February 10, 2012
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
February 10, 2012
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 Nine Months Ended December 31, 2011 [Japanese GAAP](Consolidated)
I. Financial Results for the Nine Months Ended December 31, 2011 (April 1, 2011  December 31, 2011)
A. Results of operations(Rounded down to millions of yen, % indicates changes from the previous period)

Nine Months Ended
December 31, 2011
Net Sales
Operating Income
Ordinary Income
Net Income
Net Income per Share (yen)Non-diluted
Fully Diluted

109,065
3,802
3,434
2,180

%

Nine Months Ended
December 31, 2010

(2.7)
30.4
57.8
248.6

%

112,140
2,916
2,177
625

9.49
-

3.9
(33.7)(43.7)(76.6)

2.72-(Note) Comprehensive income:Third Quarter of FY Mar. 2012 ¥2,820 mil. (541.8 %)Third Quarter of FY Mar. 2011 ¥439 mil. (-%)

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

Total Assets
Net Assets
Shareholders’ Equity to Total Assets Ratio

December 31, 2011

March 31, 2011

176,028
57,43531.8%

169,168
54,617
31.4%(Ref) Shareholders’ equity:
Third Quarter of FY Mar. 2012 ¥55,942 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-

FY ending March 2012 (forecast)Year-end
0.00

Annual0.00--(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)

145,000

(1.9)

3,500

24.8

2,900

44.5

1,400

-

6.09

(Note) Revision from the most recently announced performance forecast: Yes
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)
Third 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
Third quarter of FY ending March 31, 2012
85,960 shares
FY ended March 31, 2011
73,082 shares
3) Average number of shares during the period (Quarterly cumulative period)
Third quarter of FY ending March 31, 2012
229,771,157 shares
Third quarter of FY ended March 31, 2011229,796,183 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], [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) Notes regarding the Going Concern Assumption ···························································· 10(4) Segment Information······································································································ 10(5) Notes in case there is a substantial change in the amount of shareholders’ equity··········· 10

31. Qualitative Information regarding quarterly financial results(1) Qualitative information concerning the status of consolidated financial results
During the third quarter consolidated cumulative period under review, while there was a sign of recovery fromthe bottom of plunged productive activities caused by the Great East Japan Earthquake, the momentum of theeconomic recovery has been curved by the occurrence of floods in Thailand, prolonged strong yen coupled with anuncertain factor of economic slowdown in Europe and the US.
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 third quarter consolidated cumulative period under review, sales decreased ¥3,074 million from the same
period of the previous year, to ¥109,065 million (down 2.7 %). Domestic sales decreased ¥4,632 million to ¥93,754
million (down 4.7 %). Overseas sales increased ¥1,557 million from the same period of the previous year to ¥15,311
million (up 11.3%). Operating income increased ¥885 million to ¥3,802 million (up 30.4%), having absorbed factors
to deteriorate profits such as a decreased gross income by decreased sales, a deteriorated forex development andraised raw material price by the thorough reduction of fixed expenses and selling, general and administrative
expenses. Ordinary income increased ¥1,257million to ¥3,434 million (up 57.8 %). Quarterly net income increased¥1,555 million to ¥2,180 million (up 248.6%)
Financial results by segment are as follows:
1) Agriculture related businessIn the domestic market, during the third quarter consolidated cumulative period under review, sales of both
agricultural machinery and farming implements exceeded the same period of the previous year. This is in spite of thedecreased sales in the first quarter consolidated period as 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. Overseas sales increased due to substantially
increased sales of rice transplanters in the Chinese market. While sales in Europe increased, sales in North Americaand Asia (except for China) decreased.
The trend of sales by product is as follows.
(Domestic)
Sales of cultivating & mowing machinery (tractors, tillers, etc.) were 21,884 million (up 5.2% from the same
period of the previous year), and sales of planting machinery (rice transplanters, vegetable transplanters) were
¥8,719 million (down 10.8%). Sales of harvesting and processing machinery (combine harvesters, etc.) were
¥17,897 million (down 2.6%). Sales of spare parts and farming implements were ¥23,425 million (down 3.7%). The
other agriculture related sales (construction of facilities, etc) were ¥21,726 million (down 13.1%).
(Overseas)
Sales of cultivating machinery & mowing (tractors, etc.) were ¥8,758 million (down 3.1% from the same periodof the previous year), and sales of planting machinery (rice transplanters, etc.) were ¥4,368 million (up 114.2%).
Sales of harvesting and processing machinery (combine harvesters, etc.) were ¥933 million (down 27.2%). Sales ofspare parts and farming implements were ¥707 million (down 7.9%). The other agriculture related sales were ¥544
million (down 13.1%).

4

As a result, the segment sales stood at ¥108,964 million (down 2.7%).
2) Other businessAs other business, we engage in development/sales/operation of computer software. The segment sales stood at¥101 million (down 4.7%).

(2) Qualitative information concerning the shifts in consolidated financial position
As of the end of the third quarter consolidated cumulative period, total assets increased ¥6,860 million from theprevious fiscal year end to ¥176,028 million. The main change was from a ¥5,507 million increase in cash anddeposits, a ¥3,241 million increase in notes and accounts receivable-trade, and a ¥1,291 million decrease ininventory assets. Total liabilities increased ¥4,042 million from the previous fiscal year end, mainly as a result of a¥3,525 million decrease in notes and accounts payable-trade and a ¥949 million decrease in deferred tax liabilities
related to revaluation by changed effective tax rates due to the tax system revision, and a ¥10,651 million increase ininterest-bearing liabilities. Net assets increased by ¥2,818 million from the end of the previous fiscal year, mainly
due to net income of ¥2,180 million and a ¥949 million increase in the in land revaluation reserve as a result ofchanged effective tax rate due to tax revision.

(3) Qualitative information regarding consolidated performance forecast
During the third quarter consolidated cumulative period under review, sales of tractors increased in the midst of
decreasing sales in the domestic market, due to aggressive promotion of sales expansion. We will continue to engage
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 Dongfeng Iseki
Agricultural Machinery (Hubei) Co., Ltd. that has started a full-fledged production.

As a result of a review of the business performance forecasts, and considering the progress of the businessperformance during the third quarter consolidated cumulative period under review, etc., we have made an
upward revision of the net sales, operating income, ordinary income and net income for the annual businessperformance forecasts for the fiscal year ending March 31, 2012.
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 Dec.31, 2011)

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

11,20431,93019
35,004
3,178
1,492
3,068
(48)
85,84914,90950,17314,80879,890948

14,94450,206
14,423
79,574
967

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

5,027
5,005
(395)
9,637
90,179176,028

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

FY2012(as at Dec.31, 2011)

Notes and accounts payable-trade41,95038,424

Short-term loans payable

17,88327,397

Current portion of long-term loans payable

11,2209,808

Income taxes payable

463

854

Provision for bonuses

821

886

Provision for loss on disaster

174

11

8,777

6,504

81,29083,888100

100

Long-term loans payable

14,277

16,825

Deferred tax liabilities for land revaluation

7,593

6,644

Provision for retirement benefits

5,225

5,392

Provision for directors' retirement benefits

134

132

Asset retirement obligations

294

256

5,635

5,352

33,261

34,704

114,551

118,593

Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

5,160

7,340

Treasury stock

(19)

(21)

41,93944,117

366

100

-

(7)

10,867

11,816(65)(84)

11,16911,825

1,508

1,492

Total Net Assets

54,61757,435

Total Liabilities and Net Assets

169,168

176,028

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
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Total Accumulated Other
Comprehensive Income
Minority interests7(2) Consolidated Quarterly Statements of Income and Consolidated Quarterly Statements of Comprehensive
IncomeConsolidated Quarterly Statements of Income
Third Quarter Consolidated Cumulative Period(millions of yen)
FY2011(Apr.1,2010-Dec.31, 2010)

FY2012(Apr.1,2011-Dec.31, 2011)

Net sales

112,140

109,065

Cost of sales

77,12874,24135,011

34,82332,09431,021

2,916

3,802

Interest income

133

121

Dividend income

93

162

Other

560

608

787

891

Interest expenses

677

599

Foreign exchange losses

463

264

Other

386

394

Total non-operating expenses

1,526

1,259

Ordinary income

2,177

3,434

Gain on sales of noncurrent assets

47

28

Other

-

1

Total extraordinary income

47

30

Loss on sales and retirement of noncurrent assets

139

93

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

316

-

218

-

-

252

Cost of measures for product recall

11

24

Other

6

7

691

377

Income before income taxes

1,532

3,087

Income taxes-current

1,007

1,012

Income taxes-past year

22

257

Income taxes-deferred

(141)

(363)

Total income taxes

888

907

Income before minority interests

643

2,179

Minority interests in income

18

(0)

625

2,180

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

Net income8Consolidated Quarterly Statements of Comprehensive Income
Third Quarter Consolidated Cumulative Period(millions of yen)
FY2011(Apr.1,2010-Dec.31, 2010)

FY2012(Apr.1,2011-Dec.31, 2011)

643

2,179

(157)

(281)

-

(7)

(46)

(19)

-

949

(204)

640

Comprehensive income

439

2,820

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

416

2,836

23

(15)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Land revaluation reserve
Total of other comprehensive income9(3) Notes regarding the Going Concern Assumption
There is no corresponding item.
(4) Segment Information
1. Third quarter consolidated cumulative period of the previous year (April 1, 2010 – December 31, 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

112,033

106

112,140-

112,140

0

99

99

(99)

-

112,033
629

205
(4)

112,239
625

(99)
-

112,140625(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. Third quarter consolidated cumulative period under review (April 1, 2011 – December 31, 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 amount

Total

108,964101

109,065-

109,065

0

106

106

(106)

-

108,964
2,183

207
(2)

109,172
2,180

(106)
-

109,065
2,180(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.
(5) Note in case there is a substantial change in the amount of shareholders’ equity
There is no corresponding item.

10