NIDEC CORP ADR - NJDCY STOCK NEWS

Nidec , listed on the Tokyo Stock Exchange (6594) and OTC US (NJDCY), has submitted amendments to its Securities Reports, Quarterly Reports, and Internal Control Report for previous fiscal years due to identification of erroneous data at its subsidiary, Nidec Drive Technology.

The amendment was prompted by inflated sales figures resulting from incorrect transaction adjustments between consolidated subsidiaries. Following discussions with PricewaterhouseCoopers Japan, Nidec decided to amend its previous financial statements, which now reflect revised figures for net sales, operating profit, and total equity among others.

Key financial impacts include a 1.9% decrease in Q1 FY2023 net sales and a 17.8% reduction in profit attributable to owners for the full year FY2023. The internal control report has also been revised to acknowledge deficiencies, now classified as material weaknesses.

The company plans to implement measures to prevent recurrence, including more stringent approval procedures and enhanced monitoring functions.

Nidec (TOKYO: 6594; OTC US: NJDCY) has disclosed a material weakness in its internal control over financial reporting for the fiscal year ending March 31, 2023. An error in data management at Nidec Drive Technology led to inflated sales figures due to improper adjustments related to inter-subsidiary transactions. This issue was identified post-fiscal year end, preventing timely corrections. The company plans comprehensive corrective measures, including enhanced review processes, stricter approval procedures, and improved monitoring systems. The necessary corrections have been reflected in the consolidated financial statements, which received unqualified audit opinions.

Nidec (TOKYO:6594; OTC US:NJDCY) announced that its Board of Directors approved a share repurchase plan during a meeting on May 24, 2024. The company may repurchase up to 5 million shares, equivalent to 0.87% of its total issued shares, excluding treasury stock. The total repurchasable amount is capped at 35 billion yen. This repurchase is aimed at maintaining financial discipline and enabling agile capital management in response to market trends or changes in the business environment. The repurchase period spans from May 27, 2024, to May 26, 2025. As of April 30, 2024, Nidec had 574,598,568 shares issued and 21,685,900 shares held in treasury.

Nidec (TOKYO: 6594; OTC US: NJDCY) announced on May 24, 2024, that its Board of Directors approved a dividend payout from retained earnings. The annual dividend for the fiscal year ending March 31, 2024, is set at 75 yen per share, including a year-end dividend of 40 yen per share and an interim dividend of 35 yen per share. This represents an increase from the previous year's total annual dividend of 70 yen per share. The total dividend amount is approximately 23,003 million yen, with an effective date of June 3, 2024. Nidec emphasizes stable dividend payments and aims for a dividend payout ratio around 30% of consolidated net profit.

Nidec (TOKYO: 6594; OTC US: NJDCY) announced the completion of its share repurchase plan as authorized on January 24, 2024. Despite authorization to repurchase up to 2,000,000 shares (0.34% of total shares) for up to 11 billion yen from January 25 to May 24, 2024, no shares were repurchased. The company attributed this to the market share price remaining within a range deemed appropriate. The repurchase window was from May 1 to May 24, 2024, with zero shares repurchased during this period.

Nidec announced the status of its own share repurchase plan under the Companies Act of Japan. The company repurchased 0 shares for 0 yen during the period from April 1, 2024, through April 30, 2024. The total number of shares that may be repurchased is up to 2,000,000 shares with a total repurchasable amount of 11 billion yen.

Nidec (NJDCY) announced its financial results for the fiscal year ended March 31, 2024, reporting record high net sales and profit. The company's operating profit was 163.1 billion yen, with strategic expenses of 59.8 billion yen for the Battery EV business. Nidec projects an interim dividend of 40 yen and an annual dividend of 80 yen for FY2025. The consolidated results show an increase in net sales and operating profit compared to the previous year.

Nidec announces the repurchase of own shares under an ongoing plan, with details of the repurchase period, class of shares, and total repurchase amount. The company aims to repurchase up to 2,000,000 shares, totaling 11 billion yen, from January 25, 2024, to May 24, 2024.

Nidec Corporation (NJDCY) announces the repurchase of own shares under its ongoing plan. The company will repurchase up to 2,000,000 common shares with a total repurchasable amount of 11 billion yen from January 25, 2024, through May 24, 2024.