Nidec Revises Consolidated Financial Forecasts for the Year Ending March 31, 2013 Downward
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|
(April 24, 2012)
|Net sales||780,000||720,000||(60,000)||(7.7 %)||682,320|
|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.
(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.
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