Nidec Announces Financial Results for Fiscal Second Quarter and Six Months Ended September 30, 2019

KYOTO, Japan, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE: 6594) NJDCY today announced its consolidated financial results under the International Financial Reporting Standards ("IFRS") for the period of April 1, 2019 through September 30, 2019.

The highlights are as follows:

  • First-half net sales remain flat Y/Y and the annual forecast remains unchanged.
  • First-half operating profit decreased by 35% Y/Y due to the additional R&D and start-up costs (approx. 8.5 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses of Embraco (approx. 3 billion yen) needed to promote the modularization strategy. R&D and start-up costs of traction motors will continue in the second-half (approx. 30 billion yen for full year) and on account of the above, the annual forecast has been revised down.
  • First-half profit attributable to owners of the parent decreased by 65% Y/Y due to the loss (approx. 20 billion yen) related to the sale of Secop following the European Commission's instructions. The annual forecast has been revised down based on the first-half results and second-half operating profit forecast. However, the annual dividend has been revised up by 5 yen to 115 yen.
  • EPS: ¥93.65 (basic and diluted)                                                                   

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)

Yen in millions, except for per share amounts and percentagesSix months ended

September 30,
Increase (Decrease)

%
Three months ended

September 30,
Increase (Decrease)%
 2019 2018 2019 2018 
Net sales751,277755,447(0.6%)390,403383,2241.9%
Operating profit62,20796,168(35.3%)34,39650,475(31.9%)
Ratio of operating profit to net sales8.3%12.7% -8.8%13.2% -
Profit before income taxes63,75095,743(33.4%)32,63649,855(34.5%)
Ratio of profit before income taxes to net sales8.5%12.7%-8.4%13.0% -
Profit attributable to owners of the parent27,56178,428(64.9%)24,15441,141(41.3%)
Ratio of profit attributable to owners of the parent to net sales3.7%10.4%-6.2%10.7% -
Earnings per share attributable to owners of the parent

-Basic
93.65265.57-82.07139.50-
Earnings per share attributable to owners of the parent

-Diluted
93.65265.57  -82.07139.50 -

Full copy of Nidec's financial statements for the second quarter and six months ended September 30, 2019:

https://www.nidec.com/en/ir/news/2019/news1023-01/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec's financial results for the second quarter and six months ended September 30, 2019 is scheduled for 09:00 a.m. EDT on Thursday, October 24, 2019. To listen to the webcast, please visit Nidec website at:

https://www.nidec.com/en/ir/event/conference

About Nidec Corporation

Nidec Corporation (TSE: 6594) NJDCY is a global leader in electric motor drive technology. For the six months ended September 30, 2019, 29.3% of its consolidated sales were represented by small precision motors; 20.1% by automotive products; 36.0% by appliance, commercial and industrial products; 10.3% by machinery; 4.1% 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:
 Masahiro Nagayasu
 General Manager
 Investor Relations
 +81-75-935-6140
 ir@nidec.com

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