AUO Corporation ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated financial results for the first quarter of 2020(1).
Consolidated revenues for the first quarter of 2020 were NT$53.69 billion, down by 13.4% quarter-over-quarter. AUO’s net loss attributable to owners of the Company for the first quarter of 2020 was NT$4.99 billion, with a basic EPS(2) of -NT$0.53.
In the first quarter of 2020, large-sized panel(3) shipments totaled around 22.42 million units, down by 15.5% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 29.52 million units, down by 21.2% quarter-over-quarter.
Highlights of consolidated results for the first quarter of 2020
Looking back to the first quarter, which is traditionally the slower season, and combined with the impact from COVID-19, the Company’s area shipment decreased from the previous quarter. As a result, the Company’s revenues for the first quarter were down by 13.4% quarter-over-quarter. Nevertheless, the Company’s dedication to optimizing product mix and cost control has narrowed the losses compared to the previous quarter. With regard to financial structure, the net debt to equity ratio was 24.9%, which remains at a healthy level.
Looking forward to the second quarter, the impact from COVID-19 on the economic outlook and end demand remains unclear. Facing these considerable uncertainties, the Company will continue to retrench expenses and preserve cash and rapidly adjust product mix and production portfolio, so as to capture the ever-changing business opportunities. Meanwhile, AUO will speed up its value transformation, and maintain its R&D momentum, in order to open up new prospects with enhanced values.
(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2) Basic EPS in the first quarter of 2020 was calculated based on the weighted average outstanding shares of the reporting quarter (9,499 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.