FOR IMMEDIATE RELEASE
Contact:
Masahiro Nagayasu General Manager Investor Relations
+81-75-935-6140
ir@nidec.com
UNAUDITED FINANCIAL STATEMENTS (U.S. GAAP)
(English Translation) RESULTS FOR THE YEAR ENDED MARCH 31, 2016 FROM APRIL 1, 2015 TO MARCH 31, 2016 CONSOLIDATEDReleased on April 25, 2016
NIDEC CORPORATION
Stock Listings: Tokyo Stock Exchange, New York Stock Exchange (to be delisted from NYSE on May 2, 2016)
Head Office: Kyoto, Japan
Date of Annual General Shareholders' Meeting (Plan): June 17, 2016
Date of Dividend Payment (Plan): June 2, 2016
Date of Filing of Japanese Annual Securities Report (Plan): June 20, 2016
Selected Consolidated Financial Performance (U.S. GAAP) (unaudited)
Consolidated Results of Operations
Yen in millions
2016
2015
Net sales
¥1,178,290
¥1,028,385
Ratio of change from the previous fiscal year
14.6%
17.5%
Operating income
124,538
110,939
Ratio of change from the previous fiscal year
12.3%
30.7%
Income before income taxes
119,328
107,092
Ratio of change from the previous fiscal year
11.4%
26.8%
Net income attributable to Nidec Corporation
91,810
76,015
Ratio of change from the previous fiscal year
20.8%
35.1%
Net income attributable to Nidec Corporation per share-basic
¥309.32
¥271.61
Net income attributable to Nidec Corporation per share-diluted Ratio of net income attributable to Nidec Corporation to average of
Nidec Corporation shareholders' equity *1
¥308.19
12.2%
¥256.05
12.0%
Ratio of income before income taxes to total assets
8.7%
8.5%
Ratio of operating income to net sales
10.6%
10.8%
(except for per share amounts) Year ended March 31
Notes:
Weighted-average of Nidec Corporation shareholders' equity at the beginning and the end of each fiscal year
Comprehensive income (loss) attributable to Nidec Corporation:
¥33,711 million for the year ended March 31, 2016 (77.9% decrease compared to the fiscal year ended March, 31, 2015)
¥152,465 million for the year ended March 31, 2015 (49.9% increase compared to the fiscal year ended March 31, 2014)
Equity in net income (loss) of affiliated companies:
¥1 million for the year ended March 31, 2016
¥29 million for the year ended March 31, 2015
Consolidated Financial Position
Yen in millions
(except for per share amounts) March 31, 2016 March 31, 2015
Total assets ¥1,384,472 ¥1,357,340
Total equity 772,505 753,099
Nidec Corporation shareholders' equity 764,221 744,972
Nidec Corporation shareholders' equity to total assets 55.2% 54.9% Nidec Corporation shareholders' equity per share ¥2,576.59 ¥2,533.07
Consolidated Results of Cash Flows
Yen in millions Year ended
Year ended
March 31, 2016 March 31, 2015
Net cash provided by operating activities
¥147,610
¥91,875
Net cash used in investing activities
(95,315)
(81,230)
Net cash provided by (used in) financing activities
7,775
(19,508)
Cash and cash equivalents at the end of year
¥305,942
¥269,902
Dividends (unaudited)
Year ending March 31, 2017
Yen Year ended
March 31, 2016
Year ended March 31, 2015
(target)
Interim dividend per share
¥40.00
¥40.00
¥30.00
Year-end dividend per share
40.00
40.00
40.00
Annual dividend per share
¥80.00
¥80.00
¥70.00
Dividends declared for the year
-
¥23,789 million
¥20,038 million
Dividend payout ratio *1
25.0%
25.9%
25.8%
Dividend to Nidec Corporation shareholders'
equity
-
3.1%
3.2%
Note:
"Annual dividend per share" to "earning per share-basic"
Forecast of Consolidated Financial Performance (for the fiscal year ending March 31, 2017)
Yen in millions
(except for per share amounts)
Six months ending
Year ending
September 30, 2016 March 31, 2017
Net sales
¥600,000
¥1,250,000
Operating income
63,500
130,000
Income before income taxes
63,500
130,000
Net income attributable to Nidec Corporation
48,000
98,000
Net income attributable to Nidec Corporation per share-basic
¥161.83
¥330.41
Note:
The forecasts are made in accordance with U.S. GAAP, although we have decided to voluntarily adopt IFRS from the first quarter of the fiscal year ending March 31, 2017.
Others
Changes in significant subsidiaries (changes in "specified subsidiaries" (tokutei kogaisha) accompanying changes in the scope of consolidation) during this period: None
Changes in accounting policies:
Changes due to revisions to accounting standards: Yes
Changes due to other reasons: None
Note:
Please refer to "Changes Relating to the Basis for Preparing Our Consolidated Financial Statements" in "5. Consolidated Financial Statements (U.S. GAAP) (unaudited)" on page 23 for more information.
Number of shares issued (common stock)
Number of shares issued at the end of each period (including treasury stock): 298,142,234 shares at March 31, 2016
294,108,416 shares at March 31, 2015
Number of treasury stock at the end of each period: 1,541,210 shares at March 31, 2016
9,636 shares at March 31, 2015
Weighted-average number of shares issued at the beginning and end of each period: 296,807,985 shares for the year ended March 31, 2016
279,872,973 shares for the year ended March 31, 2015
Note:
Please refer to "Earnings per share" in "5. Consolidated Financial Statements (U.S. GAAP) (unaudited)" on page 23 for more information.
NON-CONSOLIDATED FINANCIAL STATEMENTS
Nidec Non-Consolidated Financial Performance (Japanese GAAP) (unaudited)
Non-Consolidated Results of Operations
Yen in millions
2016
2015
Net sales
Ratio of change from the previous fiscal year
¥230,260
27.0%
¥181,325
9.3%
Operating income
5,159
3,784
Ratio of change from the previous fiscal year
36.3
(22.2)
Ordinary income
20,657
27,111
Ratio of change from the previous fiscal year
(23.8)
341.6
Net income
17,658
25,217
Ratio of change from the previous fiscal year
(30.0)
386.0
Net income per share-basic
¥59.49
¥90.08
Net income per share-diluted
¥59.27
¥84.79
(except for per share amounts) Year ended March 31
Non-Consolidated Financial Position
- Analysis of Operating Results
Overview of Business Environment for the Year Ended March 31, 2016
Regarding the global economy during the fiscal year ended March 31, 2016, the slowdown in the Chinese economy and the decrease in commodity prices led to a slowdown in developing economies, which became a cause for uncertainty together with increased geopolitical risks related to Europe and the Middle East. While the United States continued its steady economic growth, it showed a cautionary stance in considering further interest rate increases, and the marked appreciation of the value of the Japanese yen from the beginning of the calendar year created uncertainty regarding the future of the Japanese economy, resulting in a lackluster environment overall.
Under such a business environment, we continued to pursue our sales and profit growth strategies with a view to achieve our target for the fiscal year ending March 31, 2021 of consolidated net sales of ¥2 trillion based on our mid-term strategic goal "Vision 2020," and we achieved in the fiscal year ended March 31, 2016 our highest consolidated net sales for the fourth consecutive year, as well as the highest operating income for the second consecutive year and the highest income before income taxes and net income for the third consecutive year.
With respect to our results by product category, the quarterly operating income ratio of automotive, appliance, commercial and industrial products, the product category that serves as the driving force behind the transformation of our business portfolio, exceeded 10% in the fourth quarter ended March 31, 3016 for the first time in our history.
Consolidated Operating Results
Consolidated Operating Results for the Year Ended March 31, 2016 ("this fiscal year"), Compared to the Year Ended March 31, 2015 (the "previous fiscal year")
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales
1,178,290
1,028,385
149,905
14.6%
Operating income
124,538
110,939
13,599
12.3%
Operating income ratio
10.6%
10.8%
-
-
Income before income taxes
119,328
107,092
12,236
11.4%
Net income attributable to Nidec Corporation
91,810
76,015
15,795
20.8%
Note: Pursuant to ASC 805 "Business Combinations," previous period amounts have been retrospectively adjusted.
Consolidated net sales increased 14.6% to ¥1,178,290 million for this fiscal year compared to the previous fiscal year, recording the highest annual net sales in our history. Operating income increased 12.3% to ¥124,538 million for this fiscal year compared to the previous fiscal year, recording the highest annual operating income in our history. The average exchange rate between the Japanese yen and the U.S. dollar for this fiscal year was ¥120.14 to the U.S. dollar, which reflected a depreciation of the Japanese yen against the U.S. dollar of approximately 9%, compared to the previous fiscal year. The average exchange rate between the Japanese yen and the Euro for this fiscal year was ¥132.58 to the Euro, which reflected an appreciation of the Japanese yen against the Euro of approximately 4% compared to the previous fiscal year. Foreign currency exchange rate fluctuations had a positive effect on our net
sales of approximately ¥62,100 million and our operating income of approximately ¥9,500 million for this fiscal year compared to the previous fiscal year.
Income before income taxes increased 11.4% to ¥119,328million for this fiscal year compared to the previous fiscal year, and net income attributable to Nidec Corporation increased 20.8% to ¥91,810 million for this fiscal year compared to the previous fiscal year, recording the highest annual income before income taxes and net income attributable to Nidec Corporation in our history.
Operating Results by Product Category for This Fiscal Year Compared to the Previous Fiscal Year
Small precision motors-
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales of small precision motors
447,988
397,999
49,989
12.6%
Hard disk drives spindle motors
207,974
204,141
3,833
1.9%
Other small precision motors
240,014
193,858
46,156
23.8%
Operating income of small precision motors
68,127
63,059
5,068
8.0%
Operating income ratio
15.2%
15.8%
-
-
Net sales of small precision motors increased 12.6% to ¥447,988 million for this fiscal year compared to the previous fiscal year. Excluding the effect of the foreign currency fluctuation, there was a decrease in sales for spindle motors for hard disk drives (HDDs) resulting from the decrease in the number of units sold. However, this decrease was more than offset by the increase in sales of other small precision motors. The fluctuations of the foreign currency exchange rates had a positive effect on our net sales of small precision motors of approximately ¥34,200 million for this fiscal year compared to the previous fiscal year.
Net sales of spindle motors for hard disk drives, or HDDs, for this fiscal year increased 1.9% to ¥207,974 million compared to the previous fiscal year, although the number of units sold of spindle motors for HDDs decreased approximately 10% compared to the previous fiscal year.
Net sales of other small precision motors for this fiscal year increased 23.8% to ¥240,014 million compared to the previous fiscal year. This increase was mainly due to increases in sales of fan motors and other small motors.
Operating income of small precision motors increased 8.0% to ¥68,127 million for this fiscal year compared to the previous fiscal year. The fluctuations of the foreign currency exchange rates had a positive effect on operating income of small precision motors of approximately ¥9,800 million for this fiscal year compared to the previous fiscal year.
Automotive, appliance, commercial and industrial products-
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales of automotive, appliance, commercial and industrial products
554,713
460,007
94,706
20.6%
Appliance, commercial and industrial products
283,382
263,005
20,377
7.7%
Automotive products
271,331
197,002
74,329
37.7%
Operating income of automotive, appliance, commercial and industrial products
47,654
36,469
11,185
30.7%
Operating income ratio
8.6%
7.9%
-
-
Net sales of automotive, appliance, commercial and industrial products increased 20.6% to ¥554,713 million for this fiscal year compared to the previous fiscal year. The fluctuations of the foreign currency exchange rates had a positive effect on net sales of automotive, appliance, commercial and industrial products of approximately
¥20,900 million for this fiscal year compared to the previous fiscal year.
Net sales of appliance, commercial and industrial products for this fiscal year increased 7.7% compared to the previous fiscal year. This increase was primarily due to the increase in sales through our "Three-new Strategy" (new products, new markets and new clients) and the positive effect of the foreign currency exchange rate fluctuations.
Net sales of automotive products for this fiscal year increased 37.7% compared to the previous fiscal year. This increase was primarily due to the contribution of Nidec GPM GmbH, which was newly consolidated in February, 2015, and the positive effect of the foreign currency exchange rate fluctuations, in addition to the increase in sales for automotive motors such as electric power steering motors and products relating to advanced driver assistance systems (ADAS) at Nidec Elesys Corporation.
Operating income of automotive, appliance, commercial and industrial products increased 30.7% to
¥47,654 million for this fiscal year compared to the previous fiscal year mainly due to the increase in sales.
Machinery-
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales of machinery
106,462
98,800
7,662
7.8%
Operating income of machinery
15,797
16,148
(351)
(2.2)%
Operating income ratio
14.8%
16.3%
-
-
Net sales of machinery increased 7.8% to ¥106,462 million for this fiscal year compared to the previous fiscal year mainly due to increases in sales of LCD panel handling robots and card readers at Nidec Sankyo Corporation.
Operating income of machinery decreased 2.2% to ¥15,797 million for this fiscal year compared to the previous fiscal year mainly due to changes in product mix.
Electronic and optical components-
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales of electronic and optical components
64,112
65,050
(938)
(1.4)%
Operating income of electronic and optical components
6,645
5,008
1,637
32.7%
Operating income ratio
10.4%
7.7%
-
-
Net sales of electronic and optical components decreased 1.4% to ¥64,112 million for this fiscal year compared to the previous fiscal year. This decrease was primarily attributable to a decrease in sales of components for compact digital cameras.
Operating income of electronic and optical components increased 32.7% to ¥6,645 million for this fiscal year mainly as a result of our efforts to improve manufacturing efficiency, reduce cost of products sold and lower fixed costs, despite the decrease in sales.
Other products-
Yen in millions
Year ended March 31, 2016
Year ended March 31, 2015
Increase or decrease
Increase or decrease ratio
Net sales of other products
5,015
6,529
(1,514)
(23.2)%
Operating income of other products
891
789
102
12.9%
Operating income ratio
17.8%
12.1%
-
-
Net sales of other products decreased 23.2% to ¥5,015 million, and operating income of other products increased 12.9% to ¥891 million, for this fiscal year compared to the previous fiscal year.
Consolidated Operating Results for the Three Months Ended March 31, 2016 ("this 4Q"), Compared to the Three Months Ended December 31, 2015 ("this 3Q")
Yen in millions
Three months ended
March 31,
2016
Three months ended December 31,
2015
Increase or decrease
Increase or decrease ratio
Net sales
282,937
308,001
(25,064)
(8.1)%
Operating income
30,548
32,160
(1,612)
(5.0)%
Operating income ratio
10.8%
10.4%
-
-
Income before income taxes
24,971
30,968
(5,997)
(19.4)%
Net income attributable to Nidec Corporation
20,882
23,320
(2,438)
(10.5)%
Consolidated net sales decreased 8.1% to ¥282,937 million for this 4Q compared to this 3Q. Operating income decreased 5.0% to ¥30,548 million for this 4Q compared to this 3Q. The average exchange rate between the Japanese yen and the U.S. dollar for this 4Q was ¥115.48 to the U.S. dollar, which reflected an appreciation of the Japanese yen against the U.S. dollar of approximately 5%, compared to this 3Q. The average exchange rate between the Japanese yen and the Euro for this 4Q was ¥127.23 to the Euro, which reflected an appreciation of the Japanese yen against the Euro of approximately 4%, compared to this 3Q. Foreign currency exchange rate fluctuations had a negative effect on our net sales of approximately ¥13,000 million as well as on our operating income of approximately ¥2,500 million for this 4Q compared to this 3Q.
Income before income taxes and net income attributable to Nidec Corporation decreased 19.4% to ¥24,971 million and 10.5% to ¥20,882 million, respectively, for this 4Q compared to this 3Q.
Operating Results by Product Category for This 4Q Compared to This 3Q
Small precision motors-
Yen in millions
Three months ended
March 31,
2016
Three months ended December 31,
2015
Increase or decrease
Increase or decrease ratio
Net sales of small precision motors
95,911
129,564
(33,653)
(26.0)%
Hard disk drives spindle motors
45,520
55,648
(10,128)
(18.2)%
Other small precision motors
50,391
73,916
(23,525)
(31.8)%
Operating income of small precision motors
13,218
19,127
(5,909)
(30.9)%
Operating income ratio
13.8%
14.8%
-
-
Net sales of small precision motors decreased 26.0% to ¥95,911 million for this 4Q compared to this 3Q. The fluctuations of the foreign currency exchange rates had a negative impact of approximately ¥4,700 million on net sales of small precision motors for this 4Q compared to this 3Q.
Net sales of spindle motors for HDDs decreased 18.2% to ¥45,520 million for this 4Q compared to this 3Q. The number of units sold of spindle motors for HDDs for this 4Q decreased approximately 16% compared to this 3Q.
Net sales of other small precision motors for this 4Q decreased 31.8% to ¥50,391 million compared to this 3Q. This decrease was mainly due to decreases in sales of brushless DC motors, brushless DC fans and other small motors.
Operating income of small precision motors decreased 30.9% to ¥13,218 million for this 4Q compared to this 3Q. The fluctuations of the foreign currency exchange rates had a negative effect on operating income of small precision motors of approximately ¥1,300 million for this 4Q compared to this 3Q.
Automotive, appliance, commercial and industrial products-
Yen in millions
Three months ended
March 31,
2016
Three months ended December 31,
2015
Increase or decrease
Increase or decrease ratio
Net sales of automotive, appliance, commercial and industrial products
143,682
134,846
8,836
6.6%
Appliance, commercial and industrial products
75,300
68,053
7,247
10.6%
Automotive products
68,382
66,793
1,589
2.4%
Operating income of automotive, appliance, commercial and industrial products
15,011
11,258
3,753
33.3%
Operating income ratio
10.4%
8.3%
-
-
Net sales of automotive, appliance, commercial and industrial products increased 6.6% to ¥143,682 million for this 4Q compared to this 3Q.
Net sales of appliance, commercial and industrial products for this 4Q increased 10.6% compared to this 3Q mainly due to the increase in sales through our "Three-new Strategy".
Net sales of automotive products for this 4Q increased 2.4% compared to this 3Q. This increase was mainly due to the increase in sales for automotive motors such as electric power steering motors and car cameras at Nidec Elesys Corporation.
Operating income of automotive, appliance, commercial and industrial products increased 33.3% to
¥15,011 million for this 4Q compared to this 3Q mainly due to the increase in sales. Operating income ratio exceeded 10% for the first time in our history.
Machinery-
Yen in millions
Three months ended
March 31,
2016
Three months ended December 31,
2015
Increase or decrease
Increase or decrease ratio
Net sales of machinery
27,324
25,556
1,768
6.9%
Operating income of machinery
3,844
3,783
61
1.6%
Operating income ratio
14.1%
14.8%
-
-
Net sales of machinery increased 6.9% to ¥27,324 million for this 4Q compared to this 3Q mainly due to increases in sales of LCD panel handling robots at Nidec Sankyo Corporation.
Operating income of machinery increased 1.6% to ¥3,844 million for this 4Q compared to this 3Q mainly due to the increase in sales.
Electronic and optical components-
Yen in millions
Three months ended
March 31,
2016
Three months ended December 31,
2015
Increase or decrease
Increase or decrease ratio
Net sales of electronic and optical components
14,848
16,736
(1,888)
(11.3)%
Operating income of electronic and optical components
1,233
1,795
(562)
(31.3)%
Operating income ratio
8.3%
10.7%
-
-
Net sales of electronic and optical components decreased 11.3% to ¥14,848 million for this 4Q compared to this 3Q mainly due to a decrease in sales of components for compact digital cameras.
Operating income of electronic and optical components decreased 31.3% to ¥1,233 million for this 4Q compared to this 3Q mainly due to the decrease in sales.
Other products-
Yen in millions
Three months
Three months
Increase or
Increase
ended
ended
or
March 31,
December 31,
decrease
decrease
2016
2015
ratio
Net sales of other products
1,172
1,299
(127)
(9.8)%
Operating income of other products
199
212
(13)
(6.1)%
Operating income ratio
17.0%
16.3%
-
-
Net sales of other products decreased 9.8% to ¥1,172 million for this 4Q compared to this 3Q. Operating income of other products decreased 6.1% to ¥199 million for this 4Q compared to this 3Q.
-
Financial Position
As of March
31, 2016
As of March
31, 2015
Increase or
decrease
Total assets (million)
¥1,384,472
¥1,357,340
¥27,132
Total liabilities (million)
611,967
604,241
7,726
Nidec Corporation shareholders' equity (million)
764,221
744,972
19,249
Interest-bearing debt (million) *1
300,782
282,498
18,284
Net interest-bearing debt (million) *2
(5,160)
12,596
(17,756)
Debt ratio (%) *3
21.7
20.8
0.9
Debt to equity ratio ("D/E ratio") (times) *4
0.39
0.38
0.01
Net D/E ratio (times) *5
(0.01)
0.02
(0.03)
Nidec Corporation shareholders' equity to total assets (%)
55.2
54.9
0.3
Notes:
*1: The sum of "short-term borrowings," "current portion of long-term debt" and "long-term debt" (including convertible bonds) in our consolidated balance sheet
*2: "Interest-bearing debt" less "cash and cash equivalents"
*3: "Interest-bearing debt" divided by "total assets"
*4: "Interest-bearing debt" divided by "Nidec Corporation shareholders' equity"
*5: "Net interest-bearing debt" divided by "Nidec Corporation shareholders' equity"
Total assets increased approximately ¥27,100 million to ¥1,384,472 million as of March 31, 2016 compared to March 31, 2015. This increase was mainly due to an increase of approximately ¥36,000 million in cash and cash equivalents.
Total liabilities increased approximately ¥7,700 million to ¥611,967 million as of March 31, 2016 compared to March 31, 2015. Our short-term borrowings increased approximately ¥28,700 million to approximately
¥81,100 million, and our current portion of long-term debt increased approximately ¥37,300 million to approximately
¥82,800 million as of March 31, 2016 compared to March 31, 2015. On the other hand, our long-term debt decreased approximately ¥47,700 million to approximately ¥136,900 million as of March 31, 2016 compared to March 31, 2015.
Our net interest-bearing debt decreased approximately ¥17,800 million to approximately negative ¥5,200 million as of March 31, 2016 compared to March 31, 2015. Our debt ratio increased to 21.7% as of March 31, 2016
from 20.8% as of March 31, 2015. Our D/E ratio increased to 0.39 as of March 31, 2016 from 0.38 as of March 31,
2015. Our net D/E ratio decreased to negative 0.01 as of March 31, 2016 compared to 0.02 as of March 31, 2015.
Nidec Corporation shareholders' equity increased approximately ¥19,200 million to ¥764,221 million as of March 31, 2016 compared to March 31, 2015. Nidec Corporation shareholders' equity to total assets increased to 55.2% as of March 31, 2016 from 54.9% as of March 31, 2015. The increase of Nidec Corporation shareholders' equity was mainly due to an increase in retained earnings of approximately ¥68,100 million, an increase in common stock of approximately ¥10,700 million and an increase in additional paid-in capital of approximately ¥10,600 million, partially offset by a decrease in foreign currency translation adjustments of approximately ¥53,700 million and purchases of treasury stock of approximately ¥12,100 million as of March 31, 2016 compared to March 31, 2015.
Overview of Cash Flow-
(Yen in millions)
Increase or
For the year ended March 31 decrease
2016 2015
Net cash provided by operating activities
¥147,610
¥91,875
¥55,735
Net cash used in investing activities
(95,315)
(81,230)
(14,085)
Free cash flow *1
52,295
10,645
41,650
Net cash provided by (used in) financing activities
¥7,775
¥(19,508)
¥27,283
Note:
*1: To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows to analyze cash flows generated from our operations. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. Our free cash flow is the sum of "net cash flow from operating activities" and "net cash flow from investing activities."
Cash flows from operating activities for the fiscal year ended March 31, 2016 ("this fiscal year") were a net cash inflow of ¥147,610 million. Compared to the fiscal year ended March 31, 2015 ("the prior fiscal year"), our cash inflow from operating activities for this fiscal year increased approximately ¥55,700 million. This increase was mainly due to an increase of approximately ¥14,800 million in our consolidated net income and an increase of approximately ¥20,200 million in net changes in operating assets and liabilities, which consisted of a decrease of approximately ¥37,800 million in operating assets and a decrease of approximately ¥17,600 million in operating liabilities.
Cash flows from investing activities for this fiscal year were a net cash outflow of ¥95,315 million. Compared to the prior fiscal year, our net cash outflow from investing activities for this fiscal year increased approximately ¥14,100 million mainly due to an increase in additions to property, plant and equipment of approximately ¥23,900 million. On the other hand, outflow in acquisitions of businesses, net of cash acquired, decreased approximately ¥17,700 million.
As a result, we had a positive free cash flow of ¥52,295 million for this fiscal year compared to a positive free cash flow of ¥10,645 million for the prior fiscal year.
Cash flows from financing activities for this fiscal year were a net cash inflow of ¥7,775 million. Compared to the prior fiscal year, our net cash inflow from financing activities for this fiscal year increased approximately
¥27,300 million mainly due to an increase in proceeds from issuance of long-term debt of approximately ¥37,800 million. On the other hand, outflow in purchases of treasury stock increased approximately ¥10,000 million.
As a result of the foregoing and the impact of foreign exchange fluctuations, the balance of cash and cash equivalents as of March 31, 2016 was ¥305,942 million, an increase of approximately ¥36,000 million from March 31, 2015.
Reference:
As of March 31,
As of March 31,
As of March 31,
As of March 31,
As of March 31,
2016 2015 2014 2013 2012
Shareholders' equity to total assets
55.2%
54.9%
44.4%
41.3%
46.2%
Total market value of Nidec's shares
(*1) (*4) to total assets
165.0%
173.1%
148.4%
75.4%
128.9%
Interest-bearing liabilities (*2) to net
cash provided by operating
activities
2.0
3.1
4.0
2.8
3.3
Interest coverage ratio (*3)
87.2
62.8
53.3
279.2
173.4
Notes:
*1. Total market value of Nidec's shares to total assets is a non-GAAP measure. Total market value is calculated as the closing stock price at fiscal year end multiplied by the number of shares issued at fiscal year end (excluding treasury stock).
*2. Interest-bearing liabilities: Total amount of "short-term borrowings", "current portion of long-term debt" and "long-term debt" in the consolidated balance sheet
*3. Interest coverage ratio: Net cash provided by operating activities divided by "interest payments" during a fiscal year
*4: To supplement our balance sheets presented on a GAAP basis, we use a non-GAAP measure of balance sheets to analyze our operational balance sheets. The presentation of a non-GAAP measure is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to any balance sheets figures as a measure of financial position.
-
Business Forecasts for the Fiscal Year ending March 31, 2017
Based on the recent global economic trends that we have identified, while there was a sense of anticipation for continued strength in the U.S. economy, the uncertain effects of future monetary policy on the U.S. and emerging market economies, the slowdown in China as well as geopolitical risks related to Europe and the Middle East and the challenge of appreciating yen on the Japanese economy suggest that optimism is unwarranted.
In this business environment, we aim to push forward in achieving the goals set forth in our new business strategy for the fiscal year ended March 31, 2021.
Set forth below are our business performance forecasts prepared in light of and subject to our current assumptions and uncertainties. See the "Cautionary Note Regarding Forward-Looking Statements" included on p.18 of this report.
Forecast of consolidated results for the fiscal year ending March 31, 2017
Net sales
¥1,250,000 million
(Up 6.1% from the previous fiscal year)
Operating income
¥130,000 million
(Up 4.4% from the previous fiscal year)
Income before income taxes
¥130,000 million
(Up 8.9% from the previous fiscal year)
Net income attributable to Nidec
Corporation
¥98,000 million
(Up 6.7% from the previous fiscal year)
Forecast of consolidated results for the six months ending September 30, 2016
(Up 2.2% from the same period of the
Net sales ¥600,000 million
Operating income ¥63,500million
Income before income taxes ¥63,500 million Net income attributable to Nidec
Corporation ¥48,000 million
previous fiscal year)
(Up 2.7% from the same period of the previous fiscal year)
(Up 0.2% from the same period of the previous fiscal year)
(Up 0.8% from the same period of the previous fiscal year)
Notes:
The exchange rates used for the preparation of the foregoing forecasts are US$1 = ¥110 and €1 = ¥120. The exchange rates between relevant Asian currencies and the Japanese yen used for the preparation of the foregoing forecasts were determined assuming these exchange rates.
The forecasts for the fiscal year ending March 31, 2017 and the six months ending September 30, 2016 are made in accordance with U.S. GAAP, although we have decided to voluntarily adopt IFRS from the first quarter of the fiscal year ending March 31, 2017.
-
Dividend Policy
We uphold shareholder-oriented management and seek to deliver higher technology solutions while offering higher wages in order to achieve higher growth, profitability and share value so as to build long-term, sustainable growth in shareholder value. We also seek to lay out our vision for the future on a regular and timely basis to keep stakeholders informed on how we intend to respond to changing opportunities and challenges as we continue to strive to succeed in our endeavors. Placing importance on regular dividend payments, we seek to increase our dividend payout to around 30% of our consolidated net income and use reserves to reinforce our management structure, expand our business horizons, and eventually to improve our profitability and shareholder value.
We have determined the year-end dividend to be ¥40.0 per share for the fiscal year ended March 31, 2016. As a result, together with the interim dividend of ¥40.0 per share, the full-year dividend will be ¥80.0 per share. The dividend payout ratio, which is obtained by dividing dividend declared for the year by net income attributable to Nidec Corporation, for this fiscal year is approximately 25.9%.
Our current dividend forecast for the year ending March 31, 2017 is a full-year dividend of ¥80.0 per share (an interim dividend of ¥40.0 per share and a year-end dividend of ¥40.0 per share.) Based on this forecast, the dividend payout ratio for the fiscal year ending March 31, 2017 that we are aiming to achieve is approximately 24.2%.
-
Risk Factors
The significant risks relating to our business that we recognized as of March 31, 2016 included those relating to:
unexpected drastic declines in the global economies,
our expansion of business portfolio into new business areas,
our dependence on the information storage and communication industry,
competition,
our research and development activities,
product defects,
our suppliers,
our dependence on production and sales in developing countries,
the incomparability of our quarterly operating results,
our advanced planning for production and inventory,
our M&A strategy,
our growth placing strains on management and operational and financial resources,
our dependence on our founder, Chairman of the Board, President and CEO, Mr. Shigenobu Nagamori,
hiring and retention of qualified personnel,
our reliance on monthly financial data from operating segments not prepared on a U.S. GAAP basis,
legal and regulatory compliance,
our internal controls over financial reporting,
patents and other intellectual property rights,
leaks of confidential information,
our pension plans,
impairment of goodwill and long-lived assets,
uncertainties relating to deferred tax assets,
foreign currency exchange rate fluctuations,
interest rate fluctuations,
our access to liquidity and capital,
natural disasters and other events over which we have little or no control, and
a substantial number of our shares of common stock being eligible for future sale.
The foregoing risk factors were identified based on information available at the time of this announcement, and do not contain all of the information that may be important to you. For more information about the significant risks and other key factors that should be considered, please see our annual report on Form 20-F, reports on Form 6-K and other current disclosures that we have publicly released.
Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended) about Nidec Corporation and its group companies (the "Nidec Group"). These forward-looking statements are based on the current expectations, assumptions, estimates and projections of the Nidec Group in light of the information currently available to it. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "intend," "plan," "forecast" or similar words. These statements discuss future expectations, identify strategies, contain projections of the results of operations or financial condition of the Nidec Group, or state other forward-looking information. Known and unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statement. The Nidec Group cannot make any assurances that the expectations expressed in these forward-looking statements will prove to be correct. Actual results could be materially different from and worse than the Nidec Group's expectations as a result of various factors, including, but not limited to, (i) general economic conditions in the computer, information storage and communication technology, home appliance, industrial and commercial machinery and equipment, automobile and related product markets, particularly levels of consumer spending and capital expenditures by companies, (ii) the Nidec Group's ability to expand its business portfolio into new business areas in the highly competitive automotive, appliance, commercial and industrial product markets, (iii) the Nidec Group's ability to design, develop, mass produce and win acceptance of its products, (iv) alleged or actual product defects and malfunctions of any end-product in which our products are incorporated, (v) the effectiveness of measures designed to reduce costs and improve profitability, (vi) the Nidec Group's ability to acquire and successfully integrate companies with complementary technologies, product lines and marketing and sales networks, (vii) the Nidec Group's ability to match production and inventory levels with actual demand, (viii) natural and human-caused disasters and other incidents, (ix) the ability to procure raw materials and attract and retain qualified personnel at satisfactory cost levels,
(x) exchange rate fluctuations, particularly between the Japanese yen and the U.S. dollar and other currencies in which the Nidec Group makes significant sales or in which the Nidec Group's assets and liabilities are denominated and (xi) adverse changes in laws, regulations or economic policies in any of the jurisdictions where the Nidec Group has manufacturing or other operations.
The Nidec Group
The Nidec Group comprises Nidec Corporation ("Nidec"), 225 consolidated subsidiaries and 4 affiliated companies. Nidec's core product categories include: "small precision motors," "automotive, appliance, commercial and industrial products," "machinery," "electronic and optical components" and "others.".
Its reportable segments are as follows.
The Nidec Corporation segment comprises Nidec Corporation in Japan, which primarily develops and sells hard disk drives spindle motors, other small precision motors and automotive products.
The Nidec Electronics (Thailand) segment comprises Nidec Electronics (Thailand) Co., Ltd., a subsidiary in Thailand, and its consolidated subsidiaries, which primarily produce and sell hard disk drives spindle motors. This segment also includes other subsidiaries in Asia which produce components for hard disk drives.
The Nidec Singapore segment comprises Nidec Singapore Pte. Ltd., a subsidiary in Singapore, and its consolidated subsidiary, which primarily sell hard disk drives spindle motors and other small precision motors.
The Nidec (H.K.) segment comprises Nidec (H.K.) Co., Ltd., a subsidiary in Hong Kong, and its consolidated subsidiaries, which primarily sell hard disk drives spindle motors and other small precision motors.
The Nidec Sankyo segment comprises Nidec Sankyo Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell machinery, automotive products, electronic parts and other small precision motors.
The Nidec Copal segment comprises Nidec Copal Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell optical and electronic parts, machinery and other small precision motors.
The Nidec Techno Motor segment comprises Nidec Techno Motor Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell commercial and industrial products.
The Nidec Motor segment comprises Nidec Motor Corporation and other subsidiaries in North America, which are subsidiaries of Nidec Americas Holding Corporation, an intermediate holding company in the United States, as well as other subsidiaries in Latin America, Asia and Europe, which primarily produce and sell home appliance, commercial and industrial products.
The Nidec Motors & Actuators segment comprises Nidec Motors & Actuators (Germany) GmbH in Germany and other subsidiaries in Europe, North America, Latin America, Japan and Asia, which primarily produce and sell automotive products.
The All Others segment comprises subsidiaries that are operating segments but not designated as reportable segments due to their immateriality.
The business activities of Nidec Corporation and the Nidec Group's principal consolidated subsidiaries are as follows:
Product Category
Principal Companies
Small precision motors
Hard disk drives spindle motors
Nidec Corporation
Nidec Electronics (Thailand) Co., Ltd. Nidec Philippines Corporation
Nidec (Zhejiang) Corporation Nidec (H.K.) Co., Ltd.
Nidec Singapore Pte. Ltd.
Other small precision motors
Nidec Corporation
Nidec Sankyo Corporation Nidec (H.K.) Co., Ltd.
Nidec (Dong Guan) Limited Nidec Servo Corporation Nidec Seimitsu Corporation
Nidec Copal Corporation
Automotive, appliance, commercial and industrial products
Appliance, commercial and industrial products
Nidec Motor Corporation Nidec ASI S.p.A.
Nidec Techno Motor Corporation
Nidec Shibaura (Zhejiang) Co., Ltd.
Automotive products
Nidec Corporation
Nidec Tosok Corporation
Nidec Tosok (Vietnam) Co., Ltd.
Nidec Motors & Actuators (Germany) GmbH Nidec Electronics GmbH
Nidec GPM GmbH
Nidec Automotive Motor (Zhejiang) Corporation Nidec (Dalian) Limited
Nidec Elesys Corporation
Nidec Sankyo Corporation
Machinery
Nidec Sankyo Corporation Nidec-Shimpo Corporation Nidec-Read Corporation
Nidec Copal Corporation
Electronic and optical components
Nidec Copal Corporation
Nidec Copal Electronics Corporation Nidec Sankyo Corporation
Other products
Nidec Global Service Corporation
Management Policies
-
Basic management policies
We aim to become the world's No. 1 comprehensive motor manufacturer and maximize shareholder value and meet the expectations of shareholders by delivering higher technology solutions while offering higher wages, and thus achieving higher growth, profit and stock prices, over the long-term. We seek to uphold the following three management goals and principles:
Provide employment opportunities created from stable business growth,
Supply universally desired, indispensable products for the common good, and
Pursue the No. 1 position in all that we undertake.
-
Management targets
We endeavor to pursue profitable growth by setting a new medium-term strategic target for the fiscal year ending March 31, 2021. Its main components are as follows:
Consolidated net sales of ¥2 trillion yen (including approximately ¥500 billion yen contributed by new M&A activity)
Consolidated net sales of automotive products of ¥700 billion yen to ¥1 trillion yen
Consolidated operating income ratio of at least 15%
ROE (return on shareholders' equity) of at least 18% (assuming shareholders' equity to total assets of 60%)
Establishment of a five-pronged global business management system
-
The Nidec Group's mid- to long-term business strategies
To achieve the targets set forth in our new medium-term strategic target, the Nidec Group, acting based on "its organic growth strategy" and "M&A strategy," seeks to enhance and expand its business portfolio and achieve more uniformity among the group companies.
We are currently shifting from our current business portfolio to an improved and expanded business portfolio consisting of four core business lines-"small precision motors," "appliance, commercial and industrial motor products," "automotive products" and "other products." -and have launched in the fiscal year ended March 31, 2013 a business enhancement system through which we aim to promote a market-oriented approach for each area of operation, particularly in terms of formulating new strategic ideas and operational implementation.
To strengthen the group's advanced R&D structures, we intend to develop new business and shift to an improved and expanded business portfolio under the leadership of our Chief Technology Officer while actively interacting with external research institutions. Taking advantage of our core technologies, we seek to realize innovation and achieve growth by exploring the market with high value-added products developed by our group's unique technology and pursuing Technology Application Development to cultivate new market demand.
As a critical part of the growth strategy of the Nidec Group, we plan to continue to actively seek M&A opportunities as we aim to achieve growth quickly and efficiently. In the fiscal year ended March 31, 2016, we have successfully acquired Motortecnica s.r.l., Arisa, S.A., KB Electronics, Inc., E.M.G. Elettromeccanica S.r.l., PT. NAGATA OPTO INDONESIA, and the switched reluctance (SR) motor and drive business of China Tex Mechanical
& Electrical Engineering Ltd.
Furthermore, with the purpose of promoting our production technology and realizing profitable applications of new materials, engineering methods, robots and automation equipments, we established in October 2015 the Nidec Center for Industrial Science, the construction of which will begin in Keihanna Science City in October 2016. We
seek to build a manufacturing system so as to be better able to stay ahead of the global competition while nurturing our manufacturing engineers.
- The Nidec Group's challenges
1. Continue to enhance the corporate governance system
To further strengthen our corporate governance, we seek to improve the structure of our board of directors by having independent outside directors while planning to reduce the number of inside directors so as to facilitate more vigorous discussions in meetings of our board of directors. For this fiscal year ending March 31, 2017, we plan to have a total of three outside corporate auditors and two outside directors.
Enhance and strengthen our global management infrastructure
As a global company, we continue to enhance our group-wide management system that meets global standards, including financial reporting and disclosure systems.
In order to strengthen the foundation for our growth strategy, we are currently building our "Five-Pronged Global Business Management System" to accelerate both organic global growth and post-merger integration following acquisitions. Specifically, we are establishing regional headquarters that are responsible for improving management quality (governance, compliance and internal controls), improving management efficiency (high quality, low-cost regional shared services), and actively supporting post-merger integration, while expanding their functionalities.
We previously maintained a "federate-style" management system, under which each group company we acquired maintained a high degree of independence and autonomy in managing its business operations. However, in response to globalization, we are now quickly moving towards unified group management.
Our Operational Management and Audit Department, the department responsible for group-wide internal controls, seeks to establish a global audit system in an effort to strengthen the supervision in the area of prevention of improper conduct as the global management system is further enhanced, and further enhance our internal control system based on the experience and know-how gained through the past audits of our financial statements and the implementation of measures to comply with the U.S. Sarbanes-Oxley Act of 2002. We also seek to improve our disclosure system and policy through enhanced cooperation between a committee responsible for information disclosure and other relevant specialized departments.
Such specialized departments and offices, including the Compliance Office, the Risk Management Office, and the CSR (corporate social responsibility) Promotion Office, also collaborate with one another and other departments as appropriate. We seek to find ways to create jobs and otherwise contribute to society based on our basic management policy as a good corporate citizen.
-
Basic rationale for selection of accounting standards
We have decided to voluntarily adopt International Financial Reporting Standards (IFRS) from the fiscal year ending March 31, 2017 in order to further strengthen the infrastructure and improve the efficiency of the group's financial reporting.
Consolidated Financial Statements (U.S. GAAP) (unaudited)
Consolidated Balance Sheets Assets
Yen in millions
Increase
March 31, 2016 March 31, 2015 or
Current assets:
decrease
Amount % Amount % Amount
Cash and cash equivalents ¥305,942 ¥269,902 ¥36,040
Trade notes receivable 16,589 15,221 1,368
Trade accounts receivable 218,680 222,396 (3,716) Inventories:
Finished goods 77,670 75,398 2,272
Raw materials 52,325 51,182 1,143
Work in process 36,308 39,187 (2,879)
Supplies and other 4,648 5,107 (459)
Other current assets 53,150 50,622 2,528
Total current assets 765,312 55.3 729,015 53.7 36,297
Investments and advances:
Marketable securities and other securities
investments 16,004 21,516 (5,512) Investments in and advances to affiliated
companies
1,896
2,167
(271)
Total investments and advances
17,900
1.3 23,683
1.8 (5,783)
Property, plant and equipment:
Land
47,477
47,427
50
Buildings
190,362
189,742
620
Machinery and equipment
450,860
430,019
20,841
Construction in progress
33,340
33,831
(491)
Sub-total
722,039
52.1
701,019
51.6
21,020
Less - Accumulated depreciation
(374,310)
(27.0)
(358,897)
(26.4)
(15,413)
Total property, plant and equipment
347,729
25.1
342,122
25.2
5,607
Goodwill
162,963
11.8
162,959
12.0
4
Other non-current assets
90,568
6.5
99,561
7.3
(8,993)
Total assets
¥1,384,472
100.0
¥1,357,340
100.0
¥27,132
Liabilities and Equity
Yen in millions
Increase
March 31, 2016 March 31, 2015 or
Current liabilities:
decrease
Amount % Amount % Amount
Short-term borrowings ¥81,092 ¥52,401 ¥28,691
Current portion of long-term debt 82,796 45,485 37,311
Trade notes and accounts payable 177,254 194,998 (17,744)
Accrued expenses 34,948 33,375 1,573 Other current liabilities 44,388 36,689 7,699
Total current liabilities 420,478 30.4 362,948 26.7 57,530
Long-term liabilities:
Long-term debt
136,894
184,612
(47,718)
Accrued pension and severance costs
19,169
19,576
(407)
Other long-term liabilities
35,426
37,105
(1,679)
Total long-term liabilities
191,489
13.8
241,293
17.8
(49,804)
Total liabilities 611,967 44.2 604,241 44.5 7,726
Equity:
Common stock
87,784
6.3
77,071
5.7
10,713
Additional paid-in capital
116,058
8.4
105,459
7.8
10,599
Retained earnings
495,761
35.8
427,641
31.5
68,120
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments
77,624
131,332
(53,708)
Net unrealized gains and losses on securities
3,698
7,412
(3,714)
Net gains and losses on derivative instruments
(746)
(1,072)
326
Pension liability adjustments
(3,847)
(2,844)
(1,003)
Total accumulated other comprehensive
income (loss) 76,729 5.6 134,828 9.9 (58,099)
Treasury stock, at cost
(12,111)
(0.9) (27)
(0.0) (12,084)
Total Nidec Corporation shareholders' equity
764,221
55.2 744,972
54.9 19,249
Noncontrolling interests
8,284
0.6 8,127
0.6 157
Total equity
772,505
55.8 753,099
55.5 19,406
Total liabilities and equity
¥1,384,472
100.0 ¥1,357,340
100.0 ¥27,132
Condensed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Results for the year ended March 31 Consolidated Statements of Income
Yen in millions
Year ended March 31 Increase or
2016 2015 decrease
Amount % Amount % Amount %
Net sales
¥1,178,290
100.0
¥1,028,385
100.0
¥149,905
14.6
Cost of products sold
908,311
77.1
786,486
76.5
121,825
15.5
Selling, general and administrative expenses
93,463
7.9
85,781
8.3
7,682
9.0
Research and development expenses
51,978
4.4
45,179
4.4
6,799
15.0
Operating expenses
1,053,752
89.4
917,446
89.2
136,306
14.9
Operating income
124,538
10.6
110,939
10.8
13,599
12.3
Other income (expenses):
Interest and dividend income
1,913
2,359
(446)
Interest expenses
(2,228)
(1,487)
(741)
Foreign exchange gain (loss), net
(153)
804
(957)
Gain (loss) from marketable securities, net
946
70
876
Other, net
(5,688)
(5,593)
(95)
Total
(5,210)
(0.5)
(3,847)
(0.4)
(1,363)
-
Income before income taxes
119,328
10.1
107,092
10.4
12,236
11.4
Income taxes
(26,466)
(2.2)
(29,033)
(2.8)
2,567
-
Equity in net income (loss) of affiliated companies
1
0.0
29
0.0
(28)
(96.6)
Consolidated net income
Less: Net (income) loss attributable to noncontrolling
92,863
7.9
78,088
7.6
14,775
18.9
interests (1,053) (0.1) (2,073) (0.2) 1,020 -
Net income attributable to Nidec Corporation ¥91,810 7.8 ¥76,015 7.4 ¥15,79520.8
Consolidated Statements of Comprehensive Income
Yen in millions
Year ended March 31 Increase or
2016 2015 decrease
Amount Amount Amount %
Consolidated net income ¥92,863 ¥78,088 ¥14,775 18.9
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments (54,491) 77,753 (132,244) - Net unrealized gains and losses on securities (3,714) 3,243 (6,957) - Net gains and losses on derivative instruments 326 (1,048) 1,374 - Pension liability adjustments (981) (2,534) 1,553 - Total other comprehensive income (loss) (58,860) 77,414 (136,274) -
Total comprehensive income (loss) 34,003 155,502 (121,499) (78.1)
Less: Comprehensive (income) loss
attributable to noncontrolling interests (292) (3,037) 2,745 -
Comprehensive income (loss) attributable to
Nidec Corporation ¥33,711 ¥152,465 ¥(118,754) (77.9)
Consolidated Statements of Changes in Equity
For the year ended March 31, 2016
Yen in millions (except for number of shares of common stock)
Common stock
Nidec
Additional
Accumulated
other
Treasury
Corporation
total
Non
paid-in
Retained
comprehensive
stock, at
shareholders'
controllin
Shares
Amount
capital
earnings
income (loss)
cost
equity
g interests
Total
Balance at March 31, 2015
294,108,416
¥77,071
¥105,459
¥427,641
¥134,828
¥(27)
¥744,972
¥8,127.
¥753,099
Comprehensive income (loss):
Net income
91,810
91,810
1,053
92,863
Other comprehensive income
(loss):
Foreign currency translation
adjustments (53,708) (53,708) (783) (54,491)
(3,714)
(3,714)
- (3,714)
326
326
- 326
Net unrealized gains and losses on securities
Net gains and losses on derivative instruments
Pension liability adjustments (1,003) (1,003) 22 (981) Total comprehensive income
(loss): 33,711 292 34,003
Conversion of convertible bond
4,033,818
10,713
10,628
22
21,363
- 21,363
Purchase of treasury stock
(12,133)
(12,133)
- (12,133)
Dividends paid to shareholders
of Nidec Corporation (23,690) (23,690) - (23,690)
Dividends paid to
noncontrolling interests - (54) (54)
Capital transactions with consolidated subsidiaries and
other (29) 27 (2) (81) (83) Balance at March 31, 2016 298,142,234 ¥87,784 ¥116,058 ¥495,761 ¥76,729 ¥(12,111) ¥764,221 ¥8,284 ¥772,505
For the year ended March 31, 2015
Yen in millions (except for number of shares of common stock)
Common stock
Nidec
Additional
Accumulated
other
Treasury
Corporation
total
Non
paid-in
Retained
comprehensive
stock, at
shareholders'
controlling
Shares
Amount
capital
earnings
income (loss)
cost
equity
interests
Total
Balance at March 31, 2014
290,150,160
¥66,551
¥65,197
¥367,485
¥58,378
¥(39,640)
¥517,971
¥22,822
¥540,793
Comprehensive income (loss):
Net income
76,015
76,015
2,073
78,088
Other comprehensive income
(loss):
Foreign currency translation
adjustments 76,792 76,792 961 77,753
3,227
3,227
16
3,243
(1,048)
(1,048)
-
(1,048)
Net unrealized gains and losses on securities
Net gains and losses on derivative instruments
Pension liability
adjustments (2,521) (2,521) (13) (2,534)
Total comprehensive income
(loss): 152,465 3,037 155,502
Conversion of convertible bond
3,958,256
10,520
34,582
29,130
74,232
- 74,232
Purchase of treasury stock
(2,159)
(2,159)
- (2,159)
Change in ownership of
subsidiaries in connection
with share exchange
transaction
5,175
11,960
17,135
(17,135) -
Dividends paid to shareholders
of Nidec Corporation (15,859) (15,859) - (15,859)
Dividends paid to
noncontrolling interests - (611) (611)
Capital transactions with consolidated subsidiaries and
other 505 682 1,187 14 1,201 Balance at March 31, 2015 294,108,416 ¥77,071 ¥105,459 ¥427,641 ¥134,828 ¥(27) ¥744,972 ¥8,127 ¥753,099
Consolidated Statements of Cash Flows
Yen in millions
Year ended March 31 Increase or
2016 2015 decrease
Cash flows from operating activities:
Consolidated net income
Adjustments to reconcile net income to net cash provided by operating activities:
¥92,863
¥78,088
¥14,775
Depreciation
55,298
45,087
10,211
Amortization
9,438
8,317
1,121
Gain from marketable securities, net
(946)
(70)
(876)
Loss (Gain) on sales, disposal or impairment of property, plant and
Deferred income taxes
2,036
6,523
(4,487)
Equity in net income of affiliated companies
(1)
(29)
28
Foreign currency adjustments
(14)
1,634
(1,648)
Accrual for pension and severance costs, net payments
151
1,583
(1,432)
Changes in operating assets and liabilities:
Increase in notes and accounts receivable
(5,163)
(20,109)
14,946
Increase in inventories
(6,722)
(29,565)
22,843
(Decrease) Increase in notes and accounts payable
(6,897)
10,054
(16,951)
(Decrease) Increase in accrued income taxes
(391)
220
(611)
equipment 23 (275) 298
Other 7,935 (9,583) 17,518
Net cash provided by operating activities 147,610 91,875 55,735
Cash flows from investing activities:
Additions to property, plant and equipment
(81,918)
(58,042)
(23,876)
Proceeds from sales of property, plant and equipment
1,437
3,110
(1,673)
Purchases of marketable securities
(507)
(6)
(501)
Proceeds from sales and redemption of marketable securities
1,319
68
1,251
Acquisitions of business, net of cash acquired
(9,665)
(27,343)
17,678
Proceeds from sales of business, net of cash divested
-
3,381
(3,381)
Other (5,981) (2,398) (3,583)
Net cash used in investing activities (95,315) (81,230) (14,085)
Cash flows from financing activities:
Increase in short-term borrowings
32,412
29,592
2,820
Proceeds from issuance of long-term debt
37,903
78
37,825
Repayments of long-term debt
(26,210)
(30,104)
3,894
Purchases of treasury stock
(12,133)
(2,159)
(9,974)
Payments for additional investments in subsidiaries
(191)
(292)
101
Dividends paid to shareholders of Nidec Corporation
(23,690)
(15,859)
(7,831)
Other (316) (764) 448
Net cash provided by (used in) financing activities 7,775 (19,508) 27,283
Effect of exchange rate changes on cash and cash equivalents
(24,030) 31,025 (55,055)
Net increase in cash and cash equivalents
36,040 22,162 13,878
Cash and cash equivalents at beginning of year
269,902 247,740 22,162
Cash and cash equivalents at end of year
¥305,942 ¥269,902 ¥36,040
Notes of Consolidated Financial Statements (unaudited) Notes regarding Going Concern Assumption
Scope of consolidation
As of
March 31, 2016
Number of consolidated subsidiaries 225
Application of the equity method
Number of affiliated companies accounted for under
As of
March 31, 2016
the equity method 4
Change in the scope of consolidation from March 31, 2015
Increase of consolidated subsidiaries 11
Decrease of consolidated subsidiaries 18
Change in significant subsidiaries
Not applicable.
Change in the application of the equity method from March 31, 2015
Increase of affiliated companies accounted for under
the equity method 1
Decrease of affiliated companies accounted for
under the equity method 2
Critical Accounting Policies
The Company and its subsidiaries in Japan maintain their records and prepare their accounts and records in accordance with accounting principles generally accepted in Japan, and its foreign subsidiaries in conformity with those of their countries of domicile. Certain adjustments and reclassifications have been incorporated in the accompanying consolidated financial statements to conform with accounting principles generally accepted in the United States ("U.S. GAAP").
《Changes Relating to the Basis for Preparing Our Consolidated Financial Statements》
As of April 1, 2015, NIDEC adopted FASB Accounting Standards Codification™ (ASC) 205"Presentation of Financial Statements" and ASC 360 "Property, Plant, and Equipment" updated by Accounting Standards Update (ASU) No. 2014-08 "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 requires that a disposal of a component or a group of components of an entity should be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. ASU 2014-08 also requires additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. The adoption of this standard did not have any impact on NIDEC's consolidated financial position, results of operations or liquidity.
Business Combinations
Pursuant to ASC 805 "Business Combinations," consolidated financial statements for the previous year and the three months ended June 30, 2015 have been retrospectively adjusted to reflect NIDEC's valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of Nidec GPM GmbH in the fiscal year ended March 31, 2015. During the three months ended September 30, 2015, NIDEC completed its valuation of such assets and liabilities of Nidec GPM GmbH.
In addition, NIDEC has been evaluating the fair values of the assets acquired and the liabilities assumed upon the acquisitions of companies in the fiscal year ended March 31, 2016. Assets and liabilities which are currently under evaluation have been recorded on NIDEC's consolidated balance sheet based on preliminary management estimation as of March 31, 2016. With regard to assets and liabilities of which fair value evaluation is completed, consolidated financial statements for the six months ended September 30, 2015 have been retrospectively adjusted to reflect NIDEC's valuation of fair value. These evaluations do not have material impacts on NIDEC's consolidated financial position, results of operations or liquidity.
Operating Segment Information
Yen in millions
Year ended March 31
Increase or decrease
2016 2015
Net sales: Amount % Amount % Amount %
Nidec Corporation
¥229,988
14.1
¥181,325
13.0
¥48,663
26.8
Nidec Electronics (Thailand)
131,753
8.0
124,465
8.9
7,288
5.9
Nidec Singapore
68,935
4.2
67,425
4.8
1,510
2.2
Nidec (H.K.)
114,785
7.0
82,760
5.9
32,025
38.7
Nidec Sankyo
129,404
7.9
123,042
8.8
6,362
5.2
Nidec Copal
59,366
3.6
41,081
2.9
18,285
44.5
Nidec Techno Motor
63,406
3.9
63,220
4.5
186
0.3
Nidec Motor
225,387
13.8
200,423
14.3
24,964
12.5
Nidec Motors & Actuators
270,242
16.5
194,206
13.9
76,036
39.2
All others
343,589 21.0 321,922 23.0 21,667 6.7
Sub-total
1,636,855 100.0 1,399,869 100.0 236,986 16.9
Adjustments and eliminations
(458,565) - (371,484) - (87,081) -
Consolidated total
¥1,178,290 - ¥1,028,385 - ¥149,905 14.6
Yen in millions Year ended March 31
Increase or decrease
2016 2015
Operating income(loss): Amount % Amount % Amount %
Nidec Corporation
¥18,031
13.9
¥14,083
12.2
¥3,948
28.0
Nidec Electronics (Thailand)
15,696
12.1
14,996
13.0
700
4.7
Nidec Singapore
1,432
1.1
1,052
0.9
380
36.1
Nidec (H.K.)
372
0.3
613
0.5
(241)
(39.3)
Nidec Sankyo
15,052
11.6
12,686
11.0
2,366
18.7
Nidec Copal
2,182
1.7
517
0.4
1,665
322.1
Nidec Techno Motor
5,717
4.4
7,291
6.3
(1,574)
(21.6)
Nidec Motor
16,674
12.9
11,690
10.1
4,984
42.6
Nidec Motors & Actuators
25,368
19.6
18,614
16.1
6,754
36.3
All others
29,001 22.4 34,128 29.5 (5,127) (15.0)
Sub-total
129,525 100.0 115,670 100.0 13,855 12.0
Adjustments and eliminations
(4,987) - (4,731) - (256) -
Consolidated total
¥124,538 - ¥110,939 - ¥13,599 12.3
Notes:
The operating segments are the segments of Nidec for which separate financial information is available and for which operating profit or loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
Some of our segmental operating income or loss is presented in accordance with financial reporting principles and practices generally accepted in Japan.
Pursuant to ASC 805 "Business Combinations", previous period amounts have been retrospectively adjusted.
From the fiscal year ended March 31, 2016, the Nidec Philippines, the Nidec (Zhejiang) and the Nidec Copal Electronics which were previously identified as respective reportable segments have been included in the All others due to their immateriality. Accordingly, previous period amounts have been reclassified.
Earnings per share
The Earnings per share information are as follows:
For the year ended March 31, 2016
Thousands
Yen in millions of shares Yen
Net income
Basic net income attributable to Nidec Corporation per share:
Net income (loss)
attributable to Nidec Corporation
Weighted
-average shares
attributable to Nidec Corporation per share
Net income attributable to Nidec Corporation ¥91,810 296,808 ¥309.32
Dilutive securities
Zero coupon convertible bonds with stock acquisition rights due
2015 (3) 1,083
Diluted net income attributable to Nidec Corporation per share:
Net income attributable to Nidec Corporation ¥91,807 297,891 ¥308.19
For the year ended March 31, 2015
Thousands
Yen in millions of shares Yen
Net income
Basic net income attributable to Nidec Corporation per share:
Net income (loss)
attributable to Nidec Corporation
Weighted
-average shares
attributable to Nidec Corporation per share
Net income attributable to Nidec Corporation ¥76,015 279,873 ¥271.61
Dilutive securities
Zero coupon convertible bonds with stock acquisition rights due
2015 (57) 16,782
Diluted net income attributable to Nidec Corporation per share:
Net income attributable to Nidec Corporation ¥75,958 296,655 ¥256.05 Note:
Pursuant to ASC 805 "Business Combinations", previous period amounts have been retrospectively adjusted.
Subsequent events
A share purchase agreement to Acquire ANA IMEP S.A.
On April 21, 2016, Nidec Sole Motor Corporation S.R.L., NIDEC's subsidiary, agreed to acquire approximately 94.8% of the shares of ANA IMEP S.A. ("IMEP") in Romania from its major shareholder (the "Transaction").
1) Purpose of the Transaction
IMEP develops, manufactures and sells products of washing machine and drying machine motors.
Through the Transaction, NIDEC expects to enhance the competitiveness of its appliance motor business in the European market, one of Appliance, Commercial and Industrial Motors business ("ACIM") on which it particularly places emphasis. NIDEC also expects to obtain IMEP's major customers. In addition, NIDEC intends to build up a major manufacturing base in an emerging EU market for its ACIM.
2) Funds and schedule for the Transaction
NIDEC utilizes its cash on hand for funding.
Closing of the Transaction is to be completed between late May to early June 2016.
6. Others (unaudited)
Changes in Directors
Proposed changes regarding Representative Directors Not applicable.
Proposed changes regarding other Members of the Board of Directors and Audit & Supervisory Board Members
Outgoing Members of the Board of Directors (effective as of June 17, 2016): Tadaaki Hamada (current post: First Senior Vice President)
Masuo Yoshimatsu (current post: First Senior Vice President) Kazuya Hayafune (current post: First Senior Vice President) Toshiaki Otani (current post: First Senior Vice President)
Note: Messrs. Tadaaki Hamada, Masuo Yoshimatsu, Kazuya Hayafune, and Toshiaki Otani are expected to assume office as First Senior Vice Presidents as of the above date.
Candidates to the Audit & Supervisory Board (effective as of June 17, 2016): Eisuke Nagatomo (current post: Representative Director, EN Associates Co., Ltd.)
Junko Watanabe (current post: Professor, Graduate School of Economics and Faculty of Economics, Kyoto University)
Note: Mr. Eisuke Nagatomo and Professor Junko Watanabe are candidates to the positions of Outside Audit & Supervisory Board Members (Independent Directors).
Outgoing Audit & Supervisory Board Member (effective as of June 17, 2016): Ikuo Nishikawa (current post: Outside Audit & Supervisory Board Member)
Results for the three months ended March 31 Consolidated Statements of Income
Yen in millions
Three months ended March 31 Increase or
2016 2015 decrease
Amount % Amount % Amount %
Net sales
¥282,937
100.0
¥274,619
100.0
¥8,318
3.0
Cost of products sold
Selling, general and administrative expenses
217,396
22,722
76.8
8.0
210,741
22,076
76.8
8.0
6,655
646
3.2
2.9
Research and development expenses
12,271
4.4
11,590
4.2
681
5.9
Operating expenses
252,389
89.2
244,407
89.0
7,982
3.3
Operating income (loss)
30,548
10.8
30,212
11.0
336
1.1
Other income (expenses):
Interest and dividend income
610
686
(76)
Interest expenses
(1,064)
(420)
(644)
Foreign exchange gain (loss), net
(2,163)
(1,777)
(386)
Gain (loss) from marketable securities, net
(0)
2
(2)
Other, net
(2,960)
(2,920)
(40)
Total
(5,577)
(2.0)
(4,429)
(1.6)
(1,148)
-
Income (loss) before income taxes
24,971
8.8
25,783
9.4
(812)
(3.1)
Income taxes
Equity in net income (loss) of affiliated companies
(4,008)
(3)
(1.4)
(0.0)
(7,568)
3
(2.8)
0.0
3,560
(6)
-
-
Consolidated net income (loss)
Less: Net (income) loss attributable to noncontrolling interests
20,960
(78)
7.4
(0.0)
18,218
(234)
6.6
(0.1)
2,742
156
15.1
-
Net income (loss) attributable to Nidec
Corporation
¥20,882
7.4
¥17,984
6.5
¥2,898
16.1
Consolidated Statements of Comprehensive Income
Yen in millions
Three months ended March 31 Increase or
2016 2015 decrease
Amount Amount Amount %
Consolidated net income ¥20,960 ¥18,218 ¥2,742 15.1
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments (40,065) (9,178) (30,887) - Net unrealized gains and losses on securities (1,840) 808 (2,648) - Net gains and losses on derivative instruments 905 7 898 - Pension liability adjustments (1,059) (2,703) 1,644 - Total other comprehensive income (loss) (42,059) (11,066) (30,993) -
Total comprehensive income (loss) (21,099) 7,152 (28,251) -
Less: Comprehensive (income) loss attributable to
noncontrolling interests 303 (299) 602 -
Comprehensive income (loss) attributable to Nidec
Corporation ¥(20,796) ¥6,853 ¥(27,649) -
Quarterly Financial Data for the three months ended December 31, 2015, September 30, 2015 and June 30, 2015
Yen in millions
Three months ended
June 30, 2015
September 30, 2015
December 31, 2015
Amount %
Amount %
Amount %
Net sales
¥285,041
100.0
¥302,311
100.0
¥308,001
100.0
Operating income
30,737
10.8
31,093
10.3
32,160
10.4
Income before income taxes
32,347
11.3
31,042
10.3
30,968
10.1
Consolidated net income
24,194
8.5
23,988
7.9
23,721
7.7
Net income attributable to Nidec Corporation
¥23,790
8.3
¥23,818
7.9
¥23,320
7.6
Note: Pursuant to ASC 805 "Business Combinations", the results of operations for the three months ended June 30, 2015 and September 30, 2015 have been retrospectively adjusted.
-
Information by Product Category
Automotive, appliance,
Small precision
Yen in millions
Year ended March 31, 2016
Electronic and
Eliminations/
motors
commercial
and industrial
Machinery
optical
components
Others Total
Corporate
Consolidated
Net sales:
products
Customers ¥447,988 ¥554,713 ¥106,462 ¥64,112 ¥5,015 ¥1,178,290 ¥- ¥1,178,290
Intersegment 2,414 5,134 11,566 4,894 1,833 25,841 (25,841) - Total 450,402 559,847 118,028 69,006 6,848 1,204,131 (25,841) 1,178,290 Operating expenses 382,275 512,193 102,231 62,361 5,957 1,065,017 (11,265) 1,053,752
Operating income ¥68,127 ¥47,654 ¥15,797 ¥6,645 ¥891 ¥139,114 ¥(14,576) ¥124,538
Small precision
Automotive, appliance,
Yen in millions
Year ended March 31, 2015
Electronic and
Eliminations/
motors
commercial
and industrial
Machinery
optical
components
Others Total
Corporate
Consolidated
Net sales:
products
Customers ¥397,999 ¥460,007 ¥98,800 ¥65,050 ¥6,529 ¥1,028,385 ¥- ¥1,028,385
Intersegment 1,624 592 7,906 657 6,753 17,532 (17,532) -
Total 399,623 460,599 106,706 65,707 13,282 1,045,917 (17,532) 1,028,385
Operating expenses 336,564 424,130 90,558 60,699 12,493 924,444 (6,998) 917,446
Operating income ¥63,059 ¥36,469 ¥16,148 ¥5,008 ¥789 ¥121,473 (10,534) ¥110,939
Small precision
Automotive, appliance,
Yen in millions
Three months ended March 31, 2016
Electronic and
Eliminations/
motors
commercial
and industrial
Machinery
optical
components
Others Total
Corporate
Consolidated
Net sales:
products
Customers ¥95,911 ¥143,682 ¥27,324 ¥14,848 ¥1,172 ¥282,937 ¥- ¥282,937
Intersegment 518 1,255 1,751 1,197 434 5,155 (5,155) -
Total 96,429 144,937 29,075 16,045 1,606 288,092 (5,155) 282,937
Operating expenses 83,211 129,926 25,231 14,812 1,407 254,587 (2,198) 252,389
Operating income ¥13,218 ¥15,011 ¥3,844 ¥1,233 ¥199 ¥33,505 (2,957) ¥30,548
Small precision
Automotive, appliance,
Yen in millions
Three months ended March 31, 2015
Electronic and
Eliminations/
motors
commercial
and industrial
Machinery
optical
components
Others Total
Corporate
Consolidated
Net sales:
products
Customers ¥102,916 ¥126,737 ¥27,667 ¥15,846 ¥1,453 ¥274,619 ¥- ¥274,619
Intersegment 853 268 2,518 242 1,340 5,221 (5,221) -
Total 103,769 127,005 30,185 16,088 2,793 279,840 (5,221) 274,619
Operating expenses 88,077 117,023 25,530 14,714 2,538 247,882 (3,475) 244,407
Operating income ¥15,692 ¥9,982 ¥4,655 ¥1,374 ¥255 ¥31,958 (1,746) ¥30,212
Notes:
Product categories are classified based on similarities in product type, product attributes, and production and sales methods.
Major products of each product category:
Small precision motors: Spindle motors for HDDs, brushless motors, fan motors, vibration motors, brush motors and motor applications, etc.
Automotive, appliance, commercial and industrial products: Automotive motors and components, home appliance, commercial and industrial motors and related products.
Machinery: Industrial robots, card readers, test systems, pressing machines and power transmission drives, etc.
Electronic and optical components: Switches, trimmer potentiometers, lens units and camera shutters, etc.
Others: Services, etc.
3. Pursuant to ASC 805 "Business Combinations," previous period amounts have been retrospectively adjusted.
Sales by Geographic Segment
Yen in millions
Year ended March 31 Increase or
2016 2015 decrease
Amount % Amount % Amount %
Japan
¥271,571
23.1
¥268,416
26.1
¥3,155
1.2
U.S.A
197,235
16.7
174,521
17.0
22,714
13.0
Singapore
72,727
6.2
70,956
6.9
1,771
2.5
Thailand
106,998
9.1
90,813
8.8
16,185
17.8
Germany
87,502
7.4
44,756
4.3
42,746
95.5
China
293,353
24.9
235,409
22.9
57,944
24.6
Others 148,904 12.6 143,514 14.0 5,390 3.8 Total ¥1,178,290 100.0 ¥1,028,385 100.0 ¥149,905 14.6
Yen in millions
Three months ended March 31 Increase or
2016 2015
decrease
Amount
%
Amount
%
Amount
%
Japan
¥66,361
23.5
¥66,833
24.3
¥(472)
(0.7)
U.S.A
49,649
17.5
48,656
17.7
993
2.0
Singapore
14,673
5.2
19,560
7.1
(4,887)
(25.0)
Thailand
26,849
9.5
26,484
9.6
365
1.4
Germany
23,017
8.1
14,143
5.2
8,874
62.7
China
62,951
22.3
62,770
22.9
181
0.3
Others 39,437 13.9 36,173 13.2 3,264 9.0 Total ¥282,937 100.0 ¥274,619 100.0 ¥8,318 3.0
Notes:
The sales are classified by domicile of the seller, and the figures exclude intra-segment transactions.
From the three months ended March 31, 2016, the sales by the Germany segment are separated from the Others segment as an individual segment whilst the sales by the Philippines segment are combined into the Others segment. Accordingly, previous period amounts have been reclassified.
Sales by Region
Yen in millions
Year ended March 31 Increase or
2016 2015 decrease
Amount % Amount % Amount %
North America Asia
¥230,698 19.6 ¥197,559 19.2 ¥33,139 16.8
600,840 51.0 528,176 51.4 72,664 13.8
Europe
152,412 12.9 108,186 10.5 44,226 40.9
Others
14,452 1.2 10,775 1.0 3,677 34.1
Overseas sales total
998,402 84.7 844,696 82.1 153,706 18.2
Japan
179,888 15.3 183,689 17.9 (3,801) (2.1)
Consolidated total
¥1,178,290 100.0 ¥1,028,385 100.0 ¥149,905 14.6
Yen in millions
Three months ended March 31 Increase or
2016 2015
decrease
Amount % Amount % Amount %
North America ¥59,678 21.1 ¥55,849 20.3 ¥3,829 6.9
Asia 135,611 47.9 140,019 51.0 (4,408) (3.1)
Europe 39,974 14.1 31,614 11.5 8,360 26.4
Others 4,735 1.7 2,642 1.0 2,093 79.2 Overseas sales total 239,998 84.8 230,124 83.8 9,874 4.3
Japan 42,939 15.2 44,495 16.2 (1,556) (3.5)
Consolidated total ¥282,937 100.0 ¥274,619 100.0 ¥8,318 3.0
Note:
The sales are classified by domicile of the buyer, and the figures exclude intra-segment transactions.
Other information
Summary of Consolidated Financial Performance
Yen in millions
(except for per share amounts)
Year ended March 31 Increase
or
Three months ended
March 31
Increase or
2016 2015
decrease
2016 2015
decrease
Net sales ¥1,178,290 ¥1,028,385 14.6% ¥282,937 ¥274,619 3.0% Operating income 124,538 110,938 12.3% 30,548 30,212 1.1%
Ratio of operating income to net sales 10.6% 10.8% 10.8% 11.0%
Income before income taxes 119,328 107,092 11.4% 24,971 25,783 (3.1%)
Ratio of income before income taxes to net sales 10.1% 10.4% 8.8% 9.4%
Net income attributable to Nidec Corporation 91,810 76,015 20.8% 20,882 17,984 16.1%
Ratio of net income attributable to Nidec Corporation
to net sales 7.8% 7.4% 7.4% 6.5%
Net income attributable to Nidec Corporation per
share-basic ¥309.32 ¥271.61 ¥70.41 ¥62.54 Net income attributable to Nidec Corporation per
share-diluted ¥308.19 ¥256.05 ¥70.41 ¥59.78
Total assets ¥1,384,472 ¥1,357,340
Nidec Corporation shareholders' equity 764,221 744,972 Nidec Corporation shareholders' equity to total assets 55.2% 54.9% Nidec Corporation shareholders' equity per share ¥2,576.59 ¥2,533.07
¥147,610 ¥91,875
(95,315) (81,230)
7,775 (19,508)
¥305,942 ¥269,902
Net cash provided by operating activities Net cash used in investing activities
Net cash provided by (used in) financing activities Cash and cash equivalents at end of year
Notes:
Some items colored in the above table are omitted, because we also omit them in the report in Japanese language.
Pursuant to ASC 805 "Business Combinations," previous period amounts have been retrospectively adjusted.
Scope of Consolidation and Application of the Equity Method
Number of consolidated subsidiaries: 225
Number of affiliated companies accounted for under the equity method: 4
Change in Scope of Consolidation and Application of Equity Method
Change from
March 31, 2015
Number of companies newly consolidated:
11
Number of companies excluded from consolidation:
18
Number of companies newly accounted for by the equity method:
1
Number of companies excluded from accounting by the equity method:
2
Yen in millions
(except for per share amounts) March 31, 2016 March 31, 2015
Total assets ¥702,471 ¥690,302
Net assets 348,457 347,531
Net assets to total assets 49.6% 50.3%
Net assets per share ¥1,174.83 ¥1,181.64
Note:
Shareholders' equity:
¥348,457 million for the year ended March 31, 2016
¥347,531 million for the year ended March 31, 2015
Pursuant to ASC 805 "Business Combinations," consolidated financial statements for the year ended March 31, 2015 have been retrospectively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisitions of Gerate- and Pumpenbau GmbH Dr. EugenSchmidt (Currently Nidec GPM GmbH) in the fiscal year ended March 31, 2015. During the three months ended September 30, 2015, we completed our valuation of such assets and liabilities of Nidec GPM GmbH.
Investor presentation materials relating to our financial results for the fiscal year ended March 31, 2016 are expected to be published on our corporate website on April 26, 2016.
1. Operating and Financial Review and ProspectsNot applicable.
Scope of Consolidation and Application of the Equity Method
Nidec Corporation issued this content on 25 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 April 2016 07:10:19 UTC
Original Document: http://www.nidec.com/en-Global/corporate/news/2016/news0425-01/