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 April 2012
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
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(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
Representative Director,
Deputy President and
Chief Financial Officer
July 31, 2012
RICOH July 31, 2012
QUARTERLY REPORT
First Quarter ended June 30, 2012
(Results for the Period from April 1, 2012 to June 30, 2012)
PERFORMANCE OUTLINE (CONSOLIDATED)
(Billions of yen)
------------------------------------------------------------------------------------------------------- ----------------------
Three months ended Three months ended Year ending
June 30, 2011 June 30, 2012 March 31, 2013
Results Results Change Forecast Change
------------------------------------------------------------------------------------------------------- ----------------------
Domestic sales 215.3 215.4 0.1% 901.0 1.6%
Overseas sales 252.0 243.9 -3.2% 1,019.0 0.2%
Net sales 467.3 459.3 -1.7% 1,920.0 0.9%
Gross profit 197.5 189.8 -3.9% 760.0 1.0%
Operating income 11.3 14.2 26.1% 70.0 --
Income before income taxes 9.2 12.2 32.2% 62.5 --
Net income attributable to Ricoh Company, Ltd. 4.9 6.5 32.5% 33.0 --
------------------------------------------------------------------------------------------------------- ----------------------
Exchange rate (Yen/US$) 81.71 80.23 -1.48 76.31 -2.77
Exchange rate (Yen/EURO) 117.62 103.06 -14.56 100.77 -8.28
------------------------------------------------------------------------------------------------------- ----------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 6.80 9.02 2.22 45.51 106.93
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 6.79 9.02 2.23 45.51 106.93
------------------------------------------------------------------------------------------------------- ----------------------
Cash flows from operating activities 4.8 8.8 3.9 -- --
Cash flows from investing activities -24.9 -24.1 0.7 -- --
Cash flows from financing activities 12.9 12.4 -0.5 -- --
Cash and cash equivalents at end of period 162.7 148.5 -14.2 -- --
------------------------------------------------------------------------------------------------------- ----------------------
Capital expenditures 16.8 19.1 2.3 83.0 9.7
Depreciation for tangible fixed assets 15.6 14.7 -0.9 65.0 0.1
R&D expenditures 28.0 27.0 -0.9 117.0 -2.0
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March 31, 2012 June 30, 2012 Change
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Total assets 2,289.3 2,243.1 -46.2
Ricoh Company, Ltd. shareholders' equity 822.7 792.4 -30.2
Interest-bearing debt 741.8 758.8 16.9
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 35.9 35.3 -0.6
-------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,134.64 1,092.90 -41.74
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RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2013 above upon information currently available to management, which
involves risks and uncertainties that could cause actual results to differ
materially from those projected.
* During the previous fiscal year, Ricoh has accounted for subsidiaries that
changed their fiscal year-ends from December 31 to March 31 as if their
fiscal year-ends in prior years were March 31 and has restated consolidated
financial statements for the first quarter of fiscal year 2011.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED JUNE 30, 2012 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2012 TO JUNE 30, 2012
(1) Operating Results
(Millions of yen)
---------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012
---------------------------------------------------------------------------------------
Net sales 467,393 459,387
(% change from the previous corresponding
period) -3.2 -1.7
Operating income 11,326 14,281
(% change from the previous corresponding
period) -48.2 26.1
Income before income taxes 9,287 12,275
(% change from the previous corresponding
period) -40.1 32.2
Net income attributable to Ricoh Company, Ltd. 4,933 6,537
(% change from the previous corresponding
period) -32.7 32.5
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 6.80 9.02
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) 6.79 9.02
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Notes:
i. Comprehensive income: Yen -23,251 million ( - %) (Yen -661 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
------------------------------------------------------------------------------
March 31, 2012 June 30, 2012
------------------------------------------------------------------------------
Total assets 2,289,358 2,243,118
Total equity 879,018 849,272
Ricoh Company, Ltd. shareholders' equity 822,704 792,438
Ricoh Company, Ltd. shareholders' equity ratio (%) 35.9 35.3
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2. DIVIDEND INFORMATION
-------------------------------------------------------------------------------
Year ended Year ending
March 31, 2012 March 31, 2013
(Results) (Forecast)
-------------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 25.00 25.00
Interim (yen) 16.50 12.50
Year-end (yen) 8.50 12.50
-------------------------------------------------------------------------------
Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2012 TO MARCH 31, 2013
(Millions of yen)
------------------------------------------------------------------------------------------------
Half year ending Year ending
September 30, 2012 March 31, 2013
------------------------------------------------------------------------------------------------
Net sales 940,000 1,920,000
Operating income 30,000 70,000
Income before income taxes 26,600 62,500
Net income attributable to Ricoh Company, Ltd. 13,500 33,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 18.62 45.51
------------------------------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: No
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: Yes
*See note (3) Changes in accounting method, changes in accounting estimate and
reclassifications:, 4. Other in the attachment.
(4) Number of common stock outstanding (including treasury stock):
As of June 30, 2012 744,912,078 shares As of March 31, 2012 744,912,078 shares
(5) Number of treasury stock:
As of June 30, 2012 19,836,438 shares As of March 31, 2012 19,831,060 shares
(6) Average number of common stock:
Three months ended June 30, 2012 725,077,330 shares Three months ended June 30, 2011 725,502,674 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first quarter of fiscal year 2012
(the three months period from April 1, 2012 to June 30, 2012) decreased by 1.7%
as compared to the previous corresponding period, to Yen 459.3 billion. During
this quarter, the average Yen exchange rates were Yen 80.23 against the U.S.
dollar (up Yen 1.48) and Yen 103.06 against the Euro (up Yen 14.56). Net
sales would have increased by 1.9% excluding impact of such foreign currency
exchange fluctuation.
As for the Japanese economy, although unpredictable situation remained due to
the sharp appreciation of the Yen against the U.S. dollar and the Euro and the
downturn in overseas economy, the recovery in domestic demand has been shown.
Under the severe situation, although domestic sales in the Imaging & Solutions
and the Industrial Products decreased from the previous corresponding period,
domestic sales in the Other increased due to the acquisition of the PENTAX
imaging systems business. Consequently, overall sales in Japan increased by 0.1%
as compared to the previous corresponding period.
As for the overseas economy, recovery from the recession is getting slower in
the Americas and growth in the Asia including China has shown signs of slowdown.
In Europe, it remained uncertain due to the protracted financial crisis in some
countries. Ricoh continued to face the severe business environment in the
Americas and Europe due to the appreciation of the Yen.
Under such situation, sales in the Americas increased by 2.8% as compared to the
previous corresponding period (4.7%, excluding foreign currency exchange
fluctuation). Sales in Europe, Middle East and Africa decreased by 11.6% due
primarily to the sharp appreciation of the Yen against the Euro as well as
uncertain situation in European economy, however, excluding the net effect of
the foreign currency exchange rate fluctuations, sales in this region would have
increased by 0.8%. Sales in Other region, which includes China, South East Asia
and Oceania, increased by 3.6% (7.6%, excluding foreign currency exchange
fluctuation).
As a result, sales in the overseas market decreased by 3.2% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 3.4% as compared to
the previous corresponding period.
Gross profit decreased by 3.9% as compared to the previous corresponding period,
despite ongoing cost reduction efforts, to Yen 189.8 billion due primarily to
the appreciation of the Yen.
Selling, general and administrative expenses decreased by 5.7% as compared to
the previous corresponding period, to Yen 175.6 billion due primarily to
group-wide cost reduction efforts.
As a result, operating income increased by 26.1% as compared to the previous
corresponding period, to Yen 14.2 billion.
For other (income) expenses, interest and dividend income increased as compared
to the previous corresponding period. Foreign exchange loss also increased. As a
result, income before income taxes increased by 32.2% as compared to the
previous corresponding period, to Yen 12.2 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by 32.5%
as compared to the previous corresponding period, to Yen 6.5 billion.
Comprehensive loss attributable to Ricoh Company, Ltd. increased due primarily
to an increase in foreign exchange translation adjustment loss as a result of
the appreication of the Yen.
3
*Conditions by Product Line
Imaging & Solutions (Sales down 3.1% to Yen 400.5 billion)
-----------------------------------------------------------
Office Imaging (Sales down 3.6% to Yen 321.7 billion)
------------------------------------------------------
Sales in this category decreased by 3.6% as compared to the previous
corresponding period, to Yen 321.7 billion.
Sales of color and monochrome products in MFPs decreased as compared to the
previous corresponding period. As for laser printers, sales of color
products decreased while sales of monochrome products increased.
Production Printing (Sales down 1.8% to Yen 34.6 billion)
----------------------------------------------------------
Sales in this category decreased by 1.8% as compared to the previous
corresponding period, to Yen 34.6 billion due primarily to the
appreciation of the Yen, despite sales volume mainly in cut sheet products
increased both in Japan and overseas market. Excluding the net effect of
the foreign currency exchange rate fluctuations, sales in this category
would have increased by 2.2%.
Network System Solutions (Sales down 0.3% to Yen 44.1 billion)
---------------------------------------------------------------
Sales in this category decreased by 0.3% as compared to the previous
corresponding period, to Yen 44.1 billion. Although sales in overseas
increased due primarily to the increased sales in software and IT services,
sales in Japan decreased.
As a result, sales in the Imaging & Solutions segment decreased by 3.1% as
compared to the previous corresponding period, to Yen 400.5 billion. Operating
income increased by 9.6% as compared to the previous corresponding period, to
Yen 30.7 billion due primarily to the decreased selling, general and
administrative expenses which was resulted from group-wide cost reduction
efforts.
Industrial Products (Sales down 6.7% to Yen 23.5 billion)
----------------------------------------------------------
Sales in the Industrial Products segment decreased by 6.7% as compared to the
previous corresponding period, to Yen 23.5 billion. Sales of semiconductor
devices and electronic components decreased as compared to the previous
corresponding period although sales of thermal media increased.
As a result, operating loss in the Industrial Products segment amounted to Yen
0.4 billion (operating loss Yen 0.4 billion for the previous corresponding
period).
Other (Sales up 22.4% to Yen 35.3 billion)
-------------------------------------------
Sales in the Other segment increased by 22.4% as compared to the previous
corresponding period, to Yen 35.3 billion due primarily to the acquisition of
the PENTAX imaging systems business.
As a result operating loss in the Other segment amounted to Yen 0.3 billion
(operating loss Yen 0.3 billion for the previous corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, inventories increased from the end of the previous fiscal year due
partly to the initial stock for new products in the Other business segment. The
yen equivalent of foreign-currency-denominated assets decreased due to the
appreciation of the Yen developed from the previous fiscal year. As a result,
total assets decreased by Yen 46.2 billion, to Yen 2,243.1 billion.
For Liabilities, trade payables decreased although the interest-bearing debt
increased. As a result, total liabilities decreased by Yen 16.4 billion, to
Yen 1,393.8 billion.
For Total Equity, accumulated other comprehensive loss increased due primarily
to the fluctuation of cumulative translation adjustments reflecting exchange
fluctuation from the end of the previous period. As a result, total Equity
decreased by Yen 29.7 billion from the end of the previous fiscal year, to
Yen 849.2 billion.
*Cash Flows (Three months from April 1, 2012 to June 30, 2012)
Net cash provided by operating activities in this period increased by Yen 3.9
billion as compared to the previous corresponding period, to Yen 8.8 billion
due primarily to the increased income before income taxes.
Net cash used in investing activities in this period decreased by Yen 0.7
billion as compared to the previous corresponding period, to Yen 24.1 billion.
As a result, free cash outflows generated by operating and investing activities
in this period decreased by Yen 4.7 billion as compared to the previous
corresponding period, to Yen 15.3 billion.
Net cash provided by financing activities in this period decreased by Yen 0.5
billion as compared to the previous corresponding period, to Yen 12.4 billion.
As a result, cash and cash equivalents at the end of this first quarter
decreased by Yen 7.7 billion as compared to the end of the previous fiscal
year, to Yen 148.5 billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
Ricoh assumes exchange rates of Yen 75.00 against the U.S. dollar and of
Yen 100.00 against the Euro for the period from second quarter onward. Ricoh
revised its exchange rate against Euro reflecting the recent drastic exchange
rate fluctuation, which was revised from the forecast that announced in April
2012 Yen 105.00 against Euro assumed as of April).
Ricoh has not revised its forecast of business results for the full fiscal year
ending March 31, 2013 from the forecast that announced in April 2012. This
forecast reflects the business result for the three months ended June 30, 2012
and the favorable progress on group-wide cost reduction efforts even though the
net effect due to the appreciation of the Yen against the Euro is expected.
The actual exchange rates during the first quarter were incorporated in annual
exchange rates assumption.
Our performance forecast for fiscal year 2013 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2013
US$ 1 = Yen 76.31 (Yen 79.08 in previous fiscal year)
EURO 1 = Yen 100.77 (Yen 109.05 in previous fiscal year)
(Billions of yen)
--------------------------------------------------------------------------------------------------------------------
Half year ending Half year ended Year ending Year ended
September 30, 2011 September 30, 2012 March 31, 2012 March 31, 2013
(Results) (Forecast) Change (Results) (Forecast) Change
--------------------------------------------------------------------------------------------------------------------
Domestic sales 434.5 445.0 2.4% 886.4 901.0 1.6%
Overseas sales 504.5 495.0 -1.9% 1,017.0 1,019.0 0.2%
Net sales 939.0 940.0 0.1% 1,903.4 1,920.0 0.9%
Gross profit 386.8 380.0 -1.8% 752.6 760.0 1.0%
Operating income (loss) -2.0 30.0 -- -18.0 70.0 --
Income (loss) before income taxes -9.7 26.6 -- -31.9 62.5 --
Net income (loss) attributable to
Ricoh Company, Ltd. -8.7 13.5 -- -44.5 33.0 --
--------------------------------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2013 above
upon information currently available to management, which involves risks and
uncertainties that could cause actual results to differ materially from
those projected.
4. OTHER
(1) Changes in significant subsidiaries:
Not applicable
(2) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method, changes in accounting estimate and
reclassifications:
Ricoh adopted Accounting Standards Codification 220 as from April 1 2012, which
was revised based on Accounting Standards Update (ASU) 2011-05 and 2011-12. ASU
2011-05 requires an entity to present net income and other comprehensive income
either in a single continuous statement or in two separate, but consecutive,
statements. This ASU also requires separate presentation in both net income and
other comprehensive income of reclassification adjustments for items that are
reclassified from other comprehensive income to net income. ASU 2011-12 defers
the effective date for only the presentation requirements related to
reclassifications in ASU 2011-05.
Ricoh has presented this requirement in two separate, but consecutive
statements. Management believes this adoption has not made a material effect on
Ricoh's consolidated financial statements.
The Company and its most of subsidiaries in Japan changed depreciation method of
property, plant and equipment from declining-balance method to straight-line
method for the period beginning after April 1, 2012. Management believes that
straight-line method is appropriate in line with future use of property, plant
and equipment.
The effect generated from this change will be accounted for the periods onward
because the change in depreciation method is applicable to the change in
accounting estimate.
Management believes this change has not made a material effect on Ricoh's
consolidated financial statements.
During the previous fiscal year, Ricoh has accounted for subsidiaries that
changed their fiscal year-ends from December 31 to March 31 as if their fiscal
year-ends in prior years were March 31 and has restated prior-year consolidated
financial statements for the first quarter of fiscal year 2011.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
---------------------------------------------------------------------------------------------------------------
March 31, 2012 June 30, 2012 Change
---------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 158,671 152,825 -5,846
Trade receivables 686,930 665,871 -21,059
Inventories 195,009 199,426 4,417
Other current assets 65,896 69,007 3,111
Total Current Assets 1,106,506 1,087,129 -19,377
Fixed Assets
Tangible fixed assets 268,527 266,275 -2,252
Finance receivables 468,004 465,270 -2,734
Other investments 446,321 424,444 -21,877
Total Fixed Assets 1,182,852 1,155,989 -26,863
---------------------------------------------------------------------------------------------------------------
Total Assets 2,289,358 2,243,118 -46,240
---------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 156,210 148,501
Time deposits 2,461 4,324
Liabilities and Equity (Millions of yen)
---------------------------------------------------------------------------------------------------------------
March 31, 2012 June 30, 2012 Change
---------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 252,209 235,769 -16,440
Short-term borrowings 216,432 232,276 15,844
Other current liabilities 204,383 194,828 -9,555
Total Current Liabilities 673,024 662,873 -10,151
Fixed Liabilities
Long-term indebtedness 525,435 526,566 1,131
Accrued pension and severance costs 164,757 163,007 -1,750
Other fixed liabilities 47,124 41,400 -5,724
Total Fixed Liabilities 737,316 730,973 -6,343
---------------------------------------------------------------------------------------------------------------
Total Liabilities 1,410,340 1,393,846 -16,494
---------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 742,549 742,921 372
Accumulated other comprehensive loss -204,175 -234,811 -30,636
Treasury stock -37,117 -37,119 -2
Total Ricoh Company, Ltd. shareholders' equity 822,704 792,438 -30,266
Noncontrolling interests 56,314 56,834 520
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Total Equity 879,018 849,272 -29,746
---------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,289,358 2,243,118 -46,240
---------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss March 31, 2012 June 30, 2012 Change
Net unrealized holding gains (losses) on available-for-sale
securities 3,681 2,986 -695
Pension liability adjustments -67,578 -67,813 -235
Net unrealized gains (losses) on derivative instruments -1,153 -1,381 -228
Cumulative translation adjustments -139,125 -168,603 -29,478
Reference: Exchange rate March 31, 2012 June 30, 2012
US$ 1 Yen 82.19 Yen 79.31
EURO 1 Yen 109.80 Yen 98.74
6
(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENTS OF INCOME
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 467,393 459,387 -8,006 -1.7
Cost of sales 269,802 269,489 -313 -0.1
Percentage of net sales (%) 57.7 58.7
Gross profit 197,591 189,898 -7,693 -3.9
Percentage of net sales (%) 42.3 41.3
Selling, general and administrative expenses 186,265 175,617 -10,648 -5.7
Percentage of net sales (%) 39.9 38.2
Operating income 11,326 14,281 2,955 26.1
Percentage of net sales (%) 2.4 3.1
Other (income) expenses
Interest and dividend income 607 842 235 38.7
Percentage of net sales (%) 0.1 0.2
Interest expense 1,463 1,521 58 4.0
Percentage of net sales (%) 0.3 0.3
Other, net 1,183 1,327 144 12.2
Percentage of net sales (%) 0.2 0.3
Income before income taxes,
equity income and minority interests 9,287 12,275 2,988 32.2
Percentage of net sales (%) 2.0 2.7
Provision for income taxes 3,171 4,669 1,498 47.2
Percentage of net sales (%) 0.7 1.0
Equity in earnings of affiliates -8 41 49 --
Percentage of net sales (%) -0.0 0.0
Consolidated net income 6,108 7,647 1,539 25.2
Percentage of net sales (%) 1.3 1.7
Net income attributable to noncontrolling interests 1,175 1,110 -65 -5.5
Percentage of net sales (%) 0.2 0.3
Net income attributable to Ricoh Company, Ltd. 4,933 6,537 1,604 32.5
Percentage of net sales (%) 1.1 1.4
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change
-----------------------------------------------------------------------------------------------------------------------------
Consolidated net income 6,108 7,647 1,539
Other comprehensive income (loss), net of tax
Net unrealized holding losses on available-for-sale securities -697 -699 -2
Pension liability adjustments 748 -255 -1,003
Net unrealized losses on derivative instruments -529 -289 240
Foreign currency translation adjustments -6,291 -29,655 -23,364
-------------------------------------------------------------------------------------------------------------------
-6,769 -30,898 -24,129
-------------------------------------------------------------------------------------------------------------------
Comprehensive loss -661 -23,251 -22,590
Comprehensive income attributable to noncontrolling interests 1,115 848 -267
Comprehensive loss attributable to Ricoh Company, Ltd. -1,776 -24,099 -22,323
Reference : Exchange rate June 30, 2011 June 30, 2012
US$ 1 Yen 81.71 Yen 80.23
EURO 1 Yen 117.62 Yen 103.06
7
CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change %
-------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 333,780 321,758 -12,022 -3.6
Percentage of net sales (%) 71.4 70.0
Production Printing 35,277 34,648 -629 -1.8
Percentage of net sales (%) 7.5 7.5
Network System Solutions 44,293 44,144 -149 -0.3
Percentage of net sales (%) 9.5 9.6
Imaging & Solutions Total 413,350 400,550 -12,800 -3.1
Percentage of net sales (%) 88.4 87.1
-------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,199 23,520 -1,679 -6.7
Percentage of net sales (%) 5.4 5.1
-------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,844 35,317 6,473 22.4
Percentage of net sales (%) 6.2 7.8
-------------------------------------------------------------------------------------------------------------------------
Grand Total 467,393 459,387 -8,006 -1.7
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers,
laser printers, digital duplicators,
facsimile, scanners, related parts & supplies,
services, support and software
Production Printing Cut sheet printer, continuous feed printer, related parts &
supplies, services, support and software
Network System Solutions Personal computers, servers, network equipment, related services,
support and software
Industrial Products Thermal media, optical equipment, semiconductor devices and
electronic components
Other Digital cameras
*Product Category in Imaging & Solutions was reclassified as Office Imaging,
Production Printing and Network System Solutions in this fiscal year (Imaging
Solutions and Network System Solutions as previous category).
Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year. The above reclassification was made to
the prior year's figures.
CONSOLIDATED SALES BY GEOGRAPHIC AREA
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change %
-------------------------------------------------------------------------------------------------------------------------
[Domestic] 215,312 215,449 137 0.1
Percentage of net sales (%) 46.1 46.9
[Overseas] 252,081 243,938 -8,143 -3.2
Percentage of net sales (%) 53.9 53.1
The Americas 114,243 117,467 3,224 2.8
Percentage of net sales (%) 24.4 25.6
Europe, Middle East and Africa 107,718 95,253 -12,465 -11.6
Percentage of net sales (%) 23.0 20.7
Other 30,120 31,218 1,098 3.6
Percentage of net sales (%) 6.5 6.8
Grand Total 467,393 459,387 -8,006 -1.7
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------
*Middle East and Africa were reclassified from Other into Europe in this fiscal
year. The reclassification was made to the prior year's figures.
Reference : Exchange rate
US$ 1 Yen 81.71 Yen 80.23
EURO 1 Yen 117.62 Yen 103.06
8
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 6,108 7,647
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 22,199 20,891
Equity in earnings of affiliates, net of dividends received 8 -41
Deferred income taxes -3,758 1,686
Pension and severance costs, less payments 541 -1,734
Changes in assets and liabilities--
Decrease in trade receivables 8,488 1,037
Increase in inventories -18,159 -11,384
Increase in finance receivables -2,329 -5,384
Decrease in trade payables -12,335 -13,189
Increase in accrued income taxes and
accrued expenses and other 643 4,312
Other, net 3,468 5,020
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 4,874 8,861
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 250 582
Expenditures for property, plant and equipment, including
interest capitalized -16,846 -19,195
Expenditures for intangible asset -3,253 -3,609
Payments for purchases of available-for-sale securities -59 -8
Proceeds from sales of available-for-sale securities 10 --
Increase in time deposits -266 -2,028
Other, net -4,787 97
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -24,951 -24,161
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Proceeds from long-term indebtedness 2,569 25,564
Repayment of long-term indebtedness -17,358 -18,744
Increase(Decrease) in short-term borrowings, net 40,238 12,098
Repayment of long-term debt securities -237 --
Dividends paid -11,971 -6,163
Payment for purchase of treasury stock -5 -5
Other, net -301 -327
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided in financing activities 12,935 12,423
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -2,360 -4,832
-----------------------------------------------------------------------------------------------------------------------------
V. Net Decrease in Cash and Cash Equivalents -9,502 -7,709
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 172,221 156,210
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 162,719 148,501
-----------------------------------------------------------------------------------------------------------------------------
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
9
(5) SEGMENT INFORMATION
(a) Operating Segments Information
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change %
-------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 413,350 400,550 -12,800 -3.1
Intersegment -- -- --
Total 413,350 400,550 -12,800 -3.1
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 385,300 369,808 -15,492 -4.0
-------------------------------------------------------------------------------------------------------------------------
Operating income 28,050 30,742 2,692 9.6
Operating income on sales in Imaging & Solutions (%) 6.8 7.7
-------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 25,199 23,520 -1,679 -6.7
Intersegment 1,066 988 -78 -7.3
Total 26,265 24,508 -1,757 -6.7
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 26,746 24,926 -1,820 -6.8
-------------------------------------------------------------------------------------------------------------------------
Operating loss -481 -418 63 --
Operating loss on sales in Industrial Products (%) -1.8 -1.7
-------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 28,844 35,317 6,473 22.4
Intersegment -- -- --
Total 28,844 35,317 6,473 22.4
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 29,231 35,621 6,390 21.9
-------------------------------------------------------------------------------------------------------------------------
Operating loss -387 -304 83 --
Operating loss on sales in Other (%) -1.3 -0.9
-------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,066 -988 78
Total -1,066 -988 78 --
-------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,066 -988 78
Corporate 15,856 15,739 -117
Total 14,790 14,751 -39 --
-------------------------------------------------------------------------------------------------------------------------
Operating loss -15,856 -15,739 117 --
-------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 467,393 459,387 -8,006 -1.7
Intersegment -- -- --
Total 467,393 459,387 -8,006 -1.7
-------------------------------------------------------------------------------------------------------------------------
Operating expenses 456,067 445,106 -10,961 -2.4
-------------------------------------------------------------------------------------------------------------------------
Operating income 11,326 14,281 2,955 26.1
Operating income on consolidated net sales (%) 2.4 3.1
-------------------------------------------------------------------------------------------------------------------------
*Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year.
The above reclassification was made to the prior year's figures.
10
(b) Geographic Segments Information
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
June 30, 2011 June 30, 2012 Change %
-----------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
External customers 219,224 219,007 -217 -0.1
Intersegment 87,078 97,196 10,118 11.6
Total 306,302 316,203 9,901 3.2
-----------------------------------------------------------------------------------------------------------------
Operating expenses 300,061 307,655 7,594 2.5
-----------------------------------------------------------------------------------------------------------------
Operating income 6,241 8,548 2,307 37.0
Operating income on sales in Japan (%) 2.0 2.7
-----------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
External customers 114,198 117,447 3,249 2.8
Intersegment 890 1,555 665 74.7
Total 115,088 119,002 3,914 3.4
-----------------------------------------------------------------------------------------------------------------
Operating expenses 119,406 118,102 -1,304 -1.1
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) -4,318 900 5,218 --
Operating income on sales in the Americas (%) -3.8 0.8
-----------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
External customers 106,429 94,369 -12,060 -11.3
Intersegment 602 172 -430 -71.4
Total 107,031 94,541 -12,490 -11.7
-----------------------------------------------------------------------------------------------------------------
Operating expenses 100,481 88,336 -12,145 -12.1
-----------------------------------------------------------------------------------------------------------------
Operating income 6,550 6,205 -345 -5.3
Operating income on sales in Europe (%) 6.1 6.6
-----------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
External customers 27,542 28,564 1,022 3.7
Intersegment 34,195 46,834 12,639 37.0
Total 61,737 75,398 13,661 22.1
-----------------------------------------------------------------------------------------------------------------
Operating expenses 60,289 72,559 12,270 20.4
-----------------------------------------------------------------------------------------------------------------
Operating income 1,448 2,839 1,391 96.1
Operating income on sales in Other (%) 2.3 3.8
-----------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -122,765 -145,757 -22,992
Total -122,765 -145,757 -22,992 --
-----------------------------------------------------------------------------------------------------------------
Operating expenses -124,170 -141,546 -17,376 --
-----------------------------------------------------------------------------------------------------------------
Operating income (loss) 1,405 -4,211 -5,616 --
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
External customers 467,393 459,387 -8,006 -1.7
Intersegment -- -- --
Total 467,393 459,387 -8,006 -1.7
-----------------------------------------------------------------------------------------------------------------
Operating expenses 456,067 445,106 -10,961 -2.4
-----------------------------------------------------------------------------------------------------------------
Operating income 11,326 14,281 2,955 26.1
Operating income on consolidated net sales (%) 2.4 3.1
-----------------------------------------------------------------------------------------------------------------
*Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
11
-APPENDIX- (THREE MONTHS ENDED JUNE 30, 2012)
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
(Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
June 30, 2011 June 30, 2012 Change % exchange impact %
------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 333,780 321,758 -12,022 -3.6 2,071 0.6
Percentage of net sales (%) 71.4 70.0
Domestic 125,075 124,021 -1,054 -0.8 -1,054 -0.8
Overseas 208,705 197,737 -10,968 -5.3 3,125 1.5
Production Printing 35,277 34,648 -629 -1.8 787 2.2
Percentage of net sales (%) 7.5 7.5
Domestic 7,874 8,256 382 4.9 382 4.9
Overseas 27,403 26,392 -1,011 -3.7 405 1.5
Network System Solutions 44,293 44,144 -149 -0.3 363 0.8
Percentage of net sales (%) 9.5 9.6
Domestic 40,294 39,451 -843 -2.1 -843 -2.1
Overseas 3,999 4,693 694 17.4 1,206 30.2
Imaging & Solutions Total 413,350 400,550 -12,800 -3.1 3,221 0.8
Percentage of net sales (%) 88.4 87.1
Domestic 173,243 171,728 -1,515 -0.9 -1,515 -0.9
Overseas 240,107 228,822 -11,285 -4.7 4,736 2.0
The Americas 111,153 112,988 1,835 1.7 3,912 3.5
Europe, Middle East and Africa 103,817 90,279 -13,538 -13.0 -833 -0.8
Other 25,137 25,555 418 1.7 1,657 6.6
------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 25,199 23,520 -1,679 -6.7 -1,250 -5.0
Percentage of net sales (%) 5.4 5.1
Domestic 13,994 12,039 -1,955 -14.0 -1,955 -14.0
Overseas 11,205 11,481 276 2.5 705 6.3
The Americas 3,049 3,456 407 13.3 470 15.4
Europe, Middle East and Africa 3,591 3,339 -252 -7.0 144 4.0
Other 4,565 4,686 121 2.7 91 2.0
------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 28,844 35,317 6,473 22.4 6,727 23.3
Percentage of net sales (%) 6.2 7.8
Domestic 28,075 31,682 3,607 12.8 3,607 12.8
Overseas 769 3,635 2,866 372.7 3,120 405.7
The Americas 41 1,023 982 -- 1,010 --
Europe, Middle East and Africa 310 1,635 1,325 427.4 1,555 501.6
Other 418 977 559 133.7 555 132.8
------------------------------------------------------------------------------------------------------------------------------
Grand Total 467,393 459,387 -8,006 -1.7 8,698 1.9
Percentage of net sales (%) 100.0 100.0
Domestic 215,312 215,449 137 0.1 137 0.1
Percentage of net sales (%) 46.1 46.9
Overseas 252,081 243,938 -8,143 -3.2 8,561 3.4
Percentage of net sales (%) 53.9 53.1
The Americas 114,243 117,467 3,224 2.8 5,392 4.7
Percentage of net sales (%) 24.4 25.6
Europe, Middle East and Africa 107,718 95,253 -12,465 -11.6 866 0.8
Percentage of net sales (%) 23.0 20.7
Other 30,120 31,218 1,098 3.6 2,303 7.6
Percentage of net sales (%) 6.5 6.8
------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate
US$ 1 Yen 81.71 Yen 80.23 Yen -1.48
EURO 1 Yen 117.62 Yen 103.06 Yen -14.56
*Each category includes the following product line:
Office Imaging MFPs (multifunctional printers), copiers,
laser printers, digital duplicators, facsimile,
scanners, related parts & supplies, services, support
and software
Production Printing Cut sheet printer, continuous feed printer, related parts &
supplies, services, support and software
Network System Solutions Personal computers, servers, network equipment,
related services, support and software
Industrial Products Thermal media, optical equipment, semiconductor devices and
electronic components
Other Digital cameras
*Product Category and product lines included in Product Category was changed in
this fiscal year.
Product Category in Imaging & Solutions was reclassified as Office Imaging,
Production Printing and Network System Solutions in this fiscal year (Imaging
Solutions and Network System Solutions as previous category).
Certain products were reclassified into Network System Solutions and Industrial
Products from Other in this fiscal year. The above reclassification was made to
the prior year's figures.
*Geographic area was changed in this fiscal year.
Middle East and Africa were reclassified from Other into Europe in this fiscal
year.
The reclassification was made to the prior year's figures.
A1
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ending Half year ending Year ending
June 30, 2011 Change Sept. 30, 2012 Change Sept. 30, 2012 Change March 31, 2013 Change
Results % Forecast % Forecast % Forecast %
-------------------------------------------------------------------------------------------------------------------------------
Net sales 459.3 -1.7 480.6 1.9 940.0 0.1 1,920.0 0.9
Gross profit 189.8 -3.9 190.1 0.4 380.0 -1.8 760.0 1.0
Operating income 14.2 26.1 15.7 -- 30.0 -- 70.0 --
Income before income taxes 12.2 32.2 14.3 -- 26.6 -- 62.5 --
Net income attributable to
Ricoh Company, Ltd. 6.5 32.5 6.9 -- 13.5 -- 33.0 --
-------------------------------------------------------------------------------------------------------------------------------
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-basic (yen) 9.02 -- 9.60 -- 18.62 -- 45.51 --
Net income attributable to
Ricoh Company, Ltd.
shareholders per
share-diluted (yen) 9.02 -- 9.60 -- 18.62 -- 45.51 --
-------------------------------------------------------------------------------------------------------------------------------
Capital expenditures 19.1 -- 24.8 -- 44.0 -- 83.0 --
Depreciation for tangible
fixed assets 14.7 -- 16.2 -- 31.0 -- 65.0 --
R&D expenditures 27.0 -- 31.9 -- 59.0 -- 117.0 --
-------------------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 80.23 -- 75.00 -- 77.62 -- 76.31 --
Exchange rate (Yen/EURO) 103.06 -- 100.00 -- 101.53 -- 100.77 --
-------------------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
----------------------------------------------------------------------------------------------------------------------------------
Half year ending September 30, 2012 Year ending March 31, 2013
----------------------------------- --------------------------
Forecast Change Forecast(*) Change Change Change
% % Forecast % Forecast(*) %
----------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 639.0 -3.0 666.0 1.1 1,306.7 -1.3 1,351.2 2.1
Domestic 242.8 -0.2 242.8 -0.2 495.7 -0.2 495.7 -0.2
Overseas 396.2 -4.6 423.2 1.9 811.0 -1.9 855.5 3.5
Production Printing 71.9 -1.1 75.1 3.2 149.3 0.5 155.1 4.4
Domestic 16.4 5.7 16.4 5.7 34.2 5.1 34.2 5.1
Overseas 55.6 -3.0 58.7 2.5 115.2 -0.7 120.9 4.2
Network System Solutions 103.5 5.6 104.4 6.4 210.5 5.7 211.9 6.3
Domestic 93.3 3.7 93.3 3.7 187.6 3.0 187.6 3.0
Overseas 10.3 26.5 11.1 36.5 23.0 34.4 24.3 42.0
Imaging & Solutions Total 814.5 -1.8 845.4 1.9 1,666.6 -0.3 1,718.1 2.8
Domestic 352.4 1.1 352.4 1.1 717.4 0.9 717.4 0.9
Overseas 462.1 -3.9 493.0 2.6 949.2 -1.1 1,000.7 4.3
The Americas 227.0 -0.5 233.5 2.4 454.1 0.1 470.2 3.7
Europe, Middle East
and Africa 180.3 -10.1 202.3 0.9 385.2 -4.4 415.7 3.2
Other 54.9 5.4 57.2 9.9 110.0 6.2 114.8 10.9
----------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 49.7 -1.7 50.7 0.3 97.1 -1.0 99.1 1.1
Domestic 27.0 -4.0 27.0 -4.0 50.6 -5.1 50.6 -5.1
Overseas 22.7 1.2 23.7 5.8 46.5 4.0 48.5 8.5
The Americas 6.4 2.2 6.5 4.8 13.3 4.0 13.7 7.7
Europe, Middle
East and Africa 6.7 0.3 7.4 10.7 13.5 4.0 14.4 10.9
Other 9.6 1.1 9.8 2.9 19.7 4.0 20.4 7.5
----------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 75.8 28.1 76.6 29.4 156.3 16.4 157.7 17.4
Domestic 65.6 13.6 65.6 13.6 133.0 9.2 133.0 9.2
Overseas 10.2 600.1 11.0 651.6 23.3 86.7 24.7 97.5
The Americas 3.2 -- 3.4 -- 6.1 153.5 6.5 167.1
Europe, Middle
East and Africa 4.2 539.7 4.8 619.8 10.0 79.4 10.8 92.4
Other 2.8 287.8 2.9 301.3 7.2 59.8 7.5 66.4
----------------------------------------------------------------------------------------------------------------------------------
Grand Total 940.0 0.1 972.7 3.6 1,920.0 0.9 1,974.9 3.8
Domestic 445.0 2.4 445.0 2.4 901.0 1.6 901.0 1.6
Overseas 495.0 -1.9 527.7 4.6 1,019.0 0.2 1,073.9 5.6
The Americas 236.5 0.9 243.4 3.9 473.4 1.0 490.4 4.6
Europe, Middle
East and Africa 191.3 -8.0 214.5 3.1 408.8 -3.0 440.9 4.6
Other 67.2 8.0 69.8 12.2 136.8 7.8 142.6 12.3
----------------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A2