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
January 27, 2011
| Commission File Number 001-31335 | |
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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.
| 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
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1.
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Press release entitled,” AUO Reports 4Q2010 Financial Results”, dated January 27, 2011.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. Fourth Quarter 2010 Results”, dated January 27, 2011.
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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: January 27, 2011
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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 4Q2010 Financial Results
Issued by: AU Optronics Corp.
Issued on: Jan. 27, 2011
Hsinchu, Taiwan, Jan. 27, 2011 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the fourth quarter of 2010(1).
AUO posted consolidated revenue of NT$102,605 million (US$3,521 million) (2), down 17.5% from the previous quarter. Gross profit was at -NT$4,537 million (US$156 million), with the gross margin of -4.4%. Operating loss was at NT$11,080 million (US$380 million), with the operating loss margin of 10.8%. AUO’s net loss for the fourth quarter was at NT$11,339 million (US$389 million). Net loss attributable to equity holders of the parent company was NT$11,465 million (US$393 million), with basic EPS of -NT$1.3 per common share (-US$0.45 per ADR).
For the year of 2010, AUO reported consolidated revenues of NT$467,158 million (US$16,320 million), with net income of NT$7,408 million (US$254 million) or basic EPS of NT$0.76 per common share (US$0.26 per ADR). In 2010, shipments for AUO's large-sized panels exceeded 113.5 million units, up 26.7% year-over-year. Meanwhile, shipments of small- and medium-sized panels reached around 220.9 million units, down 3.4% year-over-year.
4Q2010 Result Highlights
AUO’s unaudited consolidated results for the fourth quarter of 2010 were highlighted as below:
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Revenue of NT$102,605 million, down 17.5% quarter-over-quarter
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Net loss of NT$11,339 million
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Basic EPS of -NT$1.3 per common share
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Gross margin of -4.4%
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Operating margin of -10.8%
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EBITDA (3) margin of 10.7%
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Fiscal 2010 Result Highlights
AUO reported the following unaudited consolidated results for the full year 2010:
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Revenue of NT$467,158 million, up 30% year-over-year
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Net income of NT$7,408 million
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Basic EPS of NT$0.76 per common share
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Gross margin of 7.8%
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Operating margin of 2.2%
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EBITDA (3) margin of 21.3%
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“Owing to the lower-than-expected TV panel prices, inventory control by the customers, and the currency influence of NT dollar appreciation, AUO’s operating performance in the fourth quarter of 2010 fell short of expectations. Fortunately, the Company maintained profitable throughout the year of 2010,” said Mr. Andy Yang, Chief Financial Officer of AUO. “As the Company proactively adjusted the capacity utilization rates in the fourth quarter, our quarter-end inventory amounts were able to decrease sequentially. The Company’s EBITDA margins also maintained a leading position. In addition, the Company’s inventory turnover days remained at 40 days at the end of the fourth quarter, the same as those in the previous quarter.”
Looking into the first quarter of 2011, as customers’ inventory adjustments gradually come to an end, demands are expected to gradually recover. The Company’s panel shipments and capacity utilization rates are also expected to improve quarter over quarter. At the same time, AUO will continue to implement the “value-oriented” business strategy in 2011. For example, leading-edge technologies to produce 3D panels, touch modules, OLED displays and other high-end, value-added products are anticipated to enter mass production this year. On the other hand, the Company will continue to strengthen the strategic alliance with customers, and hope to improve the product profitability as well as asset turnover ratios, which could eventually contribute to a better return on equity (ROE).
(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 NTD29.14:USD1 based on Federal Reserve Bank of New York, USA as of Dec. 31, 2010.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
# # #
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 71 inches. AUO generated NT$467.2 billion in sales revenue in 2010 (US$16 billion) 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. The Display and Solar businesses were established respectively as the Company’s two core businesses in October, 2010. For more information, please visit AUO.com.
* 2010 year end revenue converted at an exchange rate of NTD29.14: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 11th, 2010.
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 |
Item 2
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AU Optronics Corp.
Fourth Quarter 2010 Results Investor Conference
Jan 27, 2011
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, 2009 filed with the United States Securities and Exchange
Commission.
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Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
4Q'10 3Q'10 QoQ % 4Q'09
------------------ ---------- ------- -------- ---------- -------
Net Sales 102,605 100.0% 124,403 100.0% (17.5%) 114,861 100.0%
Cost of Goods Sold (107,142) (104.4%) (118,162) (95.0%) (9.3%) (106,096) (92.4%)
========= ======== ========== ======= ======== ========== =======
Gross Profit (Loss) (4,537) (4.4%) 6,241 5.0% [] 8,766 7.6%
Operating Expenses (6,543) (6.4%) (6,009) (4.8%) 8.9% (6,866) (6.0%)
========= ======== ========== ======= ======== ========== =======
Operating Income (Loss) (11,080) (10.8%) 232 0.2% [] 1,900 1.7%
Net Non-operating Expenses (296) (0.3%) (253) (0.2%) 16.9% (10,977) (9.6%)
========= ======== ========== ======= ======== ========== =======
Loss before Tax (11,375) (11.1%) (20) (0.0%) 55680.0% (9,077) (7.9%)
========= ======== ========== ======= ======== ========== =======
Net Income (Loss) (11,339) (11.1%) 227 0.2% [] (7,850) (6.8%)
========= ======== ========== ======= ======== ========== =======
Attributable to:
Equity holders of the parent company (11,465) (11.2%) 98 0.1% [] (6,926) (6.0%)
Minority interest 126 0.1% 129 0.1% (2.2%) (924) (0.8%)
========= ======== ========== ======= ======== ========== =======
Net Income (Loss) (11,339) (11.1%) 227 0.2% [] (7,850) (6.8%)
========= ======== ========== ======= ======== ========== =======
Basic EPS (NT$)(a) (1.30) 0.01 [] (0.78)
Operating Income + DandA 10,942 10.7% 22,495 18.1% (51.4%) 25,243 22.0%
Unit Shipments (mn)(b)
Large Size Panels 28.0 28.7 (2.3%) 27.4
Small and Medium Size Panels 52.9 55.6 (4.9%) 60.1
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,827m shares in 4Q10 and 3Q10, and 8,797m shares
in 4Q09) by retroactively adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
FY 2010 FY 2009 YoY %
----------- ------- ----------- ------- -------
Net Sales 467,158 100.0% 359,331 100.0% 30.0%
Cost of Goods Sold (430,859) (92.2%) (352,290) (98.0%) 22.3%
=========== ======= =========== ======= =======
Gross Profit 36,299 7.8% 7,041 2.0% 415.5%
Operating Expenses (25,802) (5.5%) (22,280) (6.2%) 15.8%
=========== ======= =========== ======= =======
Operating Income (Loss) 10,497 2.2% (15,239) (4.2%) []
Net Non-operating Expenses (1,901) (0.4%) (12,028) (3.3%) (84.2%)
=========== ======= =========== ======= =======
Income (Loss) before Tax 8,596 1.8% (27,267) (7.6%) []
=========== ======= =========== ======= =======
Net Income (Loss) 7,408 1.6% (27,245) (7.6%) []
=========== ======= =========== ======= =======
Attributable to:
Equity holders of the parent company 6,693 1.4% (26,769) (7.4%) []
Minority interest 715 0.2% (475) (0.1%) []
=========== ======= =========== ======= =======
Net Income (Loss) 7,408 1.6% (27,245) (7.6%) []
=========== ======= =========== ======= =======
Basic EPS (NT$)(a) 0.76 (3.04) []
Operating Income + DandA 99,632 21.3% 74,869 20.8% 33.1%
ROE(b) 2.5% (9.7%) []
Unit Shipments (mn)(c)
Large Size Panels 113.5 89.6 26.7%
Small and Medium Size Panels 220.9 228.6 (3.4%)
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on total weighted average outstanding shares
of 8,827m shares and 8,797m shares in 2010 and 2009, respectively
(b) ROE was based on average equity attributable to shareholders of the parent
company
(c) Large size refers to panels that are 10 inches and above
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Consolidated Balance Sheet Highlights
Amount : NT$ Million
4Q'10 3Q'10 QoQ % 4Q'09
------- ------- ------- -------
Cash and ST Investment 89,498 85,173 5.1% 85,443
Inventory 44,568 49,917 (10.7%) 39,230
Short Term Debt(a) 37,113 48,866 (24.1%) 48,790
Long Term Debt 144,636 118,868 21.7% 133,079
Equity 282,325 293,917 (3.9%) 274,919
Total Assets 629,316 641,004 (1.8%) 622,613
Inventory Turnover (Days)(b) 40 40 35
Debt to Equity 64.4% 57.1% 66.2%
Net Debt to Equity 32.7% 28.1% 35.1%
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
Consolidated Cash Flow Highlights
Amount : NT$ Million
4Q'10 3Q'10 QoQ FY2010
-------- -------- -------- ---------
From Operating Activities 14,457 31,503 (17,045) 90,736
Net Income (Loss) (11,339) 227 (11,566) 7,408
Depreciation and Amortization 22,022 22,262 (240) 89,136
Net Change in Working Capital 6,545 9,563 (3,018) (2,326)
=============================== ======== ======== ======== =========
From Investing Activities (26,571) (19,369) (7,202) (85,335)
Capital Expenditure (27,612) (18,323) (9,289) (84,621)
=============================== ======== ======== ======== =========
From Financing Activities 15,512 (15,222) 30,734 878
Net Change in Debt 15,149 (15,523) 30,672 (2,940)
=============================== ======== ======== ======== =========
Net Change in Cash(a) 4,326 (5,091) 9,417 4,055
Unaudited, prepared by AUO on a consolidated basis
(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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Consolidated Revenues by Application
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
Large Panel -- ASP by Unit
-- Unaudited, prepared by AUO on a consolidated basis
-- Large size refers to panels that are 10 inches and above
-- Blended ASP in US$ was translated from NT$ based on average exchange rates
announced by Directorate General of Customs, ROC Ministry of Finance of
each respective quarter
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Consolidated Shipments and ASP by Area
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
-- ASP per square meter in US$ was translated from NT$ based on average
exchange rates announced by Directorate General of Customs, ROC Ministry of
Finance of each respective quarter
Consolidated Small and Medium Panel Shipments and Revenues
-- Unaudited, prepared by AUO on a consolidated basis
-- Small and Medium size refers to panels that are under 10 inches
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Capacity by Fab
12/2010 3/2011 (F)
Fab Major
Capacity Capacity
L3 (G3.5) 130,000 130,000 Small/Medium
========= =========== ============ =======================
L3 (G3.5) LTPS 20,000 LTPS 20,000 Small/Medium
========= =========== ============ =======================
L4 (G4.0) 60,000 60,000 Small/Medium
========= =========== ============ =======================
L4 (G4.5) LTPS 45,000 LTPS 45,000 NB
========= =========== ============ =======================
L5 (G5.0) 310,000 310,000 NB, Monitor
========= =========== ============ =======================
Monitor, TV, Public
L6 (G6.0) 240,000 240,000
Info Display
========= =========== ============ =======================
Monitor, TV, Public
L7 (G7.5) 135,000 135,000
Info Display
========= =========== ============ =======================
L8 (G8.5) 40,000 40,000 TV, Public Info Display
-- Capacity based on monthly glass substrate input
www.auo.com
ir@auo.com
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
December 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
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December 31, 2010
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December 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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3,071 | 89,498 | 14.2 | 85,443 | 13.7 | 4,055 | 4.7 | |||||||||||||||||||||
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Notes & Accounts Receivables
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2,059 | 59,989 | 9.5 | 62,345 | 10.0 | (2,357 | ) | (3.8 | ) | |||||||||||||||||||
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Other Current Financial Assets
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89 | 2,597 | 0.4 | 2,180 | 0.4 | 417 | 19.1 | |||||||||||||||||||||
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Inventories
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1,529 | 44,568 | 7.1 | 39,230 | 6.3 | 5,338 | 13.6 | |||||||||||||||||||||
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Other Current Assets
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286 | 8,334 | 1.3 | 7,262 | 1.2 | 1,072 | 14.8 | |||||||||||||||||||||
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Total Current Assets
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7,035 | 204,986 | 32.6 | 196,461 | 31.6 | 8,525 | 4.3 | |||||||||||||||||||||
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Long-term Investments
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611 | 17,811 | 2.8 | 12,207 | 2.0 | 5,604 | 45.9 | |||||||||||||||||||||
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Fixed Assets
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30,115 | 877,563 | 139.4 | 786,156 | 126.3 | 91,408 | 11.6 | |||||||||||||||||||||
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Less: Accumulated Depreciation
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(16,942 | ) | (493,696 | ) | (78.4 | ) | (395,405 | ) | (63.5 | ) | (98,290 | ) | 24.9 | |||||||||||||||
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Net Fixed Assets
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13,173 | 383,868 | 61.0 | 390,750 | 62.8 | (6,882 | ) | (1.8 | ) | |||||||||||||||||||
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Other Assets
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777 | 22,651 | 3.6 | 23,195 | 3.7 | (544 | ) | (2.3 | ) | |||||||||||||||||||
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Total Assets
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21,596 | 629,316 | 100.0 | 622,613 | 100.0 | 6,703 | 1.1 | |||||||||||||||||||||
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LIABILITIES
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Short-term Borrowings
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41 | 1,183 | 0.2 | 1,945 | 0.3 | (762 | ) | (39.2 | ) | |||||||||||||||||||
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Accounts Payable
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3,222 | 93,881 | 14.9 | 92,530 | 14.9 | 1,351 | 1.5 | |||||||||||||||||||||
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Current Installments of Long-term Borrowings
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1,233 | 35,930 | 5.7 | 46,844 | 7.5 | (10,915 | ) | (23.3 | ) | |||||||||||||||||||
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Current Financial Liabilities
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9 | 269 | 0.0 | 1,088 | 0.2 | (819 | ) | (75.3 | ) | |||||||||||||||||||
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Accrued Expense & Other Current Liabilities
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,312 | 38,234 | 6.1 | 36,529 | 5.9 | 1,705 | 4.7 | |||||||||||||||||||||
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Machinery and Equipment Payable
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682 | 19,882 | 3.2 | 23,789 | 3.8 | (3,907 | ) | (16.4 | ) | |||||||||||||||||||
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Total Current Liabilities
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6,499 | 189,379 | 30.1 | 202,725 | 32.6 | (13,347 | ) | (6.6 | ) | |||||||||||||||||||
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Long-term Borrowings
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4,019 | 117,124 | 18.6 | 123,424 | 19.8 | (6,300 | ) | (5.1 | ) | |||||||||||||||||||
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Bonds Payable
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944 | 27,512 | 4.4 | 9,655 | 1.6 | 17,857 | 184.9 | |||||||||||||||||||||
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Non Current Financial Liabilities
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18 | 518 | 0.1 | 516 | 0.1 | 3 | 0.5 | |||||||||||||||||||||
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Other Long-term Liabilities
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428 | 12,458 | 2.0 | 11,373 | 1.8 | 1,085 | 9.5 | |||||||||||||||||||||
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Total Long-term Liabilities
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5,409 | 157,613 | 25.0 | 144,968 | 23.3 | 12,644 | 8.7 | |||||||||||||||||||||
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Total Liabilities
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11,908 | 346,991 | 55.1 | 347,694 | 55.8 | (703 | ) | (0.2 | ) | |||||||||||||||||||
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SHAREHOLDERS' EQUITY
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Common Stock
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3,029 | 88,270 | 14.0 | 88,270 | 14.2 | 0 | 0.0 | |||||||||||||||||||||
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Capital Surplus
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3,979 | 115,948 | 18.4 | 114,972 | 18.5 | 976 | 0.8 | |||||||||||||||||||||
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Retained Earnings
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2,139 | 62,322 | 9.9 | 56,069 | 9.0 | 6,253 | 11.2 | |||||||||||||||||||||
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Cumulative Translation Adjustments
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36 | 1,054 | 0.2 | 1,686 | 0.3 | (632 | ) | (37.5 | ) | |||||||||||||||||||
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Unrealized Gain on Financial Products
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19 | 567 | 0.1 | 1,090 | 0.2 | (523 | ) | (48.0 | ) | |||||||||||||||||||
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Minority Interest
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486 | 14,164 | 2.3 | 12,832 | 2.1 | 1,332 | 10.4 | |||||||||||||||||||||
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Total Shareholders' Equity
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9,689 | 282,325 | 44.9 | 274,919 | 44.2 | 7,406 | 2.7 | |||||||||||||||||||||
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Total Liabilities & Shareholders' Equity
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21,596 | 629,316 | 100.0 | 622,613 | 100.0 | 6,703 | 1.1 | |||||||||||||||||||||
| Note: |
(1)
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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 NTD29.14 per USD as of December 31, 2010
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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended December 31, 2010 and 2009 and September 30, 2010
(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 | |||||||||||||||||||||||||||||||||||||||
| 4Q 2010 |
% of
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4Q 2009 |
YoY
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4Q 2010 |
% of
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3Q 2010 |
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
|
3,521 | 102,605 | 100.0 | 114,861 | (10.7 | ) | 3,521 | 102,605 | 100.0 | 124,403 | (17.5 | ) | ||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,677 | 107,142 | 104.4 | 106,096 | 1.0 | 3,677 | 107,142 | 104.4 | 118,162 | (9.3 | ) | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(156 | ) | (4,537 | ) | (4.4 | ) | 8,766 |
－
|
(156 | ) | (4,537 | ) | (4.4 | ) | 6,241 |
－
|
||||||||||||||||||||||||
|
Operating Expenses
|
225 | 6,543 | 6.4 | 6,866 | (4.7 | ) | 225 | 6,543 | 6.4 | 6,009 | 8.9 | |||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(380 | ) | (11,080 | ) | (10.8 | ) | 1,900 |
－
|
(380 | ) | (11,080 | ) | (10.8 | ) | 232 |
－
|
||||||||||||||||||||||||
|
Net Non-Operating Expense
|
(10 | ) | (296 | ) | (0.3 | ) | (10,977 | ) | (97.3 | ) | (10 | ) | (296 | ) | (0.3 | ) | (253 | ) | 16.9 | |||||||||||||||||||||
|
Loss before Income Tax
|
(390 | ) | (11,375 | ) | (11.1 | ) | (9,077 | ) | 25.3 | (390 | ) | (11,375 | ) | (11.1 | ) | (20 | ) | 55,680.0 | ||||||||||||||||||||||
|
Income Tax Benefit
|
1 | 37 | 0.0 | 1,227 | (97.0 | ) | 1 | 37 | 0.0 | 247 | (85.2 | ) | ||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(389 | ) | (11,339 | ) | (11.1 | ) | (7,850 | ) | 44.4 | (389 | ) | (11,339 | ) | (11.1 | ) | 227 |
－
|
|||||||||||||||||||||||
|
Attributable to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders of The Parent Company
|
(393 | ) | (11,465 | ) | (11.2 | ) | (6,926 | ) | 65.5 | (393 | ) | (11,465 | ) | (11.2 | ) | 98 |
－
|
|||||||||||||||||||||||
|
Minority Interest
|
4 | 126 | 0.1 | (924 | ) |
－
|
4 | 126 | 0.1 | 129 | (2.2 | ) | ||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(389 | ) | (11,339 | ) | (11.1 | ) | (7,850 | ) | 44.4 | (389 | ) | (11,339 | ) | (11.1 | ) | 227 |
－
|
|||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.04 | ) | (1.30 | ) | (0.78 | ) | (0.04 | ) | (1.30 | ) | 0.01 | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.45 | ) | (12.99 | ) | (7.85 | ) | (0.45 | ) | (12.99 | ) | 0.11 | |||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,797 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
|
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 29.14 per USD as of December 31, 2010
|
|
(3)
|
1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Year Ended December 31, 2010 and 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 | ||||||||||||||||||||
|
2010
|
% of
|
2009
|
YoY
|
|||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
||||||||||||||||
|
Net Sales
|
16,032 | 467,158 | 100.0 | 359,331 | 30.0 | |||||||||||||||
|
Cost of Goods Sold
|
14,786 | 430,859 | 92.2 | 352,290 | 22.3 | |||||||||||||||
|
Gross Profit
|
1,246 | 36,299 | 7.8 | 7,041 | 415.5 | |||||||||||||||
|
Operating Expenses
|
885 | 25,802 | 5.5 | 22,280 | 15.8 | |||||||||||||||
|
Operating Income (Loss)
|
360 | 10,497 | 2.2 | (15,239 | ) |
－
|
||||||||||||||
|
Net Non-Operating Expenses
|
(65 | ) | (1,901 | ) | (0.4 | ) | (12,028 | ) | (84.2 | ) | ||||||||||
|
Income (Loss) before Income Tax
|
295 | 8,596 | 1.8 | (27,267 | ) |
－
|
||||||||||||||
|
Income Tax Benefit (Expense)
|
(41 | ) | (1,188 | ) | (0.3 | ) | 23 |
－
|
||||||||||||
|
Net Income (Loss)
|
254 | 7,408 | 1.6 | (27,245 | ) |
－
|
||||||||||||||
|
Attributable to:
|
(26,769 | ) | ||||||||||||||||||
|
Equity Holders of The Parent Company
|
230 | 6,693 | 1.4 |
－
|
||||||||||||||||
|
Minority Interest
|
25 | 715 | 0.2 | (475 | ) |
－
|
||||||||||||||
|
Net Income (Loss)
|
254 | 7,408 | 1.6 | (27,245 | ) |
－
|
||||||||||||||
|
Basic Earnings Per Share
|
0.03 | 0.76 | (3.04 | ) | ||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.26 | 7.58 | (30.43 | ) | ||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
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 29.14 per USD as of December 31, 2010
|
|
(3)
|
1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended December 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
2010
|
2009
|
|||||||||||
|
Cash Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
|
Net Income (Loss)
|
254 | 7,408 | (27,245 | ) | ||||||||
|
Depreciation & Amortization
|
3,059 | 89,136 | 90,108 | |||||||||
|
Investment Gain under Equity Method
|
(23 | ) | (681 | ) | (140 | ) | ||||||
|
Changes in Working Capital
|
(80 | ) | (2,326 | ) | (5,702 | ) | ||||||
|
Changes in Others
|
(96 | ) | (2,801 | ) | 19 | |||||||
|
Net Cash Provided by Operating Activities
|
3,114 | 90,736 | 57,041 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(2,904 | ) | (84,621 | ) | (61,047 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
3 | 74 | 236 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(66 | ) | (1,918 | ) | (5,804 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
72 | 2,096 | 1,154 | |||||||||
|
Decrease (Increase) in Restricted Cash in Banks
|
15 | 430 | (426 | ) | ||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(49 | ) | (1,414 | ) | (1,121 | ) | ||||||
|
Decrease (Increase) in Other Assets
|
1 | 18 | (448 | ) | ||||||||
|
Net Cash Used in Investing Activities
|
(2,928 | ) | (85,335 | ) | (67,456 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Decrease in Short-term Borrowings
|
(169 | ) | (4,939 | ) | (4,902 | ) | ||||||
|
Increase (Decrease) in Guarantee Deposits
|
6 | 165 | (6 | ) | ||||||||
|
Increase in Long-term Borrowings and Bonds Payable
|
69 | 1,999 | 17,553 | |||||||||
|
Cash Dividends
|
0 | 0 | (2,552 | ) | ||||||||
|
Change in Minority Interest
|
125 | 3,653 | 1,832 | |||||||||
|
Net Cash Provided by Financing Activities
|
30 | 878 | 11,925 | |||||||||
|
Change in Consolidated Entity
|
(65 | ) | (1,883 | ) | 839 | |||||||
|
Effect of Exchange Rate Changes on Cash
|
(12 | ) | (340 | ) | (341 | ) | ||||||
|
Net Increase in Cash and Cash Equivalents
|
139 | 4,055 | 2,009 | |||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,932 | 85,443 | 83,435 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
3,071 | 89,498 | 85,443 | |||||||||
|
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 29.14 per USD as of December 31, 2010
|
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
December 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
December 31, 2010
|
December 31, 2009
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,800 | 52,460 | 9.6 | 57,114 | 10.4 | (4,654 | ) | (8.1 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
1,838 | 53,568 | 9.8 | 59,688 | 10.8 | (6,121 | ) | (10.3 | ) | |||||||||||||||||||
|
Other Current Financial Assets
|
43 | 1,252 | 0.2 | 2,087 | 0.4 | (835 | ) | (40.0 | ) | |||||||||||||||||||
|
Inventories
|
1,181 | 34,416 | 6.3 | 29,874 | 5.4 | 4,542 | 15.2 | |||||||||||||||||||||
|
Other Current Assets
|
224 | 6,522 | 1.2 | 6,527 | 1.2 | (6 | ) | (0.1 | ) | |||||||||||||||||||
|
Total Current Assets
|
5,086 | 148,218 | 27.1 | 155,291 | 28.2 | (7,073 | ) | (4.6 | ) | |||||||||||||||||||
|
Long-term Investments
|
2,483 | 72,340 | 13.2 | 53,043 | 9.6 | 19,298 | 36.4 | |||||||||||||||||||||
|
Fixed Assets
|
24,374 | 710,259 | 130.1 | 657,816 | 119.4 | 52,443 | 8.0 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(13,884 | ) | (404,576 | ) | (74.1 | ) | (337,112 | ) | (61.2 | ) | (67,463 | ) | 20.0 | |||||||||||||||
|
Net Fixed Assets
|
10,490 | 305,684 | 56.0 | 320,704 | 58.2 | (15,020 | ) | (4.7 | ) | |||||||||||||||||||
|
Other Assets
|
680 | 19,822 | 3.6 | 21,716 | 3.9 | (1,893 | ) | (8.7 | ) | |||||||||||||||||||
|
Total Assets
|
18,739 | 546,064 | 100.0 | 550,753 | 100.0 | (4,689 | ) | (0.9 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts Payable
|
3,076 | 89,627 | 16.4 | 93,480 | 17.0 | (3,854 | ) | (4.1 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,039 | 30,287 | 5.5 | 39,548 | 7.2 | (9,261 | ) | (23.4 | ) | |||||||||||||||||||
|
Current Financial Liabilities
|
3 | 77 | 0.0 | 830 | 0.2 | (753 | ) | (90.7 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
914 | 26,630 | 4.9 | 24,398 | 4.4 | 2,232 | 9.1 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
563 | 16,410 | 3.0 | 18,361 | 3.3 | (1,951 | ) | (10.6 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,595 | 163,031 | 29.9 | 176,618 | 32.1 | (13,587 | ) | (7.7 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
2,952 | 86,018 | 15.8 | 102,043 | 18.5 | (16,025 | ) | (15.7 | ) | |||||||||||||||||||
|
Bonds Payable
|
942 | 27,451 | 5.0 | 9,500 | 1.7 | 17,951 | 189.0 | |||||||||||||||||||||
|
Non Current Financial Liabilities
|
17 | 488 | 0.1 | 504 | 0.1 | (16 | ) | (3.2 | ) | |||||||||||||||||||
|
Other Long-term Liabilities
|
31 | 915 | 0.2 | 2 | 0.0 | 913 | 55481.7 | |||||||||||||||||||||
|
Total Long-term Liabilities
|
3,942 | 114,872 | 21.0 | 112,049 | 20.3 | 2,824 | 2.5 | |||||||||||||||||||||
|
Total Liabilities
|
9,537 | 277,903 | 50.9 | 288,666 | 52.4 | (10,763 | ) | (3.7 | ) | |||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
3,029 | 88,270 | 16.2 | 88,270 | 16.0 | 0 | 0.0 | |||||||||||||||||||||
|
Capital Surplus
|
3,979 | 115,948 | 21.2 | 114,972 | 20.9 | 976 | 0.8 | |||||||||||||||||||||
|
Retained Earnings
|
2,139 | 62,322 | 11.4 | 56,069 | 10.2 | 6,253 | 11.2 | |||||||||||||||||||||
|
Cumulative Translation Adjustments
|
36 | 1,054 | 0.2 | 1,686 | 0.3 | (632 | ) | (37.5 | ) | |||||||||||||||||||
|
Unrealized Gain on Financial Products
|
19 | 567 | 0.1 | 1,090 | 0.2 | (523 | ) | (48.0 | ) | |||||||||||||||||||
|
Total Shareholders' Equity
|
9,203 | 268,161 | 49.1 | 262,087 | 47.6 | 6,074 | 2.3 | |||||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
18,739 | 546,064 | 100.0 | 550,753 | 100.0 | (4,689 | ) | (0.9 | ) | |||||||||||||||||||
|
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 29.14 per USD as of December 31, 2010
|
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended December 31, 2010 and 2009 and September 30, 2010
(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 | |||||||||||||||||||||||||||||||||||||||
| 4Q 2010 |
% of
|
4Q 2009 |
YoY
|
4Q 2010 |
% of
|
3Q 2010 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,291 | 95,900 | 100.0 | 110,064 | (12.9 | ) | 3,291 | 95,900 | 100.0 | 118,930 | (19.4 | ) | ||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,516 | 102,470 | 106.9 | 102,928 | (0.4 | ) | 3,516 | 102,470 | 106.9 | 114,562 | (10.6 | ) | ||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(225 | ) | (6,570 | ) | (6.9 | ) | 7,136 |
－
|
(225 | ) | (6,570 | ) | (6.9 | ) | 4,369 |
－
|
||||||||||||||||||||||||
|
Operating Expenses
|
153 | 4,446 | 4.6 | 5,340 | (16.7 | ) | 153 | 4,446 | 4.6 | 4,113 | 8.1 | |||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(378 | ) | (11,016 | ) | (11.5 | ) | 1,796 |
－
|
(378 | ) | (11,016 | ) | (11.5 | ) | 256 |
－
|
||||||||||||||||||||||||
|
Net Non-Operating Expenses
|
(28 | ) | (822 | ) | (0.9 | ) | (10,147 | ) | (91.9 | ) | (28 | ) | (822 | ) | (0.9 | ) | (618 | ) | 33.1 | |||||||||||||||||||||
|
Loss before Income Tax
|
(406 | ) | (11,837 | ) | (12.3 | ) | (8,352 | ) | 41.7 | (406 | ) | (11,837 | ) | (12.3 | ) | (362 | ) | 3170.8 | ||||||||||||||||||||||
|
Income Tax benefit
|
13 | 373 | 0.4 | 1,426 | (73.9 | ) | 13 | 373 | 0.4 | 460 | (19.0 | ) | ||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(393 | ) | (11,465 | ) | (12.0 | ) | (6,926 | ) | 65.5 | (393 | ) | (11,465 | ) | (12.0 | ) | 98 |
－
|
|||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.04 | ) | (1.30 | ) | (0.78 | ) | (0.04 | ) | (1.30 | ) | 0.01 | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.45 | ) | (12.99 | ) | (7.85 | ) | (0.45 | ) | (12.99 | ) | 0.11 | |||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,797 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
|
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 29.14 per USD as of December 31, 2010
|
|
(3)
|
1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended December 31, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
2010
|
2009
|
|||||||||||
|
Cash Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
|
Net Income(Loss)
|
230 | 6,693 | (26,769 | ) | ||||||||
|
Depreciation & Amortization
|
2,604 | 75,891 | 77,643 | |||||||||
|
Investment Gain under Equity Method
|
(76 | ) | (2,212 | ) | (3,440 | ) | ||||||
|
Changes in Working Capital
|
39 | 1,126 | (2,206 | ) | ||||||||
|
Changes in Others
|
(42 | ) | (1,225 | ) | (904 | ) | ||||||
|
Net Cash Provided by Operating Activities
|
2,755 | 80,273 | 44,323 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(2,146 | ) | (62,536 | ) | (51,814 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
36 | 1,056 | 224 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(598 | ) | (17,425 | ) | (11,280 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
0 | 0 | 1,891 | |||||||||
|
Decrease (Increase) in Restricted Cash in Banks
|
3 | 92 | (104 | ) | ||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(22 | ) | (632 | ) | (886 | ) | ||||||
|
Decrease in Other Assets
|
0 | 10 | 93 | |||||||||
|
Net Cash Used in Investing Activities
|
(2,726 | ) | (79,433 | ) | (61,876 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Decrease in Short-term Borrowings
|
0 | 0 | (3,700 | ) | ||||||||
|
Increase (Decrease) in Guarantee Deposits
|
4 | 117 | (0 | ) | ||||||||
|
Increase (Decrease) in Long-term Borrowings and Bonds Payable
|
(223 | ) | (6,512 | ) | 13,514 | |||||||
|
Cash Dividends
|
0 | 0 | (2,552 | ) | ||||||||
|
Net Cash Provided(Used) by Financing Activities
|
(219 | ) | (6,396 | ) | 7,262 | |||||||
|
Effect of Exchange Rate Changes on Cash
|
31 | 902 | (322 | ) | ||||||||
|
Net Decrease in Cash and Cash Equivalents
|
(160 | ) | (4,654 | ) | (10,613 | ) | ||||||
|
Cash and Cash Equivalents at Beginning of Period
|
1,960 | 57,114 | 67,727 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,800 | 52,460 | 57,114 | |||||||||
|
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 29.14 per USD as of December 31, 2010
|