Categories: Wire Stories

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

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.

Contacts

Masahiro Nagayasu

General Manager

Investor Relations

+81-75-935-6140

ir@nidec.com

Alex

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