Financial Highlights /Appendix

February 3, 2005
QUARTERLY REPORT
Third Quarter Ended December 31, 2004
(Results for the Period from October 1, 2004 to December 31, 2004)
Performance Outline (Consolidated)
(1) Three Months Ended December 31, 2004 and 2003
Three months ended
December 31, 2004
(Billions of yen)
Three months ended
Change
December 31, 2003
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
231.3
212.4
443.7
192.1
38.7
34.6
22.2
212.9
207.9
420.9
185.7
36.2
33.2
19.6
8.6%
2.2%
5.4%
3.4%
6.9%
4.2%
13.0%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
106.01
137.16
108.92
129.58
-2.91
7.58
Net income per share (yen)
30.08
26.53
3.55
20.5
16.9
26.1
15.5
15.7
24.2
4.9
1.2
1.9
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
(2) Nine Months Ended December 31, 2004, 2003 and Year Ending March 31, 2005
Nine months ended
December 31, 2004
Nine months ended
December 31, 2003
(Results)
(Results)
Change
(Billions of yen)
Year ending
March 31, 2005 Change
(Forecast)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
700.4
619.3
1,319.8
555.9
96.4
94.7
58.0
661.5
647.4
1,308.9
573.8
113.4
104.6
61.9
5.9%
-4.3%
0.8%
-3.1%
-15.0%
-9.5%
-6.3%
972.9
842.1
1,815.0
764.0
147.0
141.0
85.0
6.4%
-2.8%
2.0%
-0.2%
-2.0%
-1.4%
-7.4%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
108.55
134.60
115.00
132.17
-6.45
2.43
107.67
133.45
-5.42
0.80
Net income per share (yen)
78.56
83.32
-4.76
115.07
-8.56
1,899.8
841.9
446.4
1,922.1
708.8
513.1
-22.2
133.1
-66.6
-
-
44.3
36.9
7.4
-
-
1,139.87
958.20
181.67
-
-
74.3
-90.5
-22.9
168.1
81.6
-40.4
9.2
238.3
-7.3
-50.1
-32.1
-70.2
-
-
58.7
48.0
79.6
51.8
49.4
68.4
6.8
-1.3
11.1
79.0
67.5
107.0
0.4
-0.1
14.4
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 the year ending March 31, 2005 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 third quarter of fiscal 2005 (the three months period from October 1 to December 31, 2004)
increased by 5.4% as compared to the previous corresponding period, to ¥443.7 billion. During this quarter, the average yen
exchange rates were at ¥106.01 against the U.S. dollar (up ¥2.91) and ¥137.16 against the euro (down ¥7.58). Net sales
would rise 4.8% excluding impacts of such foreign currency exchange fluctuations.
In Japan, Printing Systems such as MFPs (multifunctional printers) and laser printers increased its sales, and also solution
business such as support and service continued its sales raised. Moreover, Ricoh Printing Systems, Ltd. which is a newly
acquired printing company contributed substantially to our sales.
In the result of taking effective countermeasures against the changes in terms of multifunction, networking and colorizing,
net sales was 8.6% up from the previous corresponding period.
As for overseas, product categories such as color PPCs (plain paper copiers), MFPs and laser printers, especially color
models, increased its sales in each region. Although sales in the Americas increased by 3.0% (5.9% increase excluding
currency exchange impact) and in Europe also increased by 8.2% as compared to the previous corresponding period, sales in
other region such as China, Asian and Oceania countries decreased by 18.4% due primarily to sales decline of optical disc
business and the sale of certain consolidated subsidiaries in optical related business.
As a result, net sales was 2.2% up from the previous corresponding period. Excluding the impact of the currency exchange
fluctuations, it figures net sales would be increased by 0.9%.
Operating income increased by 6.9% as compared to the previous corresponding period, to ¥38.7 billion. It was provided
positive effect by increasing of sales on high value-added products such as color PPCs, MFPs and printers that yield a high
profit, launching new products and ongoing cost-cutting activities, in spite of expansion of strategic costs such as research
and development and establishment of core operating system.
As a result, income before income taxes increased by 4.2% as compared to the previous corresponding period, to ¥34.6
billion, although foreign exchange losses incurred in other expense.
The effective tax rate consequently dropped down due to the amount of tax exemption on research and development
expenses which was expanded by the change of the Corporate Tax Law in Japan, and overall profitability improvement has
been executed.
As a result, net income increased by 13.0% as compared to the previous corresponding period, to ¥22.2 billion.
2
*Conditions by Product Line
Office Equipment (Sales up 6.7% to ¥393.1 billion)
Customer demands have been shifting more to digital, networked and color models from standalone analog products both in Japan
and overseas market place. Ricoh enforced a solution proposal to customers for the optimization of their total printing costs in
order to assist their efficient management of TDV (Total Document Volume). As a result, sales of color PPCs and Printing
Systems such as MFPs and laser printers continued to grow and sales of Network System Solutions such as support and service
increased while sales of Imaging Solutions decreased. Sales of optical disc business decreased as per continuous reduction in key
module business such as independent developed disc drive and its related component, except media.
Imaging Solutions (Sales down 5.7% to ¥178.3 billion)
Digital Imaging Systems
- Sales of color PPCs increased by new product in response to growth in customer demand.
- Shift from standalone products to MFPs all over the world
- As a result, sales in this category decreased by 2.1%.
Other Imaging Systems
- Sales were down by 17.1% due to the shift from analog products to MFPs and color products.
Network Input/Output Systems (Sales up 24.2% to ¥171.3 billion)
Printing Systems
- Continuous sales growth by introducing new offering products to cope with the shift to networked and color models both in
Japan and overseas.
MFPs:
Imagio Neo 352 and Imagio Neo 602 in Japan
Aficio 2035/2045 series and Aficio 2105/2090 series overseas
Color MFPs: Imagio Neo C245 and Imagio Neo C385 in Japan
Aficio 2232C/2238C series overseas
- Sales volume of printers increased especially color laser printer and color printers for office use utilizing Ricoh’s original
‘GELJET’ technology with strategic low price.
- Ricoh Printing Systems, Ltd. became a subsidiary and contributed to our performances.
- As a result, sales in this category increased by 35.9%.
Other Input/Output Systems
- Optical disc business that advanced to focus on media decreased its sales.
Network System Solutions (Sales up 4.6% to ¥43.5 billion)
- Solution business such as support and service continued to increase due primarily to customer acceptance of our
solution proposal to optimize their total printing cost.
Consequently, net sales of Office Equipment segment increased by 6.7% as compared to the previous corresponding period, to ¥
393.1 billion. Operating income increased by 9.1% to ¥54.5 billion. It was particularly resulted from sales increase and new
products of Printing Systems and continuous cost reduction.
Other Businesses (Sales down 3.2% to ¥50.6 billion)
Net sales of Other Business segment decreased by 3.2% as compared to the previous corresponding period, to ¥50.6 billion, due
primarily to the sales of certain consolidated subsidiaries in optical related business and sluggish demand cycle of semiconductor
business.
As a result, operating income in this segment decreased to ¥0.1 billion.
*Cash Flows (Nine months from April 1, 2004 to December 31, 2004)
Net cash provided by operating activities decreased ¥7.3 billion as compared to the previous corresponding period, to ¥74.3 billion.
Although the collection of trade receivables progressed, inventories increased in response to sales expansion in overseas markets.
Income tax and bonus were paid, and retirement benefit obligation decreased due to the maintenance of the pension plan last fiscal
year.
Net cash used in investing activities was ¥90.5 billion due to capital investment in new product lines, product development and the
acquisition of new printer company, Ricoh Printing Systems, Ltd.
As a result, free cash flow generated by operating and investing activities, which provided ¥41.2 billion in the previous
corresponding period, used ¥16.2 billion.
Net cash used in financing activities amounted to ¥22.9 billion due primarily to cutback interest-bearing debt by means of
reinforcement of cash management in each region and payment of dividends.
As a result, cash and cash equivalents at the end of the third quarter decreased ¥34.8 billion as compared to the end of the
preceding year, to ¥168.1 billion.
3
*Forecast for the entire fiscal year
As for the forecast of business results for the fiscal year ending March 31, 2005, we have revised our sales forecast as announced in
October 2004, up to ¥1,815.0 billion with 2.0% growth as compared to the previous fiscal year.
We forecast the sales volume of Office Equipment will increase both in Japan and overseas in consideration of positive effect showed
up in regard to the promotion for color models and the reform of non-core businesses, which were conducted during this first half of
fiscal year. For the fourth quarter, we predict an exchange rate of ¥105.00 against the US dollar, and of ¥130.00 against the euro,
without change.
As for income, we revised downward our forecast to operating income of ¥147.0 billion and income before income taxes of
¥141.0 billion, from ¥151.0 billion and ¥145.5 billion of which we announced in October 2004, respectively. It is due primarily to
strategic investment for 15th medium-term plan that will start from next fiscal year.
Forecast net income of ¥85.0 billion has not been revised and same as announced in October 2004.
Our performance forecasts for fiscal 2005 are as follows:
Exchange Rate Assumptions for the full year ending March 31, 2005
US$ 1 = ¥107.67 (¥113.09 in previous fiscal year)
EURO 1 = ¥133.45 (¥132.65 in previous fiscal year)
(Billions of yen)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
Year ending
March 31, 2005
(Forecast)
972.9
842.1
1,815.0
764.0
147.0
141.0
85.0
Year ended
March 31, 2004
(Results)
914.0
866.1
1,780.2
765.6
150.0
143.0
91.7
Change
6.4%
-2.8%
2.0%
-0.2%
-2.0%
-1.4%
-7.4%
*Note
*Note: As for net income for the year ended March 31, 2004, ¥7.3 billion of net realized gains of the certain marketable securities,
which were contributed to the employee retirement benefit trust, were incorporated as cumulative effect of accounting change.
* Ricoh bases the forecast estimates for the year ending March 31, 2005 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 Third Quarter Ended December 31, 2004 (U.S. GAAP Financial Information)
1. Items Relating to Third 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: 12 additions; No change
Companies accounted for by the equity method: 2 additions; 1 removal
2. Results for the Period from October 1, 2004 to December 31, 2004
(1) Operating Results
Three months ended Three months ended
December 31, 2003
December 31, 2004
Net sales
443,799
420,903
(% change from the previous corresponding period)
5.4
0.0
Operating income
38,709
36,214
(% change from the previous corresponding period)
6.9
8.4
Income before income taxes
34,661
33,266
(% change from the previous corresponding period)
4.2
10.9
Net income
22,223
19,664
(% change from the previous corresponding period)
13.0
10.5
Net income per share-basic (yen)
30.08
26.53
Net income per share-diluted (yen)
Note: Equity in earnings of affiliates: ¥1,532 million (¥932 million in previous corresponding period)
(2) Financial Position
Total assets
Shareholders' equity
Equity ratio (%)
Equity per share (yen)
December 31, 2004
1,899,898
841,998
44.3
1,139.87
December 31, 2003
1,922,150
708,888
36.9
958.20
(Millions of yen)
March 31, 2004
1,852,793
795,131
42.9
1,076.11
Nine months ended
December 31, 2004
74,318
-90,576
-22,949
168,173
Nine months ended
December 31, 2003
81,698
-40,400
9,223
238,389
(Millions of yen)
Year ended
March 31, 2004
154,911
-63,383
-74,835
203,039
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
(Millions of yen)
Year ended
March 31, 2004
1,780,245
2.4
150,006
12.2
143,063
15.9
91,766
26.6
123.63
-
3. Forecast of Operating Results from April 1, 2004 to March 31, 2005
Net sales
Operating income
Income before income taxes
Net income
Note: Net income per share (Consolidated) ¥115.07
(Millions of yen)
1,815,000
147,000
141,000
85,000
In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the fiscal year ending March 31, 2005.
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, 2004 and 2003)
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) expense
Interest and dividend income
Percentage of net sales (%)
Interest expense
Percentage of net sales (%)
Other, net
Percentage of net sales (%)
Income before income taxes,
equity income and minority interests
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 (%)
Reference : Exchange rate
US$ 1
EURO 1
(Millions of yen)
Three months ended Three months ended
December 31, 2004
December 31, 2003
443,799
420,903
251,696
235,124
56.7
55.9
192,103
185,779
43.3
44.1
153,394
149,565
34.6
35.5
38,709
36,214
8.7
8.6
358
0.1
1,276
0.3
3,130
0.7
434
0.1
1,337
0.3
2,045
0.5
34,661
7.8
12,500
2.8
1,470
0.3
1,532
0.3
22,223
5.0
33,266
7.9
13,473
3.2
1,061
0.2
932
0.2
19,664
4.7
¥106.01
¥137.16
¥108.92
¥129.58
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
Nine months ended
December 31, 2004
December 31, 2003
Net sales
1,319,802
1,308,993
Cost of sales
763,819
735,107
Percentage of net sales (%)
57.9
56.2
Gross Profit
555,983
573,886
Percentage of net sales (%)
42.1
43.8
Selling, general and administrative expenses
459,516
460,417
Percentage of net sales (%)
34.8
35.1
Operating income
96,467
113,469
Percentage of net sales (%)
7.3
8.7
Other (income) expense
Interest and dividend income
1,431
1,747
Percentage of net sales (%)
0.1
0.1
Interest expense
3,592
4,200
Percentage of net sales (%)
0.3
0.3
Other, net
-419
6,334
Percentage of net sales (%)
-0.1
0.5
Income before income taxes,
equity income and minority interests
94,725
104,682
Percentage of net sales (%)
7.2
8.0
Provision for income taxes
36,279
41,897
Percentage of net sales (%)
2.7
3.2
Minority interests in earnings of subsidiaries
3,368
2,760
Percentage of net sales (%)
0.3
0.2
Equity in earnings of affiliates
2,966
1,904
Percentage of net sales (%)
0.2
0.1
Income before cumulative effect
58,044
61,929
of accounting changes
Percentage of net sales (%)
4.4
4.7
Cumulative effect of accounting change, net of tax
Percentage of net sales (%)
Net income
58,044
61,929
Percentage of net sales (%)
4.4
4.7
Reference : Exchange rate
US$ 1
EURO 1
¥108.55
¥134.60
¥115.00
¥132.17
6
Change
22,896
16,572
%
5.4
7.0
6,324
3.4
3,829
2.6
2,495
6.9
-76
-17.5
-61
-4.6
1,085
53.1
1,395
4.2
-973
-7.2
409
38.5
600
64.4
2,559
13.0
Change
10,809
28,712
%
0.8
3.9
-17,903
-3.1
-901
-0.2
-17,002
-15.0
-316
-18.1
-608
-14.5
-6,753
-
-9,957
-9.5
-5,618
-13.4
608
22.0
1,062
55.8
-3,885
-6.3
-
-
-3,885
-6.3
(Millions of yen)
Year ended
March 31, 2004
1,780,245
1,014,619
57.0
765,626
43.0
615,620
34.6
150,006
8.4
1,925
0.1
5,290
0.3
3,578
0.2
143,063
8.0
56,641
3.2
4,094
0.2
2,065
0.1
84,393
4.7
7,373
0.5
91,766
5.2
¥113.09
¥132.65
2-1. Consolidated Sales by Product Category
(Three months ended December 31, 2004 and 2003)
(Millions of yen)
Three months ended
December 31, 2004
<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, 2003
140,909
31.8
37,408
8.4
178,317
40.2
143,882
34.2
45,151
10.7
189,033
44.9
169,281
38.1
2,043
0.5
171,324
38.6
43,531
9.8
393,172
88.6
124,564
29.6
13,372
3.2
137,936
32.8
41,623
9.9
368,592
87.6
50,627
11.4
443,799
100.0
52,311
12.4
420,903
100.0
¥106.01
¥137.16
¥108.92
¥129.58
Change
%
-2,973
-2.1
-7,743
-17.1
-10,716
-5.7
44,717
35.9
-11,329
-84.7
33,388
24.2
1,908
4.6
24,580
6.7
-1,684
-3.2
22,896
5.4
(Millions of yen)
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
December 31, 2004
<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
Nine months ended
December 31, 2003
416,440
31.6
118,482
8.9
534,922
40.5
453,040
34.6
151,087
11.6
604,127
46.2
470,624
35.7
11,022
0.8
481,646
36.5
142,569
10.8
1,159,137
87.8
160,665
12.2
1,319,802
100.0
¥108.55
¥134.60
Change
-36,600
-8.1
-32,605
-21.6
-69,205
-11.5
358,021
27.4
43,097
3.2
401,118
30.6
138,855
10.6
1,144,100
87.4
112,603
31.5
-32,075
-74.4
80,528
20.1
3,714
2.7
15,037
1.3
164,893
12.6
1,308,993
100.0
-4,228
-2.6
10,809
0.8
¥115.00
¥132.17
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, 2004
%
606,270
34.1
197,304
11.0
803,574
45.1
509,212
28.6
49,025
2.8
558,237
31.4
195,822
11.0
1,557,633
87.5
222,612
12.5
1,780,245
100.0
¥113.09
¥132.65
2-2. Consolidated Sales by Geographic Area
(Three months ended December 31, 2004 and 2003)
(Millions of yen)
Three months ended
December 31, 2004
<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, 2003
231,321
52.1
212,478
47.9
78,246
17.6
107,610
24.2
26,622
6.1
443,799
100.0
212,908
50.6
207,995
49.4
75,933
18.0
99,422
23.6
32,640
7.8
420,903
100.0
¥106.01
¥137.16
¥108.92
¥129.58
Change
%
18,413
8.6
4,483
2.2
2,313
3.0
8,188
8.2
-6,018
-18.4
22,896
5.4
(Millions of yen)
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
December 31, 2004
<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
Nine months ended
December 31, 2003
700,497
53.1
619,305
46.9
239,576
18.2
300,597
22.8
79,132
5.9
1,319,802
100.0
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
¥108.55
¥134.60
¥115.00
¥132.17
8
Change
Year ended
March 31, 2004
%
38,953
5.9
-28,144
-4.3
-4,021
-1.7
4,224
1.4
-28,347
-26.4
10,809
0.8
914,060
51.3
866,185
48.7
326,380
18.3
402,392
22.6
137,413
7.8
1,780,245
100.0
¥113.09
¥132.65
3. Consolidated Balance Sheets
(December 31, 2004 and March 31, 2004)
Assets
December 31, 2004
Current Assets
Cash and time deposits
Trade receivables
Marketable securities
Inventories
Other current assets
Total Current Assets
Fixed Assets
Tangible fixed assets
Finance receivables
Other Investments
Total Fixed Assets
Total Assets
Note:
Contents of cash and time deposits:
Cash and cash equivalents
Time deposits
169,028
415,977
March 31, 2004
168,994
53,739
840,874
204,001
422,244
45,124
145,369
55,079
871,817
-34,973
-6,267
-11,988
23,625
-1,340
-30,943
245,061
545,697
268,266
1,059,024
1,899,898
238,712
514,047
228,217
980,976
1,852,793
6,349
31,650
40,049
78,048
47,105
168,173
855
203,039
962
33,136
Liabilities and Shareholders’ Investment
December 31, 2004
Current Liabilities
Trade payables
Short-term borrowings
Other current liabilities
Total Current Liabilities
Fixed Liabilities
Long-term indebtedness
Accrued pension and severance costs
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, 2004
(Millions of yen)
Change
285,944
216,088
140,637
642,669
297,672
151,162
158,594
607,428
-11,728
64,926
-17,957
35,241
230,409
94,597
39,564
364,570
1,007,239
50,661
281,570
83,492
36,295
401,357
1,008,785
48,877
-51,161
11,105
3,269
-36,787
-1,546
1,784
135,364
186,599
559,416
-27,008
-12,373
841,998
1,899,898
135,364
186,599
515,372
-30,272
-11,932
795,131
1,852,793
0
44,044
3,264
-441
46,867
47,105
4,340
-16,953
-21
-14,374
4,026
-14,863
-24
-19,411
314
-2,090
3
5,037
December 31, 2004
¥104.21
¥141.61
9
(Millions of yen)
Change
March 31, 2004
¥105.69
¥128.88
4. Consolidated Statements of Cash Flow
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended Nine months ended
December 31, 2004 December 31, 2003
I. Cash Flows from Operating Activities:
1. Net income
58,044
61,929
2. Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization
57,498
56,381
Equity in earnings of affiliates, net of dividends received
-2,163
-1,162
Deferred income taxes
5,731
1,026
Losses on disposal and sales of tangible fixed assets
1,600
1,094
Cumulative effect of accounting change, net of tax
Changes in assets and liabilities, net of effects from acquisition—
(Increase) decrease in trade receivables
23,847
10,563
Increase in inventories
-14,111
-21,209
Increase in finance receivables
-19,659
-22,666
(Decrease) increase in trade payables
-23,282
-6,111
Decrease in accrued income taxes and
accrued expenses and other
-24,387
-28,587
(Decrease) Increase in accrued pension and severance costs
2,454
15,455
Other, net
8,746
14,985
Net cash provided by operating activities
74,318
81,698
II. Cash Flows from Investing Activities:
1. Proceeds from sales of property, plant and equipment
1,631
134
2. Expenditures for tangible fixed assets
-58,253
-51,830
3. Payments for purchases of available-for-sale securities
-27,161
-25,200
4. Proceeds from sales of available-for-sale securities
39,024
34,047
5. Decrease in time deposits, net
108
10,192
6. Other, net
-45,925
-7,743
Net cash used in investing activities
-90,576
-40,400
III. Cash Flows from Financing Activities:
1. Proceeds from long-term indebtedness
45,053
1,104
2. Repayment of long-term indebtedness
-37,522
-25,788
3. (Decrease) increase in short-term borrowings, net
-1,628
68,169
4. Proceeds from issuance of long-term debt securities
9,000
1,000
5. Repayment of long-term debt securities
-22,000
-14,000
6. Dividends paid
-14,793
-11,136
7. Payment for purchase of treasury stock
-480
-9,634
8. Other, net
-579
-492
Net cash used in financing activities
-22,949
9,223
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,866
-1,375
V. Net Increase (Decrease) in Cash and Cash Equivalents
-37,341
49,146
VI. Cash and Cash Equivalents at Beginning of Year
203,039
189,243
VII. Adjustment for Change of Fiscal Period on Consolidated Subsidiaries
2,475
VIII. Cash and Cash Equivalents at End of Period
168,173
238,389
10
(Millions of yen)
Year ended
March 31, 2004
91,766
76,968
-1,001
3,338
2,035
-7,373
-11,367
-4,317
-32,650
21,316
-5,913
-609
22,718
154,911
190
-75,432
-35,518
45,464
9,915
-8,002
-63,383
13,349
-31,509
-10,728
1,000
-23,910
-11,136
-11,411
-490
-74,835
-2,897
13,796
189,243
203,039
5. Segment Information
(1) Industry Segment Information
(Three months ended December 31, 2004 and 2003)
(Millions of yen)
Three months ended
December 31, 2004
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, 2003
393,172
393,172
338,656
54,516
368,592
368,592
318,629
49,963
13.9
13.6
50,627
596
51,223
51,119
104
52,311
575
52,886
51,878
1,008
0.2
1.9
-596
-596
Change
%
24,580
24,580
20,027
4,553
6.7
6.7
6.3
9.1
-1,684
21
-1,663
-759
-904
-3.2
3.7
-3.1
-1.5
-89.7
-575
-575
-21
-21
-
-592
15,907
15,315
-15,911
-569
14,751
14,182
-14,757
-23
1,156
1,133
-1,154
-
443,799
443,799
405,090
38,709
420,903
420,903
384,689
36,214
22,896
22,896
20,401
2,495
5.4
5.4
5.3
6.9
8.7
8.6
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
December 31, 2004
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, 2003
Change
1,159,137
1,159,137
1,022,415
136,722
1,144,100
1,144,100
991,438
152,662
11.8
13.3
160,665
1,862
162,527
161,166
1,361
164,893
1,740
166,633
162,639
3,994
0.8
2.4
-1,862
-1,862
-1,740
-1,740
-122
-122
-
-2,462
-2,462
-1,860
41,614
39,754
-41,616
-1,764
43,211
41,447
-43,187
-96
-1,597
-1,693
1,571
-
-2,494
59,038
56,544
-59,006
1,319,802
1,319,802
1,223,335
96,467
1,308,993
1,308,993
1,195,524
113,469
10,809
10,809
27,811
-17,002
0.8
0.8
2.3
-15.0
1,780,245
1,780,245
1,630,239
150,006
7.3
8.7
11
15,037
15,037
30,977
-15,940
Year ended
March 31, 2004
%
1.3
1.3
3.1
-10.4
1,557,633
1,557,633
1,353,304
204,329
13.1
-4,228
122
-4,106
-1,473
-2,633
-2.6
7.0
-2.5
-0.9
-65.9
222,612
2,462
225,074
220,391
4,683
2.1
8.4
(2) Geographic Segment Information
(Three months ended December 31, 2004 and 2003)
(Millions of yen)
Three months ended
December 31, 2004
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, 2003
236,003
104,719
340,722
311,668
29,054
224,398
83,101
307,499
286,985
20,514
8.5
6.7
78,146
1,327
79,473
77,846
1,627
72,323
872
73,195
71,067
2,128
2.0
2.9
108,085
747
108,832
103,620
5,212
98,864
1,036
99,900
93,998
5,902
4.8
5.9
21,565
21,501
43,066
39,925
3,141
25,318
20,227
45,545
42,923
2,622
7.3
5.8
-128,294
-128,294
-127,969
-325
Change
%
11,605
21,618
33,223
24,683
8,540
5.2
26.0
10.8
8.6
41.6
5,823
455
6,278
6,779
-501
8.1
52.2
8.6
9.5
-23.5
9,221
-289
8,932
9,622
-690
9.3
-27.9
8.9
10.2
-11.7
-3,753
1,274
-2,479
-2,998
519
-14.8
6.3
-5.4
-7.0
19.8
-105,236
-105,236
-110,284
5,048
-23,058
-23,058
-17,685
-5,373
-
443,799
443,799
405,090
38,709
420,903
420,903
384,689
36,214
22,896
22,896
20,401
2,495
5.4
5.4
5.3
6.9
8.7
8.6
12
(Nine months ended December 31, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
December 31, 2004
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, 2003
Change
717,476
294,539
1,012,015
943,269
68,746
703,320
267,432
970,752
893,451
77,301
6.8
8.0
237,330
6,141
243,471
235,711
7,760
234,288
3,864
238,152
228,341
9,811
3.2
4.1
302,026
2,536
304,562
288,388
16,174
295,424
2,807
298,231
282,817
15,414
5.3
5.2
62,970
65,319
128,289
119,713
8,576
75,961
69,452
145,413
138,225
7,188
6.7
4.9
-368,535
-368,535
-363,746
-4,789
-343,555
-343,555
-347,310
3,755
-24,980
-24,980
-16,436
-8,544
-
-451,462
-451,462
-456,173
4,711
1,319,802
1,319,802
1,223,335
96,467
1,308,993
1,308,993
1,195,524
113,469
10,809
10,809
27,811
-17,002
0.8
0.8
2.3
-15.0
1,780,245
1,780,245
1,630,239
150,006
7.3
8.7
13
14,156
27,107
41,263
49,818
-8,555
Year ended
March 31, 2004
%
2.0
10.1
4.3
5.6
-11.1
962,127
351,070
1,313,197
1,215,875
97,322
7.4
3,042
2,277
5,319
7,370
-2,051
1.3
58.9
2.2
3.2
-20.9
315,504
5,249
320,753
305,284
15,469
4.8
6,602
-271
6,331
5,571
760
2.2
-9.7
2.1
2.0
4.9
400,646
3,770
404,416
382,383
22,033
5.4
-12,991
-4,133
-17,124
-18,512
1,388
-17.1
-6.0
-11.8
-13.4
19.3
101,968
91,373
193,341
182,870
10,471
5.4
8.4
6. Significant Accounting Policies (Consolidated)
1. Change relating to the scale of consolidation and the application of the equity method from October 1, 2004 to
December 31, 2004.
Consolidated subsidiaries:
12 additions including Ricoh Printing Systems, Ltd. and Shanghai Ricoh Digital Equipment Co., Ltd.
No removal
Companies accounted for by the equity method:
2 additions including Santama Sougou Jimukiki Co., Ltd.
Removal: Shanghai Ricoh Digital Equipment 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.
Certain overseas subsidiaries of the company changed their fiscal year end from December 31 to March 31, at the beginning
of fiscal 2005. As a result, retained earnings increased by ¥777 million and other comprehensive income (loss) decreased by
¥1,665 million.
(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- (Third Quarter Ended December 31, 2004)
1. Consolidated Quarterly Performance Outline
Fiscal 2005
(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)
436,550
189,171
39,387
41,319
24,894
33.69
1,855,745
812,915
1,100.24
Change(%)
-0.2
-1.9
2.3
10.7
11.4
-
2Q
439,453
174,709
18,371
18,745
10,927
14.79
1,877,455
830,280
1,123.84
Change(%)
-2.5
-10.6
-52.6
-45.0
-45.1
-
3Q
443,799
192,103
38,709
34,661
22,223
30.08
1,899,898
841,998
1,139.87
Change(%)
5.4
3.4
6.9
4.2
13.0
-
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
A1
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
-
4Q
471,252
191,740
36,537
38,381
29,837
40.31
1,852,793
795,131
1,076.11
Change(%)
2.3
-4.0
-6.2
1.5
40.8
-
2. Consolidated Sales by Product Category
(Three months ended December 31, 2004 and 2003)
(Millions of yen)
Three months ended
December 31, 2004
<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, 2003
140,909
31.8
56,640
84,269
37,408
8.4
15,470
21,938
178,317
40.2
72,110
106,207
143,882
34.2
60,016
83,866
45,151
10.7
17,291
27,860
189,033
44.9
77,307
111,726
169,281
38.1
73,923
95,358
2,043
0.5
431
1,612
171,324
38.6
74,354
96,970
43,531
9.8
41,824
1,707
393,172
88.6
188,288
204,884
78,056
105,862
20,966
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
50,627
11.4
43,033
7,594
190
1,748
5,656
443,799
100.0
231,321
52.1
212,478
47.9
78,246
17.6
107,610
24.2
26,622
6.1
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
¥106.01
¥137.16
¥108.92
¥129.58
Change
%
Change excluding
exchange impact
-2,973
-2.1
-3,864
-2.7
-3,376
403
-7,743
-5.6
0.5
-17.1
-3,376
-488
-8,075
-5.6
-0.6
-17.9
-1,821
-5,922
-10,716
-10.5
-21.3
-5.7
-1,821
-6,254
-11,939
-10.5
-22.4
-6.3
-5,197
-5,519
-6.7
-4.9
-5,197
-6,742
-6.7
-6.0
44,717
35.9
43,403
34.8
20,364
24,353
-11,329
38.0
34.3
-84.7
20,364
23,039
-11,372
38.0
32.4
-85.0
-621
-10,708
33,388
-59.0
-86.9
24.2
-621
-10,751
32,031
-59.0
-87.3
23.2
19,743
13,645
1,908
36.2
16.4
4.6
19,743
12,288
1,879
36.2
14.7
4.5
1,284
624
24,580
3.2
57.6
6.7
1,284
595
21,971
3.2
54.9
6.0
15,830
8,750
2,413
7,434
-1,097
9.2
4.5
3.2
7.6
-5.0
15,830
6,141
4,577
2,559
-995
9.2
3.1
6.1
2.6
-4.5
-1,684
-3.2
-1,634
-3.1
2,583
-4,267
-100
754
-4,921
22,896
6.4
-36.0
-34.5
75.9
-46.5
5.4
2,583
-4,217
-95
695
-4,817
20,337
6.4
-35.6
-32.8
69.9
-45.5
4.8
18,413
8.6
18,413
8.6
4,483
2.2
1,924
0.9
2,313
3.0
4,482
5.9
8,188
8.2
3,254
3.3
-6,018
-18.4
-5,812
-17.8
¥-2.91
¥7.58
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, 2004 and 2003 and Year ended March 31, 2004)
Nine months ended
December 31, 2004
<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
416,440
31.6
170,564
245,876
118,482
8.9
46,382
72,100
534,922
40.5
216,946
317,976
Nine months ended
December 31, 2003
%
%
-36,600
-8.1
-31,466
-6.9
-14,225
-22,375
-32,605
-7.7
-8.3
-21.6
-14,225
-17,241
-31,594
-7.7
-6.4
-20.9
-7,406
-25,199
-69,205
-13.8
-25.9
-11.5
-7,406
-24,188
-63,060
-13.8
-24.9
-10.4
-21,631
-47,574
-9.1
-13.0
-21,631
-41,429
-9.1
-11.3
470,624
35.7
201,898
268,726
11,022
0.8
1,921
9,101
481,646
36.5
203,819
277,827
142,569
10.8
137,939
4,630
1,159,137
87.8
558,704
600,433
239,000
297,051
64,382
358,021 112,603
27.4
153,910 47,988
204,111 64,615
43,097 -32,075
3.2
3,795
-1,874
39,302 -30,201
401,118 80,528
30.6
157,705 46,114
243,413 34,414
138,855
3,714
10.6
135,800
2,139
3,055
1,575
1,144,100 15,037
87.4
532,082 26,622
612,018 -11,585
242,443
-3,443
293,128
3,923
76,447 -12,065
31.5
115,581
32.3
31.2
31.7
-74.4
47,988
67,593
-32,100
31.2
33.1
-74.5
-49.4
-76.8
20.1
-1,874
-30,226
83,481
-49.4
-76.9
20.8
29.2
14.1
2.7
46,114
37,367
3,743
29.2
15.4
2.7
1.6
51.6
1.3
2,139
1,604
24,164
1.6
52.5
2.1
5.0
-1.9
-1.4
1.3
-15.8
26,622
-2,458
10,622
-2,532
-10,548
5.0
-0.4
4.4
-0.9
-13.8
160,665
12.2
141,793
18,872
576
3,546
14,750
1,319,802
100.0
700,497
53.1
619,305
46.9
239,576
18.2
300,597
22.8
79,132
5.9
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
-4,228
-2.6
-3,845
-2.3
12,331
-16,559
-578
301
-16,282
10,809
9.5
-46.7
-50.1
9.3
-52.5
0.8
12,331
-16,176
-542
243
-15,877
20,319
9.5
-45.7
-47.0
7.5
-51.2
1.6
38,953
5.9
38,953
5.9
-28,144
-4.3
-18,634
-2.9
-4,021
-1.7
10,080
4.1
4,224
1.4
-2,289
-0.8
-28,347
-26.4
-26,425
-24.6
¥108.55
¥134.60
453,040
34.6
184,789
268,251
151,087
11.6
53,788
97,299
604,127
46.2
238,577
365,550
Change
Change excluding
exchange impact
¥115.00
¥132.17
¥-6.45
¥2.43
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, 2004
606,270
34.1
253,830
352,440
197,304
11.0
70,762
126,542
803,574
45.1
324,592
478,982
509,212
28.6
218,165
291,047
49,025
2.8
4,981
44,044
558,237
31.4
223,146
335,091
195,822
11.0
191,302
4,520
1,557,633
87.5
739,040
818,593
325,106
398,109
95,378
222,612
12.5
175,020
47,592
1,274
4,283
42,035
1,780,245
100.0
914,060
51.3
866,185
48.7
326,380
18.3
402,392
22.6
137,413
7.8
¥113.09
¥132.65
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 ending
Year ending
Sept. 30, 2004
Change
Dec. 31, 2004
Change
Mar. 31, 2005
Change
Mar. 31, 2005
Change
Results
%
Results
%
Forecast
%
Forecast
%
876.0
363.8
57.7
60.0
35.8
48.48
38.2
31.0
53.4
109.83
133.31
-1.4
-6.2
-25.2
-15.9
-15.2
-
443.7
192.1
38.7
34.6
22.2
30.08
20.5
16.9
26.1
106.01
137.16
5.4
3.4
6.9
4.2
13.0
-
495.1
208.0
50.5
46.2
26.9
36.51
20.2
19.4
27.3
105.00
130.00
5.1
8.5
38.3
20.6
-9.7
-
1,815.0
764.0
147.0
141.0
85.0
115.07
79.0
67.5
107.0
107.67
133.45
2.0
-0.2
-2.0
-1.4
-7.4
-
4. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Three months ending March 31, 2005
Change
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
Year ending March 31, 2005
Change
Forecast
Forecast(*)
%
Change
%
136.6
60.6
76.0
36.0
14.1
21.9
172.7
74.7
97.9
-10.8
-12.2
-9.7
-22.0
-16.8
-25.1
-13.4
-13.1
-13.6
137.3
60.6
76.6
36.7
14.1
22.5
174.0
74.7
99.2
-10.4
-12.2
-8.9
-20.6
-16.8
-22.8
-12.7
-13.1
-12.5
553.1
231.2
321.9
154.5
60.5
94.0
707.6
291.7
415.9
-8.8
-8.9
-8.7
-21.7
-14.5
-25.7
-11.9
-10.1
-13.2
558.9
231.2
327.7
156.2
60.5
95.7
715.1
291.7
423.4
-7.8
-8.9
-7.0
-20.8
-14.5
-24.4
-11.0
-10.1
-11.6
209.5
95.1
114.4
2.7
0.6
2.1
212.2
95.7
116.5
56.1
53.6
2.4
441.1
224.1
216.9
88.2
107.2
21.4
38.6
48.0
31.6
-52.9
-42.7
-55.4
35.1
46.4
27.1
-1.5
-3.3
66.8
6.7
8.3
5.0
6.7
2.1
13.5
213.4
95.1
118.3
2.8
0.6
2.1
216.2
95.7
120.4
56.2
53.6
2.5
446.4
224.1
222.2
90.1
110.6
21.5
41.2
48.0
36.1
-52.2
-42.7
-54.6
37.6
46.4
31.4
-1.3
-3.3
73.4
8.0
8.3
7.6
9.1
5.4
13.7
680.1
297.0
383.1
13.8
2.6
11.2
693.9
299.6
394.3
198.6
191.6
7.0
1,600.2
782.9
817.3
327.2
404.2
85.8
33.6
36.1
31.6
-71.8
-47.8
-74.5
24.3
34.3
17.7
1.5
0.2
56.5
2.7
5.9
-0.2
0.6
1.5
-10.0
687.0
297.0
390.0
13.8
2.6
11.2
700.8
299.6
401.2
198.8
191.6
7.2
1,614.7
782.9
831.8
343.2
401.2
87.4
34.9
36.1
34.0
-71.8
-47.8
-74.5
25.5
34.3
19.7
1.5
0.2
59.3
3.7
5.9
1.6
5.6
0.8
-8.3
54.0
48.2
5.8
0.6
1.4
3.7
495.1
272.4
222.7
88.8
108.6
25.2
-6.2
5.8
-51.2
463.3
41.2
-65.5
5.1
7.9
1.9
7.4
2.5
-15.7
54.2
48.2
6.0
0.6
1.5
3.8
500.7
272.4
228.3
90.8
112.1
25.3
-6.0
5.8
-50.3
475.8
45.7
-65.1
6.3
7.9
4.4
9.7
5.7
-15.2
214.8
190.0
24.8
1.2
5.0
18.5
1,815.0
972.9
842.1
328.4
409.2
104.4
-3.5
8.6
-47.9
-1.7
17.0
-55.9
2.0
6.4
-2.8
0.6
1.7
-24.0
215.3
190.0
25.3
1.3
5.0
19.0
1,830.0
972.9
857.1
344.5
406.2
106.4
-3.3
8.6
-46.8
2.0
16.7
-54.8
2.8
6.4
-1.0
5.6
0.9
-22.5
A4