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Consolidated Financial Statements
Consolidated Balance Sheets
|
October 31, 2013 | October 31, 2014 | |
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Current assets : |
|||
| Cash and deposits | ¥ 32,627 | ¥ 31,650 | $ 289,468 |
| Notes and accounts receivable-trade | 27,731 | 33,651 | 307,767 |
| Securities | 350 | 350 | 3,201 |
| Merchandise and finished goods | 642 | 595 | 5,441 |
| Costs on uncompleted construction contracts | 20 | 50 | 457 |
| Raw materials and supplies | 201 | 227 | 2,083 |
| Construction machine parts | 3,954 | 6,566 | 60,051 |
| Deferred tax assets | 983 | 656 | 6,001 |
| Other | 792 | 559 | 5,112 |
| Allowance for doubtful accounts | (335) | (227) | (2,077) |
| Total current assets | 66,968 | 74,080 | 677,522 |
Non-current assets : |
|||
| Property, plant and equipment | |||
| Rental equipment | 56,899 | 65,644 | 600,371 |
| Buildings and structures | 7,702 | 8,027 | 73,420 |
| Machinery, equipment and vehicles | 619 | 659 | 6,032 |
| Tools, furniture and fixtures | 227 | 293 | 2,680 |
| Land | 29,798 | 31,459 | 287,719 |
| Construction in progress | 75 | 256 | 2,347 |
| Total property, plant and equipment | 95,322 | 106,341 | 972,574 |
| Intangible assets | |||
| Goodwill | 19 | 57 | 526 |
| Other | 250 | 208 | 1,906 |
| Total intangible assets | 270 | 266 | 2,432 |
| Investments and other assets | |||
| Investment securities | 5,256 | 6,286 | 57,491 |
| Deferred tax assets | 147 | 265 | 2,425 |
| Other | 1,894 | 1,854 | 16,957 |
| Allowance for doubtful accounts | (541) | (491) | (4,494) |
| Allowance for investment loss | (67) | (110) | (1,006) |
| Total investments and other assets | 6,689 | 7,804 | 71,374 |
| Total non-current assets | 102,282 | 114,411 | 1,046,380 |
| Total Assets | ¥ 169,250 | ¥ 188,491 | $ 1,723,903 |
|
October 31, 2013 | October 31, 2014 | |
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Current liabilities : |
|||
| Notes and accounts payable-trade | ¥ 21,293 | ¥ 23,134 | $ 211,584 |
| Short-term loans payable | 12,771 | 12,496 | 114,285 |
| Lease obligations | 1,085 | 995 | 9,103 |
| Accounts payable-other | 12,728 | 16,460 | 150,545 |
| Income taxes payable | 3,533 | 3,729 | 34,110 |
| Provision for bonuses | 823 | 850 | 7,776 |
| Allowance for losses on employee pension fund withdrawal | 200 | ー | ー |
| Other | 1,983 | 2,988 | 27,334 |
| Total current liabilities | 54,419 | 60,655 | 554,741 |
Non-current liabilities : |
|||
| Long-term loans payable | 26,288 | 21,698 | 198,447 |
| Lease obligations | 2,662 | 2,082 | 19,044 |
| Provision for retirement benefits | 7 | ー | ー |
| Long-term accounts payable-other | 29,329 | 37,853 | 346,201 |
| Asset retirement obligations | 210 | 231 | 2,118 |
| Net defined benefit liability | ー | 16 | 149 |
| Other | 138 | 440 | 4,029 |
| Total noncurrent liabilities | 58,638 | 62,322 | 569,989 |
| Total Liabilities | 113,058 | 122,978 | 1,124,731 |
Net assets : |
|||
| Shareholders' equity | |||
| Capital stock | 13,652 | 13,652 | 124,866 |
| Capital surplus | 14,916 | 14,916 | 136,427 |
| Retained earnings | 24,462 | 32,860 | 300,530 |
| Treasury shares | (48) | (56) | (517) |
| Total shareholders’ equity | 52,983 | 61,373 | 561,307 |
| Accumulated other comprehensive income | |||
| Valuation difference on available-for-sale securities | 1,567 | 1,977 | 18,086 |
| Foreign currency translation adjustment | (1) | 14 | 134 |
| Total accumulated other comprehensive income | 1,566 | 1,992 | 18,220 |
| Minority interests | 1,643 | 2,147 | 19,643 |
| Total Net Assets | 56,192 | 65,513 | 599,172 |
| Total Liabilities and Net Assets | ¥ 169,250 | ¥ 188,491 | $ 1,723,903 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.
Consolidated Statements of Income
| Prior Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013) |
Current Consolidated Fiscal Year (From November 1, 2013 to October 31, 2014) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Net sales |
¥ 110,831 | ¥ 125,555 | $ 1,148,301 |
| Cost of sales | 76,522 | 85,334 | 780,450 |
Gross profit |
34,309 | 40,220 | 367,850 |
| Selling, general and administrative expenses | 22,916 | 23,766 | 217,361 |
Operating income |
11,392 | 16,454 | 150,489 |
| Non-operating income | |||
| Interest income | 67 | 99 | 908 |
| Rent income | 58 | 57 | 528 |
| Insurance income | 84 | 33 | 304 |
| Foreign exchange gains | 223 | 183 | 1,681 |
| Amortization of negative goodwill | 51 | ー | ー |
| Reversal of allowance for doubtful accounts | 19 | 79 | 725 |
| Other | 263 | 260 | 2,384 |
| Total non-operating income | 768 | 714 | 6,532 |
| Non-operating expenses | |||
| Interest expenses | 824 | 609 | 5,576 |
| Loss on sales of notes payable | 41 | 34 | 319 |
| Other | 223 | 445 | 4,076 |
| Total non-operating expenses | 1,088 | 1,090 | 9,971 |
Ordinary income |
11,073 | 16,078 | 147,049 |
| Extraordinary income | |||
| Gain on sales of non-current assets | 34 | 37 | 338 |
| Subsidy income | 36 | 12 | 112 |
| Reversal of provision incurred from business combination | 55 | ー | ー |
| Other | 1 | 0 | 0 |
| Total extraordinary income | 127 | 49 | 452 |
| Extraordinary losses | |||
| Loss on sales and retirement of non-current assets | 95 | 215 | 1,967 |
| Impairment loss | 217 | ー | ー |
| Loss on valuation of investment securities | 187 | ー | ー |
| Loss on revision of retirement benefit plan | ー | 43 | 399 |
| Other | 13 | ー | ー |
| Total extraordinary losses | 514 | 258 | 2,366 |
| Income before income taxes and minority interests | 10,686 | 15,869 | 145,134 |
| Income taxes - current | 4,856 | 5,849 | 53,499 |
| Income taxes - deferred | (315) | 284 | 2,606 |
| Total income taxes | 4,540 | 6,134 | 56,106 |
| Income before minority interests | 6,146 | 9,734 | 89,028 |
| Minority interests in income | 336 | 435 | 3,982 |
Net income |
¥ 5,809 | ¥ 9,299 | $ 85,046 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.
Consolidated Statements of Comprehensive Income
| Prior Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013) |
Current Consolidated Fiscal Year (From November 1, 2013 to October 31, 2014) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Income before minority interests |
¥ 6,146 | ¥ 9,734 | $ 89,025 |
| Other comprehensive income | |||
| Valuation difference on available-for-sale securities | 1,236 | 409 | 3,740 |
| Foreign currency translation adjustment | 74 | 19 | 173 |
| Total other comprehensive income | 1,310 | 429 | 3,923 |
Comprehensive income |
7,454 | 10,164 | 92,957 |
| Comprehensive income attributable to | |||
| Comprehensive income attributable to owners of the parent | 7,098 | 9,725 | 88,942 |
| Comprehensive income attributable to minority interests | ¥ 358 | ¥ 439 | $ 4,014 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.
Consolidated Statements of Changes in Net Assets (November 1, 2012 - October 31, 2014)
| Shareholders' equity | Accumulated other comprehensive income | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of shares of common stock | Common stock | Capital surplus | Retained earnings | Treasury stock | Total
share- holders' equity |
Net unrealized holding gain (loss) on other securities | Foreign currency translation adjustments | Total accumu- lated other compre- hensive income |
Minority interests | Total net assets | |
| Thousands of shares | Millions of yen | ||||||||||
| Balance at November 1, 2012 | 32,872 | ¥ 9,696 | ¥ 10,960 | ¥ 19,199 | ¥ (27) | ¥ 39,829 | ¥ 331 | ¥ (54) | ¥ 0,276 | ¥ 1,293 | ¥ 41,399 |
| Issuance of new shares | 03,220 | 3,956 | 3,956 | 7,912 | ー | 7,912 | |||||
| Cash dividends | (656) | (656) | ー | (656) | |||||||
| Net income | 5,809 | 5,809 | ー | 5,809 | |||||||
| Change of scope of consolidation | 109 | 109 | ー | 109 | |||||||
| Acquisition of treasury stock | (20) | (20) | ー | (20) | |||||||
| Other | ー | 1,236 | 53 | 1,289 | 349 | 1,639 | |||||
| Balance at October 31, 2013 | 36,092 | ¥ 13,652 | ¥ 14,916 | ¥ 24,462 | ¥ (48) | ¥ 52,983 | ¥ 1,567 | ¥ (1) | ¥ 1,566 | ¥ 1,643 | ¥ 56,192 |
| Cash dividends | (901) | (901) | ー | (901) | |||||||
| Net income | 9,299 | 9,299 | ー | 9,299 | |||||||
| Acquisition of treasury stock | (8) | (8) | ー | (8) | |||||||
| Other | ー | 409 | 16 | 426 | 504 | 930 | |||||
| Balance at October 31, 2014 | 36,092 | ¥ 13,652 | ¥ 14,916 | ¥ 32,860 | ¥ (56) | ¥ 61,373 | ¥ 1,977 | ¥ 14 | ¥ 1,992 | ¥ 2,147 | ¥ 65,513 |
| Shareholders' equity | Accumulated other comprehensive income | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Common stock | Capital surplus | Retained earnings | Treasury stock | Total share- holders' equity |
Net unrealized holding gain (loss) on other securities | Foreign currency translation adjustments | Total accumu- lated other compre- hensive income |
Minority interests | Total net assets | |
| Millions of yen | ||||||||||
| Balance at October 31, 2013 | $ 124,866 | $ 136,427 | $ 223,724 | $ (443) | $ 484,575 | $ 14,338 | $ (15) | $ 14,322 | $ 15,029 | $ 513,927 |
| Cash dividends | (8,240) | (8,240) | ー | (8,240) | ||||||
| Net income | 85,046 | 85,046 | ー | 85,046 | ||||||
| Acquisition of treasury stock | (73) | (73) | ー | (73) | ||||||
| Other | ー | 3,748 | 149 | 3,898 | 4,614 | 8,512 | ||||
| Balance at October 31, 2014 | $ 124,866 | $ 136,427 | $ 300,530 | $ (517) | $ 561,307 | $ 18,086 | $ 134 | $ 18,220 | $ 19,643 | $ 599,172 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.
Consolidated Statements of Cash Flows
| Prior Consolidated Fiscal Year (From November 1, 2012 to October 31, 2013) |
Current Consolidated Fiscal Year (From November 1, 2013 to October 31, 2014) |
||
|---|---|---|---|
| Millions of yen | Millions of yen | Thousands of U.S. dollars (Note) |
|
Cash flows from operating activities: |
|||
| Income before income taxes and minority interests | ¥ 10,686 | ¥ 15,869 | $ 145,134 |
| Depreciation | 15,181 | 17,950 | 164,173 |
| Impairment loss | 217 | ー | ー |
| Amortization of goodwill | 29 | 26 | 244 |
| Loss (gain) on sales and retirement of non-current assets | 60 | 178 | 1,628 |
| The amount of assets buy on the installment plan purchase for small rentals | 4 | 0 | 4 |
| The amount of cost price transfer with the construction machine parts sale | 9 | 8 | 76 |
| The amount of cost price transfer with asset sell-off for rentals | 866 | 684 | 6,259 |
| Expenditure by the construction equipment and supplies | (64) | (124) | (1,136) |
| Expenditure by the assets acquisition for rentals | (3,047) | (2,633) | (24,086) |
| Loss (gain) on valuation of investment securities | 187 | ー | ー |
| Loss (gain) on sales of investment securities | (1) | ー | ー |
| Increase (decrease) in allowance for doubtful accounts | (12) | (183) | (1,682) |
| Increase (decrease) in allowance for investment loss | ー | 42 | 384 |
| Increase (decrease) in provision for bonuses | 54 | 26 | 240 |
| Increase (decrease) in provision for retirement benefits | 6 | ー | ー |
| Increase (decrease) in provision for loss on disaster | (10) | ー | ー |
| Increase (decrease) in allowance for losses on employee pension fund withdrawal | 200 | (200) | (1,829) |
| Increase (decrease) in net defined benefit liability | ー | 8 | 77 |
| Interest and dividend income | (67) | (99) | (908) |
| Assets buy on the installment plan purchase payment interest for rentals | 243 | 347 | 3,177 |
| Interest expenses | 824 | 609 | 5,576 |
| Foreign exchange losses (gains) | (160) | (138) | (1,263) |
| Reversal of provision incurred from business combination | (55) | ー | ー |
| Loss on revision of retirement benefit plan | ー | 43 | 399 |
| Decrease (increase) in notes and accounts receivable - trade | (4,107) | (5,833) | (53,353) |
| Decrease (increase) in inventories | (72) | (6) | (57) |
| Increase (decrease) in notes and accounts payable - trade | 3,331 | 2,029 | 18,561 |
| Increase (decrease) in accounts payable - other | 1,031 | 1,728 | 15,810 |
| Other, net | 114 | 941 | 8,608 |
| Subtotal | 25,452 | 31,275 | 286,040 |
| Interest and dividend income received | 67 | 99 | 908 |
| Interest expenses paid | (1,087) | (969) | (8,865) |
| Income taxes paid | (3,672) | (5,622) | (51,425) |
| Net cash provided by (used in) operating activities | ¥ 20,759 | ¥ 24,782 | $ 226,657 |
Cash flows from investing activities: |
|||
| Payments into time deposits | ー | ¥ (340) | $ (3,109) |
| Proceeds from withdrawal of time deposits | ー | 340 | 3,109 |
| Purchase of property, plant and equipment | (1,092) | (3,102) | (28,373) |
| Proceeds from sales of property, plant and equipment | 100 | 40 | 366 |
| Purchase of intangible assets | (123) | (84) | (775) |
| Purchase of investment securities | (343) | (311) | (2,846) |
| Proceeds from sales of investment securities | 1 | 0 | 5 |
| Purchase of shares of subsidiaries | ー | (27) | (250) |
| Purchase of shares of subsidiaries and associates | ー | (66) | (610) |
| Payments of loans receivable | (76) | (5) | (54) |
| Collection of loans receivable | 418 | 165 | 1,509 |
| Other, net | (1) | 17 | 163 |
| Net cash provided by (used in) investing activities | (1,117) | (3,374) | (30,866) |
Cash flows from financing activities: |
|||
| Net increase (decrease) in short-term loans payable | (322) | 3 | 32 |
| Proceeds from long-term loans payable | 13,200 | 8,700 | 79,568 |
| Repayments of long-term loans payable | (13,762) | (13,726) | (125,542) |
| Proceeds from issuance of common shares | 7,912 | ー | ー |
| Repayments of installment payables | (10,841) | (15,132) | (138,395) |
| Repayments of lease obligations | (2,040) | (1,347) | (12,328) |
| Purchase of treasury shares | (20) | (8) | (73) |
| Purchase of treasury shares of subsidiaries | ー | (0) | (0) |
| Cash dividends paid | (656) | (899) | (8,227) |
| Proceeds from share issuance to minority shareholders | ー | 8 | 75 |
| Cash dividends paid to minority shareholders | (1) | (3) | (27) |
Net cash provided by (used in) financing activities |
(6,532) | (22,405) | (204,919) |
Effect of exchange rate change on cash and cash equivalents |
134 | 21 | 193 |
Net increase (decrease) in cash and cash equivalents |
13,244 | (976) | (8,934) |
Cash and cash equivalents at beginning of period |
19,717 | 32,957 | 301,421 |
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation |
(4) | ー | ー |
Cash and cash equivalents at end of period |
¥32,957 | ¥ 31,980 | $ 292,486 |
Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥109.34=US$1, the approximate exchange rate on October 31, 2014.