TSE: 6594 OTC US: NJDCY https://www.nidec.com/en/
Nidec Corporation
Third Quarter Fiscal 2019 Results
Three and Nine Months Ended December 31, 2019
January 23, 2020
Disclaimer Regarding Forward-looking Statements
These presentation materials and the related discussions contain forward-looking statements including expectations, estimates, projections, plans and strategies. Such forward-looking statements are based on management's targets, 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 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 photo on the cover is a motion control product of Roboteq, a company acquired by Nidec Motor Corporation
2
Consolidated Profit/Loss
Millions of Yen, except | Q3/FY2018 | Q3/FY2019 | Change | FY2019 |
for percentages, EPS | (Apr-Dec) | (Apr-Dec) | Forecast | |
and FX rates | ||||
Net sales | 1,122,413 | 1,159,608 | +3.3% | 1,550,000 |
Operating profit | 124,522 | 94,754 | -23.9% | 140,000 |
Operating profit ratio | 11.1% | 8.2% | - | 9.0% |
Profit before | 126,223 | 94,600 | -25.1% | 140,000 |
income taxes | ||||
Profit for the period | ||||
from continuing | 99,370 | 71,044 | -28.5% | - |
operations | ||||
Profit attributable to | 102,842 | 50,507 | -50.9% | 85,000 |
owners of the parent | ||||
EPS (Yen) | 348.64 | 171.62 | -50.8% | 288.83 |
FX rate (Yen/US$) | Assumed for Q4: | |||
Average: | 111.14 | 108.67 | -2.2% | Yen/US$: 105 |
Term end: | 111.00 | 109.56 | -1.3% | Yen/Euro: 125 |
Note: Based on the current forecast of sales volume, every one yen appreciation or depreciation against the U.S. dollar and t he euro for FY2019 is estimated to have | |
an annualized impact of 9.0 billion yen and 1.7 billion yen on net sales, respectively, and 1.1 billion yen and 0.4 billion yen on operating profit, respectively. | 3 |
This slide includes forward-looking statements. See Disclaimer on Page 2. *Please refer to Notes on Page 19. |
Summary of Q3/FY2019
- Nine months net sales stood at record high 1,159.6 billion yen, 3% higher Y/Y.
- Q3 three months net sales stood at record high 408.3 billion yen, 5% higher Q/Q.
- Nine months operating profit stood at 94.8 billion yen, 24% lower Y/Y, due to the additional R&D and start-up costs (approx. 12 billion yen) of traction motors which are in high demand, and to the additional acquisition related expenses (approx. 3 billion yen) .
- The annual guidance has been revised down.
4
Year-on-Year Changes (Nine Months Ended Dec. 2019)
(Billions of Yen)
+56.7 | |||||||||||
+28.0 | -7.1 | -8.8 | |||||||||
+1.1 | |||||||||||
1,122.4 | -32.8 | 1,159.6 | |||||||||
Apr-Dec/FY18 | Exchange | Small Precision | Automotive | Appliance, | Machinery | Electronic | Apr-Dec/FY19 | ||||
Rate | Motors | Products | Commercial | and Optical | |||||||
and Industrial | Components | ||||||||||
(Billions of Yen) | Products | and Others | |||||||||
+5.5 | |||||||||||
-7.9 | -7.0 | +2.0 | |||||||||
-10.9 | -3.1 | -3.6 | -4.8 | ||||||||
124.5 | |||||||||||
94.8 | |||||||||||
Apr-Dec/FY18 | Exchange | Structural | Small Precision | Automotive | Appliance, | Machinery | Electronic | Eliminations/ Apr-Dec/FY19 | |||
Rate | Reform | Motors | Products | Commercial | and Optical | Corporate | |||||
Expenses | and Industrial | Components | *Please refer to Notes on Page 19. 5 | ||||||||
Products | and Others |
Quarter-on-Quarter Changes (Three Months Ended Dec. 2019)
(Billions of Yen)
+16.3 | ||||||||||
+4.8 | +1.7 | -2.7 | -1.0 | -1.2 | ||||||
408.3 | ||||||||||
390.4 | ||||||||||
Jul-Sep/FY19 | Exchange | Small Precision | Automotive | Appliance, | Machinery | Electronic | Oct-Dec/FY19 | |||
Rate | Motors | Products | Commercial | and Optical | ||||||
and Industrial | Components | |||||||||
Products | and Others | |||||||||
(Billions of Yen) | +1.9 | |||||||||
+0.3 | ||||||||||
+0.5 | +0.1 | +0.0 | +0.1 | |||||||
-1.2 | ||||||||||
-3.3 | ||||||||||
34.4 | 32.7 | |||||||||
Jul-Sep/FY19 | Exchange | Structural | Small Precision | Automotive | Appliance, | Machinery | Electronic | Eliminations/ Oct-Dec/FY19 | ||
Reform | Commercial | and Optical | Corporate | |||||||
Rate | Motors | Products | ||||||||
Expenses | and Industrial | Components | ||||||||
Products | and Others | *Please refer to Notes on Page 19. | 6 | |||||||
Consolidated Quarterly Cash Flow
(billions of yen)
100 | Operating CF | Investment CF | Free CF | ||||
58.4 | |||||||
50 | 44.7 | 51.6 | 41.2 | 41.1 | |||
32.7 | 32.7 | ||||||
0 | |||||||
-50 | |||||||
-100 | |||||||
-150 | |||||||
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 |
Operating CF remains strong
7
Downward Revision to FY2019 Forecast
Millions of Yen, | ||
except for | April 23, 2019 | October 23, 2019 |
percentages, EPS, | ||
and FX rates | ||
Net sales | 1,650,000 | 1,650,000 |
Operating profit | 175,000 | 150,000 |
Operating profit | 10.6% | 9.1% |
ratio | ||
Profit before | 170,000 | 145,000 |
income taxes | ||
Profit | ||
attributable to | 135,000 | 100,000 |
owners of the | ||
parent | ||
EPS (Yen) | 456.14 | 339.80 |
FX Rate | 105 | 105 |
(Yen/US$) | (Assumed for full-year) | (Assumed for Q3 onward) |
(1) | (2) | (1) - (2) |
Revised forecast | Q3/FY2019 | Q4/FY2019 |
(Accumulated from | (Jan.-Mar. 2020) | |
(January 23, 2020) | ||
Apr. to Dec. 2019) | (Forecast) | |
1,550,000 | 1,159,608 | 390,392 |
140,000 | 94,754 | 45,246 |
9.0% | 8.2% | 11.6% |
140,000 | 94,600 | 45,400 |
85,000 | 50,507 | 34,493 |
288.83 | 171.62 | 117.21 |
105 | 108.67 | 105 |
(Assumed for Q4) | (Actual average) | (Assumed for Q4) |
This slide includes forward-looking statements. See Disclaimer on Page 2. 8
Mid-Term Strategic Goal
Vision2020
This section includes forward-looking statements. See Disclaimer on Page 2.
9
Vision2020: Mid-Term Strategic Goal (unchanged from April 2015)
Continuous pursuit of profit & strong growth
-
Target for consolidated net sales: 2 trillion yen (including sales attributable to new M&A
of approx. 500 billion yen) - Sales target for Automotive: 700 billion to 1 trillion yen
- Target for consolidated operating profit ratio: 15%
-
Target for ROE: 18%
(assuming shareholders' equity ratio of 60%) - Five regional HQ management units
This slide includes forward-looking statements. See Disclaimer on Page 2. | 10 |
Small Precision Motor: Expansion in Sales of Thermal Solutions
New factory slated for construction in Vietnam to meet 5G-driven cooling demand
Auto | ||||||||||||
related | ||||||||||||
(Billions of Yen) | ||||||||||||
100 | New sales | |||||||||||
Communication/IT | ||||||||||||
Smart phone | Smart phone | |||||||||||
80 | Auto | related | ||||||||||
Three folds | ||||||||||||
(compared | ||||||||||||
60 | to FY2020) | |||||||||||
40 | ||||||||||||
Communication/ | ||||||||||||
IT related | ||||||||||||
20 | Two folds | |||||||||||
(compared | ||||||||||||
0 | to FY2020) | |||||||||||
FY2018 | FY2020 | FY2022 | ||||||||||
(Target) | (Target) |
This slide includes forward-looking statements. See Disclaimer on Page 2.
Auto electrification related
Heat solution in Auto such as heat control for batteries in EV
Expanding sales of heat transfer and heat dissipation products
Vapor chamber
Heat pipe
CPU / Communication base station / Gaming
Vapor chamber and heat pipe
Decided to build a new factory in Vietnam (Hanoi), in addition to existing one in China (Chongqing and Kunshan)
Hi-tech Park, Vietnam>
Production expected from April 2021
In operation | In operation11 |
Automotive: Electrification of Automotive Accelerates in Next 10 Years
Pure internal combustion engine vehicle production is expected to be cut back to half as electrification of automotive progresses and electric motor driven vehicles take over
(Millions of Units) | (%) |
EV | |
ICE* Pure |
We estimate that among electric vehicles, half (30 million) will be mild hybrids and rest are divided by EV/PHEV/HEV
(Nidec's estimates based on various sources.)
*ICE: Internal Combustion Engine | This slide includes forward-looking statements. See Disclaimer on Page 2. | 12 |
Automotive: Strong Recent Shipment Growth of Nidec's E-Axel
The sales of Nidec's E-Axel embedded GAC Aion series rapidly increasing
despite market slowdown
Exceeding 33,000 units | ||||
(Units) | on an accumulated basis | |||
E-Axle> |
GAC NE's Aion S
(Source: MarkLines) | GAC NE's Aion LX | 13 |
Automotive: Groupe PSA Starting the Operation of Production Lines for Electric Powertrains
PSA announces start of production at the Nidec-PSA joint venture Trémery plant in France
(press release dated 20 November)
・The plant is expected to have a production capacity of 120,000 units in 2020, 180,000 in 2021, and
eventually aimed to have 900,000 annual production.
・The EVs that PSA has released so far are the following 4 models: Peugeot e-208,e-2008, DS 3 Crossback E-
Tense, Opel Corsa-e.
(Source: Groupe PSA's press release) ・All Groupe PSA models will be available in an all-electricor plug-inhybrid version by 2025.
https://media.groupe-psa.com/en/tr%C3%A9mery-plant-france%E2%80%99s-grand-est-region-forefront-groupe-psa%E2%80%99s-energy-transition | 14 |
This slide includes forward-looking statements. See Disclaimer on Page 2. |
M&A Strategy (1): PMI* of Nidec Mobility Corporation in Steady Progress
Omron Automotive Electronics renamed and given fresh start as Nidec Mobility
Combining 4 product groups of Nidec Mobility with Nidec's automotive motors (drive/steer/stop) and Nidec Elesys's ADAS products
to create new businesses such as modularized products and system products
1. Active Safety
Driver monitoring sensor
3D-LiDAR
Traction motor
3. Power-supply Control
DC/DC converter for xEVs
DC/DC converter for start-stop system
*PMI: Post-Merger Integration
2. EPS | |||||
ISF* | Electric power steering unit | ||||
Next generation braking | |||||
system motor | |||||
4. Body Control | |||||
Electric power | |||||
steering motor | |||||
Body control module | |||||
Power window switch | |||||
Security entry products with anti-pinch | |||||
function | |||||
*ISF: Integrated Sensor Fusion |
New company | NIDEC MOBILITY |
name | CORPORATION |
Headquarters | Komaki, Aichi, Japan |
Member of the Board, Chairman | |
Shigenobu Nagamori | |
Principal directors | Member of the Board, |
Representative Director, | |
President Katsuhiro Wada | |
Principal locations | Japan, China, Korea, US, Canada, |
Brazil, Mexico, India, Thailand, | |
of operation | |
Germany, UK | |
Mr. Nagamori visits Nidec Mobility headquarters in Komaki in November 2019.
15
M&A Strategy (2): PMI for Embraco Making Steady Progress
Smooth and steady PMI for Embraco driven by Nidec Motor Corporation
since its acquisition in July 2019
New company | Nidec Global Appliance Compressores e |
name | Soluções em Refrigeração Ltda. |
Locations | Joinville, Brazil |
Director Valter Taranzano | |
Principal directors | Director Marcio Luiz Schissatti |
Director Jose Lainor Driessen | |
Director Adolpho Cyriaco Nunes de Souza Neto | |
Principal locations | Brazil, US, Mexico, Russia, Slovakia, Italy |
of operation | |
Mr. Nagamori visits Nidec Global Appliance Compressores e | |
Soluções em Refrigeração in November 2019 | 16 |
M&A Strategy (3): Acquisition of Roboteq
Share transfer completed to acquire a 90% stake in U.S. Roboteq through Nidec Motor Corporation
New company | Roboteq, Inc. |
name | |
Headquarters | Scottsdale, AZ, US |
Foundation | 2002 |
Founders | Cosma Pabouctsidis |
Annibale Santoni | |
Principal | Design & Sales of Ultra Low Voltage Drives |
business | |
Employees | 20 |
US$ 7.1 million (fiscal year ended December 31, 2018) | |
Sales | US$ 9.4 million (estimated, fiscal year ended December |
31, 2019) | |
Aiming to acquire technologies and products for Ultra Low Voltage drives for Automated Guided Products as well as its engineers
(DC brushless / brushed / AC induction)
system> | 17 | ||||||
Finance Strategy: Green Bonds Totaling 100 Billion Yen Issued
Use of Proceeds: Investment in R&D activities and capacity building associated with EV traction motors
Series | 9th | 10th | 11th |
Total amount of | JPY 50 billion | JPY 30 billion | JPY 20 billion | |
issue | ||||
Interest rate | 0.020% per annum | 0.090% per annum | 0.150% per annum | |
Maturity | 28 November 2022 | 28 November 2024 | 27 November 2026 | |
Payment date | 28 November 2019 | |||
Rating | AA- Rating and Investment Information, Inc. | |||
Use of proceeds | Capital expenditure and R&D expense for the production | |||
of traction motors for EVs | ||||
The company has obtained the Second Party Opinion | ||||
Eligibility of Green | for the criteria set forth by the International Capital Markets | |||
Association (ICMA) in its "Green Bond Principles 2018 (GBP) | ||||
Bond Framework | ||||
and Japan's Green Bond Guidelines 2017 from Sustainalytics, a | ||||
leading international third-party verification provider | ||||
Green Bond | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | |||
Structuring Agent | ||||
This slide includes forward-looking statements. See Disclaimer on Page 2. |
line-ups and development plans for the next generation>
April 2019 | 2023(planned) |
Ni150 Ex Series (150kW/3900Nm) | Fully coupled |
electromechanical model | |
2020 (planned) | |
Ni100 Ex Series (100kW/2400Nm) |
2021 (planned)
Ni70 Ex Series (70kW/1600Nm)
2022 (planned)
Ni50 Ex Series (50kW/1600Nm)
2 new products
2023 (planned)
Ni200 Ex Series (200kW/4200Nm)
18
Nidec IR Contacts
Japan | Tel: +81-75-935-6140 | E-mail: ir@nidec.com |
U.K. | Tel: +44-207-716-5884 | E-mail: iwai.yuji@nidec.com |
U.S. | Tel: +1-212-703-7988 | E-mail: nagase.kiyoshi@nidec.com |
Notes:
Nidec Corporation adopts the provisions of IFRS 3 "Business Combinations."
During the three months ended September 30, 2019, NIDEC completed its valuation of the assets acquired and the liabilities assumed upon the acquisition of Chaun-Choung Technology Corp., MS-Graessner GmbH & Co. KG, and its group companies in the previous fiscal year. Furthermore, during the three months ended December 31, 2019, NIDEC completed its valuation of the assets acquired and the liabilities assumed upon the acquisition of Systeme + Steuerungen GmbH and its group companies (currently, Nidec SYS GmbH) in the previous fiscal year. NIDEC's consolidated financial statements for the year ended March 31, 2019 reflect the revision of the initially allocated amounts of acquisition price as NIDEC finalized the provisional accounting treatment for the business combination.
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. 19
Appendix
Performance Trends
&
Product Group Overview
20
Three 600 Billion Yen Businesses Are Key to Achieving 2 Trillion Yen Net Sales
FY2010 | FY2018 | FY2020 | |||||||||
Net sales: 676 billion yen | Net sales: 1.475 trillion yen | Net sales: 2 trillion yen (target) | |||||||||
(Sales: Billions of Yen) | 1 T | ||||||||||
Small Precision Motors | Automotive | Appliance, Commercial and | Other Product Groups | ||||||||
Products | Industrial Products | New M&A | |||||||||
600.0 | 600.0 | 600.0 | |||
<> | |||||
495.4 | growth> | growth> | growth> | ||
441.5 | (Target) | (Target) | (Target) | ||
348.4 | |||||
297.3 | Key Growth Areas | 200.0 | |||
Key Growth Areas | 241.2 | <> | |||
164.2 | growth> | ||||
(Target) | |||||
94.2 | Key Growth Areas | ||||
69.2 |
This slide includes forward-looking statements. See Disclaimer on Page 2. | 21 |
5G Communications: New Addition to Nidec's Future Growth Drivers
Biggest innovative waves Nidec has ever seen are coming in different areas
-automobiles, robots, home appliances, drones, etc.-
Automotive electrification, EV and PHEV
-From internal combustion engine to electric motor -Once-in-a-century technological revolution
Decarbonization
Next-gen technologies stemming from
5G communications
Hardware innovation coming with data rates 100 times faster
Expansion of robot applications
-Collaborative robots advance into food, logistics and service industries. -Rapid market growth
Robotization
Home appliances driven by brushless DC motors
-Cordless and high functionality
-Innovative evolution of home appliances
Data explosion | Manpower-saving | ||
in agriculture & logistics | |||
-Serious labor constraints | |||
-Industry 4.0 | |||
Power saving | Automatization |
22
Sales by Product Group (Apr-Dec FY2019) | *Please refer to Notes on Page 19. | ||||
Services, music box products | 0.3% | Others | Parenthetic percentages represent FY2018 mix | ||
(0.3%) | |||||
Electronic & Optical | Small Precision Motors | ||||
Components | 3.9% | ||||
Camera shutters, switches, trimmer | (5.0%) | 28.9% | |||
(30.6%) | |||||
potentiometers, processing, precision plastic | |||||
mold products | 9.9% | HDD Motors | |||
(11.1%) | Other Small Motors | ||||
10.1% | |||||
Machinery | Optical disk drive motors, | ||||
(12.7%) | |||||
OA equipment motors, | |||||
Industrial robots, circuit board | 18.8% | polygon scanners motors, MPU | |||
cooling fans, game machine fans, | |||||
testers, high-speed pressing machines, | (17.9%) | ||||
PC/communications equipment fans, | |||||
chip mounters, measuring equipment, | |||||
1.1596T | home appliance fans, | ||||
power transmission equipment, | |||||
automobile fans, vibration motors, | |||||
factory automation system, card | |||||
brushed motors, stepping motors, | |||||
readers | |||||
36.0% | actuator units | ||||
(33.0%) | 21.0% | ||||
(19.9%) |
Appliance, | |
Commercial and | Automotive |
Industrial Products | |
Products | |
23
Consolidated Quarterly Net Sales and Operating Profit
Continuing WPR3 cost restructuring and preparing for demand recovery
(Net Sales in | (Operating Profit in |
Billions of Yen) | |
Billions of Yen) | |
WPR3 |
WPR1WPR2
Earthquake
Disaster
Lehman Crisis | Thai |
Floods |
-25.4
Structural Reform
24
Financial Highlights | *Please refer to Notes on Page 19. | |||||||||||||
(Billions of Yen) | (Billions of Yen) | |||||||||||||
Net sales | Operating profit | Operating profit ratio (%) | ||||||||||||
Profit before income taxes | Profit attributable to owners of the parent | |||||||||||||
372.2 | 383.2 50.5 | 390.4 | 408.3 | 49.9 | ||||||||||
367.0 | 360.9 | 45.9 | ||||||||||||
353.0 | 41.1 | |||||||||||||
45.7 | 37.3 | |||||||||||||
13.2% | 34.4 | 32.7 | 30.5 | 31.0 | 32.6 | 31.0 | ||||||||
12.3% | 28.4 | 27.7 | 24.1 | |||||||||||
24.4 | 23.0 | |||||||||||||
7.7% | 8.8% | 8.0% | ||||||||||||
7.7% | ||||||||||||||
1.5% | 5.4 | 4.3 | 7.6 | 3.3 | ||||||||||
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 | Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 | |
(Yen/share) | ||||||||||||||||||||||||||||||
(Billions of Yen) | ||||||||||||||||||||||||||||||
Year-end | Interim | Consolidated EPS | ||||||||||||||||||||||||||||
Operating activities | Investment activities | Free cash flow | ||||||||||||||||||||||||||||
132.2 | ||||||||||||||||||||||||||||||
137.5 | ||||||||||||||||||||||||||||||
442 | 55.0 | |||||||||||||||||||||||||||||
60.0 | (Forecast) | |||||||||||||||||||||||||||||
18.9 | ||||||||||||||||||||||||||||||
50.0 | ||||||||||||||||||||||||||||||
374 | 289 | |||||||||||||||||||||||||||||
(Forecast) | -118.6 | -169.4 | ||||||||||||||||||||||||||||
45.0 | 50.0 | 55.0 | ||||||||||||||||||||||||||||
-301.7 | ||||||||||||||||||||||||||||||
FY17 | FY18 | FY19 | Apr-Dec/FY18 | Apr-Dec/FY19 | 25 | |||||||||||||||||||||||||
Product Group Overview | *Please refer to Notes on Page 19. | |||||||||||
(Billions of Yen) | ||||||||||||
(Billions of Yen) | ||||||||||||
Sales | Operating profit | Sales | Operating profit | |||||||||
20.6 | ||||||
16.5 | 14.9 | 14.5 | 15.5 | |||
98.2 | 10.5 | |||||
122.6 | 114.3 | 111.8 | 115.1 | |||
106.3 | ||||||
2.6 | ||||||
108.0 | ||||||
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 |
10.9 | 12.0 | |||||
5.7 | 73.5 | 6.8 | 6.8 | |||
92.2 | ||||||
74.7 | 4.3 | |||||
77.2 | 75.3 | |||||
75.5 | ||||||
71.9 | ||||||
5.3 | ||||||
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 |
<Appliance, Commercial and Industrial Products>
(Billions of Yen)
Sales | Operating profit | |||
13.2 | 13.1 | 10.1 | ||||
8.7 | ||||||
120.9 | 8.7 | 147.6 | 147.0 | |||
127.0 | 123.0 | 124.6 | 123.0 | |||
4.8 | ||||||
3.0 | ||||||
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 |
(Billions of Yen)
Sales | Operating profit | |||
8.2 | 7.7 | ||||||
5.5 | 5.4 | 6.0 | 6.1 | ||||
1.6 | |||||||
42.6 | 42.8 | 39.5 | 39.0 | 38.1 | 38.9 | 38.2 | |
Q1/FY18 | Q2 | Q3 | Q4 | Q1/FY19 | Q2 | Q3 | 26 |
*Please refer to Notes on Page 19.
Vision2020 : Pursuing Both Strong Growth with Profit and Financial Soundness
Targeting operating profit ratio of 15% and ROE of 18% while sustaining and improving financial soundness
(Billions of Yen) | Shareholders' equity (LHS) | (%) | |||||||||||
1,500 | 65% | ||||||||||||
Shareholders' equity ratio (RHS) | 60.0% | ||||||||||||
ROE (RHS) | 54.9% | 55.4% | 60% | ||||||||||
Operating profit ratio (RHS) | 1200.0 | ||||||||||||
1,200 | 52.6% | 53.0% | |||||||||||
55% | |||||||||||||
50.4% | |||||||||||||
49.1% | 47.5% | 997.2 | |||||||||||
50% | |||||||||||||
46.2% | |||||||||||||
932.5 | |||||||||||||
44.4% | |||||||||||||
900 | 846.6 | ||||||||||||
42.3% | 41.3% | 45% | |||||||||||
763.0 | |||||||||||||
745.0 | |||||||||||||
Shareholders' equity ratio | |||||||||||||
600 | 518.0 | 18.0% | 20% | ||||||||||
16.3% | 15.0% | ||||||||||||
14.7% | |||||||||||||
ROE | 13.8% | ||||||||||||
415.7 | 12.1% | 12.0% | |||||||||||
11.2% | 11.9% | 11.4% | 15% | ||||||||||
9.2% | 15.0% | ||||||||||||
300 | 13.9% | 13.7% | |||||||||||
11.6% | 11.4% | 10% | |||||||||||
340.3 | 355.3 | 10.7% | 2.5% | 9.7% | 10.8% | 10.0% | |||||||
8.9% | 8.8% | ||||||||||||
Operating profit ratio | 370.2 | ||||||||||||
297.1 | 5% | ||||||||||||
2.0% | |||||||||||||
0 | |||||||||||||
0% | |||||||||||||
FY08 | FY09 | FY10 | FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY20 | ||
(Target) | |||||||||||||
US GAAP | IFRS |
This slide includes forward-looking statements. See Disclaimer on Page 2.
The three elements for
ROE improvement
- Net profit on sales
- Total asset turnover
- Financial leverage
27
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Nidec Corporation published this content on 23 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2020 08:33:06 UTC