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Consolidated Financial Highlights

Millions of
yen
Thousands of
U.S. dollars (Note)
2015 2016 2016

Consolidated operating results

Net sales ¥ 133,292 ¥ 144,870 $ 1,381,562
Operating income 16,270 15,134 144,328
Ordinary income 16,164 14,405 137,374
Profit attributable to owners of parent 9,557 8,098 77,229
ROE 14.4% 11.1% 11.1%
Dividend payout ratio 13.1% 19.6% 19.6%
Plant and equipment investment 27,639 29,441 280,764

Consolidated financial position

Total assets 202,919 220,836 2,106,010
Net assets 71,998 81,434 776,599
Equity ratio 34.3% 34.7% 34.7%

Consolidated cash flows

Net cash provided by (used in) operating activities 33,509 26,618 253,852
Net cash provided by (used in) investing activities –4,488 –8,940 (85,260)
Net cash provided by (used in) financing activities –24,857 –20,726 (197,655)
Cash and cash equivalents at end of period 36,150 33,069 315,366

Information per share of common stock

yen U.S. dollars (Note)
Net income per share ¥ 266.27 ¥ 229.16 $ 2.18
Net assets per share 1,969.16 2,169.93 20.69
Dividends per share 35.00 45.00 0.42

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥104.86=US $1, the approximate exchange rate on October 31, 2016. 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, the Company 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

The Company 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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