Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Year Ended March 31, 2018
(Based on Japanese GAAP)May 15, 2018
Company name:

JEOL Ltd.

Stock exchange listing: Tokyo
Stock code:
6951
Representative:
Inquiries:

URL

https://www.jeol.co.jp

President and Representative Director
Director and Executive Officer

Gon-emon Kurihara
Izumi Oi

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 27, 2018
June 27, 2018

Scheduled date to commence dividend payments:
Preparation of supplementary material on financial results:

June 28, 2018
Yes

Holding of financial results meeting:

Yes

TEL

+81 42-543-1111(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2018 (from April 1, 2017 to March 31, 2018)(1) Consolidated operating results
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Year ended March 31, 2018
104,570
4.9
3,928
89.2
4,363 153.0
4,532 660.5
Year ended March 31, 2017
99,698(7.1)
2,076(66.2)
1,724(67.9)
595(85.4)

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
13.0
3.9
3.8
–
1.9
1.5
2.1

Diluted earnings pershare

Yen46.90
6.17Year ended March 31, 2018Year ended March 31, 2017(2) Consolidated financial position

Total assets
As of March 31, 2018
As of March 31, 2017

Net assets

Equity ratio

Millions of yen
114,764
109,045

Millions of yen
37,38732,284

Cash flows fromoperating activities
Millions of yen
6,524(573)

Cash flows frominvesting activities
Millions of yen
468(1,093)

Net assets per share%
32.6
29.6

Yen
386.92334.11(3) Consolidated cash flows

Year ended March 31, 2018Year ended March 31, 2017

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(7,512)
9,813
(289)
9,420

2. Cash dividends
Annual dividends per share
1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Year ended March 31, 2017
Year ended March 31, 2018Year ending March 31, 2019
(Forecast)of dividends
Total cash
Dividend payout Ratio
to net assets
dividends (Total) ratio (Consolidated) (Consolidated)

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

––

3.50
3.50

––

3.50
4.50

7.00
8.00

676
773

113.5
17.1

2.12.2–

4.50

–

4.50

9.00

121.7

3. Forecast of consolidated financial results for the year ending March 31, 2019 (from April 1, 2018 to March 31, 2019)

Net sales
Millions of yen
Six months ending
September 30, 2018
Full year

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
Earnings per shareowners of parent% Millions of yen% Millions of yen% Millions of yen%Yen

49,000

20.4

300

–600

–

0–

0.00

110,000

5.2

5,200

32.4

5,500

26.1

4,000

(11.7)

41.40

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2018(changes in specified subsidiaries resulting in the change in scope of consolidation):No(2) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:No
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

No
No

Restatement of prior period financial statements:

No(3) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2018

97,715,600 shares As of March 31, 2017

97,715,600 shares

Number of treasury shares at the end of the period
As of March 31, 2018

1,087,451 shares As of March 31, 2017

1,085,824 shares

96,629,051 shares Year ended March 31, 2017

96,631,129 shares

Average number of shares during the period
Year ended March 31, 20182

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2017

As of March 31, 2018

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade

10,165
26,7799,939
30,340

Merchandise and finished goods
Work in process

10,30927,484

11,622
27,945

Raw materials and supplies
Deferred tax assets

1,505
1,616

1,784
2,362

Income taxes receivable
Consumption taxes receivable

195
1,450

142
1,328

Other
Allowance for doubtful accounts

1,092(473)

1,160(484)

Total current assets

80,126

86,141

21,988(15,758)

22,264(16,211)

Buildings and structures, net

6,229

6,053

Machinery, equipment and vehicles
Accumulated depreciation

3,757(2,724)

4,085(2,913)

1,032

1,171

18,835(15,402)

20,367(16,439)

3,432

3,928

1,789
3,702

1,806
2,801

(3,014)(2,321)

Leased assets, net

687

479

Construction in progress

292

158

Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation

Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation

13,464

13,597

Intangible assets
SoftwareTotal property, plant and equipment

329

270

Leased assets
Goodwill

85
2,496

55
2,126

Other

121

175

3,032

2,628

Investment securities
Deferred tax assets

9,179
355

9,276
370

Other
Allowance for doubtful accounts

2,823(7)

2,706
(7)

Total investments and other assets

12,351

12,34528,84928,571

Bond issuance cost

69

50

Total deferred assets

69

50

109,045

114,764

Total intangible assets
Investments and other assets

Total non-current assets
Deferred assets

Total assets3

(Millions of yen)
As of March 31, 2017

As of March 31, 2018

Liabilities
Current liabilities
Notes and accounts payable - trade

18,064

22,842

Short-term loans payable
Current portion of bonds

11,143
676

9,615
576

Lease obligations
Accounts payable - other436
1,664

359
2,049

Income taxes payable
Accrued consumption taxes

354
407

773
341

Deferred tax liabilities
Advances received

61
7,011

0
7,956

Provision for bonuses
Other

995
6,300

1,274
7,215

Total current liabilities

47,11553,004

5,386

5,160

12,594
630

8,048
329

4
167

139
151

10,265
332

9,906
332

263

304

29,644

24,372

76,76077,376

Capital stock
Capital surplus

10,037
9,386

10,037
9,386

Retained earnings
Treasury shares

13,977(537)

17,832(538)

Total shareholders' equity

32,86336,717

3,121

3,736

Deferred gains or losses on hedges
Foreign currency translation adjustment5(1,519)3(1,382)

Remeasurements of defined benefit plans(2,185)(1,687)

Non-current liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
Net defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4(578)

669

32,28437,387

109,045

114,764

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2017

Fiscal year ended
March 31, 2018

Net sales

99,698104,570

Cost of sales

64,82367,080Gross profit

34,87537,490Research and development expenses
Other

6,129
26,6686,044
27,517

Total selling, general and administrative expenses

32,79833,561

2,076

3,928

Interest income
Dividend income

33
128

19168

Insurance income
Revenue from acceptance of development services

158
150

57287

Share of profit of entities accounted for using equity method
Other

166
221

133
293

Total non-operating income

859

959

Selling, general and administrative expenses

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

366

226

Loss on sales of accounts receivable
Foreign exchange losses

19586

12176

Other

239

110

Total non-operating expenses
Ordinary profit

1,211

525

1,724

4,363

313
244

222
––
1291
–

560

514

Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on sales of shares of subsidiaries and associates
Other
Total extraordinary income
Extraordinary losses
Loss on sales of non-current assets

08

Loss on retirement of non-current assets
Settlement package

7–

566

Other

1–

Total extraordinary losses

981

Profit before income taxes

2,2744,796

Income taxes - current
Income taxes - deferred

1,015
663

1,193(929)

Total income taxes

1,678

264

Profit595

4,532

Profit attributable to owners of parent

595

4,532

5

Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018
595

4,532

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

607
5615
(2)

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax(297)12553497

Share of other comprehensive income of entities accounted
for using equity method

(160)

82

Total other comprehensive income

279

1,247

875

5,779

875

5,779

––

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of changes in equity
Fiscal year ended March 31, 2017
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

10,037Retained earnings

9,386

Total shareholders'equity

Treasury shares

14,057(536)

32,944

Changes of items during period
Dividends of surplus

(676)

(676)

Profit attributable to ownersof parent595

595

Purchase of treasury shares

(1)

(1)

Net changes of items otherthan shareholders' equity–

Total changes of items during
periodBalance at end of current period

–

–

(80)

(1)

(81)

10,037

9,386

13,977(537)

32,863

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges2,514–

Foreigncurrencytranslation
adjustment(1,061)Remeasurementsof defined
benefit plans(2,310)Total
accumulated
othercomprehensive
incomeTotal net assets(857)

32,086

Dividends of surplus

–

(676)

Profit attributable to ownersof parent–

595

Purchase of treasury shares–(1)

Changes of items during period

Net changes of items otherthan shareholders' equity607

5(458)

125

279

279

Total changes of items during
period607

5(458)

125

279

198

Balance at end of current period

3,121

5(1,519)(2,185)(578)

32,284

7Fiscal year ended March 31, 2018
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus

10,037Retained earnings

9,386

Total shareholders'equity

Treasury shares

13,977(537)

32,863

Changes of items during period
Dividends of surplus

(676)

(676)

Profit attributable to ownersof parent

4,532

4,532

Purchase of treasury shares

(0)

(0)

Net changes of items otherthan shareholders' equity–

Total changes of items during
periodBalance at end of current period

–

–

3,855

(0)

3,854

10,037

9,386

17,832(538)

36,717

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges3,1215Foreigncurrencytranslation
adjustment(1,519)Remeasurementsof defined
benefit plans(2,185)

Total
accumulated
othercomprehensive
incomeTotal net assets(578)

32,284

Dividends of surplus

–

(676)

Profit attributable to ownersof parent–

4,532

Purchase of treasury shares–(0)Changes of items during period

Net changes of items otherthan shareholders' equity

615

(2)

136

497

1,247

1,247

Total changes of items during
period

615

(2)

136

497

1,247

5,102

Balance at end of current period

3,736

3(1,382)(1,687)669

37,3878

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes

Fiscal year ended

Fiscal year ended

March 31, 2017

March 31, 2018
2,274

4,796

Depreciation
Amortization of goodwill

2,525
369

2,668369

Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability

(157)
125

272
58

Increase (decrease) in provision for directors' retirement
benefits

(22)

(16)

Loss (gain) on sales and retirement of non-current assets
Loss (gain) on sales of investment securities

(305)
(244)

(208)
–

Loss (gain) on sales of shares of subsidiaries and associates
Share of loss (profit) of entities accounted for using equity

–

(291)

(166)

(133)

methodInterest and dividend income

(162)

(187)

Interest expenses
Loss on sales of notes and accounts receivable-trade

366
19226
12

Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories

(897)
832

(3,187)(3,161)

Increase (decrease) in notes and accounts payable - trade
Decrease/increase in consumption taxes receivable/payable(3,258)
614

4,378
57

Increase (decrease) in advances received
Other, net

(889)
(60)

330
1,471

Subtotal

962

7,454

Interest and dividend income received
Interest expenses paid

169
(368)

196
(228)

(19)
(1,318)

(12)
(885)

(573)

6,524

(5)

470

Proceeds from sales of investment securities
Purchase of property, plant and equipment418(2,514)–(1,562)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

1,182(104)

661
(150)

–
(70)

946
103

(1,093)468(4,532)(2,221)

Proceeds from long-term loans payable
Repayments of long-term loans payable

8,900(6,318)800(4,652)

Proceeds from issuance of bonds
Redemption of bonds

3,354
(650)

397
(726)

Purchase of treasury shares
Cash dividends paid

(1)
(676)

(0)
(676)

Other, net(366)(432)

Net cash provided by (used in) financing activities(289)(7,512)

Loss on sales of notes and accounts receivable-trade-paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Decrease (increase) in time deposits

Proceeds from sales of shares of subsidiaries and associates
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase (decrease) in short-term loans payable9

Fiscal year ended
March 31, 2017
Effect of exchange rate change on cash and cash equivalents

Fiscal year ended
March 31, 2018
(340)

190

Net increase (decrease) in cash and cash equivalents(2,296)(328)

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated

11,717

9,420

–

721

9,420

9,813

subsidiary
Cash and cash equivalents at end of period10