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 February 2011
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
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(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-__ )
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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
February 2, 2011
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RICOH February 2, 2011
QUARTERLY REPORT
Nine months ended December 31, 2010
Results for the Period from April 1, 2010 to December 31, 2010
Three months ended December 31, 2010
Results for the Period from October 1, 2010 to December 31, 2010
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Third Quarter ended December 31, 2009, 2010 and Year ending March 31, 2011
(Forecast)
(Billions of yen)
------------------------------------------------------------------------------------------------ ---------------------
Third Quarter ended Third Quarter ended Year ending
December 31, 2010 December 31, 2009 March 31, 2011
Results Results Change Forecast Change
------------------------------------------------------------------------------------------------ ---------------------
Domestic sales 649.4 626.5 3.7% 920.0 5.0%
Overseas sales 789.6 848.2 -6.9% 1,100.0 -3.5%
Net sales 1,439.0 1,474.7 -2.4% 2,020.0 0.2%
Gross profit 599.4 608.4 -1.5% 825.0 0.3%
Operating income 53.9 37.7 43.1% 85.0 28.8%
Income before income taxes 41.3 30.8 34.1% 75.0 30.4%
Net income attributable to Ricoh Company, Ltd. 20.3 14.4 41.1% 35.0 25.6%
------------------------------------------------------------------------------------------------ ---------------------
Exchange rate (Yen/US$) 86.90 93.62 -6.72 85.18 -7.73
Exchange rate (Yen/EURO) 113.53 133.03 -19.50 112.65 -18.56
------------------------------------------------------------------------------------------------ ---------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 28.03 19.87 8.16 48.24 9.83
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 27.30 19.32 7.98 47.34 9.98
------------------------------------------------------------------------------------------------ ---------------------
Cash flows from operating activities 74.3 108.9 -34.5 -- --
Cash flows from investing activities -64.1 -66.7 2.5 -- --
Cash flows from financing activities -92.6 -81.9 -10.7 -- --
Cash and cash equivalents at end of period 147.8 217.1 -69.3 -- --
------------------------------------------------------------------------------------------------ ---------------------
Capital expenditures 48.6 48.3 0.3 72.0 5.0
Depreciation for tangible fixed assets 50.1 51.8 -1.7 67.0 -3.3
R&D expenditures 81.3 81.8 -0.5 112.0 2.1
------------------------------------------------------------------------------------------------ ---------------------
------------------------------------------------------------------------------------------------
December 31, 2010 March 31, 2010 Change
------------------------------------------------------------------------------------------------
Total assets 2,191.0 2,383.9 -192.9
Ricoh Company, Ltd. shareholders' equity 907.5 973.3 -65.7
Interest-bearing debt 627.8 684.4 -56.5
------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio
(%) 41.4 40.8 0.6
------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per
share (yen) 1,250.96 1,341.45 -90.49
------------------------------------------------------------------------------------------------
(2) Three months ended December 31, 2009 and 2010
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Three months ended Three months ended
December 31, 2010 December 31, 2009
Results Results Change
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Domestic sales 210.3 204.8 2.7%
Overseas sales 257.8 281.1 -8.3%
Net sales 468.1 485.9 -3.7%
Gross profit 196.5 210.2 -6.5%
Operating income 15.9 23.7 -32.7%
Income before income taxes 13.2 24.0 -44.8%
Net income attributable to Ricoh Company, Ltd. 7.8 12.6 -37.9%
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Exchange rate (Yen/US$) 82.66 89.75 -7.09
Exchange rate (Yen/EURO) 112.30 132.60 -20.30
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Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 10.79 17.38 -6.59
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 10.54 16.91 -6.37
----------------------------------------------------------------------------------------------
Capital expenditures 9.1 9.8 -0.7
Depreciation for tangible fixed assets 16.7 17.8 -1.1
R&D expenditures 27.3 25.8 1.4
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RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending
March 31, 2011 above upon information currently available to management,
which involves risks and uncertainties that could cause actual results to
differ materially from those projected.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2010 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2010 TO DECEMBER 31, 2010
(1) Operating Results
(Millions of yen)
--------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009
--------------------------------------------------------------------------------
Net sales 1,439,051 1,474,731
(% change from the previous
corresponding period) -2.4 -5.9
Operating income 53,989 37,732
(% change from the previous
corresponding period) 43.1 -56.3
Income before income taxes 41,344 30,823
(% change from the previous
corresponding period) 34.1 -48.7
Net income attributable to Ricoh
Company, Ltd. 20,340 14,416
(% change from the previous
corresponding period) 41.1 -51.2
Net income attributable to Ricoh
Company, Ltd. shareholders per
share-basic (yen) 28.03 19.87
Net income attributable to Ricoh
Company, Ltd. shareholders per
share-diluted (yen) 27.30 19.32
--------------------------------------------------------------------------------
(2) Financial Position
(Millions of yen)
----------------------------------------------------------------------------
December 31, 2010 March 31, 2010
----------------------------------------------------------------------------
Total assets 2,191,006 2,383,943
Total equity 960,207 1,023,874
Ricoh Company, Ltd. shareholders' equity 907,592 973,341
Ricoh Company, Ltd. shareholders'
equity ratio (%) 41.4 40.8
Ricoh Company, Ltd. shareholders'
equity per share (yen) 1,250.96 1,341.45
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2. DIVIDEND INFORMATION
-----------------------------------------------------------------------------
Year ended Year ending
March 31, 2010 March 31, 2011
(Results) (Forecast)
-----------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 33.00 33.00
Interim (yen) 16.50 16.50
Year-end (yen) 16.50 16.50
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Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2010 TO MARCH 31, 2011
(Millions of yen)
-------------------------------------------------------------------------------
Year ending
March 31, 2011
-------------------------------------------------------------------------------
Net sales 2,020,000
Operating income 85,000
Income before income taxes 75,000
Net income attributable to Ricoh Company, Ltd. 35,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 48.24
-------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: No
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Changes in accounting method: Yes
* For details see "4. Others" on page 5.
(3) Number of common stock outstanding (including treasury stock):
As of December 31, 2010 744,912,078 shares As of March 31, 2010 744,912,078 shares
(4) Number of treasury stock:
As of December 31, 2010 19,395,128 shares As of March 31, 2010 19,320,723 shares
(5) Average number of common stock:
As of December 31, 2010 725,570,022 shares As of December 31, 2009 725,624,044 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the 9 months of fiscal year 2010 (9
months period from April 1, 2010 to December 31, 2010) decreased by 2.4% as
compared to the previous corresponding period, to Yen 1,439.0 billion. During
this period, the average yen exchange rates were Yen 86.90 against the U.S.
dollar (up Yen 6.72) and Yen 113.53 against the Euro (up Yen 19.50). Net sales
would have increased by 3.3% excluding impact of such foreign currency exchange
fluctuation.
The Japanese economy had shown some moderate recovery from the second half of
the previous year. However, unpredictable situation remained because of the
sharp appreciation of the Yen against the U.S. dollar and the Euro as well as
decline of the stock market. Despite the severe situation, domestic sales in
all the segments such as the Imaging & Solutions, Industrial Products and Other
increased from the previous corresponding period. Consequently, overall sales
in Japan increased by 3.7% as compared to the previous corresponding period.
As for the overseas economy, in the Americas, unpredictable situation remained
despite the recovery in individual consumption and capital investment in
America. In Europe, although the economy had shown recovery trend partially due
to the increase of European export to other regions derived from the
depreciation of the Euro, it remained uncertain due to financial crisis and
employment insecurity in some countries. In Other, comprised of China, South
East Asia and Oceania, the emerging markets including China and India achieved
strong growth. Ricoh continued to be in the severe business environment in
Europe due to the appreciation of the Yen.
As for overseas sales, although sales in the Americas, due to the appreciation
of the Yen against the U.S. dollar, decreased by 6.5% (+0.8%, excluding foreign
currency exchange fluctuation) and sales in Europe, due to the sharp
appreciation of the Yen against the Euro, decreased by 11.1% (+3.8%, excluding
foreign currency exchange fluctuation), sales in Other, comprised of China,
South East Asia and Oceania, increased by 7.0% (+11.2%, excluding foreign
currency exchange fluctuation).
As a result, sales in the overseas market decreased by 6.9% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 3.1% as compared to
the previous corresponding period.
Gross profit, despite the increased sales of value-added high-margin products
in addition to ongoing cost reduction, decreased by 1.5% as compared to the
previous corresponding period, to Yen 599.4 billion due to the appreciation of
the Yen.
Group-wide cost reduction efforts contributed largely to a decline in selling,
general and administrative expenses. Consequently, selling, general and
administrative expenses decreased by 4.4% as compared to the previous
corresponding period, to Yen 545.4 billion.
As a result, operating income increased by 43.1% as compared to the previous
corresponding period, to Yen 53.9 billion.
For other (income) expenses, while foreign exchange loss increased as compared
to the previous corresponding period, interest expense decreased by 5.5%
compared to the previous corresponding period due to the interest-bearing debt
reduction. As a result, income before income taxes increased by 34.1% as
compared to the previous corresponding period, to Yen 41.3 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by 41.1%
as compared to the previous corresponding period, to Yen 20.3 billion.
3
*Conditions by Product Line
Conditions by Product Line for the 9 months ended December 31, 2010 are as
follows;
Imaging & Solutions (Sales down 3.2% to Yen 1,264.4 billion)
-------------------------------------------------------------
Imaging Solutions (Sales down 5.4% to Yen 1,052.8 billion)
-----------------------------------------------------------
Sales in this category decreased by 5.4% as compared to the previous
corresponding period, to Yen 1,052.8 billion. The sales would have increased
by 1.2% excluding the effects of foreign currency fluctuations.
As for sales of PPCs, MFPs and printers, while the sales of color products
remained steady, the sales of monochrome products decreased as compared to
the previous corresponding period. Sales of production printing products
increased due to the sales of new color product released in the second half
of the previous year.
Network System Solutions (Sales up 9.7% to Yen 211.5 billion)
--------------------------------------------------------------
Sales in this category increased by 9.7% as compared to the previous
corresponding period, to Yen 211.5 billion due mainly to expanding MDS
(Managed Document Services) and IT service around the world.
As a result, sales in the Imaging & Solutions segment decreased by 3.2% as
compared to the previous corresponding period, to Yen 1,264.4 billion.
Operating income increased by 16.3% as compared to the previous corresponding
period, to Yen 108.1 billion due mainly to the increased sales of value-added
high-margin products in addition to ongoing cost reduction.
Industrial Products (Sales up 7.6% to Yen 82.1 billion)
--------------------------------------------------------
Sales in the Industrial Products segment increased by 7.6% as compared to the
previous corresponding period, to Yen 82.1 billion. Sales of semiconductor
devices, optical equipment and electronic components increased as compared to
the previous corresponding period. As a result, operating income in the
Industrial Products segment amounted to Yen 0.7 billion (operating loss Yen 1.0
billion for the previous corresponding period).
Other (Sales up 0.2% to Yen 92.5 billion)
------------------------------------------
Net sales in the Other segment increased by 0.2% as compared to the previous
corresponding period, to Yen 92.5 billion. Sales of digital cameras and so on
increased mainly in Japan. As a result, operating loss in the Other segment
amounted to Yen 1.5 billion (operating loss Yen 1.9 billion for the previous
corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, cash and time deposits decreased from the end of the previous
fiscal year due to the interest-bearing debt reduction. The yen equivalent of
foreign-currency-denominated assets decreased because the appreciation of the
Yen developed from the previous fiscal year. As a result, total assets
decreased by Yen 192.9 billion, to Yen 2,191.0 billion.
For Liabilities, interest-bearing debt decreased. Ricoh promoted the
interest-bearing debt reduction mainly in foreign countries. Also, Ricoh
redeemed bonds. As a result, total liabilities decreased by Yen 129.2 billion
from the end of the previous fiscal year, to Yen 1,230.7 billion.
For Total Equity, the change in retained earnings resulted from payment for
dividends and net income attributable to Ricoh Company, Ltd. Accumulated other
comprehensive loss increased due mainly to the fluctuation of cumulative
translation adjustments reflecting exchange fluctuation from the end of the
previous period. As a result, Total Equity decreased by Yen 63.6 billion from
the end of the previous fiscal year, to Yen 960.2 billion.
*Cash Flows (9 months from April 1, 2010 to December 31, 2010)
Net cash provided by operating activities in this period decreased by Yen 34.5
billion as compared to the previous corresponding period, to Yen 74.3 billion
due mainly to the increase in inventories.
Net cash used in investing activities in this period decreased by Yen 2.5
billion as compared to the previous corresponding period, to Yen 64.1 billion.
As a result, free cash inflows generated by operating and investing activities
decreased by Yen 32.0 billion as compared to the previous corresponding period,
to Yen 10.1 billion.
Net cash used in financing activities amounted to Yen 92.6 billion due
primarily to repayment of the interest-bearing debt and payment for dividends.
As a result, cash and cash equivalents as of December 31, 2010 decreased by
Yen 94.3 billion as compared to the end of the previous fiscal year, to
Yen 147.8 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
Ricoh has not revised its forecast of business results for the full fiscal year
ending March 31, 2011 from announced in October 2010. This forecast reflects
the business result for the nine months ended December 31, 2010 and competition
in the market as well as exchange rate fluctuations.
Ricoh assumes exchange rates of Yen 80.00 against the U.S. dollar and of Yen
110.00 against the Euro during the fourth quarter.
Our performance forecast for the full fiscal year ending March 31, 2011 is as
follows:
Exchange Rate Assumptions for the full fiscal year ending March 31, 2011
US$ 1 = Yen 85.18 (Yen 92.91 in previous fiscal year)
EURO 1 = Yen 112.65 (Yen 131.21 in previous fiscal year)
(Billions of yen)
------------------------------------------------------------------------------------
Year ending Year ended
March 31, 2011 March 31, 2010
(Forecast) (Results) Change
------------------------------------------------------------------------------------
Domestic sales 920.0 876.5 5.0%
Overseas sales 1,100.0 1,139.7 -3.5%
Net sales 2,020.0 2,016.3 0.2%
Gross profit 825.0 822.3 0.3%
Operating income 85.0 65.9 28.8%
Income before income taxes 75.0 57.5 30.4%
Net income attributable to Ricoh Company, Ltd. 35.0 27.8 25.6%
------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2011 above
upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from
those projected.
4. OTHERS
(1) Changes in significant subsidiaries:
Not applicable
(2) Changes in accounting method:
Adoption of new accounting standards:
Ricoh adopted the FASB Accounting Standards Codification ("ASC") 860 "Transfers
and Servicing" updated by the FASB issued Accounting Standard Update ("ASU")
No. 2009-16, "Accounting for Transfers of Financial Assets" in this fiscal
year. This statement eliminates the concept of a qualifying special-purpose
entity ("QSPE"), establishes conditions for reporting a transfer of a portion
of a financial asset as a sale, clarifies the financial-asset derecognition
criteria, revises how interests retained by the transferor in a sale of
financial assets initially are measured.
Ricoh also adopted FASB ASC 810 "Consolidation" updated by the FASB issued ASU
No. 2009-17, "Improvements to Financial Reporting by Enterprises Involved with
Variable Interest Entities" in this fiscal year. This accounting standard
requires an enterprise to perform an analysis to identify the primary
beneficiary of a variable interest entity and also requires ongoing
reassessments of whether an enterprise is the primary beneficiary of a variable
interest entity.
Ricoh recognized Yen 24,282 million as leasing receivables and Yen
20,228 million as current portion of long-term indebtedness and long-term
indebtedness on Consolidated Balance Sheets to conform with these FASB ASC. The
adoption of these FASB ASC did not have a material impact on cumulative effect
on retained earnings.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
-------------------------------------------------------------------------------------------------------
December 31, 2010 March 31, 2010 Change
-------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 149,560 243,888 -94,328
Trade receivables 632,184 667,614 -35,430
Inventories 183,271 169,251 14,020
Other current assets 61,207 63,859 -2,652
Total Current Assets 1,026,222 1,144,612 -118,390
Fixed Assets
Tangible fixed assets 255,692 263,021 -7,329
Finance receivables 445,294 445,896 -602
Other investments 463,798 530,414 -66,616
Total Fixed Assets 1,164,784 1,239,331 -74,547
-------------------------------------------------------------------------------------------------------
Total Assets 2,191,006 2,383,943 -192,937
-------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 147,816 242,165
Time deposits 1,744 1,723
Liabilities and Equity (Millions of yen)
------------------------------------------------------------------------------------------------------------------
December 31, 2010 March 31, 2010 Change
------------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 244,041 273,397 -29,356
Short-term borrowings 124,514 169,727 -45,213
Other current liabilities 183,627 217,280 -33,653
Total Current Liabilities 552,182 660,404 -108,222
Fixed Liabilities
Long-term indebtedness 503,343 514,718 -11,375
Accrued pension and severance costs 138,896 140,460 -1,564
Other fixed liabilities 36,378 44,487 -8,109
Total Fixed Liabilities 678,617 699,665 -21,048
------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,230,799 1,360,069 -129,270
------------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 816,688 820,701 -4,013
Accumulated other comprehensive loss -193,719 -132,051 -61,668
Treasury stock -36,824 -36,756 -68
Total Ricoh Company, Ltd. shareholders' equity 907,592 973,341 -65,749
Noncontrolling interests 52,615 50,533 2,082
------------------------------------------------------------------------------------------------------------------
Total Equity 960,207 1,023,874 -63,667
------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,191,006 2,383,943 -192,937
------------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss;
Net unrealized holding gains (losses) on
available-for-sale securities 1,101 2,372 -1,271
Pension liability adjustments -45,795 -47,335 1,540
Net unrealized gains (losses) on derivative
instruments -1,242 -1,157 -85
Cumulative translation adjustments -147,783 -85,931 -61,852
Reference: Exchange rate December 31, 2010 March 31, 2010
US$ 1 Yen 81.49 Yen 93.04
EURO 1 Yen 107.90 Yen 124.92
6
(2) CONSOLIDATED STATEMENTS OF INCOME
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009 Change %
---------------------------------------------------------------------------------------------------------------------------
Net sales 1,439,051 1,474,731 -35,680 -2.4
Cost of sales 839,572 866,325 -26,753 -3.1
Percentage of net sales (%) 58.3 58.7
Gross Profit 599,479 608,406 -8,927 -1.5
Percentage of net sales (%) 41.7 41.3
Selling, general and administrative expenses 545,490 570,674 -25,184 -4.4
Percentage of net sales (%) 37.9 38.7
Operating income 53,989 37,732 16,257 43.1
Percentage of net sales (%) 3.8 2.6
Other (income) expenses
Interest and dividend income 2,154 2,216 -62 -2.8
Percentage of net sales (%) 0.1 0.2
Interest expense 5,816 6,156 -340 -5.5
Percentage of net sales (%) 0.4 0.4
Other, net 8,983 2,969 6,014 202.6
Percentage of net sales (%) 0.6 0.3
Income before income taxes, equity income and minority interests 41,344 30,823 10,521 34.1
Percentage of net sales (%) 2.9 2.1
Provision for income taxes 18,150 14,938 3,212 21.5
Percentage of net sales (%) 1.3 1.0
Equity in earnings of affiliates -15 6 -21 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income 23,179 15,891 7,288 45.9
Percentage of net sales (%) 1.6 1.1
Net income attributable to noncontrolling interests 2,839 1,475 1,364 92.5
Percentage of net sales (%) 0.2 0.1
Net income attributable to Ricoh Company, Ltd. 20,340 14,416 5,924 41.1
Percentage of net sales (%) 1.4 1.0
---------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 93.62
EURO 1 Yen 113.53 Yen 133.03
Three months ended December 31, 2009 and 2010
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2009 Change %
-------------------------------------------------------------------------------------------------------------------------
Net sales 468,195 485,940 -17,745 -3.7
Cost of sales 271,634 275,736 -4,102 -1.5
Percentage of net sales (%) 58.0 56.7
Gross Profit 196,561 210,204 -13,643 -6.5
Percentage of net sales (%) 42.0 43.3
Selling, general and administrative expenses 180,584 186,467 -5,883 -3.2
Percentage of net sales (%) 38.6 38.4
Operating income 15,977 23,737 -7,760 -32.7
Percentage of net sales (%) 3.4 4.9
Other (income) expenses
Interest and dividend income 779 474 305 64.3
Percentage of net sales (%) 0.2 0.1
Interest expense 1,905 2,085 -180 -8.6
Percentage of net sales (%) 0.4 0.4
Other, net 1,572 -1,931 3,503 --
Percentage of net sales (%) 0.4 -0.4
Income before income taxes, equity income and minority interests 13,279 24,057 -10,778 -44.8
Percentage of net sales (%) 2.8 5.0
Provision for income taxes 4,556 11,064 -6,508 -58.8
Percentage of net sales (%) 1.0 2.3
Equity in earnings of affiliates -8 -6 -2 --
Percentage of net sales (%) 0.0 0.0
Consolidated net income 8,715 12,987 -4,272 -32.9
Percentage of net sales (%) 1.9 2.7
Net income attributable to noncontrolling interests 887 379 508 134.0
Percentage of net sales (%) 0.2 0.1
Net income attributable to Ricoh Company, Ltd. 7,828 12,608 -4,780 -37.9
Percentage of net sales (%) 1.7 2.6
-------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 89.75
EURO 1 Yen 112.30 Yen 132.60
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2009 and 2010 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009 Change %
------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 1,052,884 1,113,261 -60,377 -5.4
Percentage of net sales (%) 73.2 75.5
Network System Solutions 211,523 192,829 18,694 9.7
Percentage of net sales (%) 14.7 13.1
Imaging & Solutions Total 1,264,407 1,306,090 -41,683 -3.2
Percentage of net sales (%) 87.9 88.6
------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 82,136 76,357 5,779 7.6
Percentage of net sales (%) 5.7 5.2
------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 92,508 92,284 224 0.2
Percentage of net sales (%) 6.4 6.2
------------------------------------------------------------------------------------------------------------------------------
Grand Total 1,439,051 1,474,731 -35,680 -2.4
Percentage of net sales (%) 100.0 100.0
------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 93.62
EURO 1 Yen 113.53 Yen 133.03
Three months ended December 31, 2009 and 2010 (Millions of yen)
----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2009 Change %
----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 346,188 368,192 -22,004 -6.0
Percentage of net sales (%) 73.9 75.8
Network System Solutions 67,236 62,769 4,467 7.1
Percentage of net sales (%) 14.4 12.9
Imaging & Solutions Total 413,424 430,961 -17,537 -4.1
Percentage of net sales (%) 88.3 88.7
----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 26,393 25,156 1,237 4.9
Percentage of net sales (%) 5.6 5.2
----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,378 29,823 -1,445 -4.8
Percentage of net sales (%) 6.1 6.1
----------------------------------------------------------------------------------------------------------------------------
Grand Total 468,195 485,940 -17,745 -3.7
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 89.75
EURO 1 Yen 112.30 Yen 132.60
8
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Third Quarter ended December 31, 2009 and 2010 (Millions of yen)
----------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009 Change %
----------------------------------------------------------------------------------------------------------
[Domestic] 649,422 626,527 22,895 3.7
Percentage of net sales (%) 45.1 42.5
[Overseas] 789,629 848,204 -58,575 -6.9
Percentage of net sales (%) 54.9 57.5
The Americas 389,424 416,397 -26,973 -6.5
Percentage of net sales (%) 27.1 28.2
Europe 303,531 341,467 -37,936 -11.1
Percentage of net sales (%) 21.1 23.2
Other 96,674 90,340 6,334 7.0
Percentage of net sales (%) 6.7 6.1
Grand Total 1,439,051 1,474,731 -35,680 -2.4
Percentage of net sales (%) 100.0 100.0
----------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 86.90 Yen 93.62
EURO 1 Yen 113.53 Yen 133.03
Three months ended December 31, 2009 and 2010 (Millions of yen)
--------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2009 Change %
--------------------------------------------------------------------------------------------------------
[Domestic] 210,357 204,838 5,519 2.7
Percentage of net sales (%) 44.9 42.2
[Overseas] 257,838 281,102 -23,264 -8.3
Percentage of net sales (%) 55.1 57.8
The Americas 124,567 135,239 -10,672 -7.9
Percentage of net sales (%) 26.6 27.8
Europe 102,480 115,321 -12,841 -11.1
Percentage of net sales (%) 21.9 23.7
Other 30,791 30,542 249 0.8
Percentage of net sales (%) 6.6 6.3
Grand Total 468,195 485,940 -17,745 -3.7
Percentage of net sales (%) 100.0 100.0
--------------------------------------------------------------------------------------------------------
Reference : Exchange rate
US$ 1 Yen 82.66 Yen 89.75
EURO 1 Yen 112.30 Yen 132.60
9
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009
------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 23,179 15,891
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 69,518 73,402
Equity in earnings of affiliates, net of dividends
received 15 -6
Deferred income taxes 2,934 -6,726
Loss on disposals and sales of tangible fixed assets 813 606
Pension and severance costs, less payments 889 2,890
Changes in assets and liabilities--
Decrease in trade receivables 9,820 27,035
(Increase) Decrease in inventories -29,139 7,403
Decrease in finance receivables 11,903 16,684
Decrease in trade payables -20,183 -31,160
Decrease in accrued income taxes and accrued expenses
and other -6,111 -15,453
Other, net 10,718 18,377
------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 74,356 108,943
------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 732 909
Expenditures for property, plant and equipment, including
interest capitalized -48,674 -48,338
Expenditures for intangible fixed asset including
interest capitalized -12,153 -10,063
Payments for purchases of available-for-sale securities -230 -695
Proceeds from sales of available-for-sale securities 17 938
(Increase) Decrease in time deposits -192 665
Purchase of business, net of cash acquired -477 -4,760
Other, net -3,187 -5,358
------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -64,164 -66,702
------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 43,691 35,055
Repayment of long-term indebtedness -75,039 -60,825
Decrease in short-term borrowings, net -28,110 -57,767
Proceeds from issuance of long-term debt securities 79,741 35,000
Repayment of long-term debt securities -88,307 -10,000
Dividends paid -23,943 -22,858
Payment for purchase of treasury stock -138 -127
Other, net -551 -393
------------------------------------------------------------------------------------------------------------------
Net cash used in financing activities -92,656 -81,915
------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -11,885 -1,685
------------------------------------------------------------------------------------------------------------------
V. Net Decrease in Cash and Cash Equivalents -94,349 -41,359
------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 242,165 258,484
------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 147,816 217,125
------------------------------------------------------------------------------------------------------------------
10
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
----------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009 Change %
----------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 1,264,407 1,306,090 -41,683 -3.2
Intersegment -- -- -- --
Total 1,264,407 1,306,090 -41,683 -3.2
----------------------------------------------------------------------------------------------------------------------
Operating expenses 1,156,303 1,213,105 -56,802 -4.7
----------------------------------------------------------------------------------------------------------------------
Operating income 108,104 92,985 15,119 16.3
Operating income on sales in Imaging & Solutions (%) 8.5 7.1
----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 82,136 76,357 5,779 7.6
Intersegment 4,147 3,153 994 31.5
Total 86,283 79,510 6,773 8.5
----------------------------------------------------------------------------------------------------------------------
Operating expenses 85,508 80,544 4,964 6.2
----------------------------------------------------------------------------------------------------------------------
Operating income 775 -1,034 1,809 --
Operating income on sales in Industrial Products (%) 0.9 -1.3
----------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 92,508 92,284 224 0.2
Intersegment -- -- -- --
Total 92,508 92,284 224 0.2
----------------------------------------------------------------------------------------------------------------------
Operating expenses 94,041 94,270 -229 -0.2
----------------------------------------------------------------------------------------------------------------------
Operating income -1,533 -1,986 453 --
Operating income on sales in Other (%) -1.7 -2.2
----------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -4,147 -3,153 -994 --
Total -4,147 -3,153 -994 --
----------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -4,154 -3,135 -1,019 --
Corporate 53,364 52,215 1,149 --
Total 49,210 49,080 130 --
----------------------------------------------------------------------------------------------------------------------
Operating income -53,357 -52,233 -1,124 --
----------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 1,439,051 1,474,731 -35,680 -2.4
Intersegment -- -- -- --
Total 1,439,051 1,474,731 -35,680 -2.4
----------------------------------------------------------------------------------------------------------------------
Operating expenses 1,385,062 1,436,999 -51,937 -3.6
----------------------------------------------------------------------------------------------------------------------
Operating income 53,989 37,732 16,257 43.1
Operating income on consolidated net sales (%) 3.8 2.6
----------------------------------------------------------------------------------------------------------------------
11
Three months ended December 31, 2009 and 2010
(Millions of yen)
--------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2009 Change %
--------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 413,424 430,961 -17,537 -4.1
Intersegment -- -- -- --
Total 413,424 430,961 -17,537 -4.1
--------------------------------------------------------------------------------------------------------------------
Operating expenses 378,321 389,529 -11,208 -2.9
--------------------------------------------------------------------------------------------------------------------
Operating income 35,103 41,432 -6,329 -15.3
Operating income on sales in Imaging & Solutions (%) 8.5 9.6
--------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 26,393 25,156 1,237 4.9
Intersegment 1,556 1,112 444 39.9
Total 27,949 26,268 1,681 6.4
--------------------------------------------------------------------------------------------------------------------
Operating expenses 28,220 26,535 1,685 6.4
--------------------------------------------------------------------------------------------------------------------
Operating income -271 -267 -4 --
Operating income on sales in Industrial Products (%) -1.0 -1.0
--------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 28,378 29,823 -1,445 -4.8
Intersegment -- -- -- --
Total 28,378 29,823 -1,445 -4.8
--------------------------------------------------------------------------------------------------------------------
Operating expenses 29,447 30,712 -1,265 -4.1
--------------------------------------------------------------------------------------------------------------------
Operating income -1,069 -889 -180 --
Operating income on sales in Other (%) -3.8 -3.0
--------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,556 -1,112 -444 --
Total -1,556 -1,112 -444 --
--------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,556 -1,105 -451 --
Corporate 17,786 16,532 1,254 --
Total 16,230 15,427 803 --
--------------------------------------------------------------------------------------------------------------------
Operating income -17,786 -16,539 -1,247 --
--------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 468,195 485,940 -17,745 -3.7
Intersegment -- -- -- --
Total 468,195 485,940 -17,745 -3.7
--------------------------------------------------------------------------------------------------------------------
Operating expenses 452,218 462,203 -9,985 -2.2
--------------------------------------------------------------------------------------------------------------------
Operating income 15,977 23,737 -7,760 -32.7
Operating income on consolidated net sales (%) 3.4 4.9
--------------------------------------------------------------------------------------------------------------------
12
(b) Geographic Segments Information
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009 Change %
---------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 660,643 639,289 21,354 3.3
Intersegment 311,561 288,956 22,605 7.8
Total 972,204 928,245 43,959 4.7
---------------------------------------------------------------------------------------------------------------------
Operating expenses 943,523 907,251 36,272 4.0
---------------------------------------------------------------------------------------------------------------------
Operating income 28,681 20,994 7,687 36.6
Operating income on sales in Japan (%) 3.0 2.3
---------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 389,203 415,474 -26,271 -6.3
Intersegment 2,462 2,710 -248 -9.2
Total 391,665 418,184 -26,519 -6.3
---------------------------------------------------------------------------------------------------------------------
Operating expenses 395,343 429,945 -34,602 -8.0
---------------------------------------------------------------------------------------------------------------------
Operating income -3,678 -11,761 8,083 --
Operating income on sales in the Americas (%) -0.9 -2.8
---------------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 304,670 342,376 -37,706 -11.0
Intersegment 1,775 1,706 69 4.0
Total 306,445 344,082 -37,637 -10.9
---------------------------------------------------------------------------------------------------------------------
Operating expenses 286,754 324,279 -37,525 -11.6
---------------------------------------------------------------------------------------------------------------------
Operating income 19,691 19,803 -112 -0.6
Operating income on sales in Europe (%) 6.4 5.8
---------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 84,535 77,592 6,943 8.9
Intersegment 122,876 103,913 18,963 18.2
Total 207,411 181,505 25,906 14.3
---------------------------------------------------------------------------------------------------------------------
Operating expenses 197,198 171,502 25,696 15.0
---------------------------------------------------------------------------------------------------------------------
Operating income 10,213 10,003 210 2.1
Operating income on sales in Other (%) 4.9 5.5
---------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -438,674 -397,285 -41,389 --
Total -438,674 -397,285 -41,389 --
---------------------------------------------------------------------------------------------------------------------
Operating expenses -437,756 -395,978 -41,778 --
---------------------------------------------------------------------------------------------------------------------
Operating income -918 -1,307 389 --
---------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 1,439,051 1,474,731 -35,680 -2.4
Intersegment -- -- -- --
Total 1,439,051 1,474,731 -35,680 -2.4
---------------------------------------------------------------------------------------------------------------------
Operating expenses 1,385,062 1,436,999 -51,937 -3.6
---------------------------------------------------------------------------------------------------------------------
Operating income 53,989 37,732 16,257 43.1
Operating income on consolidated net sales (%) 3.8 2.6
---------------------------------------------------------------------------------------------------------------------
13
Three months ended December 31, 2009 and 2010
(Millions of yen)
---------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2010 December 31, 2009 Change %
---------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 213,026 208,970 4,056 1.9
Intersegment 99,521 109,347 -9,826 -9.0
Total 312,547 318,317 -5,770 -1.8
---------------------------------------------------------------------------------------------------------------
Operating expenses 308,920 305,295 3,625 1.2
---------------------------------------------------------------------------------------------------------------
Operating income 3,627 13,022 -9,395 -72.1
Operating income on sales in Japan (%) 1.2 4.1
---------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 124,502 135,064 -10,562 -7.8
Intersegment 857 966 -109 -11.3
Total 125,359 136,030 -10,671 -7.8
---------------------------------------------------------------------------------------------------------------
Operating expenses 126,957 139,411 -12,454 -8.9
---------------------------------------------------------------------------------------------------------------
Operating income -1,598 -3,381 1,783 --
Operating income on sales in the Americas (%) -1.3 -2.5
---------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 102,930 115,117 -12,187 -10.6
Intersegment 641 578 63 10.9
Total 103,571 115,695 -12,124 -10.5
---------------------------------------------------------------------------------------------------------------
Operating expenses 96,410 107,581 -11,171 -10.4
---------------------------------------------------------------------------------------------------------------
Operating income 7,161 8,114 -953 -11.7
Operating income on sales in Europe (%) 6.9 7.0
---------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 27,737 26,789 948 3.5
Intersegment 37,541 35,721 1,820 5.1
Total 65,278 62,510 2,768 4.4
---------------------------------------------------------------------------------------------------------------
Operating expenses 63,317 58,443 4,874 8.3
---------------------------------------------------------------------------------------------------------------
Operating income 1,961 4,067 -2,106 -51.8
Operating income on sales in Other (%) 3.0 6.5
---------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -138,560 -146,612 8,052 --
Total -138,560 -146,612 8,052 --
---------------------------------------------------------------------------------------------------------------
Operating expenses -143,386 -148,527 5,141 --
---------------------------------------------------------------------------------------------------------------
Operating income 4,826 1,915 2,911 --
---------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 468,195 485,940 -17,745 -3.7
Intersegment -- -- -- --
Total 468,195 485,940 -17,745 -3.7
---------------------------------------------------------------------------------------------------------------
Operating expenses 452,218 462,203 -9,985 -2.2
---------------------------------------------------------------------------------------------------------------
Operating income 15,977 23,737 -7,760 -32.7
Operating income on consolidated net sales (%) 3.4 4.9
---------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
14
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2009 and 2010 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------
Third Quarter Third Quarter
ended ended
December 31, December 31, Change excluding
2010 2009 Change % exchange impact %
-----------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 1,052,884 1,113,261 -60,377 -5.4 13,763 1.2
Percentage of net sales (%) 73.2 75.5
Domestic 381,825 381,593 232 0.1 232 0.1
Overseas 671,059 731,668 -60,609 -8.3 13,531 1.8
Network System Solutions 211,523 192,829 18,694 9.7 26,739 13.9
Percentage of net sales (%) 14.7 13.1
Domestic 127,051 115,660 11,391 9.8 11,391 9.8
Overseas 84,472 77,169 7,303 9.5 15,348 19.9
Imaging & Solutions Total 1,264,407 1,306,090 -41,683 -3.2 40,502 3.1
Percentage of net sales (%) 87.9 88.6
Domestic 508,876 497,253 11,623 2.3 11,623 2.3
Overseas 755,531 808,837 -53,306 -6.6 28,879 3.6
The Americas 380,310 405,807 -25,497 -6.3 4,314 1.1
Europe 292,709 328,687 -35,978 -10.9 13,177 4.0
Other 82,512 74,343 8,169 11.0 11,388 15.3
-----------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 82,136 76,357 5,779 7.6 8,414 11.0
Percentage of net sales (%) 5.7 5.2
Domestic 50,926 41,592 9,334 22.4 9,334 22.4
Overseas 31,210 34,765 -3,555 -10.2 -920 -2.6
The Americas 8,807 10,052 -1,245 -12.4 -574 -5.7
Europe 10,050 11,402 -1,352 -11.9 146 1.3
Other 12,353 13,311 -958 -7.2 -492 -3.7
-----------------------------------------------------------------------------------------------------------------------
[Other]
Other 92,508 92,284 224 0.2 456 0.5
Percentage of net sales (%) 6.4 6.2
Domestic 89,620 87,682 1,938 2.2 1,938 2.2
Overseas 2,888 4,602 -1,714 -37.2 -1,482 -32.2
The Americas 307 538 -231 -42.9 -228 -42.4
Europe 772 1,378 -606 -44.0 -483 -35.1
Other 1,809 2,686 -877 -32.7 -771 -28.7
-----------------------------------------------------------------------------------------------------------------------
Grand Total 1,439,051 1,474,731 -35,680 -2.4 49,372 3.3
Percentage of net sales (%) 100.0 100.0
Domestic 649,422 626,527 22,895 3.7 22,895 3.7
Percentage of net sales (%) 45.1 42.5
Overseas 789,629 848,204 -58,575 -6.9 26,477 3.1
Percentage of net sales (%) 54.9 57.5
The Americas 389,424 416,397 -26,973 -6.5 3,512 0.8
Percentage of net sales (%) 27.1 28.2
Europe 303,531 341,467 -37,936 -11.1 12,840 3.8
Percentage of net sales (%) 21.1 23.2
Other 96,674 90,340 6,334 7.0 10,125 11.2
Percentage of net sales (%) 6.7 6.1
-----------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 86.90 Yen 93.62 Yen -6.72
EURO 1 Yen 113.53 Yen 133.03 Yen -19.50
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
A1
Three months ended December 31, 2009 and 2010 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------
Three months Three months
ended ended
December 31, December 31, Change excluding
2010 2009 Change % exchange impact %
------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 346,188 368,192 -22,004 -6.0 4,617 1.3
Percentage of net sales (%) 73.9 75.8
Domestic 127,122 125,664 1,458 1.2 1,458 1.2
Overseas 219,066 242,528 -23,462 -9.7 3,159 1.3
Network System Solutions 67,236 62,769 4,467 7.1 7,407 11.8
Percentage of net sales (%) 14.4 12.9
Domestic 39,261 36,844 2,417 6.6 2,417 6.6
Overseas 27,975 25,925 2,050 7.9 4,990 19.2
Imaging & Solutions Total 413,424 430,961 -17,537 -4.1 12,024 2.8
Percentage of net sales (%) 88.3 88.7
Domestic 166,383 162,508 3,875 2.4 3,875 2.4
Overseas 247,041 268,453 -21,412 -8.0 8,149 3.0
The Americas 121,650 132,137 -10,487 -7.9 118 0.1
Europe 98,828 111,198 -12,370 -11.1 5,259 4.7
Other 26,563 25,118 1,445 5.8 2,772 11.0
------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 26,393 25,156 1,237 4.9 2,160 8.6
Percentage of net sales (%) 5.6 5.2
Domestic 16,307 14,107 2,200 15.6 2,200 15.6
Overseas 10,086 11,049 -963 -8.7 -40 -0.4
The Americas 2,845 2,960 -115 -3.9 125 4.2
Europe 3,380 3,665 -285 -7.8 251 6.8
Other 3,861 4,424 -563 -12.7 -416 -9.4
------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,378 29,823 -1,445 -4.8 -1,373 -4.6
Percentage of net sales (%) 6.1 6.1
Domestic 27,667 28,223 -556 -2.0 -556 -2.0
Overseas 711 1,600 -889 -55.6 -817 -51.1
The Americas 72 142 -70 -49.3 -68 -47.9
Europe 272 458 -186 -40.6 -142 -31.0
Other 367 1,000 -633 -63.3 -607 -60.7
------------------------------------------------------------------------------------------------------------------------
Grand Total 468,195 485,940 -17,745 -3.7 12,811 2.6
Percentage of net sales (%) 100.0 100.0
Domestic 210,357 204,838 5,519 2.7 5,519 2.7
Percentage of net sales (%) 44.9 42.2
Overseas 257,838 281,102 -23,264 -8.3 7,292 2.6
Percentage of net sales (%) 55.1 57.8
The Americas 124,567 135,239 -10,672 -7.9 175 0.1
Percentage of net sales (%) 26.6 27.8
Europe 102,480 115,321 -12,841 -11.1 5,368 4.7
Percentage of net sales (%) 21.9 23.7
Other 30,791 30,542 249 0.8 1,749 5.7
Percentage of net sales (%) 6.6 6.3
------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 82.66 Yen 89.75 Yen -7.09
EURO 1 Yen 112.30 Yen 132.60 Yen -20.30
*Each category includes the following product line:
Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile
machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions Personal computers, servers, network systems and network
related software
Industrial Products Thermal media, optical equipment, semiconductor devices,
electronic components and measuring equipment
Other Digital cameras
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Fourth Quarter ending Year ending
December 31, 2010 Change March 31, 2011 Change March 31, 2011 Change
Results % Forecast % Forecast %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 1,439.0 -2.4 580.9 7.3 2,020.0 0.2
Gross profit 599.4 -1.5 225.5 5.4 825.0 0.3
Operating income 53.9 43.1 31.0 9.7 85.0 28.8
Income before income taxes 41.3 34.1 33.6 26.0 75.0 30.4
Net income attributable to Ricoh Company, Ltd. 20.3 41.1 14.6 8.9 35.0 25.6
-----------------------------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 28.03 -- 20.20 -- 48.24 --
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 27.30 -- 20.18 -- 47.34 --
-----------------------------------------------------------------------------------------------------------------------------
Capital expenditures 48.6 -- 23.4 -- 72.0 --
Depreciation for tangible fixed assets 50.1 -- 16.9 -- 67.0 --
R&D expenditures 81.3 -- 30.6 -- 112.0 --
-----------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 86.90 -- 80.00 -- 85.18 --
Exchange rate (Yen/EURO) 113.53 -- 110.00 -- 112.65 --
-----------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
------------------------------------------------------------------------------------------------------------
Fourth Quarter ending March 31, 2011 Year ending March 31, 2011
------------------------------------------------------------------------------------------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 419.9 4.2 456.5 13.3 1,472.8 -2.9 1,583.5 4.4
Domestic 153.8 3.2 153.8 3.2 535.7 0.9 535.7 0.9
Overseas 266.1 4.8 302.7 19.3 937.1 -4.9 1,047.9 6.3
Network System Solutions 96.3 18.5 100.6 23.8 307.8 12.3 320.2 16.8
Domestic 65.0 17.3 65.0 17.3 192.0 12.3 192.0 12.3
Overseas 31.3 21.1 35.6 37.7 115.8 12.4 128.1 24.4
Imaging & Solutions Total 516.2 6.6 557.1 15.1 1,780.6 -0.5 1,903.7 6.3
Domestic 218.8 7.0 218.8 7.0 727.7 3.7 727.7 3.7
Overseas 297.4 6.3 338.3 21.0 1,052.9 -3.3 1,176.0 8.0
The Americas 141.6 2.3 160.6 16.1 521.9 -4.1 570.7 4.9
Europe 119.9 6.1 136.9 21.2 412.6 -6.6 478.8 8.4
Other 35.9 27.0 40.8 44.1 118.4 15.4 126.5 23.3
------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 28.3 11.8 29.9 17.9 110.5 8.6 114.6 12.7
Domestic 17.0 16.6 17.0 16.6 67.9 20.9 67.9 20.9
Overseas 11.4 5.3 12.9 19.7 42.6 -6.5 46.7 2.6
The Americas 3.2 15.6 3.7 31.1 12.1 -6.3 13.2 2.3
Europe 3.0 -22.7 3.5 -11.7 13.1 -14.6 15.0 -2.0
Other 5.1 25.3 5.8 42.1 17.4 0.4 18.6 7.0
------------------------------------------------------------------------------------------------------------
[Other]
Other 36.4 13.5 36.7 14.2 129.0 3.7 129.4 4.0
Domestic 34.8 12.3 34.8 12.3 124.4 4.9 124.4 4.9
Overseas 1.6 44.4 1.8 64.0 4.5 -21.2 5.0 -13.3
The Americas 0.1 39.8 0.1 58.6 0.4 -31.9 0.4 -28.9
Europe 0.4 52.5 0.4 74.1 1.1 -29.9 1.3 -19.1
Other 1.1 42.5 1.3 61.6 3.0 -15.3 3.2 -7.8
------------------------------------------------------------------------------------------------------------
Grand Total 580.9 7.3 623.6 15.1 2,020.0 0.2 2,147.7 6.5
Domestic 270.6 8.2 270.6 8.2 920.0 5.0 920.0 5.0
Overseas 310.4 6.5 353.1 21.1 1,100.0 -3.5 1,227.7 7.7
The Americas 144.9 2.6 164.4 16.4 534.4 -4.2 584.3 4.8
Europe 123.3 5.2 140.8 20.2 426.8 -6.9 495.1 8.0
Other 42.2 27.2 47.8 44.3 138.8 12.4 148.3 20.1
------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A3