Innolux Corporation Announces Unaudited 2015 Net Income NT$10.8 Billion and EPS NT$1.09

02 Feb, 2016, 06:56 ET from Innolux Corporation

ZHUNAN, Taiwan, Feb. 2, 2016 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 4Q 2015 consolidated revenues(Table 1) and 2015 full year(Table 2) results. Combined net sales for 4Q 2015 amounted to NT$ 81.5 billion, gross profit was NT$ 2.5 billion, for a gross margin of 3.1%. Operating loss totaled NT$ 2.9 billion with an operating margin of -3.6%. Net loss amounted to NT$ 6.7 billion, for a net profit margin of -8.3%.

For the full year 2015, INX reported consolidated revenues of NT$ 364.1 billion. Gross profit was NT$ 46.6 billion, for a gross margin of 12.8%. Operating profit totaled NT$ 22.4 billion with an operating margin of 6.2%. Net profit amounted to NT$ 10.8 billion. EPS equaled NT$ 1.09.

In finance, the company's total debt totaled to NT$60 billion, equal to the previous quarter. Net debt to equity ratio was 5%, reaching the lowest point since the merger in 2010.

The Company shipped 28.73 million square meters of panel in 2015, a decrease of 6% over 30.69 million square meters in 2014. For the full year 2015, the company shipped 252 million for small-and-medium-sized units, a 21% decrease over the 320 million units shipped in 2014.

The Company shipped 7.38 million square meters of panel in the fourth quarter 2015, an increase of 4% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 333 per square meter. Small and medium-sized panel revenue amounted to NT$ 17.8 billion in the fourth quarter 2015, a decrease of 3.2% over the previous quarter. The company shipped 0.552 million square meter area of small and medium-sized during the fourth quarter 2015, an increase of 6.5% over the previous quarter.

In terms of product application, Mobile & CP, Mobile PC, Desktop monitor, LCD TV panels accounted for 25%, 13%, 10% and 52% of our net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 30-to-40-inch, 40-inch-and -above panels accounted for 22%, 17%, 16%, 1%, and 44% of our net sales, respectively.

Table 1: Statements of Comprehensive Income


Units: NTD million except per share data

4Q 2015

3Q 2015

QoQ%

4Q 2014

Net Sales

81,464

100%

88,756

100.0%

-8.2%

114,947

100%

   Cost of Goods Sold

78,938

96.9%

77,981

87.9%

1.2%

96,447

83.9%

Gross Profit (Loss)

2,525

3.1%

10,776

12.1%

-76.6%

18,500

16.1%

   Operating Expense

5,424

6.7%

6,069

6.8%

-10.6%

6,817

5.9%

Operating Income (Loss)

(2,899)

-3.6%

4,706

5.3%

-

11,683

10.2%

Net Non-operating Income(Exp.)

(3,727)

-4.6%

(625)

-0.7%

-

(474)

-0.4%

Income before Tax

(6,626)

-8.1%

4,081

4.6%

-

11,209

9.8%

EBITDA(3)

9,639

11.8%

17,846

20.1%

-46.0%

26,023

22.6%

Net Income (Loss)

(6,723)

-8.3%

3,482

3.9%

-

11,154

9.7%

Net Income (Loss)-Parent

(6,723)

-8.3%

3,482

3.9%

-

11,154

9.7%

Basic EPS (1)(2)

(0.68)


0.35



1.13


 

Table 2: Statements of Comprehensive Income


Units: NTD million except per share data

2015

2014

YoY%

Net Sales

364,133

100%

428,662

100%

-15.1%

   Cost of Goods Sold

317,495

87.2%

378,328

88.3%

-16.1%

Gross Profit (Loss)

46,638

12.8%

50,334

11.7%

-7.3%

    Operating Expense

24,206

6.6%

22,205

5.2%

9.0%

Operating Income (Loss)

22,432

6.2%

28,129

6.6%

-20.3%

Net Non-operating Income(Exp.)

(7,570)

-2.1%

(5,606)

-1.3%

-

Income before Tax

14,862

4.1%

22,523

5.3%

-34.0%

EBITDA(3)

75,989

20.9%

89,012

20.8%

-14.6%

Net Income (Loss)

10,816

3.0%

21,677

5.1%

-50.1%

Net Income (Loss)-Parent

10,816

3.0%

21,677

5.1%

-50.1%

Basic EPS (1)(2)

1.09


2.31




Notes:

(1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(2) Capital Stock (common): NT$99.5 billion as of December 31, 2015

(3) EBITDA = Operation Income + Depreciation & Amortization

(4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting.

 

Combined Balance Sheet Highlights


Units: NT$ million

2015.12.31

2015.9.30

2014.12.31

Cash & Short Term Investment

49,014

41,188

68,943

Inventory

30,197

35,008

33,790

Total Assets

387,442

396,067

480,985

Short Term Debt (1)

16,361

16,352

88,693

Long Term Debt (2)

43,630

43,606

42,293

Shareholders' Equity (3)

232,265

241,125

227,690

Net Debt to Shareholders' Equity

5%

8%

27.2%





Depreciation & Amortization

12,537

13,140

14,340

Capital Expenditure

9,863

4,257

5,941


Notes:

(1) Short term debt = (short-term bank loan + current portion of long term loan)

(2) Capital Stock (common): NT$99.5billion; Book value per common stock: NT$ 23.34 as of December 31, 2015

(3) Net debt to shareholders' equity = (short term debt + long term debt -- cash & short term investment) / shareholders' equity

(4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS)

(5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Inter-company transactions between Innolux Corporation and these companies have been eliminated to avoid double-counting.

Announcement Contact:

Jyh-Chau Wang
Spokesperson
Tel: +886-(0)6-505-3760
Email: ir@innolux.com

Anita Chien
Media Contact
Tel: +886-(0)6-505-1888 ext.47153
Cell: +886-(0)911-572-225
Email: anita.chien@innolux.com

 

SOURCE Innolux Corporation