Consolidated Results for the year ended March 31, 2007

Transcription

1 Consolidated Results for the year ended March 31, 27 Ricoh Company, Ltd. * The Company bases the estimates in this presentation on information currently available to management, which involves risks and uncertainties that could cause actual results to differ materially from those projected. I. FY7/3 Results 1

2 FY7/3 P/L : Comparison with FY6/3 Record high profit by increase of Color MFP & printer FY7/3 Comparison FY7/3 Comparison with last FY FY6/3 Latest('7/1) with latest Excluding Forex (billions of yen) Forecast Results forecast Change Change(%) Impact(%) Net sales (Japan) ,2. 1, % +3.7% (Overseas) ,65. 1, % +6.7% Total 1,99.2 2,67. 2, % +5.2% Gross profit % Percentage of net sales 41.6% 41.5% 41.7% Operating income % Percentage of net sales 7.8% 8.3% 8.4% Income before income taxes % Percentage of net sales 8.% 8.2% 8.4% Income from continuing operations % Percentage of net sales 5.% 4.9% 5.1% Net income % Percentage of net sales 5.1% 5.2% 5.4% EPS (Yen) Exchange rate US $ (Yen) Euro FY7/3 Sales : Comparison with FY6/3 Color MFP and printer grew. Grew in all category and all areas. By Category (billions of Yen) 1, , ,68.9 Total +8.4%(+5.2%) ,58.1 Change(without forex) Other Businesses +6.4%(+5.7%) Industry Business +1.6%(+8.7%) Network System Solutions +2.%(+1.5%) Imaging Solution +9.2%(+5.3%) Product ratio in Imaging FY6/3 FY7/3 Copier 81% 81% Printer By Area (billions of Yen) 1, ,68.9 Total +8.4%(+5.2%) ,2.2 Change(without forex) Others +1.1%(+5.%) Europe +16.6%(+7.2%) The Americas +1.1%(+6.5%) Overseas +13.1%(+6.7%) Japan +3.7%(+3.7%) Office Solution Business +8.4%(+4.9%) Japan +2.9%(+2.9%) Overseas +13.2%(+6.6%) FY6/3 FY7/3 FY6/3 FY7/3 Overseas ratio 49.4% 51.6% 3

3 FY7/3 Strategy Executions Released new products based on 15th MTP in Japan & Overseas <Office > Renewal of Color MFP Line-up > 4 New Color MFP released (Japan & Overseas) Enter High-end Production Printing Business > 135ppm MFP released (Overseas) > JV establishment with IBM Low-end Products Strengthening > New GELJET printer released (Japan & Overseas) Investment for printing business expansion > Danka Europe business acquisition <Industry> Positive Investment for Growth Areas > Established semiconductor subs in Korea and China <Management> > Building of core operating system > Integrating back office of Ricoh Corporation and Lanier > Integrating back office of Ricoh Europe and NRG imagio MP C45 (Aficio MP C45) 6% IPSiO GX5 (Aficio GX55) - Copier s Color ratio imagio MP C3 (Aficio MP C3) imagio MP135 (Aficio MP135) 52% 5% Total 44% Japan 4% 28% 31% 34% 4% 36% 3% 31% 36% 22% 2% 29% 32% 13% 1% 17% Overseas % 6% FY 3/3 4/3 5/3 6/3 7/3 *by sales for machines of copier and multifunctional copiers 4 FY7/3 : Comparison with FY6/3 Value-added product increase, cost down and forex increased profit. Income before income tax (billions of Yen) Gross Profit items +37. SG&A items Other Sales, etc Cost down, etc Others Forex R&D Expenses Forex Other expenses FY6/3 FY7/3 5

4 FY7/3 Business Segment Office Solution : Increase of Color MFP & printer increased profit. Industry : Going steady and increased profit. Other : Impact of sale of non-core business in FY6/3 etc, decreased profit. Office Solution Business Industry Business Other Businesses 12.4% 12.7% -.7% 2.1% 1.8% 1.4% 1,6 1, , , FY6/3 FY7/3 FY6/3 FY7/3 FY6/3 FY7/ Left bar: Sales (billions of yen) Right bar: Operating income (billions of yen) 6 FY7/3 Geographic Segment Value-added products increased margin in all areas. Japan 1,5 1, 6.8% 1, % 1, The Americas 4 3.9% % Europe Left bar: 1 2 Sales 15.2 (billions of Yen) 21.1 FY6/3 FY7/3 Right bar: Operating income (billions of Yen) FY6/3 FY7/3 4.9% % Others % % FY6/3 FY7/3 FY6/3 FY7/3 7

5 Balance Sheet <as of March 31, 27> Assets As of Mar 31, 27 Dif. from Mar 31, '6 Liabilities and Shareholders Investment As of Mar 31, 27 Dif. from Mar 31, '6 Current Assets 1, Current Liabilities Cash & time deposits Trade payables Trade recievables Short-term borrowings Marketable securities.1 +. Other current liabilities Inventries Other current assets Fixed Assets 1, Fixed Liabilities Tangible fixed assets Long-term indebtedness Finance recievable Retirement benefit obligation Other investments Other fixed liabilities Total Liabilities 1, Minority Interest Total Shareholders' Investment 1, Total Assets 2, Total liabilities and shareholders' Investment 2, Exchange rate as of March 31, 27 : US$ 1 = ( +.58) EURO 1 = ( ) Total debt (billions of yen) 8 Balance Sheet : Indexes < as of March 31, 27 > Total Assets Total Assets ( billions of Yen) Equity ratio Equity ratio (%) Shareholders equity (billions of Yen) 2, , ,41.1 1,5 6.% 2, 1, , , % 47.7% 42.9% 44.2% 34.5% 34.9% 1,5 1, 4.% 1, % 2/3 3/3 4/3 5/3 6/3 7/3 2/3 3/3 4/3 5/3 6/3 7/3.% Inventories/Averaged cost of sales / /3 Inventories/Averaged cost of sales (months) Inventories (billions of yen) / / /3 7/ Debt/Equity ratio 1, D/E ratio (multiplies) Total debt (billions of Yen) /3 3/3 4/3 5/3 6/3 7/ *RL : Ricoh Leasing Co. Ltd. D/E ratio exclude RL (multiplies) Total debt exclude RL (billions of Yen) 9

6 FY7/3 Statement of Cash Flow < 12 months > (billions of yen) FY6/3 FY7/3 Income from continuing operations Depreciation and amortization [ Cash profit (Net income + Depreciation and amortization) ] [ ] [ ] Other operating activities Net cash by operating activities Plant and equipment Other investing activities Net cash by investing activities [ Free cash flow ( oparating net cash + investing net cash ) ] [ 53.4 ] [ 51.8 ] Net cash by financing activities Effect of exchange rate Net increase in cash and equivalents Cash and equivalents at end of period II. FY8/3 Forecast 11

7 FY8/3 Performance Forecast Increase of value-added product increase profit. FY7/3 FY8/3 Forecast Comparison with last year (billions of yen) Change Change(%) Excluding Forex Impact(%) Net sales (Japan) 1,2.2 1, % +3.8% (Overseas) 1,66.6 1, % +12.8% Total 2,68.9 2, % +8.4% Gross profit % Percentage of net sales 41.7% 41.8% - - Operating income % Percentage of net sales 8.4% 8.7% - - Income before income taxes % Percentage of net sales 8.4% 8.5% - - Income from continuing operations % Percentage of net sales 5.1% 5.2% - - Net income % Percentage of net sales 5.4% 5.2% - - EPS (Yen) Exchange rate US $ (Yen) Euro FY8/3 Sales forecast Color MFP & printer expansion leads the growth in all areas. By Category (billions of Yen) 2, Change(without forex) 2,25. Total +8.8%(+8.4%) Other Businesses +4.6%(+4.5%) Industry Business +7.4%(+7.%) By Area (billions of Yen) 2,68.9 1,33 5,71 1,443 5,787 Change(without forex) 2,25. Total +8.8%(+8.4%) Others +8.4%(+8.4%) Europe +14.1%(+1.8%) 1,58.1 FY7/3 1,737.3 FY8/3 Forecast Network System Solutions +3.4%(+3.3%) Imaging Solution +9.9%(+9.6%) Office Solution Business +9.2%(+8.9%) Japan +3.1% (+3.1%) Overseas +14.1% (+13.5%) 4,264 4,87 1,22 1,4 FY7/3 FY8/3 Forecast The Americas +14.2%(+16.5%) Overseas +13.4%(+12.8%) Japan +3.8%(+3.8%) Overseas ratio 51.6% 53.8% 13

8 FY8/3: Comparison with FY7/3 Value-added product increase boost up profit. Income before income tax (billions of Yen) Gross Profit items SG&A items Other Sales, etc Cost down, etc Forex R&D Expenses Forex Other expenses 192. FY7/3 FY8/3 Forecast 14 III. Appendix 15

9 FY7/3 Q4 P/L : Comparison with FY6/3 Q4 Profit increased by increase of Color MFP & LBP FY6/3 FY7/3 Q4 Comparison FY7/3 Q4 Comparison with last year Latest('7/1) with latest Excluding Forex (billions of yen) Q4 Forecast Results forcast Change Change(%) Impact(%) Net sales (Japan) % +5.4% (Overseas) % +11.% Total % +8.2% Gross profit % Percentage of net sales 4.6% 4.2% 4.8% Operating income % Percentage of net sales 9.2% 8.7% 9.1% Income before income taxes % Percentage of net sales 9.2% 8.2% 8.9% Income from continuing operations % Percentage of net sales 6.% 4.2% 4.9% Net income % Percentage of net sales 6.1% 4.2% 4.9% EPS (Yen) Exchange rate US $ (Yen) Euro FY7/3 Q4 Sales : Comparison with FY6/3 Q4 Color MFP and printer grew. Grew in all category and all areas. By Category (billions of Yen) Change(without forex) Total +11.9%(+8.2%) Other Businesses +3.%(+2.2%) Industry Business +6.5%(+4.6%) Network System Solutions +4.%(+3.5%) Imaging Solution +14.5%(+9.8%) Product ratio in Imaging 6/3 Q4 7/3 Q4 Copier 82% 81% Printer By Area (billions of Yen) Change(without forex) Total +11.9%(+8.2%) Others +9.2%(+3.4%) Europe +27.5%(+15.2%) The Americas +11.2%(+8.7%) Overseas +18.5%(+11.%) Japan +5.4%(+5.4%) FY6/3 Q4 FY7/3 Q4 Office Solution Business +13.1%(+9.%) Japan +5.8%(+5.8%) Overseas +19.5%(+11.8%) FY6/3 Q4 FY7/3 Q4 Overseas ratio 49.6% 52.6% 17

10 FY7/3 Q4 : Comparison with FY6/3 Q4 Value-added product increase, cost down and forex increased profit. Income before income tax (billions of Yen) Gross Profit items SG&A items Other Sales, etc Cost down, etc Others Forex R&D Expenses Forex Other expenses 51.4 FY6/3 Q4 FY7/3 Q4 18 FY7/3 Q4 Business Segment Office Solution : Increase of Color MFP & printer increased profit. Industry : Going steady and increased profit. Office Solution Business Industry Business Other Businesses 13.8% 12.9% -.1% 4.% 1.7%.1% FY6/3 Q4 FY7/3 Q4 FY6/3 Q4 FY7/3 Q4 FY6/3 Q4 FY7/3 Q4 1 5 Left bar: Sales (billions of yen) Right bar: Operating income (billions of yen) 19

11 FY7/3 Q4 Geographic Segment Value-added products increased margin in Japan, Americas & Europe. Japan Europe % % % % 9.9% Left bar: Sales (billions of Yen) Right bar: Operating income (billions of Yen) The Americas % 7.3% FY6/3 Q4 FY7/3 Q4 FY6/3 Q4 FY7/3 Q4 Others 5.% FY6/3 Q4 FY7/3 Q4 FY6/3 Q4 FY7/3 Q4 2 < Appendix > Establishment of printing systems company Overview (Released on January 25, 27) > Announced the establishment of new printing systems company InfoPrint Solutions Company in the 2nd quarter of 27 > The company is based on IBM Printing Systems Division > Ricoh will acquire 51% of the company, progressively acquire remaining 49% over next 3 years > Payment of transaction: $725 million > Sales: approximately $1 billion (sales of IBM printing division in 26) > No effect for FY7/3 result. The forecast of FY8/3 including the influence of this transaction ( JV establishment on track ). Strategy > Expansion of Production printing business > Provide higher customer value by the collaboration between Ricoh and IBM 21

12 < Appendix > Discontinued operation - Decided the sale of content distribution business in April, 26 (disclosed on the financial results release for fiscal March 26) >Sale completed on May 31, 26 >Sales price: 12. billion >Recognized income from discontinued operation as 5.5 billion, net of tax (including income from the sale) Notes: >P/L Excluding discontinued operation from sales, cost of sales, SG&A, other expenses, tax and others. Disclosing income from discontinued operation, net of tax. >Comparison with corresponding period last fiscal year Excluding discontinued operation of sales, cost of sales, SG&A, other expenses, tax and others from the results of corresponding period last fiscal year. 22 Appendix of FY7/3 Results (1) Products ratio on Imaging Solutions category FY6/3 FY7/3 Full year Full year 82% 82% 81% 82% 81% 81% 83% 81% 82% 82% 11% 11% 12% 12% 12% 14% 11% 13% 13% 13% 7% 7% 7% 6% 7% 6% 6% 6% 5% 5% (by sales) Color ratio FY6/3 FY7/3 Full year Full year Japan 44% 42% 49% 44% 44% 51% 5% 57% 5% 52% Copier Overseas 25% 32% 34% 34% 32% 3% 37% 38% 37% 36% Total 32% 35% 39% 37% 36% 36% 41% 43% 41% 4% Japan 21% 25% 31% 21% 24% 23% 21% 23% 3% 24% Printer Overseas 57% 57% 5% 51% 53% 53% 51% 63% 57% 57% Total 34% 35% 38% 3% 35% 32% 34% 4% 41% 37% (value base by sales of machine) Overseas production ratio FY6/3 FY7/3 Copier 7% 7% LP 75% 75% (by units) Impact of forex rates US$ EURO Impact of forex rates per yen On Sales 3.2 billion yen / year 3. billion yen / year On Income before income taxes 1. billion yen / year 1.2 billion yen / year 23

13 Appendix of FY7/3 Results (2) FY8/3 FY6/3 FY7/3 (billions of yen) forecast Sales 1, , ,938.3 Office OP Solution OP Margin 12.4% 12.7% 12.9% Sales Industry OP OP Margin -.7% 2.1% 3.% Sales Others OP OP Margin 1.8% 1.4% 1.5% Total Sales 1,99.2 2,68.9 2,25. include corporate OP & elimination OP Margin 7.8% 8.4% 8.7% *Intersegment sales excluded CAPEX, Depreciation & Amortization, R&D FY6/3 FY7/3 FY8/3 (billions of yen) forecast Free cash low *Expenditure for the establishment of InfoPrint Solutions Company excluded FY6/3 FY7/3 FY7/3 (billions of yen) Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year forecast R&D %Sales 5.7% 6.3% 5.7% 5.5% 5.8% 5.2% 6.2% 5.5% 5.3% 5.6% 5.7% CAPEX Depreciation &Amotization Calculation information where the equity method applied to Ricoh s leasing subsidiary : Comparison with FY6/3 Consolidated Statement of Income FY6/3 FY7/3 (diff.) Net sales 1, , Gross profit Operating income Income before income taxe Net income (billions of yen) Key financial Ratios FY6/3 FY7/3 (diff.) Return on assets 8.1% 8.7% +.6pt Return on equity 1.6% 11.% +.4pt Equity ratio 54.9% 55.3% +.4pt Debt/Total assets 9.2% 9.8% +.6pt Debt/Equity 16.7% 17.7% +.9pt Total assets turnover Consolidated Balance Sheet As of As of Mar. 31, 6 Mar. 31, 7 As of As of Mar. 31, 6 Mar. 31, 7 (diff.) (diff.) Cash and cash equivalen Short-term borrowings Other current assets Other current liabilities Current assets 1,25.4 1, Current liabilities Finance recievable Long term-borrowings Other fixed assets Other fixed liabilities Fixed assets Fixed liabilities Minority interest Shareholders' investment Total Assets 1,749. 1, Total Liabilities and 1,749. 1, Shareholders' investment Total debt (billions of yen) 25

14 < Appendix > FY8/3 Q1 Performance Forecast FY7/3 Q1 FY8/3 Q1 Forecast Comparison with last year (billions of yen) Change Change(%) Excluding Forex Impact(%) Net sales (Japan) % +4.% (Overseas) % +4.3% Total % +4.2% Gross profit % Percentage of net sales 41.8% 41.6% - - Operating income % Percentage of net sales 8.4% 8.2% - - Income before income taxes % Percentage of net sales 8.% 8.% - - Income from continuing operations % Percentage of net sales 4.9% 4.9% - - Net income % Percentage of net sales 6.% 4.9% - - EPS (Yen) Exchange rate US $ (Yen) Euro < Appendix > FY8/3 1H Performance Forecast FY7/3 FY8/3 1H Comparison with last year Excluding Forex (billions of yen) 1H Forecast Change Change(%) Impact(%) Net sales (Japan) % +3.6% (Overseas) % +6.8% Total , % +5.2% Gross profit % Percentage of net sales 41.3% 41.5% - - Operating income % Percentage of net sales 7.4% 7.5% - - Income before income taxes % Percentage of net sales 7.5% 7.3% - - Income from continuing operations % Percentage of net sales 4.7% 4.4% - - Net income % Percentage of net sales 5.3% 4.4% - - EPS (Yen) Exchange rate US $ (Yen) Euro

15 < Appendix > Financial Indexes Dividend Consolidated Payout Ratio ( Dividend per share / EPS ) 14.% EPS (Yen) % % % % 2.6%(forecast) 16.28(forecast) Financial Indexes Operating income on sales 12.6% 11.2% 1.% 8.4% 7.7% 7.5% 7.7% 7.1% 6.6% ROE 11.% 1.6% 8.4% 7.9% 7.8% 8.1% Income before Tax on total assets %(forecast) 8.7%(forecast) 8.3%(forecast) 117. (forecast) (forecast) Net profit (billions of yen) FY3/3 FY4/3 FY5/3 FY6/3 FY7/3 FY8/3 (forecast) FY3/3 FY4/3 FY5/3 FY6/3 FY7/3 FY8/3 (forecast) Dividend per share (Yen) 28