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Renesas Electronics Reports Financial Results for the Year Ended December 31, 2020

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TOKYO--(BUSINESS WIRE)--Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the year ended December 31, 2020.

Summary of Consolidated Financial Results (Note 1)

�

Year ended

December 31, 2020

�

Billion Yen

% of Revenue

Revenue

715.7

100.0

Operating profit

65.1

9.1

Profit attributable to owners of parent

45.6

6.4

Capital expenditures (Note 2)

22.2

�

Depreciation and others (Note 3)

141.5

�

R&D expenses (Note 4)

135.1

�

�

Yen

�

Exchange rate (USD)

107

�

Exchange rate (EUR)

121

�

�

As of December 31, 2020

�

Billion Yen

Total assets

1,609.0

Total equity

619.7

Equity attributable to owners of parent

616.7

Equity ratio attributable to owners of parent (%)

38.3

Interest-bearing liabilities

693.7

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, 2020. From the quarter ended March 31, 2020, capital expenditures include former Integrated Device Technology, Inc. (hereinafter �IDT�)�s investments as well as investments including fixed costs of masks and tools.

Note 3:

Depreciation and others includes depreciation of property, plant and equipment, amortization of intangible assets and amortization of long-term prepaid expenses in consolidated statements of cash flows.

Note 4:

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

RENESAS ELECTRONICS CORPORATION

Consolidated Financial Results for the Year Ended December 31, 2020

English translation from the original Japanese-language document

February 10, 2021

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

: Fujiko Yamaguchi, Vice President, CEO Office

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

Filing date of Yukashoken Hokokusho (scheduled)

: March 31, 2021

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the year ended December 31, 2020

1.1 Consolidated financial results (% of change from corresponding period of the previous year)

�

Revenue

Operating profit

Profit (loss)

before tax

Profit

(loss)

Profit (loss)

attributable to

owners of

parent

Total

comprehensive

income

�

Million

yen

%

Million

yen

%

�

Million

yen

%

�

Million

yen

%

�

Million

yen

%

�

Million

yen

%

Year ended December 31, 2020

715,673

(0.4)

65,142

940.1

65,216

---

45,726

---

45,626

---

(19,228)

---

Year ended December 31, 2019

718,243

(5.1)

6,263

---

(325)

---

(6,228)

---

(6,317)

---

(22,027)

---

�

Basic

earning

(loss)

per share

Diluted

earnings

(loss)

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, 2020

26.54

25.97

7.4

4.0

9.1

Year ended December 31, 2019

(3.73)

(3.73)

(1.0)

(0.0)

0.9

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, 2020

1,608,985

619,661

616,701

38.3

356.1

December 31, 2019

1,668,148

624,404

621,455

37.3

363.4

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, 2020

223,889

(40,163)

(104,470)

219,786

Year ended

December 31, 2019

201,960

(742,162)

500,466

146,468

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, 2019

---

0.00

---

0.00

0.00

---

---

---

Year ended

December 31, 2020

---

0.00

---

0.00

0.00

---

---

---

Year ending

December 31, 2021

(forecast)

---

---

---

---

---

�

---

�

Note: For the year ending December 31, 2021, whether the Group provides dividend payments remains undecided.

3. Forecast of consolidated results for the three months ending March 31, 2021

�

Non-GAAP

Revenue

Non-GAAP

Gross Margin

Non-GAAP

Operating Margin

Million yen

%

%

%pts

%

%pts

Three months ending March 31, 2021

197,000

to 205,000

10.2

to 14.7

48.5

1.2

22.0

3.2

Note 1:

The Group reports its consolidated forecast on a quarterly basis (cumulative quarters) as substitute for a yearly forecast in a range format. For details, please refer to Appendix 1.4. �Consolidated Forecasts� page 6.

Note 2:

Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP 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 year ended December 31, 2020: Yes

�

(Changes in specified subsidiaries resulting in changes in scope of consolidation)

�

Exclusion: 2 (Company name) Renesas Electronics America Inc., IDT Singapore Pte. Ltd.

�

Renesas Electronics America Inc. which was a specified subsidiary of the Group has been excluded from the scope of consolidation upon merger into IDT on January 1, 2020. IDT took an absorption-type merger with Renesas Electronics America Inc. and changed the trade name to Renesas Electronics America Inc.

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

�

(Note) For details, please refer to page 14.

4.3

Number of shares issued and outstanding (common stock)

�

1.

Number of shares issued and outstanding (including treasury stock)

�

�

�

As of December 31, 2020:

1,731,898,990 shares

�

�

�

As of December 31, 2019:

1,710,276,790 shares

�

2.

Number of treasury stock

�

�

�

As of December 31, 2020:

2,581 shares

�

�

�

As of December 31, 2019:

2,581 shares

�

3.

Average number of shares issued and outstanding

�

�

�

Year ended December 31, 2020:

1,719,344,659 shares

�

�

�

Year ended December 31, 2019:

1,694,150,509 shares

(Reference) Non-consolidated results for the year ended December 31, 2020

Non-consolidated financial results

�

Net sales

Operating income

Ordinary income

Net income

�

Million

yen

%

Million

yen

%

�

Million

yen

%

�

Million

yen

%

�

Year ended

December 31, 2020

563,908

1.7

49,447

46.2

52,843

223.2

47,458

178.7

Year ended

December 31, 2019

554,313�

(12.2)�

33,822�

(53.8)�

16,349�

(76.3)�

17,029�

(65.4)�

�

Net income

per share: basic

Net income

per share: diluted

�

Yen

Yen

December 31, 2020

27.60

27.01

December 31, 2019

10.05

9.90

Non-consolidated financial position

�

Total assets

Net assets

Equity ratio

Net assets per

share

�

Million yen

Million yen

%

Yen

�

December 31, 2020

�

December 31, 2019

�

1,628,721

�

1,614,467

�

566,100

�

505,219

�

33.8

�

30.3

�

317.65

�

286.02

Reference:

Equity at the end of the year ended December 31, 2020: 550,141 million yen

�

Equity at the end of the year ended December 31, 2019: 489,167 million yen

(Note) Information regarding the implementation of audit procedures.

�

These financial results are not subject to audit review procedures.

Cautionary Statement

The Group will hold an earnings conference for institutional investors and analysts on February 10, 2021. 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.

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.

Contacts

Media Contacts
Kyoko Okamoto

Renesas Electronics Corporation

+81 3-6773-3001

[email protected]

Investor Contacts
Shigeo Muto

Renesas Electronics Corporation

+81 3-6773-3002

[email protected]

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