GRIPS Financial Report 2018
GRIPS Financial Report 2017 –outline-

Finance Division－Contents －1. Financial Operation and PDCA Cycle

1

2. Financial Highlights for Fiscal 2016

2

3. Outline of Financial Statements• Balance Sheet

4• Profit and Loss Statement

6• Cash Flow Statement

8• National University Corporation Business Operation
Cost Statement

9• Earnings Statement10

4. Financial Information on Management (Analysis Using
Financial Indicators)

12

Financial Operation and PDCA Cycle○ In financial operation, the budget should be accurately compiled and executed in line with confirmation andevaluation.

Feedback
Medium-term goals andplans (six years)

Evaluation (Minister of
Education, Culture, Sports,
Science and Technology, etc.)

Annual plan (each fiscal year)

Compilation of GRIPS budget

Audit (auditor-secretary,
accounting auditor, etc.)

Execution of budget andsettlement of accounts-1-

Financial Highlights for Fiscal 2017

Financial Conditions including Land and Building Holding, Investment from the Government
and Borrowings at the End of Fiscal 2017
- Outline and component ratio of the balance sheet for fiscal 2017 (as of March 31, 2018)
Other fixed assets¥20 million
0%

Other current
assets¥0.55 billion
2%

Cash and deposits¥2.27 billion
8%

Books
¥0.97 billion
4%
Machinery◯ The assets at the end of fiscal
equipment2017 were 27.487 billion yen (down ¥0.090%billion
169 million yen from the previous
fiscal year), the liabilities were 3.118
billion yen (down 645 million yen),and total net assets were 24.369
billion yen (up 476 million yen).

Buildings, etc.
¥5.24 billion
19%【Assets】¥27.49billion(Down 0.6%)

Land¥18.35 billion
67%

PFI liabilities, asset
collateral liabilities, Accounts payable,
etc. (fixedunspent donations,liabilities)
etc. (current¥1.07 billion
liabilities)
3.9%¥2.05 billion
7%

Retained earnings¥0.58 billion
2%◯ About 90% of the property (assets) necessary for conducting the operationsof GRIPS is mainly comprised of investment from the government (netassets), and the remaining 10% assets obtained based on subsidies fromthe government, donations, etc.

【Liabilities/net assets】¥3.12/¥24.37 billion(Down 17.1%/Up 2.08%)

Government
contribution, etc.
¥23.79 billion
87%

Financial Operation Conditions for Fiscal 2017 (Amounts Received and Spent*)- Outline and component ratio of ordinary revenues and ordinary expenses for fiscal 2017 (April 1, 2017 – March 31, 2018)◯ The ordinary revenues in fiscal 2017 were 3.476 billion yen (up 244 million
yen from the previous fiscal year), and the ordinary expenses were 3.368
billion yen (up 78 million yen).
Profit for the current fiscal year, after adding the reversal amount ofreserve carried forward during the former medium-term target period (JPY
44 million) (amount carried over from fund for the business continued fromthe previous medium-term target period, for which the budget wasallocated before fiscal 2015) to the difference amount is 152 million yen.
◯ Income from government subsidies for
management expenses accounts for about
60% of the ordinary revenues, and income
from tuition fees, etc. accounts for 6%.
Income from contracted research, subsidies
and donations accounts for 28%.
◯ With regard to ordinary expenses, personnel
expenses account for 52%, education andresearch expenses (education expenses,
research expenses, and expenses foreducation and research support) about 32%
and general and administrative expenses
about 9%.

OthersGeneral and ¥10 million
administrative0%
expenses¥0.31 billion
9%Personnel
expenses¥1.77 billion
52%【Ordinary
expenses】¥3.37 billion(Up 2.4%)

Income fromtuition fees
¥0.21 billion
6%

Income fromgovernment
subsidies for
management
expenses¥2.08 billion
60%【Ordinary
revenue】¥3.48 billion(Up 7.5%)

Others¥0.22 billion
7%

Education
expenses
Research¥0.21 billion expenses
6%¥0.36 billion
11%

Income fromcontracted
research, subsidies
and donations¥0.96 billion
28%

Expenses foreducation andresearch support¥0.22 billion
6%

Contracted
research
expenses¥0.49 billion
15%* National university corporations cannot immediately record received government subsidies for management expenses, tuition fees,
income from contracted research, subsidies and donations as revenues.
These funds are once recorded as liabilities, and then used as expenses for education research activities and transferred to revenues inaccordance with the progression of corporation businesses. This is referred to as “transfer to revenue.”
The amount of income and the amount transferred to revenue in each fiscal year may differ because not all of the received funds (funds
recorded as liabilities) are transferred to revenue during such fiscal year.

-2-

Financial Highlights for Fiscal 2017

Acceptance of external funds

Payment from students
and exemption system

Major financial injection from thegovernment

Income from government subsidies for management expenses◯The income from government subsidies for management expenses for fiscal 2017 (cash flow basis)
was 2.26 billion yen (+50 million yen or +2.3% compared to the previous fiscal year)
Million yen

2,000Changes in income from government subsidies for management
expenses (Amount equivalent to general subsidies for
management expenses and focused support)

1,800
176 318 277
77

147 173 176

1,500 1,629
1,400

197
207

124

1,600

1,626

1,609
1,598

Million yen

350

Focusedsupport(special
expenses onor before
fiscal 2015)

1,900

1,700

Changes in income from government subsidies for
management expenses (special factor allowance)
400

197

300

349

334

250 320 293

288 314

200

314
255

290 292

225
205

150
1,585

1,574

1,541
1,525

Generalsubsidies

1,559

1,553

1,621

100
50
0

1,300
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

* The above chart shows annual change in the amount of general government
subsidies for management expenses (basic government subsidies for
management expenses) and the amount equivalent to budget for focused
support (expenses required for the focused support for education and research
activities). (Figures for 2006-2017 are actual results and that for 2018 is on abudgetary basis.)* The above figure shows annual changes in special factor

allowance (retirement allowance, PFI maintenance andmanagement expenses, etc.) among government subsidies for
management expenses. (Figures for 2007-2017 are actual
results and that for 2018 is on a budgetary basis.)

Payment from students
Million yen◯The amount of payment from students is about 0.2 billion yen every year 300
as indicated in the figure to the right (about 8% of income from operating
revenue).
200
100* The amount of payment from students should be decided by each corporation within acertain limit based on the standard amount under the Ministerial Ordinance on Tuition andOther Expenses at National Universities, etc. (Unit tuition fee (annual amount): 535,800 yen)

Changes in payment from students-on a cash flow basis- (on a budgetary basis for
2018)

9 8
8
8
74 66 65 7 7 7 7 7 7 764
61 60 51
60 57 54 56
150 163 163 157 147 142 138

132 143 128 131

Application
fees
Admission
fees
Tuition fees02008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

◯ The amount of acceptance of externalfunds in fiscal 2017 (excluding grant-in-aid
for scientific research and subsidies) was
0.52 billion yen (about two-fold increase
compared with fiscal 2005).
◯ The amount of acceptance of externalfunds including grant-in-aid for scientificresearch and subsidies was 1.13 billion yen.
(about three-fold increase compared withfiscal 2005)
External funds include donations from companies,
and funds from projects contracted by the
Ministry of Education, Culture, Sports, Science andTechnology (MEXT) and other ministries.
These funds are becoming more important for thevitalization of education and research and thestabilization of management amid annually
declining basic subsidies for management
expenses.

Changes in acceptance of external funds–amount of acceptance for the current year*For a multiple-year project, the full amount is included at the time of receipt.

Million yen

1,800
1,600

Grant-in-aid
for scientificresearch
Subsidies

267

1,400
353

1,200

245
309

1,000

265
361 526

800

Donations533

176
111 153 184

600
105
400
200
0

210 239
178
0

0

3

341
957

274
207 165 176 242

189

441

278

393

304
316 306
250 240 188 267
268
195

95 146 118 127
31 38 36 43 50 39 24 21 50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017-3-

Contracts,etc.

Outline of Financial Statements

Balance Sheet
The balance sheet indicates the balance of assets, liabilities and net assets at the end of the fiscal year,
and shows the financial conditions of GRIPS.
Liabilities and net assets indicate the source of funding, and assets indicate manners of operation of funds
raised.
Assets:Fixed assets including land and buildings account for the majority of assets.
Liabilities: PFI liabilities for which the government covers fund for repayment account for 10% of
liabilities, and liabilities that arise from the special accounting treatment of national university
corporations, such as asset collateral liabilities, account for 54%. GRIPS is striving to securestable financial management through well-planned payment, etc.
Net assets: Net assets account for 89% of the total of liabilities and net assets, 72% of which isgovernment equity.

■Breakdown of Assets, Liabilities, and Net Assets in Fiscal 2017

Books
3.5%

AssetsBuildings/
Structures
19.1%

Land
66.8%

Machineryequipment / Tools andequipment
0.3%

Current liabilities
7.4%

Liabilities

Other fixed assets
0.1%

Reserve carried forward during former
medium-term target period
Capital surplus
1.6%
22.9%

Liabilities and net assets

Fixed
Liabilities
3.9%

Current assets
10.3%

Government equity 63.7%

Net assets-4-

Unappropriatedincome for thecurrent year
0.6%Outline of Financial Statements■Balance Sheet(Unit: million yen)
Fiscal 2016

Fiscal 2017

Increase/
Decrease

27,65627,487-169

Fixed assets

24,945

24,668-274

Land18,351

18,351-

Buildings

5,443

5,177

-266

Structures

67

60

-7

Machinery equipment

2

1

-1

Tools and equipment

109

92

-17

Books

950

966

16

Software

23

19

-4

Telephone rights

1

1

-

2,711

2,819

108

2,177

2,274

97

1

1

0

Other accrued income

533

544

11

Other current assets

0

0

0

3,763

3,118

-645

1,393

1,072

-321

1,077

1,072

-5

PFI liabilities

316

-

-316

Current liabilities

2,370

2,046

-324

Liabilities from government subsidies for
management expenses

148

257

109

Donation liabilities

305

331

26

PFI liabilities to be repaid within a year

621

316

-305

Accounts payable

360

381

22

Other current liabilities

936

761

-176

23,89324,369476

Government equity

17,507

17,507-

Capital surplus

5,904

6,284

380

Retained earnings

482

579

97

Reserve carried forward during former
medium-term target period

420

365

-56

Reserves for education and research

-

62

-186

Unappropriated income for the current
year

62

152

90

Item
AssetsCurrent assets
Cash and deposits
Accrued income for payment fromstudents

Liabilities
Fixed liabilities
Asset collateral liabilities

Net assets* Total amounts and other amounts may differ due to rounding up to the nearest unit.

-5-

Decrease due to depreciation

Increase due to decrease of
expenditures of projects covered bygovernment subsidies for
management expenses

Increase due to adjustment of new
subsidies

Decrease due to fulfillment of
obligation based on the PFI projectcontract

Decrease in expenses due to theprogress of multi-year contracted
projects
Increase due to receipt of facilities
improvement subsidies (for PFI
projects), etc.
Government subsidies for management
expenses, tuition fees paid by students, anddonations from companies are recorded as
current liabilities, not as revenues, at thetime of receipt.
This is because GRIPS has obligations to
implement certain projects appropriate forthe amounts of subsidies and amounts
received, including education and research.
These liabilities are transferred to revenue
according to the period elapsed and theamount expended for the projects.

Outline of Financial Statements■ Breakdown of Ordinary Expenses and Ordinary Revenues
in Fiscal 2017
Profit and Loss Statement

Ordinary expenses
Financial expenses
0%
Education expenses
6%

The profit and loss statement shows
the amount of expenses andrevenues that arose during an
accounting period.
It shows the type of expenses
incurred by a national university
corporation for the implementationof education and research, as well as
the revenue generated from such
expenses and the resulting profit andlosses.
It excludes subsidies for scientificresearch and other expenses granted
for individual researchers.

What is the difference between
profit and income?
Profit/expense: accrual basis accounting
Income/expenditure: cash basis accounting
Item which is treated as profit, not income(Ex.) Accrued income, such as interest
Item which is treated as income, not profit(Ex.) Deferred income, such as a deposit
Item which is treated as expenditure, notexpenses(Ex.) Expenses in advance, such as rent

General andadministrative
expenses
9%

Expenses foreducation andresearch support
6%

Contracted
research/contracted
project expenses,
etc.
15%

Personnel expenses
52%

Ordinary revenues

Revenues fromdonations3%

Miscellaneous
gain
6%

Other
1%

Revenues fromsubsidies
10%

Revenues fromcontracted
research/contracted
project, etc.

15%

Item which is treated as expenses, notexpenditure(Ex.) Allowance for depreciation

Research expenses
11%

Revenues fromtuition fees
6%

-6-

Government
subsidies for
management
expenses60%

Outline of Financial Statements■Profit and Loss Statement(Unit: million yen)
Fiscal 2016

Fiscal 2017

Increase/decrease

3,290

3,368

78

2,968

3,046

78

Education expenses

171

205

34

Research expenses

396

361

-34

Expenses for education and researchsupport

191

218

28

Contracted research expenses

217

385

168

Joint research expenses

5

3

-2

Contracted project expenses, etc.

84

107

22

1,904

1,767

-137

General and administrative expenses

298

311

13

Financial expenses

24

11

-14

3,233

3,476

244

1,995

2,082

88

Revenues from tuition fees

226

214

-12

Revenues from contracted research

218

390

172

5

5

0

Revenues from contracted project, etc.

103

124

19

Revenues from subsidies, etc.

353

340

-13

Revenues donations

122

105

-17

Reversal of asset collateral liabilities

25

22

-3

Financial revenues

1

1

-0

Miscellaneous gains

184

194

10

Ordinary income

-58

108

166

Temporary losses

0

0

-0

0

0

-0

Net profit for the current year

-58

108

166

Reversal from reserve

120

44

-76

Gross income for the current year

62

152

90

Item
Ordinary expenses
Operating expenses

Personnel expenses

Ordinary revenues
Revenues from government subsidies for
management expenses

Revenues from joint research※ 単位未満を四捨五入して記載しているため、合計額などが合わない場合があります。

Temporary income-7-

Increase due to new projects fundedby subsidies etc.
Decrease of subsidies etc.

Increase in expenses due to theprogress of contracted research
projects

Decrease of retirement allowance andpersonnel expenses (faculty) etc.
Increase due to expenses funded byreserve for specific purposes

Increase due to fulfillment of
obligation in large-scale contracted
research projects

Decrease of subsidies etc.

Decrease in expenses of projects
funded by donations

Outline of Financial Statements

Cash Flow Statement
The cash flow statement indicates, as a certain category of activity, cash flow during an accounting year. It
indicates cash flow and surplus or deficit, which are not read from the balance sheet or profit and loss
statement.
While the profit and loss statement shows expenses and revenues generated during thecurrent year, it recognizes and measures the fact of receipt and payment of cash, including borrowing andcapital increase irrelevant to expenses and revenues, and is indicated by the classification of income (plus) or
expenditure (minus: -).

■Cash Flow Statement
Indicating cash flow of eachproject income or expenditure
regarding the implementation ofbusinesses such as education andresearch

Recording a balance of the amountreceived and paid
Showing cash flow including gainof fixed assets and fundmanagement for establishingmanagement bases for the futureShowing cash flow regarding
repayment of borrowing, etc.

Showing increase or decreasein cash during the current year.

Cash at end of year excludes
time deposits, therefore, it
differs from cash and deposits
in the balance sheet.

(Unit: million yen)
Fiscal 2016

Fiscal 2017

Increase/
Decrease

450

134

-315

Payments for purchases of raw materials,
products, or services-1,008-1,003

5

Payments for personnel expenses-1,878-1,937-59

Payments for other businesses

-344

-362

-18

Income from government subsidies for
management expenses

2,157

2,207

49

Income from payments from students

207

190

-17

Income from contracted research, contracted
projects, etc.

665

404

-261

Income from subsidies, etc.

355

337

-18

Income from donations

117

126

9

Income from other businesses

189

174

-16

Income from deposits received

3

-2

-5

Accounts paid into national treasury

-14

-

14

II Cash flow from investment activities

412

501

89

Expenditure due to acquisition of tangible fixed
assets and intangible fixed assets

-141

-27

114

Income from repayment of time deposit

600

700

100

Payments for deposit to time deposit

-700

-800

-100

Income from facility expenses

652

628

-24

Interest and dividends received

1

1

-0

III Cash flow from financial activities

-639

-639

-

Redemption paid of PFI liabilities

-608

-621

-13

Interest paid

-31

-17

13

-

-

-

V Increase/decrease in cash

223

-3

-226

VI Cash at beginning of year

1,254

1,477

223

VII Cash at end of year

1,477

1,474

-3

Item
I Cash flow from business activities

IV Effect of exchange rate changes on cash

* Total amounts and other amounts may differ due to rounding up to the nearest unit.

-8-

Outline of Financial Statements

National University Corporation Business Operation Cost Statement
This statement shows the costs spent for business management of GRIPS, including education andresearch, which are funded by taxpayers (“national university corporation business operation cost.”).
This statement is only prepared by incorporated administrative agencies and national university
corporations, not by private companies.
It excludes subsidies for scientific research and other expenses granted for individual researchers.

■National University Corporation Business Operation Cost Statement(Unit: million yen)

Fiscal 2016

Fiscal 2017

Increase/decrease

2,483

2,391

-92

3,291

3,368

78

2,968

3,046

78

General and administrative expenses

298

311

-14

Financial expenses

24

11

-13

Temporary losses

0

0

-0

(2) (Deduction) Self-income, etc.

-807

-977

-170

Revenues from tuition fees

-163

-152

11

Revenues from admission fees

-56

-54

1

Revenues from application fees

-7

-7

-0

-218

-390

-172

-5

-5

-0

Revenues from contracted projects, etc.

-103

-123

-19

Revenues from donations

-122

-105

17

Financial revenues

-1

-1

0

Miscellaneous gains

-129

-137

-9

Reversal of government subsidies for asset
collateral management expenses

-2

-1

0

Reversal of asset collateral donations

-1

-1

0

Temporary profits

-0

-0

0

II Depreciation equivalent outside of profit and loss

257

260

3

III Estimated amount increased in bonuses outside
allowance

-4

-2

2

IV Estimated amount increased in retirement benefits
outside allowance

-56

26

82

V Opportunity costs

15

10

-5

Government-funded opportunity costs

15

10

-5

VI (Deduction) Payment into national treasury

-

-

-

2,695

2,686

-9

Item
I Business costs(1) Costs in the profit and loss statement
Operating expenses

Revenues from contracted research
Revenues from joint research

VII National university corporation business
operation cost

* Total amounts and other amounts may differ due to rounding up to the nearest unit.

-9-

Showing the amount ofexpenses stated in the profit
and loss statement, less therevenues from self-income.

Showing the non-taxpayerfunded revenues

Showing the amount ofdepreciation of nonprofitable assets

Showing the estimated increase
in allowance for bonuses to bepayable from the government
subsidies for management
expenses (recording thedifference from the previous
year)

Showing the estimatedincrease in allowance forretirement benefits to be payablefrom the government subsidies
for management expenses(recording the difference fromthe previous year)

Outline of Financial Statements

Earnings Statement
This statement needs to be prepared pursuant to the accounting recognition standard (cash basis andsettlement period) of the national government, and shows prospects and results of management status ofnational university corporations.
Specifically, it compares budget amounts in the annual plan (calculated based on budget amounts andothers under the estimation of government subsidies for management expenses presented from MEXT)
with settlement amounts that were actually executed.
It excludes subsidies for scientific research and other expenses granted for individual
researchers.

■Breakdown of Settlement Amounts of Income and Expenditure in Fiscal 2017
Facilities
improvement
Subsidies 15%

IncomeIncome fromindustryuniversity
collaboration
research andincome fromdonations, etc.
13%
Income fromsubsidies, etc.
8%

Income fromprojects coveredby government
subsidies for
management
expenses
62%

Government
subsidies for
management
expenses53%
Income from tuition fees,
admission fees, andapplication fees 5%
Miscellaneous income 5%

Reversal amount ofreserve carriedforward during former
medium-term target
period 1%
Expenditure

Facilities
improvement
Expenses 16%

Industry-university
collaboration
research expenses
and donation
project expenses,
etc. 15%

Education andresearch expenses(including generalandadministrative
expenses)
61%

Subsidies etc.
9%

-10-

Outline of Financial Statements■Earnings Statement(Unit: million yen)

Item

BudgetamountSettlement
amountIncrease/decrease

Government subsidies for management
expenses

2,139

2,207

68

628

628

-

-

345

345

432

404

▲

28

Income from tuition fees, admission fees,
and application fees

221

192

▲

29

Miscellaneous income

211

212

1

Income from industry-university
collaboration research, and income fromdonations, etc.

394

538

144

Reversal amount of reserve carried forward
during former medium-term target period

120

56

Total

3,713

4,178

465

2,691

2,401

▲
290

628

628

-

-

341

341

Industry-university collaboration researchexpenses and donation project expenses,
etc.

394

595

201

Total

3,713

3,965

252

[Income]Facilities improvement subsidies
Income from subsidies, etc.
Self-income▲

Increase due to gaining a project
covered by the government subsidy

Increase due to efforts for increasing
contracted research and donations

64[Expenditure]
Operating expenses
Education and research expenses
Facilities improvement expenses
Subsidies, etc.

* Total amounts and other amounts may differ due to rounding up to the nearest unit.

-11-

Decrease due to streamlining of
education and research expenses

Increase due to gaining a project
covered by the government subsidy

Increase due to the progress of
research, etc.

Financial Information on Management■Analysis Using Financial Indicators

Financial analysis
Financial analysis is a way to evaluate and assess the management of national university corporations by preparing
numerical indicators using data including financial statements for stakeholders of national university corporations to gain
necessary information for decision making concerning such national university corporations.

Financial indicators used for financial analysis are roughly classified as follows.

Soundness/
Stability

Is the financial soundness for providing continuous andstable education and research secured? (“Current ratio”)

Efficiency

Is the management efficiently conducted?
(“Personnel expenses ratio” and “General and administrative
expenses ratio”)

Are the education and research activities conducted at an
appropriate level?
Activity“Ratio of operating expenses to research expenses,” “Ratio of operating expenses to
education expenses,” “Ratio of operating expenses to expenses for education andresearch support,” “Research expenses per faculty” and “Education expenses perstudent”

Expansivity

Are the financial resources as a university stable by securing
various funds (external funds)? (“External funds ratio”)

Profitability

Are the revenues that match the expenses secured?
(“Ordinary income ratio”)-12-Financial Information on Management

Financial Indicators between Fiscal 2011 and Fiscal 2017
Fiscal year
2010

2011

2012

2013

2014

2015

2016

107.5%

116.8%

123.5%

125.5%

123.2%

114.4%

137.8%

58.1%

58.4%

54.6%

57.6%

55.6%

64.2%

58.0%

14.4%

12.9%

11.0%

13.4%

11.1%

10.0%

10.2%

10.8%

11.2%

13.8%

16.3%

14.1%

13.3%

11.9%

3,128

3,460

4,314

5,617

4,830

4,253

4,298

10.9%

11.5%

10.7%

7.5%

7.5%

5.8%

6.7%

583

663

645

519

586

408

522

10.2%

10.3%

9.7%

8.5%

11.2%

6.4%

7.2%

12.4%

9.0%

11.7%

10.9%

13.3%

13.9%

17.9%

2.3%

4.0%

3.3%

0.8%

▲4.0%

▲1.8%

※1

※2

3.1%

Financial indicator
1. Current ratio(current assets ÷current liabilities)

2. Personnel expenses ratio(personnel expenses ÷operating expenses)

3. General and administrative expenses ratio(general and administrative expenses ÷operating
expenses)

4. Ratio of operating expenses to researchexpenses(research expenses ÷operating expenses)

5. Research expenses per faculty(research expenses ÷number of faculty)(in thousand yen)

6. Ratio of operating expenses to education
expenses(education expenses ÷operating expenses)

7. Education expenses per student(education expenses ÷number of students)(in thousand yen)

8. Ratio of operating expenses to expenses foreducation and research support(expenses for education and research support÷operating expenses)

9. External funds ratio ((revenues from contracted
research, etc. ＋ revenues from contracted
projects, etc. ＋ revenues from donations)÷ordinary revenues)

10. Ordinary income ratio(ordinary income ÷ ordinary revenues)(Legend)Better than the previous year (an increase in points from the previous year that is desirable in terms of the financial indicators)
Better than the previous year (a decrease in points from the previous year that is desirable in terms of the financial indicators)
Worse than the previous year (an increase in points from the previous year that is not desirable in terms of the financial indicators)

Worse than the previous year (a decrease in points from the previous year that is not desirable in terms of the financial indicators)*1*2

In fiscal 2015, GRIPS implemented projects intensively using the accumulated reserve for specific purposes; however, the profit from reversal of reserve for specificpurposes, which provides the fund for such projects, was not included in ordinary revenues and the ratio turned out to be negative. The ratio of ordinary revenue tothe net profit for the current fiscal year, including the reversal of reserve for specific purposes (98 million), is 2.9%.
In fiscal 2016, GRIPS implemented the business based on the reserve carried forward during the former medium-term target period; however, the profit fromreversal of such reserve carried forward during the former medium-term target period, which provides the fund for such business, was not included in the ordinary
revenues and the ratio turned out to be negative. The ratio of ordinary revenue to the net profit for the current fiscal year, including the profit from reversal ofsuch reserve carried forward during the former medium-term target period (62 million), is 1.9%.

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[Contact] Administration and Budget Team
Finance Division
Administrative Bureau
TEL 03-6439-6024
FAX 03-6439-6030
URL http://www.grips.ac.jp