Nidec Announces Financial Results for Fiscal Third Quarter and Nine Months Ended December 31, 2022

KYOTO, Japan--(BUSINESS WIRE)--Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) today announced its consolidated financial results under the International Financial Reporting Standards (“IFRS”) for the period of April 1, 2022 through December 31, 2022.

The highlights are as follows:

• Nine months net sales stood at record high of ¥1,699.7 billion, 20.8% higher Y/Y.
• Nine months operating profit decreased 6.8% Y/Y to ¥124.4 billion.
• Nine months profit before income taxes and profit attributable to owners of the parent increased 9.7% Y/Y to ¥141.9 billion, 4.8% Y/Y to ¥104.1 billion, respectively. Both stood at record high.
• Due to the recent business environment surrounding the company, Nidec posted structural reform expenses, and revised its full-year forecast for FY2022.
• Nidec is implementing WPR-X, the drastic reform on profitability, to tackle recent deteriorations of market environments with aims to reduce the fixed cost significantly and to make a V-shaped recovery in FY2023.
• EPS: ¥180.72 (basic and diluted)

Selected Consolidated Results of Operations (Unaudited) (IFRS-Based)

Yen in millions, except for per share amounts and percentages	Nine months ended December 31,		Increase (Decrease) %	Three months ended December 31,		Increase (Decrease) %
	2022	2021		2022	2021
Net sales	1,699,747	1,407,210	20.8 %	568,980	496,542	14.6%
Operating profit	124,404	133,487	(6.8) %	28,036	44,343	(36.8) %
Ratio of operating profit to net sales	7.3 %	9.5 %	-	4.9 %	8.9%	-
Profit before income taxes	141,944	129,410	9.7 %	23,569	42,307	(44.3) %
Ratio of profit before income taxes to net sales	8.4 %	9.2 %	-	4.1 %	8.5%	-
Profit attributable to owners of the parent	104,077	99,312	4.8 %	17,428	32,700	(46.7) %
Ratio of profit attributable to owners of the parent to net sales	6.1 %	7.1 %	-	3.1 %	6.6%	-
Earnings per share attributable to owners of the parent - basic	180.72	169.73	-	30.32	55.94	-
Earnings per share attributable to owners of the parent - diluted	180.72	169.73	-	30.32	55.94	-

Full copy of Nidec’s financial statements for the third quarter and nine months ended December 31, 2022:
https://www.nidec.com/en/ir/news/2023/news0124-03/

A conference call webcast (audio-only, user-control slides attached) discussing Nidec’s financial results for the third quarter and nine months ended December 31, 2022 is scheduled for 09:00 a.m. EST on Tuesday, January 24, 2023. To listen to the webcast, please visit Nidec website at:
https://www.nidec.com/en/ir/event/conference

About Nidec Corporation

Nidec Corporation (TOKYO: 6594) (OTC US: NJDCY) is a global leader in electric motor drive technology. For the nine months ended December 31, 2022, 19.6% of its consolidated sales were represented by small precision motors; 23.2% by automotive products; 40.1% by appliance, commercial and industrial products; 13.1% by machinery; 3.8% by electronic and optical components, and 0.2% by the remaining products lines. Nidec was founded in Kyoto, Japan in 1973 by Shigenobu Nagamori, its current Chairman and CEO.