Innolux Corporation Announces Unaudited 2014 Fourth Quarter
Net Income NT$11.2 Billion and 2014 Net Income NT$21.7 Billion
Business Indicators Hit New Highs
JHUNAN, Feb. 10, 2015 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 4Q 2014 consolidated revenues(Table 2) and 2014 full year(Table 1) results. Combined net sales for 4Q 2014 amounted to NT$ 114.9 billion, gross profit was NT$ 18.5 billion, for a gross margin of 16.1%. Operating profit totaled NT$ 11.7 billion with an operating margin of 10.2%. Net profit attributable to the shareholders of the parent company amounted to NT$ 11.2 billion, for a net profit margin of 9.7%. Innolux has trumped its rivals.
For the full year 2014, INX reported consolidated revenues of NT$ 428.7 billion. Gross profit was NT$ 50.3 billion, for a gross margin of 11.7%. Operating profit totaled NT$ 28.1 billion with an operating margin of 6.6%. Net profit attributable to the shareholders of the parent company amounted to NT$ 21.7 billion. EPS equaled NT$ 2.31, Innolux's gross margin, operating margin and net profit margin hit historic highs while net inventory and net debt to equity ratio reached record lows since the merger.
Through continuous improvement of financial structure, the inventory turnover day was 34 days as the end of the fourth quarter. The company's total debt came down to NT$131 billion. Net debt to equity ratio came down from 44.2% in the previous quarter to 27.2%. Furthermore, the distinct improvement has been made in net debt to equity ratio from 153.2% during debt negotiation in 2Q 2012. It is a true testimony that Innolux successfully completed the Taiwan largest corporate financial restructuring. Chairman and CEO Tuan appreciated all employees, banks and partners' understanding and cooperation during the difficult time.
The Company shipped 30.68 million square meters of panel in 2014, an increase of 15.2% over 26.63 million square meters in 2013. For the full year 2014, the company shipped 320.2 million for small-and-medium-sized units, a 25% decrease over the 426.9 million units shipped in 2013.
The Company shipped 8.0 million square meters of panel in the fourth quarter 2014, a decrease of 2.8% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 469 per square meter. Small and medium-sized panel revenue amounted to NT$ 22.7 billion in the fourth quarter 2014, an increase of 7% over the previous quarter. The Company shipped 77.5 million small and medium-sized units during the fourth quarter 2014.
In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 17%, 17%, 14% and 51% 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 20%, 21%, 18%, 3%, and 38% of our net sales, respectively.
| Table 1: INX Unaudited 2014 Income Statement – YoY Comparison |
||||||
| Units: NTD million except per share data |
2014 |
2013 |
YoY% |
|||
| Net Sales |
428,662 |
422,729 |
1.4% |
|||
| Cost of Goods Sold |
378,328 |
88.3% |
385,019 |
91.1% |
-1.7% |
|
| Gross Profit (Loss) |
50,334 |
11.7% |
37,710 |
8.9% |
33.5% |
|
| Operating Expense |
22,205 |
5.2% |
22,322 |
5.3% |
-0.5% |
|
| Operating Income (Loss) |
28,129 |
6.6% |
15,388 |
3.6% |
82.8% |
|
| Net Non-operating Income(Exp.) |
(5,606) |
-1.3% |
(9,743) |
-2.3% |
- |
|
| Income before Tax |
22,523 |
5.3% |
5,645 |
1.3% |
299.0% |
|
| EBITDA(3) |
89,012 |
20.8% |
93,234 |
22.1% |
-4.5% |
|
| Net Income (Loss) |
21,677 |
5.1% |
5,096 |
1.2% |
325.4% |
|
| Net Income (Loss)-Parent |
21,677 |
5.1% |
5,103 |
1.2% |
324.8% |
|
| Basic EPS (1)(2) |
2.31 |
0.57 |
||||
| Notes: |
||||||
| (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares |
||||||
| (2) Capital Stock (common): NT$99.55 billion as of December 31,2014 |
||||||
| (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) INX 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: INX Unaudited 4Q 2014 Income Statement – QoQ Comparison |
|||||||
| Units: NTD million except per share data |
4Q 2014 |
3Q 2014 |
QoQ% |
4Q 2013 |
|||
| Net Sales |
114,947 |
100.0% |
113,092 |
100.0% |
1.6% |
97,219 |
100.0% |
| Cost of Goods Sold |
96,447 |
83.9% |
98,582 |
87.2% |
-2.2% |
92,285 |
94.9% |
| Gross Profit (Loss) |
18,500 |
16.1% |
14,510 |
12.8% |
27.5% |
4,934 |
5.1% |
| Operating Expense |
6,817 |
5.9% |
5,500 |
4.9% |
23.9% |
4,807 |
4.9% |
| Operating Income (Loss) |
11,683 |
10.2% |
9,010 |
8.0% |
29.7% |
127 |
0.1% |
| Net Non-operating Income(Exp.) |
(474) |
-0.4% |
(1,269) |
-1.1% |
- |
(1,349) |
-1.4% |
| Income before Tax |
11,209 |
9.8% |
7,741 |
6.8% |
44.8% |
(1,222) |
-1.3% |
| EBITDA(3) |
26,023 |
22.6% |
23,585 |
20.9% |
10.3% |
17,871 |
18.4% |
| Net Income (Loss) |
11,154 |
9.7% |
7,360 |
6.5% |
51.6% |
(1,339) |
-1.4% |
| Net Income (Loss)-Parent |
11,154 |
9.7% |
7,359 |
6.5% |
51.6% |
(1,337) |
-1.4% |
| Basic EPS (1)(2) |
1.13 |
0.77 |
(0.15) |
||||
| Notes: (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares |
|||||||
| (2) Capital Stock (common): NT$99.55 billion as of December 31,2014 |
|||||||
| (3) EBITDA = Operation Income + Depreciation & Amortization |
|||||||
| (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). |
|||||||
| (5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting. |
|||||||
| INX Unaudited 4Q 2014 Balance Sheet |
|||
| Units: NT$ million |
2014.12.31 |
2014.9.30 |
2013.12.31 |
| Cash & Short Term Investment |
68,943 |
32,836 |
42,647 |
| Inventory |
33,790 |
38,390 |
50,595 |
| Total Assets |
480,985 |
457,268 |
507,928 |
| Short Term Debt (1) |
88,693 |
73,692 |
102,158 |
| Long Term Debt (2) |
42,293 |
53,664 |
98,143 |
| Shareholders' Equity (3) |
227,690 |
213,959 |
193,043 |
| Net Debt to Shareholders' Equity |
27.2% |
44.2% |
81.7% |
| Depreciation & Amortization |
14,340 |
14,576 |
17,744 |
| Capital Expenditure |
5,941 |
5,749 |
4,460 |
| Notes: |
|||
| (1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan + obligations under capital leases) |
|||
| (2) Long term debt = (long-term bank loan + corporate bonds + obligations under capital leases) |
|||
| (3) Capital Stock (common): NT$99.55 billion; Book value per common stock: NT$ 22.87 as of December 31,2014 |
|||
| (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). |
|||
| (5) INX 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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| 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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