TOKYO, Japan, February 5, 2015 — Renesas Electronics Corporation (TSE: 6723) today announced the recording of special income in the nine months ended December 31, 2014.
1. Outline of the special income
As announced in the press release “Notice Regarding Transfer of Shares Accompanying Transfer of Subsidiary” dated June 11, 2014, Renesas transferred all of Renesas Electronics' shares in the former Renesas SP Drivers Inc. (“Renesas SP Drivers”), a consolidated subsidiary of Renesas.
As a result, Renesas Group recorded a gain on transfer of business as special income.
2. Amount of special income
Renesas recorded 19,754 million yen, the difference between the expected transfer price and the equity value of the business transferred as special income (gain on transfer of business) for the three months ended December 31, 2014.
3. Impact on Renesas' financial results
The impact of the special income on the business performance has been incorporated into the consolidated financial results for the third quarter ended December 31, 2014, announced today.
However, the transfer price is being adjusted according to the terms and conditions of the transfer agreement, therefore the Group will make an announcement once the price is fixed.
Forward-Looking Statements
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas Electronics 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. Amongst 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, and YouTube.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.