ミッションステートメント
四十余年にわたり培った“カナモト・スタイル”。
さらなる可能性を求め、これからも。
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。市場ニーズに対応する機種、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。お客様の満足をさらに高めるため、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追求していきます。

Mission Statement
Over 40 years of continually challenging the potential of the construction equipment rental business.
Kanamoto's growth has been synonymous with the development of Japan's construction equipment rental business. We help customers rationalize theiroperations through equipment tailored to market needs, quality assurance, supply channels and a state-of-the-art business model developed to meet thechanging times. To attain higher levels of customer satisfaction, Kanamoto will continue to unleash the potential of construction equipment rental solutions.

Semiannual Report

For the 6 months ended April 30,

CONTENTS
連結財務ハイライト

3

Financial Highlights(Consolidated)

第45期第2四半期事業報告書

4/8

Report of Operating Results and Financial Position for the six month ended April 30, 2009連結財務諸表 6/10 Consolidated Financial Statements

トピックス

14

Topics

グラフで見る5年間（連結）16Performance at a Glance(Consolidated)

拠点ネットワーク17

Branch Network

役員

18

Board of Directors

会社概要

19

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。
■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。
■百万円未満の数字は切捨表示しています。

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, are descriptions 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 resultsof Kanamoto Co., Ltd. may vary substantially from the descriptions provided herein.
■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.
■Throughout this report, amounts of less than ¥1 million are truncated except in the financial statements, where figures of less than ¥1 million are
rounded.

2

Kanamoto Semiannual Report 2009

当社グループ連結財務ハイライト

Financial Highligh t s ( C o n s o l i d a t e d )千ドル
Thousands of
U.S.dollars

百万円/Millions of Yen

April 30, 2008 October 31, 2008 April 30, 2009 April 30, 2009
売上高

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

営業利益
経常利益
当期純利益
株主資本
総資産

37,236
2,918
2,833
1,476
38,94791,75569,411
2,227
2,028
644
37,784
91,741

32,590921793-14337,31197,784$333,302
9,424
8,117
-1,472
381,584
1,000,050
ドル/U.S.dollars

円/Yen

April 30, 2008 October 31, 2008 April 30, 2009 April 30, 2009
1株当たり当期純利益 Net income per share of common stock
1株当たり配当

Cash dividends per share of common stock

44.97
10.00

19.61
20.00

-4.38
10.00

-0.04
0.10

＊表示されている米ドル金 額は、2 0 0 9 年 4月3 0日現 在のおおよその実 勢 為替レート1ドル＝97.78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 ¥97.78 =U.S$1, the approximate excange on April 30, 2009
中間期 / Interrim period

売上高

4,236
2,918
2,227

1,291
1,404

2,000

921

1,500

20,000320

1,000

10,000

500
'07

'08

0

'09

4,416

'09

3,035

2,000
1,500

793

500

1,000

-143
-990

1,000

644

1,185
1,550

2,028

2,500

2,382

2,500
2,833

3,000

3,500
3,000

2,801

3,500

'08

Net Income

百万円
Millions of Yen

3,422

3,788

4,000

'07

1,476

Ordinary Income

4,500

'06

四 半 期（当 期）純 利 益

経常利益

百万円
Millions of Yen

'05

1,742

'06

1,048

'05

463
352

0

0
-500

40

500
0

2,873

2,500

32,59036,23034,52033,12637,2363,000

30,000

1,500

3,438

4,000
3,500

50,000

2,000

4,068

64,8504,500

60,00040,000Operating Income

百万円
Millions of Yen

69,411

68,62668,023

63,97580,00070,000

営業利益

Revenues

百万円
Millions of Yen

通期予想 / Projected

通期 / Full year

'05

'06

'07

'08

'09

-1,000

'05

'06

'07

'08

'09

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 9

3

第45期第2四半期事業報告書[2008（平成20）年11月1日から2009（平成21）年4月30日まで]［経営環境］
当社グループの第1、第2四半期におきましては、世界同時不況と形容されるほどに経済環境が急速に悪化、企業の生産調整、雇用調整から雇用不安も急速に広がりました。第2四半期後半には大企業を中心に在庫調整が進み新たな供給余地が整いつつあることと、景気浮揚策が徐々に効果を表してきたことなどから、一部に明るさが見えてきたものの、いまだ雇用状況好転や民間設備投資回復には程遠く、直近のGDPも過去最悪の成長率を記録するなど、国内景気は一段と悪化の傾向が続きました。特に建設業界にあっては、建設需要が加速度的に収縮した第1四半期同様、第2四半期もまた、建設需要が立ち直らないまま有力地場業者や住宅メーカー等のこの結果、2009（平成21）年10月期第2四半期の連結業績は、
連結売上高が325億90百万円となりました。
一方、利益面につきましては、
レンタル原価の逓減効果、諸経費の縮減などから営業利益、経常利益ともに修正業績予想を若干上回り、連結営業利益は9億21百万円、連結経常利益は7億93百万円となりました。最終純利益については投資有価証券
評価損を第1四半期、第2四半期と連続して計上するに至り、累計で5億86百万円を特別損失に計上したことなどから、
当第2四半期連結純損失は1億43百万円となりました。

［事業種類別セグメントの業績］

倒産が相次いでいるほか、
これまで堅調と言われた首都圏、建設関連事業

大都市圏の建設動向にも停滞感がでてきているなど、極めて建機レンタルの地域別売上高の対前年当該期比は、北海道

厳しい経営環境が続きました。

地区9.3％減、東北地区8.8％減、関東地区2.7％増、近畿中部
地区7.3％減、九州沖縄地区0.7％減と、各地域で売上シェアは［第2四半期の累計連結業績］伸長させたものの、全国的に建設需要が減少し続け、少ない

国内景気浮揚策は当社の第2四半期までの期間内に大きく

レンタル需要に競争が激化し、レンタル単価の下落が続くと反映されることはありませんでした。絶対的な建設需要の減いった傾向が如実に現れた結果となりました。

少から、建機レンタルについても各地で競争が激化したこと、関東地区は唯一、対前年当該期比を伸長させております。

また需給バランスが崩れている機種を中心にレンタル単価

これは他の地区と同様に官民ともに建設需要の減少は著しが下落傾向にありましたが、当社グループ一体となって営業

くありましたが、羽田空港等大型プロジェクト工事が続いてい強化に努めました結果、3月9日発表の修正業績予想に対し、ること、グループ各社の営業的な相乗効果が表れたためであ

第2四半期累計連結売上高は僅かながら上回りました。なお、ります。

一部地域的な爬行がありましたものの、後述のとおり各地域でまた、同事業分野における当該連結累計期間の販売売上は、シェアを相応に伸長させることができたと判断しております。

国内向け販売についてはレンタル同様、関東地区で大幅に■連結経営成績■連結セグメント別売上高
44期中間期

45期第2四半期（累計）44期中間期

45期第2四半期（累計）

売 上 高

37,236 （2.8）

32,590（−）

建設関連事業

34,235（1.7）

30,025（△12.3）

営業利益

2,918（△15.1）

921（−）

鉄鋼関連事業2,728（16.4）

2,338（△14.3）

経常利益

2,833（△17.2）

793（−）

情報通信関連・
その他事業

272（25.8）227（△16.7）

四半期（中間）純利益

1,476（△38.0）

△143
（−）

37,236（2.8）

32,590（△12.5）

単位：百万円

括弧内は対前年同四半期増減率（％）

第45期は四半期報告制度の適用初年度であり、第44期までと適用される会計基準や用語、様式および作成方法に関する規則等が異なるために対前年同四半期増減率は
「−」
を記載

4

Kanamoto Semia nnual Report 2009

合計

単位：百万円

括弧内は対前年同四半期増減率（％）

連結セグメント別売上比率
情報通信関連・その他事業

0.7％

建設関連事業
レンタル 71.1％
販売
21.0％

鉄鋼関連事業

7.2％

伸長しましたが、その他の地区では減少したことと、海外向け

パソコンが出回ったことなどから、当第2四半期連結累計期

中古機販売は中古機市場動向、為替動向を考慮した当初計間の売上高は対前年当該期比16.7％減の2億27百万円、営業

画に沿って売却台数をコントロールした結果、同29.1％減と利益は16百万円となりました。

なりました。
これらの結果、建設関連事業の当第2四半期連結累計期間の［特記すべき事業展開と拠点新設閉鎖の状況］

売上高は300億25百万円、営業利益は9億36百万円でした。

当第2四半期における拠点の新設閉鎖は、港北営業所（横浜

鉄鋼関連事業市港北区）ならびに横浜機械センター（横浜市青葉区）の2ヵ

鉄鋼製品販売事業は、建築需要の見込まれた道央圏も一向に所を閉鎖しました。また、株式会社九州建産の子会社である

回復せず、当第2四半期連結累計期間の売上高は対前年当該

株式会社建産福岡を、九州建産が吸収合併しております。
こ

期比14.3％減の23億38百万円、3百万円の営業損失となりまれらは営業、事務の効率化を目的に実施しました。

した。

なお、第3四半期に入ってからではありますが、後述のとおり

情報通信関連・その他事業

大阪中央営業所（大阪市此花区）を新設しました。同営業拠

情報通信関連事業は、急激な不況によるユーザーの経費削点は北港機械センターの移転開設のため、拠点数に増減は減傾向にあったことと、メーカーの在庫調整などによる廉価なありません。

■通期（2009年10月期）連結業績予想
前回発表予想数値
今回修正予想（2009年3月9日発表） （2009年5月29日発表）

売 上 高

63,900（△7.9）

64,850（△6.6）

営業利益510（△77.1）

320（△85.6）

経常利益

90（△95.6）40（△98.0）

通期業績予想の修正理由（抜粋）
昨年度の一次、二次補正予算、そして新年度予算と、内需拡大策が矢継ぎ早に打ち出されましたが、これら公共事業が本格化するのは第4四半期後半に入ってからと予想されます。
また、大型民四半期（当期）純利益

△800

（−）
単位：百万円△990（−）

括弧内は対前期増減率（％）

平成21年3月9日付発表の第45期通期の業績予想について、5月29日に修正を発表

間設備投資は未だ先の見えない状況が続いていることから、全国的に建設需要の回復は多くを見込めないものと思われます。
事業環境の厳しさは当期末まで続くものと判断されることから
期末業績予想を修正いたしました。
なお、業績回復に鋭意努力しておりますが、期末配当につきましては今後の業績推移の如何では変更する可能性もございます。

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 95連結財務諸表

連結貸借対照表（単位：百万円）

第44期中間期末（2008.4.30）

第44期末（2008.10.31）

第45期第2四半期末（2009.4.30）

資産の部（単位：百万円）

第44期中間期末（2008.4.30）（2008.10.31）

第44期末

第45期第2四半期末（2009.4.30）

負債の部

流動資産

36,74535,55734,523

流動負債28,26328,39430,122

現金及び預金15,992

14,07014,371

受取手形及び売掛金

12,671

12,878

11,995

14,17015,297

13,924

支払手形及び
買掛金

379

338

1,368

有価証券

4,600

3,700

4,250

たな卸資産

626

956

770

1年内返済予定の
長期借入金

9,130

9,599

10,511

建設機材

966

874

994

繰延税金資産

345

256

231

1年内償還予定の
社債

40

62

62

その他

539

927

528

未払法人税等

1,307

149

434

短期借入金

貸倒引当金

△494

△526

△535

賞与引当金

固定資産

55,00956,18463,261

未払金

有形固定資産47,64949,91956,869

その他

レンタル用資産11,31012,257

17,654

固定負債

建物及び構築物

6,521

6,900

7,848

社債

機械装置及び
運搬具

536

549

413

3,534

3,325

3,760

665

1,490

1,575

22,95425,14429,83940

86

55

17,453

19,37921,980

退職給付引当金

974

1,080

1,249

長期借入金

729

768

847

28,54529,07529,446

307

683

830

役員退職慰労
引当金

146

174

177

その他

1,126

1,163

1,221

長期未払金

3,799

3,935

5,928

無形固定資産

1,089

727

853

その他

540

488

449

負債合計

51,21853,53859,962

38,94737,78437,311

土地
建設仮勘定

のれん

946

557

618

その他

143

170

234

投資その他の資産

6,270

5,537

5,538

純資産の部

投資有価証券

4,052

2,847

2,739

株主資本

-

1,054

1,278

資本金

9,696

9,696

9,696

3,132

2,552

2,607

資本剰余金

10,96010,96010,960△913△917△1,086

利益剰余金

18,311

17,14916,67791,75591,74197,784

自己株式

△21

△22

△23

評価・換算差額等

1,272

162

140

その他有価証券
評価差額金

1,272

162

140

少数株主持分

316

255

370

純資産合計

40,53638,20237,822

負債純資産合計

91,75591,74197,784

繰延税金資産
その他
貸倒引当金
資産合計

6

Kanamoto Semia nnual Report 2009

連結損 益 計 算 書（単位：百万円）

第44期中間期（2007.11.1〜
2008.4.30）

第44期（2007.11.1〜
2008.10.31）

第45期第2四半期（累計）（2008.11.1〜
2009.4.30）

37,236

69,411

32,590

売上高
売上原価

26,19550,80323,241

売上総利益

11,041

18,608

9,348

販売費及び
一般管理費

8,123

16,380

8,427

営業利益

2,918

2,227

921

営業外収益

200

410

183

受取利息

33

69

27

受取配当金

17

68

7

受取保険金

44

70

22

受取賃貸料

43

71

22

受取報奨金

4

7

2

負ののれん償却額

-

-

34

その他

57

123

66

営業外費用

286

609

311

支払利息

170

375

199

手形売却損

43

80

34

投資有価証券
売却損

0

-

-

その他

71

154

77

経常利益

2,833

2,028

793

特別利益

43

73

29

固定資産売却益18

23-

投資事業組合出資金運用益

-

1

-

貸倒引当金戻入額

19

44

3

退職給付引当金戻入額

-

-

16

その他

5

4

9

特別損失

110

223

655

固定資産除売却損

42

81

29

減損損失

0

0

0

投資有価証券評価損

5

54

586

連結キャッシュ・フロー計算書（単位：百万円）

第44期中間期（2007.11.1〜
2008.4.30）

第45期第2四半期（累計）第44期（2008.11.1〜（2007.11.1〜
2009.4.30）
2008.10.31）

営業活動によるキャッシュ・フロー

5,134

3,456

2,647

税金等調整前四半期（当期）純利益

2,765

1,878

168

減価償却費
減損損失
のれん償却額
固定資産除売却損益（△は益）
少額レンタル用資産割賦購入額
建設機材売却に伴う原価振替額

2,525
0
127
24
44
2

5,573
0
253
58
49
5

2,230
0
85
29
17
12

レンタル用資産売却に伴う
原価振替額

259

662

331

△1,855△3,345△2,234

退職給付引当金の増減額（△は減少）

37

88

94

役員退職慰労引当金の増減額（△は減少）

1341△5

受取利息及び受取配当金
レンタル用資産割賦購入支払利息
支払利息
売上債権の増減額（△は増加）
たな卸資産の増減額（△は増加）
仕入債務の増減額（△は減少）
未払金の増減額（△は減少）
その他
小計
利息及び配当金の受取額
利息の支払額
法人税等の支払額
投資活動によるキャッシュ・フロー
定期預金の預入による支出
定期預金の払戻による収入
有形固定資産の取得による支出
有形固定資産の売却による収入
無形固定資産の取得による支出
投資有価証券の取得による支出
投資有価証券の売却による収入

△51

48
170
1,213
18
316
1,276
△292
6,719
51
△227
△1,408△2,649△46
124△2,466
142
△21
△10
28

△137

99
375
492
△162
991
25
△723
6,373
138
△484
△2,571△4,125△148
277△3,524
171
△51
△223
56

△34

81
199
2,061
210
△1,352
352
112
2,919
36
△297
△11
△2,287
121△1,696
16
△29
△515
51

連結の範囲の変更を伴う
子会社株式の取得による支出

-

△231

△169

子会社株式の取得による支出

△303

△376

△46

-

5

-

子会社の設立による支出
その他
財務活動によるキャッシュ・フロー

△100

△100

△21

短期借入金の純増減額（△は減少）

△60

△136

137

レンタル用資産取得による支出
投資有価証券評価損益（△は益）投資有価証券売却損益（△は益）貸倒引当金の増減額（△は減少）
賞与引当金の増減額（△は減少）

非連結子会社株式の売却による収入

5
0
91
△23

54
0
108
△18

586
2
118
△148

投資事業組合出資金運用損

19

-

-

商品評価損

12

-

-

その他

28

85

38

税金等調整前四半期（当期）純利益

2,765

1,878

168

法人税、住民税
及び事業税

1,264

1,159

402

法人税等調整額

△37

△7

△183

少数株主利益6282

93

現金及び現金同等物の増減額（△は減少）

2,526

△327

947

△143

現金及び現金同等物の期首残高

17,213

17,213

17,566

非連結子会社との合併に伴う現金及び現金同等物の増加額

680

680

24

20,42017,566

18,538四半期（当期）
純利益

1,476

644

長期借入れによる収入
長期借入金の返済による支出
社債の償還による支出
割賦債務の返済による支出
自己株式の取得による支出
配当金の支払額

現金及び現金同等物の四半期末残高

3
41

6,860

△5,138△20△1,236
△1
△361

20
341

13,960△10,223△40△2,524
△2
△690

0
587

8,000

△5,391△31△1,800△1△326

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 9

7

Changes in accounting principles, procedures andpresentation methods pertaining to preparation of theconsolidated financial statements.
a) Beginning from this consolidated accounting fiscal year,
the Company has adopted the “Accounting Standard for
Quarterly Financial Reporting” and the “Guidance on
Accounting Standard for Quarterly Financial Reporting”. In
addition, the quarterly consolidated financial report has
been prepared in accordance with the “Regulation for
Quarterly Consolidated Financial Statements.”b) Changes in appraisal standards and appraisal methods
for principal assets Inventory assets
Beginning from the first quarter consolidated accounting fiscal
period under review, the Company will apply the “AccountingStandard for Measurement of Inventories” and will value inventories based on the original cost method, with cost being determined
mainly by the Last-in, First-out method (amounts shown on
Balance Sheets will the reduced book value based on decline inprofitability).
The affect of this change on earnings is not material.

Construction equipment

Traditionally, the Company and its domestic consolidated subsidiaries
valued construction equipment using the amount after deduction ofdepreciation expense as calculated according to the declining-balancemethod from the original prices, by separate fiscal year of purchase.
Beginning from the first quarter consolidated accounting period underreview, the Company will calculate the amount after deduction ofdepreciation expense as calculated according to the straight-line
method from the original prices, by separate fiscal year of purchase.
As a result, the cost of revenues from operations decreased by ¥34
million, and gross profit, operating income, ordinary income andincome before taxes and adjustments increased by the same amount,respectively, compared to what they otherwise would have been had
the accounting standards used in past periods been applied.

Changes in accounting standards used for normal
accounting treatment

Application of accounting standards for lease transactions(Lessee side)
The Company traditionally accounted for finance lease transactions
other than leases that transfer ownership of the property by applying
accounting treatment based on the method applied for ordinary rental
transactions. For quarterly consolidated financial statements pertaining to the consolidated fiscal year that begins on or after April 1, 2008,
however, corporations will be able to apply the “Accounting Standard
for Lease Transactions” and the “Guidance on Accounting Standard
for Lease Transactions”, and beginning from the first quarter
consolidated accounting period under review, the Company will
apply these standards and account for such transactions using amethod similar to that used for ordinary sale and purchase transactions. In addition, for depreciation for lease assets related to financelease transactions other than leases that transfer ownership of theproperty, the Company has adopted the straight-line depreciation
method, using the term of the lease as the depreciable life and aresidual value of zero.
For finance lease transactions other than leases that transfer ownershipof the property for which the lease transaction starting date predates
the beginning of the first year in which the lease accounting standard
will be applied, the Company will continue to apply the accounting
practices based on the method for ordinary rental transactions.
The affect of this change on earnings is not material.

Change in depreciation methods for principal depreciable assets

Tangible fixed assets Traditionally, the Company and its domestic
consolidated subsidiaries have applied the declining balance methodfor depreciation of rental equipment. Beginning from the first quarter
consolidated accounting period under review, the Company and its
domestic subsidiaries have adopted the straight-line depreciation
method.
As a result, the cost of revenues from operations decreased by ¥1,129
million, and gross profit, operating income, ordinary income andincome before taxes and adjustments increased by the same amount,respectively, compared to what they otherwise would have been had
the accounting standards used in past periods been applied.

8

Kanamoto Semia nnual Report 2009

Report of Operating Results and Financial Position
for the six months ended April 30, 2009
November 1, 2008 - April 30, 2009

< Management Environment >During the Kanamoto Group's first and second quarters, theeconomic environment deteriorated rapidly in the wake of thesimultaneous global economic slowdown. The recessionary mood
was heightened as concerns over job insecurity spread rapidly,
driven by corporate production cutbacks and workforce adjustments. Furthermore, despite the appearance of some bright spots
resulting from ongoing progress in inventory adjustments
centered on major enterprises that laid the groundwork forsupplying new products, and emerging signs that economic
stimulus policies are gradually having an effect, the downward
trend of Japan's domestic economy remained unchanged during
the second quarter, and a recovery in employment and private
sector capital investment remained distant, as the economy
exhibited the worst GDP growth rate ever recorded. In theconstruction industry in particular, the extremely severe management environment continued. Similar to the first quarter, whenconstruction demand declined at an accelerating pace, there wasstill no recovery in construction demand during the second
quarter, as leading local firms and housing construction companies
continued to file for bankruptcy, and as construction activity in theTokyo metropolitan area and other major urban centers, which had
remained steady, began to slow.

< Fiscal Year Interim Period Consolidated Operating
Results >Although the government enacted two supplementary budgets inthe prior fiscal year as a domestic economic stimulus package, anddrafted a new fiscal year budget and budgetary process incorporating a domestic demand expansion plan, these public works are
not expected to have a broad effect until after the latter half of the
fourth quarter of the fiscal year. Through the second quarter, theresults were not very apparent. Despite such conditions, theCompany was able to increase interim period consolidated net
sales slightly above the revised operating results projection
released on March 9, as a result of efforts to strengthen sales andmarketing across the entire Kanamoto Group, even though competition in the construction equipment rental business in various
regions has intensified because of an absolute decline in construction demand and rental unit prices are exhibiting a downward
trend centered on models affected by a collapse in the balance ofdemand-and-supply. The Company judges it also was able toexpand its market share in scattered regions.
As a result, consolidated revenues for the interim period of the
fiscal year ending in October 2009 were ¥32,590 million.
Operating income and ordinary income were slightly higher than
the revised operating results forecast, reflecting a rental equipment
cost depletion effect and reductions in overhead. Consolidated
operating income was ¥921 million, and consolidated ordinary
income was ¥793 million. As final net earnings, the Company
posted an interim period consolidated net loss of ¥143 million. This
reflected losses on valuation of investment securities recorded inboth the first and second quarters totaling ¥586 million, whichwere recorded as extraordinary losses.

< Segment Information >Business related to the Construction Equipment Rental
Division

By region, compared with the same period of the previous consolidated fiscal year net sales for construction equipment rentals
decreased 9.3% in the Hokkaido Region, fell 8.8% in the Tohoku
Region, increased 2.7% in the Kanto Region, declined 7.3% in the
Kinki & Chubu Region and slipped 0.7% in the Kyushu andOkinawa Region. This result realistically reflected the fact that

Consolidated Operating Results(Millions of yen, Percentages show the change from prior year)

Revenues
Operating income
Ordinary income
Net income

Fiscal Year Ended October 31, 2008 Fiscal Year Ending October 31, 2009
:Second Quarter:Second Quarter

37,236
2,918
2,833
1,476

2.8%
-15.1%-17.2%-38.0%

32,590
921
793
-143

-

Note:The 45th Business Period is the first year in which the Company will apply the quarterly financial reporting system. Because the rules concerning accounting standards,
terminology, formats and method for preparation of financial statements differs from those applied until the 44th Business Period, the percentage change compared with thesame quarter of the prior fiscal year is indicated by a hyphen (“-”).

Divisional Sales(Consolidated)(Millions of yen, Percentages show the change from prior year)

Construction Equipment Rental Business
Steel Product Sales Business
Computing Product and Other Businesses
Total
while Kanamoto was able to expand its share of available sales invarious regions, construction demand continued to fall throughout
Japan and competition for the remaining small volume of rental
demand has intensified, and the fact the downward trend in rental
unit prices is unabated.
The Kanto Region was the sole area where Kanamoto achieved
year-on-year growth in consolidated net sales. Although a drop in
construction demand by both the public and private sectors wasevident, similar to other regions, Kanamoto's performance reflected
the ongoing works for large-scale projects such as the Tokyo International Airport (Haneda) Expansion Project, and demonstrated thesynergistic effect among each company in the Kanamoto Group.
Revenues from sales of used construction equipment for the consolidated interim period under review decreased 29.1% year-on-year.
The decline was the result of lower sales in the domestic market,
which exhibited the same pattern as equipment rentals andexpanded greatly in the Kanto Region while declining in other areas,
and limits on the number of used machines sold in the overseas
market, in accordance with the Company's initial plan, in light of theused equipment market trend and direction of exchange rates.
As a result of these factors, in the construction-related businessesof the entire Kanamoto Group, revenues for the interim period of
the consolidated accounting fiscal year were ¥30,025 million andoperating income was ¥936 million.

Business related to the Steel Sales Division

In the steel products sales business, the Doo Block in Hokkaido wherebuilding demand had been expected did not enjoy a recovery. For theinterim period of the consolidated fiscal year under review, revenues
fell 14.3% from the same period of the previous consolidated fiscal
year to ¥2,338 million. The operating loss was ¥3 million.

Fiscal Year Ended October 31, 2008 Fiscal Year Ending October 31, 2009
:Second Quarter:Second Quarter

34,235
2,728
272
37,236

1.7%
16.4%
25.8%
2.8%

30,0252,338
227
32,590

Divisional Sales Ratio(Consolidated)
Computing Product andOther Businesses 0.7％
Steel Product
Sales Business

7.2％
Construction
Equipment
Rental Business
Rentals 71.1％
Sales
21.0%

Information Products Division-related businesses andother businessIn the Company's information and telecommunications-related
division, there was no change in the tendency of customers to lower
spending because of the sharp economic downturn. Revenues forthe interim period of the consolidated fiscal year under review
were ¥227 million, down 16.7% compared with the same period one
year earlier, and operating income was ¥16 million.

< Business development issues deserving special
mention and status of branch office changes >During the second quarter, the Company closed its Kohoku Branch(Kohoku Ward, Yokohama) and the Yokohama Equipment Center(Aoba-ku, Yokohama). In addition, Kensan Fukuoka Co., Ltd., asubsidiary of Kyushu Kensan Co., Ltd. was merged into Kyushu
Kensan. This change was implemented to improve the efficiency ofsales and administration.As indicated above, in the third quarter
Kanamoto established its new Osaka Chuo Branch (Konohana
Ward, Osaka). There is no change in the number of branches
because the new business base was established by relocating its
North Port Equipment Center.

Projected Consolidated Operating Results for the Fiscal Year Ending October 2009
(Millions of yen, Percentages show the change from prior year)

Revenues
Operating income
Ordinary income
Net income-12.3%-14.3%-16.7%-12.5%

Prior projection(Mar 9, 2009)

63,900
510
90
-800

-7.9%
-77.1%-95.6%-

Revised projection(May 29, 2009)

64,850
320
40
-990

-6.6%
-85.6%-98.0%-

Note:On May 29, the Company announced revisions to the projections of consolidated and non-consolidated operating results released on March 9, 2009.

Reasons for the revision to the projected full-year operating results (excerpt)
Although the government enacted two supplementary budgets in the prior fiscal year and the budget and domestic demand stimulus plan for the new fiscal
year in rapid succession, these public works are not expected to have a broad effect until after the latter half of the fourth quarter of the fiscal year. Moreover,a nationwide recovery in construction demand appears unlikely because the outlook for large-scale private sector capital investment remains clouded.
Because it judges the severity of the current operating environment will continue until the end of the current fiscal year, Kanamoto has also revised its
operating results projection for the full fiscal year.
Although the Company is working diligently to achieve a recovery in its business, there is a possibility it will change its year-end dividend depending on
future changes in operating results.

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 9

9

Consolidated Financial Statements

Interim Consolidated Balance Sheets
Thousands of U.S.
dollars (Note)

Millions of yen
April 30, 2008
(unaudited)

October 31, 2008

April 30, 2009
(unaudited)

April 30, 2009

¥20,592
14,171
1,593
345
540
(495)
36,746¥17,770
15,298
1,831
257
927
(526)
35,557¥18,621
13,924
1,755
231
529
(536)
34,524$190,438
142,406
17,942
2,363
5,407(5,480)353,076Land
Construction in progress
Total Property and equipment

41,83317,007
5,628(45,671)
18,79728,545307
47,64943,695
17,8705,786(47,191)
20,16029,076683
49,91952,921
19,793
6,282(52,403)
26,59329,446831
56,870541,221202,423
64,248(535,927)
271,965
301,1488,495
581,608

Investment and other assets:
Investment securities:
Subsidiaries and affiliates
OthersOther assets
Less: Allowance for doubtful accounts
Total investments and other assets
Total assets

515
4,052
3,707
(914)
7,360
¥91,755

520
2,328
4,335
(918)
6,265
¥91,741

558
2,181
4,739
(1,087)
6,391¥97,785

5,707
22,31048,465(11,116)
65,366$1,000,050

Liabilities and Shareholders' equity
Current liabilities:
Short-term bank loans
Current portion of long-term debt
Notes and accounts payables, trade
Accrued income taxes
Accrued bonuses
Other current liabilities
Total current liabilities

¥380
9,170
12,672
1,307
536
4,199
28,264¥339
9,661
12,879
150
550
4,816
28,395¥1,36910,574
11,995
435
413
5,336
30,122$13,996
108,137
122,678
4,448
4,227
54,574
308,060

Non-current liabilities:
Long-term debt
Accrued pension and severance costs
Other liabilities
Total non-current liabilities

17,493974
4,487
22,954

19,466
1,080
4,598
25,14422,035
1,250
6,554
29,839225,355
12,78067,039305,174

Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Unrealized holding gain on securities
Minority interests
Total shareholders' equity
Total liabilities and shareholders' equity

9,697
10,961
18,311
(21)
1,273
316
40,537¥91,755

9,697
10,961
17,150(23)
162
255
38,202¥91,741

9,697
10,961
16,678(24)
141371
37,824¥97,785

99,169112,097
170,562
(243)
1,439
3,792
386,816$1,000,050

AssetsCurrent assets:
Cash and deposits
Notes and accounts receivable, trade
Inventories
Deferred income taxes
Other current assets
Less: Allowance for doubtful accounts
Total current assets
Property and equipment
Rental equipment
Buildings and structures
Machinery and equipment
Less: Accumulated depreciation

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.78=US$1, the approximate exchange rate on April 30, 2009.

10

Kanamoto Semiannual Report 2009

Interim Consolidated Statements of Income
Thousands of U.S.
dollars (Note)

Millions of yen
Prior fiscal year interim
period(From November 1, 2007
to April 30, 2008)

Rental revenues and sales of goods:
Rentals
Sales

Current fiscal year
Prior fiscal year period(From November 1, 2007 interim period (FromNovember 1, 2008 to
to October 31, 2008)
April 30, 2009)

Current fiscal year
interim period (FromNovember 1, 2008 to
April 30, 2009)¥24,815
12,422
37,237¥46,296
23,11569,411¥23,398
9,192
32,590$239,296
94,006
333,302

Gross profit
Selling, general and administrative expenses
Operating income

17,248
8,947
26,195
11,0428,123
2,919

33,15817,64550,80318,60816,3802,228

16,0207,222
23,242
9,349
8,427
922

163,835
73,859237,694
95,60886,183
9,425

Other income(expense):
Interest and dividend income
Gain on sale of property and equipment
Interest expenses
Other, net
Income before income taxes and minority interests

51
18
(171)
(51)
2,766

137
(376)
(111)
1,878

35
(200)
(589)
168

357
(2,043)(6,019)
1,720

1,264
(38)
1,226
(63)
¥1,477

1,159
(8)
1,151
83
¥644

403
(183)
219
93
¥(144)

4,117(1,876)2,241
952$(1,473)

Cost of revenues
Rentals
Sales

Income taxes:
Current
Deferred
Minority interests in subsidiaries
Net income (loss)

U.S. dollars (Note)yen
Prior fiscal year interim
period(From November 1, 2007
to April 30, 2008)

Per share of common stock
Net income(loss)
Basic
Diluted¥44.97-

Current fiscal year
Prior fiscal year period(From November 1, 2007 interim period (FromNovember 1, 2008 to
to October 31, 2008)
April 30, 2009)¥19.61-

Current fiscal year
interim period (FromNovember 1, 2008 to
April 30, 2009)¥(4.38)-$(0.04)-

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.78=US$1, the approximate exchange rate on April 30, 2009.

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 9

11

Interim consolidated Statements of Cash Flows
Thousands of U.S.
dollars (Note)

Millions of yen
Prior fiscal year interim
period(From November 1, 2007
to April 30, 2008)

Cash flows from operating activities:
Net income before income taxes and minority interests
Adjustments for:
Depreciation expenses
Impairment loss
Loss on disposal or sales of property and equipment
Write-down of investments in securities
Loss on sales of investments in securities
Provision (reversal of provision) for allowance of doubtful accounts
Provision (reversal of provision) for accrued pension and severance costs
Interest and dividend income
Interest expenses
Decrease in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividend income received
interest expenses paid
Income taxes paid
Net cash provided by operating activities

Current fiscal year
Prior fiscal year period(From November 1, 2007 interim period (FromNovember 1, 2008 to
to October 31, 2008)
April 30, 2009)

Current fiscal year
interim period (FromNovember 1, 2008 to
April 30, 2009)¥2,766¥1,878

¥168

2,525
0
43
6
91
38
(51)
219
1,214
18
316
(466)
6,719
51
(227)
(1,408)
5,135

5,574
0
82
55
0
109
89
(138)
475
493
(163)
992
(3,073)
6,373
139
(484)
(2,571)
3,457

2,231
0
30
586
2
118
95
(35)
200
2,062
210
(1,353)(1,395)
2,919
36
(298)
(11)
2,646

$1,720022,813
3
305
5,996
21
1,210
970
(357)
2,043
21,0842,150(13,835)(14,263)
29,860372(3,043)(116)
27,073

Cash flows from investing activities:
Payments for purchase of investment securities
Proceeds from sales of investments securities
Payment for purchase of property and equipment
Other, net
Net cash used in (provided by) investing activities(10)
29(2,466)(203)(2,650)(223)
56(3,524)(434)(4,125)(515)
52(1,696)(129)(2,288)(5,267)530(17,345)(1,315)(23,397)

Cash flows from financing activities:
Increase (decrease) in short-term bank loans, net
Proceeds from long-term debt
Repayments of long-term debt
Repayments of lease obligations
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities

(60)
6,860
(5,159)(1,237)
(361)
(1)
42

(136)
13,960(10,264)(2,525)
(690)
(4)
341

138
8,000
(5,423)(1,800)
(326)
(1)
588

1,411
81,816(55,457)(18,409)(3,339)
(11)
6,011

2,527
17,214680¥20,421(327)
17,214680¥17,567

947
17,567
25¥18,539

9,687
179,655
252$189,594

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Increase in cash and cash equivalents from newly consolidated subsidiaries
Increase in cash and cash equivalents resulting from merger of subsidiaries
Cash and cash equivalents at end of the year

Note:U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.78=US$1, the approximate exchange rate on April 30, 2009.

12

Kanamoto Semia nnual Report 2009

Interim Consolidated Statements of Shareholders' Equity
Thousands ofsharesMillions of yen

Number ofshares ofcommonstock

Commonstock

CapitalsurplusRetainedearnings

TreasurystockNetunrealized
holding gains
on securities

Minority
interests

Total net
assetsBalance at October 31, 2007
Net income
Cash dividends
Acquisition of treasury stock
Change in scope of consolidation
Net changes in items except shareholders' equity
Balance at April 30, 2008

32,87232,872¥9,697¥9,697¥10,961¥10,961¥17,331
1,477
(362)
(138)
¥18,311

¥(20)
(1)
¥(21)

¥2,002(729)¥1,273¥316¥316¥39,974
1,477
(362)
(1)
(138)
(413)
¥40,537

Balance at October 31, 2007
Net income
Cash dividends
Acquisition of treasury stock
Change in scope of consolidation
Net changes in items except shareholders' equity
Balance at October 31, 2008

32,87232,872¥9,697¥9,697¥10,961¥10,961¥17,334
644
(690)
(138)
¥17,150

¥(20)
(3)
¥(23)

¥2,002(1,840)
¥162

¥255
¥255

¥39,974
644
(690)
(3)
(138)
(1,585)¥38,202

Balance at October 31, 2008
Net income
Cash dividends
Acquisition of treasury stock
Net changes in items except shareholders' equity
Balance at April 30, 2009

32,87232,872¥9,697¥9,697¥10,961¥10,961¥17,150(144)(328)¥16,678

¥(23)
(1)
¥(24)

¥162
(21)
¥141

¥255
116
¥371

¥38,202
(144)
(328)
(1)
95
¥37,824

Minority
interests

Total net
assetsThousands of U.S. dollars (Note)
TreasurystockNetunrealized
holding gains
on securities$99,169 $112,097 $175,393 $(232)(1,473)(3,358)(11)$99,169 $112,097 $170,562 $(243)$1,660(221)$1,439Commonstock

Balance at October 31, 2008
Net income
Cash dividends
Acquisition of treasury stock
Net changes in items except shareholders' equity
Balance at April 30, 2009

CapitalsurplusRetainedearnings$2,609 $390,696(1,473)(3,358)
(11)
962
1,183
$3,792 $386,816

Note: U.S. dollar amounts have been translated from yen for convenience only, at the rate ¥97.78=US$1, the approximate exchange rate on April 30, 2009.

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 9

13

トピックスBoard of Directo r s( A s o f J u n e 2 0 0 9)
Topics

当社子会社である上海金和源のもっとも重要な顧客「上海建工集団」のカナモト
視察団ご一行が来日されました。当社社長との対談後、当社最大の拠点である
苫小牧営業所など当社のバックアップ体制を視察いただきました。

2008.11上海トップの建設会社「上海建工集団」が来日、当社を訪問

After its success in multiple demonstration tests, the new “Bridge Dragon” highly
efficient bridge inspection vehicle made its rental debut. “Bridge Dragon” is anadvanced vehicle that significantly reduces hazardous work by enabling an
operator to perform inspections using a highly sensitive camera attached to theend of a boom, and supports cost reductions by increasing work efficiency andshortening operating time.

実証実験を重ねてきた新型橋梁点検車「橋竜」がレンタルデビュー。
「橋竜」はブーム先端の高感度カメラで点検を行うことで危険作業を大幅に軽減する最新車輌で、作業の効率化や期間短縮によるコスト削減をサポートします。

Four new branches established in November and December

11月・12月に計4営業所を新設

Kanamoto opened its Tsugaru Dam Branch (Nishimeya Village, Nakatsugaru-gun,
Aomori Prefecture) in November, followed by the opening of the Yaita Branch (Sakura,
Tochigi Prefecture) and Soma Branch (Shinchi, Souma-gun, Fukushima Prefecture) in
December. Kanki Corporation established its Aioi Branch (Aioi, Hyogo Prefecture) in
November.

11月の津軽ダム営業所（青森県中津軽郡西目屋村）に続いて、12月には矢板営
業所（栃木県さくら市）と相馬営業所（福島県相馬郡新地町）をオープン。
また、
株式会社カンキが11月に相生営業所（兵庫県相生市）を開設しました。

2008.12

第11回ノムラ資産管理フェアに出展

In the week following the release of its financial statements, Kanamoto convened
briefings and held 1-on-1 meetings for institutional investors at conference rooms of
the Securities Analysts Association of Japan. Nobuhito Utatsu, Director and Corporate
Officer and the Division Manager of Kanamoto’s Accounting Division, provided asummary of the settlement of accounts and discussed the outlook for the next period.

決算発表の翌週には（社）日本証券アナリスト協会会議室で機関投資家向け説明会並びに1on1を開催しました。取締役執行役員経理部長の卯辰伸人から決算概要や来期見通しなどについてご説明しました。

Individual investor briefing held in Sapporo

札幌で個人投資家説明会を開催

Kanamoto held a briefing for individual investors at the Sapporo Branch of Mitsubishi UFJ Securities Co., Ltd. after releasing its settlement of accounts. The briefing
was heavily attended despite being held during the mid-December busy season.

決算発表後、三菱UFJ証券札幌支店で個人投資家説明会を開催。師走半ばの忙しい時期にもかかわらず大勢の皆様にお集まりいただきました。

第45期（2009年10月期）第1四半期決算発表
本邦初、排出量取引付きコミットメントファシリティを設定
本邦初となる「排出量取引付きコミットメントファシリティ」を設定いたしました。
コミットメントファシリティを設定する際に発生するアレンジメントフィー（組成手数料）から、排出量取得のための資金を拠出して、インドの風力発電プロジェ
クトでの排出権を取得し、その排出権を日本国政府へ無償譲渡するものです。

14

Kanamoto Semiannual Report 20092009.3

平成21年10月期第2四半期累計期間及び通期業績予想の修正について発表

2009.2

三菱UFJ証券仙台支店を皮切りに関西ノムラ資産管理フェア、JAII資産運用フォーラムに出展。3月には東証IRフェスタ2009、そして札証上場会社合同説明会に参加いたしました。

2009.1

仙台、札幌での説明会と3つのIRイベントに出展

Kanamoto exhibited at 11th Nomura Asset Management Fair

Financial statements for the 44th Business Period (Business Period ended
October 2008) released, and briefings and 1-on-1s held

第44期（2008年10月期）決算発表、説明会・1on1を実施

1月29日、当社本社ビルで第44回定時株主総会を開催。当日は100名超の株主様にご来場いただきました。上程しました4議案は満場一致で可決しました。

Announcement concerning revision of projected full-year operating
results for the Business Period Ending October 2008
Kanamoto again exhibited at the Nomura Asset Management Fair, as it has continued
to do each year since 2005. The successive “mini mini-briefings” implemented by theCompany proved effective and were attended by numerous individual investors.

2005年から出展を続けているノムラ資産管理フェアに今年も出展。連続して実施したミニミニ説明会の効
果もあって数多くの個人投資家の皆様にお越しい
ただきました。

第44回定時株主総会を開催

A Kanamoto study group from Shanghai Construction Group, the most importantcustomer of Shanghai Jinheyuan Equipment Rental Co., Ltd., a Kanamoto subsidiary,
made a visit to Japan. Following discussions with Kanamoto’s president, the groupinspected Kanamoto’s backup organization including the Tomakomai Branch,
Kanamoto’s largest base.

Kanamoto began rentals of the new “Bridge Dragon” highly efficient
bridge inspection vehicle

新型橋梁点検車「橋竜」のレンタルを開始

平成20年10月期通期業績予想の修正について発表

Shanghai Construction Group, the leading construction company inShanghai, China, visited Japan and called on Kanamoto

44th Regular General Meeting of the Shareholders held

The Company held its 44th Regular General Meeting of the Shareholders at the
Kanamoto Head Office building on January 29. Over 100 shareholders attended themeeting. Four resolutions placed on the agenda were approved by unanimous consent.

Briefings held in Sendai and Sapporo, and Company exhibited at 3 IR events

Kanamoto hosted an exhibit at the Sendai Branch of Mitsubishi UFJ Securities Co.,
Ltd., followed by participation in the Kansai Nomura Asset Management Fair and the
JAII Asset Management Forum. In March the Company participated in Tokyo Stock
Exchange IR Festa 2009 and in a joint briefing at the Sapporo Stock Exchange.

Announcement concerning revision of interim period operating results
and projected full-year operating results for the Business Period Ending
October 2009
Announcement of settlement of accounts for the first quarter of the 45th
Business Period (Business Period Ending October 2009)
Japan’s first commitment facility with emissions trading Established

Kanamoto established Japan’s first commitment facility with emissions trading. The
Company will donate funds from the arrangement fee (structuring fee) generated
when the commitment facility is established and use the funds to acquire emissions
rights from a wind power generation project in India. Kanamoto will assign the rights
to Japan’s central government at no charge.

毎年ご盛況いただいているカナモトサンクスフェアを、今年も中標津を皮切りに5カ月間で北海道地区・東北地区の12カ所で開催しました。今後は9月に盛岡と旭川での開催を予定しています。お近くの皆様、当社HPで詳細をご確認のうえ、
ぜひご来場ください。

2009.3

今年も各地で開催、カナモトサンクスフェア2009

Kanamoto acquired all of the shares of Narasaki Lease Co., Ltd., Tokyo Narasaki
Rental Co., Ltd., Akita Narasaki Rental Co., Ltd. and Aomori Narasaki Rental Co.,
Ltd. from Narasaki Sangyo Co., Ltd. (Tokyo Stock Exchange 2nd Section, Securities
Code 8085; Head Office: Sapporo), making the four firms Kanamoto subsidiaries.

当社はナラサキ産業株式会社（東証2部：8085 本社：札幌市）から、同社の子会社であるナラサキリース、東京ナラサキレンタル、秋田ナラサキレンタル、青森
ナラサキレンタルの計4社の株式を譲り受け、子会社化いたしました。

2009.4

関東地区の大型拠点、野田集約センターを新設

決算発表の翌週には（社）日本証券アナリスト協会会議室で機関投資家向け説明会並びに1on1を開催しました。取締役執行役員経理部長の卯辰伸人から
第2四半期の決算概要や通期見通しなどについてご説明しました。

Exhibited at Event Japan 20092009.6

第45期第2四半期決算発表、説明会・1on1を実施

Financial statements for the Second Quarter of the 45th Business Period
released, and briefings and 1-on-1s held

Osaka Chuo Branch established大阪中央営業所を開設しました

Kanamoto relocated the North Port Equipment Center it established as a
deployment base in response to the Hanshin-Awaji (Kobe) Earthquake in 1995 andnewly established the center as the Osaka Chuo Branch (Konohana Ward, Osaka).
The new branch, which enjoys a superb excellent access environment, will become
the largest base in the Kansai Region and maintains a broad range of rental items
from general-purpose equipment to small machines.

阪神淡路大震災対応の出荷基地として1995年に開設した北港機械センターを移転し、大阪中央営業所（大阪市此花区）として新たに開設いたしました。
良好なアクセス環境にある同営業所は、汎用機から
小型機械まで幅広いレンタルアイテムを取り揃える
関西圏の最大の拠点となります。

浜松町Kビル（東京都港区）の増築工事を実施しておりまし
たが、この7月に無事完了しました。
この新社屋は、共用部分などに当社取扱商品でもあるルミダスLED照明を使用するなど、環境配慮型のオフィスビルとなっています。なお、当ビルは当社の営業統括本部で、関連子会社5社の本部機能を収容しています。

2009.7

浜松町Kビルの増築工事が完了

In the week following the release of its financial statements, Kanamoto convened
briefings and held 1-on-1 meetings for institutional investors at conference roomsof the Securities Analysts Association of Japan. Nobuhito Utatsu, Director andCorporate Officer and the Division Manager of Kanamoto’s Accounting Division,
provided a summary of the interim settlement of accounts and discussed theoutlook for the full year.
Kanamoto held a briefing for individual investors at the Omiya Branch of Nomura
Securities Co., Ltd. For investors who attended, the Company provided a businessoverview of Kanamoto and explained the construction equipment rental industry
and Kanamoto’s recent operating results.

野村證券大宮支店で個人投資家説明会を開催。
ご来場いただいた皆様に、当社の事業概要とともに建機レンタル業界や足元の業績などについてご説
明申し上げました。

株式投資のポータルサイト「株なび」主催の個人投資家向けセミナーに当社も初めて参加しました。
当社から事業概要や建機レンタル業界についてご説明した後、ゲスト講師の藤沢久美氏によるイン
タビュー形式の座談会が実施され、カナモトの特徴や優位性、将来の見通しなどについて対談しました。

Announcement concerning revision of interim period operating results
and projected full-year operating results for the Business Period Ending
October 2009

Individual investor briefing held in Omiya

大宮で個人投資家説明会を開催

株なびカンファレンス（個人投資家説明会）に出展

New large-scale base established at the Noda Consolidation Center in the
Kanto District

2009.5

平成21年10月期第2四半期累計期間及び通期業績予想の修正について発表

Initiation ceremony and new employee training held

On April 10, Kanamoto opened its Noda Consolidation Center (Noda, Chiba
Prefecture) to serve as its delivery base for the Tokyo metropolitan area. In
addition to using the center to centralize rental items, such as foundation andground improvement equipment and equipment parts, the Company will also
relocate the Noda Branch and Kanamoto’s Event Division to the site.

4月10日、首都圏へのデリバリー基地となる野田集約センター（千葉県野田市）を開所。基礎・地盤改良機械
および機材などのレンタルアイテムを集約するとともに、野田営業所とイベント部門を当敷地内にそれぞれ移設しました。

イベントジャパン2009に出展

Starting in Nakashibetsu, the Company convened its Kanamoto Customer Thanks Fair
again this year in 12 locations (Hokkaido Region and Tohoku Region) over a
five-month period. The fair has been well attended each year. The Company plans tohold the next fair in Asahikawa in September. People living or working near the fairvenues are invited to visit the fair after confirming the details on Kanamoto’s website.

Four construction equipment rental companies including Narasaki Lease
made Kanamoto subsidiaries

ナラサキリースなど建機レンタル4社を子会社化

入社式・新人研修を執り行いました

Kanamoto Customer Thanks Fair 2009 held in various regions

Kanamoto exhibited at kabu-navi conference (individual investor briefing)

Kanamoto participated for the first time in the seminar sponsored by “kabu-navi,”
a stock investment portal site for individual investors. After a business overview
and explanation of the construction equipment rental industry provided by
Kanamoto, an interview-format symposium with guest lecturer Kumi Fujisawa
was held, where Company officers addressed topics such as Kanamoto’s
characteristics and dominant market position and the outlook for the future.

Expansion construction work on Hamamatsu-cho K Building completedExpansion construction work implemented on Kanamoto’s Hamamatsu-cho K
Building (Minato-ku, Tokyo) was safely completed in July. Through advances suchas the use of LumiDas LED lighting, one of the products offered by Kanamoto, in
common areas and so on, these new office premises will serve as an environmentfriendly building. In addition to Kanamoto’s Operations Control Headquarters
and five subsidiary companies have located their head office or headquartersfunctions in the building.

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 915

グラフで見る5年間（連結）Performance at a G l a n c e ( C o n s o l i d a t e d)

グラフで見る5年間（連結）= 第2四半期累計（中間）/Interim period= 期末/Full year

キャッシュフロー Cash Flow
株価キャッシュフロー倍率 PCFR

減価償却前営業利益 EBITDA
EBITDA倍率 EBITDA Ratio

当期利益 Net Income
株価収益率 PER

CF＝当期純利益＋減価償却費-(配当＋役員賞与）
PCFR＝株式時価総額÷CF＝株価÷1株当たりCF

EBITDA＝営業利益＋減価償却費
EBITDA倍率＝（期末株式時価総額＋有利子負債期末非営業資産時価）÷EBITDA

PER＝期末株式時価総額÷当期純利益

CF = Net income + Depreciation expense - (Cash dividends +Bonuses to directors and auditors)
PCFR = Total market capitalization ÷ CF = Stock Price ÷
Cash flow per share of common stock
（百万円）

（倍）

10,000

10

8,000
6,000

PER = Total market capitalization at end of period ÷ Net Income

EBITDA = Operating income + depreciation and amortization expense
EBITDA ratio = (Total market capitalization at end of business period+interestbearing debt - market value of non-trade assets at
end of business period) ÷ EBITDA
（百万円）

（倍）

15,0008

12,000

6

9,000

10
8
6

4,000

4

6,000

4

2,000

2

3,000

2

0

'05

'06

'07

'08

'09

0

0

'05

'06

'07

'08

'09

（百万円）

（倍）

3,000

60

2,500

50

2,000

40

1,500

30

1,000

20

500

10

0

0

-500

0

70

3,500

'05

'06

'07

'08

'09

-10

09年10月期第2四半期累計期間のPERは、当該期間に純損失を計上したため、0で表示しています。
Because Kanamoto booked a net loss for the relevant period, the PER for
the interim period of the Business Period ending October 2009 is shown as
0 (zero).

株価純資産倍率 PBRPBR=自己資本利益率×株価収益率
PBR＝ROE×PER

純資産 Net Assets
自己資本比率 Capital Adequacy Ratio

自己資本利益率 ROE

ROE＝当期純利益÷自己資本＝一株当たり当期純利益（EPS）÷一株当たり純資産（BPS）
ROE = Net income ÷ Shareholders’ equity = EPS ÷ BPS

自己資本比率＝自己資本÷総資産
Capital Adequacy Ratio = Shareholders’ equity ÷ Total assets

（倍）

1.2

（百万円）

（%）

40,00040

30,00030

20,00020

10,00010

50,000

1.0

50

0.8

4.0

0.4

2.0

0.2

'05

'06

'07

'08

'05

'06

'05

'06

'07

'08

'09

-2.0

'05

'06

'07

'08

'09

Dividend per Share of Common Stock=特別配当/Special dividend

'07

'08

'09

（円）

20

4.0
3.5
3.0

￥18
￥9

￥18
￥9

￥20
￥2
￥9

=期末予想/Projected

￥20
￥10

￥20
￥10

15

2.5
2.0

10

1.5
1.0
0.5

￥9

￥9

￥9

'05

'06

'07

￥10

￥10

'08

'09

5

0.0
-0.5

16

0

0

1株当たり配当

ROA＝当期純利益÷総資産
ROA = Net income ÷ Total assets

4.5

0

'09

総資産利益率 ROA

（%）

8.0
6.0

0.6

0

（%）

10.0

Kanamoto Semia nnual Report 20090＊2007年10月期の期末配当の11円のうち2円は増益による特別配当です。
＊業績回復に鋭意努力しておりますが、期末配当につきましては今後の業績推移の如何では変更する可能性もございます。
*The 2007 cash dividend of ¥20 included a special dividendof ¥2.
*Although the Company is working diligently to achieve arecovery in its business, there is a possibility it will change
its year-end dividend depending on future changes inoperating results.

拠点ネットワーク

Branch Network

当社および当社グループ国内営業拠点エリア別内訳（2009年6月現在）

Kanamoto and the Group companies’ operating branches in Japan (as of June 2009)

鉄鋼事業部
Steel Sales Division

レンタル事業部
Construction Equipment Rental Division

情報機器事業部
Information Products Division

当社単独
Kanamoto Co., Ltd.

連結子会社
Consolidated subsidiaries

当社単独
Kanamoto Co., Ltd.

連結子会社
Consolidated subsidiaries

当社単独
Kanamoto Co., Ltd.

連結子会社
Consolidated subsidiaries

計
Total

北海道

Hokkaido

55

36

3

0

0

0

94

東

北

Tohoku

46

4

0

0

0

0

50

関

東

Kanto

29

4

0

0

1

0

34

中

部

Chubu

17

0

0

0

0

0

17

近

畿

Kinki

5

10

0

0

0

0

15

中

国

Chugoku

1

0

0

0

0

0

1

四

国

Shikoku

1

0

0

0

0

0

1

九

州

Kyushu

0

30

0

0

0

0

30

計

Total

238

3

1

242

株式会社カナモト■ レンタル事業部● 鉄鋼事業部▲ 情報機器事業部
Construction Equipment Rental Division
Steel Sales Division
Information Products Division

カナモトアライアンス企業

Kanamoto Alliance Group Firms
連結子会社
Consolidated Subsidiaries

アライアンス 提 携 会 社
Alliance Companies■ 株式会社アシスト
Assist Co., Ltd.
■ 株式会社SRGカナモト
SRG Kanamoto Co., Ltd.
■ 株式会社カナテック
Kanatech Co., Ltd.
■ 株式会社カンキ
Kanki Corporation■ 株式会社九州建産
Kyushu Kensan Co., Ltd.
■ 株式会社建産テクノ
Kensan Techno Co., Ltd.
■ 第一機械産業株式会社
Daiichi Machine Industries Co., Ltd.
■ 東洋工業株式会社
Toyo Industry Co., Ltd.
■ ナラサキリース株式会社
Narasaki Lease Co., Ltd.

■ 町田機工株式会社
Machida Kikou Co., Ltd.
■ ツールレンタル事業
Tool Rental Business＊＊ホームセンター大手の（株）
コメリと提携し、小物機械のレンタル事業を展開しています。
Note:Kanamoto is developing the small
equipment and tools rental business incooperation with Japan's DIY leader
Komeri Co., Ltd.

非連結子会社
Non-consolidated Subsidiaries■ 株式会社カナモトエンジニアリング
Kanamoto Engineering Co., Ltd.
■ キョクトーリース株式会社
Kyokuto Lease Co., Ltd.
■ 株式会社 KG マシナリー
KG Machinery Co., Ltd.
■ 株式会社コムサプライ
Comsupply Co., Ltd.
■ 株式会社センター・コーポレーション
Center Corporation■ 東京ナラサキレンタル株式会社
Tokyo Narasaki Rental Co., Ltd.
■ 青森ナラサキレンタル株式会社
Aomori Narasaki Rental Co., Ltd.
■ 秋田ナラサキレンタル株式会社
Akita Narasaki Rental Co., Ltd.
■ フローテクノ株式会社
Flowtechno Corporation
上海金和源設備租賃有限公司
Shanghai Jinheyuan Equipment Rental Co., Ltd.
SJ Rental, Inc.

2009年9月1日付で非連結子会社のキョクトーリース株式会社を吸収合併しました。
On September 1, 2009, the Company absorbed and merged with Kyokuto Lease Co.,
Ltd., an unconsolidated subsidiary.

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 917

役
員（2009年6月現在）
Board of Direct o r s ( As of June 2009)

Directors

監役

Auditors① 金本 寛中*代表取締役社長

Kanchu Kanamoto*① 奥村 敏三
常勤監査役

Toshizo Okumura② 卯辰 伸人*
経理部長

Nobuhito Utatsu*② 澤田 紳六
常勤監査役

Shinroku Sawada⑪ 金本 哲男*
営業統括本部長／レンタル事業部長

Tetsuo Kanamoto*⑥ 金本 栄中
常勤監査役

Eichu Kanamoto

昭夫

Akio Hashimoto③ 成田 仁志*業務部長

Hitoshi Narita*

⑦ 橋本
監 査

Kiyohiro Tsuji

Masakazu Hirata*

⑤辻
監 査

清宏

⑫ 平田 政一*
特販事業部長秀人

Hideto Ootsu⑨ 北方 敬一*
情報機器事業部長／
事業開発部長Keiichi Kitakata*

④ 大津
監 査

⑬ 礒野 浩之*
総務部長

Hiroyuki Isono*⑩ 金本 龍男*
レンタル事業部
北海道地区統括部長

Tatsuo Kanamoto*学*⑧ 長崎
レンタル事業部
東北地区統括部長

Manabu Nagasaki*⑥ 麻野 裕一*
債権管理部長Yuichi Asano*⑤ 椋梨 直樹*
海外事業室長Naoki Mukunashi*⑦ 岡本

Masayuki Okamoto
Michiya Hakamata

取

締

役

雅之
④ 袴田美智也

取締

President and CEO

Division Manager, Accounting Division
Manager, Business Coordination Headquarters Division
and Construction Equipment Rental Division

Division Manager, Business Management Planning Division
Division Manager, Used Products Sales Division
Division Manager, Information Products Division andMarket Development Division

Division Manager, Administration Division
Regional Manager, Hokkaido Region
Construction Equipment Rental Division

Regional Manager, Tohoku Region
Construction Equipment Rental Division

役
役
役

③
監

査

役

Standing Corporate Auditor
Standing Corporate Auditor
Standing Corporate Auditor
Outside Corporate Auditor
Outside Corporate Auditor
Outside Corporate Auditor

Akira Naoi

Outside Corporate Auditor

執行役員

Corporate Officers

熊谷浩

Hiroshi Kumagai

問谷悟

Satoru Toiya

情報システム部長
レンタル事業部
関東地区統括部長

Division Manager, Information System Division
Regional Manager, Kanto Region
Construction Equipment Rental Division

Division Manager, Credit Management Division
Manager, Overseas Business Office役 Directors③④ ⑤ ⑥査監⑦ ⑧ ⑨ ⑩ ⑪

⑫ ⑬

査

役 Auditors
③

④

⑤

⑥
⑦

②

①

（注1）
＊印の取締役は、執行役員を兼任しております。
（注2）
岡本雅之氏及び袴田美智也氏は、会社法第2条第15号に定める社外取締役であります。
（注3）
監査役の橋本昭夫氏及び辻清宏氏及び大津秀人氏、直井 氏は、会社法第2条第16号に定める社外監査役であります。
（注4）
役職名は当社におけるもののみを記載しており、一部兼務役職を省略しております。

18

Kanamoto Semiannual Report 2009①②

1.Asterisk indicates directors who hold the additional post of corporate oﬃcer.
2.Masayuki Okamoto and Michiya Hakamata fulﬁll the requirements for Outside
Directors as stipulated by Article 2-15 of the Company Law.
3.Outside Auditors Akio Hashimoto, Kiyohiro Tsuji, Hideto Ootsu and Akira Naoi areoutside auditors as stipulated by Article 2-16 of the Company Law.
4.Only the position titles at Kanamoto are shown, and oﬃcial positions being
performed concurrently have been omitted.

会 社 概 要（2009年6月現在）

Corporate Data (As of June 2009)

商号

Company Name

Head Office

本 社 所 在 地
北海道札幌市中央区大通東3丁目1番地19

設

立

Established

1964年（昭和39年）10月28日

資本

1-19, Odori Higashi 3-chome Chuo-ku,Sapporo, Hokkaido
060-0041 Japan

October 28, 1964

金

Capitalization

96億96百万円（払込済資本金）¥9,696 million (Paid-in capital)

上 場 取 引 所
東京証券取引所第一部･札幌証券取引所

証 券 コ ー ド
9678

Listing Exchanges
Tokyo Stock Exchange, First Section
Sapporo Stock Exchange

Stock Code9678

発行済株式総数
32,872千株

決算Common Shares Issued and Outstanding
32,872 thousand期

毎年10月31日（年1回）

Fiscal Year-end

連 結 売 上 高

October 31

694億11百万円（2008年10月期）

Consolidated Revenues

連結従業員数¥69,411 million(Fiscal year ended October 31, 2008)

1,671名（2008年10月31日現在）（役員、嘱託、臨時社員を除く）

Number of Consolidated Employees

事

1,671 (As of October 31, 2008)(Excluding directors and temporary or part-time workers)

業

内

容

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

本社ビル
Headquarters Buillding(Sapporo, Hokkaido)

東京本部（営業統括本部）
Tokyo Headquarters(Business Coordination Headquarters)

Principal Businesses
Rental of construction equipment
Sale of steel products
Rental of engineering workstations and computer peripherals

カナモトのマスコット「カナモト坊や」
Kanamoto's mascot “Kanamoto Kid”

Ka n a m o t o Se m i a n n u a l R e p o r t 2 0 0 919