Innolux Corporation Announces Unaudited 2017 First Quarter
Net Income NT$ 11.9 Billion Hit New Highs Since The Merger
JHUNAN, Taiwan, May 10, 2017 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 1Q 2017 consolidated revenues. Combined net sales for 1Q 2017 amounted to NT$ 86 billion, gross profit was NT$ 20.3 billion, for a gross margin of 23.6%. Operating profit totaled NT$ 14.6 billion with an operating profit of 17%. Net profit amounted to NT$ 11.9 billion, and hit new highs since the merger, for a net profit margin of 13.8%. EBITDA margin of 26.9%, with a basic EPS of NT$ 1.19.
In finance, the company's total debt came down to NT$ 36.3 billion, a decrease of NT$ 19.8 billion over the previous quarter. Net debt to equity ratio of 0%.
The Company shipped 6.81 million square meters of panel in the first quarter 2017, a decrease of 8.1% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 399 per square meter. Small and medium-sized panel revenue amounted to NT$ 16.9 billion in the first quarter 2017, an increase of 0.6% over the previous quarter. The company shipped 569.8 thousand square meter area of small and medium-sized during the first quarter 2017, an increase of 5.6% over the previous quarter.
In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 22%, 15%, 10% and 53% 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 20%, 18%, 12%, and 49% of our net sales, respectively.
| Statements of Comprehensive Income |
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| Units: NTD million except per share data |
1Q 2017 |
4Q 2016 |
QoQ% |
1Q 2016 |
||||||||||||||||
| Net Sales |
86,026 |
100.0% |
89,382 |
100.0% |
-3.8% |
56,417 |
100.0% |
|||||||||||||
| Cost of Goods Sold |
65,681 |
76.4% |
69,580 |
77.8% |
-5.6% |
60,455 |
107.2% |
|||||||||||||
| Gross Profit (Loss) |
20,345 |
23.6% |
19,802 |
22.2% |
2.7% |
(4,038) |
-7.2% |
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| Operating Expense |
5,713 |
6.6% |
5,806 |
6.5% |
-1.6% |
4,365 |
7.7% |
|||||||||||||
| Operating Income (Loss) |
14,632 |
17.0% |
13,996 |
15.7% |
4.5% |
(8,402) |
-14.9% |
|||||||||||||
| Net Non-operating Income(Exp.) |
722 |
0.8% |
(1,135) |
-1.3% |
- |
(131) |
-0.2% |
|||||||||||||
| Income before Tax |
15,354 |
17.8% |
12,861 |
14.4% |
19.4% |
(8,534) |
-15.1% |
|||||||||||||
| Net Income (Loss) |
11,858 |
13.8% |
10,869 |
12.2% |
9.1% |
(8,582) |
-15.2% |
|||||||||||||
| Basic EPS (2) |
1.19 |
1.09 |
(0.86) |
|||||||||||||||||
| EBITDA(1) |
23,108 |
26.9% |
23,665 |
26.5% |
-2.4% |
3,046 |
5.4% |
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| Notes |
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| (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares |
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| (2) Capital Stock (common): NT$99.5billion as of March 31, 2017 |
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| (3) EBITDA = Operation Income + Depreciation & Amortization |
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| (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). |
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| (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting. |
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| Combined Balance Sheet Highlights |
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| NT$ million |
2017.3.31 |
2016.12.31 |
2016.3.31 |
||||||||||||||||
| Cash & Short Term Investment |
35,881 |
35,276 |
36,462 |
||||||||||||||||
| Inventory |
24,878 |
23,399 |
29,164 |
||||||||||||||||
| Total Assets |
359,566 |
371,480 |
351,258 |
||||||||||||||||
| Short Term Debt (1) |
35,498 |
27,965 |
19,251 |
||||||||||||||||
| Long Term Debt (2) |
835 |
28,128 |
35,445 |
||||||||||||||||
| Shareholders' Equity(3) |
235,547 |
226,006 |
222,810 |
||||||||||||||||
| Net Debt to Shareholders' Equity |
0% |
9% |
8% |
||||||||||||||||
| Depreciation & Amortization |
8,476 |
9,669 |
11,448 |
||||||||||||||||
| Capital Expenditure |
5,804 |
9,250 |
7,459 |
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| Notes |
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| (1) Short term debt = (short-term bank loan + current portion of long term loan) |
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| (2) Capital Stock (common): NT$99.5billion; Book value per common stock: NT$ 23.67 as of March 31, 2017 |
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| (3) Net debt to shareholders' equity = (short term debt + long term debt – cash & short term investment) / shareholders' equity |
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| (4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS) |
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| (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 |
Sophia Cheng |
| Spokesperson |
Media Contact |
| Tel: +886-(0)6-505-3760 |
Tel: +886-(0)37-586-000 ext. 62959 |
| Email: [email protected] |
|
| Email: [email protected] |
|
| Jutil Chen |
|
| IR contact |
|
| Tel: +886-(0)6-505-3760 |
|
| Email: [email protected] |
|
SOURCE Innolux Corporation
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