0000317891-12-000002.txt : 20120131
0000317891-12-000002.hdr.sgml : 20120131
20120131063613
ACCESSION NUMBER: 0000317891-12-000002
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120131
FILED AS OF DATE: 20120131
DATE AS OF CHANGE: 20120131
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: 12557415
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
r6k1201311.txt
2011 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 2012
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 31, 2012
RICOH January 31, 2012
QUARTERLY REPORT
Nine months ended December 31, 2011
Results for the Period from April 1, 2011 to December 31, 2011
Three months ended December 31, 2011
Results for the Period from October 1, 2011 to December 31, 2011
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Third Quarter ended December 31, 2010, 2011 and Year ending March 31, 2012
(Forecast)
(Billions of yen)
---------------------------------------------------------------------------------------------------------- ---------------------
Third Quarter ended Third Quarter ended Year ending
December 31, 2010 December 31, 2011 March 31, 2012
Results Results Change Forecast Change
---------------------------------------------------------------------------------------------------------- ---------------------
Domestic sales 649.4 644.8 -0.7% 885.0 1.0%
Overseas sales 789.6 751.6 -4.8% 1,015.0 -4.8%
Net sales 1,439.0 1,396.5 -3.0% 1,900.0 -2.2%
Gross profit 599.4 569.0 -5.1% 759.0 -3.9%
Operating income (loss) 53.9 -36.6 -- -18.0 --
Income (loss) before income taxes 41.3 -47.9 -- -33.0 --
Net income (loss) attributable to Ricoh Company, Ltd. 20.3 -52.1 -- -46.0 --
---------------------------------------------------------------------------------------------------------- ---------------------
Exchange rate (Yen/US$) 86.90 79.00 -7.90 78.01 -7.76
Exchange rate (Yen/EURO) 113.53 110.71 -2.82 109.29 -3.99
---------------------------------------------------------------------------------------------------------- ---------------------
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 28.03 (71.86) -99.89 (63.40) -90.48
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 27.30 (71.86) -99.16 (63.40) -89.93
---------------------------------------------------------------------------------------------------------- ---------------------
Cash flows from operating activities 74.3 -26.6 -100.9 -- --
Cash flows from investing activities -64.1 -88.5 -24.3 -- --
Cash flows from financing activities -92.6 101.4 194.1 -- --
Cash and cash equivalents at end of period 147.8 156.6 8.8 -- --
---------------------------------------------------------------------------------------------------------- ---------------------
Capital expenditures 48.6 53.8 5.1 70.0 3.0
Depreciation for tangible fixed assets 50.1 46.8 -3.3 63.0 -4.2
R&D expenditures 81.3 89.3 7.9 115.0 4.1
---------------------------------------------------------------------------------------------------------- ---------------------
March 31, 2011 December 31, 2011 Change
----------------------------------------------------------------------------------------------------------
Total assets 2,262.3 2,193.2 -69.1
Ricoh Company, Ltd. shareholders' equity 929.8 804.9 -124.8
Interest-bearing debt 630.4 752.1 121.7
----------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 41.1 36.7 -4.4
----------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,281.70 1,109.55 -172.15
----------------------------------------------------------------------------------------------------------
(2) Three months ended December 31, 2010 and 2011
----------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011
Results Results Change
----------------------------------------------------------------------------------------------
Domestic sales 210.3 210.3 0.0%
Overseas sales 257.8 247.2 -4.1%
Net sales 468.1 457.6 -2.3%
Gross profit 196.5 182.7 -7.0%
Operating income (loss) 15.9 -34.8 --
Income (loss) before income taxes 13.2 -40.1 --
Net income (loss) attributable to Ricoh
Company, Ltd. 7.8 -44.7 --
---------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 82.66 77.39 -5.27
Exchange rate (Yen/EURO) 112.30 104.29 -8.01
---------------------------------------------------------------------------------------------
Net income (loss) attributable to Ricoh
Company, Ltd. shareholders per share-basic
(yen) 10.79 -61.71 -72.50
Net income (loss) attributable to Ricoh
Company, Ltd. shareholders per share-diluted
(yen) 10.54 -61.71 -72.25
---------------------------------------------------------------------------------------------
Capital expenditures 9.1 17.1 8.0
Depreciation for tangible fixed assets 16.7 15.9 -0.7
R&D expenditures 27.3 29.8 2.4
---------------------------------------------------------------------------------------------
RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending
March 31, 2012 above upon information currently available to management,
which involves risks and uncertainties that could cause actual results to
differ materially from those projected.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2011 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2011 TO DECEMBER 31, 2011
(1) Operating Results
(Millions of yen)
--------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011
--------------------------------------------------------------------------------
Net sales 1,439,051 1,396,541
(% change from the previous
corresponding period) -2.4 -3.0
Operating income (loss) 53,989 -36,617
(% change from the previous
corresponding period) 43.1 --
Income (loss) before income taxes 41,344 -47,938
(% change from the previous
corresponding period) 34.1 --
Net income (loss) attributable to Ricoh
Company, Ltd. 20,340 -52,135
(% change from the previous
corresponding period) 41.1 --
Net income (loss) attributable to Ricoh
Company, Ltd. shareholders per
share-basic (yen) 28.03 -71.86
Net income (loss) attributable to Ricoh
Company, Ltd. shareholders per
share-diluted (yen) 27.30 -71.86
--------------------------------------------------------------------------------
(2) Financial Position
(Millions of yen)
------------------------------------------------------------------------------
March 31, 2011 December 31, 2011
------------------------------------------------------------------------------
Total assets 2,262,396 2,193,255
Total equity 982,764 860,276
Ricoh Company, Ltd. shareholders' equity 929,877 804,981
Ricoh Company, Ltd. shareholders' equity
ratio (%) 41.1 36.7
Ricoh Company, Ltd. shareholders' equity per
share (yen) 1,281.70 1,109.55
------------------------------------------------------------------------------
Notes:
i. Comprehensive income: Yen -97,743 million (- %) (Yen -38,204 million (- %)
in income in previous fiscal year)
2. DIVIDEND INFORMATION
---------------------------------------------------------------------------
Year ended Year ending
March 31, 2011 March 31, 2012
(Results) (Forecast)
---------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 33.00 25.00
Interim (yen) 16.50 16.50
Year-end (yen) 16.50 8.50
---------------------------------------------------------------------------
Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2011 TO MARCH 31, 2012
(Millions of yen)
-------------------------------------------------------------------------------
Year ending
March 31, 2012
-------------------------------------------------------------------------------
Net sales 1,900,000
Operating loss -18,000
Loss before income taxes -33,000
Net loss attributable to Ricoh Company, Ltd. -46,000
Net loss attributable to Ricoh Company, Ltd. shareholders
per share (yen) -63.40
-------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: No
(4) Number of common stock outstanding (including treasury stock):
As of December 31, 2011 744,912,078 shares As of March 31, 2011 744,912,078 shares
(5) Number of treasury stock:
As of December 31, 2011 19,412,124 shares As of March 31, 2011 19,409,410 shares
(6) Average number of common stock:
As of December 31, 2011 725,500,788 shares As of March 31, 2011 725,570,022 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the third quarter of fiscal year 2011
(the nine months period from April 1, 2011 to December 31, 2011) decreased by
3.0% as compared to the previous corresponding period, to Yen 1,396.5 billion.
During this period, the average yen exchange rates were Yen 79.00 against the
U.S. dollar (up Yen 7.90) and Yen 110.71 against the Euro (up Yen 2.82). Net
sales would have increased by 0.3% excluding impact of such foreign currency
exchange fluctuation.
Japanese economy had shown recovery from the impact of the Great East Japan
Earthquake. However, unpredictable situation remained because of the sharp
appreciation of the Yen against Euro since last year end as well as decline of
the stock market. Under the severe situation, while domestic sales in the
Imaging & Solutions and the Other increased, domestic sales in the Industrial
Products decreased from the previous corresponding period. Consequently,
overall sales in Japan decreased by 0.7% as compared to the previous
corresponding period.
As for the overseas economy, in the Americas, signs of improvement had been
shown and in China, high growth is ongoing. However, it remained uncertain due
to the European debt crisis. Ricoh continued to face the severe business
environment in the Americas and Europe due to the appreciation of the Yen.
As for overseas sales by region, as compared to the previous corresponding
period, sales in the Americas decreased by 11.0% due to foreign currency
exchange fluctuation (1.9%, excluding foreign currency exchange fluctuation),
sales in Europe, due to the Yen against Euro appreciated, decreased by 0.3%
(increased by 2.5%, excluding foreign currency exchange fluctuation), and sales
in Other region, which includes China, South East Asia and Oceania, increased
by 6.0% (9.4%, excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 4.8% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 1.2% as compared to
the previous corresponding period.
Gross profit decreased by 5.1% as compared to the previous corresponding
period, to Yen 569.0 billion due primarily to decrease in sales and the
appreciation of the Yen, despite ongoing cost reduction.
Selling, general and administrative expenses increased by 11.0% as compared to
the previous corresponding period, to Yen 605.6 billion due primarily to
impairment loss of 36.9 billion on goodwill and long-lived assets for the
period of three months ended December 31, 2011 as well as restructuring cost of
Yen 24.2 billion.
As a result, operating income sharply decreased as compared to the previous
corresponding period, to Yen 36.6 billion loss (operating income Yen 53.9
billion for the previous corresponding period).
Other (income) expenses includes impairment loss of 4.9 billion on securities
for the three months ended December 31, 2011 due to the decline of the stock
market, however, improved overall due primarily to decrease of foreign exchange
loss as compared to the previous corresponding period.
Consequently, income before income taxes decreased as compared to the previous
corresponding period, to Yen 47.9 billion loss (income before income taxes Yen
41.3 billion for the previous corresponding period).
In addition, taking recalculation of deferred tax assets and liabilities in
line with reduction of income tax rate by Japanese tax system revision, net
income (loss) attributable to Ricoh Company, Ltd. amounted to Yen 52.1 billion
loss (net income Yen 20.3 billion for the previous corresponding period). As
for comprehensive income, comprehensive loss increased due primarily to
decrease of cumulative translation adjustments.
3
*Conditions by Product Line
Conditions by Product Line for nine months ended December 31, 2011 are as
follows;
Imaging & Solutions (Sales down 3.1% to Yen 1,225.3 billion)
-------------------------------------------------------------
Imaging Solutions (Sales down 4.1% to Yen 1,082.0 billion)
-----------------------------------------------------------
Sales in this category decreased by 4.1% as compared to the previous
corresponding period, to Yen 1,082.0 billion. The sales would have decreased
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.
Network System Solutions (Sales up 5.5% to Yen 143.3 billion)
--------------------------------------------------------------
Sales in this category increased by 5.5% as compared to the previous
corresponding period, to Yen 143.3 billion due primarily to increase in
domestic sales of enterprise system software and expanding IT service around
the world.
As a result, sales in the Imaging & Solutions segment decreased by 3.1% as
compared to the previous corresponding period, to Yen 1,225.3 billion.
Operating income decreased by 80.9% as compared to the previous corresponding
period, to Yen 20.6 billion due primarily to impairment loss on goodwill and
long-lived assets as well as restructuring cost and the appreciation of
Japanese Yen, despite ongoing cost reduction.
Industrial Products (Sales down 9.8% to Yen 74.0 billion)
--------------------------------------------------------
Sales in the Industrial Products segment decreased by 9.8% as compared to the
previous corresponding period, to Yen 74.0 billion. Sales of semiconductor
devices, optical equipment and electronic components decreased as compared to
the previous corresponding period. As a result, operating loss in the
Industrial Products segment amounted to Yen 2.6 billion (operating income Yen
0.7 billion for the previous corresponding period).
Other (Sales up 4.9% to Yen 97.0 billion)
------------------------------------------
Net sales in the Other segment increased by 4.9% as compared to the previous
corresponding period, to Yen 97.0 billion due primarily to acquisition of
PENTAX Imaging Corporation.
As a result, operating loss in the Other segment amounted to Yen 3.5 billion
(operating loss Yen 1.5 billion for the previous corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, from the end of the previous fiscal year, cash and time deposits
and trade receivables decreased and inventories increased due partly to initial
stock for market demand at the fiscal year end. In addition, the yen equivalent
of foreign-currency-denominated assets decreased due to the appreciation of the
Yen developed from the previous fiscal year as well as goodwill and long-lived
assets decreased due to impairment. As a result, total assets decreased by Yen
69.1 billion, to Yen 2,193.2 billion.
For Liabilities, the interest-bearing debt increased due primarily to payment
for costs in global restructuring program. Consequently, total liabilities
increased by Yen 53.3 billion, to Yen 1,332.9 billion.
For Total Equity, the change in retained earnings resulted from payment for
dividends and net loss attributable to Ricoh Company, Ltd. Accumulated other
comprehensive loss increased due primarily to the fluctuation of cumulative
translation adjustments reflecting exchange fluctuation from the end of the
previous period. As a result, Total Equity decreased by Yen 122.4 billion from
the end of the previous fiscal year, to Yen 860.2 billion.
*Cash Flows (Nine months from April 1, 2011 to December 31, 2011)
Net cash used in operating activities in this period decreased by Yen 100.9
billion as compared to the previous corresponding period, to Yen 26.6 billion
outflows due primarily to net loss attributable to Ricoh Company, Ltd. as well
as increase of inventory.
Net cash used in investing activities in this period increased by Yen 24.3
billion as compared to the previous corresponding period, to Yen 88.5 billion
due primarily to acquisition of PENTAX Imaging Corporation.
As a result, free cash outflows generated by operating and investing activities
amounted to Yen 115.1 billion while free cash inflows amounted to Yen 10.1
billion in the previous corresponding period.
Net cash provided by financing activities in this period amounted to Yen 101.4
billion due primarily to increase of the interest-bearing debt.
As a result, cash and cash equivalents as of December 31, 2011 decreased by Yen
22.4 billion as compared to the end of the previous fiscal year, to Yen 156.6
billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
As for the forecast of business results for the fiscal year ending March 31,
2012, Ricoh revises its forecast of sales, gross profit, operating income,
income before income taxes and net income attributable to Ricoh Company, Ltd.
downward, reflecting the recent business results and environment. Ricoh assumes
exchange rates of Yen 75.00 against the U.S. dollar and of Yen 105.00 against
the Euro in the fourth quarter, which were remained from the forecast that
announced in October 2011.
Taking forecasted net loss attributable to Ricoh Company, Ltd. for the fiscal
year ending March 31, 2012, Ricoh truly regrets to announce that it has decided
to change forecasted dividend at the year end from Yen 16.50, which were
announced in October 2011, downward to Yen 8.50. Consequently, total dividends
for the fiscal year ending March, 2012 are revised to Yen 25.00 includes Yen
16.50 paid in December 2011.
Our performance forecast for fiscal year 2012 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2012
US$ 1 = Yen 78.01 (Yen 85.77 in previous fiscal year)
EURO 1 = Yen 109.29 (Yen 113.28 in previous fiscal year)
(Billions of yen)
-------------------------------------------------------------------------------------------
Year ended Year ending
March 31, 2011 March 31, 2012
(Results) (Forecast) Change
-------------------------------------------------------------------------------------------
Domestic sales 875.8 885.0 1.0%
Overseas sales 1,066.1 1,015.0 -4.8%
Net sales 1,942.0 1,900.0 -2.2%
Gross profit 790.0 759.0 -3.9%
Operating income (loss) 60.1 -18.0 --
Income (loss) before income taxes 45.4 -33.0 --
Net income (loss) attributable to Ricoh Company, Ltd. 19.6 -46.0 --
-------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2012 above
upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from
those projected.
4. OTHERS
(1) Changes in significant subsidiaries:
Not applicable
(2) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method:
Not applicable
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
-------------------------------------------------------------------------------------------------------
March 31, 2011 December 31, 2011 Change
-------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 181,179 159,249 -21,930
Trade receivables 657,817 625,331 -32,486
Inventories 171,033 201,929 30,896
Other current assets 63,990 54,903 -9,087
Total Current Assets 1,074,019 1,041,412 -32,607
Fixed Assets
Tangible fixed assets 264,740 264,942 202
Finance receivables 445,782 453,733 7,951
Other investments 477,855 433,168 -44,687
Total Fixed Assets 1,188,377 1,151,843 -36,534
-------------------------------------------------------------------------------------------------------
Total Assets 2,262,396 2,193,255 -69,141
-------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 179,169 156,699
Time deposits 2,010 2,550
Liabilities and Equity (Millions of yen)
-------------------------------------------------------------------------------------------------------
March 31, 2011 December 31, 2011 Change
-------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 250,483 234,007 -16,476
Short-term borrowings 151,023 215,082 64,059
Other current liabilities 213,194 172,149 -41,045
Total Current Liabilities 614,700 621,238 6,538
Fixed Liabilities
Long-term indebtedness 479,422 537,065 57,643
Accrued pension and severance costs 140,975 137,646 -3,329
Other fixed liabilities 44,535 37,030 -7,505
Total Fixed Liabilities 664,932 711,741 46,809
-------------------------------------------------------------------------------------------------------
Total Liabilities 1,279,632 1,332,979 53,347
-------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 815,970 739,874 -76,096
Accumulated other comprehensive loss -170,702 -219,519 -48,817
Treasury stock -36,838 -36,821 17
Total Ricoh Company, Ltd.
shareholders' equity 929,877 804,981 -124,896
Noncontrolling interests 52,887 55,295 2,408
-------------------------------------------------------------------------------------------------------
Total Equity 982,764 860,276 -122,488
-------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,262,396 2,193,255 -69,141
-------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss;
Net unrealized holding gains on
available-for-sale securities 2,466 1,210 -1,256
Pension liability adjustments -47,514 -48,322 -808
Net unrealized losses on derivative
instruments -1,168 -1,481 -313
Cumulative translation adjustments -124,486 -170,926 -46,440
Reference: Exchange rate
US$ 1 Yen 83.15 Yen 77.74
EURO 1 Yen 117.57 Yen 100.71
6
(2) CONSOLIDATED STATEMENTS OF INCOME
Third Quarter ended December 31, 2010 and 2011
(Millions of yen)
----------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011 Change %
----------------------------------------------------------------------------------------------------------------------------------
Net sales 1,439,051 1,396,541 -42,510 -3.0
Cost of sales 839,572 827,519 -12,053 -1.4
Percentage of net sales (%) 58.3 59.3
Gross Profit 599,479 569,022 -30,457 -5.1
Percentage of net sales (%) 41.7 40.7
Selling, general and administrative expenses 545,490 605,639 60,149 11.0
Percentage of net sales (%) 37.9 43.3
Operating income (loss) 53,989 -36,617 -90,606 --
Percentage of net sales (%) 3.8 -2.6
Other (income) expenses
Interest and dividend income 2,154 1,940 -214 -9.9
Percentage of net sales (%) 0.1 0.1
Interest expense 5,816 4,883 -933 -16.0
Percentage of net sales (%) 0.4 0.3
Other, net 8,983 8,378 -605 -6.7
Percentage of net sales (%) 0.6 0.6
Income (Loss) before income taxes, equity income and minority interests 41,344 -47,938 -89,282 --
Percentage of net sales (%) 2.9 -3.4
Provision for income taxes 18,150 844 -17,306 -95.3
Percentage of net sales (%) 1.3 0.1
Equity in earnings of affiliates -15 17 32 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income (loss) 23,179 -48,765 -71,944 --
Percentage of net sales (%) 1.6 -3.5
Net income (loss) attributable to noncontrolling interests 2,839 3,370 531 18.7
Percentage of net sales (%) 0.2 0.2
Net income (loss) attributable to Ricoh Company, Ltd. 20,340 -52,135 -72,475 --
Percentage of net sales (%) 1.4 -3.7
----------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 79.00
EURO 1 Yen 113.53 Yen 110.71
Three months ended December 31, 2010 and 2011
(Millions of yen)
--------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011 Change %
--------------------------------------------------------------------------------------------------------------------------------
Net sales 468,195 457,656 -10,539 -2.3
Cost of sales 271,634 274,896 3,262 1.2
Percentage of net sales (%) 58.0 60.1
Gross Profit 196,561 182,760 -13,801 -7.0
Percentage of net sales (%) 42.0 39.9
Selling, general and administrative expenses 180,584 217,601 37,017 20.5
Percentage of net sales (%) 38.6 47.5
Operating income (loss) 15,977 -34,841 -50,818 --
Percentage of net sales (%) 3.4 -7.6
Other (income) expenses
Interest and dividend income 779 438 -341 -43.8
Percentage of net sales (%) 0.2 0.1
Interest expense 1,905 1,465 -440 -23.1
Percentage of net sales (%) 0.4 0.3
Other, net 1,572 4,316 2,744 174.6
Percentage of net sales (%) 0.4 1.0
Income (Loss) before income taxes, equity income and minority interests 13,279 -40,184 -53,463 --
Percentage of net sales (%) 2.8 -8.8
Provision for income taxes 4,556 3,386 -1,170 -25.7
Percentage of net sales (%) 1.0 0.7
Equity in earnings of affiliates -8 18 26 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income (loss) 8,715 -43,552 -52,267 --
Percentage of net sales (%) 1.9 -9.5
Net income (loss) attributable to noncontrolling interests 887 1,220 333 37.5
Percentage of net sales (%) 0.2 0.3
Net income (loss) attributable to Ricoh Company, Ltd. 7,828 -44,772 -52,600 --
Percentage of net sales (%) 1.7 -9.8
--------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 77.39
EURO 1 Yen 112.30 Yen 104.29
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2010 and 2011 (Millions of yen)
----------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011 Change %
----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 1,128,569 1,082,023 -46,546 -4.1
Percentage of net sales (%) 78.4 77.5
Network System Solutions 135,838 143,361 7,523 5.5
Percentage of net sales (%) 9.5 10.2
Imaging & Solutions Total 1,264,407 1,225,384 -39,023 -3.1
Percentage of net sales (%) 87.9 87.7
----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 82,136 74,087 -8,049 -9.8
Percentage of net sales (%) 5.7 5.3
----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 92,508 97,070 4,562 4.9
Percentage of net sales (%) 6.4 7.0
----------------------------------------------------------------------------------------------------------------------------
Grand Total 1,439,051 1,396,541 -42,510 -3.0
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 79.00
EURO 1 Yen 113.53 Yen 110.71
Three months ended December 31, 2010 and 2011 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011 Change %
---------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 371,071 350,966 -20,105 -5.4
Percentage of net sales (%) 79.3 76.7
Network System Solutions 42,353 45,313 2,960 7.0
Percentage of net sales (%) 9.0 9.9
Imaging & Solutions Total 413,424 396,279 -17,145 -4.1
Percentage of net sales (%) 88.3 86.6
---------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 26,393 23,637 -2,756 -10.4
Percentage of net sales (%) 5.6 5.2
---------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,378 37,740 9,362 33.0
Percentage of net sales (%) 6.1 8.2
---------------------------------------------------------------------------------------------------------------------------
Grand Total 468,195 457,656 -10,539 -2.3
Percentage of net sales (%) 100.0 100.0
---------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 77.39
EURO 1 Yen 112.30 Yen 104.29
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
*Product lines included in Product Category was changed in the first quarter of
fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from
Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the
current year's presentation.
8
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Third Quarter ended December 31, 2010 and 2011 (Millions of yen)
----------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011 Change %
----------------------------------------------------------------------------------------------------------
[Domestic] 649,422 644,880 -4,542 -0.7
Percentage of net sales (%) 45.1 46.2
[Overseas] 789,629 751,661 -37,968 -4.8
Percentage of net sales (%) 54.9 53.8
The Americas 389,424 346,588 -42,836 -11.0
Percentage of net sales (%) 27.1 24.8
Europe 303,531 302,631 -900 -0.3
Percentage of net sales (%) 21.1 21.7
Other 96,674 102,442 5,768 6.0
Percentage of net sales (%) 6.7 7.3
Grand Total 1,439,051 1,396,541 -42,510 -3.0
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 79.00
EURO 1 Yen 113.53 Yen 110.71
Three months ended December 31, 2010 and 2011 (Millions of yen)
--------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011 Change %
--------------------------------------------------------------------------------------------------------
[Domestic] 210,357 210,379 22 0.0
Percentage of net sales (%) 44.9 46.0
[Overseas] 257,838 247,277 -10,561 -4.1
Percentage of net sales (%) 55.1 54.0
The Americas 124,567 112,348 -12,219 -9.8
Percentage of net sales (%) 26.6 24.5
Europe 102,480 100,691 -1,789 -1.7
Percentage of net sales (%) 21.9 22.0
Other 30,791 34,238 3,447 11.2
Percentage of net sales (%) 6.6 7.5
Grand Total 468,195 457,656 -10,539 -2.3
Percentage of net sales (%) 100.0 100.0
--------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 77.39
EURO 1 Yen 112.30 Yen 104.29
9
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
---------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011
---------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income (loss) 23,179 -48,765
Adjustments to reconcile consolidated net income (loss) to
net cash provided by operating activities--
Depreciation and amortization 69,518 65,968
Equity in earnings of affiliates, net of dividends
received 15 -17
Deferred income taxes 2,934 -15,217
Loss on disposals and sales of tangible fixed assets 813 506
Loss on impairment of long-lived assets -- 9,898
Loss on impairment of securities 205 5,024
Loss on impairment of goodwill -- 27,464
Pension and severance costs, less payments 889 -5,478
Changes in assets and liabilities--
Decrease in trade receivables 9,820 16,723
Increase in inventories -29,139 -33,766
(Increase) Decrease in finance receivables 11,903 -13,751
Decrease in trade payables -20,183 -21,847
Decrease in accrued income taxes and accrued expenses and
other -6,111 -27,421
Other, net 10,513 14,062
---------------------------------------------------------------------------------------------------------------
Net cash used in (provided by) operating activities 74,356 -26,617
---------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 732 829
Expenditures for property, plant and equipment, including
interest capitalized -48,674 -53,871
Expenditures for intangible fixed asset including
interest capitalized -12,153 -10,421
Payments for purchases of available-for-sale securities -230 -127
Proceeds from sales of available-for-sale securities 17 32
Increase in time deposits -192 -631
Purchase of business, net of cash acquired -477 -15,089
Other, net -3,187 -9,278
---------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -64,164 -88,556
---------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 43,691 81,396
Repayment of long-term indebtedness -75,039 -59,102
Increase (Decrease) in short-term borrowings, net -28,110 103,949
Proceeds from issuance of long-term debt securities 79,741 --
Repayment of long-term debt securities -88,307 -226
Dividends paid -23,943 -23,942
Payment for purchase of treasury stock -138 -20
Other, net -551 -585
---------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities -92,656 101,470
---------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -11,885 -8,767
---------------------------------------------------------------------------------------------------------------
V. Net Decrease in Cash and Cash Equivalents -94,349 -22,470
---------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 242,165 179,169
---------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 147,816 156,699
---------------------------------------------------------------------------------------------------------------
10
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Third Quarter ended December 31, 2010 and 2011
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011 Change %
-----------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 1,264,407 1,225,384 -39,023 -3.1
Intersegment -- -- -- --
Total 1,264,407 1,225,384 -39,023 -3.1
-----------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,156,303 1,204,760 48,457 4.2
-----------------------------------------------------------------------------------------------------------------------------
Operating income 108,104 20,624 -87,480 -80.9
Operating income on sales in Imaging & Solutions (%) 8.5 1.7
-----------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 82,136 74,087 -8,049 -9.8
Intersegment 4,147 3,688 -459 -11.1
Total 86,283 77,775 -8,508 -9.9
-----------------------------------------------------------------------------------------------------------------------------
Operating expenses 85,508 80,380 -5,128 -6.0
-----------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 775 -2,605 -3,380 --
Operating income (loss) on sales in Industrial Products (%) 0.9 -3.3
-----------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 92,508 97,070 4,562 4.9
Intersegment -- -- -- --
Total 92,508 97,070 4,562 4.9
-----------------------------------------------------------------------------------------------------------------------------
Operating expenses 94,041 100,667 6,626 7.0
-----------------------------------------------------------------------------------------------------------------------------
Operating loss -1,533 -3,597 -2,064 --
Operating loss on sales in Other (%) -1.7 -3.7
-----------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -4,147 -3,688 459
Total -4,147 -3,688 459 --
-----------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -4,154 -3,688 466
Corporate 53,364 51,039 -2,325
Total 49,210 47,351 -1,859 --
-----------------------------------------------------------------------------------------------------------------------------
Operating loss -53,357 -51,039 2,318 --
-----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 1,439,051 1,396,541 -42,510 -3.0
Intersegment -- -- -- --
Total 1,439,051 1,396,541 -42,510 -3.0
-----------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,385,062 1,433,158 48,096 3.5
-----------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 53,989 -36,617 -90,606 --
Operating income (loss) on consolidated net sales (%) 3.8 -2.6
-----------------------------------------------------------------------------------------------------------------------------
11
Three months ended December 31, 2010 and 2011
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011 Change %
---------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 413,424 396,279 -17,145 -4.1
Intersegment -- -- -- --
Total 413,424 396,279 -17,145 -4.1
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 378,321 413,335 35,014 9.3
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 35,103 -17,056 -52,159 --
Operating income (loss) on sales in Imaging & Solutions (%) 8.5 -4.3
---------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 26,393 23,637 -2,756 -10.4
Intersegment 1,556 1,424 -132 -8.5
Total 27,949 25,061 -2,888 -10.3
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 28,220 25,500 -2,720 -9.6
---------------------------------------------------------------------------------------------------------------------------
Operating loss -271 -439 -168 --
Operating loss on sales in Industrial Products (%) -1.0 -1.8
---------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 28,378 37,740 9,362 33.0
Intersegment -- -- -- --
Total 28,378 37,740 9,362 33.0
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 29,447 38,493 9,046 30.7
---------------------------------------------------------------------------------------------------------------------------
Operating loss -1,069 -753 316 --
Operating loss on sales in Other (%) -3.8 -2.0
---------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,556 -1,424 132
Total -1,556 -1,424 132 --
---------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,556 -1,424 132
Corporate 17,786 16,593 -1,193
Total 16,230 15,169 -1,061 --
---------------------------------------------------------------------------------------------------------------------------
Operating loss -17,786 -16,593 1,193 --
---------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 468,195 457,656 -10,539 -2.3
Intersegment -- -- -- --
Total 468,195 457,656 -10,539 -2.3
---------------------------------------------------------------------------------------------------------------------------
Operating expenses 452,218 492,497 40,279 8.9
---------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 15,977 -34,841 -50,818 --
Operating income (loss) on consolidated net sales (%) 3.4 -7.6
---------------------------------------------------------------------------------------------------------------------------
12
(b) Geographic Segments Information
Third Quarter ended December 31, 2010 and 2011
(Millions of yen)
----------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011 Change %
----------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 660,643 652,935 -7,708 -1.2
Intersegment 311,561 286,780 -24,781 -8.0
Total 972,204 939,715 -32,489 -3.3
----------------------------------------------------------------------------------------------------------------------------
Operating expenses 943,523 970,028 26,505 2.8
----------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 28,681 -30,313 -58,994 --
Operating income (loss) on sales in Japan (%) 3.0 -3.2
----------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 389,203 348,962 -40,241 -10.3
Intersegment 2,462 2,643 181 7.4
Total 391,665 351,605 -40,060 -10.2
----------------------------------------------------------------------------------------------------------------------------
Operating expenses 395,343 378,564 -16,779 -4.2
----------------------------------------------------------------------------------------------------------------------------
Operating loss -3,678 -26,959 -23,281 --
Operating loss on sales in the Americas (%) -0.9 -7.7
----------------------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 304,670 304,606 -64 -0.0
Intersegment 1,775 1,323 -452 -25.5
Total 306,445 305,929 -516 -0.2
----------------------------------------------------------------------------------------------------------------------------
Operating expenses 286,754 292,745 5,991 2.1
----------------------------------------------------------------------------------------------------------------------------
Operating income 19,691 13,184 -6,507 -33.0
Operating income on sales in Europe (%) 6.4 4.3
----------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 84,535 90,038 5,503 6.5
Intersegment 122,876 117,006 -5,870 -4.8
Total 207,411 207,044 -367 -0.2
----------------------------------------------------------------------------------------------------------------------------
Operating expenses 197,198 201,782 4,584 2.3
----------------------------------------------------------------------------------------------------------------------------
Operating income 10,213 5,262 -4,951 -48.5
Operating income on sales in Other (%) 4.9 2.5
----------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -438,674 -407,752 30,922
Total -438,674 -407,752 30,922 --
----------------------------------------------------------------------------------------------------------------------------
Operating expenses -437,756 -409,961 27,795 --
----------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -918 2,209 3,127 --
----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 1,439,051 1,396,541 -42,510 -3.0
Intersegment -- -- -- --
Total 1,439,051 1,396,541 -42,510 -3.0
----------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,385,062 1,433,158 48,096 3.5
----------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 53,989 -36,617 -90,606 --
Operating income (loss) on consolidated net sales (%) 3.8 -2.6
----------------------------------------------------------------------------------------------------------------------------
13
Three months ended December 31, 2010 and 2011
(Millions of yen)
----------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2011 Change %
----------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 213,026 210,957 -2,069 -1.0
Intersegment 99,521 97,293 -2,228 -2.2
Total 312,547 308,250 -4,297 -1.4
----------------------------------------------------------------------------------------------------------------------
Operating expenses 308,920 322,932 14,012 4.5
----------------------------------------------------------------------------------------------------------------------
Operating income (loss) 3,627 -14,682 -18,309 --
Operating income (loss) on sales in Japan (%) 1.2 -4.8
----------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 124,502 114,936 -9,566 -7.7
Intersegment 857 800 -57 -6.7
Total 125,359 115,736 -9,623 -7.7
----------------------------------------------------------------------------------------------------------------------
Operating expenses 126,957 136,770 9,813 7.7
----------------------------------------------------------------------------------------------------------------------
Operating loss -1,598 -21,034 -19,436 --
Operating loss on sales in the Americas (%) -1.3 -18.2
----------------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 102,930 101,945 -985 -1.0
Intersegment 641 213 -428 -66.8
Total 103,571 102,158 -1,413 -1.4
----------------------------------------------------------------------------------------------------------------------
Operating expenses 96,410 101,405 4,995 5.2
----------------------------------------------------------------------------------------------------------------------
Operating income 7,161 753 -6,408 -89.5
Operating income on sales in Europe (%) 6.9 0.7
----------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 27,737 29,818 2,081 7.5
Intersegment 37,541 40,440 2,899 7.7
Total 65,278 70,258 4,980 7.6
----------------------------------------------------------------------------------------------------------------------
Operating expenses 63,317 69,786 6,469 10.2
----------------------------------------------------------------------------------------------------------------------
Operating income 1,961 472 -1,489 -75.9
Operating income on sales in Other (%) 3.0 0.7
----------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -138,560 -138,746 -186
Total -138,560 -138,746 -186 --
----------------------------------------------------------------------------------------------------------------------
Operating expenses -143,386 -138,396 4,990 --
----------------------------------------------------------------------------------------------------------------------
Operating income (loss) 4,826 -350 -5,176 --
----------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 468,195 457,656 -10,539 -2.3
Intersegment -- -- -- --
Total 468,195 457,656 -10,539 -2.3
----------------------------------------------------------------------------------------------------------------------
Operating expenses 452,218 492,497 40,279 8.9
----------------------------------------------------------------------------------------------------------------------
Operating income (loss) 15,977 -34,841 -50,818 --
Operating income (loss) on consolidated net sales (%) 3.4 -7.6
----------------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
14
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2010 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------
Third Quarter Third Quarter
ended ended
December 31, December 31, Change excluding
2010 2011 Change % exchange impact %
-----------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 1,128,569 1,082,023 -46,546 -4.1 -1,586 -0.1
Percentage of net sales (%) 78.4 77.5
Domestic 383,447 382,885 -562 -0.1 -562 -0.1
Overseas 745,122 699,138 -45,984 -6.2 -1,024 -0.1
Network System Solutions 135,838 143,361 7,523 5.5 8,069 5.9
Percentage of net sales (%) 9.5 10.2
Domestic 125,429 130,873 5,444 4.3 5,444 4.3
Overseas 10,409 12,488 2,079 20.0 2,625 25.2
Imaging & Solutions Total 1,264,407 1,225,384 -39,023 -3.1 6,483 0.5
Percentage of net sales (%) 87.9 87.7
Domestic 508,876 513,758 4,882 1.0 4,882 1.0
Overseas 755,531 711,626 -43,905 -5.8 1,601 0.2
The Americas 380,310 335,929 -44,381 -11.7 -9,912 -2.6
Europe 292,709 289,229 -3,480 -1.2 4,591 1.6
Other 82,512 86,468 3,956 4.8 6,922 8.4
-----------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 82,136 74,087 -8,049 -9.8 -6,697 -8.2
Percentage of net sales (%) 5.7 5.3
Domestic 50,926 41,045 -9,881 -19.4 -9,881 -19.4
Overseas 31,210 33,042 1,832 5.9 3,184 10.2
The Americas 8,807 9,168 361 4.1 1,267 14.4
Europe 10,050 9,533 -517 -5.1 -312 -3.1
Other 12,353 14,341 1,988 16.1 2,229 18.0
-----------------------------------------------------------------------------------------------------------------------
[Other]
Other 92,508 97,070 4,562 4.9 4,929 5.3
Percentage of net sales (%) 6.4 7.0
Domestic 89,620 90,077 457 0.5 457 0.5
Overseas 2,888 6,993 4,105 142.1 4,472 154.8
The Americas 307 1,491 1,184 385.7 1,321 430.3
Europe 772 3,869 3,097 401.2 3,195 413.9
Other 1,809 1,633 -176 -9.7 -44 -2.4
-----------------------------------------------------------------------------------------------------------------------
Grand Total 1,439,051 1,396,541 -42,510 -3.0 4,715 0.3
Percentage of net sales (%) 100.0 100.0
Domestic 649,422 644,880 -4,542 -0.7 -4,542 -0.7
Percentage of net sales (%) 45.1 46.2
Overseas 789,629 751,661 -37,968 -4.8 9,257 1.2
Percentage of net sales (%) 54.9 53.8
The Americas 389,424 346,588 -42,836 -11.0 -7,324 -1.9
Percentage of net sales (%) 27.1 24.8
Europe 303,531 302,631 -900 -0.3 7,474 2.5
Percentage of net sales (%) 21.1 21.7
Other 96,674 102,442 5,768 6.0 9,107 9.4
Percentage of net sales (%) 6.7 7.3
-----------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 86.90 Yen 79.00 Yen -7.90
EURO 1 Yen 113.53 Yen 110.71 Yen -2.82
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
*Product lines included in Product Category was changed in the first quarter of
fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from
Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the
current year's presentation.
A1
Three months ended December 31, 2010 and 2011 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------
Three months Three months
ended ended
December 31, December 31, Change excluding
2010 2011 Change % exchange impact %
-----------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 371,071 350,966 -20,105 -5.4 -4,268 -1.2
Percentage of net sales (%) 79.3 76.7
Domestic 127,579 124,197 -3,382 -2.7 -3,382 -2.7
Overseas 243,492 226,769 -16,723 -6.9 -886 -0.4
Network System Solutions 42,353 45,313 2,960 7.0 3,308 7.8
Percentage of net sales (%) 9.0 9.9
Domestic 38,804 40,962 2,158 5.6 2,158 5.6
Overseas 3,549 4,351 802 22.6 1,150 32.4
Imaging & Solutions Total 413,424 396,279 -17,145 -4.1 -960 -0.2
Percentage of net sales (%) 88.3 86.6
Domestic 166,383 165,159 -1,224 -0.7 -1,224 -0.7
Overseas 247,041 231,120 -15,921 -6.4 264 0.1
The Americas 121,650 107,992 -13,658 -11.2 -5,974 -4.9
Europe 98,828 94,668 -4,160 -4.2 2,707 2.7
Other 26,563 28,460 1,897 7.1 3,531 13.3
-----------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 26,393 23,637 -2,756 -10.4 -2,287 -8.7
Percentage of net sales (%) 5.6 5.2
Domestic 16,307 12,872 -3,435 -21.1 -3,435 -21.1
Overseas 10,086 10,765 679 6.7 1,148 11.4
The Americas 2,845 3,088 243 8.5 456 16.0
Europe 3,380 2,816 -564 -16.7 -369 -10.9
Other 3,861 4,861 1,000 25.9 1,061 27.5
-----------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,378 37,740 9,362 33.0 9,621 33.9
Percentage of net sales (%) 6.1 8.2
Domestic 27,667 32,348 4,681 16.9 4,681 16.9
Overseas 711 5,392 4,681 658.4 4,940 694.8
The Americas 72 1,268 1,196 -- 1,307 --
Europe 272 3,207 2,935 -- 3,032 --
Other 367 917 550 149.9 601 163.8
-----------------------------------------------------------------------------------------------------------------------
Grand Total 468,195 457,656 -10,539 -2.3 6,374 1.4
Percentage of net sales (%) 100.0 100.0
Domestic 210,357 210,379 22 0.0 22 0.0
Percentage of net sales (%) 44.9 46.0
Overseas 257,838 247,277 -10,561 -4.1 6,352 2.5
Percentage of net sales (%) 55.1 54.0
The Americas 124,567 112,348 -12,219 -9.8 -4,211 -3.4
Percentage of net sales (%) 26.6 24.5
Europe 102,480 100,691 -1,789 -1.7 5,370 5.2
Percentage of net sales (%) 21.9 22.0
Other 30,791 34,238 3,447 11.2 5,193 16.9
Percentage of net sales (%) 6.6 7.5
-----------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 82.66 Yen 77.39 Yen -5.27
EURO 1 Yen 112.30 Yen 104.29 Yen -8.01
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
*Product lines included in Product Category was changed in the first quarter of
fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from
Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the
current year's presentation.
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
--------------------------------------------------------------------------------------------------
Third Quarter ended Fourth Quarter ending Year ending
December 31, 2011 Change March 31, 2012 Change March 31, 2012 Change
Results % Forecast % Forecast %
--------------------------------------------------------------------------------------------------
Net sales 1,396.5 -3.0 503.5 0.1 1,900.0 -2.2
Gross profit 569.0 -5.1 189.9 -0.4 759.0 -3.9
Operating income
(loss) -36.6 -- 18.6 199.7 -18.0 --
Income (loss)
before income
taxes -47.9 -- 14.9 267.4 -33.0 --
Net income (loss)
attributable to
Ricoh Company,
Ltd. -52.1 -- 6.1 -- -46.0 --
--------------------------------------------------------------------------------------------------
Net income (loss)
attributable to
Ricoh Company,
Ltd. shareholders
per share-basic
(yen) -71.86 -- 8.46 -- -63.40 --
Net income (loss)
attributable to
Ricoh Company,
Ltd. shareholders
per share-diluted
(yen) -71.86 -- 8.46 -- -63.40 --
--------------------------------------------------------------------------------------------------
Capital expenditures 53.8 16.2 70.0
Depreciation for
tangible fixed
assets 46.8 16.3 63.0
R&D expenditures 89.3 25.7 115.0
--------------------------------------------------------------------------------------------------
Exchange rate
(Yen/US$) 79.00 75.00 78.01
Exchange rate
(Yen/EURO) 110.71 105.00 109.29
--------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
------------------------------------------------------------------------------------------------------------
Fourth Quarter ending March 31, 2012 Year ending March 31, 2012
------------------------------------------------------------------------------------------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 393.6 -2.4 414.8 2.8 1,475.6 -3.7 1,541.8 0.6
Domestic 148.1 4.5 148.1 4.5 531.0 1.1 531.0 1.1
Overseas 245.5 -6.1 266.7 2.0 944.6 -6.2 1,010.8 0.4
Network System Solutions 48.4 6.2 48.8 7.1 191.8 5.7 192.7 6.2
Domestic 44.4 7.0 44.4 7.0 175.3 5.0 175.3 5.0
Overseas 4.0 -1.2 4.4 8.7 16.5 14.0 17.4 20.6
Imaging & Solutions Total 442.0 -1.5 463.6 3.3 1,667.4 -2.7 1,734.5 1.2
Domestic 192.5 5.0 192.5 5.0 706.3 2.0 706.3 2.0
Overseas 249.5 -6.1 271.1 2.1 961.1 -5.9 1,028.2 0.7
The Americas 118.4 -8.7 129.9 0.2 454.3 -10.9 500.3 -1.9
Europe 101.2 -5.1 108.3 1.5 390.4 -2.2 405.6 1.6
Other 29.9 1.9 32.9 12.1 116.4 4.0 122.3 9.4
------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 22.9 -7.5 23.9 -3.4 96.9 -9.3 99.3 -7.0
Domestic 13.4 -7.9 13.4 -7.9 54.4 -16.9 54.4 -16.9
Overseas 9.5 -6.8 10.5 3.1 42.5 2.8 44.9 8.5
The Americas 2.6 -9.0 3.0 5.7 11.8 0.9 13.1 12.3
Europe 3.1 -11.0 3.3 -5.9 12.6 -6.7 13.0 -3.8
Other 3.8 -1.3 4.2 9.4 18.1 12.0 18.8 16.0
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[Other]
Other 38.6 31.5 39.0 32.6 135.7 11.3 136.4 11.9
Domestic 34.3 19.6 34.3 19.6 124.3 5.1 124.3 5.1
Overseas 4.4 498.8 4.7 545.6 11.4 213.9 12.1 233.5
The Americas 1.0 963.8 1.0 977.7 2.5 521.2 2.6 558.6
Europe 2.7 993.1 2.9 -- 6.6 544.7 6.9 576.6
Other 0.7 70.3 0.8 96.1 2.3 4.4 2.5 14.9
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Grand Total 503.5 0.1 526.4 4.7 1,900.0 -2.2 1,970.2 1.5
Domestic 240.1 6.0 240.1 6.0 885.0 1.0 885.0 1.0
Overseas 263.4 -4.8 286.3 3.5 1,015.0 -4.8 1,085.2 1.8
The Americas 122.0 -8.0 133.9 1.0 468.6 -10.2 516.0 -1.1
Europe 107.0 -3.1 114.5 3.7 409.6 -1.0 425.5 2.8
Other 34.4 2.4 37.9 12.9 136.8 5.0 143.7 10.3
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* Excluding foreign exchange impact
A3