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  "documentTitle": "Nidec Corp. (6594 JP)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "Includes a Q&A excerpt regarding restructuring benefits and a table comparing reported vs. adjusted financial metrics.",
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      "text": "Note how the reported OP margin is approximately 150 basis points higher than our adjusted numbers.",
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      "text": "OP margin: 150 bps",
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      "text": "The most obvious ways in which these write-offs would have improved subsequent reported profits is through a) decreased depreciation expense... and b) reduced cost of goods sold...",
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      "kind": "paragraph",
      "text": "PP&E impairments of JPY 12.7 billion imply the inventory write-offs approximated JPY 23 billion... According to Mr. Nagamori, these write-offs would create JPY 10 - 15 billion in annual cost savings going forward.",
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      "kind": "paragraph",
      "text": "Assuming the mid-point of JPY 12.5 billion in annual expense reduction, the table below compares Nidec's reported operating profit and EPS to what we estimate it would have been without the write-offs.",
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      "kind": "paragraph",
      "text": "Assuming a mid-range of JPY 12.5 billion in cost reductions over the ensuing two years, the below graphs compare what Nidec's operating profit and EPS growth trajectories would have looked like without the write-offs...",
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      "kind": "paragraph",
      "text": "Question: 'Got it. And then my second question, Nagamori-san, is on Page 14... Mr. Nagamori: 'We believe that in terms of the structural reforms and other adjustments, then there'll be an effect realized per year of between JPY 10 billion to JPY 15 billion.'",
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      "text": "We believe that in terms of the structural reforms and other adjustments, then there'll be an effect realized per year of between JPY 10 billion to JPY 15 billion. — Mr. Nagamori",
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      "text": "17 Q4 FY2012 call",
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      "text": "Revenue, Operating Profit, OP Margin, EPS - Basic for FY2013/2014 Reported vs Adjusted",
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      "text": "Estimated Effect of Write-Offs on Income Statement",
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