HSINCHU, Jan. 30 /Xinhua-PRNewswire/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 4Q2007 and the Fiscal 2007. For the fourth quarter ended December 31, 2007, AUO’s consolidated revenue reached NT$155.5 billion (*US$4.8 billion), net income NT$33.1 billion (US$1,020 million), attributable to equity holders of the parent company NT$33 billion (US$1,018 million), and basic EPS NT$4.22 per common share (US$1.30 per ADR unit).
Fourth Quarter Results
AUO reported the following unaudited consolidated results for the fourth quarter:
-- Revenue increased 12.7% QoQ to NT$155.5 billion
-- Net income of NT$33.1 billion up 46.6% QoQ
-- Consolidated net income attributed to stockholders of the Company of
NT$33 billion
-- Basic EPS of NT$4.22 per common share
-- Gross margin of 27%
-- Operating margin of 22.4%
Full Year Results
AUO reported the following consolidated results for the full year:
-- Revenue of NT$480.2 billion, up 63.8% YoY
-- Net income of NT$56.5 billion, up 521% YoY
-- basic EPS of NT$7.22 per common share (US$2.23 per ADR unit), up 413%
from NT$1.41 per share the previous year
-- Consolidated net income attributed to stockholders of the Company of
NT$56.4 billion
Thanks to the merger synergy, AUO’s large-sized panel shipments in 2007 grew 65.9% YoY significantly to 80.9 million units, and the company therefore was ranked No.1 in terms of worldwide large-area TFT-LCD shipment units**. In addition, the shipment of small- to medium- sized panel for consumer product applications posted a remarkable 80.7% YoY increase to 143.1 million units.
"The significant result in fiscal 2007 was our best performance since its establishment, particularly the fourth quarter revenue and profits. The 4Q2007 unaudited consolidated net income amounted to NT$33.1 billion with a 47% sequential increase and broke the previous record," said Mr. Max Cheng, Vice President and Chief Financial Officer of AUO. "Thanks to the strong demand from end-user markets resulting in steady blended panel ASP, and our implement of more competitive product mix, the 4Q2007 gross margin boosted to 27% from 23% sequentially, while the operating margin lifted to 22.4% from the earlier quarter of 18.7%."
"We also made significant progress in our effective operation as well as in our financial goals of largely reducing debt ratio and improving financial structure, "Cheng added. "We experienced the post-QDI merger synergy effect since 3Q2007. In addition, 4Q2007 inventory turnover was reduced to 31 days from 38 days sequentially. The full-year 2007 net income totaled NT$56.5 billion while the basic EPS was NT$7.22 per common share, significantly increased 521% and 413% from the previous year respectively."
* Amounts converted by an exchange rate of NTD32.43:USD1 as of December
31, 2007.
** DisplaySearch 4Q2007 WW Large-Area TFT-LCD Shipment Report dated Jan 23,
2008. This data is used as reference only and AUO does not make any
endorsement or representation in connection therewith.
About AU Optronics
AU Optronics Corp. ("AUO") is the world largest manufacturers* of large-size thin film transistor liquid crystal display panels ("TFT-LCD"), with approximately 20.3%* of global market share with revenues of NT$480.2 billion (US$14.81billion)* in 2007. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40"+ sized LCD TV panels, AUO’s new generation (7.5-generation) fabrication facility production started mass production in the fourth quarter of 2006. The Company currently operates one 7.5-generation, two 6th-generation, four 5th-generation, one 4th-generation, and four 3.5-generation TFT- LCD fabs, in addition to eight module assembly facilities and the AUO Technology Center specializes in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large- size (1.5"-65") TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
* DisplaySearch 4Q2007 WW Large-Area TFT-LCD Shipment Report dated Jan 23,
2008. This data is used as reference only and AUO does not make any
endorsement or representation in connection therewith. 2007 year end
revenue converted by an exchange rate of NTD32.43:USD1.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), the world’s third largest 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 December 31, 2006.
