Press release from PR Newswire
AU Optronics Corp. Reports 2Q2012 Financial Results
Wednesday, July 25, 2012
AU Optronics Corp. Reports 2Q2012 Financial Results03:25 EDT Wednesday, July 25, 2012HSINCHU, Taiwan, July 25, 2012 /PRNewswire-Asia-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited earnings results for the second quarter of 2012(1). Consolidated revenue in the second quarter of 2012 was NT$95,189 million (US$3,194 million) (2), up 17.4% from the previous quarter. Gross profit was -NT$3,186 million (-US$107 million), with the gross margin of -3.3%. Operating loss was NT$10,470 million (US$351 million), with the operating margin of -11%. AUO's net loss for the second quarter of 2012 was NT$12,461 million (US$418 million). Net loss attributable to equity holders of the parent company was NT$12,274 million (US$412 million), or a basic EPS of -NT$1.39 (-US$0.47 per ADR). 2Q2012 Result HighlightsAUO's unaudited consolidated results for the second quarter of 2012 were highlighted as below: Revenue was NT$95,189 million, up 17.4% quarter-over-quarter Net loss was NT$12,461 million Basic EPS was -NT$1.39 Gross margin was -3.3%, improved by 4.7% from the previous quarter Operating margin was -11%, improved by 5.6% from the previous quarter EBITDA(3) margin was 9.4%In the second quarter of 2012, shipments for AUO's large-sized panel shipments reached around 31.7 million units, up by 16.5% quarter-over-quarter. Shipments for small and medium-sized panels were around 38.0 million units, up 3.6% quarter-over-quarter."Through proper inventory control in the second quarter, our days of inventory decreased to 49 days, compared with 53 days in the previous quarter. Both of our gross margin and operating margin have improved during the quarter. Meanwhile, our EBITDA margin also improved sequentially to 9.4%." said Mr. Andy Yang, Chief Financial Officer of AUO. Over the past few quarters, AUO has worked proactively in the development of new technologies and invested in the high-end displays, in an effort to attempt to overcome the adverse effects of the weak macroeconomics. Although the introduction of the new technologies and new products may affect the company's operating results in the short-term, the AUO management team believes this is the best way to enhance the Company's long-term competitiveness, which could also help the Company to capture the business opportunities from key customers in the high end product segment. In the future, AUO will continuously focus on the innovation of technologies and improve the efficiency of mass production, aiming to effectively transform value added products into 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 NTD29.80:USD1 based on Federal Reserve Bank of New York, USA as of June 30, 2012. (3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.ABOUT AU OPTRONICSAU Optronics Corp. (AUO) is one of the world's leading providers of display and solar total solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.2 inches to 71 inches. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008. By building a vertically integrated high-efficiency solar value chain, AUO provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index for two consecutive years from 2010 to 2011. AUO generated NT$379.7 billion (US$ 12.54 billion) in sales revenue in 2011. For more information, please visit AUO.com.* 2011 year end revenue converted at an exchange rate of NTD30.27: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 April 27th, 2012.SOURCE AU Optronics CorporationFor further information: Freda Lee, +886-3-5008800 x3206, or fax, +886-3-5772730, or firstname.lastname@example.org, or Yawen Hsiao, +886-3-5008800 x3211, or fax, +886-3-5772730, or email@example.com, both of Corporate Communications Division of AU Optronics Corp.