Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2017
(Japanese GAAP)May 12, 2017
Company name

HORIBA, Ltd.

Listing code

6856

Listed stock exchanges: Tokyo

Representative

Atsushi Horiba, Chairman, President and CEO

Contact

Junichi Tajika, Department Manager, Financial & Control Division, Accounting Dept.

URL: http://www.horiba.com
TEL: (81)75-313-8121(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Three Months Ended March 31, 2017 (January 1, 2017 - March 31, 2017)(Percentages represent changes from the corresponding period in the previous year)(1) Consolidated Operating Results
Net income attributable
Net Sales
Operating Income
Ordinary Income
to Owners of Parent%

Millions of yen%

Three months ended 3/31/17
45,668
6,185
6,041
10.7
19.6
18.4
Three months ended 3/31/16
41,2705,172 -25.9
5,100 -23.5-4.1(Note) Comprehensive Income: FY2017Q1 2,808 million yen (663.2%), FY2016Q1 367 million yen (-80.7%)

Millions of yen

3,778
3,181

18.8
-22.0

%

Millions of yen%

Yen

Net Income per Share(Diluted)
Yen

89.69
75.58

89.29
75.23

Net Income per ShareThree months ended 3/31/17
Three months ended 3/31/16

Millions of yen(2) Consolidated Financial Position
Total Assets

Shareholders'Equity Ratio

Net Assets

Millions of yen

Millions of yen%

236,031
133,682
As of 3/31/17
56.4
239,657
133,191
55.4
As of 12/31/16(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of March 31, 2017: 133,194 million yen; As of December 31, 2016: 132,654 million yen
2. Dividends
Dividend per shareFirst
quarter

SecondquarterYen

Thirdquarter
Yen

Year ended 12/31/16
30.00－
Year ending 12/31/17－
Year ending 12/31/17
40.00(Forecast)(Note) Changes in the latest dividend forecasts released: None

Year end
Yen

Total

Yen

Yen

－

55.00

85.00

－

50.00

90.00

3. Consolidated Forecast for the Year Ending December 31, 2017 (January 1, 2017 - December 31, 2017)(Percentages represent changes from the same period in the previous year)

Operating Income

Net Sales

Net income attributable
Net Income per Shareto Owners of Parent

Ordinary Income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

First half

87,5009.4

10,000

28.6

9,700

27.7

6,100

47.8

144.74

Full year

183,000

7.6

21,00013.5

20,30011.1

13,6004.9

322.66(Note) Changes in the latest business forecasts released: Yes

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
New one company(company name: HORIBA Americas Holding Incorporated)(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(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: None
④ Retrospective restatement: None
(Note) Please see "2.Items Concerning Summary Information (Notes)" on page 6 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 three months ended FY2017 and FY2016

March 31,2017
42,532,752
383,287

December 31, 2016
42,532,752
402,986Jan. - Mar. 2017
42,130,860

Jan. - Mar. 2016
42,095,456

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 forecasts of dividend amount and business performance contained in this report have been made based on
certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of May 12, 2017.
However, due to risks and various uncertain factors such as future business operation policies, changes in theeconomic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance
would vary considerably from the forecasts.

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see page 12, “3. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Three Months Ended
March 31, 2017”)
During the three months ended March 31, 2017 (the first quarter), with regard to the global economy, the U.S. economy
continued to steadily recover on the back of favorable employment conditions and the European economy recovered
moderately despite rising concerns over political risks. Emerging economies such as Chinese economy and Indian
economy also recovered moderately, driven mainly by domestic demand. In Japan, the economy sustained a moderate
recovery trend, as corporate earnings recovered and signs of improvement were seen in labor conditions and consumer
spending.
The average exchange rates for the first quarter of fiscal 2017 were 113.60 yen against the U.S. dollar and 121.05 yen
against the euro, marking appreciation of 1.5% against the U.S. dollar and of 5.0% against the euro, compared to the firstquarter of the previous year.
Under these conditions, HORIBA, Ltd. (“the Company”) and its consolidated subsidiaries (together “the HORIBA Group” or“HORIBA” as a consolidated group), increased sales by 10.7% year-on-year to 45,668 million yen, due to an increase insales in the Automotive Test Systems segment and the Semiconductor Instruments & Systems segment. Operating income
increased by 19.6% year-to-year to 6,185 million yen, ordinary income by 18.4% to 6,041 million yen, and net income
attributable to owners of parent by 18.8% to 3,778 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Test Systems)
Sales of emission measurement systems and the MCT (Mechatronics) sales increased in Japan and the Americas. As aresult, segment sales increased by 15.7% year-to-year to 17,317 million yen, and operating income increased by 87.1% to2,103 million yen.
(Process & Environmental Instruments & Systems)
While the process measurement equipment business in the Americas was sluggish, sales of stack gas analyzers for power
plants and factories were robust in Japan and China, as a result, segment sales increased by 0.9% year-to-year to 4,194
million. Operating income, however, decreased by 73.9% to 173 million yen due to lower profitability in Asia in addition to adecrease in sales in the process measurement equipment business in the Americas.
(Medical-Diagnostic Instruments & Systems)
Sales of blood cell testing instruments were sluggish in Europe. Consequently, segment sales decreased by 12.8%
year-to-year to 6,049 million yen, and operating income decreased by 43.4% to 469 million yen.
(Semiconductor Instruments & Systems)
Due to high-level capital investment by semiconductor manufacturers, sales to semiconductor production equipment
manufacturers increased significantly. As a result, segment sales increased by 41.1% year-to-year to 12,261 million yen
and operating income increased by 50.2% to 3,499 million yen.
(Scientific Instruments & Systems)
Sales of instruments and systems for R&D to universities and other customers were sluggish in Japan and the Americas.
Consequently, segment sales decreased by 10.3% year-to-year to 5,845 million yen and operating loss of 61 million yen
was recorded. (Last year during the same quarter we had an operating income of 222 million yen.)

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2017
After taking into account the recent order trend and other factors, HORIBA’s first-half of fiscal 2017 and its full-year
consolidated earnings forecasts are as follows:
Consolidated forecast for the first half of FY2017(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 14)(As of May 12)

Changes

Net sales

84,00087,500+3,500Operating income

9,000

10,000+1,000Ordinary income

8,700

9,700

+1,000

5,500

6,100

+600

Net income attributableto owners of parent

Consolidated forecast for the first half of FY2017 by segment

Net sales(Amount: millions of yen)Previous

Automotive

Operating income

Revised(Amount: millions of yen)Previous

Forecast

Forecast(As of Feb. 14)(As of May 12)

30,00032,000+2,000

8,000

8,000

-

Changes

Forecast

Forecast(As of Feb. 14)(As of May 12)

1,800

2,200

+400

500

400

-100

Medical

1,000

1,000

-

Automotive

Process &RevisedChanges

Process &Environmental

Environmental

Medical12,00012,000-

Semiconductor

22,00024,000+2,000

Semiconductor

5,500

6,500

+1,000Scientific12,00011,500-500

Scientific

200

-100

-300

Total

84,00087,500+3,500

Total

9,000

10,000+1,000With regard to consolidated earnings forecasts for the first half of fiscal 2017, after taking into account the recent order
trend, HORIBA has revised upward sales forecast for the Automotive Test Systems segment and the Semiconductor
Instruments & Systems segment by 2,000 million yen each, but has revised downward sales forecasts for the Scientific
Instruments & Systems segment by 500 million yen.
In terms of profits, HORIBA has revised upward operating income forecast for the Automotive Test Systems segment andthe Semiconductor Instruments & Systems segment by 400 million yen and 1,000 million yen respectively. On the other
hand, in light of progress in the first quarter, HORIBA has revised downward operating income forecast for the Process &Environmental Instruments & Systems segment and the Scientific Instruments & Systems segment by 100 million yen and
300 million yen respectively.
As a result, overall sales forecast has been revised upward by 3,500 million yen to 87,500 million yen, while operating
income forecast has also been revised upward by 1,000 million yen to 10,000 million yen. This increase in operating
income forecast has led to upward revision by 1,000 million yen in ordinary income forecast and 600 million yen in forecast
for net income attributable to owners of parent.

4

HORIBA, Ltd. (Consolidated)

Consolidated forecast of full year FY2017(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 14)(As of May 12)

Changes

Net sales

177,000

183,000+6,000Operating income

20,00021,000+1,000Ordinary income

19,30020,300+1,00013,00013,600+600

Net income attributableto owners of parent

Consolidated forecast of full year FY2017 by segment

Net sales

Automotive(Amount: millions of yen)Previous

Revised

Forecast

Forecast(As of Feb. 14)(As of May 12)

67,00069,000+2,00018,00018,000-Operating income
Previous

Revised

Forecast

Forecast(As of Feb. 14)(As of May 12)

5,200

5,200

-

1,600

1,100

-500

Medical

2,200

2,200

-

Changes

Automotive

Process &(Amount: millions of yen)

Changes

Process &Environmental

Environmental

Medical

25,00025,000-

Semiconductor

41,00046,000+5,000

Semiconductor

10,00012,000+2,000Scientific26,00025,000-1,000Scientific

1,000

500

-500

Total

177,000

183,000+6,000Total

20,00021,000+1,000With regard to consolidated earnings forecasts for full fiscal year, after taking into account the recent order trend, HORIBA
has revised upward sales forecast for the Automotive Test Systems segment and the Semiconductor Instruments &Systems segment by 2,000 million yen and 5,000 million yen respectively, but has revised downward sales forecasts for the
Scientific Instruments & Systems segment by 1,000 million yen.
In terms of profits, HORIBA has revised upward operating income forecast for the Semiconductor Instruments & Systems
segment by 2,000 million yen, in line with the upward revision in sales forecast. Operating income forecast for the Process& Environmental Instruments & Systems segment and the Scientific Instruments & Systems segment has been revised
downward by 500 million yen each, due to margin deterioration and downward revision in sales forecast.
In total, sales forecast has been revised upward by 6,000 million yen from the initial forecast to 183,000 million yen, while
operating income forecast has also been revised upward by 1,000 million yen to 21,000 million yen. This increase inoperating income forecast has led to upward revision by 1,000 million yen in ordinary income forecast and 600 million yen
in forecast for net income attributable to owners of parent.
Dividend forecast for fiscal 2017 has remained unchanged.
Cautionary statement with respect to earnings forecasts
The forecasts of dividend amount and business performance contained in this report have been made based on certain
future assumptions, outlooks, and plans which are available at the HORIBA Group as of May 12, 2017. 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.
5

HORIBA, Ltd. (Consolidated)

2. Items Concerning Summary Information (Notes)(1)Significant Items That Form the Basis for Preparation of Consolidated Financial Statements(Significant Change in Scope of Consolidation)
From the first quarter of fiscal 2017, newly-established HORIBA Americas Holding Incorporated (U.S.) has been includedin the scope of consolidation.
(2)Application of special accounting for preparing quarterly consolidated financial statement(Change in calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries calculated Income tax expenses by multiplying quarterly income
before income taxes by reasonably estimated annual effective tax rate. This tax rate was reasonably estimated after
applying the deferred tax accounting to the annual income before income taxes.
(3) Changes in Accounting Policies(Change in calculation method for tax expenses )The Company and its domestic consolidated subsidiaries had previously been using fundamental methods for calculating
tax expenses. However, in order to further streamline work involved in preparing the quarterly financial statements, theCompany and its domestic consolidated subsidiaries have changed the method used in this regard. Accordingly, beginningin the first quarter of fiscal 2017, the methods for calculating tax expenses is to the method of rationally estimating theirannual effective tax rate after the application of the deferred tax accounting to the annual income before income taxes andmultiplying quarterly income before income taxes by reasonably estimated annual effective tax rate.
As this change in accounting policy has an immaterial impact on earnings, it has not been retroactively applied.
(4) Business combination(Transactions under common control and others)
The Company had HORIBA Advanced Techno, a wholly owned subsidiary of the Company, take over its water quality andliquid analysis instruments and systems business (hereinafter the “water measurement business”) through absorption-type
corporate split approach, effective January 1, 2017.
The absorption-type corporate split was summarized as follows.
(1) Purpose of the corporate split
The HORIBA Group’s water measurement business, represented by pH meters, the Group’s mainstay product since thefoundation of the Company, had been promoted jointly by the Company and HORIBA Advanced Techno. With the aim ofbusiness expansion in the water measurement area, as one of the priority initiatives in the HORIBA Mid-Long Term
Management Plan, the Company separated its water measurement business division and integrated it with HORIBA
Advanced Techno in order to develop more market-oriented products, improve customer satisfaction, and enhance market
competitiveness and earnings power.
(2) Legal method of business combination
This corporate split was an absorption-type corporate split in which HORIBA Advanced Techno was the succeedingcompany.
(3) Date of business combination
January 1, 2017(4) Details of allotments relating to the corporate split
The Company owned all shares of HORIBA Advanced Techno and there was no consideration such as allotment of sharesor payment of cash due to this corporate split.
(5) Calculation of allotments relating to the corporate split
There were no allotments of shares or other assets due to this corporate split.
(6) Rights and obligations to be succeeded by the successor company
In accordance with the absorption-type corporate split agreement, HORIBA Advanced Techno had succeeded to assets,
liabilities, other rights and obligations, and contractual status that were considered necessary to carry out the business.

6

HORIBA, Ltd. (Consolidated)

(7) Outline of the successor company
Capital:
250 million yen
Business:
Development, manufacturing, sales and services of measurement equipment(8) Outline of accounting treatment to be applied
Based on the "Accounting Standard for Business Combinations" and the "Guidelines on Accounting Standard for Business
Combinations and Accounting Standard for Business Divestitures," this transfer had been treated as a transaction undercommon control.

7

HORIBA, Ltd. (Consolidated)3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Amount: millions of yen
FY2016(As of December 31,
2016)

FY2017 first quarter(As of March 31, 2017)

Cash and bank deposits

52,272

49,771

Trade notes and accounts receivable

53,72450,776

Marketable securities

1,178

1,961

Merchandise and finished goods

15,118

14,637Work in process

14,543

15,180Raw materials and supplies

10,626

10,627

Deferred tax assets

4,160

4,215

Other current assets

6,029

6,253

Allowance for doubtful accounts

(842)

(773)

156,812

152,652

Buildings and structures, net

32,96633,415

Machinery, equipment and vehicles, net

8,837

8,865

Land

13,065

13,048Construction in progress

3,453

4,054

Other property, plant and equipment, net

3,654

3,609

Total Property, Plant and Equipment

61,97762,992

Goodwill

387

346

Software

4,082

3,947

Other intangibles

3,453

3,134

Total Intangibles

7,923

7,429

Investment securities

8,519

8,436

Deferred tax assets

1,726

1,729

Other investments and other assets

2,764

2,853

(66)

(62)

12,943

12,957

82,844

83,379239,657

236,031

AssetsCurrent Assets:

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

Intangibles:

Investments and Other Non-Current Assets:

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

8

HORIBA, Ltd. (Consolidated)Amount: millions of yen
FY2016(As of December 31,
2016)

FY2017 first quarter(As of March 31, 2017)

Trade notes and accounts payable

20,013

19,918

Short-term loans payable

12,463

6,284

Accounts payable - other

14,041

12,678

Accrued income taxes

1,838

3,057

Advances Received

10,162

12,754

Deferred tax liabilities

76

89

Accrued bonuses to employees

914

1,727

Accrued bonuses to directors and corporate auditors

58

140

Reserve for product warranty

1,672

1,779

Provision for loss on disaster

227

172

Other current liabilities

4,607

3,775

Total Current Liabilities

66,07662,379Corporate bonds

15,00015,000Long-term loans payable

19,25519,022931

893

Net defined benefit liability

2,191

2,159

Provision for loss on dissolution of the employees’
pension fund

1,247

1,196

Other non-current liabilities

1,763

1,697

Total Non-Current Liabilities

40,38939,969106,466

102,349

Common stock

12,011

12,011

Capital surplus

18,717

18,717Retained earnings

103,104

104,533(1,588)(1,510)132,244

133,751

2,928

2,870

-

(0)

Foreign currency translation adjustments(2,297)(3,215)Remeasurements of defined benefit plans

(221)

(212)

Total Accumulated Other Comprehensive Income

409

(557)

Subscription Rights to Shares

466

420

Non-controlling Interests

71

67

133,191

133,682

239,657

236,031

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 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
FY2016 first quarter

FY2017 first quarter(Three months ended
March 31, 2016)(Three months ended
March 31, 2017)

Net Sales

41,27045,668

Cost of Sales

23,14826,333Gross Income

18,122

19,334

Selling, General and Administrative Expenses

12,94913,149Operating Income

5,172

6,185

Interest income

46

35

Dividend income

1

1

Subsidy income

47

3

Rent income

10

28

Other

47

42

Total non-operating income

152

111

Non-Operating Income

Non-Operating Expense
Interest expense

133

108

Foreign exchange losses

65

125

Other

25

21

Total non-operating expense
Ordinary Income

224

255

5,100

6,041

Extraordinary Gain
Gain on sales of fixed assets

2

2

Total extraordinary gain22

Extraordinary Loss
Loss on sales of fixed assets

0Loss on disposal of fixed assets

1354

Total extraordinary loss

13

54

Income before Income Taxes

5,089

5,989

Income taxes (current)

1,133

2,322

Income taxes (deferred)

775

(109)

1,908

2,213

3,180

3,776

Loss attributable to non-controlling interests

(0)

(2)

Net Income attributable to Owners of Parent

3,181

3,778

Total income taxes
Net Income

10-

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: millions of yen
FY2017 first quarter(Three months ended
March 31, 2017)

FY2016 first quarter(Three months ended
March 31, 2016)
3,180

3,776

(656)

(58)

(4)

(0)

Foreign currency translation adjustments(2,156)(918)

Remeasurements of defined benefit plans

48

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

Total other comprehensive income
Comprehensive Income(2,812)

(968)

367

2,808

368

2,811

(0)

(3)

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

11

HORIBA, Ltd. (Consolidated)4. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Three Months Ended March 31, 2017
1. Consolidated Financial Results

Amount: millions of yen

12/2017
Result12/2016
Result1Q(3months)

1Q(3months)

Net Sales

45,668Operating Income

12/2017
Forecast

Changes

12/2016
ResultAmountRatio

1st half

Full year

1st half

41,270+4,397+10.7%

87,500183,000

79,984 170,093

6,185

5,172

+1,013+19.6%

10,00021,0007,778

18,499Operating Income Ratio

13.5%

12.5%

+1.0P

11.4%

11.5%

9.7%

10.9%

Ordinary Income

6,041

5,100

+940

9,700

20,3007,597

18,279

11.1%

11.1%

9.5%

10.7%

6,100

13,6004,128

12,962+18.4%

Full year

Ordinary Income Ratio

13.2%

12.4%

+0.8P

Net Income attributableto Owners of Parent

3,778

3,181

+596

Net Income Ratio

8.3%

7.7%

+0.6P

7.0%

7.4%

5.2%

7.6%

US$

113.60115.35-1.75

110.00110.00111.70108.78Euro

121.05127.15-6.10

120.00120.00124.52120.26+18.8%

2. Consolidated Segment Results

Amount: millions of yen

12/2017
Result12/2016
Result1Q(3months)

1Q(3months)

Automotive

17,317

Process&Environmental

Net Sales

12/2017
Forecast

ChangesAmountRatio

1st half

14,964+2,353+15.7%

32,000

4,194

4,157

+37

+0.9%

Medical

6,049

6,939

-889

Semiconductor

12,261

8,689

Scientific

5,845

Total

45,668Full year

1st half

Full year

69,00028,12862,2078,000

18,0007,798

16,753-12.8%

12,00025,00013,80026,564+3,571+41.1%

24,00046,00017,89538,828

6,519

-674

-10.3%

11,50025,00012,36125,73841,270+4,397+10.7%

87,500183,000

79,984 170,093

12/2017
Forecast

12/2017
Result12/2016
Result1Q(3months)

1Q(3months)

Automotive

2,103

1,124

+979

+87.1%

2,200

Process&Environmental

173

666

-492

-73.9%

Medical

469

828

-359

Semiconductor

3,499

2,329

Scientific

(61)

Total

6,185

Operating Income

12/2016
ResultChangesAmount

1st half

Full year

1st half

Full year

5,200

554

3,529

400

1,100

867

1,540

-43.4%

1,000

2,200

1,593

2,806

+1,169+50.2%

6,500

12,000

4,483

9,678

222

-283

-

ᇞ100

500

280

944

5,172

+1,013+19.6%

10,00021,0007,778

18,49912

Ratio

12/2016
ResultHORIBA, Ltd. (Consolidated)3. Consolidated Segment Sales by Destination
12/2017
Result12/2016
ResultAmount: millions of yen
12/2017
Forecast

Changes

12/2016
Result1Q(3months) 1Q(3months)

AmountRatio

1st half

Full year

1st half

Full year

17,317

14,964+2,353+15.7%

32,00069,00028,12862,207

Japan

9,165

7,827

+1,338+17.1%

12,50022,00010,987

19,063

Asia

1,955

1,652

+302

+18.3%

6,400

15,4005,959

14,310Americas(*)

2,747

2,155

+591

+27.5%

4,400

9,900

3,755

9,192

+120

+3.6%

8,700

21,7007,426

19,642

Automotive

Europe

3,449

3,328

Process&Environmental

4,194

4,157

+37

+0.9%

8,000

18,0007,798

16,753

Japan

2,653

2,448

+204

+8.3%

4,500

10,000

4,478

9,067

Asia

631

404

+226

+56.1%

1,300

3,000

965

2,748

Americas(*)

481

871

-389

-44.8%

1,300

3,000

1,471

2,935

Europe

429

433

-4

-1.0%

900

2,000

883

2,001

6,049

6,939

-889

-12.8%

12,00025,00013,80026,564

Japan

1,342

1,502

-160

-10.7%

3,000

6,000

2,991

5,877

Asia

1,252

1,372

-119

-8.7%

2,500

4,800

2,593

4,852

Americas(*)

1,381

1,522

-141

-9.3%

2,500

5,500

3,229

6,599

Europe

2,073

2,542

-468

-18.4%

4,000

8,700

4,986

9,235

12,261

8,689+3,571+41.1%

24,00046,00017,89538,828

Japan

4,480

3,413

+1,067+31.3%

9,000

17,0006,814

15,004

Asia

5,841

3,474

+2,366+68.1%

11,30020,400

7,323

16,969Americas(*)

1,494

1,362

+132

+9.7%

2,900

6,600

2,810

4,980

Europe

443

439

+4

+1.1%

800

2,000

946

1,874

11,50025,00012,36125,738
7,509

Medical

Semiconductor

Scientific

5,845

6,519

-674

-10.3%

Japan

1,896

2,399

-503

-21.0%

3,500

7,000

3,670

Asia

1,260

1,275

-15

-1.2%

2,800

6,100

3,079

6,082

Americas(*)

1,487

1,550

-62

-4.0%

2,800

6,500

2,955

6,562

Europe

1,200

1,293

-93

-7.2%

2,400

5,400

2,655

5,584

45,66841,270+4,397+10.7%

87,500183,000

79,984

170,093

Japan

19,53817,592+1,946+11.1%

32,50062,00028,94356,522

Total
Asia

10,9408,179+2,761+33.8%

24,30049,70019,92044,963

Americas(*)

7,592

7,461

+130

+1.8%

13,90031,50014,221

30,270Europe

7,596

8,037

-441

-5.5%

16,80039,80016,89838,337(Note) Americas includes all countries in North America and South America.

13

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

12/2017
2Q Forecast 2H Forecast

Amount: millions of yen
1Q

12/2016 Result
2Q
3Q

4Q

Net Sales
Operating Income

45,6686,185

41,831
3,814

95,50011,00041,2705,172

38,713
2,606

36,9172,880

53,191
7,840

Operating Income Ratio

13.5%

9.1%

11.5%

12.5%

6.7%

7.8%

14.7%

Ordinary Income

6,041

3,658

10,600

5,100

2,496

2,744

7,937

Ordinary Income Ratio

13.2%

8.7%

11.1%

12.4%

6.4%

7.4%

14.9%

Net Income attributableto Owners of Parent

3,778

2,321

7,500

3,181

946

3,153

5,680

Net Income Ratio

8.3%

5.5%

7.9%

7.7%

2.4%

8.5%

10.7%

US$
Euro

113.60121.05106.40118.95110.00120.00115.35127.15108.05121.89102.31
114.14109.41117.86

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Operating Income

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

1Q Result

17,317
4,194
6,049
12,261
5,845
45,668

1Q Result

2,103
173
469
3,499
(61)
6,185

12/2017
2Q Forecast 2H Forecast

14,682
3,805
5,950
11,7385,654
41,83137,00010,00013,00022,00013,50095,50012/2017
2Q Forecast 2H Forecast

96
226
530
3,000
(38)
3,814

3,000
700
1,200
5,500
600
11,000

1Q

14,964
4,157
6,939
8,689
6,519
41,270Automotive
Process&Environmental

Medical
Semiconductor
Scientific
Total
Backlog

Automotive
Process&Environmental

Medical
Semiconductor
ScientificTotal

22,781
4,943
6,789
11,068
7,609
53,191

4Q

1,124
666
828
2,329
222
5,172

(570)
200
764
2,153
57
2,606

3,466
418
584
2,528
841
7,840

1Q Result

1Q

17,338
3,741
6,669
14,461
5,153
47,365-

12,316
3,447
7,654
9,563
5,623
38,605

1Q Result

12/2017
2Q Forecast 2H Forecast

1Q

48,959
3,870
4,046
8,079
8,326
73,282-40,566
4,106
4,353
4,018
8,343
61,387-

11,298
4,010
5,975
9,865
5,767
36,917

12/2016 Result
2Q
3Q

12/2017
2Q Forecast 2H Forecast-

13,164
3,641
6,860
9,205
5,841
38,713

1Q

7. Consolidated Orders and Backlog Information (Quarterly Comparison)
OrdersAmount: millions of yen
12/2016 Result
2Q
3Q
4Q

(490)
254
628
2,666
(177)
2,880

Amount: millions of yen
12/2016 Result
2Q
3Q
4Q

14,777
4,111
6,465
9,659
5,358
40,372

18,6383,684
5,600
10,477
5,858
44,25912/2016 Result
2Q
3Q

42,180
4,576
3,958
4,467
7,863
63,04649,520
4,249
3,583
5,080
7,955
70,38822,1995,016
6,632
11,867
8,673
54,3894Q

48,938
4,323
3,426
5,879
9,018
71,586

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

14

HORIBA, Ltd. (Consolidated)