November 10, 2011
Name of listed company:
Company Code:
Representative:
Title
Enquiries:
Title

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

Stock Exchange Listing: Tokyo
Name
Seiichiro Gamo
Shunichi Suzuki
Name
Telephone: +81 3 5604 7709
November 10, 2011
Yes
Yes (For institutional investors, analysts)

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

Summary Announcement of Consolidated Financial Results
for the Six Months Ended September 30, 2011 [Japanese GAAP](Consolidated)
I. Financial Results for the Six Months Ended September 30, 2011 (April 1, 2011  September 30, 2011)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Six Months Ended
September 30, 2011
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

72,368
2,636
2,436
1,809

Six Months Ended
September 30, 2010

%
(4.0)
15.1
38.2
-

%

75,420
2,291
1,763
71

7.87
-

8.2
(9.4)
(19.7)(95.5)

0.31-(Note) Comprehensive income:Second Quarter of FY Mar. 2012 ¥1,691 mil. (- %)Second Quarter of FY Mar. 2011 - ¥182 mil. (-%)

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

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio

September 30, 2011

March 31, 2011

173,308
56,30631.6%

169,168
54,617
31.4%(Ref) Shareholders’ equity:
Second Quarter of FY Mar. 2012 ¥54,825 mil.

FY ended Mar. 2011 ¥53,108 mil.

II. Dividends

Dividend per share (Yen)(Recorded date)
FY ended March 2011
FY ending March 2012

End of 1Q-

End of 2Q-

End of 3Q-

Year-end
0.00

Annual
0.00

-

-

-

FY ending March 2012 (forecast)(Note) Revision from the most recently announced dividend forecast : No
As we have yet to determine the specific expected dividend amount, forecasts for the fiscal year-end and full year
are indicated with a dash.
(Please refer to “Statement regarding proper use of financial performance forecasts and other notes.”)1III. Forecast for the Fiscal Year Ending March 31, 2012 (April 1, 2011  March 31, 2012)(Rounded down to millions of yen, % represents comparison with previous year)

AnnualNet sales%

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

144,500

(2.3)

2,900

3.4

2,200

9.7

900

-

3.92

(Note) Revision from the most recently announced performance forecast: No
IV. Others
A. Change in important subsidiaries during the period (change in specified subsidiaries which accompanies achange in the range of consolidation): None.
B. Adoption of unique accounting method for preparing quarterly financial statements: None
C. Change in accounting policy, change of estimation in accounting and modified restatement
1) Change in accounting policy which accompanies revision of accounting standards : None
2) Change in accounting policy other than No.1.
: None3) Change of estimation in accounting.
: None4) Modified restatement: NoneD. Outstanding shares (Common shares)
1) Outstanding shares as of the end of the period (Including treasury shares)
Second quarter of FY ending March 31, 2012
229,849,936 shares
FY ended March 31, 2011229,849,936 shares
2) Outstanding treasury shares as of the end of the period
Second quarter of FY ending March 31, 2012
81,934 shares
FY ended March 31, 2011
73,082 shares
3) Average number of shares during the period (Quarterly cumulative period)
Second quarter of FY ending March 31, 2012
229,773,157 shares
Second quarter of FY ended March 31, 2011229,799,472 shares* Statement regarding state of implementation of quarterly review procedure
While these quarterly financial results are exempted from the requirement of quarterly review procedure under
the Financial Instruments and Exchange Act, we have completed the review procedure of the quarterly financial
statements.
* 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 5 of the attached document, [1.Qualitative Information
regarding quarterly financial results, etc.], [3. Qualitative information regarding consolidated performance
forecast].
With respect to dividends, as we have yet to determine the specific expected dividend amount at this point inview of a prospect of continued uncertain business environment, we will make an announcement wheneverdisclosure of the expected amounts is made possible.

2

Content of the attached document

1. Qualitative Information regarding quarterly financial results ··················································· 4(1) Qualitative information concerning the status of consolidated financial results ················ 4(2) Qualitative information concerning the shifts in consolidated financial position ·············· 5(3) Qualitative information regarding consolidated performance forecast ······························ 5
2. Matters concerning Summary Information (Others) ································································· 5(1) Changes in important subsidiaries during the quarterly consolidated cumulative period··· 5
3. Consolidated Quarterly Financial Statements··········································································· 6(1) Consolidated Quarterly Balance Sheets ············································································ 6(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements ofComprehensive Income···································································································· 8Consolidated Quarterly Statements of Income·································································· 8Consolidated Quarterly Statements of Comprehensive Income ········································ 9(3) Consolidated Quarterly Statement of Cash Flows··························································· 10(4) Notes regarding the Going Concern Assumption ···························································· 11(5) Segment Information······································································································ 11(6) Notes in case there is a substantial change in the amount of shareholders’ equity··········· 1131. Qualitative Information regarding quarterly financial results, etc.

(1) Qualitative information concerning the status of consolidated financial results
During the second quarter consolidated cumulative period under review, while a steady recovery has taken placein the Japanese economy from the major drop of the economic activities due to the effects of the Great East Japan
Earthquake and nuclear power plant accident, there still remain various issues to be concerned with both inside andoutside of the nation. Such issues include the short supply of electricity, radioactive contamination, strong yen thatreflects lowered creditworthiness of Europe and the US and inactive stock market, and the economy has followed
uncertain trends.
Under the circumstances, the ISEKI Group made efforts to secure sales volume in Japan by enhancing customer
services. Also, in overseas, as a result of our efforts to supply products to the continually expanding Chinese market,
the consolidated business performance of the ISEKI Group resulted as follows.
In the second quarter consolidated cumulative period, sales decreased ¥3,051 million from the same period of theprevious year, to ¥72,368 million (down 4.0%). Domestic sales decreased ¥5,219 million to ¥61,061 million (down
7.9%). Overseas sales increased ¥2,167 million from the same period of the previous year to ¥11,307 million (up23.7%). Operating income increased ¥345 million to ¥2,636 million (up 15.1%), having absorbed factors todeteriorate profits such as decreased gross income by decreased sales and raised raw material price by the thoroughreduction of fixed expenses and selling, general and administrative expenses. Ordinary income increased ¥673
million to ¥2,436 million (up 38.2%). Quarterly net income increased ¥1,737 million to ¥1,809 million.
Financial results by segment are as follows:
1) Agriculture related business
Our sales in the domestic market decreased due to a reaction to concentrated sales related to the urgent
machinery leasing support program that existed in the same period of the previous year as well as decreased sales in
the Tohoku district by occurrence of the Great East Japan Earthquake. However, while sales decreased in the second
quarter consolidated cumulative period under review, sales of agricultural machinery in the second quarter
consolidated period under review recovered, back up to the level of the previous year. Overseas sales increased due
to substantially increased sales of rice transplanters in the Chinese market.
The trend of sales by product is as follows.
(Domestic)
Sales of cultivating & mowing machinery (tractors, tillers, etc.) were 17,085 million (up 6.9% from the same
period of the previous year), and sales of planting machinery (rice transplanters, vegetable transplanters) were
¥7,263 million (down 14.0%). Sales of harvesting and processing machinery (combine harvesters, etc.) were ¥6,393
million (down 17.0%). Sales of spare parts and farming implements were ¥15,660 million (down 7.4%). The otheragriculture related sales (construction of facilities, etc.) were ¥14,578 million (down 15.0%).
(Overseas)
Sales of cultivating & mowing machinery (tractors, etc.) were ¥6,204 million (up 6.2% from the same period of
the previous year), and sales of planting machinery (rice transplanters, etc.) were ¥4,154 million (up 125.4%). Salesof harvesting and processing machinery (combine harvesters, etc.) were ¥133 million (down 71.2%). Sales of spareparts and farming implements were ¥469 million (down 6.1%). The other agriculture related sales were ¥344 million(down 29.6%).

4

As a result, the segment sales stood at ¥72,289 million (down 4.1%).
2) Other businessAs other business, we engage in development/sales/operation of computer software. The segment sales stood at¥78 million (up 5.1%).

(2) Qualitative information concerning the shifts in consolidated financial position
As of the end of the second quarter consolidated cumulative period, total assets increased ¥4,139 million fromthe previous fiscal year end to ¥173,308 million. The main change was from a ¥3,647 million temporary increase in
cash and deposits in the second quarter consolidated cumulative period under review by procurement of necessary
funds for the fiscal year ending March 31, 2012, a ¥3,167 million increase in notes and accounts receivable-trade due
to increased sales in the second quarter consolidated period under review from the previous fourth quarter
consolidated period and a ¥2,132 million decrease in inventory assets. Total liabilities increased ¥2,449 million fromthe previous fiscal year end, mainly as a result of a ¥3,357 million decrease in notes and accounts payable-trade anda ¥7,202 million increase in interest-bearing liabilities. Net assets increased ¥1,689 million from the previous fiscal
year end mainly due to the quarterly net income of ¥1,809 million.

(3) Qualitative information regarding consolidated performance forecast
During the second quarter consolidated cumulative period under review, sales of tractors increased in the midstof decreasing sales in the domestic market, due to aggressive promotion of sales expansion. We will continue toengage in aggressive sales expansion under the unified slogan “Cheering Squad Supporting Dream of Agriculture!
ISEKI”. In overseas, we will engage in further sales expansion in the Chinese market by adding the newly
established Dongfeng Iseki Agricultural Machinery (Hubei) Co., Ltd.
With respect to the business performance forecasts for the fiscal year ending March 31, 2012 announced on May
12, 2011, we have made downward revisions of net sales. This is in light of recent orders received and the trends offoreign exchange market. There was no revision made to operating income, ordinary income and net income.

2. Matters concerning Summary Information (Others)(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
FY2011(as at Mar. 31, 2011)
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 fixed 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)
FY2012(as at Sep.30, 2011)

5,696
28,68819
37,216
2,569
1,180
3,353
(60)
78,665

9,343
31,85619
34,489
2,991
1,353
2,385
(48)
82,391

14,90950,17314,80879,890948

14,96550,19814,80879,972
968

5,186
4,913
(436)
9,663
90,503
169,168

5,312
5,054
(391)
9,975
90,916173,308

(millions of yen)
FY2011(as at Mar.31, 2011)

FY2012(as at Sep. 30, 2011)

Notes and accounts payable-trade41,95038,592

Short-term loans payable

17,883

21,159Current portion of long-term loans payable

11,22011,708

Accrued consumption taxes

463

610

Provision for bonuses

821

654

Provision for loss on disaster

174

13

8,777

7,545

81,29080,284100

100

Long-term loans payable

14,277

17,715

Deferred tax liabilities for land revaluation

7,593

7,593

Provision for retirement benefits

5,225

5,446

Provision for directors' retirement benefits

134

127

Asset retirement obligations

294

285

5,635

5,447

33,261

36,716

114,551

117,001

Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

5,160

6,969

Treasury stock

(19)

(21)

41,93943,746

Liabilities
Current Liabilities:

Other
Total Current Liabilities
Noncurrent Liabilities:
Bonds payable

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

366

265

10,867

10,867

Foreign currency translation adjustments

(65)

(54)

11,16911,078

1,508

1,481

Total Net Assets

54,61756,306

Total Liabilities and Net Assets

169,168

173,308

Total Accumulated Other
Comprehensive Income
Minority interests7(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive
IncomeConsolidated Quarterly Statements of Income
Second Quarter Consolidated Cumulative Period(millions of yen)
FY2011(Apr.1,2010-Sep.30, 2010)

FY2012(Apr.1,2011-Sep.30, 2011)

Net sales

75,42072,368

Cost of sales

51,64848,916

23,771

23,451

21,48020,815

2,291

2,636

Interest income

8480

Dividend income

72

124

Other

381

434

538

639

Interest expenses

460

394

Foreign exchange losses

327

175

Other

277

269

Total non-operating expenses

1,066

839

Ordinary income

1,763

2,436

Gain on sales of noncurrent assets

45

26

Other

-

1

Total extraordinary income

45

27

Loss on sales and retirement of noncurrent assets

96

52

Loss on valuation of investment securities
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Retirement benefit expenses

662

1

218

-

-

252

Cost of measures for product recall

1

6

Other

5

1

984

313

Income before income taxes

823

2,150

Income taxes-current

691

619

Income taxes-deferred

59

(266)

Total income taxes

750

352

Income before minority interests

72

1,797

Minority interests in income

1

(11)

Net income

71

1,809

Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income

Total non-operating income
Non-operating expenses

Extraordinary income

Extraordinary losses

Total extraordinary losses

8Consolidated Quarterly Statements of Comprehensive Income(Second Quarter Consolidated Cumulative Period)(millions of yen)
FY2011(Apr.1,2010-Sep30, 2010)

FY2012(Apr.1,2011-Sep.30, 2011)

72

1,797

Valuation difference on available-for-sale securities

(233)

(116)

Foreign currency translation adjustments

(21)

10

Total of other comprehensive income

(255)

(106)

Comprehensive income

(182)

1,691

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

(181)

1,718

(0)

(27)

Income before minority interests
Other comprehensive income9(3) Consolidated Quarterly Statements of Cash Flows(millions of yen)
Net Cash Provided by (Used in) Operating Activities:
Income before income taxes
Depreciation and amortization
Increase (decrease) in provision for retirement benefits
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss (gain) on sales of property, plant and equipment andintangible assets
Decrease(increase) in notes and accounts receivable-trade
Decrease(increase) in inventories
Increase(decrease) in notes and accounts payable-trade
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Other
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net Cash Provided by (Used in) Investment Activities:
Purchase of short-term investment securities
Proceeds from sales of short-term investment securities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Decrease (increase) in time deposits
Payments for investments in capital of subsidiaries andaffiliates
Other
Net cash provided by (used in) investment activities
Net Cash provided by (Used in) Financing Activities:
Increase (decrease) in short-term loans payable, net
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sale and leaseback transactions
Repayments of lease obligations
Purchases of treasury stock
Other
Net cash provided by (used in) financing activities
Effect of Exchange Rate Changes on Cash and Cash
Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at beginning of period
Cash and Cash Equivalents at end of period

10

FY2010(Apr.1,2010-Sep.30, 2010)

FY2011(Apr.1,2011-Sep.30, 2011)

823
2,700
172
(156)
460
(108)

2,150
2,915
221
(205)
394
(54)

51

26

(977)
1,500
367

(3,167)2,132(3,357)

218

―

348
5,401
157
(467)
(654)
118
4,555

(1,033)
22
205
(396)
(484)
265
(387)

(19)
19

(19)
19

(2,892)(2,419)

140

126

(1)
0
(433)

(315)
6
(301)

―

(239)

(61)
(3,246)43(3,100)

2,934
2,365
(7,004)100(1,020)
659
(565)
(3)
(9)
(2,543)

3,271
10,420(6,493)
―
―
407
(828)
(1)
(9)
6,765

82

67

(1,152)
6,614
5,461

3,345
5,585
8,931

(4) Notes regarding the Going Concern Assumption
There is no corresponding item.
(5) Segment Information
1. Second quarter consolidated cumulative period of the previous year (April 1, 2010 – September 30, 2010)
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(millions of yen)
Quarterly
consolidated
Adjustment
incomeamountstatement
posted amountTotal

75,34575

75,420-75,420

0

67

67

(67)

-

75,34575

142(3)75,48771(67)-

75,42071(Note)
1) Adjustment amount corresponds to elimination of inter-segments transactions.
2) Segment income (loss) has been adjusted with the quarterly net income in the quarterly consolidated statements
of income.

2. Second quarter consolidated cumulative period under review (April 1, 2011 – September 30, 2011)
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(millions of yen)
Quarterly
consolidated
Adjustment
incomeamountstatement
posted amountTotal

72,28978

72,368-72,368

-

69

69

(69)

-

72,289
1,808

148
0

72,438
1,809

(69)
-

72,3681,809(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.
(6) Note in case there is a substantial change in the amount of shareholders’ equity
There is no corresponding item.

11