Financial Results for the First Quarter
Fiscal Year Ending December 31, 2020

Investor Relations Presentation Materials

May 15, 2020

Index
1. Impact of the Novel Coronavirus Infection
2. Outline of Financial Results for the First Quarter
Fiscal Year Ending December, 2020
3. Performance Forecast for the Fiscal Year Ending
December 31, 2020
4. Domestic and Overseas Markets
5. Topics
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

2

1. Impact of the Novel
Coronavirus Infection

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Impact of the Novel Coronavirus Infection
Measures to prevent spread of the infection
 Thorough mask wearing, hand washing, gargling, and use of alcohol disinfectant during work Reducing staff density at workplaces by curbing staff numbers through work at home or taking leave, andby separating workspaces

Group-wide Flexibly implementing flexwork and staggered working hours
 Generally prohibiting domestic and international business trips
 Postponing or cancelling group training

Domestic Sales
Companies Postponing or cancelling exhibitions, etc.

Domestic
Manufacturing
Companies

 Suspending factory tours

Overseas Europe, U.S., and Thailand: work at home
Sales/Production  PT. ISEKI INDONESIA (manufacturing subsidiary): a two-shift system implemented
Bases
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 20204

Impact of the Novel Coronavirus Infection<Sales>

Impact on ISEKI’s business

Domestic
Sales
Companies

 Lower sales in agricultural machinery related business centered on agricultural machinery and farming implements, due tocancelation of exhibitions/demonstrations nationwide in Jan. to Mar., shorter business hours, restricted visit activities, etc.
 Strong sales for rice planting and other full-scale work in spring. Although restrictions on movement will still be in place after April
due to declarations of a state of emergency, we will continue and strengthen sales and services while taking measures to prevent
infection.

Overseas
Sales
Bases

North
America Constraints on OEM partners’ sales activities due to restrictions on movement
 Trends in the market to which we supply compact tractors (Jan. to Mar.：unit base）: 9％ decrease year-on-year, 7％
decrease at OEM partners. We will monitor the situation.

Europe Adjusting shipments due to temporary closure of local distributors’ retail outlets under lockdowns
 Local distributors’ actual sales (Jan. to Mar.：unit base）: 10％ decrease year-on-year.
Restrictions have been relaxed in various countries from Apr. and May, but the situation is uncertain.

China

 Restrictions on movement across provinces in sales activities due to restriction on going out, but our equity-method
affiliate (Dongfeng Iseki) is providing online technical support services. Sales of ride-on rice transplanters are robust
as the government is strongly promoting grain production centered on rice to secure food, and restrictions on
movement of contractors is stimulating demand for agricultural machinery in Hubei Province.

ASEAN

 In Thailand, there is concern that agricultural machinery sales will be affected if household incomes decline in rural
areas due to the inability to work away from home from rural areas to urban areas (including Bangkok) because of the
impact of the novel coronavirus infection (COVID-19), in addition to the effects of a drought.

Other Sales of large-scale agricultural machinery continue to be strong in South Korea and Taiwan, despite restrictions on
activities.

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 20205

Impact of the Novel Coronavirus Infection<Production>
Domestic
Manufacturing
Companies

Impact on ISEKI’s business Continuing production activities while taking thorough infection countermeasures, and almost no impact on production isseen as of March.
 Concerned about an impact from delayed procurement from overseas suppliers, they will implement adjustment of
production models based on sales trends so as to minimize the impact.
(Indonesian Manufacturing subsidiary (PT. ISEKI INDONESIA))
 Continuing production activities while taking thorough measures to prevent spread of the infection, including a production linewith a two-shift system.

Overseas
Manufacturing
Companies Considering and implementing initiatives to minimize the effect of such factors as difficulty in procurement from overseas
suppliers, including changing procurement partners, although suppliers near Jakarta are continuing to operate.
(Chinese equity-method affiliate (Dongfeng Iseki)) Chinese equity-method affiliate (Dongfeng Iseki) has reopened production bases that had temporarily stopped operations
・ Changzhou Plant (Changzhou City, Jiangsu Province) restarted production on Feb. 13. Sales of ride-on ricetransplanters are strong, having almost recovered to the level seen before operations were stopped.
・ Xiangyang Plant (Xiangyang City, Hubei Province) restarted production on March 16. The insufficient recovery of nearby
suppliers is having an effect on some production.

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 20206

2. Outline of Financial Results
for the First Quarter Fiscal
Year Ending December,
2020

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Outline of Consolidated Business Performance(January 1, 2020 to March 31, 2020)(JPY bn, %)1Q of FY ended Dec. 2019
Actual%1Q of FY ending Dec. 2020
Actual%YoY
Change

33.3

100.0

31.9

100.0

(1.4)

76.2
23.8

25.1
6.8

78.4

(Overseas)

25.4
7.9

21.6

(0.3)
(1.1)

Operating Income

(0.8)

(2.2)

(1.1)

(3.5)

(0.3)

Ordinary Income

(1.1)

(3.3)

(1.3)

(4.0)

(0.2)

Profit (Loss) attributable toowners of parent

(0.4)

(1.4)

(0.4)

(1.5)

± 0.0

Net Sales(Domestic)

Averageexchange
rate

US$

110.5

109.6

(0.9)

Euro

126.3

120.8

(5.5)

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 20208

Domestic Sales
Sales of agricultural machinery and farming implements decreased due to pullback in demand after the

YoY
consumption tax increase, cancelation of exhibitions, and self-restraint in sales activities, but sales ofparts and repair fees were strong and sales of construction of facilities increased, resulting in a-¥0.3 billion spareslight decrease overall.

Agricultural Machinery

Agricultural Machinery Related(JPY bn)

1Q of FY ended
Dec. 2019

1Q of FY ending
Dec. 2020

ActualActualYoY Change
Notes

Cultivating & Mowing
Machinery

6.7

5.7

(1.0)

Tractors: (0.9)

Planting Machinery

2.2

1.8

(0.4)

Rice transplanters:(0.4)

Harvesting &Processing Machinery

2.8

2.1

(0.7)

Combineharvesters：(0.6)

Total

11.7

9.6

(2.1)

Farming Implements

4.9

4.2

(0.7)

Spare Parts

2.8

2.9

0.1

Repair Fees

1.0

1.1

0.1

8.7

8.2

(0.5)

20.4

17.8

(2.6)

0.6

2.7

2.1

Others

4.4

4.6

0.2

Total

25.4

25.1

(0.3)

Total
Total
Construction of Facilities

Main factors of YoY change✔

Sales of agricultural machinery decreased¥2.1 billion YoY due to continued pullback indemand after the tax increase, cancelationsof exhibitions since February, and selfrestraint in sales activities owing to theimpact of the novel coronavirus (COVID-19).
Sales of farming implements decreased intandem with the decreased agricultural
machinery sales.

✔

Sales of spare parts and revenue from repair
fees continued to be strong.

✔

Sales of construction of facilities increased¥2.1 billion YoY due to completion of largescale facilities.

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 20209

Overseas Sales
YoY-¥1.1 billion

Sales declined overall due a decrease in sales to North America, Europe, and
ASEAN, despite an increase in those to China and South Korea.
1Q of FY ended
Dec. 2019

1Q of FY ending
Dec. 2020

ActualActualNorth America

2.8

2.3

(0.5)

Tractors: (0.5)

Europe

2.4

1.9

(0.5)

Tractors: (0.2)
Lawn mowers: (0.3)

China

0.0

0.2

0.2

Rice transplanters:
0.2

ASEAN

0.6

0.4

(0.2)

Tractors: (0.2)

Others

1.1

1.2

0.1

South Korea: 0.1

Product Sales Total

6.9

6.0

(0.9)

Parts & Others

1.0

0.8

(0.2)

Total Sales

7.9

6.8

(1.1)

(JPY bn)

YoY Change
Notes

Main factors of YoY change

✔

North
Lower sales due to decreased
America: shipments of tractors owing to adelay in receiving engines.

✔ Europe:

Decline in sales from shipment
adjustment owing to temporary
closures of local distributors' shops
in Germany, Belgium and othercountries.

✔

Increased sales due to increased
shipments of semi-finished ricetransplanters to Dongfeng Iseki.

China:✔ ASEAN:

Lower sales due to decreased
shipments of tractors to Indonesia.

✔

Higher sales due to increased
shipments of tractors to South Korea.

Others:Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202010

Operating Income
YoY-¥0.3 billion(JPY bn, %)・ In the three months ended March 31, 2020, which is the off-demand season, we recorded loss in all
income items from operating income and below.
・ We covered the decrease in gross profit stemming from revenue decline with a reduction inselling, general and administrative expenses, but there was a YoY decrease in operating income due
to recording of loss on valuation of parts inventory.
1Q of FY ended
Dec. 2019

1Q of FY ending
Dec. 2020

ActualActual[Breakdown of YoY Change]
YoY
ChangeNet Sales

33.3

31.9

(1.4)

Gross Profit

9.6

9.0

(0.6)

Gross Profit
Margin

28.9%

28.2%

(0.7)%

SG&A Expenses

10.4

10.1

(0.3)

Personnel
Expenses

6.1

6.1

±0.0

Other Expenses

4.3

4.0

(0.3)

Operating Income

(0.8)

(1.1)

(0.3)

1Q of FY
ended Dec.19

Decreased grossmargin due todecreased
revenue

Recording of loss on
valuation of parts
inventory
Decreased SG&A
accompanying delay
expensesin receiving enginespurchased(0.8)

1Q of FY
ending Dec.
20

(1.1)

(0.3)

0.3

(0.3)

[Effect of forex fluctuations (JPY bn)]
Net Sales

Cost of
Sales

SG&A
Expenses

Operating
Income

(0.1)

(0.1)

-

±0.0

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202011

Ordinary Income, Quarterly Net Income
Ordinary
incomeYoY-¥0.2 billion

Achieved a smaller decrease in operating income compared to the previous fiscal year due to a
reduction in the share of loss of entities using equity method accompanying improved revenue ofDongfeng Iseki and a change in our investment ratio, despite deterioration in foreign exchange gain
(loss).
1Q of FY
ended Dec. 19

1Q of FY
ending Dec. 20

ActualActualOperating Income

(0.8)

(1.1)

(0.3)

Balance of Financial Income

(0.2)

(0.2)

±0.0

Other Non-operating Income

(0.1)

0.0

0.1

Ordinary Income

(1.1)

(1.3)

(0.2)

Extraordinary Income

0.0

0.1

0.1

Extraordinary Losses

0.0

0.0

±0.0

Income before Income Taxes

(1.1)

(1.2)

(0.1)

Income Taxes - Deferred

0.7

0.8

0.1

Profit (Loss) Attributable to
Owners of Parent

(0.4)

(0.4)

±0.0

(JPY bn)

YoY
ChangeNon-operating Income (YoY change)
Decrease in share of loss of entities
using equity method+ ¥0.3 billion

Deterioration in foreign exchange losses- ¥0.1 billion

Other- ¥0.1 billion(Reference) Related to equity method(JPY bn)

1Q of FY
ended 2019
Actual1Q of FY
ending 2020
ActualChangeShare of profit or loss ofentities using equity
method (non-operating)

(0.4)

(0.1)

0.3

Loss (gain) on change inequity (extraordinary)

-

0.1

0.1

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202012

Balance Sheet (Consolidated)
YoY

Accounts receivable – trade decreased, and inventory increased, due to lower
domestic net sales(JPY bn)

As of Mar. 19

As of Mar. 20

Change

8.1

6.0

(2.1)

Accounts Receivable – Trade

28.0

25.6

(2.4)

Inventories

58.2

59.4

1.2

Other Current Assets

5.8

4.1

(1.7)

(Short-term loans receivable)

2.8

1.2

(1.6)

100.1

95.1

(5.0)

97.5

97.9

0.4

(Lease assets)

7.5

7.8

0.3

Intangible assets

1.2

1.4

0.2

Investments and Other Assets

11.8

10.8

(1.0)

(Investment securities, Capital)

7.2

4.4

(2.8)

Total Non-current Assets

110.5

110.1

Total Assets

210.6

205.2

Cash & Deposits

Total Current Assets
Property, plant and equipment

As of Mar. 19

As of Mar. 20

ChangeAccounts Payable - Trade

43.7

38.4

(5.3)

Interest-bearing Liabilities

76.9

79.8

2.9

(Loans Payable)

69.0

71.6

2.6

(Lease obligations)

7.9

8.2

0.3

Other Liabilities

22.1

19.7

(2.4)

Total Liabilities

142.7

137.9

(4.8)

67.9

67.3

(0.6)

15.8

15.9

0.1

(Valuation Difference on Available-for-sale Securities)

0.5

(0.4)

(0.9)

(0.4)

(Foreign Currency Translation Adjustment)

0.9

0.6

(0.3)

(5.4)

Total Liabilities and Net Assets

210.6

205.2

(5.4)

Net Assets(Retained Earnings)

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202013

3. Performance Forecast for the
Fiscal Year Ending December
31, 2020

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Performance Forecast for the Fiscal Year Ending
December 31, 2020

[Consolidated Performance Forecast]Risks accompanying the spread of the novel coronavirus (COVID-19)
Sales = Concerns of a decline in domestic and overseas sales✓ Domestic sales companies‘ cancelations of exhibitions and other forms of self-constraint in sales
activities✓ Restricted sales activities due to temporary closure of local distributors' shops amid lockdowns andregulations on going out

Production = Risks such as production decline due to supply chain stagnation bothin Japan and overseas
It is difficult to calculate future financial results forecasts, and therefore, the financial
results forecasts and dividend forecasts for the current fiscal year announced on
February 14, 2020 have been withdrawn for the time being and are undecided.
⇒ We will carefully examine trends of the novel coronavirus infection (COVID-19)
and again announce financial results forecasts when it is possible to calculate them.
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202015

4. Domestic and Overseas Markets

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Domestic Agricultural Machinery Market Trends
Domestic
agricultural
machine demand(JPY bn)

There was rush-demand before the consumption tax increase in October 2019,and since the subsequent pullback, the market has basically remained flat.

■ Agricultural machinery demand (shipments in the industry)(9 principal machinery, moving annual total)

Oct. 2019
Consumption tax
increase

280.0
260.0
240.0

From Oct. 2018
Shipments of tractor models jointly
and bulk purchased by JA-Group

220.0
Mar.

Jun.

Sep.

2016

Dec.

Mar.

Jun.

Sep.

2017

Dec.

Mar.

Jun.

Sep.

Dec.

2018

Mar.

Jun.

Sep.

2019

Dec.

Mar.
2020

*9 principal machinery: Tractors, combine harvesters, rice transplanters, tillers, drying machines, rice huskers, binders, harvesters, treatment
Source: Estimated by ISEKI from statistics provided by the Japan Agricultural Machinery Manufacturers Association

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202017

Domestic Agricultural Machinery Shipments and
ISEKI’s Sales Performance
ISEKI’s sales
performance

・Our actual sales are showing signs of weakness, but in the Jan. to Mar. period, amid the impact of the novel
coronavirus (COVID-19), our figures were above those of the industry.
・From April, when Spring begins and rice transplanters are used every day, we carry out thorough individual
promotions such as a test drive campaign of rice transplanters and measures to commemorate the 95th year
since establishment.

YoY growth rate for 9 principal machinery categories (moving annual total)(%)

Apr. 2017Mar. 2018

Apr. 2018Mar. 2019

Apr. 2019Mar. 2020

Jan.-Mar.,2020

Industry(Amount ofshipment)

100%

104%

97%

77%

ISEKI

(Salesamount)

101%

99%

91%

79%

*ISEKI estimates*9 principal machinery: Tractors, combine harvesters, rice transplanters, tillers, drying machines, rice huskers,
binders, harvesters, treatment
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202018

Market Trend (North America, Europe)
North America
1. Trend in the market

Europe(1000 units, %)Single month of March

Jan. to Mar. cumulative

2019

2020

Differences
(%)

2019

2020

Differences(%)

40HP and lower(Compact tractors)

15

12

84%

32

29

91%

40HP - 100HP(Utility tractors)

5

4

85%

12

12

93%

100HP and above

2

2

89%

4

4

98%

Category(Source: statistics provided by AEM )2. Situation of AGCO (OEM partner)
Unit sales (Jan.-Mar. 2020)
 Compact tractors: YoY 93%

1. Trend in the market
・From mid-March, official restrictions on going out andmovement were issued in European countries in response to
the spread of the novel coronavirus infection (COVID-19).
Almost all dealers' shops were temporarily closed.
・Restrictions have been relaxed in various countries from
April/May, but the situation is uncertain.

2. Local sales
Unit sales (Jan.-Mar. 2020)
 Local distributors: YoY 90%

3. Sales and orders at ISEKI
Sales/orders (Jan.-Jun. 2020):
YoY 108%

3. Sales and orders at ISEKI
Sales/orders (Jan.-Jun. 2020): YoY 111%

(Not including shipment adjustment)(Not including shipment adjustment)
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202019

Market Trend (ASEAN)
ThailandIndonesia
1. Trend in the market

1. Trend in the market
・The effects of the prolonged drought have become
severe since December, and the government isproviding income compensation to farmers.
• Acreage for dry season rice is limited due to adramatic decrease in irrigation water storage, so alarge decrease in yield is predicted.

2. Situation of the local distributor “IST Farm
Machinery”<Indonesia>
・Planned volume of government tendering in FY2020 is
expected to be the same level as in the previous fiscal year

2. Orders at ISEKI

・Successful tenders by local distributors until April
were the same level as in the previous fiscal year

3. Situation of PT. ISEKI INDONESIA(Manufacturing subsidiary)(Units, JPY bn)

Number of units sold (Jan.-Mar. 2020)
 ASEAN strategy tractor: YoY 73%

3. Sales and orders at ISEKI
Sales/orders (Jan.-Jun. 2020):
YoY 145%

2019
Results

2020
Plan

1Q
Progress

Production
Volume12,60014,0002,800Operating
Income

0.3

0.5

0.1

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202020

Market Trend (China)
China
1. Trends in the agricultural machinery industry by
product type (YoY change, units)(%)
Jan.-Mar. 2018

Jan.-Mar. 2019

Jan.-Mar. 2020

Rice transplanters (riding)

86.7%

68.4%

113.9%

Combine harvesters (allpurpose, auto- threshing)

64.5%

102.3%

61.5%

Tractors (medium- to largesized)

73.8%

92.8%

93.8%

*Source: China Association of Agricultural Machinery Manufacturers（RMB bn）

2. National government subsidy
2014

2015

2016

2017

2018

2019

2020

23.8

23.8

23.7

18.6

18.6

18.0

18.0
(Estimate)

3. Situation of Dongfeng Iseki (Jan.-Mar. 2020, number of units sold) Ride-on rice transplanters: YoY 155%
 Tractors, combine harvesters: YoY large decrease Ride-on control machines: YoY large increase

TopicsDongfeng Iseki’s disinfectant
machines (ride-on control machines)
Active role in disinfection work in Hubei
Province Ride-on control machines manufactured by Dongfeng Iseki
are used in disinfection work in five cities in Hubei Province,
including Wuhan and Xiangyang, helping to stop the spreadof the novel coronavirus infection (COVID-19).
 Praised by Xiangyang city
government as being "suitable
for large-scale disinfectantspraying work on city roads andresidential areas, effective in
disinfecting, easy to operate, andsuitable for various
environments."

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202021

Market Trend (South Korea, Taiwan)
South Korea
1. Trend in the market
Crop rotation is being encouraged under the leadership of
the South Korean government, and progress is being madein increasing the size and efficiency of agricultural machines
due to farmland consolidation.
The need for large-size, high-performance machines is
growing as the number of farmers is falling.

2. Sales at ISEKI
・Sales of our brand’s flagship products, TJ series tractors
and HJ series combine harvesters, via the sales channel of
the TYM Group, a major South Korean agricultural
machines manufacturer, continuing from the previous
quarter.
Shipments/orders (Jan.-Jun. 2020): YoY 146%

Taiwan1. Trend in the market
A subsidy system for purchases of large agricultural
machinery was in place from Oct.-Dec. 2019⇒¥2.1 billion, approx. 800 units introduced
A similar subsidy system was set out in Jan. 2020 (approx.
¥2.9 billion), and we are working hard to capture demand
from each company.

2. Sales at ISEKI
・Sales of tractors, combine harvesters, and ricetransplanters through local distributors
Shipments and orders (Jan.-Jun. 2020): YoY 169%

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202022

5. Topics

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Initiatives for Inhouse Engine Production
Launching products complying
with Stage V of European
emission standards in Spring

Expansion to products complying
with Japanese 4th generation
standards and North American Tier 4
Inhouse production of engines
suitable for agricultural machines

Ride-on lawnmowers

Tractors Noise reduction
 Vibration reduction
 Very environmentallyfriendlyFinancial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202024

Partnership agreement with Tsukubamirai City
•Conclusion of agreement on promoting agriculture utilizing advanced
technology<Outline of the partnership agreement
 At a cooperative farm in Tsukubamirai city we will demonstrateadvanced technology, including a water management system using
paddy field sensors, growth analysis using sensing by satellite, oursmart agricultural machinery such as yield combine and variable
fertilization rice transplanters.
 Scheduled to be held over two years from April 1, 2020 to March 31,2022.

 We aim to achieve sustainable agriculture through practicaldemonstration of smart farming, production technology
improvement and cost reduction, and establishment and diffusionof cultivation methods for high-quality produce.

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 2020

Promoting sustainableagriculture
25

DBJ Environmentally Rated Loan ProgramAwarded the highest rank 14 times in a row
We were awarded the highest rank as a company with excellent
advanced environmental initiatives by the Development Bank ofJapan Inc. for the 14th time in a row.
<Evaluation points this time>1) Working steadily toward advancing and spreading environmental management by such means as ongoing activities to provide
improvement proposals concerning the environment, quality, safety, etc. while providing incentives, in addition to globallydeveloping EMS*1, including at manufacturing and sales bases.
2) Contributing to improvement of labor reduction and production efficiency in agricultural business through development of smart
agricultural machinery utilizing ICT and advanced technologies, and agri-business management software, while setting mediumterm targets regarding environmentally friendly products based on quantitative certification criteria, such as LCA*2 evaluation, andstriving to expand the diffusion of the targets.
3) Currently focusing on the promotion of CSR management, which has expanded from environmental initiatives, and are achieving
concrete effects such as the establishment of the Corporate Social Responsibility Committee chaired by the President and theimplementation of a CSR questionnaire survey for suppliers.
※1 Environmental Management System※2 Life Cycle Assessment： a methodology for assessing quantitative environmental load throughout, and at specific stages of, the life-cycleof a product or service
Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202026

Notes on the Future Forecast• The objective of this presentation document is to provide information and never intends to induce any action.
• The document was created by ISEKI with currently available information and it involves potential risks anduncertainties. The forecast may not be consistent with actual results depending on fluctuation of the economic
situation and market trends.
• In using this information, investors are expected to depend on their own judgment. ISEKI is not liable for any
losses incurred by investment decision made utilizing the business forecast or targets given in this document.

ISEKI group is a promotional partner of FOOD ACTION NIPPON.

ISEKI Group joins the nationwide action called “COOL CHOICE”
run by the Ministry of the Environment Government of Japan,
which promotes to make ”smart choices” for the global warming.
As a proposal of “smart choices”, we develop and deliverenvironmental-friendly products like “eco products”.

Financial Results Briefing for the First Quarter Fiscal Year Ending December 31, 202027