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  "docSlug": "9e3d3c9dc613",
  "documentTitle": "Nidec Corp. (6594 JP)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-13 00:00:00",
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  "notes": "The slide uses a dual-axis chart to contrast sales (bars) and operating income (line) to highlight the discrepancy between financial performance and management's narrative.",
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      "kind": "callout",
      "text": "We are highly incredulous that Nidec could or should have written off JPY 23 billion in inventory.",
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      "text": "Operating Income: JPY 23 billion",
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      "text": "On the Q4 2012 call, management expressed a view that its business would quickly recover... which we believe illustrates how unnecessary the write-offs were.",
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      "text": "We are highly incredulous that Nidec could or should have written off JPY 23 billion in inventory.",
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      "text": "First of all, when we made the announcement about the results for the third quarter in January of this year, we made an announcement about how we would be changing our profit structure. And then, from the third quarter onto the fourth quarter, we carried out, throughout our entire group, the structural reforms and other adjustments. [Japanese] I am strongly confident of the fact that we have been able to completely come through with those structural reforms and other adjustments. [Japanese] So therefore, we have increased our confidence that for fiscal year 2013, we'll be heading towards a V-shaped recovery. [Japanese] And it was possible for us to clear the objective which we had set of a 30% improvement here. [Japanese] So therefore, we have been able to achieve a record breaking operating cash flow of JPY 110.3 billion. — Nagamori",
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      "text": "31 Nagamori (emphasis added): “First of all, when we made the announcement about the results for the third quarter...",
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      "text": "WPRTM Part 2 Getting off the Ground",
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