Financial Highlights /Appendix

QUARTERLY REPORT
3rd Quarter ended December 31, 2003
(Results for the Period from October 1, 2003 to December 31, 2003)
Performance Outline (Consolidated)
(1) Three months ended December 31, 2003 and 2002
(Billions of yen)
Three months ended Three months ended
Change
December 31, 2003 December 31, 2002
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
212.9
207.9
420.9
185.7
36.2
33.2
19.6
210.1
210.5
420.7
184.9
33.3
29.9
17.8
1.3%
-1.2%
0.0%
0.5%
8.4%
10.9%
10.5%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
108.92
129.58
122.59
122.59
-13.67
6.99
Net income per share (yen)
26.53
24.51
2.02
15.5
15.7
24.2
16.7
17.5
20.8
-1.1
-1.7
3.3
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
(2) Nine months ended December 31, 2003, 2002 and year ended March 31, 2004 (forecast)
Nine months ended Nine months ended
December 31, 2003 December 31, 2002
(Results)
Change
(Results)
(Billions of yen)
Year ended
March 31, 2004 Change
(Forecast)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
661.5
647.4
1,308.9
573.8
113.4
104.6
61.9
659.7
617.7
1,277.5
545.5
94.7
85.6
51.3
0.3%
4.8%
2.5%
5.2%
19.8%
22.2%
20.7%
900.0
877.0
1,777.0
778.0
153.0
144.0
85.0
0.4%
4.1%
2.2%
4.4%
14.5%
16.6%
17.2%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
115.00
132.17
122.92
118.84
-7.92
13.33
113.26
131.13
-8.70
10.13
Net income per share (yen)
83.32
70.62
12.70
114.89
15.10
1,922.1
708.8
513.1
1,807.2
671.1
541.2
114.8
37.7
-28.0
-
-
36.9
37.1
-0.2
-
-
958.20
925.98
32.22
-
-
81.6
-40.4
9.2
238.3
112.1
-76.6
-26.2
177.5
-30.4
36.2
35.4
60.8
-
-
51.8
49.4
68.4
55.1
51.4
61.0
-3.2
-2.0
7.4
71.0
68.0
94.0
-2.9
-1.5
10.4
Total assets
Shareholders' equity
Interest-bearing debt
Equity ratio (%)
Shareholder's 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 period
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
Ricoh Company, Ltd.
* The Company bases the forecast estimates for March 31, 2004 above upon information currently available to management, which involves
risks and uncertainties that could cause actual results to differ materially from those projected.
1
Performance
*Overview
Consolidated net sales for the 3rd quarter of fiscal 2004 (the three months period from October 1 to December 31, 2003)
amounted to ¥420.9 billion. During this quarter, the average yen exchange rates were at ¥108.92 against the U.S. dollar (an
appreciation of approximately 11.2% as compared to the previous corresponding period) and ¥129.58 against the Euro (a
depreciation of approximately 5.7% as compared to the previous corresponding period). Net sales would rise 0.6%
excluding impacts of such foreign currency exchange fluctuations.
In Japan, sales of printing systems such as MFPs (multifunctional printers) and laser printers increased. We strategically
focused these product categories in order to deal with customer needs shifting to multifunctional and networking. In
addition, solutions business such as useware and support continued to be favorable. Overall domestic sales consequently
increased by 1.3% as compared to the previous corresponding period.
As for overseas, sales of product categories such as PPCs (plain paper copier), MFPs and laser printers, especially color
models, increased in each region. Although sales in Europe increased by 12.5% as compared to the previous corresponding
period, sales in the Americas decreased by 9.8% as compared to the previous corresponding period (1.2% increase excluding
foreign currency exchange impact), due to the yen’s appreciation to the U.S. dollar. And sales in other region such as
China, Asian and Oceania countries decreased by 14.1% as compared to the previous corresponding period, owing to
decline of optical disks demands and cutback of analog camera business. As the result, overall overseas sales decreased by
1.2% as compared to the previous corresponding period. Excluding impacts of the foreign exchange fluctuations, overall
overseas sales would have decreased by 0.1%.
Operating income increased by 8.4% to ¥36.2 billion in spite of increase of social insurance premium and strategic costs in
research and development and the others. It is due mainly to the effect of new offering and sales growth of high-margin,
high-value-added categories such as color PPCs, MFPs and laser printers, as well as ongoing cost cutting activities.
Income before income taxes consequently increased by 10.9% as compared to the previous corresponding period, to ¥33.2
billion, despite of foreign exchange losses in other income expense.
Due to the change of the Corporate Tax Law in Japan, the amount of tax exemption on research and development expenses
was increased, and the overall profitability improved, thereby leading to a decline in the effective tax rate. As a result, net
income increased by 10.5% as compared to the previous corresponding period, to ¥19.6 billion.
2
*Conditions by Product Line
Office Equipment (Sales up 0.8% to ¥368.5 billion)
Customer demand has shift more and more to networking and colorization in Japan and overseas market place. In that business
environment, we have enforced solution proposal to customers for the optimization of their total printing cost in order to support their
efficient management of TDV (total document volume). As a result, sales of printing systems such as MFPs and laser printers have
continued to grow.
In Japan, sales of Network System Solution category such as useware and support continuously increased in addition to that demand’s
shift. And overseas sales increased despite of the yen’sappreciation to the U.S. dollar, due primarily to color products and the
continuous offerings of new products. As a result, the total sales of Office Equipment increased by 0.8% as compared tothe previous
corresponding period, to ¥368.5 billion.
Imaging Solutions (Sales down 9.3% to ¥189.0 billion)
Digital Imaging Systems
- Shift to multifunctional products cause the sales decline of facsimiles and duplicators
- Overseas sales of color PPCs increased in each region.
As a result, sales in this category decreased by 5.0%.
Other Imaging Systems
- Sales were down by 20.6% due to the shift from analog products to MFPs and color products
Network Input/Output Systems (Sales up 17.5% to ¥137.9 billion)
Printing Systems
- Continuous new offering products to cope with the shift to networked and color models in Japan and overseas
(Imagio Neo 352/452 series and Imagio Neo C385/C325 series in Japan)
(Aficio 2022/2027 series and Aficio CL3000/CL7000 series overseas)
- Sales of MFPs and laser printers continued increasing.
- Steadily progressed sales of color products, especially overseas
As a result, sales of this category increased by 21.0%.
Other Input/Output Systems
Sales in the optical discs business, which was favorable results in the previous term, decreased by 7.5%.
Network System Solutions (Sales up 3.9% to ¥41.6 billion)
- Responded to customer's needs for cost cutting on information technology and workflow performance
improvement on data processing.
- Continuous sales growth of solution business such as useware and support
- Sluggish customer demand for PC and server touched bottom.
Operating income for the entire office equipment business increased by 12.5% as compared to the previous corresponding period, to ¥
49.9 billion. This can be ascribed to the continued introduction of new high-margin, high-value-added products, an increase in their
sales, and the effects of ongoing cost-cutting efforts in production, although yen’s appreciation to U.S. dollar was unfavorably
impacted.
Other Businesses (Sales down 4.8% to ¥52.3 billion)
Sales in this category decreased by 4.8% as compared to the previous corresponding period, to ¥52.3 billion, due primarily to the
cutback of analog camera business and sluggish demand for meter equipments. Other business such as leasing achieved steady gains.
As a result, overall operating income for other businesses decreased to ¥1.0 billion.
*Cash Flows (Nine months from April 1, 2003 to December 31, 2003)
Net cash provided by operating activities decreased ¥30.4 billion as compared to the previous corresponding period, to ¥81.6 billion.
It was due to the fact that net income increased as compared to the previous corresponding period and trade receivable decreased,
although inventories increased in order to cope with overseas sales expansion, and income tax and bonus were paid.
Net cash used in investing activities was ¥40.4 billion due to capital investment in new product lines and product development.
As a result, free cash flow generated by operating and investing activities totaled ¥41.2 billion, up ¥5.8 billion as compared to the
previous corresponding period.
Net cash provided in financing activities amounted to ¥9.2 billion due primarily to temporary increase of interest-bearing debt,
payment of dividends and reacquisition of treasury stock.
As a result, cash and cash equivalents at the end of the 3rd quarter were ¥49.1 billion higher than the end of the preceding year,
standing at ¥238.3 billion.
3
*Forecast for the entire fiscal year
As for the forecast of business results for the fiscal year ended March 31, 2004, we have slightly reduced our sales forecast as announced
in October 2003 to ¥1,777.0 billion with 2.2% growth as compared to the previous year. However, we believe that domestic sales can
continuously increase due to the effect of sales strategies taken proactively in this 3rd quarter, and overseas sales can further increase.
For the 4th quarter and onward, we maintain our exchange rate assumption of ¥108.00 against the U.S. dollar and of ¥128.00 against the
Euro.
As for income, we revised upward our forecast of operating income from ¥152.0 billion announced in October 2003 to ¥153.0 billion,
due primarily to steady results up to 3rd quarter and our anticipation of further improvement in profitability. In terms of our forecast of
income before income tax and net income in the current fiscal year, we intend to remain as announced in October 2003, ¥144.0 billion
and ¥85.0 billion respectively.
Exchange Rate Assumptions for the full year ended March 31, 2004
US$ 1 = ¥113.26 (¥121.96 in previous fiscal year)
EURO 1 = ¥131.13 (¥121.00 in previous fiscal year)
(Billions of yen)
Year ended
March 31, 2004
(Forecast)
900.0
877.0
1,777.0
778.0
153.0
144.0
85.0
Year ended
March 31, 2003
(Results)
896.0
842.3
1,738.3
745.3
133.6
123.4
72.5
Change
Domestic sales
0.4%
Overseas sales
4.1%
Net sales
2.2% (*1)
Gross profit
4.4%
Operating income
14.5%
Income before income taxes
16.6%
Net income
17.2% (*2)
Notes:
*1…Net sales would be tenth consecutive year of growth.
*2…Net income would be twelfth consecutive year of growth and tenth consecutive year of record high.
* Ricoh bases the forecast estimates for March 31, 2004 above upon information currently available to management, which involves
risks and uncertainties that could cause actual results to differ materially from those projected.
4
Ricoh Company, Ltd. and Consolidated Subsidiaries
Financial Highlights for the 3rd Quarter ended December 31, 2003 (U.S. GAAP Financial Information)
1. Items relating to 3rd quarter financial statements
(1) No change in accounting method has been made
(2) Change relating to the scale of consolidation and the application of the equity method:
Consolidated subsidiaries: No change
Companies accounted for by the equity method: No addition; 1 removal
2. Results for the period from October 1, 2003 to December 31, 2003
(1) Operating Results
Three months ended Three months ended
December 31, 2003
December 31, 2002
Net sales
420,903
420,739
(% change from the previous corresponding period)
0.0
4.8
Operating income
36,214
33,394
(% change from the previous corresponding period)
8.4
12.3
Income before income taxes
33,266
29,987
(% change from the previous corresponding period)
10.9
15.9
Net income
19,664
17,801
(% change from the previous corresponding period)
10.5
19.5
Net income per share-basic (yen)
26.53
24.51
Net income per share-diluted (yen)
23.74
Note: Equity in earnings of affiliates: ¥932 million (¥459 million in previous corresponding period)
(Millions of yen)
Year ended
March 31, 2003
1,738,358
3.9
133,654
3.1
123,470
8.4
72,513
17.7
99.79
96.81
(2) Financial Position
(Millions of yen)
December 31, 2003
December 31, 2002
March 31, 2003
Total assets
1,922,150
1,807,267
1,884,922
Shareholders' equity
708,888
671,132
657,514
Equity ratio (%)
36.9
37.1
34.9
Equity per share (yen)
958.20
925.98
885.41
Note: Number of shares outstanding as of December 31, 2003: 739,813,149 shares (724,777,428 shares as of December 31, 2002)
Cash Flow
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Nine months ended
December 31, 2003
81,698
-40,400
9,223
238,389
3. Forecast of operating results from April 1, 2003 to March 31, 2004
Net sales
Operating income
Income before income taxes
Net income
Note: Net income per share (Consolidated) 114.89 yen
Nine months ended
December 31, 2002
112,173
-76,695
-26,212
177,564
(Millions of yen)
Year ended
March 31, 2003
185,742
-98,199
-67,143
189,243
(Millions of yen)
1,777,000
153,000
144,000
85,000
In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the fiscal year ending March 2004.
These forecast are forward-looking statements based on a number of assumptions and beliefs in light of the information currently
available to management and subject to significant risks and uncertainties.
5
Consolidated Performance
1. Consolidated Statements of Income
(Three months ended December 31, 2003 and 2002)
Three months ended Three months ended
December 31, 2003
December 31, 2002
Net sales
420,903
420,739
Cost of sales
235,124
235,802
Percentage of net sales (%)
55.9
56.0
Gross Profit
185,779
184,937
Percentage of net sales (%)
44.1
44.0
Selling, general and administrative expenses
149,565
151,543
Percentage of net sales (%)
35.5
36.1
Operating income
36,214
33,394
Percentage of net sales (%)
8.6
7.9
Other (income) expense
Interest and dividend income
434
603
Percentage of net sales (%)
0.1
0.1
Interest expense
1,337
1,298
Percentage of net sales (%)
0.3
0.3
Other, net
2,045
2,712
Percentage of net sales (%)
0.5
0.6
Income before income taxes,
equity income and minority interests
33,266
29,987
Percentage of net sales (%)
7.9
7.1
Provision for income taxes
13,473
12,729
Percentage of net sales (%)
3.2
3.0
Minority interests in earnings of subsidiaries
1,061
-84
Percentage of net sales (%)
0.2
0.0
Equity in earnings of affiliates
932
459
Percentage of net sales (%)
0.2
0.1
Net income
19,664
17,801
Percentage of net sales (%)
4.7
4.2
Reference : Exchange rate
US$ 1
EURO 1
¥108.92
¥129.58
¥115.00
¥132.17
6
Change
164
-678
%
0.0
-0.3
842
0.5
-1,978
-1.3
2,820
8.4
-169
-28.0
39
3.0
-667
-24.6
3,279
10.9
744
5.8
1,145
-
473
103.1
1,863
10.5
¥122.59
¥122.59
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
Nine months ended
December 31, 2003
December 31, 2002
Net sales
1,308,993
1,277,560
Cost of sales
735,107
731,978
Percentage of net sales (%)
56.2
57.3
Gross Profit
573,886
545,582
Percentage of net sales (%)
43.8
42.7
Selling, general and administrative expenses
460,417
450,860
Percentage of net sales (%)
35.1
35.3
Operating income
113,469
94,722
Percentage of net sales (%)
8.7
7.4
Other (income) expense
Interest and dividend income
1,747
2,638
Percentage of net sales (%)
0.1
0.2
Interest expense
4,200
5,328
Percentage of net sales (%)
0.3
0.4
Other, net
6,334
6,372
Percentage of net sales (%)
0.5
0.5
Income before income taxes,
equity income and minority interests
104,682
85,660
Percentage of net sales (%)
8.0
6.7
Provision for income taxes
41,897
36,749
Percentage of net sales (%)
3.2
2.9
Minority interests in earnings of subsidiaries
2,760
-348
Percentage of net sales (%)
0.2
0.0
Equity in earnings of affiliates
1,904
2,067
Percentage of net sales (%)
0.1
0.2
Net income
61,929
51,326
Percentage of net sales (%)
4.7
4.0
Reference : Exchange rate
US$ 1
EURO 1
(Millions of yen)
¥122.92
¥118.84
Change
31,433
3,129
28,304
9,557
18,747
(Millions of yen)
Year ended
March 31, 2003
％
2.5
1,738,358
0.4
993,009
57.1
5.2
745,349
42.9
2.1
611,695
35.2
19.8
133,654
7.7
-891
-33.8
-1,128
-21.2
-38
-0.6
19,022
22.2
5,148
14.0
3,108
-
-163
-7.9
10,603
20.7
3,772
0.2
6,853
0.4
7,103
0.4
123,470
7.1
51,984
3.0
1,376
0.0
2,403
0.1
72,513
4.2
¥121.96
¥121.00
2-1. Consolidated Sales by Product Category
(Three months ended December 31, 2003 and 2002)
(Millions of yen)
Three months ended
December 31, 2003
<Office Equipment>
Imaging Solutions:
Digital Imaging Systems
Percentage of net sales (%)
Other Imaging Systems
Percentage of net sales (%)
Total Imaging Solutions
Percentage of net sales (%)
Network Input/Output Systems:
Printing Systems
Percentage of net sales (%)
Other Input/Output Systems
Percentage of net sales (%)
Total Network Input/Output Systems
Percentage of net sales (%)
Network System Solutions
Percentage of net sales (%)
Office Equipment Total
Percentage of net sales (%)
< Other Businesses >
Other Businesses
Percentage of net sales (%)
Grand Total
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
Three months ended
December 31, 2002
143,882
34.2
45,151
10.7
189,033
44.9
151,471
36.0
56,852
13.5
208,323
49.5
124,564
29.6
13,372
3.2
137,936
32.8
41,623
9.9
368,592
87.6
Change
%
-7,589
-5.0
-11,701
-20.6
-19,290
-9.3
102,972
24.5
14,449
3.4
117,421
27.9
40,073
9.5
365,817
86.9
21,592
21.0
-1,077
-7.5
20,515
17.5
1,550
3.9
2,775
0.8
52,311
12.4
420,903
100.0
54,922
13.1
420,739
100.0
-2,611
-4.8
164
0.0
¥108.92
¥129.58
¥122.59
¥122.59
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
December 31, 2003
<Office Equipment>
Imaging Solutions:
Digital Imaging Systems
Percentage of net sales (%)
Other Imaging Systems
Percentage of net sales (%)
Total Imaging Solutions
Percentage of net sales (%)
Network Input/Output Systems:
Printing Systems
Percentage of net sales (%)
Other Input/Output Systems
Percentage of net sales (%)
Total Network Input/Output Systems
Percentage of net sales (%)
Network System Solutions
Percentage of net sales (%)
Office Equipment Total
Percentage of net sales (%)
< Other Businesses >
Other Businesses
Percentage of net sales (%)
Grand Total
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
Each category includes the following product line:
Digital Imaging Systems
Other Imaging Systems
Printing Systems
Other Input/Output Systems
Network System Solutions
Other Businesses
(Millions of yen)
Nine months ended
December 31, 2002
453,040
34.6
151,087
11.6
604,127
46.2
460,856
36.1
177,829
13.9
638,685
50.0
358,021
27.4
43,097
3.2
401,118
30.6
138,855
10.6
1,144,100
87.4
164,893
12.6
1,308,993
100.0
¥115.00
¥132.17
Change
-7,816
-1.7
-26,742
-15.0
-34,558
-5.4
292,380
22.9
43,984
3.4
336,364
26.3
140,125
11.0
1,115,174
87.3
65,641
22.5
-887
-2.0
64,754
19.3
-1,270
-0.9
28,926
2.6
162,386
12.7
1,277,560
100.0
2,507
1.5
31,433
2.5
¥122.92
¥118.84
Digital PPCs, color PPCs, digital duplicators and facsimile machines
Analog PPCs, diazo copiers, and thermal paper
MFPs(multifunctional printers), laser printers and software
Optical discs and system scanners
Personal computers, PC servers, network systems and network related software
Optical equipments, metering equipments and semiconductors
7
Year ended
March 31, 2003
%
626,967
36.1
232,746
13.4
859,713
49.5
408,830
23.5
54,549
3.2
463,379
26.7
197,482
11.3
1,520,574
87.5
217,784
12.5
1,738,358
100.0
¥121.96
¥121.00
2-2. Consolidated Sales by Geographic Area
(Three months ended December 31, 2003 and 2002)
(Millions of yen)
Three months ended
December 31, 2003
<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 (%)
Grand Total
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
Three months ended
December 31, 2002
212,908
50.6
207,995
49.4
75,933
18.0
99,422
23.6
32,640
7.8
420,903
100.0
210,197
50.0
210,542
50.0
84,177
20.0
88,381
21.0
37,984
9.0
420,739
100.0
¥108.92
¥129.58
¥122.59
¥122.59
Change
%
2,711
1.3
-2,547
-1.2
-8,244
-9.8
11,041
12.5
-5,344
-14.1
164
0.0
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
December 31, 2003
<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 (%)
Grand Total
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
(Millions of yen)
Nine months ended
December 31, 2002
661,544
50.5
647,449
49.5
243,597
18.6
296,373
22.6
107,479
8.3
1,308,993
100.0
659,772
51.6
617,788
48.4
254,610
20.0
254,550
19.9
108,628
8.5
1,277,560
100.0
¥115.00
¥132.17
¥122.92
¥118.84
8
Change
Year ended
March 31, 2003
%
1,772
0.3
29,661
4.8
-11,013
-4.3
41,823
16.4
-1,149
-1.1
31,433
2.5
896,022
51.5
842,336
48.5
343,940
19.8
354,477
20.4
143,919
8.3
1,738,358
100.0
¥121.96
¥121.00
3. Consolidated Balance Sheets
(December 31, 2003 and March 31, 2003)
Assets
December 31, 2003
Current Assets
Cash and time deposits
Trade receivables
Marketable securities
Inventories
Other current assets
Total Current Assets
Fixed Assets
Tangible fixed assets
Finance receivable
Other Investments
Total Fixed Assets
Total Assets
Note:
Contents of cash and time deposits:
Cash and cash equivalents
Time deposits
March 31, 2003
239,179
402,866
123
163,101
52,466
857,735
200,330
417,942
107
146,051
58,083
822,513
38,849
-15,076
16
17,050
-5,617
35,222
237,071
502,198
325,146
1,064,415
1,922,150
248,752
476,293
337,364
1,062,409
1,884,922
-11,681
25,905
-12,218
2,006
37,228
238,389
790
189,243
11,087
Liabilities and Shareholders’ Investment
December 31, 2003
Current Liabilities
Trade payables
Short-term borrowings
Other current liabilities
Total Current Liabilities
Fixed Liabilities
Long-term indebtedness
Retirement benefit obligation
Other fixed liabilities
Total Fixed Liabilities
Total Liabilities
Minority Interest
Shareholders’ Investment
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Treasury stock
Total Shareholders’ Investment
Total Liabilities and Shareholders’ Investment
Note: Other comprehensive income;
Net unrealized holding gains on available-for-sale securities
Pension liability adjustments
Net unrealized gains (losses) on derivative instruments
Cumulative translation adjustments
Reference: Exchange rate
US$ 1
EURO 1
March 31, 2003
(Millions of yen)
Change
271,165
222,565
136,632
630,362
280,798
138,713
169,072
588,583
-9,633
83,852
-32,440
41,779
290,556
214,863
28,596
534,015
1,164,377
48,885
345,902
209,011
30,653
585,566
1,174,149
53,259
-55,346
5,852
-2,057
-51,551
-9,772
-4,374
135,364
186,599
485,535
-88,454
-10,156
708,888
1,922,150
135,364
186,521
434,748
-94,733
-4,386
657,514
1,884,922
78
50,787
6,279
-5,770
51,374
37,228
11,877
-81,322
-43
-18,966
8,582
-89,119
-178
-14,018
3,295
7,797
135
-4,948
December 31, 2003
¥107.13
¥133.74
9
(Millions of yen)
Change
March 31, 2003
¥120.20
¥129.83
4. Consolidated Statements of Cash Flow
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended Nine months ended
December 31, 2003 December 31, 2002
I. Cash Flows from Operating Activities:
1. Net income
61,929
51,326
2. Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization
56,381
56,519
Equity in earnings of affiliates, net of dividends received
-1,162
-1,129
Deferred income taxes
1,026
-5,139
Loss on disposal and sales of tangible fixed assets
1,094
1,078
Changes in assets and liabilities—
Decrease in trade receivables
10,563
32,308
(Increase) decrease in inventories
-21,209
9,765
Increase in finance receivables
-22,666
-20,517
(Decrease) increase in trade payables
-6,111
-22,407
(Decrease) increase in accrued income taxes and
accrued expenses and other
-28,587
-13,965
Retirement benefit obligation, net
15,455
4,804
Other, net
14,985
19,530
Net cash provided by operating activities
81,698
112,173
II. Cash Flows from Investing Activities:
1. Proceeds from sales of property, plant and equipment
134
201
2. Expenditures for tangible fixed assets
-51,830
-53,300
3. Payments for purchases of available-for-sale securities
-25,200
-52,142
4. Proceeds from sales of available-for-sale securities
34,047
24,148
5. Decrease in time deposits
10,192
4,882
6. Other, net
-7,743
-484
Net cash used in investing activities
-40,400
-76,695
III. Cash Flows from Financing Activities:
1. Proceeds from long-term indebtedness
1,104
57,685
2. Repayment of long-term indebtedness
-25,788
-15,547
3. (Decrease) increase in short-term borrowings, net
68,169
-52,257
4. Proceeds from issuance of long-term debt securities
1,000
11,000
5. Repayment of long-term debt securities
-14,000
-11,553
6. Cash dividends paid
-11,136
-10,174
7. Purchase of treasury stocks
-9,634
-4,897
8. Other, net
-492
-469
Net cash provided by (used in) financing activities
9,223
-26,212
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
-1,375
-1,874
V. Net Increase in Cash and Cash Equivalents
49,146
7,392
VI. Cash and Cash Equivalents at Beginning of Year
189,243
170,172
VII. Cash and Cash Equivalents at End of Period
238,389
177,564
10
(Millions of yen)
Year ended
March 31, 2003
72,513
76,551
-1,167
-9,289
1,975
22,176
14,983
-33,109
5,632
11,173
7,806
16,498
185,742
245
-71,984
-52,219
24,513
944
302
-98,199
58,194
-23,133
-73,393
11,000
-11,723
-10,176
-17,281
-631
-67,143
-1,329
19,071
170,172
189,243
5. Segment Information
(1) Industry Segment Information
(Three months ended December 31, 2003 and 2002)
(Millions of yen)
Three months ended
December 31, 2003
Office Equipment:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on office equipment sales(%)
Other Businesses:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in other businesses (%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Intersegment
Corporate
Total
Operating income
Consolidated:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on consolidated net sales(%)
Three months ended
December 31, 2002
368,592
368,592
318,629
49,963
365,817
365,817
321,425
44,392
13.6
12.1
52,311
575
52,886
51,878
1,008
54,922
657
55,579
54,425
1,154
1.9
2.1
-575
-575
Change
%
2,775
2,775
-2,796
5,571
0.8
0.8
-0.9
12.5
-2,611
-82
-2,693
-2,547
-146
-4.8
-12.5
-4.8
-4.7
-12.7
-657
-657
82
82
-
-569
14,751
14,182
-14,757
-666
12,161
11,495
-12,152
97
2,590
2,687
-2,605
-
420,903
420,903
384,689
36,214
420,739
420,739
387,345
33,394
164
164
-2,656
2,820
0.0
0.0
-0.7
8.4
8.6
7.9
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
December 31, 2003
Office Equipment:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on office equipment sales(%)
Other Businesses:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in other businesses (%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Intersegment
Corporate
Total
Operating income
Consolidated:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on consolidated net sales(%)
(Millions of yen)
Nine months ended
December 31, 2002
Change
1,144,100
1,144,100
991,438
152,662
1,115,174
1,115,174
977,198
137,976
13.3
12.4
164,893
1,740
166,633
162,639
3,994
162,386
2,149
164,535
166,472
-1,937
2.4
-1.2
-1,740
-1,740
-2,149
-2,149
409
409
-
-2,755
-2,755
-1,764
43,211
41,447
-43,187
-2,153
41,321
39,168
-41,317
389
1,890
2,279
-1,870
-
-2,726
54,882
52,156
-54,911
1,308,993
1,308,993
1,195,524
113,469
1,277,560
1,277,560
1,182,838
94,722
31,433
31,433
12,686
18,747
2.5
2.5
1.1
19.8
1,738,358
1,738,358
1,604,704
133,654
8.7
7.4
11
28,926
28,926
14,240
14,686
Year ended
March 31, 2003
%
2.6
2.6
1.5
10.6
1,520,574
1,520,574
1,329,776
190,798
12.5
2,507
-409
2,098
-3,833
5,931
1.5
-19.0
1.3
-2.3
-
217,784
2,755
220,539
222,772
-2,233
-1.0
7.7
(2) Geographic Segment Information
(Three months ended December 31, 2003 and 2002)
(Millions of yen)
Three months ended
December 31, 2003
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Japan(%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in the Americas(%)
Europe:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Europe(%)
Other:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in other(%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Operating income
Consolidated:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on consolidated net sales(%)
Three months ended
December 31, 2002
224,398
83,101
307,499
286,985
20,514
226,091
84,816
310,907
284,768
26,139
6.7
8.4
72,323
872
73,195
71,067
2,128
82,058
1,273
83,331
81,538
1,793
2.9
2.2
98,864
1,036
99,900
93,998
5,902
87,571
651
88,222
83,717
4,505
5.9
5.1
25,318
20,227
45,545
42,923
2,622
25,019
19,345
44,364
41,298
3,066
5.8
6.9
-105,236
-105,236
-110,284
5,048
Change
%
-1,693
-1,715
-3,408
2,217
-5,625
-0.7
-2.0
-1.1
0.8
-21.5
-9,735
-401
-10,136
-10,471
335
-11.9
-31.5
-12.2
-12.8
18.7
11,293
385
11,678
10,281
1,397
12.9
59.1
13.2
12.3
31.0
299
882
1,181
1,625
-444
1.2
4.6
2.7
3.9
-14.5
-106,085
-106,085
-103,976
-2,109
849
849
-6,308
7,157
-
420,903
420,903
384,689
36,214
420,739
420,739
387,345
33,394
164
164
-2,656
2,820
0.0
0.0
-0.7
8.4
8.6
7.9
12
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
December 31, 2003
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Japan(%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in the Americas(%)
Europe:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Europe(%)
Other:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in other(%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Operating income
Consolidated:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income
Operating income on consolidated net sales(%)
(Millions of yen)
Nine months ended
December 31, 2002
Change
703,320
267,432
970,752
893,451
77,301
704,905
237,214
942,119
878,746
63,373
8.0
6.7
234,288
3,864
238,152
228,341
9,811
246,998
3,810
250,808
241,474
9,334
4.1
3.7
295,424
2,807
298,231
282,817
15,414
253,239
2,083
255,322
243,814
11,508
5.2
4.5
75,961
69,452
145,413
138,225
7,188
72,418
54,175
126,593
118,967
7,626
4.9
6.0
-343,555
-343,555
-347,310
3,755
-297,282
-297,282
-300,163
2,881
-46,273
-46,273
-47,147
874
-
-401,899
-401,899
-406,841
4,942
1,308,993
1,308,993
1,195,524
113,469
1,277,560
1,277,560
1,182,838
94,722
31,433
31,433
12,686
18,747
2.5
2.5
1.1
19.8
1,738,358
1,738,358
1,604,704
133,654
8.7
7.4
13
-1,585
30,218
28,633
14,705
13,928
Year ended
March 31, 2003
%
-0.2
12.7
3.0
1.7
22.0
954,310
320,596
1,274,906
1,188,760
86,146
6.8
-12,710
54
-12,656
-13,133
477
-5.1
1.4
-5.0
-5.4
5.1
333,935
5,620
339,555
325,228
14,327
4.2
42,185
724
42,909
39,003
3,906
16.7
34.8
16.8
16.0
33.9
352,943
3,019
355,962
337,693
18,269
5.1
3,543
15,277
18,820
19,258
-438
4.9
28.2
14.9
16.2
-5.7
97,170
72,664
169,834
159,864
9,970
5.9
7.7
6. Significant Accounting Policies (Consolidated)
1. Change relating to the scale of consolidation and the application of the equity method from October 1, 2003 to
December 31, 2003.
Consolidated subsidiaries: No change
Companies accounted for by the equity method:
No addition
Removal: T&P Co., Ltd.
2. Consolidated Accounting Policies (Summary)
(1) Principles of Consolidation
The consolidated financial statements include the accounts of Ricoh and its consolidated subsidiaries. Investments in
20% to 50% owned companies when the company has the ability to exercise significant influence are accounted for on
the equity basis. All significant inter-company balances and transactions have been eliminated in consolidation.
(2) Securities
In conformity with SFAS No.115, securities are mainly classified as available-for-sale securities. Available-for-sale
securities 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 is computed based on the average cost of each security held at the time of sale.
(3) Inventories
Inventories are mainly 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 and Other Intangible Assets
In conformity with SFAS No.142, Goodwill and intangible asset determined to have an indefinite useful life are not
amortized. SFAS No. 142 requires annual impairment testing thereof.
(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, including impairment losses of long-lived assets and the disclosures of fair value of
financial instruments and contingent assets and liabilities, to prepare these financial statements in conformity with
generally accepted accounting principles. Actual results could differ from those estimates.
14
-APPENDIX- (3rd Quarter ended December 31, 2003)
1. Consolidated Quarterly Performance Outline
Fiscal 2004
(Millions of yen)
1Q
Net sales
Gross profit
Operating income
Income before income taxes
Net income
Net income per share (yen)
Total assets
Shareholders' equity
Shareholders' equity per share (yen)
437,453
192,752
38,484
37,317
22,355
30.04
1,924,631
685,730
920.97
Change(%)
2.1
3.4
7.1
15.6
14.5
-
2Q
450,637
195,355
38,771
34,099
19,910
26.75
1,912,162
703,075
946.38
Change(%)
5.2
12.2
52.6
45.7
42.2
-
3Q
420,903
185,779
36,214
33,266
19,664
26.53
1,922,150
708,888
958.20
Change(%)
0.0
0.5
8.4
10.9
10.5
-
Fiscal 2003
(Millions of yen)
1Q
Net sales
Gross profit
Operating income
Income before income taxes
Net income
Net income per share (yen)
Total assets
Shareholders' equity
Shareholders' equity per share (yen)
428,271
186,497
35,927
32,270
19,521
26.85
1,821,949
648,343
891.78
Change(%)
4.0
7.2
13.6
18.7
31.2
-
2Q
428,550
174,148
25,401
23,403
14,004
19.26
1,826,385
663,665
912.98
A1
Change(%)
5.0
3.7
-10.2
-7.7
3.5
-
3Q
420,739
184,937
33,394
29,987
17,801
24.51
1,807,267
671,132
925.98
Change(%)
4.8
6.5
12.3
15.9
19.5
-
4Q
460,798
199,767
38,932
37,810
21,187
29.17
1,884,922
657,514
885.41
Change(%)
2.2
8.3
-2.8
6.3
15.7
-
2. Consolidated Sales by Product Category
(Three months ended December 31, 2003 and 2002)
(Millions of yen)
Three months ended
December 31, 2003
<Office Equipment>
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
Network Input/Output Systems:
Printing Systems
Percentage of net sales (%)
Domestic
Overseas
Other Input/Output Systems
Percentage of net sales (%)
Domestic
Overseas
Total Network 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
The Americas
Europe
Other
< Other Businesses >
Other Businesses
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
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 (%)
Reference: Exchange rate
US$ 1
EURO 1
Three months ended
December 31, 2002
143,882
34.2
60,016
83,866
45,151
10.7
17,291
27,860
189,033
44.9
77,307
111,726
151,471
36.0
63,618
87,853
56,852
13.5
20,737
36,115
208,323
49.5
84,355
123,968
124,564
29.6
53,559
71,005
13,372
3.2
1,052
12,320
137,936
32.8
54,611
83,325
41,623
9.9
40,540
1,083
368,592
87.6
172,458
196,134
75,643
98,428
22,063
102,972
24.5
44,451
58,521
14,449
3.4
2,274
12,175
117,421
27.9
46,725
70,696
40,073
9.5
39,324
749
365,817
86.9
170,404
195,413
83,705
86,837
24,871
52,311
12.4
40,450
11,861
290
994
10,577
420,903
100.0
212,908
50.6
207,995
49.4
75,933
18.0
99,422
23.6
32,640
7.8
54,922
13.1
39,793
15,129
472
1,544
13,113
420,739
100.0
210,197
50.0
210,542
50.0
84,177
20.0
88,381
21.0
37,984
9.0
¥108.92
¥129.58
¥122.59
¥122.59
Change
%
Change excluding
exchange impact
-7,589
-5.0
-5,217
-3.4
-3,602
-3,987
-11,701
-5.7
-4.5
-20.6
-3,602
-1,615
-11,453
-5.7
-1.8
-20.1
-3,446
-8,255
-19,290
-16.6
-22.9
-9.3
-3,446
-8,007
-16,670
-16.6
-22.2
-8.0
-7,048
-12,242
-8.4
-9.9
-7,048
-9,622
-8.4
-7.8
21,592
21.0
21,844
21.2
9,108
12,484
-1,077
20.5
21.3
-7.5
9,108
12,736
-1,329
20.5
21.8
-9.2
-1,222
145
20,515
-53.7
1.2
17.5
-1,222
-107
20,515
-53.7
-0.9
17.5
7,886
12,629
1,550
16.9
17.9
3.9
7,886
12,629
1,555
16.9
17.9
3.9
1,216
334
2,775
3.1
44.6
0.8
1,216
339
5,400
3.1
45.3
1.5
2,054
721
-8,062
11,591
-2,808
1.2
0.4
-9.6
13.3
-11.3
2,054
3,346
1,149
4,848
-2,651
1.2
1.7
1.4
5.6
-10.7
-2,611
-4.8
-2,956
-5.4
657
-3,268
-182
-550
-2,536
164
1.7
-21.6
-38.6
-35.6
-19.3
0.0
657
-3,613
-140
-593
-2,880
2,444
1.7
-23.9
-29.7
-38.4
-22.0
0.6
2,711
1.3
2,711
1.3
-2,547
-1.2
-267
-0.1
-8,244
-9.8
1,009
1.2
11,041
12.5
4,255
4.8
-5,344
-14.1
-5,531
-14.6
¥-13.67
¥6.99
Each category includes the following product line:
Digital Imaging Systems
Digital PPCs, color PPCs, digital duplicators and facsimile machines
Other Imaging Systems
Analog PPCs, diazo copiers, and thermal paper
Printing Systems
MFPs(multifunctional printers), laser printers and software
Other Input/Output Systems
Optical discs and system scanners
Network System Solutions
Personal computers, PC servers, network systems and network related software
Other Businesses
Optical equipments, metering equipments and semiconductors
A2
%
(Millions of yen)
(Nine months ended December 31, 2003, 2002 and year ended March 31, 2003)
Nine months ended
December 31, 2003
<Office Equipment>
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
Network Input/Output Systems:
Printing Systems
Percentage of net sales (%)
Domestic
Overseas
Other Input/Output Systems
Percentage of net sales (%)
Domestic
Overseas
Total Network 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
The Americas
Europe
Other
< Other Businesses >
Other Businesses
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
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 (%)
Reference: Exchange rate
US$ 1
EURO 1
Nine months ended
December 31, 2002
453,040
34.6
184,789
268,251
151,087
11.6
53,788
97,299
604,127
46.2
238,577
365,550
460,856
36.1
199,484
261,372
177,829
13.9
61,698
116,131
638,685
50.0
261,182
377,503
358,021
27.4
153,910
204,111
43,097
3.2
3,795
39,302
401,118
30.6
157,705
243,413
138,855
10.6
135,800
3,055
1,144,100
87.4
532,082
612,018
242,443
293,128
76,447
292,380
22.9
126,467
165,913
43,984
3.4
8,232
35,752
336,364
26.3
134,699
201,665
140,125
11.0
138,078
2,047
1,115,174
87.3
533,959
581,215
253,632
251,268
76,315
164,893
12.6
129,462
35,431
1,154
3,245
31,032
1,308,993
100.0
661,544
50.5
647,449
49.5
243,597
18.6
296,373
22.6
107,479
8.3
162,386
12.7
125,813
36,573
978
3,282
32,313
1,277,560
100.0
659,772
51.6
617,788
48.4
254,610
20.0
254,550
19.9
108,628
8.5
¥115.00
¥132.17
¥122.92
¥118.84
Change
%
Change excluding
exchange impact
-7,816
-1.7
-11,077
-2.4
-14,695
6,879
-26,742
-7.4
2.6
-15.0
-14,695
3,618
-29,717
-7.4
1.4
-16.7
-7,910
-18,832
-34,558
-12.8
-16.2
-5.4
-7,910
-21,807
-40,794
-12.8
-18.8
-6.4
-22,605
-11,953
-8.7
-3.2
-22,605
-18,189
-8.7
-4.8
65,641
22.5
59,743
20.4
27,443
38,198
-887
21.7
23.0
-2.0
27,443
32,300
-1,778
21.7
19.5
-4.0
-4,437
3,550
64,754
-53.9
9.9
19.3
-4,437
2,659
57,965
-53.9
7.4
17.2
23,006
41,748
-1,270
17.1
20.7
-0.9
23,006
34,959
-1,345
17.1
17.3
-1.0
-2,278
1,008
28,926
-1.6
49.2
2.6
-2,278
933
15,826
-1.6
45.6
1.4
-1,877
30,803
-11,189
41,860
132
-0.4
5.3
-4.4
16.7
0.2
-1,877
17,703
4,870
13,448
-615
-0.4
3.0
1.9
5.4
-0.8
2,507
1.5
1,188
0.7
3,649
-1,142
176
-37
-1,281
31,433
2.9
-3.1
18.0
-1.1
-4.0
2.5
3,649
-2,461
253
-319
-2,395
17,014
2.9
-6.7
25.9
-9.7
-7.4
1.3
1,772
0.3
1,772
0.3
29,661
4.8
15,242
2.5
-11,013
-4.3
5,123
2.0
41,823
16.4
13,129
5.2
-1,149
-1.1
-3,010
-2.8
¥-7.92
¥13.33
Each category includes the following product line:
Digital Imaging Systems
Digital PPCs, color PPCs, digital duplicators and facsimile machines
Other Imaging Systems
Analog PPCs, diazo copiers, and thermal paper
Printing Systems
MFPs(multifunctional printers), laser printers and software
Other Input/Output Systems
Optical discs and system scanners
Network System Solutions
Personal computers, PC servers, network systems and network related software
Other Businesses
Optical equipments, metering equipments and semiconductors
A3
%
Year ended
March 31, 2003
626,967
36.1
265,654
361,313
232,746
13.4
80,520
152,226
859,713
49.5
346,174
513,539
408,830
23.5
177,510
231,320
54,549
3.2
10,100
44,449
463,379
26.7
187,610
275,769
197,482
11.3
194,873
2,609
1,520,574
87.5
728,657
791,917
342,568
349,577
99,772
217,784
12.5
167,365
50,419
1,372
4,900
44,147
1,738,358
100.0
896,022
51.5
842,336
48.5
343,940
19.8
354,477
20.4
143,919
8.3
¥121.96
¥121.00
3. Forecast of Consolidated Performance
(Billions of yen)
Half year ended
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
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
Three months ended
Three months ended
Year ended
Sept. 30, 2003
Change
Dec. 31, 2003
Change
Mar. 31, 2004
Change
Mar. 31, 2004
Change
Results
%
Results
%
Forecast
%
Forecast
%
888.0
388.1
77.2
71.4
42.2
56.79
36.3
33.6
44.2
118.06
133.47
3.6
7.6
26.0
28.3
26.1
-
420.9
185.7
36.2
33.2
19.6
26.53
15.5
15.7
24.2
108.92
129.58
0.0
0.5
8.4
10.9
10.5
-
468.0
204.1
39.5
39.3
23.0
31.57
19.1
18.5
25.5
108.00
128.00
1.6
2.2
1.5
4.0
8.9
-
1,777.0
778.0
153.0
144.0
85.0
114.89
71.0
68.0
94.0
113.26
131.13
2.2
4.4
14.5
16.6
17.2
-
4. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Three months ended March 31, 2004
Change
Forecast
Forecast(*)
%
<Office Equipment>
Imaging Solutions:
Digital Imaging Systems
Domestic
Overseas
Other Imaging Systems
Domestic
Overseas
Total Imaging Solutions
Domestic
Overseas
Network Input/Output Systems:
Printing Systems
Domestic
Overseas
Other Input/Output Systems
Domestic
Overseas
Total Network Input/Output Systems
Domestic
Overseas
Network System Solutions
Domestic
Overseas
Office Equipment Total
Domestic
Overseas
The Americas
Europe
Other
< Other Businesses >
Other Businesses
Domestic
Overseas
The Americas
Europe
Other
Grand Total
Domestic
Overseas
The Americas
Europe
Other
* Excluding foreign exchange impact
Change
%
Year ended March 31, 2004
Change
Forecast
Forecast(*)
%
Change
%
157.4
61.2
96.2
43.0
15.7
27.2
200.4
76.9
123.5
-5.2
-7.5
-3.7
-21.7
-16.5
-24.4
-9.3
-9.5
-9.2
160.1
61.2
98.9
44.3
15.7
28.5
204.4
76.9
127.5
-3.6
-7.5
-1.0
-19.3
-16.5
-20.8
-7.5
-9.5
-6.2
610.5
246.0
364.5
194.0
69.5
124.5
804.6
315.5
489.1
-2.6
-7.4
0.9
-16.6
-13.7
-18.2
-6.4
-8.9
-4.8
609.9
246.0
363.9
192.4
69.5
122.9
802.3
315.5
486.8
-2.7
-7.4
0.7
-17.3
-13.7
-19.3
-6.7
-8.9
-5.2
146.5
63.6
82.8
11.3
1.0
10.3
157.8
64.6
93.1
55.7
54.8
0.9
414.1
196.4
217.6
84.5
107.8
25.3
25.8
24.8
26.6
7.2
-46.2
18.7
24.3
22.3
25.7
-2.8
-3.5
70.7
2.1
0.9
3.3
-5.0
9.7
8.0
150.9
63.6
87.2
11.8
1.0
10.8
162.8
64.6
98.1
55.8
54.8
1.0
423.0
196.4
226.6
93.5
107.8
25.2
29.6
24.8
33.4
12.5
-46.2
25.1
28.2
22.3
32.4
-2.7
-3.5
80.0
4.4
0.9
7.6
5.2
9.7
7.7
504.5
217.6
286.9
54.4
4.8
49.6
558.9
222.4
336.5
194.6
190.6
4.0
1,558.2
728.5
829.7
326.9
400.9
101.7
23.4
22.6
24.0
-0.2
-52.5
11.6
20.6
18.5
22.0
-1.5
-2.2
53.9
2.5
-0.0
4.8
-4.6
14.7
2.0
503.0
217.6
285.4
54.0
4.8
49.2
557.1
222.4
334.7
194.5
190.6
3.9
1,554.0
728.5
825.5
352.0
372.5
100.9
23.0
22.6
23.4
-0.8
-52.5
10.9
20.2
18.5
21.4
-1.5
-2.2
53.0
2.2
-0.0
4.3
2.8
6.6
1.2
53.8
42.0
11.8
0.3
1.1
10.2
468.0
238.4
229.5
84.8
109.0
35.6
-2.7
1.2
-14.4
-3.8
-25.9
-13.1
1.6
0.9
2.2
-5.0
9.1
0.9
53.4
42.0
11.4
0.4
1.1
9.8
476.5
238.4
238.1
94.0
108.9
35.1
-3.4
1.2
-17.3
6.4
-29.7
-16.4
3.4
0.9
6.0
5.2
9.0
-0.4
218.7
171.5
47.2
1.5
4.4
41.3
1,777.0
900.0
877.0
328.4
405.4
143.0
0.5
2.5
-6.2
11.6
-9.3
-6.4
2.2
0.4
4.1
-4.5
14.4
-0.6
217.0
171.5
45.5
1.6
4.1
39.8
1,771.1
900.0
871.1
353.7
376.6
140.7
-0.3
2.5
-9.6
20.2
-16.3
-9.8
1.9
0.4
3.4
2.8
6.3
-2.2
A4