Consolidated Results for the
Half year ended September 30, 2003
October 29, 2003
Ricoh Company, Ltd.
* The Company bases the estimates in this presentation on information
currently available to management, which involves risks and uncertainties
that could cause actual results to differ materially from those projected.
I. FY04/3 1H Results
1
1
FY04/3 1H P/L : Comparison with FY03/3 1H
Net income increased 26.1% y-o-y
(Billions of Yen)
FY03/3
1H
Latest('03/7)
Forecast
Comparison Comparison with last year
with latest
Change Change(%)
forcast
FY04/3
1H
449.5
407.2
451.0
441.5
448.6
439.4
Total
856.8
360.6
892.5
388.0
888.0
388.1
Percentage of net sales
42.1%
43.5%
43.7%
(Japan)
Net sales
(Overseas)
Gross profit
Operating income
Percentage of net sales
Income before tax
Percentage of net sales
Net income
Percentage of net sales
Exchange rate
(Yen)
US $1
Euro 1
61.3
73.5
77.2
7.2%
8.2%
8.7%
55.6
71.0
71.4
6.5%
8.0%
8.0%
33.5
41.5
42.2
3.9%
123.08
116.95
4.6%
117.26
132.34
4.8%
118.06
133.47
-2.4
-0.9
-2.1
+32.2
-4.5
+31.2
+0.1
+27.4
−
−
+3.7
+15.9
−
−
+0.4
+15.7
−
−
+0.7
+8.7
−
−
+0.80
-5.02
+1.13 +16.52
-0.2%
+7.9%
+3.6%
+7.6%
−
+26.0%
−
+28.3%
−
+26.1%
−
-4.1%
+14.1%
2
FY04/3 1H Sales by Category
Printing Systems continued to increase steadily
Change(without forex)
856.8
107.4
100.0
29.5
888.0
(+ 31.2)
112.5
(+ 5.1)
97.2
(- 2.8)
29.7
Total
+ 3.6% (+ 1.7%)
Other Businesses
+ 4.8% (+ 3.9%)
Network System Solutions
- 2.8% (- 2.9%)
233.4
(+ 44.0)
Other Input/Output Systems
+ 0.6% (- 1.5%)
120.9
105.9
(- 15.0)
Printing Systems
+ 23.3% (+ 20.0%)
309.3
309.1
(- 0.2)
Other Imaging Systems
- 12.4% (- 15.1%)
189.4
(+ 0.1)
Digital Imaging Systems
- 0.1% (+ 1.9%)
FY03/3 1H
FY04/3 1H
(Billions of Yen)
3
2
FY04/3 1H Sales by Geographic Area
Overseas increased steadily
Change(without forex)
856.8
888.0
(+ 31.2)
70.6
74.8
(+ 4.1)
166.1
196.9
(+ 30.7)
170.4
449.5
167.6
448.6
Total
+ 3.6% (+ 1.7%)
Others
+ 5.9% (+ 3.6%)
Europe
+ 18.5% (+ 5.3%)
(- 2.7)
The Americas
- 1.6% (+ 2.4%)
Japan
- 0.2%
(- 0.9)
Oversea sales ratio
47.5%
FY03/3 1H
FY04/3 1H
49.5%
(Billions of Yen)
4
FY04/3 1H Gross Profit
Total structural reform continuously increases
gross profit ratio
- Changes
44.0%
42.0%
400
40.0%
200
360.6
388.1
（+ 27.4）
(Billions of Yen)
Percentage of net sales (%)
Gross profit (Billions of Yen)
42.1%
43.7%
46.0%
Sales
+ 6.1
Forex
+ 11.2
Cost down, etc
+ 7.8
Ricoh Elemex *
+ 5.9
Other
total
- 3.6
+ 27.4
* Expenditure to cover defects on some metering equipment
0
FY03/3
1H
FY04/3
1H
5
3
FY04/3 1H SG&A
Pension cost increased, but maintain SG&A ratio
- Changes
37.0%
34.9%
35.0%
299.3
310.8
200
（+ 11.5）
33.0%
Percentage of net sales (%)
SG&A (Billions of Yen)
35.0%
400
(Billions of Yen)
Forex
R&D
Pensions
Others
total
+ 3.6
+ 4.0
+ 3.4
+ 0.4
+ 11.5
0
FY03/3
1H
FY04/3
1H
6
FY04/3 1H Other (income) expenses
Forex loss increased but interest expenses decreased
(Billions of Yen)
FY03/3 1H FY04/3 1H change
Interest and dividend income
Interest expenses
Other, net
Other (income) expenses
Details of Other, net
Forex loss (gain)
Others
2.0
4.0
3.6
-5.6
1.3
2.8
4.2
-5.8
-0.7
-1.1
+0.6
-0.1
FY03/3 1H FY04/3 1H
-0.2
3.8
3.9
0.3
7
4
Comparison with FY03/3 1H
Profit increased with overseas sales growth and progress
of business and profitability structure reform
Sales
Forex
+16.6
Income before tax
(Billions of Yen)
Overseas sales
except forex +15.5
Expenses
Others
-7.8
-3.6
Cost down,
etc +7.8
Forex
+7.4
Ricoh
Elemex *
Domestic sales
decrease
- 0.9
888.0
856.8
-5.9
Sales
+6.1
71.4
55.6
(+ 31.2)
FY03/3
1H
(+ 15.7)
FY04/3
1H
FY03/3
1H
* Expenditure to cover defects
on some metering equipment
FY04/3
1H 8
FY04/3 1H Business Segment
Increase of value-added products and cost down increased margin of
Office Equipment. Semiconductors sales grow in Others.
Operating Income
Operating Income ratio (previous year)
61.3
77.2
(+ 1.5)
2.9
2.9
(+ 6.0)
93.5
102.6
Total
8.7%（7.2%）
Other
Businesses
2.6%（- 2.8%）
Office
Equipment
13.2%（12.5%）
(+ 9.1)
Other
Businesses
-- 0.3
0.3
FY03/3 1H
Intersegment
or Corporate
-29.1
FY04/3 1H
-28.4
(+ 0.7)
(Billions of Yen)
9
5
FY04/3 1H Geographic Segment
Margin increased by growth of value-added products in all area
Operating Income
Operating Income ratio (previous year)
61.3
77.2
(+ 15.9)
4.5
4.5
(+ 0.0)
4.5
4.5
9.5
7.6
37.2
8.7%（7.2%）
Others
4.6%（5.5%）
Europe
4.8%（4.2%）
(+ 2.5)
(+ 0.1)
7.0
7.5
56.7
Total
(+ 19.5)
The Americas 4.7%（4.5%）
8.6%（5.9%）
Japan
FY03/3 1H
Intersegment
or Corporate
FY04/3 1H
4.9
-1.2
(- 6.2)
(Billions of Yen)
10
FY04/3 1H Balance Sheet
Inventories increased temporary for SARS risk in 1Q but back to normal
revel in 2Q
- Inventories/Averaged cost of sales
Trade
◆ Inventories/Averaged cost of sales (months)
Cash,
Inventories receivables
Inventories (billions of yen)
deposits,
300 2.67
3.00
-10.3
+6.1
securities
2.27
2.29
2.50
2.00
+26.5
1.76 1.83
200
2.00
1.98
1.50
Finance
receivables
+20.8
Others
+15.9
100
1.00
0.50
0
0.00
FY98/3 FY99/3 FY00/3 FY01/3 FY02/3 FY03/3 FY04/3
1H
- Debt/Equity ratio
1,884.9
1,912.1
◆
D/E ratio(multiplies)
Total debt (billions of Yen)
800
（+27.2）
1.42
1.50
1.34
1.20
600
400
0.95
0.97
0.90
0.89
0.74
0.69
200
End of
FY03/3
FY04/3 1H
(Billions of Yen)
0
0.60
0.30
FY98/3 FY99/3 FY00/3 FY01/3 FY02/3 FY03/3 FY04/3
1H
0.00
11
6
FY04/3 1H Statement of Cash Flow
Cash profit (net income + depreciation and amortization) increased
(Billions of Yen)
Net income
Depreciation and amortization
[ Cash profit (net income + Depreciation and amortization) ]
Other operating activities
FY03/3 1H
33.5
36.7
[ 70.3 ]
28.9
Net cash by operating activities
Plant and equipment
Other investing activities
Net cash by investing activities
[ Free cash flow ( oparating net cash - investing net cash ) ]
Net cash by financing activities
99.1
185.7
61.6
-36.4
3.1
-71.7
-26.4
-36.1
16.2
-33.3
-98.1
-19.9
[ 65.7 ]
[ 87.5 ]
[ 41.6 ]
-16.5
-67.1
-6.6
-1.9
-1.3
0.7
47.2
217.4
19.0
189.2
35.7
225.0
Effect of exchange rate
Net increase in cash and equivalents
Cash and equivalents at end of period
FY03/3
FY04/3 1H
72.5
42.2
76.5
37.8
[ 149.0 ]
[ 80.0 ]
36.7
-18.4
12
< Appendix >
Calculation information where the equity method
is applied to Ricoh’s leasing subsidiary
Consolidated Statement of Income (Half year ended September 30, 2003)
Net sales
Gross profit
Operating income
Income before income taxes
Net income
Consolidated
Equity Method
888.0
827.3
388.1
381.1
77.2
71.6
71.4
66.8
42.2
42.2
(Billions of yen)
Consolidated Balance Sheet (at the end of September 30, 2003)
Cash and cash equivalen
Other current assets
Current assets
Finance recievable
Other fixed assets
Fixed assets
Total Assets
Consolidated
Equity Method
226.8
264.3
Short-term borrowings
618.4
665.0
Other current liabilities
845.3
929.3 Current liabilities
497.1
67.3
Long term-borrowings
569.6
597.3
Other fixed liabilities
1,066.7
664.7 Fixed liabilities
Minority interest
Shareholders' investment
1,912.1
1,594.1 Total Liabilities and
Shareholders' investment
Consolidated
Equity Method
200.5
74.7
434.6
438.5
635.2
513.3
284.3
121
240.9
239.9
525.3
360.9
48.4
16.7
703.0
703.0
1,912.1
1,594.1
(Billions of yen)
Key financial Ratios (Half year ended September 30, 2003)
Return on assets
Return on equity
Equity ratio
Debt/Total assets
Debt/Equity
Total assets turnover
Consolidated
3.8%
6.2%
36.8%
25.4%
69.0%
0.47
Chage from
previous period
+ 0.8%
+ 1.0%
+ 0.5%
- 4.3%
- 12.9%
-
Chage from
Equity Method previous period
4.2%
+ 1.1%
6.2%
+ 1.0%
44.1%
+ 1.7%
12.3%
- 3.9%
27.8%
- 10.6%
0.51
-
13
7
II. FY04/3 Forecast
(Revised)
14
FY04/3 Performance Forecast
Targeting 10th straight year of growth for net sales
and 12th for net income
(Billions of Yen)
FY03/3
(Japan)
Net sales
(Overseas)
Total
Gross profit
Percentage of net sales
Operating income
Percentage of net sales
Income before tax
Percentage of net sales
Net income
Percentage of net sales
Exchange rate
(Yen)
US $1
Euro 1
896.0
842.3
Latest('03/7)
Forecast
FY04/3
Forecast
900.0
905.0
900.0
900.0
1,738.3 1,805.0 1,800.0
745.3
792.0
783.6
42.9%
43.9%
43.5%
133.6
151.0
152.0
7.7%
8.4%
8.4%
123.4
145.5
144.0
7.1%
8.1%
8.0%
72.5
85.0
85.0
4.2%
121.96
121.00
4.7%
116.63
131.17
4.7%
113.03
130.74
Comparison
with latest
forcast
+0.0
-5.0
-5.0
-8.4
+1.0
-1.5
+0.0
-3.60
-0.43
Comparison with last year
Change
Change(%)
+3.9 +0.4%
+57.6 +6.8%
+61.6 +3.5%
+38.2 +5.1%
+18.3 +13.7%
+20.5 +16.6%
+12.4 +17.2%
-8.93
-7.3%
+9.74 +8.0%
15
8
FY04/3 Sales by Category
Printing Systems increase continuously
Change (without forex)
1,738.3
1,800.0
217.7
227.1
(+ 9.4)
192.9
(- 4.5)
Network System Solutions
- 2.3% (- 2.3%)
510.9
(+102.1)
Other Input/Output Systems
+ 10.2% (+ 9.7%)
232.7
200.0
(- 32.7)
Printing Systems
+ 25.0% (+ 24.9%)
626.9
608.8
(- 18.1)
Other Imaging Systems
- 14.1% (- 14.6%)
197.4
54.5
60.1
408.8
(+ 5.6)
(+61.6)
Total
+ 3.5% (+ 3.4%)
Other Businesses
+ 4.3% (+ 3.7%)
Digital Imaging Systems
- 2.9% (- 2.8%)
FY03/3
FY04/3
Forecast
(Billions of Yen)
16
FY04/3 Sales by Geographic Area
Overseas increase steadily
Change(without forex)
1,738.3
1,800.0
143.9
155.5
(+ 11.6)
354.4
412.6
(+ 58.2)
343.9
896.0
331.8
900.0
(+61.6)
Total
+ 3.5% (+ 3.4%)
Others
+ 8.1% (+ 6.6%)
Europe
+ 16.4% (+ 8.8%)
(- 12.1)
The Americas
- 3.5% (+ 4.2%)
Japan
+ 0.4%
(+ 4.0)
Oversea sales ratio
48.5%
FY03/3
FY04/3
Forecast
(Billions of Yen)
50.0%
17
9
FY04/3 Gross Profit
Growth of value-added products increase gross profit
ratio steady
- Changes
1,000
42.9%
43.5%
42.0%
40.0%
600
400
745.3
783.6
（+38.2）
200
（Billions of Yen）
Percentage of net sales (%)
Gross profit (Billions of Yen)
800
44.0%
Forex
0
Sales
+ 22.8
Cost down, etc
+ 12.9
Ricoh Elemex *
+ 8.1
Other
- 5.6
total
+ 38.2
* Expenditure to cover defects on some metering equipment
- Gross profit ratio
46.0%
42.9%
44.0%
43.5%
41.9%
0
42.0%
FY03/3
FY04/3
Forecast
40.0%
38.0%
39.9%
36.0%
FY01/3
FY02/3
FY03/3
FY04/3
forecast
18
FY04/3 SG&A
¥14.5 billion increase of pension cost
- Changes
38.0%
SG&A (Billions of Yen)
35.2%
35.1%
36.0%
34.0%
600
400
611.6
631.6
（+19.9）
200
0
FY03/3
FY04/3
Forecast
Percentage of net sales (%)
800
(Billions of Yen)
Forex
R&D
Pensions
Others
total
- 3.2
+ 6.4
+ 14.5
+ 2.2
+ 19.9
- Pension discount rate
& expected rate of return
FY04/3
FY01/3
FY02/3
FY03/3
(Forecast)
Discount
Rate *
3.0%
3.0%
3.0%
2.2%
Expected
rate of
return **
4.5%
4.5%
3.0%
1.5%
* Discount rate for principal pension funds
** Expected long-term rate of return on plan assets for principal
pension funds
19
10
FY04/3 Other (income) expenses
Other expenses decrease as others decreased
(Billions of Yen)
FY03/3
FY04/3
Forecast
change
2.5
5.7
4.8
-8.0
-1.2
-1.1
-2.3
+2.1
3.7
6.8
7.1
-10.1
Interest and dividend income
Interest expenses
Other, net
Other (income) expenses
Forex loss, etc
20
Comparison with FY03/3
Profit increased by overseas sales and cost down
Sales
(Billions of Yen)
Domestic Overseas
+55.0
+3.9
Forex
+2.7
Income before tax
Cost down,etc
+12.9
Sales
+22.8
Forex Expenses
-23.1
+3.2
Other
-5.6
Other
expenses
+2.1
1,738.3
1,800.0
Ricoh
Elemex *
-8.1
144.0
123.4
(+61.6)
FY03/3
FY04/3
Forecast
(+20.5)
FY03/3
* Expenditure to cover defects
on some metering equipment
FY04/3
Forecast
21
11
FY04/3 3Q Performance Forecast
(Billions of Yen)
FY04/3 3Q
FY03/3 3Q
Forecast
210.1
210.5
214.0
222.5
Total
420.7
184.9
436.5
189.7
Percentage of net sales
44.0%
43.5%
(Japan)
Net sales
(Overseas)
Gross profit
Operating income
Percentage of net sales
Income before tax
Percentage of net sales
Net income
Percentage of net sales
Exchange rate
(Yen)
US $1
Euro 1
33.3
35.7
7.9%
8.2%
29.9
34.7
7.1%
7.9%
17.8
20.0
4.2%
122.59
122.59
4.6%
108.00
128.00
Comparison with last year
Change
Change(%)
+3.8 +1.8%
+11.9 +5.7%
+15.7 +3.8%
+4.7 +2.6%
+2.3 +6.9%
+4.7 +15.7%
+2.1 +12.4%
-14.59 -11.9%
+5.41 +4.4%
22
FY04/3 2H Performance Forecast
(Billions of Yen)
FY03/3 2H
Latest('03/7)
Forecast
FY04/3 2H
Forecast
446.4
435.0
449.0
463.5
451.3
460.5
Total
881.5
384.7
912.5
404.0
911.9
395.4
Percentage of net sales
43.6%
44.3%
43.4%
72.3
77.5
74.7
8.2%
8.5%
8.2%
(Japan)
Net sales
(Overseas)
Gross profit
Operating income
Percentage of net sales
Income before tax
Percentage of net sales
Net income
Percentage of net sales
Exchange rate
(Yen)
US $1
Euro 1
67.7
74.5
72.5
7.7%
8.2%
8.0%
38.9
43.5
42.7
4.4%
120.83
125.08
4.8%
116.00
130.00
4.7%
108.00
128.00
Comparison
with latest
forcast
+2.3
-3.0
-0.6
-8.6
-2.8
-2.0
-0.8
-8.00
-2.00
Comparison with last year
Change
Change(%)
+4.9 +1.1%
+25.4 +5.9%
+30.3 +3.4%
+10.7 +2.8%
+2.4 +3.3%
+4.7 +7.1%
+3.8 +9.6%
-12.83 -10.6%
+2.92 +2.3%
23
12
<Appendix> Yearly Financial Indexes
■ Sales by Category (Billions of Yen) ■ Financial Indexes
Operating
Operating
income
income on
on sales
sales
Network
Network System
System Solutions
Solutions
Other
Other I/O
I/O Systems
Systems
1,672.3
Other
Other Businesses
Businesses
1,425.9
1,738.3
1,800.0
(forecast)
Income
Income before
before tax
tax
on
on total
total assets
assets
ROE
ROE
12.2%
(forecast)
11.2%
10.4%
9.7%
8.4%
1,538.2
8.1%
1,447.1
7.8%
7.7%
6.4%
6.6%
6.8%
Printing
Printing Systems
Systems
7.5%
6.1%
6.4%
(forecast)
6.0%
5.2%
114.42
(forecast)
4.4%
3.2%
(forecast)
99.79
88.27
76.85
Other
Other Imaging
Imaging Systems
Systems
60.61
44.33
EPS
EPS (Yen)
(Yen)
Digital
Digital Imaging
Imaging Systems
Systems
FY99/3
FY00/3
FY01/3
FY02/3
FY03/3
FY04/3
(forecast)
FY99/3
FY00/3
FY01/3
FY02/3
FY03/3
FY04/3
(forecast)
24
< Appendix >
III. FY04/3 2Q Results
25
13
< Appendix >
FY04/3 2Q P/L : Comparison with FY03/3 2Q
Net income increased steadily
(Billions of Yen)
FY03/3
Q2
Latest('03/7)
Forecast
FY04/3 Q2
Results
224.7
203.8
226.6
228.3
224.3
226.3
Total
428.5
174.1
455.0
195.2
450.6
195.3
Percentage of net sales
40.6%
42.9%
43.4%
25.4
35.0
38.7
5.9%
7.7%
8.6%
(Japan)
Net sales
(Overseas)
Gross profit
Operating income
Percentage of net sales
Income before tax
Percentage of net sales
Net income
Percentage of net sales
Exchange rate
(Yen)
US $1
Euro 1
23.4
33.6
34.0
5.5%
7.4%
7.6%
14.0
19.1
19.9
3.3%
119.19
117.34
4.2%
116.00
130.00
4.4%
117.61
132.27
Comparison Comparison with last year
with latest
Change Change(%)
forcast
-2.3
-0.4
-2.0
+22.5
-4.4
+22.0
+0.1
+21.2
−
−
+3.7
+13.3
−
−
+0.4
+10.6
−
−
+0.7
+5.9
−
−
+1.61
-1.58
+2.27 +14.93
-0.2%
+11.0%
+5.2%
+12.2%
−
+52.6%
−
+45.7%
−
+42.2%
−
-1.3%
+12.7%
26
< Appendix >
FY04/3 2Q Sales by Category
Printing Systems continued to increase steadily
Change(without forex)
428.5
56.5
53.1
94.7
(+ 4.6)
+ 5.2% (+ 2.5%)
(+ 22.0)
58.8
(+ 2.3)
53.7
(+ 0.6)
117.3
(+ 22.5)
Other Input/Output Systems
+ 33.9% (+ 30.1%)
18.3
13.6
Total
450.6
Other Businesses
+ 4.1% (+ 2.8%)
Network System Solutions
+ 1.3% (+ 1.1%)
57.3
52.1
(- 5.1)
Printing Systems
+ 23.8% (+ 19.8%)
153.0
150.1
(- 2.9)
Other Imaging Systems
- 9.0% (- 12.7%)
Digital Imaging Systems
- 1.9% (- 4.6%)
FY03/3 2Q
FY04/3 2Q
(Billions of Yen)
27
14
< Appendix >
FY04/3 2Q Sales by Geographic Area
Overseas increased steadily
Change(without forex)
428.5
34.6
82.9
86.2
450.6
(+ 22.0)
39.8
(+ 5.1)
98.3
(+ 15.4)
88.1
Total
+ 5.2% (+ 2.5%)
Others
+ 15.0% (+ 10.6%)
Europe
+ 18.6% (+ 5.2%)
(+ 1.9)
The Americas + 2.2% (+ 3.8%)
Japan
224.7
224.3
- 0.2%
(- 0.4)
Oversea sales ratio
47.6%
FY03/3 2Q
FY04/3 2Q
50.2%
(Billions of Yen)
28
< Appendix >
FY04/3 2Q Gross Profit
Total structural reform continuously increases
gross profit ratio
- Changes
200
100
40.6%
174.1
195.3
（+ 21.2）
(Billions of Yen)
Percentage of net sales (%)
Gross profit (Billions of Yen)
43.4%
46.0%
44.0%
42.0%
40.0%
Sales
+ 4.5
Forex
+ 7.2
Cost down, etc
+ 3.6
Ricoh Elemex *
+ 5.9
total
+ 21.2
* Expenditure to cover defects on some metering equipment
0
FY03/3
2Q
FY04/3
2Q
29
15
< Appendix >
FY04/3 2Q SG&A
Removing pension cost, real SG&A ratio decreased
- Changes
34.7%
34.8%
148.7
156.5
100
（+ 7.8）
Percentage of net sales (%)
SG&A (Billions of Yen)
200
36.0%
34.0%
32.0%
30.0%
(Billions of Yen)
Forex
R&D
Pensions
Others
total
+ 2.8
+ 3.1
+ 1.7
+ 0.2
+ 7.8
0
FY03/3
2Q
FY04/3
2Q
30
< Appendix >
FY04/3 2Q Other (income) expenses
Other expenses increased as forex loss increased
(Billions of Yen)
FY03/3 Q2 FY04/3 Q2 change
Interest and dividend income
Interest expenses
Other, net
Other (income) expenses
Details of Other, net
Forex loss (gain)
Others
1.0
2.2
0.7
-1.9
0.6
1.3
3.9
-4.6
-0.4
-0.9
+3.1
-2.6
FY03/3 Q2 FY04/3 Q2
-1.9
2.7
3.4
0.5
31
16
< Appendix >
Comparison with FY03/3 2Q
Profit increased by increase of high value-added products
(Billions of Yen)
Sales
Forex
+11.2
Income before tax
Overseas sales
except forex +11.2
Forex
+4.2
Domestic sales
decrease
- 0.4
Cost down,
etc +3.6
Sales
+4.5
Ricoh
Elemex *
Other expenses
-2.6
Expenses
-5.0
+ 5.9
450.6
428.5
34.0
23.4
(+ 22.0)
FY03/3
2Q
(+ 10.6)
FY04/3
2Q
FY03/3
2Q
* Expenditure to cover defects
on some metering equipment
FY04/3
2Q 32
< Appendix >
FY04/3 2Q Business Segment
Operating Income
Operating Income ratio (previous year)
25.4
38.7
(+ 13.3)
0.5
0.5
(+ 4.0)
Other
Businesses
46.9
54.4
FY03/3 2Q
-18.1
8.6%（5.9%）
Other
Businesses
1.0%（- 6.0%）
Office
Equipment
13.9%（12.6%）
(+ 7.4)
-- 3.4
3.4
Intersegment
or Corporate
Total
FY04/3 2Q
-16.2
(+ 1.8)
(Billions of Yen)
33
17
< Appendix >
FY04/3 2Q Geographic Segment
Operating Income
Operating Income ratio (previous year)
25.4
38.7
2.2
2.2
(- 0.1)
2.3
2.3
4.0
5.3
(+ 13.3)
Total
8.6%（5.9%）
Others
4.3%（5.2%）
Europe
4.1%（4.5%）
(+ 0.3)
(- 0.7)
3.7
6.1
The Americas 6.3%（7.3%）
22.9
(+ 11.4)
Japan
11.5
FY03/3 2Q
Intersegment
or Corporate
1.7
7.0%（3.7%）
FY04/3 2Q
4.2
(+ 2.4)
(Billions of Yen)
34
18