NNDNF Nidec Corporation (PK)

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.

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NEWS RELEASE

NIDEC CORPORATION

New York Stock Exchange symbol: NJ

Stock exchange code (Tokyo, Osaka): 6594

FOR IMMEDIATE RELEASE

QUARTERLY FINANCIAL STATEMENTS (U.S. GAAP)

RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2013 (Unaudited)

(FROM APRIL 1, 2013 TO JUNE 30, 2013)

CONSOLIDATED

Released on August 20, 2013

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NIDEC CORPORATION

338 Kuzetonoshiro-cho,

Minami-ku, Kyoto 601-8205 Japan

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Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended) about Nidec Corporation 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 it. 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,” “intend,” “plan,” “forecast” or similar words. These statements discuss future expectations, identify strategies, contain projections of the results of operations or financial condition of the Nidec Group, 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. The Nidec Group cannot promise that the expectations expressed in these forward-looking statements will prove to be correct. Actual results could be materially different from and worse than the Nidec Group’s expectations as a result of certain factors, including, but not limited to, (i) general economic conditions in the computer, information technology, home appliance, industrial and commercial machinery and equipment, automobile and related product markets, particularly levels of consumer spending, (ii) the effectiveness of our measures designed to streamline our business structure and the impact of expenses relating to streamlining our business structure and other adjustments, (iii) the Nidec Group’s ability to design, develop, mass produce and win acceptance of its products, (iv) exchange rate fluctuations, particularly between the Japanese yen and the U.S. dollar, the Euro and other currencies in which the Nidec Group makes significant sales or in which the Nidec Group’s assets and liabilities are denominated, (v) the Nidec Group’s ability to acquire and successfully integrate companies with complementary technologies and product lines, including, but not limited to, Nidec Motor Corporation, Nidec Seimitsu Corporation, Nidec Minster Corporation, Nidec Sankyo Corporation, Nidec ASI S.p.A., Nidec Avtron Automation Corporation, Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd., SCD Co., Ltd. and Nidec Kinetek Corporation, (vi) adverse changes in laws, regulations or economic policies in any of the jurisdictions where the Nidec Group has manufacturing or other operations, and (vii) direct and indirect impact of the floods in Thailand.

As used in this document, references to “we,” ”our,” “us” and "Nidec Group" are to Nidec Corporation and, except as the context otherwise requires, its consolidated subsidiaries; “U.S. dollar” or “$” means the lawful currency of the United States of America, “Euro” or “€” means the lawful currency of those member states of the European Union which are participating in the European Economic and Monetary Union pursuant to the Treaty of the European Union, and “Japanese yen,” “yen” or “¥” means the lawful currency of Japan; and “U.S. GAAP” means accounting principles generally accepted in the United States, and “Japanese GAAP” means accounting principles generally accepted in Japan.

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(1)

Starting in the six months ended September 30, 2012, the “small precision motors” product category has been divided into “hard disk drives spindle motors” and “other small precision motors.” To enable comparisons between periods, previously reported amounts have been reclassified.

(2)

Starting in the six months ended September 30, 2012, the “general motors” product category has been renamed as “automotive, appliance, commercial and industrial products” and the automotive components that were previously included in the “others” product category have been reclassified to the “automotive, appliance, commercial and industrial products” product category. To enable comparisons between periods, previously reported amounts have been reclassified.

(3)

Starting in the nine months ended December 31, 2012, the motor application products that were previously included in the “electronic and optical components” product category have been reclassified to the “small precision motors” product category. To enable comparisons between periods, previously reported amounts have been reclassified.

Our net sales increased ¥32,255 million, or 18.0%, from ¥179,021 million for the three months ended June 30, 2012 to ¥211,276 million for the three months ended June 30, 2013. This increase included the net sales at newly consolidated subsidiaries which consisted of:

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Nidec ASI S.p.A. (renamed from “Ansaldo Sistemi Industriali S.p.A.”) and its subsidiaries (“Nidec ASI”), an Italian manufacturer of industrial motors, generators and drives, which we acquired in May 2012,

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Nidec Avtron Automation Corporation (renamed from “Avtron Industrial Automation, Inc.”) (“Nidec Avtron”), a U.S. provider of control, automation and drive-systems solutions and manufacturer of encoders, which we acquired in September 2012,

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SCD Co., Ltd. (“SCD”), a South Korean manufacturer of motors and motor drive units, which we acquired in October 2012,

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Nidec Kinetek Corporation (renamed from “Kinetek Group Inc.”) (“Nidec Kinetek”), a U.S. manufacturer of commercial motors, which we acquired in November 2012, and

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Nidec Kaiyu Auto Electric (Jiangsu) Co., Ltd. (renamed from “Jiangsu Kaiyu Auto Appliance Co., Ltd.”) (“Nidec Kaiyu”), a Chinese manufacturer of brush motors for electric power steering systems and automotive fans, which we acquired in December 2012.

The average exchange rate between the Japanese yen and the U.S. dollar for the three months ended June 30, 2013 was ¥98.76 to the dollar, which reflected a depreciation of the Japanese yen against the U.S. dollar of ¥18.56, or approximately 23%, compared to the three months ended June 30, 2012. The average exchange rate between the Japanese yen and the Euro for the three months ended June 30, 2013 was ¥128.95 to the Euro, which reflected a depreciation of the Japanese yen against the Euro of ¥26.04, or approximately 25%, compared to the three months ended June 30, 2012. The fluctuations of the foreign currency exchange rates had a positive effect on our net sales of approximately ¥29,900 million and a positive effect on our operating income of approximately ¥4,300 million for the three months ended June 30, 2013 compared to the three months ended June 30, 2012.

(Small precision motors)

Net sales of small precision motors decreased ¥1,316 million, or 1.5%, from ¥89,131 million for the three months ended June 30, 2012 to ¥87,815 million for the three months ended June 30, 2013. The depreciation of the Japanese yen and other Asian currencies against the U.S. dollar had a positive effect on our sales of small precision motors of approximately ¥14,700 million for the three month ended June 30, 2013 compared to the three months ended June 30, 2012. Net sales of each product group included in “small precision motors” are as discussed below.

Hard disk drives spindle motors

Net sales of hard disk drives spindle motors decreased ¥1,844 million, or 3.8%, from ¥48,442 million for the three months ended June 30, 2012 to ¥46,598 million for the three months ended June 30, 2013. The number of units sold of small precision motors for hard disk drives for the three months ended June 30, 2013 decreased approximately 18% compared to the three months ended June 30, 2012. The average unit price of spindle motors for the three months ended June 30, 2013 decreased approximately 5% on a U.S. dollar basis, and increased approximately 17% on a Japanese yen basis compared to the three months ended June 30, 2012, reflecting the 23% depreciation of the Japanese yen against the U.S. dollar.

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Sales of spindle motors for 2.5-inch hard disk drives for the three months ended June 30, 2013 decreased approximately 8% compared to the three months ended June 30, 2012, and sales of spindle motors for 3.5-inch hard disk drives for the three months ended June 30, 2013 increased approximately 2% compared to the three months ended June 30, 2012. The number of units sold of spindle motors for 2.5-inch hard disk drives for the three months ended June 30, 2013 decreased approximately 20% compared to the three months ended June 30, 2012, and the number of units sold of spindle motors for 3.5-inch hard disk drives for the three months ended June 30, 2013 decreased approximately 15% compared to the three months ended June 30, 2012. The average unit price of spindle motors for 2.5-inch hard disk drives for the three months ended June 30, 2013 decreased approximately 7% on a U.S. dollar basis and increased approximately 14% on a Japanese yen basis compared to the three months ended June 30, 2012. The average unit price of spindle motors for 3.5-inch hard disk drives for the three months ended June 30, 2013 decreased approximately 3% on a U.S. dollar basis and increased approximately 20% on a Japanese yen basis compared to the three months ended June 30, 2012.

Net sales of hard disk drives spindle motors accounted for 27.1% of total net sales for the three months ended June 30, 2012 and 22.1% of total net sales for the three months ended June 30, 2013.

Other small precision motors

Net sales of other small precision motors increased ¥528 million, or 1.3%, from ¥40,689 million for the three months ended June 30, 2012 to ¥41,217 million for the three months ended June 30, 2013. Sales of brushless DC fans at Nidec Corporation and its direct-line subsidiaries for the three months ended June 30, 2013 increased compared to the three months ended June 30, 2012, while sales of other small precision motors, such as motors for amusement gaming machines, at the Nidec Sankyo Group decreased compared to the three months ended June 30, 2012.

Sales of other small precision brushless DC motors at Nidec Corporation and its direct-line subsidiaries for the three months ended June 30, 2013 remained at the same level compared to the three months ended June 30, 2012. This was mainly due to the 23% depreciation of the Japanese yen against the U.S. dollar, despite an approximately 14% decrease in the number of units sold and an approximately 5% decrease in the average unit price on a U.S. dollar basis.

Sales of brushless DC fans at Nidec Corporation and its direct-line subsidiaries for the three months ended June 30, 2013 increased approximately 20% compared to the three months ended June 30, 2012. This was mainly due to the depreciation of the Japanese yen against the U.S. dollar and an 8% increase in the average unit price on a U.S. dollar basis for the three months ended June 30, 2013 compared to the three months ended June 30, 2012, despite a 10% decrease in the number of units sold.

Net sales of other small precision motors accounted for 22.7% of total net sales for the three months ended June 30, 2012 and 19.5% of total net sales for the three months ended June 30, 2013.

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(Automotive, appliance, commercial and industrial products)

Net sales of our automotive, appliance, commercial and industrial products increased ¥30,091 million, or 55.8%, from ¥53,973 million for the three months ended June 30, 2012 to ¥84,064 million for the three months ended June 30, 2013. Net sales of appliance, commercial and industrial products for the three months ended June 30, 2013 increased 81.8% compared to the three months ended June 30, 2012 primarily due to approximately ¥17,700 million of aggregate sales at Nidec ASI, Nidec Avtron and Nidec Kinetek, which were newly consolidated in the middle of the three months ended June 30, 2012 or thereafter, and the 23% depreciation of the Japanese yen against the U.S. dollar.

Net sales of automotive products for the three months ended June 30, 2013 increased 17.9% compared to the three months ended June 30, 2012. This was primarily as a result of the commencement of mass-production of new product models and the depreciation of the Japanese yen against the U.S. dollar. Within the automotive products category, sales of automotive motors for electric power steering by Nidec Corporation and its direct-line subsidiaries for the three months ended June 30, 2013 increased compared to the three months ended June 30, 2012 mainly as a result of the commencement of mass-production of new product models.

Net sales of automotive, appliance, commercial and industrial products accounted for 30.1% of our total net sales for the three months ended June 30, 2012 and 39.8% of total net sales for the three months ended June 30, 2013.

(Machinery)

Net sales of our machinery increased ¥4,225 million, or 26.9%, from ¥15,704 million for the three months ended June 30, 2012 to ¥19,929 million for the three months ended June 30, 2013. The increase in net sales for the three months ended June 30, 2013 was mainly due to an increase in sales of products such as LCD panel handling robots and card readers at the Nidec Sankyo group of ¥2,172 million, or 54.6%, and an increase in sales of press machines at Nidec Minster Corporation of ¥1,668 million, or 65.7% which increases partly reflected the 23% depreciation of the Japanese yen against the U.S. dollar.

Net sales of machinery accounted for 8.8% of our total net sales for the three months ended June 30, 2012 and 9.4% of total net sales for the three months ended June 30, 2013.

(Electronic and optical components)

Net sales of our electronic and optical components decreased ¥959 million, or 5.2%, from ¥18,470 million for the three months ended June 30, 2012 to ¥17,511 million for the three months ended June 30, 2013. This decrease was primarily attributable to lower sales at the Nidec Copal Group of ¥1,877 million, or 17.4%, due to the declining digital camera market, partially offset by increases in sales of new products at the Nidec Sankyo Group of ¥527 million, or 14.8%, and sales of such products as components for industrial equipment, household equipment and disaster-prevention equipment at the Nidec Copal Electronics Group of ¥392 million, or 9.5%, compared to the three months ended June 30, 2012.

Net sales of electronic and optical components accounted for 10.3% of our total net sales for the three months ended June 30, 2012 and 8.3% of total net sales for the three months ended June 30, 2013.

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(Others)

Net sales of our other products increased ¥214 million, or 12.3%, from ¥1,743 million for the three months ended June 30, 2012 to ¥1,957 million for the three months ended June 30, 2013.

Net sales of other products accounted for 1.0% of total net sales for the three months ended June 30, 2012 and 0.9% of total net sales for the three months ended June 30, 2013.

Cost of Products Sold

Our cost of products sold increased ¥26,955 million, or 19.6%, from ¥137,690 million for the three months ended June 30, 2012 to ¥164,645 million for the three months ended June 30, 2013. Excluding the impact of Nidec ASI, Nidec Avtron, Nidec Kinetek, SCD and Nidec Kaiyu (the “Newly Consolidated Subsidiaries”), our cost of products sold increased ¥11,770 million, or 8.5%, from ¥137,690 million for the three months ended June 30, 2012 to ¥149,460 million for the three months ended June 30, 2013. This increase was mainly due to the overall increase in sales.

As a percentage of net sales, our cost of products sold increased from 76.9% for the three months ended June 30, 2012 to 77.9% for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, as a percentage of net sales, cost of products sold increased from 76.9% for the three months ended June 30, 2012 to 78.0% for the three months ended June 30, 2013. This increase was mainly due to the impact of decreases in the numbers of units sold of products with higher margins.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses increased ¥7,603 million, or 65.3%, from ¥11,648 million for the three months ended June 30, 2012 to ¥19,251 million for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, our selling, general and administrative expenses increased ¥4,198 million, or 36.0%, from ¥11,648 million for the three months ended June 30, 2012 to ¥15,846 million for the three months ended June 30, 2013. This increase was mainly due to a ¥2,469 million gain from insurance relating to the Thai flooding which was recorded for the three months ended June 30, 2012 but was nil for the three months ended June 30, 2013. The increase was also attributable to higher personnel expenses.

As a percentage of net sales, our selling, general and administrative expenses increased from 6.5% for the three months ended June 30, 2012 to 9.1% for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries and the gain from insurance, as a percentage of net sales, our selling, general and administrative expenses increased from 7.9% for the three months ended June 30, 2012 to 8.3% for the three months ended June 30, 2013.

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Research and Development Expenses

Our research and development expenses increased ¥1,800 million, or 24.0%, from ¥7,500 million for the three months ended June 30, 2012 to ¥9,300 million for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, our research and development expenses increased ¥1,368 million, or 18.2%, from ¥7,500 million for the three months ended June 30, 2012 to ¥8,868 million for the three months ended June 30, 2013. This increase was mainly due to our increased spending in research and development activities relating to products in the “automotive, appliance, commercial and industrial products” category.

As a percentage of net sales, our research and development expenses increased from 4.2% for the three months ended June 30, 2012 to 4.4% for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, as a percentage of net sales, our research and development expenses increased from 4.2% for the three months ended June 30, 2012 to 4.6% for the three months ended June 30, 2013.

Operating Income

As a result of the foregoing, our operating income decreased ¥4,103 million, or 18.5%, from ¥22,183 million for the three months ended June 30, 2012 to ¥18,080 million for the three months ended June 30, 2013.

As a percentage of net sales, our operating income decreased from 12.4% for the three months ended June 30, 2012 to 8.6% for the three months ended June 30, 2013.

Other Income (Expense)

Our other expenses decreased ¥3,168 million from ¥3,849 million for the three months ended June 30, 2012 to ¥681 million for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, our other expenses decreased ¥3,183 million from ¥3,849 million for the three months ended June 30, 2012 to ¥666 million for the three months ended June 30, 2013. This decrease was mainly due to a decrease in foreign exchange loss.

Our foreign exchange loss decreased ¥4,092 million from ¥4,492 million for the three months ended June 30, 2012 to ¥400 million for the three months ended June 30, 2013. Excluding the impact of the Newly Consolidated Subsidiaries, our foreign exchange loss decreased ¥4,170 million from ¥4,492 million for the three months ended June 30, 2012 to ¥322 million for the three months ended June 30, 2013. This decrease was mainly due to the depreciation in the value of the yen against relevant foreign currencies compared to the three months ended June 30, 2012 and a decrease in Thai baht-denominated assets for the three months ended June 30, 2013 compared to the three months ended June 30, 2012.

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The following table sets forth the exchange rates between the Japanese yen and the U.S. dollar and between the Japanese yen and the Euro as of the dates indicated:

Income before Income Taxes

As a result of the foregoing, our income before income taxes decreased ¥935 million, or 5.1%, from ¥18,334 million for the three months ended June 30, 2012 to ¥17,399 million for the three months ended June 30, 2013.

As a percentage of net sales, our income before income taxes decreased from 10.2% for the three months ended June 30, 2012 to 8.2% for the three months ended June 30, 2013.

Income Taxes

Our income taxes decreased ¥803 million, or 17.9%, from ¥4,474 million for the three months ended June 30, 2012 to ¥3,671 million for the three months ended June 30, 2013. This decrease was primarily due to the decrease in income before income taxes.

The effective income tax rate decreased approximately 3.5 percentage points from 24.6% for the three months ended June 30, 2012 to 21.1% for the three months ended June 30, 2013. This was mainly due to a decrease in tax on undistributed earnings and a decrease in the valuation allowance expected in the recovery of results of foreign subsidiaries. Tax benefit in foreign subsidiaries primarily related to taxable income sourced from foreign subsidiaries mainly in Thailand and the Philippines.

For more information, see Note 10 to our unaudited consolidated interim financial statements included elsewhere in this report.

Equity in Net Income of Affiliated Companies

Our equity in net income of affiliated companies decreased ¥12 million from ¥19 million for the three months ended June 30, 2012 to ¥7 million for the three months ended June 30, 2013.

Consolidated Net Income

As a result of the foregoing, our consolidated net income decreased ¥144 million, or 1.0%, from ¥13,879 million for the three months ended June 30, 2012 to ¥13,735 million for the three months ended June 30, 2013.

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Net Income Attributable to Noncontrolling Interests

Our net income attributable to noncontrolling interests decreased ¥221 million, or 37.0%, from ¥597 million for the three months ended June 30, 2012 to ¥376 million for the three months ended June 30, 2013. This decrease was primarily due to losses and lower profits of group companies in which we own less than 100%, including the Nidec Copal group. The losses and lower profits were mainly due to rapidly declining demand for components for compact digital cameras for the three months ended June 30, 2013. In addition, Nidec Sankyo Corporation, a consolidated subsidiary in which we previously held a 77.1% ownership interest, became a wholly owned subsidiary in October 2012.

Net Income Attributable to Nidec Corporation

As a result of the foregoing, net income attributable to Nidec Corporation increased ¥77 million, or 0.6%, from ¥13,282 million for the three months ended June 30, 2012 to ¥13,359 million for the three months ended June 30, 2013.

As a percentage of net sales, net income attributable to Nidec Corporation decreased from 7.4% for the three months ended June 30, 2012 to 6.3% for the three months ended June 30, 2013.

Segment Information

Based on the applicable criteria set forth in ASC 280, "Segment Reporting", we have 14 reportable operating segments on which we report in our consolidated financial statements. For the information required by ASC 280, see Note 14 to our unaudited consolidated interim financial statements included elsewhere in this report.

The Nidec Corporation segment comprises Nidec Corporation in Japan, which primarily develops and sells hard disk drives spindle motors, DC motors, fans, and automotive products.

The Nidec Electronics (Thailand) segment comprises Nidec Electronics (Thailand) Co., Ltd., a subsidiary in Thailand, and its consolidated subsidiaries, which primarily produce and sell hard disk drive motors. This segment also includes other subsidiaries in Asia which produce components for hard disk drives.

The Nidec (Zhejiang) segment comprises Nidec (Zhejiang) Corporation, a subsidiary in China, which primarily produces and sells hard disk drive motors.

The Nidec (Dalian) segment comprises Nidec (Dalian) Limited, a subsidiary in China, which primarily produces and sells DC motors and fans but excludes its automotive products business.

The Nidec Singapore segment comprises Nidec Singapore Pte. Ltd., a subsidiary in Singapore, and its consolidated subsidiary, which primarily sell hard disk drive motors, DC motors and fans.

The Nidec (H.K.) segment comprises Nidec (H.K.) Co., Ltd., a subsidiary in Hong Kong, and its consolidated subsidiaries, which primarily sell hard disk drive motors, DC motors and fans.

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The Nidec Philippines segment comprises Nidec Philippines Corporation, a subsidiary in the Philippines, and its consolidated subsidiary, which primarily produce and sell hard disk drive motors.

The Nidec Sankyo segment comprises Nidec Sankyo Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell DC motors, machinery, and electronic parts.

The Nidec Copal segment comprises Nidec Copal Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell optical and electronic parts and machinery.

The Nidec Tosok segment comprises Nidec Tosok Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell automotive parts.

The Nidec Copal Electronics segment comprises Nidec Copal Electronics Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell electronic parts.

The Nidec Techno Motor segment comprises Nidec Techno Motor Corporation, a subsidiary in Japan, and its consolidated subsidiaries, which primarily produce and sell commercial and industrial products.

The Nidec Motor segment comprises Nidec Motor Corporation and other subsidiaries in North America, which are subsidiaries of Nidec US Holdings Corporation, an intermediate holding company in the United States, as well as other subsidiaries in Latin America, Asia and Europe, which primarily produce and sell home appliance, commercial and industrial products. This segment also includes Nidec ASI, Nidec Avtron and Nidec Kinetek, which were newly consolidated for the year ended March 31, 2013.

The Nidec Motors & Actuators segment comprises Nidec Motors & Actuators in France, other subsidiaries in Europe and North America, and other manufacturing subsidiaries in China, which primarily produce and sell general motors for automobiles.

The All Others segment comprises subsidiaries that are operating segments but not designated as reportable segments due to their immateriality.

We evaluate performance based on segment income or loss, which consists of sales and operating revenues less operating expenses. All segmental operating income or loss is accounted for under Japanese GAAP, except for Nidec Electronics (Thailand), Nidec (Zhejiang), Nidec (Dalian), Nidec Singapore, Nidec (H.K), Nidec Philippines, Nidec Motor and Nidec Motors & Actuators. Therefore, our segmental data has not been prepared under U.S. GAAP on a basis that is consistent with our consolidated financial statements or on any other single basis that is consistent between segments. There are several differences between U.S. GAAP and the underlying accounting bases used by management. The principal differences that affect segmental operating income or loss include accounting for pension and severance costs, and leases. Our segmental operating income or loss is presented in accordance with financial reporting principles and practices generally accepted in Japan. Management believes that monthly segmental information is available on a timely basis, and that it is sufficiently accurate at the segment income or loss level for management’s purposes.

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The first of the following two tables shows net sales to external customers and other operating segments by reportable operating segment for the three months ended June 30, 2012 and 2013. The second table shows operating income or loss by reportable operating segment, which includes inter-segment sales and operating revenues and expenses, for the three months ended June 30, 2012 and 2013:

(*) See Note 14 to our unaudited consolidated interim financial statements included elsewhere in this report.

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(*) See Note 14 to our unaudited consolidated interim financial statements included elsewhere in this report.

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Net sales of Nidec Corporation decreased ¥1,613 million, or 3.9%, from ¥41,124 million for the three months ended June 30, 2012 to ¥39,511 million for the three months ended June 30, 2013. This decrease was primarily due to a decrease in demand for hard disk drives spindle motors, despite the positive effect of the depreciation of the Japanese yen against the U.S. dollar. Net sales to external customers of Nidec Corporation increased ¥440 million, or 6.9%, from ¥6,348 million for the three months ended June 30, 2012 to ¥6,788 million for the three months ended June 30, 2013. Net sales to other operating segments of Nidec Corporation decreased ¥2,053 million, or 5.9%, from ¥34,776 million for the three months ended June 30, 2012 to ¥32,723 million for the three months ended June 30, 2013. Nidec Corporation had operating loss of ¥84 million for the three months ended June 30, 2013, compared to operating income of ¥1,851 million for the three months ended June 30, 2012. This decrease was primarily due to an increase in research and development costs and a decrease in royalty and commission fees from subsidiaries relating to hard disk drives spindle motors, in addition to the decrease in sales.

Net sales of Nidec Electronics (Thailand) decreased ¥2,852 million, or 9.2%, from ¥30,848 million for the three months ended June 30, 2012 to ¥27,996 million for the three months ended June 30, 2013. This decrease was primarily due to a decrease in demand for hard disk drives spindle motors. Operating income of Nidec Electronics (Thailand) decreased ¥2,653 million, or 44.7%, from ¥5,937 million for the three months ended June 30, 2012 to ¥3,284 million for the three months ended June 30, 2013. This decrease was primarily due to the decrease in sales as well as the gain from insurance relating to the 2011 Thai flooding which was recorded for the three months ended June 30, 2012, but which was nil for this three-months ended June 30, 2013.

Net sales of Nidec (Zhejiang) decreased ¥749 million, or 9.6%, from ¥7,803 million for the three months ended June 30, 2012 to ¥7,054 million for the three months ended June 30, 2013. This decrease was primarily due to a decrease in demand for hard disk drives spindle motors, despite the positive effect of the depreciation of the Japanese yen against the U.S. dollar. Operating income of Nidec (Zhejiang) decreased ¥119 million, or 36.3%, from ¥328 million for the three months ended June 30, 2012 to ¥209 million for the three months ended June 30, 2013. This decrease was primarily due to a decrease in sales, especially a decrease in the numbers of higher margin units sold.

Net sales of Nidec (Dalian) decreased ¥1,771 million, or 37.8%, from ¥4,681 million for the three months ended June 30, 2012 to ¥2,910 million for the three months ended June 30, 2013. This decrease was primarily due to the negative impact of the transfer of portion of the DC motor and the DC fan production business to the All Others segment. Nidec (Dalian) had operating loss of ¥14 million for the three months ended June 30, 2013, compared to operating income of ¥225 million for the three months ended June 30, 2012. This decrease was primarily due to the decrease in sales.

Net sales of Nidec Singapore decreased ¥1,629 million, or 10.3%, from ¥15,743 million for the three months ended June 30, 2012 to ¥14,114 million for the three months ended June 30, 2013. This decrease was primarily due to a decrease in demand for hard disk drives spindle motors despite the positive effect of the depreciation of the Japanese yen against the U.S. dollar. Operating income of Nidec Singapore decreased ¥91 million, or 36.3%, from ¥251 million for the three months ended June 30, 2012 to ¥160 million for the three months ended June 30, 2013. This decrease was primarily due to the decrease in sales.

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Net sales of Nidec (H.K.) increased ¥1,499 million, or 10.4%, from ¥14,406 million for the three months ended June 30, 2012 to ¥15,905 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the Hong Kong dollar. However, operating income of Nidec (H.K.) decreased ¥26 million, or 44.8%, from ¥58 million for the three months ended June 30, 2012 to ¥32 million for the three months ended June 30, 2013. This decrease was primarily due to an increase in freight expenses and an increase in salaries resulting from an increase in the headcount.

Net sales of Nidec Philippines increased ¥16 million, or 0.1%, from ¥11,646 million for the three months ended June 30, 2012 to ¥11,662 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the U.S. dollar, despite the decrease in sales volume. However, operating income of Nidec Philippines decreased ¥685 million, or 29.3%, from ¥2,337 million for the three months ended June 30, 2012 to ¥1,652 million for the three months ended June 30, 2013. This decrease was primarily due to higher fixed charge ratio resulting from the decrease in the sales volume.

Net sales of Nidec Sankyo increased ¥2,722 million, or 14.2%, from ¥19,220 million for the three months ended June 30, 2012 to ¥21,942 million for the three months ended June 30, 2013. This increase was primarily due to increases in sales of LCD panel handling robots and card readers, in addition to the contribution of the newly consolidated subsidiaries. Operating income of Nidec Sankyo increased ¥811 million, or 75.2%, from ¥1,079 million for the three months ended June 30, 2012 to ¥1,890 million for the three months ended June 30, 2013. This increase was primarily due to the sales increase.

Net sales of Nidec Copal decreased ¥2,666 million, or 18.2%, from ¥14,666 million for the three months ended June 30, 2012 to ¥12,000 million for the three months ended June 30, 2013. This decrease was primarily due to the declining digital camera market. Nidec Copal had operating loss of ¥588 million for the three months ended June 30, 2013, compared to operating income of ¥675 million for the three months ended June 30, 2012. This decrease was primarily due to the decrease in sales.

Net sales of Nidec Tosok decreased ¥998 million, or 11.9%, from ¥8,366 million for the three months ended June 30, 2012 to ¥7,368 million for the three months ended June 30, 2013. This decrease was primarily due to lower customer demand for automotive parts in China. Operating income of Nidec Tosok decreased ¥4 million, or 1.3%, from ¥313 million for the three months ended June 30, 2012 to ¥309 million for the three months ended June 30, 2013. This decrease was primarily due to increased product cost as a result of the weakening Japanese yen, in addition to the decrease in sales.

Net sales of Nidec Copal Electronics increased ¥873 million, or 12.8%, from ¥6,829 million for the three months ended June 30, 2012 to ¥7,702 million for the three months ended June 30, 2013. This increase was primarily due to the increases in sales of such products as components for industrial equipment, household equipment and disaster-prevention equipment. Operating income of Nidec Copal Electronics increased ¥397 million, or 45.9%, from ¥865 million for the three months ended June 30, 2012 to ¥1,262 million for the three months ended June 30, 2013. This increase was primarily due to our cost reduction measures, in addition to the increase in sales.

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Net sales of Nidec Techno Motor increased ¥3,303 million, or 31.0%, from ¥10,660 million for the three months ended June 30, 2012 to ¥13,963 million for the three months ended June 30, 2013. This increase was primarily due to an increase in sales of motors for air conditioning equipment in Asia. Operating income of Nidec Techno Motor increased ¥560 million, or 50.5%, from ¥1,108million for the three months ended June 30, 2012 to ¥1,668 million for the three months ended June 30, 2013. This increase was primarily due to the increase in sales.

Net sales of Nidec Motor increased ¥23,073 million, from ¥21,303 million for the three months ended June 30, 2012 to ¥44,376 million for the three months ended June 30, 2013. This increase was primarily due to the contribution of the newly consolidated subsidiaries, in addition to the depreciation of the Japanese yen against the U.S. dollar. Operating income of Nidec Motor increased ¥1,116 million from ¥1,060 million for the three months ended June 30, 2012 to ¥2,176 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the U.S. dollar, in addition to the positive impact of the newly consolidated subsidiaries.

Net sales of Nidec Motors & Actuators increased ¥6,208 million or 43.1%, from ¥14,404 million for the three months ended June 30, 2012 to ¥20,612 million for the three months ended June 30, 2013. This increase was primarily due to the commencement of mass-production of new product models and the depreciation of the Japanese yen against the U.S. dollar and Euro. Operating income of Nidec Motors & Actuators increased ¥708 million, or 60.9%, from ¥1,163 million for the three months ended June 30, 2012 to ¥1,871 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the U.S. dollar and Euro, in addition to the increase in sales.

With respect to the All Others segment, net sales increased ¥5,822 million, or 15.3%, from ¥37,950 million for the three months ended June 30, 2012 to ¥43,772 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the U.S. dollar. Operating income increased ¥915 million, or 24.9%, from ¥3,670 million for the three months ended June 30, 2012 to ¥4,585 million for the three months ended June 30, 2013. This increase was primarily due to the depreciation of the Japanese yen against the U.S. dollar.

Liquidity and Capital Resources

Our primary sources of liquidity include our net cash flows from operating activities and long-term debt. A critical part of our liquidity management is our focus on efficient use of working capital, which is defined as current assets less current liabilities, to improve our cash flows. Between March 31, 2013 and June 30, 2013, our working capital, which is defined as current assets less current liabilities, increased from ¥135,813 million to ¥145,764 million. In an effort to efficiently use our working capital, we continue to make effective use of our cash management system, which is shared among our subsidiaries in Japan and China.

We had cash and cash equivalents of ¥214,139 million as of June 30, 2013, compared to ¥193,420 million as of March 31, 2013.

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Our principal capital needs include (1) purchases of property, plant and equipment and other assets, (2) research and development activities, (3) purchases of raw materials, (4) employees’ salaries, wages and other payroll costs, (5) mergers and acquisitions, (6) investments in subsidiaries, (7) repayment of short-term borrowings and long-term debt, and (8) repurchase of shares of our common stock. As of June 30, 2013, we had ¥151,332 million of trade notes and accounts payable, ¥52,024 million of short-term borrowings, and ¥275,572 million of long-term debt, including the current portion of long-term debt.

In the three months ended June 30, 2013, we made no acquisitions. We, however, intend to continue to seek opportunities to acquire other companies and to make additional investments in our subsidiaries.

Our short-term borrowings, consisting of bank loans, was ¥52,024 million as of June 30, 2013, an increase of ¥19,226 million from ¥32,798 million as of March 31, 2013. In October 2011, we established a domestic commercial paper program allowing issuances of up to ¥100,000 million. We had no commercial paper outstanding as of June 30, 2013. As of the date of this report, we have no commercial paper issued under the program and outstanding.

Our current portion of long-term debt was ¥135,299 million as of June 30, 2013, an increase of ¥1,671 million from ¥133,628 million as of March 31, 2013. Our current portion of long-term debt as of June 30, 2013 consisted of the current portion of the Euro-denominated and U.S. dollar-denominated bank loans we obtained in July 2012 and December 2012, respectively, under a special government program, as further described below, and the approximately ¥100,000 million of zero coupon euro yen convertible bonds due 2015, as the bonds will become redeemable at the option of holders of the bonds on September 20, 2013.

Our long-term debt was ¥140,273 million as of June 30, 2013, a decrease of ¥5,998 million from ¥146,271 million as of March 31, 2013. This decrease was mainly due to the reclassification of portions of the Euro-denominated and U.S. dollar-denominated bank loans, as further described below, from long-term debt to current portion of long-term debt. Our long-term debt as of June 30, 2013 consisted of the remaining portions of the Euro-denominated and U.S. dollar-denominated bank loans and the proceeds from the issuance in November 2012 of ¥100,000 million of domestic bonds, as further described below.

In July 2012, in an effort to reduce financing costs and foreign exchange risks, we borrowed €240 million from major Japanese private commercial banks based on Euro-denominated credit lines to fund our future acquisition transactions under a special program of the Japan Bank for International Cooperation (“JBIC”), which has been implemented in response to the appreciation of the Japanese yen against other currencies. In December 2012, we borrowed an additional $500 million from major Japanese private commercial banks based on U.S. dollar-denominated credit lines to fund our acquisition transactions under the JBIC program. We are obligated to make partial repayments of the principal amount of these loans on a semiannual basis over a two-year period in the case of the euro-denominated loan and over a three-year period in the case the U.S. dollar-denominated loan. As of June 30, 2013, we had €180 million and $417 million of loans outstanding under the program, which were recorded in long-term debt and current portion of long-term debt on our unaudited consolidated balance sheet as of the same date.

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In November 2012, we issued ¥65.0 billion aggregate principal amount of domestic corporate bonds due 2017, ¥15.0 billion aggregate principal amount of domestic corporate bonds due 2019, and ¥20.0 billion aggregate principal amount of domestic corporate bonds due 2022. The net proceeds from the issuance of the bonds are primarily used to repay commercial paper and other short-term borrowings. The bonds were issued pursuant to a shelf registration statement we filed with the Director General of the Kanto Local Finance Bureau of the Ministry of Finance of Japan in March 2012 for the issuance from time to time of up to ¥200.0 billion aggregate principal amount of bonds in Japan between April 5, 2012 and April 4, 2014. The shelf registration was intended to enhance our flexibility and agility in obtaining funding as an alternative source of funding in addition to financing through financial institutions and other sources and, through the further diversification of funding sources, improve our financial stability.

A substantial portion of our unsecured funding is raised by the parent company (Nidec Corporation), and is then lent to its subsidiaries to meet their respective capital requirements. Under this subsidiary funding policy, we seek to lower the financing cost, maintain sufficient line of credit, and ensure agile funding for our group companies.

We also consider further extending our funding options to direct financing in order to enhance our financial agility in mergers and acquisitions, research and development activities and facility investments.

We currently have a share repurchase plan pursuant to which we are authorized to repurchase the lesser of an aggregate of 3,000,000 shares of our common stock and an aggregate of ¥20.0 billion between January 25, 2013 and January 24, 2014. We repurchased an aggregate of 500,000 shares for approximately ¥2.7 billion under the plan between April 1, 2013 and June 30, 2013.

We believe that these funding sources, together with our cash flow from operations and undrawn credit lines, will sufficiently meet our capital requirements for the next twelve months.

Assets, liabilities and Nidec Corporation shareholders’ equity

Our total assets increased ¥61,070 million, or 6.1%, from ¥1,004,852 million as of March 31, 2013 to ¥1,065,922 million as of June 30, 2013. The increase in total assets of ¥61,070 million was primarily due to an increase in cash and cash equivalents of ¥20,719 million as described below under “Cash Flows,” an increase in trade accounts receivable of ¥15,445 million as a result of the increase in sales and the depreciation of the Japanese yen against other currencies for the three months ended June 30, 2013 compared to three months ended March 31, 2013, and an increase in inventories of ¥8,442 million as a result of stronger customer demand and the depreciation of the Japanese yen against other currencies for the three months ended June 30, 2013 compared to three months ended March 31, 2013.

Our total liabilities increased ¥35,156 million, or 6.4%, from ¥551,385 million as of March 31, 2013 to ¥586,541 million as of June 30, 2013. The increase in total liabilities of ¥35,156 million was due in part to an increase in short-term borrowings of ¥19,226 million primarily because we obtained Japanese yen funds in the three months ended June 30, 2013. The increase in total liabilities was also due to an increase in trade notes and accounts payable of ¥17,167 million as a result of stronger customer demand and the depreciation of the Japanese yen against other currencies for the three months ended June 30, 2013 compared to three months ended March 31, 2013.

Our working capital, which is defined as current assets less current liabilities, increased ¥9,951 million, or 7.3%, from ¥135,813 million as of March 31, 2013 to ¥145,764 million as of June 30, 2013. This increase was mainly due to an increase in cash and cash equivalents as described below.

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Our total Nidec Corporation shareholders’ equity increased ¥25,289 million, or 6.1%, from ¥415,502 million as of March 31, 2013 to ¥440,791 million as of June 30, 2013. This increase was primarily due to an increase in positive foreign currency translation adjustments of ¥19,719 million, which reflected the depreciation of the Japanese yen against other currencies and an increase in retained earnings of ¥7,972 million, offset in part by the repurchases of shares of our common stock of ¥2,701 million. As a result, the ratio of Nidec Corporation shareholders’ equity to total assets increased 0.1 percentage points from 41.3% as of March 31, 2013 to 41.4% as of June 30, 2013.

Cash Flows

Cash Flows from Operating Activities

Net cash provided by operating activities increased ¥1,224 million from ¥16,848 million for the three months ended June 30, 2012 to ¥18,072 million for the three months ended June 30, 2013.

For the three months ended June 30, 2013, we had ¥18,072 million of net cash inflows provided by operating activities primarily due to consolidated net income of ¥13,735 million. However, net cash provided by operating activities were negatively impacted by changes in operating assets and liabilities of ¥5,993 million, which consisted of an increase in operating assets of ¥16,830 million and an increase in operating liabilities of ¥10,837 million. Operating assets and operating liabilities increased primarily due to an increase in sales reflecting stronger customer demand in the three months ended June 30, 2013 compared to the three months ended March 31, 2013.

For the three months ended June 30, 2012, we had ¥16,848 million of net cash inflows provided by operating activities primarily due to consolidated net income of ¥13,879 million. However, net cash provided by operating activities was negatively impacted by changes in operating assets and liabilities of ¥3,504 million, which consisted of an increase in operating assets of ¥230 million and a decrease in operating liabilities of ¥3,274 million. Operating assets increased ¥230 million primarily due to an increase in inventories caused by the downward inventory adjustments made by customers that accumulated inventories in June 2012.

Cash Flows from Investing Activities

Net cash used in investing activities decreased ¥46,189 million from ¥54,993 million for the three months ended June 30, 2012 to ¥8,804 million for the three months ended June 30, 2013. The decrease in net cash used in investing activities was primarily due to a decrease in acquisitions of business, net of cash acquired, of ¥42,292 million and a decrease in additions to property, plant and equipment of ¥4,394 million.

For the three months ended June 30, 2013, we had ¥8,804 million of net cash outflows to investing activities mainly due to additions to property, plant and equipment of ¥11,294 million partially offset by insurance proceeds related to property, plant and equipment damaged in flood of ¥2,312 million.

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For the three months ended June 30, 2012, we had ¥54,993 million of net cash outflows to investing activities mainly due to acquisitions of business, net of cash acquired of ¥42,292 million and additions to property, plant and equipment of ¥15,688 million.

Cash Flows from Financing Activities

Net cash provided by financing activities decreased ¥30,687 million from ¥32,401 million for the three months ended June 30, 2012 to ¥1,714 million for the three months ended June 30, 2013. The decrease in net cash provided by investing activities were primarily due to a decrease in short-term borrowings of ¥38,251 million and an increase in repayments of long-term debt of ¥7,614 million, offset in part by a decrease in purchases of treasury stock of ¥14,135 million.

For the three months ended June 30, 2013, we had ¥1,714 million of net cash inflows from financing activities mainly due to an increase in short-term borrowings of ¥18,202 million partially offset by repayments of long-term debt of ¥7,967 million, dividends paid to shareholders of Nidec Corporation of ¥5,387 million and purchases of treasury stock of ¥2,701 million.

For the three months ended June 30, 2012, we had ¥32,401 million of net cash inflows from financing activities mainly due to an increase in short-term borrowings of ¥56,453 million partially offset by purchases of treasury stock of ¥16,836 million and dividends paid to shareholders of Nidec Corporation of ¥6,158 million.

Cash and Cash Equivalents

As a result of the foregoing factors and the effect of exchange rate fluctuations on cash and cash equivalents, our total outstanding balance of cash and cash equivalents increased ¥20,719 million from ¥193,420 million as of March 31, 2013 to ¥214,139 million as of June 30, 2013. We hold our cash and cash equivalents primarily in U.S. dollars, Chinese yuan, Thai baht, Japanese yen, and Euro.

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