November 8, 2013
Name of listed company:
Company Code:
Representative:
Title
Enquiries:
Title

ISEKI & CO., LTD.
6310
(URL http://www.iseki.co.jp)

President
General Manager of Corporate
Planning Department
Date of Submission of Quarterly Report
Scheduled Date to Commence Dividend Payment
Supplementary information for quarterly financial information
Quarterly financial results briefing

Stock Exchange Listing: Tokyo
Name
Noriyuki Kimura
Shunichi Suzuki
Name
Telephon +81 3 5604 7709
November 14, 2013
Yes
Yes (For institutional investors, analysts)

Summary Announcement of Consolidated Financial Results
for the Six Months Ended September 30, 2013 [Japanese GAAP](Consolidated)
I. Financial Results for the Six Months Ended September 30, 2013 (April 1, 2013 – September 30, 2013)
A. Results of operations (Cumulative)(Rounded down to millions of yen, % indicates changes from the previous same period)

Six Months Ended
September 30, 2013
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

82,496
4,166
4,892
3,168

Six Months Ended
September 30, 2012

%
2.6
1.6
28.0
4.4

80,435
4,101
3,823
3,034

13.79
-

%
11.1
55.6
56.9
67.8

13.21
-

(Note) Comprehensive income:Second Quarter of FY Mar. 2014 ¥4,284 mil. (85.4%) Second Quarter of FY Mar. 2013 ¥2,310 mil. (36.6%)
B. Financial Position(Rounded down to millions of yen)

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio
Net Assets per Share (yen)September 30, 2013

March 31, 2013

192,139
66,52033.8%
282.50179,028
62,92734.3%
266.94(Ref) Shareholders’ equity:
Second Quarter of FY Mar. 2014 ¥64,900 mil.

FY ended Mar. 2013 ¥61,329 mil.

II. Dividends

Dividend per share (Yen)(Recorded date)
FY ended March 2013
FY ending March 2014

End of 1Q-

End of 2Q-

FY ending March 2014 (forecast)End of 3Q-

Year-end
3.00

Annual
3.00

-

3.00

3.00

(Note) Revision from the most recently announced dividend forecast : None1III. Forecast for the Fiscal Year Ending March 31, 2014 (April 1, 2013 - March 31, 2014)(Rounded down to millions of yen, % indicates changes from the previous same period)

AnnualNet sales%

Operatingincome%Ordinary
Income%Net
income%Net income
per share(yen)

163,000

4.7

5,500

6.9

5,000

(7.7)

3,400

(14.6)

14.80(Note) Revision from the most recently announced performance forecast: None
* NotesA. Change in important subsidiaries during the period (change in specified subsidiaries which accompanies achange in the range of consolidation): None
B. Adoption of unique accounting method for preparing quarterly financial statements: None
C. Change in accounting policy, change of estimation in accounting and modified restatement
1) Change in accounting policy which accompanies revision of accounting standards : None
2) Change in accounting policy other than No.1): None3) Change of estimation in accounting: None4) Modified restatement: NoneD. Outstanding shares (Common shares)
1) Outstanding shares as of the end of the period (Including treasury shares)
Second quarter of FY ending March 31, 2014
229,849,936 shares
FY ended March 31, 2013
229,849,936 shares
2) Outstanding treasury shares as of the end of the period
Second quarter of FY ending March 31, 2014
109,122 shares
FY ended March 31, 2013
101,954 shares
3) Average number of shares during the period (Quarterly cumulative period)
Second quarter of FY ending March 31, 2014
229,744,741 shares
Second quarter of FY ended March 31, 2013
229,758,300 shares* Statement regarding state of implementation of quarterly review procedure
The summary of quarterly financial results is exempted from the requirement of quarterly review procedure
under the Financial Instruments and Exchange Act, and we have not completed the review procedure of thequarterly financial statements at the time of disclosure.
* Statement regarding proper use of financial performance forecasts and other notes
The forecast for operating results stated in this document has been produced based on information presently
available and certain assumptions deemed reasonable. It is possible that in future actual results may differ fromthe anticipated figures for a variety of reasons. For assumed conditions of the business performance forecast
and adequate use of the forecast, please refer to page 4 of the attached document, [1.Qualitative Information
regarding quarterly financial results].

2

Content of the attached document

1. Qualitative Information regarding quarterly financial results ··················································· 4(1) Explanation concerning the status of consolidated financial results ·································· 4(2) Explanation concerning the shifts in consolidated financial position ································ 5(3) Explanation regarding consolidated performance forecast, etc. ········································ 5
2. Matters concerning Summary Information (Notes) ·································································· 5(1) Changes in important subsidiaries during the quarterly consolidated cumulative period··· 5
3. Consolidated Quarterly Financial Statements··········································································· 6(1) Consolidated Quarterly Balance Sheets ············································································ 6(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income···································································································· 8Consolidated Quarterly Statements of Income·································································· 8Consolidated Quarterly Statements of Comprehensive Income ········································ 9(3) Consolidated Quarterly Statements of Cash Flows ······················································· 10(4) Notes regarding Consolidated Quarterly Financial Statements ······································· 11
Notes regarding the Going Concern Assumption ··························································· 11
Notes regarding Significant Changes in Shareholder’s Equity ······································· 11
Segment Information ···································································································· 1131. Qualitative Information regarding quarterly financial results(1) Explanation concerning the status of consolidated financial results
During the second quarter consolidated cumulative period under review, while the Japanese economy isrecovering gradually due to expectation for the economic policy and monetary relaxation as seen in recovery ofshare prices and trend of weak yen, etc., the actual economy still remained uncertain in a condition facing arisk to place downward pressure on the domestic business activity mainly due to concern for downward swingof the overseas economy.
Under these circumstances, the ISEKI Group has made efforts to increase sales volume through injection of
new machine types and enhanced care of customers in Japan. Also, as a consequence of our efforts in overseas
to expand sales mainly by injection of new machine types as OEM products for North America, consolidated
business performance of the ISEKI Group resulted as follows.
In the second quarter consolidated cumulative period under review, sales increased ¥2,061 million from thesame period of the previous year, to ¥82,496 million (up 2.6%). Domestic sales decreased ¥33 million to¥69,411 million (down 0.0%). Overseas sales increased ¥2,095 million to ¥13,085 million (up 19.1%).
Operating income increased ¥65 million to ¥4,166 million (up 1.6%) mainly due to earnings recovery effect byincreased sales and modified strong yen, in spite of increased fixed expenses such as development cost andfacility cost. Ordinary income increased ¥1,069 million to ¥4,892 million (up 28.0%) due to occurrence of
foreign exchange gains, etc. Quarterly net income increased ¥133 million to ¥3,168 million (up 4.4%).

Financial results by segments are as follows:
1) Agriculture related businessIn the domestic market, sales of agricultural machinery and farming implements increased due to active
demand on the back of improved farm income by firmly established stabilization measures of farm income aswell as large budget for reconstruction business and aid business, in spite of reduced sales of construction offacilities in the absence of major construction works of facilities that had been completed in the same period of
the previous year. Sales in Japan as a whole declined. Overseas sales increased due to contribution of injectionof new products into North America.

The trend of sales by product is as follows.
(Domestic)
Sales of cultivating & mowing machinery (tractors, tillers, etc.) were ¥19,186 million (up 5.4% from thesame period of the previous year), and sales of planting machinery (rice transplanters, vegetable transplanters)
were ¥7,713 million (down 1.9%). Sales of harvesting and processing machinery (combine harvesters, etc.)
were ¥7,647 million (down 0.4%). Sales of farming implements and spare parts were ¥18,588 million (up12.3%). The other agriculture related sales (construction of facilities, etc.) were ¥16,240 million (down 14.9%).
(Overseas)
Sales of cultivating & mowing machinery (tractors, etc.) were ¥7,362 million (up 39.3% from the same
period of the previous year), and sales of planting machinery (rice transplanters, etc.) were ¥4,639 million (up10.7%). Sales of harvesting and processing machinery (combine harvesters, etc.) were ¥208 million (down
57.3%).

Sales of farming implements and spare parts were ¥567 million (down 7.7%). The other agriculture4related sales were ¥307 million (down 25.1%).

As a result, the segment sales remained at ¥82,462 million (up 2.6%).

2) Other businessAs other business, we engage in development/sales/operation of computer software. Sales of this segment
stood at ¥34 million (down 52.6%).
Further, liquidation of System Equipment Co., Ltd. (consolidated subsidiary) that had been engaged in theother businesses was concluded as of September 26, 2013.

(2) Explanation concerning the shifts in consolidated financial position
As of the end of the second quarter consolidated cumulative period, total assets increased ¥13,110 million
from the previous fiscal year end to ¥192,139 million. The main change was from a ¥11,156 million increase innotes and accounts receivable-trade, a ¥1,882 million increase in inventory assets. Total liabilities increased¥9,518 million from the previous fiscal year end to ¥125,619 million, mainly as a result of a ¥2,851 million
increase in notes and accounts payable-trade, and a ¥5,372 million increase in short-term loans payable andlong-term loans payable. Net assets increased ¥3,592 million from the previous fiscal year end to ¥66,520
million mainly due to increase in retained earnings by appropriation of quarterly net income of ¥3,168 million.

(3) Explanation regarding consolidated performance forecast, etc.
During the second quarter consolidated cumulative period, operating income increased from the same
period of the previous year as increased gross income due to effect of increased sales and modified strong yen
exceeded increased selling, general and administrative expenses. Further, ordinary income increased
substantially contributed by foreign exchange gains from modified strong yen.
We will engage in further sales expansion efforts in Japan on the back of favorable demand for agricultural
machinery. In overseas, we will also engage in sales expansion by development and injection of new products
targeted to North American market and Chinese market.
With respect to the future prospect, we consider the business environment surrounding ISEKI Group willcontinue to be unpredictable in view of presence of a risk to place downward pressure on the sales ofagricultural machinery by major revision of the stabilization measures of farm income as well as concern for adownswing risk of economy in overseas, while there is an expectation for solid move of recovery of theJapanese economy by the effect of recovery of export and various economic measures.
In view of these circumstances, we have not made revisions of forecasts for the business performance of the
fiscal year ending March 31, 2014 at this point in time from our business performance forecasts announced on
May 13, 2013.

2. Matters concerning Summary Information (Notes)(1) Changes in important subsidiaries during the quarterly consolidated cumulative period
There is no corresponding item.

53. Consolidated Quarterly Financial Statements(1) Consolidated Quarterly Balance Sheets
FY2013(as at Mar. 31, 2013)
AssetsCurrent Assets:
Cash and deposits
Notes and accounts receivable-trade
Short-term investment securities
Merchandise and finished goods
Work in progress
Raw materials and supplies
Other
Allowance for doubtful accounts
Total Current Assets
Noncurrent Assets:
Property, plant and equipment
Buildings and structures, net
Land
Others, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investment and other assets
Total Noncurrent Assets
Total Assets

6(millions of yen)
FY2014(as at Sep. 30, 2013)

9,285
30,45519
37,242
3,344
2,090
3,977
(51)
86,365

7,002
41,612
37,769
5,416
1,373
3,195
(71)
96,29914,99150,471
16,381
81,844965

15,22950,70518,18884,123
931

6,539
3,692
(380)
9,852
92,662
179,028

7,357
3,738
(310)
10,786
95,840
192,139

(millions of yen)
FY2013(as at Mar.31, 2013)

FY2014(as at Sep.30, 2013)

Notes and accounts payable-trade42,60945,461

Short-term loans payable

15,19921,750Current portion of bonds

100-

Current portion of long-term loans payable

5,984

6,334

Income taxes payable

1,108

1,495

Provision for bonuses

303

659

11,297

11,60376,60287,304Long-term loans payable

20,382

18,854

Deferred tax liabilities for land revaluation

6,644

6,644

Provision for retirement benefits

5,453

5,314

Provision for directors' retirement benefits

125

122

Asset retirement obligations

262

261

6,629

7,117

39,49838,314

116,101

125,619

Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

11,522

13,987

Treasury stock

(25)

(27)

48,29650,758

Liabilities
Current Liabilities:

Other
Total Current Liabilities
Noncurrent Liabilities:

Other
Total Noncurrent liabilities
Total Liabilities
Net Assets
Shareholders' equity

Total Shareholders’ Equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Revaluation reserve for land

928

1,479

11,816

11,831

Foreign currency translation adjustments

288

830

13,03314,142

1,598

1,619

Total Net Assets

62,927

66,520Total Liabilities and Net Assets

179,028

192,139

Total Accumulated Other
Comprehensive Income
Minority interests7(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive Income
Consolidated Quarterly Statements of Income
Second Quarter Consolidated Cumulative Period(millions of yen)
FY2013(Apr.1,2012-Sep.30, 2012)

FY2014(Apr.1,2013-Sep.30, 2013)

Net sales

80,43582,496

Cost of sales

55,132

56,691Gross profit

25,30225,805

Selling, general and administrative expenses

21,201

21,638Operating income

4,101

4,166

Interest income

67

88

Dividend income

9685

Foreign exchange gains

-

716

Other

331

520

Total non-operating income

495

1,411

Interest expenses

374

381

Foreign exchange losses

159

-

Other

239

303

Total non-operating expenses

773

685

3,823

4,892

9

19

167

30

-

27

176

76

Loss on sales and retirement of noncurrent assets

61

89

Loss on disaster90-

Cost of measures for product recall

36

-

Other

0

0

188

90

3,811

4,879

Income taxes-current

929

1,521

Income taxes-deferred

(163)

176

Total income taxes

765

1,697

Income before minority interests

3,045

3,181

Minority interests in income (loss)

10

12

3,034

3,168

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Compensation income
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses

Total extraordinary losses
Income before income taxes

Net income8Consolidated Quarterly Statements of Comprehensive Income
Second Quarter Consolidated Cumulative Period(millions of yen)
FY2013(Apr.1,2012-Sep.30, 2012)

FY2014(Apr.1,2013-Sep.30, 2013)

3,045

3,181

(754)

548

Deferred gains or losses on hedges(3)-

Foreign currency translation adjustments
Share of other comprehensive income of associates
accounted for using equity method
Total of other comprehensive income

19

529

3

24

(734)

1,103

Comprehensive income

2,310

4,284

(Breakdown)Comprehensive income for parent attributable to owners of theparentComprehensive income attributable to minority interests

2,311

4,263

(1)

20

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities9(3) Consolidated Quarterly Statements of Cash Flows(millions of yen)
Net Cash Provided by (Used in) Operating Activities:
Income before income taxes
Depreciation and amortization
Increase (decrease) in provision for retirement benefits
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of property, plant and equipment andintangible assets
Decrease(increase) in notes and accounts receivable-trade
Decrease(increase) in inventories
Increase(decrease) in notes and accounts payable-trade
Other
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net Cash Provided by (Used in) Investment Activities:
Purchase of short-term investment securities
Proceeds from sales of short-term investment securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Other
Net cash provided by (used in) investment activities
Net Cash provided by (Used in) Financing Activities:
Increase (decrease) in short-term loans payable, net
Proceeds from long-term loans payable
Repayments of long-term loans payable
Redemption of bonds
Proceeds from sale and leaseback transactions
Repayments of lease obligations
Purchases of treasury stock
Cash dividends paid
Other
Net cash provided by (used in) financing activities
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of period
Cash and Cash Equivalents at end of period

10

FY2013(Apr.1,2012-Sep.30, 2012)

FY2014(Apr.1,2013-Sep.30, 2013)

3,811
2,649
(53)
(163)
374
(41)

4,879
2,803
(139)
(174)
381
(97)

52

70

(7,637)
3,412
748
(306)
2,844
163
(376)
(763)
966
2,834

(10,897)(1,347)
2,629
712(1,178)177(377)(1,131)152(2,356)

(19)
19

19

(2,718)(4,501)

34

233

(263)
(497)
186
(3,258)

(2)
48
(237)
62
(4,376)

5,873
1,850
(6,060)
1,119
(854)
(0)
(338)
(9)
1,579

6,105
2,030
(3,207)
(100)
669
(944)
(2)
(680)
(9)
3,860

63

352

1,219
6,952
8,171

(2,520)
9,040
6,519

(3) Notes regarding Consolidated Quarterly Financial Statements(Notes regarding the Going Concern Assumption)
There is no corresponding item.
(Notes regarding Significant Changes in Shareholder’s Equity)
There is no corresponding item.

(Segment Information)
1. Second quarter consolidated cumulative period of the previous year (April 1, 2012 – September 30, 2012)
Information related to the amount of sales, income or loss by reportable segments

Agriculture
relatedNet sales
Net sales to externalcustomers
Internal sales ortransfer among
segments
Total
Segment income (loss)

Other(million of yen)
Quarterly
consolidated
incomestatement
posted amount

Adjustment
amountTotal

80,36272

80,435-80,435

0

66

66

(66)

-

80,362
3,032

139
2

80,501
3,034

(66)
-

80,435
3,034(Note)
1) Adjustment amount corresponds to elimination of inter-segments transactions.
2) Segment income (loss) has been adjusted with the quarterly net income in the quarterly consolidated statements
of income.

2. Second quarter consolidated cumulative period under review (April 1, 2013 – September 30, 2013)
Information related to the amount of sales, income or loss by reportable segments

Agriculture
relatedNet sales
Net sales to externalcustomers
Internal sales ortransfer among
segments
Total
Segment income (loss)

Other(million of yen)
Quarterly
consolidated
incomestatement
posted amount

Adjustment
amountTotal

82,462

34

82,496-82,496

-

30

30

(30)

-

82,462
3,235

64
(66)

82,527
3,168

(30)
-

82,496
3,168(Note)
1) Adjustment amount corresponds to elimination of inter-segments transactions.
2) Segment income (loss) has been adjusted with the quarterly net income in the quarterly consolidated statements
of income.
3) System Equipment Co., Ltd. of other business was liquidated and concluded as of September 26, 2013.

11