Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6 - K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of November 2010

Commission File Number: 1-07294

 

 

KUBOTA CORPORATION

(Translation of registrant’s name into English)

 

 

2-47, Shikitsuhigashi 1-chome, Naniwa-ku, Osaka, Japan

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F :

Form 20-F     X            Form 40-F                 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) :             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) :             

 

 

 

---

Table of Contents

 

Information furnished on this form:

EXHIBITS

Exhibit Number

 

1.	Results of operations for the six months ended September 30, 2010 (Tuesday, November 2, 2010)

 

2.	Notice on interim dividend (Tuesday, November 2, 2010)

---

Table of Contents

 

						Contact:
						IR Group
						Kubota Corporation
						2-47, Shikitsuhigashi 1-chome,
						Naniwa-ku, Osaka 556-8601, Japan
						Phone		: +81-6-6648-2645
						Facsimile		: +81-6-6648-2632

FOR IMMEDIATE RELEASE (TUESDAY, NOVEMBER 2, 2010)

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED

SEPTEMBER 30, 2010 REPORTED BY KUBOTA CORPORATION

OSAKA, JAPAN, November 2, 2010 — Kubota Corporation reported its consolidated results for the six months ended September 30, 2010 today.

Consolidated Financial Highlights

1. Consolidated results of operations for the six months ended September 30, 2010

 

(1) Results of operations		(In millions of yen except per common share amounts)
		Six months ended Sep. 30, 2010				Change [%]				Six months ended Sep. 30, 2009				Change [%]
Revenues		¥	449,046				1.0			¥	444,634				(22.3	)
Operating income		¥	43,169				30.3			¥	33,132				(51.3	)
Income before income taxes and equity in net income of affiliated companies		¥	43,041				29.3			¥	33,287				(49.5	)
Net income attributable to Kubota Corporation		¥	25,710				33.1			¥	19,313				(46.0	)
Net income attributable to Kubota Corporation per common share
Basic		¥	20.22							¥	15.18
Diluted		¥	20.22							¥	15.18

Note : Change[%] represents percentage change from the corresponding period in the prior year.

 

(2) Financial position		(In millions of yen except per common share amounts)
		Sep. 30, 2010				Mar. 31, 2010
Total assets		¥	1,357,375			¥	1,409,033
Equity		¥	672,972			¥	671,619
Kubota Corporation shareholders’ equity		¥	626,780			¥	626,397
Ratio of Kubota Corporation shareholders’ equity			46.2	%			44.5	%
Kubota Corporation shareholders’ equity per common share		¥	492.83			¥	492.51

2. Cash dividends

 

		(In yen)
		Cash dividends per common share
		Interim				Year end				Total
Year ended March 31, 2010		¥	7.00			¥	5.00			¥	12.00
Year ending March 31, 2011		¥	7.00				Undecided				Undecided

Note : Although the Company’s basic policy for the return of profit to shareholders is to maintain stable dividends or raise dividends, specific amount of cash dividends for each fiscal year is decided in consideration of the development of business performance, financial conditions and payout ratio including share buybacks. Specific amount of year-end cash dividends for the year ending March 31, 2011 is undecided at this time and the Company will inform the amount as soon as a decision is made.

 

-1-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

3. Anticipated results of operations for the year ending March 31, 2011

 

		(In millions of yen except per common share amounts)
		Year ending Mar. 31, 2011				Change [%]
Revenues		¥	1,000,000				7.5
Operating income		¥	90,000				29.1
Income before income taxes and equity in net income of affiliated companies		¥	90,000				22.5
Net income attributable to Kubota Corporation		¥	52,000				22.9
Net income attributable to Kubota Corporation per common share		¥	40.89

Note : Change[%] represents percentage change from the corresponding period in the prior year.

Please refer to page 5 for further information related to the above mentioned anticipated results of operations.

4. Other information

 

(1)	Changes in material subsidiaries: None

 

(2)	Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements:

Please refer to “2. Other information” on page 6.

 

(3)	Changes in accounting principles, procedures, and presentations for consolidated financial statements

a) Changes due to the revision of accounting standards: None

b) Changes in matters other than a) above: None

 

(4)		Number of shares outstanding including treasury stock as of September 30, 2010			:				1,285,919,180
		Number of shares outstanding including treasury stock as of March 31, 2010			:				1,285,919,180
		Number of treasury stock as of September 30, 2010			:				14,129,764
		Number of treasury stock as of March 31, 2010			:				14,072,545
		Weighted average number of shares outstanding during the six months ended September 30, 2010			:				1,271,815,745
		Weighted average number of shares outstanding during the six months ended September 30, 2009			:				1,272,031,101

(*Information on status of the quarterly review by the independent auditor)

This release is not reviewed or audited in accordance with Financial Instruments and Exchange Law of Japan by the independent auditor because this release is not subject to the quarterly review. As of the date of this release, the Company’s consolidated financial statements for the six months ended September 30, 2010 are under procedure of the quarterly review.

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

 

 

-2-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

Index to Accompanying Materials

 

1.		Review of operations and financial condition					4
		(1)		Summary of the results of operations for the six months under review			4
		(2)		Financial condition			5
		(3)		Prospect for the fiscal year under review			5
2.		Other information					6
		(1)		Changes in material subsidiaries			6
		(2)		Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements			6
		(3)		Changes in accounting principles, procedures and presentations for consolidated financial statements			6
3.		Consolidated financial statements					7
		(1)		Consolidated balance sheets			7
		(2)		Consolidated statements of income			8
		(3)		Consolidated statements of cash flows			9
		(4)		Notes to assumption for going concern			9
		(5)		Consolidated segment information			10
		(6)		Consolidated statements of changes in equity			11
		(7)		Consolidated revenues by reporting segment			12
		(8)		Anticipated consolidated revenues by reporting segment			13
4.		The results of operations for the three months ended Sep. 30, 2010					14
		(1)		Consolidated statements of income			14
		(2)		Consolidated segment information			15
		(3)		Consolidated revenues by reporting segment			16

 

-3-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

1. Review of operations and financial condition

(1) Summary of the results of operations for the six months under review

For the six months ended September 30, 2010, revenues of Kubota Corporation and subsidiaries (hereinafter, the “Company”) increased ¥4.4 billion [1.0 %], to ¥449.0 billion from the corresponding period in the prior year.

Domestic revenues decreased ¥3.8 billion [1.7 %], to ¥224.8 billion, due to decreases in revenues in Water & Environment Systems and Social Infrastructure, while revenues in Farm & Industrial Machinery and Other increased. Overseas revenues increased ¥8.3 billion [3.8 %], to ¥224.3 billion, because increase of revenues in Farm & Industrial Machinery compensated declines of revenues in other segments.

Operating income increased ¥10.0 billion [30.3 %], to ¥43.2 billion from the corresponding period in the prior year, due to an increase in revenues in Farm & Industrial Machinery and progressing cost reduction. Income before income taxes and equity in net income of affiliated companies increased ¥9.8 billion [29.3 %], to ¥43.0 billion. Income taxes were ¥14.7 billion [representing an effective tax rate of 34.2 %], and net income increased ¥6.3 billion [27.7 %], to ¥28.9 billion. Net income attributable to Kubota Corporation increased ¥6.4 billion [33.1 %], to ¥25.7 billion from the corresponding period in the prior year.

Review of operations by reporting segment

1) Farm & Industrial Machinery

Farm & Industrial Machinery comprises farm equipment, engines and construction machinery.

Revenues in this segment increased 6.8%, to ¥330.7 billion from the corresponding period in the prior year, comprising 73.6 % of consolidated revenues.

Domestic revenues increased 4.2 %, to ¥121.0 billion. Sales of farm equipment increased supported by steady demand. Sales of engines and construction machinery largely increased due to the upswing in the markets.

Overseas revenues increased 8.3 %, to ¥209.7 billion. In North America, although sales in Canada were sluggish, sales of tractors increased in the U.S. and sales of engines recorded a substantial increase due to the recovery in demand. In Europe, sales of construction machinery and engines considerably increased due to the market upturn. In Asia outside Japan, sales of farm equipment registered a modest increase due to the broken weather and low price of rice. On the other hand, sales of construction machinery increased largely.

Operating income in Farm & Industrial Machinery increased 42.0 %, to ¥46.6 billion due to increased revenues and cost reductions.

2) Water & Environment Systems

Water & Environment Systems comprises pipe-related products (ductile iron pipes, plastic pipes, valves, and other products) and environment-related products (environmental plants, pumps and other products).

Revenues in this segment decreased 17.6 %, to ¥74.7 billion from the corresponding period in the prior year, comprising 16.6 % of consolidated revenues.

Domestic revenues decreased 11.7 %, to ¥68.4 billion. Sales of pipe-related products such as ductile iron pipes and plastic pipes decreased due to slashes in public investment. Sales of environment-related products also decreased mainly due to a decrease in sales of products related to water and sewage treatment. Overseas revenues decreased 52.2 %, to ¥6.3 billion, owing to sales declines of ductile iron pipes for the Middle East market and decreases in sales of valves and pumps.

Operating income in Water & Environment Systems decreased 65.1 %, to ¥2.1 billion due to decreased revenues and higher cost of raw materials.

 

-4-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

3) Social Infrastructure

Social Infrastructure comprises industrial castings, spiral welded steel pipes, vending machines, electronic equipped machinery, and air-conditioning equipment.

Revenues in this segment decreased 2.7 %, to ¥31.2 billion from the corresponding period in the prior year, comprising 7.0 % of consolidated revenues.

Domestic revenues decreased 1.6 %, to ¥23.3 billion. Sales of air-conditioning equipment and electronic equipped machinery increased. Sales of industrial castings and vending machines remained at the same level as the corresponding period in the prior year. On the other hand, sales of spiral welded steel pipes substantially decreased. Overseas revenues decreased 5.9 %, to ¥8.0 billion owing to the sales decline of industrial castings in Europe and the Middle East.

Operating income in Social Infrastructure decreased 15.2 %, to ¥1.9 billion mainly due to decreased revenues and tightening competition.

4) Other

Other comprises construction, services and other businesses.

Revenues in this segment increased 2.3 %, to ¥12.5 billion from the corresponding period in the prior year, comprising 2.8 % of consolidated revenues. The increase was mainly due to increase in sales of services, while sales of construction decreased.

Operating income in Other decreased 31.5 %, to ¥0.8 billion.

(2) Financial condition

Assets, liabilities and equity

Total assets at the end of September 2010 amounted to ¥1,357.4 billion, a decrease of ¥51.7 billion from the end of March 2010. As for Assets, current assets largely decreased due to declines of notes and accounts receivable and cash and cash equivalents.

As for liabilities, current liabilities largely decreased because of a decrease in short-term borrowings and long-term liabilities decreased mainly due to a decline of long-term debt.

Equity increased modestly because an increase in retained earnings was mostly offset by an increase in accumulated other comprehensive loss attributable to the appreciation of the yen and declines in the stock market prices. Shareholders’ equity ratio was 46.2 %, 1.7 percentage points higher than the prior year end.

Cash flows

Net cash provided by operating activities during the six months under review was ¥53.2 billion, an increase of ¥11.3 billion of cash inflow from the corresponding period in the prior year. This increase was mainly due to an increase in net income and a decrease in working capital.

Net cash used in investing activities was ¥28.7 billion, an increase of ¥8.1 billion of cash outflow from the corresponding period in the prior year. This increase was mainly due to a larger increase in finance receivables as well as a decrease in proceeds from sales and redemption of investments.

Net cash used in financing activities was ¥30.5 billion, an increase of ¥32.5 billion of cash outflow from the corresponding period in the prior year. This substantial increase was mainly due to an increase in repayments of long-term debt.

As a result, including the effect of exchange rate, cash and cash equivalents at the end of September 2010 was ¥103.7 billion, a decrease of ¥7.8 billion from the beginning of the year.

(3) Prospect for the fiscal year under review

The forecasts of the anticipated results of operations for the year ending March 31, 2011, which were announced on May 11, 2010, remain unchanged.

The forecasts are based on the assumption of an exchange rate of ¥87=US$1.

 

-5-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

2. Other information

(1) Changes in material subsidiaries

None

(2) Adoption of simplified accounting procedures or specific accounting procedures for consolidated quarterly financial statements

Income tax expense for the six months ended September 30, 2010 was calculated using reasonably estimated annual effective tax rate for this fiscal year.

(3) Changes in accounting principles, procedures and presentations for consolidated financial statements

None

 

-6-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

3. Consolidated financial statements

(1) Consolidated balance sheets

 

Assets		(In millions of yen)
		Sep. 30, 2010								Mar. 31, 2010								Change				Sep. 30, 2009
		Amount				%				Amount				%				Amount				Amount				%
Current assets:
Cash and cash equivalents			103,677								111,428								(7,751	)			94,360
Notes and accounts receivable			335,496								372,076								(36,580	)			356,618
Short-term finance receivables-net			104,538								104,840								(302	)			104,705
Inventories			174,694								172,323								2,371				193,179
Other current assets			51,353								60,161								(8,808	)			60,200
Total current assets			769,758				56.7				820,828				58.3				(51,070	)			809,062				57.8
Investments and long-term finance receivables			319,106				23.5				321,724				22.8				(2,618	)			308,094				22.0
Property, plant, and equipment			216,066				15.9				220,893				15.7				(4,827	)			224,420				16.0
Other assets			52,445				3.9				45,588				3.2				6,857				59,271				4.2
Total			1,357,375				100.0				1,409,033				100.0				(51,658	)			1,400,847				100.0
Liabilities and Equity		(In millions of yen)
		Sep. 30, 2010								Mar. 31, 2010								Change				Sep. 30, 2009
		Amount				%				Amount				%				Amount				Amount				%
Current liabilities:
Short-term borrowings			57,306								88,333								(31,027	)			128,828
Notes and accounts payable			157,032								157,949								(917	)			133,234
Other current liabilities			112,856								122,524								(9,668	)			118,178
Current portion of long-term debt			85,401								71,432								13,969				72,692
Total current liabilities			412,595				30.4				440,238				31.2				(27,643	)			452,932				32.3
Long-term liabilities:
Long-term debt			225,479								243,333								(17,854	)			230,848
Accrued retirement and pension costs			35,948								40,177								(4,229	)			52,364
Other long-term liabilities			10,381								13,666								(3,285	)			9,650
Total long-term liabilities			271,808				20.0				297,176				21.1				(25,368	)			292,862				20.9
Equity:
Kubota Corporation shareholders’ equity:
Common stock			84,070								84,070								—				84,070
Capital surplus			89,236								89,241								(5	)			93,086
Legal reserve			19,539								19,539								—				19,539
Retained earnings			496,652								477,303								19,349				463,197
Accumulated other comprehensive loss			(53,421	)							(34,491	)							(18,930	)			(40,072	)
Treasury stock			(9,296	)							(9,265	)							(31	)			(9,110	)
Total Kubota Corporation shareholders’ equity			626,780				46.2				626,397				44.5				383				610,710				43.6
Noncontrolling interests			46,192				3.4				45,222				3.2				970				44,343				3.2
Total equity			672,972				49.6				671,619				47.7				1,353				655,053				46.8
Total			1,357,375				100.0				1,409,033				100.0				(51,658	)			1,400,847				100.0

 

-7-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(2) Consolidated statements of income

 

		(In millions of yen)
		Six months ended Sep. 30, 2010								Six months ended Sep. 30, 2009								Change								Year ended Mar. 31, 2010
		Amount				%				Amount				%				Amount				%				Amount				%
Revenues			449,046				100.0				444,634				100.0				4,412				1.0				930,644				100.0
Cost of revenues			325,395				72.5				326,598				73.4				(1,203	)			(0.4	)			681,374				73.2
Selling, general, and administrative expenses			80,059				17.8				84,637				19.0				(4,578	)			(5.4	)			179,352				19.3
Other operating expenses			423				0.1				267				0.1				156				58.4				216				0.0
Operating income			43,169				9.6				33,132				7.5				10,037				30.3				69,702				7.5
Other income (expenses):
Interest and dividend income			2,122								1,871								251								3,381
Interest expense			(927	)							(1,274	)							347								(2,127	)
Gain on nonmonetary exchange of securities			2,774								—								2,774								—
Gain on sales of securities-net			145								312								(167	)							1,821
Foreign exchange gain (loss)-net			(3,780	)							874								(4,654	)							2,894
Other-net			(462	)							(1,628	)							1,166								(2,188	)
Other income (expenses), net			(128	)							155								(283	)							3,781
Income before income taxes and equity in net income of affiliated companies			43,041				9.6				33,287				7.5				9,754				29.3				73,483				7.9
Income taxes			14,703								11,011								3,692								25,977
Equity in net income of affiliated companies			530								334								196								402
Net income			28,868				6.4				22,610				5.1				6,258				27.7				47,908				5.1
Less: Net income attributable to noncontrolling interests			3,158								3,297								(139	)							5,582
Net income attributable to Kubota Corporation			25,710				5.7				19,313				4.3				6,397				33.1				42,326				4.5
Net income attributable to Kubota Corporation per common share
		(In yen)
Basic			20.22								15.18																33.28
Diluted			20.22								15.18																33.28

 

-8-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(3) Consolidated statements of cash flows

 

		(In millions of yen)
		Six months ended Sep. 30, 2010				Six months ended Sep. 30, 2009				Change
Operating activities:
Net income			28,868				22,610
Depreciation and amortization			13,275				14,223
Gain on nonmonetary exchange of securities			(2,774	)			—
Deferred income taxes			3,710				417
Decrease in notes and accounts receivable			23,573				37,243
Decrease (increase) in inventories			(10,416	)			20,771
Decrease (increase) in other current assets			4,632				(2,174	)
Increase (decrease) in trade notes and accounts payable			1,223				(52,932	)
Increase (decrease) in income taxes payable			(13,609	)			3,027
Increase (decrease) in other current liabilities			8,096				(4,717	)
Increase (decrease) in accrued retirement and pension costs			(4,372	)			112
Other			1,013				3,306
Net cash provided by operating activities			53,219				41,886				11,333
Investing activities:
Purchases of fixed assets			(12,208	)			(11,003	)
Proceeds from sales of property, plant, and equipment			479				1,068
Proceeds from sales and redemption of investments			344				5,763
Increase in finance receivables			(86,060	)			(82,188	)
Collection of finance receivables			66,807				67,578
Other			1,925				(1,827	)
Net cash used in investing activities			(28,713	)			(20,609	)			(8,104	)
Financing activities:
Proceeds from issuance of long-term debt			43,905				46,354
Repayments of long-term debt			(52,172	)			(25,126	)
Net decrease in short-term borrowings			(15,602	)			(10,970	)
Cash dividends			(6,361	)			(8,907	)
Purchases of treasury stock			(21	)			(24	)
Other			(202	)			716
Net cash provided by (used in) financing activities			(30,453	)			2,043				(32,496	)
Effect of exchange rate changes on cash and cash equivalents			(1,804	)			1,535				(3,339	)
Net increase (decrease) in cash and cash equivalents			(7,751	)			24,855
Cash and cash equivalents at beginning of period			111,428				69,505
Cash and cash equivalents at end of period			103,677				94,360				9,317

(4) Notes to assumption for going concern

None

 

-9-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(5) Consolidated segment information

1) Reporting segments

Six months ended September 30, 2010

 

		(In millions of yen)
		Farm & Industrial Machinery				Water & Environment Systems				Social Infrastructure				Other				Adjustments				Consolidated
Revenues
External customers			330,682				74,672				31,231				12,461				—				449,046
Intersegment			31				472				1,308				6,097				(7,908	)			—
Total			330,713				75,144				32,539				18,558				(7,908	)			449,046
Operating income			46,646				2,087				1,892				766				(8,222	)			43,169
Six months ended September 30, 2009
		(In millions of yen)
		Farm & Industrial Machinery				Water & Environment Systems				Social Infrastructure				Other				Adjustments				Consolidated
Revenues
External customers			309,755				90,604				32,093				12,182				—				444,634
Intersegment			31				343				1,477				6,409				(8,260	)			—
Total			309,786				90,947				33,570				18,591				(8,260	)			444,634
Operating income			32,846				5,985				2,230				1,119				(9,048	)			33,132

Notes:

1. The amounts in “Adjustments” include the eliminations of intersegment transactions and the unallocated corporate expenses.

2. The aggregated amounts of operating income equal to those in the consolidated statements of income, and please refer to the consolidated statements of income for the reconciliation of operating income to income before income taxes and equity in net income of affiliated companies.

3. Intersegment revenues are recorded at values that approximate market prices.

2) Geographic segments

Information for revenues from external customers by destination

 

		(In millions of yen)
		Six months ended Sep. 30, 2010				Six months ended Sep. 30, 2009
Japan			224,789				228,628
North America			82,217				82,344
Europe			42,089				35,711
Asia			85,008				78,878
Other Areas			14,943				19,073
Total			449,046				444,634

Notes:

1. Revenues from North America include those from the United States of ¥67,947 million and ¥63,665 million for the six months ended September 30, 2010 and 2009, respectively.

2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.

 

-10-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(6) Consolidated statements of changes in equity

 

		(In millions of yen)
		Shares of common stock outstanding (thousands)				Kubota Corporation shareholders’ equity																								Non- controlling interests				Total equity
						Common stock				Capital surplus				Legal reserve				Retained earnings				Accumulated other comprehensive loss				Treasury stock
Balance at April 1, 2010			1,271,847				84,070				89,241				19,539				477,303				(34,491	)			(9,265	)			45,222				671,619
Net income																			25,710												3,158				28,868
Other comprehensive loss																							(18,930	)							(1,989	)			(20,919	)
Cash dividends paid to Kubota Corporation shareholders, ¥5 per share																			(6,361	)															(6,361	)
Cash dividends paid to noncontrolling interests																															(260	)			(260	)
Purchases and sales of treasury stock			(58	)																							(31	)							(31	)
Increase in noncontrolling interests related to contribution											(5	)																			61				56
Balance at September 30, 2010			1,271,789				84,070				89,236				19,539				496,652				(53,421	)			(9,296	)			46,192				672,972

 

-11-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(7) Consolidated revenues by reporting segment

 

		(In millions of yen)
		Six months ended Sep. 30, 2010								Six months ended Sep. 30, 2009								Change								Year ended Mar. 31, 2010
		Amount				%				Amount				%				Amount				%				Amount				%
Farm Equipment and Engines			295,156				65.7				281,454				63.3				13,702				4.9				561,165				60.3
Domestic			112,399								108,355								4,044				3.7				212,712
Overseas			182,757								173,099								9,658				5.6				348,453
Construction Machinery			35,526				7.9				28,301				6.4				7,225				25.5				55,561				5.9
Domestic			8,597								7,723								874				11.3				16,924
Overseas			26,929								20,578								6,351				30.9				38,637
Farm & Industrial Machinery			330,682				73.6				309,755				69.7				20,927				6.8				616,726				66.2
Domestic			120,996				27.0				116,078				26.1				4,918				4.2				229,636				24.6
Overseas			209,686				46.6				193,677				43.6				16,009				8.3				387,090				41.6
Pipe-Related Products			53,399				11.9				66,525				15.0				(13,126	)			(19.7	)			144,465				15.5
Domestic			48,920								56,578								(7,658	)			(13.5	)			127,658
Overseas			4,479								9,947								(5,468	)			(55.0	)			16,807
Environment-Related Products			21,273				4.7				24,079				5.4				(2,806	)			(11.7	)			78,484				8.5
Domestic			19,442								20,812								(1,370	)			(6.6	)			70,439
Overseas			1,831								3,267								(1,436	)			(44.0	)			8,045
Water & Environment Systems			74,672				16.6				90,604				20.4				(15,932	)			(17.6	)			222,949				24.0
Domestic			68,362				15.2				77,390				17.4				(9,028	)			(11.7	)			198,097				21.3
Overseas			6,310				1.4				13,214				3.0				(6,904	)			(52.2	)			24,852				2.7
Social Infrastructure			31,231				7.0				32,093				7.2				(862	)			(2.7	)			63,293				6.8
Domestic			23,272				5.2				23,639				5.3				(367	)			(1.6	)			47,026				5.1
Overseas			7,959				1.8				8,454				1.9				(495	)			(5.9	)			16,267				1.7
Other			12,461				2.8				12,182				2.7				279				2.3				27,676				3.0
Domestic			12,159				2.7				11,521				2.6				638				5.5				26,904				2.9
Overseas			302				0.1				661				0.1				(359	)			(54.3	)			772				0.1
Total			449,046				100.0				444,634				100.0				4,412				1.0				930,644				100.0
Domestic			224,789				50.1				228,628				51.4				(3,839	)			(1.7	)			501,663				53.9
Overseas			224,257				49.9				216,006				48.6				8,251				3.8				428,981				46.1

 

-12-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(8) Anticipated consolidated revenues by reporting segment

 

		(In billions of yen)
		Year ending March 31, 2011								Year ended March 31, 2010								Change
		Amount				%				Amount				%				Amount				%
Domestic			234.0								229.6								4.4				1.9
Overseas			463.0								387.1								75.9				19.6
Farm & Industrial Machinery			697.0				69.7				616.7				66.2				80.3				13.0
Domestic			196.0								198.1								(2.1	)			(1.1	)
Overseas			15.0								24.8								(9.8	)			(39.5	)
Water & Environment Systems			211.0				21.1				222.9				24.0				(11.9	)			(5.3	)
Domestic			46.5								47.0								(0.5	)			(1.1	)
Overseas			17.5								16.3								1.2				7.4
Social Infrastructure			64.0				6.4				63.3				6.8				0.7				1.1
Domestic			27.5								26.9								0.6				2.2
Overseas			0.5								0.8								(0.3	)			(37.5	)
Other			28.0				2.8				27.7				3.0				0.3				1.1
Total			1,000.0				100.0				930.6				100.0				69.4				7.5
Domestic			504.0				50.4				501.6				53.9				2.4				0.5
Overseas			496.0				49.6				429.0				46.1				67.0				15.6

 

-13-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

4. The results of operations for the three months ended Sep. 30, 2010

(1) Consolidated statements of income

 

		(In millions of yen)
		Three months ended Sep. 30, 2010								Three months ended Sep. 30, 2009								Change
		Amount				%				Amount				%				Amount				%
Revenues			249,819				100.0				249,308				100.0				511				0.2
Cost of revenues			182,557				73.1				180,793				72.5				1,764				1.0
Selling, general, and administrative expenses			41,875				16.8				45,677				18.3				(3,802	)			(8.3	)
Other operating expenses (income)			334				0.1				(18	)			(0.0	)			352				—
Operating income			25,053				10.0				22,856				9.2				2,197				9.6
Other income (expenses):
Interest and dividend income			570								438								132
Interest expense			(469	)							(632	)							163
Gain on sales of securities-net			144								65								79
Foreign exchange gain (loss) -net			(2,463	)							99								(2,562	)
Other-net			787								(288	)							1,075
Other income (expenses), net			(1,431	)							(318	)							(1,113	)
Income before income taxes and equity in net income of affiliated companies			23,622				9.5				22,538				9.0				1,084				4.8
Income taxes			7,486								7,271								215
Equity in net income of affiliated companies			509								609								(100	)
Net income			16,645				6.7				15,876				6.4				769				4.8
Less: Net income attributable to the noncontrolling interests			1,685								2,120								(435	)
Net income attributable to Kubota Corporation			14,960				6.0				13,756				5.5				1,204				8.8
Net income attributable to Kubota Corporation per common share
		(In yen)
Basic			11.76								10.81
Diluted			11.76								10.81

 

-14-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

(2) Consolidated segment information

1) Reporting segments

Three months ended September 30, 2010

 

		(In millions of yen)
		Farm & Industrial Machinery				Water & Environment Systems				Social Infrastructure				Other				Adjustments				Consolidated
Revenues
External customers			182,678				43,951				16,181				7,009				—				249,819
Intersegment			21				201				760				3,375				(4,357	)			—
Total			182,699				44,152				16,941				10,384				(4,357	)			249,819
Operating income			25,363				2,010				1,390				464				(4,174	)			25,053
Three months ended September 30, 2009
		(In millions of yen)
		Farm & Industrial Machinery				Water & Environment Systems				Social Infrastructure				Other				Adjustments				Consolidated
Revenues
External customers			174,796				51,851				16,062				6,599				—				249,308
Intersegment			11				132				930				3,658				(4,731	)			—
Total			174,807				51,983				16,992				10,257				(4,731	)			249,308
Operating income			21,186				4,420				1,179				864				(4,793	)			22,856

Notes:

1. The amounts in “Adjustments” include the eliminations of intersegment transactions and the unallocated corporate expenses.

2. The aggregated amounts of operating income equal to those in the consolidated statements of income, and please refer to the consolidated statements of income for the reconciliation of operating income to income before income taxes and equity in net income of affiliated companies.

3. Intersegment revenues are recorded at values that approximate market prices.

2) Geographic segments

Information for revenues from external customers by destination

 

		(In millions of yen)
		Three months ended Sep. 30, 2010				Three months ended Sep. 30, 2009
Japan			126,154				127,863
North America			46,789				46,699
Europe			22,886				18,453
Asia			46,490				45,915
Other Areas			7,500				10,378
Total			249,819				249,308

Notes:

1. Revenues from North America include those from the United States of ¥39,722 million and ¥36,980 million for the three months ended September 30, 2010 and 2009, respectively.

2. There is no single customer, revenues from whom exceed 10% of total consolidated revenues of the Company.

 

-15-

---

Table of Contents

Kubota Corporation

and Subsidiaries

 

 

(3) Consolidated revenues by reporting segment

 

		(In millions of yen)
		Three months ended Sep. 30, 2010								Three months ended Sep. 30, 2009								Change
		Amount				%				Amount				%				Amount				%
Farm Equipment and Engines			162,159				64.9				158,393				63.5				3,766				2.4
Domestic			61,537								60,566								971				1.6
Overseas			100,622								97,827								2,795				2.9
Construction Machinery			20,519				8.2				16,403				6.6				4,116				25.1
Domestic			5,026								4,332								694				16.0
Overseas			15,493								12,071								3,422				28.3
Farm & Industrial Machinery			182,678				73.1				174,796				70.1				7,882				4.5
Domestic			66,563				26.6				64,898				26.0				1,665				2.6
Overseas			116,115				46.5				109,898				44.1				6,217				5.7
Pipe-Related Products			31,652				12.7				38,464				15.4				(6,812	)			(17.7	)
Domestic			29,207								33,824								(4,617	)			(13.7	)
Overseas			2,445								4,640								(2,195	)			(47.3	)
Environment-Related Products			12,299				4.9				13,387				5.4				(1,088	)			(8.1	)
Domestic			11,503								10,989								514				4.7
Overseas			796								2,398								(1,602	)			(66.8	)
Water & Environment Systems			43,951				17.6				51,851				20.8				(7,900	)			(15.2	)
Domestic			40,710				16.3				44,813				18.0				(4,103	)			(9.2	)
Overseas			3,241				1.3				7,038				2.8				(3,797	)			(53.9	)
Social Infrastructure			16,181				6.5				16,062				6.4				119				0.7
Domestic			12,136				4.9				11,775				4.7				361				3.1
Overseas			4,045				1.6				4,287				1.7				(242	)			(5.6	)
Other			7,009				2.8				6,599				2.7				410				6.2
Domestic			6,745				2.7				6,377				2.6				368				5.8
Overseas			264				0.1				222				0.1				42				18.9
Total			249,819				100.0				249,308				100.0				511				0.2
Domestic			126,154				50.5				127,863				51.3				(1,709	)			(1.3	)
Overseas			123,665				49.5				121,445				48.7				2,220				1.8

 

-16-

---

Table of Contents

 

November 2, 2010

To whom it may concern

Kubota Corporation

2-47, Shikitsu-higashi 1-chome,

Naniwa-ku, Osaka 556-8601, Japan

Contact: IR Group

Global Management Promotion Department

Planning & Control Headquarters

Phone: +81-6-6648-2645

Notice on interim dividend

Please be advised that Kubota Corporation (hereinafter “the Company”) resolved at the Board of Directors’ Meeting held on November 2, 2010 that the Company would pay interim dividend the record date of which was September 30, 2010.

1. Details of interim dividend

 

		Interim dividend of this fiscal year		Latest forecast (Released on  August 3, 2010)		Interim dividend of the prior year
Record date		September 30, 2010		September 30, 2010		September 30, 2009
Dividend per common share		¥7		To be determined		¥7
Amount of dividend		¥8,905 million		—		¥8,906 million
Date of payment		December 2, 2010		—		December 2, 2009
Resource of interim dividend		Retained earnings		—		Retained earnings

2. Reasons for interim dividend amount

The Company paid the annual dividend of ¥12 per common share for the year ended March 31, 2010, which included the interim dividend of ¥7 and the year-end dividend of ¥5. Considering the Company’s current business performance, the Company decided to pay ¥7 of interim dividend per common share, the same amount as interim dividend in the previous year.

(Reference)

 

		(per common share)
		Interim dividend		Year-end dividend		Total
This fiscal year (Year ending March 31, 2011)		¥7		To be determined		To be determined
The prior year (Year ended March 31, 2010)		¥7		¥5		¥12

 

 

< Cautionary Statements with Respect to Forward-Looking Statements >

This document may contain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: general economic conditions in the Company’s markets, particularly government agricultural policies, levels of capital expenditures, both in public and private sectors, foreign currency exchange rates, continued competitive pricing pressures in the marketplace, as well as the Company’s ability to continue to gain acceptance of its products.

 

 

End of document

---

Table of Contents

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				KUBOTA CORPORATION
Date: November 2, 2010				By:		/s/ Yoshiyuki Fujita
				Name:		Yoshiyuki Fujita
				Title:		General Manager of Global Management Promotion Department