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Nidec Revises Consolidated Financial Forecasts for the Year Ending March 31, 2013 Downward

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KYOTO, Japan, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE: NJ) today announced a downward revision on its consolidated financial forecasts (announced on April 24, 2012) for the year ending March 31, 2013 as follows.

1. Revised consolidated financial forecasts (U.S. GAAP) for the year ending March 31, 2013

From April 1, 2012 to March 31, 2013 (Millions of yen, except per share amounts and percentages)

  For the year ending March 31, 2013 For the year ended March 31, 2012
  Previous forecast
(April 24, 2012)
Revised
Forecast
Change
(amount)
Change
(percent)
Net sales 780,000 720,000 (60,000) (7.7 %) 682,320
Operating income 95,000 80,000 (15,000) (15.8%) 73,070
Income from continuing operations before income taxes 87,000 71,000 (16,000) (18.4 %) 70,856
Net income attributable to Nidec Corporation 57,000 50,000 (7,000) (12.3 %) 40,731
Net income attributable to Nidec Corporation per share-basic 423.63 370.45 -- -- 296.25

2. Reasons for the revision

As the economic deterioration in Europe continues to have an adverse effect on the global economy, including China and other emerging economies, the demand for our products is expected to decrease further. In light of this trend and other factors, we have reviewed our previously announced financial performance forecasts, which were based on our assumption that the trend would reverse and the demand would increase in the six months ending March 31, 2013, and have determined to revise downward our previously announced financial performance forecasts for the fiscal year ending March 31, 2013.

However, we have not revised our dividend target for the fiscal year ending March 31, 2013, which remains at JPY95 per share.

Notes:

(1) The exchange rates used for the preparation of the foregoing forecasts are US$1=JPY78 and €1=JPY95. The exchange rates between the relevant Asian currencies and the Japanese yen used for the preparation of the foregoing forecasts have been determined assuming these U.S. dollar-Japanese yen and the Euro-Japanese yen exchange rates.

(2) "Net income attributable to Nidec Corporation per share—basic" reflects the share exchange transaction between Nidec Corporation and Nidec Sankyo Corporation on October 1, 2012 to make Nidec Sankyo a wholly owned subsidiary, in which transaction 3,175,315 shares in the aggregate of treasury stock of Nidec Corporation were allocated to Nidec Sankyo shareholders.

Disclaimer Regarding Forward-looking Statements

This press release contains forward-looking statements including expectations, judgement, plans, and strategies, associated with Nidec Group's business activities. The forward-looking statements are based on management's assumptions and belief 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 factors include, but are not limited to: fluctuation of currency exchange rates, overall supply and customer demand in the motor industry, product development and production capabilities, and other risks and uncertainties.

The Nidec Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=1734

CONTACT: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 ir@jp.nidec.com

Nidec Corporation

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