AU Optronics Corp. Reports 1Q2010 Financial Results

HSINCHU, Taiwan, April 22 /PRNewswire-Asia-FirstCall/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced its unaudited results for the first quarter of 2010(1). For the first quarter ended March 31, 2010, AUO posted consolidated revenue of NT$111,564 million (US$3,516 million)(2), down 2.9% from the previous quarter. Gross profit improved 62.8% quarter-over-quarter to NT$14,270 million (US$450 million), representing a gross margin of 12.8%. Operating income, on the other hand, reached NT$8,129 million (US$256 million), with an impressive quarterly growth rate of 327.9% and an operating margin of 7.3%. Consequently, AUO's net income came in at NT$7,274 million (US$229 million), attributable to equity holders of the parent company at NT$7,103 million (US$224 million), or basic EPS of NT$0.8 per common share (US$0.25 per ADR) for the first quarter of 2010.

1Q2010 Result Highlights

AUO reported the following unaudited consolidated results for the first quarter of 2010:

    -- Revenue of NT$111,564 million, down 2.9% quarter-over-quarter
    -- Net income of NT$7,274 million
    -- Basic EPS of NT$0.8 per common share
    -- Gross margin of 12.8%
    -- Operating margin of 7.3%
    -- EBITDA(3) margin of 27.6%

For the first quarter, AUO's large-sized panels totaled 27.22 million units, down 0.6% quarter-over-quarter but up significantly 107.1% year-over- year. In terms of small- and medium-sized panels, the shipment was over 56.99 million units, down 5.2% quarter-over-quarter but up 32.7% year-over-year.

"Although the first quarter was the traditional low season, we have seen relatively stable panel prices thanks to recovering global demand and healthy inventory levels in the channel," said Mr. Andy Yang, Chief Financial Officer of AUO. "As a result, the Company's average selling price per square meter dropped by merely 1.6% from the previous quarter. In addition, the management team has taken a proactive approach toward product mix improvements. On rising high-end product mix and the design efforts which helped lower our costs effectively, our gross margin picked up from last quarter's 7.6% to 12.8% this quarter. Meanwhile, our operating margin also increased considerably from 1.7% last quarter to 7.3%. Being noteworthy, our EBITDA margin expanded to 27.6% for the first quarter."

In view of the positive outlook for the demand in 2010, the total capacity of AUO's 7.5 generation fabs is planned to increase from 100,000 sheets per month in the first quarter of 2010 to 120,000 sheets by the end of the second quarter, aiming at meeting the growing demands in the emerging markets and seizing the opportunities brought by recovery of the European and American markets.

     (1) All financial information was unaudited and was prepared by the
         Company in accordance with generally accepted accounting
         principles in Taiwan ("ROC GAAP")
     (2) Amounts converted by an exchange rate of NTD31.73:USD1 based on
         Federal Reserve Bank of New York, USA as of March 31, 2010.
     (3) EBITDA=Operating Income + D&A

ABOUT AU OPTRONICS

AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$359.3 billion (US$11.2 billion) in sales revenue* in 2009 with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its market to the green energy industry in late 2008, and formally founded its Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.

* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.

Safe Harbour Notice

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. 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 of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on May 27th, 2009.

SOURCE AU Optronics Corp.

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