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Feb. 8, 2024 00:00 UTC

Renesas Reports Financial Results for the Year Ended December 31, 2023

TOKYO--( BUSINESS WIRE )-- Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the year ended December 31, 2023.

Summary of Consolidated Financial Results (Note 1, 4)

 

Year ended
December 31, 2023

 

Billion Yen

% of Revenue

Revenue

1,469.4

100.0

Operating profit

390.8

26.6

Profit attributable to owners of parent

337.1

22.9

Capital expenditures (Note 2)

75.5

 

Depreciation and amortization

186.0

 

R&D expenses (Note 3)

233.5

 

 

Yen

 

Exchange rate (USD)

140

 

Exchange rate (EUR)

151

 

 

As of December 31, 2023

 

Billion Yen

Total assets

3,167.0

Total equity

2,005.6

Equity attributable to owners of parent

2,001.6

Equity ratio attributable to owners of parent (%)

63.2

Interest-bearing liabilities

667.7

Note 1:

All figures are rounded to the nearest 100 million yen.

Note 2:

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 year ended December 31, 2023. However, the investments from Dialog Semiconductor Limited (hereinafter “Dialog”) and Celeno Communications Inc. (hereinafter “Celeno”) are listed as an input basis. It should be noted that as of September 29, 2023, Celeno changed its company name from Celeno Communications Inc. to Renesas Semiconductor Design US Inc.

Note 3:

R&D expenses include capitalized R&D expenses recorded as intangible assets.

Note 4:

The allocation of the acquisition costs for the business combination with Steradian Semiconductors Private Limited (hereinafter “Steradian”) and Panthronics AG (hereinafter “Panthronics”) has been revised at the end of three months ended March 31, 2023, and at the end of the three months ended December 31, 2023, respectively. These revisions have been reflected in the consolidated financial results for the year ended December 31, 2022 as well as the consolidated financial results for the three months ended June 30 and September 30, 2023. As of October 12, 2023, Panthronics changed its corporate name to Renesas Design Austria GmbH.

RENESAS ELECTRONICS CORPORATION

Consolidated Financial Results for the Year Ended December 31, 2023

English translation from the original Japanese-language document

 

February 8, 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

: Fujiko Yamaguchi, Vice President, IR Office

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

Filing date of Yukashoken Hokokusho (scheduled)

: March 26, 2024

Date of starting payment of dividend (scheduled)

: March 29, 2024

 

(Amounts are rounded to the nearest million yen, unless otherwise noted)

1. Consolidated financial results for the year ended December 31, 2023

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

%

 

Year ended December 31, 2023

1,469,415

(2.1

)

390,766

(7.9

)

422,173

16.5

337,311

31.4

337,086

31.4

494,826

(12.6

)

Year ended December 31, 2022

1,500,853

51.0

 

424,153

 

362,282

256,770

256,615

565,969

 

 

Basic earnings
per share

Diluted earnings
per share

Net income per equity attributable to owners

Profit before tax ratio per net assets

Operating profit ratio per revenue

 

Yen

Yen

%

%

%

Year ended

December 31, 2023

189.77

186.07

19.1

14.1

26.6

Year ended

December 31, 2022

137.66

134.84

19.1

13.8

28.3

Note:

The Group finalized the provisional accounting treatment for the business combination at the end of the three months ended March 31, 2023, and each figure for the fiscal year ended December 31, 2022 reflects the details of the finalization of the provisional accounting treatment. Due to the revisions to the allocation of the acquisition costs, the percent of change from corresponding period of the previous year for the year ended December 31, 2022 is not stated.

1.2 Consolidated financial position

 

 

Total assets

Total equity

Equity attributable to owners

Ratio of equity attributable to owners

Equity attributable to owners per share

 

Million yen

Million yen

Million yen

%

Yen

December 31, 2023

3,167,003

2,005,588

2,001,553

63.2

1,126.31

 

December 31, 2022

2,812,491

1,537,463

1,533,735

 

54.5

 

853.51

1.3 Consolidated cash flows

 

 

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Cash and cash equivalents at the end of the year

 

Million yen

Million yen

Million yen

Million yen

Year ended

December 31, 2023

496,627

(267,492)

(181,247)

434,681

Year ended

December 31, 2022

479,325

(97,523)

(294,770)

336,068

2. Cash dividends

 

 

Cash dividends per share

Total dividend during

the year

Dividends payout ratio (consolidated)

Dividends ratio per assets (consolidated)

 

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, 2022

---

0.00

---

0.00

0.00

---

---

---

Year ended
December 31, 2023

---

0.00

---

28.00

28.00

49,758

14.8

2.8

Year ending

December 31, 2024 (forecast)

---

---

---

---

---

 

---

 

Note 1

The amount of the dividend for the year ended December 31, 2023, will be approved by the Group’s Ordinary Annual Meeting of Shareholders scheduled for March 2024.

Note 2:

For the year ending December 31, 2024, whether the Group provides dividend payments remains undecided.

3. Forecast of consolidated results for the three months ending March 31, 2024

 

 

Non-GAAP

Revenue

Non-GAAP

Gross Margin

Non-GAAP

Operating Margin

Million yen

%

%

%pts

%

%pts

Three months

ending March 31, 2024

337,500
to 352,500

(6.2)

to (2.0)

55.0

(1.2)

30.0

(4.7)

Note 1:

The Group reports its consolidated forecast on a quarterly basis 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 full year ended December 31, 2023: 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: Yes

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 December 31, 2023: 1,958,454,023 shares

As of December 31, 2022: 1,958,454,023 shares

2.

Number of treasury stock

As of December 31, 2023: 181,369,882 shares

As of December 31, 2022: 161,488,167 shares

3.

Average number of shares issued and outstanding

Year ended December 31, 2023: 1,776,296,088 shares

Year ended December 31, 2022: 1,864,152,116 shares

(Reference) Non-consolidated results for the year ended December 31, 2023

 

Non-consolidated financial results

 

 

Net sales

Operating income

Ordinary income

Net income

 

Million

yen

%

Million

yen

%

 

Million

yen

%

 

Million

yen

%

 

Year ended

December 31, 2023

1,065,819

(0.9)

314,758

(10.3)

297,041

6.3

251,871

18.4

Year ended

December 31, 2022

1,075,144

39.4

350,991

112.7

279,485

115.2

212,647

86.7

 

Net income

per share: basic

Net income

per share: diluted

 

Yen

Yen

December 31, 2023

141.80

139.03

December 31, 2022

114.07

111.73

Non-consolidated financial position

 

 

Total assets

Net assets

Equity ratio

Net assets per

share

 

Million yen

Million yen

%

Yen

December 31, 2023

2,575,156

1,155,868

44.8

648.97

December 31, 2022

2,553,295

940,437

36.5

498.75

Reference:

Equity at the end of the year ended December 31, 2023: 1,152,762 million yen

 

Equity at the end of the year ended December 31, 2022: 932,835 million yen

(Note) Information regarding the implementation of audit procedures: These financial results are not subject to audit procedures by the independent auditor.

Cautionary Statement

The Group will hold an earnings conference for institutional investors and analysts on February 8, 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.

 

The allocation of the acquisition costs for the business combination with Steradian, which was completed on October 17, 2022, and for the business combination with Panthronics, which was completed on June 1, 2023, has been revised at the end of three months ended March 31, 2023 and at the end of the three months ended December 31, 2023 respectively. The revised allocation of the acquisition costs has been reflected in the consolidated financial results for the year ended December 31, 2022, as well as the consolidated financial results for the three months ended June 30 and September 30, 2023. For details, please refer to Appendix 3.5, “Notes to Consolidated Financial Statements (Business Combinations)” on page 19.

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 , X , 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.

Contacts

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

Investor Contacts
Yuma Nakanishi
Investor Relations Office
Renesas Electronics Corporation
+81 3-6773-3002
ir@renesas.com


Source: Renesas Electronics Corporation

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