Renesas Electronics Corporation (TSE:6723) today announced
consolidated financial results in accordance with IFRS for the year
ended December 31, 2024.
Summary of Consolidated Financial Results (Note 1)
Summary of Consolidated Financial Results (Non-GAAP basis) (Note
2)
Three months ended December
31, 2024
The year ended December 31,
2024
Billion yen
% of revenue
Billion yen
% of revenue
Revenue
292.6
100.0
1,348.5
100.0
Gross profit
160.5
54.9
756.3
56.1
Operating profit
75.4
25.8
397.9
29.5
Profit attributable to owners of
parent
71.9
24.6
360.4
26.7
EBITDA (Note 3)
98.2
33.6
486.2
36.1
Summary of Consolidated Financial Results (IFRS basis)
Three months ended December
31, 2024
The year ended December 31,
2024
Billion yen
% of revenue
Billion yen
% of revenue
Revenue
292.6
100.0
1,348.5
100.0
Gross profit
159.2
54.4
749.8
55.6
Operating profit
22.1
7.5
223.0
16.5
Profit attributable to owners of
parent
21.8
7.4
219.1
16.2
EBITDA (Note 3)
78.4
26.8
433.7
32.2
Reconciliation of Non-GAAP gross profit to IFRS gross profit and
Non-GAAP operating profit to IFRS operating profit
(Billion yen)
Three months ended
December 31, 2024
The year ended December 31,
2024
Non-GAAP gross profit
Non-GAAP gross margin
160.5
54.9%
756.3
56.1%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(0.2)
(1.0)
Stock-based compensation
(0.8)
(2.8)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(0.3)
(2.6)
IFRS gross profit
IFRS gross margin
159.2
54.4%
749.8
55.6%
Non-GAAP operating profit
Non-GAAP operating margin
75.4
25.8%
397.9
29.5%
Amortization of purchased intangible
assets and depreciation of property, plant and equipment
(33.5)
(122.4)
Stock-based compensation
(11.4)
(36.3)
Other reconciliation items in
non-recurring expenses and adjustments (Note 4)
(8.4)
(16.2)
IFRS operating profit
IFRS operating margin
22.1
7.5%
223.0
16.5%
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.
Note 5:
The allocation of the acquisition costs
for the business combination with Transphorm, Inc. (hereinafter
“Transphorm”) and Altium Limited (hereinafter “Altium”) has been
revised during the three months ended December 31, 2024. These
revisions have been reflected in the consolidated financial results
for the three months ended June 30 and September 30, 2024. On
December 12, 2024, Altium changed its corporate name to Altium Pty
Ltd.
RENESAS ELECTRONICS CORPORATION
Consolidated Financial Results for the Year Ended December 31,
2024 English translation from the original Japanese-language
document
February 6, 2025
Company name
: Renesas Electronics
Corporation
Stock exchanges on which the shares are
listed
: Tokyo Stock Exchange, Prime Market
Code number
: 6723
URL
: https://www.renesas.com
Representative
: Hidetoshi Shibata, President and CEO
Contact person
: Tomohiko Sato, Vice President, Investor
Relations
Tel. +81 (0)3-6773-3002
Filing date of Yukashoken Hokokusho
(scheduled)
: March 26, 2025
Date of starting payment of dividend
(scheduled)
: March 31, 2025
(Amounts are rounded to the nearest million
yen, unless otherwise noted)
1. Consolidated financial results for the year ended December
31, 2024
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, 2024
1,348,479
(8.2)
222,977
(42.9)
263,833
(37.5)
219,422
(34.9)
219,084
(35.0)
529,209
6.9
Year ended December 31, 2023
1,469,415
(2.1)
390,766
(7.9)
422,173
16.5
337,311
31.4
337,086
31.4
494,826
(12.6)
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, 2024
122.51
120.85
9.7
6.9
16.5
Year ended
December 31, 2023
189.77
186.07
19.1
14.1
26.6
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, 2024
December 31, 2023
4,490,436
3,167,003
2,542,298
2,005,588
2,537,382
2,001,553
56.5
63.2
1,413.77
1,126.31
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, 2024
Year ended December 31, 2023
340,484
496,627
(1,284,105)
(267,492)
677,345
(181,247)
229,249
434,681
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
Million yen
%
%
Year ended December 31, 2023
---
0.00
---
28.00
28.00
49,758
14.8
2.8
Year ended December 31, 2024
0.00
0.00
0.00
28.00
28.00
50,320
22.9
2.2
Year ending December 31, 2025
(forecast)
---
---
---
---
---
---
Note 1:
The amount of the dividend for the year
ended December 31, 2024, will be approved by the Group’s Annual
General Meeting of Shareholders scheduled for March 2025.
Note 2:
For the year ending December 31, 2025,
whether the Group provides dividend payments remains undecided.
3. Forecast of consolidated results for the three months
ending March 31, 2025
(% of change from the previous year)
Non-GAAP
revenue
Non-GAAP
gross margin
Non-GAAP
operating margin
Million yen
%
%
%pts
%
%pts
Three months ending March 31, 2025
301,500 to 316,500
(14.3) to (10.0)
54.0
(2.7)
24.0
(8.3)
Note 1:
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.
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.
4. Others
4.1 Changes in significant subsidiaries for the full year ended
December 31, 2024: Yes
New: 37 (Company name) Altium Limited, other
36 companies Exclusion: 10 (Company name) iWatt B.V. other 9
companies
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)
- Number of shares issued and outstanding (including treasury
stock) As of December 31, 2024: 1,870,614,885 shares As of December
31, 2023: 1,958,454,023 shares
- Number of treasury stock As of December 31, 2024: 75,848,895
shares As of December 31, 2023: 181,369,882 shares
- Average number of shares issued and outstanding Year ended
December 31, 2024: 1,788,230,332 shares Year ended December 31,
2023: 1,776,296,088 shares
(Reference) Non-consolidated results for the year ended
December 31, 2024
Non-consolidated financial results
Net sales
Operating income
Ordinary income
Net income
Million
yen
%
Million
yen
%
Million
yen
%
Million
yen
%
Year ended December 31, 2024
Year ended December 31, 2023
973,959
1,065,819
(8.6)
(0.9)
242,001
314,758
(23.1)
(10.3)
212,892
297,041
(28.3)
6.3
189,972
251,871
(24.6)
18.4
Net income
per share: basic
Net income
per share: diluted
Yen
Yen
December 31, 2024
December 31, 2023
106.19
141.80
104.75
139.03
Non-consolidated financial position
Total assets
Net assets
Equity ratio
Net assets per
share
Million yen
Million yen
%
Yen
December 31, 2024
December 31, 2023
3,500,965
2,575,156
1,347,822
1,155,868
38.5
44.8
758.78
648.97
Reference:
Equity at the end of the year ended
December 31, 2024: 1,346,735 million yen
Equity at the end of the year ended December 31, 2023: 1,152,762
million yen
(Note) Information regarding the implementation of audit
procedures: These financial results are not subject to audit
procedures by the independent auditor.
Cautionary
Statement
The Group will hold an earnings conference
for institutional investors and analysts on February 6, 2025. 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 combination with Transphorm and Altium has been
revised during the three months ended December 31, 2024. These
revisions have been reflected in the consolidated financial results
for the three months ended June 30 and September 30, 2024. On
December 12, 2024, Altium changed its corporate name to Altium Pty
Ltd.
For details, please refer to Appendix 3.5,
“Notes to Consolidated Financial Statements (Business
Combinations)” on page 20.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer,
smarter and more sustainable future where technology helps make our
lives easier. The 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20250205341267/en/
Media Contacts Kyoko Okamoto Corporate Communications
Office Renesas Electronics Corporation +81 3-6773-3001
pr@renesas.com
Investor Contacts Tomohiko Sato Investor Relations
Renesas Electronics Corporation +81 3-6773-3002 ir@renesas.com
