Consolidated Financial Statements

Interim Consolidated Balance Sheets

Assets

Prior consolidated fiscal year interim period (As of April 30, 2013) Prior consolidated fiscal year (As of October 31, 2013) Current consolidated fiscal year interim period (As of April 30, 2014)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Current assets :

Cash and deposits ¥25,715 ¥32,627 ¥33,682 $328,260
Notes and accounts receivable - trade 23,684 27,731 27,154 264,642
Securities 350 350 350 3,410
Merchandise and finished goods 577 642 790 7,705
Costs on uncompleted construction contracts 31 20 29 289
Raw materials and supplies 212 201 205 2,006
Construction machine parts 2,935 3,954 5,389 52,528
Income taxes receivable − 29 0 0
Consumption taxes receivable 3 8 37 365
Deferred tax assets 870 983 1,067 10,407
Other 723 754 902 8,799
Allowance for doubtful accounts (297) (335) (320) (3,124)
Total current assets 54,808 66,968 69,291 675,290
　

Noncurrent assets :

Property, plant and equipment
Rental equipment 122,423 131,975 143,507 1,398,572
Accumulated depreciation (70,346) (75,075) (79,677) (776,510)
Rental equipment, net 52,076 56,899 63,829 622,061
Buildings and structures 22,269 22,843 23,200 226,101
Accumulated depreciation (14,826) (15,140) (15,458) (150,649)
Buildings and structures, net 7,442 7,702 7,742 75,451
Machinery, equipment and vehicles 5,402 5,480 5,496 53,570
Accumulated depreciation (4,807) (4,861) (4,870) (47,462)
Machinery, equipment and vehicles, net 595 619 626 6,107
Land 29,522 29,798 31,059 302,696
Other 1,623 1,315 1,449 14,125
Accumulated depreciation (1,321) (1,012) (1,009) (9,840)
Other, net 302 303 439 4,284
Total property, plant and equipment 89,939 95,322 103,697 1,010,602
Intangible assets
Goodwill 231 19 60 590
Other 185 250 198 1,937
Total intangible assets 416 270 259 2,527
Investments and other assets
Investment securities 5,071 5,256 5,608 54,657
Deferred tax assets 228 147 199 1,943
Other 1,820 1,894 1,849 18,028
Allowance for doubtful accounts (548) (541) (543) (5,299)
Allowance for investment loss (67) (67) (110) (1,072)
Total investments and other assets 6,504 6,689 7,003 68,257
Total noncurrent assets 96,860 102,282 110,961 1,081,388
Total Assets ¥151,668 ¥169,250 ¥180,252 $1,756,679

Liabilities and Net Assets

Prior consolidated fiscal year interim period (As of April 30, 2013) Prior consolidated fiscal year (As of October 31, 2013) Current consolidated fiscal year interim period (As of April 30, 2014)
Millions of yen Millions of yen Millions of yen tdousands of U.S. dollars (Note)

Current liabilities :

Notes and accounts payable-trade ¥18,894 ¥21,293 ¥22,296 $217,290
Short-term loans payable 669 591 748 7,290
Current portion of long-term loans payable 12,816 12,179 12,078 117,707
Lease obligations 1,108 1,085 1,071 10,441
Income taxes payable 2,925 3,533 4,060 39,575
Provision for bonuses 913 823 948 9,247
Provision for loss on disaster 3 − − −
Allowance for losses on employee pension fund witddrawal − 200 − −
Accounts payable-otder 10,353 12,728 15,155 147,701
Otder 1,488 1,983 1,774 17,294
Total current liabilities 49,174 54,419 58,133 566,548
　

Noncurrent liabilities :

Long-term loans payable 28,162 26,288 21,089 205,531
Lease obligations 3,121 2,662 2,570 25,048
Provision for retirement benefits 4 7 12 119
Long-term accounts payable-otder 24,260 29,329 35,887 349,748
Asset retirement obligations 195 210 237 2,317
Otder 374 138 202 1,974
Total noncurrent liabilities 56,118 58,638 60,000 584,739
Total Liabilities 105,292 113,058 118,133 1,151,288
　

Net Assets :

Shareholders’ equity
Capital stock 9,696 13,652 13,652 133,056
Capital surplus 10,960 14,916 14,916 145,375
Retained earnings 22,697 24,462 29,753 289,965
Treasury stock (36) (48) (55) (540)
Total shareholders’ equity 43,318 52,983 58,267 567,856
Accumulated otder comprehensive income
Valuation difference on available-for-sale securities 1,341 1,567 1,729 16,850
Foreign currency translation adjustment 60 (1) (4) (47)
Total accumulated otder comprehensive income 1,402 1,566 1,724 16,803
Minority interests 1,655 1,643 2,127 20,731
Total Net Assets 46,376 56,192 62,119 605,391
Total Liabilities and Net Assets ¥151,668 ¥169,250 ¥180,252 $1,756,679
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Income

Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013) Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013) Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Net sales

¥54,733 ¥110,831 ¥64,212 $625,789
Cost of sales 37,016 76,522 42,706 416,198

Gross profit

17,717 34,309 21,506 209,591
Selling, general and administrative expenses 10,966 22,916 11,434 111,431

Operating income

6,751 11,392 10,072 98,159
Non-operating income
Interest income 5 9 4 42
Dividends income 16 58 23 225
Insurance income 50 84 24 236
Rent income 28 58 30 301
A receipt bonus 34 35 41 402
Amortization of negative goodwill 27 51 − －
Foreign exchange gains 169 223 67 658
Reversal of allowance for doubtful accounts − 19 − －
Reversal of provision for loss on disaster − 6 − －
Other 153 221 135 1,321
Total non-operating income 486 768 327 3,190
Non-operating expenses
Interest expenses 427 824 329 3,215
Loss on sales of notes payable 22 41 22 215
Other 73 223 187 1,825
Total non-operating expenses 523 1,088 539 5,256

Ordinary income

6,714 11,073 9,860 96,092
Extraordinary income
Gain on sales of noncurrent assets 33 34 31 305
Gain on sales of investment securities − 1 − －
Subsidy income 22 36 0 2
Reversal of provision incurred from business combination − 55 − －
Other 0 0 0 0
Total extraordinary income 55 127 31 309

Extraordinary loss

Loss on sales and retirement of noncurrent assets 24 95 18 175
Impairment loss − 217 − －
Loss on valuation of investment securities − 187 − －
Loss on revision of retirement benefit plan − − 43 425
Other 0 13 − －
Total extraordinary losses 24 514 61 601
Income before income taxes and minority interests 6,745 10,686 9,830 95,800
Income taxes-current 2,863 4,856 3,920 38,209
Income taxes-deferred (179) (315) (160) (1,567)
Total income taxes 2,683 4,540 3,759 36,641
Income before minority interests 4,062 6,146 6,070 59,158
Minority interests in income 345 336 418 4,079

Net income

¥3,716 ¥5,809 ¥5,651 $55,079

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Comprehensive Income

Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013) Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013) Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Income before minority interests

¥4,062 ¥6,146 ¥6,070 $59,158
Other comprehensive income
Valuation difference on available-for-sale securities 1,010 1,236 161 1,571
Foreign currency translation adjustment 139 74 (3) (31)
Total other comprehensive income 1,150 1,310 158 1,539

Comprehensive income

5,212 7,457 6,228 60,699
(Breakdown)
Comprehensive income attributable to owners of the parent 4,841 7,098 5,809 56,620
Comprehensive income attributable to minority interests ¥370 ¥358 ¥418 $4,078
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.

Interim Consolidated Statements of Cash Flows

Prior consolidated fiscal year interim period (From November 1, 2012 to April 30, 2013) Prior consolidated fiscal year (From November 1, 2012 to October 31, 2013) Current consolidated fiscal year interim period (From November 1, 2013 to April 30, 2014)
Millions of yen Millions of yen Millions of yen Thousands of U.S.
dollars (Note)

Net cash provided by (used in) operating activities :

Income before income taxes and minority interests ¥6,745 ¥10,686 ¥9,830 $95,800
Depreciation and amortization 7,254 15,181 8,633 84,142
Impairment loss − 217 − －
Amortization of goodwill 12 29 18 183
Loss (gain) on sales and retirement of noncurrent assets (8) 60 (13) (130)
The amount of assets buy on the installment plan purchase for small rentals 5 4 0 4
The amount of cost price transfer with the construction machine parts sale 5 9 4 39
The amount of cost price transfer with asset sell-off for rentals 618 866 475 4,634
Expenditure by the construction equipment and supplies (486) (64) (315) (3,075)
Expenditure by the assets acquisition for rentals (1,563) (3,047) (980) (9,557)
Loss (gain) on valuation of investment securities − 187 − －
Loss (gain) on sales of investment securities − (1) − －
Increase (decrease) in allowance for doubtful accounts (32) (12) (3) (29)
Increase (decrease) in allowance for investment loss − − 42 409
Increase (decrease) in provision for bonuses 144 54 125 1,221
Increase (decrease) in provision for retirement benefits 3 6 4 42
Increase (decrease) in provision for loss on disaster − (10) − －
Increase (decrease) in allowance for losses on employee pension fund withdrawal − 200 (200) (1,949)
Interest and dividends income (21) (67) (27) (268)
Assets buy on the installment plan purchase payment interest for rentals 136 243 170 1,665
Interest expenses 427 824 329 3,215
Foreign exchange losses (gains) (100) (160) (73) (717)
Reversal of provision incurred from business combination − (55) − －
Loss on revision of retirement benefit plan − − 43 425
Decrease (increase) in notes and accounts receivable-trade (84) (4,107) 602 5,875
Decrease (increase) in inventories (30) (72) (160) (1,562)
Increase (decrease) in notes and accounts payable-trade 832 3,331 948 9,243
Increase (decrease) in accounts payable-other 163 1,031 1,386 13,511
Other, net (1) 114 (330) (3,220)
Subtotal 14,018 25,452 20,512 199,902
Interest and dividends income received 21 67 27 267
Interest expenses paid (581) (1,087) (508) (4,958)
Income taxes paid (2,259) (3,672) (3,362) (32,770)
Net cash provided by (used in) operating activities ¥11,198 ¥20,759 ¥16,668 $162,441

Net cash provided by (used in) investing activities :

Payments into time deposits ¥ − ¥ − ¥(340) $(3,313)
Purchase of property, plant and equipment (239) (1,092) (2,075) (20,231)
Proceeds from sales of property, plant and equipment 97 100 32 313
Purchase of intangible assets (17) (123) (20) (199)
Purchase of investment securities (314) (343) (103) (1,008)
Proceeds from sales of investment securities − 1 0 5
Payments of loans receivable − (76) (5) (58)
Collection of loans receivable 307 418 78 761
Other, net 8 (1) (21) (206)
Net cash provided by (used in) investing activities (159) (1,117) (2,456) (23,937)

Net cash provided by (used in) financing activities :

Net increase (decrease) in short-term loans payable (219) (322) 151 1,474
Proceeds from long-term loans payable 8,800 13,200 2,400 23,389
Repayment of long-term loans payable (6,764) (13,762) (7,752) (75,550)
Proceeds from issuance of common stock − 7,912 − −
Repayments of installment payables (5,231) (10,841) (7,301) (71,154)
Repayments of lease obligations (1,043) (2,040) (654) (6,379)
Purchase of treasury stock (9) (20) (7) (68)
Purchase of treasury stock of subsidiaries in consolidation − − (0) (0)
Cash dividends paid (328) (656) (350) (3,415)
Proceeds from stock issuance to minority shareholders − − 8 80
Cash dividends paid to minority shareholders (1) (1) (3) (29)
Net cash provided by (used in) financing activities (4,796) (6,532) (13,509) (131,655)

Effect of exchange rate change on cash and cash equivalents

88 134 12 122

Net increase (decrease) in cash and cash equivalents

6,332 13,244 715 6,971

Cash and cash equivalents at beginning of period

19,717 19,717 32,957 321,191

Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation

(4) (4) − −

Cash and cash equivalents at end of period

¥26,045 ¥32,957 ¥33,672 $328,163
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥102.61=US$1, the approximate exchange rate on April 30, 2014.
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