Semiannual06̲07 06.8.14 1:36 PM ページ 1

Semiannual06̲07 06.8.14 1:36 PM ページ 2

カナモトの成長は、日本の建機レンタル業界の発展と軌を一にしてきました。品目、品質管理、供給チャネルのほか、時代に即して開発してきたカナモトの最先端のビジネスモデルは、お客様の経営合理化に寄与しています。全国のお客様からのご支持をベースに、カナモトはこれからもレンタルソリューションの可能性を拡張させてまいります。
本レポートに掲載されている貸借対照表・損益計算書は、現行の日本の会計制度に則り作成されたものです。

Mission Statement
Over forty years of continually challenging the potential of the construction equipment rental business.
Always striving to achieve the highest level of service.
Kanamoto's growth has been synonymous with the development of Japan's construction equipment rental business. Whether
the concern is products, quality assurance, supply channels, or a state-of-the-art business model developed to meet changing
times, helping customers rationalize their operations has always been our foremost goal.
With support from customer firms nationwide, Kanamoto will further expand the possibilities for construction equipment
rental solutions in the years ahead.
For purposes of this report, the Balance Sheets and Statements of Income were created using financial data prepared according to Japan’s
Securities Report guidelines.

当社ホームページ開設とともに、幼児向けキャラクターとして、1996年に誕生した「カナモト坊
や」。最近ではホームページを飛び出して、広告やノベルティグッズのデザインに登場したり、今夏からはレンタル機械に貼り付けられるステッカーにもなっています。
当社整備スタッフと同じオーバーオールに身を包んだ「カナモト坊や」は、当社が提供する商品・サービスの「高品質」を証明するシンボルマークでもあります。これからもロゴマークと同様、当社のブランディングキャラクターとして幅広い露出を計画しています。
Symbol character "Kanamoto Kid"
"Kanamoto Kid" made his debut as a character aimed at children in 1996, when Kanamoto created its website. Recently he's
been roaming beyond the confines of the Company's homepage, and has appeared in designs for Kanamoto's advertisements
and novelty goods. Beginning this summer, he'll be prominent in the stickers Kanamoto places on its rental equipment as well.
Dressed in the same overalls as Kanamoto's equipment maintenance and repair staff, Kanamoto Kid is a symbol of the highquality Kanamoto provides in all of its products and services. As with its logo mark, Kanamoto is planning broad exposure of
Kanamoto Kid in the future as a brand character.

C O N T E N T S
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Financial Highlights

TopicsReport of Operating Results and Financial
Position for the six month ended April 30, 2006
Consolidated Financial Statements
Non-Consolidated Financial Statements
At a Glance
Branch Network
Corporate Data

将来見通しの記述について
このレポートに記載されている株式会社カナモトの計画、戦略などのうち、過去の事実以外のものは将来の業績に関する見通しの記述であり、現在入手可能な情報に基づく仮定となっております。
これら将来の見通しの記述は、既知のリスク、未知のリスクの不確かさ、その他の要因などを含み、株式会社カナモトの実際の経営成績・業績とは大きく異なる可能性があります。

Forward-Looking Statements
Statements included as part of the Kanamoto Co., Ltd. plans and strategies described in this report, other than statements of actual past facts, aredescriptions of the Company’s outlook concerning future operating results and are assumptions based on information currently available.
These descriptions of the future outlook contain known risks and unidentified risks, as well as other uncertainty factors, and the actual
management performance and operating results of Kanamoto Co., Ltd. may vary substantially from the descriptions provided herein.

Semiannual06̲07 06.8.14 1:36 PM ページ 3

Financial Highlights

当社グループ連結決算

売上高
営業利益
当期純利益
株主資本
総資産

Rental revenues and sales of goods
Operating income
Net income
Total shareholders’ equity
Total assets

千ドル
Thousands of
U.S. dollars

百万円 / Millions of Yen

Financial Highlights (Consolidated)

April 30, 2005

October 31, 2005

¥ 33,126
1,291
463
33,09085,510¥ 63,975
1,404
352
33,465
81,977

April 30, 2006

April 30, 2006

¥ 34,520
2,873
1,048
35,26287,003$ 301,750
25,1159,165
308,240
760,522円 / Yen

1株当たり当期純利益
1株当たり配当

Net income per share of common stock
Cash dividends per share of common stock

ドル / U.S. dollars

April 30, 2005

October 31, 2005

April 30, 2006

April 30, 2006

¥ 15.53
9.00¥ 11.57
18.00¥ 35.129.00$ 0.31-＊表示されている米ドル金額は、2006年4月30日現在のおおよその実勢為替レート1ドル＝114.40円により換算しています。

Note: U.S. dollar amounts have been translated from yen, for convenience only, at the rate of ¥114.40 =US $1, the approximate exchange rate on
April 30, 2006.

Kanamoto Semiannual Report 2006

3

Semiannual06̲07 06.8.14 1:36 PM ページ 42005（平成17）年11月1日から2006（平成18）年4月30日まで

当期の日本経済は、主要金融機関を筆頭に、外需が好調の鉄鋼、機械などの製造業や海運など
輸出関連産業のほか、不動産や広告、情報サービスなど国内需要を糧にする業種についても業績が回復、景気は好景気局面を迎えつつあります。しかしながら、この基調も首都圏を中心としたもので、地方は相変わらず厳しい経済環境にあり、個人消費も格差が拡大しており、すべての面で二極化が進みました。当社グループのユーザーである建設業界でも同様で、首都圏では堅調な民需に潤いましたが、地方では官民ともに建設設備投資の減退が続き、厳しい環境にありました。当社グループの事業別の概況及び特記すべき事業展開等については下記のとおりです。

建設関連事業の当中間期業績は、厳しい事業環境のなか、売上高は312億41百万円（対前年同期
比4.7％増）、営業利益は27億42百万円（同133.0％増）と増収増益となりました。
また、当社の当該事業部門単体では、レンタル売上は対前年同期比5.8％増の214億40百万円、販売売上は同9.1％増の60億45百万円、合計で274億85百万円、対前年同期比で6.5％増の結果となりました。
〈当社単体の状況〉
当社の建機レンタル売上を地域別に見ると、北海道地区・東北地区とも建設総投資額が大きく前年割れをしているなか、それぞれ民間建設や北海道新幹線プロジェクトなど各地で取りこぼしのないよう奮闘した結果、北海道地区は対前年同期と変わらない売上を確保、東北地区は同12.2％増と前期同様好調に推移しました。
また、関東信越地区は好調な首都圏に加え、新潟県の災害復旧工事や北関東での民間設備投資と各地の需要を取り込めたことから同7.9%増、近畿中部地区は（株）
カンキとの相乗効果に加えて神戸･淡路島･福井の災害復旧工事のほか大阪の需要回復などから同5.5%増となりました。
この結果、北海道、本州及びその他の、地域比率は31.4％：68.6％でした。
〈連結子会社の状況〉
第一機械産業（株）
は、鹿屋・垂水両地区での建機レンタルが好調に推移し、売上高は前年同期比5.8％増、営業利益は同66.7％増の増収増益となりました。
（株）エスアールジー・カナモトは札幌圏内の民間建築工事と橋梁工事向け足場が好調に推移。
売上高は対前年同期比15.1％増、営業損失も同92.6％減と大幅な改善をみました。
（株）アシストは、測量機器レンタル事業を当社アライアンスグループ企業に一本化したため当初目標よりも収益幅は小さくなったものの、売上高は対前年同期比4.0％増、営業利益も同39.1％増の増収増益となりました。
（株）カンキは、レンタル売上は堅調に推移したものの商品販売が伸び悩んだため、売上高は対前
年同期比17.7%減でした。なお、大幅増強したレンタル用資産のコスト負担があったものの営業利益は56百万円増と大幅に改善しました。
（株）カナテックは、受注・生産のタイムラグもあり売上高は対前年同期比13.7％減となりましたが、営業損失は97.6％減の改善を見ました。
なお、地盤改良用建設機械の技術開発・製作・販売を行っているフローテクノ（株）を子会社化いたしました。

当該事業年度の連結経営成績の結果
当該中間期

新商材（高耐久断熱防水屋根、

4

Kanamoto Semiannual Report 2006

前中間期

KTルーフシステム）
をはじめ取扱高も順調に推移しましたが、普通

売上高

34,520鋼材の市中在庫が過剰気味とな

営業利益

2,873 (122.5)

1,291 (△ 18.2)

り販売価格が急落したことから売上高は30億58百万円、対前年同

経常利益

2,801 (136.3)

1,185 (△ 22.4)

期 比 で 0 . 1 % 減 、営 業 利 益も同47.0%減の12百万円となりました。

中間純利益

1,048 (126.1)

463 (△ 57.8)(4.2)

33,126(7.0)

単位：百万円 括弧内は対前年同期比増減（％）

Semiannual06̲07 06.8.14 1:36 PM ページ 5

情報機器事業部門は、首都圏でのパソコンレンタル需要が堅調だったものの、レンタル料金の低廉化もあって対前年同期比では2.2％減。一方、商品販売は中古機販売が好調に推移し同45.0%増、部門全体では2億19百万円(同2.0％増)の増収、営業利益は21百万円(同100.6%増)でありました。

当社は、毎期の設備投資負担が非常に大きく、かつ、数年に渡る期間損益を 「メタモルフォーゼ」数値目標
考慮しなければならない事業形態であることから、従前からキャッシュ・フロ
2006年10月期
ー同様、EBITDA＋（減価償却前営業利益）の拡大を重要な指標のひとつに据
えております。
進行中の長期経営計画（2003年11月〜2008年10月）の数値目標は、右記のとおりです。長期経営計画の数値目標については、前期末に保守的な修正を加えましたが、当中間期の業績結果を踏まえ、当期通期（2006年10月期）予想については上方修正をしております。
当社を取り巻く環境は引き続き厳しさが予想されるものの、利益重視の経営を実践し財務体質の改善と強化を図る現在の基本方針はそのままに、一層の業績拡大とマーケットに評価される『強いカナモト』を目指し、以下に記した経

連
結
の
業
績
単
体
の
業
績
︵
当
社
︶

2008年10月期

売上高66,050□□68,390□□

経常利益

3,420□□

3,890□□

EPS

42.21円□

68.34円□

売上高

59,600□□61,700□□

経常利益

3,430□□

3,900□□

18,330□□18,930□□EBITDA+

単位：百万円 EPSは1株当たり当期純利益（単位：円）

営戦略の一つ一つを着実に実践してまいります。
（1）利益重視のレンタル用資産構成の継続
収益率の高い機種を優先的に増強していきます。また、既に最新型公害対策機をラインナップ済みであるため、これまでの入替えのために短期化していた運用期間を適正化して利益率向上に努めます。
（2）大胆なスクラップ＆ビルドの実施
大都市圏、特に首都圏でのシェア獲得が当社の一層の業績拡大につながることから、地方は現状維持を基本として最小限の新設に止め、首都圏及び大都市圏周辺での早急な新設を実施してまいります。また、業績の伸長可能性、採算性をよく吟味して引き続き拠点閉鎖･統合を検討してまいります。
（3）顧客第一の強い営業体制の構築
ユーザーニーズを徹底的に検証した営業手法、現場に即したオンリーワン商品が徐々に浸透してきております。また、新カナモト総合補償制度や、災害発生時の緊急要請対応契約締結など、地域社会とのかかわりを一層強めてまいります。
（4）アライアンス戦略
北海道から沖縄まで各地に点在する当社グループ企業並びにアライアンス（提携）企業については、各種商材、情報の共有化を図りつつ、
カナモトグループ各社間の企業連携を強化してシナジー効果を高めてまいります。

日本経済は、不良債権処理も進み業績回復をした主要金融機関を主軸にして、海外需要に沸く機械、自動車産業など大手企業を中心に好業績を収めております。景気動向指数では大方の産業で復調の兆しが見られるなど、全国的に好景気の様相を呈しておりますが、唯一、業績回復から見放されているのは建設業界であります。とりわけ地方における建設業界を取り巻く環境は、地方財政の逼迫から厳しい状況が続
いていることから、経営環境は大きく改善する見込みがないものと想定しております。
上述の背景から、当社グループの経営環境も不透明な建設需要に左右され引き続き厳しさが予想されますものの、2006年5月25日付のプレスリリースで既報のとおり、中間業績を踏まえ通期業績予想については上方修正いたしております。
収入面、利益面ともに予断を許しませんが、収益体質の改善がなされてきたことと、営業力も回復傾向にあることなど現在進行中の長期経営計画の諸施策が具現化しつつありますので、この基調を維持すべく収益確保に努めてまいります。

通期（2006年10月期）の連結業績予想

通期（2006年10月期）の個別業績予想

前回発表値 今回修正予想 増減額（率） 前期実績

前回発表値 今回修正予想 増減額（率） 前期実績

売上高63,21066,0502,840 (4.5)

63,975

売上高

56,76059,6002,840 (5.0)

57,202

営業利益

1,910

3,630

1,720 (9.1)

1,404

営業利益

1,650

3,330

1,680(101.8)

1,526

経常利益

1,680

3,420

1,740(103.6)

1,550

経常利益

1,730

3,430

1,700 (98.3)

1,960

当期純利益

610

1,260

650(106.6)

352

当期純利益

700

1,310

610 (87.1)609

単位：百万円 括弧内は対前年同期比増減（％）

単位：百万円 括弧内は対前年同期比増減（％）※ご参考：1株当たり予想当期純利益（通期）42.21円※ご参考：1株当たり予想当期純利益（通期）43.89円

Kanamoto Semiannual Report 2006

5

Semiannual06̲07 06.8.14 1:36 PM ページ 6（単位：百万円）

第41期中間

第41期末

第42期中間

第41期中間

第41期末

第42期中間（2005.4.30）（2005.10.31）（2006.4.30）（2005.4.30）（2005.10.31）（2006.4.30）（%）
金額 構成比（%）
金額 構成比（%） （単位：百万円）
金額 構成比（%）
金額 構成比（%）
金額 構成比（%）
金額 構成比34,14830,71829,373

26,13737.5

36,46741.9

18,83914,11121,065

支払手形及び買掛金

受取手形及び売掛金

12,705

14,32913,242

短期借入金

たな卸資産

575

538

641

建設機材

1年以内返済予定の長期借入金

34.4

13,03931.9

10,83730,083

655

577

558

10,497

10,718

10,570

1,688

1,469

1,312

未払法人税等

708

555

1,158

371

318

316

賞与引当金

532

515

566

その他

648

873

494

役員賞与引当金

-

-

2

△680

△923

△605

3,327

2,464

2,617

有形固定資産未払金

51,36160.1

51,25862.5

50,53558.1

44,55352.1

43,53853.1

42,382

48.7

その他

610
22,957467
26.8

22,30334.6

13,441

繰延税金資産
貸倒引当金

1,167
27.2

21,54624.8

レンタル用資産10,452

9,811

9,260

長期借入金

19,185

18,643

17,545

建物及び構築物

6,752

6,501

6,291

退職給付引当金

1,341

1,525

1,592

848

792

740

120

110

138

26,062

26,14025,791

2,237

1,968

1,871

建設仮勘定

95

-

24

繰延税金負債

-

-

364

その他

342

292

273

その他

72

55

無形固定資産

782

0.9

688

0.8

610

0.7

52,33061.2

48,44059.1

51,62959.4

投資その他の資産

6,025

7.1

7,031

8.6

7,542

8.7

89

0.1

71

0.1

111

0.1

投資有価証券

4,318

機械装置及び運搬具
土地繰延税金資産
その他
貸倒引当金

5,753

役員退職慰労引当金
長期未払金

33

6,601

749

302

-

2,146

1,754

1,778

8,596

10.0

8,596

10.5

8,596

9.9

△1,189

△778

△837

9,720

11.4

9,720

11.8

9,720

11.2

14,071

16.5

13,691

16.7

14,464

16.6

886

1.0

1,643

2.0

2,672

3.0

△184

△0.2

△186

△0.2

△191

△0.2

33,09038.7

33,46540.8

35,26240.5

85,510100.081,977100.0

87,003100.0

85,510639.9

現金及び預金100.0

Kanamoto Semiannual Report 2006

81,977100.0

87,003100.0

Semiannual06̲07 06.8.14 1:36 PM ページ 7

第41期中間

第41期末

第42期中間

第41期中間（2004.11.1〜2005.4.30） （2004.11.1〜2005.10.31） （2005.11.1〜2006.4.30）（単位：百万円）

金額 構成比（%）

金額 構成比（%）

33,126

63,975

100.0

100.0

金額 構成比（%） （単位：百万円）

34,520

第41期末

第42期中間（2004.11.1〜2005.4.30） （2004.11.1〜2005.10.31） （2005.11.1〜2006.4.30）

金額

金額

金額

100.0

レンタル売上高

22,50442,98524,004

9,720

9,720

9,720

商品売上高

10,621

20,98910,516

9,720

9,720

9,720

24,89675.2

48,73576.2

24,591

71.2

レンタル売上原価

16,332

31,94916,446

13,913

13,913

13,691

商品売上原価8,564

16,785

8,144

463

352

1,048

463

352

1,048

305

574

275

配当金

298

567

268

役員賞与

7

7

7

14,071

13,691

14,464

第41期中間

第41期末

第42期中間

受取利息

8,229

24.8

15,240

23.8

9,928

28.8

6,938

20.9

13,835

21.6

7,055

20.5

1,291

3.9

1,404

2.2

2,873

8.3

182

0.6

716

1.1

172

0.5

2

3

0

受取配当金

26

57

10

その他

152

655

162

288
支払利息
その他

0.9

180

570

0.9

353

108

中間（当期）純利益

244

0.7

168

217

76

（2004.11.1〜2005.4.30） （2004.11.1〜2005.10.31） （2005.11.1〜2006.4.30）

1,185

3.6

1,550

2.4

2,801

8.1

特別利益

114

0.3

121

0.2

16

0.1

金額

金額

金額

特別損失

257

0.8

545

0.8

638

1.9

12,73910,2199,183

税金等調整前中間（当期）純利益

1,041

3.1

1,125

1.8

2,179

6.3

△78

△11

501

法人税、住民税及び事業税

634

1.9

858

1.3

1,121

3.3

△5,563△7,833△2,731

法人税等調整額

△86

△0.3

△97

△0.1

△31

△0.1

7,096

2,374

6,953

少数株主利益

30

0.1

11

0.0

40

0.1

11,734

11,734

14,108

463

1.4

352

0.6

1,048

3.0

18,831

14,10821,062（単位：百万円）

Kanamoto Semiannual Report 2006

7

Semiannual06̲07 06.8.14 1:36 PM ページ 8（単位：百万円）

第41期中間

第41期末

第42期中間

第41期中間

第41期末

第42期中間（2005.4.30）（2005.10.31）（2006.4.30）（2005.4.30）（2005.10.31）（2006.4.30）（%）
金額 構成比（%）
金額 構成比（%） （単位：百万円）
金額 構成比（%）
金額 構成比（%）
金額 構成比（%）
金額 構成比31,274

28,665

26,66424,082

現金及び預金17,732

受取手形
売掛金

38.3

36.3

33,47440.2

30.5

27,663

20,185

支払手形

2,317

2,583

2,339

買掛金

1,930

2,425

2,314

8,687

10,665

9,328

短期借入金

10,324

10,555

10,415

未払金

3,249

2,389

2,495

530

1,068
489

9,313

7,214

346

311

343

2,764

2,874

1,811

未払法人税等

646

貸倒引当金

△573

△1,001

△534

賞与引当金

466

448

役員賞与引当金

-

-

2

231

133

265

50,381

61.7

50,372

63.7

49,88459.8

43,49942,622

41,464

設備関係支払手形

レンタル用資産

9,980

9,453

8,891

その他

建 物

5,542

5,344

5,200

21,574

土 地

25,78825,86925,520

長期借入金

18,04017,59016,555

その他

2,187

1,954

1,852

長期未払金

2,125

1,876

1,744

無形固定資産

208

187

165

繰延税金負債--

118

投資その他の資産

6,673

7,562

8,253

退職給付引当金

1,315

1,506

1,567

投資有価証券

4,196

5,684

6,487

役員退職慰労引当金

その他

3,363

2,679

2,773

貸倒引当金

△606

△321

△526

有形固定資産投資損失引当金△280
81,655△480
100.0

79,037502

93

83,358

100.0

第41期末

第42期中間（2004.11.1〜2005.4.30） （2004.11.1〜2005.10.31） （2005.11.1〜2006.4.30）

金額 構成比（%）

金額 構成比（%）

29,080100.057,202100.0

30,764100.0

21,96375.5

43,78976.5

22,230

72.3

7,116

24.5

13,413

23.5

8,533

27.7

5,946

20.5

11,886

20.8

6,037

19.6

1,169

4.0

1,526

2.7

2,496

8.1

営業外収益

283

1.0

923

1.6

296

1.0

営業外費用

227

0.8

489

0.9

223

0.7

1,225

4.2

1,960

3.4

2,569

8.4

特別利益

107

0.4

69

0.1

4

0.0

特別損失

246

0.9

837

1.4

621

2.0

1,086

3.7

1,192

2.1

1,951

6.4

法人税、住民税及び事業税

571

2.0

833

1.4

1,032

3.4

法人税等調整額

△87

△0.3

△249

△0.4

△35

△0.1

602

2.0

609

1.1

955

3.1

売上原価
販売費及び一般管理費

前期繰越利益
中間配当額

金額 構成比
（%）

587

587

-

268

-

1,189

928

1,587

Kanamoto Semiannual Report 2006

1,038
26.6

79

20,08924.1

10348,23959.1

45,13457.1

47,752

57.3

8,596

10.5

8,596

10.9

8,596

10.3

9,720

11.9

9,720

12.3

9,720

11.6

9,720
14,396（単位：百万円）

21,052

△480
100.0

資本準備金

第41期中間

385
26.4

33.2

9,573

その他

たな卸資産

8

32.7

13,230

632

9,720
17.6

14,1359,720
17.9

14,814

利益準備金

1,375

1,375

1,375

任意積立金

11,831

11,831

11,851中間（当期）未処分利益

1,189

928

17.8

1,587

886

1.1

1,637

2.0

2,666

3.2

△184

△0.2

△186

△0.2

△191

△0.2

33,41640.9

33,90342.9

35,60542.7

81,655100.0

79,037100.0

83,358100.0

Semiannual06̲07 06.8.14 1:36 PM ページ 9

To p i c s

アスベストは廉価でありながら優れた断熱・耐火材として、日本ではビルや工場などの建造物に多用されてきました。しかし、近年、中皮腫や肺がんなどの要因になることが判明し、現在では予防規則が制定され、廃棄物処理法で厳しい規制が敷かれています。
これに対応するため当社では、高性能ULPAフィルタを搭載したアスベストの粉塵の飛散を防止する「超微細粉塵対策機器」のレンタルを開始しました。また、これまで研究機関に持ち込まなければ計測できなかった大気中のアスベスト濃度を、現場で即座に計測することができる「リアルタイムモニター」
もラインナップし、万全のメンテナンス体制構築と併せて、全国から多くのお引き合いをいただいています。
Kanamoto begins renting asbestos removal equipment
As a low-cost material boasting excellent insulating and fireproofing characteristics, asbestos was utilized for abroad range of applications in buildings, factories and other structures throughout Japan. In recent years,
however, asbestos has been identified as a cause of various illnesses, including lung cancer and mesothelioma,
an asbestos-related cancer, and Japan's government has enacted restrictive measures governing asbestos use
and placed stringent curbs on its disposal under the Waste Management Law.
To support these measures, Kanamoto has begun renting super-fine asbestos dust collection equipment
equipped with efficient ULPA (Ultra Low Penetration Air) filters that prevent dispersion of asbestos dust.
Moreover, with the addition to its product lineup of a "real-time monitor" capable of immediately measuring
asbestos concentration in the air at removal sites, a task only research laboratories could perform until recently,
Kanamoto's rental program has received numerous inquiries nationwide in conjunction with firms' creation ofthorough maintenance organizations.

2006年7月、千葉県・幕張メッセで開催された日本最大の建設機械のイベント「CONET2006」に、当社も出展しました。
今回のCONETのテーマは「環境・防災・安全」。そこで、当社がその開発に大きく関与したアスベスト対策機器や新型高性能橋梁点検車「橋竜」、バイオガス発電システムのほか、環境問題を意識したハイブリット投光機、超小型電気自動車などの展示説明を実施し、ユーザーをはじめ一般の来場者の皆様からも好評を得ました。
一方、CONETに続いて個人投資家を対象とした日本経済新聞社主催の「日経IRフェア」と、日本個人投資家協会主催の「JAII資産運用フォー
ラム」にも出展。このたびの中間業績、そして今後の展開など企業姿勢をアピールしました。
今後も実業に関係するイベントやIRイベント等、企業PR活動を積極的に行っていく計画です。
Kanamoto exhibits at "Conet2006"
Kanamoto hosted a company exhibit at "CONET2006," Japan's biggest exhibition for construction equipment
and technology, which was held at Makuhari Messe in Chiba Prefecture in July 2006.
The theme of this year's CONET was "environment, disaster prevention and safety." Kanamoto's exhibit
displayed a variety of equipment, including asbestos removal equipment Kanamoto played a large role indeveloping, the "Bridge Dragon," a new highly efficient bridge inspection vehicle, and biogas power generating
systems, as well as environmentally friendly hybrid floodlight equipment and small electric vehicles, along withdetailed explanations of the equipment and Kanamoto's products and services. From equipment users to visitorsfrom the general public, Kanamoto's exhibit received a favorable reception from every individual who stopped by
the exhibit.
In addition to CONET, Kanamoto also hosted exhibits of its products and services at the "Nikkei IR Fair" sponsored by Nihon Keizai Shimbun Inc.,and at the "JAII Asset Management Forum" for private investors sponsored by the Japan Association for Individual Investors. At both venues,
Kanamoto discussed its interim period operating results and the Company's stance towards issues such as future developments.
Kanamoto plans to continue actively conducting company PR activities in the future, including business-related events and IR events.

2006年3月、当社は、地盤改良工法に特化したエンジニアリング会社「フローテクノ社」を子会社化いたしました。
同社が有する都市再生型インフラ整備（40m以深の大深度地下工事）対応の工法や、橋梁の維持・補修工事の新工法などは今後、首都圏で需要拡大が見込まれる分野の技術です。従前から地盤改良工事に対応した建機レンタルを強みとしている当社にとって、この分野の技術力強化は大きなメリットとなり、これまで以上に営業活動を優位に進めることが可能となりました。首都圏のシェア拡大を含め、今後の展開にご期待ください。
Ground improvement works engineering firm Flowtechno Corporation becomes a Kanamoto subsidiary
Flowtechno Corporation, an engineering firm specializing in ground improvement works, became a Kanamotosubsidiary in March 2006.
Technologies possessed by Flowtechno Corporation, including deep underground construction works at depths
exceeding 40m (130ft) for urban renewal infrastructure construction and new methods for bridge maintenanceand repair works, are in sectors where demand is expected to grow in the Tokyo metropolitan area in the future.
Strengthening its technological capabilities in this sector will have major advantages for Kanamoto, which has
sought to position construction equipment rentals for ground improvement works as a company strong point,
and will enable Kanamoto to achieve even greater dominance in its marketing and rental activities. Flowtechno
Corporation can be expected to contribute to Kanamoto's future development, including expansion of the Company's market share in the Tokyo
metropolitan area.
Kanamoto Semiannual Report 2006

9

Semiannual06̲07 06.8.14 1:36 PM ページ 10

Report of Operating Resultsand Financial Position for thesix month ended April 30, 2006
November 1, 2005 - April 30, 2006

Consolidated Financial PositionNon-consolidated Financial Position
Preparation of Financial Stafements and Depriciation
and Amortization Expense
1. For purposes of this report, the Balance Sheets andStatements of Income were created using financial dataprepared according to Japan’s Securities Report
Guidelines.
Kanamoto's financial statements are audited by Shin
Nihon & Co. and Kanamoto's Audit Committee. Englishlanguage versions of the Company's financial
statements, which include changes to the reporting
categories, are reports prepared internally by Kanamoto
and are not audited by the Company's auditors or its
Audit Committee.
2. Kanamoto uses a variety of techniques whenintroducing rental assets. In addition to purchasing
assets by installments, the Company also uses financeleases (including operating leases) , which are an offbalance sheet item (details are provided in the notes tothe accounting statements).
Kanamoto has adopted the declining balance methodfor depreciation and amortization expense. As shown
below, this results in a situation where paper gains areeasily produced if assets can be used over long periodsof time because the depreciation and amortization
expense is large for the first year, then grows smaller inlater years. The difference in depreciation according to
the declining balance method and the straight-line
method is shown in the diagram.

Under Japan’s current accounting system, large
variances between actual asset values and book values
can occur in asset value assessments. One reason is thefact durable lives are stipulated by the Tax Code. For
assets handled by Kanamoto in particular,
implementing planned rental asset introductions
suitable to the size of its business and keeping balance
sheet depreciation and amortization expense uniform
are extremely difficult because the durable lives
established by law are different for each equipment
model.
Accordingly, to achieve results more closely
approximating the market-value accounting concept,
Kanamoto also introduces assets by utilizing both
operating leases and finance leases in an effort toequalize depreciation and amortization expense.

10

Kanamoto Semiannual Report 2006

Financial Section

Report of Operating Results and Financial Position
for the six months ended April 30, 2006

Operating results
Summary of consolidated fiscal year interim period operating
results
During the consolidated fiscal year interim period under review,
Japan's economy continued to experience a growth phase. Led bymajor financial institutions, operating results recovered not only inexport-related industries such as manufacturing and marinetransportation, which benefited from strong external demand for
products such as steel and machinery, but also in businesses catering
to domestic demand, including real estate, advertising andinformation services. Nevertheless, this positive trend was centeredon the Tokyo metropolitan area, and in most other areas severe
economic conditions were unchanged. The gap in personal
consumption broadened as well, as polarization in all aspects of theeconomy continued unabated. These circumstances applied for the
Kanamoto group's main customers in the construction industry as
well. Private sector demand remained robust in the Tokyo
metropolitan area, but in other regions, construction and capital
investment by both the public and private sectors continued to
decline, and the harsh business environment persisted. A summaryof operating results for each of the Kanamoto group's businesses,
and business development issues deserving special mention, aredescribed below.

Business related to the Construction Equipment Rental
Division
Despite the severe business environment, operating results for
Kanomoto's construction-related businesses rose significantly for the
consolidated fiscal year interim period under review. Revenues
increased 4.7% year-on-year to ¥31,241 million, and operating
income rose 133.0% to ¥2,742 million.
For Kanamoto's Construction Equipment Rental Division on a standalone basis, rental revenues increased 5.8% year-on-year to ¥21,440
million, revenues from sales rose 9.1% year-on-year to ¥6,045
million and total revenues increased 6.5% from the same period of
the previous consolidated fiscal year to ¥27,485 million.

< Kanamoto Co., Ltd. on an non-consolidated basis >Looking at the Company's construction equipment rental revenues
by region, total construction investment in the Hokkaido Region andthe Tohoku Region has fallen substantially below the levels in theprior year. As a result of efforts to win contracts in various markets
including private construction and the Hokkaido Shinkansen line
project, however, the Company maintained revenues in the
Hokkaido Region at the same level as in the same period of theprevious consolidated fiscal year. In the Tohoku Region, revenues
increased 12.2% year-on-year.
In the Kanto & Shinetsu Region, revenues were up 7.9% year-onyear. In addition to the Tokyo metropolitan area where demand isstrong, the Company benefited from Niigata Prefecture related todisaster recovery work, and private sector capital investment in the
Kita-Kanto Region. Revenues in the Kinki-Chubu Region were 5.5%
higher than in the same period of the previous consolidated fiscal
year. In addition to the synergistic effect from making Kanki
Corporation a consolidated subsidiary company, revenue wasboosted by disaster recovery work in Kobe, Awajishima and Fukui
and a recovery in private sector demand in Osaka. As a result, thepercentage of revenues accounted for by Hokkaido and Honshu andother regions was 31.4% and 68.6%, respectively.
< Consolidated subsidiaries >Daiichi Kikai Co., Ltd. enjoyed strong construction equipment rentals
in both Kanoya and Tarumizu, increasing revenues 5.8% comparedto the same period of the previous consolidated fiscal year andboosting operating income 66.7% year-on-year.

Semiannual06̲07 06.8.14 1:36 PM ページ 11

SRG Kanamoto Co., Ltd. increased rentals of temporary scaffolding
for private sector construction work and new bridge construction in
the Sapporo area. Revenues expanded 15.1% from the same periodof the previous consolidated fiscal year, and the company
substantially reduced its operating loss by 92.6%.
At Assist Co., Ltd., revenues were up 4.0% year-on-year, andoperating income rose 39.1% from the same period of the previous
consolidated fiscal year, even though revenues and earnings for themeasurement equipment rental business were smaller than the initial
objective because the company outsourced rentals of this equipment
to other Kanamoto alliance group firms.
At Kanki Corporation, revenues were 17.7% lower than in the same
period of the previous consolidated fiscal year, despite strong growth
in rental revenues accompanying its business restructuring, because
the company was unable to increase product sales. Furthermore,
operating income was greatly improved by ¥56 million, even though
the cost burden for investment in rental equipment assets was
substantially higher.
Kanatech Co., Ltd. saw its revenues decline 13.7% from the same
period of the previous consolidated fiscal year, because of the time lag
between orders and production. Nevertheless, the company greatly
reduced its operating loss by 97.6%.
Flowtechno Corporation, a company that develops, manufactures andsells technology for ground improvement construction equipment,
was made a subsidiary company of Kanamoto on March 1.
Business related to the Steel Sales Division
The Steel Sales Division achieved strong sales of products it handles,
including new materials such as high-endurance insulated waterproof
roofing and the KT roof system. Because selling prices fell sharply asa result of market concerns of excess steel materials inventories,
however, revenues edged down 0.1% year-on-year to ¥3,058 million,
and operating income was down 47.0% from the same period of theprevious consolidated fiscal year to ¥12 million.
Business related to the Information Products Division andOther Businesses
Although rental demand in the Tokyo metropolitan area for personal
computers is growing at a steady pace, revenues for the Information
Products Division decreased 2.2% compared with the same period of
the previous consolidated fiscal year as rental fees also fell. On theother hand, revenues from sales of used devices increased 45.0%
year-on-year during the same period. Revenues for the entire division
increased 2.0% year-on-year to ¥219 million, and operating income
climbed 100.6% to ¥21 million.

Fiscal Year ending October 31, 2005 Interim Consolidated Operating Results
Revenues(Millions of yen; % change from prior year)

34,52033,126

Consolidated FY interim period
Prior FY interim period

4.2
7.0

Operating
Income2,873
1,291

Ordinary
Income

122.5
-18.2

2,801
1,185

136.3
-22.4

Net Income
1,048
463

126.1
-57.8

Management Policies
Management indicators established as objectives and medium
to long-term management strategy
Kanamoto's operations require a substantial capital investment
burden in each business period. Moreover, the structure of its
principal business requires a profit and loss outlook extending over
several years. Given these considerations, Kanamoto has always
emphasized cash flow, as well as growth in EBITDA+ (earnings
before interest, taxes, depreciation and amortization) as a key
management indicator.
Under the long-term management plan (November 2003 - October2008) Kanamoto currently is implementing, the Company has set thenumerical targets shown below. Although the Company tempered
the numerical targets for its long-range management plan by making

conservative corrections at the end of the prior business period,
Kanamoto has since revised upward the outlook for the current
business period ending in October 2006, based on its interim period
operating results.
Although the severity of the business environment surrounding
Kanamoto is expected to continue, by continuing to practiceearnings-focused management and maintaining its current basic
policy of improving and strengthening its financial position, theCompany seeks to further expand operating results and build a"strong Kanamoto" that will be evaluated positively by the market.
To achieve these goals, Kanamoto is steadily practicing each of the
management strategies outlined below.

(Millions of yen, except net income per share)

Consolidated operating results

Non-consolidated operating
results (Kanamoto Company)

Revenues
Ordinary income
Net income per share (yen)
Revenues
Ordinary income
EBITDA+

Fiscal Year ending
October 2006

Fiscal Year ending
October 2008

66,0503,420
42.21
59,6003,430
18,33068,3903,890
68.34
61,7003,900
18,930EBITDA+ = Operating income + Depriciation expense + Other depriciation and amotization expense + Low price rental assets, and others
EBITDA+ is an indicator used only for the construction equipment rental business and excludes steel products and information products

Kanamoto Semiannual Report 2006

11

Semiannual06̲07 06.8.14 1:36 PM ページ 12(1) Maintain an earnings-focused rental equipment asset portfolio
The Company is maintaining its priority on introducing assets
boasting high profit margins. In addition, the Company has alreadycompleted replacement of its large rental assets with the latest
emissions-controlled models, and will seek to improve profit margins
by extending rental periods for such assets.
(2) Execute a bold scrap and build programBecause the share of earnings achieved in major urban areas,
particularly the Tokyo metropolitan area, will be closely linked tofurther growth in the Company's operating results, Kanamoto islimiting new branches in local areas to the minimum number
required to maintain its present position, and pursuing rapid
establishment of new branches throughout the Tokyo metropolitan
area and other key urban areas. The Company also will carefully
scrutinize the possibilities for expanding operating results andimproving the profitability of each branch, and continue to close andintegrate branches.

Outlook for the fiscal year
Japan's economy is demonstrating steady growth centered on largescale firms in sectors such as machinery and automobiles, whichhave been stimulated by foreign demand, and boosted by the
progress major financial institutions have made in disposing of nonperforming loans. While numerical values for economic and businesstrends shows signs of a recovery at manufacturers, and appear to be
one aspect of a nationwide boom that seems supported by signs of arecovery in most industries, the construction industry is one industry
that has not benefited from the business recovery. The environment
surrounding the construction industry in local regions remains
especially difficult, because stringent local government financial
conditions remain unchanged, and this business environment is notexpected to improve significantly.

(3) Build a powerful marketing organization where customers arealways Number One
Based on a management model of thoroughly studying user needs,
Kanamoto gradually is introducing unique or specialized productsthat address the requirements at each construction site. Kanamoto
also is further strengthening its relationships with local communities,
by means such as Kanamoto's comprehensive compensation system
and agreements with local governments to respond to urgent
requests following a disaster.
(4) Alliance strategy
The Kanamoto group and its alliance firms currently are active inmany regions, from Hokkaido to Okinawa. The Company willcontinue to expand the sharing of products and information,
strengthen cooperation among all Kanamoto group firms andincrease the synergistic effects from this approach.

Against this backdrop, the Company expects the businessenvironment surrounding the Kanamoto group to be affected byuncertain construction demand, and the severity of businessconditions to continue. Nevertheless, as already reported in its press
dated May 25, 2006, based on interim operating results theCompany has revised its projected full-year operating results.
Although actual results are unpredictable from the standpoint of bothrevenues and earnings, the Company will seek to generate revenues
that will maintain this earnings trend, as it continues to achieve
positive results from the various measures based on the long-term
management plan the Company currently is executing, including
improvements in the Company's earnings capabilities and therecovery of its sales and marketing momentum.

Fiscal year ending October 2006 Revision of projected operating results (Consolidated)(November 1, 2005 - October 31, 2006)(Millions of yen)(A)
Prior projection(B)
Revised projection(B - A)
Increase (decrease)
Rate of change (%)
Prior fiscal year results (fiscal year ended October 2005)

Revenues

Operating
IncomeOrdinary
IncomeNet Income

63,21066,0502,840
4.5
63,975

1,910
3,630
1,720
90.1
1,404

1,680
3,420
1,740
103.6
1,550

610
1,260
650
106.6
352

Fiscal year ending October 2006 Revision of projected operating results (Non-Consolidated)(November 1, 2005 - October 31, 2006)(Millions of yen)(A)
Prior projection(B)
Revised projection(B - A)
Increase (decrease)
Rate of change (%)
Prior fiscal year results (fiscal year ended October 2005)

12

Kanamoto Semiannual Report 2006

Revenues

Operating
IncomeOrdinary
IncomeNet Income

56,76059,6002,840
5.0
57,202

1,650
3,330
1,680
101.8
1,526

1,730
3,430
1,700
98.3
1,960

700
1,310
610
87.1
609

Semiannual06̲07 06.8.14 1:36 PM ページ 13

Consolidated Financial Statements

Cash and cash equivalents
Notes and accounts receivable, trade
Inventories
Deferred income taxes
Other current assets
Less: Allowance for doubtful accounts

Rental equipment
Building and structures
Machinery and equipment
Less: Accumulated depreciation
Land
Construction in progress

Investment securities
Deferred income taxes
Other assets
Less: Allowance for doubtful accounts

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 18,831
12,706
575
372
2,345
(680)
34,149¥ 14,109
14,329
539
319
2,346
(923)
30,719¥ 21,062
13,243
641
317
1,810
(605)
36,468$ 184,111
115,760
5,607
2,767
15,825(5,294)
318,776

38,797
16,031
5,430(41,862)
18,396
26,062
96
44,554

38,22915,912
5,364(42,107)
17,39826,141043,53937,16915,965
5,393(41,960)
16,567
25,792
24
42,383324,905
139,558
47,142(366,793)
144,812225,454212
370,478

4,318
750
2,929
(1,189)6,808¥ 85,511

5,753
302
2,443
(778)
7,720
¥ 81,978

6,601
2,389
(837)
8,153
¥ 87,004

57,706
20,880(7,318)71,268$760,522

Note : U.S. dollar amounts have been translated from yen for convenience only, at the rate of ¥114.40=US$1, the approximate exchange rate on April 30, 2006.

Kanamoto Semiannual Report 2006

13

Semiannual06̲07 06.8.14 1:36 PM ページ 14

Consolidated Financial Statements

Short-term bank loans
Current portion of long-term debt
Notes and accounts payable, trade
Accrued income taxes
Accrued bonuses
Other current liabilities

Long-term debt
Accrued pension and severance costs
Other liabilities

Common stock
Capital surplus
Retained earnings
Unrealized holding gain on securities
Treasury stock

14

Kanamoto Semiannual Report 2006

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 656
10,497
13,040
709
533
3,938
29,373¥ 577
12,602
10,838
556
516
1,049
26,138¥ 559
10,57013,441
1,158
567
3,788
30,083$ 4,884
92,399117,495
10,124
4,954
33,110262,966

19,186
1,341
2,430
22,957

20,2691,526
509
22,304

17,545
1,592
2,409
21,546

153,368
13,917
21,055
188,340

90

71

112

976

8,597
9,720
14,071
887(184)
33,091¥ 85,511

8,597
9,720
13,692
1,643(187)
33,465¥ 81,978

8,597
9,720
14,4642,673(191)
35,263¥ 87,004

75,146
84,968
126,434
23,365(1,673)308,240$ 760,522

Semiannual06̲07 06.8.14 1:37 PM ページ 15

Rentals
Sales

Rentals
Sales

Interest and dividend income
Interest expenses
Impairment loss on fixed assets
Others, net

Current
DeferredMillions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 22,505
10,622
33,127¥ 42,986
20,98963,975¥ 24,004
10,51634,520$ 209,826
91,924
301,750

16,332
8,565
24,897
8,230
6,939
1,291

31,95016,785
48,735
15,24013,836
1,404

16,447
8,145
24,592
9,928
7,055
2,873

143,764
71,197214,961
86,78961,674
25,115

30
(180)
(99)
1,042

61
(353)
14
1,126

10
(168)
(595)
59
2,179

90
(1,470)(5,197)511
19,049

634
(86)
548
30
¥ 464

859
(97)
762
12
¥ 352

1,122
(32)
1,090
41
¥ 1,048

9,807
(277)
9,530
354
$ 9,165

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 15.53-¥ 11.57–¥ 35.12-$ 0.31-Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 12,740(79)(5,564)
7,097
11,734¥ 18,831¥ 10,219(11)(7,833)
2,375
11,734¥ 14,109¥ 9,184
501(2,732)
6,953
14,109¥ 21,062$ 80,278
4,382(23,878)
60,782
123,329$ 184,111

Net income
Basic
DilutedNote : U.S. dollar amounts have been translated from yen for convenience only, at the rate of ¥114.40=US$1, the approximate exchange rate on April 30, 2006.

Kanamoto Semiannual Report 2006

15

Semiannual06̲07 06.8.14 1:37 PM ページ 16

Consolidated Financial Statements

Millions of yen

For the six months ended April 30, 2006

Construction
related business

Steel related
business

Information andcommunication related
and other business¥ 3,058
3,058
3,046
¥ 12

¥ 220
220
198
¥ 22

Eliminations
and corporate
items

Total

Consolidated

Sales
Outside customers
Intersegment
Operating expenses
Operating profit¥ 31,242
31,24228,499¥ 2,743¥ 34,520
34,52031,743¥ 2,777

¥(96)
¥ 96

¥ 34,520
34,52031,647¥ 2,873

Thousands of U.S.dollars (Note)

For the six months ended April 30, 2006

Eliminations
and corporate
items

Construction
related business

Steel related
business

Information andcommunication related
and other businessTotal$ 273,094
273,094
249,121$ 23,973$ 26,735
26,735
26,624$ 111$ 1,921
1,921
1,729
$ 192

$ 301,750
301,750
277,474$ 24,276

Consolidated

Sales
Outside customers
Intersegment
Operating expenses
Operating profit

For the six months ended April 30, 2006

Within one year
After one year
Total

Within one year
After one year
Total

16

Kanamoto Semiannual Report 2006$(839)$ 839$ 301,750
301,750
276,635$ 25,115

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 5,839
17,88323,723¥ 5,778
17,31223,090¥ 6,218
15,76421,982$ 54,350
137,801
192,150

1,793
4,064
¥ 5,857

1,665
3,838
¥ 5,502

1,922
4,888
¥ 6,810

16,80442,727$ 59,531

Semiannual06̲07 06.8.14 1:37 PM ページ 17

Non-Consolidated Financial Statements

Cash and time deposits
Notes receivable, trade
Accounts receivable, trade
Inventories
Other current assets
Less : Allowance for doubtful accounts

Rental equipment
Buildings
Structures
Machinery and equipment
Less : Accumulated depreciation
Land
Construction in progress

Investment and other assets
Less : Allowance for doubtful accounts and reserve for investments

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 17,733
2,318
8,687
346
2,764
(574)
31,274¥ 13,231
2,584
10,665254
2,932(1,001)
28,665¥ 20,186
2,339
9,329
344
1,811
(534)
33,475$ 176,448
20,45081,543
3,007
15,831(4,670)292,60935,975
11,424
3,814
5,172(38,769)
17,61625,78896
43,50036,016
11,276
3,839
5,138(39,515)
16,75425,869042,623

34,977
11,322
3,842
5,161(39,381)
15,921
25,52024
41,465

305,743
98,96633,584
45,116(344,243)
139,166
223,077212
362,455

7,768
(886)
6,882
¥ 81,656

8,552
(802)
7,750
¥ 79,038

9,425(1,006)
8,419¥ 83,359

82,392(8,797)73,595$ 728,659

Note : U.S. dollar amounts have been translated from yen for convenience only, at the rate of ¥114.40=US$1, the approximate exchange rate on April 30, 2006.

Kanamoto Semiannual Report 2006

17

Semiannual06̲07 06.8.14 1:37 PM ページ 18

Non-Consolidated Financial Statements

Current portion of long-term bank loans
Notes payable, trade
Accounts payable, trade
Notes payable, otherAccounts payable, otherAccrued income taxes
Accrued bonuses
Other current liabilities

Long-term bank loans
Long-term accounts payable, otherAccrued pension and severance costs
Deferred tax liabilities
Other liabilities

Common stock :Capital surplus
Retained earnings
Unrealized holding gain on securities
Treasury stock18

Kanamoto Semiannual Report 2006

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 10,324
9,314
1,930
232
3,249
647
466
503
26,665¥ 10,555
7,214
2,426
133
2,389
531
448
387
24,083¥ 10,415
9,574
2,314
265
2,496
1,069
489
1,042
27,664$ 91,040
83,685
20,2282,317
21,818
9,342
4,278
9,104
241,81218,040
2,126
1,315
93
21,574

17,590
1,877
1,506
79
21,052

16,555
1,745
1,567
119
103
20,089144,712
15,252
13,699
1,038
906
175,607

8,597
9,720
14,397887(184)
33,417¥ 81,656

8,597
9,720
14,136
1,637(187)
33,903¥ 79,038

8,597
9,720
14,8142,666(191)
35,606¥ 83,359

75,146
84,968129,495
23,305(1,674)
311,240$ 728,659

Semiannual06̲07 06.8.14 1:37 PM ページ 19

Rentals
Sales

Rentals
Sales

Interest and dividend income
Interest expenses
Impairment loss on fixed assets
Others, net

Current
DeferredMillions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 20,455
8,625
29,080¥ 39,607
17,59657,203¥ 21,632
9,132
30,764$ 189,092
79,826
268,918

15,182
6,782
21,964
7,116
5,946
1,170

29,976
13,814
43,79013,413
11,887
1,526

15,268
6,963
22,231
8,533
6,037
2,496

133,458
60,869194,327
74,591
52,772
21,819

31
(159)
45
1,087

67
(317)
(83)
1,193

14
(152)
(595)
189
1,952

120
(1,325)(5,197)
1,645
17,062

572
(87)
485
¥ 602

834
(250)
584
¥ 609

1,033
(36)
997
¥ 955

9,026
(312)
8,714
$ 8,348

Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 20.16-¥ 20.16–¥ 31.99-$ 0.28-Millions of yen

Millions of yen

Millions of yen

Thousands of
U.S. dollars (Note)

April 30, 2005 (Unaudited)

October 31, 2005

April 30, 2006 (Unaudited)

April 30, 2006 (Unaudited)¥ 5,367
15,941
21,308¥ 5,326
15,327
20,654¥ 5,658
13,53519,194$ 49,461
118,315
167,776

1,612
3,538
¥ 5,150

1,476
3,376
¥ 4,853

1,682
4,213
¥ 5,895

14,702
36,830$ 51,532

Net income
Basic
DilutedFor the six months ended April 30, 2006

Within one year
After one year
Total

Within one year
After one year
Total

Note : U.S. dollar amounts have been translated from yen for convenience only, at the rate of ¥114.40=US$1, the approximate exchange rate on April 30, 2006.

Kanamoto Semiannual Report 2006

19

Semiannual06̲07 06.8.14 1:37 PM ページ 20

At a Glance (Consolidated)

10,00015,00010

8,000

12,000

8

6,000

9,000

6

4,000

6,000

4

2,000

3,000

2

0

0

'02

'03

'04

'05

'06

0.8

40,00050

0.630,00040

0.4

20,00030

0.2

10,000

20

0.0

'02

'03

'04

'05

'06

'02

'03

'04

'05

'06

1.5

4.0

3.0
1.0
2.0
0.5
1.0

0

20

'02

'03

'04

'05

'06

Kanamoto Semiannual Report 2006

0

0.0

0

'02

'03

'04

'05

'06

10

Semiannual06̲07 06.8.14 1:37 PM ページ 21

At a Glance (Non-Consolidated)

10,00010

15,000

10

8,000

8

12,000

8

6,000

6

9,000

6

4,000

4

6,000

4

2,000

2

3,000

2

0

0

20,00015,00010,000

0

'02

'03

'04

'05

'06

'02

'03

'04

'05

'06

0

5,000

0

40,00030,00020,00010,000

0

20

15

10

5

0

'02

'03

'04

'05

'06

Kanamoto Semiannual Report 2006

21

Semiannual06̲07 06.8.14 1:37 PM ページ 22

Branch Network

カナモトは、各地の民間設備投資や大規模プロジェクト、災害復旧工事などの需要をベースにネットワークをさらに拡大させ、全国の拠点数
は当社単体で147、グループ企業を含めると計229になりました。今後も首都圏や大都市圏を中心に積極的な拠点展開、サービス拡充に努めてまいります。
Strengthening sales capacity and expanding service. Development of effective branches to broaden Kanamoto's
possibilities
Based on demand for private sector capital investment, large-scale projects and disaster relief work in various regions, Kanamoto is further
expanding its network. Including the Company's 147 branches, the Kanamoto group now has a total of 229 bases covering all of Japan. In the
future, Kanamoto will continue to aggressively develop it branch network, and expand its services centered on the Tokyo metropolitan area andother major metropolitan areas.

当社及び当社グループ営業拠点エリア別内訳

2006年7月現在

Kanamoto and the group companies’ operating branches As of July 2006
カナモト
Kanamoto

連結対象会社
Consolidated companies

その他・アライアンスグループ
Other companies of alliance group

計
Total

北海道 Hokkaido

57

14

4

75

東 北 Tohoku

43

1

2

46

Kanto

26

1

1

28

中 部 Chubu

15

−

2

17

近 畿 Kinki

5

8

1

14

中 国 Chugoku

−

−

−

0

四 国 Shikoku

1

−

−

1

九 州 Kyushu

−

9

24

33

沖 縄 Okinawa

−

−

15

15

147

33

49

229

関 東

計

22

Total

Kanamoto Semiannual Report 2006

Semiannual06̲07 06.8.14 1:37 PM ページ 23

C o r p o r a t e D a t a (As of July, 2006)

建設機械器具のレンタル、
鉄鋼製品の販売、
エンジニアリングワークステーション
および周辺機器のレンタル
北海道札幌市中央区大通東3丁目1番地19

1964年（昭和39年）10月28日

85億9,673万円（払込済資本金）

東京証券取引所第一部･札幌証券取引所

株式会社三菱東京UFJ銀行
三菱UFJ信託銀行株式会社
株式会社みずほコーポレート銀行
株式会社三井住友銀行
株式会社北洋銀行
農林中央金庫株式会社北海道銀行
北海道信用農業協同組合連合会
株式会社第四銀行
信金中央金庫9678

30,253千株

毎年10月31日（年1回）

572億200万円（2005年10月期）

オリックス株式会社
日本マスタートラスト信託銀行株式会社信託口
金本太中
金本三郎
株式会社小松製作所
カナモトキャピタル株式会社
東京海上日動火災保険株式会社
株式会社北洋銀行
株式会社北海道銀行
デンヨー株式会社

株式会社アイチコーポレーション
いすゞ自動車株式会社
伊藤忠建機株式会社
伊藤忠商事株式会社
株式会社大林組
鹿島建設株式会社
株式会社小松製作所
五洋建設株式会社
酒井重工業株式会社
清水建設株式会社
新キャタピラー三菱株式会社
大成建設株式会社
株式会社竹中工務店
株式会社タダノ株式会社鶴見製作所
デンヨー株式会社
東亜建設工業株式会社
戸田建設株式会社
西松建設株式会社
阪和興業株式会社
日野自動車株式会社
北越工業株式会社
前田建設工業株式会社
三井物産株式会社
三菱ふそうバス・トラック株式会社

1,190名（役員、嘱託、臨時社員を除く）

Company Name

Head Office
1-19, Odori Higashi 3-chome Chuo-ku,
Sapporo, Hokkaido 060-0041 Japan
Established
October 28, 1964
Capitalization¥8.6 billion (Paid-in capital)
Listing Exchanges
Tokyo Stock Exchange, First Section
Sapporo Stock Exchange
Stock Code9678
Common Shares Issued and Outstanding
30,253,000
Fiscal Year-end
October 31
Revenues¥57,202 million(Fiscal year ended October 2005)

Principal Businesses
Rental of construction equipment
Sale of steel products
Rental of engineering workstations andcomputer peripherals.
Primary Lenders
The Bank of Tokyo-Mitsubishi UFJ
The Mitsubishi UFJ Trust and Banking
Corporation
Mizuho Corporate Bank
Sumitomo Mitsui Banking Corporation
North Pacific Bank
The Norinchukin Bank
The Hokkaido Bank
Hokkaido Shinren
Daishi Bank
Shinkin Central Bank
Principal Shareholders
ORIX Corporation
The Master Trust Bank of Japan, Ltd.
Taichu Kanamoto
Saburo Kanamoto
Komatsu Ltd.
Kanamoto Capital Company
Tokio Marine & Nichido Fire Insurance Co., Ltd.
North Pacific Bank, Ltd.
The Hokkaido Bank, Ltd.
Denyo Co., Ltd.

Primary Customers
Aichi Corporation
Isuzu Motors Limited
ITOCHU CONSTRUCTION MACHINERY.
ITOCHU Corporation Co., Ltd.
OBAYASHI CORPORATION
KAJIMA CORPORATION
Komatsu Ltd.
PENTA-OCEAN CONSTRUCTION CO., LTD.
SAKAI HEAVY INDUSTRIES, Ltd.
Shimizu Corporation
SHIN CATERPILLAR MITSUBISHI Ltd.
Taisei Corporation
Takenaka Corporation
TADANO Ltd.
Tsurumi Manufacturing Co., Ltd.
Denyo Co., Ltd
TOA Corporation
TODA Corporation
Nishimatsu Construction Co., Ltd.
HANWA Co., Ltd.
Hino Motors, Ltd.
HOKUETSU INDUSTRIES Co., Ltd.
MAEDA CORPORATIONMITSUI & Co., Ltd
Mitsubishi Fuso Truck and Bus Corporation

Number of Employees
1,190(Excluding directors and temporary or parttime workers)

本社ビル

東京事業部

Headquarters Buillding(Sapporo, Hokkaido)

Tokyo Operating Division

Kanamoto Semiannual Report 2006

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