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 January 2014
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
-----------------------------------------------
(Translation of Registrant's name into English)
13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan
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(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F [_]
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __ )
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __ )
(Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [_] No [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-__ )
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, President
and Chief Executive Officer
(principal executive officer)
January 31, 2014
RICOH January 31, 2014
QUARTERLY REPORT
Nine months ended December 31, 2013
Results for the Period from April 1, 2013 to December 31, 2013
Three months ended December 31, 2013
Results for the Period from October 1, 2013 to December 31, 2013
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Third Quarter ended December 31, 2012, 2013 and Year ending March 31, 2014
(Forecast)
(Billions of yen)
---------------------------------------------------------------------------------------------------------- -----------------------
Third Quarter ended Third Quarter ended Year ending
December 31, 2012 December 31, 2013 March 31, 2014
Results Results Change Forecast Change
---------------------------------------------------------------------------------------------------------- -----------------------
Domestic sales 640.9 672.3 4.9% 914.0 5.0%
Overseas sales 746.1 939.2 25.9% 1,286.0 22.0%
Net sales 1,387.0 1,611.5 16.2% 2,200.0 14.3%
Gross profit 563.4 657.0 16.6% 892.4 16.1%
Operating income 40.4 78.2 93.2% 120.0 89.2%
Income before income taxes 36.2 75.8 109.2% 115.0 97.7%
Net income attributable to Ricoh Company, Ltd. 17.3 43.5 151.8% 70.0 115.6%
---------------------------------------------------------------------------------------------------------- -----------------------
Exchange rate (Yen/US$) 80.05 99.42 19.37 99.57 16.51
Exchange rate (Yen/EURO) 102.26 132.31 30.05 134.22 27.14
---------------------------------------------------------------------------------------------------------- -----------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 23.86 60.09 36.23 96.55 51.77
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- -- -- --
---------------------------------------------------------------------------------------------------------- -----------------------
Cash flows from operating activities 28.3 34.4 6.0 -- --
Cash flows from investing activities -76.2 -60.8 15.4 -- --
Cash flows from financing activities 25.4 43.3 17.8 -- --
Cash and cash equivalents at end of period 134.4 144.1 9.7 -- --
---------------------------------------------------------------------------------------------------------- -----------------------
Capital expenditures 61.1 55.2 -5.8 80.0 -6.5
Depreciation for tangible fixed assets 44.5 54.3 9.7 74.0 13.5
R&D expenditures 82.1 85.9 3.7 117.0 4.9
---------------------------------------------------------------------------------------------------------- -----------------------
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March 31, 2013 December 31, 2013 Change
---------------------------------------------------------------------------------------------------------
Total assets 2,360.6 2,560.4 199.7
Ricoh Company, Ltd. shareholders' equity 897.9 1,003.4 105.4
Interest-bearing debt 702.7 778.1 75.4
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 38.0 39.2 1.2
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,238.55 1,384.23 145.68
---------------------------------------------------------------------------------------------------------
(2) Three months ended December 31, 2012 and 2013
(Billions of yen)
---------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013
Results Results Change
---------------------------------------------------------------------------------------------------------
Domestic sales 210.1 228.5 8.7%
Overseas sales 259.4 327.4 26.2%
Net sales 469.6 555.9 18.4%
Gross profit 188.9 226.6 19.9%
Operating income 13.0 32.3 147.0%
Income before income taxes 11.7 31.5 167.4%
Net income attributable to Ricoh Company, Ltd. 5.5 18.8 237.3%
---------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 81.27 100.46 19.19
Exchange rate (Yen/EURO) 105.43 136.70 31.27
---------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 7.71 26.00 18.29
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- --
---------------------------------------------------------------------------------------------------------
Capital expenditures 19.7 17.0 -2.6
Depreciation for tangible fixed assets 13.9 18.9 5.0
R&D expenditures 27.4 28.3 0.9
---------------------------------------------------------------------------------------------------------
RICOH COMPANY, LTD.
* The Company bases the forecast estimates for the fiscal year ending March
31, 2014 above upon information currently available to management, which
involves risks and uncertainties that could cause actual results to differ
materially from those projected.
1
RICOH COMPANY, LTD. AND CONSOLIDATED SUBSIDIARIES
FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2013 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2013 TO DECEMBER 31, 2013
(1) Operating Results
(Millions of yen)
-----------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013
-----------------------------------------------------------------------------------------------
Net sales 1,387,099 1,611,521
(% change from the previous corresponding period) -0.7 16.2
Operating income 40,483 78,201
(% change from the previous corresponding period) -- 93.2
Income before income taxes 36,274 75,894
(% change from the previous corresponding period) -- 109.2
Net income attributable to Ricoh Company, Ltd. 17,302 43,563
(% change from the previous corresponding period) -- 151.8
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 23.86 60.09
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- --
-----------------------------------------------------------------------------------------------
Notes:
i. Comprehensive income: Yen 133,732 million (222.0%) (Yen 41,526 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
--------------------------------------------------------------------------------
March 31, 2013 December 31, 2013
--------------------------------------------------------------------------------
Total assets 2,360,697 2,560,422
Total equity 958,658 1,067,668
Ricoh Company, Ltd. shareholders' equity 897,996 1,003,468
Ricoh Company, Ltd. shareholders' equity
ratio (%) 38.0 39.2
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2. DIVIDEND INFORMATION
--------------------------------------------------------------------------------
Year ended Year ending
March 31, 2013 March 31, 2014
(Results) (Forecast)
--------------------------------------------------------------------------------
Cash dividends, applicable to the year (yen) 29.00 33.00
Interim (yen) 12.50 16.50
Year-end (yen) 16.50 16.50
--------------------------------------------------------------------------------
Notes: Revision of expected dividends during this period: No
3. FORECAST OF OPERATING RESULTS FROM APRIL 1, 2013 TO MARCH 31, 2014
(Millions of yen)
----------------------------------------------------------------------------
Year ending
March 31, 2014
----------------------------------------------------------------------------
Net sales 2,200,000
Operating income 120,000
Income before income taxes 115,000
Net income attributable to Ricoh Company, Ltd. 70,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 96.55
----------------------------------------------------------------------------
Notes: Revision of forecast of consolidated operating results during this
period: Yes
4. OTHERS
(1) Changes in significant subsidiaries: No
(2) Adoption of concise quarterly accounting method or procedure: No
(3) Changes in accounting method: Yes
* For details see "4.Others" on page 5.
(4) Number of common stock outstanding (including treasury stock):
As of December 31, 2013 744,912,078 shares As of March 31, 2013 744,912,078 shares
(5) Number of treasury stock:
As of December 31, 2013 19,982,034 shares As of March 31, 2013 19,875,662 shares
(6) Average number of common stock:
As of December 31, 2013 725,000,489 shares As of December 31, 2012 725,069,001 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the third quarter of fiscal year 2013
(the nine months period from April 1, 2013 to December 31, 2013) increased by
16.2% as compared to the previous corresponding period, to Yen 1,611.5 billion.
During this period, the average Yen exchange rates were Yen 99.42 against the
U.S. dollar (down Yen 19.37 from the previous corresponding period) and Yen
132.31 against the Euro (down Yen 30.05 from the previous corresponding period).
Net sales would have increased by 2.5% excluding impact of such foreign currency
exchange fluctuation.
The Japanese economy showed signs of recovery, with the weakening Yen and the
increase in stock prices achieved through the economic and monetary policies
introduced by the government and the Bank of Japan. However, with the
announcement of the increase in consumption tax by the government, the overall
economic outlook continues to remain unpredictable. Under such conditions,
domestic sales in the Imaging & Solutions segment and the Other segment
increased, resulting in overall sales in Japan to increase by 4.9% as compared
to the previous corresponding period.
Outside of the domestic market, the U.S. economy continued its recovery towards
the end of the year as the market expressed relief over the end of the
government shutdown. The European economy, although showing signs of a modest
recovery, still remains uncertain as low inflation threatens the region's
economic recovery. Slowdown in growth is also seen in China and in the rest of
the emerging markets within Asia. Even under such economic conditions, the
weakening trend of the Yen during the nine month period to the end of the third
quarter has contributed to the increase in sales overseas.
As for overseas sales by region, sales in the Americas increased by 22.6%
compared to the previous corresponding period (a decrease of 1.3% excluding
foreign currency exchange fluctuation), sales in Europe, Middle East and Africa
increased by 28.1% (a decrease of 0.9% excluding foreign currency exchange
fluctuation). Sales in Other region, which includes China, South East Asia and
Oceania, increased by 31.2% (an increase of 10.3%, excluding foreign currency
exchange fluctuation).
As a result, sales in the overseas market increased by 25.9% compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have increased by 0.4% compared to the
previous corresponding period.
Gross profit increased by 16.6% as compared to the previous corresponding period
to Yen 657.0 billion, due to increase in sales, cost reductions and the
weakening of the Yen.
Although group-wide activities to streamline costs have contributed in
controlling selling, general and administrative expenses, these expenses have
increased by 10.7% as compared to the previous corresponding period to Yen 578.8
billion, due to the weakening of the Yen.
As a result, operating income increased to Yen 78.2 billion (an increase of
93.2% compared to the previous corresponding period).
Other income increased compared to the previous corresponding period due to gain
on sale of investment securities.
Income before income taxes increased by 109.2% as compared to the previous
corresponding period, to Yen 75.8 billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by Yen
26.2 billion (151.8%) as compared to the previous corresponding period, to Yen
43.5 billion.
Comprehensive income increased significantly compared to the previous
corresponding period, primarily by the increase in consolidated net income and
cumulative translation adjustments due to the weakening trend of the Yen, to Yen
133.7 billion.
3
*Conditions by Product Line
Conditions by Product Line for the nine months ended December 31, 2013 are as
follows;
Imaging & Solutions (Sales up 17.0% to Yen 1,413.0 billion)
-----------------------------------------------------------
Office Imaging (Sales up 13.0% to Yen 1,075.2 billion)
------------------------------------------------------
Sales in this category increased by 13.0% as compared to the previous
corresponding period, to Yen 1,075.2 billion.
The sales of the newly released color MFP products along with the weakening
of the Yen have contributed to the overall increase in sales compared to
the previous corresponding period.
Production Printing (Sales up 26.9% to Yen 132.9 billion)
---------------------------------------------------------
Sales in this category increased by 26.9% as compared to the previous
corresponding period, to Yen 132.9 billion. The weakening of the Yen, and
increase in sales of new products and after-sales service revenue in the
overseas market have contributed to the increase in the overall sales
during this period.
Network System Solutions (Sales up 35.9% to Yen 204.8 billion)
--------------------------------------------------------------
Sales in this category increased by 35.9% as compared to the previous
corresponding period, to Yen 204.8 billion due primarily to the increase in
sales of personal computers and related products in the domestic market and
the increase in sales of IT services in both the domestic and overseas
market.
As a result, sales in the Imaging & Solutions segment increased by 17.0% as
compared to the previous corresponding period, to Yen 1,413.0 billion. Operating
income increased by 35.9% as compared to the previous corresponding period, to
Yen 124.8 billion due to increase in gross profit achieved by increase in sales
and by the weakening of the Yen.
Industrial Products (Sales up 12.2% to Yen 78.7 billion)
--------------------------------------------------------
Sales increases in the Optical Unit business and semiconductors devices overseas
have contributed to the increase in the Industrial Products segment by 12.2%, as
compared to the previous corresponding period, to Yen 78.7 billion. As a result,
the operating income in the Industrial Products segment increased to a total of
Yen 3.6 billion (operating loss of Yen 0.4 billion in the previous corresponding
period).
Other (Sales up 9.2% to Yen 119.7 billion)
------------------------------------------
Net sales in the Other segment increased by 9.2% as compared to the previous
corresponding period, to Yen 119.7 billion. The market release of new digital
camera products and the lease financing business contributed to the increase in
sales in this segment. As a result, the operating loss in the Other segment
amounted to Yen 0.3 billion (operating loss of Yen 2.3 billion in the previous
corresponding period).
2. FINANCIAL POSITION
*Assets, Liabilities and Equity
For Assets, lease receivables increased from the end of the previous fiscal year
due to increases in lease contracts. The yen equivalent of
foreign-currency-denominated assets increased due to the weakening of the Yen.
As a result, total assets increased by Yen 199.7 billion, to Yen 2,560.4 billion
as compared to the previous corresponding period.
For Liabilities, accrued pension and severance costs decreased, but interest
bearing debt increased. As a result, total liabilities increased by Yen 90.7
billion, to Yen 1,492.7 billion as compared to the previous corresponding
period.
For Total Equity, accumulated other comprehensive loss decreased due primarily
to the increase of cumulative translation adjustments reflecting exchange
fluctuation from the end of the previous period. As a result, total Equity
increased by Yen 109.0 billion from the end of the previous fiscal year, to Yen
1,067.6 billion.
*Cash Flows (Nine months from April 1, 2013 to December 31, 2013)
Net cash provided by operating activities in this period increased by Yen 6.0
billion to Yen 34.4 billion due to increase in net income before taxes.
Net cash used in investing activities in this period decreased by Yen 15.4
billion as compared to the previous corresponding period, to Yen 60.8 billion.
As a result, free cash outflows generated by operating and investing activities
decreased by Yen 21.4 billion, compared to the previous corresponding period, to
Yen 26.4 billion.
Net cash provided by financing activities in this period increased by Yen 17.8
billion as compared to the previous corresponding period, to Yen 43.3 billion
due primarily to proceeds from interest-bearing debt.
As a result, cash and cash equivalents as of December 31, 2013 increased by Yen
27.0 billion as compared to the end of the previous fiscal year, to Yen 144.1
billion.
4
3. FORECAST FOR THE ENTIRE FISCAL YEAR
Based upon the changes in the business environment (i.e. exchange rate
fluctuation) along with the third quarter business results, Ricoh will revise
its forecast upwards for sales and downward for gross profit, operating income,
income before income taxes and net income attributable to Ricoh Company, Ltd
from those previously announced in October.
Furthermore, in order to more accurately reflect the recent fluctuation in the
exchange rate, Ricoh assumes exchange rates of Yen 100.00 against the U.S.
dollar and of Yen 140.00 against the Euro in the fourth quarter. The year-end
cash dividends have not changed from our forecast announced in October.
Our performance forecast for fiscal year ending March 31, 2014 is as follows:
Exchange Rate Assumptions for the full year ending March 31, 2014
US$ 1 = Yen 99.57 (Yen 83.06 in previous fiscal year)
EURO 1 = Yen 134.22 (Yen 107.08 in previous fiscal year)
(Billions of yen)
--------------------------------------------------------------------------------------------
Year ending Year ended
March 31, 2014 March 31, 2013
Previous Forecast Revised Forecast Change Results Change
(A) (B) (B-A) (C) (B-C)/C
--------------------------------------------------------------------------------------------
Domestic sales 923.0 914.0 -9.0 870.3 5.0%
Overseas sales 1,257.0 1,286.0 29.0 1,054.1 22.0%
Net sales 2,180.0 2,200.0 20.0 1,924.4 14.3%
Gross profit 896.0 892.4 -3.6 768.6 16.1%
Operating income 140.0 120.0 -20.0 63.4 89.2%
Income before income taxes 135.0 115.0 -20.0 58.1 97.7%
Net income attributable
to Ricoh Company, Ltd. 80.0 70.0 -10.0 32.4 115.6%
--------------------------------------------------------------------------------------------
* Ricoh bases the forecast estimates for the year ending March 31, 2014 above
upon information currently available to management, which involves risks and
uncertainties that could cause actual results to differ materially from
those projected.
4. OTHERS
(1) Changes in significant subsidiaries:
Not applicable
(2) Adoption of concise quarterly accounting method or procedure:
Not applicable
(3) Changes in accounting method:
Ricoh adopted retroactively Accounting Standards Update (ASU) 2011-11 and ASU
2013-01 from April 1 2013. ASU 2011-11 requires an entity to disclose
information about offsetting and related arrangements. ASU 2013-01 replaced ASU
2011-11. The updates create new disclosure requirements requiring entities to
disclose both gross and net information for derivatives and other financial
instruments that are either offset in the Statement of assets and liabilities or
subject to an enforceable master netting arrangement or similar agreement. These
ASU's impact disclosures only and will have no impact on Ricoh's consolidated
financial position.
Ricoh adopted ASU 2013-02 from April 1 2013. This ASU requires an entity to
report the effect of reclassifications out of accumulated other comprehensive
income. This ASU will only impact disclosures and will have no impact on Ricoh's
consolidated financial position.
5
5. CONSOLIDATED FINANCIAL STATEMENTS
(1) CONSOLIDATED BALANCE SHEETS
Assets (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
March 31, 2013 December 31, 2013 Change
--------------------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 120,331 147,856 27,525
Trade receivables 745,470 807,984 62,514
Inventories 195,367 228,469 33,102
Other current assets 65,051 67,115 2,064
Total Current Assets 1,126,219 1,251,424 125,205
Fixed Assets
Tangible fixed assets 290,875 292,839 1,964
Finance receivables 466,608 513,038 46,430
Other investments 476,995 503,121 26,126
Total Fixed Assets 1,234,478 1,308,998 74,520
--------------------------------------------------------------------------------------------------------------------------
Total Assets 2,360,697 2,560,422 199,725
--------------------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits; March 31, 2013 December 31, 2013
Cash and cash equivalents 117,051 144,126
Time deposits 3,280 3,730
Liabilities and Equity (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
March 31, 2013 December 31, 2013 Change
--------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 256,538 263,602 7,064
Short-term borrowings 226,399 289,035 62,636
Other current liabilities 217,430 250,021 32,591
Total Current Liabilities 700,367 802,658 102,291
Fixed Liabilities
Long-term indebtedness 476,381 489,159 12,778
Accrued pension and severance costs 164,289 140,884 -23,405
Other fixed liabilities 61,002 60,053 -949
Total Fixed Liabilities 701,672 690,096 -11,576
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,402,039 1,492,754 90,715
--------------------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 759,783 779,418 19,635
Accumulated other comprehensive loss -146,088 -60,131 85,957
Treasury stock -37,146 -37,266 -120
Total Ricoh Company, Ltd. shareholders' equity 897,996 1,003,468 105,472
Noncontrolling interests 60,662 64,200 3,538
--------------------------------------------------------------------------------------------------------------------------
Total Equity 958,658 1,067,668 109,010
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,360,697 2,560,422 199,725
--------------------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss; March 31, 2013 December 31, 2013 Change
Net unrealized holding gains and losses on available-for-sale
securities 8,665 16,283 7,618
Pension liability adjustments -64,266 -57,172 7,094
Net unrealized gains and losses on derivative instruments -861 -275 586
Cumulative translation adjustments -89,626 -18,967 70,659
Reference: Exchange rate March 31, 2013 December 31, 2013
US$ 1 Yen 94.05 Yen 105.39
EURO 1 Yen 120.73 Yen 145.05
6
(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENTS OF INCOME
Third Quarter ended December 31, 2012 and 2013
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 1,387,099 1,611,521 224,422 16.2
Cost of sales 823,697 954,502 130,805 15.9
Percentage of net sales (%) 59.4 59.2
Gross Profit 563,402 657,019 93,617 16.6
Percentage of net sales (%) 40.6 40.8
Selling, general and administrative expenses 522,919 578,818 55,899 10.7
Percentage of net sales (%) 37.7 35.9
Operating income 40,483 78,201 37,718 93.2
Percentage of net sales (%) 2.9 4.9
Other (income) expenses
Interest and dividend income 1,916 1,548 -368 -19.2
Percentage of net sales (%) 0.1 0.1
Interest expense 5,047 5,237 190 3.8
Percentage of net sales (%) 0.4 0.3
Gain on sale of investment securities 24 2,324 2,300 --
Percentage of net sales (%) 0.0 0.1
Other, net 1,102 942 -160 -14.5
Percentage of net sales (%) 0.0 0.1
Income before income taxes,
equity income and noncontrolling interests 36,274 75,894 39,620 109.2
Percentage of net sales (%) 2.6 4.7
Provision for income taxes 15,510 28,163 12,653 81.6
Percentage of net sales (%) 1.1 1.7
Equity in earnings of affiliates 47 -29 -76 --
Percentage of net sales (%) 0.0 -0.0
Net income 20,811 47,702 26,891 129.2
Percentage of net sales (%) 1.5 3.0
Net income attributable to noncontrolling interests 3,509 4,139 630 18.0
Percentage of net sales (%) 0.3 0.3
Net income attributable to Ricoh Company, Ltd. 17,302 43,563 26,261 151.8
Percentage of net sales (%) 1.2 2.7
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 80.05 Yen 99.42
EURO 1 Yen 102.26 Yen 132.31
Three months ended December 31, 2012 and 2013
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 469,632 555,944 86,312 18.4
Cost of sales 280,636 329,315 48,679 17.3
Percentage of net sales (%) 59.8 59.2
Gross Profit 188,996 226,629 37,633 19.9
Percentage of net sales (%) 40.2 40.8
Selling, general and administrative expenses 175,901 194,288 18,387 10.5
Percentage of net sales (%) 37.4 35.0
Operating income 13,095 32,341 19,246 147.0
Percentage of net sales (%) 2.8 5.8
Other (income) expenses
Interest and dividend income 380 418 38 10.0
Percentage of net sales (%) 0.1 0.1
Interest expense 1,492 1,609 117 7.8
Percentage of net sales (%) 0.3 0.3
Gain (loss) on sale of investment securities -1 32 33 --
Percentage of net sales (%) -0.0 0.0
Other, net 198 -329 -527 --
Percentage of net sales (%) 0.1 -0.1
Income before income taxes,
equity income and noncontrolling interests 11,784 31,511 19,727 167.4
Percentage of net sales (%) 2.5 5.7
Provision for income taxes 5,109 11,350 6,241 122.2
Percentage of net sales (%) 1.1 2.1
Equity in earnings of affiliates -10 6 16 --
Percentage of net sales (%) -0.0 0.0
Net income 6,665 20,167 13,502 202.6
Percentage of net sales (%) 1.4 3.6
Net income attributable to noncontrolling interests 1,076 1,315 239 22.2
Percentage of net sales (%) 0.2 0.2
Net income attributable to Ricoh Company, Ltd. 5,589 18,852 13,263 237.3
Percentage of net sales (%) 1.2 3.4
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Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 81.27 Yen 100.46
EURO 1 Yen 105.43 Yen 136.70
7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Third Quarter ended December 31, 2012 and 2013 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change
------------------------------------------------------------------------------------------------------------------------------
Net income 20,811 47,702 26,891
Other comprehensive income (loss), net of tax
Net unrealized holding gains and losses on available-for-sale
securities -449 7,669 8,118
Pension liability adjustments -747 6,993 7,740
Net unrealized gains and losses on derivative instruments -117 889 1,006
Foreign currency translation adjustments 22,028 70,479 48,451
Total 20,715 86,030 65,315
Comprehensive income 41,526 133,732 92,206
Comprehensive income attributable to noncontrolling interests 3,351 4,212 861
Comprehensive income attributable to Ricoh Company, Ltd. 38,175 129,520 91,345
------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 80.05 Yen 99.42
EURO 1 Yen 102.26 Yen 132.31
Three months ended December 31, 2012 and 2013 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change
------------------------------------------------------------------------------------------------------------------------------
Net income 6,665 20,167 13,502
Other comprehensive income (loss), net of tax
Net unrealized holding gains and losses on available-for-sale
securities 1,040 4,480 3,440
Pension liability adjustments -4,195 837 5,032
Net unrealized gains and losses on derivative instruments 175 384 209
Foreign currency translation adjustments 50,876 43,766 -7,110
47,896 49,467 1,571
Comprehensive income 54,561 69,634 15,073
Comprehensive income attributable to noncontrolling interests 1,204 1,552 348
Comprehensive income attributable to Ricoh Company, Ltd. 53,357 68,082 14,725
------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 81.27 Yen 100.46
EURO 1 Yen 105.43 Yen 136.70
8
CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2012 and 2013 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 951,753 1,075,257 123,504 13.0
Percentage of net sales (%) 68.6 66.7
Production Printing 104,774 132,955 28,181 26.9
Percentage of net sales (%) 7.6 8.3
Network System Solutions 150,714 204,829 54,115 35.9
Percentage of net sales (%) 10.9 12.7
Imaging & Solutions Total 1,207,241 1,413,041 205,800 17.0
Percentage of net sales (%) 87.1 87.7
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 70,201 78,759 8,558 12.2
Percentage of net sales (%) 5.1 4.9
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 109,657 119,721 10,064 9.2
Percentage of net sales (%) 7.8 7.4
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 1,387,099 1,611,521 224,422 16.2
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 80.05 Yen 99.42
EURO 1 Yen 102.26 Yen 132.31
Three months ended December 31, 2012 and 2013 (Millions of yen)
---------------------------------------------------------------------------------------- --------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change %
---------------------------------------------------------------------------------------- --------------------------------------
[Imaging & Solutions]
Office Imaging 325,473 370,551 45,078 13.8
Percentage of net sales (%) 69.3 66.7
Production Printing 35,339 47,680 12,341 34.9
Percentage of net sales (%) 7.5 8.6
Network System Solutions 48,792 71,593 22,801 46.7
Percentage of net sales (%) 10.4 12.8
Imaging & Solutions Total 409,604 489,824 80,220 19.6
Percentage of net sales (%) 87.2 88.1
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 22,764 27,165 4,401 19.3
Percentage of net sales (%) 4.8 4.9
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 37,264 38,955 1,691 4.5
Percentage of net sales (%) 8.0 7.0
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 469,632 555,944 86,312 18.4
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 81.27 Yen 100.46
EURO 1 Yen 105.43 Yen 136.70
*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
9
CONSOLIDATED SALES BY GEOGRAPHIC AREA
Third Quarter ended December 31, 2012 and 2013 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------------
[Domestic] 640,902 672,306 31,404 4.9
Percentage of net sales (%) 46.2 41.7
[Overseas] 746,197 939,215 193,018 25.9
Percentage of net sales (%) 53.8 58.3
The Americas 353,827 433,658 79,831 22.6
Percentage of net sales (%) 25.5 26.9
Europe, Middle East and Africa 294,340 376,918 82,578 28.1
Percentage of net sales (%) 21.2 23.4
Other 98,030 128,639 30,609 31.2
Percentage of net sales (%) 7.1 8.0
Grand Total 1,387,099 1,611,521 224,422 16.2
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 80.05 Yen 99.42
EURO 1 Yen 102.26 Yen 132.31
Three months ended December 31, 2012 and 2013 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------------
[Domestic] 210,140 228,502 18,362 8.7
Percentage of net sales (%) 44.7 41.1
[Overseas] 259,492 327,442 67,950 26.2
Percentage of net sales (%) 55.3 58.9
The Americas 119,508 147,589 28,081 23.5
Percentage of net sales (%) 25.4 26.5
Europe, Middle East and Africa 107,177 136,342 29,165 27.2
Percentage of net sales (%) 22.8 24.5
Other 32,807 43,511 10,704 32.6
Percentage of net sales (%) 7.1 7.9
Grand Total 469,632 555,944 86,312 18.4
Percentage of net sales (%) 100.0 100.0
-------------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate December 31, 2012 December 31, 2013
US$ 1 Yen 81.27 Yen 100.46
EURO 1 Yen 105.43 Yen 136.70
10
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013
------------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 20,811 47,702
Adjustments to reconcile consolidated net income to net cash
provided by operating activities-
Depreciation and amortization 62,918 73,784
Equity in earnings of affiliates, net of dividends received -47 29
Deferred income taxes 1,935 7,011
Gain on sale of investment securities -24 -2,324
Pension and severance costs, less payments -2,843 -16,893
Changes in assets and liabilities-
Increase in trade receivables -4,714 -10,071
Increase in inventories -9,259 -15,921
Increase in finance receivables -12,800 -35,627
Decrease in trade payables -15,464 -2,211
Decrease in accrued income taxes and
accrued expenses and other -17,068 -4,185
Other, net 4,895 -6,865
------------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 28,340 34,429
------------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 1,399 530
Expenditures for property, plant and equipment,
including interest capitalized -61,156 -55,279
Expenditures for intangible assets -8,340 -8,429
Payments for purchases of available-for-sale securities -91 -62
Proceeds from sales of available-for-sale securities 64 7,153
(Increase) Decrease in time deposits -1,276 34
Other, net -6,886 -4,828
------------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -76,286 -60,881
------------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Net repayments of debt with original maturities of three months
or less -19,644 24,815
Proceeds from debt with original maturities of more than three months 128,762 103,345
Repayments of debt with original maturities of more than three months -87,786 -78,327
Proceeds from issuance of long-term debt securities 20,000 20,000
Repayment of long-term debt securities -- -1,826
Dividends paid -15,226 -23,925
Payment for purchase of treasury stock -8 -109
Other, net -694 -671
------------------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities 25,404 43,302
------------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents 740 10,225
------------------------------------------------------------------------------------------------------------------------------
V. Net Increase (Decrease) in Cash and Cash Equivalents -21,802 27,075
------------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 156,210 117,051
------------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 134,408 144,126
------------------------------------------------------------------------------------------------------------------------------
11
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Third Quarter ended December 31, 2012 and 2013
(Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change %
-------------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 1,207,241 1,413,041 205,800 17.0
Intersegment -- -- -- --
Total 1,207,241 1,413,041 205,800 17.0
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,115,362 1,288,178 172,816 15.5
-------------------------------------------------------------------------------------------------------------------------------
Operating income 91,879 124,863 32,984 35.9
Operating income on sales in Imaging & Solutions (%) 7.6 8.8
-------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 70,201 78,759 8,558 12.2
Intersegment 3,200 3,025 -175 -5.5
Total 73,401 81,784 8,383 11.4
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses 73,846 78,165 4,319 5.8
-------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -445 3,619 4,064 --
Operating income (loss) on sales in Industrial Products (%) -0.6 4.4
-------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 109,657 119,721 10,064 9.2
Intersegment -- -- -- --
Total 109,657 119,721 10,064 9.2
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses 112,025 120,054 8,029 7.2
-------------------------------------------------------------------------------------------------------------------------------
Operating loss -2,368 -333 2,035 --
Operating loss on sales in Other (%) -2.2 -0.3
-------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -3,200 -3,025 175
Total -3,200 -3,025 175 --
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -3,200 -3,025 175
Corporate 48,583 49,948 1,365
Total 45,383 46,923 1,540 --
-------------------------------------------------------------------------------------------------------------------------------
Operating loss -48,583 -49,948 -1,365 --
-------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 1,387,099 1,611,521 224,422 16.2
Intersegment -- -- -- --
Total 1,387,099 1,611,521 224,422 16.2
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,346,616 1,533,320 186,704 13.9
-------------------------------------------------------------------------------------------------------------------------------
Operating income 40,483 78,201 37,718 93.2
Operating income on consolidated net sales (%) 2.9 4.9
-------------------------------------------------------------------------------------------------------------------------------
12
Three months ended December 31, 2012 and 2013
(Millions of yen)
------------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change %
------------------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 409,604 489,824 80,220 19.6
Intersegment -- -- -- --
Total 409,604 489,824 80,220 19.6
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 377,318 442,768 65,450 17.3
------------------------------------------------------------------------------------------------------------------------------------
Operating income 32,286 47,056 14,770 45.7
Operating income on sales in Imaging & Solutions(%) 7.9 9.6
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 22,764 27,165 4,401 19.3
Intersegment 1,148 994 -154 -13.4
Total 23,912 28,159 4,247 17.8
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 23,699 26,738 3,039 12.8
------------------------------------------------------------------------------------------------------------------------------------
Operating income 213 1,421 1,208 567.1
Operating income on sales in Industrial Products(%) 0.9 5.0
------------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 37,264 38,955 1,691 4.5
Intersegment -- -- -- --
Total 37,264 38,955 1,691 4.5
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 38,889 38,790 -99 -0.3
------------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -1,625 165 1,790 --
Operating income (loss) on sales in Other (%) -4.4 0.4
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,148 -994 154
Total -1,148 -994 154 --
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,148 -994 154
Corporate 17,779 16,301 -1,478
Total 16,631 15,307 -1,324 --
------------------------------------------------------------------------------------------------------------------------------------
Operating loss -17,779 -16,301 1,478 --
------------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 469,632 555,944 86,312 18.4
Intersegment -- -- -- --
Total 469,632 555,944 86,312 18.4
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 456,537 523,603 67,066 14.7
------------------------------------------------------------------------------------------------------------------------------------
Operating income 13,095 32,341 19,246 147.0
Operating income on consolidated net sales (%) 2.8 5.8
------------------------------------------------------------------------------------------------------------------------------------
13
(b) Geographic Segments Information
Third Quarter ended December 31, 2012 and 2013 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended
December 31, 2012 December 31, 2013 Change %
------------------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
Unaffiliated customers 652,650 685,226 32,576 5.0
Intersegment 278,203 333,102 54,899 19.7
Total 930,853 1,018,328 87,475 9.4
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 912,933 974,649 61,716 6.8
------------------------------------------------------------------------------------------------------------------------------------
Operating income 17,920 43,679 25,759 143.7
Operating income on sales in Japan (%) 1.9 4.3
------------------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
Unaffiliated customers 353,795 433,607 79,812 22.6
Intersegment 5,152 6,669 1,517 29.4
Total 358,947 440,276 81,329 22.7
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 355,196 428,726 73,530 20.7
------------------------------------------------------------------------------------------------------------------------------------
Operating income 3,751 11,550 7,799 207.9
Operating income on sales in the Americas (%) 1.0 2.6
------------------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
Unaffiliated customers 291,776 375,191 83,415 28.6
Intersegment 517 605 88 17.0
Total 292,293 375,796 83,503 28.6
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 275,162 360,132 84,970 30.9
------------------------------------------------------------------------------------------------------------------------------------
Operating income 17,131 15,664 -1,467 -8.6
Operating income on sales in Europe, Middle East and Africa (%) 5.9 4.2
------------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 88,878 117,497 28,619 32.2
Intersegment 138,838 175,740 36,902 26.6
Total 227,716 293,237 65,521 28.8
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 218,793 280,209 61,416 28.1
------------------------------------------------------------------------------------------------------------------------------------
Operating income 8,923 13,028 4,105 46.0
Operating income on sales in Other (%) 3.9 4.4
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -422,710 -516,116 -93,406
Total -422,710 -516,116 -93,406 --
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses -415,468 -510,396 -94,928 --
------------------------------------------------------------------------------------------------------------------------------------
Operating loss -7,242 -5,720 1,522 --
------------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 1,387,099 1,611,521 224,422 16.2
Intersegment -- -- -- --
Total 1,387,099 1,611,521 224,422 16.2
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 1,346,616 1,533,320 186,704 13.9
------------------------------------------------------------------------------------------------------------------------------------
Operating income 40,483 78,201 37,718 93.2
Operating income on consolidated net sales (%) 2.9 4.9
------------------------------------------------------------------------------------------------------------------------------------
14
Three months ended December 31, 2012 and 2013
(Millions of yen)
------------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
December 31, 2012 December 31, 2013 Change %
------------------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
Unaffiliated customers 214,035 234,189 20,154 9.4
Intersegment 92,231 113,380 21,149 22.9
Total 306,266 347,569 41,303 13.5
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 301,137 331,211 30,074 10.0
------------------------------------------------------------------------------------------------------------------------------------
Operating income 5,129 16,358 11,229 218.9
Operating income on sales in Japan (%) 1.7 4.7
------------------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
Unaffiliated customers 119,503 147,562 28,059 23.5
Intersegment 1,652 2,617 965 58.4
Total 121,155 150,179 29,024 24.0
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 118,919 145,294 26,375 22.2
------------------------------------------------------------------------------------------------------------------------------------
Operating income 2,236 4,885 2,649 118.5
Operating income on sales in the Americas (%) 1.8 3.3
------------------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
Unaffiliated customers 106,308 135,470 29,162 27.4
Intersegment 192 207 15 7.8
Total 106,500 135,677 29,177 27.4
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 100,056 128,229 28,173 28.2
------------------------------------------------------------------------------------------------------------------------------------
Operating income 6,444 7,448 1,004 15.6
Operating income on sales in Europe, Middle East and Africa (%) 6.1 5.5
------------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 29,786 38,723 8,937 30.0
Intersegment 47,075 63,719 16,644 35.4
Total 76,861 102,442 25,581 33.3
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 73,501 98,275 24,774 33.7
------------------------------------------------------------------------------------------------------------------------------------
Operating income 3,360 4,167 807 24.0
Operating income on sales in Other (%) 4.4 4.1
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -141,150 -179,923 -38,773
Total -141,150 -179,923 -38,773 --
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses -137,076 -179,406 -42,330 --
------------------------------------------------------------------------------------------------------------------------------------
Operating loss -4,074 -517 3,557 --
------------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 469,632 555,944 86,312 18.4
Intersegment -- -- -- --
Total 469,632 555,944 86,312 18.4
------------------------------------------------------------------------------------------------------------------------------------
Operating expenses 456,537 523,603 67,066 14.7
------------------------------------------------------------------------------------------------------------------------------------
Operating income 13,095 32,341 19,246 147.0
Operating income on consolidated net sales (%) 2.8 5.8
------------------------------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
15
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Third Quarter ended December 31, 2012 and 2013 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Third Quarter ended Third Quarter ended Change excluding
December 31, 2012 December 31, 2013 Change % exchange impact %
---------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 951,753 1,075,257 123,504 13.0 -27,106 -2.8
Percentage of net sales (%) 68.6 66.7
Domestic 354,442 343,658 -10,784 -3.0 -10,784 -3.0
Overseas 597,311 731,599 134,288 22.5 -16,322 -2.7
Production Printing 104,774 132,955 28,181 26.9 6,206 5.9
Percentage of net sales (%) 7.6 8.3
Domestic 24,500 24,389 -111 -0.5 -111 -0.5
Overseas 80,274 108,566 28,292 35.2 6,317 7.9
Network System Solutions 150,714 204,829 54,115 35.9 46,118 30.6
Percentage of net sales (%) 10.9 12.7
Domestic 129,970 165,380 35,410 27.2 35,410 27.2
Overseas 20,744 39,449 18,705 90.2 10,708 51.6
Imaging & Solutions Total 1,207,241 1,413,041 205,800 17.0 25,218 2.1
Percentage of net sales (%) 87.1 87.7
Domestic 508,912 533,427 24,515 4.8 24,515 4.8
Overseas 698,329 879,614 181,285 26.0 703 0.1
The Americas 340,199 418,014 77,815 22.9 -3,638 -1.1
Europe, Middle East and Africa 279,286 358,666 79,380 28.4 -2,191 -0.8
Other 78,844 102,934 24,090 30.6 6,532 8.3
---------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 70,201 78,759 8,558 12.2 1,501 2.1
Percentage of net sales (%) 5.1 4.9
Domestic 34,743 34,061 -682 -2.0 -682 -2.0
Overseas 35,458 44,698 9,240 26.1 2,183 6.2
The Americas 10,312 11,602 1,290 12.5 -964 -9.3
Europe, Middle East and Africa 9,534 12,261 2,727 28.6 422 4.4
Other 15,612 20,835 5,223 33.5 2,725 17.5
---------------------------------------------------------------------------------------------------------------------------
[Other]
Other 109,657 119,721 10,064 9.2 7,499 6.8
Percentage of net sales (%) 7.8 7.4
Domestic 97,247 104,818 7,571 7.8 7,571 7.8
Overseas 12,410 14,903 2,493 20.1 -72 -0.6
The Americas 3,316 4,042 726 21.9 -37 -1.1
Europe, Middle East and Africa 5,520 5,991 471 8.5 -880 -15.9
Other 3,574 4,870 1,296 36.3 845 23.6
---------------------------------------------------------------------------------------------------------------------------
Grand Total 1,387,099 1,611,521 224,422 16.2 34,218 2.5
Percentage of net sales (%) 100.0 100.0
Domestic 640,902 672,306 31,404 4.9 31,404 4.9
Percentage of net sales (%) 46.2 41.7
Overseas 746,197 939,215 193,018 25.9 2,814 0.4
Percentage of net sales (%) 53.8 58.3
The Americas 353,827 433,658 79,831 22.6 -4,639 -1.3
Percentage of net sales (%) 25.5 26.9
Europe, Middle East and Africa 294,340 376,918 82,578 28.1 -2,649 -0.9
Percentage of net sales (%) 21.2 23.4
Other 98,030 128,639 30,609 31.2 10,102 10.3
Percentage of net sales (%) 7.1 8.0
---------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate December 31, 2012 December 31, 2013 Change
US$ 1 Yen 80.05 Yen 99.42 Yen 19.37
EURO 1 Yen 102.26 Yen 132.31 Yen 30.05
*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
A1
Three months ended December 31, 2012 and 2013 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
December 31, 2012 December 31, 2013 Change % exchange impact %
-------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 325,473 370,551 45,078 13.8 -6,211 -1.9
Percentage of net sales (%) 69.3 66.7
Domestic 118,445 117,525 -920 -0.8 -920 -0.8
Overseas 207,028 253,026 45,998 22.2 -5,291 -2.6
Production Printing 35,339 47,680 12,341 34.9 4,529 12.8
Percentage of net sales (%) 7.5 8.6
Domestic 8,065 8,603 538 6.7 538 6.7
Overseas 27,274 39,077 11,803 43.3 3,991 14.6
Network System Solutions 48,792 71,593 22,801 46.7 20,083 41.2
Percentage of net sales (%) 10.4 12.8
Domestic 40,181 57,933 17,752 44.2 17,752 44.2
Overseas 8,611 13,660 5,049 58.6 2,331 27.1
Imaging & Solutions Total 409,604 489,824 80,220 19.6 18,401 4.5
Percentage of net sales (%) 87.2 88.1
Domestic 166,691 184,061 17,370 10.4 17,370 10.4
Overseas 242,913 305,763 62,850 25.9 1,031 0.4
The Americas 114,748 141,986 27,238 23.7 105 0.1
Europe, Middle East and Africa 101,855 129,707 27,852 27.3 -1,767 -1.7
Other 26,310 34,070 7,760 29.5 2,693 10.2
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 22,764 27,165 4,401 19.3 2,004 8.8
Percentage of net sales (%) 4.8 4.9
Domestic 10,740 11,156 416 3.9 416 3.9
Overseas 12,024 16,009 3,985 33.1 1,588 13.2
The Americas 3,428 3,911 483 14.1 -260 -7.6
Europe, Middle East and Africa 3,175 4,067 892 28.1 114 3.6
Other 5,421 8,031 2,610 48.1 1,734 32.0
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 37,264 38,955 1,691 4.5 670 1.8
Percentage of net sales (%) 8.0 7.0
Domestic 32,709 33,285 576 1.8 576 1.8
Overseas 4,555 5,670 1,115 24.5 94 2.1
The Americas 1,332 1,692 360 27.0 49 3.7
Europe, Middle East and Africa 2,147 2,568 421 19.6 -161 -7.5
Other 1,076 1,410 334 31.0 206 19.1
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 469,632 555,944 86,312 18.4 21,075 4.5
Percentage of net sales (%) 100.0 100.0
Domestic 210,140 228,502 18,362 8.7 18,362 8.7
Percentage of net sales (%) 44.7 41.1
Overseas 259,492 327,442 67,950 26.2 2,713 1.0
Percentage of net sales (%) 55.3 58.9
The Americas 119,508 147,589 28,081 23.5 -106 -0.1
Percentage of net sales (%) 25.4 26.5
Europe, Middle East and Africa 107,177 136,342 29,165 27.2 -1,814 -1.7
Percentage of net sales (%) 22.8 24.5
Other 32,807 43,511 10,704 32.6 4,633 14.1
Percentage of net sales (%) 7.1 7.9
-------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate December 31, 2012 December 31, 2013 Change
US$ 1 Yen 81.27 Yen 100.46 Yen 19.19
EURO 1 Yen 105.43 Yen 136.70 Yen 31.27
*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
A2
2. FORECAST OF CONSOLIDATED PERFORMANCE
(Billions of yen)
---------------------------------------------------------------------------------------------------------------------
Third Quarter ended Fourth Quarter ending Year ending
December 31, 2013 Change March 31, 2014 Change March 31, 2014 Change
Results % Forecast % Forecast %
---------------------------------------------------------------------------------------------------------------------
Net sales 1,611.5 16.2 588.4 9.5 2,200.0 14.3
Gross profit 657.0 16.6 235.3 14.7 892.4 16.1
Operating income 78.2 93.2 41.7 82.1 120.0 89.2
Income before income taxes 75.8 109.2 39.1 78.6 115.0 97.7
Net income attributable to
Ricoh Company, Ltd. 43.5 151.8 26.4 74.3 70.0 115.6
---------------------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 60.09 -- 36.46 -- 96.55 --
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------
Capital expenditures 55.2 24.7 80.0
Depreciation for tangible fixed assets 54.3 19.6 74.0
R&D expenditures 85.9 31.0 117.0
---------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 99.42 100.00 99.57
Exchange rate (Yen/EURO) 132.31 140.00 134.22
---------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------
Fourth Quarter ending March 31, 2014 Year ending March 31, 2014
------------------------------------ --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
--------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 405.4 7.3 378.5 0.2 1,480.7 11.4 1,303.1 -2.0
Domestic 131.3 0.2 131.3 0.2 474.9 -2.2 474.9 -2.2
Overseas 274.1 11.1 247.2 0.2 1,005.7 19.2 828.1 -1.9
Production Printing 47.9 13.3 44.3 4.8 180.8 23.0 155.2 5.6
Domestic 9.1 8.7 9.1 8.7 33.4 1.9 33.4 1.9
Overseas 38.8 14.5 35.2 3.9 147.3 29.1 121.7 6.7
Network System Solutions 73.0 25.8 71.3 22.9 277.8 33.1 268.1 28.5
Domestic 57.5 21.3 57.5 21.3 222.8 25.7 222.8 25.7
Overseas 15.5 45.8 13.8 29.8 54.9 75.1 45.2 44.2
Imaging & Solutions Total 526.3 10.1 494.1 3.3 1,939.4 15.1 1,726.5 2.4
Domestic 197.9 5.9 197.9 5.9 731.3 5.1 731.3 5.1
Overseas 328.4 12.8 296.2 1.7 1,208.1 22.1 995.2 0.6
The Americas 156.4 13.4 144.5 4.8 574.4 20.1 481.0 0.6
Europe, Middle East and Africa 135.5 10.9 117.9 -3.5 494.1 23.1 394.9 -1.6
Other 36.5 17.2 33.8 8.3 139.5 26.8 119.1 8.3
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[Industrial Products]
Industrial Products 24.7 7.9 23.3 1.8 103.4 11.1 95.0 2.0
Domestic 10.3 4.9 10.3 4.9 44.3 -0.4 44.3 -0.4
Overseas 14.4 10.1 13.0 -0.6 59.0 21.8 50.6 4.3
The Americas 3.4 -12.3 3.1 -20.0 15.0 5.7 12.4 -12.3
Europe, Middle East and Africa 4.1 11.4 3.6 -2.2 16.3 23.8 13.5 2.6
Other 6.9 25.0 6.3 14.2 27.7 31.3 24.6 16.6
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[Other]
Other 37.4 2.9 37.0 1.8 157.1 7.6 154.1 5.6
Domestic 33.5 2.0 33.5 2.0 138.3 6.3 138.3 6.3
Overseas 3.9 11.4 3.5 -0.1 18.8 18.2 15.8 -0.5
The Americas 1.1 14.2 1.0 3.8 5.1 20.2 4.2 0.0
Europe, Middle East and Africa 1.7 9.7 1.5 -3.2 7.6 8.8 6.1 -13.1
Other 1.1 11.1 1.0 1.0 5.9 30.8 5.4 18.7
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Grand Total 588.4 9.5 554.4 3.2 2,200.0 14.3 1,975.7 2.7
Domestic 241.7 5.3 241.7 5.3 914.0 5.0 914.0 5.0
Overseas 346.7 12.6 312.7 1.5 1,286.0 22.0 1,061.7 0.7
The Americas 160.9 12.7 148.6 4.1 594.5 19.7 497.7 0.2
Europe, Middle East and Africa 141.3 10.9 123.0 -3.5 518.2 22.9 414.6 -1.7
Other 44.5 18.0 41.1 8.7 173.2 27.6 149.2 9.9
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* Excluding foreign exchange impact
A3