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March 2011
Investor Update
Page 2Page 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 3Page 3
Agenda
� 2010 Financial Results
� Recent Development
� Q&A
Page 4Page 4
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$6.7 billion for charges related to the anti-trust litigation. Figures may be subject to further adjustment, if necessary.
Page 5Page 5
Notes:1. EBITDA = Operating Income + Depreciation & Amortization2. Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares3. All figures are unaudited, prepared by Chimei Innolux Corporation
CMI with TFT Subsidiaries 4Q 2010 Income Statement - QoQ
NT$ 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 .
Page 6Page 6
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
Page 7Page 7
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$)
Page 8Page 8
1231081109911011484
65
10,57412,969
18,34416,593
13,886
16,447
25,87528,590
0
5,000
10,000
15,000
20,000
25,000
30,000
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
0
50
100
150
200
250Shipment Net Sales
Small & Medium-Size Shipment and Sales Trends
Notes:1. All figures before 2Q10 are on proforma basis, which assumed INL, CMO and TPO merged on 2009/1/12. All figures are unaudited, prepared by Chimei Innolux Corporation
Unit shipment (1)
(Million Units)Revenue (1)
(NT$ Million)
Page 9Page 9
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)
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
-3.79
-0.81.430.87
-3.35-1.38
0.85
-1.52
EPS
Page 10Page 10
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
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
Page 11Page 11
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
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
Page 12Page 12
AgendaSCENE
� 2010 Financial Results
� Recent Development
� Q&A
Page 13Page 13
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
Page 14Page 14
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"
.
Page 15Page 15
AgendaSCENE
� 2010 Financial Results
� Recent Development
� Q&A
Page 16Page 16
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]