Renesas Electronics Corporation (TSE:6723) today announced
consolidated financial results in accordance with IFRS for the
three months ended March 31, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results
for the three months ended March 31, 2024 (Non-GAAP basis) (Note
2)
Three months ended March 31,
2024
Billion yen
% of Revenue
Revenue
351.8
100.0
Gross profit
199.3
56.7
Operating profit
113.5
32.3
Profit attributable to owners of
parent
105.9
30.1
EBITDA (Note 3)
133.8
38.0
Summary of Consolidated Financial Results
for the three months ended March 31, 2024 (IFRS basis)
Three months ended March 31,
2024
Billion yen
% of Revenue
Revenue
351.8
100.0
Gross profit
197.5
56.1
Operating profit
77.8
22.1
Profit attributable to owners of
parent
79.9
22.7
EBITDA (Note 3)
125.7
35.7
Reconciliation of Non-GAAP gross profit to
IFRS gross profit and Non-GAAP operating profit to IFRS operating
profit
(Billion yen)
Three months ended March 31,
2024
Non-GAAP gross profit
199.3
Non-GAAP gross margin
56.7%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(0.3)
Stock-based compensation
(0.5)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(1.1)
IFRS gross profit
197.5
IFRS gross margin
56.1%
Non-GAAP operating profit
113.5
Non-GAAP operating margin
32.3%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(27.6)
Stock-based compensation
(5.6)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(2.5)
IFRS operating profit
77.8
IFRS operating margin
22.1%
Note 1:
All figures are rounded to the
nearest 100 million yen.
Note 2:
Non-GAAP figures are calculated
by removing or adjusting non-recurring items and other adjustments
from GAAP (IFRS) figures following a certain set of rules. The
Group believes non-GAAP measures provide useful information in
understanding and evaluating the Group’s constant business
results.
Note 3:
Operating profit + Depreciation
and amortization.
Note 4:
“Other reconciliation items in
non-recurring expenses and adjustments” includes the non-recurring
items related to acquisitions and other adjustments as well as
non-recurring profits or losses the Group believes to be
applicable.
RENESAS ELECTRONICS
CORPORATION
Consolidated Financial Results
for the First Quarter Ended March 31, 2024
English translation from the
original Japanese-language document
April 25, 2024
Company name
: Renesas Electronics
Corporation
Stock exchanges on which the
shares are listed
: Tokyo Stock Exchange, Prime
Market
Code number
: 6723
URL
: https://www.renesas.com
Representative
: Hidetoshi Shibata, President
and CEO
Contact person
: Tomohiko Sato, Vice President,
IR Office Tel. +81 (0)3-6773-3002
Filing date of Shihanki Hokokusho
(scheduled)
: May 9, 2024
(Amounts are rounded to the nearest
million yen)
1. Consolidated financial results for
the three months ended March 31, 2024
1.1 Consolidated financial
results
(% of change from corresponding period of the previous year)
Revenue
Operating
profit
Profit
before tax
Profit
Profit attributable to owners
of parent
Total comprehensive
income
Million
yen
%
Million
yen
%
Million
yen
%
Million
yen
%
Million
yen
%
Million
yen
%
Three months ended March 31, 2024
351,790
(2.1
)
77,836
(36.9
)
91,752
(28.2
)
80,038
(24.0
)
79,866
(24.1
)
240,929
101.6
Three months ended March 31, 2023
359,374
3.8
123,265
23.5
127,762
62.3
105,271
75.6
105,211
75.7
119,479
(36.6
)
Basic earnings per
share
Diluted earnings per
share
Yen
Yen
Three months ended March 31, 2024
44.90
44.28
Three months ended March 31, 2023
58.50
57.53
1.2 Consolidated financial
position
Total assets
Total equity
Equity attributable to
owners
Ratio of equity attributable
to owners
Million yen
Million yen
Million yen
%
March 31, 2024
3,233,747
2,202,343
2,198,005
68.0
December 31, 2023
3,167,003
2,005,588
2,001,553
63.2
2. Cash dividends
Cash dividends per
share
At the end of
first quarter
At the end of second quarter
At the end of third quarter
At the end of year
Total
Yen
Yen
Yen
Yen
Yen
Year ended December 31, 2023
---
0.00
---
28.00
28.00
Year ending December 31, 2024
0.00
Year ending December 31, 2024
(forecast)
---
---
---
---
Note: Change in forecast of cash dividends
since the most recently announced forecast: No
3. Forecast of consolidated results for the six months ending
June 30, 2024
Non-GAAP
Revenue
Non-GAAP
Gross Margin
Non-GAAP
Operating Margin
Million yen
%
%
%pts
%
%pts
Six months ending June 30, 2024
699,290 to 714,290
(4.0) to (1.9)
56.1
(0.7)
31.4
(3.5)
Note 1:
The Group reports its
consolidated forecast on a quarterly basis (cumulative quarters) as
substitute for a yearly forecast in a range format. The non-GAAP
gross margin and the non-GAAP operating margin forecasts are
provided assuming the midpoint in the non-GAAP revenue
forecast.
Note 2:
Non-GAAP figures are calculated
by removing or adjusting non-recurring items and other adjustments
from GAAP (IFRS) figures following a certain set of rules. The
Group believes non-GAAP measures provide useful information in
understanding and evaluating the Group’s constant business results,
and therefore forecasts are provided on a non-GAAP basis.
4. Others
4.1
Changes in significant
subsidiaries for the three months ended March 31, 2024: No
(Changes in specified
subsidiaries resulting in changes in scope of consolidation)
4.2
Changes in Accounting Policies,
Changes in Accounting Estimates and Corrections of Prior Period
Errors
1.
Changes in accounting policies with
revision of accounting standard: No
2.
Changes in accounting policies except for
4.2.1: No
3.
Changes in accounting estimates: No
4.3
Number of shares issued and
outstanding (common stock)
1.
Number of shares issued and outstanding
(including treasury stock)
As of March 31, 2024:
1,870,614,885 shares
As of December 31, 2023:
1,958,454,023 shares
2.
Number of treasury stock
As of March 31, 2024:
90,885,920 shares
As of December 31, 2023:
181,369,882 shares
3.
Average number of shares issued
and outstanding
Three months ended March 31, 2024:
1,778,621,860 shares
Three months ended March 31, 2023:
1,798,535,567 shares
(Note)
Information regarding the
implementation of audit procedures: These financial results are not
subject to quarterly review procedures by the independent
auditor.
Cautionary
Statement The Group will hold an earnings conference for
institutional investors and analysts on April 25, 2024. The Group
plans to post the materials which are provided at the meeting, on
the Group’s website on that day. The statements with respect to the
financial outlook of Renesas Electronics Corporation (hereinafter
“the Company”) and its consolidated subsidiaries (hereinafter “the
Group”) are forward-looking statements involving risks and
uncertainties. We caution you in advance that actual results may
differ materially from such forward-looking statements due to
changes in several important factors.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer,
smarter and more sustainable future where technology helps make our
lives easier. A leading global provider of microcontrollers,
Renesas combines our expertise in embedded processing, analog,
power and connectivity to deliver complete semiconductor solutions.
These Winning Combinations accelerate time to market for
automotive, industrial, infrastructure and IoT applications,
enabling billions of connected, intelligent devices that enhance
the way people work and live. Learn more at renesas.com. Follow us
on LinkedIn, Facebook, Twitter, YouTube, and Instagram.
(FORWARD-LOOKING STATEMENTS)
The statements in this press release with respect to the plans,
strategies and financial outlook of Renesas and its consolidated
subsidiaries (collectively “we”) are forward-looking statements
involving risks and uncertainties. Such forward-looking statements
do not represent any guarantee by management of future performance.
In many cases, but not all, we use such words as “aim,”
“anticipate,” “believe,” “continue,” “endeavor,” “estimate,”
“expect,” “initiative,” “intend,” “may,” “plan,” “potential,”
“probability,” “project,” “risk,” “seek,” “should,” “strive,”
“target,” “will” and similar expressions to identify
forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions. These
statements discuss future expectations, identify strategies,
contain projections of our results of operations or financial
condition, or state other forward-looking information based on our
current expectations, assumptions, estimates and projections about
our business and industry, our future business strategies and the
environment in which we will operate in the future. Known and
unknown risks, uncertainties and other factors could cause our
actual results, performance or achievements to differ materially
from those contained or implied in any forward-looking statement,
including, but not limited to, general economic conditions in our
markets, which are primarily Japan, North America, Asia, and
Europe; demand for, and competitive pricing pressure on, products
and services in the marketplace; ability to continue to win
acceptance of products and services in these highly competitive
markets; and fluctuations in currency exchange rates, particularly
between the yen and the U.S. dollar. Among other factors, downturn
of the world economy; deteriorating financial conditions in world
markets, or deterioration in domestic and overseas stock markets,
may cause actual results to differ from the projected results
forecast.
This press release is based on the economic, regulatory, market
and other conditions as in effect on the date hereof. It should be
understood that subsequent developments may affect the information
contained in this presentation, which neither we nor our advisors
or representatives are under an obligation to update, revise or
affirm.
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version on businesswire.com: https://www.businesswire.com/news/home/20240424363204/en/
Media Contact Kyoko Okamoto Corporate Communications
Office Renesas Electronics Corporation +81 3-6773-3001
pr@renesas.com Investor Contact Yuma Nakanishi Investor
Relations Office Renesas Electronics Corporation +81 3-6773-3002
ir@renesas.com