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Notice Concerning the Difference between Financial Results for the Year Ended December 31, 2024 and Results in the Previous Period
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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, 2024 (January 1, 2024 to December 31, 2024), which it disclosed on February 6, 2025, and the financial results in the previous period (January 1, 2023 to December 31, 2023).
The forecasts for the above period are not based on IFRS, therefore the differences are shown as actual figures.
1. Difference between consolidated financial results for the year ended December 31, 2024 and the year ended December 31, 2023
in millions of yen |
|||||
|
Revenue |
Operating
|
Profit
|
Profit |
Profit Attributable to
|
Year ended December 31, 2023 |
1,469,415 |
390,766 |
422,173 |
337,311 |
337,086 |
Year ended December 31, 2024 |
1,348,479 |
222,977 |
263,833 |
219,422 |
219,084 |
Difference ????????????? |
-120,936 |
-167,789 |
-158,340 |
-117,889 |
-118,002 |
Difference (%) |
-8.2% |
-42.9% |
-37.5% |
-34.9% |
-35.0% |
2. Background to the difference
Consolidated revenue for the year ended December 31, 2024 was 1,348.5 billion yen, an 8.2% decrease year on year. This was mainly attributable to decrease in revenue from the Industrial, Infrastructure, and IoT Business driven by weakening demand, although revenue from the Automotive Business increased due to the effect of yen depreciation and channel inventory expansion.
Gross profit for the year ended December 31, 2024 decreased due to a decline in revenue, along with the resulting decrease in utilization and deterioration in product mix. Combined with an increase in R&D expenses and other factors, operating profit decreased by 167.8 billion yen from the previous year. Additionally, profit attributable to owners of parent also decreased by 118.0 billion yen year on year.
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 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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