituent elements andcomposition ratio of a substance from the energy
and intensity of fluorescent X-rays generated
when a sample is irradiated with X-rays.
• One of the HORIBA’s core technologies(From right) Dr. Hisayoshi Yurimoto, Leader of Chemical
Analysis Team and Professor of Hokkaido University
Mr. Hiroo Chihara, President, HORIBA TECHNO SERVICE【Asteroid Ryugu】• An unknown rock, located 340 million kilometersfrom the earth.
• Ryugu retains information on the early formation
stages of solar system and is considered to be an
asteroid rich in organic matter and water.
• Hayabusa2 took 5.4 grams sample from theasteroid.

Expect elucidation of the mystery of the origin of asteroids, the birth of the solar system, and the birth of life
© 2021 HORIBA, Ltd. All rights reserved.

29

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

30

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

Basic policy

Dividends per share and Share buybacks

 2019 Results 130yen [Interim 50yen/Year-end 80yen] 2020 Results 90yen [Interim 30yen/Year-end 60yen] 2021 Forecast 90yen [Interim 30yen/Year-end 60yen]
Per-share dividend
Ordinary Div. (yen)200Commemorative Div. (yen)Total Return Ration (%)

60.0%

44.0%
150

Share Buyback

29.0%

100
17.0%
50

0

145

Share Buyback

18.0%

17.0%

19.0%

16

26

05'3

06'3

06'12

39
2007

44
2008

© 2021 HORIBA, Ltd. All rights reserved.

13

17

2009

2010

116

10
40

35.4%

40.0%
28.8%

27.4%

28.1%

27.6%
50

9.0%

3
25

30.0%

26.8%

20.0%

17.0%

28

28.2%

20
30.6%

40

60

67

70

125

20.0%

130
90

85

90

0.0%
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021 (F)31

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

32

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

2019

2020

Jan. – Dec.

Jan. – Dec.

20.91

Decrease
Sales-10.81

Decrease
Cost of Goods
Sales

Exchange
Impact for
Gross Profit

Exchange
Impact for
Expenses

+6.14

-1.51

+0.53

+0.59

-4.66

Exchange
Impact-0.98

Decrease
Expenses

Decrease
Gross Profit

Decrease
R&D Cost

Decrease
Other
Expense

19.69

+3.82
+4.42

Decrease Operating Profit -1.22© 2021 HORIBA, Ltd. All rights reserved.

33

Consolidated Cash Flows(Billions of Yen)

2020

2019

Variation

Cash flows from operating activities

+32.2

+26.6

+5.6

Cash flows from investing activities

-14.0

-12.3

-1.6

Cash flows from financing activities

+0.8

+19.2

-18.3

Cash and cash equivalents at end of year

114.1

96.0

+18.0

Free cash flows

+18.2

+14.2

+3.9

© 2021 HORIBA, Ltd. All rights reserved.

34

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

Cash Balance
Total Loan Balance

77.0

70.3

Bond
redemption¥15.0bn(2026)

44.0

42.0
Cash
58.9

*

Bonds
15.0

Long
18.7
Short 8.3

2017
239％
57％

Cash*
63.6

Cash*
95.6

Bonds
45.0

Bonds
15.0

Long
17.0
Short 12.0

Long
16.8
Short 8.4

Cash*
114.5

Bonds
30.0

Long
37.5

¥15.0bn(2029)

Borrowed fromBanks
¥15.1bn(redemption 2022)

Short 9.5

¥20.0bn(redemption 2030)

2018
246％
58％

2019
245％
54％

2020
308％
54％

Current ratio
Capital ratio

・Recent issuer rating: R&I “A” (Sep. 2020), JCR “A+” (Aug. 2020)© 2021 HORIBA, Ltd. All rights reserved.

35

Exchange Rate
2019

2020

2021

Results

Results

Forecast

USD

109.03106.76105.00vs2020- 1.76EUR

122.03121.88125.00+ 3.12

1 yen O.P. sensitivity for 2021 forecast (Yen appreciation)
USD -0.26 billion yen
EUR -0.00 billion yen© 2021 HORIBA, Ltd. All rights reserved.

36

Impact of Fluctuation in Foreign exchange

Exchange rate impact
for 2021 Forecast

Exchange rate impact
Sales -¥1.31bn O.P. -¥0.98bn
2020

vs 2019

Decrease Sales
Decrease Cost of Goods Sales
Decrease Expenses
Impact to Operating Profit
(Yen)
USD
EUR

2019
109.03122.03© 2021 HORIBA, Ltd. All rights reserved.

2020
106.76121.88(Billions of Yen)

- 1.31+ 6.97+ 4.96- 0.98
Diff.
-2.27
-0.15

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

USD
EUR

Sales
-¥0.49bn-¥0.33bn

Operating Profit
USD-¥0.26bn
EUR-¥0.00bn
(Yen)
USD
EUR

2021 Forecast
105.00125.0037

Capital Investment, Depreciation, R&D
2019

2020

2021

Last

Results

Forecast

Results(Billions of Yen)vs '19vs LastForecast

Forecastvs '20(as of Nov. 12)

12.8

17.5

15.1

+2.3

- 2.3

16.5

+1.3

8.7

9.5

9.6

+0.8

+0.1

10.5

+0.8

R&D expenses

16.2

16.0

15.5

- 0.6

- 0.4

17.0

+1.4

to net sales(%)

8.1%

8.5%

8.3%

Capex
Depreciation andamortization

2021
Topics

8.5%

PP&E:
Continuation: investment to HORIBA FuelCon’s new facility, a new facility in China, etc.
New: enhance the base of global production© 2021 HORIBA, Ltd. All rights reserved.

Contents
 2020 Results 2021 Forecast Outlines by Business Segment
 Topics – HORIBA’s Contribution for Social Issues
 Shareholder Return Financial Data Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

39

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

Automotive（34%）

Emission Measurement
Systems

Process &Environmental

MedicalDiagnostics

（10%）

（11%）

Stack Gas Analyzers

Automatic Blood Cell
Counters plus CRP© 2021 HORIBA, Ltd. All rights reserved.

Semiconductor

Scientific

（31%）

（14%）

Mass Flow Controllers

Raman Imaging Device

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

Americas

Europe

Asia

Japan

15%

21%

33%

31%

Asia

Japan

18%

38%

Employee headcount by region

Americas(as of Dec 2020)

Europe11%

33%

Number of companies（as of Dec 31, 2020)© 2021 HORIBA, Ltd. All rights reserved.

49

Overseas sales ratio（as of Dec 2020)

69%

Foreign employee ratio（as of Dec 31, 2020)

62%

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

1997
Jobin Yvon

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

2015
MIRA （UK）【Automotive】

2018
FuelCon（Germany）【Automotive】

187.0 billion yen

Trends in consolidated sales

Six-fold growth in corporate scale in 30 years

1990

2000
© 2021 HORIBA, Ltd. All rights reserved.

2010

2020
42

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

New Material
Development
Secondary battery
Biomaterial
Steel and ceramics

Planetary probe
Auroral analysis

IT Infrastructure

Health and Security

IoT, Cloud, 5G
Automation informatics

Semiconductor device
Solar panels
Petrochemical plant

Manufacturing Process
Semiconductor device
Solar panels
Petrochemical plant

Water Quality
Management

Global Environment
Conservation

Monitoring system
Compliance with
waste water regulations

Monitoring air pollution
Renewable energy/power plant
Greenhouse gases© 2021 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance© 2021 HORIBA, Ltd. All rights reserved.

44