Renesas announces its financial results for the second quarter ended June 30, 2022

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TOKYO–(BUSINESS WIRE)–Renesas Electronics Corporation (TSE:6723) today announced its consolidated financial results under IFRS for the six months ended June 30, 2022.

Summary of consolidated financial results (note 1)

Three months completed

June 30, 2022

Six months ended

June 30, 2022

billion yen

% of sales

billion yen

% of sales

Revenue

376.6

100.0

722.9

100.0

Operating result

110.2

29.3

210.0

29.1

Profit attributable to owners of the parent company

50.6

13.4

110.4

15.3

Capital expenditures (note 2)

148.6

180.5

Depreciation and amortization

45.9

89.9

R&D expenses (Note 3)

51.4

97.0

Yen

Yen

Exchange rate (USD)

124

120

Exchange rate (EUR)

134

132

As of June 30, 2022

billion yen

Total assets

2,858.8

Total equity

1,467.7

Equity attributable to owners of the parent company

1,463.9

Ratio of equity attributable to owners of the parent company (%)

51.2

Interest-bearing debts

886.0

Footnote 1:

All figures are rounded to the nearest 100 million yen.

Footnote 2:

Capital expenditures refer to the amount of property, plant and equipment (manufacturing equipment) and intangible assets based on the amount of investment decisions made during the three months and six months ended June 30, 2022. However, capital expenditures of the former Dialog Semiconductors Plc (hereafter “Dialog”) and Celeno Communications Inc. (hereafter “Celeno”) are listed as entry base. It should be noted that effective September 14, 2021, Dialog changed its corporate name to Dialog Semiconductor Limited.

Rating 3:

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

Note 4:

The allocation of acquisition costs for the business combinations with Dialog was revised at the end of the quarter ended March 31, 2022 and for the business combinations with Celeno at the end of the quarter ended June 30, 2022. The revised allocation acquisition cost (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 ELECTRONIC CORPORATION

Consolidated financial results for the second quarter ended June 30, 2022

English translation of the original Japanese document

July 28, 2022

Company Name

: Renesas Electronics Corporation

Exchanges on which the shares are listed

: Tokyo Stock Exchange, Prime Market

code number

: 6723

URLs

: https://www.renesas.com

Representing

: Hidetoshi Shibata, President and CEO

Contact person

: Fujiko Yamaguchi, Vice President, IR Office

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

Shihanki Hokokusho drop date (expected)

: August 10, 2022

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the six months ended June 30, 2022

1.1 Consolidated financial results

(% change compared to the corresponding period of the previous year)

Revenue

Operating

profit

Profit

before tax

Profit

Profit

attributable to

owners of

relative

Total

complete

Income

Million

yen

%

Million

yen

%

Million

yen

%

Million

yen

%

Million

yen

%

Million

yen

%

Half-year ended June 30, 2022

722 908

71.5

210,005

219.8

147,423

190.6

110,575

191.9

110,437

192.9

504 953

299.7

Half-year ended June 30, 2021

421 553

22.0

65,661

114.8

50,736

70.4

37,879

62.9

37,705

62.4

126,334

Basic

earnings

per share

Diluted

earnings

per share

Yen

Yen

Half-year ended June 30, 2022

56.96

55.82

Half-year ended June 30, 2021

21.53

21.07

1.2 Consolidated financial position

Total assets

Total equity

Equity

attributable to

owners

Equity ratio

attributable to

owners

million yen

million yen

million yen

%

June 30, 2022

2,858,842

1,467,728

1,463,898

51.2

December 31, 2021

2,426,301

1,153,398

1,150,081

47.4

2. Cash dividends

Cash dividends per share

At the end

from the first

trimester

At the end

second

trimester

At the end

third

trimester

At the end

of the 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)

Note: Change in cash dividend forecast since last announced forecast: No

3. Forecast of consolidated results for the nine months ending September 30, 2022

Non-GAAP

Revenue

Non-GAAP

Gross margin

Non-GAAP

Operating margin

million yen

%

%

%pts

%

%pts

Nine months

end

September 30, 2022

1,103,759

to 1,111,759

62.3

at 63.5

57.8

5.1

37.3

8.2

Footnote 1:

The Group communicates its consolidated forecasts on a quarterly basis (combined quarters) replacing an annual forecast in the form of a range. Non-GAAP gross margin and non-GAAP operating margin guidance is provided assuming the midpoint of non-GAAP revenue guidance.

Footnote 2:

Non-GAAP figures are calculated by removing or adjusting non-recurring items and other adjustments from GAAP (IFRS) figures according to a certain set of rules. The Group believes that the non-GAAP measures provide useful information for understanding and evaluating the Group’s continuing business results and, accordingly, the forecasts are provided on a non-GAAP basis.

4. Others

4.1 Changes in significant subsidiaries for the six months ended June 30, 2022: No

(Changes in certain subsidiaries leading to changes in the scope of consolidation)

4.2 Changes in accounting methods, changes in accounting estimates and corrections of errors from prior years

  1. Changes in accounting methods with revision of the accounting standard: No

  2. Changes in accounting methods except for 4.2.1: No

  3. Changes in Accounting Estimates: No

4.3 Number of shares issued and outstanding (ordinary shares)

  1. Number of shares issued and outstanding (including treasury shares)

    As of June 30, 2022: 1,952,747,173 shares

    As of December 31, 2021: 1,943,805,775 shares

  2. Number of treasury shares

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

    As of December 31, 2021: 2,581 shares

  3. Average number of shares issued and outstanding

    Half-year ended June 30, 2022: 1,938,971,343 shares

    Half-year ended June 30, 2021: 1,751,223,268 shares

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


Caution

The Group will hold an earnings conference for institutional investors and analysts on July 28, 2022. The Group plans to post the materials provided at the meeting on the Group’s website on that day.

Statements regarding 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 these forward-looking statements due to changes in several important factors.

The allocation of acquisition costs for business combinations with Dialog was revised at the end of the quarter ended March 31, 2022, and for business combinations with Celeno at the end of the quarter ended June 30, 2022. acquisition cost (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 more details, please refer to Appendix 1.5, “Notes to the accounts Statements (business combinations)” on page 16.

Forward-looking statements

The statements in this press release regarding the plans, strategies and financial outlook of Renesas Electronics Corporation and its consolidated subsidiaries (collectively “we”) are forward-looking statements that involve risks and uncertainties. We caution you in advance that actual results may differ materially from these 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 and competitive price pressure for products and services in the marketplace; the ability to continue to gain acceptance of products and services in these highly competitive markets; and fluctuations in exchange rates, particularly between the yen and the US dollar. Among other factors, slowdown in the global economy; deterioration in financial conditions in global markets or deterioration in domestic and foreign equity markets may cause actual results to differ from the anticipated results.

About Renesas Electronics Corporation

Renesas Electronics Corporation (TSE: 6723) is creating a safer, smarter and more sustainable future where technology makes our lives easier. One of the world’s leading microcontroller suppliers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These winning combinations are accelerating automotive, industrial, infrastructure and IoT applications to market, enabling billions of connected, smart devices to improve the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube and Instagram.

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]

Source: Renesas Electronics Corporation

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