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Notice Concerning the Difference between the Forecasts and the Actual Financial Results for the First Half Ended September 30, 2010 and Revisions to the Full-Year Forecasts
Renesas Electronics also announced that it has revised its consolidated financial forecasts for the full year (the period from April 1, 2010 to March 31, 2011), which it disclosed on July 29, 2010.
Background to the difference
Renesas Electronics announced its consolidated first half results as follows: consolidated net sales for the six months ended September 30, 2010 totaled 587.5 billion yen and semiconductor sales totaled 542.5 billion yen. Operating income amounted to 0.7 billion yen; ordinary loss was 7.8 billion yen; and net loss totaled 41.2 billion yen. Although net sales were lower-than-expected, operating profit was better than the company's estimate of 2.0 billion yen loss, due to improvement of gross profit ratio and reduced R&D cost through steady execution of the measures formulated through the 100-day Project. Ordinary loss and net loss, on the other hand, only showed a little improvement due to the influence of exchange rate fluctuations, especially the stronger yen against the U.S. dollar.
Background to the revision of full-year forecasts
As for the forecasts for the fiscal year ending March 31, 2011: net sales are expected to be 1,170.0 billion yen, 20.0 billion yen down from the previous forecast (announced on July 29, 2010); semiconductor sales are expected to be 1,050.0 billion yen, 40.0 billion yen down from the previous forecast; operating income is expected to be 7.0 billion yen; ordinary loss is expected to be 5.0 billion yen; and net loss is expected to be 80.0 billion yen. Forecasts of all of the income (loss) remain unchanged from the previous forecasts.
Semiconductor sales for the second half of the fiscal year ending March 31, 2011 (the period from October 1, 2010 to March 31, 2011) are expected to stay stagnant mainly due to the stronger yen especially against the U.S. dollar.
Operating income remained the same as the previous forecasts to be 7.0 billion yen. This is due to the slightly increasing operating income and the company's structural reforms decided through the 100-day Project as well as the early realization of the merger synergies, despite the lower profit from decrease in semiconductor sales.
Ordinary loss and net loss remained unchanged from the previous forecasts.
The consolidated financial forecasts for the fiscal year are calculated at the rate of 82 yen per USD, and 110 yen per Euro.
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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