Nidec Announces Differences between Projected and Actual Financial Results for First-Half FY2022

Rhea-AI Summary

Nidec Corporation (OTC US: NJDCY) reported its financial results for the six months ending September 30, 2022, showing a significant increase in key metrics compared to prior forecasts. Net sales reached 1,130,767 million yen, exceeding expectations by 180,767 million yen or 19%. Operating profit was 96,368 million yen, slightly above the forecast by 1,368 million yen, while profit before income taxes surged to 118,375 million yen, marking a 27.3% increase. The favorable results were attributed to a greater-than-expected depreciation of the yen against the US dollar and euro.

Positive

• Net sales increased to 1,130,767 million yen, exceeding forecast by 19%.
• Operating profit reached 96,368 million yen, above forecast by 1.4%.
• Profit before income taxes increased to 118,375 million yen, a 27.3% increase.

Negative

• None.

KYOTO, Japan, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company”) today announced differences between its financial forecast for the six months ended September 30, 2022 (previously announced on April 21, 2022) and the actual financial results released today.

The details are as follows:
Differences between Projected and Actual Financial Results for Six Months Ended September 30, 2022 (IFRS) 

From April 1, 2022 to September 30, 2022 (Millions of yen, except for per share amounts and percentages)
	For the six months ended September 30, 2022					(Reference) For the six months ended September 30, 2021
	Previous forecast (April 21, 2022)	Actual	Change (amount)	Change (percent)
Net sales	950,000	1,130,767	180,767	19.0	%	910,668
Operating profit	95,000	96,368	1,368	1.4	%	89,144
Profit before income taxes	93,000	118,375	25,375	27.3	%	87,103
Profit attributable to owners of the parent	75,000	86,649	11,649	15.5	%	66,612
Earnings per share attributable to owners of the parent-Basic	129.97	150.31	-	-		113.79

Factors behind the differences between projected and actual six months results
The Company’s consolidated net sales, operating profit, profit before income taxes and profit attributable to owners of the parent for the six months ended September 30, 2022 exceeded the previous forecast (announced on April 21, 2022) as the yen depreciated more than expected against both the US dollar and the euro.

Notes:
During the three months ended June 30, 2022, the Company finalized the provisional accounting treatment for business combination. As a result, figures for the six months ended September 30, 2022 reflect the revision of the initially allocated amounts of acquisition price.

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

FAQ

What were Nidec Corporation's actual net sales for six months ended September 30, 2022?

Nidec Corporation reported net sales of 1,130,767 million yen for the six months ended September 30, 2022.

How did Nidec Corporation's operating profit compare to its forecast?

Nidec Corporation's operating profit of 96,368 million yen exceeded the forecast by 1,368 million yen.

What factors contributed to Nidec Corporation's increased profits?

The increase in profits was primarily due to the greater-than-expected depreciation of the yen against the US dollar and euro.

What was the profit attributable to owners of the parent for Nidec Corporation?

The profit attributable to owners of the parent for the six months ended September 30, 2022, was 86,649 million yen.