HORIBA, LTD. Summary of Consolidated Financial Statements for the Year Ended December 31, 2022
(Japanese GAAP)
February 14, 2023 | |||||||||||||
Company name | HORIBA, Ltd. | Listed stock exchanges: Tokyo | |||||||||||
Listing code | 6856 | URL:https://www.horiba.com/int/ | |||||||||||
Representative | Atsushi Horiba, Chairman & Group CEO | TEL: (81)75-313-8121 | |||||||||||
Contact | Yoshihiro Morita, Department Manager, Finance and Accounting Dept. | ||||||||||||
Scheduled date of start of dividend payment: March 6, 2023 | |||||||||||||
(Figures have been rounded down to the nearest million yen) | |||||||||||||
1. Consolidated Results for the Year Ended December 31, 2022 (January 1, 2022 - December 31, 2022) | |||||||||||||
(1) Consolidated Operating Results | (Percentages represent changes from 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 | % | ||||||
Year Ended 12/31/22 | 270,133 | 20.4 | 45,843 | 43.1 | 46,860 | 46.3 | 34,072 | 59.9 | |||||
Year Ended 12/31/21 | 224,314 | 19.9 | 32,046 | 62.7 | 32,038 | 65.1 | 21,311 | 61.6 | |||||
(Note) Comprehensive income: | FY2022 | 43,153 million yen | (42.2%) | FY2021 | 30,343 million yen | (162.0%) | |||||||||||||||||||||
Net Income Attributable | Net Income Attributable | Ordinary Income | Operating Income | ||||||||||||||||||||||||
to Owners of Parent | to Owners of Parent per Share | Return on Equity | |||||||||||||||||||||||||
to Total Assets | to Net Sales | ||||||||||||||||||||||||||
per Share | (Diluted) | ||||||||||||||||||||||||||
Yen | Yen | % | % | % | |||||||||||||||||||||||
Year Ended 12/31/22 | 807.06 | 802.89 | 15.4 | 11.9 | 17.0 | ||||||||||||||||||||||
Year Ended 12/31/21 | 505.05 | 502.46 | 11.2 | 9.2 | 14.3 | ||||||||||||||||||||||
(Reference) Equity in earnings of affiliates: | FY2022 | -million yen | FY2021 | -million yen | |||||||||||||||||||||||
(2) Consolidated Financial Position | |||||||||||||||||||||||||||
Total Assets | Net Assets | Shareholders' Equity Ratio | Net Assets | ||||||||||||||||||||||||
per Share | |||||||||||||||||||||||||||
Millions of yen | Millions of yen | % | Yen | ||||||||||||||||||||||||
As of 12/31/22 | 416,742 | 240,850 | 57.6 | 5,684.68 | |||||||||||||||||||||||
As of 12/31/21 | 371,585 | 204,493 | 54.8 | 4,827.06 | |||||||||||||||||||||||
(Reference) Net assets excluding subscription rights to shares and non-controlling interests: | |||||||||||||||||||||||||||
As of 12/31/22 | 240,065 million yen | As of 12/31/21 | 203,688 million yen | ||||||||||||||||||||||||
(3) Consolidated Cash Flows | |||||||||||||||||||||||||||
Cash Flows | Cash Flows | Cash Flows | Cash and Cash Equivalents | ||||||||||||||||||||||||
from Operating Activities | from Investing Activities | from Financing Activities | at End of Period | ||||||||||||||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||||||||||||||
Year Ended 12/31/22 | 33,966 | (10,745) | (22,447) | 138,760 | |||||||||||||||||||||||
Year Ended 12/31/21 | 35,268 | (14,662) | (4,045) | 133,938 | |||||||||||||||||||||||
2. Dividends | |||||||||||||||||||||||||||
Dividend per Share | Total Dividends | Payout Ratio | Dividends | ||||||||||||||||||||||||
First | Second | Third | Year End | Total | (Annual) | (Consolidated) | to Net Assets | ||||||||||||||||||||
Quarter | Quarter | Quarter | (Consolidated) | ||||||||||||||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||||||||||||||||
FY 12/2021 | - | 50.00 | - | 100.00 | 150.00 | 6,329 | 29.7 | 3.3 | |||||||||||||||||||
FY 12/2022 | - | 65.00 | - | 180.00 | 245.00 | 10,346 | 30.4 | 4.7 | |||||||||||||||||||
FY 12/2023 (Forecast) | - | 80.00 | - | 175.00 | 255.00 | 30.3 | |||||||||||||||||||||
3. Consolidated Forecasts for the Year Ending December 31, 2023 (January 1, 2023 - December 31, 2023)
(Percentages represent changes from the same period in the previous year)
Net Sales
Operating Income
Ordinary Income
Net Income Attributable | Net Income Attributable |
to Owners of Parent | |
to Owners of Parent | |
per Share | |
First Half Full Year
Millions of yen | % |
128,000 | 11.3 |
290,000 | 7.4 |
Millions of yen | % |
19,000 | 16.8 |
46,000 | 0.3 |
Millions of yen | % |
18,800 | 12.0 |
45,500 | -2.9 |
Millions of yen | % |
17,000 | 51.2 |
35,500 | 4.2 |
Yen 402.56 840.63
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
- 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
- Number of shares outstanding (common stock)
① Shares issued (including treasury stock) | December 31, 2022 | 42,532,752 | December 31, 2021 | 42,532,752 | |
② Treasury stock | December 31, 2022 | 302,553 | December 31, 2021 | 335,502 | |
③ Average number of outstanding shares | December 31, 2022 | 42,218,533 | December 31, 2021 | 42,197,305 | |
Note 1. This consolidated financial report is not subject to audit 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 February 14, 2023. 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
- Information Concerning Consolidated Operating Results
(For details, see page 16-18, "4. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Year Ended December 31, 2022)
In FY2022, HORIBA, Ltd. ("the Company") and its consolidated subsidiaries (together "the HORIBA Group" or "HORIBA" as a consolidated group) increased sales by 20.4% year-on-year to 270,133 million yen, mainly due to an increase in sales of the Semiconductor segment. Operating income increased by 43.1% to 45,843 million yen, ordinary income by 46.3% to 46,860 million yen and net income attributable to owners of parent ("net income") by 59.9% to 34,072 million yen.
The annual average exchange rates for 2022 were 131.62 yen against the U.S. dollar and 138.14 yen against the euro, representing year-on-year depreciation of 19.8% against the U.S. dollar and 6.3% against the euro.
The operating results of each business segment are summarized as follows.
(Automotive Segment)
In the MCT (Mechatronics) business, sales of products for the hydrogen energy industry by HORIBA FuelCon GmbH (Germany), which was acquired in 2018, increased. Also, sales increased in the ECT (Engineering Consultancy & Testing) business, as demand for R&D engineering of new automotive technology such as electrification expanded. As a result, segment sales increased by 10.2% year-on-year to 67,524 million yen. On the profit side, operating loss of 667 million yen was recorded owing mainly to an increase in expenses due to expanded investments in growth area, as well as rising purchasing prices (compared to an operating loss of 13 million yen in the previous year).
(Process & Environmental Segment)
Mainly due to demand for industrial process measurement expanded, sales of stack gas analyzers in Americas and Japan as well as water quality system in Japan and Asia increased. As a result, segment sales increased by 11.5% year-on-year to 22,541 million yen and operating income increased by 7.9% to 2,101 million yen.
(Medical-Diagnostics Segment)
Mainly due to an increase in sales of hematology analyzers in Japan and Asia as well as clinical chemistry analyzers and reagents in Americas, segment sales increased by 15.0% year-on-year to 29,753 million yen. On the profit side, operating loss of 99 million yen was recorded owing mainly to an increase in rising purchasing prices, even though the sales of reagents, which are profitable products, increased (compared to an operating income of 148 million yen in 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 31.1% year-on-year to 114,075 million yen and operating income increased by 50.0% to 42,005 million yen.
(Scientific Segment)
Mainly due to the expansion of demand for products targeted for the semiconductor and life-science markets, sales of Raman spectrometers and optical modules increased. As a result, segment sales increased by 21.0% year-on-year to 36,239 million yen and operating income increased by 27.9% to 2,503 million yen.
3 | HORIBA, Ltd. (Consolidated) |
(2) Information Concerning Consolidated Earnings Forecasts for FY2023
The consolidated earnings forecasts are summarized as follows.
Our assumed foreign exchange rates for FY2023 are 130 yen against the U.S. dollar (vs. 131.62 yen in FY2022) and 140 yen against the euro (vs. 138.14 yen in FY2022).
Net sales of 290,000 million yen (up 7.4% year-on-year)
In the Automotive Segment, sales of products for the hydrogen energy industry by HORIBA FuelCon GmbH (Germany) is continuously expected to increase. The Segment also expects an increase in sales of emission measurement systems, due to anticipation of a recovery in demand in response to the new emission gas regulations announced in Europe.
In the Semiconductor Segment, although semiconductor manufacturers' capital expenditures will be in an adjustment phase until the first half of FY2023, sales for the full year are expected to increase, reflecting expectations for higher demand in the second half, along with a recovery of the semiconductor market.
In the Process & Environmental Segment, the Medical-Diagnostics Segment and the Scientific Segment, sales are expected to increase, due to an anticipated increase in demand.
As a result, net sales are expected to increase by 19,866 million yen from FY2022 to 290,000 million yen.
Operating income of 46,000 million yen (up 0.3% year-on-year)
In the Semiconductor Segment, a decline in operating income is expected, owing to a decrease in the positive impact from exchange rates driven by the depreciation of the yen in 2022. However, other segments are expected to increase operating income, contributed by sales increase and other factors.
As a result, total operating income is expected to increase by 156 million yen from FY2022 to 46,000 million yen.
Ordinary income of 45,500 million yen (down 2.9% year-on-year)
Ordinary income is expected to incorporate a net non-operating loss of 500 million yen (compared to a net non- operating gain of 1,016 million yen in FY2022), assuming interest expenses and some uncertain non-operating expenses.
As a result, ordinary income is expected to decrease by 1,360 million yen from FY2022 to 45,500 million yen.
Net income of 35,500 million yen (up 4.2% year-on-year)
Approximately 6,200 million yen is expected to be recorded as an extraordinary gain in the first quarter of FY2023 due to a sale of a part of the shares of MIRA UGV Limited (U.K.) held by HORIBA MIRA Limited (U.K.), a consolidated subsidiary of HORIBA, to Iveco Defence Vehicles S.p.A. (Italy). In addition, assuming uncertain extraordinary losses to be incurred, net extraordinary gain of 5,200 million yen is expected (compared to net extraordinary gain of 411 million yen in FY2022).
As a result, net income is expected to increase by 1,427 million yen from FY2022 to 35,500 million yen.
4 | HORIBA, Ltd. (Consolidated) |
(3) Basic Policy for Profit Distribution and Dividends for FY2022 and FY2023
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.
With regard to the dividends for FY2022, we have decided to pay a year-end dividend of 180 yen per share. Combined with the interim dividend that has been paid out, the annual dividend will be 245 yen (compared to 150 yen in FY2021). As regards the dividend forecast for FY2023, we expect to pay an annual dividend of 255 yen per share (interim dividend is 80 yen).
The Company will continue to focus on improving corporate value through profit growth by investing internal reserves in growth areas in an effective manner, and it will make profit returns to shareholders that are linked to consolidated earnings.
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 February 14, 2023. 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. Basic policy on selection of accounting standard
The HORIBA Group prepares its consolidated financial statements in accordance with General Accepted Accounting Principles in Japan ("JGAAP"), as it allows comparison between different periods and companies. Concerning adoption of the International Financial Reporting Standards (IFRS), HORIBA intends to appropriately respond with due consideration for various circumstances in Japan and abroad and expected clerical costs.
5 | HORIBA, Ltd. (Consolidated) |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Horiba Ltd. published this content on 16 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 08:08:02 UTC.
