Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results for the three months ended March 31, 2017.

Summary of Consolidated Financial Results

    Three-month period ended
      March 31, 2017
Billion Yen     % of Net Sales
Net sales 177.6 100.0
Sales from semiconductors 172.5
Sales from others 5.1
Operating income 25.5 14.3
Ordinary income 24.5 13.8
Net income attributable to shareholders of parent company     20.0     11.2
Capital expenditures 31.2
Depreciation and others 20.1
R&D expenses     27.1      
Yen
Exchange rate (USD) 114
Exchange rate (EUR)     121      
       
       
      As of March 31, 2017
Billion Yen
Total assets 966.8
Net assets 432.8
Equity Capital 430.5
Equity ratio (%) 44.5%
Interest-bearing debt     252.7
 
Note 1:   All figures are rounded to the nearest 100 million yen.
Note 2: Consolidated financial results for the three months ended March 31, 2017 have been reviewed by the auditors.
Note 3: Capital expenditures refer to the amount of order placed for property, plant and equipment (manufacturing equipment) and intangible assets.
Note 4: Depreciation and others includes depreciation and amortization of intangible assets, amortization of long-term prepaid expenses and amortization of good will in quarterly consolidated statements of cash flows.
 
 

Consolidated Financial Results for the First Quarter Ended March 31, 2017

English translation from the original Japanese-language document
 

May 12, 2017

 
Company name    

:

 

Renesas Electronics Corporation

Stock exchanges on which the shares are listed

:

Tokyo Stock Exchange, First Section

Code number

:

6723

URL

:

http://www.renesas.com

Representative

:

Bunsei Kure, Representative Director,

President and CEO
Contact person

:

Yoichi Kobayashi, Senior Manager

Corporate Communications Dept.
Tel. +81 (0)3-6773-3002
Filing date of Shihanki Hokokusho (scheduled)

:

May 12, 2017

 
(Amounts are rounded to the nearest million yen)
 

1. Consolidated financial results for the three-month period ended March 31, 2017

1.1 Consolidated financial results

  

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

    Net sales  

Operating

income

  

Ordinary income

  

Net income

attributable to

shareholders of

parent company

  Million yen   %   Million yen   %   Million yen   %   Million yen   %
 
Three-month period ended March 31, 2017 177,646 --- 25,481 --- 24,520 --- 19,975 ---
 
Three-month period ended June 30, 2016   151,976   (15.2)   18,555   (42.7)   16,257   (51.3)   9,978   (66.6)

Reference:

Comprehensive income for the three months ended March 31, 2017: 10,351 million yen (--%)

Comprehensive income for the three months ended June 30, 2016: (6,236) million yen (--%)

 
             
     

Net income per

share basic

    

Net income per

share diluted

    Yen     Yen
 
Three-month period ended March 31, 2017 11.98 11.98
 
Three-month period ended June 30, 2016     5.99     ---
 

Renesas Electronics Group implemented a change of the fiscal term in which the fiscal year-end changed from March 31 to December 31, starting from the fiscal year 2016. Accordingly, the percent of change from the corresponding period of the previous year is not indicated, since the first quarter of the fiscal year ending December 31, 2017 (January 1, 2017 to March 31, 2017) and the first quarter of the previous fiscal year (April 1, 2016 to June 30, 2016) cover different periods.

 
[Reference]
The following adjusted changes [%] are comparisons of consolidated results for the three months ended March 31, 2017 with consolidated results of the corresponding period for the fiscal year ended December 31, 2016 (January 1, 2016 to March 31, 2016).
Note that these consolidated results have not been subject to quarterly review procedures. (All numbers are in millions of yen)

Net sales

    

Operating income

    

Ordinary income

    

Net income attributable

    

(million yen)

to shareholders of parent company

177,646 25,481 24,520 19,975
+5.9% +62.0% +118.1% +94.1%
 

1.2 Consolidated financial position

      Total assets     Net assets     Equity ratio
    Million yen     Million yen     %
 
March 31, 2017 966,822 432,785 44.5
 
December 31, 2016     823,054     422,393     51.0

Reference:

Equity as of March 31, 2017: 430,540 million yen

Equity as of December 31, 2016: 420,162 million yen

 

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, 2016 --- 0.00 --- 0.00 0.00
Year ending December 31, 2017     ---                        
Year ending December 31, 2017 (forecast)           0.00     ---     ---     (---)

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

For details, please refer to Appendix 1.4., “Forecasts of Cash Dividends” on page 5.

 

3. Forecast of consolidated results for the six months ending June 30, 2017

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

      Net sales     Operating income     Ordinary income    

Net income

attributable to

shareholders of

parent company

    

Net

income

per share

    Million yen     %     Million yen     %     Million yen     %     Million yen     %     yen
Six months ending June 30, 2017     369,700     ---     38,500     ---     37,500     ---     40,000     ---     23.99

Note: Change in forecast of consolidated results since the most recently announced forecast: Yes

 

Renesas Electronics Group implemented a change of the fiscal term in which the fiscal year-end changed from March 31 to December 31, starting from the fiscal year 2016. Accordingly, the percent of change from the corresponding period of the previous year is not indicated, since the second quarter of the fiscal year ending December 31, 2017 (January 1, 2017 to June 30, 2017) and the second quarter of the previous fiscal year (April 1, 2016 to September 30, 2016) cover different periods. In addition, the Group reports its consolidated forecast on a quarterly basis (cumulative quarters) as a substitute for a yearly forecast. For details, refer to page 5 of the Appendix.

[Reference]
The following adjusted changes [%] are comparisons of forecast of consolidated results for the six months ending June 30, 2017 with consolidated results of the corresponding period of the fiscal year ended December 31, 2016 that has been adjusted to a 12-month period (January 1, 2016 to December 31, 2016).
Note that the consolidated results for the fiscal year ended December 31, 2016 adjusted for a 12-month period (January 1, 2016 to December 31, 2016) have not been subject to an audit procedure. (All numbers are in millions of yen)

Forecast of consolidated results for the six months ending June 30, 2017:

Net sales

    

Operating income

    

Ordinary income

    

Net income attributable

to shareholders of parent company

369,700 38,500 37,500 40,000
+15.6% +12.3% +36.4% +97.3%
 

4. Others

4.1 Changes in significant subsidiaries for the three-month period ended March 31, 2017: Yes
(Note) For details, please refer to page 6.

4.2 Adoption of special accounting policies for quarterly financial statements: Yes
(Note) For details, please refer to page 13.

4.3 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 4.3.1: No
3. Changes in accounting estimates: No
4. Corrections of prior period errors: No

4.4 Number of shares issued and outstanding (common stock)

1. Number of shares issued and outstanding (including treasury stock)
As of March 31, 2017: 1,667,124,490 shares
As of December 31, 2016: 1,667,124,490 shares

2. Number of treasury stock
As of March 31, 2017: 2,581 shares
As of December 31, 2016: 2,581 shares

3. Average number of shares issued and outstanding
For the three-month period ended March 31, 2017: 1,667,121,909 shares
For the three-month period ended June 30, 2016: 1,667,121,909 shares

(Note) Information regarding the implementation of quarterly review procedures
These quarterly financial results are not subject to quarterly review procedures based upon the Financial Instruments and Exchange Act. The review procedures for the quarterly financial report have been completed by the time of issuance of this report.

 

Cautionary Statement

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 Group will hold a quarterly earnings conference for institutional investors and analysts on May 12, 2017. The Group plans to post the materials which are provided at the meeting, on the Group’s website on that day.
 

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. The number one global supplier of microcontrollers, and a leader in Analog & Power and SoC products, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics (HE), Office Automation (OA) and Information Communication Technology (ICT) applications to help shape a limitless future. Learn more at renesas.com.