Summary of Consolidated Financial Statements for the Year Ended December 31, 2015
(Japanese GAAP)
February 9, 2016
Company name

HORIBA, Ltd.

Listed stock exchanges: Tokyo

Listing code

6856

Representative

Atsushi Horiba, Chairman, President and CEO

URL: http://www.horiba.com
TEL: (81)75-313-8121

Contact
Junichi Tajika, Department Manager, Financial & Control Division, Accounting Dept.
Scheduled date of start of dividend payment: March 7, 2016
(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Year Ended December 31, 2015 (January 1, 2015 - December 31, 2015)(Percentages represent changes from the previous year)(1) Consolidated Operating Results
Net Sales
Operating Income
Ordinary Income
Net Income%

Millions of yen%

Year ended 12/31/15
170,898
19,372
18,848
11.7
12.5
14.5
Year ended 12/31/14
153,065
17,214
16,454
10.8
25.3
26.0
(Note) Comprehensive Income: FY2015 9,702 million yen -22.5%, FY2014 12,511 million yen -27.1%

Millions of yen

Millions of yen

12,882
10,589

21.7
17.7

%

%

Millions of yen%%

Operating
Income to Net
Sales%

305.73304.36
10.2
Year ended 12/31/15
Year ended 12/31/14
250.28249.288.9(Reference) Equity in earnings of affiliates: FY2015 ― million yen, FY2014 -660 million yen

8.6
8.3

11.3
11.2

Net Income per ShareNet Income per Share(Diluted)

Yen

Yen

Ordinary Income
to Total Assets

Return on Equity(2) Consolidated Financial Position
Total Assets

Shareholders' Equity
Ratio

Net Assets

Millions of yen

Millions of yen

Net Assets
per Share%Yen

231,032
130,050
56.1
As of 12/31/15
207,335
124,31459.8
As of 12/31/14(Reference) Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries:
As of December 31, 2015: 129,581 million yen; As of December 31, 2014: 123,924 million yen

3,078.40
2,928.82(3) Consolidated Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash and Cash
Equivalents at end of
the period

Cash Flows from
Financing Activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

14,77011,455(30,642)(9,875)

12,843(273)

47,85951,109Year ended 12/31/15
Year ended 12/31/14
2. Dividends

Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter

Yen

Year end

Yen

Total

Total Dividends(Annual)Payout Ratio(Consolidated)

Dividends to Net
Assets(Consolidated)

%
26.8

%
2.4

22.9

2.3

Yen

Yen

Year ended 12/31/14

-

25.00

-

42.00

67.00

Millions of yen
2,834

Year ended 12/31/15
Year ending 12/31/16(Forecast)

-

28.00

-

42.00

70.00

2,946

-

30.00

-

45.00

75.00

29.2

3. Consolidated Forecast for the Year Ending December 31, 2016 (January 1, 2016 - December 31, 2016)(Percentages represent changes from the same period in the previous year)

Net Sales
Millions of yen

Operating Income%

Millions of yen

Net Income attributable
Net income attributableto owners of parent per
to owners of parent
Share

Ordinary Income%

Millions of yen%

Millions of yen%

Yen

85,0008,500 (22.7)
8,100 (24.3)
5,200 (22.4)
123.53First half
4.3
175,000
17,500 (13.4)
16,500 (16.7)
10,800 (20.0)
256.57Full year
1.6
The Company and its consolidated subsidiaries in Japan changed the accounting policy for revenue recognition from fiscal 2016.
They had historically recognized revenue mainly on the date of shipment of products and systems. From fiscal 2016, however, theymainly recognize revenue on the date of delivery or installation based on contractual arrangements and others.
The percentage of changes compared with preceding period and the same period of previous year are calculated based on the
retrospectively-restated amounts of fiscal 2015. Those retrospectively-restated amounts are unaudited and are subject to change.

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): None
(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
(Note) Please see "4 (5)Changes in Accounting Policies" on page 15 for further details.
(3) Number of shares outstanding (common stock)
December 31, 2015
42,532,752
439,02142,136,185① Shares issued (including treasury stock)② Treasury stock③ The average number of outstanding shares
during Jan. - Dec. in FY2015 and FY2014

December 31, 2014
42,532,752
220,551
42,309,619

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 for factors
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 17, “HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2015”)(i) Operating Results for the year ended December 2015
With regard to the global economy in the fiscal year ended December 31, 2015, the United Stated continued its economic
recovery due to growth in private consumption and other factors on the back of an improved employment environment. In
Europe, despite debt problems and geopolitical risks, a moderate economic recovery continued. Among emerging markets,
Chinese economy decelerated moderately with weakness in fixed asset investment and exports. Southeast Asia
experienced a slowdown in the economy due to influence of Chinese economic slowdown and the drop in commodity
prices. In Brazil, the difficult economic conditions resulted in a currency depreciation and deteriorated the economy.
In Japan, despite some signs of weakness, the economy continued its moderate recovery on the back of improved
corporate earnings, with a continued recovery in corporate capital investment and a steady improvement in employment
and wage environment.
The annual average exchange rates for 2015 were 121.10 yen against the U.S. dollar and 134.31 yen against the euro,
representing year-on-year depreciation of 12.6% against the U.S. dollar and appreciation of 4.5% against the euro.
In the analytical and measurement equipment industry, semiconductor-related investment remained at a high level
throughout fiscal year 2015, and demand for semiconductor production equipment expanded. In the automotive industry as
well, capital and R&D investment by domestic and overseas automakers continued its robust trend since fiscal year 2014.
Moreover, in the background of rising awareness regarding exhaust gas emission regulations around the world and otherfactors, demand related to emission measurement systems showed a growth trend. In the scientific analysis equipment
industry, demand for leading-edge scientific analysis equipment in China also grew.
Under such operating environment, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “theHORIBA Group” or “HORIBA” as a consolidated group), implemented several measures to strengthen each segment incurrent fiscal year.
In the Automotive Test Systems segment, sales of new mainstay emission measurement systems launched in 2013
increased steadily. As for MCT (Mechatronics) business, which was acquired from Carl Schenck AG (Germany) in 2005,
HORIBA also succeeded in capturing demand in various countries beyond Europe, the base for development andproduction, which led to a substantial increase in sales. Furthermore, HORIBA acquired ECT* (the engineering and testing
business related to automobile development in general) business from MIRA Ltd. (U.K.) in 2015. Based on this initiative,
HORIBA will take a step forward from the analysis and measurement field in the automobile development sector andpromote expansion into business fields that include the development of next-generation mobility.
*ECT: Engineering Consultancy & Testing
In the Process & Environmental Instruments & Systems segment, HORIBA actively promoted opinion exchanges with local
universities and other institutions in order to strengthen its proposal capability for analytical instruments and systems whichcater for the reinforcement of environmental regulations in China and other Asian countries. Furthermore, in the process
analytical product line which HORIBA acquired from the U.S. corporation Cameron in 2013, HORIBA is pursuing businessexpansion in the oil refining market, including shale gas and oil.
In the Medical-Diagnostic Instruments & Systems segment, the Company launched new hematology and C-Reactive
Protein (CRP) analyzers, which boast high market share based on HORIBA’s unique technology. In France, HORIBA
completed a new development center aiming at accelerating product development speed.
In the Semiconductor Instruments & Systems segment, the HORIBA Advanced Technology Center in Kyoto, whose
construction had began from 2013 with the aim of accelerating product development speed and enhancing the efficiency of
production in semiconductor-related businesses, started operation in 2015.
The Scientific Instruments & Systems segment responded to the increasing demand for products such as Raman
spectrometers in China.

3

HORIBA, Ltd. (Consolidated)Furthermore, in Japan, HORIBA has commenced the relocation to HORIBA BIWAKO E-HARBOR, a new Biwako factory in
Shiga prefecture Japan. It had been under construction to reinforce development and production capabilities in the gas
measurement field for the Automotive Test Systems segment and the Process & Environmental Instruments & Systems
segment, and is under preparations for its full-scale operation in May 2016. The HORIBA Group also completed the global
introduction of its new enterprise resource planning system (GEO System) aiming at speeding up its decision making andpromoting common operational process, and has begun its operation in 85% of Group companies from January 2016.
As a result of such measures and sales efforts, sales increased by 11.7% compared with a year earlier to 170,898 million
yen. Operating income rose by 12.5% year-on-year to 19,372 million yen, ordinary income increased by 14.5% to 18,848
million yen and net income rose by 21.7% to 12,882 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Along with an increase in capital and R&D investment by automakers, sales of emission measurement systems increasedin Japan. In addition, sales in the Americas increased after conversion to yen because of the yen’s depreciation against the
dollar. Also, the acquisition of ECT business also increased sales. As a result, segment sales increased by 16.8%
year-on-year to 64,251 million yen. Segment operating profit, however, decreased by 23.7% to 4,448 million yen due in partto one-time expenses related to the acquisition of ECT business and the relocation to HORIBA BIWAKO E-HARBOR,
which was completed in Shiga Prefecture.
(Process & Environmental Instruments & Systems)
Sales of stack gas analyzers for power plants and factories were robust in Japan and China, while sales in the Americas
increased after conversion to yen because of the yen’s depreciation against the dollar. On the other hand, expenses
associated with the relocation to HORIBA BIWAKO E-HARBOR incurred. As a result, segment sales increased by 1.8%
year-on-year to 16,754 million yen while operating income decreased by 11.6% to 1,773 million yen.
(Medical-Diagnostic Instruments & Systems)
The yen’s appreciation against the euro resulted in a decrease in the amount of European sales expressed in yen.
However, sales of the hematology and C-Reactive Protein (CRP) analyzers, which were launched in March 2015 in Japan,
were favorable. As a result, segment sales increased by 1.5% year-on-year to 27,447 million yen and operating income
rose by 39.9% to 2,403 million yen.
(Semiconductor Instruments & Systems)
Due to high level of capital investment by semiconductor manufacturers, sales to semiconductor production equipment
manufacturers surged. As a result, segment sales increased by 22.3% year-on-year to 35,386 million yen and operating
income rose by 46.2% to 9,439 million yen.
(Scientific Instruments & Systems)
Sales of instruments and systems for R&D applications to universities and other institutions in China were robust and the
yen’s depreciation against the dollar resulted in an increase in sales in the Americas in yen terms. Consequently, segment
sales rose by 5.6% year-on-year to 27,059 million yen and operating income rose by 8.4% to 1,307 million yen.
(ii) Outlook for the Year Ending December 31, 2016
Regarding the global economic outlook for the next fiscal year, the United States is expected to continue its economic
recovery, mainly in domestic demand which is driven by an improvement in employment environment. In Europe, althoughcaution is required regarding geopolitical risks and other factors, a moderate economic recovery is likely to continue. In
emerging markets such as China and Southeast Asia, the economic slowdown is anticipated in light of an adverse trend in
the financial markets and a weakness in commodity prices.
In Japan, the economy is likely to recover moderately, due in part to an improvement in corporate earnings, but factors
such as Chinese economic outlook and the trend in oil prices require caution.

4

HORIBA, Ltd. (Consolidated)Based on such economic outlook, HORIBA’s forecasts for fiscal 2016 are shown as below.
Our assumed foreign exchange rates are 115 yen against the U.S. dollar (vs. 121.10 yen in fiscal 2015) and 125 yen
against the euro (vs. 134.31 yen in fiscal 2015).
Net sales of 175,000 million yen, up 1.6% y-o-y (*)
In the Automotive Test Systems segment, full-year sales of ECT business will contribute to segment sales increase.
In the Process & Environmental Instruments & Systems segment, growth in sales is expected for stack gas analyzers andwater quality analyzers in Japan, and process analysis product lines in the Americas.
In the Medical-Diagnostic Instruments & Systems segment, an increase in sales of blood cell testing instruments is
forecasted in Asia.
In the Semiconductor Instruments & Systems segment, conservative forecast is made due to uncertainties over outlook indemand by semiconductor production equipment in the second half of the fiscal year, while demand in the first half is
projected to remain robust.
In the Scientific Instruments & Systems segment, HORIBA anticipates an increasing demand on the back of earnings
recovery in private sector, mainly in Japan.
As a result, net sales are expected to increase by 2,700 million yen from the previous year to 175,000 million yen.
Operating income of 17,500 million yen, down 13.4% y-o-y (*)
In the Automotive Test Systems segment, HORIBA expects segment operating income to decrease, due to a temporary
decrease in sales for emission measurement systems, an increase in amortization costs with respect to goodwill
associated with the acquisition of ECT business, and depreciation costs increase by start-up of operation at HORIBABIWAKO E-HARBOR.
The Semiconductor Instruments & Systems segment also expects a decrease in operating income due to uncertainties
over outlook in demand by semiconductor production equipment in the second half of the fiscal year.
As a result, operating income is likely to decrease by 2,700 million yen from the previous year to 17,500 million yen.
Ordinary income of 16,500 million yen, down 16.7% y-o-y (*)
HORIBA’s forecasts incorporate a net non-operating loss of 1,000 million yen (compared to a net non-operating loss of 523
million yen in fiscal 2015), assuming foreign exchange losses and some uncertain non-operating expenses. By including
this factor in addition to an expected decrease in operating income, ordinary income is expected to decrease by 3,300
million yen from the previous year to 16,500 million yen.
Net income attributable to owners of parent of 10,800 million yen, down 20.0% y-o-y (*)
In addition to the decrease in ordinary income, net income is forecast to decrease by 2,700 million yen from the previous
year to 10,800 million yen, as a net extraordinary loss of 700 million yen (compared to a net extraordinary gain of 165
million yen in fiscal 2015) is incorporated in our forecasts, assuming the generation of some extraordinary losses.
(Note) The above forecasts have been made on the basis of information available as of February 9, 2016, but due to the existence ofvarious uncertain elements, it is possible that actual performance will vary considerably from those forecasts.
* The Company and its consolidated subsidiaries in Japan changed the accounting policy for revenue recognition from fiscal 2016.
They had historically recognized revenue mainly on the date of shipment of products and systems. From fiscal 2016, however, theymainly recognize revenue on the date of delivery or installation based on contractual arrangements and others.
The percentage of changes compared with preceding period are calculated based on the retrospectively-restated amounts of fiscal
2015. Those retrospectively-restated amounts are unaudited and are subject to change.

(2) Basic Policy for Profit Distribution and Dividends for the Year Ended December 31, 2015 and the Year Ending
December 31, 2016
At the board of directors’ meeting held on February 14, 2013, HORIBA decided to adopt a basic dividend policy in which theCompany will maintain a total shareholder return ratio of around 30% of consolidated net income of the Company.
According to its basic policy, we have decided to pay a year-end dividend of 42 yen per share. Combined with the interim
dividend that has been paid out, the annual dividend is 70 yen.

5

HORIBA, Ltd. (Consolidated)As regards the dividend forecast for the fiscal year ending December 31, 2016, we expect to increase the annual dividendby 5 yen from the fiscal 2015 to 75 yen (Interim dividend is 30 yen).
The Company will continue to make effective use of internal reserves to improve corporate value through profit growth andfocus on investing in growth areas, and it will make profit returns to shareholders that are linked to consolidated earnings.
2. Management Policies(1) Basic Management Policies
As a manufacturer of analytical equipment that is developing its business worldwide, the HORIBA Group aims to be a truly
global company. Our basic philosophy is to contribute to society by preserving the environment, bringing human health andgreater convenience and safety to society, and promoting the development of science and technology through our businessactivities, which focus on analytical technologies 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 ofalliances and the integration of its 49 companies throughout the world by utilizing our human and technological resources.
(2) Management Target Indices
The HORIBA Group formulated the Mid-Long Term Management Plan in February 2011 with numerical targets set for 2015.
The HORIBA Group has been launching various measures to achieve the numerical targets of 150 billion yen inconsolidated net sales, an operating income ratio of 13% or more, and ROE of 11% or more.
In 2015, the last year of the plan, net sales of 170.8 billion yen exceeded the Plan’s target of 150 billion yen. HORIBA madelarge-scale capital investments including acquisitions, which have led to fall short of the plan’s targets for operating margin
and ROE.
The new Mid-Long Term Management plan, MLMAP*2020, for the period up to fiscal 2020, is formulated and we are taking
various measures to reach the target. We are aiming at net sales of 250.0 billion yen, operating income of 30.0 billion yen
and ROE of 10% or more.
*MLMAP: MLMAP, standing for Mid-Long Term Management Plan, is the term well known and understood within the HORIBA Group.

(3) Challenges for HORIBA: Mid-Long Term Business Strategies of HORIBAThe HORIBA Group’s business consists of five segments: Automotive Test Systems, Process & Environmental Instruments& Systems, Medical-Diagnostic Instruments & Systems, Semiconductor Instruments & Systems and Scientific Instruments& Systems. Each segment operates business in a different market, which enables each to exert its strengths andcomplement 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, production capacity 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 efficientmanagement.
In keeping with the management principle of the “HORIBA Group is One Company.”, HORIBA has pursued integrated
group management by promoting efficiency region by region, and enhancing matrix management. As the next stage,
through “HORIBA Stained Glass Project * ” which was launched in January 2014, we are aiming to promote businessgrowth and expand business fields with the aim to become a true partner to all customers in analysis and measurement.
The priority measures of the Mid-Long Term Management Plan toward fiscal 2020 are as follows.
● Priority Measure 1: Applying HORIBA Technology in new business fields and new markets and becoming atrue partner in analysis and measurement
By making use of established operational bases and investments for future growth made during the previous Mid-Long
Term Management Plan, HORIBA intends on achieving strategic growth of each business segment on the back of new
investments, in addition to further growth of the two businesses, namely the Automotive Test Systems business and the
Semiconductor business.

6

HORIBA, Ltd. (Consolidated)In the Automotive Test Systems business, the HORIBA BIWAKO E-HARBOR will increase production volume and improve
profitability to expand business in the emission gas measurement field, turning to advantage the expected tightening of gas
emission regulations in many countries. In addition, HORIBA will grow ECT business. HORIBA will make use of HORIBA
MIRA’s testing knowhow on connection with autonomous driving technology and promote expansion in connection with
next-generation mobility.
In the Semiconductor business, the semiconductor manufacturing market is expected to expand on the back of significant
growth in use of semiconductors as the automotive, medical, and other fields are becoming increasingly high-tech andconnected online. HORIBA, with its stable supply capacity of high-precision products, will aim for further growth in this field.
Moreover, by actively making new investments and pursuing M&A opportunities, HORIBA will enter into other businessfields and markets with great growth potential. They include aspects of fuel cells and other alternative energy sources, thebio-life science field, and the water analytical and measurement field. HORIBA plans to integrally utilize in-house
technological resources and the customer network of each other’s business in order to realize strategic growth. In addition
to working to achieve the plan’s targets for each business, HORIBA aims to develop businesses which can drive the growthin the future.
● Priority Measure 2: Accelerating corporate growth by its Super Dream Team based on balanced management,
matrix organization, and HORIBA Stained Glass Project
In keeping with the management principle of the “HORIBA Group is One Company,” HORIBA has implemented
well-balanced matrix management and has achieved a high order of integrated group operation. In order to further advance
this group operation, HORIBA will continue to promote diversity, through the HORIBA Stained Glass Project, to realize theSuper Dream Team of its human resources with diversity and to accelerate renovation in existing business and creation of
new businesses.
● Priority Measure 3:

Raising capital efficiency to maximize corporate value

Under the previous Mid-Long Term Management Plan, HORIBA promoted laying a foundation for future growth byestablishing many bases and acquiring businesses globally. In order to make effective use of those assets, each groupcompany and each business segment will set its asset efficiency target and remain dedicated to efficient management
under the new plan.
In 2016, the HORIBA Group also completed the global introduction of its Enterprise Resource Planning System and began
using it at 85% of Group companies, in order to speed up business operation. Under the leadership of the global team, thebusiness segments, the functional divisions, such as for development and production, and the indirect and administrative
divisions, will support the business segments and help achieve the plan’s targets.
*The “HORIBA Stained Glass Project” was launched in January 2014, in accordance with the belief that employees having
diverse experiences, values, individuality, and restrictions create new value in their efforts to play leading roles throughtheir diversity and contribute to realize a strong HORIBA.
3. 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 consideration tovarious circumstances in Japan and abroad.

7

HORIBA, Ltd. (Consolidated)4. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2014(As of December 31,
2014)

FY2015(As of December 31,
2015)

Cash and bank deposits

43,25543,922

Trade notes and accounts receivable

52,24654,772Marketable securities

11,3806,927

Merchandise and finished goods

13,811

15,696Work in process

11,022

9,234

Raw materials and supplies

10,003

10,786

Deferred tax assets

3,635

4,001

Other current assets

5,348

6,463

Allowance for doubtful accounts(1,023)(789)

149,680

151,015

Buildings and structures, net

17,15431,288

Machinery, equipment and vehicles, net

4,802

6,468

Land

9,908

10,647

Construction in progress

3,817

4,739

Other property, plant and equipment, net

3,758

3,834

Total Property, Plant and Equipment

39,441

56,978Goodwill

418

576

Software

4,134

4,851

Other intangibles

1,801

4,870

Total Intangibles

6,353

10,298Investment securities

7,122

8,335

Deferred tax assets

1,993

1,671

2

-

2,785

2,783

(44)

(50)

11,85912,73957,65580,017

207,335

231,032

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:

Net defined benefit asset
Other investments and other 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
FY2014(As of December 31,
2014)

FY2015(As of December 31,
2015)

Trade notes and accounts payable

15,406

17,638

Short-term loans payable

10,832

12,879Accounts payable - other

14,457

14,787

Accrued income taxes

5,220

3,796

Deferred tax liabilities

88

91

Accrued bonuses to employees

908

948

Accrued bonuses to directors and corporate auditors

62

63

Reserve for product warranty

1,525

1,605

Other current liabilities

10,50010,617

Total Current Liabilities

59,00362,429Corporate bonds

15,00015,000Long-term loans payable

2,209

16,826174

1,181

Net defined benefit liability

2,264

1,947

Provision for loss on dissolution of the employees’
pension fund

1,870

1,267

Other non-current liabilities

2,497

2,329

Total Non-Current Liabilities

24,01738,552

83,020100,982

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

86,21896,055(730)(1,730)116,216

125,053

2,041

2,624

18

(0)

Foreign currency translation adjustments

5,630

1,836

Remeasurements of defined benefit plans

16

66

7,707

4,527

389

469

0

0

124,314130,050

207,335

231,032

Liabilities
Current Liabilities:

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net Assets
Shareholders' Equity

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

Total Accumulated Other Comprehensive Income
Subscription Rights to Shares
Minority Interests in Consolidated Subsidiaries
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
FY2015(For the year ended
December 31, 2015)

FY2014(For the year ended
December 31, 2014)
Net sales

153,065

170,898

Cost of sales

87,88499,568Gross Income

65,181

71,330

Selling, general and administrative expenses

47,966

51,958Operating Income

17,214

19,372

Non-Operating Income
Interest income

235

267

Dividend income

102

152

Subsidy income

147

160

Other

152

269

Total non-operating income

638

850

Interest expense

545

816

Foreign exchange losses

111

328

Equity in losses of affiliates

660

-

Other

80

227

1,398

1,373

16,454

18,848

9

8

1,804

44

103

2

-

439

1,918

495

Loss on sales of fixed assets

013Loss on disposal of fixed assets

110

10

Loss on impairment of fixed assets

42

170

Loss on sales of shares of subsidiaries and associates

0

-

1,954

-

Non-Operating Expense

Total non-operating expense
Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets
Gain on sale of investment securities
Reversal of provision for compensation losses
Reversal of provision for loss on dissolution of theemployees' pension fundTotal extraordinary gain
Extraordinary Loss

Provision for loss on dissolution of the employees’
pension fundBusiness structure improvement expenses

-

135

2,107

330

16,26519,013

Income taxes (current)

6,662

6,013

Income taxes (deferred)

(985)

117

Total income taxes

5,676

6,131

10,58812,882(0)-

10,58912,882

Total extraordinary loss
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
FY2015(For the year ended
December 31, 2015)

FY2014(For the year ended
December 31, 2014)
Income before Minority Interests

10,58812,882

(254)

582

15

(19)

Foreign currency translation adjustments

2,132(3,793)Remeasurements of defined benefit plans

-

50

29

-

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

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income

1,923(3,180)12,511

9,702

Parent company portion of comprehensive income

12,512

9,702

Minority interests portion of comprehensive income

(0)

(0)

Comprehensive Income(Breakdown of comprehensive income)11

HORIBA, Ltd. (Consolidated)

(3) Consolidated Statement of Changes in Net Assets
FY2014 (For the year ended December 31, 2014)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Retained earnings

Capital surplus

Total Shareholders' Equity

Treasury stock

12,011

18,71778,477(765)

108,441

12,011

18,71778,477(765)

108,441

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies
Changes during the period
Dividend from earnings(2,834)(2,834)

Net income

10,58910,589
(0)

(0)

(13)

35

21

7,740

35

7,775

86,218(730)

116,216

Purchase of treasury stock
Disposal of treasury stock
Others-Total changes during the period-

12,011Ending balance

18,717

Accumulated Other Comprehensive Income

Beginning balance

Minority Interests
in Consolidated
Subsidiaries

Total Net Assets

335

0

114,545335

0

114,545

Subscription
Total Accumulated
Rights to Shares
Other
Comprehensive
IncomeNet unrealized
holding gains on
securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

2,296

3

3,468

-

5,768

2,296

3

3,468

-

5,768

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies
Changes during the period
Dividend from earnings(2,834)

Net income

10,589Purchase of treasury stock(0)

Disposal of treasury stock

21
(254)

15

2,161

16

1,939

53

(0)

1,992

Total changes during the period

(254)

15

2,161

16

1,939

53

(0)

9,768

Ending balance

2,041

18

5,630

16

7,707

389

0

124,314

Others12

HORIBA, Ltd. (Consolidated)

FY2015 (For the year ended December 31, 2015)
Amount: Millions of yen
Shareholders' Equity
Common stock
Beginning balance

Capital surplus
12,011Retained earnings
18,717

Treasury stock

86,218Cumulative effects of changes inaccounting policies

Total Shareholders' Equity(730)

116,216(90)

Beginning balance after reflectionof changes in accounting policies

12,011

18,717(90)

86,128(730)

116,126

Changes during the period
Dividend from earnings(2,955)(2,955)

Net income

12,882

12,882
(999)

(999)

9,926

(999)

8,926

96,055(1,730)125,053

Purchase of treasury stock
OthersTotal changes during the period-Ending balance-

12,011

18,717

Accumulated Other Comprehensive Income

Beginning balance

Net unrealized
holding gains on
securities

Deferred gains orlosses on hedges

Foreign currencytranslation
adjustments

Remeasurementsof defined benefit
plans

2,041

18

5,630

16

Subscription
Total Accumulated
Rights to Shares
Other
Comprehensive
Income7,707

389

Minority Interests
in Consolidated
Subsidiaries

Total Net Assets

0124,314

Cumulative effects of changes inaccounting policies
Beginning balance after reflectionof changes in accounting policies

(90)
2,041

18

5,630

16

7,707

389

0

124,224

Changes during the period
Dividend from earnings(2,955)

Net income

12,882(999)

Purchase of treasury stock
OthersTotal changes during the periodEnding balance

582

(19)

(3,793)50(3,180)79(0)(3,100)582(19)(3,793)50(3,180)

79

(0)

5,826

2,624

(0)

1,836

66

4,527

469

0

130,050

13

HORIBA, Ltd. (Consolidated)

(4) Consolidated Statements of Cash Flows
Amount: millions of yen
FY2015(For the year ended
December 31, 2015)

FY2014(For the year ended
December 31, 2014)
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 net defined benefit liability
Increase (decrease) in provision for loss on dissolution of the employees'
pension fundInterest 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 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
Proceeds from sales of intangibles
Payments for purchase of investment securities
Proceeds from sales or redemption of investment securities
Proceeds from sales of stocks of subsidiaries and affiliates
Payments of loans receivableCollection of loans receivable
Payments for transfer of business
Other, net
Net Cash Provided by (used in) Investing Activities
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
Net decrease (increase) of treasury stock
Cash dividends paid
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
Increase (Decrease) in Cash and Cash Equivalents Resulting from
Change of Scope of Consolidation
Cash and Cash Equivalents at End of Period

14

16,265
4,815
42
89
68
(214)

19,013
5,964
170
145
(243)
(302)

1,870

(603)

(337)
545
(237)
(9)
110
(1,804)(2,718)12(1,943)514
17,069346(538)(5,422)
11,455

(420)
816
(106)
5
10
(44)
(2,286)(1,515)
2,078
161
22,844423(814)(7,682)
14,770(2,843)2,988
32(3,008)2,706(7,806)85(1,846)(1,859)
2,184
1
(39)
25
(658)
163
(9,875)(3,204)2,964
32(1,702)
2,504(15,671)68(1,442)
4
(620)
83
(21)
43
(13,610)(69)(30,642)

3,294
269
(803)
(200)
(0)
(2,833)
(273)
556
1,863
49,2462,380
15,388
(826)
(170)
(999)
(2,928)
12,843(668)(3,697)
51,109-446

51,10947,859HORIBA, Ltd. (Consolidated)

(5) Changes in Accounting Policies(Application of Accounting Standards for Retirement Benefits)
HORIBA has adopted the main provisions from clause 35 of “Accounting Standard for Retirement Benefits” (ASBJ
Statement No. 26; issued on May 17, 2012) and clause 67 of “Guidance on Accounting Standard for Retirement Benefits”(ASBJ Guidance No. 25; issued on March 26, 2015) from current fiscal year. Accordingly, the method for calculating
projected benefit obligations and service cost has been revised and the method for attributing estimated benefit to periods
has been changed from a straight-line basis to a benefit formula basis. In addition, the method of determining the discountrates applied in the calculation of projected benefit obligations was changed from the method using the discount rate basedon the period approximating the average of the estimated remaining service years of employees to the method using thesingle weighted-average discount rate that reflects the estimated period and amount of benefit payment in each period.
The accounting standard and guidance for retirement benefits were adopted in accordance with the transitional treatment
set forth in clause 37 of the standard, and the amounts of the change in calculation methods for projected benefit
obligations and service cost were reflected in retained earnings as of January 1, 2015.
The adoption of the standard and guidance had the effect of increasing net defined benefit liability by 139 million yen andreducing retained earnings by 90 million yen as of January 1, 2015. Its impact on profit for the current fiscal year isimmaterial.
(6) Additional Information(Revision of Amount of Deferred Tax Assets and Deferred Tax Liabilities due to Change in Rate of Corporate andOther Income Taxes)
Following the promulgation of the “Act for Partial Amendment of the Income Tax Act (Act No. 9 of 2015) and the Act for
Partial Amendment of the Local Tax Act (Act No. 2 of 2015) on March 31, 2015, the statutory effective tax rate for the
consolidated fiscal year on and after April 1, 2015 was reduced.
Following the Act, the statutory effective tax rate used to calculate deferred tax assets and deferred tax liabilities waschanged from 35.5% to 33.0% for temporary differences expected to be reversed in the fiscal year beginning on January 1,
2016 and 32.2% for temporary differences expected to be reversed in the fiscal year beginning on January 1, 2017.
Due to such change in tax rate, the amount of deferred tax assets (netted with deferred tax liabilities) decreased by 141
million yen, while income taxes (deferred), net unrealized holding gains on securities, and remeasurements of defined
benefit plans increased by 271 million yen, 120 million yen, and 9 million yen, respectively. Deferred gains or losses onhedges, however, decreased by 0 million yen.
(7)Significant Business Acquisition
In board of directors meeting held on July 14, 2015, the Company decided to acquire the business of MIRA Ltd. through theCompany’s subsidiary HRA International Ltd. and entered into a business purchase agreement on the same date.
HRA International Ltd. acquired the business of MIRA Ltd. and changed its corporate name to HORIBA MIRA Ltd. on thesame date.
1. Summary of Business Acquisition
1) Name and business of acquired company
Name of company:
MIRA Ltd.
Description of business:
Engineering consultancy, Test services & consultancy and Leasing of R&D facility
2) Purpose of business acquisition
Goal of HORIBA is to integrate MIRA’s competences into its Automotive Test Systems segment to complement its
established strength in analysis and measurement technologies for automotive development and regulatory compliance.
HORIBA will expand its business and add new products and services at the cutting-edge of next-generation mobility
development, in area such as autonomous vehicles, electric vehicles and ultra-low fuel consumption vehicles.
3) Date of business acquisition
July 14, 20154) Legal form of business acquisition
Acquisition of business to be paid for in cash

15

HORIBA, Ltd. (Consolidated)5) Name of company after acquisition
HORIBA MIRA Ltd.
6) Primary basis for determination of acquiring the company
The Company’s subsidiary HRA International Ltd. paid cash in consideration of acquiring 100% of the business of MIRA
Ltd.
2. Accounting period during which the financial results of the acquired company were included in the consolidated
statements of income for the fiscal year
From July 14, 2015 to December 31, 2015
3. Acquisition cost and its breakdown of acquired business
Acquisition Price:Cash15,469 million yen
15,469Acquisition Cost:

4. Amount of goodwill recognized, reason for recognition, amortization method, and amortization period
1) Amount of goodwill recognized
247 million yen
2) Reason for recognition
This is mainly due to the expectation of excess earning power from future business development.
3) Amortization method and amortization period
Straight-line method of amortization over 5-year period4) Amounts allocated to intangible assets other than goodwill, primary components of those assets by type, andamortization period of major types
Customer-related assets

1,905 million yen

Amortization period

9 years

Trademark rights

2,142 million yen

Amortization period

10 years

a107 million yen

Amortization period

10 years

Other

5. Amounts and primary components of assets acquired and liabilities assumed as of the date of the business combination
Current assets

4,494 million yen

Fixed assets

14,446 million yen

Total assets

18,941 million yen

Current liabilities

2,809 million yen

Non-current liabilities
Total liabilities

911 million yen
3,720 million yen

6. Approximate amounts and calculation method of the impacts on consolidated statements of income of the fiscal year,
assuming that the business combination was completed on the first date of the fiscal year
Net sales

4,904 million yen

Operating income

53 million yen

Net income(9) million yen(Calculation method of approximate amounts)
Approximate amounts of the impacts are the difference between the calculated amounts of net sales and income in theassumption that the business combination was completed on the first date of the fiscal year, and the amounts of net sales
and income of the acquired company are recorded on the consolidated statements of income. The notes above areunaudited.

16

HORIBA, Ltd. (Consolidated)5. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2015
1. Consolidated Financial Results

Amount: millions of yen
12/2016
Forecast

12/2015
Result(Restated*)

Changes(Restated*)

12/2016
Forecast

Changes(Restated*)

Ratio

Full year

Full year

Amount

1st half

Amount+17,833+11.7%

175,000

172,300+2,70085,000+3,80017,214+2,157+12.5%

17,50020,200-2,7008,500-2,500

11.2%

+0.1P

10.0%

11.7%

-1.7P

10.0%

-3.5P

18,84816,454+2,394

16,50019,800-3,3008,100-2,600

11.0%

10.8%

+0.2P

9.4%

11.5%

-2.1P

9.5%

-3.7P

12,882

10,589+2,293

10,80013,500ᇞ2,7005,200-1,500Net Income Ratio

7.5%

6.9%

+0.6P

6.2%

7.8%

-1.6P

6.1%

-2.2P

US$

121.10105.79+15.31115.00121.10-6.10

115.00

-5.30

Euro

134.31140.35-6.04

125.00134.31-9.31

125.00-9.10

12/2015
Result12/2014
ResultFull year

Full year

AmountNet Sales

170,898

153,065

Operating Income

19,372

Operating Income Ratio

11.3%

Ordinary Income
Ordinary Income Ratio

Net Income

Changes+14.5%+21.7%

2. Consolidated Segment Results

Amount: millions of yen
12/2016
Forecast

12/2015
Result(Restated*)

Changes(Restated*)

12/2016
Forecast

Changes(Restated*)

Ratio

Full year

Full year

Amount

1st half

Amount+9,249+16.8%

70,00065,800+4,20031,600+4,90016,465

+289

+1.8%

18,00016,700+1,300

8,900

+700

+300

14,000+0

12/2015
Result12/2014
ResultFull year

Full year

AmountAutomotive

64,25155,001

Process&Environmental

16,754

Net Sales

Changes

Medical27,44727,037

+409

+1.5%

28,00027,700

Semiconductor

35,38628,934+6,451+22.3%

31,00035,400-4,40016,800-2,400Scientific27,05925,627+1,432+5.6%

28,00026,700+1,30013,700

+600

Total

170,898

153,065+17,833+11.7%

175,000

172,300+2,70085,000+3,800Operating Income

12/2015
Result12/2014
Result12/2016
Forecast

12/2015
Result(Restated*)

Changes(Restated*)

12/2016
Forecast

Changes(Restated*)

Full year

Full year

Full year

Full year

Amount

1st half

AmountChangesAmountRatio-23.7%

5,000

5,200

-200

2,000

-1,000

-300

600

-400

Automotive

4,448

5,827

-1,379Process&Environmental

1,773

2,007

-233

-11.6%

1,500

1,800

Medical

2,403

1,717

+685

+39.9%

2,000

2,600

-600

1,000

-300

Semiconductor

9,439

6,455

+2,984+46.2%

7,500

9,400

-1,900

4,300

-800

Scientific

1,307

1,206

+100

+8.4%

1,500

1,200

+300

600

+0

Total

19,372

17,214+2,157+12.5%

17,50020,200-2,7008,500-2,500(Note) The Company and its consolidated subsidiaries in Japan had historically recognized revenue mainly on the date ofshipment of products and systems.
From the fiscal year ending December 31, 2016, the Company and its consolidated subsidiaries in Japan mainly recognize
revenue on the date of delivery or installation based on contractual arrangements and others. Accordingly the amounts offiscal year ended December 31, 2015 are calculated based on the retrospectively-restated amounts.
Those retrospectively-restated amounts are unaudited and are subject to change.

17

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

Automotive

Amount: millions of yen

12/2015
Result12/2014
ResultFull year

Full year

Amount64,25155,001+9,249 +16.8%+2,665 +17.3%

Japan

18,05815,392

Asia

15,98915,589Americas(*)

10,477

Changes
Ratio

12/2016
Forecast

12/2015
Result(Restated)

Changes(Restated)

12/2016
Forecast

Changes(Restated)

Full year

Full year

Amount

1st half

Amount70,00065,800+4,20031,600 +4,900

18,00017,800+200

10,100

+100

+2.6%

14,20017,700-3,500

6,900

-700

8,125

+2,351 +28.9%

10,50010,500

+0

4,200

+200

+399

Europe19,725

15,893+3,832 +24.1%

27,30019,800+7,50010,400+5,300

Process&Environmental

16,754

16,465

+289

+1.8%

18,00016,700+1,300

8,900

+700

Japan

8,392

8,420

-28

-0.3%

9,000

8,300

+700

4,700

+300

Asia

3,524

3,361

+162

+4.8%

3,600

3,500

+100

1,700

+100

Americas(*)

2,567

2,312

+255 +11.0%

3,000

2,600

+400

1,400

+200

Europe

2,270

2,369

-99

-4.2%

2,400

2,300

+100

1,100

+100

Medical27,44727,037

+409

+1.5%

28,00027,700+300

14,000

+0

Japan

5,728

5,252

+475

+9.1%

5,700

6,000

-300

2,900

-200

Asia

4,326

3,513

+812 +23.1%

5,000

4,300

+700

2,400

+200

Americas(*)

6,813

6,739

+74

+1.1%

7,000

6,800

+200

3,500

+100

Europe10,578

11,531

-953

-8.3%

10,30010,600

-300

5,200

-100

Semiconductor

35,38628,934+6,451 +22.3%

31,00035,400-4,40016,800-2,400Japan

13,05911,391+1,667 +14.6%

12,00013,100-1,100

6,400

-500

Asia

14,191

11,133+3,058 +27.5%

12,50014,200-1,7006,900-1,000Americas(*)

6,368

4,598

+1,770 +38.5%

5,500

6,400

-900

2,900

-500

Europe

1,766

1,811

-44

-2.5%

1,000

1,700

-700

600

-400

27,05925,627+1,432+5.6%

28,00026,700+1,30013,700

+600

Japan

7,236

6,970

+265

+3.8%

7,700

6,900

+800

4,000

+400

Asia

6,275

5,486

+789 +14.4%

6,400

6,300

+100

3,000

+0

Americas(*)

7,048

6,065

+983 +16.2%

7,200

7,000

+200

3,400

+100

Europe

6,499

7,105

-606

3,300

+100

Scientific

Total

-8.5%

6,700

6,500

+200

170,898

153,065+17,833 +11.7%

175,000

172,300+2,700Japan

52,47447,428+5,045 +10.6%

52,40052,100+300

85,000 +3,800
28,100+100

Asia

44,30739,085+5,222 +13.4%

41,70046,000-4,30020,900-1,400Americas(*)

33,276

27,841+5,435 +19.5%

33,20033,300-100

15,400+100

Europe40,84038,710+2,12947,70040,900+6,80020,600+5,000+5.5%(Note) Americas includes all countries in North America and South America.

18

HORIBA, Ltd. (Consolidated)5. Consolidated Financial Results (Quarterly Comparison)
1Q

Net Sales
Operating Income

40,062
5,370

12/2015 Result
2Q
3Q

37,554
3,689

39,253
2,756

Amount: millions of yen
4Q

1Q

54,028
7,556

33,3703,370

12/2014 Result
2Q
3Q

34,563
2,291

33,1142,140

4Q52,016
9,412

Operating Income Ratio

13.4%

9.8%

7.0%

14.0%

10.1%

6.6%

6.5%

18.1%

Ordinary Income

5,029

3,707

2,646

7,464

3,325

1,812

2,006

9,309

Ordinary Income Ratio

12.6%

9.9%

6.7%

13.8%

10.0%

5.2%

6.1%

17.9%

Net Income

2,962

2,254

2,006

5,658

1,246

1,346

1,352

6,644

Net Income Ratio

7.4%

6.0%

5.1%

10.5%

3.7%

3.9%

4.1%

12.8%

US$
Euro

119.16134.00121.44134.20122.34136.02121.46133.02102.77140.80102.15140.04103.87137.66114.37142.90

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

11,972
4,153
7,181
10,242
6,511
40,062

12/2015 Result
2Q
3Q

11,941
4,032
6,580
8,831
6,167
37,554

13,941
3,668
6,827
8,606
6,208
39,253

4Q

1Q

26,395
4,899
6,857
7,705
8,171
54,028

9,337
4,324
6,738
7,333
5,637
33,370Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

11,925
3,936
6,849
5,827
6,025
34,563

10,941
3,537
6,150
6,783
5,701
33,114

22,796
4,666
7,299
8,990
8,264
52,016

1Q

12/2015 Result
2Q
3Q

4Q

1Q

12/2014 Result
2Q
3Q

4Q

1,002
603
740
2,733
290
5,370

456
328
410
2,402
90
3,689

3,721
627
528
1,841
836
7,556

904
653
475
1,596
(260)
3,370

(33)
425
520
1,077
301
2,291

4,507
558
716
2,403
1,227
9,412

Amount: millions of yen
12/2014 Result
2Q
3Q
4Q

(731)
213
723
2,461
88
2,756

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAmount: millions of yen
12/2014 Result
2Q
3Q
4Q

1Q

13,006
4,028
7,468
9,669
5,741
39,914

1Q

35,324
4,503
2,562
4,086
8,076
54,553

12/2015 Result
2Q
3Q

15,383
4,827
7,904
9,204
6,518
43,83816,254
3,596
6,260
7,865
6,709
40,687

12/2015 Result
2Q
3Q

38,766
5,298
3,887
4,458
8,426
60,83646,437
5,225
3,320
3,717
8,927
67,6284Q

1Q

16,196
4,159
7,170
6,999
7,517
42,043

9,234
4,251
7,326
6,938
5,566
33,317

4Q

1Q

36,288
4,486
3,633
3,010
8,274
55,69431,317
3,780
2,899
2,758
7,599
48,355

13,937
3,714
6,395
5,869
5,888
35,806

449
369
4
1,377
(61)
2,140

15,438
4,708
6,293
7,986
6,167
40,593

12/2014 Result
2Q
3Q

33,329
3,559
2,445
2,800
7,462
49,59837,826
4,730
2,588
4,003
7,928
57,076

19,261
4,564
6,986
9,646
9,182
49,6404Q

34,290
4,628
2,275
4,659
8,846
54,701

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

19

HORIBA, Ltd. (Consolidated)