Fiscal Year-ending March 2013 Briefing on the Results for the Second Quarter
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Fiscal Year-ending March 2013
Briefing on the Results for the Second Quarter
October 19, 2012
Ricoh Leasing Company, Ltd.
1
1. Performance Overview
(Six months ended September 30, 2012)
2
Overview of the 2nd Quarter of FY2012Overview of the 2nd Quarter of FY2012 Performance Overview
◆◆◆◆Revenue increased and net income hit record high
・・・・Revenue grew for three consecutive years (on a 2nd-quarter basis)
・・・・Significant decline in bad debt reserve contributed to income
◆◆◆◆Transaction volume grew 5.6%
・・・・Expand transaction volume centering on vendor marketing
・・・・Reinforce sales contacts with users having excellent potential
・・・・Enhance response to restoration demand and new growth areas
◆◆◆◆Balance of operating assets increased to largest on record
・・・・Thanks to growth in transaction volume, balance of operating assets
exceeded 610 billion yen for the first time
3
11/9 12/9
ActualInitial
forecastActual Difference
Actual/
ForecastYoY (%)
Revenue 1,151 1,170 1,171 1 100.2 1.8
Gross profit 153 ---- 143 ---- ---- △△△△6.1
Selling, general and
administrative expenses65 ---- 57 ---- ---- △△△△ 13.2
Operating income 87 85 86 1 102.0 △△△△ 0.7
(Operating income
margin)7.6 7.3 7.4 0.1 ---- △△△△ 0.2
Income before special
items87 84 86 2 102.6 △△△△ 0.8
Net income 51 50 52 1 103.5 1.8
(Net profit to sales) 4.5 4.3 4.5 0.2 0.0
YoY (Yen)
EPS 164.49 161.77 167.42 5.65 ---- 2.93
Dividends per share 19.50 20.50 20.50 0.00 ---- 1.00
Consolidated ResultsConsolidated Results Performance Overview
(100 million yen, %)
4
Factors Affecting Operating Income Performance Overview
(100 million yen)
87
Actual for 2Q of FY2012
86
+1
+2
+2
+12
-4
Items of Gross ProfitItems of selling, general and
administrative expenses
Changes in
accounting
standard for
leases
Decrease in
cost of
capital
Increase
in re-lease
Decline in allowance for bad debts
Increase in
expenses
Expansion
of financial
income
-4
Actual for 2Q of FY2011
-10
-1
Decrease in gross
margin of lease and
margin of cancellation
before maturity
5
Revenue for Each 2nd QuarterRevenue for Each 2nd Quarter Performance Overview
1,167 1,143 1,150 1,151 1,171
0
200
400
600
800
1,000
1,200
1,400
08/9 09/9 10/9 11/9 12/9
(100 million yen)
6
Operating Income for Each 2nd QuarterOperating Income for Each 2nd Quarter Performance Overview
08/9 09/9 10/9 11/90
20
40
60
80
100
56
87
78
52
12/9
86
120
(100 million yen)
7
Net Income for Each 2nd QuarterNet Income for Each 2nd QuarterPerformance Overview
08/9 09/9 10/9 11/90
20
40
60
36
51
44
30
12/9
52
80
(100 million yen)
8
Breakdown of RevenueBreakdown of Revenue
(100 million yen, %)
Performance Overview
11/9 12/9
Actual YoY (%) Actual YoY (%)
Leasing revenue 949 △△△△ 2.0 937 △△△△ 1.2
Installment revenue 85 47.1 116 35.2
Revenue from loans 10 2.6 11 7.3
Commission received 14 △△△△ 2.3 16 14.8
Others 92 △△△△ 7.0 91 △△△△ 1.3
Total revenue 1,151 0.1 1,171 1.8
9
Transaction Volume by BusinessTransaction Volume by Business
(100 million yen, %)
*The above transaction volume is based on acceptance inspections.
Performance Overview
11/9 12/9
Actual YoY (%) Actual YoY (%)
Financial lease 1,133 9.3 1,165 2.9
Operating lease 54 33.6 42 △△△△ 23.0
Installments 114 △△△△ 1.7 177 55.8
Lease/installment business 1,301 9.0 1,385 6.5
Financial services business 107 53.9 101 △△△△ 5.1
Total transaction volume 1,409 11.5 1,487 5.6
10
(100 million yen, %)
Transaction Volume of Lease/installment Business Transaction Volume of Lease/installment Business Performance Overview
11/9 12/9Japan Leasing Association
Accumulated in 11/4 to 9
Accumulated in 12/4 to 8
Actual YoY (%) Actual YoY (%)YoY
(%)
YoY
(%)
Office and IT-related
equipment874 6.1 875 0.1 △△△△ 3.7 7.0
Medical equipment 191 18.8 193 1.1 △△△△ 7.8 6.4
Industrial machinery 44 △△△△ 20.0 52 19.8 △△△△ 3.6 △△△△ 9.7
Commercial and service
industry equipment81 24.2 122 50.7 △△△△ 4.3 9.2
Vehicles and transport
equipment41 19.2 61 48.2 △△△△ 9.0 33.3
Others 68 29.8 79 16.0 0.5 12.8
Total transaction volume 1,301 9.0 1,385 6.5 △△△△ 4.2 8.4
11
Comparison of Indicators by Year for Transaction Volume of Ricoh Leasing
and the Industry
Comparison of Indicators by Year for Transaction Volume of Ricoh Leasing
and the Industry Performance Overview
60
80
100
120
140
FY2008 FY2009 FY2010 FY2011 FY2012 (Est.)
(100 million yen) Actual for
FY2008
Actual for
FY2009
Actual for
FY2010
Actual for
FY2011
FY2012
(Est.)
Ricoh Leasing Transaction Volume by
Business
2,417 2,267 2,322 2,580 2,681
Indicators 100 94 96 107 111
Japan Leasing
Association
Transaction Volume by
Business
60,744 49,173 45,462 45,885 49,739
Indicators 100 81 75 76 82
10094 96
107111
100
8175 76
82
* FY2012 estimates present the annual plan for Ricoh Leasing and with regard to Japan Leasing Association; it is calculated by
multiplying FY2011 actual by the accumulated growth rate of April to August in 2012
Indicator of transaction volume assuming FY2008 (fiscal year-ended March 31, 2009) is 100
Ricoh Leasing
Japan Leasing Association
12
Transaction Volume of Lease/installment Business for Each 2nd Quarter (Total)Transaction Volume of Lease/installment Business for Each 2nd Quarter (Total)
(100 million yen)
08/9 09/9 10/9 11/9
0
600
800
1,000
1,200
1,400
1,3601,301
1,1931,141
200
12/9
1,3851,600
400
Performance Overview
13
Transaction Volume of Lease/installment Business for Each 2nd Quarter
(Office and IT-related Equipment)
Transaction Volume of Lease/installment Business for Each 2nd Quarter
(Office and IT-related Equipment) Performance Overview
(100 million yen)
08/9 09/9 10/9 11/9
0
400
600
800
963
874824812
12/9
8751,000
200
14
Transaction Volume of Lease/installment Business for Each 2nd Quarter
(Medical Equipment)
Transaction Volume of Lease/installment Business for Each 2nd Quarter
(Medical Equipment) Performance Overview
(100 million yen)
08/9 09/9 10/9 11/9
0
50
100
150
170
191
161173
12/9
193
200
15
Balance of Operating Loans of Financial Services Business for Each 2nd QuarterBalance of Operating Loans of Financial Services Business for Each 2nd Quarter
Performance Overview
(100 million yen)
08/9 09/9 10/9 11/9
0
400
600
800628
823
733696
12/9
979
1,000
200
16
Number of Monthly Transaction Cases of Collection Agency Services of Financial
Services Business for Each 2nd Quarter
Number of Monthly Transaction Cases of Collection Agency Services of Financial
Services Business for Each 2nd Quarter Performance Overview
(10,000 cases)
08/9 09/9 10/9 11/9
0
20
40
60
25
56
45
34
12/9
6680
17
Balance of Operating Assets and Default Rate by Half-year PeriodBalance of Operating Assets and Default Rate by Half-year PeriodPerformance Overview
Finance leases
(of which,
securitized
portion)
Loans
Installments
Operating
lease
* Figures show balances with securitized portions not deducted.
Default rate = Default loss amount /
Average balance of operating assets
Default
rate
(100 million yen)
4,490
(238)4,420
(239)
4,471
(240)
4,529
(242)
4,605
(243)
404 412 418 436 461
733 776 823925 979
0.65 0.39 0.370.26 0.28%
0
3,000
4,000
5,000
6,000
10/9 11/3 11/9 12/3 12/9
6,142
5,709 5,694 5,8115,986
82 84 98 93 96
18
Selling, General & Administrative (SG&A) Expenses by Half-year PeriodSelling, General & Administrative (SG&A) Expenses by Half-year PeriodPerformance Overview
Allowance
for bad debt
Personnel
expenses
Other
revenue
(100 million yen)
27 32 2834 32
2930
3131
31
14
42
50
20
40
60
80
100
10/9 11/3 11/9 12/3 12/90
-1-6
7165
105
*Negative value means reversal of allowance for bad debt.
64
57
19
Interest-bearing Debts and Fixed-charge Coverage Ratio by Half-year PeriodInterest-bearing Debts and Fixed-charge Coverage Ratio by Half-year PeriodPerformance Overview
Fixed-
charge
coverage
ratio
Financing
cost
Total
procureme
nt amount
* Interest-bearing debt shows balance with debts payable due to securitization not deducted.
Financing costs show expenses included in gross profit on sales.
Long
term
Short
term
49.0
55.5%55.6
47.950.6
0
1,000
2,000
3,000
4,000
5,000
6,000
10/9 11/3 11/9 12/3 12/9
17
14
11
13
10
4,912 5,019 5,1035,264
4,983
(100 million yen)
20
2. Financial Forecasts
(Fiscal year ending March 2013)
21
Consolidated Income ForecastConsolidated Income Forecast
(100 million yen, %)
12/3 13/3
ActualInitial
forecast
Revised
forecastChange YoY (%)
Revenue 2,306 2,350 2,350 0 1.9
Gross profit 298 303 291 -12 -2.5
Selling, general and
administrative expenses130 133 121 -12 -7.1
Operating income 168 170 170 0 1.0
(Operating income
margin)7.3 7.2 7.2 0.0 -0.1
Income before special
items168 169 169 0 0.4
Net income 94 101 101 0 7.2
(Net profit to sales) 4.1 4.3 4.3 0.0 0.2
YoY (Yen)
EPS 301.73 323.54 323.54 0.00 21.81
Consolidated Income Forecast
22
Revenue ForecastRevenue Forecast
(100 million yen, %)
12/3 13/3
ActualInitial
forecast
Revised
forecastChange
YoY
(%)
Leasing revenue 1,885 1,890 1,880 -10 -0.3
Installment revenue 185 207 235 28 27.0
Revenue from loans 21 23 23 0 8.6
Commission received 28 30 30 0 6.4
Other revenue 186 200 182 -18 -2.4
Total revenue 2,306 2,350 2,350 0 1.9
Consolidated Income Forecast
23
Transaction Volume PlanTransaction Volume Plan
(100 million yen, %)
12/3 13/3
ActualInitial
forecast
Revised
forecastChange
YoY
(%)
Finance leases 2,249 2,351 2,351 0 4.5
Operating leases 90 82 82 0 -9.3
Installments 240 248 248 0 3.1
Lease/installment business 2,580 2,681 2,681 0 3.9
Financial services business 218 219 219 0 0.2
Total transaction volume 2,799 2,900 2,900 0 3.6
Consolidated Income Forecast
24
Lease/installment Business: Forecasts of Transaction Volume by AreaLease/installment Business: Forecasts of Transaction Volume by Area
(100 million yen, %)
12/3 13/3
ActualInitial
forecast
Revised
forecastChange YoY (%)
Office and IT-related
equipment1,698 1,740 1,740 0 2.4
Medical equipment 389 410 400 -10 2.7
Industrial machinery 101 110 110 0 8.1
Commercial and service
industry equipment162 175 175 0 7.5
Vehicles and transport
equipment83 88 100 12 19.5
Other revenue 144 158 156 -2 8.1
Total 2,580 2,681 2,681 0 3.9
Consolidated Income Forecast
25
Revenue by YearRevenue by Year Consolidated Income Forecast
09/3 10/3 11/3 12/3
0
500
1,000
1,500
2,000
2,500
3,000
2,326 2,3062,2972,285
13/3
Forecasts
2,350
(100 million yen)
26
Operating Income and Net Income by YearOperating Income and Net Income by Year Consolidated Income Forecast
61
101
66
168
94
122115
70
0
50
100
150
200
(100 million yen)
09/3 10/3 11/3 12/3
Operating
income
Net
income
170
13/3
Forecasts
101
27
Transaction Volume by YearTransaction Volume by Year Consolidated Income Forecast
09/3 10/3 11/3 12/3
0
1,000
2,000
3,000
4,000
2,573
2,799
2,4762,421
13/3
Forecasts
2,900
(100 million yen)
28
Balance of Operating Assets by YearBalance of Operating Assets by Year Consolidated Income Forecast
* Figures show balances with securitized portions not deducted.
(100 million yen)
09/3 10/3 11/3 12/30
2,000
3,000
4,000
5,000
6,000
7,0005,843 5,986
5,6945,739
1,000
13/3
Forecasts
6,200
29
1. Increase prime operating assets by expanding operating base
2. Create new growth areas and actively respond to restoration
demand
3. Further reinforce business structure with high levels of efficiency
and profitability
4. Strengthen CSR and risk management activities
5. Develop human resources and enhance organizational capabilities
Consolidated Income ForecastBasic strategy of 2nd Half of FY2012Basic strategy of 2nd Half of FY2012
30
1. Obtain excellent projects focusing on profitability
2. Expand prime operating assets centering on vendor marketing
(1) Expand transactions by responding to vendor needs
(2) Reinforce to develop vendors with excellent potential
3. Reinforce sales contacts with users having excellent potential
Offer value to customers through proposal sales
4. Reinforce exploration of new areas
5. Respond to restoration demand
Consolidated Income ForecastPriority Targets of Sales in the 2nd Half of FY2012Priority Targets of Sales in the 2nd Half of FY2012
31
Create New Growth Area and Actively Respond to Restoration
Demand
Create New Growth Area and Actively Respond to Restoration
Demand Consolidated Income Forecast
1.Reinforce exploration of new areas
(1) Lease/installment business
a. Environment
・・・・LED
・・・・Groundwater membrane filtration system
・・・・Transforming equipment
b. New transportation equipment
・・・・Special-purpose vehicle for airports
・・・・Air ambulance
(2) Financial services business
・・・・Factoring services for nursing-care benefits
・・・・Global money card for individuals and corporates
2.Respond to restoration demand
・・・・Reinforce sales contacts to construction machinery area
・・・・Understand redevelopment plans in affected areas and
respond to financial service needs
Groundwater
membrane
filtration system
Special-purpose
vehicle for airportsAir ambulance
Factoring for nursing-
care benefits
Global money card
LED
32
Reference Material: Factors Affecting Operating Income of
FY2012
(100 million yen)
168
FY2012 forecasts
170
+ 2
+4
-5
Items of Gross ProfitItems of selling, general
and administrative
expenses
Changes in
the lease
accounting
standard
Decrease in
gross margin
of lease and
margin of
cancellation
before
maturity
Increase in
re-leasing
Decline of allowance for bad debts
FY2011 Actual
+3
Expansion of
financial
income
+4
Decrease
in cost of
capital
+10
-14
33
The plans and forecasts provided in this document are based on information available at the time of its preparation. Actual results may
differ considerably from these plans and forecasts due to a variety of significant factors.
Reliability
for
the Future
Ricoh Leasing Company, Ltd.Ricoh Leasing Company, Ltd.
Ricoh Leasing Company, Ltd.
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