AU Optronics Corp. Reports 1Q2011 Financial Results
HSINCHU, Taiwan, April 27, 2011 /PRNewswire-Asia-FirstCall/ — AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the first quarter of 2011(1).
AUO posted consolidated revenue of NT$93,230 million (US$3,171 million)(2), down 9.1% from the previous quarter. Gross profit was at -NT$6,270 million (-US$213 million), with the gross margin of -6.7%. Operating loss was at NT$14,227 million (US$484 million), with the operating margin of -15.3%. AUO’s net loss for the first quarter was at NT$13,899 million (US$473 million). Net loss attributable to equity holders of the parent company was NT$13,978 million (US$475 million), with basic EPS of -NT$1.58 per common share (-US$0.54 per ADR).
1Q2011 Result Highlights
AUO’s unaudited consolidated results for the first quarter of 2011 were highlighted as below:
- Revenue of NT$93,230 million, down 9.1% quarter-over-quarter
- Net loss of NT$13,899 million
- Basic EPS of -NT$1.58 per common share
- Gross margin of -6.7%
- Operating margin of -15.3%
- EBITDA(3) margin of 8.8%
In the first quarter of 2011, shipments for AUO’s large-sized panels exceeded 28.4 million units, up 1.3% quarter-over-quarter and 4.3% year-over-year. Meanwhile, shipments of small and medium-sized panels reached around 43.5 million units, down 17.8% quarter-over-quarter and 23.7% year-over-year.
“Owing to the weaker-than-expected TV panel prices and the currency influence of NT dollar appreciation, AUO’s operating performance in the first quarter of 2011 fell short of expectations,” said Mr. Andy Yang, Chief Financial Officer of AUO.
Since the first quarter of 2011, prices for IT panels have stopped declining and moved upward gradually. Looking into the second quarter, there are chances for TV panel prices to start to bottom out and the Company expects the capacity utilization rates to improve quarter over quarter. Meanwhile, AUO will aggressively adjust its product portfolio and expects to see sequential growths on the high-end products, such as panels for smartphones, tablet PCs, LED and 3D related products, which hopes to help the Company to achieve higher revenue scale and better profitability.
(1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)
(2) Amounts converted by an exchange rate of NTD29.40:USD1 based on Federal Reserve Bank of New York, USA as of Mar. 31, 2011.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
About AU Optronics
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 71 inches. AUO generated NT$467.2 billion in sales revenue in 2010 (US$16 billion) with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its market to the green energy industry in late 2008. The Display and Solar businesses were established respectively as the Company’s two core businesses in October, 2010. For more information, please visit AUO.com.
* 2010 year end revenue converted at an exchange rate of NTD29.14:USD1.
Safe Harbour Notice
AU Optronics Corp. (“AUO“ or the “Company“) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements“ within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management‘s expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled “Risk Factors“ in our Form 20-F filed with the United States Securities and Exchange Commission on May 11th, 2010.
SOURCE AU Optronics Corporation