Innolux Corporation Announces Unaudited 2017 Second Quarter
Net Income NT$ 12.1 Billion
Continue to Hit New Highs Since The Merger
JHUNAN, Taiwan, July 26, 2017 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 2Q 2017 consolidated revenues. Consolidated net sales for 2Q 2017 amounted to NT$ 84.5 billion, gross profit was NT$ 21 billion, for a gross margin of 24.9%. Operating profit totaled NT$ 15.8 billion with an operating profit of 18.7%. Net profit amounted to NT$ 12.1 billion, for a net profit margin of 14.3%. EBITDA margin of 28.4%, with a basic EPS of NT$ 1.22. Innolux continue to hit new highs since the merger.
In finance, the company's total debt came down to NT$ 36.4 billion, equal to the previous quarter. Net debt to equity ratio of -8%.
The Company shipped 6.96 million square meters of panel in the second quarter 2017, an increase of 2.1% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 395 per square meter. Small and medium-sized panel revenue amounted to NT$ 16.6 billion in the second quarter 2017, a decrease of 1.7% over the previous quarter. The company shipped 532.4 thousand square meter area of small and medium-sized during the second quarter 2017, a decrease of 6.6% over the previous quarter.
In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 22%, 16%, 11% and 51% of our 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 21%, 19%, 14%, and 45% of our net sales, respectively.
| Statements of Comprehensive Income |
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| Units: NTD million except per share data |
2Q 2017 |
1Q 2017 |
QoQ% |
2Q 2016 |
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| Net Sales |
84,509 |
100.0% |
86,026 |
100.0% |
-1.8% |
66,805 |
100.0% |
| Cost of Goods Sold |
63,464 |
75.1% |
65,681 |
76.4% |
-3.4% |
65,251 |
97.7% |
| Gross Profit (Loss) |
21,045 |
24.9% |
20,345 |
23.6% |
3.4% |
1,554 |
2.3% |
| Operating Expense |
5,222 |
6.2% |
5,713 |
6.6% |
-8.6% |
4,592 |
6.9% |
| Operating Income (Loss) |
15,823 |
18.7% |
14,632 |
17.0% |
8.1% |
(3,039) |
-4.5% |
| Net Non-operating Income(Exp.) |
361 |
0.4% |
722 |
0.8% |
-50.0% |
168 |
0.3% |
| Income before Tax |
16,184 |
19.2% |
15,354 |
17.8% |
5.4% |
(2,871) |
-4.3% |
| Net Income (Loss) |
12,118 |
14.3% |
11,858 |
13.8% |
2.2% |
(3,476) |
-5.2% |
| Basic EPS (2) |
1.22 |
1.19 |
(0.35) |
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| EBITDA(1) |
24,006 |
28.4% |
23,108 |
26.9% |
3.9% |
7,408 |
11.1% |
| Notes: (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares (2) Capital Stock (common): NT$99.5billion as of July 26, 2017 (3) EBITDA = Operation Income + Depreciation & Amortization (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting. |
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| Combined Balance Sheet Highlights |
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| Units: NT$ million |
2017.6.30 |
2017.3.31 |
2016.6.30 |
| Cash & Short Term Investment |
56,220 |
35,881 |
39,599 |
| Inventory |
29,661 |
24,878 |
25,395 |
| Total Assets |
383,083 |
359,566 |
349,288 |
| Short Term Debt (1) |
35,531 |
35,498 |
21,612 |
| Long Term Debt (2) |
843 |
835 |
35,468 |
| Shareholders' Equity (3) |
249,031 |
235,547 |
214,685 |
| Net Debt to Shareholders' Equity |
-8% |
0% |
8% |
| Depreciation & Amortization |
8,183 |
8,476 |
10,446 |
| Capital Expenditure |
4,355 |
5,804 |
6,858 |
| Notes: (1) Short term debt = (short-term bank loan + current portion of long term loan) (2) Capital Stock (common): NT$99.5billion; Book value per common stock: NT$ 25.02 as of June 30, 2017 (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:
| Chih-Hung Shiao Spokesperson Tel: +886-(0)6-505-3760 Email: [email protected] |
Sophia Cheng Media Contact Tel: +886-(0)37-586-000 ext. 62959 Email: [email protected] |
|
Jutil Chen IR contact Tel: +886-(0)6-505-3760 Email: [email protected] |
SOURCE Innolux Corporation
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