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 2008.
Total number of pages: 28
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, 2008 | ||||
NIDEC CORPORATION | ||||
By: /S/ Hiroshi Toriba | ||||
Senior General Manager, Investor Relations |
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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, 2007 (Unaudited)
(FROM APRIL 1, 2007 TO DECEMBER 31, 2007)
CONSOLIDATED
Released on February 1, 2008
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NIDEC CORPORATION
Stock Listings: Tokyo Stock Exchange, Osaka Securities Exchange and the New York Stock Exchange
Head Office:Kyoto, Japan
1. Selected Consolidated Financial Data (U.S. GAAP)
(from April 1, 2007 to December 31, 2007)
(1) Consolidated Results of Operations
Yen in millions (except for per share amounts) | |||
Nine months ended December 31 | Year ended March 31 | ||
2007 | 2006 | 2007 | |
Net sales | ¥558,988 | ¥459,141 | ¥629,667 |
Percent change from the previous period | 21.7% | 16.9% | 17.3% |
Operating income | 57,150 | 49,077 | 64,009 |
Percent change from the previous period | 16.4% | 22.4% | 19.8% |
Income before provision for income taxes | 53,652 | 50,718 | 65,595 |
Percent change from the previous period | 5.8% | 1.8% | 1.9% |
Net income | 34,303 | 30,075 | 39,932 |
Percent change from the previous period | 14.1% | (7.5)% | (2.5)% |
Net income per share -basic | ¥236.73 | ¥207.92 | ¥276.03 |
Net income per share -diluted | ¥230.28 | ¥202.04 | ¥268.25 |
(2) Consolidated Financial Position
Yen in millions (except for per share amounts) | |||
December 31 | March 31 | ||
2007 | 2006 | 2007 | |
Total assets | ¥700,686 | ¥626,113 | ¥662,623 |
Shareholders’ equity | 331,650 | 293,059 | 305,016 |
Shareholders’ equity to total assets | 47.3% | 46.8% | 46.0% |
Shareholders’ equity per share | ¥2,288.18 | ¥2,025.28 | ¥2,107.40 |
(3) Consolidated Results of Cash Flows
Yen in millions | |||
December 31 | March 31 | ||
2007 | 2006 | 2007 | |
Net cash provided by operating activities | ¥57,285 | ¥43,261 | ¥64,723 |
Net cash used in investing activities | (32,887) | (45,140) | (78,935) |
Net cash provided by (used in) financing activities | (22,100) | (14,804) | 8,943 |
Cash and cash equivalents at the end of the period | ¥90,187 | ¥76,833 | ¥88,784 |
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2. Dividend Condition
Yen | |||
Year ending March 31, 2008 | Year ended March 31, 2007 | ||
Dividend per share (interim) | ¥25.00 | ¥20.00 | |
Dividend per share (year-end) | ¥25.00 * | ¥25.00 | |
Dividend per share (annual) | ¥50.00 * | ¥45.00 |
Note:
* The dividends per share (year-end) and (annual) are forecast amounts.
3. Forecasted Consolidated Financial Results (For the year ending March 31, 2008)
Yen in millions (except for per share amounts) | |
Net sales | ¥720,000 |
Operating income | 75,000 |
Income before income taxes and minority interests | 75,000 |
Net income | 45,000 |
Net income per share | ¥310.53 |
4. Others
(1) Change in number of material subsidiaries during the nine months ended December 31, 2007
(due to change in the scope of consolidation) : No
(2) Adoption of simplified accounting method : Yes
Please see the “Qualitative Information and Financial Statements” 4.Others (2), described as below.
(3) Changes in accounting method from last consolidated fiscal year ended March 31, 2007 : Yes
(4) Scope of consolidation and application of equity method
Number of consolidated subsidiaries: | 127 |
Number of affiliates accounted for by the equity method: | 4 |
(5) Change in scope of consolidation and application of equity method
a) Changes from March 31, 2007
Number of subsidiaries newly included in consolidation: | 10 |
Number of subsidiaries excluded from consolidation: | - |
Number of affiliates newly accounted for by the equity method: | - |
Number of affiliates excluded from accounting by the equity method: | - |
b) Changes from December 31, 2006
Number of subsidiaries newly included in consolidation: | 25 |
Number of subsidiaries excluded from consolidation: | 1 |
Number of affiliates newly accounted for by the equity method: | - |
Number of affiliates excluded from accounting by the equity method: | - |
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Qualitative Information and Financial Statements
1. Qualitative Information Regarding Consolidated Business Results
(1) Cumulative Results for the Nine Months Ended December 31, 2007
By the end of the first three quarters of fiscal 2007, the market for small precision motors, Nidec’s core business, had pulled out of its first-quarter slump and regained its strength. Other businesses bottomed out and began to recover strongly in the fourth quarter of last fiscal year and the first quarter of this fiscal year. This was the effect of efforts invested by every business segment in the “three news” (new market, new customers, and new products), and significant improvements in the areas of technology and costs. Nidec is also moving forward strongly with the restructuring of its business through the addition of newly consolidated subsidiaries, while continuously implementing improvements to management. This brought year-on-year improvements in net sales, operating income and net income for the first nine months of the fiscal year, and the company achieved its performance forecasts for the period. Also boost ed by the addition of newly consolidated subsidiaries, net sales rose approximately 22% in comparison to the same period of the previous fiscal year, while operating income rose more than 16%, and consolidated net income grew 14%.
Net income for the nine months ended December 31, 2007, rose 21.7%, or ¥99,800 million, to ¥558,988 million. Operating income increased 16.4%, or ¥8,100 million, to ¥57,150 million. Operating income for the machinery business declined from ¥11,900 million for the same period of the previous fiscal year to ¥8,600 million for the first nine months of this fiscal year, a decline of ¥3,300 million. However, higher operating income in other business segments offset this decline. If the machinery business is excluded, the other business segments achieved growth in operating income of approximately 30%.
Income before provision for income taxes rose 5.8%, or approximately ¥2,900 million. However, a foreign exchange loss of approximately ¥2,800 million was posted (following a foreign exchange gain of approximately ¥1,800 million in the same period of the previous fiscal year), for a total negative year-on-year effect on the income of ¥4,600 million. Despite this, we were able to cover the decline by decrease of provision for income taxes and decrease of minority interest in income of consolidated subsidiaries. This allowed our net income to grow 14.1%, or approximately ¥4,200 million, to ¥34,303 million.
Net sales by business were as follows.
Net sales for the small precision motor business showed substantial growth, rising 25.2%, or ¥59,500 million, to ¥295,326 million. The addition of newly consolidated subsidiaries accounted for 10.7% of the sales growth, with other operations accounting for the remaining 14.5%. Spindle motors for hard disk drives posted healthy performance, achieving growth of 17% in the volume of sales, and 18% in the value of sales. Yen-denominated sales prices rose by almost 1%. However, the value of the yen declined by 1%, which prevented growth in dollar-based sales. During the period under review, the growth in sales of the motors for 2.5-inch hard drives once again greatly outstripped that of the motors for 3.5-inch hard drives. Sales of motors for micro drives 1.8-inches or smaller declined slightly. Net sales of DC motors increased 25%, or approximately ¥14,200 million. Of this, 14% can be attributed to the addition of newly consolidated subsidiaries. Net sales of the brushless DC motors of Nidec Corporation and its direct-line subsidiaries rose 11%, or ¥4,100 million, year-on-year, and the volume of sales increased approximately 19%. This is due to a conspicuous, continuous increase in sales volume of brushless DC motors for optical disk drives, accompanied by declining sales prices and falling sales of high-value products such as DC motors for OA equipment. Net sales of brushless DC fans increased 26%, or ¥7,600 million, of which newly consolidated subsidiaries accounted for more than 18%. Sales of the brushless DC fans of Nidec Corporation and its direct-line subsidiaries rose 7.3%.
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Net sales of mid-size motors business increased approximately 109%, or ¥37,000 million, to ¥70,941 million. This increase was mainly due to ¥27,500 million of Nidec Motors & Actuators, which was acquired from Valeo S. A. Even exclusive of this effect, though, net sales of mid-size motors increased almost 30% as a result of growth in sales of motors for automobiles and motors for home appliances and industrial use.
Net sales for the machinery business decreased approximately 16%, or ¥10,300 million, to ¥53,130 million. This was the result of a decline in shipments of liquid crystal substrate robots by Nidec Sankyo Corporation. However, Nidec Tosok Corporation, Nidec-Shimpo Corporation, and Nidec-Read Corporation maintained their strong performance and posted growth in sales.
Net sales for the electronic and optical components business posted a gain of 13%, or ¥13,500 million, to ¥119,822 million in comparison to the same period of the previous fiscal year. This was due to the fact that Nidec Copal’s sales in this segment increased approximately 13% in shutters for digital cameras and plastic lens units segments, including for mobile telephones, and Nidec Copal Electronics’ sales in this segment increased approximately 38% in motors for amusement and the effect of the acquisition of Fujisoku Corporation. Sales of optical pick-up units by Nidec Sankyo group declined 19% year-on-year, but this was offset by growth in sales of home appliances units, and higher revenues at Nidec Pigeon Corporation, which is Nidec Sankyo’s subsidiary.
Net sales for the “others” segment increased approximately 1%, or ¥200 million, to ¥19,769 million. Sales of its pivot assemblies for hard disk drives by Nidec Singapore Pte. Ltd. decreased, while sales of automobile parts by Nidec Tosok rose approximately 7%.
Operating income for the nine months ended December 31, 2007 rose 16.4%, or ¥8,073 million, to ¥57,150 million. Substantial growth was seen in operating income from small precision motors, mid-size motors, and electronic and optical components, but the income from other businesses and the machinery business decreaed. The consolidated operating income ratio edged down 0.5 percentage points in comparison with the same period of the previous fiscal year. Although newly consolidated subsidiaries are making a contribution to the growth of net sales, at present there is a temporary surge in business restructuring expenses, which is having a negative effect on our operating income. However, these temporary losses were nearly completed during the third quarter of this fiscal year. In addition, all business segments have moved forward with measures to improve performance, which allowed the company to post a record high operating inco me ratio of 11.8% for these three months ended December 31, 2007 alone.
Operating income for the small precision motors business for the first nine months of this fiscal year increased approximately 23%, or ¥7,200 million, to ¥37,799 million. The operating income ratio was 12.8%. Despite factors such as the transient losses of newly consolidated subsidiaries, and net sales growth that failed to avert low profit margins, an operating income ratio near the level seen in the same period of the previous fiscal year was achieved.
Operating income for the mid-size motors business was ¥1,735 million. This represents a year-on-year increase of approximately ¥1,200 million. The primary reasons for the increase in operating income are the progress seen in measures to improve earnings in motors for electric home appliances and industrial use, particularly in overseas manufacturing, and the expansion of demand for motors for use in air conditioning and other home electric appliances. Automotive power steering motors also made a contribution to profits.
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Operating income for the machinery business fell by approximately ¥3,300 million to ¥8,600 million. Nidec Sankyo’s robot business was performing strongly during the same period of the previous fiscal year, with operating income at a high level. During the period under review, sales in the robot business declined significantly. The failure of demand to recover in the third quarter was the principle cause of declining profits. Nidec-Shimpo, Nidec-Read, and Nidec Tosok achieved year-on-year growth in operating income.
Operating income for the electronic and optical components business increased ¥3,000 million to ¥9,908 million in comparison to the corresponding period of the previous fiscal year. This is an indicator of the recovery of profitability in the electronic and optical components businesses of Nidec Copal Electronics and Nidec Copal, as well as higher sales of Nidec Copal Electronics’ motors for amusement machines and improved profitability of new products such as Nidec Copal’s shutters for digital cameras and plastic lens units. In addition, decreases in unprofitable products by Nidec Sankyo’s optical pick-up unit made a contribution to the growth of the operating income.
Operating income for the “others” segment declined by ¥800 million to ¥1,606 million. This was mainly due to the effect of declining sales of pivot assemblies. Orders received for automobile parts from principal customers finally recovered, but the gain was insufficient to offset the drop in sales of pivot assemblies.
(2) Performance for the Three Months Ended December 31, 2007
Below, we will discus performance for the third quarter of fiscal 2007. Net sales increased 23.2% year-on-year, or approximately ¥37,000 million, to approximately ¥196,300 million. Compared to the second quarter ended September 30, 2007, third quarter net sales increased by 3.0%, or ¥5,800 million. Operating income for the third quarter of this fiscal year increased 35.5% year-on-year, or approximately ¥6,000 million year-on-year, to approximately ¥23,100 million, rising by 21.6%, or approximately ¥4,100 million, in comparison to the second quarter. Consolidated net income for the third quarter increased 50.0%, or ¥4,600 million year-on-year, to approximately ¥13,900 million, and increased by 50.9%, or approximately ¥4,700 million, in comparison to the second quarter.
Next, we will discuss trends in performance, comparing the third quarter with the second quarter of fiscal 2007. As noted above, net sales increased by ¥5,800 million over the second quarter. Sales of small precision motors rose 3.9% to ¥4,100 million, representing 71% of the total growth in sales. It is noteworthy that sales of spindle motors for hard disk drives increased by 8.6%, or approximately ¥5,000 million, which is more than the increase in the entire small precision motors business. Sales of brushless DC motors and fan motors are at high levels, but declined slightly. (When newly consolidated subsidiaries are excluded, the sales rose 9.3% in comparison to the same period of the previous fiscal year.) In other business segments, sales of mid-size motors rose 3.6%, or approximately ¥800 million. Sales of “others” businesses increased approximately ¥800 million, or 13.0%, sales of machinery increased slightly, and sales of electronic and optical equipment decreased slightly. However, in comparison to the third quarter of the previous fiscal year, sales of mid-size motors were approximately double, and electronic and optical components were up 7.7%. With the exception of machinery, where sales declined 8.0%, performance in all areas improved steadily. Total operating income rose approximately ¥4,100 million, with small precision motors gaining 16%, or ¥2,000 million, mid-size motors increasing ¥100 million, and electronic and optical components posting growth of ¥700 million, machinery increasing ¥100 million, and “others” business including automotive parts, increased ¥600 million. All business segments have posted income growth for two consecutive quarters, which shows the progress of efforts to improve profitability at all consolidated subsidiaries.
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2. Qualitative Information Regarding Financial Position and Cash Flows
Total assets as of December 31, 2007 increased approximately ¥38,100 million compared to March 31, 2007. This was mainly due to the effect of newly consolidated subsidiaries, Japan Servo and its subsidiaries. Cash and cash equivalents, account receivables, inventories, and property, plant and equipment increased approximately ¥1,400 million, ¥23,100 million, ¥6,700 million, and ¥4,500 million, respectively.
Regarding total liabilities, short-term and long-term borrowings decreased approximately ¥5,700 million, trade notes and accounts payable increased approximately ¥13,900 million compared to March 31, 2007.
Regarding shareholders’ equity, retained earnings increased approximately ¥26,100 million. Minority interest in consolidated subsidiaries increased approximately ¥4,300 million, due mainly to the effect of newly consolidated subsidiaries, Japan Servo and its subsidiaries.
As a result, our shareholders’ equity was approximately ¥331,700 million. Our shareholders’ equity per total assets became 47.3%.
(Overview of Cash Flow)
The balance of cash and cash equivalents as of December 31, 2007 was ¥90,187 million, an increase of ¥1,403 million from the balance as of March 31, 2007.
Cash flow provided by operating activities was ¥57,285 million for the nine months ended December 31, 2007 (“this period”). This was mainly due to the fact that cash flow provided by net income, depreciation and amortization was totaled approximately 62,500 million, while cash flow used in change of operating assets and liabilities of ¥8,500 million.
Cash flow used in investing activities was ¥32,887 million, out of which payments for capital investment were approximately ¥26,000 million, acquisition of consolidated subsidiaries, net of cash acquired was approximately ¥2,600 million, and additional investment in subsidiaries was approximately ¥6,600 million during this period.
Cash flow used in financing activities was ¥22,100 million, resulting from a repayment of short-term and long-term borrowings total of approximately ¥12,400 million, repayment of lease obligations of approximately ¥1,400 million and dividend payment of approximately ¥7,200 million.
3. Qualitative Information Regarding Forecasts of Consolidated Performance
The forecasts of consolidated performance released on April 25, 2007 remain fundamentally unchanged.
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Performance during the first nine months of the current fiscal year has been very close to forecasts. Cumulative net sales for the nine-month period were 77.6% of the forecast for the fiscal year, and operating income was at 76.2% of the fiscal-year forecast. Net income was also at 76.2% of the fiscal-year forecast. The performance of Nidec’s core small precision motor business remained strong, including spindle motors for hard disk drives, which are the segment’s signature products. Demand is expected to remain at high levels in the fourth quarter. There is concern, however, that business segments other than small precision motors will be affected by a business slump in both the U.S. and Japan, which could result in sudden declines in demand and sales prices, and these circumstances do not permit optimism. Further, the forecasts of performance for the fiscal year were based on an assumed exchange rate of ¥115 to the U. S. dollar, but we are now seeing an appreciation of the yen. This will show an influence on performance beginning in January, but it is difficult to predict the strength of its effect in a market that fluctuates sharply on a daily basis, such as we have now. Despite these circumstances, Nidec’s management will move forward with vigorous measures to improve performance despite changes in the external environment. Therefore, the initial forecasts of performance for the fiscal year remain unchanged.
4. Others
(1) Change in number of material subsidiaries during the nine months ended Deccember 31, 2007 (due to change in the scope of consolidation) : No
(2) Adoption of simplified accounting method :
(Corporate income tax reporting standards)
Corporate income tax and other taxes are calculated using simplified methods, including the use of expected annual tax rate based on the legal income tax rate.
(3) Changes in accounting method in last consolidated fiscal year ended March 31, 2007:
(Calculation method for salvage value of machineries and equipment)
For Nidec Corporation and its subsidiaries located in Japan, Nidec changed its calculation method for salvage value of machineries and equipments, from 5% of acquisition costs of the assets to memorandum prices. This is because, at the time of disposition, the assets were worth less than 5% of the acquisition cost. The change of the calculation method did not have any material impact on their operating results for the nine months ended December 31, 2007.
(Income tax)
In June 2006, FASB issued FIN No. 48, “Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statements No. 109”. This interpretation clarifies the accounting for uncertainty in income taxes recognized in the financial statements by prescribing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.
Due to the adoption of FIN No.48 “Accounting for Uncertainty in Income Taxes” during this period, our retained earnings as of March 31, 2007 decreased by ¥987 million.
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Disclaimer 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 in formation. 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 and p roduct 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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5. Consolidated Financial Statements (U.S. GAAP)
Consolidated Balance Sheets- Assets (unaudited)
Yen in millions | |||||||
December 31, 2007 | March 31, 2007 | Increase or decrease | December 31, 2006 | ||||
Amount | % | Amount | % | Amount | % | ||
Current assets: | |||||||
Cash and cash equivalents | ¥90,187 | ¥88,784 | ¥1,403 | ¥76,833 | |||
Trade notes receivable | 18,557 | 17,318 | 1,239 | 19,483 | |||
Trade accounts receivable | 170,070 | 147,014 | 23,056 | 146,969 | |||
Inventories: | |||||||
Finished goods | 32,761 | 26,960 | 5,801 | 27,347 | |||
Raw materials | 18,506 | 17,324 | 1,182 | 17,546 | |||
Work in process | 16,441 | 16,405 | 36 | 16,343 | |||
Project in progress | 1,174 | 1,212 | (38) | 1,287 | |||
Supplies and other | 2,077 | 2,407 | (330) | 2,957 | |||
Other current assets | 22,599 | 21,238 | 1,361 | 19,521 | |||
Total | 372,372 | 53.1% | 338,662 | 51.1% | 33,710 | 328,286 | 52.4% |
Investments and loan receivable: | |||||||
Marketable securities and other securities investments | 18,844 | 21,805 | (2,961) | 21,718 | |||
Investments in and advances to affiliated companies | 2,202 | 2,194 | 8 | 2,909 | |||
Total | 21,046 | 3.0 | 23,999 | 3.6 | (2,953) | 24,627 | 3.9 |
Property, plant and equipment: | |||||||
Land | 40,523 | 38,289 | 2,234 | 38,274 | |||
Buildings | 114,930 | 103,325 | 11,605 | 97,773 | |||
Machinery and equipment | 286,203 | 258,970 | 27,233 | 236,982 | |||
Construction in progress | 10,322 | 13,717 | (3,395) | 14,608 | |||
Sub-total | 451,978 | 64.5 | 414,301 | 62.5 | 37,677 | 387,637 | 61.9 |
Less - Accumulated depreciation | (240,227) | (34.3) | (207,059) | (31.2) | (33,168) | (188,173) | (30.0) |
Total | 211,751 | 30.2 | 207,242 | 31.3 | 4,509 | 199,464 | 31.9 |
Goodwill | 71,177 | 10.2 | 67,780 | 10.2 | 3,397 | 63,674 | 10.2 |
Other non-current assets | 24,340 | 3.5 | 24,940 | 3.8 | (600) | 10,062 | 1.6 |
Total assets | ¥700,686 | 100.0% | ¥662,623 | 100.0% | ¥38,063 | ¥626,113 | 100.0% |
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Consolidated Balance Sheets- Liabilities and Shareholders’ Equity (unaudited)
Yen in millions | |||||||
December 31, 2007 | March 31, 2007 | Increase or decrease | December 31, 2006 | ||||
Amount | % | Amount | % | Amount | % | ||
Current liabilities: | |||||||
Short-term borrowings | ¥74,099 | ¥78,848 | ¥(4,749) | ¥53,302 | |||
Current portion of long-term debt | 29,874 | 3,216 | 26,658 | 3,018 | |||
Trade notes and accounts payable | 131,609 | 117,665 | 13,944 | 121,349 | |||
Other current liabilities | 32,809 | 35,640 | (2,831) | 32,903 | |||
Total | 268,391 | 38.3% | 235,369 | 35.6% | 33,022 | 210,572 | 33.6% |
Long-term liabilities: | |||||||
Long-term debt | 3,917 | 31,560 | (27,643) | 33,425 | |||
Accrued pension and severance costs | 15,319 | 13,013 | 2,306 | 13,855 | |||
Other long-term liabilities | 10,704 | 11,212 | (508) | 8,417 | |||
Total | 29,940 | 4.3 | 55,785 | 8.4 | (25,845) | 55,697 | 8.9 |
Total liabilities | 298,331 | 42.6 | 291,154 | 44.0 | 7,177 | 266,269 | 42.5 |
Minority interest in consolidated subsidiaries | 70,705 | 10.1 | 66,453 | 10.0 | 4,252 | 66,785 | 10.7 |
Shareholders’ equity: | |||||||
Common stock | 66,248 | 9.5 | 65,868 | 9.9 | 380 | 65,802 | 10.5 |
Additional paid-in capital | 68,859 | 9.8 | 68,469 | 10.3 | 390 | 68,399 | 10.9 |
Retained earnings | 186,554 | 26.6 | 160,480 | 24.2 | 26,074 | 150,624 | 24.1 |
Accumulated other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 7,732 | 6,874 | 858 | 5,089 | |||
Unrealized gains (losses) from securities | 2,302 | 3,324 | (1,022) | 3,516 | |||
Minimum pension liability adjustments | - | - | - | (115) | |||
Pension liability adjustments | 233 | 263 | (30) | - | |||
Total comprehensive income (loss) | 10,267 | 1.4 | 10,461 | 1.6 | (194) | 8,490 | 1.3 |
Treasury stock, at cost | (278) | (0.0) | (262) | (0.0) | (16) | (256) | (0.0) |
Total shareholders’ equity | 331,650 | 47.3 | 305,016 | 46.0 | 26,634 | 293,059 | 46.8 |
Total liabilities and shareholders’ equity | ¥700,686 | 100.0% | ¥662,623 | 100.0% | ¥38,063 | ¥626,113 | 100.0% |
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Consolidated Statements of Income (unaudited)
Yen in millions | |||||||||
Nine months ended December 31 | Three months ended December 31 | ||||||||
2007 | 2006 | 2007 | 2006 | ||||||
Net sales | ¥558,988 | 100.0% | ¥459,141 | 100.0% | ¥196,287 | 100.0% | ¥159,304 | 100.0% | |
Cost of products sold | 440,107 | 78.7 | 352,307 | 76.7 | 153,555 | 78.2 | 122,232 | 76.7 | |
Selling, general and administrative expenses | 39,092 | 7.0 | 34,123 | 7.4 | 12,147 | 6.2 | 12,095 | 7.6 | |
Research and development expenses | 22,639 | 4.1 | 23,634 | 5.2 | 7,511 | 3.8 | 7,946 | 5.0 | |
Operating expenses | 501,838 | 89.8 | 410,064 | 89.3 | 173,213 | 88.2 | 142,273 | 89.3 | |
Operating income | 57,150 | 10.2 | 49,077 | 10.7 | 23,074 | 11.8 | 17,031 | 10.7 | |
Other income (expense): | |||||||||
Interest and dividend income | 2,113 | 1,808 | 572 | 544 | |||||
Interest expenses | (1,901) | (1,351) | (380) | (355) | |||||
Foreign exchange gain (loss), net | (2,768) | 1,826 | (1,026) | 1,131 | |||||
Gain (loss) from marketable securities, net | 117 | 240 | (2) | (13) | |||||
Other, net | (1,059) | (882) | (92) | (281) | |||||
Total | (3,498) | (0.6) | 1,641 | 0.3 | (928) | (0.5) | 1,026 | 0.6 | |
Income before provision for income taxes | 53,652 | 9.6 | 50,718 | 11.0 | 22,146 | 11.3 | 18,057 | 11.3 | |
Provision for income taxes | (14,110) | (2.5) | (14,020) | (3.0) | (5,887) | (3.0) | (6,913) | (4.3) | |
Income before minority interest | 39,542 | 7.1 | 36,698 | 8.0 | 16,259 | 8.3 | 11,144 | 7.0 | |
Minority interest in income (loss) of consolidated subsidiaries | 5,232 | 1.0 | 6,587 | 1.4 | 2,331 | 1.2 | 1,802 | 1.2 | |
Equity in net (income) loss of affiliated companies | 7 | 0.0 | 36 | 0.0 | (18) | (0.0) | 43 | 0.0 | |
Net income | ¥34,303 | 6.1% | ¥30,075 | 6.6% | ¥13,946 | 7.1% | ¥9,299 | 5.8% |
14
Quarterly statements of income for the nine months ended December 31, 2007 (unaudited)
Yen in millions | ||||||
Three months ended | ||||||
June 30, 2007 | September 30, 2007 | December 31, 2007 | ||||
Net sales | ¥172,174 | 100.0% | ¥190,527 | 100.0% | ¥196,287 | 100.0% |
Operating income | 15,106 | 8.8 | 18,970 | 10.0 | 23,074 | 11.8 |
Income before provision for income taxes | 16,831 | 9.8 | 14,675 | 7.7 | 22,146 | 11.3 |
Net income | ¥11,116 | 6.5% | ¥9,241 | 4.9% | ¥13,946 | 7.1% |
15
Consolidated Statements of Shareholders’ Equity and Comprehensive Income (Loss) (unaudited)
Yen in millions (except for number of shares of common stock) | |||||||||||||
Nine months ended December 31, 2007 | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock, at cost | ||||||||
Shares | Amount | Total | |||||||||||
Balance at March 31, 2007 | 144,780,492 | ¥65,868 | ¥68,469 | ¥160,480 | ¥10,461 | ¥(262) | ¥305,016 | ||||||
Cumulative effect resulting from the adoption of FIN No. 48 * | (987) | (987) | |||||||||||
Comprehensive income: | |||||||||||||
Net income | 34,303 | 34,303 | |||||||||||
Other comprehensive income (loss): | |||||||||||||
Foreign currency translation adjustments | 858 | 858 | |||||||||||
Unrealized gains (losses) from securities, net of reclassification adjustments | (1,022) | (1,022) | |||||||||||
Pension liability adjustments | (30) | (30) | |||||||||||
Total comprehensive income | 34,109 | ||||||||||||
Dividends paid | (7,242) | (7,242) | |||||||||||
Exercise of stock option | 207,000 | 380 | 390 | 770 | |||||||||
Purchase of treasury stock | (16) | (16) | |||||||||||
Balance at December 31, 2007 | 144,987,492 | ¥66,248 | ¥68,859 | ¥186,554 | ¥10,267 | ¥(278) | ¥331,650 |
Note: * Due to the adoption of FIN No.48 “Accounting for Uncertainty in Income Taxes” during this period, our retained earnings as of March 31, 2007 decreased by ¥987 million.
16
Yen in millions (except for number of shares of common stock) | |||||||||||||
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 gains (losses) from securities, net of reclassification adjustments | (347) | (347) | |||||||||||
Minimum pension liability adjustments | - | - | |||||||||||
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 |
17
Consolidated Statement of Cash Flows (unaudited)
Yen in millions | |||
Nine months ended December 31 | Nine months ended December 31 | Year ended March 31 | |
2007 | 2006 | 2007 | |
Cash flows from operating activities: | |||
Net income | ¥34,303 | ¥30,075 | ¥39,932 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 28,171 | 20,957 | 30,687 |
Gain from marketable securities, net | (117) | (251) | (943) |
Loss on sales, disposal or impairment of property, plant and equipment | 341 | 1,100 | 1,737 |
Minority interest in income of consolidated subsidiaries | 5,232 | 6,587 | 8,130 |
Equity in net losses of affiliated companies | 7 | 36 | 73 |
Foreign currency adjustments | 1,707 | 14 | 368 |
Changes in operating assets and liabilities: | |||
Increase in notes and accounts receivable | (13,843) | (12,680) | (10,414) |
Increase (decrease) in inventories | (2,286) | (1,305) | 1,805 |
Increase (decrease) in notes and accounts payable | 7,665 | 844 | (4,223) |
Other | 3,895) | (2,116) | (2,429) |
Net cash provided by operating activities | 57,285 | 43,261 | 64,723 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | (25,972) | (30,640) | (39,144) |
Proceeds from sales of property, plant and equipment | 1,907 | 860 | 1,089 |
Purchases of marketable securities | (107) | (2) | (4) |
Proceeds from sales of marketable securities | 2,029 | 379 | 1,071 |
Proceeds from sales of investments in affiliated companies | - | 774 | 774 |
Proceeds from sales of investments in subsidiaries | - | - | 135 |
Payments for additional investments in subsidiaries | (6,604) | (6,308) | (16,588) |
Acquisitions of consolidated subsidiaries, net of cash acquired | (2,618) | (9,185) | (25,322) |
Other | (1,522) | (1,018) | (946) |
Net cash used in investing activities | (32,887) | (45,140) | (78,935) |
18
Yen in millions | |||
Nine months ended December 31 | Nine months ended December 31 | Year ended March 31 | |
2007 | 2006 | 2007 | |
Cash flows from financing activities: | |||
Decrease (increase) in short-term borrowings | (11,251) | (3,810) | 22,649 |
Repayments of long-term debt | (2,523) | (3,759) | (6,696) |
Proceeds from issuance of new shares | 761 | 307 | 438 |
Dividends paid | (7,242) | (5,785) | (5,786) |
Other | (1,845) | (1,757) | (1,662) |
Net cash provided by (used in) financing activities | (22,100) | (14,804) | 8,943 |
Effect of exchange rate changes on cash and cash equivalents | (895) | 1,437 | 1,974 |
Net increase (decrease) in cash and cash equivalents | 1,403 | (15,246) | (3,295) |
Cash and cash equivalents at beginning of period | 88,784 | 92,079 | 92,079 |
Cash and cash equivalents at end of period | ¥90,187 | ¥76,833 | ¥88,784 |
19
Segment Information
Operating Segment Information (unaudited)
(Nine months data)
Yen in millions | ||||||
Nine months ended December 31, 2007 | Nine months ended December 31, 2006 | Increase or decrease | ||||
Net sales: | ||||||
Nidec Corporation | ¥147,540 | 15.7% | ¥134,757 | 17.1% | ¥12,783 | 9.5% |
Nidec Electronics (Thailand) Co., Ltd. | 95,556 | 10.2 | 63,493 | 8.1 | 32,063 | 50.5 |
Nidec (Zhejiang) Corporation | 18,583 | 2.0 | 15,377 | 2.0 | 3,206 | 20.8 |
Nidec (Dalian) Limited | 38,525 | 4.1 | 38,789 | 4.9 | (264) | (0.7) |
Nidec Singapore Pte. Ltd. | 34,632 | 3.7 | 39,101 | 5.0 | (4,469) | (11.4) |
Nidec (H.K.) Co., Ltd. | 33,483 | 3.6 | 28,450 | 3.6 | 5,033 | 17.7 |
Nidec Philippines Corporation | 37,259 | 4.0 | 35,042 | 4.4 | 2,217 | 6.3 |
Nidec Sankyo Corporation | 52,628 | 5.6 | 60,401 | 7.7 | (7,773) | (12.9) |
Nidec Copal Corporation | 53,020 | 5.7 | 53,845 | 6.8 | (825) | (1.5) |
Nidec Tosok Corporation | 18,983 | 2.0 | 16,683 | 2.1 | 2,300 | 13.8 |
Nidec Copal Electronics Corporation | 19,575 | 2.1 | 17,156 | 2.2 | 2,419 | 14.1 |
Japan Servo Co., Ltd. | 21,750 | 2.3 | - | - | 21,750 | - |
Nidec Shibaura Corporation | 15,129 | 1.6 | 13,655 | 1.7 | 1,474 | 10.8 |
Nidec-Shimpo Corporation | 10,194 | 1.1 | 10,035 | 1.3 | 159 | 1.6 |
Nidec Motors & Actuators | 27,560 | 2.9 | - | - | 27,560 | - |
Nidec Nissin Corporation. | 8,599 | 0.9 | 8,589 | 1.1 | 10 | 0.1 |
All others | 304,777 | 32.5 | 252,626 | 32.0 | 52,151 | 20.6 |
Sub-total | 937,793 | 100.0% | 787,999 | 100.0% | 149,794 | 19.0 |
Adjustments and eliminations | (378,805) | - | (328,858) | - | (49,947) | - |
Consolidated total | ¥558,988 | - | ¥459,141 | - | ¥99,847 | 21.7% |
20
Yen in millions | ||||||
Nine months ended December 31, 2007 | Nine months ended December 31, 2006 | Increase or decrease | ||||
Operating income: | ||||||
Nidec Corporation | ¥11,751 | 20.2% | ¥8,558 | 17.7% | ¥3,193 | 37.3% |
Nidec Electronics (Thailand) Co., Ltd. | 8,895 | 15.3 | 8,263 | 17.1 | 632 | 7.6 |
Nidec (Zhejiang) Corporation | 985 | 1.7 | 121 | 0.2 | 864 | 714.0 |
Nidec (Dalian) Limited | 3,817 | 6.6 | 3,344 | 6.9 | 473 | 14.1 |
Nidec Singapore Pte. Ltd. | 1,036 | 1.8 | 1,171 | 2.4 | (135) | (11.5) |
Nidec (H.K.) Co., Ltd. | 454 | 0.8 | 266 | 0.5 | 188 | 70.7 |
Nidec Philippines Corporation | 3,539 | 6.1 | 2,894 | 6.0 | 645 | 22.3 |
Nidec Sankyo Corporation | 3,360 | 5.8 | 6,285 | 13.0 | (2,925) | (46.5) |
Nidec Copal Corporation | 2,324 | 4.0 | 2,627 | 5.4 | (303) | (11.5) |
Nidec Tosok Corporation | 1,231 | 2.1 | 1,253 | 2.6 | (22) | (1.8) |
Nidec Copal Electronics Corporation | 2,749 | 4.7 | 2,165 | 4.5 | 584 | 27.0 |
Japan Servo Co., Ltd. | 318 | 0.5 | - | - | 318 | - |
Nidec Shibaura Corporation | (100) | (0.2) | (13) | (0.0) | (87) | - |
Nidec-Shimpo Corporation | 892 | 1.5 | 1,096 | 2.3 | (204) | (18.6) |
Nidec Motors & Actuators | 326 | 0.6 | - | - | 326 | - |
Nidec Nissin Corporation. | 405 | 0.7 | 396 | 0.8 | 9 | 2.3 |
All others | 16,274 | 27.8 | 10,026 | 20.6 | 6,248 | 62.3 |
Sub-total | 58,256 | 100.0% | 48,452 | 100.0% | 9,804 | 20.2 |
Adjustments and eliminations | (1,106) | - | 625 | - | (1,731) | - |
Consolidated total | ¥57,150 | - | ¥49,077 | - | ¥8,073 | 16.4% |
21
(Three months data)
Yen in millions | ||||||
Three months ended December 31, 2007 | Three months ended December 31, 2006 | Increase or decrease | ||||
Net sales: | ||||||
Nidec Corporation | ¥51,781 | 15.9% | ¥45,722 | 17.1% | ¥6,059 | 13.3% |
Nidec Electronics (Thailand) Co., Ltd. | 37,043 | 11.4 | 23,261 | 8.7 | 13,782 | 59.2 |
Nidec (Zhejiang) Corporation | 6,448 | 2.0 | 5,484 | 2.0 | 964 | 17.6 |
Nidec (Dalian) Limited | 12,285 | 3.8 | 12,506 | 4.7 | (221) | (1.8) |
Nidec Singapore Pte. Ltd. | 12,656 | 3.9 | 11,751 | 4.4 | 905 | 7.7 |
Nidec (H.K.) Co., Ltd. | 12,483 | 3.8 | 10,514 | 3.9 | 1,969 | 18.7 |
Nidec Philippines Corporation | 12,574 | 3.9 | 12,443 | 4.6 | 131 | 1.1 |
Nidec Sankyo Corporation | 17,924 | 5.5 | 18,465 | 6.9 | (541) | (2.9) |
Nidec Copal Corporation | 18,185 | 5.6 | 19,008 | 7.1 | (823) | (4.3) |
Nidec Tosok Corporation | 6,702 | 2.1 | 5,596 | 2.1 | 1,106 | 19.8 |
Nidec Copal Electronics Corporation | 7,412 | 2.3 | 5,397 | 2.0 | 2,015 | 37.3 |
Japan Servo Co., Ltd. | 7,863 | 2.4 | - | - | 7,863 | - |
Nidec Shibaura Corporation | 4,668 | 1.4 | 4,851 | 1.8 | (183) | (3.8) |
Nidec-Shimpo Corporation | 3,473 | 1.1 | 3,581 | 1.3 | (108) | (3.0) |
Nidec Motors & Actuators | 8,826 | 2.7 | - | - | 8,826 | - |
Nidec Nissin Corporation. | 2,986 | 0.9 | 2,972 | 1.1 | 14 | 0.5 |
All others | 101,905 | 31.3 | 86,523 | 32.3 | 15,382 | 17.8 |
Sub-total | 325,214 | 100.0% | 268,074 | 100.0% | 57,140 | 21.3 |
Adjustments and eliminations | (128,927) | - | (108,770) | - | (20,157) | - |
Consolidated total | ¥196,287 | - | ¥159,304 | - | ¥36,983 | 23.2% |
22
Yen in millions | ||||||
Three months ended December 31, 2007 | Three months ended December 31, 2006 | Increase or decrease | ||||
Operating income: | ||||||
Nidec Corporation | ¥4,814 | 21.3% | ¥2,931 | 18.1% | ¥1,883 | 64.2% |
Nidec Electronics (Thailand) Co., Ltd. | 3,969 | 17.5 | 2,972 | 18.3 | 997 | 33.5 |
Nidec (Zhejiang) Corporation | 260 | 1.1 | 89 | 0.5 | 171 | 192.1 |
Nidec (Dalian) Limited | 1,156 | 5.1 | 1,212 | 7.5 | (56) | (4.6) |
Nidec Singapore Pte. Ltd. | 409 | 1.8 | 350 | 2.2 | 59 | 16.9 |
Nidec (H.K.) Co., Ltd. | 183 | 0.8 | 81 | 0.5 | 102 | 125.9 |
Nidec Philippines Corporation | 1,163 | 5.1 | 1,260 | 7.8 | (97) | (7.7) |
Nidec Sankyo Corporation | 1,246 | 5.5 | 1,489 | 9.2 | (243) | (16.3) |
Nidec Copal Corporation | 716 | 3.2 | 984 | 6.1 | (268) | (27.2) |
Nidec Tosok Corporation | 521 | 2.3 | 493 | 3.0 | 28 | 5.7 |
Nidec Copal Electronics Corporation | 1,283 | 5.7 | 589 | 3.6 | 694 | 117.8 |
Japan Servo Co., Ltd. | 52 | 0.2 | - | - | 52 | - |
Nidec Shibaura Corporation | (96) | (0.4) | (46) | (0.3) | (50) | - |
Nidec-Shimpo Corporation | 314 | 1.4 | 517 | 3.2 | (203) | (39.3) |
Nidec Motors & Actuators | 194 | 0.9 | - | - | 194 | - |
Nidec Nissin Corporation. | 160 | 0.7 | 144 | 0.9 | 16 | 11.1 |
All others | 6,294 | 27.8 | 3,157 | 19.4 | 3,137 | 99.4 |
Sub-total | 22,638 | 100.0% | 16,222 | 100.0% | 6,416 | 39.6 |
Adjustments and eliminations | 436 | - | 809 | - | (373) | - |
Consolidated total | ¥23,074 | - | ¥17,031 | - | ¥6,043 | 35.5% |
__________________
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.
3. Nidec acquired all of the voting rights of the Motors & Actuators business of Valeo S.A., France (“NMA”) in December 2006, and acquired majority of the voting rights of Japan Servo Co., Ltd. (“JSRV”) in April 2007. As a result, NMA was identified as reportable operating segments from three months ended June 30, 2007 and JSRV was identified as reportable operating segments from six months ended September 30, 2007.
23
6.Business Combinations
For the nine months ended December 31, 2007
The corporate name of entity acquired by Nidec:
Japan Servo Co., Ltd. (“JSRV”)
The business of JSRV:
Productions and sales of small precision motors and the motor applied products
The purpose of the acquisition:
We intend to achieve an optimal blend of the technological expertise and production scale that the two companies have developed to date, particularly in the field of small precision motors.
The acquisition date:
April 27, 2007
Legal form of the business combination:
Stock acquisition by cash payment
The voting share which Nidec acquired:
As of April 27, 2007: 51.7%
As of December 31, 2007: 60.9%
The purchase price, the purchase shares and goodwill:
As of April 27, 2007:
The purchase price for the acquisition: ¥4,809 million (The direct cost ¥4,733 million, Indirect cost ¥76 million)
The shares which Nidec acquired: 18,204,466 shares.*
Goodwill: ¥391 million.
As of December 31, 2007:
The purchase price for the acquisition: ¥6,550 million (The direct cost ¥6,474 million, Indirect cost ¥76 million)
The shares which Nidec acquired: 21,416,466 shares.*
Goodwill: ¥1,355 million.
Note*: The shares include 1,466 shares that were held by Nidec prior the tender offer. The acquisition cost of the 1,466 shares was ¥0 million.
We have adopted SFAS No. 142, “Goodwill and Other Intangible Assets”. Goodwill represents the excess of purchase price and related costs over the fair value of net assets of acquired businesses. Under SFAS No.142, goodwill acquired in business combinations is not amortized but tested annually for impairment. If, between annual tests, an event, which would reduce the fair value below its carrying amount, occurs, we would recognize impairment.
24
Supplemental Materials
(1) Business Segment Information
(Nine months data)
Yen in millions | ||||||||||||||||
Nine months ended December 31, 2007 | ||||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥295,326 | ¥70,941 | ¥53,130 | ¥119,822 | ¥19,769 | ¥558,988 | ¥- | ¥558,988 | ||||||||
Intersegment | 863 | 239 | 7,307 | 341 | 3,479 | 12,229 | (12,229) | - | ||||||||
Total | 296,189 | 71,180 | 60,437 | 120,163 | 23,248 | 571,217 | (12,229) | 558,988 | ||||||||
Operating expenses | 258,390 | 69,445 | 51,837 | 110,255 | 21,642 | 511,569 | (9,731) | 501,838 | ||||||||
Operating income | ¥37,799 | ¥1,735 | ¥8,600 | ¥9,908 | ¥1,606 | ¥59,648 | ¥(2,498) | ¥57,150 |
Yen in 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 |
25
(Three months data)
Yen in millions | ||||||||||||||||
Three months ended December 31, 2007 | ||||||||||||||||
Small precision motors | Mid-size motors | Machinery | Electronic and Optical components | Other | Total | Eliminations/ Corporate | Consolidated | |||||||||
Net sales: | ||||||||||||||||
Customers | ¥107,019 | ¥23,268 | ¥18,161 | ¥40,715 | ¥7,124 | ¥196,287 | ¥- | ¥196,287 | ||||||||
Intersegment | 186 | 119 | 2,745 | 93 | 1,331 | 4,474 | (4,474) | - | ||||||||
Total | 107,205 | 23,387 | 20,906 | 40,808 | 8,455 | 200,761 | (4,474) | 196,287 | ||||||||
Operating expenses | 92,356 | 22,735 | 17,827 | 36,865 | 7,504 | 177,287 | (4,074) | 173,213 | ||||||||
Operating income | ¥14,849 | ¥652 | ¥3,079 | ¥3,943 | ¥951 | ¥23,474 | ¥(400) | ¥23,074 |
Yen in 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 |
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, FA equipment
(4) Electronic and Optical components: Electronic components, optical components
(5) Other: Automobile components, pivot assemblies, other components, service etc
26
(2) Sales by Geographic Segment
(Nine months data)
Yen in millions | ||||||
Nine months ended December 31, 2007 | Nine months ended December 31, 2006 | Increase or decrease | ||||
Japan | ¥281,276 | 50.3% | ¥253,577 | 55.2% | ¥27,699 | 10.9% |
United States | 15,244 | 2.7 | 5,828 | 1.3 | 9,416 | 161.6 |
Singapore | 43,153 | 7.7 | 46,732 | 10.2 | (3,579) | (7.7) |
Thailand | 82,513 | 14.8 | 57,120 | 12.4 | 25,393 | 44.5 |
Philippines | 10,155 | 1.8 | 9,710 | 2.1 | 445 | 4.6 |
China | 32,683 | 5.8 | 27,097 | 5.9 | 5,586 | 20.6 |
Other | 93,964 | 16.9 | 59,077 | 12.9 | 34,887 | 59.1 |
Total | ¥558,988 | 100.0% | ¥459,141 | 100.0% | ¥99,847 | 21.7% |
(Three months data)
Yen in millions | ||||||
Three months ended December 31, 2007 | Three months ended December 31, 2006 | Increase or decrease | ||||
Japan | ¥95,949 | 48.9% | ¥86,497 | 54.3% | ¥9,452 | 10.9% |
United States | 4,641 | 2.4 | 1,949 | 1.2 | 2,692 | 138.1 |
Singapore | 15,933 | 8.1 | 14,308 | 9.0 | 1,625 | 11.4 |
Thailand | 31,942 | 16.3 | 21,874 | 13.7 | 10,068 | 46.0 |
Philippines | 3,666 | 1.9 | 3,638 | 2.3 | 28 | 0.8 |
China | 10,581 | 5.4 | 9,956 | 6.2 | 625 | 6.3 |
Other | 33,575 | 17.0 | 21,082 | 13.3 | 12,493 | 59.3 |
Total | ¥196,287 | 100.0% | ¥159,304 | 100.0% | ¥36,983 | 23.2% |
Note: The sales are classified by the geographic areas of the seller and the figures exclude intra-segment transactions.
27
(3) Sales by Region
Yen in millions | ||||||
Nine months ended December 31, 2007 | Nine months ended December 31, 2006 | Increase or decrease | ||||
North America | ¥24,311 | 4.4% | ¥13,828 | 3.0% | ¥10,483 | 75.8% |
Asia | 335,321 | 60.0 | 285,878 | 62.3 | 49,443 | 17.3 |
Other | 40,329 | 7.2 | 16,498 | 3.6 | 23,831 | 144.4 |
Overseas sales total | 399,961 | 71.6 | 316,204 | 68.9 | 83,757 | 26.5 |
Japan | 159,027 | 28.4 | 142,937 | 31.1 | 16,090 | 11.3 |
Consolidated total | ¥558,988 | 100.0% | ¥459,141 | 100.0% | ¥99,847 | 21.7% |
Note: Sales by region are classified by the geographic areas of the buyer and the figures exclude intra-segment transactions.
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