January 29, 2010
QUARTERLY REPORT
Nine months ended December 31, 2009
Results for the Period from April 1, 2009 to December 31, 2009
Three months ended December 31, 2009
Results for the Period from October 1, 2009 to December 31, 2009
Performance Outline (Consolidated)
(1) Third Quarter ended December 31, 2008, 2009 and Year ending March 31, 2010 (Forecast)
(Billions of yen)
Third Quarter ended
December 31, 2009
Results
Third Quarter ended
December 31, 2008
Results
Change
Year ending
March 31, 2010
Forecast
Change
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable to Ricoh Company, Ltd.
626.5
848.2
1,474.7
608.4
37.7
30.8
14.4
704.8
863.1
1,568.0
657.4
86.3
60.0
29.5
-11.1%
-1.7%
-5.9%
-7.5%
-56.3%
-48.7%
-51.2%
855.0
1,145.0
2,000.0
807.0
45.0
35.0
15.0
-8.9%
-0.7%
-4.4%
-5.5%
-39.6%
13.1%
129.7%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
93.62
133.03
102.83
150.74
-9.21
-17.71
92.72
132.27
-7.83
-11.47
19.87
40.84
-20.97
20.67
11.65
19.32
39.73
-20.41
20.09
11.34
108.9
-66.7
-81.9
217.1
8.7
-250.7
244.1
155.1
100.1
184.0
-326.0
61.9
-
-
48.3
51.8
81.8
72.3
55.0
93.5
-24.0
-3.2
-11.6
75.0
70.0
112.0
-21.9
-4.8
-12.4
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
December 31, 2009
Total assets
Shareholders' investment
Interest-bearing debt
Shareholders' investment ratio (%)
Shareholders' investment per share (yen)
March 31, 2009
Change
2,382.4
962.2
718.4
2,513.4
975.3
779.1
-131.0
-13.1
-60.7
40.4
38.8
1.6
1,326.17
1,344.08
-17.91
(2) Three months ended December 31, 2008 and 2009
Three months ended
December 31, 2009
Results
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable to Ricoh Company, Ltd.
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
Three months ended
December 31, 2008
Results
Change
204.8
281.1
485.9
210.2
23.7
24.0
12.6
221.0
281.0
502.0
214.1
21.3
1.1
-4.8
-7.3%
0.0%
-3.2%
-1.8%
11.4%
-
89.75
132.60
96.21
126.97
-6.46
5.63
17.38
-6.62
24.00
16.91
-6.45
23.36
9.8
17.8
25.8
25.3
19.7
30.2
-15.5
-1.8
-4.3
Ricoh Company, Ltd.
* The Company bases the forecast estimates for the fiscal year ending March 31, 2010 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, 2009 (U.S. GAAP Financial Information)
1. Results for the Period from April 1, 2009 to December 31, 2009
(1) Operating Results
Net sales
(% change from the previous corresponding period)
Operating income
(% change from the previous corresponding period)
Income before income taxes
(% change from the previous corresponding period)
Net income attributable to Ricoh Company, Ltd.
(% change from the previous corresponding period)
Net income attributable to Ricoh Company, Ltd. shareholders
per share-basic (yen)
Net income attributable to Ricoh Company, Ltd. shareholders
per share-diluted (yen)
Third Quarter ended
December 31, 2009
1,474,731
-5.9
37,732
-56.3
30,823
-48.7
14,416
-51.2
(Millions of yen)
Third Quarter ended
December 31, 2008
1,568,018
-4.4
86,378
-35.5
60,063
-55.2
29,540
-65.4
19.87
40.84
19.32
39.73
December 31, 2009
2,382,466
962,264
40.4
1,326.17
(Millions of yen)
March 31, 2008
2,513,495
975,373
38.8
1,344.08
(2) Financial Position
Total assets
Shareholders' investment
Shareholders' investment ratio (%)
Shareholders' investment per share (yen)
2. Dividend information
Year ended
Year ending
March 31, 2009
March 31, 2010
(Results)
(Forecast)
Cash dividends, applicable to the year (yen)
Interim (yen)
Year-end (yen)
33.00
18.00
15.00
33.00
16.50
16.50
Notes: Revision of expected dividends during this period: No
3. Forecast of Operating Results from April 1, 2009 to March 31, 2010
Net sales
Operating income
Income before income taxes
Net income attributable to Ricoh Company, Ltd.
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen)
(Millions of yen)
Year ending
March 31, 2010
2,000,000
45,000
35,000
15,000
20.67
Notes: Revision of forecast of consolidated operating results during this period: Yes
4. Others
(1) Changes in significant subsidiaries: No
(2) Changes in accounting method: Yes
* For details see "4.Others"on page 5.
(3) Number of common stock outstanding (including treasury stock):
As of December 31, 2009 744,912,078 shares As of March 31, 2009 744,912,078 shares
(4) Number of treasury stock:
As of December 31, 2009 19,316,170 shares
As of March 31, 2009 19,232,352 shares
(5) Average number of common stock:
As of December 31, 2009 725,624,044 shares As of December 31, 2008 723,338,893 shares
2
Consolidated Performance
1. Operating results
*Overview
Consolidated net sales of Ricoh Group for the 9months of fiscal year 2009 (9months period from
April 1, 2009 to December 31, 2009) decreased by 5.9% as compared to the previous corresponding
period, to ¥1,474.7 billion. During this period, the average yen exchange rates were ¥93.62 against
the U.S. dollar (up ¥9.21) and ¥133.03 against the Euro (up ¥17.71). Net sales would have increased
by 0.1% excluding impact of such foreign currency exchange fluctuation.
The Japanese economy was recovering partially by economic stimulus measures, but there was still
no relief from continuing serious recession started in the second half of previous fiscal year. Under
such a severe business environment, domestic sales in the Imaging & Solutions segment as well as
Industrial Products segment and Other segment decreased from the previous corresponding period.
Consequently, overall sales in Japan decreased by 11.1% as compared to the previous corresponding
period.
As for overseas, Ricoh continued to be in the severe business environment due mainly to the mess in
the overseas economy and the appreciation of the Yen against the U.S. dollar. Although sales in the
Americas, despite economic downturns and the appreciation of the Yen against the U.S. dollar,
increased by 18.8% (+30.7%, excluding foreign currency exchange fluctuation) because the
advantage derived from the effort to enhance its sales structures and expand its sales channels such
as through the acquisition of IKON Office Solutions, Inc. ("IKON") completed in the previous fiscal
year offset the negative effect of depression of the market, sales in Europe decreased by 16.4%
(-5.4%, excluding foreign currency exchange fluctuation) and sales in Other, comprised of China,
South East Asia and Oceania, decreased by 13.5% (-4.6%, excluding foreign currency exchange
fluctuation).
As a result, sales in the overseas market decreased by 1.7% as compared to the previous
corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would
have increased by 9.3% as compared to the previous corresponding period.
Gross profit decreased by 7.5% as compared to the previous corresponding period, to ¥608.4 billion
due mainly to decrease in sales and the appreciation of the Yen. Gross profit as a percentage of net
sales also decreased by 0.6 percentage points as compared to the previous corresponding period, to
41.3% due primarily to the appreciation of the Yen.
While Ricoh incurred the expenses of IKON that was new consolidated subsidiaries acquired in the
previous third quarter, group-wide structural improvement efforts contributed to a decline in selling,
general and administrative expenses. Consequently, selling, general and administrative expenses
decreased by 0.1% as compared to the previous corresponding period, to ¥570.6 billion.
As a result, operating income decreased by 56.3% as compared to the previous corresponding period,
to ¥37.7 billion.
For other (income) expenses, foreign exchange loss decreased as compared to the previous
corresponding period. As a result, income before income taxes decreased by 48.7% as compared to
the previous corresponding period, to ¥30.8 billion.
As a result, net income attributable to Ricoh Company, Ltd. decreased by 51.2% as compared to the
previous corresponding period, to ¥14.4 billion.
3
*Conditions by Product Line
Conditions by Product Line for the 9months ended December 31, 2009 are as follows;
Imaging & Solutions (Sales down 4.2% to ¥1,306.0 billion)
Imaging Solutions (Sales down 7.1% to ¥1,113.2 billion)
While sales of PPCs, MFPs and other in the Americas increased due mainly to enhancing its sales structures through
acquisition of IKON completed in previous fiscal period, sales of that in other regions decreased due mainly to the
appreciation of the Yen and economic stagnation. Sales in this category decreased by 7.1% as compared to the
previous corresponding period, to ¥1,113.2 billion.
Excluding effects of foreign currency fluctuations, net sales in this category would havedecreased by 0.1% as
compared to the previous corresponding period.
Network System Solutions (Sales up 16.4% to ¥192.8 billion)
Sales in this category increased by 16.4% as compared to the previous corresponding period, to ¥192.8 billion due mainly to
enhancing direct sales structure in the United States. The sales would have increased by 21.4% excluding the effects of
foreign currency fluctuations.
As a result, sales in the Imaging & Solutions segment decreased by 4.2% as compared to the previous corresponding period,
to ¥1,306.0 billion. Operating income decreased by 33.3% as compared to the previous corresponding period, to ¥92.9 billion due
mainly to the decrease of sales as well as the appreciation of the Yen.
Industrial Products (Sales down 18.6% to ¥76.3 billion)
Sales in the Industrial Products segment decreased by 18.6% as compared to the previous corresponding period, to ¥76.3 billion.
Sales of semiconductor devices, thermal media and electronic components decreased as compared to the previous corresponding
period in Japan and overseas.
As a result, operating loss in the Industrial Products segment amounted to ¥1.0 billion (operating loss ¥ 0.9 billion for the previous
corresponding period).
Other (Sales down 16.5% to ¥92.2 billion)
Sales in the Other segment decreased by 16.5% as compared to the previous corresponding period, to ¥ 92.2 billion. Sales of
digital cameras decreased in Japan and overseas.
As a result operating loss in the Other segment amounted to ¥1.9 billion (operating income ¥0.5 billion for the previous
corresponding period).
2. Financial Position
*Assets, Liabilities and Shareholders' Investment
Total Assets amounted to ¥2,382.4 billion as of December 31, 2009.
For assets, cash and time deposits decreased due to the reduction from high level of amount reflecting the severe financial
conditions at the end of the previous period to normal level. Trade receivable also decreased from the end of the previous period
due to the decrease of sales. As a result, total assets decreased from the end of the previous period by ¥131.0 billion, to ¥2,382.4
billion.
For Liabilities, short-term borrowings and long-term indebtedness decreased due to the increase in free cash inflows and the
reduction in cash and time deposits. As a result, total liabilities decreased from the end of the previous period by ¥ 118.8 billion,
to ¥1,370.3 billion.
For shareholders' investment, the change in retained earnings resulted from payment of dividends and net income attributable to
Ricoh Company, Ltd. Other comprehensive loss increased due mainly to the increase of cumulative translation adjustments (loss)
reflecting exchange fluctuation from the end of the previous period. As a result, total shareholders’ investment decreased by ¥13.1
billion from the end of the previous period, to ¥962.2 billion. In accordance with FASB Accounting Standards Codification
(ASC) 810, “Consolidation” (former Statement of Financial Accounting Standards No.160 “Noncontrolling Interests in
Consolidated Financial Statements - an amendment of ARB No.51” (“SFAS 160”)), Ricoh reports the noncontrolling interest as
equity. Total equity involving the noncontrolling interest decreased by ¥12.2 billion as compared to the reclassified total equity at
the end of the previous period to conform with the presentation of this 9months, to ¥1,012.1 billion.
*Cash Flows (9months from April 1, 2009 to December 31, 2009)
Cash Flows results for the third quarter ended December 31, 2009 are as follows;
Net cash provided by operating activities in this period increased by ¥100.1 billion as compared to the previous corresponding
period, to ¥108.9 billion. Inventories and so on decreased as compared to the previous corresponding period.
Net cash used in investing activities in this period decreased by ¥184.0 billion as compared to the previous corresponding period,
to ¥66.7 billion. Net cash used in investing activities in the previous corresponding period consisted primarily of a payment in
connection with the acquisition of IKON.
As a result, free cash inflows generated by operating and investing activities amounted to ¥ 42.2 billion while cash outflows
amounted to ¥241.9 billion in the previous corresponding period.
Net cash used in financing activities amounted to ¥81.9 billion due primarily to repayment of long-term debt and net decrease in
short-term borrowings.
As a result, cash and cash equivalents as of December 31, 2009 decreased by ¥41.3 billion as compared to the end of the
preceding fiscal year, to ¥217.1 billion.
4
3. Forecast for the entire fiscal year
The forecast of business results for the full fiscal year ending March 31, 2010 is as follows. While Ricoh has revised
downward its forecast of sales, Ricoh has revised up that of operating income, income before income taxes and net
income attributable to Ricoh Company, Ltd. from announced in October 2009. This revision reflects the business
result for the nine months ended December 31, 2009 and current business environment.
Ricoh assumes exchange rates of ¥90.00 against the U.S. dollar and of ¥130.00 against the Euro during the fourth
quarter, which are the same forecast announced in October 2009. The actual exchange rates during the 9months
ended December 31, 2009 are incorporated in annual exchange rates assumption.
Our performance forecast for fiscal year 2010 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2010
US$ 1 = ¥92.72 (¥100.55 in previous fiscal year)
EURO 1 = ¥132.27 (¥143.74 in previous fiscal year)
(Billions of yen)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable
to Ricoh Company, Ltd.
Year ending
March 31, 2010
(Forecast)
855.0
1,145.0
2,000.0
807.0
45.0
35.0
Year ended
March 31, 2009
(Results)
938.3
1,153.3
2,091.6
854.3
74.5
30.9
15.0
6.5
Change
-8.9%
-0.7%
-4.4%
-5.5%
-39.6%
13.1%
129.7%
* Ricoh bases the forecast estimates for the year ending March 31, 2010 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) Changes in significant subsidiaries:
Not applicable
(2) Changes in accounting method:
Adoption of new accounting standards:
i. Ricoh adopted FASB Accounting Standards Codification (ASC) 805, “Business Combinations ” (former SFAS No.141
(revised 2007), “Business Combinations” (“SFAS 141R”)) in this first half. FASB ASC 805 establishes principles and
requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired, the
liabilities assumed, any noncontrolling interest in the acquiree and the goodwill acquired. FASB ASC 805 also establishes
disclosure requirements to enable the evaluation of the nature and financial effects of the business combination. The adoption
of FASB ASC 805 did not have a material effect on Ricoh’s consolidated financial position or results of operations.
ii. Ricoh adopted FASB Accounting Standards Codification (ASC) 810, “Consolidation” (former SFAS No.160,
“Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51” (“SFAS 160”)) in this first
half. In accordance with FASB ASC 810, noncontrolling interests which were previously referred to as minority interests and
classified between total liabilities and shareholders’ investment on the consolidated balance sheets, are now included as a
separate component of total equity. In addition, consolidated net income on the consolidated statements of income now
includes the net income (loss) attributable to noncontrolling interests. These financial statement presentation requirements
have been adopted retrospectively and prior year amounts in the consolidated financial statements of cash flows have been
reclassified or adjusted to conform to FASB ASC 810.
iii. Ricoh adopted FASB Accounting Standards Codification (ASC) 105, “Generally Accepted Accounting Principles”
(former SFAS No.168, “The FASB Accounting Standards CodificationTM and the Hierarchy of Generally Accepted
Accounting Principles”) in this first half. FASB ASC 105 reduced the hierarchy of generally accepted accounting principles
from traditional four levels to two levels: authoritative (FASB ASC) and nonauthoritative. The adoption of FASB ASC 105
did not have a material effect on Ricoh’s consolidated financial position or results of operations.
5
5. Consolidated Financial Statements
(1) Consolidated Balance Sheets
Assets
December 31, 2009
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
March 31, 2009
218,420
645,006
181,379
71,948
1,116,753
260,527
680,384
191,570
79,385
1,211,866
-42,107
-35,378
-10,191
-7,437
-95,113
259,928
456,359
549,426
1,265,713
2,382,466
269,336
465,262
567,031
1,301,629
2,513,495
-9,408
-8,903
-17,605
-35,916
-131,029
217,125
1,295
258,484
2,043
Liabilities and Equity
December 31, 2009
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
Equity
Common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock
Total Shareholders’ Investment
Noncontrolling interests
Total Equity
Total Liabilities and Equity
Note:
Other comprehensive loss;
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
March 31, 2009
(Millions of yen)
Change
253,973
221,407
199,104
674,484
285,413
269,792
218,286
773,491
-31,440
-48,385
-19,182
-99,007
497,057
155,940
42,850
695,847
1,370,331
509,403
156,625
49,626
715,654
1,489,145
-12,346
-685
-6,776
-19,807
-118,814
135,364
186,083
807,415
-129,887
-36,711
962,264
49,871
1,012,135
2,382,466
135,364
186,083
815,725
-125,121
-36,678
975,373
48,977
1,024,350
2,513,495
-8,310
-4,766
-33
-13,109
894
-12,215
-131,029
3,559
-53,298
-1,523
-78,625
1,848
-54,301
-373
-72,295
1,711
1,003
-1,150
-6,330
December 31, 2009
March 31, 2009
US$ 1
¥92.10
¥98.23
EURO 1
¥132.00
¥129.84
6
(Millions of yen)
Change
(2) Consolidated Statements of Income
Third Quarter ended December 31, 2008 and 2009
(Millions of yen)
Net sales
Cost of sales
Percentage of net sales (%)
Gross Profit
Percentage of net sales (%)
Selling, general and administrative expenses
Percentage of net sales (%)
Operating income
Percentage of net sales (%)
Other (income) expenses
Interest and dividend income
Percentage of net sales (%)
Interest expense
Percentage of net sales (%)
Other, net
Percentage of net sales (%)
Income before income taxes,
equity income and minority interests
Percentage of net sales (%)
Provision for income taxes
Percentage of net sales (%)
Equity in earnings of affiliates
Percentage of net sales (%)
Consolidated net income
Percentage of net sales (%)
Net income attributable to noncontrolling interests
Percentage of net sales (%)
Net income attributable to Ricoh Company, Ltd.
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
Third Quarter ended
December 31, 2009
1,474,731
866,325
58.7
608,406
41.3
570,674
38.7
37,732
2.6
Third Quarter ended
December 31, 2008
1,568,018
910,529
58.1
657,489
41.9
571,111
36.4
86,378
5.5
2,216
0.2
6,156
0.4
2,969
0.3
3,828
0.2
4,322
0.3
25,821
1.6
30,823
2.1
14,938
1.0
6
0.0
15,891
1.1
1,475
0.1
14,416
1.0
60,063
3.8
28,280
1.8
15
0.0
31,798
2.0
2,258
0.1
29,540
1.9
¥93.62
¥133.03
¥102.83
¥150.74
Three months ended
December 31, 2009
485,940
275,736
56.7
210,204
43.3
186,467
38.4
23,737
4.9
Three months ended
December 31, 2008
502,091
287,946
57.3
214,145
42.7
192,843
38.5
21,302
4.2
474
0.1
2,085
0.4
-1,931
-0.4
750
0.1
1,874
0.4
18,990
3.7
24,057
5.0
11,064
2.3
-6
0.0
12,987
2.7
379
0.1
12,608
2.6
1,188
0.2
5,698
1.1
-7
0.0
-4,517
-0.9
288
0.1
-4,805
-1.0
¥89.75
¥132.60
¥96.21
¥126.97
Change
-93,287
-44,204
%
-5.9
-4.9
-49,083
-7.5
-437
-0.1
-48,646
-56.3
-1,612
-42.1
1,834
42.4
-22,852
-88.5
-29,240
-48.7
-13,342
-47.2
-9
-60.0
-15,907
-50.0
-783
-34.7
-15,124
-51.2
Three months ended December 31, 2008 and 2009
(Millions of yen)
Net sales
Cost of sales
Percentage of net sales (%)
Gross Profit
Percentage of net sales (%)
Selling, general and administrative expenses
Percentage of net sales (%)
Operating income
Percentage of net sales (%)
Other (income) expenses
Interest and dividend income
Percentage of net sales (%)
Interest expense
Percentage of net sales (%)
Other, net
Percentage of net sales (%)
Income before income taxes,
equity income and minority interests
Percentage of net sales (%)
Provision for income taxes
Percentage of net sales (%)
Equity in earnings of affiliates
Percentage of net sales (%)
Consolidated net income
Percentage of net sales (%)
Net income attributable to noncontrolling interests
Percentage of net sales (%)
Net income attributable to Ricoh Company, Ltd.
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
7
Change
-16,151
-12,210
%
-3.2
-4.2
-3,941
-1.8
-6,376
-3.3
2,435
11.4
-276
-36.8
211
11.3
-20,921
-
22,869
-
5,366
94.2
1
-
17,504
-
91
31.6
17,413
-
Consolidated Sales by Product Category
Third Quarter ended December 31, 2008 and 2009
(Millions of yen)
Third Quarter ended
December 31, 2009
<Imaging & Solutions>
Imaging Solutions
Percentage of net sales (%)
Network System Solutions
Percentage of net sales (%)
Imaging & Solutions Total
Percentage of net sales (%)
Grand Total
Percentage of net sales (%)
%
1,198,102
76.4
165,666
10.6
1,363,768
87.0
-84,841
-7.1
27,163
16.4
-57,678
-4.2
76,357
5.2
93,754
6.0
-17,397
-18.6
92,284
6.2
1,474,731
100.0
110,496
7.0
1,568,018
100.0
-18,212
-16.5
-93,287
-5.9
¥93.62
¥133.03
¥102.83
¥150.74
Percentage of net sales (%)
Percentage of net sales (%)
Change
1,113,261
75.5
192,829
13.1
1,306,090
88.6
<Industrial Products>
Industrial Products
<Other>
Other
Third Quarter ended
December 31, 2008
Reference : Exchange rate
US$ 1
EURO 1
Three months ended December 31, 2008 and 2009
(Millions of yen)
Three months ended
December 31, 2009
<Imaging & Solutions>
Imaging Solutions
Percentage of net sales (%)
Network System Solutions
Percentage of net sales (%)
Imaging & Solutions Total
Percentage of net sales (%)
<Industrial Products>
Industrial Products
Percentage of net sales (%)
<Other>
Other
Percentage of net sales (%)
Grand Total
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
8
Three months ended
December 31, 2008
Change
%
368,192
75.8
62,769
12.9
430,961
88.7
383,997
76.5
59,999
11.9
443,996
88.4
-15,805
-4.1
2,770
4.6
-13,035
-2.9
25,156
5.2
25,913
5.2
-757
-2.9
29,823
6.1
485,940
100.0
32,182
6.4
502,091
100.0
-2,359
-7.3
-16,151
-3.2
¥89.75
¥132.60
¥96.21
¥126.97
Consolidated Sales by Geographic Area
Third Quarter ended December 31, 2008 and 2009
(Millions of yen)
Third Quarter ended
December 31, 2009
<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 (%)
Third Quarter ended
December 31, 2008
626,527
42.5
848,204
57.5
416,397
28.2
341,467
23.2
90,340
6.1
1,474,731
100.0
704,886
45.0
863,132
55.0
350,467
22.4
408,263
26.0
104,402
6.6
1,568,018
100.0
¥93.62
¥133.03
¥102.83
¥150.74
Reference : Exchange rate
US$ 1
EURO 1
Change
%
-78,359
-11.1
-14,928
-1.7
65,930
18.8
-66,796
-16.4
-14,062
-13.5
-93,287
-5.9
Three months ended December 31, 2008 and 2009
(Millions of yen)
Three months ended
December 31, 2009
<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
9
Three months ended
December 31, 2008
204,838
42.2
281,102
57.8
135,239
27.8
115,321
23.7
30,542
6.3
485,940
100.0
221,069
44.0
281,022
56.0
132,882
26.5
119,553
23.8
28,587
5.7
502,091
100.0
¥89.75
¥132.60
¥96.21
¥126.97
Change
%
-16,231
-7.3
80
0.0
2,357
1.8
-4,232
-3.5
1,955
6.8
-16,151
-3.2
(3) Consolidated Statements of Cash Flows
(Millions of yen)
Third Quarter ended Third Quarter ended
December 31, 2009 December 31, 2008
I. Cash Flows from Operating Activities:
Consolidated net income
Adjustments to reconcile net income to net cash
provided by operating activities—
Depreciation and amortization
Equity in earnings of affiliates, net of dividends received
Deferred income taxes
Loss on disposals and sales of tangible fixed assets
Pension and severance costs, less payments
Changes in assets and liabilities—
Decrease in trade receivables
(Increase) Decrease in inventories
(Increase) Decrease in finance receivables
Decrease in trade payables
Decrease in accrued income taxes and
accrued expenses and other
Other, net
Net cash provided by operating activities
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment
Expenditures for property, plant and equipment
Payments for purchases of available-for-sale securities
Proceeds from sales of available-for-sale securities
(Increase) Decrease in time deposits
Purchase of business, net of cash acquired
Other, net
Net cash used in investing activities
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness
Repayment of long-term indebtedness
Increase (Decrease) in short-term borrowings, net
Proceeds from issuance of long-term debt securities
Repayment of long-term debt securities
Dividends paid
Payment for purchase of treasury stock
Other, net
Net cash provided by (used in) financing activities
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
V. Net Decrease in Cash and Cash Equivalents
VI. Cash and Cash Equivalents at Beginning of Year
VII. Cash and Cash Equivalents at End of Period
10
15,891
31,798
73,402
-6
-6,726
606
2,890
74,449
-15
4,562
1,170
3,273
27,035
7,403
16,684
-31,160
15,315
-30,936
-11,509
-50,108
-15,453
18,377
108,943
-56,210
26,976
8,765
909
-48,338
-695
938
665
-4,760
-15,421
-66,702
73
-72,344
-1,275
243
-689
-158,673
-18,063
-250,728
35,055
-60,825
-57,767
35,000
-10,000
-22,858
-127
-393
-81,915
-1,685
-41,359
258,484
217,125
54,355
-53,511
295,813
-26,143
-25,320
-605
-427
244,162
-17,665
-15,466
170,607
155,141
(4) Notes on premise going concern
Not applicable
(5) Segment Information
(a) Operating Segments Information
Third Quarter ended December 31, 2008 and 2009
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2009
December 31, 2008
Imaging & Solutions:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Imaging & 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
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
Operating income on consolidated net sales (%)
11
Change
1,306,090
1,306,090
1,213,105
92,985
1,363,768
1,363,768
1,224,350
139,418
7.1
10.2
76,357
3,153
79,510
80,544
-1,034
93,754
3,472
97,226
98,194
-968
-1.3
-1.0
92,284
92,284
94,270
-1,986
110,496
110,496
109,917
579
-2.2
0.5
-3,153
-3,153
%
-57,678
-57,678
-11,245
-46,433
-4.2
-4.2
-0.9
-33.3
-17,397
-319
-17,716
-17,650
-66
-18.6
-9.2
-18.2
-18.0
-
-18,212
-18,212
-15,647
-2,565
-16.5
-16.5
-14.2
-
-3,472
-3,472
319
319
-
-3,135
52,215
49,080
-52,233
-3,473
52,652
49,179
-52,651
338
-437
-99
418
-
1,474,731
1,474,731
1,436,999
37,732
1,568,018
1,568,018
1,481,640
86,378
-93,287
-93,287
-44,641
-48,646
-5.9
-5.9
-3.0
-56.3
2.6
5.5
Three months ended December 31, 2008 and 2009
(Millions of yen)
Three months ended
December 31, 2009
Imaging & Solutions:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income
Operating income on sales in Imaging & 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
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
Operating income on consolidated net sales (%)
12
Three months ended
December 31, 2008
430,961
430,961
389,529
41,432
443,996
443,996
402,781
41,215
9.6
9.3
25,156
1,112
26,268
26,535
-267
25,913
1,179
27,092
28,836
-1,744
-1.0
-6.4
29,823
29,823
30,712
-889
32,182
32,182
33,184
-1,002
-3.0
-3.1
-1,112
-1,112
Change
%
-13,035
-13,035
-13,252
217
-2.9
-2.9
-3.3
0.5
-757
-67
-824
-2,301
1,477
-2.9
-5.7
-3.0
-8.0
-
-2,359
-2,359
-2,472
113
-7.3
-7.3
-7.4
-
-1,179
-1,179
67
67
-
-1,105
16,532
15,427
-16,539
-1,181
17,169
15,988
-17,167
76
-637
-561
628
-
485,940
485,940
462,203
23,737
502,091
502,091
480,789
21,302
-16,151
-16,151
-18,586
2,435
-3.2
-3.2
-3.9
11.4
4.9
4.2
(b) Geographic Segments Information
Third Quarter ended December 31, 2008 and 2009
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2009
December 31, 2008
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 (%)
13
Change
639,289
288,956
928,245
907,251
20,994
723,708
346,985
1,070,693
1,010,551
60,142
2.3
5.6
415,474
2,710
418,184
429,945
-11,761
351,451
3,172
354,623
367,286
-12,663
-2.8
-3.6
342,376
1,706
344,082
324,279
19,803
405,532
2,046
407,578
380,817
26,761
5.8
6.6
77,592
103,913
181,505
171,502
10,003
87,327
126,922
214,249
204,186
10,063
5.5
4.7
-397,285
-397,285
-395,978
-1,307
%
-84,419
-58,029
-142,448
-103,300
-39,148
-11.7
-16.7
-13.3
-10.2
-65.1
64,023
-462
63,561
62,659
902
18.2
-14.6
17.9
17.1
-
-63,156
-340
-63,496
-56,538
-6,958
-15.6
-16.6
-15.6
-14.8
-26.0
-9,735
-23,009
-32,744
-32,684
-60
-11.1
-18.1
-15.3
-16.0
-0.6
-479,125
-479,125
-481,200
2,075
81,840
81,840
85,222
-3,382
-
1,474,731
1,474,731
1,436,999
37,732
1,568,018
1,568,018
1,481,640
86,378
-93,287
-93,287
-44,641
-48,646
-5.9
-5.9
-3.0
-56.3
2.6
5.5
Three months ended December 31, 2008 and 2009
(Millions of yen)
Three months ended
December 31, 2009
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 (%)
14
Change
%
208,970
109,347
318,317
305,295
13,022
224,054
110,052
334,106
321,681
12,425
4.1
3.7
135,064
966
136,030
139,411
-3,381
134,803
916
135,719
143,103
-7,384
-2.5
-5.4
115,117
578
115,695
107,581
8,114
118,625
560
119,185
112,577
6,608
7.0
5.5
26,789
35,721
62,510
58,443
4,067
24,609
41,757
66,366
64,601
1,765
6.5
2.7
-146,612
-146,612
-148,527
1,915
-153,285
-153,285
-161,173
7,888
6,673
6,673
12,646
-5,973
-
485,940
485,940
462,203
23,737
502,091
502,091
480,789
21,302
-16,151
-16,151
-18,586
2,435
-3.2
-3.2
-3.9
11.4
4.9
4.2
(6) Notes on significant changes in shareholders' investment
Not applicable
Three months ended
December 31, 2008
-15,084
-705
-15,789
-16,386
597
-6.7
-0.6
-4.7
-5.1
4.8
261
50
311
-3,692
4,003
0.2
5.5
0.2
-2.6
-
-3,508
18
-3,490
-4,996
1,506
-3.0
3.2
-2.9
-4.4
22.8
2,180
8.9
-6,036 -14.5
-3,856
-5.8
-6,158
-9.5
2,302 130.4
-APPENDIX1. Consolidated Sales by Product Category
(Millions of yen)
Third Quarter ended December 31, 2008 and 2009
Third Quarter ended
December 31, 2009
<Imaging & Solutions>
Imaging Solutions
Percentage of net sales (%)
Domestic
Overseas
Network System Solutions
Percentage of net sales (%)
Domestic
Overseas
Imaging & 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
Third Quarter ended
December 31, 2008
1,113,261
75.5
381,593
731,668
192,829
13.1
115,660
77,169
1,306,090
88.6
497,253
808,837
405,807
328,687
74,343
1,198,102
76.4
423,032
775,070
165,666
10.6
127,327
38,339
1,363,768
87.0
550,359
813,409
337,955
391,209
84,245
76,357
5.2
41,592
34,765
10,052
11,402
13,311
92,284
6.3
87,682
4,602
538
1,378
2,686
1,474,731
100.0
626,527
42.5
848,204
57.5
416,397
28.2
341,467
23.2
90,340
6.1
Change
%
Change excluding
exchange impact
%
-84,841
-7.1
-816
-0.1
-41,439
-43,402
27,163
-9.8
-5.6
16.4
-41,439
40,623
35,394
-9.8
5.2
21.4
-11,667
38,830
-57,678
-9.2
101.3
-4.2
-11,667
47,061
34,578
-9.2
122.7
2.5
-53,106
-4,572
67,852
-62,522
-9,902
-9.6
-0.6
20.1
-16.0
-11.8
-53,106
87,684
108,474
-19,332
-1,458
-9.6
10.8
32.1
-4.9
-1.7
93,754
6.0
52,904
40,850
11,101
14,162
15,587
-17,397
-18.6
-14,609
-15.6
-11,312
-6,085
-1,049
-2,760
-2,276
-21.4
-14.9
-9.4
-19.5
-14.6
-11,312
-3,297
-96
-1,495
-1,706
-21.4
-8.1
-0.9
-10.6
-10.9
110,496
7.0
101,623
8,873
1,411
2,892
4,570
1,568,018
100.0
704,886
45.0
863,132
55.0
350,467
22.4
408,263
26.0
104,402
6.6
-18,212
-16.5
-17,747
-16.1
-13,941
-4,271
-873
-1,514
-1,884
-93,287
-13.7
-48.1
-61.9
-52.4
-41.2
-5.9
-13,941
-3,806
-830
-1,352
-1,624
2,222
-13.7
-42.9
-58.8
-46.7
-35.5
0.1
-78,359
-11.1
-78,359
-11.1
-14,928
-1.7
80,581
9.3
65,930
18.8
107,548
30.7
-66,796
-16.4
-22,179
-5.4
-14,062
-13.5
-4,788
-4.6
¥93.62
¥133.03
¥102.83
¥150.74
¥-9.21
¥-17.71
*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, servers, network systems and network related software
Industrial Products
Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment
Other
Digital cameras
A1
(Millions of yen)
Three months ended December 31, 2008 and 2009
<Imaging & Solutions>
Imaging Solutions
Percentage of net sales (%)
Domestic
Overseas
Network System Solutions
Percentage of net sales (%)
Domestic
Overseas
Imaging & 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
Three months ended
Three months ended
December 31, 2009
December 31, 2008
368,192
75.8
125,664
242,528
62,769
12.9
36,844
25,925
430,961
88.7
162,508
268,453
132,137
111,198
25,118
383,997
76.5
136,870
247,127
59,999
11.9
38,611
21,388
443,996
88.4
175,481
268,515
129,546
115,587
23,382
25,156
5.2
14,107
11,049
2,960
3,665
4,424
25,913
5.2
15,590
10,323
2,983
3,283
4,057
29,823
6.1
28,223
1,600
142
458
1,000
485,940
100.0
204,838
42.2
281,102
57.8
135,239
27.8
115,321
23.7
30,542
6.3
32,182
6.4
29,998
2,184
353
683
1,148
502,091
100.0
221,069
44.0
281,022
56.0
132,882
26.5
119,553
23.8
28,587
5.7
¥89.75
¥132.60
¥96.21
¥126.97
Change
%
Change excluding
exchange impact
%
-15,805
-4.1
-11,398
-3.0
-11,206
-4,599
2,770
-8.2
-1.9
4.6
-11,206
-192
4,048
-8.2
-0.1
6.7
-1,767
4,537
-13,035
-4.6
21.2
-2.9
-1,767
5,815
-7,350
-4.6
27.2
-1.7
-12,973
-62
2,591
-4,389
1,736
-7.4
0.0
2.0
-3.8
7.4
-12,973
5,623
12,954
-8,095
764
-7.4
2.1
10.0
-7.0
3.3
-757
-2.9
-531
-2.0
-1,483
726
-23
382
367
-9.5
7.0
-0.8
11.6
9.0
-1,483
952
168
244
540
-9.5
9.2
5.6
7.4
13.3
-2,359
-7.3
-2,294
-7.1
-1,775
-584
-211
-225
-148
-16,151
-5.9
-26.7
-59.8
-32.9
-12.9
-3.2
-1,775
-519
-206
-244
-69
-10,175
-5.9
-23.8
-58.4
-35.7
-6.0
-2.0
-16,231
-7.3
-16,231
-7.3
80
0.0
6,056
2.2
2,357
1.8
12,916
9.7
-4,232
-3.5
-8,095
-6.8
1,955
6.8
1,235
4.3
¥-6.46
¥5.63
*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, servers, network systems and network related software
Industrial Products
Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment
Other
Digital cameras
A2
2. Forecast of Consolidated Performance
(Billions of yen)
Third Quarter ended
Fourth Quarter ending
Year ending
December 31, 2009
Change
March 31, 2010
Change
March 31, 2010
Change
Forecast
%
Forecast
%
Forecast
%
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable to
Ricoh Company, Ltd.
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
1,474.7
608.4
37.7
30.8
-5.9
-7.5
-56.3
-48.7
525.2
198.5
7.2
4.1
0.3
0.9
-
2,000.0
807.0
45.0
35.0
-4.4
-5.5
-39.6
13.1
14.4
-51.2
0.5
-
15.0
129.7
19.87
-
0.80
-
20.67
-
19.32
48.3
51.8
81.8
93.62
133.03
-
0.77
26.8
18.3
30.3
90.00
130.00
-
20.09
75.0
70.0
112.0
92.72
132.27
-
3. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Fourth Quarter ending March 31, 2010
Change
Forecast
Forecast(*)
%
<Imaging & Solutions>
Imaging Solutions
Domestic
Overseas
Network System Solutions
Domestic
Overseas
Imaging & 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
Change
%
Year ending March 31, 2010
Change
Forecast
Forecast(*)
%
Change
%
398.2
142.4
255.8
70.2
42.5
27.7
468.4
184.9
283.5
146.4
113.5
23.6
-0.6
-1.3
-0.2
2.0
-6.8
19.3
-0.2
-2.6
1.4
-2.1
2.5
22.6
398.0
142.4
255.6
70.6
42.5
28.1
468.6
184.9
283.7
152.2
106.8
24.6
-0.6
-1.3
-0.3
2.6
-6.8
21.1
-0.2
-2.6
1.5
1.8
-3.5
27.8
1,511.5
524.0
987.5
263.0
158.2
104.9
1,774.5
682.1
1,092.4
552.3
442.2
97.9
-5.5
-7.6
-4.3
12.2
-8.5
70.4
-3.2
-7.8
-0.1
13.3
-11.9
-5.4
1,595.3
524.0
1,071.3
271.7
158.2
113.5
1,866.9
682.1
1,184.8
598.7
478.7
107.4
-0.2
-7.6
3.9
15.9
-8.5
84.4
1.8
-7.8
8.4
22.8
-4.6
3.8
25.7
14.4
11.3
3.3
3.6
4.4
17.8
21.1
13.7
25.8
-11.6
36.1
25.6
14.4
11.2
3.4
3.4
4.4
17.6
21.1
13.3
30.7
-15.8
36.1
102.0
56.0
46.0
13.4
15.0
17.7
-11.7
-13.6
-9.3
-2.7
-17.7
-5.9
104.8
56.0
48.8
14.4
16.1
18.3
-9.3
-13.6
-3.9
5.2
-11.7
-2.9
31.2
29.2
2.0
0.1
0.7
1.2
525.3
228.5
296.8
149.8
117.8
29.2
-4.2
-8.1
150.6
-38.7
78.1
404.3
0.3
-2.1
2.3
-1.7
2.3
28.4
31.2
29.2
2.0
0.1
0.7
1.2
525.4
228.5
296.9
155.8
111.0
30.2
-4.2
-8.1
153.2
-26.4
78.1
404.3
0.3
-2.1
2.3
2.2
-3.6
32.9
123.5
116.9
6.6
0.6
2.1
3.9
2,000.0
855.0
1,145.0
566.2
459.3
119.5
-13.7
-12.4
-31.9
-59.5
-36.7
-19.5
-4.4
-8.9
-0.7
12.6
-12.3
-6.0
123.9
116.9
7.1
0.7
2.2
4.1
2,095.6
855.0
1,240.6
613.8
497.1
129.8
-13.4
-12.4
-26.9
-55.5
-31.8
-14.1
0.2
-8.9
7.6
22.1
-5.0
2.1
* Excluding foreign exchange impact
A3