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, 2011
(Based on Japanese GAAP)May 13, 2011
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 Corporate Officer,

Gon-emon Kurihara
Koichi Fukuyama

TEL+81-42-543-1111

General Manager, Management Strategy
Planning Division
Scheduled date of ordinary general meeting of shareholders:
Scheduled date to file Securities Report:

June 29, 2011
June 29, 2011

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

June 30, 2011
Yes

Holding of financial results meeting:Yes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the year ended March 31, 2011 (from April 1, 2010 to March 31, 2011)(1) Consolidated financial results
Percentages indicate year-on-year changes
Net salesYear ended March 31, 2011
Year ended March 31, 2010

Millions of yen
75,27484,769Operating income%(11.2)
1.1

Millions of yen
1,020
507

Diluted net income
per share
Yen
Yen
0.67
–
3.52
3.45

Net income per share
Year ended March 31, 2011
Year ended March 31, 2010%
101.0–

Ordinary income
Millions of yen
504
210%
140.2
–

Net income
Millions of yen
52275

Ordinary
income/total assets
%%
0.2
0.5
1.1
0.2

Net income/equity%(80.9)–

Operatingincome/net sales%
1.40.6(2) Consolidated financial position
Total assets
As of March 31, 2011
As of March 31, 2010

Net assets

Millions of yen
99,529102,916

Millions of yen
24,04625,752

Cash flows fromoperating activities
Millions of yen
2,980
1,085

Cash flows frominvesting activities
Millions of yen
1,393
(257)

Equity ratio

Net assets per share%
23.9
24.5

Yen
303.50322.15(3) Consolidated cash flows

Year ended March 31, 2011
Year ended March 31, 2010

Cash flows from
Cash and cash equivalents
financing activities
at end of period
Millions of yen
Millions of yen(3,384)
7,504(2,849)6,9782. Cash dividends
Ratio ofDividend
Total cash
dividends topayout ratio
dividends (Total) (Consolidated)
net assets(Consolidated)

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

Total

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

Year ended March 31, 2010
Year ended March 31, 2011

––

2.50
2.00

––

1.50
2.00

4.00
4.00

313
313

113.5
597.0

1.2
1.3

Year ending March 31, 2012 (Forecast)

–––––

1–

3. Forecast of consolidated financial results for the year ending March 31, 2012 (from April 1, 2011 to March 31, 2012)

Net sales
Millions of yen
Six months ending
September 30, 2012
Full year

Percentages indicate year-on-year changes
Net income
Operating income
Ordinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen

33,00014.1(2,500)–(2,500)–(1,500)–(19.16)86,000

14.2

1,900

86.3

1,500

197.1900–

11.50

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2011(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Changes in accounting policies and procedures, and methods of presentation
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoYes
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, 2011

79,365,600 shares As of March 31, 2010

79,365,600 shares

Number of treasury shares at the end of the period
As of March 31, 20111,073,680 shares As of March 31, 2010

1,070,236 shares

78,293,646 shares Year ended March 31, 2010

78,296,046 shares

Average number of shares during the period
Year ended March 31, 20112

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2010

As of March 31, 2011

AssetsCurrent assets
Cash and deposits

7,143

7,572

Notes and accounts receivable-trade27,474

23,383Merchandise and finished goods

14,784

15,462Work in process

16,746

17,905

Raw materials and supplies

2,797

3,305

Deferred tax assets

1,7641,847

Income taxes receivable

120

3Consumption taxes receivable

219

438

Other

1,364

1,203

Allowance for doubtful accounts

(315)

(226)

72,10070,896

Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures

19,732

19,602

Accumulated depreciation(12,384)(12,930)

Buildings and structures, net

7,347

6,671

Machinery, equipment and vehicles

3,697

3,626

Accumulated depreciation(2,952)(2,956)744

670

Machinery, equipment and vehicles, net
Tools, furniture and fixtures

18,09518,099

Accumulated depreciation(13,957)(15,061)

4,137

3,037

Land

1,480

1,357

Lease assets

1,175

1,689

Tools, furniture and fixtures, net

Accumulated depreciation

(128)

(331)

Lease assets, net

1,047

1,357

Construction in progress

510

549

15,26813,644281

199

Total property, plant and equipment
Intangible assets
SoftwareLease assets

20120

Software in progress

491

1,147

Other300

235

1,093

1,702

Investment securities

7,249

5,619

Deferred tax assets

5,816

6,104

Other

Total intangible assets
Investments and other assets

1,270

1,485

Allowance for doubtful accounts

(73)

(72)

Total investments and other assets

14,261

13,13730,62328,484

Bond issuance cost

192

147

Total deferred assets

192

147

102,916

99,529Total noncurrent assets
Deferred assets

Total assets3

(Millions of yen)
As of March 31, 2010

As of March 31, 2011

Liabilities
Current liabilities
Notes and accounts payable-trade17,303

17,769

Short-term loans payable

21,755

21,646

Current portion of bonds

2,581

2,241

250

368

Accounts payable-other

1,478

1,284

Income taxes payable

246

330

Accrued consumption taxes

142

4510

Advances received

5,381

5,919

Provision for bonuses

546

760

Other

4,382

4,302

Total current liabilities

54,07054,669Bonds payable

7,987

6,546

Long-term loans payable

7,346

6,472

870

1,164

Lease obligations

Deferred tax liabilities

Noncurrent liabilities

Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for directors’ retirement benefits
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities

4329

6,117

5,944

432

317

–142

294

196

23,093

20,813

77,16475,482Net assets
Shareholders’ equity
Capital stock

6,740

6,740

Capital surplus

6,346

6,346

Retained earnings

13,532

13,311

Treasury stock

(531)

(532)

26,08725,865

1,199369

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

4(23)

(12)

(2,040)(2,459)(864)(2,103)529

284

25,752

24,046

102,916

99,529

Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

Net sales

84,76975,274

Cost of sales

59,57151,509Gross profit

25,19823,765

Selling, general and administrative expenses

20,14718,327

Research and development expenses

4,543

4,417

Total selling general and administrative expenses

24,69022,745507

1,020Interest income

2529

Selling, general and administrative expenses

Operating income
Non-operating income
Dividends income

116

99

Insurance income

63

101

Revenue from acceptance of development services

284

104

Equity in earnings of affiliates

2337

Insurance return

110

7Foreign exchange gains

43

185

Other

221

126

Total non-operating income

889

691

Interest expenses

650

612

Loss on sales of accounts receivable

183

219

Non-operating expenses

Loss on retirement of inventories

117

84

Other

234

289

1,186

1,206

210

504

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Reversal of allowance for doubtful accounts

51,656800599184

Surrender value of insurance

125–

Gain on change in equity

327–

Gain on prior periods adjustment

52

Other

666

1,318

2,407

Total extraordinary income5(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

Extraordinary loss
Loss on sales of noncurrent assets

210

Loss on retirement of noncurrent assets

20852

Loss on valuation of investment securities

220

41

–

1,747

372

–

Early extra retirement payments
Compensation of productPenalty

232

–

Other

183

764

1,220

2,616

Income before income taxes and minority interests

308

295

Income taxes-current

523

399

Income taxes-deferred(355)87

Total income taxes

167

487

–(192)

Minority interests in loss

(134)

(244)

Net income

275

52

Total extraordinary losses

Loss before minority interests

6Consolidated statements of comprehensive income(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

–

(192)

Valuation difference on available-for-sale securities

–

(830)

Deferred gains or losses on hedges–

10

Foreign currency translation adjustment
Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income–(125)–(293)–(1,238)–(1,430)Comprehensive income attributable to owners of the parent–(1,186)

Comprehensive income attributable to minority interests–(244)

Loss before minority interests
Other comprehensive income

Comprehensive income
Comprehensive income attributable to7

Consolidated statements of changes in net assets(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

6,740

6,740

Shareholders’ equity
Capital stock
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period
Balance at the end of current period

–

–

6,740

6,740

6,346

6,346

Capital surplus
Balance at the end of previous period
Changes of items during the period
Total changes of items during the period

–

–

6,346

6,346

13,56913,532

Dividends from surplus

(313)

(274)

Net income

275

52

Balance at the end of current period
Retained earnings
Balance at the end of previous period
Changes of items during the period

Total changes of items during the period
Balance at the end of current period(37)(221)

13,532

13,311

(530)

(531)

Treasury stock
Balance at the end of previous period
Changes of items during the period
Purchase of treasury stock

(0)

(1)

Total changes of items during the period

(0)

(1)

(531)

(532)

26,12526,087

Dividends from surplus

(313)

(274)

Net income

275

52

Balance at the end of current period
Total shareholders’ equity
Balance at the end of previous period
Changes of items during the period

Purchase of treasury stock

(0)

(1)

Total changes of items during the period

(37)

(222)

26,08725,865

Balance at the end of current period8

(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

334

1,199

Net changes of items other than shareholders’ equity

864

(830)

Total changes of items during the period

864

(830)

1,199

369

(88)

(23)

Net changes of items other than shareholders’ equity

64

10

Total changes of items during the period

64

10(23)(12)(1,948)(2,040)

(91)

(419)

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Deferred gains or losses on hedges
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Foreign currency translation adjustment
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders’ equity
Total changes of items during the period

(91)

(419)

(2,040)(2,459)(1,702)(864)

Net changes of items other than shareholders’ equity

837(1,238)

Total changes of items during the period837(1,238)(864)(2,103)47

529

Net changes of items other than shareholders’ equity

482(244)

Total changes of items during the period

482

(244)

529

284

24,47025,752

Dividends from surplus

(313)

(274)

Net income

275

52

Purchase of treasury stock

(0)

(1)

Net changes of items other than shareholders’ equity

1,319(1,483)

Total changes of items during the period

1,281(1,705)25,752

24,046

Balance at the end of current period
Total accumulated other comprehensive income
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Minority interests
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Total net assets
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period

9Consolidated statements of cash flows(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

Net cash provided by (used in) operating activities
308

295

Depreciation and amortization

Income before income taxes and minority interests

3,403

3,167

Increase (decrease) in provision for bonuses

(287)

222

Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors’ retirement
benefits
Loss (gain) on sales and retirement of noncurrent assets

42(153)

(422)

(114)

205

(1,592)

Loss (gain) on sales of investment securities

(800)

(599)

Loss (gain) on valuation of investment securities

22041

Loss (gain) on cancellation of insurance contract

(125)

–

Loss (gain) on change in equity

(327)

–

Early extra retirement payments

–

1,747

Compensation of product372–

Penalty232–

Equity in (earnings) losses of affiliates

(23)

(37)

Interest and dividends income

(142)

(128)

Gain on maturity of insurance contract

(110)

–

Interest expenses

650

612

Loss on sales of notes and accounts receivable-trade

183

219

Decrease (increase) in notes and accounts receivable-trade(6,684)

3,439

Decrease (increase) in inventories

4,818(2,845)

Increase (decrease) in notes and accounts payable-trade

621

1,057

Decrease/increase in consumption taxes receivable/payable

435

(308)

Increase (decrease) in advances received(366)715

Other, net453(108)

Subtotal

2,658

5,630

Interest and dividends income received

143

138

Interest expenses paid

(648)

(599)

Loss on sales of notes and accounts receivable-trade paid

(183)

(219)

Income taxes (paid) refund

(745)

(222)

Payments for early extra retirement payments–(1,747)

Penalty paid

(139)

–

Net cash provided by (used in) operating activities

1,085

2,980

10

(Millions of yen)
Year ended March 31, 2010

Year ended March 31, 2011

Net cash provided by (used in) investing activities
Payments into time deposits(61)(27)

Proceeds from withdrawal of time deposits

19120

Purchase of investment securities

(10)

(1)

Proceeds from sales of investment securities

1,229

1,164

Purchase of property, plant and equipment(1,651)(884)

Proceeds from sales of property, plant and equipment

163

1,759

Purchase of intangible assets

(322)

(237)

Purchase of investments in subsidiaries

(23)

(212)

Proceeds from cancellation of insurance funds

382–

Proceeds from maturity of insurance funds

193–

Other, net

(175)

(287)

Net cash provided by (used in) investing activities

(257)

1,393

(1,865)(2,014)

Net cash provided by (used in) financing activities
Increase (decrease) in short-term loans payable
Proceeds from long-term loans payable

4,300

3,500

Repayment of long-term loans payable(3,398)(2,462)

Proceeds from issuance of bonds

3,903

784

Redemption of bonds(1,731)(2,581)

Redemption of convertible bonds(4,588)–Proceeds from stock issuance to minority shareholders

972–

Cash dividends paid(313)(276)

Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(128)

(335)

(2,849)(3,384)

(37)

(250)

Net increase (decrease) in cash and cash equivalents(2,059)739

Cash and cash equivalents at beginning of period
Decrease in cash and cash equivalents resulting from exclusion ofsubsidiaries from consolidation
Cash and cash equivalents at end of period

9,037

6,978–

(212)

6,978

7,504

11