Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that it has resolved at the Meeting of Board of Directors held on April 27, 2016, the change in fiscal term, which is subject to approval of a partial amendment to the Articles of Incorporation at the 14th Ordinary General Shareholders’ Meeting to be held in late June 2016.
1. Reason for the Change
As the Renesas Group further expands its business activities globally moving forward, the change is intended to simplify comparisons of business performance by synchronizing the fiscal term to match that of other international companies in the same field.
2. Details of Change of Fiscal Term
Current fiscal year-end: March 31 of every year
Fiscal year-end after the change: December 31 of every year
The 15th business period (the current fiscal year) in which the transition to the new accounting period is to take place, will comprise the financial results for the nine months from April 1, 2016, to December 31, 2016. The same change in the fiscal year-end will be applied to the consolidated subsidiaries of Renesas Group, with some exceptions.
3. Future Outlook
The Group plans to announce the forecast of consolidated results for the three months ending June 30, 2016 once it becomes available.
