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

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.