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INX Interim / Quarterly Report 2013

Feb 14, 2014

52330_rns_2014-02-14_17de75fe-77fd-4f54-8181-09f68137e50b.pdf

Interim / Quarterly Report

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4Q 2013 Earning Results

February 2013

Innolux Corporation’s statements of its current expectations and estimates are forward-looking statements subject to significant known and unknown risks and uncertainties and actual results may differ materially from those contained or mp i li e d i n th e orwar f d - oo l ki ng s a emen s. t t t Th ese orwar f d - oo l ki ng statements are not guarantees of future performance and therefore one should not place undue reliance on them. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

2

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||||||||
|---|---|---|---|---|---|---|
|2013 Combined Income Statement -|YoY|
|NT$ million|
|2013|2012|
|Except Per Share Data|YoY %|
|Net Sales|422,729|100.0%|480,913|100.0%|-12.1%|
|Cost of Goods Sold|385,019|91.1%|476,225|99.0%|-19.2%|
|Gross Profit|37,710|8.9%|4,688|1.0%|704.4%|
|Operating Expenses|22,322|5.3%|23,998|5.0%|-7.0%|
|Operating Income|15,388|3.6%|-19,310|-4.0%|-|
|Net Non-operating Income (Exp.)|-9,743|-2.3%|-11,336|-2.4%|-|
|Income before Tax|5,645|1.3%|-30,646|-6.4%|-|
|EBITDA|[(1)]|93,234|22.1%|66,825|13.9%|39.5%|
|Net Income|5,096|1.2%|-29,901|-6.2%|-|
|Net Income-Parent|5,103|1.2%|-29,900|-6.2%|-|
|Basic EPS|(|NT$|)|[(2)]|0.57|-4.00|
|Depreciation & Amortization|77,845|86,135|
|Capital Expenditure|18,370|19,589|

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Notes:

  1. EBITDA = Operating Income + Depreciation & Amortization

  2. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

  3. Capital Stock (common): NT$91.09 billion

  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.

(NT$ million)
4Q 2013
3Q 2013
Net Sales
97,219_100.0%97,217_100.0%
4Q 2013 Combined Income Statement -
Cost of Goods Sold
92,285_94.9%87,264_89.8%
Gross Profit
4,934
5.1%_9,953_10.2%
Operating Expenses
4,807
4.9%_6,052
_6.2%
Operating Income
127
0.1%_3,901
_4.0%
Net Non-operating Income (Exp.) -1,349_-1.4%-2,970-3.1%
Income before Tax
-1,222-1.3%
931
_1.0%
EBITDA(1)
17,871_18.4%22,991_23.6%
Net Income
-1,339_-1.4%
683
_0.7%
Net Income-Parent
-1,337_-1.4%
685
_0.7%
Basic EPS(NT$)(2)
-0.15
0.08
(NT$ million)
4Q 2013
3Q 2013
Net Sales
97,219_100.0%97,217_100.0%
4Q 2013 Combined Income Statement -
Cost of Goods Sold
92,285_94.9%87,264_89.8%
Gross Profit
4,934
5.1%_9,953_10.2%
Operating Expenses
4,807
4.9%_6,052
_6.2%
Operating Income
127
0.1%_3,901
_4.0%
Net Non-operating Income (Exp.) -1,349_-1.4%-2,970-3.1%
Income before Tax
-1,222-1.3%
931
_1.0%
EBITDA(1)
17,871_18.4%22,991_23.6%
Net Income
-1,339_-1.4%
683
_0.7%
Net Income-Parent
-1,337_-1.4%
685
_0.7%
Basic EPS(NT$)(2)
-0.15
0.08
(NT$ million)
4Q 2013
3Q 2013
Net Sales
97,219_100.0%97,217_100.0%
4Q 2013 Combined Income Statement -
Cost of Goods Sold
92,285_94.9%87,264_89.8%
Gross Profit
4,934
5.1%_9,953_10.2%
Operating Expenses
4,807
4.9%_6,052
_6.2%
Operating Income
127
0.1%_3,901
_4.0%
Net Non-operating Income (Exp.) -1,349_-1.4%-2,970-3.1%
Income before Tax
-1,222-1.3%
931
_1.0%
EBITDA(1)
17,871_18.4%22,991_23.6%
Net Income
-1,339_-1.4%
683
_0.7%
Net Income-Parent
-1,337_-1.4%
685
_0.7%
Basic EPS(NT$)(2)
-0.15
0.08
(NT$ million)
4Q 2013
3Q 2013
Net Sales
97,219_100.0%97,217_100.0%
4Q 2013 Combined Income Statement -
Cost of Goods Sold
92,285_94.9%87,264_89.8%
Gross Profit
4,934
5.1%_9,953_10.2%
Operating Expenses
4,807
4.9%_6,052
_6.2%
Operating Income
127
0.1%_3,901
_4.0%
Net Non-operating Income (Exp.) -1,349_-1.4%-2,970-3.1%
Income before Tax
-1,222-1.3%
931
_1.0%
EBITDA(1)
17,871_18.4%22,991_23.6%
Net Income
-1,339_-1.4%
683
_0.7%
Net Income-Parent
-1,337_-1.4%
685
_0.7%
Basic EPS(NT$)(2)
-0.15
0.08
QoQ %
4Q 2012

0.0%129,603_100.0%
QoQ

5.8%120,213_92.8%
-50.4%
9,390
7.2%
-20.6%
6,387
4.9%
-96.7%
3,003
2.3%

- -6,325_-4.9%

- -3,322-2.6%
-22.3%23,972_18.5%

- -3,168_-2.4%

- -3,167-2.4%_

-0.35
Net Sales

Cost of Goods Sold

Gross Profit

Operating Expenses

Operating Income
Net Non-operating Income (Exp.)
Income before Tax

EBITDA(1)

Net Income

Net Income-Parent

Basic EPS(NT$)(2)		 97,219_100.0%
92,285_94.9%
4,934
5.1%
4,807
4.9%
127
0.1%
-1,349_-1.4%
-1,222-1.3%
17,871_18.4%
-1,339_-1.4%
-1,337-1.4%_
-0.15		 97,217_100.0%
87,264_89.8%
9,953_10.2%
6,052
_6.2%
3,901
4.0%
-2,970_-3.1%

931
_1.0%
22,991_23.6%

683
_0.7%

685
0.7%
0.08

Notes:

  1. EBITDA = Operating Income + Depreciation & Amortization

  2. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

  3. Capital Stock (common): NT$91.09billion

  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.

4

Revenue[(1)] 5(NT$Bn) TFT Panel System LAM EBITDA Margin Gross Margin EPS(NT$)

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-0.54 -0.35 0.19 0.45 0.08 -0.15
0 -1.75 -1.36
300 25.3% 23.6%
20.7%
18.5% 18.4%
(5) 14.4%
12.7% 12.4%
10.2%
9.1%
7.2% 7.7%
5.1%
3.2%
(10)
-1.8%
200 -6.3%
(15)
129.6 129.6
116.8
(20) 109.2 112.5 111.5
97.2 97.2
100
(25)
(30)
0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
Notes:
1. All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed
in R.O.C. (TIFRS).
----- End of picture text -----

  1. All 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 .

5

4Q 2013 Combined Balance Sheet Highlights
(NT$ million)
2013.12.31
2013.9.30		 2012.12.31
Cash & Short Term Investment
42,647
39,076		 39,056
Inventory
50,595
50,541		 42,035
Total Assets
507,928
513,447		 565,273
Short Term Debt(1)
102,158
90,539		 117,183
Long Term Debt(2)(3)
98,143
118,157		 152,097
Shareholders’ Equity(4)
193,043
193,682		 169,824
Net Debt to Shareholders’ Equity
81.7%
87.6%		 135.6%



Depreciation & Amortization
17,744
19,090
Capital Expenditure
4,460 4,877		 20,969
6,468

Notes:

  1. Short term debt = (short-term bank loan + commercial papers + current portion of long term loan)

  2. Long term debt = (long-term bank loan + corporate bonds)

  3. Innolux Corporation has obtained the waiver from the syndicated banks in January, 2014 to defer capital injection which will be completed by 2014. Long term debt would be reclassified as short term debt in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

  4. Capital Stock (common): NT$91.09billion; Book value per common stock: NT$ 21.19

  5. Net debt to shareholders’ equity = (short term debt + long term debt – cash & short term investment) / shareholders’ equity

  6. All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

  7. 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 .

6

Total Debt[(1)] (NT$Bn)

Total Debt

Debt to Equity

Net Debt to Equity

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187.1%
179 7%.
450 165.4%
158.6%
153.8%
147.9%
135.1% 135.6%
127.8%
350
112.4%
106.4% 107.8%
103.8%
93.7%
87.6%
81.7%
250
329.1 324.1
287.9
269 3.
150 243.2
217.1 208.7 200.3
50
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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Notes:

  1. Total Debt = short term debt + long term debt

  2. All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

7

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Inventory Trend
Net Inventory [(2)] Turnover [(1) ]
Net Inventory Inventory Turnover
(NT$Bn) (Days)
120 60
50 50
49
47
42
90 41 45
37
35
60 30
30 60.99 61.1 15
49.14 50.54 50.6
42.04 45.16 44.65
0 0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
----- End of picture text -----

Notes:

  1. Inventory turnover days = 365 / (annualized cost of goods sold / average inventory)

  2. All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

8

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Area Shipments and TFT LCD ASP Trends
Shipment ASP
TFT Panel System + Touch LAM TFT Panel ASP
(‘000 m [2] ) (US$ / m [2] )
14,000
12,000 541 558 538 552 545 600
520 511
487
10,000
8,000 7,206 7,249 400
7,019
6,793
6,286 6,452 6,363
6,000 5,802
4,000 200
2,000
0 0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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Notes: Exchange rate based on the prevailing market rate at the end of each quarter.

9

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Small & Medium-Size Unit Shipments and Sales Trends
Revenue
Shipment
Shipment Revenue (NT$ Billion)
(Million)
40
30 8.
180 25.9 25.6 27.7 30
24.6
22.7
21.3 20.8
20
150
10
114 116
120 108 108
104
100
95 0
90
90
60
30
0
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13
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10

TV Desktop Mobile PC & Tablet Small & Medium Others

100%
40%
60%
80%
0%
20%		 ~~4%~~ ~~4%~~ ~~4%~~ ~~2%~~ ~~2%~~ ~~2%~~ ~~4%~~ ~~4%~~ ~~4%~~ ~~2%~~ ~~2%~~ ~~2%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~
46%
17%
15%
21%
4Q13		 ~~1%~~
46%
17%
15%
21%
4Q13
24% 19%
5%		 20% 21% 21% 19% 20% 21%
13% 16% 14% 18% 16% 15% 15%
11%
25% 24% 19% 19% 18% 19% 19% 17%
~~43%~~ ~~42%~~ ~~41%~~ 45% 45% 46%
~~36%~~ ~~39%~~
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

11

40”+ 30 to <40” 20 to <30”

10 to <20”

<10”

100%
40%
60%
80%
0%
20%		 12%
19%
20%
24%
25%
4Q13		 12%
19%
20%
24%
25%
4Q13
28% 23% 25% 27% 31% 24% 22% 24%
17% 21% 19% 19% 19% 21% 20%
~~16%~~
~~27%~~ 23% 21% 19% 19% 21% 21% 19%
17% 16% 16% 15% 15% 14% 12%
~~14%~~
19% 19% 19% 21% 22% 25%
14% 16%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13

12

TFT LCD Fabs Update
Generation
Site
Substrate size
(mm2)		 Dec-13
(K/month)		 Dec-14
(K/month)		 Main Products Technology
G3.5 LTPS
Jhunan, Taiwan
620 x 750		 85 85 Small/Medium LTPS, OLED
G3.5
Tainan, Taiwan
620 x 750		 55 55 Small/Medium
G4.5
Jhunan, Taiwan
730 x 920		 45 45 TFT and Touch Panel
Compatible		 Touch panel
G4
Tainan, Taiwan
680 x 880		 80 80 Small/Medium
G5
Jhunan, Taiwan
1,100 x 1,300		 70 70 Small/Medium, MNT TN, IPS, Touch
G5
Tainan, Taiwan
1,100 x 1,300		 130 130 Mobile PC, MNT TN, IPS
G5
Tainan, Taiwan
1,100 x 1,300		 195 195 Mobile PC, TV TN, IPS
G5.5
Tainan, Taiwan
1,300 x 1,500		 195 195 MNT, TV
G6
Jhunan, Taiwan
1,500 x 1,850		 110 110 MNT, TV VA
G6
Tainan, Taiwan
1,500 x 1,850		 240 240 MNT, TV VA
G7.5
Tainan, Taiwan
1,950 x 2,250		 120 120 TV VA
G8.5
Kaohsiung, Taiwan
2,200 x 2,500		 60 60 TV VA

13

Touch Sensor Fabs Update
Generation
Site
Substrate size (mm2)		 Dec-13
(K/month)		 Dec-14
(K/month)		 Main Products
G4 5
Jh
T i
730
920
.
unan, a wan
x		 45 45 T bl t
a e
G4.5
Tainan, Taiwan
730 x 920		 150 150 Tablet
G5
Jhunan, Taiwan
1,100 x 1,300		 20 20 NB

14

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Q&A

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