-----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, JlNS+cEZ7VmLoIDWeE5zOaHOHmJlzMUyUXaQ322DM/MrjjZvc2FyZBP8VanFf30q mpkkoRtYsR9PgjwUHMwoIQ== 0000317891-10-000010.txt : 20100802 0000317891-10-000010.hdr.sgml : 20100802 20100802060129 ACCESSION NUMBER: 0000317891-10-000010 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100802 FILED AS OF DATE: 20100802 DATE AS OF CHANGE: 20100802 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: 10982654 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 r6k100802a.txt 2010 1ST 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 August 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 August 2, 2010 - -------------------------------------------------------------------------------- RICOH August 2, 2010 QUARTERLY REPORT First Quarter ended June 30, 2010 (Results for the Period from April 1, 2010 to June 30, 2010) PERFORMANCE OUTLINE (CONSOLIDATED)
(Billions of yen) - --------------------------------------------------------------------------------------------- ------------------------ Three months ended Three months ended Year ending June 30, 2010 June 30, 2009 March 31, 2011 Results Results Change Forecast Change - --------------------------------------------------------------------------------------------- ------------------------ Domestic sales 212.9 206.7 3.0% 914.0 4.3% Overseas sales 270.0 284.6 -5.1% 1,136.0 -0.3% Net sales 482.9 491.3 -1.7% 2,050.0 1.7% Gross profit 204.3 200.3 2.0% 835.0 1.5% Operating income 21.8 6.0 259.6% 85.0 28.8% Income before income taxes 15.4 3.4 353.6% 75.0 30.4% Net income attributable to Ricoh Company, Ltd. 7.3 0.9 712.1% 35.0 25.6% - --------------------------------------------------------------------------------------------- ------------------------ Exchange rate (Yen/US$) 92.13 97.51 -5.38 90.53 -2.38 Exchange rate (Yen/EURO) 117.52 132.69 -15.17 111.88 -19.33 - --------------------------------------------------------------------------------------------- ------------------------ Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 10.11 1.24 8.87 48.24 9.83 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 9.83 1.20 8.63 46.93 9.57 - --------------------------------------------------------------------------------------------- ------------------------ Cash flows from operating activities 41.4 32.5 8.8 -- -- Cash flows from investing activities -20.8 -26.5 5.6 -- -- Cash flows from financing activities 32.4 -69.9 102.3 -- -- Cash and cash equivalents at end of period 286.2 196.0 90.1 -- -- - --------------------------------------------------------------------------------------------- ------------------------ Capital expenditures 15.8 17.3 -1.5 72.0 5.0 Depreciation for tangible fixed assets 16.0 16.6 -0.6 67.0 -3.3 R&D expenditures 25.6 27.2 -1.6 112.0 2.1 - --------------------------------------------------------------------------------------------- ------------------------ June 30, 2010 March 31, 2010 Change - --------------------------------------------------------------------------------------------- Total assets 2,361.0 2,383.9 -22.8 Ricoh Company, Ltd. shareholders' equity 925.8 973.3 -47.4 Interest-bearing debt 743.7 684.4 59.2 - --------------------------------------------------------------------------------------------- Ricoh Company, Ltd. shareholders' equity ratio (%) 39.2 40.8 -1.6 - --------------------------------------------------------------------------------------------- Ricoh Company, Ltd. shareholders' equity per share (yen) 1,276.04 1,341.45 -65.41 - ---------------------------------------------------------------------------------------------
RICOH COMPANY, LTD. * The Company bases the forecast estimates for the fiscal year ending March 31, 2011 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 1 RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED JUNE 30, 2010 (U.S. GAAP FINANCIAL INFORMATION) 1. RESULTS FOR THE PERIOD FROM APRIL 1, 2010 TO JUNE 30, 2010 (1) Operating Results (Millions of yen) - ------------------------------------------------------------------------------ Three months ended Three months ended June 30, 2010 June 30, 2009 - ------------------------------------------------------------------------------ Net sales 482,954 491,389 (% change from the previous corresponding period) -1.7 -5.8 Operating income 21,847 6,076 (% change from the previous corresponding period) 259.6 -84.7 Income before income taxes 15,492 3,415 (% change from the previous corresponding period) 353.6 -92.2 Net income attributable to Ricoh Company, Ltd. 7,333 903 (% change from the previous corresponding period) 712.1 -96.5 Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 10.11 1.24 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 9.83 1.20 - ------------------------------------------------------------------------------ (2) Financial Position (Millions of yen) - ------------------------------------------------------------------------------ June 30, 2010 March 31, 2010 - ------------------------------------------------------------------------------ Total assets 2,361,052 2,383,943 Total equity 976,841 1,023,874 Ricoh Company, Ltd. shareholders' equity 925,863 973,341 Ricoh Company, Ltd. shareholders' equity ratio (%) 39.2 40.8 Ricoh Company, Ltd. shareholders' equity per share (yen) 1,276.04 1,341.45 - ------------------------------------------------------------------------------ 2. DIVIDEND INFORMATION - ------------------------------------------------------------------------------ Year ended Year ending March 31, 2010 March 31, 2011 (Results) (Forecast) - ------------------------------------------------------------------------------ Cash dividends, applicable to the year (yen) 33.00 33.00 Interim (yen) 16.50 16.50 Year-end (yen) 16.50 16.50 - ------------------------------------------------------------------------------ Notes: Revision of expected dividends during this period: No 3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2010 TO MARCH 31, 2011 (Millions of yen) - ------------------------------------------------------------------------------ Half year ending Year ending September 30, 2010 March 31, 2011 - ------------------------------------------------------------------------------ Net sales 984,000 2,050,000 Operating income 35,000 85,000 Income before income taxes 28,000 75,000 Net income attributable to Ricoh Company, Ltd. 12,500 35,000 Net income attributable to Ricoh Company, Ltd. shareholders per share (yen) 17.23 48.24 - ------------------------------------------------------------------------------ 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 June 30, 2010 744,912,078 shares As of March 31, 2010 744,912,078 shares
(4) Number of treasury stock: As of June 30, 2010 19,337,565 shares As of March 31, 2010 19,320,723 shares
(5) Average number of common stock: As of June 30, 2010 725,579,899 shares As of June 30, 2009 725,669,565 shares
2 CONSOLIDATED PERFORMANCE 1. OPERATING RESULTS *Overview Consolidated net sales of Ricoh Group for the first quarter of fiscal year 2011 (the three months period from April 1, 2010 to June 30, 2010) decreased by 1.7% as compared to the previous corresponding period, to Yen 482.9 billion. During this quarter, the average yen exchange rates were Yen 92.13 against the U.S. dollar (up Yen 5.38) and Yen 117.52 against the Euro (up Yen 15.17). Net sales would have increased by 2.6% excluding impact of such foreign currency exchange fluctuation. The Japanese economy had shown some moderate recovery from the second half of the previous year. However, unpredictable situation remained because of the sharp appreciation of the Yen against the U.S. dollar and the Euro as well as decline of the stock market. Despite the severe situation, domestic sales in all the segments such as the Imaging & Solutions, Industrial Products and Other increased from the previous corresponding period. Consequently, overall sales in Japan increased by 3.0% as compared to the previous corresponding period. The overseas economy had shown recovery trend partially. However, it remained sluggish due to financial crisis and employment insecurity in some European countries. Moreover, the appreciation of the Yen against the U.S. dollar and the Euro developed, and therefore Ricoh continued to be in the severe business environment. As for overseas sales, although sales in the Americas, due to the economic downturns and the appreciation of the Yen against the U.S. dollar, decreased by 6.6% (-1.0%, excluding foreign currency exchange fluctuation) and sales in Europe decreased by 9.3% (+2.2%, excluding foreign currency exchange fluctuation), sales in Other, comprised of China, South East Asia and Oceania, increased by 19.1% (+20.1%, excluding foreign currency exchange fluctuation). As a result, sales in the overseas market decreased by 5.1% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 2.3% as compared to the previous corresponding period. Gross profit, despite decrease in sales and the appreciation of the Yen, increased by 2.0% as compared to the previous corresponding period, to Yen 204.3 billion due mainly to the increased sales of value-added high-margin products in addition to ongoing cost reduction. Group-wide cost reduction efforts contributed largely to a decline in selling, general and administrative expenses. Consequently, selling, general and administrative expenses decreased by 6.1% as compared to the previous corresponding period, to Yen 182.4 billion. As a result, operating income increased by 259.6% as compared to the previous corresponding period, to Yen 21.8 billion. For other (income) expenses, foreign exchange loss increased. As a result, income before income taxes increased by 353.6% as compared to the previous corresponding period, to Yen 15.4 billion. As a result, net income attributable to Ricoh Company, Ltd. increased by Yen 6.4 billion as compared to the previous corresponding period, to Yen 7.3 billion. 3 *Conditions by Product Line Imaging & Solutions (Sales down 2.8% to Yen 424.6 billion) - ---------------------------------------------------------- Imaging Solutions (Sales down 4.8% to Yen 359.9 billion) ------------------------------------------------------- Sales in this category decreased by 4.8% as compared to the previous corresponding period, to Yen 359.9 billion. The sales would have increased by 0.1% excluding the effects of foreign currency fluctuations. As for sales of PPCs and MFPs, while the sales of color products remained steady, the sales of monochrome products decreased as compared to the previous corresponding period. Sales of production printing products increased due to new product launch. Network System Solutions (Sales up 10.3% to Yen 64.7 billion) ------------------------------------------------------------- Sales in this category increased by 10.3% as compared to the previous corresponding period, to Yen 64.7 billion due mainly to expanding MDS (Managed Document Services) and IT service around the world. As a result, sales in the Imaging & Solutions segment decreased by 2.8% as compared to the previous corresponding period, to Yen 424.6 billion. Operating income increased by 58.9% as compared to the previous corresponding period, to Yen 37.9 billion due mainly to the increased sales of value-added high-margin products in addition to ongoing cost reduction. Industrial Products (Sales up 12.7% to Yen 27.9 billion) - -------------------------------------------------------- Sales in the Industrial Products segment increased by 12.7% as compared to the previous corresponding period, to Yen 27.9 billion. Sales of semiconductor devices, thermal media, optical equipment and electronic components increased as compared to the previous corresponding period. As a result, operating income in the Industrial Products segment amounted to Yen 0.4 billion (operating loss Yen 0.3 billion for the previous corresponding period). Other (Sales up 1.8% to Yen 30.3 billion) - ----------------------------------------- Net sales in the Other segment increased by 1.8% as compared to the previous corresponding period, to Yen 30.3 billion. Sales of digital cameras and so on increased in Japan and overseas. As a result operating loss in the Other segment amounted to Yen 0.1 billion (operating loss Yen 0.2 billion for the previous corresponding period). 2. FINANCIAL POSITION *Assets, Liabilities and Equity For Assets, cash and time deposits increased temporarily from the end of the previous fiscal year because Ricoh issued unsecured bonds on June 22, 2010 in order to have financial arrangements with redemption of convertible bonds. The yen equivalent of foreign-currency-denominated assets decreased because the appreciation of the Yen developed from the previous fiscal year. As a result, total assets decreased by Yen 22.8 billion, to Yen 2,361.0 billion. For Liabilities, while short-term borrowings and so on decreased, long-term liabilities increased due to the issue of unsecured bonds. As a result, total liabilities increased by Yen 24.1 billion, to Yen 1,384.2 billion. For Total Equity, the change in retained earnings resulted from payment for dividends and net income attributable to Ricoh Company, Ltd. Accumulated other comprehensive loss increased due mainly to the fluctuation of cumulative translation adjustments reflecting exchange fluctuation from the end of the previous period. As a result, Total Equity decreased by Yen 47.0 billion from the end of the previous fiscal year, to Yen 976.8 billion. *Cash Flows (Three months from April 1, 2010 to June 30, 2010) Net cash provided by operating activities in this period increased by Yen 8.8 billion as compared to the previous corresponding period, to Yen 41.4 billion due mainly to the increase of consolidated net income. Net cash used in investing activities in this period decreased by Yen 5.6 billion as compared to the previous corresponding period, to Yen 20.8 billion. As a result, free cash inflows generated by operating and investing activities increased by Yen 14.5 billion as compared to the previous corresponding period, to Yen 20.5 billion. Net cash provided by financing activities amounted to Yen 32.4 billion due primarily to the issue of unsecured bonds. As a result, cash and cash equivalents at the end of this first quarter increased by Yen 44.1 billion as compared to the end of the previous fiscal year, to Yen 286.2 billion. 4 3. FORECAST FOR THE ENTIRE FISCAL YEAR As for the forecast of business results for the first half of fiscal year ending March 31, 2011 that previously announced in April 2010, while Ricoh has revised downward its forecast of sales, Ricoh has revised upward that of gross profit, operating income, income before income taxes and net income attributable to Ricoh Company, Ltd. This revision reflects the business result for the first quarter ended June 30, 2010. As for the forecast of business results for the full fiscal year ending March 31, 2011 that previously announced in April 2010, while Ricoh has revised upward its forecast of domestic sales, Ricoh has revised downward that of overseas sales. Ricoh assumes that exchange rates of Yen 90.00 against the U.S. dollar and of Yen 110.00 against the Euro in and after the second quarter, which were revised from the forecast that announced in April 2010. The actual exchange rates during the first quarter were incorporated in annual exchange rates assumption. Our performance forecast for fiscal year 2011 is as follows: Exchange Rate Assumptions for the full year ending March 31, 2011 US$ 1 = Yen 90.53 (Yen 92.91 in previous fiscal year) EURO 1 = Yen 111.88 (Yen 131.21 in previous fiscal year)
(Billions of yen) - --------------------------------------------------------------------------------------------------------------------- Half year ending Half year ended Year ending Year ended September 30, 2010 September 30, 2009 March 31, 2011 March 31, 2010 (Forecast) (Results) Change (Forecast) (Results) Change - --------------------------------------------------------------------------------------------------------------------- Domestic sales 438.0 421.6 3.9% 914.0 876.5 4.3% Overseas sales 546.0 567.1 -3.7% 1,136.0 1,139.7 -0.3% Net sales 984.0 988.7 -0.5% 2,050.0 2,016.3 1.7% Gross profit 405.0 398.2 1.7% 835.0 822.3 1.5% Operating income 35.0 13.9 150.1% 85.0 65.9 28.8% Income before income taxes 28.0 6.7 313.8% 75.0 57.5 30.4% Net income attributable to Ricoh Company, Ltd. 12.5 1.8 591.4% 35.0 27.8 25.6% - ---------------------------------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2011 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: Ricoh adopted the FASB Accounting Standards Codification ("ASC") 860 "Transfers and Servicing" updated by the FASB issued Accounting Standard Update ("ASU") No. 2009-16, "Accounting for Transfers of Financial Assets" in this fiscal year. This statement eliminates the concept of a qualifying special-purpose entity ("QSPE"), establishes conditions for reporting a transfer of a portion of a financial asset as a sale, clarifies the financial-asset derecognition criteria, revises how interests retained by the transferor in a sale of financial assets initially are measured. Ricoh also adopted FASB ASC 810 "Consolidation" updated by the FASB issued ASU No. 2009-17, "Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities" in this fiscal year. This accounting standard requires an enterprise to perform an analysis to identify the primary beneficiary of a variable interest entity and also requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity. Ricoh recognized Yen 24,264 million as Finance receivables and Yen 20,229 million as secured debt on Consolidated Balance Sheets to conform with these FASB ASC. The adoption of these FASB ASC did not have a material impact on cumulative effect on retained earnings. 5 5. CONSOLIDATED FINANCIAL STATEMENTS (1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen) - ------------------------------------------------------------------------------------------ June 30, 2010 March 31, 2010 Change - ------------------------------------------------------------------------------------------ Current Assets Cash and time deposits 288,150 243,888 44,262 Trade receivables 634,049 667,614 -33,565 Inventories 171,371 169,251 2,120 Other current assets 67,698 63,859 3,839 Total Current Assets 1,161,268 1,144,612 16,656 Fixed Assets Tangible fixed assets 258,023 263,021 -4,998 Finance receivables 449,438 445,896 3,542 Other investments 492,323 530,414 -38,091 Total Fixed Assets 1,199,784 1,239,331 -39,547 - ------------------------------------------------------------------------------------------ Total Assets 2,361,052 2,383,943 -22,891 - ------------------------------------------------------------------------------------------ Note: Contents of cash and time deposits; Cash and cash equivalents 286,277 242,165 Time deposits 1,873 1,723
Liabilities and Equity (Millions of yen) - ------------------------------------------------------------------------------------------ June 30, 2010 March 31, 2010 Change - ------------------------------------------------------------------------------------------ Current Liabilities Trade payables 241,005 273,397 -32,392 Short-term borrowings 142,473 169,727 -27,254 Other current liabilities 217,274 217,280 -6 Total Current Liabilities 600,752 660,404 -59,652 Fixed Liabilities Long-term indebtedness 601,235 514,718 86,517 Accrued pension and severance costs 141,333 140,460 873 Other fixed liabilities 40,891 44,487 -3,596 Total Fixed Liabilities 783,459 699,665 83,794 - ------------------------------------------------------------------------------------------ Total Liabilities 1,384,211 1,360,069 24,142 - ------------------------------------------------------------------------------------------ Equity Common stock 135,364 135,364 -- Additional paid-in capital 186,083 186,083 -- Retained earnings 815,652 820,701 -5,049 Accumulated other comprehensive loss -174,456 -132,051 -42,405 Treasury stock -36,780 -36,756 -24 Total Ricoh Company, Ltd. shareholders' equity 925,863 973,341 -47,478 Noncontrolling interests 50,978 50,533 445 - ------------------------------------------------------------------------------------------ Total Equity 976,841 1,023,874 -47,033 - ------------------------------------------------------------------------------------------ Total Liabilities and Equity 2,361,052 2,383,943 -22,891 - ------------------------------------------------------------------------------------------ Note: Accumulated other comprehensive loss; Net unrealized holding gains on available-for-sale securities 274 2,372 -2,098 Pension liability adjustments -47,190 -47,335 145 Net unrealized losses on derivative instruments -1,601 -1,157 -444 Cumulative translation adjustments -125,939 -85,931 -40,008 Reference: Exchange rate June 30, 2010 March 31, 2010 US$ 1 Yen 88.48 Yen 93.04 EURO 1 Yen 107.81 Yen 124.92
6 (2) CONSOLIDATED STATEMENTS OF INCOME
(Millions of yen) - ------------------------------------------------------------------------------------------------------ Three months ended Three months ended June 30, 2010 June 30, 2009 Change % - ------------------------------------------------------------------------------------------------------ Net sales 482,954 491,389 -8,435 -1.7 Cost of sales 278,636 291,084 -12,448 -4.3 Percentage of net sales (%) 57.7 59.2 Gross profit 204,318 200,305 4,013 2.0 Percentage of net sales (%) 42.3 40.8 Selling, general and administrative expenses 182,471 194,229 -11,758 -6.1 Percentage of net sales (%) 37.8 39.5 Operating income 21,847 6,076 15,771 259.6 Percentage of net sales (%) 4.5 1.2 Other (income) expenses Interest and dividend income 597 583 14 2.4 Percentage of net sales (%) 0.1 0.1 Interest expense 1,854 2,103 -249 -11.8 Percentage of net sales (%) 0.4 0.4 Other, net 5,098 1,141 3,957 346.8 Percentage of net sales (%) 1.0 0.2 Income before income taxes, equity income and minority interests 15,492 3,415 12,077 353.6 Percentage of net sales (%) 3.2 0.7 Provision for income taxes 7,296 1,879 5,417 288.3 Percentage of net sales (%) 1.5 0.4 Equity in earnings of affiliates -7 4 -11 -- Percentage of net sales (%) -0.0 0.0 Consolidated net income 8,189 1,540 6,649 431.8 Percentage of net sales (%) 1.7 0.3 Net income attributable to noncontrolling interests 856 637 219 34.4 Percentage of net sales (%) 0.2 0.1 Net income attributable to Ricoh Company, Ltd. 7,333 903 6,430 712.1 Percentage of net sales (%) 1.5 0.2 - ------------------------------------------------------------------------------------------------------ Reference : Exchange rate US$ 1 Yen 92.13 Yen 97.51 EURO 1 Yen 117.52 Yen 132.69
CONSOLIDATED SALES BY PRODUCT CATEGORY (Millions of yen) - ------------------------------------------------------------------------------------------------------ Three months ended Three months ended June 30, 2010 June 30, 2009 Change % - ------------------------------------------------------------------------------------------------------ [Imaging & Solutions] Imaging Solutions 359,925 378,098 -18,173 -4.8 Percentage of net sales (%) 74.5 76.9 Network System Solutions 64,764 58,722 6,042 10.3 Percentage of net sales (%) 13.4 12.0 Imaging & Solutions Total 424,689 436,820 -12,131 -2.8 Percentage of net sales (%) 87.9 88.9 - ------------------------------------------------------------------------------------------------------ [Industrial Products] Industrial Products 27,905 24,754 3,151 12.7 Percentage of net sales (%) 5.8 5.0 - ------------------------------------------------------------------------------------------------------ [Other] Other 30,360 29,815 545 1.8 Percentage of net sales (%) 6.3 6.1 - ------------------------------------------------------------------------------------------------------ Grand Total 482,954 491,389 -8,435 -1.7 Percentage of net sales (%) 100.0 100.0 - ------------------------------------------------------------------------------------------------------
CONSOLIDATED SALES BY GEOGRAPHIC AREA (Millions of yen) - ------------------------------------------------------------------------------------------------------ Three months ended Three months ended June 30, 2010 June 30, 2009 Change % - ------------------------------------------------------------------------------------------------------ [Domestic] 212,916 206,739 6,177 3.0 Percentage of net sales (%) 44.1 42.1 [Overseas] 270,038 284,650 -14,612 -5.1 Percentage of net sales (%) 55.9 57.9 The Americas 133,410 142,770 -9,360 -6.6 Percentage of net sales (%) 27.6 29.1 Europe 103,117 113,750 -10,633 -9.3 Percentage of net sales (%) 21.4 23.1 Other 33,511 28,130 5,381 19.1 Percentage of net sales (%) 6.9 5.7 Grand Total 482,954 491,389 -8,435 -1.7 Percentage of net sales (%) 100.0 100.0 - ------------------------------------------------------------------------------------------------------
7 (3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen) - -------------------------------------------------------------------------------------------------------------- Three months ended Three months ended June 30, 2010 June 30, 2009 - -------------------------------------------------------------------------------------------------------------- I. Cash Flows from Operating Activities: Consolidated net income 8,189 1,540 Adjustments to reconcile consolidated net income to net cash provided by operating activities-- Depreciation and amortization 22,412 23,836 Equity in earnings of affiliates, net of dividends received 7 -4 Deferred income taxes -1,729 -4,133 Loss on disposals and sales of tangible fixed assets 443 86 Pension and severance costs, less payments 1,692 -550 Changes in assets and liabilities-- Decrease in trade receivables 16,795 35,697 (Increase) Decrease in inventories -11,333 241 Decrease in finance receivables 7,320 8,134 Decrease in trade payables -26,347 -39,847 Increase in accrued income taxes and accrued expenses and other 21,579 4,306 Other, net 2,386 3,238 - -------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 41,414 32,544 - -------------------------------------------------------------------------------------------------------------- II. Cash Flows from Investing Activities: Proceeds from sales of property, plant and equipment 16 178 Expenditures for property, plant and equipment, including interest capitalized -15,803 -17,384 Payments for purchases of available-for-sale securities -57 -602 Proceeds from sales of available-for-sale securities 4 910 (Increase) Decrease in time deposits -243 218 Purchase of business, net of cash acquired -- -4,760 Other, net -4,783 -5,124 - -------------------------------------------------------------------------------------------------------------- Net cash used in investing activities -20,866 -26,564 - -------------------------------------------------------------------------------------------------------------- III. Cash Flows from Financing Activities: Proceeds from long-term indebtedness 15,971 28,903 Repayment of long-term indebtedness -23,693 -21,626 Decrease in short-term borrowings, net -27,314 -101,061 Proceeds from issuance of long-term debt securities 79,741 35,000 Dividends paid -11,972 -10,885 Payment for purchase of treasury stock -29 -30 Other, net -301 -276 - -------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities 32,403 -69,975 - -------------------------------------------------------------------------------------------------------------- IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -8,839 1,609 - -------------------------------------------------------------------------------------------------------------- V. Net Increase (Decrease) in Cash and Cash Equivalents 44,112 -62,386 - -------------------------------------------------------------------------------------------------------------- VI. Cash and Cash Equivalents at Beginning of Year 242,165 258,484 - -------------------------------------------------------------------------------------------------------------- VII. Cash and Cash Equivalents at End of Period 286,277 196,098 - --------------------------------------------------------------------------------------------------------------
(4) NOTES ON PREMISE GOING CONCERN Not applicable 8 (5)SEGMENT INFORMATION (a) Operating Segments Information
(Millions of yen) - ---------------------------------------------------------------------------------------------------------- Three months ended Three months ended June 30, 2010 June 30, 2009 Change % - ---------------------------------------------------------------------------------------------------------- IMAGING & SOLUTIONS: Net sales: Unaffiliated customers 424,689 436,820 -12,131 -2.8 Intersegment -- -- -- -- Total 424,689 436,820 -12,131 -2.8 - ---------------------------------------------------------------------------------------------------------- Operating expenses 386,771 412,961 -26,190 -6.3 - ---------------------------------------------------------------------------------------------------------- Operating income 37,918 23,859 14,059 58.9 Operating income on sales in Imaging & Solutions (%) 8.9 5.5 - ---------------------------------------------------------------------------------------------------------- INDUSTRIAL PRODUCTS: Net sales: Unaffiliated customers 27,905 24,754 3,151 12.7 Intersegment 1,186 894 292 32.7 Total 29,091 25,648 3,443 13.4 - ---------------------------------------------------------------------------------------------------------- Operating expenses 28,607 26,002 2,605 10.0 - ---------------------------------------------------------------------------------------------------------- Operating income 484 -354 838 -- Operating income on sales in Industrial Products (%) 1.7 -1.4 - ---------------------------------------------------------------------------------------------------------- OTHER: Net sales: Unaffiliated customers 30,360 29,815 545 1.8 Intersegment -- -- -- -- Total 30,360 29,815 545 1.8 - ---------------------------------------------------------------------------------------------------------- Operating expenses 30,488 30,093 395 1.3 - ---------------------------------------------------------------------------------------------------------- Operating income -128 -278 150 -- Operating income on sales in Other (%) -0.4 -0.9 - ---------------------------------------------------------------------------------------------------------- CORPORATE AND ELIMINATIONS: Net sales: Intersegment -1,186 -894 -292 -- Total -1,186 -894 -292 -- - ---------------------------------------------------------------------------------------------------------- Operating expenses: Intersegment -1,186 -890 -296 -- Corporate 16,427 17,147 -720 -- Total 15,241 16,257 -1,016 -- - ---------------------------------------------------------------------------------------------------------- Operating income -16,427 -17,151 724 -- - ---------------------------------------------------------------------------------------------------------- CONSOLIDATED: Net sales: Unaffiliated customers 482,954 491,389 -8,435 -1.7 Intersegment -- -- -- -- Total 482,954 491,389 -8,435 -1.7 - ---------------------------------------------------------------------------------------------------------- Operating expenses 461,107 485,313 -24,206 -5.0 - ---------------------------------------------------------------------------------------------------------- Operating income 21,847 6,076 15,771 259.6 Operating income on consolidated net sales (%) 4.5 1.2 - ----------------------------------------------------------------------------------------------------------
9 (b) Geographic Segments Information
(Millions of yen) - ----------------------------------------------------------------------------------------------------------------- Three months ended Three months ended June 30, 2010 June 30, 2009 Change % - ----------------------------------------------------------------------------------------------------------------- JAPAN: Net sales: External customers 217,126 210,421 6,705 3.2 Intersegment 112,367 90,510 21,857 24.1 Total 329,493 300,931 28,562 9.5 - ----------------------------------------------------------------------------------------------------------------- Operating expenses 312,550 298,341 14,209 4.8 - ----------------------------------------------------------------------------------------------------------------- Operating income 16,943 2,590 14,353 554.2 Operating income on sales in Japan (%) 5.1 0.9 - ----------------------------------------------------------------------------------------------------------------- THE AMERICAS: Net sales: External customers 132,358 142,656 -10,298 -7.2 Intersegment 777 638 139 21.8 Total 133,135 143,294 -10,159 -7.1 - ----------------------------------------------------------------------------------------------------------------- Operating expenses 134,049 148,027 -13,978 -9.4 - ----------------------------------------------------------------------------------------------------------------- Operating income -914 -4,733 3,819 -- Operating income on sales in the Americas (%) -0.7 -3.3 - ----------------------------------------------------------------------------------------------------------------- EUROPE: Net sales: External customers 105,240 114,516 -9,276 -8.1 Intersegment 624 604 20 3.3 Total 105,864 115,120 -9,256 -8.0 - ----------------------------------------------------------------------------------------------------------------- Operating expenses 99,601 109,862 -10,261 -9.3 - ----------------------------------------------------------------------------------------------------------------- Operating income 6,263 5,258 1,005 19.1 Operating income on sales in Europe (%) 5.9 4.6 - ----------------------------------------------------------------------------------------------------------------- OTHER: Net sales: External customers 28,230 23,796 4,434 18.6 Intersegment 42,913 33,897 9,016 26.6 Total 71,143 57,693 13,450 23.3 - ----------------------------------------------------------------------------------------------------------------- Operating expenses 66,680 55,293 11,387 20.6 - ----------------------------------------------------------------------------------------------------------------- Operating income 4,463 2,400 2,063 86.0 Operating income on sales in Other (%) 6.3 4.2 - ----------------------------------------------------------------------------------------------------------------- CORPORATE AND ELIMINATIONS: Net sales: Intersegment -156,681 -125,649 -31,032 -- Total -156,681 -125,649 -31,032 -- - ----------------------------------------------------------------------------------------------------------------- Operating expenses -151,773 -126,210 -25,563 -- - ----------------------------------------------------------------------------------------------------------------- Operating income -4,908 561 -5,469 -- - ----------------------------------------------------------------------------------------------------------------- CONSOLIDATED: Net sales: External customers 482,954 491,389 -8,435 -1.7 Intersegment -- -- -- -- Total 482,954 491,389 -8,435 -1.7 - ----------------------------------------------------------------------------------------------------------------- Operating expenses 461,107 485,313 -24,206 -5.0 - ----------------------------------------------------------------------------------------------------------------- Operating income 21,847 6,076 15,771 259.6 Operating income on consolidated net sales (%) 4.5 1.2 - -----------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY Not applicable 10 - -APPENDIX- (THREE MONTHS ENDED JUNE 30, 2010) 1. CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen) - ---------------------------------------------------------------------------------------------------------------------------- Three months ended Three months ended Change excluding June 30, 2010 June 30, 2009 Change % exchange impact % - ---------------------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 359,925 378,098 -18,173 -4.8 307 0.1 Percentage of net sales (%) 74.5 76.9 Domestic 130,081 131,425 -1,344 -1.0 -1,344 -1.0 Overseas 229,844 246,673 -16,829 -6.8 1,651 0.7 Network System Solutions 64,764 58,722 6,042 10.3 8,041 13.7 Percentage of net sales (%) 13.4 12.0 Domestic 36,497 33,370 3,127 9.4 3,127 9.4 Overseas 28,267 25,352 2,915 11.5 4,914 19.4 Imaging & Solutions Total 424,689 436,820 -12,131 -2.8 8,348 1.9 Percentage of net sales (%) 87.9 88.9 Domestic 166,578 164,795 1,783 1.1 1,783 1.1 Overseas 258,111 272,025 -13,914 -5.1 6,565 2.4 The Americas 130,399 139,165 -8,766 -6.3 -1,059 -0.8 Europe 99,358 109,420 -10,062 -9.2 2,611 2.4 Other 28,354 23,440 4,914 21.0 5,013 21.4 - ---------------------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 27,905 24,754 3,151 12.7 3,853 15.6 Percentage of net sales (%) 5.8 5.0 Domestic 17,142 13,460 3,682 27.4 3,682 27.4 Overseas 10,763 11,294 -531 -4.7 171 1.5 The Americas 2,901 3,326 -425 -12.8 -258 -7.8 Europe 3,520 3,967 -447 -11.3 -49 -1.2 Other 4,342 4,001 341 8.5 478 11.9 - ---------------------------------------------------------------------------------------------------------------------------- [Other] Other 30,360 29,815 545 1.8 628 2.1 Percentage of net sales (%) 6.3 6.1 Domestic 29,196 28,484 712 2.5 712 2.5 Overseas 1,164 1,331 -167 -12.5 -84 -6.3 The Americas 110 279 -169 -60.6 -165 -59.1 Europe 239 363 -124 -34.2 -94 -25.9 Other 815 689 126 18.3 175 25.4 - ---------------------------------------------------------------------------------------------------------------------------- Grand Total 482,954 491,389 -8,435 -1.7 12,829 2.6 Percentage of net sales (%) 100.0 100.0 Domestic 212,916 206,739 6,177 3.0 6,177 3.0 Percentage of net sales (%) 44.1 42.1 Overseas 270,038 284,650 -14,612 -5.1 6,652 2.3 Percentage of net sales (%) 55.9 57.9 The Americas 133,410 142,770 -9,360 -6.6 -1,482 -1.0 Percentage of net sales (%) 27.6 29.1 Europe 103,117 113,750 -10,633 -9.3 2,468 2.2 Percentage of net sales (%) 21.4 23.1 Other 33,511 28,130 5,381 19.1 5,666 20.1 Percentage of net sales (%) 6.9 5.7 - ---------------------------------------------------------------------------------------------------------------------------- Reference: Exchange rate US$ 1 Yen 92.13 Yen 97.51 Yen -5.38 EURO 1 Yen 117.52 Yen 132.69 Yen -15.17
*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 2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen) - ------------------------------------------------------------------------------------------------------------------------------- Three months ended Three months ending Half year ending Year ending June 30, 2010 Change Sept. 30, 2010 Change Sept. 30, 2010 Change March 31, 2011 Change Results % Forecast % Forecast % Forecast % - ------------------------------------------------------------------------------------------------------------------------------- Net sales 482.9 -1.7 501.0 0.7 984.0 -0.5 2,050.0 1.7 Gross profit 204.3 2.0 200.6 1.4 405.0 1.7 835.0 1.5 Operating income 21.8 259.6 13.1 66.1 35.0 150.1 85.0 28.8 Income before income taxes 15.4 353.6 12.5 273.3 28.0 313.8 75.0 30.4 Net income attributable to Ricoh Company, Ltd. 7.3 712.1 5.1 470.9 12.5 591.4 35.0 25.6 - ------------------------------------------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 10.11 -- 7.12 -- 17.23 -- 48.24 -- Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 9.83 -- 6.93 -- 16.76 -- 46.93 -- - ------------------------------------------------------------------------------------------------------------------------------- Capital expenditures 15.8 -- 26.2 -- 42.0 -- 72.0 -- Depreciation for tangible fixed assets 16.0 -- 16.0 -- 32.0 -- 67.0 -- R&D expenditures 25.6 -- 31.4 -- 57.0 -- 112.0 -- - ------------------------------------------------------------------------------------------------------------------------------- Exchange rate (Yen/ US$) 92.13 -- 90.00 -- 91.07 -- 90.53 -- Exchange rate (Yen/ EURO) 117.52 -- 110.00 -- 113.76 -- 111.88 -- - -------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen) - ------------------------------------------------------------------------------------------------------------------------------- Half year ending September 30, 2010 Year ending March 31, 2011 - ------------------------------------------------------------------------------------------------------------------------------- Change Change Change Change Forecast % Forecast(*) % Forecast % Forecast(*) % - ------------------------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 727.9 -2.3 772.4 3.7 1,524.6 0.6 1,604.1 5.8 Domestic 259.4 1.4 259.4 1.4 545.1 2.7 545.1 2.7 Overseas 468.5 -4.2 513.0 4.9 979.5 -0.6 1,059.0 7.5 Network System Solutions 136.6 5.0 140.6 8.1 283.7 3.5 289.8 5.7 Domestic 83.0 5.3 83.0 5.3 177.0 3.5 177.0 3.5 Overseas 53.6 4.5 57.6 12.3 106.7 3.5 112.8 9.4 Imaging & Solutions Total 864.5 -1.2 913.0 4.3 1,808.3 1.0 1,893.9 5.8 Domestic 342.4 2.3 342.4 2.3 722.1 2.9 722.1 2.9 Overseas 522.1 -3.4 570.6 5.6 1,086.2 -0.2 1,171.8 7.7 The Americas 265.5 -3.0 278.6 1.8 555.4 2.1 569.3 4.6 Europe 198.2 -8.9 232.2 6.8 407.7 -7.7 477.7 8.2 Other 58.5 18.7 59.8 21.4 123.2 20.0 124.8 21.6 - ------------------------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 54.8 7.0 56.2 9.7 111.2 9.4 113.7 11.8 Domestic 33.6 22.3 33.6 22.3 66.8 19.0 66.8 19.0 Overseas 21.2 -10.8 22.5 -4.9 44.4 -2.4 46.9 3.0 The Americas 5.9 -16.8 6.2 -12.9 13.0 1.1 13.3 3.6 Europe 6.3 -18.3 7.3 -5.8 12.5 -18.3 14.5 -5.2 Other 8.9 0.6 9.1 2.2 18.9 8.9 19.0 9.7 - ------------------------------------------------------------------------------------------------------------------------------- [Other] Other 64.7 3.6 65.0 4.0 130.5 4.9 130.9 5.2 Domestic 62.0 4.3 62.0 4.3 125.1 5.4 125.1 5.4 Overseas 2.7 -8.9 3.0 -0.5 5.4 -6.0 5.8 2.1 The Americas 0.2 -47.0 0.2 -40.9 0.4 -34.0 0.5 -20.5 Europe 0.6 -30.5 0.8 -16.4 1.1 -29.4 1.4 -12.0 Other 1.9 11.8 2.0 17.7 3.8 9.8 3.9 12.6 - ------------------------------------------------------------------------------------------------------------------------------- Grand Total 984.0 -0.5 1,034.1 4.6 2,050.0 1.7 2,138.5 6.1 Domestic 438.0 3.9 438.0 3.9 914.0 4.3 914.0 4.3 Overseas 546.0 -3.7 596.1 5.1 1,136.0 -0.3 1,224.5 7.4 The Americas 271.6 -3.4 285.0 1.4 568.8 2.0 583.1 4.6 Europe 205.1 -9.3 240.3 6.3 421.3 -8.1 493.7 7.7 Other 69.3 15.9 70.8 18.4 145.9 18.1 147.7 19.6 - ------------------------------------------------------------------------------------------------------------------------------- *Excluding foreign exchange impact
A2 -----END PRIVACY-ENHANCED MESSAGE-----