Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

Prior consolidated fiscal year interim period
(As of April 30, 2017) 		Prior consolidated fiscal year
(As of October 31, 2017) 		Current consolidated fiscal year interim period
(As of April 30, 2018)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Assets

Current assets

Cash and deposits 40,354 35,220 40,123 366,929
Notes and accounts receivable - trade 35,860 37,057 37,986 347,380
Electronically recorded monetary claims - operating 4,409 4,069 4,900 44,813
Securities 200 200 200 1,828
Merchandise and finished goods 783 583 1,125 10,292
Costs on uncompleted construction contracts 55 27 34 316
Raw materials and supplies 382 288 629 5,759
Construction machine parts 10,966 12,193 12,790 116,970
Deferred tax assets 754 706 756 6,916
Other 1,016 1,210 1,309 11,972
Allowance for doubtful accounts (718) (784) (795) (7,274)
Total current assets 94,064 90,772 99,060 905,906

Non-current assets

Property, plant and equipment

Rental equipment 75,817 73,668 76,908 703,324
Buildings and structures 12,364 13,108 13,074 119,568
Machinery, equipment and vehicles 1,035 1,136 1,152 10,539
Tools, furniture and fixtures 445 436 533 4,877
Land 35,623 35,623 36,657 335,231
Construction in progress 717 312 1,191 10,897
Total property, plant and equipment 126,004 124,286 129,518 1,184,437

Intangible assets

Goodwill 557 486 415 3,795
Software in progress 648 681 792 7,248
Other 263 428 471 4,307
Total intangible assets 1,469 1,596 1,678 15,351

Investments and other assets

Investment securities 6,854 8,417 10,073 92,124
Deferred tax assets 428 436 446 4,083
Other 1,863 2,308 2,510 22,955
Allowance for doubtful accounts (258) (272) (320) (2,926)
Allowance for investment loss (260) (0) − −
Total investments and other assets 8,627 10,889 12,710 116,236
Total non-current assets 136,102 136,772 143,907 1,316,025

Total assets

230,167 227,545 242,968 2,221,931

Liabilities and Net Assets

Prior consolidated fiscal year interim period
(As of April 30, 2017) 		Prior consolidated fiscal year
(As of October 31, 2017) 		Current consolidated fiscal year interim period
(As of April 30, 2018)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Liabilities

Current liabilities

Current portion of bonds 10 − − −
Notes and accounts payable - trade 30,045 28,773 33,647 307,706
Short-term loans payable 13,790 13,023 13,176 120,497
Lease obligations 1,086 1,048 1,018 9,317
Accounts payable - other 21,732 21,269 22,364 204,522
Income taxes payable 3,787 3,247 3,989 36,483
Provision for bonuses 1,186 1,099 1,229 11,242
Other 3,108 3,060 3,245 29,684
Total current liabilities 74,747 71,521 78,672 719,455

Non-current liabilities

Long-term loans payable 25,643 23,846 24,309 222,308
Lease obligations 2,268 2,017 1,925 17,604
Long-term accounts payable - other 39,017 37,127 39,308 359,478
Provision for directors' retirement benefits 100 106 − −
Net defined benefit liability 244 259 251 2,301
Asset retirement obligations 425 431 437 4,002
Other 316 444 361 3,305
Total non-current liabilities 68,015 64,234 66,594 609,000

Total liabilities

142,762 135,756 145,266 1,328,455
　

Net assets

Shareholders' equity

Capital stock 13,652 13,652 13,652 124,855
Capital surplus 14,916 14,916 14,916 136,413
Retained earnings 53,425 57,172 62,670 573,118
Treasury shares (2,129) (2,129) (2,129) (19,474)
Total shareholders' equity 79,865 83,612 89,110 814,912

Accumulated other comprehensive income

Valuation difference on available-for-sale securities 2,138 2,538 2,415 22,093
Deferred gains or losses on hedges 0 0 − −
Foreign currency translation adjustment 123 85 90 823
Remeasurements of defined benefit plans 8 5 4 43
Total accumulated other comprehensive income 2,269 2,629 2,510 22,959

Non-controlling interests

5,269 5,547 6,080 55,602

Total net assets

87,404 91,788 97,701 893,475

Total liabilities and net assets

230,167 227,545 242,968 2,221,931

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥109.35=US$1, the approximate exchange rate on April 27, 2018.

Quarterly Consolidated Statements of Income (Consolidated Interim Period Ended April 30)

Prior consolidated fiscal year interim period
(From November 1, 2016 to April 30, 2017)		 Prior consolidated fiscal year
(From November 1, 2016 to October 31, 2017)		 Current consolidated fiscal year interim period
(From November 1, 2017 to April 30, 2018)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Net sales

¥ 79,210 ¥ 158,428 ¥ 85,349 $ 780,520

Cost of sales

53,718 109,863 58,052 530,882

Gross profit

25,492 48,565 27,297 249,637

Selling, general and administrative expenses

15,499 31,899 16,303 149,092

Operating profit

9,993 16,665 10,994 100,545
Non-operating income
Interest income 1 4 9 84
Dividend income 55 148 64 590
Rent income 38 73 43 393
Foreign exchange gains 122 253 − −
Other 263 455 259 2,377
Total non-operating income 481 936 376 3,445

Non-operating expenses

Interest expenses 133 199 57 527
Foreign exchange losses − − 34 311
Other 97 209 124 1,135
Total non-operating expenses 231 409 215 1,974

Ordinary profit

10,242 17,193 11,155 102,016

Extraordinary income

200 265 12 118

Extraordinary losses

91 518 234 2,146

Profit before income taxes

10,351 16,940 10,933 99,987
Income taxes - current 3,547 5,594 3,724 34,059
Income taxes - deferred (197) (204) (86) (794)

Total income taxes

3,349 5,389 3,637 33,264

Profit

7,001 11,551 7,296 66,722

Profit attributable to non-controlling interests

533 806 561 5,130

Profit attributable to owners of parent

¥ 6,468 ¥ 10,744 ¥ 6,735 $ 61,592

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥109.35=US$1, the approximate exchange rate on April 27, 2018.

Quarterly Consolidated Statements of Comprehensive Income (Consolidated Interim Period Ended April 30)

Prior consolidated fiscal year interim period
(From November 1, 2016 to April 30, 2017)		 Prior consolidated fiscal year
(From November 1, 2016 to October 31, 2017)		 Current consolidated fiscal year interim period
(From November 1, 2017 to April 30, 2018)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Profit

¥ 7,001 ¥ 11,551 ¥ 7,296 $ 66,722
Other comprehensive income
Valuation difference on available-for-sale securities 93 498 (127) (1,168)
Deferred gains or losses on hedges 0 0 (0) (0)
Foreign currency translation adjustment (41) (79) 4 38
Remeasurements of defined benefit plans, net of tax (0) (4) (0) (0)
Total other comprehensive income 51 415 (124) (1,135)

Comprehensive income

7,053 11,966 7,171 65,586
Comprehensive income attributable to
Comprehensive income attributable to owners of parent 6,512 11,147 6,616 60,508
Comprehensive income attributable to non-controlling interests ¥ 540 ¥ 818 ¥ 555 $ 5,078
Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥109.35=US$1, the approximate exchange rate on April 27, 2018.

Quarterly Consolidated Statements of Cash Flows

Prior consolidated fiscal year interim period
(From November 1, 2016 to April 30, 2017)		 Prior consolidated fiscal year
(From November 1, 2016 to October 31, 2017)		 Current consolidated fiscal year interim period
(From November 1, 2017 to April 30, 2018)
Millions of yen Millions of yen Millions of yen Thousands of U.S. dollars (Note)

Net cash provided by (used in) operating activities

¥ 24,114 ¥ 37,788 ¥ 22,716 $ 207,743

Net cash provided by (used in) investing activities

(1,409) (4,747) (4,562) (41,727)

Net cash provided by (used in) financing activities

(15,627) (30,960) (13,250) (121,171)

Effect of exchange rate change on cash and cash equivalents

7 10 (0) (3)

Net increase (decrease) in cash and cash equivalents

7,084 2,091 4,903 44,840

Cash and cash equivalents at beginning of period

33,069 33,069 35,160 321,540

Cash and cash equivalents at end of period

¥ 40,154 ¥ 35,160 ¥ 40,063 $ 366,380

Note: U.S. dollar amounts have been converted from yen for convenience only, at the rate ¥109.35=US$1, the approximate exchange rate on April 27, 2018.

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