Ricoh : Securities Reports updated

Annual Securities Report

(The 124th Business Term)

From April 1, 2023 to March 31, 2024

3-6, Nakamagome 1-chome,Ohta-ku, Tokyo

Ricoh Company, Ltd.

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[Cover]
[Document Filed]	Annual Securities Report ("Yukashoken Houkokusho")
[Applicable Law]	Article 24, Paragraph 1 of the Financial Instruments and Exchange Act of
	Japan
[Filed to]	Director, Kanto Local Finance Bureau
[Filing Date]	June 21, 2024
[Fiscal Year]	The 124th Business Term (from April 1, 2023 to March 31, 2024)
[Company Name]	Kabushiki Kaisha Ricoh
[Company Name in English]	Ricoh Company, Ltd.
[Title and Name of	Akira Oyama
Representative]	Representative Director, President, Chief Executive Officer
[Address of Head Office]	3-6, Nakamagome 1-chome,Ohta-ku, Tokyo
[Phone No.]	03-3777-8111
[Contact Person]	Takashi Kawaguchi, Executive Corporate Officer, Chief Financial Officer
[Contact Address]	3-6, Nakamagome 1-chome,Ohta-ku, Tokyo
[Phone No.]	03-3777-8111
[Contact Person]	Takashi Kawaguchi, Executive Corporate Officer, Chief Financial Officer
[Place Where Available for	Tokyo Stock Exchange, Inc.
Public Inspection]	(2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo)

This is an English translation of the Annual Securities Report filed with the Director of the Kanto Local Finance Bureau via Electronic Disclosure for Investors' NETwork ("EDINET") pursuant to the Financial Instruments and Exchange Act of Japan. The translation of the Independent Auditors' Report is included at the end of this document.

In this document, the term "Ricoh" refers to Ricoh Company, Ltd. and our consolidated subsidiaries or as the context may require, and the term "the Company" refers to Ricoh Company, Ltd. on a nonconsolidated basis. References in this document to the "Financial Instruments and Exchange Act" are to the Financial Instruments and Exchange Act of Japan and other laws and regulations amending and/or supplementing the Financial Instruments and Exchange Act of Japan. References in this document to the "Companies Act" are to the Companies Act of Japan and other laws and regulations amending and/or supplementing the Companies Act of Japan.

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	Contents
I. Overview of the Company	4
1.	Key Financial Data	4
2.	History	5
3.	Description of Business	8
4.	Information on Affiliates	12
5.	Employees	17
II.	Business Overview	20
1.	Management policies, Management enviorments and issues to be solved	20
2.	Our Approach and Efforts on Sustainability	28
3.	Business Risks	48
4.	Analysis of Consolidated Financial Position, Operating Results and Cash Flows	63
5.	Material Agreements, etc	74
6.	Research and Development	78
III. Property, Plant and Equipment	88
1.	Summary of Capital Investments, etc	88
2.	Major Property, Plants and Equipment	89
3.	Plans for Capital Investment, Disposals of Property, Plant and Equipment, etc	93
IV. Information on the Company	94
1.	Information on the Company's Stock, etc	94
2.	Information on Acquisition, etc. of Treasury Stock	103
3.	Dividend Policy	105
4.	Corporate Governance, etc	106
V.	Financial Information….............................................................................................................F-1

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1. OVERVIEW OF THE COMPANY 1. KEY FINANCIAL DATA Consolidated financial data, etc.

(Millions of yen, unless otherwise stated) IFRSs

Fiscal year	120th	121st	122nd	123rd	124th
business term	business term	business term	business term	business term
Year end	March 2020	March 2021	March 2022	March 2023	March 2024
Sales	2,008,580	1,682,069	1,758,587	2,134,180	2,348,987
Profit(loss) before income tax	75,891	(41,028)	44,388	81,308	68,202
expenses
Profit(loss) attributable to	39,546	(32,730)	30,371	54,367	44,176
owners of the parent
Comprehensive income(loss)
attributable to owners of the	6,949	21,897	90,733	100,564	136,057
parent
Equity attributable to owners	920,371	920,246	902,042	931,556	1,038,722
of the parent
Total assets	2,867,645	1,887,868	1,853,254	2,149,956	2,286,175
Equity per share attributable to	1,270.47	1,281.29	1,416.08	1,529.46	1,722.07
owners of the parent (yen)
Earnings(loss) per share
attributable to owners of the	54.58	(45.20)	45.35	88.13	72.58
parent, basic (yen)
Earnings(loss) per share
attributable to owners of the	54.58	(45.20)	45.34	88.10	72.55
parent, diluted (yen)
Equity attributable to owners of	32.10	48.75	48.67	43.33	45.43
the parent ratio (%)
Profit(loss) to equity
attributable to owners of the	4.27	(3.56)	3.33	5.93	4.48
parent ratio (%)
Price earnings ratio (times)	14.55	－	23.42	11.24	18.62
Net cash provided by operating	116,701	126,962	82,462	66,708	125,617
activities
Net cash used in investing	(164,591)	(63,559)	(59,355)	(133,939)	(97,822)
activities
Net cash provided by (used in)	75,757	(4,085)	(131,685)	35,454	(82,922)
financing activities
Cash and cash equivalents at	263,688	330,344	234,020	210,884	169,639
end of year
Number of employees	90,141	81,184	78,360	81,017	79,544

(Notes) 1. Ricoh's consolidated financial statements have been prepared in accordance with IFRS Accounting Standards.

2. Price earnings ratio are not shown because there were losses per share attributable to owners of the parent for the year 2021.

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2. HISTORY
February 1936	Riken Kankoshi Co., Ltd. is formed to manufacture and sell sensitized paper.
March 1938	The Company's name is changed to Riken Optical Co., Ltd. and starts manufacturing and
	selling optical devices and equipment.
May 1949	The Company lists its securities on the Tokyo and Osaka Stock Exchanges.
April 1954	The Company establishes an optical device and equipment plant in Ohmori, Ohta-ku,
	Tokyo (now known as the Head office).
May 1955	The Company begins manufacturing and selling desktop copiers.
May 1961	The Company establishes a sensitized paper plant in Ikeda, Osaka (now known as the
	Ikeda plant).
October 1961	The Company lists its securities on the First Section of each of the Tokyo and Osaka
	Stock Exchanges.
June 1962	The Company starts operations of a paper plant in Numazu, Shizuoka, which featured
	a fully-integrated sensitized paper production system (now known as the Numazu
	plant).
December 1962	The Company establishes Ricoh of America, Inc. (a subsidiary, now known as Ricoh
	USA, Inc.).
April 1963	The Company changes its corporate name to Ricoh Company, Ltd.
July 1967	The Company establishes Tohoku Ricoh Co., Ltd. in Shibata-gun, Miyagi.
May 1971	The Company completes its manufacturing facility in Atsugi, Kanagawa (now known
	as the Atsugi plant), to which it transfers some of its office equipment production
	from the Ohmori plant.
June 1971	The Company establishes Ricoh Nederland B.V. (a subsidiary, now known as Ricoh
	Europe Holdings B.V.) in the Netherlands.
January 1973	The Company establishes Ricoh Electronics, Inc. (a subsidiary) in the United States.
December 1976	The Company forms Ricoh Credit Co., Ltd. (an affiliate, now known as Ricoh Leasing
	Co., Ltd.).
December 1978	The Company establishes Ricoh Business Machines, Ltd. (a subsidiary, now known
	as Ricoh Hong Kong Ltd.).
March 1981	The Company builds the Ricoh Electronics Development Center at the Ikeda plant to
	develop and manufacture electronic devices.
May 1982	The Company establishes sensitized paper production facilities in Sakai, Fukui (now
	known as the Fukui plant).
December 1983	The Company establishes Ricoh UK Products Ltd. (a subsidiary).
October 1985	The Company builds a copier manufacturing plant in Gotemba, Shizuoka which takes
	over some of production from Atsugi plant.
April 1986	The Company opens a research and development ("R&D") facility in Yokohama,
	Kanagawa (now known as the Yokohama Nakamachidai office) in commemoration
	of the Company's 50th anniversary, to which it transfers some of its R&D operations
	from the Ohmori plant.
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April 1987	The Company establishes Ricoh Industrie France S.A. (a subsidiary, now known as
	Ricoh Industrie France S.A.S.).
January 1991	The Company establishes Ricoh Asia Industry (Shenzhen) Ltd. (a subsidiary) in
	China.
March 1995	Ricoh Corporation acquires Savin Corporation, an American office equipment sales
	company.
September 1995	The Company acquires Gestetner Holdings PLC (now known as Ricoh Europe PLC),
	a British office equipment sales company.
January 1996	Ricoh Leasing Co., Ltd. lists its securities on the Tokyo Stock Exchange.
December 1996	The Company establishes Ricoh Asia Pacific Pte. Ltd. (a subsidiary) in Singapore.
March 1997	The Company establishes Ricoh Silicon Valley, Inc. (a subsidiary, now known as
	Ricoh Innovations Corporation) in the United States.
August 1999	Ricoh Hong Kong Ltd. acquires Inchcape NRG Ltd., a Hong Kong-based office
	equipment sales company.
January 2001	Ricoh Corporation acquires Lanier Worldwide, Inc., an American office equipment
	sales company.
October 2002	The Company establishes Ricoh China Co., Ltd. (a subsidiary).
April 2003	Tohoku Ricoh Co., Ltd. becomes a wholly-owned subsidiary of the Company.
October 2004	The Company acquires Hitachi Printing Solutions, Ltd. in Japan.
August 2005	The Company opens Ricoh Technology Center in Ebina, Kanagawa to integrate its
	domestic development facilities and offices.
November 2005	The Company relocates its headquarters to Chuo-ku, Tokyo.
January 2007	Ricoh Europe B.V. acquires the European operations of Danka Business Systems
	PLC.
June 2007	Info Print Solutions Company, LLC, a joint venture company of Ricoh and
	International Business Machines Corporation ("IBM"), commences its operations.
May 2008	The Company establishes Ricoh Manufacturing (Thailand) Ltd. (a subsidiary) in
	Thailand.
August 2008	Ricoh Elemex Corporation becomes a wholly-owned subsidiary of the Company.
October 2008	Ricoh Americas Corporation acquires all of the outstanding shares of IKON Office
	Solutions, Inc. ("IKON", now known as Ricoh USA, Inc.), an American office
	equipment sales and service company.
July 2010	Seven domestic sales subsidiaries and the marketing group of the Company are
	merged into one domestic sales subsidiary named Ricoh Japan Corporation.
August 2010	The Company completes the construction of a new building that expands the Ricoh
	Technology Center located in Ebina, Kanagawa.
October 2011	The Company acquires the PENTAX imaging systems business from HOYA
	Corporation (now known as Ricoh Imaging Co., Ltd.).
April 2013	The Company transfers part of its engineering functions and operations previously
	performed by the Company and its manufacturing subsidiaries in Japan to Ricoh
	Technologies Company, Ltd.
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April 2013	The Company transfers part of its production functions and operations previously
	performed by the Company and its manufacturing subsidiaries in Japan to Ricoh
	Industry Company, Ltd.
July 2014	Domestic sales and service subsidiaries are merged into Ricoh Japan Corporation.
October 2014	The Company transfers its direct sales of optical equipment and electronic
	components divisions previously performed by the Company and its manufacturing
	subsidiaries in Japan to Ricoh Industrial Solutions Inc.
April 2016	The Company opens Ricoh Eco Business Development Center in Gotemba, Shizuoka.
November 2017	The Company establishes Ricoh Manufacturing (China) Ltd.
January 2018	The Company relocates its headquarters to Ohta-ku, Tokyo.
March 2018	The Company transfers 80% of the outstanding shares of Ricoh Electronic Devices
	Co., Ltd. ("Ricoh Electronic Devices Co., Ltd.", now known as Nisshinbo Micro
	Devices Inc.), to Nisshinbo Holdings Inc. (The Company transferred all shares to
	Nisshinbo Holdings Inc. in December 2021.)
August 2018	The Company transfers 66.6% (figures below the second decimal place are omitted)
	of the outstanding shares of Ricoh Logistics System Co., Ltd. ("Ricoh Logistics
	System", now known as SBS Ricoh Logistics System Co., Ltd.), to SBS Holdings
	Co., Ltd.
April 2020	The Company transfers approximately 20% of the outstanding shares of Ricoh
	Leasing Co., Ltd., to Mizuho Leasing Co., Ltd.
April 2022	The Company moves from the First Section of the Tokyo Stock Exchange to the
	Prime Market as a result of a review of the Tokyo Stock Exchange market
	segmentation.
September 2022	The Company acquires PFU Limited (acquires 80% of outstanding shares of PFU and
	makes it a consolidated subsidiary).

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3. DESCRIPTION OF BUSINESS

Ricoh consists of the parent company, Ricoh Company, Ltd., 224 subsidiaries and 18 affiliates as of March 31, 2024.

Ricoh's development, manufacturing, sales and service activities center on the business segments of Digital Services, Digital Products, Graphic Communications, Industrial Solutions and Other.

Ricoh Company, Ltd., the parent company of Ricoh, heads development. The Company and its respective subsidiaries and affiliates maintain an integrated domestic and overseas manufacturing structure.

Ricoh is represented in roughly 200 countries and runs its sales and service activities out of four regional headquarters located in the geographic areas of 1) Japan, 2) the Americas, 3) Europe, the Middle East and Africa and 4) Other, which includes China, South East Asia and Oceania.

Our main product areas and the locations of key subsidiaries and affiliates are listed below.

In addition, the PFU business in Other segment has been reclassified into Digital Services and Digital Products from the current year. Details are presented in "5. OPERATING SEGMENTS" in "V. FINANCIAL INFORMATION Consolidated Financial Statements".

Ricoh changed Operating Segments from this fiscal year. For details of the changes, please refer to"V. Financial Information - Notes to Consolidated Financial Statements - 5. Operating Segments".

Digital services as a business segment are mainly limited to the office services business and the office printing sales business. This segment does not include all digital services, which Ricoh aims to transform into "a digital services company" that connects workplaces and support workers' creativity. "Digital Services" provided as "a digital services company" is included in all the business segments as well as Digital Services business segment.

In Digital Services, we sell office imaging equipment such as MFPs and printers, in which we have leading global market shares, and consumables, to our global customer base. We also provide IT-related solutions that support customers' overall workflow reforms and work practice innovations, as well as other services to digitally resolve their management issues and enhance productivity.

In Digital Products, we develop and produce (including on an original equipment manufacturing basis) office MFPs, in which we are the global market leader, as well as printers and other imaging equipment and edge devices that support digital communication.

This segment comprises the commercial printing and industrial printing businesses.

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Commercial printing business: We provide digital printing-related products and services for high-mix, low- volume printing, mainly to our customers in the printing industry.

Industrial printing business: We manufacture and sell industrial inkjet printers, inkjet ink, and industrial printers for diverse applications. These include building materials, furniture, wallpaper, signage displays, and apparel fabrics.

[Main Subsidiaries and Affiliates in the above three business segments]

Manufacturing

Japan: Ricoh Industry Co., Ltd. and Ricoh Elemex Corporation

The Americas: Ricoh Electronics, Inc.

Europe: Ricoh UK Products Ltd. and Ricoh Industrie France S.A.S.

Other regions: Shanghai Ricoh Digital Equipment Co., Ltd., Ricoh Manufacturing (China) Ltd. and Ricoh Manufacturing (Thailand) Ltd.

Sales, Service, Support and Other

Japan: Ricoh Japan Corporation and Ricoh IT Solutions Co., Ltd., PFU Limited

The Americas: Ricoh Americas Holdings, Inc., Ricoh Canada Inc., Ricoh USA, Inc., PFU America, Inc.,

Ricoh Printing Systems America, Inc. and Ricoh South America DC S.A.

Europe: Ricoh Europe Holdings PLC, Ricoh Sverige AB., Ricoh UK Ltd., PFU (EMEA) LIMITED , Ricoh Deutschland GmbH, DocuWare GmbH, Ricoh International B.V., Ricoh Nederland B.V., Ricoh Europe SCM B.V., Ricoh Belgium N.V., Rex-Rotary S.A.S., Ricoh France S.A.S., Ricoh Schweiz AG, Ricoh Italia S.R.L., Mauden S.R.L., NPO Sistemi S.R.L. and Ricoh Espana S.L.U.

Other regions: Ricoh China Co., Ltd., Ricoh Asia Industry Ltd., Ricoh Asia Pacific Operations Ltd., Ricoh Hong Kong Ltd., Ricoh Thailand Ltd., Ricoh Asia Pacific Pte. Ltd., Ricoh Australia Pty, Ltd. and Ricoh New Zealand Ltd.

This segment encompasses the thermal and industrial products businesses.

Thermal business: We manufacture and sell thermal paper used for food POS labels, barcode labels, shipping labels, and other labels, and thermal transfer ribbons for printing clothing price tags, brand tags, and tickets.

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Industrial products business: We provide precision device components and other products that employ optical and image processing technologies.

[Main Subsidiaries and Affiliates]

Manufacturing

Japan: Ricoh Industrial Solutions Co., Ltd. and Ricoh Elemex Corporation

Other regions: Ricoh Electronics, Inc., Ricoh Industrie France S.A.S. and Ricoh Thermal Media (Wuxi) Co., Ltd.

This segment includes new businesses such as the Smart Vision and the Digital Camera-related business.

One is our Smart Vision business that provides platform business, which brings together our 360° cameras with software and cloud services to digitalize real estate, construction, and civil engineering site work. Other examples include our business with PLAiR, new plant-derived material to alternate existing petroleum- derived plastics, and our Healthcare business such as biomedical to support drug discovery with iPS differentiated cells and cell chips. We are addressing social issues, notably by streamlining inspection work for road surfaces, tunnels, slopes, and other infrastructure, and are creating environmental technologies and businesses. This segment also includes our digital camera-related-business, for which we have solid consumer market demand, and businesses that affiliates are expanding.

[Main Subsidiaries and Affiliates]

Manufacturing

Other regions: Ricoh Imaging Products (Vietnam) Co., Ltd.

Sales, Service, Support and Other

Japan: Ricoh Imaging Co., Ltd., Ricoh Creative Service Co., Ltd.

The Americas: Ricoh Imaging Americas Corporation

Europe: Ricoh Imaging Europe S.A.S.

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