Slide 1: Financial Information
Financial Information HORIBA, Ltd. February, 2024 © 2024 HORIBA, Ltd. All rights reserved.
Slide 2: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 2
Slide 3: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 3
Slide 4: Review of 2023
Review of 2023 ◆ Continuous depreciation of the yen (caused by the increasing interest rate gap), surge in energy prices and accelerated inflation ◆ Surge in conflicts and escalation of political conflicts in the world External ◆ Higher expectations for growth in the semiconductor market, but capex
Slide 5: 2023 Results
2023 Results (Billions of Yen) 2022 2023 Changes Forecasts vs Forecasts Results Results vs 2022 (as of Nov. 13) (as of Nov. 13) Sales 270.1 284.0 290.5 +20.4 +6.5 Operating profit 45.8 43.0 47.2 +1.4 +4.2 O.P.% 17.0% 15.1% 16.3% -0.7p +1.2p Ordinary profit 46.8 43.0 48.2 +1.3 +5.2 Net income attribu
Slide 6: 2023 Results by Segment
2023 Results by Segment (Billions of Yen) Sales Operating profit 2022 2023 Changes 2022 2023 Changes Forecasts VS vs Forecasts VS vs Results Results Forecasts Results Results Forecasts (as of Nov. 13) 2022 (as of Nov. 13) (as of Nov. 13) 2022 (as of Nov. 13) Auto 67.5 79.0 80.4 +12.8 +1.4 -0.6 0.5 1
Slide 7: 2023 Results (B/S, CF)
2023 Results (B/S, CF) ◆Total assets: Up ¥32.2bn to ¥449.0bn, mainly by increasing B/S inventory ◆Equity ratio: 63.0% (compared to the end of Dec. 2022) ◆Operating CF: Cash in ¥16.6bn due to operating profit Free CF: + ¥9.3bn ◆Investing CF: Cash out ¥7.3bn due to CF capital investments ◆Financial CF
Slide 8: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 8
Slide 9: HORIBA's Assumptions Regarding Market Environment
HORIBA’s Assumptions Regarding Market Environment Remain concerned about the inflation-induced global monetary tightening and the increasingly General complicated international situation. Continuing moderate growth of economic activity thanks to the high demand for capex. Expect further acceleration
Slide 10: 2024 Forecasts
2024 Forecasts (Billions of Yen) 2022 2023 2024 vs Results Results Forecasts 2023 Sales 270.1 290.5 321.0 +30.4 Operating Profit 45.8 47.2 52.0 +4.7 O.P.% 17.0% 16.3% 16.2% -0.1p Ordinary Profit 46.8 48.2 52.7 +4.4 Net Income attributable to Owners of Parent 34.0 40.3 37.0 -3.3 USD/JPY 131.62 140.67
Slide 11: 2024 Forecasts by Segment
2024 Forecasts by Segment (Billions of Yen) Sales Operating profit 2023 2024 2023 2024 vs vs Results Forecasts 2023 Results Forecasts 2023 Auto 80.4 94.0 +13.5 1.2 3.0 +1.7 P&E 24.9 31.5 +6.5 2.4 3.0 +0.5 Medical 32.6 34.5 +1.8 0.6 1.0 +0.3 Semi 112.8 119.0 +6.1 40.5 42.0 +1.4 Scientific 39.6 42.0 +
Slide 12: Change in Shareholder Return Policy
Change in Shareholder Return Policy Basic policy up to FY2023 New basic policy from FY2024 • Dividend payment + Share buyback = 30% of • Dividend payment = 30% of Consolidated net income Consolidated net income attributable to owners of attributable to owners of parent to be targeted parent to be ta
Slide 13: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ◼ MLMAP 2028 ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 13
Slide 14: Automotive: 2023 Results and 2024 Forecasts
Automotive 2023 Results and 2024 Forecasts 2023 Results *1 Mechatronics 2024 Full-Year Forecasts and Mid-Long Term Outlook *2 Engineering Consultancy & Testing 【EMS】 【EMS】 • Increased demand for heavy-duty vehicles (trucks, buses). Increase in demand in anticipation of the introduction of new emissi
Slide 15: Profitability improvement: MCT Business
Profitability improvement: MCT Business MCT (w/o FC/Battery) MCT Sales Transition (Billions of Yen) FC/Battery • Demand expansion of testing for electrification. FC/Battery • Recover in testing demand along with continuous investment in MCT（FC/Battery除く） MCT (w/o FC/Battery) 11.0 internal combustion
Slide 16: Process & Environment: 2023 Results and 2024 Forecasts
Process & Environment 2023 Results and 2024 Forecasts 2023 Results 2024 Full-Year Forecasts and Mid-Long Term Outlook 【Gas monitoring】 ◼ Demand for process measurement related to environmental regulations • Sales increased in Europe due to steady demand related to and in the industrial sector is exp
Slide 17: Medical-Diagnosis: 2023 Results and 2024 Forecasts
Medical- Diagnosis 2023 Results and 2024 Forecasts 2023 Results 2024 Full-Year Forecasts and Mid-Long Term Outlook ◼ Sales of test reagents increased due to the recovery in the number of ◼ Sales of analyzers and reagents is expected to increase in Japan and medical examinations after relaxation of v
Slide 18: Regional Strategy: Medical-diagnostic business
Regional Strategy: Medical-diagnostic business Hematology: Focus on Europe, Japan and Asia Clinical chemistry: Focus on the North America market so as to improve profitability Test Hematology Clinical chemistry category Testing Europe: Americas: Hospitals centers ➢ Alliance with Siemens ➢ Strengthen
Slide 19: Semiconductor: 2023 Results and 2024 Forecasts
Semiconductor 2023 Results and 2024 Forecasts 2023 Results 2024 Full-Year Forecasts and Mid-Long Term Outlook ◼ Maintained steady sales thanks to significant order ◼ 2024 1H: Expect an adjustment phase to continue for capex backlogs, despite semiconductor manufacturers' capex by semiconductor manufa
Slide 20: Semiconductor: Establish a Stable Supply System
Semiconductor: Establish a Stable Supply System Enhance the Domestic Build a New Factory Production Capacity in Fukuchiyama, Kyoto The biggest investment, ¥17bn, to expand mass flow controller production capacity tripled and introduce the latest automation technology HORIBA STEC HORIBA STEC HORIBA S
Slide 21: Scientific: 2023 Results and 2024 Forecasts
Scientific 2023 Results and 2024 Forecasts 2023 Results 2024 Full-Year Forecasts and Mid-Long Term Outlook ◼ Sales increased in the advanced materials and life science ◼ Expand sales related to demand in cutting-edge R&D. markets (Raman Spectrometers, Particle-size distribution ◼ Expand the manufact
Slide 22: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 22
Slide 23: MLMAP2023: Five-year Review
MLMAP2023: Five-year Review ◆ COVID-19 pandemic and vaccine development, and IT innovations ◆ Automotive electrification and expansion of the carbon neutrality market External ◆ Tense international situation, energy price increase, and global procurement Events difficulties ◆ Expansion of generative
Slide 24: MLMAP2023 "ONE STAGE AHEAD" Results
MLMAP2023 “ONE STAGE AHEAD” Results MLMAP2023 2023 Results Targets Net sales ¥300.0bn ¥290.5bn Operating income ¥40.0bn ¥47.2bn Achieved Net income ¥30.0bn ¥40.3bn the targets EPS（Earnings Per Share） ¥711 ¥953 ROE 10% or more 15.4% Priority Measures ⚫ Market Oriented Business ⚫ Solution Provider Bey
Slide 25: Market Oriented Business
Market Oriented Business To develop analysis and measurement solutions, utilizing HORIBA’s core technologies, in the leading three business fields of the mega trend Energy & Environment Bio & Healthcare Materials & Semiconductor Automotive Medical-Diagnostic Semiconductors Environmental Process Scie
Slide 26: Support for building a hydrogen energy society
Support for building a hydrogen energy society Contribute to realization of a carbon-neutral society by combining HORIBA’s business networks and analysis measurement with a focus on hydrogen. Evaluation equipment for fuel cells, FCV, stationary Evaluation equipment fuel cells, and engine/ for hydrog
Slide 27: Solution for CO2 reduction
Solution for CO2 reduction Provide essential measurement solutions for the process of separating/capturing CO 2 emitted from factories/power plants, etc. and recycle it as fuel. Capture CO₂ in liquid form Capture CO₂ in solid form Combine core technologies of gas and liquid analysis to Apply Automot
Slide 28: Solution for bio-pharmaceuticals
Solution for bio-pharmaceuticals Contribute to development, quality control and manufacturing of pharmaceuticals, based on core technologies proven in academia and R&D and through partnership with key players in the pharmaceutical industry. Application to the pharmaceutical industry Vaccine quality
Slide 29: Solution for new materials and semiconductors
Solution for new materials and semiconductors Develop solutions by utilizing networks with the semiconductor industry and applying industrial and spectroscopic instruments to the entire electronic component and semiconductor industry. Contribute to R&D of advanced materials Support transformation to
Slide 30: Solution Provider Beyond Life Cycle Management
Solution Provider Beyond Life Cycle Management Be empathetic to customers troubled with “issues” and offer solutions from all aspects of the situation Provide contract analysis and technical support Service Life Cycle Management at 19 Analytical Solution Plazas worldwide supporting the emission busi
Slide 31: HORIBA Core Values: The Next Stage of Super Dream Team
HORIBA Core Values “The Next Stage of Super Dream Team” Our Future Project Improve Established the long-term vision “Our Future” (Vision, Mission, Values), value! as a guideline for all global HORIBARIANs in advancing towards the 100th anniversary of the company’s foundation. Stained Glass Project I
Slide 32: Contents
Contents ◼ 2023 Results ◼ 2024 Forecast ◼ Outlines by Business Segment ◼ MLMAP 2023 Summary ➢ Financial Data © 2024 HORIBA, Ltd. All rights reserved. 32
Slide 33: Operating Profit Analysis (vs 2022)
Operating Profit Analysis (vs 2022) (Billions of Yen) 2022 2023 Jan. – Dec. Jan. – Dec. Exchange Exchange Increase Increase 45.84 Increase Increase impact for impact for R&D Other Sales COGS Gross Profit Expenses Expenses Expenses 47.29 ＋7.11 -2.71 +6.31 -2.96 -1.2 -5.08 Increase Exchange Increase G
Slide 34: Consolidated Cash Flows
Consolidated Cash Flows (Billions of Yen) 2023 2022 Variation Cash flows from operating activities +16.6 +33.9 -17.3 Cash flows from investing activities -7.3 -10.7 +3.4 Cash flows from financing activities -20.9 -22.4 +1.4 Cash and cash equivalents at end of year 130.5 138.7 -8.2 Free cash flows +9
Slide 35: Cash Balance
(Consolidated basis, each end of period) Cash Balance (Billions of Yen) Total Loan Balance Cash Cash 139.8 Cash 135.0 132.7 Cash 114.5 77.0 80.1 Bond 67.2 ￥15.0bn Bonds Bonds 60.3 （redemption 2026） 30.0 30.0 Bonds ￥15.0bn 30.0 Bonds （redemption 2029） Long 30.0 Long 25.0 37.5 Long ¥20.0bn 24.8 Long (
Slide 36: Exchange Rate Trend / Forecasts / Impacts
Exchange Rate Trend / Forecasts / Impacts 2022 2023 2024 Forecasts vs 2023 Annual Annual (Annual) USD 131.62 140.67 140 -0.67 EUR 138.14 152.11 155 +2.89 Exchange rate impact Exchange rate impact for 2023 for 2024 Forecasts (vs 2022) (Billions of Yen) 1 yen impact of Sales and O.P. Increase sales +1
Slide 37: Capital Investment, Depreciation, R&D
Capital Investment, Depreciation, R&D (Billions of Yen) 2022 2023 2024 Previous vs vs vs Actual Forecasts Actual Previous Forecasts 2022 2023 (as of Nov. 13) Forecasts Capex 12.5 11.5 9.1 -3.4 -2.3 23.0 +13.8 Depreciation and amortization 11.3 12.0 12.6 +1.2 +0.6 14.0 +1.3 R&D expenses 18.5 21.0 20.
Slide 38: © 2024 HORIBA, Ltd. All rights reserved.
© 2024 HORIBA, Ltd. All rights reserved.
Slide 39: This document is our proprietary material and is protected by copyright law. Please do
This document is our proprietary material and is protected by copyright law. Please do not use, reproduce, transmit, or disclose (including orally) all or part of this document without our prior approval. Thank you. © 2024 HORIBA, Ltd. All rights reserved.