AUO Reports 4Q2009 and Fiscal 2009 Financial Results

Jan 28, 2010, 02:54 ET from AU Optronics Corp.

HSINCHU, Taiwan, Jan. 28 /PRNewswire-Asia-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 4Q2009 and Fiscal 2009. For the fourth quarter ended December 31, 2009, AUO posted consolidated revenue of NT$114.9 billion (US$3.6 billion, up 3.3% from the previous quarter), operating income of NT$1.9 billion (US$59 million), net loss of NT$7.9 billion (US$246 million), attributable to equity holders of the parent company NT$6.9 billion (US$217 million), and basic EPS of -NT$0.78 per common share (-US$0.25 per ADR) in the fourth quarter.

4Q2009 Result Highlights

AUO reported the following unaudited consolidated results for the fourth quarter of Fiscal 2009:

    -- Revenue of NT$114.9 billion, up 3.3% quarter-over-quarter
    -- Net loss of NT$7.9 billion
    -- Basic EPS of -NT$0.78 per common share
    -- Gross margin of 7.6%
    -- Operating margin of 1.7%
    -- EBITDA (*) margin of 22.0%

Fiscal 2009 Result Highlights

AUO reported the following unaudited consolidated results for the full year 2009:

    -- Revenue of NT$359.3 billion, down 15.2% year-over-year
    -- Net loss of NT$27.2 billion
    -- Basic EPS of -NT$3.04 per common share

For the year of 2009, AUO's large-sized panels totaled to 89.6 million units, up 12.5% year-over-year. In terms of small- and medium-sized panels, the shipment was over 228.6 million units, an increase of 21.6% from the previous year.

"We are pleased that AUO's 4Q2009 shipments of large-sized panels achieved a historical high and beat our previous guidance from the 3Q2009 investor conference," said Mr. Andy Yang, Chief Financial Officer of AUO. "Despite the unfavorable panel pricing trends, AUO still delivered positive operating margins, thanks to the management team's swift response to customers' needs and timely adjustment of the product mix. With continuing product innovation and strong R&D capability, our company was able to report the EBITDA margin of 22%, leading our industry peers. To further strengthen our balance sheet, the company continues to spend great efforts in managing free cash flows, which successfully reduced our gearing rates and maintained a healthy inventory level."

Looking into 2010, AUO believes the year will be full of prosperity and business opportunities. In order to fulfill customers' demands and to capture the robust growths in the mainland China market, the Company aims to do a "smart expansion" and properly add its capacity investment at the right moment. In addition to its core TFT business, AUO plans to accelerate its developments in cutting-edge technologies and new businesses, to further seize the growing opportunities in innovative applications in the coming decade.

    * EBITDA=Operating Income + D&A
    * Amounts converted by an exchange rate of NTD31.95:USD1 as of December 31,
      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 with 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 consolidated sales revenue NT$359.3 billion (US$11.2 billion) in 2009 with global operations located in 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). AUO extended its market to green energy industry in the end of 2008, and formally founded The Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.

* DisplaySearch 3Q2009 WW Large-Area TFT-LCD Shipment Report. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2009 year end revenue converted by an exchange rate of NTD31.95:USD1.

Safe Harbour Notice

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a 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 June 4th, 2008.

SOURCE AU Optronics Corp.



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