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CST: 14/11/2019 07:31:51   

Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2019

22 Days ago

KYOTO, Japan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2019 through September 30, 2019.

The highlights are as follows:

  • First-half net sales remain flat Y/Y and the annual forecast remains unchanged.
  • First-half operating profit decreased by 35% Y/Y due to the additional R&D and start-up costs (approx. 8.5 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses of Embraco (approx. 3 billion yen) needed to promote the modularization strategy. R&D and start-up costs of traction motors will continue in the second-half (approx. 30 billion yen for full year) and on account of the above, the annual forecast has been revised down.
  • First-half profit attributable to owners of the parent decreased by 65% Y/Y due to the loss (approx. 20 billion yen) related to the sale of Secop following the European Commission’s instructions. The annual forecast has been revised down based on the first-half results and second-half operating profit forecast. However, the annual dividend has been revised up by 5 yen to 115 yen.
  • EPS: ¥93.65 (basic and diluted)                                                                   

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)

Yen in millions, except for per share amounts and percentages Six months ended
September 30,
Increase (Decrease)
%
Three months ended
September 30,
Increase (Decrease)%
  2019  2018  2019  2018 
Net sales 751,277 755,447 (0.6%) 390,403 383,224 1.9%
Operating profit 62,207 96,168 (35.3%) 34,396 50,475 (31.9%)
Ratio of operating profit to net sales 8.3% 12.7%  - 8.8% 13.2%  -
Profit before income taxes 63,750 95,743 (33.4%) 32,636 49,855 (34.5%)
Ratio of profit before income taxes to net sales 8.5% 12.7% - 8.4% 13.0%  -
Profit attributable to owners of the parent 27,561 78,428 (64.9%) 24,154 41,141 (41.3%)
Ratio of profit attributable to owners of the parent to net sales 3.7% 10.4% - 6.2% 10.7%  -
Earnings per share attributable to owners of the parent
-Basic
93.65 265.57 - 82.07 139.50 -
Earnings per share attributable to owners of the parent
-Diluted
93.65 265.57   - 82.07 139.50  -

Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2019:
https://www.nidec.com/en/ir/news/2019/news1023-01/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2019 is scheduled for 09:00 a.m. EDT on Thursday, October 24, 2019. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation

Nidec Corporation (TSE: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the six months ended September 30, 2019, 29.3% of its consolidated sales were represented by small precision motors; 20.1% by automotive products; 36.0% by appliance, commercial and industrial products; 10.3% by machinery; 4.1% by electronic and optical components, and 0.3% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.

Contact:
  Masahiro Nagayasu
  General Manager
  Investor Relations
  +81-75-935-6140
  ir@nidec.com

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