Consolidated Financial Statements

Interim Consolidated Balance Sheets

Assets

Prior consolidated fiscal year interim period (As of April 30, 2104) Prior consolidated fiscal year (As of October 31, 2014) Current consolidated fiscal year interim period (As of April 30, 2015)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Current assets :

Cash and deposits ¥ 33,682 ¥ 31,650 ¥ 35,362 $ 297,165
Notes and accounts receivable-trade 27,154 33,651 33,851 284,467
Securities 350 350 350 2,941
Merchandise and finished goods 790 595 836 7,030
Costs on uncompleted construction contracts 29 50 36 305
Raw materials and supplies 205 227 260 2,192
Construction machine parts 5,389 6,566 7,482 62,879
Income taxes receivable 0 – – –
Consumption taxes receivable 37 43 84 711
Deferred tax assets 1,067 656 699 5,879
Other 902 515 486 4,087
Allowance for doubtful accounts (320) (227) (229) (1,932)
Total current assets 69,291 74,080 79,221 665,727

Non-current assets :

Property, plant and equipment
Rental equipment 143,507 150,727 161,333 1,355,744
Accumulated depreciation (79,677) (85,083) (89,354) (750,875)
Rental equipment, net 63,829 65,644 71,979 604,869
Buildings and structures 23,200 23,691 23,839 200,333
Accumulated depreciation (15,458) (15,663) (15,904) (133,649)
Buildings and structures, net 7,742 8,027 7,935 66,684
Machinery, equipment and vehicles 5,496 5,541 5,547 46,621
Accumulated depreciation (4,870) (4,882) (4,857) (40,822)
Machinery, equipment and vehicles, net 626 659 690 5,799
Land 31,059 31,459 31,805 267,272
Other 1,449 1,563 2,366 19,886
Accumulated depreciation (1,009) (1,013) (1,066) (8,964)
Other, net 439 549 1,299 10,922
Total property, plant and equipment 103,697 106,341 113,710 955,546
Intangible assets
Goodwill 60 57 54 458
Other 198 208 200 1,689
Total intangible assets 259 266 255 2,147
Investments and other assets
Investment securities 5,608 6,286 6,974 58,607
Deferred tax assets 199 265 285 2,395
Other 1,849 1,854 1,894 15,921
Allowance for doubtful accounts (543) (491) (530) (4,457)
Allowance for investment loss (110) (110) (110) (925)
Total investments and other assets 7,003 7,804 8,513 71,542
Total non-current assets 110,961 114,411 122,479 1,029,236
Total Assets ¥ 180,252 ¥ 188,491 ¥ 201,700 $ 1,694,963

Liabilities and Net Assets

Prior consolidated fiscal year interim period (As of April 30, 2104) Prior consolidated fiscal year (As of October 31, 2014) Current consolidated fiscal year interim period (As of April 30, 2015)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Current liabilities :

Notes and accounts payable-trade ¥ 22,296 ¥ 23,134 ¥ 23,598 $ 198,307
Short-term loans payable 748 612 627 5,274
Current portion of long-term loans payable 12,078 11,883 12,668 106,456
Lease obligations 1,071 995 1,622 13,633
Income taxes payable 4,060 3,729 4,065 34,167
Provision for bonuses 948 850 1,005 8,453
Accounts payable-other 15,155 16,460 18,096 152,070
Other 1,774 2,988 2,122 17,833
Total current liabilities 58,133 60,655 63,807 536,194
　

Non-current liabilities :

Long-term loans payable 21,089 21,698 20,001 168,076
Lease obligations 2,570 2,082 2,048 17,214
Provision for retirement benefits 12 – – –
Long-term accounts payable-other 35,887 37,853 42,973 361,124
Net defined benefit liability – 16 21 177
Asset retirement obligations 237 231 244 2,052
Other 202 440 542 4,561
Total non-current liabilities 60,000 62,322 65,831 553,205
Total Liabilities 118,133 122,978 129,638 1,089,399
　

Net Assets :

Shareholders’ equity
Capital stock 13,652 13,652 13,652 114,730
Capital surplus 14,916 14,916 14,916 125,352
Retained earnings 29,753 32,860 38,667 324,936
Treasury shares (55) (56) (56) (475)
Total shareholders’ equity 58,267 61,373 67,180 564,544
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 1,729 1,977 2,445 20,548
Foreign currency translation adjustment (4) 14 35 301
Total accumulated other comprehensive income 1,724 1,992 2,481 20,849
Minority interests 2,127 2,147 2,400 20,170
Total Net Assets 62,119 65,513 72,062 605,564
Total Liabilities and Net Assets ¥ 180,252 ¥ 188,491 ¥ 201,700 $ 1,694,963
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Income

Prior consolidated fiscal year interim period
(From November 1, 2013 to April 30, 2014)		 Prior consolidated fiscal year
(From November 1, 2013 to October 31, 2014)		 Current consolidated fiscal year interim period
(From November 1, 2014 to April 30, 2015)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Net sales

¥ 64,212 ¥ 125,555 ¥ 68,307 $ 574,014
Cost of sales 42,706 85,334 45,746 384,425

Gross profit

21,506 40,220 22,561 189,589
Selling, general and administrative expenses 11,434 23,766 11,908 100,068

Operating income

10,072 16,454 10,652 89,520
Non-operating income
Interest income 4 9 4 34
Dividend income 23 90 27 234
Insurance income 24 33 16 141
Rent income 30 57 35 296
A receipt bonus 41 42 23 194
Foreign exchange gains 67 183 143 1,207
Reversal of allowance for doubtful accounts – 79 – –
Other 135 218 106 898
Total non-operating income 327 714 357 3,005
Non-operating expenses
Interest expenses 329 609 260 2,185
Loss on sales of notes payable 22 34 10 90
Other 187 445 83 704
Total non-operating expenses 539 1,090 354 2,979

Ordinary income

9,860 16,078 10,655 89,545
Extraordinary income
Gain on sales of non-current assets 31 37 7 62
Subsidy income 0 12 3 25
Compensation income for damage – – 118 992
Other 0 0 – –
Total extraordinary income 31 49 128 1,080

Extraordinary losses

Loss on sales and retirement of non-current assets 18 215 49 412
Loss on revision of retirement benefit plan 43 43 – –
Total extraordinary losses 61 258 49 412
Income before income taxes and minority interests 9,830 15,869 10,735 90,212
Income taxes-current 3,920 5,849 3,979 33,444
Income taxes-deferred (160) 284 (34) (292)
Total income taxes 3,759 6,134 3,945 33,151
Income before minority interests 6,070 9,734 6,790 57,061
Minority interests in income 418 435 262 2,202

Net income

¥ 5,651 ¥ 9,299 ¥ 6,528 $ 54,858

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Cash Flows

Prior consolidated fiscal year interim period
(From November 1, 2013 to April 30, 2014)		 Prior consolidated fiscal year
(From November 1, 2013 to October 31, 2014)		 Current consolidated fiscal year interim period
(From November 1, 2014 to April 30, 2015)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Net cash provided by (used in) operating activities

¥ 16,668 ¥ 24,782 ¥ 17,596 $ 147,872

Net cash provided by (used in) investing activities

(2,456) (3,374) (1,842) (15,484)

Net cash provided by (used in) financing activities

(13,509) (22,405) (12,051) (101,272)

Effect of exchange rate change on cash and cash equivalents

12 21 9 77

Net increase (decrease) in cash and cash equivalents

715 (976) 3,712 31,194

Cash and cash equivalents at beginning of period

32,957 32,957 31,980 268,743

Cash and cash equivalents at end of period

¥ 33,672 ¥ 31,980 ¥ 35,692 $ 299,938
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.

Interim Consolidated Statements of Comprehensive Income

Prior consolidated fiscal year interim period
(From November 1, 2013 to April 30, 2014)		 Prior consolidated fiscal year
(From November 1, 2013 to October 31, 2014)		 Current consolidated fiscal year interim period
(From November 1, 2014 to April 30, 2015)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Income before minority interests

¥ 6,070 ¥ 9,734 ¥ 6,790 $ 57,061
Other comprehensive income
Valuation difference on available-for-sale securities 161 409 467 3,930
Foreign currency translation adjustment (3) 19 25 214
Total other comprehensive income 158 429 493 4,144

Quarter comprehensive income

6,228 10,164 7,283 61,205
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 5,809 9,725 7,017 58,967
Comprehensive income attributable to minority interests ¥ 418 ¥ 439 ¥ 266 $ 2,238
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥119.00=US$1, the approximate exchange rate on April 30, 2015.
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