4q 2011 earning results - innolux corporation · 1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11
Post on 27-Jun-2020
7 Views
Preview:
TRANSCRIPT
M a r c h 2 0 1 2
4Q 2011 Earning Results
Page 2
Disclaimer
Chimei 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 implied in the forward looking statements. These forward-looking statements are not guarantees of future performance and therefore you 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.
Page 3
Notes:1. CMI was formed on March 18, 2010 through the merger of Innolux Display Corporation, Chi Mei Optoelectronics and TPO Displays Corporation.2. CMI recognized NT$5.7 billion non-operating expenses for the antitrust settlement in 2011 and has accrued NT$6.7 billion reserve for antitrust ligation in 2010.3. EBITDA = Operating Income + Depreciation & Amortization4. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares5. All figures are unaudited, prepared by Chimei Innolux Corporation.
CMI with TFT Subsidiaries 2011 Income Statement - YoY NT$ million YoY % Except Per Share Data 2011
% Revenue 2010(1)
% Revenue Change
Net Sales 501,135 100.0% 480,044 100.0% 4.4% Cost of Goods Sold 537,383 107.2% 460,688 96.0% 16.6% Gross Profit (36,248) (7.2%) 19,356 4.0% - Operating Expenses 26,750 5.3% 25,719 5.4% 4.0% Operating Income (62,998) (12.6%) (6,363) (1.3%) 890.1% Net Non-operating Income (Exp.) (2) (6,505) (1.3%) (7,796) (1.6%) (16.6%) Income before Tax (69,503) (13.9%) (14,159) (2.9%) 390.9% EBITDA(3) 34,760 6.9% 71,772 15.0% (51.6%) Net Income (64,440) (12.9%) (14,840) (3.1%) 334.2% Net Income-Parent (64,440) (12.9%) (14,835) (3.1%) 334.4% Basic EPS (NT$)(4) (8.76) (2.29)
Depreciation & Amortization 97,758 78,135
Capital Expenditure 44,585 87,393
Page 4
Notes:1. CMI recognized NT$3.5 billion non-operating expenses for the antitrust settlement in 4Q11.2. EBITDA = Operating Income + Depreciation & Amortization3. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares4. All figures are unaudited, prepared by Chimei Innolux Corporation.
CMI with TFT Subsidiaries 4Q 2011 Income Statement - QoQ
NT$ million QoQ % Except Per Share Data 4Q11
% Revenue 3Q11
% Revenue Change
Net Sales 130,409 100.0% 124,703 100.0% 4.6% Cost of Goods Sold 141,073 108.2% 137,033 109.9% 2.9% Gross Profit (10,664) (8.2%) (12,330) (9.9%) (13.5%) Operating Expenses 6,539 5.0% 7,019 5.6% (6.8%) Operating Income (17,202) (13.2%) (19,350) (15.5%) (11.1%) Net Non-operating Income (Exp.) (1) (4,693) (3.6%) 409 0.3% - Income before Tax (21,895) (16.8%) (18,941) (15.2%) 15.6% EBITDA(2) 5,753 4.4% 5,324 4.3% 8.1% Net Income (19,988) (15.3%) (17,260) (13.8%) 15.8% Net Income-Parent (19,992) (15.3%) (17,257) (13.8%) 15.8% Basic EPS (NT$)(3) (2.73) (2.36)
Page 5
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 + preferred shares + obligations under capital leases)3. After signing the debt extension agreement, NT$181.1 billion syndicated loans and NT$16.8 billion short-term bank loans will be reclassified as
Long Term Debt.4. Capital Stock (common): NT$73.13 billion; Book value per common stock: NT$ 26.835. All figures are unaudited, prepared by Chimei Innolux Corporation.
CMI with TFT Subsidiaries 4Q 2011 Balance Sheet
NT$ million 2011.12.31 2011.9.30 2010.12.31 Cash & Short Term Investment 59,449 58,325 58,998 Inventory 59,540 65,748 61,579 Total Assets 668,479 699,355 698,315 Short Term Debt (1)(3) 275,081 156,344 108,385 Long Term Debt (2) 49,377 187,959 179,726 Shareholders’ Equity (4) 196,181 216,878 258,369 Net Debt to Shareholders’ Equity 135.1% 131.9% 88.7%
Depreciation & Amortization 22,955 24,675 24,193 Capital Expenditure 8,736 10,199 24,067
Page 6
33,840 33,888 30,597 33,637 32,272 35,471 36,991 35,399
89909510199113119115
0
10,000
20,000
30,000
40,000
50,000
60,000
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11-20
20
60
100
140
Shipment ASP
Large-size Shipment Units and ASP Trends
Notes:1. All figures of 1Q10 is on proforma basis, which assumed INL, CMO and TPO merged on 20010/1/1.2. Exchange rate based on the prevailing market rate at the end of each quarter3. All figures are unaudited, prepared by Chimei Innolux Corporation.
Unit shipment(1)
(’000)ASP(1)(2)
(US$)
Page 7
99 110 108 123101 95 110 115
34,225
27,954
23,448
28,72928,59025,875
16,44713,886
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q110
50
100
150
200
250Shipment Revenue
Small & Medium-Size Shipment and Sales Trends
Notes:1. All figures of 1Q10 is on proforma basis, which assumed INL, CMO and TPO merged on 20010/1/1.2. All figures are unaudited, prepared by Chimei Innolux Corporation.
Unit shipment(1)
(Million Units)Revenue(1)
(NT$ Million)
Page 8
68
145 137 130 124 122 125 130
71
4.4%4.3%10.0%9.3%
4.7%
15.0%24.1%
15.1%
-5.3%10.3% 12.8%
2.7% -7.6% -5.4% -9.9% -8.2%
0
50
100
150
200
250
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Revenue, Gross Margin, EBITDA Trends, and EPS Trends
Revenue(1)
(NT$ Billion)
-3.79
-0.801.430.87
-1.89 -1.78 -2.36 -2.73
Notes:
1. All figures of 1Q10 is on proforma basis, which assumed INL, CMO and TPO merged on 20010/1/1.2. All figures are unaudited, prepared by Chimei Innolux Corporation.
Revenue Proforma EBITDA Margin Gross Margin EPS
Page 9
37% 41% 41% 35% 37% 39% 35% 34%
42% 36% 30%33% 29% 30%
28% 28%
8% 8%6% 6% 6%
9%12% 10%
10% 11%19% 22% 23%
19% 23% 26%
2%2%3%5%4%4%4%3%
0%
20%
40%
60%
80%
100%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
TV Desktop Notebook Small & Medium Others
Sales Breakdown by Application
Notes:
1. All figures of 1Q10 is on proforma basis, which assumed INL, CMO and TPO merged on 20010/1/1.2. All figures are unaudited, prepared by Chimei Innolux Corporation.
Page 10
11% 12%20% 23% 24% 20%
27% 30%
30% 27%21%
23% 22%23%
20% 18%
31% 30% 29%29% 24% 27%
27% 25%
14% 19% 18%16%
18% 15% 11% 12%
14% 12% 12% 9% 12% 15% 15% 15%
0%
20%
40%
60%
80%
100%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
<10" 10 to <20" 20 to <30" 30 to <40" 40"+
Sales Breakdown by Size
Notes:
1. All figures of 1Q10 is on proforma basis, which assumed INL, CMO and TPO merged on 20010/1/1.2. All figures are unaudited, prepared by Chimei Innolux Corporation.
Page 11
TFT LCD Fabs Update
Generation Site Substrate size (mm2)
Dec-12Main Products Technology
(K/month)
G3.5 LTPS Jhunan, Taiwan 620 x 750 70 Small/Medium LTPS, OLED
G3.5 Tainan, Taiwan 620 x 750 55 Small/Medium
G4.5 Jhunan, Taiwan 730 x 920 45 TFT and Touch Panel Compatible Touch panel
G4 Tainan, Taiwan 680 x 880 88 Small/Medium
G5 Jhunan, Taiwan 1,100 x 1,300 90 Small/Medium, NB TN, IPS
G5 Tainan, Taiwan 1,100 x 1,300 145 MNT, TV TN, IPS
G5 Tainan, Taiwan 1,100 x 1,300 180 NB, TV TN, IPS
G5.5 Tainan, Taiwan 1,300 x 1,500 170 MNT, TV
G6 Jhunan, Taiwan 1,500 x 1,850 105 MNT, TV VA
G6 Tainan, Taiwan 1,500 x 1,850 200 MNT, TV VA
G7.5 Tainan, Taiwan 1,950 x 2,250 100 TV VA
G8.5 Kaohsiung, Taiwan 2,200 x 2,500 42 TV VA
Page 12
Touch Sensor Fabs Update
Generation Site Substrate size (mm2)Mar-12 Dec-12
Main Products(K/month) (K/month)
G2.5 Longhua, China 400 x 500 80 80 Smartphone
G4.5 Jhunan, Taiwan 730 x 920 45 45 Tablet
G4.5 Tainan, Taiwan 730 x 920 100 150 Tablet
G5 Jhunan, Taiwan 1100 x 1300 10 20 NB
Page 13
For further information, please visit our website at:www.chimei-innolux.com
Contact Investor Relations at:phone: +886 (0)6 505-3760
email:ir@chimei-innolux.com
top related