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, 2020
(Based on Japanese GAAP)May 15, 2020
Company name:
JEOL Ltd.
Stock exchange listing: Tokyo
Stock code:
Representative:

6951
URL
President & COO

https://www.jeol.co.jp

Inquiries:

General Manager Management Strategy
Planning Division

Izumi Oi
Shoji Shiota

TEL

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

June 25, 2020
June 25, 2020

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

June 26, 2020
Yes

Holding of financial results meeting:Yes+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, 2020 (from April 1, 2019 to March 31, 2020)(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, 2020
117,243
5.4
7,030
5.4
7,203
(3.2)
5,359
(9.8)
Year ended March 31, 2019
111,289
6.4
6,670
69.8
7,440
70.5
5,940
31.1
Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%
–
12.4
5.6
6.0
–
15.0
6.3
6.0

Diluted earnings pershare

Earnings per share
Yen
110.94122.95

Year ended March 31, 2020
Year ended March 31, 2019(2) Consolidated financial position

Total assets
As of March 31, 2020
As of March 31, 2019

Net assets

Equity ratio

Millions of yen
136,788
122,665

Millions of yen
45,08041,593

Cash flows fromoperating activities
Millions of yen
3,742
4,757

Cash flows frominvesting activities
Millions of yen(4,172)(1,461)

Net assets per share%
33.0
33.9

Yen
933.07860.90(3) Consolidated cash flows

Year ended March 31, 2020
Year ended March 31, 2019

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen
5,394
14,032(3,716)9,261

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

Year ended March 31, 2019Year ended March 31, 2020
Year ending March 31, 2021
(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%

%

––

4.50
12.00

–
–

12.00
12.00

–
24.00

1,023
1,169

17.1
21.6

2.6
2.7–––––

1–

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
The forecast of the consolidated financial results for the year ending March 31, 2021 has not yet been determined as it is difficult at this stage torationally estimate the impact of the spread of novel coronavirus disease (COVID-19). The forecast will be disclosed promptly once it is possible
to do so.
4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2020(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:
Yes
Changes in accounting policies due to other reasons:
Changes in accounting estimates:

NoNo

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, 2020

48,857,800 shares As of March 31, 2019

48,857,800 shares

Number of treasury shares at the end of the period
As of March 31, 2020

544,240 shares As of March 31, 2019544,134 shares

48,313,605 shares Year ended March 31, 2019

48,313,834 shares

Average number of shares during the period
Year ended March 31, 20202

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2019

As of March 31, 2020

AssetsCurrent assets
Cash and deposits

9,296

14,425

Notes and accounts receivable - trade
Merchandise and finished goods

32,36111,055

30,965
11,815Work in process
Raw materials and supplies

35,052
2,467

38,775
2,629

Income taxes receivable
Consumption taxes receivable

112
2,026

111
2,747

Other
Allowance for doubtful accounts

1,389(517)

1,886
(321)

Total current assets

93,245103,036

22,658(16,659)

23,144(16,954)

Buildings and structures, net

5,999

6,190

Machinery, equipment and vehicles
Accumulated depreciation

4,048(2,988)4,264(3,071)

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
Leased assets, net
Construction in progress

1,060

1,193

20,722(16,828)

22,704(17,765)

3,893

4,938

1,802
2,030

1,771
2,561

(1,729)(1,986)

301

574

141

617

13,19815,286

Intangible assets
Software359

361

Leased assets
Goodwill

28
1,756

166
2,953

103

1,761

2,248

5,243

Investment securities
Deferred tax assets

8,306
2,908

7,116
3,133

Other
Allowance for doubtful accounts

2,731
(7)

2,961(7)Total investments and other assets

13,938

13,20329,38433,73235

18

Total property, plant and equipment

Other
Total intangible assets
Investments and other assets

Total non-current assets
Deferred assets
Bond issuance costs
Total deferred assets
Total assets

335

18

122,665

136,788

(Millions of yen)
As of March 31, 2019

As of March 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

14,359
9,582

12,575
10,597

Short-term borrowings
Current portion of bonds payable

10,059448

13,4911,886

Lease obligations
Accounts payable - other146
2,266

354
2,127

Income taxes payable
Accrued consumption taxes

1,182
443

1,651
216

Advances received
Provision for bonuses

11,942
1,598

12,431
1,457

Other

8,049

10,661

Total current liabilities

60,07867,451

Bonds payable
Long-term borrowings

5,012
5,383

3,126
9,357

Lease obligations
Deferred tax liabilities

208
3431
398

Provision for retirement benefits for directors (and otherofficers)

3833

Provision for Management Board Incentive Plan Trust
Retirement benefit liability

95
9,590

239
9,462

Asset retirement obligations
Other320
341

320
885

Total non-current liabilities

20,99424,256

81,072

91,707

Shareholders' equity
Share capital

10,037

10,037

Capital surplus
Retained earnings

9,914
22,8999,914
27,089Treasury shares(1,068)(1,068)

Total shareholders' equity

41,78345,973

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

2,743
12,29671

Foreign currency translation adjustment
Remeasurements of defined benefit plans(1,574)(1,361)(1,965)(1,296)

Non-current liabilities

Total liabilities
Net assets

Accumulated other comprehensive income

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

4(190)(893)

41,59345,080122,665

136,788

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2019

March 31, 2020

Net sales
Cost of sales

111,289
68,857

117,243
72,378Gross profit

42,431

44,865

Selling, general and administrative expenses
Research and development expenses

7,184

7,756

Other

28,57630,077

Total selling, general and administrative expenses

35,761

37,834

6,670

7,030

Operating profit
Non-operating income
Interest income

2639

Dividend income
Insurance claim income

150
70

153
19

Revenue from acceptance of development services
Share of profit of entities accounted for using equity method

511
302

192
468

Other

271

193

1,334

1,068

Interest expenses
Loss on sales of trade receivables

156
10161
15

Foreign exchange losses
Other

213
182605114

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets

563

896

7,440

7,203

102

69

Gain on sales of investment securities
Gain on step acquisitions

35––
525

Total extraordinary income

137

595

1–

Loss on retirement of non-current assets
Loss on valuation of investment securities

61–

3776

Loss on revision of retirement benefit plan–

232

Total extraordinary losses

63

347

Profit before income taxes

7,514

7,451

Income taxes - current
Income taxes - deferred

1,553
20

2,219
(128)

Total income taxes

1,574

2,091

Profit

5,940

5,359

Profit attributable to owners of parent

5,940

5,359

Extraordinary losses
Loss on sales of non-current assets

5Consolidated statements of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Profit

5,940

5,359

Other comprehensive income
Valuation difference on available-for-sale securities

(993)

(446)

Deferred gains or losses on hedges
Foreign currency translation adjustment(2)(61)70(332)

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted

326

64(129)

(58)

(860)

(702)

Comprehensive income

5,080

4,657

Comprehensive income attributable toComprehensive income attributable to owners of parent

5,080

4,657

–

–

for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests

6Consolidated statements of changes in equity
Fiscal year ended March 31, 2019
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

10,037Retained earnings

9,386

Total shareholders'equity

Treasury shares

17,832(538)

36,717

Changes during period
Dividends of surplus

(873)

(873)

Profit attributable to ownersof parent

5,940

5,940

Purchase of treasury shares
Disposal of treasury shares

528(950)

(950)

420

949

Net changes in items otherthan shareholders' equity––

528

5,066

(529)

5,065

10,037

9,914

22,899

(1,068)41,783

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of periodValuationdifference on
available-forsale securities

Deferred gains
or losses onhedges3,7363Foreigncurrencytranslation
adjustment(1,382)Remeasurementsof defined
benefit plans(1,687)

Totalaccumulated
othercomprehensive
incomeTotal net assets

669

37,387

Dividends of surplus

–

(873)

Profit attributable to ownersof parent–

5,940

Purchase of treasury shares–(950)

Disposal of treasury shares–

949

Changes during period

Net changes in items otherthan shareholders' equity

(993)

(2)

(191)

326(860)(860)

Total changes during period

(993)

(2)

(191)

326

(860)

4,205

Balance at end of period

2,743

1(1,574)(1,361)(190)

41,593

7

Fiscal year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

10,037Retained earnings

9,914

Total shareholders'equityTreasury shares

22,899

(1,068)41,783

Changes during period
Dividends of surplus(1,169)(1,169)Profit attributable to ownersof parent

5,359

5,359

Purchase of treasury shares

(0)

(0)

Disposal of treasury shares–Net changes in items otherthan shareholders' equity–––

4,190

(0)

4,190

10,037

9,914

27,089

(1,068)45,973

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedges2,7431Foreigncurrencytranslation
adjustment(1,574)Remeasurementsof defined
benefit plans(1,361)

Total
accumulated
othercomprehensive
incomeTotal net assets(190)

41,593

Dividends of surplus–(1,169)

Profit attributable to ownersof parent–

5,359

Purchase of treasury shares–(0)

Disposal of treasury shares––

64(702)(702)

Changes during period

Net changes in items otherthan shareholders' equity(446)

70(391)

Total changes during period(446)

70(391)64(702)

3,488

Balance at end of period

2,296

71(1,965)(1,296)(893)

45,0808Consolidated statements of cash flows(Millions of yen)
Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Cash flows from operating activities
Profit before income taxesDepreciation

7,514
2,755

7,451
3,191

Amortization of goodwill
Increase (decrease) in provision for bonuses

369
323

369
(135)

Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for17(290)

(112)

(4)

directors (and other officers)
Increase (decrease) in provision for share-based remuneration
for directors (and other officers)
Loss (gain) on sales and retirement of non-current assets

95

143

(39)

(32)

Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities

(35)
––
76

Share of loss (profit) of entities accounted for using equity
method

(302)

(468)

Loss (gain) on step acquisitions
Interest and dividend income

–
(177)

(525)
(193)

Loss of Revision for Retirement Benefits System
Interest expenses

–
156

232
161

Loss on sales of notes and accounts receivable-trade
Decrease (increase) in trade receivables

10(2,042)

15
1,673

Decrease (increase) in inventories
Increase (decrease) in trade payables(8,006)
1,215(6,584)(768)

Decrease/increase in consumption taxes receivable/payable
Increase (decrease) in advances received

(589)
4,184

(976)
311

Other, net

524

1,857

Subtotal

5,862

5,504

Interest and dividends received

184

200

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

(161)
(10)

(158)
(15)

Income taxes (paid) refund(1,117)(1,788)Net cash provided by (used in) operating activities

4,757

3,74265
135

(125)
––

(1,097)(293)(1,287)(70)(2,637)

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

153
(200)

155
(269)

Other, net

(34)

(128)

(1,461)(4,172)

Cash flows from investing activities
Decrease (increase) in time deposits
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting in change in scopeof consolidation
Purchase of shares of subsidiaries and associates
Purchase of property, plant and equipment

Net cash provided by (used in) investing activities

9

(Millions of yen)
Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

Cash flows from financing activities
Increase (decrease) in short-term borrowings
Proceeds from long-term borrowings

1,439
1,7003,656
8,500

Repayments of long-term borrowings
Proceeds from issuance of bonds(5,359)315(4,755)–

Redemption of bonds
Proceeds from disposal of treasury shares

(576)
949

(448)
–

Purchase of treasury shares
Dividends paid

(950)
(873)

(0)
(1,169)Other, net

(361)

(388)

Net cash provided by (used in) financing activities(3,716)

5,394

Effect of exchange rate change on cash and cash equivalents

(132)

(454)

Net increase (decrease) in cash and cash equivalents

(552)

4,510

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from inclusion of

9,813

9,261

–260

9,261

14,032subsidiaries in consolidation
Cash and cash equivalents at end of period10