AUO reaches 65% yields for Ultra HD TV panels

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AUO reaches 65% yields for Ultra HD TV panels

Julian Ho, Taipei; Alex Wolfgram, DIGITIMES

Thursday 7 February 2013

AU Optronics
AU Optronics Corp. designs, develops, manufactures, assembles and markets flat panel displays. The Company's principal products are thin-film transistor-liquid crystal display (TFT-LCD) panels. AUO is able to offer TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches.

The company was established in September 2001 by the merger of Acer Display Technology, Inc. and Unipac Optoelectronics Corporation.

In October 2006, AUO further merged with Quanta Display Inc. to create a larger TFT-LCD manufacturer with 20% of the world's large-sized TFT-LCD market, forming the company as of today.

Its panels are used in computer products, such as notebook computers and desktop monitors; consumer electronics products, such as mobile phones, digital photo frames, digital still cameras, portable navigation display, portable digital video disc players, LCD televisions, and industrial displays.

The Company sells its panels primarily to original equipment manufacturing service providers or brand customers. The Company groups its business into three marketing channels: Information Technology Displays, Consumer Products Displays and Television Displays. AUO is the first TFT-LCD manufacturer in Taiwan to mass produce TFT-LCD panels by means of G3.5, G4, G5, G6,G7.5 and G8.5 fabrications, and the constructing G8.5 fab was enter mass production in the second half of 2009. In March 2008 and June 2008, the Company acquired 45% and 26% of equity interests in Verticil Electronic Corp. and Dazzo Technology Corporation, respectively.
Performance

The company's stock price closed at NT$13.5 on the TSE on Wednesday, June 20, 2018.

The company has reported consolidated revenues of NT$25,744 million for May 2018, representing a 5.2% increase on month and 8.3% drop on year.

For the first quarter of 2018, the company totaled NT$74,445 million in consolidated revenues, down 7.7% sequentially and down 15.9% on year.

Brief

Full name: AU Optronics
Chinese name: 友達光電股份有限公司
Short name: AUO
Arconym: AUO
Stock code: 2409
Country: Taiwan
Tax ID: 84149738
Market: TSE
Established: 12 Aug 1996
Paid in capital: NT$96.24 billion
Listed on TSE: 8 Sep 2000
Website: www.auo.com
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Latest stock

AUO [2409] historical stock price (NT$)
Date	Volume (k)	Transactions	Value	Open	High	Low	Close	Change		Ask	Bid
21-Jun	49,585	6,407	661,269,421	13.40	13.45	13.20	13.25	-0.25	-1.85%	13.20	13.25
20-Jun	90,720	17,977	1,207,322,684	13.05	13.55	13.05	13.50	+0.35	+2.66%	13.45	13.50
19-Jun	88,744	15,674	1,171,224,735	13.20	13.30	13.15	13.15	-0.35	-2.59%	13.15	13.20
15-Jun	106,372	9,542	1,436,167,350	13.40	13.60	13.40	13.50	+0.20	+1.50%	13.45	13.50
14-Jun	27,628	4,011	368,307,800	13.30	13.40	13.30	13.30	+0.00	+0.00%	13.30	13.35
13-Jun	35,030	5,629	468,077,050	13.30	13.40	13.30	13.30	-0.05	-0.37%	13.30	13.35

Source: TSE, compiled by Digitimes

Latest sales

AUO: Consolidated revenues, May 2017 - May 2018 (NT$m)
Month	Sales	M/M	Y/Y	YTD	Y/Y
May-18	25,744	5.2%	(8.3%)	124,665	(13.7%)
Apr-18	24,477	(4.2%)	(11.9%)	98,921	(15%)
Mar-18	25,554	12.7%	(17.7%)	74,445	(15.9%)
Feb-18	22,681	(13.5%)	(22.2%)	48,891	(15%)
Jan-18	26,210	1.4%	(7.6%)	26,210	(7.6%)
Dec-17	25,843	(5.7%)	(17.1%)	341,028	3.6%
Nov-17	27,390	(0.2%)	(9.4%)	315,185	5.8%
Oct-17	27,430	(5.6%)	(9.9%)	287,795	7.5%
Sep-17	29,068	(3.6%)	(3.8%)	260,365	9.8%
Aug-17	30,144	7%	4.1%	231,297	11.7%
Jul-17	28,183	(1.4%)	5%	201,153	13%
Jun-17	28,573	1.8%	4%	172,969	14.4%
May-17	28,063	1%	4.7%	144,396	16.7%

*Figures are consolidated
Source: TSE, compiled by Digitimes, June 2018

AUO: Consolidated revenues, 1Q17 - 1Q18 (NT$m)
Quarter	Sales	Q/Q	Y/Y	YTD	Y/Y
1Q-18	74,445	(7.7%)	(15.9%)	74,445	(15.9%)
4Q-17	80,664	(7.7%)	(12.2%)	341,028	3.6%
3Q-17	87,395	3.5%	1.6%	260,365	9.8%
2Q-17	84,412	(4.7%)	5.4%	172,969	14.4%
1Q-17	88,557	(3.6%)	24.5%	88,557	24.5%

*Figures are consolidated
Source: TSE, compiled by Digitimes, June 2018

Latest balance sheet and income statement

AUO: Consolidated balance sheet, 1Q17 - 1Q18 (NT$k)
Item	1Q-2018	4Q-2017	3Q-2017	2Q-2017	1Q-2017
Current assets	171,203,130	180,175,541	188,918,088	181,170,121	165,768,633
Intangible assets	13,782,872	13,170,892	13,313,504	13,451,955	13,464,383
Non-current assets	264,305,319	261,275,743	260,320,978	259,973,019	259,536,437
Assets	435,508,449	441,451,284	449,239,066	441,143,140	425,305,070
Current liabilities	104,802,709	107,236,609	120,647,608	118,251,650	109,185,564
Non-current liabilities	100,434,459	108,969,560	108,274,925	111,746,318	110,469,202
Liabilities	205,237,168	216,206,169	228,922,533	229,997,968	219,654,766
Stockholders' equity	230,271,281	225,245,115	220,316,533	211,145,172	205,650,304

*Figures are consolidated
Source: TSE, compiled by Digitimes, June 2018

AUO: Consolidated income statement, 1Q17 - 1Q18 (NT$k)
Item	1Q-2018		4Q-2017		3Q-2017		2Q-2017		1Q-2017
Item	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales
Gross sales	74,444,548		80,663,616		87,395,435		84,412,400		88,556,816
Operating revenue	74,444,548	100%	80,663,616	100%	87,395,435	100%	84,412,400	100%	88,556,816	100%
Gross profit (loss) from operations	8,141,204	10.9%	11,175,677	13.9%	15,312,500	17.5%	17,120,819	20.3%	17,432,749	19.7%
Operating expenses	5,187,901	7%	5,472,959	6.8%	5,569,530	6.4%	5,444,790	6.5%	5,415,342	6.1%
Operating income (loss)	2,953,303	4%	5,702,718	7.1%	9,742,970	11.1%	11,676,029	13.8%	12,017,407	13.6%
Non-operating expenses and losses	1,190,881	1.6%	-439,566	-0.5%	763,683	0.9%	-31,970	0%	-67,665	-0.1%
Income from continuing operations before income tax	4,144,184	5.6%	5,263,152	6.5%	10,506,653	12%	11,644,059	13.8%	11,949,742	13.5%
Net income (loss)			3,653,559	4.5%	8,223,807	9.4%	8,946,489	10.6%	9,434,633	10.7%
Diluted earnings per share (NT$)	0.4		0.4		0.9		1		1