November 12, 2020
Name of Listed Company: ISEKI & CO., LTD.
Stock Exchange Listings: Tokyo
Company Code:6310 (URL http://www.iseki.co.jp)
Representative: Title President
Name Shirou Tomiyasu
Enquiries:
Title General Manager of Financial Department
Name Yoshikazu Ogusu
Telephone: +81-3-5604-7671
Date of Submission of Quarterly Report:
November 12, 2020
Scheduled Date to Commence Dividend Payment:—
Supplementary Information for Quarterly Financial Results: Yes
Quarterly Financial Results Briefing:
Yes (for institutional investors and analysts)

Summary Announcement of Consolidated Financial Results
for the Nine Months Ended September 30, 2020 (Japanese GAAP)
I. Consolidated Financial Results for the Nine Months Ended September 30, 2020 (January 1, 2020－September
30, 2020)
A. Consolidated Results of Operations (Cumulative Total)(Rounded down to millions of yen, % indicates changes from the previous corresponding period)

Nine Months Ended
September 30, 2020
111,601
3,162
2,839
2,418

Net Sales
Operating Income
Ordinary Income
Profit Attributable to Owners of Parent
Earnings per Share (yen)Basic107.01
Diluted106.91
Note: Comprehensive income
Nine months ended September 30, 2020: ¥1,944 million [10.4 %]Nine months ended September 30, 2019: ¥1,761 million [46.1%]

Nine Months Ended
September 30, 2019
(7.7)
120,975(30.1)
4,525(12.9)
3,259
13.4
2,132
%

94.42
94.28

%
1.5
26.0
17.8
(3.9)

B. Consolidated Financial Position(Rounded down to millions of yen)

As of September 30, 2020

As of December 31, 2019

206,191
70,51633.4
3,041.95

197,511
69,25234.2
2,987.19

Total Assets
Net Assets
Shareholder’s Equity to Total Assets Ratio (%)
Net Assets per Share (yen)Reference: Shareholder’s equity
As of September 30, 2020: ¥68,768 million
As of December 31, 2019: ¥67,481 million
II. Dividends

1Q-endFY Ended December 31, 2019
FY Ending December 31, 2020
FY Ending December 31,
2020 (Forecast)——

Dividend per Share (yen)2Q-end3Q-endYear-end
—
—
30.00
—
—

Total
30.00

—

—

Note: Revision of the most recently announced dividend forecast: No
The year-end dividend forecast for the fiscal year ending December 31, 2020 has been undetermined at this moment.
III. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2020 (January 1, 2020－
December 31, 2020)(Rounded down to millions of yen, % indicates changes from the previous period)
Net Sales%

Operating
Income%Ordinary
Income%Full Year
144,500(3.6)
1,100 (59.9)
200 (82.0)
Note: Revision of the most recently announced financial results forecast: No

ProfitAttributableto Ownersof Parent

200%(72.3)

Earnings
per Share
(yen)

8.85

* NotesA. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting inchanges in the scope of consolidation): No
New: — (), Exclusion: — ()
B. Adoption of special accounting treatment for preparing the quarterly consolidated financial statements: No
C. Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards, etc.:
2) Any changes other than 1) above:3) Changes in accounting estimates:
4) Restatements:

No
No
No
No

D. Total number of shares issued (common stock)1) Total number of shares issued at the end of the period (including treasury shares):
As of September 30, 2020
22,984,993 shares
As of December 31, 2019
22,984,993 shares2) Total number of treasury shares at the end of the period:
As of September 30, 2020
378,114 shares
As of December 31, 2019394,565 shares
3) Average number of shares during the period (cumulative total):
Nine months ended September 30, 2020
22,603,019 shares
Nine months ended September 30, 2019
22,590,555 shares* These quarterly financial results are outside the scope of quarterly review procedures to be performed by certified
public accountants or an audit corporation.

* Explanation on the proper use of financial results forecasts and other notes
The financial results forecasts and other forward-looking statements contained in this report are based on
information available to the Company on the date of this report’s release and certain preconditions that theCompany deems to be reasonable. Actual results, etc. may differ significantly from the forecasts, however, as aresult of various factors. For details on the preconditions on the financial results forecasts of the Company andnotes on the use of financial results forecasts, please see “1. Qualitative Information on Consolidated Financial
Results for the Period under Review” on page 2 of the Appendix.

 Contents of Appendix
1. Qualitative Information on Consolidated Financial Results for the Period under Review ....................2(1) Explanation on Results of Operations ..............................................................................................2(2) Explanation on Financial Position ....................................................................................................2(3) Explanation on Consolidated Financial Results Forecasts andOther Forecast Information ..............................................................................................................3
2. Quarterly Consolidated Financial Statements and Principal Notes ........................................................4(1) Quarterly Consolidated Balance Sheets............................................................................................4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income ....................................................................................................................6(3) Notes to Quarterly Consolidated Financial Statements ....................................................................8(Notes to Going Concern Assumption) ............................................................................................8(Notes to Material Changes in Shareholders’ Equity) ......................................................................8-1-

1. Qualitative Information on Consolidated Financial Results for the Period under Review(1) Explanation on Results of Operations
During the nine months ended September 30, 2020, the Japanese economy, amid the continuing impact of the spreadof the novel coronavirus infection (COVID-19), saw signs of recovery, as stay-at-home orders were lifted andeconomic activities resumed. Overseas as well, while economic activities gradually resumed and moderate signs ofrecovery became evident, uncertainty for the future prevailed.
Under these circumstances, the ISEKI Group continued its initiatives to strengthen the responsiveness to structuralchanges in agriculture in Japan, including launch of new products and improvement in customer service, while working
to strengthen its sales in its mainstay overseas markets of North America, Europe, China, and ASEAN. The Group’s
consolidated financial results are summarized as follows.
Net sales for the nine months ended September 30, 2020 were ¥111,601 million, a decrease of ¥9,373 million (7.7%)
year on year. Domestic sales in Japan were ¥87,402 million, a decrease of ¥8,576 million (8.9%) year on year, as aresult of decreased sales of agricultural machinery, etc. due to voluntary restraints put on sales activities, such as
cancelation of exhibitions, in conjunction with the impact of the spread of COVID-19, as well as the uncertain demandenvironment following the consumption tax rate increase, in spite of ongoing steady sales of maintenance fees
including spare parts and repairs, and an increase in construction of facilities including the completion of large-scaleconstruction. Overseas sales were ¥24,198 million, a decrease of ¥797 million (3.2%) year on year. This was due, inNorth America, to the delays in the receipt of engines purchased for installation in some products despite the growing
demand for tractors by consumers staying at home; in Europe, to shipment adjustments owing to temporary closuresof local distributors’ shops as a countermeasure to COVID-19 as well as the effect of currency exchange rates, and in
the ASEAN region to the decreased shipments of tractors to Indonesia, despite increased shipments of semi-finishedtransplanters to China and tractors and combine harvesters to South Korea.
Operating income was ¥3,162 million, a decrease of ¥1,363 million (30.1%) year on year, mainly due to therecording of loss on valuation of parts inventory accompanying the delay in receiving engines purchased for
installation, in addition to the decrease in gross profit stemming from revenue decline, despite a reduction in selling,
general and administrative expenses. Ordinary income was ¥2,839 million, a decrease of ¥420 million (12.9%) year
on year, due to reductions in foreign exchange losses and share of loss of entities accounted for using equity method.
Income before income taxes was ¥3,420 million, an increase of ¥274 million (8.7%) year on year, primarily owing to
the recording of a gain on change in equity accompanying a decrease in our investment ratio in an equity method
affiliate in China. Profit attributable to owners of parent was ¥2,418 million, an increase of ¥285 million (13.4%) year
on year.
Sales by product are as follows.
[Domestic]
Sales of cultivating and mowing machinery (tractors, high-clearance multipurpose vehicles, among others) were¥17,346 million (a decrease of 18.6% year on year). Sales of planting machinery (rice transplanters and vegetabletransplanters) were ¥6,435 million (a decrease of 19.6% year on year). Sales of harvesting and processing machinery(combine harvesters, among others) were ¥11,977 million (a decrease 15.1% year on year). Sales of farming
implements, spare parts and repair fees were ¥31,660 million (a decrease 5.1% year on year). Sales of other agriculturerelated business (construction of facilities, among others) were ¥19,982 million (an increase of 4.1% year on year).
[Overseas]
Sales of cultivating and mowing machinery (tractors, among others) were ¥17,371 million (a decrease of 9.5% year
on year). Sales of planting machinery (rice transplanters, among others) were ¥1,457 million (an increase of 41.9%
year on year). Sales of harvesting and processing machinery (combine harvesters, among others) were ¥2,250 million(an increase of 45.6% year on year). Sales of farming implements and spare parts were ¥2,142 million (a decrease
3.0% year on year). Sales of other agriculture-related business were ¥977 million (a decrease of 4.3% year on year).
(2) Explanation on Financial Position[Assets]
Total assets at the end of the third quarter ended September 30, 2020 increased by ¥8,679 million from the end of
the previous fiscal year to ¥206,191 million. This was mainly due to an increase of ¥13,593 million in notes andaccounts receivable - trade, a decrease of ¥702 million in inventories, a decrease of ¥668 million in other under current
assets, a decrease of ¥570 million in investment securities, and a decrease of ¥616 million in other under investments
and other assets.
[Liabilities]
Total liabilities at the end of the third quarter ended September 30, 2020 increased by ¥7,415 million from the endof the previous fiscal year to ¥135,674 million. This was mainly due to an increase of ¥11,882 million in short-termloans payable and long-term loans payable and a decrease of ¥1,944 million in notes and accounts payable - trade andelectronically recorded obligations - operating.
[Net assets]
Total net assets at the end of the third quarter ended September 30, 2020 increased by ¥1,263 million from the endof the previous fiscal year to ¥70,516 million. This was mainly due to ¥2,418 million of profit attributable to owners-2-

of parent, ¥677 million of dividends of surplus, and a decrease of ¥365 million in the valuation difference on availablefor-sale securities.
(3) Explanation on Consolidated Financial Results Forecasts and Other Forecast Information
Although the impact of COVID-19 on the consolidated financial results of the Company is slowly diminishing in
the third quarter ended September 30, 2020, Japan and other countries around the world are seeing the emergence ofanother round of infections and their economic impact continues to be uncertain. Accordingly, the Company has
decided that the full-year consolidated financial results forecast for the fiscal year ending December 31, 2020, which
was announced on August 6, 2020, shall remain unchanged.
The financial results forecast presented above was calculated based on the information available at this time andmay change due to various factors. Furthermore, the dividend forecast shall continue to be undetermined.

-3-

2. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2019

As of September 30, 2020

AssetsCurrent assets
Cash and deposits

8,404

7,542

Notes and accounts receivable - trade

19,67533,269Merchandise and finished goods

46,42645,688Work in process

6,580

6,590

Raw materials and supplies

1,171

1,198

Other

4,952

4,284

(52)

(83)

87,15998,490

Buildings and structures, net

26,05025,476

Land

50,75950,851Other, net

21,535

20,352

Total property, plant and equipment

98,346

96,680

1,288

1,512

Investment securities

5,303

4,733

Other

5,542

4,925

Allowance for doubtful accounts

(128)

(150)

Total investments and other assets

10,717

9,507

110,352

107,700

197,511206,191

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets

Total non-current assets
Total assets-4-

(Millions of yen)
As of December 31, 2019

As of September 30, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade22,142

20,919

Electronically recorded obligations - operating
Short-term loans payable

15,61028,633

14,88842,105Current portion of long-term loans payable

10,717

11,641

Income taxes payable

356

381

Provision for bonuses

443

811

Other

11,8309,421

Total current liabilities

89,735100,170

Non-current liabilities
Long-term loans payable

21,52519,012

Deferred tax liabilities for land revaluation

5,759

5,759

Provision for directors’ retirement benefits

140

138

Net defined benefit liability

3,059

3,122

Asset retirement obligations
Other

325
7,713

328
7,142

Total non-current liabilities
Total liabilities

38,524
128,259

35,504
135,674

Capital stock
Capital surplus

23,344
13,452

23,344
13,449Retained earnings

17,02518,766

Treasury shares

(982)

(940)

52,84054,620

380
(0)

15
6

12,622

12,622Foreign currency translation adjustment

648

515

Remeasurements of defined benefit plans

989

989

Net assets
Shareholders’ equity

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land

14,64114,148Subscription rights to shares

Total accumulated other comprehensive income

7537

Non-controlling interests

1,694

1,709

Total net assets
Total liabilities and net assets

69,252
197,51170,516
206,191-5-

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income
For the Nine Months Ended September 30, 2020
(Millions of yen)
Nine months ended
September 30, 2019

Nine months ended
September 30, 2020

Net sales

120,975

111,601

Cost of sales

85,15478,494Gross profit

35,82033,107

Selling, general and administrative expenses

31,29529,944

Operating income

4,525

3,162

Interest income

146

133

Dividend income

139

98

Other

588

540

Total non-operating income

874

772

Interest expenses

548

476

Foreign exchange losses

234

41

Share of loss of entities accounted for using equity method

988

256

Other

370

321

2,140

1,095

3,259

2,839

Gain on sales of non-current assets

21

22

Gain on sales of investment securities

104―

Gain on change in equity―

650

Total extraordinary income

126

673

Loss on sales and retirement of non-current assets

157

90

Impairment loss

79

1

Loss on valuation of investment securities

1

―

Other

0

―

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary losses

Total extraordinary losses

238

91

Income before income taxes

3,146

3,420

Income taxes - current

1,542

744

Income taxes - deferred

(567)

236

Total income taxes

975

981

2,171

2,439

38

20

2,132

2,418

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Quarterly Consolidated Statements of Comprehensive Income
For the Nine Months Ended September 30, 2020
(Millions of yen)

ProfitNine months ended
September 30, 2019

Nine months ended
September 30, 2020

2,171

2,439

(171)

(365)

(0)

6

(139)

(22)

13

(0)

(111)

(112)

(409)

(494)

1,761

1,944

1,725

1,926

36

18

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, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

(3) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumption)
Not applicable(Notes to Material Changes in Shareholders’ Equity)
Not applicable-8-