Facts and Data

Financial Section

Consolidated Financial Statements

Consolidated Balance Sheets

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Prior consolidated fiscal year
(As of October 31, 2017)		 Current consolidated fiscal year
(As of October 31, 2018)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Assets
Current assets
Cash and deposits ¥ 35,220 ¥ 36,793 $ 324,855
Notes and accounts receivable - trade 37,057 36,736 324,352
Electronically recorded monetary claims - operating 4,069 5,091 44,956
Securities 200 200 1,765
Merchandise and finished goods 583 765 6,757
Raw materials and supplies 288 651 5,753
Construction equipment and materials 12,193 14,652 129,373
Deferred tax assets 706 664 5,865
Other 1,237 1,765 15,590
Allowance for doubtful accounts (784) (208) (1,841)
Total current assets 90,772 97,112 857,428
Non-current assets
Property, plant and equipment
Rental equipment 198,879 203,519 1,796,921
Accumulated depreciation (125,211) (127,242) (1,123,452)
Rental equipment, net 73,668 76,277 673,469
Buildings and structures 32,910 35,531 313,713
Accumulated depreciation (19,801) (20,859) (184,172)
Buildings and structures, net 13,108 14,671 129,540
Machinery, equipment and vehicles 7,290 7,643 67,484
Accumulated depreciation (6,154) (6,333) (55,919)
Machinery, equipment and vehicles, net 1,136 1,309 11,565
Land 35,623 36,566 322,857
Other 2,170 2,227 19,668
Accumulated depreciation (1,421) (1,544) (13,641)
Other, net 749 682 6,027
Total property, plant and equipment 124,286 129,508 1,143,459
Intangible assets
Goodwill 486 343 3,036
Other 1,110 1,236 10,914
Total intangible assets 1,596 1,580 13,950
Investments and other assets
Investment securities 8,417 9,989 88,200
Deferred tax assets 436 396 3,504
Other 2,308 3,367 29,729
Allowance for doubtful accounts (272) (375) (3,317)
Total investments and other assets 10,889 13,377 118,116
Total non-current assets 136,772 144,466 1,275,526
Total assets
 ¥ 227,545 ¥ 241,578 $ 2,132,955
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Prior consolidated fiscal year
(As of October 31, 2017)		 Current consolidated fiscal year
(As of October 31, 2018)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Liabilities
Current liabilities
Notes and accounts payable - trade ¥ 28,773 ¥ 30,695 $ 271,019
Short-term loans payable 994 1,146 10,119
Current portion of long-term loans payable 12,029 12,825 113,239
Lease obligations 1,048 945 8,346
Income taxes payable 3,247 1,929 17,031
Provision for bonuses 1,099 1,136 10,035
Accounts payable - other 21,269 22,839 201,657
Other 3,060 2,749 24,276
Total current liabilities 71,521 74,267 655,724
Non-current liabilities
Long-term loans payable 23,846 23,087 203,847
Lease obligations 2,017 1,684 14,875
Long-term accounts payable - other 37,127 39,591 349,561
Provision for directors’ retirement benefits 106 − −
Net defined benefit liability 259 261 2,309
Asset retirement obligations 431 449 3,973
Other 444 204 1,804
Total non-current liabilities 64,234 65,279 576,371
Total liabilities
 135,756 139,547 1,232,096
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Prior consolidated fiscal year
(As of October 31, 2017)		 Current consolidated fiscal year
(As of October 31, 2018)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Net assets
Shareholders’ equity
Capital stock 13,652 13,652 120,545
Capital surplus 14,916 14,916 131,704
Retained earnings 57,172 67,086 592,320
Treasury shares (2,129) (2,129) (18,801)
Total shareholders’ equity 83,612 93,526 825,767
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 2,538 2,148 18,969
Deferred gains or losses on hedges 0 0 0
Foreign currency translation adjustment 85 − −
Remeasurements of defined benefit plans 5 5 46
Total accumulated other comprehensive income 2,629 2,153 19,016
Non-controlling interests
5,547 6,351 56,075
Total net assets
91,788 102,031 900,858
Total liabilities and net assets
¥ 227,545 ¥ 241,578 $ 2,132,955

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.

Consolidated Statements of Income

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Prior consolidated
fiscal year
(From November 1, 2016
to October 31, 2017)		 Current consolidated fiscal year
(From November 1, 2017 to October 31, 2018)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Net sales

¥ 158,428 ¥ 168,188 $ 1,484,978
Cost of sales
109,863 117,220 1,034,965

Gross profit

48,565 50,968 450,013
Selling, general and administrative expenses
31,899 33,368 294,620

Operating profit

16,665 17,599 155,392
Non-operating income
Interest income 4 19 171
Dividend income 148 159 1,405
Insurance income 49 74 660
Rent income 73 81 719
Temporary transfer charges income 74 105 935
Foreign exchange gains 253 − −
Reversal of allowance for doubtful accounts 31 20 182
Other 300 284 2,512
Total non-operating income 936 746 6,587
Non-operating expenses
Interest expenses 199 108 962
Foreign exchange losses − 78 695
Other 209 232 2,052
Total non-operating expenses 409 420 3,709

Ordinary profit

17,193 17,925 158,269
Extraordinary income
Gain on sales of non-current assets 21 8 74
Gain on donation of non-current assets 13 − −
Subsidy income 9 12 112
Gain on sales of investment securities 220 1 9
Compensation income for damage − 29 259
Total extraordinary income 265 51 455
Extraordinary losses
Impairment loss 157 30 266
Loss on sales and retirement of non-current assets 140 205 1,810
Loss on sales of shares of subsidiaries and associates 79 322 2,848
Loss on valuation of shares of subsidiaries and associates 140 − −
Loss on sales of investment securities − 157 1,393
Loss on valuation of investment securities − 44 395
Total extraordinary losses 518 760 6,715

Profit before income taxes

16,940 17,216 152,010
Income taxes - current
5,594 4,509 39,811
Income taxes - deferred
(204) 16 141
Total income taxes
5,389 4,525 39,953
Profit
11,551 12,691 112,057
Profit attributable to non-controlling interests
806 834 7,363

Profit attributable to owners of parent

¥ 10,744 ¥ 11,857 $ 104,693

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.

Consolidated Statements of Comprehensive Income

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Prior consolidated
fiscal year
(From November 1, 2016 to
October 31, 2017)		 Current consolidated fiscal year
(From November 1, 2017 to October 31, 2018)
Millions of yen Millions of yen Thousands of
U.S. dollars (Note)

Profit

¥ 11,551 ¥ 12,691 $ 112,057
Other comprehensive income
Valuation difference on available-for-sale securities 498 (397) (3,509)
Deferred gains or losses on hedges 0 (0) (0)
Foreign currency translation adjustment (79) (85) (758)
Remeasurements of defined benefit plans, net of tax (4) 0 1
Total other comprehensive income 415 (483) (4,265)

Comprehensive income

11,966 12,208 107,791
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 11,147 11,382 100,495
Comprehensive income attributable to non-controlling interests ¥ 818 ¥ 826 $ 7,295

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.

Consolidated Statements of Changes in Equity (From November 1, 2016 to October 31, 2018)

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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		 Remeasurements of
defined benefit
plans 		Total accumulated
other comprehensive
income
Millions of yen

Balance at beginning of current period

¥ 13,652 ¥ 14,916 ¥ 48,017 ¥ (2,129) ¥ 74,458 ¥ 2,051 − ¥ 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
Change in ownership interest of parent due to transactions
with non-controlling interests		 − − −
Purchase of treasury shares (0) (0) − (0)
Disposal of treasury shares − − −
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 beginning of current period

¥ 13,652 ¥ 14,916 ¥ 57,172 ¥ (2,129) ¥ 83,612 ¥ 2,538 ¥ 0 ¥ 85 ¥ 5 ¥ 2,629 ¥ 5,547 ¥ 91,788
Changes of items during period
Dividends of surplus (1,943) (1,943) − (1,943)
Profit attributable to owners of parent 11,857 11,857 − 11,857
Change in ownership interest of parent due to transactions
with non-controlling interests		 (0) (0) − (0)
Purchase of treasury shares − − −
Disposal of treasury shares 0 0 0 − 0
Net changes of items other than shareholders’ equity (389) (0) (85) 0 (475) 803 328
Total changes of items during period
 − (0) 9,913 0 9,913 (389) (0) (85) 0 (475) 803 10,242

Balance at end of current period

¥ 13,652 ¥ 14,916 ¥ 67,086 ¥ (2,129) ¥ 93,526 ¥ 2,148 ¥ 0 ¥ − ¥ 5 ¥ 2,153 ¥ 6,351 ¥ 102,031

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.

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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		 Remeasurements of
defined benefit
plans 		Total accumulated
other comprehensive
income
Millions of yen

Balance at beginning of current period

$ 120,545 $ 131,705 $ 504,787 $ (18,803) $ 738,234 $ 22,409 $ 0 $ 758 $ 45 $ 23,213 $ 48,978 $ 810,426
Changes of items during period
Dividends of surplus (17,160) (17,160) − (17,160)
Profit attributable to owners of parent 104,693 104,693 − 104,693
Change in ownership interest of parent due to transactions
with non-controlling interests 		(2) (2) − (2)
Purchase of treasury shares − − −
Disposal of treasury shares 0 1 2 − 2
Net changes of items other than shareholders’ equity (3,404) (0) (758) 1 (4,197) 7,097 2,899
Total changes of items during period
− (1) 87,532 1 87,532 (3,404) (0) (758) 1 (4,197) 7,097 90,432

Balance at end of current period

$ 120,545 $ 131,704 $ 592,320 $ (18,801) $825,767 $ 18,969 $ 0 $ − $ 46 $ 19,016 $ 56,075 $ 900,858

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.

Consolidated Statements of Cash Flows

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  Prior consolidated
fiscal year
(From November 1, 2016
to October 31, 2017)		 Current consolidated fiscal year
(From November 1, 2017
to October 31, 2018)
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Cash flows from operating activities

Profit before income taxes ¥ 16,940 ¥ 17,216 $ 152,010
Depreciation 24,428 25,580 225,856
Impairment loss 157 30 266
Amortization of goodwill 142 142 1,256
Loss (gain) on sales and retirement of non-current assets 119 196 1,736
Cost transfer resulting from sale of rental equipment 994 1,449 12,796
Purchase of construction equipment and materials (1,073) (1,211) (10,696)
Purchase of rental equipment (2,731) (4,051) (35,768)
Loss (gain) on valuation of investment securities − 44 395
Loss (gain) on sales of investment securities (220) 156 1,384
Loss on valuation of shares of subsidiaries and associates 140 − −
Loss (gain) on sales of shares of subsidiaries and associates 79 322 2,848
Increase (decrease) in allowance for doubtful accounts (113) 121 1,073
Increase (decrease) in provision for bonuses 8 36 324
Increase (decrease) in net defined benefit liability 21 2 21
Interest and dividend income (153) (178) (1,577)
Assets buy on the installment plan
purchase payment interest for rentals 		349 315 2,786
Interest expenses 199 108 962
Foreign exchange losses (gains) (199) 65 579
Compensation income for damage − (29) (259)
Decrease (increase) in notes and accounts receivable - trade (808) (1,792) (15,827)
Decrease (increase) in inventories 236 (594) (5,250)
Increase (decrease) in notes and accounts payable - trade 1,915 2,211 19,526
Increase (decrease) in accounts payable - other 1,276 2,155 19,032
Other, net 884 (841) (7,432)
Subtotal 42,593 41,458 366,046
Interest and dividend income received 153 177 1,570
Compensation for damage income received − 29 259
Interest expenses paid (553) (422) (3,726)
Income taxes paid (4,404) (5,822) (51,407)
Net cash provided by (used in) operating activities ¥ 37,788 ¥ 35,421 $ 312,741
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  Prior consolidated
fiscal year
(From November 1, 2016
to October 31, 2017)		 Current consolidated fiscal year
(From November 1, 2017
to October 31, 2018)
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Cash flows from investing activities

Payments into time deposits ¥ (560) ¥ (450) $ (3,973)
Proceeds from withdrawal of time deposits 640 450 3,973
Purchase of investment securities (583) (9) (85)
Proceeds from sales of investment securities 450 50 444
Purchase of property, plant and equipment (2,731) (4,413) (38,966)
Proceeds from sales of property, plant and equipment 31 92 815
Purchase of intangible assets (461) (365) (3,223)
Payments for sales of shares of subsidiaries resulting
in change in scope of consolidation 		− (9) (81)
Purchase of shares of subsidiaries (917) (1,692) (14,947)
Proceeds from sales of shares of subsidiaries 76 − −
Purchase of shares of subsidiaries and associates (100) (99) (877)
Payments of loans receivable (742) (621) (5,491)
Collection of loans receivable 28 135 1,192
Other, net 122 (46) (414)
Net cash provided by (used in) investing activities (4,747) (6,980) (61,633)
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  Prior consolidated
fiscal year
(From November 1, 2016
to October 31, 2017)		 Current consolidated fiscal year
(From November 1, 2017
to October 31, 2018)
Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Cash flows from financing activities

Net increase (decrease) in short-term loans payable (212) 152 1,342
Proceeds from long-term loans payable 10,900 13,300 117,428
Repayments of long-term loans payable (15,667) (13,262) (117,097)
Redemption of bonds (40) − −
Repayments of installment payables (22,582) (23,948) (211,451)
Repayments of lease obligations (1,744) (1,133) (10,008)
Cash dividends paid (1,591) (1,942) (17,153)
Dividends paid to non-controlling interests (22) (22) (198)
Other, net (0) 0 0
Net cash provided by (used in) financing activities (30,960) (26,858) (237,137)

Effect of exchange rate change on cash and cash equivalents

10 (9) (85)

Net increase (decrease) in cash and cash equivalents

2,091 1,572 13,884

Cash and cash equivalents at beginning of period

33,069 35,160 310,440

Cash and cash equivalents at end of period

¥ 35,160 ¥ 36,733 $ 324,325

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥113.26=US $1, the approximate exchange rate on October 31, 2018.