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Consolidated Financial Statements

Interim Consolidated Balance Sheets

Assets

 

Prior consolidated fiscal year interim period (As of April 30, 2012) Prior consolidated fiscal year (As of October 31, 2012) Current consolidated fiscal year interim period (As of April 30, 2013)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Current assets :

Cash and deposits ¥24,342 ¥19,387 ¥25,715 $262,616
Notes and accounts receivable, trade 16,193 23,560 23,684 241,878
Securities 350 350 350 3,574
Merchandise inventories and products 734 521 577 5,902
Work in progress 21 53 31 321
Raw materials and supplies 208 213 212 2,173
Construction equipment 2,185 2,578 2,935 29,976
Income taxes receivable 10
Consumption tax receivable 57 3 36
Deferred tax assets 509 616 870 8,886
Other 627 719 723 7,393
Allowance for doubtful accounts (367) (384) (297) (3,036)
Total Current Assets 44,805 47,683 54,808 559,723
 

Fixed assets :

Tangible fixed assets
Rental equipment 81,906 111,689 122,423 1,250,238
Accumulated depreciation (44,522) (65,644) (70,346) (718,411)
Net rental equipment assets 37,383 46,044 52,076 531,826
Buildings and structures 20,888 22,253 22,269 227,420
Accumulated depreciation (13,597) (14,565) (14,826) (151,413)
Net buildings and structures 7,291 7,688 7,442 76,006
Machinery, equipment and vehicles 5,139 5,367 5,402 55,174
Accumulated depreciation (4,530) (4,771) (4,807) (49,092)
Machinery, equipment and vehicles, net 608 595 595 6,082
Land 29,840 29,548 29,522 301,496
Other 1,435 1,579 1,623 16,582
Accumulated depreciation (1,198) (1,301) (1,321) (13,495)
Other, net 237 278 302 3,086
Total Tangible Fixed Assets 75,362 84,155 89,939 918,498
Intangible fixed assets
Goodwill 69 192 231 2,368
Other 213 203 185 1,889
Total Intangible Fixed Assets 282 396 416 4,257
Investments and other assets
Investment securities 3,518 3,196 5,071 51,791
Deferred tax assets 643 622 228 2,330
Other 1,787 1,947 1,820 18,596
Allowance for doubtful accounts (674) (590) (548) (5,596)
Reserve for investment losses (129) (67) (67) (694)
Total Investments and Other Assets 5,146 5,107 6,504 66,428
Total Fixed Assets 80,791 89,659 96,860 989,184
Total Assets ¥125,597 ¥137,343 ¥151,668 $1,548,907

Liabilities and Net Assets

 

Prior consolidated fiscal year interim period (As of April 30, 2012) Prior consolidated fiscal year (As of October 31, 2012) Current consolidated fiscal year interim period (As of April 30, 2013)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Current liabilities :

Notes and accounts payable, trade ¥15,630 ¥18,011 ¥18,894 $192,959
Short-term bank loans 988 834 669 6,838
Long-term bank loans due within one year 11,945 12,671 12,816 130,891
Current portion of bonds 11
Lease obligations 1,167 1,106 1,108 11,325
Corporate taxes payable 1,677 2,344 2,925 29,879
Accrued bonuses to employees 699 774 913 9,326
Allowance for disaster losses 181 10 3 35
Accounts payable, other 8,081 9,386 10,353 105,731
Other 1,529 1,641 1,488 15,203
Total Current Liabilities 41,912 46,781 49,174 502,189
 

Long-term liabilities :

Long-term bank loans 25,272 25,945 28,162 287,605
Lease obligations 2,013 3,041 3,121 31,873
Accrued employees retirement benefits 1 0 4 44
Long-term accrued expenses 17,016 19,707 24,260 247,755
Asset retirement obligations 152 207 195 1,998
Other 1 258 374 3,827
Total Long-term Liabilities 44,457 49,161 56,118 573,105
Total liabilities 86,370 95,943 105,292 1,075,294
 

Net Assets :

Shareholders’ equity
Capital stock 9,696 9,696 9,696 99,027
Capital surplus 10,960 10,960 10,960 111,935
Retained earnings 17,729 19,199 22,697 231,796
Treasury stock (26) (27) (36) (373)
Total Shareholders’ Equity 38,360 39,829 43,318 442,385
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 389 331 1,341 13,705
Translation adjustments account (41) (54) 60 614
Total accumulated other comprehensive income 347 276 1,402 14,319
Minority interests 519 1,293 1,655 16,907
Total Net Assets 39,227 41,399 46,376 473,613
Total Liabilities and Net Assets ¥125,597 ¥137,343 ¥151,668 $1,548,907
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.92=US$1, the approximate exchange rate on April 30, 2013.

Interim Consolidated Statements of Income

Prior consolidated fiscal year interim period (From November 1, 2011 to April 30, 2012) Prior consolidated fiscal year (From November 1, 2011 to October 31, 2012) Current consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Revenues

¥40,012 ¥86,106 ¥54,733 $558,965
Cost of revenues 27,504 60,333 37,016 378,026

Gross profit

12,507 25,773 17,717 180,939
Selling, general and administrative expenses 8,953 19,343 10,966 111,995

Operating income

3,554 6,430 6,751 68,944
Non-operating income
Interest income 4 10 5 54
Dividend income 16 85 16 168
Insurance benefits 20 64 50 520
Rents received 22 53 28 295
Cash bonus received 21 23 34 354
Amortization of negative goodwill 34 69 27 276
Foreign exchange gains 54 169 1,728
Reversal of allowance for doubtful accounts 22
Reversal of allowance for disaster losses 101
Other 96 183 153 1,567
Total non-operating income 271 614 486 4,965
Non-operating expenses
Interest expense 414 856 427 4,363
Loss on sale of notes receivable 25 45 22 229
Other 88 209 73 748
Total non-operating expenses 528 1,112 523 5,341

Ordinary income

3,297 5,932 6,714 68,568
Extraordinary income
Gain on sale of fixed assets 17 21 33 342
Gain on sale of investment securities 0 1
Gain on liquidation of subsidiary 19
Gain on negative goodwill 671
Subsidies 13 177 22 227
Other 0 19 0 0
Total extraordinary income 50 891 55 570

Extraordinary losses

Loss on sale or retirement of fixed assets 45 185 24 253
Impairment loss 343
Loss on sale of investment securities 116
Valuation loss on investment securities 0 0
Other 0 0 0
Total extraordinary losses 45 644 24 254
Income before taxes and adjustments 3,302 6,179 6,745 68,885
Corporate, local and business taxes 1,627 2,752 2,863 29,238
Adjustment for corporate and other taxes (128) 2 (179) (1,837)
Total corporate and other taxes 1,499 2,754 2,683 27,401
Income before minority interest 1,803 3,424 4,062 41,483
Minority interest in income or loss 27 (150) 345 3,529

Net income

¥1,776 ¥3,575 ¥3,716 $37,954
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.92=US$1, the approximate exchange rate on April 30, 2013.

Interim Consolidated Statements of Comprehensive Income

Prior consolidated fiscal year interim period (From November 1, 2011 to April 30, 2012) Prior consolidated fiscal year (From November 1, 2011 to October 31, 2012) Current consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Income before minority interest

¥1,803 ¥3,424 ¥4,062 $41,483
Other comprehensive income
Valuation difference on other investment securities 190 132 1,010 10,321
Translation adjustments account 13 (5) 139 1,428
Total other comprehensive income 203 126 1,150 11,749

Comprehensive income

2,007 3,551 5,212 53,233
(Breakdown)
Comprehensive quarterly income attributable to owners of the parent 1,967 3,695 4,841 49,446
Comprehensive quarterly income attributable to minority interests ¥39 ¥ (144) ¥370 $3,786
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.92=US$1, the approximate exchange rate on April 30, 2013.

Interim Consolidated Statements of Cash Flows

Prior consolidated fiscal year interim period (From November 1, 2011 to April 30, 2012) Prior consolidated fiscal year (From November 1, 2011 to October 31, 2012) Current consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Cash flow from operating activities :

       
Income before taxes and adjustments ¥3,302 ¥6,179 ¥6,745 $68,885
Depreciation and amortization expense 4,949 11,071 7,254 74,084
Impairment loss 343
Amortization of goodwill 89 158 12 130
Gain on negative goodwill (671)
(Gain) loss on sale or retirement of fixed assets 27 163 (8) (89)
(Gain) loss on liquidation of subsidiary (19)
Installment purchases of assets for small-value rentals 14 46 5 61
Reclassification of cost of sales associated with disposal of construction equipment 2 5 5 52
Reclassification of cost of sales associated with disposal of rental assets 356 512 618 6,315
Expenditures for acquisition of construction equipment (642) (1,238) (486) (4,965)
Expenditures for acquisition of rental assets (781) (1,916) (1,563) (15,962)
(Gain) loss on valuation on investment securities 0 0
(Gain) loss on sale of investment securities (0) 114
Increase (decrease) in allowance for doubtful accounts (68) (151) (32) (333)
Increase in allowance for investment loss 7
Increase (decrease) in accrued bonuses to employees 141 140 144 1,474
Increase (decrease) in accrued employees retirement benefits (34) (35) 3 34
Increase (decrease) in retirement allowances to directors and auditors (205) (205)
Increase (decrease) in allowance for disaster losses (142)
Interest revenue and dividend income (21) (95) (21) (222)
Interest expense on installment purchases of rental assets 103 238 136 1,389
Interest expense 414 856 427 4,363
Foreign exchange (gain) loss (8) (100) (1,030)
(Increase) decrease in notes and accounts receivable 503 (1,442) (84) (864)
(Increase) decrease in inventory assets (177) 39 (30) (314)
Increase (decrease) in accounts payable, trade 2,038 1,165 832 8,498
Increase (decrease) in accounts payable, other (65) 727 163 1,668
Other 443 287 (1) (14)
Subtotal 10,363 16,157 14,018 143,159
Interest and dividends received 21 95 21 222
Interest expense (486) (1,065) (581) (5,936)
Payments for loss on disaster (70) (137)
Payment of corporate and other taxes (264) (744) (2,259) (23,077)
Cash flow from operating activities ¥9,562 ¥14,306 ¥11,198 $114,368

Cash flow from investing activities :

       
Revenue from redemption of term deposits ¥ − ¥15 ¥ − $ −
Funds used for the purchase of tangible fixed assets (322) (451) (239) (2,448)
Funds provided from the sale of tangible fixed assets 103 121 97 991
Funds used for the purchase of intangible fixed assets (6) (10) (17) (181)
Funds used for the purchase of investment securities (40) (61) (314) (3,213)
Funds provided from the sale of investment securities 1 174
Funds used for the purchase of investments in subsidiaries resulting in change in scope of consolidation (662)
Funds used for the acquisition of subsidiary stock (28) (50)
Funds provided from the sale of subsidiary stock 5
Funds provided from liquidation of subsidiary 7
Funds provided from collection of short-term loans receivable 44 45 307 3,137
Other 8 44 8 87
Cash flow from investing activities (226) (835) (159) (1,626)

Cash flow from financing activities :

Increase (decrease) in short-term bank loans (2,207) (2,340) (219) (2,239)
Funds provided by long-term bank loans 7,584 10,641 8,800 89,869
Funds used to repay long-term bank loans (5,483) (12,042) (6,764) (69,079)
Funds used to redeem corporate bonds (11) (22)
Funds used for repayment of installment obligations (3,956) (8,423) (5,231) (53,424)
Funds used for repayment of lease obligations (621) (1,253) (1,043) (10,652)
Funds used for the purchase of treasury stock (1) (2) (9) (92)
Funds provided from the sale of treasury stock 0 0
Funds used for the purchase of treasury stock of subsidiary (0)
Payment of dividends (330) (659) (328) (3,354)
Cash dividends paid for minority shareholders (1) (10)
Funds provided by payment from minority shareholders 27
Cash flow from financing activities (5,027) (14,074) (4,796) (48,983)

Effect of exchange rate changes on cash and cash equivalents

5 (21) 88 908

Increase (decrease) in cash and equivalents

4,314 (625) 6,332 64,667

Balance of cash and equivalents at beginning of period

20,374 20,374 19,717 201,361

Increase (decrease) in cash and equivalents in conjunction with change in accounting period of consolidated subsidiary

(32) (32)

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

(4) (41)

Balance of cash and equivalents at end of period

¥24,657 ¥19,717 ¥26,045 $265,986
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.92=US$1, the approximate exchange rate on April 30, 2013.
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