Hsinchu, Taiwan,
AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 2Q2009. AUO posted second-quarter consolidated revenue of NT$82.5 billion (US$2.5 billion), net loss of NT$6.6 billion (US$ 201 million), and net loss attributable to equity holders of the parent company NT$6.8 billion (US$208 million). This represented an EPS of NT$ -0.80 per common share (US$ -0.24 per ADR unit), substantially improved from an EPS of NT$ -2.39 a quarter ago.
As for the first half of 2009, AUO reported consolidated revenues of NT$133.2 billion (US$4.1 billion), net loss of NT$26.8 billion (US$818 million), and basic EPS of NT$ -3.19 per common share (US$ -0.97 per ADR.)
Second Quarter Result Highlights
In the second quarter of 2009, AUO beat Q2 guidance and shipped 22.4 million of large-sized panels and 60.8 million units of small- and medium-sized panels, up 70.4% and 41.7% QoQ, respectively. For the first half of 2009, AUO large-sized panels totaled 35.6 million units and small- and medium-sized panels grew considerably to 103.8 million units.
"Driven by much better end demand, our operating results improved significantly from previous quarter. Supported by better average selling price, higher utilization rates, and continuous efforts on cost reduction, the Company was able to turn profitable on gross margins," said Mr. Andy Yang, Chief Financial Officer of AUO. "As a result, the EBITDA (*) margin rose sharply to 21.5%, compared to 1.7% a quarter ago. Our Inventory Turnover Days was also maintained at historical low level of 32 days."
"Thanks to the strong supports from our customers, vendors and AUO employees, the Company was able to timely sharpen itself in the downturn and further strengthen its competitiveness amid the macroeconomic challenges," highlighted Dr. L.J. Chen, President and CEO of AUO.
"On top of the ongoing efforts on the environmental-friendly products, AUO will continue to develop in new technology and high-value products, such as E-paper or E-labels," added Dr. Chen. “In addition, we have started investing in solar PV and expect energy business to serve as an additional growth driver in the future, truly making the Company as a global leader in green solutions."
(*) EBITDA=Operating Income +D&A
* Amounts converted by an exchange rate of NTD32.77:USD1 as of June 30, 2009.
* All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan("ROC GAAP")