Nidec announced its fiscal 2025 results, recording impairment losses of more than ¥632.1 billion and a net loss of approximately ¥564.6 billion.
Nidec released its consolidated results for the 12 months ended March this year. Impairment losses amounted to ¥632.135 billion, revenue was ¥2.708705 trillion, and the company posted a net loss of ¥564.624 billion.
Following a series of accounting and quality fraud issues, the company disclosed that it had delayed filing its annual securities report and filed it with the Kanto Local Finance Bureau of the Ministry of Finance. The audit firm issued a disclaimer of opinion on the financial statements.
An investigation by the independent committee into the company’s founder, Nagamori Shigenobu (永守 重信), found no evidence that he instructed or led the accounting fraud, but identified Nagamori as the starting point of the accounting fraud. Nagamori resigned as Representative Director and Global Group Representative in December last year, and stepped down as honorary chairman in February.
At a press conference on the 4th of this month, President Kishida Mitsuya (岸田 光哉) said that “elements were evident in the corporate culture that led from accounting fraud to quality fraud,” expressing the view that Nagamori was the starting point.