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Consolidated Financial Statements
Consolidated Balance Sheets
ASSETS |
October 31, 2011 | October 31, 2012 | |
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Current assets : |
|||
| Cash and deposits | ¥ 20,059 | ¥ 19,387 | $ 243,375 |
| Notes and accounts receivable, trade | 16,419 | 23,560 | 295,766 |
| Negotiable securities | 350 | 350 | 4,393 |
| Merchandise inventories and products | 621 | 521 | 6,548 |
| Work in process | 33 | 53 | 668 |
| Raw materials and supplies | 198 | 213 | 2,676 |
| Construction equipment | 1,557 | 2,578 | 32,362 |
| Income taxes receivable | 10 | 10 | 134 |
| Consumption tax receivable | 103 | 57 | 726 |
| Deferred tax assets | 383 | 616 | 7,733 |
| Other | 606 | 719 | 9,029 |
| Allowance for doubtful accounts | (368) | (384) | (4,825) |
| Total current assets | 39,975 | 47,683 | 598,587 |
Fixed assets : |
|||
| Tangible fixed assets | |||
| Rental equipment assets | 72,929 | 111,689 | 1,402,073 |
| Accumulated depreciation | (41,233) | (65,644) | (824,059) |
| Net rental equipment assets | 31,695 | 46,044 | 578,013 |
| Buildings and structures | 20,871 | 22,253 | 279,356 |
| Accumulated depreciation | (13,481) | (14,565) | (182,840) |
| Net buildings and structures | 7,389 | 7,688 | 96,515 |
| Machinery, equipment, vehicles and delivery equipment | 5,131 | 5,367 | 67,376 |
| Accumulated depreciation | (4,491) | (4,771) | (59,895) |
| Net machinery, equipment, vehicles and delivery equipment | 639 | 595 | 7,480 |
| Land | 29,907 | 29,548 | 370,927 |
| Other | 1,422 | 1,579 | 19,832 |
| Accumulated depreciation | (1,186) | (1,301) | (16,338) |
| Net other | 236 | 278 | 3,494 |
| Total tangible fixed assets | 69,869 | 84,155 | 1,056,432 |
| Intangible fixed assets | |||
| Goodwill | 159 | 192 | 2,415 |
| Other | 243 | 203 | 2,558 |
| Total intangible fixed assets | 402 | 396 | 4,974 |
| Investments and other assets | |||
| Investment securities | 3,202 | 3,196 | 40,131 |
| Deferred tax assets | 658 | 622 | 7,809 |
| Other | 1,866 | 1,947 | 24,445 |
| Allowance for doubtful accounts | (732) | (590) | (7,409) |
| Reserve for investment losses | (122) | (67) | (853) |
| Total investments and other assets | 4,872 | 5,107 | 64,122 |
| Total fixed assets | 75,144 | 89,659 | 1,125,528 |
| Total assets | ¥ 115,120 | ¥ 137,343 | $ 1,724,116 |
LIABILITIES AND NET ASSETS |
October 31, 2011 | October 31, 2012 | |
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Current liabilities : |
|||
| Notes and accounts payable, trade | ¥ 13,318 | ¥ 18,011 | $ 226,102 |
| Short-term bank loans | 11,155 | 834 | 10,478 |
| Long-term bank loans due within one year | 9,853 | 12,671 | 159,071 |
| Current portion of bonds | 22 | ー | ー |
| Lease obligations | 1,087 | 1,106 | 13,890 |
| Corporate taxes payable | 322 | 2,344 | 29,432 |
| Accrued bonuses to employees | 531 | 774 | 9,721 |
| Allowance for disaster losses | 289 | 10 | 125 |
| Accounts payable, other | 7,574 | 9,386 | 117,832 |
| Other | 1,188 | 1,641 | 20,603 |
| Total current liabilities | 45,342 | 46,781 | 587,260 |
Long-term liabilities : |
|||
| Long-term bank loans | 17,063 | 25,945 | 325,700 |
| Lease obligations | 1,430 | 3,041 | 38,184 |
| Accrued employees retirement benefits | 37 | 0 | 12 |
| Retirement allowances to directors and auditors | 210 | ー | ー |
| Long-term accrued expenses | 13,251 | 19,707 | 247,400 |
| Asset retirement obligations | 147 | 207 | 2,607 |
| Other | 45 | 258 | 3,242 |
| Total long-term liabilities | 32,185 | 49,161 | 617,147 |
| Total Liabilities | 77,527 | 95,943 | 1,204,407 |
Net assets : |
|||
| Shareholders’ equity | |||
| Capital stock | 9,696 | 9,696 | 121,726 |
| Capital surplus | 10,960 | 10,960 | 137,594 |
| Retained earnings | 16,297 | 19,199 | 241,020 |
| Treasury stock | (25) | (27) | (345) |
| Total shareholders’ equity | 36,929 | 39,829 | 499,995 |
| Accumulated other comprehensive income | |||
| Valuation difference on other investment securities | 198 | 331 | 4,163 |
| Translation adjustments account | (42) | (54) | (687) |
| Total accumulated other comprehensive income | 156 | 276 | 3,475 |
| Minority interests | 507 | 1,293 | 16,237 |
| Total net assets | 37,592 | 41,399 | 519,708 |
| Total liabilities and net assets | ¥ 115,120 | ¥ 137,343 | $ 1,724,116 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.
Consolidated Statements of Income
| Prior Consolidated Fiscal Year (From November 1, 2010 to October 31, 2011) | Current Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) | ||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Total revenues |
¥ 71,086 | ¥ 86,106 | $ 1,080,929 |
| Total cost of revenues | 50,631 | 60,333 | 757,388 |
Gross profit |
20,455 | 25,773 | 323,541 |
| Selling, general and administrative expenses | 17,550 | 19,343 | 242,821 |
Operating income |
2,905 | 6,430 | 80,720 |
| Non-operating revenues | |||
| Interest revenue | 11 | 10 | 126 |
| Dividend income | 50 | 85 | 1,078 |
| Insurance benefits | 33 | 64 | 808 |
| Rents received | 45 | 53 | 676 |
| Cash bonus received | 5 | 23 | 291 |
| Amortization of negative goodwill | 69 | 69 | 876 |
| Reversal of allowance for doubtful accounts | － | 22 | 284 |
| Reversal of allowance for disaster losses | － | 101 | 1,273 |
| Other | 122 | 183 | 2,304 |
| Total non-operating revenues | 339 | 614 | 7,720 |
| Non-operating expenses | |||
| Interest expense | 792 | 856 | 10,750 |
| Loss on sale of notes receivable | 41 | 45 | 576 |
| Other | 170 | 209 | 2,636 |
| Total non-operating expenses | 1,005 | 1,112 | 13,963 |
Ordinary income |
2,239 | 5,932 | 74,477 |
| Extraordinary profits | |||
| Subsidies | 32 | 177 | 2,228 |
| Gain on sale of fixed assets | 11 | 21 | 264 |
| Gain on sale of investment securities | 0 | 1 | 13 |
| Gain on investment in partnership enterprise | 1 | － | － |
| Gain on reversal of allowance for doubtful accounts | 13 | － | － |
| Gain on termination of retirement benefit plan | 1,465 | － | － |
| Gain on negative goodwill | － | 671 | 8,434 |
| Other | 9 | 19 | 246 |
| Total extraordinary profits | 1,534 | 891 | 11,188 |
Extraordinary losses |
|||
| Loss on sale or retirement of fixed assets | 132 | 185 | 2,322 |
| Impairment loss | 63 | 343 | 4,311 |
| Loss on sale of investment securities | 17 | 116 | 1,456 |
| Valuation loss on investment securities | 134 | 0 | 1 |
| Loss from disaster | 837 | － | － |
| Provision of allowance for investment losses | 41 | － | － |
| Provision of allowance for doubtful accounts | 1 | － | － |
| Loss on adjustment for changes of accounting standard for asset retirement obligations | 95 | － | － |
| Other | 2 | － | － |
| Total extraordinary losses | 1,327 | 644 | 8,091 |
| Income before taxes and adjustments | 2,446 | 6,179 | 77,574 |
| Corporate, local and business taxes | 862 | 2,752 | 34,548 |
| Adjustment for corporate and other taxes | 470 | 2 | 32 |
| Total corporate and other taxes | 1,332 | 2,754 | 34,581 |
| Income before adjustment for minority interests (loss) | 1,113 | 3,424 | 42,994 |
| Minority interest in income (loss) | (52) | (150) | (1,884) |
Net income |
¥ 1,165 | ¥ 3,575 | $ 44,878 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.
Consolidated Statements of Comprehensive Income
| Prior Consolidated Fiscal Year (From November 1, 2010 to October 31, 2011) | Current Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) | ||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Income before adjustment for minority interests (loss) |
¥ 1,113 | ¥ 3,424 | $ 42,994 |
| Other comprehensive income | |||
| Valuation difference on other investment securities | 51 | 132 | 1,666 |
| Translation adjustments account | (8) | (5) | (74) |
| Total other comprehensive income | 43 | 126 | 1,592 |
Comprehensive income |
1,156 | 3,551 | 44,586 |
| (Breakdown) | |||
| Comprehensive income attributable to owners of the parent | 1,214 | 3,695 | 46,395 |
| Comprehensive income attributable to minority interests | ¥ (57) | ¥ (144) | $ (1,809) |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.
Consolidated Statements of Changes in Net Assets
(November 1, 2011 - October 31, 2012)
| Shareholders' equity | Accumulated other comprehensive income | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of shares of common stock | Common stock | Capital surplus | Retained earnings | Treasury stock | Total
share- holders’ equity |
Net unrealized holding gain (loss) on other securities | Foreign currency translation adjustments | Total accumu- lated other compre- hensive income |
Minority interests | Total net assets | |
| Thousands of shares | Millions of yen | ||||||||||
Balance at October 31, 2010 |
32,872 | ¥ 9,696 | ¥ 10,960 | ¥ 15,788 | ¥ (24) | ¥ 36,420 | ¥ 147 | ¥ (40) | ¥ 107 | ¥ 497 | ¥ 37,025 |
| Net income | 1,165 | 1,165 | ー | 1,165 | |||||||
| Cash dividends | (656) | (656) | ー | (656) | |||||||
| Acquisition of treasury stock | (0) | (0) | ー | (0) | |||||||
| Disposal of treasury stock | (0) | 0 | 0 | ー | 0 | ||||||
| Otder | ー | 51 | (2) | 49 | 9 | 58 | |||||
Balance at November 1, 2011 |
32,872 | ¥ 9,696 | ¥ 10,960 | ¥ 16,297 | ¥ (25) | ¥ 36,929 | ¥ 198 | ¥ (42) | ¥ 156 | ¥ 507 | ¥ 37,592 |
| Net income | 3,575 | 3,575 | ー | 3,575 | |||||||
| Cash dividends | (656) | (656) | ー | (656) | |||||||
| Increase (decrease) from change in scope of consolidation | (16) | (16) | ー | (26) | (42) | ||||||
| Acquisition of treasury stock | (2) | (2) | ー | (2) | |||||||
| Disposal of treasury stock | 0 | 0 | 0 | ー | 0 | ||||||
| Otder | ー | 132 | (12) | 120 | 812 | 933 | |||||
Balance at October 31, 2012 |
32,872 | ¥ 9,696 | ¥ 10,960 | ¥ 19,199 | ¥ (27) | ¥ 39,829 | ¥ 331 | ¥ (54) | ¥ 276 | ¥ 1,293 | ¥ 41,399 |
| Shareholders' equity | Accumulated other comprehensive income | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common stock | Capital surplus | Retained earnings | Treasury stock | Total
share- holders’ equity |
Net unrealized holding gain on other securities | Foreign currency translation adjustments | Total accumu- lated other compr- ehensive income |
Minority interests | Total net assets | |
| Thousands of U.S. dollars (Note) | ||||||||||
Balance at November 1, 2011 |
$ 121,726 | $ 137,594 | $ 204,585 | $ (316) | $ 463,589 | $ 2,495 | $ (536) | $ 1,959 | $ 6,365 | $ 471,914 |
| Net income | 44,878 | 44,878 | ー | 44,878 | ||||||
| Cash dividends | (8,243) | (8,243) | ー | (8,243) | ||||||
| Increase (decrease) from change in scope of consolidation | (201) | (201) | ー | (332) | (533) | |||||
| Acquisition of treasury stock | (32) | (32) | ー | (32) | ||||||
| Disposal of treasury stock | 0 | 3 | 3 | ー | 3 | |||||
| Otder | ー | 1,667 | (150) | 1,516 | 10,203 | 11,719 | ||||
Balance at October 31, 2012 |
$ 121,726 | $ 137,594 | $ 241,020 | $ 345 | $ 499,995 | $ 4,163 | $ (687) | $ 3,475 | $ 16,237 | $ 519,708 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.
Consolidated Statements of Cash Flows
| Prior Consolidated Fiscal Year (From November 1, 2010 to October 31, 2011) | Current Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) | ||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Cash flows from operating activities : |
|||
| Income before taxes and adjustments | ¥ 2,446 | ¥ 6,179 | $ 77,575 |
| Depreciation and amortization expense | 8,835 | 11,071 | 138,980 |
| Impairment loss | 63 | 343 | 4,311 |
| Amortization of goodwill | 206 | 158 | 1,992 |
| Gain on negative goodwill | － | (671) | (8,434) |
| Loss on sale or retirement of fixed assets | 121 | 163 | 2,057 |
| Installment purchases of assets for small-value rentals | 38 | 46 | 577 |
| Reclassification of cost of sales associated with disposal of construction equipment | 3 | 5 | 71 |
| Reclassification of cost of sales associated with disposal of rental assets | 469 | 512 | 6,440 |
| Expenditures for acquisition of construction equipment | (458) | (1,238) | (15,549) |
| Expenditures for acquisition of rental assets | (1,959) | (1,916) | (24,056) |
| Valuation loss on investment securities | 134 | 0 | 1 |
| Loss on sale of investment securities | 16 | 114 | 1,443 |
| Decrease in allowance for doubtful accounts | (94) | (151) | (1,908) |
| Increase in allowance for investment loss | 41 | 7 | 88 |
| Increase (decrease) in accrued bonuses to employees | (57) | 140 | 1,762 |
| Increase (decrease) in accrued employees retirement benefits | (1,304) | (35) | (448) |
| Increase (decrease) in retirement allowances to directors and auditors | 4 | (205) | (2,586) |
| Increase (decrease) in allowance for disaster losses | － | (142) | (1,788) |
| Interest revenue and dividend income | (61) | (95) | (1,204) |
| Interest expense on installment purchases of rental assets | 183 | 238 | 2,989 |
| Interest expense | 792 | 856 | 10,750 |
| Increase in notes and accounts receivable | (1,463) | (1,442) | (18,109) |
| (Increase) decrease in inventory | (49) | 39 | 497 |
| Increase in notes and accounts payable | 261 | 1,165 | 14,630 |
| Loss on adjustment for changes of accounting standard for asset retirement obligations | 95 | － | － |
| Loss from disaster | 837 | － | － |
| Increase in accounts payable, other | 742 | 727 | 9,136 |
| Other | (232) | 287 | 3,607 |
| Subtotal | 9,613 | 16,157 | 202,826 |
| Interest and dividends received | 62 | 95 | 1,205 |
| Interest expense | (926) | (1,065) | (13,373) |
| Payments for loss on disaster | (187) | (137) | (1,725) |
| Refund (payment) of corporate and other taxes | (1,657) | (744) | (9,340) |
| Cash flow from operating activities | ¥ 6,903 | ¥ 14,306 | $ 179,593 |
Cash flow from investing activities : |
|||
| Revenue from redemption of term deposits | ¥ 50 | ¥ 15 | $ 188 |
| Funds used for the purchase of tangible fixed assets | (517) | (451) | (5,673) |
| Funds provided from the sale of tangible fixed assets | 16 | 121 | 1,531 |
| Funds used for the purchase of intangible fixed assets | (9) | (10) | (131) |
| Funds used for the purchase of investment securities | (449) | (61) | (769) |
| Funds provided from sale of investment securities | 0 | 174 | 2,195 |
| Funds used for the purchase of investments in subsidiaries resulting in change in scope of consolidation | － | (662) | (8,320) |
| Funds used for the purchase of subsidiary stock | (61) | (50) | (628) |
| Funds used for establishment of subsidiary company | (45) | － | － |
| Funds used for short-term loans | (163) | － | － |
| Funds provided from collection of short-term loans receivable | 105 | 45 | 569 |
| Other | 62 | 44 | 553 |
| Cash flow from investing activities | (1,013) | (835) | (10,486) |
Cash flow from financing activities : |
|||
| Increase (decrease) in short-term bank loans | 9,767 | (2,340) | (29,383) |
| Funds provided by long-term bank loans | 2,580 | 10,641 | 133,582 |
| Funds used to repay long-term bank loans | (10,935) | (12,042) | (151,171) |
| Funds used to redeem corporate bonds | (22) | (22) | (276) |
| Funds used for repayment of installment obligations | (6,006) | (8,423) | (105,744) |
| Funds used for repayment of lease obligations | (1,057) | (1,253) | (15,735) |
| Funds used for the purchase of treasury stock | (0) | (2) | (32) |
| Funds provided from the sale of treasury stock | 0 | 0 | 4 |
| Funds used for the purchase of treasury stock of subsidiary | (0) | (0) | (0) |
| Payment of dividends | (656) | (659) | (8,282) |
| Funds provided by payment from minority shareholders | 68 | 27 | 349 |
| Cash dividends paid to minority shareholders | (1) | － | － |
| Cash flow from financing activities | (6,262) | (14,074) | (176,688) |
Effect of exchange rate changes on cash and cash equivalents |
(4) | (21) | (268) |
Decrease in cash and equivalents |
(376) | (625) | (7,850) |
Balance of cash and equivalents at beginning of period |
20,751 | 20,374 | 255,772 |
Decrease in cash and equivalents in conjunction with change in accounting period of consolidated subsidiary |
－ | (32) | (404) |
Balance of cash and equivalents at end of period |
¥ 20,374 | ¥ 19,717 | $ 247,518 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥79.66=US$1, the approximate exchange rate on October 31, 2012.