Innolux Corporation Announces Unaudited 2016 Fourth Quarter Net Income NT$ 10.9 Billion and EPS NT$1.09
JHUNAN, Taiwan, Feb. 10, 2017 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 4Q 2016 consolidated revenues. Combined net sales for 4Q 2016 amounted to NT$ 89.4 billion, gross profit was NT$ 19.8 billion, for a gross margin of 22.2%. Operating profit totaled NT$ 14 billion with an operating profit of 15.7%. Net profit amounted to NT$ 10.9 billion, for a net profit margin of 12.2%. EBITDA margin of 26.5%, with a basic EPS of NT$ 1.09.
Due to the impact of the earthquake on February 6, 2016, for the full year 2016, INX reported consolidated revenues of NT$ 287.1 billion. Gross profit was NT$ 26.1 billion, for a gross margin of 9.1%. Operating profit totaled NT$ 6.4 billion with an operating margin of 2.2%. Net profit amounted to NT$ 1.87 billion. EPS equaled NT$ 0.19.
In finance, the company's total debt came down to NT$ 56.1 billion, a decrease of NT$ 3.54 billion over the previous quarter. Net debt to equity ratio of 9%. The inventory turnover day was 31 days.
The Company shipped 27.01 million square meters of panel in 2016, a decrease of 6% over 28.73 million square meters in 2015. For the full year 2016, the company shipped 225 million for small-and-medium-sized units, a 10.7% decrease over the 252 million units shipped in 2015.
The Company shipped 7.41 million square meters of panel in the fourth quarter 2016, an increase of 6.4% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 379 per square meter. Small and medium-sized panel revenue amounted to NT$ 16.8 billion in the fourth quarter 2016, an increase of 10.5% over the previous quarter. The company shipped 539.8 thousand square meter area of small and medium-sized during the fourth quarter 2016, a decrease of 0.4% over the previous quarter.
In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 21%, 16%, 11% and 52% of the Company's net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 40-inch-and-above panels accounted for 19%, 19%, 13%, and 48% of its net sales, respectively.
Table 1: Statements of Comprehensive Income
| Units: NTD million except per share data |
4Q 2016 |
3Q 2016 |
QoQ% |
4Q 2015 |
|||
| Net Sales |
89,382 |
100.0% |
74,485 |
100.0% |
20.0% |
81,464 |
100.0% |
| Cost of Goods Sold |
69,580 |
77.8% |
65,713 |
88.2% |
5.9% |
78,938 |
96.9% |
| Gross Profit (Loss) |
19,802 |
22.2% |
8,772 |
11.8% |
125.8% |
2,525 |
3.1% |
| Operating Expense |
5,806 |
6.5% |
4,912 |
6.6% |
18.2% |
5,424 |
6.7% |
| Operating Income (Loss) |
13,996 |
15.7% |
3,859 |
5.2% |
262.6% |
(2,899) |
-3.6% |
| Net Non-operating Income(Exp.) |
(1,135) |
-1.3% |
(323) |
-0.4% |
- |
(3,727) |
-4.6% |
| Income before Tax |
12,861 |
14.4% |
3,536 |
4.7% |
263.7% |
(6,626) |
-8.1% |
| EBITDA(3) |
23,665 |
26.5% |
13,714 |
18.4% |
72.6% |
9,639 |
11.8% |
| Net Income (Loss) |
10,869 |
12.2% |
3,058 |
4.1% |
255.4% |
(6,723) |
-8.3% |
| Net Income (Loss)-Parent |
10,869 |
12.2% |
3,058 |
4.1% |
255.4% |
(6,723) |
-8.3% |
| Basic EPS (1)(2) |
1.09 |
0.31 |
(0.68) |
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| 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, 2016 (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. |
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Table 2: Statements of Comprehensive Income
| Units: NTD million except per share data |
2016 |
2015 |
YoY% |
||
| Net Sales |
287,089 |
100.0% |
364,133 |
100% |
-21.2% |
| Cost of Goods Sold |
261,000 |
90.9% |
317,495 |
87.2% |
-17.8% |
| Gross Profit (Loss) |
26,090 |
9.1% |
46,638 |
12.8% |
-44.1% |
| Operating Expense |
19,675 |
6.9% |
24,206 |
6.6% |
-18.7% |
| Operating Income (Loss) |
6,414 |
2.2% |
22,432 |
6.2% |
-71.4% |
| Net Non-operating Income(Exp.) |
(1,422) |
-0.5% |
(7,570) |
-2.1% |
- |
| Income before Tax |
4,992 |
1.7% |
14,862 |
4.1% |
-66.4% |
| EBITDA(3) |
47,833 |
16.7% |
75,989 |
20.9% |
-37.1% |
| Net Income (Loss) |
1,871 |
0.7% |
10,816 |
3.0% |
-82.7% |
| Net Income (Loss)-Parent |
1,871 |
0.7% |
10,816 |
3.0% |
-82.7% |
| Basic EPS (1)(2) |
0.19 |
1.09 |
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| Notes: (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares (2) Capital Stock (common): NT$99.5 billion as of December 31, 2016 (3) EBITDA = Operation Income + Depreciation & Amortization (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting. |
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Combined Balance Sheet Highlights
| Units: NT$ million |
2016.12.31 |
2016.9.30 |
2015.12.31 |
| Cash & Short Term Investment |
35,276 |
32,480 |
49,014 |
| Inventory |
23,399 |
24,338 |
30,197 |
| Total Assets |
371,480 |
354,911 |
387,442 |
| Short Term Debt (1) |
27,965 |
32,352 |
16,361 |
| Long Term Debt (2) |
28,128 |
27,282 |
43,630 |
| Shareholders' Equity (3) |
226,006 |
215,345 |
232,265 |
| Net Debt to Shareholders' Equity |
9% |
13% |
5% |
| Depreciation & Amortization |
9,669 |
9,855 |
12,537 |
| Capital Expenditure |
9,250 |
20,585 |
9,863 |
| Notes: (1) Short term debt = (short-term bank loan + current portion of long term loan) (2) Capital Stock (common): NT$99.5billion; Book value per common stock: NT$ 22.71 as of December 31, 2016 (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. |
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Announcement Contact:
| Jyh-Chau Wang |
Anita Chien |
| Spokesperson |
Media Contact |
| Tel: +886-(0)6-505-3760 |
Tel: +886-(0)6-505-1888 ext.47153 |
| Email: [email protected] |
Cell: +886-(0)911-572-225 |
| Email: [email protected] |
SOURCE Innolux Corporation
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