Notice Regarding Progress on Transfer of Shares Accompanying Transfer of Subsidiary

26 Feb 2015

TOKYO, Japan, February 26, 2015 — Renesas Electronics Corporation (TSE: 6723) today announced the transfer price associated with the transfer of shares announced in the press releases “Notice Regarding Transfer of Shares Accompanying Transfer of Subsidiary” dated June 11, 2014, and “Notice Concerning the Recording of Special Income from Gain on Transfer of Business (Continuous Disclosure)” dated February 5, 2015.

 

1. Transfer price

28,140 million yen

 

 

2. Financial outlook

As announced in the press release “Notice Concerning the Recording of Special Income from Gain on Transfer of Business (Continuous Disclosure)” dated February 5, 2015, Renesas transferred all of Renesas’ shares in the former Renesas SP Drivers Inc. (“Renesas SP Drivers”), a consolidated subsidiary of Renesas. As a result, Renesas Group recorded a gain on transfer of business of approximately 19.8 billion yen, the difference between the expected transfer price and the equity price of the business transferred, as special income (gain on transfer of business) for the three months ended December 31, 2014. At the time of that announcement, it had been notified that the transfer price was subject to change due to the adjustment of transfer price according to the terms and conditions of the transfer agreement; today, with the transfer price now fixed, the gain on transfer of business is expected to be approximately 20.0 billion yen for the fiscal year ending March 31, 2015.

 

No material impact is anticipated on Renesas’ consolidated financial results for the fiscal year ending March 31, 2015 as a result of the adjusted transfer price following the fixed transfer price, therefore there is no change to the financial forecasts.

 

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. Amongst 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.

 

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, and YouTube.


The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.