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

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Feb 02, 2016, 06:56 ET

ZHUNAN, Taiwan, Feb. 2, 2016 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 4Q 2015 consolidated revenues^{(Table 1)} and 2015 full year^{(Table 2)} results. Combined net sales for 4Q 2015 amounted to NT$ 81.5 billion, gross profit was NT$ 2.5 billion, for a gross margin of 3.1%. Operating loss totaled NT$ 2.9 billion with an operating margin of -3.6%. Net loss amounted to NT$ 6.7 billion, for a net profit margin of -8.3%.

For the full year 2015, INX reported consolidated revenues of NT$ 364.1 billion. Gross profit was NT$ 46.6 billion, for a gross margin of 12.8%. Operating profit totaled NT$ 22.4 billion with an operating margin of 6.2%. Net profit amounted to NT$ 10.8 billion. EPS equaled NT$ 1.09.

In finance, the company's total debt totaled to NT$60 billion, equal to the previous quarter. Net debt to equity ratio was 5%, reaching the lowest point since the merger in 2010.

The Company shipped 28.73 million square meters of panel in 2015, a decrease of 6% over 30.69 million square meters in 2014. For the full year 2015, the company shipped 252 million for small-and-medium-sized units, a 21% decrease over the 320 million units shipped in 2014.

The Company shipped 7.38 million square meters of panel in the fourth quarter 2015, an increase of 4% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 333 per square meter. Small and medium-sized panel revenue amounted to NT$ 17.8 billion in the fourth quarter 2015, a decrease of 3.2% over the previous quarter. The company shipped 0.552 million square meter area of small and medium-sized during the fourth quarter 2015, an increase of 6.5% over the previous quarter.

In terms of product application, Mobile & CP, Mobile PC, Desktop monitor, LCD TV panels accounted for 25%, 13%, 10% and 52% 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 22%, 17%, 16%, 1%, and 44% of our net sales, respectively.

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.