AU Optronics Corp. Reports 3Q2009 Results

October 22, 2009 2:57 AM EDT

HSINCHU, Taiwan, Oct. 22 /PRNewswire-Asia-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for the third quarter ended September 30, 2009. The Company posted the third-quarter consolidated revenue of NT$111.2 billion (US$3.5 billion), net profit of NT$7.4 billion (US$ 232 million), and net profit attributable to equity holders of the parent company NT$7.3 billion (US$228 million). This represents an EPS of NT$ 0.84 per common share (US$ 0.26 per ADR unit).

For the first nine months of 2009, AUO reported consolidated revenues of NT$244.5 billion (US$7.6 billion), net loss of NT$19.4 billion (US$606 million), and EPS of -NT$2.26 per common share (-US$0.71 per ADR)

    Third Quarter Result Highlights
    -- Revenue of NT$111.2 billion, up 35% quarter-over-quarter
    -- Net profit of NT$7.4 billion (EPS of NT$ 0.84 per common share)
    -- Gross margin of 11.7%
    -- Operating margin of 6.8%
    -- EBITDA (*) margin of 27.9%

In the third quarter of 2009, AUO's shipment of large-sized panels hit a record high of 26.7 million units, up 19.2% quarter-over-quarter. In terms of small- and medium-sized panels, AUO's shipments reached 64.8 million units, up 6.5% quarter-over-quarter. For the first nine months of 2009, AUO large-sized panels totaled 62.3 million units and small- and medium-sized panels grew substantially to 168.6 million units.

"Benefiting from better market demand and higher panel prices, our operating results improved significantly from the previous quarter. Our gross margin and operating margins for the quarter improved substantially to 11.7% and 6.8%, respectively. EBITDA (*) margin for the quarter also rose to 27.9%, while the Inventory Turnover Days stay healthy at 35 days," said Mr. Andy Yang, Chief Financial Officer of AUO.

"We are glad that AUO has added its G8.5 capacity on time, and as a result we could increase our shipment of the large-sized TV panels remarkably. It proves that AUO has made the right investments in the right timing, enabling us to seize the growing market opportunities. This helped us to grow our market shares in China and emerging markets," Andy added.

In terms of the fourth quarter outlook, although the IT panels are likely to see the seasonal slowdown, the demand for TV panels remains quite robust. Therefore, we expect our utilization rate could sustain in the fourth quarter. By September 2009, AUO's 8.5G production has ramped up to 30,000 substrates per month, and is expected to expand to 40,000 substrates per month by end of this year.

    (*) EBITDA=Operating Income +D&A

     *  Amounts converted by an exchange rate of NTD32.03:USD1 as of
        September 30, 2009.

     *  All financial information was unaudited and was prepared by the
        Company in accordance with generally accepted accounting principles in
        Taiwan ("ROC GAAP")

ABOUT AU OPTRONICS

AU Optronics Corp. (AUO) is a worldwide top three manufacturer* of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$423.9 billion (US$12.9 billion) in sales revenue in 2008 and now houses a staff of more than 42,000 employees throughout its global operations spreading across Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to successfully list at the New York Stock Exchange (NYSE). For more information, please visit AUO.com.

* DisplaySearch 2Q2009 WW Large-Area TFT-LCD Shipment Report dated August 5, 2009. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2008 year end revenue converted by an exchange rate of NTD32.76:USD1.

Safe Harbour Notice

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), the worldwide top three manufacturer of large-size 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 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 May 27th, 2009.

SOURCE AU Optronics Corp.

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