Nidec Announces Differences between Projected and Actual Financial Results for First-Half FY2017 and Raises Full-Year Financi...
2017年10月24日 - 03:15PM
Nidec Corporation (TSE:6594); (OTC US:NJDCY) (the “Company”) today
announced differences between its financial forecast for the six
months ended September 30, 2017 (previously announced on July 26,
2017) and the actual financial results released today. In this
connection, the Company revised its financial forecast and year-end
dividend projection for the fiscal year ending March 31, 2018.
The details are as follows:
1. Differences between
Projected and Actual Financial Results for Six Months Ended
September 30, 2017 (IFRS)From April 1, 2017 to September
30, 2017 (Millions of yen, except for per share amounts and
percentages)
|
For the six months ended September 30, 2017 |
(Reference) For the six months ended September 30,
2016 |
|
Previous forecast(as of July 26, 2017) |
|
Actual |
|
Change(amount) |
|
Change(percent) |
Net sales |
650,000 |
|
715,890 |
|
65,890 |
|
10.1 |
% |
564,030 |
Operating profit |
80,000 |
|
82,612 |
|
2,612 |
|
3.3 |
% |
68,985 |
Profit before income taxes |
77,000 |
|
76,630 |
|
-370 |
|
-0.5 |
% |
66,274 |
Profit attributable to owners of the parent |
60,000 |
|
60,074 |
|
74 |
|
0.1 |
% |
50,094 |
Earnings per share attributable to owners of the parent-Basic |
202.65 |
|
202.90 |
|
- |
|
- |
|
168.89 |
Factors behind the differences between
projected and actual six months results
The Company’s consolidated net sales and
operating profit for the six months ended September 30, 2017
increased in all main four product groups from the same period of
the previous year to exceed the previous forecast (announced on
July 26, 2017). Although profit before income taxes fell short of
the forecast due to valuation difference resulting from conversion
of foreign-currency-denominated assets and liabilities, profit
attributable to owners of the parent surpassed the forecast due to
the Company’s continued efforts for reducing tax expenses.
Notes:During the three months
ended March 31, 2017, the Company finalized the provisional
accounting treatment for business combination. As a result, figures
for the six months ended September 30, 2016 reflect the revision of
the initially allocated amounts of acquisition price.
- Revised Consolidated Financial Forecast
(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(July 26, 2017) |
RevisedForecast |
Change(amount) |
Change(percent) |
Net sales |
1,375,000 |
1,450,000 |
75,000 |
5.5 |
% |
1,199,311 |
Operating profit |
165,000 |
170,000 |
5,000 |
3.0 |
% |
139,403 |
Profit before income taxes |
161,000 |
163,000 |
2,000 |
1.2 |
% |
141,350 |
Profit attributable to owners of the parent |
127,000 |
128,000 |
1,000 |
0.8 |
% |
111,036 |
Earnings per share attributable to owners of the parent-Basic |
428.94 |
432.32 |
- |
- |
|
374.36 |
Reasons for the revision for the financial
forecast
The financial results for the six months ended
September 30, 2017 exceeded the Company’s previous expectations. In
view of the favorable profit growth in the first six months, the
Company has decided to revise its previously announced financial
performance forecast for the fiscal year ending March 31, 2018. The
provided financial forecast assumes the exchange rates of ¥105
against the U.S. dollar and ¥110 against the euro, the same
exchange rates used for the preparation of the previously announced
forecast.
Notes:
- The provided financial forecast assumes the exchange rates of
¥105 against the U.S. dollar and ¥110 against the euro. Yen
exchange rates against Asian currencies have been set in relation
to the exchange rates between the U.S. dollar and the respective
Asian currencies.
- During the three months ended September 30, 2017, the Company
partly completed the provisional accounting treatment for business
combination. As a result, figures for the year ended March 31, 2017
reflect the revision of the initially allocated amounts of
acquisition price.
Revised year-end dividend projection for
the year ending March 31, 2018
Dividends per share (yen) for the year ending
March 31, 2018
|
Annual Dividends Per Share |
|
First Quarter-end |
Second Quarter-end |
Third Quarter-end |
Fourth Quarter-end |
Full Year |
Previous projection(as of April 25, 2017) |
- |
45.00 |
- |
45.00 |
90.00 |
Revised projection |
- |
- |
- |
50.00 |
95.00 |
Divided paid for the year ending March 31, 2018 |
- |
45.00 |
- |
- |
- |
<Reference>Dividend paid for the year ended March 31,
2017 |
- |
40.00 |
- |
45.00 |
85.00 |
Reasons for the revision for dividend
projectionThe Company upholds shareholder-oriented
management and places importance on regular dividend payments,
seeking to increase its dividend payout to around 30% of the
consolidated net income. Based on the stated revision to the
Company's consolidated financial forecast for the year ending March
31, 2018, the Company has revised upward its year-end dividend
projection for the year ending March 31, 2018 from 45.00 yen per
share to 50.00 yen per share, making the projected aggregate annual
dividend 95.00 yen per share.
Cautionary Statement Concerning
Forward-Looking InformationThis press release contains
forward-looking statements regarding the intent, belief, strategy,
plans or expectations of the Company or other parties. Such
forward-looking statements are not guarantees of future performance
or events and involve risks and uncertainties. Actual results may
differ materially from those described in such forward-looking
statements as a result of various factors, including, but not
limited to, the risks to successfully integrating the acquired
business with the Nidec group, the anticipated benefits of the
planned transaction not being realized, changes in general economic
conditions in related product markets, shifts in technology or user
preferences for particular technologies, whether and when required
regulatory approvals are obtained, and changes in business and
regulatory environments. The Company does not undertake any
obligation to update the forward-looking statements contained
herein or the reasons why actual results could differ from those
projected in the forward-looking statements except as may be
required by law.Contact: Masahiro Nagayasu
General Manager Investor Relations
+81-75-935-6140 ir@nidec.com