UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of January 2016.
Commission File Number: 333-13896
NIDEC CORPORATION
(Translation of registrants name into English)
338 KuzeTonoshiro-Cho,
Minami-Ku,Kyoto 601-8205 Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _
EXHIBITS
Exhibit Number
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 21, 2016 | ||||
NIDEC CORPORATION | ||||
By: /S/ Masahiro Nagayasu | ||||
General Manager, Investor Relations |
2
NEWS RELEASE
NIDEC CORPORATION
FOR IMMEDIATE RELEASE
Contact: | |
Masahiro Nagayasu | |
General Manager | |
Investor Relations | |
+81-75-935-6140 | |
ir@nidec.com |
UNAUDITED INTERIM FINANCIAL STATEMENTS (U.S. GAAP)
(English Translation)
RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2015
FROM APRIL 1, 2015 TO DECEMBER 31, 2015
CONSOLIDATED
Released on January 21, 2016
NIDEC CORPORATION
Stock Listings: Tokyo Stock Exchange, New York Stock Exchange
Head Office: Kyoto, Japan
Date of Filing of Japanese Quarterly Securities Report (Plan): February 12, 2016
1. Selected Consolidated Financial Performance Information for the Nine Months Ended
December 31, 2015 (U.S. GAAP) (unaudited)
(1) Consolidated Results of Operations
Yen in millions (except for per share amounts) | ||
Nine months ended December 31 | ||
2015 | 2014 | |
Net sales | ¥895,353 | ¥753,766 |
Ratio of change from the same period of previous fiscal year | 18.8% | 16.6% |
Operating income | 93,990 | 80,727 |
Ratio of change from the same period of previous fiscal year | 16.4% | 30.5% |
Income before income taxes | 94,357 | 81,309 |
Ratio of change from the same period of previous fiscal year | 16.0% | 30.0% |
Net income attributable to Nidec Corporation | 70,928 | 58,031 |
Ratio of change from the same period of previous fiscal year | 22.2% | 34.8% |
Net income attributable to Nidec Corporation per share-basic | ¥238.91 | ¥209.27 |
Net income attributable to Nidec Corporation per share-diluted | ¥238.90 | ¥196.36 |
Note:
Comprehensive income attributable to Nidec Corporation:
¥54,507 million of comprehensive income attributable to Nidec Corporation for the nine months ended December 31, 2015 (62.6 % decrease compared to the nine months ended December 31, 2014)
¥145,612 million of comprehensive income attributable to Nidec Corporation for the nine months ended December 31, 2014 (43.7% increase compared to the nine months ended December 31, 2013)
(2) Consolidated Financial Position
Yen in millions (except for per share amounts) | ||
December 31, 2015 | March 31, 2015 | |
Total assets | ¥1,459,973 | ¥1,357,340 |
Total equity | 805,733 | 753,099 |
Nidec Corporation shareholders equity | 797,139 | 744,972 |
Nidec Corporation shareholders equity to total assets | 54.6% | 54.9% |
Nidec Corporation shareholders equity per share | ¥2,673.79 | ¥2,533.07 |
2. Dividends (unaudited)
Yen | ||
Year ending March 31, 2016 (target) | Year ended March 31, 2015 (actual) | |
Interim dividend per share | ¥40.00 | ¥30.00 |
Year-end dividend per share | 40.00 | 40.00 |
Annual dividend per share | ¥80.00 | ¥70.00 |
Note:
Revision of previously announced dividend targets during this reporting period: None
3. Forecast of Consolidated Financial Performance (for the fiscal year ending March 31, 2016)
Yen in millions (except for per share amounts) | Inc./Dec. ratio of change from the previous fiscal year | |
Net sales | ¥1,150,000 | 11.8% |
Operating income | 130,000 | 17.2% |
Income before income taxes | 126,000 | 17.7% |
Net income attributable to Nidec Corporation | 90,000 | 18.4% |
Net income attributable to Nidec Corporation per share-basic | ¥302.84 |
Note:
Revision of the previously announced financial performance forecast during this reporting period: None
4. Others
(1) Changes in significant subsidiaries (changes in specified subsidiaries (tokutei kogaisha) accompanying changes in the scope of consolidation) during this period: None
(2) Adoption of simplified accounting methods and accounting methods used specifically for quarterly consolidated financial statements: Yes (See 2. Others on page 16 for detailed information.)
(3) Changes in accounting policies:
1. Changes due to revisions to accounting standards: Yes (See 2. Others on page 16 for detailed information.)
2. Changes due to other reasons: None
(4) Number of shares issued (common stock)
1. Number of shares issued at the end of each period (including treasury stock):
298,142,234 shares at December 31, 2015
294,108,416 shares at March 31, 2015
2. Number of treasury stock at the end of each period:
10,881 shares at December 31, 2015
9,636 shares at March 31, 2015
3. Weighted-average number of shares issued at the beginning and end of each period:
296,876,935 shares for the nine months ended December 31, 2015
277,303,869 shares for the nine months ended December 31, 2014
Note:
Pursuant to ASC 805 Business Combinations, previous years consolidated financial statements have been retrospectively adjusted to reflect the valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisitions of Geräte- und Pumpenbau GmbH Dr. Eugen Schmidt (Currently, Nidec GPM GmbH) in the fiscal year ended March 31, 2015. Nidec completed its valuation of such assets and liabilities of Nidec GPM GmbH during the three months ended September 30, 2015.
Investor presentation materials relating to our financial results for the nine months ended December 31, 2015 are expected to be published on our corporate website on January 21, 2016.
1. Operating and Financial Review and Prospects
(1) Analysis of Operating Results
1. Overview of Business Environment for Nine months Ended December 31, 2015
Regarding the global economy during the nine months ended December 31, 2015, factors such as the economic slowdown and stock market decline in China and increased geopolitical risks related to Europe and the Middle East led to an increase in uncertainty. While the United States, which recently raised short-term interest rates, continued its steady economic growth, uncertainty existed with respect to aspects of the Japanese and European 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 nine months ended December 31, 2015 the highest nine-month consolidated net sales and operating income in our history.
We also achieved increases in consolidated net sales for the eighth consecutive quarter, and in consolidated operating income for the eleventh consecutive quarter, and continued to achieve the highest quarterly consolidated net sales and operating income in our history.
2. Consolidated Operating Results
Consolidated Operating Results for the Nine Months Ended December 31, 2015 (this nine-month period), Compared to the Nine Months Ended December 31, 2014 (the same period of the prior year)
Yen in millions | ||||
Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or decrease | Increase or decrease ratio | |
Net sales | 895,353 | 753,766 | 141,587 | 18.8% |
Operating income | 93,990 | 80,727 | 13,263 | 16.4% |
Operating income ratio | 10.5% | 10.7% | - | - |
Income before income taxes | 94,357 | 81,309 | 13,048 | 16.0% |
Net income attributable to Nidec Corporation | 70,928 | 58,031 | 12,897 | 22.2% |
Consolidated net sales increased 18.8% to ¥895,353 million for this nine-month period compared to the same period of the prior year, recording the highest net sales for any nine-month period in our history. Operating income increased 16.4% to ¥93,990 million for this nine-month period compared to the same period of the prior year, recording the highest operating income for any nine-month period in our history. In all of our five product categories, operating income increased compared to the same period of the prior year. The average exchange rate between the Japanese yen and the U.S. dollar for this nine-month period was ¥121.70 to the U.S. dollar, which reflected a depreciation of the Japanese yen against the U.S. dollar of approximately 14% compared to the same period of the prior year. The average exchange rate between the Japanese yen and the Euro for this nine-month period was ¥134.36 to the Euro, which reflected an appreciation of the Japanese yen against the Euro of approximately 4% compared to the same period of the prior year. The fluctuations of the foreign currency exchange rates had a positive effect on our net sales of approximately ¥73,400 million and our operating income of approximately ¥11,300 million for this nine-month period compared to the same period of the prior year.
Income before income taxes increased 16.0% to ¥94,357 million for this nine-month period compared to the same period of the prior year, and net income attributable to Nidec Corporation increased 22.2% to ¥70,928 million for this nine-month period compared to the same period of the prior year, recording the highest income before income taxes and net income attributable to Nidec Corporation for any nine-month period in our history.
Operating Results by Product Category for This Nine-Month Period Compared to the Same Period of the Prior Year
Small precision motors-
Yen in millions | |||||
Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or | Increase or decrease ratio | ||
Net sales of small precision motors | 352,077 | 295,083 | 56,994 | 19.3% | |
Hard disk drives spindle motors | 162,454 | 148,737 | 13,717 | 9.2% | |
Other small precision motors | 189,623 | 146,346 | 43,277 | 29.6% | |
Operating income of small precision motors | 54,909 | 47,367 | 7,542 | 15.9% | |
Operating income ratio | 15.6% | 16.1% | - | - |
Net sales of small precision motors increased 19.3% to ¥352,077 million for this nine-month period compared to the same period of the prior 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 ¥39,400 million for this nine-month period compared to the same period of the prior year.
Net sales of spindle motors for HDDs for this nine-month period increased 9.2% to ¥162,454 million compared to the same period of the prior year, although the number of units sold of spindle motors for HDDs decreased approximately 7% compared to the same period of the prior year.
Net sales of other small precision motors for this nine-month period increased 29.6% to ¥189,623 million compared to the same period of the prior year. This increase was mainly due to increases in sales of fan motors and other small motors.
Operating income of small precision motors increased 15.9% to ¥54,909 million for this nine-month period compared to the same period of the prior year. The fluctuations of the foreign currency exchange rates had a positive effect on operating income of small precision motors of approximately ¥11,500 million for this nine-month period compared to the same period of the prior year.
Automotive, appliance, commercial and industrial products-
Yen in millions | ||||||
| Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or decrease | Increase or decrease ratio | ||
Net sales of automotive, appliance, commercial and industrial products | 411,031 | 333,270 | 77,761 | 23.3% | ||
Appliance, commercial and industrial products | 208,082 | 191,144 | 16,938 | 8.9% | ||
Automotive products | 202,949 | 142,126 | 60,823 | 42.8% | ||
Operating income of automotive, appliance, commercial and industrial products | 32,643 | 26,487 | 6,156 | 23.2% | ||
Operating income ratio | 7.9% | 7.9% | - | - |
Net sales of automotive, appliance, commercial and industrial products increased 23.3% to ¥411,031 million for this nine-month period compared to the same period of the prior year. The fluctuations of the foreign currency exchange rates had a positive effect on our net sales of automotive, appliance, commercial and industrial products of approximately ¥25,100 million for this nine-month period compared to the same period of the prior year.
Net sales of appliance, commercial and industrial products for this nine-month period increased 8.9% compared to the same period of the prior 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 nine-month period increased 42.8% compared to the same period of the prior 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 23.2% to ¥32,643 million for this nine-month period compared to the same period of the prior year. This increase was mainly due to sales growth and cost improvement.
Machinery-
Yen in millions | ||||
Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or decrease | Increase or decrease ratio | |
Net sales of machinery | 79,138 | 71,133 | 8,005 | 11.3% |
Operating income of machinery | 11,953 | 11,493 | 460 | 4.0% |
Operating income ratio | 15.1% | 16.2% | - | - |
Net sales of machinery increased 11.3% to ¥79,138 million for this nine-month period compared to the same period of the prior year mainly due to increases in sales of LCD panel handling robots at Nidec Sankyo Corporation.
Operating income of machinery increased 4.0% to ¥11,953 million for this nine-month period compared to the same period of the prior year mainly due to the sales increase.
Electronic and optical components-
Yen in millions | ||||
Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or decrease | Increase or decrease ratio | |
Net sales of electronic and optical components | 49,264 | 49,204 | 60 | 0.1% |
Operating income of electronic and optical components | 5,412 | 3,634 | 1,778 | 48.9% |
Operating income ratio | 11.0% | 7.4% | - | - |
Net sales of electronic and optical components increased 0.1% to ¥49,264 million for this nine-month period compared to the same period of the prior year.
Operating income of electronic and optical components increased 48.9% to ¥5,412 million for this nine-month period mainly as a result of our efforts on cost and manufacturing efficiency improvements, as well as fixed costs reduction.
Other products-
Yen in millions | ||||
Nine Months ended December 31, 2015 | Nine Months ended December 31, 2014 | Increase or decrease | Increase or decrease ratio | |
Net sales of other products | 3,843 | 5,076 | (1,233) | (24.3)% |
Operating income of other products | 692 | 534 | 158 | 29.6% |
Operating income ratio | 18.0% | 10.5% | - | - |
Net sales of other products decreased 24.3% to ¥3,843 million, and operating income of other products increased 29.6% to ¥692 million, for this nine-month period compared to the same period of the previous year.
Consolidated Operating Results for the Three Months Ended December 31, 2015 (this 3Q), Compared to the Three Months Ended September 30, 2015 (this 2Q)
Yen in millions | ||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | |
Net sales | 308,001 | 302,311 | 5,690 | 1.9% |
Operating income | 32,160 | 31,093 | 1,067 | 3.4% |
Operating income ratio | 10.4% | 10.3% | - | - |
Income before income taxes | 30,968 | 31,042 | (74) | (0.2)% |
Net income attributable to Nidec Corporation | 23,320 | 23,818 | (498) | (2.1)% |
Note: Pursuant to ASC 805 Business Combinations, previous period amounts have been retrospectively adjusted.
Consolidated net sales increased 1.9% to ¥308,001 million for this 3Q compared to this 2Q, recording the highest three-month net sales in our history for the eighth consecutive quarter. Operating income increased for the eleventh consecutive quarter to ¥32,160 million for this 3Q, up by 3.4% compared to this 2Q, recording the highest three-month operating income in our history for the fifth consecutive quarter. The average exchange rate between the Japanese yen and the U.S. dollar for this 3Q was ¥121.50 to the U.S. dollar, which reflected an appreciation of the Japanese yen against the U.S. dollar of approximately 1% compared to this 2Q. The average exchange rate between the Japanese yen and the Euro for this 3Q was ¥132.95 to the Euro, which reflected an appreciation of the Japanese yen against the Euro of approximately 2% compared to this 2Q. The fluctuations of the foreign currency exchange rates had a negative effect on our net sales of approximately ¥2,600 million as well as on our operating income of approximately ¥300 million for this 3Q compared to this 2Q.
Income before income taxes decreased 0.2% to ¥30,968 million for this 3Q compared to this 2Q. Net income attributable to Nidec Corporation decreased 2.1% to ¥23,320 million for this 3Q compared to this 2Q.
Operating Results by Product Category for This 3Q Compared to This 2Q
Small precision motors-
Yen in millions | |||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | ||
Net sales of small precision motors | 129,564 | 118,455 | 11,109 | 9.4% | |
Hard disk drives spindle motors | 55,648 | 56,866 | (1,218) | (2.1)% | |
Other small precision motors | 73,916 | 61,589 | 12,327 | 20.0% | |
Operating income of small precision motors | 19,127 | 18,094 | 1,033 | 5.7% | |
Operating income ratio | 14.8% | 15.3% | - | - |
Net sales of small precision motors increased 9.4% to ¥129,564 million for this 3Q compared to this 2Q. The fluctuations of the foreign currency exchange rates had a negative impact of approximately ¥600 million on the net sales of small precision motors for this 3Q compared to this 2Q.
Net sales of spindle motors for HDDs for this 3Q decreased 2.1% to ¥55,648 million, compared to this 2Q. The number of units sold of spindle motors for HDDs for this 3Q decreased approximately 4% compared to this 2Q.
Net sales of other small precision motors for this 3Q increased 20.0% to ¥73,916 million compared to this 2Q. This increase was mainly due to an increase in sales of other small motors.
Operating income of small precision motors increased 5.7% to ¥19,127 million for this 3Q compared to this 2Q. The fluctuations of the foreign currency exchange rates had a negative effect on operating income of small precision motors of ¥100 million for this 3Q compared to this 2Q.
Automotive, appliance, commercial and industrial products-
Yen in millions | |||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | ||
Net sales of automotive, appliance, commercial and industrial products | 134,846 | 138,868 | (4,022) | (2.9)% | |
Appliance, commercial and industrial products | 68,053 | 68,729 | (676) | (1.0)% | |
Automotive products | 66,793 | 70,139 | (3,346) | (4.8)% | |
Operating income of automotive, appliance, commercial and industrial products | 11,258 | 10,629 | 629 | 5.9% | |
Operating income ratio | 8.3% | 7.7% | - | - |
Net sales of automotive, appliance, commercial and industrial products decreased 2.9% to ¥134,846 million for this 3Q compared to this 2Q.
Net sales of appliance, commercial and industrial products for this 3Q decreased 1.0% compared to this 2Q. This decrease was mainly due to seasonality effects.
Net sales of automotive products for this 3Q decreased 4.8% compared to this 2Q. This decrease was mainly due to seasonality effects and the negative effect of the foreign currency exchange rate fluctuations.
Operating income of automotive, appliance, commercial and industrial products increased 5.9% to ¥11,258 million for this 3Q compared to this 2Q mainly due to cost improvements on production activities.
Machinery-
Yen in millions | ||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | |
Net sales of machinery | 25,556 | 26,930 | (1,374) | (5.1)% |
Operating income of machinery | 3,783 | 4,111 | (328) | (8.0)% |
Operating income ratio | 14.8% | 15.3% | - | - |
Mainly due to the general decline of the capital spending in China market, net sales of machinery decreased 5.1% to ¥25,556 million for this 3Q compared to this 2Q.
Operating income of machinery decreased 8.0% to ¥3,783 million for this 3Q compared to this 2Q mainly due to the decrease in sales.
Electronic and optical components-
Yen in millions | ||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | |
Net sales of electronic and optical components | 16,736 | 16,705 | 31 | 0.2% |
Operating income of electronic and optical components | 1,795 | 2,005 | (210) | (10.5)% |
Operating income ratio | 10.7% | 12.0% | - | - |
Net sales of electronic and optical components increased 0.2% to ¥16,736 million for this 3Q compared to this 2Q.
Operating income of electronic and optical components decreased 10.5% to ¥1,795 million for this 3Q compared to this 2Q.
Other products-
Yen in millions | ||||
Three months ended December 31, 2015 | Three months ended September 30, 2015 | Increase or decrease | Increase or decrease ratio | |
Net sales of other products | 1,299 | 1,353 | (54) | (4.0)% |
Operating income of other products | 212 | 284 | (72) | (25.4)% |
Operating income ratio | 16.3% | 21.0% | - | - |
Net sales of other products decreased 4.0% to ¥1,299 million, and operating income of other products decreased 25.4% to ¥212 million, for this 3Q compared to this 2Q.
(2) Financial Position
As of December 31, 2015 | As of March 31, 2015 | Increase or decrease | |||
Total assets (million) | ¥1,459,973 | ¥1,357,340 | ¥102,633 | ||
Total liabilities (million) | 654,240 | 604,241 | 49,999 | ||
Nidec Corporation shareholders equity (million) | 797,139 | 744,972 | 52,167 | ||
Interest-bearing debt (million) *1 | 313,760 | 282,498 | 31,262 | ||
Net interest-bearing debt (million) *2 | (11,171) | 12,596 | (23,767) | ||
Debt ratio (%) *3 | 21.5 | 20.8 | 0.7 | ||
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 (%) | 54.6 | 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 ¥102,600 million to ¥1,459,973 million as of December 31, 2015 compared to March 31, 2015. This increase was mainly due to an increase of approximately ¥55,000 million in cash and cash equivalents, an increase of approximately ¥16,700 million in property, plant and equipment and an increase of approximately ¥15,500 million in inventories.
Total liabilities increased approximately ¥50,000 million to ¥654,240 million as of December 31, 2015 compared to March 31, 2015. This increase was mainly due to an increase of approximately ¥31,300 million in interest-bearing debt. Specifically, our short-term borrowings increased approximately ¥69,500 million to approximately ¥121,900 million as of December 31, 2015 compared to March 31, 2015, our current portion of long-term debt increased approximately ¥7,000 million to approximately ¥52,500 million as of December 31, 2015 compared to March 31, 2015, and our long-term debt decreased approximately ¥45,300 million to approximately ¥139,300 million as of December 31, 2015 compared to March 31, 2015.
As a result, our net interest-bearing debt decreased approximately ¥23,800 million to approximately negative ¥11,200 million as of December 31, 2015 compared to March 31, 2015. Our debt ratio increased to 21.5% as of December 31, 2015 from 20.8% as of March 31, 2015. Our D/E ratio increased to 0.39 as of December 31, 2015 from 0.38 as of March 31, 2015. Our net D/E ratio decreased to negative 0.01 as of December 31, 2015 from 0.02 as of March 31, 2015.
Nidec Corporation shareholders equity increased approximately ¥52,200 million to ¥797,139 million as of December 31, 2015 compared to March 31, 2015. Nidec Corporation shareholders equity to total assets decreased to 54.6% as of December 31, 2015 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 ¥47,200 million as of December 31, 2015 compared to March 31, 2015.
Note: Pursuant to ASC 805 Business Combinations, previous period amounts have been retrospectively adjusted.
Overview of Cash Flow-
(Yen in millions) | ||||
For the nine months ended December 31 | Increase or decrease | |||
2015 | 2014 | |||
Net cash provided by operating activities | ¥113,438 | ¥56,082 | ¥57,356 | |
Net cash used in investing activities | (79,291) | (40,334) | (38,957) | |
Free cash flow *1 | 34,147 | 15,748 | 18,399 | |
Net cash provided by (used in) financing activities | ¥27,773 | ¥(11,510) | ¥39,283 | |
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 nine months ended December 31, 2015 (this nine-month period) were a net cash inflow of ¥113,438 million. Compared to the nine months ended December 31, 2014 (the same period of the previous year), our cash inflow from operating activities for this nine-month period increased approximately ¥57,400 million. This increase was mainly due to a decrease of approximately ¥26,600 million in operating assets and an increase of approximately ¥12,000 million in consolidated net income.
Cash flows from investing activities for this nine-month period were a net cash outflow of ¥79,291 million. Compared to the same period of the previous year, our net cash outflow from investing activities for this nine-month period increased approximately ¥39,000 million mainly due to an increase in additional purchases of property, plant and equipment of approximately ¥25,800 million and an increase in acquisitions of businesses, net of cash acquired of approximately ¥9,700 million.
As a result, we had a positive free cash flow of ¥34,147 million for this nine-month period compared to ¥15,748 million for the same period of the previous year.
Cash flows from financing activities for this nine-month period were a net cash inflow of ¥27,773 million. Compared to the same period of the previous year, our net cash inflow from financing activities for this nine-month period increased approximately ¥39,300 million. This increase was mainly due to an increase of net changes in short-term borrowings of approximately ¥35,000 million, an increase in proceeds from issuance of long-term debt of approximately ¥6,500 million and a decrease of repayment of long-term debt of approximately ¥5,000 million, which was partially offset by an increase in dividends paid to shareholders of Nidec Corporation of approximately ¥7,800 million.
As a result of the foregoing and the impact of foreign exchange fluctuations, the balance of cash and cash equivalents as of December 31, 2015 was ¥324,931 million, an increase of approximately ¥55,000 million from March 31, 2015.
(3) Business Forecasts for the Fiscal Year ending March 31, 2016
Regarding the global economy during the nine months ended December 31, 2015, while there was a sense of anticipation for continued strength in the U.S. economy, the uncertain effects of future monetary policy on U.S. and emerging market economies, the slowdown in China as well as geopolitical risks related to Europe and the Middle East and sharp declines in global equity markets to start the calendar year suggest that optimism is unwarranted.
Under such a business environment, we have decided to keep unchanged our business performance forecast for the fiscal year ending March 31, 2016 that we announced on April 22, 2015, as set forth below.
Forecast of consolidated results for the fiscal year ending March 31, 2016
Net sales | ¥1,150,000 million | (Up 11.8% from the previous fiscal year) |
Operating income | ¥130,000 million | (Up 17.2% from the previous fiscal year) |
Income before income taxes | ¥126,000 million | (Up 17.7% from the previous fiscal year) |
Net income attributable to Nidec Corporation | ¥90,000 million | (Up 18.4% from the previous fiscal year) |
Notes:
1. The exchange rates used for the preparation of the foregoing forecasts are US$1 = ¥115 and €1 = ¥125. 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. Pursuant to ASC 805 “Business Combinations,” the growth rates are calculated based on retrospectively adjusted previous period amounts.
2. Others
(1) Changes in significant subsidiaries during this period
None.
(2) Adoption of simplified accounting methods and accounting methods used specifically for quarterly consolidated financial statements
(Accounting method relating to corporate income taxes)
Corporate income taxes are recognized for the quarterly reporting period based on a worldwide estimated annual effective tax rate.
(3) Changes in accounting method in this period
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 entitys 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 NIDECs consolidated financial position, results of operations or liquidity.
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 Groups 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 Groups ability to expand its business portfolio into new business areas in the highly competitive automotive, appliance, commercial and industrial product markets, (iii) the Nidec Groups 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 Groups ability to acquire and successfully integrate companies with complementary technologies, product lines and marketing and sales networks, (vii) the Nidec Groups 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 Groups 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.
3. Consolidated Financial Statements (U.S. GAAP) (unaudited)
(1) Consolidated Balance Sheets
Assets
Yen in millions | |||||
December 31, 2015 | March 31, 2015 | Increase or decrease | |||
Amount | % | Amount | % | Amount | |
Current assets: | |||||
Cash and cash equivalents | ¥324,931 | ¥269,902 | ¥55,029 | ||
Trade notes receivable | 21,827 | 15,221 | 6,606 | ||
Trade accounts receivable | 230,017 | 222,396 | 7,621 | ||
Inventories: | |||||
Finished goods | 86,465 | 75,398 | 11,067 | ||
Raw materials | 55,199 | 51,182 | 4,017 | ||
Work in process | 40,208 | 39,187 | 1,021 | ||
Supplies and other | 4,488 | 5,107 | (619) | ||
Other current assets | 51,972 | 50,622 | 1,350 | ||
Total current assets | 815,107 | 55.9 | 729,015 | 53.7 | 86,092 |
Investments and advances: | |||||
Marketable securities and other securities investments | 18,727 | 21,516 | (2,789) | ||
Investments in and advances to affiliated companies | 1,937 | 2,167 | (230) | ||
Total investments and advances | 20,664 | 1.4 | 23,683 | 1.8 | (3,019) |
Property, plant and equipment: | |||||
Land | 47,903 | 47,427 | 476 | ||
Buildings | 194,286 | 189,742 | 4,544 | ||
Machinery and equipment | 464,419 | 430,019 | 34,400 | ||
Construction in progress | 34,154 | 33,831 | 323 | ||
Sub-total | 740,762 | 50.8 | 701,019 | 51.6 | 39,743 |
Less - Accumulated depreciation | (381,940) | (26.2) | (358,897) | (26.4) | (23,043) |
Total property, plant and equipment | 358,822 | 24.6 | 342,122 | 25.2 | 16,700 |
Goodwill | 168,483 | 11.5 | 162,959 | 12.0 | 5,524 |
Other non-current assets | 96,897 | 6.6 | 99,561 | 7.3 | (2,664) |
Total assets | ¥1,459,973 | 100.0 | ¥1,357,340 | 100.0 | ¥102,633 |
Liabilities and Equity
Yen in millions | |||||
December 31, 2015 | March 31, 2015 | Increase or decrease | |||
Amount | % | Amount | % | Amount | |
Current liabilities: | |||||
Short-term borrowings | ¥121,937 | ¥52,401 | ¥69,536 | ||
Current portion of long-term debt | 52,495 | 45,485 | 7,010 | ||
Trade notes and accounts payable | 203,190 | 194,998 | 8,192 | ||
Accrued expenses | 32,652 | 33,375 | (723) | ||
Other current liabilities | 46,149 | 36,689 | 9,460 | ||
Total current liabilities | 456,423 | 31.3 | 362,948 | 26.7 | 93,475 |
Long-term liabilities: | |||||
Long-term debt | 139,328 | 184,612 | (45,284) | ||
Accrued pension and severance costs | 19,151 |
| 19,576 |
| (425) |
Other long-term liabilities | 39,338 | 37,105 | 2,233 | ||
Total long-term liabilities | 197,817 | 13.5 | 241,293 | 17.8 | (43,476) |
Total liabilities | 654,240 | 44.8 | 604,241 | 44.5 | 49,999 |
Equity: | |||||
Common stock | 87,784 | 6.0 | 77,071 | 5.7 | 10,713 |
Additional paid-in capital | 116,108 | 8.0 | 105,459 | 7.8 | 10,649 |
Retained earnings | 474,879 | 32.5 | 427,641 | 31.5 | 47,238 |
Accumulated other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 117,311 | 131,332 | (14,021) | ||
Net unrealized gains and losses on securities | 5,538 | 7,412 | (1,874) | ||
Net gains and losses on derivative instruments | (1,651) | (1,072) | (579) | ||
Pension liability adjustments | (2,791) | (2,844) | 53 | ||
Total accumulated other comprehensive income (loss) | 118,407 | 8.1 | 134,828 | 9.9 | (16,421) |
Treasury stock, at cost | (39) | (0.0) | (27) | (0.0) | (12) |
Total Nidec Corporation shareholders equity | 797,139 | 54.6 | 744,972 | 54.9 | 52,167 |
Noncontrolling interests | 8,594 | 0.6 | 8,127 | 0.6 | 467 |
Total equity | 805,733 | 55.2 | 753,099 | 55.5 | 52,634 |
Total liabilities and equity | 1,459,973 | 100.0 | ¥1,357,340 | 100.0 | 102,633 |
(2) Condensed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Result for the nine months ended December 31
Consolidated Statements of Income
Yen in millions | ||||||||
Nine months ended December 31 | Increase or decrease | Year ended March 31, 2015 | ||||||
2015 | 2014 | |||||||
Amount | % | Amount | % | Amount | % | Amount | % | |
Net sales | ¥895,353 | 100.0 | ¥753,766 | 100.0 | ¥141,587 | 18.8 | ¥1,028,385 | 100.0 |
Cost of products sold | 690,915 | 77.2 | 575,745 | 76.4 | 115,170 | 20.0 | 786,486 | 76.5 |
Selling, general and administrative expenses | 70,741 | 7.9 | 63,705 | 8.4 | 7,036 | 11.0 | 85,781 | 8.3 |
Research and development expenses | 39,707 | 4.4 | 33,589 | 4.5 | 6,118 | 18.2 | 45,179 | 4.4 |
Operating expenses | 801,363 | 89.5 | 673,039 | 89.3 | 128,324 | 19.1 | 917,446 | 89.2 |
Operating income | 93,990 | 10.5 | 80,727 | 10.7 | 13,263 | 16.4 | 110,939 | 10.8 |
Other income (expenses): | ||||||||
Interest and dividend income | 1,303 | 1,673 | (370) | 2,359 | ||||
Interest expenses | (1,164) | (1,067) | (97) | (1,487) | ||||
Foreign exchange gain (loss), net | 2,010 | 2,581 | (571) | 804 | ||||
Gain (loss) from marketable securities, net | 946 | 68 | 878 | 70 | ||||
Other, net | (2,728) | (2,673) | (55) | (5,593) | ||||
Total | 367 | 0.0 | 582 | 0.1 | (215) | (36.9) | (3,847) | (0.4) |
Income before income taxes | 94,357 | 10.5 | 81,309 | 10.8 | 13,048 | 16.0 | 107,092 | 10.4 |
Income taxes | (22,458) | (2.5) | (21,465) | (2.9) | (993) | - | (29,033) | (2.8) |
Equity in net income (loss) of affiliated companies | 4 | 0.0 | 26 | 0.0 | (22) | (84.6) | 29 | 0.0 |
Consolidated net income | 71,903 | 8.0 | 59,870 | 7.9 | 12,033 | 20.1 | 78,088 | 7.6 |
Less: Net (income) loss attributable to noncontrolling interests | (975) | (0.1) | (1,839) | (0.2) | 864 | - | (2,073) | (0.2) |
Net income attributable to Nidec Corporation | ¥70,928 | 7.9 | ¥58,031 | 7.7 | ¥12,897 | 22.2 | ¥76,015 | 7.4 |
Consolidated Statements of Comprehensive Income
Yen in millions | |||||
Nine months ended December 31 | Increase or | Year ended | |||
2015 | 2014 | decrease | March 31, 2015 | ||
Amount | Amount | Amount | % | Amount | |
Consolidated net income | ¥71,903 | ¥59,870 | ¥12,033 | 20.1 | ¥78,088 |
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | (14,426) | 86,931 | (101,357) | - | 77,753 |
Net unrealized gains and losses on securities | (1,874) | 2,435 | (4,309) | - | 3,243 |
Net gains and losses on derivative instruments | (579) | (1,055) | 476 | - | (1,048) |
Pension liability adjustments | 78 | 169 | (91) | (53.8) | (2,534) |
Total other comprehensive income (loss) | (16,801) | 88,480 | (105,281) | - | 77,414 |
Total comprehensive income (loss) | 55,102 | 148,350 | (93,248) | (62.9) | 155,502 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (595) | (2,738) | 2,143 | - | (3,037) |
Comprehensive income (loss) attributable to Nidec Corporation | ¥54,507 | ¥145,612 | ¥(91,105) | (62.6) | ¥152,465 |
Result for the three months ended December 31
Consolidated Statements of Income
Yen in millions | |||||||
Three months ended December 31 | Increase or decrease | ||||||
2015 | 2014 | ||||||
Amount | % | Amount | % | Amount | % | ||
Net sales | ¥308,001 | 100.0 | ¥264,255 | 100.0 | ¥43,746 | 16.6 | |
Cost of products sold | 237,857 | 77.2 | 202,668 | 76.7 | 35,189 | 17.4 | |
Selling, general and administrative expenses | 23,698 | 7.7 | 21,371 | 8.1 | 2,327 | 10.9 | |
Research and development expenses | 14,286 | 4.7 | 11,412 | 4.3 | 2,874 | 25.2 | |
Operating expenses | 275,841 | 89.6 | 235,451 | 89.1 | 40,390 | 17.2 | |
Operating income | 32,160 | 10.4 | 28,804 | 10.9 | 3,356 | 11.7 | |
Other income (expenses): | |||||||
Interest and dividend income | 407 | 553 | (146) | ||||
Interest expenses | (374) | (326) | (48) | ||||
Foreign exchange gain (loss), net | (412) | 2,146 | (2,558) | ||||
Gain (loss) from marketable securities, net | 26 | 62 | (36) | ||||
Other, net | (839) | (1,468) | 629 | ||||
Total | (1,192) | (0.3) | 967 | 0.4 | (2,159) | - | |
Income before income taxes | 30,968 | 10.1 | 29,771 | 11.3 | 1,197 | 4.0 | |
Income taxes | (7,246) | (2.4) | (8,277) | (3.2) | 1,031 | - | |
Equity in net income (loss) of affiliated companies | (1) | (0.0) | 9 | 0.0 | (10) | - | |
Consolidated net income | 23,721 | 7.7 | 21,503 | 8.1 | 2,218 | 10.3 | |
Less: Net (income) loss attributable to noncontrolling interests | (401) | (0.1) | (185) | (0.0) | (216) | - | |
Net income attributable to Nidec Corporation | ¥23,320 | 7.6 | ¥21,318 | 8.1 | ¥2,002 | 9.4 |
Consolidated Statements of Comprehensive Income
Yen in millions | |||||
Three months ended December 31 | Increase or | ||||
2015 | 2014 | decrease | |||
Amount | Amount | Amount | % | ||
Consolidated net income | ¥23,721 | ¥21,503 | ¥2,218 | 10.3 | |
Other comprehensive income (loss), net of tax | |||||
Foreign currency translation adjustments | 115 | 55,470 | (55,355) | (99.8) | |
Net unrealized gains and losses on securities | 510 | 1,071 | (561) | (52.4) | |
Net gains and losses on derivative instruments | 62 | (864) | 926 | - | |
Pension liability adjustments | 101 | 60 | 41 | 68.3 | |
Total other comprehensive income (loss) | 788 | 55,737 | (54,949) | (98.6) | |
Total comprehensive income (loss) | 24,509 | 77,240 | (52,731) | (68.3) | |
Less: Comprehensive (income) loss attributable to noncontrolling interests | (510) | (635) | 125 | - | |
Comprehensive income (loss) attributable to Nidec Corporation | ¥23,999 | ¥76,605 | ¥(52,606) | (68.7) |
(3) Consolidated Statements of Cash Flows
Yen in millions | ||||
Nine months ended December 31 | Increase or decrease | Year ended March 31, 2015 | ||
2015 | 2014 | |||
Consolidated net income | ¥71,903 | ¥59,870 | ¥12,033 | ¥78,088 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 50,496 | 39,295 | 11,201 | 53,404 |
Gain from marketable securities, net | (946) | (68) | (878) | (70) |
Gain from sales, disposal or impairment of property, plant and equipment | (237) | (282) | 45 | (275) |
Deferred income taxes | 4,034 | 6,463 | (2,429) | 6,523 |
Equity in net income of affiliated companies | (4) | (26) | 22 | (29) |
Foreign currency adjustments | 983 | (601) | 1,584 | 1,634 |
Changes in operating assets and liabilities: | ||||
Increase in notes and accounts receivable | (12,710) | (27,153) | 14,443 | (20,109) |
Increase in inventories | (14,276) | (26,394) | 12,118 | (29,565) |
Increase in notes and accounts payable | 10,837 | 11,755 | (918) | 10,054 |
(Decrease) Increase in accrued income taxes | (905) | (1,869) | 964 | 220 |
Other | 4,263 | (4,908) | 9,171 | (8,000) |
Net cash provided by operating activities | 113,438 | 56,082 | 57,356 | 91,875 |
Cash flows from investing activities: | ||||
Additions to property, plant and equipment | (66,856) | (41,076) | (25,780) | (58,042) |
Proceeds from sales of property, plant and equipment | 1,184 | 2,348 | (1,164) | 3,110 |
Purchases of marketable securities | (506) | (5) | (501) | (6) |
Proceeds from sales or redemption of marketable securities | 1,313 | 46 | 1,267 | 68 |
Acquisitions of business, net of cash acquired | (9,711) | - | (9,711) | (27,343) |
Other | (4,715) | (1,647) | (3,068) | 983 |
Net cash used in investing activities | (79,291) | (40,334) | (38,957) | (81,230) |
Cash flows from financing activities: | ||||
Increase in short-term borrowings | 69,182 | 34,180 | 35,002 | 29,592 |
Proceeds from issuance of long-term debt | 6,548 | 76 | 6,472 | 78 |
Repayments of long-term debt | (23,818) | (28,833) | 5,015 | (30,104) |
Purchases of treasury stock | (34) | (93) | 59 | (2,159) |
Payments for additional investments in subsidiaries | (98) | (248) | 150 | (292) |
Dividends paid to shareholders of Nidec Corporation | (23,690) | (15,859) | (7,831) | (15,859) |
Other | (317) | (733) | 416 | (764) |
Net cash provided by (used in) financing activities | 27,773 | (11,510) | 39,283 | (19,508) |
Effect of exchange rate changes on cash and cash equivalents | (6,891) | 36,589 | (43,480) | 31,025 |
Net increase in cash and cash equivalents | 55,029 | 40,827 | 14,202 | 22,162 |
Cash and cash equivalents at beginning of period | 269,902 | 247,740 | 22,162 | 247,740 |
Cash and cash equivalents at end of period | ¥324,931 | ¥288,567 | ¥36,364 | ¥269,902 |
(4) Notes to our consolidated financial statements
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 NIDECs valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of Nidec GPM GmbH (formerly Geräte- und Pumpenbau GmbH Dr. Eugen Schmidt) 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 ending March 31, 2016. Assets and liabilities which are currently under evaluation have been recorded on NIDECs consolidated balance sheet based on preliminary management estimation as of December 31, 2015. 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 NIDECs valuation of fair value. These evaluations do not have material impacts on NIDECs consolidated financial position, results of operations or liquidity.
Subsequent Events
Not applicable.
4. Supplementary Information (Nine months ended December 31, 2015) (unaudited)
(1)
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 each of the three months ended September 30, 2015 and June 30, 2015 have been retrospectively adjusted.
(2) Information by Product Category
Yen in millions | ||||||||||||||||
Nine months ended December 31, 2015 | ||||||||||||||||
Small precision motors | Automotive, appliance, commercial and industrial products | Machinery | Electronic and optical components | Others | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥352,077 | ¥411,031 | ¥79,138 | ¥49,264 | ¥3,843 | ¥895,353 | ¥- | ¥895,353 | ||||||||
Intersegment | 1,896 | 3,879 | 9,815 | 3,697 | 1,399 | 20,686 | (20,686) | - | ||||||||
Total | 353,973 | 414,910 | 88,953 | 52,961 | 5,242 | 916,039 | (20,686) | 895,353 | ||||||||
Operating expenses | 299,064 | 382,267 | 77,000 | 47,549 | 4,550 | 810,430 | (9,067) | 801,363 | ||||||||
Operating income | ¥54,909 | ¥32,643 | ¥11,953 | ¥5,412 | ¥692 | ¥105,609 | ¥(11,619) | ¥93,990 |
Yen in millions | ||||||||||||||||
Nine months ended December 31, 2014 | ||||||||||||||||
Small precision motors | Automotive, appliance, commercial and industrial products | Machinery | Electronic and optical components | Others | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥295,083 | ¥333,270 | ¥71,133 | ¥49,204 | ¥5,076 | ¥753,766 | ¥- | ¥753,766 | ||||||||
Intersegment | 771 | 324 | 5,388 | 415 | 5,413 | 12,311 | (12,311) | - | ||||||||
Total | 295,854 | 333,594 | 76,521 | 49,619 | 10,489 | 766,077 | (12,311) | 753,766 | ||||||||
Operating expenses | 248,487 | 307,107 | 65,028 | 45,985 | 9,955 | 676,562 | (3,523) | 673,039 | ||||||||
Operating income | ¥47,367 | ¥26,487 | ¥11,493 | ¥3,634 | ¥534 | ¥89,515 | ¥(8,788) | ¥80,727 |
Yen in millions | ||||||||||||||||
Three months ended December 31, 2015 | ||||||||||||||||
Small precision motors | Automotive, appliance, commercial and industrial products | Machinery | Electronic and optical components | Others | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥129,564 | ¥134,846 | ¥25,556 | ¥16,736 | ¥1,299 | ¥308,001 | ¥- | ¥308,001 | ||||||||
Intersegment | 640 | 1,501 | 2,739 | 1,183 | 439 | 6,502 | (6,502) | - | ||||||||
Total | 130,204 | 136,347 | 28,295 | 17,919 | 1,738 | 314,503 | (6,502) | 308,001 | ||||||||
Operating expenses | 111,077 | 125,089 | 24,512 | 16,124 | 1,526 | 278,328 | (2,487) | 275,841 | ||||||||
Operating income | ¥19,127 | ¥11,258 | ¥3,783 | ¥1,795 | ¥212 | ¥36,175 | ¥(4,015) | ¥32,160 |
Yen in millions | ||||||||||||||||
Three months ended December 31, 2014 | ||||||||||||||||
Small precision motors | Automotive, appliance, commercial and industrial products | Machinery | Electronic and optical components | Others | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥104,775 | ¥114,892 | ¥26,111 | ¥16,705 | ¥1,772 | ¥264,255 | ¥- | ¥264,255 | ||||||||
Intersegment | 271 | 138 | 2,850 | 194 | 1,918 | 5,371 | (5,371) | - | ||||||||
Total | 105,046 | 115,030 | 28,961 | 16,899 | 3,690 | 269,626 | (5,371) | 264,255 | ||||||||
Operating expenses | 88,332 | 105,767 | 24,094 | 15,620 | 3,458 | 237,271 | (1,820) | 235,451 | ||||||||
Operating income | ¥16,714 | ¥9,263 | ¥4,867 | ¥1,279 | ¥232 | ¥32,355 | ¥(3,551) | ¥28,804 |
Notes:
1. Product categories are classified based on similarities in product type, product attributes, and production and sales methods.
2. Major products of each product category:
(1) Small precision motors: Spindle motors for HDDs, brushless motors, fan motors, vibration motors, brush motors and motor applications, etc.
(2) Automotive, appliance, commercial and industrial products: Automotive motors and components, home appliance, commercial and industrial motors and related products.
(3) Machinery: Industrial robots, card readers, test systems, pressing machines and power transmission drives, etc.
(4) Electronic and optical components: Switches, trimmer potentiometers, lens units and camera shutters, etc.
(5) Others: Services, etc.
3. Pursuant to ASC 805 Business Combinations, previous period amounts have been retrospectively adjusted.
(3) Sales by Geographic Segment
Yen in millions | ||||||
Nine months ended December 31 | Increase or decrease | |||||
2015 | 2014 | |||||
Amount | % | Amount | % | Amount | % | |
Japan | ¥205,210 | 22.9 | ¥201,583 | 26.8 | ¥3,627 | 1.8 |
U.S.A | 147,586 | 16.5 | 125,865 | 16.7 | 21,721 | 17.3 |
Singapore | 58,054 | 6.5 | 51,396 | 6.8 | 6,658 | 13.0 |
Thailand | 80,149 | 9.0 | 64,329 | 8.5 | 15,820 | 24.6 |
Philippines | 19,659 | 2.2 | 21,011 | 2.8 | (1,352) | (6.4) |
China | 230,402 | 25.7 | 172,639 | 22.9 | 57,763 | 33.5 |
Others | 154,293 | 17.2 | 116,943 | 15.5 | 37,350 | 31.9 |
Total | ¥895,353 | 100.0 | ¥753,766 | 100.0 | ¥141,587 | 18.8 |
Yen in millions | ||||||
Three months ended December 31 | Increase or decrease | |||||
2015 | 2014 | |||||
Amount | % | Amount | % | Amount | % | |
Japan | ¥65,141 | 21.1 | ¥67,070 | 25.4 | ¥(1,929) | (2.9) |
U.S.A | 43,940 | 14.3 | 43,359 | 16.4 | 581 | 1.3 |
Singapore | 20,429 | 6.6 | 19,104 | 7.2 | 1,325 | 6.9 |
Thailand | 27,986 | 9.1 | 24,544 | 9.3 | 3,442 | 14.0 |
Philippines | 6,643 | 2.2 | 7,828 | 3.0 | (1,185) | (15.1) |
China | 90,689 | 29.4 | 59,814 | 22.6 | 30,875 | 51.6 |
Others | 53,173 | 17.3 | 42,536 | 16.1 | 10,637 | 25.0 |
Total | ¥308,001 | 100.0 | ¥264,255 | 100.0 | ¥43,746 | 16.6 |
Note: The sales are classified by domicile of the seller, and the figures exclude intra-segment transactions.
(4) Sales by Region
Yen in millions | ||||||
Nine months ended December 31 | Increase or decrease | |||||
2015 | 2014 | |||||
Amount | % | Amount | % | Amount | % | |
North America | ¥171,020 | 19.1 | ¥141,710 | 18.8 | 29,310 | 20.7 |
Asia | 465,229 | 52.0 | 388,157 | 51.5 | 77,072 | 19.9 |
Europe | 112,438 | 12.5 | 76,572 | 10.1 | 35,866 | 46.8 |
Others | 9,717 | 1.1 | 8,133 | 1.1 | 1,584 | 19.5 |
Overseas sales total | 758,404 | 84.7 | 614,572 | 81.5 | 143,832 | 23.4 |
Japan | 136,949 | 15.3 | 139,194 | 18.5 | (2,245) | (1.6) |
Consolidated total | ¥895,353 | 100.0 | ¥753,766 | 100.0 | 141,587 | 18.8 |
Yen in millions | ||||||
Three months ended December 31 | Increase or decrease | |||||
2015 | 2014 | |||||
Amount | % | Amount | % | Amount | % | |
North America | ¥53,294 | 17.3 | ¥48,848 | 18.5 | ¥4,446 | 9.1 |
Asia | 168,179 | 54.6 | 138,744 | 52.5 | 29,435 | 21.2 |
Europe | 38,289 | 12.4 | 26,774 | 10.1 | 11,515 | 43.0 |
Others | 3,650 | 1.2 | 3,450 | 1.3 | 200 | 5.8 |
Overseas sales total | 263,412 | 85.5 | 217,816 | 82.4 | 45,596 | 20.9 |
Japan | 44,589 | 14.5 | 46,439 | 17.6 | (1,850) | (4.0) |
Consolidated total | ¥308,001 | 100.0 | ¥264,255 | 100.0 | ¥43,746 | 16.6 |
Note: The sales are classified by domicile of the buyer, and the figures exclude intra-segment transactions.
5. Other information (unaudited)
(1) Summary of Consolidated Financial Performance
Yen in millions (except for per share amounts) | |||||||
Nine months ended December 31 | Increase or decrease | Three months ended December 31 | Increase or decrease | Year ended March 31, 2015 | |||
2015 | 2014 | 2015 | 2014 | ||||
Net sales | ¥895,353 | ¥753,766 | 18.8% | ¥308,001 | ¥264,255 | 16.6% | |
Operating income | 93,990 | 80,727 | 16.4% | 32,160 | 28,804 | 11.7% | |
Ratio of operating income to net sales | 10.5% | 10.7% | 10.4% | 10.9% | |||
Income before income taxes | 94,357 | 81,309 | 16.0% | 30,968 | 29,771 | 4.0% | |
Ratio of income before income taxes to net sales | 10.5% | 10.8% | 10.1% | 11.3% | |||
Net income attributable to Nidec Corporation | 70,928 | 58,031 | 22.2% | 23,320 | 21,318 | 9.4% | |
Ratio of net income attributable to Nidec Corporation to net sales | 7.9% | 7.7% | 7.6% | 8.1% | |||
Net income attributable to Nidec Corporation per share-basic | ¥238.91 | ¥209.27 | ¥78.22 | ¥76.05 | |||
Net income attributable to Nidec Corporation per share-diluted | ¥238.90 | ¥196.36 | ¥78.22 | ¥71.42 | |||
Total assets | ¥1,459,973 | ¥1,348,832 | ¥1,357,340 | ||||
Nidec Corporation shareholders equity | 797,139 | 666,866 | 744,972 | ||||
Nidec Corporation shareholders equity to total assets | 54.6% | 49.4% | 54.9% | ||||
Nidec Corporation shareholders equity per share | ¥2,673.79 | ¥2,375.99 | ¥2,533.07 | ||||
Net cash provided by operating activities | ¥113,438 | ¥56,082 | ¥91,875 | ||||
Net cash used in investing activities | (79,291) | (40,334) | (81,230) | ||||
Net cash provided by (used in) financing activities | 27,773 | (11,510) | (19,508) | ||||
Cash and cash equivalents at end of period | ¥324,931 | ¥288,567 | ¥269,902 |
Notes:
1. Some items colored in the above table are omitted, because we also omit them in the report in Japanese language.
2. Pursuant to ASC 805 Business Combinations, previous period amounts have been retrospectively adjusted.
(2) Scope of Consolidation and Application of the Equity Method
Number of consolidated subsidiaries: | 237 |
Number of affiliated companies accounted for under the equity method: | 4 |
(3) Change in Scope of Consolidation and Application of the Equity Method
Change from March 31, 2015 | Change from December 31, 2014 | |
Number of companies newly consolidated: | 10 | 14 |
Number of companies excluded from consolidation: | 5 | 7 |
Number of companies newly accounted for by the equity method: | 1 | 1 |
Number of companies excluded from accounting by the equity method: | 2 | 2 |