Published date:2023-04-27
AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the first quarter of 2023(1).
Consolidated revenues in the first quarter of 2023 were NT$51.19 billion, down by 2.8% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the first quarter of 2023 was NT$10.91 billion, with a basic EPS(2) of -NT$1.42.
In the first quarter of 2023, the total panel area shipment reached around 4.30 million square meters, down by 0.5% quarter-over-quarter and decreased by 29.0% year-over-year.
Highlights of consolidated results for the first quarter of 2023
Looking back to the first quarter, which is traditionally the slower season, AUO’s revenues for the first quarter declined marginally by 2.8% quarter-over-quarter. The profitability was also impacted by the relatively low level of operations and unfavorable effects from the New Taiwan Dollar appreciation, resulting in slightly higher losses compared to the previous quarter. In terms of the financial structure of the Company, inventory turnover days were 48 days and net debt to equity ratio was 14.9%. Both metrics are at healthy levels.
Looking forward to the second quarter, following a period of expected inventory consumption, channel inventory levels should return to a healthy level. The industry has seen improvements in supply and demand, and panel prices have stabilized or rebounded. As a result, the Company’s operations are expected to improve quarter by quarter. Despite the uncertainties from global inflation and economic recession, the Company will continue to leverage its healthy financial status to accelerate its deployment of the “Biaxial Transformation” strategy, in order to reduce the impact from panel industry cyclicality on its business operations in the long term.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the fourth quarter of 2022 was calculated based on the weighted average outstanding shares of the reporting quarter (7,661 million shares).
(3) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.