Innolux Corporation Announces Unaudited 2016 Third Quarter

Net Income NT$ 3.06 Billion

News provided by

Innolux Corporation

Oct 28, 2016, 04:50 ET

JHUNAN, Taiwan, Oct. 28, 2016 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 3Q 2016 consolidated revenues. Combined net sales for 3Q 2016 amounted to NT$ 74.5 billion, gross profit was NT$ 8.77 billion, for a gross margin of 11.8%. Operating profit totaled NT$ 3.86 billion with an operating profit of 5.2%. Net profit amounted to NT$ 3.06 billion, for a net profit margin of 4.1%. EBITDA margin of 18.4%, with a basic EPS of NT$ 0.31.

In finance, the company's total debt came down to NT$ 59.6 billion, an increase of NT$ 2.55 billion over the previous quarter. Net debt to equity ratio of 13%. The inventory turnover day was 35 days.

The Company shipped 6.97 million square meters of panel in the third quarter 2016, a decrease of 0.5% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 330 per square meter. Small and medium-sized panel revenue amounted to NT$ 15.2 billion in the third quarter 2016, an increase of 16% over the previous quarter. The company shipped 542.1 thousand square meter area of small and medium-sized during the third quarter 2016, an increase of 14.7% over the previous quarter.        

In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 24%, 17%, 12% and 47% 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%, 21%, 18%, and 39% of our net sales, respectively.

Table 1: Statements of Comprehensive Income

Units: NTD million except per share data

3Q 2016

2Q 2016

QoQ%

3Q 2015

Net Sales

74,485

100.0%

66,805

100.0%

11.5%

88,756

100.0%

   Cost of Goods Sold

65,713

88.2%

65,251

97.7%

0.7%

77,981

87.9%

Gross Profit (Loss)

8,772

11.8%

1,554

2.3%

464.5%

10,776

12.1%

    Operating Expense

4,912

6.6%

4,592

6.9%

7.0%

6,069

6.8%

Operating Income (Loss)

3,859

5.2%

(3,039)

-4.5%

-

4,706

5.3%

Net Non-operating Income (Exp.)

(323)

-0.4%

168

0.3%

-

(625)

-0.7%

Income before Tax

3,536

4.7%

(2,871)

-4.3%

-

4,081

4.6%

EBITDA(3)

13,714

18.4%

7,408

11.1%

85.1%

17,846

20.1%

Net Income (Loss)

3,058

4.1%

(3,476)

-5.2%

-

3,482

3.9%

Net Income (Loss)-Parent

3,058

4.1%

(3,476)

-5.2%

-

3,482

3.9%

Basic EPS (1)(2)

0.31

(0.35)

0.35

Notes:

(1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(2) Capital Stock (common): NT$99.5 billion as of  September 30,2016

(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) 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.

Table 2: Combined Balance Sheet Highlights

NT$ million 

2016.9.30

2016.6.30

2015.9.30

Cash & Short Term Investment

32,480

39,599

41,188

Inventory

24,338

25,395

35,008

Total Assets

354,911

349,288

396,067

Short Term Debt (1)

32,352

21,612

16,352

Long Term Debt (2)

27,282

35,468

43,606

Shareholders' Equity(3)

215,345

214,685

241,125

Net Debt to Shareholders' Equity

13%

8%

8%




Depreciation & Amortization

9,855

10,446

13,140

Capital Expenditure

20,440

6,858

4,257




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$99.5 billion; Book value per common stock: NT$ 21.64  as of September 30,2016

(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.

 

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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