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, 2021 (January 1, 2021 to December 31, 2021), which it disclosed on February 9, 2022, and the financial results in the previous period (January 1, 2020 to December 31, 2020).

The revenue forecast for the above period is disclosed based on the International Financial Reporting Standards (IFRS) On the other hand, other forecasts, including operating profit, are not based on IFRS so the differences are shown as the actual figures.

1. Difference between consolidated financial results for the year ended December 31, 2021 and the year ended December 31, 2020

(Note) The previous revenue forecast for the year ended December 31, 2021, announced on October 28, 2021, was 977,986 million yen. The actual revenue for the period announced today increased by 16,432 million yen (a 1.7% increase) from the October 28 forecast.

2. Background to the difference

Consolidated revenue for the year ended December 31, 2021 was 994.4 billion yen, a 38.9% increase year on year. This was mainly due to an increase in revenue in the Automotive Business as a result of the recovery from the reduced vehicle production caused by the COVID-19 pandemic mostly during the first half of the fiscal year ended 2020, in addition to an increase in revenue capturing demand expansion in the Industrial/Infrastructure/IoT Business and a sales increase effect from the consolidation of Dialog following the completion of the acquisition on August 31, 2021.

The gross profit increased not only from the growth in sales, but also from improvements in the product mix and the factory utilization rate. Renesas also made efforts to streamline selling, general and administrative expenses. As a result, the financial results of the operating profit, profit before tax from continuing operations, profit, and profit attributable to owners of the parent for the year ended December 31, 2021 significantly exceeded the results from the previous period.

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, infrastructure, and IoT applications that help shape a limitless future. 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 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.

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