RNECF - Renesas Electronics Corporation (RNECF) Q4 2023 Earnings Call Transcript
2024-02-09 00:09:02 ET
Renesas Electronics Corporation (RNECF)
Q4 2023 Earnings Conference Call
February 07, 2024, 08:00 PM ET
Company Participants
Hidetoshi Shibata - President and CEO
Shuhei Shinkai - SVP and CFO
Conference Call Participants
Mikio Hirakawa - BoA Securities
Toru Sugiura - Daiwa Securities
Daiki Takayama - Goldman Sachs
Takero Fujiwara - Citigroup Securities
Kazuo Yoshikawa - Mitsubishi UFJ Morgan Stanley Securities
Presentation
Operator
Thank you, ladies and gentlemen, for taking your precious time to attend Renesas Electronics 2023 Fourth Quarter and Full Year Earnings Call, despite your busy schedule. Today, simultaneous interpretation service is made available. Please click the globe icon at the bottom of the screen and select your preferred language. The speakers, please turn your video on.
For today's session, we have Representative Director and President and CEO Hidetoshi Shibata, Senior Vice President and CFO, Shuhei Shinkai, and some other staff members. From now, Mr. Shibata will say a few words and then Mr. Shinkai will present the fourth quarter and full year earnings, followed by a Q&A session. We expect to finish the entire session in about 60 minutes.
Please be advised that the material to be used for today's presentation, is the one that is posted on the IR site of our homepage. Mr. Shibata, please turn your microphone on and begin.
Hidetoshi Shibata
Good morning to you all. This is Shibata from Renesas Electronics. First of all, I would like to express my sympathy to those who were affected by the Noto Peninsula Earthquake. We look forward and hope that a calm life will be returned to the hands of the disaster victims, as early as possible.
Today, we would like to share the results of the last 12 months' performance. For the last 12 months, if we talk about our segment, IIoT segment, has seen some production adjustment and that took longer than expected compared to initial assumptions. However, on the other hand, Automotive segment performed quite steadily and that strongly drove the revenue, or supported the revenue.
Of course, we were also helped by the depreciation of yen. So, compared to 2022, the revenue was just down by 2.2%, compared to 2022. As for inventory adjustment or management, reflecting the past experiences, we have been very stringent in the management. Most recently, the Automotive inventory level has come down too low. However, on the part of IIoT, the inventory level is relatively low, but I think it is still at the minimum range of the reasonable level....
Renesas Electronics Corporation (RNECF) Q4 2023 Earnings Call Transcript