-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MZxayO5dhR4iP+A6dllRXCO94Tv/9qfbc/f+LjBOpu2QAn1VReXCOirStxRmnj0o vnuPzkI8l5ElhTiw9Sl7JQ== 0000317891-10-000001.txt : 20100129 0000317891-10-000001.hdr.sgml : 20100129 20100129060049 ACCESSION NUMBER: 0000317891-10-000001 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100128 FILED AS OF DATE: 20100129 DATE AS OF CHANGE: 20100129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RICOH CO LTD CENTRAL INDEX KEY: 0000317891 STANDARD INDUSTRIAL CLASSIFICATION: PHOTOGRAPHIC EQUIPMENT & SUPPLIES [3861] IRS NUMBER: 000000000 STATE OF INCORPORATION: M0 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-68279 FILM NUMBER: 10555554 BUSINESS ADDRESS: STREET 1: 13-1, GINZA 8-CHOME STREET 2: CHUO-KU CITY: TOKYO 104-8222 JAPAN STATE: M0 ZIP: 00000 BUSINESS PHONE: 81-3-6278-5241 MAIL ADDRESS: STREET 1: 13-1, GINZA 8-CHOME STREET 2: CHUO-KU CITY: TOKYO 104-8222 JAPAN STATE: M0 ZIP: 00000 6-K 1 r6k100129a.txt 2009 3RD QUARTER RESULTS 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 January 2010 Commission File Number 2 - 68279 RICOH COMPANY, LTD. ----------------------------------------------- (Translation of Registrant's name into English) 13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan --------------------------------------------------- (Address of Principal Executive Offices) (Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.) Form 20-F X Form 40-F __ (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __ ) (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): __ ) (Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes __ No X (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__ ) - -------------------------------------------------------------------------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Ricoh Company, Ltd. ------------------------------ (Registrant) By: /S/ Zenji Miura ------------------------------ Zenji Miura Director, Chief Financial Officer Corporate Executive Vice President January 29, 2010 - -------------------------------------------------------------------------------- January 29, 2010 QUARTERLY REPORT Nine months ended December 31, 2009 Results for the Period from April 1, 2009 to December 31, 2009 Three months ended December 31, 2009 Results for the Period from October 1, 2009 to December 31, 2009 PERFORMANCE OUTLINE (CONSOLIDATED) (1) Third Quarter ended December 31, 2008, 2009 and Year ending March 31, 2010 (Forecast)
(Billions of yen) - -------------------------------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended Year ending December 31, 2009 December 31, 2008 March 31, 2010 Results Results Change Forecast Change - -------------------------------------------------------------------------------------------------------------------------- Domestic sales 626.5 704.8 -11.1% 855.0 -8.9% Overseas sales 848.2 863.1 -1.7% 1,145.0 -0.7% Net sales 1,474.7 1,568.0 -5.9% 2,000.0 -4.4% Gross profit 608.4 657.4 -7.5% 807.0 -5.5% Operating income 37.7 86.3 -56.3% 45.0 -39.6% Income before income taxes 30.8 60.0 -48.7% 35.0 13.1% Net income attributable to Ricoh Company, Ltd. 14.4 29.5 -51.2% 15.0 129.7% - -------------------------------------------------------------------------------------------------------------------------- Exchange rate (Yen/US$) 93.62 102.83 -9.21 92.72 -7.83 Exchange rate (Yen/EURO) 133.03 150.74 -17.71 132.27 -11.47 - -------------------------------------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 19.87 40.84 -20.97 20.67 11.65 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 19.32 39.73 -20.41 20.09 11.34 - -------------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities 108.9 8.7 100.1 -- -- Cash flows from investing activities -66.7 -250.7 184.0 -- -- Cash flows from financing activities -81.9 244.1 -326.0 -- -- Cash and cash equivalents at end of period 217.1 155.1 61.9 -- -- - -------------------------------------------------------------------------------------------------------------------------- Capital expenditures 48.3 72.3 -24.0 75.0 -21.9 Depreciation for tangible fixed assets 51.8 55.0 -3.2 70.0 -4.8 R&D expenditures 81.8 93.5 -11.6 112.0 -12.4 - --------------------------------------------------------------------------------------------------------------------------
December 31, 2009 March 31, 2009 Change - ------------------------------------------------------------------------------------------------- Total assets 2,382.4 2,513.4 -131.0 Shareholders' investment 962.2 975.3 -13.1 Interest-bearing debt 718.4 779.1 -60.7 - ------------------------------------------------------------------------------------------------- Shareholders' investment ratio (%) 40.4 38.8 1.6 - ------------------------------------------------------------------------------------------------- Shareholders' investment per share (yen) 1,326.17 1,344.08 -17.91 - -------------------------------------------------------------------------------------------------
(2) Three months ended December 31, 2008 and 2009
Three months ended Three months ended December 31, 2009 December 31, 2008 Results Results Change - ------------------------------------------------------------------------------------------------- Domestic sales 204.8 221.0 -7.3% Overseas sales 281.1 281.0 0.0% Net sales 485.9 502.0 -3.2% Gross profit 210.2 214.1 -1.8% Operating income 23.7 21.3 11.4% Income before income taxes 24.0 1.1 -- Net income attributable to Ricoh Company, Ltd. 12.6 -4.8 -- - ------------------------------------------------------------------------------------------------- Exchange rate (Yen/US$) 89.75 96.21 -6.46 Exchange rate (Yen/EURO) 132.60 126.97 5.63 - ------------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 17.38 -6.62 24.00 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 16.91 -6.45 23.36 - ------------------------------------------------------------------------------------------------- Capital expenditures 9.8 25.3 -15.5 Depreciation for tangible fixed assets 17.8 19.7 -1.8 R&D expenditures 25.8 30.2 -4.3 - -------------------------------------------------------------------------------------------------
RICOH COMPANY, LTD. * The Company bases the forecast estimates for the fiscal year ending March 31, 2010 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 1 RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2009 (U.S. GAAP FINANCIAL INFORMATION) 1. RESULTS FOR THE PERIOD FROM APRIL 1, 2009 TO DECEMBER 31, 2009 (1) Operating Results
(Millions of yen) - ------------------------------------------------------------------------------------------ Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 - ------------------------------------------------------------------------------------------ Net sales 1,474,731 1,568,018 (% change from the previous corresponding period) -5.9 -4.4 Operating income 37,732 86,378 (% change from the previous corresponding period) -56.3 -35.5 Income before income taxes 30,823 60,063 (% change from the previous corresponding period) -48.7 -55.2 Net income attributable to Ricoh Company, Ltd. 14,416 29,540 (% change from the previous corresponding period) -51.2 -65.4 Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 19.87 40.84 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 19.32 39.73 - ------------------------------------------------------------------------------------------
(2) Financial Position
(Millions of yen) - ---------------------------------------------------------------------------------------- December 31, 2009 March 31, 2008 - ---------------------------------------------------------------------------------------- Total assets 2,382,466 2,513,495 Shareholders' investment 962,264 975,373 Shareholders' investment ratio (%) 40.4 38.8 Shareholders' investment per share (yen) 1,326.17 1,344.08 - ----------------------------------------------------------------------------------------
2. DIVIDEND INFORMATION
Year ended Year ending March 31, 2009 March 31, 2010 (Results) (Forecast) - -------------------------------------------------------------------------------- Cash dividends, applicable to the year (yen) 33.00 33.00 Interim (yen) 18.00 16.50 Year-end (yen) 15.00 16.50 - --------------------------------------------------------------------------------
Notes: Revision of expected dividends during this period: No 3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2009 TO MARCH 31, 2010
(Millions of yen) - ------------------------------------------------------------------------------- Year ending March 31, 2010 - ------------------------------------------------------------------------------- Net sales 2,000,000 Operating income 45,000 Income before income taxes 35,000 Net income attributable to Ricoh Company, Ltd. 15,000 Net income attributable to Ricoh Company, Ltd. shareholders per share (yen) 20.67 - -------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this period: Yes 4. OTHERS (1) Changes in significant subsidiaries: No (2) Changes in accounting method: Yes * For details see "4.Others"on page 5. (3) Number of common stock outstanding (including treasury stock): As of December 31, 2009 744,912,078 shares As of March 31, 2009 744,912,078 shares (4) Number of treasury stock: As of December 31, 2009 19,316,170 shares As of March 31, 2009 19,232,352 shares (5) Average number of common stock: As of December 31, 2009 725,624,044 shares As of December 31, 2008 723,338,893 shares 2 CONSOLIDATED PERFORMANCE 1. OPERATING RESULTS *Overview Consolidated net sales of Ricoh Group for the 9months of fiscal year 2009 (9 months period from April 1, 2009 to December 31, 2009) decreased by 5.9% as compared to the previous corresponding period, to Yen 1,474.7 billion. During this period, the average yen exchange rates were Yen 93.62 against the U.S. dollar (up Yen 9.21) and Yen 133.03 against the Euro (up Yen 17.71). Net sales would have increased by 0.1% excluding impact of such foreign currency exchange fluctuation. The Japanese economy was recovering partially by economic stimulus measures, but there was still no relief from continuing serious recession started in the second half of previous fiscal year. Under such a severe business environment, domestic sales in the Imaging & Solutions segment as well as Industrial Products segment and Other segment decreased from the previous corresponding period. Consequently, overall sales in Japan decreased by 11.1% as compared to the previous corresponding period. As for overseas, Ricoh continued to be in the severe business environment due mainly to the mess in the overseas economy and the appreciation of the Yen against the U.S. dollar. Although sales in the Americas, despite economic downturns and the appreciation of the Yen against the U.S. dollar, increased by 18.8% (+30.7%, excluding foreign currency exchange fluctuation) because the advantage derived from the effort to enhance its sales structures and expand its sales channels such as through the acquisition of IKON Office Solutions, Inc. ("IKON") completed in the previous fiscal year offset the negative effect of depression of the market, sales in Europe decreased by 16.4% (-5.4%, excluding foreign currency exchange fluctuation) and sales in Other, comprised of China, South East Asia and Oceania, decreased by 13.5% (-4.6%, excluding foreign currency exchange fluctuation). As a result, sales in the overseas market decreased by 1.7% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 9.3% as compared to the previous corresponding period. Gross profit decreased by 7.5% as compared to the previous corresponding period, to Yen 608.4 billion due mainly to decrease in sales and the appreciation of the Yen. Gross profit as a percentage of net sales also decreased by 0.6 percentage points as compared to the previous corresponding period, to 41.3% due primarily to the appreciation of the Yen. While Ricoh incurred the expenses of IKON that was new consolidated subsidiaries acquired in the previous third quarter, group-wide structural improvement efforts contributed to a decline in selling, general and administrative expenses. Consequently, selling, general and administrative expenses decreased by 0.1% as compared to the previous corresponding period, to Yen 570.6 billion. As a result, operating income decreased by 56.3% as compared to the previous corresponding period, to Yen 37.7 billion. For other (income) expenses, foreign exchange loss decreased as compared to the previous corresponding period. As a result, income before income taxes decreased by 48.7% as compared to the previous corresponding period, to Yen 30.8 billion. As a result, net income attributable to Ricoh Company, Ltd. decreased by 51.2% as compared to the previous corresponding period, to Yen 14.4 billion. 3 *Conditions by Product Line Conditions by Product Line for the 9months ended December 31, 2009 are as follows; Imaging & Solutions (Sales down 4.2% to Yen 1,306.0 billion) - ------------------------------------------------------------ Imaging Solutions (Sales down 7.1% to Yen 1,113.2 billion) ---------------------------------------------------------- While sales of PPCs, MFPs and other in the Americas increased due mainly to enhancing its sales structures through acquisition of IKON completed in previous fiscal period, sales of that in other regions decreased due mainly to the appreciation of the Yen and economic stagnation. Sales in this category decreased by 7.1% as compared to the previous corresponding period, to Yen 1,113.2 billion. Excluding effects of foreign currency fluctuations, net sales in this category would have decreased by 0.1% as compared to the previous corresponding period. Network System Solutions (Sales up 16.4% to Yen 192.8 billion) -------------------------------------------------------------- Sales in this category increased by 16.4% as compared to the previous corresponding period, to Yen 192.8 billion due mainly to enhancing direct sales structure in the United States. The sales would have increased by 21.4% excluding the effects of foreign currency fluctuations. As a result, sales in the Imaging & Solutions segment decreased by 4.2% as compared to the previous corresponding period, to Yen 1,306.0 billion. Operating income decreased by 33.3% as compared to the previous corresponding period, to Yen 92.9 billion due mainly to the decrease of sales as well as the appreciation of the Yen. Industrial Products (Sales down 18.6% to Yen 76.3 billion) - ---------------------------------------------------------- Sales in the Industrial Products segment decreased by 18.6% as compared to the previous corresponding period, to Yen 76.3 billion. Sales of semiconductor devices, thermal media and electronic components decreased as compared to the previous corresponding period in Japan and overseas. As a result, operating loss in the Industrial Products segment amounted to Yen 1.0 billion (operating loss Yen 0.9 billion for the previous corresponding period). Other (Sales down 16.5% to Yen 92.2 billion) - -------------------------------------------- Sales in the Other segment decreased by 16.5% as compared to the previous corresponding period, to Yen 92.2 billion. Sales of digital cameras decreased in Japan and overseas. As a result operating loss in the Other segment amounted to Yen 1.9 billion (operating income Yen 0.5 billion for the previous corresponding period). 2. FINANCIAL POSITION *Assets, Liabilities and Shareholders' Investment Total Assets amounted to Yen 2,382.4 billion as of December 31, 2009. For assets, cash and time deposits decreased due to the reduction from high level of amount reflecting the severe financial conditions at the end of the previous period to normal level. Trade receivable also decreased from the end of the previous period due to the decrease of sales. As a result, total assets decreased from the end of the previous period by Yen 131.0 billion, to Yen 2,382.4 billion. For Liabilities, short-term borrowings and long-term indebtedness decreased due to the increase in free cash inflows and the reduction in cash and time deposits. As a result, total liabilities decreased from the end of the previous period by Yen 118.8 billion, to Yen 1,370.3 billion. For shareholders' investment, the change in retained earnings resulted from payment of dividends and net income attributable to Ricoh Company, Ltd. Other comprehensive loss increased due mainly to the increase of cumulative translation adjustments (loss) reflecting exchange fluctuation from the end of the previous period. As a result, total shareholders' investment decreased by Yen 13.1 billion from the end of the previous period, to Yen 962.2 billion. In accordance with FASB Accounting Standards Codification (ASC) 810, "Consolidation" (former Statement of Financial Accounting Standards No.160 "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No.51" ("SFAS 160")), Ricoh reports the noncontrolling interest as equity. Total equity involving the noncontrolling interest decreased by Yen 12.2 billion as compared to the reclassified total equity at the end of the previous period to conform with the presentation of this 9months, to Yen 1,012.1 billion. *Cash Flows (9months from April 1, 2009 to December 31, 2009) Cash Flows results for the third quarter ended December 31, 2009 are as follows; Net cash provided by operating activities in this period increased by Yen 100.1 billion as compared to the previous corresponding period, to Yen 108.9 billion. Inventories and so on decreased as compared to the previous corresponding period. Net cash used in investing activities in this period decreased by Yen 184.0 billion as compared to the previous corresponding period, to Yen 66.7 billion. Net cash used in investing activities in the previous corresponding period consisted primarily of a payment in connection with the acquisition of IKON. As a result, free cash inflows generated by operating and investing activities amounted to Yen 42.2 billion while cash outflows amounted to Yen 241.9 billion in the previous corresponding period. Net cash used in financing activities amounted to Yen 81.9 billion due primarily to repayment of long-term debt and net decrease in short-term borrowings. As a result, cash and cash equivalents as of December 31, 2009 decreased by Yen 41.3 billion as compared to the end of the preceding fiscal year, to Yen 217.1 billion. 4 3. FORECAST FOR THE ENTIRE FISCAL YEAR The forecast of business results for the full fiscal year ending March 31, 2010 is as follows. While Ricoh has revised downward its forecast of sales, Ricoh has revised up that of operating income, income before income taxes and net income attributable to Ricoh Company, Ltd. from announced in October 2009. This revision reflects the business result for the nine months ended December 31, 2009 and current business environment. Ricoh assumes exchange rates of Yen 90.00 against the U.S. dollar and of Yen 130.00 against the Euro during the fourth quarter, which are the same forecast announced in October 2009. The actual exchange rates during the 9 months ended December 31, 2009 are incorporated in annual exchange rates assumption. Our performance forecast for fiscal year 2010 is as follows: Exchange Rate Assumptions for the full year ending March 31, 2010 US$ 1 = Yen 92.72 (Yen 100.55 in previous fiscal year) EURO 1 = Yen 132.27 (Yen 143.74 in previous fiscal year) (Billions of yen) - -------------------------------------------------------------------------- Year ending Year ended March 31, 2010 March 31, 2009 Change (Forecast) (Results) - -------------------------------------------------------------------------- Domestic sales 855.0 938.3 -8.9% Overseas sales 1,145.0 1,153.3 -0.7% Net sales 2,000.0 2,091.6 -4.4% Gross profit 807.0 854.3 -5.5% Operating income 45.0 74.5 -39.6% Income before income taxes 35.0 30.9 13.1% Net income attributable to Ricoh Company, Ltd. 15.0 6.5 129.7% - -------------------------------------------------------------------------- * Ricoh bases the forecast estimates for the year ending March 31, 2010 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 4. OTHERS (1) Changes in significant subsidiaries: Not applicable (2) Changes in accounting method: Adoption of new accounting standards: i. Ricoh adopted FASB Accounting Standards Codification (ASC) 805, "Business Combinations " (former SFAS No.141 (revised 2007), "Business Combinations" ("SFAS 141R")) in this first half. FASB ASC 805 establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree and the goodwill acquired. FASB ASC 805 also establishes disclosure requirements to enable the evaluation of the nature and financial effects of the business combination. The adoption of FASB ASC 805 did not have a material effect on Ricoh's consolidated financial position or results of operations. ii. Ricoh adopted FASB Accounting Standards Codification (ASC) 810, "Consolidation" (former SFAS No.160, "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51" ("SFAS 160")) in this first half. In accordance with FASB ASC 810, noncontrolling interests which were previously referred to as minority interests and classified between total liabilities and shareholders' investment on the consolidated balance sheets, are now included as a separate component of total equity. In addition, consolidated net income on the consolidated statements of income now includes the net income (loss) attributable to noncontrolling interests. These financial statement presentation requirements have been adopted retrospectively and prior year amounts in the consolidated financial statements of cash flows have been reclassified or adjusted to conform to FASB ASC 810. iii. Ricoh adopted FASB Accounting Standards Codification (ASC) 105, "Generally Accepted Accounting Principles" (former SFAS No.168, "The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted Accounting Principles") in this first half. FASB ASC 105 reduced the hierarchy of generally accepted accounting principles from traditional four levels to two levels: authoritative (FASB ASC) and nonauthoritative. The adoption of FASB ASC 105 did not have a material effect on Ricoh's consolidated financial position or results of operations. 5 5. CONSOLIDATED FINANCIAL STATEMENTS (1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen) - ----------------------------------------------------------------------------------------------------------------------- December 31, 2009 March 31, 2009 Change - ----------------------------------------------------------------------------------------------------------------------- Current Assets Cash and time deposits 218,420 260,527 -42,107 Trade receivables 645,006 680,384 -35,378 Inventories 181,379 191,570 -10,191 Other current assets 71,948 79,385 -7,437 Total Current Assets 1,116,753 1,211,866 -95,113 Fixed Assets Tangible fixed assets 259,928 269,336 -9,408 Finance receivables 456,359 465,262 -8,903 Other investments 549,426 567,031 -17,605 Total Fixed Assets 1,265,713 1,301,629 -35,916 - ----------------------------------------------------------------------------------------------------------------------- Total Assets 2,382,466 2,513,495 -131,029 - ----------------------------------------------------------------------------------------------------------------------- Note: Contents of cash and time deposits; Cash and cash equivalents 217,125 258,484 Time deposits 1,295 2,043
Liabilities and Equity (Millions of yen) - ----------------------------------------------------------------------------------------------------------------------- December 31, 2009 March 31, 2009 Change - ----------------------------------------------------------------------------------------------------------------------- Current Liabilities Trade payables 253,973 285,413 -31,440 Short-term borrowings 221,407 269,792 -48,385 Other current liabilities 199,104 218,286 -19,182 Total Current Liabilities 674,484 773,491 -99,007 Fixed Liabilities Long-term indebtedness 497,057 509,403 -12,346 Accrued pension and severance costs 155,940 156,625 -685 Other fixed liabilities 42,850 49,626 -6,776 Total Fixed Liabilities 695,847 715,654 -19,807 - ----------------------------------------------------------------------------------------------------------------------- Total Liabilities 1,370,331 1,489,145 -118,814 - ----------------------------------------------------------------------------------------------------------------------- Equity Common stock 135,364 135,364 -- Additional paid-in capital 186,083 186,083 -- Retained earnings 807,415 815,725 -8,310 Accumulated other comprehensive loss -129,887 -125,121 -4,766 Treasury stock -36,711 -36,678 -33 Total Shareholders' Investment 962,264 975,373 -13,109 Noncontrolling interests 49,871 48,977 894 - ----------------------------------------------------------------------------------------------------------------------- Total Equity 1,012,135 1,024,350 -12,215 - ----------------------------------------------------------------------------------------------------------------------- Total Liabilities and Equity 2,382,466 2,513,495 -131,029 - ----------------------------------------------------------------------------------------------------------------------- Note: Other comprehensive loss; Net unrealized holding gains (losses) on available-for-sale securities 3,559 1,848 1,711 Pension liability adjustments -53,298 -54,301 1,003 Net unrealized gains (losses) on derivative instruments -1,523 -373 -1,150 Cumulative translation adjustments -78,625 -72,295 -6,330 Reference: Exchange rate December 31, 2009 March 31, 2009 US$ 1 Yen 92.10 Yen 98.23 EURO 1 Yen 132.00 Yen 129.84
6 (2) CONSOLIDATED STATEMENTS OF INCOME Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - ---------------------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 Change % - ---------------------------------------------------------------------------------------------------------------- Net sales 1,474,731 1,568,018 -93,287 -5.9 Cost of sales 866,325 910,529 -44,204 -4.9 Percentage of net sales (%) 58.7 58.1 Gross Profit 608,406 657,489 -49,083 -7.5 Percentage of net sales (%) 41.3 41.9 Selling, general and administrative expenses 570,674 571,111 -437 -0.1 Percentage of net sales (%) 38.7 36.4 Operating income 37,732 86,378 -48,646 -56.3 Percentage of net sales (%) 2.6 5.5 Other (income) expenses Interest and dividend income 2,216 3,828 -1,612 -42.1 Percentage of net sales (%) 0.2 0.2 Interest expense 6,156 4,322 1,834 42.4 Percentage of net sales (%) 0.4 0.3 Other, net 2,969 25,821 -22,852 -88.5 Percentage of net sales (%) 0.3 1.6 Income before income taxes, equity income and minority interests 30,823 60,063 -29,240 -48.7 Percentage of net sales (%) 2.1 3.8 Provision for income taxes 14,938 28,280 -13,342 -47.2 Percentage of net sales (%) 1.0 1.8 Equity in earnings of affiliates 6 15 -9 -60.0 Percentage of net sales (%) 0.0 0.0 Consolidated net income 15,891 31,798 -15,907 -50.0 Percentage of net sales (%) 1.1 2.0 Net income attributable to noncontrolling interests 1,475 2,258 -783 -34.7 Percentage of net sales (%) 0.1 0.1 Net income attributable to Ricoh Company, Ltd. 14,416 29,540 -15,124 -51.2 Percentage of net sales (%) 1.0 1.9 - ---------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.62 Yen 102.83 EURO 1 Yen 133.03 Yen 150.74
Three months ended December 31, 2008 and 2009
(Millions of yen) - ---------------------------------------------------------------------------------------------------------------- Three months ended Three months ended December 31, 2009 December 31, 2008 Change % - ---------------------------------------------------------------------------------------------------------------- Net sales 485,940 502,091 -16,151 -3.2 Cost of sales 275,736 287,946 -12,210 -4.2 Percentage of net sales (%) 56.7 57.3 Gross Profit 210,204 214,145 -3,941 -1.8 Percentage of net sales (%) 43.3 42.7 Selling, general and administrative expenses 186,467 192,843 -6,376 -3.3 Percentage of net sales (%) 38.4 38.5 Operating income 23,737 21,302 2,435 11.4 Percentage of net sales (%) 4.9 4.2 Other (income) expenses Interest and dividend income 474 750 -276 -36.8 Percentage of net sales (%) 0.1 0.1 Interest expense 2,085 1,874 211 11.3 Percentage of net sales (%) 0.4 0.4 Other, net -1,931 18,990 -20,921 -- Percentage of net sales (%) -0.4 3.7 Income before income taxes, equity income and minority interests 24,057 1,188 22,869 -- Percentage of net sales (%) 5.0 0.2 Provision for income taxes 11,064 5,698 5,366 94.2 Percentage of net sales (%) 2.3 1.1 Equity in earnings of affiliates -6 -7 1 -- Percentage of net sales (%) 0.0 0.0 Consolidated net income 12,987 -4,517 17,504 -- Percentage of net sales (%) 2.7 -0.9 Net income attributable to noncontrolling interests 379 288 91 31.6 Percentage of net sales (%) 0.1 0.1 Net income attributable to Ricoh Company, Ltd. 12,608 -4,805 17,413 -- Percentage of net sales (%) 2.6 -1.0 - ---------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 89.75 Yen 96.21 EURO 1 Yen 132.60 Yen 126.97
7 CONSOLIDATED SALES BY PRODUCT CATEGORY Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - -------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 Change % - -------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 1,113,261 1,198,102 -84,841 -7.1 Percentage of net sales (%) 75.5 76.4 Network System Solutions 192,829 165,666 27,163 16.4 Percentage of net sales (%) 13.1 10.6 Imaging & Solutions Total 1,306,090 1,363,768 -57,678 -4.2 Percentage of net sales (%) 88.6 87.0 - -------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 76,357 93,754 -17,397 -18.6 Percentage of net sales (%) 5.2 6.0 - -------------------------------------------------------------------------------------------------- [Other] Other 92,284 110,496 -18,212 -16.5 Percentage of net sales (%) 6.2 7.0 - -------------------------------------------------------------------------------------------------- Grand Total 1,474,731 1,568,018 -93,287 -5.9 Percentage of net sales (%) 100.0 100.0 - -------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.62 Yen 102.83 EURO 1 Yen 133.03 Yen 150.74
Three months ended December 31, 2008 and 2009
(Millions of yen) - -------------------------------------------------------------------------------------------------- Three months ended Three months ended December 31, 2009 December 31, 2008 Change % - -------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 368,192 383,997 -15,805 -4.1 Percentage of net sales (%) 75.8 76.5 Network System Solutions 62,769 59,999 2,770 4.6 Percentage of net sales (%) 12.9 11.9 Imaging & Solutions Total 430,961 443,996 -13,035 -2.9 Percentage of net sales (%) 88.7 88.4 - -------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 25,156 25,913 -757 -2.9 Percentage of net sales (%) 5.2 5.2 - -------------------------------------------------------------------------------------------------- [Other] Other 29,823 32,182 -2,359 -7.3 Percentage of net sales (%) 6.1 6.4 - -------------------------------------------------------------------------------------------------- Grand Total 485,940 502,091 -16,151 -3.2 Percentage of net sales (%) 100.0 100.0 - -------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 89.75 Yen 96.21 EURO 1 Yen 132.60 Yen 126.97
8 CONSOLIDATED SALES BY GEOGRAPHIC AREA Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - -------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 Change % - -------------------------------------------------------------------------------------------------- [Domestic] 626,527 704,886 -78,359 -11.1 Percentage of net sales (%) 42.5 45.0 [Overseas] 848,204 863,132 -14,928 -1.7 Percentage of net sales (%) 57.5 55.0 The Americas 416,397 350,467 65,930 18.8 Percentage of net sales (%) 28.2 22.4 Europe 341,467 408,263 -66,796 -16.4 Percentage of net sales (%) 23.2 26.0 Other 90,340 104,402 -14,062 -13.5 Percentage of net sales (%) 6.1 6.6 Grand Total 1,474,731 1,568,018 -93,287 -5.9 Percentage of net sales (%) 100.0 100.0 - -------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.62 Yen 102.83 EURO 1 Yen 133.03 Yen 150.74
Three months ended December 31, 2008 and 2009
(Millions of yen) - -------------------------------------------------------------------------------------------------- Three months ended Three months ended December 31, 2009 December 31, 2008 Change % - -------------------------------------------------------------------------------------------------- [Domestic] 204,838 221,069 -16,231 -7.3 Percentage of net sales (%) 42.2 44.0 [Overseas] 281,102 281,022 80 0.0 Percentage of net sales (%) 57.8 56.0 The Americas 135,239 132,882 2,357 1.8 Percentage of net sales (%) 27.8 26.5 Europe 115,321 119,553 -4,232 -3.5 Percentage of net sales (%) 23.7 23.8 Other 30,542 28,587 1,955 6.8 Percentage of net sales (%) 6.3 5.7 Grand Total 485,940 502,091 -16,151 -3.2 Percentage of net sales (%) 100.0 100.0 - -------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 89.75 Yen 96.21 EURO 1 Yen 132.60 Yen 126.97
9 (3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen) - --------------------------------------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 - --------------------------------------------------------------------------------------------------------------------------------- I. Cash Flows from Operating Activities: Consolidated net income 15,891 31,798 Adjustments to reconcile net income to net cash provided by operating activities-- Depreciation and amortization 73,402 74,449 Equity in earnings of affiliates, net of dividends received -6 -15 Deferred income taxes -6,726 4,562 Loss on disposals and sales of tangible fixed assets 606 1,170 Pension and severance costs, less payments 2,890 3,273 Changes in assets and liabilities-- Decrease in trade receivables 27,035 15,315 (Increase) Decrease in inventories 7,403 -30,936 (Increase) Decrease in finance receivables 16,684 -11,509 Decrease in trade payables -31,160 -50,108 Decrease in accrued income taxes and accrued expenses and other -15,453 -56,210 Other, net 18,377 26,976 - --------------------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 108,943 8,765 - --------------------------------------------------------------------------------------------------------------------------------- II. Cash Flows from Investing Activities: Proceeds from sales of property, plant and equipment 909 73 Expenditures for property, plant and equipment -48,338 -72,344 Payments for purchases of available-for-sale securities -695 -1,275 Proceeds from sales of available-for-sale securities 938 243 (Increase) Decrease in time deposits 665 -689 Purchase of business, net of cash acquired -4,760 -158,673 Other, net -15,421 -18,063 - --------------------------------------------------------------------------------------------------------------------------------- Net cash used in investing activities -66,702 -250,728 - --------------------------------------------------------------------------------------------------------------------------------- III. Cash Flows from Financing Activities: Proceeds from long-term indebtedness 35,055 54,355 Repayment of long-term indebtedness -60,825 -53,511 Increase (Decrease) in short-term borrowings, net -57,767 295,813 Proceeds from issuance of long-term debt securities 35,000 -- Repayment of long-term debt securities -10,000 -26,143 Dividends paid -22,858 -25,320 Payment for purchase of treasury stock -127 -605 Other, net -393 -427 - --------------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities -81,915 244,162 - --------------------------------------------------------------------------------------------------------------------------------- IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -1,685 -17,665 - --------------------------------------------------------------------------------------------------------------------------------- V. Net Decrease in Cash and Cash Equivalents -41,359 -15,466 - --------------------------------------------------------------------------------------------------------------------------------- VI. Cash and Cash Equivalents at Beginning of Year 258,484 170,607 - --------------------------------------------------------------------------------------------------------------------------------- VII. Cash and Cash Equivalents at End of Period 217,125 155,141 - ---------------------------------------------------------------------------------------------------------------------------------
10 (4) NOTES ON PREMISE GOING CONCERN Not applicable (5) SEGMENT INFORMATION (a) Operating Segments Information Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - -------------------------------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 Change % - -------------------------------------------------------------------------------------------------------------------------- IMAGING & SOLUTIONS: Net sales: Unaffiliated customers 1,306,090 1,363,768 -57,678 -4.2 Intersegment -- -- -- -- Total 1,306,090 1,363,768 -57,678 -4.2 - -------------------------------------------------------------------------------------------------------------------------- Operating expenses 1,213,105 1,224,350 -11,245 -0.9 - -------------------------------------------------------------------------------------------------------------------------- Operating income 92,985 139,418 -46,433 -33.3 Operating income on sales in Imaging & Solutions (%) 7.1 10.2 - -------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL PRODUCTS: Net sales: Unaffiliated customers 76,357 93,754 -17,397 -18.6 Intersegment 3,153 3,472 -319 -9.2 Total 79,510 97,226 -17,716 -18.2 - -------------------------------------------------------------------------------------------------------------------------- Operating expenses 80,544 98,194 -17,650 -18.0 - -------------------------------------------------------------------------------------------------------------------------- Operating income -1,034 -968 -66 -- Operating income on sales in Industrial Products (%) -1.3 -1.0 - -------------------------------------------------------------------------------------------------------------------------- OTHER: Net sales: Unaffiliated customers 92,284 110,496 -18,212 -16.5 Intersegment -- -- -- -- Total 92,284 110,496 -18,212 -16.5 - -------------------------------------------------------------------------------------------------------------------------- Operating expenses 94,270 109,917 -15,647 -14.2 - -------------------------------------------------------------------------------------------------------------------------- Operating income -1,986 579 -2,565 -- Operating income on sales in Other (%) -2.2 0.5 - -------------------------------------------------------------------------------------------------------------------------- CORPORATE AND ELIMINATIONS: Net sales: Intersegment -3,153 -3,472 319 -- Total -3,153 -3,472 319 -- - -------------------------------------------------------------------------------------------------------------------------- Operating expenses: Intersegment -3,135 -3,473 338 -- Corporate 52,215 52,652 -437 -- Total 49,080 49,179 -99 -- - -------------------------------------------------------------------------------------------------------------------------- Operating income -52,233 -52,651 418 -- - -------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED: Net sales: Unaffiliated customers 1,474,731 1,568,018 -93,287 -5.9 Intersegment -- -- -- -- Total 1,474,731 1,568,018 -93,287 -5.9 - -------------------------------------------------------------------------------------------------------------------------- Operating expenses 1,436,999 1,481,640 -44,641 -3.0 - -------------------------------------------------------------------------------------------------------------------------- Operating income 37,732 86,378 -48,646 -56.3 Operating income on consolidated net sales (%) 2.6 5.5 - --------------------------------------------------------------------------------------------------------------------------
11 Three months ended December 31, 2008 and 2009
(Millions of yen) - ----------------------------------------------------------------------------------------------------------------------- Three months ended Three months ended December 31, 2009 December 31, 2008 Change % - ----------------------------------------------------------------------------------------------------------------------- IMAGING & SOLUTIONS: Net sales: Unaffiliated customers 430,961 443,996 -13,035 -2.9 Intersegment -- -- -- -- Total 430,961 443,996 -13,035 -2.9 - ----------------------------------------------------------------------------------------------------------------------- Operating expenses 389,529 402,781 -13,252 -3.3 - ----------------------------------------------------------------------------------------------------------------------- Operating income 41,432 41,215 217 0.5 Operating income on sales in Imaging & Solutions (%) 9.6 9.3 - ----------------------------------------------------------------------------------------------------------------------- INDUSTRIAL PRODUCTS: Net sales: Unaffiliated customers 25,156 25,913 -757 -2.9 Intersegment 1,112 1,179 -67 -5.7 Total 26,268 27,092 -824 -3.0 - ----------------------------------------------------------------------------------------------------------------------- Operating expenses 26,535 28,836 -2,301 -8.0 - ----------------------------------------------------------------------------------------------------------------------- Operating income -267 -1,744 1,477 -- Operating income on sales in Industrial Products (%) -1.0 -6.4 - ----------------------------------------------------------------------------------------------------------------------- OTHER: Net sales: Unaffiliated customers 29,823 32,182 -2,359 -7.3 Intersegment -- -- -- -- Total 29,823 32,182 -2,359 -7.3 - ----------------------------------------------------------------------------------------------------------------------- Operating expenses 30,712 33,184 -2,472 -7.4 - ----------------------------------------------------------------------------------------------------------------------- Operating income -889 -1,002 113 -- Operating income on sales in Other (%) -3.0 -3.1 - ----------------------------------------------------------------------------------------------------------------------- CORPORATE AND ELIMINATIONS: Net sales: Intersegment -1,112 -1,179 67 -- Total -1,112 -1,179 67 -- - ----------------------------------------------------------------------------------------------------------------------- Operating expenses: Intersegment -1,105 -1,181 76 -- Corporate 16,532 17,169 -637 -- Total 15,427 15,988 -561 -- - ----------------------------------------------------------------------------------------------------------------------- Operating income -16,539 -17,167 628 -- - ----------------------------------------------------------------------------------------------------------------------- CONSOLIDATED: Net sales: Unaffiliated customers 485,940 502,091 -16,151 -3.2 Intersegment -- -- -- -- Total 485,940 502,091 -16,151 -3.2 - ----------------------------------------------------------------------------------------------------------------------- Operating expenses 462,203 480,789 -18,586 -3.9 - ----------------------------------------------------------------------------------------------------------------------- Operating income 23,737 21,302 2,435 11.4 Operating income on consolidated net sales (%) 4.9 4.2 - -----------------------------------------------------------------------------------------------------------------------
12 (b) Geographic Segments Information Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - ------------------------------------------------------------------------------------------------------------------ Third Quarter ended Third Quarter ended December 31, 2009 December 31, 2008 Change % - ------------------------------------------------------------------------------------------------------------------ JAPAN: Net sales: External customers 639,289 723,708 -84,419 -11.7 Intersegment 288,956 346,985 -58,029 -16.7 Total 928,245 1,070,693 -142,448 -13.3 - ------------------------------------------------------------------------------------------------------------------ Operating expenses 907,251 1,010,551 -103,300 -10.2 - ------------------------------------------------------------------------------------------------------------------ Operating income 20,994 60,142 -39,148 -65.1 Operating income on sales in Japan (%) 2.3 5.6 - ------------------------------------------------------------------------------------------------------------------ THE AMERICAS: Net sales: External customers 415,474 351,451 64,023 18.2 Intersegment 2,710 3,172 -462 -14.6 Total 418,184 354,623 63,561 17.9 - ------------------------------------------------------------------------------------------------------------------ Operating expenses 429,945 367,286 62,659 17.1 - ------------------------------------------------------------------------------------------------------------------ Operating income -11,761 -12,663 902 -- Operating income on sales in the Americas (%) -2.8 -3.6 - ------------------------------------------------------------------------------------------------------------------ EUROPE: Net sales: External customers 342,376 405,532 -63,156 -15.6 Intersegment 1,706 2,046 -340 -16.6 Total 344,082 407,578 -63,496 -15.6 - ------------------------------------------------------------------------------------------------------------------ Operating expenses 324,279 380,817 -56,538 -14.8 - ------------------------------------------------------------------------------------------------------------------ Operating income 19,803 26,761 -6,958 -26.0 Operating income on sales in Europe (%) 5.8 6.6 - ------------------------------------------------------------------------------------------------------------------ OTHER: Net sales: External customers 77,592 87,327 -9,735 -11.1 Intersegment 103,913 126,922 -23,009 -18.1 Total 181,505 214,249 -32,744 -15.3 - ------------------------------------------------------------------------------------------------------------------ Operating expenses 171,502 204,186 -32,684 -16.0 - ------------------------------------------------------------------------------------------------------------------ Operating income 10,003 10,063 -60 -0.6 Operating income on sales in Other (%) 5.5 4.7 - ------------------------------------------------------------------------------------------------------------------ CORPORATE AND ELIMINATIONS: Net sales: Intersegment -397,285 -479,125 81,840 -- Total -397,285 -479,125 81,840 -- - ------------------------------------------------------------------------------------------------------------------ Operating expenses -395,978 -481,200 85,222 -- - ------------------------------------------------------------------------------------------------------------------ Operating income -1,307 2,075 -3,382 -- - ------------------------------------------------------------------------------------------------------------------ CONSOLIDATED Net sales: External customers 1,474,731 1,568,018 -93,287 -5.9 Intersegment -- -- -- -- Total 1,474,731 1,568,018 -93,287 -5.9 - ------------------------------------------------------------------------------------------------------------------ Operating expenses 1,436,999 1,481,640 -44,641 -3.0 - ------------------------------------------------------------------------------------------------------------------ Operating income 37,732 86,378 -48,646 -56.3 Operating income on consolidated net sales (%) 2.6 5.5 - ------------------------------------------------------------------------------------------------------------------
13 Three months ended December 31, 2008 and 2009
(Millions of yen) - --------------------------------------------------------------------------------------------------------------- Three months ended Three months ended December 31, 2009 December 31, 2008 Change % - --------------------------------------------------------------------------------------------------------------- JAPAN: Net sales: External customers 208,970 224,054 -15,084 -6.7 Intersegment 109,347 110,052 -705 -0.6 Total 318,317 334,106 -15,789 -4.7 - --------------------------------------------------------------------------------------------------------------- Operating expenses 305,295 321,681 -16,386 -5.1 - --------------------------------------------------------------------------------------------------------------- Operating income 13,022 12,425 597 4.8 Operating income on sales in Japan (%) 4.1 3.7 - --------------------------------------------------------------------------------------------------------------- THE AMERICAS: Net sales: External customers 135,064 134,803 261 0.2 Intersegment 966 916 50 5.5 Total 136,030 135,719 311 0.2 - --------------------------------------------------------------------------------------------------------------- Operating expenses 139,411 143,103 -3,692 -2.6 - --------------------------------------------------------------------------------------------------------------- Operating income -3,381 -7,384 4,003 -- Operating income on sales in the Americas (%) -2.5 -5.4 - --------------------------------------------------------------------------------------------------------------- EUROPE: Net sales: External customers 115,117 118,625 -3,508 -3.0 Intersegment 578 560 18 3.2 Total 115,695 119,185 -3,490 -2.9 - --------------------------------------------------------------------------------------------------------------- Operating expenses 107,581 112,577 -4,996 -4.4 - --------------------------------------------------------------------------------------------------------------- Operating income 8,114 6,608 1,506 22.8 Operating income on sales in Europe (%) 7.0 5.5 - --------------------------------------------------------------------------------------------------------------- OTHER: Net sales: External customers 26,789 24,609 2,180 8.9 Intersegment 35,721 41,757 -6,036 -14.5 Total 62,510 66,366 -3,856 -5.8 - --------------------------------------------------------------------------------------------------------------- Operating expenses 58,443 64,601 -6,158 -9.5 - --------------------------------------------------------------------------------------------------------------- Operating income 4,067 1,765 2,302 130.4 Operating income on sales in Other (%) 6.5 2.7 - --------------------------------------------------------------------------------------------------------------- CORPORATE AND ELIMINATIONS: Net sales: Intersegment -146,612 -153,285 6,673 -- Total -146,612 -153,285 6,673 -- - --------------------------------------------------------------------------------------------------------------- Operating expenses -148,527 -161,173 12,646 -- - --------------------------------------------------------------------------------------------------------------- Operating income 1,915 7,888 -5,973 -- - --------------------------------------------------------------------------------------------------------------- CONSOLIDATED: Net sales: External customers 485,940 502,091 -16,151 -3.2 Intersegment -- -- -- -- Total 485,940 502,091 -16,151 -3.2 - --------------------------------------------------------------------------------------------------------------- Operating expenses 462,203 480,789 -18,586 -3.9 - --------------------------------------------------------------------------------------------------------------- Operating income 23,737 21,302 2,435 11.4 Operating income on consolidated net sales (%) 4.9 4.2 - ---------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN SHAREHOLDERS' INVESTMENT Not applicable 14 - -APPENDIX- 1. CONSOLIDATED SALES BY PRODUCT CATEGORY Third Quarter ended December 31, 2008 and 2009
(Millions of yen) - ----------------------------------------------------------------------------------------------------------------------------- Third Quarter ended Third Quarter ended Change excluding December 31, 2009 December 31, 2008 Change % exchange impact % - ----------------------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 1,113,261 1,198,102 -84,841 -7.1 -816 -0.1 Percentage of net sales (%) 75.5 76.4 Domestic 381,593 423,032 -41,439 -9.8 -41,439 -9.8 Overseas 731,668 775,070 -43,402 -5.6 40,623 5.2 Network System Solutions 192,829 165,666 27,163 16.4 35,394 21.4 Percentage of net sales (%) 13.1 10.6 Domestic 115,660 127,327 -11,667 -9.2 -11,667 -9.2 Overseas 77,169 38,339 38,830 101.3 47,061 122.7 Imaging & Solutions Total 1,306,090 1,363,768 -57,678 -4.2 34,578 2.5 Percentage of net sales (%) 88.6 87.0 Domestic 497,253 550,359 -53,106 -9.6 -53,106 -9.6 Overseas 808,837 813,409 -4,572 -0.6 87,684 10.8 The Americas 405,807 337,955 67,852 20.1 108,474 32.1 Europe 328,687 391,209 -62,522 -16.0 -19,332 -4.9 Other 74,343 84,245 -9,902 -11.8 -1,458 -1.7 - ----------------------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 76,357 93,754 -17,397 -18.6 -14,609 -15.6 Percentage of net sales (%) 5.2 6.0 Domestic 41,592 52,904 -11,312 -21.4 -11,312 -21.4 Overseas 34,765 40,850 -6,085 -14.9 -3,297 -8.1 The Americas 10,052 11,101 -1,049 -9.4 -96 -0.9 Europe 11,402 14,162 -2,760 -19.5 -1,495 -10.6 Other 13,311 15,587 -2,276 -14.6 -1,706 -10.9 - ----------------------------------------------------------------------------------------------------------------------------- [Other] Other 92,284 110,496 -18,212 -16.5 -17,747 -16.1 Percentage of net sales (%) 6.3 7.0 Domestic 87,682 101,623 -13,941 -13.7 -13,941 -13.7 Overseas 4,602 8,873 -4,271 -48.1 -3,806 -42.9 The Americas 538 1,411 -873 -61.9 -830 -58.8 Europe 1,378 2,892 -1,514 -52.4 -1,352 -46.7 Other 2,686 4,570 -1,884 -41.2 -1,624 -35.5 - ----------------------------------------------------------------------------------------------------------------------------- Grand Total 1,474,731 1,568,018 -93,287 -5.9 2,222 0.1 Percentage of net sales (%) 100.0 100.0 Domestic 626,527 704,886 -78,359 -11.1 -78,359 -11.1 Percentage of net sales (%) 42.5 45.0 Overseas 848,204 863,132 -14,928 -1.7 80,581 9.3 Percentage of net sales (%) 57.5 55.0 The Americas 416,397 350,467 65,930 18.8 107,548 30.7 Percentage of net sales (%) 28.2 22.4 Europe 341,467 408,263 -66,796 -16.4 -22,179 -5.4 Percentage of net sales (%) 23.2 26.0 Other 90,340 104,402 -14,062 -13.5 -4,788 -4.6 Percentage of net sales (%) 6.1 6.6 - ----------------------------------------------------------------------------------------------------------------------------- Reference: Exchange rate US$ 1 Yen 93.62 Yen 102.83 Yen -9.21 EURO 1 Yen 133.03 Yen 150.74 Yen -17.71
* Each category includes the following product line: Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners, MFPs(multifunctional printers), laser printers and software Network System Solutions Personal computers, servers, network systems and network related software Industrial Products Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment Other Digital cameras A1 Three months ended December 31, 2008 and 2009
(Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ Three months ended Three months ended Change excluding December 31, 2009 December 31, 2008 Change % exchange impact % - ------------------------------------------------------------------------------------------------------------------------ [Imaging & Solutions] Imaging Solutions 368,192 383,997 -15,805 -4.1 -11,398 -3.0 Percentage of net sales (%) 75.8 76.5 Domestic 125,664 136,870 -11,206 -8.2 -11,206 -8.2 Overseas 242,528 247,127 -4,599 -1.9 -192 -0.1 Network System Solutions 62,769 59,999 2,770 4.6 4,048 6.7 Percentage of net sales (%) 12.9 11.9 Domestic 36,844 38,611 -1,767 -4.6 -1,767 -4.6 Overseas 25,925 21,388 4,537 21.2 5,815 27.2 Imaging & Solutions Total 430,961 443,996 -13,035 -2.9 -7,350 -1.7 Percentage of net sales (%) 88.7 88.4 Domestic 162,508 175,481 -12,973 -7.4 -12,973 -7.4 Overseas 268,453 268,515 -62 0.0 5,623 2.1 The Americas 132,137 129,546 2,591 2.0 12,954 10.0 Europe 111,198 115,587 -4,389 -3.8 -8,095 -7.0 Other 25,118 23,382 1,736 7.4 764 3.3 - ------------------------------------------------------------------------------------------------------------------------ [Industrial Products] Industrial Products 25,156 25,913 -757 -2.9 -531 -2.0 Percentage of net sales (%) 5.2 5.2 Domestic 14,107 15,590 -1,483 -9.5 -1,483 -9.5 Overseas 11,049 10,323 726 7.0 952 9.2 The Americas 2,960 2,983 -23 -0.8 168 5.6 Europe 3,665 3,283 382 11.6 244 7.4 Other 4,424 4,057 367 9.0 540 13.3 - ------------------------------------------------------------------------------------------------------------------------ [Other] Other 29,823 32,182 -2,359 -7.3 -2,294 -7.1 Percentage of net sales (%) 6.1 6.4 Domestic 28,223 29,998 -1,775 -5.9 -1,775 -5.9 Overseas 1,600 2,184 -584 -26.7 -519 -23.8 The Americas 142 353 -211 -59.8 -206 -58.4 Europe 458 683 -225 -32.9 -244 -35.7 Other 1,000 1,148 -148 -12.9 -69 -6.0 - ------------------------------------------------------------------------------------------------------------------------ Grand Total 485,940 502,091 -16,151 -3.2 -10,175 -2.0 Percentage of net sales (%) 100.0 100.0 Domestic 204,838 221,069 -16,231 -7.3 -16,231 -7.3 Percentage of net sales (%) 42.2 44.0 Overseas 281,102 281,022 80 0.0 6,056 2.2 Percentage of net sales (%) 57.8 56.0 The Americas 135,239 132,882 2,357 1.8 12,916 9.7 Percentage of net sales (%) 27.8 26.5 Europe 115,321 119,553 -4,232 -3.5 -8,095 -6.8 Percentage of net sales (%) 23.7 23.8 Other 30,542 28,587 1,955 6.8 1,235 4.3 Percentage of net sales (%) 6.3 5.7 - ------------------------------------------------------------------------------------------------------------------------ Reference: Exchange rate US$ 1 Yen 89.75 Yen 96.21 Yen -6.46 EURO 1 Yen 132.60 Yen 126.97 Yen 5.63
* Each category includes the following product line: Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners, MFPs(multifunctional printers), laser printers and software Network System Solutions Personal computers, servers, network systems and network related software Industrial Products Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment Other Digital cameras A2 2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen) - ---------------------------------------------------------------------------------------------------------------------------------- Third Quarter ended Fourth Quarter ending Year ending December 31, 2009 Change March 31, 2010 Change March 31, 2010 Change Forecast % Forecast % Forecast % - ---------------------------------------------------------------------------------------------------------------------------------- Net sales 1,474.7 -5.9 525.2 0.3 2,000.0 -4.4 Gross profit 608.4 -7.5 198.5 0.9 807.0 -5.5 Operating income 37.7 -56.3 7.2 -- 45.0 -39.6 Income before income taxes 30.8 -48.7 4.1 -- 35.0 13.1 Net income attributable to Ricoh Company, Ltd. 14.4 -51.2 0.5 -- 15.0 129.7 - ---------------------------------------------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. 19.87 -- 0.80 -- 20.67 -- shareholders per share-basic (yen) Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 19.32 -- 0.77 -- 20.09 -- - ---------------------------------------------------------------------------------------------------------------------------------- Capital expenditures 48.3 -- 26.8 -- 75.0 -- Depreciation for tangible fixed assets 51.8 -- 18.3 -- 70.0 -- R&D expenditures 81.8 -- 30.3 -- 112.0 -- - ---------------------------------------------------------------------------------------------------------------------------------- Exchange rate (Yen/US$) 93.62 -- 90.00 -- 92.72 -- Exchange rate (Yen/EURO) 133.03 -- 130.00 -- 132.27 -- - ----------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen) - ---------------------------------------------------------------------------------------------------------- Fourth Quarter ending March 31, 2010 Year ending March 31, 2010 --------------------- -------------------------- Change Change Change Change Forecast % Forecast(*) % Forecast % Forecast(*) % - ---------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 398.2 -0.6 398.0 -0.6 1,511.5 -5.5 1,595.3 -0.2 Domestic 142.4 -1.3 142.4 -1.3 524.0 -7.6 524.0 -7.6 Overseas 255.8 -0.2 255.6 -0.3 987.5 -4.3 1,071.3 3.9 Network System Solutions 70.2 2.0 70.6 2.6 263.0 12.2 271.7 15.9 Domestic 42.5 -6.8 42.5 -6.8 158.2 -8.5 158.2 -8.5 Overseas 27.7 19.3 28.1 21.1 104.9 70.4 113.5 84.4 Imaging & Solutions Total 468.4 -0.2 468.6 -0.2 1,774.5 -3.2 1,866.9 1.8 Domestic 184.9 -2.6 184.9 -2.6 682.1 -7.8 682.1 -7.8 Overseas 283.5 1.4 283.7 1.5 1,092.4 -0.1 1,184.8 8.4 The Americas 146.4 -2.1 152.2 1.8 552.3 13.3 598.7 22.8 Europe 113.5 2.5 106.8 -3.5 442.2 -11.9 478.7 -4.6 Other 23.6 22.6 24.6 27.8 97.9 -5.4 107.4 3.8 - ---------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 25.7 17.8 25.6 17.6 102.0 -11.7 104.8 -9.3 Domestic 14.4 21.1 14.4 21.1 56.0 -13.6 56.0 -13.6 Overseas 11.3 13.7 11.2 13.3 46.0 -9.3 48.8 -3.9 The Americas 3.3 25.8 3.4 30.7 13.4 -2.7 14.4 5.2 Europe 3.6 -11.6 3.4 -15.8 15.0 -17.7 16.1 -11.7 Other 4.4 36.1 4.4 36.1 17.7 -5.9 18.3 -2.9 - ---------------------------------------------------------------------------------------------------------- [Other] Other 31.2 -4.2 31.2 -4.2 123.5 -13.7 123.9 -13.4 Domestic 29.2 -8.1 29.2 -8.1 116.9 -12.4 116.9 -12.4 Overseas 2.0 150.6 2.0 153.2 6.6 -31.9 7.1 -26.9 The Americas 0.1 -38.7 0.1 -26.4 0.6 -59.5 0.7 -55.5 Europe 0.7 78.1 0.7 78.1 2.1 -36.7 2.2 -31.8 Other 1.2 404.3 1.2 404.3 3.9 -19.5 4.1 -14.1 - ---------------------------------------------------------------------------------------------------------- Grand Total 525.3 0.3 525.4 0.3 2,000.0 -4.4 2,095.6 0.2 Domestic 228.5 -2.1 228.5 -2.1 855.0 -8.9 855.0 -8.9 Overseas 296.8 2.3 296.9 2.3 1,145.0 -0.7 1,240.6 7.6 The Americas 149.8 -1.7 155.8 2.2 566.2 12.6 613.8 22.1 Europe 117.8 2.3 111.0 -3.6 459.3 -12.3 497.1 -5.0 Other 29.2 28.4 30.2 32.9 119.5 -6.0 129.8 2.1 - ----------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact A3 -----END PRIVACY-ENHANCED MESSAGE-----