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KYOTO, Japan, July 26, 2017 -- Nidec Corporation (TSE:6594) (OTC US:NJDCY) (the "Company") today announced an upward revision to its IFRS-based consolidated fiscal first-half and year-end financial forecasts for the year ending March 31, 2018, originally announced on April 25, 2017.
The Company’s net sales and resulting profit for the three months ended June 30, 2017 exceeded the Company’s expectations at the beginning of the period. In view of the favorable quarterly results, the Company has decided to revise upward its previously announced financial performance forecasts for six months ending September 30, 2017 and the fiscal year ending March 31, 2018.
The details are as follows:
Revised consolidated financial forecasts (IFRS) for the six months ending September 30, 2017
From April 1, 2017 to September 30, 2017 (Millions of yen, except for per share amounts and percentages)
| For the six months ending September 30, 2017 | (Reference) For the six months ended September 30, 2016 | |||||
| Previous forecast (April 25, 2017) | Revised Forecast | Change (amount) | Change (percent) | |||
| Net sales | 625,000 | 650,000 | 25,000 | 4.0 | % | 564,030 |
| Operating profit | 75,000 | 80,000 | 5,000 | 6.7 | % | 68,985 |
| Profit before income taxes | 74,000 | 77,000 | 3,000 | 4.1 | % | 66,274 |
| Profit attributable to owners of the parent | 58,000 | 60,000 | 2,000 | 3.4 | % | 50,094 |
| Earnings per share attributable to owners of the parent - Basic | 195.55 | 202.65 | - | - | 168.89 | |
Revised consolidated financial forecasts (IFRS) for the year ending March 31, 2018
From April 1, 2017 to March 31, 2018 (Millions of yen, except for per share amounts and percentages)
| For the year ending March 31, 2018 | (Reference) For the year ended March 31, 2017 | |||||
| Previous forecast (April 25, 2017) | Revised Forecast | Change (amount) | Change (percent) | |||
| Net sales | 1,350,000 | 1,375,000 | 25,000 | 1.9 | % | 1,199,311 |
| Operating profit | 160,000 | 165,000 | 5,000 | 3.1 | % | 140,331 |
| Profit before income taxes | 158,000 | 161,000 | 3,000 | 1.9 | % | 142,278 |
| Profit attributable to owners of the parent | 125,000 | 127,000 | 2,000 | 1.6 | % | 111,721 |
| Earnings per share attributable to owners of the parent - Basic | 421.44 | 428.94 | - | - | 376.67 | |
Notes:
(1) The exchange rates used for the preparation of the foregoing forecasts are US$1 = ¥105 and €1 = ¥110. 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.
(2) During three months ended March 31, 2017, Nidec finalized the provisional accounting treatment for business combination, which was carried out in the three months ended September 30, 2016. As a result, figures as of September 30, 2016 reflect the revision of the initially allocated amounts of acquisition price.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements including expectations, estimates, projections, plans, and strategies. Such forward-looking statements are based on management’s assumptions and beliefs 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 risks and uncertainties include, but are not limited to, changes in customer circumstances and demand, exchange rate fluctuations, and the Nidec Group’s ability to design, develop, mass produce and win acceptance of its products and to acquire and successfully integrate companies with complementary technologies and product lines. Please see other disclosure documents filed or published by the Nidec Group companies, including the Japanese security report, for additional information regarding such risks and uncertainties. Nidec undertakes no obligation to update the forward-looking statements unless required by law.
Contact: Masahiro Nagayasu General Manager Investor Relations +81-75-935-6140 [email protected]
