Notice Concerning the Difference Between Forecasts and Actual Financial Results for the Six Months Ended June 30, 2018
TOKYO--(BUSINESS WIRE)--Jul 31, 2018--Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced the difference between its consolidated financial forecasts, which it disclosed on May 11, 2018, and the actual results, which it disclosed today, for the six months ended June 30, 2018 (the period from January 1, 2018 to June 30, 2018).
1. Difference between consolidated forecasts and actual results for the six months ended June 30, 2018
2. Background to the difference
Renesas announced the following financial results for the six months ended June 30, 2018: net sales were 389.4 billion yen, 7.4 billion yen up from the previous forecast (announced on May 11, 2018); semiconductor sales were 381.1 billion yen, 6.4 billion yen up from the previous forecast. This was mainly due to better-than-expected automotive sales compared to the forecast and the continuing depreciation of the yen against the US dollar and the Euro. Both operating and ordinary income improved from the previous forecasts mainly owing to better-than-expected sales and cost-containment effects. Net income attributable to shareholders of parent company was also better than the company’s estimates, mainly from the reversal of provision for contingent loss related to the lawsuit in which the Company’s U.S. subsidiary has been named as a defendant, in addition to an increase in ordinary income.
Details that explain Renesas’ announcement of financial results for the six months ended June 30, 2018 are disclosed in the Renesas press release: ‘‘ Renesas Electronics Reports Financial Results for the Second Quarter Ended June 30, 2018 ’’ issued on July 31, 2018.
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—securely and safely. A global leader in microcontrollers, analog, power and SoC products and integrated platforms, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics, Office Automation and Information Communication Technology applications to help shape a limitless future. Learn more at renesas.com.
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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CONTACT: Renesas Electronics Corporation
Kyoko Okamoto, +81 3-6773-3001
Makie Uehara, +81 3-6773-3002
KEYWORD: ASIA PACIFIC JAPAN
INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS HARDWARE NETWORKS SEMICONDUCTOR
SOURCE: Renesas Electronics Corporation
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PUB: 07/31/2018 02:00 AM/DISC: 07/31/2018 02:01 AM