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Renesas Reports Financial Results for the Year Ended December 31, 2021

Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the year ended December 31, 2021.

Summary of Consolidated Financial Results (Note 1)

 

Year ended

December 31, 2021

 

Billion Yen

 

% of Revenue

Revenue

994.4

 

100.0

Operating profit

183.6

 

18.5

Profit attributable to owners of parent

127.3

 

12.8

Capital expenditures (Note 2)

88.0

 

 

Depreciation and others (Note 3)

136.5

 

 

R&D expenses (Note 4)

156.3

 

 

 

Yen

 

 

Exchange rate (USD)

109

 

 

Exchange rate (EUR)

130

 

 

 

As of December 31, 2021

 

Billion Yen

Total assets

2,406.2

Total equity

1,161.5

Equity attributable to owners of parent

1,158.1

Equity ratio attributable to owners of parent (%)

48.1

Interest-bearing liabilities

830.9

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 year ended December 31, 2021. However, the investments from the former Dialog Semiconductors Plc (hereinafter Dialog) are listed as an input basis.

Note 3:

Depreciation and others includes depreciation of property, plant and equipment, amortization of intangible assets and amortization of long-term prepaid expenses in consolidated statements of cash flows.

Note 4:

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

RENESAS ELECTRONICS CORPORATION

Consolidated Financial Results for the Year Ended December 31, 2021

English translation from the original Japanese-language document

February 9, 2022

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, President and CEO

Contact person

: Masayuki Nagayama, Vice President, CEO Office

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

Filing date of Yukashoken Hokokusho (scheduled)

: March 30, 2022

(Amounts are rounded to the nearest million yen)

1. Consolidated financial results for the year ended December 31, 2021

1.1 Consolidated financial results (% of change from corresponding period of the previous year)

 

Revenue

Operating

profit

Profit

before tax

Profit

Profit

attributable to

owners of

parent

Total

comprehensive

income

 

Million

yen

 

%

Million

yen

 

%

 

Million

yen

 

%

 

Million

yen

 

%

 

Million

yen

 

%

 

Million

yen

 

%

Year ended December 31, 2021

994,418

 

38.9

183,601

 

181.8

152,463

 

133.8

127,412

 

178.6

127,261

 

178.9

165,728

 

---

Year ended December 31, 2020

715,673

 

(0.4)

65,142

 

940.1

65,216

 

---

45,726

 

---

45,626

 

---

(19,228)

 

---

 

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

 

Yen

Yen

%

%

%

Year ended December 31, 2021

68.96

67.44

14.3

7.6

18.5

Year ended December 31, 2020

26.54

25.97

7.4

4.0

9.1

1.2 Consolidated financial position

 

Total assets

Total equity

Equity

attributable to

owners

Ratio of equity

attributable to

owners

Equity

attributable to

owners per

share

 

Million yen

Million yen

Million yen

%

Yen

December 31, 2021

2,406,247

1,161,460

1,158,143

48.1

595.8

December 31, 2020

1,608,985

619,661

616,701

38.3

356.1

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, 2021

307,384

(663,126)

340,915

221,924

Year ended December 31, 2020

223,889

(40,163)

(104,470)

219,786

2. Cash dividends

 

Cash dividends per share

Total dividend during the year

Dividends payout ratio

(consolidated)

Dividends ratio per 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

December 31, 2020

---

0.00

---

0.00

0.00

---

---

---

Year ending

December 31, 2021

---

0.00

---

0.00

0.00

---

---

---

Year ending

December 31, 2022 (forecast)

---

---

---

---

---

 

---

 

Note: For the year ending December 31, 2022, whether the Group provides dividend payments remains undecided.

3. Forecast of consolidated results for the three months ending March 31, 2022

 

Revenue

Non-GAAP

Gross Margin

Non-GAAP

Operating Margin

Million yen

%

%

%pts

%

%pts

336,000

65.0

55.5

5.3

34.5

8.7

Three months ending March 31, 2022

(±4,000)

(±2.0)

 

 

Note 1:

The Group reports its consolidated forecast on a quarterly basis (cumulative quarters) as substitute for a yearly forecast in a range format. The revenue forecast is provided assuming the midpoint and the range of the forecast are listed in brackets. The gross margin and the operating margin forecasts are provided assuming the midpoint in the revenue forecast. For details, please refer to Appendix 1.4 Consolidated Forecasts on page 6.

Note 2:

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. However, the figure provided as revenue is based on IFRS and does not include non-GAAP adjustments.

4. Others

4.1

Changes in significant subsidiaries for the full year ended December 31, 2021: Yes

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

New: 1 (Company name) Celeno Communications Inc. (hereinafter “Celeno”)

 

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

 

4.3

Number of shares issued and outstanding (common stock)

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

As of December 31, 2021:

1,943,805,775 shares

As of December 31, 2020:

1,731,898,990 shares

 

2. Number of treasury stock  

As of December 31, 2021:

2,581 shares

As of December 31, 2020:

2,581 shares

 

3. Average number of shares issued and outstanding

Year ended December 31, 2021:

1,845,523,704 shares

Year ended December 31, 2020:

1,719,344,659 shares

(Reference) Non-consolidated results for the year ended December 31, 2021

Non-consolidated financial results

 

Net sales

Operating income

Ordinary income

Net income

 

Million

yen

 

%

Million

yen

 

%

 

Million

yen

 

%

 

Million

yen

 

%

 

Year ended

December 31, 2021

771,277

 

36.8

165,006

 

233.7

129,862

 

145.8

113,928

 

140.1

Year ended

December 31, 2020

563,908

 

1.7

49,447

 

46.2

52,843

 

223.2

47,458

 

178.7

 

Net income

per share: basic

Net income

per share: diluted

 

Yen

Yen

December 31, 2021

61.73

60.38

December 31, 2020

27.60

27.01

Non-consolidated financial position

 

Total assets

Net assets

Equity ratio

Net assets per

share

 

Million yen

Million yen

%

Yen

December 31, 2021

2,385,940

913,301

37.7

463.03

December 31, 2020

1,628,721

566,100

33.8

317.65

Reference:

Equity at the end of the year ended December 31, 2021: 900,032 million yen

Equity at the end of the year ended December 31, 2020: 550,141 million yen

 

(Note)

Information regarding the implementation of audit procedures: These financial results are not subject to audit review procedures.

Cautionary Statement

The Group will hold an earnings conference for institutional investors and analysts on February 9, 2022. 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.

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. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, YouTube, and Instagram.

Contacts

Media Contacts

Kyoko Okamoto

Renesas Electronics Corporation

+81 3-6773-3001

pr@renesas.com

Investor Contacts

Toshio Ninomiya

Renesas Electronics Corporation

+81 3-6773-3002

ir@renesas.com

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