August 10, 2017
Name of Listed Company: ISEKI & CO., LTD.
Stock Exchange Listings: Tokyo
Company Code:6310 (URL http://www.iseki.co.jp)
Representative: Title President
Name Eiichiro Kinoshita
Enquiries:
Title General Manager of Financial Department
Name Katsuhiro Osuga
Telephone: +81-3-5604-7671
Date of Submission of Quarterly Report:
August 10, 2017
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 Six Months Ended June 30, 2017 (Japanese GAAP)
I. Consolidated Financial Results for the Six Months Ended June 30, 2017 (January 1, 2017－June 30, 2017)
A. Consolidated Results of Operations (Cumulative Total)(Rounded down to a million yen, % indicates changes from the previous corresponding period)

Six Months Ended
June 30, 2017
80,175
2,840
3,375
2,195

%

Six Months Ended
June 30, 2016
81,047
1,751
1,264
553

%

Net Sales(1.1)―
Operating Income
62.2―
Ordinary Income
167.0―
Profit Attributable to Owners of Parent
296.8―
Earnings per Share (yen)
Basic
97.20
24.49
Diluted97.03
24.45
Note: Comprehensive income
Six months ended June 30, 2017: ¥2,322 million [—%]
Six months ended June 30, 2016: ¥(2,114) million [—%]* The Company has changed its balance sheet date from March 31 to December 31 since the fiscal year ended
December 31, 2015. Percentage changes from the previous corresponding period are not stated, as the first six
months of the fiscal year ended December 31, 2016 (January 1, 2016 through June 30, 2016) do not correspond to
the first six months of the fiscal year ended December 31, 2015 (April 1, 2015 through September 30, 2015).
* The Company has consolidated shares of its common stock (one-for-ten share consolidation), effective July l, 2017.
The amounts stated for basic earnings per share and diluted earnings per share are calculated based on theassumption that shares of the common stock were consolidated at the beginning of the previous fiscal year.

B. Consolidated Financial Position(Rounded down to a million yen)

As of June 30, 2017

As of December 31, 2016

Total Assets
210,903203,356
Net Assets
69,131
67,151
Shareholder’s Equity to Total Assets Ratio (%)
32.0
32.2
Net Assets per Share (yen)2,983.91
2,896.78
Reference: Shareholder’s equity
As of June 30, 2017: ¥67,412 million
As of December 31, 2016: ¥65,430 million* The Company has consolidated shares of its common stock (one-for-ten share consolidation), effective July l, 2017.
The amounts stated for net assets per share are calculated based on the assumption that shares of the common stock
were consolidated at the beginning of the previous fiscal year.
II. Dividends

1Q-endFY Ended December 31, 2016
FY Ending December 31, 2017
FY Ending December 31, 2017
(Forecast)

2Q-end——Dividend per Share (yen)3Q-endYear-end
—
—
1.50
—
—

Total
1.50

30.00

30.00

Note: Revision of the most recently announced dividend forecast: Yes* The Company has consolidated shares of its common stock (one-for-ten share consolidation), effective July 1,
2017. The amount stated for the year-end dividends per share for the fiscal year ending December 31, 2017
(Forecast) is determined in consideration of the effect of the said share consolidation. The year-end dividends per
share for the fiscal year ending December 31, 2017 (Forecast) not considering the share consolidation will be ¥3.00.
For details, please see the “Explanation on the proper use of financial results forecasts and other notes.”III. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2017 (January 1, 2017－
December 31, 2017)(Rounded down to a million yen, % indicates changes from the previous period)
Net Sales%

Operating
Income%Ordinary
Income%ProfitAttributableto Owners of
Parent%Earnings
per Share(yen)

160,500
4.8
4,000
62.0
4,100 150.6
2,900 237.8
128.36
Note: Revision of the most recently announced financial results forecast: Yes* The Company has consolidated shares of its common stock (one-for-ten share consolidation), effective July 1,
2017. The amount stated for earnings per share is calculated based on the assumption that shares of the common
stock were consolidated at the beginning of the current fiscal year. For details, please see the “Explanation on theproper use of financial results forecasts and other notes.”
Full Year* Notes
A. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting
in changes 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 June 30, 2017
22,984,993 shares
As of December 31, 2016
22,984,993 shares2) Total number of treasury shares at the end of the period:
As of June 30, 2017
393,117 shares
As of December 31, 2016
397,612 shares
3) Average number of shares during the period (cumulative total):
Six months ended June 30, 2017
22,587,943 shares
Six months ended June 30, 2016
22,588,382 shares
The Company has consolidated shares of its common stock (one-for-ten share consolidation), effective
July l, 2017. The amounts stated for the total number of shares issued (common stock) are calculated
based on the assumption that shares of the common stock were consolidated at the beginning of theprevious fiscal year.
* These quarterly financial results are outside the scope of quarterly review procedures.
* 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.
(Dividends and financial results forecast after share consolidation)
The Company has consolidated shares of its common stock (one-for-ten share consolidation) and has revised
the number of shares constituting one unit of stock from 1,000 to 100, effective July l, 2017. The forecast of
dividends and consolidated financial results for the fiscal year ending December 31, 2017 calculated on apre-consolidation basis is as follows.
1. Dividend forecast for the fiscal year ending December 31, 2017
Dividends per share Year-end¥3.00
2. Consolidated financial results forecast for the fiscal year ending December 31, 2017
Earnings per share
Full year¥12.84

 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. Matters Concerning Summary Information (Notes)...............................................................................3(1) Changes in Significant Subsidiaries during the Period under Review .............................................3
3. 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) Quarterly Consolidated Statements of Cash Flows...........................................................................8(4) Notes to Quarterly Consolidated Financial Statements ..................................................................10(Notes to Going Concern Assumption) ..........................................................................................10(Notes to Material Changes in Shareholders’ Equity) ....................................................................10-1-

1. Qualitative Information on Consolidated Financial Results for the Period under Review(1) Explanation on Results of Operations
During the six months ended June 30, 2017, the Japanese economy saw signs of recovery in consumer spending
while corporate earnings and employment shifted on a recovery track. In addition, the recovery of the economy inEurope and the U.S. continued to be strong, with signs of a pick-up in the Chinese economy buoyed by public
investment, all contributing to an overall picture of modest recovery.
On the other hand, in the domestic agricultural environment, the market for agricultural machinery is bottoming
out and could potentially move into a recovery phase on the back of ongoing structural changes in the industry.
Under these circumstances, the ISEKI Group continued its initiatives to expand sales volume mainly by launching
new products and improving customer service in Japan, while working to strengthen its sales in its mainstay
overseas markets of North America, Europe, China and ASEAN. As a result, the Group’s consolidated financial
results are summarized as follows.
Net sales for the six months ended June 30, 2017 were ¥80,175 million, a decrease of ¥872 million (1.1%) year on
year. Domestic sales in Japan were ¥62,763 million, an increase of ¥1,455 million (2.4%) year on year, as a result offavorable sales of tractors and increased sales of farming implements, spare parts, repair fees and construction offacilities, while overall sales of agricultural machinery remained almost unchanged from the previous fiscal year.
Overseas sales were ¥17,411 million, a decrease of ¥2,328 million (11.8%) year on year. This was due to decreased
sales in North America attributable to changes in business terms with an OEM partner and decreased sales for
ASEAN stemming from delays in shipment.
Operating income was ¥2,840 million, an increase of ¥1,089 million (62.2%) year on year, as a result of ongoingcost reductions together with positive effects from improvements in the revenue-expenditure structure in domestic
direct dealers and improved revenue in the Indonesian business.
Ordinary income was ¥3,375 million, an increase of ¥2,111 million (167.0%) year on year, mainly due to an
upturn in the share of profit or loss of entities using equity method from an equity-method affiliate in China and afavorable turn in foreign exchange gains or losses.
Profit attributable to owners of parent was ¥2,195 million, an increase of ¥1,642 million (296.8%) year on year,
mainly resulting from the lack of gain on sales of investment securities and loss on disaster recorded in the same
period of the previous fiscal year.
Sales by product are as follows.
[Domestic]
Sales of cultivating and mowing machinery (tractors, high-clearance multipurpose vehicles, among others) were
¥16,921 million (an increase of 6.5% year on year). Sales of planting machinery (rice transplanters and vegetabletransplanters) were ¥5,634 million (a decrease of 10.9% year on year). Sales of harvesting and processing machinery(combine harvesters, among others) were ¥5,486 million (a decrease of 7.8% year on year). Sales of farming
implements, spare parts and repair fees were ¥20,669 million (an increase of 5.2% year on year). Sales of otheragriculture-related business (construction of facilities, among others) were ¥14,052 million (an increase of 4.0% year
on year).
[Overseas]
Sales of cultivating and mowing machinery (tractors, among others) were ¥11,124 million (a decrease of 26.5%
year on year). Sales of planting machinery (rice transplanters, among others) were ¥3,043 million (an increase of
6.9% year on year). Sales of harvesting and processing machinery (combine harvesters, among others) were ¥1,039
million (an increase of 1,059.7% year on year). Sales of farming implements and spare parts were ¥1,279 million (anincrease of 19.9% year on year). Sales of other agriculture-related business were ¥924 million (an increase of 53.6%
year on year).
(2) Explanation on Financial Position
Total assets at the end of the second quarter ended June 30, 2017 increased by ¥7,546 million from the end of theprevious fiscal year to ¥210,903 million.
Current assets increased by ¥8,356 million, while non-current assets decreased by ¥809 million. This was mainly
due to a decrease of ¥7,378 million in cash and deposits, an increase of ¥11,701 million in notes and accounts
receivable - trade, an increase of ¥4,639 million in inventories, an increase of ¥875 million in buildings andstructures, and a decrease of ¥1,862 million in other non-current assets.
Total liabilities increased by ¥5,567 million from the end of the previous fiscal year to ¥141,772 million. This was
mainly due to an increase of ¥3,189 million in notes and accounts payable – trade and electronically recorded
obligations - operating, an increase of ¥3,381 million in short-term loans payable and long-term loans payable, and adecrease of ¥775 million in other current liabilities.
Net assets increased by ¥1,979 million from the end of the previous fiscal year to ¥69,131 million. This was
mainly due to ¥2,195 million of profit attributable to owners of parent and ¥338 million of dividends of surplus.

-2-(3) Explanation on Consolidated Financial Results Forecasts and Other Forecast Information
The consolidated financial results forecasts for the fiscal year ending December 31, 2017 have been revised inconsideration of the progress of the financial results for the six months ended June 30, 2017, the current trends oforders received, foreign exchange rates, and other factors. For details, please see the “Notice on Revisions to theConsolidated Business Performance Forecast and Dividend Forecast for the Fiscal Year ending December 31, 2017”
announced on August 10, 2017.
These financial results forecasts are calculated based on the exchange rates at ¥112 per U.S. dollar (changed from¥115) and ¥128 per euro (changed from ¥120) for the second half of the fiscal year ending December 31, 2017.

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Period under Review
Not applicable-3-3. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2016

As of June 30, 2017

AssetsCurrent assets
Cash and deposits

13,936

6,558

Notes and accounts receivable - trade

24,911

36,612Merchandise and finished goods

42,03145,673Work in process

6,073

7,241

Raw materials and supplies

1,211

1,040

Other

4,796

4,199

(26)

(35)

92,934

101,290

Buildings and structures, net

23,572

24,448Land

50,61950,719Other, net

22,274

20,411

Total property, plant and equipment

96,466

95,579

1,062

1,040

Investment securities

6,319

6,528

Other

6,833

6,639

Allowance for doubtful accounts

(259)

(175)

Total investments and other assets

12,893

12,992

110,422

109,612203,356

210,903

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, 2016

As of June 30, 2017

Liabilities
Current liabilities
Notes and accounts payable - trade30,28632,141

Electronically recorded obligations - operating
Short-term loans payable

12,135
24,695

13,46830,103Current portion of long-term loans payable

8,897

8,570

Income taxes payable

703

918

Provision for bonuses

407

460

Provision for loss on disaster

20

7

Other

12,30011,524

Total current liabilities

89,447

97,194Non-current liabilities
Long-term loans payable

27,78826,090

Deferred tax liabilities for land revaluation

5,790

5,790

Provision for directors’ retirement benefits

107

112

Net defined benefit liability
Asset retirement obligations

4,491
314

4,259
316

Other

8,265

8,008

Total non-current liabilities

46,75744,577

Total liabilities

136,205

141,772

Net assets
Shareholders’ equity
Capital stock

23,344

23,344

Capital surplus

13,454

13,453Retained earnings

14,034

15,891

Treasury shares

(990)

(979)

49,84251,709

1,227

1,380

6

4

12,686

12,686798

791

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans

870

839

15,58815,7029180

Non-controlling interests
Total net assets

1,629
67,151

1,638
69,131

Total liabilities and net assets

203,356

210,903

Total accumulated other comprehensive income
Subscription rights to shares-5-(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income
For the Six Months Ended June 30, 2017
(Millions of yen)Six months ended
June 30, 2016

Six months ended
June 30, 2017

Net sales

81,04780,175

Cost of sales

57,71656,421Gross profit

23,331

23,754

Selling, general and administrative expenses

21,58020,913Operating income

1,751

2,840

Non-operating income
Interest income

76

77

Dividend income

146

104

Foreign exchange gains―

31

Share of profit of entities accounted for using equity method―

163

Subsidy income

27

356

Other

414

372

Total non-operating income

664

1,105

Interest expenses

318

297

Foreign exchange losses

462―

Share of loss of entities accounted for using equity method

162

―

Other

208

273

1,151

570

1,264

3,375

Gain on sales of non-current assets

31

16

Gain on sales of investment securities

967―

Subsidy income―

29

Total extraordinary income

998

45

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary losses
Loss on sales and retirement of non-current assets

55

79

Impairment loss

47

21

Loss on valuation of investment securities

56―

Loss on disaster

1,139

―

Total extraordinary losses

1,299

100

Income before income taxes

963

3,320

Income taxes - current

789

819

Income taxes - deferred

(363)

291

Total income taxes

426

1,111

Profit537

2,208

Profit (loss) attributable to non-controlling interests

(15)

13

Profit attributable to owners of parent

553

2,195

-6-

Quarterly Consolidated Statements of Comprehensive Income
For the Six Months Ended June 30, 2017
(Millions of yen)Six months ended
June 30, 2016
ProfitSix months ended
June 30, 2017

537

2,208

(2,251)

155

Deferred gains or losses on hedges

11

(1)

Revaluation reserve for land284―

Foreign currency translation adjustment

(273)

38

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method

246

(30)

(669)

(47)

(2,651)113(2,114)

2,322(2,085)

2,309

(29)

12

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

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) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Six months ended
June 30, 2016

Six months ended
June 30, 2017

Cash flows from operating activities
Profit before income taxes

963

3,320

Depreciation

3,565

3,542

Impairment loss

47

21

Subsidy income

(27)

(386)

Increase (decrease) in net defined benefit liability

(123)

(236)

Increase (decrease) in provision for loss on disaster

605

(13)

Loss (gain) on sales of investment securities

(967)

―

Interest and dividend income

(222)

(181)

Interest expenses

318

297

Foreign exchange losses (gains)
Loss (gain) on sales of property, plant and equipment andintangible assets
Decrease (increase) in notes and accounts receivable - trade

(33)

37

23

63

(9,819)(11,701)

560(4,585)

Increase (decrease) in notes and accounts payable - trade

3,168

3,177

Other, net

1,311

979

Subtotal(628)(5,665)Interest and dividend income received

230

189

Interest expenses paid

(326)

(292)

Proceeds from subsidy income

27

356

Payments for loss on disaster

―

(524)

Income taxes paid

(188)

(571)

Net cash provided by (used in) operating activities(886)(6,507)(5,278)(3,302)

242

198

(0)

(0)

Proceeds from sales of investment securities

1,237

―

Decrease (increase) in time deposits

(253)

(454)

31

59

(4,019)(3,499)Decrease (increase) in inventories

Cash flows from investing activities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities

Other, net
Net cash provided by (used in) investing activities-8-

(Millions of yen)Six months ended
June 30, 2016

Six months ended
June 30, 2017

Cash flows from financing activities
Net increase (decrease) in short-term loans payable

3,465

5,495

Proceeds from long-term loans payable

13,150

2,825

Repayments of long-term loans payable(5,526)(4,850)

Proceeds from sales and leasebacks

442

343

Repayments of lease obligations(1,397)(1,332)(0)(0)

Cash dividends paid

(334)

(339)

Other, net

(13)

(2)

9,785

2,138

Effect of exchange rate change on cash and cash equivalents

(113)

35

Net increase (decrease) in cash and cash equivalents

4,767(7,832)

Cash and cash equivalents at beginning of period

8,761

13,909Cash and cash equivalents at end of period

13,528

6,076

Purchase of treasury shares

Net cash provided by (used in) financing activities-9-(4) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumption)
Not applicable(Notes to Material Changes in Shareholders’ Equity)
Not applicable- 10 -