Nidec Announces Financial Results for Fiscal Year Ended March 31, 2023

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Nidec Announces Financial Results for Fiscal Year Ended March 31, 2023

KYOTO, Japan--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)


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.

Contacts

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


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Contacts

Izumi Nagata

Press contact PR Department +81 80-9674-9227

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For Everything That Spins and Moves

​Nidec was established in Kyoto, Japan in 1973 by its Chairman Shigenobu Nagamori. In 1979, Nidec became the first company in the world to successfully commercialize a direct drive spindle motor for HDDs based on a brushless DC motor. Since then, the company has grown into a world-leading comprehensive motor manufacturer encompassing approximately 300 subsidiaries employing over 100,000 people throughout the world and with annual sales exceeding $10B. Nidec's motors, drives, generators and related products are found in a diverse range of applications including computers, smartphones, home appliances, automobiles, manufacturing plants, robots and more.

Nidec
Nidec head office (Kyoto, Japan)
338 Kuzetonoshiro-cho, Minami-ku 601-8205 Kyoto
Japan
Corporate Website