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AUO Interim / Quarterly Report 2025
52062_rns_2025-06-13_ea4d824e-49bd-443b-8374-447e88014923.pdf
Interim / Quarterly Report
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AUO Corporation 1Q25 Results
April 30, 2025
Safe Harbor Notice
- The statements included in this presentation that are not historical in nature are "forward-looking" $\bullet$ statements". These forward-looking statements, which may include statements regarding AUO Corporation's future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AUO Corporation's current expectations.
- Actual results may differ materially from those expressed or implied in these forward-looking $\bullet$ statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.
- Our forward-looking statements at any particular time does not create any duty of disclosure $\bullet$ beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Revenue & Profits
Amount: NT\$ Million
| 1Q25 | 4Q24 | QoQ | 1Q24 | YoY | |
|---|---|---|---|---|---|
| Net Sales | 72,102 | 68,692 | 5.0% | 59,477 | 21.2% |
| Gross Profit (Loss) | 8,778 12.2% |
5,446 7.9% |
61.2% | 1,962 3.3% |
347.5% |
| Operating Expenses | 7,638 10.6% |
8,768 12.8% |
(12.9%) | 6,902 11.6% |
10.7% |
| Operating Profit (Loss) | 1,141 1.6% |
(3,323) (4.8%) |
(4,940) (8.3%) |
||
| Net Profit Atrributable to Owner of Company |
3,294 | 1,619 | 103.4% | (3,527) | |
| Operating Profit + D&A | 8,790 12.2% |
4,715 6.9% |
86.4% | 3,455 5.8% |
154.4% |
Balance Sheet Highlights
Amount: NT\$ Million
| 1Q25 | 4Q24 | QoQ | 1Q24 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 67,418 | 68,447 | (1.5%) | 87,674 |
| Inventory | 33,383 | 33,811 | (1.3%) | 29,402 |
| Short Term Debt (a) | 19,690 | 16,304 | 20.8% | 7,799 |
| Long Term Debt | 102,486 | 102,021 | 0.5% | 110,339 |
| Equity | 158,910 | 159,773 | (0.5%) | 156,663 |
| Total Assets | 393,840 | 392,869 | 0.2% | 382,666 |
| Inventory Turnover Days (b) | 48 | 49 | 46 | |
| Net Debt to Equity $^{\rm (c)}$ | 34.5% | 31.2% | 19.4% |
a) Short term debt refers to all interest bearing debt maturing within one year.
b) Calculated by dividing the average inventory into the annualized cost of goods sold during such period, then multiplying by 365 days.
c) Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and Cash Equivalents) / Equity.
Cash Flow Highlights
Amount: NT\$ Million
| 1Q25 | 4Q24 | QoQ | |
|---|---|---|---|
| From Operating Activities | 1,735 | 8,784 | (7,049) |
| Profit(Loss) before Tax | 4,487 | 3,019 | 1,468 |
| Depreciation & Amortization | 7,650 | 8,038 | (389) |
| Net Change in Working Capital | (6,710) | 2,970 | (9,680) |
| From Investing Activities | (5, 121) | (6,023) | 903 |
| Capital Expenditure | (6,618) | (7, 288) | 671 |
| From Financing Activities | 1,471 | 2,631 | (1,160) |
| Net Change in Debt | 3,493 | 2,813 | 680 |
| Payments to Acquire Treasury Shares | (1,824) | (1,824) | |
| Net Change in Cash (a) | (1,029) | 5,162 | (6, 191) |
a) In addition to cash generated from operating, investing and financing activities, net change in cash also include effect on currency exchange of foreign subsidiaries.
Revenue Breakdown
Mobility Solution: Primarily including integrated solutions in automotive business $\overline{\phantom{0}}$
Vertical Solution: Primarily including integrated solutions in various fields, such as Smart Retail, Smart Healthcare, Education and $\qquad \qquad -$ Enterprise, other industrial and public displays, Intelligent Service and Energy
- Display: Primarily including displays for TV, monitor and notebook, as well as LED display $\overline{\phantom{m}}$
- Others: Primarily including Darwin $\overline{\phantom{0}}$
2Q2025 Business Outlook
Based on our current business outlook, the Company expects:
Mobility Solution
- Down low-single % QoQ $\blacktriangleright$
- Vertical Solution
- Up mid- to high-single % QoQ $\blacktriangleright$
Display
Slight decline QoQ $\blacktriangleright$
- The above is our current best forecast based on current business outlook and may vary depending on the actual end market conditions.
Prepared Remarks
Smart Cockpit
Advanced Display Technologies
Samsung 114" Micro LED TV
17.3" dual-side transparent Micro LED
65" 8K FSC LCD
Micro LED media bar for AFEELA
Vertical Solution
Smart Retail
Leveraging AI to Address Labor Shortages and Optimize Efficiency
Al Recognition for Precision Marketing
Automated Pricing Updates for Promotions
Contactless Selfservice Solution
Smart Enterprise
Bridging Virtual and Real Worlds Efficiently
Interactive Smart Podium
138" All-in-One LED Display and 92" IFPD
AUO 3 Pillars Business
AUO
Maximizing Display Technology Value and Transforming to a Solution Provider
| Mobility Solution | Display | Vertical Solution |
|---|---|---|
| AMSC | AUO | $ADP + N$ |
| Fit Self |
Green Technology Applied to Empower Sustainability Goal
www.auo.com [email protected]
AUO CORPORATION AND SUBSIDIARIES Consolidated Condensed Statements of Comprehensive Income For the Three Months Ended March 31, 2025 and 2024 and December 31, 2024 (Expressed in Millions of New Taiwan Dollars (NTD) except for per share amounts and shares outstanding)
| 1Q 25 | 4Q24 | 1Q24 | ||||
|---|---|---|---|---|---|---|
| NTD | % | NTD | NTD | QoQ% | YoY% | |
| Net Sales | 72,102 | 100.0 | 68.692 | 59,477 | 5.0 | 21.2 |
| Cost of Goods Sold | 63,323 | 87.8 | 63,246 | 57,516 | 0.1 | 10.1 |
| Gross Profit(Loss) | 8,778 | 12.2 | 5,446 | 1,962 | 61.2 | 347.5 |
| Operating Expenses | 7,638 | 10.6 | 8,768 | 6,902 | (12.9) | 10.7 |
| Operating Profit(Loss) | 1,141 | 1.6 | (3,323) | (4,940) | ||
| Net Non-operating Income (Expenses) | 3,347 | 4.6 | 6,342 | 1,625 | (47.2) | 105.9 |
| Profit(Loss) before Income Tax | 4.487 | 6.2 | 3,019 | (3,315) | 48.6 | |
| Income Tax Benefit(Expense) | (1,228) | (1.7) | (1,232) | (260) | (0.3) | 373.1 |
| Net Profit(Loss) | 3,259 | 4.5 | 1,787 | (3,574) | 82.4 | |
| Other Comprehensive Income(Loss) | (670) | (0.9) | 1,045 | 1.492 | ||
| Total Comprehensive Income(Loss) | 2,589 | 3.6 | 2,832 | (2,082) | (8.6) | |
| Net Profit(Loss) Attributable to: | ||||||
| Owners of Company | 3.294 | 4.6 | 1,619 | (3,527) | 103.4 | |
| Non-Controlling Interests | (35) | (0.0) | 168 | (48) | 27.8 | |
| Net Profit(Loss) | 3,259 | 4.5 | 1,787 | (3,574) | 82.4 | |
| Total Comprehensive Income(Loss) Attributable to: | ||||||
| Owners of Company | 2.555 | 3.5 | 2.680 | (2.105) | (4.7) | |
| Non-Controlling Interests | 35 | 0.0 | 152 | 23 | (77.2) | 48.5 |
| Total Comprehensive Income(Loss) | 2,589 | 3.6 | 2,832 | (2,082) | (8.6) | |
| Basic Earnings Per Share | 0.43 | 0.21 | (0.46) | |||
| Weighted-Average Shares Outstanding ('M) | 7,645 | 7,668 | 7,668 |
AUO CORPORATION AND SUBSIDIARIES Consolidated Condensed Balance Sheets March 31, 2025 and 2024 (Expressed in Millions of New Taiwan Dollars (NTD))
| March 31, 2025 | March 31, 2024 | YoY | ||||
|---|---|---|---|---|---|---|
| ASSETS | NTD | % | NTD | % | NTD | % |
| Cash and Cash Equivalents | 67,418 | 17.1 | 87,674 | 22.9 | (20, 256) | (23.1) |
| Notes & Accounts Receivables | 26,984 | 6.9 | 21,607 | 5.6 | 5,377 | 24.9 |
| Other Current Financial Assets | 6,905 | 1.8 | 4,921 | 1.3 | 1,984 | 40.3 |
| Inventories | 33,383 | 8.5 | 29,402 | 7.7 | 3,981 | 13.5 |
| Other Current Assets | 5,157 | 1.3 | 3,342 | 0.9 | 1,815 | 54.3 |
| Total Current Assets | 139,848 | 35.5 | 146,947 | 38.4 | (7,099) | (4.8) |
| Long-term Investments | 28,462 | 7.2 | 27,717 | 7.2 | 745 | 2.7 |
| Net Fixed Assets | 165,047 | 41.9 | 170,103 | 44.5 | (5,056) | (3.0) |
| Capitalized Contract Cost | 9,808 | 2.5 | O | 0.0 | 9,808 | |
| Right-of-use Assets | 9,600 | 2.4 | 9,731 | 2.5 | (131) | (1.3) |
| Other Non-Current Assets | 41,077 | 10.4 | 28,168 | 7.4 | 12,908 | 45.8 |
| Total Non-Current Assets | 253,993 | 64.5 | 235,719 | 61.6 | 18,274 | 7.8 |
| Total Assets | 393,840 | 100.0 | 382,666 | 100.0 | 11,175 | 2.9 |
| LIABILITIES | ||||||
| Short-term Borrowings | 1,394 | 0.4 | 285 | O.1 | 1,109 | 389.2 |
| Notes & Accounts Payable | 53,228 | 13.5 | 48,515 | 12.7 | 4,713 | 9.7 |
| Current Installments of Long-term Borrowings | 18,295 | 4.6 | 7,514 | 2.0 | 10,782 | 143.5 |
| Current Financial Liabilities | 64 | 0.0 | 77 | O.O | (13) | (16.7) |
| Accrued Expense & Other Current Liabilities | 35,497 | 9.0 | 33,627 | 8.8 | 1,869 | 5.6 |
| Machinery and Equipment Payable | 2,737 | O.7 | 4,208 | 1.1 | (1,471) | (35.0) |
| Total Current Liabilities | 111,216 | 28.2 | 94.227 | 24.6 | 16,989 | 18.O |
| Long-term Borrowings | 102,486 | 26.0 | 110,339 | 28.8 | (7,853) | (7.1) |
| Other Non-Current Liabilities | 21,229 | 5.4 | 21,437 | 5.6 | (208) | (1.0) |
| Total Non-Current Liabilities | 123,715 | 31.4 | 131,776 | 34.4 | (8,061) | (6.1) |
| Total Liabilities | 234,931 | 59.7 | 226,003 | 59.1 | 8,928 | 4.0 |
| EQUITY | ||||||
| Common Stock | 76,679 | 19.5 | 76,994 | 20.1 | (315) | (0.4) |
| Capital Surplus | 46,648 | 11.8 | 48,386 | 12.6 | (1,739) | (3.6) |
| Retained Earnings | 31,213 | 7.9 | 28,135 | 7.4 | 3,079 | 10.9 |
| Other Equity | (315) | (0.1) | (2,825) | (0.7) | 2,510 | 88.8 |
| Treasury Shares | (1,824) | (0.5) | (240) | (0.1) | (1,584) | (658.7) |
| Non-Controlling Interests | 6,509 | 1.7 | 6,214 | 1.6 | 296 | 4.8 |
| Total Equity | 158,910 | 40.3 | 156,663 | 40.9 | 2,247 | 1.4 |
| Total Liabilities & Equity | 393,840 | 100.0 | 382,666 | 100.0 | 11,175 | 2.9 |
AUO
$\bullet$
AUO CORPORATION AND SUBSIDIARIES Consolidated Condensed Cash Flow Statements For the Period Ended March 31, 2025 and 2024
(Expressed in Millions of New Taiwan Dollars (NTD))
| Three Months 2025 | Three Months 2024 | ||
|---|---|---|---|
| NTD | NTD | ||
| Cash Flow from Operating Activities: | |||
| Profit(Loss) before Income Taxes | 4.487 | (3,315) | |
| Depreciation & Amortization | 7,650 | 8,395 | |
| Share of Profit of Equity-Accounted Investees | 62 | 64 | |
| Changes in Working Capital | (6,710) | (1,891) | |
| Changes in Others | (3,753) | (1,701) | |
| Net Cash Provided by (Used in) Operating Activities | 1,735 | 1,553 | |
| Cash Flow from Investing Activities: | |||
| Disposals of Financial Assets Measured at Fair Value | 289 | $\Omega$ | |
| Acquisitions of Financial Assets Measured at Amortized Cost | (285) | (193) | |
| Disposals of Financial Assets Measured at Amortized Cost | 553 | 291 | |
| Disposals of Equity-Accounted Investees | O | 4,218 | |
| Acquisitions of Property, Plant and Equipment | (6, 618) | (8,250) | |
| Changes in Others | 940 | (1, 191) | |
| Net Cash Provided by (Used in) Investing Activities | (5, 121) | (5, 126) | |
| Cash Flow from Financing Activities: | |||
| Increase(Decrease) in Short-term Borrowings | (2,097) | 22 | |
| Increase (Decrease) in Long-term Borrowings | 5,589 | 6,019 | |
| Payment of Lease Liabilities | (206) | (163) | |
| Repurchase of Treasury Shares | (1,824) | O | |
| Changes in Others | 8 | ||
| Net Cash Provided by (Used in) Financing Activities | 1,471 | 5,885 | |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 887 | 1,393 | |
| Net Increase (Decrease) in Cash and Cash Equivalents | (1.029) | 3.704 | |
| Cash and Cash Equivalents at Beginning of Period | 68,447 | 83,969 | |
| Cash and Cash Equivalents at End of Period | 67,418 | 87,674 |
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