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 August 2011
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
---------------------------------------------------
(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-__ )
--------------------------------------------------------------------------------
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
August 4, 2011
--------------------------------------------------------------------------------
RICOH August 4, 2011
QUARTERLY REPORT
First Quarter ended June 30, 2011
(Results for the Period from April 1, 2011 to June 30, 2011)
PERFORMANCE OUTLINE (CONSOLIDATED)
(Billions of yen)
------------------------------------------------------------------------------------------------------- ----------------------
Three months ended Three months ended Year ending
June 30, 2011 June 30, 2010 March 31, 2012
Results Results Change Forecast Change
------------------------------------------------------------------------------------------------------- ----------------------
Domestic sales 215.1 212.9 1.0% 905.0 3.3%
Overseas sales 251.0 270.0 -7.0% 1,105.0 3.6%
Net sales 466.1 482.9 -3.5% 2,010.0 3.5%
Gross profit 194.0 204.3 -5.0% 820.0 3.8%
Operating income 10.0 21.8 -54.2% 54.0 -10.3%
Income before income taxes 8.5 15.4 -45.0% 47.0 3.5%
Net income attributable to Ricoh Company, Ltd. 3.4 7.3 -53.0% 22.0 12.0%
------------------------------------------------------------------------------------------------------- ----------------------
Exchange rate (Yen/US$) 81.71 92.13 -10.42 80.43 -5.34
Exchange rate (Yen/EURO) 117.62 117.52 0.10 111.91 -1.37
------------------------------------------------------------------------------------------------------- ----------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 4.75 10.11 -5.36 30.32 3.24
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 4.74 9.83 -5.09 30.29 3.76
------------------------------------------------------------------------------------------------------- ----------------------
Cash flows from operating activities 5.7 41.4 -35.7 -- --
Cash flows from investing activities -24.8 -20.8 -3.9 -- --
Cash flows from financing activities 10.9 32.4 -21.4 -- --
Cash and cash equivalents at end of period 168.4 286.2 -117.8 -- --
------------------------------------------------------------------------------------------------------- ----------------------
Capital expenditures 16.6 15.8 0.8 67.0 0.0
Depreciation for tangible fixed assets 15.6 16.0 -0.4 67.0 -0.2
R&D expenditures 27.6 25.6 2.0 120.0 9.1
------------------------------------------------------------------------------------------------------- ----------------------
-------------------------------------------------------------------------------------------------------
June 30, 2011 March 31, 2011 Change
-------------------------------------------------------------------------------------------------------
Total assets 2,257.1 2,262.3 -5.2
Ricoh Company, Ltd. shareholders' equity 913.1 929.8 -16.7
Interest-bearing debt 652.3 630.4 21.8
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 40.5 41.1 -0.6
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,258.59 1,281.70 -23.11
-------------------------------------------------------------------------------------------------------
RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2012 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 FIRST QUARTER ENDED JUNE 30, 2011 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2011 TO JUNE 30, 2011
(1) Operating Results
(Millions of yen)
---------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010
---------------------------------------------------------------------------------------
Net sales 466,148 482,954
(% change from the previous corresponding
period) -3.5 -1.7
Operating income 10,007 21,847
(% change from the previous corresponding
period) -54.2 259.6
Income before income taxes 8,523 15,492
(% change from the previous corresponding
period) -45.0 353.6
Net income attributable to Ricoh Company, Ltd. 3,446 7,333
(% change from the previous corresponding
period) -53.0 712.1
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 4.75 10.11
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 4.74 9.83
---------------------------------------------------------------------------------------
Notes:
i. Comprehensive income: Yen -3,683 million ( - %) (Yen -33,904 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
------------------------------------------------------------------------------
June 30, 2011 March 31, 2011
------------------------------------------------------------------------------
Total assets 2,257,104 2,262,396
Total equity 966,606 982,764
Ricoh Company, Ltd. shareholders' equity 913,107 929,877
Ricoh Company, Ltd. shareholders' equity
ratio (%) 40.5 41.1
------------------------------------------------------------------------------
2. DIVIDEND INFORMATION
-------------------------------------------------------------------------------
Year ended Year ending
March 31, 2011 March 31, 2012
(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, 2011 TO MARCH 31, 2012
(Millions of yen)
------------------------------------------------------------------------------------------------
Half year ending Year ending
September 30, 2011 March 31, 2012
------------------------------------------------------------------------------------------------
Net sales 960,000 2,010,000
Operating income 6,000 54,000
Income before income taxes 4,000 47,000
Net income attributable to Ricoh Company, Ltd. 500 22,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 0.69 30.32
------------------------------------------------------------------------------------------------
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: No
(3) Number of common stock outstanding (including treasury stock):
As of June 30, 2011 744,912,078 shares As of March 31, 2011 744,912,078 shares
(4) Number of treasury stock:
As of June 30, 2011 19,410,459 shares As of March 31, 2011 19,409,410 shares
(5) Average number of common stock:
As of June 30, 2011 725,502,674 shares As of June 30, 2010 725,579,899 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first quarter of fiscal year 2012
(the three months period from April 1, 2011 to June 30, 2011) decreased by 3.5%
as compared to the previous corresponding period, to Yen 466.1 billion. During
this quarter, the average Yen exchange rates were Yen 81.71 against the U.S.
dollar (up Yen 10.42) and Yen 117.62 against the Euro (down Yen 0.10). Net sales
would have decreased by 0.1% excluding impact of such foreign currency exchange
fluctuation.
As for the Japanese economy, the Great East Japan Earthquake had a massive
influence on individual consumption and capital investment. Moreover,
unpredictable situation remained because of the sharp appreciation of the Yen
against the U.S. dollar and decline of the stock market. Under the severe
situation, domestic sales in the Imaging & Solutions increased from the previous
corresponding period. Domestic sales in the Network System Solutions, such as IT
Infrastructure Support&Service increased significantly. Consequently, overall
sales in Japan increased by 1.0% as compared to the previous corresponding
period.
As for the overseas economy, in the Americas, recovery from the recession is
getting slower and market conditions remained unpredictable. Similarly in
Europe, it remained uncertain due to the widening intra-regional economic
disparities derived from the financial crisis and high unemployment rates in
some countries. In the other region, emerging markets such as China and India
achieved strong growth. In China, however, there are concerns about inflation.
Ricoh continued to face the severe business environment in Americas and Europe
due to the appreciation of the Yen.
As for overseas sales, sales in the Americas decreased by 13.4% as compared to
the previous corresponding period due primarily to foreign currency exchange
fluctuation (2.1%, excluding foreign currency exchange fluctuation) and sales in
Europe decreased by 0.6% (0.3%, excluding foreign currency exchange fluctuation)
due primarily to the economic downturns and the appreciation of the Yen against
the U.S. dollar, sales in Other region, which includes China, South East Asia
and Oceania, decreased by 1.7% (+1.3%, excluding foreign currency exchange
fluctuation). Sales delay occured due to the Great East Japan Earthquake.
As a result, sales in the overseas market decreased by 7.0% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have decreased by 1.0% as compared to
the previous corresponding period.
Gross profit decreased by 5.0% as compared to the previous corresponding period,
despite the increased sales of value-added high-margin products and services in
addition to ongoing cost reduction, to Yen 194.0 billion due primarily to the
appreciation of the Yen.
Selling, general and administrative expenses increased by 0.9% as compared to
the previous corresponding period, to Yen 184.0 billion due primarily to
increase of expenses for R&D, sales promotion in the emerging markets and
investment to new businesses.
As a result, operating income decreased by 54.2% as compared to the previous
corresponding period, to Yen 10.0 billion.
For other (income) expenses, foreign exchange loss decreased. Interest expense
decreased by 21.3% as compared to the previous corresponding period due to shift
of high-interest-bearing debt to lower interest rates. As a result, income
before income taxes decreased by 45.0% as compared to the previous corresponding
period, to Yen 8.5 billion.
As a result, net income attributable to Ricoh Company, Ltd. decreased by 53.0%
as compared to the previous corresponding period, to Yen 3.4 billion.
3
*Conditions by Product Line
Imaging & Solutions (Sales down 3.0% to Yen 412.1 billion)
---------------------------------------------------------
Imaging Solutions (Sales down 4.6% to Yen 367.8 billion)
-------------------------------------------------------
Sales in this category decreased by 4.6% as compared to the previous
corresponding period, to Yen 367.8 billion. The sales would have decreased
by 0.6% excluding the effects of foreign currency fluctuations.
As for MFPs, while the sales of color products increased due to the sales
of new color product released in the second half of the previous year, the
sales of monochrome products decreased as compared to the previous
corresponding period. As for production printing products, the sales of
color products increased as well.
Network System Solutions (Sales up 13.2% to Yen 44.2 billion)
------------------------------------------------------------
Sales in this category increased by 13.2% as compared to the previous
corresponding period, to Yen 44.2 billion due primarily to the sales of
personal computers, PC servers, installation and maintenance of network
environment, software support&Service and enterprise system software.
As a result, sales in the Imaging & Solutions segment decreased by 3.0% as
compared to the previous corresponding period, to Yen 412.1 billion. Operating
income decreased by 29.2% as compared to the previous corresponding period, to
Yen 26.8 billion due primarily to the appreciation of Japanese Yen, which
increased sales of value-added high-margin products in addition to ongoing cost
reduction could not fully offset.
Industrial Products (Sales down 9.9% to Yen 25.1 billion)
---------------------------------------------------------
Sales in the Industrial Products segment decreased by 9.9% as compared to the
previous corresponding period, to Yen 25.1 billion. Sales of semiconductor
devices, thermal media, optical equipment, electronic components and measuring
equipments decreased in Japan as compared to the previous corresponding period.
As a result, operating loss in the Industrial Products segment amounted to
Yen 0.4 billion (operating income Yen 0.4 billion for the previous corresponding
period).
Other (Sales down 4.8% to Yen 28.8 billion)
-------------------------------------------
Net sales in the Other segment decreased by 4.8% as compared to the previous
corresponding period, to Yen 28.8 billion. Sales of digital cameras decreased in
Japan and overseas.
As a result operating loss in the Other segment amounted to Yen 0.5 billion
(operating loss Yen 0.1 billion for the previous corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, cash and time deposits and trade receivables decreased from the end
of the previous fiscal year. The Yen equivalent of foreign-currency-denominated
assets decreased due to the appreciation of the Yen developed from the previous
fiscal year. Inventories increased due party to the Great East Japan Earthquake.
As a result, total assets decreased by Yen 5.2 billion, to Yen 2,257.1 billion.
For Liabilities, the interest-bearing debt increased. Total liabilities
increased by Yen 10.8 billion, to Yen 1,290.4 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 primarily 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 16.1 billion from
the end of the previous fiscal year, to Yen 966.6 billion.
*Cash Flows (Three months from April 1, 2011 to June 30, 2011)
Net cash provided by operating activities in this period decreased by Yen 35.7
billion as compared to the previous corresponding period, to Yen 5.7 billion due
primarily to the increase of inventory.
Net cash used in investing activities in this period increased by Yen 3.9
billion as compared to the previous corresponding period, to Yen 24.8 billion.
As a result, free cash outflows generated by operating and investing activities
amounted to Yen 19.1 billion while free cash inflows amounted to Yen 20.5
billion in the previous corresponding period.
Net cash provided by financing activities amounted to Yen 10.9 billion due
primarily to increase of interest-bearing debt.
As a result, cash and cash equivalents at the end of this first quarter
decreased by Yen 10.7 billion as compared to the end of the previous fiscal
year, to Yen 168.4 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
As for the forecast of business results for the fiscal year ending March
31,2012, Ricoh revised its exchange rates used for its forcast for the period
from second quater onward, reflecting the recent drastic exchange rate
fluctuation. assumes that exchange rates of Yen 80.00 against the U.S. dollar
and of Yen 110.00 against the Euro in and after the first quarter, which were
revised from the forecast that announced in April 2011 (Yen 85.00 against U.S.
dollar and Yen 120.00 against Euro assumed as of April).
Ricoh revises its forcast of sales, gross profit, operating income, income
before income taxes and net income attributable to Ricoh Company, Ltd. downward.
The actual exchange rates during the first quarter were incorporated in annual
exchange rates assumption.
Our performance forecast for fiscal year 2012 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2012
US$ 1 = Yen 80.43 (Yen 85.77 in previous fiscal year)
EURO 1 = Yen 111.91 (Yen 113.28 in previous fiscal year)
(Billions of yen)
--------------------------------------------------------------------------------------------------------------------
Half year ending Half year ended Year ending Year ended
September 30, 2011 September 30, 2010 March 31, 2012 March 31, 2011
(Forecast) (Results) Change (Forecast) (Results) Change
--------------------------------------------------------------------------------------------------------------------
Domestic sales 443.0 439.0 0.9% 905.0 875.8 3.3%
Overseas sales 517.0 531.7 -2.8% 1,105.0 1,066.1 3.6%
Net sales 960.0 970.8 -1.1% 2,010.0 1,942.0 3.5%
Gross profit 395.0 402.9 -2.0% 820.0 790.0 3.8%
Operating income 6.0 38.0 -84.2% 54.0 60.1 -10.3%
Income before income taxes 4.0 28.0 -85.7% 47.0 45.4 3.5%
Net income attributable to
Ricoh Company, Ltd. 0.5 12.5 -96.0% 22.0 19.6 12.0%
--------------------------------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2012 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) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method:
Not applicable
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
---------------------------------------------------------------------------------------------------------------
June 30, 2011 March 31, 2011 Change
---------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 170,712 181,179 -10,467
Trade receivables 648,072 657,817 -9,745
Inventories 186,612 171,033 15,579
Other current assets 64,734 63,990 744
Total Current Assets 1,070,130 1,074,019 -3,889
Fixed Assets
Tangible fixed assets 262,694 264,740 -2,046
Finance receivables 446,879 445,782 1,097
Other investments 477,401 477,855 -454
Total Fixed Assets 1,186,974 1,188,377 -1,403
---------------------------------------------------------------------------------------------------------------
Total Assets 2,257,104 2,262,396 -5,292
---------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 168,468 179,169
Time deposits 2,244 2,010
Liabilities and Equity (Millions of yen)
---------------------------------------------------------------------------------------------------------------
June 30, 2011 March 31, 2011 Change
---------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 240,603 250,483 -9,880
Short-term borrowings 185,996 151,023 34,973
Other current liabilities 208,274 213,194 -4,920
Total Current Liabilities 634,873 614,700 20,173
Fixed Liabilities
Long-term indebtedness 466,342 479,422 -13,080
Accrued pension and severance costs 141,961 140,975 986
Other fixed liabilities 47,322 44,535 2,787
Total Fixed Liabilities 655,625 664,932 -9,307
----------------------------------------------------------------------------------- ----------------------------
Total Liabilities 1,290,498 1,279,632 10,866
----------------------------------------------------------------------------------- ----------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 807,440 815,970 -8,530
Accumulated other comprehensive loss -178,946 -170,702 -8,244
Treasury stock -36,834 -36,838 4
Total Ricoh Company, Ltd. shareholders' equity 913,107 929,877 -16,770
Noncontrolling interests 53,499 52,887 612
----------------------------------------------------------------------------------- ----------------------------
Total Equity 966,606 982,764 -16,158
----------------------------------------------------------------------------------- ----------------------------
Total Liabilities and Equity 2,257,104 2,262,396 -5,292
----------------------------------------------------------------------------------- ----------------------------
Note:
Accumulated other comprehensive loss;
Net unrealized holding gains (losses) on available-for-sale
securities 1,770 2,466 -696
Pension liability adjustments -46,732 -47,514 782
Net unrealized gains (losses) on derivative instruments -1,690 -1,168 -522
Cumulative translation adjustments -132,294 -124,486 -7,808
Reference: Exchange rate June 30, 2011 March 31, 2011
US$ 1 Yen 80.73 Yen 83.15
EURO 1 Yen 116.84 Yen 117.57
6
(2) CONSOLIDATED STATEMENTS OF INCOME
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 466,148 482,954 -16,806 -3.5
Cost of sales 272,052 278,636 -6,584 -2.4
Percentage of net sales (%) 58.4 57.7
Gross profit 194,096 204,318 -10,222 -5.0
Percentage of net sales (%) 41.6 42.3
Selling, general and administrative expenses 184,089 182,471 1,618 0.9
Percentage of net sales (%) 39.5 37.8
Operating income 10,007 21,847 -11,840 -54.2
Percentage of net sales (%) 2.1 4.5
Other (income) expenses
Interest and dividend income 608 597 11 1.8
Percentage of net sales (%) 0.1 0.1
Interest expense 1,460 1,854 -394 -21.3
Percentage of net sales (%) 0.3 0.4
Other, net 632 5,098 -4,466 -87.6
Percentage of net sales (%) 0.1 1.0
Income before income taxes,
equity income and minority interests 8,523 15,492 -6,969 -45.0
Percentage of net sales (%) 1.8 3.2
Provision for income taxes 3,894 7,296 -3,402 -46.6
Percentage of net sales (%) 0.8 1.5
Equity in earnings of affiliates -8 -7 -1 -
Percentage of net sales (%) -0.0 -0.0
Consolidated net income 4,621 8,189 -3,568 -43.6
Percentage of net sales (%) 1.0 1.7
Net income attributable to noncontrolling interests 1,175 856 319 37.3
Percentage of net sales (%) 0.3 0.2
Net income attributable to Ricoh Company, Ltd. 3,446 7,333 -3,887 -53.0
Percentage of net sales (%) 0.7 1.5
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 81.71 Yen 92.13
EURO 1 Yen 117.62 Yen 117.52
CONSOLIDATED SALES BY PRODUCT CATEGORY (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 367,812 385,560 -17,748 -4.6
Percentage of net sales (%) 78.9 79.8
Network System Solutions 44,293 39,129 5,164 13.2
Percentage of net sales (%) 9.5 8.1
Imaging & Solutions Total 412,105 424,689 -12,584 -3.0
Percentage of net sales (%) 88.4 87.9
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,144 27,905 -2,761 -9.9
Percentage of net sales (%) 5.4 5.8
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,899 30,360 -1,461 -4.8
Percentage of net sales (%) 6.2 6.3
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 466,148 482,954 -16,806 -3.5
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
* Product lines included in Product Category was changed in this fiscal year.
Service&Support, such as MDS(Managed Document Services) was changed from Network
System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the
current year's presentation.
CONSOLIDATED SALES BY GEOGRAPHIC AREA (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 215,147 212,916 2,231 1.0
Percentage of net sales (%) 46.2 44.1
[Overseas] 251,001 270,038 -19,037 -7.0
Percentage of net sales (%) 53.8 55.9
The Americas 115,569 133,410 -17,841 -13.4
Percentage of net sales (%) 24.8 27.6
Europe 102,494 103,117 -623 -0.6
Percentage of net sales (%) 22.0 21.4
Other 32,938 33,511 -573 -1.7
Percentage of net sales (%) 7.0 6.9
Grand Total 466,148 482,954 -16,806 -3.5
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
7
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 4,621 8,189
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 22,176 22,412
Equity in earnings of affiliates, net of dividends received 8 7
Deferred income taxes -2,942 -1,729
Loss on disposals and sales of tangible fixed assets 100 443
Pension and severance costs, less payments 711 1,692
Changes in assets and liabilities--
Decrease in trade receivables 8,667 16,795
Increase in inventories -17,623 -11,333
Decrease (Increase) in finance receivables -2,351 7,320
Decrease in trade payables -9,853 -26,347
Decrease (Increase) in accrued income taxes and
accrued expenses and other -1,322 21,579
Other, net 3,509 2,386
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 5,701 41,414
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 137 16
Expenditures for property, plant and equipment,
including interest capitalized -16,642 -15,803
Expenditures for intangible asset -3,252 -3,511
Payments for purchases of available-for-sale securities -59 -57
Proceeds from sales of available-for-sale securities 10 4
Increase in time deposits -266 -243
Other, net -4,787 -1,272
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -24,859 -20,866
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 2,569 15,971
Repayment of long-term indebtedness -17,358 -23,693
Increase(Decrease) in short-term borrowings, net 38,242 -27,314
Proceeds from issuance of long-term debt securities -- 79,741
Repayment of long-term debt securities -237 --
Dividends paid -11,971 -11,972
Payment for purchase of treasury stock -5 -29
Other, net -301 -301
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided in financing activities 10,939 32,403
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -2,482 -8,839
-----------------------------------------------------------------------------------------------------------------------------
V. Net Increase(Decrease) in Cash and Cash Equivalents -10,701 44,112
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 179,169 242,165
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 168,468 286,277
-----------------------------------------------------------------------------------------------------------------------------
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
8
(5) SEGMENT INFORMATION
(a) Operating Segments Information
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010 Change %
-------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 412,105 424,689 -12,584 -3.0
Intersegment -- -- -- --
Total 412,105 424,689 -12,584 -3.0
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 385,245 386,771 -1,526 -0.4
-------------------------------------------------------------------------------------------------------------------------
Operating income 26,860 37,918 -11,058 -29.2
Operating income on sales in Imaging & Solutions (%) 6.5 8.9
-------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 25,144 27,905 -2,761 -9.9
Intersegment 1,066 1,186 -120 -10.1
Total 26,210 29,091 -2,881 -9.9
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 26,692 28,607 -1,915 -6.7
-------------------------------------------------------------------------------------------------------------------------
Operating income -482 484 -966 --
Operating income on sales in Industrial Products (%) -1.8 1.7
-------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 28,899 30,360 -1,461 -4.8
Intersegment -- -- -- --
Total 28,899 30,360 -1,461 -4.8
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 29,414 30,488 -1,074 -3.5
-------------------------------------------------------------------------------------------------------------------------
Operating income -515 -128 -387 --
Operating income on sales in Other (%) -1.8 -0.4
-------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,066 -1,186 120 --
Total -1,066 -1,186 120 --
-------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,066 -1,186 120 --
Corporate 15,856 16,427 -571 --
Total 14,790 15,241 -451 --
-------------------------------------------------------------------------------------------------------------------------
Operating income -15,856 -16,427 571 --
-------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 466,148 482,954 -16,806 -3.5
Intersegment -- -- -- --
Total 466,148 482,954 -16,806 -3.5
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 456,141 461,107 -4,966 -1.1
-------------------------------------------------------------------------------------------------------------------------
Operating income 10,007 21,847 -11,840 -54.2
Operating income on consolidated net sales (%) 2.1 4.5
-------------------------------------------------------------------------------------------------------------------------
9
(b) Geographic Segments Information
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 219,060 217,126 1,934 0.9
Intersegment 87,078 112,367 -25,289 -22.5
Total 306,138 329,493 -23,355 -7.1
-----------------------------------------------------------------------------------------------------------------
Operating expenses 300,357 312,550 -12,193 -3.9
-----------------------------------------------------------------------------------------------------------------
Operating income 5,781 16,943 -11,162 -65.9
Operating income on sales in Japan (%) 1.9 5.1
-----------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 115,523 132,358 -16,835 -12.7
Intersegment 892 777 115 14.8
Total 116,415 133,135 -16,720 -12.6
-----------------------------------------------------------------------------------------------------------------
Operating expenses 120,615 134,049 -13,434 -10.0
-----------------------------------------------------------------------------------------------------------------
Operating income -4,200 -914 -3,286 --
Operating income on sales in the Americas (%) -3.6 -0.7
-----------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 102,814 105,240 -2,426 -2.3
Intersegment 602 624 -22 -3.5
Total 103,416 105,864 -2,448 -2.3
-----------------------------------------------------------------------------------------------------------------
Operating expenses 98,123 99,601 -1,478 -1.5
-----------------------------------------------------------------------------------------------------------------
Operating income 5,293 6,263 -970 -15.5
Operating income on sales in Europe (%) 5.1 5.9
-----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 28,751 28,230 521 1.8
Intersegment 34,195 42,913 -8,718 -20.3
Total 62,946 71,143 -8,197 -11.5
-----------------------------------------------------------------------------------------------------------------
Operating expenses 61,210 66,680 -5,470 -8.2
-----------------------------------------------------------------------------------------------------------------
Operating income 1,736 4,463 -2,727 -61.1
Operating income on sales in Other (%) 2.8 6.3
-----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -122,767 -156,681 33,914 --
Total -122,767 -156,681 33,914 --
-----------------------------------------------------------------------------------------------------------------
Operating expenses -124,164 -151,773 27,609 --
-----------------------------------------------------------------------------------------------------------------
Operating income 1,397 -4,908 6,305 --
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 466,148 482,954 -16,806 -3.5
Intersegment -- -- -- --
Total 466,148 482,954 -16,806 -3.5
-----------------------------------------------------------------------------------------------------------------
Operating expenses 456,141 461,107 -4,966 -1.1
-----------------------------------------------------------------------------------------------------------------
Operating income 10,007 21,847 -11,840 -54.2
Operating income on consolidated net sales (%) 2.1 4.5
-----------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
10
-APPENDIX- (THREE MONTHS ENDED JUNE 30, 2011)
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of Yen)
------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
June 30, 2011 June 30, 2010 Change % exchange impact %
------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 367,812 385,560 -17,748 -4.6 -2,193 -0.6
Percentage of net sales (%) 78.9 79.8
Domestic 132,784 130,583 2,201 1.7 2,201 1.7
Overseas 235,028 254,977 -19,949 -7.8 -4,394 -1.7
Network System Solutions 44,293 39,129 5,164 13.2 5,266 13.5
Percentage of net sales (%) 9.5 8.1
Domestic 40,294 35,995 4,299 11.9 4,299 11.9
Overseas 3,999 3,134 865 27.6 967 30.9
Imaging & Solutions Total 412,105 424,689 -12,584 -3.0 3,073 0.7
Percentage of net sales (%) 88.4 87.9
Domestic 173,078 166,578 6,500 3.9 6,500 3.9
Overseas 239,027 258,111 -19,084 -7.4 -3,427 -1.3
The Americas 112,479 130,399 -17,920 -13.7 -3,296 -2.5
Europe 98,593 99,358 -765 -0.8 -497 -0.5
Other 27,955 28,354 -399 -1.4 366 1.3
------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,144 27,905 -2,761 -9.9 -2,209 -7.9
Percentage of net sales (%) 5.4 5.8
Domestic 13,994 17,142 -3,148 -18.4 -3,148 -18.4
Overseas 11,150 10,763 387 3.6 939 8.7
The Americas 2,994 2,901 93 3.2 468 16.1
Europe 3,591 3,520 71 2.0 69 2.0
Other 4,565 4,342 223 5.1 402 9.3
------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,899 30,360 -1,461 -4.8 -1,397 -4.6
Percentage of net sales (%) 6.2 6.3
Domestic 28,075 29,196 -1,121 -3.8 -1,121 -3.8
Overseas 824 1,164 -340 -29.2 -276 -23.7
The Americas 96 110 -14 -12.7 -2 -1.8
Europe 310 239 71 29.7 71 29.7
Other 418 815 -397 -48.7 -345 -42.3
------------------------------------------------------------------------------------------------------------------------------
Grand Total 466,148 482,954 -16,806 -3.5 -533 -0.1
Percentage of net sales (%) 100.0 100.0
Domestic 215,147 212,916 2,231 1.0 2,231 1.0
Percentage of net sales (%) 46.2 44.1
Overseas 251,001 270,038 -19,037 -7.0 -2,764 -1.0
Percentage of net sales (%) 53.8 55.9
The Americas 115,569 133,410 -17,841 -13.4 -2,830 -2.1
Percentage of net sales (%) 24.8 27.6
Europe 102,494 103,117 -623 -0.6 -357 -0.3
Percentage of net sales (%) 22.0 21.4
Other 32,938 33,511 -573 -1.7 423 1.3
Percentage of net sales (%) 7.0 6.9
------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 81.71 Yen 92.13 Yen -10.42
EURO 1 Yen 117.62 Yen 117.52 Yen 0.10
*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
*Product lines included in Product Category was changed in this fiscal year.
Service&Support, such as MDS(Managed Document Services) was changed from Network
System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the
current year's presentation.
A1
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ending Half year ending Year ending
June 30, 2011 Change Sept. 30, 2011 Change Sept. 30, 2011 Change March 31, 2012 Change
Results % Forecast % Forecast % Forecast %
-------------------------------------------------------------------------------------------------------------------------------
Net sales 466.1 -3.5 493.8 1.2 960.0 -1.1 2,010.0 3.5
Gross profit 194.0 -5.0 200.9 1.2 395.0 -2.0 820.0 3.8
Operating income 10.0 -54.2 -4.0 -124.8 6.0 -84.2 54.0 -10.3
Income before income taxes 8.5 -45.0 -4.5 -136.0 4.0 -85.7 47.0 3.5
Net income attributable to
Ricoh Company, Ltd. 3.4 -53.0 -2.9 -156.9 0.5 -96.0 22.0 12.0
-------------------------------------------------------------------------------------------------------------------------------
Net income attributable to
Ricoh Company, Ltd. 4.75 -- -4.06 -- 0.69 -- 30.32 --
shareholders per
share-basic (yen)
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-diluted (yen) 4.74 -- -4.05 -- 0.69 -- 30.29 --
-------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 16.6 -- 21.4 -- 38.0 -- 67.0 --
Depreciation for tangible
fixed assets 15.6 -- 17.4 -- 33.0 -- 67.0 --
R&D expenditures 27.6 -- 32.3 -- 60.0 -- 120.0 --
-------------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen /US$) 81.71 -- 80.00 -- 80.86 -- 80.43 --
Exchange rate (Yen /EURO) 117.62 -- 110.00 -- 113.81 -- 111.91 --
-------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
----------------------------------------------------------------------------------------------------------------------------------
Half year ending September 30, 2011 Year ending March 31, 2012
----------------------------------- --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
----------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 748.0 -1.6 775.8 2.0 1,587.6 3.0 1,630.7 5.8
Domestic 262.8 1.6 262.8 1.6 548.9 2.6 548.9 2.6
Overseas 485.2 -3.3 513.0 2.3 1,038.7 3.2 1,081.8 7.5
Network System Solutions 99.6 9.9 99.8 10.1 194.9 13.7 195.3 13.9
Domestic 91.4 9.1 91.4 9.1 176.4 12.4 176.4 12.4
Overseas 8.2 19.5 8.4 22.5 18.5 28.0 18.9 30.7
Imaging & Solutions Total 847.6 -0.4 875.6 2.9 1,782.5 4.0 1,826.0 6.6
Domestic 354.2 3.4 354.2 3.4 725.4 4.8 725.4 4.8
Overseas 493.4 -3.0 521.4 2.5 1,057.2 3.5 1,100.7 7.8
The Americas 236.6 -8.5 260.4 0.7 504.1 -1.1 536.0 5.1
Europe 198.3 2.3 199.4 2.8 425.6 6.6 432.0 8.2
Other 58.6 4.7 61.6 10.1 127.5 14.0 132.6 18.6
----------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 52.0 -6.6 52.8 -5.1 106.0 -0.8 107.3 0.5
Domestic 30.1 -13.0 30.1 -13.0 61.5 -6.0 61.5 -6.0
Overseas 21.9 3.7 22.6 7.7 44.5 7.5 45.8 10.8
The Americas 6.2 3.9 6.8 13.7 12.9 10.5 13.6 17.0
Europe 7.0 4.8 7.0 4.3 14.4 6.3 14.4 6.8
Other 8.7 2.7 8.9 6.0 17.2 6.3 17.7 9.8
----------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 60.4 -5.8 60.5 -5.6 121.5 -0.3 121.8 -0.0
Domestic 58.7 -5.2 58.7 -5.2 118.2 -0.0 118.2 -0.0
Overseas 1.7 -23.0 1.8 -15.8 3.3 -8.0 3.6 0.0
The Americas 0.2 -16.6 0.2 -1.7 0.3 -16.0 0.4 0.2
Europe 0.5 2.0 0.6 15.4 1.0 -0.9 1.1 10.0
Other 1.0 -32.7 1.0 -28.9 2.0 -9.9 2.1 -4.6
----------------------------------------------------------------------------------------------------------------------------------
Grand Total 960.0 -1.1 988.9 1.9 2,010.0 3.5 2,055.1 5.8
Domestic 443.0 0.9 443.0 0.9 905.0 3.3 905.0 3.3
Overseas 517.0 -2.8 545.8 2.7 1,105.0 3.6 1,150.1 7.9
The Americas 243.0 -8.3 267.4 1.0 517.3 -0.9 550.1 5.4
Europe 205.8 2.4 206.9 2.9 441.0 6.5 447.6 8.1
Other 68.3 3.6 71.5 8.8 146.7 12.6 152.4 17.0
----------------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A2