Nidec Announces Financial Results for Fiscal Year Ended March 31, 2020


KYOTO, Japan, April 30, 2020 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the fiscal year ended March 31, 2020.

The highlights are as follows:

  • Net sales up 4% Y/Y to a record 1,535 billion yen.
  • Operating profit down 15% Y/Y to 110.3 billion yen mainly due to increased costs associated with additional R&D and production ramp-up (approx. 14 billion yen) of traction motors and large-scale business acquisitions (approx. 3 billion yen) .
  • Net profit down 45% Y/Y to 60.1 billion yen mainly due to the loss of 15.7 billion yen incurred through the sale of Secop’s refrigerator compressor business.
  • EPS: 102.13yen (basic and diluted)
  • Year-end dividend: 30.0 yen per share
  • Annual dividend: 57.5 yen per share

Selected Consolidated Results of Operations (Unaudited)

Yen in millions, except for per share amounts and percentagesYear ended
March 31
Increase
(Decrease)
%
 Three months ended
March 31
Increase
(Decrease)
%
 
 2020 2019   2020 2019   
Net sales1,534,800 1,475,436 4.0% 375,192 353,023 6.3% 
Operating profit110,326 129,222 (14.6%) 15,848 4,700 237.2% 
Ratio of operating profit to net sales7.2% 8.8%  - 4.2% 1.3% - 
Profit before income taxes106,927 129,830 (17.6%) 12,603 3,607 249.4% 
Ratio of profit before income taxes to net sales7.0% 8.8% - 3.4% 1.0% - 
Profit attributable to owners of the parent60,084 109,960 (45.4%) 9,765 7,118 37.2% 
Ratio of profit attributable to owners of the parent to net sales3.9% 7.5% - 2.6% 2.0% - 
Earnings per share attributable to owners of the parent
-Basic
102.13 186.49 - 16.62 12.09 - 
Earnings per share attributable to owners of the parent
-Diluted
102.13 186.49   - 16.62 12.09 - 

Full copy of Nidec’s financial statements for the year ended March 31, 2020:
https://www.nidec.com/en/ir/news/2020/news0430-02/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal year ended March 31, 2020 is scheduled for 09:00 a.m. EDT on Thursday, April 30, 2020. 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 year ended March 31, 2020, 27.6% of its consolidated sales were represented by small precision motors; 21.7% by automotive products; 36.7% by appliance, commercial and industrial products; 9.8% by machinery; 3.9% 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:
 Teruaki Urago
 General Manager
 Investor Relations
 +81-75-935-6140
 ir@nidec.com