Nidec Revises Upward Consolidated Fiscal First-Half and Year-End Financial Forecasts for the Year Ending March 31, 2019
KYOTO, Japan, July 25, 2018 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE:6594) (OTC US:NJDCY) (the “Company”) today announced an upward revision to its IFRS-based consolidated fiscal first-half and year-end financial forecasts for the year ending March 31, 2019, originally announced on April 24, 2018.
The details are as follows:
Revised consolidated financial forecasts (IFRS) for the six months ending September 30, 2018
From April 1, 2018 to September 30, 2018 (Millions of yen, except for per share amounts and percentages)
| For the six months ending September 30, 2018 | (Reference) For the six months ended September 30, 2017 | |||||
| Previous forecast (April 24, 2018) | Revised Forecast | Change (amount) | Change (percent) | |||
| Net sales | 750,000 | 775,000 | 25,000 | 3.3% | 715,890 | |
| Operating profit | 90,000 | 95,000 | 5,000 | 5.6% | 81,765 | |
| Profit before income taxes | 87,500 | 90,000 | 2,500 | 2.9% | 75,783 | |
| Profit attributable to owners of the parent | 70,000 | 72,000 | 2,000 | 2.9% | 59,421 | |
| Earnings per share attributable to owners of the parent - basic | 236.52 | 243.42 | - | - | 200.69 | |
Revised consolidated financial forecasts (IFRS) for the year ending March 31, 2019
From April 1, 2018 to March 31, 2019 (Millions of yen, except for per share amounts and percentages)
| For the year ending March 31, 2019 | (Reference) For the year ended March 31, 2018 | |||||
| Previous forecast (April 24, 2018) | Revised Forecast | Change (amount) | Change (percent) | |||
| Net sales | 1,575,000 | 1,600,000 | 25,000 | 1.6% | 1,488,090 | |
| Operating profit | 190,000 | 195,000 | 5,000 | 2.6% | 167,014 | |
| Profit before income taxes | 185,000 | 187,500 | 2,500 | 1.4% | 163,837 | |
| Profit attributable to owners of the parent | 145,000 | 147,000 | 2,000 | 1.4% | 130,948 | |
| Earnings per share attributable to owners of the parent - basic | 489.93 | 496.99 | - | - | 442.29 | |
Reasons for the revision for the financial forecast
The financial results for the three months ended June 30, 2018 exceeded the Company’s previous expectations. In view of the favorable growth in this period, the Company has decided to revise its previously announced financial performance forecast for the first-half and year-end for the year ending March 31, 2019. The provided financial forecast assumes the exchange rates of ¥100 against the U.S. dollar and ¥125 against the euro, the same exchange rates used for the preparation of the previously announced forecast.
Notes:
- The exchange rates used for the preparation of the foregoing forecasts are US$1 = ¥100 and €1 = ¥125. Yen exchange rates against Asian currencies have been set in relation to the exchange rates between the U.S. dollar and the respective Asian currencies.
- During the year ended March 31, 2018 and three months ended June 30, 2018, the Company completed the provisional accounting treatment for business combination. As a result, figures for the six months ended September 30, 2017 and the year ended March 31, 2018 reflect the revision of the initially allocated amounts of acquisition price.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements including expectations, estimates, projections, plans, and strategies. Such forward-looking statements are based on management’s assumptions and beliefs in light of the information currently available. Certain risks, uncertainties and other factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in customer circumstances and demand, exchange rate fluctuations, and the Nidec Group’s ability to design, develop, mass produce and win acceptance of its products and to acquire and successfully integrate companies with complementary technologies and product lines. Please see other disclosure documents filed or published by the Nidec Group companies, including the Japanese security report, for additional information regarding such risks and uncertainties. Nidec undertakes no obligation to update the forward-looking statements unless required by law.
Contact:
Masahiro Nagayasu
General Manager
Investor Relations
