TOKYO, Japan — Renesas Electronics Corporation (TSE:6723) today announced consolidated financial results in accordance with IFRS for the three months ended March 31, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results for the three months ended March 31, 2024 (Non-GAAP basis) (Note 2)
| Three months ended March 31, 2024 | ||
|---|---|---|
| Billion yen | % of Revenue | |
| Revenue | 351.8 | 100.0 |
| Gross profit | 199.3 | 56.7 |
| Operating profit | 113.5 | 32.3 |
| Profit attributable to owners of parent | 105.9 | 30.1 |
| EBITDA (Note 3) | 133.8 | 38.0 |
Summary of Consolidated Financial Results for the three months ended March 31, 2024 (IFRS basis)
| Three months ended March 31, 2024 | ||
|---|---|---|
| Billion yen | % of Revenue | |
| Revenue | 351.8 | 100.0 |
| Gross profit | 197.5 | 56.1 |
| Operating profit | 77.8 | 22.1 |
| Profit attributable to owners of parent | 79.9 | 22.7 |
| EBITDA (Note 3) | 125.7 | 35.7 |
Reconciliation of Non-GAAP gross profit to IFRS gross profit and Non-GAAP operating profit to IFRS operating profit
(Billion yen)
| Three months ended March 31, 2024 | |
|---|---|
| Non-GAAP gross profit Non-GAAP gross margin | 199.3 56.7% |
| Amortization of purchased intangible assets and depreciation of property, plant and equipment | (0.3) |
| Stock-based compensation | (0.5) |
| Other reconciliation items in non-recurring expenses and adjustments (Note 4) | (1.1) |
| IFRS gross profit IFRS gross margin | 197.5 56.1% |
| Non-GAAP operating profit Non-GAAP operating margin | 113.5 32.3% |
| Amortization of purchased intangible assets and depreciation of property, plant and equipment | (27.6) |
| Stock-based compensation | (5.6) |
| Other reconciliation items in non-recurring expenses and adjustments (Note 4) | (2.5) |
| IFRS operating profit IFRS operating margin | 77.8 22.1% |
Note 1: All figures are rounded to the nearest 100 million yen.
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.
Note 3: Operating profit + Depreciation and amortization.
Note 4: “Other reconciliation items in non-recurring expenses and adjustments” includes the non-recurring items related to acquisitions and other adjustments as well as non-recurring profits or losses the Group believes to be applicable.
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, X, 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.