Renesas Electronics Reports Full Year 2017 Financial Results

Significant Increase in Full Year Sales Year-On-Year Driven by Growth Mainly in Automotive and Industrial Businesses and Integration of Intersil.

Achieved Improvements in Year-On-Year Full Year Gross and Operating Margins

  • Q4 2017: Non-GAAP(1) semiconductor sales of 206.5 billion yen, up 28.0% year-on-year. Non-GAAP gross margin of 47.9%, up 2.3 points year-on-year and Non-GAAP operating profits (margin) of 34.1  billion yen (16.2%), up 11.3 billion yen (up 2.5 points) year-on-year
  • Full Year 2017: Non-GAAP semiconductor sales of 765.7 billion yen, up 23.4% year-on-year. Non-GAAP gross margin of 46.7%, up 3.1 points year-on-year and Non-GAAP operating profits (margin) of 128.1 billion yen (16.4%), up 50.1 billion yen (up 4.2 points) year-on-year
  • Outlook for Q1 2018: Non-GAAP semiconductor sales of 178.7 billion yen, up 3.5% year-on-year, Non-GAAP gross margin of 43.9%, down 1.6 points year-on-year and Non-GAAP operating margin of 11.3%, down 5.1 points year-on-year

TOKYO — (BUSINESS WIRE) — February 8, 2018 — Renesas Electronics Corporation (TSE:6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today reported financial results for the fourth quarter ended December 31, 2017 (October 1, 2017 to December 31, 2017) and financial results for the year ended December 31, 2017 (January 1, 2017 to December 31, 2017).

“We have been continuously improving our gross and operating margins by pursuing sales growth and cost efficiency,” said Bunsei Kure, Representative Director, President and CEO, Renesas Electronics Corporation. “Our fourth quarter non-GAAP semiconductor sales increased by 28.0% year on year, driven by increased sales mainly in the automotive and industrial businesses, in addition to the integration of Intersil. We expect to achieve traction in semiconductor sales during the coming quarter on a year-on-year basis.”

Quarterly Financial Summary (Billion yen)

           

 

       
Non-GAAP basis  

Q4 FY2017
(Oct-Dec 2017)

 

Q3 FY2017
(Jul-Sep 2017)

 

Q3 FY2016
(Oct-Dec 2016)

  QoQ   YoY
Net Sales   210.2   195.5   166.4   +7.5%   +26.3%
Semi. Sales   206.5   192.3   161.4   +7.4%   +28.0%
Gross Margin   47.9%   47.7%   45.6%   +0.2pts   +2.3pts
Operating Income   34.1   35.9   22.8   -1.9   +11.3
Operating Margin   16.2%   18.4%   13.7%   -2.2pts   +2.5pts
EBITDA (2)   54.5   55.0   38.6   -0.5   +15.9
 
Japan GAAP basis  

Q4 FY2017
(Oct-Dec 2017)

 

Q3 FY2017
(Jul-Sep 2017)

 

Q3 FY2016
(Oct-Dec 2016)

  QoQ   YoY
Net Sales   210.2   195.5   166.4   +7.5%   +26.3%
Semi. Sales   206.5   192.3   161,4   +7.4%   +28.0%
Gross Margin   47.7%   47.6%   44.9%   +0.1pts   +2.8pts
Operating Income   21.9   25.0   21.6   -3.1   +0.3
Operating Margin   10.4%   12.8%   13.0%   -2.4pts   -2.6pts
EBITDA   52.6   54.1   37.4   -1.5   +15.1
         

Yearly Financial Summary (Billion yen)

             

Non-GAAP
basis

 

Full-Year 2017
(Jan-Dec 2017)

 

Full-Year 2016
(Jan-Dec 2016)

  YoY
Net Sales   781.5   638.8   +22.3%
Semi. Sales   765.7   620.4   +23.4%
Gross Margin   46.7%   43.6%   +3.1pts
Operating Income   128.1   78.0   +50.1
Operating Margin   16.4%   12.2%   +4.2pts
EBITDA   203.0   138.8   +64.2
 
Japan GAAP basis  

Full Year 2017
(Jan-Dec 2017)

 

Full Year 2016
(Jan-Dec 2016)

  YoY
Net Sales   780.3   638.8   +22.1%
Semi. Sales   764.4   620.4   +23.2%
Gross Margin   45.2%   42.4%   +2.8pts
Operating Income   78.4   70.4   +8.0
Operating Margin   10.0%   11.0%   -1.0pts
EBITDA   187.1   131.2   +55.9
     
(1)   Non-GAAP Basis: Results excluding non-recurring and certain other items. Non-GAAP basis excludes the impact of sales and profit/loss of Renesas SP Drivers, impact of profit/loss of LTE modem business and profit/loss from inventory buildup until the end of FY2016 ended December 2016. Starting from FY2017 ended December 2017, Non-GAAP definition was revised to exclude amortization of goodwill, amortization of purchased intangible assets, costs related to the Intersil acquisition, stock-based compensation cost, costs related to the offering, and PPA (purchase price allocation) effects associated with the Intersil acquisition. (Reference: The impact on the operating income from the inventory buildup in FY2017 Q4 was negative 0.1 billion yen.) See page 6 for reconciliation of Japan GAAP and Non-GAAP.
(2) EBITDA: Operating income + Depreciation and amortization + Amortization of long-term prepaid expenses. Amortization of goodwill is also included for Japan GAAP-based EBITDA.
 

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