| April 28, 2004 |
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| Company Name: |
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ISEKI & CO., LTD. |
| Company representative: |
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Hiroyuki Nakano, President |
| Company code: |
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6310 |
| Stock Exchange Listings: |
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First Section, Tokyo Stock Exchange |
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First Section, Osaka Securities Exchange |
| Enquiries: |
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Kazuyoshi Sonoda, Director
(Telephone: +81-3-5604-7710) |
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| To whom it may concern, |
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| FY 2003 (80th) Annual Dividend |
On the whole, financial results for FY 2003 (April 1, 2003 
March 31, 2004) are progressing as planned. The adjustment to the expected annual
dividend is as follows. |
| 1. |
Adjustment to the expected value of the annual dividend
per share for the year ending March 31, 2004 |
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Previously announced expected value
(announced May 23, 2003) |
 1
3 |
| Current adjusted value |
3 |
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| 2. |
Dividend payments in recent years |
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There is expected to be a resumption in dividend payments
17 years after the previous dividend of 2.5 for the period ending November
30, 1987 (63rd year since foundation). |
| 3. |
Shifts in performance |
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Both consolidated and non-consolidated net incomes for the period are expected
to exceed the full-year forecasts. Details will be announced in the Announcement
of the FY 2003 Financial Results, which is scheduled for release on May 24, 2004. |
| (as announced on October 30, 2003) |
(Units: millions of yen) |
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Sales |
Operating
Income |
Ordinary
Profit |
Net
Income |
| Forecast consolidated results |
158,000 |
7,000 |
5,000 |
2,500 |
| Forecast non-consolidated results |
92,000 |
3,200 |
2,800 |
1,400 |
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| April 28, 2004 |
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Supplementary Information for
the FY 2003 Annual Dividend |
| 1. |
Forecasts of full-year financial results |
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| (as announced on October 30, 2003: forecast results for the year ending March
31, 2004) |
(Units: millions of yen) |
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Consolidated |
Non-Consolidated |
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FY 2002
actual |
FY 2003
projected |
FY 2002
actual |
FY 2003
projected |
| Sales |
156,400 |
158,000 |
94,500 |
92,000 |
| Operating Income |
6,200 |
7,000 |
3,300 |
3,200 |
| Ordinary Profit |
4,100 |
5,000 |
2,800 |
2,800 |
| Net Income |
1,000 |
2,500 |
1,500 |
1,400 |
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| (1) |
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It is projected that sales will not meet the budgeted amount by approximately
4.0 billion, in part because of the reduction in sales of plant systems and
general merchandise.
Domestic sales of manufactured goods are expected to be steady on the previous
period, and overseas sales are forecasted of to exceed budget, up 114% on the
previous year. |
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| (2) |
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Operating income is still expected to be up on last year as a result of lower
costs, but will probably fall just short of the budgeted 7.0 billion because
of reduced sales. |
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| (3) |
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A reform of Iseki's financial structure has effected an improvement in non-sales
balance of payments (400 million up on budget). This is expected to result
in the ordinary profit reaching its budgeted ¥5.0 billion. |
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(4) |
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Consolidated and non-consolidated net incomes are expected to reach levels
of 3.1 billion and 1.7 billion respectively. |
| 2. |
Reduction of interest-bearing liabilities |
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The balance of interest-bearing liabilities as at March 31, 2004, was 78.3
billion, easily surpassing planned reductions and 25.8
billion lower than last year. The revenue earned on the transfer of Iseki's
credit services management
(as announced on April 12, 2004) is approximately 13.0 billion. The full
amount is proposed to be appropriated against the repayment of the subsidiary's
borrowings. |
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| Balance of interest-bearing liabilities |
(Units: millions of yen) |
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Mar 2004
(budgeted) |
Mar 2004
(actual) |
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Variance
to budget |
Variance to
previous year |
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| 3. |
Plans for the year ending March 31, 2005 |
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Notification for the plans for FY 2004 will be in the Announcement of the
FY 2003 Financial Results, which is scheduled for release on May 24. |
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