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Renesas Electronics Reports Financial Results for the First Quarter Ended March 31, 2020

TOKYO — (BUSINESS WIRE) — April 26, 2020 — Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the three months ended March 31, 2020.

Summary of Consolidated Financial Results

 

Three months ended
March 31, 2020

 

Billion Yen

 

% of Net Sales

Revenue

178.7

 

100.0

Operating profit

13.3

 

7.4

Profit attributable to the owners of the parent

11.3

 

6.3

Capital expenditures (Note 3)

6.3

 

 

Depreciation and others

38.8

 

 

R&D expenses (Note 4)

33.7

 

 

 

Yen

 

 

Exchange rate (USD)

110

 

 

Exchange rate (EUR)

121

 

 

 

 

 

As of March 31, 2020

 

Billion Yen

Total assets

1,657.8

Total equity

627.3

Equity attributable to owners of the parent

624.4

Equity ratio attributable to owners of the parent (%)

37.7

Interest-bearing debt

764.2

Note 1:

All figures are rounded to the nearest 100 million yen.

Note 2:

Following the acquisition of Integrated Device Technology, Inc. (hereinafter “IDT”) and the absorption type merger of IDT with Renesas Electronics America Inc., since January 1, 2020, the Group has begun the integration of business processes and IT systems, etc. as part of the “One Renesas” promotion. With these processes as a momentum, expense classifications have been revised in order to appropriately display the Group’s financial status and business performance.

Note 3:

Capital expenditures refer to the amount of capital for property, plant and equipment (manufacturing equipment) and intangible assets based on the amount of investment decisions made during the quarter ended March 31, 2020. From the quarter ended March 31, 2020, capital expenditures include IDT‘s investments as well as investments including fixed costs of masks and tools.

Note 4:

R&D expenses includes a partially capitalized R&D expenses recorded as intangible assets.

RENESAS ELECTRONICS CORPORATION
Consolidated Financial Results for the First Quarter Ended March 31, 2020
English translation from the original Japanese-language document

April 27, 2020

Company name

:Renesas Electronics Corporation

Stock exchanges on which the shares are listed

:Tokyo Stock Exchange, First Section

Code number

:6723

URL

: https://www.renesas.com

Representative

:Hidetoshi Shibata, Representative Director,

President and CEO

Contact person

:Yoichi Kobayashi, Senior Director

Corporate Communications Dept.

Tel. +81 (0)3-6773-3002

Filing date of Shihanki Hokokusho (scheduled)

:May 12, 2020

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the three months ended March 31, 2020

1.1 Consolidated financial results

(% of change from corresponding period of the previous year)

 

Revenue

Operating profit

(loss)

Profit before tax
from continuing
operations
(loss)

Net Profit
loss)

Net profit
attributable to
owners of the
parent
(loss)

Total
comprehensive
income

 

Million
yen

%

Million
yen

%

 

Million
yen

%

 

Million
yen

%

 

Million
yen

%

 

Million
yen

%

Three months ended March 31, 2020

178,743

19.0

13,313

---

14,178

---

11,358

---

11,289

---

(985)

---

Three months ended March 31, 2019

150,259

(19.0)

(1,370)

---

(1,919)

---

(1,921)

---

(1,909)

---

3,606

---

 

Basic
earnings
per share
(loss)

 

Diluted
earnings
per share
(loss)

 

Yen

 

Yen

Three months ended

March 31, 2020

 

6.60

 

6.49

Three months ended

March 31, 2019

 

(1.14)

 

(1.14)

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, 2020

1,657,785

627,327

624,443

37.7

March 31, 2019

1,668,148

624,404

621,455

37.3

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, 2019

---

0.00

---

0.00

0.00

Year ending
December 31, 2020

---

 

 

 

 

Year ending
December 31, 2020
(forecast) 

 

0.00

---

---

---

Note: Change in forecast of cash dividends since the most recently announced forecast: Yes

For details, please refer to Appendix 1.4. “Forecasts of Cash Dividends” on page 7.

3. Forecast of consolidated results for the six months ending June 30, 2020

Due to the uncertainty of impacts from the worldwide COVID-19 pandemic to Renesas’ business, it is difficult to make a reasonable calculation of the financial forecasts at this current time. For this reason, consolidated financial forecasts for the six months ending June 30, 2020 remain undetermined.

4. Others

4.1 Changes in significant subsidiaries for the three months ended March 31, 2020: Yes

(Changes in specified subsidiaries resulting in changes in scope of consolidation)
(Note) For details, please refer to page 15.
 

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: Yes
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, 2020: 1,711,187,090 shares
As of December 31, 2019: 1,710,276,790 shares
 
2. Number of treasury stock
As of March 31, 2020: 2,581 shares
As of December 31, 2019: 2,581 shares
 
3. Average number of shares issued and outstanding
Three months ended March 31, 2020: 1,710,788,376 shares
Three months ended March 31, 2019: 1,668,427,976 shares

(Note) Information regarding the implementation of audit procedures

These financial results are not subject to audit review procedures.

Cautionary Statement

The Group will hold a quarterly earnings conference for institutional investors and analysts on April 27, 2020. The Group plans to post the materials which are provided at the meeting, on the Group’s website on that day.

Forward-Looking Statements

The statements in this press release with respect to the plans, strategies and financial outlook of Renesas Electronics Corporation and its consolidated subsidiaries (collectively “we”) 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 several important factors 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.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live—securely and safely. A global leader in microcontrollers, analog, power, and SoC products and integrated platforms, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics, Office Automation and Information Communication Technology applications to help shape a limitless future. Learn more at renesas.com.



Contact:

Media Contacts
Kyoko Okamoto
Renesas Electronics Corporation
+81 3-6773-3001
pr@renesas.com

Investor Contacts
Yoichi Kobayashi
Renesas Electronics Corporation
+81 3-6773-3002
ir@renesas.com