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Consolidated Financial Statements

Interim Consolidated Balance Sheets

Assets

	Prior consolidated fiscal year interim period (As of April 30, 2104)	Prior consolidated fiscal year (As of October 31, 2014)	Current consolidated fiscal year interim period (As of April 30, 2015)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current assets :
Cash and deposits	¥ 33,682	¥ 31,650	¥ 35,362	$ 297,165
Notes and accounts receivable-trade	27,154	33,651	33,851	284,467
Securities	350	350	350	2,941
Merchandise and finished goods	790	595	836	7,030
Costs on uncompleted construction contracts	29	50	36	305
Raw materials and supplies	205	227	260	2,192
Construction machine parts	5,389	6,566	7,482	62,879
Income taxes receivable	0	–	–	–
Consumption taxes receivable	37	43	84	711
Deferred tax assets	1,067	656	699	5,879
Other	902	515	486	4,087
Allowance for doubtful accounts	(320)	(227)	(229)	(1,932)
Total current assets	69,291	74,080	79,221	665,727
Non-current assets :
Property, plant and equipment
Rental equipment	143,507	150,727	161,333	1,355,744
Accumulated depreciation	(79,677)	(85,083)	(89,354)	(750,875)
Rental equipment, net	63,829	65,644	71,979	604,869
Buildings and structures	23,200	23,691	23,839	200,333
Accumulated depreciation	(15,458)	(15,663)	(15,904)	(133,649)
Buildings and structures, net	7,742	8,027	7,935	66,684
Machinery, equipment and vehicles	5,496	5,541	5,547	46,621
Accumulated depreciation	(4,870)	(4,882)	(4,857)	(40,822)
Machinery, equipment and vehicles, net	626	659	690	5,799
Land	31,059	31,459	31,805	267,272
Other	1,449	1,563	2,366	19,886
Accumulated depreciation	(1,009)	(1,013)	(1,066)	(8,964)
Other, net	439	549	1,299	10,922
Total property, plant and equipment	103,697	106,341	113,710	955,546
Intangible assets
Goodwill	60	57	54	458
Other	198	208	200	1,689
Total intangible assets	259	266	255	2,147
Investments and other assets
Investment securities	5,608	6,286	6,974	58,607
Deferred tax assets	199	265	285	2,395
Other	1,849	1,854	1,894	15,921
Allowance for doubtful accounts	(543)	(491)	(530)	(4,457)
Allowance for investment loss	(110)	(110)	(110)	(925)
Total investments and other assets	7,003	7,804	8,513	71,542
Total non-current assets	110,961	114,411	122,479	1,029,236
Total Assets	¥ 180,252	¥ 188,491	¥ 201,700	$ 1,694,963

Liabilities and Net Assets

	Prior consolidated fiscal year interim period (As of April 30, 2104)	Prior consolidated fiscal year (As of October 31, 2014)	Current consolidated fiscal year interim period (As of April 30, 2015)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current liabilities :
Notes and accounts payable-trade	¥ 22,296	¥ 23,134	¥ 23,598	$ 198,307
Short-term loans payable	748	612	627	5,274
Current portion of long-term loans payable	12,078	11,883	12,668	106,456
Lease obligations	1,071	995	1,622	13,633
Income taxes payable	4,060	3,729	4,065	34,167
Provision for bonuses	948	850	1,005	8,453
Accounts payable-other	15,155	16,460	18,096	152,070
Other	1,774	2,988	2,122	17,833
Total current liabilities	58,133	60,655	63,807	536,194
Non-current liabilities :
Long-term loans payable	21,089	21,698	20,001	168,076
Lease obligations	2,570	2,082	2,048	17,214
Provision for retirement benefits	12	–	–	–
Long-term accounts payable-other	35,887	37,853	42,973	361,124
Net defined benefit liability	–	16	21	177
Asset retirement obligations	237	231	244	2,052
Other	202	440	542	4,561
Total non-current liabilities	60,000	62,322	65,831	553,205
Total Liabilities	118,133	122,978	129,638	1,089,399
Net Assets :
Shareholders’ equity
Capital stock	13,652	13,652	13,652	114,730
Capital surplus	14,916	14,916	14,916	125,352
Retained earnings	29,753	32,860	38,667	324,936
Treasury shares	(55)	(56)	(56)	(475)
Total shareholders’ equity	58,267	61,373	67,180	564,544
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,729	1,977	2,445	20,548
Foreign currency translation adjustment	(4)	14	35	301
Total accumulated other comprehensive income	1,724	1,992	2,481	20,849
Minority interests	2,127	2,147	2,400	20,170
Total Net Assets	62,119	65,513	72,062	605,564
Total Liabilities and Net Assets	¥ 180,252	¥ 188,491	¥ 201,700	$ 1,694,963

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Income

	Prior consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)	Prior consolidated fiscal year (From November 1, 2013 to October 31, 2014)	Current consolidated fiscal year interim period (From November 1, 2014 to April 30, 2015)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Net sales	¥ 64,212	¥ 125,555	¥ 68,307	$ 574,014
Cost of sales	42,706	85,334	45,746	384,425
Gross profit	21,506	40,220	22,561	189,589
Selling, general and administrative expenses	11,434	23,766	11,908	100,068
Operating income	10,072	16,454	10,652	89,520
Non-operating income
Interest income	4	9	4	34
Dividend income	23	90	27	234
Insurance income	24	33	16	141
Rent income	30	57	35	296
A receipt bonus	41	42	23	194
Foreign exchange gains	67	183	143	1,207
Reversal of allowance for doubtful accounts	–	79	–	–
Other	135	218	106	898
Total non-operating income	327	714	357	3,005
Non-operating expenses
Interest expenses	329	609	260	2,185
Loss on sales of notes payable	22	34	10	90
Other	187	445	83	704
Total non-operating expenses	539	1,090	354	2,979
Ordinary income	9,860	16,078	10,655	89,545
Extraordinary income
Gain on sales of non-current assets	31	37	7	62
Subsidy income	0	12	3	25
Compensation income for damage	–	–	118	992
Other	0	0	–	–
Total extraordinary income	31	49	128	1,080
Extraordinary losses
Loss on sales and retirement of non-current assets	18	215	49	412
Loss on revision of retirement benefit plan	43	43	–	–
Total extraordinary losses	61	258	49	412
Income before income taxes and minority interests	9,830	15,869	10,735	90,212
Income taxes-current	3,920	5,849	3,979	33,444
Income taxes-deferred	(160)	284	(34)	(292)
Total income taxes	3,759	6,134	3,945	33,151
Income before minority interests	6,070	9,734	6,790	57,061
Minority interests in income	418	435	262	2,202
Net income	¥ 5,651	¥ 9,299	¥ 6,528	$ 54,858

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Cash Flows

	Prior consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)	Prior consolidated fiscal year (From November 1, 2013 to October 31, 2014)	Current consolidated fiscal year interim period (From November 1, 2014 to April 30, 2015)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Net cash provided by (used in) operating activities	¥ 16,668	¥ 24,782	¥ 17,596	$ 147,872
Net cash provided by (used in) investing activities	(2,456)	(3,374)	(1,842)	(15,484)
Net cash provided by (used in) financing activities	(13,509)	(22,405)	(12,051)	(101,272)
Effect of exchange rate change on cash and cash equivalents	12	21	9	77
Net increase (decrease) in cash and cash equivalents	715	(976)	3,712	31,194
Cash and cash equivalents at beginning of period	32,957	32,957	31,980	268,743
Cash and cash equivalents at end of period	¥ 33,672	¥ 31,980	¥ 35,692	$ 299,938

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Comprehensive Income

	Prior consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)	Prior consolidated fiscal year (From November 1, 2013 to October 31, 2014)	Current consolidated fiscal year interim period (From November 1, 2014 to April 30, 2015)
	Millions of yen	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Income before minority interests	¥ 6,070	¥ 9,734	¥ 6,790	$ 57,061
Other comprehensive income
Valuation difference on available-for-sale securities	161	409	467	3,930
Foreign currency translation adjustment	(3)	19	25	214
Total other comprehensive income	158	429	493	4,144
Quarter comprehensive income	6,228	10,164	7,283	61,205
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	5,809	9,725	7,017	58,967
Comprehensive income attributable to minority interests	¥ 418	¥ 439	¥ 266	$ 2,238

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

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