Presentation

Consolidated Results for the
Half year ended September 30, 2008
October 28, 2008
Ricoh Company, Ltd.
Contents
FY09/3 1H results
FY09/3 forecast
Appendix
* The Company bases the estimates in this presentation on
information currently available to management, which involves
risks and uncertainties that could cause actual results to differ
materially from those projected.
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
1
FY09/3 1H P/L
FY08/3
1H result
(billions of yen)
Net sales
504.4
583.9
1,088.3
451.2
41.5%
84.5
7.8%
85.0
7.8%
53.1
4.9%
72.83
119.37
162.36
(Japan)
(Overseas)
Total
Gross profit
net sales %
Operating income
net sales %
Income before income taxes
net sales %
Net income
net sales %
EPS (Yen)
Exchange rate
(Yen)
US $1
Euro 1
FY09/3 1H Forecast
(on Jul ’08)
y-o-y(%)
FY09/3
1H result
501.0 -0.7%
483.8
587.0 +0.5%
582.1
1,088.0 -0.0% 1,065.9
449.5 -0.4%
443.3
41.3%
- 41.6%
65.0
72.5 -14.3%
6.7%
6.1%
72.0 -15.3%
58.8
6.6%
5.5%
42.8 -19.5%
34.3
3.9%
3.3%
47.56
59.37
106.15
102.33
161.74
162.69
Change from
previous
forecast
Y-o-Y Comparison
Change
Change(%)
Change(%)
without Forex
-17.2
-20.6
-4.1%
-4.1%
-4.9
-1.8
-0.3%
+5.3%
-22.1
-22.4
-2.1%
+1.0%
-6.2
-7.9
-1.8%
－
－
－
-7.5
-19.4 -23.0%
－
-13.1
－
－
-8.4
－
-26.1 -30.8%
－
－
-18.8 -35.4%
－
－
-11.81
-25.27
+3.82
-13.22
+0.95
+0.33
－
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
2
FY09/3 1H Income before tax y-o-y comparison
(billions of Yen)
Gross Profit items
SG&A items
Other
2.6
14.1
24.7
R&D
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
10.2
6.6
Other expenses
” shows profit increase and “
20.2
Forex
“
72.0
Expenses
Forex, etc
Cost down
Sales, etc
85.0
FY08/3
1H
Previous
forecast
1.6
” shows profit decrease in this chart.
58.8
(-26.1)
FY09/3
1H
October 28, 2008
3
FY09/3 1H Sales
By Category
By Area
(billions of Yen)
(billions of Yen)
Change(without forex)
Change(without forex)
Total -2.1%(+1.0%)
1,088.3
1,065.9
Total -2.1%(+1.0%)
86.2
78.3
67.8
Other
-9.2%(-8.6%)
79.1
75.8
77.4
Other
-4.2%(+1.9%)
97.2
105.6
288.7
Europe
-0.1%(+0.3%)
Industrial Products
-12.4%(-11.2%)
924.6
Imaging & Solutions
Imaging & Solutions
827.3
583.9
Network System
Solutions
+8.7%(+9.6%)
814.1
919.7
Product ratio in Imaging
“Office Solutions” has been changed
to “Imaging & Solutions” from FY09/3.
217.5
81%
14％
504.4
483.8
75%
21％
Imaging & Solutions
-0.5%(+2.9%)
Japan -3.5% (-3.5%)
Overseas
+1.6% (+7.5%)
The Americas
+0.9%(+13.4%)
Overseas
-0.3%(+5.3%)
FY08/3 FY09/3
Copier
Printer
FY09/3
1H
582.1
215.7
Imaging Solutions
-1.6%(+2.1%)
(1H)
FY08/3
1H
289.1
Overseas
1,065.9
Overseas
1,088.3
Overseas sales ratio
53.7%
54.6%
Japan
-4.1%(-4.1%)
FY08/3
1H
FY09/3
1H
Imaging & Solutions
Y-o-Y Sales Growth
by Area(without forex)
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
Japan
–3.5%
The Americas +13.6%
Europe
+1.9%
Other
+11.5%
October 28, 2008
4
FY09/3 1H Milestones (mainly on Q2)
Acquisition of IKON Office Solutions, Inc.
(see page25)
SP 8200 (Japan)
Pro 1356EX (Overseas)
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
“Printing Innovation Center”
opened at Ginza, Tokyo
October 28, 2008
5
FY09/3 1H Business Segment
Imaging & Solutions
Industrial Products
Other
OP margin
OP margin
OP margin
OP margin
OP margin
OP margin
12.0%
10.7%
3.4%
1.1%
1.4%
2.0%
924.6
919.7
800
200
600
100
110.8
86.2
79.6
98.2
400
100
200
50
50
0
2.6
0
FY08/3 1H
78.3
70.1
FY08/3 1H
50
0
0
10
1.1
1.5
FY08/3 1H
FY09/3 1H
0.7
0
FY09/3 1H
10
FY09/3 1H
0
Right bar: Operating income (billions of yen)
Left bar: Sales (billions of yen)
* Excluding “Corporate and Eliminations”
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
6
FY09/3 1H Geographic Segment
Japan
OP margin
OP margin
6.6%
6.5%
769.9
The Americas
OP margin
OP margin
2.5%
-2.4%
736.5
218.9
215.9
600
90
47.7
50.5
400
200
0
Europe
30
FY08/3 1H
FY09/3 1H
OP margin
OP margin
5.4%
7.0%
291.0
0
0
40
Left bar:
Sales
(billions of Yen)
100
20
5.4
Right bar:
Operating income
(billions of Yen)
-5.2
0
FY08/3 1H
Other
0
FY09/3 1H
OP margin
OP margin
7.9%
5.6%
288.3
200
100
60
200
40
15.8
FY08/3 1H
154.7
147.8
20.1
20
FY09/3 1H
0
100
* Excluding “Corporate
and Eliminations”
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
0
12.2
FY08/3 1H
20
8.2
FY09/3 1H
October 28, 2008
0
7
Balance Sheet as of June 30, 2008
Assets
Liabilities and Shareholders’ Investment
As of
Difｆ. from
Sep 30, 2008 Mar 31, '08
1,123.9
-0.1
(billions of yen)
Current Assets
162.2
693.1
206.1
62.4
Cash & time deposits
Trade recievables
Inventries
Other current assets
Fixed Assets
Tangible fixed assets
Finance recievable
Other investments
1,096.8
256.3
457.9
382.5
(billions of yen)
Current Liabilities
-9.8
Trade payables
-5.8
Short-term borrowings
+14.1
Other current liabilities
+6.6
+1.7
+12.5
-7.5
Fixed Liabilities
Long-term indebtedness
Retirement benefit obligation
Other fixed liabilities
Minority Interest
Total Shareholders' Investment
2,220.8
328.1
217.1
183.6
-32.4
+58.6
-11.0
+1.4
Total Liabilities
Total Assets
As of
Difｆ. from
Sep 30, 2008 Mar 31, '08
728.9
+15.1
+6.5
Exchange rate as of June 30, 2008 :
US$ 1
= ¥ 103.57 ( + 3.38)
EURO 1 = ¥ 149.05 ( - 9.14)
Total liabilities and
shareholders' Investment
Total debt
340.1
209.7
101.2
29.1
1,069.1
49.2
1,102.4
+22.2
2,220.8
+6.5
426.8
+42.5
-21.9
-16.1
+1.4
-7.2
-6.7
-9.0
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
8
FY09/3 1H Statement of Cash Flow < 6 months >
(billions of yen)
Apr-Sep, '07
Net income
53.1
46.6
[ 99.8 ]
-20.9
78.8
-39.6
-97.5
-137.1
[ -58.2 ]
-7.2
-0.0
-65.6
190.1
Depreciation and amortization
[ Cash profit (Net income + Depreciation and amortization) ]
Other operating activities
Net cash by operating activities
Plant and equipment
Other investing activities
Net cash by investing activities
[ Free cash flow ( oparating net cash + investing net cash ) ]
Net cash by financing activities
Effect of exchange rate
Net increase in cash and equivalents
Cash and equivalents at end of period
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
Apr-Sep, ’08
34.3
48.7
[ 83.0 ]
-61.9
21.1
-46.8
-18.8
-65.6
[ -44.5 ]
34.1
-0.5
-10.9
159.6
October 28, 2008
9
FY09/3 Forecast <Revised>
(billions of yen)
FY09/3 Forecast
FY08/3
Results
(on Jul ’08)
y-o-y(%)
FY09/3
Forecast
(Japan)
1,016.0
1,038.0
+2.2%
(Overseas)
1,203.9
1,222.0
+1.5%
Total
2,219.9
2,260.0
+1.8%
927.7
932.0
+0.5%
41.8%
41.2%
-
Net sales
Gross profit
net sales %
181.5
180.0
-0.8%
net sales %
8.2%
8.0%
-
Income before income taxes
174.6
176.0
+0.8%
Operating income
net sales %
Net income
net sales %
(Yen)
7.8%
-
108.0
+1.4%
4.8%
4.8%
-
146.04
149.81
US $1
114.40
101.17
Euro 1
161.69
160.87
EPS (Yen)
Exchange rate
7.9%
106.4
Change from
previous
forecast
1,000.0
1,150.0
2,150.0
898.0
41.8%
150.0
7.0%
142.0
6.6%
87.0
4.0%
120.48
103.08
146.35
-38.0
Y-o-Y comparison
Change
Change(%)
-16.0
Change(%)
without Forex
-1.6%
-1.6%
-72.0
-53.9
-4.5%
+5.4%
-110.0
-69.9
-3.2%
+2.2%
-34.0
-29.7
-3.2%
-
-
-
-30.0
-31.5 -17.4%
-34.0
-
-21.0
-
-32.6 -18.7%
-
-
-19.4 -18.3%
-
-
-29.33
-25.56
+1.91
-11.32
-14.52
-15.34
-
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
10
FY09/3 Income before tax forecast y-o-y comparison <Revised>
(billions of Yen)
Gross Profit items
SG&A items
Other
6.0
Previous
forecast
33.3
176.0
69.0
31.2
Other expenses
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
31.9
Forex
” shows profit increase and “
1.1
Expenses
“
R&D
FY08/3
Result
Forex, etc
Cost down
Sales, etc
174.6
1.0
” shows profit decrease in this chart.
142.0
(-32.6)
FY09/3
Forecast
October 28, 2008
11
FY09/3 Sales forecast <Revised>
By Category
By Area
(billions of Yen)
(billions of Yen)
Change(without forex)
2,219.9
148.7
Other
-10.5%(-9.8%)
166.0
144.3
131.7
200.0
223.4
Industrial Products
1,909.5
Imaging & Solutions
Imaging & Solutions
1,709.4
-8.7%(-6.2%)
Change(without forex)
2,219.9
1,869.5
Total -3.2%(+2.2%)
163.3
Other
-1.6%(+3.6%)
548.7
Europe
-9.0%(+1.4%)
165.9
603.2
1,203.9
434.7
1,646.1
2,150.0
Overseas
Total -3.2%(+2.2%)
Overseas
2,150.0
1,150.0
437.9
Network System
Solutions
+11.7%(+13.7%)
Imaging Solutions
-3.7%(+2.7%)
Overseas
-4.5%(+5.4%)
1,016.0
1,000.0
Imaging & Solutions
-2.1%(+3.9%)
FY08/3
Result
FY09/3
Forecast
Japan -0.6% (-0.6%)
Overseas
-3.2% (+7.1%)
The Americas
+0.7%(+11.5%)
FY08/3
Result
FY09/3
Forecast
Overseas sales ratio
54.2%
53.5%
Japan
-1.6%(-1.6%)
“Office Solutions” has been changed to “Imaging & Solutions” from FY09/3.
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
memo
October 28, 2008
12
Appendix
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
14
<Appendix> FY09/3 Q2 P/L
FY08/3
Q2 result
(billions of yen)
Net sales
(Japan)
(Overseas)
Total
Gross profit
net sales %
Operating income
net sales %
Income before income taxes
net sales %
Net income
net sales %
EPS (Yen)
Exchange rate
(Yen)
US $1
Euro 1
259.7
298.5
558.2
222.4
39.9%
37.9
6.8%
31.7
5.7%
19.3
3.5%
26.45
117.98
162.00
FY09/3 Q2 Forecast
(on Jul ’08)
y-o-y(%)
267.1 +2.8%
299.2 +0.2%
566.4 +1.5%
221.1 -0.6%
39.0%
32.7 -13.7%
5.8%
28.2 -11.1%
5.0%
17.0 -11.6%
3.0%
23.66
100.00
160.00
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
FY09/3
Q2 result
249.9
294.4
544.3
214.9
39.5%
25.3
4.7%
15.1
2.8%
8.6
1.6%
11.85
107.63
161.92
Change from
previous
forecast
Y-o-Y Comparison
Change
Change(%)
Change(%)
without Forex
-17.1
-9.7
-3.8%
-3.8%
-4.8
-4.1
-1.4%
+3.5%
-22.0
-13.9
-2.5%
+0.1%
-6.1
-7.5
-3.4%
－
－
－
-7.4
－
-13.1
－
-8.4
-12.6 -33.3%
－
－
-16.6 -52.4%
－
－
-10.7 -55.4%
－
－
-11.81
-14.60
+7.63
-10.35
+1.92
-0.08
－
October 28, 2008
15
<Appendix> FY09/3 Q2 Income before tax y-o-y comparison
(billions of Yen)
Gross Profit items
SG&A items
1.0
2.3
Cost down
28.2
2.9
R&D
12.2
” shows profit increase and “
4.0
Other expenses
Expenses
“
4.2
Forex
Forex, etc
Sales, etc
Previous
forecast
11.0
31.7
FY08/3
Q2
Other
” shows profit decrease in this chart.
15.1
(-16.6)
FY09/3
Q2
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
16
<Appendix> FY09/3 Q2 Sales
By Category
By Area
(billions of Yen)
(billions of Yen)
Change(without forex)
558.2
544.3
56.5
60.5
471.7
Imaging & Solutions
Imaging & Solutions
415.2
Other
+1.3%(+1.7%)
Industrial Products
-17.2%(-16.2%)
403.9
Network System
Solutions
+7.0%(+7.7%)
Imaging Solutions
-2.7%(+0.6%)
464.5
558.2
544.3
Total -2.5%(+0.1%)
43.7
38.4
Other
-12.1%(-6.8%)
140.0
Europe
-1.6%(-1.0%)
142.2
298.5
112.5
Overseas
45.0
34.7
Overseas
44.5
41.9
Change(without forex)
Total -2.5%(+0.1%)
294.4
115.9
Overseas
-1.4%(+3.5%)
259.7
249.9
Product ratio in Imaging
(Q2)
FY08/3
Q2
FY09/3
Q2
FY08/3 FY09/3
Copier
Printer
80%
15％
75%
21％
Imaging & Solutions
The Americas
+3.0%(+13.1%)
FY08/3
Q2
FY09/3
Q2
Overseas sales ratio
53.5%
54.1%
Japan
日本
-4.4%(-4.4%)
-3.8%(-3.8%)
-1.5%(+1.4%)
“Office Solutions” has been changed
to “Imaging & Solutions” from FY09/3.
Japan -4.6% (-4.6%)
Overseas
+0.7% (+5.8%)
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
17
<Appendix> FY09/3 Q2 Business Segment
Imaging & Solutions
Industrial Products
Other
OP margin
OP margin
OP margin
OP margin
OP margin
OP margin
10.6%
9.2%
3.7%
-0.6%
0.7%
2.4%
464.5
471.7
400
120
300
90
35.8
60
42.7
30
30
100
FY08/3 Q2
5
30
0
0
5
1.5
0
0
45.0
44.5
42.9
50.0
200
1.0
0.3
-0.2
0
FY09/3 Q2
FY08/3 Q2 FY09/3 Q2
0
FY08/3 Q2 FY09/3 Q2
Right bar: Operating income (billions of yen)
Left bar: Sales (billions of yen)
* Excluding “Corporate and Eliminations”
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
18
<Appendix> FY09/3 Q2 Geographic Segment
Japan
OP margin
OP margin
4.1%
5.8%
The Americas
OP margin
OP margin
3.2%
-3.5%
372.0
376.1
116.3
112.5
300
60
100
200
40
21.6
15.4
100
20
0
Europe
0
FY08/3 Q2
FY09/3 Q2
OP margin
OP margin
6.3%
6.1%
143.2
20
50
10
3.6
Right bar:
Operating income
(billions of Yen)
-4.0
0
FY08/3 Q2
Other
0
FY09/3 Q2
OP margin
OP margin
8.4%
5.1%
139.4
100
50
Left bar:
Sales
(billions of Yen)
20
9.0
8.4
0
10
0
FY08/3 Q2
FY09/3 Q2
78.5
50
* Excluding “Corporate
and Eliminations”
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
73.0
10
6.5
3.7
FY08/3 Q2
FY09/3 Q2
0
0
October 28, 2008
19
Appendix of FY09/3 Q2 Results (1)
Products ratio on Imaging Solutions category
FY08/3
Q1
74%
20%
5%
84%
11%
5%
81%
14%
5%
Copier
Japan
Printer
Other
Copier
Overseas
Printer
Total
Copier
Printer
Other
Other
Color ratio
Q2
76%
18%
6%
83%
13%
4%
80%
15%
5%
Q3
72%
22%
5%
77%
19%
4%
75%
20%
4%
Q4
74%
19%
6%
77%
19%
4%
76%
19%
5%
Full year
74%
20%
6%
80%
15%
4%
78%
17%
5%
Q1
72%
23%
4%
76%
21%
3%
75%
22%
3%
Japan
Overseas
Total
Japan
Printer
Q2
74%
20%
6%
75%
21%
4%
75%
21%
5%
(by sales value of machine)
* Copier’s Color ratio
FY08/3
Copier
(by sales)
FY09/3
Overseas
Total
Q1
52%
39%
43%
25%
52%
37%
Q2
59%
44%
48%
22%
38%
30%
Q3
61%
45%
49%
23%
32%
28%
FY09/3
Q4 Full year
63%
59%
49%
44%
53%
48%
32%
26%
31%
36%
32%
31%
Q1
59%
48%
51%
27%
32%
29%
70%
Q2
57%
52%
53%
19%
20%
20%
60%
52%
50%
Japan
40%
31%
34%
30%
29%
20%
58%
32%
36%
44% 42%
50%
Overseas
17%
10%
59% 56%
44%
0%
FY 04/3
Overseas production ratio
05/3
06/3
07/3
08/3
(by units)
08/3
1H
09/3
1H
FY08/3 1H FY09/3 1H
Copier
LP
75%
85%
80%
90%
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
20
Appendix of FY09/3 Q2 Results (2)
R&D, CAPEX and Depreciation & Amortization
FY08/3
(billions of yen)
R&D
%Sales
CAPEX
Depreciation
&Amotization
FY09/3
Q2
34.3
6.1%
22.5
Q3
32.0
5.8%
18.1
Q4 Full year Q1
32.5 126.0 31.7
5.8% 5.7% 6.1%
27.3
85.2
20.4
Q2 forecast
31.4 127.0
5.8% 5.9%
26.5
90.0
16.8
18.8
18.4
18.6
17.6
72.7
17.7
Operating profit by Business segment
FY07/3
(billions of yen)
Imaging &
Solutions
Industrial
Products
Others
Total
FY09/3
Q1
27.2
5.1%
17.1
Sales
OP
OP Margin
Sales
OP
OP Margin
Sales
OP
OP Margin
Sales
OP
OP Margin
1,774.4
225.3
12.7%
133.3
2.9
2.1%
161.0
2.2
1.4%
2,068.9
174.3
8.4%
FY08/3
1,909.5
234.6
12.3%
144.3
4.1
2.8%
166.0
2.5
1.5%
2,219.9
181.5
8.2%
FY09/3
forecast
1,869.5
205.0
11.0%
131.7
2.0
1.5%
148.7
2.0
1.3%
2,150.0
150.0
7.0%
75.0
Free cash flow
FY07/3
FY08/3
FY09/3
forecast
Free cash ｆlow
51.8
-3.9
-98.0
Free cash ｆlow
excluding M&A*
75.0
92.8
72.0
(billions of yen)
* Infotec Europe in FY07/3, InfoPrint Solutions, etc in FY08/3
and IKON Office Solutions(plan), etc in FY09/3
Impact of forex rates
Impact of forex rates per yen
On Sales
On Income before
income taxes
US$
4.5 billion yen
/ year
1.3 billion yen
/ year
EURO
3.5 billion yen
/ year
1.5 billion yen
/ year
*Intersegment sales excluded
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
21
< Appendix > Balance Sheet Indexes
Total Assets turn over
Equity ratio
Assets turn over (per month)
Total Assets (billions of Yen)
0.95
2,000
0.95
0.96
2,041.1
1,852.7 1,953.6
0.97
1.00
0.96
Equity ratio (%)
Shareholders’ equity (billions of Yen)
0.96
42.9% 44.2%
2,243.4 2,214.3 2,299.8 2,220.8
49.6%
47.0% 47.7% 48.8% 48.5%
45.0%
1,500
1,000
795.1
862.9
960.2
1,070.9 1,080.1 1,114.5 1,102.4
30.0%
1,000
500
15.0%
0
0
End of
‘04/3
End of
‘05/3
End of
‘06/3
End of
‘07/3
End of
‘08/3
End of
‘07/9
End of
‘08/9
0.0%
End of
‘04/3
Inventories/Averaged cost of sales
End of
‘05/3
End of
‘06/3
End of
‘07/3
*RL : Ricoh Leasing Co. Ltd.
Inventories (billions of yen)
300
1.72
1.90
1.82
1.83
1.78
250
200
150
145.0
167.4
169.2
184.3
192.0
1.91
1.99
1,200
2.00
203.3
206.1
1.50
1.00
0.50
800
600
0.00
400
50
-0.50
200
0
-1.00
0
End of
‘05/3
End of
‘06/3
End of
‘07/3
End of
‘08/3
End of
‘07/9
End of
‘08/9
End of
‘08/9
D/E ratio exclude RL
(multiplies)
Total debt exclude RL
(billions of Yen)
1.00
0.54
0.48
0.40
0.24
0.22
0.17
0.39
0.36
0.38
0.39
0.18
0.15
0.17
0.15
1,000
100
End of
‘04/3
End of
‘07/9
D/E ratio
(multiplies)
Total debt
(billions of Yen)
Debt/Equity ratio
Inventories/Averaged cost of sales (months)
End of
‘08/3
0.50
432.0
193.7
410.1
381.2
192.2
415.6
384.3
189.2
160.5
420.4
0.00
-0.50
426.8
-1.00
165.3
188.2
167.1
End of
‘08/3
End of
‘07/6
End of
‘08/9
-1.50
-2.00
End of
‘04/3
End of
‘05/3
End of
‘06/3
End of
‘07/3
October 28, 2008
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
22
<Appendix> Calculation information where the equity method
applied to Ricoh’s leasing subsidiary
Consolidated Statement of Income
Key financial Ratios
FY08/3 1H FY09/3 1H
Net sales
1,015.5
994.5
Gross profit
442.5
434.7
Operating income
77.3
57.9
Income before income taxes
78.6
52.5
Net income
53.1
34.3
(diff.)
-21.0
-7.8
-19.4
-26.1
-18.8
(billions of yen)
Return on assets
Return on equity
Equity ratio
Debt/Total assets
Debt/Equity
Total assets turnover
FY08/3 1H FY09/3 1H
4.0%
2.8%
4.9%
3.1%
56.2%
58.8%
9.5%
8.9%
16.9%
15.2%
0.52
0.53
(diff.)
- 1.2pt
- 1.8pt
+ 2.6pt
- 0.6pt
- 1.7pt
Consolidated Balance Sheet
As of
As of
Mar. 31, 08 Sep. 30, 08
Cash and cash equivalents
Other current assets
Current assets
Finance recievable
Other fixed assets
Fixed assets
171.6
953.1
1,124.7
68.0
716.6
784.7
161.7
921.2
1,083.0
64.2
728.4
792.7
Total Assets
1,909.4
1,875.7
(diff.)
-9.9
Short-term borrowings
-31.9
Other current liabilities
-41.7 Current liabilities
-3.8
Long term-borrowings
+11.8
Other fixed liabilities
+8.0 Fixed liabilities
Minority interest
Shareholders' investment
-33.7 Total Liabilities and
Shareholders' investment
Total debt
As of
As of
Mar. 31, 08 Sep. 30, 08
90.9
517.3
608.2
74.3
135.3
209.6
11.4
1,080.2
1,909.4
102.3
475.5
577.8
64.7
129.7
194.5
0.8
1,102.5
1,875.7
165.3
167.1
(diff.)
+11.4
-41.8
-30.4
-9.6
-5.6
-15.1
-10.6
+22.3
-33.7
+1.8
(billions of yen)
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
23
<Appendix> Annual Financial Indexes
Dividend
Financial Indexes
12.6%
30.7%
Consolidated Payout Ratio
( Dividend per share / EPS )
Operating income
on sales
22.6%
17.8%
ROE
8.4%
18.1% 18.3%
7.5%
14.6%
7.7%
153.10
EPS (Yen)
120.48
112.64
18
11.0%
9.9%
8.4%
8.2%
8.1%
7.8%
7.9%
7.8%
7.1%
20
28
33
7.0%
111.7
106.4
97.0
91.7
87.0
83.1
24
7.8%
6.3%
Income before Tax
on total assets
146.04
132.33
123.63
10.6%
10.0%
37
FY09/3
FY04/3 FY05/3 FY06/3 FY07/3 FY08/3 Forecast
Net income (billions of yen)
FY09/3
FY04/3 FY05/3 FY06/3 FY07/3 FY08/3 Forecast
Dividend per share (Yen)
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
24
<Appendix> Acquisition of IKON Office Solutions, Inc.
Ricoh signed a definitive agreement with IKON Office Solutions, Inc.
to acquire IKON on August 27, 2008.
Overview of IKON
Employees: Approximately 24,000 (as of September 30,2008)
Revenue: $4,166 million (FYE September 2008)
Overview of Business: Distribution, support and service of MFPs (Multifunction Printers), fax,
printers and other office equipment, managed and professional services
Locations: Over 400 in North America and Western Europe
Transaction Overview (as of August 27, 2008)
Transaction: Ricoh will acquire 100% shares of IKON Office Solutions, Inc. in cash
Estimated Price: $1.617 billion ($17.25 per share)
Finance: Mix of own and external funding
Process: The Transaction will be implemented by merging an acquisition subsidiary wholly
owned by Ricoh Americas Corporation, Keystone Acquisition, Inc., with and into IKON.
Completion: During the fourth quarter of calendar 2008 (plan)
Requirements: 1) Approval of North American and European antitrust authorities, 2) Approval
of the majority of IKON’s outstanding shares at its shareholder meeting
(C)2008 Ricoh Company, Ltd. All Rights Reserved.
October 28, 2008
25