Translation
Notice:This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2013
(Based on Japanese GAAP)
November 8, 2013
Company nameInabata & Co., Ltd.
Stock exchange listing Tokyo
Stock Code8098
URL URL http://www.inabata.co.jp
Representative
Director, President
Katsutaro Inabata
Inquiries
Director, Executive Officer
Kenichi Yokota
TEL 03-3639-6421
November 13, 2013
Scheduled date to file Quarterly Securities Report
Scheduled date to commence dividend payments
December 2, 2013
Preparation of supplementary material on quarterly earnings
noHolding of quarterly earnings performance review
yes(for institutional investors and analysts)(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the six months ended September 30, 2013 (from April 1, 2013 to September 30, 2013)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Net salesSix months ended September 30, 2013
Six months ended September 30, 2012

Millions of yen
275,829
235,369

Operating income% Millions of yen
17.2
5,678
1.53,702

Net income per share% Millions of yen
53.4
6,534
1.6
4,387

Net income% Millions of yen
48.9
4,534
5.2
3,162%
43.4
17.2

Diluted net income per share

Yen
71.67
49.54

Six months ended September 30, 2013
Six months ended September 30, 2012

Ordinary income

Yen-(2) Consolidated financial position
Total assets

Net assets

Millions of yen
286,302
276,932

As of September 30, 2013
As of March 31, 2013

Equity ratio

Millions of yen
103,069
98,712

%
35.7
35.4

2. Cash dividends
Annual dividends

Year ended March 31, 2013
Year ending March 31, 2014

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen-

Yen
10.00
11.00

Yen-

Yen
13.00

Yen
23.00

-

19.00

30.00

Year ending March 31, 2014 (Forecast)Total

3. Forecast for the year ending March 31, 2014 (from April 1, 2013 to March 31, 2014)

Net sales

Full year㻌

Millions of yen
550,000

Percentages indicate year-on-year changes
Net income
Operating incomeOrdinary income
Net income
per share% Millions of yen% Millions of yen% Millions of yen%
Yen
9.8
10,50028.7
11,500
14.6
8,500
21.7
134.3414. Notes(1) Changes in significant subsidiaries during the six months ended September 30, 2013(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Application of special accounting for preparing quarterly consolidated financial statements:

yes
no(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements after error corrections
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:noyes

Changes in accounting estimates:
Restatement of prior period financial statements after error corrections:yesno(4) Number of issued shares
Total number of issued shares at the end of the period (including treasury stock)
As of September 30, 2013

65,159,227 shares As of March 31, 2013

65,159,227 shares

Number of shares of treasury stock at the end of the period
As of September 30, 2013

1,887,633 shares As of March 31, 2013

1,887,522 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Six months ended September 30, 2013

㻌63,271,639 shares Six months ended September 30, 2012

263,839,978 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2013

As of September 30, 2013

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade

19,258
137,571

17,248144,558

Merchandise and finished goods
Work in process

31,418705

36,487640Raw materials and supplies
Other

2,616
6,405

3,750
7,692

Allowance for doubtful accounts

(671)

(750)

197,303

209,627

Property, plant and equipment
Intangible assets

9,690
4,220

11,212
4,101

Investments and other assets
Investment securities

60,27855,681Other
Allowance for doubtful accounts

6,477(1,036)

6,627
(949)

Total investments and other assets

65,71861,359Total current assets
Noncurrent assets

Total noncurrent assets
Total assets

㻌379,629

76,674

276,932

286,302

(Millions of yen)
As of March 31, 2013

As of September 30, 2013

Liabilities
Current liabilities
Notes and accounts payable-trade85,78986,389

Short-term loans payable

57,341

63,611

Income taxes payable

1,429

1,477

Provision for bonuses

908

1,089

252
4,688

156
4,862

Total current liabilities

150,410

157,586

Noncurrent liabilities
Long-term loans payable

Provision for loss on business liquidation
Other

10,7309,864

Provision for retirement benefits
Provision for directors' retirement benefits

638
22768
25

Provision for loss on business liquidation
Provision for loss on guarantees

34183918

Other

16,364

14,930Total noncurrent liabilities

27,80825,646

178,219

183,233

Shareholders' equity
Capital stock

9,364

9,364

Capital surplus
Retained earnings

7,708
56,4897,708
61,126

Treasury stock

(934)

(934)

72,627

77,264

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

28,69230

25,05818

Foreign currency translation adjustment(3,424)(86)

Total accumulated other comprehensive income

25,297

24,990787

814

Total liabilities
Net assets

Total shareholders' equity
Accumulated other comprehensive income

Minority interests
Total net assets
Total liabilities and net assets

㻌4

98,712103,069

276,932

286,302

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Six months ended
September 30, 2012

Six months ended
September 30, 2013

Net sales
Cost of sales

235,369
219,041

275,829
256,982

Gross profit

16,32818,847

Selling, general and administrative expenses

12,626

13,169Operating income

3,702

5,678

Interest incomeDividends income

125451145
458

Foreign exchange gains
Equity in earnings of affiliates

365

147
273

Non-operating income

Miscellaneous income
Total non-operating income

354

346

1,296

1,371

495
13454
-

Non-operating expenses
Interest expenses
Foreign exchange losses
Miscellaneous loss

101

60

Total non-operating expenses

610

515

4,387

6,534

Ordinary income
Extraordinary income
Gain on reversal of loss on valuation of stocks of subsidiaries
and affiliates
Insurance income
Gain on sales of noncurrent assets

-128

127

106-

Total extraordinary income127

234

236

-

Extraordinary loss
Loss on valuation of investment securities
Total extraordinary losses

236

-

4,278

6,769

Income taxes-current

836

1,831

Income taxes-deferred

198

323

Total income taxes

1,034

2,154

Income before minority interests

3,243

4,614

Income before income taxes and minority interests

Minority interests in income
Net income

㻌

580

79

3,162

4,534

Consolidated statements of comprehensive income (cumulative)(Millions of yen)Six months ended
September 30, 2012
Income before minority interests
Other comprehensive income

3,243

4,614Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(989)
(37)

(3,716)(7)

Foreign currency translation adjustment
Share of other comprehensive income of associates accounted

385

900

(1)

291

(644)

(2,531)

Comprehensive income

2,599

2,082

Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

2,550
49

1,989
93

for using equity method
Total other comprehensive income㻌

Six months ended
September 30, 2013

6Consolidated statements of cash flows(Millions of yen)Six months ended
September 30, 2012
Net cash provided by (used in) operating activities
Income before income taxes and minority interests

Six months ended
September 30, 2013

4,278

6,769

Depreciation and amortization
Increase (decrease) in allowance for doubtful accounts

1,482(0)

1,062
(65)

Interest and dividends income
Interest expenses(576)
495(603)454

Equity in (earnings) losses of affiliates
Increase (decrease) in provision for loss on business liquidation
Loss (gain) on sales of noncurrent assets

(365)
(23)
(127)

(273)
(44)
(11)

Loss (gain) on valuation of investment securities
Insurance income

236
-

(106)

-

(128)

4,490
(1,896)(4,647)(3,537)

Decrease (increase) in other current assets
Decrease (increase) in other noncurrent assets

(764)
38

(732)
20

Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in other current liabilities

6,216(319)(1,286)(933)

Gain on reversal of loss on valuation of stocks of subsidiaries
and affiliates
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories

Other, net

171

18

Subtotal

13,336(4,044)

Interest and dividends income received

602

626

Interest expenses paid
Proceeds from compensation(573)
79(467)-Proceeds from insurance income
Income taxes paid

(799)

106
(1,685)

Income taxes refund

681-

13,327(5,464)

Payments into time deposits
Proceeds from withdrawal of time deposits

(143)
423

(2,004)143

Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets

(765)
342
(176)

(1,724)54(218)Purchase of investment securities

(12)

(11)

Proceeds from sales of investment securities

43

3

Purchase of investments in subsidiaries
Proceeds from liquidation of subsidiaries(48)-(293)
590

Net decrease (increase) in short-term loans receivable
Payments of long-term loans receivable

(64)
-(29)
(2)

Collection of long-term loans receivable

473

308

Other, net

(15)

2

Net cash provided by (used in) investing activities

56(3,179)Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities

㻌7

(Millions of yen)Six months ended
September 30, 2012

Six months ended
September 30, 2013

Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net(9,054)(1,262)
(439)
(771)
(110)
(49)

2,188
2,000(45)
(0)
(825)
(66)
(55)

Net cash provided by (used in) financing activities(11,688)

3,195

Effect of exchange rate change on cash and cash equivalents

171419Net increase (decrease) in cash and cash equivalents

1,866(5,028)Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated

10,75618,985

197

--

1,143

12,82015,100subsidiary
Increase (decrease) in cash and cash equivalents resulting fromchange in fiscal year-end of certain subsidiaries
Cash and cash equivalents at end of period

㻌㻌8