FORM 6-K
U.S.SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Commission File Number: 1-15238
Supplement For the month of February 2007.
Total number of pages: 24
The exhibit index is located on page 1
NIDEC CORPORATION
(Translation of registrant’s name into English)
338 KuzeTonoshiro-Cho,
Minami-Ku,Kyoto 601-8205 Japan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_____
Information furnished on this form:
EXHIBITS
Exhibit Number
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 1, 2007 | ||||
NIDEC CORPORATION | ||||
By: /S/ Hiroshi Toriba | ||||
Senior General Manager, Investor Relations |
2
FOR IMMEDIATE RELEASE
NIDEC CORPORATION
New York Stock Exchange symbol: NJ
Stock exchange code (Tokyo, Osaka): 6594
Contact: | |
Hiroshi Toriba | |
Senior General Manager | |
Investor Relations | |
+81-75-935-6140 | |
HIROSHI_TORIBA@notes.nidec.co.jp |
QUARTERLY FINANCIAL STATEMENTS (U.S. GAAP)
(U.S. GAAP) RESULTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2006 (Unaudited)
(FROM APRIL 1, 2006 TO DECEMBER 31, 2006)
CONSOLIDATED
Released on February 1, 2007
3
NIDEC CORPORATION
Stock Listings: Tokyo Stock Exchange, Osaka Securities Exchange and the New York Stock Exchange
Head Office: Kyoto, Japan
1. Items regarding preparing quarterly financial information
A. Accounting standards: | U.S. GAAP |
B. Change in method of accounting procedure: | Not applicable |
C. Scope of consolidation and application of the equity method: | |
Number of consolidated subsidiaries: | 103 |
Number of affiliates accounted for by the equity method: | 4 |
D. Change in scope of consolidation and application of the equity method: | |
Change from March 31, 2006: | |
Newly included in consolidation | 10 |
Excluded from consolidation | 1 |
Newly included in accounted for by the equity method: | - |
Excluded from accounted for by the equity method: | 1 |
Change from December31, 2005: | |
Newly included in consolidation: | 12 |
Excluded from consolidation: | 2 |
Newly included in accounted for by the equity method: | 1 |
Excluded from accounted for by the equity method: | 1 |
2. Selected Consolidated Financial Performance
(1) Consolidated Financial Results (from October 1, 2006 to December 31, 2006)
Japanese yen (Millions except per share amounts) | ||
Three months ended December 31, | ||
2006 | 2005 | |
Net sales | ¥159,304 | ¥136,729 |
Percent change from the previous period | 16.5% | 6.6% |
Operating income | 17,031 | 15,003 |
Percent change from the previous period | 13.5% | 3.6% |
Income before provision for income taxes | 18,057 | 19,638 |
Percent change from the previous period | (8.1)% | 61.2% |
Net income | 9,299 | 12,124 |
Percent change from the previous period | (23.3)% | 49.8% |
Net income per share- basic | ¥64.28 | ¥84.43 |
Net income per share- diluted | ¥62.46 | ¥81.38 |
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Notes:
1. Percentage change indicates the change relative to the same period of the previous fiscal year.
2. Average number of shares issued and outstanding (consolidated):
144,674,716 shares for the three months ended December 31, 2006
143,589,093 shares for the three months ended December 31, 2005
3. A two-for-one stock split on the Company’s common stock effective November 18, 2005 was implemented for shareholders of record as of September 30, 2005. Therefore, per-share amounts of basic and diluted net income for the three months ended December 31, 2005 retroactively reflect the effect of the stock split, assuming the split had taken effect on April 1, 2005.
(2) Consolidated Financial Results (from April 1, 2006 to December 31, 2006)
Japanese yen (Millions except per share amounts) | |||
Nine months ended December 31, | Year ended March 31, | ||
2006 | 2005 | 2006 | |
Net sales | ¥459,141 | ¥392,903 | ¥536,858 |
Percent change from the previous period | 16.9% | 7.8% | 10.5% |
Operating income | 49,077 | 40,081 | 53,426 |
Percent change from the previous period | 22.4% | 3.9% | (0.4)% |
Income before provision for income taxes | 50,718 | 49,825 | 64,378 |
Percent change from the previous period | 1.8% | 25.8% | 12.4% |
Net income | 30,075 | 32,525 | 40,949 |
Percent change from the previous period | (7.5)% | 34.7% | 22.4% |
Net income per share- basic | ¥207.92 | ¥227.31 | ¥285.47 |
Net income per share- diluted | ¥202.04 | ¥218.58 | ¥275.05 |
Notes:
1. Percentage change indicates the change relative to the same period of the previous fiscal year.
2. Average number of shares issued and outstanding (consolidated):
144,646,244 shares for the nine months ended December 31, 2006
143,086,117 shares for the nine months ended December 31, 2005
143,444,914 shares for the year ended March 31, 2006
3. A two-for-one stock split on the Company’s common stock effective November 18, 2005 was implemented for shareholders of record as of September 30, 2005. Therefore, per-share amounts of basic and diluted net income for the nine months ended December 31, 2005 retroactively reflect the effect of the stock split, assuming the split had taken effect on April 1, 2005.
5
Qualitative information and overview of consolidated business performance
During the first three quarters of fiscal 2006, net sales grew by approximately ¥66,200 million (17%) year-on-year, and operating income rose by ¥9,000 million (just over 22%).
Over the first three quarters of fiscal 2006 (the nine-month period April 1, 2006 to December 31, 2006) total consolidated net sales reached ¥459,141 million, rising 16.9% in comparison to the corresponding nine-month period of the previous fiscal year, while consolidated operating income increased by ¥8,996 million, or 22.4%, to ¥49,077 million. However, factors in non-operating areas, including a substantial decline in foreign exchange gain, a drop in gains on sales of marketable securities, and a special income tax of ¥2,875 million associated with transfer pricing taxation, resulted in a 7.5% decline in consolidated net income to ¥30,075 million. Excluding the factor regarding transfer pricing taxation, consolidated net income would have increased by around ¥430 million year-on-year.
The following discussion, including year-on-year comparisons, refers to the third quarter alone.
Net sales for the third quarter were ¥159,304 million, up ¥22,575 million, or 16.5%, in comparison with the third quarter of the previous fiscal year, and operating income rose by ¥2,028 million, or 13.5%, to ¥17,031 million. Income before provision for income taxes, however, fell ¥1,581 million to ¥18,057 million, as a result of a decline in foreign exchange gain and gains on sales of marketable securities. As a result of the above factors and the increase in corporate taxes, net income declined ¥2,825 million year-on-year to ¥9,299 million. However, if the effect of transfer pricing taxation were excluded, net income would actually have increased by ¥50 million over the third quarter of the previous year.
Compared to the second quarter of fiscal 2006, third quarter net sales increased ¥5,286 million, or 3.4%, but operating income rose only a slight ¥19 million. Net income for the quarter declined ¥2,628 million, or 22.0%, as a result of the fall in foreign exchange gain and the increase in corporate taxes. If the effect of the transfer pricing taxation on third-quarter income were excluded, net income would have increased by approximately ¥250 million.
Total net sales for the third quarter were up ¥22,575 million, or 16.5%, year-on-year, and all segments including small precision motors business posted double-digit growth. Sales for each business segment were as follows.
6
Net sales in the small precision motors business rose ¥11,331 million, or 15.7%, to ¥83,302 million. Sales of spindle motors for hard disk drives (HDDs) grew approximately ¥9,500 million, or 22%, and by volume increased 26%. Average selling prices were down approximately 3% on a yen basis, and, because the exchange rate was almost unchanged from the third quarter of the previous fiscal year, dollar-denominated sales prices were also about 3% lower. In comparison with the second quarter, sales volume rose approximately 5%, representing growth of approximately 4 million HDD spindle motors. Net sales of DC motors increased approximately ¥1,200 million, or 6.5%, but this included the sales contributed by group companies such as Nidec Sankyo, which showed a 4% decline. Accordingly, sales for Nidec and its direct subsidiaries dealing in DC motors, chiefly DC motors for optical disk drives, rose approximately 13%. Sale s for brushless DC fans grew by around ¥1,100 million, or 12%, year-on-year.
Net sales in the mid-size motor business rose by ¥11,699 million, or 27.2%. Of that increase, sales of motors for automobiles contributed approximately ¥600 million, around one and a half times the sales for the same period last year. In addition, motors for home appliances and industrial use both increased, with sales of the former in particular growing nearly 30%.
Net sales in the machinery business were ¥19,743 million, a ¥2,857 million, or 16.9%, year-on-year increase. The rate of growth slowed in the third quarter compared with the 29% growth rate of the first half, due to lackluster growth in Nidec Sankyo’s machinery-related sales.
Net sales in the electronic and optical components business rose approximately ¥5,200 million, or 15.8%, to ¥37,807 million. This was primarily due to steady growth in sales of Nidec Copal’s camera shutters, plastic lens units, and other optical equipment, as well as expansion in sales of Nidec Copal Electronics’ electronic circuit components.
Net sales in “other” businesses totaled ¥6,753 million, an increase of ¥716 million. Around ¥500 million of this increase was due to growth in sales of pivot assemblies.
Operating income for the third quarter was ¥17,031 million, up slightly more than ¥2,000 million, or 13.5%, year-on-year. Most of this growth was in the electric motors business, with operating income from small precision motors up just over ¥1,500 million and from mid-size motors up nearly ¥800 million.
7
In the small precision motors business, operating income climbed ¥1,528 million to ¥11,128 million, supported by strong demand for spindle motors for HDDs and motors for optical disk drives. The profit ratio recovered to around 13%, almost the level seen in the third quarter of the previous fiscal year. The 16% increase in sales contributed to the increase in profits. Compared to the second quarter of fiscal 2006, the profit ratio also improved by around 0.5%, boosted by the growth in sales.
The mid-size motors segment moved into the black, posting profits of ¥383 million. This was due chiefly to adjustments in the sales prices of motors for home appliances to allow for the absorption of escalating raw materials prices, and to substantial growth in sales of electric motors for consumer electronics and automotive motors.
The machinery business posted operating income of ¥3,219 million, an increase of around ¥150 million. Strong demand for capital investment overall drove increased sales. However, sales of Nidec Sankyo’s robot systems and other machinery were already at high levels in the third quarter of the previous fiscal year, explaining the relatively slight increase in revenue achieved in the third quarter. This, in turn, held profit growth in the sector to a low level. Notably, factors including the deferment of capital investment in the LCD industry resulted in a decline in third-quarter operating income of around ¥1,400 million in the robot systems business in comparison with the second quarter of fiscal 2006.
Operating income in the electronic and optical components business was ¥2,513 million, a ¥350 million year-on-year decline. The principal cause of this was a decline in sales of precision components by Nidec Nisshin, Nidec Pigeon, and other Nidec Sankyo Group members. Operating profits at other Group companies were substantially unchanged from the third quarter of the previous fiscal year.
“Other” businesses recorded operating income of ¥850 million, up around ¥300 million. This was due to improved profitability in Nidec Tosok’s auto parts business and Nidec’s pivot assemblies business.
Despite the ¥2,000 million growth in operating income to reach ¥18,057 million, income before provision for income taxes was down ¥1,581 million year-on-year. This was due to factors in non-operating areas, including a decline of approximately ¥2,000 million in foreign exchange gain, and a drop of just over ¥1,700 million in gains on sales of marketable securities.
Net income declined ¥2,825 million to ¥9,299 million, as a result of the ¥1,700 million increase in corporate taxes brought about by the decision to change to transfer pricing taxation. Corporate taxes associated with transfer pricing totaled ¥2,875 million, and if this were excluded, net income would in fact have increased by about ¥50 million.
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(3) Consolidated Financial Position
Japanese yen (Millions except per share amounts) | |||
December 31, | March 31, | ||
2006 | 2005 | 2006 | |
Total assets | ¥626,113 | ¥551,474 | ¥565,970 |
Shareholders’ equity | 293,059 | 247,962 | 263,659 |
Shareholders’ equity to total assets | 46.8% | 45.0% | 46.6% |
Shareholders’ equity per share | ¥2,025.28 | ¥1,724.67 | ¥1,823.12 |
Note:
Number of shares issued and outstanding at end of period (consolidated):
144,700,532 shares at December 31, 2006
143,774,210 shares at December 31, 2005
144,619,182 shares at March 31, 2006
Consolidated Results of Cash Flows
Japanese yen (Millions ) | |||
December 31, | March 31, | ||
2006 | 2005 | 2006 | |
Net cash provided by operating activities | ¥43,261 | ¥35,507 | ¥55,932 |
Net cash used in investing activities | (45,140) | (29,402) | (43,975) |
Net cash provided by (used in) financing activities | (14,804) | 9,662 | 5,344 |
Cash and cash equivalents at end of period | ¥76,833 | ¥90,248 | ¥92,079 |
Qualitative information and overview of changes in financial position
Changes in the company’s balance sheets include a ¥60,143 million increase in total assets in comparison with the end of the previous fiscal year (March 31, 2006). This growth reflects increases in trade notes receivable, inventories, property, plant and equipment, and goodwill. Shareholders’ equity was up by ¥29,400 million in comparison with the end of fiscal 2005.
Cash Flows
Cash and cash equivalents at the end of the third quarter (December 31, 2006) were ¥76,833 million, down ¥15,246 million from the end of the previous fiscal year (March 31, 2006). The following outlines the cash flow situation for the first three quarters of fiscal 2006.
9
Net cash provided by operating activities was ¥43,261 million, up ¥7,754 million from the same period of the previous fiscal year. Although net income fell by ¥2,450 million, depreciation and amortization increased ¥2,136 million, trade notes and accounts receivable and inventories increased by ¥4,802 million, and trade notes and accounts payable decreased by ¥6,348 million. Foreign currency translation adjustments yielded ¥4,183 million, to which was added ¥2,584 million in gains from sale of securities, ¥2,165 million in accrued income taxes, and other adjustments of ¥682 million.
Net cash used in investing activities was ¥45,140 million. The main components of this were ¥30,640 million used for the acquisition of property, plant, and equipment (capital investment), ¥9,185 million used for the acquisition of consolidated subsidiaries, additional investments in consolidated subsidiaries of ¥6,308 million, and ¥379 million in income from the sale of marketable securities.
Net cash used in financing activities was ¥14,804 million. The main components of this were a net decrease in short-term borrowings of ¥3,810 million, repayment of long-term loans of ¥3,759 million, and ¥5,785 million in dividends paid.
Qualitative information regarding forecast of business results
There are no changes to the forecast of consolidated performance for fiscal 2006 released on October 27, 2006.
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Special Note Regarding Forward-looking Statements This press release contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) about Nidec and its group companies (the Nidec Group). These forward-looking statements are based on the current expectations, assumptions, estimates and projections of the Nidec Group in light of the information currently available to them. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “plan” or similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of the Nidec Group’s financial condition, or state other forward-looking information. Known and unknown risks, uncertainties and other factors could cause the actual results to differ materially from those contained in any forward-looking statement. We cannot promise that our expectations expressed in these forward-looking statements will turn out to be correct. Our actual results could be materially different from and worse than our expectations as a result of certain factors, including, but not limited to (i) the Nidec Group’s ability to design, develop, mass produce and win acceptance of their products, (ii) general economic conditions in the computer, information technology and related product markets, particularly levels of consumer spending, (iii) exchange rate fluctuations, particularly between the Japanese yen and the U.S. dollar and other currencies in which we make significant sales or in which the Nidec Group’s assets and liabilities are denominated, (iv) the Nidec Group’s ability to acquire and successfully integrate companies with complementary technologies a nd product lines, and (v) adverse changes in laws, regulations or economic policies in any of the countries where the Nidec Group has manufacturing operations, especially China. |
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2. Consolidated Financial Statements and other Information
Consolidated balance sheets- Assets
Yen in millions | |||||||
December 31, 2006 | December 31, 2005 | Inc or Dec | March 31, 2006 | ||||
Current assets: | |||||||
Cash and cash equivalents | ¥76,833 | ¥90,248 | ¥(13,415) | ¥92,079 | |||
Trade notes receivable | 19,483 | 16,911 | 2,572 | 15,740 | |||
Trade accounts receivable | 146,969 | 125,256 | 21,713 | 127,998 | |||
Inventories: | |||||||
Finished goods | 27,347 | 26,431 | 916 | 25,924 | |||
Raw materials | 17,546 | 14,668 | 2,878 | 14,145 | |||
Work in process | 16,343 | 15,612 | 731 | 16,662 | |||
Project in progress | 1,287 | 1,012 | 275 | 893 | |||
Supplies and other | 2,957 | 2,815 | 142 | 2,850 | |||
Other current assets | 19,521 | 12,683 | 6,838 | 15,256 | |||
Total | 328,286 | 52.4% | 305,636 | 55.4% | 22,650 | 311,547 | 55.0% |
Investments and loan receivable: | |||||||
Marketable securities and other securities investments | 21,718 | 19,777 | 1,941 | 21,328 | |||
Investments in and advances to affiliates | 2,909 | 2,149 | 760 | 2,868 | |||
Total | 24,627 | 3.9 | 21,926 | 4.0 | 2,701 | 24,196 | 4.3 |
Property, plant and equipment: | |||||||
Land | 38,274 | 34,410 | 3,864 | 36,088 | |||
Buildings | 97,773 | 86,901 | 10,872 | 89,039 | |||
Machinery and equipment | 236,982 | 205,297 | 31,685 | 210,108 | |||
Construction in progress | 14,608 | 6,010 | 8,598 | 8,780 | |||
Sub-total | 387,637 | 61.9 | 332,618 | 60.3 | 55,019 | 344,015 | 60.8 |
Less - Accumulated depreciation | (188,173) | (30.0) | (163,281) | (29.6) | (24,892) | (167,787) | (29.6) |
Total | 199,464 | 31.9 | 169,337 | 30.7 | 30,127 | 176,228 | 31.2 |
Goodwill | 63,674 | 10.2 | 43,433 | 7.9 | 20,241 | 44,266 | 7.8 |
Other non-current assets | 10,062 | 1.6 | 11,142 | 2.0 | (1,080) | 9,733 | 1.7 |
Total assets | ¥626,113 | 100.0% | ¥551,474 | 100.0% | ¥74,639 | ¥565,970 | 100.0% |
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Consolidated balance sheets- Liabilities and shareholders’ equity
Yen in millions | |||||||
December 31, 2006 | December 31, 2005 | Inc or Dec | March 31, 2005 | ||||
Current liabilities: | |||||||
Short-term borrowings | ¥53,302 | ¥47,155 | ¥6,147 | ¥43,621 | |||
Current portion of long-term debt | 3,018 | 6,160 | (3,142) | 4,647 | |||
Trade notes and accounts payable | 121,349 | 105,922 | 15,427 | 109,053 | |||
Other current liabilities | 32,903 | 25,762 | 7,141 | 28,809 | |||
Total | 210,572 | 33.6% | 184,999 | 33.5% | 25,573 | 186,130 | 32.9% |
Long-term liabilities: | |||||||
Long-term debt | 33,425 | 35,228 | (1,803) | 32,134 | |||
Accrued pension and severance costs | 13,855 | 9,903 | 3,952 | 9,704 | |||
Other long-term liabilities | 8,417 | 12,209 | (3,792) | 11,365 | |||
Total | 55,697 | 8.9 | 57,340 | 10.4 | (1,643) | 53,203 | 9.4 |
Total liabilities | 266,269 | 42.5 | 242,339 | 43.9 | 23,930 | 239,333 | 42.3 |
Minority interest in consolidated subsidiaries | 66,785 | 10.7 | 61,173 | 11.1 | 5,612 | 62,978 | 11.1 |
Shareholders’ equity: | |||||||
Common stock | 65,802 | 10.5 | 63,416 | 11.5 | 2,386 | 65,649 | 11.6 |
Additional paid-in capital | 68,399 | 10.9 | 66,020 | 12.0 | 2,379 | 68,240 | 12.1 |
Retained earnings | 150,624 | 24.1 | 117,910 | 21.4 | 32,714 | 126,334 | 22.3 |
Accumulated other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 5,089 | (2,081) | 7,170 | (75) | |||
Unrealized gains (losses) on securities | 3,516 | 2,953 | 563 | 3,863 | |||
Minimum pension liability adjustment | (115) | (56) | (59) | (115) | |||
Total comprehensive income (loss) | 8,490 | 1.3 | 816 | 0.1 | 7,674 | 3,673 | 0.6 |
Treasury stock, at cost | (256) | (0.0) | (200) | (0.0) | (56) | (237) | (0.0) |
Total shareholders’ equity | 293,059 | 46.8 | 247,962 | 45.0 | 45,097 | 263,659 | 46.6 |
Total liabilities and shareholders’ equity | ¥626,113 | 100.0% | ¥551,474 | 100.0% | ¥74,639 | ¥565,970 | 100.0% |
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Consolidated statements of income
Yen in millions | ||||||||
Three months ended December 31, | Nine months ended December 31, | |||||||
2006 | 2005 | 2006 | 2005 | |||||
Net sales | ¥159,304 | 100.0% | ¥136,729 | 100.0% | ¥459,141 | 100.0% | ¥392,903 | 100.0% |
Cost of products sold | 122,232 | 76.7 | 104,830 | 76.6 | 352,307 | 76.7 | 301,376 | 76.7 |
Selling, general and administrative expenses | 12,095 | 7.6 | 9,709 | 7.1 | 34,123 | 7.4 | 30,023 | 7.6 |
Research and development expenses | 7,946 | 5.0 | 7,187 | 5.3 | 23,634 | 5.2 | 21,423 | 5.5 |
Operation expenses | 142,273 | 89.3 | 121,726 | 89.0 | 41,064 | 89.3 | 352,822 | 89.8 |
Operating income | 17,031 | 10.7 | 15,003 | 11.0 | 49,077 | 10.7 | 40,081 | 10.2 |
Other income (expense): | ||||||||
Interest and dividend income | 544 | 355 | 1,808 | 1,079 | ||||
Interest expenses | (355) | (356) | (1,351) | (827) | ||||
Foreign exchange gain (loss), net | 1,131 | 3,129 | 1,826 | 7,645 | ||||
Gain (loss) from marketable securities, net | (13) | 1,732 | 240 | 2,835 | ||||
Gain (loss) from derivative instruments, net | (1) | 22 | (20) | 36 | ||||
Other, net | (280) | (247) | (862) | (1,024) | ||||
Total | 1,026 | 0.6 | 4,635 | 3.4 | 1,641 | 0.3 | 9,744 | 2.5 |
Income before provision for income taxes | 18,057 | 11.3 | 19,638 | 14.4 | 50,718 | 11.0 | 49,825 | 12.7 |
Provision for income taxes | (6,913) | (4.3) | (5,194) | (3.8) | (14,020) | (3.0) | (11,111) | (2.8) |
Income before minority interest and equity in earnings of affiliated companies | 11,144 | 7.0 | 14,444 | 10.6 | 36,698 | 8.0 | 38,714 | 9.9 |
Minority interest in income (loss) of consolidated subsidiaries | 1,802 | 1.2 | 2,369 | 1.7 | 6,587 | 1.4 | 6,211 | 1.6 |
Equity in net (income) loss of affiliated companies | 43 | 0.0 | (49) | (0.0) | 36 | 0.0 | (22) | (0.0) |
Net income | ¥9,299 | 5.8% | ¥12,124 | 8.9% | ¥30,075 | 6.6% | ¥32,525 | 8.3% |
Yen in millions | ||||||
For the three months ended | ||||||
June 30, 2006 | September 30, 2006 | December 31, 2006 | ||||
Net sales | ¥145,819 | 100.0% | ¥154,018 | 100.0% | ¥159,304 | 100.0% |
Operating income | 15,034 | 10.3 | 17,012 | 11.1 | 17,031 | 10.7 |
Income before provision for income taxes | 14,028 | 9.6 | 18,633 | 12.2 | 18,057 | 11.3 |
Net income | ¥8,849 | 6.1% | ¥11,927 | 7.8% | ¥9,299 | 5.8% |
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Consolidated statements of shareholders’ equity and comprehensive income (loss)
Yen in millions | ||||||||||||||
For the nine months ended December 31, 2006 | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, at cost | |||||||||
Shares | Amount | Total | ||||||||||||
Balance at March 31, 2006 | 144,661,292 | ¥65,649 | ¥68,240 | ¥126,334 | ¥3,673 | ¥(237) | ¥263,659 | |||||||
Comprehensive income: | ||||||||||||||
Net income | 30,075 | 30,075 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Foreign currency translation adjustments | 5,164 | 5,164 | ||||||||||||
Unrealized losses on securities, net of reclassification adjustment | (347) | (347) | ||||||||||||
Minimum pension liability adjustment | - | - | ||||||||||||
Total comprehensive income | 34,892 | |||||||||||||
Dividends paid | (5,785) | (5,785) | ||||||||||||
Exercise of stock option | 83,600 | 153 | 163 | 316 | ||||||||||
Issuance cost of new stock | (4) | (4) | ||||||||||||
Purchase of treasury stock | (19) | (19) | ||||||||||||
Balance at December 31, 2006 | 144,744,892 | ¥65,802 | ¥68,399 | ¥150,624 | ¥8,490 | ¥(256) | ¥293,059 |
Yen in millions | ||||||||||||||
For the nine months ended December 31, 2005 | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, at cost | |||||||||
Shares | Amount | Total | ||||||||||||
Balance at March 31, 2005 | 142,504,926 | ¥61,180 | ¥63,799 | ¥88,954 | ¥(6,745) | ¥(148) | ¥207,040 | |||||||
Comprehensive income: | ||||||||||||||
Net income | 32,525 | 32,525 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||
Foreign currency translation adjustments | 7,385 | 7,385 | ||||||||||||
Unrealized losses on securities, net of reclassification adjustment | 176 | 176 | ||||||||||||
Minimum pension liability adjustment | 0 | 0 | ||||||||||||
Total comprehensive income | 40,086 | |||||||||||||
Dividends paid | (3,569) | (3,569) | ||||||||||||
Conversion of convertible debt | 1,214,865 | 2,066 | 2,066 | 4,132 | ||||||||||
Exercise of stock option | 92,600 | 170 | 170 | 340 | ||||||||||
Issuance cost of new stock | (15) | (15) | ||||||||||||
Purchase of treasury stock | (52) | (52) | ||||||||||||
Balance at December 31, 2005 | 143,812,391 | ¥63,416 | ¥66,020 | ¥117,910 | ¥816 | ¥(200) | ¥247,962 |
Note:
* A two-for-one stock split on the Company’s common stock effective November 18, 2005 was implemented for shareholders of record as of September 30, 2005. Therefore the number of common stock as of March 31, 2005 and December 31, 2005 have been accordingly reflected the effect of the stock split.
15
Consolidated Statement of Cash Flows
Japanese yen (Millions) | |||
For the nine- month period ended December 31, | Year ended March 31, | ||
2006 | 2005 | 2006 | |
Cash flows from operating activities: | |||
Net income | ¥30,075 | ¥32,525 | ¥40,949 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 20,957 | 18,821 | 26,626 |
Loss (gain) on marketable securities, net * | (251) | (2,835) | (3,869) |
Loss (gain) on sales, disposal or impairment of fixed assets | 1,100 | 128 | 189 |
Minority interest in income of consolidated subsidiaries | 6,587 | 6,211 | 8,170 |
Equity in net loss (income) of affiliated companies | 36 | (22) | 46 |
Loss (gain) on derivative instruments, net | 20 | (36) | (75) |
Foreign currency adjustments | 14 | (4,169) | (4,237) |
Changes in operating assets and liabilities: | |||
Decrease (increase) in notes and accounts receivable | (12,680) | (8,973) | (9,806) |
Decrease (increase) in inventories | (1,305) | (9,814) | (10,256) |
Increase (decrease) in notes and accounts payable | 844 | 7,192 | 7,943 |
Increase (decrease) in accrued income taxes | (146) | (2,311) | 601 |
Other | (1,990) | (1,210) | (349) |
Net cash provided by operating activities | 43,261 | 35,507 | 55,932 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (30,640) | (30,019) | (43,185) |
Proceeds from sales of property, plant and equipment | 860 | 557 | 1,505 |
Purchases of marketable securities | (2) | (3) | (329) |
Proceeds from sales of marketable securities | 379 | 3,062 | 4,083 |
Proceeds from sales of investments in affiliated companies | 774 | - | - |
Payments for additional investments in subsidiaries | (6,308) | (4,117) | (5,283) |
Acquisitions of consolidated subsidiaries, net of cash acquired | (9,185) | - | - |
Other | (1,018) | 1,118 | (766) |
Net cash used in investing activities | (45,140) | (29,402) | (43,975) |
Cash flows from financing activities: | |||
Increase (decrease) in short-term borrowings | (3,810) | 16,493 | 13,080 |
Proceeds from issuance of long-term debt | - | 100 | 100 |
Repayments of long-term debt | (3,759) | (2,058) | (3,130) |
Proceeds from issuance of new shares | 307 | 340 | 454 |
Dividends paid | (5,785) | (3,569) | (3,569) |
Other | (1,757) | (1,644) | (1,591) |
Net cash provided by (used in) financing activities | (14,804) | 9,662 | 5,344 |
Effect of exchange rate changes on cash and cash equivalents | 1,437 | 4,370 | 4,667 |
Net increase (decrease) in cash and cash equivalents | (15,246) | 20,137 | 21,968 |
Cash and cash equivalents at beginning of period | 92,079 | 70,111 | 70,111 |
Cash and cash equivalents at end of the third quarter | ¥76,833 | ¥90,248 | ¥92,079 |
Note: * Following the share exchange of Sumitomo Mitsui Financial Group, Inc. and SMBC Friend Securities Co., Ltd., on September 1, 2006, Nidec’s shares of SMBC Friend Securities Co., Ltd. were exchanged for the shares of the company, Sumitomo Mitsui Financial Group. As a result of this share exchange, Nidec record a gain of ¥45 million for six months ended September 30, 2006, included in ¥251 million of “Loss (gain) on marketable securities, net.”
Following the merger of Mitsubishi Tokyo Financial Group, Inc. and UFJ Holdings, Inc., on October 1, 2005, Nidec’s shares of UFJ Holdings, Inc. were exchanged for the shares of the new company, Mitsubishi UFJ Financial Group. As a result of this share exchange, Nidec record a gain of ¥1,123 million for the year ended March 31, 2006, included in ¥3,869 million of “Loss (gain) on sales of marketable securities, net”.
16
Segment information
1) Operating Segment Information
(Three months data)
Yen in millions | ||||||
Three months ended December 31, 2006 | Three months ended December 31, 2005 | Increase or decrease | ||||
Net sales: | ||||||
Nidec Corporation | ¥45,722 | 17.1% | ¥43,687 | 17.6% | ¥2,035 | 4.7% |
Nidec Electronics (Thailand) Co., Ltd. | 23,261 | 8.7 | 20,463 | 8.3 | 2,798 | 13.7 |
Nidec (Zhejiang) Corporation | 5,484 | 2.0 | 5,667 | 2.3 | (183) | (3.2) |
Nidec (Dalian) Limited | 12,506 | 4.7 | 12,361 | 5.0 | 145 | 1.2 |
Nidec Singapore Pte. Ltd. | 11,751 | 4.4 | 15,974 | 6.5 | (4,223) | (26.4) |
Nidec (H. K.) Co., Ltd. | 10,514 | 3.9 | 7,328 | 3.0 | 3,186 | 43.5 |
Nidec Philippines Corporation | 12,443 | 4.6 | 8,747 | 3.5 | 3,696 | 42.3 |
Nidec Sankyo Corporation | 18,465 | 6.9 | 21,707 | 8.8 | (3,242) | (14.9) |
Nidec Copal Corporation | 19,008 | 7.1 | 13,715 | 5.5 | 5,293 | 38.6 |
Nidec Tosok Corporation | 5,596 | 2.1 | 5,748 | 2.3 | (152) | (2.6) |
Nidec Copal Electronics Corporation | 5,397 | 2.0 | 5,029 | 2.0 | 368 | 7.3 |
Nidec Shibaura Corporation | 4,851 | 1.8 | 3,589 | 1.4 | 1,262 | 35.2 |
Nidec-Shimpo Corporation | 3,581 | 1.3 | 2,615 | 1.1 | 966 | 36.9 |
Nidec Nissin Corporation | 2,972 | 1.1 | 3,294 | 1.3 | (322) | (9.8) |
All others | 86,523 | 32.3 | 77,646 | 31.4 | 8,877 | 11.4 |
Sub-total | 268,074 | 100.0% | 247,570 | 100.0% | 20,504 | 8.3 |
Adjustments and eliminations | (108,770) | - | (110,841) | - | 2,071 | - |
Consolidated total | ¥159,304 | - | ¥136,729 | - | ¥22,575 | 16.5% |
17
Yen in millions | ||||||
Three months ended December 31, 2006 | Three months ended December 31, 2005 | Increase or decrease | ||||
Operating income: | ||||||
Nidec Corporation | ¥2,931 | 18.1% | ¥2,555 | 17.2% | ¥376 | 14.7% |
Nidec Electronics (Thailand) Co., Ltd. | 2,972 | 18.3 | 3,146 | 21.2 | (174) | (5.5) |
Nidec (Zhejiang) Corporation | 89 | 0.5 | 49 | 0.3 | 40 | 81.6 |
Nidec (Dalian) Limited | 1,212 | 7.5 | 953 | 6.4 | 259 | 27.2 |
Nidec Singapore Pte. Ltd. | 350 | 2.2 | 316 | 2.1 | 34 | 10.8 |
Nidec (H. K.) Co., Ltd. | 81 | 0.5 | 85 | 0.6 | (4) | (4.7) |
Nidec Philippines Corporation | 1,260 | 7.8 | 336 | 2.3 | 924 | 275.0 |
Nidec Sankyo Corporation | 1,489 | 9.2 | 2,444 | 16.5 | (955) | (39.1) |
Nidec Copal Corporation | 984 | 6.1 | 727 | 4.9 | 257 | 35.4 |
Nidec Tosok Corporation | 493 | 3.0 | 227 | 1.5 | 266 | 117.2 |
Nidec Copal Electronics Corporation | 589 | 3.6 | 551 | 3.7 | 38 | 6.9 |
Nidec Shibaura Corporation | (46) | (0.3) | (120) | (0.8) | 74 | - |
Nidec-Shimpo Corporation | 517 | 3.2 | 103 | 0.7 | 414 | 401.9 |
Nidec Nissin Corporation | 144 | 0.9 | 206 | 1.4 | (62) | (30.1) |
All others | 3,157 | 19.4 | 3,264 | 22.0 | (107) | (3.3) |
Sub-total | 16,222 | 100.0% | 14,842 | 100.0% | 1,380 | 9.3 |
Adjustments and eliminations | 809 | - | 161 | - | 648 | - |
Consolidated total | ¥17,031 | - | ¥15,003 | - | ¥2,028 | 13.5% |
__________________
Note: 1. The operating segments are the segments of Nidec for which separate financial information is available and for which operating profit or loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
2. Segmental profit or loss is determined using the accounting principles in the segment’s country of domicile.
18
(Nine months data)
Yen in millions | ||||||
Nine months ended December 31, 2006 | Nine months ended December 31, 2005 | Increase or decrease | ||||
Net sales: | ||||||
Nidec Corporation | ¥134,757 | 17.1% | ¥126,498 | 17.7% | ¥8,259 | 6.5% |
Nidec Electronics (Thailand) Co., Ltd. | 63,493 | 8.1 | 56,953 | 8.0 | 6,540 | 11.5 |
Nidec (Zhejiang) Corporation | 15,377 | 2.0 | 14,592 | 2.0 | 785 | 5.4 |
Nidec (Dalian) Limited | 38,789 | 4.9 | 36,811 | 5.2 | 1,978 | 5.4 |
Nidec Singapore Pte. Ltd. | 39,101 | 5.0 | 47,034 | 6.6 | (7,933) | (16.9) |
Nidec (H. K.) Co., Ltd. | 28,450 | 3.6 | 19,194 | 2.7 | 9,256 | 48.2 |
Nidec Philippines Corporation | 35,042 | 4.4 | 22,159 | 3.1 | 12,883 | 58.1 |
Nidec Sankyo Corporation | 60,401 | 7.7 | 64,436 | 9.0 | (4,035) | (6.3) |
Nidec Copal Corporation | 53,845 | 6.8 | 39,327 | 5.5 | 14,518 | 36.9 |
Nidec Tosok Corporation | 16,683 | 2.1 | 16,975 | 2.4 | (292) | (1.7) |
Nidec Copal Electronics Corporation | 17,156 | 2.2 | 16,307 | 2.3 | 849 | 5.2 |
Nidec Shibaura Corporation | 13,655 | 1.7 | 11,793 | 1.7 | 1,862 | 15.8 |
Nidec-Shimpo Corporation | 10,035 | 1.3 | 8,124 | 1.1 | 1,911 | 23.5 |
Nidec Nissin Corporation | 8,589 | 1.1 | 10,002 | 1.4 | (1,413) | (14.1) |
All others | 252,626 | 32.0 | 223,337 | 31.3 | 29,289 | 13.1 |
Sub-total | 787,999 | 100.0% | 713,542 | 100.0% | 74,457 | 10.4 |
Adjustments and eliminations | (328,858) | - | (320,639) | - | (8,219) | - |
Consolidated total | ¥459,141 | - | ¥392,903 | - | ¥66,238 | 16.9% |
19
Yen in millions | ||||||
Nine months ended December 31, 2006 | Nine months ended December 31, 2005 | Increase or decrease | ||||
Operating income: | ||||||
Nidec Corporation | ¥8,558 | 17.7% | ¥6,807 | 16.9% | ¥1,751 | 25.7% |
Nidec Electronics (Thailand) Co., Ltd. | 8,263 | 17.1 | 8,310 | 20.6 | (47) | (0.6) |
Nidec (Zhejiang) Corporation | 121 | 0.2 | 124 | 0.3 | (3) | (2.4) |
Nidec (Dalian) Limited | 3,344 | 6.9 | 2,731 | 6.8 | 613 | 22.4 |
Nidec Singapore Pte. Ltd. | 1,171 | 2.4 | 833 | 2.1 | 338 | 40.6 |
Nidec (H. K.) Co., Ltd. | 266 | 0.5 | 265 | 0.7 | 1 | 0.4 |
Nidec Philippines Corporation | 2,894 | 6.0 | 444 | 1.1 | 2,450 | 551.8 |
Nidec Sankyo Corporation | 6,285 | 13.0 | 6,647 | 16.5 | (362) | (5.4) |
Nidec Copal Corporation | 2,627 | 5.4 | 1,651 | 4.1 | 976 | 59.1 |
Nidec Tosok Corporation | 1,253 | 2.6 | 247 | 0.6 | 1,006 | 407.3 |
Nidec Copal Electronics Corporation | 2,165 | 4.5 | 2,266 | 5.6 | (101) | (4.5) |
Nidec Shibaura Corporation | (13) | (0.0) | (194) | (0.5) | 181 | - |
Nidec-Shimpo Corporation | 1,096 | 2.3 | 259 | 0.6 | 837 | 323.2 |
Nidec Nissin Corporation | 396 | 0.8 | 702 | 1.7 | (306) | (43.6) |
All others | 10,026 | 20.6 | 9,243 | 22.9 | 783 | 8.5 |
Sub-total | 48,452 | 100.0% | 40,335 | 100.0 | 8,117 | 20.1 |
Adjustments and eliminations | 625 | - | (254) | - | 879 | - |
Consolidated total | ¥49,077 | - | ¥40,081 | - | ¥8,996 | 22.4% |
__________________
Note: 1. The operating segments are the segments of Nidec for which separate financial information is available and for which operating profit or loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.
2. Segmental profit or loss is determined using the accounting principles in the segment’s country of domicile.
20
SUPPORT DOCUMENTATION
1. Business Segment Information
(Three months data)
Japanese yen (Millions) | |||||||||||||||
Three months ended December 31, 2006 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥83,302 | ¥11,699 | ¥19,743 | ¥37,807 | ¥6,753 | ¥159,304 | ¥(-) | ¥159,304 | |||||||
Intersegment | 56 | 36 | 3,006 | 41 | 1,079 | 4,218 | (4,218) | - | |||||||
Total | 83,358 | 11,735 | 22,749 | 37,848 | 7,832 | 163,522 | (4,218) | 159,304 | |||||||
Operating expenses | 72,230 | 11,352 | 19,530 | 35,335 | 6,982 | 145,429 | (3,156) | 142,273 | |||||||
Operating income | ¥11,128 | ¥383 | ¥3,219 | ¥2,513 | ¥850 | ¥18,093 | ¥(1,062) | ¥17,031 |
Japanese yen (Millions) | |||||||||||||||
Three months ended December 31, 2005 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥71,971 | ¥9,195 | ¥16,886 | ¥32,640 | ¥6,037 | ¥136,729 | ¥(-) | ¥136,729 | |||||||
Intersegment | 79 | 25 | 2,347 | 94 | 1,014 | 3,559 | (3,559) | - | |||||||
Total | 72,050 | 9,220 | 19,233 | 32,734 | 7,051 | 140,288 | (3,559) | 136,729 | |||||||
Operating expenses | 62,450 | 9,638 | 16,163 | 29,870 | 6,498 | 124,619 | (2,893) | 121,726 | |||||||
Operating income | ¥9,600 | ¥(418) | ¥3,070 | ¥2,864 | ¥553 | ¥15,669 | ¥(666) | ¥15,003 |
21
(Nine months data)
Japanese yen (Millions) | |||||||||||||||
Nine months ended December 31, 2006 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥235,803 | ¥33,984 | ¥63,473 | ¥106,321 | ¥19,560 | ¥459,141 | ¥(-) | ¥459,141 | |||||||
Intersegment | 138 | 117 | 8,864 | 275 | 3,232 | 12,626 | (12,626) | - | |||||||
Total | 235,941 | 34,101 | 72,337 | 106,596 | 22,792 | 471,767 | (12,626) | 459,141 | |||||||
Operating expenses | 205,305 | 33,566 | 60,463 | 99,720 | 20,411 | 419,465 | (9,401) | 410,064 | |||||||
Operating income | ¥30,636 | ¥535 | ¥11,874 | ¥6,876 | ¥2,381 | ¥52,302 | ¥(3,225) | ¥49,077 |
Japanese yen (Millions) | |||||||||||||||
Nine months ended December 31, 2005 | |||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | ||||||||
Net sales: | |||||||||||||||
Customers | ¥202,359 | ¥27,152 | ¥50,794 | ¥95,828 | ¥16,770 | ¥392,903 | ¥(-) | ¥392,903 | |||||||
Intersegment | 293 | 73 | 8,606 | 429 | 2,840 | 12,241 | (12,241) | - | |||||||
Total | 202,652 | 27,225 | 59,400 | 96,257 | 19,610 | 405,144 | (12,241) | 392,903 | |||||||
Operating expenses | 176,066 | 28,719 | 51,896 | 88,086 | 18,108 | 362,875 | (10,053) | 352,822 | |||||||
Operating income | ¥26,586 | ¥(1,494) | ¥7,504 | ¥8,171 | ¥1,502 | ¥42,269 | ¥(2,188) | ¥40,081 |
________________
Notes:
1. Segments are classified based on similarities in product type, product attributes, and production and sales methods.
2. Major products of each business segment:
(1) Small precision motors: Small precision DC motors (including spindle motors for HDDs), small precision fans, brush motors, vibration motors
(2) Mid-size motors: Motors for home appliances, automobiles and industrial use
(3) Machinery: Power transmission drives, semiconductor production equipment, precision equipment and FA equipment
(4) Electronic and Optical components: Electronic components and optical components
(5) Other: Automobile components, pivot assemblies, other components, service etc.
22
2. Sales by Geographic Segment
(Three months data)
Yen in millions | ||||||
Three months ended December 31, 2006 | Three months ended December 31, 2005 | Increase or decrease | ||||
Japan | ¥86,497 | 54.3% | ¥72,410 | 53.0% | ¥14,087 | 19.5% |
America | 1,949 | 1.2 | 2,109 | 1.5 | (160) | (7.6) |
Singapore | 14,308 | 9.0 | 18,320 | 13.4 | (4,012) | (21.9) |
Thailand | 21,874 | 13.7 | 15,127 | 11.1 | 6,747 | 44.6 |
Philippines | 3,638 | 2.3 | 1,576 | 1.2 | 2,062 | 130.8 |
China | 9,956 | 6.2 | 8,675 | 6.3 | 1,281 | 14.8 |
Other | 21,082 | 13.3 | 18,512 | 13.5 | 2,570 | 13.9 |
Total | ¥159,304 | 100.0% | ¥136,729 | 100.0% | ¥22,575 | 16.5% |
(Nine months data)
Yen in millions | ||||||
Nine months ended December 31, 2006 | Nine months ended December 31, 2005 | Increase or decrease | ||||
Japan | ¥253,577 | 55.2% | ¥215,181 | 54.8% | ¥38,396 | 17.8% |
America | 5,828 | 1.3 | 6,289 | 1.6 | (461) | (7.3) |
Singapore | 46,732 | 10.2 | 54,124 | 13.8 | (7,392) | (13.7) |
Thailand | 57,120 | 12.4 | 40,039 | 10.2 | 17,081 | 42.7 |
Philippines | 9,710 | 2.1 | 4,894 | 1.2 | 4,816 | 98.4 |
China | 27,097 | 5.9 | 22,136 | 5.6 | 4,961 | 22.4 |
Other | 59,077 | 12.9 | 50,240 | 12.8 | 8,837 | 17.6 |
Total | ¥459,141 | 100.0% | ¥392,903 | 100.0% | ¥66,238 | 16.9% |
________________
Note: The sales are classified by geographic areas of the seller and the figures exclude intra-segment transactions.
23
3. Sales by Region
Yen in millions | ||||||
Nine months ended December 31, 2006 | Nine months ended December 31, 2005 | Increase or decrease | ||||
North America | ¥13,828 | 3.0% | ¥12,638 | 3.2% | ¥1,190 | 9.4% |
Asia | 285,878 | 62.3 | 243,081 | 61.9 | 42,797 | 17.6 |
Other | 16,498 | 3.6 | 14,372 | 3.6 | 2,126 | 14.8 |
Overseas sales total | 316,204 | 68.9 | 270,091 | 68.7 | 46,113 | 17.1 |
Japan | 142,937 | 31.1 | 122,812 | 31.3 | 20,125 | 16.4 |
Consolidated total | ¥459,141 | 100.0% | ¥392,903 | 100.0% | ¥66,238 | 16.9% |
________________
Note: Sales by region are classified by geographic areas of the buyer and the figures exclude intra-segment transactions.
24