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Nidec Revises Consolidated Year-End Financial Forecasts for the Year Ending March 31, 2017

KYOTO, Japan, Jan. 24, 2017 (GLOBE NEWSWIRE) -- Nidec Corporation (TSE:6594) (OTC US:NJDCY) (the “Company”) today announced a revision to its IFRS-based consolidated financial forecasts for the year ending March 31, 2017.

The Company’s profit performance for the nine months ended December 31, 2016 exceeded the Company’s expectations at the beginning of the period. In view of the favorable profit growth in the nine months, the Company has decided to revise its previously announced profit forecasts for the fiscal year ending March 31, 2017.

The details are as follows:

Revised consolidated financial forecasts (IFRS) for the year ending March 31, 2017

From April 1, 2016 to March 31, 2017 (Millions of yen, except for per share amounts and percentages)
For the year ending March 31, 2017(Reference)
For the year ended
March 31, 2016
Previous
forecast
(Oct. 24, 2016)
Revised
Forecast
Change
(amount)
Change
(percent)
Net sales1,200,0001,200,000-- 1,178,290
Operating profit135,000140,0005,0003.7%117,662
Profit before income taxes133,000140,0007,0005.3%117,164
Profit attributable to owners of the parent100,000105,0005,0005.0%89,945
Earnings per share attributable to owners of the parent-Basic337.15354.01-- 303.04

Notes:

(1) In light of the recent depreciation of the Japanese yen, the average exchange rates used for the forecasts are reset at ¥110 from previous ¥100 for US$1 and ¥117 from previous ¥110 for €1, each adjusted to reflect the Japanese yen depreciation trend respectively. 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 the three months ended September 30, 2016, Nidec finalized the provisional accounting treatment for business combination, which was carried out in the previous fiscal year ended March 31, 2016. As a result, figures as of March 31, 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 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

Source:Nidec Corporation