Nidec Revises Consolidated Financial Forecasts for the Year Ending March 31,
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
For the year ending March 31, 2013 endedMarch 31,
forecast Revised Change Change
(April 24, Forecast (amount) (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 87,000 71,000 (16,000) (18.4 %) 70,856
Net income attributable 57,000 50,000 (7,000) (12.3 %) 40,731
to Nidec Corporation
Net income attributable
to Nidec Corporation 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.
The Nidec Corporation logo is available at:
CONTACT: Masahiro Nagayasu
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