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Consolidated Financial Statements

Consolidated Balance Sheets




ASSETS

October 31, 2013 October 31, 2014
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Current assets :

Cash and deposits ¥ 32,627 ¥ 31,650 $ 289,468
Notes and accounts receivable-trade 27,731 33,651 307,767
Securities 350 350 3,201
Merchandise and finished goods 642 595 5,441
Costs on uncompleted construction contracts 20 50 457
Raw materials and supplies 201 227 2,083
Construction machine parts 3,954 6,566 60,051
Deferred tax assets 983 656 6,001
Other 792 559 5,112
Allowance for doubtful accounts (335) (227) (2,077)
Total current assets 66,968 74,080 677,522
 

Non-current assets :

Property, plant and equipment
Rental equipment 56,899 65,644 600,371
Buildings and structures 7,702 8,027 73,420
Machinery, equipment and vehicles 619 659 6,032
Tools, furniture and fixtures 227 293 2,680
Land 29,798 31,459 287,719
Construction in progress 75 256 2,347
Total property, plant and equipment 95,322 106,341 972,574
Intangible assets
Goodwill 19 57 526
Other 250 208 1,906
Total intangible assets 270 266 2,432
Investments and other assets
Investment securities 5,256 6,286 57,491
Deferred tax assets 147 265 2,425
Other 1,894 1,854 16,957
Allowance for doubtful accounts (541) (491) (4,494)
Allowance for investment loss (67) (110) (1,006)
Total investments and other assets 6,689 7,804 71,374
Total non-current assets 102,282 114,411 1,046,380
Total Assets ¥ 169,250 ¥ 188,491 $ 1,723,903




LIABILITIES AND NET ASSETS

October 31, 2013 October 31, 2014
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Current liabilities :

Notes and accounts payable-trade ¥ 21,293 ¥ 23,134 $ 211,584
Short-term loans payable 12,771 12,496 114,285
Lease obligations 1,085 995 9,103
Accounts payable-other 12,728 16,460 150,545
Income taxes payable 3,533 3,729 34,110
Provision for bonuses 823 850 7,776
Allowance for losses on employee pension fund withdrawal 200
Other 1,983 2,988 27,334
Total current liabilities 54,419 60,655 554,741
 

Non-current liabilities :

Long-term loans payable 26,288 21,698 198,447
Lease obligations 2,662 2,082 19,044
Provision for retirement benefits 7
Long-term accounts payable-other 29,329 37,853 346,201
Asset retirement obligations 210 231 2,118
Net defined benefit liability 16 149
Other 138 440 4,029
Total noncurrent liabilities 58,638 62,322 569,989
Total Liabilities 113,058 122,978 1,124,731
 

Net assets :

Shareholders' equity
Capital stock 13,652 13,652 124,866
Capital surplus 14,916 14,916 136,427
Retained earnings 24,462 32,860 300,530
Treasury shares (48) (56) (517)
Total shareholders’ equity 52,983 61,373 561,307
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 1,567 1,977 18,086
Foreign currency translation adjustment (1) 14 134
Total accumulated other comprehensive income 1,566 1,992 18,220
Minority interests 1,643 2,147 19,643
Total Net Assets 56,192 65,513 599,172
Total Liabilities and Net Assets ¥ 169,250 ¥ 188,491 $ 1,723,903

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.

Consolidated Statements of Income

Prior Consolidated Fiscal Year
(From November 1, 2012 to October 31, 2013)
Current Consolidated Fiscal Year
(From November 1, 2013 to October 31, 2014)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Net sales

¥ 110,831 ¥ 125,555 $ 1,148,301
Cost of sales 76,522 85,334 780,450

Gross profit

34,309 40,220 367,850
Selling, general and administrative expenses 22,916 23,766 217,361

Operating income

11,392 16,454 150,489
Non-operating income
Interest income 67 99 908
Rent income 58 57 528
Insurance income 84 33 304
Foreign exchange gains 223 183 1,681
Amortization of negative goodwill 51
Reversal of allowance for doubtful accounts 19 79 725
Other 263 260 2,384
Total non-operating income 768 714 6,532
Non-operating expenses
Interest expenses 824 609 5,576
Loss on sales of notes payable 41 34 319
Other 223 445 4,076
Total non-operating expenses 1,088 1,090 9,971

Ordinary income

11,073 16,078 147,049
Extraordinary income
Gain on sales of non-current assets 34 37 338
Subsidy income 36 12 112
Reversal of provision incurred from business combination 55
Other 1 0 0
Total extraordinary income 127 49 452
Extraordinary losses
Loss on sales and retirement of non-current assets 95 215 1,967
Impairment loss 217
Loss on valuation of investment securities 187
Loss on revision of retirement benefit plan 43 399
Other 13
Total extraordinary losses 514 258 2,366
Income before income taxes and minority interests 10,686 15,869 145,134
Income taxes - current 4,856 5,849 53,499
Income taxes - deferred (315) 284 2,606
Total income taxes 4,540 6,134 56,106
Income before minority interests 6,146 9,734 89,028
Minority interests in income 336 435 3,982

Net income

¥ 5,809 ¥ 9,299 $ 85,046

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.

Consolidated Statements of Comprehensive Income

Prior Consolidated Fiscal Year
(From November 1, 2012 to October 31, 2013)
Current Consolidated Fiscal Year
(From November 1, 2013 to October 31, 2014)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Income before minority interests

¥ 6,146 ¥ 9,734 $ 89,025
Other comprehensive income
Valuation difference on available-for-sale securities 1,236 409 3,740
Foreign currency translation adjustment 74 19 173
Total other comprehensive income 1,310 429 3,923

Comprehensive income

7,454 10,164 92,957
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent 7,098 9,725 88,942
Comprehensive income attributable to minority interests ¥ 358 ¥ 439 $ 4,014

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.

Consolidated Statements of Changes in Net Assets (November 1, 2012 - October 31, 2014)

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, 2012 32,872 ¥ 9,696 ¥ 10,960 ¥ 19,199 ¥ (27) ¥ 39,829 ¥ 331 ¥ (54) ¥ 0,276 ¥ 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
Cash dividends (901) (901) (901)
Net income 9,299 9,299 9,299
Acquisition of treasury stock (8) (8) (8)
Other 409 16 426 504 930
Balance at October 31, 2014 36,092 ¥ 13,652 ¥ 14,916 ¥ 32,860 ¥ (56) ¥ 61,373 ¥ 1,977 ¥ 14 ¥ 1,992 ¥ 2,147 ¥ 65,513
Shareholders' equity Accumulated other comprehensive income
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
Millions of yen
Balance at October 31, 2013 $ 124,866 $ 136,427 $ 223,724 $ (443) $ 484,575 $ 14,338 $ (15) $ 14,322 $ 15,029 $ 513,927
Cash dividends (8,240) (8,240) (8,240)
Net income 85,046 85,046 85,046
Acquisition of treasury stock (73) (73) (73)
Other 3,748 149 3,898 4,614 8,512
Balance at October 31, 2014 $ 124,866 $ 136,427 $ 300,530 $ (517) $ 561,307 $ 18,086 $ 134 $ 18,220 $ 19,643 $ 599,172

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.

Consolidated Statements of Cash Flows

Prior Consolidated Fiscal Year
(From November 1, 2012 to October 31, 2013)
Current Consolidated Fiscal Year
(From November 1, 2013 to October 31, 2014)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Cash flows from operating activities:

Income before income taxes and minority interests ¥ 10,686 ¥ 15,869 $ 145,134
Depreciation 15,181 17,950 164,173
Impairment loss 217
Amortization of goodwill 29 26 244
Loss (gain) on sales and retirement of non-current assets 60 178 1,628
The amount of assets buy on the installment plan purchase for small rentals 4 0 4
The amount of cost price transfer with the construction machine parts sale 9 8 76
The amount of cost price transfer with asset sell-off for rentals 866 684 6,259
Expenditure by the construction equipment and supplies (64) (124) (1,136)
Expenditure by the assets acquisition for rentals (3,047) (2,633) (24,086)
Loss (gain) on valuation of investment securities 187
Loss (gain) on sales of investment securities (1)
Increase (decrease) in allowance for doubtful accounts (12) (183) (1,682)
Increase (decrease) in allowance for investment loss 42 384
Increase (decrease) in provision for bonuses 54 26 240
Increase (decrease) in provision for retirement benefits 6
Increase (decrease) in provision for loss on disaster (10)
Increase (decrease) in allowance for losses on employee pension fund withdrawal 200 (200) (1,829)
Increase (decrease) in net defined benefit liability 8 77
Interest and dividend income (67) (99) (908)
Assets buy on the installment plan purchase payment interest for rentals 243 347 3,177
Interest expenses 824 609 5,576
Foreign exchange losses (gains) (160) (138) (1,263)
Reversal of provision incurred from business combination (55)
Loss on revision of retirement benefit plan 43 399
Decrease (increase) in notes and accounts receivable - trade (4,107) (5,833) (53,353)
Decrease (increase) in inventories (72) (6) (57)
Increase (decrease) in notes and accounts payable - trade 3,331 2,029 18,561
Increase (decrease) in accounts payable - other 1,031 1,728 15,810
Other, net 114 941 8,608
Subtotal 25,452 31,275 286,040
Interest and dividend income received 67 99 908
Interest expenses paid (1,087) (969) (8,865)
Income taxes paid (3,672) (5,622) (51,425)
Net cash provided by (used in) operating activities ¥ 20,759 ¥ 24,782 $ 226,657

Cash flows from investing activities:

Payments into time deposits ¥ (340) $ (3,109)
Proceeds from withdrawal of time deposits 340 3,109
Purchase of property, plant and equipment (1,092) (3,102) (28,373)
Proceeds from sales of property, plant and equipment 100 40 366
Purchase of intangible assets (123) (84) (775)
Purchase of investment securities (343) (311) (2,846)
Proceeds from sales of investment securities 1 0 5
Purchase of shares of subsidiaries (27) (250)
Purchase of shares of subsidiaries and associates (66) (610)
Payments of loans receivable (76) (5) (54)
Collection of loans receivable 418 165 1,509
Other, net (1) 17 163
Net cash provided by (used in) investing activities (1,117) (3,374) (30,866)

Cash flows from financing activities:

Net increase (decrease) in short-term loans payable (322) 3 32
Proceeds from long-term loans payable 13,200 8,700 79,568
Repayments of long-term loans payable (13,762) (13,726) (125,542)
Proceeds from issuance of common shares 7,912
Repayments of installment payables (10,841) (15,132) (138,395)
Repayments of lease obligations (2,040) (1,347) (12,328)
Purchase of treasury shares (20) (8) (73)
Purchase of treasury shares of subsidiaries (0) (0)
Cash dividends paid (656) (899) (8,227)
Proceeds from share issuance to minority shareholders 8 75
Cash dividends paid to minority shareholders (1) (3) (27)

Net cash provided by (used in) financing activities

(6,532) (22,405) (204,919)

Effect of exchange rate change on cash and cash equivalents

134 21 193

Net increase (decrease) in cash and cash equivalents

13,244 (976) (8,934)

Cash and cash equivalents at beginning of period

19,717 32,957 301,421

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

(4)

Cash and cash equivalents at end of period

¥32,957 ¥ 31,980 $ 292,486

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.


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