FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October 2013
Commission File Number 2 - 68279
RICOH COMPANY, LTD.
-----------------------------------------------
(Translation of Registrant's name into English)
13-1, Ginza 8-Chome, Chuo-ku, Tokyo 104-8222, Japan
---------------------------------------------------
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F [_]
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __ )
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __ )
(Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [_] No [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-__ )
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Ricoh Company, Ltd.
------------------------------
(Registrant)
By: /S/ Zenji Miura
------------------------------
Zenji Miura
Representative Director, President
and Chief Executive Officer
(principal executive officer)
October 31, 2013
RICOH October 31, 2013
QUARTERLY REPORT
Half year ended September 30, 2013
(Results for the Period from April 1, 2013 to September 30, 2013)
Three months ended September 30, 2013
(Results for the Period from July 1, 2013 to September 30, 2013)
PERFORMANCE OUTLINE (CONSOLIDATED)
(1) Half year ended September 30, 2012, 2013 and Year ending March 31, 2014
(Forecast)
(Billions of yen)
--------------------------------------------------------------------------------------------------------- -----------------------
Half year ended Half year ended Year ending
September 30, 2012 September 30, 2013 March 31, 2014
Results Results Change Forecast Change
--------------------------------------------------------------------------------------------------------- -----------------------
Domestic sales 430.7 443.8 3.0% 923.0 6.0%
Overseas sales 486.7 611.7 25.7% 1,257.0 19.2%
Net sales 917.4 1,055.5 15.1% 2,180.0 13.3%
Gross profit 374.4 430.3 15.0% 896.0 16.6%
Operating income 27.3 45.8 67.4% 140.0 120.7%
Income before income taxes 24.4 44.3 81.2% 135.0 132.1%
Net income attributable to Ricoh Company, Ltd. 11.7 24.7 111.0% 80.0 146.4%
--------------------------------------------------------------------------------------------------------- -----------------------
Exchange rate (Yen/US$) 79.43 98.90 19.47 96.95 13.89
Exchange rate (Yen/EURO) 100.66 130.10 29.44 127.55 20.47
--------------------------------------------------------------------------------------------------------- -----------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 16.15 34.08 17.93 110.34 65.56
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- -- -- --
--------------------------------------------------------------------------------------------------------- -----------------------
Cash flows from operating activities 28.4 28.5 0.1 -- --
Cash flows from investing activities -52.6 -40.0 12.5 -- --
Cash flows from financing activities -3.3 17.4 20.7 -- --
Cash and cash equivalents at end of period 122.9 125.2 2.2 -- --
--------------------------------------------------------------------------------------------------------- -----------------------
Capital expenditures 41.3 38.1 -3.1 86.0 -0.5
Depreciation for tangible fixed assets 30.6 35.3 4.6 71.0 10.5
R&D expenditures 54.7 57.6 2.8 117.0 4.9
--------------------------------------------------------------------------------------------------------- -----------------------
---------------------------------------------------------------------------------------------------------
March 31, 2013 September 30, 2013 Change
---------------------------------------------------------------------------------------------------------
Total assets 2,360.6 2,423.6 62.9
Ricoh Company, Ltd. shareholders' equity 897.9 947.4 49.4
Interest-bearing debt 702.7 735.0 32.3
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity ratio (%) 38.0 39.1 1.1
---------------------------------------------------------------------------------------------------------
Ricoh Company, Ltd. shareholders' equity per share (yen) 1,238.55 1,306.80 68.25
---------------------------------------------------------------------------------------------------------
(2) Three months ended September 30, 2012 and 2013
(Billions of yen)
---------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013
Results Results Change
---------------------------------------------------------------------------------------------------------
Domestic sales 215.3 226.0 5.0%
Overseas sales 242.7 307.8 26.8%
Net sales 458.0 533.8 16.5%
Gross profit 184.5 216.2 17.2%
Operating income 13.1 26.7 104.4%
Income before income taxes 12.2 25.8 111.6%
Net income attributable to Ricoh Company, Ltd. 5.1 14.5 181.1%
---------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 78.64 99.01 20.37
Exchange rate (Yen/EURO) 98.29 131.15 32.86
---------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 7.13 20.07 12.94
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- --
---------------------------------------------------------------------------------------------------------
Capital expenditures 22.1 19.4 -2.7
Depreciation for tangible fixed assets 15.9 18.6 2.7
R&D expenditures 27.7 29.5 1.8
---------------------------------------------------------------------------------------------------------
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 SECOND QUARTER ENDED SEPTEMBER 30, 2013 (U.S. GAAP
FINANCIAL INFORMATION)
1. RESULTS FOR THE PERIOD FROM APRIL 1, 2013 TO SEPTEMBER 30, 2013
(1) Operating Results
(Millions of yen)
----------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013
----------------------------------------------------------------------------------------------
Net sales 917,467 1,055,577
(% change from the previous corresponding period) -2.3 15.1
Operating income 27,388 45,860
(% change from the previous corresponding period) -- 67.4
Income before income taxes 24,490 44,383
(% change from the previous corresponding period) -- 81.2
Net income attributable to Ricoh Company, Ltd. 11,713 24,711
(% change from the previous corresponding period) -- 111.0
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 16.15 34.08
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- --
----------------------------------------------------------------------------------------------
Notes:
i. Comprehensive income: Yen 64,098 million ( - %) (Yen -13,035 million ( - %)
in income in previous fiscal year)
(2) Financial Position
(Millions of yen)
--------------------------------------------------------------------------------
March 31, 2013 September 30, 2013
--------------------------------------------------------------------------------
Total assets 2,360,697 2,423,617
Total equity 958,658 1,010,394
Ricoh Company, Ltd. shareholders' equity 897,996 947,418
Ricoh Company, Ltd. shareholders' equity
ratio (%) 38.0 39.1
--------------------------------------------------------------------------------
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 2,180,000
Operating income 140,000
Income before income taxes 135,000
Net income attributable to Ricoh Company, Ltd. 80,000
Net income attributable to Ricoh Company, Ltd. shareholders
per share (yen) 110.34
----------------------------------------------------------------------------
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 September 30, 2013 744,912,078 shares As of March 31, 2013 744,912,078 shares
(5) Number of treasury stock:
As of September 30, 2013 19,920,207 shares As of March 31, 2013 19,875,662 shares
(6) Average number of common stock:
Half year ended September 30, 2013 725,015,632 shares Half year ended September 30, 2012 725,073,617 shares
2
CONSOLIDATED PERFORMANCE
1. OPERATING RESULTS
*Overview
Consolidated net sales of Ricoh Group for the first half of fiscal year 2013
(the six months period from April 1, 2013 to September 30, 2013) increased by
15.1% as compared to the previous corresponding period, to Yen 1,055.5 billion.
During this period, the average yen exchange rates were Yen 98.90 against the
U.S. dollar (down Yen 19.47 from the previous corresponding period) and Yen
130.10 against the Euro (down Yen 29.44 from the previous corresponding period).
Net sales would have increased by 1.4% 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 3.0% as compared
to the previous corresponding period.
As for the overseas economy, the U.S. economy is continuing to show a modest
growth, but there are still concerns on the outlook due to fiscal policy issues
and possible scale back of its monetary stimulus. The European economy is
showing signs of recovery, but the economy as a whole still remains stagnant.
Slowdown in growth is also seen in China and in the rest of the emerging markets
within Asia. These economic conditions have affected the overseas sales of
Ricoh. Even under such severe situation, the weakening trend of the yen during
this half-year contributed to the increase in sales overseas.
As for overseas sales by region, sales in the Americas increased by 22.1%
compared to the previous corresponding period (a decrease of 1.9% excluding
foreign currency exchange fluctuation), sales in Europe, Middle East and Africa
increased by 28.5% (a decrease of 0.4% excluding foreign currency exchange
fluctuation). Sales in Other region, which includes China, South East Asia and
Oceania, increased by 30.5% (an increase of 8.4%, excluding foreign currency
exchange fluctuation).
As a result, sales in the overseas market increased by 25.7% as compared to the
previous corresponding period. Excluding effects of foreign currency
fluctuations, net sales in overseas would have remained flat as compared to the
previous corresponding period.
Gross profit increased by 15.0% as compared to the previous corresponding period
to Yen 430.3 billion, due to increase in sales and the weakening of the Yen.
Even though group-wide activities to streamline costs have contributed in
controlling selling, general and administrative expenses, these expenses have
increased by 10.8% as compared to the previous corresponding period to Yen 384.5
billion, due to the weakening of the Yen.
As a result, operating income increased to Yen 45.8 billion.
Other income increased compared to the previous corresponding period due to gain
on sale of investment securities. Income before income taxes increased
significantly as compared to the previous corresponding period, to Yen 44.3
billion.
As a result, net income attributable to Ricoh Company, Ltd. increased by Yen
12.9 billion as compared to the previous corresponding period, to Yen 24.7
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
64.0 billion.
3
*Conditions by Product Line
Conditions by Product Line for half year ended September 30, 2013 are as
follows;
Imaging & Solutions (Sales up 15.7% to Yen 923.2 billion)
---------------------------------------------------------
Office Imaging (Sales up 12.5% to Yen 704.7 billion)
----------------------------------------------------
Sales in this category increased by 12.5% as compared to the previous
corresponding period, to Yen 704.7 billion. The sales of color MFP products
and managed document services (MDS), 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 22.8% to Yen 85.2 billion)
-----------------------------------------------------
Sales in this category increased by 22.8% as compared to the previous
corresponding period, to Yen 85.2 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 30.7% to Yen 133.2 billion)
-------------------------------------------------------------
Sales in this category increased by 30.7% as compared to the previous
corresponding period, to Yen 133.2 billion due primarily to 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 15.7% as
compared to the previous corresponding period, to Yen 923.2 billion. Operating
income increased by 30.6% as compared to the previous corresponding period, to
Yen 77.8 billion due to increase in gross profit achieved by increase in sales
and by the weakening of the Yen.
Industrial Products (Sales up 8.8% to Yen 51.5 billion)
-------------------------------------------------------
Sales increases in the Optical Unit business contributed to the increase in the
Industrial Products segment by 8.8%, as compared to the previous corresponding
period, to Yen 51.5 billion. As a result, the operating income in the Industrial
Products segment increased to a total of Yen 2.1 billion (operating loss of Yen
0.6 billion in the previous corresponding period).
Other (Sales up 11.6% to Yen 80.7 billion)
------------------------------------------
Net sales in the Other segment increased by 11.6% as compared to the previous
corresponding period, to Yen 80.7 billion due to increase in sales from the
digital camera and lease financing business. As a result, the operating loss in
the Other segment amounted to Yen 0.4 billion (operating loss of Yen 0.7 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 62.9 billion, to Yen 2,423.6 billion
as compared to the previous corresponding period.
For Liabilities, accounts payable, accrued pension and severance costs
decreased, but interest bearing debt increased. As a result, total liabilities
increased by Yen 11.1 billion, to Yen 1,413.2 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 51.7 billion from the end of the previous fiscal year, to Yen
1,010.3 billion.
*Cash Flows (Half year ended September 30, 2013)
Even though finance receivables increased compared to the previous corresponding
period, net cash provided by operating activities in this period increased by
Yen 0.1 billion to Yen 28.5 billion due to increase in net income before taxes.
Net cash used in investing activities in this period decreased by Yen 12.5
billion as compared to the previous corresponding period, to Yen 40.0 billion.
As a result, free cash outflows generated by operating and investing activities
decreased by Yen 12.6 billion, compared to the previous corresponding period, to
Yen 11.4 billion.
Net cash provided by financing activities in this period increased by Yen 20.7
billion as compared to the previous corresponding period, to Yen 17.4 billion
due primarily to proceeds from interest-bearing debt.
As a result, cash and cash equivalents at the end of this first half increased
by Yen 8.2 billion as compared to the end of the previous fiscal year, to Yen
125.2 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 second quarter business results, Ricoh will revise
its forecast upwards for sales and gross profit from those previously announced
in July. Ricoh assumes the exchange rates of Yen 95.00 against the U.S. dollar
and of Yen 125.00 against the Euro in and after the third quarter, and has
incorporated the actual exchange rates during the first half of fiscal year 2013
in the annual exchange rates assumption. The assumed exchange rates and year-end
cash dividends have not changed from our forecast announced in July.
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 96.95 (Yen 83.06 in previous fiscal year)
EURO 1 = Yen 127.55 (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 888.0 923.0 35.0 870.3 6.0%
Overseas sales 1,242.0 1,257.0 15.0 1,054.1 19.2%
Net sales 2,130.0 2,180.0 50.0 1,924.4 13.3%
Gross profit 880.0 896.0 16.0 768.6 16.6%
Operating income 140.0 140.0 -- 63.4 120.7%
Income before income taxes 135.0 135.0 -- 58.1 132.1%
Net income attributable
to Ricoh Company, Ltd. 80.0 80.0 -- 32.4 146.4%
--------------------------------------------------------------------------------------------
* 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 September 30, 2013 Change
--------------------------------------------------------------------------------------------------------------------------
Current Assets
Cash and time deposits 120,331 128,849 8,518
Trade receivables 745,470 759,108 13,638
Inventories 195,367 209,760 14,393
Other current assets 65,051 60,843 -4,208
Total Current Assets 1,126,219 1,158,560 32,341
Fixed Assets
Tangible fixed assets 290,875 290,737 -138
Finance receivables 466,608 493,836 27,228
Other investments 476,995 480,484 3,489
Total Fixed Assets 1,234,478 1,265,057 30,579
--------------------------------------------------------------------------------------------------------------------------
Total Assets 2,360,697 2,423,617 62,920
--------------------------------------------------------------------------------------------------------------------------
Note:
Contents of cash and time deposits;
Cash and cash equivalents 117,051 125,258
Time deposits 3,280 3,591
Liabilities and Equity (Millions of yen)
--------------------------------------------------------------------------------------------------------------------------
March 31, 2013 September 30, 2013 Change
--------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Trade payables 256,538 245,533 -11,005
Short-term borrowings 226,399 244,488 18,089
Other current liabilities 217,430 223,798 6,368
Total Current Liabilities 700,367 713,819 13,452
Fixed Liabilities
Long-term indebtedness 476,381 490,606 14,225
Accrued pension and severance costs 164,289 143,079 -21,210
Other fixed liabilities 61,002 65,719 4,717
Total Fixed Liabilities 701,672 699,404 -2,268
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities 1,402,039 1,413,223 11,184
--------------------------------------------------------------------------------------------------------------------------
Equity
Common stock 135,364 135,364 --
Additional paid-in capital 186,083 186,083 --
Retained earnings 759,783 772,531 12,748
Accumulated other comprehensive loss -146,088 -109,361 36,727
Treasury stock -37,146 -37,199 -53
Total Ricoh Company, Ltd. shareholders' equity 897,996 947,418 49,422
Noncontrolling interests 60,662 62,976 2,314
--------------------------------------------------------------------------------------------------------------------------
Total Equity 958,658 1,010,394 51,736
--------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity 2,360,697 2,423,617 62,920
--------------------------------------------------------------------------------------------------------------------------
Note:
Accumulated other comprehensive loss; March 31, 2013 September 30, 2013 Change
Net unrealized holding gains and losses on available-for-sale
securities 8,665 11,797 3,132
Pension liability adjustments -64,266 -58,012 6,254
Net unrealized gains and losses on derivative instruments -861 -444 417
Cumulative translation adjustments -89,626 -62,702 26,924
Reference: Exchange rate March 31, 2013 September 30, 2013
US$ 1 Yen 94.05 Yen 97.75
EURO 1 Yen 120.73 Yen 131.87
6
(2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
CONSOLIDATED STATEMENTS OF INCOME
Half year ended September 30, 2012 and 2013
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 917,467 1,055,577 138,110 15.1
Cost of sales 543,061 625,187 82,126 15.1
Percentage of net sales (%) 59.2 59.2
Gross Profit 374,406 430,390 55,984 15.0
Percentage of net sales (%) 40.8 40.8
Selling, general and administrative expenses 347,018 384,530 37,512 10.8
Percentage of net sales (%) 37.8 36.5
Operating income 27,388 45,860 18,472 67.4
Percentage of net sales (%) 3.0 4.3
Other (income) expenses
Interest and dividend income 1,536 1,130 -406 -26.4
Percentage of net sales (%) 0.2 0.1
Interest expense 3,555 3,628 73 2.1
Percentage of net sales (%) 0.4 0.3
Gain on sale of investment securities 25 2,292 2,267 --
Percentage of net sales (%) 0.0 0.2
Other, net 904 1,271 367 40.6
Percentage of net sales (%) 0.1 0.1
Income before income taxes,
equity income and noncontrolling interests 24,490 44,383 19,893 81.2
Percentage of net sales (%) 2.7 4.2
Provision for income taxes 10,401 16,813 6,412 61.6
Percentage of net sales (%) 1.2 1.6
Equity in earnings (losses) of affiliates 57 -35 -92 --
Percentage of net sales (%) 0.0 -0.0
Net income 14,146 27,535 13,389 94.6
Percentage of net sales (%) 1.5 2.6
Net income attributable to noncontrolling interests 2,433 2,824 391 16.1
Percentage of net sales (%) 0.2 0.3
Net income attributable to Ricoh Company, Ltd. 11,713 24,711 12,998 111.0
Percentage of net sales (%) 1.3 2.3
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 79.43 Yen 98.90
EURO 1 Yen 100.66 Yen 130.10
Three months ended September 30, 2012 and 2013
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
Net sales 458,080 533,870 75,790 16.5
Cost of sales 273,572 317,598 44,026 16.1
Percentage of net sales (%) 59.7 59.5
Gross Profit 184,508 216,272 31,764 17.2
Percentage of net sales (%) 40.3 40.5
Selling, general and administrative expenses 171,401 189,481 18,080 10.5
Percentage of net sales (%) 37.4 35.5
Operating income 13,107 26,791 13,684 104.4
Percentage of net sales (%) 2.9 5.0
Other (income) expenses
Interest and dividend income 694 613 -81 -11.7
Percentage of net sales (%) 0.2 0.1
Interest expense 2,034 2,213 179 8.8
Percentage of net sales (%) 0.4 0.4
Gain on sale of investment securities 25 2,150 2,125 --
Percentage of net sales (%) 0.0 0.4
Other, net -423 1,498 1,921 --
Percentage of net sales (%) -0.0 0.3
Income before income taxes,
equity income and noncontrolling interests 12,215 25,843 13,628 111.6
Percentage of net sales (%) 2.7 4.8
Provision for income taxes 5,732 9,836 4,104 71.6
Percentage of net sales (%) 1.3 1.8
Equity in earnings of affiliates 16 -18 -34 --
Percentage of net sales (%) 0.0 -0.0
Net income 6,499 15,989 9,490 146.0
Percentage of net sales (%) 1.4 3.0
Net income attributable to noncontrolling interests 1,323 1,437 114 8.6
Percentage of net sales (%) 0.3 0.3
Net income attributable to Ricoh Company, Ltd. 5,176 14,552 9,376 181.1
Percentage of net sales (%) 1.1 2.7
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 78.64 Yen 99.01
EURO 1 Yen 98.29 Yen 131.15
7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Half year ended September 30, 2012 and 2013 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change
------------------------------------------------------------------------------------------------------------------------------
Net income 14,146 27,535 13,389
Other comprehensive income (loss), net of tax
Net unrealized holding gains and losses on available-for-sale
securities -1,489 3,189 4,678
Pension liability adjustments 3,448 6,156 2,708
Net unrealized gains and losses on derivative instruments -292 505 797
Foreign currency translation adjustments -28,848 26,713 55,561
Total -27,181 36,563 63,744
Comprehensive income (loss) -13,035 64,098 77,133
Comprehensive income attributable to noncontrolling interests 2,147 2,660 513
Comprehensive income (loss) attributable to Ricoh Company, Ltd. -15,182 61,438 76,620
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 79.43 Yen 98.90
EURO 1 Yen 100.66 Yen 130.10
Three months ended September 30, 2012 and 2013 (Millions of yen)
------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change
------------------------------------------------------------------------------------------------------------------------------
Net income 6,499 15,989 9,490
Other comprehensive income (loss), net of tax
Net unrealized holding gains and losses on available-for-sale
securities -790 1,239 2,029
Pension liability adjustments 3,703 6,738 3,035
Net unrealized gains and losses on derivative instruments -3 106 109
Foreign currency translation adjustments 807 6,047 5,240
Total 3,717 14,130 10,413
Comprehensive income 10,216 30,119 19,903
Comprehensive income attributable to noncontrolling interests 1,299 1,427 128
Comprehensive income attributable to Ricoh Company, Ltd. 8,917 28,692 19,775
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 78.64 Yen 99.01
EURO 1 Yen 98.29 Yen 131.15
8
CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2012 and 2013 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 626,280 704,706 78,426 12.5
Percentage of net sales (%) 68.3 66.8
Production Printing 69,435 85,275 15,840 22.8
Percentage of net sales (%) 7.6 8.1
Network System Solutions 101,922 133,236 31,314 30.7
Percentage of net sales (%) 11.1 12.6
Imaging & Solutions Total 797,637 923,217 125,580 15.7
Percentage of net sales (%) 87.0 87.5
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 47,437 51,594 4,157 8.8
Percentage of net sales (%) 5.2 4.9
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 72,393 80,766 8,373 11.6
Percentage of net sales (%) 7.8 7.6
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 917,467 1,055,577 138,110 15.1
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 79.43 Yen 98.90
EURO 1 Yen 100.66 Yen 130.10
Three months ended September 30, 2012 and 2013 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 304,522 343,678 39,156 12.9
Percentage of net sales (%) 66.5 64.4
Production Printing 34,787 44,785 9,998 28.7
Percentage of net sales (%) 7.6 8.4
Network System Solutions 57,778 75,203 17,425 30.2
Percentage of net sales (%) 12.6 14.0
Imaging & Solutions Total 397,087 463,666 66,579 16.8
Percentage of net sales (%) 86.7 86.8
-----------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 23,917 27,238 3,321 13.9
Percentage of net sales (%) 5.2 5.1
-----------------------------------------------------------------------------------------------------------------------------
[Other]
Other 37,076 42,966 5,890 15.9
Percentage of net sales (%) 8.1 8.1
-----------------------------------------------------------------------------------------------------------------------------
Grand Total 458,080 533,870 75,790 16.5
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 78.64 Yen 99.01
EURO 1 Yen 98.29 Yen 131.15
*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
Half year ended September 30, 2012 and 2013 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 430,762 443,804 13,042 3.0
Percentage of net sales (%) 47.0 42.0
[Overseas] 486,705 611,773 125,068 25.7
Percentage of net sales (%) 53.0 58.0
The Americas 234,319 286,069 51,750 22.1
Percentage of net sales (%) 25.5 27.1
Europe, Middle East and Africa 187,163 240,576 53,413 28.5
Percentage of net sales (%) 20.4 22.8
Other 65,223 85,128 19,905 30.5
Percentage of net sales (%) 7.1 8.1
Grand Total 917,467 1,055,577 138,110 15.1
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 79.43 Yen 98.90
EURO 1 Yen 100.66 Yen 130.10
Three months ended September 30, 2012 and 2013 (Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change %
-----------------------------------------------------------------------------------------------------------------------------
[Domestic] 215,313 226,028 10,715 5.0
Percentage of net sales (%) 47.0 42.3
[Overseas] 242,767 307,842 65,075 26.8
Percentage of net sales (%) 53.0 57.7
The Americas 116,852 143,555 26,703 22.9
Percentage of net sales (%) 25.5 26.9
Europe, Middle East and Africa 91,910 119,182 27,272 29.7
Percentage of net sales (%) 20.1 22.3
Other 34,005 45,105 11,100 32.6
Percentage of net sales (%) 7.4 8.5
Grand Total 458,080 533,870 75,790 16.5
Percentage of net sales (%) 100.0 100.0
-----------------------------------------------------------------------------------------------------------------------------
Reference : Exchange rate September 30, 2012 September 30, 2013
US$ 1 Yen 78.64 Yen 99.01
EURO 1 Yen 98.29 Yen 131.15
10
(3) CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of yen)
-----------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013
-----------------------------------------------------------------------------------------------------------------------------
I. Cash Flows from Operating Activities:
Consolidated net income 14,146 27,535
Adjustments to reconcile consolidated net income to net cash
provided by operating activities--
Depreciation and amortization 43,000 48,173
Equity in earnings of affiliates, net of dividends received -57 35
Deferred income taxes -358 4,575
Gain on sale of investment securities -25 -2,292
Pension and severance costs, less payments -2,876 -11,633
Changes in assets and liabilities--
Decrease in trade receivables 11,496 5,895
Increase in inventories -9,097 -8,107
Increase in finance receivables -11,720 -23,494
Decrease in trade payables -19,866 -14,617
Increase (Decrease) in accrued income taxes and
accrued expenses and other -2,353 2,312
Other, net 6,174 186
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 28,464 28,568
-----------------------------------------------------------------------------------------------------------------------------
II. Cash Flows from Investing Activities:
Proceeds from sales of property, plant and equipment 639 55
Expenditures for property, plant and equipment,
including interest capitalized -41,381 -38,196
Expenditures for intangible asset -6,200 -6,245
Payments for purchases of available-for-sale securities -98 -36
Proceeds from sales of available-for-sale securities 25 7,031
Increase in time deposits -1,000 -126
Other, net -4,597 -2,509
-----------------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities -52,612 -40,026
-----------------------------------------------------------------------------------------------------------------------------
III. Cash Flows from Financing Activities:
Net repayments of debt with original maturities of three months
or less -34,192 -7,240
Proceeds from debt with original maturities of more than three months 89,996 73,776
Repayments of debt with original maturities of more than three months -52,631 -54,954
Proceeds from issuance of long-term debt securities -- 20,000
Repayment of long-term debt securities -- -1,818
Dividends paid -6,163 -11,963
Payment for purchase of treasury stock -8 -52
Other, net -381 -346
-----------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities -3,379 17,403
-----------------------------------------------------------------------------------------------------------------------------
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents -5,718 2,262
-----------------------------------------------------------------------------------------------------------------------------
V. Net Increase (Decrease) in Cash and Cash Equivalents -33,245 8,207
-----------------------------------------------------------------------------------------------------------------------------
VI. Cash and Cash Equivalents at Beginning of Year 156,210 117,051
-----------------------------------------------------------------------------------------------------------------------------
VII. Cash and Cash Equivalents at End of Period 122,965 125,258
-----------------------------------------------------------------------------------------------------------------------------
11
(4) NOTES ON PREMISE GOING CONCERN
Not applicable
(5) SEGMENT INFORMATION
(a) Operating Segments Information
Half year ended September 30, 2012 and 2013
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change %
---------------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 797,637 923,217 125,580 15.7
Intersegment -- -- -- --
Total 797,637 923,217 125,580 15.7
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 738,044 845,410 107,366 14.5
---------------------------------------------------------------------------------------------------------------------------------
Operating income 59,593 77,807 18,214 30.6
Operating income on sales in Imaging & Solutions (%) 7.5 8.4
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 47,437 51,594 4,157 8.8
Intersegment 2,052 2,031 -21 -1.0
Total 49,489 53,625 4,136 8.4
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 50,147 51,427 1,280 2.6
---------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -658 2,198 2,856 --
Operating income (loss) on sales in Industrial Products (%) -1.3 4.1
---------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 72,393 80,766 8,373 11.6
Intersegment -- -- -- --
Total 72,393 80,766 8,373 11.6
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 73,136 81,264 8,128 11.1
---------------------------------------------------------------------------------------------------------------------------------
Operating loss -743 -498 245 --
Operating loss on sales in Other (%) -1.0 -0.6
---------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -2,052 -2,031 21
Total -2,052 -2,031 21 --
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -2,052 -2,031 21
Corporate 30,804 33,647 2,843
Total 28,752 31,616 2,864 --
---------------------------------------------------------------------------------------------------------------------------------
Operating loss -30,804 -33,647 -2,843 --
---------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 917,467 1,055,577 138,110 15.1
Intersegment -- -- -- --
Total 917,467 1,055,577 138,110 15.1
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 890,079 1,009,717 119,638 13.4
---------------------------------------------------------------------------------------------------------------------------------
Operating income 27,388 45,860 18,472 67.4
Operating income on consolidated net sales (%) 3.0 4.3
---------------------------------------------------------------------------------------------------------------------------------
12
Three months ended September 30, 2012 and 2013
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change %
---------------------------------------------------------------------------------------------------------------------------------
IMAGING & SOLUTIONS:
Net sales:
Unaffiliated customers 397,087 463,666 66,579 16.8
Intersegment -- -- -- --
Total 397,087 463,666 66,579 16.8
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 368,236 420,582 52,346 14.2
---------------------------------------------------------------------------------------------------------------------------------
Operating income 28,851 43,084 14,233 49.3
Operating income on sales in Imaging & Solutions (%) 7.3 9.3
---------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS:
Net sales:
Unaffiliated customers 23,917 27,238 3,321 13.9
Intersegment 1,064 1,062 -2 -0.2
Total 24,981 28,300 3,319 13.3
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 25,221 26,973 1,752 6.9
---------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -240 1,327 1,567 --
Operating income (loss) on sales in Industrial Products (%) -1.0 4.7
---------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 37,076 42,966 5,890 15.9
Intersegment -- -- -- --
Total 37,076 42,966 5,890 15.9
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 37,515 42,836 5,321 14.2
---------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) -439 130 569 --
Operating income (loss) on sales in Other (%) -1.2 0.3
---------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -1,064 -1,062 2
Total -1,064 -1,062 2 --
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses:
Intersegment -1,064 -1,062 2
Corporate 15,065 17,750 2,685
Total 14,001 16,688 2,687 --
---------------------------------------------------------------------------------------------------------------------------------
Operating loss -15,065 -17,750 -2,685 --
---------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 458,080 533,870 75,790 16.5
Intersegment -- -- -- --
Total 458,080 533,870 75,790 16.5
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 444,973 507,079 62,106 14.0
---------------------------------------------------------------------------------------------------------------------------------
Operating income 13,107 26,791 13,684 104.4
Operating income on consolidated net sales (%) 2.9 5.0
---------------------------------------------------------------------------------------------------------------------------------
13
(b) Geographic Segments Information
Half year ended September 30, 2012 and 2013 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended
September 30, 2012 September 30, 2013 Change %
---------------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
Unaffiliated customers 438,615 451,037 12,422 2.8
Intersegment 185,972 219,722 33,750 18.1
Total 624,587 670,759 46,172 7.4
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 611,796 643,438 31,642 5.2
---------------------------------------------------------------------------------------------------------------------------------
Operating income 12,791 27,321 14,530 113.6
Operating income on sales in Japan (%) 2.0 4.1
---------------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
Unaffiliated customers 234,292 286,045 51,753 22.1
Intersegment 3,500 4,052 552 15.8
Total 237,792 290,097 52,305 22.0
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 236,277 283,432 47,155 20.0
---------------------------------------------------------------------------------------------------------------------------------
Operating income 1,515 6,665 5,150 339.9
Operating income on sales in the Americas (%) 0.6 2.3
---------------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
Unaffiliated customers 185,468 239,721 54,253 29.3
Intersegment 325 398 73 22.5
Total 185,793 240,119 54,326 29.2
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 175,106 231,903 56,797 32.4
---------------------------------------------------------------------------------------------------------------------------------
Operating income 10,687 8,216 -2,471 -23.1
Operating income on sales in Europe (%) 5.8 3.4
---------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 59,092 78,774 19,682 33.3
Intersegment 91,763 112,021 20,258 22.1
Total 150,855 190,795 39,940 26.5
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 145,292 181,934 36,642 25.2
---------------------------------------------------------------------------------------------------------------------------------
Operating income 5,563 8,861 3,298 59.3
Operating income on sales in Other (%) 3.7 4.6
---------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -281,560 -336,193 -54,633
Total -281,560 -336,193 -54,633 --
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses -278,392 -330,990 -52,598 --
---------------------------------------------------------------------------------------------------------------------------------
Operating loss -3,168 -5,203 -2,035 --
---------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 917,467 1,055,577 138,110 15.1
Intersegment -- -- -- --
Total 917,467 1,055,577 138,110 15.1
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 890,079 1,009,717 119,638 13.4
---------------------------------------------------------------------------------------------------------------------------------
Operating income 27,388 45,860 18,472 67.4
Operating income on consolidated net sales (%) 3.0 4.3
---------------------------------------------------------------------------------------------------------------------------------
14
Three months ended September 30, 2012 and 2013
(Millions of yen)
---------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended
September 30, 2012 September 30, 2013 Change %
---------------------------------------------------------------------------------------------------------------------------------
JAPAN:
Net sales:
Unaffiliated customers 219,608 231,324 11,716 5.3
Intersegment 88,776 111,321 22,545 25.4
Total 308,384 342,645 34,261 11.1
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 304,141 330,824 26,683 8.8
---------------------------------------------------------------------------------------------------------------------------------
Operating income 4,243 11,821 7,578 178.6
Operating income on sales in Japan (%) 1.4 3.4
---------------------------------------------------------------------------------------------------------------------------------
THE AMERICAS:
Net sales:
Unaffiliated customers 116,845 143,537 26,692 22.8
Intersegment 1,945 2,273 328 16.9
Total 118,790 145,810 27,020 22.7
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 118,175 140,937 22,762 19.3
---------------------------------------------------------------------------------------------------------------------------------
Operating income 615 4,873 4,258 692.4
Operating income on sales in the Americas (%) 0.5 3.3
---------------------------------------------------------------------------------------------------------------------------------
EUROPE, MIDDLE EAST AND AFRICA:
Net sales:
Unaffiliated customers 91,099 118,188 27,089 29.7
Intersegment 153 221 68 44.4
Total 91,252 118,409 27,157 29.8
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 86,770 112,624 25,854 29.8
---------------------------------------------------------------------------------------------------------------------------------
Operating income 4,482 5,785 1,303 29.1
Operating income on sales in Europe (%) 4.9 4.9
---------------------------------------------------------------------------------------------------------------------------------
OTHER:
Net sales:
Unaffiliated customers 30,528 40,821 10,293 33.7
Intersegment 44,929 59,183 14,254 31.7
Total 75,457 100,004 24,547 32.5
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 72,733 93,789 21,056 28.9
---------------------------------------------------------------------------------------------------------------------------------
Operating income 2,724 6,215 3,491 128.2
Operating income on sales in Other (%) 3.6 6.2
---------------------------------------------------------------------------------------------------------------------------------
CORPORATE AND ELIMINATIONS:
Net sales:
Intersegment -135,803 -172,998 -37,195
Total -135,803 -172,998 -37,195 --
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses -136,846 -171,095 -34,249 --
---------------------------------------------------------------------------------------------------------------------------------
Operating income (loss) 1,043 -1,903 -2,946 --
---------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED:
Net sales:
Unaffiliated customers 458,080 533,870 75,790 16.5
Intersegment -- -- -- --
Total 458,080 533,870 75,790 16.5
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses 444,973 507,079 62,106 14.0
---------------------------------------------------------------------------------------------------------------------------------
Operating income 13,107 26,791 13,684 104.4
Operating income on consolidated net sales (%) 2.9 5.0
---------------------------------------------------------------------------------------------------------------------------------
(6) NOTES ON SIGNIFICANT CHANGES IN EQUITY
Not applicable
15
-APPENDIX-
1. CONSOLIDATED SALES BY PRODUCT CATEGORY
Half year ended September 30, 2012 and 2013 (Millions of yen)
---------------------------------------------------------------------------------------------------------------------------
Half year ended Half year ended Change excluding
September 30, 2012 September 30, 2013 Change % exchange impact %
---------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 626,280 704,706 78,426 12.5 -20,895 -3.3
Percentage of net sales (%) 68.3 66.8
Domestic 235,997 226,133 -9,864 -4.2 -9,864 -4.2
Overseas 390,283 478,573 88,290 22.6 -11,031 -2.8
Production Printing 69,435 85,275 15,840 22.8 1,677 2.4
Percentage of net sales (%) 7.6 8.1
Domestic 16,435 15,786 -649 -3.9 -649 -3.9
Overseas 53,000 69,489 16,489 31.1 2,326 4.4
Network System Solutions 101,922 133,236 31,314 30.7 26,035 25.5
Percentage of net sales (%) 11.1 12.6
Domestic 89,789 107,447 17,658 19.7 17,658 19.7
Overseas 12,133 25,789 13,656 112.6 8,377 69.0
Imaging & Solutions Total 797,637 923,217 125,580 15.7 6,817 0.9
Percentage of net sales (%) 87.0 87.5
Domestic 342,221 349,366 7,145 2.1 7,145 2.1
Overseas 455,416 573,851 118,435 26.0 -328 -0.1
The Americas 225,451 276,028 50,577 22.4 -3,743 -1.7
Europe, Middle East and Africa 177,431 228,959 51,528 29.0 -424 -0.2
Other 52,534 68,864 16,330 31.1 3,839 7.3
---------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 47,437 51,594 4,157 8.8 -503 -1.1
Percentage of net sales (%) 5.2 4.9
Domestic 24,003 22,905 -1,098 -4.6 -1,098 -4.6
Overseas 23,434 28,689 5,255 22.4 595 2.5
The Americas 6,884 7,691 807 11.7 -704 -10.2
Europe, Middle East and Africa 6,359 8,194 1,835 28.9 308 4.8
Other 10,191 12,804 2,613 25.6 991 9.7
---------------------------------------------------------------------------------------------------------------------------
[Other]
Other 72,393 80,766 8,373 11.6 6,829 9.4
Percentage of net sales (%) 7.8 7.6
Domestic 64,538 71,533 6,995 10.8 6,995 10.8
Overseas 7,855 9,233 1,378 17.5 -166 -2.1
The Americas 1,984 2,350 366 18.4 -86 -4.3
Europe, Middle East and Africa 3,373 3,423 50 1.5 -719 -21.3
Other 2,498 3,460 962 38.5 639 25.6
---------------------------------------------------------------------------------------------------------------------------
Grand Total 917,467 1,055,577 138,110 15.1 13,143 1.4
Percentage of net sales (%) 100.0 100.0
Domestic 430,762 443,804 13,042 3.0 13,042 3.0
Percentage of net sales (%) 47.0 42.0
Overseas 486,705 611,773 125,068 25.7 101 0.0
Percentage of net sales (%) 53.0 58.0
The Americas 234,319 286,069 51,750 22.1 -4,533 -1.9
Percentage of net sales (%) 25.5 27.1
Europe, Middle East and Africa 187,163 240,576 53,413 28.5 -835 -0.4
Percentage of net sales (%) 20.4 22.8
Other 65,223 85,128 19,905 30.5 5,469 8.4
Percentage of net sales (%) 7.1 8.1
---------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate September 30, 2012 September 30, 2013 Change
US$ 1 Yen 79.43 Yen 98.90 Yen 19.47
EURO 1 Yen 100.66 Yen 130.10 Yen 29.44
*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 September 30, 2012 and 2013 (Millions of yen)
-------------------------------------------------------------------------------------------------------------------------------
Three months ended Three months ended Change excluding
September 30, 2012 September 30, 2013 Change % exchange impact %
-------------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 304,522 343,678 39,156 12.9 -13,052 -4.3
Percentage of net sales (%) 66.5 64.4
Domestic 111,976 106,145 -5,831 -5.2 -5,831 -5.2
Overseas 192,546 237,533 44,987 23.4 -7,221 -3.8
Production Printing 34,787 44,785 9,998 28.7 2,161 6.2
Percentage of net sales (%) 7.6 8.4
Domestic 8,179 8,287 108 1.3 108 1.3
Overseas 26,608 36,498 9,890 37.2 2,053 7.7
Network System Solutions 57,778 75,203 17,425 30.2 14,435 25.0
Percentage of net sales (%) 12.6 14.0
Domestic 50,338 61,116 10,778 21.4 10,778 21.4
Overseas 7,440 14,087 6,647 89.3 3,657 49.2
Imaging & Solutions Total 397,087 463,666 66,579 16.8 3,544 0.9
Percentage of net sales (%) 86.7 86.8
Domestic 170,493 175,548 5,055 3.0 5,055 3.0
Overseas 226,594 288,118 61,524 27.2 -1,511 -0.7
The Americas 112,463 138,436 25,973 23.1 -2,508 -2.2
Europe, Middle East and Africa 87,152 113,497 26,345 30.2 -2,195 -2.5
Other 26,979 36,185 9,206 34.1 3,192 11.8
-------------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 23,917 27,238 3,321 13.9 754 3.2
Percentage of net sales (%) 5.2 5.1
Domestic 11,964 12,246 282 2.4 282 2.4
Overseas 11,953 14,992 3,039 25.4 472 3.9
The Americas 3,428 3,961 533 15.5 -278 -8.1
Europe, Middle East and Africa 3,020 4,080 1,060 35.1 228 7.5
Other 5,505 6,951 1,446 26.3 522 9.5
-------------------------------------------------------------------------------------------------------------------------------
[Other]
Other 37,076 42,966 5,890 15.9 5,079 13.7
Percentage of net sales (%) 8.1 8.1
Domestic 32,856 38,234 5,378 16.4 5,378 16.4
Overseas 4,220 4,732 512 12.1 -299 -7.1
The Americas 961 1,158 197 20.5 -34 -3.5
Europe, Middle East and Africa 1,738 1,605 -133 -7.7 -539 -31.0
Other 1,521 1,969 448 29.5 274 18.0
-------------------------------------------------------------------------------------------------------------------------------
Grand Total 458,080 533,870 75,790 16.5 9,377 2.0
Percentage of net sales (%) 100.0 100.0
Domestic 215,313 226,028 10,715 5.0 10,715 5.0
Percentage of net sales (%) 47.0 42.3
Overseas 242,767 307,842 65,075 26.8 -1,338 -0.6
Percentage of net sales (%) 53.0 57.7
The Americas 116,852 143,555 26,703 22.9 -2,820 -2.4
Percentage of net sales (%) 25.5 26.9
Europe, Middle East and Africa 91,910 119,182 27,272 29.7 -2,506 -2.7
Percentage of net sales (%) 20.1 22.3
Other 34,005 45,105 11,100 32.6 3,988 11.7
Percentage of net sales (%) 7.4 8.5
-------------------------------------------------------------------------------------------------------------------------------
Reference: Exchange rate September 30, 2012 September 30, 2013 Change
US$ 1 Yen 78.64 Yen 99.01 Yen 20.37
EURO 1 Yen 98.29 Yen 131.15 Yen 32.86
*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)
---------------------------------------------------------------------------------------------------------------------
Half year ended Half year ending Year ending
Sept. 30, 2013 Change March 31, 2014 Change March 31, 2014 Change
Results % Forecast % Forecast %
---------------------------------------------------------------------------------------------------------------------
Net sales 1,055.5 15.1 1,124.5 11.7 2,180.0 13.3
Gross profit 430.3 15.0 465.7 18.1 896.0 16.6
Operating income 45.8 67.4 94.2 161.3 140.0 120.7
Income before income taxes 44.3 81.2 90.7 169.3 135.0 132.1
Net income attributable to
Ricoh Company, Ltd. 24.7 111.0 55.3 166.5 80.0 146.4
---------------------------------------------------------------------------------------------------------------------
Net income attributable to Ricoh Company, Ltd.
shareholders per share-basic (yen) 34.08 -- 76.26 -- 110.34 --
Net income attributable to Ricoh Company, Ltd.
shareholders per share-diluted (yen) -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------
Capital expenditures 38.1 47.9 86.0
Depreciation for tangible fixed assets 35.3 35.7 71.0
R&D expenditures 57.6 59.4 117.0
---------------------------------------------------------------------------------------------------------------------
Exchange rate (Yen/US$) 98.90 95.00 96.95
Exchange rate (Yen/EURO) 130.10 125.00 127.55
---------------------------------------------------------------------------------------------------------------------
3. FORECAST OF CONSOLIDATED SALES BY PRODUCT CATEGORY
(Billions of yen)
-------------------------------------------------------------------------------------------------------------------------
Half year ending March 31, 2014 Year ending March 31, 2014
------------------------------- --------------------------
Change Change Change Change
Forecast % Forecast(*) % Forecast % Forecast(*) %
--------------------------------------------------------------------------------------------------------------------------
[Imaging & Solutions]
Office Imaging 757.5 7.7 714.5 1.6 1,462.2 10.0 1,319.9 -0.7
Domestic 252.2 1.1 252.2 1.1 478.3 -1.5 478.3 -1.5
Overseas 505.3 11.3 462.3 1.9 983.9 16.6 841.6 -0.3
Production Printing 93.4 20.4 87.0 12.1 178.7 21.5 158.1 7.5
Domestic 18.3 11.3 18.3 11.3 34.1 3.7 34.1 3.7
Overseas 75.1 22.8 68.7 12.3 144.6 26.6 124.0 8.6
Network System Solutions 146.6 37.2 144.2 35.0 279.8 34.1 272.2 30.4
Domestic 119.5 36.4 119.5 36.4 226.9 28.0 226.9 28.0
Overseas 27.1 40.8 24.7 28.4 52.9 68.6 45.2 44.1
Imaging & Solutions Total 997.5 12.4 945.7 6.5 1,920.7 14.0 1,750.1 3.8
Domestic 390.0 10.3 390.0 10.3 739.3 6.3 739.3 6.3
Overseas 607.5 13.7 555.7 4.0 1,181.4 19.4 1,010.8 2.1
The Americas 286.7 13.5 262.7 4.0 562.7 17.7 484.4 1.3
Europe, Middle East and Africa 249.4 11.3 227.5 1.6 478.4 19.2 404.5 0.8
Other 71.4 24.1 65.5 13.9 140.3 27.4 121.9 10.7
--------------------------------------------------------------------------------------------------------------------------
[Industrial Products]
Industrial Products 49.3 8.0 46.7 2.3 100.9 8.4 93.6 0.6
Domestic 20.9 1.7 20.9 1.7 43.8 -1.7 43.8 -1.7
Overseas 28.4 13.2 25.8 2.8 57.1 17.6 49.8 2.7
The Americas 8.3 13.6 7.6 4.0 16.0 12.7 13.8 -2.9
Europe, Middle East and Africa 7.6 10.9 6.9 0.7 15.8 19.5 13.5 2.7
Other 12.5 14.3 11.3 3.3 25.3 19.8 22.5 6.4
--------------------------------------------------------------------------------------------------------------------------
[Other]
Other 77.7 5.5 76.8 4.3 158.4 8.5 156.0 6.9
Domestic 68.3 4.2 68.3 4.2 139.8 7.5 139.8 7.5
Overseas 9.4 16.7 8.5 5.5 18.6 17.1 16.2 1.7
The Americas 2.7 17.6 2.4 4.6 5.0 18.0 4.3 0.4
Europe, Middle East and Africa 4.2 13.6 3.8 2.8 7.6 7.8 6.5 -8.7
Other 2.5 21.0 2.3 11.3 6.0 30.6 5.4 19.1
--------------------------------------------------------------------------------------------------------------------------
Grand Total 1,124.5 11.7 1,069.2 6.2 2,180.0 13.3 1,999.7 3.9
Domestic 479.2 9.0 479.2 9.0 923.0 6.0 923.0 6.0
Overseas 645.3 13.7 590.0 4.0 1,257.0 19.2 1,076.7 2.1
The Americas 297.7 13.5 272.7 4.0 583.7 17.5 502.4 1.2
Europe, Middle East and Africa 261.2 11.3 238.2 1.5 501.8 19.0 424.5 0.6
Other 86.4 22.5 79.1 12.1 171.5 26.4 149.8 10.4
--------------------------------------------------------------------------------------------------------------------------
* Excluding foreign exchange impact
A3