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, 2012
(Based on Japanese GAAP)May 11, 2012
Company name

JEOL Ltd.

Stock exchange listing Tokyo
Stock code
6951
RepresentativeInquiries

URL

http://www.jeol.co.jp

President and Representative Director
General Manager, Management Strategy

Gon-emon Kurihara
Izumi Oi

Planning Division
Scheduled date of ordinary general meeting of shareholders

TEL042(543)1111

June 28, 2012

Scheduled date to file Securities Report
Scheduled date to commence dividend payments
Preparation of supplementary material on earnings
Holding of earnings performance review

June 28, 2012
–Yes
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, 2012 (from April 1, 2011 to March 31, 2012)
Percentages indicate year-on-year changes(1) Consolidated operating results
Net salesYear ended March 31, 2012
Year ended March 31, 2011

Millions of yen
83,191
75,274

Operating income% Millions of yen%
10.5
(1,175)–(11.2)
1,020 101.0

Diluted net income
per share
YenYen(115.60)–
0.67–

Net income per share
Year ended March 31, 2012
Year ended March 31, 2011

Ordinary income
Millions of yen(2,408)
504%
–
140.2

Net income
Millions of yen(9,050)52

Ordinary
income/total assets%%(47.6)
(2.5)
0.2
0.5

Net income/equity%–(80.9)

Operatingincome/net sales%
(1.4)
1.4

(2) Consolidated financial positionTotal assets
As of March 31, 2012
As of March 31, 2011

Net assets

Equity ratio

Net assets per share

Millions of yen
93,81999,529Millions of yen
14,38824,046

%
15.2
23.9

Yen
181.94303.50Cash flows fromoperating activities
Millions of yen
3,385
2,980

Cash flows frominvesting activities
Millions of yen(2,440)
1,393

Cash flows fromfinancing activities
Millions of yen
70(3,384)

Period-end cash andcash equivalents
Millions of yen
8,226
7,504

(3) Consolidated cash flows

As of March 31, 2012
As of March 31, 2011
2. Cash dividendsRatio ofDividend
Total cash
dividends topayout ratio
dividends (Total) (Consolidated)
net assets(Consolidated)

Annual dividends
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, 2011
Year ended March 31, 2012

––

2.00
2.00

––

2.00
0.00

4.00
2.00

313
156

597.0
(1.7)

1.3
0.8

Year ending March 31, 2013 (Forecast)

–––––

1–

3. Forecast of consolidated financial results for the year ending March 31, 2013 (from April 1, 2012 to March 31, 2013)

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

34,0004.8(500)–(900)–(600)–(7.66)

80,500(3.2)

3,000–

2,000–

2,000–

25.55

4. Notes(1) Changes in significant subsidiaries during the year ended March 31, 2012(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 after error corrections
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 after error corrections:No(3) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2012

79,365,600 shares As of March 31, 2011

79,365,600 shares

Number of shares of treasury stock at the end of the period
As of March 31, 2012

1,074,628 shares As of March 31, 2011

1,073,680 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Year ended March 31, 2012

78,291,535 shares Year ended March 31, 2011

278,293,646 shares

Consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2011

As of March 31, 2012

AssetsCurrent assets
Cash and deposits

7,572

8,301

Notes and accounts receivable-trade
Merchandise and finished goods

23,383
15,462

22,577
12,729Work in process
Raw materials and supplies

17,905
3,305

20,7082,260

Deferred tax assets
Income taxes receivable

1,847
3

2,106
6

Consumption taxes receivable
Other

438
1,203

680
1,718

Allowance for doubtful accounts
Total current assets

(226)

(182)

70,89670,906

Noncurrent assets
Property, plant and equipment
Buildings and structures

19,602

19,780

Accumulated depreciation(12,930)(13,678)

Buildings and structures, net

6,671

6,102

Machinery, equipment and vehicles

3,626

3,391

Accumulated depreciation(2,956)(2,907)

Machinery, equipment and vehicles, net

670

484

18,099(15,061)

16,617(14,879)

3,037

1,737

1,357
1,689

1,500
1,871

Accumulated depreciation(331)(1,283)

Lease assets, net

1,357

588

Construction in progress

549

356

13,644

10,769

199
120

1,569
97

Software in progress
Other

1,147
235

56
35

Total intangible assets

1,702

1,758

Investments and other assets
Investment securities

5,619

6,647

Deferred tax assets
Other

6,104
1,485

1,947
1,700

Allowance for doubtful accounts(72)(6)Total investments and other assets

13,137

10,28928,484

22,817

147

95

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

Total property, plant and equipment
Intangible assets
SoftwareLease assets

Total noncurrent assets
Deferred assets
Bond issuance cost
Total deferred assets
Total assets

3147

95

99,52993,819(Millions of yen)
As of March 31, 2011

As of March 31, 2012

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable

17,76921,646

20,777
24,974Current portion of bonds
Lease obligations

2,241
368

4,761
400

Accounts payable-other
Income taxes payable

1,284
330

1,792
424

45
077
0

5,919
760

5,896
587

Accrued consumption taxes
Deferred tax liabilities
Advances received
Provision for bonuses
Other

4,302

4,125

Total current liabilities

54,66963,818

Bonds payable
Long-term loans payable

6,546
6,472

2,285
5,399

Lease obligations
Deferred tax liabilities

1,164
29

994
27

Provision for retirement benefits
Provision for directors' retirement benefits

5,944
317

6,275
256Asset retirement obligations
Other142
196

145
228

Total noncurrent liabilities

20,813

15,61275,48279,431

Noncurrent liabilities

Total liabilities
Net assets
Shareholders' equity
Capital stock

6,740

6,740

Capital surplus
Retained earnings

6,346
13,311

6,346
3,947

Treasury stock

(532)

(532)

25,865

16,501

369
(12)

530
(142)

Foreign currency translation adjustment(2,459)(2,644)

Total accumulated other comprehensive income

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(2,103)(2,256)

Minority interests

284

143

Total net assets

24,046

14,38899,52993,819Total liabilities and net assets

4Consolidated statements of income and consolidated statements of comprehensive income
Consolidated statements of income(Millions of yen)
Fiscal year ended
March 31, 2011

Fiscal year ended
March 31, 2012

Net sales
Cost of sales

75,27451,50983,191
61,059Gross profit
Selling, general and administrative expenses
Research and development expenses
OtherTotal selling, general and administrative expenses23,765

22,132

4,417
18,32722,745

4,384
18,92323,3071,020(1,175)

29
99
101
104–
37
185
134

24
70
3
658–
–
143

691

307

612
219
84–
–
289

587
218
128
220
189
196

Total non-operating expenses
Ordinary income (loss)

1,206
504

1,540(2,408)

Extraordinary income
Gain on sales of noncurrent assets
Gain on sales of investment securities
Reversal of allowance for doubtful accounts
Gain on change in equity
Other

1,656
599
84
–
66

65–
157
37

Operating income (loss)
Non-operating income
Interest income
Dividends incomeInsurance income
Revenue from acceptance of development services
Fiduciary obligation fee
Equity in earnings of affiliates
Foreign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Loss on sales of accounts receivable
Loss on retirement of inventories
Equity in losses of affiliates
Foreign exchange losses
Other

Total extraordinary income
Extraordinary loss
Loss on sales of noncurrent assets
Loss on retirement of noncurrent assets
Impairment loss
Loss on valuation of investment securities
Early extra retirement payments
Other2,4072061052–
41
1,747764

1227
1,773
511
–
164

Total extraordinary losses
Income (loss) before income taxes and minority interests

2,616
295

2,490
(4,691)

Income taxes-current
Income taxes-deferred

399
87

631
4,027

Total income taxes
Loss before minority interests

487
(192)

4,658
(9,350)Minority interests in loss
Net income (loss)(244)
52(299)(9,050)5

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

Fiscal year ended

March 31, 2011

March 31, 2012

Loss before minority interests(192)(9,350)

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

(830)

161

Deferred gains or losses on hedges
Foreign currency translation adjustment

10(125)

(129)
(122)

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

(293)

(62)

(1,238)(153)(1,430)(9,503)(1,186)(244)(9,204)(299)

Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

6Consolidated statements of changes in net assets(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2011

March 31, 2012

Shareholders' equity
Capital stock
Balance at the beginning of current period

6,740

6,740

Changes of items during the period
Total changes of items during the period––

Balance at the end of current period

6,740

6,740

Capital surplus
Balance at the beginning of current period

6,346

6,346

Changes of items during the period
Total changes of items during the period––

Balance at the end of current period

6,346

6,346

Retained earnings
Balance at the beginning of current period

13,532

13,311(274)(313)

Changes of items during the period
Dividends from surplus
Net income (loss)

52(9,050)(221)(9,363)

Balance at the end of current period

13,311

3,947

Treasury stock
Balance at the beginning of current period

(531)

(532)

(1)

(0)

Total changes of items during the period

Changes of items during the period
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period

(1)

(0)

(532)

(532)

26,08725,865(274)52(313)(9,050)Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income (loss)
Purchase of treasury stock
Total changes of items during the period
Balance at the end of current period

7(1)

(0)

(222)

(9,363)25,865

16,501

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2011

March 31, 2012

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period

1,199369(830)

161(830)161

369

530(23)(12)

Net changes of items other than shareholders' equity

10(129)Total changes of items during the period10(129)Balance at the end of current period

(12)

(142)

Foreign currency translation adjustment
Balance at the beginning of current period(2,040)(2,459)

(419)

(184)

Balance at the end of current period
Deferred gains or losses on hedges
Balance at the beginning of current period
Changes of items during the periodChanges of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period

(419)

(184)

(2,459)(2,644)(864)(2,103)

Net changes of items other than shareholders' equity(1,238)(153)

Total changes of items during the period(1,238)(153)(2,103)(2,256)

529

284

(244)

(141)

(244)

(141)

284

143

25,752

24,046

(274)
52

(313)
(9,050)(1)(1,483)(0)(294)

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

Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period
Dividends from surplus
Net income (loss)
Purchase of treasury stock
Net changes of items other than shareholders' equity
Total changes of items during the periodBalance at the end of current period

8(1,705)(9,658)24,046

14,388Consolidated statements of cash flows(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2011

March 31, 2012

Net cash provided by (used in) operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization

295
3,167(4,691)
2,890

Impairment loss
Increase (decrease) in provision for bonuses–222

1,773(136)

Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors' retirement(153)729

(114)

(61)

benefits
Loss (gain) on sales and retirement of noncurrent assets(1,592)

33

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

(599)
41

(5)
511

Loss (gain) on change in equity
Early extra retirement payments

–
1,747

(157)
–

Equity in (earnings) losses of affiliates
Interest and dividends income

(37)
(128)

220
(95)

Gain on maturity of insurance contract
Interest expenses

(7)
612

–
587

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

219
3,439

218
649

Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade(2,845)
1,057(1,124)
3,203

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

(308)
715

(210)
114

Other, net

(100)

151

Subtotal

5,630

4,601

Interest and dividends income received

138

104

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

(599)
(219)

(600)
(218)

Income taxes (paid) refund
Payments for early extra retirement payments(222)(1,747)(501)–

Net cash provided by (used in) operating activities

2,980

3,385

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

(27)

(8)

Proceeds from withdrawal of time deposits
Purchase of investment securities

120
(1)

–
(151)

Proceeds from sales of investment securities
Purchase of property, plant and equipment

1,164(884)14(879)Proceeds from sales of property, plant and equipment
Purchase of intangible assets

1,759(237)

8(1,118)

Purchase of investments in subsidiaries
Other, net(212)
(287)

(67)
(235)

Net cash provided by (used in) investing activities

1,393(2,440)9

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2011

March 31, 2012

Net cash provided by (used in) financing activities
Increase (decrease) in short-term loans payable
Proceeds from long-term loans payable(2,014)
3,500

5,161
1,400

Repayment of long-term loans payable
Proceeds from issuance of bonds(2,462)784(4,307)
489

Redemption of bonds
Proceeds from stock issuance to minority shareholders(2,581)–(2,241)
280

(276)
(335)

(313)
(399)

Net cash provided by (used in) financing activities(3,384)70

Effect of exchange rate change on cash and cash equivalents

(250)

(45)

Net increase (decrease) in cash and cash equivalents

739

971

Cash and cash equivalents at beginning of period

6,978

7,504

Decrease in cash and cash equivalents resulting from exclusion ofsubsidiaries from consolidation

(212)

–

Cash dividends paid
Other, net

Decrease in cash and cash equivalents resulting from corporate
Cash and cash equivalents at end of period

10–

(250)

7,504

8,226