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Renesas Electronics Revises Full-Year Forecasts
Background to the revision of full-year forecasts
Renesas announced the following revisions to its forecasts for the fiscal year ending March 31, 2012: net sales are expected to total 885.0 billion yen, 83.0 billion yen down from the previous forecast (announced on October 31, 2011); semiconductor sales are expected to total 778.0 billion yen, 83.0 billion yen down from the previous forecast.
Owing to semiconductor market downturn affected by stagnant global economy and the impact of Thailand's flood as well as continuous trend of yen appreciation, semiconductor sales for the three months ended December 31, 2011 were below the company's expectation. Moreover, the company anticipates semiconductor sales for the three months ending March 31, 2012 also to fall below its expectation, mainly owing to a depressed market condition that is expected to continue during the three months ending March 31, 2012. For these reasons, Renesas has made a downward revision to its forecasts for both net sales and semiconductor sales. The company expects the sales from three product areas, MCUs, analog and power (A&P) devices and system-on-Chip (SoC) solutions; to decline from the previous forecast.
For the earnings forecasts for the fiscal year ending March 31, 2012, despite the company's efforts on promoting cost reduction measures including cut back on personnel costs and improving development cost efficiency and production efficiency, lower profit is expected from decrease in semiconductor sales. Therefore, Renesas has revised the earnings forecasts: operating loss is expected to be 48.0 billion yen, 20.0 billion yen down from the previous forecast; ordinary loss is expected to be 54.0 billion yen, 17.0 billion yen down from the previous forecast; net loss is expected to be 57.0 billion yen, 17.0 billion yen down from the previous forecast.
The consolidated financial forecasts for the fiscal year ending March 31, 2012 are based on the rate of 78 yen (unchanged from the rate as of October 31, 2011) per USD and 100 yen (revised from the rate as of October 31, 2011, 105 yen) per Euro.
Details will be explained in Renesas' announcement of financial results for the third quarter ended December 31, 2011 on January 31, 2012.
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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