AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the fourth quarter of 2023(1).
Consolidated revenues in the fourth quarter of 2023 were NT$63.35 billion, down by 9.6% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the fourth quarter of 2023 was NT$1.51 billion, with a basic EPS(2) of -NT$0.2.
For the fiscal year of 2023, consolidated revenues totaled NT$247.96 billion, up by 0.5% year-over-year. Net loss attributable to owners of the Company was NT$18.20 billion, with a basic EPS(2) of -NT$2.37.
The total panel area shipment reached around 5.09 million square meters in the fourth quarter of 2023, down by 13.7% quarter-over-quarter and up by 17.7% year-over-year. For the full year of 2023, the total panel area shipment reached around 20.98 million square meters, up by 9.5% year-over-year.
Highlights of consolidated results for the fourth quarter of 2023
- Revenues of NT$63.35 billion
- Operating loss of NT$5.07 billion
- Net loss attributable to owners of the Company at NT$1.51 billion
- Basic EPS(2) was -NT$0.2
- Gross margin was 3.4%
- Operating margin was -8.0%
- EBITDA(3) margin was 5.4%
Highlights of consolidated results for the fiscal year of 2023
- Revenues of NT$247.96 billion
- Operating loss of NT$21.96 billion
- Net loss attributable to owners of the Company at NT$18.20 billion
- Basic EPS(2) of -NT$2.37
- Gross margin was 1.9%
- Operating margin was -8.9%
- EBITDA(3) margin was 4.3%
Looking back at 2023, channel inventory gradually returned to healthy levels after destocking. Brand customers started to restock, which led to more stable panel prices. However, due to macro environment, the end demand had not fully recovered. As a result, the Company’s revenues increased marginally by 0.5% to NT$247.96 billion in 2023, while net loss attributable to owners of the Company narrowed to NT$18.2 billion. The Company’s financial structure was maintained at a stable and healthy status. Inventory turnover days were 44 days for the fourth quarter, while net debt to equity ratio was 16.9%, which was at a healthy level.
Looking forward to 2024, the global macro environment remains uncertain. Amid severe challenges, the Company will remain cautiously optimistic and continue to monitor the market, while accelerating its deployment of “Biaxial Transformation” strategy. Particularly, the Company will make increased efforts into developing new growth engines, such as mobility service, retail, health care, enterprise and education, intelligent service and green energy. The goal is for AUO to become more than just a panel maker by the year of 2025.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the fourth quarter of 2023 was calculated based on the weighted average outstanding shares of the reporting quarter (7,668 million shares). Basic EPS in the fiscal year of 2023 was calculated based on the weighted average outstanding shares of the reporting year (7,666 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.