4q 2011 earning results - innolux corporation · 1q10 2q10 3q10 4q10 1q11 2q11 3q11 4q11

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M a r c h 2 0 1 2 4Q 2011 Earning Results

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Page 1: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

M a r c h 2 0 1 2

4Q 2011 Earning Results

Page 2: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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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: 4Q 2011 Earning Results - InnoLux Corporation · 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

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For further information, please visit our website at:www.chimei-innolux.com

Contact Investor Relations at:phone: +886 (0)6 505-3760

email:[email protected]