0000317891-13-000013.txt : 20130726
0000317891-13-000013.hdr.sgml : 20130726
20130726120917
ACCESSION NUMBER: 0000317891-13-000013
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20130726
FILED AS OF DATE: 20130726
DATE AS OF CHANGE: 20130726
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: 13988585
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
569042_001textfile.txt
QUARTERLY REPORT FIRST QUARTER ENDED JUNE 30, 2013
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 July 2013
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
Representative Director, President
and Chief Executive Officer
(principal executive officer)
July 26, 2013
RICOH July 26, 2013
QUARTERLY REPORT
First Quarter ended June 30, 2013
(Results for the Period from April 1, 2013 to June 30, 2013)
PERFORMANCE OUTLINE (CONSOLIDATED)
(Billions of yen)
------------------------------------------------------------------------------------------------------- ----------------------
Three months ended Three months ended Year ending
June 30, 2012 June 30, 2013 March 31, 2014
Results Results Change Forecast Change
------------------------------------------------------------------------------------------------------- ----------------------
Domestic sales 215.4 217.7 1.1% 888.0 2.0%
Overseas sales 243.9 303.9 24.6% 1,242.0 17.8%
Net sales 459.3 521.7 13.6% 2,130.0 10.7%
Gross profit 189.8 214.1 12.8% 880.0 14.5%
Operating income 14.2 19.0 33.5% 140.0 120.7%
Income before income taxes 12.2 18.5 51.0% 135.0 132.1%
Net income attributable to Ricoh Company, Ltd. 6.5 10.1 55.4% 80.0 146.4%
------------------------------------------------------------------------------------------------------- ----------------------
Exchange rate (Yen/US$) 80.23 98.79 18.56 95.95 12.89
Exchange rate (Yen/EURO) 103.06 129.04 25.98 126.01 18.93
------------------------------------------------------------------------------------------------------- ----------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 9.02 14.01 4.99 110.34 65.56
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- -- -- --
------------------------------------------------------------------------------------------------------- ----------------------
Cash flows from operating activities 8.8 18.1 9.3 -- --
Cash flows from investing activities -24.1 -23.6 0.5 -- --
Cash flows from financing activities 12.4 9.5 -2.8 -- --
Cash and cash equivalents at end of period 148.5 123.5 -24.9 -- --
------------------------------------------------------------------------------------------------------- ----------------------
Capital expenditures 19.1 18.7 -0.4 89.0 2.4
Depreciation for tangible fixed assets 14.7 16.6 1.9 73.0 12.5
R&D expenditures 27.0 28.0 1.0 113.0 0.9
------------------------------------------------------------------------------------------------------- ----------------------
-------------------------------------------------------------------------------------------------------
March 31, 2013 June 30, 2013 Change
-------------------------------------------------------------------------------------------------------
Total assets 2,360.6 2,421.0 60.3
Ricoh Company, Ltd. shareholders' equity 897.9 918.7 20.7
Interest-bearing debt 702.7 724.6 21.9
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 38.0 37.9 -0.1
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,238.55 1,267.22 28.67
-------------------------------------------------------------------------------------------------------
RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2014 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, 2013 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2013 TO JUNE 30, 2013
(1) Operating Results
(Millions of yen)
--------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013
--------------------------------------------------------------------------------------------
Net sales 459,387 521,707
(% change from the previous corresponding period) -1.7 13.6
Operating income 14,281 19,069
(% change from the previous corresponding period) 26.1 33.5
Income before income taxes 12,275 18,540
(% change from the previous corresponding period) 32.2 51.0
Net income attributable to Ricoh Company, Ltd. 6,537 10,159
(% change from the previous corresponding period) 32.5 55.4
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 9.02 14.01
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- --
--------------------------------------------------------------------------------------------
Notes:
i. Comprehensive income: Yen 33,979 million ( - %) (Yen -23,251 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
--------------------------------------------------------------------------------------------
March 31, 2013 June 30, 2013
--------------------------------------------------------------------------------------------
Total assets 2,360,697 2,421,087
Total equity 958,658 980,309
Ricoh Company, Ltd. shareholders' equity 897,996 918,757
Ricoh Company, Ltd. shareholders' equity ratio (%) 38.0 37.9
--------------------------------------------------------------------------------------------
2. DIVIDEND INFORMATION
--------------------------------------------------------------------------------------------
Year ended Year ending
March 31, 2013 March 31, 2014
(Results) (Forecast)
--------------------------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 29.00 33.00
Interim (yen) 12.50 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, 2013 TO MARCH 31, 2014
(Millions of yen)
------------------------------------------------------------------------------------------------
Half year ending Year ending
September 30, 2013 March 31, 2014
------------------------------------------------------------------------------------------------
Net sales 1,050,000 2,130,000
Operating income 56,000 140,000
Income before income taxes 53,000 135,000
Net income attributable to Ricoh Company, Ltd. 30,000 80,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 41.38 110.34
------------------------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: Yes
* For details see "4.Others" on page 5.
(4) Number of common stock outstanding (including treasury stock):
As of June 30, 2013 744,912,078 shares As of March 31, 2013 744,912,078 shares
(5) Number of treasury stock:
As of June 30, 2013 19,892,980 shares As of March 31, 2013 19,875,662 shares
(6) Average number of common stock:
Three months ended June 30, 2013 725,027,677 shares Three months ended June 30, 2012 725,077,330 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first quarter of fiscal year
ending March 31, 2014 (the three months period from April 1, 2013 to June 30,
2013) increased by 13.6% as compared to the previous corresponding period, to
Yen 521.7 billion. During this quarter, the average yen exchange rates were Yen
98.79 against the U.S. dollar (down Yen 18.56) and Yen 129.04 against the Euro
(down Yen 25.98). Net sales would have increased by 0.8% excluding impact of
such foreign currency exchange fluctuation.
The Japanese economy showed signs of recovery, with the weakening yen and
increase in stock prices achieved through the fiscal stimulus and monetary
policy introduced by the government and the Bank of Japan. However, the real
economy has yet to recover and the overall economic outlook remains
unpredictable. Under such conditions, domestic sales in the Imaging & Solutions
and the Other increased, resulting in overall sales in Japan to increase by 1.1%
as compared to the previous corresponding period.
As for the overseas economy, the U.S. economy is showing signs of a modest
recovery, but the European economy remains stagnant under the prolonged European
debt crisis, along with the slowdown in growth occurring in China and the rest
of the emerging markets. These economic conditions have affected the overseas
sales of Ricoh. Under the severe situation, the weakening trend of the yen
during this first quarter contributed to significant increase in sales overseas.
As for overseas sales by region, sales in the Americas increased by 21.3%
compared to the previous corresponding period (a decrease of 1.5% excluding
foreign currency exchange fluctuation). Sales in Europe, Middle East and Africa
increased by 27.4% (an increase of 1.8% excluding foreign currency exchange
fluctuation). Sales in Other region (which includes China, South East Asia and
Oceania) increased by 28.2% (an increase of 4.7% excluding foreign currency
exchange fluctuation).
As a result, total overseas sales increased by 24.6% compared to the previous
corresponding period. Excluding effects of foreign currency fluctuations, net
sales in overseas would have increased by 0.6% as compared to the previous
corresponding period.
Gross profit increased by 12.8% as compared to the previous corresponding
period, to Yen 214.1 billion due primarily to the increase of sales and the
depreciation of the Yen.
Selling, general and administrative expenses increased by 11.1% as compared to
the previous corresponding period, despite group-wide cost reduction efforts, to
Yen 195.0 billion due primarily to the depreciation of the Yen.
As a result, operating income increased by 33.5% as compared to the previous
corresponding period, to Yen 19.0 billion.
Other income and expenses have improved compared to the previous corresponding
period due to the significant decrease in foreign exchange loss. As a result,
income before income taxes increased by 51.0% as compared to the previous
corresponding period, to Yen 18.5 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by 55.4%
as compared to the previous corresponding period, to Yen 10.1 billion.
Comprehensive income increased significantly primarily by the increase in
consolidated net income and cumulative translation adjustments due to the
weakening trend of the yen, to Yen 33.9 billion.
3
*Conditions by Product Line
Imaging & Solutions (Sales up 14.7% to Yen 459.5 billion)
---------------------------------------------------------
Office Imaging (Sales up 12.2% to Yen 361.0 billion)
----------------------------------------------------
Sales in this category increased by 12.2% as compared to the previous
corresponding period, to Yen 361.0 billion.
Sales of color MFPs and managed document services (MDS) increased. Total
sales in this category increased compared to the previous corresponding
period due to the weakening trend of the yen.
Production Printing (Sales up 16.9% to Yen 40.4 billion)
--------------------------------------------------------
Sales in this category increased by 16.9% as compared to the previous
corresponding period, to Yen 40.4 billion. Sales of color products in this
category increased mainly due to the depreciation of the Yen and increased
sales of cut-sheet printers. The increase in sales of these products has
also contributed to the increase in revenue through related parts &
supplies and services overseas.
Network System Solutions (Sales up 31.5% to Yen 58.0 billion)
-------------------------------------------------------------
Revenue earned through IT services increased in both the domestic and
overseas market, which also helped to increase sales of networking
equipments, resulting in sales increase in this category compared to the
previous corresponding period.
As a result, sales in the Imaging & Solutions segment increased by 14.7% as
compared to the previous corresponding period, to Yen 459.5 billion.
Increase in net sales along with increase in gross profit achieved by the
weakening yen have both contributed to the increase in operating income by
12.9% as compared to the previous corresponding period, to Yen 34.7
billion.
Industrial Products (Sales up 3.6% to Yen 24.3 billion)
-------------------------------------------------------
Sales in the Industrial Products segment increased by 3.6% as compared to the
previous corresponding period, to Yen 24.3 billion. Sales of thermal media and
optical equipment increased from the previous corresponding period. As a result,
operating income in the Industrial Products segment amounted to Yen 0.8 billion
(operating loss of Yen 0.4 billion in the previous corresponding period).
Other (Sales up 7.0% to Yen 37.8 billion)
-----------------------------------------
Sales in the Other segment increased by 7.0% as compared to the previous
corresponding period, to Yen 37.8 billion. Although sales of digital cameras and
lease finance increased from the previous corresponding period, operating loss
in the Other segment amounted to Yen 0.6 billion (operating loss of Yen 0.3
billion in the previous corresponding period), due to the increase of costs in
new businesses.
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, lease receivables increased from the end of the previous fiscal year
due to the increase of lease contracts. The yen equivalent of
foreign-currency-denominated assets increased due to the depreciation of the Yen
developed from the previous fiscal year. As a result, total assets increased by
Yen 60.3 billion, to Yen 2,421.0 billion.
For Liabilities, interest-bearing debt and other current liabilities including
accrued expenses increased. As a result, total liabilities increased by Yen 38.7
billion, to Yen 1,440.7 billion. For Total Equity, accumulated other
comprehensive loss decreased due primarily to the fluctuation of cumulative
translation adjustments reflecting exchange fluctuation from the end of the
previous period. As a result, total Equity increased by Yen 21.6 billion from
the end of the previous fiscal year, to Yen 980.3 billion.
*Cash Flows (Three months from April 1, 2013 to June 30, 2013)
Net cash provided by operating activities in this period increased by Yen 9.3
billion as compared to the previous corresponding period, to Yen 18.1 billion
due primarily to the increased consolidated net income. Net cash used in
investing activities in this period decreased by Yen 0.5 billion as compared to
the previous corresponding period, to Yen 23.6 billion.
As a result, free cash outflows generated by operating and investing activities
in this period decreased by Yen 9.8 billion as compared to the previous
corresponding period, to Yen 5.4 billion. Net cash provided by financing
activities in this period decreased by Yen 2.8 billion as compared to the
previous corresponding period, to Yen 9.5 billion due primarily to the increased
dividends paid.
As a result, cash and cash equivalents at the end of this first quarter
increased by Yen 6.4 billion as compared to the end of the previous fiscal year,
to Yen 123.5 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
Based upon the changes in the business environment (i.e. exchange rate
fluctuation) along with the first quarter business results, Ricoh will revise
its forecast upwards for sales and gross profit from those previously announced
in April.
Ricoh assumes the exchange rates of Yen 95.00 against the U.S. dollar and of Yen
125.00 against the Euro in and after the second quarter, and has incorporated
the actual exchange rates during the first quarter in the annual exchange rates
assumption.
Our performance forecast for fiscal year ending March 31, 2014 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2014
US$ 1 = Yen 95.95 (Yen 83.06 in previous fiscal year)
EURO 1 = Yen 126.01 (Yen 107.08 in previous fiscal year)
(Fiscal year) (Billions of yen)
--------------------------------------------------------------------------------------------------------------
Year ending Year ended
March 31, 2014 Change March 31, 2013 Change
Previous Forecast Revised Forecast Results
(A) (B) (B-A) (C) (B-C)/C
--------------------------------------------------------------------------------------------------------------
Domestic sales 882.5 888.0 5.5 870.3 2.0%
Overseas sales 1,217.5 1,242.0 24.5 1,054.1 17.8%
Net sales 2,100.0 2,130.0 30.0 1,924.4 10.7%
Gross profit 875.0 880.0 5.0 768.6 14.5%
Operating income 140.0 140.0 -- 63.4 120.7%
Income before income taxes 135.0 135.0 -- 58.1 132.1%
Net income attributable to
Ricoh Company, Ltd. 80.0 80.0 -- 32.4 146.4%
--------------------------------------------------------------------------------------------------------------
(Half year ending September 30, 2013) (Billions of yen)
--------------------------------------------------------------------------------------------------------------
Half year ending Year ended
September 30, 2013 Change September 30, 2012 Change
Previous Forecast Revised Forecast Results
(D) (E) (E-D) (F) (E-F)/F
--------------------------------------------------------------------------------------------------------------
Net sales 1,020.0 1,050.0 30.0 917.4 14.4%
Operating income 56.0 56.0 -- 27.3 104.5%
Income before income taxes 53.0 53.0 -- 24.4 116.4%
Net income attributable to
Ricoh Company, Ltd. 30.0 30.0 -- 11.7 156.1%
--------------------------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2014 above
upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from
those projected.
4. OTHER
(1) Changes in significant subsidiaries:
Not applicable
(2) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method, changes in accounting estimate and
reclassifications:
Ricoh adopted retroactively Accounting Standards Update (ASU) 2011-11 and ASU
2013-01 from April 1 2013. ASU 2011-11 requires an entity to disclose
information about offsetting and related arrangements. ASU 2013-01 replaced ASU
2011-11. The updates create new disclosure requirements requiring entities to
disclose both gross and net information for derivatives and other financial
instruments that are either offset in the Statement of assets and liabilities or
subject to an enforceable master netting arrangement or similar agreement. These
ASU's impact disclosures only and will have no impact on Ricoh's consolidated
financial position.
Ricoh adopted ASU 2013-02 from April 1 2013. This ASU requires an entity to
report the effect of reclassifications out of accumulated other comprehensive
income. This ASU's impact disclosures only and will have no impact on Ricoh's
consolidated financial position.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
---------------------------------------------------------------------------------------------------------------
March 31, 2013 June 30, 2013 Change
---------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 120,331 128,007 7,676
Trade receivables 745,470 758,890 13,420
Inventories 195,367 205,441 10,074
Other current assets 65,051 65,566 515
Total Current Assets 1,126,219 1,157,904 31,685
Fixed Assets
Tangible fixed assets 290,875 292,829 1,954
Finance receivables 466,608 482,071 15,463
Other investments 476,995 488,283 11,288
Total Fixed Assets 1,234,478 1,263,183 28,705
---------------------------------------------------------------------------------------------------------------
Total Assets 2,360,697 2,421,087 60,390
---------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 117,051 123,550
Time deposits 3,280 4,457
Liabilities and Equity (Millions of yen)
---------------------------------------------------------------------------------------------------------------
March 31, 2013 June 30, 2013 Change
---------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 256,538 247,247 -9,291
Short-term borrowings 226,399 271,958 45,559
Other current liabilities 217,430 238,366 20,936
Total Current Liabilities 700,367 757,571 57,204
Fixed Liabilities
Long-term indebtedness 476,381 452,729 -23,652
Accrued pension and severance costs 164,289 165,644 1,355
Other fixed liabilities 61,002 64,834 3,832
Total Fixed Liabilities 701,672 683,207 -18,465
---------------------------------------------------------------------------------------------------------------
Total Liabilities 1,402,039 1,440,778 38,739
---------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 759,783 757,979 -1,804
Accumulated other comprehensive loss -146,088 -123,501 22,587
Treasury stock -37,146 -37,168 -22
Total Ricoh Company, Ltd. shareholders' equity 897,996 918,757 20,761
Noncontrolling interests 60,662 61,552 890
---------------------------------------------------------------------------------------------------------------
Total Equity 958,658 980,309 21,651
---------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,360,697 2,421,087 60,390
---------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss; March 31, 2013 June 30, 2013 Change
Net unrealized holding gains (losses) on available-for-sale
securities 8,665 10,607 1,942
Pension liability adjustments -64,266 -64,747 -481
Net unrealized gains (losses) on derivative instruments -861 -575 286
Cumulative translation adjustments -89,626 -68,786 20,840
Reference: Exchange rate March 31, 2013 June 30, 2013
US$ 1 Yen 94.05 Yen 98.59
EURO 1 Yen 120.73 Yen 128.53
6
(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENTS OF INCOME
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 459,387 521,707 62,320 13.6
Cost of sales 269,489 307,589 38,100 14.1
Percentage of net sales (%) 58.7 59.0
Gross profit 189,898 214,118 24,220 12.8
Percentage of net sales (%) 41.3 41.0
Selling, general and administrative expenses 175,617 195,049 19,432 11.1
Percentage of net sales (%) 38.2 37.3
Operating income 14,281 19,069 4,788 33.5
Percentage of net sales (%) 3.1 3.7
Other (income) expenses
Interest and dividend income 842 517 -325 -38.6
Percentage of net sales (%) 0.2 0.1
Interest expense 1,521 1,415 -106 -7.0
Percentage of net sales (%) 0.3 0.3
Other, net 1,327 -369 -1,696 --
Percentage of net sales (%) 0.3 -0.1
Income before income taxes,
equity income and noncontrolling interests 12,275 18,540 6,265 51.0
Percentage of net sales (%) 2.7 3.6
Provision for income taxes 4,669 6,977 2,308 49.4
Percentage of net sales (%) 1.0 1.4
Equity in earnings (losses) of affiliates 41 -17 -58 --
Percentage of net sales (%) 0.0 -0.0
Net income 7,647 11,546 3,899 51.0
Percentage of net sales (%) 1.7 2.2
Net income attributable to noncontrolling interests 1,110 1,387 277 25.0
Percentage of net sales (%) 0.3 0.3
Net income attributable to Ricoh Company, Ltd. 6,537 10,159 3,622 55.4
Percentage of net sales (%) 1.4 1.9
-----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of yen)
--------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change
--------------------------------------------------------------------------------------------------------------------
Net income 7,647 11,546 3,899
Other comprehensive income (loss), net of tax
Net unrealized holding gains and losses on available-for-sale
securities -699 1,950 2,649
Pension liability adjustments -255 -582 -327
Net unrealized gains and losses on derivative instruments -289 399 688
Foreign currency translation adjustments -29,655 20,666 50,321
Total -30,898 22,433 53,331
Comprehensive income (loss) -23,251 33,979 57,230
Comprehensive income attributable to noncontrolling interests 848 1,233 385
Comprehensive income (loss) attributable to Ricoh Company, Ltd. -24,099 32,746 56,845
--------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate June 30, 2012 June 30, 2013
US$ 1 Yen 80.23 Yen 98.79
EURO 1 Yen 103.06 Yen 129.04
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 321,758 361,028 39,270 12.2
Percentage of net sales (%) 70.0 69.2
Production Printing 34,648 40,490 5,842 16.9
Percentage of net sales (%) 7.5 7.8
Network System Solutions 44,144 58,033 13,889 31.5
Percentage of net sales (%) 9.6 11.1
Imaging & Solutions Total 400,550 459,551 59,001 14.7
Percentage of net sales (%) 87.1 88.1
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 23,520 24,356 836 3.6
Percentage of net sales (%) 5.1 4.7
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 35,317 37,800 2,483 7.0
Percentage of net sales (%) 7.8 7.2
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 459,387 521,707 62,320 13.6
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
* Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers, laser printers, digital duplicators,
facsimile, scanners, related parts & supplies, services, support and software
Production Printing Cut sheet printer, continuous feed printer, related parts & supplies, services,
support and software
Network System Solutions Personal computers, servers, network equipment, related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor devices and electronic components
Other Digital cameras
CONSOLIDATED SALES BY GEOGRAPHIC AREA
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 215,449 217,776 2,327 1.1
Percentage of net sales (%) 46.9 41.7
[Overseas] 243,938 303,931 59,993 24.6
Percentage of net sales (%) 53.1 58.3
The Americas 117,467 142,514 25,047 21.3
Percentage of net sales (%) 25.6 27.3
Europe, Middle East and Africa 95,253 121,394 26,141 27.4
Percentage of net sales (%) 20.7 23.3
Other 31,218 40,023 8,805 28.2
Percentage of net sales (%) 6.8 7.7
Grand Total 459,387 521,707 62,320 13.6
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 80.23 Yen 98.79
EURO 1 Yen 103.06 Yen 129.04
8
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 7,647 11,546
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 20,891 23,158
Equity in earnings of affiliates, net of dividends received -41 17
Deferred income taxes 1,686 3,607
Pension and severance costs, less payments -1,734 -464
Changes in assets and liabilities--
(Increase) decrease in trade receivables 1,037 -2,168
Increase in inventories -11,384 -4,373
Increase in finance receivables -5,384 -8,818
Decrease in trade payables -13,189 -12,880
Increase in accrued income taxes and
accrued expenses and other 4,312 10,368
Other, net 5,020 -1,810
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 8,861 18,183
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 582 103
Expenditures for property, plant and equipment, including
interest capitalized -19,195 -18,715
Expenditures for intangible assets -3,609 -3,397
Payments for purchases of available-for-sale securities -8 -7
Proceeds from sales of available-for-sale securities -- 415
Increase in time deposits -2,028 -984
Other, net 97 -1,023
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -24,161 -23,608
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Net proceeds (repayments) of debt with original maturities of
three months or less -15,182 12,214
Proceeds from debt with original maturities of more than three months 53,601 40,525
Repayments of debt with original maturities of more than three months -19,501 -30,840
Dividends paid -6,163 -11,963
Payment for purchase of treasury stock -5 -20
Other, net -327 -343
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities 12,423 9,573
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -4,832 2,351
-----------------------------------------------------------------------------------------------------------------------------
V. Net Increase (decrease) in Cash and Cash Equivalents -7,709 6,499
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 156,210 117,051
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 148,501 123,550
-----------------------------------------------------------------------------------------------------------------------------
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
9
(5) SEGMENT INFORMATION
(a) Operating Segments Information
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 400,550 459,551 59,001 14.7
Intersegment -- -- --
Total 400,550 459,551 59,001 14.7
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 369,808 424,828 55,020 14.9
-------------------------------------------------------------------------------------------------------------------------
Operating income 30,742 34,723 3,981 12.9
Operating income on sales in Imaging & Solutions (%) 7.7 7.6
-------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 23,520 24,356 836 3.6
Intersegment 988 969 -19 -1.9
Total 24,508 25,325 817 3.3
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 24,926 24,454 -472 -1.9
-------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -418 871 1,289 --
Operating income (loss) on sales in Industrial Products (%) -1.7 3.4
-------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 35,317 37,800 2,483 7.0
Intersegment -- -- --
Total 35,317 37,800 2,483 7.0
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 35,621 38,428 2,807 7.9
-------------------------------------------------------------------------------------------------------------------------
Operating loss -304 -628 -324 --
Operating loss on sales in Other (%) -0.9 -1.7
-------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -988 -969 19
Total -988 -969 19 --
-------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -988 -969 19
Corporate 15,739 15,897 158
Total 14,751 14,928 177 --
-------------------------------------------------------------------------------------------------------------------------
Operating loss -15,739 -15,897 -158 --
-------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 459,387 521,707 62,320 13.6
Intersegment -- -- --
Total 459,387 521,707 62,320 13.6
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 445,106 502,638 57,532 12.9
-------------------------------------------------------------------------------------------------------------------------
Operating income 14,281 19,069 4,788 33.5
Operating income on consolidated net sales (%) 3.1 3.7
-------------------------------------------------------------------------------------------------------------------------
10
(b) Geographic Segments Information
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2012 June 30, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
Unaffiliated customers 219,007 219,713 706 0.3
Intersegment 97,196 108,401 11,205 11.5
Total 316,203 328,114 11,911 3.8
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 307,655 312,614 4,959 1.6
-------------------------------------------------------------------------------------------------------------------------
Operating income 8,548 15,500 6,952 81.3
Operating income on sales in Japan (%) 2.7 4.7
-------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
Unaffiliated customers 117,447 142,508 25,061 21.3
Intersegment 1,555 1,779 224 14.4
Total 119,002 144,287 25,285 21.2
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 118,102 142,495 24,393 20.7
-------------------------------------------------------------------------------------------------------------------------
Operating income 900 1,792 892 99.1
Operating income on sales in the Americas (%) 0.8 1.2
-------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
Unaffiliated customers 94,369 121,533 27,164 28.8
Intersegment 172 177 5 2.9
Total 94,541 121,710 27,169 28.7
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 88,336 119,279 30,943 35.0
-------------------------------------------------------------------------------------------------------------------------
Operating income 6,205 2,431 -3,774 -60.8
Operating income on sales in Europe (%) 6.6 2.0
-------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 28,564 37,953 9,389 32.9
Intersegment 46,834 52,838 6,004 12.8
Total 75,398 90,791 15,393 20.4
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 72,559 88,145 15,586 21.5
-------------------------------------------------------------------------------------------------------------------------
Operating income 2,839 2,646 -193 -6.8
Operating income on sales in Other (%) 3.8 2.9
-------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -145,757 -163,195 -17,438
Total -145,757 -163,195 -17,438 --
-------------------------------------------------------------------------------------------------------------------------
Operating expenses -141,546 -159,895 -18,349 --
-------------------------------------------------------------------------------------------------------------------------
Operating loss -4,211 -3,300 911 --
-------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 459,387 521,707 62,320 13.6
Intersegment -- -- --
Total 459,387 521,707 62,320 13.6
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 445,106 502,638 57,532 12.9
-------------------------------------------------------------------------------------------------------------------------
Operating income 14,281 19,069 4,788 33.5
Operating income on consolidated net sales (%) 3.1 3.7
-------------------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
11
-APPENDIX- (THREE MONTHS ENDED JUNE 30, 2013)
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
June 30, 2012 June 30, 2013 Change % exchange impact %
-------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 321,758 361,028 39,270 12.2 -7,843 -2.4
Percentage of net sales (%) 70.0 69.2
Domestic 124,021 119,988 -4,033 -3.3 -4,033 -3.3
Overseas 197,737 241,040 43,303 21.9 -3,810 -1.9
Production Printing 34,648 40,490 5,842 16.9 -484 -1.4
Percentage of net sales (%) 7.5 7.8
Domestic 8,256 7,499 -757 -9.2 -757 -9.2
Overseas 26,392 32,991 6,599 25.0 273 1.0
Network System Solutions 44,144 58,033 13,889 31.5 11,600 26.3
Percentage of net sales (%) 9.6 11.1
Domestic 39,451 46,331 6,880 17.4 6,880 17.4
Overseas 4,693 11,702 7,009 149.4 4,720 100.6
Imaging & Solutions Total 400,550 459,551 59,001 14.7 3,273 0.8
Percentage of net sales (%) 87.1 88.1
Domestic 171,728 173,818 2,090 1.2 2,090 1.2
Overseas 228,822 285,733 56,911 24.9 1,183 0.5
The Americas 112,988 137,592 24,604 21.8 -1,235 -1.1
Europe, Middle East and Africa 90,279 115,462 25,183 27.9 1,771 2.0
Other 25,555 32,679 7,124 27.9 647 2.5
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 23,520 24,356 836 3.6 -1,257 -5.3
Percentage of net sales (%) 5.1 4.7
Domestic 12,039 10,659 -1,380 -11.5 -1,380 -11.5
Overseas 11,481 13,697 2,216 19.3 123 1.1
The Americas 3,456 3,730 274 7.9 -426 -12.3
Europe, Middle East and Africa 3,339 4,114 775 23.2 80 2.4
Other 4,686 5,853 1,167 24.9 469 10.0
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 35,317 37,800 2,483 7.0 1,750 5.0
Percentage of net sales (%) 7.8 7.2
Domestic 31,682 33,299 1,617 5.1 1,617 5.1
Overseas 3,635 4,501 866 23.8 133 3.7
The Americas 1,023 1,192 169 16.5 -52 -5.1
Europe, Middle East and Africa 1,635 1,818 183 11.2 -180 -11.0
Other 977 1,491 514 52.6 365 37.4
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 459,387 521,707 62,320 13.6 3,766 0.8
Percentage of net sales (%) 100.0 100.0
Domestic 215,449 217,776 2,327 1.1 2,327 1.1
Percentage of net sales (%) 46.9 41.7
Overseas 243,938 303,931 59,993 24.6 1,439 0.6
Percentage of net sales (%) 53.1 58.3
The Americas 117,467 142,514 25,047 21.3 -1,713 -1.5
Percentage of net sales (%) 25.6 27.3
Europe, Middle East and Africa 95,253 121,394 26,141 27.4 1,671 1.8
Percentage of net sales (%) 20.7 23.3
Other 31,218 40,023 8,805 28.2 1,481 4.7
Percentage of net sales (%) 6.8 7.7
------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 80.23 Yen 98.79 Yen 18.56
EURO 1 Yen 103.06 Yen 129.04 Yen 25.98
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers,
laser printers, digital duplicators, facsimile,
scanners, related parts & supplies, services, support
and software
Production Printing Cut sheet printer, continuous feed
printer, related parts & supplies, services, support
and software
Network System Solutions Personal computers, servers, network equipment,
related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor
devices and electronic components
Other Digital cameras
A1
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ending Half year ending Year ending
June 30, 2013 Change Sept. 30, 2013 Change Sept. 30, 2013 Change March 31, 2014 Change
Results % Forecast % Forecast % Forecast %
-------------------------------------------------------------------------------------------------------------------------------
Net sales 521.7 13.6 528.3 15.3 1,050.0 14.4 2,130.0 10.7
Gross profit 214.1 12.8 218.9 18.6 433.0 15.6 880.0 14.5
Operating income 19.0 33.5 37.0 181.8 56.0 104.5 140.0 120.7
Income before income taxes 18.5 51.0 34.5 182.1 53.0 116.4 135.0 132.1
Net income attributable to
Ricoh Company, Ltd. 10.1 55.4 19.9 283.3 30.0 156.1 80.0 146.4
-------------------------------------------------------------------------------------------------------------------------------
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-basic (yen) 14.01 -- 27.37 -- 41.38 -- 110.34 --
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-diluted (yen) -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 18.7 -- 23.6 -- 42.3 -- 89.0 --
Depreciation for tangible
fixed assets 16.6 -- 18.3 -- 34.9 -- 73.0 --
R&D expenditures 28.0 -- 29.2 -- 57.2 -- 113.0 --
-------------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 98.79 -- 95.00 -- 96.90 -- 95.95 --
Exchange rate (Yen/EURO) 129.04 -- 125.00 -- 127.02 -- 126.01 --
-------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
----------------------------------------------------------------------------------------------------------------------------------
Half year ending September 30, 2013 Year ending March 31, 2014
----------------------------------- --------------------------
Forecast Change Forecast(*) Change Change Change
% % Forecast % Forecast(*) %
----------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 718.0 14.6 633.8 1.2 1,471.5 10.7 1,349.7 1.5
Domestic 237.0 0.4 237.0 0.4 490.9 1.1 490.9 1.1
Overseas 481.0 23.2 396.8 1.7 980.6 16.2 858.7 1.7
Production Printing 83.1 19.7 71.9 3.5 168.1 14.3 151.9 3.3
Domestic 16.6 1.2 16.6 1.2 33.4 1.7 33.4 1.7
Overseas 66.5 25.5 55.3 4.3 134.7 18.0 118.5 3.8
Network System Solutions 118.9 16.7 115.7 13.5 233.8 12.0 229.0 9.7
Domestic 94.1 4.8 94.1 4.8 184.6 4.1 184.6 4.1
Overseas 24.8 104.4 21.6 77.7 49.2 56.8 44.4 41.4
Imaging & Solutions Total 920.1 15.3 821.4 3.0 1,873.5 11.2 1,730.6 2.7
Domestic 347.8 1.6 347.8 1.6 709.0 1.9 709.0 1.9
Overseas 572.3 25.7 473.6 4.0 1,164.5 17.7 1,021.6 3.2
The Americas 276.1 22.5 230.9 2.4 554.1 15.9 488.4 2.2
Europe, Middle East and
Africa 227.9 28.4 185.2 4.4 475.2 18.4 413.4 3.0
Other 68.3 30.0 57.5 9.5 135.2 22.8 119.7 8.8
----------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 52.6 10.9 47.9 1.0 102.5 10.1 95.7 2.8
Domestic 23.3 -2.9 23.3 -2.9 44.5 -0.1 44.5 -0.1
Overseas 29.3 25.0 24.6 5.0 58.0 19.5 51.2 5.5
The Americas 8.2 19.6 7.1 3.6 16.6 17.2 15.0 5.6
Europe, Middle East and
Africa 8.3 30.7 6.7 5.7 16.0 21.2 13.8 4.4
Other 12.8 25.1 10.8 5.5 25.4 20.0 22.4 6.2
----------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 77.3 6.8 75.5 4.3 154.0 5.5 151.5 3.8
Domestic 67.4 4.4 67.4 4.4 134.5 3.4 134.5 3.4
Overseas 9.9 26.0 8.1 3.1 19.5 22.6 17.0 7.0
The Americas 2.5 25.6 2.1 3.3 5.3 23.7 4.7 9.4
Europe, Middle East and
Africa 4.3 28.0 3.4 0.9 8.7 23.3 7.5 5.7
Other 3.1 23.7 2.6 5.8 5.5 20.3 4.9 6.8
----------------------------------------------------------------------------------------------------------------------------------
Grand Total 1,050.0 14.4 944.8 3.0 2,130.0 10.7 1,977.8 2.8
Domestic 438.5 1.8 438.5 1.8 888.0 2.0 888.0 2.0
Overseas 611.5 25.6 506.3 4.0 1,242.0 17.8 1,089.8 3.4
The Americas 286.8 22.4 240.1 2.5 576.0 16.0 508.1 2.3
Europe, Middle East and
Africa 240.6 28.5 195.3 4.3 500.0 18.5 434.7 3.1
Other 84.1 29.0 70.9 8.7 166.0 22.3 147.0 8.3
----------------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A2