As of 31 December 2011

  2011.12 2010.12 2009.12 2008.12 2007.12 Unit
Net sales 123,456 118,556 104,538 134,247 144,283 116,099
Operating income 14,906 12,299 5,144 10,957 16,529 Yen (M)
Net income 8,664 7,927 3,161 6,039 8,690 Yen (M)
Total assets 144,649 137,290 129,580 133,278 154,367 Yen (M)
Total Net Assets 90,460 84,155 79,977 76,841 80,381 Yen (M)
Net income per share 204.88 187.46 74,77 142.76 205.01 Yen
Net Assets per Share 2,133.44 1,986.77 1,889.58 1,816.96 1,892.64 Yen
Cash dividends per share 40.00 17.00 13.00 44.00 39.00 Yen
Operating income to net sales 12.1 10.4 4.9 8.2 11.5 %
Net income to net sales 7.0 6.7 3.0 4.5 6.0 %
Return on shareholder's equity (ROE) 9.9 9.7 4.0 7.7 11.4 %
Shareholder's equity to total assets 62.4 61.2 61.7 57.6 52.1 %
Dividend payout ratio 30.5 30.3 30.0 30.0 30.1 %
R&D expenditure 10,060 9,480 9,831 10,662 9,473 Yen (M)
Number of employees 5,448 5,202 5,133 5,146 4,976 Persons
             

Note: HORIBA changed its fiscal year-end from March 20 to December 31, effective from fiscal 2006. As a result of this change, the following irregular fiscal periods were recorded: Fiscal 2006 for HORIBA, Ltd. and HORIBA Advanced Techno Co., Ltd. comprised the 9 months and 11 days from March 21, 2006 to December 31,2006; and fiscal 2006 for HORIBA STEC,Co., Ltd. comprised the 9 months from April 1, 2006 to December 31, 2006. The
f iscal year-end of other consolidated HORIBA subsidiaries was December 31.Their 2006 f iscal per iods remained
unchanged at 12 months.

Due to changes in Accounting Standards for presentation of net assets in the balance sheet, effective from the year ended December 31, 2006, HORIBA, Ltd. adopted "Accounting Standard Presentation of Net Assets in the Balance Sheet" (Accounting Standards Board of Japan Statement No.5 issued on December 9, 2005) and "Guidance on Accounting Standard for Presentation of Net Assets in the Balance Sheet" (Accounting Standards Board of Japan Guidance No.8 issued on December 9, 2005).

Net assets excluding subscription rights to shares and minority interests in consolidated subsidiaries.