Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the fiscal year ended March 31, 2023.
The highlights are as follows:
- Net sales stood at a record high of ¥2,242.8 billion, 16.9% higher Y/Y.
- Operating profit decreased 41.3% Y/Y to ¥100.1 billion due to structural reform expenses of ¥75.7 billion.
- Profit before income taxes decreased 29.1% Y/Y to ¥120.6 billion after foreign currency gain of ¥20 billion posted.
- Profit attributable to owners of the parent decreased 66.9% Y/Y to ¥45.0 billion after income tax expenses of ¥75.0 billion and losses from discontinued operations of ¥2.0 billion.
- Continue WPR-X, the drastic reform on profitability, and aim to make a V-shaped recovery in FY2023.
- EPS: ¥78.19 (basic and diluted)
Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)
Yen in millions, except for per share amounts and percentages |
Year ended
|
Increase
|
Three months ended
|
Increase
|
|||||||
|
2023 |
2022 |
2023 |
2022 |
|||||||
Net sales |
2,242,824 |
1,918,174 |
16.9% |
543,077 |
510,964 |
6.3 % |
|||||
Operating profit |
100,081 |
170,374 |
(41.3)% |
(24,323) |
36,887 |
- |
|||||
Ratio of operating profit to net sales |
4.5% |
8.9% |
- |
(4.5)% |
7.2% |
- |
|||||
Profit before income taxes |
120,593 |
170,032 |
(29.1)% |
(21,351) |
40,622 |
- |
|||||
Ratio of profit before income taxes to net sales |
5.4% |
8.9% |
- |
(3.9) % |
8.0% |
- |
|||||
Profit attributable to owners of the parent |
45,003 |
135,759 |
(66.9)% |
(59,074) |
36,447 |
- |
|||||
Ratio of profit attributable to owners of the parent to net sales |
2.0% |
7.1% |
- |
(10.9)% |
7.1 % |
- |
|||||
Earnings per share attributable to owners of the parent
|
78.19 |
232.40 |
- |
(102.82) |
62.70 |
- |
|||||
Earnings per share attributable to owners of the parent
|
78.19 |
232.40 |
- |
(102.82) |
62.70 |
- |
|||||
Full copy of Nidec’s financial statements for the year ended March 31, 2023:
https://www.nidec.com/en/ir/news/2023/news0424-02/
A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the fiscal year ended March 31, 2023 is scheduled for 09:00 a.m. EDT on Tuesday, April 25, 2023. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference
About Nidec Corporation
Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the year ended March 31, 2023, 19.0% of its consolidated sales were represented by small precision motors; 23.2% by automotive products; 40.8% by appliance, commercial and industrial products; 13.2% by machinery; 3.7% by electronic and optical components, and 0.2% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230423005055/en/
Contacts
Masahiro Nagayasu
General Manager
Investor Relations
+81-75-935-6140
ir@nidec.com