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Renesas Reports Financial Results for the Third Quarter Ended September 30, 2022

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TOKYO--(BUSINESS WIRE)--#Earnings--Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the nine months ended September 30, 2022.

Summary of Consolidated Financial Results (Note 1)

�

�

Three months ended

September 30, 2022

�

Nine months ended

September 30, 2022

�

�

Billion Yen

�

% of Revenue

�

Billion Yen

�

% of Revenue

Revenue

�

387.1

�

100.0

�

1,110.0

�

100.0

Operating profit

�

117.9

�

30.5

�

327.9

�

29.5

Profit attributable to owners of parent

�

74.7

�

19.3

�

185.2

�

16.7

Capital expenditures (Note 2)

�

19.8

�

�

�

200.3

�

�

Depreciation and amortization

�

48.0

�

�

�

137.9

�

�

R&D expenses (Note 3)

�

53.1

�

�

�

150.1

�

�

�

�

Yen

�

�

�

Yen

�

�

Exchange rate (USD)

�

135

�

�

�

125

�

�

Exchange rate (EUR)

�

139

�

�

�

135

�

�

�

�

As of September 30, 2022

�

�

Billion Yen

Total assets

�

3,013.3

Total equity

�

1,654.2

Equity attributable to owners of parent

�

1,650.2

Equity ratio attributable to owners of parent (%)

�

54.8

Interest-bearing liabilities

�

820.4

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 three months and nine months ended September 30, 2022. However, the investments from the former Dialog Semiconductors Plc (hereinafter �Dialog�) and Celeno Communications Inc. (hereinafter �Celeno�) are listed as an input basis. It should be noted that as of September 14, 2021, Dialog has changed its company name to Dialog Semiconductor Limited.

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 combinations with Dialog has been revised at the end of the three months ended March 31, 2022 and for the business combinations with Celeno at the end of the three months ended June 30, 2022. The revised allocation of the acquisition costs (PPA) has been reflected in the consolidated financial results for the year ended December 31, 2021 and for the three months ended March 31, 2022.

RENESAS ELECTRONICS CORPORATION

Consolidated Financial Results for the Third Quarter Ended September 30, 2022

English translation from the original Japanese-language document

October 26, 2022

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 Shihanki Hokokusho (scheduled)

�

: November 4, 2022

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the nine months ended September 30, 2022

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

%

Nine months ended September 30, 2022

1,110,040

63.3

327,942

180.0

243,102

147.0

185,438

151.3

185,153

151.7

687,261

278.7

Nine months ended September 30, 2021

679,861

---

117,124

---

98,427

---

73,792

---

73,564

---

181,460

---

�

Basic earnings

per share

Diluted earnings

per share

�

Yen

Yen

Nine months ended

September 30, 2022

98.07

96.21

Nine months ended

September 30, 2021

40.57

39.70

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

%

September 30, 2022

3,013,317

1,654,206

1,650,201

54.8

December 31, 2021

2,426,301

1,153,398

1,150,081

47.4

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, 2021

---

0.00

---

0.00

0.00

Year ending

December 31, 2022

---

0.00

---

�

�

Year ending

December 31, 2022 (forecast)

�

�

�

0.00

0.00

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

3. Forecast of consolidated results for the full year ending December 31, 2022

�

Non-GAAP

Revenue

Non-GAAP

Gross Margin

Non-GAAP

Operating Margin

�

Million yen

%

%

%pts

%

%pts

Full year

ending

December 31, 2022

1,492,373

to 1,500,373

50.1

to 50.9

56.9

3.8

36.2

?

6.3

�

Note 1:

The Group reports its consolidated forecast for the full year 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 nine months ended September 30, 2022: 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 September 30, 2022: 1,957,677,423 shares

    As of December 31, 2021: 1,943,805,775 shares
  2. Number of treasury stock

    As of September 30, 2022: 168,069,831 shares

    As of December 31, 2021: 2,581 shares
  3. Average number of shares issued and outstanding

    Nine months ended September 30, 2022: 1,888,006,185 shares

    Nine months ended September 30, 2021: 1,813,309,523 shares

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

Cautionary Statement

The Group will hold an earnings conference for institutional investors and analysts on October 26, 2022. 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 combinations with Dialog has been revised at the end of the three months ended March 31, 2022, and for the business combinations with Celeno at the end of the three months ended June 30, 2022. The revised allocation of the acquisition costs (PPA) has been reflected in the consolidated financial results for the year ended December 31, 2021 and for the three months ended March 31, 2022. For details, please refer to Appendix 1.5, �Notes to Quarterly Consolidated Financial Statements (Business Combinations)� on page 16.

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) 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.

Contacts

Media Contacts
Kyoko Okamoto

Corporate Communications Office

Renesas Electronics Corporation

+81 3-6773-3001

[email protected]

Investor Contacts
Yuuki Oka

Investor Relations Office

Renesas Electronics Corporation

+81 3-6773-3002

[email protected]

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