AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the fourth quarter of 2011(1).
AUO posted consolidated revenue of NT$89,505 million (US$2,957 million) (2), down 9.5% from the previous quarter. Gross profit was -NT$10,293 million (-US$340 million), with the gross margin of -11.5%. Operating loss was NT$17,494 million (US$578 million), with the operating margin of -19.5%. AUO’s net loss for the fourth quarter was NT$20,986 million (US$693 million). Net loss attributable to equity holders of the parent company was NT$20,675 million (US$683 million), with basic EPS of -NT$2.34 per common share (-US$0.77 per ADR).
4Q2011 Result Highlights
AUO’s unaudited consolidated results for the fourth quarter of 2011 were highlighted as below:
- Revenue was NT$89,505 million, down 9.5% quarter-over-quarter
- Net loss was NT$20,986 million
- Basic EPS was -NT$2.34 per common share
- Gross margin was -11.5%
- Operating margin was -19.5%
- EBITDA (3) margin was 4.6%
“Facing macro-economical uncertainties and experiencing a transitional period of product and technological adjustments, our operating performance in the fourth quarter fell short of expectations. Nonetheless, with a solid financial structure, the Company still continued to generate positive cash flows from our core business,” said Mr. Andy Yang, Chief Financial Officer of AUO. “AUO’s management team will more proactively control our cash flows as well as capital expenditures, and meanwhile continue investing for technological upgrade and cost improvement.”
Looking into 2012, panel demands are expected to gradually recover, and our capacity utilization rates are also expected to improve quarter over quarter. Over the past year, AUO has dedicated itself to the technological developments, and went through learning curves and yield challenges. By means of product and technological upgrades, the management team will continue to optimize product portfolio, seeking to enhance the Company’s value of capacity and earnings performance.
(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 NTD30.27:USD1 based on Federal Reserve Bank of New York, USA as of Dec. 31, 2011.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.