NJDCY - 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 percentages |
| Year ended March 31 |
| Increase (Decrease) % |
| Three months ended March 31 |
| Increase (Decrease) % |
| ? |
| 2020 |
| 2019 |
| 2020 |
| 2019 |
| Net sales |
| 1,534,800 |
| 1,475,436 |
| 4.0% |
| 375,192 |
| 353,023 |
| 6.3% |
| Operating profit |
| 110,326 |
| 129,222 |
| (14.6%) |
| 15,848 |
| 4,700 |
| 237.2% |
| Ratio of operating profit to net sales |
| 7.2% |
| 8.8% |
| ?- |
| 4.2% |
| 1.3% |
| - |
| Profit before income taxes |
| 106,927 |
| 129,830 |
| (17.6%) |
| 12,603 |
| 3,607 |
| 249.4% |
| Ratio of profit before income taxes to net sales |
| 7.0% |
| 8.8% |
| - |
| 3.4% |
| 1.0% |
| - |
| Profit attributable to owners of the parent |
| 60,084 |
| 109,960 |
| (45.4%) |
| 9,765 |
| 7,118 |
| 37.2% |
| Ratio of profit attributable to owners of the parent to net sales |
| 3.9% |
| 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 |