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Consolidated Financial Statements

Consolidated Balance Sheets




ASSETS

October 31, 2012 October 31, 2013
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Current assets :

Cash and deposits ¥ 19,387 ¥ 32,627 $ 331,209
Notes and accounts receivable-trade 23,560 27,731 281,509
Securities 350 350 3,552
Merchandise and finished goods 521 642 6,525
Costs on uncompleted construction contracts 53 20 204
Raw materials and supplies 213 201 2,047
Construction machine parts 2,578 3,954 40,146
Deferred tax assets 616 983 9,979
Other 787 792 8,045
Allowance for doubtful accounts (384) (335) (3,408)
Total current assets 47,683 66,968 679,811
 

Noncurrent assets :

Property, plant and equipment
Rental equipment 46,044 56,899 577,605
Buildings and structures 7,688 7,702 78,188
Machinery, equipment and vehicles 595 619 6,285
Land 29,548 29,798 302,490
Tools, furniture and fixtures 256 227 2,306
Construction in progress 21 75 769
Total property, plant and equipment 84,155 95,322 967,646
Intangible assets
Goodwill 192 19 201
Other 203 250 2,546
Total intangible assets 396 270 2,748
Investments and other assets
Investment securities 3,196 5,256 53,356
Deferred tax assets 622 147 1,499
Other 1,947 1,894 19,230
Allowance for doubtful accounts (590) (541) (5,494)
Allowance for investment loss (67) (67) (690)
Total investments and other assets 5,107 6,689 67,902
Total noncurrent assets 89,659 102,282 1,038,297
Total Assets ¥ 137,343 ¥ 169,250 $ 1,718,108




LIABILITIES AND NET ASSETS

October 31, 2012 October 31, 2013
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Current liabilities :

Notes and accounts payable-trade ¥ 18,011 ¥ 21,293 $ 216,154
Short-term loans payable 13,506 12,771 129,645
Lease obligations 1,106 1,085 11,018
Income taxes payable 2,344 3,533 35,866
Provision for bonuses 774 823 8,360
Provision for loss on disaster 10
Allowance for losses on employee pension fund withdrawal 200 2,030
Accounts payable-other 9,386 12,728 129,212
Other 1,641 1,983 20,137
Total current liabilities 46,781 54,419 552,426
 

Noncurrent liabilities :

Long-term loans payable 25,945 26,288 266,866
Lease obligations 3,041 2,662 27,030
Provision for retirement benefits 0 7 80
Long-term accounts payable-other 19,707 29,329 297,733
Asset retirement obligations 207 210 2,133
Other 258 138 1,411
Total noncurrent liabilities 49,161 58,638 595,254
Total Liabilities 95,943 113,058 1,147,681
       

Net assets :

Shareholders' equity
Capital stock 9,696 13,652 138,594
Capital surplus 10,960 14,916 151,426
Retained earnings 19,199 24,462 248,320
Treasury stock (27) (48) (492)
Total shareholders’ equity 39,829 52,983 537,848
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 331 1,567 15,914
Foreign currency translation adjustment (54) (1) (17)
Total accumulated other comprehensive income 276 1,566 15,897
Minority interests 1,293 1,643 16,682
Total Net Assets 41,399 56,192 570,427
Total Liabilities and Net Assets ¥ 137,343 ¥ 169,250 $ 1,718,108

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥98.51=US$1, the approximate exchange rate on October 31, 2013.

Consolidated Statements of Income

Prior Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) Current Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Net sales

¥ 86,106 ¥ 110,831 $ 1,125,082
Cost of sales 60,333 76,522 776,799

Gross profit

25,773 34,309 348,283
Selling, general and administrative expenses 19,343 22,916 232,630

Operating income

6,430 11,392 115,652
Non-operating revenues
Interest revenue 95 67 680
Insurance benefits 64 84 861
Rent received 53 58 596
Foreign exchange gains 9 223 2,270
Amortization of negative goodwill 69 51 523
Reversal of allowance for doubtful accounts 22 19 197
Other 206 263 2,672
Total non-operating income 614 768 7,803
Non-operating expenses
Interest expenses 856 824 8,365
Loss on sales of notes payable 45 41 416
Other 209 223 2,264
Total non-operating expenses 1,112 1,088 11,046

Ordinary income

5,932 11,073 112,410
Extraordinary income
Subsidy income 177 36 370
Gain on sales of noncurrent assets 21 34 348
Gain on sales of investment securities 1 1 10
Gain on bargain purchase 671
Reversal of provision incurred from business combination 55 564
Other 19 0 1
Total extraordinary income 891 127 1,294

Extraordinary losses

Loss on sales and retirement of noncurrent assets 185 95 964
Impairment loss 343 217 2,209
Loss on sales of investment securities 116
Loss on valuation of investment securities 0 187 1,906
Other 13 137
Total extraordinary losses 644 514 5,218
Income before income taxes and minority interests 6,179 10,686 108,486
Income taxes-current 2,752 4,856 49,297
Income taxes-deferred 2 (315) (3,201)
Total income taxes 2,754 4,540 46,096
Income before minority interests 3,424 6,146 62,390
Minority interests in income (loss) (150) 336 3,418

Net income

¥ 3,575 ¥ 5,809 $ 58,971

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥98.51=US$1, the approximate exchange rate on October 31, 2013.

Consolidated Statements of Comprehensive Income

rior Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) Current Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Income before minority interests

¥ 3,424 ¥ 6,146 $ 62,390
Other comprehensive income
Valuation difference on available-for-sale securities 132 1,236 12,552
Foreign currency translation adjustment (5) 74 756
Total other comprehensive income 126 1,310 13,308

Comprehensive income

3,551 7,457 75,698
(Breakdown)
Comprehensive income attributable to owners of the parent 3,695 7,098 72,058
Comprehensive income attributable to minority interests ¥ (144) ¥ 358 $ 3,640

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥98.51=US$1, the approximate exchange rate on October 31, 2013.

Consolidated Statements of Changes in Net Assets
(November 1, 2011 - October 31, 2013)

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 November 1, 2011

32,872 ¥9,696 ¥ 10,960 ¥ 16,297 ¥ (25) ¥ 36,929 ¥ 198 ¥ (42) ¥ 156 ¥ 507 ¥ 37,592
Cash dividends (656) (656) (656)
Net income 3,575 3,575 3,575
Increase (decrease) from change in scope of consolidation (16) (16) (26) (42)
Acquisition of treasury stock (2) (2) (2)
Disposal of treasury stock 0 0 0 0
Other 132 (12) 120 812 933

Balance at November 1, 2012

32,872 ¥9,696 ¥ 10,960 ¥ 19,199 ¥ (27) ¥ 39,829 ¥ 331 ¥ (54) ¥ 276 ¥ 1,293 ¥ 41,399
Issuance of new shares 03,220 3,956 3,956 7,912 7,912
Cash dividends (656) (656) (656)
Net income 5,809 5,809 5,809
Change of scope of consolidation 109 109 109
Acquisition of treasury stock (20) (20) (20)
Other 1,236 53 1,289 349 1,639

Balance at October 31, 2013

36,092 ¥ 13,652 ¥ 14,916 ¥ 24,462 ¥ (48) ¥ 52,983 ¥ 1,567 ¥ (1) ¥ 1,566 ¥ 1,643 ¥ 56,192
  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, 2012

$98,433 $ 111,265 $ 194,900 $ (279) $ 404,320 $3,366 $ (555) $2,810 $ 13,130 $ 420,261
Issuance of new shares 40,160 40,160 80,321 80,321
Cash dividends (6,665) (6,665) (6,665)
Net income 58,971 58,971 58,971
Change of scope of consolidation 1,113 1,113 1,113
Acquisition of treasury stock (212) (212) (212)
Other 12,547 538 13,086 3,552 16,638

Balance at October 31, 2013

$ 138,594 $ 151,426 $ 248,320 $ (492) $ 537,848 $ 15,914 $ (17) $ 15,897 $ 16,682 $ 570,428

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥98.51=US$1, the approximate exchange rate on October 31, 2013.

Consolidated Statements of Cash Flows

Prior Consolidated Fiscal Year (From November 1, 2011 to October 31, 2012) Current Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Net cash provided by (used in) operating activities :

Income before income taxes and minority interests ¥6,179 ¥ 10,686 $ 108,486
Depreciation and amortization 11,071 15,181 154,111
Impairment loss 343 217 2,210
Amortization of goodwill 158 29 304
Gain on bargain purchase (671)
Loss (gain) on sales and retirement of noncurrent assets 163 60 617
Amount of installment purchases of assets for small rentals 46 4 45
Amount of cost price transfer with sale of construction machine parts 5 9 93
Amount of cost price transfer with sale of rental assets 512 866 8,801
Expenditures for acquisition of construction machine parts (1,238) (64) (650)
Expenditures for acquisition of rental equipment (1,916) (3,047) (30,934)
Loss (gain) on valuation of investment securities 0 187 1,906
Loss (gain) on sales of investment securities 114 (1) (11)
Increase (decrease) in allowance for doubtful accounts (151) (12) (128)
Increase (decrease) in allowance for investment loss 7
Increase (decrease) in provision for bonuses 140 54 555
Increase (decrease) in provision for retirement benefits (35) 6 70
Increase (decrease) in provision for directors’ retirement benefits (205)
Increase (decrease) in provision for loss on disaster (142) (10) (102)
Increase (decrease) in allowance for losses on employee pension fund withdrawal 200 2,030
Interest and dividends income (95) (67) (681)
Interest expense on installment purchases of rental assets 238 243 2,469
Interest expenses 856 824 8,366
Foreign exchange losses (gains) 0 (160) (1,633)
Reversal of provision incurred from business combination (55) (565)
Decrease (increase) in notes and accounts receivable-trade (1,442) (4,107) (41,696)
Decrease (increase) in inventories 39 (72) (731)
Increase (decrease) in notes and accounts payable-trade 1,165 3,331 33,815
Increase (decrease) in accounts payable-other 727 1,031 10,469
Other 287 114 1,163
Subtotal 16,157 25,452 258,380
Interest and dividends income received 95 67 681
Interest expenses paid (1,065) (1,087) (11,039)
Payments for loss on disaster (137)
Income taxes paid (744) (3,672) (37,285)
Net cash provided by (used in) operating activities ¥ 14,306 ¥ 20,759 $ 210,736

Net cash provided by (used in) investing activities :

Proceeds from withdrawal of time deposits ¥15 ¥ ー $ ー
Purchase of property, plant and equipment (451) (1,092) (11,091)
Proceeds from sales of property, plant and equipment 121 100 1,016
Purchase of intangible assets (10) (123) (1,253)
Purchase of investment securities (61) (343) (3,486)
Proceeds from sales of investment securities 174 1 15
Purchase of investments in subsidiaries resulting in change in scope of consolidation (662)
Purchase of investments in subsidiaries (50)
Payments of loans receivable (76) (777)
Collection of loans receivable 45 418 4,248
Other 44 (1) (15)
Net cash provided by (used in) investing activities (835) (1,117) (11,343)

Net cash provided by (used in) financing activities :

Net increase (decrease) in short-term loans payable (2,340) (322) (3,275)
Proceeds from long-term loans payable 10,641 13,200 133,997
Repayment of long-term loans payable (12,042) (13,762) (139,705)
Proceeds from issuance of common stock 7,912 80,321
Redemption of bonds (22)
Repayments of installment payables (8,423) (10,841) (110,057)
Repayments of lease obligations (1,253) (2,040) (20,709)
Purchase of treasury stock (2) (20) (213)
Proceeds from sale of treasury stock 0
Purchase of treasury stock of subsidiaries in consolidation (0)
Cash dividends paid (659) (656) (6,664)
Proceeds from stock issuance to minority shareholders 27
Cash dividends paid to minority shareholders (1) (10)
Net cash provided by (used in) financing activities (14,074) (6,532) (66,315)

Effect of exchange rate change on cash and cash equivalents

(21) 134 1,368

Net increase (decrease) in cash and cash equivalents

(625) 13,244 134,446

Cash and cash equivalents at beginning of period

20,374 19,717 200,155

Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation

(4) (41)

Increase (decrease) in cash and cash equivalents resulting from change in accounting period of subsidiaries

(32)

Cash and cash equivalents at end of period

¥ 19,717 ¥ 32,957 $ 334,560

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥98.51=US$1, the approximate exchange rate on October 31, 2013.


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