As of 31 December 2007

  2004.3 2005.3 2006.3 2006.12 2007.12 Unit
Net sales 85,072 92,492 105,664 116,099 144,283 Yen (M)
Operating income 6,850 9,372 11,275 11,706 16,529 Yen (M)
Net income 2,073 3,523 6,473 6,510 8,690 Yen (M)
Total assets 92,657 99,913 119,976 129,236 154,367 Yen (M)
Total shareholder's equity 43,348 52,262 65,446 - - Yen (M)
Total Net Assets - - - 72,375 80,381 Yen (M)
Net income per share 62.90 98.33 154.27 154.23 205.01 Yen
Shareholder's equity per share 1,350.31 1,415.75 1,548.08 1,710.75 1,892.64 Yen
Cash dividends 10.00 16.00 28.00 26.00 39.00 Yen
Operating income to net sales 8.1 10.1 10.7 10.1 11.5 %
Net income to net sales 2.4 3.8 6.1 5.6 6.0 %
Return on shareholder's equity (ROE) 5.0 7.4 11.0 9.4 11.4 %
Shareholder's equity to total assets 46.8 52.3 54.5 56.0 52.1 %
Dividend payout ratio 33.3 41.8 33.8 30.0 30.1 %
R&D expenditure 5,129 5,635 6,552 6,135 9,473 Yen (M)
Number of employees 3,808 3,984 4,461 4,697 4,976 Persons

Note: 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).