FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
August 3, 2005
Commission File Number 001-31335
AU Optronics Corp.
(Translation of registrant’s name into English)
No. 1 Li-Hsin Road 2
Hsinchu Science Park
Hsinchu, Taiwan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Not applicable
INDEX TO EXHIBITS
| Item | |
| 1. | Investor Conference Materials entitled, “AU Optronics Corp. First Half 2005 Results”, dated August 3, 2005 |
| 2. | FY 1H2005 Unaudited Unconsolidated and Consolidated Financial Statements of AU Optronics Corp. |
| 3. | Press release entitled, “AU OPTRONICS REPORTS SECOND QUARTER 2005 RESULTS”, dated August 3, 2005 |
| 4. | Press release entitled, “AU Optronics Corp. July 2005 Consolidated Revenues Totaled NT$17,429 Million”, dated August 3, 2005 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AU Optronics Corp. | |||
| Date: August 3, 2005 | By: | /s/ Max Weishun Cheng | |
| Name: | Max Weishun Cheng | ||
| Title: | Chief Financial Officer | ||
Item 1
AU Optronics Corp.
First Half 2005 Results
Investor Conference
August 3, 2005
|
 |
Safe Harbor Notice
The statements included in this presentation that are not historical in nature are
"forward-looking statements" within the meaning of Section 27A of the United States
Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of
1934. These forward-looking statements, which may include statements regarding AU
Optronics" future results of operations, financial condition or business prospects, are
subject to significant risks and uncertainties and are based on AU Optronics" current
expectations.
Actual results may differ materially from those expressed or implied in these
forward-looking 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.
In addition, any financial information contained herewithin is presented in conformity
with accounting principles generally accepted in the Republic of China ("ROC GAAP").
Readers should be cautioned that these accounting principles differ in many material
respects from accounting principles generally accepted in the United States of America
("US GAAP").
Our release of financial forecasts and forward-looking statements at any particular
time does not create any duty of disclosure beyond that which is imposed by law, and we
expressly disclaim any obligation to publicly update or revise any forecasts or
forward-looking statements, whether as a result of new information, future events or
otherwise.
Additional information as to these and other factors that may cause actual results to
differ materially from AU Optronics" forward-looking statements or some of the major
differences between ROC GAAP and US GAAP can be found in AU Optronics" Annual Report on
Form 20-F with respect to the year ended December 31, 2004 filed with the United States
Securities and Exchange Commission.
2
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2Q 2005 Consolidated Income Statement
- QoQ Comparison
Amount : NT$ Million Except Per Share Data
QoQ
2Q'05(a) 1Q'05(a) Change %
----------------- ------------------- --------
Net Sales 46,247 100.0% 38,837 100.0% 19.1%
Cost of Goods Sold (43,084) (93.2%) (37,612) (96.8%) 14.5%
----------------- ------------------- --------
Gross Profit 3,163 6.8% 1,225 3.2% 158.2%
Operating Expenses (2,631) (5.7%) (3,165) (8.1%) (16.9%)
----------------- ------------------- --------
Operating Income (Loss) 532 1.1% (1,940) (5.0%) -
Net Non-operating Income (Expense) (65) (0.1%) (189) (0.5%) (65.6%)
----------------- ------------------- --------
Income (Loss) before Tax 467 1.0% (2,129) (5.5%) -
Income Tax Benefit (Expense) 0 0.0% 0 0.0% -
Minority Interest in Net Loss (Income) 3 0.0% 0 0.0% -
----------------- ------------------- --------
Net Income (Loss) 470 1.0% (2,129) (5.5%) -
----------------- ------------------- --------
Basic EPS (NT$)(b) 0.13 (0.43) -
------------------------------------------------------------------------------------------
Operating Income + D&A 8,505 18.4% 5,416 13.9% 57.0%
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Unit Shipment (MN)(c)
Large Size Panels 7.0 6.0 16.6%
Small & Medium Size Panels 11.8 8.6 36.9%
------------------------------------------------------------------------------------------
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) 1Q-05 Basic EPS was calculated based on total weighted average outstanding
shares of 4,946 million, while 2Q-05 Basic EPS was calculated based on
5,489 million shares, to reflect the adjustment of total weighted average
outstanding shares of 4,946 million plus 543 million dividend shares to be
distributed
(c) Large size refers to panels that are 10 inches and above in diagonal
measurement while small & medium size refers to those below 10 inches
3
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2Q 2005 Consolidated Income Statement
- YoY Comparison
Amount : NT$ Million Except Per Share Data
YoY
2Q'05(a) 2Q'04 Change %
----------------- ------------------ --------
Net Sales 46,247 100.0% 48,530 100.0% (4.7%)
Cost of Goods Sold (43,084) (93.2%) (31,378) (64.7%) 37.3%
----------------- ------------------ --------
Gross Profit 3,163 6.8% 17,152 35.3% (81.6%)
Operating Expenses (2,631) (5.7%) (2,409) (5.0%) 9.2%
----------------- ------------------ --------
Operating Income (Loss) 532 1.1% 14,743 30.4% (96.4%)
Net Non-operating Income (Expense) (65) (0.1%) (358) (0.7%) (81.8%)
----------------- ------------------ --------
Income (Loss) before Tax 467 1.0% 14,385 29.6% (96.8%)
Income Tax Benefit (Expense) 0 0.0% 0 0.0% --
Minority Interest in Net Loss (Income) 3 0.0% 0 0.0% --
----------------- ------------------ --------
Net Income (Loss) 470 1.0% 14,385 29.6% (96.7%)
----------------- ------------------ --------
Basic EPS (NT$)(b) 0.13 2.90 (95.6%)
------------------------------------------------------------------------------------------
Operating Income + D&A 8,505 18.4% 20,925 43.1% (59.4%)
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
Unit Shipment (MN)(c)
Large Size Panels 7.0 4.7 49.0%
Small & Medium Size Panels 11.8 7.3 61.1%
------------------------------------------------------------------------------------------
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) 2Q-04 Basic EPS was calculated based on total weighted average outstanding
shares of 4,659 million, while 2Q-05 Basic EPS was calculated based on
5,489 million shares, to reflect the adjustment of total weighted average
outstanding shares of 4,946 million plus 543 million dividend shares to be
distributed
(c) Large size refers to panels that are 10 inches and above in diagonal
measurement while small & medium size refers to those below 10 inches
4
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1H 2005 Consolidated Income Statement Highlights
Amount : NT$ Million Except Per Share Data
1H'05(a) 2H'04(a) Change % 1H'04(a)
---------------- ---------------- -------- ----------------
Net Sales 85,084 100.0% 78,251 100.0% 8.7% 89,861 100.0%
Cost of Goods Sold (80,696) (94.8%) (69,804) (89.2%) 15.6% (58,664) (65.3%)
---------------- ---------------- -------- ----------------
Gross Profit 4,389 5.2% 8,446 10.8% (48.0%) 31,197 34.7%
Operating Expenses (5,796) (6.8%) (6,317) (8.1%) (8.2%) (4,719) (5.3%)
---------------- ---------------- -------- ----------------
Operating Income (Loss) (1,408) (1.7%) 2,130 2.7% - 26,478 29.5%
Net Non-operating Income (Expense) (254) (0.3%) (129) (0.2%) 95.9% (454) (0.5%)
---------------- ---------------- -------- ----------------
Income (Loss) before Tax (1,662) (2.0%) 2,000 2.6% - 26,024 29.0%
Income Tax Benefit (Expense) 0 0.0% (92) (0.1%) - 31 0.0%
Minority Interest in Net Loss
(Income) 3 0.0% 0 0.0% - 0 0.0%
---------------- ---------------- -------- ----------------
Net Income (Loss) (1,659) (1.9%) 1,908 2.4% - 26,055 29.0%
---------------- ---------------- -------- ----------------
Basic EPS (NT$)(b) (0.30) 0.23 - 5.59
--------------------------------------------------------------------------------------------------
Operating Income+D&A 13,921 16.4% 15,907 20.3% (12.5%) 38,010 42.3%
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
Unit Shipment (MN)(c)
Large Size Panels 13.1 10.0 31.0% 8.9
Small & Medium Size Panels 20.5 20.8 (1.4%) 12.5
--------------------------------------------------------------------------------------------------
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Basic EPS was calculated based on 4,803 million in 1H-04, 4,659 million
shares in 2H-04, and 5,489 million shares in 1H-05, to reflect the
adjustment of total weighted average outstanding shares of 4,946 million
in 1Q-05 plus 543 million dividend shares to be distributed
(c) Large size refers to panels that are 10 inches and above in diagonal
measurement while small & medium size refers to those below 10 inches
5
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 |
Consolidated Balance Sheet Highlights
Amount : NT$ Million QoQ
2Q'05(a) 1Q'05(a) Change % 2Q'04
-------- -------- -------- --------
Cash & ST Investment 18,100 16,820 7.6% 41,518
Inventory 15,009 15,164 (1.0%) 17,779
Short Term Debt(b) 12,190 13,965 (12.7%) 6,415
Long Term Debt 74,880 59,420 26.0% 36,080
Equity 122,259 128,423 (4.8%) 128,887
Total Assets 266,738 245,124 8.8% 223,754
Inventory Turnover (Days)(c) 32 38 44
Debt to Equity 71.2% 57.1% 33.0%
Net Debt to Equity 57.7% 45.3% 3.3%
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Short term debt refers to all interest bearing debt maturing within one
year
(c) Annualized, calculated by dividing the average inventory into the cost of
goods sold during such period, then multiplying by 365 days 6
6
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 |
Consolidated Cash Flow Highlights
QoQ
Amount : NT$ Million 2Q'05(a) 1Q'05(a) Change 2Q'04
-------- -------- ------- --------
From Operation 9,133 5,094 4,039 15,920
Net Profit (Loss) 467 (2,129) 2,596 14,385
Depreciation & Amortization 7,974 7,356 618 6,182
--------------------------------- -------- -------- ------- --------
From Investment (21,444) (21,436) (8) (16,164)
Capital Expenditure (20,386) (21,788) 1,402 (14,637)
--------------------------------- -------- -------- ------- --------
From Financing 13,666 13,747 (81) 19,121
Repayment of Long Term Debt (2,212) (1,477) (735) (1,847)
Long Term Debt 18,777 14,829 3,948 6,939
Short Term Debt (2,899) 396 (3,295) (1,990)
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
7
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Consolidated Large Panel Shipment
& Blended ASP
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Large size refers to panels that are 10 inches and above in diagonal
measurement
(c) Blended ASP in US dollars translated from NT$ based on average exchange
rates announced by Directorate General of Customs, ROC Ministry of Finance
for each respective quarter
8
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 |
Consolidated Small & Medium Panel Shipment & Revenues
9
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 |
Consolidated Large Panel Shipment by Application
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Large size refers to panels that are 10 inches and above in diagonal measurement
10
|
 |
Consolidated Revenues by Application
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
11
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 |
Installed Capacity by Fab
Substrate 6/2005 9/2005 (F) 12/2005 (F)
FAB Size (mm) Capacity(a) Capacity(a) Capacity(a)
-----------------------------------------------------------------------------------------
L3A (G3.5) 610 x 720 45,000 45,000 45,000
-----------------------------------------------------------------------------------------
5,000 LTPS 5,000 LTPS 5,000 LTPS
L3B (G3.5) 610 x 720 25,000 a-Si 25,000 a-Si 25,000 a-Si
-----------------------------------------------------------------------------------------
L5 (G3.5) 600 x 720 60,000 60,000 60,000
-----------------------------------------------------------------------------------------
L6 (G4.0) 680 x 880 60,000 60,000 60,000
-----------------------------------------------------------------------------------------
L8A (G5.0) 1100 x 1250 50,000 50,000 50,000
-----------------------------------------------------------------------------------------
L8B (G5.0) 1100 x 1300 70,000 70,000 70,000
-----------------------------------------------------------------------------------------
L8C (G5.0) 1100 x 1300 n.a. 20,000 50,000
-----------------------------------------------------------------------------------------
L10 (G6.0) 1500 x 1850 25,000 50,000 60,000
(a) Monthly capacity based on glass substrate input
12
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Recap of Recent Major Development
o AUO Shareholders approved NT$2.1 dividend per share (6/14/2005)
- Cash dividend of NT$1,200 and stock dividend of 90 shares for
every 1,000 common shares held
- Ex-dividend date: July 14, 2005
- Record date: July 20, 2005
o Completion of US$507 million ADR offering (7/18/2005)
- 33 million ADR issued (each ADR represents 10 common shares)
o Shares outstanding post dividend and ADR issuance: 5,831 million
- Pro forma shareholders~ equity post dividend and ADR issuance:
NT$138 billion (as of 6/30/2005)
o Completion of NT$42 billion syndication loan (7/29/2005)
- Term loan facility available: approximately NT$92 billion
13
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www.auo.com ir@auo.com
14
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Item 2
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
June 30, 2005 and 2004
(Figures in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
| June 30, 2005 | June 30, 2004 | YoY | ||||||||||||
| ASSETS | USD | NTD | % | NTD | % | Change | % | |||||||
| Cash and Cash Equivalents | 522 | 16,513 | 6.2 | 38,216 | 17.1 | (21,703 | ) | (56.8 | ) | |||||
| Short-term Investment | 50 | 1,587 | 0.6 | 3,302 | 1.5 | (1,715 | ) | (51.9 | ) | |||||
| Notes & Accounts Receivables | 877 | 27,761 | 10.4 | 26,431 | 11.8 | 1,331 | 5.0 | |||||||
| Inventories | 474 | 15,009 | 5.6 | 17,779 | 7.9 | (2,769 | ) | (15.6 | ) | |||||
| Other Current Financial Assets | 16 | 506 | 0.2 | 285 | 0.1 | 221 | 77.3 | |||||||
| Other Current Assets | 63 | 1,989 | 0.8 | 4,105 | 1.8 | (2,116 | ) | (51.5 | ) | |||||
| Total Current Assets | 2,003 | 63,365 | 23.8 | 90,117 | 40.3 | (26,752 | ) | (29.7 | ) | |||||
| Long-term Investments | 178 | 5,625 | 2.1 | 1,919 | 0.9 | 3,706 | 193.1 | |||||||
| Fixed Assets | 8,363 | 264,606 | 99.2 | 176,565 | 78.9 | 88,041 | 49.9 | |||||||
| Less Accumulated Depreciation | (2,371 | ) | (75,019 | ) | (28.1 | ) | (50,139 | ) | (22.4 | ) | (24,880 | ) | 49.6 | |
| Net Fixed Assets | 5,992 | 189,587 | 71.1 | 126,426 | 56.5 | 63,161 | 50.0 | |||||||
| Other Assets | 258 | 8,160 | 3.1 | 5,291 | 2.5 | 2,869 | 54.2 | |||||||
| Total Assets | 8,430 | 266,738 | 100.0 | 223,754 | 100.0 | 42,984 | 19.2 | |||||||
| LIABILITIES | ||||||||||||||
| Short-term Borrowings | 116 | 3,679 | 1.4 | 21 | 0.0 | 3,658 | 17,419.0 | |||||||
| Accounts Payable | 1,099 | 34,765 | 13.0 | 32,032 | 14.3 | 2,733 | 8.5 | |||||||
| Current Installments of Long-term Liabilities | 269 | 8,511 | 3.2 | 6,394 | 2.9 | 2,117 | 33.1 | |||||||
| Other Current Liabilities | 709 | 22,429 | 8.4 | 19,367 | 8.7 | 3,062 | 15.8 | |||||||
| Total Current Liabilities | 2,193 | 69,384 | 26.0 | 57,814 | 25.8 | 11,570 | 20.0 | |||||||
| Long-term Borrowings | 1,987 | 62,880 | 23.6 | 30,080 | 13.4 | 32,799 | 109.0 | |||||||
| Bonds Payable | 379 | 12,000 | 4.5 | 6,000 | 2.7 | 6,000 | 100.0 | |||||||
| Other Long-term Liabilities | 7 | 215 | 0.1 | 972 | 0.4 | (757 | ) | (77.9 | ) | |||||
| Total Liabilities | 4,566 | 144,479 | 54.2 | 94,867 | 42.4 | 49,612 | 52.3 | |||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||
| Common Stock | 1,738 | 55,005 | 20.6 | 49,580 | 22.2 | 5,425 | 10.9 | |||||||
| Capital Surplus | 1,427 | 45,165 | 16.9 | 45,165 | 20.2 | 0 | 0.0 | |||||||
| Retained Earnings | 713 | 22,547 | 8.5 | 34,364 | 15.4 | (11,818 | ) | (34.4 | ) | |||||
| Cumulative Translation Adjustment | (8 | ) | (241 | ) | (0.1 | ) | 28 | 0.0 | (269 | ) | - | |||
| Treasury Stock | (8 | ) | (251 | ) | (0.1 | ) | (251 | ) | (0.1 | ) | 0 | 0.0 | ||
| Minority Interest | 1 | 34 | 0.0 | 0 | 0.0 | 34 | - | |||||||
| Total Stockholders’ Equity | 3,864 | 122,259 | 45.8 | 128,887 | 57.6 | (6,628 | ) | (5.1 | ) | |||||
| Total Liabilities & Stockholders' Equity | 8,430 | 266,738 | 100.0 | 223,754 | 100.0 | 42,984 | 19.2 | |||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 31.64 per US dollar as of June 30, 2005 |
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Six Months Ended June 30, 2005 and 2004 and the Three Months Ended June 30 and March
31, 2005
(Figures in Millions of
New Taiwan
Dollars (NTD)
and U.S. Dollars (USD)
Except
for Per Share Data and Shares Outstanding)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||
| 2Q
2005 USD |
2Q
2005 NTD |
%
of Sales |
2Q
2004 NTD |
YoY Chg % |
2Q
2005 USD |
2Q
2005 NTD |
%
of Sales |
1Q
2005 NTD |
QoQ Chg % |
|||||||||||
| Net Sales | 2,689 | 85,084 | 100.0 | 89,861 | (5.3 | ) | 1,462 | 46,247 | 100.0 | 38,837 | 19.1 | |||||||||
| Cost of Goods Sold | 2,550 | 80,696 | 94.8 | 58,664 | 37.6 | 1,362 | 43,084 | 93.2 | 37,612 | 14.5 | ||||||||||
| Gross Profit | 139 | 4,389 | 5.2 | 31,197 | (85.9 | ) | 100 | 3,163 | 6.8 | 1,225 | 158.1 | |||||||||
| Operating Expenses | ||||||||||||||||||||
| SG&A | 111 | 3,513 | 4.1 | 2,590 | 35.6 | 50 | 1,591 | 3.4 | 1,922 | (17.2 | ) | |||||||||
| R&D | 72 | 2,284 | 2.7 | 2,130 | 7.2 | 33 | 1,040 | 2.2 | 1,243 | (16.3 | ) | |||||||||
| Total Operating Expenses | 183 | 5,796 | 6.8 | 4,719 | 22.8 | 83 | 2,631 | 5.7 | 3,165 | (16.9 | ) | |||||||||
| Total Operating Income | (44 | ) | (1,408 | ) | (1.7 | ) | 26,478 | - | 17 | 532 | 1.1 | (1,940 | ) | - | ||||||
| Net Non-Operating Expenses | (8 | ) | (254 | ) | (0.3 | ) | (454 | ) | (44.1 | ) | (2 | ) | (65 | ) | (0.1 | ) | (189 | ) | (66.2 | ) |
| Income before Income Tax | (53 | ) | (1,662 | ) | (2.0 | ) | 26,024 | - | 15 | 467 | 1.0 | (2,129 | ) | - | ||||||
| Income Tax Benefit (Expense) | 0 | 0 | 0.0 | 31 | - | 0 | 0 | 0.0 | 0 | - | ||||||||||
| Minority interest in net loss (income) | 0 | 3 | 0.0 | 0 | - | (0 | ) | (3 | ) | (0.0 | ) | 0 | - | |||||||
| Net Income (Loss) | (52 | ) | (1,659 | ) | (1.9 | ) | 26,054 | - | 15 | 470 | 1.0 | (2,129 | ) | - | ||||||
| Basic Earnings Per Share | (0.01 | ) | (0.30 | ) | 5.59 | 0.004 | 0.13 | (0.43 | ) | |||||||||||
| Basic Earnings Per ADS(3) | (0.10 | ) | (3.02 | ) | 55.92 | 0.04 | 1.28 | (4.30 | ) | |||||||||||
| Weighted Average Number | 5,489 | 4,659 | ||||||||||||||||||
| of Shares Outstanding (Million) | ||||||||||||||||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) New Taiwan dollars amounts translated into U.S. dollars at the exchange rate of NT$31.64 per US dollar as of June 30, 2005 | |
| (3) 1 ADR equals 10 ordinary shares |
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2005 and 2004
(Figures in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
| 2005 | 2004 | ||||||||
| USD | NTD | NTD | |||||||
|
|
|
|
|||||||
| Cash Flows from Operating Activities: | |||||||||
| Net Income (Loss) | (53 | ) | (1,662 | ) | 26,054 | ||||
| Depreciation & Amortization | 484 | 15,329 | 11,532 | ||||||
| Provision for Inventory Devaluation | 2 | 52 | 19 | ||||||
| Investment Loss (Gain) under Equity Method | 5 | 170 | 97 | ||||||
| Disposal Gain on Long-term Investment | (3 | ) | (106 | ) | 0 | ||||
| Changes in Working Capital & Others | 14 | 443 | (7,977 | ) | |||||
|
|
|
|
|||||||
| Net Cash Provided by Operating Activities | 450 | 14,227 | 29,726 | ||||||
| Cash Flows from Investing Activities: | |||||||||
| Decrease (Increase) in Short-term Investments | 0 | 0 | (1,015 | ) | |||||
| Acquisition of Property, Plant and Equipment | (1,333 | ) | (42,174 | ) | (33,119 | ) | |||
| Proceeds from Disposal of Property, Plant and Equipment | 1 | 20 | 114 | ||||||
| Increase in Long-term Equity Investments | (2 | ) | (69 | ) | (1,277 | ) | |||
| Proceeds from Disposal of Long-term Investment | 9 | 297 | 0 | ||||||
| Increase in Restricted Cash in Bank | (0 | ) | (3 | ) | 0 | ||||
| Increase in Intangible Assets | (55 | ) | (1,741 | ) | (370 | ) | |||
| Decrease in Other Assets | 25 | 789 | 180 | ||||||
|
|
|
|
|||||||
| Net Cash Used in Investing Activities | (1,355 | ) | (42,880 | ) | (35,487 | ) | |||
| Cash Flows from Financing Activities: | |||||||||
| Decrease in Short-term Borrowings | (79 | ) | (2,504 | ) | (280 | ) | |||
| Increase in Long-term Borrowings | 946 | 29,916 | 10,276 | ||||||
| Issuance of Common Stock for Cash | 0 | 0 | 15,967 | ||||||
| Cash Dividend | 0 | 0 | 0 | ||||||
| Increase in Treasury Stock | 0 | 0 | 0 | ||||||
| Others | 0 | 1 | 0 | ||||||
|
|
|
||||||||
| Net Cash Provided by Financing Activities | 866 | 27,413 | 25,964 | ||||||
| Effect of Exchange Rate Change on Cash | (1 | ) | (44 | ) | 52 | ||||
|
|
|
|
|||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (41 | ) | (1,284 | ) | 20,254 | ||||
|
|
|
|
|||||||
| Cash and Cash Equivalents at Beginning of Period | 563 | 17,798 | 17,962 | ||||||
|
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|
|
|||||||
| Cash and Cash Equivalents at End of Period | 522 | 16,513 | 38,216 | ||||||
|
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|||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NT$ 31.64 per US dollar |
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
June 30, 2005 and 2004
(Figures in Millions of
New Taiwan Dollars (NTD)
and US Dollars (USD))
| June 30, 2005 | June 30, 2004 | YoY | |||||||||||||||||||
| ASSETS | USD | NTD | % | NTD | % | Change | Change | ||||||||||||||
| Cash and Cash Equivalents | 475 | 15,032 | 5.8 | 31,938 | 15.1 | (16,906 | ) | (52.9 | ) | ||||||||||||
| Short-term Investments | 50 | 1,587 | 0.6 | 3,140 | 1.5 | (1,553 | ) | (49.5 | ) | ||||||||||||
| Notes & Accounts Receivable | 877 | 27,750 | 10.8 | 26,447 | 12.5 | 1,303 | 4.9 | ||||||||||||||
| Other Current Financial Assets | 16 | 500 | 0.2 | 212 | 0.1 | 288 | 135.8 | ||||||||||||||
| Inventories | 411 | 12,997 | 5.0 | 15,007 | 7.1 | (2,010 | ) | (13.4 | ) | ||||||||||||
| Other Current Assets | 61 | 1,946 | 0.8 | 4,059 | 1.9 | (2,113 | ) | (52.1 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Current Assets | 1,890 | 59,811 | 23.2 | 80,802 | 38.1 | (20,991 | ) | (26.0 | ) | ||||||||||||
|
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|
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|
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| Long-term Investments | 362 | 11,449 | 4.4 | 7,910 | 3.7 | 3,539 | 44.7 | ||||||||||||||
|
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|
|
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|
|
|
|||||||||||||||
| Fixed Assets | 7,911 | 250,306 | 97.2 | 166,888 | 78.8 | 83,418 | 50.0 | ||||||||||||||
| Less Accumulated Depreciation | (2,274 | ) | (71,939 | ) | (27.9 | ) | (48,838 | ) | (23.1 | ) | (23,101 | ) | 47.3 | ||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Fixed Assets | 5,637 | 178,367 | 69.3 | 118,050 | 55.7 | 60,317 | 51.1 | ||||||||||||||
|
|
|
|
|
|
|
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| Other Assets | 246 | 7,798 | 3.0 | 5,095 | 2.4 | 2,703 | 53.1 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Assets | 8,136 | 257,425 | 100.0 | 211,858 | 100.0 | 45,567 | 21.5 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| LIABILITIES | |||||||||||||||||||||
|
|
|||||||||||||||||||||
| Short-term Borrowing | 104 | 3,300 | 1.3 | 0 | 0.0 | 3,300 | - | ||||||||||||||
| Accounts Payable | 1,018 | 32,195 | 12.5 | 26,460 | 12.5 | 5,735 | 21.7 | ||||||||||||||
| Current Installments of Long-term Liabilities | 222 | 7,027 | 2.7 | 6,394 | 3.0 | 633 | 9.9 | ||||||||||||||
| Other Current Liabilities | 674 | 21,340 | 8.3 | 18,158 | 8.6 | 3,182 | 17.5 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Current Liabilities | 2,018 | 63,861 | 24.8 | 51,012 | 24.1 | 12,849 | 25.2 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Long-term Borrowings | 1,869 | 59,126 | 23.0 | 24,986 | 11.8 | 34,140 | 136.6 | ||||||||||||||
| Bonds Payable | 379 | 12,000 | 4.7 | 6,000 | 2.8 | 6,000 | 100.0 | ||||||||||||||
| Other Long-term Liabilities | 7 | 212 | 0.1 | 972 | 0.5 | (760 | ) | (78.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities | 4,273 | 135,199 | 52.5 | 82,971 | 39.2 | 52,228 | 62.9 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||||||||
|
|
|||||||||||||||||||||
| Common Stock | 1,738 | 55,005 | 21.4 | 49,580 | 23.4 | 5,425 | 10.9 | ||||||||||||||
| Capital Surplus | 1,427 | 45,165 | 17.5 | 45,165 | 21.3 | 0 | 0.0 | ||||||||||||||
| Retained Earnings | 713 | 22,547 | 8.8 | 34,365 | 16.2 | (11,818 | ) | (34.4 | ) | ||||||||||||
| Cumulative Translation Adjustment | (8 | ) | (241 | ) | (0.1 | ) | 28 | 0.0 | (269 | ) | - | ||||||||||
| Treasury Stock | (8 | ) | (251 | ) | (0.1 | ) | (251 | ) | (0.1 | ) | 0 | 0.0 | |||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Stockholders' Equity | 3,863 | 122,225 | 47.5 | 128,887 | 60.8 | (6,662 | ) | (5.2 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities & Stockholders' Equity | 8,136 | 257,425 | 100.0 | 211,858 | 100.0 | 45,567 | 21.5 | ||||||||||||||
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|
|
|
|
|
|
|||||||||||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 31.64 per US dollar as of June 30, 2005 |
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Six Months Ended June 30, 2005 and 2004 and the Three Months Ended June 30 and March
31, 2005
(Figures in Millions of
New Taiwan
Dollars (NTD)
and US Dollars (USD)
Except
for Per Share Data and Outstanding Shares)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||
| 2Q 2005 | %
of Sales |
2Q
2004 NTD |
YoY Chg % |
2Q
2005 |
%
of Sales |
1Q
2005 NTD |
QoQ Chg % |
|||||||||||||
| USD | NTD | USD | NTD | |||||||||||||||||
| Net Sales | 2,687 | 85,010 | 100.0 | 86,880 | (2.2 | ) | 1,461 | 46,214 | 100.0 | 38,796 | 19.1 | |||||||||
| Cost of Goods Sold | 2,590 | 81,951 | 96.4 | 56,338 | 45.5 | 1,376 | 43,524 | 94.2 | 38,428 | 13.3 | ||||||||||
| Gross Profit | 97 | 3,059 | 3.6 | 30,543 | (90.0 | ) | 85 | 2,691 | 5.8 | 368 | 631.3 | |||||||||
| Operating Expenses | ||||||||||||||||||||
| SG&A | 74 | 2,348 | 2.7 | 2,210 | 6.2 | 24 | 774 | 1.6 | 1,574 | (50.8 | ) | |||||||||
| R&D | 87 | 2,749 | 3.2 | 2,130 | 29.1 | 48 | 1,505 | 3.3 | 1,243 | 21.1 | ||||||||||
| Total Operating Expenses | 161 | 5,096 | 6.0 | 4,340 | 17.4 | 72 | 2,279 | 4.9 | 2,817 | (19.1 | ) | |||||||||
| Total Operating Income | (64 | ) | (2,037 | ) | (2.4 | ) | 26,203 | - | 13 | 411 | 0.9 | (2,449 | ) | - | ||||||
| Net Non-Operating Income (Expenses) | 12 | 378 | 0.4 | (179 | ) | - | 2 | 58 | 0.1 | 320 | (81.9 | ) | ||||||||
| Income before Income Tax | (52 | ) | (1,659 | ) | (2.0 | ) | 26,024 | - | 15 | 470 | 1.0 | (2,129 | ) | - | ||||||
| Income Tax (Expense) Benefit | 0 | 0 | 0.0 | 30 | - | 0 | 0 | 0.0 | 0 | - | ||||||||||
| Net Income (Loss) | (52 | ) | (1,659 | ) | (2.0 | ) | 26,054 | - | 15 | 470 | 1.0 | (2,129 | ) | - | ||||||
| Basic Earnings Per Share | (0.01 | ) | (0.30 | ) | 5.59 | 0.004 | 0.13 | (0.43 | ) | |||||||||||
| Basic Earnings Per ADS(2) | (0.10 | ) | (3.02 | ) | 55.92 | 0.04 | 1.28 | (4.30 | ) | |||||||||||
| Weighted Average Number | 5,489 | 4,659 | ||||||||||||||||||
| of Shares Outstanding (Million) | ||||||||||||||||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) New Taiwan dollars amounts translated into U.S. dollars at the exchange rate of NT$31.64 per US dollar as of June 30, 2005 | |
| (3) 1 ADR equals 10 ordinary shares |
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended
June 30, 2005 and 2004
(Figures in Millions of New Taiwan dollars (NTD) and US
dollars (USD))
| 2005 | 2004 | ||||||||
| USD | NTD | NTD | |||||||
|
|
|
|
|||||||
| Cash Flows from Operating Activities: | |||||||||
| Net Income (Loss) | (52 | ) | (1,659 | ) | 26,054 | ||||
| Depreciation & Amortization | 452 | 14,307 | 10,979 | ||||||
| Provision for Inventory Devaluation | 1 | 23 | 29 | ||||||
| Investment Loss (Gain) under Equity Method | (12 | ) | (385 | ) | (104 | ) | |||
| Disposal Gain on Long-term Investment | (3 | ) | (106 | ) | 0 | ||||
| Changes in Working Capital & Others | 24 | 759 | (10,754 | ) | |||||
|
|
|
|
|||||||
| Net Cash Provided by Operating Activities | 409 | 12,939 | 26,204 | ||||||
| Cash Flows from Investing Activities: | |||||||||
| Decrease in Short-term Investments | 0 | 0 | (1,003 | ) | |||||
| Acquisition of Property, Plant and Equipment | (1,287 | ) | (40,721 | ) | (30,237 | ) | |||
| Proceeds from Disposal of Property, Plant and Equipment | 5 | 169 | 112 | ||||||
| Increase in Long-term Equity Investments | (9 | ) | (300 | ) | (4,695 | ) | |||
| Proceeds from Disposal of Long-term Investment | 9 | 297 | 0 | ||||||
| Increase in Restricted Cash in Bank | (0 | ) | (3 | ) | 0 | ||||
| Increase in Intangible Assets | (54 | ) | (1,722 | ) | (370 | ) | |||
| Decrease in Other Assets | 23 | 730 | 59 | ||||||
|
|
|
|
|||||||
| Net Cash Used in Investing Activities | (1,313 | ) | (41,550 | ) | (36,134 | ) | |||
| Cash Flows from Financing Activities: | |||||||||
| Decrease in Short-term Borrowings | (79 | ) | (2,500 | ) | 0 | ||||
| Decrease in Guarantee Deposits | (0 | ) | (0 | ) | (0 | ) | |||
| Increase in Long-term Borrowings | 749 | 23,710 | 9,254 | ||||||
| Issuance of Common Stock for Cash | 0 | 0 | 15,967 | ||||||
| Directors’ and Supervisors’ Remuneration | 0 | 0 | 0 | ||||||
| Cash Dividends | 0 | 0 | 0 | ||||||
| Increase in Treasury Stock | 0 | 0 | 0 | ||||||
|
|
|
|
|||||||
| Net Cash Provided by Financing Activities | 860 | 27,210 | 25,221 | ||||||
| Effect of Exchange Rate Change on Cash | (3 | ) | (96 | ) | 23 | ||||
|
|
|
|
|||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (48 | ) | (1,497 | ) | 15,314 | ||||
|
|
|
|
|||||||
| Cash and Cash Equivalents at Beginning of Period | 522 | 16,529 | 16,624 | ||||||
|
|
|
|
|||||||
| Cash and Cash Equivalents at End of Period | 475 | 15,032 | 31,938 | ||||||
|
|
|
|
|||||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 31.64 per US dollar |
Item 3
 |
News Release |
AU OPTRONICS REPORTS SECOND QUARTER 2005 RESULTS
Hsin Chu, Taiwan, August 3, 2005 –
| AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the world’s third largest manufacturer of large-size TFT-LCD panels, today announced its unaudited consolidated results of operations for the three months ended June 30, 2005. All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”). There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Company’s annual report on Form 20-F/A filed with the United States Securities and Exchange Commission with respect to the year ended December 31, 2004. The unaudited financial information mentioned herein is not necessarily indicative of our future financial results. |
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today released unaudited consolidated results for the three months ended June 30, 2005. All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”), the amounts in New Taiwan Dollars (“NT$”) were translated into US dollars (US$) at NT$31.64 per US$1.00 based on the noon buying rate by the Federal Reserve Bank of New York as of June 30, 2005.
For the second quarter ended June 30, 2005, AUO’s consolidated revenues reached NT$46,247 million (US$1,462 million), a 19.1% increase from the first quarter of 2005. Net income for the second quarter of 2005 totaled NT$470 million (US$15 million), while basic EPS* was NT$0.13 per common share and US$0.04 per ADS.
Gross profit in the second quarter of 2005 increased 158.2% to reach NT$3,163 million, while operating income amounted to NT$532 million, compared to an operating loss of NT$1,940 in the first quarter of 2005. Gross margin for the second quarter improved to 6.8% from 3.2% in the previous quarter, while operating margin improved to 1.1%, compared to negative 5.0% in the first quarter of 2005.
AUO’s large-size panel shipment (10” and above) reached 7.0 million in the second quarter of 2005, a 16.6% increase quarter-over-quarter and a 49.0% growth year-over-year. Shipment of small- and medium-size panels totaled 11.8 million, representing a robust 36.9% growth quarter-over-quarter and 61.1% growth year-over-year.
For the six months ended June 30, 2005, AUO’s consolidated revenues totaled NT$85,084 million (US$ 2,689 million). Net loss in the first half of 2005 was NT$1,659 million (US$ 52 million), while Basic EPS was negative NT$0.30 per common share and negative US$0.09 per ADS. For the first six months ended June 30, 2005, unit shipments for large-size and
|
News Release |
small- and medium-size panels totaled 13.1 million and 20.5 million, respectively.
Mr. Max Cheng, CFO of AUO commented “the second quarter results exceeded our guidance announced during our first quarter 2005 investor conference, primarily contributed by product mix change and stabilizing panel prices seen in certain applications. In addition, the smooth ramp-up progress for AUO’s 6th generation fab also contributed to the successful execution of AUO’s LCD TV business strategy and production allocation plan, and provided us an opportune timing to expand our larger size LCD TV panel business. Through effective cost control and enhanced operational efficiency, AUO was able to achieve a gross margin of 6.8% for second quarter of 2005, an improvement from the 3.2% gross margin of the first quarter 2005. In addition, our inventory continues to improve with inventory days declining again from the 38 days as of March 31, 2005 to 32 days on a consolidated basis as of June 30, 2005.
Dr. Hui Hsiung, Executive Vice President of AUO added. “AUO’s new sixth-generation fab (“G6”, 1,500mm x 1,850mm) that commenced ramp-up process in March 2005 is well on track. The new capacity contributed from ongoing ramp-up of the G6 fab supported the increase in our 32” LCD TV panel shipment in the second quarter 2005. We are targeting to ramp up its monthly substrate input capacity to 60,000 substrates by end of this year, from 25,000 substrates at end of June 2005. We expect the ramp-up of our 6G fab to be well-timed to capture the emerging demand for LCD TV, especially from the fast growing 32” and 37” LCD TV markets.
* 2Q’05 Basic EPS was
calculated based on 5,489 million shares, to reflect the adjustment of total
weighted average outstanding shares of 4,946 million plus 543 million dividend
shares to be distributed
Conference Call & Webcast Notice: AUO’s quarterly review conference call will be held at 8:00 pm Taiwan Time (8:00 am Eastern Time) on Wednesday, August 3, 2005. The conference call will also be webcast live on the Internet via AUO’s web site at http://www.auo.com. An archived version of the webcast will be available on AUO’s web site for 45 days following the Company’s quarterly review conference call. |
About AU Optronics
AU Optronics Corp. (“AUO”) is the world’s third largest manufacturer* of large-size thin film transistor liquid crystal display panels (“TFT-LCD”), with approximately 14%* of global market share and generated net income of NT$168.1billion (US$5.3 bn) in 2004. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40”+ sized LCD TV panels, AUO’s next generation (7.5 -Generation )
|
News Release |
fabrication facility production is scheduled for mass production in 4Q 2006. The Company currently operates one 6th-generation, one 5th-generation, one 4th-generation, and three 3.5 -generation TFT- LCD fabs, in addition to four module assembly facilities and a R&D fab specializing in low temperature poly silicon TFT and organic LED. AUO is one of few top-tier TFT-LCD manufacturer capable of offering a wide range of small- to large- size (1.5” -46”) TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
*As shown on DisplaySearch Quarterly Large-Area TFT LCD Shipment Report dated June 6, 2005. The data is used as reference only and AUO does not make any endorsement or representation in connection therewith.
Safe Harbour Notice
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 and demand for our products,
technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in
our annual report on Form 20F/A filed with the United States Securities and Exchange
Commission with respect to the year ended December 31, 2004. Our release of financial
forecasts and forward-looking statements at any particular time does not create
any duty of disclosure beyond that which is imposed by law, and we expressly
disclaim any obligation to publicly update or revise any forecasts or forward-looking
statements, whether as a result of new information, future events or otherwise.
In addition, any financial information contained herewithin is presented in conformity with accounting principles generally accepted in the Republic of China (“ROC GAAP”). Readers should be cautioned that these accounting principles differ in many material respects from accounting principles generally accepted in the United States of America (“US GAAP”). There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Company’s annual report on Form 20-F/A filed with the United States Securities and Exchange Commission with respect to the year ended December 31, 2004. The unaudited financial information mentioned herein is not necessarily indicative of our future financial results.
# # #
FOR MORE INFORMATION
Yawen Hsiao
Corporate Communications
Dept.
AU Optronics Corp.
No.1, Li-Hsin Road
2, Science-Based Industrial Park, Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5008899
ext 3211 Fax: +886-3-5772730
Email: yawenhsiao@auo.com
Item 4
|
News Release |
AU Optronics Corp. July 2005 Consolidated Revenues Totaled NT$17,429 Million
Issued by: AU Optronics Corp.
Issued on: August 3, 2005
Hsinchu, Taiwan, August 3, 2005 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced preliminary consolidated revenues of NT$17,429 million and unconsolidated net sales of NT$17,429 million for the month of July 2005.
Preliminary shipments of large-size panels(a) for applications such as desktop monitor, notebook PC, LCD TV and other applications reached a record high of 2.46 million, a 3.4% from June 2005. Shipments of small- and medium-size panels increased 20.8% M-o-M to total 4.44 million on seasonal strength.
Unaudited consolidated revenues for the month of July 2005 increased by 9.2% M-o-M, while unconsolidated net sales rose 9.3% sequentially. On a year-over-year basis, July 2005 consolidated revenues increased by 19.4%, while unconsolidated net sales rose 19.7% .
(a) Large-size refers to panels that are 10 inches and above in diagonal measurement while small- and medium-size refers to those below 10 inches
Sales Report: (Unit: NT$ million)| Net Sales(1)(2) | Consolidated(3) | Unconsolidated |
| July 2005 | 17,429 | 17,429 |
| June 2005 | 15,954 | 15,953 |
| M-o-M Growth | 9.2% | 9.3% |
| July 2004 | 14,601 | 14,564 |
| Y-o-Y Growth | 19.4% | 19.7% |
| January to July 2005 | 102,513 | 102,439 |
| January to July 2004 | 104,462 | 101,444 |
| Y-o-Y Growth | (1.9%) | 1% |
(1) All figures are prepared
in accordance with generally accepted accounting principles in Taiwan.
(2) Monthly
figures are unaudited, prepared by AU Optronics Corp.
(3) Consolidated numbers include AU Optronics Corp., AU Optronics (L) Corporation, and AU Optronics (Suzhou) Corporation.
2
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (“AUO”) is the world’s third largest manufacturer* of large-size thin film transistor liquid crystal display panels (“TFT-LCD”), with approximately 14%* of global market share and generated net income of NT$168.1billion (US$5.3 bn) in 2004. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40”+ sized LCD TV panels, AUO’s next generation (7.5 -Generation ) fabrication facility production is scheduled for mass production in 4Q 2006. The Company currently operates one 6th-generation, one 5th-generation, one 4th-generation, and three 3.5 -generation TFT- LCD fabs, in addition to four module assembly facilities and a R&D fab specializing in low temperature poly silicon TFT and organic LED. AUO is one of few top-tier TFT-LCD manufacturer capable of offering a wide range of small- to large- size (1.5” -46”) TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
*As shown on DisplaySearch Quarterly Large-Area TFT LCD Shipment Report dated June 6, 2005. The data is used as reference only and AUO does not make any endorsement or representation in connection therewith.
FOR MORE INFORMATION
Yawen
Hsiao
Corporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road
2, Science-Based Industrial Park,
Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5008899 ext 3211
Fax: +886-3-5772730 Email:yawenhsiao@auo.com