Innolux reports profits for 2014
Press release; Alex Wolfgram, DIGITIMES [Tuesday 10 February 2015]
Innolux has announced its combined net sales for the fourth quarter of 2014 amounted to NT$114.9 billion (US$3.65 billion), gross profit was NT$18.5 billion, for a gross margin of 16.1%. Operating profit totaled NT$11.7 billion with an operating margin of 10.2%. Net profit attributable to the shareholders of the parent company amounted to NT$11.2 billion, for a net profit margin of 9.7%.
For the full year 2014, Innolux reported consolidated revenues of NT$428.7 billion. Gross profit was NT$50.3 billion, for a gross margin of 11.7%. Operating profit totaled NT$28.1 billion with an operating margin of 6.6%. Net profit attributable to the shareholders of the parent company amounted to NT$21.7 billion and EPS equaled NT$2.31. Innolux said its gross margin, operating margin and net profit margin hit historic highs while net inventory and net debt to equity ratio reached record lows.
Through an improved financial structure, the inventory turnover day was 34 days as of the end of the fourth quarter. The company's total debt came down to NT$131 billion. Net debt to equity ratio came down from 44.2% in the previous quarter to 27.2%. Furthermore, the improvement has been made in net debt to equity ratio from 153.2% during debt negotiation in the second quarter of 2012.
The company shipped 30.68 million square meters of panels in 2014, an increase of 15.2% over 26.63 million square meters in 2013. For the full year 2014, the company shipped 320.2 million for small- to medium-size units, a 25% decrease over the 426.9 million units shipped in 2013.
Innolux also said it shipped eight million square meters of panels in the fourth quarter 2014, a decrease of 2.8% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$469 per square meter. Small- to medium-size panel revenues amounted to NT$22.7 billion in the fourth quarter 2014, an increase of 7% over the previous quarter. The company shipped 77.5 million small- to medium-size units during the fourth quarter 2014.
In terms of product application, small- to medium-size panels, mobile/tablet, monitor and LCD TV panels accounted for 17%, 17%, 14% and 51% 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 20%, 21%, 18%, 3%, and 38% of our net sales, respectively.
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