Financial Results for the Second Quarter
Fiscal Year Ending December 2019
Investor Relations Presentation Materials
President Shirou Tomiyasu

August 9, 2019

Index１．Outline of Financial Results for the Second Quarter
Fiscal Year Ending December, 2019
２．Domestic and Overseas Markets
３．Performance Forecast for the Fiscal Year Ending
December 31, 2019
４．Topics
Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20192

１．Outline of Financial Results for
the Second Quarter Fiscal YearEnding December, 2019

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

Outline of Consolidated Business Performance(JPY bn,%)

2Q of FY
ended Dec.18

2Q of FY
ending Dec.19

YoY
changeDiff. ※
(Forecast/
Actual)Actual％Actual％Net Sales

82.2

100.0

77.5

100.0

(4.7)

(4.3)

(Domestic)

63.9

77.7

59.9

77.3

(4.0)

(4.9)

(Overseas)

18.3

22.3

17.6

22.7

(0.7)

0.6

Operating Income

2.2

2.7

1.6

2.1

(0.6)

(0.3)

Ordinary Income

1.8

2.2

0.8

1.1

(1.0)

(0.8)

Profit (Loss) attributableto owners of parent

1.6

2.0

0.7

0.9

(0.9)

(0.7)

Exchange

US$

108.8

110.7

1.9

2.7

Rate(YEN)

Euro

133.1

125.7

(7.4)

0.7

※Comparison with the forecast announced on February 13, 2019
Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20194

Domestic Sales
YoY-¥4.0 billion

While farming implements, spare parts and repair fees continued to perform solidly, sales of tractors
were reduced in particular among agricultural machinery products. Sales in construction of facilities
declined due to disappearance of major construction works in the previous year.
2Q of FY
endingDec.19ActualCultivating & Mowing
Machinery

16.4

15.1

(1.3)

Tractors：(1.0)(2.8)

Planting Machinery

6.4

6.1

(0.3)

Rice trans planters：(0.3)(0.6)

Harvesting & Processing
Machinery

5.5

5.4

(0.1)

Combine harvesters：0.0

(0.1)

Total

28.3

26.6

(1.7)

(3.5)

Farming Implements

11.8

12.0

0.2

(0.4)

Spare Parts

6.8

6.9

0.1

(0.2)

Repair Fees

2.6

2.6

0.0

(0.2)

Total

21.2

21.5

0.3

(0.8)

Total

49.5

48.1

(1.4)

(4.3)

Construction of Facilities

3.3

1.3

(2.0)

(0.2)

Others

11.1

10.5

(0.6)

(0.4)

Total

63.9

59.9

(4.0)

(4.9)

Agricultural Machinery(JPY bn)

Agricultural Machinery Related

YoYchange2Q of FY
ended
Dec.18ActualNote

Diff. ※
(Forecast/
Actual)【Sales trends for farming implements,
spare parts, repair fees 】(Jan.-Jun. JPY bn)

21.5
21.2
20.6

19.6

FY2016/12 FY2017/12 FY2018/12 FY2019/12※Comparison with the forecast announced on February 13, 2019

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20195

Overseas Sales
YoY-¥0.7 billion

While shipment to East Asia increased in addition to continuing ”positive” in North America,
consolidated sales as a whole declined due to local inventory adjustments in China and ASEAN.
YoYchange2Q of FY
ended
Dec.18Actual2Q of FY
endingDec.19ActualNorth America

5.6

6.4

0.8

Tractors: 0.8

0.4

Europe

6.0

5.9

(0.1)

Tractors: 0.1
Lawn mowers:(0.2)

0.5
0.0

(JPY bn)

Note

Diff. ※2
(Forecast/
Actual)

China

0.9

0.1

(0.8)

Local inventory adjustment,
Rice trans planters: (0.8)

ASEAN

2.0

0.9

(1.1)

Local inventory adjustment,
Tractors: (1.1)(0.3)

Others

1.1

2.1

1.0

Korea：0.7(Combine harvesters:0.5)

0.0

Product Sales Total

15.6

15.4

(0.2)

0.6

Parts & Others

2.7

2.2

(0.5)

0.0

Total Sales

18.3

17.6

(0.7)

0.6

Overseas Sales incl.
Chinese businesses

21.2

19.2

(2.0)

(4.3)

Ratio of overseas net sales

24.9%

24.3%

(0.6％)(2.3％)※1Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

【Overseas Sales】(Jan.-Jun. JPY bn)

19.7
17.4

18.3

17.6

FY2016/12 FY2017/12 FY2018/12 FY2019/12※1 Overseas sales including equity-method affiliates※2 Comparison with the forecast announced on February 13, 20196

Operating Income
YoY-¥0.6 billion

Operating income was reduced in spite of partial absorption of the declined gross profits fromreduced sales through improved profit margin due to disappearance of temporary negative factors in
the previous year as well as reduced selling, general and administrative expenses.
[Breakdown of YoY Change](JPY bn,%)

2Q of FY
ended
Dec.18Actual2Q of FY
endingDec.19ActualYoY
ChangeDiff.
(Forecast/
Actual) ※Net Sales

82.2

77.5

(4.7)

(4.3)

Gross Profit

23.5

22.5

(1.0)

(1.2)

Gross Profit
Margin

28.6%

29.1%

0.5%

0.1%

S.G&A.
Expenses

21.3

20.9

(0.4)

(0.9)

Personnel
Expenses

12.4

12.2

(0.2)

(0.5)

Other Expenses

8.9

8.7

(0.2)

(0.4)

2.2

1.6

(0.6)

(0.3)

Operating
Income

(0.9)

0.3

0.4

(0.4)

2.2
2Q of FY
ended
Dec.18

1.6
Decreased grossmargin due todecreased
revenue＊ Decrease intemporary factors
last year

Decreased S.G&A.
expensesOther

2Q of FY
endingDec.19※temporary factors last year：＋0.2
・Decreased temporary factors such as the application of the principle ofcalculating retirement benefits upon the merger of subsidiaries
・Decreased profitability deterioration due to unprofitable construction work ＋0.1

[Effect of forex fluctuations (JPY bn)]

※Comparison with the forecast announced on February 13, 2019

Net Sales

Cost ofSales

S.G&A.
Expenses

Operating
Income

(0.2)

(0.2)

-

0.0

＊Costs and SG & A expenses are minus profits

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20197

Ordinary Income, Quarterly Net Income
Ordinary
IncomeYoY-¥1.0 billion

The incomes decreased due to appropriation of investment loss on equity method.

(JPY bn)

2Q of FY
ended
Dec.18Actual2Q of FY
endingDec.19ActualYoYchangeDiff. ※
(Target/Actual)Operating Income

2.2

1.6

(0.6)

(0.3)

Balance of Financial Income

(0.4)

(0.4)

0.0

0.0

Other Non-operating Income

0.0

(0.4)

(0.4)

(0.5)

Ordinary Income

1.8

0.8

(1.0)

(0.8)

FY2018/12

FY2019/12

ChangeExtraordinary Income

0.1

0.1

0.0

0.1

(0.3)

(0.7)

(0.4)

Extraordinary Losses

(0.1)

(0.1)

0.0

0.0

Income before Income
Taxes

1.8

0.8

(1.0)

(0.7)

Income Taxes - Deferred

(0.2)

(0.1)

0.1

0.0

Profit (Loss) Attributableto Owners of Parent

1.6

0.7

(0.9)

(0.7)

Non-operating Income (YoY change)
・Share of profit or loss of entities using equity method -¥0.4 billion(JPY bn)※Comparison with the forecast announced on February 13, 2019

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20198

Balance Sheet (Consolidated)
Trade receivable decreased and inventory increased due to reduced sales. On the other hand,interest bearing liabilities increased due to increased capital investment and advances to affiliates.

YoY

As of
Jun.18

As of
Jun.19YoY
ChangeAs ofJun.18

As of
Jun.19YoY
ChangeCash & Deposits

10.8

8.3

(2.5)

Accounts Payable - Trade

46.4

45.8

(0.6)

Accounts Receivable – Trade

37.2

34.8

(2.4)

Interest-bearing Liabilities

74.1

75.2

1.1

Inventories

53.4

54.8

1.4

(Loans Payable)

67.8

67.8

0.0

Other Current Assets

2.5

5.4

2.9

(Lease obligations)

6.3

7.4

1.1

(Short-term loans receivable)

0.0

2.8

2.8

Other Liabilities

22.5

22.9

0.4

Total Current Assets

103.9

103.3

(0.6)

Total Liabilities

143.0

143.9

0.9

Property, plant and equipment

96.2

97.4

1.2

1.0

1.2

0.2

Net Assets

Intangible assets

70.9

68.6

(2.3)

Investments and Other Assets

12.8

10.6

(2.2)

(Retained Earnings)

17.5

17.0

(0.5)

(Investment securities、Capital)

8.3

6.1

(2.2)

(Valuation Difference on Available-for-sale Securities)

1.0

0.2

(0.8)

Total Non-current Assets

110.0

109.2

(0.8)

(Foreign Currency Translation Adjustment)

0.9

0.7

(0.2)

Total Assets

213.9

212.5

(1.4)

Total Liabilities and Net Assets

213.9

212.5

(1.4)

(JPY bn)

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 20199

Equity ratio/ Interest bearing liabilities
Interest bearing
liabilities,
D/E Ratio

In June (mid-term), level of borrowings remained relatively high mainly due to effect prior tocollection of spring products, D/E ratio was 1.10 times due to increased interest-bearing liabilities
through increased lease obligations, etc.

Balance of interest Bearing Liabilities(JPY bn)

Equity Ratio(%)

15/6

16/6

17/6

18/6

18/12

19/6

Loan payable, corporate bond

67.6

67.5

64.8

67.8

63.5

67.8

Lease obligations

9.1

8.5

7.6

6.3

6.3

7.4

Total

76.7

76.0

72.4

74.1

69.8

75.2

D/E Ratio

1.09

1.16

1.05

1.04

1.01

1.10

Note : D/E Ratio=Interest bearing liabilities(incl. Lease liabilities)/Net assets
Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201910

２．Domestic and Overseas Markets

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

Domestic demand for agricultural machinery
Domestic
agricultural
machine demand

The demand basically remained flat in spite of shipment of tractors (models jointly andbulk purchased by JA-Group)and anticipated shipment toward increase in VAT.

■Agricultural machinery demand (shipments in the industry)(9 principal machinery, moving annual total)
October 2019
Consumption tax
increase plan

(JPY bn)

280.0
260.0
240.0

Shipment from October 2018
models jointly and bulk
purchased by JA-Group

220.0

Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec. Mar. Jun. Sep. Dec.
2015

2016

2017

2018

2019

*9 principal machinery: Tractors, combine harvesters, rice transplanters, tillers, drying machines, rice huskers, binders, harvesters, treatment
Source: Estimated by ISEKI from statistics provided by the Japan Agricultural Machinery Manufacturers Association

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201912

Domestic effective sales by ISEKI
Domestic
agricultural
machine demand

Sales by ISEKI declined slightly.

YoY growth rate for 9 principal machinery categories (moving annual total)*ISEKI estimates(%)

FY2017/6

FY2018/6

FY2019/6

Industry(Amount of shipment)

104%

96%

109%

ISEKI

(Sales amount)

94%

100%

98%

*9 principal machinery: Tractors, combine harvesters, rice transplanters, tillers, drying machines,
rice huskers, binders, harvesters, treatment

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201913

Domestic ISEKI’s Performance
ISEKI’s
Performance

While sales underperformed the previous year until June, immediate sales are ona recovery trend. There is also a move of rush-demand before increase in VAT.

Domestic sales companies
State of sales of agricultural machinery (YoY growth rate)(％)

Sales amountJan.-Jun.

Jul.

97%

110%

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201914

Domestic
Smart
Agricultural
Machinery

Concerning Smart Agricultural Machinery
Various types of agricultural machinery are selling well centering on heavy types.

Manned monitored robot
tractors

Automatic steering (tractor
option)

2017

2018

Straight travelling assist ricetransplanters

2017

2019

Monitor sales in 2019 (10 units)
Highly acclaimed at
exhibitions/demonstrations

Increased demand for automatic
steering centering on Hokkaido

2018

2019
(units Jan.-Jun.)(units Jan.-Jun.)

Steady increase in the number of units,
Particularly in the category of large
machineFinancial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201915

Domestic

Start of full-scale sales efforts of heavy products

About 8.0 to 12.1
million yen

About 12.0 to 14.8
million yen

About 16.6 to 20.0
million yen

About 5.8 to 9.6
million yen

About 13.8 to 17.1
million yen

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201916

Recent Market Trends Overseas
Ordersreceived inoverseas(JPY bn)

Orders received until September outperformed the previous year, but slightly behind the plan.
Continuing growth in North America, and expecting the effect of introduction of new products in
Europe and other areas.
FY2019/12 Forecast(announced Feb. 13)¥32.6 billion

35
30
25
20

Orders received

15
10

FY2018/12 Results¥28.4 billion

5
0
Jan.

Feb.

Mar.

Apr.

May.

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

*Based on finished products. “Parts & Others” is not included.
*State of orders received is results for Jan. –Jun. and prospects for Jul. – Sep.

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201917

Market Trend (North America)
North
America

Local compact tractor sales by AGCO are in positive beyond market trend.
(As well as purchasing orders)

1. Trend in the market(1000 units, %)40HP and lower(Compact
tractors)

40HP - 100HP(Utility tractors)

100PS andJan.-Jun..2018

92

32

11

Jan.-Jun. 2019

97

31

10

Differences (%)

106%

97%

97%

Category (PTO HP)

3. Our situation for sales and orders
Order & shipment (Jan.-Sep. 2019): YoY 118%

above

Consolidated net sales (ISEKI to AGCO)(JPY bn)

6
5(Source: AEM Statistics)

4

2. Situation of AGCO (OEM partner)
Unit sales (Jan.-Jun.2019)
 Compact tractors : YoY 111%
: YoY 97%
 Utility tractors

3.6
3.1

3

2.5

2.7

2.5

3Q

4Q

2.8

2
1
0
1Q

2Q

FY 2018/Dec.

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

1Q

2Q

FY 2019/Dec.

18

Market Trend (Europe)
Local sales were in line with the previous year.
Our orders received declined Y o Y as scheduled in anticipation of a change of models in
Europethe second half.
3. Current sales and orders at ISEKI
1. Trend in the market< Landscaping market >• Pre-season sales shifted strongly.
• Unseasonable weather like low temperature in
April and high temperature/dryness in late June

Order & Shipment (Jan.-Sep.2019) : YoY 95%: Vs plan 99%• Despite influence of the shipping adjustment before the modelchange (tractors), we expect a recovery in the second half throughthe introduction of new products.
Consolidated net sales (Europe)

2. Situation of distributors
 Unit sales (Jan.-May.2019)• Local distributors : YoY 100%
(Unit sold base)

FY 2018/Dec.
Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

FY 2019/Dec.

19

Market Trend (ASEAN: Thailand)
ThailandPrices of some agricultural products are tending to decline.
Coupled with a concern for effect of the drought, it will take time before full-fledged recovery inpurchasing power takes place.

3. Current sales and orders at ISEKI

1. Trend in the market• Prices of some agricultural products including tapioca are
tending to decline.
• Possibility of expanded damages by effect of the drought (thelowest rain fall level in 10 years)

Order & Shipment (Jan.-Sep.2019) : Substantial decline byinventory adjustment• While our order & shipment declined substantially
due to restrained purchase by IST, reduction in the
trade inventory progressed.

2. Situation of the local distributor “IST Farm Machinery”(Investment 80% by Mitsubishi Corporation, 20% by ISEKI)

Number of units sold
(ASEAN strategy tractor, Jan.-Jun.2019): YoY 91%

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201920

Market Trend (ASEAN: Others)
ASEAN
OthersTender volume in Indonesia in the second half is uncertain. We promote sales
expansion through tie-ups with our partners in other areas.

1. Market trend

3. Engagement by ISEKI Thailand< Indonesia >• Promotion of mechanization by government initiative which
has continued from 2015 (Government tender)• Since agricultural policy has not been defined even after
continuation of the present government after the presidential
election, tender volume in the second half remains uncertain.
< Myanmar >• Mechanization of agriculture has been accelerated.

Enhance support of operation/service of distributors.
Enhance supply system of repair parts based on ISEKI
Thailand in anticipation of future market expansion.

Consolidated net sales (ASEAN)

2. Our situation
 Indonesia: We acquired orders in line with normal years
in tender in the first half.
 Myanmar: We aim at sales expansion through IST.
Orders received until September shifted outperforming
the previous year.
FY 2018/Dec.

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

FY 2019/Dec.

21

PT. ISEKI INDONESIA (Manufacturing subsidiary)
PT. ISEKI
INDONESIA

Number of unit manufactured for Jan.- Jun. were in line with the plan.
We promote further enhancement of profitability as the base station for earning abroad.
(Units, JPY bn)

2014
Results

2015
Results

2016
Results

2017
Results

2018
Results

2019
Plan

2019
Jan.–Jun.

Production Volume

1,100

3,900

7,300

8,400

9,700

12,0005,800

Operating income

(0.3)

(0.4)

(0.3)

0.3

0.1

0.3

0.05

2017

2018

2019

<Trend of production volume>

2014

2015

2016

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201922

Trends in Overseas Markets (China)
Purchasing price of rice and wheat by the government remains at a low level, and it
will take more time before the market recovers.

China

1. National government subsidy
2012

2013

(RMB bn)

2014

2015

2016

2017

2018

2019

215 217.5 238

238

237

186

186

180

2. Jan.-May. 2019 trends in the agricultural machineryindustry (Y o Y change, units)(%)

Industry*
Rice transplanters (riding)(13)%

Combine harvesters (all-purpose,auto-threshing)(10)%

Tractors (medium- to large sized)+4%

3. Situation of Dongfeng Iseki In domestic sales in China, sales of ricetransplnters decreased substantially.

(RMB million)

Net sales of Dongfeng Iseki (local currency base)

300
250
188

200
150
100

82

72

70

71

1Q

2Q

44

50
0

*Source: China Association of Agricultural Machinery Manufacturers

1Q

2Q

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

3Q

FY2018/Dec.

4Q

FY2019/Dec.

23

Trend in overseas market (Others)
East Asia

Korea: Introduced tractors and combine harvesters in high performance machinery market

2. Our situation for sales

1. Trend in market< Korea >Move for heavier and more efficient agriculture machinery is progressing
through encouraged crop conversion by initiative of the Korean governmentand consolidation of farmlands.
While high performance machinery market has become the main stream
reflecting decreasing trend in the number of farming households, theimpact related to strengthened export controls is concerned. We need towatch future moves.

We have introduced our flag ship machines of ISEKI
brands, “TJ series” tractors and “HJ series” combine
harvesters through the sales channel of the biggest
agricultural machinery manufacturer in Korea“TONGYANGMOOLSAN Co., Ltd. Group”.
• Sales performance (Jan. - Jun.)
Combine harvesters : Vs plan 107%
Rice transplanters : Vs plan 101% YoY 112%
Tractors: Started shipment after July

TractorTJ series

Combine harvesters
HJ series
Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201924

Trend in overseas markets (Product promotion)

Europe: Riding mowers (Sales started in2018)

India: Riding rice transplanters Test sales

North America: Small tractors (Sales started in
February 2019)

China: Advance technology mounted ricetransplanters Sales

Test sales in Central and South America,
Asian areas

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201925

３．Performance Forecast for the
Fiscal Year Ending
December 31, 2019

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

Performance Forecast for the Fiscal Year Ending
December 31, 2019 (Consolidated)
Performance
Forecast

No revision made from the initial forecast(JPY bn)

FY2018/12

FY2019/12

YoY

Results

Forecast*

Change

156.0

164.0

8.0

(Domestic)

122.8

126.7

3.9

(Overseas)

33.2

37.3

4.1

Operating Income

3.2

4.0

0.8

Ordinary Income

2.6

2.6

0.0

Profit (Loss) Attributable to
Owners of Parent

1.1

1.6

0.5

Net Sales[Domestic] We attempt to recover in the second half
centering on heavy agricultural machinery as we
see recent move of rush-demand before theincrease in VAT in the country.
[Overseas] Strong trend in North America continues and we
expect increased revenue in Europe and otherareas through launch of new products.
[Profits]
We attempt to improve gross margin ratio andreduce SG&A costs by our continuous efforts to
reduce costs through enhanced businessefficiency.

• Foreign exchange sensitivity(Operating income, full term base)Exchange rate
(yen)

US$

110.2

108.0

(2.2)

Euro

130.9

125.0

(5.9)

FY2019/12(million JPY)

US$

Euro

7

15

*Forecast: Forecast announced on February 13, 2019

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201927

４．Topics

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

Renewal of engine production line

“ISEKI MATSUYAMA Mfg., Ltd.”< Purposes >‣ In-house production of engines meeting thegas emission regulations‣ Enhanced quality/profitability through inhouse production‣ Improved production efficiency< Expected number of units to manufacture >2018

32,000units
1st term*1

2020

34,000units
2nd term*1

2024

43,000units

Production starts in October from Stage V corresponding engines
for Europe*2*1 Scheduled timing of renewal: 1st term 2018-2019 2nd term 2020

*2 Europe Stage V: 5th emission gas control of diesel engines in Europe

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201929

ISEKI Report~ Contents to introduce ~ISEKI Report

2019

Harmony of people and land▶Business promotion of ISEKI Group▶Value creation by ISEKI Group▶Engagement to support value creationand others

ISEKI & CO., LTD.

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201930

Awarded “Development Award” by the Japanese Society ofAgricultural Machinery and Food Engineers< Details of award >Development Award Linking of ISEKI AGRISUPPORT with
agriculture support services
It is our engagement to provide environment that enables effective use of data by farmers by linking data of“ISEKI AGRISUPPORT” which is collected information from agricultural machinery of our company withagribusiness support services of other companies or linking with base of agriculture data, in order to develop
smart agriculture.
Paddy sensor and water control

Rice transplanter

Growth information Drone

Fertilizer reduction
ratio
Soil fertility
Surface soil depth

Running record

Integrated rice crop
Smart agricultural
machinery

TractorSmart additional
fertilizer

Dry condition
Smart yield
management

Riding tiller
Yield

Agri-note

Growth data

SMART FARMERS SUPPORT(Linking base of agriculture data)

Demonstration tests @Honjo, Saitama Pref.

Dryingpreparation

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 2019

Combineharvester31

Notes on the Future Forecast• The objective of this presentation document is to provide information and never intends to induce any action.
• The document was created by ISEKI with currently available information and it involves potential risks anduncertainties. The forecast may not be consistent with actual results depending on fluctuation of the economic
situation and market trends.
• In using this information, investors are expected to depend on their own judgment. ISEKI is not liable for any
losses incurred by investment decision made utilizing the business forecast or targets given in this document.

ISEKI group is a promotional partner of FOOD ACTION NIPPON.

ISEKI Group joins the nationwide action called “COOL CHOICE”
run by the Ministry of the Environment Government of Japan,
which promotes to make ”smart choices” for the global warming.
As a proposal of “smart choices”, we develop and deliverenvironmental-friendly products like “eco products”.

Financial Results Briefing for the Second Quarter Fiscal Year Ending December 31, 201932