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Consolidated Financial Highlights

Millions of
yen
Thousands of
U.S. dollars (Note)
2014 2015 2015

Consolidated operating results

Net sales ¥125,555 ¥133,292 $ 1,102,498
Operating income 16,454 16,270 134,580
Ordinary income 16,078 16,164 133,699
Net income 9,299 9,557 79,053
ROE 15.8% 14.4% 14.4%
Dividend payout ratio 13.6% 13.1% 13.1%
Plant and equipment investment 30,625 27,639 228,617

Consolidated financial position

Total assets 188,491 202,919 1,678,410
Net assets 65,513 71,998 595,519
Equity ratio 33.6% 34.3% 34.3%

Consolidated cash flows

Net cash provided by (used in) operating activities 24,782 33,509 277,168
Net cash provided by (used in) investing activities –3,374 –4,488 (37,122)
Net cash provided by (used in) financing activities –22,405 –24,857 (205,604)
Cash and cash equivalents at end of period 31,980 36,150 299,008

Information per share of common stock

yen U.S. dollars (Note)
Net income ¥258.02 ¥266.27 $2.20
Net assets 1,758.24 1,969.16 16.28
Dividends per share 35.00 35.00 0.28

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥120.90=US $1, the approximate exchange rate on October 30, 2015. graph

Finance and Investment Strategies

A unique financial strategy corresponding to the characteristics of a stock business

Because equipment rental is a stock-based business, Kanamoto’s
debt/equity ratio is higher than in other industries. As a financial strategy to service this debt, Kanamoto is working to increase shareholders’ equity, and reducing interest-bearing debt and streamlining its balance sheet to limit capital asset investment to within the scope of annual cash flow.

A future-oriented investment strategy to secure the source of Kanamoto’s earnings

Kanamoto makes vigorous capital investments annually, which result in an amortization burden corresponding to this volume of assets. Equipment rental, however, is a business characterized by the ability to receive a gain from the sale of used equipment after rental earnings have been ensured. In other words, the depreciation expenses incurred during each fiscal year become the source of future earnings. For this reason, Kanamoto considers its most important management indicators to be EBITDA+ (operating income + depreciation and amortization expense + lease fee payments + installment payment charges + purchase payments for small-scale construction equipment and inexpensive rental assets) and ROI (return on investment), rather than current year operating results, and has always worked to achieve growth in these indicators.

graph


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