UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934

For the month of October, 2011

COMMISSION FILE NUMBER: 1-7239

KOMATSU LTD.

3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan

Address of principal executive office

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

INFORMATION TO BE INCLUDED IN REPORT

1.

Three company announcements made on October 27, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Komatsu Ltd.
		Corporate Communications Dept.
		Tel: +81-(0)3-5561-2616
		Date: October 27, 2011
		URL: http://www.komatsu.com/

Consolidated Business Results for Six Months of the Fiscal Year Ending
March 31, 2012 (U.S. GAAP)

1. Results for Six Months Ended September 30, 2011
(Amounts are rounded to the nearest million yen)

(1) Consolidated Financial Highlights

		Millions of yen except per share amounts
		Six months ended				Six months ended
		September 30, 2011				September 30, 2010				Changes
		[A]				[B]				[A-B]				[(A-B)/B]
Net sales			985,867				859,763				126,104				14.7	%
Operating income			132,949				103,912				29,037				27.9	%
Income before income taxes and equity in earnings of affiliated companies			130,243				100,111				30,132				30.1	%
Net income attributable to Komatsu Ltd.			94,675				63,764				30,911				48.5	%
Net income attributable to Komatsu Ltd. per share (Yen)
Basic		¥	97.82			¥	65.89			¥	31.93
Diluted		¥	97.74			¥	65.85			¥	31.89

Note: Comprehensive income (loss):

Six months ended September 30, 2011: 35,328 millions of yen
Six months ended September 30, 2010: 18,175 millions of yen

(2) Consolidated Financial Position

		Millions of yen except per share amounts
		As of September 30, 2011				As of March 31, 2011
Total assets			2,145,195				2,149,137
Total equity			977,905				972,680
Komatsu Ltd. shareholders’ equity			938,814				923,843
Komatsu Ltd. shareholders’ equity ratio			43.8	%			43.0	%
Komatsu Ltd. shareholders’ equity per share (Yen)		¥	970.21			¥	954.48

2. Dividends

(For the fiscal years ended March 31, 2011 and ending March 31, 2012)

		Yen
		The entire FY ending March 31, 2012								The entire FY ended
		Results				Projection				March 31, 2011
First quarter period
Second quarter period			21.00				—				18.00
Third quarter period
Year-end			—				21.00				20.00
Total							42.00				38.00

Note: Changes in the projected cash dividend as of October 27, 2011: None

3. Projections for the Fiscal Year Ending March 31, 2012

(From April 1, 2011 to March 31, 2012)

		Millions of yen except per share amounts
		The full fiscal year
						Changes
Net sales			2,050,000				11.2	%
Operating income			282,000				26.5	%
Income before income taxes and equity in earnings of affiliated companies			276,000				25.6	%
Net income attributable to Komatsu Ltd.			186,000				23.4	%
Net income attributable to Komatsu Ltd. per share (basic) (Yen)			¥ 192.99

4. Others

(1)

Changes in important subsidiaries during the six months ended September 30, 2011 : Applicable

Removed (merger): 1 company

Komatsu Utility Co., Ltd.

(2)		Use of simplified accounting procedures and adoption of specific accounting procedures for the preparation of consolidated quarterly financial statements: None
(3)		Changes in accounting standards, procedures and presentations for the preparation of consolidated quarterly financial statements

	1)		Changes resulting from revisions in accounting standards, etc.: None
	2)		Change in other matters except for 1) above: None

(4)

Number of common shares outstanding

	1)		The numbers of common shares issued (including treasury stock) were as follows:
			As of September 30, 2011: 998,744,060 shares As of March 31, 2011: 998,744,060 shares

	2)		The numbers of shares of treasury were as follows:
			As of September 30, 2011: 31,107,705 shares As of March 31, 2011: 30,841,419 shares

	3)		The weighted average numbers of common shares outstanding were as follows:
			Six months ended September 30, 2011: 967,852,046 shares Six months ended September 30, 2010: 967,794,257 shares

[Reference]

Results for Three Months Ended September 30, 2011

		Millions of yen except per share amounts
		Three months ended				Three months ended
		September 30, 2011				September 30, 2010				Changes
		[A]				[B]				[A-B]				[(A-B)/B]
Net sales			491,690				412,623				79,067				19.2	%
Operating income			64,580				49,837				14,743				29.6	%
Income before income taxes and equity in earnings of affiliated companies			61,802				50,007				11,795				23.6	%
Net income attributable to Komatsu Ltd.			38,969				33,067				5,902				17.8	%
Net income attributable to Komatsu Ltd. per share (Yen)
Basic			40.27				34.17				6.10
Diluted			40.23				34.15				6.08

Appendix

Management Performance and Financial Conditions
(1) Outline of Operations and Business Results			P.5
(2) Financial Conditions			P.8
(3) Projections for the Fiscal Year Ending March 31, 2012			P.9
Financial Statements
(1) Condensed Consolidated Balance Sheets			P.10
(2) Condensed Consolidated Statements of Income			P.12
(3) Consolidated Statements of Equity			P.14
(4) Consolidated Statements of Cash Flows			P.15
(5) Note to the Going Concern Assumption			P.16
(6) Business Segment Information			P.16
(7) Note in Case of a Notable Changes in the Amount of Shareholders’ Equity			P.17

Management Performance and Financial Conditions

(1) Outline of Operations and Business Results

Komatsu Ltd. (“Company”) and its consolidated subsidiaries (together “Komatsu”) have embarked on the Global Teamwork for Tomorrow mid-range management plan for three years, to be completed in the fiscal year ending March 31, 2013. Under this management plan, Komatsu is focusing its efforts on (1) promotion of ICT (Information and Communication Technology) applications to products and parts, (2) further advancement of environmental friendliness and safety in machine performance, (3) expansion of sales and service operations in Strategic Markets, and (4) promotion of continuous Kaizen (improvement) by strengthening workplace capability.

In the first six-month period (April 1 — September 30, 2011) of the second year of the ongoing management plan, while demand for construction, mining and utility equipment declined in China from the corresponding period a year ago, it increased in other Strategic markets and the Traditional Markets of Japan, North America and Europe. In particular, demand for mining equipment remained strong. In response to the adverse effects caused by the Great East Japan Earthquake of March this year, Komatsu recovered production quickly, captured growth in demand for equipment accurately and expanded sales. In the industrial machinery and others business, while orders received for wire saws decreased from the corresponding period a year ago, sales increased thanks to the orders on hand. Furthermore, reflecting recovered capital investment by the automobile manufacturing industry, sales of presses and machine tools also increased. As a result, consolidated net sales increased by 14.7% to JPY985.8 billion (USD12,803 million, at USD1=JPY77).

In the first six-month period under review, the Japanese currency appreciated against the U.S. dollar, Euro and Renminbi more than the corresponding period a year ago. However, Komatsu expanded the volume of sales while continuing to improve selling prices as well as production and other costs. As a result, operating income for the first six-month period improved by 27.9% to JPY132.9 billion (USD1,727 million). Similarly, operating income ratio improved by 1.4 percentage points to 13.5%. Income before income taxes and equity in earnings of affiliated companies increased by 30.1% to JPY130.2 billion (USD1,691 million). Net income attributable to Komatsu Ltd. totaled JPY94.6 billion (USD1,230 million), showing an improvement of 48.5% from the corresponding period a year ago.

Concerning the power shortage during the summer season in Japan, Komatsu made energy-saving efforts at all plants and reduced peak-time power consumption without cutting down production volume.

Note: Sales and profit figures stated in this news release show accumulated figures for the six-month period from April 1 through September 30, 2011.

[Consolidated Financial Highlights]

		Millions of yen
		Six months ended				Six months ended
		September 30, 2011				September 30, 2010
		1USD=JPY79				1USD=JPY88
		1EUR=JPY114				1EUR=JPY113
		1RMB=JPY12.3				1RMB=JPY13.0				Changes
		[A]				[B]				[(A-B)/B]
Net sales			985,867				859,763				14.7	%
Operating income			132,949				103,912				27.9	%
Income before income taxes and equity in earnings of affiliated companies			130,243				100,111				30.1	%
Net income attributable to Komatsu Ltd.			94,675				63,764				48.5	%

[Markets as Positioned by the Komatsu]

Traditional Markets		Japan, North America and Europe
Strategic Markets		China, Latin America, Asia, Oceania, Africa, Middle East and CIS

Business results by operation are described below.

[Sales by Operation]

		Millions of yen
		Six months ended				Six months ended
		September 30, 2011				September 30, 2010				Changes
		[A]				[B]			[(A-B)/B]
Construction, Mining and Utility Equipment			853,674				763,645				11.8	%
Industrial Machinery and Others			132,193				96,118				37.5	%
Total			985,867				859,763				14.7	%

Construction, Mining and Utility Equipment

While demand in China declined, it grew steadily in other Strategic markets centering on Asia and recovered in the Traditional Markets of Japan, North America and Europe. Against this backdrop, consolidated net sales of construction, mining and utility equipment increased by 11.8% from the corresponding first six-month period a year ago, to JPY853.6 billion (USD11,087 million). In particular, sales of mining equipment continued to expand centering on Latin America and Indonesia, reflecting thriving demand for mineral and energy resources. Parts sales and service revenues also advanced in tandem with growth in the number of mining equipment in operation.

Also during the six-month period under review, Komatsu began overseas market launchings of the HB205 and 215LC hybrid hydraulic excavators which were introduced on the Japanese market in December last year. Komatsu also commenced sales of the new emission standards-compliant modles in North America and Europe.

[Sales of Construction, Mining and Utility Equipment by Region]

		Millions of yen
		Six months ended				Six months ended
		September 30, 2011				September 30, 2010				Changes
		[A]				[B]				[A-B]				[(A-B)/B]
Japan			129,042				117,405				11,637				9.9	%
Americas			217,458				190,252				27,206				14.3	%
Europe & CIS			99,395				71,746				27,649				38.5	%
China			114,295				152,806				(38,511	)			(25.2	)%
Asia* & Oceania			228,184				181,869				46,315				25.5	%
Middle East & Africa			65,300				49,567				15,733				31.7	%
Total			853,674				763,645				90,029				11.8	%

Japan

While demand for construction equipment advanced mainly from rental companies for use in the recovery and reconstruction of the earthquake and tsunami-stricken regions, Komatsu quickly resumed production and supplied equipment smoothly. As a result, six-month sales in Japan increased from the corresponding period a year ago. To get ready for a large number of equipment to be operated in full-scale reconstruction projects in the disaster-devastated regions, Komatsu expanded its service operation in Tohoku region.

To further improve customer service and operational efficiency of the rental equipment business, Komatsu absorbed Komatsu Rental Ltd. in July and took over the rental equipment assets, so that the new Komatsu Rental Ltd. has become able to focus its efforts exclusively on renting and service operations.

Americas

In North America, while the recovery of demand for construction equipment in the housing sector still lacked momentum, demand in the rental and mining industries expanded firmly. Komatsu launched the new emission standards-compliant models and new hybrid hydraulic excavators on the market, as it continued to advance the Zero Inventory Campaign at distributors. In Latin America, demand in Brazil, the largest Latin American market for construction equipment, was slack in the civil engineering sector as adversely affected by the government’s credit squeeze measure and belated start of public works. Meanwhile, demand for mining equipment remained strong. As a result, six-month sales in the Americas increased from the corresponding period a year ago.

Europe & CIS

In Europe, although concerns grew over economic slowdown against the backdrop of fiscal problems, demand for construction equipment increased steadily in major markets of Germany and France. While zooming in on the growth in demand, Komatsu worked to expand sales of parts. As a result, six-month sales in Europe increased from the corresponding period a year ago. Komatsu also embarked on sales of the new emission standards-compliant models and new hybrid hydraulic excavators.

In CIS, demand for equipment expanded in the mining sector especially for coal and gold as well as the energy sector for oil and natural gas, and six-month sales in CIS increased from the corresponding period a year ago. At Komatsu Manufacturing Rus, LLC, which opened in June last year, following the production of hydraulic excavators, Komatsu began production of the HD785 large dump truck designed mainly for mining application.

China

Demand for construction equipment especially in the civil engineering sector was adversely affected by the government’s credit squeeze measure, and six-month sales declined from the corresponding period a year ago. In September, Komatsu organized the China Midori-kai for local suppliers, following Japan, North America and Europe. By teaming up with local suppliers, Komatsu is going to improve the QCD (quality, cost and delivery) of products, thereby further enhancing Komatsu’s “Monozukuri” competitiveness in China.

Asia & Oceania

In Indonesia, the largest market of Southeast Asia, demand continued to expanded for mining equipment, while that for construction equipment increased steadily in the civil engineering, agriculture and forestry sectors. Demand for construction equipment also grew in India and Malaysia. In Australia, demand for mining equipment remained firm. Reflecting these market conditions, six-month sales in Asia & Oceania increased from the corresponding six-month period a year ago. In both regions, Komatsu embarked on the sales of new hybrid hydraulic excavators in May this year, while continuing its efforts to introduce KOMTRAX (Komatsu Machine Tracking System)-installed standard construction equipment to more countries.

Middle East & Africa

While unstable political and social conditions remained in some countries, demand for equipment advanced centering on mining application in Africa. In these market conditions, six-month sales in the Middle East & Africa improved from the corresponding period a year ago. By anticipating that the market for construction and mining equipment will continue to expand in Africa with strong demand in mining and infrastructure development, Komatsu introduced KOMTRAX-installed standard construction equipment in South Africa. In western Africa where market growth is being projected, Komatsu opened the Dakar Office in April this year as part of continued efforts to reinforce its product support capability.

Industrial Machinery and Others

For the six-month period under review, orders declined for wire saws for use in slicing silicon ingots, the basic material for solar cells, from the corresponding period a year ago, as affected by the Chinese government’s credit squeeze measure and reduced subsidies related solar energy in Europe. However, six-month sales of wire saws increased from the corresponding period a year ago, reflecting steady progress in factory shipment of ordered wire saws on hand. Furthermore, capital investment by the automobile manufacturing industry upturned for recovery, and six-month sales of presses and machine tools also improved from the corresponding period a year ago. In the first quarter of the current fiscal year, Gigaphoton became a consolidated subsidiary of the Company, and Komatsu included Gigaphoton’s sales and profits in the consolidated financial statements, starting in the second quarter. As a result, six-month sales of the industrial machinery and others business increased by 37.5% from the corresponding period a year ago, to JPY132.1 billion (USD1,717 million).

(2) Financial Conditions

As of September 30, 2011, total assets amounted to JPY2,145.1 billion (USD27,860 million), comparable to the previous fiscal year-end. Interest-bearing debt increased by JPY28.9 billion from the previous fiscal year-end, to JPY573.0 billion (USD7,442 million). Komatsu Ltd. shareholders’ equity increased by JPY14.9 billion from the previous fiscal-year end, to JPY938.8 billion (USD12,192 million). As a result, Komatsu Ltd. shareholders’ equity ratio increased by 0.8 percentage points from the previous fiscal year-end, to 43.8%. Net debt-to-equity ratio* was 0.52 compared to 0.50 as of the previous fiscal year-end.

For the first half period under review, net cash provided by operating activities amounted to JPY40.2 billion (USD523 million), due mainly to increased inventories, a decrease of JPY62.5 billion from JPY102.8 billion for the corresponding first period a year ago. Net cash used in investing activities amounted to JPY61.6 billion (USD801 million), due mainly to capital expenditures and acquisition of subsidiaries and equity investees, an increase of JPY26.1 billion from the previous first half period a year ago. Net cash provided by financing activities amounted to JPY27.5 billion (USD358 million) due to procurement of long-term debt and an increase in short—term debt, an increase of JPY81.8 billion from the corresponding first half period a year ago. Furthermore, after adding the effects of foreign exchange fluctuations, cash and cash equivalents, as of September 30, 2011, totaled 84.8 billion (USD1,101 million), an increase of JPY581 million from the previous fiscal year-end.

(3) Projections for the Fiscal Year Ending March 31, 2012

(From April 1, 2011 to March 31, 2012)

In the construction, mining and utility equipment business, while demand has declined in China, it has remained strong in other Strategic markets and Traditional Markets. Therefore, we are expecting to achieve the target volume of sales projected at the beginning of the fiscal year. However, coupled with the Japanese currency’s appreciation against the U.S. dollar, Euro and Renminbi in progress, we are anticipating a decline in sales of wire saws in the industrial machinery and others business as mainly affected by the Chinese government’s credit squeeze measures. In this light, we are revising our projection of full-year sales announced in April this year downward. With respect to profits, we are resolutely working to improve selling prices and production costs in order to minimize the adverse effects of foreign exchange rates, nevertheless we are also revising the projected figures downward.

As to preconditions for our current projections, we are assuming the foreign exchange rates in the third and fourth quarters to be as follows: USD1=JPY77, EUR1=JPY106 and RMB1=JPY12.1.

With respect to non-consolidated business results, there is no change in the projections made in April this year.

Projections for Consolidated Business Results for the Fiscal Year Ending March 31, 2012

		Millions of yen except per share amounts
		Earlier				Current												Results for FY
		projection				projection				Changes								ended March 31,
		[A]				[B]				[B-A]				[(B-A)/A]				2011
Net sales			2,150,000				2,050,000				(100,000	)			(4.7	)%			1,843,127
Operating income			305,000				282,000				(23,000	)			(7.5	)%			222,929
Income before income taxes and equity in earnings of affiliated companies			300,000				276,000				(24,000	)			(8.0	)%			219,809
Net income attributable to Komatsu Ltd.			200,000				186,000				(14,000	)			(7.0	)%			150,752
Net income attributable to Komatsu Ltd. per share (Yen)			206.63				192.99				—				—				155.77

Cautionary Statement

The announcement set forth herein contains forward-looking statements which reflect management’s current views with respect to certain future events, including expected financial position, operating results, and business strategies. These statements can be identified by the use of terms such as “will,” “believes,” “should,” “projects” and similar terms and expressions that identify future events or expectations. Actual results may differ materially from those projected, and the events and results of such forward-looking assumptions cannot be assured. Factors that may cause actual results to differ materially from those predicted by such forward-looking statements include, but are not limited to, unanticipated changes in demand for the Company’s principal products, owing to changes in the economic conditions in the Company’s principal markets; changes in exchange rates or the impact of increased competition; unanticipated cost or delays encountered in achieving the Company’s objectives with respect to globalized product sourcing and new Information Technology tools; uncertainties as to the results of the Company’s research and development efforts and its ability to access and protect certain intellectual property rights; and, the impact of regulatory changes and accounting principles and practices.

Financial Statements

(1) Condensed Consolidated Balance Sheets

Assets

		Millions of yen
		As of September 30, 2011								As of March 31, 2011
						Ratio (%)								Ratio (%)
Current assets
Cash and cash equivalents		¥	84,805							¥	84,224
Time deposits			1,458								734
Trade notes and accounts receivable			487,812								532,757
Inventories			522,812								473,876
Deferred income taxes and other current assets			161,377								152,781
Total current assets			1,258,264				58.6				1,244,372				57.9
Long-term trade receivables			179,559				8.4				183,270				8.5
Investments
Investments in and advances to affiliated companies			19,418								25,115
Investment securities			43,189								60,855
Other			3,263								3,124
Total investments			65,870				3.1				89,094				4.1
Property, plant and equipment
- Less accumulated depreciation			508,186				23.7				508,387				23.7
Goodwill			30,452				1.4				29,321				1.4
Other intangible assets			59,393				2.8				53,971				2.5
Deferred income taxes and other assets			43,471				2.0				40,722				1.9
Total		¥	2,145,195				100.0			¥	2,149,137				100.0

Liabilities and Equity

		Millions of yen
		As of September 30, 2011								As of March 31, 2011
						Ratio (%)								Ratio (%)
Current liabilities
Short-term debt		¥	160,232							¥	130,308
Current maturities of long-term debt			142,112								122,608
Trade notes, bills and accounts payable			281,280								308,975
Income taxes payable			22,372								38,829
Deferred income taxes and other current liabilities			199,969								199,268
Total current liabilities			805,965				37.6				799,988				37.2
Long-term liabilities
Long-term debt			270,662								291,152
Liability for pension and retirement benefits			46,613								48,027
Deferred income taxes and other liabilities			44,050								37,290
Total long-term liabilities			361,325				16.8				376,469				17.5
Total liabilities			1,167,290				54.4				1,176,457				54.7
Komatsu Ltd. shareholders’ equity
Common stock			67,870								67,870
Capital surplus			140,745								140,523
Retained earnings:
Appropriated for legal reserve			37,161								34,494
Unappropriated			919,792								847,153
Accumulated other comprehensive income (loss)			(190,670	)							(131,059	)
Treasury stock			(36,084	)							(35,138	)
Total Komatsu Ltd. shareholders’ equity			938,814				43.8				923,843				43.0
Noncontrolling interests			39,091				1.8				48,837				2.3
Total equity			977,905				45.6				972,680				45.3
Total		¥	2,145,195				100.0			¥	2,149,137				100.0

(2) Condensed Consolidated Statements of Income

Six months ended September 30, 2011 and 2010

		Millions of yen except per share amounts
		Six months ended								Six months ended
		September 30, 2011								September 30, 2010
						Ratio								Ratio
						(%)								(%)
Net sales		¥	985,867				100.0			¥	859,763				100.0
Cost of sales			712,988				72.3				629,877				73.3
Selling, general and administrative expenses			140,139				14.2				124,750				14.5
Other operating income (expenses), net			209				0.0				(1,224	)			(0.1	)
Operating income			132,949				13.5				103,912				12.1
Other income (expenses), net			(2,706	)							(3,801	)
Interest and dividend income			2,085				0.2				2,329				0.3
Interest expense			(3,655	)			(0.4	)			(3,289	)			(0.4	)
Other, net			(1,136	)			(0.1	)			(2,841	)			(0.3	)
Income before income taxes and equity in earnings of affiliated companies			130,243				13.2				100,111				11.6
Income taxes			32,262				3.3				33,507				3.9
Income before equity in earnings of affiliated companies			97,981				9.9				66,604				7.7
Equity in earnings of affiliated companies			1,034				0.1				1,198				0.1
Net income			99,015				10.0				67,802				7.9
Less net income attributable to noncontrolling interests			(4,340	)			(0.4	)			(4,038	)			(0.5	)
Net income attributable to Komatsu Ltd.		¥	94,675				9.6			¥	63,764				7.4
Net income attributable to Komatsu Ltd. per share (Yen)
Basic			97.82								65.89
Diluted			97.74								65.85

Three months ended September 30, 2011 and 2010

		Millions of yen except per share amounts
		Three months ended								Three months ended
		September 30, 2011								September 30, 2010
						Ratio								Ratio
						(%)								(%)
Net sales		¥	491,690				100.0			¥	412,623				100.0
Cost of sales			356,351				72.5				300,021				72.7
Selling, general and administrative expenses			70,711				14.4				61,803				15.0
Other operating income (expenses), net			(48	)			(0.0	)			(962	)			(0.2	)
Operating income			64,580				13.1				49,837				12.1
Other income (expenses), net			(2,778	)							170
Interest and dividend income			790				0.2				1,308				0.3
Interest expense			(1,767	)			(0.4	)			(1,620	)			(0.4	)
Other, net			(1,801	)			(0.4	)			482				0.1
Income before income taxes and equity in earnings of affiliated companies			61,802				12.6				50,007				12.1
Income taxes			21,126				4.3				16,041				3.9
Income before equity in earnings of affiliated companies			40,676				8.3				33,966				8.2
Equity in earnings of affiliated companies			453				0.1				557				0.1
Net income			41,129				8.4				34,523				8.4
Less net income attributable to noncontrolling interests			(2,160	)			(0.4	)			(1,456	)			(0.4	)
Net income attributable to Komatsu Ltd.		¥	38,969				7.9			¥	33,067				8.0
Net income attributable to Komatsu Ltd. per share (Yen)
Basic			40.27								34.17
Diluted			40.23								34.15

(3) Consolidated Statements of Equity

Six months ended September 30, 2011

		Millions of yen
										Retained earnings								Accumulated								Total Komatsu
										Appropriated								other								Ltd.
		Common				Capital				for legal								comprehensive				Treasury				shareholders’				Noncontrolling
		stock				surplus				reserve				Unappropriated				income (loss)				stock				equity				interests				Total equity
Balance at March 31, 2011		¥	67,870			¥	140,523			¥	34,494			¥	847,153			¥	(131,059	)		¥	(35,138	)		¥	923,843			¥	48,837			¥	972,680
Cash dividends															(19,369	)											(19,369	)			(5,921	)			(25,290	)
Transfer to retained earnings appropriated for legal reserve											2,667				(2,667	)											—								—
Other changes							(146	)																			(146	)			(4,089	)			(4,235	)
Comprehensive income (loss)
Net income															94,675												94,675				4,340				99,015
Other comprehensive income (loss), for the period, net of tax
Foreign currency translation adjustments																			(51,813	)							(51,813	)			(3,923	)			(55,736	)
Net unrealized holding gains (losses) on securities available for sale																			(8,196	)							(8,196	)			—				(8,196	)
Pension liability adjustments																			(435	)							(435	)			—				(435	)
Net unrealized holding gains (losses) on derivative instruments																			833								833				(153	)			680
Comprehensive income (loss)																											35,064				264				35,328
Issuance and exercise of stock acquisition rights							248																				248								248
Purchase of treasury stock																							(1,136	)			(1,136	)							(1,136	)
Sales of treasury stock							120																190				310								310
Balance at September 30, 2011		¥	67,870			¥	140,745			¥	37,161			¥	919,792			¥	(190,670	)		¥	(36,084	)		¥	938,814			¥	39,091			¥	977,905

Six months ended september 30, 2010

		Millions of yen
										Retained earnings								Accumulated								Total Komatsu
										Appropriated								other								Ltd.
		Common				Capital				for legal								comprehensive				Treasury				shareholders’				Noncontrolling
		stock				surplus				reserve				Unappropriated				income (loss)				stock				equity				interests				Total equity
Balance at March 31, 2010		¥	67,870			¥	140,421			¥	31,983			¥	724,090			¥	(95,634	)		¥	(34,755	)		¥	833,975			¥	42,824			¥	876,799
Cash dividends															(7,749	)											(7,749	)			(830	)			(8,579	)
Transfer to retained earnings appropriated for legal reserve											743				(743	)											—								—
Other changes																											—				317				317
Comprehensive income (loss)
Net income															63,764												63,764				4,038				67,802
Other comprehensive income (loss), for the period, net of tax
Foreign currency translation adjustments																			(44,877	)							(44,877	)			(3,087	)			(47,964	)
Net unrealized holding gains (losses) on securities available for sale																			(2,398	)							(2,398	)			—				(2,398	)
Pension liability adjustments																			77								77				—				77
Net unrealized holding gains (losses) on derivative instruments																			658								658				—				658
Comprehensive income (loss)																											17,224				951				18,175
Issuance and exercise of stock acquisition rights							55																				55								55
Purchase of treasury stock																							(551	)			(551	)							(551	)
Sales of treasury stock																							23				23								23
Balance at September 30, 2010		¥	67,870			¥	140,476			¥	32,726			¥	779,362			¥	(142,174	)		¥	(35,283	)		¥	842,977			¥	43,262			¥	886,239

(4) Consolidated Statements of Cash Flows

		Millions of yen
		Six months ended				Six months ended
		September 30, 2011				September 30, 2010
Operating activities
Net income		¥	99,015			¥	67,802
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization			43,681				43,432
Deferred income taxes			(2,521	)			15,621
Net loss (gain) from sale of investment securities and subsidiaries			(91	)			90
Net loss (gain) on sale of property			(209	)			(1,160	)
Loss on disposal of fixed assets			1,006				634
Pension and retirement benefits, net			357				(3,176	)
Changes in assets and liabilities:
Decrease (increase) in trade receivables			17,663				(11,005	)
Decrease (increase) in inventories			(82,021	)			(42,960	)
Increase (decrease) in trade payables			(27,196	)			47,870
Increase (decrease) in income taxes payable			(15,055	)			(6,067	)
Other, net			5,644				(8,253	)
Net cash provided by (used in) operating activities			40,273				102,828
Investing activities
Capital expenditures			(58,984	)			(42,482	)
Proceeds from sale of property			4,910				5,637
Proceeds from sale of available for sale investment securities			414				22
Purchases of available for sale investment securities			(1,124	)			(520	)
Acquisition of subsidiaries and equity investees, net of cash acquired			(7,786	)			654
Collection of loan receivables			1,730				1,290
Disbursement of loan receivables			(160	)			(576	)
Decrease (increase) in time deposits			(664	)			443
Net cash provided by (used in) investing activities			(61,664	)			(35,532	)
Financing activities
Proceeds from long-term debt			80,478				31,266
Repayments on long-term debt			(29,609	)			(24,059	)
Increase (decrease) in short-term debt, net			43,316				(34,023	)
Repayments of capital lease obligations			(38,142	)			(18,791	)
Sale (purchase) of treasury stock, net			(853	)			10
Dividends paid			(19,369	)			(7,749	)
Other, net			(8,266	)			(928	)
Net cash provided by (used in) financing activities			27,555				(54,274	)
Effect of exchange rate change on cash and cash equivalents			(5,583	)			(4,804	)
Net increase (decrease) in cash and cash equivalents			581				8,218
Cash and cash equivalents, beginning of year			84,224				82,429
Cash and cash equivalents, end of period		¥	84,805			¥	90,647

(5) Note to the Going Concern Assumption

None

(6) Business Segment Information

1) Operating Segments

Six months ended September 30, 2011 and 2010

(For the six months ended September 30, 2011)

		Millions of yen
		Construction,				Industrial
		Mining and				Machinery and								Corporate &
		Utility Equipment				Others				Subtotal				elimination				Total
Net sales:
Customers			853,674				132,193				985,867				—				985,867
Intersegment			2,734				4,204				6,938				(6,938	)			—
Total			856,408				136,397				992,805				(6,938	)			985,867
Segment profit			120,154				15,127				135,281				(2,541	)			132,740

(For the six months ended September 30, 2010)

		Millions of yen
		Construction,				Industrial
		Mining and				Machinery and								Corporate &
		Utility Equipment				Others				Subtotal				elimination				Total
Net sales:
Customers			763,645				96,118				859,763				—				859,763
Intersegment			991				5,431				6,422				(6,422	)			—
Total			764,636				101,549				866,185				(6,422	)			859,763
Segment profit			102,302				6,133				108,435				(3,299	)			105,136

Three months ended September 30, 2011 and 2010

(For the three months ended September 30, 2011)

		Millions of yen
		Construction,				Industrial
		Mining and				Machinery and								Corporate &
		Utility Equipment				Others				Subtotal				elimination				Total
Net sales:
Customers			418,350				73,340				491,690				—				491,690
Intersegment			1,428				2,488				3,916				(3,916	)			—
Total			419,778				75,828				495,606				(3,916	)			491,690
Segment profit			59,268				6,283				65,551				(923	)			64,628