Ricoh 2003 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2003 Ricoh annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 59

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59

1
RECORD RESULTS
Fiscal 2003 was another banner year for Ricoh, one in which we boosted net sales for the ninth
straight year and net income for the 11th consecutive term . Both figures were record highs, and
owed m uch to the release of color multifunctional printers ( MFPs) and high-speed m ono-
chrome MFPs. Our results also benefited from very successful rollouts of laser printers in Japan
and overseas that deliver color at speeds and prices com parable to those of monochrom e
machines. Another key factor was printing solutions, in which we drew on our global sales and
support structure to optim ize total printing costs and increase the number of m ajor accounts
around the world.
Performance in Depth
Net sales rose 3.9%, to a record ¥1,738.3 billion ( $14,732 million) . This was the ninth consecu-
tive rise. The increase would have been 2.7% without fluctuations in foreign exchange rates.
We again encountered tough going in Japan owing to a generally bleak local economic pic-
ture, although we were able to lim it the decline in revenues by increasing sales of such printing
systems as MFPs and laser printers. We also generated greater solutions business sales, notably
for useware and document management offerings. At the same time, demand was lower for
analog m achines, personal computers, servers, and m easurement equipment. As a result,
domestic sales were off 0.7%, to ¥896.0 billion ( $7,593 million) . This represented 51.5% of net
sales, down 2.5 percentage points.
The situation was much brighter internationally. Overseas sales increased 9.4%, to ¥842.3
billion ( $7,138 million) . Sales advanced solidly for core digital equipment, while sales of print-
ing systems were up significantly in Europe and the United States. Sales were favorable for opti-
cal disc and sem iconductor operations. Without the foreign exchange effect, overseas sales
would have gained 6.8%. These sales represented 48.5% of net sales, up 2.5 percentage points.
Operating incom e was up 3.1%, to ¥133.6 billion ( $1,133 m illion) . High-margin models
and cost-cutting initiatives contributed m uch to this rise.
Net incom e gained 17.7%, to ¥72.5 billion ( $615 m illion) , another record high. Basic net incom e
per share increased 13.1%, to ¥99.79 ( $0.85) . Fully diluted net income per share was up 17.4%,
to ¥96.81 ( $0.82) . Return on shareholders’ investment was 11.2%, from 10.4% in fiscal 2002.
TOOUR SHAREHOLDERS AND CUSTOM ERS
NET SALES AND RETURN ON SALES
( Billions of Yen, %)
* See Note 1 on inside front cover.
NET INCOM E
( Billions of Yen)