HORIBA : 〔Summary〕〔Delayed〕Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2022(Japanese GAAP)

Summary of Consolidated Financial Statements for the Six Months Ended June 30, 2022

(Japanese GAAP)

	HORIBA, Ltd.	August 12, 2022
Company name	Listed stock exchanges: Tokyo
Listing code	6856	URL: https://www.horiba.com/int/
Representative	Atsushi Horiba, Chairman & Group CEO	TEL: [phone]
Contact	Yoshihiro Morita, Department Manager, Finance and Accounting Dept.

Scheduled date of start of interim dividend payment: September 5, 2022

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

1. Consolidated Results for the Six Months Ended June 30, 2022 (January 1, 2022 - June 30, 2022)

(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 6/30/22	114,965		13.5	16,260	24.4	16,784	28.6	11,240	28.5
Six Months Ended 6/30/21	101,317		19.2	13,069	95.7	13,047	92.5	8,744	79.9

(Note) Comprehensive income:

FY2022Q2

24,205 million yen (58.3%)

FY2021Q2 15,294 million yen (-%)

Net Income Attributable

Net Income Attributable

to Owners of Parent per Share

to Owners of Parent per Share

(Diluted)

Yen

Yen

Six Months Ended 6/30/22

266.31

264.93

Six Months Ended 6/30/21

207.24

206.20

(2) Consolidated Financial Position

Total Assets

Net Assets

Shareholders'

Equity Ratio

Millions of yen

Millions of yen

%

As of 6/30/22

398,397

224,647

56.2

As of 12/31/21

371,585

204,493

54.8

(Reference) Net assets excluding

subscription rights to shares and non-controlling interests:

As of 6/30/22 223,868 million yen

As of 12/31/21 203,688 million yen

2. Dividends

Dividend per Share

First

Second

Third

Year End

Total

Quarter

Quarter

Quarter

Yen

Yen

Yen

Yen

Yen

FY 12/2021

-

50.00

-

100.00

150.00

FY 12/2022

-

65.00

FY 12/2022 (Forecasts)

-

135.00

200.00

(Note) Changes in the latest dividend forecasts released: Yes

3. Consolidated Forecasts for the Year Ending December 31, 2022 (January 1, 2022 - December 31, 2022)

(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	260,000	15.9	40,000	24.8	40,000	24.9	28,000	31.4	663.04
(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: Yes

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, 2022	42,532,752	December 31, 2021	42,532,752
②	Treasury stock	June 30, 2022	303,053	December 31, 2021	335,502
③	Average number of outstanding shares	Jan. - Jun., 2022	42,206,936	Jan. - Jun., 2021	42,197,315

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 12, 2022. 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 13-15, "3. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Six Months Ended June 30, 2022")

During the six months ended June 30, 2022 (the first half year), HORIBA, Ltd. ("the Company") and its consolidated subsidiaries (together "the HORIBA Group" or "HORIBA" as a consolidated group) increased sales by 13.5% year-on- year to 114,965 million yen, mainly due to an increase in sales of the Semiconductor segment. Operating income increased by 24.4% to 16,260 million yen, ordinary income by 28.6% to 16,784 million yen and net income attributable to owners of parent ("net income") by 28.5% to 11,240 million yen.

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

(Automotive Segment)

Mainly due to an increase in sales of the ECT (Engineering Consultancy & Testing) business in Europe, segment sales increased by 3.1% year-on-year to 25,688 million yen. On the profit side, operating loss of 1,762 million yen was recorded owing mainly to delay in delivery because of procurement difficulties and rising purchasing prices (compared to an operating loss of 1,187 million yen in the first six months of the previous year).

(Process & Environmental Segment)

Mainly due to an increase in sales of stack gas analyzers and water quality analysis and examination systems in Japan, segment sales increased by 1.5% year-on-year to 10,191 million yen. On the profit side, operating income however decreased by 42.7% to 638 million yen owing mainly to the impact of the lockdown in China and rising purchasing prices.

(Medical-Diagnostics Segment)

Mainly due to an increase in sales of hematology analyzers, clinical chemistry analyzers and reagents in Asia, segment sales increased by 6.0% year-on-year to 13,673 million yen. On the profit side, operating loss of 162 million yen was recorded owing mainly to rising purchasing prices (compared to an operating income of 326 million yen in the first six months of the previous year).

(Semiconductor Segment)

Sales to semiconductor production equipment manufacturers increased significantly, in response to expansion of semiconductor manufacturers' capital expenditures. As a result, segment sales increased by 23.4% year-on-year to 49,421 million yen and operating income increased by 35.9% to 16,780 million yen.

(Scientific Segment)

Sales of Raman spectrometers and optical components increased. As a result, segment sales increased by 19.2% year-on-year to 15,989 million yen and operating income increased by 64.9% to 765 million yen.

3	HORIBA, Ltd. (Consolidated)

1. Information Concerning Consolidated Earnings Forecasts for FY2022 HORIBA's full year consolidated earnings forecasts are summarized as follows.
   Our assumption for the exchange rate has been changed from 124 yen to 130 yen against the US dollars and 133 yen to 135 yen against the euro.
   Consolidated forecasts of FY2022 (Full year)

			Amount : Millions of yen
	Previous Forecasts	Revised Forecasts	Changes
	(As of May 13)	(As of Aug. 12)
Net Sales	260,000	260,000	-
Operating Income	38,000	40,000	+2,000
Ordinary Income	37,500	40,000	+2,500
Net Income Attributable	25,500	28,000	+2,500
to Owners of Parent

Consolidated forecasts of FY2022 by segment (Full year)

Net Sales

Amount : Millions of yen Operating Income

Amount : Millions of yen

	Previous	Revised
	Forecasts	Forecasts	Changes
	(As of May	(As of Aug.
	13)	12)
Automotive	70,000	66,000	-4,000
Process &	23,500	23,500	-
Environmental
Medical-Diagnostics	28,500	28,500	-
Semiconductor	103,000	107,000	+4,000
Scientific	35,000	35,000	-
Total	260,000	260,000	-

	Previous	Revised
	Forecasts	Forecasts	Changes
	(As of May	(As of Aug.
	13)	12)
Automotive	1,500	-	-1,500
Process &	2,000	2,000	-
Environmental
Medical-Diagnostics	500	500	-
Semiconductor	31,500	35,000	+3,500
Scientific	2,500	2,500	-
Total	38,000	40,000	+2,000

With regard to consolidated earnings forecasts for the current fiscal year, overall sales forecast remained unchanged at 260,000 million yen and operating income forecast has been revised upward by 2,000 million yen to 40,000 million yen, which has led to upward revision of 2,500 million yen for forecasts for both ordinary income and net income.

By business segment, the Company has revised downward its forecasts for sales and operating income of the Automotive segment by 4,000 million yen and 1,500 million yen respectively, owing to delay in delivery because of procurement difficulties and rising purchasing prices, even though the order trend is favorable. Meanwhile, forecasts for sales and operating income of the Semiconductor segment have been revised upward by 4,000 million yen and 3,500 million yen respectively by taking into account the recent order trend.

4	HORIBA, Ltd. (Consolidated)

Amendments to dividend forecasts for FY2022

		Dividend per Share(Yen)
Record Date	Interim	Year-end	Total
Previous Forecasts	60	120	180
(As of May 13)
Revised Forecasts	65	135	200
Results for FY2021	50	100	150

The Company's shareholder return policy is to set the total returns to shareholders (the combined amount of dividend payments and share buybacks) at approximately 30% of consolidated net income.

Dividend forecasts for FY2022 had been 180 yen per share for the full year (60 yen for the interim and 120 yen for the year-end) since "Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2022" on May 13, 2022. However, considering the revised consolidated earnings forecasts for FY2022, the Company has amended the forecasts to increase the full year dividend by 20 yen (5 yen for the interim) to 200 yen (65 yen for the interim and 135 yen for the year-end).

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 August 12, 2022. 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.

5	HORIBA, Ltd. (Consolidated)