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 October 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 --------------------------------------------------- (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-__ ) - -------------------------------------------------------------------------------- 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 October 27, 2009 - -------------------------------------------------------------------------------- RICOH October 27, 2009 QUARTERLY REPORT Half year ended September 30, 2009 (Results for the Period from April 1, 2009 to September 30, 2009) Three months ended September 30, 2009 (Results for the Period from July 1, 2009 to September 30, 2009) PERFORMANCE OUTLINE (CONSOLIDATED) (1) Half year ended September 30, 2008, 2009 and Year ending March 31, 2010 (Forecast) (Billions of yen) - ------------------------------------------------------------------------------------------------------------------------ Half year ended Half year ended Year ending September 30, 2009 September 30, 2008 March 31, 2010 Results Results Change Forecast Change - ------------------------------------------------------------------------------------------------------------------------ Domestic sales 421.6 483.8 -12.8% 865.0 -7.8% Overseas sales 567.1 582.1 -2.6% 1,200.0 4.0% Net sales 988.7 1,065.9 -7.2% 2,065.0 -1.3% Gross profit 398.2 443.3 -10.2% 810.0 -5.2% Operating income 13.9 65.0 -78.5% 40.0 -46.3% Income before income taxes 6.7 58.8 -88.5% 30.0 -3.0% Net income attributable to Ricoh Company, Ltd. 1.8 34.3 -94.7% 10.0 53.1% - ------------------------------------------------------------------------------------------------------------------------ Exchange rate (Yen/US$) 95.56 106.15 -10.59 92.78 -7.77 Exchange rate (Yen/EURO) 133.24 162.69 -29.45 131.62 -12.12 - ------------------------------------------------------------------------------------------------------------------------ Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 2.49 47.56 -45.07 13.78 4.76 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 2.41 46.28 -43.87 13.38 4.63 - ------------------------------------------------------------------------------------------------------------------------ Cash flows from operating activities 83.2 21.1 62.1 -- -- Cash flows from investing activities -53.4 -65.6 12.1 -- -- Cash flows from financing activities -61.6 34.1 -95.8 -- -- Cash and cash equivalents at end of period 224.2 159.6 64.5 -- -- - ------------------------------------------------------------------------------------------------------------------------ Capital expenditures 38.4 46.9 -8.5 82.0 -14.9 Depreciation for tangible fixed assets 33.9 35.3 -1.3 72.0 -2.8 R&D expenditures 55.9 63.2 -7.2 114.0 -10.4 - ------------------------------------------------------------------------------------------------------------------------ September 30, 2009 March 31, 2009 Change - ----------------------------------------------------------------------------------------------- Total assets 2,376.9 2,513.4 -136.5 Shareholders' investment 955.6 975.3 -19.7 Interest-bearing debt 724.2 779.1 -54.8 - ----------------------------------------------------------------------------------------------- Shareholders' investment ratio (%) 40.2 38.8 1.4 - ----------------------------------------------------------------------------------------------- Shareholders' investment per share (yen) 1,316.96 1,344.08 -27.12 - ----------------------------------------------------------------------------------------------- (2) Three months ended September 30, 2008 and 2009 Three months ended Three months ended September 30, 2009 September 30, 2008 Results Results Change - ----------------------------------------------------------------------------------------------- Domestic sales 214.9 249.9 -14.0% Overseas sales 282.4 294.4 -4.1% Net sales 497.4 544.3 -8.6% Gross profit 197.8 214.9 -7.9% Operating income 7.9 25.3 -68.7% Income before income taxes 3.3 15.1 -77.9% Net income attributable to Ricoh Company, Ltd. 0.9 8.6 -89.5% - ----------------------------------------------------------------------------------------------- Exchange rate (Yen/US$) 93.64 107.63 -13.99 Exchange rate (Yen/EURO) 133.79 161.92 -28.13 - ----------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 1.25 11.85 -10.60 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 1.21 11.53 -10.32 - ----------------------------------------------------------------------------------------------- Capital expenditures 21.0 26.5 -5.4 Depreciation for tangible fixed assets 17.3 17.6 -0.2 R&D expenditures 28.7 31.4 -2.7 - ----------------------------------------------------------------------------------------------- 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 SECOND QUARTER ENDED SEPTEMBER 30, 2009 (U.S. GAAP FINANCIAL INFORMATION) 1. RESULTS FOR THE PERIOD FROM APRIL 1, 2009 TO SEPTEMBER 30, 2009 (1) Operating Results (Millions of yen) - -------------------------------------------------------------------------------------- Half year ended Half year ended September 30, 2009 September 30, 2008 - -------------------------------------------------------------------------------------- Net sales 988,791 1,065,927 (% change from the previous corresponding period) -7.2 -2.1 Operating income 13,995 65,076 (% change from the previous corresponding period) -78.5 -23.0 Income before income taxes 6,766 58,875 (% change from the previous corresponding period) -88.5 -30.8 Net income attributable to Ricoh Company, Ltd. 1,808 34,345 (% change from the previous corresponding period) -94.7 -35.4 Net income attributable to Ricoh Company, Ltd. shareholders per share-basic (yen) 2.49 47.56 Net income attributable to Ricoh Company, Ltd. shareholders per share-diluted (yen) 2.41 46.28 - -------------------------------------------------------------------------------------- (2) Financial Position (Millions of yen) - -------------------------------------------------------------------------------------- September 30, 2009 March 31, 2009 - -------------------------------------------------------------------------------------- Total assets 2,376,976 2,513,495 Shareholders' investment 955,644 975,373 Shareholders' investment ratio (%) 40.2 38.8 Shareholders' investment per share (yen) 1,316.96 1,344.08 - -------------------------------------------------------------------------------------- 2. DIVIDEND INFORMATION Year ended Year ending March 31, 2009 March 31, 2010 (Results) (Forecast) - ---------------------------------------------------------------------------------- Cash dividends, applicable to the year (yen) 33.00 33.00 Interim (yen) 18.00 16.50 Year-end (yen) 15.00 16.50 - ---------------------------------------------------------------------------------- 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) - -------------------------------------------------------------------------------------- Year ending March 31, 2010 - -------------------------------------------------------------------------------------- Net sales 2,065,000 Operating income 40,000 Income before income taxes 30,000 Net income attributable to Ricoh Company, Ltd. 10,000 Net income attributable to Ricoh Company, Ltd. shareholders per share (yen) 13.78 - -------------------------------------------------------------------------------------- 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 September 30, 2009 744,912,078 shares As of March 31, 2009 744,912,078 shares (4) Number of treasury stock: As of September 30, 2009 19,269,483 shares As of March 31, 2009 19,232,352 shares (5) Average number of common stock: As of September 30, 2009 725,660,852 shares As of September 30, 2008 722,135,512 shares 2 CONSOLIDATED PERFORMANCE 1. OPERATING RESULTS *Overview Consolidated net sales of Ricoh Group for the first half of fiscal year 2010 (6months period from April 1, 2009 to September 30, 2009) decreased by 7.2% as compared to the previous corresponding period, to Yen 988.7 billion. During this period, the average yen exchange rates were Yen 95.56 against the U.S. dollar (up Yen 10.59) and Yen 133.24 against the Euro (up Yen 29.45). Net sales would have increased by 1.2% excluding impact of such foreign currency exchange fluctuation. The Japanese economy was recovering partially, but it continued to suffer serious recession started in the second half of previous fiscal year. Under such a severe business environment, domestic sales in the Imaging & Solutions segment as well as Industrial Products segment and Other segment decreased from the previous corresponding period. Consequently, overall sales in Japan decreased by 12.8% as compared to the previous corresponding period. As for overseas, 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. Although sales in the Americas, despite economic downturns and the appreciation of the Yen against the U.S. dollar, increased by 29.2% (+43.5%, 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 21.7% (-4.9%, excluding foreign currency exchange fluctuation) and sales in Other, comprised of China, South East Asia and Oceania, decreased by 21.1% (-7.9%, excluding foreign currency exchange fluctuation). As a result, sales in the overseas market decreased by 2.6% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, net sales in overseas would have increased by 12.8% as compared to the previous corresponding period. Gross profit decreased by 10.2% as compared to the previous corresponding period, to Yen 398.2 billion due mainly to decrease in sales and the appreciation of the Yen. Gross profit as a percentage of net sales also decreased by 1.3 percentage points as compared to the previous corresponding period, to 40.3% due primarily to the appreciation of the Yen. While group-wide structural improvement 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 1.6% as compared to the previous corresponding period, to Yen 384.2 billion. As a result, operating income decreased by 78.5% as compared to the previous corresponding period, to Yen 13.9 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 88.5% as compared to the previous corresponding period, to Yen 6.7 billion. As a result, net income attributable to Ricoh Company, Ltd. decreased by 94.7% as compared to the previous corresponding period, to Yen 1.8 billion. 3 *Conditions by Product Line Conditions by Product Line for half year ended September 30, 2009 are as follows; Imaging & Solutions (Sales down 4.9% to Yen 875.1 billion) - ---------------------------------------------------------- Imaging Solutions (Sales down 8.5% to Yen 745.0 billion) -------------------------------------------------------- In the Americas, sales of PPCs, MFPs and other 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 1.3% as compared to the previous corresponding period. Network System Solutions (Sales up 23.1% to Yen 130.0 billion) -------------------------------------------------------------- Sales in this category increased by 23.1% as compared to the previous corresponding period, to Yen 130.0 billion due mainly to enhancing direct selling system of the United States. The sales would have increased by 29.7% excluding the effects of foreign currency fluctuations. As a result, sales in the Imaging & Solutions segment decreased by 4.9% as compared to the previous corresponding period, to Yen 875.1 billion. Operating income decreased by 47.5% as compared to the previous corresponding period, to Yen 51.5 billion due mainly to the decrease of sales as well as the appreciation of the Yen. Industrial Products (Sales down 24.5% to Yen 51.2 billion) - ---------------------------------------------------------- Sales in the Industrial Products segment decreased by 24.5% as compared to the previous corresponding period, to Yen 51.2 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 0.7 billion (operating income Yen 0.7 billion for the previous corresponding period). Other (Sales down 20.2% to Yen 62.4 billion) - ------------------------------------------- Net sales in the Other segment decreased by 20.2% as compared to the previous corresponding period, to Yen 62.4 billion. Sales of digital cameras decreased in Japan and overseas. As a result operating loss in the Other segment amounted to Yen 1.0 billion (operating income Yen 1.5 billion for the previous corresponding period). 2. FINANCIAL POSITION *Assets, Liabilities and Shareholders' Investment Total Assets amounted to Yen 2,376.9 billion as of September 30, 2009. For current assets, cash and time deposits decreased from the end of the previous period due to the repayment of Interest-bearing debt, and trade receivable decreased due to the decrease of sales. Fixed assets also decreased from the end of the previous period. As a result, total assets decreased by Yen 136.5 billion, to Yen 2,376.9 billion. For Liabilities, short-term borrowings and so on decreased. As a result, total liabilities decreased by Yen 117.6 billion, to Yen 1,371.5 billion. For shareholders' investment, the change in retained earnings resulted from payment of dividends and net income attributable to Ricoh Company, Ltd. Other comprehensive loss increased due mainly to the increase of cumulative translation adjustments (loss) reflecting exchange fluctuation from the end of the previous period. As a result, total shareholders' investment decreased by Yen 19.7 billion from the end of the previous period, to Yen 955.6 billion. In accordance with FASB Accounting Standards Codification (ASC) 810, "Consolidation" (former Statement of Financial Accounting Standards No.160 "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No.51" ("SFAS 160")), Ricoh reports the noncontrolling interest as equity. Total equity involving the noncontrolling interest decreased by Yen 18.9 billion as compared to the reclassified total equity at the end of the previous period to conform with the presentation of this first half, to Yen 1,005.4 billion. *Cash Flows (First half year from April 1, 2009 to September 30, 2009) Cash Flows results for half year ended September 30, 2009 are as follows; Net cash provided by operating activities in this period increased by Yen 62.1 billion as compared to the previous corresponding period, to Yen 83.2 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 12.1 billion as compared to the previous corresponding period, to Yen 53.4 billion. As a result, free cash inflows generated by operating and investing activities amounted to Yen 29.7 billion while cash outflows amounted to Yen 44.5 billion in the previous corresponding period. Net cash used in financing activities amounted to Yen 61.6 billion due primarily to net decrease in short-term borrowings. As a result, cash and cash equivalents as of September 30, 2009 decreased by Yen 34.2 billion as compared to the end of the preceding fiscal year, to Yen 224.2 billion. 4 3. FORECAST FOR THE ENTIRE FISCAL YEAR The forecast of business results for the full fiscal year ending March 31, 2010 is as follows. While Ricoh has not revised its forecast of sales, operating income, income before income taxes and net income attributable to Ricoh Company, Ltd. from announced in July 2009, Ricoh has revised downward our forecast of domestic sales and gross profit, and revised up that of overseas sales. This revision reflects the business result for the six months ended September 30, 2009 and exchange rate fluctuations. Ricoh assumes exchange rates of Yen 90.00 against the U.S. dollar and of Yen 130.00 against the Euro in and after the third quarter, which are the same forecast announced in July 2009. The actual exchange rates during the first half of fiscal year 2010 are incorporated in annual exchange rates assumption. Our performance forecast for fiscal year 2010 is as follows: Exchange Rate Assumptions for the full year ending March 31, 2010 US$ 1 = Yen 92.78 (Yen 100.55 in previous fiscal year) EURO 1 = Yen 131.62 (Yen 143.74 in previous fiscal year) (Billions of yen) - --------------------------------------------------------------------- Year ending Year ended March 31, 2010 March 31, 2009 (Forecast) (Results) Change - --------------------------------------------------------------------- Domestic sales 865.0 938.3 -7.8% Overseas sales 1,200.0 1,153.3 4.0% Net sales 2,065.0 2,091.6 -1.3% Gross profit 810.0 854.3 -5.2% Operating income 40.0 74.5 -46.3% Income before income taxes 30.0 30.9 -3.0% Net income attributable to Ricoh Company, Ltd. 10.0 6.5 53.1% - --------------------------------------------------------------------- * Ricoh bases the forecast estimates for the year ending March 31, 2010 above upon information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. 4. OTHERS (1) Changes in significant subsidiaries: Not applicable (2) Changes in accounting method: Adoption of new accounting standards: i. Ricoh adopted FASB Accounting Standards Codification (ASC) 805, "Business Combinations" (former SFAS No.141 (revised 2007), "Business Combinations" ("SFAS 141R")) in this first half. FASB ASC 805 establishes principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, any noncontrolling interest in the acquiree and the goodwill acquired. FASB ASC 805 also establishes disclosure requirements to enable the evaluation of the nature and financial effects of the business combination. The adoption of FASB ASC 805 did not have a material effect on Ricoh's consolidated financial position or results of operations. ii. Ricoh adopted FASB Accounting Standards Codification (ASC) 810, "Consolidation" (former SFAS No.160, "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51" ("SFAS 160")) in this first half. In accordance with FASB ASC 810, noncontrolling interests which were previously referred to as minority interests and classified between total liabilities and shareholders' investment on the consolidated balance sheets, are now included as a separate component of total equity. In addition, consolidated net income on the consolidated statements of income now includes the net income (loss) attributable to noncontrolling interests. These financial statement presentation requirements have been adopted retrospectively and prior year amounts in the consolidated financial statements of cash flows have been reclassified or adjusted to conform to FASB ASC 810. iii. Ricoh adopted FASB Accounting Standards Codification (ASC) 105, "Generally Accepted Accounting Principles" (former SFAS No.168, "The FASB Accounting Standards Codification(TM) and the Hierarchy of Generally Accepted Accounting Principles") in this first half. FASB ASC 105 reduced the hierarchy of generally accepted accounting principles from traditional four levels to two levels: authoritative (FASB ASC) and nonauthoritative. The adoption of FASB ASC 105 did not have a material effect on Ricoh's consolidated financial position or results of operations. 5 5. CONSOLIDATED FINANCIAL STATEMENTS (1) CONSOLIDATED BALANCE SHEETS Assets (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ September 30, 2009 March 31, 2009 Change - ------------------------------------------------------------------------------------------------------------------------ Current Assets Cash and time deposits 226,403 260,527 -34,124 Trade receivables 630,766 680,384 -49,618 Inventories 177,767 191,570 -13,803 Other current assets 67,957 79,385 -11,428 Total Current Assets 1,102,893 1,211,866 -108,973 Fixed Assets Tangible fixed assets 269,297 269,336 -39 Finance receivables 455,739 465,262 -9,523 Other investments 549,047 567,031 -17,984 Total Fixed Assets 1,274,083 1,301,629 -27,546 - ------------------------------------------------------------------------------------------------------------------------- Total Assets 2,376,976 2,513,495 -136,519 - ------------------------------------------------------------------------------------------------------------------------- Note: Contents of cash and time deposits; Cash and cash equivalents 224,213 258,484 Time deposits 2,190 2,043 Liabilities and Equity (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ September 30, 2009 March 31, 2009 Change - ------------------------------------------------------------------------------------------------------------------------ Current Liabilities Trade payables 243,741 285,413 -41,672 Short-term borrowings 206,764 269,792 -63,028 Other current liabilities 206,905 218,286 -11,381 Total Current Liabilities 657,410 773,491 -116,081 Fixed Liabilities Long-term indebtedness 517,533 509,403 8,130 Accrued pension and severance costs 152,924 156,625 -3,701 Other fixed liabilities 43,671 49,626 -5,955 Total Fixed Liabilities 714,128 715,654 -1,526 - ------------------------------------------------------------------------------------------------------------------------- Total Liabilities 1,371,538 1,489,145 -117,607 - ------------------------------------------------------------------------------------------------------------------------- Equity Common stock 135,364 135,364 -- Additional paid-in capital 186,083 186,083 -- Retained earnings 806,628 815,725 -9,097 Accumulated other comprehensive loss -135,725 -125,121 -10,604 Treasury stock -36,706 -36,678 -28 Total Shareholders' Investment 955,644 975,373 -19,729 Noncontrolling interests 49,794 48,977 817 - ------------------------------------------------------------------------------------------------------------------------- Total Equity 1,005,438 1,024,350 -18,912 - ------------------------------------------------------------------------------------------------------------------------- Total Liabilities and Equity 2,376,976 2,513,495 -136,519 - ------------------------------------------------------------------------------------------------------------------------- Note: Other comprehensive income; Net unrealized holding gains (losses) on available-for-sale securities 5,499 1,848 3,651 Pension liability adjustments -53,215 -54,301 1,086 Net unrealized gains (losses) on derivative instruments -786 -373 -413 Cumulative translation adjustments -87,223 -72,295 -14,928 Reference: Exchange rate September 30, 2009 March 31, 2009 US$ 1 Yen 90.21 Yen 98.23 EURO 1 Yen 131.72 Yen 129.84 6 (2) CONSOLIDATED STATEMENTS OF INCOME Half year ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Half year ended Half year ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- Net sales 988,791 1,065,927 -77,136 -7.2 Cost of sales 590,589 622,583 -31,994 -5.1 Percentage of net sales (%) 59.7 58.4 Gross Profit 398,202 443,344 -45,142 -10.2 Percentage of net sales (%) 40.3 41.6 Selling, general and administrative expenses 384,207 378,268 5,939 1.6 Percentage of net sales (%) 38.9 35.5 Operating income 13,995 65,076 -51,081 -78.5 Percentage of net sales (%) 1.4 6.1 Other (income) expenses Interest and dividend income 1,742 3,078 -1,336 -43.4 Percentage of net sales (%) 0.2 0.3 Interest expense 4,071 2,448 1,623 66.3 Percentage of net sales (%) 0.4 0.2 Other, net 4,900 6,831 -1,931 -28.3 Percentage of net sales (%) 0.5 0.6 Income before income taxes, equity income and minority interests 6,766 58,875 -52,109 -88.5 Percentage of net sales (%) 0.7 5.5 Provision for income taxes 3,874 22,582 -18,708 -82.8 Percentage of net sales (%) 0.4 2.1 Equity in earnings of affiliates 12 22 -10 -45.5 Percentage of net sales (%) 0.0 0.0 Consolidated net income 2,904 36,315 -33,411 -92.0 Percentage of net sales (%) 0.3 3.4 Net income attributable to noncontrolling interests 1,096 1,970 -874 -44.4 Percentage of net sales (%) 0.1 0.2 Net income attributable to Ricoh Company, Ltd. 1,808 34,345 -32,537 -94.7 Percentage of net sales (%) 0.2 3.2 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 95.56 Yen 106.15 EURO 1 Yen 133.24 Yen 162.69 Three months ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Three months ended Three months ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- Net sales 497,402 544,353 -46,951 -8.6 Cost of sales 299,505 329,406 -29,901 -9.1 Percentage of net sales (%) 60.2 60.5 Gross Profit 197,897 214,947 -17,050 -7.9 Percentage of net sales (%) 39.8 39.5 Selling, general and administrative expenses 189,978 189,621 357 0.2 Percentage of net sales (%) 38.2 34.8 Operating income 7,919 25,326 -17,407 -68.7 Percentage of net sales (%) 1.6 4.7 Other (income) expenses Interest and dividend income 1,159 1,790 -631 -35.3 Percentage of net sales (%) 0.2 0.3 Interest expense 1,968 1,379 589 42.7 Percentage of net sales (%) 0.4 0.3 Other, net 3,759 10,597 -6,838 -64.5 Percentage of net sales (%) 0.7 1.9 Income before income taxes, equity income and minority interests 3,351 15,140 -11,789 -77.9 Percentage of net sales (%) 0.7 2.8 Provision for income taxes 1,995 5,757 -3,762 -65.3 Percentage of net sales (%) 0.4 1.1 Equity in earnings of affiliates 8 15 -7 -46.7 Percentage of net sales (%) 0.0 0.0 Consolidated net income 1,364 9,398 -8,034 -85.5 Percentage of net sales (%) 0.3 1.7 Net income attributable to noncontrolling interests 459 796 -337 -42.3 Percentage of net sales (%) 0.1 0.1 Net income attributable to Ricoh Company, Ltd. 905 8,602 -7,697 -89.5 Percentage of net sales (%) 0.2 1.6 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.64 Yen 107.63 EURO 1 Yen 133.79 Yen 161.92 7 CONSOLIDATED SALES BY PRODUCT CATEGORY Half year ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Half year ended Half year ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 745,069 814,105 -69,036 -8.5 Percentage of net sales (%) 75.4 76.4 Network System Solutions 130,060 105,667 24,393 23.1 Percentage of net sales (%) 13.1 9.9 Imaging & Solutions Total 875,129 919,772 -44,643 -4.9 Percentage of net sales (%) 88.5 86.3 - --------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 51,201 67,841 -16,640 -24.5 Percentage of net sales (%) 5.2 6.4 - --------------------------------------------------------------------------------------------------------------- [Other] Other 62,461 78,314 -15,853 -20.2 Percentage of net sales (%) 6.3 7.3 - --------------------------------------------------------------------------------------------------------------- Grand Total 988,791 1,065,927 -77,136 -7.2 Percentage of net sales (%) 100.0 100.0 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 95.56 Yen 106.15 EURO 1 Yen 133.24 Yen 162.69 Three months ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Three months ended Three months ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 366,971 403,987 -37,016 -9.2 Percentage of net sales (%) 73.8 74.2 Network System Solutions 71,338 60,527 10,811 17.9 Percentage of net sales (%) 14.3 11.1 Imaging & Solutions Total 438,309 464,514 -26,205 -5.6 Percentage of net sales (%) 88.1 85.3 - --------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 26,447 34,746 -8,299 -23.9 Percentage of net sales (%) 5.3 6.4 - --------------------------------------------------------------------------------------------------------------- [Other] Other 32,646 45,093 -12,447 -27.6 Percentage of net sales (%) 6.6 8.3 - --------------------------------------------------------------------------------------------------------------- Grand Total 497,402 544,353 -46,951 -8.6 Percentage of net sales (%) 100.0 100.0 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.64 Yen 107.63 EURO 1 Yen 133.79 Yen 161.92 8 CONSOLIDATED SALES BY GEOGRAPHIC AREA Half year ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Half year ended Half year ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- [Domestic] 421,689 483,817 -62,128 -12.8 Percentage of net sales (%) 42.6 45.4 [Overseas] 567,102 582,110 -15,008 -2.6 Percentage of net sales (%) 57.4 54.6 The Americas 281,158 217,585 63,573 29.2 Percentage of net sales (%) 28.4 20.4 Europe 226,146 288,710 -62,564 -21.7 Percentage of net sales (%) 22.9 27.1 Other 59,798 75,815 -16,017 -21.1 Percentage of net sales (%) 6.1 7.1 Grand Total 988,791 1,065,927 -77,136 -7.2 Percentage of net sales (%) 100.0 100.0 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 95.56 Yen 106.15 EURO 1 Yen 133.24 Yen 162.69 Three months ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------- Three months ended Three months ended September 30, 2009 September 30, 2008 Change % - --------------------------------------------------------------------------------------------------------------- [Domestic] 214,950 249,948 -34,998 -14.0 Percentage of net sales (%) 43.2 45.9 [Overseas] 282,452 294,405 -11,953 -4.1 Percentage of net sales (%) 56.8 54.1 The Americas 138,388 115,921 22,467 19.4 Percentage of net sales (%) 27.8 21.3 Europe 112,396 140,039 -27,643 -19.7 Percentage of net sales (%) 22.6 25.7 Other 31,668 38,445 -6,777 -17.6 Percentage of net sales (%) 6.4 7.1 Grand Total 497,402 544,353 -46,951 -8.6 Percentage of net sales (%) 100.0 100.0 - --------------------------------------------------------------------------------------------------------------- Reference : Exchange rate US$ 1 Yen 93.64 Yen 107.63 EURO 1 Yen 133.79 Yen 161.92 9 (3) CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions of yen) - ----------------------------------------------------------------------------------------------------------------------------- Half year ended Half year ended September 30, 2009 September 30, 2008 - ----------------------------------------------------------------------------------------------------------------------------- I. Cash Flows from Operating Activities: Consolidated net income 2,904 36,315 Adjustments to reconcile net income to net cash provided by operating activities-- Depreciation and amortization 48,821 48,742 Equity in earnings of affiliates, net of dividends received -12 -22 Deferred income taxes -5,626 -5,797 Loss on disposals and sales of tangible fixed assets 341 760 Pension and severance costs, less payments -1,274 1,245 Changes in assets and liabilities-- Decrease in trade receivables 41,056 4,719 (Increase) Decrease in inventories 10,769 -15,586 (Increase) Decrease in finance receivables 11,827 -16,240 Decrease in trade payables -37,705 -33,167 Increase in accrued income taxes and accrued expenses and other -2,258 -9,550 Other, net 14,379 9,681 - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by operating activities 83,222 21,100 - ----------------------------------------------------------------------------------------------------------------------------- II. Cash Flows from Investing Activities: Proceeds from sales of property, plant and equipment 752 73 Expenditures for property, plant and equipment -38,461 -46,965 Payments for purchases of available-for-sale securities -684 -909 Proceeds from sales of available-for-sale securities 910 253 Increase in time deposits -292 -1,047 Purchase of business, net of cash acquired -4,760 -4,717 Other, net -10,945 -12,328 - ----------------------------------------------------------------------------------------------------------------------------- Net cash used in investing activities -53,480 -65,640 - ----------------------------------------------------------------------------------------------------------------------------- III. Cash Flows from Financing Activities: Proceeds from long-term indebtedness 32,449 25,329 Repayment of long-term indebtedness -38,739 -37,243 Increase (Decrease) in short-term borrowings, net -79,124 58,981 Proceeds from issuance of long-term debt securities 35,000 -- Dividends paid -10,885 -12,256 Payment for purchase of treasury stock -82 -317 Other, net -247 -312 - ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities -61,628 34,182 - ----------------------------------------------------------------------------------------------------------------------------- IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -2,385 -575 - ----------------------------------------------------------------------------------------------------------------------------- V. Net Decrease in Cash and Cash Equivalents -34,271 -10,933 - ----------------------------------------------------------------------------------------------------------------------------- VI. Cash and Cash Equivalents at Beginning of Year 258,484 170,607 - ----------------------------------------------------------------------------------------------------------------------------- VII. Cash and Cash Equivalents at End of Period 224,213 159,674 - ----------------------------------------------------------------------------------------------------------------------------- 10 (4) NOTES ON PREMISE GOING CONCERN Not applicable (5) SEGMENT INFORMATION (a) Operating Segments Information Half year ended September 30, 2008 and 2009 (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ Half year ended Half year ended September 30, 2009 September 30, 2008 Change % - ------------------------------------------------------------------------------------------------------------------------ IMAGING & SOLUTIONS: Net sales: Unaffiliated customers 875,129 919,772 -44,643 -4.9 Intersegment -- -- -- -- Total 875,129 919,772 -44,643 -4.9 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 823,576 821,569 2,007 0.2 - ------------------------------------------------------------------------------------------------------------------------ Operating income 51,553 98,203 -46,650 -47.5 Operating income on sales in Imaging & Solutions (%) 5.9 10.7 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL PRODUCTS: Net sales: Unaffiliated customers 51,201 67,841 -16,640 -24.5 Intersegment 2,041 2,293 -252 -11.0 Total 53,242 70,134 -16,892 -24.1 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 54,009 69,358 -15,349 -22.1 - ------------------------------------------------------------------------------------------------------------------------ Operating income -767 776 -1,543 -198.8 Operating income on sales in Industrial Products (%) -1.4 1.1 - ------------------------------------------------------------------------------------------------------------------------ OTHER: Net sales: Unaffiliated customers 62,461 78,314 -15,853 -20.2 Intersegment -- -- -- -- Total 62,461 78,314 -15,853 -20.2 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 63,558 76,733 -13,175 -17.2 - ------------------------------------------------------------------------------------------------------------------------ Operating income -1,097 1,581 -2,678 -169.4 Operating income on sales in Other (%) -1.8 2.0 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE AND ELIMINATIONS: Net sales: Intersegment -2,041 -2,293 252 -- Total -2,041 -2,293 252 -- - ------------------------------------------------------------------------------------------------------------------------ Operating expenses: - ------------------------------------------------------------------------------------------------------------------------ Intersegment -2,030 -2,292 262 -- Corporate 35,683 35,483 200 -- Total 33,653 33,191 462 -- - ------------------------------------------------------------------------------------------------------------------------ Operating income -35,694 -35,484 -210 -- - ------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED: Net sales: Unaffiliated customers 988,791 1,065,927 -77,136 -7.2 Intersegment -- -- -- -- Total 988,791 1,065,927 -77,136 -7.2 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 974,796 1,000,851 -26,055 -2.6 - ------------------------------------------------------------------------------------------------------------------------ Operating income 13,995 65,076 -51,081 -78.5 Operating income on consolidated net sales (%) 1.4 6.1 - ------------------------------------------------------------------------------------------------------------------------ 11 Three months ended September 30, 2008 and 2009 (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ Three months ended Three months ended September 30, 2009 September 30, 2008 Change % - ------------------------------------------------------------------------------------------------------------------------ IMAGING & SOLUTIONS: Net sales: Unaffiliated customers 438,309 464,514 -26,205 -5.6 Intersegment -- -- -- -- Total 438,309 464,514 -26,205 -5.6 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 410,615 421,729 -11,114 -2.6 - ------------------------------------------------------------------------------------------------------------------------ Operating income 27,694 42,785 -15,091 -35.3 Operating income on sales in Imaging & Solutions (%) 6.3 9.2 - ------------------------------------------------------------------------------------------------------------------------ INDUSTRIAL PRODUCTS: Net sales: Unaffiliated customers 26,447 34,746 -8,299 -23.9 Intersegment 1,147 1,135 12 1.1 Total 27,594 35,881 -8,287 -23.1 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 28,007 36,111 -8,104 -22.4 - ------------------------------------------------------------------------------------------------------------------------ Operating income -413 -230 -183 79.6 Operating income on sales in Industrial Products (%) -1.5 -0.6 - ------------------------------------------------------------------------------------------------------------------------ OTHER: Net sales: Unaffiliated customers 32,646 45,093 -12,447 -27.6 Intersegment -- -- -- -- Total 32,646 45,093 -12,447 -27.6 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 33,465 44,025 -10,560 -24.0 - ----------------------------------------------------------------------------------------------------------------------- Operating income -819 1,068 -1,887 -- Operating income on sales in Other (%) -2.5 2.4 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE AND ELIMINATIONS: Net sales: Intersegment -1,147 -1,135 -12 -- Total -1,147 -1,135 -12 -- - ------------------------------------------------------------------------------------------------------------------------ Operating expenses: Intersegment -1,140 -1,135 -5 -- Corporate 18,536 18,297 239 -- Total 17,396 17,162 234 -- - ------------------------------------------------------------------------------------------------------------------------ Operating income -18,543 -18,297 -246 -- - ------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED: Net sales: Unaffiliated customers 497,402 544,353 -46,951 -8.6 Intersegment -- -- -- -- Total 497,402 544,353 -46,951 -8.6 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 489,483 519,027 -29,544 -5.7 - ------------------------------------------------------------------------------------------------------------------------ Operating income 7,919 25,326 -17,407 -68.7 Operating income on consolidated net sales (%) 1.6 4.7 - ------------------------------------------------------------------------------------------------------------------------ 12 (b) Geographic Segments Information Half year ended September 30, 2008 and 2009 (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ Half year ended Half year ended September 30, 2009 September 30, 2008 Change % - ------------------------------------------------------------------------------------------------------------------------ JAPAN: Net sales: External customers 430,319 499,654 -69,335 -13.9 Intersegment 179,609 236,933 -57,324 -24.2 Total 609,928 736,587 -126,659 -17.2 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 601,956 688,870 -86,914 -12.6 - ------------------------------------------------------------------------------------------------------------------------ Operating income 7,972 47,717 -39,745 -83.3 Operating income on sales in Japan (%) 1.3 6.5 - ------------------------------------------------------------------------------------------------------------------------ THE AMERICAS: Net sales: External customers 280,410 216,648 63,762 29.4 Intersegment 1,744 2,256 -512 -22.7 Total 282,154 218,904 63,250 28.9 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 290,534 224,183 66,351 29.6 - ------------------------------------------------------------------------------------------------------------------------ Operating income -8,380 -5,279 -3,101 58.7 Operating income on sales in the Americas (%) -3.0 -2.4 - ------------------------------------------------------------------------------------------------------------------------ EUROPE: Net sales: External customers 227,259 286,907 -59,648 -20.8 Intersegment 1,128 1,486 -358 -24.1 Total 228,387 288,393 -60,006 -20.8 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 216,698 268,240 -51,542 -19.2 - ------------------------------------------------------------------------------------------------------------------------ Operating income 11,689 20,153 -8,464 -42.0 Operating income on sales in Europe (%) 5.1 7.0 - ------------------------------------------------------------------------------------------------------------------------ OTHER: Net sales: External customers 50,803 62,718 -11,915 -19.0 Intersegment 68,192 85,165 -16,973 -19.9 Total 118,995 147,883 -28,888 -19.5 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 113,059 139,585 -26,526 -19.0 - ------------------------------------------------------------------------------------------------------------------------ Operating income 5,936 8,298 -2,362 -28.5 Operating income on sales in Other (%) 5.0 5.6 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE AND ELIMINATIONS: Net sales: Intersegment -250,673 -325,840 75,167 -- Total -250,673 -325,840 75,167 -- - ------------------------------------------------------------------------------------------------------------------------ Operating expenses -247,451 -320,027 72,576 -- - ------------------------------------------------------------------------------------------------------------------------ Operating income -3,222 -5,813 2,591 -- - ------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED: Net sales: External customers 988,791 1,065,927 -77,136 -7.2 Intersegment -- -- -- -- Total 988,791 1,065,927 -77,136 -7.2 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 974,796 1,000,851 -26,055 -2.6 - ------------------------------------------------------------------------------------------------------------------------ Operating income 13,995 65,076 -51,081 -78.5 Operating income on consolidated net sales (%) 1.4 6.1 - ------------------------------------------------------------------------------------------------------------------------ 13 Three months ended September 30, 2008 and 2009 (Millions of yen) - ------------------------------------------------------------------------------------------------------------------------ Three months ended Three months ended September 30, 2009 September 30, 2008 Change % - ------------------------------------------------------------------------------------------------------------------------ JAPAN: Net sales: External customers 219,898 258,534 -38,636 -14.9 Intersegment 89,099 113,562 -24,463 -21.5 Total 308,997 372,096 -63,099 -17.0 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 303,615 350,455 -46,840 -13.4 - ------------------------------------------------------------------------------------------------------------------------ Operating income 5,382 21,641 -16,259 -75.1 Operating income on sales in Japan (%) 1.7 5.8 - ------------------------------------------------------------------------------------------------------------------------ THE AMERICAS: Net sales: External customers 137,754 115,363 22,391 19.4 Intersegment 1,106 1,032 74 7.2 Total 138,860 116,395 22,465 19.3 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 142,507 120,461 22,046 18.3 - ------------------------------------------------------------------------------------------------------------------------ Operating income -3,647 -4,066 419 -- Operating income on sales in the Americas (%) -2.6 -3.5 - ------------------------------------------------------------------------------------------------------------------------ EUROPE: Net sales: External customers 112,743 138,651 -25,908 -18.7 Intersegment 524 763 -239 -31.3 Total 113,267 139,414 -26,147 -18.8 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 106,836 130,930 -24,094 -18.4 - ------------------------------------------------------------------------------------------------------------------------ Operating income 6,431 8,484 -2,053 -24.2 Operating income on sales in Europe (%) 5.7 6.1 - ------------------------------------------------------------------------------------------------------------------------ OTHER: Net sales: External customers 27,007 31,805 -4,798 -15.1 Intersegment 34,295 41,238 -6,943 -16.8 Total 61,302 73,043 -11,741 -16.1 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 57,766 69,312 -11,546 -16.7 - ------------------------------------------------------------------------------------------------------------------------ Operating income 3,536 3,731 -195 -5.2 Operating income on sales in Other (%) 5.8 5.1 - ------------------------------------------------------------------------------------------------------------------------ CORPORATE AND ELIMINATIONS: Net sales: Intersegment -125,024 -156,595 31,571 -- Total -125,024 -156,595 31,571 -- - ------------------------------------------------------------------------------------------------------------------------ Operating expenses -121,241 -152,131 30,890 -- - ------------------------------------------------------------------------------------------------------------------------ Operating income -3,783 -4,464 681 -- - ------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED: Net sales: External customers 497,402 544,353 -46,951 -8.6 Intersegment -- -- -- -- Total 497,402 544,353 -46,951 -8.6 - ------------------------------------------------------------------------------------------------------------------------ Operating expenses 489,483 519,027 -29,544 -5.7 - ------------------------------------------------------------------------------------------------------------------------ Operating income 7,919 25,326 -17,407 -68.7 Operating income on consolidated net sales (%) 1.6 4.7 - ------------------------------------------------------------------------------------------------------------------------ (6) NOTES ON SIGNIFICANT CHANGES IN SHAREHOLDERS' INVESTMENT Not applicable 14 - -APPENDIX- 1. CONSOLIDATED SALES BY PRODUCT CATEGORY Half year ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------------------- Half year ended Half year ended Change excluding September 30, 2009 September 30, 2008 Change % exchange impact % - --------------------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 745,069 814,105 -69,036 -8.5 10,582 1.3 Percentage of net sales (%) 75.4 76.4 Domestic 255,929 286,162 -30,233 -10.6 -30,233 -10.6 Overseas 489,140 527,943 -38,803 -7.3 40,815 7.7 Network System Solutions 130,060 105,667 24,393 23.1 31,346 29.7 Percentage of net sales (%) 13.2 9.9 Domestic 78,816 88,716 -9,900 -11.2 -9,900 -11.2 Overseas 51,244 16,951 34,293 202.3 41,246 243.3 Imaging & Solutions Total 875,129 919,772 -44,643 -4.9 41,928 4.6 Percentage of net sales (%) 88.5 86.3 Domestic 334,745 374,878 -40,133 -10.7 -40,133 -10.7 Overseas 540,384 544,894 -4,510 -0.8 82,061 15.1 The Americas 273,670 208,409 65,261 31.3 95,520 45.8 Europe 217,489 275,622 -58,133 -21.1 -11,237 -4.1 Other 49,225 60,863 -11,638 -19.1 -2,222 -3.7 - --------------------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 51,201 67,841 -16,640 -24.5 -14,078 -20.8 Percentage of net sales (%) 5.2 6.4 Domestic 27,485 37,314 -9,829 -26.3 -9,829 -26.3 Overseas 23,716 30,527 -6,811 -22.3 -4,249 -13.9 The Americas 7,092 8,118 -1,026 -12.6 -264 -3.3 Europe 7,737 10,879 -3,142 -28.9 -1,739 -16.0 Other 8,887 11,530 -2,643 -22.9 -2,246 -19.5 - --------------------------------------------------------------------------------------------------------------------------- [Other] Other 62,461 78,314 -15,853 -20.2 -15,453 -19.7 Percentage of net sales (%) 6.3 7.3 Domestic 59,459 71,625 -12,166 -17.0 -12,166 -17.0 Overseas 3,002 6,689 -3,687 -55.1 -3,287 -49.1 The Americas 396 1,058 -662 -62.6 -624 -59.0 Europe 920 2,209 -1,289 -58.4 -1,108 -50.2 Other 1,686 3,422 -1,736 -50.7 -1,555 -45.4 - --------------------------------------------------------------------------------------------------------------------------- Grand Total 988,791 1,065,927 -77,136 -7.2 12,397 1.2 Percentage of net sales (%) 100.0 100.0 Domestic 421,689 483,817 -62,128 -12.8 -62,128 -12.8 Percentage of net sales (%) 42.6 45.4 Overseas 567,102 582,110 -15,008 -2.6 74,525 12.8 Percentage of net sales (%) 57.4 54.6 The Americas 281,158 217,585 63,573 29.2 94,632 43.5 Percentage of net sales (%) 28.4 20.4 Europe 226,146 288,710 -62,564 -21.7 -14,084 -4.9 Percentage of net sales (%) 22.9 27.1 Other 59,798 75,815 -16,017 -21.1 -6,023 -7.9 Percentage of net sales (%) 6.0 7.1 - --------------------------------------------------------------------------------------------------------------------------- Reference: Exchange rate US$ 1 Yen 95.56 Yen 106.15 Yen -10.59 EURO 1 Yen 133.24 Yen 162.69 Yen -29.45 * 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 Three months ended September 30, 2008 and 2009 (Millions of yen) - --------------------------------------------------------------------------------------------------------------------------- Three months ended Three months ended Change excluding September 30, 2009 September 30, 2008 Change % exchange impact % - --------------------------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 366,971 403,987 -37,016 -9.2 5,807 1.4 Percentage of net sales (%) 73.8 74.2 Domestic 124,504 138,093 -13,589 -9.8 -13,589 -9.8 Overseas 242,467 265,894 -23,427 -8.8 19,396 7.3 Network System Solutions 71,338 60,527 10,811 17.9 15,104 25.0 Percentage of net sales (%) 14.3 11.1 Domestic 45,446 51,379 -5,933 -11.5 -5,933 -11.5 Overseas 25,892 9,148 16,744 183.0 21,037 230.0 Imaging & Solutions Total 438,309 464,514 -26,205 -5.6 20,911 4.5 Percentage of net sales (%) 88.1 85.3 Domestic 169,950 189,472 -19,522 -10.3 -19,522 -10.3 Overseas 268,359 275,042 -6,683 -2.4 40,433 14.7 The Americas 134,505 111,049 23,456 21.1 43,506 39.2 Europe 108,069 133,718 -25,649 -19.2 -3,430 -2.6 Other 25,785 30,275 -4,490 -14.8 357 1.2 - --------------------------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 26,447 34,746 -8,299 -23.9 -6,813 -19.6 Percentage of net sales (%) 5.3 6.4 Domestic 14,025 18,796 -4,771 -25.4 -4,771 -25.4 Overseas 12,422 15,950 -3,528 -22.1 -2,042 -12.8 The Americas 3,766 4,239 -473 -11.2 53 1.3 Europe 3,770 5,124 -1,354 -26.4 -706 -13.8 Other 4,886 6,587 -1,701 -25.8 -1,389 -21.1 - --------------------------------------------------------------------------------------------------------------------------- [Other] Other 32,646 45,093 -12,447 -27.6 -12,186 -27.0 Percentage of net sales (%) 6.6 8.3 Domestic 30,975 41,680 -10,705 -25.7 -10,705 -25.7 Overseas 1,671 3,413 -1,742 -51.0 -1,481 -43.4 The Americas 117 633 -516 -81.5 -497 -78.5 Europe 557 1,197 -640 -53.5 -532 -44.4 Other 997 1,583 -586 -37.0 -452 -28.6 - --------------------------------------------------------------------------------------------------------------------------- Grand Total 497,402 544,353 -46,951 -8.6 1,912 0.4 Percentage of net sales (%) 100.0 100.0 Domestic 214,950 249,948 -34,998 -14.0 -34,998 -14.0 Percentage of net sales (%) 43.2 45.9 Overseas 282,452 294,405 -11,953 -4.1 36,910 12.5 Percentage of net sales (%) 56.8 54.1 The Americas 138,388 115,921 22,467 19.4 43,062 37.1 Percentage of net sales (%) 27.8 21.3 Europe 112,396 140,039 -27,643 -19.7 -4,668 -3.3 Percentage of net sales (%) 22.6 25.7 Other 31,668 38,445 -6,777 -17.6 -1,484 -3.9 Percentage of net sales (%) 6.4 7.1 - --------------------------------------------------------------------------------------------------------------------------- Reference: Exchange rate US$ 1 Yen 93.64 Yen 107.63 Yen -13.99 EURO 1 Yen 133.79 Yen 161.92 Yen -28.13 * Each category includes the following product line: Imaging Solutions Digital PPCs, color PPCs, digital duplicators, facsimile machines, analog PPCs, diazo copiers, scanners, MFPs(multifunctional printers), laser printers and software Network System Solutions Personal computers, servers, network systems and network related software Industrial Products Thermal media, optical equipment, semiconductor devices, electronic components and measuring equipment Other Digital cameras A2 2. FORECAST OF CONSOLIDATED PERFORMANCE (Billions of yen) - ------------------------------------------------------------------------------------------------------------------------------- Half year ended Half year ending Year ending Sept. 30, 2009 Change March 31, 2010 Change March 31, 2010 Change Results % Forecast % Forecast % - ------------------------------------------------------------------------------------------------------------------------------- Net sales 988.7 -7.2 1,076.2 4.9 2,065.0 -1.3 Gross profit 398.2 -10.2 411.7 0.2 810.0 -5.2 Operating income 13.9 -78.5 26.0 174.8 40.0 -46.3 Income before income taxes 6.7 -88.5 23.2 -- 30.0 -3.0 Net income attributable to Ricoh Company, Ltd. 1.8 -94.7 8.1 -- 10.0 53.1 - ------------------------------------------------------------------------------------------------------------------------------- Net income attributable to Ricoh Company, Ltd. 2.49 -- 11.29 -- 13.78 -- shareholders per share-basic (yen) Net income attributable to Ricoh Company, Ltd. 2.41 -- 10.98 -- 13.38 -- shareholders per share-diluted (yen) - ------------------------------------------------------------------------------------------------------------------------------- Capital expenditures 38.4 -- 43.6 -- 82.0 -- Depreciation for tangible fixed assets 33.9 -- 38.1 -- 72.0 -- R&D expenditures 55.9 -- 58.1 -- 114.0 -- - ------------------------------------------------------------------------------------------------------------------------------- Exchange rate (Yen/US$) 95.56 -- 90.00 -- 92.78 -- Exchange rate (Yen/EURO) 133.24 -- 130.00 -- 131.62 -- - ------------------------------------------------------------------------------------------------------------------------------- 3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY (Billions of yen) - ---------------------------------------------------------------------------------------------------------- Half year ending March. 31, 2010 Year ending March 31, 2010 -------------------------------- -------------------------- Change Change Change Change Forecast % Forecast(*) % Forecast % Forecast(*) % - ---------------------------------------------------------------------------------------------------------- [Imaging & Solutions] Imaging Solutions 817.4 4.2 821.8 4.7 1,562.4 -2.3 1,646.5 3.0 Domestic 270.5 -3.8 270.5 -3.8 526.4 -7.2 526.4 -7.2 Overseas 546.9 8.6 551.3 9.5 1,036.0 0.4 1,120.0 8.6 Network System Solutions 137.5 6.7 139.1 8.0 267.6 14.1 276.1 17.8 Domestic 80.4 -4.5 80.4 -4.5 159.2 -7.9 159.2 -7.9 Overseas 57.1 28.0 58.7 31.6 108.3 76.0 116.9 89.9 Imaging & Solutions Total 954.9 4.5 960.9 5.2 1,830.0 -0.2 1,922.6 4.9 Domestic 350.9 -3.9 350.9 -3.9 685.7 -7.4 685.7 -7.4 Overseas 604.0 10.2 610.0 11.3 1,144.3 4.7 1,236.9 13.2 The Americas 278.4 -0.3 293.3 5.1 552.1 13.2 597.2 22.5 Europe 279.6 23.6 268.1 18.5 497.0 -1.0 532.4 6.1 Other 46.0 7.9 48.6 14.0 95.2 -8.0 107.2 3.6 - ---------------------------------------------------------------------------------------------------------- [Industrial Products] Industrial Products 51.7 8.3 51.6 8.2 102.9 -11.0 105.4 -8.8 Domestic 27.9 1.5 27.9 1.5 55.4 -14.5 55.4 -14.5 Overseas 23.8 17.5 23.7 17.2 47.5 -6.4 50.0 -1.5 The Americas 5.9 5.2 6.2 10.2 13.0 -5.3 14.0 2.3 Europe 7.8 6.0 7.5 1.4 15.5 -14.8 16.6 -9.0 Other 10.1 38.7 10.1 38.7 19.0 0.9 19.4 3.0 - ---------------------------------------------------------------------------------------------------------- [Other] Other 69.7 7.6 69.7 7.7 132.1 -7.6 132.6 -7.3 Domestic 64.5 4.4 64.5 4.4 124.0 -7.1 124.0 -7.1 Overseas 5.2 73.5 5.2 75.2 8.2 -15.5 8.6 -10.9 The Americas 0.4 -22.5 0.4 -22.5 0.8 -49.4 0.8 -47.0 Europe 2.1 95.2 2.0 85.9 3.0 -8.1 3.1 -5.6 Other 2.7 92.5 2.8 103.3 4.3 -9.5 4.7 -2.6 - ---------------------------------------------------------------------------------------------------------- Grand Total 1,076.2 4.9 1,082.2 5.5 2,065.0 -1.3 2,160.5 3.3 Domestic 443.3 -2.5 443.3 -2.5 865.0 -7.8 865.0 -7.8 Overseas 632.9 10.8 638.9 11.8 1,200.0 4.0 1,295.5 12.3 The Americas 284.7 -0.2 299.9 5.1 565.9 12.5 612.1 21.7 Europe 289.5 23.3 277.5 18.2 515.6 -1.5 552.1 5.5 Other 58.7 14.5 61.5 19.9 118.5 -6.7 131.3 3.3 - ---------------------------------------------------------------------------------------------------------- * Excluding foreign exchange impact A3