Summary of Consolidated Financial Statements for the Year Ended December 31, 2019
(Japanese GAAP)
February 14, 2020
Company name

HORIBA, Ltd.

Listed stock exchanges: Tokyo

Listing code

6856

Representative

Atsushi Horiba, Chairman & Group CEO

URL: https://www.horiba.com

Contact

Junichi Tajika, Department Manager, Accounting Dept.

TEL: (81)75-313-8121

Scheduled date of start of dividend payment: March 9, 2020
(Figures have been rounded down to the nearest million yen)
1. Consolidated Results for the Year Ended December 31, 2019 (January 1, 2019 - December 31, 2019)(1) Consolidated Operating Results(Percentages represent changes from the previous year)
Net Sales

Operating Income

Net income Attributableto Owners of Parent

Ordinary Income

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Year ended 12/31/19

200,241-4.9

20,916-27.5

20,518-27.5

15,481-30.6

Year ended 12/31/18

210,570

7.8

28,8387.5

28,316

6.4

22,31337.0(Note) Comprehensive Income: FY2019(-3.3％)

15,827 million yen

Net Income Attributableto Owners of Parent
per Share

FY2018Net Income Attributableto Owners of Parent per Share(Diluted)(-24.2％)

16,364 million yen

Ordinary Income
to Total Assets

Return on Equity

Operating Income
to Net Sales

Yen

Yen

％

％

％

Year ended 12/31/19

367.09365.44

9.3

6.9

10.5

Year ended 12/31/18

529.24

10.4

13.7(Reference) Equity in earnings of affiliates:

526.98FY201914.3-million yen

FY2018-million yen(2) Consolidated Financial Position
Total Assets

Net Assets

Net Assets
per Share

Shareholders' Equity Ratio

Millions of yen

Millions of yen％

Yen

As of 12/31/19

315,133

171,61554.3

4,053.30

As of 12/31/18

277,368

162,01858.2

3,826.44(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 12/31/19

170,953 million yen

As of 12/31/18

161,362 million yen(3) Consolidated Cash Flows
Cash Flows
from Operating Activities

Cash Flows
from Investing Activities

Cash Flows
from Financing Activities

Cash and Cash Equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended 12/31/19

26,638(12,367)

19,21596,064

Year ended 12/31/18

19,536(11,029)(3,240)62,837

2. Dividends
Dividend per Share
SecondquarterFirst
quarterYen

Thirdquarter

Dividends
to Net Assets(Consolidated)

Yen

Yen

Millions of yen

％

％

-

50.00

-

95.00

145.00

6,114

27.4

3.9

Year ended 12/31/19

-

50.00

-

80.00

130.00

5,482

35.4

3.3

-

50.00

-

80.00

130.00(Forecast)

Yen

Total

Payout Ratio(Consolidated)Year ended 12/31/18
Year ending 12/31/20

Yen

Year end

Total Dividends(Annual)31.3(Note) Total Year-end dividend for fiscal year 2018 of 95 yen per share:
Year-end ordinary dividend of 75 yen and commemorative dividend for the 65th anniversary of the company foundation of 20 yen
3. Consolidated Forecast for the Year Ending December 31, 2020 (January 1, 2020 - December 31, 2020)(Percentages represent changes from the same period in the previous year)
Net Sales

Operating Income

Net Income Attributableto Owners of Parent

Ordinary Income

Net Income Attributableto Owners of Parent
per Share

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Yen

First half

100,000

9.2

10,000

20.7

9,700

20.6

6,500

12.6

154.12

Full year

215,000

7.4

25,00019.5

24,50019.4

17,50013.0414.93

1

HORIBA, Ltd. (Consolidated)

Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries that caused a change in the scope of consolidation): Yes
One New company (company name: HORIBA (China) Co., Ltd.)(2) Changes in accounting policies, accounting estimates and retrospective restatement① Changes in accounting policies associated with revision of accounting standards: Yes② Changes in accounting policies arising from other than the above: None
③ Changes in accounting estimates: None
④ Retrospective restatement: None
(3) Number of shares outstanding (common stock)① Shares issued (including treasury stock)

December 31, 201942,532,752

December 31, 2018

② Treasury stock

December 31, 2019356,524

December 31, 2018362,304③ Average number of outstanding shares

December 31, 201942,174,733

December 31, 2018

42,162,564

42,532,752

Note 1. This consolidated financial report is not subject to audit by certified public accountants or accounting firms.
Note 2. Appropriate use of business forecasts and other important information
The forecasts of dividend amount and business performance contained in this report have been made based on futureassumptions, outlooks, and plans which are available at the HORIBA Group as of February 14, 2020. However, due to risks
and various uncertain factors such as future business operation policies, changes in the economic environment in Japanand overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from theforecasts.

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see page 14, “4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Year Ended December
31, 2019”)

In the fiscal year ended December 31, 2019, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together“the HORIBA Group” or “HORIBA” as a consolidated group) decreased sales by 4.9% year-on-year to 200,241 million
yen, mainly due to a decline in sales in the Semiconductor Instruments & Systems segment. Operating income decreasedby 27.5% to 20,916 million yen and ordinary income by 27.5% to 20,518 million yen, and net income attributable toowners of parent by 30.6% to 15,481 million yen.
The annual average exchange rates for 2019 were 109.03 yen against the U.S. dollar and 122.03 yen against the euro,
representing year-on-year appreciation of 1.3% against the U.S. dollar and 6.4% against the euro.

The operating results of each business segment are summarized as follows.

(Automotive Test Systems)
Due to increased sales in Asia and Europe, segment sales increased by 1.7% year-on-year to 81,042 million yen. On the
profit side, operating income decreased by 16.2% to 6,454 million yen due to a decline in profitability, mainly caused by achange in the geographical sales mix and an increase in R&D expenses.

(Process & Environmental Instruments & Systems)
Due to an increase in sales in Japan and Europe, segment sales increased by 0.7% year-on-year to 19,500 million yen.
Operating income, however, decreased by 16.3% to 1,697 million yen, partly due to an increase in R&D expenses.

(Medical-Diagnostic Instruments & Systems)
Segment sales decreased by 2.6% year-on-year to 25,335 million yen, as the depreciation of the euro against the yen
deflated sales when translated into yen. On the profit side, operating income decreased by 28.6% to 1,302 million yen,partly due to an increase in R&D expenses.

(Semiconductor Instruments & Systems)
In response to semiconductor manufacturers’ capital expenditure adjustments, sales particularly in Japan and Asia
decreased. As a result, segment sales decreased by 18.3% year-on-year to 47,191 million yen and operating income
decreased by 37.1% to 10,727 million yen.

(Scientific Instruments & Systems)
Due to a decrease in sales mainly in Asia, segment sales decreased by 2.1% year-on-year to 27,170 million yen. On the
profit side, operating income increased by 232.1% to 734 million yen, partly due to an increase in sales of high-margin
products.

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2020
The consolidated earnings forecasts for FY2020 are summarized as follows.
Our assumption for foreign exchange rates are 110 yen against the U.S. dollar (vs. 109.03 yen in fiscal 2019) and 120 yen
against the euro (vs. 122.03 yen in fiscal 2019).
Net sales of 215,000 million yen (up 7.4% year-on-year)
In the Automotive Test Systems segment, along with tighter emission regulations in many countries and regions, demandfor emission measurement systems is likely to be firm, while sales in the MCT (Mechatronics) business are also projected
to increase in response to acceleration of investment in electrified vehicle development by automotive-related
manufacturers.
The Semiconductor Instruments & Systems segment is projecting an increase in sales to semiconductor production
equipment manufacturers, along with an expected recovery in capital expenditures by semiconductor manufacturers.
Sales are expected to increase in the Process & Environmental Instruments & Systems segment, the Medical-Diagnostic
Instruments & Systems segment, and the Scientific Instruments & Systems segment, due to a recovery in demand mainly
in Japan and Asia.
As a result, net sales are expected to increase by 14,758 million yen from fiscal 2019 to 215,000 million yen.

Operating income of 25,000 million yen (up 19.5% year-on-year)
The Automotive Test Systems segment is expected to increase operating income, due to improvement in profitability of
the MCT business and ECT (Engineering Consultancy & Testing) business despite an expected increase in R&D
expenses aimed at enhancing competitiveness.
The Semiconductor Instruments & Systems segment is expected to increase operating income, in conjunction with anincrease in sales.
As a result, operating income is expected to increase by 4,083 million yen from fiscal 2019 to 25,000 million yen.

Ordinary income of 24,500 million yen (up 19.4% year-on-year)
Ordinary income is expected to incorporate a net non-operating loss of 500 million yen (compared to a net non-operating
loss of 397 million yen in fiscal 2019), assuming interest expenses and some uncertain non-operating expenses.
As a result, ordinary income is expected to increase by 3,981 million yen from fiscal 2019 to 24,500 million yen.

Net income attributable to owners of parent of 17,500 million yen (up 13.0% year-on-year)
Net extraordinary loss of 400 million yen (compared to a net extraordinary gain of 215 million yen in fiscal 2019) issecured for unexpected incidences. As a result, net income attributable to owners of parent is forecasted to increase by
2,018 million yen from the fiscal 2019 to 17,500 million yen.

4

HORIBA, Ltd. (Consolidated)

(3) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2019 and the Year Ending
December 31, 2020
HORIBA’s shareholder return policy is to set the total returns to shareholders (the combined amount of dividend payments
and share buybacks) at approximately 30% of consolidated net income attributable to owners of parent.
With regard to the dividends for the year ended December 31, 2019, we have decided to make a year-end dividend
payment of 80 yen per share. Combined with the interim dividend that has already been paid out, the annual dividend willbe 130 yen (compared to 145 yen in fiscal 2018).
With regard to the dividend forecast for the fiscal year ending December 31, 2020, we expect to pay an annual dividend of
130 yen per share (interim dividend is 50 yen).
The Company will continue to focus on improving corporate value through profit growth by investing it's internal reservesin growth areas in an effective manner, and it will make profit returns to shareholders that are linked to consolidated
earnings.
(Disclaimer regarding business forecasts)
The forecasts of dividend amount and business performance contained in this report have been made based on futureassumptions, outlooks, and plans which are available at the HORIBA Group as of February 14, 2020. However, due torisks and various uncertain factors such as future business operation policies, changes in the economic environment inJapan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from theforecasts.

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

5

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount: Millions of yen
FY2018FY2019(As of December 31, 2018)(As of December 31, 2019)

Cash and bank deposits

63,632

95,646

Trade notes and accounts receivable

59,111

59,121Marketable securities

2,399

3,079

Merchandise and finished goods

20,01819,995Work in process

19,843

17,690Raw materials and supplies

15,276

13,927

Other current assets

8,290

7,889

Allowance for doubtful accounts

(682)

(796)

187,891

216,553

Buildings and structures, net

37,20739,780Machinery, equipment and vehicles, net

10,244

12,053

Land

13,692

15,177

Construction in progress

3,018

3,604

Other property, plant and equipment, net

4,576

5,313

Total Property, Plant and Equipment

68,73975,929Goodwill

901

1,254

Software

2,907

2,734

Other intangibles

1,092

1,546

Total Intangibles

4,901

5,535

8,359

10,612-

13

Deferred tax assets

4,636

3,605

Other investments and other assets

2,917

2,933

(76)

(51)

15,836

17,114

89,477

98,579277,368

315,133

AssetsCurrent Assets:

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

Intangibles:

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

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

6

HORIBA, Ltd. (Consolidated)Amount: Millions of yen
FY2018FY2019(As of December 31, 2018)(As of December 31, 2019)

Trade notes and accounts payable

21,933

19,861

Short-term loans payable

12,044

8,495

Current portion of bonds-

15,000Accounts payable - other

15,92016,164

Accrued income taxes

3,514

2,004

Advances Received

17,475

19,169Accrued bonuses to employees

1,265

1,188

Reserve for product warranty

2,012

2,369

Other current liabilities

3,830

4,218

Total Current Liabilities

77,99788,472

Corporate bonds

15,00030,000Long-term loans payable

17,02816,878

184

613

1,946

2,017

640

-

Other non-current liabilities

2,552

5,534

Total Non-Current Liabilities

37,35255,044

115,349

143,517

Common stock

12,011

12,011

Capital surplus

18,717

18,599Retained earnings

132,329

141,689(1,428)(1,405)

161,630

170,894

2,788

4,344

(2)

0

Foreign currency translation adjustments(2,829)(4,042)Remeasurements of defined benefit plans

(224)

(244)

Total Accumulated Other Comprehensive Income

(267)

58

Subscription Rights to Shares

549

651

Non-controlling Interests

106

10

162,018

171,615

277,368

315,133

Liabilities
Current Liabilities:

Non-Current Liabilities:

Deferred tax liabilities
Net defined benefit liability
Provision for loss on dissolution of the employees’
pension fundTotal Liabilities
Net Assets
Shareholders' Equity

Treasury stock
Total Shareholders' Equity
Accumulated Other Comprehensive Income
Net unrealized holding gains or losses on securities
Deferred gains or losses on hedges

Total Net Assets
Total Liabilities and Net Assets

7

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: Millions of yen
FY2019FY2018(For the year ended(For the year ended

December 31, 2018)

December 31, 2019)

Net Sales

210,570

200,241

Cost of Sales

120,630

117,624

Gross Income

89,93982,617

Selling, General and Administrative Expenses

61,10061,701

Operating Income

28,83820,916

Interest income

144

237

Dividend income

178

185

Subsidy income

1143

Foreign tax refund

-

148

Other

218

214

Total Non-Operating Income

552

827

Interest expense

440

496

Bond issuance cost-

154

Foreign exchange losses

473

439

Other

161

135

1,075

1,225

28,316

20,518

537

113

0

9

Gain on transfer of business

115-

Gain on bargain purchase

48

-

-

137

701

260

Loss on sales of fixed assets

22-

Loss on disposal of fixed assets

76

44

Total Extraordinary Loss

99

44

28,917

20,734

Income taxes (current)

6,375

4,956

Income taxes (deferred)

203

268

Total Income Taxes

6,579

5,225

22,33815,508

Profit attributable to non-controlling interests

24

26

Net Income Attributable to Owners of Parent

22,313

15,481

Non-Operating Income

Non-Operating Expense

Total Non-Operating Expense
Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets
Gain on sales of investment securities

Reversal of provision for loss on dissolution of the employees'
pension fundTotal Extraordinary Gain
Extraordinary Loss

Income before Income Taxes

Net Income

8

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: Millions of yen
FY2019FY2018(For the year ended(For the year ended

December 31, 2018)

December 31, 2019)22,33815,508(1,848)

1,555

(2)

3

Foreign currency translation adjustments(3,989)(1,220)Remeasurements of defined benefit plans

(133)

(20)

(5,973)318

16,364

15,827

16,34815,80716

19

Net Income
Other Comprehensive Income
Net unrealized holding gains or losses on securities
Deferred gains or losses on hedges

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

9

HORIBA, Ltd. (Consolidated)

(3)Consolidated Statements of Changes in Net Assets
FY2018 (For the year ended December 31, 2018)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Capital surplus

12,011Retained earnings

18,717

Treasury stock

115,345

Total
Shareholders'Equity(1,488)144,585

Changes during the period
Dividend from earnings(5,311)(5,311)

Net income attributableto owners of parent

22,31322,313Purchase of treasury stock
Disposal of treasury stock

(0)

(0)

(17)

61

43

Purchase of sharesof consolidated subsidiaries
OthersTotal changes during the periodEnding balance－－

16,98460

17,04512,011

18,717

132,329(1,428)

161,630

Accumulated Other Comprehensive IncomeNet
unrealized
holding gains
orlosseson securities

Beginning balance

4,636

Deferredgains
orlosseson hedges－

Total
Foreign

RemeasureAccumulated

currency

ments

Other

translationof definedComprehensiv

adjustments

benefit plans

Subscription
Rightsto Shares

Noncontrolling
Interests

Total
Net
Assets492

90

150,866e
Income

1,151

(90)

(5,697)

Changes during the period
Dividend from earnings(5,311)

Net income attributableto owners of parent

22,313Purchase of treasury stock(0)

Disposal of treasury stock

43

Purchase of sharesof consolidated subsidiaries
Others(1,848)(2)(3,980)(133)(5,965)56

16(5,892)

Total changes during the period(1,848)(2)(3,980)(133)(5,965)56

16

11,152Ending balance

2,788

(2)

(2,829)

(224)

(267)

549

106

162,018

10

HORIBA, Ltd. (Consolidated)

FY2019 (For the year ended December 31, 2019)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Capital surplus

12,011Retained earnings

18,717

Total
Shareholders'EquityTreasury stock

132,329(1,428)

161,630

Changes during the period
Dividend from earnings(6,115)(6,115)

Net income attributableto owners of parent

15,481

15,481

Purchase of treasury stock
Disposal of treasury stock0

Purchase of sharesof consolidated subsidiaries

(6)

(0)

(0)

23

16

(118)

(118)

OthersTotal changes during the periodEnding balance

－

(117)

9,359

22

9,264

12,011

18,599141,689(1,405)

170,894

Accumulated Other Comprehensive IncomeNet
unrealized
holding gains
orlosseson securities

Beginning balance

2,788

Deferredgains
orlosseson hedges(2)

Foreign

Remeasurecurrency

ments

translationof definedadjustments

benefit plans(2,829)

(224)

Total
Accumulated
Other

Subscription
Rightsto Shares

Noncontrolling
Interests

549

106

Total
Net
AssetsComprehensive
Income(267)

162,018

Changes during the period
Dividend from earnings(6,115)

Net income attributableto owners of parent

15,481

Purchase of treasury stock(0)

Disposal of treasury stock

16

Purchase of sharesof consolidated subsidiaries(118)

Others1,555

3(1,212)

(20)

326

102

(95)

332

Total changes during the period

1,555

3

(1,212)

(20)

326

102

(95)

9,596

Ending balance

4,344

0

(4,042)

(244)

58

651

10

171,615

11

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash Flows
Amount: Millions of yen
FY2018FY2019(For the year ended(For the year ended

December 31, 2018)

December 31, 2019)

Cash Flows from Operating Activities:
Income before income taxes

28,917

20,734

Depreciation expense

7,120

8,485

Amortization of goodwill

120

309

Increase (decrease) in allowance for doubtful accounts

(69)

105

Increase (decrease) in net defined benefit liability

(83)

1

Interest and dividend income

(323)

(422)

Interest expense

440

496

Foreign exchange losses (gains)

167

89

Loss (gain) on sales of fixed assets

(514)

(113)

Loss on disposal of fixed assets

76

44

Loss (gain) on sales of investment securities

(0)

(9)

Decrease (increase) in trade notes and accounts receivable
Decrease (increase) in inventories

(862)

(935)

(10,368)

2,852(1,760)

Increase (decrease) in trade notes and accounts payable(596)

Other, net

4,976

3,196

Subtotal

29,00133,075305

434Interest and dividend received
Interest paid

(439)

(465)

(9,331)(6,405)

19,536

26,638

Increase in time deposits(1,403)(2,418)Decrease in time deposits

1,202

3,018

Income taxes (paid) refund
Net Cash Provided by (used in) Operating Activities
Cash Flows from Investing Activities:

Decrease in time deposits restricted for use
Payments for purchase of marketable securities32-(2,200)(2,000)

Proceeds from sales or redemption of marketable securities

1,701

1,900

Payments for purchase of property, plant and equipment(9,667)(11,762)

Proceeds from sales of property, plant and equipment

1,420

262

Payments for purchase of intangibles(611)(1,172)

Payments for purchase of investment securities

(24)

(24)

Proceeds from sales or redemption of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net Cash Provided by (used in) Investing Activities

0

13

(51)

(39)

35

96

(1,465)(239)(11,029)(12,367)

2,792(2,205)

Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings-

313

Repayments of long-term debt

(541)

(1,561)

Repayments on finance lease obligations

(181)

(831)

Net decrease (increase) of treasury stock

(0)

(0)

(5,309)(6,110)

Proceeds from issuance of bonds-

29,845

Dividends paid to non-controlling interests

-

(7)

-

(226)

(3,240)19,215

Cash dividends paid

Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Net Cash Provided by (used in) Financing Activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents

(762)

(259)

Net Increase (Decrease) in Cash and Cash Equivalents

4,503

33,227

Cash and Cash Equivalents at Beginning of Period

58,33362,837

Cash and Cash Equivalents at End of Period

62,837

96,064

12

HORIBA, Ltd. (Consolidated)

(5) Notes to Consolidated Financial Statements(Significant Change in Scope of Consolidation)
From the current fiscal year ended December 31, 2019, newly-established HORIBA (China) Co., Ltd. has been included in
the scope of consolidation.
Change in accounting policy(Application of IFRS 16, “Leases” and FASB Accounting Standards Update (ASU) 2016-02, “Leases”)
The Company applied IFRS 16, “Leases” and FASB Accounting Standards Update (ASU) 2016-02, “Leases” for foreignsubsidiaries from the current fiscal year ended December 31, 2019. The aforementioned standards require a lessee torecognize assets and liabilities generally for all leases on the balance sheet. The impact of this change to the consolidatedbalance sheet as of December 31, 2019, and the consolidated income statement and statement of comprehensive income
for the year ended December 31, 2019 is immaterial.
Additional information(Application of the “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement
No. 28; February 16, 2018), etc.)
As the Company applied “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No.
28; February 16, 2018), etc., from the current fiscal year ended December 31, 2019, deferred tax assets are presented
under investments and other assets and deferred tax liabilities are presented under non-current liabilities.

13

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2019
1. Consolidated Financial Results

Amount: Millions of yen

12/2018
Result12/2019
ResultFull year

Full year

AmountNet Sales

210,570

200,241-10,328

Operating Income

28,83820,916-7,922

13.7%

10.4%

-3.3P

28,316

20,518-7,798Operating Income Ratio

Ordinary Income

Changes

12/2020
Forecast

Changes

Full year

Amount

1st half

Amount-4.9%

215,000+14,758

100,000+8,392-27.5%

25,000+4,083

10,000+1,717

11.6%

+1.2P

10.0%

+1.0P

24,500+3,9819,700+1,659

11.4%

+1.2P

9.7%

+0.9P

17,500+2,018

6,500

+729

ChangesRatio-27.5%

12/2020
Forecast

Ordinary Income Ratio

13.4%

10.2%

-3.2P

Net Income Attributableto Owners of Parent

22,313

15,481-6,831Net Income Ratio

10.6%

7.7%

-2.9P

8.1%

+0.4P

6.5%

+0.2P

US$

110.44109.03-1.41

110.00+0.97

110.00

-0.06

Euro

130.35122.03-8.32

120.00-2.03

120.00-4.32-30.6%

2. Consolidated Segment Results
Net Sales

Amount: Millions of yen

12/2018
Result12/2019
ResultFull year

Full year

ChangesAmountRatio

12/2020
Forecast
Full year

Changes

12/2020
Forecast

ChangesAmount

1st half

AmountAutomotive

79,656

81,042+1,386+1.7%

85,000+3,95738,000+3,618Process&Environmental

19,361

19,500

+139

+0.7%

21,500+1,99910,000+838

Medical26,01225,335

-676

-2.6%

27,000+1,66413,000+332

Semiconductor

57,78547,191-10,594-18.3%

52,500+5,30826,000+3,294

Scientific27,754

27,170

-583

-2.1%

29,000+1,82913,000

+308

Total

210,570

200,241-10,328-4.9%

215,000 +14,758

100,000+8,392

12/2018
Result12/2019
ResultFull year

Full year

Operating Income

ChangesAmountRatio

12/2020
Forecast

Changes

12/2020
Forecast

Changes

Full year

Amount

1st half

AmountAutomotive

7,702

6,454

-1,247-16.2%

7,500

Process&Environmental

2,027

1,697

-330

-16.3%

Medical

1,823

1,302

-521

-28.6%

Semiconductor

17,063

10,727-6,335

Scientific

221

734

Total

28,83820,916+1,045

2,500

+900

1,500

-197

500

-163

1,500

+197

500

-209

-37.1%

13,500+2,7726,500+1,100+513+232.1%

1,000

+265

-

+90

-7,922-27.5%

25,000+4,083

10,000+1,717

14

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

Automotive

12/2018
Result12/2019
ResultFull year

Full year

Amount: Millions of yen
Changes

12/2020
Forecast
Full year

Changes

12/2020
Forecast

ChangesAmount

1st half

AmountAmountRatio+1,386+1.7%

85,000+3,95738,000+3,61879,656

81,042

Japan

23,075

21,541-1,533-6.6%

22,000+458

11,500+971

Asia

21,672

24,507+2,835+13.1%

25,500+992

10,000+903

Americas11,191

9,986-1,205-10.8%

9,500

-486

4,000

-372

Europe23,71625,006+1,290+5.4%

28,000+2,993

12,500+2,116

Process&Environmental

19,361

19,500

+139

+0.7%

21,500+1,99910,000

+838

Japan

9,538

10,187

+648

+6.8%

11,500+1,312

5,500

+599

Asia

4,616

4,242

-373

-8.1%

5,000

+757

2,500

+625

Americas

2,677

2,461

-216

-8.1%

2,500

+38

1,000

-152

Europe

2,528

2,608

+80

+3.2%

2,500

-108

1,000

-234

26,01225,335

-676

-2.6%

27,000+1,66413,000

+332

Japan

5,889

6,328

+439

+7.5%

7,000

+671

3,500

+392

Asia

5,607

5,661

+53

+1.0%

6,000

+338

3,000

+273

Americas

5,341

5,080

-260

-4.9%

5,000

-80

2,500

-142

Europe

9,174

8,265

-909

-9.9%

9,000

+734

4,000

-190

57,78547,191-10,594-18.3%

52,500+5,30826,000+3,294

Japan

20,208

16,790-3,417-16.9%

20,500+3,70910,500+2,432

Asia

26,78821,251-5,536-20.7%

22,500+1,24811,000+1,064

Americas

6,956

6,030

-925

-13.3%

6,500

+469

3,000

+4

Europe

3,833

3,118

-714

-18.6%

3,000

-118

1,500

-206

27,754

27,170

-583

-2.1%

29,000+1,82913,000

+308

7,275

7,321

+46

+0.6%

8,000

+678

4,000

+463

Medical

Semiconductor

Scientific
Japan
Asia

7,609

6,796

-812

-10.7%

7,000

+203

3,000

-7

Americas

7,117

7,520

+403

+5.7%

8,000

+479

3,500

-25

Europe

5,753

5,531

-221

-3.8%

6,000

+468

2,500

-121

Total

210,570

200,241-10,328-4.9%

215,000+14,758

100,000+8,392

Japan

65,986

62,169-3,816-5.8%

69,000+6,83035,000+4,858

Asia

66,29362,460-3,832-5.8%

66,000+3,53929,500+2,858Americas33,28331,079-2,204-6.6%

31,500+420

14,000-688

Europe45,00644,532

-474

-1.1%

48,500+3,96721,500+1,363

15

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

Net Sales
Operating Income

Amount: Millions of yen

1Q

12/2018 Result
2Q
3Q

4Q

52,696
9,199

47,2704,857

64,53910,961

46,063
3,819

1Q

12/2019 Result
2Q
3Q

4Q

45,3204,434

46,287
3,848

63,211
8,910

45,422
3,722

17.5%

10.3%

8.3%

17.0%

9.8%

8.3%

8.2%

14.1%

8,968

4,763

3,786

10,798

4,303

3,737

3,517

8,960

Ordinary Income Ratio

17.0%

10.1%

8.2%

16.7%

9.5%

8.1%

7.7%

14.2%

Net Income Attributableto Owners of Parent

6,114

4,388

2,970

8,840

2,561

3,209

2,655

7,055

Operating Income Ratio

Ordinary Income

Net Income Ratio

11.6%

9.3%

6.4%

13.7%

5.7%

6.9%

5.8%

11.2%

US$
Euro

108.22133.14109.12129.96111.46129.51112.96
128.79110.22125.16109.90123.48107.24119.22108.76120.26

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total

1Q

12/2018 Result
2Q
3Q

4Q

1Q

Amount: millions of yen
12/2019 Result
2Q
3Q
4Q

18,097
4,941
6,637
16,4686,551
52,696

14,607
4,306
6,497
15,875
5,983
47,27031,3105,861
6,771
12,384
8,210
64,53916,242
4,791
6,307
11,5486,429
45,32018,138
4,369
6,359
11,157
6,261
46,2871Q

12/2018 Result
2Q
3Q

4Q

1Q

12/2019 Result
2Q
3Q

4Q

2,610
681
552
5,453
(97)
9,199

(120)
187
452
4,786
(448)
4,857

5,958
844
511
3,011
635
10,961

905
470
208
2,752
98
4,434

694
193
501
2,647
(188)
3,848

3,655
721
252
3,290
991
8,910

15,6404,250
6,106
13,0587,008
46,063

(745)
314
308
3,812
131
3,819

17,705
4,709
6,036
10,837
6,132
45,422

1,199
312
339
2,037
(167)
3,722

Contact
Investor Relations, Corporate Control Dept, HORIBA, Ltd.
2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan
E-mail: ir-info@horiba.com

16

HORIBA, Ltd. (Consolidated)

28,956
5,628
6,632
13,647
8,346
63,211