CMI 4Q 2010 slides Eng - Innolux Corporation (3481) 4Q 2010 result sl… · Exchange rate based on the prevailing market rate at the end of each quarter 3. All figures are unaudited,

March 2011

Investor Update

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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.

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Agenda

� 2010 Financial Results

� Recent Development

� Q&A

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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 Corporation2. 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 2010 Income Statement - YoY

NT$ million YoY % Except Per Share Data 2010

% Revenue 2009

% Revenue Change

Net Sales(1) 480,044 100.0% 164,726 100.0% 191.4% Cost of Goods Sold -460,424 -95.9% -160,509 -97.4% 186.9% Gross Profit 19,620 4.1% 4,217 2.6% 365.3% Operating Expenses -25,719 -5.4% -7,672 -4.7% 235.2% Operating Income -6,099 -1.3% -3,455 -2.1% 76.5% Net Non-operating Income (Exp.)* -8,060 -1.7% 223 0.1% - Income before Tax -14,159 -2.9% -3,232 -2.0% 338.1% EBITDA(2) 72,036 15.0% 7,928 4.8% 808.6% Net Income -14,840 -3.1% -2,397 -1.5% 519.1% Net Income-Parent -14,835 -3.1% -2,397 -1.5% 518.9% Basic EPS (NT$)(3) -2.29 -0.74

Depreciation & Amortization 78,135 11,383 Capital Expenditure 87,393 39,793 * We have provisionized NT$6.7 billion for charges related to the anti-trust litigation. Figures may be subject to further adjustment, if necessary.

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Notes:1. EBITDA = Operating Income + Depreciation & Amortization2. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares3. All figures are unaudited, prepared by Chimei Innolux Corporation

CMI with TFT Subsidiaries 4Q 2010 Income Statement - QoQ

NT$ million QoQ % Except Per Share Data 4Q10

% Revenue 3Q10 % Revenue Change

Net Sales 130,389 100.0% 137,048 100.0% -4.9% Cost of Goods Sold -140,022 -107.4% -133,320 -97.3% 5.0% Gross Profit -9,633 -7.4% 3,728 2.7% - Operating Expenses -8,164 -6.3% -7,577 -5.5% 7.7% Operating Income -17,797 -13.6% -3,849 -2.8% 362.4% Net Non-operating Income (Exp.)* -6,873 -5.3% -814 -0.6% 744.3% Income before Tax -24,670 -18.9% -4,663 -3.4% 429.1% EBITDA(1) 6,396 4.9% 20,488 14.9% -68.8% Net Income -24,128 -18.5% -3,636 -2.7% 563.6% Net Income-Parent -24,127 -18.5% -3,635 -2.7% 563.7% Basic EPS (NT$)(2) -3.79 -0.80

* We have provisionized NT$6.7 billion for charges related to the anti-trust litigation. Figures may be subject to further adjustment, if necessary .

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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. Capital Stock (common): NT$73.13 billion; Book value per common stock: NT$ 35.334. All figures are unaudited, prepared by Chimei Innolux Corporation

CMI with TFT Subsidiaries 4Q 2010 Balance Sheet

NT$ million 2010.12.31 2010.9.30 2009.12.31 Cash & Short Term Investment 58,998 64,566 36,510 Inventory 61,579 59,815 20,921 Total Assets 698,315 715,069 180,566 Short Term Debt (1) 108,385 118,341 16,145 Long Term Debt (2) 179,726 173,139 30,398 Shareholders’ Equity (3) 258,369 285,628 94,690 Net Debt to Shareholders’ Equity 88.7% 79.4% 10.6% Depreciation & Amortization 24,193 24,337 3,127 Capital Expenditure 24,067 25,664 7,587

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20,88129,378 32,950 33,101 33,840 33,888 30,597 33,637

99113

119115115118

10798

0

10,000

20,000

30,000

40,000

50,000

60,000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

0

40

80

120

160Shipment ASP

Large-size Shipment Units and ASP Trends

Notes:1. All figures before 2Q10 are on proforma basis, which assumed INL, CMO and TPO merged on 2009/1/12. 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$)

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1231081109911011484

65

10,57412,969

18,34416,593

13,886

16,447

25,87528,590

0

5,000

10,000

15,000

20,000

25,000

30,000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

0

50

100

150

200

250Shipment Net Sales

Small & Medium-Size Shipment and Sales Trends

Notes:1. All figures before 2Q10 are on proforma basis, which assumed INL, CMO and TPO merged on 2009/1/12. All figures are unaudited, prepared by Chimei Innolux Corporation

Unit shipment (1)

(Million Units)Revenue (1)

(NT$ Million)

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68

145 137 130139

80

117

146 140

10.3%

20.2%

10.9%

9.3% 24.2% 15.1%

25.0%15.0%

4.9%

-21.9%

-0.6%

10.4%5.2%

12.8%2.7%

-7.4%

0

50

100

150

200

250

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Revenue Proforma EBITDA Margin Gross Margin

Revenue, Gross Margin, EBITDA Trends, and EPS Trends

Revenue (1)

(NT$ Billion)


-3.79

-0.81.430.87

-3.35-1.38

0.85

-1.52

EPS

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31% 33% 35%41% 37% 41% 41%

35%

50% 49% 44% 37% 42% 36%30%

33%

5% 5% 6% 7% 8% 8%

6%6%

13% 11% 13% 12% 10% 11%19% 22%

4%4%4%3%3%2%2%1%

0%

20%

40%

60%

80%

100%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

TV Desktop Notebook Small & Medium Others

Sales Breakdown by Application


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14% 11% 13% 12% 11% 12%20% 23%

33%31% 32% 30% 30% 27%

21%23%

32%34% 30%

27% 31% 30% 29%29%

8% 9% 11%15% 14% 19% 18%

16%

13% 15% 14% 16% 14% 12% 12% 9%

0%

20%

40%

60%

80%

100%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

<10" 10 to <20" 20 to <30" 30 to <40" 40"+

Sales Breakdown by Size


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AgendaSCENE



� Q&A

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TFT LCD Fab Update

Mar-11 Dec-11 Generation Site

Substrate size (mm2) (K/month) (K/month)

Main Products Technology

G3.5 LTPS Jhunan, Taiwan 620 x 750 70 70 Small/Medium LTPS, OLED

G3.5 Tainan, Taiwan 620 x 750 55 55 Small/Medium

G4.5 Jhunan, Taiwan 730 x 920 30 5 TFT and Touch Panel Compatible Touch panel

G4 Tainan, Taiwan 680 x 880 88 88 Small/Medium

G5 Jhunan, Taiwan 1,100 x 1,300 90 90 Small/Medium, NB TN, IPS

G5 Tainan, Taiwan 1,100 x 1,300 145 145 MNT, TV TN, IPS

G5 Tainan, Taiwan 1,100 x 1,300 180 180 NB, TV TN, IPS

G5.5 Tainan, Taiwan 1,300 x 1,500 170 170 MNT, TV

G6 Jhunan, Taiwan 1,500 x 1,850 105 105 MNT, TV VA

G6 Tainan, Taiwan 1,500 x 1,850 180 220 MNT, TV VA

G7.5 Tainan, Taiwan 1,950 x 2,250 100 100 TV VA

G8.5 Kaohsiung,

Taiwan 2,200 x 2,500 30 54 TV VA

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Touch Sensor Fab Update

Mar-11 Dec-11 Generation Site

Substrate size (mm2) (K/month) (K/month)

Main Products

G2.5 Longhua, China 400 x 500 75 80 3.5"

G4.5 Jhunan, Taiwan 730 x 920 41 45 10.1"

G4.5 Tainan, Taiwan 730 x 920 20 70 10.1"

.

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AgendaSCENE



� Q&A

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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]

CMI 4Q 2010 slides Eng - Innolux Corporation (3481) 4Q 2010 result sl… · Exchange rate based on the prevailing market rate at the end of each quarter 3. All figures are unaudited,

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