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AU Optronics Corp. Reports 3Q2011 Financial Results (2011.10.25)

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the third quarter of 2011(1)

AUO posted consolidated revenue of NT$98,927 million (US$ 3,249 million) (2), up 0.9% from the previous quarter. Gross profit was at -NT$9,142 million (-US$ 300 million), with the gross margin of -9.2%. Operating loss was at NT$16,818 million (US$ 552 million), with the operating margin of -17%. AUO's net loss for the third quarter was at NT$15,796 million (US$ 519 million). Net loss attributable to equity holders of the parent company was NT$15,810 million (US$ 519 million), with basic EPS of -NT$1.79 per common share (-US$0.59 per ADR).

3Q2011 Result Highlights
AUO's unaudited consolidated results for the third quarter of 2011 were highlighted as below: 

  • Revenue of NT$98,927 million, up 0.9% quarter-over-quarter
  • Net loss of NT$15,796 million
  • Basic EPS of -NT$1.79 per common share
  • Gross margin of -9.2%
  • Operating margin of -17%
  • EBITDA (3) margin of 5.6%

In the third quarter of 2011, shipments for AUO's large-sized panels reached around 29.7 million units, up slightly by 0.2% quarter-over-quarter.  Shipments for small and medium-sized panels were around 52 million units, up 14.4% quarter-over-quarter.

“In the third quarter of 2011, overall panel prices were on the decline. Therefore, although our panel shipments increased slightly quarter over quarter, the revenues were comparable to those of the previous quarter,” said Mr. Andy Yang, Chief Financial Officer of AUO. “However, with proper inventory management, our inventory turnover days improved from 46 days in the second quarter to 44 days this quarter. In addition, our EBITDA margin remains positive at around 5.6%”.

Facing the uncertain factor of the global macro-economy, AUO's management team plans to enhance the Company's cash flow management, proactively control the capital expenditures, and timely adjust the capacity utilization rates through prioritizing orders with better profitability. Meanwhile, AUO will endeavor to develop new clientele and offer tailored products for different market segments. To prepare for the next-generation mainstream products and services, the Company will persistently invest in value-added technologies, such as AHVA (Advanced Hyper-Viewing Angle) panels, high-end AMOLED displays and integrated touch solutions, which enable the company to provide a full series of products with a wide range of sizes to fulfill customer requirements in various fields and aspects.

(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 NTD30.45:USD1 based on Federal Reserve Bank of New York, USA as of September 30, 2011. 
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.