HORIBA : 〔Summary〕〔Delayed〕Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2020(Japanese GAAP)

Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2020

(Japanese GAAP)

	HORIBA, Ltd.	August 11, 2020
Company name	Listed stock exchanges: Tokyo
Listing code	6856	URL: https://www.horiba.com
Representative	Atsushi Horiba, Chairman & Group CEO	TEL: [phone]
Contact	Junichi Tajika, Department Manager, Accounting Dept.

Scheduled date of start of interim dividend payment: September 1, 2020

(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Six Months Ended June 30, 2020 (January 1, 2020 - June 30, 2020)

(1) Consolidated Operating Results		(Percentages represent changes from the corresponding in the previous year)
	Net Sales		Operating Income	Ordinary Income	Net Income Attributable
		to Owners of Parent
	Millions of yen		％	Millions of yen	％	Millions of yen	％	Millions of yen	％
Six months ended 6/30/20	84,975		-7.2	6,676	-19.4	6,776	-15.7	4,860	-15.8
Six months ended 6/30/19	91,607		-8.4	8,282	-41.1	8,040	-41.4	5,770	-45.1

(Note) Comprehensive Income:	FY2020Q2	705 million yen (-81.8％)	FY2019Q2	3,877 million yen (-39.7％)
	Net Income Attributable	Net Income Attributable
	to Owners of Parent per Share
	to Owners of Parent per Share
						(Diluted)
			Yen				Yen
Six months ended 6/30/20			115.20			114.67
Six months ended 6/30/19			136.84			136.24
(2) Consolidated Financial Position
	Total Assets	Net Assets	Shareholders'
	Equity Ratio
	Millions of yen	Millions of yen			％
As of 6/30/20		309,659		169,060			54.4
As of 12/31/19		315,133		171,615			54.3

(Reference) Net assets excluding subscription rights to shares and non-controlling interests:

As of 6/30/20 168,359 million yen	As of 12/31/19	170,953 million yen
2. Dividends
			Dividend per Share
	First	Second	Third	Year End	Total
	Quarter	Quarter	Quarter
	Yen		Yen	Yen	Yen	Yen
Year ended 12/31/19	-		50.00	-	80.00	130.00
Year ended 12/31/20	-		30.00

Year ending 12/31/20

(Forecast)

- 45.00 75.00

(Note) Changes in the latest dividend forecasts released: None

3. Consolidated Forecast for the Year Ending December 31, 2020 (January 1, 2020 - December 31, 2020)

(Percentages represent changes from the previous fiscal year)

		Net Sales		Operating Income	Ordinary Income	Net Income Attributable	Net Income Attributable
			to Owners of Parent	to Owners of Parent
									per Share
		Millions of yen		％	Millions of yen	％	Millions of yen	％	Millions of yen	％	Yen
	Full year	188,000		-6.1	15,000	-28.3	14,500	-29.3	10,500	-32.2	248.83
	(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): None

(2)Application of the accounting method specific to quarterly consolidated financial statements: Yes

1. Changes in accounting policies, accounting estimates and retrospective restatement

• Changes in accounting policies associated with revision of accounting standards: None

② Changes in accounting policies arising from other than the above: None

③ Changes in accounting estimates: None

④ Retrospective restatement: None

1. Number of shares outstanding (common stock)

①	Shares issued (including treasury stock)	June 30, 2020	42,532,752	December 31, 2019	42,532,752
②	Treasury stock	June 30, 2020	335,405	December 31, 2019	356,524
③	Average number of outstanding shares	Jan. - Jun.,2020	42,188,329	Jan. - Jun., 2019	42,173,185

Note 1. This consolidated financial report is not subject to quarterly review 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 certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of August 11, 2020. However, due to risks and various uncertain factors such as future business operation policies, changes in the economic 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 Six Months Ended June 30, 2020")

During the Six months ended June 30, 2020 (the first half year), HORIBA, Ltd. ("the Company") and its consolidated subsidiaries (together "the HORIBA Group" or "HORIBA" as a consolidated group) decreased sales by 7.2% year-on-year to 84,975 million yen, due to decline in sales in mainly Automotive Test Systems segment while sales in the Semiconductor Instruments & Systems segment increase. Operating income decreased by 19.4% to 6,676 million yen, ordinary income by 15.7% to 6,776 million yen and net income attributable to owners of parent by 15.8% to 4,860 million yen.

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

(Automotive Test Systems)

Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment sales decreased by 21.2% year-on-year to 27,108 million yen. As a result, operating loss of 269 million yen was recorded (compared to operating income of 1,599 million yen in the first six months of the previous year).

(Process & Environmental Instruments & Systems)

Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, sales declined in Asia and Europe. As a result, segment sales decreased by 5.3% year-on-year to 8,673 million yen and operating income decreased by 33.8% to 439 million yen.

(Medical-Diagnostic Instruments & Systems)

The number of tests performed at hospitals decreased as the spread of COVID-19 led to a decrease in the number of patients who visit hospital. Consequently, segment sales decreased by 17.9% year- on-year to 10,402 million yen, and operating loss of 75 million yen was recorded (compared to operating income of 709 million yen in the first six months of the previous year).

(Semiconductor Instruments & Systems)

In response to a gradual recovery of semiconductor manufacturers' capital expenditures, driven by an increase in demand for semiconductors associated with the expansion of telework, digital business and others, sales to semiconductor production equipment manufacturers increased. As a result, segment sales increased by 20.8% year-on-year to 27,423 million yen and operating income increased by 18.9% to 6,418 million yen.

(Scientific Instruments & Systems)

Mainly due to the stagnation of corporate activities affected by the spread of COVID-19, segment sales decreased by 10.4% year-on-year to 11,367 million yen. On the profit side, operating income of 163 million yen was recorded, contributed by reduction mainly in selling expense (compared to operating loss of 90 million yen in the first six months of the previous year).

3	HORIBA, Ltd. (Consolidated)

1. Information Concerning Consolidated Earnings Forecasts for FY2020 HORIBA's full year consolidated earnings forecast is as follows.
   Our assumption for the exchange rate has been changed from 110 yen to 107 yen against the US dollars. The exchange rate for the euro remains unchanged.

Consolidated forecast of full year FY2020

		Amount : Millions of yen
	Previous	Revised	Changes
	Forecast	Forecast
	(As of June 9)	(As of Aug. 11)
Net Sales	187,000	188,000	+1,000
Operating Income	15,000	15,000	-
Ordinary Income	14,500	14,500	-
Net Income Attributable	10,500	10,500	-
to Owners of Parent

Consolidated forecast of full year FY2020 by segment

Net Sales		Amount : Millions of yen		Operating Income	Amount : Millions of yen
	Previous	Revised	Changes			Previous	Revised	Changes
	Forecast	Forecast			Forecast	Forecast
	(As of June 9)	(As of Aug. 11)				(As of June 9)	(As of Aug. 11)
Automotive	68,000	68,000	-		Automotive	500	500	-
Process &	17,500	17,500	-		Process &	500	500	-
Environmental		Environmental
Medical	23,000	22,000	-1,000		Medical	200	-	-200
Semiconductor	52,500	54,000	+1,500		Semiconductor	13,500	13,500	-
Scientific	26,000	26,500	+500		Scientific	300	500	+200
Total	187,000	188,000	+1,000		Total	15,000	15,000	-

In light of the progress achieved up to the second quarter of this year, the Semiconductor Instruments

• Systems segment revised upward its sales forecast by 1,500 million yen. The Scientific Instruments
• Systems segment also revised upward its sales and operating income forecasts by 500 million yen and 200 million yen respectively, by taking into account the recent order trend.
  The Medical-Diagnostic Instruments & Systems segment revised downward its sales and operating income forecast by 1,000 million yen and 200 million yen respectively, as the number of tests performed at hospitals is projected to continue declining in the second half year, along with an anticipated decrease in the number of patients who visit hospital because of the spread of COVID-19.

As a result, overall sales forecast has been revised upward by 1,000 million yen to 188,000 million yen, while forecasts for operating income, ordinary income, and net income attributable to owners of parent remain unchanged.

The dividend forecast for the current fiscal year remains unchanged.

4	HORIBA, Ltd. (Consolidated)

2. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets

		Amount : Millions of yen
	FY2019	FY2020 first half
	(As of December 31, 2019)	(As of June 30, 2020)
Assets
Current Assets:
Cash and bank deposits	95,646	102,569
Trade notes and accounts receivable	59,121	46,369
Marketable securities	3,079	1,845
Merchandise and finished goods	19,995	20,911
Work in process	17,690	20,035
Raw materials and supplies	13,927	14,122
Other current assets	7,889	7,975
Allowance for doubtful accounts	(796)	(796)
Total Current Assets	216,553	213,032
Fixed Assets:
Property, Plant and Equipment:
Buildings and structures, net	39,780	38,221
Machinery, equipment and vehicles, net	12,053	11,223
Land	15,177	14,908
Construction in progress	3,604	6,843
Other property, plant and equipment, net	5,313	4,982
Total Property, Plant and Equipment	75,929	76,179
Intangibles:
Goodwill	1,254	1,077
Software	2,734	2,506
Leasehold interests in land	548	513
Other intangibles	997	781
Total Intangibles	5,535	4,879
Investments and Other Non-Current Assets:
Investment securities	10,612	8,861
Net defined benefit asset	13	80
Deferred tax assets	3,605	3,778
Other investments and other assets	2,933	2,897
Allowance for doubtful accounts	(51)	(49)
Total Investments and Other Non-Current Assets	17,114	15,567
Total Fixed Assets	98,579	96,626
Total Assets	315,133	309,659

5	HORIBA, Ltd. (Consolidated)

		Amount : Millions of yen
	FY2019	FY2020 first half
	(As of December 31, 2019)	(As of June 30, 2020)
Liabilities
Current Liabilities:
Trade notes and accounts payable	19,861	19,126
Short-term loans payable	8,495	9,098
Current portion of bonds	15,000	15,000
Accounts payable - other	16,164	13,099
Accrued income taxes	2,004	2,949
Advances Received	19,169	18,142
Accrued bonuses to employees	1,188	489
Accrued bonuses to directors and corporate auditors	-	279
Reserve for product warranty	2,369	2,586
Other current liabilities	4,218	5,010
Total Current Liabilities	88,472	85,782
Non-Current Liabilities:
Corporate bonds	30,000	30,000
Long-term loans payable	16,878	16,685
Deferred tax liabilities	613	197
Net defined benefit liability	2,017	2,066
Other non-current liabilities	5,534	5,866
Total Non-Current Liabilities	55,044	54,815
Total Liabilities	143,517	140,598
Net Assets
Shareholders' Equity
Common stock	12,011	12,011
Capital surplus	18,599	18,599
Retained earnings	141,689	143,160
Treasury stock	(1,405)	(1,322)
Total Shareholders' Equity	170,894	172,447
Accumulated Other Comprehensive Income
Net unrealized holding gains or losses on securities	4,344	3,157
Deferred gains or losses on hedges	0	0
Foreign currency translation adjustments	(4,042)	(7,036)
Remeasurements of defined benefit plans	(244)	(209)
Total Accumulated Other Comprehensive Income	58	(4,088)
Subscription Rights to Shares	651
697
Non-Controlling Interests	10	3
Total Net Assets	171,615	169,060
Total Liabilities and Net Assets	315,133	309,659

6	HORIBA, Ltd. (Consolidated)

1. Consolidated Statements of Income and Consolidated Comprehensive Income Statements (Consolidated Statements of Income)

			Amount : Millions of yen
		FY2019 first half	FY2020 first half
		(Six months ended	(Six months ended
		June 30, 2019)	June 30, 2020)
Net Sales		91,607
	84,975
Cost of Sales		53,077	49,906
Gross Income		38,530	35,069
Selling, General and Administrative Expenses		30,247	28,392
Operating Income		8,282	6,676
Non-Operating Income
Interest income		113	214
Dividend income		98	88
Subsidy income		34	173
Other		93	127
Total Non-Operating Income		339	604
Non-Operating Expense
Interest expense		234	209
Foreign exchange losses		259	248
Other		87	46
Total Non-Operating Expense		581	504
Ordinary Income		8,040	6,776
Extraordinary Gain
Gain on sales of fixed assets		111	18
Gain on sales of investment securities		-	554
Reversal of provision for loss on dissolution		137	-
of the employees'pension fund
Total Extraordinary Gain		248	573
Extraordinary Loss
Loss on sales of fixed assets		-	0
Loss on disposal of fixed assets		6	20
Loss on valuation of investment securities		-	9
Total Extraordinary Loss		6	29
Income before Income Taxes		8,282	7,319
Income taxes (current)		2,640
	2,562
Income taxes (deferred)		(144)	(98)
Total Income Taxes		2,496	2,464
Net Income		5,786	4,855
Profit (loss) attributable to non-controlling interests		15	(4)
Net Income Attributable to Owners of Parent	5,770	4,860

7	HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)

			Amount : Millions of yen
		FY2019 first half	FY2020 first half
		(Six months ended	(Six months ended
		June 30, 2019)	June 30, 2020)
Net Income		5,786
	4,855
Other Comprehensive Income
Net unrealized holding gains or losses on securities		441	(1,187)
Deferred gains or losses on hedges		2	(0)
Foreign currency translation adjustments		(2,368)	(2,996)
Remeasurements of defined benefit plans		16	35
Total Other Comprehensive Income		(1,908)	(4,149)
Comprehensive Income		3,877	705
(Breakdown of comprehensive income)
Comprehensive income attributable to owners of parent		3,865	713
Comprehensive income attributable to non-controlling interests	12	(7)

8	HORIBA, Ltd. (Consolidated)

(3) Consolidated Statements of Cash Flows

		Amount : Millions of yen
	FY2019 first half	FY2020 first half
	(Six months ended	(Six months ended
	June 30, 2019)	June 30, 2020)
Cash Flows from Operating Activities:
Income before income taxes	8,282	7,319
Depreciation expense	4,169	4,612
Amortization of goodwill	101	159
Increase (decrease) in allowance for doubtful accounts	90	24
Increase (decrease) in net defined benefit liability	28	92
Interest and dividend income	(211)	(303)
Interest expense	234	209
Foreign exchange losses (gains)	20	178
Loss (gain) on sales of fixed assets	(111)	(18)
Loss on disposal of fixed assets	6	20
Loss (gain) on valuation of investment securities	-	9
Loss (gain) on sales of investment securities	-	(554)
Decrease (increase) in trade notes and accounts receivable	8,134	11,826
Decrease (increase) in inventories	(1,558)	(4,010)
Increase (decrease) in trade notes and accounts payable	(3,728)	(403)
Other, net	2,415	(2,108)
Subtotal	17,875	17,054
Interest and dividends received	220
284
Interest paid	(243)	(232)
Income taxes (paid) refund	(4,003)	(1,720)
Net Cash Provided by (used in) Operating Activities	13,848	15,385
Cash Flows from Investing Activities:
Increase in time deposits	(1,873)	(628)
Decrease in time deposits	2,662	538
Payments for purchase of marketable securities	(1,400)	(1,000)
Proceeds from sales or redemption of marketable securities	1,868	1,700
Payments for purchase of property, plant and equipment	(4,951)	(6,029)
Proceeds from sales of property, plant and equipment	245	38
Payments for purchase of intangibles	(302)	(175)
Payments for purchase of investment securities	(8)	(30)
Proceeds from sales or redemption of investment securities	0	609
Payments of loans receivable	(13)	(40)
Collection of loans receivable	16	15
Other, net	(508)	0
Net Cash Provided by (used in) Investing Activities	(4,267)	(5,001)

9	HORIBA, Ltd. (Consolidated)

		Amount : Millions of yen
	FY2019 first half	FY2020 first half
	(Six months ended	(Six months ended
	June 30, 2019)	June 30, 2020)
Cash Flows from Financing Activities:
Net increase (decrease) in short-term borrowings	(1,617)	1,082
Increase in long-term debt	251	25
Repayments of long-term debt	(1,425)	(185)
Repayments on finance lease obligations	(467)	(648)
Net decrease (increase) of treasury stock	(0)	(0)
Cash dividends paid	(4,002)	(3,370)
Net Cash Provided by (used in) Financing Activities	(7,262)	(3,097)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(511)	(966)
Net Increase (Decrease) in Cash and Cash Equivalents	1,807	6,320
Cash and Cash Equivalents at Beginning of Period	62,837	96,064
Cash and Cash Equivalents at End of Period	64,644	102,385

10	HORIBA, Ltd. (Consolidated)

(4) Notes to Consolidated Financial Statements

Application of special accounting for preparing quarterly consolidated financial statement (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.

Additional information

"Leasehold interests in land", which was included in "Other intangibles" in "Intangibles" in the previous consolidated fiscal year, is presented separately from the first quarter of the current consolidated fiscal year, from the viewpoint of clarity in accounts classification. The Consolidated Financial Statements for the previous consolidated fiscal year have been reclassified to reflect this change.

As a result, in the Consolidated Balance Sheets for the previous consolidated fiscal year, the 1,546 million yen presented as "Other intangibles" in "Intangibles" has been reclassified as "Leasehold interests in land" of 548 million yen and "Other intangibles" of 997 million yen.

11	HORIBA, Ltd. (Consolidated)

3. Supplemental Information

HORIBA, Ltd. Financial Highlights for the Six Months Ended June 30, 2020

1. Consolidated Financial Results

			12/2019	12/2020	Changes
			Results	Results
			1st half	1st half	Amount	Ratio
	Net Sales	91,607	84,975	-6,631	-7.2%
	Operating Income	8,282	6,676	-1,606	-19.4%
	Operating Income Ratio	9.0%	7.9%	-1.1P
	Ordinary Income	8,040	6,776	-1,263	-15.7%
	Ordinary Income Ratio	8.8%	8.0%	-0.8P
	Net Income Attributable	5,770	4,860	-910	-15.8%
	to Owners of Parent
	Net Income Ratio	6.3%	5.7%	-0.6P
	US$	110.06	108.23	-1.83
	Euro		124.32	119.31	-5.01
2. Consolidated Segment Results
			12/2019	12/2020	Changes
	Net Sales	Results	Results
	1st half	1st half	Amount	Ratio
	Automotive	34,381	27,108	-7,272	-21.2%
	Process&Environmental	9,161	8,673	-488	-5.3%
	Medical	12,667	10,402	-2,264	-17.9%
	Semiconductor	22,705	27,423	+4,717	+20.8%
	Scientific		12,691	11,367	-1,324	-10.4%
	Total	91,607	84,975	-6,631	-7.2%
			12/2019	12/2020	Changes
	Operating Income	Results	Results
	1st half	1st half	Amount	Ratio
	Automotive	1,599	(269)	-1,869	-
	Process&Environmental	663	439	-224	-33.8%
	Medical	709	(75)	-784	-
	Semiconductor	5,399	6,418	+1,018	+18.9%
	Scientific		(90)	163	+253	-
	Total		8,282	6,676	-1,606	-19.4%

Amount: Millions of yen

12/2019	12/2020	Changes
Result	Forecasts
Full year	Full year	Amount	Ratio
200,241	188,000	-12,241	-6.1%
20,916	15,000	-5,916	-28.3%
10.4%	8.0%	-2.4P
20,518	14,500	-6,018	-29.3%
10.2%	7.7%	-2.5P
15,481	10,500	-4,981	-32.2%
7.7%	5.6%	-2.1P
109.03	107.00	-2.03
122.03	120.00	-2.03
		Amount: Millions of yen
12/2019	12/2020	Changes
Result	Forecasts
Full year	Full year	Amount	Ratio
81,042	68,000	-13,042	-16.1%
19,500	17,500	-2,000	-10.3%
25,335	22,000	-3,335	-13.2%
47,191	54,000	+6,808	+14.4%
27,170	26,500	-670	-2.5%
200,241	188,000	-12,241	-6.1%
12/2019	12/2020	Changes
Result	Forecasts
Full year	Full year	Amount	Ratio
6,454	500	-5,954	-92.3%
1,697	500	-1,197	-70.5%
1,302	-	-1,302	-100.0%
10,727	13,500	+2,772	+25.8%
734	500	-234	-31.9%
20,916	15,000	-5,916	-28.3%

12	HORIBA, Ltd. (Consolidated)

3. Consolidated Segment Sales by Destination						Amount: Millions of yen
			12/2019	12/2020	Changes		12/2019	12/2020	Changes
			Results	Results		Result	Forecasts
			1st half	1st half	Amount	Ratio		Full year	Full year	Amount	Ratio
	Automotive	34,381	27,108	-7,272	-21.2%	81,042	68,000	-13,042	-16.1%
	Japan	10,528	9,174	-1,354	-12.9%	21,541	17,000	-4,541	-21.1%
	Asia	9,096	6,945	-2,150	-23.6%	24,507	19,000	-5,507	-22.5%
	Americas	4,372	2,214	-2,157	-49.3%	9,986	8,500	-1,486	-14.9%
	Europe		10,383	8,773	-1,609	-15.5%		25,006	23,500	-1,506	-6.0%
Process&Environmental	9,161	8,673	-488	-5.3%	19,500	17,500	-2,000	-10.3%
	Japan	4,900	4,934	+33	+0.7%	10,187	9,500	-687	-6.7%
	Asia	1,874	1,540	-334	-17.8%	4,242	4,000	-242	-5.7%
	Americas	1,152	1,168	+16	+1.4%	2,461	2,000	-461	-18.8%
	Europe		1,234	1,029	-204	-16.6%		2,608	2,000	-608	-23.3%
	Medical	12,667	10,402	-2,264	-17.9%	25,335	22,000	-3,335	-13.2%
	Japan	3,107	2,764	-343	-11.0%	6,328	6,000	-328	-5.2%
	Asia	2,726	2,034	-692	-25.4%	5,661	4,500	-1,161	-20.5%
	Americas	2,642	1,958	-683	-25.9%	5,080	4,000	-1,080	-21.3%
	Europe		4,190	3,646	-544	-13.0%		8,265	7,500	-765	-9.3%
	Semiconductor	22,705	27,423	+4,717	+20.8%	47,191	54,000	+6,808	+14.4%
	Japan	8,067	9,501	+1,433	+17.8%	16,790	20,000	+3,209	+19.1%
	Asia	9,935	13,071	+3,136	+31.6%	21,251	25,000	+3,748	+17.6%
	Americas	2,995	3,556	+560	+18.7%	6,030	6,000	-30	-0.5%
	Europe		1,706	1,294	-412	-24.2%		3,118	3,000	-118	-3.8%
	Scientific	12,691	11,367	-1,324	-10.4%	27,170	26,500	-670	-2.5%
	Japan	3,536	3,016	-520	-14.7%	7,321	6,000	-1,321	-18.1%
	Asia	3,007	2,658	-349	-11.6%	6,796	7,500	+703	+10.3%
	Americas	3,525	3,237	-287	-8.2%	7,520	7,500	-20	-0.3%
	Europe		2,621	2,453	-167	-6.4%		5,531	5,500	-31	-0.6%
	Total	91,607	84,975	-6,631	-7.2%	200,241	188,000	-12,241	-6.1%
	Japan	30,141	29,390	-751	-2.5%	62,169	58,500	-3,669	-5.9%
	Asia	26,641	26,251	-389	-1.5%	62,460	60,000	-2,460	-3.9%
	Americas	14,688	12,135	-2,552	-17.4%	31,079	28,000	-3,079	-9.9%
	Europe		20,136	17,198	-2,938	-14.6%		44,532	41,500	-3,032	-6.8%

13	HORIBA, Ltd. (Consolidated)

5. Consolidated Financial Results (Quarterly Comparison)				Amount: Millions of yen
				12/2019 Results				12/2020
			1Q	2Q	3Q	4Q		1Q Results	2Q Results	2H Forecasts
	Net Sales		45,320	46,287	45,422	63,211		44,997	39,978	103,024
	Operating Income	4,434	3,848	3,722	8,910	3,895	2,781	8,323
	Operating Income Ratio	9.8%	8.3%	8.2%	14.1%	8.7%	7.0%	8.1%
	Ordinary Income	4,303	3,737	3,517	8,960	3,906	2,870	7,723
	Ordinary Income Ratio	9.5%	8.1%	7.7%	14.2%	8.7%	7.2%	7.5%
	Net Income Attributable	2,561	3,209	2,655	7,055	2,287	2,573	5,639
	to Owners of Parent
	Net Income Ratio	5.7%	6.9%	5.8%	11.2%	5.1%	6.4%	5.5%
	US$		110.22	109.90	107.24	108.76		108.86	107.60	105.77
	Euro		125.16	123.48	119.22	120.26		120.08	118.54	120.69
6. Consolidated Segment Results (Quarterly Comparison)				Amount: Millions of yen
	Net Sales			12/2019 Results				12/2020
		1Q	2Q	3Q	4Q		1Q Results	2Q Results	2H Forecasts
	Automotive		16,242	18,138	17,705	28,956		14,870	12,238	40,891
	Process&Environmental	4,791	4,369	4,709	5,628	4,595	4,078	8,826
	Medical	6,307	6,359	6,036	6,632	5,749	4,653	11,597
	Semiconductor	11,548	11,157	10,837	13,647	13,847	13,576	26,576
	Scientific	6,429	6,261	6,132	8,346	5,935	5,431	15,132
	Total		45,320	46,287	45,422	63,211		44,997	39,978	103,024
	Operating Income			12/2019 Results				12/2020
		1Q	2Q	3Q	4Q		1Q Results	2Q Results	2H Forecasts
	Automotive		905	694	1,199	3,655		322	(591)	769
	Process&Environmental	470	193	312	721	250	188	60
	Medical	208	501	339	252	156	(231)	75
	Semiconductor	2,752	2,647	2,037	3,290	3,241	3,177	7,081
	Scientific	98	(188)	(167)	991	(75)	238	336
	Total		4,434	3,848	3,722	8,910		3,895	2,781	8,323

Contact

Investor Relations, Corporate Control Dept, General Administration Division, HORIBA, Ltd. 2, Miyanohigashi-cho, Kisshoin, Minami-ku, Kyoto 601-8510, Japan

E-mail:[e-mail]

14	HORIBA, Ltd. (Consolidated)