AU Optronics Reports 4Q2005 Results
Wednesday February 8, 2:08 am ET
Fourth Quarter 2005 Unaudited Consolidated Financial Highlights
* Revenues up 22.3% QoQ to NT$72.8 billion
* Net income up 96.9% QoQ to NT$11.5 billion
* Earnings per share (basic EPS) of $2.02 per common share (US$0.62 per
ADS)
* Gross margin improved from 15.6% to 22.2%
* Operating margin reached 17.2%
* EDBITA margin reached 31.3%
HSINCHU, Taiwan, Feb. 8 /Xinhua-PRNewswire-FirstCall/ -- AU Optronics Corp. (''AUO'' or the ''Company'') (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 4Q 2005 and FY 2005. For the fourth quarter ended December 31, 2005, AUO's consolidated revenue reached NT$72.8 billion (*US$2.2 billion), net income NT$11.5 billion, and basic EPS NT$2.02 per common share (US$0.62 per ADS unit).
Gross margin for the fourth quarter improved by 6.6 percentage points to reach 22.2%. This brought operating margin to 17.2% and EDBITA margin reached 31.3%. Mr. Max Cheng, Vice President and Chief Financial Officer of AU Optronics noted that AUO's delivery of a better than guided 4Q 2005 performance is attributed to the Company's remarkable market gain on the LCD TV business, strategic product mix, customer portfolio, cost competitiveness, manufacturing capability, advanced technology and innovative designs. TV segment has substantially grown from 22% of revenue in 3Q to 27% in 4Q, attributed to G6's smooth mass production of 32'' and 37'' LCD TV's.
On a sequential comparison, fourth quarter revenue increased 22.3% and net income increased 96.9%. One the year-over-year comparison, fourth quarter results represents a 84.3% increase in revenue, while net income turned from loss of NT$2.2 billion to profit of NT$11.5 billion.
For the year ended 2005, consolidated revenue reached NT$217.4 billion (US$6.6 billion), net income NT$15.6 billion, and basic EPS NT$2.77 per common share (US$0.84 per ADS).
LCD TV market will continue to be the major market driver. Edging forward, the Company's complete generation fabrication facilities, complete product mix, and its underlying cost-saving structure reflects AUO's adaptability in this demanding market environment. These unique characteristics will jump-start AUO's competitive strength over its peers. Especially new generation wide- viewing angle AMVA technology, already under production, serves as an ideal solution for HDTV high picture quality needs - an upcoming trend not to be ignored. AU Optronics Taichung site new production lines are market driven specified. G6 fabrication facility (1500x1850mm glass substrate) is expected to deliver 75,000 substrates by 1Q and reach 120,000 by year-end 2006. G7.5 fabrication facility (1950x2250mm glass substrate) expected to commence machine move-in by 2Q 2006 and begin production by year-end with 10,000 substrates capacity.
* Note: US$:NT$ 32.8
Conference Call & Webcast Notice:
AUO's quarterly review conference call will be held at 8:00 pm Taiwan Time (GMT +08:00) on Wednesday, February 8, 2006. The conference call will be available via webcast auo.com .
About AUO
AU Optronics Corp. (''AUO'') is the world's third largest manufacturer** of large-size thin film transistor liquid crystal display panels (''TFT-LCD''), with approximately 13.6%** of global market share and generated revenue of NT$217.4billion (US$6.75 bn)** in 2005. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40''+ sized LCD TV panels, AUO's next generation (7.5-Generation) fabrication facility production is scheduled for mass production in 4Q 2006. The Company currently operates one 6th-generation, three 5th-generation, one 4th-generation, and three 3.5-generation TFT- LCD fabs, in addition to four module assembly facilities and a R&D fab specializing in low temperature poly silicon TFT and organic LED. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large- size (1.5''-46'') TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
** As shown on DisplaySearch Quarterly Large-Area TFT-LCD Shipment Report
dated Dec 2, 2005. This data is used as reference only and AUO does
not make any endorsement or representation in connection therewith.
2005 year end revenue converted by an exchange rate of NTD32.2039: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 its unaudited consolidated results of operations for FY2005. 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 F-3 filed with the United States Securities and Exchange Commission on July 8th, 2005.
For more information, please contact:
Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.
Tel: +886-3-500-8899 x3211
Fax: +886-3-577-2730
Email: yawenhsiao@auo.com |
