February 4, 2021
QUARTERLY REPORT
Third Quarter ended December 31, 2020
(Results for the Period from April 1, 2020 to December 31, 2020)
Performance Outline (Consolidated)
(1) Nine months ended December 31, 2019 and 2020 (Actual result) and Year ending March 31, 2021 (Forecast)
(Billions of yen)
Nine months | Nine months | ||
ended | ended | ||
December 31, | December 31, | Change | |
2019 | 2020 | ||
Results | Results | ||
Domestic sales | 637.1 | 516.7 | (18.9%) |
Overseas sales | 856.7 | 676.2 | (21.1%) |
Sales | 1,493.8 | 1,193.0 | (20.1%) |
Gross profit | 549.3 | 415.7 | (24.3%) |
Operating profit (loss) | 69.4 | (29.7) | - |
Profit (loss) before income tax expenses | 68.4 | (25.6) | - |
Profit (loss) attributable to owners of the | 41.4 | (22.4) | - |
parent | |||
Exchange rate (Yen/US$) | 108.73 | 106.09 | (2.64) |
Exchange rate (Yen/EURO) | 121.11 | 122.36 | 1.25 |
Earnings per share attributable to owners of | 57.23 | (31.02) | (88.25) |
the parent-basic (yen) | |||
Earnings per share attributable to owners of | 57.23 | (31.02) | (88.25) |
the parent-diluted (yen) | |||
Cash flows from operating activities | 58.8 | 72.6 | 13.8 |
Cash flows from investing activities | (125.2) | (45.4) | 79.7 |
Cash flows from financing activities | 57.3 | 34.7 | (22.5) |
Cash and cash equivalents at end of period | 229.2 | 325.8 | 96.6 |
Capital expenditures * | 61.0 | 29.9 | (31.0) |
Depreciation * | 48.5 | 34.2 | (14.3) |
R&D expenditures | 75.6 | 66.1 | (9.5) |
March 31, 2020 | December 31, | Change | |
2020 | |||
Year ending
March 31, Change 2021
Forecast
729.0 (16.4%)
935.0 (17.7%)
1,664.0 (17.2%)
563.6 (21.9%)
(49.0) | - |
(44.3) | - |
(36.4) | - |
105.82 (2.98)
121.77 0.87
(50.25) (104.83)
(50.25) | (104.83) |
- | - |
- | - |
- | - |
- | - |
48.0 | (38.5) |
46.0 | (16.5) |
92.5 | (10.2) |
Total assets | 2,867.6 | 1,846.8 | (1,020.7) |
Equity attributable to owners of the parent | 920.3 | 897.8 | (22.4) |
Interest-bearing debt ** | 179.6 | 242.2 | 62.6 |
Equity attributable to owners of the parent | 32.1 | 48.6 | 16.5 |
ratio (%) | |||
Equity per share attributable to owners of | 1,270.47 | 1,239.42 | (31.05) |
the parent (yen) | |||
*The amounts presented in capital expenditures and depreciation are for property, plant and equipment. **The amounts are shown bonds and borrowings.
1
(2) Three months ended December 31, 2019 and 2020
(Billions of yen)
Three months ended | Three months ended | ||
December 31, 2019 | December 31, 2020 | Change | |
Results | Results | ||
Domestic sales | 207.5 | 181.3 | (12.6%) |
Overseas sales | 291.5 | 249.7 | (14.3%) |
Sales | 499.1 | 431.1 | (13.6%) |
Gross profit | 181.9 | 153.3 | (15.8%) |
Operating profit (loss) | 20.7 | 0.8 | (95.8%) |
Profit (loss) before income tax expenses | 21.6 | 3.8 | (82.0%) |
Profit (loss) attributable to owners of the | 12.2 | (0.2) | - |
parent | |||
Exchange rate (Yen/US$) | 108.76 | 104.47 | (4.29) |
Exchange rate (Yen/EURO) | 120.39 | 124.49 | 4.10 |
Earnings per share attributable to owners of | 16.86 | (0.38) | (17.24) |
the parent-basic (yen) | |||
Earnings per share attributable to owners of | 16.86 | (0.38) | (17.24) |
the parent-diluted (yen) | |||
Capital expenditures * | 22.8 | 7.4 | (15.3) |
Depreciation * | 16.0 | 11.3 | (4.7) |
R&D expenditures | 24.0 | 21.1 | (2.8) |
*The amounts presented in capital expenditures and depreciation are for property, plant and equipment.
Ricoh Company, Ltd.
- The result forecasts and forward-looking statements included in this document are based on information available to the Company as at the date of submission of this quarterly report and certain assumptions that the Company considers reasonable. The Company makes no guarantees with respect to the achievement of its result forecasts or forward-looking statements. Actual results might be significantly different from the forecasts in the document, depending on various factors. For the assumptions for forecast and other related information, please refer to "3. Qualitative Information on Forecasted Consolidated Financial Results" on page 6.
2
Ricoh Company, Ltd. and its Consolidated Subsidiaries
Financial Highlights for the Nine months ended December 31, 2020 [Prepared on the basis of International Financial Reporting Standards]
1. Results for the Period from April 1, 2020 to December 31, 2020
(1) Operating Results
(Millions of yen) | ||
Nine months ended | Nine months ended | |
December 31, 2019 | December 31, 2020 | |
Sales | 1,493,882 | 1,193,071 |
(% change from the previous corresponding period) | 0.3 | (20.1) |
Operating profit (loss) | 69,415 | (29,738) |
(% change from the previous corresponding period) | (12.3) | - |
Profit (loss) before income tax expenses | 68,468 | (25,614) |
(% change from the previous corresponding period) | (11.0) | - |
Profit (loss) for the period | 46,093 | (22,474) |
(% change from the previous corresponding period) | (16.2) | - |
Profit (loss) attributable to owners of the parent | 41,469 | (22,471) |
(% change from the previous corresponding period) | (18.1) | - |
Comprehensive income (loss) | 35,218 | (7,682) |
(% change from the previous corresponding period) | (23.5) | - |
Earnings per share attributable to owners of the parent-basic (yen) | 57.23 | (31.02) |
Earnings per share attributable to owners of the parent-diluted (yen) | 57.23 | (31.02) |
Notes: Earnings per share attributable to owners of the parent (basic and diluted) are based on profit (loss) attributable to owners of the parent.
(2) Financial Position
(Millions of yen) | |||
March 31, 2020 | December 31, 2020 | ||
Total assets | 2,867,645 | 1,846,889 | |
Total equity | 1,008,527 | 901,395 | |
Equity attributable to owners of the parent | 920,371 | 897,877 | |
Equity attributable to owners of the parent ratio (%) | 32.1 | 48.6 | |
2. Dividend Information | |||
Year ended | Year ending | ||
March 31, 2020 | March 31, 2021 | ||
(Actual) | (Forecast) | ||
Cash dividends, applicable to the year (yen) | 26.00 | 15.00 | |
Interim (yen) | 13.00 | 7.50 | |
Year-end (yen) | 13.00 | 7.50 | |
Notes: Revision of expected dividends during this period: No | |||
3. Forecast of Operating Results from April 1, 2020 to March 31, 2021 | |||
(Millions of yen) | |||
Year ending | |||
March 31, 2021 | |||
Sales | 1,664,000 | ||
(% change from the previous corresponding period) | (17.2) | ||
Operating profit (loss) | (49,000) | ||
(% change from the previous corresponding period) | - | ||
Profit (loss) before income tax expenses | (44,300) | ||
(% change from the previous corresponding period) | - | ||
Profit (loss) for the period | (36,400) | ||
(% change from the previous corresponding period) | - | ||
Profit (loss) attributable to owners of the parent | (36,400) | ||
(% change from the previous corresponding period) | - | ||
Earnings per share attributable to owners of the parent-basic (yen) | (50.25) | ||
Notes: Revision of forecast of consolidated operating results during this period: Yes |
4. Others
-
Changes in significant subsidiaries: Yes New: - (Company name: - )
Exclusion: 1 (Company name: Ricoh Leasing Co., Ltd.) - Changes in accounting policies and accounting estimate
- Changes in accounting policies required by IFRS: No
- Other changes: No
- Changes in accounting estimate: No
-
Number of common stock outstanding (including treasury stock):
As of December 31, 2020: 744,912,078 shares; As of March 31, 2020: 744,912,078 shares - Number of treasury stock:
As of December 31, 2020: 20,477,130 shares; As of March 31, 2020: 20,478,528 shares
- Average number of common stock:
Nine months ended December 31, 2020: 724,434,296 shares; Nine months ended December 31, 2019: 724,649,453 shares Notes: The Company has established the Board Incentive Plan trust in which beneficiaries include Directors and Executive Officers. The shares owned by the trust account relating to this trust are accounted for as treasury shares. (As of December 31, 2020: 415,800 shares; As of March 31, 2020: 421,500 shares)
3
Qualitative Information on Consolidated Financial Results for the Quarter under Review 1. Qualitative Information on Consolidated Business Results
* Overview of the Third Quarter of Fiscal 2020 (April 1 - December 31, 2020)
The fiscal year of 2020 has started in a global pandemic called the Coronavirus (hereinafter, COVID-19). Ricoh has positioned ourselves, during this period, to tackle the crisis and accelerate change. Ricoh is proceeding to secure enough liquidity to overcome operational fluctuations, enhance our financial stability, and accelerate efforts to change in the aftermath of the pandemic of COVID-19.
The global economy has suffered a sharp slowdown, the worst level in the past few decades, due to the impact of the prolonged U.S. -China trade frictions as well as the global spread of COVID-19. Although there were signs of gradual recovery for economic activity in each country, the future still remains uncertain under the impact of COVID-19.
In Japan, the economy deteriorated rapidly due to the increase of self-isolation and movement restrictions encouraged by the declaration of the state of emergency in April. The situation is still severe due to the rapid increase of infected person, despite the sign of recovery following the resumption of the economic activity. In the Americas, the economy has been on a recovery trend due to economic measures and the resumption of economic activities, but the pace of economic recovery has been slow with the uncertainty such as the spread of infection and the impact of the change of the US administration. In Europe, the pace of recovery is still slow since the spread of COVID-19 did not stop and caused lockdown again. In other regions, the Chinese economy continues to recover despite the impact of U.S.-China trade frictions.
During this period, the average exchange rates of Japanese yen against U.S. dollar and Euro were ¥106.09 (decreased by ¥2.64 from the previous corresponding period) and ¥122.36 (increased by ¥1.25 from the previous corresponding period) respectively.
Sales in the last nine months has decreased by 20.1% (to ¥1,193.0 billion) compared to the previous corresponding period. In the Office Printing, sales of hardware decreased due to restrictions on sales activities by lockdowns and self- isolation. Sales of non-hardware also decreased due to the decline in demand of printing caused by the decrease in attendance rate (mainly in Europe and the Americas). These effects peaked in April to May, and a recovery trend has been seen since June, but the recovery has been moderate. Other factors in reduced sales included the adoption of equity method accounting for Ricoh Leasing Co., Ltd. (hereinafter, Ricoh Leasing) whose shares were transferred. As a result of that, sales decreased significantly compared to the previous corresponding period. Consolidated sales would have decreased by 17.2% after excluding the equity method adoption and foreign exchange impacts.
In Japan, sales have decreased by 18.9% as compared to the previous corresponding period. Despite the increase in online demand due to companies promoting working from home, hardware and non-hardware sales have declined as the sales opportunities have been limited due to the self-isolation and the decrease of the printing demand at customers' offices.
Sales in the Americas decreased by 29.3% (a decrease of 27.6% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period. The decrease was mainly in the Office Printing due to the stagnation of sales and delivery activities by lockdowns, movement restrictions and slowing in demand of printing by the closing of customers' offices. Sales in Europe, the Middle East, and Africa decreased by 12.4% (a decrease of 13.3% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period. Although Office Service sales expanded due to the strengthening of sales and service systems including acquisitions, Office Printing sales have decreased by the same reason as the Americas. Sales in other regions were down by 16.9% (a decrease of 15.4% excluding foreign currency exchange fluctuations) as compared to the previous corresponding period mainly due to decline of sales in the Office Printing.
As a result, sales in the overseas market decreased by 21.1% as compared to the previous corresponding period. Excluding effects of foreign currency fluctuations, sales in overseas would have decreased by 20.3% as compared to the previous corresponding period.
Gross profit was down by 24.3% as compared to the previous corresponding period, to ¥415.7 billion. A prime factor was a decrease in sales volume of hardware and non-hardware such as consumables in the Office Printing due to decline of business opportunities by COVID-19 pandemic. Other factors that reduced the profit included an impact of adoption of equity-method accounting for Ricoh Leasing in the other segment.
Selling, general and administrative expenses fell by 8.3% as compared to the previous corresponding period, to ¥447.0 billion despite an impairment loss of ¥7.7 billion recognized on property, plant and equipment and intangible assets in Commercial Printing segment. This stemmed from the implementation of urgent measures to reduce expenses and the reduction in expenses generated in connection with sales under the circumstances of the spread of COVID-19.
Other income decreased compared to the previous corresponding period primarily due to gain on sales of land, buildings and structures in Ricoh Industry Co., Ltd.'s former Saitama plant in the previous corresponding period.
Impairment of goodwill was a loss of ¥2.6 billion on goodwill in the Commercial Printing segment.
Operating profit (loss) decreased by ¥99.1 billion compared to the previous corresponding period, to ¥29.7 billion (loss).
Finance income and costs improved as compared to the previous corresponding period due to a decrease in interest expenses and an increase of foreign exchange gains.
Profit (loss) before income tax expenses decreased by ¥94.0 billion as compared to the previous corresponding period, to ¥25.6 billion (loss).
Income tax expenses decreased by ¥25.5 billion as compared to the previous corresponding period due to a decrease in profit (loss) before income tax expenses.
As a result, profit (loss) attributable to owners of the parent decreased by ¥63.9 billion as compared to the previous corresponding period, to ¥22.4 billion (loss).
Comprehensive income (loss) was ¥7.6 billion (loss) due to the decrease in profit for the period.
4
* Review by Business Segment
Office Printing
Office Printing sales were ¥593.5 billion and decreased by 22.7% as compared to the previous corresponding period (a decrease of 22.2% excluding foreign currency exchange fluctuations). It was mainly due to a decrease in sales volume of hardware and consumables revenues because of the lockdowns, movement restrictions and a decrease in demand of printing by the decrease in attendance rate, particularly in Europe and the Americas, although the recovery continued after bottoming out in the first quarter of fiscal 2020 and the effects of contingency plan were evident, returning to profit in the third quarter of fiscal 2020.
In addition, operating profit of previous corresponding period included gain on sales of land, buildings and structures in Ricoh Industry Co., Ltd.'s former Saitama plant.
As a result, Office Printing operating profit was ¥6.1 billion and decreased by 91.6% as compared to the previous corresponding period.
Office Service
Office Service sales were ¥358.2 billion and decreased by 10.0% as compared to the previous corresponding period (a decrease of 9.8% excluding foreign currency exchange fluctuations). In Japan, application for working from home has increased, and sales of IT services expanded in Europe. On the other hand, the IT equipment demanded in the previous fiscal year in Japan has decreased, and BPS (Business Process Service) sales decreased due to the lockdowns, movement restrictions mainly in the Americas. In the three-month period ended December 31, 2020, sales of packaged products have increased steadily, particularly in Japan and Europe, and profits increased from the previous corresponding period.
As a result, Office Service operating profit was ¥20.8 billion and decreased by 4.4% as compared to the previous corresponding period.
Commercial Printing
Commercial Printing sales were ¥98.1 billion and decreased by 26.4% as compared to the previous corresponding period (a decrease of 25.6% excluding foreign currency exchange fluctuations). Although the non-hardware business has been recovering due to the resumption of customer events and business activities, the recovery of hardware has been slow, resulting in a decline in sales. Due to the recognition of impairment loss on fixed assets such as a goodwill in addition to the decrease in gross profit caused by the reduction of sales, Commercial Printing operating profit (loss) was ¥3.0 billion (loss) and decreased by ¥19.8 billion as compared to the previous corresponding period.
Industrial Printing
Industrial Printing sales were ¥16.6 billion and decreased by 6.6% as compared to the previous corresponding period (a decrease of 5.9% excluding foreign currency exchange fluctuations). Although inkjet head demand in the Chinese market is on a recovery trend, business activities of Europe and the Americas customers have declined, and it resulted in significant decrease in sales opportunities. Industrial Printing operating profit (loss) was ¥2.0 billion (loss). (Operating loss of the previous corresponding period was ¥2.9 billion.)
Thermal Media
Thermal Media sales were ¥42.4 billion and decreased by 11.3% as compared to the previous corresponding period (a decrease of 10.5% excluding foreign currency exchange fluctuations), due to reduction in demand for events and transportation tickets by the lockdowns, movement restrictions and the reduction of the label area despite increased demand for e-commerce. Thermal Media operating profit was ¥1.5 billion and decreased by 46.1% as compared to the previous corresponding period, despite of the reduction activities in cost of sales and expenses.
Other
Other segment sales were ¥83.9 billion and decreased by 34.9% as compared to the previous corresponding period (a decrease of 34.8% excluding foreign currency exchange fluctuations). A prime factor was the adoption of equity method accounting for Ricoh Leasing. Other segment operating profit (loss) was ¥16.0 billion (loss). (Operating loss of the previous corresponding period was ¥1.9 billion.)
- Some of the business in the Office Service segment have been reclassified into the Office Printing segment and Other segment from this fiscal year. In addition, some corporate expenses have been allocated to the relevant segments. Prior year comparative figures have also been reclassified to conform to the current year's presentation.
2. Analysis of Consolidated Financial Position
*Assets, Liabilities and Equity
Total assets decreased by ¥1,020.7 billion as compared to the end of the previous fiscal year, to ¥1,846.8 billion. At a meeting in March 2020, the Board of Directors of Ricoh agreed to sell a portion of Ricoh's shares in Ricoh Leasing to Mizuho Leasing Company, Ltd. (referred to as "Mizuho Leasing"). Therefore, in accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations", Ricoh reclassified assets and liabilities owned by Ricoh Leasing and its subsidiaries to "Assets classified as held for sale" and "Liabilities directly related to assets held for sale" in previous fiscal year. As of April 23, 2020, Ricoh concluded the partial transfer of common shares in Ricoh Leasing to Mizuho Leasing. As a result of the share transfer, Ricoh's voting rights in Ricoh Leasing changed to the ownership ratio of 33.7%, and Ricoh Leasing moved from being a consolidated subsidiary of Ricoh to an equity-method affiliate. As a result, assets classified as held for sale decreased with the completion of the partial transfer of Ricoh Leasing shares, while the remaining investment on Ricoh Leasing was booked on investments accounted for using the equity method.
Total liabilities decreased by ¥913.6 billion as compared to the end of previous fiscal year, to ¥945.4 billion. While bonds and borrowings increased mainly due to procure in preparation for the risk of business environment deterioration because of COVID-19, a decrease in liabilities directly related to assets held for sale resulted from the partial transfer of common shares in Ricoh Leasing.
Total equity decreased by ¥107.1 billion as compared to the end of previous fiscal year, to ¥901.3 billion. As a result of the spread of COVID-19, Ricoh posted a quarterly loss and reduced retained earnings, while Ricoh Leasing became an equity-method affiliate, resulting in a decrease in non-controlling interests.
Equity attributable to owners of the parent therefore decreased by ¥22.4 billion, to ¥897.8 billion. The equity attributable to owners of the parent ratio remained stable, at 48.6%.
5
*Cash Flows (Nine months from April 1, 2020 to December 31, 2020)
Net cash provided by operating activities increased by ¥13.8 billion as compared to the previous corresponding period, to ¥72.6 billion. Although the loss for the period was recorded due to the spread of COVID-19, the proceeds increased due to the decrease in trade and other receivables and lease receivables.
Net cash used in investing activities decreased by ¥79.7 billion as compared to the previous corresponding period, to ¥45.4 billion. This was factors such as temporary cash income from the partial transfer of Ricoh Leasing shares and the change of Ricoh Leasing from a consolidated subsidiary to an equity-method affiliate, which resulted in a decrease in capital investment. In addition, there were expenditures due to the acquisition of DocuWare GmbH to expand the digital business in the previous corresponding period.
Free cash flow (net cash provided by operating activities plus net cash used in investing activities) totaled ¥27.2 billion, up by ¥93.5 billion. Net cash provided by financing activities decreased by ¥22.5 billion as compared to the previous corresponding period, to ¥34.7 billion. Since there was a decrease in procurement due to Ricoh Leasing becoming an equity-method affiliate from a consolidated subsidiary, the proceeds decreased as compared to the previous corresponding period in spite of the execution of borrowings in preparation for the risk of deterioration of the business environment by COVID-19.
As a result, the balance of cash and cash equivalent at the end of period increased by ¥62.1 billion as compared to the end of previous fiscal year, to ¥325.8 billion.
3. Qualitative Information on Forecasted Consolidated Financial Results
During the nine months of fiscal 2020, there was a gradual recovery in business results, bottoming out in the first quarter, due to the easing of activity restrictions accompanying the spread of COVID-19, although there were inconsistent economic recoveries by countries and regions. However, since the number of infected persons began to expand again, mainly in Europe, the pace of recovery is slow.
In November, 2020, we have announced the previous forecast expecting a negative impact on operating results, particularly in the Office Printing segment, our main business in consideration that the effects of the spread of COVID-19 will be protracted.
The business results during this period were robust, excluding the impairment losses in Commercial Printing segment, compared from the forecast announced in November. In consideration of the business results during this period and the effects of protracted spread of COVID-19, we have revised the forecasts of domestic/overseas sales, gross profit and profit (loss) before income tax expenses from those previously announced in November, 2020. On the other hand, we have not changed the forecasts of total sales, operating profit (loss) and profit (loss) attributable to owners of the parent.
Ricoh maintains the assumed exchange rates set forth in November, 2020 of ¥105 against the U.S. dollar and of ¥120 against the euro from fourth quarter while the actual exchange rates during the third quarter have been incorporated into exchange rate assumptions for the full year.
Exchange Rate Assumptions for the full year ending March 31, 2021 | |||||||||
US$ 1 | = | ¥105.82 | (¥108.80 in previous fiscal year) | ||||||
EURO 1 | = | ¥121.77 | (¥120.90 in previous fiscal year) | ||||||
(Billions of yen) | |||||||||
Year ending | Year ending | Year ended | |||||||
March 31, 2021 | March 31, 2021 | March 31, 2020 | |||||||
(Previous forecast) | (Revised forecast) | Change | (Actual) | Change | |||||
(A) | (B) | (B-A) | (C) | (B-C)/C | |||||
Domestic sales | 725.0 | 729.0 | 4.0 | 872.3 | (16.4%) | ||||
Overseas sales | 939.0 | 935.0 | (4.0) | 1,136.2 | (17.7%) | ||||
Sales | 1,664.0 | 1,664.0 | - | 2,008.5 | (17.2%) | ||||
Gross profit | 547.6 | 563.6 | 16.0 | 721.5 | (21.9%) | ||||
Operating profit (loss) | (49.0) | (49.0) | - | 79.0 | - | ||||
Profit (loss) before income tax expenses | (50.3) | (44.3) | 6.0 | 75.8 | - | ||||
Profit (loss) attributable to owners of the | (36.4) | (36.4) | - | 39.5 | - | ||||
parent | |||||||||
- The result forecasts and forward-looking statements included in this document are based on information available to the Company as at the date of submission of this quarterly report and certain assumptions that the Company considers reasonable. The Company makes no guarantees with respect to the achievement of its result forecasts or forward-looking statements. Actual results might be significantly different from the forecasts in the document, depending on various factors. Factors which may affect the actual business results include but are not limited to the economic situation in the geographic areas where Ricoh conducts business, including Japan, the Americas, Europe, Middle East, Africa, China and Asia, market environment, and currency exchange rates.
6
4. Condensed Consolidated Financial Statements
(1) Condensed Consolidated Statement of Financial Position
Assets
(Millions of yen) | |||
March 31, 2020 | December 31, | Change | |
2020 | |||
Current Assets | |||
Cash and cash equivalents | 262,834 | 328,562 | 65,728 |
Time deposits | 50 | 146 | 96 |
Trade and other receivables | 392,780 | 346,396 | (46,384) |
Other financial assets | 87,226 | 90,039 | 2,813 |
Inventories | 201,248 | 204,628 | 3,380 |
Other current assets | 36,428 | 46,247 | 9,819 |
Subtotal | 980,566 | 1,016,018 | 35,452 |
Assets classified as held for sale | 1,125,582 | - | (1,125,582) |
Total Current Assets | 2,106,148 | 1,016,018 | (1,090,130) |
Non-current assets | |||
Property, plant and equipment | 201,569 | 194,473 | (7,096) |
Right-of-use assets | 59,425 | 66,258 | 6,833 |
Goodwill and intangible assets | 231,898 | 231,503 | (395) |
Other financial assets | 139,181 | 131,927 | (7,254) |
Investments accounted for using the equity method | 14,305 | 78,574 | 64,269 |
Other investments | 14,951 | 16,628 | 1,677 |
Other non-current assets | 29,550 | 29,567 | 17 |
Deferred tax assets | 70,618 | 81,941 | 11,323 |
Total Non-current Assets | 761,497 | 830,871 | 69,374 |
Total Assets | 2,867,645 | 1,846,889 | (1,020,756) |
Liabilities and Equity
(Millions of yen) | |||
March 31, 2020 | December 31, | Change | |
2020 | |||
Current Liabilities | |||
Bonds and borrowings | 51,492 | 73,569 | 22,077 |
Trade and other payables | 246,055 | 256,091 | 10,036 |
Lease liabilities | 27,230 | 25,673 | (1,557) |
Other financial liabilities | - | 795 | 795 |
Income tax payables | 9,455 | 6,161 | (3,294) |
Provisions | 11,686 | 6,778 | (4,908) |
Other current liabilities | 233,909 | 219,678 | (14,231) |
Subtotal | 579,827 | 588,745 | 8,918 |
Liabilities directly related to assets held for sale | 969,069 | - | (969,069) |
Total Current Liabilities | 1,548,896 | 588,745 | (960,151) |
Non-current Liabilities | |||
Bonds and borrowings | 128,172 | 168,712 | 40,540 |
Lease liabilities | 38,741 | 49,126 | 10,385 |
Accrued pension and retirement benefits | 99,795 | 94,751 | (5,044) |
Provisions | 6,458 | 7,231 | 773 |
Other non-current liabilities | 34,143 | 33,881 | (262) |
Deferred tax liabilities | 2,913 | 3,048 | 135 |
Total Non-current Liabilities | 310,222 | 356,749 | 46,527 |
Total Liabilities | 1,859,118 | 945,494 | (913,624) |
Equity | |||
Common stock | 135,364 | 135,364 | - |
Additional paid-in capital | 186,173 | 186,217 | 44 |
Treasury stock | (37,795) | (37,732) | 63 |
Other components of equity | 41,768 | 56,125 | 14,357 |
Other comprehensive income related to disposal group held for sale | 130 | - | (130) |
Retained earnings | 594,731 | 557,903 | (36,828) |
Equity attributable to owners of the parent | 920,371 | 897,877 | (22,494) |
Non-controlling interests | 88,156 | 3,518 | (84,638) |
Total Equity | 1,008,527 | 901,395 | (107,132) |
Total Liabilities and Equity | 2,867,645 | 1,846,889 | (1,020,756) |
7
- Condensed Consolidated Statement of Profit or Loss and Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Profit or Loss
Nine months ended December 31, 2019 and 2020
(Millions of yen)
Nine months | Nine months | |||||
ended | ended | |||||
December 31, | December 31, | |||||
2019 | 2020 | Change | % | |||
Sales | 1,493,882 | 1,193,071 | (300,811) | (20.1) | ||
Cost of sales | 944,534 | 777,354 | (167,180) | (17.7) | ||
Percentage of sales (%) | 63.2 | 65.2 | ||||
Gross profit | 549,348 | 415,717 | (133,631) | (24.3) | ||
Percentage of sales (%) | 36.8 | 34.8 | ||||
Selling, general and administrative expenses | 487,259 | 447,038 | (40,221) | (8.3) | ||
Percentage of sales (%) | 32.6 | 37.5 | ||||
Other Income | 7,326 | 4,224 | (3,102) | (42.3) | ||
Percentage of sales (%) | 0.5 | 0.4 | ||||
Impairment of goodwill | - | 2,641 | 2,641 | - | ||
Percentage of sales (%) | - | 0.2 | ||||
Operating profit (loss) | 69,415 | (29,738) | (99,153) | - | ||
Percentage of sales (%) | 4.6 | (2.5) | ||||
Finance income | 4,361 | 3,754 | (607) | (13.9) | ||
Percentage of sales (%) | 0.3 | 0.3 | ||||
Finance costs | 5,551 | 3,064 | (2,487) | (44.8) | ||
Percentage of sales (%) | 0.4 | 0.3 | ||||
Share of profit (loss) of investments accounted for using the | 243 | 3,434 | 3,191 | - | ||
equity method | ||||||
Percentage of sales (%) | 0.0 | 0.3 | ||||
Profit (loss) before income tax expenses | 68,468 | (25,614) | (94,082) | - | ||
Percentage of sales (%) | 4.6 | (2.1) | ||||
Income tax expenses | 22,375 | (3,140) | (25,515) | - | ||
Percentage of sales (%) | 1.5 | (0.3) | ||||
Profit (loss) for the period | 46,093 | (22,474) | (68,567) | - | ||
Percentage of sales (%) | 3.1 | (1.9) | ||||
Profit (loss) attributable to: | ||||||
Owners of the parent | 41,469 | (22,471) | (63,940) | - | ||
Percentage of sales (%) | 2.8 | (1.9) | ||||
Non-controlling interests | 4,624 | (3) | (4,627) | - | ||
Percentage of sales (%) | 0.3 | (0.0) | ||||
Nine months ended | Nine months ended | |||||
December 31, 2019 | December 31, 2020 | Change | ||||
Earnings per share attributable to owners of the parent-basic (yen) | 57.23 | (31.02) | (88.25) | |||
Earnings per share attributable to owners of the parent-diluted (yen) | 57.23 | (31.02) | (88.25) |
* Gain on sales of property, plant and equipment and others were included in "other income".
8
Three months ended December 31, 2019 and 2020
(Millions of yen)
Three months | Three months | |||
ended | ended | |||
December 31, | December 31, | |||
2019 | 2020 | Change | % | |
Sales | 499,103 | 431,123 | (67,980) | (13.6) |
Cost of sales | 317,128 | 277,823 | (39,305) | (12.4) |
Percentage of sales (%) | 63.5 | 64.4 | ||
Gross profit | 181,975 | 153,300 | (28,675) | (15.8) |
Percentage of sales (%) | 36.5 | 35.6 | ||
Selling, general and administrative expenses | 163,555 | 151,826 | (11,729) | (7.2) |
Percentage of sales (%) | 32.8 | 35.2 | ||
Other Income | 2,347 | 2,047 | (300) | (12.8) |
Percentage of sales (%) | 0.5 | 0.5 | ||
Impairment of goodwill | - | 2,641 | 2,641 | - |
Percentage of sales (%) | - | 0.6 | ||
Operating profit (loss) | 20,767 | 880 | (19,887) | (95.8) |
Percentage of sales (%) | 4.2 | 0.2 | ||
Finance income | 1,461 | 2,308 | 847 | 58.0 |
Percentage of sales (%) | 0.3 | 0.5 | ||
Finance costs | 747 | 874 | 127 | 17.0 |
Percentage of sales (%) | 0.1 | 0.2 | ||
Share of profit (loss) of investments accounted for using the | 141 | 1,580 | 1,439 | - |
equity method | ||||
Percentage of sales (%) | 0.0 | 0.4 | ||
Profit (loss) before income tax expenses | 21,622 | 3,894 | (17,728) | (82.0) |
Percentage of sales (%) | 4.3 | 0.9 | ||
Income tax expenses | 7,741 | 4,187 | (3,554) | (45.9) |
Percentage of sales (%) | 1.6 | 1.0 | ||
Profit (loss) for the period | 13,881 | (293) | (14,174) | - |
Percentage of sales (%) | 2.8 | (0.1) | ||
Profit (loss) attributable to: | ||||
Owners of the parent | 12,211 | (276) | (12,487) | - |
Percentage of sales (%) | 2.4 | (0.1) | ||
Non-controlling interests | 1,670 | (17) | (1,687) | - |
Percentage of sales (%) | 0.3 | (0.0) |
Three months ended | Three months ended | ||
December 31, 2019 | December 31, 2020 | Change | |
Earnings per share attributable to owners of the parent-basic (yen) | 16.86 | (0.38) | (17.24) |
Earnings per share attributable to owners of the parent-diluted (yen) | 16.86 | (0.38) | (17.24) |
* Gain on sales of property, plant and equipment and others were included in "other income".
9
Condensed Consolidated Statement of Comprehensive Income
Nine months ended December 31, 2019 and 2020
(Millions of yen)
Nine months ended | Nine months ended | |||
December 31, 2019 | December 31, 2020 | Change | ||
Profit (loss) for the period | 46,093 | (22,474) | (68,567) | |
Other comprehensive income (loss): | ||||
Components that will not be reclassified subsequently to | ||||
profit or loss: | ||||
Remeasurement of defined benefit plan | (1,910) | - | 1,910 | |
Net changes in fair value of financial assets measured through | 1,348 | 1,589 | 241 | |
other comprehensive income | ||||
Share of other comprehensive income of investments accounted | - | 67 | 67 | |
for using equity method | ||||
Total components that will not be reclassified | (562) | 1,656 | 2,218 | |
subsequently to profit or loss | ||||
Components that will be reclassified subsequently to | ||||
profit or loss: | ||||
Net changes in fair value of cash flow hedges | (455) | (421) | 34 | |
Exchange differences on translation of foreign operations | (9,858) | 13,547 | 23,405 | |
Share of other comprehensive income of investments accounted | - | 10 | 10 | |
for using equity method | ||||
Total components that will be reclassified | (10,313) | 13,136 | 23,449 | |
subsequently to profit or loss | ||||
Total other comprehensive income (loss) | (10,875) | 14,792 | 25,667 | |
Comprehensive income (loss) | 35,218 | (7,682) | (42,900) | |
Comprehensive income (loss) attributable to: | ||||
Owners of the parent | 30,272 | (7,750) | (38,022) | |
Non-controlling interests | 4,946 | 68 | (4,878) | |
Three months ended December 31, 2019 and 2020 | ||||
(Millions of yen) | ||||
Three months ended | Three months ended | |||
December 31, 2019 | December 31, 2020 | Change | ||
Profit (loss) for the period | 13,881 | (293) | (14,174) | |
Other comprehensive income (loss): | ||||
Components that will not be reclassified subsequently to | ||||
profit or loss: | ||||
Remeasurement of defined benefit plan | (1,910) | - | 1,910 | |
Net changes in fair value of financial assets measured through | 1,155 | 884 | (271) | |
other comprehensive income | ||||
Share of other comprehensive income of investments accounted | - | 61 | 61 | |
for using equity method | ||||
Total components that will not be reclassified | (755) | 945 | 1,700 | |
subsequently to profit or loss | ||||
Components that will be reclassified subsequently to | ||||
profit or loss: | ||||
Net changes in fair value of cash flow hedges | (693) | (179) | 514 | |
Exchange differences on translation of foreign operations | 18,773 | 6,844 | (11,929) | |
Share of other comprehensive income of investments accounted | - | 32 | 32 | |
for using equity method | ||||
Total components that will be reclassified | 18,080 | 6,697 | (11,383) | |
subsequently to profit or loss | ||||
Total other comprehensive income (loss) | 17,325 | 7,642 | (9,683) | |
Comprehensive income (loss) | 31,206 | 7,349 | (23,857) | |
Comprehensive income (loss) attributable to: | ||||
Owners of the parent | 29,168 | 7,353 | (21,815) | |
Non-controlling interests | 2,038 | (4) | (2,042) |
10
Consolidated Sales by Product Category
Nine months ended December 31, 2019 and 2020
(Millions of yen)
Nine months ended | Nine months ended | |||
December 31, 2019 | December 31, 2020 | Change | % | |
1,165,942 | 951,826 | (214,116) | (18.4) | |
Percentage of sales (%) | 78.0 | 79.8 | ||
767,860 | 593,595 | (174,265) | (22.7) | |
Percentage of sales (%) | 51.4 | 49.8 | ||
398,082 | 358,231 | (39,851) | (10.0) | |
Percentage of sales (%) | 26.6 | 30.0 | ||
133,375 | 98,177 | (35,198) | (26.4) | |
Percentage of sales (%) | 8.9 | 8.2 | ||
17,794 | 16,618 | (1,176) | (6.6) | |
Percentage of sales (%) | 1.2 | 1.4 | ||
47,896 | 42,491 | (5,405) | (11.3) | |
Percentage of sales (%) | 3.2 | 3.6 | ||
128,875 | 83,959 | (44,916) | (34.9) | |
Percentage of sales (%) | 8.6 | 7.0 | ||
Grand Total | 1,493,882 | 1,193,071 | (300,811) | (20.1) |
Percentage of sales (%) | 100.0 | 100.0 |
Three months ended December 31, 2019 and 2020
(Millions of yen)
Three months ended | Three months ended | |||
December 31, 2019 | December 31, 2020 | Change | % | |
388,452 | 344,860 | (43,592) | (11.2) | |
Percentage of sales (%) | 77.8 | 80.0 | ||
255,441 | 211,310 | (44,131) | (17.3) | |
Percentage of sales (%) | 51.2 | 49.0 | ||
133,011 | 133,550 | 539 | 0.4 | |
Percentage of sales (%) | 26.7 | 31.0 | ||
45,838 | 35,498 | (10,340) | (22.6) | |
Percentage of sales (%) | 9.2 | 8.2 | ||
6,068 | 6,313 | 245 | 4.0 | |
Percentage of sales (%) | 1.2 | 1.5 | ||
16,198 | 15,324 | (874) | (5.4) | |
Percentage of sales (%) | 3.2 | 3.6 | ||
42,547 | 29,128 | (13,419) | (31.5) | |
Percentage of sales (%) | 8.5 | 6.8 | ||
Grand Total | 499,103 | 431,123 | (67,980) | (13.6) |
Percentage of sales (%) | 100.0 | 100.0 |
* Each category includes the following product line:
Office Printing | MFPs (multifunctional printers), copiers, laser printers, digital duplicators, wide format printers, |
facsimile machine, scanners, related parts & supplies, services, support and software | |
Office Service | Personal computers, servers, network equipment, related services, support, software and service & |
solutions related to documents | |
Commercial Printing | Cut sheet printers, continuous feed printer, related parts & supplies, services, support and software |
Industrial printing | Inkjet heads, imaging systems and industrial printers |
Thermal Media | Thermal paper and thermal media |
Other | Industrial optical component/module, electronic components, precision mechanical component, |
digital cameras, 3D printing, environment, healthcare and financial services |
- Some of the business in the Office Service segment have been reclassified into the Office Printing segment and Other segment from this fiscal year. In addition, some corporate expenses have been allocated to the relevant segments. Prior year comparative figures have also been reclassified to conform to the current year's presentation.
11
Consolidated Sales by Geographic Area
Nine months ended December 31, 2019 and 2020
(Millions of yen)
Nine months ended | Nine months ended | |||
December 31, 2019 | December 31, 2020 | Change | % | |
637,113 | 516,789 | (120,324) | (18.9) | |
Percentage of sales (%) | 42.6 | 43.3 | ||
856,769 | 676,282 | (180,487) | (21.1) | |
Percentage of sales (%) | 57.4 | 56.7 | ||
The Americas | 402,810 | 284,675 | (118,135) | (29.3) |
Percentage of sales (%) | 27.0 | 23.9 | ||
Europe, Middle East and Africa | 321,835 | 281,792 | (40,043) | (12.4) |
Percentage of sales (%) | 21.5 | 23.6 | ||
Other | 132,124 | 109,815 | (22,309) | (16.9) |
Percentage of sales (%) | 8.8 | 9.2 | ||
Grand Total | 1,493,882 | 1,193,071 | (300,811) | (20.1) |
Percentage of sales (%) | 100.0 | 100.0 |
Three months ended December 31, 2019 and 2020
(Millions of yen)
Three months ended | Three months ended | |||
December 31, 2019 | December 31, 2020 | Change | % | |
207,522 | 181,372 | (26,150) | (12.6) | |
Percentage of sales (%) | 41.6 | 42.1 | ||
291,581 | 249,751 | (41,830) | (14.3) | |
Percentage of sales (%) | 58.4 | 57.9 | ||
The Americas | 133,762 | 97,978 | (35,784) | (26.8) |
Percentage of sales (%) | 26.8 | 22.7 | ||
Europe, Middle East and Africa | 113,335 | 112,311 | (1,024) | (0.9) |
Percentage of sales (%) | 22.7 | 26.0 | ||
Other | 44,484 | 39,462 | (5,022) | (11.3) |
Percentage of sales (%) | 8.9 | 9.2 | ||
Grand Total | 499,103 | 431,123 | (67,980) | (13.6) |
Percentage of sales (%) | 100.0 | 100.0 |
12
- Condensed Consolidated Statement of Changes in Equity
(Millions of Yen) | ||||||
Other components of equity | ||||||
Net changes in | ||||||
Common | Additional | Treasury | fair value of | Net changes in | ||
Remeasurement | financial assets | |||||
paid-in | fair value of | |||||
Stock | stock | of defined | measured | |||
capital | cash flow | |||||
benefit plan | through other | |||||
hedges | ||||||
comprehensive | ||||||
income | ||||||
Balance as of April 1, | 135,364 | 186,086 | (37,394) | - | 7,815 | 59 |
2019 | ||||||
Profit (loss) for the | ||||||
period | ||||||
Other comprehensive | (1,910) | 1,035 | (413) | |||
income (loss) | ||||||
Comprehensive income | - | - | - | (1,910) | 1,035 | (413) |
(loss) | ||||||
Net change in treasury | (399) | |||||
stock | ||||||
Dividends declared and | ||||||
approved to owners | ||||||
Share-based payment | 25 | |||||
transactions | ||||||
Share-based payment | ||||||
transactions of | ||||||
subsidiaries | ||||||
Transfer from other | ||||||
components of equity | 1,910 | (58) | ||||
to retained earnings | ||||||
Equity transactions | ||||||
with non-controlling | 44 | |||||
shareholders | ||||||
Total transactions with | - | 69 | (399) | 1,910 | (58) | - |
owners | ||||||
Balance as of December | 135,364 | 186,155 | (37,793) | - | 8,792 | (354) |
31, 2019 | ||||||
Other components of equity | ||||||
Exchange | Equity | |||||
differences on | Total other | Retained | attributable to | Non-controlling | Total equity | |
translation of | components | earnings | owners of the | interests | ||
foreign | of equity | parent | ||||
operations | ||||||
Balance as of April 1, | 65,771 | 73,645 | 574,876 | 932,577 | 86,411 | 1,018,988 |
2019 | ||||||
Profit (loss) for the | 41,469 | 41,469 | 4,624 | 46,093 | ||
period | ||||||
Other comprehensive | (9,909) | (11,197) | (11,197) | 322 | (10,875) | |
income (loss) | ||||||
Comprehensive income | (9,909) | (11,197) | 41,469 | 30,272 | 4,946 | 35,218 |
(loss) | ||||||
Net change in treasury | (399) | (399) | ||||
stock | ||||||
Dividends declared and | (18,841) | (18,841) | (1,227) | (20,068) | ||
approved to owners | ||||||
Share-based payment | 25 | 25 | ||||
transactions | ||||||
Share-based payment | ||||||
transactions of | - | 21 | 21 | |||
subsidiaries | ||||||
Transfer from other | ||||||
components of equity | 1,852 | (1,852) | - | - | ||
to retained earnings | ||||||
Equity transactions | ||||||
with non-controlling | 44 | (1,724) | (1,680) | |||
shareholders | ||||||
Total transactions with | - | 1,852 | (20,693) | (19,171) | (2,930) | (22,101) |
owners | ||||||
Balance as of December | 55,862 | 64,300 | 595,652 | 943,678 | 88,427 | 1,032,105 |
31, 2019 | ||||||
13
(Millions of Yen) | |||||||||||||||||||
Other components of equity | |||||||||||||||||||
Net changes in | |||||||||||||||||||
Common | Additional | fair value of | Net changes | ||||||||||||||||
Remeasurement | financial assets | ||||||||||||||||||
paid-in | Treasury stock | in fair value | |||||||||||||||||
Stock | of defined | measured | |||||||||||||||||
capital | of cash flow | ||||||||||||||||||
benefit plan | through other | ||||||||||||||||||
hedges | |||||||||||||||||||
comprehensive | |||||||||||||||||||
income | |||||||||||||||||||
Balance as of April 1, | 135,364 | 186,173 | (37,795) | - | 5,191 | 409 | |||||||||||||
2020 | |||||||||||||||||||
Profit (loss) for the | |||||||||||||||||||
period | |||||||||||||||||||
Other comprehensive | 1,549 | (489) | |||||||||||||||||
income (loss) | |||||||||||||||||||
Comprehensive income | - | - | - | - | 1,549 | (489) | |||||||||||||
(loss) | |||||||||||||||||||
Net change in treasury | (3) | ||||||||||||||||||
stock | |||||||||||||||||||
Dividends declared and | |||||||||||||||||||
approved to owners | |||||||||||||||||||
Share-based payment | 44 | 5 | |||||||||||||||||
transactions | |||||||||||||||||||
Share-based payment | |||||||||||||||||||
transactions of | |||||||||||||||||||
subsidiaries | |||||||||||||||||||
Loss of control of | |||||||||||||||||||
subsidiaries | |||||||||||||||||||
Transfer from other | |||||||||||||||||||
components of equity | (212) | ||||||||||||||||||
to retained earnings | |||||||||||||||||||
Other | 61 | ||||||||||||||||||
Total transactions | with | ||||||||||||||||||
- | 44 | 63 | - | (212) | - | ||||||||||||||
owners | |||||||||||||||||||
Balance as of December | 135,364 | 186,217 | (37,732) | - | 6,528 | (80) | |||||||||||||
31, 2020 | |||||||||||||||||||
Other components of | |||||||||||||||||||
equity | Other | Equity | |||||||||||||||||
Exchange | comprehensive | ||||||||||||||||||
attributable | Non- | ||||||||||||||||||
differences | income related | Retained | |||||||||||||||||
Total other | to owners | controlling | Total equity | ||||||||||||||||
on | to disposal | earnings | |||||||||||||||||
components | of the | interests | |||||||||||||||||
translation | groups held for | ||||||||||||||||||
of equity | parent | ||||||||||||||||||
of foreign | sale | ||||||||||||||||||
operations | |||||||||||||||||||
Balance as of April 1, | 36,168 | 41,768 | 130 | 594,731 | 920,371 | 88,156 | 1,008,527 | ||||||||||||
2020 | |||||||||||||||||||
Profit (loss) for the | (22,471) | (22,471) | (3) | (22,474) | |||||||||||||||
period | |||||||||||||||||||
Other comprehensive | 13,509 | 14,569 | 152 | 14,721 | 71 | 14,792 | |||||||||||||
income (loss) | |||||||||||||||||||
Comprehensive income | 13,509 | 14,569 | 152 | (22,471) | (7,750) | 68 | (7,682) | ||||||||||||
(loss) | |||||||||||||||||||
Net change in treasury | (3) | (3) | |||||||||||||||||
stock | |||||||||||||||||||
Dividends declared and | (14,851) | (14,851) | (34) | (14,885) | |||||||||||||||
approved to owners | |||||||||||||||||||
Share-based payment | 49 | 49 | |||||||||||||||||
transactions | |||||||||||||||||||
Share-based payment | |||||||||||||||||||
transactions of | - | 4 | 4 | ||||||||||||||||
subsidiaries | |||||||||||||||||||
Loss of control of | - | (84,676) | (84,676) | ||||||||||||||||
subsidiaries | |||||||||||||||||||
Transfer from other | |||||||||||||||||||
components of equity | (212) | (282) | 494 | - | - | ||||||||||||||
to retained earnings | |||||||||||||||||||
Other | 61 | 61 | |||||||||||||||||
Total transactions | with | ||||||||||||||||||
- | (212) | (282) | (14,357) | (14,744) | (84,706) | (99,450) | |||||||||||||
owners | |||||||||||||||||||
Balance as of December | 49,677 | 56,125 | - | 557,903 | 897,877 | 3,518 | 901,395 | ||||||||||||
31, 2020 | |||||||||||||||||||
14
(4) Condensed Consolidated Statement of Cash Flows
(Millions of yen) | ||
Nine months ended | Nine months ended | |
December 31, 2019 | December 31, 2020 | |
I. Cash Flows from Operating Activities: | ||
Profit (loss) for the period | 46,093 | (22,474) |
Adjustments to reconcile profit for the period to net cash | ||
provided by operating activities- | ||
Depreciation and amortization | 91,516 | 79,670 |
Impairment of property, plant and equipment and intangible assets | - | 7,745 |
Impairment of goodwill | - | 2,641 |
Other income | (5,313) | (1,221) |
Share of profit (loss) of investments accounted for using the equity | (243) | (3,434) |
method | ||
Finance income and costs | 1,190 | (690) |
Income tax expenses | 22,375 | (3,140) |
(Increase) decrease in trade and other receivables | 20,576 | 67,500 |
(Increase) decrease in inventories | (31,309) | (1,750) |
(Increase) decrease in lease receivables | (23,785) | 13,061 |
Increase (decrease) in trade and other payables | (16,115) | (33,268) |
Increase (decrease) in accrued pension and retirement benefits | (3,985) | (5,559) |
Other, net | (15,195) | (13,092) |
Interest and dividends received | 3,928 | 3,393 |
Interest paid | (3,655) | (1,861) |
Income taxes paid | (27,208) | (14,832) |
Net cash provided by (used in) operating activities | 58,870 | 72,689 |
II. Cash Flows from Investing Activities: | ||
Proceeds from sales of property, plant and equipment | 7,272 | 2,427 |
Expenditures for property, plant and equipment | (61,009) | (29,941) |
Proceeds from sales of intangible assets | 134 | 60 |
Expenditures for intangible assets | (19,898) | (16,796) |
Payments for purchases of investment securities | (13,870) | (594) |
Proceeds from sales of investment securities | 1,006 | 336 |
Net (increase) decrease in time deposits | 4 | (89) |
Purchase of business, net of cash acquired | (16,118) | (8,431) |
Net increase (decrease) due to loss of control of subsidiaries | - | 7,846 |
Other, net | (22,723) | (280) |
Net cash provided by (used in) investing activities | (125,202) | (45,462) |
III. Cash Flows from Financing Activities: | ||
Net increase (decrease) of short-term debt | (11,090) | 2,871 |
Proceeds from long-term debt | 227,845 | 97,037 |
Repayments of long-term debt | (154,673) | (11,554) |
Proceeds from issuance of bonds | 72,119 | - |
Repayments of bonds | (32,148) | (12,413) |
Repayments of lease liabilities | (22,605) | (26,293) |
Dividends paid | (18,841) | (14,851) |
Payments for purchase of treasury stock | (399) | (3) |
Other, net | (2,907) | (34) |
Net cash provided by (used in) financing activities | 57,301 | 34,760 |
IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,820) | 212 |
V. Net Increase (decrease) in Cash and Cash Equivalents | (10,851) | 62,199 |
VI. Cash and Cash Equivalents at Beginning of Year | 240,099 | 263,688 |
VII. Cash and Cash Equivalents at End of Period | 229,248 | 325,887 |
Notes: The difference in the amount of "cash and cash equivalents" between condensed consolidated statement of financial position and condensed consolidated statement of cash flows represents bank overdrafts.
15
- Notes on premise going concern Not applicable
- Changes in accounting policies
Significant accounting policies which apply in the Condensed Consolidated Financial Statements are the same as those in the previous fiscal year.
16
-
Segment Information Operating Segment Information
Nine months ended December 31, 2019 and 2020
(Millions of yen)
Nine months ended | Nine months ended | |||
December 31, 2019 | December 31, 2020 | Change | % | |
Office Total: | ||||
Sales: | ||||
Unaffiliated customers | 1,165,942 | 951,826 | (214,116) | (18.4) |
Intersegment | - | - | - | - |
Total | 1,165,942 | 951,826 | (214,116) | (18.4) |
Operating expenses | 1,071,027 | 924,831 | (146,196) | (13.7) |
Operating profit (loss) | 94,915 | 26,995 | (67,920) | (71.6) |
Operating profit (loss) on sales in Office Total (%) | 8.1 | 2.8 | ||
Office Printing: | ||||
Sales: | ||||
Unaffiliated customers | 767,860 | 593,595 | (174,265) | (22.7) |
Intersegment | - | - | - | - |
Total | 767,860 | 593,595 | (174,265) | (22.7) |
Operating expenses | 694,774 | 587,458 | (107,316) | (15.4) |
Operating profit (loss) | 73,086 | 6,137 | (66,949) | (91.6) |
Operating profit (loss) on sales in Office Printing (%) | 9.5 | 1.0 | ||
Office Service: | ||||
Sales: | ||||
Unaffiliated customers | 398,082 | 358,231 | (39,851) | (10.0) |
Intersegment | - | - | - | - |
Total | 398,082 | 358,231 | (39,851) | (10.0) |
Operating expenses | 376,253 | 337,373 | (38,880) | (10.3) |
Operating profit (loss) | 21,829 | 20,858 | (971) | (4.4) |
Operating profit (loss) on sales in Office Service (%) | 5.5 | 5.8 | ||
Commercial Printing: | ||||
Sales: | ||||
Unaffiliated customers | 133,375 | 98,177 | (35,198) | (26.4) |
Intersegment | - | - | - | - |
Total | 133,375 | 98,177 | (35,198) | (26.4) |
Operating expenses | 116,604 | 101,265 | (15,339) | (13.2) |
Operating profit (loss) | 16,771 | (3,088) | (19,859) | - |
Operating profit (loss) on sales in Commercial Printing (%) | 12.6 | (3.1) | ||
Industrial Printing: | ||||
Sales: | ||||
Unaffiliated customers | 17,794 | 16,618 | (1,176) | (6.6) |
Intersegment | - | - | - | - |
Total | 17,794 | 16,618 | (1,176) | (6.6) |
Operating expenses | 20,719 | 18,657 | (2,062) | (10.0) |
Operating profit (loss) | (2,925) | (2,039) | 886 | - |
Operating profit (loss) on sales in Industrial Printing (%) | (16.4) | (12.3) | ||
Thermal Media: | ||||
Sales: | ||||
Unaffiliated customers | 47,896 | 42,491 | (5,405) | (11.3) |
Intersegment | - | - | - | - |
Total | 47,896 | 42,491 | (5,405) | (11.3) |
Operating expenses | 45,073 | 40,970 | (4,103) | (9.1) |
Operating profit (loss) | 2,823 | 1,521 | (1,302) | (46.1) |
Operating profit (loss) on sales in Thermal Media (%) | 5.9 | 3.6 | ||
Other: | ||||
Sales: | ||||
Unaffiliated customers | 128,875 | 83,959 | (44,916) | (34.9) |
Intersegment | 19,616 | 13,734 | (5,882) | (30.0) |
Total | 148,491 | 97,693 | (50,798) | (34.2) |
Operating expenses | 150,440 | 113,743 | (36,697) | (24.4) |
Operating profit (loss) | (1,949) | (16,050) | (14,101) | - |
Operating profit (loss) on sales in Other (%) | (1.3) | (16.4) | ||
Eliminations and Corporate: | ||||
Sales: | ||||
Intersegment | (19,616) | (13,734) | 5,882 | |
Total | (19,616) | (13,734) | 5,882 | - |
Operating expenses: | ||||
Intersegment | (19,616) | (13,734) | 5,882 | |
Corporate | 40,220 | 37,077 | (3,143) | |
Total | 20,604 | 23,343 | 2,739 | - |
Operating profit (loss) | (40,220) | (37,077) | 3,143 | - |
Consolidated: | ||||
Sales: | ||||
Unaffiliated customers | 1,493,882 | 1,193,071 | (300,811) | (20.1) |
Intersegment | - | - | - | - |
Total | 1,493,882 | 1,193,071 | (300,811) | (20.1) |
Operating expenses | 1,424,467 | 1,222,809 | (201,658) | (14.2) |
Operating profit (loss) | 69,415 | (29,738) | (99,153) | - |
Operating profit (loss) on consolidated sales (%) | 4.6 | (2.5) |
17
Three months ended December 31, 2019 and 2020
(Millions of yen)
Three months | Three months | |||
ended | ended | |||
December 31, | December 31, | |||
2019 | 2020 | Change | % | |
Office Total: | ||||
Sales: | ||||
Unaffiliated customers | 388,452 | 344,860 | (43,592) | (11.2) |
Intersegment | - | - | - | - |
Total | 388,452 | 344,860 | (43,592) | (11.2) |
Operating expenses | 360,319 | 323,170 | (37,149) | (10.3) |
Operating profit (loss) | 28,133 | 21,690 | (6,443) | (22.9) |
Operating profit (loss) on sales in Office Total (%) | 7.2 | 6.3 | ||
Office Printing: | ||||
Sales: | ||||
Unaffiliated customers | 255,441 | 211,310 | (44,131) | (17.3) |
Intersegment | - | - | - | - |
Total | 255,441 | 211,310 | (44,131) | (17.3) |
Operating expenses | 233,653 | 198,900 | (34,753) | (14.9) |
Operating profit (loss) | 21,788 | 12,410 | (9,378) | (43.0) |
Operating profit (loss) on sales in Office Printing (%) | 8.5 | 5.9 | ||
Office Service: | ||||
Sales: | ||||
Unaffiliated customers | 133,011 | 133,550 | 539 | 0.4 |
Intersegment | - | - | - | - |
Total | 133,011 | 133,550 | 539 | 0.4 |
Operating expenses | 126,665 | 124,271 | (2,394) | (1.9) |
Operating profit (loss) | 6,346 | 9,279 | 2,933 | 46.2 |
Operating profit (loss) on sales in Office Service (%) | 4.8 | 6.9 | ||
Commercial Printing: | ||||
Sales: | ||||
Unaffiliated customers | 45,838 | 35,498 | (10,340) | (22.6) |
Intersegment | - | - | - | - |
Total | 45,838 | 35,498 | (10,340) | (22.6) |
Operating expenses | 39,807 | 40,593 | 786 | 2.0 |
Operating profit (loss) | 6,031 | (5,095) | (11,126) | - |
Operating profit (loss) on sales in Commercial Printing (%) | 13.2 | (14.4) | ||
Industrial Printing: | ||||
Sales: | ||||
Unaffiliated customers | 6,068 | 6,313 | 245 | 4.0 |
Intersegment | - | - | - | - |
Total | 6,068 | 6,313 | 245 | 4.0 |
Operating expenses | 6,691 | 6,422 | (269) | (4.0) |
Operating profit (loss) | (623) | (109) | 514 | - |
Operating profit (loss) on sales in Industrial Printing (%) | (10.3) | (1.7) | ||
Thermal Media: | ||||
Sales: | ||||
Unaffiliated customers | 16,198 | 15,324 | (874) | (5.4) |
Intersegment | - | - | - | - |
Total | 16,198 | 15,324 | (874) | (5.4) |
Operating expenses | 14,885 | 14,722 | (163) | (1.1) |
Operating profit (loss) | 1,313 | 602 | (711) | (54.2) |
Operating profit (loss) on sales in Thermal Media (%) | 8.1 | 3.9 | ||
Other: | ||||
Sales: | ||||
Unaffiliated customers | 42,547 | 29,128 | (13,419) | (31.5) |
Intersegment | 6,592 | 4,511 | (2,081) | (31.6) |
Total | 49,139 | 33,639 | (15,500) | (31.5) |
Operating expenses | 50,436 | 37,985 | (12,451) | (24.7) |
Operating profit (loss) | (1,297) | (4,346) | (3,049) | - |
Operating profit (loss) on sales in Other (%) | (2.6) | (12.9) | ||
Eliminations and Corporate: | ||||
Sales: | ||||
Intersegment | (6,592) | (4,511) | 2,081 | |
Total | (6,592) | (4,511) | 2,081 | - |
Operating expenses: | ||||
Intersegment | (6,592) | (4,511) | 2,081 | |
Corporate | 12,790 | 11,862 | (928) | |
Total | 6,198 | 7,351 | 1,153 | - |
Operating profit (loss) | (12,790) | (11,862) | 928 | - |
Consolidated: | ||||
Sales: | ||||
Unaffiliated customers | 499,103 | 431,123 | (67,980) | (13.6) |
Intersegment | - | - | - | - |
Total | 499,103 | 431,123 | (67,980) | (13.6) |
Operating expenses | 478,336 | 430,243 | (48,093) | (10.1) |
Operating profit (loss) | 20,767 | 880 | (19,887) | (95.8) |
Operating profit (loss) on consolidated sales (%) | 4.2 | 0.2 |
18
* Each category includes the following product line:
Office Printing | MFPs (multifunctional printers), copiers, laser printers, digital duplicators, wide format printers, |
facsimile machine, scanners, related parts & supplies, services, support and software | |
Office Service | Personal computers, servers, network equipment, related services, support, software and service & |
solutions related to documents | |
Commercial Printing | Cut sheet printers, continuous feed printer, related parts & supplies, services, support and software |
Industrial printing | Inkjet heads, imaging systems and industrial printers |
Thermal Media | Thermal paper and thermal media |
Other | Industrial optical component/module, electronic components, precision mechanical component, |
digital cameras, 3D printing, environment, healthcare and financial services |
- Some of the business in the Office Service segment have been reclassified into the Office Printing segment and Other segment from this fiscal year. In addition, some corporate expenses have been allocated to the relevant segments. Prior year comparative figures have also been reclassified to conform to the current year's presentation.
19
-APPENDIX- (Nine months ended December 31, 2020)
1. Consolidated Sales by Product Category Nine months ended December 31, 2019 and 2020
(Millions of yen) | ||||||
Nine months | Nine months | Change | ||||
ended | ended | excluding | ||||
December 31, | December 31, | exchange impact | ||||
2019 | 2020 | Change | % | % | ||
Office Total | 1,165,942 | 951,826 | (214,116) | (18.4) | (209,629) | (18.0) |
Percentage of sales (%) | 78.0 | 79.8 | ||||
Domestic | 496,185 | 420,803 | (75,382) | (15.2) | (75,382) | (15.2) |
Overseas | 669,757 | 531,023 | (138,734) | (20.7) | (134,247) | (20.0) |
The Americas | 311,687 | 215,968 | (95,719) | (30.7) | (90,340) | (29.0) |
Europe, Middle East and Africa | 266,599 | 239,155 | (27,444) | (10.3) | (29,888) | (11.2) |
Other | 91,471 | 75,900 | (15,571) | (17.0) | (14,019) | (15.3) |
Office Printing | 767,860 | 593,595 | (174,265) | (22.7) | (170,695) | (22.2) |
Percentage of sales (%) | 51.4 | 49.8 | ||||
Domestic | 256,525 | 226,043 | (30,482) | (11.9) | (30,482) | (11.9) |
Overseas | 511,335 | 367,552 | (143,783) | (28.1) | (140,213) | (27.4) |
The Americas | 232,860 | 151,952 | (80,908) | (34.7) | (77,125) | (33.1) |
Europe, Middle East and Africa | 197,924 | 150,011 | (47,913) | (24.2) | (49,446) | (25.0) |
Other | 80,551 | 65,589 | (14,962) | (18.6) | (13,642) | (16.9) |
Office Service | 398,082 | 358,231 | (39,851) | (10.0) | (38,934) | (9.8) |
Percentage of sales (%) | 26.6 | 30.0 | ||||
Domestic | 239,660 | 194,760 | (44,900) | (18.7) | (44,900) | (18.7) |
Overseas | 158,422 | 163,471 | 5,049 | 3.2 | 5,966 | 3.8 |
The Americas | 78,827 | 64,016 | (14,811) | (18.8) | (13,215) | (16.8) |
Europe, Middle East and Africa | 68,675 | 89,144 | 20,469 | 29.8 | 19,558 | 28.5 |
Other | 10,920 | 10,311 | (609) | (5.6) | (377) | (3.5) |
Commercial Printing | 133,375 | 98,177 | (35,198) | (26.4) | (34,153) | (25.6) |
Percentage of sales (%) | 8.9 | 8.2 | ||||
Domestic | 18,823 | 17,317 | (1,506) | (8.0) | (1,506) | (8.0) |
Overseas | 114,552 | 80,860 | (33,692) | (29.4) | (32,647) | (28.5) |
The Americas | 69,411 | 47,529 | (21,882) | (31.5) | (20,695) | (29.8) |
Europe, Middle East and Africa | 35,928 | 25,559 | (10,369) | (28.9) | (10,631) | (29.6) |
Other | 9,213 | 7,772 | (1,441) | (15.6) | (1,321) | (14.3) |
Industrial Printing | 17,794 | 16,618 | (1,176) | (6.6) | (1,049) | (5.9) |
Percentage of sales (%) | 1.2 | 1.4 | ||||
Domestic | 3,116 | 1,994 | (1,122) | (36.0) | (1,122) | (36.0) |
Overseas | 14,678 | 14,624 | (54) | (0.4) | 73 | 0.5 |
The Americas | 4,902 | 5,150 | 248 | 5.1 | 391 | 8.0 |
Europe, Middle East and Africa | 3,446 | 2,682 | (764) | (22.2) | (782) | (22.7) |
Other | 6,330 | 6,792 | 462 | 7.3 | 464 | 7.3 |
Thermal Media | 47,896 | 42,491 | (5,405) | (11.3) | (5,028) | (10.5) |
Percentage of sales (%) | 3.2 | 3.6 | ||||
Domestic | 10,017 | 9,713 | (304) | (3.0) | (304) | (3.0) |
Overseas | 37,879 | 32,778 | (5,101) | (13.5) | (4,724) | (12.5) |
The Americas | 14,510 | 13,223 | (1,287) | (8.9) | (957) | (6.6) |
Europe, Middle East and Africa | 11,990 | 10,445 | (1,545) | (12.9) | (1,651) | (13.8) |
Other | 11,379 | 9,110 | (2,269) | (19.9) | (2,116) | (18.6) |
Other | 128,875 | 83,959 | (44,916) | (34.9) | (44,815) | (34.8) |
Percentage of sales (%) | 8.6 | 7.0 | ||||
Domestic | 108,972 | 66,962 | (42,010) | (38.6) | (42,010) | (38.6) |
Overseas | 19,903 | 16,997 | (2,906) | (14.6) | (2,805) | (14.1) |
The Americas | 2,300 | 2,805 | 505 | 22.0 | 575 | 25.0 |
Europe, Middle East and Africa | 3,872 | 3,951 | 79 | 2.0 | 41 | 1.1 |
Other | 13,731 | 10,241 | (3,490) | (25.4) | (3,421) | (24.9) |
Grand Total | 1,493,882 | 1,193,071 | (300,811) | (20.1) | (294,674) | (19.7) |
Percentage of sales (%) | 100.0 | 100.0 | ||||
Domestic | 637,113 | 516,789 | (120,324) | (18.9) | (120,324) | (18.9) |
Percentage of sales (%) | 42.6 | 43.3 | ||||
Overseas | 856,769 | 676,282 | (180,487) | (21.1) | (174,350) | (20.3) |
Percentage of sales (%) | 57.4 | 56.7 | ||||
The Americas | 402,810 | 284,675 | (118,135) | (29.3) | (111,026) | (27.6) |
Percentage of sales (%) | 27.0 | 23.9 | ||||
Europe, Middle East and Africa | 321,835 | 281,792 | (40,043) | (12.4) | (42,911) | (13.3) |
Percentage of sales (%) | 21.5 | 23.6 | ||||
Other | 132,124 | 109,815 | (22,309) | (16.9) | (20,413) | (15.4) |
Percentage of sales (%) | 8.8 | 9.2 |
20
2. Consolidated Sales by Product Category Three months ended December 31, 2019 and 2020
(Millions of yen)
Three months | Three months | |||||
ended | ended | Change | ||||
December 31, | December 31, | excluding | ||||
2019 | 2020 | Change | % | exchange impact | % | |
Office Total | 388,452 | 344,860 | (43,592) | (11.2) | (43,097) | (11.1) |
Percentage of sales (%) | 77.8 | 80.0 | ||||
Domestic | 159,774 | 148,033 | (11,741) | (7.3) | (11,741) | (7.3) |
Overseas | 228,678 | 196,827 | (31,851) | (13.9) | (31,356) | (13.7) |
The Americas | 102,788 | 73,887 | (28,901) | (28.1) | (25,947) | (25.2) |
Europe, Middle East and Africa | 94,415 | 95,934 | 1,519 | 1.6 | (1,143) | (1.2) |
Other | 31,475 | 27,006 | (4,469) | (14.2) | (4,266) | (13.6) |
Office Printing | 255,441 | 211,310 | (44,131) | (17.3) | (43,550) | (17.0) |
Percentage of sales (%) | 51.2 | 49.0 | ||||
Domestic | 83,446 | 78,429 | (5,017) | (6.0) | (5,017) | (6.0) |
Overseas | 171,995 | 132,881 | (39,114) | (22.7) | (38,533) | (22.4) |
The Americas | 76,625 | 52,585 | (24,040) | (31.4) | (21,953) | (28.6) |
Europe, Middle East and Africa | 67,901 | 56,899 | (11,002) | (16.2) | (12,677) | (18.7) |
Other | 27,469 | 23,397 | (4,072) | (14.8) | (3,903) | (14.2) |
Office Service | 133,011 | 133,550 | 539 | 0.4 | 453 | 0.3 |
Percentage of sales (%) | 26.7 | 31.0 | ||||
Domestic | 76,328 | 69,604 | (6,724) | (8.8) | (6,724) | (8.8) |
Overseas | 56,683 | 63,946 | 7,263 | 12.8 | 7,177 | 12.7 |
The Americas | 26,163 | 21,302 | (4,861) | (18.6) | (3,994) | (15.3) |
Europe, Middle East and Africa | 26,514 | 39,035 | 12,521 | 47.2 | 11,534 | 43.5 |
Other | 4,006 | 3,609 | (397) | (9.9) | (363) | (9.1) |
Commercial Printing | 45,838 | 35,498 | (10,340) | (22.6) | (9,973) | (21.8) |
Percentage of sales (%) | 9.2 | 8.2 | ||||
Domestic | 6,424 | 5,861 | (563) | (8.8) | (563) | (8.8) |
Overseas | 39,414 | 29,637 | (9,777) | (24.8) | (9,410) | (23.9) |
The Americas | 23,766 | 16,682 | (7,084) | (29.8) | (6,425) | (27.0) |
Europe, Middle East and Africa | 12,598 | 9,937 | (2,661) | (21.1) | (2,945) | (23.4) |
Other | 3,050 | 3,018 | (32) | (1.0) | (40) | (1.3) |
Industrial Printing | 6,068 | 6,313 | 245 | 4.0 | 309 | 5.1 |
Percentage of sales (%) | 1.2 | 1.5 | ||||
Domestic | 1,229 | 758 | (471) | (38.3) | (471) | (38.3) |
Overseas | 4,839 | 5,555 | 716 | 14.8 | 780 | 16.1 |
The Americas | 1,511 | 2,028 | 517 | 34.2 | 599 | 39.6 |
Europe, Middle East and Africa | 1,177 | 948 | (229) | (19.5) | (248) | (21.1) |
Other | 2,151 | 2,579 | 428 | 19.9 | 429 | 19.9 |
Thermal Media | 16,198 | 15,324 | (874) | (5.4) | (839) | (5.2) |
Percentage of sales (%) | 3.2 | 3.6 | ||||
Domestic | 3,507 | 3,606 | 99 | 2.8 | 99 | 2.8 |
Overseas | 12,691 | 11,718 | (973) | (7.7) | (938) | (7.4) |
The Americas | 4,938 | 4,465 | (473) | (9.6) | (292) | (5.9) |
Europe, Middle East and Africa | 3,741 | 3,749 | 8 | 0.2 | (109) | (2.9) |
Other | 4,012 | 3,504 | (508) | (12.7) | (537) | (13.4) |
Other | 42,547 | 29,128 | (13,419) | (31.5) | (13,418) | (31.5) |
Percentage of sales (%) | 8.5 | 6.8 | ||||
Domestic | 36,588 | 23,114 | (13,474) | (36.8) | (13,474) | (36.8) |
Overseas | 5,959 | 6,014 | 55 | 0.9 | 56 | 0.9 |
The Americas | 759 | 916 | 157 | 20.7 | 192 | 25.3 |
Europe, Middle East and Africa | 1,404 | 1,743 | 339 | 24.1 | 297 | 21.2 |
Other | 3,796 | 3,355 | (441) | (11.6) | (433) | (11.4) |
Grand Total | 499,103 | 431,123 | (67,980) | (13.6) | (67,018) | (13.4) |
Percentage of sales (%) | 100.0 | 100.0 | ||||
Domestic | 207,522 | 181,372 | (26,150) | (12.6) | (26,150) | (12.6) |
Percentage of sales (%) | 41.6 | 42.1 | ||||
Overseas | 291,581 | 249,751 | (41,830) | (14.3) | (40,868) | (14.0) |
Percentage of sales (%) | 58.4 | 57.9 | ||||
The Americas | 133,762 | 97,978 | (35,784) | (26.8) | (31,873) | (23.8) |
Percentage of sales (%) | 26.8 | 22.7 | ||||
Europe, Middle East and Africa | 113,335 | 112,311 | (1,024) | (0.9) | (4,148) | (3.7) |
Percentage of sales (%) | 22.7 | 26.0 | ||||
Other | 44,484 | 39,462 | (5,022) | (11.3) | (4,847) | (10.9) |
Percentage of sales (%) | 8.9 | 9.2 |
21
* Each category includes the following product line:
Office Printing | MFPs (multifunctional printers), copiers, laser printers, digital duplicators, wide format printers, |
facsimile machine, scanners, related parts & supplies, services, support and software | |
Office Service | Personal computers, servers, network equipment, related services, support, software and service & |
solutions related to documents | |
Commercial Printing | Cut sheet printers, continuous feed printer, related parts & supplies, services, support and software |
Industrial printing | Inkjet heads, imaging systems and industrial printers |
Thermal Media | Thermal paper and thermal media |
Other | Industrial optical component/module, electronic components, precision mechanical component, |
digital cameras, 3D printing, environment, healthcare and financial services |
- Some of the business in the Office Service segment have been reclassified into the Office Printing segment and Other segment from this fiscal year. In addition, some corporate expenses have been allocated to the relevant segments. Prior year comparative figures have also been reclassified to conform to the current year's presentation.
3. Forecast of Consolidated Performance
(Billions of yen) | ||||||
Nine months | Three months | |||||
ended | ending | Year ending | ||||
December 31, | March 31, | March 31, | ||||
2020 | Change | 2021 | Change | 2021 | Change | |
Results | % | Forecast | % | Forecast | % | |
Sales | 1,193.0 | (20.1) | 470.9 | (8.5) | 1,664.0 | (17.2) |
Gross profit | 415.7 | (24.3) | 147.8 | (14.1) | 563.6 | (21.9) |
Operating profit (loss) | (29.7) | - | (19.2) | - | (49.0) | - |
Profit (loss) before income tax | (25.6) | - | (18.6) | - | (44.3) | - |
expenses | ||||||
Profit (loss) attributable to | (22.4) | - | (13.9) | - | (36.4) | - |
owners of the parent | ||||||
Earnings per share attributable to | (31.02) | (88.25) | (19.23) | (16.58) | (50.25) | (104.83) |
owners of the parent-basic (yen) | ||||||
Earnings per share attributable to | (31.02) | (88.25) | (19.23) | (16.58) | (50.25) | (104.83) |
owners of the parent- diluted (yen) | ||||||
Capital expenditures* | 29.9 | 18.0 | 48.0 | |||
Depreciation* | 34.2 | 11.7 | 46.0 | |||
R&D expenditures | 66.1 | 26.4 | 92.5 | |||
Exchange rate (Yen/US$) | 106.09 | 105.00 | 105.82 | |||
Exchange rate (Yen/EURO) | 122.36 | 120.00 | 121.77 |
*The amounts presented in capital expenditures and depreciation are for property, plant and equipment.
22
4. Forecast of Consolidated Sales by Product Category
(Billions of yen) | |||||||
Year ended | Three months ending | ||||||
March 31, | Year ending March 31, 2021 | ||||||
March 31, 2021 | |||||||
2020 | |||||||
Forecast | Forecast | ||||||
Results | Forecast | excluding | Forecast | excluding | |||
exchange | Change | exchange | Change | ||||
impact | % | impact | % | ||||
1,570.2 | 382.0 | 386.5 | 1,333.8 | (15.1) | 1,342.8 | (14.5) | |
Domestic | 679.4 | 178.8 | 178.8 | 599.6 | (11.7) | 599.6 | (11.7) |
Overseas | 890.7 | 203.1 | 207.6 | 734.1 | (17.6) | 743.1 | (16.6) |
The Americas | 412.9 | 82.2 | 85.4 | 298.1 | (27.8) | 306.8 | (25.7) |
Europe, Middle East and Africa | 362.4 | 99.2 | 98.8 | 338.4 | (6.6) | 335.5 | (7.4) |
Other | 115.4 | 21.6 | 23.3 | 97.5 | (15.5) | 100.8 | (12.7) |
Office Printing | 1,013.0 | 214.5 | 218.3 | 808.1 | (20.2) | 815.4 | (19.5) |
Domestic | 338.7 | 78.8 | 78.8 | 304.9 | (10.0) | 304.9 | (10.0) |
Overseas | 674.3 | 135.7 | 139.4 | 503.2 | (25.4) | 510.5 | (24.3) |
The Americas | 308.2 | 60.3 | 62.7 | 212.2 | (31.1) | 218.4 | (29.1) |
Europe, Middle East and Africa | 265.2 | 57.5 | 57.3 | 207.5 | (21.8) | 205.8 | (22.4) |
Other | 100.8 | 17.9 | 19.3 | 83.4 | (17.2) | 86.2 | (14.5) |
Office Service | 557.1 | 167.4 | 168.2 | 525.6 | (5.7) | 527.3 | (5.3) |
Domestic | 340.7 | 99.9 | 99.9 | 294.7 | (13.5) | 294.7 | (13.5) |
Overseas | 216.4 | 67.4 | 68.2 | 230.9 | 6.7 | 232.6 | 7.5 |
The Americas | 104.6 | 21.8 | 22.7 | 85.9 | (17.9) | 88.3 | (15.6) |
Europe, Middle East and Africa | 97.1 | 41.7 | 41.4 | 130.9 | 34.7 | 129.6 | 33.5 |
Other | 14.5 | 3.7 | 4.0 | 14.1 | (3.4) | 14.6 | 0.0 |
178.3 | 37.8 | 38.7 | 135.9 | (23.8) | 137.9 | (22.7) | |
Domestic | 25.3 | 7.1 | 7.1 | 24.4 | (3.7) | 24.4 | (3.7) |
Overseas | 152.9 | 30.6 | 31.5 | 111.5 | (27.1) | 113.5 | (25.8) |
The Americas | 93.2 | 18.1 | 18.8 | 65.6 | (29.6) | 67.5 | (27.5) |
Europe, Middle East and Africa | 47.6 | 9.8 | 9.8 | 35.4 | (25.7) | 35.1 | (26.3) |
Other | 12.0 | 2.6 | 2.8 | 10.4 | (13.3) | 10.7 | (10.6) |
23.0 | 8.3 | 8.5 | 25.0 | 8.7 | 25.2 | 9.8 | |
Domestic | 4.1 | 1.4 | 1.4 | 3.4 | (17.3) | 3.4 | (17.3) |
Overseas | 18.8 | 6.9 | 7.0 | 21.5 | 14.4 | 21.8 | 15.8 |
The Americas | 6.2 | 2.6 | 2.7 | 7.8 | 25.3 | 8.0 | 29.5 |
Europe, Middle East and Africa | 5.0 | 1.3 | 1.3 | 4.0 | (19.9) | 4.0 | (19.8) |
Other | 7.5 | 2.9 | 2.9 | 9.7 | 28.2 | 9.7 | 28.2 |
61.8 | 15.0 | 15.5 | 57.5 | (7.0) | 58.4 | (5.6) | |
Domestic | 12.8 | 3.3 | 3.3 | 13.1 | 1.6 | 13.1 | 1.6 |
Overseas | 49.0 | 11.6 | 12.1 | 44.4 | (9.3) | 45.3 | (7.5) |
The Americas | 18.8 | 4.3 | 4.4 | 17.5 | (6.9) | 18.0 | (4.5) |
Europe, Middle East and Africa | 16.3 | 3.7 | 3.7 | 14.1 | (13.3) | 14.1 | (13.8) |
Other | 13.7 | 3.5 | 3.9 | 12.7 | (7.7) | 13.1 | (4.2) |
175.0 | 27.6 | 27.9 | 111.6 | (36.2) | 112.0 | (36.0) | |
Domestic | 150.4 | 21.3 | 21.3 | 88.3 | (41.3) | 88.3 | (41.3) |
Overseas | 24.5 | 6.2 | 6.5 | 23.2 | (5.3) | 23.6 | (3.7) |
The Americas | 2.9 | 0.8 | 0.9 | 3.6 | 27.0 | 3.8 | 31.6 |
Europe, Middle East and Africa | 4.9 | 1.8 | 1.8 | 5.8 | 17.0 | 5.8 | 17.1 |
Other | 16.7 | 3.5 | 3.7 | 13.7 | (17.5) | 14.0 | (16.0) |
Grand Total | 2,008.5 | 470.9 | 477.3 | 1,664.0 | (17.2) | 1,676.5 | (16.5) |
Domestic | 872.3 | 212.2 | 212.2 | 729.0 | (16.4) | 729.0 | (16.4) |
Overseas | 1,136.2 | 258.7 | 265.0 | 935.0 | (17.7) | 947.5 | (16.6) |
The Americas | 534.1 | 108.2 | 112.5 | 392.9 | (26.4) | 404.2 | (24.3) |
Europe, Middle East and Africa | 436.4 | 116.1 | 115.7 | 397.9 | (8.8) | 394.6 | (9.6) |
Other | 165.5 | 34.4 | 36.8 | 144.2 | (12.9) | 148.5 | (10.3) |
- Some of the business in the Office Service segment have been reclassified into the Office Printing segment and Other segment from this fiscal year. In addition, some corporate expenses have been allocated to the relevant segments. Prior year comparative figures have also been reclassified to conform to the current year's presentation.
23
Attachments
- Original document
- Permalink
Disclaimer
Ricoh Company Ltd. published this content on 04 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 February 2021 06:25:02 UTC.