NIDEC CORP

CIK:0001158967|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF INCOME
Net sales	¥ 1,178,290	¥ 1,028,385	¥ 875,109
Operating expenses:
Cost of products sold	908,311	786,486	674,903
Selling, general and administrative expenses	93,463	85,781	77,534
Research and development expenses	51,978	45,179	37,808
Total operating expenses	1,053,752	917,446	790,245
Operating income	124,538	110,939	84,864
Other income (expense):
Interest and dividend income	1,913	2,359	2,376
Interest expense	(2,228)	(1,487)	(1,526)
Foreign exchange (loss) gain, net	(153)	804	(56)
Gain on marketable securities, net	946	70	245
Other, net	(5,688)	(5,593)	(1,443)
Total other income (expense)	(5,210)	(3,847)	(404)
Income before income taxes	119,328	107,092	84,460
Income taxes	(26,466)	(29,033)	(25,658)
Equity in net (loss) income of affiliated companies	1	29	(25)
Consolidated net income	92,863	78,088	58,777
Less: Net income attributable to noncontrolling interests	(1,053)	(2,073)	(2,505)
Net income attributable to Nidec Corporation	¥ 91,810	¥ 76,015	¥ 56,272
Earning per share-basic
Net income attributable to Nidec Corporation, Basic	¥ 309.32	¥ 271.61	¥ 206.82
Earning per share-diluted
Net income attributable to Nidec Corporation, Diluted	308.19	256.05	193.50
Cash dividends paid	¥ 80.00	¥ 57.50	¥ 42.50

CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Consolidated net income	¥ 92,863	¥ 78,088	¥ 58,777
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	55,298	45,087	39,497
Amortization	9,438	8,317	6,814
Gain from marketable securities, net	(946)	(70)	(245)
Loss (gain) on sales, disposal or impairment of property, plant and equipment	23	(275)	534
Deferred income taxes	2,036	6,523	9,146
Equity in net loss (income) of affiliated companies	(1)	(29)	25
Foreign currency adjustments	(14)	1,634	(3,498)
Accrual for pension and severance costs, net payments	151	1,583	(4,240)
Changes in operating assets and liabilities:
Increase in notes and accounts receivable	(5,163)	(20,109)	(19,957)
Increase in inventories	(6,722)	(29,565)	(10,070)
Increase (decrease) in notes and accounts payable	(6,897)	10,054	14,299
Increase (decrease) in accrued income taxes	(391)	220	3,899
Other	7,935	(9,583)	(7,762)
Net cash provided by operating activities	147,610	91,875	87,219
Cash flows from investing activities:
Additions to property, plant and equipment	(81,918)	(58,042)	(40,297)
Proceeds from sales of property, plant and equipment	1,437	3,110	2,601
Purchases of marketable securities	(507)	(6)	(309)
Proceeds from sales or redemption of marketable securities	1,319	68	1,059
Acquisitions of business, net of cash acquired	(9,665)	(27,343)	(23,350)
Proceeds from sales of business, net of cash divested		3,381	210
Other	(5,981)	(2,398)	(3,092)
Net cash used in investing activities	(95,315)	(81,230)	(63,178)
Cash flows from financing activities:
(Decrease) increase in short-term borrowings	32,412	29,592	(11,821)
Proceeds from issuance of long-term debt	37,903	78	30,000
Repayments of long-term debt	(26,210)	(30,104)	(34,323)
Proceeds from issuance of corporate bonds			50,000
Redemption of corporate bonds			(4,250)
Purchases of treasury stock	(12,133)	(2,159)	(2,838)
Payments for additional investments in subsidiaries	(191)	(292)	(217)
Dividends paid to shareholders of Nidec Corporation	(23,690)	(15,859)	(11,425)
Other	(316)	(764)	(1,655)
Net cash provided by (used in) financing activities	7,775	(19,508)	13,471
Effect of exchange rate changes on cash and cash equivalents	(24,030)	31,025	16,808
Net increase in cash and cash equivalents	36,040	22,162	54,320
Cash and cash equivalents at beginning of year	269,902	247,740	193,420
Cash and cash equivalents at end of year	¥ 305,942	¥ 269,902	¥ 247,740

CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions	Mar. 31, 2016	Mar. 31, 2015
Current assets:
Cash and cash equivalents	¥ 305,942	¥ 269,902
Trade notes and accounts receivable, net of allowance for doubtful accounts of 830 million on March 31, 2015 and 809 million on March 31, 2016:
Notes	16,589	15,221
Accounts	218,680	222,396
Inventories	170,951	170,874
Other current assets	53,150	50,622
Total current assets	765,312	729,015
Marketable securities and other securities investments	16,004	21,516
Investments in and advances to affiliated companies	1,896	2,167
Long-term Investments, Total	17,900	23,683
Property, plant and equipment:
Land	47,477	47,427
Buildings	190,362	189,742
Machinery and equipment	450,860	430,019
Construction in progress	33,340	33,831
Property, Plant and Equipment, Gross, Total	722,039	701,019
Less-Accumulated depreciation	(374,310)	(358,897)
Property, Plant and Equipment, net	347,729	342,122
Goodwill	162,963	162,959
Other non-current assets, net of allowance for doubtful accounts of 465 million on March 31, 2015 and 461 million on March 31, 2016	90,568	99,561
Total assets	1,384,472	1,357,340
Current liabilities:
Short-term borrowings	81,092	52,401
Current portion of long-term debt	82,796	45,485
Trade notes and accounts payable	177,254	194,998
Accrued expenses	34,948	33,375
Other current liabilities	44,388	36,689
Total current liabilities	420,478	362,948
Long-term liabilities:
Long-term debt	136,894	184,612
Accrued pension and severance costs	19,169	19,576
Other long-term liabilities	35,426	37,105
Total long-term liabilities	¥ 191,489	¥ 241,293
Commitments and contingencies (Notes 21 and 22)
Equity:
Common stock authorized 2015 and 2016: 960,000,000 shares; issued: 2015 294,108,416 shares / 2016- 298,142,234 shares	¥ 87,784	¥ 77,071
Additional paid-in capital	116,058	105,459
Retained earnings	495,761	427,641
Accumulated other comprehensive income (loss):
Foreign currency translation adjustments	77,624	131,332
Net unrealized gains and losses on securities	3,698	7,412
Net gains and losses on derivative instruments	(746)	(1,072)
Pension liability adjustments	(3,847)	(2,844)
Treasury stock, at cost: 2015- 9,636 shares / 2016 1,541,210 shares	(12,111)	(27)
Total Nidec Corporation shareholders' equity	764,221	744,972
Noncontrolling interests	8,284	8,127
Total equity	772,505	753,099
Total liabilities and equity	¥ 1,384,472	¥ 1,357,340