Nidec Announces Financial Results for Fiscal Year Ended March 31, 2023

Rhea-AI Summary

Nidec Corporation reported its consolidated financial results for the fiscal year ending March 31, 2023. Key highlights include:

• Record net sales of ¥2,242.8 billion, a 16.9% increase year-over-year.
• Operating profit fell by 41.3% to ¥100.1 billion due to structural reform costs of ¥75.7 billion.
• Profit before taxes declined 29.1% to ¥120.6 billion, aided by a foreign currency gain of ¥20 billion.
• Profit attributable to owners of the parent decreased 66.9% to ¥45.0 billion after tax expenses of ¥75.0 billion and losses from discontinued operations of ¥2.0 billion.
• EPS stood at ¥78.19. Nidec aims for a V-shaped recovery in FY2023 through the ongoing WPR-X reform.

Positive

• Record net sales of ¥2,242.8 billion, a 16.9% increase year-over-year.
• Continued focus on WPR-X reform aimed at profitability improvement.

Negative

• Operating profit decreased 41.3% to ¥100.1 billion due to structural reform expenses.
• Profit attributable to owners of the parent down 66.9% to ¥45.0 billion.

KYOTO, Japan--(BUSINESS WIRE)-- Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the fiscal year ended March 31, 2023.

The highlights are as follows:

• Net sales stood at a record high of ¥2,242.8 billion, 16.9% higher Y/Y.
• Operating profit decreased 41.3% Y/Y to ¥100.1 billion due to structural reform expenses of ¥75.7 billion.
• Profit before income taxes decreased 29.1% Y/Y to ¥120.6 billion after foreign currency gain of ¥20 billion posted.
• Profit attributable to owners of the parent decreased 66.9% Y/Y to ¥45.0 billion after income tax expenses of ¥75.0 billion and losses from discontinued operations of ¥2.0 billion.
• Continue WPR-X, the drastic reform on profitability, and aim to make a V-shaped recovery in FY2023.
• EPS: ¥78.19 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages	Year ended March 31,				Increase (Decrease) %		Three months ended March 31,				Increase (Decrease) %
	2023		2022				2023		2022
Net sales	2,242,824		1,918,174		16.9%		543,077		510,964		6.3 %
Operating profit	100,081		170,374		(41.3)%		(24,323)		36,887		-
Ratio of operating profit to net sales	4.5%		8.9%		-		(4.5)%		7.2%		-
Profit before income taxes	120,593		170,032		(29.1)%		(21,351)		40,622		-
Ratio of profit before income taxes to net sales	5.4%		8.9%		-		(3.9) %		8.0%		-
Profit attributable to owners of the parent	45,003		135,759		(66.9)%		(59,074)		36,447		-
Ratio of profit attributable to owners of the parent to net sales	2.0%		7.1%		-		(10.9)%		7.1 %		-
Earnings per share attributable to owners of the parent -Basic	78.19		232.40		-		(102.82)		62.70		-
Earnings per share attributable to owners of the parent -Diluted	78.19		232.40		-		(102.82)		62.70		-

Full copy of Nidec’s financial statements for the year ended March 31, 2023:
https://www.nidec.com/en/ir/news/2023/news0424-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal year ended March 31, 2023 is scheduled for 09:00 a.m. EDT on Tuesday, April 25, 2023. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation

Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the year ended March 31, 2023, 19.0% of its consolidated sales were represented by small precision motors; 23.2% by automotive products; 40.8% by appliance, commercial and industrial products; 13.2% by machinery; 3.7% by electronic and optical components, and 0.2% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230423005055/en/

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Source: Nidec Corporation

FAQ

What were Nidec Corporation's earnings results for the fiscal year ended March 31, 2023?

Nidec Corporation reported net sales of ¥2,242.8 billion, operating profit of ¥100.1 billion, and profit attributable to owners of the parent at ¥45.0 billion.

What caused the decline in Nidec Corporation's operating profit?

The decline in operating profit by 41.3% was primarily due to structural reform expenses amounting to ¥75.7 billion.

What is Nidec Corporation's EPS for the fiscal year ended March 31, 2023?

The earnings per share (EPS) for Nidec Corporation for the fiscal year ended March 31, 2023, is ¥78.19.

What is Nidec Corporation's outlook for FY2023?

Nidec Corporation aims for a V-shaped recovery in FY2023 through its ongoing WPR-X reform initiatives.