NNDNF - Nidec Corporation (NJDCY) Q4 2023 Earnings Call Transcript

2024-04-25 10:36:02 ET

Nidec Corporation (NJDCY)

Q4 2023 Results Conference Call

April 23, 2024 9:00 PM ET

Company Participants

Shigenobu Nagamori - Founder & Executive Chairman

Akinobu Samura - Senior VP & CFO

Mitsuya Kishida - President & CEO

Conference Call Participants

Daiki Takayama - Goldman Sachs

Manabu Akizuki - Nomura Securities

Takayuki Naito - Citigroup Inc

Presentation

Unidentified Company Representative

Now we would like to start the presentation on Nidec Corporation's Fiscal 2023 Financial Results.

First, please turn off your mobile phones or put them on silent mode.

Nidec Corporation's representative who are presenting the financial results are as follows: Mr. Shigenobu Nagamori, Founder and Executive Chairman; Mr. Mitsuya Kishida, President and Chief Executive Officer; Mr. Akinobu Samura, Senior Vice President and Chief Financial Officer; and Mr. Teruaki Urago, General Manager of the Investor Relations Department. That is all.

In today's presentation, the executives will present you with an overview of the company's financial results for fiscal 2023 that will be presented by Mr. Samura, and strategic portion will be explained by Mr. Kishida, then the floor will be open for question-and-answer session. Please kindly wait to ask questions until the end.

The meeting is planned to end at 11:30 a.m. Now Mr. Samura, please start your presentation.

Shigenobu Nagamori

I would like to make some statements over first, please. Thank you. If I may, at the beginning of this conference, I'd like to give you some explanation here. From April 1, this fiscal year, we have a new President onboard, and he is also serving as CEO. He is yet to become the Board of Director member. That will be -- that won't be until the General Shareholders' Meeting in June. We have had so called a successor issue at our company. We have had this nomination committee, has gone through the selection process. We have had the 5 members of the nomination committee, it's 3 of them from the outside members. And we -- they unanimously agreed Mr. Kishida to serve as the President of this company. This nomination committee is a very well-balanced committee. And they made a very good selection in a very balanced manner, in a very appropriate process. He was a very good person that we have selected in the nomination committee. Mr. Kishida is a former Sony executive. He has spent time long -- spent a long time overseas. And also, he has worked in several different business projects.

We have the President and CEO over here, and he will be spending most of our time giving you an explanation. I didn't have to come here actually today, but I am here. But according to strong records by IR department, I'm here rather reluctantly. We made a financial announcement yesterday. And the details were already checked and written about by analysts. They seem to be interested in various new areas. And these analysts seems to be a lacking proper knowledge about these industries and many reports are not really accurate.

Our businesses are in very different areas from these people's interest. And the explanations in these areas -- on these areas are not really accurate enough. I have instructed Mr. Kishida not to use technical terms, so many technical times, but explain to everybody in a very easy and understandable way.

If you have any questions, please let us know. And please try to gain your knowledge as much as possible so that you can have a proper understanding about our businesses....

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