| October 30, 2003 |
 |
| ISEKI & CO., LTD. |
Supplementary explanation
to the revision of performance outlook |
| 1. |
Revisions to the mid-year consolidated performance |
|
|
|
|
FY 2003
interim
actual
(revised) |
|
|
|
|
|
| nominal |
% |
| Sales |
| Operating Income |
| Ordinary Profit |
| Net Income for the period |
|
|
|
|
|
|
|
(1) |
Sales were steady at around  74,500 million. |
| |
Overseas sales were up by  500 million (up 10%), mostly to
North America. |
| (2) |
Ordinary profit was up 48%, to 1,900 million. |
| |
|
Operating income was up 300 million on last period due to cost cutting
and the reduction of fixed expenses, at 2,500 million (up 15%).
300 million of reduced interest
due to a reduction in interest-bearing liabilities was added to operating income
to make ordinary profits rise by 600
million,
to be 1,900 million (up 48%). |
| |
(3) |
Net income for the period rose 500
million to 1,500 million (up 50%) due in part to the gain made on the devolution
of
vehicle-leasing activities. |
| 2. |
Reduction of consolidated interest-bearing liabilities |
 |
Interest-bearing liabilities were down 13,900
million on the same period
last year, due to a reduction in inventories (down 3,600 million on the same
period last year), a reduction in accounts receivable and the devolution of
the
vehicle- leasing business.
In August and September 2003, 8,000 million of corporate bonds and debentures
were repaid. |
|
| |
|
|
|
|
| Iseki |
| Sales subsidiaries |
| Isec |
| Other companies |
|
| 44,700 |
| 39,800 |
| 29,700 |
| 5,700 |
|
| 40,300 |
| 34,900 |
| 27,200 |
| 3,600 |
|
| - 4,400 |
| - 4,900 |
| - 2,500 |
| - 2,100 |
|
|
|
|
|
|
|
|
|
We aim to achieve a balance of interest-bearing liabilities of 90 billion
or less by the end of the current period. |
|
| 3. |
Revisions to the performance outlook for the full
year |
|
Both the consolidated and non-consolidated net incomes for the period have
been revised up from the results initially projected (released on May 23, 2003)
by the same amount as for the revision to the interim performance results. |
|
|
(1) |
| Revised projection of consolidated results (*) |
(Units: millions of yen) |
|
| |
|
|
|
|
|
FY 2003
revised
projection |
|
|
|
|
| Sales |
| Operating Income |
| Ordinary Profit |
| Net Income for the period |
|
| 156,400 |
| 6,200 |
| 4,100 |
| 1,000 |
|
|
| 158,000 |
| 7,000 |
| 5,000 |
| * 2,500 |
|
|
|
|
| 158,000 |
| 7,000 |
| 5,000 |
| 2,000 |
|
|
|
(2) |
| Revised projection of non-consolidated results (*) |
(Units: millions of yen) |
|
| |
|
|
|
|
|
FY 2003
revised
projection |
|
|
|
|
| Sales |
| Operating Income |
| Ordinary Profit |
| Net Income for the period |
|
|
|
| 92,000 |
| 3,200 |
| 2,800 |
| * 1,400 |
|
|
|
|
|
|
|
|
|