HSINCHU, Taiwan — 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 2012(1). AUO posted consolidated revenue of NT$81,102 million (US$2,749 million)(2), down 9.4% from the previous quarter. Gross profit was -NT$6,449 million (-US$219 million), with the gross margin of -8%. Operating loss was NT$13,485 million (US$457 million), with the operating margin of -16.6%. AUO's net loss for the first quarter was NT$13,796 million (US$468 million). Net loss attributable to equity holders of the parent company was NT$13,604 million (US$461 million), with basic EPS of -NT$1.54 per common share (-US$0.52 per ADR).
1Q2012 Result Highlights
AUO's unaudited consolidated results for the first quarter of 2012 were highlighted as below:
In the first quarter of 2012, shipments for AUO's large-sized panels reached around 27.3 million units, up by 1.8% quarter-over-quarter. Shipments for small and medium-sized panels were around 36.7 million units, down 21.1% quarter-over-quarter.
Due to the seasonal weakness in panel demand, the Company's revenue in the first quarter declined compared to the fourth quarter of last year. Nonetheless, because of effective cost control by AUO's management team, the operating margin and EBITDA margin improved sequentially over the previous quarter.
Looking forward to the second quarter, some of AUO's products that have been in development for a long time, such as the panels with new sizes or the products applying new display technologies, are expected to kick off mass production consecutively. The Company hopes the introduction of these new products could help it establish a base to capture the peak-season demand in the second half of this year, and meanwhile help improve revenues and shipments quarter over quarter.
(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 NTD29.50:USD1 based on Federal Reserve Bank of New York, USA as of Mar. 31, 2012. (3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
About AU Optronics
AU 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.