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AU Optronics Corp. Reports 2Q2013 Financial Results
Jul 30, 2013 (11:07 PM EDT)
HSINCHU, Taiwan, July 31, 2013 /PRNewswire-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited earnings results for the second quarter of 2013(1).
Consolidated revenues in the second quarter of 2013 were NT$112,335 million (US$3,749 million) (2), up 19.2% from the previous quarter. Gross profit was NT$11,515 million (US$384 million), with the gross margin of 10.3%. Operating profit arrived at NT$5,205 million (US$174 million), with the operating margin of 4.6%. AUO's net income for the second quarter of 2013 was NT$3,982 million (US$133 million). Net income attributable to owners of Company was NT$3,924 million (US$131 million), or a basic EPS of NT$0.43 (3) (US$0.14 per ADR).
For the first half of 2013, AUO reported consolidated revenues of NT$206,579 million (US$6,895 million), with net income of NT$662 million (US$22 million) or a basic EPS of NT$0.08(3) per common share (US$0.03 per ADR).
2Q2013 Result Highlights
AUO's unaudited consolidated results for the second quarter of 2013 were highlighted as below:
In the second quarter of 2013, shipments for AUO's large-sized panel shipments reached around 30.5 million units, up by 13.2% quarter-over-quarter. Shipments for small and medium-sized panels were around 36.6 million units, up 19.2% quarter-over-quarter.
Looking back to the second quarter, both of AUO's operating profits and net profits made significant improvements and came back to profitability. Meanwhile, the Company's EBITDA margin further improved to 19.0%, while days of inventory reduced to 40 days. Other than the continuous breakthroughs in its average sizes for TV panels, AUO's UHD 4K TV panel shipments at least doubled from the previous quarter. On top of that, after the Company overcame the learning curves for technological transition, the long-term cultivated small and medium-sized panel business has considerably improved its operational efficiency, which started to make contribution to AUO's growth momentum and earnings performance in the second quarter.
Looking into the third quarter, after the end of the energy subsidies program in China, TV brand customers have entered into a period for inventory adjustments. Nevertheless, AUO will focus on product differentiation, increase its average panel sizes and advance product specification, hoping to maintain the Company's competitiveness and operational performance during market fluctuations. In addition, facing the swift evolutions in PC as well as small and medium-sized panel industries and products, the Company will continuously innovate on product design and help its customers to create product values by offering integrated products and total solutions. For example, the innovative Embedded Touch Panel (eTP) developed by AUO has been adopted by several international brands, and shipments of eTP are expected to take off starting from the third quarter. Going forward, AUO will continue to accumulate its technology capability and provide diversified product offerings, aiming to build up a more balanced customer portfolio.
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 three consecutive years from 2010 to 2012. AUO generated NT$378.5 billion (US$ 13.03 billion) in sales revenue in 2012. For more information, please visit AUO.com.
* 2012 year end revenue converted at an exchange rate of NTD29.05 : USD 1.
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.