February 2, 2011
QUARTERLY REPORT
Nine months ended December 31, 2010
Results for the Period from April 1, 2010 to December 31, 2010
Three months ended December 31, 2010
Results for the Period from October 1, 2010 to December 31, 2010
Performance Outline (Consolidated)
(1) Third Quarter ended December 31, 2009, 2010 and Year ending March 31, 2011 (Forecast)
(Billions of yen)
Third Quarter ended
December 31, 2010
Results
Third Quarter ended
December 31, 2009
Results
Change
Year ending
March 31, 2011
Forecast
Change
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable to Ricoh Company, Ltd.
649.4
789.6
1,439.0
599.4
53.9
41.3
20.3
626.5
848.2
1,474.7
608.4
37.7
30.8
14.4
3.7%
-6.9%
-2.4%
-1.5%
43.1%
34.1%
41.1%
920.0
1,100.0
2,020.0
825.0
85.0
75.0
35.0
5.0%
-3.5%
0.2%
0.3%
28.8%
30.4%
25.6%
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
86.90
113.53
93.62
133.03
-6.72
-19.50
85.18
112.65
-7.73
-18.56
28.03
19.87
8.16
48.24
9.83
27.30
19.32
7.98
47.34
9.98
74.3
-64.1
-92.6
147.8
108.9
-66.7
-81.9
217.1
-34.5
2.5
-10.7
-69.3
-
-
48.6
50.1
81.3
48.3
51.8
81.8
0.3
-1.7
-0.5
72.0
67.0
112.0
5.0
-3.3
2.1
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
December 31, 2010
Total assets
Ricoh Company, Ltd. shareholders' equity
Interest-bearing debt
Ricoh Company, Ltd. shareholders' equity ratio (%)
Ricoh Company, Ltd. shareholders' equity per share (yen)
March 31, 2010
Change
2,191.0
907.5
627.8
2,383.9
973.3
684.4
-192.9
-65.7
-56.5
41.4
40.8
0.6
1,250.96
1,341.45
-90.49
(2) Three months ended December 31, 2009 and 2010
Three months ended
December 31, 2010
Results
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income
Income before income taxes
Net income attributable to Ricoh Company, Ltd.
Exchange rate (Yen/US$)
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, 2009
Results
Change
210.3
257.8
468.1
196.5
15.9
13.2
7.8
204.8
281.1
485.9
210.2
23.7
24.0
12.6
2.7%
-8.3%
-3.7%
-6.5%
-32.7%
-44.8%
-37.9%
82.66
112.30
89.75
132.60
-7.09
-20.30
10.79
17.38
-6.59
10.54
16.91
-6.37
9.1
16.7
27.3
9.8
17.8
25.8
-0.7
-1.1
1.4
Ricoh Company, Ltd.
* The Company bases the forecast estimates for the fiscal year ending March 31, 2011 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, 2010 (U.S. GAAP Financial Information)
1. Results for the Period from April 1, 2010 to December 31, 2010
(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, 2010
1,439,051
-2.4
53,989
43.1
41,344
34.1
20,340
41.1
(Millions of yen)
Third Quarter ended
December 31, 2009
1,474,731
-5.9
37,732
-56.3
30,823
-48.7
14,416
-51.2
28.03
19.87
27.30
19.32
December 31, 2010
2,191,006
960,207
907,592
41.4
1,250.96
(Millions of yen)
March 31, 2010
2,383,943
1,023,874
973,341
40.8
1,341.45
(2) Financial Position
Total assets
Total equity
Ricoh Company, Ltd. shareholders' equity
Ricoh Company, Ltd. shareholders' equity ratio (%)
Ricoh Company, Ltd. shareholders' equity per share (yen)
2. Dividend information
Year ended
Year ending
March 31, 2010
March 31, 2011
(Results)
(Forecast)
Cash dividends, applicable to the year (yen)
Interim (yen)
Year-end (yen)
33.00
16.50
16.50
33.00
16.50
16.50
Notes: Revision of expected dividends during this period: No
3. Forecast of Operating Results from April 1, 2010 to March 31, 2011
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, 2011
2,020,000
85,000
75,000
35,000
48.24
Notes: Revision of forecast of consolidated operating results during this period: No
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, 2010 744,912,078 shares As of March 31, 2010 744,912,078 shares
(4) Number of treasury stock:
As of December 31, 2010 19,395,128 shares
As of March 31, 2010 19,320,723 shares
(5) Average number of common stock:
As of December 31, 2010 725,570,022 shares As of December 31, 2009 725,624,044 shares
2
Consolidated Performance
1. Operating results
*Overview
Consolidated net sales of Ricoh Group for the 9 months of fiscal year 2010 (9 months period from
April 1, 2010 to December 31, 2010) decreased by 2.4% as compared to the previous corresponding
period, to ¥1,439.0 billion. During this period, the average yen exchange rates were ¥86.90 against
the U.S. dollar (up ¥6.72) and ¥113.53 against the Euro (up ¥19.50). Net sales would have increased
by 3.3% excluding impact of such foreign currency exchange fluctuation.
The Japanese economy had shown some moderate recovery from the second half of the previous
year. However, unpredictable situation remained because of the sharp appreciation of the Yen
against the U.S. dollar and the Euro as well as decline of the stock market. Despite the severe
situation, domestic sales in all the segments such as the Imaging & Solutions, Industrial Products and
Other increased from the previous corresponding period. Consequently, overall sales in Japan
increased by 3.7% as compared to the previous corresponding period.
As for the overseas economy, in the Americas, unpredictable situation remained despite the recovery
in individual consumption and capital investment in America. In Europe, although the economy had
shown recovery trend partially due to the increase of European export to other regions derived from
the depreciation of the Euro, it remained uncertain due to financial crisis and employment insecurity
in some countries. In Other, comprised of China, South East Asia and Oceania, the emerging markets
including China and India achieved strong growth. Ricoh continued to be in the severe business
environment in Europe due to the appreciation of the Yen.
As for overseas sales, although sales in the Americas, due to the appreciation of the Yen against the
U.S. dollar, decreased by 6.5% (+0.8%, excluding foreign currency exchange fluctuation) and sales
in Europe, due to the sharp appreciation of the Yen against the Euro, decreased by 11.1% (+3.8%,
excluding foreign currency exchange fluctuation), sales in Other, comprised of China, South East
Asia and Oceania, increased by 7.0% (+11.2%, excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 6.9% as compared to the previous
corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would
have increased by 3.1% as compared to the previous corresponding period.
Gross profit, despite the increased sales of value-added high-margin products in addition to ongoing
cost reduction, decreased by 1.5% as compared to the previous corresponding period, to ¥599.4
billion due to the appreciation of the Yen.
Group-wide cost reduction efforts contributed largely to a decline in selling, general and
administrative expenses. Consequently, selling, general and administrative expenses decreased by
4.4% as compared to the previous corresponding period, to ¥545.4 billion.
As a result, operating income increased by 43.1% as compared to the previous corresponding period,
to ¥53.9 billion.
For other (income) expenses, while foreign exchange loss increased as compared to the previous
corresponding period, interest expense decreased by 5.5% compared to the previous corresponding
period due to the interest-bearing debt reduction. As a result, income before income taxes increased
by 34.1% as compared to the previous corresponding period, to ¥41.3 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by 41.1% as compared to the
previous corresponding period, to ¥20.3 billion.
3
*Conditions by Product Line
Conditions by Product Line for the 9months ended December 31, 2010 are as follows;
Imaging & Solutions (Sales down 3.2% to ¥1,264.4 billion)
Imaging Solutions (Sales down 5.4% to ¥1,052.8 billion)
Sales in this category decreased by 5.4% as compared to the previous corresponding period, to ¥1,052.8 billion. The
sales would have increased by 1.2% excluding the effects of foreign currency fluctuations.
As for sales of PPCs, MFPs and printers, while the sales of color products remained steady, the sales of monochrome
products decreased as compared to the previous corresponding period. Sales of production printing products increased
due to the sales of new color product released in the second half of the previous year.
Network System Solutions (Sales up 9.7% to ¥211.5 billion)
Sales in this category increased by 9.7% as compared to the previous corresponding period, to ¥211.5 billion due mainly to
expanding MDS (Managed Document Services) and IT service around the world.
As a result, sales in the Imaging & Solutions segment decreased by3.2% as compared to the previous corresponding period, to ¥1,264.4
billion. Operating income increased by 16.3% as compared to the previous corresponding period, to ¥108.1 billion due mainly to the
increased sales of value-added high-margin products in addition to ongoing cost reduction.
Industrial Products (Sales up 7.6% to ¥82.1 billion)
Sales in the Industrial Products segment increased by7.6% as compared to the previous corresponding period, to ¥82.1 billion. Sales of
semiconductor devices, optical equipment and electronic components increased as compared to the previous corresponding period.
As a result, operating income in the Industrial Products segment amounted to ¥0.7 billion (operating loss ¥1.0 billion for the previous
corresponding period).
Other (Sales up 0.2% to ¥92.5 billion)
Net sales in the Other segment increased by0.2% as compared to the previous corresponding period, to ¥92.5 billion. Sales of digital
cameras and so on increased mainly in Japan.
As a result, operating loss in the Other segment amounted to ¥1.5 billion (operating loss ¥1.9 billion for the previous corresponding
period).
2. Financial Position
*Assets, Liabilities and Equity
For Assets, cash and time deposits decreased from the end of the previous fiscal year due to the interest-bearing debt reduction. The yen
equivalent of foreign-currency-denominated assets decreased because the appreciation of the Yen developed from the previous fiscal
year. As a result, total assets decreased by ¥192.9 billion, to ¥2,191.0 billion.
For Liabilities, interest-bearing debt decreased.Ricoh promoted the interest-bearing debt reduction mainly in foreign countries. Also,
Ricoh redeemed bonds. As a result, total liabilities decreased by ¥129.2 billion from the end of the previous fiscal year, to ¥1,230.7
billion.
For Total Equity, the change in retained earnings resulted from payment for dividends and net income attributable to Ricoh Company,
Ltd. Accumulated other comprehensive loss increased due mainly to the fluctuation of cumulative translation adjustments reflecting
exchange fluctuation from the end of the previous period. As a result, Total Equity decreased by ¥63.6 billion from the end of the
previous fiscal year, to ¥960.2 billion.
*Cash Flows (9 months from April 1, 2010 to December 31, 2010)
Net cash provided by operating activities in this period decreased by ¥34.5 billion as compared to the previous corresponding period, to
¥74.3 billion due mainly to the increase in inventories.
Net cash used in investing activities in this period decreased by ¥2.5 billion as compared to the previous corresponding period, to ¥64.1
billion.
As a result, free cash inflows generated by operating and investing activitiesdecreased by ¥32.0 billion as compared to the previous
corresponding period, to ¥10.1 billion.
Net cash used in financing activities amounted to ¥92.6 billion due primarily to repayment of the interest-bearing debt and payment for
dividends.
As a result, cash and cash equivalents as of December 31, 2010 decreased by ¥94.3 billion as compared to the end of the previous fiscal
year, to ¥147.8 billion.
4
3. Forecast for the entire fiscal year
Ricoh has not revised its forecast of business results for the full fiscal year ending March 31, 2011 from announced
in October 2010. This forecast reflects the business result for the nine months ended December 31, 2010 and
competition in the market as well as exchange rate fluctuations.
Ricoh assumes exchange rates of ¥80.00 against the U.S. dollar and of ¥110.00 against the Euro during the fourth
quarter.
Our performance forecast for the full fiscal year ending March 31, 2011 is as follows:
Exchange Rate Assumptions for the full fiscal year ending March 31, 2011
US$ 1 = ¥85.18 (¥92.91 in previous fiscal year)
EURO 1 = ¥112.65 (¥131.21 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, 2011
(Forecast)
920.0
1,100.0
2,020.0
825.0
85.0
75.0
Year ended
March 31, 2010
(Results)
876.5
1,139.7
2,016.3
822.3
65.9
57.5
35.0
27.8
Change
5.0%
-3.5%
0.2%
0.3%
28.8%
30.4%
25.6%
* Ricoh bases the forecast estimates for the year ending March 31, 2011 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:
Ricoh adopted the FASB Accounting Standards Codification (“ASC”) 860 “Transfers and Servicing” updated by the FASB
issued Accounting Standard Update (“ASU”) No. 2009-16, “Accounting for Transfers of Financial Assets” in this fiscal year.
This statement eliminates the concept of a qualifying special-purpose entity ("QSPE"), establishes conditions for reporting a
transfer of a portion of a financial asset as a sale, clarifies the financial-asset derecognition criteria, revises how interests
retained by the transferor in a sale of financial assets initially are measured.
Ricoh also adopted FASB ASC 810 “Consolidation” updated by the FASB issued ASU No. 2009-17, “Improvements to
Financial Reporting by Enterprises Involved with Variable Interest Entities” in this fiscal year. This accounting standard
requires an enterprise to perform an analysis to identify the primary beneficiary of a variable interest entity and also requires
ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity.
Ricoh recognized ¥ 24,282 million as leasing receivables and ¥ 20,228 million as current portion of long-term indebtedness
and long-term indebtedness on Consolidated Balance Sheets to conform with these FASB ASC. The adoption of these FASB
ASC did not have a material impact on cumulative effect on retained earnings.
5
5. Consolidated Financial Statements
(1) Consolidated Balance Sheets
Assets
December 31, 2010
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, 2010
149,560
632,184
183,271
61,207
1,026,222
243,888
667,614
169,251
63,859
1,144,612
-94,328
-35,430
14,020
-2,652
-118,390
255,692
445,294
463,798
1,164,784
2,191,006
263,021
445,896
530,414
1,239,331
2,383,943
-7,329
-602
-66,616
-74,547
-192,937
147,816
1,744
242,165
1,723
Liabilities and Equity
December 31, 2010
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 Ricoh Company, Ltd. shareholders' equity
Noncontrolling interests
Total Equity
Total Liabilities and Equity
Note:
Accumulated 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, 2010
(Millions of yen)
Change
244,041
124,514
183,627
552,182
273,397
169,727
217,280
660,404
-29,356
-45,213
-33,653
-108,222
503,343
138,896
36,378
678,617
1,230,799
514,718
140,460
44,487
699,665
1,360,069
-11,375
-1,564
-8,109
-21,048
-129,270
135,364
186,083
816,688
-193,719
-36,824
907,592
52,615
960,207
2,191,006
135,364
186,083
820,701
-132,051
-36,756
973,341
50,533
1,023,874
2,383,943
-4,013
-61,668
-68
-65,749
2,082
-63,667
-192,937
1,101
-45,795
-1,242
-147,783
2,372
-47,335
-1,157
-85,931
-1,271
1,540
-85
-61,852
December 31, 2010
March 31, 2010
US$ 1
¥81.49
¥93.04
EURO 1
¥107.90
¥124.92
6
(Millions of yen)
Change
(2) Consolidated Statements of Income
Third Quarter ended December 31, 2009 and 2010
(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, 2010
1,439,051
839,572
58.3
599,479
41.7
545,490
37.9
53,989
3.8
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
2,154
0.1
5,816
0.4
8,983
0.6
2,216
0.2
6,156
0.4
2,969
0.3
41,344
2.9
18,150
1.3
-15
0.0
23,179
1.6
2,839
0.2
20,340
1.4
30,823
2.1
14,938
1.0
6
0.0
15,891
1.1
1,475
0.1
14,416
1.0
¥86.90
¥113.53
¥93.62
¥133.03
Three months ended
December 31, 2010
468,195
271,634
58.0
196,561
42.0
180,584
38.6
15,977
3.4
Three months ended
December 31, 2009
485,940
275,736
56.7
210,204
43.3
186,467
38.4
23,737
4.9
779
0.2
1,905
0.4
1,572
0.4
474
0.1
2,085
0.4
-1,931
-0.4
13,279
2.8
4,556
1.0
-8
0.0
8,715
1.9
887
0.2
7,828
1.7
24,057
5.0
11,064
2.3
-6
0.0
12,987
2.7
379
0.1
12,608
2.6
¥82.66
¥112.30
¥89.75
¥132.60
Change
-35,680
-26,753
%
-2.4
-3.1
-8,927
-1.5
-25,184
-4.4
16,257
43.1
-62
-2.8
-340
-5.5
6,014
202.6
10,521
34.1
3,212
21.5
-21
-
7,288
45.9
1,364
92.5
5,924
41.1
Three months ended December 31, 2009 and 2010
(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
-17,745
-4,102
%
-3.7
-1.5
-13,643
-6.5
-5,883
-3.2
-7,760
-32.7
305
64.3
-180
-8.6
3,503
-
-10,778
-44.8
-6,508
-58.8
-2
-
-4,272
-32.9
508
134.0
-4,780
-37.9
Consolidated Sales by Product Category
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
Third Quarter ended
December 31, 2010
<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 (%)
%
1,113,261
75.5
192,829
13.1
1,306,090
88.6
-60,377
-5.4
18,694
9.7
-41,683
-3.2
82,136
5.7
76,357
5.2
5,779
7.6
92,508
6.4
1,439,051
100.0
92,284
6.2
1,474,731
100.0
224
0.2
-35,680
-2.4
¥86.90
¥113.53
¥93.62
¥133.03
Percentage of net sales (%)
Percentage of net sales (%)
Change
1,052,884
73.2
211,523
14.7
1,264,407
87.9
<Industrial Products>
Industrial Products
<Other>
Other
Third Quarter ended
December 31, 2009
Reference : Exchange rate
US$ 1
EURO 1
Three months ended December 31, 2009 and 2010
(Millions of yen)
Three months ended
December 31, 2010
<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, 2009
Change
%
346,188
73.9
67,236
14.4
413,424
88.3
368,192
75.8
62,769
12.9
430,961
88.7
-22,004
-6.0
4,467
7.1
-17,537
-4.1
26,393
5.6
25,156
5.2
1,237
4.9
28,378
6.1
468,195
100.0
29,823
6.1
485,940
100.0
-1,445
-4.8
-17,745
-3.7
¥82.66
¥112.30
¥89.75
¥132.60
Consolidated Sales by Geographic Area
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
Third Quarter ended
December 31, 2010
<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, 2009
649,422
45.1
789,629
54.9
389,424
27.1
303,531
21.1
96,674
6.7
1,439,051
100.0
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
¥86.90
¥113.53
¥93.62
¥133.03
Reference : Exchange rate
US$ 1
EURO 1
Change
%
22,895
3.7
-58,575
-6.9
-26,973
-6.5
-37,936
-11.1
6,334
7.0
-35,680
-2.4
Three months ended December 31, 2009 and 2010
(Millions of yen)
Three months ended
December 31, 2010
<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, 2009
210,357
44.9
257,838
55.1
124,567
26.6
102,480
21.9
30,791
6.6
468,195
100.0
204,838
42.2
281,102
57.8
135,239
27.8
115,321
23.7
30,542
6.3
485,940
100.0
¥82.66
¥112.30
¥89.75
¥132.60
Change
%
5,519
2.7
-23,264
-8.3
-10,672
-7.9
-12,841
-11.1
249
0.8
-17,745
-3.7
(3) Consolidated Statements of Cash Flows
(Millions of yen)
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2009
I. Cash Flows from Operating Activities:
Consolidated net income
Adjustments to reconcile consolidated 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
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,
including interest capitalized
Expenditures for intangible fixed asset
including interest capitalized
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
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 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
23,179
15,891
69,518
15
2,934
813
889
73,402
-6
-6,726
606
2,890
9,820
-29,139
11,903
-20,183
27,035
7,403
16,684
-31,160
-6,111
10,718
74,356
-15,453
18,377
108,943
732
909
-48,674
-48,338
-12,153
-230
17
-192
-477
-3,187
-64,164
-10,063
-695
938
665
-4,760
-5,358
-66,702
43,691
-75,039
-28,110
79,741
-88,307
-23,943
-138
-551
-92,656
-11,885
-94,349
242,165
147,816
35,055
-60,825
-57,767
35,000
-10,000
-22,858
-127
-393
-81,915
-1,685
-41,359
258,484
217,125
(4) Notes on premise going concern
Not applicable
(5) Segment Information
(a) Operating Segments Information
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2010
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 (%)
11
Change
1,264,407
1,264,407
1,156,303
108,104
1,306,090
1,306,090
1,213,105
92,985
8.5
7.1
82,136
4,147
86,283
85,508
775
76,357
3,153
79,510
80,544
-1,034
0.9
-1.3
92,508
92,508
94,041
-1,533
92,284
92,284
94,270
-1,986
-1.7
-2.2
-4,147
-4,147
%
-41,683
-41,683
-56,802
15,119
-3.2
-3.2
-4.7
16.3
5,779
994
6,773
4,964
1,809
7.6
31.5
8.5
6.2
-
224
224
-229
453
0.2
0.2
-0.2
-
-3,153
-3,153
-994
-994
-
-4,154
53,364
49,210
-53,357
-3,135
52,215
49,080
-52,233
-1,019
1,149
130
-1,124
-
1,439,051
1,439,051
1,385,062
53,989
1,474,731
1,474,731
1,436,999
37,732
-35,680
-35,680
-51,937
16,257
-2.4
-2.4
-3.6
43.1
3.8
2.6
Three months ended December 31, 2009 and 2010
(Millions of yen)
Three months ended
December 31, 2010
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, 2009
413,424
413,424
378,321
35,103
430,961
430,961
389,529
41,432
8.5
9.6
26,393
1,556
27,949
28,220
-271
25,156
1,112
26,268
26,535
-267
-1.0
-1.0
28,378
28,378
29,447
-1,069
29,823
29,823
30,712
-889
-3.8
-3.0
-1,556
-1,556
Change
%
-17,537
-17,537
-11,208
-6,329
-4.1
-4.1
-2.9
-15.3
1,237
444
1,681
1,685
-4
4.9
39.9
6.4
6.4
-
-1,445
-1,445
-1,265
-180
-4.8
-4.8
-4.1
-
-1,112
-1,112
-444
-444
-
-1,556
17,786
16,230
-17,786
-1,105
16,532
15,427
-16,539
-451
1,254
803
-1,247
-
468,195
468,195
452,218
15,977
485,940
485,940
462,203
23,737
-17,745
-17,745
-9,985
-7,760
-3.7
-3.7
-2.2
-32.7
3.4
4.9
(b) Geographic Segments Information
Third Quarter ended December 31, 2009 and 2010
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2010
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 (%)
13
Change
660,643
311,561
972,204
943,523
28,681
639,289
288,956
928,245
907,251
20,994
3.0
2.3
389,203
2,462
391,665
395,343
-3,678
415,474
2,710
418,184
429,945
-11,761
-0.9
-2.8
304,670
1,775
306,445
286,754
19,691
342,376
1,706
344,082
324,279
19,803
6.4
5.8
84,535
122,876
207,411
197,198
10,213
77,592
103,913
181,505
171,502
10,003
4.9
5.5
-438,674
-438,674
-437,756
-918
%
21,354
22,605
43,959
36,272
7,687
3.3
7.8
4.7
4.0
36.6
-26,271
-248
-26,519
-34,602
8,083
-6.3
-9.2
-6.3
-8.0
-
-37,706
69
-37,637
-37,525
-112
-11.0
4.0
-10.9
-11.6
-0.6
6,943
18,963
25,906
25,696
210
8.9
18.2
14.3
15.0
2.1
-397,285
-397,285
-395,978
-1,307
-41,389
-41,389
-41,778
389
-
1,439,051
1,439,051
1,385,062
53,989
1,474,731
1,474,731
1,436,999
37,732
-35,680
-35,680
-51,937
16,257
-2.4
-2.4
-3.6
43.1
3.8
2.6
Three months ended December 31, 2009 and 2010
(Millions of yen)
Three months ended
December 31, 2010
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 (%)
(6) Notes on significant changes in Equity
Not applicable
14
Three months ended
December 31, 2009
213,026
99,521
312,547
308,920
3,627
208,970
109,347
318,317
305,295
13,022
1.2
4.1
124,502
857
125,359
126,957
-1,598
135,064
966
136,030
139,411
-3,381
-1.3
-2.5
102,930
641
103,571
96,410
7,161
115,117
578
115,695
107,581
8,114
6.9
7.0
27,737
37,541
65,278
63,317
1,961
26,789
35,721
62,510
58,443
4,067
3.0
6.5
-138,560
-138,560
-143,386
4,826
Change
%
4,056
-9,826
-5,770
3,625
-9,395
1.9
-9.0
-1.8
1.2
-72.1
-10,562
-109
-10,671
-12,454
1,783
-7.8
-11.3
-7.8
-8.9
-
-12,187
63
-12,124
-11,171
-953
-10.6
10.9
-10.5
-10.4
-11.7
948
1,820
2,768
4,874
-2,106
3.5
5.1
4.4
8.3
-51.8
-146,612
-146,612
-148,527
1,915
8,052
8,052
5,141
2,911
-
468,195
468,195
452,218
15,977
485,940
485,940
462,203
23,737
-17,745
-17,745
-9,985
-7,760
-3.7
-3.7
-2.2
-32.7
3.4
4.9
-APPENDIX1. Consolidated Sales by Product Category
(Millions of yen)
Third Quarter ended December 31, 2009 and 2010
Third Quarter ended
December 31, 2010
<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, 2009
1,052,884
73.2
381,825
671,059
211,523
14.7
127,051
84,472
1,264,407
87.9
508,876
755,531
380,310
292,709
82,512
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
82,136
5.7
50,926
31,210
8,807
10,050
12,353
76,357
5.2
41,592
34,765
10,052
11,402
13,311
92,508
6.4
89,620
2,888
307
772
1,809
1,439,051
100.0
649,422
45.1
789,629
54.9
389,424
27.1
303,531
21.1
96,674
6.7
92,284
6.2
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
¥86.90
¥113.53
¥93.62
¥133.03
Change
%
Change excluding
exchange impact
%
-60,377
-5.4
13,763
1.2
232
-60,609
18,694
0.1
-8.3
9.7
232
13,531
26,739
0.1
1.8
13.9
11,391
7,303
-41,683
9.8
9.5
-3.2
11,391
15,348
40,502
9.8
19.9
3.1
11,623
-53,306
-25,497
-35,978
8,169
2.3
-6.6
-6.3
-10.9
11.0
11,623
28,879
4,314
13,177
11,388
2.3
3.6
1.1
4.0
15.3
5,779
7.6
8,414
11.0
9,334
-3,555
-1,245
-1,352
-958
22.4
-10.2
-12.4
-11.9
-7.2
9,334
-920
-574
146
-492
22.4
-2.6
-5.7
1.3
-3.7
224
0.2
456
0.5
1,938
-1,714
-231
-606
-877
-35,680
2.2
-37.2
-42.9
-44.0
-32.7
-2.4
1,938
-1,482
-228
-483
-771
49,372
2.2
-32.2
-42.4
-35.1
-28.7
3.3
22,895
3.7
22,895
3.7
-58,575
-6.9
26,477
3.1
-26,973
-6.5
3,512
0.8
-37,936
-11.1
12,840
3.8
6,334
7.0
10,125
11.2
¥-6.72
¥-19.50
*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, 2009 and 2010
<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, 2010
December 31, 2009
346,188
73.9
127,122
219,066
67,236
14.4
39,261
27,975
413,424
88.3
166,383
247,041
121,650
98,828
26,563
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
26,393
5.6
16,307
10,086
2,845
3,380
3,861
25,156
5.2
14,107
11,049
2,960
3,665
4,424
28,378
6.1
27,667
711
72
272
367
468,195
100.0
210,357
44.9
257,838
55.1
124,567
26.6
102,480
21.9
30,791
6.6
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
¥82.66
¥112.30
¥89.75
¥132.60
Change
%
Change excluding
exchange impact
%
-22,004
-6.0
4,617
1.3
1,458
-23,462
4,467
1.2
-9.7
7.1
1,458
3,159
7,407
1.2
1.3
11.8
2,417
2,050
-17,537
6.6
7.9
-4.1
2,417
4,990
12,024
6.6
19.2
2.8
3,875
-21,412
-10,487
-12,370
1,445
2.4
-8.0
-7.9
-11.1
5.8
3,875
8,149
118
5,259
2,772
2.4
3.0
0.1
4.7
11.0
1,237
4.9
2,160
8.6
2,200
-963
-115
-285
-563
15.6
-8.7
-3.9
-7.8
-12.7
2,200
-40
125
251
-416
15.6
-0.4
4.2
6.8
-9.4
-1,445
-4.8
-1,373
-4.6
-556
-889
-70
-186
-633
-17,745
-2.0
-55.6
-49.3
-40.6
-63.3
-3.7
-556
-817
-68
-142
-607
12,811
-2.0
-51.1
-47.9
-31.0
-60.7
2.6
5,519
2.7
5,519
2.7
-23,264
-8.3
7,292
2.6
-10,672
-7.9
175
0.1
-12,841
-11.1
5,368
4.7
249
0.8
1,749
5.7
¥-7.09
¥-20.30
*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, 2010
Change
March 31, 2011
Change
March 31, 2011
Change
Results
%
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)
1,439.0
599.4
53.9
41.3
-2.4
-1.5
43.1
34.1
580.9
225.5
31.0
33.6
7.3
5.4
9.7
26.0
2,020.0
825.0
85.0
75.0
0.2
0.3
28.8
30.4
20.3
41.1
14.6
8.9
35.0
25.6
28.03
-
20.20
-
48.24
-
27.30
48.6
50.1
81.3
86.90
113.53
-
20.18
23.4
16.9
30.6
80.00
110.00
-
47.34
72.0
67.0
112.0
85.18
112.65
-
3. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Fourth Quarter ending March 31, 2011
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, 2011
Change
Forecast
Forecast(*)
%
Change
%
419.9
153.8
266.1
96.3
65.0
31.3
516.2
218.8
297.4
141.6
119.9
35.9
4.2
3.2
4.8
18.5
17.3
21.1
6.6
7.0
6.3
2.3
6.1
27.0
456.5
153.8
302.7
100.6
65.0
35.6
557.1
218.8
338.3
160.6
136.9
40.8
13.3
3.2
19.3
23.8
17.3
37.7
15.1
7.0
21.0
16.1
21.2
44.1
1,472.8
535.7
937.1
307.8
192.0
115.8
1,780.6
727.7
1,052.9
521.9
412.6
118.4
-2.9
0.9
-4.9
12.3
12.3
12.4
-0.5
3.7
-3.3
-4.1
-6.6
15.4
1,583.5
535.7
1,047.9
320.2
192.0
128.1
1,903.7
727.7
1,176.0
570.7
478.8
126.5
4.4
0.9
6.3
16.8
12.3
24.4
6.3
3.7
8.0
4.9
8.4
23.3
28.3
17.0
11.4
3.2
3.0
5.1
11.8
16.6
5.3
15.6
-22.7
25.3
29.9
17.0
12.9
3.7
3.5
5.8
17.9
16.6
19.7
31.1
-11.7
42.1
110.5
67.9
42.6
12.1
13.1
17.4
8.6
20.9
-6.5
-6.3
-14.6
0.4
114.6
67.9
46.7
13.2
15.0
18.6
12.7
20.9
2.6
2.3
-2.0
7.0
36.4
34.8
1.6
0.1
0.4
1.1
580.9
270.6
310.4
144.9
123.3
42.2
13.5
12.3
44.4
39.8
52.5
42.5
7.3
8.2
6.5
2.6
5.2
27.2
36.7
34.8
1.8
0.1
0.4
1.3
623.6
270.6
353.1
164.4
140.8
47.8
14.2
12.3
64.0
58.6
74.1
61.6
15.1
8.2
21.1
16.4
20.2
44.3
129.0
124.4
4.5
0.4
1.1
3.0
2,020.0
920.0
1,100.0
534.4
426.8
138.8
3.7
4.9
-21.2
-31.9
-29.9
-15.3
0.2
5.0
-3.5
-4.2
-6.9
12.4
129.4
124.4
5.0
0.4
1.3
3.2
2,147.7
920.0
1,227.7
584.3
495.1
148.3
4.0
4.9
-13.3
-28.9
-19.1
-7.8
6.5
5.0
7.7
4.8
8.0
20.1
* Excluding foreign exchange impact
A3