RICOH Leasing Company

1. First Quarter of
Fiscal Year
Ending March
2020 (FY2019)
Financial
Highlights
July 25, 2019
Ricoh Leasing Company, Ltd.

2. Intentionally blank

3. Table of Contents
1. Consolidated Results for the First Quarter of
Fiscal Year Ending March 2020
2. Consolidated Income Forecast for Fiscal Year
Ending March 2020
3. Reference Material
3

4. 1. Consolidated Results for the First
Quarter of Fiscal Year Ending March
2020
4

5. Net Sales : 82.0 billion yen (+4.8%)
Expanded income for 10 consecutive periods;
posted another record high
Gross Profit : 8.6 billion yen (+7.1％)
Expanded income for six consecutive periods;
posted another record high
Operating Profit : 4.5 billion yen (+5.1％)
Expanded income for five consecutive periods;
posted another record high
Ordinary Profit : 4.6 billion yen (+5.5％)
Expanded income for five consecutive periods;
posted another record high
Net Income : 3.1 billion yen (+5.9％)
Posted another record high
Operating Assets (substantial) : 936.0 billion yen
Posted another record high
* In this document, “Profit Attributable to Owners of Parent” is listed as “Net Income”
Financial Performance Overview for the First
Quarter of Fiscal Year Ending March 2020
 Net sales and each profit posted new record highs.
 Continued on increasing operating assets with higher quality,
“Profitability” continued to improve.
 Performance progressed steadily towards the full-year
forecasts.
5

6. 19/3 20/3
1Q
Actual
1Q
Actual
Growth
Rate
Full-year
Forecast
Net Sales 78.2 82.0 4.8% 321.4 25.5%
Gross Profit 8.0 8.6 7.1% 34.5 25.1%
Selling, General and
Administrative Expenses
3.7 4.0 9.4% 16.8 24.4%
Operating Profit 4.3 4.5 5.1% 17.7 25.8%
Ordinary Profit 4.3 4.6 5.5% 17.4 26.6%
Net Income 3.0 3.1 5.9% 12.0 26.6%
YoY change
Dividend per Share(yen) － － － 90.00 －
Earnings per Share(yen) 96.58 102.69 6.11 384.41 －
Dividend Payout Ratio － － － 23.4% －
ROA (Return on Asset Ratio) 1.23% 1.21% (0.02%) 1.12% －
ROE (Return on Equity Ratio) 7.3% 7.3% 0.0% 6.7% －
20/3
Progress
Rate
* Actual ROA and ROE are annualized numerical figures
(Billion Yen)
Consolidated Results
• Increase in operating assets and higher quality progressed. Commission revenue
also increased.
• Non-operating income due to sales of investment securities also contributed.
6

7. Gross Profit
Selling, General and
Administrative Expenses
4.33
billion yen
19/3
1Q
Actual
Gross
Margin for
Financial
Services
Business
Financial
Expenses
4.55
billion yen
20/3
1Q
Actual
(0.00)
(0.12)
(Billion Yen)
+0.03
+0.10 Others
Gross
Margin for
Leases and
Installment
Sales
Business
＋0.44
0.22
billion
yen
(0.12)
Human Resources
(0.09)
Allowance
for Doubtful
Accounts
Other Expenses
Factors Affecting Operating Profit
7

8. 1.5 1.6 1.7
1.9
2.1
0.7 0.7 0.8 0.9 0.9
18.4%
16.3%
19.3%
21.1% 21.1%
0%
10%
20%
0.0
16/3
1Q
17/3
1Q
18/3
1Q
19/3
1Q
20/3
1Q
Net Sales
Segment Profit
% of Operating
Profit
(Billion Yen)
66.2
70.6
74.5 75.5
79.2
3.5 3.8 3.7 3.6 3.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
16/3
1Q
17/3
1Q
18/3
1Q
19/3
1Q
20/3
1Q
Net Sales
Segment Profit
[Leases and Installment Sales
Business]
• Improved revenue and profits due to
the increased operating assets.
• Profit ratio was improved due to the
increase in acquired yields of new
contracts and re-leases.
[Financial Services Business]
• The commission business, such as
collection agency services, factoring
services for healthcare and nursing-
care facilities and loans, were
steady.
• Absorbed the increase of bad debt
expenses, and improved revenue
and profits.
(Billion Yen)
* % of operating profit =
financial services business segment profit /
operating income
Performance by Segment
 Leases and Installment Sales Business
8
 Financial Services Business

9. 19/3 20/3
1Q
Actual
1Q
Actual
Growth
Rate
Full-year
Forecast
4.88 cases 5.38 cases 10.3% 22.60 cases 23.8%
18.6 25.1 34.8% 95.0 26.5%
Transaction volume of Factoring Services
for Healthcare & Nursing-Care Facilities
20/3
Progress
Rate
Number of Transactions in Collection
Agency Services (million cases)
19/3 20/3
1Q
Actual
1Q
Actual
Growth
Rate
Full-year
Forecast
Finance Leases 67.1 70.0 4.3% 270.0 25.9%
Operating Leases 4.5 4.4 (2.9%) 19.0 23.4%
Total Leases 71.6 74.4 3.9% 289.0 25.8%
Installment Sales 18.9 24.0 26.8% 88.0 27.3%
90.6 98.5 8.7% 377.0 26.1%
Loans Transaction Volume 13.1 10.5 (19.7%) 47.0 22.4%
Total Transaction Volume 103.7 109.0 5.1% 424.0 25.7%
Investment Amount 0.5 1.2 107.3% 10.7 11.2%
Total 104.3 110.2 5.7% 434.7 25.4%
20/3
Progress
Rate
Total Transaction Volume for Leases
and Installment Sales
* Transaction Volume for Leases and Installment Sales indicates the total collection amount during the contract period
* Investment Amount indicates the amount to purchase assets
(Billion Yen)
(Billion Yen)
Actual Results of Transaction Volume
and Investment Amount
• Transaction volume and investment amount were favorable. Transaction volume steadily increased with
improving acquired yields of new contracts.
• Collection agency services, factoring services for healthcare and nursing-care facilities saw double-digit growth.
 Transaction Volume and Investment Amount
 Number of Transactions in Collection Agency Services, Transaction Volume of
Factoring Services for Healthcare & Nursing-Care Facilities
9

10. 19/3 20/3
1Q
Actual
1Q
Actual
Growth
Rate
Full-year
Forecast
Office and IT-Related
Equipment
48.3 48.6 0.5% 193.0 25.2% 15.5%
Medical Equipment 8.2 9.2 12.8% 35.0 26.5% 3.5%
Industrial Machinery 8.8 12.0 37.0% 42.5 28.5% 66.4%
Commercial and Service
Equipment
9.5 9.7 2.6% 38.0 25.7% (0.6%)
Transport Equipment 5.1 5.4 5.6% 23.5 23.3% 3.7%
Others 10.4 13.2 26.5% 45.0 29.4% (8.3%)
Total 90.6 98.5 8.7% 377.0 26.1% 12.3%
Japan Leasing
Association (cumulative
total from 19/4 to
19/5)
Growth Rate
20/3
Progress
Rate
19/3 20/3
1Q
Actual
1Q
Actual
Growth
Rate
Full-year
Forecast
Transaction Volume for Leases
and Installment Sales
7.1 10.8 51.7% 30.0 36.1%
Investment Amount － 0.5 － 5.0 11.0%
Total 7.1 11.3 59.4% 35.0 32.5%
20/3
Progress
Rate
(Billion Yen)
* Transaction Volume for Leases and Installment Sales indicates the total collection amount during the contract period
* Investment Amount indicates the amount to purchase assets
The Transaction Volume for Leases and Installment Sales for the
Environmental Field is included in the transaction volume of the above.
(Billion Yen)
Actual Results of Leases and Installment Sales
Transaction Volume by Product / Environmental Field
• Medical equipment has been showing a recovery trend since the third quarter of the fiscal year ended
March 2019.
• Environmental field increased significantly due to the acquisition of a major transaction for solar power
generation facilities.
 Leases and Installment Sales Transaction Volume by Product
 Environmental Field
10

11. 10.2 14.1 17.1 18.6 25.1
36.9
46.5
54.9 59.4
47.1
60.6
72.0
78.1
4.9
5.9 6.7
7.9
11.1
-15
-13
-11
-9
-7
-5
-3
-1
1
3
5
7
9
11
13
0.0
20.0
40.0
60.0
80.0
100.0
120.0
16/3 17/3 18/3 19/3 20/3
1Q 2-4Q Balance
3.89 4.22 4.38 4.88 5.38
12.18
13.32 13.80
15.19
16.07
17.55 18.19
20.07
16/3 17/3 18/3 19/3 20/3
1Q 2-4Q
[Transaction Volume of Factoring
Services for Healthcare and Nursing-
Care Facilities]
• Acquired large amount of healthcare
(medical service fee) factoring
contracts.
• Factoring Services for Nursing-care
Facilities also increased as a result of
acquiring new customers and
increasing the use of services by
existing customers.
[Number of Transactions in Collection
Agency Services]
• Due to the increase in new customers,
the number of transactions steadily
increased.
(million cases)
(Billion Yen)
Actual Results of Collection Agency / Factoring
Services for Healthcare & Nursing-care Facilities
 Number of Transactions in Collection Agency
Services
 Transaction Volume of Factoring Services for
Healthcare & Nursing-Care Facilities
11

12. (Billion Yen)
(units)
86
272 300
16/3 17/3 18/3 19/3 20/3
1Q
6.3 8.6 4.2
13.1 10.5
20.0
24.0 30.0
35.726.4
32.7 34.3
48.8110.6
121.6
137.4
154.3 157.6
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
16/3 17/3 18/3 19/3 20/3
1Q 2-4Q balance
[Number of Units Owned for Housing
Rental]
• Increased steadily targeting the Tokyo
metropolitan area.
[Loans Transaction Volume]
• Decreased due to the rebound from the
large transaction in the previous year.
Progressed as planned for the full-year
forecast.
Actual Results of Loans / Housing Rentals
 Loans Transaction Volume
 Number of Units Owned for Housing Rental
12

13. (Billion Yen)
551.7 562.7 576.1 589.8 594.0
18.7 20.8 23.0 29.0 29.683.7 95.8
111.3
133.1 137.5
123.1
129.2
145.8
169.8 174.7
777.3
808.6
856.3
921.9 936.0
0.18% 0.18% 0.17% 0.17% 0.12%
-10.00%
-8.00%
-6.00%
-4.00%
-2.00%
0.00%
16/3 17/3 18/3 19/3 20/3
1Q
Financial Services/
Others
Installment Sales
Operating Leases
Financial Leases
Default Rate
• Operating assets increased by
14.1 billion yen from the end
of the previous fiscal year as a
result of steadily acquiring
contracts.
• Default rate declined due to
the decrease in default loss
amount.
* Default rate = default loss amount / average balance of operating assets (default rate has been calculated by
annualizing the default loss amount for the first quarter of 20/3)
* The balance of operating assets includes the amount of the securitizations of lease receivables
Operating Assets and
Change in Default Rate
13

14. 0.36 0.31 0.28 0.25 0.25
1.08
0.85 0.80 0.76
1.45
1.16 1.08 1.02
0.20%
0.15% 0.13% 0.12% 0.11%
-0.50%
-0.30%
-0.10%
0.10%
0.30%
16/3 17/3 18/3 19/3 20/3
2-4Q
1Q
Financial
Expenses Ratio
537.8 574.5 615.6 678.9 721.8
133.2 112.1
111.0
96.2
91.7671.0 686.6
726.6
775.2 813.6
16/3 17/3 18/3 19/3 20/3
1Q
Short-term
Long-term
[Financial Expenses and Financial
Expenses Ratio]
• Financial expenses remained almost
the same, and financial expenses ratio
decreased.
[Interest-Bearing Debt Outstanding]
• Interest-bearing debt increased in line
with the rise in operating assets.
* Financial expenses ratio = financial expenses / average
operating assets
* For the first quarter of 20/3, financial expenses ratio has been
calculated by annualizing financial expenses
(Billion Yen)
(Billion Yen)
* The balance includes the amount of procurement through
securitized portions of lease receivables
* Current portion of long-term liabilities within one year is
included in long-term debt
Total Procurement Amount and
Financial Expenses
 Interest-Bearing Debt Outstanding
 Financial Expenses and Financial
Expenses Ratio
14

15. 1.7 1.7 1.8 1.9 2.0
1.4 1.4
1.5 1.5
1.7
0.1 0.2
0.2 0.2
0.3
3.4 3.5
3.5 3.7
4.0
41.4%
39.7%
40.8%
41.8% 42.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
0
1
2
3
4
5
6
16/3
1Q
17/3
1Q
18/3
1Q
19/3
1Q
20/3
1Q
Bad Debt
Expenses
Others
Personnel
Expenses
OHR
* OHR = (Selling, General and Administrative Expenses − Bad Debt Expenses) / (Gross Profit + Financial Expenses)
* Transferred staffing expenses from “Other Expenses” to “Personnel Expenses” from the first quarter of 20/3. Figures in
charts show transferred amounts
• Selling, general and
administrative expenses were
up 9.4% year-on-year.
• Bad debt expenses were up
35.4% year-on-year due to
the recording of a large
amount of the reserve for an
individual account.
(Billion Yen)
Changes in Selling,
General and Administrative Expenses
15

16. 2. Consolidated Income Forecast for
Fiscal Year Ending March 2020
16

17. 19/3
Full-year
Actual
Full-year
Forecast
Growth
Rate
Net Sales 313.9 321.4 2.4%
Gross Profit 32.9 34.5 4.7%
Selling, General and
Administrative Expenses
15.6 16.8 7.2%
Operating Profit 17.2 17.7 2.5%
Ordinary Profit 17.3 17.4 0.1%
Net Income 11.9 12.0 0.5%
YoY change
Dividend per Share (yen) 80.00 90.00 10.00
Earnings per Share (yen) 382.60 384.41 1.81
Dividend Payout Ratio 20.9% 23.4% 2.5%
ROA (Return on Asset Ratio) 1.19% 1.12% (0.07%)
ROE (Return on Equity Ratio) 7.0% 6.7% (0.3%)
Operating Assets (substantial) 921.9 983.5 61.5
20/3
* The balance of operating assets includes the amount of the securitizations of lease receivables
(Billion Yen)
Consolidated Income Forecast
• Net Sales growth for ten consecutive periods and Ordinary Profit increase for two consecutive periods
are expected.
• Based on the Strategy for Enhancement of Organizational Strength, the investment to reinforce the
business foundation (human resources, IT infrastructure) is continued.
• Acquired treasury stocks on June 2019. The effect on total return ratio is approximately 14%.
17

18. Full-year
Actual
Growth
Rate
Full-Year
Forecast
Growth
Rate
20.07 cases 10.3% 22.60 cases 12.6%
78.1 8.4% 95.0 21.5%
Number of units owned for housing rental 272 unit 216.3% 500 unit 83.8%
20/319/3
Number of Transactions in Collection
Agency Services (million cases)
Transaction volume of Factoring Services for
Healthcare & Nursing-Care Facilities
Full-year
Actual
Growth
Rate
Full-Year
Forecast
Growth
Rate
Finance Leases 266.8 0.4% 270.0 1.2%
Operating Leases 20.2 27.9% 19.0 (6.3%)
Total Leases 287.1 1.9% 289.0 0.7%
Installment Sales 86.1 14.3% 88.0 2.1%
373.2 4.5% 377.0 1.0%
Loans Transaction Volume 48.8 42.3% 47.0 (3.8%)
Total Transaction Volume 422.1 7.8% 424.0 0.4%
Investment Amount 7.2 244.4% 10.7 49.0%
Total 429.3 9.1% 434.7 1.3%
20/319/3
Total Transaction Volume for
Leases and Installment Sales
(Billion Yen)
(Billion Yen)
Forecast of Transaction Volume and
Investment Amount
 Transaction Volume and Investment Amount
 Collection Agency Services, Factoring Services for Healthcare &
Nursing-Care Facilities, and Housing Rental Business
18

19. Full-year
Actual
Growth
Rate
Full-Year
Forecast
Growth
Rate
34.5 9.6% 30.0 (13.1%)
Investment Amount 2.6 － 5.0 88.0%
Total 37.1 18.0% 35.0 (5.9%)
Transaction Volume for
Leases and Installment Sales
19/3 20/3
Full-year
Actual
Growth
Rate
Full-Year
Forecast
Growth
Rate
Office and IT-Related Equipment 190.6 1.0% 193.0 1.2%
Medical Equipment 35.0 (2.2%) 35.0 (0.1%)
Industrial Machinery 42.2 2.2% 42.5 0.6%
Commercial and Service Equipment 38.5 10.5% 38.0 (1.3%)
Transport Equipment 21.3 30.3% 23.5 10.3%
Others 45.5 13.8% 45.0 (1.2%)
Total 373.2 4.5% 377.0 1.0%
20/319/3
(Billion Yen)
(Billion Yen)
* Transaction Volume for Leases and Installment Sales indicates the total collection amount during the contract period
* Investment Amount indicates the amount to purchase assets
The Transaction Volume for Leases and Installment Sales for
the Environmental Field is included in the transaction volume
of the above.
Forecast of Leases and Installment Sales Transaction
Volume by Product / Environmental Field
 Leases and Installment Sales Transaction Volume by Product
 Environmental Field
19

20. 3. Reference Material
20

21. 1Q
Actual
Growth
Rate
1Q
Actual
Growth
Rate
Full-Year
Forecast
Growth
Rate
Net Sales 78,239 1.5% 82,028 4.8% 321,400 2.4%
Leases 57,326 3.0% 59,114 3.1% 235,300 2.2%
Installment Sales 12,166 (3.3%) 12,966 6.6% 52,500 4.1%
Loans 703 9.1% 756 7.5% 3,300 14.2%
Commission Received 1,364 9.7% 1,433 5.1% 6,100 6.5%
Others 6,679 (4.4%) 7,758 16.2% 24,200 (2.0%)
Cost of Sales 70,157 1.4% 73,372 4.6% 286,900 2.1%
Leases 52,150 3.2% 53,456 2.5% － －
Installment Sales 11,519 (3.1%) 12,221 6.1% － －
Financial Expenses 256 (9.3%) 259 1.4% － －
Others 6,230 (3.6%) 7,434 19.3% － －
Gross Profit 8,082 2.1% 8,656 7.1% 34,500 4.7%
3,745 4.3% 4,096 9.4% 16,800 7.2%
Personnel Expenses 1,907 5.9% 2,036 6.8% 8,200 5.5%
Provision of Allowance for
Doubtful Accounts
259 4.6% 351 35.4% 1,500 (8.1%)
Operating Profit 4,336 0.4% 4,559 5.1% 17,700 2.5%
Ordinary Profit 4,387 1.4% 4,626 5.5% 17,400 0.1%
Net Income 3,015 (0.6%) 3,192 5.9% 12,000 0.5%
20/319/3 20/3
Selling, General and
Administrative Expenses
21
* Staffing Expenses out of Selling, General and Administrative Expenses have been calculated by including them in “Personnel Expenses”
since the first quarter of 20/3. Accordingly, the figures for the actual results of the previous year have been stated by calculating in the
same standard
(Million Yen)
Overview of Consolidated Statements of
Income

22. Actual
Year-on-Year
Increase/
Decrease
End of 1Q
Actual
Increase/Decrea
se at the End of
the Previous
Term
Forecast
Year-on-Year
Increase/
Decrease
Finance Leases 565,113 13,715 569,414 4,301 574,500 9,386
Operating Leases 29,058 5,999 29,678 619 30,500 1,441
Total Leases 594,172 19,715 599,093 4,920 605,000 10,827
Installment Sales 133,163 21,849 137,521 4,357 164,000 30,836
727,335 41,564 736,614 9,278 769,000 41,664
Financial Services Business 160,904 21,342 164,833 3,928 178,000 17,095
Subtotal 888,240 62,907 901,447 13,207 947,000 58,759
Others 8,969 2,657 9,926 956 11,500 2,530
Total Operating Assets 897,210 65,564 911,373 14,163 958,500 61,289
24,700 (48) 24,681 (19) 25,000 299
921,910 65,516 936,054 14,144 983,500 61,589
20/3
Total Leases and Installment
Sales Business
Deduction Amount of
Securitized Lease Receivables
Total Operating Assets
(substantial)
20/319/3
(Million Yen)
Breakdown of Operating Assets
22

23. 1Q
Actual
Growth
Rate
1Q
Actual
Growth
Rate
Leases and Installment
Sales Business
3,650 (1.4%) 3,829 4.9%
Financial Services Business 913 9.7% 963 5.5%
Others 58 (6.2%) 103 77.4%
Total 4,622 0.6% 4,896 5.9%
20/319/3
1Q
Actual
Growth
Rate
1Q
Actual
Growth
Rate
Leases and Installment
Sales Business
75,536 1.4% 79,208 4.9%
Financial Services Business 1,968 12.0% 2,150 9.2%
Others 734 (11.1%) 669 (8.8%)
Total 78,239 1.5% 82,028 4.8%
19/3 20/3
23
* “Others” are the business segments which are not included in reporting segments, and include
outsourcing technology services such as measurement, calibration and device inspection, loan and
factoring within the Ricoh Group, operation of a domestic cash management system and operation of
solar power generation facilities
(Million Yen)
(Million Yen)
Net sales and profit by segment
 Net Sales
 Segment Profit

24. <Contact>
Corporate Planning Department
Tel : 03-6204-0608
Email : ir@rle.ricoh.co.jp
URL : http://www.r-lease.co.jp
Forward-looking statements including earnings forecasts contained in
this document are based on certain assumptions deemed to be
rational in light of the information available to the Company at the
time of preparing the document, and are not intended to be
guarantees of future performance. Actual results may differ
significantly from plans and forecasts due to a variety of factors.
Ricoh Leasing Company, Ltd.