TOKYO–(BUSINESS WIRE)–#earnings–Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the year ended December 31, 2022.
Summary of Consolidated Financial Results (Note 1)
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Year ended |
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Billion Yen |
% of Revenue |
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Revenue |
1,500.9 |
100.0 |
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Operating profit |
424.2 |
28.3 |
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Profit attributable to owners of parent |
256.6 |
17.1 |
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Capital expenditures (Note 2) |
216.4 |
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Depreciation and amortization |
186.0 |
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R&D expenses (Note 3) |
206.7 |
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Yen |
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Exchange rate (USD) |
130 |
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Exchange rate (EUR) |
137 |
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As of December 31, 2022 |
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Billion Yen |
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Total assets |
2,812.3 |
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Total equity |
1,537.5 |
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Equity attributable to owners of parent |
1,533.8 |
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Equity ratio attributable to owners of parent (%) |
54.5 |
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Interest-bearing liabilities |
770.0 |
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Note 1: |
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All figures are rounded to the nearest 100 million yen. |
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Note 2: |
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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 year ended December 31, 2022. However, the investments from Dialog Semiconductor Limited (hereinafter “Dialog”) and Celeno Communications Inc. (hereinafter “Celeno”) are listed as an input basis. |
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Note 3: |
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R&D expenses include capitalized R&D expenses recorded as intangible assets. |
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Note 4: |
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The allocation of the acquisition costs for the business combinations with Dialog and Celeno has been revised at the end of the three months ended March 31, 2022 and at the end of the three months ended June 30, 2022, respectively. These revisions to the allocation of the acquisition costs (PPA) have been reflected in the consolidated financial results for the year ended December 31, 2021 and for the three months ended March 31, 2022. |
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RENESAS ELECTRONICS CORPORATION Consolidated Financial Results for the Year Ended December 31, 2022 English translation from the original Japanese-language document |
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February 9, 2023 |
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Company name |
: Renesas Electronics Corporation |
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Stock exchanges on which the shares are listed |
: Tokyo Stock Exchange, Prime Market |
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Code number |
: 6723 |
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URL |
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Representative |
: Hidetoshi Shibata, President and CEO |
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Contact person |
: Fujiko Yamaguchi, Vice President, IR Office Tel. +81 (0)3-6773-3002 |
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Filing date of Yukashoken Hokokusho (scheduled) |
: March 30, 2023 |
(Amounts are rounded to the nearest million yen)
1. Consolidated financial results for the year ended December 31, 2022
1.1 Consolidated financial results (% of change from corresponding period of the previous year)
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Revenue |
Operating profit |
Profit before tax |
Profit |
Profit attributable to owners of parent |
Total comprehensive income |
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Million yen |
% |
Million yen |
%
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Million yen |
%
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Million yen |
%
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Million yen |
%
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Million yen |
% |
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Year ended December 31, 2022 |
1,500,853 |
51.0 |
424,170 |
144.0 |
362,299 |
153.9 |
256,787 |
114.5 |
256,632 |
114.7 |
565,984 |
98.5 |
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Year ended December 31, 2021 |
993,908 |
— |
173,827 |
— |
142,718 |
— |
119,687 |
— |
119,536 |
— |
285,078 |
— |
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Basic earnings per share |
Diluted earnings per share |
Net income per equity attributable to owners |
Profit before tax ratio per net assets |
Operating profit ratio per revenue |
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` |
Yen |
Yen |
% |
% |
% |
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Year ended |
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December 31, 2022 |
137.67 |
134.85 |
19.1 |
13.8 |
28.3 |
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Year ended |
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December 31, 2021 |
64.77 |
63.35 |
13.5 |
7.1 |
17.5 |
1.2 Consolidated financial position
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Total assets |
Total equity |
Equity attributable to owners |
Ratio of equity attributable to owners |
Equity attributable to owners per share |
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Million yen |
Million yen |
Million yen |
% |
Yen |
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December 31, 2022 |
2,812,272 |
1,537,478 |
1,533,750 |
54.5 |
853.52 |
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December 31, 2021 |
2,426,301 |
1,153,398 |
1,150,081 |
47.4 |
591.67 |
1.3 Consolidated cash flows
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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 |
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Million yen |
Million yen |
Million yen |
Million yen |
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Year ended |
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December 31, 2022 |
479,325 |
(97,523) |
(294,770) |
336,068 |
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Year ended |
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December 31, 2021 |
307,384 |
(663,126) |
340,915 |
221,924 |
2. Cash dividends
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Cash dividends per share |
Total dividend during the year |
Dividends payout ratio (consolidated) |
Dividends ratio per assets (consolidated) |
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At the end of first quarter |
At the end of second quarter |
At the end of third quarter |
At the end of year |
Total |
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Yen |
Yen |
Yen |
Yen |
Yen |
— |
— |
— |
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Year ended |
— |
0.00 |
— |
0.00 |
0.00 |
— |
— |
— |
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Year ending |
— |
0.00 |
— |
0.00 |
0.00 |
— |
— |
— |
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Year ending |
— |
— |
— |
— |
— |
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— |
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Note: For the year ending December 31, 2023, whether the Group provides dividend payments remains undecided.
3. Forecast of consolidated results for the three months ending March 31, 2023
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Non-GAAP Revenue |
Non-GAAP Gross Margin |
Non-GAAP Operating Margin |
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Million yen |
% |
% |
%pts |
% |
%pts |
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Three months ending March 31, 2023 |
347,500 to 362,500 |
0.2 to 4.6 |
54.5 |
-3.9 |
32.5 |
-6.6 |
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Note 1: |
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The Group reports its consolidated forecast on a quarterly basis as substitute for a yearly forecast 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. |
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Note 2: |
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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
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4.1 |
Changes in significant subsidiaries for the full year ended December 31, 2022: No | ||||
| (Changes in specified subsidiaries resulting in changes in scope of consolidation) | |||||
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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 | |||||
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4.3 |
Number of shares issued and outstanding (common stock) | ||||
| 1. Number of shares issued and outstanding (including treasury stock) | |||||
| As of December 31, 2022: 1,958,454,023 shares | |||||
| As of December 31, 2021: 1,943,805,775 shares | |||||
| 2. Number of treasury stock | |||||
| As of December 31, 2022: 161,488,167 shares | |||||
| As of December 31, 2021: 2,581 shares | |||||
| 3. Average number of shares issued and outstanding | |||||
| Year ended December 31, 2022: 1,864,152,116 shares | |||||
| Year ended December 31, 2021: 1,845,523,704 shares | |||||
(Reference) Non-consolidated results for the year ended December 31, 2022
Non-consolidated financial results
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Net sales |
Operating income |
Ordinary income |
Net income |
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Million yen |
% |
Million yen |
%
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Million yen |
%
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Million yen |
%
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Year ended |
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December 31, 2022 |
1,075,144 |
39.4 |
350,991 |
112.7 |
279,485 |
115.2 |
212,647 |
86.7 |
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Year ended |
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December 31, 2021 |
771,277 |
36.8 |
165,006 |
233.7 |
129,862 |
145.8 |
113,928 |
140.1 |
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Net income per share: basic |
Net income per share: diluted |
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Yen |
Yen |
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December 31, 2022 |
114.07 |
111.73 |
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December 31, 2021 |
61.73 |
60.38 |
Non-consolidated financial position
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Total assets |
Net assets |
Equity ratio |
Net assets per share |
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Million yen |
Million yen |
% |
Yen |
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December 31, 2022 |
2,553,295 |
940,437 |
36.5 |
498.75 |
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December 31, 2021 |
2,385,940 |
913,301 |
37.7 |
463.03 |
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Reference: |
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Equity at the end of the year ended December 31, 2022: 932,835 million yen |
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Equity at the end of the year ended December 31, 2021: 900,032 million yen |
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(Note) |
Information regarding the implementation of audit procedures: These financial results are not subject to audit review procedures. |
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Cautionary Statement The Group will hold an earnings conference for institutional investors and analysts on February 9, 2023. 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 and Celeno has been revised at the end of the three months ended March 31, 2022 and at the end of the three months ended June 30, 2022, respectively. These revisions to the allocation of the acquisition costs (PPA) have 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 Consolidated Financial Statements (Business Combinations)” on page 18. |
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.
(FORWARD-LOOKING STATEMENTS)
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas and its consolidated subsidiaries (collectively “we”) are forward-looking statements involving risks and uncertainties. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, we use such words as “aim,” “anticipate,” “believe,” “continue,” “endeavor,” “estimate,” “expect,” “initiative,” “intend,” “may,” “plan,” “potential,” “probability,” “project,” “risk,” “seek,” “should,” “strive,” “target,” “will” and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. These statements discuss future expectations, identify strategies, contain projections of our results of operations or financial condition, or state other forward-looking information based on our current expectations, assumptions, estimates and projections about our business and industry, our future business strategies and the environment in which we will operate in the future. Known and unknown risks, uncertainties and other factors could cause our actual results, performance or achievements to differ materially from those contained or implied in any forward-looking statement, 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.
This press release is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither we nor our advisors or representatives are under an obligation to update, revise or affirm.
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]