Notice Concerning the Difference between Financial Results for the Year Ended December 31, 2022 and Results in the Previous Period

Rhea-AI Summary

Renesas Electronics Corporation reported significant financial growth for the year ended December 31, 2022, achieving consolidated revenue of 1,500.9 billion yen, a 51.0% increase from the previous year. The operating profit surged by 144.0% to 424.2 billion yen, while profit before tax rose by 153.9% to 362.3 billion yen. The growth was attributed to the consolidation of Dialog Semiconductor, yen depreciation, and increased semiconductor demand in automotive and industrial sectors. All profit metrics showed impressive increases, reflecting improved efficiency and product mix.

Positive

• Revenue increased by 51.0% to 1,500.9 billion yen.
• Operating profit surged by 144.0% to 424.2 billion yen.
• Profit before tax increased by 153.9% to 362.3 billion yen.
• Profit attributable to owners of the parent rose by 114.7% to 256.6 billion yen.

Negative

• None.

TOKYO--(BUSINESS WIRE)-- Renesas Electronics Corporation (TSE: 6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today announced the difference between its consolidated financial results for the year ended December 31, 2022 (January 1, 2022 to December 31, 2022), which it disclosed on February 9, 2023, and the financial results in the previous period (January 1, 2021 to December 31, 2021).

The forecasts for the above period are not based on IFRS, therefore the differences are shown as the actual figures.

1. Difference between consolidated financial results for the year ended December 31, 2022 and the year ended December 31, 2021
					In millions of yen
	Revenue	Operating Profit	Profit before tax	Profit	Profit attributable to owners of parent
Year ended December 31, 2021	993,908	173,827	142,718	119,687	119,536
Year ended December 31, 2022	1,500,853	424,170	362,299	256,787	256,632
Difference	506,945	250,343	219,581	137,100	137,096
Difference (%)	51.0%	144.0%	153.9%	114.5%	114.7%

2. Background to the difference

Consolidated revenue for the year ended December 31, 2022 was 1,500.9 billion yen, a 51.0% increase year on year. This was mainly due to a sales increase effect from the consolidation of Dialog Semiconductor Plc acquired on August 31, 2021 and yen depreciation, in addition to an increase in revenue in the Automotive Business supported by continued growth in semiconductor contents per vehicle as well as an increase in revenue in the Industrial/Infrastructure/IoT Business from demand expansion in the infrastructure market such as datacenters.

The gross profit increased from improvements in product mix in addition to growth in revenue. In addition, the operating profit, profit before tax, profit, and profit attributable to owners of parent for the year ended December 31, 2022 significantly exceeded the results from the previous period, supported by the company’s efforts to streamline business operations.

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 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. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230208006037/en/

Media Contacts:

Kyoko Okamoto

Renesas Electronics Corporation

+81 3-6773-3001

pr@renesas.com

Investor Contacts:

Yuuki Oka

Renesas Electronics Corporation

+81 3-6773-3002

ir@renesas.com

Source: Renesas Electronics Corporation

FAQ

What were Renesas Electronics' revenue and profit figures for 2022?

Renesas Electronics reported revenue of 1,500.9 billion yen and profit attributable to owners of the parent of 256.6 billion yen for the year 2022.

How much did Renesas Electronics' operating profit increase in 2022?

The operating profit for Renesas Electronics increased by 144.0%, reaching 424.2 billion yen in 2022.

What factors contributed to Renesas Electronics' revenue growth in 2022?

The revenue growth was primarily due to the consolidation of Dialog Semiconductor, yen depreciation, and increased semiconductor demand, especially in the automotive and industrial sectors.

When does Renesas Electronics' fiscal year end?

Renesas Electronics' fiscal year ends on December 31.

When was the Dialog Semiconductor acquisition completed?

Renesas Electronics completed the acquisition of Dialog Semiconductor on August 31, 2021.