Innolux Corporation Announces Unaudited 2013 Net Sales NT$422.7 Billion and Net Income NT$5.1 Billion
JHUNAN, Feb. 14, 2014 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 2013 full year results. For the full year 2013, INX reported consolidated revenues of NT$ 422.7 billion, a 12.1% decrease over NT$ 480.9 billion in 2012. Without influence from system integration and lamination business termination, our 2013 revenues represented a decrease of 2.7% over 2012. Gross profit was NT$ 37.7 billion, for a gross margin of 8.9%. Operating profit totaled NT$ 15.4 billion with an operating margin of 3.6%. Net profit attributable to the shareholders of the parent company amounted to NT$ 5.1 billion. EPS equaled NT$ 0.57. The Company shipped 26.62 million square meters of panel in 2013, a 0.3% increase over 26.54 million square meters in 2012. For the full year 2013, the company shipped 426.9 million for small-and-medium-sized units, a 4.8% increase over the 407.2 million units shipped in 2012.
Combined net sales for the fourth quarter 2013 amounted to NT$ 97.2 billion, flat over the previous quarter. Due to a decline in TV panel price, the company reported gross profit of NT$ 4.9 billion, for a gross margin of 5.1%. Operating profit totaled NT$ 127 million with an operating margin of 0.1%. Net loss attributable to the shareholders of the parent company amounted to NT$ 1.3 billion. EPS equaled NT$ -0.15.
Through continuous improvement of financial structure, the company's total debt came down to NT$200.3 billion as of the end of the fourth quarter 2013, a decrease of NT$8.4 billion. Net debt to equity ratio came down from 87.6% in the third quarter to 81.7% in the fourth quarter 2013. Net inventory as of the end of fourth quarter 2013 was NT$ 50.6 billion, and the inventory turnover day was 50 days.
The Company shipped 6.79 million square meters of panel in the fourth quarter 2013, a 6.8% increase over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 486 per square meter. The Company shipped 139.2 million small and medium-sized units during the fourth quarter 2013.
In terms of product application, Small & Medium, Mobile PC, Desktop monitor, LCD TV panels accounted for 21%, 15%, 17% and 46% 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 24%, 20%, 19%, 12%, and 25% of our net sales, respectively.
The Company has pioneered 4K2K TV panels since 2012, and providing a series of 4K2K TV panels to offer consumers exceptional image quality and viewing experience and to create value-added display products. The Company will keep developing the innovative and differentiated products. Also, the Company has successfully commercial produced the latest touch solution "TODTM" for various types of high resolution and slim smartphone from 4-inch to-7-inch display modules.
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INX Unaudited 2013 Income Statement -- YoY Comparison | |||||
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Units: NTD million except per share data |
2013 |
2012 |
YoY% | ||
|
Net Sales |
422,729 |
480,913 |
-12.1% | ||
|
Cost of Goods Sold |
385,019 |
91.1% |
476,225 |
99.0% |
-19.2% |
|
Gross Profit (Loss) |
37,710 |
8.9% |
4,688 |
1.0% |
704.4% |
|
Operating Expense |
22,322 |
5.3% |
23,998 |
5.0% |
-7.0% |
|
Operating Income (Loss) |
15,388 |
3.6% |
(19,310) |
-4.0% |
- |
|
Net Non-operating Income(Exp.) |
(9,743) |
-2.3% |
(11,336) |
-2.4% |
- |
|
Income before Tax |
5,645 |
1.3% |
(30,646) |
-6.4% |
- |
|
EBITDA(1) |
93,234 |
22.1% |
66,825 |
13.9% |
39.5% |
|
Net Income (Loss) |
5,096 |
1.2% |
(29,901) |
-6.2% |
- |
|
Net Income (Loss)-Parent |
5,103 |
1.2% |
(29,900) |
-6.2% |
- |
|
Basic EPS (2) |
0.57 |
(4.00) |
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INX Unaudited 4Q 2013 Income Statement -- QoQ Comparison | ||||||||||
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Units: NTD million except per share data |
4Q 2013 |
3Q 2013 |
QoQ% |
4Q 2012 | ||||||
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Net Sales |
97,219 |
97,217 |
0.0% |
129,603 |
||||||
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Cost of Goods Sold |
92,285 |
94.9% |
87,264 |
89.8% |
5.8% |
120,213 |
92.8% | |||
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Gross Profit (Loss) |
4,934 |
5.1% |
9,953 |
10.2% |
-50.4% |
9,390 |
7.2% | |||
|
Operating Expense |
4,807 |
4.9% |
6,052 |
6.2% |
-20.6% |
6,387 |
4.9% | |||
|
Operating Income (Loss) |
127 |
0.1% |
3,901 |
4.0% |
-96.7% |
3,003 |
2.3% | |||
|
Net Non-operating Income(Exp.) |
(1,349) |
-1.4% |
(2,970) |
-3.1% |
- |
(6,325) |
-4.9% | |||
|
Income before Tax |
(1,222) |
-1.3% |
931 |
1.0% |
- |
(3,322) |
-2.6% | |||
|
EBITDA(1) |
17,871 |
18.4% |
22,991 |
23.6% |
-22.3% |
23,972 |
18.5% | |||
|
Net Income (Loss) |
(1,339) |
-1.4% |
683 |
0.7% |
- |
(3,168) |
-2.4% | |||
|
Net Income (Loss)-Parent |
(1,337) |
-1.4% |
685 |
0.7% |
- |
(3,167) |
-2.4% | |||
|
Basic EPS (2) |
(0.15) |
0.08 |
- |
(0.35) |
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Notes |
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(1) EBITDA = Operating Income + Depreciation & Amortization |
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(2) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares |
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(3) Capital Stock (common): NT$91.09 billion |
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(4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). |
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(5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Inter-company transactions between Innolux Corporation and these companies have been elimated to avoid double-counting. |
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INX Unaudited 4Q 2012 Balance Sheet | |||
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Units: NT$ million |
2013.12.31 |
2013.9.30 |
2012.12.31 |
|
Cash & Short Term Investment |
42,647 |
39,076 |
39,056 |
|
Inventory |
50,595 |
50,541 |
42,035 |
|
Total Assets |
507,928 |
513,447 |
565,273 |
|
Short Term Debt (1) |
102,158 |
90,539 |
117,183 |
|
Long Term Debt (2)(3) |
98,143 |
118,157 |
152,097 |
|
Shareholders' Equity (4) |
193,043 |
193,682 |
169,824 |
|
Net Debt to Shareholders' Equity |
81.7% |
87.6% |
135.6% |
|
Depreciation & Amortization |
17,744 |
19,090 |
20,969 |
|
Capital Expenditure |
4,460 |
4,877 |
6,468 |
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Notes | |||
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(1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan) | |||
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(2) Long term debt = (long-term bank loan + corporate bonds) | |||
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(3) Innolux Corporation has obtained the waiver from the syndicated banks in January, 2014 to defer capital injection which will be completed by 2014. Long term debt would be reclassified as short term debt in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). | |||
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(4) Capital Stock (common): NT$91.09 billion; Book value per common stock: NT$ 21.19 | |||
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(5) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). | |||
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(6) The 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 elimated to avoid double-counting. | |||
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Announcement Contact: |
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Chen-Hui Lin |
Anita Chien |
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Spokesperson |
Media Contact |
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Tel: +886-(0)6-505-3760 |
Tel: +886-(0)6-505-1888 ext.47153 |
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Cell: +886-(0)968-960-866 |
Cell: +886-(0)911-572-225 |
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Email: [email protected] |
Email: [email protected] |
SOURCE Innolux Corporation
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