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 2012
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
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(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
Deputy President and
Chief Financial Officer
October 30, 2012
RICOH October 30, 2012
QUARTERLY REPORT
Half year ended September 30, 2012
(Results for the Period from April 1, 2012 to September 30, 2012)
Three months ended September 30, 2012
(Results for the Period from July 1, 2012 to September 30, 2012)
Performance Outline (Consolidated)
(1) Half year ended September 30, 2012, 2011 and Year ending March 31, 2013
(Forecast)
(Billions of yen)
--------------------------------------------------------------------------------------------------------- -----------------------
Half year ended Half year ended Year ending
September 30, 2011 September 30, 2012 March 31, 2013
Results Results Change Forecast Change
--------------------------------------------------------------------------------------------------------- -----------------------
Domestic sales 434.5 430.7 -0.9% 887.0 0.1%
Overseas sales 504.5 486.7 -3.5% 1,013.0 -0.4%
Net sales 939.0 917.4 -2.3% 1,900.0 -0.2%
Gross profit 386.8 374.4 -3.2% 755.0 0.3%
Operating income (loss) -2.0 27.3 -- 70.0 --
Income (loss) before income taxes -9.7 24.4 -- 62.5 --
Net income (loss) attributable to Ricoh Company, Ltd. -8.7 11.7 -- 33.0 --
--------------------------------------------------------------------------------------------------------- -----------------------
Exchange rate (Yen/US$) 79.82 79.43 -0.39 77.22 -1.86
Exchange rate (Yen/EURO) 113.94 100.66 -13.28 100.33 -8.72
--------------------------------------------------------------------------------------------------------- -----------------------
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) -12.12 16.15 28.27 45.51 106.93
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -12.12 -- -- -- --
--------------------------------------------------------------------------------------------------------- -----------------------
Cash flows from operating activities 15.5 28.4 12.8 -- --
Cash flows from investing activities -52.9 -52.6 0.3 -- --
Cash flows from financing activities 5.8 -3.3 -9.2 -- --
Cash and cash equivalents at end of period 133.6 122.9 -10.6 -- --
--------------------------------------------------------------------------------------------------------- -----------------------
Capital expenditures 36.8 41.3 4.4 79.0 5.7
Depreciation for tangible fixed assets 30.8 30.6 -0.2 64.0 -0.9
R&D expenditures 59.7 54.7 -5.0 117.0 -2.0
--------------------------------------------------------------------------------------------------------- -----------------------
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March 31, 2012 September 30, 2012 Change
---------------------------------------------------------------------------------------------------------
Total assets 2,289.3 2,218.5 -70.8
Ricoh Company, Ltd. shareholders' equity 822.7 801.3 -21.3
Interest-bearing debt 741.8 742.4 0.6
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 35.9 36.1 0.2
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,134.64 1,105.21 -29.43
---------------------------------------------------------------------------------------------------------
(2) Three months ended September 30, 2011 and 2012
(Billions of yen)
---------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012
Results Results Change
---------------------------------------------------------------------------------------------------------
Domestic sales 219.2 215.3 -1.8%
Overseas sales 252.4 242.7 -3.8%
Net sales 471.6 458.0 -2.9%
Gross profit 189.2 184.5 -2.5%
Operating income (loss) -13.3 13.1 --
Income (loss) before income taxes -19.0 12.2 --
Net income (loss) attributable to Ricoh Company, Ltd. -13.7 5.1 --
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Exchange rate (Yen/US$) 77.94 78.64 0.70
Exchange rate (Yen/EURO) 110.31 98.29 -12.02
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Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) -18.92 7.13 26.05
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -18.92 -- --
---------------------------------------------------------------------------------------------------------
Capital expenditures 20.0 22.1 2.1
Depreciation for tangible fixed assets 15.2 15.9 0.6
R&D expenditures 31.7 27.7 -4.0
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RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2013 above upon information currently available to management, which
involves risks and uncertainties that could cause actual results to differ
materially from those projected.
* During the previous fiscal year, Ricoh has accounted for subsidiaries that
changed their fiscal year-ends from December 31 to March 31 as if their
fiscal year-ends in prior years were March 31 and has restated consolidated
financial statements for the second quarter of fiscal year 2011.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED SEPTEMBER 30, 2012 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2012 TO SEPTEMBER 30, 2012
(1) Operating Results
(Millions of yen)
----------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012
----------------------------------------------------------------------------------------------
Net sales 939,082 917,467
(% change from the previous corresponding period) -3.3 -2.3
Operating income (loss) -2,033 27,388
(% change from the previous corresponding period) -- --
Income (loss) before income taxes -9,724 24,490
(% change from the previous corresponding period) -- --
Net income (loss) attributable to Ricoh Company, Ltd. -8,792 11,713
(% change from the previous corresponding period) -- --
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) -12.12 16.15
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -12.12 --
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Notes:
i. Comprehensive income: Yen -13,035 million (Yen -54,614 million in income in
previous fiscal year)
(2) Financial Position
(Millions of yen)
--------------------------------------------------------------------------------
March 31, 2012 September 30, 2012
--------------------------------------------------------------------------------
Total assets 2,289,358 2,218,515
Total equity 879,018 859,426
Ricoh Company, Ltd. shareholders' equity 822,704 801,349
Ricoh Company, Ltd. shareholders' equity
ratio (%) 35.9 36.1
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2. DIVIDEND INFORMATION
--------------------------------------------------------------------------------
Year ended Year ending
March 31, 2012 March 31, 2013
(Results) (Forecast)
-------------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 25.00 29.00
Interim (yen) 16.50 12.50
Year-end (yen) 8.50 16.50
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Notes: Revision of expected dividends during this period: Yes
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2012 TO MARCH 31, 2013
(Millions of yen)
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Year ending
March 31, 2013
----------------------------------------------------------------------------
Net sales 1,900,000
Operating income 70,000
Income before income taxes 62,500
Net income attributable to Ricoh Company, Ltd. 33,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 45.51
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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: Yes
*For details see "4.Others"on page 5.
(4) Number of common stock outstanding (including treasury stock):
As of September 30, 2012 744,912,078 shares As of March 31, 2012 744,912,078 shares
(5) Number of treasury stock:
As of September 30, 2012 19,845,523 shares As of March 31, 2012 19,831,060 shares
(6) Average number of common stock:
Half year ended September 30, 2012 725,073,617 shares Half year ended September 30, 2011 725,501,005 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first half of fiscal year 2012
(the six months period from April 1, 2012 to September 30, 2012) decreased by
2.3% as compared to the previous corresponding period, to Yen 917.4 billion.
During this period, the average yen exchange rates were Yen 79.43 against the
U.S. dollar (up Yen 0.39 from the previous corresponding period) and
Yen 100.66 against the Euro (up Yen 13.28 from the previous corresponding
period). Net sales would have increased by 0.6% excluding impact of such foreign
currency exchange fluctuation.
The Japanese economy has shown signs of gradual recovery as demand for
reconstruction increased and supply chains recovered as production facilities
were restored in the areas affected by the Great East Japan Earthquake. The
business environment surrounding Ricoh however remains unpredictable due to the
continued strength of the Yen against the U.S. dollar and the Euro along with
new signs of a global slowdown underway. Under such conditions, domestic sales
in the Imaging & Solutions segment and the Industrial Products segment decreased
from the previous corresponding period. The Other segment increased compared to
the previous corresponding period due to the additional sales contribution from
Pentax Ricoh Imaging Co., Ltd. Overall, domestic sales decreased by 0.9%
compared to the previous corresponding period.
Outside of the domestic market, the U.S. economy is showing signs of a modest
recovery but the European economy continues to remain stagnant along with signs
of economic slowdown in China and the rest of the emerging markets. These
economic conditions together with the strong Yen have affected the overseas
sales of Ricoh.
As for overseas sales by region, sales in the Americas remained flat compared to
the previous corresponding period (an increase of 0.5% excluding foreign
currency exchange fluctuation), sales in Europe, Middle East and Africa
decreased by 10.0% due to the economic uncertainties in the region along with
the Yen's appreciation against the Euro (an increase of 1.8% excluding foreign
currency exchange fluctuation). Sales in Other region, which includes China,
South East Asia and Oceania, increased by 4.8% (7.6%, excluding foreign currency
exchange fluctuation).
As a result, sales in the overseas market decreased by 3.5% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 1.9% as compared to
the previous corresponding period.
Gross profit decreased by 3.2% as compared to the previous corresponding period
to Yen 374.4 billion, despite ongoing cost reduction efforts and the addition
of Pentax Ricoh Imaging Co., Ltd. This decrease is primarily due to the
appreciation of the Yen.
The group-wide activities to streamline costs has contributed significantly in
reducing selling, general and administrative expenses. The costs related to
these activities has decreased in the first half of 2012, compared to the
previous corresponding period. As a result, the selling, general and
administrative expenses decreased by 10.8% as compared to the previous
corresponding period to Yen 347.0 billion.
As a result, operating income increased to Yen 27.3 billion (operating loss was
Yen 0.2 billion for the previous corresponding period).
As for other (income) expenses, foreign exchange loss decreased as compared to
the previous corresponding period and interest and dividend income increased as
compared to the previous corresponding period. As a result, income before income
taxes increased as compared to the previous corresponding period; to Yen 24.4
billion (loss before income taxes was Yen 9.7 billion for the previous
corresponding period).
As a result, net income attributable to Ricoh Company, Ltd. increased by
Yen 20.5 billion as compared to the previous corresponding period; to Yen 11.7
billion (net loss was Yen 8.7 billion for the previous corresponding period).
The comprehensive loss for the half year ended September 30, 2012, decreased due
primarily by the increase in net income and the decrease of cumulative
translation adjustments.
3
*Conditions by Product Line
Conditions by Product Line for half year ended September 30, 2012 are as
follows;
Imaging & Solutions (Sales down 3.8% to Yen 797.6 billion)
----------------------------------------------------------
Office Imaging (Sales down 4.9% to Yen 626.2 billion)
-----------------------------------------------------
Sales in this category decreased by 4.9% as compared to the previous
corresponding period, to Yen 626.2 billion. The sales would have
decreased by 1.5% excluding the effects of foreign currency fluctuations.
While sales of monochome printers increased, the sales of color printers
decreased as well as the sales of color and monochome PPCs and MFPs as
compared to the previous corresponding period.
Production Printing (Sales down 4.6% to Yen 69.4 billion)
---------------------------------------------------------
Sales in this category decreased by 4.6% as compared to the previous
corresponding period, to Yen 69.4 billion due primarily to the
appreciation of the Yen, despite increases in the sales of cut sheet
products in the domestic market.
Network System Solutions (Sales up 3.9% to Yen 101.9 billion)
-------------------------------------------------------------
Sales in this category increased by 3.9% as compared to the previous
corresponding period, to Yen 101.9 billion due primarily to the increase
in overseas sales of software and IT services.
As a result, sales in the Imaging & Solutions segment decreased by 3.8% as
compared to the previous corresponding period, to Yen 797.6 billion. Operating
income increased by 60.8% as compared to the previous corresponding period, to
Yen 59.5 billion due primarily to decrease in restructuring costs that
contributed to the decrease in selling, general and administrative expenses.
Industrial Products (Sales down 6.2% to Yen 47.4 billion)
---------------------------------------------------------
Sales in the Industrial Products segment decreased by 6.2%, as compared to the
previous corresponding period, to Yen 47.4 billion. Sales of thermal media
products increased from the previous corresponding period but the sales of
semiconductor devices and electronic components decreased as compared to the
previous corresponding period. The group-wide activities to streamline costs has
contributed to the decrease in selling, general and administrative expenses,
which also helped to reduce operating loss for this segment to a total of
Yen 0.6 billion (operating loss was Yen 2.1 billion for the previous
corresponding period).
Other (Sales up 22.3% to Yen 72.3 billion)
------------------------------------------
Net sales in the Other segment increased by 22.3% as compared to the previous
corresponding period, to Yen 72.3 billion due to increase in sales from Pentax
Ricoh Imaging Co., Ltd. As a result operating loss in the Other segment amounted
to Yen 0.7 billion (operating loss was Yen 2.4 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. As a result, total assets decreased by Yen 70.8 billion, to
Yen 2,218.5 billion.
For Liabilities, the domestic trade payable amount decreased, which caused the
total liabilities to decrease by Yen 51.2 billion, to Yen 1,359.0 billion.
For Total Equity, the 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 19.5 billion from the end of the previous fiscal year,
to Yen 859.4 billion.
*Cash Flows (Half year ended September 30, 2012)
Net cash provided by operating activities in this period increased by Yen 12.8
billion, as compared to the previous corresponding period, to Yen 28.4 billion.
Net cash used in investing activities in this period decreased by Yen 0.3
billion as compared to the previous corresponding period, to Yen 52.6 billion.
As a result, free cash outflows generated by operating and investing activities
decreased by Yen 13.2 billion, compared to the previous corresponding period,
to Yen 24.1 billion.
Net cash provided by financing activities in this period was a negative Yen 3.3
billion as compared to the previous corresponding period, which was a positive
Yen 5.8 billion.
As a result, cash and cash equivalents at the end of this first half decreased
by Yen 33.2 billion as compared to the end of the previous fiscal year, to
Yen 122.9 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
Based on the changes in the business environment and the second quarter business
results, Ricoh will revise its forecast of sales and gross profit downwards from
those previously announced in July. Ricoh assumes the exchange rates of Yen
75.00 against the U.S. dollar and of Yen 100.00 against the Euro in and after
the third quarter, and has incorporated the actual exchange rates during the
first half of fiscal year 2012 in the annual exchange rates assumption.
Furthermore, taking into consideration the forecasted dividend at year end
announced in July along with our forecast for the entire fiscal year, the year
end dividend forecast has been revised upward to Yen 16.50 from Yen 12.50 for a
total cash dividend of Yen 29.00 applicable to the year.
Our performance forecast for fiscal year 2013 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2013
US$ 1 = Yen 77.22 (Yen 79.08 in previous fiscal year)
EURO 1 = Yen 100.33 (Yen 109.05 in previous fiscal year)
(Billions of yen)
-----------------------------------------------------------------------------
Year ending Year ended
March 31, 2012 March 31, 2013
(Results) (Forecast) Change
-----------------------------------------------------------------------------
Domestic sales 886.4 887.0 0.1%
Overseas sales 1,017.0 1,013.0 -0.4%
Net sales 1,903.4 1,900.0 -0.2%
Gross profit 752.6 755.0 0.3%
Operating income (loss) -18.0 70.0 --
Income (loss) before income taxes -31.9 62.5 --
Net income (loss) attributable
to Ricoh Company, Ltd. -44.5 33.0 --
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* Ricoh bases the forecast estimates for the year ending March 31, 2013 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:
Ricoh adopted Accounting Standards Codification (TM) 220 as from April 1 2012,
which was revised based on Accounting Standards Update (ASU) 2011-05 and
2011-12. ASU 2011-05 requires an entity to present net income and other
comprehensive income either in a single continuous statement or in two separate,
but consecutive, statements. This ASU also requires separate presentation in
both net income and other comprehensive income of reclassification adjustments
for items that are reclassified from other comprehensive income to net income.
ASU 2011-12 defers the effective date for only the presentation requirements
related to reclassifications in ASU 2011-05.
Ricoh has presented this requirement in two separate, but consecutive
statements. Management believes this adoption has not made a material effect on
Ricoh's consolidated financial statements.
The Company and its most of subsidiaries in Japan changed depreciation method of
property, plant and equipment from declining-balance method to straight-line
method for the period beginning after April 1, 2012. Management believes that
straight-line method is appropriate in line with future use of property, plant
and equipment.
The effect generated from this change will be accounted for the periods onward
because the change in depreciation method is applicable to the change in
accounting estimate.
Management believes this change has not made a material effect on Ricoh's
consolidated financial statements.
During the previous fiscal year, Ricoh has accounted for subsidiaries that
changed their fiscal year-ends from December 31 to March 31 as if their fiscal
year-ends in prior years were March 31 and has restated prior-year consolidated
financial statements for the first quarter of fiscal year 2011.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
March 31, 2012 September 30, 2012 Change
--------------------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 158,671 126,273 -32,398
Trade receivables 686,930 660,307 -26,623
Inventories 195,009 196,695 1,686
Other current assets 65,896 65,286 -610
Total Current Assets 1,106,506 1,048,561 -57,945
Fixed Assets
Tangible fixed assets 268,527 271,986 3,459
Finance receivables 468,004 470,661 2,657
Other investments 446,321 427,307 -19,014
Total Fixed Assets 1,182,852 1,169,954 -12,898
--------------------------------------------------------------------------------------------------------------------------
Total Assets 2,289,358 2,218,515 -70,843
--------------------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 156,210 122,965
Time deposits 2,461 3,308
Liabilities and Equity (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
March 31, 2012 September 30, 2012 Change
--------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 252,209 227,929 -24,280
Short-term borrowings 216,432 224,230 7,798
Other current liabilities 204,383 188,815 -15,568
Total Current Liabilities 673,024 640,974 -32,050
Fixed Liabilities
Long-term indebtedness 525,435 518,263 -7,172
Accrued pension and severance costs 164,757 156,550 -8,207
Other fixed liabilities 47,124 43,302 -3,822
Total Fixed Liabilities 737,316 718,115 -19,201
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,410,340 1,359,089 -51,251
--------------------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 742,549 748,092 5,543
Accumulated other comprehensive loss -204,175 -231,070 -26,895
Treasury stock -37,117 -37,120 -3
Total Ricoh Company, Ltd. shareholders' equity 822,704 801,349 -21,355
Noncontrolling interests 56,314 58,077 1,763
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Total Equity 879,018 859,426 -19,592
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,289,358 2,218,515 -70,843
--------------------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss; March 31, 2012 September 30, 2012 Change
Net unrealized holding gains (losses) on available-for-sale
securities 3,681 2,197 -1,484
Pension liability adjustments -67,578 -64,132 3,446
Net unrealized gains (losses) on derivative instruments -1,153 -1,333 -180
Cumulative translation adjustments -139,125 -167,802 -28,677
Reference: Exchange rate March 31, 2012 September 30, 2012
US$ 1 Yen 82.19 Yen 77.60
EURO 1 Yen 109.80 Yen 100.24
6
(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENTS OF INCOME
Half year ended September 30, 2012 and 2011
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 939,082 917,467 -21,615 -2.3
Cost of sales 552,230 543,061 -9,169 -1.7
Percentage of net sales (%) 58.8 59.2
Gross Profit 386,852 374,406 -12,446 -3.2
Percentage of net sales (%) 41.2 40.8
Selling, general and administrative expenses 388,885 347,018 -41,867 -10.8
Percentage of net sales (%) 41.4 37.8
Operating income (loss) -2,033 27,388 29,421 --
Percentage of net sales (%) -0.2 3.0
Other (income) expenses
Interest and dividend income 1,503 1,536 33 2.2
Percentage of net sales (%) 0.2 0.2
Interest expense 3,430 3,555 125 3.6
Percentage of net sales (%) 0.4 0.4
Other, net 5,764 879 -4,885 -84.8
Percentage of net sales (%) 0.6 0.1
Income (loss) before income taxes,
equity income and noncontrolling interests -9,724 24,490 34,214 --
Percentage of net sales (%) -1.0 2.7
Provision for income taxes -3,083 10,401 13,484 --
Percentage of net sales (%) -0.3 1.2
Equity in earnings of affiliates -1 57 58 --
Percentage of net sales (%) -0.0 0.0
Consolidated net income (loss) -6,642 14,146 20,788 --
Percentage of net sales (%) -0.7 1.5
Net income attributable to noncontrolling interests 2,150 2,433 283 13.2
Percentage of net sales (%) 0.2 0.2
Net income (loss) attributable to Ricoh Company, Ltd. -8,792 11,713 20,505 --
Percentage of net sales (%) -0.9 1.3
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2011 September 30, 2012
US$ 1 Yen 79.82 Yen 79.43
EURO 1 Yen 113.94 Yen 100.66
Three months ended September 30, 2012 and 2011
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 471,689 458,080 -13,609 -2.9
Cost of sales 282,428 273,572 -8,856 -3.1
Percentage of net sales (%) 59.9 59.7
Gross Profit 189,261 184,508 -4,753 -2.5
Percentage of net sales (%) 40.1 40.3
Selling, general and administrative expenses 202,620 171,401 -31,219 -15.4
Percentage of net sales (%) 42.9 37.4
Operating income (loss) -13,359 13,107 26,466 --
Percentage of net sales (%) -2.8 2.9
Other (income) expenses
Interest and dividend income 896 694 -202 -22.5
Percentage of net sales (%) 0.2 0.2
Interest expense 1,967 2,034 67 3.4
Percentage of net sales (%) 0.4 0.4
Other, net 4,581 -448 -5,029 --
Percentage of net sales (%) 1.0 -0.0
Income (loss) before income taxes,
equity income and noncontrolling interests -19,011 12,215 31,226 --
Percentage of net sales (%) -4.0 2.7
Provision for income taxes -6,254 5,732 11,986 --
Percentage of net sales (%) -1.3 1.3
Equity in earnings of affiliates 7 16 9 128.6
Percentage of net sales (%) 0.0 0.0
Consolidated net income (loss) -12,750 6,499 19,249 --
Percentage of net sales (%) -2.7 1.4
Net income attributable to noncontrolling interests 975 1,323 348 35.7
Percentage of net sales (%) 0.2 0.3
Net income (loss) attributable to Ricoh Company, Ltd. -13,725 5,176 18,901 --
Percentage of net sales (%) -2.9 1.1
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2011 September 30, 2012
US$ 1 Yen 77.94 Yen 78.64
EURO 1 Yen 110.31 Yen 98.29
7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Half year ended September 30, 2012 and 2011 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change
------------------------------------------------------------------------------------------------------------------------------
Consolidated net income (loss) -6,642 14,146 20,788
Other comprehensive income (loss), net of tax
Net unrealized holding losses on available-for-sale securities -2,435 -1,489 946
Pension liability adjustments -556 3,448 4,004
Net unrealized gains (losses) on derivative instruments -27 -292 -265
Foreign currency translation adjustments -44,954 -28,848 16,106
-47,972 -27,181 20,791
Comprehensive gain (loss) -54,614 -13,035 41,579
Comprehensive income attributable to noncontrolling interests 2,006 2,147 141
Comprehensive gain (loss) attributable to Ricoh Company, Ltd. -56,620 -15,182 41,438
Reference : Exchange rate September 30, 2011 September 30, 2012
US$ 1 Yen 79.82 Yen 79.43
EURO 1 Yen 113.94 Yen 100.66
Three months ended September 30, 2012 and 2011 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change
------------------------------------------------------------------------------------------------------------------------------
Consolidated net income (loss) -12,750 6,499 19,249
Other comprehensive income (loss), net of tax
Net unrealized holding losses on available-for-sale securities -1,738 -790 948
Pension liability adjustments -1,304 3,703 5,007
Net unrealized gains (losses) on derivative instruments 502 -3 -505
Foreign currency translation adjustments -38,663 807 39,470
-41,203 3,717 44,920
Comprehensive gain (loss) -53,953 10,216 64,169
Comprehensive income attributable to noncontrolling interests 891 1,299 408
Comprehensive gain (loss) attributable to Ricoh Company, Ltd. -54,844 8,917 63,761
Reference : Exchange rate September 30, 2011 September 30, 2012
US$ 1 Yen 77.94 Yen 78.64
EURO 1 Yen 110.31 Yen 98.29
8
CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2012 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 658,485 626,280 -32,205 -4.9
Percentage of net sales (%) 70.1 68.3
Production Printing 72,769 69,435 -3,334 -4.6
Percentage of net sales (%) 7.7 7.6
Network System Solutions 98,055 101,922 3,867 3.9
Percentage of net sales (%) 10.4 11.1
Imaging & Solutions Total 829,309 797,637 -31,672 -3.8
Percentage of net sales (%) 88.2 87.0
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 50,589 47,437 -3,152 -6.2
Percentage of net sales (%) 5.4 5.2
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 59,184 72,393 13,209 22.3
Percentage of net sales (%) 6.4 7.8
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 939,082 917,467 -21,615 -2.3
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 79.82 Yen 79.43
EURO 1 Yen 113.94 Yen 100.66
Three months ended September 30, 2012 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 324,705 304,522 -20,183 -6.2
Percentage of net sales (%) 68.8 66.5
Production Printing 37,492 34,787 -2,705 -7.2
Percentage of net sales (%) 7.9 7.6
Network System Solutions 53,762 57,778 4,016 7.5
Percentage of net sales (%) 11.5 12.6
Imaging & Solutions Total 415,959 397,087 -18,872 -4.5
Percentage of net sales (%) 88.2 86.7
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,390 23,917 -1,473 -5.8
Percentage of net sales (%) 5.4 5.2
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 30,340 37,076 6,736 22.2
Percentage of net sales (%) 6.4 8.1
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 471,689 458,080 -13,609 -2.9
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 77.94 Yen 78.64
EURO 1 Yen 110.31 Yen 98.29
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers, laser
printers, digital duplicators, facsimile, scanners,
related parts & supplies, services, support and
software
Production Printing Cut sheet printer, continuous feed printer, related
parts & supplies, services, support and software
Network System Solutions Personal computers, servers, network equipment,
related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor
devices and electronic components
Other Digital cameras
*Product Category and product lines included in Product Category was changed in
this fiscal year.
Product Category in Imaging & Solutions was reclassified as Office Imaging,
Production Printing and Network System Solutions in this fiscal year (Imaging
Solutions and Network System Solutions as previous category).
Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year. The above reclassification was made to
the prior year's figures.
9
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Half year ended September 30, 2012 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 434,515 430,762 -3,753 -0.9
Percentage of net sales (%) 46.3 47.0
[Overseas] 504,567 486,705 -17,862 -3.5
Percentage of net sales (%) 53.7 53.0
The Americas 234,394 234,319 -75 -0.0
Percentage of net sales (%) 25.0 25.5
Europe, Middle East and Africa 207,949 187,163 -20,786 -10.0
Percentage of net sales (%) 22.1 20.4
Other 62,224 65,223 2,999 4.8
Percentage of net sales (%) 6.6 7.1
Grand Total 939,082 917,467 -21,615 -2.3
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 79.82 Yen 79.43
EURO 1 Yen 113.94 Yen 100.66
Three months ended September 30, 2012 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 219,203 215,313 -3,890 -1.8
Percentage of net sales (%) 46.5 47.0
[Overseas] 252,486 242,767 -9,719 -3.8
Percentage of net sales (%) 53.5 53.0
The Americas 120,151 116,852 -3,299 -2.7
Percentage of net sales (%) 25.5 25.5
Europe, Middle East and Africa 100,231 91,910 -8,321 -8.3
Percentage of net sales (%) 21.2 20.1
Other 32,104 34,005 1,901 5.9
Percentage of net sales (%) 6.8 7.4
Grand Total 471,689 458,080 -13,609 -2.9
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 77.94 Yen 78.64
EURO 1 Yen 110.31 Yen 98.29
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
10
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income (loss) -6,642 14,146
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 43,981 43,000
Equity in earnings of affiliates, net of dividends received 1 -57
Deferred income taxes -14,581 -358
Pension and severance costs, less payments -8,321 -2,876
Changes in assets and liabilities--
Decrease in trade receivables 17,220 11,496
Increase in inventories -27,963 -9,097
Increase in finance receivables -10,617 -11,720
Decrease in trade payables -1,311 -19,866
Increase (Decrease) in accrued income taxes and
accrued expenses and other 8,626 -2,353
Other, net 15,177 6,149
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 15,570 28,464
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 565 639
Expenditures for property, plant and equipment,
including interest capitalized -36,885 -41,381
Expenditures for intangible asset -8,375 -6,200
Payments for purchases of available-for-sale securities -122 -98
Proceeds from sales of available-for-sale securities 10 25
Increase in time deposits -400 -1,000
Other, net -7,754 -4,597
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -52,961 -52,612
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 23,386 31,300
Repayment of long-term indebtedness -29,671 -24,534
Increase (Decrease) in short-term borrowings, net 24,680 -3,593
Repayment of long-term debt securities -231 --
Dividends paid -11,971 -6,163
Payment for purchase of treasury stock -14 -8
Other, net -294 -381
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities 5,885 -3,379
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -7,105 -5,718
-----------------------------------------------------------------------------------------------------------------------------
V. Net Decrease in Cash and Cash Equivalents -38,611 -33,245
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 172,221 156,210
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 133,610 122,965
-----------------------------------------------------------------------------------------------------------------------------
11
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Half year ended September 30, 2012 and 2011
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change %
---------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 829,309 797,637 -31,672 -3.8
Intersegment -- -- -- --
Total 829,309 797,637 -31,672 -3.8
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 792,255 738,044 -54,211 -6.8
---------------------------------------------------------------------------------------------------------------------------
Operating income 37,054 59,593 22,539 60.8
Operating income on sales in Imaging & Solutions (%) 4.5 7.5
---------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 50,589 47,437 -3,152 -6.2
Intersegment 2,264 2,052 -212 -9.4
Total 52,853 49,489 -3,364 -6.4
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 55,009 50,147 -4,862 -8.8
---------------------------------------------------------------------------------------------------------------------------
Operating loss -2,156 -658 1,498 --
Operating income on sales in Industrial Products (%) -4.1 -1.3
---------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 59,184 72,393 13,209 22.3
Intersegment -- -- -- --
Total 59,184 72,393 13,209 22.3
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 61,669 73,136 11,467 18.6
---------------------------------------------------------------------------------------------------------------------------
Operating loss -2,485 -743 1,742 --
Operating income on sales in Other (%) -4.2 -1.0
---------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -2,264 -2,052 212 --
Total -2,264 -2,052 212 --
---------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -2,264 -2,052 212 --
Corporate 34,446 30,804 -3,642 --
Total 32,182 28,752 -3,430 --
---------------------------------------------------------------------------------------------------------------------------
Operating loss -34,446 -30,804 3,642 --
---------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 939,082 917,467 -21,615 -2.3
Intersegment -- -- -- --
Total 939,082 917,467 -21,615 -2.3
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 941,115 890,079 -51,036 -5.4
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -2,033 27,388 29,421 --
Operating income on consolidated net sales (%) -0.2 3.0
---------------------------------------------------------------------------------------------------------------------------
*Certain products were reclassified into segment "Imaging & Solutions" and
"Industrial Products" from "Other" in this fiscal year. The above
reclassification was made to the prior year's figures.
12
Three months ended September 30, 2012 and 2011
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change %
---------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 415,959 397,087 -18,872 -4.5
Intersegment -- -- -- --
Total 415,959 397,087 -18,872 -4.5
---------------------------------------------------------------------------------------------------------------------
Operating expenses 406,955 368,236 -38,719 -9.5
---------------------------------------------------------------------------------------------------------------------
Operating income 9,004 28,851 19,847 220.4
Operating income on sales in Imaging & Solutions (%) 2.2 7.3
---------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 25,390 23,917 -1,473 -5.8
Intersegment 1,198 1,064 -134 -11.2
Total 26,588 24,981 -1,607 -6.0
---------------------------------------------------------------------------------------------------------------------
Operating expenses 28,263 25,221 -3,042 -10.8
---------------------------------------------------------------------------------------------------------------------
Operating loss -1,675 -240 1,435 --
Operating income on sales in Industrial Products (%) -6.3 -1.0
---------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 30,340 37,076 6,736 22.2
Intersegment -- -- -- --
Total 30,340 37,076 6,736 22.2
---------------------------------------------------------------------------------------------------------------------
Operating expenses 32,438 37,515 5,077 15.7
---------------------------------------------------------------------------------------------------------------------
Operating loss -2,098 -439 1,659 --
Operating income on sales in Other (%) -6.9 -1.2
---------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,198 -1,064 134 --
Total -1,198 -1,064 134 --
---------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,198 -1,064 134 --
Corporate 18,590 15,065 -3,525 --
Total 17,392 14,001 -3,391 --
---------------------------------------------------------------------------------------------------------------------
Operating loss -18,590 -15,065 3,525 --
---------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 471,689 458,080 -13,609 -2.9
Intersegment -- -- -- --
Total 471,689 458,080 -13,609 -2.9
---------------------------------------------------------------------------------------------------------------------
Operating expenses 485,048 444,973 -40,075 -8.3
---------------------------------------------------------------------------------------------------------------------
Operating income (loss) -13,359 13,107 26,466 --
Operating income on consolidated net sales (%) -2.8 2.9
---------------------------------------------------------------------------------------------------------------------
*Certain products were reclassified into segment "Imaging & Solutions" and
"Industrial Products" from "Other" in this fiscal year. The above
reclassification was made to the prior year's figures.
13
(b) Geographic Segments Information
Half year ended September 30, 2012 and 2011 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2011 September 30, 2012 Change %
---------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 442,013 438,615 -3,398 -0.8
Intersegment 189,487 185,972 -3,515 -1.9
Total 631,500 624,587 -6,913 -1.1
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 646,486 611,796 -34,690 -5.4
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -14,986 12,791 27,777 --
Operating income on sales in Japan (%) -2.4 2.0
---------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 234,160 234,292 132 0.1
Intersegment 1,869 3,500 1,631 87.3
Total 236,029 237,792 1,763 0.7
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 241,104 236,277 -4,827 -2.0
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -5,075 1,515 6,590 --
Operating income on sales in the Americas (%) -2.2 0.6
---------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
External customers 205,640 185,468 -20,172 -9.8
Intersegment 1,110 325 -785 -70.7
Total 206,750 185,793 -20,957 -10.1
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 194,764 175,106 -19,658 -10.1
---------------------------------------------------------------------------------------------------------------------------
Operating income 11,986 10,687 -1,299 -10.8
Operating income on sales in Europe (%) 5.8 5.8
---------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 57,269 59,092 1,823 3.2
Intersegment 76,566 91,763 15,197 19.8
Total 133,835 150,855 17,020 12.7
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 129,199 145,292 16,093 12.5
---------------------------------------------------------------------------------------------------------------------------
Operating income 4,636 5,563 927 20.0
Operating income on sales in Other (%) 3.5 3.7
---------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -269,032 -281,560 -12,528 --
Total -269,032 -281,560 -12,528 --
---------------------------------------------------------------------------------------------------------------------------
Operating expenses -270,438 -278,392 -7,954 --
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 1,406 -3,168 -4,574 --
---------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 939,082 917,467 -21,615 -2.3
Intersegment -- -- -- --
Total 939,082 917,467 -21,615 -2.3
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 941,115 890,079 -51,036 -5.4
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -2,033 27,388 29,421 --
Operating income on consolidated net sales (%) -0.2 3.0
---------------------------------------------------------------------------------------------------------------------------
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
14
Three months ended September 30, 2012 and 2011
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2011 September 30, 2012 Change %
---------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 222,789 219,608 -3,181 -1.4
Intersegment 102,409 88,776 -13,633 -13.3
Total 325,198 308,384 -16,814 -5.2
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 346,425 304,141 -42,284 -12.2
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -21,227 4,243 25,470 --
Operating income on sales in Japan (%) -6.5 1.4
---------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 119,962 116,845 -3,117 -2.6
Intersegment 979 1,945 966 98.7
Total 120,941 118,790 -2,151 -1.8
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 121,698 118,175 -3,523 -2.9
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -757 615 1,372 --
Operating income on sales in the Americas (%) -0.6 0.5
---------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
External customers 99,211 91,099 -8,112 -8.2
Intersegment 508 153 -355 -69.9
Total 99,719 91,252 -8,467 -8.5
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 94,283 86,770 -7,513 -8.0
---------------------------------------------------------------------------------------------------------------------------
Operating income 5,436 4,482 -954 -17.5
Operating income on sales in Europe (%) 5.5 4.9
---------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 29,727 30,528 801 2.7
Intersegment 42,371 44,929 2,558 6.0
Total 72,098 75,457 3,359 4.7
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 68,910 72,733 3,823 5.5
---------------------------------------------------------------------------------------------------------------------------
Operating income 3,188 2,724 -464 -14.6
Operating income on sales in Other (%) 4.4 3.6
---------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -146,267 -135,803 10,464 --
Total -146,267 -135,803 10,464 --
---------------------------------------------------------------------------------------------------------------------------
Operating expenses -146,268 -136,846 9,422 --
---------------------------------------------------------------------------------------------------------------------------
Operating income 1 1,043 1,042 --
---------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 471,689 458,080 -13,609 -2.9
Intersegment -- -- -- --
Total 471,689 458,080 -13,609 -2.9
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 485,048 444,973 -40,075 -8.3
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -13,359 13,107 26,466 --
Operating income on consolidated net sales (%) -2.8 2.9
---------------------------------------------------------------------------------------------------------------------------
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
15
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2012 and 2011 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended Change excluding
September 30, 2011 September 30, 2012 Change % exchange impact %
---------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 658,485 626,280 -32,205 -4.9 -9,583 -1.5
Percentage of net sales (%) 70.1 68.3
Domestic 243,233 235,997 -7,236 -3.0 -7,236 -3.0
Overseas 415,252 390,283 -24,969 -6.0 -2,347 -0.6
Production Printing 72,769 69,435 -3,334 -4.6 -1,026 -1.4
Percentage of net sales (%) 7.7 7.6
Domestic 15,469 16,435 966 6.2 966 6.2
Overseas 57,300 53,000 -4,300 -7.5 -1,992 -3.5
Network System Solutions 98,055 101,922 3,867 3.9 5,200 5.3
Percentage of net sales (%) 10.4 11.1
Domestic 89,918 89,789 -129 -0.1 -129 -0.1
Overseas 8,137 12,133 3,996 49.1 5,329 65.5
Imaging & Solutions Total 829,309 797,637 -31,672 -3.8 -5,409 -0.7
Percentage of net sales (%) 88.2 87.0
Domestic 348,620 342,221 -6,399 -1.8 -6,399 -1.8
Overseas 480,689 455,416 -25,273 -5.3 990 0.2
The Americas 228,091 225,451 -2,640 -1.2 -1,551 -0.7
Europe, Middle East and Africa 200,570 177,431 -23,139 -11.5 190 0.1
Other 52,028 52,534 506 1.0 2,351 4.5
---------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 50,589 47,437 -3,152 -6.2 -2,504 -4.9
Percentage of net sales (%) 5.4 5.2
Domestic 28,173 24,003 -4,170 -14.8 -4,170 -14.8
Overseas 22,416 23,434 1,018 4.5 1,666 7.4
The Americas 6,219 6,884 665 10.7 699 11.2
Europe, Middle East and Africa 6,717 6,359 -358 -5.3 340 5.1
Other 9,480 10,191 711 7.5 627 6.6
---------------------------------------------------------------------------------------------------------------------------
[Other]
Other 59,184 72,393 13,209 22.3 13,654 23.1
Percentage of net sales (%) 6.4 7.8
Domestic 57,722 64,538 6,816 11.8 6,816 11.8
Overseas 1,462 7,855 6,393 437.3 6,838 467.7
The Americas 84 1,984 1,900 -- 1,922 --
Europe, Middle East and Africa 662 3,373 2,711 409.5 3,155 476.6
Other 716 2,498 1,782 248.9 1,761 245.9
---------------------------------------------------------------------------------------------------------------------------
Grand Total 939,082 917,467 -21,615 -2.3 5,741 0.6
Percentage of net sales (%) 100.0 100.0
Domestic 434,515 430,762 -3,753 -0.9 -3,753 -0.9
Percentage of net sales (%) 46.3 47.0
Overseas 504,567 486,705 -17,862 -3.5 9,494 1.9
Percentage of net sales (%) 53.7 53.0
The Americas 234,394 234,319 -75 -0.0 1,070 0.5
Percentage of net sales (%) 25.0 25.5
Europe, Middle East and Africa 207,949 187,163 -20,786 -10.0 3,685 1.8
Percentage of net sales (%) 22.1 20.4
Other 62,224 65,223 2,999 4.8 4,739 7.6
Percentage of net sales (%) 6.6 7.1
---------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 79.82 Yen 79.43 Yen -0.39
EURO 1 Yen 113.94 Yen 100.66 Yen -13.28
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers,
laser printers, digital duplicators, facsimile,
scanners, related parts & supplies, services, support
and software
Production Printing Cut sheet printer, continuous feed printer, related
parts & supplies, services, support and software
Network System Solutions Personal computers, servers, network equipment,
related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor
devices and electronic components
Other Digital cameras
*Product Category and product lines included in Product Category was changed in
this fiscal year.
Product Category in Imaging & Solutions was reclassified as Office Imaging,
Production Printing and Network System Solutions in this fiscal year (Imaging
Solutions and Network System Solutions as previous category).
Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year.
The above reclassification was made to the prior year's figures.
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
A1
Three months ended September 30, 2012 and 2011 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
September 30, 2011 September 30, 2012 Change % exchange impact %
-------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 324,705 304,522 -20,183 -6.2 -11,654 -3.6
Percentage of net sales (%) 68.8 66.5
Domestic 118,158 111,976 -6,182 -5.2 -6,182 -5.2
Overseas 206,547 192,546 -14,001 -6.8 -5,472 -2.6
Production Printing 37,492 34,787 -2,705 -7.2 -1,813 -4.8
Percentage of net sales (%) 7.9 7.6
Domestic 7,595 8,179 584 7.7 584 7.7
Overseas 29,897 26,608 -3,289 -11.0 -2,397 -8.0
Network System Solutions 53,762 57,778 4,016 7.5 4,837 9.0
Percentage of net sales (%) 11.5 12.6
Domestic 49,624 50,338 714 1.4 714 1.4
Overseas 4,138 7,440 3,302 79.8 4,123 99.6
Imaging & Solutions Total 415,959 397,087 -18,872 -4.5 -8,630 -2.1
Percentage of net sales (%) 88.2 86.7
Domestic 175,377 170,493 -4,884 -2.8 -4,884 -2.8
Overseas 240,582 226,594 -13,988 -5.8 -3,746 -1.6
The Americas 116,938 112,463 -4,475 -3.8 -5,463 -4.7
Europe, Middle East and Africa 96,753 87,152 -9,601 -9.9 1,023 1.1
Other 26,891 26,979 88 0.3 694 2.6
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,390 23,917 -1,473 -5.8 -1,254 -4.9
Percentage of net sales (%) 5.4 5.2
Domestic 14,179 11,964 -2,215 -15.6 -2,215 -15.6
Overseas 11,211 11,953 742 6.6 961 8.6
The Americas 3,170 3,428 258 8.1 229 7.2
Europe, Middle East and Africa 3,126 3,020 -106 -3.4 196 6.3
Other 4,915 5,505 590 12.0 536 10.9
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 30,340 37,076 6,736 22.2 6,927 22.8
Percentage of net sales (%) 6.4 8.1
Domestic 29,647 32,856 3,209 10.8 3,209 10.8
Overseas 693 4,220 3,527 508.9 3,718 536.5
The Americas 43 961 918 -- 912 --
Europe, Middle East and Africa 352 1,738 1,386 393.8 1,600 454.5
Other 298 1,521 1,223 410.4 1,206 404.7
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 471,689 458,080 -13,609 -2.9 -2,957 -0.6
Percentage of net sales (%) 100.0 100.0
Domestic 219,203 215,313 -3,890 -1.8 -3,890 -1.8
Percentage of net sales (%) 46.5 47.0
Overseas 252,486 242,767 -9,719 -3.8 933 0.4
Percentage of net sales (%) 53.5 53.0
The Americas 120,151 116,852 -3,299 -2.7 -4,322 -3.6
Percentage of net sales (%) 25.5 25.5
Europe, Middle East and Africa 100,231 91,910 -8,321 -8.3 2,819 2.8
Percentage of net sales (%) 21.2 20.1
Other 32,104 34,005 1,901 5.9 2,436 7.6
Percentage of net sales (%) 6.8 7.4
-------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 77.94 Yen 78.64 Yen 0.70
EURO 1 Yen 110.31 Yen 98.29 Yen -12.02
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers, laser
printers, digital duplicators, facsimile, scanners,
related parts & supplies, services, support and
software
Production Printing Cut sheet printer, continuous feed printer,
related parts & supplies, services, support
and software
Network System Solutions Personal computers, servers, network equipment,
related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor
devices and electronic components
Other Digital cameras
*Product Category and product lines included in Product Category was changed in
this fiscal year.
Product Category in Imaging & Solutions was reclassified as Office Imaging,
Production Printing and Network System Solutions in this fiscal year (Imaging
Solutions and Network System Solutions as previous category).
Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year.
The above reclassification was made to the prior year's figures.
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
--------------------------------------------------------------------------------------------------------
Half year ended Half year ending Year ending
Sept. 30, 2012 Change March 31, 2013 Change March 31, 2013 Change
Results % Forecast % Forecast %
--------------------------------------------------------------------------------------------------------
Net sales 917.4 -2.3 982.6 1.9 1,900.0 -0.2
Gross profit 374.4 -3.2 380.6 4.1 755.0 0.3
Operating income 27.3 -- 42.7 -- 70.0 --
Income before income taxes 24.4 -- 38.1 -- 62.5 --
Net income attributable to
Ricoh Company, Ltd. 11.7 -- 21.3 -- 33.0 --
---------------------------------------------------------------------------------------------------------
Net income attributable to
Ricoh Company, Ltd. 16.15 -- 29.36 -- 45.51 --
shareholders per
share-basic (yen)
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-diluted (yen) -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------
Capital expenditures 41.3 -- 37.7 -- 79.0 --
Depreciation for tangible
fixed assets 30.6 -- 33.4 -- 64.0 --
R&D expenditures 54.7 -- 62.3 -- 117.0 --
---------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 79.43 -- 75.00 -- 77.22 --
Exchange rate (Yen/EURO) 100.66 -- 100.00 -- 100.33 --
---------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------
Half year ending March. 31, 2013 Year ending March 31, 2013
-------------------------------- --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
--------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 668.0 0.5 685.3 3.1 1,294.3 -2.2 1,334.2 0.8
Domestic 253.0 -0.1 253.0 -0.1 489.0 -1.5 489.0 -1.5
Overseas 415.0 0.9 432.3 5.1 805.3 -2.6 845.2 2.2
Production Printing 77.4 2.1 80.0 5.5 146.8 -1.2 151.7 2.1
Domestic 17.8 4.4 17.8 4.4 34.2 5.3 34.2 5.3
Overseas 59.6 1.4 62.2 5.9 112.6 -3.0 117.5 1.3
Network System Solutions 108.9 7.6 109.6 8.2 210.8 5.8 212.8 6.8
Domestic 94.2 2.1 94.2 2.1 184.0 1.0 184.0 1.0
Overseas 14.7 63.8 15.4 71.0 26.8 56.8 28.8 68.4
Imaging & Solutions Total 854.3 1.5 874.9 3.9 1,652.0 -1.1 1,698.8 1.7
Domestic 365.0 0.7 365.0 0.7 707.3 -0.6 707.3 -0.6
Overseas 489.3 2.1 509.9 6.4 944.7 -1.6 991.5 3.3
The Americas 228.1 1.2 237.7 5.4 453.6 0.0 464.2 2.4
Europe, Middle East and Africa 205.3 1.5 213.7 5.7 382.7 -5.0 414.4 2.9
Other 55.9 8.6 58.5 13.6 108.4 4.7 112.9 9.0
--------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 47.4 -0.1 48.4 2.0 94.8 -3.3 96.5 -1.6
Domestic 23.6 -6.3 23.6 -6.3 47.6 -10.8 47.6 -10.8
Overseas 23.8 6.8 24.8 11.3 47.2 5.7 48.9 9.4
The Americas 6.9 5.8 7.2 10.4 13.8 8.2 14.1 10.8
Europe, Middle East and Africa 6.8 8.0 7.0 11.1 13.2 1.1 14.1 8.0
Other 10.1 6.8 10.6 12.1 20.3 7.2 20.7 9.4
--------------------------------------------------------------------------------------------------------------------------
[Other]
Other 80.8 7.5 81.3 8.1 153.2 14.0 154.1 14.7
Domestic 67.6 5.5 67.6 5.5 132.1 8.5 132.1 8.5
Overseas 13.2 19.6 13.7 23.6 21.1 68.4 22.0 75.6
The Americas 3.0 28.7 3.1 33.0 5.0 106.4 5.1 111.4
Europe, Middle East and Africa 5.8 17.6 6.0 21.6 9.2 63.9 9.8 75.5
Other 4.4 16.5 4.6 20.5 6.9 53.6 7.0 56.4
--------------------------------------------------------------------------------------------------------------------------
Grand Total 982.6 1.9 1,004.6 4.2 1,900.0 -0.2 1,949.4 2.4
Domestic 456.3 1.0 456.3 1.0 887.0 0.1 887.0 0.1
Overseas 526.3 2.7 548.3 7.0 1,013.0 -0.4 1,062.4 4.5
The Americas 238.0 1.6 248.0 5.8 472.3 0.8 483.5 3.1
Europe, Middle East and Africa 217.9 2.1 226.7 6.2 405.1 -3.9 438.3 4.0
Other 70.4 8.8 73.6 13.8 135.6 6.8 140.6 10.8
--------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A3