Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results for the year ended December 31, 2016.

Summary of Consolidated Financial Results

   

Year ended
December 31, 2016

  Billion Yen   % of Net Sales
Net sales 471.0 100.0

Sales from semiconductors

457.2
Sales from others 13.9
Operating income 54.7 11.6
Ordinary income 50.0 10.6
Net income attributable to shareholders of parent company   44.1   9.4
Capital expenditures 72.8
Depreciation and others 45.3
R&D expenses   78.1    
Yen
Exchange rate (USD) 106
Exchange rate (EUR)   118    
     
    As of December 31, 2016
Billion Yen
Total assets 823.1
Net assets 422.4
Equity Capital 420.2
Equity ratio (%) 51.0
Interest-bearing debt   157.3
 

Note 1:

All figures are rounded to the nearest 100 million yen.

Note 2:

At the 14th Ordinary General Shareholders’ Meeting held on June 28, 2016, a partial amendment to the Articles of Incorporation was approved and 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. The fiscal year (fiscal year ended December 31, 2016) in which the transition to the new accounting period took place, comprised the financial results for the nine months from April 1, 2016, to December 31, 2016.

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 and amortization of long-term prepaid expenses in quarterly consolidated statements of cash flows.

 
 

Consolidated Financial Results for the Year Ended December 31, 2016

English translation from the original Japanese-language document
 

 

February 8, 2016

 

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

Date of the ordinary general shareholders’ meeting (scheduled)

: March 30, 2017

Filing date of Yukashoken Hokokusho (scheduled)

: March 30, 2017

 

 

(Amounts are rounded to the nearest million yen)

 
 

1. Consolidated financial results for the year ended December 31, 2016

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

  %
 
Year ended December 31, 2016 471,031 --- 54,711 --- 49,986 --- 44,119 ---
 
Year ended March 31, 2016   693,289   (12.4)   103,782   (0.6)   102,100   (3.1)   86,292   4.8

Reference:

Comprehensive income for the year ended December 31, 2016: 40,638 million yen (--%)

Comprehensive income for the year ended March 31, 2016: 69,838 million yen (-43.0%)

 

                     
   

Net income
per share
basic

  

Net income
per share
diluted

  

Net income
ratio per
equity

  

Ordinary
income
ratio per
total assets

  

Operating
income ratio
per sales

  Yen   Yen   %   %   %

Year ended December 31, 2016

 

26.46 26.46 11.0 6.0 11.6
 
Year ended March 31, 2016   51.76   ---   25.0   12.1   15.0

Reference:

Equity in net income of affiliates of the year ended December 31, 2016: 33 million yen

Equity in net income of affiliates of the year ended March 31, 2016: 5 million yen

 

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 fiscal year ended December 31, 2016 (March 31, 2016 to December 31, 2016) and the previous fiscal year (April 1, 2015 to March 31, 2016) cover different periods.

[Reference]

     

The following adjusted change [%] are comparisons of consolidated results for the fiscal year ended December 31, 2016 and the consolidated results listed below are compared with the corresponding period of the previous year (April 1, 2015 to December 31, 2015). (All numbers are in millions of yen)

 

Net sales

Operating income

Ordinary income

Net income attributable to shareholders of parent company

471,031

54,711

49,986

44,119

-10.4%

-37.9%

-10.4%

-41.9%

 

1.2 Consolidated financial position

    Total assets   Net assets   Equity ratio  

Net assets per
share

  Million yen   Million yen   %   Yen
 
December 31, 2016 823,054 422,393 51.0 252.03
 
March 31, 2016   849,376   381,739   44.7   227.63

Reference:

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

 

Equity as of March 31, 2016: 379,479 million yen

 
 

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, 2016

95,882

(48,911)

(97,161)

354,287

 

 

 

 

 

Year ended March 31, 2016 126,296 (33,551) (30,339) 398,410
                 
 
 

2. Cash dividends

                 
    Cash dividends per share  

Total
dividends
during
the year

  

Dividends
payout
ratio
(consolidated)

 

Dividends ratio per
net 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
March 31, 2016

--- 0.00 --- 0.00 0.00 --- --- ---

Year ended
December 31, 2016

  ---   0.00   ---   0.00   0.00   ---   ---   ---

Year ending
December 31, 2017
(forecast)

  ---   ---   ---   ---   ---  

 

  ---    
 
 

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

Three months ending
March 31, 2017

  171,000   ---   23,000   ---   22,000   ---   19,000   ---   11.40

Note: Change in forecast of consolidated results since the most recently announced forecast: No

 
 

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. The Group reports its consolidated forecast on a quarterly basis as a substitute for a yearly forecast. For details, refer to page 3 of the Appendix.

     

[Reference]

 

The following adjusted changes [%] are comparisons of consolidated results for the fiscal year ended December 31, 2016 adjusted for a 12-month period (January 1, 2016 to December 31, 2016) with the forecasts for the three months ending March 31, 2017. 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)
 

Net sales

Operating income

Ordinary income

Net income attributable to shareholders of parent company

171,000

23,000

22,000

19,000

+1.9%

+46.3%

+95.7%

+84.6%

 
 

4. Others

4.1 Changes in significant subsidiaries for the year ended December 31, 2016
(Changes in specified subsidiaries resulting in changes in scope of consolidation): No

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. Corrections of prior period errors: No

4.3 Number of shares issued and outstanding (common stock)

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

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

3. Average number of shares issued and outstanding
For the year ended December 31, 2016: 1,667,121,909 shares
For the year ended March 31, 2016: 1,667,121,924 shares

(Reference) Non-consolidated results for the year ended December 31, 2016

Non-consolidated financial results

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

    Net sales  

Operating
income

  

Ordinary
income

  

Net income

  Million yen   %   Million yen   %   Million yen   %   Million yen   %

Year ended
December 31, 2016

434,837 -- 36,514 -- 30,321 -- 27,241 --

Year ended
March 31, 2016

  651,022   (9.4)   93,020   25.4   88,258   22.5   65,555   (22.5)
         
   

Net income
per share: basic

  

Net income per
share: diluted

  Yen   Yen

Year ended
December 31, 2016

16.34 16.34

Year ended
March 31, 2016

  39.32   --
 

Non-consolidated financial position

                 
   

Total assets

   Net assets   Equity ratio  

Net assets per
share

  Million yen   Million yen   %   Yen
December 31, 2016 740,756 318,895 43.0 191.27
 
March 31, 2016 798,625 282,617 35.4 169.52
                 

Reference:

Equity at the end of the year ended December 31, 2016: 318,872 million yen

Equity at the end of the year ended March 31, 2016: 282,617 million yen

 

(Note) Information regarding the implementation of audit procedures
These financial statements are under the audit procedures based upon the Financial Instruments and Exchange Act at 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 an earnings conference for institutional investors and analysts on February 8, 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.