Renesas Electronics Corporation (TSE: 6723) today announced the recording of special income in the three months ended September 30, 2011.
1. Outline of the special income for reversal of provision for loss on disaster
Due to the impact of the earthquake that occurred on March 11, 2011, Renesas Group recorded a provision for loss on disaster as part of its special loss. Having completed most of the recovery processes, the Group analyzed the actual works completed and the actual costs incurred thus far in accomplishing those works and reassessed the estimate of costs required for recovery operation in future. As a result, Renesas Group recorded special income of 11,145 million yen of special income for reversal of the provision for special income for the three months ended September 30, 2011.
2. Impact on Renesas' financial results
Refer to Renesas Group's financial results for the second quarter ended September 30, 2011 issued today on October 31, 2011 for the impact of the special income on the Group's financial results for the three months ended September 30, 2011.
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.
1. Outline of the special income for reversal of provision for loss on disaster
Due to the impact of the earthquake that occurred on March 11, 2011, Renesas Group recorded a provision for loss on disaster as part of its special loss. Having completed most of the recovery processes, the Group analyzed the actual works completed and the actual costs incurred thus far in accomplishing those works and reassessed the estimate of costs required for recovery operation in future. As a result, Renesas Group recorded special income of 11,145 million yen of special income for reversal of the provision for special income for the three months ended September 30, 2011.
2. Impact on Renesas' financial results
Refer to Renesas Group's financial results for the second quarter ended September 30, 2011 issued today on October 31, 2011 for the impact of the special income on the Group's financial results for the three months ended September 30, 2011.
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.
