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Innolux Corporation Reports Second Quarter 2019 Financial Results
Date：2019/03/19 Click：1587 times
Innolux Corporation (3481.TW) announced its 2Q 2019 consolidated revenues of NT$ 63.2 billion, operating loss of NT$ 3.3billion, net loss of NT$ 3.0 billion, and a basic EPS of NT$ -0.3, depreciation & amortization of NT$ 8.8 billion and capital expenditure of NT$ 8.5 billion.
In 2Q19, the Company shipped 7.26 million square meters, an increase of 3.5% quarter-on-quarter. Blended area ASP for TFT-LCD panels averaged US$ 279 per square meter. Small and medium-sized panel revenues were NT$ 14.6 billion in 2Q19, an increase of 15% quarter-on-quarter. The Company shipped 605.6 thousand square meter area of small and medium-sized during the second quarter 2019, an increase of 9.5% quarter-on-quarter.
In terms of product application, Mobile & CP, Mobile PC, Desktop, TV panels accounted for 28%, 18%, 12% and 42% of net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 30-to-40-inch, 40-inch-and -above panels accounted for 23%, 23%, 14%, 5%, and 35% of net sales, respectively.
Looking back to the second quarter of 2019, despite the intensified downward pressure on panel prices, the Company overcame headwinds by optimizing the product mix and cost structure. As a result, the quarterly revenues increased by 5.4% from the previous quarter, and the extent of loss also became narrower comparing to the previous quarter. In addition, the EBITDA increased by 31.7% from the previous quarter, and the Company continues to generate positive cash flows from the operating business. The management team will keep investing in technology upgrade and improving its cost structure.
With the double eleven and double twelve shopping spree in China and Black Friday in Europe and America, the demand for panels will hopefully be sustained. The TV panel price is expected to recover gradually. The projection of small and medium size is optimistic. The demand of IT panel is expected to maintain stable. The Company will continue to strengthen its product mix and technology competitiveness. Also, the Company will make more efforts on the cost management, aiming to increase its capability to withstand economic fluctuations and ultimately enhance its long-term operational efficiency and stability.
Based on our current business outlook, the Company expects its 3Q19 guidance as follows:
Large panel
Shipments to be flat % QoQ
Blended ASP to be down low single digit % QoQ
Small & Medium panel
Shipments to be down single digit % QoQ
Blended ASP to be up high single digit % QoQ
Table 1: Statements of Comprehensive Income
Units: NTD million except per share data
| 2Q 2019 | 1Q 2019 | QoQ% | 2Q 2018 | ||||
| Net Sales | 63,176 | 100.0% | 59,924 | 100.0% | 5.4% | 66,462 | 100.0% |
| Cost of Goods Sold | 60,832 | 96.3% | 59,049 | 98.5% | 3.0% | 60,599 | 91.2% |
| Gross Profit | 2,344 | 3.7% | 875 | 1.5% | 167.8% | 5,863 | 8.8% |
| Operating Expenses | 5,686 | 9.0% | 5,483 | 9.1% | 3.7% | 5,216 | 7.8% |
| Operating Income(loss) | (3,342) | -5.3% | (4,607) | -7.7% | - | 647 | 1.0% |
| Net Non-operating Income(Exp.) | 576 | 0.9% | 976 | 1.6% | -40.9% | 367 | 0.6% |
| Income(loss) before Tax | (2,766) | -4.4% | (3,632) | -6.1% | - | 1,013 | 1.5% |
| Net Income(loss) | (2,970) | -4.7% | (3,725) | -6.2% | - | (1,933) | -2.9% |
| Basic EPS (1)(2) | (0.30) | (0.37) | (0.19) | ||||
| EBITDA(3) | 5,491 | 8.7% | 4,170 | 7.0% | 31.7% | 9,752 | 14.7% |
Notes:
1. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares
2. Capital Stock (common): NT$99.5 billion as of June 30, 2019
3. EBITDA = Operation Income + Depreciation & Amortization
4. All figures are prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in TIFRS.
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