Nidec : 3rd Quarter Ended December 31, 2020

English translation

Financial Statements Summary for the Nine Months Ended December 31, 2020 [IFRS](Consolidated)

Company name:	NIDEC CORPORATION	URL https://www.nidec.com/en/			January 25, 2021
Stock listing:	Tokyo Stock Exchange - First Section
Code number:	6594
Representative:	Jun Seki, Representative Director, President and COO
Information on contact:	Masahiro Nagayasu, General Manager of the Investor Relations & CSR Promotion
	Department Tel: [phone] [e-mail]
Scheduled date of filing of Japanese quarterly report:	February 12, 2021
Scheduled date of dividend payable:				-
Supplemental materials for quarterly results:				Yes
Quarterly earning presentation held:				Yes	(Amount Unit: Yen in Millions, unless otherwise indicated)
											(Amounts are rounded to nearest million yen)
1. Consolidated Financial Results for the nine months ended December 31, 2020 (April 1, 2020 to December 31, 2020)
(1) Consolidated Operating Results								(Percentage represents year-on-year changes)
		Net sales			Operating profit		Profit before		Profit attributable to		Comprehensive
					income taxes		owners of the parent	income for the period
For the nine months ended			%			%			%			%				%
1,184,991		2.2	115,535	24.0		109,340	17.5		83,636	69.6		76,125		-
December 31, 2020
For the nine months ended	1,159,608		-	93,204	-		93,050	-		49,326	-		33,096		-
December 31, 2019
						Earnings per share attributable to		Earnings per share attributable to
						owners of the parent-basic (Yen)		owners of the parent-diluted (Yen)
For the nine months ended December 31, 2020						142.79							-
For the nine months ended December 31, 2019						83.80							-

(Notes) 1. "Earnings per share attributable to owners of the parent-basic" and "Earnings per share attributable to owners of the parent-diluted" have been calculated based on figures of "Profit attributable to owners of the parent".

1. 1. NIDEC finalized the provisional accounting treatment for the business combination in the nine months ended December 31, 2020. Condensed quarterly consolidated financial statements and consolidated financial statements for the year ended March 31, 2020 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination. From the three months ended June 30, 2019, the business of compressor for refrigerator of Secop has been classified as discontinued operations. As a result, the amounts of net sales, operating profit and profit before income taxes no longer include discontinued operations, presenting only the amounts for continuing operations.
   2. NIDEC implemented a two-for-one common stock split, effective April 1, 2020. Earnings per share attributable to owners of the parent-basic and Earnings per share attributable to owners of the parent-diluted were calculated on the assumption that the relevant stock split had been implemented at the beginning of the year ended March 31, 2020.
2. Consolidated Financial Position

	Total assets	Total equity	Total equity attributable to	Ratio of total equity attributable to
	owners of the parent	owners of the parent to total assets
				%
As of December 31, 2020	2,113,427	1,002,441	982,396	46.5
As of March 31, 2020	2,122,493	967,633	947,290	44.6

2. Dividends

			Dividends per share (Yen)
		1st quarter end	2nd quarter end	3rd quarter end	Fiscal year end	Total
Year ended March 31, 2020	-	55.00	-	60.00	115.00
Year ending March 31,	2021	-	30.00	-
Year ending March 31,	2021 (Forecast)				30.00	60.00

(Notes) 1. Revision of previously announced dividend targets during this reporting period: None

2. NIDEC implemented a two-for-one common stock split, effective April 1, 2020. However, the actual amounts of dividends for the year ended March 31, 2020 have not been retroactively adjusted and are shown on a pre-stock split basis.

3. Forecast of Consolidated Financial Performance for the Year ending March 31, 2021 (April 1, 2020 to March 31, 2021) (Percentage represents year-on-year changes)

							Profit before	Profit attributable to	Earnings per share
		Net sales		Operating profit	attributable to owners
							income taxes	owners of the parent	of the parent-basic
				%		%		%		%	(Yen)
	Fiscal year end	1,550,000		1.0	155,000	42.8	150,000	42.6	120,000	105.3	204.87
	(Note) Revision of the previously announced financial performance forecast during this reporting period: Yes

Notes
(1)	Changes in Significant Subsidiaries during This Period (changes in "specified subsidiaries" (tokutei kogaisha)
	resulting in the change in scope of consolidation)	: None
(2)	Changes in Accounting Policies and Changes in Accounting Estimates:
1.	Changes in accounting policies required by IFRS	: None
2.	Changes in accounting policies due to other reasons	: None
3.	Changes in accounting estimates	: None

1. Number of Shares Issued (Ordinary Shares)

1. Number of shares issued at the end of the period (including treasury stock):

	As of December 31, 2020:	596,284,468	As of March 31, 2020: 596,284,468
2.	Number of treasury stock at the end of the period:
	As of December 31, 2020:	10,551,496	As of March 31, 2020: 10,530,534
3.	Weighted-average number of shares outstanding during the period:
	For the nine months ended December 31, 2020: 585,733,349	For the nine months ended December 31, 2019: 588,586,748

(Note) NIDEC implemented a two-for-one common stock split, effective April 1, 2020. Number of shares issued (ordinary shares) was calculated on the assumption that the relevant stock split had been implemented at the beginning of the year ended March 31, 2020.

*This quarterly report is not subject to quarterly review procedures by certified public accountants or an auditing firm. *Explanation for appropriate use of forecast and other notes

Forward-looking statements, such as forecast of consolidated financial performance, stated in this document are based on information currently possessed by NIDEC or certain assumptions that NIDEC has deemed as rational. NIDEC cannot make any assurances that the contents mentioned in these forward-looking statements will ever materialize. Actual financial performance could be significantly different from NIDEC's expectations as a result of various factors. For the assumptions used and other notes, please refer to "1. Overview of Operating Results, Etc. (3). Explanation Regarding Future Forecast Information of Consolidated Financial Results" on page 12.

In this document, the terms "we", "us", "our" and "NIDEC" refer to Nidec Corporation and consolidated subsidiaries or, as the context may require, Nidec Corporation on a non-consolidated basis.

NIDEC finalized the provisional accounting treatment for the business combination in the nine months ended December 31, 2020. Condensed quarterly consolidated financial statements and consolidated financial statements for the year ended March 31, 2020 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination.

From the three months ended June 30, 2019, the business of compressor for refrigerator of Secop has been classified as discontinued operations. As a result, the amounts of net sales, operating profit and profit before income taxes no longer include discontinued operations, presenting only the amounts for continuing operations.

Investor presentation materials relating to our financial results for the nine months ended December 31, 2020 are expected to be published on our corporate website on January 25, 2021.

1. Overview of Operating Results, Etc.

(1) Overview of Operating Results for the Nine Months Ended December 31, 2020

1. Overview of Business Environment for the Nine Months Ended December 31, 2020

The World Bank estimates that the growth rate of the global economy will settle at -4.3% in calendar year 2020 and will be 4.0% in

calendar year 2021. In 2021, the World Bank expects a recovery from the impact of the COVID-19 infections, but the growth rate is lower than it had been before the outbreak of COVID-19. During the nine months ended December 31, 2020 was a period of recovery from the economic slowdown caused by the spread of the COVID-19 in various regions of the world and the lockdown of cities. Although there are growing expectations for the end of the COVID-19 pandemic through the vaccine rollout becoming widespread, as stated in the World Bank's Global Economic Prospects, risks such as further spread of COVID-19, delays in the supply of vaccines, continued adverse effects of COVID-19 on the economy, and financial pressure on countries remain. In addition, the accelerating conflict between the United States and China and the impact of the new U.S. government policy have left a strong sense of uncertainty.

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2. Consolidated Operating Results

Consolidated Operating Results for the Nine Months Ended December 31, 2020 ("this nine-month period"), Compared to the Nine Months Ended December 31, 2019 ("the same period of the prior year")

(Yen in millions)

	For the nine months ended December 31,	Increase or	Ratio of change
			decrease
	2019	2020
Net sales	1,159,608	1,184,991	25,383	2.2%
Operating profit	93,204	115,535	22,331	24.0%
Operating profit ratio	8.0 %	9.7%	-	-
Profit before income taxes	93,050	109,340	16,290	17.5%
Profit for the period from continuing operations	69,860	84,520	14,660	21.0%
Loss for the period from discontinued operations	(19,131)	(132)	18,999	-
Profit attributable to owners of the parent	49,326	83,636	34,310	69.6%

Consolidated net sales from continuing operations increased 2.2% to ¥1,184,991 million for this nine-month period compared to the same period of the prior year, renewing the highest record of the quarterly consolidated accounting period by engaging in new demands one after another in the areas of home appliances, IT, game consoles and so on. Operating profit increased 24.0% to ¥115,535 million for this nine-month period compared to the same period of the prior year mainly due to the increase in sales by engaging in new demands as mentioned, thorough manufacturing cost improvement, fixed cost rationalization, and others through WPR4 Project. Profit before income taxes increased 17.5% to ¥109,340 million and profit for the period from continuing operations increased 21.0% to ¥84,520 million compared to the same period of the prior year, respectively.

Profit attributable to owners of the parent increased 69.6% to ¥83,636 million due to significant increase from continuing operations and decrease in net loss from discontinued operations related to the business transfer in the previous fiscal year.

The average exchange rate between the Japanese yen and the U.S. dollar for this nine-month period was ¥106.11 to the U.S. dollar, which reflected an approximately 2% appreciation of the Japanese yen against the U.S. dollar, 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 ¥122.38 to the Euro, which reflected an approximately 1% depreciation of the Japanese yen against the Euro, compared to the same period of the prior year. The fluctuations of the foreign currency exchange rates had a negative effect on net sales by approximately ¥16,200 million and on operating profit by approximately ¥500 million for this nine-month period compared to the same period of the prior year.

NIDEC finalized the provisional accounting treatment for the business combination in the nine months ended December 31, 2020. Condensed quarterly consolidated financial statements for the nine months ended December 31, 2019 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination. From the three months ended June 30, 2019, the business of compressor for refrigerator of Secop has been classified as discontinued operations. As a result, the amounts of net sales, operating profit and profit before income taxes no longer include discontinued operations, presenting only the amounts for continuing operations.

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Operating Results by Product Category for This Nine-Month Period Compared to the Same Period of the Previous Year

Small precision motors

					(Yen in millions)
		For the nine months ended December 31,	Increase or decrease	Ratio of change
		2019	2020
Net sales to external customers	334,932	339,952	5,020	1.5%
	Spindle motors for hard disk	117,185	116,417	(768)	(0.7)%
	drives (HDDs)
	Other small precision motors	217,747	223,535	5,788	2.7%
Operating profit	40,537	51,220	10,683	26.4%
Operating profit ratio	12.1%	15.1%	-	-

Net sales of this category increased 1.5% to ¥339,952 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 negative effect on net sales of this category by approximately ¥4,400 million for this nine-month period compared to the same period of the prior year.

Although the number of units sold of spindle motors for HDDs decreased approximately 17.7% compared to the same period of the prior year, net sales of spindle motors for HDDs slightly decreased 0.7% to ¥116,417 million for this nine-month period compared to the same period of the prior year due to improvements in product mix and others. On the other hand, net sales of small precision motors increased 1.5% to ¥339,952 million for this nine-month period compared to the same period of the prior year by engaging in new demands one after another by launching a number of new products in the areas of home appliances, IT, game consoles and other products in other small precision motors.

Operating profit of this category increased 26.4% to ¥51,220 million for this nine-month period compared to the same period of the prior year, mainly due to improved product mix of spindle motors for HDDs and increased sales of high value-added new products including IT fan motors in other small precision motors, as well as thorough manufacturing cost improvement and others. The fluctuations of the foreign currency exchange rates had a positive effect on operating profit of this category by approximately ¥1,400 million for this nine-month period compared to the same period of the prior year.

Automotive products

				(Yen in millions)
	For the nine months ended December 31,	Increase or decrease	Ratio of change
	2019	2020
Net sales to external customers	243,021	256,008	12,987	5.3%
Operating profit	17,918	12,074	(5,844)	(32.6)%
Operating profit ratio	7.4%	4.7%	-	-

Net sales of this category increased 5.3% to ¥256,008 million for this nine-month period compared to the same period of the previous year. This increase was due to rapid recovery of net sales that bottomed out in the three months ended June 30, 2020, and the impact of the acquisition of OMRON Automotive Electronics Co. Ltd. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥1,400 million for this nine-month period compared to the same period of the previous year.

As a result of improvement of profitability through WPR4 project with our total efforts, operating profit of existing products excluding traction motors recovered rapidly after bottoming out in the three months ended June 30, 2020, and continued to improve to double digits. However, NIDEC continued to record advanced development costs for the traction motor system (E-Axle), which is

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experiencing rapid growth in demand. Consequently operating profit decreased 32.6% to ¥12,074 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 negative effect on operating profit of this category by approximately ¥500 million for this nine-month period compared to the same period of the previous year.

Appliance, commercial and industrial products

				(Yen in millions)
	For the nine months ended December 31,	Increase or decrease	Ratio of change
	2019	2020
Net sales to external customers	417,580	429,299	11,719	2.8%
Operating profit	27,138	36,220	9,082	33.5%
Operating profit ratio	6.5%	8.4%	-	-

Net sales of this category increased 2.8% to ¥429,299 million for this nine-month period compared to the same period of the prior year, primarily due to an increase in sales of motors and gears for transfer robots in the U.S. and Europe, of compressors for home appliances, and the impact of the acquisition of Embraco. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥8,700 million for this nine-month period compared to the same period of the previous year.

Although NIDEC recorded approximately ¥4,500 million in restructuring costs in Europe and others for this nine-month period, the operating profit improved by 1.9% due to increase in sales and thorough manufacturing cost improvement and others, resulting in an increase of 33.5% to ¥36,220 million for this nine-month period compared to the same period of the previous year. The fluctuations of the foreign currency exchange rates had a negative effect on operating profit of this category by approximately ¥900 million for this nine-month period compared to the same period of the previous year.

Machinery

				(Yen in millions)
	For the nine months ended December 31,	Increase or decrease	Ratio of change
	2019	2020
Net sales to external customers	115,213	111,516	(3,697)	(3.2)%
Operating profit	17,211	19,693	2,482	14.4%
Operating profit ratio	14.9%	17.7%	-	-

Although there was an increase in sales of semiconductor inspection system due to strong demands for 5G, net sales of this category decreased 3.2% to ¥111,516 million for this nine-month period compared to the same period of the previous year, due to lower sales of card readers and press machines and other factors. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥1,000 million for this nine-month period compared to the same period of the previous year.

Operating profit of this category increased 14.4% to ¥19,693 million for this nine-month period compared to the same period of the previous year, due to the effect of an increase in operating profit by engaging in new product demands for 5G and manufacturing cost improvement and fixed cost rationalization, despite a decrease in profit due to the decrease in sales. The fluctuations of the foreign currency exchange rates had a negative effect on operating profit of this category by approximately ¥200 million for this nine-month period compared to the same period of the previous year.

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Electronic and optical components

				(Yen in millions)
	For the nine months ended December 31,	Increase or decrease	Ratio of change
	2019	2020
Net sales to external customers	45,400	45,681	281	0.6%
Operating profit	3,345	4,986	1,641	49.1%
Operating profit ratio	7.4%	10.9%	-	-

Net sales of this category increased 0.6% to ¥45,681 million for this nine-month period compared to the same period of the previous year. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥800 million for this nine-month period compared to the same period of the previous year.

Operating profit of this category increased 49.1% to ¥4,986 million for this nine-month period compared to the same period of the previous year, primarily because of the increase in sales due to new product launch and fixed cost rationalization. The fluctuations of the foreign currency exchange rates had a negative effect on operating profit of this category by approximately ¥300 million for this nine-month period compared to the same period of the previous year.

Other products

					(Yen in millions)
	For the nine months ended December 31,	Increase or decrease	Ratio of change
	2019		2020
Net sales to external customers		3,462	2,535	(927)	(26.8)%
Operating profit		510	238	(272)	(53.3)%
Operating profit ratio		14.7%	9.4%	-	-

Net sales of this category decreased 26.8% to ¥2,535 million and operating profit of this category decreased 53.3% to ¥238 million for this nine-month period compared to the same period of the prior year.

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Consolidated Operating Results for the Three Months Ended December 31, 2020 ("3Q"), Compared to the Previous Three Months Ended September 30, 2020 ("2Q")

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales	414,918	433,197	18,279	4.4%
Operating profit	41,387	46,355	4,968	12.0%
Operating profit ratio	10.0%	10.7%	-	-
Profit before income taxes	38,595	43,335	4,740	12.3%
Profit for the period from continuing	28,977	35,082	6,105	21.1%
operations
Loss for the period from discontinued	(25)	(33)	(8)	-
operations
Profit attributable to owners of the parent	28,725	34,853	6,128	21.3%

Consolidated net sales from continuing operations increased 4.4% to ¥433,197 million for 3Q compared to 2Q, renewing the highest record of the quarterly consolidated accounting period. This was due to an increase in sales of automotive products due to the rapid recovery of the automobile market in China and other countries, and an increase in sales of products for home appliances, commercial products, and industrial products due to an increase in sales of compressors for home appliances. Operating profit increased 12.0% to ¥46,355 million and the operating profit ratio improved to 10.7% for 3Q compared to 2Q due to the increase in sales by launching of high value-added new products one after another in each business unit, thorough manufacturing cost improvement, fixed cost rationalization, and others through WPR4 project. Profit before income taxes increased 12.3% to ¥43,335 million and profit for the period from continuing operations increased 21.1% to ¥35,082 million for 3Q compared to 2Q.

Profit attributable to owners of the parent increased 21.3% to ¥34,853 million for 3Q compared to 2Q.

The average exchange rate between the Japanese yen and the U.S. dollar for 3Q was ¥104.51 to the U.S. dollar, which reflected an approximately 2% appreciation of the Japanese yen against the U.S. dollar, compared to 2Q. The average exchange rate between the Japanese yen and the Euro for 3Q was ¥124.54 to the Euro, which reflected a slight depreciation of the Japanese yen against the Euro, compared to 2Q. The fluctuations of the foreign currency exchange rates had a negative effect on net sales by approximately ¥1,900 million and on operating profit by approximately ¥1,100 million for 3Q compared to 2Q.

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Operating Results by Product Category for 3Q Compared to 2Q

Small precision motors

					(Yen in millions)
		For the three months ended	Increase or decrease	Ratio of change
		September 30, 2020	December 31, 2020
Net sales to external customers	119,044	116,490	(2,554)	(2.1)%
	Spindle motors for hard disk	47,163	32,211	(14,952)	(31.7)%
	drives (HDDs)
	Other small precision motors	71,881	84,279	12,398	17.2%
Operating profit	18,816	18,121	(695)	(3.7)%
Operating profit ratio	15.8%	15.6%	-	-

Although net sales of spindle motors for HDDs decreased 31.7% to ¥32,211 million for 3Q compared to 2Q, net sales of other small precision motors increased 17.2% to ¥84,279 million for 3Q compared to 2Q, renewing the highest record by engaging in new demands one after another in the areas of home appliances, IT, game consoles and so on. Net sales of small precision motors decreased 2.1% to ¥116,490 million for 3Q compared to 2Q. The number of units sold of spindle motors for HDDs decreased approximately 34.6% for 3Q compared to 2Q. The impact of foreign exchange rates decreased sales by approximately ¥100 million for 3Q compared to 2Q.

Operating profit of this category decreased 3.7% to ¥18,121 million for 3Q compared to 2Q. Operating profit ratio remained at the same level as 2Q due to the increase in sales of other small precision motors by successful launch of new products as well as thorough manufacturing cost improvements, despite substantial decline of sales of spindle motors for HDDs. The impact of foreign exchange rates decreased operating profit by approximately ¥400 million for 3Q compared to 2Q.

Automotive products

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales to external customers	92,338	106,873	14,535	15.7%
Operating profit	4,655	7,677	3,022	64.9%
Operating profit ratio	5.0%	7.2%	-	-

Net sales of this category increased 15.7% to ¥106,873 million for 3Q compared to 2Q, mainly due to an increase in sales of automotive electronics components and electric power steering motors and other factors due to the rapid recovery of the automobile market. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥49 million for 3Q compared to 2Q.

Operating profit of this category increased 64.9% to ¥7,677 million for 3Q compared to 2Q. This was due to the effects of revenue growth, based on the break-even point that was thoroughly lowered through improvement of all manufacturing costs through WPR4 project while continually including advanced development costs for traction motor system (E-Axle) and others, whose demand is expanding rapidly. The fluctuations of the foreign exchange rates had a negative effect on operating profit of this category by approximately ¥100 million for 3Q compared to 2Q.

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Appliance, commercial and industrial products

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales to external customers	148,238	155,965	7,727	5.2%
Operating profit	13,055	14,198	1,143	8.8%
Operating profit ratio	8.8%	9.1%	-	-

Net sales of this category increased 5.2% to ¥155,965 million for 3Q compared to 2Q, mainly due to an increase in sales of motors and gears for transfer robots in the U.S. and Europe, and compressors for home appliances. The fluctuations of the foreign currency exchange rates had a negative effect on net sales of this category by approximately ¥1,800 million for 3Q compared to 2Q.

Operating profit of this category increased 8.8% to ¥14,198 million for 3Q compared to 2Q, mainly due to the increase in sales, manufacturing cost improvement and fixed cost rationalization and other factors. The fluctuations of the foreign currency exchange rates had a negative effect on operating profit of this category by approximately ¥300 million for 3Q compared to 2Q.

Machinery

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales to external customers	38,921	36,866	(2,055)	(5.3)%
Operating profit	6,148	7,364	1,216	19.8%
Operating profit ratio	15.8%	20.0%	-	-

Net sales of this category decreased 5.3% to ¥36,866 million for 3Q compared to 2Q, due to a decrease in sales of LCD panel handling robots and others.

Operating profit of this category increased 19.8% to ¥7,364 million for 3Q compared to 2Q due to manufacturing cost improvement and fixed cost rationalization and other factors, despite the decrease in sales.

Electronic and optical components

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales to external customers	15,521	16,074	553	3.6%
Operating profit	1,821	1,669	(152)	(8.3)%
Operating profit ratio	11.7%	10.4%	-	-

Net sales of this category increased 3.6% to ¥16,074 million for 3Q compared to 2Q and operating profit of this category decreased 8.3% to ¥1,669 million for 3Q compared to 2Q.

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Other products

				(Yen in millions)
	For the three months ended	Increase or decrease	Ratio of change
	September 30, 2020	December 31, 2020
Net sales to external customers	856	929	73	8.5%
Operating profit	97	57	(40)	(41.2)%
Operating profit ratio	11.3%	6.1%	-	-

Net sales of this category increased 8.5% to ¥929 million for 3Q compared to 2Q and operating profit of this category decreased 41.2% to ¥57 million for 3Q compared to 2Q.

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(2) Financial Position

			(Yen in millions)
	As of March 31, 2020	As of December 31,	Increase or
		2020	decrease
Total assets	2,122,493	2,113,427	(9,066)
Total liabilities	1,154,860	1,110,986	(43,874)
Total equity attributable to owners of the parent	947,290	982,396	35,106
Interest-bearing debt *1	599,951	559,530	(40,421)
Net interest-bearing debt *2	392,965	371,160	(21,805)
Debt ratio (%) *3	28.3	26.5	(1.8)
Debt to equity ratio ("D/E ratio") (times) *4	0.63	0.57	(0.06)
Net D/E ratio (times) *5	0.41	0.38	(0.03)
Ratio of total equity attributable to owners of the parent to total	44.6	46.5	1.9
assets (%) *6

(Notes) *1. Interest-bearing debt: The sum of "short term borrowings", "long term debt due within one year" and "long term debt" on the consolidated statements of financial position

*2. Net interest-bearing debt: Interest-bearing debt less "cash and cash equivalents"

*3. Debt ratio: Interest-bearing debt divided by total assets

*4. D/E ratio: Interest-bearing debt divided by total equity attributable to owners of the parent

*5. Net D/E ratio: Net interest-bearing debt divided by total equity attributable to owners of the parent

*6. Ratio of total equity attributable to owners of the parent to total assets: Total equity attributable to owners of the parent divided by total assets

Total assets decreased ¥9,066 million to ¥2,113,427 million as of December 31, 2020 compared to March 31, 2020. This was mainly due to a decrease of ¥18,616 million in cash and cash equivalents. On the other hand, there were increases of ¥21,221 million in trade and other receivables, and ¥3,527 million in other financial assets.

Total liabilities decreased ¥43,874 million to ¥1,110,986 million as of December 31, 2020 compared to March 31, 2020. This was mainly due to a decrease of ¥40,421 million in interest-bearing debt. Specifically, short term borrowings decreased ¥29,087 million to ¥87,867 million, long term debt due within one year decreased ¥13,480 million to ¥98,394 million and long term debt increased ¥2,146 million to ¥373,269 million as of December 31, 2020 compared to March 31, 2020.

As a result, net interest-bearing debt decreased to ¥371,160 million as of December 31, 2020 from ¥392,965 million as of March 31, 2020. The debt ratio that includes lease liabilities decreased to 26.5% as of December 31, 2020 from 28.3% as of March 31, 2020. The D/E ratio decreased to 0.57 times as of December 31, 2020 from 0.63 times as of March 31, 2020. The net D/E ratio decreased to 0.38 times as of December 31, 2020 from 0.41 times as of March 31, 2020.

Total equity attributable to owners of the parent increased ¥35,106 million to ¥982,396 million as of December 31, 2020 compared to March 31, 2020. Ratio of total equity attributable to owners of the parent to total assets increased to 46.5% as of December 31, 2020 from 44.6% as of March 31, 2020. This was mainly due to an increase in retained earnings of ¥51,327 million, though there was a decrease in other components of equity of ¥10,804 million caused mainly by foreign currency translation adjustments.

NIDEC finalized the provisional accounting treatment for the business combination in the nine months ended December 31, 2020. Consolidated financial statements for the year ended March 31, 2020 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination.

10

Overview of Cash Flow

			(Yen in millions)
	For the nine months ended December 31,	Increase or decrease
	2019	2020
Net cash provided by operating activities	132,227	146,169	13,942
Net cash used in investing activities	(301,662)	(77,231)	224,431
Free cash flow *1	(169,435)	68,938	238,373
Net cash (used in) provided by financing activities	156,672	(89,159)	(245,831)

(Note) *1. Free cash flow: The sum of "net cash provided by operating activities" and "net cash used in investing activities".

Cash flows from operating activities for this nine-month period came to a net cash inflow of ¥146,169 million. Compared to the same period of the prior year, the cash inflow from operating activities for this nine-month period increased ¥13,942 million. This increase was mainly due to increases in profit for the period of ¥33,659 million and in inventories net changes year on year of ¥9,395 million. On the other hand, there was a decrease in accounts receivable net changes year on year of ¥27,872 million.

Cash flows from investing activities for this nine-month period came to a net cash outflow of ¥77,231 million. Compared to the same period of the prior year, the net cash outflow from investing activities for this nine-month period decreased ¥224,431 million mainly due to decreases in acquisitions of business, net of cash acquired of ¥187,470 million, and in additions to property, plant and equipment of ¥37,713 million.

As a result, we had a positive free cash flow of ¥68,938 million for this nine-month period, an increase of ¥238,373 million compared to a negative free cash flow of ¥169,435 million for the same period of the prior year.

Cash flows from financing activities for this nine-month period came to a net cash outflow of ¥89,159 million. Compared to the same period of the prior year, the net cash outflow from financing activities for this nine-month period increased ¥245,831 million mainly due to decreases in proceeds from issuance of bonds of ¥150,000 million, and in short term borrowings net changes year on year of ¥106,823 million.

As a result of the foregoing factors and the impact of foreign exchange fluctuations, the balance of cash and cash equivalents as of December 31, 2020 decreased ¥18,616 million to ¥188,370 million from March 31, 2020. All the above amounts include discontinued operations.

11

(3) Explanation Regarding Future Forecast Information of Consolidated Financial Results

The global economy is on a recovery track thanks to large-scale fiscal stimulus and the continuation of monetary easing policies, particularly in developed countries. While expectations are rising that the outbreak of the COVID-19 infection will be brought to an end by the start of vaccinations, the continuing spread of the COVID-19 in major regions of the world and the occurrence of variants continues to be a major risk factor for the global economy. In addition, the situation is expected to remain unpredictable due to risk factors such as the U.S.-China conflict and the policy trends of the new U.S. administration.

Under such an environment, as the business forecasts in the nine months ended December 31, 2020 was stronger than our expectations underlying our previous forecasts announced on October 26, 2020, we are revising our business forecasts for the year ending March 31, 2021.

The forecasts for the year ending March 31, 2021 described below are prepared based on an assumption that exchange rates are US$1 = ¥105 and €1 = ¥117.

Forecast of Consolidated Financial Performance for the Year Ending March 31, 2021

Net sales	¥1,550,000	million	(101.0% compared to the previous fiscal year)
Operating profit	¥155,000	million	(142.8% compared to the previous fiscal year)
Profit before income taxes	¥150,000	million	(142.6% compared to the previous fiscal year)
Profit attributable to owners of the parent	¥120,000	million	(205.3% compared to the previous fiscal year)

(Notes) 1. Consolidated performance is based on IFRS.

2. The calculations for the conversion of Asian currencies into Japanese yen also used the exchange rates, US$1 = ¥105 and €1 = ¥117.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements, such as forecast of consolidated financial performance, stated in this document are based on information currently possessed by NIDEC or certain assumptions that NIDEC has deemed as rational. NIDEC cannot make any assurances that the contents mentioned in these forward-looking statements will ever materialize. Actual financial performance could be significantly different from NIDEC's expectations as a result of various factors.

12

2. Condensed Quarterly Consolidated Financial Statements and Other Information

(1) Condensed Quarterly Consolidated Statements of Financial Position

			(Yen in millions)
	As of March 31, 2020	As of December 31, 2020
Assets
Current assets
Cash and cash equivalents	206,986		188,370
Trade and other receivables	394,259		415,480
Other financial assets	913		4,320
Income tax receivables	12,885		9,302
Inventories	278,185		273,289
Other current assets	40,309		41,145
Total current assets
933,537		931,906
Non-current assets
Property, plant and equipment	633,604		634,799
Goodwill	310,487		307,260
Intangible assets	191,653		187,245
Investments accounted for using the equity method	3,294		2,794
Other investments	14,479		18,735
Other financial assets	6,888		7,008
Deferred tax assets	18,274		14,019
Other non-current assets	10,277		9,661
Total non-current assets
1,188,956		1,181,521
Total assets	2,122,493		2,113,427

13

			(Yen in millions)
	As of March 31, 2020	As of December 31, 2020
Liabilities
Current liabilities
Short term borrowings	116,954		87,867
Long term debt due within one year	111,874		98,394
Trade and other payables	345,193		347,625
Other financial liabilities	9,109		6,977
Income tax payables	18,726		16,329
Provisions	30,430		28,469
Other current liabilities	64,884		65,683
Total current liabilities	697,170		651,344
Non-current liabilities
Long term debt	371,123		373,269
Other financial liabilities	4,085		1,968
Retirement benefit liabilities	31,077		32,026
Provisions	942		719
Deferred tax liabilities	45,830		46,430
Other non-current liabilities	4,633		5,230
Total non-current liabilities	457,690		459,642
Total liabilities	1,154,860		1,110,986
Equity
Common stock	87,784		87,784
Additional paid-in capital	114,754		109,445
Retained earnings	924,293		975,620
Other components of equity	(115,791)		(126,595)
Treasury stock	(63,750)		(63,858)
Total equity attributable to owners of the parent	947,290		982,396
Non-controlling interests	20,343		20,045
Total equity	967,633		1,002,441
Total liabilities and equity	2,122,493		2,113,427

14

1. Condensed Quarterly Consolidated Statements of Income
   and Condensed Quarterly Consolidated Statements of Comprehensive Income
   For the nine month ended December 31, 2019 and 2020

Condensed Quarterly Consolidated Statements of Income		(Yen in millions)
	For the nine months ended December 31,
	2019	2020
Continuing operations
Net Sales	1,159,608	1,184,991
Cost of sales	(902,363)	(917,787)
Gross profit	257,245	267,204
Selling, general and administrative expenses	(105,607)	(102,027)
Research and development expenses	(58,434)	(49,642)
Operating profit	93,204	115,535
Financial income	7,861	3,133
Financial expenses	(7,243)	(4,771)
Derivative gain (loss)	(783)	(1,181)
Foreign exchange differences	1,242	(2,777)
Share of net profit (loss) from associate accounting using the	(1,231)	(599)
equity method
Profit before income taxes	93,050	109,340
Income tax expenses	(23,190)	(24,820)
Profit for the period from continuing operations	69,860	84,520
Discontinued operations
Loss for the period from discontinued operations	(19,131)	(132)
Profit for the period	50,729	84,388

Profit for the period attributable to: Owners of the parent Non-controlling interests Profit for the period

49,32683,636

1,403752

50,72984,388

15

Condensed Quarterly Consolidated Statements of Comprehensive Income		(Yen in millions)
	For the nine months ended December 31,
2019		2020
Profit for the period	50,729	84,388
Other comprehensive income, net of taxation
Items that will not be reclassified to net profit or loss:
Remeasurement of defined benefit plans	(928)	(111)
Fair value movements on FVTOCI equity financial assets	1,444	1,995
Items that may be reclassified to net profit or loss:
Foreign currency translation adjustments	(18,494)	(16,374)
Effective portion of net changes in fair value of cash flow hedges	342	6,221
Fair value movements on FVTOCI debt financial assets	3	6
Total other comprehensive income for the period, net of taxation	(17,633)	(8,263)
Comprehensive income for the period	33,096	76,125
Comprehensive income for the period attributable to:
Owners of the parent	32,224	74,727
Non-controlling interests	872	1,398
Comprehensive income for the period	33,096	76,125

16

For the three months ended December 31, 2019 and 2020

Condensed Quarterly Consolidated Statements of Income

(Yen in millions)

For the three months ended December 31,

20192020

Continuing operations

Net Sales

Cost of sales

Gross profit

Selling, general and administrative expenses Research and development expenses

Operating profit

Financial income

Financial expenses

Derivative gain (loss)

Foreign exchange differences

Share of net profit (loss) from associate accounting using the equity method

Profit before income taxes

Income tax expenses

Profit for the period from continuing operations Discontinued operations

Profit (loss) for the period from discontinued operations Profit for the period

Profit for the period attributable to:

Owners of the parent

Non-controlling interests

Profit for the period

408,331	433,197
(319,590)	(332,708)
88,741	100,489
(35,943)	(35,734)
(21,381)	(18,400)
31,417	46,355
1,811	903
(1,729)	(1,569)
947	(561)
(2,288)	(1,474)
(438)	(319)
29,720	43,335
(8,231)	(8,253)
21,489	35,082
824	(33)
22,313	35,049

22,099	34,853
214	196
22,313	35,049

17

Condensed Quarterly Consolidated Statements of Comprehensive Income

			(Yen in millions)
	For the three months ended December 31,
2019		2020
Profit for the period	22,313	35,049
Other comprehensive income, net of taxation
Items that will not be reclassified to net profit or loss:
Remeasurement of defined benefit plans	44	(90)
Fair value movements on FVTOCI equity financial assets	1,452	1,517
Items that may be reclassified to net profit or loss:
Foreign currency translation adjustments	30,929	(3,011)
Effective portion of net changes in fair value of cash flow hedges	1,457	2,125
Fair value movements on FVTOCI debt financial assets	(1)	(19)
Total other comprehensive income for the period, net of taxation	33,881	522
Comprehensive income for the period	56,194	35,571
Comprehensive income for the period attributable to:
Owners of the parent	55,092	34,913
Non-controlling interests	1,102	658
Comprehensive income for the period	56,194	35,571

18

(3) Condensed Quarterly Consolidated Statements of Changes in Equity

For the nine months ended December 31, 2019						(Yen in millions)
			Total equity attributable to owners of the parent		Non-
		Common	Additional	Retained	Other	Treasury		controlling	Total equity
		paid-in	components	Total	interests
		Stock	earnings	stock
		capital	of equity
Balance at April 1, 2019		87,784	118,314	900,768	(64,775)	(45,296)	996,795	22,834	1,019,629
Changes in accounting policies				(407)			(407)		(407)
Balance after restatement		87,784	118,314	900,361	(64,775)	(45,296)	996,388	22,834	1,019,222
Comprehensive income
Profit for the period				49,326			49,326	1,403	50,729
Other comprehensive income					(17,102)		(17,102)	(531)	(17,633)
Total comprehensive income
						32,224	872	33,096
Transactions with owners directly recognized in
equity:
Purchase of treasury stock						(21)	(21)	-	(21)
Dividends paid to the owners of the parent				(32,372)			(32,372)	-	(32,372)
Dividends paid to non-controlling interests							-	(744)	(744)
Share-based payment transactions			202				202	-	202
Transfer to retained earnings				463	(463)		-	-	-
Changes in equity by purchase of shares	of		(2,133)				(2,133)	492	(1,641)
consolidated subsidiaries
Other			7	(823)	(1)	4	(813)	167	(646)
Balance at December 31, 2019		87,784	116,390	916,955	(82,341)	(45,313)	993,475	23,621	1,017,096
For the nine months ended December 31, 2020						(Yen in millions)
			Total equity attributable to owners of the parent		Non-
		Common	Additional	Retained	Other	Treasury		controlling	Total equity
		paid-in	components	Total	interests
		Stock	earnings	stock
		capital	of equity
Balance at April 1, 2020		87,784	114,754	924,293	(115,791)	(63,750)	947,290	20,343	967,633
Comprehensive income
Profit for the period				83,636			83,636	752	84,388
Other comprehensive income					(8,909)		(8,909)	646	(8,263)
Total comprehensive income
						74,727	1,398	76,125
Transactions with owners directly recognized in
equity:
Purchase of treasury stock						(116)	(116)	-	(116)
Dividends paid to the owners of the parent				(35,145)			(35,145)	-	(35,145)
Dividends paid to non-controlling interests							-	(645)	(645)
Share-based payment transactions			144				144	-	144
Transfer to retained earnings				1,895	(1,895)		-	-	-
Changes in equity by purchase of shares	of		(5,453)				(5,453)	(1,144)	(6,597)
consolidated subsidiaries
Other				941		8	949	93	1,042
Balance at December 31, 2020		87,784	109,445	975,620	(126,595)	(63,858)	982,396	20,045	1,002,441

19

(4) Condensed Quarterly Consolidated Statements of Cash Flows

			(Yen in millions)
	For the nine months ended December 31,
	2019		2020
Cash flows from operating activities:
Profit for the period from continuing operations	69,860		84,520
Profit (loss) for the period from discontinued operations	(19,131)		(132)
Profit for the period	50,729		84,388
Adjustments to reconcile profit for the period to net cash
provided by operating activities
Depreciation and amortization	63,233		72,171
Loss (gain) from sales, disposal or impairment of property,	846		1,975
plant and equipment
Loss from sales of discontinued operations	17,591		132
Financial expenses (income)	(778)		1,627
Share of net loss (profit) from associate accounting using the	1,231		599
equity method
Deferred income taxes	4,633		2,030
Current income taxes	20,165		22,790
Foreign currency adjustments	1,390		(8,655)
Increase (decrease) in retirement benefit liability	1,392		1,195
Decrease (increase) in accounts receivable	2,922		(24,950)
Decrease (increase) in inventories	(8,610)		785
Increase (decrease) in accounts payable	10,833		30,026
Other, net	(13,785)		(15,095)
Interests and dividends received	7,201		2,670
Interests paid	(5,991)		(3,973)
Income taxes paid	(20,775)		(21,546)
Net cash provided by operating activities	132,227		146,169

20

			(Yen in millions)
	For the nine months ended December 31,
	2019		2020
Cash flows from investing activities:
Additions to property, plant and equipment	(103,762)		(66,049)
Proceeds from sales of property, plant and	1,490		2,345
equipment
Additions to intangible assets	(8,399)		(10,020)
Proceeds from sales of discontinued operations	5,448		2,637
Acquisitions of business, net of cash acquired	(192,921)		(5,451)
Other, net	(3,518)		(693)
Net cash used in investing activities	(301,662)		(77,231)
Cash flows from financing activities:
Increase (decrease) in short term borrowings	76,625		(30,198)
Proceeds from issuance of long term debt	64		-
Repayments of long term debt	(20,463)		(18,975)
Proceeds from issuance of bonds	200,000		50,000
Redemption of bonds	(65,000)		(50,000)
Payments for acquisition of interests in subsidiaries	(2,583)		(5,311)
from noncontrolling interests
Purchase of treasury stock	(21)		(116)
Dividends paid to the owners of the parent	(32,372)		(35,145)
Other, net	422		586
Net cash (used in) provided by financing activities	156,672		(89,159)
Effect of exchange rate changes on cash and	(9,690)		1,605
cash equivalents
Net increase (decrease) in cash and cash equivalents	(22,453)		(18,616)
Cash and cash equivalents at beginning of period	242,267		206,986
Cash and cash equivalents at end of period	219,814		188,370

21

1. Notes to Condensed Quarterly Consolidated Financial Statements Notes Regarding Going Concern Assumption
   Not applicable.

Notes to Condensed Quarterly Consolidated Financial Statements

1. Reporting entity

Nidec Corporation (the "Company") is a corporation located in Japan, whose shares are listed on the Tokyo Stock Exchange. The registered addresses of headquarters and principal business offices are available on the Company's website

(https://www.nidec.com/en/).

Condensed quarterly consolidated financial statements as of December 31, 2020 and for the nine months then ended consist of the Company and its consolidated subsidiaries ("NIDEC") and interests in associates of NIDEC.

NIDEC mainly designs, develops, produces, and sells products as described below:

1. Small precision motors, which include spindle motors for hard disk drives, brushless motors, fan motors, vibration motors, brush motors and motor applications.
2. Automotive products, which include automotive motors and components.
3. Appliance, commercial and industrial products, which include home appliance, commercial and industrial motors and related products.
4. Machinery, which includes industrial robots, card readers, test systems, press machines and power transmission drives.
5. Electronic and optical components, which include switches, trimmer potentiometers, lens units and camera shutters.
6. Others, which include services.

2. Basis of preparation

1. Compliance with International Financial Reporting Standards (IFRS)
   The condensed quarterly consolidated financial statements of NIDEC have been prepared in accordance with IAS 34 "Interim

Financial Reporting" pursuant to the provision of article 93 of Regulations for Quarterly Consolidated Financial Statements, as the Company meets the criteria of a "Designated IFRS Specified Company" defined in article 1-2 of the regulations.

The condensed quarterly consolidated financial statements do not include all the information that must be disclosed in the annual consolidated financial statements, and therefore should be used in conjunction with the consolidated financial statements for the year ended March 31, 2020.

(2) Basis of measurement

The condensed quarterly consolidated financial statements have been prepared on a historical cost basis, except for some assets and liabilities, including derivative and other financial instruments measured at fair value.

(3) Presentation currency and level of rounding

The condensed quarterly consolidated financial statements are presented in Japanese Yen, which is also the Company's functional currency, and figures are rounded to the nearest million yen, unless otherwise indicated.

22

3. Significant accounting policies

Significant accounting policies adopted in preparation of the condensed quarterly consolidated financial statements are consistent

with those used in the preparation of the NIDEC's annual consolidated financial statements for the year ended March 31, 2020. Income taxes for the nine months ended December 31, 2020 are computed using the estimated annual effective tax rate.

4. Significant accounting estimates, judgments and assumptions

The preparation of the condensed quarterly consolidated financial statements requires management to make estimates, judgments

and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the end of the reporting period and the reported amounts of income and expenses during the reporting period. Actual results may differ from those estimates.

The estimates and the assumptions are reviewed on an ongoing basis, and the effects resulting from the revisions of accounting estimates are recognized in the period in which the estimates are revised and in future periods.

Significant accounting estimates and judgments that accompany estimates for the condensed quarterly consolidated financial statements as of December 31, 2020 are same as those estimates and judgments for the consolidated financial statements for the year ended March 31, 2020.

5. Business combinations

NIDEC adopts the provisions of IFRS 3 "Business Combinations".

During the three months ended June 30, 2020, NIDEC completed its valuation of the assets acquired and the liabilities assumed

upon the acquisition of the compressor business ("Embraco") and Roboteq, Inc. in the previous fiscal year. In addition, during the three months ended September 30, 2020, NIDEC completed its valuation of the assets acquired and the liabilities assumed upon the acquisition of OMRON Automotive Electronics Co. Ltd. (currently, Nidec Mobility Corporation) in the previous fiscal year. NIDEC's consolidated financial statements for the year ended March 31, 2020 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination.

Of the assets acquired and the liabilities assumed upon the acquisitions of companies in the nine months ended December 31, 2020, the assets and liabilities which are currently under evaluation have been recorded on NIDEC's consolidated statements of financial position based on provisional management estimation as of December 31, 2020.

23

3. Others

1. Quarterly Financial Data for the three months ended December 31, 2020 and September 30, 2020 and June 30, 2020

			(Yen in millions)
		For the three months ended
	June 30, 2020	September 30, 2020	December 31, 2020
Net sales	336,876	414,918	433,197
Operating profit	27,793	41,387	46,355
Profit before income taxes	27,410	38,595	43,335
Profit for the period	20,387	28,952	35,049
Profit attributable to owners of the parent	20,058	28,725	34,853

(2) Information by Product Category
For the nine months ended December 31, 2019						(Yen in millions)
	Small		Appliance,		Electronic
	Automotive	commercial		and			Eliminations/
	precision	Machinery	Others	Total	Consolidated
	Products	and industrial	optical	Corporate
	motors		products		components
Net sales:
External sales	334,932	243,021	417,580	115,213	45,400	3,462	1,159,608	-	1,159,608
Intersegment	4,473	859	4,174	10,122	4,746	1,408	25,782	(25,782)	-
Total	339,405	243,880	421,754	125,335	50,146	4,870	1,185,390	(25,782)	1,159,608
Operating expenses	298,868	225,962	394,616	108,124	46,801	4,360	1,078,731	(12,327)	1,066,404
Operating profit	40,537	17,918	27,138	17,211	3,345	510	106,659	(13,455)	93,204
For the nine months ended December 31, 2020						(Yen in millions)
	Small		Appliance,		Electronic
	Automotive	commercial		and			Eliminations/
	precision	Machinery	Others	Total	Consolidated
	Products	and industrial	optical	Corporate
	motors		products		components
Net sales:
External sales	339,952	256,008	429,299	111,516	45,681	2,535	1,184,991	-	1,184,991
Intersegment	2,434	943	5,042	6,938	3,027	631	19,015	(19,015)	-
Total	342,386	256,951	434,341	118,454	48,708	3,166	1,204,006	(19,015)	1,184,991
Operating expenses	291,166	244,877	398,121	98,761	43,722	2,928	1,079,575	(10,119)	1,069,456
Operating profit	51,220	12,074	36,220	19,693	4,986	238	124,431	(8,896)	115,535
.

24

For the three months ended December 31, 2019						(Yen in millions)
	Small		Appliance,		Electronic
	Automotive	commercial		and			Eliminations/
	precision	Machinery	Others	Total	Consolidated
	Products	and industrial	optical	Corporate
	motors		products		components
Net sales:
External sales	115,122	92,189	147,000	38,233	14,595	1,192	408,331	-	408,331
Intersegment	1,211	54	1,566	2,561	1,613	440	7,445	(7,445)	-
Total	116,333	92,243	148,566	40,794	16,208	1,632	415,776	(7,445)	408,331
Operating expenses	100,785	87,907	140,043	34,772	15,251	1,454	380,212	(3,298)	376,914
Operating profit	15,548	4,336	8,523	6,022	957	178	35,564	(4,147)	31,417
For the three months ended December 31, 2020						(Yen in millions)
	Small		Appliance,		Electronic
	Automotive	commercial		and			Eliminations/
	precision	Machinery	Others	Total	Consolidated
	Products	and industrial	optical	Corporate
	motors		products		components
Net sales:
External sales	116,490	106,873	155,965	36,866	16,074	929	433,197	-	433,197
Intersegment	857	349	2,343	2,585	1,214	213	7,561	(7,561)	-
Total	117,347	107,222	158,308	39,451	17,288	1,142	440,758	(7,561)	433,197
Operating expenses	99,226	99,545	144,110	32,087	15,619	1,085	391,672	(4,830)	386,842
Operating profit	18,121	7,677	14,198	7,364	1,669	57	49,086	(2,731)	46,355

(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 products: Automotive motors and components.
3. Appliance, commercial and industrial products: Home appliance, commercial and industrial motors and related products.
4. Machinery: Industrial robots, card readers, test systems, press machines and power transmission drives, etc.
5. Electronic and optical components: Switches, trimmer potentiometers, lens units and camera shutters, etc.
6. Others: Services, etc.

25

(3) Sales by Geographic Segment

								(Yen in millions)
	For the nine months ended December 31,		Increase or decrease
	2019		2020
	Amounts		%	Amounts		%	Amounts	%
Japan	208,340		18.0	193,796		16.4	(14,544)	(7.0)
U.S.A.	220,916		19.1	236,525		20.0	15,609	7.1
Singapore	27,071		2.3	23,319		2.0	(3,752)	(13.9)
Thailand	90,927		7.8	101,126		8.4	10,199	11.2
Germany	91,453		7.9	72,366		6.1	(19,087)	(20.9)
China	276,860		23.9	320,608		27.1	43,748	15.8
Others	244,041		21.0	237,251		20.0	(6,790)	(2.8)
Total	1,159,608		100.0	1,184,991		100.0	25,383	2.2
								(Yen in millions)
	For the three months ended December 31,		Increase or decrease
	2019		2020
	Amounts		%	Amounts		%	Amounts	%
Japan	71,601		17.5	68,765		15.9	(2,836)	(4.0)
U.S.A.	76,148		18.7	84,603		19.5	8,455	11.1
Singapore	9,180		2.2	3,127		0.7	(6,053)	(65.9)
Thailand	31,244		7.7	32,658		7.5	1,414	4.5
Germany	28,539		7.0	27,558		6.4	(981)	(3.4)
China	102,079		25.0	124,302		28.7	22,223	21.8
Others	89,540		21.9	92,184		21.3	2,644	3.0
Total	408,331		100.0	433,197		100.0	24,866	6.1

(Note) The sales are classified by domicile of the seller, and the figures exclude intra-segment transactions.

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(4) Sales by Region

								(Yen in millions)
	For the nine months ended December 31,		Increase or decrease
	2019		2020
	Amounts		%	Amounts		%	Amounts	%
North America	247,888		21.4	253,632		21.4	5,744	2.3
Asia	537,316		46.3	579,690		48.9	42,374	7.9
Europe	196,830		17.0	185,263		15.7	(11,567)	(5.9)
Others	30,792		2.6	29,643		2.5	(1,149)	(3.7)
Overseas total	1,012,826		87.3	1,048,228		88.5	35,402	3.5
Japan	146,782		12.7	136,763		11.5	(10,019)	(6.8)
Total	1,159,608		100.0	1,184,991		100.0	25,383	2.2
								(Yen in millions)
	For the three months ended December 31,		Increase or decrease
	2019		2020
	Amounts		%	Amounts		%	Amounts	%
North America	85,626		21.0	90,798		20.9	5,172	6.0
Asia	190,932		46.8	209,077		48.3	18,145	9.5
Europe	67,872		16.6	71,408		16.5	3,536	5.2
Others	13,070		3.2	12,218		2.8	(852)	(6.5)
Overseas total	357,500		87.6	383,501		88.5	26,001	7.3
Japan	50,831		12.4	49,696		11.5	(1,135)	(2.2)
Total	408,331		100.0	433,197		100.0	24,866	6.1

(Note) The sales are classified by domicile of the buyer, and the figures exclude intra-segment transactions.

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4. Overview of Consolidated Financial Results

January 25, 2021

(1) Summary of Consolidated Financial Performance															(Yen in millions)
	For the nine		For the nine		Increase or		For the three			For the three		Increase or
	months ended	months ended			months ended		months ended
	December 31,	December 31,		decrease		December 31,		December 31,		decrease
	2019		2020						2019				2020
Net Sales	1,159,608		1,184,991				2.2	%	408,331				433,197		6.1	%
Operating profit	93,204		115,535				24.0	%	31,417				46,355		47.5	%
8.0	%	9.7 %			7.7	%			10.7 %
Profit before income taxes	93,050		109,340				17.5	%	29,720				43,335		45.8	%
8.0	%	9.2 %			7.3	%			10.0 %
Profit attributable to owners of the parent	49,326		83,636				69.6	%	22,099				34,853		57.7	%
4.3	%	7.1 %			5.4 %			8.0 %
Earnings per share attributable to owners	83.80		142.79						37.55				59.50
of the parent - basic (Yen)
Earnings per share attributable to owners	-		-						-				-
of the parent - diluted (Yen)
(2) Summary of Consolidated Financial Position and Cash Flows											(Yen in millions)
		As of December 31, 2019		As of December 31, 2020			As of March 31, 2020
Total assets				2,214,301				2,113,427					2,122,493
Total equity attributable to owners of the parent			993,475				982,396					947,290
Ratio of total equity attributable to owners of the			44.9%			46.5%				44.6%
parent to total asset
		For the nine months ended		For the nine months ended			For the year ended
			December 31, 2019		December 31, 2020			March 31, 2020
Net cash provided by operating activities				132,227				146,169					168,049
Net cash used in investing activities				(301,662)				(77,231)					(311,513)
Net cash (used in) provided by financing activities			156,672				(89,159)					128,546
Cash and cash equivalents at end of period				219,814				188,370					206,986
(3) Dividends																		(Yen)
				3rd quarter end			Fiscal year end					Total
Year ended March 31, 2020 (actual)				55.00				60.00				115.00
Year ending March 31, 2021 (actual)				30.00						-					-
Year ending March 31, 2021 (forecast)							-				30.00				60.00
(4) Scope of Consolidation and Application of the Equity Method
Number of consolidated subsidiaries								333
Number of associates accounted for under the equity method						3
						Change from March 31, 2020			Change from December 31, 2019
Number of companies newly consolidated									5					10
Number of companies excluded from consolidation							4					5
Number of companies newly accounted for by the equity method				-					-
Number of companies excluded from accounting by the equity method				1					1

(Notes) 1. The amounts of percentage in "(1) Summary of Consolidated Financial Performance" represent percentage of sales.

1. "Earnings per share attributable to owners of the parent-basic" and "Earnings per share attributable to owners of the parent-diluted" have been calculated based on figures of "Profit attributable to owners of the parent".
2. NIDEC finalized the provisional accounting treatment for the business combination in the nine months ended December 31, 2020. Condensed quarterly consolidated financial statements and consolidated financial statements for the year ended March 31, 2020 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination.
3. From the three months ended June 30, 2019, the business of compressor for refrigerator of Secop has been classified as discontinued operations. As a result, the amounts of net sales, operating profit and profit before income taxes no longer include discontinued operations, presenting only the amounts for continuing operations.
4. NIDEC implemented a two-for-one stock split on our common stock effective April 1, 2020. Earnings per share attributable to owners of the parent-basic and earnings per share attributable to owners of the parent-diluted were calculated on the assumption that the relevant stock split had been implemented at the beginning of the previous fiscal year ended March 31, 2020. On the other hand, we described actual amount of dividends before the stock split for the year ended March 31, 2020.

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