Japan’s Ricoh weighs impairment charge of up to $900m

Ricoh has sent me a response to the Nikkei story I ran, commenting on innaccuracies in the piece. Here’s what I received:

Company Name: Ricoh Company, Ltd.
President and C.E.O.: Yoshinori Yamashita
(Code Number: 7752 First Section of the Tokyo Stock Exchange, Nagoya Stock Exchange, Fukuoka Stock Exchange, and Sapporo Securities Exchange) Contact: Kiyoshi Hashimoto
General Manager, PR Department
Tel. 050-3814-2806

RE: Media Coverage

Today, the Nikkei Newspaper mentioned possible impairment losses associated with our North American business.

This has not been announced by Ricoh. Ricoh is in the process of conducting its annual impairment accounting tests in accordance with good standard accounting practice. The results of this process are not yet available, so the requirement for any impairment remains unknown at this time.

If we need to make any announcements in this regard, we will do so in a timely manner.

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The following appears on asia.nikei.com

Shift to digital forces office equipment makers to retool

TOKYO — Office equipment producer Ricoh is considering booking up to 100 billion yen ($929 million) in impairment losses on underperforming North American operations.

The units include U.S. distributor Ikon Office Solutions, which the Tokyo-based company bought for about $1.6 billion in 2008. Ricoh may record the losses for the current fiscal year ending next month. The Japanese company had nearly 390 billion yen in goodwill and intangible assets from such acquisitions on the books at the end of 2017.

 


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