May 15, 2017
Name of Listed Company: ISEKI & CO., LTD.
Stock Exchange Listings: Tokyo
Company Code:6310 (URL http://www.iseki.co.jp)
Representative: Title President
Name Eiichiro Kinoshita
Enquiries:
Title General Manager of Financial Department
Name Katsuhiro Osuga
Telephone: +81-3-5604-7671
Date of Submission of Quarterly Report:
May 15, 2017
Scheduled Date to Commence Dividend Payment:—Supplementary Information for Quarterly Financial Results: Yes
Quarterly Financial Results Briefing:
Yes (for institutional investors and analysts)

Summary Announcement of Consolidated Financial Results
for the Three Months Ended March 31, 2017 (Japanese GAAP)
I. Consolidated Financial Results for the Three Months Ended March 31, 2017 (January 1, 2017－March 31,2017)
A. Consolidated Results of Operations (Cumulative Total)(Rounded down to a million yen, % indicates changes from the previous corresponding period)

Three Months
Ended March 31,
201736,679
(273)
(356)
(633)

Three Months
Ended March 31,
201637,671
(394)
(663)
(583)

%%

Net Sales(2.6)―
Operating Income—―
Ordinary Income—―
Profit (Loss) Attributable to Owners of Parent—―
Earnings per Share (yen)(2.58)(2.80)
Basic
Diluted――Note: Comprehensive income
Three months ended March 31, 2017: ¥(875) million [—%]
Three months ended March 31, 2016: ¥(1,777) million [—%]
Note: The Company has changed its balance sheet date from March 31 to December 31 since the fiscal year ended
December 31, 2015. Percentage changes from the previous corresponding period are not stated, as the first threemonths of the fiscal year ended December 31, 2016 (January 1, 2016 through March 31, 2016) do not correspond to
the first three months of the fiscal year ended December 31, 2015 (April 1, 2015 through June 30, 2015).
B. Consolidated Financial Position(Rounded down to a million yen)

Total Assets
Net Assets
Shareholder’s Equity to Total Assets Ratio (%)
Net Assets per Share (yen)Reference: Shareholder’s equity
As of March 31, 2017: ¥64,221 million
As of December 31, 2016: ¥65,430 million

As of March 31, 2017

As of December 31, 2016

210,935
65,93430.4
284.33203,356
67,151
32.2
289.68

II. Dividends

1Q-endFY Ended December 31, 2016
FY Ending December 31, 2017
FY Ending December 31, 2017(Forecast)

2Q-end——Dividend per Share(yen)3Q-end———Year-end
1.50

Total
1.50

15.00 –
30.00—

15.00 –
30.00

Note: Revision of the most recently announced dividend forecast: No* The Company will consolidate shares of its common stock (one-for-ten share consolidation), effective July 1, 2017.
The amount stated for the year-end dividends per share for the fiscal year ending December 31, 2017 (Forecast) is
determined in consideration of the effect of the said share consolidation. The year-end dividends per share for thefiscal year ending December 31, 2017 (Forecast) not considering the share consolidation will be ¥1.50 through ¥3.00.
For details, please see the “Explanation on the proper use of financial results forecasts and other notes.”III. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2017 (January 1, 2017－December 31, 2017)(Rounded down to a million yen, % indicates changes from the previous period)
Net Sales%

Operating
Income%Ordinary
Income%ProfitAttributableto Owners ofParent%

Earningsper Share(yen)81,2000.21,9008.5
2,200
74.0
1,300 135.0
57.55
161,500
5.5
3,500
41.7
3,700 126.2
2,700 214.5
119.54
Note: Revision of the most recently announced financial results forecast: No* The Company will consolidate shares of its common stock (one-for-ten share consolidation), effective July 1, 2017.
Therefore, earnings per share for the first half and full year are both calculated based on the number of shares issued
after the share consolidation. For details, please see the “Explanation on the proper use of financial results forecasts
and other notes.”
First Half
Full Year* Notes
A. Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting
in changes in the scope of consolidation): No
New: — (), Exclusion: — ()B. Adoption of special accounting treatment for preparing the quarterly consolidated financial statements: No
C. Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policies due to the revision of accounting standards, etc.:
2) Any changes other than 1) above:3) Changes in accounting estimates:
4) Restatements:

NoNoNoNo

D. Total number of shares issued (common stock)1) Total number of shares issued at the end of the period (including treasury shares):
As of March 31, 2017229,849,936 shares
As of December 31, 2016
229,849,936 shares2) Total number of treasury shares at the end of the period:
As of March 31, 2017
3,976,486 shares
As of December 31, 2016
3,976,123 shares
3) Average number of shares during the period (cumulative total):Three months ended March 31, 2017
225,873,628 shares
Three months ended March 31, 2016
225,885,330 shares* These quarterly financial results are outside the scope of quarterly review procedures.
* Explanation on the proper use of financial results forecasts and other notes
The financial results forecasts and other forward-looking statements contained in this report are based on
information available to the Company on the date of this report’s release and certain preconditions that theCompany deems to be reasonable. Actual results, etc. may differ significantly from the forecasts, however, as aresult of various factors. For details on the preconditions on the financial results forecasts of the Company andnotes on the use of financial results forecasts, please see “1. Qualitative Information on Consolidated Financial
Results for the Period under Review” on page 2 of the Appendix.
(Dividends and financial results forecast after share consolidation)
At the 93rd Ordinary General Meeting of Shareholders held on March 30, 2017, it was approved that shares of
the Company’s common stock would be consolidated (one-for-ten share consolidation), effective July 1, 2017.
Concurrently, we will also revise the number of shares constituting one unit of stock from 1,000 to 100,
effective on the same date. The forecast of dividends and consolidated financial results for the fiscal year
ending December 31, 2017 calculated on a pre-consolidation basis is as follows.
1. Dividend forecast of for the fiscal year ending December 31, 2017
Dividends per share Year-end¥1.50 - ¥3.00
2. Consolidated financial results forecast for the fiscal year ending December 31, 2017
Earnings per shareFirst half
¥5.76
Full year¥11.95

 Contents of Appendix
1. Qualitative Information on Consolidated Financial Results for the Period under Review ....................2(1) Explanation on Results of Operations ..............................................................................................2(2) Explanation on Financial Position ....................................................................................................2(3) Explanation on Consolidated Financial Results Forecasts andOther Forecast Information ..............................................................................................................2
2. Matters Concerning Summary Information (Notes)...............................................................................3(1) Changes in Significant Subsidiaries during the Period under Review .............................................3
3. Quarterly Consolidated Financial Statements and Principal Notes ........................................................4(1) Quarterly Consolidated Balance Sheets............................................................................................4(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income ....................................................................................................................6(3) Notes to Quarterly Consolidated Financial Statements ....................................................................8(Notes to Going Concern Assumption) ............................................................................................8(Notes to Material Changes in Shareholders’ Equity) ......................................................................8-1-1. Qualitative Information on Consolidated Financial Results for the Period under Review(1) Explanation on Results of Operations
During the three months ended March 31, 2017, the Japanese economy saw corporate earnings and employment on arecovery track despite some lingering weakness in the recovery of consumer spending. In addition, the recovery of
the economy in Europe and the U.S. continued to be strong, with signs of a pick-up in the Chinese economy buoyedby public investment, all contributing to an overall picture of modest recovery.
On the other hand, in the domestic agricultural environment, the market for agricultural machinery is bottoming
out and could potentially move into a recovery phase on the back of ongoing structural changes in the industry.
Under these circumstances, the ISEKI Group continued its initiatives to expand sales volume mainly by launching
new products and improving customer service in Japan, while working to strengthen its sales in its mainstay
overseas markets of North America, Europe, China and ASEAN. As a result, the Group’s consolidated financial
results are summarized as follows.
Net sales for the three months ended March 31, 2017 were ¥36,679 million, a decrease of ¥992 million (2.6%) yearon year. Domestic sales in Japan were ¥28,531 million, an increase of ¥362 million (1.3%) year on year, as a resultof increased sales of farming implements and construction of facilities offsetting the effects of decreased sales ofagricultural machinery caused by sluggish sales of OEM products. Overseas sales were ¥8,147 million, a decrease of¥1,354 million (14.3%) year on year. This was due to changes in business terms with an OEM partner in North
America and deferred sales of the off-demand season in Europe (France), despite ongoing robust shipments for
China and ASEAN, which are the growth drivers for the Company.
The Group’s business is susceptible to seasonal fluctuations. In the three months ended March 31, 2017 which is
the off-demand season, we recorded loss in all income items from operating income and below.
Operating loss was ¥273 million, an increase of ¥120 million year on year, as a result of ongoing cost reductions
offsetting a decrease in gross profit from decline in net sales.
Ordinary loss was ¥356 million, an increase of ¥307 million year on year, mainly due to a decrease in foreignexchange losses and an upturn in the share of profit or loss of entities using the equity method stemming from better
results at an equity-method affiliate in China.
Loss attributable to owners of parent was ¥633 million, a decrease of ¥50 million year on year, mainly resulting
from the lack of gain on sales of investment securities recorded in the previous fiscal year.
Sales by product are as follows.
[Domestic]
Sales of cultivating and mowing machinery (tractors, high-clearance multipurpose vehicles, among others) were
¥7,618 million (a decrease of 0.9% year on year). Sales of planting machinery (rice transplanters and vegetabletransplanters) were ¥1,914 million (a decrease of 20.3% year on year). Sales of harvesting and processing machinery(combine harvesters, among others) were ¥2,962 million (a decrease of 1.5% year on year). Sales of farming
implements, spare parts and repair fees were ¥8,423 million (an increase of 4.3% year on year). Sales of otheragriculture-related business (construction of facilities, among others) were ¥7,612 million (an increase of 8.9% year
on year).
[Overseas]
Sales of cultivating and mowing machinery (tractors, among others) were ¥4,171 million (a decrease of 38.1%
year on year). Sales of planting machinery (rice transplanters, among others) were ¥2,250 million (an increase of
10.9% year on year). Sales of harvesting and processing machinery (combine harvesters, among others) were ¥754
million. Sales of farming implements and spare parts were ¥571 million (an increase of 4.5% year on year). Sales ofother agriculture-related business were ¥399 million (an increase of 114.1% year on year).
(2) Explanation on Financial Position
Total assets at the end of the first quarter ended March 31, 2017 increased by ¥7,578 million from the end of theprevious fiscal year to ¥210,935 million.
Current assets increased by ¥8,083 million, while non-current assets decreased by ¥504 million. This was mainly
due to a decrease of ¥5,195 million in cash and deposits, an increase of ¥8,307 million in notes and accounts
receivable - trade, and an increase of ¥4,893 million in inventories.
Total liabilities increased by ¥8,796 million from the end of the previous fiscal year to ¥145,001 million. This wasmainly due to an increase of ¥2,968 million in notes and accounts payable - trade, a decrease of ¥928 million inelectronically recorded obligations - operating, an increase of ¥7,772 million in short-term loans payable andlong-term loans payable, and a decrease of ¥917 million in other current liabilities.
Net assets decreased by ¥1,217 million from the end of the previous fiscal year to ¥65,934 million. This wasmainly due to a decrease of ¥157 million in valuation difference on available-for-sale securities, ¥633 million of loss
attributable to owners of parent, and ¥338 million of dividends of surplus.
(3) Explanation on Consolidated Financial Results Forecasts and Other Forecast Information
The consolidated financial results forecasts for the first half ending June 30, 2017 and the fiscal year ending
December 31, 2017 have not been revised since the consolidated financial results for the three months ended March-2-31, 2017 has proceeded almost as planned and the future outlook has not substantially changed at this point in time.
These financial results forecasts are calculated based on the exchange rates at ¥115 per U.S. dollar (unchanged)and ¥120 per euro (unchanged).

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Period under Review
Not applicable-3-3. Quarterly Consolidated Financial Statements and Principal Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of December 31, 2016 As of March 31, 2017
AssetsCurrent assets
Cash and deposits

13,936

8,741

Notes and accounts receivable - trade

24,91133,219

Merchandise and finished goods

42,031

46,538Work in process

6,073

6,532

Raw materials and supplies

1,211

1,137

Other

4,796

4,886

(26)

(39)

92,934

101,017

Buildings and structures, net

23,572

24,529Land

50,61950,739Other, net

22,27421,088

Total property, plant and equipment

96,466

96,358

1,062

1,029

Investment securities

6,319

6,085

Other

6,833

6,704

Allowance for doubtful accounts

(259)

(258)

Total investments and other assets

12,893

12,530110,422

109,918

203,356

210,935

Allowance for doubtful accountsTotal current assets
Non-current assets
Property, plant and equipment

Intangible assets
Investments and other assets

Total non-current assets
Total assets-4-(Millions of yen)
As of December 31, 2016 As of March 31, 2017
Liabilities
Current liabilities
Notes and accounts payable - trade30,28633,254

Electronically recorded obligations - operating
Short-term loans payable

12,135
24,695

11,20633,565Current portion of long-term loans payable

8,897

8,856

Income taxes payable

703

359

Provision for bonuses

407

739

Provision for loss on disaster2011

Other

12,30011,383

Total current liabilities

89,447

99,376

Non-current liabilities
Long-term loans payable

27,78826,732

Deferred tax liabilities for land revaluation

5,790

5,790

Provision for directors’ retirement benefits

107

106

Net defined benefit liability
Asset retirement obligations

4,491
314

4,509
315

Other

8,265

8,170

Total non-current liabilities

46,75745,624

Total liabilities

136,205

145,001

Net assets
Shareholders’ equity
Capital stock

23,344

23,344

Capital surplus

13,454

13,454Retained earnings

14,034

13,062

Treasury shares

(990)

(991)

49,842

48,869

1,227

1,070

6(42)

12,686

12,686798

782

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans

870

854

15,58815,35191

91

Non-controlling interests
Total net assets

1,629
67,151

1,620
65,934

Total liabilities and net assets

203,356

210,935

Total accumulated other comprehensive incomeSubscription rights to shares-5-(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income
For the Three Months Ended March 31, 2017
(Millions of yen)Three months ended
March 31, 2016

Three months ended
March 31, 2017

Net sales

37,671

36,679

Cost of sales

27,211

26,581Gross profit

10,46010,097

Selling, general and administrative expenses

10,854

10,370(394)(273)

Operating loss
Non-operating income
Interest income

4042

Dividend income

219Other211

199

Total non-operating income

273251

Interest expenses

159

141

Share of loss of entities accounted for using equity method

100―

Foreign exchange losses

192

44

Other

90

147

Total non-operating expenses

542

333

(663)

(356)

Gain on sales of non-current assets

207

Gain on sales of investment securities

375―

Total extraordinary income

395

7

Loss on sales and retirement of non-current assets

1043

Impairment loss

40

21

Total extraordinary losses

50

64

Loss before income taxes

(318)

(413)

Income taxes - current

472

344

Income taxes - deferred

(178)

(120)

Total income taxes

293

224

Loss(612)(638)

Loss attributable to non-controlling interests

(29)

(4)

Loss attributable to owners of parent

(583)

(633)

Non-operating expenses

Ordinary loss
Extraordinary income

Extraordinary losses-6-Quarterly Consolidated Statements of Comprehensive Income
For the Three Months Ended March 31, 2017
(Millions of yen)Three months ended
March 31, 2016

Three months ended
March 31, 2017

(612)

(638)

(1,378)

(155)

7(48)

Revaluation reserve for land284―

Foreign currency translation adjustment

(121)

68

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method

264

(15)

(221)

(86)

(1,165)(237)(1,777)(875)(1,742)

(870)

(35)

(5)

Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

(3) Notes to Quarterly Consolidated Financial Statements(Notes to Going Concern Assumption)
Not applicable(Notes to Material Changes in Shareholders’ Equity)
Not applicable-8-