Press release from PR Newswire
AU Optronics Corp. Reports Third Quarter 2013 Financial Results
Wednesday, October 30, 2013
AU Optronics Corp. Reports Third Quarter 2013 Financial Results03:02 EDT Wednesday, October 30, 2013
HSINCHU, Oct. 30, 2013 /PRNewswire-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its unaudited consolidated financial results for the third quarter of 2013(1).
Consolidated revenues in the third quarter of 2013 were NT$107,081 million (US$3,622 million)(2), down 4.7% from the previous quarter. Gross profit was NT$10,266 million (US$347 million), with the gross margin of 9.6%. Operating profit was NT$3,374 million (US$114 million), with the operating margin of 3.2%. AUO's net income for the third quarter of 2013 was NT$2,510 million (US$85 million).Net income attributable to owners of Company was NT$2,490 million (US$84 million), with a basic EPS of NT$0.27(3) (US$0.09 per ADR).
For the first nine months of 2013, AUO reported consolidated revenues of NT$313,660 million (US$10,611 million), with net income of NT$3,172 million (US$107 million) or a basic EPS of NT$0.35(3) (US$0.12 per ADR).
3Q 2013 Result Highlights
AUO's unaudited consolidated results for the third quarter of 2013 were highlighted as below:
- Revenue was NT$107,081 million, down 4.7% quarter-over-quarter
- Net income was NT$2,510 million
- Basic EPS was NT$0.27(3)
- Gross margin was 9.6%
- Operating margin was 3.2%
- EBITDA(4) margin was 17.6%
In the third quarter of 2013, large-sized panel(5) shipments totaled around 29.3 million units,down 3.9% quarter-over-quarter. Shipments of small-and-medium-sized panels reached around 44.1 million units, up by 20.5% quarter-over-quarter.
Looking back to the third quarter, panel price declines were deeper than expected due to the inventory adjustment of TV brands. Through the effective cost control and product mix optimization, AUO's operating margin and EBITDA margin for the third quarter still achieved 3.2% and 17.6%, respectively. Meanwhile, thanks to the prudent inventory management policy, the Company's days of inventory further improved to 39 days.
Looking into the fourth quarter, facing the weak seasonality and uncertainty of the industry, the Company will continue to enforce inventory management and dynamically adjust its utilization rates based on market conditions. At the same time, AUO will proactively develop new products with growth potentials, such as a full series of UHD 4K TV panels or large-screen smartphone panels, hoping to strengthen its customer portfolio and competitiveness in order to build momentum for the business growth next year.
(1) All financial information was unaudited and was prepared by the Company in accordance with Taiwan IFRS.
(2) Amounts converted by an exchange rate of NTD29.56:USD1 based on Federal Reserve Bank of New York, USA as of September 30, 2013.
(3) AUO issued new ADSs in May 2013. Basic EPS in both the third quarter and the first nine months of 2013 were calculated based on the weighted average outstanding shares of the first nine months of 2013 (9,256 million shares).
(4) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
(5) Large size refers to panels that are 10 inches and above in diagonal measurement while small and medium size refers to those below 10 inches.
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is one of the world's leading providers of optoelectronic solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.5 inches to 65 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 four consecutive years from 2010 to 2013. AUO generated NT$378.5 billion (US$ 13.03 billion) in consolidated revenue in 2012. For more information, please visit AUO.com.
* 2012 year end revenue converted at an exchange rate of NTD29.05: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 March 15th, 2013.
SOURCE AU Optronics Corp.
For further information: Gwen Ting, Corporate Communications Division, AU Optronics Corp., +886-3-5008800 ext 7259, +886-3-5772730, firstname.lastname@example.org or Jessie Lee, Corporate Communications Division, AU Optronics Corp., +886-3-5008800 ext 3206, +886-3-5772730, email@example.com