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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of December 2004
COMMISSION FILE NUMBER: 1-7239
KOMATSU LTD.
Translation of registrant’s name into English
3-6 Akasaka 2-chome, Minato-ku, Tokyo, Japan
Address of principal executive offices
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
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):
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):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
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INFORMATION TO BE INCLUDED IN REPORT
| 1. | Information Distributed to Security Holders |
The registrant, KOMATSU LTD., distributed, or made available from its web-site, to its security holders either or both of the following two documents:
| (1) | Interim Report for 2005 (as of September 30, 2004) relative to the 136th Fiscal Period; original prepared and distributed in the Japanese language which is not attached hereto as the Semi-Annual Report referred to in (2) below is the English translation of (1) (except that (1) does not include the charts which are indicated in U.S. dollars and the names and the addresses of the depositaries and that (2) does not include the explanation for the shareholders in Japan regarding the receipt of the dividends); |
| (2) | Semi-Annual Report 2005 for the six-month period ended September 30, 2004, prepared in the English language, which is attached hereto and constitutes a part hereof. |
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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. | ||||
| (Registrant) | ||||
| Date: December 6, 2004 |
By: |
/s/ KENJI KINOSHITA | ||
| Kenji Kinoshita | ||||
| Senior Executive Officer | ||||
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We are very pleased to report that Komatsu Ltd. has set new record-high six-month sales and profit with the results for the interim period ended September 30, 2004. This is also the third consecutive improvement in both six-month sales and profit. While our mainstay business of construction and mining equipment made an impressive gain in earnings, our industrial machinery, vehicles and others as well as electronics businesses also increased earnings steadily. As a result, all our business segments recorded growth in both sales and profit.
Interim Results
Consolidated net sales for the interim period under review expanded 20.5% over the corresponding interim period a year ago, to ¥683.9 billion (US$6,218 million, at US$1=¥110). In the construction and mining equipment business, we accelerated sales by capitalizing on buoyant demand in the world’s largest market of North America and our stronghold markets of Southeast Asia, the Middle East and CIS (Commonwealth of Independent States: former Soviet Republics). In the industrial machinery, vehicles and others business, Komatsu Forklift Co., Ltd., Komatsu Zenoah Co., Komatsu Industries Corporation, Komatsu Machinery Corporation and other subsidiaries advanced interim sales by stepping up sales of products with original features, coupled with growth in market demand in Japan and overseas. In the electronics business, we focused our efforts to improve product competitiveness, and reflecting good conditions of the semiconductor market, Komatsu Electronic Metals Co., Ltd. led and increased interim sales of our electronics business.
Operating profit* climbed 63.5% to ¥46.1 billion (US$420 million) for the interim period. This substantial growth reflects an increase in sales, centering on the construction and mining equipment business, coupled with an effective market introduction of new products by each business. It is also attributable to our Groupwide efforts since 2001 to build up a high-profit business structure by promoting the Reform of Business Structure project.
| * | Operating profit on a consolidated basis is the sum of segment profit. In conformity with generally accepted accounting principles of Japan, it is obtained by deducting cost of sales and SG&A expenses from sales. |
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Board of Directors
Back row, from left: Yasuo Suzuki, Kazuhiro Aoyagi, Hajime Sasaki, Toshio Morikawa, Kunihiko Komiyama, Masahiro Yoneyama
Front row, from left: Satoru Anzaki, Toshitaka Hagiwara, Masahiro Sakane, Kunio Noji
Pre-tax income slightly more than doubled to ¥48.2 billion (US$438 million) and net income for the interim period roughly tripled to ¥26.0 billion (US$237 million), reflecting non-operating profit from the sale of land of the former Kawasaki Plant in addition to the outstanding improvement of operating profit.
On a nonconsolidated basis, supported largely by a sizable advance of export sales during the period under review, sales advanced 28.9% over the corresponding interim period a year ago, to ¥246.0 billion (US$2,236 million), ordinary profit, up 80.0% to ¥17.9 billion (US$163 million) and net income for the interim period, showing an increase of 60.3% to ¥8.4 billion (US$77 million). With these improvements, we recorded growth in both sales and profit for two consecutive interim periods.
Interim Dividends
Komatsu maintains the basic policy of redistributing profits by taking payout ratios into account and linking returns more directly with business results, while ensuring sufficient internal reserves for reinvestment. Based on this policy, at the Board meeting held on November 4, we made a resolution to increase the interim dividends per share for the interim period by ¥2 over the corresponding period a year ago, to ¥5.
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Outlook
Under the mid-range management plan “Move The World. KOMATSU 5-800” with the target fiscal year ending March 31, 2006, we are placing our utmost efforts to build up a high-profit structure by promoting the following five management tasks: 1) To accelerate the implementation of the Growth Strategy for the Construction and Mining Equipment business; 2) To build up the “Spirit of Manufacturers” strength and technological competitiveness; 3) To facilitate selective focus on the criteria of technological advantage and profitability; 4) To reinforce our competitive foundation including financial position; and 5) To further strengthen corporate governance.
| Management Goals of “Move The World. | ||
| KOMATSU 5-800” | ||
| Fiscal 2006 | ||
| Consolidated sales |
1,250 billion yen | |
| Operating profit |
80 billion yen | |
| Return on assets (ROA) |
5.0% | |
| Net D/E ratio |
1 or under | |
| Foreign exchange preconditions: 1USD=¥110 1EUR=¥125 | ||
The market for construction and mining equipment is expanding more than anticipated. To achieve the goals of our mid-range management plan one year in advance, we are proactively and decisively taking on the challenge of an even better performance in each business with which we engage.
With respect to construction and mining equipment, we are reinforcing our business in “Greater Asia,” in a broader sense of the term, which includes the Middle East and CIS in addition to Japan, China and other Asian countries. We believe this region could grow into the central market for construction and mining equipment in the future, and thus we are strengthening our product competitiveness and customer support capabilities to make our Number One position stronger.
Although the Chinese market for construction and mining equipment is shrinking quite substantially due to the effects of the Chinese government’s credit squeeze and other measures, we expect it will grow into a prominent market over the long term. We are continuing our efforts to build on our business foundation particularly by expanding our product line-up, strengthening our distributors and training more personnel.
Concerning our production, we will work to enhance our capability with additional investments at plants in Japan and abroad and through the standardization of the production load among plants. We are also going to make additional investments for key components which are the source of our product competitiveness and are mainly produced in Japan, such as engines, hydraulic equipment and final gears.
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Since last year we have been launching “DANTOTSU” (unique and unrivaled) products which feature outstanding advantages and substantial reduction in production costs. In 2005, we will further broaden our line-up of these products. These products will be powered by our own diesel engines which meet Tier III emission controls for construction and mining equipment, as these requirements will become effective starting with North America and Europe in 2006.
Also in the industrial machinery, vehicles and others business which includes forklift trucks, machine tools, sheet-metal machines and forging presses and agricultural and forestry machines, we are striving to offer products, services and systems which precisely capture the needs of customers by drawing on our technological and manufacturing strengths. We are also going to take aggressive initiatives to drive sales and service operations in China and other overseas markets in order to further improve our performance.
In the electronics business, we will work to expand our production capacity, while focusing on product development and quality improvement of the next-generation, mainstay 300mm silicon wafers. We will also continue our efforts to reduce costs steadily and improve performance.
We are going to further strengthen our corporate governance to maximize the corporate value of Komatsu and make Komatsu a company that will enjoy a greater trust of shareholders and all other stakeholders. While promoting thorough observance of corporate ethics among all employees, ensuring the soundness of management and improving management efficiency in the entire Komatsu Group, we are also going to seriously engage in environmental conservation and safety management.
Moreover, we are going to enhance the reliability of management by strengthening our internal control system which also covers other Komatsu Group companies. We will also promote thorough compliance by ensuring that top management officers and all employees of the Komatsu Group abide by not only laws and regulations but also Komatsu’s Code of Worldwide Business Conduct.
On behalf of the members of the Board, we would like to extend our sincere appreciation to our valued shareholders, customers, and employees around the world for their support.
December 2004
 |
 | |
| Toshitaka Hagiwara Chairman of the Board |
Masahiro Sakane President and CEO | |
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Construction and Mining Equipment
Consolidated net sales of construction and mining equipment for the period under review expanded 24.1% over the previous interim period a year ago, to ¥507.4 billion (US$4,613 million). Supported by accelerated overseas sales of ¥379.1 billion (US$3,447 million) for the interim period, up 30.9%, Komatsu has set the new record-high 6-month sales.
Japan
While private-sector construction investments in Japan showed signs of recovery, construction investments as a whole remained sluggish during the period under review. However, thriving overseas demand for used Japanese equipment advanced their exports, which resulted in growing demand for renewals of equipment in Japan centering on hydraulic excavators, and increased demand for new equipment for the interim period over the corresponding period a year ago.
Komatsu worked to not only expand sales of new equipment but also reduce production costs and improve sales prices in response to sharply higher prices for steel and other raw materials. With respect to the rental and used equipment-coordinated business, Komatsu promoted IT-based standardization of management and business operations of affiliated companies to strengthen the rental business and improve earnings. At the same time, Komatsu also worked to expand its used equipment business mainly through Komatsu Used Equipment Corp. Reflecting these efforts above, sales in Japan increased over the previous interim period.
The Americas
Against the backdrop of expanded demand for mining equipment in the region and construction equipment in North America, Komatsu accelerated sales in the Americas.
In North America, Komatsu America Corp. engaged in aggressive sales activities for utility equipment such as mini excavators and skid steer loaders in addition to hydraulic excavators and articulated dump trucks. Komatsu, under the leadership of Komatsu America Corp., stepped up sales of mining equipment, centering on off-highway dump trucks. Also in the mining equipment business, Komatsu has been developing technologies for an autonomous hauling system and will begin field tests of the new system soon. As such a system is expected to reduce manpower for mining operations and enjoy demand in the areas where drivers are difficult to secure, Komatsu is working to commercialize it in the near future.
In Central and South Americas, sales of mining equipment, in particular, were strong. Komatsu positioned Komatsu Latin-America Corp. to be in charge of sales and service operations in these regions, and reinforced its sales and service capabilities.
PC300LC hydraulic excavator and HM300 articulated dump truck in operation
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Europe and CIS**
In Europe where demand for construction equipment remained strong, Komatsu introduced over 20 new models including hydraulic excavators made by Komatsu UK Ltd., wheel loaders by Komatsu Hanomag GmbH, and telescopic handlers and mini excavators by Komatsu Utility Europe S.p.A. during the interim period. Komatsu Europe International N.V. led aggressive sales of these new products and Komatsu Forest AB made full-scale entry to the forestry equipment market. As a result, sales in Europe expanded substantially over the previous interim period.
Interim sales in the CIS were also boosted over the previous interim period a year ago. Komatsu began shipments of over 200 units of equipment such as pipelayers and hydraulic excavators to build and repair natural gas pipelines in Turkmenistan during the interim period, while capturing expanded demand for mining equipment in Russia and Central Asian countries. As this business with the government of Turkmenistan is based on a long-term supply agreement which extends to 2010, Komatsu should continue to receive large lot orders. Komatsu has already opened a local office and is planning to open a training center. In addition, Komatsu improved its customer support capabilities for mining equipment, while reinforcing distributors in response to expanding demand for construction equipment for use in large metropolitan cities such as Moscow.
** Starting in the interim period under review, Komatsu changed the title of this section from “Europe” to “Europe and CIS.”
China
The construction equipment market in China, which had previously sustained double-digit growth rates against the thriving economy, slowed sharply in May and thereafter, adversely affected by the Chinese government’s credit squeeze measures and consolidation of industrial parks. As a result, Komatsu’s interim sales in China declined considerably from the corresponding interim period a year ago.
As prompt countermeasures for this market change, Komatsu worked to adjust its inventories to an appropriate level by controlling production of local plants while facilitating fixed cost reduction. Komatsu also conducted all-inclusive management of credits to secure profits.
Komatsu anticipates China will grow into a huge market in the future. While striving to sustain sales prices and conditions from a long-range perspective, Komatsu is strengthening its business foundation through reinforcement of distributors, personnel development and product line-ups.
Asia & Oceania and the Middle East & Africa
In addition to expanded demand for mining equipment in Asia and Oceania, demand for construction equipment, particularly medium-size hydraulic excavators, advanced substantially in Southeast Asia during the period under review. By teaming up sales and service personnel, Komatsu conducted aggressive sales activities targeting mining customers, and accelerated sales during the period. In Southeast Asia, Komatsu doubled interim sales from the corresponding period last year. In Indonesia, Komatsu won large-lot orders for mining equipment centering on large dump trucks for use in coal mines during the period.
In the Middle East, demand for construction equipment expanded substantially in oil producing countries against the backdrop of growing crude prices, and increased steadily in Turkey, whose economy has recovered. Komatsu further reinforced local sales and service capabilities including additional manpower, and boosted sales over the previous interim period. In Africa, Komatsu increased sales of mining equipment in particular.
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Industrial Machinery, Vehicles and Others
Consolidated net sales of industrial machinery, vehicles and other operations improved 6.8% over the previous interim period last year, to ¥123.2 billion (US$1,120 million).
Komatsu Forklift Co., Ltd. capitalized on expanded demand in Japan and abroad and continued to improve both sales and profits, following the corresponding interim period a year ago. In Japan, Komatsu Forklift carried out aggressive sales and service activities particularly for the well-received LEO-NXT series engine-driven forklift trucks, and worked to increase sales prices. With respect to overseas sales, the company’s U.S. subsidiary sustained strong sales, while export sales from Japan to the Middle East and Russia advanced during the interim period. In China, the company established Komatsu Forklift Manufacturing (China) Co., Ltd. to produce small-class engine-driven forklift trucks, anticipating further growth of the market.
Komatsu Industries Corporation improved both sales and profits for the period from the corresponding period last year, reflecting recovered private-sector investments. Sales of products with unique features were especially strong, such as the Hybrid AC Servo Press series and twister fine plasma cutting machines. Revenues from services also improved.
Komatsu Industries at the Japan International Machine 2004
Komatsu Machinery Corporation, which had improved its business results markedly for the last 6-month period, continued to further build on its earnings for the period under review. Supported by robust capital outlays by automobile manufacturers, interim sales of machine tools, such as crankshaft and camshaft millers, excelled. Sales of LCD (liquid crystal display) manufacturing-related equipment also accelerated.
Komatsu Zenoah Co. continued to improve sales of agricultural and forestry equipment in Japan and overseas for the interim period and renewed the record-high interim sales of these products. This improvement was contributed by excellent sales of the G3200EZ chainsaw with a unique mechanism for easy tightening of the saw and brush-cutters with new models in Japan as well as new blowers and other products overseas.
Komatsu Zenoah’s blowers in use at a baseball park
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Electronics
Consolidated sales from the electronics business for the interim period under review expanded 23.0% over the corresponding interim period a year ago, to ¥53.2 billion (US$484 million).
Komatsu Electronic Metals Co., Ltd. kept each plant running at a high level of production against the backdrop of robust demand for silicon wafers during the period. The company made its mainstay 200mm and discrete silicon wafers more competitive, meeting customers’ super-high quality requirements, introduced the wafers on the market, and focused efforts on sales activities. With respect to the next-generation 300mm wafers, the company expanded its production capacity ahead of the initial plan in light of rapid growth in demand, and set up a monthly production capability of 45,000 pieces in July this year. Furthermore, the company has already initiated preparatory work for monthly production of 75,000 pieces in the first half period of next fiscal year. Formosa Komatsu Silicon Corporation, a subsidiary of the company in Taiwan, carried out customer-specific production and sales activities in Taiwan and other regions and expanded sales of high value-added products including annealed wafers. As a result, consolidated results of Komatsu Electronic Metals made an impressive gain from the previous interim period.
Advanced Silicon Materials LLC (ASiMI) accelerated interim sales over the corresponding period a year ago, supported by buoyant demand for monosilane gas and polycrystalline silicon. ASiMI also registered profits for the interim period, thanks to improved balance sheets reflecting impairment losses on fixed assets recorded for the last six-month period and earlier.
Komatsu Electronics, Inc. boosted sales of semiconductor manufacturing-related equipment for the interim period, as semiconductor manufacturers sustained aggressive investments in facilities. Sales of thermoelectric modules for use in fiber optic communication networks also increased from the corresponding interim period a year ago. As a result, the company improved interim results substantially from the corresponding period last year.
Silicon wafers and ingots made by Komatsu Electronic Metals
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Komatsu at the MINExpo 2004
MINExpo International 2004, the world’s largest tradeshow for mining-related equipment, was held in Las Vegas, U.S.A. in September. Reflecting the buoyant demand for equipment around the world, Komatsu’s booth attracted many customers and other visitors. At this tradeshow, Komatsu entered into the Preferred Supplier Contract with Rio Tinto, a world-leading company of the mining industry. Under this contract, Komatsu is going to preferentially supply large dump trucks and other equipment to Rio Tinto’s mines around the world for the next five years.
Komatsu Wins A Large-Lot Order for Mining Equipment
Komatsu has received a large-lot order for some 600 units of large dump trucks, hydraulic excavators, bulldozers and other mining equipment from a leading Indonesian coal mining company. By capitalizing on its advantages as a full-line manufacturer and reinforcing its customer support capabilities as priority initiatives, Komatsu is working to accelerate sales.
Komatsu Industries Develops the World’s Largest Class Modular Servo Press
Komatsu Industries Corporation, a wholly owned subsidiary, has developed a new modular Servo press line with the world’s largest class capacity of 4,200 tons. Consisting of AC Servo press modules, this modular press line features superior productivity and formability. Komatsu Industries is preparing for mass production of AC Servo press modules by anticipating future growth in demand from automobile manufacturers.
Collaboration Agreement Signed with Yokohama National University
In October 2004, Komatsu signed a collaboration agreement with Yokohama National University (President: Dr. Yoshihiro Iida, left in the photo), which covers a comprehensive range of subjects including research and development, joint research and advisory activities. Komatsu is also looking into the possibility of collaboration with social science faculties such as business administration.
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Awarded by the Security Analysts Association of Japan
In October, Komatsu received the Award for Excellence in Corporate Disclosure for 2004 from the Security Analysts Association of Japan, and was ranked as the best disclosure company in the machinery sector. Following 2001, it is the fifth time for Komatsu to receive this award for its continued efforts in information disclosure on a regular basis.
Environmental & Social Report 2004 Issued
In August, Komatsu issued the Environmental & Social Report. In addition to environmental conservation efforts, this new Report, replacing the previous Environmental Report, contains new information concerning a variety of its efforts to enhance the Quality and Reliability of products, business operations, employees and other aspects of corporate management as well as social responsibility-related matters including compliance, safety and health. Komatsu regards the fulfillment of social responsibilities and commitment to environmental conservation as one of top management priorities.
All Komatsu Technology Olympics Held
In October, Komatsu held the 27th All Komatsu Technology Olympics at the Awazu Plant (Komatsu City) and Osaka Plant (Hirakata City). This year’s competition was participated in by 89 contestants, including 13 from suppliers and 18 from overseas subsidiaries, who competed with their technical skills in six categories such as machining, welding and parts inspection. To further improve its technical skills on global and Groupwide bases, Komatsu has designated the third Saturday of October as the Day of Komatsu Group’s Technical Skills and is going to hold this event annually.
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As of September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| ASSETS |
||||||||||||
| Current assets |
||||||||||||
| Cash and cash equivalents |
¥ | 64,647 | ¥ | 95,963 | $ | 587,700 | ||||||
| Time deposits |
77 | 31 | 700 | |||||||||
| Trade notes and accounts receivable—less allowance for doubtful receivables |
368,445 | 320,046 | 3,349,500 | |||||||||
| Inventories |
291,072 | 238,193 | 2,646,109 | |||||||||
| Other current assets |
90,610 | 98,556 | 823,727 | |||||||||
| Total current assets |
814,851 | 752,789 | 7,407,736 | |||||||||
| Investments |
75,757 | 67,673 | 688,700 | |||||||||
| Property, plant and equipment—less accumulated depreciation |
369,300 | 386,139 | 3,357,273 | |||||||||
| Other assets |
130,217 | 94,139 | 1,183,791 | |||||||||
| Total |
¥ | 1,390,125 | ¥ | 1,300,740 | $ | 12,637,500 | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||
| Current liabilities |
||||||||||||
| Short-term debt (including current maturities of long-term debt) |
¥ | 172,108 | ¥ | 188,359 | $ | 1,564,618 | ||||||
| Trade notes and accounts payable |
240,478 | 193,201 | 2,186,164 | |||||||||
| Income taxes payable |
22,545 | 5,159 | 204,955 | |||||||||
| Other current liabilities |
136,820 | 120,986 | 1,243,818 | |||||||||
| Total current liabilities |
571,951 | 507,705 | 5,199,555 | |||||||||
| Long-term liabilities |
332,376 | 351,049 | 3,021,600 | |||||||||
| Minority interests |
38,277 | 36,507 | 347,973 | |||||||||
| Shareholders’ equity |
||||||||||||
| Common stock |
67,870 | 67,870 | 617,000 | |||||||||
| Capital surplus |
135,758 | 135,683 | 1,234,164 | |||||||||
| Retained earnings |
271,507 | 234,882 | 2,468,245 | |||||||||
| Accumulated other comprehensive income (loss) |
(23,026 | ) | (29,251 | ) | (209,328 | ) | ||||||
| Treasury stock |
(4,588 | ) | (3,705 | ) | (41,709 | ) | ||||||
| Total shareholders’ equity |
447,521 | 405,479 | 4,068,372 | |||||||||
| Total |
¥ | 1,390,125 | ¥ | 1,300,740 | $ | 12,637,500 | ||||||
| Accumulated other comprehensive income (loss): |
||||||||||||
| Foreign currency translation adjustments |
¥ | (20,580 | ) | ¥ | (23,600 | ) | $ | (187,091 | ) | |||
| Net unrealized holding gains on securities available for sale |
15,860 | 9,765 | 144,182 | |||||||||
| Pension liability adjustments |
(17,506 | ) | (14,649 | ) | (159,146 | ) | ||||||
| Net unrealized gains (losses) on derivative instruments |
(800 | ) | (767 | ) | (7,273 | ) | ||||||
| Note: | The translations of Japanese yen amounts into United States dollar amounts are included solely for convenience and have been made at the rate of ¥110 to U.S.$1, the approximate rate of exchange at September 30, 2004. |
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For the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Revenues |
||||||||||||
| Net sales |
¥ | 683,976 | ¥ | 567,671 | $ | 6,217,964 | ||||||
| Interest and other income |
15,255 | 6,479 | 138,682 | |||||||||
| Total |
699,231 | 574,150 | 6,356,646 | |||||||||
| Costs and expenses |
||||||||||||
| Cost of sales |
508,723 | 417,144 | 4,624,755 | |||||||||
| Selling, general and administrative |
129,084 | 122,285 | 1,173,491 | |||||||||
| Interest |
5,241 | 7,161 | 47,645 | |||||||||
| Other |
7,983 | 6,068 | 72,573 | |||||||||
| Total |
651,031 | 552,658 | 5,918,464 | |||||||||
| Income before income taxes, minority interests and equity in earnings |
48,200 | 21,492 | 438,182 | |||||||||
| Income taxes |
19,904 | 9,719 | 180,945 | |||||||||
| Minority interests in (income) of consolidated subsidiaries |
(2,957 | ) | (1,765 | ) | (26,882 | ) | ||||||
| Equity in earnings (losses) of affiliated companies |
684 | (598 | ) | 6,218 | ||||||||
| Net income |
¥ | 26,023 | ¥ | 9,410 | $ | 236,573 | ||||||
| Unappropriated retained earnings at beginning of the period |
¥ | 227,825 | ¥ | 207,416 | $ | 2,071,136 | ||||||
| Cash dividends paid |
(3,970 | ) | (2,978 | ) | (36,091 | ) | ||||||
| Transfer to retained earnings appropriated for legal reserve |
(292 | ) | (13 | ) | (2,654 | ) | ||||||
| Unappropriated retained earnings at end of the period |
¥ | 249,586 | ¥ | 213,835 | $ | 2,268,964 | ||||||
Note: Based on the Statement of Financial Accounting Standards (SFAS) No.130, “Reporting Comprehensive Income,” the aggregated net income for the six months ended September 30, 2004 and 2003, was ¥26,791 million (US$243,555 thousand) and ¥13,140 million, respectively.
|
| |||||||||||
| Yen |
U.S. cents |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Net income per share: |
||||||||||||
| Basic |
¥ | 26.23 | ¥ | 9.48 | 23.85 | ¢ | ||||||
| Diluted |
26.22 | 9.36 | 23.84 | |||||||||
| Dividends per share |
4.00 | 3.00 | 3.64 | |||||||||
| Note: | In consolidation, dividends per share have been calculated based on dividends paid in each fiscal year. |
As for fiscal 2005, interim dividend payment of ¥5 per share has been approved by the Board of Directors of the Company.
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For the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Operating activities |
||||||||||||
| Net income |
¥ | 26,023 | ¥ | 9,410 | $ | 236,573 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
| Depreciation and amortization |
34,889 | 34,356 | 317,173 | |||||||||
| Provision (reversal) for deferred income taxes |
(3,277 | ) | 3,176 | (29,791 | ) | |||||||
| Net loss (gain) from marketable securities and investments |
433 | (344 | ) | 3,936 | ||||||||
| Gain on sales of property |
(10,467 | ) | (386 | ) | (95,155 | ) | ||||||
| Loss on disposal or sale of fixed assets |
1,998 | 1,764 | 18,164 | |||||||||
| Impairment loss on long-lived assets |
2,386 | — | 21,691 | |||||||||
| Provision (reversal) for pension and postretirement benefits—net |
877 | 1,746 | 7,973 | |||||||||
| Changes in assets and liabilities: |
||||||||||||
| Decrease (increase) in trade receivables |
(2,964 | ) | 10,920 | (26,945 | ) | |||||||
| Decrease (increase) in inventories |
(27,209 | ) | (2,190 | ) | (247,355 | ) | ||||||
| Increase (decrease) in trade payables |
12,353 | 16,582 | 112,300 | |||||||||
| Increase (decrease) in income taxes payable |
9,436 | (1,385 | ) | 85,782 | ||||||||
| Other—net |
9,632 | (3,998 | ) | 87,563 | ||||||||
| Net cash provided by operating activities |
54,110 | 69,651 | 491,909 | |||||||||
| Investing activities |
||||||||||||
| Capital expenditures |
(34,155 | ) | (31,851 | ) | (310,500 | ) | ||||||
| Proceeds from sales of property |
20,957 | 7,771 | 190,518 | |||||||||
| Proceeds from sales of marketable securities and investments |
448 | 11,896 | 4,073 | |||||||||
| Purchases of marketable securities and investments |
(3,341 | ) | (3,742 | ) | (30,373 | ) | ||||||
| Acquisition or sale of subsidiaries—net |
(280 | ) | — | (2,545 | ) | |||||||
| Collection of loan receivables |
11,157 | 7,098 | 101,427 | |||||||||
| Disbursement of loan receivables |
(9,254 | ) | (6,346 | ) | (84,127 | ) | ||||||
| Decrease (increase) in time deposits |
376 | 484 | 3,418 | |||||||||
| Net cash used in investing activities |
(14,092 | ) | (14,690 | ) | 128,109 | |||||||
| Financing activities |
||||||||||||
| Proceeds from long-term debt |
11,082 | 24,275 | 100,746 | |||||||||
| Repayments on long-term debt |
(31,787 | ) | (25,508 | ) | (288,973 | ) | ||||||
| Increase (decrease) in short-term debt |
(16,836 | ) | (24,774 | ) | (153,054 | ) | ||||||
| Repayments of capital lease obligations |
(5,355 | ) | (4,947 | ) | (48,682 | ) | ||||||
| Sales (repurchase) of common stock—net |
(890 | ) | (49 | ) | (8,091 | ) | ||||||
| Dividends paid |
(3,970 | ) | (2,978 | ) | (36,091 | ) | ||||||
| Net cash provided by (used in) financing activities |
(47,756 | ) | (33,981 | ) | (434,145 | ) | ||||||
| Effect of exchange rate change on cash and cash equivalents |
979 | (1,169 | ) | 8,900 | ||||||||
| Net increase in cash and cash equivalents |
(6,759 | ) | 19,811 | (61,445 | ) | |||||||
| Cash and cash equivalents, beginning of period |
71,406 | 76,152 | 649,145 | |||||||||
| Cash and cash equivalents, end of period |
¥ | 64,647 | ¥ | 95,963 | $ | 587,700 | ||||||
13
Table of Contents
As of September 30, 2004 and 2003 as well as for the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
<Information by business unit>
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Net sales: |
||||||||||||
| Construction and mining equipment |
¥ | 514,383 | ¥ | 413,462 | $ | 4,676,209 | ||||||
| Industrial machinery, vehicles and others |
152,805 | 134,834 | 1,389,136 | |||||||||
| Electronics |
53,294 | 43,431 | 484,491 | |||||||||
| Total |
720,482 | 591,727 | 6,549,836 | |||||||||
| Corporate and elimination |
(36,506 | ) | (24,056 | ) | (331,872 | ) | ||||||
| Consolidated |
683,976 | 567,671 | 6,217,964 | |||||||||
| Segment profit: |
||||||||||||
| Construction and mining equipment |
35,891 | 24,756 | 326,282 | |||||||||
| Industrial machinery, vehicles and others |
7,081 | 5,145 | 64,372 | |||||||||
| Electronics |
5,608 | 746 | 50,982 | |||||||||
| Total |
48,580 | 30,647 | 441,636 | |||||||||
| Corporate and elimination |
(2,411 | ) | (2,405 | ) | (21,918 | ) | ||||||
| Consolidated segment profit |
46,169 | 28,242 | 419,718 | |||||||||
| Interest and other income |
15,255 | 6,479 | 138,682 | |||||||||
| Interest expense |
5,241 | 7,161 | 47,645 | |||||||||
| Other expenses |
7,983 | 6,068 | 72,573 | |||||||||
| Consolidated income before income taxes |
48,200 | 21,492 | 438,182 | |||||||||
| Identifiable assets: |
||||||||||||
| Construction and mining equipment |
929,957 | 841,539 | 8,454,155 | |||||||||
| Industrial machinery, vehicles and others |
214,090 | 212,129 | 1,946,273 | |||||||||
| Electronics |
142,387 | 164,022 | 1,294,427 | |||||||||
| Total |
1,286,434 | 1,217,690 | 11,694,855 | |||||||||
| Corporate and elimination |
103,691 | 83,050 | 942,645 | |||||||||
| Consolidated |
1,390,125 | 1,300,740 | 12,637,500 | |||||||||
| Depreciation and amortization: |
||||||||||||
| Construction and mining equipment |
24,073 | 21,844 | 218,845 | |||||||||
| Industrial machinery, vehicles and others |
3,758 | 4,579 | 34,164 | |||||||||
| Electronics |
6,475 | 7,114 | 58,864 | |||||||||
| Consolidated |
34,306 | 33,537 | 311,873 | |||||||||
| Capital expenditures: |
||||||||||||
| Construction and mining equipment |
28,724 | 26,041 | 261,127 | |||||||||
| Industrial machinery, vehicles and others |
5,757 | 4,178 | 52,337 | |||||||||
| Electronics |
6,801 | 7,149 | 61,827 | |||||||||
| Consolidated |
¥ | 41,282 | ¥ | 37,368 | $ | 375,291 | ||||||
14
Table of Contents
<Geographic Information>
Net sales recognized by sales destination for the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars | ||||||||
| 2005 |
2004 |
2005 | |||||||
| Japan |
¥ | 241,501 | ¥ | 226,059 | $ | 2,195,464 | |||
| Americas |
171,344 | 131,336 | 1,557,673 | ||||||
| Europe |
95,953 | 74,677 | 872,300 | ||||||
| China |
31,405 | 43,117 | 285,500 | ||||||
| Asia (excluding Japan and China) and Oceania |
101,818 | 61,772 | 925,618 | ||||||
| Middle East and Africa |
41,955 | 30,710 | 381,409 | ||||||
| Consolidated |
¥ | 683,976 | ¥ | 567,671 | $ | 6,217,964 | |||
Net sales recognized by geographic origin and long-lived assets at September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars | ||||||||
| 2005 |
2004 |
2005 | |||||||
| Net sales: |
|||||||||
| Japan |
¥ | 327,068 | ¥ | 281,595 | $ | 2,973,346 | |||
| U.S.A. |
169,227 | 130,203 | 1,538,427 | ||||||
| Europe |
84,708 | 65,764 | 770,073 | ||||||
| Others |
102,973 | 90,109 | 936,118 | ||||||
| Consolidated |
¥ | 683,976 | ¥ | 567,671 | $ | 6,217,964 | |||
| Long-lived assets: |
|||||||||
| Japan |
¥ | 315,540 | ¥ | 311,727 | $ | 2,868,545 | |||
| U.S.A. |
72,763 | 98,935 | 661,482 | ||||||
| Europe |
21,418 | 13,215 | 194,709 | ||||||
| Others |
33,424 | 28,014 | 303,855 | ||||||
| Consolidated |
¥ | 443,145 | ¥ | 451,891 | $ | 4,028,591 | |||
| Note: | No individual country within Europe or other areas had a material impact on net sales or long-lived assets. There were no sales to a single major external customer during the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004. |
15
Table of Contents
<Information by Region>
For the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Net sales: |
||||||||||||
| Japan |
¥ | 449,059 | ¥ | 368,054 | $ | 4,082,355 | ||||||
| Americas |
181,585 | 135,689 | 1,650,773 | |||||||||
| Europe |
94,214 | 72,269 | 856,491 | |||||||||
| Others |
108,850 | 93,487 | 989,545 | |||||||||
| Elimination |
(149,732 | ) | (101,828 | ) | (1,361,200 | ) | ||||||
| Consolidated |
683,976 | 567,671 | 6,217,964 | |||||||||
| Segment profit: |
||||||||||||
| Japan |
25,428 | 16,334 | 231,164 | |||||||||
| Americas |
11,860 | 1,867 | 107,818 | |||||||||
| Europe |
4,522 | 3,545 | 41,109 | |||||||||
| Others |
7,808 | 8,058 | 70,982 | |||||||||
| Corporate and elimination |
(3,449 | ) | (1,562 | ) | (31,355 | ) | ||||||
| Consolidated |
46,169 | 28,242 | 419,718 | |||||||||
| Identifiable assets: |
||||||||||||
| Japan |
1,001,586 | 932,597 | 9,105,327 | |||||||||
| Americas |
321,969 | 301,201 | 2,926,991 | |||||||||
| Europe |
109,570 | 79,652 | 996,091 | |||||||||
| Others |
135,365 | 120,944 | 1,230,591 | |||||||||
| Corporate assets and elimination |
(178,365 | ) | (133,654 | ) | (1,621,500 | ) | ||||||
| Consolidated |
¥ | 1,390,125 | ¥ | 1,300,740 | $ | 12,637,500 | ||||||
| 2005 |
2004 |
2005 |
||||||||||
| Overseas sales: |
||||||||||||
| Americas |
¥ | 171,344 | ¥ | 131,336 | $ | 1,557,673 | ||||||
| (25.1% | ) | (23.1% | ) | (25.1% | ) | |||||||
| Europe |
95,953 | 74,677 | 872,300 | |||||||||
| (14.0% | ) | (13.2% | ) | (14.0% | ) | |||||||
| Others |
175,178 | 135,599 | 1,592,527 | |||||||||
| (25.6% | ) | (23.9% | ) | (25.6% | ) | |||||||
| Total |
442,475 | 341,612 | 4,022,500 | |||||||||
| (64.7% | ) | (60.2% | ) | (64.7% | ) | |||||||
| Consolidated |
¥ | 683,976 | ¥ | 567,671 | $ | 6,217,964 | ||||||
| Notes: | 1. Overseas sales represent the sales of the Company and its consolidated subsidiaries to customers in the areas other than Japan. |
2. Regions are categorized depending on geographical proximity.
3. Major regions for the geographical categories are as follows:
(1) Americas: North America and Latin America
(2) Europe: Germany, the United Kingdom and CIS
(3) Others: China, Australia and Southeast Asia
4. Figures in the parentheses represent the percentages of overseas sales in consolidated net sales.
16
Table of Contents
As of September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Assets |
||||||||||||
| Current assets |
¥ | 336,224 | ¥ | 341,806 | $ | 3,056,584 | ||||||
| Cash on hand and in banks |
33,940 | 62,348 | 308,552 | |||||||||
| Notes receivable |
4,445 | 6,405 | 40,410 | |||||||||
| Accounts receivable—trade |
145,435 | 134,928 | 1,322,143 | |||||||||
| Finished products |
24,008 | 22,082 | 218,255 | |||||||||
| Materials and supplies |
2,431 | 2,492 | 22,108 | |||||||||
| Work in process |
27,237 | 26,183 | 247,611 | |||||||||
| Prepaid expenses |
682 | 649 | 6,204 | |||||||||
| Deferred income taxes—current |
13,322 | 8,821 | 121,109 | |||||||||
| Short-term loans receivable |
63,898 | 59,803 | 580,894 | |||||||||
| Other current assets |
21,521 | 19,034 | 195,649 | |||||||||
| Allowance for doubtful receivables |
(698 | ) | (943 | ) | (6,352 | ) | ||||||
| Fixed assets |
431,188 | 393,690 | 3,919,893 | |||||||||
| Tangible fixed assets |
110,393 | 122,395 | 1,003,577 | |||||||||
| Buildings |
37,234 | 40,959 | 338,491 | |||||||||
| Structures |
7,136 | 7,761 | 64,878 | |||||||||
| Machinery and equipment |
25,287 | 23,806 | 229,882 | |||||||||
| Vehicles and delivery equipment |
192 | 197 | 1,748 | |||||||||
| Tools, furniture and fixtures |
6,371 | 5,922 | 57,926 | |||||||||
| Land |
33,463 | 43,415 | 304,216 | |||||||||
| Construction in progress |
707 | 333 | 6,435 | |||||||||
| Intangible fixed assets |
9,254 | 9,676 | 84,130 | |||||||||
| Utility rights |
171 | 178 | 1,563 | |||||||||
| Software |
9,015 | 9,442 | 81,958 | |||||||||
| Other intangible assets |
67 | 55 | 609 | |||||||||
| Investments and miscellaneous assets |
311,540 | 261,619 | 2,832,186 | |||||||||
| Investment securities |
45,835 | 37,690 | 416,685 | |||||||||
| Security and other investments in affiliates |
267,959 | 231,843 | 2,435,995 | |||||||||
| Bonds issued by affiliates |
500 | 500 | 4,545 | |||||||||
| Long-term loans receivable |
5,072 | 2,620 | 46,116 | |||||||||
| Noncurrent prepaid expenses |
1,266 | 1,378 | 11,515 | |||||||||
| Deferred income taxes—noncurrent |
41,744 | 35,282 | 379,493 | |||||||||
| Other investments |
4,927 | 6,164 | 44,792 | |||||||||
| Allowance for doubtful receivables |
(6,380 | ) | (4,148 | ) | (58,009 | ) | ||||||
| Allowance for investments valuation |
(49,384 | ) | (49,712 | ) | (448,945 | ) | ||||||
| Total assets |
¥ | 767,412 | ¥ | 735,497 | $ | 6,976,477 | ||||||
| Notes: | 1. Yen figures of less than one million are omitted. |
2. Accumulated depreciation of tangible fixed assets 2005: ¥297,335 million 2004: ¥301,143 million
17
Table of Contents
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Liabilities and shareholders’ equity |
||||||||||||
| Current liabilities |
¥ | 158,726 | ¥ | 135,731 | $ | 1,442,965 | ||||||
| Notes payable—trade |
1,366 | 3,061 | 12,423 | |||||||||
| Accounts payable—trade |
96,970 | 70,389 | 881,548 | |||||||||
| Short-term loans payable |
4,000 | — | 36,364 | |||||||||
| Current portion of bonds |
— | 27,447 | — | |||||||||
| Accounts payable |
26,029 | 19,385 | 236,633 | |||||||||
| Accrued corporation taxes, etc |
13,896 | 49 | 126,327 | |||||||||
| Advances received |
2,722 | 2,093 | 24,753 | |||||||||
| Deferred profit on installment sales |
628 | 1,436 | 5,713 | |||||||||
| Accrued bonuses |
4,246 | 4,005 | 38,600 | |||||||||
| Warranty reserve |
5,799 | 3,587 | 52,726 | |||||||||
| Other current liabilities |
3,066 | 4,274 | 27,878 | |||||||||
| Long-term liabilities |
142,640 | 145,321 | 1,296,730 | |||||||||
| Bonds |
65,000 | 65,000 | 590,909 | |||||||||
| Long-term loans payable |
63,000 | 67,000 | 572,727 | |||||||||
| Liabilities for severance payments |
13,236 | 12,113 | 120,333 | |||||||||
| Liabilities for postretirement benefits |
943 | 752 | 8,574 | |||||||||
| Other long-term liabilities |
460 | 456 | 4,187 | |||||||||
| Total liabilities |
301,366 | 281,053 | 2,739,695 | |||||||||
| Shareholders’ equity |
||||||||||||
| Capital |
70,120 | 70,120 | 637,460 | |||||||||
| Common stock |
70,120 | 70,120 | 637,460 | |||||||||
| Additional paid-in capital |
140,223 | 140,140 | 1,274,756 | |||||||||
| Capital surplus |
140,140 | 140,140 | 1,274,000 | |||||||||
| Profit on disposal of treasury stock |
83 | — | 756 | |||||||||
| Retained earnings |
243,743 | 237,103 | 2,215,847 | |||||||||
| Legal reserves |
18,029 | 18,029 | 163,903 | |||||||||
| Reserve for special depreciation |
54 | 82 | 499 | |||||||||
| Reserve for losses on overseas investments |
1 | 1 | 9 | |||||||||
| Reserve for advanced depreciation deduction |
14,420 | 14,832 | 131,093 | |||||||||
| Reserve for special advanced depreciation account |
— | 548 | — | |||||||||
| General reserve |
180,359 | 180,359 | 1,639,627 | |||||||||
| Unappropriated retained earnings |
30,878 | 23,249 | 280,715 | |||||||||
| Unrealized gains on revaluation, net of tax effect |
16,006 | 10,244 | 145,516 | |||||||||
| Unrealized gains on revaluation, net of tax effect |
16,006 | 10,244 | 145,516 | |||||||||
| Treasury Stock |
(4,047 | ) | (3,164 | ) | (36,798 | ) | ||||||
| Treasury Stock |
(4,047 | ) | (3,164 | ) | (36,798 | ) | ||||||
| Total shareholders’ equity |
466,046 | 454,444 | 4,236,782 | |||||||||
| Total liabilities and shareholders’ equity |
¥ | 767,412 | ¥ | 735,497 | $ | 6,976,477 | ||||||
18
Table of Contents
For the six months ended September 30, 2004 and 2003, of fiscal 2005 and 2004, respectively
| Millions of yen |
Thousands of U.S. dollars |
|||||||||||
| 2005 |
2004 |
2005 |
||||||||||
| Net sales |
¥ | 246,001 | ¥ | 190,864 | $ | 2,236,379 | ||||||
| Cost of sales |
190,875 | 142,021 | 1,735,230 | |||||||||
| Deferred profit on installment sales |
(348 | ) | (590 | ) | (3,169 | ) | ||||||
| Selling, general and administrative expenses |
41,605 | 40,694 | 378,230 | |||||||||
| Operating profit |
13,869 | 8,738 | 126,087 | |||||||||
| Non-operating income: |
9,290 | 6,599 | 84,457 | |||||||||
| Interest and dividend income |
7,995 | 5,543 | 72,684 | |||||||||
| Other non-operating income |
1,295 | 1,055 | 11,773 | |||||||||
| Non-operating expenses: |
5,241 | 5,381 | 47,654 | |||||||||
| Interest expenses |
767 | 1,032 | 6,978 | |||||||||
| Other non-operating expenses |
4,474 | 4,349 | 40,676 | |||||||||
| Ordinary profit |
17,917 | 9,956 | 162,890 | |||||||||
| Extraordinary income: |
8,666 | 1,316 | 78,783 | |||||||||
| Proceeds from sale of land |
8,541 | 110 | 77,646 | |||||||||
| Profit on sale of investment securities |
57 | 1,205 | 519 | |||||||||
| Profit on sale of shares of affiliates |
68 | — | 618 | |||||||||
| Extraordinary Losses: |
15,237 | 3,147 | 138,523 | |||||||||
| Loss on sale of land |
8 | 11 | 75 | |||||||||
| Valuation loss of investment securities |
133 | — | 1,218 | |||||||||
| Loss on valuation of investments in affiliates |
9,126 | — | 82,966 | |||||||||
| Deferred allowance of securities investment valuation |
5,969 | 3,135 | 54,264 | |||||||||
| Income before income taxes |
11,346 | 8,125 | 103,150 | |||||||||
| Income taxes: |
||||||||||||
| Current |
12,453 | — | 113,209 | |||||||||
| Deferred |
(9,548 | ) | 2,859 | (86,802 | ) | |||||||
| Net income |
8,441 | 5,266 | 76,742 | |||||||||
| Unappropriated retained earnings at the beginning of the period |
22,437 | 17,986 | 203,973 | |||||||||
| Loss on disposal of treasury stock |
— | 2 | — | |||||||||
| Unappropriated retained earnings at the end of the period |
¥ | 30,878 | ¥ | 23,249 | $ | 280,715 | ||||||
| Notes: | 1. Yen figures of less than one million are omitted. |
2. Net income per share (using the average number of common shares outstanding, less treasury stocks.)
2005: ¥8.51 2004: ¥5.31
3. Accounting Standards for Impairment of Fixed Assets were adopted for the six months ended September 30, 2004.
The adoption of the Standards had a negative impact of ¥9,126 million on Income before income taxes.
19
Table of Contents
As of September 30, 2004
| Board of Directors |
Statutory Auditors |
|||
| Toshitaka Hagiwara Chairman of the Board
Masahiro Sakane President and Chief Executive Officer
Kunio Noji Director Senior Executive Officer President, Construction & Mining Equipment Marketing Division Supervising e-KOMATSU
Kunihiko Komiyama Director Senior Executive Officer President, Development Division, and President, Engines & Hydraulics Business Division Supervising Research & Development and Quality Assurance Operations
Masahiro Yoneyama Director Senior Executive Officer General Manager Corporate Planning Supervising External Corporate Affairs, Structural Reorganization, Compliance, Safety & Environment, Electronics and Human Resources
Yasuo Suzuki Director Senior Executive Officer President, Industrial Machinery Division
Kazuhiro Aoyagi Director President, Komatsu Zenoah Co.
Satoru Anzaki Director Counselor
Toshio Morikawa Director Advisor, Sumitomo Mitsui Banking Corporation
Hajime Sasaki Director Chairman of the Board, NEC Corporation |
Makoto Nakamura Standing Auditor
Masafumi Kanemoto Standing Auditor
Masahiro Yoshiike Auditor Chairman, T&D Holdings, Inc.
Takaharu Dohi Auditor |
|||
| Executive Officers |
||||
| Susumu Isoda Senior Executive Officer President, Production Division
Shigeki Fujimori Senior Executive Officer President, Defense Systems Division
Munenori Nakao Senior Executive Officer Supervising CSR, General Affairs, Corporate Communications and Investor Relations
Kenji Kinoshita Senior Executive Officer Chief Financial Officer Supervising Audit
Hiroshi Suzuki Executive Officer Vice President, Construction & Mining Equipment Marketing Division, General Manager, Tunnel Machinery Division, Supervising Underground Machinery Business
Mamoru Hironaka Executive Officer Vice President, Construction & Mining Equipment Marketing Division General Manager, Customer Support
Masao Fuchigami Executive Officer President, Research Division
Masayuki Sato Executive Officer Vice President and Oyama Plant Manager, Engines & Hydraulics Business Division
Taizo Kayata Executive Officer President, Overseas Marketing, Construction & Mining Equipment Marketing Division |
Masaji Kitamura Executive Officer General Manager, Strategic Planning, Construction & Mining Equipment Marketing Division
Nobutsugu Ohira Executive Officer Osaka Plant Manager, Production Division
Nobukazu Kotake Executive Officer Vice President, Development Division
Tetsuya Nakayama Executive Officer Vice President, Development Division General Manager, Construction Equipment Electronics
Yasuki Sato Executive Officer Mooka Plant Manager, Production Division
Susumu Yamanaka Executive Officer President, Japanese Marketing, Construction & Mining Equipment Marketing Division
Masakatsu Hioki Executive Officer General Manager, Human Resources
Koji Yamada Executive Officer Awazu Plant Manager, Production Division |
|||
20
Table of Contents
As of September 30, 2004
Head Office:
2-3-6 Akasaka, Minato-ku, Tokyo 107-8414, Japan
Date of Establishment:
May 13, 1921
Settlement Date:
March 31 (Interim Period: September 30)
Ordinary General Meeting of Shareholders:
June
Common Stock Outstanding:
Consolidated: ¥67,870 million (US$617 million)
Nonconsolidated: ¥70,120 million (US$637 million)
Number of Employees:
Consolidated: 32,637 Nonconsolidated: 5,659
Total Number of Shares Issued and Outstanding:
998,744,060 shares
One Unit (tangen) of Shares:
1,000
Number of Shareholders:
76,169
Transfer Agent for Common Stock:
UFJ Trust Bank Limited
4-3, Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-0005, Japan
Depositaries
| ADRs: | Depositary Receipts Services, Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, NY 10013, U.S.A. | |
| EDRs: | Citibank, N.A., P.O. Box 18055, 5 Carmelite Street, London EC4Y 0PA, U.K. | |
| GBCs: | Dresdner Bank AG, Jürgen-Ponto-Platz 1, D-60301, Frankfurt am Main, Germany | |
21
Table of Contents
Ayumi Wins Gold Medal at the Athens 2004 Olympic Games
Ayumi Tanimoto of Komatsu Women’s Judo Club won the Gold Medal in the 63kg category at the Athens 2004 Olympic Games in August. She won all her matches by Ippon in the preliminaries all the way through the finals, marking an outstanding record of wins.
This was the first time for both Komatsu Women’s Judo Club and Ayumi herself to even participate in Olympic Games, not to mention winning the Gold.
Thank you all very much for your support.
Cautionary Statement
This Semi-Annual Report contains forward-looking statements that reflect management’s views and assumptions in the light of information currently available 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,” “plans,” “expects” 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. Any forward-looking statements speak only as of the date of this Semi-Annual Report, and Komatsu assumes no duty to update such statements. 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 costs 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; the impact of regulatory changes and accounting principles and practices; and the introduction, success and timing of business initiatives and strategies.
For further information, please contact:
Komatsu Ltd.
Corporate Communications Department
Tel: 81-3-5561-2687
Fax: 81-3-3505-9662
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