[BUSINESS EDITOR]

FOR IMMEDIATE RELEASE

TPV Announces 2013 Third Quarter Results

(25th November, 2013 - HONG KONG) TPV Technology Limited ("TPV" or the "Group", SEHK stock code: 00903; SGX stock code: T18) announced its unaudited consolidated results for the three months ended 30th September 2013.
TPV's third-quarter performance was again adversely affected by the lackluster demand for TVs and monitors in the global markets. The slowdown of economic growth in most emerging markets and the steep depreciation of their currencies against the US Dollar also aggravated the situation. As a consequence, consolidated revenue for the reviewing quarter fell by 2.1% compared with the corresponding period a year ago, from US$3,223.6 million to US$3,156.1 million. With its gross profit (GP) margin reduced from 8% to 6.8% during the same period, and a foreign exchange loss of US$38.9 million, the Group recorded a loss of US$45.7 million.
In geographical terms, the Group derived US$1 billion or 31.7 % of its revenues from China (3Q12: US$977.2 million); US$859.8 m illion or 27.2% from Europe (3Q12: US$961.6 million); US$512.9 million or 16.3% from North America (3Q12: US$466.3 million); US$373.4 million or 11.8 % from South America (3Q12: US$445.6 million); and US$408.7 million or 13 % from the rest of the world (3Q12: US$372.8 million).
The TV business segment shipped 4 million units during the third quarter, compared with 3.9 million units in the same period last year. Its revenue amounted to US$1,264.5 million (3Q2012: US$1,440.6 million), a 12.2% drop in year-on-year terms. Meanwhile, the average selling price (ASP) came down to US$319.90 (3Q2012: US$365.30) as the result of keen price competition and the preference of consumers for products with basic features during difficult e conomic times. In addition, the Group made a provision of US$13.6 million for TV inventories, due to the declining price trend. The GP margin consequently fell to 6.9 % (3Q2012: 10.2%), which translates to a GP per set of US$22.00 (3Q2012: US$37.20). The segment recorded an operating loss of US$96.6 million for the quarter.
On the other hand, the Group's monitor segment shipped 15 million units (3Q2012: 14.7 million units), an increase of 2.4% year-on-year, against the backdrop of the industry's cyclical decline. Its segmental revenue also rose to US$1,560.9 million (3Q2012: US$1,494.8 million), a 4.4 % increase over the previous quarter. Its ASP was slightly up at US$103.90 (3Q2012: US$102.00), as were its GP margin of 7.6% (3Q2012: 6.6%) and its GP per set of US$7.90 (3Q2012: US$6.80). The improvement was mainly due to the enrichment of its product portfolio, as well as the migration of end-users to larger screen sizes. As a result, this business segment generated an operating profit of US$42.9 million.
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Prospect

Commenting on the market outlook, Dr Jason Hsuan, Chairman and CEO of TPV, stated, "The stabilization of Europe's economies in recent months did not help the TV sector: the volume of shipments to Western Europe during the third quarter remained unchanged from the second, and it was 11% below the already-low baseline of the third quarter of 2012. It's also noted that the glut of inventories of finished sets and panels along the supply chain also suggest that prices and margins will be under pressure in the fourth quarter. It is possible that the usual seasonal peak in TV sales towards the end of the year will not happen this time around."
He continued, "For TPV, we have been slashing prices of TVs to stimulate stock rotation. We have also scaled back on production to match the forecast demand in the fourth quarter. We are taking all the necessary action with a view to reducing the risk of overstocking after the peak season, and
to pave the way for a fresh start in 2014."

About TPV

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TPV is the world's leading monitor and LCD TV manufacturer. The Group has been able to drive its growth over the years by leveraging its economies of scale and core competencies in R&D, manufacturing, logistic efficiency and superb quality. The Group also distributes its products globally under its own brands AOC and Envision. In 2009 and 2012, the Group acquired exclusive licenses to sell Philips' monitors globally and TVs in China. In April 2013, the Group formed a joint venture, TP Vision, with Philips to take over the latter's TV business.
Issued by PRChina for and on behalf of TPV Technology Limited. For further information, please contact:
Ms Vijo Lee
TPV Technology Limited c/o PRChina
Mr Henry Chik / Mr David Shiu / Ms Ivy Lu
PRChina Limited
Tel: (852) 2522 1838
Email: hchik@prhcina.com.hk / dshiu@prchina.com.hk /
ilu@prchina.com.hk

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