Financial Highlights /Appendix

FLASH REPORT
Year ended March 31, 2002
(Results for the Period from April 1, 2001 to March 31, 2002)
Index
Page
Ricoh Company, Ltd. And Consolidated Subsidiaries
･Policies
･Performance
･Ricoh Company, Ltd. And Consolidated Subsidiaries -Flash Report
･Group Position
･Consolidated Performance
1. Consolidated Statements of Income
2. Net Income Per Share
3. Consolidated Sales by Product Line
4. Consolidated Sales by Category
5. Balance Sheets (Consolidated)
6. Retained Earnings
7. Statements of Cash Flow (Consolidated)
8. Segment Information
9. Significant Accounting Policies (Consolidated)
10. Notes to Consolidated Financial Statements
Ricoh Company, Ltd.
11. Nonconsolidated Financial Statement
APPENDIX
1. Consolidated Performance Forecast
2. Nonconsolidated Performance Forecast
3. 1st Quarter Performance Forecast (Consolidated)
4. Calculation Information Where the Equity Method Is
Applied to Ricoh’s Leasing Subsidiary
1
3
12
13
15
15
16
17
19
19
20
21
25
26
28
38
40
42
42
Ricoh Company, Ltd.
* The Company bases the estimates above on information currently available to management, which
involves risks and uncertainties that would cause actual results to differ materially from those projected.
Policies and Performance
1. Policies
1. Basic Management
The vision of Ricoh Group (“Ricoh”) is to be a winner in the 21st century. Under that banner, we aim to retain
customer and community trust, secure top market shares by building new value, and become an outstanding global
business that is highly influential within the industries in which we operate.
To help raise office productivity, we have centered our business domains on the concept of "Image Communication,"
through which we globally offer products and services that customers truly need.
Our 13th medium-term management plan, a three-year initiative that ended in March 2002, had three prime
objectives for the entire Ricoh:
i. Renovation of group management with the aim of increasing corporate value
ii Reform of business and profitability Structure with the aim of maintaining steady growth
iii. Reinforcement of cash flow management and realization of low cost business structure
This fiscal term is the last year of the management plan, and we strove to achieve these objectives on a whole group
basis.
2. Dividend Policy
Ricoh endeavors to ensure stable dividends by boosting profitability while increasing retained earnings to reinforce
its corporate structure and cultivate new businesses. Ricoh uses those retained earnings to strengthen core businesses
and invest in new fields from medium- and long-term perspectives.
3. Thinking and Policies on Reducing Minimal Investment Lots
Ricoh believes that reducing the minimum number of shares required to invest in Ricoh could help attract a broader
range of investors to the equity markets while enhancing the liquidity of its shares. However, many investors already
trade in Ricoh's shares, so management has concluded that there is no immediate need to reduce the minimum
investment lot.
Ricoh plans to keep close tabs on investment patterns and its shareholder composition, and will consider taking steps
to alter the minimum lot requirement if need be.
4. Medium- and Long-Term Management Strategies and Management Structure Initiatives
Ricoh's prime management priority in building corporate value is to improve customer satisfaction, which is at the
heart of management strategies and policies. The J.D. Power Asia Pacific survey has placed Ricoh first in customer
satisfaction among Japanese copier makers for the seventh year running. This heightened profile helped generate the
solid results of recent years.
Ricoh has restructured so it can keep expanding corporate value. As part of that effort, it instituted an executive
officer system, under which it transferred considerable authority and responsibility to individual businesses. It also
appointed external directors to the board.
Our basic strategies for delivering growth are to:
- Expand our market share in networked systems
- Deploy printing solutions
- Strengthen our operations in five key regional markets worldwide (Japan, the Americas, Europe, Asia and Oceania,
and China)
In expanding our share of the networked imaging equipment market, we have focused on meeting demand for speed
and sophisticated networking. Several key models have been particularly well received. Among them are low-cost,
fast digital copiers like the Imagio MF8570 (sold as the Aficio 850 overseas) and the MF105 Pro (Aficio 1050). The
growing popularity of our digital offerings has helped us improve our position in the market for high-speed models.
We have also done extremely well in Japan and abroad with the Imagio Neo 350/450 (Aficio 1035/1045). This new
generation of copiers makes it simple to digitalize, store, and retrieve documents, and has helped us keep and extend
our lead in the market for digital copiers including multifunctional printers (MFPs).
Imagio Neo series machines are based on the Ricoh Document Highway concept, a common software platform that
lets users link equipment and applications as they desire, and is compatible with the Ridoc Document System, a
-1-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
user-friendly setup that enhances document management. We have sold many of these machines packaged with
solutions software, which has contributed greatly to performance.
The Imagio Neo series includes everything from low-end models that provide information technology support for
small and medium-sized offices to high-speed offerings that function as central office machines.
With demand for color equipment surging, we have enjoyed excellent sales of the IPSiO Color 8000 (Aficio
AP3800C), a printer that offers output speeds and pricing comparable to monochrome platforms. This offering has
reinforced our No. 1 share of the domestic color laser market while helping us bolster our presence internationally.
Over the past few years, customers have shifted swiftly away from standalone machines toward networkable
equipment and supporting software and services. They increasingly seek new solutions that lower the total cost of
ownership and streamline office work.
Ricoh responded swiftly to this trend in Japan by establishing five regional headquarters, in the Tohoku, Chubu,
Kansai, Chugoku, and Kyushu areas. Such a setup can help us spread our solutions expertise and support capabilities
regionally while consolidating the peripheral operations of regional sales companies, thereby lowering Group costs.
To strengthen global operations, we built an international direct sales network. The latest component of this setup is
Lanier Worldwide, Inc., which we acquired in January 2001. This subsidiary sells and services imaging and other
office equipment in the United States and Europe.
This purchase helped us step up our drive to become a global solutions provider, cultivating large corporations and
other new customers, which led us to increase sales of networked and solutions products.
Ricoh has taken various steps to build a high-efficiency, low-cost operating structure to overcome the challenges of
deflation. We are working intensively on our supply chain management system to improve customer satisfaction
while enhancing cash flow. We have also instituted programs to overhaul revenue and earnings structures for
everything from Group sales, and development to production and peripheral operations.
5. Challenges
Our 13th medium-term management plan was instrumental in allowing us to deliver such solid results.
That said, we consider it crucial to keep responding to the growing sophistication of customer needs and intensifying
competition in adverse economic conditions.
It will be particularly important to better identify underlying demand. As well as helping improve customer
productivity and cutting costs, we will concentrate on exploring issues that existing customers have yet to consider
while doing even more to seek solutions with our customers.
To those ends, we intend to deliver new value for customers through our customer satisfaction-oriented management
and efforts to reinforce our technological capabilities.
Ricoh has already earned top marks from third-party organizations for its environmental initiatives, and considers it
imperative to continue championing the environment. In line with that goal, we have instituted the Ricoh Action Plan
for fiscal 2002 through 2004, which builds on the achievement of its preceding three-year plan. Under this new
initiative, we aim to go beyond responding to environmental issues and safeguarding the environment to generate
profits through our environmental management program.
The next fiscal term is the first year of our 14th medium-term management plan (April 2002 through March 2005),
another three-year effort, and will focus on pursuing and building on the reforms of the 13th plan.
In other words, we will strive to reinforce our technological base so we can become the world's best manufacturer as
a winner in the 21st century. We will also change our business focus from merely being a producer to become a
solutions provider. At the same time, we will strive companywide to cultivate the human resources needed for such a
transformation.
In the years ahead, we will endeavor to contribute both to our communities and the environment as part of our social
mission while continuing to achieve high levels of trust from our customers and other stakeholders and delivering
new value.
-2-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
2. Performance
(1) Overview
(Three months ended March 31, 2002 and 2001)
(Billions of yen)
Three months ended Three months ended
March 31, 2002
March 31, 2001
Domestic sales .................................................
Overseas sales..................................................
Net sales ...............................................................
Gross profit ..........................................................
Operating income .................................................
Income before income taxes.................................
Net income ...........................................................
Net income per share-basic (yen) .........................
Net income per share-diluted (yen) ......................
Return on equity (%) ............................................
Income before income taxes on total assets (%)...
Income before income taxes on net sales (%).......
Exchange rate (US$) ............................................
Exchange rate (EURO).........................................
Expenditure for plant and equipment ...................
Depreciation for tangible fixed assets ..................
R&D Expenditure.................................................
238.1
212.7
450.9
184.4
40.0
35.5
18.3
25.89
24.22
3.0
2.0
7.9
132.50
116.21
19.0
20.3
22.1
-3-
248.6
180.3
428.9
169.6
28.1
28.6
14.9
21.57
19.86
2.7
1.7
6.7
118.17
108.99
22.6
16.9
22.3
Change
-4.2%
18.0%
5.1%
8.7%
42.5%
24.0%
22.5%
+4.32
+4.36
+0.3% point
+0.3% point
+1.2% points
+14.33
+7.22
-3.6
+3.4
-0.1
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(Full year)
(Billions of yen)
Year ended
March 31, 2002
Year ended
March 31, 2001
Change
902.6
769.6
1,672.3
699.9
129.6
113.9
61.6
88.27
82.46
10.4
6.4
6.8
1,832.9
633.0
561.4
34.5
870.63
105.1
-65.7
36.2
142.5
125.10
110.60
75.6
73.7
80.7
40.0
34.2
930.4
607.8
1,538.2
613.3
105.1
97.7
53.2
76.85
71.02
9.7
6.0
6.4
1,704.7
556.7
538.9
32.7
803.64
102.7
-62.7
-88.3
64.4
110.60
100.41
73.3
62.1
78.2
40.5
33.8
-3.0%
26.6%
8.7%
14.1%
23.4%
16.6%
15.8%
+11.42
+11.44
+0.7% point
+0.4% point
+0.4% point
+128.1
+76.2
+22.4
+1.8% points
+66.99
+2.4
-3.0
+124.6
+78.0
+14.50
+10.19
+2.3
+11.6
+2.5
-0.5
+0.4
Domestic sales .................................................
Overseas sales..................................................
Net sales ...............................................................
Gross profit ..........................................................
Operating income .................................................
Income before income taxes.................................
Net income ...........................................................
Net income per share-basic (yen) .........................
Net income per share-diluted (yen) ......................
Return on equity (%) ............................................
Income before income taxes on total assets (%)...
Income before income taxes on net sales (%).......
Total assets...........................................................
Shareholders’ equity.............................................
Debt......................................................................
Equity ratio (%)....................................................
Equity per share (yen) ..........................................
Cash flows from operating activities: ...................
Cash flows from investing activities:....................
Cash flows from financing activities: ...................
Cash and cash equivalents at end of year .............
Exchange rate (US$) ............................................
Exchange rate (EURO).........................................
Expenditure for plant and equipment ..................
Depreciation for tangible fixed assets .................
R&D Expenditure ................................................
Number of employees (Japan) (thousand people)
Number of employees (Overseas) (thousand people)
-4-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
*Overview
- In fiscal 2002, ended March 31, 2002, Ricoh increased consolidated net sales 8.7%, to ¥1,672.3 billion. It was an
eighth consecutive growth. The increase would have been 4.0% without the foreign exchange impact.
- Domestic sales were off 3.0%. Although sales of printing systems increased 28.6%, other products area was down due
to a downturn in the Japanese economy, as well as constrained corporate information technology capital expenditure. In
contrast, overseas sales gained 26.6%, despite the uncertainty posed by the U.S. economy, and so on.. The main factors
were that demand remained solid for core digital imaging and printing systems, as well as new subsidiary Lanier
Worldwide, Inc. and contributions from the low yen. Overseas sales would have improved 14.6% without the exchange
rate impact.
- Operating income was up 23.4%. This stemmed mainly from rising sales of core digital plain-paper copiers (PPCs),
MFPs, and other high-value-added offerings, the fruits of ongoing cost-cutting initiatives, and the yen's depreciation.
Net other expenses increased owing to lower interest and dividend income amid lackluster financial markets, higher
foreign currency losses, and rises in other costs. Income before income taxes thereby improved 16.6%.
- As a result of these factors, net income advanced 15.8%-a 10th consecutive gain.
- Cash dividends per share of common stock were up ¥1.00, to ¥13.00. This reflected a ¥6.00 interim dividend and a
¥7.00 year-end dividend that was ¥1.00 higher than the previous year.
*Financial Position
- Ricoh is enhancing its cash flow management efforts to expand free cash flow and continually strengthen its financial
position.
- At the close of fiscal 2002, higher net income and depreciation and amortization added ¥135.4 billion to cash flows
from operating activities, up ¥20.0 billion from the previous fiscal year. Changes in assets and liabilities included
¥17.2 billion allocated in preparation for the maturity of Ricoh's sixth and eighth convertible bonds by year-end.
Changes would have been as in the previous fiscal year if not for this factor. Most of those bonds were converted upon
maturity. Thus, net cash provided by operating activities increased to ¥105.1 billion.
- During the term, Ricoh invested ¥75.2 billion to set up new manufacturing lines and develop new products. Holdings
of available-for-sale securities fell ¥30.1 billion owing to changes in the Ricoh's investment approach, however the
investment is properly controlled in the cash account. As a result of these and other miscellaneous factors, net cash used
in investing activities dropped to ¥65.7 billion.
- Consequently, the free cash flow generated by operating and investing activities increased to ¥39.3 billion.
- In the year under review, Ricoh endeavored to cut interest-bearing debt in Japan and abroad while securing funds for
future expansion through its fourth and fifth straight bond issues, worth ¥35 billion and ¥25 billion, respectively.
Owing to these factors and the payment of cash dividends, net cash used in financing activities increased to ¥36.2
billion.
- Thus, cash and cash equivalents at the end of the year were up ¥78.0 billion, to ¥142.5 billion.
-5-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Consolidated Performance
(billions of yen)
(billions of yen)
Net sales
Net income
80
1,800
1,500
61.6
1,200
60
53.2
1,672.3
41.9
900
40
1,538.2
30.6
30.1
600
1,425.9
1,447.1
1,403.3
20
300
0
0
Fiscal year ended
March 31,1998
Fiscal year ended
March 31,1999
Fiscal year ended
March 31,2000
Fiscal year ended
March 31,2001
Fiscal year ended
March 31,2002
（％）
（yen）
Net income per share-basic
Return on equity
Return on assets
90
12.0
10.0
10.4
9.7
60
8.0
6.4
6.7
8.1
6.0
30
4.1
6.4
3.2
6.0
4.0
4.4
2.0
44.97
44.33
60.61
76.85
88.27
Fiscal year ended
March 31,1998
Fiscal year ended
March 31,1999
Fiscal year ended
March 31,2000
Fiscal year ended
March 31,2001
Fiscal year ended
March 31,2002
0
0.0
-6-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
*Consolidated Sales by Category
Imaging Solutions (sales up 7.7%, to ¥934.1 billion)
*Digital Imaging Solutions (sales up 14.0%, to ¥654.4 billion)
In core digital PPCs, Ricoh strengthened its lineup with new offerings covering all segments of the market, from the
low-end Imagio MF1340/1540 (Aficio 1013/1015) to the high speed Imagio MF105Pro (Aficio 1050). Domestic
sales were down owing to the Japanese recession and declining demand. However, overseas sales soared for digital
PPCs, with color models also enjoying gains.
*Other Imaging Solutions (sales down 4.5%, to ¥279.7 billion)
The sales decline reflected a shift from analog PPCs to digital models offering superior expandability and functions.
Network Input/Output Systems (sales up 31.5%, to ¥344.2 billion)
*Printing Systems (sales up 37.7%, to ¥299.2 billion)
In Japan and overseas, the focus of customer demand continued to shift toward speed, networking, saving of the total
costs of ownership and office productivity enhancement. Ricoh responded to those trends by releasing several MFPs
that streamline document input/output, sharing, and storage, notably the Imagio Neo 220/270(Aficio 1022/1027)
and the Imagio Neo 750/600. Ricoh augmented its very popular IPSiO Color 8000 (Aficio AP3800C), a fast,
high-resolution color printer, with such models as the IPSiO Color 8150, which centralizes the management of color
documents, and the affordable IPSiO Color 1600 color laser printer. These new offerings formed part of a
groupwide drive to increase printer sales and strengthen printing solutions capabilities.
*Other Input/Output Systems (sales up 1.1%, to ¥45.0 billion)
Sales of this category were up only slightly owing to a switch to new standards in optical disc-related products.
Network System Solutions (sales down 1.2%, to ¥206.9 billion)
Ricoh has focused increasingly on useware, document management, and other solutions businesses in response to a
shift in customer demand away from standalone models toward networked hardware, software, and services.
Nonetheless, sales of network equipment in this category declined due to sales down of personal computers and servers
owing to constrained corporate spending on information technology in Japan.
Other Businesses (sales down 6.5%, to ¥186.9 billion)
Sales declined in this category mainly because of falling demand for semiconductors, particularly for large-scale
integrated circuits used in mobile communications equipment. Sales of metering equipment was again sluggish,
reflecting stagnant demand.
Consolidated Sales by Category
Imaging solutions
Networking I/O system s
Network System solutions
O ther Businesses
(billions of yen)
1,800
186.9
184.5
1,500
199.8
206.9
206.8
1,200
209.5
344.2
327.9
261.8
900
600
867.0
934.1
880.0
Fiscal year ended
M arch 31,2002
Fiscal year ended
M arch 31,2002(*)
*Sales amount excluding exchange effect
300
0
Fiscal year ended
M arch 31,2001
-7-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
* Consolidated Sales by Geographic Area
Japan (sales up 3.0%, to ¥902.6 billion)
The Japanese economy remained in recession during the year, causing companies to restrain information technology
spending and restructure. In this circumnstances, Ricoh increased sales of printing systems by 28.6%. MFPs performed
particularly well, reflecting launches of offerings that meet customer needs and expanded marketing. On the other hand,
sales declined for such offerings as analog PPCs, facsimile machines, personal computers, and servers. Overall office
equipment sales thus decreased 2.0%. Including semiconductors and metering equipment, sales in Japan were off 3.0%.
The Americas (sales up 35.2%, to ¥341.7 billion)
Ricoh offset the effects of lower capital expenditure and an economic slowdown in the United States by expanding and
reinforcing its sales networks, particularly in the North American market, thus increasing sales of core digital PPCs and
MFPs. Lanier Worldwide, which Ricoh acquired in the previous fiscal year, contributed significantly to results through
a successful strategy of expanding digital equipment and strengthening sales to major account clients.
Europe (sales up 25.8%, to ¥311.3 billion)
Ricoh's multibrand strategy continued to go from strength to strength in a European market that remained basically
stable during the term, with the Company maintaining top market shares in both digital PPCs and MFPs.
Others (sales up 8.3%, to ¥116.6 billion)
Sales benefited from Ricoh's shift to digital and networked models. Ricoh aims to take advantage of China's admission
to the World Trade Organization and that nation's deregulation and initiatives to open its market by strengthening its
local sales network.
Sales by Geographic A rea
(billions of yen)
1,800
Other
Europe
The Americas
Japan
1 1 6 .6
1 0 9 .1
1,500
1 0 7 .6
311.3
285.0
247.4
1,200
252.6
341.7
302.5
930.4
902.6
902.6
Fiscal year ended
March 31,2001
Fiscal year ended
March 31,2002
Fiscal year ended
March 31,2002(*)
*Sales amount excluding exchange effect
900
600
300
0
-8-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
*Segment Information
Business Segment
Office Equipment
Sales of core digital PPCs and MFPs grew steadily, particularly overseas, reflecting launches of fast digital machines
and high-value-added offerings that handle everything from document input/output to document sharing and
administration. Sales and operating income in this segment also benefited from the yen's depreciation. Ricoh increased
capital spending, especially in research and development. In addition, total assets increased owing to the lower yen,
which overshadowed efforts to reduce inventories in Japan and overseas.
Other Businesses
Both sales and operating income in this segment were down owing to sluggish demand for semiconductors and
metering equipment.
C o n s o lid a te d S a le s b y C a te g o ry
Im a g in g s o lu t i o n s
N e t w o rk in g I/O s y s t e m s
N etw o rk S y s t e m s o l u t i o n s
O th e r B u sin e s s e s
(b illio n s o f y e n )
1 ,8 0 0
1 8 6 .9
1 8 4 .5
1 ,5 0 0
1 9 9 .8
2 0 6 .9
2 0 6 .8
1 ,2 0 0
2 0 9 .5
3 4 4 .2
3 2 7 .9
2 6 1 .8
900
600
9 3 4 .1
8 8 0 .0
Fiscal year ended
M a r c h 3 1 ,2 0 0 2
Fiscal year ended
M a r c h 3 1 ,2 0 0 2 ( * )
* S a le s a m o u n t e x c lu d in g e x c h a n g e e f f e c t
8 6 7 .0
300
0
Fiscal year ended
M a r c h 3 1 ,2 0 0 1
Business Segment(Other Businesses)
Net sales
Operating income
Operating income on net sales
(billions of yen)
250
205.0
（％）
7.0
6.4
6.0
190.8
200
5.0
150
4.0
100
3.0
2.0
1.8
50
1.0
13.1
3.3
0
0.0
Fiscal year ended
March 31,2001
Fiscal year ended
March 31,2002
(Billions of yen)
Year ended
Year ended
March 31, 2002 March 31, 2001
Identifiable assets:
Office Equipment............................................................
Other Businesses.............................................................
Capital expenditure:
Office Equipment............................................................
Other Businesses.............................................................
Depreciation and Amortization:
Office Equipment............................................................
Other Businesses.............................................................
-9-
Change
1,219.7
185.1
1,179.4
180.1
+40.2
+4.9
68.5
5.6
61.8
10.2
+6.6
-4.6
64.4
7.4
52.9
7.5
+11.5
-0.1
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Geographic Segment
Japan
Sales of business equipment rose amid solid exports and the favorable yen, offsetting decreased sales of
semiconductors and metering equipment. On top of that, operating income was up significantly, reflecting a shift
toward high-value-added products and structural reforms that lowered costs.
The Americas
Despite a U.S. economic slowdown and intensified competition, Ricoh was able to expand existing sales channels. At
the same time, subsidiary Lanier Worldwide bore fruit with its strategy of bolstering sales of digital equipment and
stepping up sales to major accounts. As a result, both segment sales and operating income improved.
Europe
Operating costs rose temporarily during the term owing to expenses associated with production changeovers to new
models. Nonetheless, Ricoh continued to deliver favorable sales growth, centered on digital PPCs and MFPs, leading
to gains in regional sales and operating income.
Others
Sales and operating income grew owing to steadily expanded sales in China and Asia and Oceania, supported by high
productivity in the factories in China.
Japan
(billions of yen)
Net Sales (including intersegment) (left axis)
Operating income on net sales (right axis)
Operating income (left axis)
1,200
（％）
9.0
8.5
6.8
600
1,248.6
1,233.9
4.5
106.1
83.5
0.0
0
Fiscal year ended March 31,2001
Fiscal year ended March 31,2002
The Americas
(billions of yen)
Net Sales (including intersegment) (left axis)
Operating income on net sales (right axis)
Operating income (left axis)
（％）
4.0
3.5
300
3.3
346.9
150
2.0
256.4
11.4
8.9
0
0.0
Fiscal year ended March 31,2001
Fiscal year ended March 31,2002
Europe
(billions of yen)
Net Sales (including intersegment) (left axis)
Operating income on net sales (right axis)
Operating income (left axis)
5.0
300
4.4
150
（％ ）
3.9
313.3
257.7
2.5
12
11
0
0.0
Fiscal year ended March 31,2001
Fiscal year ended March 31,2002
O thers
(billions of yen)
150
Net Sales (including intersegment) (left axis)
Operating income on net sales (right axis)
Operating income (left axis)
5.3
（％ ）
5.0
4.8
100
146.9
117.1
2.5
50
7.0
6.1
0
0.0
Fiscal year ended March 31,2001
Fiscal year ended March 31,2002
-10-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(2) Expectations
* Overall economic prospects and countermeasures by the Ricoh Group in fiscal 2003
While many factors remain unclear on the domestic economic front, there are signs of a recovery in some sectors, and
we expect a gradual turnaround from the second half of the year. Overseas, the United States appears to be on track for
a recovery.
Against this backdrop, Ricoh will strive to expand sales, earnings, and cash flow through the following initiatives
under its 14th medium-term management plan (April 2002 through March 2005) in its five operating regions of Japan,
the Americas, Europe, Asian and Oceania, and China.
o Strengthen global responsiveness to step up sales to large corporations
o Reinforce capabilities in color equipment (PPCs, MFPs, and laser printers) in line with growing demand for color
models
o Provide optimal printing solutions that meet customers' requirements for digital and networked environments and
bolster printing equipment offerings, centered on MFPs
o Continue restructuring to improve revenues earnings, and cash flow
Exchange Rate Assumptions for Fiscal 2003
US$1 = ¥125 (¥125.10 in previous fiscal year)
Euro1 = ¥110 (¥110.60 in previous fiscal year)
(Billions of yen)
Year ended
March 31, 2003
(Forecast)
Domestic sales .................................................
945.0
Overseas sales..................................................
828.0
Net sales ...............................................................
1,773.0
Gross profit ..........................................................
743.2
Operating income .................................................
136.0
Income before income taxes.................................
122.0
Net income ...........................................................
67.5
Notes:
*1…Net sales would be ninth consecutive year of growth.
*2…Net income would be eleventh consecutive year of growth.
Year ended
March 31, 2002
902.6
769.6
1,672.3
699.9
129.6
113.9
61.6
Change
4.7%
7.6%
6.0% (*1)
6.2%
4.9%
7.1%
9.6% (*2)
* Ricoh bases the estimates above on information currently available to management, which involves risks
and uncertainties that would cause actual results to differ materially from those projected.
-11-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Ricoh Company, Ltd. and Consolidated Subsidiaries
FLASH REPORT (Consolidated. Year ended March 31, 2002)
Date of approval for the financial results for the year ended March 31, 2002,
at the Board of Directors' meeting: May 8, 2002
1. Results for the period from April 1, 2001 to March 31, 2002
(1) Operating Results
(Millions of yen)
Net sales .................................................................................................
(% change from previous period).......................................................
Operating income ...................................................................................
(% change from previous period).......................................................
Income before income taxes...................................................................
(% change from previous period).......................................................
Net income .............................................................................................
(% change from previous period).......................................................
Net income per share-basic (yen) ...........................................................
Net income per share-diluted (yen) ........................................................
Return on equity (%) ..............................................................................
Income before income taxes on total assets (%).....................................
Income before income taxes on net sales (%).........................................
Note:
Year ended
March 31, 2002
Year ended
March 31, 2001
1,672,340
8.7
129,695
23.4
113,950
16.6
61,614
15.8
88.27
82.46
10.4
6.4
6.8
1,538,262
6.3
105,105
18.2
97,765
38.9
53,228
27.0
76.85
71.02
9.7
6.0
6.4
i. Equity in earnings of affiliates: ¥1,891 million (¥2,098 million in previous period)
ii. Some changes have been made in accounting method
iii. Average number of shares outstanding: 698,025,167 shares (692,616,894 shares in previous period)
(2)Financial Position
(Millions of yen)
Total assets.............................................................................................
Shareholders’ equity...............................................................................
Equity ratio (%)......................................................................................
Equity per share (yen) ............................................................................
March 31, 2002
March 31, 2001
1,832,928
633,020
34.5
870.63
1,704,791
556,728
32.7
803.64
(3)Cash Flows
(Millions of yen)
Year ended
March 31, 2002
Cash flows from operating activities ......................................................
Cash flows from investing activities.......................................................
Cash flows from financing activities ......................................................
Cash and cash equivalents at end of year ...............................................
Year ended
March 31, 2001
105,138
-65,792
36,235
142,508
102,728
-62,728
-88,382
64,457
(4) Items relating to the scale of consolidation and the application of the equity method:
Number of consolidated subsidiaries: 331; nonconsolidated subsidiaries:45; affiliated companies:28
(5) Changes in accounting method, etc.:
Consolidated subsidiaries:18 additions; 5 removals
Companies accounted for by the equity method: 6 additions; 5 removals
2. Forecast of operating results from April 1, 2002 to March 31, 2003
(Millions of yen)
Half year ended
September 30, 2002
Net sales .................................................................................................
Operating income ...................................................................................
Income before income taxes...................................................................
Net income .............................................................................................
875,000
62,000
55,000
30,500
Year ended
March 31, 2003
1,773,000
136,000
122,000
67,500
Notes: Net income per share (Consolidated) 92.84 yen
In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the half year ended
September 30, 2002 and year ended March 31, 2003. These forecast are forward-looking statements based on a number
of assumptions and beliefs in light of information currently available to management and subject risks and
uncertainties.
-12-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Group Position
The Ricoh Group comprises 376 subsidiaries and 28 affiliates.
Their development, manufacturing, sales, and service activities center on office equipment (copiers and related
supplies and communications and information systems), optical equipment, and other devices.
The parent company heads development. The parent company and subsidiaries and affiliates maintain an integrated
domestic and international manufacturing structure. Below, we have listed our main product areas and the positions of
key subsidiaries and affiliates.
<Office Equipment>
In this business category, the Company provides products and systems that help enhance the office productivity of
customers. Major products include:
Digital/analog copiers, multifunctional printers(MFPs), laser printers, facsimile machines, digital duplicators, optical
disks. Ricoh also provides solution systems including personal computers and servers, utilizing its information
technology. The Company also provides support, service, and related supplies, as well as use ware including IT
environment setup, network administration, and user support.
[Main Subsidiaries and Affiliates]
Production
Japan...Tohoku Ricoh Co., Ltd.; Ricoh Elemex Corporation, Ricoh Unitechno Co., Ltd.,
Hasama Ricoh Inc., Ricoh Microelectronics Co., Ltd., Ricoh Keiki Co., Ltd.
The Americas...Ricoh Electronics, Inc.
Europe...Ricoh UK Products Ltd. and Ricoh Industrie France S.A.
Other regions...Ricoh Asia Industry (Shenzhen) Ltd., Sindo Ricoh Co., Ltd., Shanghai Ricoh Facsimile Co., Ltd.
Sales and Service
Japan ...Ricoh Tohoku Co., Ltd. Ricoh Chubu Co., Ltd. Ricoh Kansai Co., Ltd. Ricoh Chugoku Co., Ltd. Ricoh
Kyushu Co., Ltd. Tokyo Ricoh Co., Ltd. Osaka Ricoh Co., Ltd. and 43 other sales companies nationwide,
Ricoh Technosystems Co., Ltd.; NBS Ricoh Co., Ltd.
The Americas...Ricoh Corporation, Savin Corporation, Lanier Worldwide, Inc.
Europe...Ricoh Europe B.V., Ricoh Deutschland GmbH, Ricoh UK Ltd., Ricoh France S.A.,
Ricoh Espana S.A., Ricoh Italia S.p.A., NRG Group PLC(*)
Other regions...Ricoh Hong Kong Ltd., Ricoh Asia Pacific Pte, Ltd., Ricoh Australia Pty, Ltd.,
Ricoh New Zealand Ltd.
<Other Businesses>
Manufacturing and marketing analog cameras and optical lenses, semiconductor devices, and measuring equipment,
and providing leasing and logistics services
[Main Subsidiaries and Affiliates]
Production
Japan...Ricoh Optical Industries Co., Ltd., Ricoh Elemex Corporation
Overseas...Taiwan Ricoh Co., Ltd.
Sales
Ricoh Corporation, NRG Group PLC(*)
Other areas
Ricoh Leasing Company, Ltd., Ricoh Logistics System Co., Ltd., Coca-Cola West Japan Co., Ltd.(affiliated
company)
(*) In this fiscal year, Gestetner Holdings PLC changed the name to NRG Group PLC.
<Business System Chart>
This group potion can be shown by the following chart.
-13-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Customer
Custome
【 Overseas Sales Subsidiaries 】
(The Americas)
RICOH CORPORATION
LANIER WORLDWIDE, INC.
(Europe)
RICOH EUROPE B.V.
RICOH DEUTSCHLAND GmbH.
RICOH UK LTD.
RICOH FRANCE S.A.
RICOH ITALIA S.p.A.
NRG GROUP PLC(*)
(Other regions)
RICOH HONG KONG, LTD.
RICOH ASIA PACIFIC PTE,LTD
RICOH AUSTRALIA PTY, LTD.
RICOH NEW ZEALAND LTD.
and so on.
【Domestic Sales
Subsidiaries】
Ricoh Tohoku Co., Ltd.
Ricoh Chubu Co., Ltd.
Ricoh Kansai Co., Ltd.
Ricoh Chugoku Co., Ltd.
Ricoh Kyushu Co., Ltd.
Tokyo Ricoh Co., Ltd.
Osaka Ricoh Co., Ltd.
NBS Ricoh Co., Ltd.
Ricoh Technosystems
Co., Ltd.
Ricoh Leasing Co., Ltd.
Ricoh Logistics System
Co., Ltd.
and so on.
【Overseas Sales
Subsidiaries】
(The Americas)
RICOH CORPORATION
(Other regions)
NRG GROUP PLC(*)
and so on.
【
Parentcompany
company】
【Parent
】
Ricoh
Ricoh Company,
Company, Ltd.
Ltd.
【Domestic Production Subsidiaries】
Tohoku Ricoh Co., Ltd., Hasama Ricoh Inc.,
Ricoh Optical Industries Co., Ltd ., Ricoh Unitechno Co., Ltd.
Ricoh Elemex Corporation, Ricoh Keiki Co., Ltd.
Ricoh Microelectronics, Co., Ltd.
【Overseas Production Subsidiaries】 【Overseas Production Affiliates】
(The Americas)
(Other regions)
RICOH ELECTRONICS,INC.
SINDO RICOH CO., LTD.
(Europe)
SHANGHAI RICOH FACSIMILE
RICOH UK PRODUCTS LTD.
CO., LTD.
RICOH INDUSTRIE FRANCE S.A. and so on.
【Overseas Production Subsidiaries】
(Other regions)
TAIWAN RICOH CO., LTD.
and so on.
(Other regions)
RICOH ASIA INDUSTRY (SHENZHEN) LTD. and so on.
【Other Subsidiaries】
Ricoh Leasing Co., Ltd.
Ricoh Logistics System Co., Ltd.
【Other Affiliates】
Coca-Cola West Japan Co., Ltd.
Office
OfficeEquipment
Other
OtherBusinesses
Supply of products and service
Supply of parts and equipment
(*) In this fiscal year, Gestetner Holdings PLC changed the name to NRG Group PLC.
-14-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
1. Consolidated Statements of Income
(Three months ended March 31, 2002 and 2001)
Three months ended
March 31, 2002
Net sales .....................................................................
Cost of sales ..............................................................
Percentage of net sales (%) .....................................
Gross profit ..................................................................
Percentage of net sales (%) .....................................
Selling, general and administrative expenses ................
Percentage of net sales (%) .....................................
Operating income ..........................................................
Percentage of net sales (%) .....................................
Other (income) expenses
Interest and dividend income ...................................
Percentage of net sales (%) ................................
Interest expense .......................................................
Percentage of net sales (%) ................................
Other, net .................................................................
Percentage of net sales (%) ................................
Income before income taxes, minority interests and
equity in earnings of affiliates .......................................
Percentage of net sales (%) .....................................
Provision for income taxes ............................................
Percentage of net sales (%) .....................................
Minority interests in earnings of subsidiaries ................
Percentage of net sales (%) .....................................
Equity in earnings of affiliates.......................................
Percentage of net sales (%) .....................................
Net income ....................................................................
Percentage of net sales (%) .....................................
(Millions of yen)
Change (%)
Three months ended
March 31, 2001
450,922
266,503
59.1
184,419
40.9
144,357
32.0
40,062
8.9
428,977
259,304
60.4
169,673
39.6
141,552
33.0
28,121
6.6
698
0.2
1,670
0.4
3,536
0.8
2,126
0.5
3,095
0.7
-1,519
-0.3
35,554
7.9
16,659
3.7
931
0.2
351
0.1
18,315
4.1
28,671
6.7
12,933
3.0
1,279
0.3
486
0.1
14,945
3.5
+21,945 (5.1)
+7,199 (2.8)
+14,746 (8.7)
+2,805 (2.0)
+11,941 (42.5)
-1,428 (-67.2)
-1,425 (-46.0)
+5,055(-332.8)
+6,883 (24.0)
+3,726 (28.8)
-348 (-27.2)
-135 (-27.8)
+3,370 (22.5)
Reference: Exchange rate (average rate for the corresponding periods)
US$1......................................
EURO 1.................................
Three months ended
March 31, 2002
¥132.50
¥116.21
Three months ended
March 31, 2001
¥118.17
¥108.99
(Full year ended March 31, 2002 and 2001)
Net sales .....................................................................
Cost of sales ..............................................................
Percentage of net sales (%) .....................................
Gross profit ..................................................................
Percentage of net sales (%) .....................................
Selling, general and administrative expenses ................
Percentage of net sales (%) .....................................
Operating income ..........................................................
Percentage of net sales (%) .....................................
Other (income) expenses
Interest and dividend income ...................................
Percentage of net sales (%) ................................
Interest expense .......................................................
Percentage of net sales (%) ................................
Other, net .................................................................
Percentage of net sales (%) ................................
Income before income taxes, minority interests and
equity in earnings of affiliates .......................................
Percentage of net sales (%) .....................................
Provision for income taxes ............................................
Percentage of net sales (%) .....................................
Minority interests in earnings of subsidiaries ................
Percentage of net sales (%) .....................................
Equity in earnings of affiliates.......................................
Percentage of net sales (%) .....................................
Net income ....................................................................
Percentage of net sales (%) .....................................
(Millions of yen)
Change (%)
Year ended
March 31, 2002
Year ended
March 31, 2001
1,672,340
972,394
58.1
699,946
41.9
570,251
34.1
129,695
7.8
1,538,262
924,893
60.1
613,369
39.9
508,264
33.1
105,105
6.8
+134,078 (8.7)
+47,501 (5.1)
4,753
0.3
8,233
0.5
12,265
0.8
8,045
0.5
7,787
0.5
7,598
0.4
-3,292 (-40.9)
113,950
6.8
51,147
3.0
3,080
0.2
1,891
0.1
61,614
3.7
97,765
6.4
43,512
2.8
3,123
0.2
2,098
0.1
53,228
3.5
+86,577 (14.1)
+61,987 (12.2)
+24,590 (23.4)
+446 (5.7)
+4,667 (61.4)
+16,185 (16.6)
+7,635 (17.5)
-43 (-1.4)
-207 (-9.9)
+8,386 (15.8)
Reference: Exchange rate (average rate for the corresponding periods)
Year ended
Year ended
March 31, 2002
March 31, 2001
US$1......................................
¥125.10
¥110.60
EURO 1.................................
¥110.60
¥100.41
2. Net Income Per Share
(Yen)
Year ended
March 31, 2002
Net income per share-basic ..........................................
Net income per share-diluted.........................................
88.27
82.46
-15-
Year ended
March 31, 2001
76.85
71.02
Change
+11.42
+11.44
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
3. Consolidated Sales by Product Line
(Three months ended March 31, 2002 and 2001)
Three months ended
March 31, 2002
Copiers and Related Supplies....................
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .............
Communications and Information Systems:
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .............
Other Businesses .......................................
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .................
Total ..........................................................
Domestic..............................................
Percentage of net sales (%) .............
Overseas ..............................................
Percentage of net sales (%) ............
The Americas ..............................
Percentage of net sales (%) .
Europe .........................................
Percentage of net sales (%) .
Other ...........................................
Percentage of net sales (%) .
Three months ended
March 31, 2001
274,509
113,213
161,296
60.9
123,787
82,813
40,974
27.4
52,626
42,118
10,508
11.7
450,922
238,144
52.8
212,778
47.2
96,506
21.4
85,328
18.9
30,944
6.9
257,714
124,890
132,824
60.1
120,146
83,332
36,814
28.0
51,117
40,426
10,691
11.9
428,977
248,648
58.0
180,329
42.0
78,289
18.2
70,244
16.4
31,796
7.4
(Millions of yen)
Change (%) Excluding foreign
exchange impact (%)
+16,795 (6.5)
+818 (0.3)
-11,677 (-9.3) -11,677 (-9.3)
+28,472 (21.4) +12,495 (9.4)
+3,641 (3.0)
-519 (-0.6)
+4,160 (11.3)
+581 (0.5)
-519 (-0.6)
+1,100 (3.0)
+1,509 (3.0)
+1,692 (4.2)
-183 (-1.7)
+706 (1.4)
+1,692 (4.2)
-986 (-9.2)
+21,945 (5.1)
-10,504 (-4.2)
+2,105 (0.5)
-10,504 (-4.2)
+32,449 (18.0) +12,609 (7.0)
+18,217 (23.3)
+7,924 (10.1)
+15,084 (21.5)
+7,877 (11.2)
-852 (-2.7)
-3,192 (-10.0)
Reference: Exchange rate (average rate for the corresponding periods)
Three months ended Three months ended
March 31, 2002
March 31, 2001
US$1 ................................
¥132.50
¥118.17
EURO 1............................
¥116.21
¥108.99
(Full year ended March 31, 2002 and 2001)
Year ended
March 31, 2002
Copiers and Related Supplies....................
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .............
Communications and Information Systems
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .............
Other Businesses .......................................
Domestic..............................................
Overseas ..............................................
Percentage of net sales (%) .................
Total ..........................................................
Domestic..............................................
Percentage of net sales (%) .............
Overseas ..............................................
Percentage of net sales (%) ............
The Americas ..............................
Percentage of net sales (%) .
Europe .........................................
Percentage of net sales (%) .
Other ...........................................
Percentage of net sales (%) .
1,038,495
453,939
584,556
62.1
446,894
299,114
147,780
26.7
186,951
149,602
37,349
11.2
1,672,340
902,655
54.0
769,685
46.0
341,747
20.4
311,312
18.6
116,626
7.0
Year ended
March 31, 2001
915,333
467,956
447,377
59.5
423,041
300,682
122,359
27.5
199,888
161,795
38,093
13.0
1,538,262
930,433
60.5
607,829
39.5
252,698
16.4
247,449
16.1
107,682
7.0
(Millions of yen)
Change (%) Excluding foreign
exchange impact (%)
+123,162 (13.5) +64,347 (7.0)
-14,017 (-3.0) -14,017 (-3.0)
+137,179 (30.7) +78,364 (17.5)
+23,853 (5.6) +12,065 (2.9)
-1,568 (-0.5)
-1,568 (-0.5)
+25,421 (20.8) +13,633 (11.1)
-12,937 (-6.5)
-12,193 (-7.5)
-744 (-2.0)
-15,303 (-7.7)
-12,193 (-7.5)
-3,110 (-8.2)
+134,078 (8.7) +61,109 (4.0)
-27,778 (-3.0) -27,778 (-3.0)
+161,856 (26.6) +88,887 (14.6)
+89,049 (35.2) +49,869 (19.7)
+63,863 (25.8) +37,575 (15.2)
+8,944 (8.3)
+1,443 (1.3)
Reference: Exchange rate (average rate for the corresponding periods)
Year ended
Year ended
March 31, 2002
March 31, 2001
US$1 ................................
¥125.10
¥110.60
EURO 1............................
¥110.60
¥100.41
-16-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
4. Consolidated Sales by Category
(Three months ended March 31, 2002 and 2001)
Three months ended
March 31, 2002
Imaging Solutions:
Digital Imaging Systems............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Other Imaging Systems .............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Total Imaging Solutions ............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Networking input/output systems:
Printing Systems........................................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
Other Input/Output Systems ......................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
Total Networking input/output systems.....
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Network system solutions..........................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
<Office Equipment Total> ........................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
< Other Businesses >.................................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Grand Total ..........................................
Percentage of net sales (%) ..............
Domestic ..........................................
Percentage of net sales (%) .............
Overseas ..........................................
Percentage of net sales (%) .............
The Americas ..............................
Percentage of net sales (%)....
Europe.........................................
Percentage of net sales (%)....
Other ...........................................
Percentage of net sales (%)....
Three months ended
March 31, 2001
180,519
40.0
72,674
107,845
66,107
14.7
21,328
44,779
246,626
54.7
94,002
152,624
157,023
36.6
81,470
75,553
77,403
18.1
25,079
52,324
234,426
54.7
106,549
127,877
80,228
17.8
40,087
40,141
12,484
2.7
3,641
8,843
92,712
20.5
43,728
48,984
58,958
13.1
58,296
662
398,296
88.3
196,026
202,270
52,626
11.7
42,118
10,508
450,922
100.0
238,144
52.8
212,778
47.2
96,506
21.4
85,328
18.9
30,944
6.9
70,593
16.5
37,728
32,865
12,570
2.9
5,603
6,967
83,163
19.4
43,331
39,832
60,271
14.0
58,342
1,929
377,860
88.1
208,222
169,638
51,117
11.9
40,426
10,691
428,977
100.0
248,648
58.0
180,329
42.0
78,289
18.2
70,244
16.4
31,796
7.4
(Millions of yen)
Change (%) Excluding foreign
exchange impact(%)
+23,496 (15.0) +12,777 (8.1)
-8,796 (-10.8)
-8,796 (-10.8)
+32,292 (42.7) +21,573 (28.6)
-11,296 (-14.6) -15,561 (-20.1)
-3,751 (-15.0)
-7,545 (-14.4)
+12,200 (5.2)
-3,751 (-15.0)
-11,810 (-22.6)
-2,784 (-1.2)
-12,547 (-11.8)
+24,747 (19.4)
-12,547 (-11.8)
+9,763 (7.6)
+9,635 (13.6)
+5,738 (8.1)
+2,359 (6.3)
+7,276 (22.1)
-86 (-0.7)
+2,359 (6.3)
+3,379 (10.3)
-176 (-1.4)
-1,962 (-35.0)
+1,876 (26.9)
+9,549 (11.5)
-1,962 (-35.0)
+1,786 (25.6)
+5,562 (6.7)
+397 (0.9)
+9,152 (23.0)
-1,313 (-2.2)
+397 (0.9)
+5,165 (13.0)
-1,379 (-2.3)
-46 (-0.1)
-1,267 (-65.7)
+20,436 (5.4)
-46 (-0.1)
-1,333 (-69.1)
+1,399 (0.4)
-12,196 (-5.9) -12,196 (-5.9)
+32,632 (19.2) +13,595 (8.0)
+1,509 (3.0)
+706 (1.4)
+1,692 (4.2)
-183 (-1.7)
+21,945 (5.1)
+1,692 (4.2)
-986 (-9.2)
+2,105 (0.5)
-10,504 (-4.2)
-10,504 (-4.2)
+32,449 (18.0) +12,609 (7.0)
+18,217 (23.3)
+7,924 (10.1)
+15,084 (21.5)
+7,877 (11.2)
-852 (-2.7)
-3,192 (-10.0)
Each category includes the following products:
Digital Imaging Systems........ Digital PPCs, color PPCs, digital duplicators, facsimile machines, related supplies and services
Other Imaging Systems.......... Analog PPCs, diazo copiers, and related supplies including thermal paper, and services
Printing Systems.................... Multifunctional printers (MFPs), laser printers, related supplies, services and software
Other Input/Output Systems
Optical discs, systems and scanners
Network System Solutions..... Personal computers, PC servers, network systems, network related software, and service/support
Other Businesses ................... Digital cameras, analog cameras, semiconductors
Reference: Exchange rate (average rate for the corresponding periods)
Three months ended Three months ended
March 31, 2002
March 31, 2001
US$1 ................................
¥132.50
¥118.17
EURO 1............................
¥116.21
¥108.99
-17-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(Full year ended March 31, 2002 and 2001)
Year ended
March 31, 2002
Imaging Solutions:
Digital Imaging Systems............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Other Imaging Systems .............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Total Imaging Solutions ............................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Networking input/output systems:
Printing Systems........................................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
Other Input/Output Systems ......................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
Total Networking input/output systems.....
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Network system solutions..........................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
<Office Equipment Total> ........................
Percentage of net sales (%) ..............
Domestic ..........................................
Overseas ..........................................
< Other Businesses >.................................
Percentage of net sales (%) .............
Domestic ..........................................
Overseas ..........................................
Grand Total ..........................................
Percentage of net sales (%) ..............
Domestic ..........................................
Percentage of net sales (%) .............
Overseas ..........................................
Percentage of net sales (%) .............
The Americas ..............................
Percentage of net sales (%)....
Europe.........................................
Percentage of net sales (%)....
Other ...........................................
Percentage of net sales (%)....
Year ended
March 31, 2001
654,425
39,1
294,827
359,598
279,755
16.7
97,356
182,399
934,180
55.8
392,183
541,997
574,161
37.3
313,805
260,356
292,872
19.1
120,963
171,909
867,033
56.4
434,768
432,265
299,231
17.9
141,273
157,958
45,016
2.7
14,966
30,050
344,247
20.6
156,239
188,008
206,962
12.4
204,631
2,331
1,485,389
88.8
753,053
732,336
186,951
11.2
149,602
37,349
1,672,340
100.0
902,655
54.0
769,685
46.0
341,747
20.4
311,312
18.6
116,626
7.0
217,308
14.1
109,824
107,484
44,530
2.9
19,336
25,194
261,838
17.0
129,160
132,678
209,503
13.6
204,710
4,793
1,338,374
87.0
768,638
569,736
199,888
13.0
161,795
38,093
1,538,262
100.0
930,433
60.5
607,829
39.5
252,698
16.4
247,449
16.1
107,682
7.0
(Millions of yen)
Change (%) Excluding foreign
exchange impact(%)
+80,264 (14.0) +43,900 (7.6)
-18,978 (-6.0) -18,978 (-6.0)
+99,242 (38.1) +62,878 (24.2)
-13,117 (-4.5) -30,859 (-10.5)
-23,607 (-19.5) -23,607 (-19.5)
+10,490 (6.1)
-7,252 (-4.2)
+67,147 (7.7) +13,041 (1.5)
-42,585 (-9.8) -42,585 (-9.8)
+109,732 (25.4) +55,626 (12.9)
+81,923 (37.7) +66,386 (30.5)
+31,449 (28.6) +31,449 (28.6)
+50,474 (47.0) +34,937 (32.5)
+486 (1.1)
-320 (-0.7)
-4,370 (-22.6)
-4,370 (-22.6)
+4,856 (19.3) +4,050 (16.1)
+82,409 (31.5) +66,066 (25.2)
+27,079 (21.0) +27,079 (21.0)
+55,330 (41.7) +38,987 (29.4)
-2,541 (-1.2)
-2,695 (-1.3)
-79 (0.0)
-79 (0.0)
-2,462 (-51.4)
-2,616 (-54.6)
+147,015 (11.0) +76,412 (5.7)
-15,585 (-2.0) -15,585 (-2.0)
+162,600 (28.5) +91,997 (16.1)
-12,937 (-6.5) -15,303 (-7.7)
-12,193 (-7.5) -12,193 (-7.5)
-744 (-2.0)
-3,110 (-8.2)
+134,078 (8.7) +61,109 (4.0)
-27,778 (-3.0)
-27,778 (-3.0)
+161,856 (26.6) +88,887 (14.6)
+89,049 (35.2) +49,869 (19.7)
+63,863 (25.8) +37,575 (15.2)
+8,944 (8.3)
+1,443 (1.3)
Each category includes the following products:
Digital Imaging Systems........ Digital PPCs, color PPCs, digital duplicators, facsimile machines, related supplies and services
Other Imaging Systems.......... Analog PPCs, diazo copiers, and related supplies including thermal paper, and services
Printing Systems.................... Multifunctional printers (MFPs), laser printers, related supplies, services and software
Other Input/Output Systems
Optical discs, systems and scanners
Network System Solutions..... Personal computers, PC servers, network systems, network related software, and service/support
Other Businesses ................... Digital cameras, analog cameras, semiconductors
Reference: Exchange rate (average rate for the corresponding periods)
Year ended
Year ended
March 31, 2002
March 31, 2001
US$1 ................................
¥125.10
¥110.60
EURO 1............................
¥110.60
¥100.41
-18-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
5. Balance Sheets (Consolidated)
March 31, 2002 and 2001
Assets
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Current Assets ........................................................................
Cash and cash equivalents .................................................
Trade receivables...............................................................
Marketable securities .........................................................
Inventories .........................................................................
Other current assets ...........................................................
863,668
154,986
442,399
50,599
162,176
53,508
779,407
75,644
410,861
62,213
176,383
54,306
+84,261
+79,342
+31,538
-11,614
-14,207
-798
Fixed Assets ........................................................................
Tangible fixed assets...........................................................
Finance receivable .............................................................
Other Investments and other assets.....................................
Total Assets.............................................................................
969,260
259,380
447,829
262,051
1,832,928
925,384
267,249
428,790
229,345
1,704,791
+43,876
-7,869
+19,039
+32,706
+128,137
Liabilities and Minority Interest
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Current Liabilities ...................................................................
Trade payable ....................................................................
Short-term borrowings.......................................................
Other current liabilities ......................................................
665,701
277,753
228,408
159,540
779,436
291,791
321,185
166,460
-113,735
-14,038
-92,777
-6,920
Fixed Liabilities.......................................................................
Long-term indebtedness....................................................
Retirement benefit obligation...................................... ......
Other fixed liabilities........................................................
Total Liabilities .......................................................................
Minority Interest……………………………………………. .
483,159
332,995
119,572
30,592
1,148,860
51,048
321,196
217,743
82,828
20,625
1,100,632
47,431
+161,963
+115,252
+36,744
+9,967
+48,228
+3,617
Shareholders’ Investment
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Shareholders’ Investment ........................................................
Common stock ...................................................................
Additional paid-in capital ..................................................
Retained earnings...............................................................
Accumulated other comprehensive income .......................
Treasury stock....................................................................
Total Liabilities and Shareholders’ Investment .......................
633,020
120,461
171,628
385,741
-44,376
-434
1,832,928
Notes:
Contents of cash and deposits
Cash and cash equivalents ..........................................................
Time deposits..............................................................................
March 31, 2002 March 31, 2001
142,508
64,457
12,478
11,187
Accumulated other comprehensive income (losses);
Net unrealized holding gains on
available-for-sale securities.........................................................
Minimum pension liability adjustments......................................
Net unrealized gains (losses) on derivative instruments .............
Cumulative translation adjustments ............................................
Exchange rate (end of term)
US$ 1 ...............................
EURO 1............................
March 31, 2002
¥133.25
¥116.14
10,566
-39,710
-207
-15,025
556,728
103,434
154,635
332,447
-33,788
1,704,791
11,332
-23,579
-21,541
+76,292
+17,027
+16,993
+53,294
-10,588
-434
+128,137
-766
-16,131
-207
+6,516
March 31, 2001
¥123.90
¥109.33
6. Retained Earnings
For the years ended March 31, 2002 and 2001
(Millions of yen)
Year ended
March 31, 2002
Retained earnings (beginning balance)...................................................
Net income .............................................................................................
Cash dividends .......................................................................................
Retained earnings (ending balance)........................................................
-19-
332,447
61,614
8,320
385,741
Year ended
March 31, 2001
287,182
53,228
7,963
332,447
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
7. Statements of Cash Flow (Consolidated)
For the years ended March 31, 2002 and 2001
(Millions of yen)
Year ended
March 31, 2002
I. Cash Flows from Operating Activities:
1. Net income ....................................................................................
2. Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization ...................................................
Equity in earnings of affiliates, net of dividends received..........
Deferred income taxes................................................................
Loss on disposal and sales of plant and equipment ....................
Changes in assets and liabilities, net of effects from acquisition—
Increase in trade receivables ...............................................
Decrease (increase) in inventories.......................................
Increase in finance receivables............................................
(Decrease) increase in trade payables..................................
(Decrease) increase in accrued income taxes and
accrued expenses and other .................................................
Retirement benefit obligation, net .......................................
Other, net....................................................................................
Net cash provided by operating activities............................................
II. Cash Flows from Investing Activities:
1. Proceeds from sales of plant and equipment..................................
2. Expenditures for plant and equipment ...........................................
3. Payments for purchases of available-for-sale securities.................
4. Proceeds from sales of available-for-sale securities ......................
5. Decrease in investments in and advances to affiliates ...................
6. Decrease (increase) in time deposits..............................................
7. Acquisition amount of Lanier Worldwide, Inc. .............................
8. Other, net .......................................................................................
Net cash used in investing activities....................................................
III. Cash Flows from Financing Activities:
1. Proceeds from long-term indebtedness..........................................
2. Repayment of long-term indebtedness...........................................
3. (Decrease) increase in short-term borrowings, net ........................
4. Proceeds from issuance of long-term debt securities.....................
5. Repayment of long-term debt securities ........................................
6. Cash dividends paid.......................................................................
7. Other, net .......................................................................................
Net cash provided by (used in) financing activities.............................
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents ...
V. Net Increase (Decrease) in Cash and Cash Equivalents ....................
VI. Cash and Cash Equivalents at Beginning of Year ............................
VII. Cash and Cash Equivalents at End of Year.....................................
-20-
Year ended
March 31, 2001
61,614
53,228
73,782
-1,260
-1,218
1,665
62,142
-1,056
-9,994
2,223
-20,006
21,194
-13,620
-19,535
-32,476
-7,167
-15,127
16,235
-13,592
8,374
7,740
105,138
27,310
1,667
5,743
102,728
756
-75,231
-38,564
68,736
5
-477
-21,017
-65,792
1,120
-73,040
-52,853
93,705
51
6,797
-28,103
-10,405
-62,728
71,075
-79,640
-39,414
103,500
-10,000
-8,322
-964
36,235
2,470
78,051
64,457
142,508
33,183
-114,701
5,565
-2,990
-7,964
-1,475
-88,382
1,001
-47,381
111,838
64,457
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
8. Segment Information
(1) Business Segment Information
(Three months ended March 31, 2002 and 2001)
(Millions of yen)
Three months ended
March 31, 2002
Net sales:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Total ..................................................................................
Operating expenses:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Corporate ........................................................................
Total ..................................................................................
Operating income:
Office Equipment............................................................
Operating income on office equipment sales (%)......
Other Businesses.............................................................
Operating income on other business sales (%)..........
Intersegment ...................................................................
Corporate ........................................................................
Consolidated operating income ............................................
Other income (expenses) ......................................................
Income before income taxes.................................................
Identifiable assets:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Corporate assets..............................................................
Total ..................................................................................
Capital expenditure:
Office Equipment............................................................
Other Businesses.............................................................
Corporate ........................................................................
Total ..................................................................................
Depreciation and Amortization:
Office Equipment............................................................
Other Businesses.............................................................
Corporate ........................................................................
Total ..................................................................................
-21-
Three months ended
March 31, 2001
Change (%)
398,296
53,453
-827
450,922
377,860
52,393
-1,276
428,977
+20,436 (5.4)
+1,060 (2.0)
+449 (-35.2)
+21,945 (5.1)
343,831
51,385
-830
16,474
410,860
337,530
49,175
-1,297
15,448
400,856
+6,301 (1.9)
+2,210 (4.5)
+467 (-36.0)
+1,026 (6.6)
+10,004 (2.5)
54,465
13.7
2,068
3.9
3
-16,474
40,062
-4,508
35,554
40,330
10.7
3,218
6.1
21
-15,448
28,121
550
28,671
+14,135 (35.0)
3.0
-1,150 (-35.7)
-2.2
-18 (-85.7)
-1,026 (6.6)
+11,941 (42.5)
-5,058(-919.6)
+6,883 (24.0)
1,219,723
185,158
-6,991
435,038
1,832,928
1,179,499
180,164
-9,116
354,244
1,704,791
+40,224 (3.4)
+4,994 (2.8)
+2,125 (-23.3)
+80,794 (22.8)
+128,137 (7.5)
18,212
589
203
19,004
19,866
2,733
51
22,650
-1,654 (-8.3)
-2,144 (-78.4)
+152(298.0)
-3,646 (-16.1)
17,736
2,016
634
20,386
14,098
2,086
782
16,966
+3,638 (25.8)
-70 (-3.4)
-148 (-18.9)
+3,420 (20.2)
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(Full year ended March 31, 2002 and 2001)
(Millions of yen)
Year ended
Year ended
March 31, 2002 March 31, 2001
Net sales:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Total ....................................................................................
Operating expenses:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Corporate ........................................................................
Total ....................................................................................
Operating income:
Office Equipment............................................................
Operating income on office equipment sales (%)......
Other Businesses.............................................................
Operating income on other business sales (%)..........
Intersegment .........................................................................
Corporate..............................................................................
Consolidated operating income ............................................
Other income (expenses) ......................................................
Income before income taxes.................................................
Identifiable assets:
Office Equipment............................................................
Other Businesses.............................................................
Intersegment ...................................................................
Corporate assets..............................................................
Total ....................................................................................
Capital expenditure:
Office Equipment............................................................
Other Businesses.............................................................
Corporate ........................................................................
Total ....................................................................................
Depreciation and Amortization:
Office Equipment............................................................
Other Businesses.............................................................
Corporate ........................................................................
Total ....................................................................................
-22-
Change (%)
1,485,389
190,815
-3,864
1,672,340
1,338,374
205,095
-5,207
1,538,262
+147,015 (11.0)
-14,280 (-7.0)
+1,343 (-25.8)
+134,078 (8.7)
1,304,079
187,424
-3,893
55,035
1,542,645
1,195,834
191,909
-5,218
50,632
1,433,157
+108,245 (9.1)
-4,485 (-2.3)
+1,325 (-25.4)
+4,403 (8.7)
+109,488 (7.6)
181,310
12.2
3,391
1.8
29
-55,035
129,695
-15,745
113,950
142,540
10.7
13,186
6.4
11
-50,632
105,105
-7,340
97,765
+38,770 (27.2)
1.5
-9,795 (-74.3)
-4.6
+18(163.6)
-4,403 (8.7)
+24,590 (23.4)
-8,405(114.5)
+16,185 (16.6)
1,219,723
185,158
-6,991
435,038
1,832,928
1,179,499
180,164
-9,116
354,244
1,704,791
+40,224 (3.4)
+4,994 (2.8)
+2,125 (-23.3)
+80,794 (22.8)
+128,137 (7.5)
68,513
5,633
1,530
75,676
61,836
10,235
1,258
73,329
+6,677 (10.8)
-4,602 (-45.0)
+272 (21.6)
+2,347 (3.2)
64,426
7,448
1,908
73,782
52,908
7,598
1,636
62,142
+11,518
-150
+272
+11,640
(21.8)
(-2.0)
(16.6)
(18.7)
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(2) Geographic Segment Information
(Three months ended March 31, 2002 and 2001)
(Millions of yen)
Three months ended
March 31, 2002
Net sales:
Japan
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
The Americas
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Europe
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Other
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Intersegment ...................................................................
Total ....................................................................................
Operating expenses:
Japan ............................................................................
The Americas..................................................................
Europe ............................................................................
Other...............................................................................
Corporate and eliminations.............................................
Total ....................................................................................
Operating income:
Japan...............................................................................
Operating income on sales in Japan (%) ...................
The Americas..................................................................
Operating income on sales in the Americas (%) .......
Europe ............................................................................
Operating income on sales in Europe (%).................
Other...............................................................................
Operating income on sales in other regions (%)........
Corporate and eliminations.............................................
Consolidated operating income ............................................
Other income (expenses) ......................................................
Income before income taxes.................................................
Identifiable assets:
Japan ............................................................................
The Americas..................................................................
Europe ............................................................................
Other...............................................................................
Eliminations....................................................................
Corporate assets..............................................................
Total ....................................................................................
-23-
Three months ended
March 31, 2001
Change (%)
249,481
78,886
328,367
255,307
73,331
328,638
-5,826 (-2.3)
+5,555 (7.6)
-271 (-0.1)
94,489
3,110
97,599
78,200
972
79,172
+16,289 (20.8)
+2,138(220.0)
+18,427 (23.3)
84,293
875
85,168
74,896
955
75,851
+9,397 (12.5)
-80 (-8.4)
+9,317 (12.3)
22,659
15,889
38,548
20,574
11,082
31,656
+2,085 (10.1)
+4,807 (43.4)
+6,892 (21.8)
-98,760
450,922
-86,340
428,977
-12,420 (14.4)
+21,945 (5.1)
301,329
89,089
81,759
36,015
-97,332
410,860
309,403
74,907
71,072
29,530
-84,056
400,856
-8,074
+14,182
+10,687
+6,485
-13,276
+10,004
27,038
8.2
8,510
8.7
3,409
4.0
2,533
6.6
-1,428
40,062
-4,508
35,554
19,235
5.9
4,265
5.4
4,779
6.3
2,126
6.7
-2,284
28,121
550
28,671
1,084,387
228,743
172,408
61,549
-149,197
435,038
1,832,928
1,042,557
209,638
163,542
63,438
-128,628
354,244
1,704,791
(-2.6)
(18.9)
(15.0)
(22.0)
(15.8)
(2.5)
+7,803 (40.6)
2.3
+4,245 (99.5)
3.3
-1,370 (-28.7)
-2.3
+407 (19.1)
-0.1
+856 (-37.5)
11,941 (42.5)
-5,058(-919.6)
+6,883 (24.0)
+41,830
+19,105
+8,866
-1,889
-20,569
+80,794
+128,137
(4.0)
(9.1)
(5.4)
(-3.0)
(16.0)
(22.8)
(7.5)
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(Full year ended March 31, 2002 and 2001)
(Millions of yen)
Year ended
Year ended
March 31, 2002 March 31, 2001
Net sales:
Japan
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
The Americas
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Europe
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Other
Unaffiliated Customers ...................................................
Intersegment ...................................................................
Total ..............................................................................
Intersegment ...................................................................
Total ....................................................................................
Operating expenses:
Japan ............................................................................
The Americas..................................................................
Europe ............................................................................
Other...............................................................................
Corporate and eliminations.............................................
Total ....................................................................................
Operating income:
Japan ............................................................................
Operating income on sales in Japan (%) ...................
The Americas..................................................................
Operating income on sales in the Americas (%) .......
Europe ............................................................................
Operating income on sales in Europe (%).................
Other...............................................................................
Operating income on sales in other regions (%)........
Corporate and eliminations.............................................
Consolidated operating income ............................................
Other income (expenses) ......................................................
Income before income taxes.................................................
Identifiable assets:
Japan ............................................................................
The Americas..................................................................
Europe ............................................................................
Other...............................................................................
Eliminations....................................................................
Corporate assets..............................................................
Total ....................................................................................
-24-
Change (%)
938,946
309,745
1,248,691
954,125
279,802
1,233,927
-15,179 (-1.6)
+29,943 (10.7)
+14,764 (1.2)
338,016
8,937
346,953
252,029
4,470
256,499
+85,987 (34.1)
+4,467 (99.9)
+90,454 (35.3)
309,086
4,265
313,351
254,548
3,246
257,794
+54,538 (21.4)
+1,019 (31.4)
+55,557 (21.6)
86,292
60,655
146,947
77,560
39,571
117,131
+8,732 (11.3)
+21,084 (53.3)
+29,816 (25.5)
-383,602
1,672,340
-327,089
1,538,262
-56,513 (17.3)
+134,078 (8.7)
1,142,522
335,521
301,152
139,874
-376,424
1,542,645
1,150,353
247,521
246,498
110,937
-322,152
1,433,157
-7,831
+88,000
+54,654
+28,937
-54,272
+109,488
106,169
8.5
11,432
3.3
12,199
3.9
7,073
4.8
-7,178
129,695
-15,745
113,950
83,574
6.8
8,978
3.5
11,296
4.4
6,194
5.3
-4,937
105,105
-7,340
97,765
1,084,387
228,743
172,408
61,549
-149,197
435,038
1,832,928
1,042,557
209,638
163,542
63,438
-128,628
354,244
1,704,791
(-0.7)
(35.6)
(22.2)
(26.1)
(16.8)
(7.6)
+22,595 (27.0)
1.7
+2,454 (27.3)
-0.2
+903 (8.0)
-0.5
+879 (14.2)
-0.5
-2,241 (45.4)
+24,590 (23.4)
-8,405(114.5)
+16,185 (16.6)
+41,830
+19,105
+8,866
-1,889
-20,569
+80,794
+128,137
(4.0)
(9.1)
(5.4)
(-3.0)
(16.0)
(22.8)
(7.5)
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
9. Significant Accounting Policies (Consolidated)
1. Items relating to the scale of consolidation and the application of the equity method
Consolidated subsidiaries:
18 additions including Ricoh Tohoku Co., Ltd. Ricoh Chubu Co., Ltd. Ricoh Kansai Co., Ltd. Ricoh Chugoku
Co., Ltd. and Ricoh Kyushu Co., Ltd.
5 removals including Higashi Shizuoka Ricoh Co., Ltd.
Companies accounted for by the equity method:
6 additions including Tohoku Ricoh (Fuzhon) Printing Products Co., Ltd.
5 removals including NRG Singapore Pte. Ltd.
2. Consolidated Accounting Policies
(1) Principles of Consolidation
The consolidated financial statements include the accounts of Ricoh. All significant intercompany balances and
transactions have been eliminated in consolidation. Investments in affiliated companies are accounted for on the equity
basis.
(2) Securities
Ricoh conforms with SFAS No.115, "Accounting for Certain Investments in Debt and Equity Securities," which
requires certain investments in debt and equity securities to be classified as either held-to-maturity, trading, or
available-for-sale securities. Available-for-sale are reported at fair value with unrealized gains and losses, net of related
taxes, excluded from earnings and reported in accumulated other comprehensive income (loss).
The cost of the securities sold was computed based on the average cost of each security held at the time of sale.
(3) Inventories
Inventories are stated at the lower of average cost or market. Inventory costs include raw materials, labor and
manufacturing overheads.
(4) Plant and Equipment
Depreciation of plant and equipment is computed principally by using the declining-balance method over the estimated
useful lives. Most of the foreign subsidiaries have adopted the straight-line method for computing depreciation.
Certain leased buildings, machinery and equipment are accounted for as capital leases in conformity with SFAS No. 13,
"Accounting for Leases."
(5) Goodwill
Ricoh has classified as goodwill the cost in excess of fair value of the net assets of major companies acquired in
purchase transactions. Goodwill is being amortized on a straight-line method over the estimated periods
benefited, not to exceed 20 years.
(6) Use of Estimates
Management of the Company has made a number of estimates and assumptions that affect the reported amounts of
assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities, to prepare these
financial statements in conformity with generally accepted accounting principles. Actual results could differ from those
estimates.
-25-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
10. Notes to Consolidated Financial Statements
(1) Fair Market Value of Marketable Securities
The non-marketable securities as of March 31, 2002 and 2001 primarily relate to less than 20%-owned companies.
The securities and the respective cost, gross unrealized holding gains, gross unrealized holding losses and fair value as
of March 31, 2002 and 2001 are as follows:
Year ended March 31, 2002
(Millions of yen)
Cost
Current:
Japanese and foreign governmental bond securities.....
Corporate debt securities................................................
Other............................................................…………. .
Noncurrent:
Equity securities
....................................................
Corporate debt securities................................................
Other............................................................…………..
Non-marketable securities..............................................
Gross unrealized Gross unrealized
holding gains holding losses
21,338
28,068
49,406
1,205
1,205
12
12
22,531
28,068
50,599
7,457
20
10,612
5,549
23,638
6,025
6
205
6,236
469
519
988
13,013
26
10,298
5,549
28,886
Year ended March 31, 2001
(Millions of yen)
Cost
Current:
Japanese and foreign governmental bond securities..... .
Corporate debt securities................................................
Other............................................................…………. .
Fair value
Gross unrealized Gross unrealized
holding gains holding losses
997
7,062
54,168
62,227
10
2
5
17
12
19
31
Fair value
1,007
7,052
54,154
62,213
Noncurrent:
Equity securities
....................................................
Corporate debt securities................................................
Other............................................................…………..
Non-marketable securities..............................................
7,686
8,805
453
16,038
21,587
2,656
53
24,190
7,639
6
1,642
6,003
2,845
2,845
39,757
11,467
2,148
49,076
Other includes money management funds of 38,665 million yen and 27,025 million yen as of March 31, 2001 and 2002,
respectively, and investment trusts consisting of investments in marketable debt securities.
(2) Pension and Retirement Allowances Plans
The Company and certain of its subsidiaries have various trusteed contributory and noncontributory employees pension
fund ("EPF") plans covering substantially all of their employees.
Under the plans, employees are entitled to lump-sum payments at the time of termination or retirement, or to pension
payments. Under the terms of the domestic EPF plan, the Government welfare pension insurance benefit is substituted
and commingled with the primary benefit provided by the plan.
The amounts of lump-sum or pension payments under the plans are generally determined on the basis of length of
service and remuneration at the time of termination.
It is the Company’s policy to fund amounts required to maintain sufficient plan assets to provide for accrued benefits
based on a certain percentage of wage and salary costs. The plan assets consist principally of interest-bearing bonds and
listed equity securities.
The discount rates and the expected long-term rate of return on plan assets of the pension plans in fiscal 2000 and 2001
were as follows:
(%)
Actuarial assumptions:
Discount rate ..........................................................................................
Expected long-term rate of return on plan assets....................................
-26-
Year ended
March 31, 2002
Year ended
March 31, 2001
2.8 ~ 7.25
1.5 ~ 9.0
3.0 ~ 7.75
4.5 ~ 9.0
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(3) Derivative
The Company and certain of its subsidiaries enter into various financial instrument contracts in the normal course of
business and in connection with the management of their assets and liabilities.
From fiscal year ended March 31, 2002, the Company adopted FASB Statement No. 133 and FASB Statement No. 138,
based on which changes in the fair values of all derivative instruments are recognized as assets or liabilities in the
consolidated balance sheets.
The Company and certain of its subsidiaries enter into foreign currency contracts and foreign currency options to hedge
assets and liabilities denominated in foreign currencies.
Ricoh enters into interest rate swap agreements to reduce interest rate risk and the fair value of the principal on its
outstanding debt and to lower the risks of cash flow fluctuations. Most of these agreements are designated as fair value
hedges and cash flow hedges in line with FASB Statement No. 133.
Fluctuations in the fair value of derivative instruments designated as fair value hedges are recorded as other income
(expenses) in the consolidated statements of income. These amounts did not materially affect Ricoh's consolidated
results of operations in the fiscal year ended March 31,2002.
Fluctuations in the fair value of derivative instruments designated as cash flow hedges are recorded as accumulated
other comprehensive income (loss) in the consolidated balance sheets. They are transferred to the consolidated
statements of income once interest for the hedged loans are accrued. Of accumulated other comprehensive income
(loss) as of March 31, 2002, Ricoh expects to recognize -¥18 million in the consolidated statements of income within
the following 12 months.
These derivative instruments exposed to credit risk in the event of nonperformance by counterparties. However, these
counterparties are financial institutions with high credit ratings, so Ricoh deems the credit risk negligible. The
Company has optimally concentrated credit risk by diversifying its dealings with counterparties.
The outstanding agreements, carrying amount and estimated fair value of derivative financial instruments as of March
31,2001, and March 31, 2002 are as follows:
Year ended March 31, 2002
(Millions of yen)
Carrying amount
Estimated
Fair value
Interest rate swap agreements, net ...........................................
Foreign currency contracts-net credit ......................................
Currency options .....................................................................
4,081
-8,304
-314
4,081
-8,304
-314
Total ........................................................................................
-4,537
-4,537
Year ended March 31, 2001
(Millions of yen)
Carrying amount
Estimated
Fair value
Interest rate swap agreements, net ...........................................
Foreign currency contracts-net credit ......................................
Currency options .....................................................................
189
-386
0
4,480
-3,068
-292
Total ........................................................................................
-197
1,120
(4) Transactions of Ricoh with affiliates
(Millions of yen)
March 31, 2002
Account balances:
Receivables........................................................................................
Payables ............................................................................................
8,513
2,858
March 31, 2001
6,398
1,979
(Millions of yen)
Year ended
March 31, 2002
Transactions:
Sales
............................................................................................
Purchases ...........................................................................................
Dividend income ...............................................................................
-27-
25,413
15,584
1,133
Year ended
March 31, 2001
20,952
13,673
1,008
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Ricoh Company, Ltd.
FLASH REPORT (Nonconsolidated. Year ended March 31, 2002)
Date of approval for the financial results for the year ended March 31, 2002,
at the Board of Directors' meeting:
May 8, 2002
Date of shareholders' annual meeting:
June 27, 2002
1. Results for the period from April 1, 2001 to March 31, 2002 (Nonconsolidated)
(1)Operating Results
Year ended
March 31, 2002
Net sales .................................................................................................
(% change from the previous period)................................................
Operating income ...................................................................................
(% change from the previous period)................................................
Ordinary income.....................................................................................
(% change from the previous period)................................................
Net income .............................................................................................
(% change from the previous period)................................................
Net income per share-basic (yen) ...........................................................
Net income per share-diluted (yen) ........................................................
Return on equity(%) ...............................................................................
Ordinary income on total assets (%).......................................................
Ordinary income on net sales (%) ..........................................................
Notes:
i. Average number of shares outstanding:
Year ended March 31, 2002 698,025,167 shares
860,149
0.5
69,911
15.3
67,688
2.6
40,085
16.5
57.43
53.70
7.7
7.8
7.9
(Millions of yen)
Year ended
March 31, 2001
855,499
10.0
60,654
4.2
65,971
31.6
34,404
52.1
49.67
46.24
7.3
8.3
7.7
Year ended March 31, 2001 692,616,894 shares
ii. Changes in accounting method, etc.: no change
(2)Dividend Information
Year ended
March 31,2002
Cash dividends, applicable to the year (yen) ..........................................
Year-end (yen).....................................................................................
Half year (yen) ....................................................................................
Total annual dividends (millions of yen)................................................
Payout Ratio (%) ....................................................................................
Dividends on shareholders' equity (%)...................................................
13.00
6.00
7.00
9,252
23.1
1.7
12.00
6.00
6.00
8,312
24.2
1.7
(3)Financial Position
Total assets.............................................................................................
Shareholders’ equity...............................................................................
Equity ratio (%)......................................................................................
Equity per share (yen) ............................................................................
Notes:
i. Number of shares issued
As of March 31, 2002
ii. Number of Treasury stocks
As of March 31, 2002
Year ended
March 31, 2001
March 31, 2002
908,009
553,693
61.0
761.52
(Millions of yen)
March 31, 2001
824,119
489,176
59.4
706.13
727,086,738 shares
As of March 31, 2001
692,755,584 shares
191,518 shares
As of March 31, 2001
13,590 shares
2. Forecast of operating results from April 1, 2001 to March 31, 2002 (Nonconsolidated)
Half year ended
September 30, 2002
Net sales (millions of yen)......................................................................
Ordinary income (millions of yen) .........................................................
Net income (millions of yen)..................................................................
Cash dividends, applicable to the year (yen) ..........................................
Half year (yen) .....................................................................................
Year-end (yen) .....................................................................................
Note: Net income per share: 55.70 yen (full year)
423,000
30,000
17,500
7.00
-
Year ended
March 31, 2003
875,000
69,000
40,500
14.00
7.00
In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the half year ended September 30, 2002 and year ended
March 31, 2003. These forecast are forward-looking statements based on a number of assumptions and beliefs in light of information currently
available to management and subject risks and uncertainties.
-28-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
11. Nonconsolidated Financial Statements
(1) Balance Sheets (Nonconsolidated)
March 31, 2002 and 2001
Assets
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Current Assets ......................................................................
Cash on hand and in banks .............................................
Notes receivable-trade.....................................................
Accounts receivable-trade ..............................................
Marketable securities.......................................................
Treasury stock.................................................................
Finished goods................................................................
Raw materials..................................................................
Work-in-process .............................................................
Supplies............................................................................
Advances ........................................................................
Prepaid expenses ............................................................
Deferred tax assets..........................................................
Accounts receivable-other...............................................
Short-term loans receivable ............................................
Other current assets.........................................................
Allowance for doubtful accounts ....................................
552,898
5,976
8,805
178,421
170,847
23,530
3,446
7,115
6,156
318
2,212
15,646
127,412
3,286
1,316
-1,594
484,797
3,987
13,133
178,930
80,314
28
29,012
4,377
7,186
7,153
261
1,285
15,682
120,254
22,847
1,563
-1,222
+68,101
+1,989
-4,328
-509
+90,533
-28
-5,482
-931
-71
-997
+57
+927
-36
+7,158
-19,561
-247
-372
Fixed Assets .........................................................................
Tangible Fixed Assets .......................................................
Buildings..........................................................................
Structures........................................................................
Machinery and equipment...............................................
Vehicles ..........................................................................
Tools................................................................................
Land.................................................................................
Construction in progress..................................................
355,111
109,445
43,872
1,937
19,713
20
18,748
24,476
676
339,321
114,293
46,005
1,994
21,160
31
19,524
24,404
1,172
+15,790
-4,848
-2,133
-57
-1,447
-11
-776
+72
-496
Intangible assets ................................................................
Patent rights ....................................................................
Leased property rights ....................................................
Software..........................................................................
Other intangible fixed assets...........................................
18,572
647
8,479
9,179
265
14,092
394
8,479
4,991
228
+4,480
+253
+4,188
+37
Investments and Other Assets............................................
Investment securities ...................................................
Affiliates’ securities........................................................
Investment in affiliates....................................................
Long-term loans receivable.............................................
Long-term loans to affiliates ...........................................
Bankruptcy and rehabilitation debts ...............................
Deferred tax assets..........................................................
Lease deposit ..................................................................
Other investments............................................................
Allowance for doubtful accounts.....................................
227,092
25,641
132,306
14,442
25
29,541
31
18,086
5,749
3,720
-2,451
210,934
47,894
117,366
14,382
28
7,000
86
14,068
6,655
5,431
-1,980
+16,158
-22,253
+14,940
+60
-3
+22,541
-55
+4,018
-906
-1,711
-471
Total Assets...........................................................................
908,009
824,119
+83,890
-29-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
March 31, 2002 and 2001
Liabilities
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Current Liabilities ................................................................
Notes payable-trade ........................................................
Accounts payable-trade...................................................
Convertible bonds maturing within one year ..................
Accounts payable-other ..................................................
Accrued expenses ...........................................................
Accrued corporate tax.....................................................
Advances by customers...................................................
Deposits payable.............................................................
Accrued bonus ................................................................
Warranty reserve.............................................................
Derivative liabilities, at fair value...................................
225,489
6,944
97,242
29,886
5,648
44,622
14,658
602
4,126
17,131
333
4,293
239,473
7,444
109,796
34,062
8,370
39,204
18,891
237
4,063
16,825
577
-
-13,984
-500
-12,554
-4,176
-2,722
+5,418
-4,233
+365
+63
+306
-244
+4,293
Fixed Liabilities....................................................................
Bonds...............................................................................
Convertible bonds...........................................................
Retirement benefit obligation
..................................
Reserve for directors’ retirement allowances..................
128,826
100,000
28,068
758
95,469
40,000
29,889
24,850
730
+33,357
+60,000
-29,889
+3,218
+28
Total Liabilities ....................................................................
354,315
334,942
+19,373
Shareholders' Equity
(Millions of yen)
March 31, 2002
March 31, 2001
Change
Common Stock.....................................................................
Additional paid-in-capital......................................................
Legal reserve...................................................... ..................
Other retained earnings ........................................................
Voluntary reserves................................................................
Reserve for deferral of capital gain on property .............
Reserve for special depreciation......................................
Reserve for warranty on computer programs. .................
Reserve for social contribution .......................................
General reserve................................................................
Unappropriated retained earnings....................................
Unrealized holding gains on securities .................................
Treasury stock ......................................................................
120,461
161,227
14,955
253,867
213,076
681
650
254
140
211,350
40,790
3,615
-433
103,433
144,235
14,523
222,693
188,108
588
473
580
116
186,350
34,585
4,290
-
+17,028
+16,992
+432
+31,174
+24,968
+93
+177
-326
+24
+25,000
+6,205
-675
-433
Total Shareholders' Equity...................................................
553,693
489,176
+64,517
Total Liabilities and Shareholders' Equity............................
908,009
824,119
+83,890
Exchange rate (end of term)
US$ 1 ...............................
EURO 1............................
March 31, 2002
¥133.25
¥116.14
March 31, 2001
¥123.90
¥109.33
-30-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(2) Statement of Income (Nonconsolidated)
For the years ended March 31, 2002 and 2001
(Millions of yen)
Year ended
March 31, 2002
Net sales ............................................................................
Cost of sales .....................................................................
Percentage of net sales (%)...............................................
Gross profit ..........................................................................
Percentage of net sales (%)...............................................
Selling, general and administrative expenses .......................
Percentage of net sales (%)........................................ ....
Selling expenses..............................................................
General and administrative expenses..............................
Operating income .................................................................
Percentage of net sales (%)...............................................
Non-operating income ..........................................................
Percentage of net sales (%)...............................................
Interest ............................................................................
Interest on securities .......................................................
Dividends........................................................................
Exchange gain.................................................................
Miscellaneous income.....................................................
Non-operating expenses .......................................................
Percentage of net sales (%)...............................................
Interest ...........................................................................
Interest on bonds.............................................................
Bond issuance cost..........................................................
Allowance for bankruptcy...............................................
Exchange loss .................................................................
Loss on disposition of fixed assets..................................
Miscellaneous expenses..................................................
Ordinary income....................................................................
Percentage of net sales (%)...............................................
Extraordinary income….........................................................
Percentage of net sales (%)...............................................
Gains on establishment of employee retirement benefit fund
Extraordinary expenses
..................................
Percentage of net sales (%)...............................................
Lump-sum charge to cover changes in accounting standards
for employee retirement benefits ....................................
Income before income taxes..................................................
Percentage of net sales (%)...............................................
Provision for income taxes ...................................................
Percentage of net sales (%)...............................................
Corporate and other tax adjustments ....................................
Percentage of net sales (%)...............................................
Net income............................................................................
Percentage of net sales (%)...............................................
Retained earnings at beginning of year................................
Reversal of reserve for social contribution...........................
Interim dividends...................................................................
Transfer to legal reserve........................................................
Retained earnings at end of year..........................................
Reference:
Exchange rate (average rate for the corresponding periods)
Year ended
March 31, 2002
US$ 1.... .......................
EURO 1........................
¥125.03
¥110.68
Year ended
March 31, 2001
860,149
593,837
69.0
266,311
31.0
196,400
22.9
63,935
132,464
69,911
8.1
14,676
1.7
4,955
815
3,226
5,678
16,898
1.9
4
1,228
279
3,875
1,162
10,348
67,688
7.9
-
855,499
608,334
71.1
247,165
28.9
186,510
21.8
62,113
124,396
60,654
7.1
19,711
2.3
4,863
780
3,728
2,904
7,433
14,394
1.7
14
1,449
2,326
1,676
8,927
65,971
7.7
13,959
1.6
13,959
20,813
2.4
67,688
7.9
31,100
3.6
-3,497
-0.4
40,085
4.7
4,809
59
4,163
40,790
20,813
59,117
6.9
32,700
3.8
-7,987
-0.9
34,404
4.0
4,668
83
4,156
415
34,585
Change(%)
+4,650 (0.5)
-14,497 (-2.4)
+19,146
(7.7)
+9,890
(5.3)
+1,822
+8,068
+9,257 (15.3)
-5,035 (-25.5)
+92
+35
-502
-2,904
-1,755
+2,504 (17.4)
-10
-221
+279
-2,326
+3,875
-514
+1,421
+1,717
(2.6)
-13,959
(-)
-13,959
-20,813
(-)
-20,813
+8,571 (14.5)
-1,600 (-4.9)
+4,490 (-56.2)
+5,681 (16.5)
+141
-24
+7
-415
+6,205
Year ended
March 31, 2001
¥110.55
¥100.67
-31-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(3) Proposed
Appropriation of Retained Earnings
(Millions of yen)
Year ended
March 31, 2002
Year ended
March 31, 2001
Change
Unappropriated retained earnings at end of year .................
Reversal of reserve for deferral of capital gain on property .
Reversal of reserve for special depreciation.........................
Reversal of reserve for warranty on computer programs......
40,790
67
183
135
34,585
50
150
332
+6,205
+17
+33
-197
Total......................................................................................
41,177
35,118
+6,059
To be appropriated as follows:
(Millions of yen)
Year ended
March 31, 2002
Transfer to legal reserve .......................................................
Cash dividends .....................................................................
Dividends per share (yen) .................................................
Director bonuses...................................................................
Reserve for deferral of capital gain on property...................
Reserve for special depreciation...........................................
Reserve for warranty on computer programs........................
Reserve for social contribution.............................................
General reserve.....................................................................
Retained earnings brought forward to the next year .............
5,089
7.00
170
18
136
59
30,000
5,703
Year ended
March 31, 2001
431
4,156
6.00
160
143
327
6
83
25,000
4,809
Change
-431
+933
+10
-143
-309
+130
-24
+5,000
+894
Notes:
On December 3, 2001, the Company made interim cash dividends of ¥6.00 per share totaling ¥4,163,222,820.
-32-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Significant Accounting Policies (Nonconsolidated)
1. Accounting policy for assets
(1) Inventories are stated at the lower of average cost.
(2) Securities
i. Securities of subsidiaries and affiliates are stated at moving average cost.
ii. Other securities:
Marketable securities are marked to market based on the market price at the end of the term and other factors
(accounting for all valuation differences with the full capital injection method; the cost of securities sold is
valued at moving average cost).
Non-marketable securities are stated at cost based on the moving average method.
(3) Derivatives are stated at market value.
2. Depreciation of fixed assets
(1) Tangible fixed assets
Tangible fixed assets are depreciated using the declining balance method.
For buildings (excluding fixtures) secured on and after April 1, 1998, however, Ricoh uses straight-line depreciation
as governed by corporate tax law.
The depreciation periods are basically as the below;
Buildings: 5-50 years
Machinery and equipment: 2-12 years
(2) Intangible Fixed Assets
Ricoh uses straight-line depreciation for intangible fixed assets.
With software for sale in the marketplace, however, the Company records the larger of a depreciation based on
projected sales profits or a uniform depreciation based on a projected effective sales period for the balance. The
initially projected effective sale term is three years. With software for internal use, the Company uses straight-line
depreciation based on a usable period of five years.
3. Deferred assets
Bond issuance costs are expensed when they are accrued.
4. Basis for provision of reserves
(1) Allowance for Doubtful Accounts
The allowance for doubtful accounts is provided to cover possible losses from bad debts and represents possible
individual doubtful accounts based on historical default rates and the potential for irrecoverableness.
(2) Reserve for Accrued Bonuses
The reserve for accrued bonuses is provided by estimating the amount of bonuses payable to employees for the current
financial year under our corporate rules for calculating such bonus payment.
(3) Warranty reserve
To cover product after-sales service expenses, the Company calculates the product warranty reserve based on
projected service costs during warrantee terms.
(4) Reserve for Retirement Benefit Obligations
To cover projected employee benefits, the Company records the estimated obligations at the end of the current fiscal
year based on projected year-end benefit obligations and plan assets. The Company uses straight-line depreciation for
actuarial gains or losses over averaged remaining employment term. (15 years)
(5) Reserve for Directors’ Retirement Allowances
At year-end, Ricoh calculates the amounts required under internal rules to pay directors retirement allowances.
5. Leasing
Finance leases for which ownership does not transfer to lessees are accounted for as operating leases.
6. Hedge accounting
(1) Hedge Accounting Methods
Ricoh accounts for hedges at market value. With currency swaps, however, the Company hedges by assigning
transactions that meet assignment requirements.
(2) Hedging Instruments and Targets
Hedging Instruments…Derivative transactions (for currency swaps and exchange contracts)
Hedging Targets…Transactions for which losses may arise from market fluctuations or for which market fluctuations
may affect valuations.
(3) Hedging policies
-33-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
In keeping with its internal Market Risk Management Rules, Ricoh uses derivatives to manage the exposure of its
assets and liabilities to market fluctuations.
(4) Hedge Effectiveness
Ricoh assesses the effectiveness of hedges by analyzing the ratios of the total market fluctuations of hedged targets
and instruments.
7. Consumption taxes
Consumption taxes are excluded from revenues and expenses. The refundable consumption tax at the end of the year is
included in “Others” in the balance sheets, after offsetting suspense payments and receipt of consumption taxes and etc.
Additional Information
Treasury stock in the current assets last fiscal year is stated separately in the Shareholders’ equity from this year in
accordance with Japanese regulations change.
-34-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
Notes to Nonconsolidated Financial Statements
(Balance Sheet)
(Millions of yen)
March 31, 2002
March 31, 2001
i. Accumulated depreciation on tangible fixed assets.........
326,074
311,519
ii. Trade notes receivable discounted with banks ..... ...........
98
157
iii. Guarantee obligation.... ...................................................
6,945
12,230
iv. Issuance of new shares during the year
Conversion of convertible bonds (number of shares) .... 34,522,672
[Amount transferred to common stock (millions of yen)]
[17,027]
v . Accounting for notes matured at end of term
The Company settled notes due at the end of the term as of the date of exchange. The last day of the term was a
banking holiday, so the term-end balance includes notes due at the end of the next term.
Trade notes receivable ............................................. .......
1,027
(Tax Effect Accounting)
1. The prime components of deferred tax assets and liabilities are as follows:
(Millions of yen)
March 31, 2002
Deferred tax assets:
Inventory revaluation...................................................
Accrued bonus............................................................
Accrued enterprise tax .................................................
Retirement benefit obligation .....................................
Depreciation and amortization.....................................
Other............................................................................
Total deferred tax assets.......................................................
2,695
4,681
1,323
18,258
2,056
14,138
43,151
March 31, 2001
3,333
3,817
1,877
16,604
2,283
11,923
39,837
(Millions of yen)
March 31, 2002
Deferred tax liabilities:
Reserve for deferral of capital gain on property ..........
Reserve for special depreciation..................................
Reserve for warranty on computer programs ...............
Unrealized holding gains on securities ........................
Retirement benefit trust establishment.........................
Total deferred tax liabilities .................................................
-441
-350
-183
-2,603
-5,842
-9,419
March 31, 2001
-462
-415
-280
-3,087
-5,842
-10,086
(Millions of yen)
March 31, 2002
Net deferred tax assets..........................................................
Included in current assets .....................................................
Included in investment and other assets ...............................
33,732
15,646
18,086
March 31, 2001
29,751
15,682
14,068
2. Difference in corporate tax liabilities after applying legal effective tax rates and tax effect accounting
The Company does not detail the difference in effective tax rate after applying accounting for income tax rate because the
impact of the difference on the normal tax rate is 5% and less.
-35-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(Lease Transactions)
Finance lease transactions outside those for which the transfer of ownership of leases to lessees is recognized.
1. Lease acquisition price, accumulated depreciation, and year-end balance
(Millions of yen)
Year ended March 31,2001
Year ended March 31,2002
Lease
acquisition
cost
Machinery and
equipment
Others
Total
Accumulated
depreciation
Year-end
balance
Lease
acquisition
cost
Accumulated
depreciation
Year-end
balance
1,136
994
141
3,918
3,140
777
3,734
4,870
1,768
2,763
1,965
2,107
4,459
8,377
2,353
5,494
2,106
2,883
2. Year-end balance of current leasing charges
Less than one year
More than one year
Total
Year ended March 31, 2002
862
1,335
2,197
(Millions of yen)
Year ended March 31, 2001
1,561
1,450
3,012
3. Lease payment charges, depreciation, and interest paid
Lease payment charges
Depreciation
Interest paid
Year ended March 31, 2002
1,592
881
141
(Millions of yen)
Year ended March 31, 2001
2,390
2,168
174
4. Depreciation calculation method
The lease period is the number of durable years; straight line depreciation is used so that the remaining value is zero.
5. Interest calculation method
Interest is the difference between the overall value of a lease charge and the value of a leased item. Allocation for each
period is based on the interest method.
(Securities)
Market values of listed subsidiaries and affiliates
1.Year ended March 31,2002
(Millions of yen)
Securities of consolidated companies
Securities of affiliated companies
Total
Balance Sheets
9,259
6,935
16,194
Fair value
40,603
48,255
88,858
Difference
31,344
41,319
72,663
2.Year ended March 31,2001
(Millions of yen)
Securities of consolidated companies
Securities of affiliated companies
Total
Balance Sheets
8,518
6,757
15,275
Fair value
47,102
50,553
97,656
Difference
38,584
43,796
82,380
-36-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
.
Ricoh Company, Ltd.
FLASH REPORT -Appendix- (Year ended March 31, 2002)
1. Consolidated Performance Forecast
(1) Forecast of Performance Outline (Consolidated)
Net sales ...................................................
Gross profit ..............................................
Operating income .....................................
Income before income taxes .....................
Net income ...............................................
Net income per share (yen)........................
Capital expenditure ..................................
Depreciation for tangible fixed assets ......
R&D expenditure .....................................
Interest income (expenses) net .................
Exchange rate (Yen/US$)..........................
Exchange rate (Yen/EURO) ......................
(billions of yen)
Year ended
March 31, ’02
Year ended
March 31, ’03
(Forecast)
1,672.3
699.9
129.6
113.9
61.6
88.27
75.6
73.7
80.7
-3.4
125.10
110.60
1,773.0
743.2
136.0
122.0
67.5
92.84
82.0
75.0
83.0
-3.3
125.00
110.00
Change
(%)
Half year ended
September 30 ’02
(Forecast)
6.0
6.2
4.9
7.1
9.6
+4.57
+6.3
+1.2
+2.2
+0.2
-0.10
-0.60
875.0
364.7
62.0
55.0
30.5
41.95
40.0
34.0
41.0
-1.4
125.00
110.00
Change
(%)
6.7
6.7
3.5
4.7
7.4
+0.98
+0.2
+0.9
+1.0
+0.3
+2.84
+2.21
Reference:
Exchange rate
US$ 1.... .......................
EURO 1........................
Half year ended
Sept. 30, ’01
Year ended
Mar. 31, ’02
Half year ended
Sept. 30, ’ 02
Year ended
Mar. 31, ’03
¥122.16
¥107.79
¥125.10
¥110.60
¥125.00
¥110.00
¥125.00
¥110.00
-38-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(2) Forecast of Sales by Product Category (Consolidated)
Year ended
Mar. 31, 2002
Forecast Change
(%)
Imaging Solutions:
Digital Imaging Systems ................
Domestic ....................................
Overseas ....................................
Other Imaging Systems .......................
Domestic ....................................
Overseas ....................................
Total Imaging Solutions ......................
Domestic ....................................
Overseas ....................................
Networking input/output systems:
Printing Systems ............................
Domestic ....................................
Overseas ....................................
Other Input/Output Systems ................
Domestic ....................................
Overseas ....................................
Total Networking input/output systems
Domestic ....................................
Overseas ....................................
Network system solutions....................
Domestic ....................................
Overseas ....................................
<Office Equipment Total> ..................
Domestic ....................................
Overseas ....................................
< Other Businesses >...........................
Domestic ....................................
Overseas ....................................
Grand Total ....................................
Domestic ....................................
Overseas ....................................
The Americas ........................
Europe...................................
Other .....................................
654.4
294.8
359.5
279.7
97.3
182.3
934.1
392.1
541.9
(billions of yen)
Half year ended September 30, 2002
Year ended March 31, 2003
697.3
6.6
301.0
2.1
396.3 10.2
241.2 -13.8
78.0 -19.9
163.2 -10.5
938.5
0.5
379.0 -3.4
559.5
3.2
Forecast (*)
Change
Forecast Change
Forecast (*)
Change
(%)
(%)
696.5
6.4
301.0
2.1
395.5 10.0
240.5 -14.0
78.0 -19.9
162.5 -10.9
937.0
0.3
379.0 -3.4
558.0
3.0
336.2
7.8
154.0
1.0
182.2 14.3
128.5 -12.2
41.9 -18.8
86.6 -8.6
464.7
1.4
195.9 -4.0
268.8
5.7
331.6
6.3
154.0
1.0
177.6 11.4
126.5 -13.6
41.9 -18.8
84.6 -10.7
458.1 -0.0
195.9 -4.0
262.2
3.2
299.2 343.0 14.6 342.6 14.5
141.2 169.0 19.6 169.0 19.6
157.9 174.0 10.2 173.6
9.9
45.0
65.0 44.4
64.9 44.3
14.9
11.0 -26.5
11.0 -26.5
30.0
54.0 79.7
53.9 79.6
344.2 408.0 18.5 407.6 18.4
156.2 180.0 15.2 180.0 15.2
188.0 228.0 21.3 227.6 21.1
206.9 216.5
4.6 216.4
4.6
204.6 214.0
4.6 214.0
4.6
2.3
2.5
7.3
2.4
6.8
1,485.3 1,563.0
5.2 1,561.1
5.1
753.0 773.0
2.6 773.0
2.6
732.3 790.0
7.9 788.1
7.6
186.9 210.0 12.3 209.9 12.3
149.6 172.0 15.0 172.0 15.0
37.3
38.0
1.7
37.9
1.6
1,672.3 1,773.0
6.0 1,771.1
5.9
902.6 945.0
4.7 945.0
4.7
769.6 828.0
7.6 826.1
7.3
341.7 362.0
5.9 362.5
6.1
311,3 333.0
7.0 330.9
6.3
116.6 133.0 14.0 132.7 13.8
170.9 15.2
78.9 19.7
92.0 11.5
29.0 45.8
5.0 -32.3
24.0 91.9
199.9 18.8
83.9 14.5
116.0 22.1
105.2
2.2
104.0
2.0
1.2 26.8
769.8
5.5
383.8
1.2
386.0 10.2
105.2 16.2
87.2 18.9
18.0
4.7
875.0
6.7
471.0
4.0
404.0 10.0
178.5
9.7
161.5
9.0
64.0 13.2
169.1 14.0
78.9 19.7
90.2
9.4
28.4 43.0
5.0 -32.3
23.4 87.5
197.5 17.4
83.9 14.5
113.6 19.6
105.1
2.2
104.0
2.0
1.1 23.7
760.9
4.3
383.8
1.2
377.1
7.7
104.7 15.8
87.2 18.9
17.5
2.3
865.7
5.6
471.0
4.0
394.7
7.4
174.5
7.3
157.2
6.1
63.0 11.4
*…Excluding foreign exchange impact
Each category includes the following products:
Digital Imaging Systems............................ Digital PPCs, color PPCs, digital duplicators, facsimile machines, related supplies and services
Other Imaging Systems.............................. Analog PPCs, diazo copiers, and related supplies including thermal paper, and services
Printing Systems........................................ Multifunctional printers (MFPs), laser printers, related supplies, services and software
Other Input/Output Systems ...................... Optical discs, systems and scanners
Network System Solutions......................... Personal computers, PC servers, network systems, network related software, and service/support
Other Businesses ....................................... Digital cameras, analog cameras, semiconductors
Reference:
Exchange rate
US$ 1.... .......................
EURO 1........................
Half year ended
Sept. 30, ’01
Year ended
Mar. 31, ’02
Half year ended
Sept. 30, ’ 02
Year ended
Mar. 31, ’03
¥122.16
¥107.79
¥125.10
¥110.60
¥125.00
¥110.00
¥125.00
¥110.00
-39-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
2. Nonconsolidated Performance Forecast
(1) Forecast of Performance Outline (Nonconsolidated)
Net sales ...................................................
Gross profit ..............................................
Operating income .....................................
Income before income taxes .....................
Net income ...............................................
Net income per share (yen)........................
Capital expenditure ..................................
Depreciation for tangible fixed assets ......
R&D expenditure .....................................
Interest income (expenses) net .................
Exchange rate (Yen/US$)..........................
Exchange rate (Yen/EURO) ......................
(billions of yen)
Year ended
March 31, ’02
Year ended
March 31, ’03
(Forecast)
860.1
266.3
69.9
67.6
40.0
57.43
18.6
22.0
77.6
7.7
125.03
110.68
875.0
270.4
70.0
69.0
40.5
55.70
26.0
22.5
80.0
4.6
125.00
110.00
Change
(%)
Half year ended
September 30 ’02
(Forecast)
1.7
1.5
0.1
1.9
1.0
-1.73
+7.4
+0.5
+2.4
-3.2
-0.03
-0.68
423.0
131.1
30.5
30.0
17.5
24.07
14.5
10.0
38.0
3.0
125.00
110.00
Change
(%)
-0.4
-0.3
-6.4
-7.3
-7.3
-3.17
+3.4
-0.7
+0.9
-2.0
+2.75
+2.26
Reference:
Exchange rate
US$ 1.... .......................
EURO 1........................
Half year ended
Sept. 30, ’01
Year ended
Mar. 31, ’02
Half year ended
Sept. 30, ’ 02
Year ended
Mar. 31, ’03
¥122.25
¥107.74
¥125.03
¥110.68
¥125.00
¥110.00
¥125.00
¥110.00
-40-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
(2) Forecast of Sales by Product Category (Nonconsolidated)
Year ended
Mar. 31, 2002
Forecast Change
(%)
Imaging Solutions:
Digital Imaging Systems ................
Domestic ....................................
Export
....................................
Other Imaging Systems .......................
Domestic ....................................
Export
....................................
Total Imaging Solutions ......................
Domestic ....................................
Export
....................................
Networking input/output systems:
Printing Systems ............................
Export
....................................
Overseas ....................................
Other Input/Output Systems ................
Domestic ....................................
Export
....................................
Total Networking input/output systems
Domestic ....................................
Export
....................................
Network system solutions....................
Domestic ....................................
Export
....................................
<Office Equipment Total> ..................
Domestic ....................................
Export
....................................
< Other Businesses >...........................
Domestic ....................................
Export
....................................
Grand Total ....................................
Domestic ....................................
Export
....................................
The Americas ........................
Europe...................................
Other .....................................
(billions of yen)
Half year ended September 30, 2002
Year ended March 31, 2003
Forecast (*)
Change
Forecast Change
Forecast (*)
Change
(%)
(%)
418.7
181.7
237.0
100.2
80.4
19.8
518.9
262.1
256.8
402.3 -3.9
178.8 -1.6
223.5 -5.7
81.0 -19.2
66.0 -17.9
15.0 -24.3
483.3 -6.9
244.8 -6.6
238.5 -7.2
406.6 -2.9
178.8 -1.6
227.8 -3.9
81.4 -18.7
66.0 -17.9
15.4 -22.1
488.0 -6.0
244.8 -6.6
243.2 -5.3
202.0 -6.3
92.0 -5.6
110.0 -6.8
42.0 -19.1
34.0 -18.5
8.0 -21.6
244.0 -8.8
126.0 -9.5
118.0 -8.0
202.4 -6.1
92.0 -5.6
110.4 -6.5
42.0 -19.1
34.0 -18.5
8.0 -21.4
244.4 -8.6
126.0 -9.5
118.4 -7.7
146.8
103.1
43.7
41.8
15.5
26.2
188.6
118.6
70.0
100.3
99.8
0.4
808.0
480.6
327.3
52.1
37.2
14.8
860.1
517.9
342.1
142.6
138.2
61.3
177.4 20.8
127.1 23.3
50.3 15.1
60.3 44.1
11.0 -29.3
49.3 87.5
237.7 26.0
138.1 16.4
99.6 42.3
102.2
2.0
102.0
2.1
0.2 -36.7
823.3
1.9
484.9
0.9
338.4
3.4
51.7 -0.9
35.1 -5.9
16.6 11.8
875.0
1.7
520.0
0.4
355.0
3.7
129.3 -9.3
125.9 -8.9
99.8 62.7
178.4 21.5
127.1 23.3
51.3 17.4
60.5 44.4
11.0 -29.3
49.5 88.1
238.9 26.6
138.1 16.4
100.8 43.9
102.3
2.0
102.0
2.1
0.3 -34.5
829.1
2.6
484.9
0.9
344.2
5.2
51.7 -0.8
35.1 -5.9
16.6 12.0
880.9
2.4
520.0
0.4
360.9
5.5
131.1 -8.1
129.4 -6.4
100.4 63.6
81.1
58.1
23.0
27.2
5.0
22.2
108.3
63.1
45.2
48.1
48.0
0.1
400.4
237.1
163.3
22.6
15.4
7.2
423.0
252.5
170.5
64.5
60.5
45.5
81.2
58.1
23.1
26.8
5.0
21.8
108.0
63.1
44.9
48.1
48.0
0.1
400.5
237.1
163.4
22.5
15.4
7.1
423.0
252.5
170.5
65.0
60.1
45.4
28.0
28.6
26.5
48.5
-36.7
113.0
32.6
18.9
58.0
-3.7
-3.8
106.9
0.3
-2.1
4.1
-11.9
-20.4
14.4
-0.4
-3.4
4.5
-4.1
-8.4
52.5
28.1
28.6
27.0
46.3
-36.7
109.2
32.2
18.9
56.9
-3.7
-3.8
106.9
0.4
-2.1
4.2
-12.4
-20.4
12.5
-0.4
-3.4
4.5
-3.4
-9.0
52.2
*…Excluding foreign exchange impact
Each category includes the following products:
Digital Imaging Systems............................ Digital PPCs, color PPCs, digital duplicators, facsimile machines, related supplies and services
Other Imaging Systems.............................. Analog PPCs, diazo copiers, and related supplies including thermal paper, and services
Printing Systems........................................ Multifunctional printers (MFPs), laser printers, related supplies, services and software
Other Input/Output Systems ...................... Optical discs, systems and scanners
Network System Solutions......................... Personal computers, PC servers, network systems, network related software, and service/support
Other Businesses ....................................... Digital cameras, analog cameras, semiconductors
Reference:
Exchange rate
US$ 1.... .......................
EURO 1........................
Half year ended
Sept. 30, ’01
Year ended
Mar. 31, ’02
Half year ended
Sept. 30, ’ 02
Year ended
Mar. 31, ’03
¥122.25
¥107.74
¥125.03
¥110.68
¥125.00
¥110.00
¥125.00
¥110.00
-41-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002
3. 1st Quarter Performance Forecast (Consolidated)
Three months ended June 30, 2002 and 2001
(Billions of yen)
Three months ended
June 30, 2001
Domestic sales ............................................................
Overseas sales.............................................................
Net sales ...........................................................................
Gross profit ......................................................................
Operating income .............................................................
Income before income taxes.............................................
Net income .......................................................................
Exchange rate
US$1=¥ 125 (¥122.60 in previous fiscal year)
EURO1=¥ 110 (¥107.25 in previous fiscal year)
Three months ended
June 30, 2002
(Forecast)
228.7
183.2
411.9
174.0
31.6
27.1
14.8
Change
235.0
200.0
435.0
184.0
32.5
28.5
16.0
+6.2
+16.7
+23.0
+9.9
+0.8
+1.3
+1.1
4. Calculation Information Where the Equity Method Is Applied to Ricoh’s Leasing
Subsidiary
The statements of income and the balance sheets below reflect the application of the equity method where Ricoh Leasing
Company, Ltd., is excluded from the consolidated accounts.
Statements of Income (Year ended March 31, 2002)
(Billions of yen)
Equity Method
Consolidated
Net sales .................................................................................................
Gross profit ............................................................................................
Operating income ...................................................................................
Income before income taxes...................................................................
Net income .............................................................................................
1,672.3
699.9
129.6
113.9
61.6
1,563.6
687.9
120.3
105.6
61.6
Balance Sheets (March 31, 2002)
(Billions of yen)
Consolidated
Current assets
Fixed assets
863.7
969.2
Equity Method
1,013.6
563.8
Consolidated
Short-term borrowings
228.4
437.3
665.7
332.9
150.3
483.2
51.0
633.0
1,832.9
Other current liabilities
Current liabilities
Long-term indebtedness
Other fixed liabilities
Fixed liabilities
Minority interest
Shareholders’ investment
Assets
1,832.9
1,577.4
Liabilities and
shareholders’ investment
Equity Method
133.3
496.3
629.6
137.6
149.5
287.1
27.7
633.0
1,577.4
Key Financial Ratios (Year ended March 31, 2002)
Consolidated
Return on assets.................................................................
Return on equity………………………………………….
Equity ratio……………………………………………….
Debt/Total assets………………………………………….
Debt/Equity……… ………………………………………
Total assets turnover………………………………………
6.4%
10.4%
34.5%
30.6%
88.7%
0.95
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Change from Equity Method
previous period
+0.4% point
+0.7% point
+1.8% points
-1.0% point
-8.1% points
-
6.9%
10.4%
40.1%
17.2%
42.8%
1.03
Change from
previous period
+0.4% point
+0.7% point
+2.3% points
+0.5% point
-1.5% points
-
Ricoh Co., Ltd. Flash Report
Year ended March 31, 2002