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Table of contents

  • Page 1

  • Page 2
    ...www.ricoh.com/csr/ • Social contribution http://www.ricoh.com/about/csr/soc_harmony/index.html • Information security http://www.ricoh.com/about/security/index.html Ricoh Group Main Brands The Ricoh Group provides products and services under the following brand names. R 1 ANNUAL REPORT 2009

  • Page 3
    Corporate Profile Ricoh Company, Ltd., is a leading global manufacturer of office automation equipment. Our lineup includes copiers, multifunctional and other printers, facsimiles, personal computers, and related supplies and services, as well as digital cameras and advanced electronic devices. We ...

  • Page 4
    ... sales performance of Imaging and Solutions, although printer sales grew, driven by enhanced sales networks and expanded printer business operations. The Industrial Products and the Other segments also posted slower sales in tougher economic conditions. Geographically, the Group's sales in Japan...

  • Page 5
    ... Mid-Term Management Plan The Ricoh Group aims to help customers improve their business processes and productivity through its core Imaging and Solutions business. To this end, we have been working to change the business structure of our Imaging and Solutions whereby we will not merely manufacture...

  • Page 6
    ... profit. (building a strong global RICOH brand), the Ricoh Group has been operating its business aggressively as a leader in office equipment evolution in our advancing information society and as a reliable supporter of productivity improvement and knowledge creation for our customers. Going...

  • Page 7
    ...and Chief Executive Officer To O u r S h a r e h o l d e r s a n d C u s t o m e r s ANNUAL REPORT 2009 RICOH Milestones Creating New Customer Value Progress of the 16th MTP Fiscal 2009 Highlights To Our Shareholders and Customers 6 Financial Section Corporate Social Responsibility Sustainable...

  • Page 8
    ...000 B 111.7 100 938.3 74.5 500 83.1 50 6.5 0 Network System Solutions 234.4 (11.2%) Imaging Solutions 1,598.6 (76.4%) 0 A C D 2005 2006 2007 2008 2009 (FY) Net income per share, dividends, and consolidated dividend payout ratio Ricoh announced an annual dividend declared of 33.0 yen...

  • Page 9
    ...7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 2005 2006 2007 2008 2009 ANNUAL REPORT 2009 8 Financial Section 0 Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones -96.0 -120.0 -115.4 Creating New Customer Value Progress of the 16th MTP 1,070.9 1,080...

  • Page 10
    ... Main products Imaging Solutions: digital copiers, color copiers, multifunctional printers (MFPs), printers, analog copiers, digital duplicators, facsimiles, diazo copiers, scanners, other equipment, supplies, maintenance services, software, etc. Network System Solutions: personal computers, servers...

  • Page 11
    ...of Network System Solutions sales, although they were included in Imaging Solutions in previous reporting. The effect of this reclassification was 17.7 billion yen. Launch of color production printer In fiscal 2009, we introduced a string of new models in the RICOH Pro Series into markets worldwide...

  • Page 12
    Progress of the 16th Mid-Term Management Plan (MTP) Building a strong global brand by creating new customer value Becoming a partner in creating a more efficient office environment, with our innovative products and services representing Ricoh Value Never be afraid of change. Aggressive ...

  • Page 13
    ... Corporate Social Responsibility Sustainable Environmental Management â- Creation of new customer value based on existing businesses RICOH Milestones In the production printing business, another key component of new growth, we introduced the Ricoh Pro C900 to the market in 2008. The product...

  • Page 14
    ... Sales company impact through lifecycle management. User of recycling materials We use the "Comet Circle" as the guiding Parts Materials Product recovery recovery concept for this purpose. Operations User recovery center company center within the inner loops of the Circle involve Thermal...

  • Page 15
    ... users." Ricoh ranked highest in customer satisfaction with digital color multifunctional printers for the second consecutive year in the 2008 Japan Copier/Multifunction Product Customer Satisfaction Study by J.D. Power Asia Pacific. Also, the result of a survey of compact digital camera customer...

  • Page 16
    ... chain and back office systems, in the future. Furthermore, IKON's strong sales infrastructure, experience, and expertise in printing and other outsourcing services, as well as sales and services of production printing, are expected to contribute powerfully to Ricoh's growth. 15 ANNUAL REPORT 2009

  • Page 17
    ...) (previous: â,¬1=Â¥155) Forex assumptions: $1=Â¥90 â,¬1=Â¥120 ANNUAL REPORT 2009 16 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones Creating New Customer Value Progress of the 16th MTP Fiscal 2009 Highlights To Our Shareholders and...

  • Page 18
    ... to customers, aiming for TCO reduction and productivity improvement. â- Example @Remote for Web-based output device management Color products lineup (examples) (Print speed) High Automatic service call notification (alarm, breakdown reporting, toner ordering, etc.) Ricoh Internet Services by...

  • Page 19
    ...Support for effective use of MFPs Corporate Social Responsibility An example of Managed Print Service (MPS) Sustainable Environmental Management based on its internal efforts and experience, supports customers' efforts to achieve efficient document-related operations; and the Document Processing...

  • Page 20
    ... wherein network devices and applications share basic architectures to enable the smooth use and management of data by our customers. 2006- present Compact and highly productive A4- Ricoh's first color laser size multifunctional color laser copier printer *4 Aficio...

  • Page 21
    ... Management RICOH Milestones Creating New Customer Value 1981 1983 1985 1986 1987 Begins marketing Ricoh brand dry PPCs in Europe and North America Establishes a manufacturing subsidiary in the U.K., named Ricoh UK Products Ltd. Establishes Gotemba Plant in Japan Establishes Ricoh Research...

  • Page 22
    ... production process, the new model generates waste water and solvents easier to recycle compared with previous types, thus allowing resource savings as well. Toner fusing temperature (compared to other Ricoh products) (°C) 200 190 180 170 160 150 140 130 120 Particles of previous toner New color...

  • Page 23
    ..."live offices." Starting in Japan, live offices now operate in more than 70 locations including those outside the country. One example is Ricoh Asia Pacific Pte. Ltd., which is a regional headquarter subsidiary in the Asia region; it has been supporting an increasing number of customers in creating...

  • Page 24
    ... market Corporate image the Ricoh Group wants to create Reliable and attractive worldwide company Sustainable society Areas of CSR initiatives Ricoh Group • Setting high goals and striving to achieve them Improving corporate value Goals Customers Endeavors to create...

  • Page 25
    ...the Group. â- As part of Ricoh's whistle-blowing system, a "Hot Line" system was established as a contact point for employees wishing to seek counsel. To further develop and upgrade its CSR activities, the Ricoh Group-based on its Management Philosophy and Business Plan-explores social issues from...

  • Page 26
    ... To become a truly global brand, Ricoh is working hard to establish human resources management that focuses on and values diversity. We regularly conduct awareness surveys for employees in Japan, Europe, the Americas, China and Asia Pacific, and, based on these results, make continuous efforts to...

  • Page 27
    ...Social Responsibility , Ricoh s Global Network Senior Management Corporate Data 27 33 35 37 38 39 40 71 72 74 76 77 78 ANNUAL REPORT 2009 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH RICOH Milestones Milestones Creating Creating New New Customer...

  • Page 28
    ...As a result, income before income taxes decreased by Net sales in the Industrial Products segment decreased by 19.9% from the previous corresponding period, to ¥115.5 billion($1,167 million). Sales of thermal media, semiconductor devices and electronic components decreased. 27 ANNUAL REPORT 2009

  • Page 29
    .... Ricoh strengthen its sales structures in order to provide the best solutions to meet the diverse range of customer needs for color, networking and high-speed products. As a result sales of color MFPs and printers exceeded the last fiscal year's level. As a result, overall sales in the Americas...

  • Page 30
    ... of digital and networking equipment with new engines, toners, semiconductors and thermal media. For example, during fiscal year 2010, Ricoh plans to complete the construction of a manufacturing plant in Thailand for MFPs and laser printers to reinforce its manufacturing network in Asia. Ricoh...

  • Page 31
    ...-% - Receive floating /Pay fixed 1 Receive fixed /Pay fixed 6.00 1.23% 1.09 -% 6.00 ¥ 267,800 18,000 ¥ 98 ¥ 15,000 ¥ 54,000 ¥ 52,300 ¥ 25,000 ¥ 58,000 ¥63,500 10,000 8,000 ¥ - ¥ 98 ¥ 73 392 ¥ (39) ANNUAL REPORT 2009 RICOH Milestones Creating New Customer Value Bonds Convertible...

  • Page 32
    ...exposed to equity price risk. In order to manage these risks that arise in the normal course of business, Ricoh enters into various hedging transactions pursuant to its policies and procedures covering such areas as counterparty exposure and hedging practices. Ricoh does not hold or issue derivative...

  • Page 33
    ... for market risk sensitive. Year Ended March 31, 2008 Millions of Yen Cost Fair Value Cost Millions of Yen Fair Value 2009 Thousand of U.S. Dollars Cost Fair Value ANNUAL REPORT 2009 32 Financial Section Corporate Social Responsibility Sustainable Environmental Management Debt Securities...

  • Page 34
    ... Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31 2000 2001 2002 For the Year: Net sales ¥1,447,157 Cost of sales 867,148 Selling, general and administrative expenses 491,088 70,393 Income from continuing operations before income taxes, minority interests and equity...

  • Page 35
    ...78 ANNUAL REPORT 2009 34 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones...838 5,145,485 9,852,252 4,428,030 Creating New Customer Value Progress of the 16th MTP ¥1,732,...,026 174,519 64,326 106,224 5,500 111,724 ¥2,219,989 1,292,262 746...

  • Page 36
    ... Sheets Ricoh Company, Ltd. and Consolidated Subsidiaries March 31, 2008 and 2009 ASSETS Current assets: Cash and cash equivalents Time deposits Trade receivables: Notes Accounts Less- Allowance for doubtful receivables Current maturities of long-term finance receivables, net Inventories: Finished...

  • Page 37
    ...17) Total shareholders' investment Total 1,080,196 ¥2,214,368 975,373 ¥2,513,495 9,852,252 $ 25,388,838 ANNUAL REPORT 2009 36 Financial Section Corporate Social Responsibility Sustainable Environmental Management Common stock; Authorized - 1,500,000,000 shares in 2008 and 2009 Issued and...

  • Page 38
    Consolidated Statements of Income Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2007, 2008 and 2009 2007 Millions of Yen 2008 2009 Thousands of U.S. Dollars 2009 Net sales: Products Post sales and rentals Other revenue Total ¥1,189,548 768,965 110,412 2,068,...

  • Page 39
    ... of these statements. ANNUAL REPORT 2009 Financial Section Corporate Social Responsibility Thousands of U.S. Dollars Sustainable Environmental Management RICOH Milestones ¥186,448 - 186,448 (365) ¥835,238 (643) 834,595 (80) (25,320) ¥(31,005) (6) Creating New Customer Value Progress of...

  • Page 40
    ... time deposits Proceeds from sales of discontinued operations Purchase of business, net of cash acquired Other, net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term indebtedness Repayment of long-term indebtedness (Decrease) increase in short-term...

  • Page 41
    ... in 1936 and is headquartered in Tokyo, Japan. The Company and its consolidated subsidiaries ("Ricoh" as a consolidated group) is a world-wide supplier of office automation equipment, including copiers, facsimile machines, data processing systems, printers and related supplies. Ricoh is also well...

  • Page 42
    ... for Doubtful Trade Receivables and Finance Receivables Ricoh records allowances for doubtful receivables that are based upon historical experience and specific customer collection issues. The estimated amount of probable credit losses in its existing 41 ANNUAL REPORT 2009 Buildings Machinery and...

  • Page 43
    ...a tax return. Ricoh recognizes interest and penalties related to unrecognized tax benefits in provision for ANNUAL REPORT 2009 42 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones Creating New Customer Value The related future minimum lease...

  • Page 44
    ... quarter of the fiscal year ended March 31, 2007. The Company and some of its domestic consolidated subsidiaries previously set the residual value of tangible fixed assets at 5% of acquisition cost in principle using the standards provided in the Corporate Tax Law. However, based on an evaluation of...

  • Page 45
    ...employer's defined benefit pension or other postretirement plan. FSP FAS 132(R)-1 is effective for fiscal years ending after December 15, 2009 and will be adopted by Ricoh in the first quarter beginning April 1, 2010. Ricoh will present the required disclosures Creating New Customer Value Progress...

  • Page 46
    ...), including transaction costs. This acquisition was financed with bank loans. IKON supplies and services a wide range of office equipment, such as MFPs, fax machines and printers, in the North America and the Western European markets. With this acquisition, Ricoh aims to strengthen and broaden...

  • Page 47
    ... operations Provision for income taxes Income from discontinued operations, net of tax ¥1,487 866 8,830 4,196 ¥5,500 ANNUAL REPORT 2009 46 Financial Section Corporate Social Responsibility Sustainable Environmental Management Identifiable intangible assets of InfoPrint Solutions Company...

  • Page 48
    ...524,141 Ricoh Leasing Company, Ltd. has also extended certain other types of loans as part of its business activity, which are primarily residential housing loans to current or former employees and private individuals in Japan secured by the underlying real estate properties. Loan terms range from...

  • Page 49
    ...more past due Net credit losses Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones U.S. Dollars 2009 Creating New Customer Value The hypothetical scenario does not reflect expected market conditions and should not be used as a prediction of future performance...

  • Page 50
    ... $4,970 $1,101 $22,667 $5,960 Ricoh judged the decline in fair value of investment securities at yearend to be temporary, with considering such factors as financial and operating conditions of issuer, the industry in which the issuer operates and other relevant factors. 49 ANNUAL REPORT 2009

  • Page 51
    ... of Millions of Yen Operations 2007 2008 2009 U.S. Dollars 2009 Sustainable Environmental Management Liabilities and shareholders' investment: Current liabilities Other liabilities Shareholders' investment RICOH Milestones Creating New Customer Value 7. INVESTMENTS IN AND ADVANCES TO...

  • Page 52
    ...,687) (300,939) (85,869) (1,081,495) $ 599,677 818,929 237,091 1,655,697 12,242 $1,667,939 Gross carrying amount of trademarks and customer relationships increased during the year ended March 31, 2009 mainly due to the acquisition of IKON Office Solutions, Inc. 51 ANNUAL REPORT 2009

  • Page 53
    ...,818 Thousands of Millions of Yen 2007 2008 2009 U.S. Dollars 2009 Provision for income taxes relating to continuing operations Provision for income taxes relating to discontinued operations Shareholders' investment: Foreign currency translation adjustments Unrealized gains (losses) on securities...

  • Page 54
    ... 41%. The normal statutory tax rate differs from the effective tax rate for the years ended March 31, 2007, 2008 and 2009 as a result of the following: 2007 2008 2009 Normal statutory tax rate Nondeductible expenses and tax-exempt income Tax benefits not recognized on operating losses of certain...

  • Page 55
    ... and United Kingdom, Ricoh is no longer subject to income tax examinations by tax authorities for fiscal years before 2006 with few exceptions. RICOH Milestones Creating New Customer Value Progress of the 16th MTP Beginning balance Additions due to acquisition Additions for tax positions of...

  • Page 56
    ... and 2009, respectively. The Company and certain of its subsidiaries enter into the contracts with financial institutions regarding lines of credit and overdrawing. Those same financial institutions hold the issuing programs of commercial paper and medium-term notes. Ricoh had aggregate lines of...

  • Page 57
    ...resulted in adjustments to decrease retained earnings by ¥ 643 million, and increase other comprehensive loss by ¥ 6 million as of April 1, 2008. RICOH Milestones 56 ANNUAL REPORT 2009 Financial Section Corporate Social Responsibility Sustainable Environmental Management Creating New Customer...

  • Page 58
    ... Partial withdrawal of plan assets Settlement Benefits paid Foreign exchange impact Plan assets acquired in connection with business acquisition Fair value of plan assets at end of year Funded status Net amounts recognized in the consolidated balance sheet as of March 31, 2008 and 2009 consist of...

  • Page 59
    ...Foreign plans 2009 Weighted-average assumptions used to determine the net periodic benefit cost for the years ended March 31, 2007, 2008 and 2009 are as follows: Domestic plans 2007 2008 2009 2007 Foreign plans 2008 2009 Discount rate Rate of compensation increase Expected long-term return on plan...

  • Page 60
    ... 2009. Ricoh's investment policies and strategies for the pension benefits do not use target allocations for the individual asset categories. Ricoh's investment goals are to maximize returns subject to specific risk management policies. Its risk management policies permit investments in mutual funds...

  • Page 61
    ...Pension liability adjustments: Unrealized holding gains (losses) arising during the year Less- Reclassification adjustment... ANNUAL REPORT 2009 60 Financial Section Corporate Social Responsibility 10,440 (10,806) (366) Sustainable Environmental Management RICOH Milestones Creating New Customer...

  • Page 62
    ... Total accumulated other comprehensive income (loss) Beginning balance Adjustment to apply measurement date provisions of SAFS No.158 Adjusted beginning balance Change during the year Adjustment to initially apply SFAS 158 Ending balance 61 ANNUAL REPORT 2009 ¥ 2,657 24,774 ¥27,431 ¥ 8,928 73...

  • Page 63
    ... 62 Foreign Exchange Risk Management Ricoh conducts business on a global basis and holds assets and liabilities denominated in foreign currencies. Ricoh enters into foreign exchange contracts and foreign currency options to hedge ANNUAL REPORT 2009 Corporate Social Responsibility Sustainable...

  • Page 64
    ... tables: March 31, 2009 Millions of Yen Thousands of U.S. Dollars Interest rate swap agreements Foreign currency contracts Foreign currency options ¥298,665 110,196 30,744 $3,016,818 1,113,091 310,545 The location and fair value amounts of derivatives in consolidated balance sheet are shown in...

  • Page 65
    ... (570) $ 2,939 (31,030) (5,758) ¥ (3,351) $ (33,849) ANNUAL REPORT 2009 64 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones Location Amount Creating New Customer Value Location Amount Progress of the 16th MTP ¥ (165) ¥ (13...

  • Page 66
    ... lease agreements for office space and machinery and equipment. The minimum rental payments required under operating lease that have lease terms in excess of one year as of March 31, 2009 are as follows: Years ending March 31 Millions of Yen Thousands of U.S. Dollars 2010 2011 2012 2013 2014 2015...

  • Page 67
    ... - Thousands of Dollars March 31, 2009 Level 2 Level 3 13,727 13,727 68,960 68,960 43,364 43,364 - Total 462,232 13,727 43,364 519,323 68,960 68,960 ANNUAL REPORT 2009 Financial Section Sustainable Environmental Management RICOH Milestones Creating New Customer Value Progress of the 16th MTP...

  • Page 68
    ... summary of significant accounting policies, as discussed in Note 2. Ricoh's operating segments are comprised of Imaging & Solutions, including copiers and related supplies, communications and information systems, Industrial Products, including thermal media and semiconductors, and Other, including...

  • Page 69
    ... consist primarily of cash and cash equivalents and marketable securities maintained for general corporate purposes. Sales which are attributed to countries based on location of customers and long-lived assets by location for the years ended March 31, 2007, 2008 and 2009 are as follows: Millions of...

  • Page 70
    ... profit Consolidated Other expenses income (expenses) Income from continuing operations before income taxes, Iminority interests and equity in earnings of affiliates Total assets: Japan The Americas Europe Other Elimination Corporate assets Consolidated ¥ Millions of Yen 2008 2009 ¥1,026...

  • Page 71
    ... 22, 2009 April 22, 2014 1.473% per annum To redeem CP (commercial paper) ANNUAL REPORT 2009 70 Financial Section Corporate Social Responsibility Sustainable Environmental Management RICOH Milestones Creating New Customer Value Progress of the 16th MTP 2007 2009 Fiscal 2009 Highlights To...

  • Page 72
    ...consolidated financial statements of the Company as of and for the year ended March 31, 2009. Ricoh's management assessed the effectiveness of Ricoh's internal control over financial reporting as of March 31, 2009. In making this assessment, management used the criteria set forth by the Committee of...

  • Page 73
    ... Firm To Our Shareholders and Customers ANNUAL REPORT 2009 72 The Board of Directors and Shareholders of Ricoh Company, Ltd.: We have audited the accompanying consolidated balance sheets of Ricoh Company, Ltd. (a Japanese corporation) and subsidiaries as of March 31, 2009 and 2008, and the...

  • Page 74
    ... over financial reporting of Ricoh Company, Ltd. also excluded an evaluation of the internal control over financial reporting of IKON Office Solutions, Inc. The accompanying consolidated financial statements as of and for the year ended March 31, 2009 have been translated into United States dollars...

  • Page 75
    ... activities, implementation of which we believe to be as significant as our business operations. Ricoh's management philosophy was formally introduced in 1986 based on the Company's corporate philosophy in order to establish and nurture the corporate culture and system so that survival in a time...

  • Page 76
    ... the environment. 5. Every company in the Ricoh Group, and all employees of each company, will seek to implement technological innovations that reflect environmental concerns and will participate in ongoing activities to preserve the environment. Ricoh Group Code of Conduct 75 ANNUAL REPORT 2009

  • Page 77
    ...Hong Kong Ltd. Ricoh Asia Pacific Operations Ltd. Ricoh International Logistics (H.K.) Ltd. India Ricoh India Limited Malaysia Ricoh (Malaysia) Sdn. Bhd. New Zealand Ricoh New Zealand Limited Philippines Ricoh (Philippines), Inc. Singapore Ricoh Asia Pacific Pte Ltd. Ricoh Printing Systems Singapore...

  • Page 78
    ... As of June 25,2009 Board of Directors Representative Directors Masamitsu Sakurai (Chairman of the board) Shiro Kondo Executive Officers Chairman Masamitsu Sakurai Group Executive Officers Kazuo Togashi Shiroh Sasaki Sadahiro Arikawa Hiroshi Tsuruga Kohji Sawa Yoshihiro Niimura Michel De...

  • Page 79
    ...Corporate Headquarters Ricoh Building, 8-13-1 Ginza, Chuo-ku, Tokyo 104-8222 Japan Tel: +81-3-6278-2111 Fax: +81-3-6278-2997 Date of Establishment February 6, 1936 Number of Shares Authorized 1,500,000,000 shares Number of Shares Issued (as of March 31, 2009) 744,912,078 shares Stock Listings Tokyo...

  • Page 80
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    ... your comments and thoughts about Ricoh Group's Annual Report As a company that values the trust that society places in it, the Ricoh Group is committed to providing its stakeholders with corporate information that is appropriate, accurate and delivered in a timely manner. Your comments and thoughts...

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    ...) 2. Financial highlights 3. Highlights by product line 4. Progress of the 16th Mid-Term Management Plan (interview with the management) 5. Creating new customer value 6. RICOH milestones 7. Sustainable environmental management 8. Corporate social responsibility 9. Financial section 2"SFUIFSF...