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Consolidated Financial Statements

Interim Consolidated Balance Sheets

Assets

	Prior consolidated fiscal year interim period (As of April 30, 2013)	Prior consolidated fiscal year (As of October 31, 2013)	Current consolidated fiscal year interim period (As of April 30, 2014)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current assets :
Cash and deposits	¥25,715	¥32,627	¥33,682	$328,260
Notes and accounts receivable - trade	23,684	27,731	27,154	264,642
Securities	350	350	350	3,410
Merchandise and finished goods	577	642	790	7,705
Costs on uncompleted construction contracts	31	20	29	289
Raw materials and supplies	212	201	205	2,006
Construction machine parts	2,935	3,954	5,389	52,528
Income taxes receivable	−	29	0	0
Consumption taxes receivable	3	8	37	365
Deferred tax assets	870	983	1,067	10,407
Other	723	754	902	8,799
Allowance for doubtful accounts	(297)	(335)	(320)	(3,124)
Total current assets	54,808	66,968	69,291	675,290
Noncurrent assets :
Property, plant and equipment
Rental equipment	122,423	131,975	143,507	1,398,572
Accumulated depreciation	(70,346)	(75,075)	(79,677)	(776,510)
Rental equipment, net	52,076	56,899	63,829	622,061
Buildings and structures	22,269	22,843	23,200	226,101
Accumulated depreciation	(14,826)	(15,140)	(15,458)	(150,649)
Buildings and structures, net	7,442	7,702	7,742	75,451
Machinery, equipment and vehicles	5,402	5,480	5,496	53,570
Accumulated depreciation	(4,807)	(4,861)	(4,870)	(47,462)
Machinery, equipment and vehicles, net	595	619	626	6,107
Land	29,522	29,798	31,059	302,696
Other	1,623	1,315	1,449	14,125
Accumulated depreciation	(1,321)	(1,012)	(1,009)	(9,840)
Other, net	302	303	439	4,284
Total property, plant and equipment	89,939	95,322	103,697	1,010,602
Intangible assets
Goodwill	231	19	60	590
Other	185	250	198	1,937
Total intangible assets	416	270	259	2,527
Investments and other assets
Investment securities	5,071	5,256	5,608	54,657
Deferred tax assets	228	147	199	1,943
Other	1,820	1,894	1,849	18,028
Allowance for doubtful accounts	(548)	(541)	(543)	(5,299)
Allowance for investment loss	(67)	(67)	(110)	(1,072)
Total investments and other assets	6,504	6,689	7,003	68,257
Total noncurrent assets	96,860	102,282	110,961	1,081,388
Total Assets	¥151,668	¥169,250	¥180,252	$1,756,679

Liabilities and Net Assets

	Prior consolidated fiscal year interim period (As of April 30, 2013)	Prior consolidated fiscal year (As of October 31, 2013)	Current consolidated fiscal year interim period (As of April 30, 2014)
	Millions of yen	Millions of yen	Millions of yen	tdousands of U.S. dollars (Note)
Current liabilities :
Notes and accounts payable-trade	¥18,894	¥21,293	¥22,296	$217,290
Short-term loans payable	669	591	748	7,290
Current portion of long-term loans payable	12,816	12,179	12,078	117,707
Lease obligations	1,108	1,085	1,071	10,441
Income taxes payable	2,925	3,533	4,060	39,575
Provision for bonuses	913	823	948	9,247
Provision for loss on disaster	3	−	−	−
Allowance for losses on employee pension fund witddrawal	−	200	−	−
Accounts payable-otder	10,353	12,728	15,155	147,701
Otder	1,488	1,983	1,774	17,294
Total current liabilities	49,174	54,419	58,133	566,548
Noncurrent liabilities :
Long-term loans payable	28,162	26,288	21,089	205,531
Lease obligations	3,121	2,662	2,570	25,048
Provision for retirement benefits	4	7	12	119
Long-term accounts payable-otder	24,260	29,329	35,887	349,748
Asset retirement obligations	195	210	237	2,317
Otder	374	138	202	1,974
Total noncurrent liabilities	56,118	58,638	60,000	584,739
Total Liabilities	105,292	113,058	118,133	1,151,288
Net Assets :
Shareholders’ equity
Capital stock	9,696	13,652	13,652	133,056
Capital surplus	10,960	14,916	14,916	145,375
Retained earnings	22,697	24,462	29,753	289,965
Treasury stock	(36)	(48)	(55)	(540)
Total shareholders’ equity	43,318	52,983	58,267	567,856
Accumulated otder comprehensive income
Valuation difference on available-for-sale securities	1,341	1,567	1,729	16,850
Foreign currency translation adjustment	60	(1)	(4)	(47)
Total accumulated otder comprehensive income	1,402	1,566	1,724	16,803
Minority interests	1,655	1,643	2,127	20,731
Total Net Assets	46,376	56,192	62,119	605,391
Total Liabilities and Net Assets	¥151,668	¥169,250	¥180,252	$1,756,679

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Income

	Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)	Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013)	Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Net sales	¥54,733	¥110,831	¥64,212	$625,789
Cost of sales	37,016	76,522	42,706	416,198
Gross profit	17,717	34,309	21,506	209,591
Selling, general and administrative expenses	10,966	22,916	11,434	111,431
Operating income	6,751	11,392	10,072	98,159
Non-operating income
Interest income	5	9	4	42
Dividends income	16	58	23	225
Insurance income	50	84	24	236
Rent income	28	58	30	301
A receipt bonus	34	35	41	402
Amortization of negative goodwill	27	51	−	－
Foreign exchange gains	169	223	67	658
Reversal of allowance for doubtful accounts	−	19	−	－
Reversal of provision for loss on disaster	−	6	−	－
Other	153	221	135	1,321
Total non-operating income	486	768	327	3,190
Non-operating expenses
Interest expenses	427	824	329	3,215
Loss on sales of notes payable	22	41	22	215
Other	73	223	187	1,825
Total non-operating expenses	523	1,088	539	5,256
Ordinary income	6,714	11,073	9,860	96,092
Extraordinary income
Gain on sales of noncurrent assets	33	34	31	305
Gain on sales of investment securities	−	1	−	－
Subsidy income	22	36	0	2
Reversal of provision incurred from business combination	−	55	−	－
Other	0	0	0	0
Total extraordinary income	55	127	31	309
Extraordinary loss
Loss on sales and retirement of noncurrent assets	24	95	18	175
Impairment loss	−	217	−	－
Loss on valuation of investment securities	−	187	−	－
Loss on revision of retirement benefit plan	−	−	43	425
Other	0	13	−	－
Total extraordinary losses	24	514	61	601
Income before income taxes and minority interests	6,745	10,686	9,830	95,800
Income taxes-current	2,863	4,856	3,920	38,209
Income taxes-deferred	(179)	(315)	(160)	(1,567)
Total income taxes	2,683	4,540	3,759	36,641
Income before minority interests	4,062	6,146	6,070	59,158
Minority interests in income	345	336	418	4,079
Net income	¥3,716	¥5,809	¥5,651	$55,079

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Comprehensive Income

	Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)	Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013)	Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Income before minority interests	¥4,062	¥6,146	¥6,070	$59,158
Other comprehensive income
Valuation difference on available-for-sale securities	1,010	1,236	161	1,571
Foreign currency translation adjustment	139	74	(3)	(31)
Total other comprehensive income	1,150	1,310	158	1,539
Comprehensive income	5,212	7,457	6,228	60,699
(Breakdown)
Comprehensive income attributable to owners of the parent	4,841	7,098	5,809	56,620
Comprehensive income attributable to minority interests	¥370	¥358	¥418	$4,078

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Cash Flows

	Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013)	Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013)	Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
	Millions of yen	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	¥6,745	¥10,686	¥9,830	$95,800
Depreciation and amortization	7,254	15,181	8,633	84,142
Impairment loss	−	217	−	－
Amortization of goodwill	12	29	18	183
Loss (gain) on sales and retirement of noncurrent assets	(8)	60	(13)	(130)
The amount of assets buy on the installment plan purchase for small rentals	5	4	0	4
The amount of cost price transfer with the construction machine parts sale	5	9	4	39
The amount of cost price transfer with asset sell-off for rentals	618	866	475	4,634
Expenditure by the construction equipment and supplies	(486)	(64)	(315)	(3,075)
Expenditure by the assets acquisition for rentals	(1,563)	(3,047)	(980)	(9,557)
Loss (gain) on valuation of investment securities	−	187	−	－
Loss (gain) on sales of investment securities	−	(1)	−	－
Increase (decrease) in allowance for doubtful accounts	(32)	(12)	(3)	(29)
Increase (decrease) in allowance for investment loss	−	−	42	409
Increase (decrease) in provision for bonuses	144	54	125	1,221
Increase (decrease) in provision for retirement benefits	3	6	4	42
Increase (decrease) in provision for loss on disaster	−	(10)	−	－
Increase (decrease) in allowance for losses on employee pension fund withdrawal	−	200	(200)	(1,949)
Interest and dividends income	(21)	(67)	(27)	(268)
Assets buy on the installment plan purchase payment interest for rentals	136	243	170	1,665
Interest expenses	427	824	329	3,215
Foreign exchange losses (gains)	(100)	(160)	(73)	(717)
Reversal of provision incurred from business combination	−	(55)	−	－
Loss on revision of retirement benefit plan	−	−	43	425
Decrease (increase) in notes and accounts receivable-trade	(84)	(4,107)	602	5,875
Decrease (increase) in inventories	(30)	(72)	(160)	(1,562)
Increase (decrease) in notes and accounts payable-trade	832	3,331	948	9,243
Increase (decrease) in accounts payable-other	163	1,031	1,386	13,511
Other, net	(1)	114	(330)	(3,220)
Subtotal	14,018	25,452	20,512	199,902
Interest and dividends income received	21	67	27	267
Interest expenses paid	(581)	(1,087)	(508)	(4,958)
Income taxes paid	(2,259)	(3,672)	(3,362)	(32,770)
Net cash provided by (used in) operating activities	¥11,198	¥20,759	¥16,668	$162,441
Net cash provided by (used in) investing activities :
Payments into time deposits	¥ −	¥ −	¥(340)	$(3,313)
Purchase of property, plant and equipment	(239)	(1,092)	(2,075)	(20,231)
Proceeds from sales of property, plant and equipment	97	100	32	313
Purchase of intangible assets	(17)	(123)	(20)	(199)
Purchase of investment securities	(314)	(343)	(103)	(1,008)
Proceeds from sales of investment securities	−	1	0	5
Payments of loans receivable	−	(76)	(5)	(58)
Collection of loans receivable	307	418	78	761
Other, net	8	(1)	(21)	(206)
Net cash provided by (used in) investing activities	(159)	(1,117)	(2,456)	(23,937)
Net cash provided by (used in) financing activities :
Net increase (decrease) in short-term loans payable	(219)	(322)	151	1,474
Proceeds from long-term loans payable	8,800	13,200	2,400	23,389
Repayment of long-term loans payable	(6,764)	(13,762)	(7,752)	(75,550)
Proceeds from issuance of common stock	−	7,912	−	−
Repayments of installment payables	(5,231)	(10,841)	(7,301)	(71,154)
Repayments of lease obligations	(1,043)	(2,040)	(654)	(6,379)
Purchase of treasury stock	(9)	(20)	(7)	(68)
Purchase of treasury stock of subsidiaries in consolidation	−	−	(0)	(0)
Cash dividends paid	(328)	(656)	(350)	(3,415)
Proceeds from stock issuance to minority shareholders	−	−	8	80
Cash dividends paid to minority shareholders	(1)	(1)	(3)	(29)
Net cash provided by (used in) financing activities	(4,796)	(6,532)	(13,509)	(131,655)
Effect of exchange rate change on cash and cash equivalents	88	134	12	122
Net increase (decrease) in cash and cash equivalents	6,332	13,244	715	6,971
Cash and cash equivalents at beginning of period	19,717	19,717	32,957	321,191
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation	(4)	(4)	−	−
Cash and cash equivalents at end of period	¥26,045	¥32,957	¥33,672	$328,163

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

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