Financial Highlights /Appendix

January 31, 2012
QUARTERLY REPORT
Nine months ended December 31, 2011
Results for the Period from April 1, 2011 to December 31, 2011
Three months ended December 31, 2011
Results for the Period from October 1, 2011 to December 31, 2011
Performance Outline (Consolidated)
(1) Third Quarter ended December 31, 2010, 2011 and Year ending March 31, 2012 (Forecast)
(Billions of yen)
Third Quarter ended
December 31, 2010
Results
Third Quarter ended
December 31, 2011
Results
Change
Year ending
March 31, 2012
Forecast
Change
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income (loss)
Income (loss) before income taxes
Net income (loss) attributable to Ricoh Company, Ltd.
649.4
789.6
1,439.0
599.4
53.9
41.3
20.3
644.8
751.6
1,396.5
569.0
-36.6
-47.9
-52.1
-0.7%
-4.8%
-3.0%
-5.1%
-
885.0
1,015.0
1,900.0
759.0
-18.0
-33.0
-46.0
1.0%
-4.8%
-2.2%
-3.9%
-
Exchange rate (Yen/US$)
Exchange rate (Yen/EURO)
86.90
113.53
79.00
110.71
-7.90
-2.82
78.01
109.29
-7.76
-3.99
28.03
-71.86
-99.89
-63.40
-90.48
27.30
-71.86
-99.16
-63.40
-89.93
74.3
-64.1
-92.6
147.8
-26.6
-88.5
101.4
156.6
-100.9
-24.3
194.1
8.8
-
-
48.6
50.1
81.3
53.8
46.8
89.3
5.1
-3.3
7.9
70.0
63.0
115.0
3.0
-4.2
4.1
Net income (loss) attributable to Ricoh Company, Ltd
shareholders per share-basic (yen)
Net income (loss) attributable to Ricoh Company, Ltd
shareholders per share-diluted (yen)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Capital expenditures
Depreciation for tangible fixed assets
R&D expenditures
March 31, 2011
Total assets
Ricoh Company, Ltd. shareholders' equity
Interest-bearing debt
Ricoh Company, Ltd. shareholders' equity ratio (%)
Ricoh Company, Ltd. shareholders' equity per share (yen)
December 31, 2011
Change
2,262.3
929.8
630.4
2,193.2
804.9
752.1
-69.1
-124.8
121.7
41.1
36.7
-4.4
1,281.70
1,109.55
-172.15
(2) Three months ended December 31, 2010 and 2011
Three months ended
December 31, 2010
Results
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income (loss)
Income (loss) before income taxes
Net income (loss) attributable to Ricoh Company, Ltd.
Exchange rate (Yen/US$)
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
Three months ended
December 31, 2011
Results
Change
210.3
257.8
468.1
196.5
15.9
13.2
7.8
210.3
247.2
457.6
182.7
-34.8
-40.1
-44.7
0.0%
-4.1%
-2.3%
-7.0%
-
82.66
112.30
77.39
104.29
-5.27
-8.01
10.79
-61.71
-72.50
10.54
-61.71
-72.25
9.1
16.7
27.3
17.1
15.9
29.8
8.0
-0.7
2.4
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 Third Quarter Ended December 31, 2011 (U.S. GAAP Financial Information)
1. Results for the Period from April 1, 2011 to December 31, 2011
(1) Operating Results
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)
Net income (loss) 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, 2011
1,396,541
-3.0
-36,617
-47,938
-52,135
-
28.03
-71.86
27.30
-71.86
(2) Financial Position
March 31, 2011
2,262,396
982,764
929,877
41.1
1,281.70
(Millions of yen)
December 31, 2011
2,193,255
860,276
804,981
36.7
1,109.55
Total assets
Total equity
Ricoh Company, Ltd. shareholders' equity
Ricoh Company, Ltd. shareholders' equity ratio (%)
Ricoh Company, Ltd. shareholders' equity per share (yen)
Notes:
i. Comprehensive income: ¥ -97,743 million ( - %) (¥ -38,204 million ( - %) in income in previous fiscal year)
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
25.00
16.50
8.50
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 loss
Loss before income taxes
Net loss attributable to Ricoh Company, Ltd.
Net loss attributable to Ricoh Company, Ltd. shareholders per share
(yen)
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 December 31, 2011 744,912,078 shares As of March 31, 2011 744,912,078 shares
(5) Number of treasury stock:
As of December 31, 2011 19,412,124 shares As of March 31, 2011 19,409,410 shares
(6) Average number of common stock:
As of December 31, 2011 725,500,788 shares As of March 31, 2011 725,570,022 shares
2
(Millions of yen)
Year ending
March 31, 2012
1,900,000
-18,000
-33,000
-46,000
-63.40
Consolidated Performance
1. Operating results
*Overview
Consolidated net sales of Ricoh Group for the third quarter of fiscal year 2011 (the nine months period from
April 1, 2011 to December 31, 2011) decreased by 3.0% as compared to the previous corresponding period, to ¥
1,396.5 billion. During this period, the average yen exchange rates were ¥79.00 against the U.S. dollar (up ¥
7.90) and ¥110.71 against the Euro (up ¥2.82). Net sales would have increased by 0.3% excluding impact of
such foreign currency exchange fluctuation.
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 Euro since last year end as
well as decline of the stock market. Under the severe situation, while domestic sales in the Imaging & Solutions
and the Other increased, domestic sales in the Industrial Products decreased from the previous corresponding
period. Consequently, overall sales in Japan decreased by 0.7% as compared to the previous corresponding
period.
As for the overseas economy, in the Americas, signs of improvement had been shown and in China, high growth
is ongoing. However, it remained uncertain due to the European debt crisis. Ricoh continued to face the severe
business environment in the 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 11.0% due to foreign currency exchange fluctuation (1.9%, excluding foreign currency exchange
fluctuation), sales in Europe, due to the Yen against Euro appreciated, decreased by 0.3% (increased by 2.5%,
excluding foreign currency exchange fluctuation), and sales in Other region, which includes China, South East
Asia and Oceania, increased by 6.0% (9.4%, excluding foreign currency exchange fluctuation).
As a result, sales in the overseas market decreased by 4.8% as compared to the previous corresponding period.
Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 1.2% as
compared to the previous corresponding period.
Gross profit decreased by 5.1% as compared to the previous corresponding period, to ¥569.0 billion due
primarily to decrease in sales and the appreciation of the Yen, despite ongoing cost reduction.
Selling, general and administrative expenses increased by 11.0% as compared to the previous corresponding
period, to ¥605.6 billion due primarily to impairment loss of 36.9 billion on goodwill and long-lived assets for
the period of three months ended December 31, 2011 as well as restructuring cost of ¥24.2 billion.
As a result, operating income sharply decreased as compared to the previous corresponding period, to ¥36.6
billion loss (operating income ¥53.9 billion for the previous corresponding period).
Other (income) expenses includes impairment loss of 4.9 billion on securities for the three months ended
December 31, 2011 due to the decline of the stock market, however, improved overall due primarily to decrease
of foreign exchange loss as compared to the previous corresponding period.
Consequently, income before income taxes decreased as compared to the previous corresponding period, to ¥
47.9 billion loss (income before income taxes ¥41.3 billion for the previous corresponding period).
In addition, taking recalculation of deferred tax assets and liabilities in line with reduction of income tax rate by
Japanese tax system revision, net income (loss) attributable to Ricoh Company, Ltd. amounted to ¥52.1 billion
loss (net income ¥20.3 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 nine months ended December 31, 2011 are as follows;
Imaging & Solutions (Sales down 3.1% to ¥1,225.3 billion)
Imaging Solutions (Sales down 4.1% to ¥1,082.0 billion)
Sales in this category decreased by 4.1% as compared to the previous corresponding period, to ¥1,082.0 billion. The sales would
have decreased by 0.1% excluding the effects of foreign currency fluctuations.
As for sales of PPCs and MFPs, 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 5.5% to ¥143.3 billion)
Sales in this category increased by 5.5% as compared to the previous corresponding period, to ¥143.3 billion due primarily to
increase in domestic sales of enterprise system software and expanding IT service around the world.
As a result, sales in the Imaging & Solutions segment decreased by 3.1% as compared to the previous corresponding period, to ¥1,225.3
billion. Operating income decreased by 80.9% as compared to the previous corresponding period, to ¥20.6 billion due primarily to
impairment loss on goodwill and long-lived assets as well as restructuring cost and the appreciation of Japanese Yen, despite ongoing
cost reduction.
Industrial Products (Sales down 9.8% to ¥74.0 billion)
Sales in the Industrial Products segment decreased by 9.8% as compared to the previous corresponding period, to ¥74.0 billion. Sales of
semiconductor devices, optical equipment and electronic components decreased as compared to the previous corresponding period.
As a result, operating loss in the Industrial Products segment amounted to ¥2.6 billion (operating income ¥0.7 billion for the previous
corresponding period).
Other (Sales up 4.9% to ¥97.0 billion)
Net sales in the Other segment increased by 4.9% as compared to the previous corresponding period, to ¥97.0 billion due primarily to
acquisition of PENTAX Imaging Corporation.
As a result, operating loss in the Other segment amounted to ¥3.5 billion (operating loss ¥1.5 billion for the previous corresponding
period).
2. Financial Position
*Assets, Liabilities and Equity
For Assets, from the end of the previous fiscal year, cash and time deposits and trade receivables decreased and inventories increased
due partly to initial stock for market demand at the fiscal year end. In addition, the yen equivalent of foreign-currency-denominated
assets decreased due to the appreciation of the Yen developed from the previous fiscal year as well as goodwill and long-lived assets
decreased due to impairment. As a result, total assets decreased by ¥69.1 billion, to ¥2,193.2 billion.
For Liabilities, the interest-bearing debt increased due primarily to payment for costs in global restructuring program. Consequently,
total liabilities increased by ¥53.3 billion, to ¥1,332.9 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 ¥122.4 billion from the end of the
previous fiscal year, to ¥860.2 billion.
*Cash Flows (Nine months from April 1, 2011 to December 31, 2011)
Net cash used in operating activities in this period decreased by ¥100.9 billion as compared to the previous corresponding period, to ¥
26.6 billion outflows due primarily to net loss attributable to Ricoh Company, Ltd. as well as increase of inventory.
Net cash used in investing activities in this period increased by ¥24.3 billion as compared to the previous corresponding period, to ¥88.5
billion due primarily to acquisition of PENTAX Imaging Corporation.
As a result, free cash outflows generated by operating and investing activities amounted to ¥115.1 billion while free cash inflows
amounted to ¥10.1 billion in the previous corresponding period.
Net cash provided by financing activities in this period amounted to ¥101.4 billion due primarily to increase of the interest-bearing debt.
As a result, cash and cash equivalents as of December 31, 2011 decreased by ¥22.4 billion as compared to the end of the previous fiscal
year, to ¥156.6 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 forecast of sales,
gross profit, operating income, income before income taxes and net income attributable to Ricoh Company, Ltd.
downward, reflecting the recent business results and environment. Ricoh assumes exchange rates of ¥75.00 against
the U.S. dollar and of ¥105.00 against the Euro in the fourth quarter, which were remained from the forecast that
announced in October 2011.
Taking forecasted net loss attributable to Ricoh Company, Ltd. for the fiscal year ending March 31, 2012, Ricoh truly
regrets to announce that it has decided to change forecasted dividend at the year end from ¥16.50, which were
announced in October 2011, downward to ¥8.50. Consequently, total dividends for the fiscal year ending March,
2012 are revised to ¥25.00 includes ¥16.50 paid in December 2011.
Our performance forecast for fiscal year 2012 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2012
US$ 1 = ¥78.01 (¥85.77 in previous fiscal year)
EURO 1 = ¥109.29 (¥113.28 in previous fiscal year)
(Billions of yen)
Domestic sales
Overseas sales
Net sales
Gross profit
Operating income (loss)
Income (loss) before income taxes
Net income (loss) attributable
to Ricoh Company, Ltd.
Year ended
March 31, 2011
(Results)
875.8
1,066.1
1,942.0
790.0
60.1
45.4
Year ending
March 31, 2012
(Forecast)
885.0
1,015.0
1,900.0
759.0
-18.0
-33.0
19.6
-46.0
Change
1.0%
-4.8%
-2.2%
-3.9%
-
* 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
December 31, 2011
(Millions of yen)
Change
181,179
657,817
171,033
63,990
1,074,019
159,249
625,331
201,929
54,903
1,041,412
-21,930
-32,486
30,896
-9,087
-32,607
264,740
445,782
477,855
1,188,377
2,262,396
264,942
453,733
433,168
1,151,843
2,193,255
202
7,951
-44,687
-36,534
-69,141
179,169
2,010
156,699
2,550
March 31, 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
Liabilities and Equity
December 31, 2011
(Millions of yen)
Change
250,483
151,023
213,194
614,700
234,007
215,082
172,149
621,238
-16,476
64,059
-41,045
6,538
479,422
140,975
44,535
664,932
1,279,632
537,065
137,646
37,030
711,741
1,332,979
57,643
-3,329
-7,505
46,809
53,347
135,364
186,083
815,970
-170,702
-36,838
929,877
52,887
982,764
2,262,396
135,364
186,083
739,874
-219,519
-36,821
804,981
55,295
860,276
2,193,255
-76,096
-48,817
17
-124,896
2,408
-122,488
-69,141
2,466
-47,514
-1,168
-124,486
1,210
-48,322
-1,481
-170,926
-1,256
-808
-313
-46,440
¥83.15
¥117.57
¥77.74
¥100.71
March 31, 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 on available-for-sale securities
Pension liability adjustments
Net unrealized losses on derivative instruments
Cumulative translation adjustments
Reference: Exchange rate
US$ 1
EURO 1
6
(2) Consolidated Statements of Income
Third Quarter ended December 31, 2010 and 2011
(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 (loss) 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
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, 2011
1,396,541
827,519
59.3
569,022
40.7
605,639
43.3
-36,617
-2.6
2,154
0.1
5,816
0.4
8,983
0.6
Change
-42,510
-12,053
%
-3.0
-1.4
-30,457
-5.1
60,149
11.0
-90,606
-
1,940
0.1
4,883
0.3
8,378
0.6
-214
-9.9
-933
-16.0
-605
-6.7
41,344
2.9
18,150
1.3
-15
0.0
23,179
1.6
-47,938
-3.4
844
0.1
17
0.0
-48,765
-3.5
-89,282
-
-17,306
-95.3
32
-
-71,944
-
2,839
0.2
20,340
1.4
3,370
0.2
-52,135
-3.7
531
18.7
-72,475
-
¥86.90
¥113.53
¥79.00
¥110.71
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, 2011
457,656
274,896
60.1
182,760
39.9
217,601
47.5
-34,841
-7.6
779
0.2
1,905
0.4
1,572
0.4
438
0.1
1,465
0.3
4,316
1.0
13,279
2.8
4,556
1.0
-8
0.0
8,715
1.9
Three months ended December 31, 2010 and 2011
(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 (loss) 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
Change
-10,539
3,262
%
-2.3
1.2
-13,801
-7.0
37,017
20.5
-50,818
-
-341
-43.8
-440
-23.1
2,744
174.6
-40,184
-8.8
3,386
0.7
18
0.0
-43,552
-9.5
-53,463
-
-1,170
-25.7
26
-
-52,267
-
887
0.2
7,828
1.7
1,220
0.3
-44,772
-9.8
333
37.5
-52,600
-
¥82.66
¥112.30
¥77.39
¥104.29
7
Consolidated Sales by Product Category
Third Quarter ended December 31, 2010 and 2011
(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 (%)
-46,546
-4.1
7,523
5.5
-39,023
-3.1
82,136
5.7
74,087
5.3
-8,049
-9.8
92,508
6.4
1,439,051
100.0
97,070
7.0
1,396,541
100.0
4,562
4.9
-42,510
-3.0
¥86.90
¥113.53
¥79.00
¥110.71
Reference : Exchange rate
US$ 1
EURO 1
Three months ended December 31, 2010 and 2011
(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 (%)
Grand Total
Percentage of net sales (%)
Change
%
350,966
76.7
45,313
9.9
396,279
86.6
-20,105
-5.4
2,960
7.0
-17,145
-4.1
26,393
5.6
23,637
5.2
-2,756
-10.4
28,378
6.1
468,195
100.0
37,740
8.2
457,656
100.0
9,362
33.0
-10,539
-2.3
¥82.66
¥112.30
¥77.39
¥104.29
Percentage of net sales (%)
Percentage of net sales (%)
Three months ended
December 31, 2011
371,071
79.3
42,353
9.0
413,424
88.3
<Industrial Products>
Industrial Products
<Other>
Other
%
1,082,023
77.5
143,361
10.2
1,225,384
87.7
Percentage of net sales (%)
Percentage of net sales (%)
Change
1,128,569
78.4
135,838
9.5
1,264,407
87.9
<Industrial Products>
Industrial Products
<Other>
Other
Third Quarter ended
December 31, 2011
Reference : Exchange rate
US$ 1
EURO 1
*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.
8
Consolidated Sales by Geographic Area
Third Quarter ended December 31, 2010 and 2011
(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, 2011
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
644,880
46.2
751,661
53.8
346,588
24.8
302,631
21.7
102,442
7.3
1,396,541
100.0
¥86.90
¥113.53
¥79.00
¥110.71
Reference : Exchange rate
US$ 1
EURO 1
Change
%
-4,542
-0.7
-37,968
-4.8
-42,836
-11.0
-900
-0.3
5,768
6.0
-42,510
-3.0
Three months ended December 31, 2010 and 2011
(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, 2011
210,357
44.9
257,838
55.1
124,567
26.6
102,480
21.9
30,791
6.6
468,195
100.0
210,379
46.0
247,277
54.0
112,348
24.5
100,691
22.0
34,238
7.5
457,656
100.0
¥82.66
¥112.30
¥77.39
¥104.29
Change
%
22
0.0
-10,561
-4.1
-12,219
-9.8
-1,789
-1.7
3,447
11.2
-10,539
-2.3
(3) Consolidated Statements of Cash Flows
(Millions of yen)
Third Quarter ended Third Quarter ended
December 31, 2010 December 31, 2011
I. Cash Flows from Operating Activities:
Consolidated net income (loss)
Adjustments to reconcile consolidated net income (loss) to net cash
provided by operating activitiesDepreciation 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 long-lived assets
Loss on impairment of securities
Loss on impairment of goodwill
Pension and severance costs, less payments
Changes in assets and liabilitiesDecrease in trade receivables
Increase 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 used in (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 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
23,179
-48,765
69,518
15
2,934
813
205
889
65,968
-17
-15,217
506
9,898
5,024
27,464
-5,478
9,820
-29,139
11,903
-20,183
16,723
-33,766
-13,751
-21,847
-6,111
10,513
74,356
-27,421
14,062
-26,617
732
829
-48,674
-53,871
-12,153
-230
17
-192
-477
-3,187
-64,164
-10,421
-127
32
-631
-15,089
-9,278
-88,556
43,691
-75,039
-28,110
79,741
-88,307
-23,943
-138
-551
-92,656
-11,885
-94,349
242,165
147,816
81,396
-59,102
103,949
-226
-23,942
-20
-585
101,470
-8,767
-22,470
179,169
156,699
(4) Notes on premise going concern
Not applicable
(5) Segment Information
(a) Operating Segments Information
Third Quarter ended December 31, 2010 and 2011
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2010
December 31, 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 (loss) on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating loss
Operating loss 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 (loss) on consolidated net sales (%)
11
Change
1,264,407
1,264,407
1,156,303
108,104
1,225,384
1,225,384
1,204,760
20,624
8.5
1.7
82,136
4,147
86,283
85,508
775
74,087
3,688
77,775
80,380
-2,605
0.9
-3.3
92,508
92,508
94,041
-1,533
97,070
97,070
100,667
-3,597
-1.7
-3.7
-4,147
-4,147
%
-39,023
-39,023
48,457
-87,480
-3.1
-3.1
4.2
-80.9
-8,049
-459
-8,508
-5,128
-3,380
-9.8
-11.1
-9.9
-6.0
-
4,562
4,562
6,626
-2,064
4.9
4.9
7.0
-
-3,688
-3,688
459
459
-
-4,154
53,364
49,210
-53,357
-3,688
51,039
47,351
-51,039
466
-2,325
-1,859
2,318
-
1,439,051
1,439,051
1,385,062
53,989
1,396,541
1,396,541
1,433,158
-36,617
-42,510
-42,510
48,096
-90,606
-3.0
-3.0
3.5
-
3.8
-2.6
Three months ended December 31, 2010 and 2011
(Millions of yen)
Three months ended
December 31, 2010
Imaging & Solutions:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income (loss) on sales in Imaging & Solutions (%)
Industrial Products:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating loss
Operating loss on sales in Industrial Products (%)
Other:
Net sales:
Unaffiliated customers
Intersegment
Total
Operating expenses
Operating loss
Operating loss 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 (loss) on consolidated net sales (%)
12
Three months ended
December 31, 2011
413,424
413,424
378,321
35,103
396,279
396,279
413,335
-17,056
8.5
-4.3
26,393
1,556
27,949
28,220
-271
23,637
1,424
25,061
25,500
-439
-1.0
-1.8
28,378
28,378
29,447
-1,069
37,740
37,740
38,493
-753
-3.8
-2.0
-1,556
-1,556
Change
%
-17,145
-17,145
35,014
-52,159
-4.1
-4.1
9.3
-
-2,756
-132
-2,888
-2,720
-168
-10.4
-8.5
-10.3
-9.6
-
9,362
9,362
9,046
316
33.0
33.0
30.7
-
-1,424
-1,424
132
132
-
-1,556
17,786
16,230
-17,786
-1,424
16,593
15,169
-16,593
132
-1,193
-1,061
1,193
-
468,195
468,195
452,218
15,977
457,656
457,656
492,497
-34,841
-10,539
-10,539
40,279
-50,818
-2.3
-2.3
8.9
-
3.4
-7.6
(b) Geographic Segments Information
Third Quarter ended December 31, 2010 and 2011
(Millions of yen)
Third Quarter ended
Third Quarter ended
December 31, 2010
December 31, 2011
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income (loss) on sales in Japan (%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating loss
Operating loss 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 (loss) on consolidated net sales (%)
13
Change
660,643
311,561
972,204
943,523
28,681
652,935
286,780
939,715
970,028
-30,313
3.0
-3.2
389,203
2,462
391,665
395,343
-3,678
348,962
2,643
351,605
378,564
-26,959
-0.9
-7.7
304,670
1,775
306,445
286,754
19,691
304,606
1,323
305,929
292,745
13,184
6.4
4.3
84,535
122,876
207,411
197,198
10,213
90,038
117,006
207,044
201,782
5,262
4.9
2.5
-438,674
-438,674
-437,756
-918
%
-7,708
-24,781
-32,489
26,505
-58,994
-1.2
-8.0
-3.3
2.8
-
-40,241
181
-40,060
-16,779
-23,281
-10.3
7.4
-10.2
-4.2
-
-64
-452
-516
5,991
-6,507
-0.0
-25.5
-0.2
2.1
-33.0
5,503
-5,870
-367
4,584
-4,951
6.5
-4.8
-0.2
2.3
-48.5
-407,752
-407,752
-409,961
2,209
30,922
30,922
27,795
3,127
-
1,439,051
1,439,051
1,385,062
53,989
1,396,541
1,396,541
1,433,158
-36,617
-42,510
-42,510
48,096
-90,606
-3.0
-3.0
3.5
-
3.8
-2.6
Three months ended December 31, 2010 and 2011
(Millions of yen)
Three months ended
December 31, 2010
Japan:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating income (loss)
Operating income (loss) on sales in Japan (%)
The Americas:
Net sales:
External customers
Intersegment
Total
Operating expenses
Operating loss
Operating loss 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 (loss) on consolidated net sales (%)
(6) Notes on significant changes in Equity
Not applicable
14
Three months ended
December 31, 2011
213,026
99,521
312,547
308,920
3,627
210,957
97,293
308,250
322,932
-14,682
1.2
-4.8
124,502
857
125,359
126,957
-1,598
114,936
800
115,736
136,770
-21,034
-1.3
-18.2
102,930
641
103,571
96,410
7,161
101,945
213
102,158
101,405
753
6.9
0.7
27,737
37,541
65,278
63,317
1,961
29,818
40,440
70,258
69,786
472
3.0
0.7
-138,560
-138,560
-143,386
4,826
Change
%
-2,069
-2,228
-4,297
14,012
-18,309
-1.0
-2.2
-1.4
4.5
-
-9,566
-57
-9,623
9,813
-19,436
-7.7
-6.7
-7.7
7.7
-
-985
-428
-1,413
4,995
-6,408
-1.0
-66.8
-1.4
5.2
-89.5
2,081
2,899
4,980
6,469
-1,489
7.5
7.7
7.6
10.2
-75.9
-138,746
-138,746
-138,396
-350
-186
-186
4,990
-5,176
-
468,195
468,195
452,218
15,977
457,656
457,656
492,497
-34,841
-10,539
-10,539
40,279
-50,818
-2.3
-2.3
8.9
-
3.4
-7.6
-APPENDIX1. Consolidated Sales by Product Category
(Millions of yen)
Third Quarter ended December 31, 2010 and 2011
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, 2011
1,128,569
78.4
383,447
745,122
135,838
9.5
125,429
10,409
1,264,407
87.9
508,876
755,531
380,310
292,709
82,512
1,082,023
77.5
382,885
699,138
143,361
10.2
130,873
12,488
1,225,384
87.7
513,758
711,626
335,929
289,229
86,468
82,136
5.7
50,926
31,210
8,807
10,050
12,353
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
¥86.90
¥113.53
Change
%
Change excluding
exchange impact
%
-46,546
-4.1
-1,586
-0.1
-562
-45,984
7,523
-0.1
-6.2
5.5
-562
-1,024
8,069
-0.1
-0.1
5.9
5,444
2,079
-39,023
4.3
20.0
-3.1
5,444
2,625
6,483
4.3
25.2
0.5
4,882
-43,905
-44,381
-3,480
3,956
1.0
-5.8
-11.7
-1.2
4.8
4,882
1,601
-9,912
4,591
6,922
1.0
0.2
-2.6
1.6
8.4
74,087
5.3
41,045
33,042
9,168
9,533
14,341
-8,049
-9.8
-6,697
-8.2
-9,881
1,832
361
-517
1,988
-19.4
5.9
4.1
-5.1
16.1
-9,881
3,184
1,267
-312
2,229
-19.4
10.2
14.4
-3.1
18.0
97,070
7.0
90,077
6,993
1,491
3,869
1,633
1,396,541
100.0
644,880
46.2
751,661
53.8
346,588
24.8
302,631
21.7
102,442
7.3
4,562
4.9
4,929
5.3
457
4,105
1,184
3,097
-176
-42,510
0.5
142.1
385.7
401.2
-9.7
-3.0
457
4,472
1,321
3,195
-44
4,715
0.5
154.8
430.3
413.9
-2.4
0.3
-4,542
-0.7
-4,542
-0.7
-37,968
-4.8
9,257
1.2
-42,836
-11.0
-7,324
-1.9
-900
-0.3
7,474
2.5
5,768
6.0
9,107
9.4
¥79.00
¥110.71
¥-7.90
¥-2.82
*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 December 31, 2010 and 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
Three months ended
Three months ended
December 31, 2010
December 31, 2011
371,071
79.3
127,579
243,492
42,353
9.0
38,804
3,549
413,424
88.3
166,383
247,041
121,650
98,828
26,563
350,966
76.7
124,197
226,769
45,313
9.9
40,962
4,351
396,279
86.6
165,159
231,120
107,992
94,668
28,460
26,393
5.6
16,307
10,086
2,845
3,380
3,861
23,637
5.2
12,872
10,765
3,088
2,816
4,861
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
37,740
8.2
32,348
5,392
1,268
3,207
917
457,656
100.0
210,379
46.0
247,277
54.0
112,348
24.5
100,691
22.0
34,238
7.5
¥82.66
¥112.30
¥77.39
¥104.29
Change
%
Change excluding
exchange impact
%
-20,105
-5.4
-4,268
-1.2
-3,382
-16,723
2,960
-2.7
-6.9
7.0
-3,382
-886
3,308
-2.7
-0.4
7.8
2,158
802
-17,145
5.6
22.6
-4.1
2,158
1,150
-960
5.6
32.4
-0.2
-1,224
-15,921
-13,658
-4,160
1,897
-0.7
-6.4
-11.2
-4.2
7.1
-1,224
264
-5,974
2,707
3,531
-0.7
0.1
-4.9
2.7
13.3
-2,756
-10.4
-2,287
-8.7
-3,435
679
243
-564
1,000
-21.1
6.7
8.5
-16.7
25.9
-3,435
1,148
456
-369
1,061
-21.1
11.4
16.0
-10.9
27.5
9,362
33.0
9,621
33.9
4,681
4,681
1,196
2,935
550
-10,539
16.9
658.4
149.9
-2.3
4,681
4,940
1,307
3,032
601
6,374
16.9
694.8
163.8
1.4
22
0.0
22
0.0
-10,561
-4.1
6,352
2.5
-12,219
-9.8
-4,211
-3.4
-1,789
-1.7
5,370
5.2
3,447
11.2
5,193
16.9
¥-5.27
¥-8.01
*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)
Third Quarter ended
Net sales
Gross profit
Operating income (loss)
Income (loss) 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)
Fourth Quarter ending
Year ending
December 31, 2011
Change
March 31, 2012
Change
March 31, 2012
Change
Results
%
Forecast
%
Forecast
%
1,396.5
569.0
-36.6
-47.9
-3.0
-5.1
-
503.5
189.9
18.6
14.9
0.1
-0.4
199.7
267.4
1,900.0
759.0
-18.0
-33.0
-2.2
-3.9
-
-52.1
-
6.1
-
-46.0
-
-71.86
-
8.46
-
-63.40
-
-71.86
53.8
46.8
89.3
79.00
110.71
-
8.46
16.2
16.3
25.7
75.00
105.00
-
-63.40
70.0
63.0
115.0
78.01
109.29
-
3. Forecast of Consolidated Sales by Product Category
(Billions of yen)
Fourth Quarter 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
%
393.6
148.1
245.5
48.4
44.4
4.0
442.0
192.5
249.5
118.4
101.2
29.9
-2.4
4.5
-6.1
6.2
7.0
-1.2
-1.5
5.0
-6.1
-8.7
-5.1
1.9
414.8
148.1
266.7
48.8
44.4
4.4
463.6
192.5
271.1
129.9
108.3
32.9
2.8
4.5
2.0
7.1
7.0
8.7
3.3
5.0
2.1
0.2
1.5
12.1
1,475.6
531.0
944.6
191.8
175.3
16.5
1,667.4
706.3
961.1
454.3
390.4
116.4
-3.7
1.1
-6.2
5.7
5.0
14.0
-2.7
2.0
-5.9
-10.9
-2.2
4.0
1,541.8
531.0
1,010.8
192.7
175.3
17.4
1,734.5
706.3
1,028.2
500.3
405.6
122.3
0.6
1.1
0.4
6.2
5.0
20.6
1.2
2.0
0.7
-1.9
1.6
9.4
22.9
13.4
9.5
2.6
3.1
3.8
-7.5
-7.9
-6.8
-9.0
-11.0
-1.3
23.9
13.4
10.5
3.0
3.3
4.2
-3.4
-7.9
3.1
5.7
-5.9
9.4
96.9
54.4
42.5
11.8
12.6
18.1
-9.3
-16.9
2.8
0.9
-6.7
12.0
99.3
54.4
44.9
13.1
13.0
18.8
-7.0
-16.9
8.5
12.3
-3.8
16.0
38.6
34.3
4.4
1.0
2.7
0.7
503.5
240.1
263.4
122.0
107.0
34.4
31.5
19.6
498.8
963.8
993.1
70.3
0.1
6.0
-4.8
-8.0
-3.1
2.4
39.0
34.3
4.7
1.0
2.9
0.8
526.4
240.1
286.3
133.9
114.5
37.9
32.6
19.6
545.6
977.7
96.1
4.7
6.0
3.5
1.0
3.7
12.9
135.7
124.3
11.4
2.5
6.6
2.3
1,900.0
885.0
1,015.0
468.6
409.6
136.8
11.3
5.1
213.9
521.2
544.7
4.4
-2.2
1.0
-4.8
-10.2
-1.0
5.0
136.4
124.3
12.1
2.6
6.9
2.5
1,970.2
885.0
1,085.2
516.0
425.5
143.7
11.9
5.1
233.5
558.6
576.6
14.9
1.5
1.0
1.8
-1.1
2.8
10.3
* Excluding foreign exchange impact
A3