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 October 2010
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
-----------------------------------------------
(Translation of Registrant's name into English)
13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan
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(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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SIGNATURE
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.
Ricoh Company, Ltd.
------------------------------
(Registrant)
By: /S/ Zenji Miura
------------------------------
Zenji Miura
Director, Chief Financial Officer
Corporate Executive Vice President
October 28, 2010
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RICOH October 28, 2010
QUARTERLY REPORT
Half year ended September 30, 2010
(Results for the Period from April 1, 2010 to September 30, 2010)
Three months ended September 30, 2010
(Results for the Period from July 1, 2010 to September 30, 2010)
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Half year ended September 30, 2009, 2010 and Year ending March 31, 2011
(Forecast)
(Billions of yen)
---------------------------------------------------------------------------------------------- ---------------------
Half year ended Half year ended Year ending
September 30, 2010 September 30, 2009 March 31, 2011
Results Results Change Forecast Change
---------------------------------------------------------------------------------------------- ---------------------
Domestic sales 439.0 421.6 4.1% 920.0 5.0%
Overseas sales 531.7 567.1 -6.2% 1,100.0 -3.5%
Net sales 970.8 988.7 -1.8% 2,020.0 0.2%
Gross profit 402.9 398.2 1.2% 825.0 0.3%
Operating income 38.0 13.9 171.6% 85.0 28.8%
Income before income taxes 28.0 6.7 314.8% 75.0 30.4%
Net income attributable to Ricoh Company, Ltd. 12.5 1.8 592.0% 35.0 25.6%
---------------------------------------------------------------------------------------------- ---------------------
Exchange rate (Yen/US$) 89.03 95.56 -6.53 84.52 -8.39
Exchange rate (Yen/EURO) 114.14 133.24 -19.10 112.07 -19.14
---------------------------------------------------------------------------------------------- ---------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 17.24 2.49 14.75 48.24 9.83
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 16.77 2.41 14.36 46.92 9.56
---------------------------------------------------------------------------------------------- ---------------------
Cash flows from operating activities 67.5 83.2 -15.7 -- --
Cash flows from investing activities -49.6 -53.4 3.8 -- --
Cash flows from financing activities 23.3 -61.6 84.9 -- --
Cash and cash equivalents at end of period 274.0 224.2 49.8 -- --
---------------------------------------------------------------------------------------------- ---------------------
Capital expenditures 39.5 38.4 1.0 72.0 5.0
Depreciation for tangible fixed assets 33.4 33.9 -0.5 67.0 -3.3
R&D expenditures 53.9 55.9 -1.9 112.0 2.1
September 30, 2010 March 31, 2010 Change
----------------------------------------------------------------------------------------------
Total assets 2,343.0 2,383.9 -40.8
Ricoh Company, Ltd. shareholders' equity 927.8 973.3 -45.4
Interest-bearing debt 731.6 684.4 47.1
----------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio
(%) 39.6 40.8 -1.2
Ricoh Company, Ltd. shareholders' equity per
share (yen) 1,278.84 1,341.45 -62.61
(2) Three months ended September 30, 2009 and 2010
(Billions of yen)
----------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009
Results Results Change
----------------------------------------------------------------------------------------------
Domestic sales 226.1 214.9 5.2%
Overseas sales 261.7 282.4 -7.3%
Net sales 487.9 497.4 -1.9%
Gross profit 198.6 197.8 0.4%
Operating income 16.1 7.9 104.1%
Income before income taxes 12.5 3.3 275.2%
Net income attributable to Ricoh Company, Ltd. 5.1 0.9 472.3%
----------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 85.95 93.64 -7.69
Exchange rate (Yen/EURO) 110.80 133.79 -22.99
----------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 7.13 1.25 5.88
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 6.94 1.21 5.73
----------------------------------------------------------------------------------------------
Capital expenditures 23.7 21.0 2.6
Depreciation for tangible fixed assets 17.3 17.3 0.0
R&D expenditures 28.3 28.7 -0.3
----------------------------------------------------------------------------------------------
RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending
March 31, 2011 above upon information currently available to management,
which involves risks and uncertainties that could cause actual results to
differ materially from those projected.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED SEPTEMBER 30, 2010 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2010 TO SEPTEMBER 30, 2010
(1) Operating Results
(Millions of yen)
------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009
------------------------------------------------------------------------------
Net sales 970,856 988,791
(% change from the previous
corresponding period) -1.8 -7.2
Operating income 38,012 13,995
(% change from the previous
corresponding period) 171.6 -78.5
Income before income taxes 28,065 6,766
(% change from the previous
corresponding period) 314.8 -88.5
Net income attributable to Ricoh
Company, Ltd. 12,512 1,808
(% change from the previous
corresponding period) 592.0 -94.7
Net income attributable to Ricoh
Company, Ltd. shareholders per
share-basic (yen) 17.24 2.49
Net income attributable to Ricoh
Company, Ltd. shareholders per
share-diluted (yen) 16.77 2.41
------------------------------------------------------------------------------
(2) Financial Position
(Millions of yen)
---------------------------------------------------------------------------
September 30, 2010 March 31, 2010
---------------------------------------------------------------------------
Total assets 2,343,047 2,383,943
Total equity 979,931 1,023,874
Ricoh Company, Ltd. shareholders' equity 927,886 973,341
Ricoh Company, Ltd. shareholders'
equity ratio (%) 39.6 40.8
Ricoh Company, Ltd. shareholders'
equity per share (yen) 1,278.84 1,341.45
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2. DIVIDEND INFORMATION
-----------------------------------------------------------------------------
Year ended Year ending
March 31, 2010 March 31, 2011
(Results) (Forecast)
-----------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 33.00 33.00
Interim (yen) 16.50 16.50
Year-end (yen) 16.50 16.50
-----------------------------------------------------------------------------
Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2010 TO MARCH 31, 2011
(Millions of yen)
-------------------------------------------------------------------------------
Year ending
March 31, 2011
-------------------------------------------------------------------------------
Net sales 2,020,000
Operating income 85,000
Income before income taxes 75,000
Net income attributable to Ricoh Company, Ltd. 35,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 48.24
-------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Changes in accounting method: Yes
* For details see "4.Others" on page 5.
(3) Number of common stock outstanding (including treasury stock):
As of September 30, 2010 744,912,078 shares As of March 31, 2010 744,912,078 shares
(4) Number of treasury stock:
As of September 30, 2010 19,341,964 shares As of March 31, 2010 19,320,723 shares
(5) Average number of common stock:
As of September 30, 2010 725,577,955 shares As of September 30, 2009 725,660,852 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first half of fiscal year 2010
(six months period from April 1, 2010 to September 30, 2010) decreased by 1.8%
as compared to the previous corresponding period, to Yen 970.8 billion. During
this period, the average yen exchange rates were Yen 89.03 against the U.S.
dollar (up Yen 6.53) and Yen 114.14 against the Euro (up Yen 19.10). Net sales
would have increased by 3.7% excluding impact of such foreign currency exchange
fluctuation.
The Japanese economy had shown some moderate recovery from the second half of
the previous year. However, unpredictable situation remained because of the
sharp appreciation of the Yen against the U.S. dollar and the Euro as well as
decline of the stock market. Despite the severe situation, domestic sales in
all the segments such as the Imaging & Solutions, Industrial Products and Other
increased from the previous corresponding period. Consequently, overall sales
in Japan increased by 4.1% as compared to the previous corresponding period.
The overseas economy had shown recovery trend partially due to the increase of
European export to other regions derived from the depreciation of the Euro as
well as the strong demand in the emerging markets including China. However, it
remained uncertain due to financial crisis and employment insecurity in some
European countries. Moreover, the appreciation of the Yen against the U.S.
dollar and the Euro developed, and therefore Ricoh continued to be in the
severe business environment. As for overseas sales, although sales in the
Americas, due to the appreciation of the Yen against the U.S. dollar, decreased
by 5.8% (+1.2%, excluding foreign currency exchange fluctuation) and sales in
Europe, due to the sharp appreciation of the Yen against the Euro, decreased by
11.1% (+3.3%, excluding foreign currency exchange fluctuation), sales in Other,
comprised of China, South East Asia and Oceania, increased by 10.2% (+14.0%,
excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 6.2% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 3.4% as compared to
the previous corresponding period.
Gross profit, despite decrease in sales and the appreciation of the Yen,
increased by 1.2% as compared to the previous corresponding period, to Yen
402.9 billion due mainly to the increased sales of value-added high-margin
products in addition to ongoing cost reduction.
Group-wide cost reduction efforts contributed largely to a decline in selling,
general and administrative expenses. Consequently, selling, general and
administrative expenses decreased by 5.0% as compared to the previous
corresponding period, to Yen 364.9 billion.
As a result, operating income increased by 171.6% as compared to the previous
corresponding period, to Yen 38.0 billion.
For other (income) expenses, foreign exchange loss increased. As a result,
income before income taxes increased by 314.8% as compared to the previous
corresponding period, to Yen 28.0 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by Yen
10.7 billion as compared to the previous corresponding period, to Yen 12.5
billion.
3
*Conditions by Product Line
Conditions by Product Line for half year ended September 30, 2010 are as
follows;
Imaging & Solutions (Sales down 2.8% to Yen 850.9 billion)
-----------------------------------------------------------
Imaging Solutions (Sales down 5.2% to Yen 706.6 billion)
---------------------------------------------------------
Sales in this category decreased by 5.2% as compared to the previous
corresponding period, to Yen 706.6 billion. The sales would have increased
by 1.2% excluding the effects of foreign currency fluctuations.
As for sales of PPCs, MFPs and printers, while the sales of color products
remained steady, the sales of monochrome products decreased as compared to
the previous corresponding period. Sales of production printing products
increased due to the sales of new color product released in the second half
of the previous year.
Network System Solutions (Sales up 10.9% to Yen 144.2 billion)
---------------------------------------------------------------
Sales in this category increased by 10.9% as compared to the previous
corresponding period, to Yen 144.2 billion due mainly to expanding MDS
(Managed Document Services) and IT service around the world.
As a result, sales in the Imaging & Solutions segment decreased by 2.8% as
compared to the previous corresponding period, to Yen 850.9 billion. Operating
income increased by 41.6% as compared to the previous corresponding period, to
Yen 73.0 billion due mainly to the increased sales of value-added high-margin
products in addition to ongoing cost reduction.
Industrial Products (Sales up 8.9% to Yen 55.7 billion)
--------------------------------------------------------
Sales in the Industrial Products segment increased by 8.9% as compared to the
previous corresponding period, to Yen 55.7 billion. Sales of semiconductor
devices, thermal media, optical equipment and electronic components increased
as compared to the previous corresponding period. As a result, operating income
in the Industrial Products segment amounted to Yen 1.0 billion (operating loss
Yen 0.7 billion for the previous corresponding period).
Other (Sales up 2.7% to Yen 64.1 billion)
------------------------------------------
Net sales in the Other segment increased by 2.7% as compared to the previous
corresponding period, to Yen 64.1 billion. Sales of digital cameras and so on
increased mainly in Japan. As a result, operating loss in the Other segment
amounted to Yen 0.4 billion (operating loss Yen 1.0 billion for the previous
corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, cash and time deposits increased temporarily from the end of the
previous fiscal year because Ricoh issued unsecured bonds on June 22, 2010 in
order to have financial arrangements with redemption of convertible bonds. The
yen equivalent of foreign-currency-denominated assets decreased because the
appreciation of the Yen developed from the previous fiscal year. As a result,
total assets decreased by Yen 40.8 billion, to Yen 2,343.0 billion.
For Liabilities, while short-term borrowings and so on decreased, long-term
liabilities increased due to the issue of unsecured bonds. As a result, total
liabilities increased by Yen 3.0 billion, to Yen 1,363.1 billion.
For Total Equity, the change in retained earnings resulted from payment for
dividends and net income attributable to Ricoh Company, Ltd. Accumulated other
comprehensive loss increased due mainly to the fluctuation of cumulative
translation adjustments reflecting exchange fluctuation from the end of the
previous period. As a result, Total Equity decreased by Yen 43.9 billion from
the end of the previous fiscal year, to Yen 979.9 billion.
*Cash Flows (First half year from April 1, 2010 to September 30, 2010)
Net cash provided by operating activities in this period decreased by Yen 15.7
billion as compared to the previous corresponding period, to Yen 67.5 billion
due mainly to the increase in inventories.
Net cash used in investing activities in this period decreased by Yen 3.8
billion as compared to the previous corresponding period, to Yen 49.6 billion.
As a result, free cash inflows generated by operating and investing activities
decreased by Yen 11.8 billion as compared to the previous corresponding period,
to Yen 17.8 billion.
Net cash provided by financing activities amounted to Yen 23.3 billion due
primarily to the issue of unsecured bonds.
As a result, cash and cash equivalents as of September 30, 2010 increased by
Yen 31.8 billion as compared to the end of the preceding fiscal year, to Yen
274.0 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
The forecast of business results for the full fiscal year ending March 31, 2011
is as follows. While Ricoh has not revised its forecast of operating income,
income before income taxes and net income attributable to Ricoh Company, Ltd.
from announced in August 2010, Ricoh has revised downward its forecast of sales
and gross profit. This revision reflects the business result for the six months
ended September 30, 2010 and exchange rate fluctuations.
Ricoh assumes exchange rates of Yen 80.00 against the U.S. dollar and of Yen
110.00 against the Euro in and after the third quarter, which were revised from
the forecast that announced in August 2010. The actual exchange rates during
the first half of fiscal year 2010 are incorporated in annual exchange rates
assumption.
Our performance forecast for fiscal year 2011 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2011
US$ 1 = Yen 84.52 (Yen 92.91 in previous fiscal year)
EURO 1 = Yen 112.07 (Yen 131.21 in previous fiscal year)
(Billions of yen)
-------------------------------------------------------------------------------
Year ending Year ended
March 31, 2011 March 31, 2010
(Forecast) (Results) Change
-------------------------------------------------------------------------------
Domestic sales 920.0 876.5 5.0%
Overseas sales 1,100.0 1,139.7 -3.5%
Net sales 2,020.0 2,016.3 0.2%
Gross profit 825.0 822.3 0.3%
Operating income 85.0 65.9 28.8%
Income before income taxes 75.0 57.5 30.4%
Net income attributable to Ricoh Company,
Ltd. 35.0 27.8 25.6%
-------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2011 above
upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from
those projected.
4. OTHERS
(1) Changes in significant subsidiaries:
Not applicable
(2) Changes in accounting method:
Adoption of new accounting standards:
Ricoh adopted the FASB Accounting Standards Codification ("ASC") 860 "Transfers
and Servicing" updated by the FASB issued Accounting Standard Update ("ASU")
No. 2009-16, "Accounting for Transfers of Financial Assets" in this fiscal
year. This statement eliminates the concept of a qualifying special-purpose
entity ("QSPE"), establishes conditions for reporting a transfer of a portion
of a financial asset as a sale, clarifies the financial-asset derecognition
criteria, revises how interests retained by the transferor in a sale of
financial assets initially are measured.
Ricoh also adopted FASB ASC 810 "Consolidation" updated by the FASB issued ASU
No. 2009-17, "Improvements to Financial Reporting by Enterprises Involved with
Variable Interest Entities" in this fiscal year. This accounting standard
requires an enterprise to perform an analysis to identify the primary
beneficiary of a variable interest entity and also requires ongoing
reassessments of whether an enterprise is the primary beneficiary of a variable
interest entity.
Ricoh recognized Yen 24,251 million as leasing receivables and Yen
20,222 million as current portion of long-term indebtedness and long-term
indebtedness on Consolidated Balance Sheets to conform with these FASB ASC. The
adoption of these FASB ASC did not have a material impact on cumulative effect
on retained earnings.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
------------------------------------------------------------------------------------------------------------
September 30, 2010 March 31, 2010 Change
------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 275,700 243,888 31,812
Trade receivables 636,255 667,614 -31,359
Inventories 182,436 169,251 13,185
Other current assets 61,327 63,859 -2,532
Total Current Assets 1,155,718 1,144,612 11,106
Fixed Assets
Tangible fixed assets 262,872 263,021 -149
Finance receivables 447,324 445,896 1,428
Other investments 477,133 530,414 -53,281
Total Fixed Assets 1,187,329 1,239,331 -52,002
------------------------------------------------------------------------------------------------------------
Total Assets 2,343,047 2,383,943 -40,896
------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 274,059 242,165
Time deposits 1,641 1,723
Liabilities and Equity (Millions of yen)
-----------------------------------------------------------------------------------------------------------
September 30, 2010 March 31, 2010 Change
-----------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 245,713 273,397 -27,684
Short-term borrowings 133,753 169,727 -35,974
Other current liabilities 207,014 217,280 -10,266
Total Current Liabilities 586,480 660,404 -73,924
Fixed Liabilities
Long-term indebtedness 597,848 514,718 83,130
Accrued pension and severance costs 139,980 140,460 -480
Other fixed liabilities 38,808 44,487 -5,679
Total Fixed Liabilities 776,636 699,665 76,971
-----------------------------------------------------------------------------------------------------------
Total Liabilities 1,363,116 1,360,069 3,047
-----------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 820,831 820,701 130
Accumulated other comprehensive loss -177,630 -132,051 -45,579
Treasury stock -36,762 -36,756 -6
Total Ricoh Company, Ltd. shareholders' equity 927,886 973,341 -45,455
Noncontrolling interests 52,045 50,533 1,512
-----------------------------------------------------------------------------------------------------------
Total Equity 979,931 1,023,874 -43,943
-----------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,343,047 2,383,943 -40,896
-----------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss;
Net unrealized holding gains (losses) on
available-for-sale securities -4 2,372 -2,376
Pension liability adjustments -46,877 -47,335 458
Net unrealized gains (losses) on derivative
instruments -1,603 -1,157 -446
Cumulative translation adjustments -129,146 -85,931 -43,215
Reference: Exchange rate September 30, 2010 March 31, 2010
US$ 1 Yen 83.82 Yen 93.04
EURO 1 Yen 114.24 Yen 124.92
6
(2) CONSOLIDATED STATEMENTS OF INCOME
Half year ended September 30, 2009 and 2010
(Millions of yen)
--------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009 Change %
--------------------------------------------------------------------------------------------------------------------
Net sales 970,856 988,791 -17,935 -1.8
Cost of sales 567,938 590,589 -22,651 -3.8
Percentage of net sales (%) 58.5 59.7
Gross Profit 402,918 398,202 4,716 1.2
Percentage of net sales (%) 41.5 40.3
Selling, general and administrative expenses 364,906 384,207 -19,301 -5.0
Percentage of net sales (%) 37.6 38.9
Operating income 38,012 13,995 24,017 171.6
Percentage of net sales (%) 3.9 1.4
Other (income) expenses
Interest and dividend income 1,375 1,742 -367 -21.1
Percentage of net sales (%) 0.1 0.2
Interest expense 3,911 4,071 -160 -3.9
Percentage of net sales (%) 0.4 0.4
Other, net 7,411 4,900 2,511 51.2
Percentage of net sales (%) 0.7 0.5
Income before income taxes, equity income and
minority interests 28,065 6,766 21,299 314.8
Percentage of net sales (%) 2.9 0.7
Provision for income taxes 13,594 3,874 9,720 250.9
Percentage of net sales (%) 1.4 0.4
Equity in earnings of affiliates -7 12 -19 --
Percentage of net sales (%) -0.0 0.0
Consolidated net income 14,464 2,904 11,560 398.1
Percentage of net sales (%) 1.5 0.3
Net income attributable to noncontrolling
interests 1,952 1,096 856 78.1
Percentage of net sales (%) 0.2 0.1
Net income attributable to Ricoh Company, Ltd. 12,512 1,808 10,704 592.0
Percentage of net sales (%) 1.3 0.2
--------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 89.03 Yen 95.56
EURO 1 Yen 114.14 Yen 133.24
Three months ended September 30, 2009 and 2010
(Millions of yen)
--------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009 Change %
--------------------------------------------------------------------------------------------------------------------
Net sales 487,902 497,402 -9,500 -1.9
Cost of sales 289,302 299,505 -10,203 -3.4
Percentage of net sales (%) 59.3 60.2
Gross Profit 198,600 197,897 703 0.4
Percentage of net sales (%) 40.7 39.8
Selling, general and administrative expenses 182,435 189,978 -7,543 -4.0
Percentage of net sales (%) 37.4 38.2
Operating income 16,165 7,919 8,246 104.1
Percentage of net sales (%) 3.3 1.6
Other (income) expenses
Interest and dividend income 778 1,159 -381 -32.9
Percentage of net sales (%) 0.2 0.2
Interest expense 2,057 1,968 89 4.5
Percentage of net sales (%) 0.4 0.4
Other, net 2,313 3,759 -1,446 -38.5
Percentage of net sales (%) 0.5 0.7
Income before income taxes, equity income and
minority interests 12,573 3,351 9,222 275.2
Percentage of net sales (%) 2.6 0.7
Provision for income taxes 6,298 1,995 4,303 215.7
Percentage of net sales (%) 1.3 0.4
Equity in earnings of affiliates 0 8 -8 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income 6,275 1,364 4,911 360.0
Percentage of net sales (%) 1.3 0.3
Net income attributable to noncontrolling
interests 1,096 459 637 138.8
Percentage of net sales (%) 0.2 0.1
Net income attributable to Ricoh Company, Ltd. 5,179 905 4,274 472.3
Percentage of net sales (%) 1.1 0.2
--------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 85.95 Yen 93.64
EURO 1 Yen 110.80 Yen 133.79
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2009 and 2010 (Millions of yen)
----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009 Change %
----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 706,696 745,069 -38,373 -5.2
Percentage of net sales (%) 72.8 75.4
Network System Solutions 144,287 130,060 14,227 10.9
Percentage of net sales (%) 14.9 13.1
Imaging & Solutions Total 850,983 875,129 -24,146 -2.8
Percentage of net sales (%) 87.7 88.5
----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 55,743 51,201 4,542 8.9
Percentage of net sales (%) 5.7 5.2
----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 64,130 62,461 1,669 2.7
Percentage of net sales (%) 6.6 6.3
----------------------------------------------------------------------------------------------------------------------------
Grand Total 970,856 988,791 -17,935 -1.8
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 89.03 Yen 95.56
EURO 1 Yen 114.14 Yen 133.24
Three months ended September 30, 2009 and 2010 (Millions of yen)
----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009 Change %
----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 346,771 366,971 -20,200 -5.5
Percentage of net sales (%) 71.1 73.8
Network System Solutions 79,523 71,338 8,185 11.5
Percentage of net sales (%) 16.3 14.3
Imaging & Solutions Total 426,294 438,309 -12,015 -2.7
Percentage of net sales (%) 87.4 88.1
----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 27,838 26,447 1,391 5.3
Percentage of net sales (%) 5.7 5.3
----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 33,770 32,646 1,124 3.4
Percentage of net sales (%) 6.9 6.6
----------------------------------------------------------------------------------------------------------------------------
Grand Total 487,902 497,402 -9,500 -1.9
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 85.95 Yen 93.64
EURO 1 Yen 110.80 Yen 133.79
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators,
facsimile machines, analog PPCs, diazo copiers,
scanners, MFPs(multifunctional printers), laser
printers and software
Network System Solutions Personal computers, servers, network systems and
network related software
Industrial Products Thermal media, optical equipment, semiconductor
devices, electronic components and measuring
equipment
Other Digital cameras
8
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Half year ended September 30, 2009 and 2010 (Millions of yen)
--------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009 Change %
--------------------------------------------------------------------------------------------------------
[Domestic] 439,065 421,689 17,376 4.1
Percentage of net sales (%) 45.2 42.6
[Overseas] 531,791 567,102 -35,311 -6.2
Percentage of net sales (%) 54.8 57.4
The Americas 264,857 281,158 -16,301 -5.8
Percentage of net sales (%) 27.3 28.4
Europe 201,051 226,146 -25,095 -11.1
Percentage of net sales (%) 20.7 22.9
Other 65,883 59,798 6,085 10.2
Percentage of net sales (%) 6.8 6.1
Grand Total 970,856 988,791 -17,935 -1.8
Percentage of net sales (%) 100.0 100.0
--------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 89.03 Yen 95.56
EURO 1 Yen 114.14 Yen 133.24
Three months ended September 30, 2009 and 2010 (Millions of yen)
--------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009 Change %
--------------------------------------------------------------------------------------------------------
[Domestic] 226,149 214,950 11,199 5.2
Percentage of net sales (%) 46.4 43.2
[Overseas] 261,753 282,452 -20,699 -7.3
Percentage of net sales (%) 53.6 56.8
The Americas 131,447 138,388 -6,941 -5.0
Percentage of net sales (%) 26.9 27.8
Europe 97,934 112,396 -14,462 -12.9
Percentage of net sales (%) 20.1 22.6
Other 32,372 31,668 704 2.2
Percentage of net sales (%) 6.6 6.4
Grand Total 487,902 497,402 -9,500 -1.9
Percentage of net sales (%) 100.0 100.0
--------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 85.95 Yen 93.64
EURO 1 Yen 110.80 Yen 133.79
9
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
----------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009
----------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 14,464 2,904
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 46,718 48,821
Equity in earnings of affiliates, net of dividends
received 7 -12
Deferred income taxes 821 -5,626
Loss on disposals and sales of tangible fixed assets 661 341
Pension and severance costs, less payments 978 -1,274
Changes in assets and liabilities--
Decrease in trade receivables 21,391 41,056
(Increase) Decrease in inventories -24,231 10,769
Decrease in finance receivables 4,263 11,827
Decrease in trade payables -20,612 -37,705
Increase (Decrease) in accrued income taxes and
accrued expenses and other 13,044 -2,258
Other, net 10,004 14,379
----------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 67,508 83,222
----------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 429 752
Expenditures for property, plant and equipment, including
interest capitalized -39,541 -38,461
Payments for purchases of available-for-sale securities -85 -684
Proceeds from sales of available-for-sale securities 5 910
Increase in time deposits -57 -292
Purchase of business, net of cash acquired -- -4,760
Other, net -10,393 -10,945
----------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -49,642 -53,480
----------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 28,615 32,449
Repayment of long-term indebtedness -61,958 -38,739
Decrease in short-term borrowings, net -10,783 -79,124
Proceeds from issuance of long-term debt securities 79,741 35,000
Dividends paid -11,972 -10,885
Payment for purchase of treasury stock -72 -82
Other, net -264 -247
----------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities 23,307 -61,628
----------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -9,279 -2,385
----------------------------------------------------------------------------------------------------------------
V. Net Increase (Decrease) in Cash and Cash Equivalents 31,894 -34,271
----------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 242,165 258,484
----------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 274,059 224,213
----------------------------------------------------------------------------------------------------------------
10
(4)NOTES ON PREMISE GOING CONCERN
Not applicable
(5)SEGMENT INFORMATION
(a) Operating Segments Information
Half year ended September 30, 2009 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009 Change %
-------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 850,983 875,129 -24,146 -2.8
Intersegment -- -- -- --
Total 850,983 875,129 -24,146 -2.8
-------------------------------------------------------------------------------------------------------------------
Operating expenses 777,982 823,576 -45,594 -5.5
-------------------------------------------------------------------------------------------------------------------
Operating income 73,001 51,553 21,448 41.6
Operating income on sales in Imaging & Solutions (%) 8.6 5.9
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 55,743 51,201 4,542 8.9
Intersegment 2,591 2,041 550 26.9
Total 58,334 53,242 5,092 9.6
-------------------------------------------------------------------------------------------------------------------
Operating expenses 57,288 54,009 3,279 6.1
-------------------------------------------------------------------------------------------------------------------
Operating income 1,046 -767 1,813 --
Operating income on sales in Industrial Products (%) 1.8 -1.4
-------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 64,130 62,461 1,669 2.7
Intersegment -- -- -- --
Total 64,130 62,461 1,669 2.7
-------------------------------------------------------------------------------------------------------------------
Operating expenses 64,594 63,558 1,036 1.6
-------------------------------------------------------------------------------------------------------------------
Operating income -464 -1,097 633 --
Operating income on sales in Other (%) -0.7 -1.8
-------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -2,591 -2,041 -550 --
Total -2,591 -2,041 -550 --
-------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -2,598 -2,030 -568 --
Corporate 35,578 35,683 -105 --
Total 32,980 33,653 -673 --
-------------------------------------------------------------------------------------------------------------------
Operating income -35,571 -35,694 123 --
-------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 970,856 988,791 -17,935 -1.8
Intersegment -- -- -- --
Total 970,856 988,791 -17,935 -1.8
-------------------------------------------------------------------------------------------------------------------
Operating expenses 932,844 974,796 -41,952 -4.3
-------------------------------------------------------------------------------------------------------------------
Operating income 38,012 13,995 24,017 171.6
Operating income on consolidated net sales (%) 3.9 1.4
-------------------------------------------------------------------------------------------------------------------
11
Three months ended September 30, 2009 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009 Change %
-------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 426,294 438,309 -12,015 -2.7
Intersegment -- -- -- --
Total 426,294 438,309 -12,015 -2.7
-------------------------------------------------------------------------------------------------------------------
Operating expenses 391,211 410,615 -19,404 -4.7
-------------------------------------------------------------------------------------------------------------------
Operating income 35,083 27,694 7,389 26.7
Operating income on sales in Imaging & Solutions (%) 8.2 6.3
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 27,838 26,447 1,391 5.3
Intersegment 1,406 1,147 259 22.6
Total 29,244 27,594 1,650 6.0
-------------------------------------------------------------------------------------------------------------------
Operating expenses 28,682 28,007 675 2.4
-------------------------------------------------------------------------------------------------------------------
Operating income 562 -413 975 --
Operating income on sales in Industrial Products (%) 1.9 -1.5
-------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 33,770 32,646 1,124 3.4
Intersegment -- -- -- --
Total 33,770 32,646 1,124 3.4
-------------------------------------------------------------------------------------------------------------------
Operating expenses 34,106 33,465 641 1.9
-------------------------------------------------------------------------------------------------------------------
Operating income -336 -819 483 --
Operating income on sales in Other (%) -1.0 -2.5
-------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,406 -1,147 -259 --
Total -1,406 -1,147 -259 --
-------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,413 -1,140 -273 --
Corporate 19,151 18,536 615 --
Total 17,738 17,396 342 --
-------------------------------------------------------------------------------------------------------------------
Operating income -19,144 -18,543 -601 --
-------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 487,902 497,402 -9,500 -1.9
Intersegment -- -- -- --
Total 487,902 497,402 -9,500 -1.9
-------------------------------------------------------------------------------------------------------------------
Operating expenses 471,737 489,483 -17,746 -3.6
-------------------------------------------------------------------------------------------------------------------
Operating income 16,165 7,919 8,246 104.1
Operating income on consolidated net sales (%) 3.3 1.6
-------------------------------------------------------------------------------------------------------------------
12
(b) Geographic Segments Information
Half year ended September 30, 2009 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2010 September 30, 2009 Change %
-------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 447,617 430,319 17,298 4.0
Intersegment 212,040 179,609 32,431 18.1
Total 659,657 609,928 49,729 8.2
-------------------------------------------------------------------------------------------------------------------
Operating expenses 634,603 601,956 32,647 5.4
-------------------------------------------------------------------------------------------------------------------
Operating income 25,054 7,972 17,082 214.3
Operating income on sales in Japan (%) 3.8 1.3
-------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 264,701 280,410 -15,709 -5.6
Intersegment 1,605 1,744 -139 -8.0
Total 266,306 282,154 -15,848 -5.6
-------------------------------------------------------------------------------------------------------------------
Operating expenses 268,386 290,534 -22,148 -7.6
-------------------------------------------------------------------------------------------------------------------
Operating income -2,080 -8,380 6,300 --
Operating income on sales in the Americas (%) -0.8 -3.0
-------------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 201,740 227,259 -25,519 -11.2
Intersegment 1,134 1,128 6 0.5
Total 202,874 228,387 -25,513 -11.2
-------------------------------------------------------------------------------------------------------------------
Operating expenses 190,344 216,698 -26,354 -12.2
-------------------------------------------------------------------------------------------------------------------
Operating income 12,530 11,689 841 7.2
Operating income on sales in Europe (%) 6.2 5.1
-------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 56,798 50,803 5,995 11.8
Intersegment 85,335 68,192 17,143 25.1
Total 142,133 118,995 23,138 19.4
-------------------------------------------------------------------------------------------------------------------
Operating expenses 133,881 113,059 20,822 18.4
-------------------------------------------------------------------------------------------------------------------
Operating income 8,252 5,936 2,316 39.0
Operating income on sales in Other (%) 5.8 5.0
-------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -300,114 -250,673 -49,441 --
Total -300,114 -250,673 -49,441 --
-------------------------------------------------------------------------------------------------------------------
Operating expenses -294,370 -247,451 -46,919 --
-------------------------------------------------------------------------------------------------------------------
Operating income -5,744 -3,222 -2,522 --
-------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 970,856 988,791 -17,935 -1.8
Intersegment -- -- -- --
Total 970,856 988,791 -17,935 -1.8
-------------------------------------------------------------------------------------------------------------------
Operating expenses 932,844 974,796 -41,952 -4.3
-------------------------------------------------------------------------------------------------------------------
Operating income 38,012 13,995 24,017 171.6
Operating income on consolidated net sales (%) 3.9 1.4
-------------------------------------------------------------------------------------------------------------------
13
Three months ended September 30, 2009 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2010 September 30, 2009 Change %
-------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 230,491 219,898 10,593 4.8
Intersegment 99,673 89,099 10,574 11.9
Total 330,164 308,997 21,167 6.9
-------------------------------------------------------------------------------------------------------------------
Operating expenses 322,053 303,615 18,438 6.1
-------------------------------------------------------------------------------------------------------------------
Operating income 8,111 5,382 2,729 50.7
Operating income on sales in Japan (%) 2.5 1.7
-------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 132,343 137,754 -5,411 -3.9
Intersegment 828 1,106 -278 -25.1
Total 133,171 138,860 -5,689 -4.1
-------------------------------------------------------------------------------------------------------------------
Operating expenses 134,337 142,507 -8,170 -5.7
-------------------------------------------------------------------------------------------------------------------
Operating income -1,166 -3,647 2,481 --
Operating income on sales in the Americas (%) -0.9 -2.6
-------------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 96,500 112,743 -16,243 -14.4
Intersegment 510 524 -14 -2.7
Total 97,010 113,267 -16,257 -14.4
-------------------------------------------------------------------------------------------------------------------
Operating expenses 90,743 106,836 -16,093 -15.1
-------------------------------------------------------------------------------------------------------------------
Operating income 6,267 6,431 -164 -2.6
Operating income on sales in Europe (%) 6.5 5.7
-------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 28,568 27,007 1,561 5.8
Intersegment 42,422 34,295 8,127 23.7
Total 70,990 61,302 9,688 15.8
-------------------------------------------------------------------------------------------------------------------
Operating expenses 67,201 57,766 9,435 16.3
-------------------------------------------------------------------------------------------------------------------
Operating income 3,789 3,536 253 7.2
Operating income on sales in Other (%) 5.3 5.8
-------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -143,433 -125,024 -18,409 --
Total -143,433 -125,024 -18,409 --
-------------------------------------------------------------------------------------------------------------------
Operating expenses -142,597 -121,241 -21,356 --
-------------------------------------------------------------------------------------------------------------------
Operating income -836 -3,783 2,947 --
-------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 487,902 497,402 -9,500 -1.9
Intersegment -- -- -- --
Total 487,902 497,402 -9,500 -1.9
-------------------------------------------------------------------------------------------------------------------
Operating expenses 471,737 489,483 -17,746 -3.6
-------------------------------------------------------------------------------------------------------------------
Operating income 16,165 7,919 8,246 104.1
Operating income on consolidated net sales (%) 3.3 1.6
-------------------------------------------------------------------------------------------------------------------
(6)NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
14
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2009 and 2010 (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
Half year Half year
ended ended
September 30, September 30, Change excluding
2010 2009 Change % exchange impact %
--------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 706,696 745,069 -38,373 -5.2 9,146 1.2
Percentage of net sales (%) 72.8 75.4
Domestic 254,703 255,929 -1,226 -0.5 -1,226 -0.5
Overseas 451,993 489,140 -37,147 -7.6 10,372 2.1
Network System Solutions 144,287 130,060 14,227 10.9 19,332 14.9
Percentage of net sales (%) 14.9 13.1
Domestic 87,790 78,816 8,974 11.4 8,974 11.4
Overseas 56,497 51,244 5,253 10.3 10,358 20.2
Imaging & Solutions Total 850,983 875,129 -24,146 -2.8 28,478 3.3
Percentage of net sales (%) 87.7 88.5
Domestic 342,493 334,745 7,748 2.3 7,748 2.3
Overseas 508,490 540,384 -31,894 -5.9 20,730 3.8
The Americas 258,660 273,670 -15,010 -5.5 4,196 1.5
Europe 193,881 217,489 -23,608 -10.9 7,918 3.6
Other 55,949 49,225 6,724 13.7 8,616 17.5
--------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 55,743 51,201 4,542 8.9 6,254 12.2
Percentage of net sales (%) 5.7 5.2
Domestic 34,619 27,485 7,134 26.0 7,134 26.0
Overseas 21,124 23,716 -2,592 -10.9 -880 -3.7
The Americas 5,962 7,092 -1,130 -15.9 -699 -9.9
Europe 6,670 7,737 -1,067 -13.8 -105 -1.4
Other 8,492 8,887 -395 -4.4 -76 -0.9
--------------------------------------------------------------------------------------------------------------------------
[Other]
Other 64,130 62,461 1,669 2.7 1,829 2.9
Percentage of net sales (%) 6.6 6.3
Domestic 61,953 59,459 2,494 4.2 2,494 4.2
Overseas 2,177 3,002 -825 -27.5 -665 -22.2
The Americas 235 396 -161 -40.7 -160 -40.4
Europe 500 920 -420 -45.7 -341 -37.1
Other 1,442 1,686 -244 -14.5 -164 -9.7
--------------------------------------------------------------------------------------------------------------------------
Grand Total 970,856 988,791 -17,935 -1.8 36,561 3.7
Percentage of net sales (%) 100.0 100.0
Domestic 439,065 421,689 17,376 4.1 17,376 4.1
Percentage of net sales (%) 45.2 42.6
Overseas 531,791 567,102 -35,311 -6.2 19,185 3.4
Percentage of net sales (%) 54.8 57.4
The Americas 264,857 281,158 -16,301 -5.8 3,337 1.2
Percentage of net sales (%) 27.3 28.4
Europe 201,051 226,146 -25,095 -11.1 7,472 3.3
Percentage of net sales (%) 20.7 22.9
Other 65,883 59,798 6,085 10.2 8,376 14.0
Percentage of net sales (%) 6.8 6.1
--------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 89.03 Yen 95.56 Yen -6.53
EURO 1 Yen 114.14 Yen 133.24 Yen -19.10
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
A1
Three months ended September 30, 2009 and 2010 (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
Three months Three months
ended ended
September 30, September 30, Change excluding
2010 2009 Change % exchange impact %
--------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 346,771 366,971 -20,200 -5.5 8,839 2.4
Percentage of net sales (%) 71.1 73.8
Domestic 124,622 124,504 118 0.1 118 0.1
Overseas 222,149 242,467 -20,318 -8.4 8,721 3.6
Network System Solutions 79,523 71,338 8,185 11.5 11,291 15.8
Percentage of net sales (%) 16.3 14.3
Domestic 51,293 45,446 5,847 12.9 5,847 12.9
Overseas 28,230 25,892 2,338 9.0 5,444 21.0
Imaging & Solutions Total 426,294 438,309 -12,015 -2.7 20,130 4.6
Percentage of net sales (%) 87.4 88.1
Domestic 175,915 169,950 5,965 3.5 5,965 3.5
Overseas 250,379 268,359 -17,980 -6.7 14,165 5.3
The Americas 128,261 134,505 -6,244 -4.6 5,255 3.9
Europe 94,523 108,069 -13,546 -12.5 5,307 4.9
Other 27,595 25,785 1,810 7.0 3,603 14.0
--------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 27,838 26,447 1,391 5.3 2,401 9.1
Percentage of net sales (%) 5.7 5.3
Domestic 17,477 14,025 3,452 24.6 3,452 24.6
Overseas 10,361 12,422 -2,061 -16.6 -1,051 -8.5
The Americas 3,061 3,766 -705 -18.7 -441 -11.7
Europe 3,150 3,770 -620 -16.4 -56 -1.5
Other 4,150 4,886 -736 -15.1 -554 -11.3
--------------------------------------------------------------------------------------------------------------------------
[Other]
Other 33,770 32,646 1,124 3.4 1,201 3.7
Percentage of net sales (%) 6.9 6.6
Domestic 32,757 30,975 1,782 5.8 1,782 5.8
Overseas 1,013 1,671 -658 -39.4 -581 -34.8
The Americas 125 117 8 6.8 5 4.3
Europe 261 557 -296 -53.1 -247 -44.3
Other 627 997 -370 -37.1 -339 -34.0
--------------------------------------------------------------------------------------------------------------------------
Grand Total 487,902 497,402 -9,500 -1.9 23,732 4.8
Percentage of net sales (%) 100.0 100.0
Domestic 226,149 214,950 11,199 5.2 11,199 5.2
Percentage of net sales (%) 46.4 43.2
Overseas 261,753 282,452 -20,699 -7.3 12,533 4.4
Percentage of net sales (%) 53.6 56.8
The Americas 131,447 138,388 -6,941 -5.0 4,819 3.5
Percentage of net sales (%) 26.9 27.8
Europe 97,934 112,396 -14,462 -12.9 5,004 4.5
Percentage of net sales (%) 20.1 22.6
Other 32,372 31,668 704 2.2 2,710 8.6
Percentage of net sales (%) 6.6 6.4
--------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 85.95 Yen 93.64 Yen -7.69
EURO 1 Yen 110.80 Yen 133.79 Yen -22.99
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
---------------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ending Year ending
Sept. 30, 2010 Change March 31, 2011 Change March 31, 2011 Change
Results % Forecast % Forecast %
---------------------------------------------------------------------------------------------------------------------------------
Net sales 970.8 -1.8 1,049.1 2.1 2,020.0 0.2
Gross profit 402.9 1.2 422.0 -0.5 825.0 0.3
Operating income 38.0 171.6 46.9 -9.6 85.0 28.8
Income before income taxes 28.0 314.8 46.9 -7.5 75.0 30.4
Net income attributable to Ricoh Company, Ltd. 12.5 592.0 22.4 -13.7 35.0 25.6
---------------------------------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd. shareholders
per share-basic (yen) 17.24 -- 31.00 -- 48.24 --
Net income attributable to Ricoh Company, Ltd. shareholders
per share-diluted (yen) 16.77 -- 30.15 -- 46.92 --
---------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 39.5 -- 32.5 -- 72.0 --
Depreciation for tangible fixed assets 33.4 -- 33.6 -- 67.0 --
R&D expenditures 53.9 -- 58.0 -- 112.0 --
---------------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 89.03 -- 80.00 -- 84.52 --
Exchange rate (Yen/EURO) 114.14 -- 110.00 -- 112.07 --
---------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
---------------------------------------------------------------------------------------------------------
Half year ending March. 31, 2011 Year ending March 31, 2011
---------------------------------------------------------------------------------------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
---------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 766.1 -0.6 837.1 8.6 1,472.8 -2.9 1,591.3 5.0
Domestic 281.0 2.2 281.0 2.2 535.7 0.9 535.7 0.9
Overseas 485.1 -2.3 556.1 12.1 937.1 -4.9 1,055.6 7.1
Network System Solutions 163.5 13.5 172.3 19.6 307.8 12.3 321.7 17.4
Domestic 104.2 13.0 104.2 13.0 192.0 12.3 192.0 12.3
Overseas 59.3 14.5 68.1 31.4 115.8 12.4 129.7 25.8
Imaging & Solutions Total 929.6 1.6 1,009.4 10.3 1,780.6 -0.5 1,913.0 6.9
Domestic 385.2 4.9 385.2 4.9 727.7 3.7 727.7 3.7
Overseas 544.4 -0.7 624.2 13.9 1,052.9 -3.3 1,185.3 8.9
The Americas 263.2 -2.7 297.0 9.8 521.9 -4.1 574.9 5.6
Europe 218.7 -2.4 256.6 14.4 412.6 -6.6 482.0 9.1
Other 62.5 17.0 70.6 32.2 118.4 15.4 128.4 25.1
---------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 54.7 8.4 56.6 12.0 110.5 8.6 114.0 12.1
Domestic 33.3 16.1 33.3 16.1 67.9 20.9 67.9 20.9
Overseas 21.4 -1.8 23.3 6.7 42.6 -6.5 46.1 1.3
The Americas 6.1 5.6 6.8 18.4 12.1 -6.3 13.2 2.8
Europe 6.4 -15.5 7.5 -0.9 13.1 -14.6 15.2 -1.1
Other 8.9 5.4 8.9 5.4 17.4 0.4 17.8 2.2
---------------------------------------------------------------------------------------------------------
[Other]
Other 64.8 4.6 64.9 4.8 129.0 3.7 129.2 3.9
Domestic 62.5 5.5 62.5 5.5 124.4 4.9 124.4 4.9
Overseas 2.3 -14.3 2.5 -9.8 4.5 -21.2 4.8 -16.3
The Americas 0.2 -16.4 0.2 -6.7 0.4 -31.9 0.4 -28.2
Europe 0.6 -9.1 0.7 5.3 1.1 -29.9 1.3 -18.8
Other 1.5 -16.1 1.5 -16.1 3.0 -15.3 3.0 -13.0
---------------------------------------------------------------------------------------------------------
Grand Total 1,049.1 2.1 1,130.9 10.1 2,020.0 0.2 2,156.2 6.9
Domestic 480.9 5.7 480.9 5.7 920.0 5.0 920.0 5.0
Overseas 568.2 -0.8 649.9 13.5 1,100.0 -3.5 1,236.2 8.5
The Americas 269.5 -2.5 304.1 10.0 534.4 -4.2 588.6 5.5
Europe 225.7 -2.9 264.8 13.9 426.8 -6.9 498.4 8.7
Other 73.0 14.5 81.1 27.3 138.8 12.4 149.2 20.8
---------------------------------------------------------------------------------------------------------
*Excluding foreign exchange impact
A3