TOKYO–(BUSINESS WIRE)–Renesas Electronics Corporation (TSE: 6723) today announced consolidated financial results in accordance with IFRS for the year ended December 31, 2019.
Summary of Consolidated Financial Results
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Year ended |
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|
Billion Yen |
% of Net Sales |
|
|
Revenue |
718.2 |
100.0 |
|
Operating profit |
6.8 |
1.0 |
|
Net profit |
(5.9) |
(0.8) |
|
Capital expenditures (Note 2) |
10.8 |
|
|
Depreciation and others (Note 3) |
148.0 |
|
|
R&D expenses (Note 4) |
128.7 |
|
|
Yen |
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Exchange rate (USD) |
109 |
|
|
Exchange rate (EUR) |
123 |
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As of December 31, 2019 |
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Billion Yen |
||
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Total assets |
1,667.4 |
|
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Total equity |
623.6 |
|
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Equity attributable to owners of the parent |
620.7 |
|
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Equity ratio attributable to owners of the parent (%) |
37.2 |
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Interest-bearing debt |
785.9 |
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Note 1: |
All figures are rounded to the nearest 100 million yen. |
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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, 2019. |
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Note 3: |
Depreciation and others includes depreciation and amortization of intangible assets and amortization of long-term prepaid expenses in consolidated statements of cash flows. |
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Note 4: |
Part of R&D expenses have been capitalized and have been recorded as intangible assets. R&D expense which have been recorded as intangible assets are listed here. |
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Note 5: |
The allocation of the acquisition costs (PPA: Purchase Price Allocation) for the business combinations with Integrated Device Technology, Inc. (“IDT”), which Renesas acquired on March 30, 2019 (JST), has been revised at the end of the full year ended December 2019. The revised allocation of the acquisition costs are reflected in the consolidated financial figures of FY2019/12. |
RENESAS ELECTRONICS CORPORATION
Consolidated Financial Results for the Year Ended December 31, 2019
English translation from the original Japanese-language document
February 12, 2020
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Company name |
: Renesas Electronics Corporation |
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Stock exchanges on which the shares are listed |
:Tokyo Stock Exchange, First Section |
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Code number |
: 6723 |
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URL |
|
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Representative |
:Hidetoshi Shibata, Representative Director, President and CEO |
|
Contact person |
:Yoichi Kobayashi, Director Corporate Communications Dept. Tel. +81 (0)3-6773-3002 |
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Filing date of Yukashoken Hokokusho (scheduled) |
:March 27, 2020 |
(Amounts are rounded to the nearest million yen)
1. Consolidated financial results for the year ended December 31, 2019
|
1.1 Consolidated financial results |
(% of change from corresponding period of the previous year) |
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|
Revenue |
Operating profit |
Profit before |
Profit for the |
Profit for |
Total |
|||||||
|
Million yen |
% |
Million yen |
% |
Million yen |
% |
Million yen |
% |
Million yen |
% |
Million yen |
% |
|
|
Year ended |
718,243 |
(5.1) |
6,845 |
(90.0) |
257 |
(99.6) |
(5,825) |
— |
(5,914) |
— |
(21,624) |
— |
|
Year ended |
756,503 |
(2.9) |
68,196 |
(33.0) |
67,723 |
(31.9) |
51,059 |
(50.0) |
50,989 |
(50.0) |
18,201 |
(83.3) |
|
Basic |
Diluted |
Net income |
Profit |
Operating |
|
|
Yen |
Yen |
% |
% |
% |
|
|
Year ended December 31, 2019 |
(3.49) |
(3.49) |
(1.0) |
0.0 |
1.0 |
|
Year ended December 31, 2018 |
30.57 |
30.50 |
8.7 |
6.2 |
9.0 |
|
Reference: |
Equity in net income of affiliates of the year ended December 31, 2019: |
— million yen |
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Equity in net income of affiliates of the year ended December 31, 2018: |
49 million yen |
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1.2 Consolidated financial position |
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Total assets |
Total equity |
Equity attributable |
Ratio of equity |
Equity attributable |
|
|
Million yen |
Million yen |
Million yen |
% |
Yen |
|
|
December 31, |
1,667,359 |
623,615 |
620,666 |
37.2 |
362.90 |
|
December 31, |
1,055,235 |
600,968 |
598,100 |
56.7 |
358.49 |
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1.3 Consolidated cash flows |
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Cash flows from
operating |
Cash flows from |
Cash flows from |
Cash and cash |
|
|
Million yen |
Million yen |
Million yen |
Million yen |
|
|
Year ended December 31, 2019 |
201,960 |
(742,162) |
500,466 |
146,468 |
|
Year ended December 31, 2018 |
172,308 |
(80,872) |
(39,251) |
188,820 |
2. Cash dividends
|
Cash dividends per share |
Total |
Dividends |
Dividends |
|||||
|
At the |
At the |
At the |
At the |
Total |
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|
Yen |
Yen |
Yen |
Yen |
Yen |
||||
|
Year ended |
— |
0.00 |
— |
0.00 |
0.00 |
— |
— |
— |
|
Year ended |
— |
0.00 |
— |
0.00 |
0.00 |
— |
— |
— |
|
Year ending |
— |
— |
— |
— |
— |
— |
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Note: For the year ending December 31, 2020, whether the Group provides dividend payments remains undecided. |
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3. Forecast of consolidated results for the three months ending March 31, 2020
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(% or %pts indicates changes from corresponding period of the previous year) |
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Non-GAAP |
Non-GAAP |
Non-GAAP |
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Million yen |
% |
% |
%pts |
% |
% |
|
|
Forecasts as of |
175,000 |
16.5 |
46.0 |
6.7 |
15.0 |
10.2 |
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Note 1: |
Instead of a forecast for the full year ending December 31, 2020, the group has provided a forecast for the three months ending March 31, 2020, in a range format. For more information, please refer to page 6. |
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Note 2: |
Non-GAAP figures are calculated by adjusting or removing non-recurring items and other adjustments from GAAP figures. The Group believes non-GAAP measures provide useful information in understanding and evaluating the Group’s constant business results, and therefore forecasts are provided in non-GAAP base. |
4. Others
| 4.1 Changes in significant subsidiaries for the year ended December 31, 2019 | |
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(Changes in specified subsidiaries resulting in changes in scope of consolidation): Yes |
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(Note) For details, please refer to page 14. |
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4.2 Changes in Accounting Policies, Changes in Accounting Estimates and Corrections of Prior Period Errors |
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1. Changes in accounting policies with revision of accounting standard: Yes |
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2. Changes in accounting policies except for 4.2.1: No |
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3. Changes in accounting estimates: No |
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4.3 Number of shares issued and outstanding (common stock) |
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1. Number of shares issued and outstanding (including treasury stock) |
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As of December 31, 2019: |
1,710,276,790 shares |
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As of December 31, 2018: |
1,668,385,390 shares |
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2. Number of treasury stock |
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As of December 31, 2019: |
2,581 shares |
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As of December 31, 2018: |
2,581 shares |
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3. Average number of shares issued and outstanding |
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For the year ended December 31, 2019: |
1,694,150,509 shares |
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For the year ended December 31, 2018: |
1,667,716,659 shares |
(Reference) Non-consolidated results for the year ended December 31, 2019
Non-consolidated financial results
|
(% of change from corresponding period of the previous year) |
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|
Net sales |
Operating |
Ordinary |
Net income |
|||||||||
|
Million yen |
% |
Million yen |
% |
Million yen |
% |
Million yen |
% |
|||||
|
Year ended |
554,313 |
(12.2) |
34,404 |
(53.0) |
16,932 |
(75.4) |
17,433 |
(64.6) |
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|
Year ended |
631,220 |
(7.6) |
73,243 |
(19.6) |
68,864 |
(24.0) |
49,216 |
(43.7) |
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|
Net income |
Net income per |
|
|
Yen |
Yen |
|
|
Year ended |
10.29 |
10.13 |
|
Year ended |
29.51 |
29.44 |
Non-consolidated financial position
|
Total assets |
Net assets |
Equity ratio |
Net assets per share |
|
|
Million yen |
Million yen |
% |
Yen |
|
|
December 31, 2019 |
1,613,679 |
504,431 |
30.3 |
285.56 |
|
December 31, 2018 |
928,277 |
438,896 |
46.7 |
260.07 |
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Reference: |
Equity at the end of the year ended December 31, 2019: |
488,378 million yen |
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Equity at the end of the year ended December 31, 2018: |
433,731 million yen |
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(Note) Information regarding the implementation of audit procedures |
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These financial results are not subject to audit review procedures. |
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Cautionary Statement
The Group discloses its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) starting from the annual securities report for the fiscal year ended December 31, 2018.
The Group will hold an earnings conference for institutional investors and analysts on February 12, 2020. 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 (hereafter “the Company”) and its consolidated subsidiaries (hereafter “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 combinations with IDT, which the Group acquired on March 30, 2019, has been revised at the end of the fiscal year ended December 31, 2019. The revised allocation of the acquisition costs are reflected in the Consolidated Financial Statements of the fiscal year ended December 31, 2019.
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.
