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Consolidated Financial Statements
Consolidated Balance Sheets
| Prior consolidated fiscal year fiscalyear (As of October 31, 2016) |
Current consolidated fiscal year (As of October 31, 2017) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Assets |
|||
Current assets |
|||
| Cash and deposits | ¥33,209 | ¥35,220 | $311,245 |
| Notes and accounts receivable - trade | 36,502 | 37,057 | 327,479 |
| Electronically recorded monetary claims - operating | 3,718 | 4,069 | 35,962 |
| Securities | 200 | 200 | 1,767 |
| Merchandise and finished goods | 693 | 583 | 5,159 |
| Raw materials and supplies | 379 | 288 | 2,552 |
| Construction machine parts | 10,265 | 12,193 | 107,750 |
| Deferred tax assets | 604 | 706 | 6,240 |
| Other | 1,059 | 1,237 | 10,937 |
| Allowance for doubtful accounts | (689) | (784) | (6,934) |
| Total current assets | 85,945 | 90,772 | 802,161 |
Non-current assets |
|||
Property, plant and equipment |
|||
| Rental equipment | 189,549 | 198,879 | 1,757,510 |
| Accumulated depreciation | (114,596) | (125,211) | (1,106,500) |
| Rental equipment, net | 74,953 | 73,668 | 651,009 |
| Buildings and structures | 31,029 | 32,910 | 290,827 |
| Accumulated depreciation | (18,883) | (19,801) | (174,984) |
| Buildings and structures, net | 12,145 | 13,108 | 115,842 |
| Machinery, equipment and vehicles | 6,999 | 7,290 | 64,430 |
| Accumulated depreciation | (5,963) | (6,154) | (54,389) |
| Machinery, equipment and vehicles, net | 1,036 | 1,136 | 10,041 |
| Land | 35,630 | 35,623 | 314,807 |
| Other | 2,343 | 2,170 | 19,180 |
| Accumulated depreciation | (1,332) | (1,421) | (12,558) |
| Other, net | 1,011 | 749 | 6,621 |
| Total property, plant and equipment | 124,776 | 124,286 | 1,098,322 |
Intangible assets |
|||
| Goodwill | 628 | 486 | 4,296 |
| Other | 664 | 1,110 | 9,812 |
| Total intangible assets | 1,292 | 1,596 | 14,108 |
Investments and other assets |
|||
| Investment securities | 6,911 | 8,417 | 74,388 |
| Deferred tax assets | 419 | 436 | 3,859 |
| Other | 2,216 | 2,308 | 20,396 |
| Allowance for doubtful accounts | (406) | (272) | (2,410) |
| Allowance for investment loss | (320) | (0) | (0) |
| Total investments and other assets | 8,821 | 10,889 | 96,233 |
| Total non-current assets | 134,891 | 136,772 | 1,208,664 |
Total assets |
¥ 220,836 | ¥ 227,545 | $ 2,010,825 |
| Prior consolidated fiscal year fiscalyear (As of October 31, 2016) |
Current consolidated fiscal year (As of October 31, 2017) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Liabilities |
|||
Current liabilities |
|||
| Notes and accounts payable - trade | ¥26,986 | ¥28,773 | $254,276 |
| Short-term loans payable | 1,194 | 994 | 8,784 |
| Current portion of bonds | 40 | − | − |
| Current portion of long-term loans payable | 13,951 | 12,029 | 106,301 |
| Lease obligations | 1,357 | 1,048 | 9,263 |
| Income taxes payable | 2,052 | 3,247 | 28,694 |
| Provision for bonuses | 1,091 | 1,099 | 9,720 |
| Accounts payable - other | 21,079 | 21,269 | 187,956 |
| Other | 2,399 | 3,060 | 27,044 |
| Total current liabilities | 70,152 | 71,521 | 632,042 |
Non-current liabilities |
|||
| Long-term loans payable | 26,644 | 23,846 | 210,733 |
| Lease obligations | 2,700 | 2,017 | 17,832 |
| Long-term accounts payable - other | 38,870 | 37,127 | 328,098 |
| Provision for directors’ retirement benefits | 94 | 106 | 937 |
| Net defined benefit liability | 234 | 259 | 2,295 |
| Asset retirement obligations | 384 | 431 | 3,810 |
| Other | 321 | 444 | 3,932 |
| Total non-current liabilities | 69,249 | 64,234 | 567,640 |
Total liabilities |
139,402 | 135,756 | 1,199,683 |
Net assets |
|||
Shareholders’ equity |
|||
| Capital stock | 13,652 | 13,652 | 120,651 |
| Capital surplus | 14,916 | 14,916 | 131,822 |
| Retained earnings | 48,017 | 57,172 | 505,233 |
| Treasury shares | (2,129) | (2,129) | (18,820) |
| Total shareholders’ equity | 74,458 | 83,612 | 738,887 |
Accumulated other comprehensive income |
|||
| Valuation difference on available-for-sale securities | 2,051 | 2,538 | 22,429 |
| Deferred gains or losses on hedges | ー | 0 | 0 |
| Foreign currency translation adjustment | 164 | 85 | 758 |
| Remeasurements of defined benefit plans | 8 | 5 | 45 |
| Total accumulated other comprehensive income | 2,225 | 2,629 | 23,234 |
Non-controlling interests |
4,750 | 5,547 | 49,021 |
Total net assets |
81,434 | 91,788 | 811,142 |
Total liabilities and net assets |
¥ 220,836 | ¥ 227,545 | $ 2,010,825 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥113.16=US$1, the approximate exchange rate on October 31, 2017.
Consolidated Statements of Income
| Prior consolidated fiscal year (From November 1, 2015 to October 31, 2016) |
Current consolidated fiscal year (From November 1, 2016 to October 31, 2017) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Net sales |
¥ 144,870 | ¥ 158,428 | $ 1,400,038 |
Cost of sales |
101,313 | 109,863 | 970,864 |
Gross profit |
43,556 | 48,565 | 429,174 |
Selling, general and administrative expenses |
28,422 | 31,899 | 281,896 |
Operating profit |
15,134 | 16,665 | 147,277 |
Non-operating income |
|||
| Interest income | 6 | 4 | 41 |
| Dividend income | 140 | 148 | 1,316 |
| Rent income | 71 | 73 | 648 |
| Foreign exchange gains | ー | 253 | 2,244 |
| Reversal of allowance for doubtful accounts | 47 | 31 | 277 |
| Other | 263 | 424 | 3,749 |
| Total non-operating income | 528 | 936 | 8,278 |
Non-operating expenses |
|||
| Interest expenses | 267 | 199 | 1,766 |
| Foreign exchange losses | 493 | − | − |
| Provision of allowance for investment loss | 278 | − | − |
| Other | 218 | 209 | 1,851 |
| Total non-operating expenses | 1,257 | 409 | 3,617 |
Ordinary profit |
14,405 | 17,193 | 151,938 |
Extraordinary income |
|||
| Gain on sales of non-current assets | 35 | 21 | 189 |
| Gain on donation of non-current assets | ー | 13 | 123 |
| Subsidy income | 6 | 9 | 87 |
| Gain on sales of investment securities | 2 | 220 | 1,948 |
| Gain on step acquisitions | 14 | − | − |
| Total extraordinary income | 59 | 265 | 2,348 |
Extraordinary losses |
|||
| Loss on sales and retirement of non-current assets | 164 | 140 | 1,245 |
| Impairment loss | 254 | 157 | 1,391 |
| Loss on valuation of investment securities | 54 | − | − |
| Loss on sales of investment securities | 4 | − | − |
| Loss on valuation of shares of subsidiaries and associates | 141 | 140 | 1,240 |
| Loss on sales of shares of subsidiaries and associates | ー | 79 | 703 |
| Total extraordinary losses | 620 | 518 | 4,580 |
Profit before income taxes |
13,844 | 16,940 | 150,952 |
Income taxes - current |
5,215 | 5,594 | 49,436 |
Income taxes - deferred |
36 | (204) | (1,809) |
Total income taxes |
5,252 | 5,389 | 47,626 |
Profit |
8,591 | 11,551 | 103,325 |
Profit attributable to non-controlling interests |
493 | 806 | 7,127 |
Profit attributable to owners of parent |
¥8,098 | ¥10,744 | $96,198 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥113.16=US$1, the approximate exchange rate on October 31, 2017.
Consolidated Statements of Comprehensive Income
| Prior consolidated fiscal year (From November 1, 2015 to October 31, 2016) |
Current consolidated fiscal year (From November 1, 2016 to October 31, 2017) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Profit |
¥ 8,591 | ¥ 11,551 | $ 102,080 |
| Other comprehensive income | |||
| Valuation difference on available-for-sale securities | 93 | 498 | 4,407 |
| Deferred gains or losses on hedges | 0 | 0 | 0 |
| Foreign currency translation adjustment | 121 | (79) | (698) |
| Remeasurements of defined benefit plans, net of tax | 11 | (4) | (40) |
| Total other comprehensive income | 226 | 415 | 3,668 |
Comprehensive income |
8,818 | 11,966 | 105,748 |
| Comprehensive income attributable to | |||
| Comprehensive income attributable to owners of parent | 8,323 | 11,147 | 98,514 |
| Comprehensive income attributable to non-controlling interests | ¥495 | ¥818 | $7,234 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥113.16=US$1, the approximate exchange rate on October 31, 2017.
Consolidated Statements of Changes in Equity
(From November 1, 2015 to October 31, 2017)
| Shareholders’ equity | Accumulated other comprehensive income | Non-controlling interests | Total net assets | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders’ equity | Valuation difference on available-for- sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Remeasur- ements of defined benefit plans |
Total accumulated other comprehensive income | |||
| Millions of yen | ||||||||||||
Balance at beginning of current period |
¥ 13,652 | ¥ 14,916 | ¥ 41,156 | ¥ (2,128) | ¥ 67,597 | ¥ 1,948 | ¥ (0) | ¥ 43 | ¥ ー | ¥ 1,991 | ¥ 2,409 | ¥ 71,998 |
Changes of items during period |
||||||||||||
| Dividends of surplus | (1,236) | (1,236) | ー | (1,236) | ||||||||
| Profit attributable to owners of parent | 8,098 | 8,098 | ー | 8,098 | ||||||||
| Purchase of treasury shares | (0) | (0) | ー | (0) | ||||||||
| Net changes of items other than shareholders’ equity | ー | 103 | 0 | 121 | 8 | 233 | 2,341 | 2,574 | ||||
Total changes of items during period |
ー | ー | 6,861 | (0) | 6,861 | 103 | 0 | 121 | 8 | 233 | 2,341 | 9,435 |
Balance at beginning of current period |
¥ 13,652 | ¥ 14,916 | ¥ 48,017 | ¥ (2,129) | ¥ 74,458 | ¥ 2,051 | ¥ ー | ¥ 164 | ¥ 8 | ¥ 2,225 | ¥ 4,750 | ¥ 81,434 |
| Changes of items during period | ||||||||||||
| Dividends of surplus | (1,590) | (1,590) | − | (1,590) | ||||||||
| Profit attributable to owners of parent | 10,744 | 10,744 | − | 10,744 | ||||||||
| Purchase of treasury shares | (0) | (0) | − | (0) | ||||||||
| Net changes of items other than shareholders’ equity | − | 486 | 0 | (79) | (3) | 404 | 796 | 1,200 | ||||
Total changes of items during period |
− | − | 9,154 | (0) | 9,154 | 486 | 0 | (79) | (3) | 404 | 796 | 10,354 |
Balance at end of current period |
¥ 13,652 | ¥ 14,916 | ¥ 57,172 | ¥ (2,129) | ¥ 83,612 | ¥ 2,538 | ¥ 0 | ¥ 85 | ¥ 5 | ¥ 2,629 | ¥ 5,547 | ¥ 91,788 |
| Shareholders’ equity | Accumulated other comprehensive income | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital stock | Capital surplus | Retained earnings | Treasury shares | Total shareholders’ equity | Valuation difference on available-for- sale securities | Deferred gains or losses on hedges | Foreign currency translation adjustment | Remeasur- ements of defined benefit plans |
Total accumulated other comprehensive income | Non-controlling interests | Total net assets | |
| Thousands of U.S. dollars (Note) | ||||||||||||
Balance at beginning of current period |
$ 120,651 | $ 131,822 | $ 424,334 | $ (18,815) | $ 657,992 | $ 18,128 | $ − | $ 1,457 | $ 76 | $ 19,663 | $ 41,982 | $ 719,638 |
Changes of items during period |
||||||||||||
| Dividends of surplus | (14,053) | (14,053) | − | (14,053) | ||||||||
| Profit attributable to owners of parent | 94,952 | 94,952 | − | 94,952 | ||||||||
| Purchase of treasury shares | (4) | (4) | − | (4) | ||||||||
| Net changes of items other than shareholders’ equity | 4,300 | 0 | (698) | (31) | 3,571 | 7,038 | 10,609 | |||||
Total changes of items during period |
− | − | 80,899 | (4) | 80,895 | 4,300 | 0 | (698) | (31) | 3,571 | 7,038 | 91,504 |
Balance at end of current period |
$ 120,651 | $ 131,822 | $ 505,233 | $ (18,820) | $ 738,887 | $ 22,429 | $ | $ 758 | $ 45 | $ 23,234 | $ 49,021 | $ 811,142 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥113.16=US$1, the approximate exchange rate on October 31, 2017.
Consolidated Statements of Cash Flows
| Prior consolidated fiscal year (From November 1, 2015 to October 31, 2016) |
Current consolidated fiscal year (From November 1, 2016 to October 31, 2017) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Cash flows from operating activities |
|||
| Profit before income taxes | ¥ 13,844 | ¥ 16,940 | $ 149,706 |
| Depreciation | 22,097 | 24,428 | 215,875 |
| Impairment loss | 254 | 157 | 1,391 |
| Amortization of goodwill | 83 | 142 | 1,258 |
| Loss (gain) on sales and retirement of non-current assets | 128 | 119 | 1,056 |
| Amount of cost price transfer with asset sell-off for rentals | 840 | 994 | 8,784 |
| Expenditure by the construction equipment and supplies | (492) | (1,073) | (9,484) |
| Expenditure by the assets acquisition for rentals | (3,034) | (2,731) | (24,141) |
| Loss (gain) on valuation of investment securities | 54 | − | − |
| Loss (gain) on sales of investment securities | 2 | (220) | (1,948) |
| Loss on valuation of shares of subsidiaries and associates | 141 | 140 | 1,240 |
| Loss (gain) on sales of shares of subsidiaries and associates | ー | 79 | 703 |
| Increase (decrease) in allowance for doubtful accounts | (61) | (113) | (1,001) |
| Increase (decrease) in allowance for investment loss | 278 | − | − |
| Increase (decrease) in provision for bonuses | 141 | 8 | 71 |
| Increase (decrease) in net defined benefit liability | (14) | 21 | 185 |
| Interest and dividend income | (146) | (153) | (1,358) |
| Assets buy on the installment plan purchase payment interest for rentals | 371 | 349 | 3,088 |
| Interest expenses | 267 | 199 | 1,766 |
| Foreign exchange losses (gains) | 292 | (199) | (1,766) |
| Decrease (increase) in notes and accounts receivable - trade | 390 | (808) | (7,148) |
| Decrease (increase) in inventories | (107) | 236 | 2,091 |
| Increase (decrease) in notes and accounts payable - trade | (1,654) | 1,915 | 16,929 |
| Increase (decrease) in accounts payable - other | 1,298 | 1,276 | 11,277 |
| Other, net | (877) | 884 | 7,818 |
| Subtotal | 34,096 | 42,593 | 376,396 |
| Interest and dividend income received | 146 | 153 | 1,355 |
| Interest expenses paid | (653) | (553) | (4,892) |
| Income taxes paid | (6,970) | (4,404) | (38,922) |
| Net cash provided by (used in) operating activities | ¥ 26,618 | ¥ 37,788 | $ 333,937 |
Cash flows from investing activities |
|||
| Payments into time deposits | ¥ (0) | ¥ (560) | $ (4,948) |
| Proceeds from withdrawal of time deposits | ー | 640 | 5,656 |
| Purchase of property, plant and equipment | (2,729) | (2,731) | (24,140) |
| Proceeds from sales of property, plant and equipment | 38 | 31 | 277 |
| Purchase of intangible assets | (366) | (461) | (4,077) |
| Purchase of investment securities | (22) | (583) | (5,159) |
| Proceeds from sales of investment securities | 48 | 450 | 3,982 |
| Purchase of shares of subsidiaries | ー | (917) | (8,105) |
| Proceeds from sales of shares of subsidiaries | ー | 76 | 679 |
| Purchase of shares of subsidiaries resulting in change in scope of consolidation | (5,806) | − | − |
| Purchase of shares of subsidiaries and associates | ー | (100) | (883) |
| Payments of loans receivable | (37) | (742) | (6,562) |
| Collection of loans receivable | 25 | 28 | 250 |
| Other, net | (90) | 122 | 1,082 |
| Net cash provided by (used in) investing activities | (8,940) | (4,747) | (41,949) |
Cash flows from financing activities |
|||
| Net increase (decrease) in short-term loans payable | (894) | (212) | (1,875) |
| Redemption of bonds | (50) | (40) | (353) |
| Proceeds from long-term loans payable | 19,960 | 10,900 | 96,323 |
| Repayments of long-term loans payable | (14,637) | (15,667) | (138,451) |
| Repayments of installment payables | (21,304) | (22,582) | (199,559) |
| Repayments of lease obligations | (1,967) | (1,744) | (15,419) |
| Purchase of treasury shares | (0) | (0) | (4) |
| Purchase of treasury shares of subsidiaries | (0) | (0) | (1) |
| Cash dividends paid | (1,235) | (1,591) | (14,061) |
| Dividends paid to non-controlling interests | (1) | (22) | (198) |
| Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation | (594) | − | − |
| Net cash provided by (used in) financing activities | (20,726) | (30,960) | (273,601) |
Effect of exchange rate change on cash and cash equivalents |
(33) | 10 | 93 |
Net increase (decrease) in cash and cash equivalents |
(3,080) | 2,091 | 18,479 |
Cash and cash equivalents at beginning of period |
36,150 | 33,069 | 292,235 |
Cash and cash equivalents at end of period |
¥ 33,069 | ¥ 35,160 | $ 310,714 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥113.16=US$1, the approximate exchange rate on October 31, 2017.