FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of July 2009
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
-----------------------------------------------
(Translation of Registrant's name into English)
13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan
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(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F __
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __ )
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __ )
(Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes __ No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-__ )
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Ricoh Company, Ltd.
------------------------------
(Registrant)
By: /S/ Zenji Miura
------------------------------
Zenji Miura
Director, Chief Financial Officer
Corporate Executive Vice President
July 31, 2009
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[LOGO] RICOH July 31, 2009
QUARTERLY REPORT
First Quarter ended June 30, 2009
(Results for the Period from April 1, 2009 to June 30, 2009)
PERFORMANCE OUTLINE (CONSOLIDATED)
(Billions of yen)
- ----------------------------------------------------------------------------------------------- -----------------------
Three months ended Three months ended Year ending
June 30, 2009 June 30, 2008 March 31, 2010
Results Results Change Forecast Change
- ----------------------------------------------------------------------------------------------- -----------------------
Domestic sales 206.7 233.8 -11.6% 895.0 -4.6%
Overseas sales 284.6 287.7 -1.1% 1,170.0 1.4%
Net sales 491.3 521.5 -5.8% 2,065.0 -1.3%
Gross profit 200.3 228.3 -12.3% 825.0 -3.4%
Operating income 6.0 39.7 -84.7% 40.0 -46.3%
Income before income taxes 3.4 43.7 -92.2% 30.0 -3.0%
Net income attributable to Ricoh Company, Ltd. 0.9 25.7 -96.5% 10.0 53.1%
- ----------------------------------------------------------------------------------------------- -----------------------
Exchange rate (Yen/US$) 97.51 104.66 -7.15 91.88 -8.67
Exchange rate (Yen/EURO) 132.69 163.48 -30.79 130.68 -13.06
- ----------------------------------------------------------------------------------------------- -----------------------
Net income attributable to Ricoh Company, Ltd. 1.24 35.71 -34.47 13.78 4.76
shareholders per share-basic (yen)
Net income attributable to Ricoh Company, Ltd. 1.20 34.75 -33.55 13.38 4.63
shareholders per share-diluted (yen)
- ----------------------------------------------------------------------------------------------- -----------------------
Cash flows from operating activities 32.5 10.2 22.2 -- --
Cash flows from investing activities -26.5 -30.7 4.1 -- --
Cash flows from financing activities -69.9 18.0 -88.0 -- --
Cash and cash equivalents at end of period 196.0 174.2 21.8 -- --
- ----------------------------------------------------------------------------------------------- -----------------------
Capital expenditures 17.3 20.4 -3.0 95.0 -1.9
Depreciation for tangible fixed assets 16.6 17.7 -1.0 77.0 2.1
R&D expenditures 27.2 31.7 -4.5 116.0 -8.4
- ----------------------------------------------------------------------------------------------- -----------------------
June 30, 2009 March 31, 2009 Change
- -----------------------------------------------------------------------------------------------
Total assets 2,424.3 2,513.4 -89.1
Shareholders' investment 977.0 975.3 1.6
Interest-bearing debt 721.6 779.1 -57.5
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Shareholders' investment ratio (%) 40.3 38.8 1.5
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Shareholders' investment per share (yen) 1,346.45 1,344.08 2.37
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RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2010 above upon information currently available to management, which
involves risks and uncertainties that could cause actual results to differ
materially from those projected.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED JUNE 30, 2009 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2009 TO JUNE 30, 2009
(1) Operating Results
(Millions of yen)
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Three months ended Three months ended
June 30, 2009 June 30, 2008
- -----------------------------------------------------------------------------------------------------
Net sales 491,389 521,574
(% change from the previous corresponding period) -5.8 -1.6
Operating income 6,076 39,750
(% change from the previous corresponding period) -84.7 -14.7
Income before income taxes 3,415 43,735
(% change from the previous corresponding period) -92.2 -17.9
Net income attributable to Ricoh Company, Ltd. 903 25,743
(% change from the previous corresponding period) -96.5 -24.0
Net income attributable to Ricoh Company, Ltd. shareholders
per share-basic (yen) 1.24 35.71
Net income attributable to Ricoh Company, Ltd. shareholders 1.20 34.75
per share-diluted (yen)
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(2) Financial Position (Millions of yen)
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June 30, 2009 March 31, 2009
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Total assets 2,424,391 2,513,495
Shareholders' investment 977,066 975,373
Shareholders' investment ratio (%) 40.3 38.8
Shareholders' investment per share (yen) 1,346.45 1,344.08
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2. DIVIDEND INFORMATION
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Year ended Year ending
March 31, 2009 March 31, 2010
(Results) (Forecast)
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Cash dividends, applicable to the year (yen) 33.00 33.00
Interim (yen) 18.00 16.50
Year-end (yen) 15.00 16.50
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Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2009 TO MARCH 31, 2010 (Millions of yen)
- ---------------------------------------------------------------------------------------------------
Half year ending Year ending
September 30, 2009 March 31, 2010
- ---------------------------------------------------------------------------------------------------
Net sales 1,005,000 2,065,000
Operating income 11,000 40,000
Income before income taxes 6,000 30,000
Net income attributable to Ricoh Company, Ltd. 1,000 10,000
Net income attributable to Ricoh Company, Ltd. shareholders 1.38 13.78
per share (yen)
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Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Changes in accounting method: Yes
* For details see "4.Others"on page 5.
(3) Number of common stock outstanding (including treasury stock):
As of June 30, 2009 744,912,078 shares As of March 31, 2009 744,912,078 shares
(4) Number of treasury stock:
As of June 30, 2009 19,251,985 shares As of March 31, 2009 19,232,352 shares
(5) Average number of common stock:
As of June 30, 2009 725,669,565 shares As of June 30, 2008 720,931,645 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first quarter of fiscal year 2010
(the three months period from April 1, 2009 to June 30, 2009) decreased by 5.8%
as compared to the previous corresponding period, to Yen 491.3 billion. During
this quarter, the average yen exchange rates were Yen 97.51 against the U.S.
dollar (up Yen 7.15) and Yen 132.69 against the Euro (up Yen 30.79). Net sales
would have increased by 2.0% excluding impact of such foreign currency exchange
fluctuation.
The Japanese economy continued to suffer severe recession started in the second
half of previous fiscal year. Ricoh continued to be in such a severe business
environment. Domestic sales in the Imaging & Solutions segment as well as
Industrial Products segment and Other segment decreased from the previous
corresponding period. Consequently, overall sales in Japan decreased by 11.6% as
compared to the previous corresponding period.
As for overseas, while Ricoh continued to be in the severe business environment
due mainly to the protracted mess in the overseas economy and the appreciation
of the Yen against the U.S. dollar, the effort to enhance its sales structures
contributed to increase in sales in the Imaging & Solutions segment. Although
sales in the Americas, despite economic downturns and the appreciation of the
Yen against the U.S. dollar, increased by 40.4% (+50.7%, excluding foreign
currency exchange fluctuation) because the advantage derived from the effort to
enhance its sales structures and expand its sales channels such as through the
acquisition completed in the previous fiscal year offset the negative effect of
depression of the market, sales in Europe decreased by 23.5% (-6.3%, excluding
foreign currency exchange fluctuation) and sales in Other, comprised of China,
South East Asia and Oceania, decreased by 24.7% (-12.1%, excluding foreign
currency exchange fluctuation).
As a result, sales in the overseas market decreased by 1.1% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 13.1% as compared to
the previous corresponding period.
Gross profit decreased by 12.3% as compared to the previous corresponding
period, to Yen 200.3 billion due mainly to decrease in sales and the
appreciation of the Yen. Gross profit as a percentage of net sales also
decreased by 3.0 percentage points as compared to the previous corresponding
period, to 40.8% because the advantage derived from cost reduction was not
enough to offset the negative effect of the appreciation of the Yen.
While group-wide cost reduction efforts contributed to a decline in selling,
general and administrative expenses, Ricoh incurred the expenses of new
consolidated subsidiaries acquired in the previous third quarter. Consequently,
selling, general and administrative expenses increased by 3.0% as compared to
the previous corresponding period, to Yen 194.2 billion.
As a result, operating income decreased by 84.7% as compared to the previous
corresponding period, to Yen 6.0 billion.
Other (income) expenses, net decreased as compared to the previous corresponding
period due to foreign exchange loss derived from the appreciation of the Yen. As
a result, income before income taxes decreased by 92.2% as compared to the
previous corresponding period, to Yen 3.4 billion.
As a result, net income attributable to Ricoh Company, Ltd. decreased by 96.5%
as compared to the previous corresponding period, to Yen 0.9 billion.
3
*Conditions by Product Line
Imaging & Solutions (Sales down 4.1% to Yen 436.8 billion)
- ----------------------------------------------------------
Imaging Solutions (Sales down 7.8% to Yen 378.0 billion)
--------------------------------------------------------
In the Americas, sales of PPCs and MFPs increased due mainly to enhancing
its sales structures through acquisition completed in previous fiscal
period.
The appreciation of the Yen against the U.S. dollar and the Euro negatively
affect.
Excluding effects of foreign currency fluctuations, net sales in this
category would have increased by 1.2% as compared to the previous
corresponding period.
Network System Solutions (Sales up 30.1% to Yen 58.7 billion)
-------------------------------------------------------------
Sales in this category increased by 30.1% as compared to the previous
corresponding period, to Yen 58.7 billion due mainly to enhancing its sales
structures. The sales would have increased by 36.0% excluding the effects
of foreign currency fluctuations.
As a result, sales in the Imaging & Solutions segment decreased by 4.1% as
compared to the previous corresponding period, to Yen 436.8 billion. Operating
income decreased by 56.9% as compared to the previous corresponding period, to
Yen 23.8 billion due mainly to the decrease of sales as well as the appreciation
of the Yen.
Industrial Products (Sales down 25.2% to Yen 24.7 billion)
- ----------------------------------------------------------
Sales in the Industrial Products segment decreased by 25.2% as compared to the
previous corresponding period, to Yen 24.7 billion. Sales of semiconductor
devices, thermal media and electronic components decreased as compared to the
previous corresponding period in Japan and overseas.
As a result, operating loss in the Industrial Products segment amounted to Yen
0.3 billion (operating income Yen 1.0 billion for the previous corresponding
period).
Other (Sales down 10.3% to Yen 29.8 billion)
- --------------------------------------------
Net sales in the Other segment decreased by 10.3% as compared to the previous
corresponding period, to Yen 29.8 billion. Sales of digital cameras and so on
decreased.
As a result operating loss in the Other segment amounted to Yen 0.2 billion
(operating income Yen 0.5 billion for the previous corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Shareholders' Investment
For current assets, cash and time deposits decreased from the end of the
previous period due to the decrease of Interest-bearing debt, and trade
receivable decreased due to the decrease of sales. For fixed assets, other
investments increased from the end of the previous period due mainly to the
increase of goodwill derived from acquisition and revaluation gain on investment
securities. As a result, total assets decreased by Yen 89.1 billion, to Yen
2,424.3 billion.
For Liabilities, short-term borrowings and so on decreased. As a result, total
liabilities decreased by Yen 91.2 billion, to Yen 1,397.9 billion.
For shareholders' investment, the change in retained earnings resulted from
payment for dividends and net income attributable to Ricoh Company, Ltd. Other
comprehensive loss decreased due mainly to the increase of cumulative
translation adjustments reflecting exchange fluctuation from the end of the
previous period. As a result, total shareholders' investment increased by Yen
1.6 billion from the end of the previous period, to Yen 977.0 billion. In
accordance with Statement of Financial Accounting Standards No.160
"Noncontrolling Interests in Consolidated Financial Statements - an amendment of
ARB No.51" ("SFAS 160"), Ricoh reports the noncontrolling interest as equity.
Total equity involving the noncontrolling interest increased by Yen 2.1 billion
as compared to the reclassified total equity at the end of the previous period
to conform with the presentation of this first quarter, to Yen 1,026.4 billion.
*Cash Flows (Three months from April 1, 2009 to June 30, 2009)
Net cash provided by operating activities in this period increased by Yen 22.2
billion as compared to the previous corresponding period, to Yen 32.5 billion.
Trade receivables and so on decreased as compared to the previous corresponding
period.
Net cash used in investing activities in this period decreased by Yen 4.1
billion as compared to the previous corresponding period, to Yen 26.5 billion.
As a result, free cash inflows generated by operating and investing activities
amounted to Yen 5.9 billion while cash outflows amounted to Yen 20.4 billion in
the previous corresponding period.
Net cash used in financing activities amounted to Yen 69.9 billion due primarily
to net decrease in short-term borrowings.
As a result, cash and cash equivalents at the end of this first quarter
decreased by Yen 62.3 billion as compared to the end of the preceding fiscal
year, to Yen 196.0 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
As for the forecast of business results for the first half of and full fiscal
year ending March 31, 2010 that previously announced in April 2009, we have
revised downward our forecast of sales, gross profit, operating income, income
before income taxes and net income attributable to Ricoh Company, Ltd. This
revision reflects the first quarter result and so on.
Ricoh assumes that exchange rates of Yen 90.00 against the U.S. dollar and of
Yen 130.00 against the Euro in and after the second quarter, which were revised
from the forecast that announced in April 2009. The actual exchange rates during
the first quarter were incorporated in annual exchange rates assumption.
Our performance forecast for fiscal year 2010 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2010 US$ 1 = Yen
91.88 (Yen 100.55 in previous fiscal year) EURO 1 = Yen 130.68 (Yen 143.74 in
previous fiscal year)
(Billions of yen)
- ----------------------------------------------------------------------------------------------------------------------
Half year ending Half year ended Year ending Year ended
Septmber 30, 2009 Septmber 30, 2008 March 31, 2010 March 31, 2009
(Forecast) (Results) Change (Forecast) (Results) Change
- ----------------------------------------------------------------------------------------------------------------------
Domestic sales 430.0 483.8 -11.1 895.0 938.3 -4.6%
Overseas sales 575.0 582.1 -1.2 1,170.0 1,153.3 1.4%
Net sales 1005.0 1,065.9 -5.7 2,065.0 2,091.6 -1.3%
Gross profit 410.0 443.3 -7.5 825.0 854.3 -3.4%
Operating income 11.0 65.0 -83.1 40.0 74.5 -46.3%
Income before income taxes 6.0 58.8 -89.8 30.0 30.9 -3.0%
Net income attributable
to Ricoh Company, Ltd. 1.0 34.3 -97.1 10.0 6.5 53.1%
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* Ricoh bases the forecast estimates for the year ending March 31, 2010 above
upon information currently available to management, which involves risks
and uncertainties that could cause actual results to differ materially from
those projected.
4. OTHERS
(1) Changes in significant subsidiaries:
Not applicable
(2) Changes in accounting method:
Adoption of new accounting standards:
i. Ricoh adopted SFAS No.141 (revised 2007), "Business Combinations " ("SFAS
141R") in this first quarter. SFAS 141R establishes principles and
requirements for how an acquirer recognizes and measures in its financial
statements the identifiable assets acquired, the liabilities assumed, any
noncontrolling interest in the acquiree and the goodwill acquired. SFAS
141R also establishes disclosure requirements to enable the evaluation of
the nature and financial effects of the business combination. The adoption
of SFAS 141R did not have a material effect on Ricoh's consolidated
financial position or results of operations.
ii. Ricoh adopted SFAS No.160, "Noncontrolling Interests in Consolidated
Financial Statements - an amendment of ARB No. 51" ("SFAS 160") in this
first quarter. In accordance with SFAS 160, noncontrolling interests which
were previously referred to as minority interests and classified between
total liabilities and shareholders' investment on the consolidated balance
sheets, are now included as a separate component of total equity. In
addition, consolidated net income on the consolidated statements of income
now includes the net income (loss) attributable to noncontrolling
interests. These financial statement presentation requirements have been
adopted retrospectively and prior year amounts in the consolidated
financial statements of cash flows have been reclassified or adjusted to
conform to SFAS 160.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
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June 30, 2009 March 31, 2009 Change
- -----------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 197,903 260,527 -62,624
Trade receivables 651,664 680,384 -28,720
Inventories 193,333 191,570 1,763
Other current assets 79,735 79,385 350
Total Current Assets 1,122,635 1,211,866 (89,231)
Fixed Assets
Tangible fixed assets 268,089 269,336 -1,247
Finance receivables 458,704 465,262 -6,558
Other investments 574,963 567,031 7,932
Total Fixed Assets 1,301,756 1,301,629 127
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Total Assets 2,424,391 2,513,495 -89,104
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Note:
Contents of cash and time deposits;
Cash and cash equivalents 196,098 258,484
Time deposits 1,805 2,043
Liabilities and Equity (Millions of yen)
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June 30, 2009 March 31, 2009 Change
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Current Liabilities
Trade payables 246,412 285,413 -39,001
Short-term borrowings 170,624 269,792 -99,168
Other current liabilities 228,471 218,286 10,185
Total Current Liabilities 645,507 773,491 -127,984
Fixed Liabilities
Long-term indebtedness 551,049 509,403 41,646
Accrued pension and severance costs 153,859 156,625 -2,766
Other fixed liabilities 47,487 49,626 -2,139
Total Fixed Liabilities 752,395 715,654 36,741
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Total Liabilities 1,397,902 1,489,145 -91,243
- ------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 -
Additional paid-in capital 186,083 186,083 -
Retained earnings 805,741 815,725 -9,984
Accumulated other comprehensive loss -113,421 -125,121 11,700
Treasury stock -36,701 -36,678 -23
Total Shareholders' Investment 977,066 975,373 1,693
Noncontrolling interests 49,423 48,977 446
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Total Equity 1,026,489 1,024,350 2,139
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Total Liabilities and Equity 2,424,391 2,513,495 -89,104
- ------------------------------------------------------------------------------------------------------------
Note:
Other comprehensive income;
Net unrealized holding gains on available-for-sale securities 5,320 1,848 3,472
Pension liability adjustments -51,501 -54,301 2,800
Net unrealized losses on derivative instruments -724 -373 -351
Cumulative translation adjustments -66,516 -72,295 5,779
Reference: Exchange rate June 30, 2009 March 31, 2009
US$ 1 Yen 96.01 Yen 98.23
EURO 1 Yen 135.53 Yen 129.84
6
(2) CONSOLIDATED STATEMENTS OF INCOME
(Millions of yen)
- ---------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008 Change %
- ---------------------------------------------------------------------------------------------------------------
Net sales 491,389 521,574 -30,185 -5.8
Cost of sales 291,084 293,177 -2,093 -0.7
Percentage of net sales (%) 59.2 56.2
Gross profit 200,305 228,397 -28,092 -12.3
Percentage of net sales (%) 40.8 43.8
Selling, general and administrative expenses 194,229 188,647 5,582 3.0
Percentage of net sales (%) 39.5 36.2
Operating income 6,076 39,750 -33,674 -84.7
Percentage of net sales (%) 1.2 7.6
Other (income) expenses
Interest and dividend income 583 1,288 -705 -54.7
Percentage of net sales (%) 0.1 0.2
Interest expense 2,103 1,069 1,034 96.7
Percentage of net sales (%) 0.4 0.2
Other, net 1,141 -3,766 4,907 -
Percentage of net sales (%) 0.2 -0.7
Income before income taxes,
equity income and minority interests 3,415 43,735 -40,320 -92.2
Percentage of net sales (%) 0.7 8.4
Provision for income taxes 1,879 16,825 -14,946 -88.8
Percentage of net sales (%) 0.4 3.2
Equity in earnings of affiliates 4 7 -3 -42.9
Percentage of net sales (%) 0.0 0.0
Consolidated net income 1,540 26,917 -25,377 -94.3
Percentage of net sales (%) 0.3 5.2
Net income attributable to noncontrolling interests 637 1,174 -537 -45.7
Percentage of net sales (%) 0.1 0.2
Net income attributable to Ricoh Company, Ltd. 903 25,743 -24,840 -96.5
Percentage of net sales (%) 0.2 4.9
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Reference : Exchange rate
US$ 1 Yen 97.51 Yen 104.66
EURO 1 Yen 132.69 Yen 163.48
CONSOLIDATED SALES BY PRODUCT CATEGORY (Millions of yen)
- ---------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008 Change %
- ---------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 378,098 410,118 -32,020 -7.8
Percentage of net sales (%) 76.9 78.6
Network System Solutions 58,722 45,140 13,582 30.1
Percentage of net sales (%) 12.0 8.7
Imaging & Solutions Total 436,820 455,258 -18,438 -4.1
Percentage of net sales (%) 88.9 87.3
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[Industrial Products]
Industrial Products 24,754 33,095 -8,341 -25.2
Percentage of net sales (%) 5.0 6.3
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[Other]
Other 29,815 33,221 -3,406 -10.3
Percentage of net sales (%) 6.1 6.4
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Grand Total 491,389 521,574 -30,185 -5.8
Percentage of net sales (%) 100.0 100.0
- ---------------------------------------------------------------------------------------------------------------
CONSOLIDATED SALES BY GEOGRAPHIC AREA (Millions of yen)
- ---------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008 Change %
- ----------------------------------------------------------------------------------------------------------------
[Domestic] 206,739 233,869 -27,130 -11.6
Percentage of net sales (%) 42.1 44.8
[Overseas] 284,650 287,705 -3,055 -1.1
Percentage of net sales (%) 57.9 55.2
The Americas 142,770 101,664 41,106 40.4
Percentage of net sales (%) 29.1 19.5
Europe 113,750 148,671 -34,921 -23.5
Percentage of net sales (%) 23.1 28.5
Other 28,130 37,370 -9,240 -24.7
Percentage of net sales (%) 5.7 7.2
Grand Total 491,389 521,574 -30,185 -5.8
Percentage of net sales (%) 100.0 100.0
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7
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
- ---------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008
- ---------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 1,540 26,917
Adjustments to reconcile net income to net cash
provided by operating activities--
Depreciation and amortization 23,836 24,312
Equity in earnings of affiliates, net of dividends received -4 -7
Deferred income taxes -4,133 -2,654
Loss on disposals and sales of tangible fixed assets 86 348
Pension and severance costs, less payments -550 695
Changes in assets and liabilities--
Decrease in trade receivables 35,697 238
(Increase) Decrease in inventories 241 -18,258
(Increase) Decrease in finance receivables 8,134 -11,369
Decrease in trade payables -39,847 -16,658
Increase in accrued income taxes and
accrued expenses and other 4,306 9,427
Other, net 3,238 -2,726
- -----------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 32,544 10,265
- -----------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 178 0
Expenditures for property, plant and equipment -17,384 -20,414
Payments for purchases of available-for-sale securities -602 -504
Proceeds from sales of available-for-sale securities 910 224
(Increase) Decrease in time deposits 218 -377
Purchase of business, net of cash acquired -4,760 -4,717
Other, net -5,124 -4,914
- -----------------------------------------------------------------------------------------------------------
Net cash used in investing activities -26,564 -30,702
- -----------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 28,903 13,777
Repayment of long-term indebtedness -21,626 -17,515
Increase (Decrease) in short-term borrowings, net -101,061 34,484
Proceeds from issuance of long-term debt securities 35,000 -
Dividends paid -10,885 -12,256
Payment for purchase of treasury stock -30 -54
Other, net -276 -387
- -----------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities -69,975 18,049
- -----------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,609 6,040
- -----------------------------------------------------------------------------------------------------------
V. Net Increase (Decrease) in Cash and Cash Equivalents -62,386 3,652
- -----------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 258,484 170,607
- -----------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 196,098 174,259
- -----------------------------------------------------------------------------------------------------------
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
(Millions of yen)
- ----------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008 Change %
- ----------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 436,820 455,258 -18,438 -4.1
Intersegment -- -- -- --
Total 436,820 455,258 -18,438 -4.1
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses 412,961 399,840 13,121 3.3
- ----------------------------------------------------------------------------------------------------------------------
Operating income 23,859 55,418 -31,559 -56.9
Operating income on sales in Imaging & Solutions (%) 5.5 12.2
- ----------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 24,754 33,095 -8,341 -25.2
Intersegment 894 1,158 -264 -22.8
Total 25,648 34,253 -8,605 -25.1
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses 26,002 33,247 -7,245 -21.8
- ----------------------------------------------------------------------------------------------------------------------
Operating income -354 1,006 -1,360 --
Operating income on sales in Industrial Products (%) -1.4 2.9
- ----------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 29,815 33,221 -3,406 -10.3
Intersegment -- -- -- --
Total 29,815 33,221 -3,406 -10.3
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses 30,093 32,708 -2,615 -8.0
- ----------------------------------------------------------------------------------------------------------------------
Operating income -278 513 -791 --
Operating income on sales in Other (%) -0.9 1.5
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -894 -1,158 264 --
Total -894 -1,158 264 --
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -890 -1,157 267 --
Corporate 17,147 17,186 -39 --
Total 16,257 16,029 228 --
- ----------------------------------------------------------------------------------------------------------------------
Operating income -17,151 -17,187 36 --
- ----------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 491,389 521,574 -30,185 -5.8
Intersegment -- -- -- --
Total 491,389 521,574 -30,185 -5.8
- ----------------------------------------------------------------------------------------------------------------------
Operating expenses 485,313 481,824 3,489 0.7
- ----------------------------------------------------------------------------------------------------------------------
Operating income 6,076 39,750 -33,674 -84.7
Operating income on consolidated net sales (%) 1.2 7.6
- ----------------------------------------------------------------------------------------------------------------------
9
(b) Geographic Segments Information
(Millions of yen)
- -----------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2009 June 30, 2008 Change %
- -----------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 210,421 241,120 -30,699 -12.7
Intersegment 90,510 123,371 -32,861 -26.6
Total 300,931 364,491 -63,560 -17.4
- -----------------------------------------------------------------------------------------------------------------
Operating expenses 298,341 338,415 -40,074 -11.8
- -----------------------------------------------------------------------------------------------------------------
Operating income 2,590 26,076 -23,486 -90.1
Operating income on sales in Japan (%) 0.9 7.2
- -----------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 142,656 101,285 41,371 40.8
Intersegment 638 1,224 -586 -47.9
Total 143,294 102,509 40,785 39.8
- -----------------------------------------------------------------------------------------------------------------
Operating expenses 148,027 103,722 44,305 42.7
- -----------------------------------------------------------------------------------------------------------------
Operating income (4,733) (1,213) -3,520 --
Operating income on sales in the Americas (%) -3.3 -1.2
- -----------------------------------------------------------------------------------------------------------------
EUROPE:
Net sales:
External customers 114,516 148,256 -33,740 -22.8
Intersegment 604 723 -119 -16.5
Total 115,120 148,979 -33,859 -22.7
- -----------------------------------------------------------------------------------------------------------------
Operating expenses 109,862 137,310 -27,448 -20.0
- -----------------------------------------------------------------------------------------------------------------
Operating income 5,258 11,669 -6,411 -54.9
Operating income on sales in Europe (%) 4.6 7.8
- -----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 23,796 30,913 -7,117 -23.0
Intersegment 33,897 43,927 -10,030 -22.8
Total 57,693 74,840 -17,147 -22.9
- -----------------------------------------------------------------------------------------------------------------
Operating expenses 55,293 70,273 -14,980 -21.3
- -----------------------------------------------------------------------------------------------------------------
Operating income 2,400 4,567 -2,167 -47.4
Operating income on sales in Other (%) 4.2 6.1
- -----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -125,649 -169,245 43,596 --
Total -125,649 -169,245 43,596 --
- ----------------------------------------------------------------------------------------------------------------
Operating expenses -126,210 -167,896 41,686 --
- ----------------------------------------------------------------------------------------------------------------
Operating income 561 -1,349 1,910 --
- ----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 491,389 521,574 -30,185 -5.8
Intersegment -- -- -- --
Total 491,389 521,574 -30,185 -5.8
- ----------------------------------------------------------------------------------------------------------------
Operating expenses 485,313 481,824 3,489 0.7
- ----------------------------------------------------------------------------------------------------------------
Operating income 6,076 39,750 -33,674 -84.7
Operating income on consolidated net sales (%) 1.2 7.6
- ----------------------------------------------------------------------------------------------------------------
(6) Notes on significant changes in shareholders' investment
Not applicable
10
- -APPENDIX- (THREE MONTHS ENDED JUNE 30, 2009)
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen)
- ---------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
June 30, 2009 June 30, 2008 Change % exchange impact %
- ---------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 378,098 410,118 -32,020 -7.8 4,771 1.2
Percentage of net sales (%) 76.9 78.6
Domestic 131,425 148,069 -16,644 -11.2 -16,644 -11.2
Overseas 246,673 262,049 -15,376 -5.9 21,415 8.2
Network System Solutions 58,722 45,140 13,582 30.1 16,242 36.0
Percentage of net sales (%) 12.0 8.7
Domestic 33,370 37,337 -3,967 -10.6 -3,967 -10.6
Overseas 25,352 7,803 17,549 224.9 20,209 259.0
Imaging & Solutions Total 436,820 455,258 -18,438 -4.1 21,013 4.6
Percentage of net sales (%) 88.9 87.3
Domestic 164,795 185,406 -20,611 -11.1 -20,611 -11.1
Overseas 272,025 269,852 2,173 0.8 41,624 15.4
The Americas 139,165 97,360 41,805 42.9 52,014 53.4
Europe 109,420 141,904 -32,484 -22.9 -7,811 -5.5
Other 23,440 30,588 -7,148 -23.4 -2,579 -8.4
- ---------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 24,754 33,095 -8,341 -25.2 -7,265 -22.0
Percentage of net sales (%) 5.0 6.3
Domestic 13,460 18,518 -5,058 -27.3 -5,058 -27.3
Overseas 11,294 14,577 -3,283 -22.5 -2,207 -15.1
The Americas 3,326 3,879 -553 -14.3 -317 -8.2
Europe 3,967 5,755 -1,788 -31.1 -1,033 -17.9
Other 4,001 4,943 -942 -19.1 -857 -17.3
- ---------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 29,815 33,221 -3,406 -10.3 -3,267 -9.8
Percentage of net sales (%) 6.1 6.4
Domestic 28,484 29,945 -1,461 -4.9 -1,461 -4.9
Overseas 1,331 3,276 -1,945 -59.4 -1,806 -55.1
The Americas 279 425 -146 -34.4 -127 -29.9
Europe 363 1,012 -649 -64.1 -576 -56.9
Other 689 1,839 -1,150 -62.5 -1,103 -60.0
- ---------------------------------------------------------------------------------------------------------------------------------
Grand Total 491,389 521,574 -30,185 -5.8 10,481 2.0
Percentage of net sales (%) 100.0 100.0
Domestic 206,739 233,869 -27,130 -11.6 -27,130 -11.6
Percentage of net sales (%) 42.1 44.8
Overseas 284,650 287,705 -3,055 -1.1 37,611 13.1
Percentage of net sales (%) 57.9 55.2
The Americas 142,770 101,664 41,106 40.4 51,570 50.7
Percentage of net sales (%) 29.1 19.5
Europe 113,750 148,671 -34,921 -23.5 -9,420 -6.3
Percentage of net sales (%) 23.1 28.5
Other 28,130 37,370 -9,240 -24.7 -4,539 -12.1
Percentage of net sales (%) 5.7 7.2
- ---------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 97.51 Yen 104.66 Yen -7.15
EURO 1 Yen 132.69 Yen 163.48 Yen -30.79
*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
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
- ------------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ending Half year ending Year ending
June 30, 2009 Change Sept. 30, 2009 Change Sept. 30, 2009 Change March 31, 2010 Change
Results % Forecast % Forecast % Forecast %
- ------------------------------------------------------------------------------------------------------------------------------------
Net sales 491.3 -5.8 513.6 -5.6 1,005.0 -5.7 2,065.0 -1.3
Gross profit 200.3 -12.3 209.6 -2.4 410.0 -7.5 825.0 -3.4
Operating income 6 -84.7 4.9 -80.6 11.0 -83.1 40.0 -46.3
Income before income
taxes 3.4 -92.2 2.5 -82.9 6.0 -89.8 30.0 -3.0
Net income attributable 0.9 -96.5 0.0 -98.9 1.0 -97.1 10.0 53.1
to Ricoh
Company, Ltd.
- ------------------------------------------------------------------------------------------------------------------------------------
Net income attributable
to Ricoh
Company, Ltd. 1.24 -- 0.14 -- 1.38 -- 13.78 --
shareholders per
share-basic (yen)
Net income attributable
to Ricoh
Company, Ltd. 1.20 -- 0.13 -- 1.33 -- 13.38 --
shareholders per
share-diluted (yen)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 17.3 -- 32.6 -- 50.0 -- 95.0 --
Depreciation for
tangible fixed assets 16.6 -- 19.3 -- 36.0 -- 77.0 --
R&D expenditures 27.2 -- 29.7 -- 57.0 -- 116.0 --
- ------------------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 97.51 -- 90.00 -- 93.76 -- 91.88 --
Exchange rate (Yen/EURO) 132.69 -- 130.00 -- 131.35 -- 130.68 --
- ------------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
- ----------------------------------------------------------------------------------------------------------
Half year ending September 30, 2009 Year ending March 31, 2010
----------------------------------- --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
- ----------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Imaging Solutions 760.8 -6.5 852.0 4.7 1,578.6 -1.3 1,675.0 4.8
Domestic 262.7 -8.2 262.7 -8.2 568.1 0.2 568.1 0.2
Overseas 498.1 -5.6 589.3 11.6 1,010.5 -2.0 1,106.9 7.3
Network System Solutions 130.8 23.9 138.8 31.4 255.1 8.8 264.9 13.0
Domestic 79.0 -10.9 79.0 -10.9 151.0 -12.7 151.0 -12.7
Overseas 51.9 206.8 59.8 253.9 104.2 69.2 113.9 85.1
Imaging & Solutions Total 891.7 -3.0 990.8 7.7 1,833.8 0.0 1,939.9 5.8
Domestic 341.7 -8.8 341.7 -8.8 719.1 -2.8 719.1 -2.8
Overseas 550.0 0.9 649.1 19.1 1,114.6 2.0 1,220.8 11.7
The Americas 282.5 35.6 320.7 53.9 553.1 13.4 606.0 24.3
Europe 221.2 -19.7 273.2 -0.9 468.9 -6.6 510.7 1.8
Other 46.2 -23.9 55.2 -9.2 92.6 -10.5 104.1 0.5
- -----------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 48.9 -27.9 51.2 -24.4 101.7 -12.0 104.1 -9.9
Domestic 26.5 -28.9 26.5 -28.9 54.1 -16.5 54.1 -16.5
Overseas 22.4 -26.6 24.7 -18.9 47.6 -6.2 50.0 -1.6
The Americas 6.6 -18.2 7.4 -8.7 12.5 -8.7 13.6 -1.0
Europe 7.2 -33.6 8.7 -19.8 15.8 -13.5 17.0 -6.9
Other 8.6 -25.3 8.7 -24.6 19.3 2.7 19.4 3.1
- -----------------------------------------------------------------------------------------------------------
[Other]
Other 64.4 -17.7 64.8 -17.2 129.5 -9.4 129.9 -9.2
Domestic 61.8 -13.7 61.8 -13.7 121.8 -8.7 121.8 -8.7
Overseas 2.7 -59.8 3.0 -54.1 7.8 -19.4 8.2 -15.7
The Americas 0.6 -42.1 0.6 -41.2 1.2 -25.1 1.2 -25.8
Europe 0.8 -65.3 1.0 -55.2 3.2 -3.7 3.3 0.0
Other 1.3 -61.5 1.5 -57.2 3.4 -28.2 3.7 -23.1
- -----------------------------------------------------------------------------------------------------------
Grand Total 1,005.0 -5.7 1,106.9 3.8 2,065.0 -1.3 2,173.9 3.9
Domestic 430.0 -11.1 430.0 -11.1 895.0 -4.6 895.0 -4.6
Overseas 575.0 -1.2 676.9 16.3 1,170.0 1.4 1,278.9 10.9
The Americas 289.7 33.2 328.7 51.1 566.8 12.7 620.8 23.4
Europe 229.2 -20.6 282.8 -2.0 487.9 -6.8 531.0 1.4
Other 56.1 -25.9 65.3 -13.8 115.4 -9.2 127.1 0.0
- ----------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A2