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48
ANNUAL REPORT 2009
To Our Shareholders
and Customers
Fiscal 2009
Highlights
Progress of the
16th MTP
Creating New
Customer Value
RICOH
Milestones
Sustainable Environ-
mental Management
Corporate Social
Responsibility
Financial
Section
The components of all receivables managed and securitized, amounts of delinquencies and the components of net credit losses as of March
31, 2008 and 2009, and for the years then ended, are as follows:
The impacts of 10% and 20% adverse changes to the key economic assumptions on the fair value of retained interests as of March 31,
2009 are presented below.
The following table summarizes certain cash flows received from and paid to the SPE for all securitization activity for the years ended March
31, 2007, 2008 and 2009:
The hypothetical scenario does not reflect expected market
conditions and should not be used as a prediction of future
performance. As the figures indicate, changes in fair value may not
be linear. Also, in the above table, the effect of a variation in a
particular assumption on the fair value of the retained interest is
calculated without changing any other assumption; in reality,
changes in one factor may result in changes in another, which
might magnify or counteract the sensitivities.
Thousands of
Millions of Yen U.S.Dullars
2009 2009
Carrying value of retained interests (included in lease deposits and other in the consolidated balance sheet)
¥4,293 $43,364
Expected credit losses:
+10%
(55) (556)
+20%
(111) (1,121)
Discount rate:
+10%
(14) (141)
+20%
(29) (293)
Annual prepayment rate:
+10%
(209) (2,111)
+20%
(419) (4,232)
Thousands of
Millions of Yen U.S. Dollars
2007 2008
2009 2009
Servicing fees received
¥ 21 ¥ 20
¥ 13 $ 131
Repurchases of delinquent or ineligible assets 2,776 2,527
2,037 20,576
Repurchases of terminated securitization of assets – –
10,000 101,010
Payments by terminating revolving securitization of assets – 2,779
3,608 36,444
Millions of Yen
2008
2009
Principal amount of Principal amount of
Total principal receivable 4 months Total principal receivable 4 months
amount of receivables
or more past due
Net credit losses
amount of receivables
or more past due
Net credit losses
Principal amount outstanding ¥635,095 ¥1,977 ¥3,383
¥635,965 ¥2,710 ¥4,048
Less - Receivables securitized (40,442)
(25,473)
Receivables held in portfolio
¥594,653
¥610,492
Thousands of U.S. Dollars
2009
Principal amount of
Total principal receivable 4 months
amount of receivables
or more past due
Net credit losses
Principal amount outstanding
$6,423,889 $27,374 $40,889
Less - Receivables securitized
(257,303)
Receivables held in portfolio
$6,166,586