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

 

October 31, 2018

 

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)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F  X     Form 40-F ___

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

____

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

____

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized

 

 

 

(the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

  Yes .....   No ..X...

 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

 

Not applicable

 

 

 

INDEX TO EXHIBITS

 

Item

 

1.Taiwan Stock Exchange filing entitled, “AU Optronics Corp. reports Third Quarter 2018 Financial Results in an investor conference” dated October 31, 2018.

 

2.Taiwan Stock Exchange filing entitled, “AU Optronics Corp. Third Quarter 2018 Results” dated October 31, 2018

 

 

 

 

 

Item 1

 

News Release

 

 

AU Optronics Reports NT$4.32 Billion Net Profit Attributable to Owners of the Company for Third Quarter 2018

 

Issued by: AU Optronics Corp.
Issued on: October 31, 2018

 

Hsinchu, Taiwan, October 31, 2018–

 

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the third quarter of 2018(1).

 

Consolidated revenues for the third quarter of 2018 were NT$81.04 billion, up by 8.0% quarter-over-quarter. AUO’s net profit attributable to owners of the Company for the third quarter of 2018 was NT$4.32 billion, with a basic EPS(2) of NT$0.45.

 

For the first nine months of 2018, AUO reported consolidated revenues of NT$230.54 billion. Net profit attributable to owners of the Company was NT$9.88 billion, with a basic EPS(2) of NT$1.03.

 

In the third quarter of 2018, large-sized panel(3) shipments totaled 29.79 million units, up by 6.5% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter were around 42.56 million units, down by 6.1% quarter-over-quarter.

 

Highlights of consolidated results for the third quarter of 2018:

 

ŸRevenues of NT$81.04 billion

ŸOperating profit of NT$3.07 billion

ŸNet profit attributable to owners of the Company at NT$4.32 billion

ŸBasic EPS(2) of NT$0.45

ŸGross margin was 10.7%

ŸOperating margin was 3.8%

ŸEBITDA(4) margin was 14.6%

ŸOperating margin of Display Segment was 4.3%

ŸEBITDA(4) margin of Display Segment was 15.3%

 

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Looking back on the third quarter, as brand customers were aggressively restocking for the year-end holiday season, the Company’s shipment momentum remained quite robust. Owing to the relatively stable panel prices and New Taiwan Dollar depreciation, the quarterly revenues increased by 8.0% from the previous quarter. In addition, the operating profit reached NT$3.07 billion and net profit attributable to owners of the Company reached NT$4.32 billion, making the third quarter the best-performing quarter for the year.

 

Entering into the fourth quarter, the year-end holiday season restocking demand gradually came to an end. Going forward, facing potential fluctuations caused by the increasing capacity from China and international trade disputes, AUO will insist on its core strategy. Through technological innovation and flexible management capability, the Company will keep focusing on value transformation, so to create a mutually beneficial relationship with its customers and maintain its operational stability.

 

(1)All financial information was prepared by the Company in accordance with Taiwan IFRS.

 

(2)Basic EPS in the third quarter of 2018 and the first nine months of 2018 were calculated based on the weighted average outstanding shares of the first nine months of 2018 (9,624 million shares).

 

(3)Large size refers to panels that are 10 inches and above.

 

(4)EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.

 

###

 

ABOUT AU OPTRONICS

AU Optronics Corp. (AUO) is one of the world’s leading providers of optoelectronic solutions. AUO offers a full range of panel sizes and comprehensive applications. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008 and provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index from 2010 to 2018. AUO’s consolidated net revenues in 2017 were NT$341.03 billion. For more information, please visit AUO.com.

 

Safe Harbour Notice

AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release include “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are 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

 

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geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Annual Report on Form 20-F filed with the United States Securities and Exchange Commission on March 29, 2018. In addition, our SEC reports, including our Annual Report on Form 20-F contains other information on these and other factors that could affect our financial results and cause actual results to differ materially from any forward-looking information we may provide. We undertake no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

 

 

For more information, please contact:

 

Corporate Communications Division

 

Jessie Lee Tel: +886-3-5008800 ext 3206 Email : jessie.jc.lee@auo.com
Katie Chen Tel: +886-3-5008800 ext 3615 Email : katie.chen@auo.com

 

 

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Item 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

For the Three Months Ended September 30, 2018 and 2017 and June 30, 2018

(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      
                                           
        3Q18       3Q17           3Q18       2Q18      
    USD   NTD %   NTD   YoY%   USD   NTD   %   NTD   QoQ%  
                                           
Net Sales   2,661 81,043 100.0 87,395 (7.3) 2,661 81,043 100.0 75,054 8.0  
Cost of Goods Sold 2,377   72,402   89.3   72,083   0.4   2,377   72,402   89.3   67,780   6.8  
Gross Profit   284   8,641   10.7   15,313   (43.6)   284   8,641   10.7   7,274   18.8  
                                           
Operating Expenses   183   5,572   6.9   5,570   0.1   183   5,572   6.9   5,174   7.7  
Operating Profit(Loss)   101   3,069   3.8   9,743   (68.5)   101   3,069   3.8   2,100   46.2  
                                           
Net Non-operating Income(Expenses)   69   2,109   2.6   764   176.1   69   2,109   2.6   145   1,355.5  
Profit(Loss) before Income Tax   170   5,177   6.4   10,507   (50.7)   170   5,177   6.4   2,244   130.7  
                                           
Income Tax Expense   (28)   (858)   (1.1)   (2,283)   (62.4)   (28)   (858)   (1.1)   (2,205)   (61.1)  
Net Profit(Loss)   142   4,319   5.3   8,224   (47.5)   142   4,319   5.3   40   10775.6  
                                           
Other Comprehensive Income(Loss)   (65)   (1,971)   (2.4)   946       (65)   (1,971)   (2.4)   (832)   136.8  
Total Comprehensive Income(Loss)   77   2,348   2.9   9,170   (74.4)   77   2,348   2.9   (793)    
Net Profit(Loss) Attributable to:                                          
                                         
Owners of Company 142 4,318 5.3 8,856 (51.2) 142 4,318 5.3 1,252 244.9  
Non-Controlling Interests 0   1   0.0   (632)     0   1   0.0   (1,212)    
Net Profit(Loss)   142   4,319   5.3   8,224   (47.5)   142   4,319   5.3   40 10,775.6  
Total Comprehensive Income(Loss) Attributable to:                                          
                                         
Owners of Company 96   2,909   3.6   9,468   (69.3)   96   2,909   3.6   537   442.1  
Non-Controlling Interests (18)   (561)   (0.7)   (298)   88.1   (18)   (561)   (0.7)   (1,329)   (57.8)  
Total Comprehensive Income(Loss)   77   2,348   2.9   9,170   (74.4)   77   2,348   2.9   (793)    
                                           
Basic Earnings Per Share   0.015   0.45       0.92       0.015   0.45       0.13      
Basic Earnings Per ADS(2)

  0.147   4.49       9.20       0.147   4.49       1.30      
Weighted-Average Shares Outstanding ('M)       9,624       9,624           9,624       9,624      

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.46 per USD as of September 30, 2018

  (2) 1 ADS equals 10 common shares

 

 

 

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

For the Period Ended September 30, 2018 and 2017

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)

 

      Year over Year Comparison    
               
  Nine Months 2018     Nine Months 2017    
  USD   NTD   %   NTD     YoY%  
                       
Net Sales 7,569   230,541   100.0 260,365     (11.5)  
Cost of Goods Sold 6,779   206,485   89.6   210,499     (1.9)  
Gross Profit 790   24,056   10.4   49,866     (51.8)  
                       
Operating Expenses 523   15,934   6.9   16,430     (3.0)  
Operating Profit(Loss) 267   8,121   3.5   33,436     (75.7)  
                       
Net Non-operating Income(Expenses) 113   3,445   1.5   664     418.7  
Profit(Loss) before Income Tax 380   11,566   5.0   34,100     (66.1)  
                       
Income Tax Expense (104)   (3,180)   (1.4)   (7,496)     (57.6)  
Net Profit(Loss) 275   8,386   3.6   26,605     (68.5)  
                       
Other Comprehensive Income(Loss) (59)   (1,791)   (0.8)   (485)     269.0  
Total Comprehensive Income(Loss) 217   6,596   2.9   26,120     (74.7)  
Net Profit(Loss) Attributable to:                      
                     
Owners of Company 324   9,880   4.3   28,165     (64.9)  
Non-Controlling Interests (49)   (1,494)   (0.6)   (1,560)     (4.2)  
Net Profit(Loss) 275   8,386   3.6   26,605     (68.5)  
Total Comprehensive Income(Loss) Attributable to:                      
                     
Owners of Company 279   8,509   3.7   27,980     (69.6)  
Non-Controlling Interests (63)   (1,914)   (0.8)   (1,861)     2.8  
Total Comprehensive Income(Loss) 217   6,596   2.9   26,120     (74.7)  
                       
Basic Earnings Per Share 0.03   1.03       2.93        
Basic Earnings Per ADS(2)
0.34   10.27       29.26        
Weighted-Average Shares Outstanding ('M)     9,624       9,624        

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.46 per USD as of September 30, 2018

  (2) 1 ADS equals 10 common shares

 

 

 

 

 

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

September 30, 2018 and 2017

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )

 

    September 30, 2018     September 30, 2017   YoY  
ASSETS USD   NTD %   NTD %   NTD %
Cash and Cash Equivalents   2,070 63,060 15.3 107,656 24.0 (44,596) (41.4)
Notes & Accounts Receivables 1,631 49,685 12.1 48,327 10.8 1,357 2.8
Other Current Financial Assets 113 3,447 0.8 562 0.1 2,885 513.8
Inventories 894 27,235 6.6 25,021 5.6 2,214 8.8
Other Current Assets 140   4,250 1.0   7,353 1.6   (3,102) (42.2)
Total Current Assets 4,848   147,676 35.9   188,918 42.1   (41,242) (21.8)
Long-term Investments 436 13,279 3.2 9,511 2.1 3,768 39.6
Net Fixed Assets 7,363 224,289 54.5 217,139 48.3 7,150 3.3
Other Non-Current Assets 875   26,656 6.5   33,671 7.5   (7,015) (20.8)
Total Non-Current Assets 8,674   264,224 64.1   260,321 57.9   3,903 1.5
Total Assets 13,523   411,900 100.0   449,239 100.0   (37,339) (8.3)
LIABILITIES                    
Short-term Borrowings   51 1,556 0.4 2,947 0.7 (1,391) (47.2)
Accounts Payable 1,903 57,975 14.1 56,419 12.6 1,556 2.8
Current Installments of Long-term Borrowings 801 24,408 5.9 18,126 4.0 6,282 34.7
Current Financial Liabilities 7 217 0.1 286 0.1 (69) (24.2)
Accrued Expense & Other Current Liabilities 962 29,302 7.1 32,687 7.3 (3,385) (10.4)
Machinery and Equipment Payable 376   11,460 2.8   10,182 2.3   1,278 12.6
Total Current Liabilities 4,101   124,917 30.3   120,648 26.9   4,270 3.5
Long-term Borrowings 2,064 62,861 15.3 101,996 22.7 (39,135) (38.4)
Other Non-Current Liabilities 225   6,847 1.7   6,279 1.4   568 9.0
Total Non-Current Liabilities 2,289   69,708 16.9   108,275 24.1   (38,567) (35.6)
Total Liabilities 6,390   194,625 47.3   228,923 51.0   (34,297) (15.0)
EQUITY                    
Common Stock   3,160 96,242 23.4 96,242 21.4 0 0.0
Capital Surplus 1,989 60,600 14.7 60,024 13.4 576 1.0
Retained Earnings 1,530 46,610 11.3 47,016 10.5 (407) (0.9)
Other Equity (39) (1,188) (0.3) 594 0.1 (1,782)
Non-Controlling Interests 493   15,011 3.6   16,440 3.7   (1,429) (8.7)
Total Equity 7,133   217,275 52.7   220,317 49.0   (3,041) (1.4)
Total Liabilities & Equity 13,523   411,900 100.0   449,239 100.0   (37,339) (8.3)

  

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.46 per USD as of September 30, 2018

   (2) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months

 

 
 

 

AU OPTRONICS CORP. AND SUBSIDIARIES

Consolidated Condensed Cash Flow Statements

For the Period Ended September 30, 2018 and 2017

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))

 

 

  Nine Months 2018   Nine Months 2017  
             
  USD   NTD   NTD  
Cash Flow from Operating Activities:            
           
Profit(Loss) before Income Taxes 380 11,566 34,100  
Depreciation & Amortization 829 25,264 27,729  
Share of Profit of Equity-Accounted Investees (8) (251) (178)  
Changes in Working Capital (269) (8,197) 414  
Changes in Others (30)   (919)   (400)  
Net Cash Provided(Used) by Operating Activities 902 27,462 61,666  
Cash Flow from Investing Activities:            
Acquisitions of Financial Assets Measured at Fair Value (180) (5,497) 0  
Proceeds from Disposal of Financial Assets Measured at Fair Value 17 520 0  
Acquisitions of Financial Assets Carried at Cost 0 0 (14)  
Acquisitions of Equity-Accounted Investees (22) (685) (27)  
Acquisitions of Property, Plant and Equipment (869) (26,475) (26,289)  
Proceeds from Disposal of Property, Plant and Equipment 108 3,292 1,067  
Decrease(Increase) in Other Financial Assets 0 5 (10)  
Decrease(Increase) in Intangible Assets 0 0 (197)  
Decrease(Increase) in Other Assets (6) (168) (406)  
Net Cash Increase(Decrease) Resulting from Change in Consolidated Entity (17)   (514)   (0)  
Net Cash Provided(Used) in Investing Activities (969) (29,521) (25,875)  
Cash Flow from Financing Activities:            
Increase(Decrease) in Short-term Borrowings (59) (1,808) 2,421  
Increase(Decrease) in Long-term Borrowings (764) (23,260) (3,312)  
Increase(Decrease) in Guarantee Deposits (0) (4) (42)  
Cash Dividends (474) (14,436) (5,390)  
Changes in Non-Controlling Interests and Others (4)   (136)   (96)  
             
Net Cash Provided(Used) by Financing Activities (1,302) (39,645) (6,419)  
Effect of Exchange Rate Changes on Cash and Cash Equivalents (8)   (257)   (1,908)  
Net Increase(Decrease) in Cash and Cash Equivalents (1,378)   (41,961)   27,465  
Cash and Cash Equivalents at Beginning of Period 3,448   105,021   80,191  
Cash and Cash Equivalents at End of Period 2,070   63,060   107,656  

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 30.46 per USD as of September 30, 2018

 

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  AU Optronics Corp.
   
   
Date: October 31, 2018 By: /s/ Benjamin Tseng
    Name: Benjamin Tseng
    Title: Chief Financial Officer