NJDCY - Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30 2019
KYOTO, Japan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2019 through September 30, 2019.
The highlights are as follows:
- First-half net sales remain flat Y/Y and the annual forecast remains unchanged.
- First-half operating profit decreased by 35% Y/Y due to the additional R&D and start-up costs (approx. 8.5 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses of Embraco (approx. 3 billion yen) needed to promote the modularization strategy. R&D and start-up costs of traction motors will continue in the second-half (approx. 30 billion yen for full year) and on account of the above, the annual forecast has been revised down.
- First-half profit attributable to owners of the parent decreased by 65% Y/Y due to the loss (approx. 20 billion yen) related to the sale of Secop following the European Commission’s instructions. The annual forecast has been revised down based on the first-half results and second-half operating profit forecast. However, the annual dividend has been revised up by 5 yen to 115 yen.
- EPS: ¥93.65 (basic and diluted)
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
| Yen in millions, except for per share amounts and percentages |
| Six months ended September 30, |
| Increase (Decrease) % |
| Three months ended September 30, |
| Increase (Decrease)% |
| ? |
| 2019 |
| 2018 |
| 2019 |
| 2018 |
| Net sales |
| 751,277 |
| 755,447 |
| (0.6%) |
| 390,403 |
| 383,224 |
| 1.9% |
| Operating profit |
| 62,207 |
| 96,168 |
| (35.3%) |
| 34,396 |
| 50,475 |
| (31.9%) |
| Ratio of operating profit to net sales |
| 8.3% |
| 12.7% |
| ?- |
| 8.8% |
| 13.2% |
| ?- |
| Profit before income taxes |
| 63,750 |
| 95,743 |
| (33.4%) |
| 32,636 |
| 49,855 |
| (34.5%) |
| Ratio of profit before income taxes to net sales |
| 8.5% |
| 12.7% |
| - |
| 8.4% |
| 13.0% |
| ?- |
| Profit attributable to owners of the parent |
| 27,561 |
| 78,428 |
| (64.9%) |
| 24,154 |
| 41,141 |
| (41.3%) |
| Ratio of profit attributable to owners of the parent to net sales |
| 3.7% |
| 10.4% |
| - |
| 6.2% |
| 10.7% |
| ?- |
| Earnings per share attributable to owners of the parent -Basic |
| 93.65 |
| 265.57 |
| - |
| 82.07 |
| 139.50 |
| - |
| Earnings per share attributable to owners of the parent -Diluted |
| 93.65 |
| 265.57 |
| - |
| 82.07 |
| 139.50 |
| ?- |
Full copy of Nidec’s financial statements for the second quarter and six months ended September 30, 2019:
https://www.nidec.com/en/ir/news/2019/news1023-01/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the second quarter and six months ended September 30, 2019 is scheduled for 09:00 a.m. EDT on Thursday, October 24, 2019. 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 six months ended September 30, 2019, 29.3% of its consolidated sales were represented by small precision motors; 20.1% by automotive products; 36.0% by appliance, commercial and industrial products; 10.3% by machinery; 4.1% 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: |
| Masahiro Nagayasu |
| General Manager |
| Investor Relations |
| +81-75-935-6140 |
| ir@nidec.com |