untitled - PDF Free Download

Report 214 21412

FEATURE-1 1

HORIBA FPD HORIBA Report 214 2

FEATURE-1 HORIBACSR HORIBA HORIBA 1945 195 1955 196 1965 197 1975 1945 1953 197 1974 1971 195 ph 1964 M EXA 19771978 3

1,53 172 198 1985 199 1995 2 25 21 214 1978 2 1992 3 1987 ABX 1996 ABXABX 1997 24 One Company 25 MCT 1982 1975 EPA 2 26 26-21 211 211-215 198 1998 CRP LC-27 CRP HORIBA Report 214 4

INDEX HORIBA CSR213 HORIBA Report http://www.horiba.com/jp/to-our-stakeholders/ HORIBA Report HORIBA HORIBAHORIBA HORIBA29 HORIBA 215212 26123212312612 2632126123191126412612319 123112 263263252532424323 5

FEATURE-1 P1 CEO MESSAGE P7 FEATURE-2 P11 CFO MESSAGE CFO P13 BUSINESS OUTLINE P15 VALUE CREATION P29 CORPORATE GOVERNANCE P39 FINANCIAL DATA 11 P43 CORPORATE DATA P5 CORPORATE PHILOSOPHY P51 HORIBA Report 214 6

CEO MESSAGE HORIBA 211-215 ROE 1,5 13 11 ROE 215 ROE % 1,5 15 1,2 9 6 3 ROE 12 9 6 3 25 26 27 28 29 21 211 212 213 214 215 One Company 2 15 1 5 172 215 18 12% 12% 7% 7% 112 3% 9% 22% 37% 38% 8% 1% 1% 58% 34% 33% 25 214 215 7

214 2141,531.8 17225.3 4821352 35.9% 215 1,51 215 ROE HORIBA Group is One Company.53 5 1 214 MCTMechatronics/ M EXA-ONE 211-215 2 214 215 ABX H ORIBA BIWAKO E-HARBOR M&A 215HORIBA BIWAKO E-HARBOR 1 231 2 6 HORIBA Report 214 8

CEO MESSAGE HORIBA Group is One Company. HORIBA 6, HORIBA Joy and Fun HORIBA1984 22 9%3% 15% HORIBA HORIBA COLLEGE 214HORIBA ABX 1 9

HORIBA 211 3% 3 M&A 21467 2136215 21521 7 21321533 HORIBACSR HORIBA 2154 HORIBA COLLEGE HORIBA ERP 215 HORIBA Report 214 1

2154 214 1 1,5 2141,53 13% 21411.2% ROE 11% 2148.9% 215 2112 8US11 MEXA 25 MCT 21452% 29212 5 211-215 MCT 386 432 495 55 55 64 MCT 211215 28% 8 6 4 2 214 213 212 211 215 4 81 264 29 116 286 17 145 333 13 162 374 2 23 39 /MCT/ITS ITS MCT ITS 3 2 1 6 5 4 3 % 214 213 212 211 21 29 11 FEATURE-2

25 21 21 214 21 215 25% 25% 25% 2% 2% 2% 15% 15% 15% 1% 1% 1% 5% 5% 5% % % % -4% % 4% 8% 12% -4% % 4% 8% 12% -4% % 4% 8% 12% 215 46 432 386 215 5 28 44 495 42 55 58 64 6 215 34 285 215 268 27 234 224 6 31 24 24 17 18 215 3 289 31 215 246 241 6 64 68 49 178 48 22 215 28 256 24 22 229 24 215 15 14 9 9 12 13 215 16 145 137 147 164 185 215 25 15 16 12 2 21 211 212 213 214 215 211 212 213 214 215 211 212 213 214 215 211 212 213 214 215 211 212 213 214 215 211-215 / ABX 215 HORIBA BIWAKO E-HARBOR HORIBA 6 215 HORIBA Report 214 12

CFO MESSAGE CFO 2133 3 21511% HORIBA 1974 4 51213 3% HORIBA 214 511 5561 M&A 3 197419821988199627 HORIBA 13

21467 28 2921 % 7 7 211 213 3% 3%212 1 6 5 3 3% 6 5 2.8 4 4 215215212 3 3 1157 21521 2 2 2132153 3%HORIBA3% 1 1 EPS ROE 23 24 25 26 27 28 29 21 211 212 213 214 215 211-215 HORIBA 211-215 214215 HORIBA BIWAKO E-HARBOR 1 215211214 215 3% 15 125 1 75 5 25-25 -5-75 -1-125 -15-175 211-214215 211-214 215-2 HORIBA Report 214 14

BUSINESS OUTLINE HORIBA 2 21412 Automotive Test Systems Medical 15

Semiconductor Scientific Process & Environmental HORIBA Report 214 16

BUSINESS OUTLINE 215 25% 31% US 4 18% 26% Automotive Test Systems 8% 36% Medical 5 17% 17

Semiconductor LED 19% LED Scientific 5 17% ph Process & Environmental 2 11% HORIBA Report 214 18

BUSINESS REVIEW Automotive Test Systems MCT 3% ITS2% 29% 28% 214 68% 75 6 45 1 8 6 55 3 4 15 2 15% 28% 5 6 7 8 9 1 11 12 13 14 15 15 8% 214215 MCT 214 MCT Mechatronics/ 215 HORIBA 4 5 HORIBA 6 5 HORIBA 3 2 --3 // 24, 2, 1, 1,2 4 16, MCT 15 2 3 4 3 2 1 12, 8, 4, ITS 1 15 25 26 27 28 29 21 211 212 213 ITS 19

8% 42% HORIBA HORIBA 15% 4% MCT 215 HORIBA BIWAKO E-HARBOR 215 1,5 HORIBA MCT HORIBA MCT 1. LEV LEV Tier 2 Tier 3 Euro 4 213 218 Euro 5 34 5 Euro 6 2.CO2 CO2 g/km 2 18 16 14 12 17.8km/l : 2.3km/l 26.4km/l Bharat 3 Bharat 4 1 : 24.4km/l 2 25 21 215 22 25 21 215 22 225 /l HORIBA Report 214 2

BUSINESS REVIEW Medical 11% 35% 214 27 54% 43% 25% 19% 13% 4 3 2 1 5 6 7 8 9 1 11 12 13 14 15 15 8 6 4 2 POCT / POCTPoint of Care Testing 214215 214 / 2153 CRP 2 35 2 2 HORIBA / CRP POCT HORIBA Report 21

CRP 7% 8% CRP CRP 1% 9% /ABX 215 2142 2112144 / 1 8 6 4 2 CRP / 25 26 27 28 29 21 211 212 213 214 HORIBA Report 214 22

BUSINESS REVIEW Semiconductor 1% 4% 11% 6% 16% 39% 4 12 214 289 3 2 1 9 6 3 84% 39% 5 6 7 8 9 1 11 12 13 14 15 15 LED HORIBA 214215 215 214213 52% 214 HORIBA 3 25 2 HORIBA 6 5 4 213 HORIBA 15 3 1 2 5 1 25 26 27 28 29 21 211 212 213 214 HORIBA 23

52% 84% 8% 11% LED 215 LED 2 HORIBA HORIBA LED HORIBA HORIBA294% 29 21 6 5 4 52 % 3 2 25 26 27 28 29 21 211 212 213 214 HORIBA Report 214 24

BUSINESS REVIEW Scientific 8% 11% 4% 214 37% 28% 27% 3 2 3 2 256 1 1 2% 2% 24% 21% 5 6 7 8 9 1 11 12 13 14 15 15 5 HORIBA 4 214215 214214 2 PTI 215 HORIBA HORIBA 2142 ph X GDS EL PTI 25

ph 3% 18% ph ph 5% 7% PTI 21 HORIBA HORIBA 2142PTI HORIBA 16%21 4 PTI HORIBA 213SDi 16% 21% PTI HORIBA Report 214 26

BUSINESS REVIEW Process & Environmental 14% 15% 214 164 38% 14% 14% 51% 2 15 1 5 4 3 2 1 33% 21% 5 6 7 8 9 1 11 12 13 14 15 15 211 HORIBA 214215 214 214 215 ppb 5 PM2.5 ppbparts per billion1 ph COD 27

H-1 NOxSO 2 COCO 2 O 2 5% 38% 2% 33% 1 ph HORIBApH HORIBA 213 No.1 1,5 HORIBA HORIBA ENDA CO NOX NOX O2 SO2 CO CO 2 O2 Hg HORIBA Report 214 28

VALUE CREATION HORIBA HORIBA 29

HORIBA HORIBA5 5HORIBA 5 Omoi 526HORIBA One Company HORIBA HORIBA HORIBA4 HORIBA HORIBA Report 214 3

VALUE CREATION HORIBA5,9652,482 HORIBA HORIBA HORIBA 2141 HORIBA11 HORIBA 4% 25 21412 58% 214 11,48 21412 1 2% 12% 5% 1,48 11% 9% 58% 42% 16% 2141231 14% 2141231 31

FUN HOUSE 5,778 22 1991 FUN HOUSE HORIBA COLLEGE 21415,778 19841 21516215 22 HORIBA Report 214 32

VALUE CREATION HORIBA78% 29 HORIBA % 12 1. 9 7.5 6 5. 214HORIBA11.2 7.8 2% 13% 1% 25 2 HORIBA 214 211 213 212 3 2.5 25 26 27 28 29 21 211 212 213 214 5% 1% 2151 HORIBA 5 HORIBA 33

HORIBA Group IP World Cup HORIBA Group IP World Cup 211HORIBA 211214 1168421416 5 IP IP IP IP IP 1 2 IP 3 IPIntellectual Property 2112155 2131 HORIBA BIWAKO E-HARBOR 2151 2122 ABX 2151 / HORIBA 2153 HORIBA HORIBA Report 214 34

VALUE CREATION O n e C o m p a n y 24HORIBA Group is One Company.HORIBA HORIBA53 IT HORIBA Global ERP for One CompanyG EO 27 GEO 215GEO GEO One Company 214 1 35

HORIBA27HORIBA Brand BookHORIBA 6 HORIBA1997 21483 HORIBA HORIBA Blackjack Award World Cup 214 214 7% 11% 1, 8 6 18% 42% 4 2 22% 25 26 27 28 29 21 211 212 213 214 HORIBA Report 214 36

VALUE CREATION HORIBA & HORIBA International Service Meeting 213 HORIBA 212145 145376 HORIBA 145376 37

IMS ISO91ISO141 OHSAS181IMS JQAIMSJQA 24211 214 ISO2231 IMS IMSIntegrated Management SystemISOOHSAS 1 25% OCMA-5 1 AC112V 1 VA 1 12524 2% 75 5 25 25% 75 5 25 win-win 287 71 771% 681964 HORIBA Report 214 38

CORPORATE GOVERNANCE 1953 12 1974 213 3% 3 214 678 7% 73% 2% 25 5 2143 1971 1 21546 1998 21ABX 214 HORIBA COLLEGECSR17 21541 6 1 17 11 39

1 IMS HORIBACSR HORIBA CSR 2 &HORIBA 1 2 CSRCSRCSR 215432 214 14 HORIBA 3 214 3134 HORIBA Report 214 4

CORPORATE GOVERNANCE 21541 1972 1982 1992 25 197 1988 22 25 214 1982 25 213 1 1976 24 25 1985 26 27 214 1974 22 24 211 212 P42 1971 1981 1995 1975 1978 2 21 25 21541 ABX HORIBA COLLEGECSR ATS Syste Application 41

HORIBA HORIBA HORIBA HORIBA2133% 3% HORIBA HORIBA ROE HORIBA 1967 1998 1999 23 MSD 26 21 MSD 213 HORIBA Report 214 42

FINANCIAL DATA Financial Data 11 25.3 26.3 26.12 27.12 28.12 92,492 15,665 116,99 144,283 134,248 83,119 94,39 14,392 127,753 123,29 9,373 11,275 11,77 16,53 1,958 3,524 6,473 6,51 8,691 6,39 3,956 5,664 5,59 9,336 6,645 2,944 3,173 3,246 4,161 4,955 5,636 6,553 6,136 9,474 1,662 99,913 119,976 129,236 154,367 133,279 16,18 14,884 15,673 2,565 22,66 - - - - 63 3,595 37,48 42,485 45,873 37,33 22,12 27,273 3,947 33,734 29,82 18,481 2,223 21,7 24,71 23,115 26 45 44 53 4 11,264 13,17 14,917 16,792 11,63 16,42 13,866 16,224 25,177 2,984 52,263 65,446 72,371 8,377 76,829 1,95 3,69 4,4 4,1 1,237 3,984 4,461 4,697 4,976 5,146 98.33 154.27 154.23 25.1 142.76 83.81 146.97 153.7 24.39 142.71 1,415.75 1,548.8 1,71.75 1,892.64 1,816.96 16. 28. 26. 39. 44. % 1.1 1.7 1.1 11.5 8.2 ROA 3.7 5.9 5.2 6.1 4.2 ROE 7.4 11. 9.4 11.4 7.7 % 52.3 54.6 56. 52.1 57.6 % 16.5 18.1 16.9 19. 3.8 % 41.8 33.8 3. 3.1 3. 2912 1. 21412 112.55 2. 2612 3. 26123212319+11 9 43

253226321231272141231 29.12 21.12 211.12 212.12 213.12 214.12 214.12 14,538 118,556 123,456 117,69 138,136 153,65 $1,269,722 99,394 16,256 18,549 15,857 124,42 135,851 1,126,926 5,144 12,299 14,96 11,751 13,733 17,214 142,795 3,161 7,927 8,664 7,396 8,999 1,589 87,839 4,534 4,33 4,67 7,882 7,68 11,1 91,256 4,573 4,523 4,146 3,743 4,279 4,95 4,688 9,831 9,48 1,6 1,92 1,774 11,986 99,427 129,58 137,29 144,649 153,836 189,269 27,335 $1,719,98 27,59 34,459 35,767 38,858 49,246 51,19 423,965 6 1 126 4 25 149 1,236 34,55 36,425 39,249 37,516 47,386 52,97 432,16 23,363 24,843 26,288 28,11 33,85 34,838 288,992 23,62 22,516 22,924 28,179 33,326 39,441 327,175 52 6 - - 2 165 1,515 13,423 13,196 11,829 16,49 15,385 127,623 18,348 17,128 18,358 18,83 24,577 28,412 235,686 79,96 84,19 9,232 99,248 114,29 123,924 1,27,988 2,25 2,33 2,32 2,489 3,59 4,15 33.3 5,133 5,22 5,448 5,53 5,787 5,965 74.77 187.46 24.88 174.87 212.76 25.28 $2.7 74.68 187.11 24.41 174.37 212.1 249.28 2.6 1,889.58 1,986.77 2,133.44 2,346.45 2,699.88 2,928.82 24.29 13. 17. 4. 5. 6. 67..55 4.9 1.4 12.1 1. 9.9 11.2 2.4 5.9 6.1 5. 5.2 5.3 4. 9.7 9.9 7.8 8.4 8.9 61.7 61.2 62.4 64.5 6.3 59.8 17.4 9.1 19.5 28.6 28.2 26.8 3. 3.3 3.5 37.5 48.9 38.5 - - 1-(- 1-(- *1 ROA*1 ROE*1 *1 *1 *1 2612 HORIBA Report 214 44

FINANCIAL DATA 11 15, 12, 9, 6, 3, 92,492 8,999 19,51 18,183 18,777 27,22 116,99 15,665 9,753 1,319 25,3 22,351 2,111 18,39 22,989 2,58 37,945 34,446 144,283 14,29 134,248 13,721 123,456 118,556 25,748 14,558 11,787 24,81 14,538 12,22 26,934 16,762 2,53 25,836 24,722 12,483 22,337 51,475 54,232 37,192 2,825 22,4 27,676 24,694 22,514 23,485 35,751 38,678 117,69 13,79 2,46 17,861 22,4 43,23 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 138,136 14,711 22,913 24,153 26,832 49,524 213.12 153,65 16,465 25,627 28,934 27,37 55,1 214.12 21412 2712 ROE 12, 1, 8, 6, 7.4 11. 9.4 11.4 7.7 9.7 9.9 ROE 7.8 8.4 8.9 % 12. 1. 8. 6. ROE8.9.5 21521 4, 4. 4. 3% 2, 3,524 6,473 6,51 8,691 6,39 3,161 7,927 8,664 7,396 8,999 1,589 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 2.. 11 3 1 1 2,929 3, 21412 2,929 25 2,7 25 2,5 2 15 1,416 1,711 1,548 154 154 25 1,893 1,817 143 1,89 1,987 187 2,133 2,346 25 175 213 2, 1,5 2537 1 98 1, 5 75 5 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 45

% 18, 12. 4, 1 11.5 12.1 11.2 92 93 1.7 1.4 15, 1.1 9.9 1. 85 82 86 85 82 81 1.1 1. 3, 76 81 75 12, 8.2 8. 74 9, 6. 2, 5 6, 4.9 4. 3, 2. 1, 25 9,373 11,275 11,77 16,53 1,958 5,144 12,299 14,96 11,751 13,733 17,214 22,12 27,273 3,947 33,734 29,82 23,363 24,843 26,288 28,11 33,85 34,838 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 ROA % 25, ROA 1. % 12, 12. 2, 15, 1, 3.7 5.9 5.2 6.1 4.2 5.9 6.1 5. 8. 6. 5.2 5.3 4. 1, 8, 6, 4, 6.1 6.2 5.3 6.6 7.9 9.4 8. 8.1 8.6 1. 8. 7.8 7.8 6. 4. 5, 2.4 2. 2, 2. 99,913 119,976 129,236 154,367 133,279 129,58 137,29 144,649 153,836 189,296 189,269 27,335 5,636 6,553 6,136 9,474 1,662 9,831 9,48 1,6 1,92 1,774 11,986 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 1 7 6 5 4 3 28 2 16 1 26 39 44 13 17 4 5 6 67 12, 1, 8, 6, 4, 2, 3,956 2,944 9,336 5,664 5,59 4,161 3,173 3,246 6,645 4,534 4,523 4,955 4,573 4,33 7,882 4,67 4,146 3,743 7,68 4,279 11,1 4,95 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 25.3 26.3 26.12 27.12 28.12 29.12 21.12 211.12 212.12 213.12 214.12 HORIBA Report 214 46

FINANCIAL DATA 21312312141231 213.12 214.12 214.12 49,246 51,19 $423,965 25 149 1,236 47,386 52,97 432,16 (914) (1,23) (8,486) 1,8 2,12 17,436 33,85 34,838 288,992 3,186 3,635 3,153 6,419 6,772 56,175 14,235 149,68 1,241,642 9,54 9,98 82,189 27,688 31,321 259,817 16,175 16,619 137,859 1,763 3,817 31,663 14,952 15,72 13,253 7,85 77,369 641,8 (36,758) (37,927) (314,616) 33,326 39,441 327,175 5,984 7,69 58,639 15 53 439 1,75 1,993 16,532-2 16 (45) (44) (364) 2,81 2,785 23,12 1,597 11,859 98,374 314 418 3,467 3,54 4,134 34,292 1,741 1,81 14,939 5,11 6,353 52,7 189,269 27,335 $1,719,98 213.12 214.12 214.12 5,534 9,888 $82,24 1 1,229 1,14 9,158-2 165 16,49 15,385 127,623 12,112 14,457 119,925 3,523 5,22 43,31 87 88 729 95 98 7,532 56 62 514 1,492 1,525 12,65 1,786 1,34 85,773 52,138 59,3 489,448 17,814 17,419 144,496 659 174 1,443 2,46 - - - 2,264 18,78-1,87 15,512 1,74 2,287 18,971 22,585 24,17 199,228 74,723 83,2 688,676 1,, 12,11 12,11 99,635 21312 42,31,569 21412 42,312,21 18,717 18,717 155,263 78,477 86,218 715,25 21312 231,18321412 22,551 (765) (73) (6,55) 18,441 116,216 964,48 2,296 2,41 16,93 3 18 149 3,468 5,63 46,72-16 132 5,768 7,77 63,931 335 389 3,226 114,545 124,314 1,31,223 189,269 27,335 $1,719,98 47

21312312141231 213.12 214.12 214.12 138,136 153,65 $1,269,722 8,625 87,884 729,25 43,777 47,966 397,892 124,42 135,851 1,126,926 13,733 17,214 142,795 294 337 2,795 (56) (545) (4,52) (274) (111) (92) 431 9 74 (7) () () (65) (11) (912) (19) (42) (348) 17 1,84 14,964 (15) - - 67 - - - () () (13) (66) (5,474) 7 147 1,219 173 13 854 64 - - - (1,954) (16,29) (13) 71 588 (21) (949) (7,872) 13,532 16,265 134,923 4,28 6,662 55,263 299 (985) (8,17) 4,58 5,676 47,84 8,951 1,588 87,83 (47) () () 8,999 1,589 $87,839 213.12 214.12 214.12 212.76 25.28 $2.7 212.1 249.28 2.6 6. 67..55 21312312141231 213.12 214.12 214.12 8,951 1,588 $87,83 1,38 (254) (2,17) 3 15 124 6,896 2,132 17,685 (8) 29 24 8,199 1,923 15,951 17,151 12,511 $13,782 () 17,193 12,512 $13,79 (42) () () 1. 21412= 12.55 HORIBA Report 214 48

FINANCIAL DATA 21312312141231 213.12 214.12 214.12 13,532 16,265 $134,923 4,279 4,95 4,688 19 42 348 (16) 68 564 14 - - () - (214) (1,775) (195) - - () - 1,87 15,512 (294) (337) (2,795) 56 545 4,52 (17) (237) (1,965) (424) (9) (74) 65 11 912 15 - - (17) (1,84) (14,964) (4,222) (2,718) (22,546) (63) 12 99 1,989 (1,943) (16,117) 2,91 514 4,263 17,684 17,69 141,592 289 346 2,87 (591) (538) (4,462) (2,37) (5,422) (44,977) 15,76 11,455 95,22 (2,363) (2,843) (23,583) 1,55 2,988 24,786 32 32 265 (2,44) (3,8) (24,952) 2,13 2,76 22,447 (6,4) (7,86) (64,753) 87 85 75 (1,535) (1,846) (15,313) (23) (1,859) (15,42) 32 2,184 18,116 77 1 8 (322) (658) (5,458) (45) 149 1,236 (8,111) (9,875) (81,916) 14,919 - - (1,16) - - 185 3,294 27,324 1,285 269 2,231 (1,534) (83) (6,661) (183) (2) (1,659) () () (2,242) (2,833) (23,5) 2,324 (273) (2,264) 1,98 556 4,612 1,388 1,863 15,454 38,858 49,246 48,51 49,246 51,19 $423,965 1. 21412= 12.55 49

CORPORATE DATA 61-8512 1945117 1953126 153,65 214 12,11 2141231 5,965 2141231 1231 3 6856 1 2141231 % 3,162 7.44 1,987 4.67 TAIYO FUND, L.P. 1,781 4.19 1,462 3.44 1,287 3.3 1,15 2.7 828 1.95 81 1.9 779 1.83 673 1.58 5, 2,.61% 4.6% 2.72% 1.4% HORIBA JPX4 5,74 3,75 15, 91.57% 2,5 1, 7.87% 1.2% 18.57% 1,25 5, 37.7% 42,532,752 35.47% 25 26 27 28 29 21 211 212 213 214 215 HORIBA Report 214 5

HORIBA Ultra-Quick Supplier HORIBA 51 CORPORATE PHILOSOPHY

HORIBA Report 214 HORIBA Report 214 52