August 7, 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
August 8, 2013
Yes
Yes (For institutional investors, analysts)

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

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

34,815
921
1,306
1,568

Three Months Ended
June 30, 2012%
2.2
(24.0)
13.6
7.1

34,050
1,212
1,150
1,465

6.83
-

%
5.2
52.6
27.5
52.9

6.38
-

(Note) Comprehensive income:First Quarter of FY Mar. 2014 ¥2,117 mil. (85.8%)

First Quarter of FY Mar. 2013 ¥1,139 mil. (19.0%)

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

June 30, 2013

March 31, 2013

190,049
64,35533.0%
273.17179,028
62,92734.3%
266.94

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio
Net Assets per Share (yen)(Ref) Shareholders’ equity:

First Quarter of FY Mar. 2014 ¥62,760 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-

End of 3Q-

Year-end
3.00

Annual
3.00

-

-

3.00

3.00

FY ending March 2014 (forecast)(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)

Interim(Cumulative)
AnnualNet sales%

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

83,5003.8

3,200(22.0)

3,200(16.3)

1,900(37.4)

8.27

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)
First 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
First quarter of FY ending March 31, 2014
103,270 shares
FY ended March 31, 2013
101,954 shares
3) Average number of shares during the period (Quarterly cumulative period)First quarter of FY ending March 31, 2014
229,747,286 sharesFirst quarter of FY ended March 31, 2013
229,759,674 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) Notes regarding Consolidated Quarterly Financial Statements ······································· 10
Notes regarding the Going Concern Assumption ··························································· 10
Notes regarding Significant Changes in Shareholder’s Equity ······································· 10
Segment Information ···································································································· 10

31. Qualitative Information regarding quarterly financial results(1) Explanation concerning the status of consolidated financial results
During the first quarter consolidated cumulative period under review, while the Japanese economy shows an
improved business sentiment due to sustained high stock prices coupled with modified strong yen, uncertain
prospect remains due to decelerated overseas economies as seen in financial instability in Europe and signs of
decline in the economic conditions of China that are becoming clear. Also, with respect to economic recovery,in spite of witnessed move for a gradual recovery and emerging signs of bottoming out, it still lacks dynamism.
Under these circumstances, the ISEKI Group has made efforts to secure sales volume through enhanced careof 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 first quarter consolidated cumulative period under review, sales increased ¥765 million from the same
period of the previous year, to ¥34,815 million (up 2.2%). Domestic sales decreased ¥662 million to ¥29,114
million (down 2.2%). Overseas sales increased ¥1,427million to ¥5,701 million (up 33.4%). Operating income
decreased ¥291 million to ¥921 million (down 24.0%) due to increased personnel expenses and selling, generaland administrative expenses that reflected increased distribution cost and bonus payment, coupled withincreased fixed expenses such as development cost, in spite of earnings recovery effects by increased sales aswell as modified strong yen. Ordinary income increased ¥156 million to ¥1,306 million (up 13.6%) due tooccurrence of foreign exchange gains, etc. Quarterly net income increased ¥103 million to ¥1,568 million (up7.1%).
Financial results by segments are as follows:
1) Agriculture related businessIn the domestic market, sales of agricultural machinery and farming implements/parts increased due to signof vitalization of the Japanese agriculture as a whole on the back of improved income for farmers throughrecovery in the rice price and firmly established individual household income compensation system, in spite of
the gap by region and business mode of agriculture. However, sales in Japan as a whole declined due toabsence of major construction works of facilities that had been completed in the previous period. Overseas
sales increased due to contribution of injection of new products into North America.
The trend of sales by product is as follows.
(Domestic)
Sales of cultivating & mowing machinery (tractors, tillers, etc.) were ¥8,949 million (up 7.7% from the same
period of the previous year), and sales of planting machinery (rice transplanters, vegetable transplanters) were¥2,819 million (down 0.7%). Sales of harvesting and processing machinery (combine harvesters, etc.) were
¥4,131 million (up 0.7%). Sales of spare parts and farming implements were ¥6,747 million (up 7.8%). The
other agriculture related sales (construction of facilities, etc.) were ¥6,430 million (down 21.9%).
(Overseas)
Sales of cultivating & mowing machinery (tractors, etc.) were ¥3,949 million (up 53.6% from the same
period of the previous year), and sales of planting machinery (rice transplanters, etc.) were ¥1,165 million (up414.3%). Sales of harvesting and processing machinery (combine harvesters, etc.) were ¥152 million (down
5.2%).

Sales of spare parts and farming implements were ¥239 million (down 11.1%). The other agriculture

related sales were ¥194 million (down 23.1%).
As a result, the segment sales remained at ¥34,781 million (up 2.2%).
2) Other businessAs other business, we engage in development/sales/operation of computer software. This segment sales
stood at ¥34 million (up 6.8%).
(2) Explanation concerning the shifts in consolidated financial position
As of the end of the first quarter consolidated cumulative period, total assets increased ¥11,021 million
from the previous fiscal year end to ¥190,049 million. The main change was from a ¥7,827 million increase innotes and accounts receivable-trade, a ¥853 million increase in inventory assets. Total liabilities increased¥9,593 million from the previous fiscal year end to ¥125,694 million, mainly as a result of a ¥10,388 million
increase in short-term loans payable and long-term loans payable. Net assets increased ¥1,427 million from theprevious fiscal year end to ¥64,355 million mainly due to increase in retained earnings by appropriation ofquarterly net income of ¥1,568 million.
(3) Explanation regarding consolidated performance forecast, etc.
During the first quarter consolidated cumulative period, ordinary income increased contributed by foreignexchange gains due to modified strong yen, in spite of decreased operating income due to increased selling,
general and administrative expenses that exceeded increased gross income by increased sales.
We will continue to engage in aggressive sales expansion process in Japan under the unified slogan“Cheering Squad Supporting Dream of Agriculture” and a password “i-NEXT” for further steps throughinjection of new tractors in domestic market and other efforts. In overseas, we will also engage in sales
expansion by development and injection of new products targeted to North American market and Chinese
market.
We have not made revisions to the business performance forecasts announced on May 13, 2013 in view ofexistence of uncertain factors such as concerns for fluctuation of sales and foreign exchange caused byeconomic trend of both domestic and overseas, and downward pressure on earnings such as rising prices of raw
materials.
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 June 30, 2013)

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

9,653
38,28319
37,901
4,212
1,417
4,381
(70)
95,79914,99150,471
16,381
81,844965

14,93450,823
17,25083,008
959

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

6,896
3,765
(379)
10,282
94,250190,049

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

FY2014(as at Jun.30, 2013)

Notes and accounts payable-trade42,60942,489

Short-term loans payable

15,19926,475Current portion of bonds

100

100

Current portion of long-term loans payable

5,984

6,039

Income taxes payable

1,108

304

Provision for bonuses

303

1,126

11,297

10,76776,60287,303Long-term loans payable

20,382

19,440

Deferred tax liabilities for land revaluation

6,644

6,644

Provision for retirement benefits

5,453

5,164

Provision for directors' retirement benefits

125

115

Asset retirement obligations

262

260

6,629

6,764

39,49838,390116,101

125,694

Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

11,522

12,402

Treasury stock

(25)

(26)

48,29649,174

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

1,162

11,816

11,816

Foreign currency translation adjustments

288

606

13,033

13,585

1,598

1,594

Total Net Assets

62,92764,355

Total Liabilities and Net Assets

179,028

190,049

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
First Quarter Consolidated Cumulative Period(millions of yen)
FY2013(Apr.1,2012-Jun.30, 2012)

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

Net sales

34,05034,815

Cost of sales

22,60023,374Gross profit

11,45011,441

Selling, general and administrative expenses

10,237

10,520Operating income

1,212

921

Interest income

3545Dividend income

9073

Foreign exchange gains

-

430

Other

155

166

Total non-operating income

281

716

Interest expenses

189

184

Foreign exchange losses

35

-

Other

119

146

Total non-operating expenses

343

331

1,150

1,306

4

1

Compensation income

167

23

Total extraordinary income

172

24

Loss on sales and retirement of noncurrent assets

22

38

Other

0

1

Total extraordinary losses

22

39

1,299

1,291

Income taxes-current

155

270

Income taxes-deferred

(320)

(535)

Total income taxes

(165)

(265)

Income before minority interests

1,465

1,556

Minority interests in income (loss)

(0)

(11)

1,465

1,568

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary income
Gain on sales of noncurrent assets

Extraordinary losses

Income before income taxes

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

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

1,465

1,556

(427)

234

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

89

311

14

14

(325)

560

Comprehensive income

1,139

2,117

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

1,147

2,121

(8)

(4)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities9(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. First quarter consolidated cumulative period of the previous year (April 1, 2012 – June 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

34,01832

34,050-34,050

0

32

32

(32)

-

34,0181,463

64
134,082
1,465

(32)
-

34,0501,465(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. First quarter consolidated cumulative period under review (April 1, 2013 – June 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

34,781

34

34,815-34,815

0

30

30

(30)

-

34,781
1,632

64
(63)

34,846
1,568

(30)
-

34,815
1,568(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.

10