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 Six Months Ended September 30, 2020
(Based on Japanese GAAP)
November 6, 2020
Company name:

JEOL Ltd.

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

URL

https://www.jeol.co.jp

President & COO
General Manager Management Strategy

Izumi Oi
Shoji Shiota

Planning DivisionScheduled date to file Quarterly Securities Report:

TEL+81-42-543-1111

November 6, 2020

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

December 4, 2020
Yes

Holding of quarterly financial results meeting:Yes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2020 (from April 1, 2020 to September 30, 2020)(1) Consolidated operating results (cumulative)
Net sales
Six months ended September 30, 2020
Six months ended September 30, 2019

Millions of yen
49,38851,112

Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%(3.4)
2,468
68.3
2,870
42.6
1,932
57.2
9.4
1,467
49.8
2,013
13.3
1,229 (11.0)

Earnings per share

Diluted earnings per share

Yen
40.00
25.45

Six months ended September 30, 2020
Six months ended September 30, 2019

Yen––(2) Consolidated financial position
Total assets
As of September 30, 2020
As of March 31, 2020

Net assets

Millions of yen
136,723
136,788

Equity ratio

Millions of yen
46,89345,080Net assets per share%
34.3
33.0

Yen
970.52933.07

2. Cash dividends
Annual dividends per share

Year ended March 31, 2020
Year ending March 31, 2021

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
12.00
12.00

Yen–

Yen
12.00

Yen
24.00

–

12.00

24.00

Year ending March 31, 2021 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profit
Earnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%
Yen
Full year
109,000(7.0)
5,100 (27.5)
5,500 (23.6)
3,800 (29.1)
78.65

1

4. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2020(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

NoNo(3) 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(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2020

48,857,800 shares As of March 31, 2020

48,857,800 shares

Number of treasury shares at the end of the period
As of September 30, 2020

539,522 shares As of March 31, 2020

544,240 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2020

48,316,291 shares Six months ended September 30, 2019248,313,651 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2020

As of September 30, 2020

AssetsCurrent assets
Cash and deposits

14,425

13,040Notes and accounts receivable - trade
Merchandise and finished goods

30,965
11,81524,484
13,075Work in process
Raw materials and supplies

38,7752,629

43,0102,802

Other
Allowance for doubtful accounts

4,745
(321)

3,727
(263)

103,036

99,878

Buildings and structures, net
Machinery, equipment and vehicles, net

6,190
1,193

6,241
1,157

Tools, furniture and fixtures, net
Land

4,938
1,771

4,567
3,548

574
617

482
2,463

15,286

18,460Total current assets
Non-current assets
Property, plant and equipment

Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill

2,953

2,595

Other

2,289

2,244

Total intangible assets

5,243

4,839

7,116
6,094

7,972
5,567

Investments and other assets
Investment securities
OtherAllowance for doubtful accounts

(7)

(7)

Total investments and other assets

13,203

13,53233,732

36,83218

11

136,788

136,723

Total non-current assets
Deferred assets
Total assets3

(Millions of yen)
As of March 31, 2020

As of September 30, 2020

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

12,575
10,597

10,625
9,370

Short-term borrowings
Current portion of bonds payable

13,491
1,886

11,734
2,836

Income taxes payable
Advances received

1,651
12,431897
12,373

Provision for bonuses
Other

1,457
13,358

1,456
11,347

Total current liabilities

67,45160,642

3,126

483

9,357

16,62833

26

Non-current liabilities
Bonds payable
Long-term borrowings
Provision for retirement benefits for directors (and otherofficers)
Provision for Management Board Incentive Plan Trust

239

290

Retirement benefit liability
Asset retirement obligations

9,462
320

9,385
320

Other

1,714

2,052

Total non-current liabilities

24,25629,18791,70789,829

Share capital
Capital surplus

10,037
9,914

10,037
9,914

Retained earnings
Treasury shares

27,089
(1,068)28,437(1,058)

Total shareholders' equity

45,97347,331

Total liabilities
Net assets
Shareholders' equity

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

2,296

2,844

Deferred gains or losses on hedges
Foreign currency translation adjustment

71(1,965)–(2,120)

Remeasurements of defined benefit plans(1,296)(1,162)

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

4(893)(437)

45,08046,893

136,788

136,723

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

Net sales

51,112

49,388

Cost of sales31,307

29,170Gross profit

19,804

20,217

Research and development expenses
Other

3,712
14,625

3,931
13,816

Total selling, general and administrative expenses

18,337

17,748

1,467

2,468

Interest income
Dividend income

1769

2067

Revenue from acceptance of development services
Foreign exchange gains

40–

27113

Share of profit of entities accounted for using equity method
Other

769
221

162
186

1,119

578

67

81

Loss on sales of trade receivables
Foreign exchange losses

5453

3–

Other

4691

Total non-operating expenses

573

176

2,013

2,870

Gain on sales of non-current assets

1755

Total extraordinary income

1755

Loss on sales of non-current assets
Loss on retirement of non-current assets–26017

Loss on valuation of investment securities

50

13

Total extraordinary losses

7731

Profit before income taxes

1,953

2,895

Income taxes - current
Income taxes - deferred

533
191

799
163

Total income taxes

724

962

Profit

1,229

1,932

Profit attributable to owners of parent

1,229

1,932

Selling, general and administrative expenses

Operating profit
Non-operating income

Total non-operating incomeNon-operating expenses
Interest expenses

Ordinary profit
Extraordinary income

Extraordinary losses

5Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2019
ProfitOther comprehensive income
Valuation difference on available-for-sale securities

Six months ended
September 30, 2020

1,229

1,932

32547

Deferred gains or losses on hedges
Foreign currency translation adjustment

(1)
(323)

(71)
(86)

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

194

134

(83)(68)

(181)

455

Comprehensive income

1,048

2,387

Comprehensive income attributable toComprehensive income attributable to owners of parent

1,048

2,387––

for using equity method
Total other comprehensive income

Comprehensive income attributable to non-controllinginterests

6

Consolidated statements of cash flows(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

Cash flows from operating activities
Profit before income taxes
Depreciation

1,953
1,452

2,895
1,717

Amortization of goodwill
Increase (decrease) in provision for bonuses184(194)295(1)

1758(9)

(6)

67

50

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

9(37)Loss (gain) on valuation of investment securities
Interest and dividend income

50(86)

13(88)

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

67
5813

Decrease (increase) in trade receivables
Decrease (increase) in inventories

6,330(7,447)

6,458(5,377)

Increase (decrease) in trade payables
Other, net(108)1,657(3,278)(658)

Subtotal

3,950

2,125

93(67)

88(89)

Loss on sales of notes and accounts receivable-trade-paid
Income taxes (paid) refund(5)(1,008)(3)(1,458)Net cash provided by (used in) operating activities

2,963

662

(1,091)(5,222)

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

27(48)

91(151)

Purchase of shares of subsidiariesOther, net(70)
48–(404)

Net cash provided by (used in) investing activities(1,134)(5,686)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(2,138)(3,091)

4,000(3,000)10,651(2,040)

Redemption of bonds
Dividends paid

(255)
(584)

(1,693)(584)

Other, net

(189)

(144)

Interest and dividends received
Interest paid

Cash flows from investing activities
Purchase of property, plant and equipment

Proceeds from long-term borrowings
Repayments of long-term borrowings

Net cash provided by (used in) financing activities(2,168)3,097

Effect of exchange rate change on cash and cash equivalents

(352)

29

Net increase (decrease) in cash and cash equivalents(691)(1,896)

Cash and cash equivalents at beginning of period

9,261

14,032

Cash and cash equivalents at end of period

8,570

12,135

7