Financial Highlights /Appendix

October 28, 2011
QUARTERLY REPORT
Half year ended September 30, 2011
(Results for the Period from April 1, 2011 to September 30, 2011)
Three months ended September 30, 2011
(Results for the Period from July 1, 2011 to September 30, 2011)
Performance Outline (Consolidated)
(1) Half year ended September 30, 2011, 2010 and Year ending March 31, 2012 (Forecast)
(Billions of yen)
Half year ended
September 30, 2011
Results
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income (loss)
Income (loss) before income taxes
Net income (loss) attributable to Ricoh Company, Ltd.
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
Half year ended
September 30, 2010
Results
Ricoh Company, Ltd. shareholders' equity ratio (%)
Ricoh Company, Ltd. shareholders' equity per share (yen)
Change
434.5
504.3
938.8
386.2
-1.7
-7.7
-7.3
439.0
531.7
970.8
402.9
38.0
28.0
12.5
-1.0%
-5.2%
-3.3%
-4.1%
-
905.0
1,045.0
1,950.0
780.0
37.0
26.5
10.0
3.3%
-2.0%
0.4%
-1.3%
-38.5%
-41.6%
-49.1%
79.82
113.94
89.03
114.14
-9.21
-0.20
77.41
109.47
-8.36
-3.81
-10.15
17.24
-27.39
13.78
-13.30
-10.15
16.77
-26.92
13.77
-12.76
11.3
-52.8
5.9
136.3
67.5
-49.6
23.3
274.0
-56.2
-3.1
-17.3
-137.7
-
-
36.7
30.8
59.5
39.5
33.4
53.9
-2.8
-2.5
5.5
65.0
65.0
115.0
-1.9
-2.2
4.1
September 30, 2011
Total assets
Ricoh Company, Ltd. shareholders' equity
Interest-bearing debt
Change
Year ending
March 31, 2012
Forecast
March 31, 2011
Change
2,186.9
861.7
643.2
2,262.3
929.8
630.4
-75.4
-68.1
12.7
39.4
41.1
-1.7
1,187.78
1,281.70
-93.92
(2) Three months ended September 30, 2010 and 2011
Three months ended
September 30, 2011
Results
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income (loss)
Income (loss) before income taxes
Net income (loss) attributable to Ricoh Company, Ltd.
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen)
Net income (loss) attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen)
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
(Billions of yen)
Three months ended
September 30, 2010
Change
Results
219.3
253.3
472.7
192.1
-11.7
-16.2
-10.8
226.1
261.7
487.9
198.6
16.1
12.5
5.1
-3.0%
-3.2%
-3.1%
-3.2%
-
77.94
110.31
85.95
110.80
-8.01
-0.49
-14.90
7.13
-22.03
-14.90
6.94
-21.84
20.0
15.2
31.8
23.7
17.3
28.3
-3.6
-2.1
3.4
Ricoh Company, Ltd.
* The Company bases the forecast estimates for the fiscal year ending March 31, 2012 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 Second Quarter Ended September 30, 2011 (U.S. GAAP Financial Information)
1. Results for the Period from April 1, 2011 to September 30, 2011
(1) Operating Results
Half year ended
September 30, 2011
938,885
-3.3
-1,776
-7,754
-7,363
-
(Millions of yen)
Half year ended
September 30, 2010
970,856
-1.8
38,012
171.6
28,065
314.8
12,512
592.0
September 30, 2011
2,186,920
916,126
861,736
39.4
(Millions of yen)
March 31, 2011
2,262,396
982,764
929,877
41.1
Net sales
(% change from the previous corresponding period)
Operating income (loss)
(% change from the previous corresponding period)
Income (loss) before income taxes
(% change from the previous corresponding period)
Net income (loss) attributable to Ricoh Company, Ltd.
(% change from the previous corresponding period)
Net income (loss) attributable to Ricoh Company, Ltd. shareholders
per share-basic (yen)
-10.15
17.24
Net income (loss) attributable to Ricoh Company, Ltd. shareholders
per share-diluted (yen)
-10.15
16.77
Notes:
i. Comprehensive income: ¥ -54,161 million ( - %) (¥ -30,822 million ( - %) in income in previous fiscal year)
(2) Financial Position
Total assets
Total equity
Ricoh Company, Ltd. shareholders' equity
Ricoh Company, Ltd. shareholders' equity ratio (%)
2. Dividend information
Year ended
Year ending
March 31, 2011
March 31, 2012
(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, 2011 to March 31, 2012
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, 2012
1,950,000
37,000
26,500
10,000
13.78
Notes: Revision of forecast of consolidated operating results during this period: Yes
4. Others
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: No
(4) Number of common stock outstanding (including treasury stock):
As of September 30, 2011 744,912,078 shares As of March 31, 2011 744,912,078 shares
(5) Number of treasury stock:
As of September 30, 2011 19,413,429 shares
As of March 31, 2011 19,409,410 shares
(6) Average number of common stock:
As of September 30, 2011 725,501,005 shares As of September 30, 2010 725,577,955 shares
2
Consolidated Performance
1. Operating results
*Overview
Consolidated net sales of Ricoh Group for the first half of fiscal year 2011 (the six months period from April 1,
2011 to September 30, 2011) decreased by 3.3% as compared to the previous corresponding period, to ¥938.8
billion. During this period, the average yen exchange rates were ¥79.82 against the U.S. dollar (up ¥9.21) and ¥
113.94 against the Euro (up ¥0.20). Net sales would have decreased by 0.2% excluding impact of such foreign
currency exchange fluctuation.
The Japanese economy had shown recovery from the impact of the Great East Japan Earthquake. 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. Under the severe situation, domestic sales in all the segments such as the
Imaging & Solutions, Industrial Products and Other decreased from the previous corresponding period.
Consequently, overall sales in Japan decreased by 1.0% as compared to the previous corresponding period.
As for the overseas economy, in the emerging markets such as China, recovery trend is generated from increase in
their domestic demand. However, it remained uncertain due to the financial crisis and debt problem in some
European countries. Ricoh continued to face the severe business environment in Americas and Europe due to the
appreciation of the Yen.
As for overseas sales by region, as compared to the previous corresponding period, sales in the Americas decreased
by 11.6% due to foreign currency exchange fluctuation (1.2%, excluding foreign currency exchange fluctuation),
sales in Europe, the Yen against Euro appreciated, however, increased by 0.4% (1.0%, excluding foreign currency
exchange fluctuation), and sales in Other region, which includes China, South East Asia and Oceania, increased by
3.5% (5.9%, excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 5.2% as compared to the previous corresponding period.
Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 0.5% as compared
to the previous corresponding period.
Gross profit decreased by 4.1% as compared to the previous corresponding period, to ¥386.2 billion due primarily to
decrease in sales, the appreciation of the Yen and ¥2.3 billion in restructuring cost.
Selling, general and administrative expenses increased by 6.3% as compared to the previous corresponding period,
to ¥388.0 billion due primarily to increase in R&D expenditures and ¥21.6 billion in restructuring cost.
As a result, operating income sharply decreased as compared to the previous corresponding period, to ¥1.7 billion
loss (operating income ¥38.0 billion for the previous corresponding period).
As for other (income) expenses, foreign exchange loss decreased as compared to the previous corresponding period.
However, income before income taxes decreased as compared to the previous corresponding period, to ¥7.7 billion
loss (income before income taxes ¥28.0 billion for the previous corresponding period).
As a result, net income attributable to Ricoh Company, Ltd. decreased by ¥19.8 billion as compared to the previous
corresponding period, to ¥7.3 billion loss (net income ¥12.5 billion for the previous corresponding period). As for
comprehensive income, comprehensive loss increased due primarily to decrease of cumulative translation
adjustments.
3
*Conditions by Product Line
Conditions by Product Line for half year ended September 30, 2011 are as follows;
Imaging & Solutions (Sales down 2.6% to ¥829.1 billion)
Imaging Solutions (Sales down 3.5% to ¥731.0 billion)
Sales in this category decreased by 3.5% as compared to the previous corresponding period, to ¥731.0 billion. The
sales would have increased by 0.4% 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.
Network System Solutions (Sales up 4.9% to ¥98.0 billion)
Sales in this category increased by 4.9% as compared to the previous corresponding period, to ¥98.0 billion due primarily to the
sales of PC servers, installation and maintenance of network environment and enterprise system software.
As a result, sales in the Imaging & Solutions segment decreased by 2.6% as compared to the previous corresponding period, to ¥829.
billion. Operating income decreased by 48.4% as compared to the previous corresponding period, to ¥37.6 billion due primarily to
restructuring cost and the appreciation of Japanese Yen. Increase in sales of value-added high-margin products in addition to ongoing
cost reduction could not fully offset decrease in operating income.
Industrial Products (Sales down 9.5% to ¥50.4 billion)
Sales in the Industrial Products segment decreased by 9.5% as compared to the previous corresponding period, to ¥50.4 billion. Sales of
semiconductor devices decreased in Japan as compared to the previous corresponding period.
As a result, operating loss in the Industrial Products segment amounted to ¥2.1 billion (operating income ¥1.0 billion for the previous
corresponding period).
Other (Sales down 7.5% to ¥59.3 billion)
Net sales in the Other segment decreased by 7.5% as compared to the previous corresponding period, to ¥59.3 billion. Sales of digital
cameras decreased in Japan and overseas. In addition, investment in new business increased.
As a result operating loss in the Other segment amounted to ¥2.8 billion (operating loss ¥0.4 billion for the previous corresponding
period).
2. Financial Position
*Assets, Liabilities and Equity
For Assets, cash and time deposits and trade receivables decreased from the end of the previous fiscal year. The yen equivalent of
foreign-currency-denominated assets decreased due to the appreciation of the Yen developed from the previous fiscal year. Inventories
increased due partly to initial stock for launch of new products. As a result, total assets decreased by ¥75.4 billion, to ¥2,186.9 billion.
For Liabilities, the interest-bearing debt increased, however, total liabilities decreased by ¥8.8 billion, to ¥1,270.7 billion.
For Total Equity, the change in retained earnings resulted from payment for dividends and net loss attributable to Ricoh Company, Ltd.
Accumulated other comprehensive loss increased due primarily to the fluctuation of cumulative translation adjustments reflecting
exchange fluctuation from the end of the previous period. As a result, Total Equity decreased by ¥66.6 billion from the end of the
previous fiscal year, to ¥916.1 billion.
*Cash Flows (First half year from April 1, 2011 to September 30, 2011)
Net cash provided by operating activities in this period decreased by ¥56.2 billion as compared to the previous corresponding period, to
¥11.3 billion due primarily to increase of inventory.
Net cash used in investing activities in this period increased by ¥3.1 billion as compared to the previous corresponding period, to ¥52.8
billion.
As a result, free cash outflows generated by operating and investing activities amounted to ¥41.5 billion while free cash inflows
amounted to ¥17.8 billion in the previous corresponding period.
Net cash provided by financing activities in this period decreased by ¥17.3 billion as compared to the previous corresponding period, to
¥5.9 billion.
As a result, cash and cash equivalents at the end of this first half decreased by ¥13.7 billion as compared to the end of the previous fiscal
year, to ¥136.3 billion.
4
3. Forecast for the entire fiscal year
As for the forecast of business results for the fiscal year ending March 31,2012, Ricoh revises its forcast of sales, gross
profit, operating income, income before income taxes and net income attributable to Ricoh Company, Ltd. downward,
reflecting the recent business environment such as exchange rate fluctuation.
Ricoh assumes exchange rates of ¥75.00 against the U.S. dollar and of ¥105.00 against the Euro in and after the third
quarter, which were revised from the forecast that announced in August 2011. The actual exchange rates during the first
half of fiscal year 2011 are incorporated in annual exchange rates assumption.
Our performance forecast for fiscal year 2012 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2012
US$ 1 = ¥77.41 (¥85.77 in previous fiscal year)
EURO 1 = ¥109.47 (¥113.28 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, 2012
(Forecast)
905.0
1,045.0
1,950.0
780.0
37.0
26.5
Year ended
March 31, 2011
(Results)
875.8
1,066.1
1,942.0
790.0
60.1
45.4
10.0
19.6
Change
3.3%
-2.0%
0.4%
-1.3%
-38.5%
-41.6%
-49.1%
* Ricoh bases the forecast estimates for the year ending March 31, 2012 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) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method:
Not applicable
5
5. Consolidated Financial Statements
(1) Consolidated Balance Sheets
Assets
September 30, 2011
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, 2011
138,605
625,423
188,934
60,051
1,013,013
181,179
657,817
171,033
63,990
1,074,019
-42,574
-32,394
17,901
-3,939
-61,006
262,509
445,068
466,330
1,173,907
2,186,920
264,740
445,782
477,855
1,188,377
2,262,396
-2,231
-714
-11,525
-14,470
-75,476
136,311
2,294
179,169
2,010
Liabilities and Equity
September 30, 2011
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, 2011
(Millions of yen)
Change
245,969
162,788
208,466
617,223
250,483
151,023
213,194
614,700
-4,514
11,765
-4,728
2,523
480,422
134,138
39,011
653,571
1,270,794
479,422
140,975
44,535
664,932
1,279,632
1,000
-6,837
-5,524
-11,361
-8,838
135,364
186,083
796,625
-219,506
-36,830
861,736
54,390
916,126
2,186,920
135,364
186,083
815,970
-170,702
-36,838
929,877
52,887
982,764
2,262,396
-19,345
-48,804
8
-68,141
1,503
-66,638
-75,476
40
-48,015
-1,197
-170,334
2,466
-47,514
-1,168
-124,486
-2,426
-501
-29
-45,848
September 30, 2011
March 31, 2011
US$ 1
¥76.65
¥83.15
EURO 1
¥104.11
¥117.57
6
(Millions of yen)
Change
(2) Consolidated Statements of Income
Half year ended September 30, 2011 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 (loss)
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 (loss) 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 (loss)
Percentage of net sales (%)
Net income attributable to noncontrolling interests
Percentage of net sales (%)
Net income (loss) attributable to Ricoh Company,
Ltd.
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
Half year ended
September 30, 2011
938,885
552,623
58.9
386,262
41.1
388,038
41.3
-1,776
-0.2
Half year ended
September 30, 2010
970,856
567,938
58.5
402,918
41.5
364,906
37.6
38,012
3.9
1,502
0.2
3,418
0.4
4,062
0.4
1,375
0.1
3,911
0.4
7,411
0.7
-7,754
-0.8
-2,542
-0.2
-1
-0.0
-5,213
-0.6
2,150
0.2
28,065
2.9
13,594
1.4
-7
-0.0
14,464
1.5
1,952
0.2
-7,363
-0.8
12,512
1.3
¥79.82
¥113.94
¥89.03
¥114.14
Three months ended
September 30, 2011
472,737
280,571
59.4
192,166
40.6
203,949
43.1
-11,783
-2.5
Three months ended
September 30, 2010
487,902
289,302
59.3
198,600
40.7
182,435
37.4
16,165
3.3
894
0.2
1,958
0.4
3,430
0.7
778
0.2
2,057
0.4
2,313
0.5
-16,277
-3.4
-6,436
-1.3
7
0.0
-9,834
-2.1
975
0.2
12,573
2.6
6,298
1.3
0
0.0
6,275
1.3
1,096
0.2
-10,809
-2.3
5,179
1.1
¥77.94
¥110.31
¥85.95
¥110.80
Change
-31,971
-15,315
%
-3.3
-2.7
-16,656
-4.1
23,132
6.3
-39,788
-
127
9.2
-493
-12.6
-3,349
-45.2
-35,819
-
-16,136
-
6
-
-19,677
-
198
10.1
-19,875
-
Three months ended September 30, 2011 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 (loss) 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 (loss)
Percentage of net sales (%)
Net income attributable to noncontrolling interests
Percentage of net sales (%)
Net income (loss) attributable to Ricoh Company,
Ltd.
Percentage of net sales (%)
Reference : Exchange rate
US$ 1
EURO 1
7
Change
-15,165
-8,731
%
-3.1
-3.0
-6,434
-3.2
21,514
11.8
-27,948
-
116
14.9
-99
-4.8
1,117
48.3
-28,850
-
-12,734
-
7
-
-16,109
-
-121
-11.0
-15,988
-
Consolidated Sales by Product Category
Half year ended September 30, 2011 and 2010
(Millions of yen)
Half year ended
September 30, 2011
<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
Half year ended
September 30, 2010
Change
731,057
77.9
98,048
10.4
829,105
88.3
757,498
78.0
93,485
9.7
850,983
87.7
-26,441
-3.5
4,563
4.9
-21,878
-2.6
50,450
5.4
55,743
5.7
-5,293
-9.5
59,330
6.3
938,885
100.0
64,130
6.6
970,856
100.0
-4,800
-7.5
-31,971
-3.3
¥79.82
¥113.94
¥89.03
¥114.14
Three months ended September 30, 2011 and 2010
(Millions of yen)
Three months ended
September 30, 2011
<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
*Each category includes the following product line:
Imaging Solutions
Network System Solutions
Industrial Products
Other
%
Three months ended
September 30, 2010
Change
%
363,245
76.8
53,755
11.4
417,000
88.2
371,938
76.2
54,356
11.2
426,294
87.4
-8,693
-2.3
-601
-1.1
-9,294
-2.2
25,306
5.4
27,838
5.7
-2,532
-9.1
30,431
6.4
472,737
100.0
33,770
6.9
487,902
100.0
-3,339
-9.9
-15,165
-3.1
¥77.94
¥110.31
¥85.95
¥110.80
Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners,
MFPs(multifunctional printers), laser printers and software
Personal computers, servers, network systems and network related software
Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment
Digital cameras
*Product lines included in Product Category was changed in the first quarter of fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the current year's presentation.
8
Consolidated Sales by Geographic Area
Half year ended September 30, 2011 and 2010
(Millions of yen)
Half year ended
September 30, 2011
<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
Half year ended
September 30, 2010
434,501
46.3
504,384
53.7
234,240
24.9
201,940
21.5
68,204
7.3
938,885
100.0
439,065
45.2
531,791
54.8
264,857
27.3
201,051
20.7
65,883
6.8
970,856
100.0
¥79.82
¥113.94
¥89.03
¥114.14
Change
%
-4,564
-1.0
-27,407
-5.2
-30,617
-11.6
889
0.4
2,321
3.5
-31,971
-3.3
Three months ended September 30, 2011 and 2010
(Millions of yen)
Three months ended
September 30, 2011
<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
September 30, 2010
219,354
46.4
253,383
53.6
118,671
25.1
99,446
21.0
35,266
7.5
472,737
100.0
226,149
46.4
261,753
53.6
131,447
26.9
97,934
20.1
32,372
6.6
487,902
100.0
¥77.94
¥110.31
¥85.95
¥110.80
Change
%
-6,795
-3.0
-8,370
-3.2
-12,776
-9.7
1,512
1.5
2,894
8.9
-15,165
-3.1
(3) Consolidated Statements of Cash Flows
(Millions of yen)
Half year ended
Half year ended
September 30, 2011 September 30, 2010
I. Cash Flows from Operating Activities:
Consolidated net income (loss)
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
Loss on impairment of securities
Pension and severance costs, less payments
Changes in assets and liabilities—
Decrease in trade receivables
Increase in inventories
Increase (Decrease) in finance receivables
Decrease in trade payables
Increase 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 asset
Payments for purchases of available-for-sale securities
Proceeds from sales of available-for-sale securities
Increase in time deposits
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 provided by financing activities
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents
V. Net Increase (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
-5,213
14,464
43,956
1
-13,980
330
73
-8,479
46,718
7
821
661
5
978
14,296
-29,161
-10,596
-1,089
21,391
-24,231
4,263
-20,612
8,040
13,126
11,304
13,044
9,999
67,508
523
429
-36,710
-8,371
-122
10
-400
-7,754
-52,824
-39,541
-7,886
-85
5
-57
-2,507
-49,642
23,386
-29,671
24,725
-231
-11,971
-14
-294
5,930
-7,268
-42,858
179,169
136,311
28,615
-61,958
-10,783
79,741
-11,972
-72
-264
23,307
-9,279
31,894
242,165
274,059
(4) Notes on premise going concern
Not applicable
(5) Segment Information
(a) Operating Segments Information
Half year ended September 30, 2011 and 2010
(Millions of yen)
Half year ended
Half year ended
September 30, 2011
September 30, 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 (loss)
Operating income on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating loss
Operating income on sales in Other (%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Intersegment
Corporate
Total
Operating loss
Consolidated:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on consolidated net sales (%)
11
829,105
829,105
791,425
37,680
850,983
850,983
777,982
73,001
4.5
8.6
50,450
2,264
52,714
54,880
-2,166
55,743
2,591
58,334
57,288
1,046
-4.1
1.8
59,330
59,330
62,174
-2,844
64,130
64,130
64,594
-464
-4.8
-0.7
-2,264
-2,264
Change
%
-21,878
-21,878
13,443
-35,321
-2.6
-2.6
1.7
-48.4
-5,293
-327
-5,620
-2,408
-3,212
-9.5
-12.6
-9.6
-4.2
-
-4,800
-4,800
-2,420
-2,380
-7.5
-7.5
-3.7
-
-2,591
-2,591
327
327
-
-2,264
34,446
32,182
-34,446
-2,598
35,578
32,980
-35,571
334
-1,132
-798
1,125
-
938,885
938,885
940,661
-1,776
970,856
970,856
932,844
38,012
-31,971
-31,971
7,817
-39,788
-3.3
-3.3
0.8
-
-0.2
3.9
Three months ended September 30, 2011 and 2010
(Millions of yen)
Three months ended
September 30, 2011
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 (loss)
Operating income on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating loss
Operating income on sales in Other (%)
Corporate and Eliminations:
Net sales:
Intersegment
Total
Operating expenses:
Intersegment
Corporate
Total
Operating loss
Consolidated:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on consolidated net sales (%)
12
Three months ended
September 30, 2010
417,000
417,000
406,180
10,820
426,294
426,294
391,211
35,083
2.6
8.2
25,306
1,198
26,504
28,188
-1,684
27,838
1,406
29,244
28,682
562
-6.4
1.9
30,431
30,431
32,760
-2,329
33,770
33,770
34,106
-336
-7.7
-1.0
-1,198
-1,198
Change
%
-9,294
-9,294
14,969
-24,263
-2.2
-2.2
3.8
-69.2
-2,532
-208
-2,740
-494
-2,246
-9.1
-14.8
-9.4
-1.7
-
-3,339
-3,339
-1,346
-1,993
-9.9
-9.9
-3.9
-
-1,406
-1,406
208
208
-
-1,198
18,590
17,392
-18,590
-1,413
19,151
17,738
-19,144
215
-561
-346
554
-
472,737
472,737
484,520
-11,783
487,902
487,902
471,737
16,165
-15,165
-15,165
12,783
-27,948
-3.1
-3.1
2.7
-
-2.5
3.3
(b) Geographic Segments Information
Half year ended September 30, 2011 and 2010
(Millions of yen)
Half year ended
Half year ended
September 30, 2011
September 30, 2010
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on sales in Japan (%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating loss
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 (loss)
Consolidated:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on consolidated net sales (%)
13
441,978
189,487
631,465
647,096
-15,631
447,617
212,040
659,657
634,603
25,054
-2.5
3.8
234,026
1,843
235,869
241,794
-5,925
264,701
1,605
266,306
268,386
-2,080
-2.5
-0.8
202,661
1,110
203,771
191,340
12,431
201,740
1,134
202,874
190,344
12,530
6.1
6.2
60,220
76,566
136,786
131,996
4,790
56,798
85,335
142,133
133,881
8,252
3.5
5.8
-269,006
-269,006
-271,565
2,559
Change
%
-5,639
-22,553
-28,192
12,493
-40,685
-1.3
-10.6
-4.3
2.0
-
-30,675
238
-30,437
-26,592
-3,845
-11.6
14.8
-11.4
-9.9
-
921
-24
897
996
-99
0.5
-2.1
0.4
0.5
-0.8
3,422
-8,769
-5,347
-1,885
-3,462
6.0
-10.3
-3.8
-1.4
-42.0
-300,114
-300,114
-294,370
-5,744
31,108
31,108
22,805
8,303
-
938,885
938,885
940,661
-1,776
970,856
970,856
932,844
38,012
-31,971
-31,971
7,817
-39,788
-3.3
-3.3
0.8
-
-0.2
3.9
Three months ended September 30, 2011 and 2010
(Millions of yen)
Three months ended
September 30, 2011
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on sales in Japan (%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating loss
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 (loss)
Consolidated:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income on consolidated net sales (%)
(6) Notes on significant changes in Equity
Not applicable
14
Three months ended
September 30, 2010
222,918
102,409
325,327
346,739
-21,412
230,491
99,673
330,164
322,053
8,111
-6.6
2.5
118,503
951
119,454
121,179
-1,725
132,343
828
133,171
134,337
-1,166
-1.4
-0.9
99,847
508
100,355
93,217
7,138
96,500
510
97,010
90,743
6,267
7.1
6.5
31,469
42,371
73,840
70,786
3,054
28,568
42,422
70,990
67,201
3,789
4.1
5.3
-146,239
-146,239
-147,401
1,162
Change
%
-7,573
2,736
-4,837
24,686
-29,523
-3.3
2.7
-1.5
7.7
-
-13,840
123
-13,717
-13,158
-559
-10.5
14.9
-10.3
-9.8
-
3,347
-2
3,345
2,474
871
3.5
-0.4
3.4
2.7
13.9
2,901
-51
2,850
3,585
-735
10.2
-0.1
4.0
5.3
-19.4
-143,433
-143,433
-142,597
-836
-2,806
-2,806
-4,804
1,998
-
472,737
472,737
484,520
-11,783
487,902
487,902
471,737
16,165
-15,165
-15,165
12,783
-27,948
-3.1
-3.1
2.7
-
-2.5
3.3
-APPENDIX1. Consolidated Sales by Product Category
(Millions of yen)
Half year ended September 30, 2011 and 2010
Half year ended
September 30, 2011
<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
Half year ended
September 30, 2010
731,057
77.9
258,688
472,369
98,048
10.4
89,911
8,137
829,105
88.3
348,599
480,506
227,937
194,561
58,008
757,498
78.0
255,868
501,630
93,485
9.7
86,625
6,860
850,983
87.7
342,493
508,490
258,660
193,881
55,949
50,450
5.4
28,173
22,277
6,080
6,717
9,480
Change
%
Change excluding
exchange impact
%
-26,441
-3.5
2,682
0.4
2,820
-29,261
4,563
1.1
-5.8
4.9
2,820
-138
4,761
1.1
-0.0
5.1
3,286
1,277
-21,878
3.8
18.6
-2.6
3,286
1,475
7,443
3.8
21.5
0.9
6,106
-27,984
-30,723
680
2,059
1.8
-5.5
-11.9
0.4
3.7
6,106
1,337
-3,938
1,884
3,391
1.8
0.3
-1.5
1.0
6.1
55,743
5.7
34,619
21,124
5,962
6,670
8,492
-5,293
-9.5
-4,410
-7.9
-6,446
1,153
118
47
988
-18.6
5.5
2.0
0.7
11.6
-6,446
2,036
811
57
1,168
-18.6
9.6
13.6
0.9
13.8
59,330
6.3
57,729
1,601
223
662
716
938,885
100.0
434,501
46.3
504,384
53.7
234,240
24.9
201,940
21.5
68,204
7.3
64,130
6.6
61,953
2,177
235
500
1,442
970,856
100.0
439,065
45.2
531,791
54.8
264,857
27.3
201,051
20.7
65,883
6.8
-4,800
-7.5
-4,692
-7.3
-4,224
-576
-12
162
-726
-31,971
-6.8
-26.5
-5.1
32.4
-50.3
-3.3
-4,224
-468
14
163
-645
-1,659
-6.8
-21.5
6.0
32.6
-44.7
-0.2
-4,564
-1.0
-4,564
-1.0
-27,407
-5.2
2,905
0.5
-30,617
-11.6
-3,113
-1.2
889
0.4
2,104
1.0
2,321
3.5
3,914
5.9
¥79.82
¥113.94
¥89.03
¥114.14
¥-9.21
¥-0.20
*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
*Product lines included in Product Category was changed in the first quarter of fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the current year's presentation.
A1
(Millions of yen)
Three months ended September 30, 2011 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
September 30, 2011
September 30, 2010
363,245
76.8
125,904
237,341
53,755
11.4
49,617
4,138
417,000
88.2
175,521
241,479
115,458
95,968
30,053
371,938
76.2
125,285
246,653
54,356
11.2
50,630
3,726
426,294
87.4
175,915
250,379
128,261
94,523
27,595
25,306
5.4
14,179
11,127
3,086
3,126
4,915
Change
%
Change excluding
exchange impact
%
-8,693
-2.3
4,875
1.3
619
-9,312
-601
0.5
-3.8
-1.1
619
4,256
-505
0.5
1.7
-0.9
-1,013
412
-9,294
-2.0
11.1
-2.2
-1,013
508
4,370
-2.0
13.6
1.0
-394
-8,900
-12,803
1,445
2,458
-0.2
-3.6
-10.0
1.5
8.9
-394
4,764
-642
2,381
3,025
-0.2
1.9
-0.5
2.5
11.0
27,838
5.7
17,477
10,361
3,061
3,150
4,150
-2,532
-9.1
-2,201
-7.9
-3,298
766
25
-24
765
-18.9
7.4
0.8
-0.8
18.4
-3,298
1,097
343
-12
766
-18.9
10.6
11.2
-0.4
18.5
30,431
6.4
29,654
777
127
352
298
472,737
100.0
219,354
46.4
253,383
53.6
118,671
25.1
99,446
21.0
35,266
7.5
33,770
6.9
32,757
1,013
125
261
627
487,902
100.0
226,149
46.4
261,753
53.6
131,447
26.9
97,934
20.1
32,372
6.6
-3,339
-9.9
-3,295
-9.8
-3,103
-236
2
91
-329
-15,165
-9.5
-23.3
1.6
34.9
-52.5
-3.1
-3,103
-192
16
92
-300
-1,126
-9.5
-19.0
12.8
35.2
-47.8
-0.2
-6,795
-3.0
-6,795
-3.0
-8,370
-3.2
5,669
2.2
-12,776
-9.7
-283
-0.2
1,512
1.5
2,461
2.5
2,894
8.9
3,491
10.8
¥77.94
¥110.31
¥85.95
¥110.80
¥-8.01
¥-0.49
*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
*Product lines included in Product Category was changed in the first quarter of fiscal year 2011.
Service&Support, such as MDS(Managed Document Services) was changed from Network System Solutions to Imaging Solutions.
The reclassification was made to the prior year's figures to conform with the current year's presentation.
A2
2. Forecast of Consolidated Performance
(Billions of yen)
Half year ended
Net sales
Gross profit
Operating income
Income before income taxes
Net income (loss) attributable to
Ricoh Company, Ltd.
Net income (loss) attributable to Ricoh Company,
Ltd.
shareholders per share-basic (yen)
Net income (loss) 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)
Half year ending
Year ending
Sept. 30, 2011
Change
March 31, 2012
Change
March 31, 2012
Change
Results
%
Forecast
%
Forecast
%
938.8
386.2
-1.7
-7.7
-3.3
-4.1
-
1,011.2
393.7
38.7
34.2
4.1
1.7
74.5
97.3
1,950.0
780.0
37.0
26.5
0.4
-1.3
-38.5
-41.6
-7.3
-
17.3
142.4
10.0
-49.1
-10.15
-
23.93
-
13.78
-
-10.15
36.7
30.8
59.5
79.82
113.94
-
23.92
28.3
34.2
55.5
75.00
105.00
-
13.77
65.0
65.0
115.0
77.41
109.47
-
3. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Half year ending March. 31, 2012
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
%
Forecast
Year ending March 31, 2012
Change
Forecast(*)
%
Change
%
783.3
284.1
499.2
102.9
93.8
9.1
886.3
377.9
508.3
244.9
202.4
61.0
1.2
5.5
-1.1
17.1
16.9
19.8
2.8
8.1
-0.8
-2.5
-1.5
9.1
827.4
284.1
543.3
103.5
93.8
9.7
931.0
377.9
553.0
269.5
216.4
67.1
6.8
5.5
7.6
17.8
16.9
27.7
8.0
8.1
7.9
7.3
5.3
20.0
1,514.4
542.7
971.6
201.0
183.8
17.2
1,715.4
726.5
988.8
472.8
396.9
119.0
-1.1
3.3
-3.5
10.8
10.1
19.2
0.1
5.0
-3.2
-7.3
-0.6
6.4
1,587.6
542.7
1,044.8
201.8
183.8
18.0
1,789.4
726.5
1,062.8
524.2
412.1
126.4
3.6
3.3
3.8
11.3
10.1
24.7
4.4
5.0
4.1
2.8
3.2
13.0
50.1
29.2
20.9
6.1
7.0
7.8
-1.9
-5.2
3.1
7.0
2.0
1.2
52.0
29.2
22.8
6.8
7.4
8.5
1.8
-5.2
12.6
20.3
8.8
10.2
100.5
57.3
43.1
12.1
13.7
17.2
-5.9
-12.3
4.3
4.4
1.3
6.7
103.3
57.3
45.9
13.6
14.1
18.1
-3.2
-12.3
11.1
16.9
4.9
12.1
74.6
63.3
11.3
3.0
6.6
1.7
1,011.2
470.5
540.7
254.1
216.0
70.5
29.3
12.4
690.1
130.4
4.1
7.7
1.2
-1.2
1.5
9.5
75.6
63.3
12.3
3.3
7.1
1.7
1,058.6
470.4
588.1
279.7
231.0
77.3
30.9
12.4
755.9
138.1
9.0
7.7
10.0
8.8
8.5
20.2
134.0
121.0
12.9
3.2
7.2
2.4
1,950.0
905.0
1,045.0
488.3
417.9
138.7
9.9
2.3
258.7
711.7
612.7
11.7
0.4
3.3
-2.0
-6.5
1.0
6.5
135.0
121.0
14.0
3.6
7.8
2.5
2,027.8
905.0
1,122.8
541.5
434.1
147.1
10.8
2.3
287.9
803.0
666.7
18.0
4.4
3.3
5.3
3.7
4.9
13.0
* Excluding foreign exchange impact
A3