NJDCY - Nidec Announces Financial Results for Fiscal Year Ended March 31 2023
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 |
| Increase |
| Three months ended |
| Increase |
|
|
| 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 |
| 78.19 |
| 232.40 |
| - |
| (102.82) |
| 62.70 |
| - |
| Earnings per share attributable to owners of the parent |
| 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230423005055/en/
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com