AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Renesas Electronics Announces Consolidated Forecasts for the First Quarter Ending March 31, 2019

February 8, 2019

TOKYO--(BUSINESS WIRE)--Feb 8, 2019--Renesas Electronics Corporation (“the Group”, TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced the consolidated financial forecasts for the three months ending March 31, 2019.

The Group reports its consolidated forecasts on a quarterly basis (cumulative quarters) because of the difficulty of forecasting full-year results with high accuracy due to the short-term volatility of the semiconductor market.

To increase the international comparability of financial information in the capital market as the Group expands its business globally, the Group has decided at the Meeting of the Board of Directors held on November 28, 2018 that it will voluntarily adopt the International Financial Reporting Standards (“IFRS”) to its consolidated financial statements starting from the annual securities report for the fiscal year ending December 31, 2018.

Further, starting from the consolidated forecasts for the three months ending March 31, 2019, the Group will present its financial forecasts as a range. Additionally, in order to provide useful information that will help to better understand the Group’s constant business results, figures such as sales, semiconductor sales and gross margin will be presented in the non-GAAP format, which excludes or adjusts the non-recurring items related to acquisitions and other adjustments removed as non-recurring expenses or income. It should be noted that the gross margin and operating margin forecasts are given assuming the midpoint in the net sales forecast.

The consolidated forecasts for the first quarter ending March 31, 2019 are calculated at the rate of 109 yen per USD and 124 yen per Euro.

Refer to Renesas Electronics’ press release “ Renesas Electronics Reports Financial Results for the Year Ended December 31, 2018 ” issued on February 8, 2019 for more details.

The statements with respect to the financial outlook of the Group are forward-looking statements involving risks and uncertainties. The Company cautions you in advance that actual results may vary materially from such forward-looking statements due to several important factors.

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. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190207005966/en/

CONTACT: Media Contact

Kyoko Okamoto

Renesas Electronics Corporation

+81 3-6773-3001

pr@renesas.comInvestor Contact

Hirokazu Kato

Renesas Electronics Corporation

+81 3-6773-3002

ir@renesas.com

KEYWORD: ASIA PACIFIC JAPAN

INDUSTRY KEYWORD: TECHNOLOGY HARDWARE SEMICONDUCTOR

SOURCE: Renesas Electronics Corporation

Copyright Business Wire 2019.

PUB: 02/08/2019 01:22 AM/DISC: 02/08/2019 01:22 AM

http://www.businesswire.com/news/home/20190207005966/en