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
July 23,
2009
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Commission
File Number
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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):
____
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the
jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
..... No ..X...
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If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
INDEX TO
EXHIBITS
Item
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1.
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Press
release entitled, ” AUO Reports 2Q2009 Results”, dated July 23,
2009.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. Second Quarter 2009 Results”, dated July 23, 2009. |
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: July 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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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 2Q2009 Results
Issued by: AU Optronics
Corp.
Issued on: July 23,
2009
Hsinchu, Taiwan, July 23, 2009
–
AU Optronics Corp. ("AUO" or the "Company") (TAIEX:
2409; NYSE: AUO) today
announced unaudited results for 2Q2009. AUO posted second-quarter
consolidated revenue of NT$82.5 billion (US$2.5 billion), net loss of NT$6.6
billion (US$ 201 million), and net loss attributable to equity holders of the
parent company NT$6.8 billion (US$208 million). This represented a EPS of NT$
-0.80 per common share (US$ -0.24 per ADR unit), substantially improved from a
EPS of NT$ -2.39 a quarter ago.
As for the first half of 2009, AUO reported
consolidated revenues of NT$133.2 billion (US$4.1 billion), net loss of NT$ 26.8
billion (US$818 million), and basic EPS of
NT$ -3.19 per
common share (US$ -0.97 per ADR.)
Second Quarter Result
Highlights
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Ÿ
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Revenue of
NT$82.5 billion, up 62.6%
remarkably
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Ÿ
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Net loss of
NT$6.6 billion (EPS of NT$ -0.80 per common
share)
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Ÿ
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Gross margin
of 1.4%
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Ÿ
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Operating
margin of -5.4%
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Ÿ
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EBITDA (*)
margin of 21.5%
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In
the second quarter of 2009, AUO
beat Q2
guidance
and shipped 22.4 million of large-sized
panels and
60.8
million units of
small-
and -medium-sized panels, up 70.4% and 41.7%
QoQ,
respectively. For the
first half of
2009,
AUO l arge-sized
panels totaled
35.6
million units and small-
and medium-sized panel grew
considerably to
103.8
million
units.
“Driven by much
better end demand, our operating results improved significantly from previous
quarter. Supported by better average selling price, higher
utilization rates, and continuous efforts on cost reduction, the Company was
able to turn profitable on gross margins,” said Mr. Andy Yang, Chief Financial
Officer of AUO. “As a result, the EBITDA
(*) margin rose sharply to 21.5%, compared to 1.7% a quarter ago. Our
Inventory Turnover Days was also maintained at historical low level of 32
days.”
“Thanks to the strong supports from our customers, vendors and AUO
employees, the Company was able to timely sharpen itself in the downturn and
further strengthen its
1 of 2
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competiveness amid
the macroeconomic challenges.” highlighted by Dr. L.J. Chen, President and CEO
of AUO.
“On top of the
ongoing efforts on the environmental-friendly products, AUO will continue to
develop in new technology and high-value products, such as E-paper or E-labels,”
added Dr. Chen. “In addition, we have started investing in solar PV and expect
energy business to serve as an additional growth driver in the future, truly
making the Company as a global leader in green solutions.”
(*) EBITDA=Operating Income
+D&A
*
Amounts converted by an exchange rate of NTD32.77:USD1 as of June 30,
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 1.2 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 40,000 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 May 27th, 2009.
For more
information, please contact:
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Bryan
Yen
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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 6956
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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: bryan.yen@auo.com
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yawen.hsiao@auo.com
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2 of 2
Item
2
-------------------------------------------------------------------------------
AU Optronics Corp.
Second Quarter 2009 Results Investor Conference
[GRAPHIC OMITTED]
2009 [GRAPHIC OMITTED]
July 23, 2009
AUO Proprietary & Confidential
--------------------------------------------------------------------------------
1
--------------------------------------------------------------------------------
AUO
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,
2008 filed with the United States Securities and Exchange Commission.
2
--------------------------------------------------------------------------------
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 |
AUO
Consolidated Income Statement
Amount: NT$ Million Except Per Share Data
2Q'09 1Q'09 Q0Q% 2Q'08
--------------- ---------------- ----- ----------------
Net Sales 82,486 100.0% 50,741 100.0% 62.6% 123,476 100.0%
------ ------ ------ ------ ----- ------- ------
Cost of Goods Sold (81,349) (98.6%) (66,651) (131.4%) 22.1% (92,661) (75.0%)
------ ------ ------ ------ ----- ------- ------
Gross Profit (Loss) 1,136 1.4% (15,910) (31.4%) -- 30,815 25.0%
Operating Expenses (5,603) (6.8%) (4,314) (8.5%) 29.9% (6,754) (5.5%)
------ ------ ------ ------ ----- ------- ------
Operating Income (Loss) (4,467) (5.4%) (20,223) (39.9% (77.9%) 24,062 19.5%
Net Non-operating Income
(Expenses) 38 0.0% (791) (1.6%) -- (444) (0.4%)
------ ------ ------ ------ ----- ------- ------
Income (Loss) before Tax (4,429) (5.4%) (21,014) (41.4%) (78.9%) 23,617 19.1%
------ ------ ------ ------ ----- ------- ------
Net Income (Loss) (6,599) (8.0%) (20,216) (39.8%) (67.4%) 20,392 16.5%
------ ------ ------ ------ ----- ------- ------
Attributable to:
Equity holders of the
parent company (6,811) (8.3%) (20,331) (40.1%) (66.5%) 20,165 16.3%
Minority interest 213 0.3% 115 0.2% 85.3% 226 0.2%
------ ------ ------ ------ ----- ------- ------
Net Income (Loss) (6,599) (8.0%) (20,216) (39.8%) (67.4%) 20,392 16.5%
------ ------ ------ ------ ----- ------- ------
Basic EPS (NT$)(a) (0.80) (2.39) (66.6%) 2.37
------ ------ ----- -------
---------------------------------------------------------------------------------------------------------
Operating Income + D&A 17,768 21.5% 872 1.7% 1936.5% 44,044 35.7%
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Unit Shipments (mn)(b)
Large Size Panels 22.4 13.1 70.4% 21.8
Small & Medium Size Panels 60.8 42.9 41.7% 41.9
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding shares of each quarter
(8,511m shares in 2Q09, 8,506m shares in 1Q09 and 8,505m shares in 2Q08) by retroactively
adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
-----------------------------------------------------------------------------------------------------------
3
AUO
Consolidated Balance Sheet Highlights
Amount: NT$ Million
2Q'09 1Q'09 QoQ% 2Q'08
------- ------- ---- -------
Cash & ST Investment 66,837 64,450 3.7% 93,048
Inventory 32,535 23,804 36.7% 43,737
Short Term Debt(a) 45,430 48,841 (7.0%) 41,694
Long Term Debt 133,670 131,643 1.5% 96,990
Equity 274,934 280,846 (2.1%) 326,337
Total Assets 571,166 554,218 3.1% 622,808
-----
-----------------------------------------------------------------------------
Inventory Turnover (Days)(b) 32 32 40
Debt to Equity 65.1% 64.3% 42.5%
Net Debt to Equity 41.0% 41.5% 14.3%
-----------------------------------------------------------------------------
-- 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
4
|
 |
AUO
Consolidated Cash Flow Highlights
Amount: NT$ Million
2Q'09 1Q'09 QoQ%
-------- -------- -------
From Operating Activities 17,272 (18,550) 35,822
Net Loss (6,599) (20,216) 13,617
Depreciation & Amortization 22,235 21,096 1,139
Net Change in Working Capital 1,212 (18,426) 19,637
------------------------------- -------- -------- -------
From Investing Activities (15,514) (18,542) 3,028
Capital Expenditure (13,107) (17,462) 4,355
------------------------------- -------- -------- -------
From Financing Activities 832 17,402 (16,570)
Net Change in Debt (496) 16,821 (17,317)
------------------------------- -------- -------- -------
Net Change in Cash(a) 2,473 (19,628) 22,101
-------
-- 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 .
5
AUO
Consolidated Revenues by Application
[GRAPHIC OMITTED]
- Unaudited, prepared by AUO on a consolidated basis
6
|
 |
AUO
ASP(US$)Large Panel - ASP by Unit
[GRAPHIC OMITTED]
- Unaudited, prepared by AUO on a consolidated basis
- Large size refers to panels that are 10 inches and above
- Blended ASP in US$ was translated from NT$ based on average exchange rates
announced by Directorate General of Customs, ROC Ministry of Finance of
each respective quarter
7
AUO
Consolidated Shipments & 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
8
|
 |
AUO
Consolidated Small & Medium Panel
[GRAPHIC OMITTED]
- Unaudited, prepared by AUO on a consolidated basis
- Small & Medium size refers to panels that are under 10 inches
9
AUO
Capacity by Fab
6/2009 9/2009(F)
Fab Capacity Capacity Major Products
--------- ----------- ----------- -------------------
[GRAPHIC
L3 (G3.5) 130,000 130,000 Small/Medium OMITTED]
----------------------------------------------------------------------------
L3 (G3.5) 20,000 LTPS 20,000 LTPS Small/Medium [GRAPHIC
---------------------------------------------------------------------------- OMITTED ]
L4 (G4.0) 60,000 60,000 Small/Medium [GRAPHIC
---------------------------------------------------------------------------- OMITTED]
L5 (G5.0) 310,000 310,000 NB, Monitor [GRAPHIC
---------------------------------------------------------------------------- OMITTED]
L6 (G6.0) 240,000 240,000 Monitor, TV, Public [GRAPHIC
Info Display OMITTED]
-------------------------------------------------------------------------------
L7 (G7.5) 75,000 90,000 Monitor, TV, Public [GRAPHIC
Info Display OMITTED]
------------------------------------------------------------------------------
L8 (G8.5) 10,000 30,000 TV, Public [GRAPHIC
Info Display OMITTED]
------------------------------------------------------------------------------
-- Capacity based on monthly glass substrate input
10
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AUO
www.auo.com
-----------
ir@auo.com
----------
11
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 |
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AU OPTRONICS CORP. CONSOLIDATED BALANCE SHEET |
||||||||||||||
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June 30, 2009 and 2008 (Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) ) |
||||||||||||||
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June 30, 2009
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June 30, 2008
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YoY
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||||||||||||
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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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Change
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%
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|||||||
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Cash and Cash Equivalents
|
2,023
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66,280
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11.6
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92,070
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14.8
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(25,790)
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(28.0)
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|||||||
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Available-for-Sale Financial Assets - Current
|
17
|
557
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0.1
|
978
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0.2
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(422)
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(43.1)
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|||||||
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Notes & Accounts Receivables
|
1,461
|
47,882
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8.4
|
63,074
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10.1
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(15,192)
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(24.1)
|
|||||||
|
Other Current Financial Assets
|
25
|
828
|
0.1
|
4,236
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0.7
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(3,408)
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(80.5)
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|||||||
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Inventories
|
993
|
32,535
|
5.7
|
43,737
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7.0
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(11,202)
|
(25.6)
|
|||||||
|
Other Current Assets
|
141
|
4,612
|
0.8
|
11,311
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1.8
|
(6,698)
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(59.2)
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|||||||
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Total Current Assets
|
4,660
|
152,694
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26.7
|
215,406
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34.6
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(62,712)
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(29.1)
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|||||||
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Long-term Investments
|
365
|
11,959
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2.1
|
9,538
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1.5
|
2,421
|
25.4
|
|||||||
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Fixed Assets
|
22,092
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723,948
|
126.7
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638,778
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102.6
|
85,170
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13.3
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|||||||
|
Less: Accumulated Depreciation
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(10,442)
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(342,172)
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(59.9)
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(264,968)
|
(42.5)
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(77,203)
|
29.1
|
|||||||
|
Net Fixed Assets
|
11,650
|
381,777
|
66.8
|
373,810
|
60.0
|
7,967
|
2.1
|
|||||||
|
Other Assets
|
755
|
24,736
|
4.3
|
24,054
|
3.9
|
682
|
2.8
|
|||||||
|
Total Assets
|
17,430
|
571,166
|
100.0
|
622,808
|
100.0
|
(51,642)
|
(8.3)
|
|||||||
|
LIABILITIES
|
||||||||||||||
|
Short-term Borrowings
|
242
|
7,946
|
1.4
|
531
|
0.1
|
7,414
|
1395.2
|
|||||||
|
Accounts Payable
|
2,195
|
71,936
|
12.6
|
86,704
|
13.9
|
(14,768)
|
(17.0)
|
|||||||
|
Current Installments of Long-term Borrowings
|
1,144
|
37,485
|
6.6
|
41,163
|
6.6
|
(3,678)
|
(8.9)
|
|||||||
|
Current Financial Liabilities
|
5
|
174
|
0.0
|
334
|
0.1
|
(160)
|
(47.9)
|
|||||||
|
Accrued Expense & Other Current Liabilities
|
535
|
17,530
|
3.1
|
29,748
|
4.8
|
(12,218)
|
(41.1)
|
|||||||
|
Dividend Payable
|
78
|
2,552
|
0.4
|
19,671
|
3.2
|
(17,119)
|
(87.0)
|
|||||||
|
Machinery
and Equipment Payable
|
740
|
24,244
|
4.2
|
21,293
|
3.4
|
2,951
|
13.9
|
|||||||
|
Total Current Liabilities
|
4,939
|
161,866
|
28.3
|
199,444
|
32.0
|
(37,577)
|
(18.8)
|
|||||||
|
Long-term Borrowings
|
3,707
|
121,479
|
21.3
|
85,533
|
13.7
|
35,946
|
42.0
|
|||||||
|
Bonds Payable
|
372
|
12,191
|
2.1
|
11,457
|
1.8
|
734
|
6.4
|
|||||||
|
Non Current Financial Liabilities
|
21
|
677
|
0.1
|
14
|
0.0
|
663
|
4633.1
|
|||||||
|
Other Long-term Liabilities
|
1
|
19
|
0.0
|
23
|
0.0
|
(4)
|
(17.8)
|
|||||||
|
Total Long-term Liabilities
|
4,100
|
134,366
|
23.5
|
97,028
|
15.6
|
37,338
|
38.5
|
|||||||
|
Total Liabilities
|
9,040
|
296,233
|
51.9
|
296,471
|
47.6
|
(239)
|
(0.1)
|
|||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||
|
Common Stock
|
2,596
|
85,057
|
14.9
|
78,682
|
12.6
|
6,375
|
8.1
|
|||||||
|
Capital Collected In Advance
|
0
|
0
|
0.0
|
2
|
0.0
|
(2)
|
(100.0)
|
|||||||
|
Stock Dividends To Be Distributed
|
139
|
4,561
|
0.8
|
6,371
|
1.0
|
(1,810)
|
(28.4)
|
|||||||
|
Capital Surplus
|
3,469
|
113,668
|
19.9
|
113,917
|
18.3
|
(249)
|
(0.2)
|
|||||||
|
Retained Earnings
|
1,762
|
57,747
|
10.1
|
115,751
|
18.6
|
(58,005)
|
(50.1)
|
|||||||
|
Cumulative Translation Adjustments
|
71
|
2,312
|
0.4
|
1,106
|
0.2
|
1,206
|
109.1
|
|||||||
|
Unrealized Gain/Loss on Financial Products
|
5
|
149
|
0.0
|
1,118
|
0.2
|
(969)
|
(86.6)
|
|||||||
|
Net loss not recognized as pension cost
|
(1)
|
(40)
|
0.0
|
0
|
0.0
|
(40)
|
－
|
|||||||
|
Minority
Interest
|
350
|
11,480
|
2.0
|
9,390
|
1.5
|
2,090
|
22.3
|
|||||||
|
Total Shareholders' Equity
|
8,390
|
274,934
|
48.1
|
326,337
|
52.4
|
(51,403)
|
(15.8)
|
|||||||
|
Total Liabilities & Shareholders' Equity
|
17,430
|
571,166
|
100.0
|
622,808
|
100.0
|
(51,642)
|
(8.3)
|
|||||||
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 32.77 per USD as of June 30, 2009
|
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
|
||||||||||||||||||||
|
For the Three Months Ended June 30, 2009 and 2008 and March 31, 2009
|
||||||||||||||||||||
|
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
||||||||||||||||||||
|
Year over Year Comparison
|
Sequential Comparison
|
|||||||||||||||||||
|
2Q 2009
|
% of
|
2Q 2008
|
YoY
|
2Q 2009
|
% of
|
1Q 2009
|
QoQ
|
|||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||
|
Net Sales
|
2,517
|
82,486
|
100.0
|
123,476
|
(33.2)
|
2,517
|
82,486
|
100.0
|
50,741
|
62.6
|
||||||||||
|
Cost of Goods Sold
|
2,482
|
81,349
|
98.6
|
92,661
|
(12.2)
|
2,482
|
81,349
|
98.6
|
66,651
|
22.1
|
||||||||||
|
Gross Profit (Loss)
|
35
|
1,136
|
1.4
|
30,815
|
(96.3)
|
35
|
1,136
|
1.4
|
(15,910)
|
－
|
||||||||||
|
Operating Expenses
|
||||||||||||||||||||
|
SG&A
|
124
|
4,068
|
4.9
|
5,140
|
(20.9)
|
124
|
4,068
|
4.9
|
3,052
|
33.3
|
||||||||||
|
R&D
|
47
|
1,535
|
1.9
|
1,613
|
(4.9)
|
47
|
1,535
|
1.9
|
1,262
|
21.7
|
||||||||||
|
171
|
5,603
|
6.8
|
6,754
|
(17.0)
|
171
|
5,603
|
6.8
|
4,314
|
29.9
|
|||||||||||
|
Operating Income (Loss)
|
(136)
|
(4,467)
|
(5.4)
|
24,062
|
－
|
(136)
|
(4,467)
|
(5.4)
|
(20,223)
|
(77.9)
|
||||||||||
|
Net Non-Operating Income (Expenses)
|
1
|
38
|
0.0
|
(444)
|
－
|
1
|
38
|
0.0
|
(791)
|
－
|
||||||||||
|
Income (Loss) before Income Tax
|
(135)
|
(4,429)
|
(5.4)
|
23,617
|
－
|
(135)
|
(4,429)
|
(5.4)
|
(21,014)
|
(78.9)
|
||||||||||
|
Income Tax Benefit (Expense)
|
(66)
|
(2,170)
|
(2.6)
|
(3,226)
|
(32.7)
|
(66)
|
(2,170)
|
(2.6)
|
798
|
－
|
||||||||||
|
Net Income (Loss)
|
(201)
|
(6,599)
|
(8.0)
|
20,392
|
－
|
(201)
|
(6,599)
|
(8.0)
|
(20,216)
|
(67.4)
|
||||||||||
|
Attributable to:
|
||||||||||||||||||||
|
Equity Holders of The Parent Company
|
(208)
|
(6,811)
|
(8.3)
|
20,165
|
－
|
(208)
|
(6,811)
|
(8.3)
|
(20,331)
|
(66.5)
|
||||||||||
|
Minority Interest
|
6
|
213
|
0.3
|
226
|
(6.0)
|
6
|
213
|
0.3
|
115
|
85.3
|
||||||||||
|
Net Income (Loss)
|
(201)
|
(6,599)
|
(8.0)
|
20,392
|
－
|
(201)
|
(6,599)
|
(8.0)
|
(20,216)
|
(67.4)
|
||||||||||
|
Basic Earnings Per Share
|
(0.02)
|
(0.80)
|
2.37
|
(0.02)
|
(0.80)
|
(2.39)
|
||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.24)
|
(7.99)
|
23.71
|
(0.24)
|
(7.99)
|
(23.90)
|
||||||||||||||
|
Weighted-verage Shares Outstanding ('M)
|
8,511
|
8,505
|
8,511
|
8,506
|
||||||||||||||||
|
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 32.77 per USD as of June 30, 2009
|
|
(3)
|
1 ADR equals 10 common shares
|
|
CONSOLIDATED STATEMENT OF CASH FLOW
|
||||||||||||
|
For the Period Ended June 30, 2009 and 2008
|
||||||||||||
|
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||||||||
|
1H 2009
|
1H 2008
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash from
Operating Activities:
|
||||||||||||
|
Net Income(Loss)
|
(818 | ) | (26,814 | ) | 47,377 | |||||||
|
Depreciation & Amortization
|
1,322 | 43,330 | 39,786 | |||||||||
|
Investment Loss
(Gain) under Equity Method
|
5 | 180 | (19 | ) | ||||||||
|
Changes in Working Capital
|
(525 | ) | (17,214 | ) | (1,994 | ) | ||||||
|
Changes in Others
|
(23 | ) | (760 | ) | 1,272 | |||||||
|
Net Cash Provided
(Used) by Operating Activities
|
(39 | ) | (1,278 | ) | 86,422 | |||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Proceeds from Disposal of AFS Investments
|
4 | 138 | 270 | |||||||||
|
Acquisition of Property, Plant and Equipment
|
(933 | ) | (30,568 | ) | (43,379 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
6 | 207 | 32 | |||||||||
|
Increase in Long-term Investments
|
(94 | ) | (3,082 | ) | (2,039 | ) | ||||||
|
Increase in Restricted Cash in Banks
|
(0 | ) | (2 | ) | 0 | |||||||
|
Increase in Deferred Assets and Intangible Assets
|
(10 | ) | (342 | ) | (776 | ) | ||||||
|
Increase in Other Assets
|
(12 | ) | (406 | ) | (81 | ) | ||||||
|
Net Cash Used in Investing Activities
|
(1,039 | ) | (34,056 | ) | (45,973 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Short-term Borrowings
|
94 | 3,088 | 395 | |||||||||
|
Increase
(Decrease) in Guarantee Deposits
|
(0 | ) | (2 | ) | 5 | |||||||
|
Increase
(Decrease) in Long-term Borrowings and Bonds Payable
|
404 | 13,237 | (38,342 | ) | ||||||||
|
Employee Stock Options Exercised
|
0 | 0 | 19 | |||||||||
|
Change in Minority Interest
|
58 | 1,911 | (2 | ) | ||||||||
|
Net Cash Provided
(Used) by Financing Activities
|
556 | 18,235 | (37,924 | ) | ||||||||
|
Effect of Exchange Rate Changes on Cash
|
(2 | ) | (55 | ) | (345 | ) | ||||||
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
(523 | ) | (17,155 | ) | 2,180 | |||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,546 | 83,435 | 89,890 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
2,023 | 66,280 | 92,070 | |||||||||
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 32.77 per USD as of June 30, 2009
|
AU OPTRONICS CORP. UNCONSOLIDATED BALANCE SHEET |
||||||||||||||||||||||||||||
|
June 30, 2009 and 2008
|
||||||||||||||||||||||||||||
|
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
||||||||||||||||||||||||||||
|
June 30, 2009
|
June 30, 2008
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,403 | 45,992 | 8.6 | 79,848 | 13.6 | (33,856 | ) | (42.4 | ) | |||||||||||||||||||
|
Available-for-Sale Financial Assets - Current
|
17 | 557 | 0.1 | 978 | 0.2 | (422 | ) | (43.1 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
1,431 | 46,891 | 8.7 | 62,334 | 10.7 | (15,442 | ) | (24.8 | ) | |||||||||||||||||||
|
Other Current Financial Assets
|
16 | 509 | 0.1 | 979 | 0.2 | (470 | ) | (48.0 | ) | |||||||||||||||||||
|
Inventories
|
850 | 27,855 | 5.2 | 39,668 | 6.8 | (11,812 | ) | (29.8 | ) | |||||||||||||||||||
|
Other Current Assets
|
134 | 4,395 | 0.8 | 10,925 | 1.9 | (6,530 | ) | (59.8 | ) | |||||||||||||||||||
|
Total Current Assets
|
3,851 | 126,200 | 23.5 | 194,731 | 33.3 | (68,532 | ) | (35.2 | ) | |||||||||||||||||||
|
Long-term Investments
|
1,522 | 49,871 | 9.3 | 36,546 | 6.2 | 13,325 | 36.5 | |||||||||||||||||||||
|
Fixed Assets
|
19,488 | 638,622 | 118.9 | 565,467 | 96.6 | 73,155 | 12.9 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(9,161 | ) | (300,192 | ) | (55.9 | ) | (233,592 | ) | (39.9 | ) | (66,600 | ) | 28.5 | |||||||||||||||
|
Net Fixed Assets
|
10,327 | 338,430 | 63.0 | 331,875 | 56.7 | 6,555 | 2.0 | |||||||||||||||||||||
|
Other Assets
|
684 | 22,421 | 4.2 | 22,060 | 3.8 | 362 | 1.6 | |||||||||||||||||||||
|
Total Assets
|
16,385 | 536,922 | 100.0 | 585,212 | 100.0 | (48,290 | ) | (8.3 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term Borrowing
|
186 | 6,110 | 1.1 | 0 | 0.0 | 6,110 | ||||||||||||||||||||||
|
Accounts Payable
|
2,308 | 75,625 | 14.1 | 87,325 | 14.9 | (11,700 | ) | (13.4 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,037 | 33,978 | 6.3 | 36,673 | 6.3 | (2,695 | ) | (7.3 | ) | |||||||||||||||||||
|
Current Financial Liabilities
|
5 | 170 | 0.0 | 319 | 0.1 | (149 | ) | (46.8 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
436 | 14,272 | 2.7 | 24,195 | 4.1 | (9,923 | ) | (41.0 | ) | |||||||||||||||||||
|
Dividend Payable
|
78 | 2,552 | 0.5 | 19,671 | 3.4 | (17,119 | ) | (87.0 | ) | |||||||||||||||||||
|
Machinery
and Equipment Payable
|
692 | 22,669 | 4.2 | 18,029 | 3.1 | 4,639 | 25.7 | |||||||||||||||||||||
|
Total Current Liabilities
|
4,741 | 155,375 | 28.9 | 186,212 | 31.8 | (30,838 | ) | (16.6 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
3,211 | 105,226 | 19.6 | 70,577 | 12.1 | 34,649 | 49.1 | |||||||||||||||||||||
|
Bonds Payable
|
372 | 12,191 | 2.3 | 11,457 | 2.0 | 734 | 6.4 | |||||||||||||||||||||
|
Non Current Financial Liabilities
|
21 | 675 | 0.1 | 14 | 0.0 | 660 | 4617.7 | |||||||||||||||||||||
|
Other Long-term Liabilities
|
0 | 2 | 0.0 | 5 | 0.0 | (3 | ) | (57.9 | ) | |||||||||||||||||||
|
Total Long-term Liabilities
|
3,604 | 118,094 | 22.0 | 82,053 | 14.0 | 36,041 | 43.9 | |||||||||||||||||||||
|
Total Liabilities
|
8,345 | 273,468 | 50.9 | 268,265 | 45.8 | 5,203 | 1.9 | |||||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
2,596 | 85,057 | 15.8 | 78,682 | 13.4 | 6,375 | 8.1 | |||||||||||||||||||||
|
Capital Collected In Advance
|
0 | 0 | 0.0 | 2 | 0.0 | (2 | ) | (100.0 | ) | |||||||||||||||||||
|
Stock Dividends To Be Distributed
|
139 | 4,561 | 0.8 | 6,371 | 1.1 | (1,810 | ) | (28.4 | ) | |||||||||||||||||||
|
Capital Surplus
|
3,469 | 113,668 | 21.2 | 113,917 | 19.5 | (249 | ) | (0.2 | ) | |||||||||||||||||||
|
Retained Earnings
|
1,762 | 57,747 | 10.8 | 115,751 | 19.8 | (58,005 | ) | (50.1 | ) | |||||||||||||||||||
|
Cumulative Translation Adjustments
|
71 | 2,312 | 0.4 | 1,106 | 0.2 | 1,206 | 109.1 | |||||||||||||||||||||
|
Unrealized Gain/Loss on Financial Products
|
5 | 149 | 0.0 | 1,118 | 0.2 | (969 | ) | (86.6 | ) | |||||||||||||||||||
|
Net loss not recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) | |||||||||||||||||||
|
Total Shareholders' Equity
|
8,039 | 263,454 | 49.1 | 316,947 | 54.2 | (53,493 | ) | (16.9 | ) | |||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
16,385 | 536,922 | 100.0 | 585,212 | 100.0 | (48,290 | ) | (8.3 | ) | |||||||||||||||||||
| 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 32.77 per USD as of June 30, 2009
|
||||||||||||||||||||||||||||
|
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
|
||||||||||||||||||||||||||||||||||||||||
|
For the Three Months Ended June 30, 2009 and 2008 and March 31, 2009
|
||||||||||||||||||||||||||||||||||||||||
|
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year over Year Comparison
|
Sequential Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
2Q 2009
|
% of
|
2Q 2008 |
YoY
|
2Q 2009 |
% of
|
1Q 2009 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
2,485 | 81,446 | 100.0 | 122,373 | (33.4 | ) | 2,485 | 81,446 | 100.0 | 50,469 | 61.4 | |||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
2,524 | 82,699 | 101.5 | 93,813 | (11.8 | ) | 2,524 | 82,699 | 101.5 | 69,026 | 19.8 | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(38 | ) | (1,252 | ) | (1.5 | ) | 28,560 | (38 | ) | (1,252 | ) | (1.5 | ) | (18,557 | ) | (93.3 | ) | |||||||||||||||||||||||
|
Operating Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
96 | 3,155 | 3.9 | 4,354 | (27.5 | ) | 96 | 3,155 | 3.9 | 2,264 | 39.4 | |||||||||||||||||||||||||||||
|
R&D
|
46 | 1,518 | 1.9 | 1,613 | (5.9 | ) | 46 | 1,518 | 1.9 | 1,247 | 21.7 | |||||||||||||||||||||||||||||
| 143 | 4,674 | 5.7 | 5,967 | (21.7 | ) | 143 | 4,674 | 5.7 | 3,511 | 33.1 | ||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(181 | ) | (5,926 | ) | (7.3 | ) | 22,593 | (181 | ) | (5,926 | ) | (7.3 | ) | (22,068 | ) | (73.1 | ) | |||||||||||||||||||||||
|
Net Non-Operating Income
|
32 | 1,040 | 1.3 | 914 | 13.8 | 32 | 1,040 | 1.3 | 1,074 | (3.2 | ) | |||||||||||||||||||||||||||||
|
Income (Loss) before Income Tax
|
(149 | ) | (4,886 | ) | (6.0 | ) | 23,507 | (149 | ) | (4,886 | ) | (6.0 | ) | (20,993 | ) | (76.7 | ) | |||||||||||||||||||||||
|
Income Tax Benefit (Expense)
|
(59 | ) | (1,925 | ) | (2.4 | ) | (3,341 | ) | (42.4 | ) | (59 | ) | (1,925 | ) | (2.4 | ) | 663 |
－
|
||||||||||||||||||||||
|
Net Income (Loss)
|
(208 | ) | (6,811 | ) | (8.4 | ) | 20,165 |
－
|
(208 | ) | (6,811 | ) | (8.4 | ) | (20,331 | ) | (66.5 | ) | ||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.02 | ) | (0.80 | ) | 2.37 | (0.02 | ) | (0.80 | ) | (2.39 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.24 | ) | (7.99 | ) | 23.71 | (0.24 | ) | (7.99 | ) | (23.90 | ) | |||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding('M)
|
8,511 | 8,505 | 8,511 | 8,506 | ||||||||||||||||||||||||||||||||||||
|
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 32.77 per USD as of June 30, 2009
(3)
1 ADR equals 10 common shares
|
UNCONSOLIDATED STATEMENT OF CASH FLOW
|
||||||||||||
|
For the Period Ended June 30, 2009 and 2008
|
||||||||||||
|
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||||||||
|
1H 2009
|
1H 2008
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income(Loss)
|
(828 | ) | (27,142 | ) | 47,026 | |||||||
|
Depreciation & Amortization
|
1,154 | 37,828 | 35,290 | |||||||||
|
Investment Gain under Equity
Method
|
(83 | ) | (2,712 | ) | (1,331 | ) | ||||||
|
Changes in Working Capital
|
(402 | ) | (13,188 | ) | 266 | |||||||
|
Changes in Others
|
(8 | ) | (278 | ) | 1,032 | |||||||
|
Net Cash Provided
(Used) by Operating Activities
|
(168 | ) | (5,491 | ) | 82,284 | |||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Proceeds from Disposal of AFS Investments
|
4 | 133 | 270 | |||||||||
|
Acquisition of Property, Plant and Equipment
|
(823 | ) | (26,953 | ) | (38,849 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
3 | 110 | 241 | |||||||||
|
Increase in Long-term Investments
|
(193 | ) | (6,321 | ) | (4,506 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments
|
21 | 700 | 29 | |||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(9 | ) | (293 | ) | (745 | ) | ||||||
|
Decrease
(Increase) in Other Assets
|
3 | 90 | (44 | ) | ||||||||
|
Net Cash Used in Investing Activities
|
(993 | ) | (32,535 | ) | (43,603 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Short-term Borrowings
|
74 | 2,410 | 0 | |||||||||
|
Decrease in Guarantee Deposits
|
0 | 0 | (1 | ) | ||||||||
|
Increase
(Decrease) in Long-term Borrowings and Bonds Payable
|
420 | 13,758 | (39,348 | ) | ||||||||
|
Employee Stock Options Exercised
|
0 | 0 | 19 | |||||||||
|
Net Cash Provided
(Used) by Financing Activities
|
493 | 16,168 | (39,329 | ) | ||||||||
|
Effect of Exchange Rate Changes on Cash
|
4 | 123 | (35 | ) | ||||||||
|
Net Decrease in Cash and Cash Equivalents
|
(663 | ) | (21,735 | ) | (684 | ) | ||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,067 | 67,727 | 80,532 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,403 | 45,992 | 79,848 | |||||||||
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 32.77 per USD as of June 30, 2009