Press release

Renesas Electronics Reports Financial Results for the Second Quarter Ended June 30, 2020

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Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the six months ended June 30, 2020.

 

Summary of Consolidated Financial Results

 

Three months ended

June 30, 2020

Six months ended

June 30, 2020

 

Billion Yen

% of Revenue

Billion Yen

% of Revenue

Revenue

166.7

100.0

345.4

100.0

Operating profit

17.3

10.4

30.6

8.8

Profit attributable to owners of the parent

11.9

7.2

23.2

6.7

Capital expenditures (Note 2)

3.9

 

10.2

 

Depreciation and others (Note 3)

34.3

 

73.2

 

R&D expenses (Note 4)

31.4

 

65.1

 

 

Yen

 

Yen

 

Exchange rate (USD)

108

 

109

 

Exchange rate (EUR)

118

 

119

 

 

 

 

As of June 30, 2020

 

Billion Yen

Total assets

1,634.5

Total equity

629.4

Equity attributable to owners of the parent

626.5

Equity ratio attributable to owners of the parent (%)

38.3

Interest-bearing debt

740.2

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 quarter ended June 30, 2020. From the quarter ended March 31, 2020, capital expenditures include 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 fixed assets, amortization of intangible assets and amortization of long-term prepaid expenses in consolidated statements of cash flows.

Note 4:

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

RENESAS ELECTRONICS CORPORATION

Consolidated Financial Results for the Second Quarter Ended June 30, 2020

English translation from the original Japanese-language document

July 30, 2020

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

:Yoichi Kobayashi, Senior Director

Corporate Communications Dept.

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

Filing date of Shihanki Hokokusho (scheduled)

:August 5, 2020

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the six months ended June 30, 2020

1.1 Consolidated financial results

(% of change from corresponding period of the previous year)

 

Revenue

Operating profit

(loss)

Profit before tax

from continuing

operations

(loss)

Profit

(loss)

Profit

attributable to

owners of the

parent

(loss)

Total

comprehensive

income

(loss)

 

Million

yen

 

%

Million

yen

%

 

Million

yen

%

 

Million

yen

%

 

Million

yen

%

 

Million

yen

%

Six months ended June 30, 2020

345,415

 

0.7

30,569

—

29,769

—

23,260

—

23,212

—

(720)

—

Six months ended June 30, 2019

342,884

 

(11.8)

(12,226)

—

(13,491)

—

(11,023)

—

(11,001)

—

(46,389)

—

Basic

earnings

per share

(loss)

Diluted

earnings

per share

(loss)

 

Yen

Yen

Six months ended

June 30, 2020

13.55

13.32

 

Six months ended

June 30, 2019

(6.54)

(6.54)

1.2 Consolidated financial position

 

Total assets

Total equity

Equity attributable

to owners of the

parent

Ratio of equity

attributable to

owners of the

parent

 

Million yen

Million yen

Million yen

%

 

June 30, 2020

1,634,504

629,374

626,511

38.3

 

December 31, 2019

1,668,148

624,404

621,455

37.3

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, 2019

—

0.00

—

0.00

0.00

Year ending

December 31, 2020

—

0.00

 

 

 

Year ending

December 31, 2020

(forecast)

 

 

—

—

—

Note: Change in forecast of cash dividends since the most recently announced forecast: No

3. Forecast of consolidated results for the nine months ending September 30, 2020

 

Non-GAAP

Revenue

Non-GAAP

Gross Margin

Non-GAAP

Operating Margin

 

Million yen

%

%

%pts

%

%pts

 

 

 

 

 

 

Nine months ending

September 30, 2020

508,415

to 516,415

(3.4)

to (1.9)

46.8

4.7

17.2

5.6

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 1.3. “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 as a non-GAAP basis.

4. Others

4.1 Changes in significant subsidiaries for the six months ended June 30, 2020: Yes

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

(Note) For details, please refer to page 16

 

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

 

4.3 Number of shares issued and outstanding (common stock)

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

As of June 30, 2020:

1,719,396,690 shares

As of December 31, 2019:

1,710,276,790 shares

 

2. Number of treasury stock

As of June 30, 2020:

2,581 shares

As of December 31, 2019:

2,581 shares

 

3. Average number of shares issued and outstanding

Six months ended June 30, 2020:

1,713,078,576 shares

Six months ended June 30, 2019:

1,681,578,376 shares

 

(Note) Information regarding the implementation of audit procedures

These financial results are not subject to audit review procedures.

Cautionary Statement

The Group will hold a quarterly earnings conference for institutional investors and analysts on July 30, 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 (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.