Renesas full year report came out on Feb 9. They had some explaining to do!
Notice Concerning the Difference between Financial Results for the Year Ended December 31, 2022 and Results in the Previous Period
February 09, 2023 01:00 AM Eastern Standard Time
TOKYO--(
BUSINESS WIRE)--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, 2022 (January 1, 2022 to December 31, 2022), which it disclosed on February 9, 2023, and the financial results in the previous period (January 1, 2021 to December 31, 2021).
The forecasts for the above period are not based on IFRS, therefore the differences are shown as the actual figures.
1. Difference between consolidated financial results for the year ended December 31, 2022 and the year ended December 31, 2021 | | | | | |
| | | | | In millions of yen |
| Revenue | Operating Profit | Profit before tax | Profit | Profit attributable to owners of parent |
Year ended
December 31, 2021 | 993,908 | 173,827 | 142,718 | 119,687 | 119,536 |
Year ended
December 31, 2022 | 1,500,853 | 424,170 | 362,299 | 256,787 | 256,632 |
Difference | 506,945 | 250,343 | 219,581 | 137,100 | 137,096 |
Difference (%) | 51.0% | 144.0% | 153.9% | 114.5% | 114.7% |
2. Background to the difference
Consolidated revenue for the year ended December 31, 2022 was 1,500.9 billion yen, a 51.0% increase year on year. This was mainly due to a sales increase effect from the consolidation of Dialog Semiconductor Plc acquired on August 31, 2021 and yen depreciation, in addition to an increase in revenue in the Automotive Business supported by continued growth in semiconductor contents per vehicle as well as an increase in revenue in the Industrial/Infrastructure/IoT Business from demand expansion in the infrastructure market such as datacenters.
The gross profit increased from improvements in product mix in addition to growth in revenue. In addition, the operating profit, profit before tax, profit, and profit attributable to owners of parent for the year ended December 31, 2022 significantly exceeded the results from the previous period, supported by the company’s efforts to streamline business operations.