Consolidated Financial Results
for the Three Months Ended March 31, 2024
[Japanese GAAP]May 15, 2024
Company name: ISEKI&CO., LTD.
Stock exchange listing: Tokyo
Code number: 6310
URL: https://www.iseki.co.jp
Representative: Shiro Tomiyasu,President and Representative Director
Contact: Yoshikazu Ogusu,General Manager of Financial Department
Phone: +81-3-5604-7671
Scheduled date of filing quarterly securities report: May 15, 2024
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended March 31, 2024 (January 1, 2024 to March 31, 2024)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Three months ended
March 31, 2024
43,972(4.2)
734(56.6)
920(29.3)
446(37.4)March 31, 2023
45,88518.3
1,690
1,302
713
138.9
(Note) Comprehensive income:Three months ended March 31, 2024:¥
1,561 million [41.6%]
Three months ended March 31, 2023:¥
1,102 million [209.9%]
Basic earnings
per share
Three months ended
March 31, 2024
March 31, 2023

Diluted earnings pershare
Yen

Yen

19.76
31.56

19.76
31.55

(2) Consolidated Financial Position
Total assets
Millions of yen
As ofMarch 31, 2024
228,319
December 31, 2023
217,102(Reference) Equity: As of March 31, 2024:
As of December 31, 2023:

Net assets

Capital adequacy ratio

Millions of yen¥¥―1―

75,086
74,21569,990 million
69,323 million

Net assets per share%

Yen

30.7
31.9

3,094.30
3,065.05

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended December 31, 2023

---

30.00

30.00

Fiscal year ending December 31, 2024

--

30.00

30.00

Fiscal year ending December 31, 2024
(Forecast)Year-end

TotalNo(Note) Revision to the forecast for dividends announced most recently:

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2024(January 1, 2024 to December 31, 2024)(% indicates changes from the previous corresponding period.)
Net sales
Millions ofyen

Operating profit%

Millions ofyen%

Profit attributable Basic earnings perto owners of parent
share

Ordinary profit
Millions ofyen

Full year
170,000
0.0
2,000(11.3)
1,000
No(Note) Revision to the financial results forecast announced most recently:%

Millions ofyen%

Yen(52.2)

400-17.69* Notes:(1) Changes in significant subsidiaries during the three months ended March 31, 2024
(changes in specified subsidiaries resulting in changes in scope of consolidation):
New(Company name:Exclusion:(Company name:No(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:))
No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2024:
22,984,993 shares
December 31, 2023:
22,984,993 shares
2) Number of treasury shares at the end of the period:
March 31, 2024:
365,804 shares
December 31, 2023:
367,659 shares
3) Average number of shares outstanding during the period:
Three months ended March 31, 2024:
Three months ended March 31, 2023:

22,618,744 shares
22,616,612 shares* The total number of treasury shares at the end of the period includes the Company’s shares held by the “Board Benefit Trust” (254,700
shares for the period ended March 31, 2024, 254,700 shares for the period ended December 31, 2023). In addition, the Company’s shares
held by the “Board Benefit Trust” are included in the number of treasury shares deducted for the calculation of the average number ofshares during the period.

―2―

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts

As of March 31, 2024

9,901

13,087

26,91735,03062,097
9,133
1,610
5,717
(56)

62,921
9,396
1,476
4,185
(53)

115,322

126,044

26,29944,74726,55344,616

Other, net

13,505

13,048

Total property, plant and equipment

84,553

84,217

Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Other
Allowance for doubtful accounts

2,489

2,452

7,066
4,177
4,153
(660)

8,016
4,257
4,009
(678)

Total investments and other assets

14,737

15,604

101,780

102,274

217,102228,319

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand

Total non-current assets
Total assets―3―

(Millions of yen)
As of December 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Provision for loss on construction contracts
Other

As of March 31, 2024

15,91425,81929,61911,022880
613
38
11,55617,14918,755
41,12010,774816
1,037
7
17,482

95,465

107,143

29,167
4,097

27,513
4,097

165

139

30

32

6,207
903
6,849

6,254
904
7,147

47,42046,089Total liabilities

142,886

153,232

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares

23,344
13,13920,474(590)

23,344
13,141
20,234(587)

56,36756,132

1,495

2,120

0
8,835
1,814
810

(25)
8,835
2,167
760

Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities for land revaluation
Provision for retirement benefits for directors (andother officers)
Provision for share awards for directors (and otherofficers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities

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 adjustment
Remeasurements of defined benefit plans

12,955

13,857

Subscription rights to shares
Non-controlling interests

Total accumulated other comprehensive income

124,879

85,087

Total net assets

74,21575,086217,102228,319

Total liabilities and net assets―4―Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Millions of yen)
For the three months
ended March 31, 2023

For the three months
ended March 31, 2024

Net sales
Cost of sales

45,885
32,103

43,97230,925Gross profit

13,782

13,047

Selling, general and administrative expenses

12,091

12,313Operating profit

1,690

734

3825
138
206

49
26
276
332

408

684

219

353

141

73

386
50

18
51

797

497

Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCommission for syndicated loans
Other
Total non-operating expenses
Ordinary profit

1,302

920

Extraordinary income
Gain on sale of non-current assets

635

Total extraordinary income

635

1163-632917494

Profit before income taxes

1,234

861

Income taxes - current
Income taxes - deferred

729
(229)

385
(57)

Total income taxes

499

328

Profit734

533

Profit attributable to non-controlling interests

2186

Profit attributable to owners of parent

713

446

Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Other
Total extraordinary losses―5―Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Millions of yen)
For the three months
ended March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

For the three months
ended March 31, 2024
734

533

167(31)
226(32)

625
(30)
487
(49)

37(5)

367

1,027

Comprehensive income

1,102

1,561

Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests1,010

1,349

91

211

―6―