First Quarter Fiscal 2013 Results

Transcription

1 TSE: 6594 NYSE: NJ First Quarter Fiscal 213 Results Three Months Ended June 3, 213 < U.S. GAAP > 212 年 7 月 24 日 July 23, 213 Note Regarding Forward-looking Statements These presentation materials and the relating discussions contain forwardlooking statements including expectations, estimates, projections, plans, and strategies. Such forward-looking statements are based on management s assumptions and beliefs in light of the information currently available. Certain risks, uncertainties and other factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such risks and uncertainties include, but are not limited to, changes in customer circumstances and demand, exchange rate fluctuations, and the Nidec Group s ability to design, develop, mass produce and win acceptance of its products and to acquire and successfully integrate companies with complementary technologies and product lines. Please see other disclosure documents filed or published by the Nidec Group companies, including the latest Form 2-F and Japanese securities report, for additional information regarding such risks and uncertainties. Nidec undertakes no obligation to update the forward-looking statements unless required by law. The photograph on the lower-right corner of the front cover is one of Nidec Avtron s rotary magnetic encoders. 2 1

2 Consolidated Profit/Loss Millions of Yen, except for EPS and FX Rates 1Q FY212 1Q FY213 Change FY213 Forecast Net 179,21 211, % 82, Operating Income (Operating Income Ratio) 22,183 (12.4%) 18,8 (8.6%) -18.5% 75, (9.1%) Income Before Tax 18,334 17, % 73, Net Income 13,282 13, % 53,5 EPS (Yen) % FX Rates (Yen/US$) Average: Term end: % +24.3% 95. (Applicable for 2Q-4Q period) Update for 1Q FY213 Average exchange rate of the Japanese yen for the 1Q FY213 depreciated about 23% (or yen) against the U.S. dollar Y/Y and 25% (or 26.4 yen) against the euro Y/Y, resulting in a positive effect on net sales of 29.9 billion yen and operating income of 4.3 billion yen. Please refer to the accompanying notes on Page 2. 3 Summary of 1Q FY213 Record quarterly sales exceeding 2-billion-yen Operating income surpassed the initial guidance, achieving a V-shaped recovery in 1Q FY213 Record operating income from Automotive, Appliance, Commercial and Industrial Products, the key growth businesses under the new midterm strategic targets, reaching 4.5 billion yen Upward revision to FY213 financial forecasts, reflecting upside to 1Q guidance 4 2

3 Consolidated Quarterly and Operating Income 3 (LHS) (All figures in billions of Yen) Operating income(rhs) V-shaped recovery Japan Earthquake Thai Flood Operating income WPR Part Lehman Crisis WPR Part2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY28 FY29 FY21 FY211 FY Business Structure Streamlining Measures 5 Upward Revision to FY213 Guidance Billions of Yen, except for EPS, dividend per share and FX rates Net Operating Income Operating Income Ratio Income Before Tax Net Income EPS (Yen) Dividend (Yen) Assumed Yen/US$ FX Rate <Initial Guidance (April 23, 213)> 1H % Full-year % Assumed Yen/Euro FX Rate FY213 Foreign exchange sensitivity: Every one-yen appreciation or deppreciation in the currency exchange rate against the U.S. Dollar and Euro is estimated to have an impact of 5.7 billion Yen and.75 billion Yen on net sales, respectively, and.75 billion Yen and.2 billion Yen on operating income, respectively, on a yearly basis. The revised 1H and full-year guidance has been prepared by applying the actual currency exchange rates to the 1Q FY213 results and the assumed currency exchange rates to the remaining periods of FY <Revised Guidance> 1H % Full-year %

4 FY213 Quarterly Operating Income Forecast 1Q results surpassed the initial guidance. The initial guidance for the remaining quarter periods remains unchanged. Operating income Up 18.1 Initial Guidance Actual Q FY213 2Q 3Q 4Q (Results) (Forecast) (Forecast) (Forecast) 7 Nidec HDD Motor Shipments Outlook New gaming consoles expected to bolster demand for Nidec HDD motors (Millions of Units) HDD Shipments Nidec Motor Shipments Q FY212 2Q 3Q 4Q 1Q FY213 2Q 3Q 4Q (Forecast) (Forecast) (Forecast) (Nidec Estimates) 8 4

5 (Trillions of Yen) New Mid-Term Strategic Goal - Achieving Sustainable Growth for the Next 1 Years - Aiming to strike a balance between expansion and financial soundness by generating cash through expansion with profits Operating income ratio 1.7% 82B Operating income ratio target 15% 1.2T Operating income ratio (%) 15 1 M&A B 79.3B Operating income ratio 9.1% 5 Organic Growth Operating income ratio 2.5% FY211 FY212 FY213 FY214 FY215 (Forecast) (Goal) (Goal) Portfolio Transformation Targets Automotive, Appliance, Commercial and Industrial Product sales expected to surpass Small Precision Motor sales in FY214 HDD Motors Appliance, Commercial and Industrial Products M&A(Automotive) FY212 FY213 (Forecast) Almost equal Other Small Precision Motors Automotive Products FY214 (Target) Surpassing FY215 (Target) Key Growth Businesses Small Precision Motors Automotive, Appliance, Commercial and Industrial Products Small Precision Motors Automotive, Appliance, Commercial and Industrial Products Small Precision Motors Automotive, Appliance, Commercial and Industrial Products Small Precision Motors Automotive, Appliance, Commercial and Industrial Products 1 5

6 Targeting FY217 of 7B Yen in Key Growth Businesses <Automotive> NCJ NMA NAMA NTSC M&A 15 <Appliance, Commercial and Industrial> Appliance Commercial Industrial NTMC NAAC NMC NASI NKNT NMC NSMC NCJ NMC Adjustments (M&A and Currency exchange) 35 Abbreviations for company names 35 NCJ Nidec (Japan) NMA Nidec Motors & Actuators (Europe) NAMA Nidec Automotive Motor Americas (U.S.) NTSC Nidec Tosok (Japan) NMC Nidec Motor (U.S.) NSMC Nidec Sole Motor (Europe) NKTC Nidec Kinetek (U.S., Europe, Asia) 86.7 NTMC Nidec Techno Motor (Japan) NASI Nidec ASI (Europe, Middle East, Africa) NAAC Nidec Avtron Automation (U.S.) FY212 FY217 FY212 FY217 (Target) (19B) (82B) (39B) (Target) 11 Organic Growth Targets Automotive, Appliance, Commercial and Industrial Products Aiming to achieve stainable profitability while increasing sales 5 Organic sales(lhs) (All figures in billions of Yen) Operating income (RHS) Operating income FY FY212 FY213 (Forecast) FY214 (Target) FY215 (Target) Efforts for improving operating profitability under the new mid-term strategic goal

7 Quarterly Forecast Automotive, Appliance, Commercial and Industrial Products Aiming to achieve moderate but steady profit growth for FY213 (All figures in billions of Yen) Operating income (LHS) Operating income (RHS) Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q (Results)(Forecast) (Forecast) (Forecast) -3. FY211 FY212 FY Please refer to the accompanying notes on Page R&D Enhancements Appliance, Commercial and Industrial Products Nidec Techno Motor making enhancements aiming to achieve FY216 sales of 1 billion yen Fukui Technical Center (Plan) Nidec Techno Motor Target 1B Two-fold Phase 1 (In operation since May 213) Phase 2 (Completion expected in March 215) 4B 5B Fukui Technical Center in the planning stage for Phase 2 1. Orders for air-conditioning motors increasing in China 2. Target markets broadened to include Thailand, India, Turkey, the Middle East, South America, North America, etc. 3. Nidec Techno Motor FY216 sales target: 1 billion yen FY212 FY213 (Forecast) FY216 (Target) 14 7

8 Listed Subsidiaries Performance Highlights 15 (Millions of Yen) 8, 4, 6, (12.7%) (LHS) 6,815 1,44 (15.3%) 1Q FY213 Highlights Operating income (RHS) 7,72 6,847 6, (13.4%) 51 (7.5%) 1,262 (16.4%) 1Q/FY12 2Q 3Q 4Q 1Q/FY13 1,5 1, 5 Millions of Yen, except for EPS 1H Forecast (A) 1Q Results (B) Progress (B) / (A) 13, 7, % Operating Income 1,4 1, % Operating Income Ratio 1.8% 16.4% - Recurring Income 1,4 1, % Net Income 9 1, % EPS (Yen) % E&MC and pressure sensors recovering, while entertainment equipment performing strongly. increased 12.8% Y/Y and 12.5% Q/Q. Operating income ratio improved significantly Q/Q to 16.4% (or +3.7 points Y/Y). Operating income increased 45.9% Y/Y and 147.2% Q/Q. Driving reforms on 2 fronts; Business portfolio and profit structure. Bring new products into target markets (i.e. environmental, social infrastructure, and medical) and drive forward product modularization. Reduce costs by promoting in-house production and local procurement in China, reviewing domestic functions and completing the merger with Fujisoku (a subsidiary). 8

9 (Millions of Yen) (LHS) 4, 2, 2, , Q FY213 Highlights Operating income (RHS) 3,714 3,866 3, Q/FY12 2Q 3Q 4Q 1Q/FY13 1, 5 Millions of Yen, except for EPS 1H Forecast (A) 1Q Results (B) Recorded highest ever quarterly sales. Led by CSP package & touch-panel inspection equipment and inspection fixtures. Recorded highest ever quarterly recurring income and net income. Progress against the 1H forecast exceeded 6% for both income categories. Was listed on the second section of the Tokyo Stock Exchange as of July 16 following the consolidation of Tokyo and Osaka stock exchanges. Aiming to establish a major presence in electronic component inspection and measurement equipment market. Progress (B) / (A) 5,8 3, % Operating Income 1, % Operating Income Ratio 19.% 16.3% - Recurring Income 1, % Net Income % EPS (Yen) % 17 (Millions of Yen) 1, 5, 8, (LHS) 8, Q FY213 Highlights Operating income (RHS) 7,174 7,346 7, Q/FY12 2Q 3Q 4Q 1Q/FY13 1, 5 Millions of Yen, except for EPS 1H Forecast (A) 1Q Results (B) Progress (B) / (A) 15, 7, % Operating Income % Operating Income Ratio 5.3% 4.2% - Recurring Income % Net Income % EPS (Yen) % stagnated due to slow Chinese market recovery, increasing modestly Q/Q yet declining Y/Y. Operating income remained flat Y/Y as cost cutting offset the negative FX impact. Expect new products contributing to sales growth and profit improvement from 3Q. Electric oil pump system: starting mass-production as a new product. Drive in-house manufacturing to reduce procurement costs and improve productivity. 18 9

10 1Q FY213 Highlights (Millions of Yen) (LHS) Operating income (RHS) 2, 15,417 14,666 1,871 1,766 12, 1, 1, Q/FY12 2Q 3Q 4Q 1Q/FY13-1, , -3, -2,419-3,36-4, 2, 1, -1, -2, -3, -4, Millions of Yen, except for EPS 1H Forecast (A) 1Q Results (B) Progress (B) / (A) 25, 12, 48.% Operating Income Operating Income Ratio 2.% -4.9% - Recurring Income Net Income EPS (Yen) A fresh start in June under new Chairman/CEO appointed by Nidec in advance of becoming Nidec s wholly owned subsidiary in October 213. Aiming to achieve a V-shaped recovery by drastically transforming business portfolio and maximizing cooperative interactions with other Nidec Group companies. Expecting faster sales growth from 2Q onward with M-OIS expansion and new product launch in system business. 19 Note: Our consolidated operating results for the three months ended June 3, 212 have been retroactively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of Nidec ASI S.p.A. and Nidec Minster Corporation. We completed our valuation of such assets and liabilities during the three months ended March 31, 213. In addition, we made modifications to our product categories during the fiscal year ended March 31, 213. To enable comparisons between periods, previously reported amounts have been reclassified. For further information on the modifications to our product categories, see our annual report on Form 2-F for the fiscal year ended March 31, 213, filed with the U.S. Securities and Exchange Commission on July 19, 213. Nidec IR Contacts Japan Tel: ir@nidec.com U.K. Tel: takagi.shinichi@nidec.com U.S. Tel: nagase.kiyoshi@nidec.com Nidec logo is a registered trademark or a trademark of Nidec Corporation in Japan, the United States and/or certain other countries. All for dreams logo is a registered trademark of Nidec Corporation in Japan, and a trademark in the United States and/or certain other countries. 2 1

11 Appendix Performance Trend & Product Groups Overview 21 by Product Group (1Q FY213) Electronic & Optical Components Camera shutters, Switches, Trimmer potentiometers, Processing, Precision plastic mold products Machinery Industrial Robots, Card Readers, Circuit board testers, High-speed pressing machines, Chip mounters, Measuring equipment, Power transmission equipment, Factory automation system Automotive, Appliance, Commercial and Industrial Products 39.8% (3.1%) 9.4% (8.8%) Others.9% (1.%) 8.3% (1.3%) Appliance Commercial Industrial 27.5% (17.8%) 211.3B Auto 12.3% (12.3%) HDD Motors 22.1% (27.1%) Parenthetic percentages represent 1Q FY212 mix. Logistics and Services, Musical products 19.5% (22.7%) Small Precision Motors 41.6% (49.8%) Other Small Motors Optical disk drive motors OA equipment motors Polygon scanners MPU cooling fans Game machine fans PC/Communications fans Home appliance fans Automobile fans Vibration motors Brush motors Stepping motors Actuator units Please refer to the accompanying notes on Page

12 Consolidated & Operating Income (LHS) Operating Income (RHS) Operating Income Ratio % 11.2% % % 1.3 FY12/1Q 2Q 3Q 4Q FY13/1Q % -5 Please refer to the accompanying notes on Page Consolidated Income Before Tax & Net Income Consolidated Income Before Tax Consolidated Net Income FY12/1Q Q 3Q 4Q FY13/1Q Please refer to the accompanying notes on Page

13 Small Precision Motors Operating Income FY12/1Q 2Q 3Q 4Q FY13/1Q HDD Motors (LHS) Other Small Precision Motors (LHS) -2 Operating Income (RHS) Please refer to the accompanying notes on Page Automotive, Appliance, Commercial and Industrial Products Operating Income FY12/1Q 2Q 3Q 4Q FY13/1Q Nidec (LHS) Nidec Tosok (LHS) Nidec Motor (LHS) Nidec ASI (LHS) Nidec Avtron (LHS) Operating Income (RHS) -6 Nidec Motors & Actuators (LHS) Nidec Techno Motor (LHS) Nidec Sole Motor (LHS) Nidec Kinetek (LHS) Nidec Kaiyu Auto Electric (LHS) Please refer to the accompanying notes on Page

14 Machinery Operating Income FY12/1Q 2Q 3Q 4Q FY13/1Q Nidec Sankyo (LHS) Nidec-Shimpo (LHS) Nidec Minster (LHS) Nidec-Read (LHS) Nidec Copal (LHS) Other Sabsidiaries (LHS) Operating Income (RHS) Please refer to the accompanying notes on Page Electronic & Optical Components Operating Income FY12/1Q 2Q 3Q 4Q FY13/1Q Nidec Sankyo (LHS) Nidec Copal Electronics (LHS) Nidec Copal (LHS) Operating Income (RHS) Please refer to the accompanying notes on Page

15 Others Operating Income FY12/1Q 2Q 3Q 4Q FY13/1Q (LHS) Operating Income (RHS) Please refer to the accompanying notes on Page