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 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
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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, 2011
RICOH October 28, 2011
QUARTERLY REPORT
Half year ended September 30, 2011
(Results for the Period from April 1, 2011 to September 30, 2011)
Three months ended September 30, 2011
(Results for the Period from July 1, 2011 to September 30, 2011)
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Half year ended September 30, 2011, 2010 and Year ending March 31, 2012
(Forecast)
(Billions of yen)
--------------------------------------------------------------------------------------------------------- -----------------------
Half year ended Half year ended Year ending
September 30, 2011 September 30, 2010 March 31, 2012
Results Results Change Forecast Change
--------------------------------------------------------------------------------------------------------- -----------------------
Domestic sales 434.5 439.0 -1.0% 905.0 3.3%
Overseas sales 504.3 531.7 -5.2% 1,045.0 -2.0%
Net sales 938.8 970.8 -3.3% 1,950.0 0.4%
Gross profit 386.2 402.9 -4.1% 780.0 -1.3%
Operating income (loss) -1.7 38.0 -- 37.0 -38.5%
Income (loss) before income taxes -7.7 28.0 -- 26.5 -41.6%
Net income (loss) attributable to Ricoh Company, Ltd. -7.3 12.5 -- 10.0 -49.1%
--------------------------------------------------------------------------------------------------------- -----------------------
Exchange rate (Yen/US$) 79.82 89.03 -9.21 77.41 -8.36
Exchange rate (Yen/EURO) 113.94 114.14 -0.20 109.47 -3.81
--------------------------------------------------------------------------------------------------------- -----------------------
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) (10.15) 17.24 -27.39 13.78 (13.30)
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) (10.15) 16.77 -26.92 13.77 (12.76)
--------------------------------------------------------------------------------------------------------- -----------------------
Cash flows from operating activities 11.3 67.5 -56.2 -- --
Cash flows from investing activities -52.8 -49.6 -3.1 -- --
Cash flows from financing activities 5.9 23.3 -17.3 -- --
Cash and cash equivalents at end of period 136.3 274.0 -137.7 -- --
--------------------------------------------------------------------------------------------------------- -----------------------
Capital expenditures 36.7 39.5 -2.8 65.0 -1.9
Depreciation for tangible fixed assets 30.8 33.4 -2.5 65.0 -2.2
R&D expenditures 59.5 53.9 5.5 115.0 4.1
--------------------------------------------------------------------------------------------------------- -----------------------
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September 30, 2011 March 31, 2011 Change
---------------------------------------------------------------------------------------------------------
Total assets 2,186.9 2,262.3 -75.4
Ricoh Company, Ltd. shareholders' equity 861.7 929.8 -68.1
Interest-bearing debt 643.2 630.4 12.7
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 39.4 41.1 -1.7
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,187.78 1,281.70 -93.92
---------------------------------------------------------------------------------------------------------
(2) Three months ended September 30, 2010 and 2011
(Billions of yen)
---------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010
Results Results Change
---------------------------------------------------------------------------------------------------------
Domestic sales 219.3 226.1 -3.0%
Overseas sales 253.3 261.7 -3.2%
Net sales 472.7 487.9 -3.1%
Gross profit 192.1 198.6 -3.2%
Operating income (loss) -11.7 16.1 --
Income (loss) before income taxes -16.2 12.5 --
Net income (loss) attributable to Ricoh Company, Ltd. -10.8 5.1 --
---------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 77.94 85.95 -8.01
Exchange rate (Yen/EURO) 110.31 110.80 -0.49
---------------------------------------------------------------------------------------------------------
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) (14.90) 7.13 -22.03
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) (14.90) 6.94 -21.84
---------------------------------------------------------------------------------------------------------
Capital expenditures 20.0 23.7 -3.6
Depreciation for tangible fixed assets 15.2 17.3 -2.1
R&D expenditures 31.8 28.3 3.4
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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 SECOND QUARTER ENDED SEPTEMBER 30, 2011 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2011 TO SEPTEMBER 30, 2011
(1) Operating Results
(Millions of yen)
----------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010
----------------------------------------------------------------------------------------------
Net sales 938,885 970,856
(% change from the previous corresponding period) -3.3 -1.8
Operating income (loss) -1,776 38,012
(% change from the previous corresponding period) -- 171.6
Income (loss) before income taxes -7,754 28,065
(% change from the previous corresponding period) -- 314.8
Net income (loss) attributable to Ricoh Company, Ltd. -7,363 12,512
(% change from the previous corresponding period) -- 592.0
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) -10.15 17.24
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -10.15 16.77
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Notes:
i. Comprehensive income: Yen -54,161 million ( - %) (Yen -30,822 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
------------------------------------------------------------------------------
September 30, 2011 March 31, 2011
------------------------------------------------------------------------------
Total assets 2,186,920 2,262,396
Total equity 916,126 982,764
Ricoh Company, Ltd. shareholders' equity 861,736 929,877
Ricoh Company, Ltd. shareholders' equity
ratio (%) 39.4 41.1
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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
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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)
----------------------------------------------------------------------------
Year ending
March 31, 2012
----------------------------------------------------------------------------
Net sales 1,950,000
Operating income 37,000
Income before income taxes 26,500
Net income attributable to Ricoh Company, Ltd. 10,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 13.78
----------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: No
(4) Number of common stock outstanding (including treasury stock):
As of September 30, 2011 744,912,078 shares As of March 31, 2011 744,912,078 shares
(5) Number of treasury stock:
As of September 30, 2011 19,413,429 shares As of March 31, 2011 19,409,410 shares
(6) Average number of common stock:
As of September 30, 2011 725,501,005 shares As of September 30, 2010 725,577,955 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first half of fiscal year 2011
(the six months period from April 1, 2011 to September 30, 2011) decreased by
3.3% as compared to the previous corresponding period, to Yen 938.8 billion.
During this period, the average yen exchange rates were Yen 79.82 against the
U.S. dollar (up Yen 9.21) and Yen 113.94 against the Euro (up Yen 0.20). Net
sales would have decreased by 0.2% excluding impact of such foreign currency
exchange fluctuation.
The Japanese economy had shown recovery from the impact of the Great East Japan
Earthquake. 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. Under the severe situation, domestic sales in all the
segments such as the Imaging & Solutions, Industrial Products and Other
decreased from the previous corresponding period. Consequently, overall sales in
Japan decreased by 1.0% as compared to the previous corresponding period.
As for the overseas economy, in the emerging markets such as China, recovery
trend is generated from increase in their domestic demand. However, it remained
uncertain due to the financial crisis and debt problem in some European
countries. Ricoh continued to face the severe business environment in Americas
and Europe due to the appreciation of the Yen.
As for overseas sales by region, as compared to the previous corresponding
period, sales in the Americas decreased by 11.6% due to foreign currency
exchange fluctuation (1.2%, excluding foreign currency exchange fluctuation),
sales in Europe, the Yen against Euro appreciated, however, increased by 0.4%
(1.0%, excluding foreign currency exchange fluctuation), and sales in Other
region, which includes China, South East Asia and Oceania, increased by 3.5%
(5.9%, excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 5.2% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 0.5% as compared to
the previous corresponding period.
Gross profit decreased by 4.1% as compared to the previous corresponding period,
to Yen 386.2 billion due primarily to decrease in sales, the appreciation of the
Yen and Yen 2.3 billion in restructuring cost.
Selling, general and administrative expenses increased by 6.3% as compared to
the previous corresponding period, to Yen 388.0 billion due primarily to
increase in R&D expenditures and Yen 21.6 billion in restructuring cost.
As a result, operating income sharply decreased as compared to the previous
corresponding period, to Yen 1.7 billion loss (operating income Yen 38.0 billion
for the previous corresponding period).
As for other (income) expenses, foreign exchange loss decreased as compared to
the previous corresponding period. However, income before income taxes decreased
as compared to the previous corresponding period, to Yen 7.7 billion loss
(income before income taxes Yen 28.0 billion for the previous corresponding
period).
As a result, net income attributable to Ricoh Company, Ltd. decreased by Yen
19.8 billion as compared to the previous corresponding period, to Yen 7.3
billion loss (net income Yen 12.5 billion for the previous corresponding
period). As for comprehensive income, comprehensive loss increased due primarily
to decrease of cumulative translation adjustments.
3
*Conditions by Product Line
Conditions by Product Line for half year ended September 30, 2011 are as
follows;
Imaging & Solutions (Sales down 2.6% to Yen 829.1 billion)
----------------------------------------------------------
Imaging Solutions (Sales down 3.5% to Yen 731.0 billion)
--------------------------------------------------------
Sales in this category decreased by 3.5% as compared to the previous
corresponding period, to Yen 731.0 billion. The sales would have increased
by 0.4% 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.
Network System Solutions (Sales up 4.9% to Yen 98.0 billion)
------------------------------------------------------------
Sales in this category increased by 4.9% as compared to the previous
corresponding period, to Yen 98.0 billion due primarily to the sales of PC
servers, installation and maintenance of network environment and enterprise
system software.
As a result, sales in the Imaging & Solutions segment decreased by 2.6% as
compared to the previous corresponding period, to Yen 829.1 billion. Operating
income decreased by 48.4% as compared to the previous corresponding period, to
Yen 37.6 billion due primarily to restructuring cost and the appreciation of
Japanese Yen. Increase in sales of value-added high-margin products in addition
to ongoing cost reduction could not fully offset decrease in operating income.
Industrial Products (Sales down 9.5% to Yen 50.4 billion)
---------------------------------------------------------
Sales in the Industrial Products segment decreased by 9.5% as compared to the
previous corresponding period, to Yen 50.4 billion. Sales of semiconductor
devices decreased in Japan as compared to the previous corresponding period. As
a result, operating loss in the Industrial Products segment amounted to Yen 2.1
billion (operating income Yen 1.0 billion for the previous corresponding
period).
Other (Sales down 7.5% to Yen 59.3 billion)
-------------------------------------------
Net sales in the Other segment decreased by 7.5% as compared to the previous
corresponding period, to Yen 59.3 billion. Sales of digital cameras decreased in
Japan and overseas. In addition, investment in new business increased. As a
result operating loss in the Other segment amounted to Yen 2.8 billion
(operating loss Yen 0.4 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 partly to initial stock for launch of new
products. As a result, total assets decreased by Yen 75.4 billion, to Yen
2,186.9 billion.
For Liabilities, the interest-bearing debt increased, however, total liabilities
decreased by Yen 8.8 billion, to Yen 1,270.7 billion.
For Total Equity, the change in retained earnings resulted from payment for
dividends and net loss 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 66.6 billion from
the end of the previous fiscal year, to Yen 916.1 billion.
*Cash Flows (First half year from April 1, 2011 to September 30, 2011)
Net cash provided by operating activities in this period decreased by Yen 56.2
billion as compared to the previous corresponding period, to Yen 11.3 billion
due primarily to increase of inventory.
Net cash used in investing activities in this period increased by Yen 3.1
billion as compared to the previous corresponding period, to Yen 52.8 billion.
As a result, free cash outflows generated by operating and investing activities
amounted to Yen 41.5 billion while free cash inflows amounted to Yen 17.8
billion in the previous corresponding period.
Net cash provided by financing activities in this period decreased by Yen 17.3
billion as compared to the previous corresponding period, to Yen 5.9 billion.
As a result, cash and cash equivalents at the end of this first half decreased
by Yen 13.7 billion as compared to the end of the previous fiscal year, to Yen
136.3 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 revises its forcast of sales, gross profit, operating income,
income before income taxes and net income attributable to Ricoh Company, Ltd.
downward, reflecting the recent business environment such as exchange rate
fluctuation.
Ricoh assumes exchange rates of Yen 75.00 against the U.S. dollar and of Yen
105.00 against the Euro in and after the third quarter, which were revised from
the forecast that announced in August 2011. The actual exchange rates during the
first half of fiscal year 2011 are 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 77.41 (Yen 85.77 in previous fiscal year)
EURO 1 = Yen 109.47 (Yen 113.28 in previous fiscal year)
(Billions of yen)
----------------------------------------------------------------------
Year ending Year ended
March 31, 2012 March 31, 2011
(Forecast) (Results) Change
----------------------------------------------------------------------
Domestic sales 905.0 875.8 3.3%
Overseas sales 1,045.0 1,066.1 -2.0%
Net sales 1,950.0 1,942.0 0.4%
Gross profit 780.0 790.0 -1.3%
Operating income 37.0 60.1 -38.5%
Income before income taxes 26.5 45.4 -41.6%
Net income attributable
to Ricoh Company, Ltd. 10.0 19.6 -49.1%
----------------------------------------------------------------------
* 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)
--------------------------------------------------------------------------------------------------------------------------
September 30, 2011 March 31, 2011 Change
--------------------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 138,605 181,179 -42,574
Trade receivables 625,423 657,817 -32,394
Inventories 188,934 171,033 17,901
Other current assets 60,051 63,990 -3,939
Total Current Assets 1,013,013 1,074,019 -61,006
Fixed Assets
Tangible fixed assets 262,509 264,740 -2,231
Finance receivables 445,068 445,782 -714
Other investments 466,330 477,855 -11,525
Total Fixed Assets 1,173,907 1,188,377 -14,470
--------------------------------------------------------------------------------------------------------------------------
Total Assets 2,186,920 2,262,396 -75,476
--------------------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 136,311 179,169
Time deposits 2,294 2,010
Liabilities and Equity (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
September 30, 2011 March 31, 2011 Change
--------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 245,969 250,483 -4,514
Short-term borrowings 162,788 151,023 11,765
Other current liabilities 208,466 213,194 -4,728
Total Current Liabilities 617,223 614,700 2,523
Fixed Liabilities
Long-term indebtedness 480,422 479,422 1,000
Accrued pension and severance costs 134,138 140,975 -6,837
Other fixed liabilities 39,011 44,535 -5,524
Total Fixed Liabilities 653,571 664,932 -11,361
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,270,794 1,279,632 -8,838
--------------------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 796,625 815,970 -19,345
Accumulated other comprehensive loss -219,506 -170,702 -48,804
Treasury stock -36,830 -36,838 8
Total Ricoh Company, Ltd. shareholders' equity 861,736 929,877 -68,141
Noncontrolling interests 54,390 52,887 1,503
--------------------------------------------------------------------------------------------------------------------------
Total Equity 916,126 982,764 -66,638
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,186,920 2,262,396 -75,476
--------------------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss;
Net unrealized holding gains (losses) on available-for-sale
securities 40 2,466 -2,426
Pension liability adjustments -48,015 -47,514 -501
Net unrealized gains (losses) on derivative instruments -1,197 -1,168 -29
Cumulative translation adjustments -170,334 -124,486 -45,848
Reference: Exchange rate September 30, 2011 March 31, 2011
US$ 1 Yen 76.65 Yen 83.15
EURO 1 Yen 104.11 Yen 117.57
6
(2) CONSOLIDATED STATEMENTS OF INCOME
Half year ended September 30, 2011 and 2010
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 938,885 970,856 -31,971 -3.3
Cost of sales 552,623 567,938 -15,315 -2.7
Percentage of net sales (%) 58.9 58.5
Gross Profit 386,262 402,918 -16,656 -4.1
Percentage of net sales (%) 41.1 41.5
Selling, general and administrative expenses 388,038 364,906 23,132 6.3
Percentage of net sales (%) 41.3 37.6
Operating income (loss) (1,776) 38,012 -39,788 --
Percentage of net sales (%) -0.2 3.9
Other (income) expenses
Interest and dividend income 1,502 1,375 127 9.2
Percentage of net sales (%) 0.2 0.1
Interest expense 3,418 3,911 -493 -12.6
Percentage of net sales (%) 0.4 0.4
Other, net 4,062 7,411 -3,349 -45.2
Percentage of net sales (%) 0.4 0.7
Income (loss) before income taxes,
equity income and minority interests (7,754) 28,065 -35,819 --
Percentage of net sales (%) -0.8 2.9
Provision for income taxes (2,542) 13,594 -16,136 --
Percentage of net sales (%) -0.2 1.4
Equity in earnings of affiliates -1 (7) 6 --
Percentage of net sales (%) -0.0 -0.0
Consolidated net income (loss) (5,213) 14,464 -19,677 --
Percentage of net sales (%) -0.6 1.5
Net income attributable to noncontrolling interests 2,150 1,952 198 10.1
Percentage of net sales (%) 0.2 0.2
Net income (loss) attributable to Ricoh Company, Ltd. (7,363) 12,512 -19,875 --
Percentage of net sales (%) -0.8 1.3
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Reference : Exchange rate
US$ 1 Yen 79.82 Yen 89.03
EURO 1 Yen 113.94 Yen 114.14
Three months ended September 30, 2011 and 2010
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 472,737 487,902 -15,165 -3.1
Cost of sales 280,571 289,302 -8,731 -3.0
Percentage of net sales (%) 59.4 59.3
Gross Profit 192,166 198,600 -6,434 -3.2
Percentage of net sales (%) 40.6 40.7
Selling, general and administrative expenses 203,949 182,435 21,514 11.8
Percentage of net sales (%) 43.1 37.4
Operating income (11,783) 16,165 -27,948 -
Percentage of net sales (%) -2.5 3.3
Other (income) expenses
Interest and dividend income 894 778 116 14.9
Percentage of net sales (%) 0.2 0.2
Interest expense 1,958 2,057 -99 -4.8
Percentage of net sales (%) 0.4 0.4
Other, net 3,430 2,313 1,117 48.3
Percentage of net sales (%) 0.7 0.5
Income (loss) before income taxes,
equity income and minority interests (16,277) 12,573 -28,850 --
Percentage of net sales (%) -3.4 2.6
Provision for income taxes (6,436) 6,298 -12,734 --
Percentage of net sales (%) -1.3 1.3
Equity in earnings of affiliates 7 0 7 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income (loss) (9,834) 6,275 -16,109 --
Percentage of net sales (%) -2.1 1.3
Net income attributable to noncontrolling interests 975 1,096 -121 -11.0
Percentage of net sales (%) 0.2 0.2
Net income (loss) attributable to Ricoh Company, Ltd. (10,809) 5,179 -15,988 --
Percentage of net sales (%) -2.3 1.1
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 77.94 Yen 85.95
EURO 1 Yen 110.31 Yen 110.80
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 731,057 757,498 -26,441 -3.5
Percentage of net sales (%) 77.9 78.0
Network System Solutions 98,048 93,485 4,563 4.9
Percentage of net sales (%) 10.4 9.7
Imaging & Solutions Total 829,105 850,983 -21,878 -2.6
Percentage of net sales (%) 88.3 87.7
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 50,450 55,743 -5,293 -9.5
Percentage of net sales (%) 5.4 5.7
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 59,330 64,130 -4,800 -7.5
Percentage of net sales (%) 6.3 6.6
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 938,885 970,856 -31,971 -3.3
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 79.82 Yen 89.03
EURO 1 Yen 113.94 Yen 114.14
Three months ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 363,245 371,938 -8,693 -2.3
Percentage of net sales (%) 76.8 76.2
Network System Solutions 53,755 54,356 -601 -1.1
Percentage of net sales (%) 11.4 11.2
Imaging & Solutions Total 417,000 426,294 -9,294 -2.2
Percentage of net sales (%) 88.2 87.4
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,306 27,838 -2,532 -9.1
Percentage of net sales (%) 5.4 5.7
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 30,431 33,770 -3,339 -9.9
Percentage of net sales (%) 6.4 6.9
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 472,737 487,902 -15,165 -3.1
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 77.94 Yen 85.95
EURO 1 Yen 110.31 Yen 110.80
*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,
semiconductordevices, electronic components and
measuring equipment
Other Digital cameras
*Product lines included in Product Category was changed in the first quarter of
fiscal year 2011.
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.
8
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Half year ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 434,501 439,065 -4,564 -1.0
Percentage of net sales (%) 46.3 45.2
[Overseas] 504,384 531,791 -27,407 -5.2
Percentage of net sales (%) 53.7 54.8
The Americas 234,240 264,857 -30,617 -11.6
Percentage of net sales (%) 24.9 27.3
Europe 201,940 201,051 889 0.4
Percentage of net sales (%) 21.5 20.7
Other 68,204 65,883 2,321 3.5
Percentage of net sales (%) 7.3 6.8
Grand Total 938,885 970,856 -31,971 -3.3
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 79.82 Yen 89.03
EURO 1 Yen 113.94 Yen 114.14
Three months ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 219,354 226,149 -6,795 -3.0
Percentage of net sales (%) 46.4 46.4
[Overseas] 253,383 261,753 -8,370 -3.2
Percentage of net sales (%) 53.6 53.6
The Americas 118,671 131,447 -12,776 -9.7
Percentage of net sales (%) 25.1 26.9
Europe 99,446 97,934 1,512 1.5
Percentage of net sales (%) 21.0 20.1
Other 35,266 32,372 2,894 8.9
Percentage of net sales (%) 7.5 6.6
Grand Total 472,737 487,902 -15,165 -3.1
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 77.94 Yen 85.95
EURO 1 Yen 110.31 Yen 110.80
9
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income (loss) -5,213 14,464
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 43,956 46,718
Equity in earnings of affiliates, net of dividends received 1 7
Deferred income taxes -13,980 821
Loss on disposals and sales of tangible fixed assets 330 661
Loss on impairment of securities 73 5
Pension and severance costs, less payments -8,479 978
Changes in assets and liabilities--
Decrease in trade receivables 14,296 21,391
Increase in inventories -29,161 -24,231
Increase (Decrease) in finance receivables -10,596 4,263
Decrease in trade payables -1,089 -20,612
Increase in accrued income taxes and
accrued expenses and other 8,040 13,044
Other, net 13,126 9,999
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 11,304 67,508
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 523 429
Expenditures for property, plant and equipment,
including interest capitalized -36,710 -39,541
Expenditures for intangible asset -8,371 -7,886
Payments for purchases of available-for-sale securities -122 -85
Proceeds from sales of available-for-sale securities 10 5
Increase in time deposits -400 -57
Other, net -7,754 -2,507
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -52,824 -49,642
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 23,386 28,615
Repayment of long-term indebtedness -29,671 -61,958
Decrease in short-term borrowings, net 24,725 -10,783
Proceeds from issuance of long-term debt securities -- 79,741
Repayment of long-term debt securities -231 --
Dividends paid -11,971 -11,972
Payment for purchase of treasury stock -14 -72
Other, net -294 -264
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities 5,930 23,307
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -7,268 -9,279
-----------------------------------------------------------------------------------------------------------------------------
V. Net Increase (Decrease) in Cash and Cash Equivalents -42,858 31,894
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 179,169 242,165
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 136,311 274,059
-----------------------------------------------------------------------------------------------------------------------------
10
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Half year ended September 30, 2011 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2010 Change %
-------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 829,105 850,983 -21,878 -2.6
Intersegment -- -- -- --
Total 829,105 850,983 -21,878 -2.6
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 791,425 777,982 13,443 1.7
-------------------------------------------------------------------------------------------------------------------------
Operating income 37,680 73,001 -35,321 -48.4
Operating income on sales in Imaging & Solutions(%) 4.5 8.6
-------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 50,450 55,743 -5,293 -9.5
Intersegment 2,264 2,591 -327 -12.6
Total 52,714 58,334 -5,620 -9.6
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 54,880 57,288 -2,408 -4.2
-------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -2,166 1,046 -3,212 --
Operating income on sales in Industrial Products(%) -4.1 1.8
-------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 59,330 64,130 -4,800 -7.5
Intersegment -- -- -- --
Total 59,330 64,130 -4,800 -7.5
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 62,174 64,594 -2,420 -3.7
-------------------------------------------------------------------------------------------------------------------------
Operating loss -2,844 -464 -2,380 --
Operating income on sales in Other (%) -4.8 -0.7
-------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -2,264 -2,591 327 --
Total -2,264 -2,591 327 --
-------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -2,264 -2,598 334 --
Corporate 34,446 35,578 -1,132 --
Total 32,182 32,980 -798 --
-------------------------------------------------------------------------------------------------------------------------
Operating loss -34,446 -35,571 1,125 --
-------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 938,885 970,856 -31,971 -3.3
Intersegment -- -- -- --
Total 938,885 970,856 -31,971 -3.3
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 940,661 932,844 7,817 0.8
-------------------------------------------------------------------------------------------------------------------------
Operating income (loss) (1,776) 38,012 -39,788 --
Operating income on consolidated net sales (%) -0.2 3.9
-------------------------------------------------------------------------------------------------------------------------
11
Three months ended September 30, 2011 and 2010
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 417,000 426,294 -9,294 -2.2
Intersegment -- -- -- --
Total 417,000 426,294 -9,294 -2.2
-----------------------------------------------------------------------------------------------------------------
Operating expenses 406,180 391,211 14,969 3.8
-----------------------------------------------------------------------------------------------------------------
Operating income 10,820 35,083 -24,263 -69.2
Operating income on sales in Imaging & Solutions (%) 2.6 8.2
-----------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 25,306 27,838 -2,532 -9.1
Intersegment 1,198 1,406 -208 -14.8
Total 26,504 29,244 -2,740 -9.4
-----------------------------------------------------------------------------------------------------------------
Operating expenses 28,188 28,682 -494 -1.7
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) -1,684 562 -2,246 --
Operating income on sales in Industrial Products (%) -6.4 1.9
-----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 30,431 33,770 -3,339 -9.9
Intersegment -- -- -- --
Total 30,431 33,770 -3,339 -9.9
-----------------------------------------------------------------------------------------------------------------
Operating expenses 32,760 34,106 -1,346 -3.9
-----------------------------------------------------------------------------------------------------------------
Operating loss -2,329 -336 -1,993 --
Operating income on sales in Other (%) -7.7 -1.0
-----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,198 -1,406 208 --
Total -1,198 -1,406 208 --
-----------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,198 -1,413 215 --
Corporate 18,590 19,151 -561 --
Total 17,392 17,738 -346 --
-----------------------------------------------------------------------------------------------------------------
Operating loss -18,590 -19,144 554 --
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 472,737 487,902 -15,165 -3.1
Intersegment -- -- -- --
Total 472,737 487,902 -15,165 -3.1
-----------------------------------------------------------------------------------------------------------------
Operating expenses 484,520 471,737 12,783 2.7
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) (11,783) 16,165 -27,948 --
Operating income on consolidated net sales (%) -2.5 3.3
-----------------------------------------------------------------------------------------------------------------
12
(b) Geographic Segments Information
Half year ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30,2010 Change %
-----------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 441,978 447,617 -5,639 -1.3
Intersegment 189,487 212,040 -22,553 -10.6
Total 631,465 659,657 -28,192 -4.3
-----------------------------------------------------------------------------------------------------------------
Operating expenses 647,096 634,603 12,493 2.0
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) (15,631) 25,054 -40,685 --
Operating income on sales in Japan (%) -2.5 3.8
-----------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 234,026 264,701 -30,675 -11.6
Intersegment 1,843 1,605 238 14.8
Total 235,869 266,306 -30,437 -11.4
-----------------------------------------------------------------------------------------------------------------
Operating expenses 241,794 268,386 -26,592 -9.9
-----------------------------------------------------------------------------------------------------------------
Operating loss -5,925 -2,080 -3,845 --
Operating income on sales in the Americas (%) -2.5 -0.8
-----------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 202,661 201,740 921 0.5
Intersegment 1,110 1,134 -24 -2.1
Total 203,771 202,874 897 0.4
-----------------------------------------------------------------------------------------------------------------
Operating expenses 191,340 190,344 996 0.5
-----------------------------------------------------------------------------------------------------------------
Operating income 12,431 12,530 -99 -0.8
Operating income on sales in Europe (%) 6.1 6.2
-----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 60,220 56,798 3,422 6.0
Intersegment 76,566 85,335 -8,769 -10.3
Total 136,786 142,133 -5,347 -3.8
-----------------------------------------------------------------------------------------------------------------
Operating expenses 131,996 133,881 -1,885 -1.4
-----------------------------------------------------------------------------------------------------------------
Operating income 4,790 8,252 -3,462 -42.0
Operating income on sales in Other (%) 3.5 5.8
-----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -269,006 -300,114 31,108 --
Total -269,006 -300,114 31,108 --
-----------------------------------------------------------------------------------------------------------------
Operating expenses -271,565 -294,370 22,805 --
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) 2,559 -5,744 8,303 --
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 938,885 970,856 -31,971 -3.3
Intersegment -- -- -- --
Total 938,885 970,856 -31,971 -3.3
-----------------------------------------------------------------------------------------------------------------
Operating expenses 940,661 932,844 7,817 0.8
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) (1,776) 38,012 -39,788 --
Operating income on consolidated net sales (%) -0.2 3.9
-----------------------------------------------------------------------------------------------------------------
13
Three months ended September 30, 2011 and 2010
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2010 Change %
-----------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 222,918 230,491 -7,573 -3.3
Intersegment 102,409 99,673 2,736 2.7
Total 325,327 330,164 -4,837 -1.5
-----------------------------------------------------------------------------------------------------------------
Operating expenses 346,739 322,053 24,686 7.7
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) (21,412) 8,111 -29,523 --
Operating income on sales in Japan (%) -6.6 2.5
-----------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 118,503 132,343 -13,840 -10.5
Intersegment 951 828 123 14.9
Total 119,454 133,171 -13,717 -10.3
-----------------------------------------------------------------------------------------------------------------
Operating expenses 121,179 134,337 -13,158 -9.8
-----------------------------------------------------------------------------------------------------------------
Operating loss -1,725 -1,166 -559 --
Operating income on sales in the Americas (%) -1.4 -0.9
-----------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 99,847 96,500 3,347 3.5
Intersegment 508 510 -2 -0.4
Total 100,355 97,010 3,345 3.4
-----------------------------------------------------------------------------------------------------------------
Operating expenses 93,217 90,743 2,474 2.7
-----------------------------------------------------------------------------------------------------------------
Operating income 7,138 6,267 871 13.9
Operating income on sales in Europe (%) 7.1 6.5
-----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 31,469 28,568 2,901 10.2
Intersegment 42,371 42,422 -51 -0.1
Total 73,840 70,990 2,850 4.0
-----------------------------------------------------------------------------------------------------------------
Operating expenses 70,786 67,201 3,585 5.3
-----------------------------------------------------------------------------------------------------------------
Operating income 3,054 3,789 -735 -19.4
Operating income on sales in Other (%) 4.1 5.3
-----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -146,239 -143,433 -2,806 --
Total -146,239 -143,433 -2,806 --
-----------------------------------------------------------------------------------------------------------------
Operating expenses -147,401 -142,597 -4,804 --
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) 1,162 -836 1,998 --
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 472,737 487,902 -15,165 -3.1
Intersegment -- -- -- --
Total 472,737 487,902 -15,165 -3.1
-----------------------------------------------------------------------------------------------------------------
Operating expenses 484,520 471,737 12,783 2.7
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) (11,783) 16,165 -27,948 --
Operating income on consolidated net sales (%) -2.5 3.3
-----------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
14
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended Change excluding
September 30, 2011 September 30, 2010 Change % exchange impact %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 731,057 757,498 -26,441 -3.5 2,682 0.4
Percentage of net sales (%) 77.9 78.0
Domestic 258,688 255,868 2,820 1.1 2,820 1.1
Overseas 472,369 501,630 -29,261 -5.8 -138 -0.0
Network System Solutions 98,048 93,485 4,563 4.9 4,761 5.1
Percentage of net sales (%) 10.4 9.7
Domestic 89,911 86,625 3,286 3.8 3,286 3.8
Overseas 8,137 6,860 1,277 18.6 1,475 21.5
Imaging & Solutions Total 829,105 850,983 -21,878 -2.6 7,443 0.9
Percentage of net sales (%) 88.3 87.7
Domestic 348,599 342,493 6,106 1.8 6,106 1.8
Overseas 480,506 508,490 -27,984 -5.5 1,337 0.3
The Americas 227,937 258,660 -30,723 -11.9 -3,938 -1.5
Europe 194,561 193,881 680 0.4 1,884 1.0
Other 58,008 55,949 2,059 3.7 3,391 6.1
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 50,450 55,743 -5,293 -9.5 -4,410 -7.9
Percentage of net sales (%) 5.4 5.7
Domestic 28,173 34,619 -6,446 -18.6 -6,446 -18.6
Overseas 22,277 21,124 1,153 5.5 2,036 9.6
The Americas 6,080 5,962 118 2.0 811 13.6
Europe 6,717 6,670 47 0.7 57 0.9
Other 9,480 8,492 988 11.6 1,168 13.8
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 59,330 64,130 -4,800 -7.5 -4,692 -7.3
Percentage of net sales (%) 6.3 6.6
Domestic 57,729 61,953 -4,224 -6.8 -4,224 -6.8
Overseas 1,601 2,177 -576 -26.5 -468 -21.5
The Americas 223 235 -12 -5.1 14 6.0
Europe 662 500 162 32.4 163 32.6
Other 716 1,442 -726 -50.3 -645 -44.7
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 938,885 970,856 -31,971 -3.3 -1,659 -0.2
Percentage of net sales (%) 100.0 100.0
Domestic 434,501 439,065 -4,564 -1.0 -4,564 -1.0
Percentage of net sales (%) 46.3 45.2
Overseas 504,384 531,791 -27,407 -5.2 2,905 0.5
Percentage of net sales (%) 53.7 54.8
The Americas 234,240 264,857 -30,617 -11.6 -3,113 -1.2
Percentage of net sales (%) 24.9 27.3
Europe 201,940 201,051 889 0.4 2,104 1.0
Percentage of net sales (%) 21.5 20.7
Other 68,204 65,883 2,321 3.5 3,914 5.9
Percentage of net sales (%) 7.3 6.8
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 79.82 Yen 89.03 Yen -9.21
EURO 1 Yen 113.94 Yen 114.14 Yen -0.20
*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 the first quarter of
fiscal year 2011.
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
Three months ended September 30, 2011 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
September 30, 2011 September 30, 2010 Change % exchange impact %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 363,245 371,938 -8,693 -2.3 4,875 1.3
Percentage of net sales (%) 76.8 76.2
Domestic 125,904 125,285 619 0.5 619 0.5
Overseas 237,341 246,653 -9,312 -3.8 4,256 1.7
Network System Solutions 53,755 54,356 -601 -1.1 -505 -0.9
Percentage of net sales (%) 11.4 11.2
Domestic 49,617 50,630 -1,013 -2.0 -1,013 -2.0
Overseas 4,138 3,726 412 11.1 508 13.6
Imaging & Solutions Total 417,000 426,294 -9,294 -2.2 4,370 1.0
Percentage of net sales (%) 88.2 87.4
Domestic 175,521 175,915 -394 -0.2 -394 -0.2
Overseas 241,479 250,379 -8,900 -3.6 4,764 1.9
The Americas 115,458 128,261 -12,803 -10.0 -642 -0.5
Europe 95,968 94,523 1,445 1.5 2,381 2.5
Other 30,053 27,595 2,458 8.9 3,025 11.0
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,306 27,838 -2,532 -9.1 -2,201 -7.9
Percentage of net sales (%) 5.4 5.7
Domestic 14,179 17,477 -3,298 -18.9 -3,298 -18.9
Overseas 11,127 10,361 766 7.4 1,097 10.6
The Americas 3,086 3,061 25 0.8 343 11.2
Europe 3,126 3,150 -24 -0.8 -12 -0.4
Other 4,915 4,150 765 18.4 766 18.5
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 30,431 33,770 -3,339 -9.9 -3,295 -9.8
Percentage of net sales (%) 6.4 6.9
Domestic 29,654 32,757 -3,103 -9.5 -3,103 -9.5
Overseas 777 1,013 -236 -23.3 -192 -19.0
The Americas 127 125 2 1.6 16 12.8
Europe 352 261 91 34.9 92 35.2
Other 298 627 -329 -52.5 -300 -47.8
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 472,737 487,902 -15,165 -3.1 -1,126 -0.2
Percentage of net sales (%) 100.0 100.0
Domestic 219,354 226,149 -6,795 -3.0 -6,795 -3.0
Percentage of net sales (%) 46.4 46.4
Overseas 253,383 261,753 -8,370 -3.2 5,669 2.2
Percentage of net sales (%) 53.6 53.6
The Americas 118,671 131,447 -12,776 -9.7 -283 -0.2
Percentage of net sales (%) 25.1 26.9
Europe 99,446 97,934 1,512 1.5 2,461 2.5
Percentage of net sales (%) 21.0 20.1
Other 35,266 32,372 2,894 8.9 3,491 10.8
Percentage of net sales (%) 7.5 6.6
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 77.94 Yen 85.95 Yen -8.01
EURO 1 Yen 110.31 Yen 110.80 Yen -0.49
*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 the first quarter of
fiscal year 2011.
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.
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
--------------------------------------------------------------------------------------------------------
Half year ended Half year ending Year ending
Sept. 30, 2011 Change March 31, 2012 Change March 31, 2012 Change
Results % Forecast % Forecast %
--------------------------------------------------------------------------------------------------------
Net sales 938.8 -3.3 1,011.2 4.1 1,950.0 0.4
Gross profit 386.2 -4.1 393.7 1.7 780.0 -1.3
Operating income -1.7 -- 38.7 74.5 37.0 -38.5
Income before income taxes -7.7 -- 34.2 97.3 26.5 -41.6
Net income (loss) attributable to
Ricoh Company, Ltd. -7.3 -- 17.3 142.4 10.0 -49.1
--------------------------------------------------------------------------------------------------------
Net income (loss) attributable to
Ricoh Company, Ltd. -10.15 -- 23.93 -- 13.78 --
shareholders per
share-basic (yen)
Net income (loss) attributable to
Ricoh Company, Ltd.
shareholders per
share-diluted (yen) -10.15 -- 23.92 -- 13.77 --
--------------------------------------------------------------------------------------------------------
Capital expenditures 36.7 -- 28.3 -- 65.0 --
Depreciation for tangible
fixed assets 30.8 -- 34.2 -- 65.0 --
R&D expenditures 59.5 -- 55.5 -- 115.0 --
--------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 79.82 -- 75.00 -- 77.41 --
Exchange rate (Yen/EURO) 113.94 -- 105.00 -- 109.47 --
--------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
--------------------------------------------------------------------------------------------------------------------------------
Half year ending March. 31, 2012 Year ending March 31, 2012
-------------------------------- --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
--------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 783.3 1.2 827.4 6.8 1,514.4 -1.1 1,587.6 3.6
Domestic 284.1 5.5 284.1 5.5 542.7 3.3 542.7 3.3
Overseas 499.2 -1.1 543.3 7.6 971.6 -3.5 1,044.8 3.8
Network System Solutions 102.9 17.1 103.5 17.8 201.0 10.8 201.8 11.3
Domestic 93.8 16.9 93.8 16.9 183.8 10.1 183.8 10.1
Overseas 9.1 19.8 9.7 27.7 17.2 19.2 18.0 24.7
Imaging & Solutions Total 886.3 2.8 931.0 8.0 1,715.4 0.1 1,789.4 4.4
Domestic 377.9 8.1 377.9 8.1 726.5 5.0 726.5 5.0
Overseas 508.3 -0.8 553.0 7.9 988.8 -3.2 1,062.8 4.1
The Americas 244.9 -2.5 269.5 7.3 472.8 -7.3 524.2 2.8
Europe 202.4 -1.5 216.4 5.3 396.9 -0.6 412.1 3.2
Other 61.0 9.1 67.1 20.0 119.0 6.4 126.4 13.0
--------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 50.1 -1.9 52.0 1.8 100.5 -5.9 103.3 -3.2
Domestic 29.2 -5.2 29.2 -5.2 57.3 -12.3 57.3 -12.3
Overseas 20.9 3.1 22.8 12.6 43.1 4.3 45.9 11.1
The Americas 6.1 7.0 6.8 20.3 12.1 4.4 13.6 16.9
Europe 7.0 2.0 7.4 8.8 13.7 1.3 14.1 4.9
Other 7.8 1.2 8.5 10.2 17.2 6.7 18.1 12.1
--------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 74.6 29.3 75.6 30.9 134.0 9.9 135.0 10.8
Domestic 63.3 12.4 63.3 12.4 121.0 2.3 121.0 2.3
Overseas 11.3 690.1 12.3 755.9 12.9 258.7 14.0 287.9
The Americas 3.0 -- 3.3 -- 3.2 711.7 3.6 803.0
Europe 6.6 -- 7.1 -- 7.2 612.7 7.8 666.7
Other 1.7 130.4 1.7 138.1 2.4 11.7 2.5 18.0
--------------------------------------------------------------------------------------------------------------------------------
Grand Total 1,011.2 4.1 1,058.6 9.0 1,950.0 0.4 2,027.8 4.4
Domestic 470.5 7.7 470.4 7.7 905.0 3.3 905.0 3.3
Overseas 540.7 1.2 588.1 10.0 1,045.0 -2.0 1,122.8 5.3
The Americas 254.1 -1.2 279.7 8.8 488.3 -6.5 541.5 3.7
Europe 216.0 1.5 231.0 8.5 417.9 1.0 434.1 4.9
Other 70.5 9.5 77.3 20.2 138.7 6.5 147.1 13.0
--------------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A3