AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the second quarter of 2017(1).
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AUO’s consolidated revenues for the second quarter of 2017 were NT$84.41 billion, down by 4.7% from the previous quarter. Net profit attributable to owners of the Company for the second quarter of 2017 was NT$9.83 billion, with a basic EPS(2) of NT$1.02.
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For the first half of 2017, AUO reported consolidated revenues of NT$172.97 billion. Net profit attributable to owners of the Company was NT$19.31 billion, with a basic EPS(2) of NT$2.01.
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In the second quarter of 2017, large-sized panel(3) shipments totaled 26.84 million units, down by 1.4% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 38.65 million units, up by 6.1% quarter-over-quarter.
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Highlights of consolidated results for the second quarter of 2017：
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Although the second quarter is not traditionally a high season, the Company has maintained its operational results at high levels. The quarterly revenues decreased 4.7% to NT$84.41 billion from the previous quarter under the influence of New Taiwan Dollars appreciating against US dollars. Despite such influence, the Company was still able to achieve good results, where the operating profit reached NT$11.68 billion and net profit attributable to owners of the Company reached NT$9.83 billion. As for the Display Segment, the Company has achieved operating profit margin of 14.8% and EBITDA margin of 25.5%, which were maintained at high levels. Regarding the financial structure of the Company, inventory turnover days were 35 days, a healthy low level. Net debt to equity ratio decreased to 10.4%, which was the lowest level since the second quarter of 2004.
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As we enter into the higher season in the second half, brand customers are having more promotional events. The Company will work with its customers to prepare for the higher season demand, with a hope that the TV end market will regain its growth momentum under the collaboration between the Company and its customers. On the other hand, the Company will focus on advanced technologies and persist with value-up and differentiation strategy, in order to create higher value for the Company and its customers.
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(1)：All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2)：Basic EPS in the second quarter of 2017 and the first half of 2017 were calculated based on the weighted average outstanding shares of the first half of 2017 (9,624 million shares).
(3)：Large size refers to panels that are 10 inches and above.
(4)：EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.