Commission
File Number
|
001-31335
|
AU
Optronics Corp.
|
|
(Translation
of registrant’s name into English)
|
|
No.
1 Li-Hsin Road 2
|
|
Hsinchu
Science Park
|
|
Hsinchu,
Taiwan
|
|
(Address
of principal executive offices)
|
Form
20-F X Form 40-F ___
|
Yes ..... No ..X... |
1.
|
Press
release entitled, ”AU Optronics Corp. Reports 2Q2008 Results”, dated July
24, 2008.
|
2.
|
Investor
Conference Materials entitled, “AU Optronics Corp. Second Quarter 2008
Results”, dated July 24, 2008.
|
AU
Optronics Corp.
|
||||
Date: July 24,
2008
|
By:
|
/s/
Max Cheng
|
||
Name:
|
Max
Cheng
|
|||
Title:
|
Chief
Financial Officer
|
Fiona
Chiu
|
Yawen
Hsiao
|
Corporate
Communications Dept
|
Corporate
Communications Dept.
|
AU Optronics
Corp
|
AU Optronics
Corp.
|
Tel: +886-3-5008899
ext 3206
|
+886-3-5008899
ext 3211
|
Fax:
+886-3-5772730
|
+886-3-5772730
|
Email: fiona.chiu@auo.com
|
yawen.hsiao@auo.com
|
AU Optronics Corp. Second Quarter 2008 Results Investor Conference < |
![]() |
> 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, 2007 filed with the United States Securities and Exchange Commission. 2 AUO Proprietary & Confidential < |
![]() |
> Consolidated Income Statement Amount : NT$ Million Except Per Share Data Net Sales 123,476 100.0% 136,630 100.0% Cost of Goods Sold (92,661) (75.0%) (99,546) (72.9%) ----------------------------------------------- Gross Profit 30,815 25.0% 37,084 27.1% Operating Expenses (6,754) (5.5%) (6,774) (5.0%) ----------------------------------------------- Operating Income 24,062 19.5% 30,310 22.2% Net Non-operating Expenses (444) (0.4%) (1,456) (1.1%) ----------------------------------------------- Income before Tax 23,617 19.1% 28,855 21.1% ----------------------------------------------- Net Income 20,392 16.5% 26,985 19.8% ----------------------------------------------- Attributable to: Equity holders of the parent company 20,165 16.3% 26,861 19.7% Minority interest 226 0.2% 124 0.1% ----------------------------------------------- Net Income 20,392 16.5% 26,985 19.8% ----------------------------------------------- Basic EPS (NT$)(a) 2.57 3.41 Operating Income + D&A 44,044 35.7% 50,114 36.7% Unit Shipments (mn)(b) Large Size Panels 21.8 22.0 Small & Medium Size Panels 41.9 37.7 Net Sales (9.6%) 106,009 100.0% Cost of Goods Sold (6.9%) (93,890) (88.6%) -------------------------------------------- Gross Profit (16.9%) 12,119 11.4% Operating Expenses (0.3%) (5,193) (4.9%) -------------------------------------------- Operating Income (20.6%) 6,926 6.5% Net Non-operating Expenses (69.5%) (851) (0.8%) -------------------------------------------- Income before Tax (18.2%) 6,076 5.7% -------------------------------------------- Net Income (24.4%) 5,917 5.6% -------------------------------------------- Attributable to: Equity holders of the parent company (24.9%) 5,987 5.6% Minority interest 82.0% (70) (0.1%) -------------------------------------------- Net Income (24.4%) 5,917 5.6% -------------------------------------------- Basic EPS (NT$)(a) (24.7%) 0.79 Operating Income + D&A (12.1%) 27,758 26.2% Unit Shipments (mn)(b) Large Size Panels (0.8%) 19.5 Small & Medium Size Panels 11.1% 32.2 - Unaudited, prepared by AUO on a consolidated basis (a) Basic EPS was calculated based on the total diluted weighted average outstanding shares of each quarter (7,867m shares in 2Q08, 7,867m shares in 1Q08 and 7,576m shares in 2Q07) by retroactively adjusting to stock dividend and stock bonus (b) Large size refers to panels that are 10 inches and above 3 AUO Proprietary & Confidential < |
![]() |
> Consolidated Balance Sheet Highlights Amount : NT$ Million Cash & ST Investment 93,048 114,944 (19.0%) 21,814 Inventory 43,737 37,238 17.5% 44,681 Short Term Debt(a) 41,694 38,667 7.8% 39,346 Long Term Debt 96,990 138,777 (30.1%) 166,571 Equity 326,337 327,254 (0.3%) 240,438 Total Assets 622,808 637,215 (2.3%) 557,468 Inventory Turnover (Days)(b) 40 33 43 Debt to Equity 42.5% 54.2% 85.6% Net Debt to Equity 14.3% 19.5% 77.3% - 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 AUO Proprietary & 4 Confidential < |
![]() |
> Consolidated Cash Flow Highlights Amount : NT$ Million From Operating Activities 40,631 45,791 (5,159) Net Profit 20,392 26,985 (6,594) Depreciation & Amortization 19,983 19,803 179 Net Change in Working Capital (970) (1,024) 53 ------------------------------------------------------------------------------------------------ From Investing Activities (23,261) (22,712) (548) Capital Expenditure (21,096) (22,283) 1,187 ------------------------------------------------------------------------------------------------ From Financing Activities (39,137) 1,213 (40,351) Net Change in Debt (39,169) 1,222 (40,391) ------------------------------------------------------------------------------------------------ Net Change in Cash(a) (21,671) 23,851 (45,522) - 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 . AUO Proprietary & 5 Confidential < |
![]() |
> Consolidated Revenues by Application < |
![]() |
> Large Panel - ASP by Unit < |
![]() |
> Consolidated Shipments & ASP by Area < |
![]() |
> Consolidated Small & Medium Panel Shipments & Revenues < |
![]() |
> Capacity by Fab -------------------------------------------------------------------------------- LA (G3.5) 610 x 720 40,000 40,000 -------------------------------------------------------------------------------- LB (G3.5) 610 x 720 20,000 LTPS 20,000 LTPS -------------------------------------------------------------------------------- LC (G3.5) 600 x 720 60,000 60,000 -------------------------------------------------------------------------------- LD (G3.5) 620 x 750 30,000 30,000 -------------------------------------------------------------------------------- LA (G4.0) 680 x 880 60,000 60,000 -------------------------------------------------------------------------------- LA (G5.0) 1100 x 1250 50,000 50,000 -------------------------------------------------------------------------------- LB (G5.0) 1100 x 1300 70,000 70,000 -------------------------------------------------------------------------------- LC (G5.0) 1100 x 1300 120,000 120,000 -------------------------------------------------------------------------------- LD (G5.0) 1100 x 1300 70,000 70,000 -------------------------------------------------------------------------------- LA (G6.0) 1500 x 1850 120,000 120,000 -------------------------------------------------------------------------------- L6B(G6.0) 1500 x 1850 100,000 120,000 -------------------------------------------------------------------------------- LA (G7.5) 1950 x 2250 60,000 75,000 -------------------------------------------------------------------------------- Capacity based on monthly glass substrate input 10 AUO Proprietary & Confidential < |
![]() |
> www.auo.com ir@auo.com |
![]() |
June
30, 2008
|
June
30, 2007
|
YoY
|
||||||||||||||||||||||||||
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
Cash and Cash
Equivalents
|
3,033 | 92,070 | 14.8 | 20,034 | 3.6 | 72,036 | 359.6 | |||||||||||||||||||||
Available-for-Sale
Financial Assets - Current
|
32 | 978 | 0.2 | 1,780 | 0.3 | (801 | ) | (45.0 | ) | |||||||||||||||||||
Notes &
Accounts Receivables
|
2,078 | 63,074 | 10.1 | 61,134 | 11.0 | 1,941 | 3.2 | |||||||||||||||||||||
Other Current
Financial Assets
|
140 | 4,236 | 0.7 | 1,183 | 0.2 | 3,052 | 257.9 | |||||||||||||||||||||
Inventories
|
1,441 | 43,737 | 7.0 | 44,681 | 8.0 | (943 | ) | (2.1 | ) | |||||||||||||||||||
Other Current
Assets
|
373 | 11,311 | 1.8 | 5,289 | 0.9 | 6,022 | 113.8 | |||||||||||||||||||||
Total Current
Assets
|
7,095 | 215,406 | 34.6 | 134,101 | 24.1 | 81,305 | 60.6 | |||||||||||||||||||||
Long-term
Investments
|
314 | 9,538 | 1.5 | 5,972 | 1.1 | 3,566 | 59.7 | |||||||||||||||||||||
Fixed
Assets
|
21,040 | 638,778 | 102.6 | 575,865 | 103.3 | 62,914 | 10.9 | |||||||||||||||||||||
Less
Accumulated Depreciation
|
(8,728 | ) | (264,968 | ) | (42.5 | ) | (190,383 | ) | (34.2 | ) | (74,585 | ) | 39.2 | |||||||||||||||
Net Fixed
Assets
|
12,313 | 373,810 | 60.0 | 385,481 | 69.1 | (11,671 | ) | (3.0 | ) | |||||||||||||||||||
Other
Assets
|
792 | 24,054 | 3.9 | 31,913 | 5.7 | (7,859 | ) | (24.6 | ) | |||||||||||||||||||
Total
Assets
|
20,514 | 622,808 | 100.0 | 557,468 | 100.0 | 65,340 | 11.7 | |||||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||||||
Short-term
Borrowings
|
18 | 531 | 0.1 | 743 | 0.1 | (212 | ) | (28.5 | ) | |||||||||||||||||||
Accounts
Payable
|
2,856 | 86,704 | 13.9 | 77,062 | 13.8 | 9,642 | 12.5 | |||||||||||||||||||||
Current
Installments of Long-term Borrowings
|
1,356 | 41,163 | 6.6 | 38,602 | 6.9 | 2,560 | 6.6 | |||||||||||||||||||||
Current
Financial Liabilities
|
11 | 334 | 0.1 | 630 | 0.1 | (296 | ) | (47.0 | ) | |||||||||||||||||||
Accrued
Expense & Other Current Liabilities
|
980 | 29,748 | 4.8 | 13,989 | 2.5 | 15,759 | 112.7 | |||||||||||||||||||||
Dividend
Payable
|
648 | 19,671 | 3.2 | 1,515 | 0.3 | 18,156 | 1198.6 | |||||||||||||||||||||
Machinery and
Equipment Payable
|
701 | 21,293 | 3.4 | 17,796 | 3.2 | 3,497 | 19.7 | |||||||||||||||||||||
Total Current
Liabilities
|
6,569 | 199,444 | 32.0 | 150,337 | 27.0 | 49,106 | 32.7 | |||||||||||||||||||||
Long-term
Borrowings
|
2,817 | 85,533 | 13.7 | 138,622 | 24.9 | (53,089 | ) | (38.3 | ) | |||||||||||||||||||
Bonds
Payable
|
377 | 11,457 | 1.8 | 27,949 | 5.0 | (16,492 | ) | (59.0 | ) | |||||||||||||||||||
Other
Long-term Liabilities
|
1 | 38 | 0.0 | 121 | 0.0 | (84 | ) | (69.0 | ) | |||||||||||||||||||
Total
Long-term Liabilities
|
3,196 | 97,028 | 15.6 | 166,692 | 29.9 | (69,665 | ) | (41.8 | ) | |||||||||||||||||||
Total
Liabilities
|
9,765 | 296,471 | 47.6 | 317,030 | 56.9 | (20,558 | ) | (6.5 | ) | |||||||||||||||||||
SHAREHOLDERS’
EQUITY
|
||||||||||||||||||||||||||||
Common
Stock
|
2,592 | 78,682 | 12.6 | 75,738 | 13.6 | 2,944 | 3.9 | |||||||||||||||||||||
Capital
Collected In Advance
|
0 | 2 | 0.0 | 231 | 0.0 | (229 | ) | (99.2 | ) | |||||||||||||||||||
Stock
Dividends To Be Distributed
|
210 | 6,371 | 1.0 | 2,088 | 0.4 | 4,283 | 205.1 | |||||||||||||||||||||
Capital
Surplus
|
3,752 | 113,917 | 18.3 | 111,517 | 20.0 | 2,400 | 2.2 | |||||||||||||||||||||
Retained
Earnings
|
3,813 | 115,751 | 18.6 | 40,994 | 7.4 | 74,757 | 182.4 | |||||||||||||||||||||
Cumulative
Translation Adjustments
|
36 | 1,106 | 0.2 | 596 | 0.1 | 510 | 85.6 | |||||||||||||||||||||
Unrealized
Gain/Loss on Financial Products
|
37 | 1,118 | 0.2 | 392 | 0.1 | 726 | 185.3 | |||||||||||||||||||||
Deferred
Compensation Cost
|
0 | 0 | 0.0 | (2 | ) | 0.0 | 2 | – | ||||||||||||||||||||
Minority
Interest
|
309 | 9,390 | 1.5 | 8,884 | 1.6 | 506 | 5.7 | |||||||||||||||||||||
Total
Shareholders’ Equity
|
10,749 | 326,337 | 52.4 | 240,438 | 43.1 | 85,899 | 35.7 | |||||||||||||||||||||
Total
Liabilities & Shareholders’ Equity
|
20,514 | 622,808 | 100.0 | 557,468 | 100.0 | 65,340 | 11.7 |
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
2Q
2008
|
%
of
|
2Q
2007
|
YoY
|
2Q
2008
|
%
of
|
1
Q 2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
Net
Sales
|
4,067 | 123,476 | 100.0 | 106,009 | 16.5 | 4,067 | 123,476 | 100.0 | 136,630 | (9.6 | ) | |||||||||||||||||||||||||||||
Cost of Goods
Sold
|
3,052 | 92,661 | 75.0 | 93,890 | (1.3 | ) | 3,052 | 92,661 | 75.0 | 99,546 | (6.9 | ) | ||||||||||||||||||||||||||||
Gross
Profit
|
1,015 | 30,815 | 25.0 | 12,119 | 154.3 | 1,015 | 30,815 | 25.0 | 37,084 | (16.9 | ) | |||||||||||||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
SG&A
|
169 | 5,140 | 4.2 | 3,943 | 30.3 | 169 | 5,140 | 4.2 | 5,087 | 1.1 | ||||||||||||||||||||||||||||||
R&D
|
53 | 1,613 | 1.3 | 1,249 | 29.1 | 53 | 1,613 | 1.3 | 1,687 | (4.4 | ) | |||||||||||||||||||||||||||||
222 | 6,754 | 5.5 | 5,193 | 30.1 | 222 | 6,754 | 5.5 | 6,774 | (0.3 | ) | ||||||||||||||||||||||||||||||
Operating
Income
|
793 | 24,062 | 19.5 | 6,926 | 247.4 | 793 | 24,062 | 19.5 | 30,310 | (20.6 | ) | |||||||||||||||||||||||||||||
Net
Non-Operating Expenses
|
(15 | ) | (444 | ) | (0.4 | ) | (851 | ) | (47.8 | ) | (15 | ) | (444 | ) | (0.4 | ) | (1,456 | ) | (69.5 | ) | ||||||||||||||||||||
Income before
Income Tax
|
778 | 23,617 | 19.1 | 6,076 | 288.7 | 778 | 23,617 | 19.1 | 28,855 | (18.2 | ) | |||||||||||||||||||||||||||||
Income Tax
Expense
|
(106 | ) | (3,226 | ) | (2.6 | ) | (159 | ) | 1,934.1 | (106 | ) | (3,226 | ) | (2.6 | ) | (1,869 | ) | 72.6 | ||||||||||||||||||||||
Net
Income
|
672 | 20,392 | 16.5 | 5,917 | 244.6 | 672 | 20,392 | 16.5 | 26,985 | (24.4 | ) | |||||||||||||||||||||||||||||
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
Equity Holders
of The Parent Company
|
664 | 20,165 | 16.3 | 5,987 | 236.8 | 664 | 20,165 | 16.3 | 26,861 | (24.9 | ) | |||||||||||||||||||||||||||||
Minority
Interest
|
7 | 226 | 0.2 | (70 | ) | – | 7 | 226 | 0.2 | 124 | 82.0 | |||||||||||||||||||||||||||||
Net
Income
|
672 | 20,392 | 16.5 | 5,917 | 244.6 | 672 | 20,392 | 16.5 | 26,985 | (24.4 | ) | |||||||||||||||||||||||||||||
Basic Earnings
Per Share
|
0.08 | 2.57 | 0.79 | 0.08 | 2.57 | 3.41 | ||||||||||||||||||||||||||||||||||
Basic Earnings
Per ADR(3)
|
0.84 | 25.63 | 7.90 | 0.84 | 25.63 | 34.15 | ||||||||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding (‘M)
|
7,867 | 7,576 | 7,867 | 7,867 |
1
H 2008
|
1
H 2007
|
|||||||||||
USD
|
NTD
|
NTD
|
||||||||||
Cash
Flows from Operating Activities:
|
||||||||||||
Net
Income
|
1,561 | 47,377 | 812 | |||||||||
Depreciation
& Amortization
|
1,310 | 39,786 | 40,024 | |||||||||
Provision for
Inventory Devaluation
|
14 | 429 | 64 | |||||||||
Investment
Loss (Gain) under Equity Method
|
(1 | ) | (19 | ) | 41 | |||||||
Changes in
Working Capital & Others
|
(38 | ) | (1,151 | ) | (3,123 | ) | ||||||
Net Cash
Provided by Operating Activities
|
2,847 | 86,422 | 37,818 | |||||||||
Cash
Flows from Investing Activities:
|
||||||||||||
Proceeds from
Disposal of AFS Investments
|
9 | 270 | 11 | |||||||||
Acquisition of
Property, Plant and Equipment
|
(1,429 | ) | (43,379 | ) | (43,450 | ) | ||||||
Proceeds from
Disposal of Property, Plant and Equipment
|
1 | 32 | 17 | |||||||||
Increase in
Long-term Investments
|
(67 | ) | (2,039 | ) | (722 | ) | ||||||
Increase in
Deferred Assets and Intangible Assets
|
(26 | ) | (776 | ) | (1,421 | ) | ||||||
Decrease
(Increase) in Other Assets
|
(3 | ) | (81 | ) | 152 | |||||||
Net Cash Used
in Investing Activities
|
(1,514 | ) | (45,973 | ) | (45,413 | ) | ||||||
Cash
Flows from Financing Activities:
|
||||||||||||
Increase
(Decrease) in Short-term Borrowings
|
13 | 395 | (2,986 | ) | ||||||||
Increase in
Guarantee Deposits
|
0 | 5 | 0 | |||||||||
Decrease in
Long-term Borrowings and Bonds Payable
|
(1,263 | ) | (38,342 | ) | (15,053 | ) | ||||||
Employee Stock
Options Exercised
|
1 | 19 | 45 | |||||||||
Change in
Minority Interest
|
(0 | ) | (2 | ) | 407 | |||||||
Net Cash Used
by Financing Activities
|
(1,249 | ) | (37,924 | ) | (17,586 | ) | ||||||
Cash
Proceeds from QDI and CFI Acquisition
|
0 | 0 | 1,604 | |||||||||
Effect
of Exchange Rate Changes on Cash
|
(11 | ) | (345 | ) | (314 | ) | ||||||
Net
Decrease (Increase) in Cash and Cash Equivalents
|
72 | 2,180 | (23,891 | ) | ||||||||
Cash
and Cash Equivalents at Beginning of Period
|
2,961 | 89,890 | 43,926 | |||||||||
Cash
and Cash Equivalents at End of Period
|
3,033 | 92,070 | 20,034 |
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 30.36 per USD as of June 30,
2008
|
June
30, 2008
|
June
30, 2007
|
YoY
|
||||||||||||||||||||||||||
ASSETS |
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
Cash and Cash
Equivalents
|
2,630 | 79,848 | 13.6 | 15,796 | 3.0 | 64,052 | 405.5 | |||||||||||||||||||||
Available-for-Sale
Financial Assets - Current
|
32 | 978 | 0.2 | 1,780 | 0.3 | (801 | ) | (45.0 | ) | |||||||||||||||||||
Notes &
Accounts Receivables
|
2,053 | 62,334 | 10.7 | 61,526 | 11.7 | 807 | 1.3 | |||||||||||||||||||||
Other Current
Financial Assets
|
32 | 979 | 0.2 | 1,092 | 0.2 | (113 | ) | (10.3 | ) | |||||||||||||||||||
Inventories
|
1,307 | 39,668 | 6.8 | 40,579 | 7.7 | (911 | ) | (2.2 | ) | |||||||||||||||||||
Other Current
Assets
|
360 | 10,925 | 1.9 | 5,084 | 1.0 | 5,841 | 114.9 | |||||||||||||||||||||
Total Current
Assets
|
6,414 | 194,731 | 33.3 | 125,856 | 23.8 | 68,875 | 54.7 | |||||||||||||||||||||
Long-term
Investments
|
1,204 | 36,546 | 6.2 | 28,089 | 5.3 | 8,457 | 30.1 | |||||||||||||||||||||
Fixed
Assets
|
18,625 | 565,467 | 96.6 | 511,450 | 96.9 | 54,017 | 10.6 | |||||||||||||||||||||
Less
Accumulated Depreciation
|
(7,694 | ) | (233,592 | ) | (39.9 | ) | (167,181 | ) | (31.7 | ) | (66,411 | ) | 39.7 | |||||||||||||||
Net Fixed
Assets
|
10,931 | 331,875 | 56.7 | 344,269 | 65.2 | (12,394 | ) | (3.6 | ) | |||||||||||||||||||
Other
Assets
|
727 | 22,060 | 3.8 | 29,753 | 5.6 | (7,693 | ) | (25.9 | ) | |||||||||||||||||||
Total
Assets
|
19,276 | 585,212 | 100.0 | 527,967 | 100.0 | 57,245 | 10.8 | |||||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||||||
Accounts
Payable
|
2,876 | 87,325 | 14.9 | 77,066 | 14.6 | 10,260 | 13.3 | |||||||||||||||||||||
Current
Installments of Long-term Borrowings
|
1,208 | 36,673 | 6.3 | 34,914 | 6.6 | 1,759 | 5.0 | |||||||||||||||||||||
Current
Financial Liabilities
|
11 | 319 | 0.1 | 617 | 0.1 | (298 | ) | (48.2 | ) | |||||||||||||||||||
Accrued
Expense & Other Current Liabilities
|
797 | 24,195 | 4.1 | 11,594 | 2.2 | 12,601 | 108.7 | |||||||||||||||||||||
Dividend
Payable
|
648 | 19,671 | 3.4 | 1,515 | 0.3 | 18,156 | 1198.6 | |||||||||||||||||||||
Machinery and
Equipment Payable
|
594 | 18,029 | 3.1 | 15,113 | 2.9 | 2,917 | 19.3 | |||||||||||||||||||||
Total Current
Liabilities
|
6,133 | 186,212 | 31.8 | 140,817 | 26.7 | 45,395 | 32.2 | |||||||||||||||||||||
Long-term
Borrowings
|
2,325 | 70,577 | 12.1 | 127,536 | 24.2 | (56,959 | ) | (44.7 | ) | |||||||||||||||||||
Bonds
Payable
|
377 | 11,457 | 2.0 | 27,949 | 5.3 | (16,492 | ) | (59.0 | ) | |||||||||||||||||||
Other
Long-term Liabilities
|
1 | 19 | 0.0 | 111 | 0.0 | (92 | ) | (82.9 | ) | |||||||||||||||||||
Total
Long-term Liabilities
|
2,703 | 82,053 | 14.0 | 155,596 | 29.5 | (73,543 | ) | (47.3 | ) | |||||||||||||||||||
Total
Liabilities
|
8,836 | 268,265 | 45.8 | 296,413 | 56.1 | (28,148 | ) | (9.5 | ) | |||||||||||||||||||
SHAREHOLDERS’
EQUITY
|
||||||||||||||||||||||||||||
Common
Stock
|
2,592 | 78,682 | 13.4 | 75,738 | 14.3 | 2,944 | 3.9 | |||||||||||||||||||||
Capital
Collected In Advance
|
0 | 2 | 0.0 | 231 | 0.0 | (229 | ) | (99.2 | ) | |||||||||||||||||||
Stock
Dividends To Be Distributed
|
210 | 6,371 | 1.1 | 2,088 | 0.4 | 4,283 | 205.1 | |||||||||||||||||||||
Capital
Surplus
|
3,752 | 113,917 | 19.5 | 111,517 | 21.1 | 2,400 | 2.2 | |||||||||||||||||||||
Retained
Earnings
|
3,813 | 115,751 | 19.8 | 40,994 | 7.8 | 74,757 | 182.4 | |||||||||||||||||||||
Cumulative
Translation Adjustments
|
36 | 1,106 | 0.2 | 596 | 0.1 | 510 | 85.6 | |||||||||||||||||||||
Unrealized
Gain/Loss on Financial Products
|
37 | 1,118 | 0.2 | 392 | 0.1 | 726 | 185.3 | |||||||||||||||||||||
Deferred
Compensation Cost
|
0 | 0 | 0.0 | (2 | ) | 0.0 | 2 | – | ||||||||||||||||||||
Total
Shareholders’ Equity
|
10,440 | 316,947 | 54.2 | 231,554 | 43.9 | 85,393 | 36.9 | |||||||||||||||||||||
Total
Liabilities & Shareholders’ Equity
|
19,276 | 585,212 | 100.0 | 527,967 | 100.0 | 57,245 | 10.8 |
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
2Q
2008
|
%
of
|
2Q
2007
|
YoY
|
2Q
2008
|
%
of
|
1Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
Net
Sales
|
4,031 | 122,373 | 100.0 | 105,929 | 15.5 | 4,031 | 122,373 | 100.0 | 136,239 | (10.2 | ) | |||||||||||||||||||||||||||||
Cost of Goods
Sold
|
3,090 | 93,813 | 76.7 | 95,430 | (1.7 | ) | 3,090 | 93,813 | 76.7 | 100,668 | (6.8 | ) | ||||||||||||||||||||||||||||
Gross
Profit
|
941 | 28,560 | 23.3 | 10,499 | 172.0 | 941 | 28,560 | 23.3 | 35,571 | (19.7 | ) | |||||||||||||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
SG&A
|
143 | 4,354 | 3.6 | 3,276 | 32.9 | 143 | 4,354 | 3.6 | 4,294 | 1.4 | ||||||||||||||||||||||||||||||
R&D
|
53 | 1,613 | 1.3 | 1,231 | 31.0 | 53 | 1,613 | 1.3 | 1,687 | (4.4 | ) | |||||||||||||||||||||||||||||
197 | 5,967 | 4.9 | 4,507 | 32.4 | 197 | 5,967 | 4.9 | 5,981 | (0.2 | ) | ||||||||||||||||||||||||||||||
Operating
Income
|
744 | 22,593 | 18.5 | 5,992 | 277.1 | 744 | 22,593 | 18.5 | 29,591 | (23.6 | ) | |||||||||||||||||||||||||||||
Net
Non-Operating Income (Expenses)
|
30 | 914 | 0.7 | (33 | ) | — | 30 | 914 | 0.7 | (864 | ) | — | ||||||||||||||||||||||||||||
Income before
Income Tax
|
774 | 23,507 | 19.2 | 5,959 | 294.5 | 774 | 23,507 | 19.2 | 28,727 | (18.2 | ) | |||||||||||||||||||||||||||||
Income Tax
Benefit (Expense)
|
(110 | ) | (3,341 | ) | (2.7 | ) | 28 | — | (110 | ) | (3,341 | ) | (2.7 | ) | (1,865 | ) | 79.1 | |||||||||||||||||||||||
Net
Income
|
664 | 20,165 | 16.5 | 5,987 | 236.8 | 664 | 20,165 | 16.5 | 26,861 | (24.9 | ) | |||||||||||||||||||||||||||||
Basic Earnings
Per Share
|
0.08 | 2.57 | 0.79 | 0.08 | 2.57 | 3.41 | ||||||||||||||||||||||||||||||||||
Basic Earnings
Per ADR(3)
|
0.84 | 25.63 | 7.90 | 0.84 | 25.63 | 34.15 | ||||||||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding (‘M)
|
7,867 | 7,576 | 7,867 | 7,867 |
1
H 2008
|
1
H 2007
|
|||||||||||
USD
|
NTD
|
NTD
|
||||||||||
Cash
Flows from Operating Activities:
|
||||||||||||
Net
Income
|
1,549 | 47,026 | 882 | |||||||||
Depreciation
& Amortization
|
1,162 | 35,290 | 36,635 | |||||||||
Provision for
Inventory Devaluation
|
14 | 412 | 11 | |||||||||
Investment
Gain under Equity Method
|
(44 | ) | (1,331 | ) | (614 | ) | ||||||
Changes in
Working Capital & Others
|
29 | 887 | (2,689 | ) | ||||||||
Net Cash
Provided by Operating Activities
|
2,710 | 82,284 | 34,224 | |||||||||
Cash
Flows from Investing Activities:
|
||||||||||||
Proceeds from
Disposal of AFS Investments
|
10 | 300 | 0 | |||||||||
Acquisition of
Property, Plant and Equipment
|
(1,280 | ) | (38,849 | ) | (37,905 | ) | ||||||
Proceeds from
Disposal of Property, Plant and Equipment
|
8 | 241 | 4 | |||||||||
Increase in
Long-term Investments
|
(148 | ) | (4,506 | ) | (3,116 | ) | ||||||
Increase in
Deferred Assets and Intangible Assets
|
(25 | ) | (745 | ) | (1,420 | ) | ||||||
Decrease
(Increase) in Other Assets
|
(1 | ) | (44 | ) | 145 | |||||||
Net Cash Used
in Investing Activities
|
(1,436 | ) | (43,603 | ) | (42,291 | ) | ||||||
Cash
Flows from Financing Activities:
|
||||||||||||
Decrease in
Guarantee Deposits
|
(0 | ) | (1 | ) | (2 | ) | ||||||
Repayment of
Long-term Borrowings and Bonds Payable
|
(1,296 | ) | (39,348 | ) | (17,204 | ) | ||||||
Employee Stock
Options Exercised
|
1 | 19 | 45 | |||||||||
Net Cash Used
by Financing Activities
|
(1,295 | ) | (39,329 | ) | (17,161 | ) | ||||||
Effect
of Exchange Rate Changes on Cash
|
(1 | ) | (35 | ) | (17 | ) | ||||||
Net
Decrease in Cash and Cash Equivalents
|
(23 | ) | (684 | ) | (25,245 | ) | ||||||
Cash
and Cash Equivalents at Beginning of Period
|
2,653 | 80,532 | 41,042 | |||||||||
Cash
and Cash Equivalents at End of Period
|
2,630 | 79,848 | 15,796 |