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:
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:
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 | |
