Renesas Electronics Corporation (TSE:6723) today announced
consolidated financial results in accordance with IFRS for the
three and six months ended June 30, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results (Non-GAAP basis) (Note
2)
Three months ended
June 30, 2024
Six months ended
June 30, 2024
Billion yen
% of Revenue
Billion yen
% of Revenue
Revenue
358.8
100.0
710.6
100.0
Gross profit
203.6
56.7
402.9
56.7
Operating profit
110.6
30.8
224.1
31.5
Profit attributable to owners of
parent
96.7
26.9
202.5
28.5
EBITDA (Note 3)
132.8
37.0
266.6
37.5
Summary of Consolidated Financial Results (IFRS basis)
Three months ended
June 30, 2024
Six months ended
June 30, 2024
Billion yen
% of Revenue
Billion yen
% of Revenue
Revenue
358.8
100.0
710.6
100.0
Gross profit
200.9
56.0
398.4
56.1
Operating profit
69.7
19.4
147.6
20.8
Profit attributable to owners of
parent
59.8
16.7
139.6
19.6
EBITDA (Note 3)
120.6
33.6
246.3
34.7
Reconciliation of Non-GAAP gross profit to IFRS gross profit and
Non-GAAP operating profit to IFRS operating profit
(Billion yen)
Three months ended
June 30, 2024
Six months ended
June 30, 2024
Non-GAAP gross profit
203.6
402.9
Non-GAAP gross margin
56.7%
56.7%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(0.3)
(0.5)
Stock-based compensation
(0.8)
(1.2)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(1.6)
(2.7)
IFRS gross profit
200.9
398.4
IFRS gross margin
56.0%
56.1%
Non-GAAP operating profit
110.6
224.1
Non-GAAP operating margin
30.8%
31.5%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(28.7)
(56.3)
Stock-based compensation
(9.2)
(14.8)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(2.9)
(5.4)
IFRS operating profit
69.7
147.6
IFRS operating margin
19.4%
20.8%
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 Second Quarter Ended June
30, 2024 English translation from the original
Japanese-language document
July 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, Investor
Relations
Tel. +81 (0)3-6773-3002
Filing date of Hanki Hokokusho
(scheduled)
: August 1, 2024
(Amounts are rounded to the nearest million
yen)
1. Consolidated financial results for the six months ended
June 30, 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
%
Six months ended June 30, 2024
710,597
(2.4)
147,565
(33.1)
166,042
(31.0)
139,788
(28.7)
139,632
(28.7)
496,736
25.1
Six months ended June 30, 2023
728,091
0.7
220,492
-
240,581
-
196,019
-
195,775
-
396,968
-
Basic earnings
per share
Diluted earnings
per share
Yen
Yen
Six months ended June 30, 2024
78.28
77.23
Six months ended June 30, 2023
109.94
107.87
Note:
The Group finalized the provisional
accounting treatment for the business combination at the end of
December 31, 2023, and each figure for the six months ended June
30, 2023 reflects the details of the finalization of the
provisional accounting treatment.
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
%
June 30, 2024
3,661,634
2,467,762
2,463,184
67.3
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
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 nine months
ending September 30, 2024
Non-GAAP
Revenue
Non-GAAP
Gross Margin
Non-GAAP
Operating Margin
Nine months ending September 30, 2024
Million yen
1,051,097
to 1,066,097
%
(5.1)
to (3.8)
%
56.3
%pts
(0.9)
%
30.2
%pts
(4.6)
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 six months ended June 30, 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 June 30, 2024:
1,870,614,885 shares
As of December 31, 2023:
1,958,454,023 shares
2. Number of treasury stock
As of June 30, 2024:
80,009,054 shares
As of December 31, 2023:
181,369,882 shares
3. Average number of shares issued and
outstanding
Six months ended June 30, 2024:
1,783,808,662 shares
Six months ended June 30, 2023:
1,780,764,049 shares
(Note)
Information regarding the implementation
of audit procedures: These financial results are not subject to
interim review procedures by the independent auditor.
Cautionary
Statement
The Group will hold an earnings conference
for institutional investors and analysts on July 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/20240724466668/en/
Media Contacts Kyoko Okamoto Corporate Communications
Office Renesas Electronics Corporation +81 3-6773-3001
pr@renesas.com
Investor Contacts Tomohiko Sato Investor Relations
Renesas Electronics Corporation +81 3-6773-3002 ir@renesas.com