Nidec Revises Upward Financial Forecast for Fiscal Year Ending March 31, 2014
KYOTO, Japan, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Nidec Corporation (NYSE:NJ)
(the "Company") today announced that the Company has revised its consolidated
financial forecast for the year ending March 31, 2014, previously announced on
July 23, 2013.
The details are as follows.
1. Revision to Financial Forecast for Fiscal Year Ending March 31, 2014
From April 1, 2013 to March 31, 2014 (Millions of Yen, except per share
amounts and percentages)
For the year ending March 31, 2014
Forecast Revised Change Change For the year
(announced Forecast (amount) (%) ended
on July 23, March 31, 2013
Net sales 820,000 850,000 30,000 3.7 709,270
Operating income 75,000 80,000 5,000 6.7 17,598
Income before income 73,000 78,000 5,000 6.8 13,398
Net income attributable 53,500 55,000 1,500 2.8 7,986
to the Company
Net income Attributable
to Nidec Corporation per 398.72 404.26 -- -- 59.28
2. Reasons for Revision
The upward revision is intended to reflect the increase in the Company's sales
and profits for the six-month ended September 30, 2013, which exceeded the
previously announced financial guidance.
The exchange rates used for the preparation of the revised forecasts are US$1
= ¥95 and €1 = ¥125. The exchange rates between the relevant Asian currencies
and the Japanese yen used for the preparation of the foregoing forecasts were
determined assuming these exchange rates.
"Net income attributable to Nidec Corporation per share—basic" reflects the
decrease of 3,740,382 shares in the Company's treasury shares as a result of
the share exchange transactions with Nidec Copal Corporation and Nidec Tosok
Corporation to make them wholly-owned subsidiaries, effective October 1, 2013.
The consolidated financial results for the year ended March 31, 2013 have been
retrospectively adjusted to reflect our valuation of the fair values of the
assets acquired and the liabilities assumed upon the acquisition of SCD Co.,
Ltd. and Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. in the three months
ended December 31, 2012. We completed our valuation of such assets and
liabilities during the three months ended September 30, 2013.
CONTACT: Masahiro Nagayasu
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