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INX Interim / Quarterly Report 2014

Mar 13, 2015

52330_rns_2015-03-13_40b3025b-1b39-4a39-a47c-fe68e03d29ac.pdf

Interim / Quarterly Report

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4Q 2014 Earning Results February 2015

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

(NT$ million)
4Q 2014
3Q 2014
QoQ %
4Q 2013
Net Sales
114,947_100.0%113,092_100.0%
1.6%97,219_100.0%
Cost of Goods Sold
96,447_83.9%
98,582
87.2%
-2.2%92,285_94.9%
G
P
fi
18 500
16 1%
14 510
12 8%
27 5%
4 934
5 1%
4Q 2014 Combined Income Statement - QoQ
ross ro t
,
.
,
.
.
,
.
Operating Expenses
6,817
_5.9%
5,500
4.9%23.9%
4,807
4.9%
Operating Income
11,683_10.2%
9,010
_8.0%29.7%
127
0.1%
Net Non-operating Income (Exp.)
(474)
-0.4%
(1,269)
-1.1%
-(1,349)
-1.4%
Income before Tax
11,209
9.8%
7,741
6.8%44.8%(1,222)
-1.3%
Net Income
11,154
9.7%
7,360
6.5%51.6%(1,339)
-1.4%
Net Income-Parent
11,154
9.7%
7,359
6.5%51.6%(1,337)
-1.4%
Basic EPS(NT$)(1)(2)
1.13
0.77

(0.15)
EBITDA(3)
26,023_22.6%
23,585
_20.9%10.3%17,871_18.4%_		 (NT$ million)
4Q 2014
3Q 2014
QoQ %
4Q 2013
Net Sales
114,947_100.0%113,092_100.0%
1.6%97,219_100.0%
Cost of Goods Sold
96,447_83.9%
98,582
87.2%
-2.2%92,285_94.9%
G
P
fi
18 500
16 1%
14 510
12 8%
27 5%
4 934
5 1%
4Q 2014 Combined Income Statement - QoQ
ross ro t
,
.
,
.
.
,
.
Operating Expenses
6,817
_5.9%
5,500
4.9%23.9%
4,807
4.9%
Operating Income
11,683_10.2%
9,010
_8.0%29.7%
127
0.1%
Net Non-operating Income (Exp.)
(474)
-0.4%
(1,269)
-1.1%
-(1,349)
-1.4%
Income before Tax
11,209
9.8%
7,741
6.8%44.8%(1,222)
-1.3%
Net Income
11,154
9.7%
7,360
6.5%51.6%(1,339)
-1.4%
Net Income-Parent
11,154
9.7%
7,359
6.5%51.6%(1,337)
-1.4%
Basic EPS(NT$)(1)(2)
1.13
0.77

(0.15)
EBITDA(3)
26,023_22.6%
23,585
_20.9%10.3%17,871_18.4%_		 (NT$ million)
4Q 2014
3Q 2014
QoQ %
4Q 2013
Net Sales
114,947_100.0%113,092_100.0%
1.6%97,219_100.0%
Cost of Goods Sold
96,447_83.9%
98,582
87.2%
-2.2%92,285_94.9%
G
P
fi
18 500
16 1%
14 510
12 8%
27 5%
4 934
5 1%
4Q 2014 Combined Income Statement - QoQ
ross ro t
,
.
,
.
.
,
.
Operating Expenses
6,817
_5.9%
5,500
4.9%23.9%
4,807
4.9%
Operating Income
11,683_10.2%
9,010
_8.0%29.7%
127
0.1%
Net Non-operating Income (Exp.)
(474)
-0.4%
(1,269)
-1.1%
-(1,349)
-1.4%
Income before Tax
11,209
9.8%
7,741
6.8%44.8%(1,222)
-1.3%
Net Income
11,154
9.7%
7,360
6.5%51.6%(1,339)
-1.4%
Net Income-Parent
11,154
9.7%
7,359
6.5%51.6%(1,337)
-1.4%
Basic EPS(NT$)(1)(2)
1.13
0.77

(0.15)
EBITDA(3)
26,023_22.6%
23,585
_20.9%10.3%17,871_18.4%_
Net Sales

Cost of Goods Sold
G
P
fi
ross ro t
Operating Expenses
Operating Income
Net Non-operating Income (Exp.)
Income before Tax
Net Income
Net Income-Parent
Basic EPS(NT$)(1)(2)		 114,947_100.0%
96,447_83.9%
18 500
16 1%
,
.
6,817
5.9%
11,683_10.2%

(474)
-0.4%
11,209
_9.8%
11,154
9.7%
11,154
9.7%
1.13		 113,092_100.0%

98,582
_87.2%
14 510
12 8%
,
.

5,500
4.9%

9,010
8.0%

(1,269)
-1.1%

7,741
6.8%

7,360
6.5%

7,359
6.5%
0.77
EBITDA(3) 26,023_22.6%_
23,585
20.9%

Notes:

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

  2. Capital Stock (common): NT$99.55billion as of December 31, 2014

  3. EBITDA = Operating Income + Depreciation & Amortization

  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.

3

(NT$million)
2014
2013
YoY
Net Sales
428,662
100.0%_422,729
_100.0%
1.4%
Cost of Goods Sold
378,328
88.3%_385,019
_91.1%
-1.7%
Gross Profit
50,334
11.7%
37,710
8.9%
33.5%
Operating Expenses
22 205
5 2%
22 322
5 3%
0 5%
2014 Combined Income Statement - YoY
,
.
,
.
- .
Operating Income
28,129
6.6%
15,388
3.6%
82.8%
Net Non-operating Income (Exp.)
(5,606)
-1.3%
(9,743)
-2.3%
-
Income before Tax
22,523
5.3%
5,645
1.3%
299.0%
Net Income
21,677
5.1%
5,096
1.2%
325.4%
Net Income-Parent
21,677
5.1%
5,103
1.2%
324.8%
Basic EPS(NT$)(1)(2)
2.31
0.57

EBITDA(3)
89,012
20.8%
93,234
22.1%
-4.5%
Depreciation & Amortization
60,883

77,845

Capital Expenditure
20,527

18,370

Notes:

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

  2. Capital Stock (common): NT$99.55billion as of December 31, 2014

  3. EBITDA = Operating Income + Depreciation & Amortization

  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

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Revenue, Gross Margin, EBITDA Margin, and EPS Trends
Revenue [(1)]
TFT Panel LAM Gross Margin EBITDA Margin EPS(NT$)
(NT$Billion)5
1.13
0.19 0.45 0.08 -0.15 0.02 0.33 0.77
0
300 25 3%.
23.6%
22.6%
20.7% 19.9% 19.4% 20.9%
18.4%
16.1%
(5)
12.4% 12.8%
10.2% 10.4%
7.7%
6.4%
5.1%
200(10)
(15)
116.8 111.5 111.1 113.1 114.9
97.2 97.2
89.6
100
(20)
(25)
0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
----- End of picture text -----

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).

  2. All figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Intercompany transactions between Innolux Corporation and these companies have been eliminated to avoid double-counting .

5

(NT$ million) 2014.12.31 2014.9.30 2013.12.31 Cash & Short Term Investment 68,943 32,836 42,647 Inventory 33,790 38,390 50,595 Total Assets 480 , 985 457 , 268 507 , 928 Short Term Debt[(1)] 88,693 73,692 102,158 Long Term Debt[(2)] 42,293 53,664 98,143 Shareholders’ Equity[ (3)] 227,690 213,959 193,043 Net Debt to Shareholders’ E uit 27.2% 44.2% 81.7% q y Depreciation & Amortization 14,340 14,576 17,744 Capital Expenditure 5,941 5,749 4,460

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. Capital Stock (common): NT$99.55billion; Book value per common stock: NT$ 22.87 as of December 31, 2014

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

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

  6. 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)]

Total Debt

Net Debt to Equity

Debt to Equity

(NT$ Billion)

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186.3%
179 5%.
450 164.4%
157.7%
153.2%
147.7%
134.3%
134.8%
127.8%
350 112.4%
106.4% 107.8% 103.8%
93.7% 94.6%
87.6%
81.7%
76.3%
76.7%
250
64.3% 59.5% 57.5%
44.2%
329.2 324.1
288.0 27.2%
269 3.
150 243.2
217.1 208.7 200.3
183.7
148.9
127.4 131.0
50
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
----- End of picture text -----

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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----- Start of picture text -----

Inventory Trend
Net Inventory
Net Inventory
(NT$Bn)
80
60
40
50.5 50.6 51.1
45.2 44.7 45.7
20 38 4.
33.8
0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
----- End of picture text -----

Notes: 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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Shipment
(‘000 m [2] ) TFT Panel System + Touch LAM TFT Panel ASP (US$ / m [2] )
12,000 545
520 511
487
464 459 457 469
8,272
7,983 8,040
8,000
7,019
6,793
6,452 6,363 6,396
4,000
0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
----- End of picture text -----

Notes:

  1. Exchange rate based on the prevailing market rate at the end of each quarter.

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

9

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----- Start of picture text -----

Small & Medium-Size Unit Shipments and Sales Trends
Revenue Shipment
TFT Panel Revenue LAM Revenue Shipment
(NT$ Billon) (Million Units)
60 150
116
108
104
100
40 100
87
78 78 77
30.8
24.6 25.1
22.7 22.7
20.8 21.2
19.3
20 50
0 0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
----- End of picture text -----

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

10

TV Desktop Mobile PC & Tablet Small & Medium Others

100%
40%
60%
80%
0%
20%		 ~~2%~~ ~~2%~~ ~~2%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~ ~~1%~~
51%
~~14%~~
17%
17%
4Q14		 ~~1%~~
51%
~~14%~~
17%
17%
4Q14
21% 19% 20% 21% 22% 22% 17% 17%
18% 16% 15% 15% 16% 16% 17% 17%
18% 19% 19% 17% 17% 15% 15% ~~14%~~
~~41%~~ 45% 45% 46% 44% 46% 50% 51%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

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

11

40”+ 30 to <40” 20 to <30” 10 to <20”

<10”

100%
40%
60%
80%
0%
20%		 ~~3%~~
18%
21%
20%
~~38%~~
4Q14		 ~~3%~~
18%
21%
20%
~~38%~~
4Q14
31% 24% 22% 24% 22% 23% 19% 20%
19% 21% 20% 24% 22% 21% 21%
~~16%~~
19% 18%
19% 21% 21% 19% 18% 18%
~~4%~~ ~~3%~~
15% 15% 14% 12% 7% ~~5%~~
19% 21% 22% 25% 29% 32% ~~37%~~ ~~38%~~
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

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

12

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Q&A

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