FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
April 23,
2009
|
Commission
File Number
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001-31335
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|
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AU
Optronics Corp.
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||
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(Translation
of registrant’s name into English)
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||
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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):
____
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the
jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
..... No ..X...
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If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
INDEX TO
EXHIBITS
Item
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1.
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Press
release entitled, “AU Optronics Corp. Reports 1Q2009 Results” dated April
23, 2009.
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|
2.
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Investor
Conference Materials entitled, “AU Optronics Corp. First Quarter 2009
Results”, dated April 23, 2009.
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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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||||
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Date: April 23,
2009
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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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|||
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Title:
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Chief
Financial Officer
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|||
Item
1
News
Release
AU
Optronics Corp. Reports 1Q2009 Results
Issued by: AU Optronics
Corp.
Issued on: April 23,
2009
Hsinchu, Taiwan, April 23, 2009
–
AU Optronics Corp. ("AUO" or the "Company") (TAIEX:
2409; NYSE: AUO) today
announced unaudited results
for 1Q2009. For the first quarter ended March 31, 2009, AUO posted consolidated revenue of NT$50,741 million (US$1.5 billion), net loss of NT$20,216
million (US$597 million), attributable to equity holders of the
parent company NT$20,331 million (US$600 million), and basic LPS NT$2.39 per common share (US$0.71 per ADR unit).
First Quarter Result
Highlights
|
Ÿ
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Revenue
decreased by 15.1% QoQ to NT$50.74
billion
|
|
Ÿ
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Net loss of
NT$20.2 billion
|
|
Ÿ
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Basic LPS of
NT$2.39 per common share
|
|
Ÿ
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Gross loss of
31.4%
|
|
Ÿ
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Operating
loss of 39.9%
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“We are pleased
that the demands of the LCD display products are better than
anticipated. Despite of the massive rushed orders, AUO has
selectively chosen orders in order to protect the Company’s profitability. As a
result, AUO reported its 1Q2009 with large-sized and small- to medium-sized
panel shipments a respective 12.8% and 9.4% Q-o-Q decline. Both are modestly
better than our guidance,” said Mr. Andy Yang, Chief Financial Officer of AUO.
“With stabilizing panel prices, AUO’s loss of Q1 was gradually improved compared
to the previous quarter, thanks to the Company’s efforts in cost reduction and
product mix improvement. With a strict build-to-order policy over inventory
controls, AUO also successfully reduced the Inventory Turnover Days to 32 days
in 1Q2009 from 36 days in 4Q2008.”
Looking into
2Q2009, AUO expects its utilization rates to improve substantially. In addition
to continuing its stringent inventory control policy and to optimizing the
product mix, the Company aims to speed up the development of Eco-products,
strengthen its supply chain managements, and facilitate the manufacturing
processes.
To enrich AUO’s product portfolios and to
respond to the improving market conditions, AUO’s 8.5 generation (“G8.5”)
facility located at Taichung Science Park is scheduled to enter the mass
production at the end of 2Q. With capacity created by this new G8.5 line and
also by leveraging its capacities in existing G6 and G7.5 lines, the Company is
confident to best utilize its massive production flexibility in meeting
customers’ demands of LCD TVs in full spectrum of all panel sizes.
*
Amounts converted by an exchange rate of NTD33.87:USD1 as of March 31,
2009.
*
All financial information was unaudited and was prepared by the Company in
accordance with generally accepted accounting principles in Taiwan (“ROC
GAAP”)
# # #
ABOUT
AU OPTRONICS
AU Optronics Corp.
(AUO) is the worldwide top 3 manufacturer* of thin film transistor liquid
crystal display panels (TFT-LCD). AUO is able to provide customers a full range
of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes
ranging from 1.5 inches to greater than 65 inches. AUO
generated NT$423.9 billion (US$12.9 billion) in sales revenue in 2008 and now
houses a staff of more than 38,000 employees throughout its global operations
spreading across Taiwan, Mainland China, Japan, Singapore, South Korea, the
U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to
successfully list at the New York Stock Exchange (NYSE). For more information,
please visit AUO.com.
* DisplaySearch
4Q2008 WW Large-Area TFT-LCD Shipment Report dated February 25, 2009. This data
is used as reference only and AUO does not make any endorsement or
representation in connection therewith. 2008 year end revenue converted by an
exchange rate of NTD32.76:USD1.
Safe Harbour
Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the
worldwide top three manufacturer of large-size 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 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
June 4th, 2008.
For more information, please contact:
| Bryan Yen | Yawen Hsiao |
| Corporate Communications Division | Corporate Communications Division |
| AU Optronics Corp | AU Optronics Corp. |
| Tel: +886-3-5008800 ext 6956 | +886-3-5008800 ext 3211 |
| Fax: +886-3-5772730 | +886-3-5772730 |
| Email: bryan.yen@auo.com | yawen .hsiao@auo.com |
Item
2
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[AUO Logo]
AU Optronics Corp.
First Quarter 2009 Results Investor Conference
2009 [graphic omitted]
April 23, 2009
--------------------------------------------------------------------------------
|
 |
[AUO Logo]
Safe Harbor Notice
o 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.
o 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.
o 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").
o 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.
o 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.
--------------------------------------------------------------------------------
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[AUO Logo]
Consolidated Income Statement
Amount: NT$ Million Except Per Share Data
------------------- -------------------- ------- -------------------
1Q'09 4Q'08 QoQ% 1Q'08
------------------- -------------------- ------- -------------------
Net Sales 50,741 100.0% 59,750 100.0% (15.1%) 136,630 100.0%
Cost of Goods Sold (66,651) (131.4%) (80,682) (135.0%) (17.4%) (99,546) (72.9%)
------------------ -------------------- ------- -------------------
Gross Profit (Loss) (15,910) (31.4%) (20,932) (35.0%) (24.0%) 37,084 27.1%
Operating Expenses (4,314) (8.5%) (5,531) (9.3%) (22.0%) (6,774) (5.0%)
------------------ -------------------- ------- -------------------
Operating Income (Loss) (20,223) (39.9%) (26,462) (44.3%) (23.6%) 30,310 22.2%
Net Non-operating Expenses (791) (1.6%) (1,182) (2.0%) (33.1%) (1,456) (1.1%)
------------------ -------------------- ------- -------------------
Income (Loss) before Tax (21,014) (41.4%) (27,645) (46.3%) (24.0%) 28,855 21.1%
------------------ -------------------- ------- -------------------
Net Income (Loss) (20,216) (39.8%) (26,595) (44.5%) (24.0%) 26,985 19.8%
------------------ -------------------- ------- -------------------
Attributable to:
Equity holders of the parent
company (20,331) (40.1%) (26,565) (44.5%) (23.5%) 26,861 19.7%
------------------ ------------------- ------- ------------------
Minority interest 115 0.2% (30) (0.1%) -- 124 0.1%
------------------ -------------------- ------- -------------------
Net Income (Loss) (20,216) (39.8%) (26,595) (44.5%) (24.0%) 26,985 19.8%
================== ==================== ======= ===================
Basic EPS (NT$)(a) (2.39) (3.12) (23.5%) 3.1
=======
---------------------------------------------------------------------------------------------------------
Operating Income + D&A 872 1.7% (5,312) (8.9%) -- 50,114 36.7%
----------------------------------------------------------------------------------------------------------
Unit Shipments (mn)(b)
Large Size Panels 13.1 15.1 (12.8%) 22.0
Small & Medium Size Panels 42.9 47.4 (9.4%) 37.7
----------------------------------------------------------------------------------------------------------
- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding shares of each
quarter (8,506m shares in 1Q09, 8,505m shares in 4Q08 and 8,504m shares in 1Q08) by
retroactively adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
----------------------------------------------------------------------------------------------------------
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[AUO Logo]
Consolidated Balance Sheet Highlights
Amount: NT$ Million
------- ------- ------- ---------
1Q'09 1Q'08 QoQ% 1Q'08
------- ------- ------- ---------
Cash & ST Investment 64,450 83,905 (23.2%) 114,944
Inventory 23,804 23,611 0.8% 37,238
Short Term Debt(a) 48,841 48,443 0.8% 38,667
Long Term Debt 131,643 114,342 15.1% 138,777
Equity 280,846 299,259 (6.2%) 327,254
Total Assets 554,218 566,936 (2.2%) 637,215
========
-------------------------------------------------------------------------
Inventory Turnover (Days)(b) 32 36 33
Debt to Equity 64.3% 54.4% 54.2%
Net Debt to Equity 41.5% 26.5% 19.5%
-------------------------------------------------------------------------
- Unaudited, prepared by AUO on a consolidated basis
(a) Short term debt refers to all interest bearing debt maturing
within one year
(b) Calculated by dividing the average inventory into the annualized
cost of goods sold during such period, then multiplying by 365
days
--------------------------------------------------------------------------------
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 |
[AUO Logo]
Consolidated Cash Flow Highlights
Amount: NT$ Million
-------- ------ --------
1Q'09 4Q'08 QoQ
-------- ------ --------
From Operating Activities (18,550) 13,898 (32,448)
Net Profit (Loss) (20,216) (26,595) 6,379
Depreciation & Amortization 21,096 21,150 (54)
Net Change in Working Capital (18,426) 17,843 (36,269)
------------------------------------- -------- ------ --------
From Investing Activities (18,542) (30,610) 12,068
Capital Expenditure (17,462) (30,921) 13,460
------------------------------------- -------- ------ --------
From Financing Activities 17,402 11,204 6,198
Net Change in Debt 16,821 11,211 5,610
------------------------------------- -------- ------ --------
Net Change in Cash(a) (19,628) (5,418) (14,210)
========
- 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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[AUO Logo]
Consolidated Revenues by Application
[GRAPIC OMITTED]
- Unaudited, prepared by AUO on a consolidated basis
--------------------------------------------------------------------------------
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[AUO Logo]
Large Panel - ASP by Unit
[GRAPIC OMITTED]
- 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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 |
[AUO Logo]
Consolidated Shipments & ASP by Area
[GRAPIC 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
--------------------------------------------------------------------------------
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 |
[AUO Logo]
Consolidated Small & Medium Panel
[GRAPIC OMITTED]
- Unaudited, prepared by AUO on a consolidated basis
- Small & Medium size refers to panels that are under 10 inches
--------------------------------------------------------------------------------
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[AUO Logo]
Capacity by Fab
--------- ----------- ----------- --------------------------------
3/2009 6/2009 (F)
Fab Capacity Capacity Major Products
--------- ----------- ----------- --------------------------------
L3 (G3.5) 130,000 130,000 Small/Medium
-------------------------------------------------------------
L3 (G3.5) 20,000 LTPS 20,000 LTPS Small/Medium [GRAPHIC OMITTED]
-------------------------------------------------------------
L4 (G4.0) 60,000 60,000 Small/Medium
--------------------------------------------------------------------------------
L5 (G5.0) 310,000 310,000 NB, Monitor [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
L6 (G6.0) 240,000 240,000 Monitor, TV, Public
Info Display
------------------------------------------------------------------- [GRAPHIC
L7 (G7.5) 75,000 75,000 Monitor, TV, Public OMITTED]
Info Display
--------------------------------------------------------------------------------
L8 (G8.5) - 10,000 TV, Public Info Display [GRAPHIC
OMITTED]
--------------------------------------------------------------------------------
- Capacity based on monthly glass substrate input
--------------------------------------------------------------------------------
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 |
[AUO Logo]
www.auo.com
ir@auo.com
[GRAPIC OMITTED]
--------------------------------------------------------------------------------
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AU
OPTRONICS CORP.
CONSOLIDATED
BALANCE SHEET
|
||||||||||||||||||||||||||||
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March
31, 2009 and 2008
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||||||||||||||||||||||||||||
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(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
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||||||||||||||||||||||||||||
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March
31, 2009
|
March
31, 2008
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YoY
|
||||||||||||||||||||||||||
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ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
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%
|
|||||||||||||||||||||
|
Cash
and Cash Equivalents
|
1,884 | 63,807 | 11.5 | 113,741 | 17.8 | (49,934 | ) | (43.9 | ) | |||||||||||||||||||
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Available-for-Sale
Financial Assets - Current
|
19 | 644 | 0.1 | 1,203 | 0.2 | (560 | ) | (46.5 | ) | |||||||||||||||||||
|
Notes
& Accounts Receivables
|
948 | 32,113 | 5.8 | 67,932 | 10.7 | (35,819 | ) | (52.7 | ) | |||||||||||||||||||
|
Other
Current Financial Assets
|
76 | 2,558 | 0.5 | 3,472 | 0.5 | (914 | ) | (26.3 | ) | |||||||||||||||||||
|
Inventories
|
703 | 23,804 | 4.3 | 37,238 | 5.8 | (13,434 | ) | (36.1 | ) | |||||||||||||||||||
|
Other
Current Assets
|
228 | 7,719 | 1.4 | 13,818 | 2.2 | (6,099 | ) | (44.1 | ) | |||||||||||||||||||
|
Total
Current Assets
|
3,857 | 130,645 | 23.6 | 237,404 | 37.3 | (106,759 | ) | (45.0 | ) | |||||||||||||||||||
|
Long-term
Investments
|
267 | 9,042 | 1.6 | 7,815 | 1.2 | 1,228 | 15.7 |
|
Fixed
Assets
|
20,985 | 710,777 | 128.2 | 612,426 | 96.1 | 98,351 | 16.1 | |||||||||||||||||||||
|
Less:
Accumulated Depreciation
|
(9,504 | ) | (321,899 | ) | (58.1 | ) | (246,360 | ) | (38.7 | ) | (75,539 | ) | 30.7 | |||||||||||||||
|
Net
Fixed Assets
|
11,481 | 388,878 | 70.2 | 366,066 | 57.4 | 22,812 | 6.2 | |||||||||||||||||||||
|
Other
Assets
|
757 | 25,653 | 4.6 | 25,931 | 4.1 | (278 | ) | (1.1 | ) | |||||||||||||||||||
|
Total
Assets
|
16,363 | 554,218 | 100.0 | 637,215 | 100.0 | (82,997 | ) | (13.0 | ) |
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term
Borrowings
|
83 | 2,827 | 0.5 | 406 | 0.1 | 2,421 | 596.5 | |||||||||||||||||||||
|
Accounts
Payable
|
1,429 | 48,403 | 8.7 | 88,805 | 13.9 | (40,402 | ) | (45.5 | ) | |||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,359 | 46,014 | 8.3 | 38,261 | 6.0 | 7,753 | 20.3 | |||||||||||||||||||||
|
Current
Financial Liabilities
|
27 | 928 | 0.2 | 22 | 0.0 | 906 | 4194.3 | |||||||||||||||||||||
|
Accrued
Expense & Other Current Liabilities
|
611 | 20,687 | 3.7 | 27,929 | 4.4 | (7,242 | ) | (25.9 | ) | |||||||||||||||||||
|
Machinery
and Equipment Payable
|
652 | 22,079 | 4.0 | 15,667 | 2.5 | 6,412 | 40.9 | |||||||||||||||||||||
|
Total
Current Liabilities
|
4,161 | 140,938 | 25.4 | 171,090 | 26.8 | (30,152 | ) | (17.6 | ) |
|
Long-term
Borrowings
|
3,438 | 116,452 | 21.0 | 116,710 | 18.3 | (258 | ) | (0.2 | ) | |||||||||||||||||||
|
Bonds
Payable
|
449 | 15,191 | 2.7 | 22,067 | 3.5 | (6,876 | ) | (31.2 | ) | |||||||||||||||||||
|
Non
Current Financial Liabilities
|
23 | 772 | 0.1 | 73 | 0.0 | 699 | 956.7 |
|
Other
Long-term Liabilities
|
1 | 19 | 0.0 | 21 | 0.0 | (2 | ) | (11.6 | ) | |||||||||||||||||||
|
Total
Long-term Liabilities
|
3,910 | 132,433 | 23.9 | 138,872 | 21.8 | (6,438 | ) | (4.6 | ) | |||||||||||||||||||
|
Total
Liabilities
|
8,071 | 273,371 | 49.3 | 309,961 | 48.6 | (36,590 | ) | (11.8 | ) | |||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
|
Common
Stock
|
2,511 | 85,057 | 15.3 | 78,652 | 12.3 | 6,405 | 8.1 | |||||||||||||||||||||
|
Capital
Collected In Advance
|
0 | 0 | 0.0 | 30 | 0.0 | (30 | ) | (100.0 | ) | |||||||||||||||||||
|
Capital
Surplus
|
3,358 | 113,721 | 20.5 | 113,914 | 17.9 | (193 | ) | (0.2 | ) | |||||||||||||||||||
|
Retained
Earnings
|
2,057 | 69,661 | 12.6 | 123,391 | 19.4 | (53,730 | ) | (43.5 | ) | |||||||||||||||||||
|
Cumulative
Translation Adjustments
|
85 | 2,883 | 0.5 | 803 | 0.1 | 2,079 | 258.8 | |||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
(11 | ) | (375 | ) | (0.1 | ) | 1,322 | 0.2 | (1,697 | ) |
－
|
|||||||||||||||||
|
Net
loss not recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
－
|
||||||||||||||||||
|
Minority
Interest
|
293 | 9,939 | 1.8 | 9,141 | 1.4 | 798 | 8.7 | |||||||||||||||||||||
|
Total
Shareholders' Equity
|
8,292 | 280,846 | 50.7 | 327,254 | 51.4 | (46,407 | ) | (14.2 | ) | |||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
16,363 | 554,218 | 100.0 | 637,215 | 100.0 | (82,997 | ) | (13.0 | ) |
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 33.87 per USD as of March 31, 2009
|
AU
OPTRONICS CORP.
CONSOLIDATED
INCOME STATEMENT
|
||||||||||||||||||||||||||||||||||||||||
|
For
the Three Months Ended March 31, 2009 and 2008 and December 31,
2008
|
||||||||||||||||||||||||||||||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for
per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
1Q
2009
|
%
of
|
1Q
2008
|
YoY
|
1Q
2009
|
%
of
|
4Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
1,498 | 50,741 | 100.0 | 136,630 | (62.9 | ) | 1,498 | 50,741 | 100.0 | 59,750 | (15.1 | ) | ||||||||||||||||||||||||||||
|
Cost
of Goods Sold
|
1,968 | 66,651 | 131.4 | 99,546 | (33.0 | ) | 1,968 | 66,651 | 131.4 | 80,682 | (17.4 | ) | ||||||||||||||||||||||||||||
|
Gross
Profit (Loss)
|
(470 | ) | (15,910 | ) | (31.4 | ) | 37,084 |
－
|
(470 | ) | (15,910 | ) | (31.4 | ) | (20,932 | ) | (24.0 | ) | ||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
90 | 3,052 | 6.0 | 5,087 | (40.0 | ) | 90 | 3,052 | 6.0 | 4,756 | (35.8 | ) | ||||||||||||||||||||||||||||
|
R&D
|
37 | 1,262 | 2.5 | 1,687 | (25.2 | ) | 37 | 1,262 | 2.5 | 775 | 62.7 | |||||||||||||||||||||||||||||
| 127 | 4,314 | 8.5 | 6,774 | (36.3 | ) | 127 | 4,314 | 8.5 | 5,531 | (22.0 | ) | |||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
(597 | ) | (20,223 | ) | (39.9 | ) | 30,310 |
－
|
(597 | ) | (20,223 | ) | (39.9 | ) | (26,462 | ) | (23.6 | ) | ||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(23 | ) | (791 | ) | (1.6 | ) | (1,456 | ) | (45.7 | ) | (23 | ) | (791 | ) | (1.6 | ) | (1,182 | ) | (33.1 | ) | ||||||||||||||||||||
|
Income
(Loss) before Income Tax
|
(620 | ) | (21,014 | ) | (41.4 | ) | 28,855 |
－
|
(620 | ) | (21,014 | ) | (41.4 | ) | (27,645 | ) | (24.0 | ) | ||||||||||||||||||||||
|
Income
Tax Benefit (Expense)
|
24 | 798 | 1.6 | (1,869 | ) |
－
|
24 | 798 | 1.6 | 1,050 | (24.0 | ) | ||||||||||||||||||||||||||||
|
Net
Income (Loss)
|
(597 | ) | (20,216 | ) | (39.8 | ) | 26,985 |
－
|
(597 | ) | (20,216 | ) | (39.8 | ) | (26,595 | ) | (24.0 | ) | ||||||||||||||||||||||
|
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity
Holders of The Parent Company
|
(600 | ) | (20,331 | ) | (40.1 | ) | 26,861 |
－
|
(600 | ) | (20,331 | ) | (40.1 | ) | (26,565 | ) | (23.5 | ) | ||||||||||||||||||||||
|
Minority
Interest
|
3 | 115 | 0.2 | 124 | (7.6 | ) | 3 | 115 | 0.2 | (30 | ) |
－
|
||||||||||||||||||||||||||||
|
Net
Income (Loss)
|
(597 | ) | (20,216 | ) | (39.8 | ) | 26,985 |
－
|
(597 | ) | (20,216 | ) | (39.8 | ) | (26,595 | ) | (24.0 | ) | ||||||||||||||||||||||
|
Basic
Earnings Per Share
|
(0.07 | ) | (2.39 | ) | 3.16 | (0.07 | ) | (2.39 | ) | (3.12 | ) | |||||||||||||||||||||||||||||
|
Basic
Earnings Per ADR(3)
|
(0.71 | ) | (23.90 | ) | 31.59 | (0.71 | ) | (23.90 | ) | (31.24 | ) | |||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,506 | 8,504 | 8,506 | 8,505 | ||||||||||||||||||||||||||||||||||||
| 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 33.87 per USD as of March 31,
2009
|
|
(3)
|
1
ADR equals 10 common shares
|
|
CONSOLIDATED
STATEMENT OF CASH FLOW
|
||||||||||||
|
For
the Period Ended March 31, 2009 and 2008
|
||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||
|
1Q
2009
|
1Q
2008
|
|||||||||||
|
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
|
Net
Income(Loss)
|
(597 | ) | (20,216 | ) | 26,985 | |||||||
|
Depreciation
& Amortization
|
623 | 21,096 | 19,803 | |||||||||
|
Provision(Reverse)
for Inventory Devaluation
|
(2 | ) | (62 | ) | 10 | |||||||
|
Investment
Loss(Gain) under Equity Method
|
10 | 326 | (59 | ) | ||||||||
|
Changes
in Working Capital & Others
|
(581 | ) | (19,694 | ) | (949 | ) | ||||||
|
Net
Cash Provided(Used) by Operating Activities
|
(548 |
)
|
(18,550 |
)
|
45,791
|
|||||||
|
Cash
Flow from Investing Activities:
|
||||||||||||
|
Proceeds
from Disposal of AFS Investments
|
0 | 0 | 151 | |||||||||
|
Acquisition
of Property, Plant and Equipment
|
(516 | ) | (17,462 | ) | (22,283 | ) | ||||||
|
Proceeds
from Disposal of Property, Plant and Equipment
|
1 | 22 | 25 | |||||||||
|
Increase
in Long-term Investments
|
(31 | ) | (1,050 | ) | (14 | ) | ||||||
|
Increase
in Restricted Cash in Banks
|
(0 | ) | (5 | ) | 0 | |||||||
|
Increase
in Deferred Assets and Intangible Assets
|
(4 | ) | (132 | ) | (460 | ) | ||||||
|
Decrease(Increase)
in Other Assets
|
2
|
84
|
(132 | ) | ||||||||
|
Net
Cash Used in Investing Activities
|
(547 |
)
|
(18,542 |
)
|
(22,712 | ) | ||||||
|
Cash
Flow from Financing Activities:
|
|
Increase(Decrease)
in Short-term Borrowings
|
(60 | ) | (2,031 | ) | 269 | |||||||
|
Increase(Decrease)
in Guarantee Deposits
|
(0 | ) | (2 | ) | 1 | |||||||
|
Increase
in Long-term Borrowings and Bonds Payable
|
557 | 18,852 | 953 | |||||||||
|
Employee
Stock Options Exercised
|
0 | 0 | 15 | |||||||||
|
Change
in Minority Interest
|
17
|
584
|
(24 |
)
|
||||||||
|
Net
Cash Provided by Financing Activities
|
514
|
17,402
|
1,213
|
|||||||||
|
Effect
of Exchange Rate Changes on Cash
|
2
|
62
|
(441 |
)
|
||||||||
|
Net
Increase(Decrease) in Cash and Cash Equivalents
|
(580 |
)
|
(19,628 |
)
|
23,851
|
|||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,463
|
83,435
|
89,890
|
|||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,884
|
63,807
|
113,741
|
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 33.87 per USD as of March 31, 2009
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
BALANCE SHEET
|
||||||||||||||||||||||||||||
|
March
31, 2009 and 2008
|
||||||||||||||||||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||||||||||||||||||
|
March
31, 2009
|
March
31, 2008
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash
and Cash Equivalents
|
1,389 | 47,035 | 9.1 | 103,164 | 17.1 | (56,128 | ) | (54.4 | ) | |||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
19 | 644 | 0.1 | 1,203 | 0.2 | (560 | ) | (46.5 | ) | |||||||||||||||||||
|
Notes
& Accounts Receivables
|
943 | 31,941 | 6.2 | 67,953 | 11.3 | (36,012 | ) | (53.0 | ) | |||||||||||||||||||
|
Other
Current Financial Assets
|
30 | 1,011 | 0.2 | 1,422 | 0.2 | (411 | ) | (28.9 | ) | |||||||||||||||||||
|
Inventories
|
582 | 19,712 | 3.8 | 34,092 | 5.7 | (14,380 | ) | (42.2 | ) | |||||||||||||||||||
|
Other
Current Assets
|
223 | 7,543 | 1.5 | 12,387 | 2.1 | (4,843 | ) | (39.1 | ) | |||||||||||||||||||
|
Total
Current Assets
|
3,185 | 107,886 | 20.8 | 220,221 | 36.6 | (112,335 | ) | (51.0 | ) | |||||||||||||||||||
|
Long-term
Investments
|
1,303 | 44,131 | 8.5 | 31,361 | 5.2 | 12,770 | 40.7 |
|
Fixed
Assets
|
18,453 | 625,017 | 120.5 | 543,368 | 90.3 | 81,649 | 15.0 |
|
Less:
Accumulated Depreciation
|
(8,316 | ) | (281,662 | ) | (54.3 | ) | (217,092 | ) | (36.1 | ) | (64,570 | ) | 29.7 | |||||||||||||||
|
Net
Fixed Assets
|
10,137 | 343,354 | 66.2 | 326,276 | 54.2 | 17,078 | 5.2 | |||||||||||||||||||||
|
Other
Assets
|
685 | 23,203 | 4.5 | 24,090 | 4.0 | (887 | ) | (3.7 | ) | |||||||||||||||||||
|
Total
Assets
|
15,311 | 518,574 | 100.0 | 601,948 | 100.0 | (83,374 | ) | (13.9 | ) |
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term
Borrowing
|
60
|
2,026
|
0.4
|
0
|
0.0
|
2,026
|
－
|
|||||||||||||||||||||
|
Accounts
Payable
|
1,538 | 52,107 | 10.0 | 89,429 | 14.9 | (37,322 | ) | (41.7 | ) | |||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,237 | 41,883 | 8.1 | 34,124 | 5.7 | 7,758 | 22.7 | |||||||||||||||||||||
|
Current
Financial Liabilities
|
27 | 917 | 0.2 | 20 | 0.0 | 896 | 4375.4 | |||||||||||||||||||||
|
Accrued
Expense & Other Current Liabilities
|
481 | 16,276 | 3.1 | 22,581 | 3.8 | (6,304 | ) | (27.9 | ) |
|
Machinery
and Equipment Payable
|
608 | 20,593 | 4.0 | 13,849 | 2.3 | 6,744 | 48.7 | |||||||||||||||||||||
|
Total
Current Liabilities
|
3,950 | 133,802 | 25.8 | 160,004 | 26.6 | (26,202 | ) | (16.4 | ) |
|
Long-term
Borrowings
|
2,890 | 97,901 | 18.9 | 101,684 | 16.9 | (3,784 | ) | (3.7 | ) | |||||||||||||||||||
|
Bonds
Payable
|
449 | 15,191 | 2.9 | 22,067 | 3.7 | (6,876 | ) | (31.2 | ) | |||||||||||||||||||
|
Non
Current Financial Liabilities
|
23 | 772 | 0.1 | 73 | 0.0 | 699 | 956.7 |
|
Other
Long-term Liabilities
|
0 | 2 | 0.0 | 7 | 0.0 | (5 | ) | (71.9 | ) | |||||||||||||||||||
|
Total
Long-term Liabilities
|
3,362 | 113,866 | 22.0 | 123,832 | 20.6 | (9,966 | ) | (8.0 | ) | |||||||||||||||||||
|
Total
Liabilities
|
7,312 | 247,667 | 47.8 | 283,836 | 47.2 | (36,168 | ) | (12.7 | ) |
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,511 | 85,057 | 16.4 | 78,652 | 13.1 | 6,405 | 8.1 | |||||||||||||||||||||
|
Capital
Collected In Advance
|
0 | 0 | 0.0 | 30 | 0.0 | (30 | ) | (100.0 | ) | |||||||||||||||||||
|
Capital
Surplus
|
3,358 | 113,721 | 21.9 | 113,914 | 18.9 | (193 | ) | (0.2 | ) | |||||||||||||||||||
|
Retained
Earnings
|
2,057 | 69,661 | 13.4 | 123,391 | 20.5 | (53,730 | ) | (43.5 | ) | |||||||||||||||||||
|
Cumulative
Translation Adjustments
|
85 | 2,883 | 0.6 | 803 | 0.1 | 2,079 | 258.8 | |||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
(11 | ) | (375 | ) | (0.1 | ) | 1,322 | 0.2 | (1,697 | ) |
－
|
|||||||||||||||||
|
Net
loss not recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
－
|
||||||||||||||||||
|
Total
Shareholders' Equity
|
7,998 | 270,907 | 52.2 | 318,112 | 52.8 | (47,205 | ) | (14.8 | ) | |||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
15,311 | 518,574 | 100.0 | 601,948 | 100.0 | (83,374 | ) | (13.9 | ) | |||||||||||||||||||
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 33.87 per USD as of March 31, 2009
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
INCOME STATEMENT
|
||||||||||||||||||||||||||||||||||||||||
|
For
the Three Months Ended March 31, 2009 and 2008 and December 31,
2008
|
||||||||||||||||||||||||||||||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for
per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
1Q
2009
|
%
of
|
1Q
2008
|
YoY
|
1Q
2009
|
%
of
|
4Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
1,490 | 50,469 | 100.0 | 136,239 | (63.0 | ) | 1,490 | 50,469 | 100.0 | 59,518 | (15.2 | ) | ||||||||||||||||||||||||||||
|
Cost
of Goods Sold
|
2,038 | 69,026 | 136.8 | 100,668 | (31.4 | ) | 2,038 | 69,026 | 136.8 | 81,733 | (15.5 | ) | ||||||||||||||||||||||||||||
|
Gross
Profit (Loss)
|
(548 | ) | (18,557 | ) | (36.8 | ) | 35,571 |
－
|
(548 | ) | (18,557 | ) | (36.8 | ) | (22,215 | ) | (16.5 | ) | ||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
67 | 2,264 | 4.5 | 4,294 | (47.3 | ) | 67 | 2,264 | 4.5 | 4,208 | (46.2 | ) | ||||||||||||||||||||||||||||
|
R&D
|
37 | 1,247 | 2.5 | 1,687 | (26.1 | ) | 37 | 1,247 | 2.5 | 775 | 60.9 | |||||||||||||||||||||||||||||
| 104 | 3,511 | 7.0 | 5,981 | (41.3 | ) | 104 | 3,511 | 7.0 | 4,984 | (29.6 | ) | |||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
(652 | ) | (22,068 | ) | (43.7 | ) | 29,591 |
－
|
(652 | ) | (22,068 | ) | (43.7 | ) | (27,199 | ) | (18.9 | ) | ||||||||||||||||||||||
|
Net
Non-Operating Income (Expenses)
|
32 | 1,074 | 2.1 | (864 | ) |
－
|
32 | 1,074 | 2.1 | (364 | ) |
－
|
||||||||||||||||||||||||||||
|
Income
(Loss) before Income Tax
|
(620 | ) | (20,993 | ) | (41.6 | ) | 28,727 |
－
|
(620 | ) | (20,993 | ) | (41.6 | ) | (27,563 | ) | (23.8 | ) | ||||||||||||||||||||||
|
Income
Tax Benefit (Expense)
|
20 | 663 | 1.3 | (1,865 | ) |
－
|
20 | 663 | 1.3 | 998 | (33.6 | ) | ||||||||||||||||||||||||||||
|
Net
Income (Loss)
|
(600 | ) | (20,331 | ) | (40.3 | ) | 26,861 |
－
|
(600 | ) | (20,331 | ) | (40.3 | ) | (26,565 | ) | (23.5 | ) | ||||||||||||||||||||||
|
Basic
Earnings Per Share
|
(0.07 | ) | (2.39 | ) | 3.16 | (0.07 | ) | (2.39 | ) | (3.12 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per
ADR(3)
|
(0.71 | ) | (23.90 | ) | 31.59 | (0.71 | ) | (23.90 | ) | (31.24 | ) | |||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,506 | 8,504 | 8,506 | 8,505 | ||||||||||||||||||||||||||||||||||||
|
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 33.87 per USD as of March 31,
2009
|
|
|
(3)
|
1
ADR equals 10 common shares
|
|
UNCONSOLIDATED STATEMENT OF
CASH FLOW
|
||||||||||||
|
For
the Period Ended March 31, 2009 and 2008
|
||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||
|
1Q
2009
|
1Q
2008
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flow from Operating Activities:
|
||||||||||||
|
Net
Income (Loss)
|
(600 | ) | (20,331 | ) | 26,861 | |||||||
|
Depreciation
& Amortization
|
540 | 18,298 | 17,552 | |||||||||
|
Reverse
for Inventory Devaluation
|
(2 | ) | (64 | ) | (185 | ) | ||||||
|
Investment
Gain under Equity Method
|
(39 | ) | (1,329 | ) | (481 | ) | ||||||
|
Changes
in Working Capital & Others
|
(485 |
)
|
(16,434 |
)
|
99
|
|||||||
|
Net
Cash Provided (Used) by Operating Activities
|
(586 |
)
|
(19,860 |
)
|
43,846
|
|||||||
|
Cash
Flow from Investing Activities:
|
||||||||||||
|
Proceeds
from Disposal of AFS Investments
|
0 | 0 | 151 | |||||||||
|
Acquisition
of Property, Plant and Equipment
|
(453 | ) | (15,329 | ) | (20,495 | ) | ||||||
|
Proceeds
from Disposal of Property, Plant and Equipment
|
1 | 46 | 226 | |||||||||
|
Increase
in Long-term Investments
|
(26 | ) | (890 | ) | (400 | ) | ||||||
|
Increase
in Deferred Assets and Intangible Assets
|
(3 | ) | (105 | ) | (437 | ) | ||||||
|
Decrease
(Increase) in Other Assets
|
2
|
79
|
(99 |
)
|
||||||||
|
Net
Cash Used in Investing Activities
|
(478 |
)
|
(16,199 |
)
|
(21,053 |
)
|
||||||
|
Cash
Flow from Financing Activities:
|
|
Decrease
in Short-term Borrowings
|
(49 | ) | (1,674 | ) | 0 | |||||||
|
Decrease
in Guarantee Deposits
|
0 | 0 | (1 | ) | ||||||||
|
Increase
in Long-term Borrowings and Bonds Payable
|
506 | 17,125 | 0 | |||||||||
|
Employee
Stock Options Exercised
|
0
|
0
|
15
|
|||||||||
|
Net
Cash Provided by Financing Activities
|
456
|
15,451
|
14
|
|||||||||
|
Effect
of Exchange Rate Changes on Cash
|
(2 |
)
|
(83 |
)
|
(175 |
)
|
||||||
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(611 |
)
|
(20,692 |
)
|
22,632
|
|
Cash
and Cash Equivalents at Beginning of Period
|
2,000 | 67,727 | 80,532 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,389 | 47,035 | 103,164 |
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 33.87 per USD as of March 31, 2009