Summary of Consolidated Financial Statements for the Nine Months ended September 30,2012(Japanese GAAP)
November 6, 2012
Company name
Listing code

HORIBA, Ltd.
6856

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

Representative
Contact

Atsushi Horiba, Chairman, President and CEO
Fumitoshi Sato, Managing Director

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

1. Consolidated Results for the Nine Months Ended September 30, 2012 (January 1, 2012 - September 30, 2012)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income%

Millions of yen%

Nine months ended 9/30/12
82,844
7,056 -27.3
6,676 -29.0-5.5
Nine months ended 9/30/11
87,646
9,706
9,410
6.0
24.9
21.5
(Note) Comprehensive Income: FY2012Q3 4,046 million yen (-6.1%), FY2011Q3 4,309 million yen (-%)

Millions of yen

4,076
5,893

-30.8
17.7

Net Income per Share
Yen

Nine months ended 9/30/12
Nine months ended 9/30/11

Millions of yen%%

Millions of yen

Net Income per Share(Diluted)
Yen

96.38
139.3696.11
139.05

Total Assets

Net Assets(2) Consolidated Financial Position

Millions of yen

Shareholders'Equity Ratio

Millions of yen%

As of 9/30/12
92,622
141,543
65.2
As of 12/31/11
90,460144,649
62.4(Reference) Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries
As of September 30, 2012: 92,337 million yen; As of December 31, 2011: 90,232 million yen.
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter
Yen

Year end
Yen

Total

Yen

Yen

Year ended 12/31/11
9.00
31.00
40.00
－
－
15.00
Year ending 12/31/12－－
Year ending 12/31/12
31.00
46.00
(Forecast)(Note) Changes in the latest dividend forecasts released: Yes
As HORIBA, Ltd. will celebrate the 60th anniversary of its foundation on January 26, 2013, it plans to pay acommemorative dividend of 10 yen per share. Thus, the year-end dividend per share for fiscal 2012 is projected to be 31
yen, after combining the commemorative dividend of 10 yen with the ordinary dividend of 21 yen.
3. Consolidated Forecast for the Year Ending December 31, 2012 (January 1, 2012 - December 31, 2012)(Percentages represent changes from the previous fiscal year)

Operating Income

Net Sales
Millions of yen%

Millions of yen

Ordinary Income%

Net Income
per Share

Net Income

Millions of yen%

Millions of yen%

10,500

-28.1

6,600

-23.8

11,000 -26.2
117,000
Full year-5.2(Note) Changes in the latest business forecasts released: Yes1

Yen

156.04

HORIBA, Ltd. (Consolidated)

Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries that caused a change in the scope of consolidation): None
(2) Application of the accounting method specific to quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates and retrospective 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 "2.Summary Information (Notes)" on page 7 for further details.
(4) Number of shares outstanding (common stock)① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during the nine months ended FY2012 and FY2011

September 30, 2012
42,532,752
235,583

December 31, 2011
42,532,752
238,083Jan. - Sep. 2012
42,297,142

Jan. - Sep. 2011
42,293,017

Note 1. Indication regarding implementation status of quarterly review procedures
These quarterly financial statements have not been prepared for the purpose of quarterly review procedures
pursuant to the Financial Instruments and Exchange Act (FIEA). Review procedures for quarterly financial statements
were in the process of being implemented as of the release of these quarterly financial statements.
Note 2. Appropriate use of business forecasts and other important information
The business forecasts stated herein are based on information currently available and certain assumptions 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 page 4, "1. (2)Qualitative Information Concerning Consolidated Earnings Forecasts for Fiscal 2012".

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Qualitative Information Concerning Consolidated Operating Results(For details, see page 12-14, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Nine Months
Ended September 30, 2012”)

During the nine months ended September 30, 2012 (the third quarter on a cumulative basis), theJapanese economy recovered moderately in the first half mainly on the back of demand for recovery
from the Great East Japan Earthquake. Since the summer, however, the economy began to weaken,
reflecting the prolonged yen appreciation and the slowdown in the global economy. With regard to theglobal economy, the impact of the European debt crisis widened and signs of a slowdown expanded
mainly in Europe and the United States, while the economy in China and India, which had recorded thestrong growth, began to taper off.
The Japanese yen kept strong level during the period. The average exchange rates for the nine months
from January to September 2012 were 79.39 yen per U.S. dollar and 101.72 yen per euro, marking
respective increases of 1.5% versus the U.S. dollar and 11.5% versus the euro, compared to the same
period of last year.
Under these conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “theHORIBA Group” or “HORIBA” as a consolidated group) posted increased sales in the Automotive Test
Systems segment in response to a recovery in capital investment and R&D investment in the automobile
industry. In contrast, sales decreased significantly in the Semiconductor Instruments & Systems segment
due to a decline in capital investment at manufactures of silicon semiconductors, solar cells, and lightemitting diodes (LEDs), while owing to the strength of the yen, overseas sales declined in the MedicalDiagnostic Instruments & Systems segment and the Scientific Instruments & Systems segment. As aresult, consolidated net sales decreased by 5.5% from a year earlier to 82,844 million yen.
On the profit aspect, profits increased in the Automotive Test Systems segment but fell sharply in the
Semiconductor Instruments & Systems segment due to a drop in sales. Profits also declined in theProcess & Environmental Instruments & Systems segment, reflecting a change in the product mix, as
well as in the Medical-Diagnostic Instruments & Systems segment and the Scientific Instruments &Systems segment, mainly as a result of deterioration in profitability caused by the appreciation of the yen.
As a result, operating income decreased by 27.3% to 7,056 million yen, ordinary income declined by
29.0% to 6,676 million yen, and net income was down 30.8% to 4,076 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)

Although sales declined in value after yen conversion due to the appreciation of the yen, segment sales
posted a solid performance on the back of a recovery in capital investment and R&D expenditure in theautomobile industries of various countries. As a result, sales increased by 15.1% year-on-year to 27,919
million yen. Segment profits increased year-on-year in response to higher sales of emission
measurement systems, HORIBA’s major product. This factor offset a fall in the profitability of overseasrelated projects caused by the strong yen, and a temporary deterioration in profitability arising from anincrease in new product development expenses for driving management systems. Consequently,
operating income increased by 56.4% year-on-year to 1,465 million yen.
(Process & Environmental Instruments & Systems)

Sales of stack gas analyzers for thermal power plants were robust mainly in Japan, and segment salesrose by 0.4% year-on-year to 10,113 million yen. However, sales of environmental radiation monitor,
which saw increased demand after the Great East Japan Earthquake, declined from the second quarter.
As a result, operating income fell 15.5% year-on-year to 1,244 million yen mainly because the productmix changed.

3

HORIBA, Ltd. (Consolidated)

(Medical-Diagnostic Instruments & Systems)

Although sales of blood cell counter recorded a stable performance in Asia, sales declined in Europe
and the United States due to the worsening of the economic environment there, as well as a drop insales value after yen conversion due to the weak euro.
Consequently, sales in the segment decreased by 7.0% year-on-year to 16,492 million yen andoperating income declined by 20.9% to 1,976 million yen.
(Semiconductor Instruments & Systems)

As the production amount of semiconductor and LEDs production equipment manufactures fell sharply
in the third quarter, sales of such main products as mass flow controllers and chemical concentration
monitors registered a substantial decline.
As a result, sales in the segment declined by 30.0% year-on-year to 14,030 million yen and operating
income decreased substantially by 50.8% to 2,080 million yen.
(Scientific Instruments & Systems)

In Japan, sales of new pH meters displayed underlying strength. But overseas sales declined in value
after yen conversion due to the appreciation of the yen and were also negatively affected by a reduction
in government budgets in Europe and the United States.
Consequently, sales in the segment decreased by 8.0% year-on-year to 14,287 million yen andoperating income declined by 49.0% to 289 million yen.
(2) Qualitative Information Concerning Consolidated Earnings Forecasts for Fiscal 2012
After taking into account current sales and income situation, the Company has revised its consolidated
full-year fiscal 2012 earnings forecasts and fiscal 2012 dividend forecasts as follows.
Consolidated forecast of full year Fiscal 2012

Previous
forecast
Net sales
OperatingincomeOrdinary
incomeNet income(Amount: millions of yen)
Revisedforecast
Changes(As of Aug. 6)(As of Nov. 6)

120,000

117,000-3,00012,00011,000-1,00011,30010,500

-800

7,000

6,600

-400

Consolidated forecast of full year Fiscal 2012 by segment
Net sales
Previous
forecast(Amount: millions of yen)
Revisedforecast
Changes(As of Aug. 6)(As of Nov. 6)

43,00043,000-13,50013,500-

Medical22,50022,500-

Semiconductor

20,50018,000Scientific

20,500

Total

120,000

Automotive
Process&
Environmental

Operating income
Previous
forecast(Amount: millions of yen)
Revisedforecast
Changes(As of Aug. 6)(As of Nov. 6)

2,700

3,200

500

1,700

1,500

-200

Medical

3,000

3,000

-

-2,500

Semiconductor

3,300

2,500

-800

20,000-500

Scientific

1,300

800

-500

117,000-3,000Total

12,00011,000-1,000Automotive
Process&
Environmental

4

HORIBA, Ltd. (Consolidated)With regard to its consolidated earnings forecasts for the full fiscal year, after taking into account thedomestic and overseas demand trends, the Company has revised up its operating income forecasts for
the Automotive Test Systems segment. In contrast, the Company has lowered both its sales andoperating income forecasts after considering the impact of production adjustments at semiconductor andLEDs production equipment manufactures for the Semiconductor Instruments & Systems segment. The
Company has revised downward its operating income forecast for the Process & Environmental
Instruments & Systems segment mainly because demand for environmental radiation monitor is on a
downtrend. In the Scientific Instruments & Systems segment, as the Company see that sales will decline
in Japan, it has revised downward both its sales and profit forecasts. However, the Company hasretained its forecasts for the Medical-Diagnostic Instruments & Systems segment.
As a result, the Company has revised down its sales forecast by 3,000 million yen and its operating
income forecast by 1,000 million yen. Owing to the reduction in operating income, the Company has
lowered its ordinary income forecast by 800 million yen and its net income forecast by 400 million yen.
Amendments to dividend forecasts for fiscal 2012

Dividend per share (Yen)Interim(End of second
quarter)Year end

Total

-

28

43

-

31

46

Actual results for Fiscal 2012

15

-

-

Actual results for Fiscal 2011

9

31

40

Previous forecasts(as of February 14, 2012)
Revised forecasts(Reasons for the amendments)

The Company believes that the distribution of profits to shareholders is one of its priority issues while
giving due consideration to ensuring a stable management base and internal reserves for businessexpansion. Its basic policy regarding dividends has been to maintain its standard payout ratio in which
the total dividend payment amount is equal to 30% of the non-consolidated net income of the Company.
Dividend forecasts for fiscal 2012 had been 43 yen per share for the full year (15 yen for the interim and28 yen for the year-end) since the announcement of the financial statements for fiscal 2011 on February
14, 2012. However, considering the revised non-consolidated earnings forecasts for fiscal 2012, theCompany has amended the forecasts to increase the year-end per-share dividend forecast by 3 yen to
31 yen. As a result, the annual dividend forecast is revised to 46 yen per share (15 yen for the interim
and 31 yen for the year-end(including 10 yen for the commemorative for 60th anniversary of theCompany foundation )).
(Reference)Non-consolidated forecast of full year Fiscal 2012
(Amount: millions of yen)
RevisedPrevious
forecast
forecast
Changes(As of Aug. 6)

Net sales
OperatingincomeOrdinary
incomeNet income(As of Nov. 6)53,50053,500

-

4,200

4,500

300

6,200

6,600

400

4,500

4,900

400

5

HORIBA, Ltd. (Consolidated)With regard to its full-year non-consolidated earnings forecasts, the Company is predicting a drop insales in the Semiconductor Instruments & Systems segment due to the impact of production
adjustments at semiconductor production equipment manufacturers. Nevertheless, the Company isforecasting an increase in sales toward the end of the fiscal year in the Automotive Test Systems
segment. After taking these factors into account, the Company has retained its sales forecast andrevised up its operating income forecast by 300 million yen. The Company has revised up its ordinary
income forecast by 400 million yen and its net income forecast by 400 million yen because it is projecting
the upward revision for operating income and an improvement in the net non-operating income/loss.
(Note) The forecasts of dividend amount and business results have been made on the basis of information available as ofNovember 6, 2012. However owing to the existence of various uncertain elements, it is possible that actual performance
will vary considerably from the forecasts. The major risk factors are as follows, but are not limited to these.
Business risks:
Risks associated with international business activities including a loss from fluctuation of currency exchange rates;changes in performance or financial position associated with acquisitions or alliances; repairs of facilities following
natural disasters and associated delays in delivery; risks associated with contracts and transactions; laws andregulations; and other business risks
Risks associated with development and production:
Compensation for product liability; delays in development of new products; risks concerning intellectual property
right; and risks concerning fluctuation in raw material prices
Financial risks:
Shifts in the market price of securities or other assets; and reversal of deferred tax assets resulting from changes insystems or accounting policies

6

HORIBA, Ltd. (Consolidated)2. Summary Information (Notes)(1) Changes in significant subsidiaries during the current periodNone(2) Application of the accounting method specific to quarterly consolidated financial statements
None(3)Changes in accounting policies, changes in accounting estimates, and retrospective restatement(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 the firstquarter of fiscal 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 the first nine months of fiscal 2012 on a cumulative basis was an increase of
360 million yen each in operating income, ordinary income, and income before income taxes.
(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 the first quarter of fiscal 2012.
The effect of this change in the first nine months of fiscal 2012 on a cumulative basis was a decrease of
205 million yen each in operating income, ordinary income, and income before income taxes.
(Changes in method of presentation)
Previously, HORIBA, Ltd. and some consolidated subsidiaries presented freight and shipping expenses
as selling, general and administrative (SG&A) expenses, but from the first quarter of fiscal 2012, thismethod changed to present 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.
To reflect this change in presentation method, we have rearranged the quarterly consolidated financial
statements for the first nine months of fiscal 2011 on a cumulative basis (ended December 31, 2011). In
the consolidated statements of income for the first nine months of fiscal 2011 on a cumulative basis, theamounts disclosed for cost of sales and SG&A expenses were 47,879 million yen and 30,060 million yen,respectively. However, owing to this change, these amounts have been restated as 49,620 million yen
for cost of sales and 28,319 million yen for SG&A expenses.

7

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2011(As of December 31, 2011)

FY2012 third quarter(As of September 30,
2012)

AssetsCurrent Assets:
Cash and bank deposits

28,89333,861

Trade notes and accounts receivable

39,37529,713Marketable securities

8,350

5,074

Merchandise and finished goods

9,015

9,389

Work in process

9,127

11,350Raw materials and supplies

8,144

8,164

Deferred tax assets

3,201

3,220

Other current assets

2,896

2,849

Allowance for doubtful accounts

(750)

(680)

108,255

102,943

Buildings and structures, net

8,156

9,154

Machinery, equipment and vehicles, net

2,945

2,771

Land

7,362

7,812

Construction in progress

2,130

2,819

Other property, plant and equipment, net

2,328

2,750

Total Property, Plant and Equipment

22,92425,308Goodwill

201

347

Software

4,182

3,695

Other intangibles

256

472

Total Intangibles

4,640

4,515

Investment securities

3,514

3,526

Deferred tax assets

2,115

2,194

Other investments and other assets

3,240

3,134

(40)

(79)

8,829

8,775

36,394

38,599144,649

141,543

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

8

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2011(As of December 31, 2011)

FY2012 third quarter(As of September 30,
2012)

Liabilities
Current Liabilities:
Trade notes and accounts payable

13,196

10,910

Short-term loans payable

6,684

5,171

Accounts payable - other

7,805

7,530

Accrued income taxes

2,459

494

Deferred tax liabilities

18

5

Accrued bonuses to employees

755

1,298

Accrued bonuses to directors and corporate auditors

84

307

1,308

1,240

174

15

Other current liabilities

6,085

6,594

Total Current Liabilities

38,57433,568

Corporate bonds

10,00010,000Long-term loans payable

1,291

1,070

108

133

1,775

1,944

Directors' and corporate auditors' retirement benefits

221

189

Provision for compensation losses

616

496

Other non-current liabilities

1,600

1,516

Total Non-Current Liabilities

15,615

15,351

54,18948,920Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

66,27868,405

(788)

(780)

96,21998,354

Net unrealized holding gains on securities

717

680

Foreign currency translation adjustments(6,703)(6,697)

Total Accumulated Other Comprehensive Income(5,986)(6,017)

Subscription Rights to Shares

186

245

Minority Interests in Consolidated Subsidiaries

40

39

90,46092,622

144,649

141,543

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

9

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: millions of yen
FY2012 third quarter(Nine months ended
September 30, 2012)

FY2011 third quarter(Nine months ended
September 30, 2011)
Net sales

87,646

82,844

Cost of sales

49,62048,08738,02534,75628,31927,700

9,706

7,056

Interest income

81

117

Dividend income

50

49

Other

278

203

Total non-operating income

409

370

Interest expense

377

346

Foreign exchange losses

298

236

Other

29

168

Total non-operating expense

705

750

9,410

6,676

Gain on sales of fixed assets

6

24

Reversal of provision for loss on guarantees

67-

Reversal of provision for compensation losses

-

44

Other

1

Total extraordinary gain

74

69

Loss on sales of fixed assets

40Loss on disposal of fixed assets

18

22

Loss on impairment of fixed assets

85

82

Loss on sales of investment securities

0

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

Non-Operating Expense

Ordinary Income
Extraordinary Gain-

Extraordinary Loss-

Loss on valuation of investment securities

110

2

Provision for business structure improvement

281

-

2

-

Other
Total extraordinary loss

503

107

8,980

6,638

Income taxes (current)

3,632

2,672

Income taxes (deferred)

(544)

(111)

Total income taxes

3,087

2,560

5,892

4,077

(0)

0

5,893

4,076

Income before Income Taxes and Minority Interests

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

10

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2012 third quarter(Nine months ended
September 30, 2012)

FY2011 third quarter(Nine months ended
September 30, 2011)

Income before Minority Interests

5,892

4,077

Net unrealized holding gains on securities

(368)

(36)

Foreign currency translation adjustments(1,214)5(0)

0(1,583)

(30)

4,309

4,046

Parent company portion of comprehensive income

4,310

4,045

Minority interests portion of comprehensive income(1)0

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)11

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Nine Months Ended September 30, 2012
1. Consolidated Financial Results

Amount: millions of yen

12/2012Result12/2011
Result3Q(9Months)

3Q(9Months)

Net Sales

82,844

87,646-4,801

Operating Income

7,056

9,706

-2,649Operating Income Ratio

8.5%

11.1%

-2.6P

6,676

9,410

-2,733

8.1%

10.7%

-2.6P

4,076

5,893

-1,817Net Income Ratio

4.9%

6.7%

US$

79.39

Euro

101.72

Ordinary Income
Ordinary Income Ratio

Net Income

12/2012Estimate

12/2011
ResultFull year

Full year

Amount-5.5%

117,000

123,456-6,456-5.2%-27.3%

11,00014,906-3,906-26.2%

9.4%

12.1%

-2.7P

10,50014,611-4,111

9.0%

11.8%

-2.8P

6,600

8,664

-2,064

-1.8P

5.6%

7.0%

-1.4P

80.59

-1.20

80.00

79.80

+0.20

113.39-11.67100.00111.13-11.13

ChangesAmountRatio-29.0%-30.8%

2. Consolidated Segment Results

Ratio-28.1%-23.8%

Amount: millions of yen

12/2012Result12/2011
Result3Q(9Months)

3Q(9Months)

Amount

Ratio

Automotive

27,91924,246+3,673+15.1%

Process&Environmental

10,113

10,075+38

Medical16,492

17,741

Semiconductor

14,030ScientificTotal

Net Sales

Changes

12/2012Estimate

12/2011
ResultFull year

Full year

AmountRatio

43,00038,678+4,321+11.2%+0.4%

13,50014,558-1,058-7.3%-1,248-7.0%

22,50023,485

-985

-4.2%

20,045-6,014-30.0%

18,00024,694-6,694-27.1%

14,287

15,538-1,250-8.0%

20,00022,040-2,040-9.3%

82,844

87,646-4,801-5.5%

117,000

123,456-6,456-5.2%

12/2012Estimate

12/2011
ResultFull year

Full year

Changes

Changes

12/2012Result12/2011
Result3Q(9Months)

3Q(9Months)

AmountAutomotive

1,465

937

+528

+56.4%

3,200

2,834

+365

+12.9%

Process&Environmental

1,244

1,473

-228

-15.5%

1,500

2,532

-1,032-40.8%

Medical

1,976

2,499

-523

-20.9%

3,000

3,166

-166

-5.3%

Semiconductor

2,080

4,227

-2,147-50.8%

2,500

4,939

-2,439-49.4%

Scientific

289

568

-278

-49.0%

800

1,433

-633

-44.2%

Total

7,056

9,706

-2,649-27.3%

11,00014,906-3,906-26.2%

Operating Income

Changes

12

Ratio

ChangesAmountRatio

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

Automotive

Amount: millions of yen

12/2012Result12/2011
Result3Q(9Months)

3Q(9Months)

ChangesAmountRatio

12/2012Estimate

12/2011
ResultFull year

Full year

ChangesAmountRatio+11.2%

27,91924,246+3,673+15.1%

43,00038,678+4,321

Japan

10,8519,794+1,057+10.8%

15,80014,672+1,127

+7.7%

Asia

6,803

4,182

+2,620+62.7%

11,9007,379+4,520+61.3%

Americas

3,415

2,978

+437

+14.7%

5,300

4,989

+310

+6.2%

Europe

6,848

7,290

-442

-6.1%

10,000

11,636-1,636-14.1%

10,113

10,075+38+0.4%

13,50014,558-1,058-7.3%

Process&Environmental

Japan

7,048

7,151

-102

-1.4%

9,500

10,447

-947

-9.1%

Asia

1,207

1,170

+37

+3.2%

1,700

1,643

+56

+3.4%

Americas

760

605

+154

+25.5%

800

809

-9

-1.2%
-9.5%

EuropeMedical
Japan

1,096

1,148

-51

-4.5%

1,500

1,657

-157

16,492

17,741-1,248-7.0%

22,50023,485

-985

-4.2%

3,922

4,082

-159

-3.9%

5,600

5,435

+164

+3.0%

Asia

2,067

2,055

+12

+0.6%

3,100

2,704

+395

+14.6%

Americas

3,995

4,618

-623

-13.5%

5,200

6,019

-819

-13.6%

Europe

6,506

6,984

-477

-6.8%

8,600

9,326

-726

-7.8%

Semiconductor

14,03020,045-6,014-30.0%

18,00024,694-6,694-27.1%

Japan

7,070

8,714

-1,644-18.9%

9,500

11,244-1,744-15.5%

Asia

4,071

4,644

-573

-12.3%

5,200

5,998

-798

-13.3%

Americas

2,016

3,119

-1,103-35.4%

2,200

3,656

-1,456-39.8%

Europe872

3,566-2,694-75.5%

1,100

3,795

-2,695-71.0%

14,287

15,538-1,250-8.0%

20,00022,040-2,040-9.3%

Scientific
Japan

5,341

5,442

-100

-1.8%

7,000

7,186

-186

-2.6%

Asia

2,700

3,211

-511

-15.9%

3,800

4,567

-767

-16.8%

Americas

2,746

3,150

-403

-12.8%

4,100

4,493

-393

-8.8%

Europe

3,499

3,734

-235

-6.3%

5,100

5,791

-691

-11.9%

82,844

87,646-4,801-5.5%

117,000

123,456-6,456

-5.2%

Japan

34,23635,185

-949

-2.7%

47,40048,986-1,586

-3.2%

Asia

16,85015,263+1,586+10.4%

25,70022,293+3,406+15.3%

Americas12,934

14,473-1,538-10.6%

17,60019,969-2,369-11.9%

Europe18,82322,723-3,900-17.2%

26,30032,207-5,907-18.3%

Total

4. Capital Expenditures, Depreciation and R&D Expenses

Amount: millions of yen

12/2012
3Q Result(9Months)

12/2011Full-year Estimate

3Q Result(9Months)

Full-year Result

Capital Expenditures (*)

5,149

7,700

2,946

4,670

Depreciation

2,764

4,000

3,077

4,146

R&D Expenses

7,486

10,000

7,363

10,060(Note) Capital Expenditures are investments in tangible and intangible fixed assets.

13

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

Amount: millions of yen

12/2012Net Sales
Operating Income
Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income

12/2011 Result

1Q Result

2Q Result

3Q Result

4Q Estimate

29,522
3,627

27,432
1,680

25,8891,748

34,155
3,943

1Q

2Q

3Q

4Q

29,3083,108

30,723
3,689

27,6142,880

35,810
5,200

12.3%

6.1%

6.8%

11.5%

10.6%

12.0%

10.4%

14.5%

3,555

1,523

1,597

3,823

3,077

3,696

2,604

5,201

12.0%

5.6%

6.2%

11.2%

10.5%

12.0%

9.4%

14.5%

2,771

2,141

908

1,027

2,523

2,157

2,120

1,616

Net Income Ratio

7.3%

3.3%

4.0%

7.4%

7.4%

6.9%

5.9%

7.7%

US$
Euro

79.35
104.1480.19
102.82

78.63
98.20

81.83
94.84

82.31
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

12/2011 Result

1Q Result

2Q Result

3Q Result

4Q Estimate

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
25,88915,080
3,386
6,007
3,969
5,712
34,155

1Q Result

2Q Result

3Q Result

4Q Estimate

562
893
746
1,210
215
3,627

171
128
652
724
2
1,680

731
223
577
145
71
1,748

1,734
255
1,023
419
510
3,943

1Q

2Q

3Q

4Q

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

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

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

12/2011 Result

1Q Result

2Q Result

3Q Result

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

1Q Result

2Q Result

3Q Result

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
43,9684Q Estimate

-

1Q

2Q

3Q

4Q

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

22,728
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

12/2011 Result
4Q Estimate-

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

14

HORIBA, Ltd. (Consolidated)