Non-Consolidated Financial Statements

Non-Consolidated Balance Sheets

ASSETS	October 31, 2013	October 31, 2014
	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current assets :
Cash and deposits	¥ 27,828	¥ 25,752	$ 235,522
Notes receivable, trade	3,238	6,401	58,547
Accounts receivable, trade	15,669	18,329	167,635
Securities	350	350	3,201
Merchandise and finished goods	343	327	2,993
Costs on uncompleted construction contracts	20	50	465
Construction machine parts	3,954	6,566	60,051
Raw materials and supplies	113	130	1,196
Prepaid expenses	241	258	2,362
Deferred tax assets	721	469	4,291
Short-term loans receivable	316	240	2,199
Other	212	240	2,203
Allowance for doubtful accounts	(191)	(124)	(1,136)
Total current assets	52,819	58,992	539,534
Non-current assets :
Property, plant and equipment
Rental equipment	41,695	49,391	451,722
Buildings	5,567	5,594	51,162
Structures	1,019	1,134	10,373
Machinery and equipment	536	576	5,268
Vehicles	9	8	74
Tools, furniture and fixtures	160	227	2,077
Land	28,958	30,534	279,262
Construction in progress	31	254	2,325
Total property, plant and equipment	77,977	87,719	802,268
Intangible assets
Goodwill	19	0	2
Other	188	129	1,183
Total intangible assets	208	129	1,186
Investments and other assets
Investment securities	4,868	5,766	52,737
Shares of subsidiaries and associates	3,921	4,864	44,494
Investments in capital	12	12	111
Long-term loans receivable from subsidiaries and associates	2,468	2,401	21,959
Claims provable in bankruptcy, claims provable in rehabilitation and other	92	45	416
Long-term prepaid expenses	21	25	229
Insurance funds	27	25	237
Other	878	926	8,468
Allowance for doubtful accounts	(1,621)	(1,094)	(10,012)
Allowance for investment loss	(461)	(1,031)	(9,431)
Total investments and other assets	10,207	11,941	109,218
Total noncurrent assets	88,393	99,791	912,672
Total Assets	¥ 141,213	¥ 158,784	$ 1,452,207

LIABILITIES AND NET ASSETS	October 31, 2013	October 31, 2014
	Millions of yen	Millions of yen	Thousands of U.S. dollars (Note)
Current liabilities :
Notes payable-trade	¥ 12,892	¥ 14,114	$ 129,091
Accounts payable-trade	3,813	4,443	40,635
Current portion of long-term loans payable	10,190	10,103	92,405
Accounts payable-other	10,242	13,265	121,320
Accrued expenses	453	474	4,342
Income taxes payable	2,599	3,244	29,669
Provision for bonuses	529	544	4,979
Notes payable-facilities	542	748	6,842
Other	395	968	8,855
Total current liabilities	41,660	47,906	438,143
Non-current liabilities :
Long-term loans payable	21,703	17,684	161,737
Long-term accounts payable-other	24,280	31,672	289,666
Deferred tax liabilities	120	407	3,729
Asset retirement obligations	141	145	1,327
Total non-current liabilities	46,246	49,909	456,461
Total Liabilities	87,906	97,816	894,604
Net Assets :
Shareholders’ equity
Capital stock	13,652	13,652	124,866
Capital surplus
Legal capital surplus	14,773	14,773	135,116
Other capital surplus	143	143	1,311
Total capital surpluses	14,916	14,916	136,427
Retained earnings
Legal retained earnings	1,375	1,375	12,578
Other retained earnings	21,871	29,151	266,610
Reserve for advanced depreciation of non-current assets	19	19	179
General reserve	15,731	19,731	180,461
Retained earnings brought forward	6,119	9,399	85,969
Total retained earnings	23,246	30,526	279,188
Treasury stock	(48)	(56)	(517)
Total shareholders’ equity	51,767	59,039	539,965
Valuation and translation adjustments
Valuation difference on available-for-sale securities	1,539	1,928	17,637
Total valuation and translation adjustments	1,539	1,928	17,637
Total Net Assets	53,307	60,968	557,602
Total Liabilities and Net Assets	¥ 141,213	¥ 158,784	$ 1,452,207

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.

Non-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)
Total net sales	¥ 81,360	¥ 94,301	$ 862,458
Total cost of sales	56,508	64,117	586,408
Gross profit	24,852	30,183	276,049
Selling, general and administrative expenses	15,925	16,749	153,191
Operating income	8,926	13,433	122,858
Non-operating income
Interest income	94	140	1,284
Rent income	240	288	2,640
Reversal of allowance for doubtful accounts	ー	528	4,833
Other	379	446	4,081
Total non-operating income	714	1,403	12,840
Non-operating expenses
Interest expenses	355	264	2,415
Loss on sales of notes payable	38	32	293
Provision of allowance for doubtful accounts	176	5	45
Provision of allowance for investment loss	11	634	5,805
Other	197	349	3,191
Total non-operating expenses	779	1,286	11,764
Ordinary income	8,861	13,550	123,934
Extraordinary income
Gain on sales of non-current assets	0	4	42
Gain on sales of investment securities	1	ー	ー
Subsidy income	7	0	2
Other	0	0	0
Total extraordinary income	8	4	45
Extraordinary loss
Loss on sales and retirement of non-current assets	79	187	1,713
Loss on valuation of investment securities	187	ー	ー
Loss on valuation of shares of subsidiaries and associates	200	ー	ー
Total extraordinary losses	467	187	1,713
Income before income taxes	8,402	13,368	122,265
Income taxes-current	3,743	4,859	44,444
Income taxes-deferred	(256)	327	2,998
Total income taxes	3,486	5,187	47,443
Net income	¥ 4,916	¥ 8,181	$ 74,822

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.

Non-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	Net unrealized holding gain (loss) on other securities	Total net assets
	Thousands of shares	Millions of yen
Balance at November 1, 2012	32,872	¥ 9,696	¥ 10,960	¥ 18,986	¥ (27)	¥ 336	¥ 39,952
Issuance of new shares	3,220	3,956	3,956	ー			7,912
Cash dividends			ー	(656)			(656)
Net income			ー	4,916			4,916
Acquisition of treasury stock			ー	ー	(20)		(20)
Other			ー	ー		1,203	1,203
Balance at October 31, 2013	36,092	¥ 13,652	¥ 14,916	¥ 23,246	¥ (48)	¥ 1,539	¥ 53,307
Cash dividends			ー	(901)			(901)
Net income			ー	8,181			8,181
Provision of general reserve			ー	ー			ー
Acquisition of treasury stock			ー	ー	(8)		(8)
Other			ー	ー		389	389
Balance at October 31, 2014	36,092	¥ 13,652	¥ 14,916	¥ 30,526	¥ (56)	¥ 1,928	¥ 60,968

	Shareholders' equity				Accumulated other comprehensive income
	Common stock	Capital surplus	Retained earnings	Treasury stock	Net unrealized holding gain on other securities	Total net assets
	Thousands of U.S. dollars (Note)
Balance at October 31, 2013	$ 124,866	$ 136,427	$ 212,606	$ (443)	$ 14,078	$ 487,535
Cash dividends		ー	(8,240)			(8,240)
Net income		ー	74,821			74,821
Provision of general reserve		ー	ー			ー
Acquisition of treasury stock		ー	ー	(73)		(73)
Other		ー	ー		3,558	3,558
Balance at October 31, 2014	$ 124,866	$ 136,427	$ 279,184	$ (517)	$ 17,637	$ 557,600

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.