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 : |
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| 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 : |
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| 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 : |
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| 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 : |
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| 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 |
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 |
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| 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 |
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 |
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 : |
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| 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 : |
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| 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 : |
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| 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 |