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Consolidated Financial Statements
Consolidated Balance Sheets
|
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 |
|
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 | ー | ー |
| Allowance for losses on employee pension fund withdrawal | ー | 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 | ー | ー |
| Reversal of provision incurred from business combination | ー | 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 | ー | ー |
| Loss on valuation of investment securities | 0 | 187 | 1,906 |
| Other | ー | 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) | ー | (656) | |||||||
| Net income | 3,575 | 3,575 | ー | 3,575 | |||||||
| 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 | ||||||
| Other | ー | 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 | ー | 7,912 | |||||
| Cash dividends | (656) | (656) | ー | (656) | |||||||
| Net income | 5,809 | 5,809 | ー | 5,809 | |||||||
| Change of scope of consolidation | 109 | 109 | ー | 109 | |||||||
| Acquisition of treasury stock | (20) | (20) | ー | (20) | |||||||
| Other | ー | 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 | ー | 80,321 | |||||
| Cash dividends | (6,665) | (6,665) | ー | (6,665) | ||||||
| Net income | 58,971 | 58,971 | ー | 58,971 | ||||||
| Change of scope of consolidation | 1,113 | 1,113 | ー | 1,113 | ||||||
| Acquisition of treasury stock | (212) | (212) | ー | (212) | ||||||
| Other | ー | 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) | ー | ー |
| 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 | ー | ー |
| 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) | ー | ー |
| Increase (decrease) in provision for loss on disaster | (142) | (10) | (102) |
| Increase (decrease) in allowance for losses on employee pension fund withdrawal | ー | 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 | ー | (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) | ー | ー |
| 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) | ー | ー |
| Purchase of investments in subsidiaries | (50) | ー | ー |
| Payments of loans receivable | ー | (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 | ー | 7,912 | 80,321 |
| Redemption of bonds | (22) | ー | ー |
| 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 | ー | ー |
| Purchase of treasury stock of subsidiaries in consolidation | (0) | ー | ー |
| Cash dividends paid | (659) | (656) | (6,664) |
| Proceeds from stock issuance to minority shareholders | 27 | ー | ー |
| Cash dividends paid to minority shareholders | ー | (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 |
ー | (4) | (41) |
Increase (decrease) in cash and cash equivalents resulting from change in accounting period of subsidiaries |
(32) | ー | ー |
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.