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
For August 20, 2003
Commission File Number 001-31335
AU
Optronics Corp.
(Translation of registrants name into English)
No. 1 Li-Hsin Road 2
Science-Based Industrial Park
Hsinchu, Taiwan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover 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 registrants "home country"), or under the rules of the home country exchange on which the registrants 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 registrants 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):
82-
Not applicable
INDEX TO EXHIBITS
Item | |
1. | Investor Conference Materials entitled, AU Optronics 2003 2nd Quarter Results, dated August 20, 2003 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AU Optronics Corp. | ||
Date: August 20, 2003 | By: | /s/ Max Weishun Cheng |
Name:
Max Weishun Cheng Title: Chief Financial Officer |
Item 1
Agenda | ||
Welcome and Introduction | ||
2Q03 Financial Results | ||
Recent Development | ||
Remarks | ||
Q&A |
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1
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. Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics forward-looking statements can be found in AU Optronics annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003. |
2Q03 Financial Results |
2
2Q 2003 Income Statement (Consolidated) | ||||||||||
Amount : NT$ Million Except Per Share Data | ||||||||||
2Q'03(a) | 1Q'03(a) | QoQ Change % |
1H'03(a) | |||||||
Net Sales | 23,842 | 100.0% | 18,268 | 100.0% | 30.5% | 42,110 | 100.0% | |||
Cost of Goods Sold | (19,241) | (80.7%) | (16,378) | (89.7%) | 17.5% | (35,619) | (84.6%) | |||
Gross Profit | 4,601 | 19.3% | 1,890 | 10.3% | 143.4% | 6,491 | 15.4% | |||
Operating Expenses | (1,618) | (6.8%) | (1,343) | (7.4%) | 20.5% | (2,961) | (7.0%) | |||
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Operating Income | 2,983 | 12.5% | 547 | 3.0% | 445.3% | 3,530 | 8.4% | |||
Net Non-operating Income (Exp.) | (58) | (0.2%) | (368) | (2.0%) | (84.2%) | (425) | (1.0%) | |||
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Income before Tax | 2,926 | 12.3% | 179 | 1.0% | 1534.6% | 3,105 | 7.4% | |||
Income Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | ||||
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Net Income | 2,926 | 12.3% | 179 | 1.0% | 1534.6% | 3,105 | 7.4% | |||
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Basic EPS (NT$) (b) | 0.69 | 0.04 | 1625.0% | 0.73 | ||||||
Fully Diluted EPS (NT$) (b) | 0.68 | 0.72 | ||||||||
EBITDA | 6,811 | 28.6% | 4,051 | 22.2% | 10,862 | 25.8% | ||||
Unit Shipment (Million) | ||||||||||
Large Size Panels | 2.8 | 2.3 | 18.3% | 5.1 | ||||||
Small & Medium Panels (AV) | 4.7 | 2.6 | 80.1% | 7.4 | ||||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | |||||||||
(b) | Total weighted average outstanding shares of 4,255 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 1H03 and 2Q03, while 4,014 million was used for 1Q03 | |||||||||
2Q 2003 Balance Sheet Highlights (Consolidated) | |||||||
Amount : NT$ Million | |||||||
2Q'03(a) | 1Q'03(a) | QoQ Change % |
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Cash & ST Investment | 18,523 | 21,304 | (13.1%) | ||||
Inventory | 7,162 | 7,890 | (9.2%) | ||||
LT Debt | 22,204 | 23,361 | (5.0%) | ||||
Equity | 78,812 | 77,965 | 1.1% | ||||
Total Assets | 131,956 | 126,876 | 4.0% | ||||
Fixed Assets | 114,172 | 104,111 | |||||
Accumulated Depreciation | (31,989) | 28.0% | (28, 624) | 27.5% | |||
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Net Fixed Assets | 82,182 | 75,487 | |||||
Debt to Equity (Fully Diluted) | 38.0% | 39.8% | |||||
Net Debt to Equity (Fully Diluted) | 18.2% | 17.1% | |||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | ||||||
3
2Q 2003 Cash Flow Highlights (Consolidated) | ||||||
Amount : NT$ Million | 2Q'03(a) | 1Q'03(a) | QoQ Change |
1H'03(a) | ||
From Operation | 8,844 | 2,267 | 6,577 | 11,111 | ||
Net Profit | 2,926 | 179 | 2,747 | ,105 | ||
Depreciation & Amortization | 3,828 | 3,504 | 324 | 7,332 | ||
From Investment | (9,114) | (7,736) | (1,378) | (16,850) | ||
Capital Expenditure | (9,683) | (6,911) | (2,772) | (16,594) | ||
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From Financing | (1,950) | (2,412) | 462 | (4,362) | ||
Repayment of Long Term Debt | (1,847) | (2,899) | 1,052 | (4,746) | ||
Syndication Loan | 348 | 0 | 348 | |||
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis. | ||||||
4
2003 Installed Capacity by Fab | ||||||
FAB | Substrate
Size (mm) |
12/2002 Capacity |
6/2003 Capacity |
12/2003(F) Capacity |
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L3A (G3.5) | 610 x 720 | 45,000 | 45,000 | 45,000 | ||
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L3B (G3.5) | 610 x 720 | 35,000 | 35,000 | 5,000
LTPS 25,000 a-Si |
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L5(G3.5) | 600 x 720 | 60,000 | 60,000 | 60,000 | ||
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L6(G4.0) | 680 x 880 | 60,000 | 60,000 | 60,000 | ||
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L8A (G5.0) | 1100 x 1250 | n.a. | 20,000 | 50,000 | ||
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5
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Amount : NT$ Million Except Per Share Data | 2003 Forecast(a) | |||||||
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Revised | Margin | Previous | Margin | |||||
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Net Sales | 97,275 | 100.0% | 96,270 | 100.0% | ||||
Gross Profit | 18,096 | 18.6% | 9,854 | 10.2% | ||||
Operating Profit | 11,680 | 12.0% | 3,831 | 4.0% | ||||
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Net Profit | 10,509 | 10.8% | 2,580 | 2.7% | ||||
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Basic EPS (NT$)(b) | 2.46 | 0.61 | ||||||
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Forecasted Unit Shipment (Million) | ||||||||
Large Size Panels (incl. TV) | 11.2 | 11.7 | ||||||
Small & Medium Panels (A/V) | 23.0 | 23.0 | ||||||
(a) | All figures are prepared by AU Optronics Corp. on a consolidated basis, without accountant review | |||||||
(b) | Assuming total weighted average outstanding shares of 4,275 million for Basic EPS | |||||||
6
Recent Development
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Leading 5th Generation Migration in Taiwan |
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G5 Phase I (L8A: 1100x1250) Smooth Ramp Up: Total Capacity 50K substrates/month | ||
10/11/2002: First equipment move-in | ||
12/8/2002: First G5 mother glass in Taiwan | ||
12/24/2002: First G5 panel light up (17) | ||
2/2003: First ODF equipment move-in | ||
3/2003: First G5 commercial production commenced in Taiwan | ||
6/2003: 20K substrates/month, smooth ODF phase-in | ||
9/2003 estimated capacity: 35K substrates/month | ||
12/2003 estimated capacity: 50K substrates/month | ||
G5 Phase II (L8B: 1100x1300): 70K substrates/month | ||
4Q 2003: Equipment move-in | ||
2Q 2004: Commercial production | ||
In-House G5 Color Filter Fab (C1): | ||
6/2003: First equipment move in | ||
10/2003: Scheduled mass production | ||
At Forefront of State-of-the-Art Technologies |
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LTPS: Self-developed technology ready for mass production | ||
Transflective Technology: Self-developed technology leading the industry Vital for handset, PDA etc | ||
Brilliant MVA (b-MVA) Jointly Developed with FDTC: High brightness & wide view angle notebook PC | ||
LCD TV Technologies: | ||
Fast Response Time: Fast liquid crystal, over drive, image tracking backlight | ||
High Image Quality: Premium MVA (p-MVA), high contrast ratio, high brightness, high color saturation | ||
Leading Image Processing: Color mapping, dynamic gamma, black-level extension | ||
At Forefront of State-of-the-Art Technologies | ||
Winner of the 2003 Gold Panel Display Awards by the National Science Council, Industrial Development Bureau and OCIID: | ||
Greatest Industry Contribution Dr. Po-Yen Lu, EVP of AUO | ||
Best Technology 16ms fast response LCD, AUO designed and integrated liquid crystal material, pixel design, driving circuit, etc. | ||
Best Product First G5 technology 26W TFT-LCD TV panel with Premium MVA | ||
World's first high efficient, low -power, full color a-Si Phosphorescent AMOLED at 2003 SID Conference | ||
World's only 8.4" Ultra Light Weight (210g) SVGA TFT-LCD integrated with Digitizer at the CeBIT HANNOVER 2003 | ||
8
9
TFT-LCD New Product Highlights | ||
Large Size LCD TV: 26W & 30W Best specifications in industry | ||
Highest brightness & contrast ratio | ||
Slimmest dimensions & weight | ||
Monitor: Industrys fastest 15 & 17 monitor series | ||
16ms intrinsic response time 6~18 months ahead of global competitors | ||
12ms series ready to launch in 4Q 2003 reinforce technology leadership | ||
Handset: 2.2 & 2.7 high resolution for Smart Phone | ||
Transflective & LTPS technology | ||
Notebook PC: 12.1W a new industrial standard | ||
Slim-type wide format, a new mobile computing trend | ||
http://www.auo.com
IR@auo.com |
10
Appendix: Unconsolidated Financial Results
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Income
Statement (Unconsolidated) QoQ Comparison |
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Amount : NT$ Million Except Per Share Data | |||||||||||||||
2Q'03(a) | 1Q'03(a) | QoQ Change % |
1H'03(a) | ||||||||||||
Net Sales | 22,076 | 100.0% | 17,115 | 100.0% | 29.0% | 39,191 | 100.0% | ||||||||
Cost of Goods Sold | (17,587) | (79.7%) | (15,491) | (90.5%) | 13.5% | (33,078) | (84.4%) | ||||||||
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Gross Profit | 4,489 | 20.3% | 1,624 | 9.5% | 176.4% | 6,113 | 15.6% | ||||||||
Operating Expenses | (1,539) | (7.0%) | (1,227) | (7.2%) | 25.4% | (2,766) | (7.1%) | ||||||||
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Operating Income | 2,950 | 13.4% | 397 | 2.3% | 643.1% | 3,347 | 8.5% | ||||||||
Net Non-operating Income (Exp.) | (24) | (0.1%) | (218) | (1.3%) | (89.0%) | (242) | (0.6%) | ||||||||
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Income before Tax | 2,926 | 13.3% | 179 | 1.0% | 1534.6% | 3,105 | 7.9% | ||||||||
Income Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | 0 | 0.0% | |||||||||
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Net Income | 2,926 | 13.3% | 179 | 1.0% | 1534.6% | 3,105 | 7.9% | ||||||||
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Basic EPS (NT$) (a) | 0.69 | 0.04 | 1625.0% | 0.73 | |||||||||||
Fully Diluted EPS (NT$) (a) | 0.68 | 0.72 | |||||||||||||
EBITDA | 6,650 | 30.1% | 3,800 | 22.2% | 10,450 | 26.7% | |||||||||
(a) | Total weighted average outstanding shares of 4,255 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 1H03 and 2Q03, while 4,014 million was used for 1Q03. | ||||||||||||||
11
Balance
Sheet& Cash Flow (Unconsolidated) QoQ Comparison |
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2Q'03 | 1Q'03 | QoQ Change % |
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Cash & Cash Equivalents | 14,926 | 11.6% | 17,701 | 14.3% | (15.7%) | ||||||
ST Inv. / Marketable Securities | 2,634 | 2.0% | 3,182 | 2.6% | (17.2%) | ||||||
LT Debt | 20,757 | 16.1% | 22,258 | 18.0% | (6.7%) | ||||||
Equity | 78,812 | 61.2% | 77,965 | 62.9% | 1.1% | ||||||
Total Assets | 128,845 | 100.0% | 123,881 | 100.0% | 4.0% | ||||||
Debt to Equity (Fully Diluted) | 36.2% | 38.5% | |||||||||
Net Debt to Equity (Fully Diluted) | 17.5% | 16.1% | |||||||||
Depreciation & Amortization | 3,700 | 3,403 | 8.7% | ||||||||
Capital Expenditure | 8,709 | 6,269 | 38.9% | ||||||||
Inventory | 6,354 | 7,393 | (14.1%) | ||||||||
Income
Statement (Unconsolidated) YoY Comparison |
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Amount : NT$ Million Except Per Share Data | |||||||||||
2Q'03 | 2Q'02 | YoY Change % |
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Net Sales | 22,076 | 100.0% | 22,671 | 100.0% | (2.6%) | ||||||
Cost of Goods Sold | (17,587) | (79.7%) | (16,726) | (73.9%) | 5.1% | ||||||
Gross Profit | 4,489 | 20.3% | 5,945 | 26.1% | (24.5%) | ||||||
Operating Expenses | (1,539) | (7.0%) | (1,084) | (4.3%) | 42.0% | ||||||
Operating Income | 2,950 | 13.4% | 4,861 | 21.7% | (39.3%) | ||||||
Net Non-operating Income (Exp.) | (24) | (0.1%) | (965) | (4.3%) | (97.5%) | ||||||
Income before Tax | 2,926 | 13.3% | 3,896 | 17.4% | (24.9%) | ||||||
Income Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | | ||||||
Net Income | 2,926 | 13.3% | 3,896 | 17.4% | (24.9%) | ||||||
Basic EPS (NT$)(a) | 0.69 | 1.18 | (41.5%) | ||||||||
Fully Diluted EPS (NT$)(a) | 0.68 | 1.06 | (35.8%) | ||||||||
EBITDA | 6,650 | 30.1% | 7,973 | 34.8% | -16.6% | ||||||
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12
Balance
Sheet & Cash Flow (Unconsolidated) YoY Comparison |
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Amount : NT$ Million | |||||||||||
2Q'03 | 2Q'02 | Change % | |||||||||
Cash & Cash Equivalents | 14,926 | 11.6% | 25,645 | 20.3% | (41.8%) | ||||||
ST Inv. & Marketable Securities | 2,634 | 2.0% | 5,137 | 4.1% | (48.7%) | ||||||
LT Debt | 20,757 | 16.1% | 27,422 | 21.7% | (24.3%) | ||||||
Equity | 78,812 | 61.2% | 77,103 | 60.9% | 2.2% | ||||||
Total Assets | 128,845 | 100.0% | 126,594 | 100.0% | 1.8% | ||||||
Debt to Equity (Fully Diluted) | 36.2% | 40.8% | |||||||||
Net Debt to Equity (Fully Diluted) | 17.5% | 8.3% | |||||||||
Depreciation & Amortization | 3,700 | 3,112 | 18.9% | ||||||||
Capital Expenditure | 8,709 | 4,979 | 74.9% | ||||||||
Inventory | 6,354 | 8,285 | (23.3%) | ||||||||
13
AU OPTRONICS CORP. UNCONSOLIDATED BALANCE SHEET As of June 30, 2003 and 2002 (Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD)) |
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As of June 30, 2003 | As of June 30, 2002 | YoY | |||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||
Cash and Cash Equivalents | 431 | 14,926 | 11.6 | 25,645 | 20.3 | (10,719) | (41.8) | ||
Short-term Investment | 76 | 2,634 | 2.0 | 5,137 | 4.1 | (2,503) | (48.7) | ||
Notes & Accounts Receivables | 447 | 15,455 | 12.0 | 11,266 | 8.9 | 4,189 | 37.2 | ||
Other Current Financial Assets | 14 | 492 | 0.4 | 570 | 0.5 | (78) | (13.6) | ||
Inventories | 184 | 6,354 | 4.9 | 8,285 | 6.5 | (1,931) | (23.3) | ||
Other Current Assets | 34 | 1,168 | 0.9 | 1,310 | 1.0 | (142) | (10.8) | ||
Total Current Assets | 1,186 | 41,030 | 31.8 | 52,213 | 41.2 | (11,183) | (21.4) | ||
Long-term Investments | 46 | 1,604 | 1.2 | 636 | 0.5 | 968 | 152.1 | ||
Fixed Assets | 3,173 | 109,805 | 85.2 | 87,291 | 69.0 | 22,514 | 25.8 | ||
Less Accumulated Depreciation | (914) | (31,625) | (24.5) | (19,946) | (15.8) | (11,678) | 58.5 | ||
Net Fixed Assets | 2,259 | 78,180 | 60.7 | 67,345 | 53.2 | 10,835 | 16.1 | ||
Other Assets | 232 | 8,032 | 6.2 | 6,400 | 5.1 | 1,632 | 25.5 | ||
Total Assets | 3,723 | 128,845 | 100.0 | 126,594 | 100.0 | 2,252 | 1.8 | ||
LIABILITIES
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Accounts Payable | 455 | 15,762 | 12.2 | 12,854 | 10.2 | 2,908 | 22.6 | ||
Current Installments of Long-term Liabilities | 274 | 9,486 | 7.4 | 6,862 | 5.4 | 2,624 | 38.2 | ||
Other Current Liabilities | 113 | 3,894 | 3.0 | 2,262 | 1.8 | 1,632 | 72.1 | ||
Total Current Liabilities | 842 | 29,141 | 22.6 | 21,978 | 17.4 | 7,163 | 32.6 | ||
Long-term Borrowings | 549 | 18,990 | 14.7 | 21,120 | 16.7 | (2,130) | (10.1) | ||
Long-term Commercial Paper | 0 | 0 | 0.0 | 2,773 | 2.2 | (2,773) | (100.0) | ||
Bonds and Convertible Bonds Payable | 51 | 1,767 | 1.4 3,530 | 2.8 | (1,763) | (49.9) | |||
Other Long-term Liabilities | 4 | 134 | 0.1 90 | 0.1 | 44 | 48.8 | |||
Total Liabilities | 1,446 | 50,033 | 38.8 | 49,491 | 39.1 | 542 | 1.1 | ||
SHAREHOLDERS
EQUITY |
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Common Stock | 1,234 | 42,704 | 33.1 | 39,766 | 31.4 | 2,938 | 7.4 | ||
Capital Surplus | 917 | 31,731 | 24.6 | 31,423 | 24.8 | 308 | 1.0 | ||
Retained Earnings | 134 | 4,626 | 3.6 | 5,930 | 4.7 | (1,304) | (22.0) | ||
Cumulative Translation Adjustment | 0 | 2 | 0.0 | (16) | (0.0) | 18 | (114.0) | ||
Treasury Stock | (7) | (251) | (0.2) | 0 | 0.0 | (251) | 0.0 | ||
Total Stockholders Equity | 2,278 | 78,812 | 61.2 | 77,103 | 49.1 | 1,710 | 2.2 | ||
Total Liabilities & Stockholders Equity | 3,724 | 128,845 | 100.0 | 126,594 | 100.0 | 2,252 | 1.8 | ||
Note: New Taiwan dollars amounts have been translated into U.S. dollars at the rate of NT$ 34.61 per U.S. dollar at the end of June, 2003 | |||||||||
AU OPTRONICS
CORP.
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Year over Year
Comparison |
Sequential Comparison
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Net Sales | 1,130 | 39,191 | 100.0 | 42,420 | (7.6) | 636 | 22,076 | 100.0 | 17,115 | 29.0 | |||
Cost of Goods Sold | 954 | 33,078 | 84.4 | 33,169 | (0.3) | 507 | 17,587 | 79.7 | 15,491 | 13.5 | |||
Gross Profit (Loss) | 176 | 6,113 | 15.6 | 9,251 | (33.9) | 129 | 4,489 | 20.3 | 1,624 | 176.4 | |||
Operating Expenses | |||||||||||||
Selling | 10 | 371 | 0.9 | 273 | 36.0 | 6 | 219 | 1.0 | 151 | 44.8 | |||
Administrative | 31 | 1,060 | 2.7 | 670 | 58.2 | 17 | 582 | 2.6 | 478 | 21.9 | |||
Research and Development | 39 | 1,336 | 3.4 | 1,066 | 25.4 | 21 | 737 | 3.3 | 598 | 23.3 | |||
Total Operating Expenses | 80 | 2,766 | 7.2 | 2,008 | 37.8 | 44 | 1,539 | 7.0 | 1,227 | 25.4 | |||
Total Operating Income (Loss) | 96 | 3,347 | 8.5 | 7,244 | (53.8) | 85 | 2,950 | 13.4 | 397 | 643.3 | |||
Net Non-Operating Income (Expenses) | (7) | (242) | (0.6) | (1,314) | (81.6) | (1) | (24) | (0.1) | (218) | (89.0) | |||
Income (Loss) before Income Tax | 89 | 3,105 | 7.9 | 5,930 | (47.6) | 84 | 2,926 | 13.3 | 179 | 1,535.6 | |||
Income Tax (Expense) Benefit | 0 | 0 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 | 0 | - | |||
Net Income (Loss) | 89 | 3,105 | 7.9 | 5,930 | (47.6) | 84 | 2,926 | 13.3 | 179 | 1,535.6 | |||
Basic Earnings (Loss) Per Share | 0.0211 | 0.73 | 1.81 | (59.6) | 0.0198 | 0.69 | 0.04 | 1,619.3 | |||||
Basic Earnings (Loss) Per ADS | 0.2106 | 7.30 | 18.07 | (59.6) | 0.1982 | 6.88 | 0.40 | 1,619.3 | |||||
Weighted Average Number | 4,255 | 3,282 | 4,255 | 4,014 | |||||||||
Note: (1) | New Taiwan dollars amounts have been translated into U.S. dollars at the weighted average rate of NT$34.648 per U.S. dollar for the first quarter of 2003 | ||||||||||||
(2) | 1 ADR equals 10 ordinary shares |
AU
OPTRONICS CORP. UNCONSOLIDATED STATEMENT OF CASH FLOWS For the 6 Months Ended June 30, 2003 and 2002 (Figures in Million of New Taiwan dollars (NTD) and U.S. dollars (USD)) |
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2003 | 2002 | ||||||
USD | NTD | NTD | |||||
Cash Flows from Operating Activities: | |||||||
Net Income | 90 | 3,105 | 5,930 | ||||
Depreciation & Amortization | 205 | 7,103 | 6,028 | ||||
Provision (Reversal) for Inventory Devaluation | 44 | 1,523 | 786 | ||||
S.T & L.T Investment Loss recovery profit | (6) | (196) | 646 | ||||
Changes in Working Capital & Others | (78) | (2,699) | (206) | ||||
Net Cash Provided by (Used in) Operating Activities | 255 | 8,836 | 13,185 | ||||
Cash Flows from Investing Activities: | |||||||
Decrease (Increase) in Short-term Investments | 19 | 666 | (635) | ||||
Acquisition of Property, Plant and Equipment | (433) | (14,979) | (7,042) | ||||
Proceeds from Disposal of Property, Plant and Equipment | 9 | 311 | 47 | ||||
Increase in Long-term Equity Investments | (13) | (436) | (524) | ||||
Decrease (Increase) in Restricted Cash in Bank | 1 | 23 | 91 | ||||
Increase in Intangible Assets | (22) | (746) | (212) | ||||
Decrease (Increase) in Other Assets | 3 | 89 | (4) | ||||
Net Cash Used in Investing Activities | (436) | (15,072) | (8,279) | ||||
Cash Flows from Financing Activities: | |||||||
Decrease in Short-term Borrowings | 0 | 0 | (2,545) | ||||
Increase in Guarantee Deposits | 0 | 0 | 0 | ||||
Increase (Decrease) in Long-term Borrowings | (127) | (4,399) | (2,408) | ||||
Issuance of Common Stock for Cash | 0 | 0 | 19,170 | ||||
Directors' and Supervisors' Remuneration | 0 | 0 | 0 | ||||
Increase in Treasury Stock | (2) | (68) | 0 | ||||
Net Cash Provided by Financing Activities | (129) | (4,467) | 14,217 | ||||
Effect of Exchange Rate Change on Cash | (1) | (30) | 79 | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | (311) | (10,733) | 19,202 | ||||
Cash and Cash Equivalents at Beginning of Period | 741 | 25,659 | 6,443 | ||||
Cash and Cash Equivalents at End of Period | 430 | 14,926 | 25,645 | ||||