January 30, 2008
QUARTERLY REPORT
Third Quarter Ended December 31, 2007
(Results for the Period from October 1, 2007 to December 31, 2007)
Performance Outline (Consolidated)
(1) Three Months Ended December 31, 2006 and 2007
(Billions of yen)
Three months ended Three months ended
Change
December 31, 2006 December 31, 2007
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
236.8
268.8
505.7
219.3
48.6
48.7
31.2
244.6
307.3
552.0
237.4
49.4
49.0
32.1
3.3%
14.3%
9.2%
8.2%
1.6%
0.5%
2.8%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
117.82
151.92
113.24
163.96
-4.58
12.04
42.83
42.66
44.01
42.84
1.18
0.18
17.6
18.2
27.9
18.1
18.4
32.0
0.5
0.1
4.1
Net income per share (yen)
Net income per share-diluted (yen)
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
(2) Nine Months Ended December 31, 2006, 2007 and Year Ending March 31, 2008
Nine months ended
December 31, 2006
Nine months ended
December 31, 2007
(Results)
(Results)
Change
(Billions of yen)
Year ending
March 31, 2008
Change
(Forecast)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income from continuing operations before income taxes
Net income
729.3
763.3
1,492.6
627.2
121.8
123.0
83.2
749.0
891.3
1,640.4
688.6
134.0
134.0
85.2
2.7%
16.8%
9.9%
9.8%
10.0%
9.0%
2.4%
1,035.0
1,215.0
2,250.0
933.0
188.0
184.0
113.5
3.3%
13.9%
8.8%
8.2%
7.8%
5.4%
1.6%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
116.21
147.97
117.32
162.89
1.11
14.92
114.25
160.92
-2.77
10.84
Net income per share (yen)
Net income per share-diluted (yen)
114.18
114.01
116.84
113.74
2.66
-0.27
155.51
151.38
2.41
-0.51
Total assets
Shareholders' investment
Interest-bearing debt
2,198.7
1,029.6
468.0
2,294.9
1,132.3
428.7
96.2
102.7
-39.2
-
-
46.8
49.3
2.5
-
-
1,411.45
1,551.72
140.27
-
-
73.5
-60.6
63.6
269.3
104.8
-160.9
-10.5
189.4
31.3
-100.3
-74.1
-79.8
-
-
56.8
52.0
84.4
57.8
54.1
93.6
1.0
2.0
9.1
90.0
76.0
128.0
4.2
3.5
13.0
Equity ratio (%)
Shareholders' investment 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.
* Ricoh bases the forecast estimates for the year ending March 31, 2008 above upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from those projected.
1
Ricoh Company, Ltd. and Consolidated Subsidiaries
Financial Highlights for the Third Quarter Ended December 31, 2007 (U.S. GAAP Financial Information)
1. Results for the Period from April 1, 2007 to December 31, 2007
(1) Operating Results
Net sales
(% change from the previous corresponding period)
Operating income
(% change from the previous corresponding period)
Income from continuing operations before income taxes
(% change from the previous corresponding period)
Net income
(% change from the previous corresponding period)
Net income per share-basic (yen)
Net income per share-diluted (yen)
Nine months ended
December 31, 2007
1,640,412
9.9
134,020
10.0
134,085
9.0
85,276
2.4
116.84
113.74
December 31, 2006
2,198,757
1,029,665
46.8
1,411.45
December 31, 2007
2,294,990
1,132,379
49.3
1,551.72
(Millions of yen)
March 31, 2007
2,243,406
1,070,913
47.7
1,467.03
Nine months ended
December 31, 2006
73,548
-60,610
63,675
269,361
Nine months ended
December 31, 2007
104,858
-160,942
-10,522
189,468
(Millions of yen)
Year ended
March 31, 2007
167,297
-115,432
9,282
255,737
(2) Financial Position
Total assets
Shareholders' investment
Equity ratio (%)
Equity per share (yen)
(3) Cash Flows
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, 2007
2,068,925
Nine months ended
December 31, 2006
1,492,634
7.0
121,815
20.1
123,059
16.6
83,297
26.5
114.18
114.01
2. Forecast of Operating Results from April 1, 2007 to March 31, 2008
Net sales
Operating income
Income before income taxes
Net income
Net income per share-basic (yen)
174,380
174,519
111,724
153.10
151.89
(Millions of yen)
2,250,000
188,000
184,000
113,500
155.51
Notes:
* In accordance with Japanese regulations, Ricoh has issued forecast for its financial results for the fiscal year ending March 31, 2008.
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.
3. Others
(1) Significant changes to consolidated subsidiaries:
Consolidated subsidiaries: 1 removal (Lanier Worldwide, Inc.)
(2) Changes in accounting method:
Not applicable
2
Consolidated Performance
1. Operating results
*Overview
Consolidated net sales of Ricoh group for the third quarter of fiscal year 2008 (the three months period from October 1 to
December 31, 2007) increased by 9.2% as compared to the previous corresponding period, to ¥552.0 billion. During this
quarter, the average yen exchange rates were ¥113.24 against the U.S. dollar (up ¥4.58) and ¥163.96 against the Euro
(down ¥12.04). Net sales would have increased by 7.5% excluding impact of such foreign currency exchange fluctuations.
As for Japan, sales of color PPCs (plain paper copiers), color MFPs (multifunctional printers) and laser printers increased.
Sales of support and service related to solution business continued to perform well. Sales in Industrial Products and Other
also steadily increased. As a result, domestic net sales increased by 3.3% as compared to the previous corresponding period.
As for overseas, the increase in sales of color MFPs and color laser printers contributed to the favorable performance in
each geographic area. Although sales in the Americas slightly increased by 2.3% (6.2%, excluding foreign currency
exchange fluctuations) due to the decelerating economy, sales in Europe increased significantly by 19.1% (9.7%, excluding
foreign currency exchange fluctuations) and sales in Other, comprised of China, Asia and Oceania, continued to increase by
33.9% (32.4%, excluding foreign currency exchange fluctuations). As a result, net sales in overseas increased by 14.3% as
compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas
would have increased by 11.1% as compared to the previous corresponding period.
Gross profit increased by 8.2% as compared the previous corresponding period, to ¥237.4 billion. This increase in gross
profit primarily reflects the increase in sales of value-added high-margin products in Office Solutions.
Selling, general and administrative expenses (SGA) increased by 10.1% as compared to the previous corresponding period,
to ¥187.9 billion, due to the increase of R&D expenditures and our accelerated efforts in implementing measures for
enhancing our capabilities to provide solutions and expanding business spheres.
As a result, operating income increased by 1.6% as compared the previous corresponding period, to ¥49.4 billion.
Other (income) expense, net decreased as compared the previous corresponding period, due to the foreign currency
exchange loss while the foreign currency exchange gain was posted during the previous corresponding period. As a result,
income before income taxes increased by 0.5% as compared to the previous corresponding period, to ¥49.0 billion.
As a result, net income increased by 2.8% as compared to the previous corresponding period, to ¥32.1 billion.
3
*Conditions by Product Line
Office Solutions (Sales up 10.0% to ¥478.6 billion)
Imaging Solutions (Sales up 10.1% to ¥434.3 billion)
- As for PPCs and MFPs, while sales of monochrome products decreased as compared to the previous corresponding
period, sales of color products increased mainly in the overseas market. As a result, overall sales of PPCs and MFPs
increased as compared to the previous corresponding period.
- Sales of monochrome and color printers increased both in Japan and the overseas market.
Network System Solutions (Sales up 8.3% to ¥44.3 billion)
- Sales of PC servers mainly in Japan market and sales of support and services both in Japan and the overseas
market increased.
As a result, sales in the Office Solutions segment increased by 10.0% as compared to the previous corresponding period, to
¥ 478.6 billion. Operating income increased by 2.6% as compared to the previous corresponding period, to ¥63.3 billion due
to the increase in sales of color products as well as continuous cost reduction and depreciation of yen.
Industrial Products (Sales up 12.1% to ¥34.2 billion)
Net sales in the Industrial Products increased by 12.1% as compared to the previous corresponding period, to ¥34.2 billion.
Sales of thermal media and semiconductor devices increased mainly in the overseas market. As a result, operating income in
this segment was ¥1.3 billion (¥0.6 billion for the previous corresponding period).
Other (Sales down 1.8% to ¥39.1 billion)
Net sales in the Other decreased by 1.8% as compared to the previous corresponding period, to ¥39.1 billion. While sales of
digital cameras increased mainly in Japan market, sales of optical discs decreased as compared to the previous corresponding
period. As a result, operating income in this segment was ¥0.2 billion (¥0.2 billion for the previous corresponding period).
2. Financial Position
*Assets, Liabilities and Shareholders' Investment
For assets, cash and cash equivalents decreased and other investments including goodwill increased due primarily to the
formation of a joint venture company, InfoPrint Solutions Company, LLC, with IBM Corporation. As a result, total assets
increased by ¥51.5 billion to ¥2,294.9 billion.
For Liabilities, borrowed indebtedness decreased. As a result, total liabilities decreased by ¥13.4 billion to ¥1,102.2 billion.
Shareholders' investment increased by ¥61.4 billion, to ¥1,132.3 billion due primarily to retained earnings decreased by
dividends payment and increased by earning profit.
*Cash Flows (Nine months ended December 31, 2007)
As compared to the previous corresponding period, net cash provided by operating activities in this period increased by
¥31.3 billion, to ¥104.8 billion. Net cash provided by operating activities consisted primarily of an increase in net income
and depreciation and amortization, and other of which were partially offset by an increase in inventories and a decrease in
trade payables.
As compared to the previous corresponding period, net cash used in investing activities in this period decreased by ¥100.3
billion, to ¥160.9 billion. Net cash used in investing activities consisted primarily of a payment for the formation of a joint
venture company with IBM Corporation.
As a result, free cash flows generated by operating and investing activities decreased by ¥69.0 billion as compared to the
previous corresponding period, to cash outflows of ¥56.0 billion.
Net cash used in financing activities amounted to ¥10.5 billion due primarily to a decrease in long-term indebtedness and
dividends payment and other of which were partially offset by an increase in short-term borrowings.
As a result, cash and cash equivalents at the end of this third quarter decreased by ¥66.2 billion as compared to the end of the
preceding fiscal year, to ¥189.4 billion.
4
3. Forecast for the entire fiscal year
In consideration of the third quarter's results, latest competitions and currency fluctuations, Ricoh forecasted its net sales
same as announced in October 2007, which consists of the downward revision to Japan and the updaward to the overseas,
and changed the forecast for gross profit, operating income and net income downward. Exchange rate of ¥105.00 against
the U.S. dollar and of ¥155.00 against the Euro in the fourth quarter are assumed.
Our performance forecasts for fiscal year 2008 are as follows:
Exchange rate assumptions for the fiscal year ending March 31, 2008
US$ 1 = ¥114.25 (¥117.02 in previous fiscal year)
EURO 1 = ¥160.92 (¥150.08 in previous fiscal year)
(Billions of yen)
Year ended
March 31, 2007
(Results)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income
1,002.2
1,066.6
2,068.9
862.4
174.3
174.5
111.7
Year ending
March 31, 2008
(Forecast)
1,035.0
1,215.0
2,250.0
933.0
188.0
184.0
113.5
Change
3.3%
13.9%
8.8%
8.2%
7.8%
5.4%
1.6%
* Ricoh bases the forecast estimates for the year ending March 31, 2008 above upon information currently available to
management, which involves risks and uncertainties that could cause actual results to differ materially from those
projected.
4. Others
(1) Significant changes to consolidated subsidiaries:
As of April 1, 2007, Ricoh Corporation ("RC"), a wholly-owned subsidiary of the Company, completed the merger with
Lanier Worldwide, Inc. ("Lanier"), a wholly-owned subsidiary of RC. In associated with the merger, RC changed its
name to Ricoh Americas Corporation while Lanier was liquidated.
(2) Changes in accounting method:
Not applicable
5
5. Consolidated Financial Statements
(1) Consolidated Balance Sheets
(March 31, 2007 and December 31, 2007)
Assets
December 31, 2007
(Millions of yen)
Change
257,154
693,237
184,354
65,347
1,200,092
190,372
705,117
214,305
64,426
1,174,220
-66,782
11,880
29,951
-921
-25,872
264,668
435,874
342,772
1,043,314
2,243,406
257,073
436,868
426,829
1,120,770
2,294,990
-7,595
994
84,057
77,456
51,584
255,737
1,417
189,468
904
March 31, 2007
Current Assets
Cash and time deposits
Trade receivables
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
Liabilities and Shareholders’ Investment
December 31, 2007
(Millions of yen)
Change
367,211
178,847
189,554
735,612
351,240
189,158
176,746
717,144
-15,971
10,311
-12,808
-18,468
236,801
99,028
44,183
380,012
1,115,624
56,869
239,627
99,759
45,679
385,065
1,102,209
60,402
2,826
731
1,496
5,053
-13,415
3,533
135,364
186,454
752,398
26,998
-30,301
1,070,913
2,243,406
135,364
186,462
814,051
27,403
-30,901
1,132,379
2,294,990
8
61,653
405
-600
61,466
51,584
9,001
-9,406
-28
27,431
5,969
-13,513
-73
35,020
-3,032
-4,107
-45
7,589
March 31, 2007
¥118.05
¥157.33
December 31, 2007
¥114.15
¥166.66
March 31, 2007
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 (losses) 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
6
(2) Consolidated Statements of Income
(Three months ended December 31, 2006 and 2007)
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, 2006
December 31, 2007
505,712
552,039
286,344
314,623
56.6
57.0
219,368
237,416
43.4
43.0
170,716
187,964
33.8
34.0
48,652
49,452
9.6
9.0
1,465
0.3
1,885
0.4
-559
-0.1
1,394
0.3
745
0.1
1,058
0.3
48,791
9.6
17,104
3.3
1,345
0.3
910
0.2
31,252
6.2
49,043
8.9
15,737
2.9
1,516
0.3
326
0.1
32,116
5.8
¥117.82
¥151.92
¥113.24
¥163.96
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended
Nine months ended
December 31, 2006
December 31, 2007
Net sales
1,492,634
1,640,412
Cost of sales
865,350
951,743
Percentage of net sales (%)
58.0
58.0
Gross Profit
627,284
688,669
Percentage of net sales (%)
42.0
42.0
Selling, general and administrative expenses
505,469
554,649
Percentage of net sales (%)
33.8
33.8
Operating income
121,815
134,020
Percentage of net sales (%)
8.2
8.2
Other (income) expense
Interest and dividend income
3,446
4,554
Percentage of net sales (%)
0.2
0.3
Interest expense
5,123
3,466
Percentage of net sales (%)
0.3
0.2
Other, net
-2,921
1,023
Percentage of net sales (%)
-0.1
0.1
Income from continuing operations before income taxes,
equity income and minority interests
123,059
134,085
Percentage of net sales (%)
8.2
8.2
Provision for income taxes
42,984
45,615
Percentage of net sales (%)
2.8
2.8
Minority interests in earnings of subsidiaries
4,226
4,475
Percentage of net sales (%)
0.3
0.3
Equity in earnings of affiliates
1,948
1,281
Percentage of net sales (%)
0.1
0.1
Income from continuing operations
77,797
85,276
Percentage of net sales (%)
5.2
5.2
Income from discontinued operations, net of tax
5,500
Percentage of net sales (%)
0.4
Net income
83,297
85,276
Percentage of net sales (%)
5.6
5.2
Reference : Exchange rate
US$ 1
EURO 1
¥116.21
¥147.97
7
¥117.32
¥162.89
Change
46,327
28,279
%
9.2
9.9
18,048
8.2
17,248
10.1
800
1.6
-71
-4.8
-1,140
-60.5
1,617
-
252
0.5
-1,367
-8.0
171
12.7
-584
-64.2
864
2.8
Change
147,778
86,393
%
9.9
10.0
61,385
9.8
49,180
9.7
12,205
10.0
1,108
32.2
-1,657
-32.3
3,944
-
11,026
9.0
2,631
6.1
249
5.9
-667
-34.2
7,479
9.6
-5,500
-
1,979
2.4
(Millions of yen)
Year ended
March 31, 2007
2,068,925
1,206,519
58.3
862,406
41.7
688,026
33.3
174,380
8.4
5,501
0.3
7,350
0.4
-1,988
-0.1
174,519
8.4
64,326
3.1
5,508
0.3
1,539
0.1
106,224
5.1
5,500
0.3
111,724
5.4
¥117.02
¥150.08
(3)-1 Consolidated Sales by Product Category
(Three months ended December 31, 2006 and 2007)
Three months ended
Three months ended
December 31, 2006
December 31, 2007
<Office Solutions>
Imaging Solutions
394,391
434,313
Percentage of net sales (%)
78.0
78.7
Network System Solutions
40,924
44,335
Percentage of net sales (%)
8.1
8.0
Total Office Solutions
435,315
478,648
Percentage of net sales (%)
86.1
86.7
<Industrial Products>
Industrial Products
30,570
34,273
Percentage of net sales (%)
6.0
6.2
<Other>
Other
39,827
39,118
Percentage of net sales (%)
7.9
7.1
Grand Total
505,712
552,039
Percentage of net sales (%)
100.0
100.0
Reference : Exchange rate
US$ 1
EURO 1
¥117.82
¥151.92
Change
%
39,922
10.1
3,411
8.3
43,333
10.0
3,703
12.1
-709
-1.8
46,327
9.2
¥113.24
¥163.96
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended
Nine months ended
December 31, 2006
December 31, 2007
<Office Solutions>
Imaging Solutions
1,138,017
1,261,705
Percentage of net sales (%)
76.2
76.9
Network System Solutions
135,388
141,570
Percentage of net sales (%)
9.1
8.6
Total Office Solutions
1,273,405
1,403,275
Percentage of net sales (%)
85.3
85.5
<Industrial Products>
Industrial Products
98,826
111,749
Percentage of net sales (%)
6.6
6.8
<Other>
Other
120,403
125,388
Percentage of net sales (%)
8.1
7.7
Grand Total
1,492,634
1,640,412
Percentage of net sales (%)
100.0
100.0
Reference : Exchange rate
US$ 1
EURO 1
(Millions of yen)
¥116.21
¥147.97
(Millions of yen)
Year ended
March 31, 2007
Change
%
123,688
10.9
6,182
4.6
129,870
10.2
12,923
13.1
133,387
6.4
4,985
4.1
147,778
9.9
161,071
7.8
2,068,925
100.0
¥117.32
¥162.89
Notes:
* Each category includes the following product line:
Imaging Solutions
Network System Solutions
Industrial Products
Other
Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Personal computers, servers, network systems and network related software
Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment
Optical discs and digital cameras
8
1,580,155
76.4
194,312
9.4
1,774,467
85.8
¥117.02
¥150.08
(3)-2 Consolidated Sales by Geographic Area
(Three months ended December 31, 2006 and 2007)
Three months ended
December 31, 2006
<Domestic>
236,817
Percentage of net sales (%)
46.8
<Overseas>
268,895
Percentage of net sales (%)
53.2
The Americas
105,785
Percentage of net sales (%)
20.9
Europe
129,798
Percentage of net sales (%)
25.7
Other
33,312
Percentage of net sales (%)
6.6
Grand Total
505,712
Percentage of net sales (%)
100.0
Reference : Exchange rate
US$ 1
EURO 1
(Millions of yen)
Three months ended
December 31, 2007
244,652
44.3
307,387
55.7
108,252
19.6
154,529
28.0
44,606
8.1
552,039
100.0
¥117.82
¥151.92
%
3.3
38,492
14.3
2,467
2.3
24,731
19.1
11,294
33.9
46,327
9.2
¥113.24
¥163.96
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended
Nine months ended
December 31, 2006
December 31, 2007
<Domestic>
729,308
749,091
Percentage of net sales (%)
48.9
45.7
<Overseas>
763,326
891,321
Percentage of net sales (%)
51.1
54.3
The Americas
309,369
323,953
19.7
Percentage of net sales (%)
20.7
Europe
356,302
443,645
Percentage of net sales (%)
23.9
27.0
Other
97,655
123,723
Percentage of net sales (%)
6.5
7.6
Grand Total
1,492,634
1,640,412
Percentage of net sales (%)
100.0
100.0
Reference : Exchange rate
US$ 1
EURO 1
Change
7,835
¥116.21
¥147.97
¥117.32
¥162.89
9
Change
19,783
%
2.7
127,995
16.8
14,584
4.7
87,343
24.5
26,068
26.7
147,778
9.9
(Millions of yen)
Year ended
March 31, 2007
1,002,251
48.4
1,066,674
51.6
426,453
20.6
507,158
24.5
133,063
6.5
2,068,925
100.0
¥117.02
¥150.08
(4) Consolidated Statements of Shareholders' Investment
Nine months ended December 31, 2006
(Millions of yen)
Additional
paid-in
capital
Common
stock
Retained
earnings
Accumulated other
comprehensive
income (loss)
Total
Shareholders'
Investment
Treasury
stock
Beginning balance
Cumulative effect of adjustment resulted from applying SAB
No.108
135,364
186,450
665,394
4,099
-31,062
960,245
−
−
-6,464
−
−
-6,464
Beginning balance (after adjustment)
135,364
186,450
658,930
4,099
-31,062
953,781
Gain（Loss）on disposal of treasury stock
Dividends declared and approved
Comprehensive income
Net income
Net unrealized holding losses
on available-for-sale securities
Pension liability adjustments
Net unrealized losses on derivative instruments
Cumulative translation adjustments
Total comprehensive income
Net changes in treasury stock
Ending balance
2
-18,256
2
-18,256
83,297
83,297
-2,693
1,064
-193
12,829
135,364
186,452
723,971
15,106
-166
-31,228
Nine months ended December 31, 2007
-2,693
1,064
-193
12,829
94,304
-166
1,029,665
(Millions of yen)
Additional
paid-in
capital
Common
stock
Retained
earnings
Accumulated other
comprehensive
income (loss)
Total
Shareholders'
Investment
Treasury
stock
Beginning balance
Cumulative effect of adjustment resulted from applying EITF
No.06-2
135,364
186,454
752,398
26,998
-30,301
1,070,913
−
−
-995
−
−
-995
Beginning balance (after adjustment)
135,364
186,454
751,403
26,998
-30,301
1,069,918
Gain（Loss）on disposal of treasury stock
Dividends declared and approved
Comprehensive income
Net income
Net unrealized holding losses
on available-for-sale securities
Pension liability adjustments
Net unrealized losses on derivative instruments
Cumulative translation adjustments
Total comprehensive income
Net changes in treasury stock
Ending balance
8
-22,628
8
-22,628
85,276
85,276
-3,032
-4,107
-45
7,589
135,364
186,462
814,051
27,403
-600
-30,901
Year ended March 31, 2007
-3,032
-4,107
-45
7,589
85,681
-600
1,132,379
(Millions of yen)
Additional
paid-in
capital
Common
stock
Retained
earnings
Accumulated other
comprehensive
income (loss)
Total
Shareholders'
Investment
Treasury
stock
Beginning balance
Cumulative effect of adjustment resulted from applying SAB
No.108
135,364
186,450
665,394
4,099
-31,062
960,245
−
−
-6,464
−
−
-6,464
Beginning balance (after adjustment)
Gain（Loss）on disposal of treasury stock
Dividends declared and approved
Comprehensive income
Net income
Net unrealized holding gains
on available-for-sale securities
Pension liability adjustments
Net unrealized losses on derivative instruments
Cumulative translation adjustments
Total comprehensive income
Adjustment to initially apply SFAS No.158
Net changes in treasury stock
Ending balance
135,364
186,450
4
658,930
4,099
-31,062
-18,256
953,781
4
-18,256
111,724
111,724
73
970
-185
24,774
-2,733
135,364
186,454
10
752,398
26,998
761
-30,301
73
970
-185
24,774
137,356
-2,733
761
1,070,913
(5) Consolidated Statements of Cash Flows
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended Nine months ended
December 31, 2006 December 31, 2007
I. Cash Flows from Operating Activities:
Net income
83,297
85,276
Income from discontinued operations, net of tax
-5,500
Income from continuing operations
77,797
85,276
Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization
65,280
71,344
Equity in earnings of affiliates, net of dividends received
-1,106
-706
Deferred income taxes
-1,540
1,291
Loss on disposal and sales of tangible fixed assets
2,775
1,525
Pension and severance costs, less payments
-1,138
-2,304
Changes in assets and liabilities—
(Increase) decrease in trade receivables
2,332
446
Increase in inventories
-30,761
-12,485
Increase in finance receivables
-15,705
-4,093
(Decrease) increase in trade payables
-13,571
-28,160
(Decrease) increase in accrued income taxes and
accrued expenses and other
-3,634
-16,836
Other, net
-7,181
9,560
Net cash provided by operating activities
73,548
104,858
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment
404
201
Expenditures for tangible fixed assets
-56,760
-57,849
Payments for purchases of available-for-sale securities
-73,155
-73,619
Proceeds from sales of available-for-sale securities
72,205
73,974
Decrease in time deposits, net
26
525
Proceeds from sales of discontinued operation
12,000
Purchase of business, net of cash acquired
-89,863
Other, net
-15,330
-14,311
Net cash used in investing activities
-60,610
-160,942
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness
54,782
53,365
Repayment of long-term indebtedness
-25,958
-62,854
Increase in short-term borrowings, net
7,064
33,033
Proceeds from issuance of long-term debt securities
65,274
Repayment of long-term debt securities
-18,000
-10,000
Dividend paid
-18,256
-22,628
Payment for purchase of treasury stock
-593
-701
Other, net
-638
-737
Net cash provided by (used in) financing activities
63,675
-10,522
IV. Net Increase in Cash and Cash Equivalents from discontinued operations
825
V. Effect of Exchange Rate Changes on Cash and Cash Equivalents
4,868
337
VI. Net Increase (Decrease) in Cash and Cash Equivalents
82,306
-66,269
VII. Cash and Cash Equivalents at Beginning of Year
187,055
255,737
VIII. Cash and Cash Equivalents at End of Period
269,361
189,468
11
(Millions of yen)
Year ended
March 31, 2007
111,724
-5,500
106,224
89,632
-711
-2,197
3,722
-773
-15,919
-1,494
-28,047
2,199
11,175
3,486
167,297
463
-85,747
-97,158
96,087
64
12,000
-23,200
-17,941
-115,432
60,157
-49,115
8,362
65,274
-55,000
-18,240
-799
-1,357
9,282
825
6,710
68,682
187,055
255,737
(6) Segment Information
(a) Operating Segments Information
(Three months ended December 31, 2006 and 2007)
(Millions of yen)
Three months ended
December 31, 2006
Office Solutions:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
435,315
435,315
373,589
61,726
478,648
478,648
415,296
63,352
14.2
13.2
30,570
1,313
31,883
31,262
621
34,273
1,293
35,566
34,202
1,364
1.9
3.8
39,827
39,827
39,570
257
39,118
39,118
38,820
298
0.6
0.8
-1,313
-1,313
Operating income on sales in Office Solutions (%)
Industrial Products:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Change
%
43,333
43,333
41,707
1,626
10.0
10.0
11.2
2.6
3,703 12.1
-20
-1.5
3,683 11.6
2,940
9.4
743 119.6
-709
-709
-750
41
-1.8
-1.8
-1.9
16.0
-1,293
-1,293
20
20
-
-1,268
13,907
12,639
-13,952
-1,293
15,562
14,269
-15,562
-25
1,655
1,630
-1,610
-
505,712
505,712
457,060
48,652
552,039
552,039
502,587
49,452
46,327
46,327
45,527
800
9.2
9.2
10.0
1.6
9.6
9.0
Operating income on sales in Other (%)
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
Three months ended
December 31, 2007
Operating income on consolidated net sales (%)
12
(Millions of yen)
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended
December 31, 2006
Office Solutions:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
129,870
129,870
116,159
13,711
10.2
10.2
10.4
8.5
Year ended
March 31, 2007
12.6
12.4
98,826
3,638
102,464
100,949
1,515
111,749
3,448
115,197
111,139
4,058
1.5
3.5
120,403
120,403
118,248
2,155
125,388
125,388
123,925
1,463
1.8
1.2
-3,638
-3,638
-3,448
-3,448
190
190
-
-4,725
-4,725
-3,638
42,351
38,713
-42,351
-3,449
45,709
42,260
-45,708
189
3,358
3,547
-3,357
-
-4,727
56,084
51,357
-56,082
1,492,634
1,492,634
1,370,819
121,815
1,640,412
1,640,412
1,506,392
134,020
147,778
147,778
135,573
12,205
9.9
9.9
9.9
10.0
2,068,925
2,068,925
1,894,545
174,380
8.2
8.2
Operating income on sales in Other (%)
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
%
1,403,275
1,403,275
1,229,068
174,207
Operating income on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Change
1,273,405
1,273,405
1,112,909
160,496
Operating income on sales in Office Solutions (%)
Industrial Products:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Nine months ended
December 31, 2007
Operating income on consolidated net sales (%)
13
1,774,467
1,774,467
1,549,156
225,311
12.7
12,923 13.1
-190
-5.2
12,733 12.4
10,190 10.1
2,543 167.9
133,387
4,725
138,112
135,164
2,948
2.1
4,985
4,985
5,677
-692
4.1
4.1
4.8
-32.1
161,071
161,071
158,868
2,203
1.4
8.4
(b) Geographic Segments Information
(Three months ended December 31, 2006 and 2007)
(Millions of yen)
Three months ended
December 31, 2006
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, 2007
Change
%
10,563
-5,088
5,475
4,731
744
4.3
-3.8
1.5
1.4
2.3
243,239
132,630
375,869
342,864
33,005
253,802
127,542
381,344
347,595
33,749
8.8
8.9
105,618
795
106,413
102,834
3,579
1,839
-168
1,671
5,446
-3,775
1.7
-21.1
1.6
5.3
-
3.4
107,457
627
108,084
108,280
-196
-0.2
130,042
1,366
131,408
122,581
8,827
155,240
635
155,875
144,455
11,420
25,198
-731
24,467
21,874
2,593
19.4
-53.5
18.6
17.8
29.4
6.7
7.3
26,813
42,843
69,656
64,700
4,956
35,540
43,283
78,823
71,763
7,060
8,727
440
9,167
7,063
2,104
32.5
1.0
13.2
10.9
42.5
7.1
9.0
-177,634
-177,634
-175,919
-1,715
-172,087
-172,087
-169,506
-2,581
5,547
5,547
6,413
-866
-
505,712
505,712
457,060
48,652
552,039
552,039
502,587
49,452
46,327
46,327
45,527
800
9.2
9.2
10.0
1.6
9.6
9.0
14
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
Nine months ended
December 31, 2006
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, 2007
Change
%
27,486
-2,547
24,939
25,295
-356
3.7
-0.7
2.2
2.4
-0.4
Year ended
March 31, 2007
747,668
378,662
1,126,330
1,041,717
84,613
775,154
376,115
1,151,269
1,067,012
84,257
7.5
7.3
309,178
2,526
311,704
299,175
12,529
321,282
2,727
324,009
318,754
5,255
4.0
1.6
356,865
3,106
359,971
341,558
18,413
444,548
2,366
446,914
419,664
27,250
5.1
6.1
78,923
115,245
194,168
180,387
13,781
99,428
134,188
233,616
214,312
19,304
7.1
8.3
-499,539
-499,539
-492,018
-7,521
-515,396
-515,396
-513,350
-2,046
-15,857
-15,857
-21,332
5,475
-
-663,142
-663,142
-655,124
-8,018
1,492,634
1,492,634
1,370,819
121,815
1,640,412
1,640,412
1,506,392
134,020
147,778
147,778
135,573
12,205
9.9
9.9
9.9
10.0
2,068,925
2,068,925
1,894,545
174,380
8.2
8.2
15
1,026,663
495,304
1,521,967
1,411,653
110,314
7.2
12,104
201
12,305
19,579
-7,274
3.9
8.0
3.9
6.5
-58.1
426,009
3,253
429,262
408,150
21,112
4.9
87,683
-740
86,943
78,106
8,837
24.6
-23.8
24.2
22.9
48.0
508,200
3,595
511,795
478,380
33,415
6.5
20,505
18,943
39,448
33,925
5,523
26.0
16.4
20.3
18.8
40.1
108,053
160,990
269,043
251,486
17,557
6.5
8.4
-APPENDIX- (Third Quarter Ended December 31, 2007)
1. Consolidated Quarterly Performance Outline
Fiscal year 2008
(Millions of yen)
1Q
Net sales
Gross profit
Operating income
Income from continuing operations
before income taxes
Net income
Net income per share (yen)
Net income per share-diluted (yen)
Total assets
Shareholders' investment
Shareholders' investment per share (yen)
Change(%)
2Q
Change(%)
3Q
Change(%)
530,113
228,770
46,616
9.4
12.9
14.7
558,260
222,483
37,952
11.1
8.3
16.7
552,039
237,416
49,452
9.2
8.2
1.6
53,264
33,855
46.38
45.15
2,313,588
1,111,025
1,522.12
37.6
16.2
-
31,778
19,305
26.45
25.75
2,299,845
1,114,571
1,527.18
-10.6
-15.8
-
49,043
32,116
44.01
42.84
2,294,990
1,132,379
1,551.72
0.5
2.8
-
Fiscal year 2007
(Millions of yen)
1Q
Net sales
Gross profit
Operating income
Income from continuing operations
before income taxes
Net income
Net income per share (yen)
Net income per share-diluted (yen)
Total assets
Shareholders' investment
Shareholders' investment per share (yen)
Change(%)
2Q
Change(%)
3Q
Change(%)
4Q
Change(%)
484,576
202,565
40,647
7.3
4.7
11.7
502,346
205,351
32,516
7.2
6.8
13.6
505,712
219,368
48,652
6.6
9.6
33.7
576,291
235,122
52,565
11.9
12.4
11.4
38,704
29,125
39.92
39.92
2,048,349
973,761
1,334.84
4.0
22.8
-
35,564
22,920
31.43
31.43
2,090,974
1,001,948
1,373.28
17.3
19.7
-
48,791
31,252
42.83
42.66
2,198,757
1,029,665
1,411.45
28.3
35.9
-
51,460
28,427
38.92
37.88
2,243,406
1,070,913
1,467.03
8.9
-8.9
-
Note:
* Fiscal year refers to Ricoh's fiscal year ended March 31.
A1
2. Consolidated Sales by Product Category
(Three months ended December 31, 2006 and 2007)
<Office Solutions>
Imaging Solutions
Percentage of net sales (%)
Domestic
Overseas
Network System Solutions
Percentage of net sales (%)
Domestic
Overseas
Office Solutions Total
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
<Industrial Products>
Industrial Products
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
<Other>
Other
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
(Millions of yen)
Three months ended
Three months ended
December 31, 2006
December 31, 2007
394,391
78.0
147,470
246,921
40,924
8.1
38,681
2,243
435,315
86.1
186,151
249,164
102,116
122,756
24,292
434,313
78.7
152,953
281,360
44,335
8.0
41,343
2,992
478,648
86.7
194,296
284,352
104,403
147,098
32,851
30,570
6.0
17,487
13,083
3,137
4,650
5,296
34,273
6.2
17,139
17,134
3,483
5,457
8,194
39,827
7.9
33,179
6,648
532
2,392
3,724
505,712
100.0
236,817
46.8
268,895
53.2
105,785
20.9
129,798
25.7
33,312
6.6
39,118
7.1
33,217
5,901
366
1,974
3,561
552,039
100.0
244,652
44.3
307,387
55.7
108,252
19.6
154,529
28.0
44,606
8.1
¥117.82
¥151.92
¥113.24
¥163.96
Change excluding
Change
%
exchange impact
%
39,922
10.1
31,842
8.1
5,483
34,439
3,411
3.7
13.9
8.3
5,483
26,359
3,196
3.7
10.7
7.8
2,662
749
43,333
6.9
33.4
10.0
2,662
534
35,038
6.9
23.8
8.0
8,145
35,188
2,287
24,342
8,559
4.4
14.1
2.2
19.8
35.2
8,145
26,893
6,187
12,633
8,073
4.4
10.8
6.1
10.3
33.2
3,703
12.1
3,493
11.4
-348
4,051
346
807
2,898
-2.0
31.0
11.0
17.4
54.7
-348
3,841
505
499
2,837
-2.0
29.4
16.1
10.7
53.6
-709
-1.8
-769
-1.9
38
-747
-166
-418
-163
46,327
0.1
-11.2
-31.2
-17.5
-4.4
9.2
38
-807
-153
-546
-108
37,762
0.1
-12.1
-28.8
-22.8
-2.9
7.5
7,835
3.3
7,835
3.3
38,492
14.3
29,927
11.1
2,467
2.3
6,539
6.2
24,731
19.1
12,586
9.7
11,294
33.9
10,802
32.4
¥-4.58
¥12.04
Notes:
* Each category includes the following product line:
Imaging Solutions
Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions
Personal computers, PC servers, network systems and network related software
Industrial Products
Thermal media, optical equipments, semiconductors, electronic component and measuring equipments
Other
Optical discs and digital camera
A2
(Nine months ended December 31, 2006 and 2007 and Year ended March 31, 2007)
<Office Solutions>
Imaging Solutions
Percentage of net sales (%)
Domestic
Overseas
Network System Solutions
Percentage of net sales (%)
Domestic
Overseas
Office Solutions Total
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
<Industrial Products>
Industrial Products
Percentage of net sales (%)
Domestic
Overseas
The Americas
Europe
Other
<Other>
Other
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
Nine months ended
December 31, 2006
December 31, 2007
(Millions of yen)
Change excluding
exchange impact
Year ended
Change
%
%
123,688
10.9
76,054
6.7
7,739
115,949
6,182
1.8
16.7
4.6
7,739
68,315
5,337
1.8
9.8
3.9
4,645
1,537
129,870
3.6
21.8
10.2
4,645
692
81,391
3.6
9.8
6.4
12,384
117,486
17,650
81,779
18,057
2.2
16.7
6.0
24.3
24.7
12,384
69,007
14,727
44,037
10,243
2.2
9.8
5.0
13.1
14.0
1,138,017
76.2
441,862
696,155
135,388
9.1
128,328
7,060
1,273,405
85.3
570,190
703,215
293,046
336,929
73,240
1,261,705
76.9
449,601
812,104
141,570
8.6
132,973
8,597
1,403,275
85.5
582,574
820,701
310,696
418,708
91,297
98,826
6.6
55,984
42,842
15,228
14,031
13,583
111,749
6.8
61,390
50,359
11,496
16,983
21,880
12,923
13.1
11,280
11.4
5,406
7,517
-3,732
2,952
8,297
9.7
17.5
-24.5
21.0
61.1
5,406
5,874
-3,839
1,731
7,982
9.7
13.7
-25.2
12.3
58.8
120,403
8.1
103,134
17,269
1,095
5,342
10,832
1,492,634
100.0
729,308
48.9
763,326
51.1
309,369
20.7
356,302
23.9
97,655
6.5
125,388
7.7
105,127
20,261
1,761
7,954
10,546
1,640,412
100.0
749,091
45.7
891,321
54.3
323,953
19.7
443,645
27.0
123,723
7.6
4,985
4.1
4,050
3.4
1,993
2,992
666
2,612
-286
147,778
1.9
17.3
60.8
48.9
-2.6
9.9
1,993
2,057
656
1,925
-524
96,721
1.9
11.9
59.9
36.0
-4.8
6.5
19,783
2.7
19,783
2.7
127,995
16.8
76,938
10.1
14,584
4.7
11,544
3.7
87,343
24.5
47,693
13.4
26,068
26.7
17,701
18.1
¥116.21
¥147.97
¥117.32
¥162.89
¥1.11
¥14.92
Notes:
* Each category includes the following product line:
Imaging Solutions
Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Network System Solutions
Personal computers, PC servers, network systems and network related software
Industrial Products
Thermal media, optical equipments, semiconductors, electronic component and measuring equipments
Other
Optical discs and digital camera
A3
March 31, 2007
1,580,155
76.4
604,059
976,096
194,312
9.4
184,672
9,640
1,774,467
85.8
788,731
985,736
405,457
479,859
100,420
133,387
6.4
76,202
57,185
19,388
19,378
18,419
161,071
7.8
137,318
23,753
1,608
7,921
14,224
2,068,925
100.0
1,002,251
48.4
1,066,674
51.6
426,453
20.6
507,158
24.5
133,063
6.5
¥117.02
¥150.08
3. Forecast of Consolidated Performance
(Billions of yen)
Half year ended
Sept. 30, 2007
Results
Net sales
Gross profit
Operating income
Income before income taxes
Net income
Net income per share (yen)
Net income per share-diluted (yen)
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
1,088.3
451.2
84.5
85.0
53.1
72.83
70.90
39.6
35.6
61.5
119.37
162.36
Three months ended
Change Dec. 31, 2007
%
10.3
10.6
15.6
14.5
2.1
-
Results
552.0
237.4
49.4
49.0
32.1
44.01
42.84
18.1
18.4
32.0
113.24
163.96
Three months ending
Change Mar. 31, 2008
%
9.2
8.2
1.6
0.5
2.8
-
Forecast
609.5
244.3
53.9
49.9
28.2
38.67
37.64
32.3
22.0
34.5
105.00
155.00
Year ending
Change Mar. 31, 2008
%
5.8
3.9
2.7
-3.0
-0.7
-
Forecast
2,250.0
933.0
188.0
184.0
113.5
155.51
151.38
90.0
76.0
128.0
114.25
160.92
Change
%
8.8
8.2
7.8
5.4
1.6
-
4. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Three months ending March 31, 2008
Change
Change
Forecast
Forecast(*)
%
%
<Office Solutions>
Imaging Solutions
Domestic
Overseas
Network System Solutions
Domestic
Overseas
Office Solutions Total
Domestic
Overseas
The Americas
Europe
Other
<Industrial Products>
Industrial Products
Domestic
Overseas
The Americas
Europe
Other
<Other>
Other
Domestic
Overseas
The Americas
Europe
Other
Grand Total
Domestic
Overseas
The Americas
Europe
Other
Year ending March 31, 2008
Change
Forecast
Forecast(*)
%
Change
%
471.4
172.9
298.5
62.9
60.0
2.9
534.3
232.9
301.4
108.4
160.0
33.0
6.6
6.6
6.7
6.7
6.5
12.4
6.6
6.6
6.7
-3.6
11.9
21.7
487.9
172.9
315.0
62.9
60.0
2.9
550.8
232.9
317.9
123.3
161.6
33.0
10.4
6.6
12.6
6.7
6.5
12.4
9.9
6.6
12.6
9.7
13.1
21.7
1,733.1
622.5
1,110.6
204.4
192.9
11.4
1,937.6
815.4
1,122.1
419.0
578.7
124.3
9.7
3.1
13.8
5.2
4.5
19.3
9.2
3.4
13.8
3.4
20.6
23.9
1,702.0
622.5
1,079.5
203.6
192.9
10.6
1,905.6
815.4
1,090.2
431.0
542.5
116.5
7.7
3.1
10.6
4.8
4.5
10.5
7.4
3.4
10.6
6.3
13.1
16.1
34.8
18.0
16.8
4.1
4.8
7.9
0.7
-11.0
17.1
-1.4
-10.2
63.4
35.4
18.0
17.4
4.7
4.8
7.9
2.6
-11.0
21.7
13.0
-9.3
63.4
146.5
79.3
67.1
15.5
21.7
29.7
9.9
4.2
17.4
-19.6
12.4
61.7
145.5
79.3
66.1
16.0
20.6
29.4
9.1
4.2
15.7
-17.0
6.4
60.0
40.4
35.0
5.4
0.3
1.9
3.2
609.5
285.9
323.6
112.8
166.7
44.1
-0.6
2.4
-16.7
-41.5
-26.3
-5.7
5.8
4.8
6.7
-3.7
10.5
24.8
40.4
35.0
5.4
0.3
1.9
3.2
626.7
285.9
340.8
128.3
168.3
44.1
-0.6
2.4
-16.7
-41.5
-26.3
-5.7
8.8
4.8
12.4
9.6
11.6
24.8
165.7
140.1
25.6
2.0
9.8
13.7
2,250.0
1,035.0
1,215.0
436.7
610.3
167.9
2.9
2.1
8.0
28.2
24.4
-3.4
8.8
3.3
13.9
2.4
20.3
26.2
164.8
140.1
24.7
2.0
9.1
13.5
2,216.0
1,035.0
1,181.0
449.2
572.3
159.5
2.4
2.1
4.1
27.5
15.7
-5.0
7.1
3.3
10.7
5.3
12.9
19.9
* Excluding foreign exchange impact
A4