UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of January 2014.
Commission File Number: 333-13896
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): _
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: January 22, 2014 | ||||
NIDEC CORPORATION | ||||
By: /S/ Masahiro Nagayasu | ||||
General Manager, Investor Relations |
2
FOR IMMEDIATE RELEASE
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NIDEC CORPORATION
New York Stock Exchange symbol: NJ
Stock exchange code (Tokyo, Osaka): 6594
Contact: | |
Masahiro Nagayasu | |
General Manager | |
Investor Relations | |
+81-75-935-6140 | |
IR@nidec.com |
Released on January 22, 2014 in Kyoto, Japan
Nidec Revises Consolidated Financial Forecast and Year-End Dividend Projection for the Year Ending March 31, 2014
Nidec Corporation (NYSE:NJ) (the "Company") today announced an upward revision to its U.S. GAAP-based consolidated full-year financial forecast and year-end dividend projection for the year ending March 31, 2014, announced on October 22, 2013.
The details are as follows.
1. Revised consolidated financial forecast (U.S. GAAP) for the year ending March 31, 2014
From April 1, 2013 to March 31, 2014 (Millions of yen, except for per share amounts and percentages) | |||||
For the year ending March 31, 2014 | (Reference) For the year ended March 31, 2013 | ||||
Previous Forecast (announced on October 22, 2013) | Revised Forecast | Change (amount) | Change (%) | ||
Net sales | 850,000 | 880,000 | 30,000 | 3.5 | 709,270 |
Operating income | 80,000 | 85,000 | 5,000 | 6.3 | 17,598 |
Income before income taxes | 78,000 | 83,000 | 5,000 | 6.4 | 13,398 |
Net income attributable to Nidec Corporation | 55,000 | 56,000 | 1,000 | 1.8 | 7,986 |
Net income Attributable to Nidec Corporation per share (basic) | 404.26 | 411.65 | - | - | 59.28 |
Reasons for Revision
The upward revision is intended to reflect the Company’s record consolidated sales and resulting profit increases for the nine months ended December 31, 2013, which exceeded the previously announced financial guidance.
Notes:
a) The revised financial forecasts assume the exchange rates of 100 yen against the U.S. dollar and 135 yen against the euro. The assumed exchange rates of the yen against other currencies, including Asian currencies, have been determined in relation to these exchange rates.
b) The consolidated financial results for the year ended March 31, 2013 in the above table have been retrospectively adjusted to reflect our valuation of the fair values of the assets acquired and the liabilities assumed upon the acquisition of SCD Co., Ltd. and Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. in the three months ended December 31, 2012. We completed our valuation of such assets and liabilities during the three months ended September 30, 2013.
2. Revised year-end dividend projection for the year ending March 31, 2013
Dividend per share (Yen) for the year ending March 31, 2014
Annual Dividends Per Share | |||||
First Quarter-end | Second Quarter-end | Third Quarter-end | Fourth Quarter-end | Full Year | |
Previous Projection (as of October 22, 2013) | - | - | - | 45 | 90 |
Revised Projection | - | - | - | 55 | 100 |
Dividend Paid (for the year ending March 31, 2014) | - | 45 | - | - | - |
<Reference> Dividend Paid (for the year ended March 31, 2013) | - | 45 | - | 40 | 85 |
The Company upholds shareholder-oriented management and places importance on regular dividend payments, seeking to increase its dividend payout to around 30% of the consolidated net income. Based on the stated upward revision to the Company's consolidated financial forecasts for the year ending March 31, 2014, the Company has revised upward its year-end dividend projection for the year ending March 31, 2014 from 45 yen per share to 55 yen per share, making the projected aggregate annual dividend 100 yen per share.
Cautionary Statement Concerning Forward-Looking Information
This press release contains forward-looking statements regarding the Company’s current intent, plans, expectations and estimates. Such forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors, including, but not limited to, changes in customer circumstances and demand, exchange rate fluctuations, available funds, future alternative uses for cash, and general economic, business and market conditions. The Company assumes no obligation to, and does not currently intend to, update these forward-looking statements, except as required by law.
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