May 14, 2015
Name of Listed Company:
Company Code:
Representative:
Title
Enquiries:
Title

ISEKI & CO., LTD.
6310 (URL http://www.iseki.co.jp)
President
General Manager ofFinancial Department
Date of the Regular Meeting of Shareholders:
Scheduled Date to Commence Dividend Payment
Date of Submission of the Securities Report:
Supplementary Explanatory Material:
Information Meeting:Stock Exchange Listings:

Tokyo

Name
Noriyuki Kimura
Name
Kazuma Takahashi
Telephone: +81 3 5604 7671
June 24, 2015
June 25, 2015
June 25, 2015
Prepared
Scheduled (for institutional investors andanalysts)

Summary Announcement of Consolidated Financial Results
for the Fiscal Year Ended March 31, 2015 (Japanese GAAP)
I. Financial Results for the Fiscal Year Ended March 31, 2015 (April 1, 2014－March 31, 2015)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per ShareNon-diluted
Fully Diluted
Return on Equity

Year Ended
March 31, 2015
157,417
(535)
499
(319)

%
(6.9)
—
(94.0)—

Year Ended
March 31, 2014
169,129
7,371
8,285
6,447

%
8.6
43.3
53.0
62.0

(yen)

(%)

(1.40)
—
(0.5)

28.06
—
10.0

Return on Total Assets
(%)
0.2
4.4
Operating Income to Net Sales (%)
(0.3)
4.4
Note: Comprehensive income
Year ended March 31, 2015: ¥4,509 mil. (-42.0%)
Year ended March 31, 2014: ¥7,772 mil. (55.1%)
Reference: Investment gain (loss) by equity method
Year ended March 31, 2015: ¥34 mil.
Year ended March 31, 2014: ¥(52) mil.
B. Financial Position(Rounded down to millions of yen)

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio (%)
Net Assets per Share(yen)
Reference: Shareholders’ equity
Year ended March 31, 2015: ¥69,372 mil.

As of March 31, 2015

As of March 31, 2014

204,138
71,06534.0
307.11

197,628
68,73434.0
292.11

Year ended March 31, 2014: ¥67,106 mil.

C. Cash Flows(Rounded down to millions of yen)

Net Cash Provided by (used in) Operating Activities

Year Ended
March 31, 2015
(4,247)

Year Ended
March 31, 2014
7,007

Net Cash Provided by (used in) Investment Activities(11,305)(10,038)

Net Cash Provided by (used in) Financing Activities

14,031

1,521

Cash and Cash Equivalents at End of Period

6,570

8,169

II. Dividends
Year Ended
March 31, 2014

Year Ended
March 31, 2015

Year Ending
Dec. 31, 2015
Forecast

Dividend per share (yen)End of fiscal year
AnnualAnnual cash dividend (million yen)

4.00
4.00
918

3.00
3.00
677

3.00
3.00

Payout ratio (%, consolidated)

14.3

—

32.3

Ratio of dividend to net assets(%, consolidated)

1.4

1.0

III. Forecast for the Fiscal Year Ending Dec. 31, 2015 (April 1, 2015－Dec. 31, 2015)(Rounded down to millions of yen, % indicates changes from the previous same period)
Interim%
Annual%Net Sales
78,000(5.4)
152,000—
Operating Income
1,800
71.7
3,900
—
Ordinary Income
1,700
14.4
3,700
—
Net Income attributable to900(32.9)
2,100—
owners of parent
Net Income per Share (yen)
9.30
3.98
(Note) Subject to shareholders’ approval of an agenda item regarding partial revision of the Articles ofIncorporation at the general meeting of shareholders scheduled on June 24, 2015, the fiscal year of theCompany will be changed from the current “April 1 of the year to March 31 of the following year” to “January
1 to December 31 of the year” effective as of fiscal 2015. As a transitional treatment for the fiscal year ending
December 31, 2015, for subsidiaries which adopt a fiscal year starting April 1 and ending on March 31 in thefollowing year, nine months from April 1, 2015 to December 31, 2015 are included in the consolidation,
assuming that their fiscal year will also be changed.
For subsidiaries which adopt a fiscal year starting January 1 and ending on December 31 of the year, twelve
months from January 1, 2015 to December 31, 2015 are included in the consolidation, as in the past.
Because year-on-year comparison is impossible, the boxes for % of change from the previous year show the“—” mark.

* Notes
A Changes in important subsidiaries during the period (change in specified subsidiaries which accompanies achange in the range of consolidation): None
B Change in accounting policy, change of estimation in accounting and modified restatement
1) Change in accounting policy which accompanies revision of accounting standards: Yes
2) Change in accounting policy other than No.1):
Yes3) Change of estimation in accounting:Yes4) Modified restatement:
None
Note: The above corresponds to Paragraph 14, Article 7 of the Ordinance on Terminology, Forms andPreparation Methods of Consolidated Financial Statements. For details, please refer to “Change inaccounting policy, change of estimation in accounting and modified restatement” on Page 20 of the
supplementary material.
C Outstanding shares (common shares)
1) Outstanding shares (including treasury shares)
As of March 31, 2015
229,849,936 shares
As of March 31, 2014
229,849,936 shares
2) Outstanding treasury shares
As of March 31, 2015
3,959,147 shares
As of March 31, 2014
117,254 shares
3) Average number of shares
FY2015228,018,246 shares
FY2014
229,740,557 shares
Note: Please refer to page 26 “Per Share Information” as to the number of shares which provides a base forcalculating net income per share (consolidated).

(Reference) Non-consolidated Financial Results
Financial Results for the Fiscal Year Ended March 31, 2015 (April 1, 2014－March 31, 2015)
A. Results of operations(Rounded down to millions of yen, % indicates changes from previous period)
Year EndedYear Ended
March 31, 2015%
March 31, 2014%
Net Sales
92,252(13.3)
106,459
15.8
Operating Income(2,660)
—
1,975
200.9
Ordinary Income
(198)
—
4,580
110.3
Net Income
(942)
—
3,834
95.1
Net Income per Share(yen)
Non-diluted
16.69(4.13)
Fully Diluted——

B. Financial Position(Rounded down to millions of yen)
Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio (%)
Net Assets per Share(yen)
Reference: Shareholders’ Equity
Year ended March 31, 2015: ¥57,472 mil.

As of March 31, 2015

As of March 31, 2014

139,195
57,541
41.3
254.42

132,693
58,56044.1
254.91

Year ended March 31, 2014: ¥58,560 mil.

*Statement regarding state of implementation of review procedure: This summary of financial results is exempt fromaudit procedures pursuant to the Financial Instruments and Exchange Act. At the time of disclosure, audit
procedures for consolidated financial statements and non-consolidated financial statements pursuant to the
Financial Instruments and Exchange Act had not been completed.
*Cautionary statement: The forecast for operating results has been determined based on information presently
available, as well as on the assumptions that the Company believes to be reasonable. It is possible that in the
future, actual results may differ from the anticipated figures for a variety of reasons. Please refer to“Management Performance” on page 2 of the supplementary material for the assumptions underlying theforecasts and precautions when using the forecasts.

 Table of contents for supplementary material
1. Management Performance ......................................................................................................................2(1) Analysis of Management Performance .............................................................................................2(2) Analysis of Financial Position ..........................................................................................................3(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years ..............4(4) Risks Which Could Affect Our Business ..........................................................................................4
2. The ISEKI Group ...................................................................................................................................7
3. ISEKI’s Management Policies................................................................................................................8(1) ISEKI’s Basic Management Principles .............................................................................................8(2) Long-term Management Strategies and Issues to be Addressed .......................................................8
4. Basic Policy for Choosing Accounting Standards ..................................................................................9
5. Consolidated Financial Statements.......................................................................................................10(1) Consolidated Balance Sheet ............................................................................................................10(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ........12(3) Consolidated Statement of Changes in Equity ................................................................................15(4) Consolidated Statement of Cash Flows ..........................................................................................17(5) Notes to the Consolidated Financial Statements .............................................................................19(Notes Regarding the Going Concern Assumption) .........................................................................19(Important Basic Items for Preparing Consolidated Financial Statements) ......................................19(Change in Accounting Policy, Change in Accounting Estimates and Restatements) ......................21(Consolidated Balance Sheet Information) .......................................................................................23(Consolidated Statement of Income Information) ............................................................................24(Consolidated Statement of Changes in Equity Information) ...........................................................25(Consolidated Statement of Cash Flows Information)......................................................................26(Segment Information)......................................................................................................................27(Per Share Information) ....................................................................................................................27(Significant Subsequent Events) .......................................................................................................27
6. Non-consolidated Financial Statements ...............................................................................................28(1) Non-consolidated Balance Sheet ....................................................................................................28(2) Non-consolidated Statement of Income ..........................................................................................31(3) Non-consolidated Statement of Changes in Equity ........................................................................32(4) Notes to the Non-consolidated Financial Statements......................................................................34(Notes Regarding the Going Concern Assumption)
7. Others ...................................................................................................................................................34(1) Production, Orders & Sales.............................................................................................................34-1-

1. Management Performance(1) Analysis of Management Performance
During the fiscal year under review, companies engaged in exporting businesses enjoyed the benefits of a weaker
yen and strong stock prices supported by a series of economic measures taken by the government. However, theprospective for the general economy in Japan remained uncertain with the drop in demand which was a reboundfrom the last-minute demand surge before the consumption tax rate hike last year, and cautious forecasts for the
future economy. On the other hand, it is thought to take some time before the world economy fully recovers, as
exemplified by the move of the U.S. to reduce quantitative easing measures, financial instability in the European
region and uncertainty over the future of the economy in China and other emerging countries.
The agricultural machinery market in Japan experienced a downturn and sales competition has intensified undercircumstances where the farmers’ buying motivation has declined. This was due to the sentiment that the rice market
is saturated, which resulted in fall of the rice price, as well as the impact of the rebound from the last-minute demand
surge before the consumption tax rate hike last year.
Under such circumstances, the ISEKI Group strove to increase sales volume in Japan, launching new products andenhancing customer responses, while it endeavored to expand sales overseas by introducing new products in North
America and Europe. As a result, the Group’s business performance can be summarized as follows.
(Consolidated business performance of the year under review)
In the fiscal year ended March 31, 2015, net sales decreased ¥11,711 million from a year earlier to ¥157,417 million(down 6.9% year on year). Domestic sales decreased ¥11,018 million from a year earlier to ¥131,956 million (down
7.7% year on year) as a result of a significant decrease in sales of agricultural machinery and farming implements.
This was due to the downturn in the market and intensified sales competition where the fall in the rice price andother factors weakened the farmers' buying motivation. Overseas sales decreased ¥693 million to ¥25,460 million(down 2.7% year on year). This was due to the exclusion of Iseki-Changzhou Mfg. Co., Ltd., a consolidated
subsidiary in China, from the consolidation from the first quarter of the current year, which offset the contributions
by the new products introduced in Europe. Operating income decreased ¥7,906 million from a year earlier tooperating loss of ¥535 million mainly due to the decreased gross income resulting from decreased sales and theincrease in selling, general and administrative expenses. Ordinary income decreased ¥7,786 million from a year
earlier to ¥499 million (down 94.0% year on year). Net income decreased ¥6,766 million from a year earlier to a net
loss of ¥319 million.
(Non-consolidated business performance of the year under review)
In the fiscal year under review, net sales totaled ¥92,252 million (down 13.3% year on year), operating loss was¥2,660 million, and ordinary loss amounted to ¥198 million. The Company recorded a net loss of ¥942 million.
Sales by product are as follows.
(Domestic)
Sales of cultivating & mowing machinery (tractors, high-clearance multipurpose vehicles, etc.) amounted to ¥31,634
million (down 5.1% year on year), sales of planting machinery (rice transplanters and vegetable transplanters)
totaled ¥9,764 million (down 10.3% year on year), sales of harvesting and processing machinery (combine
harvesters, etc.) were ¥23,996 million (down 15.1% year on year) and sales of spare parts and farming implements
decreased to ¥33,075 million (down 8.2% year on year), while sales of other agriculture-related business (including
construction of facilities, etc.) decreased to ¥33,485 million (down 2.7% year on year).
(Overseas)
Sales of cultivating & mowing machinery (tractors, etc.) increased to ¥20,639 million (up 24.0% year on year), salesof planting machinery (rice transplanters, etc.) decreased to ¥2,105 million (down 68.7% year on year), sales of
harvesting and processing machinery (combine harvesters, etc.) decreased to ¥325 million (down 68.2% year onyear), and sales of spare parts and farming implements totaled ¥1,792 million (up 37.0% year on year), while sales ofother agriculture-related business increased to ¥598 million (up 33.3% year on year).
(Forecast for the next consolidated fiscal year)
In Japan, uncertainties about the economy are basically expected to dissipate, backed by the improvement in theexport environment and the strong stock market thanks to economic measures and financial policies continued by thegovernment. Overseas, the prospects for the overall world economy seems to remain uncertain despite a recovery
trend in the U.S. economy, with the slower-than-expected economic recovery in Europe and China and the political-2-

instability in the Middle East and other regions.
Initiatives to further develop Japanese agriculture are expected to be implemented, as exemplified by the plan
made for a large budget for agriculture, while there are misgivings about the impact on the domestic agriculture
resulting from the Trans-Pacific Partnership Agreement (TPP) negotiations, which are said to be coming to aconclusion. The impact of the rebound from the last-minute demand surge before the consumption tax hike is
expected to weaken. However, the movement of the rice price is uncertain because of the sentiment that the rice
market is saturated. Accordingly the prospect for the market environment, including the farmers’ buying motivation,is expected to remain uncertain. However, living up to the Group’s slogan “Supporting the full of dreams farming
industry,” we will strive to secure and increase sales by further enhancing “our capabilities to support customers,”
through which we provide high-quality marketing services and make proposals that match the agriculture
management of customers, in addition to conducting “provision of energy-saving and low-cost agricultural
machinery.”Overseas, we will expand markets by launching “new strategic products” that match the needs of customers in
the European and North American markets. In the European market, ISEKI France S.A.S, a subsidiary in France,
will take initiatives in expanding the market. In the Chinese market, Dongfeng Iseki Agricultural Machinery Co., Ltd.
will take initiatives in pushing forward with sales expansion by the release of strategic products. In the Southeast
Asian market, which is expected to grow in the future, we will strive to establish the position of the ISEKI brand by
starting full-scale production of strategic machines in PT. ISEKI INDONESIA, a production subsidiary in Indonesia,
and sales expansion in the Thai market by ISEKI SALES (THAILAND) Co., Ltd.
We expect increases in incomes both in Japan and overseas. In addition to an increase in the gross income due toan increase in sales, we expect that drastic reduction of labor costs and other cost reduction efforts will contribute to
the increases in incomes.
Please note that the fiscal year of the Company will be changed to “January 1 to December 31 of the year” fromthe current “April 1 of a year to March 31 of the following year,” effective in fiscal 2015. This change is subject toprior approval by shareholders of “an agenda regarding partial revision of the Articles of Incorporation” at a general
meeting of shareholders scheduled on June 24, 2015.
(2) Analysis of Financial Position
Total assets at the end of the consolidated fiscal year increased ¥6,510 million year on year, to ¥204,138 million.
Looking at the breakdown, current assets decreased ¥5,927 million year on year and non-current assets increased¥12,438 million from a year earlier. The changes mainly resulted from a ¥11,194 million decrease in notes andaccounts receivable-trade, a ¥5,665 million increase in merchandise and finished goods, a ¥5,839 million increase inproperty, plant and equipment and a ¥6,499 million increase in investments and other assets. Total liabilities
increased ¥4,179 million year on year to ¥133,073 million, primarily due to a decrease in notes and accounts
payable-trade and electronically recorded obligations of ¥8,821 million, an increase in short-term and long-termloans payable of ¥13,207 million, a decline in net defined benefit liability of ¥1,361 million. Net assets increased¥2,330 million year on year, to ¥71,065 million. The increase is primarily due to a decrease in retained earnings of¥1,607 million, an increase in valuation difference on available-for-sale securities of ¥1,640 million, and an increase
in remeasurements of defined benefit plans of ¥2,019 million.
The equity ratio was 34.0%.
(Cash flows from operating activities)
Cash flows from operating activities came to a net cash outflow of ¥4,247 million (increase in the outflow of¥11,255 million year on year), comprised principally of income before income taxes of ¥1,304 million, depreciationof ¥5,902 million, a decrease in notes and accounts receivable–trade of ¥13,063 million, an increase in inventories of¥7,835 million, a decrease in notes and accounts payable-trade of ¥10,424 million and income taxes paid of ¥3,086
million.
(Cash flows from investing activities)
Cash flows from investing activities resulted in a net cash outflow of ¥11,305 million (up ¥1,266 million year onyear), comprised principally of capital investment expenditures of ¥11,583 million.
(Cash flows from financing activities)
Cash flows from financing activities amounted to a net cash inflow of ¥14,031 million (up ¥12,509 million year onyear), due primarily to an increase in interest-bearing liabilities.
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Reference: The trend of cash flow indicators is as follows.
Indicator

Mar. 31,Mar. 31,Mar. 31,Mar. 31,

2012

2013

2014

2015

Equity ratio

(%)

32.9

34.3

34.0

34.0

Market-based equity ratio

(%)

28.1

41.5

31.7

25.5

Cash flow/Interest-bearing liabilities ratio(times)

4.9

4.9

6.3

—

Interest coverage ratio(times)

10.7

11.8

9.3

—

• Equity ratio: Shareholders’ equity/Total assets• Market-based equity ratio: Total market price of shares/Total assets• Cash flow/Interest-bearing liabilities ratio: Interest-bearing liabilities/Operating cash flow
• Interest coverage ratio: Operating cash flow/Interest payments
Notes: 1. All figures have been calculated using consolidated-based financial figures.
2. The total market price of shares is the product of the per-share closing price at the end of the period
and the total number of shares outstanding (less treasury shares) at the end of the period.
3. The operating cash flow uses the Cash flows from Operating Activities as per the Consolidated
Statement of Cash Flows. Interest-bearing liabilities use all the loans payable and bonds payable asrecorded in the Consolidated Balance Sheet. The Interest payments use the interest expenses paid
as recorded in the Consolidated Statement of Cash Flows.
4. A cash flow/Interest-bearing liabilities ratio and an interest coverage ratio for the year ended
March 31, 2015 are not presented in the table because the net cash flow for the year was an
outflow (negative).
(3) Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years
We recognize that the method for determining dividends to be paid to shareholders is one of the most important
policies to be made. Our basic policy is to continue making and increase our dividend distribution, taking into
consideration, not just consolidated financial results, but our Group’s financial position and future businessdevelopments as well as changes in our managerial environment. It is our basic policy to distribute retained earnings
to shareholders once a year as year-end dividends. The organ to determine the payment of dividends is a general
meeting of shareholders.
With respect to dividends for the fiscal year ended March 31, 2015, we will pay a year-end dividend of 3 yen per
share in line with the above policy.
For the fiscal year ending December 31, 2015, we will pay a year-end dividend of 3 yen per share.
(4) Risks Which Could Affect Our Business
Latent risks and uncertainties which could affect our future financial performance are exemplified as below. We
recognize the possibility of the occurrence of such risks and uncertainties, and will strive to avoid their occurrence
and take proper measures should they occur:
1) Economic Conditions and Changes in the Environment of Agriculture
Sluggishness of domestic and/or overseas economic conditions and any change in the agriculture policy may
negatively affect our financial performance through reduced demand for agricultural machinery.
2) Exchange Rate Fluctuation
There is a possibility that fluctuation of foreign exchange may negatively affect our financial performance.
3) Price Hike of Raw Materials, Difficulty in Procurement, and Confusion in the Supply Chain
As we procure raw materials and parts from numerous suppliers, their prices suddenly increasing more rapidly
than expected and a prolonged tightening of supplies may negatively affect our business performance.
In addition, a fall in production activities due to restrictions on electricity supplies, and disruptions in the
supply chain may harm the ISEKI Group’s business performance and financial position.
4) Dependency on Specific Customers or Suppliers
Any change of business policy, business depression and failure of our specific customers or suppliers may
harm our financial performance.
5) Competition with Other Companies-4-We are involved in fierce competition with other companies in the market, and unless overall productcompetitiveness, including relevant services, is maintained, there is the possibility of a decline in our
performance.
6) Serious Defects in Products and Services
The occurrence of serious defects in our products or services may negatively affect our financial performance.
7) Stock Market Fluctuation
As we hold securities, stock price declines may harm our business performance and financial position.
8) Government Regulation on Environmental Issues, etc., and Occurrence of Related Difficulties
Substantial costs may be incurred related to our products or business activities due to necessitated responses
to public regulation of environmental issues etc., corrective measures undertaken upon the occurrence oftroubles, lawsuits and other situations which could lead to a deterioration of our financial performance.
9) Risks Derived from International BusinessAs we promote overseas business development, unexpected changes in tax and legal systems or politicalunrest of any particular country may unfavorably affect our financial performance when we engage ininternational business activities.
In addition, as we focus on expanding business to the Asian region, mainly a difficulty in ensuring humanresources, immature technological levels and unstable labor-management relationships in the region may
hinder the ISEKI Group’s business development.
10) Risk of Legal Violation
We are making group-wide efforts to accomplish complete legal compliance and drive home the code of
ethical behavior by establishing the “ISEKI Group Code of Ethical Behavior” and preparing an internal
control system. In spite of such efforts, if any of our directors and/or employees should conduct themselves inany way that violates laws and regulations, there is a possibility that the business activities of the Group will
be restrained and the business performance will be deteriorated. Iseki-Hokkaido Co., Ltd., a consolidated
subsidiary of the Company is currently under on-site investigation by the Japan Fair Trade Commission
regarding its tendering in a facility construction work bid. Results of the investigation of this subsidiary may
have an adverse effect on the results of the Group.
11) Risk of Natural Disasters and Accidents
Natural disasters such as earthquakes, typhoons, flood or unexpected accidents may occur, which may harm
our financial performance.
12) Business Alliances, Joint Ventures and Strategic Investment with Other Companies
We will form business alliances and joint ventures and carry out strategic investment with other companies asnecessary. We believe that these measures are an effective means for the effective utilization of the
management resources of both parties and for the timely development, production and sales of products.
However, should a conflict of interests occur between the parties concerned in business alliances or joint
ventures due to financial position or other reasons, we would not be able to maintain the alliances. With
regard to strategic investment, including acquisitions, there is a possibility that the expected results and/or
effects will not be obtained in the integration of business, technologies, products and human resources, or that
more time and expenses than expected will be required. Accordingly, the success or failure of these measures
may seriously affect the ISEKI Group’s business and may harm our business performance and financial
position.
13) Debt
We have concluded syndicate loan or commitment line contracts with financial institutions. Should any of thefinancial conditions of these contracts be triggered, we could face obligations to pay back some or all of theseloans, which could negatively affect the financial position of the ISEKI Group.
There is a possibility that a hike in interest rate may harm our financial performance.
On March 26, 2015, the Company received a cease and desist order and a surcharge payment order fromthe Japan Fair Trade Commission in connection with its tendering in a facility construction work bid. These
events were in breach of the compliance clause of the syndicated loan contracts. But the financial institutions
that are lenders to the Company consented to waive their rights to demand acceleration of payment
obligations under these contracts.

-5-

The forecasts for future results and target figures produced by ISEKI & CO., LTD., are based on information
available as the day of this announcement, and assumptions made as of the same day regarding a number of latentrisks and uncertainties that could affect future financial performance. Actual results could differ considerably
depending on economic conditions, market trends, and future conditions for business operations hereafter.

-6-

2. The ISEKI GroupThe main business of the ISEKI Group is the development, manufacture and sale of agricultural machinery for riceand vegetable farming, among other related areas.
The position of the business in the ISEKI Group is stated below.
(Agriculture-related Business)
The Company primarily handles the development and design of agricultural machinery.
Iseki-Matsuyama Mfg. Co., Ltd., Iseki-Kumamoto Mfg. Co., Ltd. and seven other companies handle ouragricultural machinery manufacturing and processing of related components, and 13 domestic sales companies
market and sell the machinery across the country. Overseas marketing operations are handled by ISEKI France
S.A.S (France), Dongfeng Iseki Agricultural Machinery Co., Ltd. (China) and local distributors and affiliates.

Overseas Users &Customers

Domestic Users & Customers( A g r i c u l t u r e - r e l a t e d

B u s i n e s s )

Sales

Sales

Consolidated subsidiary
ISEKI France S.A.S (France) andanother company

Consolidated Subsidiaries:
Iseki-Hokkaido Co., Ltd.

Equity Method Affiliate
ISEKI SALES (THAILAND)
CO., LTD. (Thailand)

Iseki-Tohoku Co., Ltd.
and 11 other companies

Non-consolidated Subsidiary
N.V. ISEKI EUROPE S.A.
(Belgium)

Sales

Transport & Service
Products Consolidated Subsidiary:& Parts Iseki BUTSURYU Co., Ltd. and another company

Products& Parts

Transport & Service

ISEKI
Products & Parts

Products & Parts

Equity Method Affiliate:

Consolidated Subsidiaries:

Dongfeng Iseki Agricultural Machinery

Iseki-Matsuyama Mfg. Co., Ltd.

Co., Ltd. (China)

Iseki-Kumamoto Mfg. Co., Ltd.
PT. ISEKI INDONESIA
and 5 other companies-7-3. ISEKI’s Management Policies(1) ISEKI’s Basic Management Principles
Since it was established in 1926, ISEKI Group has been contributing to the modernization of Japan’s agriculturalindustry as a all-round manufacturer specializing in agricultural machinery. Over this time, we have consistently
pursued efficient and labor-saving advances in agriculture, and have served the market by pioneering thedevelopment of a great deal of agricultural machinery and facilities.
When we consider the questions of an increasing world population and food supply, and then our own nation’s
food self-sufficiency and land preservation, our role to serve the farming sector becomes important and our duty tosociety as a manufacturer of agricultural machinery becomes even more significant.
The ISEKI Group will continue to operate under a basic business philosophy of “providing products that satisfy
our consumers” so that the Group can contribute to agriculture, both in Japan and throughout the world.
Our highest priority objectives are “to enhance product capability, to improve quality, to accelerate cost-cutting
measures and to strengthen our sales service capabilities.” We are aiming for a strong corporate culture that canmaintain a stable operating performance and continued payment of stable dividends to shareholders and willcontinue in our efforts to reform our profit structure.
(2) Long-term Management Strategies and Issues to be Addressed
To realize future development by establishing a stable customer base in Japan and speeding up global businessdevelopment in a rapidly changing business environment, we will more quickly focus on the following challenges
with all the strength of the ISEKI Group.
1) To strengthen the responsiveness to changes in the Japanese market
The modes of cultivation have been diversifying in the Japanese agriculture industry, shifting from the conventional
growing of rice for human consumption to growing of rice as feeds, crops and vegetables and other farming.
Large-scale farming, utilization of information technology and farming robots have been promoted. Recent changes
in the agriculture industry are remarkable. We will properly respond to these changes in the domestic market. Withan intensifying competition in the market, we will also endeavor to stably ensure a domestic sales share of 20% witha view to establishing a stable customer base.
We have systematically worked on development of new and advanced technologies. Specifically, we establishedthe Advanced Technology Strategic Committee in April 2014, followed by the establishment of the Advanced
Technology Promotion Department in April 2015. Moreover, to cope with the diversified cultivation systems andagricultural management forms, including large-scale farming, we focus on development of sales reps who are able
to make diversified proposals (a project to support “Agri-Heroes”), and building large-scale maintenance factories tostrengthen our abilities to inspect and maintain large-scale farming machines. In October 2015, we will open an“institute to research advanced agri-business and technology” as a center for “researching and diffusing advanced
agricultural technology to support the agriculture industry in Japan.” We will strive to expand domestic sales byfurther improving customer satisfaction. We will do this by enhancing “our capability to support customers” both inour products and services through providing high-quality marketing services and proposals that match theagricultural management of customers.
2) To fully develop global strategies
We will strive to realize an overseas sales ratio of 20% at an early stage by accelerating overseas development, withan eye on Southeast Asia, where mechanization is remarkably advancing, in addition to the existing three markets ofEurope, North America and China.
With regard to North America, Europe and other markets, we will further expand the markets by launching “newstrategic products” that satisfy customer needs. We expect that the recent restructuring of ISEKI France S.A.S as a
subsidiary of the Company will accelerate the market expansion in Europe.
In the Chinese market where the mechanization of agriculture is rapidly advancing, we will accelerate andstrengthen the development and deployment of new products for Dongfeng Iseki Agricultural Machinery Co., Ltd.,
which completed the integration of business recently. In the Southeast Asian market, which is expected to grow in
the future, we will endeavor to establish the ISEKI brand by realizing stable operation at PT. ISEKI INDONESIA,
which has started full-scale production, and reinforcing the sales capability of ISEKI SALES (THAILAND) CO.,LTD., which has begun making sales.
In addition, we will focus on expanding our business development to meet diversifying market needs byenhancing our development, production, sales and service structures from a locally oriented standpoint.
-8-3) To ensure compliance
The Company underwent on-site investigations by the Japan Fair Trade Commission (JFTC) in November 2013 on
suspicion of possible violation of the Antimonopoly Act regarding bidding for facility construction works.
Consequently, the Company received a cease and desist order and a surcharge payment order on March 26, 2015. In
July 2014, Iseki-Hokkaido Co., Ltd., a consolidated subsidiary of the Company, underwent on-site investigations by
JFTC on suspicion of possible violation of the Antimonopoly Act regarding bidding for facility construction work.
The Company and Iseki-Hokkaido fully cooperate with the FTC investigations.
Recognizing the gravity of this issue severely, the Company has worked on prevention of recurrence bydeveloping and implementing preventive measures in November 2013. Moreover, as of May 1, 2015, theManagement Control Section For Agri-Plant Business’s functions of auditing and monitoring of facility operations
were transferred to the Internal Control & Audit Department. At the same time, the Internal Control & Audit
Department was placed directly under the Management Supervisory Committee, independent from operational
departments. The action policy and manuals on facility operations were also revised and education and training,
including at sales subsidiaries, was reinforced.
Under the new organization, we will strive to more thoroughly comply with laws and ordinances and enhanceinternal control.
.

4. Basic Policy for Choosing Accounting Standards
Considering comparability of periods between consolidated financial statements and comparability between
companies, the ISEKI Group will continue to use the Japanese accounting standards for preparing consolidated
financial statements for the time being.
Regarding the international accounting standards, we will adopt them in proper timing, considering relevant
circumstances in and outside Japan.

-9-5. Consolidated Financial Statements(1) Consolidated Balance Sheet(millions of yen)
FY2014(as of Mar. 31, 2014)

FY2015(as of Mar. 31, 2015)

Cash and deposits

8,228

6,603

Notes and accounts receivable-trade41,59830,404Merchandise and finished goods

36,88942,554Work in process

4,882

3,679

Raw materials and supplies

1,548

1,478

Deferred tax assets

1,794

1,444

Other

2,944

5,777

Allowance for doubtful accounts

(107)

(91)

97,77991,851

Buildings and structures, net

16,602

20,224

Machinery, equipment and vehicles, net

7,041

9,363

Tools, furniture and fixtures, net

2,550

2,754

Land

51,01550,395

Leased assets, net

7,311

8,455

Construction in progress

2,611

1,771

19

28

87,152

92,992

1,006

1,105

7,269

9,495

Long-term loans receivable

106

1,003

Net defined benefit asset

288

513

Deferred tax assets

1,374

846

Other

3,116

6,766

Allowance for doubtful accounts

(464)

(436)

Total investments and other assets

11,69018,18999,848112,287

197,628

204,138

AssetsCurrent assets

Total current assets
Non-current assets
Property, plant and equipment

Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities

Total non-current assets
Total assets- 10 -

(millions of yen)
FY2014(as of Mar. 31, 2014)

FY2015(as of Mar. 31, 2015)

Notes and accounts payable-trade47,53636,935

Electronically recorded obligations-operating
Short-term loans payable—
20,132

1,778
25,134Current portion of long-term loans payable

6,387

13,941

Lease obligations

2,087

2,662

354

1,175

Income taxes payable

1,788

776

Deferred tax liabilities
Accrued expenses

—
5,084

75
5,432

Provision for bonuses

350

322

Provision for loss on construction contracts

33

—

Other

6,161

4,453

Total current liabilities

89,916

92,689Non-current liabilities
Long-term loans payable

17,87018,520

5,730

6,559

250

1,018

Liabilities
Current liabilities

Accrued consumption taxes

Lease obligations
Deferred tax liabilities
Deferred tax liabilities for land revaluation

6,644

6,074

Net defined benefit liability

6,660

5,298

126
264

125
266

1,429

2,519

Provision for directors’ retirement benefits
Asset retirement obligations
Other

38,97740,383

Total liabilities

128,893

133,073

Net assets
Shareholders’ equity
Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

17,266

15,658

(30)

(986)

54,03451,470

1,338

2,979

11,831

12,401

Foreign currency translation adjustment

1,170

1,771

Remeasurements of defined benefit plans(1,269)750

Total accumulated other comprehensive income

13,072

17,902

—

68

1,628

1,624

68,734
197,628

71,065204,138

Total non-current liabilities

Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land

Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets- 11 -

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(millions of yen)
FY2014FY2015(Apr. 1, 2014(Apr. 1, 2013Mar. 31, 2014)
Mar. 31, 2015)
Net sales
169,129
157,417
Cost of sales

116,412111,777

Gross profit

52,71645,640

Selling, general and administrative expenses

45,345

46,175

Operating income (loss)

7,371

(535)

Interest income

192

247

Dividend income

147

168

1,268

423

Subsidies received

80

78

Rent income

172

172

Gain on sales of scraps

170

131

Other

564

903

2,596

2,125

Interest expenses

758

623

Sales discounts

105

99

Loss on abandonment of inventories

410

15

Other

407

352

1,682

1,091

8,285

499

Gain on sales of non-current assets

30

47

Gain on bargain purchase—

900

Gain on change in equity—

589

Compensation income

45

21

Gain on sales of investment securities

32

25

Gain on sales of shares of subsidiaries and associates—

96

Total extraordinary income

107

1,680

Loss on sales and retirement of non-current assets

355

395

Impairment loss

86

165

Surcharges

—

305

Other

24

8

Total extraordinary losses

467

874

Income before income taxes

7,926

1,304

Non-operating income

Foreign exchange gains

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary losses- 12 -

FY2015(Apr. 1, 2014Mar. 31, 2015)

FY2014(Apr. 1, 2013Mar. 31, 2014)
Income taxes-current

2,756

1,662

Income taxes-deferred(1,297)(29)

Total income taxes

1,459

1,633

Income (loss) before minority interests

6,466

(328)

19

(9)

6,447

(319)

Minority interests in income (loss)
Net income (loss)- 13 -

Consolidated Statement of Comprehensive Income(millions of yen)
FY2015(Apr. 1, 2014Mar. 31, 2015)

FY2014(Apr. 1, 2013Mar. 31, 2014)
Income (loss) before minority interests

6,466

(328)

Valuation difference on available-for-sale securities

405

1,636

Revaluation reserve for land—

569

Foreign currency translation adjustment

836

(31)

Remeasurements of defined benefit plans, net of tax

—

2,018

63

645

1,305

4,838

7,772

4,509

Comprehensive income attributable to owners of parent

7,740

4,510

Comprehensive income attributable to minority interests

32

(1)

Other comprehensive income

Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)- 14 -

(3) Consolidated Statement of Changes in Equity
FY2014 (Apr. 1, 2013-Mar. 31, 2014)(millions of yen)
Shareholders’ Equity
Capital Stock
Balance at the beginning of period

23,344

CapitalSurplusRetained
Earnings

13,454

Total
Treasury Shares Shareholders’Equity11,522(25)

48,296

Cumulative effects of changes
in accounting policies—

Restated balance

23,344

13,454

11,522(25)

48,296

Changes of items during theperiodDividends of surplus

(689)

(689)

Net income

6,447

6,447

Purchase of treasury shares(4)

Reversal of revaluation reserve
for land

(4)

(14)

(14)

Change of scope of equity
method—Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

—

—

5,743

(4)

5,738

23,344

13,454

17,266(30)

54,034

Minority
Interests

Total Net
Assets

1,598

62,927

Accumulated Other Comprehensive Income
Valuation
Total
Subscription
Difference
Foreign
Accumulated
Revaluation
Remeasurements
rights toon
Currency
Otherof defined benefit
Reserve forsharesAvailableTranslation
Comprehensive
plans
Land
for-sale
Adjustment
IncomeSecurities

Balance at the beginning of period

928

11,816288—

13,033—Cumulative effects of changes
in accounting policies
Restated balance—
928

11,816288—

13,033—

1,598

62,927

Changes of items during theperiodDividends of surplus(689)

Net income

6,447

Purchase of treasury shares(4)

Reversal of revaluation reserve
for land(14)

Change of scope of equity
method—Net changes of items other thanshareholders’ equity

410

14

882 (1,269)

38

—

29

68

Total changes of items during theperiod410

14882 (1,269)

38

—

29

5,807

1,338

11,831

1,170 (1,269)

13,072—

1,628

68,734

Balance at the end of period- 15 -

FY2015 (Apr. 1, 2014-Mar. 31, 2015)(millions of yen)
Shareholders’ Equity
Capital Stock
Balance at the beginning of period

23,344

CapitalSurplus

Total
Treasury Shares Shareholders’EquityRetained
Earnings

13,454

17,266

Cumulative effects of changes
in accounting policies(30)

54,034(360)

Restated balance

23,344

13,454(360)

16,905(30)

53,673

Changes of items during theperiodDividends of surplus

(918)

(918)

Net loss

(319)

(319)

Purchase of treasury shares

(956)

(956)

Reversal of revaluation reserve
for land—

Change of scope of equity
method(8)(8)

Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period——(1,247)(956)(2,203)

23,344

13,454

15,658(986)

51,470

Accumulated Other Comprehensive Income
Valuation
Total
Subscription
Difference
Foreign
Revaluation
Remeasurements
Accumulated
rights toon
Currency
Reserve forof defined benefit
Other
sharesAvailableTranslation
Land
plans
Comprehensive
for-sale
Adjustment
IncomeSecurities

Balance at the beginning of period

1,338 11,831

1,170 (1,269)

13,072—

Minority
Interests

Total Net
Assets

1,628

68,734

Cumulative effects of changes
in accounting policies
Restated balance(360)
1,338 11,831

1,170 (1,269)

13,072—

1,628

68,374

Changes of items during theperiodDividends of surplus(918)

Net loss(319)

Purchase of treasury shares(956)

Reversal of revaluation reserve
for land—

Change of scope of equity
method(8)

Net changes of items other thanshareholders’ equity

1,640

569

600

2,019

4,830

68

(3)

4,895

Total changes of items during theperiod

1,640

569

600

2,019

4,830

68

(3)

2,691

Balance at the end of period

2,979 12,401

1,771

750

17,90268

1,624

71,065- 16 -

(4) Consolidated Statement of Cash Flows(millions of yen)
FY2015(Apr. 1, 2014Mar. 31, 2015)

FY2014(Apr. 1, 2013Mar. 31, 2014)
Cash flows from operating activities
Income before income taxes

7,926

1,304

Depreciation

5,887

5,902

Impairment loss

86

165

Gain on bargain purchase

—

(900)

Amortization of goodwill

0—

Increase (decrease) in provision for retirement benefits(5,453)—

Increase (decrease) in net defined benefit liability

4,716(1,964)

Loss (gain) on sales of investment securities

(32)

(24)

Loss (gain) on sales of shares of subsidiaries and associates

—

(96)

Interest and dividend income

(339)

(415)

Interest expenses

758

623

Foreign exchange losses (gains)

(237)

(272)

intangible assets

324

348

Loss (gain) on change in equity

—

(589)

Compensation income

(45)

(21)

Surcharges—

305(10,729)

13,063238(7,835)

Increase (decrease) in notes and accounts payable-trade

4,573(10,424)

Other

1,617

(115)

Subtotal

9,292

(946)

Interest and dividends income received

343

423

Interest expenses paid

(753)

(659)

56

21

Income taxes paid

(2,084)(3,086)

Income taxes refund

152

—

7,007

(4,247)19—(9,931)(11,583)

intangible assets

205

825

Purchase of investment securities

(154)

(1)

67

110

Loss (gain) on sales of property, plant and equipment andDecrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories

Proceeds from compensation

Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from sales of securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andProceeds from sales of investment securities- 17 -

FY2015(Apr. 1, 2014Mar. 31, 2015)

FY2014(Apr. 1, 2013Mar. 31, 2014)
Decrease (increase) in loans receivable

21

(453)

Decrease (increase) in time deposits

185

3

(322)

(543)

—

(57)

—

522

(129)

(128)

(10,038)(11,305)

Net increase (decrease) in short-term loans payable

4,223

7,578

Proceeds from long-term loans payable

4,360

16,140

Repayments of long-term loans payable(6,469)(7,649)

Redemption of bonds

(100)

—

Proceeds from sales and leasebacks

2,119

2,050

Repayments of lease obligations(1,912)(2,208)

(4)

(956)

Cash dividends paid

(682)

(910)

Other

(13)

(12)

1,521

14,031

Equivalents

638

392

Net increase (decrease) in cash and cash equivalents(870)(1,129)Cash and cash equivalents at beginning of period

9,040

8,169

—

(469)

8,169

6,570

Payments for investments in capital of subsidiaries andassociates
Payments for sales of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Other
Net cash provided by (used in) investing activities
Cash flows from Financing Activities

Purchase of treasury shares

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash

Decrease in cash and cash equivalents resulting from exclusionof subsidiaries from consolidation
Cash and cash equivalents at end of period- 18 -

(5) Notes to the Consolidated Financial Statements(Notes Regarding the Going Concern Assumption)
Not applicable(Important Basic Items for Preparing Consolidated Financial Statements)
1.

Scope of consolidation
Number of consolidated subsidiaries……….25 companies(including Iseki-Matsuyama Mfg. Co., Ltd., Iseki-Kumamoto Mfg. Co., Ltd., Iseki-Hokkaido Co., Ltd. andIseki-Tohoku Co., Ltd.)In May 2014, Iseki-Changzhou Mfg. Co., Ltd., was merged into Dongfeng Iseki Agricultural Machinery Co.,
Ltd., an entity accounted for by the equity method. In March 2015, the Company sold all shares of Iseki-Ueki
Seisakusho Co., Ltd. As a result of these transactions, these two companies were excluded from the scope of theconsolidation for the year.
In July 2014, the Company acquired all shares of YB Holding S.A.S (renamed to ISEKI France Holding
S.A.S), a 100% owner of YVAN BEAL S.A.S (renamed to ISEKI France S.A.S), a distributor of the Company
in Europe. As a result of this transaction, ISEKI France Holding S.A.S. was added to the scope of theconsolidation for the year.

2. Scope of the equity method companies
Number of affiliates……….2 companies (Dongfeng Iseki Agricultural Machinery Co., Ltd. and ISEKI SALES(THAILAND) CO., LTD.)
Since its importance for the Group increased, ISEKI SALES (THAILAND) CO., LTD. was included in thescope of companies reported by the equity method from the current year.
3. Consolidated accounting period
Of the consolidated subsidiaries, 14 companies (including Iseki-Hokkaido Co., Ltd.) use an end-of-periodbalance sheet date of December 31. 9 companies (including Iseki-Matsuyama Mfg. Co., Ltd.) use a balance
sheet date of March 31. ISEKI France S.A.S and one other company use an end-of-period balance sheet dateof September 30.
With regard to the preparation of the consolidated financial statements, the financial statements as of thebalance sheet dates of respective companies are used. For ISEKI France S.A.S and one other company adopting
September 30 as their annual closing date, provisional closing of accounts is performed as of December 31 eachyear. And necessary adjustments at consolidation are made for any significant transactions that occurred
between the consolidated balance sheet date and these dates.
4.

Accounting policies(1) Valuation basis and methods of important assets(a) Securities
Held-to-maturity debt securities ....................... recorded at amortized cost
Available-for-sale securities- Securities with fair market value………. recorded at market value, based on the fair market priceat the closing date of the consolidated reporting period.
(Any estimate variance is credited or debited toShareholders’ Equity)- Securities without fair market value........ recorded at cost, based on the moving-average method(b) Inventories…………………………………....mainly recorded at cost using the gross average method(Balance sheet amounts for items with reduced
profitability have been adjusted downward accordingly)(c) Derivatives ........................................................ recorded using the market value method(2) Depreciation methods for material depreciable assets(a) Property, plant and equipment (excluding leased assets)
The straight-line method is used.
(b) Intangible assets (excluding leased assets)
The straight-line method is used. However, software for internal use is depreciated using the straight-line- 19 -

method over an expected useful life within the company of five years, while software for marketing isdepreciated using the straight-line method over an expected marketable period of three years.
(c) Leased assets
Leased assets derived from finance leases other than those leases which transfer the ownership of theassets to the lessee are amortized using the straight-line method with no residual value over the lease
period, which is deemed the useful life.
Among finance leases that do not involve transfer of ownership to lessee, leases that began before
April 1, 2008 are accounted for as normal operating leases.
(3) Allowances and reserves(a) Allowance for doubtful accounts
A likely unrecoverable amount is calculated by applying the historical bad debt ratio to common
receivables. For specific receivables, such as doubtful debt receivables, allowances are made byindividually evaluating the likelihood of them being collected.
(b) Provision for bonuses
To provide for future bonus payments to employees, a provision for bonuses is booked based on
estimated future payments.
(c) Provision for directors’ retirement benefits
Some of the consolidated subsidiaries record the directors’ retirement benefits to provide for directors’
retirement benefits in an amount as required by companies’ internal regulations.
(d) Provision for loss on construction contracts
To provide for future loss on construction contracts already concluded, an estimated amount of loss isbooked regarding construction works which had not been completed by the end of the current fiscal
year and for which a loss is expected to occur and the amount of loss can be estimated reasonably.
(4) Accounting treatment related to retirement benefits(a) Method of attributing the projected benefits to periods of service
In calculating retirement benefits, the method of attributing the projected benefits to periods until theend of the current fiscal year is based on the benefit formula basis attribution.
(b) Method of amortization of actuarial gains or losses, prior service cost and unrecognized net obligation
at the date of initial application of the new accounting standards
Actuarial gains or losses are amortized as incurred over the periods, which are the average remaining
service years of employees, by the straight-line method, starting from the following fiscal year. Prior
service cost is amortized as incurred over the periods, which are the average remaining service years of
employees, by the straight-line method. With regard to unrecognized net obligation at the date of initial
application of the new accounting standards, the amount allocated by the straight-line method over 15
years is expensed.
Unrecognized actuarial gains or losses, unrecognized prior service cost and unrecognized net obligation
at the date of initial application of the new accounting standards are recorded as Remeasurements ofdefined benefit plans in Accumulated other comprehensive income under the Net Assets section after
tax effect accounting is applied.
(c) Adoption of the simplified method at small companies
For calculating net defined benefit liability and retirement benefit expenses, some consolidated
subsidiaries apply the simplified method which assumes the company’s benefit obligation to be equal tothe benefits payable assuming the voluntary retirement of all employees takes place at fiscal year-end.
(5) Accounting standards for revenues and expenses(a) Accounting standards for the value and cost of completed construction contracts
The percentage-of-completion method is applied for construction in progress up to the end of theconsolidated accounting period, for which the outcome can be estimated reliably (the proportional
cost method is applied for estimating the percentage of progress of the construction). The
completed-contract method is applied for other constructions.
(6) Foreign currency translation
Monetary assets and liabilities in foreign currencies are translated into yen at the rates of exchange in effectat the balance sheet date. Gains or losses resulting from the translation are credited or charged to income.
- 20 -

Balance sheet accounts (except for shareholders’ equity) and revenue and expense accounts of the overseas
subsidiary are translated into yen at the rates of exchange in effect at the balance sheet dates. Differences
arising from the translation are presented as “Foreign currency translation adjustment” and “Minority
interests” in shareholders’ equity and financial statements.
(7) Hedge accounting(a) Hedge accounting
Recorded in accordance with deferred hedge accounting. Such receivables and payables, which aredenominated in foreign currencies and for which forward exchange contracts have been entered, arerecorded using the forward exchange rates.
(b) Hedging instruments and hedged items(i) Hedging instruments
Forward exchange contracts and interest rate swap agreements(ii) Hedged items
Receivables and payables denominated in foreign currencies and loans payable(c) Hedging policies
The financial risks associated with fluctuations in foreign currencies exchange rates and interest rates
are hedged.
Risks associated with fluctuations in foreign currencies exchange rates concerning transactions inforeign currencies, which occur when import and export operations are performed, are hedged bykeeping a balance between export exchanges and import exchanges. With regard to risks associatedwith fluctuations in interest rates on loans payable, risks concerning variable interest rate loans payable
are hedged, mainly with a view to equalizing interest burdens.
(8) Amortization method and amortization period of goodwill
The goodwill account is amortized by the straight-line method over a period of no longer than 20 years.
(9) Cash and cash equivalents in the Consolidated Statement of Cash Flows
Cash and cash equivalents consist of cash on hand, demand deposits, and short-term investments which arereadily convertible to cash subject to an insignificant risk of any change in their value and which werepurchased with an original maturity of three months or less.
(10) Other notes pertaining to the preparation of the Consolidated Financial Statements(a) Accounting treatment of consumption tax
Consumption tax and local consumption taxes are accounted for using a tax-exclusive method.
(Change in Accounting Policy, Change in Accounting Estimates and Restatements)(Application of accounting standard, etc., for retirement benefits)
From the current year, the Company adopted the “Accounting Standard for Retirement Benefits (AccountingStandards Board of Japan (ASBJ) Statement No. 26, May 17, 2012. Hereafter the “Retirement Benefits
Accounting Standard”) and the “Guidance on Accounting Standard for Retirement Benefits (ASBJ Guidance No.
25, March 26, 2015. Hereafter the “Retirement Benefits Guidance”) in relation to provisions stipulated in themain clause of Paragraph 35 of the Retirement Benefits Accounting Standards and the main clause of Paragraph
67 of the Retirement Benefits Guidance; and we have reviewed the calculation method for retirement benefit
obligations and service costs, having changed the method for attributing the estimated amount of retirement
benefits from the straight-line method to the benefit formula basis, and we have also changed the method ofdetermining the discount rate from the method based on approximate average remaining service years for
employees to a method using the single weighted-average discount rate that reflects the estimated timing of
retirement benefit payments and the amount of benefit payment for each estimated payment period.
With respect to the application of the Retirement Benefits Accounting Standard and Retirement Benefits
Guidance, we adjusted the impact of the change in the calculation method for retirement benefit obligations andservice costs with retained earnings at the beginning of the current fiscal year, in accordance with the transitory
treatment stipulated in Paragraph 37 of the Retirement Benefits Accounting Standard.
As a result, net defined benefit liability increased ¥554 million and retained earnings decreased ¥360 million at
the beginning of the current fiscal year. Furthermore, operating loss for the current year increased by ¥31 million,
while ordinary income and income before income taxes decreased by ¥31 million respectively.
- 21 -

(Change in the accounting policy that is difficult to distinguish from the change in accounting estimates)
Previously, the Company and its domestic consolidated subsidiaries applied the declining-balance method(however, the straight-line method was applied to tools and newly acquired buildings on and after April 1, 1998
(excluding facilities attached to buildings)) as the calculation method for the depreciation of property, plant andequipment (excluding leased assets), and the Company and its domestic consolidated subsidiaries changed to thestraight-line method from the current fiscal year.
With respect to the business environment surrounding the ISEKI Group, while the shrinking of demand for
agricultural machinery, mainly for replacements, has ceased in recent years, major changes in agriculture are
expected in future, such as revisions of agricultural policy in Japan. On the other hand, expansion of the overseas
market for agricultural machinery, especially in Asia, is expected, and we foresee that the global agricultural
machinery market will continue to advance steadily.
Under the circumstances, and for further global expansion, we have decided to make major capital investments instate-of-the-art manufacturing facilities that excel as energy saving/multi-functional/all-purpose properties toimprove domestic productivity, and investments in new overseas manufacturing/sales sites, along with structural
cost reforms in response to drastic changes within and outside Japan. We have reexamined the calculation
method for the depreciation of property, plant and equipment in light of the full-fledged operation of thesefacilities from the current fiscal year.
Responding to the constant change in demand for agricultural machinery and by building low-cost production
systems, we established a stable customer base in the domestic market. Furthermore, we set up a globallyoriented production system as a core plant to meet the demand from growing Asian markets. As a result, we
expect a stable long-term operation of production facilities, etc., which led us to determine that the “straight-line
method” to allocate expenses evenly over the useful life of facilities would reflect the business of the ISEKI
Group more properly.
With this change, compared with the previous method, depreciation expenses decreased ¥883 million, operating
loss decreased ¥876 million and ordinary income and income before income taxes and minority interests eachincreased ¥883 million.

- 22 -

(Consolidated Balance Sheets Information)
FY2014FY2015

Accumulated depreciation of property,
100,103 million yen
100,630 million yen
plant and equipment
2. Guaranteed liabilities
5,527 million yen
8,830 million yen
3. Contingent liabilities
On November 19, 2013, the Company underwent on-site investigations by the Japan Fair Trade Commission(FTC) on suspicion of possible violation of the Antimonopoly Act regarding bidding for facility construction
works, excluding Hokkaido. Consequently, the Company received a surcharge payment order on March 26,
2015, for which we reported a loss of ¥305 million under extraordinary loss. Subsequently on July 29, 2014,
Iseki-Hokkaido, the Company’s consolidated subsidiary, also underwent on-site investigations by JFTC on
suspicion of possible violation of the Antimonopoly Act regarding “bidding for orders for construction worksof grain drying, preparing and storing facilities and equipment installed within those facilities which would beplaced by agricultural cooperatives and local public agencies in Hokkaido.” The investigation is continuing.
The investigations may result in an order for payment of surcharge or any other disposition by the Company
and/or Iseki-Hokkaido. But it is difficult to reasonably estimate the amount of loss arising from suchdisposition at this point, and what impact it would have on the consolidated financial statements is not certain
yet.
FY2014FY2015
4. Notes receivable less discount-trade
6 million yen
2 million yen
5. Endorsed notes receivable-trade
153 million yen
106 million yen
6. Revaluation of land for business use
The Company has revalued its land for business use pursuant to the law (Law No. 19, announced on March 31,
2001) which revises parts of the law relating to the revaluation of land. The equivalent tax related to the change
in the said revaluation has been recorded in the liabilities (non-current liabilities) as a “Deferred tax liabilities
for land revaluation” and the deducted amount has been recorded under net assets as “Revaluation reserve forland.”• Revaluation method············The revaluation of land has been determined using areasonable adjustment to the assessed value of the non-current
assets for property tax as stipulated in Paragraph 3, Article 2of the enforcement order (Government ordinance No. 119,announced on March 31, 1998)• Revaluation date··········· March 31, 2001
• Variance between the market ···········(12,016) million yen(12,294) million yen
value of the revalued land at theend of the period and therevalued book value1.

- 23 -

(Consolidated Statements of Income Information)
1.

FY20144,664 million yen

Research and development expenses

FY20154,580 million yen

2. Impairment loss
FY2014 (April 1, 2013 - March 31, 2014)
The Company recorded impairment losses on the following assets.
Usage

Type
Buildings,
Structures, Land
Buildings, Land

Idle property

LocationIshigemachi, Yuki-gun, Ibaraki Pref.

(millions of yen)
Impairment lossl34

Yasugi, Shimane Pref.

12

Iga, Mie Pref.

2

Ibigawa-cho, Ibi-gun, Gifu Pref.

0

Ichinomiyamachi, Chosei-gun, Chiba
Pref.

27

Hokota, Ibaraki Pref.

10

Buildings

Land

Total

86

(Reason to record impairment loss)
The Company recorded an impairment loss on the above assets because idle properties are not being used andhave no prospect for use in the future. In addition, their market price is declining.
(Measurement of recoverable amount)
Recoverable amount is measured using net selling price. The price is determined by applying reasonableadjustments to the assessed value of non-current assets for property tax.
FY2015 (April 1, 2014 - March 31, 2015)
The Company recorded impairment losses on the following assets.
Usage

Type

Location
Inashiki, Ibaraki Pref.

Buildings,
Structures, Land(millions of yen)
Impairment lossl20

Ohtawara, Tochigi Pref.

82

Matsusaka, Mie Pref.

4

Mihara, Hiroshima Pref.

5

Kita Akita, Akita Pref.

11

Annaka, Gunma Pref.

13

Anjo, Aichi Pref.

24

Kunisaki, Oita Pref.

3

Idle property
Buildings, Land

Land

Total

165

(Reason to record impairment loss)
The Company recorded an impairment loss on the above assets because idle properties are not being used andhave no prospect for use in the future. In addition, their market price is declining.
(Measurement of recoverable amount)
Recoverable amount is measured using net selling price. In case of land, the price is determined by applying
reasonable adjustments to the assessed value of non-current assets for property tax.

- 24 -

(Consolidated Statement of Changes in Equity Information)
FY2014 (April 1, 2013 - March 31, 2014)
1. Matters concerning the classes and number of outstanding stock and classes and number of treasury shares
Decrease in number
Increase in number
Number of shares
Number of sharesof shares duringof shares during(as of Mar. 31, 2014)(as of Apr. 1, 2013)
periodperiod(Number ofoutstanding shares)
229,849,936——
229,849,936
Common stock(Treasury shares)
101,954
15,300—117,254
Common stock
Increase in the number of shares, 15,300 shares during the period was by purchasing of shares below stock tradingunit.
2. Dividends(1) Cash dividends paid
Resolution

Type of shares

RegularMeeting of
Shareholders on
Jun. 25, 2013

Common stock

Total amount ofdividend paid
(millions of yen)
689

Dividend pershare (yen)

3.00

Record date

Effective dateMar. 31, 2013

Jun. 26, 2013

(2) Of the dividends for which the record date belongs to the fiscal year ended March 31, 2014, those for which theeffective date of the dividends will be in the fiscal year ending March 31, 2015.
Total
amount ofDividend
Source ofdividend
per share
Record date
Effective date
Type of sharesfunds forResolution
paid
(yen)
dividends(millionsof yen)Regular
Retained
Meeting ofCommon stock918
4.00 Mar. 31, 2014
Jun. 26, 2014
Shareholders on
earnings
Jun. 25, 2014
FY2015 (April 1, 2014- March 31, 2015)
1. Matters concerning the classes and number of outstanding stock and classes and number of treasury shares
Increase in number
Decrease in number
Number of shares
Number of sharesof shares duringof shares during(as of Mar. 31, 2015)(as of Apr. 1, 2014)
periodperiod(Number ofoutstanding shares)
229,849,936——
229,849,936
Common stock(Treasury shares)
117,254
3,841,893—
3,959,147
Common stock
The increase in the number of shares by 3,841,893 shares during the period was due to the purchasing of 11,893
shares below stock trading unit, and the purchasing of 3,830,000 shares pursuant to the decision by the Board of
Directors (resolution on May 29, 2014).

- 25 -

2. Dividends(1) Cash dividends paid
Resolution

Type of shares

RegularMeeting of
Shareholders on
Jun. 25, 2014

Common stock

Total amount ofdividend paid
(millions of yen)

Dividend pershare (yen)

918

4.00

Record date

Effective dateMar. 31, 2014

Jun. 26, 2014

(2) Of the dividends for which the record date belongs to the fiscal year ended March 31, 2015, those for which theeffective date of the dividends will be in the fiscal year ending December 31, 2015.
Total
amount ofDividend
Source ofdividend
per share
Record date
Effective date
Type of sharesfunds forResolution
paid
(yen)
dividends(millionsof yen)Regular
Retained
Meeting ofCommon stock677
3.00 Mar. 31, 2015
Jun. 25, 2015
Shareholders on
earnings
Jun. 24, 2015
(Consolidated Statement of Cash Flows Information)
Reconciliation between cash and cash equivalents at the end of period and the amount reported in the Consolidated
Balance Sheet.
FY2014FY2015
Cash and deposits
8,228 million yen
6,603 million yen
Time deposits with terms of
more than 3 months(59) million yen(32) million yen

Total cash and cash equivalents

8,169 million yen

6,570 million yen- 26 -

(Segment Information)
In the past, reported segments of the Group were the “agriculture-related business” and the “other business.” In theprevious year, System Equipment Co., Ltd., which was the only company included in the other business, wasliquidated. Since the Group had only a business segment of “agriculture-related business” in the current year, thesegment information is omitted.
(Per Share Information)
FY2014292.11
28.06(yen)
FY2015307.11(1.40)FY2014FY2015

Net assets per share
Net income (loss) per share
Notes:
1. Because there are no dilutive securities during the previous year and because the Company reported net loss
for the current year, the Company has not presented net income per share after adjustment for dilutive
securities.
2. Basis of calculation of net income (loss) per share

Net income (loss) per share
Net income (loss) reported in the Consolidated Statement of
Income(millions of yen)

6,447

(319)

Net income (loss) attributed to common shares (millions of yen)

6,447

(319)

Net income (loss) not attributable to common shares(millions of yen)——

229,740,557

228,018,246

During period average number of common shares(Significant Subsequent Events)
Not applicable- 27 -(shares)6. Non-consolidated Financial Statements(1) Non-consolidated Balance Sheet(millions of yen)
FY2014(as of Mar. 31, 2014)

FY2015(as of Mar. 31, 2015)

Cash and deposits

3,232

2,687

Notes receivable-trade

7,471

7,233

Accounts receivable-trade35,84230,082Merchandise and finished goods

10,35015,825Work in process

1,441

295

Raw materials and supplies

304

301

Advance payments-trade

163

158

Prepaid expenses

259

216

Deferred tax assets

437

354

Short-term loans receivable

5,783

9,255

Other

1,311

3,310

(9)

(9)

66,58869,711

Buildings, net

4,005

5,049

Structures, net

253

464

1,652

2,163

0

1

Tools, furniture and fixtures, net

1,211

1,304

Land

25,19525,276

Leased assets, net

189

298

Construction in progress

175

675

32,68335,233

Leasehold right

85

85

Software226

219

Leased assets

137

209

Other

48

64

Total intangible assets

498

578

Investment securities

6,850

9,182

Shares of subsidiaries and associates

18,18818,637100

95

AssetsCurrent assets

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

Machinery and equipment, net
Vehicles, net

Total property, plant and equipment
Intangible assets

Investments and other assets

Investments in capital- 28 -

FY2014(as of Mar. 31, 2014)

FY2015(as of Mar. 31, 2015)

Investments in capital of subsidiaries and associates

1,398

1,941

Long-term loans receivable

5,639

3,237

Long-term prepaid expenses

408

514

Other

1,524

864

Allowance for doubtful accounts

(337)

(122)

Allowance for investment loss

(849)

(680)

32,92333,671

Total non-current assets

66,104

69,483

Total assets

132,693

139,195

21,03017,471—436

Accounts payable-trade

15,653

15,535

Short-term loans payable

6,000

8,400

Current portion of long-term loans payable

3,092

10,620

Lease obligations

120

164

Account payable-other

934

907

2,504

2,984

Income taxes payable

588

37

Advances received

1,027

384

Deposits received

424

231

Provision for loss on construction contracts

33

—

Other

485

976

51,89358,149Total investments and other assets

Liabilities
Current liabilities:
Notes payable-trade
Electronically recorded obligations-operating

Accrued expenses

Total current liabilities- 29 -

(millions of yen)
FY2014(as of Mar. 31, 2014)

FY2015(as of Mar. 31, 2015)

12,554

12,702

Lease obligations

223

378

Deferred tax liabilities

268

498

Deferred tax liabilities for land revaluation

6,644

6,074

Provision for retirement benefits

1,685

3,026

Asset retirement obligations

118

112

Long-term deposits received

673

647

Other

70

63

22,23923,504

74,13281,654

23,344

23,344

Legal capital surplus

11,554

11,554

Other capital surplus

2,450

2,450

Total capital surplus

14,00414,004

8,087

5,743

8,087

5,743

(30)

(986)

45,406

42,105

Valuation difference on available-for-sale securities

1,321

2,965

Revaluation reserve for land

11,831

12,401

Total valuation and translation adjustments

13,15315,366—68

58,56057,541

132,693

139,195

Non-current liabilities
Long-term loans payable

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus

Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders’ equity
Valuations and translation adjustments

Subscription rights to shares
Total net assets
Total liabilities and net assets- 30 -

(2) Non-consolidated Statements of Income(millions of yen)
FY2014(Apr. 1, 2013Mar. 31, 2014)

FY2015(Apr. 1, 2014Mar. 31, 2015)

Net sales

106,459

92,252

Cost of sales

91,516

81,232Gross profit

14,942

11,020

Selling, general and administrative expenses

12,966

13,680Operating income (loss)

1,975(2,660)Interest income

336

406

Dividend income

1,554

977

Rent income

1,230

1,335

Other

1,282

1,398

Total non-operating income

4,403

4,117

Interest expenses

277

254

Sales discounts

51

43

Rent expenses

958

1,158

Other

510

200

1,798

1,656

4,580

(198)

Gain on sales of non-current assets

20

6Gain on sales of shares of subsidiaries and associates—

11

Total extraordinary income

20

17

Loss on sales and retirement of non-current assets

188

204

Loss on liquidation of subsidiaries

87—

Surcharges

—

305

Other

24

7

Total extraordinary losses

300

517

4,300

(698)

Income taxes-current

762

353

Income taxes-deferred

(296)

(109)

Total income taxes

466

243

Net income (loss)

3,834

(942)

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income (loss)
Extraordinary income

Extraordinary losses

Income (loss) before income taxes- 31 -

(3) Non-consolidated Statements of Changes in Equity
FY2014 (Apr. 1, 2013 - Mar. 31, 2014)(millions of yen)
Shareholders’ Equity
Capital Surplus

Balance at the beginning of period

Retained Earnings
Otherretainedearnings

Capital
Stock

Legal
Other
Total
Total
capital capital capital Retained retained
surplus surplus surplus earnings earnings
brought
forward23,344

11,5542,450

14,004

4,956

4,956

Treasury
Shares

Total
Shareholders’Equity(25)

42,281

Cumulative effects of changes
in accounting policies
Restated balance—
23,344

11,5542,450

14,004

4,956

4,956

(25)

42,281Dividends of surplus

(689)

(689)

(689)

Net income

3,834

3,834

3,834

Changes of items during theperiodPurchase of treasury shares(4)

Reversal of revaluation reserve
for land

(14)

(14)

(4)
(14)

Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

—

—

—

—

3,130

3,130

(4)

3,125

23,344

11,5542,450

14,004

8,087

8,087

(30)

45,406

Valuation and Translation Adjustments
Valuation
Total Valuation
Difference on
Revaluation
and Translation
Available-for-sale Reserve for Land
Adjustments
Securities

Balance at the beginning of period

906

11,816

12,723

Subscription
rights toshares—Cumulative effects of changes
in accounting policies
Restated balance

Total Net
Assets
55,004—906

11,816

12,723—55,004

Changes of items during theperiodDividends of surplus(689)

Net income

3,834

Purchase of treasury shares(4)

Reversal of revaluation reserve
for land(14)

Net changes of items other thanshareholders’ equity

415

14

430

—

430

Total changes of items during theperiod

415

14

430

—

3,555

1,321

11,831

13,153—58,560

Balance at the end of period- 32 -

FY2015 (Apr. 1, 2014 - Mar. 31, 2015)(millions of yen)
Shareholders’ Equity
Capital Surplus

Balance at the beginning of period

Retained Earnings
Otherretainedearnings

Capital
Stock

Legal
Other
Total
Total
capital capital capital Retained retained
surplus surplus surplus earnings earnings
brought
forward23,344

11,5542,450

14,004

Treasury
Shares

Total
Shareholders’Equity(30)

45,406

8,087

8,087

(483)

(483)

7,604

7,604

Dividends of surplus

(918)

(918)

(918)

Net loss

(942)

(942)

(942)

Cumulative effects of changes
in accounting policies
Restated balance

23,344

11,5542,450

14,004(483)(30)

44,923

Changes of items during theperiodPurchase of treasury shares

(956)

(956)

Reversal of revaluation reserve
for land—Net changes of items other thanshareholders’ equity
Total changes of items during theperiodBalance at the end of period

—

—

—

23,344

11,5542,450— (1,861) (1,861)
14,004

5,743

5,743

(956)

(2,817)(986)

42,105

Valuation and Translation Adjustments
Valuation
Total Valuation
Difference on
Revaluation
and Translation
Available-for-sale Reserve for Land
Adjustments
Securities

Balance at the beginning of period

1,321

11,831

13,153

Subscription
rights toshares—Cumulative effects of changes
in accounting policies
Restated balance

Total Net
Assets58,560
(483)

1,321

11,831

13,153—58,077

Changes of items during theperiodDividends of surplus(918)

Net loss(942)

Purchase of treasury shares(956)

Reversal of revaluation reserve
for land—Net changes of items other thanshareholders’ equity

1,643

569

2,212

68

2,281

Total changes of items during theperiod

1,643

569

2,212

68

(536)

Balance at the end of period

2,965

12,401

15,36668

57,541- 33 -

(4) Notes to the Non-consolidated Financial Statements(Notes Regarding the Going Concern Assumption)
Not applicable

7. Others(1) Production, Orders & Sales
1) Production results per product-type
Product-type

FY2014FY2015(millions of yen)
Change from previous
period(Apr. 1, 2013-Mar. 31, 2014)(Apr. 1, 2014-Mar. 31, 2015)

Cultivating & mowing
machinery

59,79755,646(4,151)

Planting machinery

17,332

18,330997

28,04328,378

334

2,261

2,307

46

8,404

7,261

(1,143)

115,840

111,923(3,916)———

115,840

111,923(3,916)

Harvesting andprocessing machinery
Parts and farming
implements
Other agriculture related
business
Agriculture-related business
total
Other business total
Total
Note: Figures are shown in terms of sales values.

2) Orders
We operate a system whereby production is based mostly on projected demand. We hardly ever produce on order.
3) Sales results per product-type(a) Total

Product-type

FY2014FY2015(Apr. 1, 2013-Mar. 31, 2014)(Apr. 1, 2014-Mar. 31, 2015)

AmountRatio

Amount%Ratio(millions of yen)
Change from previous
periodAmount%

Ratio%

Cultivating &mowing machinery

49,96329.6

52,273

33.2

2,309

4.6

Planting machinery

17,62010.4

11,8707.5(5,750)(32.6)

29,281

17.3

24,322

15.5(4,959)(16.9)

37,35722.1

34,86722.1(2,489)(6.7)

34,871

20.6

34,083

21.7

(787)

(2.3)

169,094100

157,417100(11,677)

(6.9)

34

0.0

—

—

(34)

—

169,129100

157,417100(11,711)(6.9)

Harvesting andprocessing
machineryParts and farming
implements
Other agriculture
related business
Agriculture-related
business total
Other business total
Total- 34 -

(b) Domestic

Product-type

FY2014FY2015(Apr. 1, 2013-Mar. 31, 2014)(Apr. 1, 2014-Mar. 31, 2015)

AmountRatio

AmountRatio%(millions of yen)
Change from previous
periodAmount

Ratio

%

%

Cultivating &mowing machinery

33,322

23.3

31,63424.0(1,687)(5.1)

Planting machinery

10,887

7.6

9,764

7.4

(1,123)(10.3)

28,25919.8

23,99618.2(4,262)(15.1)

36,04825.2

33,07525.0(2,973)(8.2)

34,42224.1

33,485

25.4

(936)

(2.7)

142,940

100

131,956

100(10,983)

(7.7)

34

0.0

—

—

(34)

—

142,974

100

131,956

100(11,018)(7.7)

Harvesting andprocessing
machineryParts and farming
implements
Other agriculture
related business
Agriculture-related
business total
Other business total
Total(c) Overseas

Product-type

FY2014FY2015(Apr. 1, 2013-Mar. 31, 2014)(Apr. 1, 2014-Mar. 31, 2015)(millions of yen)
Change from previous
periodAmountAmountAmount

Ratio
%

Ratio
%

Ratio
%

Cultivating &mowing machinery

16,641

63.6

20,639

81.1

3,997

24.0

Planting machinery

6,732

25.8

2,105

8.3

(4,627)(68.7)

1,022

3.9

325

1.3

(696)

(68.2)

1,308

5.0

1,792

7.0

483

37.0

448

1.7

598

2.3

149

33.3

26,154100

25,460

100

(693)

(2.7)

—

—

—

—

—

—

26,154100

25,460

100

(693)

(2.7)

Harvesting andprocessing
machineryParts and farming
implements
Other agriculture
related business
Agriculture-related
business total
Other business total
Total- 35 -