Nidec Announces Financial Results for Fiscal Year Ended March 31, 2023

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04/24/2023 - 02:15 AM

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, 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 March 31,		Increase (Decrease) %	Three months ended March 31,		Increase (Decrease) %
	2023	2022	Increase (Decrease) %	2023	2022	Increase (Decrease) %
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 -Basic	78.19	232.40	-	(102.82)	62.70	-
Earnings per share attributable to owners of the parent -Diluted	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.