Notice Concerning the Difference Between Forecasts and Actual Financial Results for the Nine Months Ended December 31, 2013
TOKYO--(BUSINESS WIRE)--Renesas Electronics Corporation (TSE: 6723), a premier provider of advanced semiconductor solutions, today announced its difference between consolidated financial forecasts, which it disclosed on October 30, 2013, and actual results, which it disclosed today, for the nine months ended December 31, 2013 (the period from April 1, 2013 to December 31, 2013).
“Notice Concerning the Recording of Special Income and Losses”
1. Difference between consolidated forecasts and actual results for the nine months ended December 31, 2013
(April 1, 2013 to December 31, 2013) In millions of yen
(As of October 30, 2013)
Background to the difference
Renesas announced the following financial results for the nine months ended December 31, 2013: net sales were 632.5 billion yen, 18.6 billion yen up from the previous forecast (announced on October 30, 2013); semiconductor sales were 605.0 billion yen, 17.7 billion yen up from the previous forecast.
Operating income (loss) and ordinary income (loss) were better than the company’s estimates, mainly owing to net sales being largely over the company’s expectation and its efforts on promoting cost-containment measures.
Quarterly net income (loss) was below the company’s estimate, mainly owing to recording of additional special losses, including an impairment loss on fixed assets in accordance with the transfer of semiconductor manufacturing facility and related equipment of the company’s consolidated subsidiary, which was announced on February 6, 2014, in the news release “Notice Concerning the Recording of Special Income and Losses”.
Details will be explained in Renesas’ announcement of financial results for the third quarter ended December 31, 2013 on February 6, 2014.
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.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723), the world’s number one supplier of microcontrollers, is a premier supplier of advanced semiconductor solutions including microcontrollers, SoC solutions and a broad-range of analog and power devices. Business operations began as Renesas Electronics in April 2010 through the integration of NEC Electronics Corporation (TSE:6723) and Renesas Technology Corp., with operations spanning research, development, design and manufacturing for a wide range of applications. Headquartered in Japan, Renesas Electronics has subsidiaries in 20 countries worldwide. More information can be found at www.renesas.com.