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 22, 2010
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AU Optronics Corp.
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(Translation of registrant’s name into English)
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No. 1 Li-Hsin Road 2
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Hsinchu Science Park
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Hsinchu, Taiwan
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F X Form 40-F ___
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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):
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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.
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Yes ..... No ...X...
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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
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1.
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Press release entitled, ” AUO Reports 1Q2010 Results”, dated April 22, 2010.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. First Quarter 2010 Results”, dated April 22, 2010.
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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.
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AU Optronics Corp.
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Date: April 22, 2010
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By:
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/s/ Andy Yang
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Name:
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Andy Yang
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Title:
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Chief Financial Officer
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Item 1
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News Release
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AU Optronics Corp. Reports 1Q2010 Financial Results
Issued by: AU Optronics Corp.
Issued on: April 22, 2010
Hsinchu, Taiwan, April 22, 2010 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced its unaudited results for the first quarter of 2010(1). For the first quarter ended March 31, 2010, AUO posted consolidated revenue of NT$111,564 million (US$3,516 million) (2), down 2.9% from the previous quarter. Gross profit improved 62.8% quarter-over-quarter to NT$14,270 million (US$450 million), representing a gross margin of 12.8%. Operating income, on the other hand, reached NT$8,129 million (US$256 million), with an impressive quarterly growth rate of 327.9% and an operating margin of 7.3%. Consequently, AUO’s net income came in at NT$7,274 million (US$229 million), attributable to equity holders of the parent company at NT$7,103 million (US$224 million), or basic EPS of NT$0.8 per common share (US$0.25 per ADR) for the first quarter of 2010.
1Q2010 Result Highlights
AUO reported the following unaudited consolidated results for the first quarter of 2010:
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Revenue of NT$111,564 million, down 2.9% quarter-over-quarter
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Net income of NT$7,274 million
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Basic EPS of NT$0.8 per common share
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Gross margin of 12.8%
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Operating margin of 7.3%
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EBITDA (3) margin of 27.6%
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For the first quarter, AUO’s large-sized panels totaled 27.22 million units, down 0.6% quarter-over-quarter but up significantly 107.1% year-over-year. In terms of small- and
medium-sized panels, the shipment was over 56.99 million units, down 5.2% quarter-over-quarter but up 32.7% year-over-year.
“Although the first quarter was the traditional low season, we have seen relative stable panel prices thanks to recovering global demand and healthy inventory levels in the channel, “ said Mr. Andy Yang, Chief Financial Officer of AUO. “As a result, the Company’s average selling price per square meter dropped by merely 1.6% from the previous quarter. In addition, the management team has taken a proactive approach toward product mix improvements. On rising high-end product mix and the design efforts which helped lower our costs effectively, our gross margin picked up from last quarter’s 7.6% to 12.8% this quarter. Meanwhile, our operating margin also increased considerably from 1.7% last quarter to 7.3%. Being noteworthy, our EBITDA margin expanded to 27.6% for the first quarter.”
In view of the positive outlook for the demand in 2010, the total capacity of AUO’s 7.5 generation fabs is planned to increase from 100,000 sheets per month in the first quarter of 2010 to 120,000 sheets by the end of the second quarter, aiming at meeting the growing demands in the emerging markets and seizing the opportunities brought by recovery of the European and American markets.
(1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)
(2) Amounts converted by an exchange rate of NTD31.73:USD1 based on Federal Reserve Bank of New York, USA as of March 31, 2010.
(3) EBITDA=Operating Income +D&A
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$359.3 billion (US$11.2 billion) in sales revenue* in 2009 with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its
market to the green energy industry in late 2008, and formally founded its Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.
* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
Safe Harbour Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on May 27th, 2009.
For more information, please contact:
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Freda Lee
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Yawen Hsiao
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Corporate Communications Division
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Corporate Communications Division
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AU Optronics Corp.
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AU Optronics Corp.
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Tel: +886-3-5008800 ext 3206
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+886-3-5008800 ext 3211
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Fax: +886-3-5772730
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+886-3-5772730
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Email: freda.lee@auo.com
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yawen.hsiao@auo.com
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Item 2
[GRAPHIC OMITTED]
slide01
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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,
2008 filed with the United States Securities and Exchange Commission.
2
slide02
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Consolidated Income Statement
Amount: NT$ Million Except Per Share Data
----------------- ---------------- ------- ----------------
1Q'10 4Q'09 QoQ % 1Q'09
----------------- ---------------- ------- ----------------
Net Sales 111,564 100.0% 114,861 100.0% (2.9%) 50,741 100.0%
Cost of Goods Sold (97,294) (87.2%) (106,096) (92.4%) (8.3%) (66,651) (131.4%)
------- ------ -------- ------ ------- ------- -------
Gross Profit (Loss) 14,270 12.8% 8,766 7.6% 62.8% (15,910) (31.4%)
Operating Expenses (6,141) (5.5%) (6,866) (6.0%) (10.6%) (4,314) (8.5%)
------- ------ -------- ------ ------- ------- -------
Operating Income (Loss) 8,129 7.3% 1,900 1.7% 327.9% (20,223) (39.9%)
Net Non-operating Expenses(c) (454) (0.4%) (10,977) (9.6%) (95.9%) (791) (1.6%)
------- ------ -------- ------ ------- ------- -------
Income (Loss) before Tax 7,675 6.9% (9,077) (7.9%) -- (21,014) (41.4%)
------- ------ -------- ------ ------- ------- -------
Net Income (Loss) 7,274 6.5% (7,850) (6.8%) -- (20,216) (39.8%)
======= ====== ========= ====== ======= ======== =======
Attributable to:
Equity holders of the
parent company 7,103 6.4% (6,926) (6.0%) -- (20,331) (40.1%)
Minority interest 172 0.2% (924) (0.8%) -- 115 0.2%
------- ------ -------- ------ ------- ------- -------
Net Income (Loss) 7,274 6.5% (7,850) (6.8%) -- (20,216) (39.8%)
======= ====== ========= ====== ======= ======== =======
Basic EPS (NT$)(a) 0.80 (0.78) -- (2.32)
------------------------------------------------------------------------------------------------
Operating Income + DandA 30,842 27.6% 25,243 22.0% 22.2% 872 1.7%
------------------------------------------------------------------------------------------------
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Unit Shipments (mn)(b)
Large Size Panels 27.2 27.4 (0.6%) 13.1
Small and Medium Size Panels 57.0 60.1 (5.2%) 42.9
------------------------------------------------------------------------------------------------
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,827m shares in 1Q10, 8,797m shares in 4Q09 and
8,761m shares in 1Q09) by retroactively adjusting to stock dividend and
stock bonus
(b) Large size refers to panels that are 10 inches and above
(c) The increase of the non-operating loss for the fourth quarter of 2009 is
mainly attributable to legal expenses reserved for antitrust matters. The
company expects that indictments against the company and certain personnel
may be forthcoming in the next few months. The company has and will
continue to vigorously defend itself with respect to the antitrust
allegations. However, given the unpredictable nature of legal matters, the
company cannot rule out the possibility that it may not prevail in all such
matters or that the matters may settle. Therefore, the company believes
that it is appropriate to make such accruals at this time as the company
deems appropriate, with the understanding that the final amount, if any,
may not be ascertained until the final resolution of these matters. 3 AUO
Proprietary and Confidential
3
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Consolidated Balance Sheet Highlights
Amount: NT$ Million
------ -------- ------ -------
1Q'10 4Q'09 QoQ % 1Q'09
------ -------- ------ -------
Cash and ST Investment 88,249 85,443 3.3% 64,450
Inventory 48,056 39,230 22.5% 23,804
Short Term Debt(a) 53,823 48,790 10.3% 48,841
Long Term Debt 140,357 133,079 5.5% 131,643
Equity 282,756 274,919 2.9% 280,846
Total Assets 638,348 622,613 2.5% 554,218
--------------------------------------------------------------------------------
Inventory Turnover (Days)(b) 41 35 32
Debt to Equity 68.7% 66.2% 64.3%
Net Debt to Equity 37.5% 35.1% 41.5%
--------------------------------------------------------------------------------
-- Unaudited, prepared by AUO on a consolidated basis
(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
4
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[GRAPHIC OMITTED]
Consolidated Cash Flow Highlights
Amount: NT$ Million
-------- --------- ---------
1Q'10 4Q'09 QoQ
-------- --------- ---------
From Operating Activities 12,763 35,472 (22,710)
Net Income (Loss) 7,274 (7,850) 15,124
Depreciation and Amortization 22,712 23,343 (631)
Net Change in Working Capital (16,221) 20,277 (36,499)
-------- --------- ---------
From Investing Activities (23,107) (16,112) (6,995)
Capital Expenditure (22,792) (15,681) (7,111)
-------- --------- ---------
From Financing Activities 12,903 7,285 5,618
Net Change in Debt 12,166 6,966 5,200
-------- --------- ---------
Net Change in Cash(a) 2,805 26,837 (24,031)
-- Unaudited, prepared by AUO on a consolidated ba sis
(a) In addition to cash generated from operating, investing and financing
activities, net change in cash also included effect on currency exchange of
foreign subsidiaries
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www.auo.com
-----------
ir@auo.com
slide11
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
March 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) an US Dollars (USD))
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March 31, 2010
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March 31, 2009
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YoY
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ASSETS
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USD
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NTD
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%
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NTD
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%
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Change
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%
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Cash and Cash Equivalents
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2,781 | 88,249 | 13.8 | 63,807 | 11.5 | 24,442 | 38.3 | |||||||||||||||||||||
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Available-for-Sale Financial Assets - Current
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0 | 0 | 0.0 | 644 | 0.1 | (644 | ) | (100.0 | ) | |||||||||||||||||||
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Notes & Accounts Receivables
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2,188 | 69,441 | 10.9 | 32,113 | 5.8 | 37,328 | 116.2 | |||||||||||||||||||||
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Other Current Financial Assets
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32 | 1,001 | 0.2 | 2,558 | 0.5 | (1,557 | ) | (60.9 | ) | |||||||||||||||||||
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Inventories
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1,515 | 48,056 | 7.5 | 23,804 | 4.3 | 24,252 | 101.9 | |||||||||||||||||||||
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Other Current Assets
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273 | 8,668 | 1.4 | 7,719 | 1.4 | 949 | 12.3 | |||||||||||||||||||||
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Total Current Assets
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6,789 | 215,415 | 33.7 | 130,645 | 23.6 | 84,770 | 64.9 | |||||||||||||||||||||
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Long-term Investments
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371 | 11,761 | 1.8 | 9,042 | 1.6 | 2,719 | 30.1 | |||||||||||||||||||||
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Fixed Assets
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25,335 | 803,866 | 125.9 | 710,777 | 128.2 | 93,090 | 13.1 | |||||||||||||||||||||
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Less: Accumulated Depreciation
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(13,099 | ) | (415,628 | ) | (65.1 | ) | (321,899 | ) | (58.1 | ) | (93,729 | ) | 29.1 | |||||||||||||||
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Net Fixed Assets
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12,236 | 388,239 | 60.8 | 388,878 | 70.2 | (639 | ) | (0.2 | ) | |||||||||||||||||||
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Other Assets
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723 | 22,933 | 3.6 | 25,653 | 4.6 | (2,719 | ) | (10.6 | ) | |||||||||||||||||||
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Total Assets
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20,118 | 638,348 | 100.0 | 554,218 | 100.0 | 84,130 | 15.2 | |||||||||||||||||||||
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LIABILITIES
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Short-term Borrowings
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63 | 1,994 | 0.3 | 2,827 | 0.5 | (833 | ) | (29.5 | ) | |||||||||||||||||||
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Accounts Payable
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2,975 | 94,402 | 14.8 | 48,403 | 8.7 | 45,998 | 95.0 | |||||||||||||||||||||
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Current Installments of Long-term Borrowings
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1,633 | 51,829 | 8.1 | 46,014 | 8.3 | 5,815 | 12.6 | |||||||||||||||||||||
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Current Financial Liabilities
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33 | 1,047 | 0.2 | 928 | 0.2 | 119 | 12.9 | |||||||||||||||||||||
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Accrued Expense & Other Current Liabilities
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1,095 | 34,741 | 5.4 | 20,687 | 3.7 | 14,054 | 67.9 | |||||||||||||||||||||
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Machinery and Equipment Payable
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626 | 19,850 | 3.1 | 22,079 | 4.0 | (2,229 | ) | (10.1 | ) | |||||||||||||||||||
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Total Current Liabilities
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6,425 | 203,863 | 31.9 | 140,938 | 25.4 | 62,925 | 44.6 | |||||||||||||||||||||
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Long-term Borrowings
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4,199 | 133,227 | 20.9 | 116,452 | 21.0 | 16,775 | 14.4 | |||||||||||||||||||||
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Bonds Payable
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225 | 7,130 | 1.1 | 15,191 | 2.7 | (8,061 | ) | (53.1 | ) | |||||||||||||||||||
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Non Current Financial Liabilities
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14 | 433 | 0.1 | 772 | 0.1 | (339 | ) | (43.9 | ) | |||||||||||||||||||
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Other Long-term Liabilities
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345 | 10,938 | 1.7 | 19 | 0.0 | 10,919 | 57907.9 | |||||||||||||||||||||
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Total Long-term Liabilities
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4,782 | 151,729 | 23.8 | 132,433 | 23.9 | 19,295 | 14.6 | |||||||||||||||||||||
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Total Liabilities
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11,207 | 355,591 | 55.7 | 273,371 | 49.3 | 82,220 | 30.1 | |||||||||||||||||||||
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SHAREHOLDERS' EQUITY
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Common Stock
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2,782 | 88,270 | 13.8 | 85,057 | 15.3 | 3,213 | 3.8 | |||||||||||||||||||||
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Capital Surplus
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3,623 | 114,972 | 18.0 | 113,721 | 20.5 | 1,251 | 1.1 | |||||||||||||||||||||
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Retained Earnings
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1,977 | 62,732 | 9.8 | 69,661 | 12.6 | (6,929 | ) | (9.9 | ) | |||||||||||||||||||
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Cumulative Translation Adjustments
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35 | 1,116 | 0.2 | 2,883 | 0.5 | (1,766 | ) | (61.3 | ) | |||||||||||||||||||
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Unrealized Gain(Loss) on Financial Products
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26 | 817 | 0.1 | (375 | ) | (0.1 | ) | 1,192 | – | |||||||||||||||||||
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Net loss not recognized as pension cost
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0 | 0 | 0.0 | (40 | ) | 0.0 | 40 | (100.0 | ) | |||||||||||||||||||
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Minority Interest
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468 | 14,848 | 2.3 | 9,939 | 1.8 | 4,909 | 49.4 | |||||||||||||||||||||
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Total Shareholders' Equity
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8,911 | 282,756 | 44.3 | 280,846 | 50.7 | 1,910 | 0.7 | |||||||||||||||||||||
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Total Liabilities & Shareholders' Equity
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20,118 | 638,348 | 100.0 | 554,218 | 100.0 | 84,130 | 15.2 | |||||||||||||||||||||
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Note:
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(1) |
Unaudited, prepared by AUO based on ROC GAAP
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(2)
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Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD31.73 per USD as of March 31, 2010
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12
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended March 31, 2010 and 2009 and December 31, 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||||||||||||
| 1Q 2010 |
% of
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1Q 2009
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YoY
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1Q 2010 |
% of
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4Q 2009 |
QoQ
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USD
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NTD
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Sales
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NTD
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Chg %
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USD
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NTD
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Sales
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NTD
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Chg %
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Net Sales
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3,516 | 111,564 | 100.0 | 50,741 | 119.9 | 3,516 | 111,564 | 100.0 | 114,861 | (2.9 | ) | |||||||||||||||||||||||||||||
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Cost of Goods Sold
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3,066 | 97,294 | 87.2 | 66,651 | 46.0 | 3,066 | 97,294 | 87.2 | 106,096 | (8.3 | ) | |||||||||||||||||||||||||||||
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Gross Profit (Loss)
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450 | 14,270 | 12.8 | (15,910 | ) | – | 450 | 14,270 | 12.8 | 8,766 | 62.8 | |||||||||||||||||||||||||||||
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Operating Expenses
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SG&A
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127 | 4,022 | 3.6 | 3,052 | 31.8 | 127 | 4,022 | 3.6 | 5,179 | (22.4 | ) | |||||||||||||||||||||||||||||
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R&D
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67 | 2,119 | 1.9 | 1,262 | 68.0 | 67 | 2,119 | 1.9 | 1,686 | 25.7 | ||||||||||||||||||||||||||||||
| 194 | 6,141 | 5.5 | 4,314 | 42.4 | 194 | 6,141 | 5.5 | 6,866 | (10.6 | ) | ||||||||||||||||||||||||||||||
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Operating Income (Loss)
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256 | 8,129 | 7.3 | (20,223 | ) | – | 256 | 8,129 | 7.3 | 1,900 | 327.9 | |||||||||||||||||||||||||||||
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Net Non-Operating Expenses
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(14 | ) | (454 | ) | (0.4 | ) | (791 | ) | (42.5 | ) | (14 | ) | (454 | ) | (0.4 | ) | (10,977 | ) | (95.9 | ) | ||||||||||||||||||||
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Income (Loss) before Income Tax
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242 | 7,675 | 6.9 | (21,014 | ) | – | 242 | 7,675 | 6.9 | (9,077 | ) | – | ||||||||||||||||||||||||||||
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Income Tax Benefit (Expense)
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(13 | ) | (401 | ) | (0.4 | ) | 798 | – | (13 | ) | (401 | ) | (0.4 | ) | 1,227 | – | ||||||||||||||||||||||||
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Net Income (Loss)
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229 | 7,274 | 6.5 | (20,216 | ) | – | 229 | 7,274 | 6.5 | (7,850 | ) | – | ||||||||||||||||||||||||||||
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Attributable to:
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Equity Holders of The Parent Company
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224 | 7,103 | 6.4 | (20,331 | ) | – | 224 | 7,103 | 6.4 | (6,926 | ) | – | ||||||||||||||||||||||||||||
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Minority Interest
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5 | 172 | 0.2 | 115 | 49.6 | 5 | 172 | 0.2 | (924 | ) | – | |||||||||||||||||||||||||||||
|
Net Income (Loss)
|
229 | 7,274 | 6.5 | (20,216 | ) | – | 229 | 7,274 | 6.5 | (7,850 | ) | – | ||||||||||||||||||||||||||||
|
Basic Earnings Per Share
|
0.03 | 0.80 | (2.32 | ) | 0.03 | 0.80 | (0.78 | ) | ||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.25 | 8.05 | (23.21 | ) | 0.25 | 8.05 | (7.85 | ) | ||||||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,761 | 8,827 | 8,797 | ||||||||||||||||||||||||||||||||||||
|
Note:
|
(1) |
Unaudited, prepared by AUO based on ROC GAAP
|
|
(2)
|
Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.73 per USD as of March 31, 2010
|
|
(3)
|
1 ADR equals 10 common shares
|
13
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended March 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1Q 2010 | 1Q 2009 | |||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income(Loss)
|
229 | 7,274 | (20,216 | ) | ||||||||
|
Depreciation & Amortization
|
716 | 22,712 | 21,096 | |||||||||
|
Investment Loss(Gain) under Equity Method
|
(8 | ) | (264 | ) | 326 | |||||||
|
Changes in Working Capital
|
(511 | ) | (16,221 | ) | (18,426 | ) | ||||||
|
Changes in Others
|
(23 | ) | (739 | ) | (1,331 | ) | ||||||
|
Net Cash Provided(Used) by Operating Activities
|
402 | 12,763 | (18,550 | ) | ||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(718 | ) | (22,792 | ) | (17,462 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
0 | 5 | 22 | |||||||||
|
Increase in Long-term Investments
|
(7 | ) | (223 | ) | (1,050 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
4 | 128 | 0 | |||||||||
|
Decrease(Increase) in Restricted Cash in Banks
|
9 | 293 | (5 | ) | ||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(15 | ) | (480 | ) | (132 | ) | ||||||
|
Decrease(Increase) in Other Assets
|
(1 | ) | (38 | ) | 84 | |||||||
|
Net Cash Used in Investing Activities
|
(728 | ) | (23,107 | ) | (18,542 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase(Decrease) in Short-term Borrowings
|
1 | 42 | (2,031 | ) | ||||||||
|
Increase(Decrease) in Guarantee Deposits
|
0 | 3 | (2 | ) | ||||||||
|
Increase in Long-term Borrowings and Bonds Payable
|
382 | 12,124 | 18,852 | |||||||||
|
Change in Minority Interest
|
23 | 733 | 584 | |||||||||
|
Net Cash Provided by Financing Activities
|
407 | 12,903 | 17,402 | |||||||||
|
Cash Proceeds from Change in Consolidated Entity
|
(4 | ) | (113 | ) | 0 | |||||||
|
Effect of Exchange Rate Changes on Cash
|
11 | 360 | 62 | |||||||||
|
Net Increase(Decrease) in Cash and Cash Equivalents
|
88 | 2,805 | (19,628 | ) | ||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,693 | 85,443 | 83,435 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
2,781 | 88,249 | 63,807 | |||||||||
|
Note:
|
(1) |
Unaudited, prepared by AUO based on ROC GAAP
|
|
(2)
|
Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.73 per USD as of March 31, 2010
|
14
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
March 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
March 31, 2010
|
March 31, 2009
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,910 | 60,619 | 10.7 | 47,035 | 9.1 | 13,584 | 28.9 | |||||||||||||||||||||
|
Available-for-Sale Financial Assets - Current
|
0 | 0 | 0.0 | 644 | 0.1 | (644 | ) | (100.0 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
2,099 | 66,615 | 11.7 | 31,941 | 6.2 | 34,674 | 108.6 | |||||||||||||||||||||
|
Other Current Financial Assets
|
26 | 825 | 0.1 | 1,011 | 0.2 | (186 | ) | (18.4 | ) | |||||||||||||||||||
|
Inventories
|
1,188 | 37,683 | 6.6 | 19,712 | 3.8 | 17,971 | 91.2 | |||||||||||||||||||||
|
Other Current Assets
|
258 | 8,202 | 1.4 | 7,543 | 1.5 | 659 | 8.7 | |||||||||||||||||||||
|
Total Current Assets
|
5,482 | 173,944 | 30.6 | 107,886 | 20.8 | 66,058 | 61.2 | |||||||||||||||||||||
|
Long-term Investments
|
1,829 | 58,038 | 10.2 | 44,131 | 8.5 | 13,907 | 31.5 | |||||||||||||||||||||
|
Fixed Assets
|
21,118 | 670,074 | 117.8 | 625,017 | 120.5 | 45,057 | 7.2 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(11,183 | ) | (354,825 | ) | (62.4 | ) | (281,662 | ) | (54.3 | ) | (73,163 | ) | 26.0 | |||||||||||||||
|
Net Fixed Assets
|
9,935 | 315,248 | 55.4 | 343,354 | 66.2 | (28,106 | ) | (8.2 | ) | |||||||||||||||||||
|
Other Assets
|
682 | 21,645 | 3.8 | 23,203 | 4.5 | (1,559 | ) | (6.7 | ) | |||||||||||||||||||
|
Total Assets
|
17,929 | 568,875 | 100.0 | 518,574 | 100.0 | 50,300 | 9.7 | |||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term Borrowing
|
0 | 0 | 0.0 | 2,026 | 0.4 | (2,026 | ) | (100.0 | ) | |||||||||||||||||||
|
Accounts Payable
|
2,962 | 93,975 | 16.5 | 52,107 | 10.0 | 41,868 | 80.4 | |||||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,409 | 44,694 | 7.9 | 41,883 | 8.1 | 2,811 | 6.7 | |||||||||||||||||||||
|
Current Financial Liabilities
|
26 | 828 | 0.1 | 917 | 0.2 | (89 | ) | (9.7 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
790 | 25,080 | 4.4 | 16,276 | 3.1 | 8,803 | 54.1 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
500 | 15,865 | 2.8 | 20,593 | 4.0 | (4,728 | ) | (23.0 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,687 | 180,441 | 31.7 | 133,802 | 25.8 | 46,640 | 34.9 | |||||||||||||||||||||
|
Long-term Borrowings
|
3,565 | 113,108 | 19.9 | 97,901 | 18.9 | 15,207 | 15.5 | |||||||||||||||||||||
|
Bonds Payable
|
221 | 7,000 | 1.2 | 15,191 | 2.9 | (8,191 | ) | (53.9 | ) | |||||||||||||||||||
|
Non Current Financial Liabilities
|
13 | 415 | 0.1 | 772 | 0.1 | (357 | ) | (46.2 | ) | |||||||||||||||||||
|
Other Long-term Liabilities
|
0 | 2 | 0.0 | 2 | 0.0 | (0 | ) | (17.2 | ) | |||||||||||||||||||
|
Total Long-term Liabilities
|
3,798 | 120,525 | 21.2 | 113,866 | 22.0 | 6,659 | 5.8 | |||||||||||||||||||||
|
Total Liabilities
|
9,485 | 300,966 | 52.9 | 247,667 | 47.8 | 53,299 | 21.5 | |||||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
2,782 | 88,270 | 15.5 | 85,057 | 16.4 | 3,213 | 3.8 | |||||||||||||||||||||
|
Capital Surplus
|
3,623 | 114,972 | 20.2 | 113,721 | 21.9 | 1,251 | 1.1 | |||||||||||||||||||||
|
Retained Earnings
|
1,977 | 62,732 | 11.0 | 69,661 | 13.4 | (6,929 | ) | (9.9 | ) | |||||||||||||||||||
|
Cumulative Translation Adjustments
|
35 | 1,116 | 0.2 | 2,883 | 0.6 | (1,766 | ) | (61.3 | ) | |||||||||||||||||||
|
Unrealized Gain(Loss) on Financial Products
|
26 | 817 | 0.1 | (375 | ) | (0.1 | ) | 1,192 | ||||||||||||||||||||
|
Net loss not recognized as pension cost
|
0 | 0 | 0.0 | (40 | ) | 0.0 | 40 | (100.0 | ) | |||||||||||||||||||
|
Total Shareholders' Equity
|
8,443 | 267,909 | 47.1 | 270,907 | 52.2 | (2,998 | ) | (1.1 | ) | |||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
17,929 | 568,875 | 100.0 | 518,574 | 100.0 | 50,300 | 9.7 | |||||||||||||||||||||
|
Note:
|
(1) |
Unaudited, prepared by AUO based on ROC GAAP
|
|
(2)
|
Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.73 per USD as of March 31, 2010
|
15
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended March 31, 2010 and 2009 and December 31, 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||||||||||||
| 1Q 2010 |
% of
|
1Q 2009 |
YoY
|
1Q 2010 |
% of
|
4Q 2009 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,348 | 106,242 | 100.0 | 50,469 | 110.5 | 3,348 | 106,242 | 100.0 | 110,064 | (3.5 | ) | |||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
2,986 | 94,754 | 89.2 | 69,026 | 37.3 | 2,986 | 94,754 | 89.2 | 102,928 | (7.9 | ) | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
362 | 11,488 | 10.8 | (18,557 | ) | – | 362 | 11,488 | 10.8 | 7,136 | 61.0 | |||||||||||||||||||||||||||||
|
Operating Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
79 | 2,497 | 2.3 | 2,264 | 10.3 | 79 | 2,497 | 2.3 | 3,699 | (32.5 | ) | |||||||||||||||||||||||||||||
|
R&D
|
65 | 2,052 | 1.9 | 1,247 | 64.6 | 65 | 2,052 | 1.9 | 1,641 | 25.1 | ||||||||||||||||||||||||||||||
| 143 | 4,549 | 4.3 | 3,511 | 29.6 | 143 | 4,549 | 4.3 | 5,340 | (14.8 | ) | ||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
219 | 6,939 | 6.5 | (22,068 | ) | – | 219 | 6,939 | 6.5 | 1,796 | 286.5 | |||||||||||||||||||||||||||||
|
Net Non-Operating Income (Expenses)
|
8 | 247 | 0.2 | 1,074 | (77.0 | ) | 8 | 247 | 0.2 | (10,147 | ) | – | ||||||||||||||||||||||||||||
|
Income (Loss) before Income Tax
|
226 | 7,187 | 6.8 | (20,993 | ) | – | 226 | 7,187 | 6.8 | (8,352 | ) | – | ||||||||||||||||||||||||||||
|
Income Tax Benefit (Expense)
|
(3 | ) | (84 | ) | (0.1 | ) | 663 | – | (3 | ) | (84 | ) | (0.1 | ) | 1,426 | – | ||||||||||||||||||||||||
|
Net Income (Loss)
|
224 | 7,103 | 6.7 | (20,331 | ) | – | 224 | 7,103 | 6.7 | (6,926 | ) | – | ||||||||||||||||||||||||||||
|
Basic Earnings Per Share
|
0.03 | 0.80 | (2.32 | ) | 0.03 | 0.80 | (0.78 | ) | ||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.25 | 8.05 | (23.21 | ) | 0.25 | 8.05 | (7.85 | ) | ||||||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,761 | 8,827 | 8,797 | ||||||||||||||||||||||||||||||||||||
|
Note:
|
(1) |
Unaudited, prepared by AUO based on ROC GAAP
|
|
(2)
|
Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.73 per USD as of March 31, 2010
|
|
(3)
|
1 ADR equals 10 common shares
|
16
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended March 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1Q 2010 | 1Q 2009 | |||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income(Loss)
|
224 | 7,103 | (20,331 | ) | ||||||||
|
Depreciation & Amortization
|
616 | 19,540 | 18,298 | |||||||||
|
Investment Gain under Equity Method
|
(28 | ) | (901 | ) | (1,329 | ) | ||||||
|
Changes in Working Capital
|
(408 | ) | (12,946 | ) | (15,441 | ) | ||||||
|
Changes in Others
|
(18 | ) | (582 | ) | (1,057 | ) | ||||||
|
Net Cash Provided(Used) by Operating Activities
|
385 | 12,214 | (19,860 | ) | ||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(531 | ) | (16,844 | ) | (15,329 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
0 | 5 | 46 | |||||||||
|
Increase in Long-term Investments
|
(173 | ) | (5,496 | ) | (890 | ) | ||||||
|
Increase in Restricted Cash in Banks
|
(1 | ) | (30 | ) | 0 | |||||||
|
Increase in Deferred Assets and Intangible Assets
|
(13 | ) | (406 | ) | (105 | ) | ||||||
|
Decrease(Increase) in Other Assets
|
(1 | ) | (33 | ) | 79 | |||||||
|
Net Cash Used in Investing Activities
|
(719 | ) | (22,803 | ) | (16,199 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Decrease in Short-term Borrowings
|
0 | 0 | (1,674 | ) | ||||||||
|
Increase in Long-term Borrowings and Bonds Payable
|
433 | 13,725 | 17,125 | |||||||||
|
Net Cash Provided by Financing Activities
|
433 | 13,725 | 15,451 | |||||||||
|
Effect of Exchange Rate Changes on Cash
|
12 | 369 | (83 | ) | ||||||||
|
Net Increase(Decrease) in Cash and Cash Equivalents
|
110 | 3,505 | (20,692 | ) | ||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
1,800 | 57,114 | 67,727 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,910 | 60,619 | 47,035 | |||||||||
|
Note:
|
(1) |
Unaudited, prepared by AUO based on ROC GAAP
|
|
(2)
|
Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.73 per USD as of March 31, 2010
|
17