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
April 20, 2006
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. | Press release entitled, “AU Optronics Reports 1Q2006 Results”, dated April 20, 2006. |
| 2. | Taiwan Stock Exchange filing entitled, “Supplementary information on the Company's 2006 Annual General Shareholders' Meeting”, dated April 20, 2006. |
| 3. | Investor Conference Materials entitled, “AU Optronics Corp. First Quarter 2006 Results”, dated April 20, 2006. |
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: April 20, 2006 | By: | /s/ Max Cheng | |
| Name: | Max Cheng | ||
| Title: | Chief Financial Officer | ||
Item 1
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News Release |
Safe Harbour Notice
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 FY2005. 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 Form F-3 filed with the United States Securities and Exchange Commission on July 8th, 2005.
AU OPTRONICS REPORTS 1Q2006 RESULTS
| First Quarter 2006 Unaudited Consolidated Financial Highlights | |
| • | Revenues declined 9.0% QoQ to NT$66.3 billion |
| • | Net income decreased 42.0% QoQ to NT$6.7 billion |
| • | Earnings per share (basic EPS) of $1.14 per common share (US$0.35 per ADR) |
| • | Gross margin: 16.7% |
| • | Operating margin: 12.0% |
Hsin Chu, Taiwan, April 20, 2006 –
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 1Q2006. For the first quarter ended March 31, 2006, AUO’s consolidated revenue totaled NT$66.3 billion (US$2.0 billion*), net income NT$6.7 billion, and basic EPS NT$1.14 per common share (US$0.35 per ADR unit).
Gross margin for the first quarter declined 5.5 percentage points to 16.7% . This brought operating margin to 12.0% and EBITDA margin to 27.9% . Mr. Max Cheng, Vice President and Chief Financial Officer of AUO noted that overall industry experiences seasonal weakness as well as supply & demand imbalance. 1Q2006 panel shipments are much in line to the Company’s initial guidance, large-size panel declined 2.3% QoQ to 9.4 million and small- and medium-size panel declined slightly by 0.8% post 15.8 million. Panel Average Selling Price by square meter, is a bit weaker than the Company anticipated, declined by about 11.9% sequentially. The higher-than-expected panel pricing declines are mitigated by better product mix, customer portfolio, remarkable market gain on the LCD TV business, cost competitiveness, manufacturing capability, and innovative designs. TV segment has substantially grown from 27% of revenue in 4Q2005 to 35% in 1Q2006.
|
News Release |
On a sequential comparison, first quarter revenue declined 9.0% and net income decreased 42.0% . On the year-over-year comparison, first quarter results represents a 70.6% increase in revenue, while net income turned from loss of NT$2.1 billion to profit of NT$6.7 billion.
In response to the trend towards larger-sized TFT-LCD TVs in the market, AUO plans to deploy a new investment plan in Houli, the Central Taiwan Science Park near the city of Taichung, where at least G7.5 or next-generation fabrication facilities will be built to cope with the brisk demand for large-sized TFT-LCD TVs. In its initial phase, AUO’s new G7.5 line in Taichung Houli is expected to begin volume production with a monthly capacity to process 60,000 glass substrates. As for plans to construct G8 or even more advanced facilities, AUO may in appropriate times announce the Company’s plan depending on the pace of market demand. AUO has major competitive advantages with its comprehensive product lines, allowing for maximum flexibility in producing LCD TV panels. After its recent merger with Quanta Display Inc., AUO will be able to leverage the core competency advantages of both sides to not only increase production capacity but also better seize ever-shifting market opportunities.
*Amounts converted by an exchange rate of NTD32.42:USD1 as of March 31, 2006.
| Conference Call & Webcast Notice: | |
| AUO’s quarterly review conference call will be held at 8:00 pm Taiwan Time (GMT +8:00) on Thursday, April 20th, 2006. The conference call will be available via webcast http://www.auo.com | |
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 14.2%* of global market share and generated revenue of NT$217.4billion (US$6.75 bn)* in 2005. 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, three 5th-generation, one 4th-generation, and three 3.5 -generation TFT- LCD fabs, in addition to four module assembly facilities and AUO Technology Center specializing in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers 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 Mar 1, 2006. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2005 year end revenue converted by an exchange rate of NTD32.2039:USD1.
# # #
FOR MORE INFORMATIONYawen 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 2
AU
Optronics Corp.
April 20, 2006
English Language Summary
| Subject: | Supplementary information on the Company's 2006 Annual General Shareholders' Meeting. |
| Regulation: | Published pursuant to Article 2-10 of the Taiwan Stock Exchange's Operating |
| Procedures for the Publication of Material Information by Listed Companies | |
| Date of events: 2006/04/20 | |
| Content: | |
| 1. | Date of the board of directors resolution: 2006/04/20 |
| 2. | Date for convening the shareholders' meeting: 2006/06/15 |
| 3. | Location for convening the shareholders' meeting: 2, Hsin-An Road, Hsinchu Science Park, Hsinchu, Taiwan R.O.C. |
| 4. | Cause or subjects for convening the meeting: |
| A. | Report items: |
| (1) | Report of 2005 business |
| (2) | Supervisors’ review report |
| (3) | Report of indirect investments in China in 2005 |
| (4) | Report on the issuance of secured corporate bonds in 2005 |
| (5) | Report on the issuance of new common shares to sponsor ADS offering in 2005 |
| B. | Acceptances: |
| (1) | The 2005 Business Report and Financial Statements. |
| (2) | Proposal for distribution of 2005 profits |
| C. | Discussions: |
| (1) | Proposal for the capitalization of 2005 dividends and employee stock bonus. |
| (2) | Proposal for the Merger with Quanta Display Inc. (“QDI”) and issuance of new common shares to shareholders of QDI. |
| (3) | Proposal for the revisions to the Articles of Incorporation. |
| (4) | Proposal for the revisions to the “Rules for the Election of Directors and Supervisors”. |
| (5) | Proposal for the revisions to the “Guidelines for Endorsements and Guarantees”. |
| (6) | Proposal to opt for tax benefits on the issuance of new common shares in 2005 in accordance with the Statute of Upgrading Industries. |
| 5. | Starting and ending dates of suspension of share transfer: 2006/04/17~2006/06/15 |
| 6. | Any other matters that need to be specified: N/A |
AU Optronics Corp.
First Quarter 2006 Results
Investor Conference
2006
April 20, 2006
|
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AUO
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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AUO
Consolidated Income Statement
-- QoQ Comparison
Amount : NT$ Million Except Per Share Data
1Q'06(a) 4Q'05(a) QoQ% 1Q'05(a)
------------------ ------------------ -------- ---------------
Net Sales 66,252 100.0% 7 2,799 100.0% (9.0%) 38,837 100.0%
Cost of Goods Sold (55,179) (83.3%) (56,616) (77.8%) (2.5%) (37,612) (96.8%)
Gross Profit 11,073 16.7% 16,184 22.2% (31.6%) 1,225 3.2%
Operating Expenses (3,125) (4.7%) (3,693) (5.1%) (15.4%) (3,165) (8.1%)
Operating Income (Loss) 7,948 12.0% 12,490 17.2% (36.4%) (1,940) (5.0%)
Net Non-operating Income (Expense) (694) (1.0%) (554) (0.8%) 25.2% (189) (0.5%)
Income (Loss) before Tax 7,254 10.9% 11,936 16.4% (39.2%) (2,129) (5.5%)
Income Tax Benefit (Expense) (566) (0.9%) (473) (0.7%) 19.5% 0 0.0%
Changes in Accounting Principle(d) (39) (0.1%) 0 0.0% -- 0 0.0%
Minority Interest in Net Loss (Income) 0 0.0% 2 0.0% -- 0 0.0%
----- ---- ------ ---- ------ ------ ----
Net Income (Loss) 6,650 10.0% 11,465 15.7% (42.0%) (2,129) (5.5%)
===== ==== ====== ==== ===== ====== ====
Basic EPS (NT$)(b) 1.14 2.02 (43.7%) (0.43)
Operating Income + D&A 18,495 27.9% 22,791 31.3% (18.9%) 5,416 13.9%
Unit Shipments (MN)(c)
Large Size Panels 9.4 9.6 (2.3%) 6.0
Small & Medium Size Panels 15.8 15.9 (0.8%) 8.6
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Basic EPS were calculated based on total weighted average outstanding
shares of 5,831 million shares and 5,639 million shares respectively for
1Q'06 and 4Q'05
(c) Large size refers to panels that are 10 inches and above in diagonal
measurement while small & medium size refers to those below 10 inches
(d) Cumulative effect on adoption of SFAS No. 34
|
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| AUO Consolidated Balance Sheet Highlights Amount : NT$ Million 1Q'06(a) 4Q'05(a) QoQ % 1Q'05(a) -------- -------- ----- -------- Cash & ST Investment 25,907 27,850 (7.0%) 16,820 Inventory 22,693 19,167 18.4% 15,164 Short Term Debt(b) 9,815 9,833 (0.2%) 13,965 Long Term Debt 87,761 83,940 4.6% 59,420 Equity 162,586 155,819 4.3% 128,423 Total Assets 335,106 329,796 1.6% 245,124 Inventory Turnover (Days)(c) 35 28 38 Debt to Equity 60.0% 60.2% 57.1% Net Debt to Equity 45.2% 43.3% 45.3% (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 |  |
Consolidated Cash Flow Highlights
- QoQ Comparison
Amount: NT$ Million
1Q'06 (a) 4Q'05 (a) QoQ
--------- --------- ------
From Operating Activities 13,426 21,924 (8,498)
Net Profit 6,650 11,463 (4,813)
Depreciation & Amortization 10,547 10,301 246
------------------------------------ --------- --------- ------
From Investing Activities (19,578) (16,675) (2,903)
Capital Expenditure (18,989) (17,229) (1,760)
------------------------------------ --------- --------- ------
From Financing Activities 3,897 3,532 365
Debt (1,103) 3,532 (4,635)
Bond 5,000 0 5,000
------
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
|
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SLIDE06
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AUO
Consolidated Large Panel
Shipments & Blended ASP
Unit Shipments Blended ASP (US$)
-- Unaudited, prepared by AU Optronics Corp. on a consolidated basis
-- Large size refers to panels that are 10 inches and above in diagonal measurement
-- Blended ASP in US dollars translated from NT$ based on average exchange rates announced by Directorate
General of Customs, ROC Ministry of Finance for each respective quarter
7
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AUO
Consolidated Large Panel
Shipments & ASP by Unit
PC TV Others PC-ASP/unit TV-ASP/unit
-- Unaudited, prepared by AU Optronics Corp. on a consolidated basis
-- Large size refers to panels that are 10 inches and above in diagonal measurement
-- Blended ASP in US dollars were 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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AUO
Consolidated Shipments & ASP by Area
Shipments in square meter (K) ASP per square meter
-- Unaudited, prepared by AU Optronics Corp. on a consolidated basis
-- ASP per square meter in US dollars were translated from NT$ based
on the noon buying rate for each respective quarter
9
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AUO
Consolidated Small & Medium Panel
Shipments & Revenues
Shipments Revenues (NT$BN)
-- Unaudited, prepared by AU Optronics Corp. on a consolidated basis
-- Small & Medium size refers to panels that are under 10 inches in diagonal measurement
10
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Capacity by Fab
Substrate 3/2006 6/2006 (F) 12/2006
Fab Size (mm) Capacity(a) Capacity (a) Capacity (a)
----------------------------------------------------------------------
5,000 LTPS 5,000 LTPS 25,000 LTPS
L3 (G3.5) 610 x 720 65,000a-Si 65,000a-Si 45,000a-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 60,000 60,000 120,000
----------------------------------------------------------------------
L10(G6.0) 1500 x 1850 80,000 100,000 120,000
----------------------------------------------------------------------
L11(G7.5) 1950 x 2250 - - 10,000
----------------------------------------------------------------------
(a) Capacity based on monthly glass substrate
11
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Capacity Lineup Post Merger
12/2006 installed capacity (a)
---------------------------------
AUO Size (mm) K Sheet K m(2) %
-----------------------------------------------------------------------
G3.5 610 x 720 75 33 4%
G3.5 600 x 720 60 26 3%
G4.0 680 x 880 60 36 4%
G5.0 1100 x 1250 50 69 7%
G5.0 1100 x 1300 190 272 30%
G6.0 1500 x 1850 120 333 37%
G7.5 1950 x 2250 30 132 15%
-----------------------------------------------------------------------
AUO subtotal 900 100%
=======================================================================
G6 Phase 1 G6 Phase 1+2
--------------------- ----------------------
QDI Size(mm) K Sheet K m(2) % K Sheet K m(2) %
-----------------------------------------------------------------------
G3.5 625 x 750 50 23 8% 50 23 5%
G5.0 1100 x 1250 75 103 35% 75 103 22%
G6.0 1500 x 1850 60 167 57% 120 333 73%
-----------------------------------------------------------------------
QDI subtotal 293 100% 460 100%
=======================================================================
QDI/AUO 33% 51%
(a) Installed capacity based on monthly glass substrate
12
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
March 31, 2006 and 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) )
| March 31, 2006 | March 31, 2005 | YoY | |||||||||||||
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| ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||
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| Cash and Cash Equivalents | 742 | 24,052 | 7.2 | 15,233 | 6.2 | 8,819 | 57.9 | ||||||||
| Short-term Investment | 57 | 1,855 | 0.6 | 1,587 | 0.6 | 268 | 16.9 | ||||||||
| Notes & Accounts Receivables | 1,324 | 42,928 | 12.8 | 24,368 | 9.9 | 18,560 | 76.2 | ||||||||
| Inventories | 700 | 22,693 | 6.8 | 15,164 | 6.2 | 7,529 | 49.6 | ||||||||
| Other Current Financial Assets | 14 | 449 | 0.1 | 554 | 0.2 | (105 | ) | (18.9 | ) | ||||||
| Other Current Assets | 137 | 4,433 | 1.3 | 2,843 | 1.2 | 1,590 | 55.9 | ||||||||
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| Total Current Assets | 2,974 | 96,410 | 28.8 | 59,749 | 24.4 | 36,661 | 61.4 | ||||||||
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| Long-term Investments | 156 | 5,047 | 1.5 | 6,113 | 2.5 | (1,066 | ) | (17.4 | ) | ||||||
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| Fixed Assets | 10,126 | 328,299 | 98.0 | 242,607 | 99.0 | 85,692 | 35.3 | ||||||||
| Less Accumulated Depreciation | (3,173 | ) | (102,883 | ) | (30.7 | ) | (67,879 | ) | (27.7 | ) | (35,004 | ) | 51.6 | ||
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| Net Fixed Assets | 6,953 | 225,416 | 67.3 | 174,728 | 71.3 | 50,688 | 29.0 | ||||||||
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| Other Assets | 254 | 8,233 | 2.5 | 4,535 | 1.8 | 3,698 | 81.6 | ||||||||
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| Total Assets | 10,336 | 335,106 | 100.0 | 245,124 | 100.0 | 89,982 | 36.7 | ||||||||
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| LIABILITIES | |||||||||||||||
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| Short-term Borrowings | 0 | 0 | 0.0 | 6,579 | 2.7 | (6,579 | ) | (100.0 | ) | ||||||
| Accounts Payable | 1,515 | 49,117 | 14.7 | 30,613 | 12.5 | 18,504 | 60.4 | ||||||||
| Current Installments of Long-term Liabilities | 303 | 9,815 | 2.9 | 7,387 | 3.0 | 2,428 | 32.9 | ||||||||
| Current Financial Liabilities | 2 | 72 | 0.0 | 0 | 0.0 | 72 | – | ||||||||
| Other Current Liabilities | 781 | 25,312 | 7.6 | 12,497 | 5.1 | 12,815 | 102.5 | ||||||||
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| Total Current Liabilities | 2,601 | 84,316 | 25.2 | 57,076 | 23.3 | 27,241 | 47.7 | ||||||||
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| Long-term Borrowings | 2,183 | 70,761 | 21.1 | 53,420 | 21.8 | 17,342 | 32.5 | ||||||||
| Bonds Payable | 524 | 17,000 | 5.1 | 6,000 | 2.4 | 11,000 | 183.3 | ||||||||
| Non Current Financial Liabilities | 9 | 282 | 0.1 | 0 | 0.0 | 282 | – | ||||||||
| Other Liabilities | 5 | 160 | 0.0 | 206 | 0.1 | (46 | ) | (22.3 | ) | ||||||
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| Total Liabilities | 5,321 | 172,520 | 51.5 | 116,701 | 47.6 | 55,819 | 47.8 | ||||||||
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| SHAREHOLDERS’ EQUITY | |||||||||||||||
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| Common Stock | 1,798 | 58,305 | 17.4 | 49,580 | 20.2 | 8,725 | 17.6 | ||||||||
| Capital Surplus | 1,779 | 57,675 | 17.2 | 45,165 | 18.4 | 12,510 | 27.7 | ||||||||
| Retained Earnings | 1,429 | 46,323 | 13.8 | 34,144 | 13.9 | 12,179 | 35.7 | ||||||||
| Cumulative Translation Adjustment | 1 | 43 | 0.0 | (215 | ) | (0.1 | ) | 259 | (120.1 | ) | |||||
| Treasury Stock | 0 | 0 | 0.0 | (251 | ) | (0.1 | ) | 251 | (100.0 | ) | |||||
| Unrealized Gain/Loss on Financial Products | (0 | ) | (6 | ) | (0.0 | ) | 0 | 0.0 | (6 | ) | – | ||||
| Minority Interest | 8 | 244 | 0.1 | 0 | 0.0 | 244 | – | ||||||||
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| Total Stockholders' Equity | 5,015 | 162,586 | 48.5 | 128,423 | 52.4 | 34,163 | 26.6 | ||||||||
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| Total Liabilities & Stockholders' Equity | 10,336 | 335,106 | 100.0 | 245,124 | 100.0 | 89,982 | 36.7 | ||||||||
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| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
| (2) Amount in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.42 per US dollar as of March 31, 2006 | ||
14
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three
Months Ended March 31, 2006 and 2005 and December 31, 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | ||||||||||||||||
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1Q 2006 USD |
1Q
2006 NTD |
% of Sales |
1Q
2005 NTD |
YoY Chg % |
1Q 2006 USD |
1Q
2006 NTD |
% of Sales |
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| Net Sales | 2,044 | 66,252 | 100.0 | 38,837 | 70.6 | 2,044 | 66,252 | 100.0 | |||||||||
| Cost of Goods Sold | 1,702 | 55,179 | 83.3 | 37,612 | 46.7 | 1,702 | 55,179 | 83.3 | |||||||||
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| Gross Profit | 342 | 11,073 | 16.7 | 1,225 | 803.6 | 342 | 11,073 | 16.7 | |||||||||
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| Operating Expenses | |||||||||||||||||
| SG&A | 49 | 1,584 | 2.4 | 1,922 | (17.6 | ) | 49 | 1,584 | 2.4 | ||||||||
| R&D | 48 | 1,542 | 2.3 | 1,243 | 24.0 | 48 | 1,542 | 2.3 | |||||||||
|
|
|
|
|
|
|
|
|
||||||||||
| 96 | 3,125 | 4.7 | 3,165 | (1.3 | ) | 96 | 3,125 | 4.7 | |||||||||
|
|
|
|
|
|
|
|
|
||||||||||
| Operating Income (Losses) | 245 | 7,948 | 12.0 | (1,940 | ) | – | 245 | 7,948 | 12.0 | ||||||||
|
|
|
|
|
|
|
|
|
||||||||||
| Net Non-Operating Income (Expenses) | (21 | ) | (694 | ) | (1.0 | ) | (189 | ) | 266.4 | (21 | ) | (694 | ) | (1.0 | ) | ||
|
|
|
|
|
|
|
|
|
||||||||||
| Income before Income Tax | 224 | 7,254 | 10.9 | (2,129 | ) | – | 224 | 7,254 | 10.9 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
| Income Tax Benefit (Expense) | (17 | ) | (566 | ) | (0.9 | ) | 0 | – | (17 | ) | (566 | ) | (0.9 | ) | |||
|
|
|
|
|
|
|
|
|
||||||||||
| Changes in Principle | (1 | ) | (39 | ) | (0.1 | ) | 0 | – | (1 | ) | (39 | ) | (0.1 | ) | |||
|
|
|
|
|
|
|
|
|
||||||||||
| Minority interest in net loss (income) | 0 | 0 | 0.0 | 0 | – | 0 | 0 | 0.0 | |||||||||
|
|
|
|
|
|
|
|
|
||||||||||
| Net Income (loss) | 205 | 6,650 | 10.0 | (2,129 | ) | – | 205 | 6,650 | 10.0 | ||||||||
|
|
|
|
|
|
|
|
|
||||||||||
| Basic Earnings Per Share | 0.04 | 1.14 | (0.43 | ) | 0.04 | 1.14 | |||||||||||
|
|
|
|
|
|
|||||||||||||
| Basic Earnings Per ADS(3) | 0.35 | 11.41 | (4.30 | ) | 0.35 | 11.41 | |||||||||||
|
|
|
|
|
|
|||||||||||||
|
Weighted Average
Number of
Shares Outstanding (Million) |
5,831 | 4,946 | 5,831 | ||||||||||||||
|
|
|
|
|||||||||||||||
| Note: | (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) | Amounts in New Taiwan dollars were translated into U.S. dollars at the exchange rate of NT$32.42 per US dollar as of March 31, 2006 | |
| (3) | 1 ADR equals 10 common shares |
15
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF
CASH FLOWS
For the
Year Ended March 31, 2006 and 2005
(Expressed in Millions of New
Taiwan Dollars (NTD) and U.S. Dollars (USD))
| 1Q 2006 | 1Q 2005 | ||||||||
| USD | NTD | NTD | |||||||
|
|
|
|
|
|
|
||||
| Cash Flows from Operating Activities: | |||||||||
| Net Income | 205 | 6,650 | (2,129 | ) | |||||
| Depreciation & Amortization | 325 | 10,547 | 7,356 | ||||||
| Provision for Inventory Devaluation | (12 | ) | (374 | ) | 61 | ||||
| Investment Loss (Gain) under Equity Method | 10 | 317 | 0 | ||||||
| Disposal Gain on Long-term Investment | (1 | ) | (37 | ) | 88 | ||||
| Changes in Working Capital & Others | (113 | ) | (3,676 | ) | (282 | ) | |||
|
|
|
|
|
|
|
||||
| Net Cash Provided by Operating Activities | 414 | 13,426 | 5,094 | ||||||
| Cash Flows from Investing Activities: | |||||||||
| Decrease in Short-term Investments | 0 | 0 | 0 | ||||||
| Acquisition of Property, Plant and Equipment | (586 | ) | (18,989 | ) | (21,788 | ) | |||
| Proceeds from Disposal of Property, Plant and Equipment | 0 | 14 | 17 | ||||||
| Increase in Long-term Equity Investments | 0 | 0 | (266 | ) | |||||
| Proceeds from Disposal of Long-term Investment | 3 | 102 | 0 | ||||||
| Increase in Restricted Cash in Bank | 0 | 0 | 0 | ||||||
| Increase in Intangible Assets | (28 | ) | (900 | ) | (214 | ) | |||
| Decrease in Other Assets | 6 | 196 | 815 | ||||||
|
|
|
|
|
|
|
||||
| Net Cash Used in Investing Activities | (604 | ) | (19,578 | ) | (21,436 | ) | |||
| Cash Flows from Financing Activities: | |||||||||
| Increase (Decrease) in Short-term Borrowings | 0 | 0 | 396 | ||||||
| Increase in Guarantee Deposits | 0 | 0 | 1 | ||||||
| Increase in Long-term Borrowings | (34 | ) | (1,103 | ) | 13,351 | ||||
| Issuance of Common Stock for Cash | 0 | 0 | 0 | ||||||
| Issuance of Convertible Bonds and Bonds Payable | 154 | 5,000 | 0 | ||||||
| Bond Issuance Cost | 0 | 0 | 0 | ||||||
| Directors' and Supervisors' Remuneration | 0 | 0 | 0 | ||||||
| Cash Dividend | 0 | 0 | 0 | ||||||
| Decrease in Treasury Stock | 0 | 0 | 0 | ||||||
| Others | |||||||||
|
|
|
|
|
|
|
||||
| Net Cash Provided by Financing Activities | 120 | 3,897 | 13,747 | ||||||
| Effect of Exchange Rate Change on Cash | 1 | 43 | 31 | ||||||
|
|
|
|
|
|
|
||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (68 | ) | (2,211 | ) | (2,564 | ) | |||
|
|
|
|
|
|
|
||||
| Cash and Cash Equivalents at Beginning of Period | 810 | 26,263 | 17,798 | ||||||
|
|
|
|
|
|
|
||||
| Cash and Cash Equivalents at End of Period | 742 | 24,052 | 15,233 | ||||||
|
|
|
|
|
|
|
||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NT$ 32.42 per US dollar as of March 31, 2006 |
16
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
March 31, 2006 and 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| March 31, 2006 | March 31, 2005 | YoY | |||||||||||||
|
|
|
|
|
|
|
||||||||||
| ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||
|
|
|
|
|
|
|
|
|
||||||||
| Cash and Cash Equivalents | 682 | 22,098 | 6.8 | 14,210 | 6.0 | 7,888 | 55.5 | ||||||||
| Short-term Investments | 57 | 1,855 | 0.6 | 1,587 | 0.7 | 268 | 16.9 | ||||||||
| Notes & Accounts Receivable | 1,327 | 43,011 | 13.3 | 24,383 | 10.3 | 18,628 | 76.4 | ||||||||
| Other Current Financial Assets | 13 | 425 | 0.1 | 462 | 0.2 | (37 | ) | (7.9 | ) | ||||||
| Inventories | 631 | 20,442 | 6.3 | 13,132 | 5.6 | 7,310 | 55.7 | ||||||||
| Other Current Assets | 136 | 4,402 | 1.4 | 2,728 | 1.2 | 1,674 | 61.4 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Total Current Assets | 2,845 | 92,233 | 28.4 | 56,500 | 23.9 | 35,733 | 63.2 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Long-term Investments | 364 | 11,815 | 3.6 | 11,714 | 5.0 | 101 | 0.9 | ||||||||
| Fixed Assets | 9,569 | 310,223 | 95.7 | 229,426 | 97.0 | 80,797 | 35.2 | ||||||||
| Less Accumulated Depreciation | (3,018 | ) | (97,830 | ) | (30.2 | ) | (65,310 | ) | (27.6 | ) | (32,519 | ) | 49.8 | ||
|
|
|
|
|
|
|
|
|||||||||
| Net Fixed Assets | 6,551 | 212,393 | 65.5 | 164,115 | 69.4 | 48,278 | 29.4 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Other Assets | 243 | 7,876 | 2.4 | 4,177 | 1.8 | 3,700 | 88.6 | ||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
| Total Assets | 10,004 | 324,317 | 100.0 | 236,506 | 100.0 | 87,811 | 37.1 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| LIABILITIES | |||||||||||||||
|
|
|||||||||||||||
| Short-term Borrowing | 0 | 0 | 0.0 | 6,200 | 2.6 | (6,200 | ) | (100.0 | ) | ||||||
| Accounts Payable | 1,426 | 46,219 | 14.3 | 28,586 | 12.1 | 17,632 | 61.7 | ||||||||
| Current Installments of Long-term Liabilities | 252 | 8,177 | 2.5 | 5,896 | 2.5 | 2,281 | 38.7 | ||||||||
| Current Financial Liabilities | 2 | 72 | 0.0 | 0 | 0.0 | 72 | – | ||||||||
| Other Current Liabilities | 746 | 24,183 | 7.5 | 11,361 | 4.8 | 12,822 | 112.9 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Total Current Liabilities | 2,426 | 78,651 | 24.3 | 52,044 | 22.0 | 26,607 | 51.1 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Long-term Borrowings | 2,032 | 65,888 | 20.3 | 49,836 | 21.1 | 16,052 | 32.2 | ||||||||
| Bonds Payable | 524 | 17,000 | 5.2 | 6,000 | 2.5 | 11,000 | 183.3 | ||||||||
| Non Current Financial Liabilities | 9 | 282 | 0.1 | 0 | 0.0 | 282 | – | ||||||||
| Other Long-term Liabilities | 5 | 154 | 0.0 | 203 | 0.1 | (49 | ) | (24.1 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities | 4,996 | 161,975 | 49.9 | 108,083 | 45.7 | 53,892 | 49.9 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| SHAREHOLDERS' EQUITY | |||||||||||||||
|
|
|||||||||||||||
| Common Stock | 1,798 | 58,305 | 18.0 | 49,580 | 21.0 | 8,725 | 17.6 | ||||||||
| Capital Surplus | 1,779 | 57,675 | 17.8 | 45,165 | 19.1 | 12,510 | 27.7 | ||||||||
| Retained Earnings | 1,429 | 46,323 | 14.3 | 34,144 | 14.4 | 12,179 | 35.7 | ||||||||
| Cumulative Translation Adjustment | 1 | 43 | 0.0 | (215 | ) | (0.1 | ) | 259 | (120.1 | ) | |||||
| Treasury Stock | 0 | 0 | 0.0 | (251 | ) | (0.1 | ) | 251 | (100.0 | ) | |||||
| Unrealized Gain/Loss on Financial Products | (0 | ) | (6 | ) | 0.0 | 0 | 0.0 | (6 | ) | – | |||||
|
|
|
|
|
|
|
|
|||||||||
| Total Stockholders' Equity | 5,007 | 162,342 | 50.1 | 128,423 | 54.3 | 33,919 | 26.4 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities & Stockholders' Equity | 10,004 | 324,317 | 100.0 | 236,506 | 100.0 | 87,811 | 37.1 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
| Note: | (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) | Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.42 per US dollar as of March 31, 2006 |
17
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three
Months Ended March 31, 2006 and 2005 and December 31, 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | ||||||||||||||||||
|
|
|
|
|
||||||||||||||||
| 1Q 2006 | % of | 1Q 2005 | YoY | 1Q 2006 | % of | 4Q 2005 | |||||||||||||
| USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Sales | 2,043 | 66,241 | 100.0 | 38,796 | 70.7 | 2,043 | 66,241 | 100.0 | 72,785 | ||||||||||
| Cost of Goods Sold | 1,710 | 55,439 | 83.7 | 38,428 | 44.3 | 1,710 | 55,439 | 83.7 | 57,070 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross Profit | 333 | 10,802 | 16.3 | 368 | 2,833.0 | 333 | 10,802 | 16.3 | 15,715 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating Expenses | |||||||||||||||||||
| SG&A | 41 | 1,319 | 2.0 | 1,574 | (16.2 | ) | 41 | 1,319 | 2.0 | 2,234 | |||||||||
| R&D | 47 | 1,531 | 2.3 | 1,243 | 23.2 | 47 | 1,531 | 2.3 | 1,135 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 88 | 2,850 | 4.3 | 2,817 | 1.2 | 88 | 2,850 | 4.3 | 3,370 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating Income (Losses) | 245 | 7,952 | 12.0 | (2,449 | ) | – | 245 | 7,952 | 12.0 | 12,346 | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Non-Operating Income (Expenses) | (22 | ) | (709 | ) | (1.1 | ) | 320 | – | (22 | ) | (709 | ) | (1.1 | ) | (408 | ) | |||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income before Income Tax | 223 | 7,243 | 10.9 | (2,129 | ) | – | 223 | 7,243 | 10.9 | 11,938 | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income Tax Benefit (Expense) | (17 | ) | (554 | ) | (0.8 | ) | 0 | – | (17 | ) | (554 | ) | (0.8 | ) | (473 | ) | |||
| Changes in Principle | (1 | ) | (39 | ) | (0.1 | ) | 0 | – | (1 | ) | (39 | ) | (0.1 | ) | 0 | ||||
|
|
|
|
|
|
|
|
|
||||||||||||
| Net Income | 205 | 6,650 | 10.0 | (2,129 | ) | – | 205 | 6,650 | 10.0 | 11,465 | |||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
| Basic Earnings Per Share | 0.04 | 1.14 | (0.43 | ) | 0.04 | 1.14 | 2.02 | ||||||||||||
|
|
|
|
|
|
|
||||||||||||||
| Basic Earnings Per ADS(3) | 0.35 | 11.41 | (4.30 | ) | 0.35 | 11.41 | 20.25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
| Weighted Average Number | 5,831 | 4,946 | 5,831 | 5,639 | |||||||||||||||
|
|
|
|
|||||||||||||||||
| of Shares Outstanding (Million) | |||||||||||||||||||
| Note: | (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) | Amounts in New Taiwan dollars were translated into U.S. dollars at the exchange rate of NT$32.42 per US dollar as of March 31, 2006 | |
| (3) | 1 ADR equals 10 common shares |
18
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF
CASH FLOWS
For the Three Months Ended March
31, 2006 and 2005
(Expressed in Millions of New Taiwan dollars (NTD) and US dollars (USD))
| 1Q 2006 | 1Q 2005 | ||||||||
|
|
|
|
|
|
|
||||
| USD | NTD | NTD | |||||||
|
|
|
|
|
|
|
||||
| Cash Flows from Operating Activities: | |||||||||
| Net Income | 205 | 6,650 | (2,129 | ) | |||||
| Depreciation & Amortization | 306 | 9,904 | 6,853 | ||||||
| Provision for Inventory Devaluation | 8 | 267 | 0 | ||||||
| Investment Loss (Gain) | 11 | 355 | (373 | ) | |||||
| Changes in Working Capital & Others | (143 | ) | (4,638 | ) | 220 | ||||
|
|
|
|
|
|
|
||||
| Net Cash Provided by Operating Activities | 387 | 12,539 | 4,571 | ||||||
| Cash Flows from Investing Activities: | |||||||||
| Acquisition of Property, Plant and Equipment | (551 | ) | (17,858 | ) | (21,068 | ) | |||
| Proceeds from Disposal of Property, Plant and Equipment | 0 | 14 | 16 | ||||||
| Increase in Long-term Equity Investments | (5 | ) | (162 | ) | (150 | ) | |||
| Proceeds from Disposal of Long-term Investment | 0 | 0 | 0 | ||||||
| Increase in Intangible Assets | (28 | ) | (908 | ) | (215 | ) | |||
| Decrease in Other Assets | 1 | 34 | 816 | ||||||
|
|
|
|
|
|
|
||||
| Net Cash Used in Investing Activities | (582 | ) | (18,880 | ) | (20,601 | ) | |||
| Cash Flows from Financing Activities: | |||||||||
| Decrease (Increase) in Short-term Borrowings | 0 | 0 | 400 | ||||||
| Decrease in Guarantee Deposits | (0 | ) | (0 | ) | (0 | ) | |||
| Increase (Decrease) in Long-term Borrowings | (42 | ) | (1,350 | ) | 13,308 | ||||
| Issuance of Convertible Bonds and Bonds | 154 | 5,000 | 0 | ||||||
| Others | 0 | 0 | 0 | ||||||
|
|
|
|
|
|
|
||||
| Net Cash Provided by Financing Activities | 113 | 3,650 | 13,708 | ||||||
| Effect of Exchange Rate Change on Cash | 4 | 122 | 4 | ||||||
|
|
|
|
|
|
|
||||
| Net Increase (Decrease) in Cash and Cash Equivalents | (79 | ) | (2,570 | ) | (2,319 | ) | |||
|
|
|
|
|
|
|
||||
| Cash and Cash Equivalents at Beginning of Period | 761 | 24,667 | 16,529 | ||||||
|
|
|
|
|
|
|
||||
| Cash and Cash Equivalents at End of Period | 682 | 22,098 | 14,210 | ||||||
|
|
|
|
|
|
|
||||
| Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
| (2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.42 per US dollar as of March 31,200 |
19