Nidec Announces Financial Results for Fiscal Year Ended March 31, 2024

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 fiscal year ended March 31, 2024.

The highlights are as follows:

• FY23 consolidated net sales and profit before income taxes stood at record highs.
• FY23 operating profit was 163.1 billion yen, as a result of 59.8 billion yen of structural reform expenses recorded due to strategic shift to improve the financial soundness and profitability of the Battery EV related business.
• We project 40 yen of interim dividend and 80 yen of aggregate annual dividend for the year ending March 31, 2025.
• EPS: ¥218.22 (basic and diluted)

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

Yen in millions, except for per share amounts and percentages	Year ended March 31,		Increase (Decrease) %	Three months ended March 31,		Increase (Decrease) %
	2024	2023		2024	2023
Net sales	2,348,202	2,242,824	4.7%	593,514	543,077	9.3%
Operating profit	163,106	100,028	63.1%	(6,172)	(24,376)	-
Ratio of operating profit to net sales	6.9%	4.5%	-	(1.0%)	(4.5%)	-
Profit before income taxes	202,919	120,540	68.3%	9,218	(21,404)	-
Ratio of profit before income taxes to net sales	8.6%	5.4%	-	1.6%	(3.9%)	-
Profit attributable to owners of the parent	125,387	44,964	178.9%	(20,492)	(59,113)	-
Ratio of profit attributable to owners of the parent to net sales	5.3%	2.0%	-	(3.5%)	(10.9%)	-
Earnings per share attributable to owners of the parent - basic (Yen)	218.22	78.12	-	(35.66)	(102.89)	-
Earnings per share attributable to owners of the parent - diluted (Yen)	-	-	-	-	-	-

Full copy of Nidec’s financial statements for the year ended March 31, 2024:
https://www.nidec.com/en/ir/news/2024/news0423-02/

A webcast (audio-only) discussing Nidec’s financial results for the year ended March 31, 2024 is scheduled for 10:00 a.m. JST on Wednesday, April 24, 2024. 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 year ended March 31, 2024, 17.7% of its consolidated sales were represented by small precision motors; 24.7% by automotive products; 41.1% by appliance, commercial and industrial products; 12.8% by machinery; 3.5% 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 Founder and Executive Chairman.