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, 2017
(Based on Japanese GAAP)May 12, 2017
Company name:

JEOL Ltd.

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

URL

http://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 28, 2017
June 28, 2017

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

June 29, 2017
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, 2017 (from April 1, 2016 to March 31, 2017)(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, 2017
99,698(7.1)
2,076(66.2)
1,724(67.9)
595(85.4)
Year ended March 31, 2016
107,373
12.6
6,145 110.0
5,370
52.0
4,089 105.3

Earnings per share

Profit attributable toOrdinary profit/total Operating profit/net
owners ofassets
sales
parent/equity
Yen%%%–
1.9
1.5
2.1
–
13.1
4.7
5.7

Diluted earnings pershare

Yen
6.1742.32

Year ended March 31, 2017
Year ended March 31, 2016
(2) Consolidated financial position

Total assets
As of March 31, 2017
As of March 31, 2016

Net assets

Equity ratio

Millions of yen
109,045
113,501

Millions of yen
32,28432,086

Cash flows fromoperating activities
Millions of yen
(573)
8,137

Cash flows frominvesting activities
Millions of yen(1,093)(1,697)

Net assets per share%
29.6
28.3

Yen
334.11332.05(3) Consolidated cash flows

Year ended March 31, 2017
Year ended March 31, 2016

Cash flows from
Cash and cash equivalents
financing activitiesat end of period
Millions of yen
Millions of yen(289)9,420(5,820)11,717

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

Year ended March 31, 2016
Year ended March 31, 2017
Year ending March 31, 2018
(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%%

––

2.50
3.50

––

3.50
3.50

6.00
7.00

579
676

14.2
113.5

1.9
2.1–

3.50

–

3.50

7.00

148.3

3. Forecast of consolidated financial results for the year ending March 31, 2018 (from April 1, 2017 to March 31, 2018)

Net sales
Millions of yen
Six months ending
September 30, 2017
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

43,000(3.2)(1,000)–(1,200)–(2,200)–(22.77)105,000

5.3

3,000

44.5

2,700

56.6

1,400

134.9

14.49

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2017(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:

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, 2017

97,715,600 shares As of March 31, 2016

97,715,600 shares

Number of treasury shares at the end of the period
As of March 31, 2017

1,085,824 shares As of March 31, 2016

1,083,293 shares

96,631,129 shares Year ended March 31, 2016

96,633,923 shares

Average number of shares during the period
Year ended March 31, 20172

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2016
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Income taxes receivable
Consumption taxes receivable
Other
Allowance for doubtful accounts

As of March 31, 201712,441
26,168
11,42327,944
1,949
2,156
82
1,847
1,297(418)

10,165
26,77910,30927,484
1,505
1,616
195
1,450
1,092
(473)

84,89580,126

21,874(15,350)

21,988(15,758)

Buildings and structures, net

6,523

6,229

Machinery, equipment and vehicles
Accumulated depreciation

3,498(2,734)

3,757(2,724)

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

Machinery, equipment and vehicles, net

764

1,032

17,977(15,081)

18,835(15,402)

2,896

3,432

1,833
3,629
(2,645)

1,789
3,702
(3,014)

Leased assets, net

984

687

Construction in progress

34

292

13,036

13,464

453
115
2,866
144

329
85
2,496
121

3,579

3,032

8,586
587
2,765
(7)

9,179
355
2,823
(7)

Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation

Total property, plant and equipment
Intangible assets
SoftwareLeased assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets

11,931

12,351

28,547

28,849Deferred assets
Share issuance cost
Bond issuance cost

1444–69

Total deferred assets

58

69

113,501

109,045

Total non-current assets

Total assets3

(Millions of yen)
As of March 31, 2016
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Current portion of bonds
Lease obligations
Accounts payable - other
Income taxes payable
Accrued consumption taxes
Deferred tax liabilities
Advances received
Provision for bonuses
Other

As of March 31, 2017

21,722
16,912
650
489
2,545
530
200
24
8,175
1,155
5,708

18,064
11,143
676
436
1,664
354
407
61
7,011
995
6,300

58,115

47,115

2,662
8,775
784
24
189
10,260
331
271

5,386
12,594630
4167
10,265332
263

23,29929,644

Total liabilities81,414

76,760Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

10,037
9,386
14,057(536)10,037
9,386
13,977(537)

32,94432,8632,514–(1,061)(2,310)3,121
5(1,519)(2,185)

Total current liabilities
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 shareholders' equityAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

4(857)(578)

32,08632,284

113,501

109,045

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2016

Fiscal year ended
March 31, 2017

Net sales

107,373

99,698Cost of sales

67,09964,823Gross profit

40,27434,875

Research and development expenses
Other

6,479
27,6496,129
26,668

Total selling, general and administrative expenses

34,12832,798

6,145

2,076

Interest income
Dividend income

69124

33
128

Insurance income
Revenue from acceptance of development services

1150

158
141

Share of profit of entities accounted for using equity method
Other

153
250

166
229

Total non-operating income

749

859

Selling, general and administrative expenses

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

461

366

Loss on sales of accounts receivable
Foreign exchange losses

28950

19586

Other84239

Total non-operating expenses
Ordinary profit

1,524

1,211

5,370

1,724

19667

313
244

Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Other

11688

560

Loss on sales of non-current assets
Loss on retirement of non-current assets

62
1607

Loss on liquidation of subsidiaries and associates
Settlement package

161
49––

Total extraordinary income
Extraordinary losses

Other01289

9Profit before income taxes

5,770

2,274

Income taxes - current
Income taxes - deferred

1,046
633

1,015
663

Total income taxes

1,680

1,678

Profit4,089

595

Profit attributable to owners of parent

4,089

595

Total extraordinary losses

5Consolidated statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income

Fiscal year ended

Fiscal year ended

March 31, 2016

March 31, 2017
4,089

595

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(1,086)(0)607
5Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax

(388)
(267)

(297)
125

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

(225)

(160)

(1,967)279

2,121875

2,121875––

Total other comprehensive income
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, 2016
(Millions of yen)
Shareholders' equity
Capital stock
Balance at beginning of current
periodCapital surplus10,037

Retained earnings

9,386

Total shareholders'equity

Treasury shares

10,451(534)

29,340Changes of items during period
Dividends of surplus

(483)

(483)

Profit attributable to ownersof parent

4,089

4,089

Purchase of treasury shares

(1)

(1)

Net changes of items otherthan shareholders' equity–

Total changes of items during
periodBalance at end of current period

––

3,606

(1)

3,604

10,037

9,386

14,057(536)

32,944

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference onavailable-forsale securities

Deferred gains
or losses onhedges

3,600

0

Foreigncurrencytranslation
adjustment(447)

Remeasurementsof defined
benefit plans(2,042)

Total
accumulated
othercomprehensive
incomeTotal net assets

1,109

30,449Dividends of surplus

–

(483)

Profit attributable to ownersof parent–

4,089

Purchase of treasury shares–(1)

Changes of items during period

Net changes of items otherthan shareholders' equity(1,086)

(0)

(613)

(267)

(1,967)(1,967)

Total changes of items during
period(1,086)

(0)

(613)

(267)

(1,967)

1,636

Balance at end of current period

2,514–(1,061)(2,310)(857)

32,086

7

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'equityTreasury 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 duringperiod607

5(458)

125

279

198

Balance at end of current period

3,121

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

32,2848

Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors' retirement
benefits
Loss (gain) on sales and retirement of non-current assets
Loss (gain) on sales of investment securities
Loss on liquidation of subsidiaries and associates
Share of (profit) loss of entities accounted for using equity
methodInterest and dividend income
Interest expenses
Loss on sales of notes and accounts receivable-trade
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Decrease/increase in consumption taxes receivable/payable
Increase (decrease) in advances received
Other, net

Fiscal year ended

Fiscal year ended

March 31, 2016

March 31, 2017
5,770
2,876
369
62(94)

2,274
2,525
369
(157)
125

(4)

(22)

58(667)
161

(305)
(244)
–(153)

(166)

(194)
461
28
2,521
(4,086)
2,725
(586)
56
313

(162)
366
19(897)832(3,258)
614
(889)
(60)

Subtotal

9,617

962

Interest and dividend income received
Interest expenses paid
Loss on sales of notes and accounts receivable-trade-paid
Income taxes (paid) refund202(461)(28)(1,193)

169
(368)
(19)
(1,318)Net cash provided by (used in) operating activities

8,137(573)

Cash flows from investing activities
Decrease (increase) in time deposits
Proceeds from sales of investment securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Other, net

(114)
1,219
(2,525)
125
(288)
(113)

(5)
418
(2,514)
1,182
(104)
(70)

Net cash provided by (used in) investing activities(1,697)(1,093)(3,968)1,300(3,759)
2,464
(647)
(1)
(481)
(726)

(4,532)
8,900(6,318)
3,354
(650)
(1)
(676)
(366)

Net cash provided by (used in) financing activities(5,820)(289)

Effect of exchange rate change on cash and cash equivalents

(367)

(340)

Net increase (decrease) in cash and cash equivalents

252(2,296)

Cash and cash equivalents at beginning of period

11,465

11,717

Cash and cash equivalents at end of period

11,717

9,420

Cash flows from financing activities
Increase (decrease) in short-term loans payableProceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Cash dividends paid
Other, net9