Ricoh results reflect Covid impact Jo Francis Thursday, February 4, 2021
Ricoh has filed results for the seismic nine-month period in 2020 when the Covid-19 pandemic took hold globally.
Ricoh: investment is focused on commercial printing business’s future expansion
The Japanese manufacturer’s results for the nine months to 31 December 2020 reflect a period when working from home became the norm across the globe, and demand for commercial printing in general fell dramatically. This resulted in an overall decline in sales of 20% to ¥1,193bn (£8.3bn).
Ricoh has made a goodwill write-off of ¥2,641m and an impairment of ¥7,745m against its commercial printing business, where sales fell by 25.6% in the period to ¥98.1bn.
Recent Highlights
For the nine months ended November 30, 2020, acquired five aircraft for $154.3 million, two of which were A320neo aircraft acquired in a sale leaseback transaction with Volaris
For the nine months ended November 30, 2020, sold six aircraft; average age of approximately eleven years; nine-month gain on sale of $24.2 million; through January 8, 2021, sold four additional aircraft
For the three months ended November 30, 2020, collections represented approximately 90% of lease rental and direct financing and sales-type lease revenues
In September, Moody s affirmed Aircastle s senior unsecured debt rating at Baa3
Liquidity
As of December 31, 2020, total liquidity of $2.2 billion includes $1.25 billion of undrawn credit facilities, $463 million of unrestricted cash, $153 million of contracted asset sales, and $343 million of projected operating cash flows through December 31, 2021