Ricoh Company, Ltd. |
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Date: June 2, 2011 | By: | /s/ Takashi Nakamura | ||
Name: | Takashi Nakamura | |||
Title: | Deputy President Chief Human Officer |
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Yours faithfully, | ||
Shiro Kondo, | ||
Representative Director, | ||
President and Chief Executive Officer | ||
Ricoh Company, Ltd. | ||
1-3-6 Nakamagome, Ohta-ku, Tokyo |
- 1 -
1. Date and Time:
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Friday, June 24, 2011, from 10:00 a.m. | |
2. Venue:
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Ricohs registered head office: 1-3-6 Nakamagome, Ohta-ku, Tokyo | |
3. Purpose: |
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Items to be reported:
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1. The Business Report, Consolidated Financial Statements and the results of
the audit of the Consolidated Financial Statements by Accounting Auditors and the Board of
Corporate Auditors for the fiscal year ended March 31, 2011 (from April 1, 2010 to March 31,
2011) |
|
2. The Non-Consolidated Financial Statements
for the fiscal year ended March 31, 2011 (from April 1, 2010 to
March 31, 2011) |
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Items to be resolved: |
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Agenda 1:
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Appropriation of surplus | |
Agenda 2:
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Partial amendments to the Articles of Incorporation | |
Agenda 3:
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Election of one (1) Director | |
Agenda 4:
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Election of one (1) Corporate Auditor | |
Agenda 5:
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Election of one (1) Substitute Corporate Auditor | |
Agenda 6:
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Payment of bonuses to Directors |
(1) | When voting rights are exercised both in writing and via the Internet, the vote received
later shall be deemed effective. However, if votes are received on the same day, the vote
registered via the Internet shall be deemed effective. |
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(2) | When voting rights are exercised via the Internet more than once, the last vote shall be
deemed effective. |
1. | Shareholders are requested to submit the appended voting form at the reception desk when
attending. |
|
2. | If there is any revision to the Reference Material for Ordinary General Meeting of
Shareholders, Business Report, Consolidated and Non-consolidated Financial Statements,
notification of such revision will be given on the Companys website
(http://www.ricoh.co.jp/IR/). |
- 2 -
The Online Voting Website |
Online votes can only be cast from the Online Voting Website below specified by the Company.
Please note that you will not be able to use cellular phones as a terminal for exercising voting
rights via the Internet. |
Online Voting Website: http://www.web54.net |
Handling of Votes |
| To exercise your voting rights via the Internet, use the Voting right exercise code
and Password in the included voting form, and enter your votes following the on-screen
guidance. |
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| When you access the designated website, you are requested to create a new eight-digit
password. Please prepare the eight-digit password in advance. |
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| Please cast your votes as early as possible. The deadline for voting is Thursday, June
23, 2011 at 5:30 p.m., the day before the Ordinary General Meeting of Shareholders will be
held. |
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| If you vote multiple times, the last vote that we receive will be counted as your vote.
If we receive online votes and paper votes on the same day, the online votes will be
counted as the valid vote. |
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| Expenses incurred when accessing the website designated for exercising voting rights
(fees for Providers and carriers such as ISP access charges) shall be borne by
shareholders. |
Handling of the Password |
| Please keep secret the new password you create because it is necessary to identify you
as the eligible shareholder. If you forget or lose the password, you will not be able to
exercise your voting rights or to change your approval or disapproval in respect of the
agenda you voted on via the Internet. (We regret that we will not be able to answer questions you may wish to ask regarding a new password.) |
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| If the password is entered incorrectly a predetermined number of times, then the site
will become locked and you will not be able to exercise your voting rights or to change
your approval or disapproval in respect of the agenda you voted on via the Internet. If you
would like your password to be re-issued, please follow the on-screen guidance. |
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| The voting right exercise code on the voting form is valid only for this Ordinary
General Meeting of Shareholders. |
- 3 -
Inquiries Relating to Computer Operation, Etc. |
Please direct your inquiries regarding personal computer operations to exercise your voting
right via the Internet to: |
System Requirements |
When exercising your voting rights via the Internet, please make sure that your system meets the
following requirements. |
| The screen resolution must be at least 800 x 600 pixels (SVGA). |
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| The following applications must be installed. |
A. | As your web browser, Microsoft® Internet Explorer version 5.01 SP2 or later |
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B. | As your PDF file viewer, Adobe® Acrobat® Reader version 4.0 or later, or Adobe®
Reader® version 6.0 or later |
* | Internet Explorer is a trademark or registered trademark and a product name of
Microsoft Corporation in the United States and other countries. Adobe® Acrobat® Reader
and Adobe® Reader® are trademarks or registered trademarks and product names of Adobe
Systems Incorporated in the United States and other countries. |
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* | This software is available free of charge on each companys website. |
| Please disable (or temporarily disable) any popup blockers enabled in your browser, any
add-in tools, or the like. |
||
| If you cannot access the site above, please check the settings of your firewall, proxy
server, antivirus software, and the like, as the configuration of this software could
restrict connection to the Internet. |
- 4 -
(1) | Type of dividend assets |
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Cash |
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(2) | Matters concerning allocation of dividend assets and the total amount |
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We propose a year-end dividend of ¥16.5 per common share of the Company, which is the same
amount as the previous fiscal year-end. The total amount of dividends will be ¥11,970,794,022. |
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Accordingly, the annual dividend for the current fiscal year, being the total of the interim
and year-end dividends, amounts to ¥33 per share. |
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(3) | Effective date of the distribution of surplus |
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We propose that the effective date of the distribution of surplus be June 27, 2011. |
1) Retained earnings brought forward |
¥ | 14,905,100,000 | ||
2) Reserve for social contribution: |
¥ | 94,900,000 |
1) General reserve: |
¥ | 15,000,000,000 |
- 5 -
(1) | Amendments will be made to the purpose of business in Article 3 (Objectives) of the current
Articles of Incorporation in order to clarify the Companys business activities in line with
the current status of its business and to cope with the diversification of its business
activities. |
(2) | With regard to the method of public notices, considering the widespread use of the
Internet, the method of public notices will be changed from the Nihon Keizai Shimbun as
stipulated in Article 5 (Method of Public Notices) of the current Articles of Incorporation
to electronic public notices for the purpose of enhancing convenience and rationalizing the
public notice procedure. In addition, if the Company is unable to issue an electronic public
notice due to any unavoidable reason, measures for this case will be specified. |
Proposed amendments are as follows: |
(The parts underlined are those amended.) | ||
Prior to Revision | Revised | |
Objectives
|
Objectives | |
Article 3.
|
Article 3 | |
The objectives of the Company are to engage in the
following businesses:
|
The objectives of the Company are to engage in the following businesses: | |
1. Manufacture, sale and installation work and
electrical communication work of optical, office,
audio, electric and measuring equipment, other
general machinery and equipment and accessories and
supplies therefor.
|
1. Manufacture and sale of optical equipment, office
equipment, printing equipment, audio equipment,
electrical equipment, electronic equipment,
communication equipment, precision equipment,
measuring equipment, lighting equipment, healthcare
equipment, other general machinery, and accessories
and supplies thereof; |
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(Newly established)
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2. Manufacture and sale of electronic devices relating
to the products described in any of the foregoing
items and other products, as well as production and
sale of software relating to the products described
in any of the foregoing items and other products; |
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(Newly established)
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3. Installation work and electrical communication work
of the products described in any of the foregoing
items; |
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2. Manufacture and sale of photographic sensitive
materials and duplicating papers.
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4. (Unchanged) |
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3. Manufacture and sale of various raw materials for
photographic sensitive materials, and various
chemical materials for chemical industries
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5. (Unchanged) |
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4. Manufacture, processing and sale of papers, pulps,
textiles, general merchandise and by-products thereof.
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6. (Unchanged) |
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5. Investment in, or sale of the products of, other
companies;
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7. (Unchanged) |
- 6 -
Prior to Revision | Revised | |
6. Import and Export of the goods described in any of the
foregoing items and other goods of every kind and
description;
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8. (Unchanged) |
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(Newly established)
|
9. Collection, recycling, and trading of used items
relating to the products described in any of the
foregoing items; |
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(Newly established)
|
10. Telecommunication business, and information
services business, such as information processing,
information provision, etc;11.
Provision of business representative service |
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(Newly established)
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11. Provision of business representative service; |
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(Newly established)
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12. Investigation and analysis concerning the
environment, and consulting concerning the
reduction of the environmental impact; |
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7. Brokerage business for casualty insurance and
insurance brokerage under the Automobile Liability
Security Law of Japan.
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13. (Unchanged) |
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8. Direct marketing through the Internet, facsimile,
telephone, etc.; and
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14. (Unchanged) |
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(Newly established)
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15. Business relating to printing, publishing, leasing,
financing, cargo handling, transport, warehousing,
clothing, hotel, as well as leasing, sale,
brokering and administration of real estate; |
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(Newly established)
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16. Investigation, Survey, research and development,
establishment of system, and consulting incidental
or relating to any of the foregoing items; and |
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9. Any and all business incidental or relating to any of
the foregoing items.
|
17. (Unchanged) |
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(Method of Public Notice)
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(Method of Public Notice) | |
Article 5.
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Article 5. | |
Public notices of the Company shall appear in the Nihon
Keizai Shimbun.
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Public notices of the Company shall be electronic public notices; provided, however, that if the Company is unable to issue an electronic public notice due to an accident or any other unavoidable reason, public notices of the Company shall appear in the Nihon Keizai Shimbun. |
- 7 -
Brief personal profile, position and responsibilities at the | Number of the | |||||||
Name | Company | Companys | ||||||
(Date of birth) | (* Asterisk denotes significant concurrent positions) | shares held | ||||||
Kazuo Togashi (November 28, 1949) |
Apr. 1972 | Joined the Company | 7,000 | |||||
Apr. 1998 | President of Ricoh Europe B.V. | |||||||
June 2000 | Senior Vice President | |||||||
Apr. 2002 | Chairman of said company, Chairman of NRG Group PLC | |||||||
June 2002 | Executive Vice President | |||||||
June 2003 | Managing Director | |||||||
June 2005 | Corporate Senior Vice President(Current) | |||||||
Apr. 2006 | General Manager of International Business Group | |||||||
June 2007 | Chairman of Ricoh India Ltd. | |||||||
Jan. 2008 | Chairman of Ricoh China Co., Ltd. | |||||||
June 2009 | Senior Vice President (Current) General Manager of Americas Marketing Group (Current), Chairman and CEO (Chief Executive Officer) of Ricoh Americas Corporation |
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Apr. 2010 | *Chairman and CEO (Chief Executive Officer) of Ricoh Americas Holdings, Inc. (Current) | |||||||
July 2010 | *Chairman and CEO (Chief Executive Officer) of Ricoh Americas Corporation (Current) |
- 8 -
Number of the | ||||||||
Name | Brief personal profile and position at the Company | Companys | ||||||
(Date of birth) | (* Asterisk denotes significant concurrent positions) | shares held | ||||||
Mitsuhiro Shinoda (November 23, 1953) |
Apr. 1978 | Joined the Company | 0 | |||||
Oct. 2000 | General Manager of Group Management Department of Corporate Planning Division | |||||||
Apr. 2001 | General Manager of Audit Office | |||||||
June 2003 | General Manager of Finance Department of Finance and Accounting Division | |||||||
Nov. 2004 | General Manager of Internal Management & Control Office of Finance and Accounting Division | |||||||
Apr. 2007 | General Manager of Internal Management & Control Division | |||||||
July 2010 | General Manager of Management Center Chubu Sales Division of RicohJapan Co, Ltd.(Current) | |||||||
June 2011 | Retirement from RicohJapan Co, Ltd. (Scheduled) |
- 9 -
Number of the | ||||||||
Name | Brief personal profile | Companys | ||||||
(date of birth) | (* Asterisk denotes significant concurrent positions) | shares held | ||||||
Kiyohisa Horie
(March 7, 1948)
|
Apr. 1970 | Joined Horie Morita Audit Office (now:
Meiji Audit Corporation) Joined Showa Accounting Office |
0 | |||||
Aug. 1980 | Registered as Certified Public Accountant | |||||||
Mar. 1988 | Registered as Tax Accountant | |||||||
Apr. 1988 | *Senior Partner of Meiji Audit Corporation (Current) | |||||||
May 1988 | *Representative Director of Showa Accounting Office (Current) | |||||||
Managing Partner of Meiji Audit Corporation (Current) | ||||||||
May 1998 | *Vice-Chairman & Managing Partner of Meiji Audit Corporation (Current) |
1. | There are no special interests between the candidate and the Company. |
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2. | Mr. Kiyohisa Horie is a candidate for Substitute Outside Corporate Auditor. |
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3. | With his insight and longstanding experience as a certified tax accountant and certified
public accountant, we have judged that the candidate Mr. Kiyohisa Horie is an appropriate
person to be a Corporate Auditor of the Company. Hence, we propose him as a Substitute
Corporate Auditor. |
|
4. | If approval is given for Mr. Kiyohisa Horie to be appointed as Substitute Corporate Auditor
of the Company and Mr. Kiyohisa Horie assumes the post of Outside Corporate Auditor, the
Company will execute a liability limitation contract with him to limit liability for damages
to the higher of ¥5,000,000 or the minimum liability limit amount stipulated in Article 425,
Paragraph 1 of the Companies Act. |
- 10 -
- 11 -
Sincerely, | ||
June 2011 | ||
Masamitsu Sakurai, | ||
Chairman of the Board and | ||
Director, Chairman | ||
Shiro Kondo, | ||
Representative Director, | ||
President and Chief Executive Officer |
- 12 -
1. | Status of the Ricoh Group |
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(1) | Operating conditions for the fiscal year under review |
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(i) | Operating progress and results |
| Overview |
- 13 -
- 14 -
- 15 -
| Consolidated sales by category (consolidated basis) |
Category | Sales (billions of yen) | Percentage of total | Change (%) | |||||||||
Imaging & Solutions |
1,713.3 | 88.2 | -4.3 | |||||||||
Imaging Solutions |
1,429.8 | 73.6 | -5.7 | |||||||||
Network System Solutions |
283.4 | 14.6 | 3.4 | |||||||||
Industrial Products |
106.8 | 5.5 | 5.1 | |||||||||
Other |
121.8 | 6.3 | -2.0 | |||||||||
Total |
1,942.0 | 100.0 | -3.7 | |||||||||
| Consolidated sales by region (consolidated basis) |
Region | Sales (billions of yen) | Percentage of total | Change (%) | |||||||||
Japan |
875.8 | 45.1 | -0.1 | |||||||||
Overseas |
1,066.1 | 54.9 | -6.5 | |||||||||
The Americas |
521.9 | 26.9 | -6.4 | |||||||||
Europe |
413.9 | 21.3 | -9.7 | |||||||||
Other |
130.2 | 6.7 | 5.5 | |||||||||
Total |
1,942.0 | 100.0 | -3.7 | |||||||||
- 16 -
- 17 -
- 18 -
- 19 -
| Construction of a new building in the Ricoh Technology Center |
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| Equipment-related supplies plant (Tohoku Ricoh) |
| Equipment-related supplies plant (Numazu Plant) |
- 20 -
| Transition of assets and profit/loss of the Ricoh Group |
Fiscal year | Fiscal year | Fiscal year | Fiscal year | |||||||||||||
ended | ended | ended | ended | |||||||||||||
Items | March 2008 | March 2009 | March 2010 | March 2011 | ||||||||||||
Net sales (billions of yen) |
2,219.9 | 2,091.6 | 2,016.3 | 1,942.0 | ||||||||||||
Income before income taxes and equity in earnings of affiliates
(billions of yen) |
174.6 | 30.9 | 57.5 | 45.4 | ||||||||||||
Net income attributable to Ricoh Company, Ltd. (billions of yen) |
106.4 | 6.5 | 27.8 | 19.6 | ||||||||||||
Net income per share attributable to Ricoh shareholders (yen) |
146.04 | 9.02 | 38.41 | 27.08 | ||||||||||||
Total assets (billions of yen) |
2,214.3 | 2,513.4 | 2,383.9 | 2,262.3 | ||||||||||||
Total Ricoh shareholders equity (billions of yen) |
1,080.1 | 975.3 | 973.3 | 929.8 | ||||||||||||
1. | The consolidated financial statements are prepared in accordance with accounting principles
generally accepted in the U.S. |
|
2. | Net income per share attributable to Ricoh shareholders is calculated based on the average
number of shares outstanding during the fiscal year, from which the number of shares of
treasury stock is deducted. |
- 21 -
| Transition of assets and profit/loss of the Company |
Fiscal year | Fiscal year | Fiscal year | Fiscal year | |||||||||||||
ended | ended | ended | ended | |||||||||||||
Items | March 2008 | March 2009 | March 2010 | March 2011 | ||||||||||||
Net sales (billions of yen) |
1,036.2 | 948.3 | 849.0 | 842.2 | ||||||||||||
Ordinary income (billions of yen) |
79.5 | 39.7 | 26.9 | 7.1 | ||||||||||||
Net income (billions of yen) |
54.6 | 23.0 | 23.3 | 9.7 | ||||||||||||
Net income per share (yen) |
74.99 | 31.90 | 32.12 | 13.39 | ||||||||||||
Total assets (billions of yen) |
1,067.8 | 1,260.6 | 1,272.9 | 1,252.4 | ||||||||||||
Net assets (billions of yen) |
761.2 | 764.7 | 767.0 | 752.1 |
- 22 -
| Status of major subsidiaries (as of March 31, 2011) |
Investment | ||||||||
Name | Paid-in capital | ratio (%) | Principle business | |||||
Tohoku Ricoh Co., Ltd.
|
2,272 million JPY | 100.0 | Manufacturing of office equipment | |||||
RICOH JAPAN Corporation (Note 4) |
2,517 million JPY | 100.0 | Sale of office equipment | |||||
Ricoh Technosystems Co., Ltd.
|
2,128 million JPY | 100.0 | Maintenance service and sale of office equipment | |||||
Ricoh Leasing Company, Ltd. (Note 1) |
7,896 million JPY | 51.1 | General leasing | |||||
RICOH ELECTRONICS, INC (Note 1) |
27 million USD | 100.0 | Manufacturing of office equipment and related supplies | |||||
RICOH AMERICAS CORPORATION (Note 1) |
1,286 million USD | 100.0 | Sale of office equipment | |||||
InfoPrint Solutions Company, LLC (Note 1) |
(Note 2) | 100.0 | Sale of office equipment | |||||
IKON Office Solutions, Inc. (Note 1) |
1,128 million USD | 100.0 | Sale of office equipment | |||||
RICOH EUROPE HOLDINGS PLC (Note 3) |
1.9 million GBP | 100.0 | Holding company of sales in the European region | |||||
RICOH ASIA INDUSTRY LTD.
|
180 million HKD | 100.0 | Sale of office equipment |
1. | The respective percentage of total investment ratio for Ricoh Leasing Company, Ltd., RICOH
ELECTRONICS, INC., RICOH AMERICAS CORPORATION, InfoPrint Solutions Company, LLC, IKON Office
Solutions, Inc. include voting rights of those shares held by subsidiaries. |
|
2. | No description was made since the company is a limited liability company in the U.S. laws,
and there are no accounting items which completely correspond to the paid-in capital. |
|
3. | RICOH EUROPE HOLDINGS PLC is a holding company which was established as business
restructuring in Europe. |
|
4. | RICOH JAPAN Corporation (formerly Ricoh Sales Co., Ltd.) on July 1, 2010, conducted a company
split in respect of the Companys sales business division (excluding certain section of
business) in which the Company was the splitting company in an absorption-type split, while
RICOH JAPAN Corporation (formerly Ricoh Sales Co., Ltd.) was the succeeding company in an
absorption-type split, along with an absorption-type merger in which RICOH JAPAN Corporation
(formerly Ricoh Sales Co., Ltd.) was the surviving company, while six of the Companys
wholly-owned subsidiaries (Ricoh Hokkaido Co., Ltd., Ricoh Tohoku Co., Ltd., Ricoh Chubu Co.,
Ltd., Ricoh Kansai Co., Ltd., Ricoh Chugoku Co., Ltd., and Ricoh Kyushu Co., Ltd.) were the
companies absorbed, and changed its trade name to RICOH JAPAN Corporation on the same date. |
- 23 -
- 24 -
1. | Managed document services refer to the new service provided by Ricoh for outsourcing
document management, which enables the visualization and analysis of the unseen aspects of
operations and contributes to the business improvement and the cost reductions of our
customers. |
- 25 -
Imaging & Solutions
|
Imaging Solutions | |
Digital copiers, color copiers, analog copiers,
digital duplicators, facsimile machines, diazo
copiers, scanners, multi-functional printers (MFP),
printers as well as related supplies, customer service
and software, etc. |
||
Network System Solutions | ||
Personal computers, PC servers, network systems and
network related software, application software as well
as customer support and service, etc. |
||
Industrial Products
|
Thermal media, optical equipments, semiconductors, electronic component and measuring equipments, etc. | |
Other
|
Digital camera, etc. |
(6) | Principal offices and plants (as of March 31, 2011) |
| Major domestic offices and plants |
The Company (location) | Subsidiaries (location) | |
Head Office (Tokyo)
|
Ricoh Optical Industries Co., Ltd. (Iwate Pref.) | |
Omori Office (Tokyo)
|
Tohoku Ricoh Co., Ltd. (Miyagi Pref.) | |
Shin-Yokohama Office (Kanagawa Pref.)
|
Ricoh Printing Systems, Ltd. (Tokyo) | |
Ricoh Technology Center (Kanagawa Pref.)
|
Ricoh Technosystems Co., Ltd. (Tokyo) | |
Research and Development Center (Kanagawa Pref.)
|
Ricoh Leasing Company, Ltd. (Tokyo) | |
Atsugi Plant (Kanagawa Pref.)
|
RICOH JAPAN Corporation (Tokyo) | |
Gotemba Plant (Shizuoka Pref.)
|
Ricoh Elemex Corporation (Aichi Pref.) | |
Numazu Plant (Shizuoka Pref.) |
||
Fukui Plant (Fukui Pref.) |
||
Ikeda Plant (Osaka Pref.) |
||
Yashiro Plant (Hyogo Pref.) |
| Major overseas offices |
Subsidiaries (location) | Subsidiaries (location) | |
RICOH AMERICAS CORPORATION (U.S.A.)
|
RICOH ELECTROICS, INC. (U.S.A.) | |
InfoPrint Solutions Company, LLC (U.S.A.)
|
IKON Office Solutions, Inc. (U.S.A.) | |
RICOH INDUSTRIE FRANCE S.A.S. (France)
|
RICOH UK PRODUCTS LTD. (U.K.) | |
RICOH EUROPE PLC (U.K.)
|
RICOH ASIA INDUSTRY (SHENZHEN) LTD. (China) | |
RICOH CHINA CO., LTD. (China)
|
SHANGHAI RICOH DIGITAL EQUIPMENT CO., LTD. (China) | |
RICOH ASIA PACIFIC PTE, LTD. (Singapore)
|
RICOH MANUFACTURING (THAILAND), LTD. (Thailand) |
- 26 -
Categories | Number of employees | |||
Imaging & Solutions business |
100,959 | |||
Industrial Products business |
3,056 | |||
Other businesses |
3,868 | |||
Common businesses in the Group |
1,131 | |||
Total |
109,014 | |||
Categories | ||||
Number of employees |
10,551 | |||
Change from previous fiscal year |
1,445 (Decrease) | |||
Average age |
41.3 | |||
Average length of service |
17.7 years |
Creditors | Amounts borrowed (million yen) | |||
Syndicated loans |
82,100 | |||
The Bank of Tokyo-Mitsubishi UFJ, Ltd. |
82,008 | |||
Mizuho Corporate Bank, Ltd. |
43,479 |
- 27 -
(1) Total number of shares authorized to be issued: |
1,500,000,000 | |||
(2) Total number of shares issued: |
744,912,078 | |||
(3) Number of shareholders: |
45,810 | |||
(4) Major shareholders: |
The shareholders stake in the Company | ||||||||
Name | Thousands of shares | Investment ratio (%) | ||||||
The Master Trust Bank of Japan, Ltd. (Trust Account) |
64,099 | 8.84 | ||||||
Japan Trustee Services Bank, Ltd. (Trust Account) |
46,210 | 6.37 | ||||||
Nippon Life Insurance Company |
36,801 | 5.07 | ||||||
The Bank of Tokyo-Mitsubishi UFJ, Ltd. |
35,943 | 4.95 | ||||||
NIPPONKOA Insurance Co., Ltd. |
18,198 | 2.51 | ||||||
THE NEW TECHNOLOGY DEVELOPMENT FOUNDATION |
15,839 | 2.18 | ||||||
SSBT OD05 OMNIBUS ACCOUNT-TREATY CLIENTS |
13,942 | 1.92 | ||||||
National Mutual Insurance Federation of Agricultural Cooperatives |
13,259 | 1.83 | ||||||
Japan Trustee Services Bank, Ltd. (Trust Account 9) |
11,625 | 1.60 | ||||||
Trust & Custody Services Bank, Ltd. (Securities Investment Trust Account) |
11,540 | 1.59 |
1. | The number of treasury stocks (19,409 thousands of shares) is not included in the chart
above. |
|
2. | In addition to the above, stakes in the Company include 1,000 thousands of shares (0.14%)
that NIPPONKOA Insurance Co., Ltd. owns and has entrusted with The Master Trust Bank of Japan,
Ltd. These shares are registered in the name of The Masters Trust Bank of Japan, Ltd. as the
owner, but NIPPONKOA Insurance Co., Ltd. reserves the right to instruct on exercising voting
rights on these shares. |
|
3. | Investment ratios are calculated after deducting treasury stock. |
| Breakdown of shareholders |
- 28 -
Euro Yen Zero Coupon Convertible Bonds due 2011 | ||
Issue: | (bonds with stock acquisition rights) | |
Number of new stock acquisition rights:
|
2,220 | |
Applicable type of shares:
|
Common stock | |
Applicable number of shares:
|
793,385 shares | |
Conversion period:
|
On or after December 21, 2006 Up to and including November 23, 2011 | |
Conversion price:
|
¥2,800 (Note 1) | |
Conditions of new stock acquisition rights:
|
(Note 2) |
1. | The Conversion Price shall be adjusted by the following formula in case Ricoh issues or
disposes of treasury shares at a price below the then market price of its common stock after
the issuance of the Convertible Bonds. Number of Outstanding Shares in the following formula
means the total outstanding number of the shares of common stock of Ricoh (excluding the
number of treasury shares). |
|
Conversion Price After Adjustment = Conversion Price Before Adjustment × |
||
(Number of outstanding Shares + [Number of Shares to be issued or disposed] × |
||
[Amount to be paid per Share / Market price per Share]) / (Number of outstanding Shares + |
||
Number of Shares to be issued or disposed) |
||
Appropriate and necessary adjustments to the Conversion Price will also be made in certain cases
including in case of stock splits or consolidation of the common stock of Ricoh, the issuance of
stock acquisition rights (including stock acquisition rights attached to bonds with stock
acquisition rights) exercisable into the common stock of Ricoh at less than market price. |
||
2. | No Stock Acquisition Right may be exercised in part. Prior to (but not including) December 8,
2010, a Convertible Bond holder may exercise the Stock Acquisition Rights only if, as of the
last Trading Day (as defined below) of any calendar quarter, the Closing Price of the common
stock of Ricoh for any 20 Trading Days during a period of 30 consecutive Trading Days ending
on the last Trading Day of such quarter is more than 120% of the Conversion Price in effect on
such Trading Day. However, for the calendar quarter commencing on October 1, 2010, the period
shall be until December 7, 2010. On and after December 8, 2010, a Convertible Bond holder may
exercise the Stock Acquisition Rights at any time after the Closing Price of the common stock
of Ricoh on at least one Trading Day falling on and after December 8, 2010 is more than 120%
of the Conversion Price in effect on such Trading Day. |
- 29 -
Position | Name | Principal duty and significant concurrent positions | ||
Chairman of the Board and Representative Director:
|
Masamitsu Sakurai | Chairman of Japan Association of Corporate Executives | ||
President and Representative Director:
|
Shiro Kondo | CEO | ||
Director:
|
Takashi Nakamura | Personnel, Corporate Social Responsibility, General Manager of Personnel Division | ||
Director:
|
Kazunori Azuma | Marketing, General Manager of Global Marketing Group | ||
Director:
|
Zenji Miura | Management Strategy, Finance, Information, Internal Management and Control, General Manager of CRGP Office, General Manager of Global Strategic Management Office, General Manager of Trade Affairs & Export/Import Administration Division | ||
Director:
|
Hiroshi Kobayashi | Corporate Environment, Legal & Intellectual Property | ||
Director:
|
Shiro Sasaki | General Manager of European Marketing Group | ||
Director:
|
Yoshimasa Matsuura | General Manager of BPR Promoting Division | ||
Director:
|
Nobuo Inaba | President of Ricoh Institute of Sustainability and Business | ||
Director:
|
Eiji Hosoya | Director, Chairman and Representative Executive Officer of Resona Holdings Inc. Director and Chairman of Resona Bank, Ltd. |
||
Director:
|
Mochio Umeda | President of MUSE Associates, LLC | ||
Senior Corporate Auditor:
|
Yuji Inoue | (Full-time) | ||
Corporate Auditor:
|
Shigekazu Iijima | (Full-time) | ||
Corporate Auditor:
|
Takao Yuhara | Managing Executive Director of ZENSHO CO., LTD. Outside Director of COCOS JAPAN CO., LTD. |
||
Corporate Auditor:
|
Tsukasa Yunoki | Lawyer |
1. | Directors Eiji Hosoya and Mochio Umeda are Outside Directors stipulated in Article 2-15 of
the Corporate Law. |
|
2. | Corporate Auditors Takao Yuhara and Tsukasa Yunoki are Outside Corporate Auditors stipulated
in Article 2-16 of the Corporate Law. |
|
3. | Serving at the Companys accounting and finance sector for many years, Senior Corporate
Auditor Yuji Inoue has considerable knowledge about finance and accounting. |
|
4. | Serving at the Companys accounting and finance sector for many years, Corporate Auditor
Shigekazu Iijima has considerable knowledge about finance and accounting. |
|
5. | Corporate Auditor Takao Yuhara is Independent Auditor stipulated in Rule 436-2 of the
Securities Listing Regulations of Tokyo Stock Exchange. |
|
In addition, he served as Chief Financial Officer of SONY CORPORATION and has considerable
knowledge about finance and accounting. |
||
6. | Director Mochio Umeda concurrently serves as president of MUSE Associates, LLC, and MUSE
Associates, LLC and the Company have business relations based on a consignment contract. The
amount of transaction is small, and has no material impact in consideration with the amount of
revenue of the Company. There is no special conflict of interests between the Company and each
of companies above in which other Outside Directors and Corporate Auditors have significant
positions. |
|
7. | As of April 1, 2011, Representative Director Masamitsu Sakurai and Director Zenji Miura have
changed their position to Director and Representative Director, respectively. |
|
8. | As of June 18, 2010, Director Katsumi Yoshida resigned as Director. |
|
9. | As of June 25, 2010, Directors Koichi Endo, Kiyoshi Sakai, Takaaki Wakasugi, and Takuya Goto
retired as Directors. |
|
10. | As of June 25, 2010, Corporate Auditor Kenji Matsuishi retired as Corporate Auditor. |
- 30 -
Amount of remuneration paid | ||||||||
Category | Number of recipients | (million yen) | ||||||
Directors |
16 | 429 | ||||||
(Outside Directors) |
(4 | ) | (21 | ) | ||||
Corporate Auditors |
5 | 74 | ||||||
(Outside Corporate Auditors) |
(3 | ) | (14 | ) | ||||
Total |
21 | 504 | ||||||
1. | The remuneration, etc. paid to Directors excludes employee wages for Directors who are also
employees. |
|
2. | The remuneration, etc. paid to Directors include amount of allowance for Directors bonuses
based on the proposal, Payment of bonuses to Directors to be submitted to the 111th Ordinary
General Meeting of Shareholders to be held on June 24, 2011, amounting to ¥82 million. |
|
3. | The above includes five Directors and one Corporate Auditor who resigned at the conclusion of
the 110th Ordinary General Meeting of Shareholders held on June 25, 2010. |
|
4. | The Company plans to pay ¥3 million of retirement allowance to one Corporate Auditor who will
retire before the 111th Ordinary General Meeting of Shareholders to be held on June 24, 2011.
This payment is based on the resolution Payment of retirement allowances for Directors and
Corporate Auditors following the abolishment of the retirement allowance system of the 107th
Ordinary General Meeting of Shareholders held on June 27, 2007. |
Name | Significant concurrent positions | |
Outside Director
|
Director, Chairman and Representative Executive Officer of Resona Holdings Inc. | |
Eiji Hosoya
|
Director and Chairman of Resona Bank, Ltd. | |
Outside Director Mochio Umeda |
President of MUSE Associates, LLC | |
Outside Corporate Auditor
|
Managing Executive Director of ZENSHO CO., LTD. | |
Takao Yuhara
|
Outside Director of COCOS JAPAN CO., LTD. | |
Outside Corporate Auditor Tsukasa Yunoki |
Lawyer |
Name | Main activities | |
Outside Director Eiji Hosoya |
Participated in 6 of the 8 Board of Directors meetings held during the fiscal year under review after being appointed as Outside Director, and proactively made statements, mainly from his expert perspective based on his abundant experiences as a management member of East Japan Railway Company, Resona Holdings Inc., and Resona Bank, Ltd., besides his experience as a Secretary of Japan Association of Corporate Executives. | |
Outside Director Mochio Umeda |
Participated in 7 of the 8 Board of Directors meetings held during the fiscal year under review after being appointed as Outside Director, and proactively made statements, mainly from his perspective based on his advanced knowledge in the IT field and his experience in global business. | |
Outside Corporate Auditor Takao Yuhara |
Participated in 9 of the 11 Board of Directors meetings and 10 of the 11 Board of Corporate Auditors meetings, held during the fiscal year under review, and made statements, whenever necessary, from his wealth of experience as financial officer at other company. | |
Outside Corporate Auditor Tsukasa Yunoki |
Participated in 7 of the 8 Board of Directors meetings and 7 of the 8 Board of Corporate Auditors meetings, held during the fiscal year under review after being appointed as Outside Corporate Auditor, and made statements, whenever necessary, from his various perspectives based on the insight he has cultivated as a lawyer. |
- 31 -
- 32 -
Amount to be paid | ||||||
Remuneration, etc. to be paid to the accounting auditor by the Company |
¥ | 212 million | ||||
Total sum of remuneration, etc. to be paid to the accounting auditor by the Company and its subsidiaries |
¥ | 384 million |
1. | In the audit contract signed between the Company and the accounting auditor, there is no
classification between remuneration for audit services pursuant to the Corporate Law and that
in accordance with the Financial Instruments and Exchange Law. Accordingly, the above
Remuneration, etc. to be paid to the accounting auditor by the Company above represent the
sum of these remunerations. |
|
2. | Among the Companys major subsidiaries, Ricoh Americas Corporation and other 5 subsidiaries
are audited by KPMG. |
- 33 -
(1) | System to ensure the efficient implementation of Directors duties and compliance with laws
and Articles of Incorporation |
(i) | Management transparency and fairness of decision-making are strengthened by the presence of
Outside Directors. |
|
(ii) | As part of the strengthening of management oversight functions by the Board of Directors, the
Nomination and Compensation Committee, a permanent organization composed of Outside
Directors and designated internal Directors, makes proposals and resolutions concerning the
regulation of the nomination, dismissal and compensation of Directors and executive officers,
etc. |
|
(iii) | The executive officer system, its division of duties clarified, speeds up the
decision-making process through the attribution of authority to each business division. |
|
(iv) | The Group Management Committee (GMC) is a decision-making organization delegated by the
Board of Directors, and composed of executive officers who meet specific criteria. The GMC
operates so as to accelerate deliberation and decision-making from the perspective of the
optimum management of the entire Group, concerning the most appropriate strategies for
direction of each business division and the entire Group, within the powers granted to it. |
|
(v) | The Disclosure Committee is an independent organization that assures the accuracy,
timeliness and comprehensiveness of disclosure of corporate information, and it verifies the
process of disclosure. |
- 34 -
(2) | Systems related to the retention and management of information related to the implementation
of Directors duties |
(3) | Regulations and other structures regarding risk management for losses |
(i) | The occurrence of losses shall be proactively prevented based on risk management regulations. |
|
(ii) | Should losses nevertheless arise, efforts shall be made to minimize damage (loss) based on
standards for initial reaction. |
|
(iii) | In order to manage losses as a Group, comprehensively and in a unified fashion, a division
responsible for integrated management has been created to thoroughly cover all aspects
globally. |
(4) | Systems to ensure appropriate compliance with laws, and Articles of Incorporation concerning
the performance of employee duties |
(i) | In order to thoroughly implement the Ricoh Group Corporate Social Responsibility (CSR)
Charter which sets forth the principles of corporate behavior including compliance, and the
Ricoh Group Code of Conduct which articulates the general rules of conduct for Ricoh Group
employees, the Specialty Committee and a Hot Line for reporting incidents and seeking advice
have been established. Also various training programs are set up to enhance compliance
domestically and overseas. |
|
(ii) | Efforts are being made to improve business processes and construct a framework for
standardized internal control throughout the entire Ricoh Group, with the goal of complying
with laws, norms and internal rules, improvement of business effectiveness and efficiency,
maintaining high reliability of financial reporting and securing of assets, including
compliance to the Sarbanes-Oxley Act of 2002, the Financial Instruments and Exchange Law and
other relevant laws and regulations. |
|
(iii) | To ensure appropriate internal auditing, an internal auditing department shall perform fair
and objective examination and evaluation of how each division is executing its business based
on legal compliance and rational criteria, and provide advice or recommendation for
improvement. |
|
(iv) | The Company shall establish a department specializing in enhancing and promoting the
functions of (i), (ii) and (iii) above on an integrated basis. To establish and improve an
internal control system of the Ricoh Group, the Company shall institute an Internal Control
Committee within the Group Management Committee, which is expected to convene regularly to
deliberate and decide on relevant matters. |
- 35 -
(5) | Systems to ensure correct business standards at Ricoh and its affiliates |
(i) | The Companys Board of Directors and the Group Management Committee (GMC) make decisions
and perform management oversight for the Ricoh Group as a whole. To ensure the efficacy of
such efforts, they establish management regulations concerning affiliate companies, and set up
relevant administrative organizations in order to manage the Group. |
|
(ii) | The Ricoh Group Standard (RGS) represents a set of common rules to be followed by the
entire Group. |
(6) | Systems established to ensure the effective performance of auditing responsibilities by
Corporate Auditors |
1) | Matters regarding employees whom auditors request to assist them in the performance of their
duties |
(i) | The Company shall establish a Corporate Auditor office, where exclusively assigned employees
assist Corporate Auditors in performing their duties. |
|
(ii) | The above employees shall assist Corporate Auditors in performing their duties while taking
direction from them and shall not be subject to orders given by Directors. In addition,
personal assessments regarding said employees shall be made by full-time Corporate Auditors.
Furthermore, personnel changes regarding said employees shall be made only after gaining
agreement of full-time Corporate Auditors. |
|
2) | Systems related to reporting to Corporate Auditors |
|
(i) | Directors or employees shall promptly report to Corporate Auditors concerning material
violations of laws and the Articles of Incorporation at Ricoh and each affiliate in the Ricoh
Group, as well as matters concerning wrongful acts or the possibility of significant damage to
the company at the time of their discovery, in accordance with the law and internal rules
concerning internal reporting. |
|
(ii) | Directors and employees shall cooperate when they are requested to report matters concerning
operations required for auditing by Corporate Auditors. |
|
(iii) | Directors shall provide Corporate Auditors with minutes and materials of important meetings,
as well as important resolution documents for their review. |
|
3) | Systems established to ensure effective auditing by Corporate Auditors |
|
Directors and employees shall cooperate in facilitating the implementation of the following
items by Corporate Auditors. |
||
(i) | Enable Corporate Auditors to attend important meetings such as The Group Management Committee
(GMC) and regularly exchange opinions with Representative Directors. |
|
(ii) | Enable Corporate Auditors to conduct effective auditing through the tripartite sharing of
information and issues by periodic meetings, etc. based on the understanding that mutual
cooperation with accounting auditors and the internal auditing department is important. |
- 36 -
[Reference: Diagram] |
- 37 -
Millions of yen | ||||||||
As of March 31, | ||||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current Assets: |
1,074,019 | 1,144,612 | ||||||
Cash and cash equivalents |
179,169 | 242,165 | ||||||
Time deposits |
2,010 | 1,723 | ||||||
Trade receivables: |
449,146 | 471,470 | ||||||
Notes |
46,355 | 45,277 | ||||||
Accounts |
419,351 | 443,089 | ||||||
Less-Allowance for doubtful receivables |
(16,560 | ) | (16,896 | ) | ||||
Current maturities of long-term finance receivables, net |
208,671 | 196,144 | ||||||
Inventories: |
171,033 | 169,251 | ||||||
Finished goods |
85,800 | 95,436 | ||||||
Work in process and raw materials |
85,233 | 73,815 | ||||||
Deferred income taxes and other |
63,990 | 63,859 | ||||||
Fixed Assets: |
1,188,377 | 1,239,331 | ||||||
Property, plant and equipment: |
264,740 | 263,021 | ||||||
Land |
44,444 | 44,998 | ||||||
Buildings and structures |
262,523 | 246,469 | ||||||
Machinery and equipment |
737,270 | 656,962 | ||||||
Construction in progress |
5,230 | 27,682 | ||||||
Less-Accumulated depreciation |
(784,727 | ) | (713,090 | ) | ||||
Investment and other assets: |
923,637 | 976,310 | ||||||
Long-term finance receivables, net |
445,782 | 445,896 | ||||||
Investment securities |
48,909 | 49,049 | ||||||
Investment in and advances to affiliates |
213 | 819 | ||||||
Goodwill |
221,063 | 246,637 | ||||||
Other intangible assets |
130,648 | 147,886 | ||||||
Lease deposit and other |
77,022 | 86,023 | ||||||
Total Assets |
2,262,396 | 2,383,943 | ||||||
- 38 -
Millions of yen | ||||||||
As of March 31, | ||||||||
2011 | 2010 | |||||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities: |
614,700 | 660,404 | ||||||
Short-term borrowings |
39,927 | 75,701 | ||||||
Current maturities of long-term indebtedness |
111,096 | 94,026 | ||||||
Trade payables: |
250,483 | 273,397 | ||||||
Notes |
12,216 | 12,211 | ||||||
Accounts |
238,267 | 261,186 | ||||||
Accrued income taxes and other |
13,414 | 15,263 | ||||||
Accrued expenses and other |
199,780 | 202,017 | ||||||
Long-term Liabilities: |
664,932 | 699,665 | ||||||
Long-term indebtedness |
479,422 | 514,718 | ||||||
Accrued pension and severance costs |
140,975 | 140,460 | ||||||
Deferred income taxes and other |
44,535 | 44,487 | ||||||
Total Liabilities |
1,279,632 | 1,360,069 | ||||||
Equity: |
||||||||
Ricoh shareholders equity: |
929,877 | 973,341 | ||||||
Common stock |
135,364 | 135,364 | ||||||
Additional paid-in capital |
186,083 | 186,083 | ||||||
Retained earnings |
815,970 | 820,701 | ||||||
Accumulated other comprehensive income (loss) |
(170,702 | ) | (132,051 | ) | ||||
Treasury stock at cost |
(36,838 | ) | (36,756 | ) | ||||
Non-controlling interest |
52,887 | 50,533 | ||||||
Total Equity |
982,764 | 1,023,874 | ||||||
Total Liabilities and Equity |
2,262,396 | 2,383,943 | ||||||
- 39 -
Millions of yen | ||||||||
For the year ended March 31, | ||||||||
2011 | 2010 | |||||||
Net sales |
1,942,013 | 2,016,337 | ||||||
Cost of sales |
1,151,939 | 1,193,994 | ||||||
Gross profit |
790,074 | 822,343 | ||||||
Selling, general and administrative expenses |
729,878 | 756,346 | ||||||
Operating income |
60,196 | 65,997 | ||||||
Other (income) expenses |
(14,796 | ) | (8,473 | ) | ||||
Interest and dividend income |
2,986 | 3,472 | ||||||
Interest expense |
(8,498 | ) | (8,144 | ) | ||||
Loss on valuation of securities |
(1,844 | ) | (169 | ) | ||||
Foreign currency exchange loss, net |
(6,950 | ) | (4,756 | ) | ||||
Others, net |
(490 | ) | 1,124 | |||||
Income before income taxes and equity in earnings
of affiliates |
45,400 | 57,524 | ||||||
Provision for income taxes: |
22,621 | 27,678 | ||||||
Current |
21,665 | 27,495 | ||||||
Deferred |
956 | 183 | ||||||
Equity in earnings of affiliates |
(22 | ) | 6 | |||||
Consolidated net income |
22,757 | 29,852 | ||||||
Net income attributable to non-controlling interest |
3,107 | 1,979 | ||||||
Net income attributable to Ricoh Company, Ltd. |
19,650 | 27,873 | ||||||
- 40 -
Accumulated | ||||||||||||||||||||||||||||||||
Additional | other | Total | ||||||||||||||||||||||||||||||
Common | paid-in | Retained | comprehensive | Treasury | Shareholders | Noncontrolling | ||||||||||||||||||||||||||
stock | capital | earnings | income (loss) | stock | Investment | interests | Total equity | |||||||||||||||||||||||||
Beginning balance |
135,364 | 186,083 | 820,701 | (132,051 | ) | (36,756 | ) | 973,341 | 50,533 | 1,023,874 | ||||||||||||||||||||||
Cumulative effect of a change in accounting principle adoption of accounting guidance for a variable interest entity, net of tax |
(410 | ) | (410 | ) | (392 | ) | (802 | ) | ||||||||||||||||||||||||
Beginning balance (after adjustment) |
135,364 | 186,083 | 820,291 | (132,051 | ) | (36,756 | ) | 972,931 | 50,141 | 1,023,072 | ||||||||||||||||||||||
Comprehensive income (loss) |
||||||||||||||||||||||||||||||||
Consolidated net income |
19,650 | 19,650 | 3,107 | 22,757 | ||||||||||||||||||||||||||||
Net unrealized gains on available-for-sale securities |
94 | 94 | (6 | ) | 88 | |||||||||||||||||||||||||||
Pension liability adjustments |
(179 | ) | (179 | ) | (7 | ) | (186 | ) | ||||||||||||||||||||||||
Net unrealized gains (losses) on derivative instruments |
(11 | ) | (11 | ) | (22 | ) | (33 | ) | ||||||||||||||||||||||||
Cumulative translation adjustments |
(38,555 | ) | (38,555 | ) | 269 | (38,286 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) |
(19,001 | ) | 3,341 | (15,660 | ) | |||||||||||||||||||||||||||
Net changes in treasury stock |
(82 | ) | (82 | ) | (82 | ) | ||||||||||||||||||||||||||
Loss on disposal of treasury stock |
(28 | ) | (28 | ) | (28 | ) | ||||||||||||||||||||||||||
Dividend paid to Ricoh shareholders |
(23,943 | ) | (23,943 | ) | (23,943 | ) | ||||||||||||||||||||||||||
Dividend paid to non-controlling interests |
(595 | ) | (595 | ) | ||||||||||||||||||||||||||||
Ending balance |
135,364 | 186,083 | 815,970 | (170,702 | ) | (36,838 | ) | 929,877 | 52,887 | 982,764 | ||||||||||||||||||||||
- 41 -
Millions of yen | ||||||||
For the year ended March 31, | ||||||||
2011 | 2010 | |||||||
1. Cash flows from operating activities |
||||||||
Consolidated net income |
22,757 | 29,852 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities |
||||||||
Depreciation and amortization |
93,400 | 98,941 | ||||||
Changes in assets and liabilities |
5,175 | 53,936 | ||||||
Other, net |
8,718 | 7,974 | ||||||
Net cash provided by operating activities |
130,050 | 190,703 | ||||||
2. Cash flows from investing activities |
||||||||
Sales and purchases of property, plant and equipment, net |
(65,589 | ) | (65,388 | ) | ||||
Sales and purchases of available-for-sale securities, net |
(109 | ) | 326 | |||||
Purchase of business, net of cash acquired |
(1,415 | ) | (4,760 | ) | ||||
Other, net |
(24,895 | ) | (19,748 | ) | ||||
Net cash used in investing activities |
(92,008 | ) | (89,570 | ) | ||||
3. Cash flows from financing activities |
||||||||
Change in borrowings, indebtedness and debt securities, net |
(67,488 | ) | (89,849 | ) | ||||
Dividend paid |
(23,943 | ) | (22,858 | ) | ||||
Payment for purchase of treasury stock |
(157 | ) | (183 | ) | ||||
Other, net |
(520 | ) | (488 | ) | ||||
Net cash used in financing activities |
(92,108 | ) | (113,378 | ) | ||||
4. Effect of exchange rate changes on cash and cash equivalents |
(8,930 | ) | (4,074 | ) | ||||
5. Net decrease in cash and cash equivalents |
(62,996 | ) | (16,319 | ) | ||||
6. Cash and cash equivalents at beginning of year |
242,165 | 258,484 | ||||||
7. Cash and cash equivalents at end of year |
179,169 | 242,165 |
- 42 -
- 43 -
- 44 -
1. | Allowance for doubtful receivables related to current maturities of long-term finance
receivables, net and long-term finance receivables: |
¥ | 12,299 million |
2. | Accumulated other comprehensive income (loss) includes accumulated foreign currency
translation adjustments, unrealized holding gains (losses) on available-for-sale securities,
unrealized gain (loss) on derivative instruments, and pension liability adjustment. |
3. | Pledged assets and liabilities: |
(1) Pledged assets: |
||||
Property, plant and equipment: |
¥ | 94 million | ||
Long-term finance receivables, net: |
¥ | 39,252 million | ||
(2) Pledged liabilities |
¥ | 16,432 million | ||
4. Guarantee obligation including employees housing loans: |
¥ | 72 million |
1. | Details and total number of shares outstanding as of the end of the fiscal year |
Common stock: |
744,912,078 shares |
2. | Number of treasury stock as of the end of the fiscal year |
Common stock: |
19,409,410 shares |
- 45 -
3. | Dividend, effective date of which belongs to the next fiscal year though base date belongs to
the current
fiscal year |
The Company intends to propose an agenda on dividends (dividend per share: ¥16.50; total amount
of dividend: ¥11,970 million; base date: March 31, 2011) for the 111th Ordinary General Meeting
of Shareholders to be held on June 24, 2011. |
4. | Details and number of shares to be object of stock acquisition rights at the end of the
current fiscal year |
In case Euro Yen Zero Coupon Convertible Bonds due 2011 (bonds with stock acquisition rights)
issued on December 7, 2006 is converted at the price of ¥2,800: |
Common stock: |
793,385 shares |
1. | Matters concerning the state of financial instruments |
Ricoh enters into various derivative financial instrument contracts in the normal course of
business in connection with the management of its assets and liabilities. |
Ricoh uses derivative instruments to reduce risk and protect market value of assets and
liabilities in conformity with Ricohs policy. Ricoh does not use derivative financial
instruments for trading or speculative purposes, nor is it a party to leveraged
derivatives. |
All derivative instruments are exposed to credit risk arising from the inability of
counterparties to meet the terms of the derivative contracts. However, Ricoh does not
expect any counterparties to fail to meet their obligations because these counterparties
are financial institutions with satisfactory credit ratings. Ricoh utilizes a number of
counterparties to minimize the concentration of credit risk. |
Foreign Exchange Risk Management |
Ricoh conducts business on a global basis and holds assets and liabilities denominated in
foreign currencies. Ricoh enters into foreign exchange contracts and foreign currency
options to hedge against the potentially adverse impacts of foreign currency fluctuations
on those assets and liabilities denominated in foreign currencies. |
Interest Rate Risk Management |
Ricoh enters into interest rate swap agreements to hedge against the potential adverse
impacts of changes in fair value or cash flow fluctuations on interest of its outstanding
debt. |
2. | Matters concerning fair value of financial instruments |
(1) | Cash and cash equivalents, Time deposits, Trade receivables, Trade payables, Short-term
borrowings, Current maturities of long-term indebtedness, Trade payables and Accrued
expenses |
||
The carrying amounts approximate fair value because of the short maturities of these
instruments. |
- 46 -
(2) | Investment securities |
||
The fair value of the investment securities is principally based on quoted market price. |
|||
As a non-marketable security has no published market price and each security has distinctive
attributes, the estimation of fair value could not be conducted without entailing
considerable cost. |
|||
The book value of non-marketable securities as of March 31, 2011 was ¥1,971 million. |
|||
(3) | Installment loans |
||
The fair value of installment loans is based on the present value of future cash flows using
the current interest rate for similar instruments of comparable maturity. |
|||
(4) | Long-term indebtedness |
||
The fair value of each of the long-term indebtedness instruments is based on the present
value of future cash flows associated with each instrument discounted using the current
borrowing rate for similar instruments of comparable maturity. |
|||
The Company adopted new accounting standards relating to variable interest entities.
Consequently, the long-term indebtedness as of the end of the fiscal year includes the amount
of indebtedness (negative ¥13,197 million) recognized as a result of adding variable interest
entities to its scope of consolidation. |
|||
(5) | Interest rate swap agreements |
||
The fair value of interest rate swap agreements is calculated on the basis of estimates
obtained from financial institutions and appropriate valuation methods based on available
information. |
|||
(6) | Foreign currency contracts |
||
The fair value of foreign currency contracts (hedging contracts) is calculated on the basis
of estimates obtained from financial institutions and appropriate valuation methods based on
available information. |
|||
(7) | Foreign currency options |
||
The fair value of foreign currency options is calculated on the basis of estimates obtained
from financial institutions and appropriate valuation methods based on available information. |
|||
The consolidated balance sheet amounts and fair values of financial instruments as of March
31, 2011, are as follows: |
Balance sheet amount | Estimated fair value | |||||||
Investment securities |
48,909 | 48,909 | ||||||
Installment loans |
72,634 | 73,769 | ||||||
Long-term indebtedness |
479,422 | 475,116 | ||||||
Interest rate swap agreements, net |
(2,931 | ) | (2,931 | ) | ||||
Foreign currency contracts, net |
(2,067 | ) | (2,067 | ) | ||||
Foreign currency options, net |
(44 | ) | (44 | ) |
* | Assumptions for estimated fair value |
- 47 -
1. Net assets per share: |
¥ | 1,281.70 | ||
2. Basic net income attributable to Ricoh shareholders per share: |
¥ | 27.08 | ||
Diluted net income attributable to Ricoh shareholders per share: |
¥ | 26.53 |
- 48 -
Millions of yen | ||||||||
As of March 31, | ||||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Current Assets: |
563,320 | 515,639 | ||||||
Cash on hand and in banks |
12,296 | 9,707 | ||||||
Notes receivable trade |
2,814 | 3,366 | ||||||
Accounts receivable trade |
169,172 | 189,137 | ||||||
Marketable securities |
66,677 | 112,243 | ||||||
Finished goods |
22,126 | 21,615 | ||||||
Raw materials |
4,228 | 3,231 | ||||||
Work in process |
7,582 | 6,523 | ||||||
Supplies |
8,520 | 8,052 | ||||||
Deferred tax assets |
12,353 | 11,156 | ||||||
Accounts receivable other |
29,378 | 14,969 | ||||||
Short-term loans receivable |
218,615 | 123,307 | ||||||
Other current assets |
9,678 | 12,412 | ||||||
Allowance for doubtful accounts |
(124 | ) | (86 | ) | ||||
Fixed Assets: |
689,100 | 757,338 | ||||||
Tangible fixed assets: |
136,777 | 138,914 | ||||||
Buildings |
65,570 | 48,339 | ||||||
Structures |
3,551 | 3,260 | ||||||
Machinery and equipment |
25,569 | 22,175 | ||||||
Vehicles |
5 | 11 | ||||||
Tools |
10,475 | 10,523 | ||||||
Land |
28,769 | 28,791 | ||||||
Leased assets |
127 | 172 | ||||||
Construction in progress |
2,708 | 25,640 | ||||||
Intangible fixed assets: |
62,335 | 65,305 | ||||||
Goodwill |
16,770 | 18,044 | ||||||
Leasehold right and others |
22,199 | 24,475 | ||||||
Software |
23,299 | 22,771 | ||||||
Leased assets |
66 | 12 | ||||||
Investments and Other Assets: |
489,987 | 553,118 | ||||||
Investment securities |
17,093 | 18,479 | ||||||
Affiliates securities |
351,872 | 349,658 | ||||||
Investment in affiliates |
19,252 | 19,252 | ||||||
Long-term loans receivable |
92,172 | 153,750 | ||||||
Lease deposit |
6,629 | 6,673 | ||||||
Other investments |
3,508 | 5,863 | ||||||
Allowance for doubtful accounts |
(540 | ) | (560 | ) | ||||
Total Assets |
1,252,421 | 1,272,977 | ||||||
- 49 -
Millions of yen | ||||||||
As of March 31, | ||||||||
2011 | 2010 | |||||||
LIABILITIES |
||||||||
Current Liabilities: |
205,750 | 192,082 | ||||||
Notes payable trade |
2,107 | 1,920 | ||||||
Accounts payable trade |
116,267 | 125,433 | ||||||
Bonds maturing within one year |
22,221 | | ||||||
Current maturities of long-term borrowings |
6,300 | | ||||||
Leased obligations |
403 | 652 | ||||||
Accounts payable other |
9,433 | 10,786 | ||||||
Accrued expenses |
27,870 | 26,686 | ||||||
Accrued corporate tax |
709 | 5,024 | ||||||
Accrued bonuses |
9,214 | 10,049 | ||||||
Accrued Directors bonuses |
82 | 86 | ||||||
Warranty reserve |
1,000 | 1,194 | ||||||
Other current liabilities |
10,139 | 10,246 | ||||||
Fixed Liabilities: |
294,533 | 313,829 | ||||||
Bonds |
125,000 | 85,000 | ||||||
Convertible Bond |
| 55,091 | ||||||
Long-term borrowings |
160,800 | 167,100 | ||||||
Leased obligations |
376 | 747 | ||||||
Deferred tax liabilities |
409 | 729 | ||||||
Long accounts payable-other |
265 | 415 | ||||||
Retirement benefit obligation |
5,167 | 4,267 | ||||||
Asset retirement obligations |
2,026 | | ||||||
Other fixed liabilities |
487 | 477 | ||||||
Total Liabilities |
500,283 | 505,912 | ||||||
(Net Assets) |
||||||||
Stockholders Equity: |
747,607 | 761,947 | ||||||
Common Stock |
135,364 | 135,364 | ||||||
Additional paid-in-capital: |
180,804 | 180,804 | ||||||
Legal capital reserve |
180,804 | 180,804 | ||||||
Retained Earnings: |
468,112 | 482,370 | ||||||
Legal reserve |
14,955 | 14,955 | ||||||
Other retained earnings |
453,157 | 467,415 | ||||||
Reserve for deferral of capital gain on property |
450 | 450 | ||||||
Reserve for special depreciation |
411 | 161 | ||||||
Reserve for warranty on computer programs |
| 29 | ||||||
Reserve for social contribution |
0 | 1 | ||||||
General reserve |
430,350 | 430,350 | ||||||
Retained earnings brought forward |
21,946 | 36,423 | ||||||
Treasury stock |
(36,674 | ) | (36,592 | ) | ||||
Difference of appreciation and conversion |
4,530 | 5,118 | ||||||
Net unrealized holding gains on securities |
4,530 | 5,118 | ||||||
Total Net Assets |
752,137 | 767,065 | ||||||
Total Liabilities and Net Assets |
1,252,421 | 1,272,977 | ||||||
- 50 -
Millions of yen | ||||||||
For the year ended March 31, | ||||||||
2011 | 2010 | |||||||
Net sales |
842,297 | 849,037 | ||||||
Cost of sales |
644,502 | 613,337 | ||||||
Gross profit |
197,795 | 235,700 | ||||||
Selling, general and administrative expenses |
204,193 | 220,997 | ||||||
Total operating income (loss) |
(6,397 | ) | 14,702 | |||||
Non-operating income: |
35,818 | 28,324 | ||||||
Interest and dividend income |
31,863 | 25,373 | ||||||
Other revenue |
3,954 | 2,951 | ||||||
Non-operating expenses: |
22,293 | 16,117 | ||||||
Interest expense |
4,361 | 3,618 | ||||||
Exchange loss |
15,725 | 8,918 | ||||||
Other expenses |
2,206 | 3,580 | ||||||
Ordinary income |
7,126 | 26,909 | ||||||
Extraordinary loss: |
3,641 | 1,345 | ||||||
Impairment of fixed assets |
705 | 1,345 | ||||||
Loss on adjustment for changes of
accounting standard for asset retirement
obligations |
745 | | ||||||
Loss on disaster |
2,190 | | ||||||
Income before income taxes |
3,485 | 25,563 | ||||||
Corporate, inhabitant and enterprise taxes |
(4,352 | ) | 6,060 | |||||
Refund of income taxes |
(760 | ) | | |||||
Corporate and other tax adjustments |
(1,116 | ) | (3,802 | ) | ||||
Net income |
9,714 | 23,305 | ||||||
- 51 -
Difference | ||||||||||||||||||||||||||||||||||||
of | ||||||||||||||||||||||||||||||||||||
appreciation | ||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||
Stockholders equity | conversion | |||||||||||||||||||||||||||||||||||
Additional | ||||||||||||||||||||||||||||||||||||
paid-in-capital | Retained earnings | Net | ||||||||||||||||||||||||||||||||||
Other | unrealized | |||||||||||||||||||||||||||||||||||
Legal | Other | retained | Total | holding | ||||||||||||||||||||||||||||||||
Common | capital | additional | Legal | earnings | Treasury | stockholders | gains on | Total net | ||||||||||||||||||||||||||||
stock | reserve | paid-in capital | reserve | (Note) | stock | equity | securities | assets | ||||||||||||||||||||||||||||
Balance of March 31, 2010 |
135,364 | 180,804 | | 14,955 | 467,415 | (36,592 | ) | 761,947 | 5,118 | 767,065 | ||||||||||||||||||||||||||
Changes in the term |
||||||||||||||||||||||||||||||||||||
Dividends from surplus |
(23,943 | ) | (23,943 | ) | (23,943 | ) | ||||||||||||||||||||||||||||||
Net income |
9,714 | 9,714 | 9,714 | |||||||||||||||||||||||||||||||||
Purchase of treasury stock |
(156 | ) | (156 | ) | (156 | ) | ||||||||||||||||||||||||||||||
Disposal of treasury stock |
(28 | ) | 74 | 46 | 46 | |||||||||||||||||||||||||||||||
Net changes of items other than stockholders equity |
(588 | ) | (588 | ) | ||||||||||||||||||||||||||||||||
Total changes in the term |
| | | | (14,258 | ) | (82 | ) | (14,340 | ) | (588 | ) | (14,928 | ) | ||||||||||||||||||||||
Balance of March 31, 2011 |
135,364 | 180,804 | | 14,955 | 453,157 | (36,674 | ) | 747,607 | 4,530 | 752,137 | ||||||||||||||||||||||||||
Reserve for | ||||||||||||||||||||||||||||
Reserve for | Reserve for | warranty on | ||||||||||||||||||||||||||
deferral of capital | special | computer | Reserve for social | Retained earnings | Total other | |||||||||||||||||||||||
gain on property | depreciation | programs | contributions | General reserve | brought forward | retained earnings | ||||||||||||||||||||||
Balance of March 31, 2010 |
450 | 161 | 29 | 1 | 430,350 | 36,423 | 467,415 | |||||||||||||||||||||
Changes in the term |
||||||||||||||||||||||||||||
Dividends from surplus |
(23,943 | ) | (23,943 | ) | ||||||||||||||||||||||||
Transfer of reserve for deferral of capital
gain on property |
17 | (17 | ) | | ||||||||||||||||||||||||
Reversal of reserve for deferral of capital
gain on property |
(17 | ) | 17 | | ||||||||||||||||||||||||
Transfer to reserve for special depreciation |
314 | (314 | ) | | ||||||||||||||||||||||||
Reversal of reserve for special depreciation |
(65 | ) | 65 | | ||||||||||||||||||||||||
Reversal of reserve for warranty on
computer programs |
(29 | ) | 29 | | ||||||||||||||||||||||||
Transfer of reserve for social contribution |
87 | (87 | ) | | ||||||||||||||||||||||||
Reversal of reserve for social contribution |
(88 | ) | 88 | | ||||||||||||||||||||||||
Disposal of treasury stock |
(28 | ) | (28 | ) | ||||||||||||||||||||||||
Net income |
9,714 | 9,714 | ||||||||||||||||||||||||||
Total changes in the term |
0 | 250 | (29 | ) | (1 | ) | | (14,477 | ) | (14,258 | ) | |||||||||||||||||
Balance of March 31, 2011 |
450 | 411 | | 0 | 430,350 | 21,946 | 453,157 | |||||||||||||||||||||
- 52 -
1. | Accounting Policy for Securities |
(1) | Securities of subsidiaries and affiliates |
Securities of subsidiaries and affiliates are stated at cost based on the moving average method. |
Marketable securities:
|
Marked to market based on the market price at the end of the term and other factors (accounting for all valuation differences with the full net-assets injection method; the cost of securities sold is valued at moving average cost). | |
Non-marketable securities:
|
Stated at cost based on the moving average method. |
Buildings: |
5-50 years | |||
Machinery and equipment: |
4-12 years |
- 53 -
(3) | Leased assets |
- 54 -
Hedging Instruments:
|
Interest swaps | |
Hedged items:
|
Interests of long-term borrowings |
1. Accumulated depreciation on tangible fixed assets: |
¥ | 418,972 million | ||
2. Guarantee obligation: |
||||
Lease obligations related to automobiles leased by the affiliated companies and other
obligations: |
¥ | 227 million | ||
3. Monetary debts and credits for affiliates: |
||||
Short-term receivable due from affiliates: |
¥ | 387,020 million | ||
Long-term receivable due from affiliates: |
¥ | 92,276 million | ||
Short-term payable due to affiliates: |
¥ | 78,374 million | ||
Notes to Non-consolidated Statements of Income |
||||
Transaction with affiliates: |
||||
Sales: |
¥ | 742,900 million | ||
Purchase: |
¥ | 331,588 million | ||
Non-operating transactions: |
¥ | 39,618 million |
- 55 -
1. | Number of outstanding shares as of the end of the fiscal year under review |
Common stock: |
744,912,078 shares |
Common stock: |
19,409,410 shares |
Total amount of | ||||||||||||
Resolution | dividends | Dividends per share | Record date | |||||||||
Ordinary General Meeting of
Shareholders (June 25, 2010) |
¥11,972 million | ¥ | 16.50 | March 31, 2010 | ||||||||
Board of Directors meeting
(October 28, 2010) |
¥11,971 million | ¥ | 16.50 | September 30, 2010 |
Total amount of | |||||||
Resolution (scheduled) | dividends | Dividends per share | Record date | ||||
Ordinary General Meeting of
Shareholders (June 24, 2011)
|
¥11,970 million | ¥ | 16.50 | March 31, 2011 |
* | Deferred tax liability for the non-deductible intangible asset succeeded from Ricoh Printing
Systems, Ltd. |
- 56 -
Balance as | ||||||||||||||||||||||
of the fiscal | ||||||||||||||||||||||
Voting rights | Relation with company | Description | Transaction | year under | ||||||||||||||||||
Name of | held by | Concurrent | of | amount | Account | review | ||||||||||||||||
Attribute | company, etc. | Company | Directors | Business relation | transactions | (Note 3) | item | (Note 3) | ||||||||||||||
Subsidiary |
Tohoku Ricoh Co., Ltd. | (Possessed) Directly: 100% |
Yes | Manufacturing of the Companys office equipment | Purchase of products (Note 1) | 46,057 | Accounts payable trade | 14,935 | ||||||||||||||
Receipt of dividend | 3,430 | |||||||||||||||||||||
Subsidiary |
Ricoh Elemex Corporation | (Possessed) Directly: 100% |
Yes | Manufacturing of the Companys office equipment | Receipt of dividend | 4,340 | | | ||||||||||||||
Subsidiary |
RICOH JAPAN Corporation | (Possessed) Directly: 100% |
Yes | Sale of the Companys office equipment | Sales of products (Note 1) | 304,456 | Accounts receivable trade | 83,575 | ||||||||||||||
Subsidiary |
Ricoh Leasing Company, Ltd. | (Possessed) Directly: 46.9% Indirectly: 4.2% |
Yes | Leasing of the Companys products Lending of funds | Factoring (Note 4) | 72,200 | Short-term loans | 97,141 | ||||||||||||||
Lending of funds (Note 2) | 856,799 | Long-term loans | 30,000 | |||||||||||||||||||
Subsidiary |
Ricoh Technosystems Co., Ltd. | (Possessed) Directly: 100% |
Yes | Sales and maintenance of the Companys office equipment | Receipt of dividend | 7,326 | | | ||||||||||||||
Subsidiary |
RICOH ELECTRONICS, INC. | (Possessed) Indirectly: 100% |
Yes | Manufacturing of the Companys office equipment | Sales of components (Note 1) | 111,945 | Accounts receivable trade | 9,410 | ||||||||||||||
Subsidiary |
RICOH AMERICAS CORPORATION | (Possessed) Indirectly: 100% |
Yes | Sale of the Companys office equipment | Sales of products (Note 1) | 18,130 | Accounts receivable trade | 7,506 | ||||||||||||||
Lending of funds (Note 2) | 14,299 | Short-term loans | 88,496 | |||||||||||||||||||
Subsidiary |
RICOH PRINTING SYSTEMS AMERICA, INC. | (Possessed) Directly: 95.6% Indirectly: 4.4% |
No | Lending of funds | Lending of funds (Note 2) | 22,471 | Short-term loans | 22,440 | ||||||||||||||
Subsidiary |
Info Print Solutions Company, LLC | (Possessed) Indirectly: 100% |
Yes | Sale of the Companys office equipment Lending of funds | Lending of funds (Note 2) | 39,623 | Long-term loans | 34,923 | ||||||||||||||
Subsidiary |
RICOH AMERICAS HOLDINGS, INC. | (Possessed) Directly: 100% |
Yes | Lending of funds | Lending of funds (Note 2) | 25,382 | Long-term loans | 25,194 | ||||||||||||||
Subsidiary |
RICOH EUROPE SCM B.V. | (Possessed) Indirectly: 100% |
Yes | Sale of the Companys office equipment | Sales of products (Note 1) | 75,986 | Accounts receivable trade | 15,792 | ||||||||||||||
Subsidiary |
RICOH INDUSTRIE FRANCE S.A.S. | (Possessed) Directly: 100% |
Yes | Manufacturing of the Companys office equipment | Sales of components (Note 1) | 38,504 | Accounts receivable trade | 6,892 | ||||||||||||||
Subsidiary |
RICOH ASIA INDUSTRY LTD. | (Possessed) Directly: 100% |
Yes | Sale of the Companys office equipment | Purchase of products (Note 1) | 85,601 | Accounts payable trade | 7,483 |
1. | Prices and other transaction conditions are determined through price negotiations, taking
into account the market situation. |
|
2. | Lending is determined each time through negotiations based on market prices. |
|
3. | The transaction amount does not include the consumption tax, while the ending balance
includes the consumption tax, etc. |
|
4. | Under the factoring agreement, the Company has transferred its payment obligations to Ricoh
Leasing Company Ltd., with the consent of the payee. |
1. Net assets per share: |
¥ | 1,036.71 | ||
2. Basic net income per share: |
¥ | 13.39 | ||
Diluted net income per share: |
¥ | 13.07 |
- 57 -
[English Translation of the Auditors Report Originally Issued in the Japanese Language] |
KPMG AZSA LLC | ||
Teruo Suzuki (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant | ||
Ryoji Fujii (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant | ||
Junichi Adachi (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant |
Note: | The details of audit report on consolidated financial statements by the Board of Auditors
are included in Transcript of Corporate Auditors Report on Consolidated Financial Statements
(page 60). |
- 58 -
[English Translation of the Auditors Report Originally Issued in the Japanese Language] |
KPMG AZSA LLC | ||
Teruo Suzuki (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant | ||
Ryoji Fujii (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant | ||
Junichi Adachi (Seal) | ||
Designated Limited Liability Partner | ||
Engagement Partner | ||
Certified Public Accountant |
- 59 -
(i) | We hereby state that the Business Report and the supporting schedules fairly represent the
Companys conditions in accordance with the related laws and regulations and the Articles of
Incorporation. |
(ii) | With regard to the performance of duties by Directors, we find no significant evidence of
wrongful act or violation of related laws and regulations, nor the Articles of Incorporation. |
(iii) | We hereby state that the content of the resolution by the Board of Directors concerning the
internal control system is proper. In addition, we find no matters on which to remark in
regard to the contents of Business Report and the execution of duties by the Directors
regarding the internal control system. |
May 20, 2011 | ||||||||
The Board of Corporate Auditors, Ricoh Company, Limited |
||||||||
Senior Corporate Auditor (Full-time) |
Yuji Inoue | (seal) | ||||||
Corporate Auditor (Full-time) |
Shigekazu Iijima | (seal) | ||||||
Corporate Auditor |
Takao Yuhara | (seal) | ||||||
Corporate Auditor |
Tsukasa Yunoki | (seal) |
Note: | Corporate Auditors Takao Yuhara and Tsukasa Yunoki are Outside Corporate Auditors in
accordance with Article 2, Item 16 and Article 335, Paragraph 3 of the Corporate Law. |
- 60 -