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Nidec Announces Financial Results for Fiscal Year Ended March 31, 2024

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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, 2024.


The highlights are as follows:

  • FY23 consolidated net sales and profit before income taxes stood at record highs.
  • FY23 operating profit was 163.1 billion yen, as a result of 59.8 billion yen of structural reform expenses recorded due to strategic shift to improve the financial soundness and profitability of the Battery EV related business.
  • We project 40 yen of interim dividend and 80 yen of aggregate annual dividend for the year ending March 31, 2025.
  • EPS: ¥218.22 (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)

%

　

2024

  

2023

    

2024

  

2023

  

Net sales

2,348,202

  

2,242,824

  

4.7%

  

593,514

  

543,077

  

9.3%

Operating profit

163,106

  

100,028

  

63.1%

  

(6,172)

  

(24,376)

  

-

Ratio of operating profit to net sales

6.9%

  

4.5%

  

-

  

(1.0%)

  

(4.5%)

  

-

Profit before income taxes

202,919

  

120,540

  

68.3%

  

9,218

  

(21,404)

  

-

Ratio of profit before income taxes to net sales

8.6%

  

5.4%

  

-

  

1.6%

  

(3.9%)

  

-

Profit attributable to owners of the parent

125,387

  

44,964

  

178.9%

  

(20,492)

  

(59,113)

  

-

Ratio of profit attributable to owners of the parent to net sales

5.3%

  

2.0%

  

-

  

(3.5%)

  

(10.9%)

  

-

Earnings per share attributable to owners of the parent

- basic (Yen)

218.22

  

78.12

  

-

  

(35.66)

  

(102.89)

  

-

Earnings per share attributable to owners of the parent

- diluted (Yen)

-

  

-

  

-

  

-

  

-

  

-

Full copy of Nidec’s financial statements for the year ended March 31, 2024:

https://www.nidec.com/en/ir/news/2024/news0423-02/

A webcast (audio-only) discussing Nidec’s financial results for the year ended March 31, 2024 is scheduled for 10:00 a.m. JST on Wednesday, April 24, 2024. 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, 2024, 17.7% of its consolidated sales were represented by small precision motors; 24.7% by automotive products; 41.1% by appliance, commercial and industrial products; 12.8% by machinery; 3.5% 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 Founder and Executive Chairman.

Contacts

Teruaki Urago

General Manager

Investor Relations

+81-75-935-6140

[email protected]

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