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
24,
2007
Commission
File Number 001-31335
|
AU
Optronics Corp.
|
|
|
(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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|
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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.
|
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...
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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
|
1.
|
Press
release entitled, “AU Optronics Reports 1Q2007 Results”, dated April 24,
2007.
|
|
2.
|
Taiwan
Stock Exchange filing entitled, “Supplementary information on the
Company’s 2007 Annual General Shareholders’ Meeting”, dated April 24,
2007.
|
|
3.
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Investor
Conference Materials entitled, “AU Optronics Corp. First Quarter 2007
Results”, dated April 24, 2007.
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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
24, 2007
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By:
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/s/
Max Cheng
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|||
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Name:
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Max
Cheng
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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
Reports 1Q2007 Results
Issued
by:
AU Optronics
Corp
Issued
on:
April 24,
2007
Hsinchu,
Taiwan, April 24, 2007 -
First
Quarter 2007
Unaudited Consolidated Financial Highlights
Ÿ Revenues
declined
14.7% QoQ to NT$80.7 billion
Ÿ Net
loss after tax
of NT$5.11 billion
Ÿ Loss
per share of
NT$0.67 (US$0.2 per ADR)
Ÿ Gross
margin: 0.4%
Ÿ Operating
loss: 5.3%
AU
Optronics Corp. ("AUO"or
the
"Company") (TAIEX: 2409; NYSE: AUO)
today announced
unaudited results for 1Q2007. All financial information was unaudited and was
prepared by the Company in accordance with generally accepted accounting
principles in Taiwan (“ROC GAAP”). For the first quarter ended March 31, 2007,
AUO recorded the company’s consolidated revenue in NT$80.7 billion
(US$2.4 billion*),
a net
loss after tax of NT$5.11 billion (US$155 million), and loss per common share
of
NT$0.67 (US$0.2 per ADR unit).
In
terms of 1Q2007 panel shipments, large-sized panel declined 4.1% to 15.9 million
from 4Q2006 but recorded a significant YoY growth of 70.0%. In the same period,
shipments of small- and medium-sized panel decreased by 9.6% QoQ to 22.1
million, yet up 39.9% from a year earlier.
Mr.
Max Cheng, Vice President and Chief Financial Officer of AUO noted that due
to
the impact of seasonal weakness and the qualification of acquired QDI capacity
in progress, the fab loading rate for 1Q2007 merely reached 80%. In addition,
the Panel Average Selling Price of TV- and PC-related TFT-LCD experienced a
significant drop compared
to the
previous quarter, resulting in the gross margin of 0.4%. We are currently seeing
that both price and shipments should rebound starting from 2Q2007 thanks to
the
improving supply-demand status in the market at the end of 1Q2007. AUO is
striving to leverage the advantages of post-merger product mix and production
capacity so as to increase profitability through merger synergies starting
from
2Q2007.
*Amounts
converted by an exchange rate of NTD33.01:USD1 as of
March 31, 2007.
# # #
2
ABOUT
AU
OPTRONICS
AU
Optronics Corp. (“AUO”) is one of the top three largest manufacturers* of
large-size thin film transistor liquid crystal display panels (“TFT-LCD”), with
approximately 20.8%* of global market share with revenues of NT$293.1billion
(US$9.0bn)*
in 2006.
TFT-LCD technology is currently the most widely used flat panel display
technology. Targeted for 40”+ sized LCD TV panels, AUO’s new generation
(7.5-generation) fabrication facility production started mass production in
the
fourth quarter of 2006. The Company currently operates one 7.5-generation,
two
6th-generation, four 5th-generation, one 4th-generation, and four 3.5-generation
TFT- LCD fabs, in addition to eight module assembly facilities and the AUO
Technology Center specializes in new technology platform and new product
development. AUO is one of few top-tier TFT-LCD manufacturers capable of
offering a wide range of small- to large- size (1.5”-46”) TFT-LCD panels, which
enables it to offer a broad and diversified product portfolio.
*
DisplaySearch 2006 WW Large-Area TFT-LCD Shipment Report dated March 1, 2007.
(AUO market share = pre-merger AUO market share + QDI market share) This data
is
used as reference only and AUO does not make any endorsement or representation
in connection therewith. 2006 year end revenue converted by an exchange rate
of
NTD32.59:USD1.
Safe
Harbour Notice
AU
Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the world’s
third largest 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 1st, 2006.
FOR
MORE
INFORMATION
Yawen
Hsiao
Corporate
Communications Dept.
AU
Optronics
Corp.
No.1,
Li-Hsin Road
2, Science-Based Industrial Park,
Hsinchu
City, 300,
Taiwan, R.O.C.
Tel:
+886-3-5008899
ext 3211
Fax:
+886-3-5772730
Email:yawen.hsiao@auo.com
Item
2
AU
Optronics Corp.
April
24,
2007
English
Language Summary
| Subject: |
Supplementary
information on the Company’s 2007 Annual General Shareholders’
Meeting.
|
| Regulation: |
Published
pursuant to Article 2-17 of the Taiwan Stock Exchange's Operating
Procedures for the Publication of Material Information by Listed
Companies
|
Date
of
Events: 2007/04/24
Content:
| 1. |
Date
of the board of directors’ resolution:
2007/04/24
|
| 2. |
Date
for convening the shareholders' meeting:
2007/06/13
|
| 3. |
Location
for convening the shareholders' meeting: 2, Hsin-An Road, Hsinchu
Science
Park, Hsinchu, Taiwan R.O.C.
|
| 4. |
Cause
or subjects for convening the
meeting:
|
|
A.
|
Report
items:
|
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(1)
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Report
of 2006 business
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(2)
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Supervisors’
review report
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(3)
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Report
of indirect investments in China in
2006
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(4)
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Report
of the " The merger with Quanta Display Inc. (“QDI”)
".
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(5)
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Report
of the " Regulations Governing Procedure for Board of Directors
Meetings".
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| B. |
Acceptances:
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(1)
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The
2006 Business Report and Financial
Statements.
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(2)
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Proposal
for distribution of 2006 profits
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| C. |
Discussions
and Elections:
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| (1) |
Proposal
for the capitalization of 2006 dividends and employee
bonus.
|
| (2) |
Proposal
for the revisions to the Articles of
Incorporation.
|
| (3) |
Proposal
for the revisions to the “ Procedures for Acquisition and Disposition of
Assets ” and “ Policies and Procedures for Financial Derivatives
Transactions ” ,“Guidelines for Endorsements and Guarantees”
and “Guidelines for
Lending”.(Revised)
|
| (4) |
Election
of Directors.
|
| (5) |
Proposal
of releasing Directors from non-competition
restrictions.
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| 5. |
Starting
and ending dates of suspension of share transfer: 2007/04/15 -
2007/06/13
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| 6. |
Any
other matters that need to be specified:
N/A
|
Item
3
AU Optronics Corp.
First Quarter 2007 Results Investor Conference
|
 |
Safe Harbor Notice
The statements included in this presentation that are not
historical in nature are "forward-looking statements" within the
meaning of Section 27A of the United States Securities Act of
1933 and Section 21E of the United States Securities Exchange Act
of 1934. These forward-looking statements, which may include
statements regarding AU Optronics' future results of operations,
financial condition or business prospects, are subject to
significant risks and uncertainties and are based on AU
Optronics'current expectations.
Actual results may differ materially from those expressed or imp
lied in these forward-looking statements for a variety of
reasons, including, among other things: the cyclical nature of
our industry; our dependence on introducing new products on a
timely basis; our dependence on growth in the demand for our
products; our ability to compete effectively; our ability to
successfully expand our capacity; our dependence on key
personnel; general economic and political conditions, including
those related to the TFT-LCD industry; possible disruptions in
commercial activities caused by natural and human -induced
disasters, including terrorist activity and armed conflict; and
fluctuations in foreign currency exchange rates.
In addition, any financial information contained herewithin is p
resented in conformity with accounting principles generally
accepted in the Republic of China ("ROC GAAP"). Readers should be
cautioned that these accounting principles differ in many
material respects from accounting principles generally accepted
in the United States of America ("US GAAP").
Our release of financial forecasts and forward-looking statements
at any particular time does not create any duty of disclosure
beyond that which is imposed by law, and we expressly disclaim
any obligation to publicly update or revise any forecasts or
forward-looking statements, whether as a result of new
information, future events or otherwise.
Additional information as to these and other factors that may
cause actual results to differ materially from AU Optronics'
forward-looking statements or some of the major differences
between ROC GAAP and US GAAP can be found in AU Optronics' Annual
Report on Form 20-F with respect to the year ended December 31,
2005 filed with the United States Securities and Exchange
Commission.
2
|
 |
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
1Q'07(a) 4Q'06(a) QoQ % 1Q'06
Net Sales 80,720 100.0% 94,646 100.0% (14.7%) 66,252 100.0%
Cost of Goods
Sold (80,376) (99.6%) (87,000) (91.9%) (7.6%) (55,179) (83.3%)
Gross Profit 344 0.4% 7,646 8.1% (95.5%) 11,073 16.7%
Operating
Expenses (4,587) (5.7%) (4,819) (5.1%) (4.8%) (3,125) (4.7%)
Operating Income
(Loss) (4,243) (5.3%) 2,827 3.0% - 7,948 12.0%
Net Non-operating
Expenses (842) (1.0%) (914) (1.0%) (7.9%) (694) (1.0%)
Income (Loss)
before Tax (5,085) (6.3%) 1,913 2.0% - 7,254 10.9%
Net Income (Loss) (5,105) (6.3%) 1,659 1.8% - 6,650 10.0%
Basic EPS
(NT$)(b) (0.67) 0.19 - 1.09
Operating Income
(Loss) + D&A 14,949 18.5% 21,829 23.1% - 18,495 27.9%
Unit Shipments
(MN)(c)
Large Size
Panels 15.9 16.6 (4.1%) 9.4
Small & Medium
Size Panels 22.1 24.5 (9.6%) 15.8
Unaudited, prepared by AUO on a consolidated basis
(a) AUO completed its merger with QDI on October 1, 2006
(b) Basic EPS were calculated based on the total diluted weighted
average outstanding shares of each quarter, 1Q07of 7,574m shares,
4Q06 of 6,467m shares and 1Q06 of 6,094m shares, includi ng
retroactive adjustment of stock dividend and stock bonus (c)
Large size refers to panels that are 10 inches and above
3
|
 |
Consolidated Balance Sheet Highlights
Amount : NT$ Million
1Q'07(a) 4Q'06(a) QoQ % 1Q'06
Cash & ST Investment 23,514 45,774 (48.6%) 25,907
Inventory 44,753 42,444 5.4% 22,693
Short Term Debt(b) 39,805 45,619 (12.7%) 9,815
Long Term Debt 176,755 179,389 (1.5%) 87,761
Equity 226,152 231,078 (2.1%) 162,586
Total Assets 545,441 578,256 (5.7%) 335,106
Inventory Turnover (Days)(c) 49 44 35
Debt to Equity 95.8% 97.4% 60.0%
Net Debt to Equity 86.1% 78.4% 45.2%
Unaudited, prepared by AUO on a consolidated basis
(a) AUO completed its merger with QDI on October 1, 2006
(b) Short term debt refers to all interest bearing debt maturing
within one year
(c) Calculated by dividing the average inventory into the
annualized cost of goods sold during such period, then
multiplying by 365 days
4
|
 |
Consolidated Cash Flow Highlights
Amount : NT$ Million
1Q'07 (a) 4Q'06(a) QoQ
From Operating Activities 14,456 29,449 (14,993)
Net Profit (Loss) (5,105) 1,651 (6,756)
Depreciation & Amortization 19,192 19,002 190
Net Change in Working Capital 65 8,866 (8,801)
From Investing Activities (27,716) (10,117) (17,599)
Capital Expenditure (26,101) (22,956) (3,145)
Cash Proceeds from QDI Acquisition 0 14,473 (14,473)
From Financing Activities (8,428) (2,752) (5,676)
Net Change in Debt (8,449) (2,883) (5,566)
Unaudited, prepared by AUO on a consolidated basis
(a) AUO completed its merger with QDI on October 1, 2006
5
|
 |
Consolidated Revenues by Application
Unaudited, prepared by AUO on a consolidated basis
6
|
 |
Large Panel - ASP by Unit
- Unaudited , prepared by AUO on a consolidated basis
- Large size refers to panels that are 10 inches and above
- Blended ASP in US$ were translated from NT$ based on average
exchange rates announced by Directorate General of Customs, ROC
Ministry of Finance of each respective quarter
7
|
 |
Consolidated Shipments & ASP by Area
- Unaudited , prepared by AUO on a consolidated basis
- ASP per square meter in US$ were translated from NT$ based on
th e noon buying rate of each respective quarter
8
|
 |
Consolidated Small & Medium Panel Shipments & Revenues
- Unaudited , prepared by AUO on a consolidated basis
- Small & Medium size refers to panels that are under 10 inches
9
|
 |
Capacity by Fab
Substrate 3/2007 6/2007 (F)
Fab Size (mm) Capacity (a) Capacity (a)
L3A (G3.5) 610 x 720 40,000 40,000
L3B (G3.5) 610 x 720 20,000 LTPS 20,000 LTPS
L3C (G3.5) 600 x 720 60,000 60,000
L3D (G3.5) 620 x 750 25,000 25,000
L4A (G4.0) 680 x 880 60,000 60,000
L5A (G5.0) 1100 x 1250 50,000 50,000
L5B (G5.0) 1100 x 1300 70,000 70,000
L5C (G5.0) 1100 x 1300 120,000 120,000
L5D (G5.0) 1100 x 1300 70,000 70,000
L6A (G6.0) 1500 x 1850 120,000 120,000
L6B (G6.0) 1500 x 1850 60,000 70,000
L7A (G7.5) 1950 x 2250 20,000 40,000
(a) Capacity based on monthly glass substrate input
10
|
 |
www.auo.com ir@auo.com
12
|
 |
|
AU
OPTRONICS CORP.
|
|
CONSOLIDATED
BALANCE SHEET
|
|
March
31, 2007 and 2006
|
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
|
March
31, 2007
|
March
31, 2006
|
YoY
|
||||||||||||||||||||
| ASSETS |
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||
|
Cash
and Cash Equivalents
|
660
|
21,797
|
4.0
|
24,052
|
7.2
|
(2,255
|
)
|
(9.4
|
)
|
|||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
52
|
1,716
|
0.3
|
1,855
|
0.6
|
(138
|
)
|
(7.5
|
)
|
|||||||||||||
|
Notes
& Accounts Receivables
|
1,402
|
46,266
|
8.5
|
42,928
|
12.8
|
3,338
|
7.8
|
|||||||||||||||
|
Inventories
|
1,356
|
44,753
|
8.2
|
22,693
|
6.8
|
22,061
|
97.2
|
|||||||||||||||
|
Other
Current Financial Assets
|
48
|
1,573
|
0.3
|
449
|
0.1
|
1,124
|
250.3
|
|||||||||||||||
|
Other
Current Assets
|
177
|
5,831
|
1.1
|
4,433
|
1.3
|
1,398
|
31.5
|
|||||||||||||||
|
Total
Current Assets
|
3,694
|
121,936
|
22.4
|
96,410
|
28.8
|
25,527
|
26.5
|
|||||||||||||||
|
Long-term
Investments
|
394
|
13,004
|
2.4
|
5,047
|
1.5
|
7,957
|
157.7
|
|||||||||||||||
|
Fixed
Assets
|
16,309
|
538,371
|
98.7
|
328,299
|
98.0
|
210,072
|
64.0
|
|||||||||||||||
|
Less
Accumulated Depreciation
|
(4,841
|
)
|
(159,792
|
)
|
(29.3
|
)
|
(102,883
|
)
|
(30.7
|
)
|
(56,909
|
)
|
55.3
|
|||||||||
|
Net
Fixed Assets
|
11,469
|
378,579
|
69.4
|
225,416
|
67.3
|
153,163
|
67.9
|
|||||||||||||||
|
Other
Assets
|
967
|
31,921
|
5.9
|
8,233
|
2.5
|
23,688
|
287.7
|
|||||||||||||||
|
Total Assets
|
16,524
|
545,441
|
100.0
|
335,106
|
100.0
|
210,335
|
62.8
|
|||||||||||||||
| LIABILITIES | ||||||||||||||||||||||
| Short-term Borrowings | 42 | 1,400 | 0.3 | 0 | 0.0 | 1,400 | – | |||||||||||||||
| Accounts Payable | 2,146 | 70,845 | 13.0 | 49,117 | 14.7 | 21,728 | 44.2 | |||||||||||||||
| Current Installments of Long-term Liabilities | 1,163 | 38,406 | 7.0 | 9,815 | 2.9 | 28,591 | 291.3 | |||||||||||||||
| Current Financial Liabilities | 1 | 43 | 0.0 | 72 | 0.0 | (29 | ) | (40.2 | ) | |||||||||||||
| Other Current Liabilities | 955 | 31,538 | 5.8 | 25,312 | 7.6 | 6,226 | 24.6 | |||||||||||||||
| Total Current Liabilities | 4,309 | 142,232 | 26.1 | 84,316 | 25.2 | 57,915 | 68.7 | |||||||||||||||
| Long-term Borrowings | 4,522 | 149,263 | 27.4 | 70,761 | 21.1 | 78,502 | 110.9 | |||||||||||||||
| Bonds Payable | 833 | 27,491 | 5.0 | 17,000 | 5.1 | 10,491 | 61.7 | |||||||||||||||
| Other Long-term Liabilities | 9 | 303 | 0.1 | 442 | 0.1 | (139 | ) | (31.4 | ) | |||||||||||||
| Total Liabilities | 9,673 | 319,289 | 58.5 | 172,520 | 51.5 | 146,770 | 85.1 | |||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
| Common Stock | 2,294 | 75,738 | 13.9 | 58,305 | 17.4 | 17,432 | 29.9 | |||||||||||||||
| Capital Surplus | 3,355 | 110,755 | 20.3 | 57,675 | 17.2 | 53,079 | 92.0 | |||||||||||||||
| Retained Earnings | 1,176 | 38,819 | 7.1 | 46,323 | 13.8 | (7,504 | ) | (16.2 | ) | |||||||||||||
| Cumulative Translation Adjustments | 17 | 548 | 0.1 | 43 | 0.0 | 505 | 1165.4 | |||||||||||||||
| Unrealized Gain/Loss on Financial Products | (2 | ) | (57 | ) | 0.0 | (6 | ) | 0.0 | (51 | ) | 882.7 | |||||||||||
| Deferred Compensation Cost | (0 | ) | (3 | ) | 0.0 | 0 | 0.0 | (3 | ) | – | ||||||||||||
| Minority Interest | 11 | 351 | 0.1 | 244 | 0.1 | 107 | 43.8 | |||||||||||||||
| Total Shareholders' Equity | 6,851 | 226,152 | 41.5 | 162,586 | 48.5 | 63,566 | 39.1 | |||||||||||||||
| Total Liabilities & Shareholders' Equity | 16,524 | 545,441 | 100.0 | 335,106 | 100.0 | 210,335 | 62.8 | |||||||||||||||
| 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 33.01 per USD as of March 31,
2007
|
AU
OPTRONICS CORP. CONSOLIDATED INCOME STATEMENT
For
the
Three Months Ended March 31, 2007 and December 31, March 31,
2006
(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
2007
|
%
of
|
1Q
2006
|
YoY
|
1Q
2007
|
%
of
|
4Q
2006
|
QoQ
|
||||||||||||||||||||||||
|
|
|
|
USD
|
|
|
NTD
|
|
|
Sales
|
|
|
NTD
|
|
|
Chg
%
|
|
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||
|
Net
Sales
|
2,445
|
80,720
|
100.0
|
66,252
|
21.8
|
2,445
|
80,720
|
100.0
|
94,646
|
(14.7
|
)
|
||||||||||||||||||||
|
Cost
of Goods Sold
|
2,435
|
80,376
|
99.6
|
55,179
|
45.7
|
2,435
|
80,376
|
99.6
|
87,000
|
(7.6
|
)
|
||||||||||||||||||||
|
Gross
Profit
|
10
|
344
|
0.4
|
11,073
|
(96.9
|
)
|
10
|
344
|
0.4
|
7,646
|
(95.5
|
)
|
|||||||||||||||||||
|
Operating
Expenses
|
|||||||||||||||||||||||||||||||
|
SG&A
|
102
|
3,362
|
4.2
|
1,584
|
112.3
|
102
|
3,362
|
4.2
|
3,651
|
(7.9
|
)
|
||||||||||||||||||||
|
R&D
|
37
|
1,226
|
1.5
|
1,542
|
(20.5
|
)
|
37
|
1,226
|
1.5
|
1,168
|
5.0
|
||||||||||||||||||||
|
|
139
|
4,587
|
5.7
|
3,125
|
46.8
|
139
|
4,587
|
5.7
|
4,819
|
(4.8
|
)
|
||||||||||||||||||||
|
Operating
Income (Loss)
|
(129
|
)
|
(4,243
|
)
|
(5.3
|
)
|
7,948
|
-
|
(129
|
)
|
(4,243
|
)
|
(5.3
|
)
|
2,827
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(26
|
)
|
(842
|
)
|
(1.0
|
)
|
(694
|
)
|
21.4
|
(26
|
)
|
(842
|
)
|
(1.0
|
)
|
(914
|
)
|
(7.9
|
)
|
||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Income
(Loss) before Income Tax
|
(154
|
)
|
(5,085
|
)
|
(6.3
|
)
|
7,254
|
-
|
(154
|
)
|
(5,085
|
)
|
(6.3
|
)
|
1,913
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Income
Tax Expense
|
(1
|
)
|
(20
|
)
|
(0.0
|
)
|
(566
|
)
|
(96.5
|
)
|
(1
|
)
|
(20
|
)
|
(0.0
|
)
|
(263
|
)
|
(92.4
|
)
|
|||||||||||
|
Changes
in Accounting Principles
|
0
|
0
|
0.0
|
(39
|
)
|
-
|
0
|
0
|
0.0
|
0
|
-
|
||||||||||||||||||||
|
Minority
Interest in Net Loss (Income)
|
(0
|
)
|
(1
|
)
|
(0.0
|
)
|
0
|
-
|
(0
|
)
|
(1
|
)
|
(0.0
|
)
|
8
|
-
|
|||||||||||||||
|
Net
Income (Loss)
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
6,650
|
-
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
1,659
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Basic
Earnings Per Share
|
(0.02
|
)
|
(0.67
|
)
|
1.09
|
(0.02
|
)
|
(0.67
|
)
|
0.19
|
|||||||||||||||||||||
|
Basic
Earnings Per ADR(3)
|
(0.20
|
)
|
(6.74
|
)
|
10.91
|
(0.20
|
)
|
(6.74
|
)
|
1.86
|
|||||||||||||||||||||
|
Weighted
Average Number
|
7,574
|
6,094
|
7,574
|
6,467
|
|||||||||||||||||||||||||||
|
of
Shares Outstanding (Million)
|
|||||||||||||||||||||||||||||||
| 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 NT$33.01 per USD as of March 31, 2007
(3)
1 ADR equals 10 common
shares
|
AU
OPTRONICS CORP.
CONSOLIDATED
STATEMENT OF CASH FLOWS
For
the
Three Months Ended March 31, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
1Q
2007
|
1Q
2006
|
|||||||||
|
USD
|
NTD
|
NTD
|
||||||||
| Cash Flows from Operating Activities: | ||||||||||
| Net Income (Loss) | (155 | ) | (5,105 | ) | 6,650 | |||||
| Depreciation & Amortization | 581 | 19,192 | 10,547 | |||||||
| Provision for Inventory Devaluation | 43 | 1,435 | (374 | ) | ||||||
| Investment Loss under Equity Method | 3 | 98 | 317 | |||||||
| Disposal Gain on Long-term Investments | (0 | ) | (1 | ) | (37 | ) | ||||
| Changes in Working Capital & Others | (35 | ) | (1,164 | ) | (3,997 | ) | ||||
|
Net
Cash Provided by Operating Activities
|
438 | 14,456 | 13,106 | |||||||
| Cash Flows from Investing Activities: | ||||||||||
| Increase in Short-term Investments | (4 | ) | (126 | ) | 0 | |||||
| Acquisition of Property, Plant and Equipment | (791 | ) | (26,101 | ) | (18,669 | ) | ||||
| Proceeds from Disposal of Property, Plant and Equipment | 0 | 0 | 14 | |||||||
| Increase in Long-term Investments | (17 | ) | (566 | ) | 0 | |||||
| Proceeds from Disposal of Long-term Investments | 0 | 5 | 102 | |||||||
| Increase in Deferred Assets and Intangible Assets | (30 | ) | (981 | ) | (900 | ) | ||||
| Decrease in Other Assets | 2 | 52 | 34 | |||||||
|
Net
Cash Used in Investing Activities
|
(840 | ) | (27,716 | ) | (19,420 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||||
| Decrease in Short-term Borrowings | (71 | ) | (2,330 | ) | 0 | |||||
| Decrease in Guarantee Deposits | (0 | ) | (2 | ) | 0 | |||||
| Increase (Decrease) in Long-term Borrowings | (185 | ) | (6,119 | ) | 3,897 | |||||
| Employee Stock Options Exercised | 0 | 15 | 0 | |||||||
| Change in Minority Interest | 0 | 9 | 19 | |||||||
|
Net
Cash Provided by Financing Activities
|
(255 | ) | (8,428 | ) | 3,916 | |||||
| Effect of Exchange Rate Change on Cash | (13 | ) | (440 | ) | 186 | |||||
| Net Decrease in Cash and Cash Equivalents | (670 | ) | (22,128 | ) | (2,211 | ) | ||||
| Cash and Cash Equivalents at Beginning of Period | 1,331 | 43,926 | 26,263 | |||||||
| Cash and Cash Equivalents at End of Period | 660 | 21,797 | 24,052 | |||||||
| 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 33.01 per USD as of March 31,
2007
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
BALANCE SHEET
March
31,
2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
March
31, 2007
|
March
31, 2006
|
YoY
|
||||||||||||||||||||
| ASSETS |
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||
| Cash and Cash Equivalents | 590 | 19,462 | 3.7 | 22,098 | 6.8 | ( 2,636 | ) | (11.9 | ) | |||||||||||||
| Available-for-Sale Financial Assets - Current | 52 | 1,716 | 0.3 | 1,855 | 0.6 | ( 138 | ) | (7.5 | ) | |||||||||||||
| Notes & Accounts Receivables | 1,406 | 46,425 | 8.9 | 43,011 | 13.3 | 3,414 | 7.9 | |||||||||||||||
| Inventories | 1,229 | 40,558 | 7.8 | 20,442 | 6.3 | 20,116 | 98.4 | |||||||||||||||
| Other Current Financial Assets | 45 | 1,492 | 0.3 | 425 | 0.1 | 1,066 | 250.7 | |||||||||||||||
| Other Current Assets | 171 | 5,631 | 1.1 | 4,402 | 1.4 | 1,229 | 27.9 | |||||||||||||||
| Total Current Assets | 3,492 | 115,284 | 22.1 | 92,233 | 28.4 | 23,051 | 25.0 | |||||||||||||||
| Long-term Investments | 751 | 24,775 | 4.8 | 11,815 | 3.6 | 12,959 | 109.7 | |||||||||||||||
| Fixed Assets | 15,148 | 500,026 | 96.0 | 310,223 | 95.7 | 189,803 | 61.2 | |||||||||||||||
| Less Accumulated Depreciation | ( 4,543 | ) | ( 149,950 | ) | (28.8 | ) | (97,830 | ) | (30.2 | ) | ( 52,121 | ) | 53.3 | |||||||||
| Net Fixed Assets | 10,605 | 350,075 | 67.2 | 212,393 | 65.5 | 137,682 | 64.8 | |||||||||||||||
| Other Assets | 931 | 30,723 | 5.9 | 7,876 | 2.4 | 22,847 | 290.1 | |||||||||||||||
| Total Assets | 15,779 | 520,856 | 100.0 | 324,317 | 100.0 | 196,539 | 60.6 | |||||||||||||||
| LIABILITIES | ||||||||||||||||||||||
| Accounts Payable | 2,004 | 66,141 | 12.7 | 46,219 | 14.3 | 19,922 | 43.1 | |||||||||||||||
| Current Installments of Long-term | 1,037 | 34,218 | 6.6 | 8,177 | 2.5 | 26,041 | 318.5 | |||||||||||||||
| Current Financial Liabilities | 1 | 43 | 0.0 | 72 | 0.0 | ( 29 | ) | (39.9 | ) | |||||||||||||
| Other Current Liabilities | 856 | 28,270 | 5.4 | 24,183 | 7.5 | 4,087 | 16.9 | |||||||||||||||
| Total Current Liabilities | 3,898 | 128,672 | 24.7 | 78,651 | 24.3 | 50,021 | 63.6 | |||||||||||||||
| Long-term Borrowings | 4,199 | 138,598 | 26.6 | 65,888 | 20.3 | 72,710 | 110.4 | |||||||||||||||
| Bonds Payable | 833 | 27,491 | 5.3 | 17,000 | 5.2 | 10,491 | 61.7 | |||||||||||||||
| Other Long-term Liabilities | 9 | 295 | 0.1 | 437 | 0.1 | (142 | ) | (32.4 | ) | |||||||||||||
| Total Liabilities | 8,938 | 295,056 | 56.6 | 161,975 | 49.9 | 133,080 | 82.2 | |||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||
| Common Stock | 2,294 | 75,738 | 14.5 | 58,305 | 18.0 | 17,432 | 29.9 | |||||||||||||||
| Capital Surplus | 3,353 | 110,688 | 21.3 | 57,675 | 17.8 | 53,012 | 91.9 | |||||||||||||||
| Retained Earnings | 1,178 | 38,886 | 7.5 | 46,323 | 14.3 | (7,437 | ) | (16.1 | ) | |||||||||||||
| Cumulative Translation Adjustments | 17 | 548 | 0.1 | 43 | 0.0 | 505 | 1165.4 | |||||||||||||||
| Unrealized Gain/Loss on Financial Products | (2 | ) | (57 | ) | 0.0 | (6 | ) | 0.0 | (51 | ) | 882.7 | |||||||||||
| Deferred Compensation Cost | (0 | ) | (3 | ) | 0.0 | 0 | 0.0 | (3 | ) | – | ||||||||||||
| Total Shareholders' Equity | 6,840 | 225,800 | 43.4 | 162,342 | 50.1 | 63,458 | 39.1 | |||||||||||||||
| Total Liabilities & Shareholders' Equity | 15,779 | 520,856 | 100.0 | 324,317 | 100.0 | 196,539 | 60.6 | |||||||||||||||
| 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 33.01 per USD as of March 31,
2007
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
INCOME STATEMENT
For
the
Three Months Ended March 31, 2007 and December 31, March 31,
2006
(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
2007
|
%
of
|
1Q
2006
|
YoY
|
1Q
2007
|
%
of
|
4Q
2006
|
QoQ
|
||||||||||||||||||||||||
|
|
|
|
USD
|
|
|
NTD
|
|
|
Sales
|
|
|
NTD
|
|
|
Chg
%
|
|
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||
|
Net
Sales
|
2,445
|
80,694
|
100.0
|
66,241
|
21.8
|
2,445
|
80,694
|
100.0
|
94,601
|
(14.7
|
)
|
||||||||||||||||||||
|
Cost
of Goods Sold
|
2,457
|
81,091
|
100.5
|
55,439
|
46.3
|
2,457
|
81,091
|
100.5
|
87,701
|
(7.5
|
)
|
||||||||||||||||||||
|
Gross
Profit (Loss)
|
(12
|
)
|
(397
|
)
|
(0.5
|
)
|
10,802
|
-
|
(12
|
)
|
(397
|
)
|
(0.5
|
)
|
6,900
|
-
|
|||||||||||||||
|
Operating
Expenses
|
|||||||||||||||||||||||||||||||
|
SG&A
|
82
|
2,704
|
3.4
|
1,319
|
105.1
|
82
|
2,704
|
3.4
|
3,182
|
(15.0
|
)
|
||||||||||||||||||||
|
R&D
|
37
|
1,210
|
1.5
|
1,531
|
(21.0
|
)
|
37
|
1,210
|
1.5
|
1,160
|
4.4
|
||||||||||||||||||||
|
|
119
|
3,914
|
4.9
|
2,850
|
37.4
|
119
|
3,914
|
4.9
|
4,342
|
(9.9
|
)
|
||||||||||||||||||||
|
Operating
Income (Loss)
|
(131
|
)
|
(4,311
|
)
|
(5.3
|
)
|
7,952
|
-
|
(131
|
)
|
(4,311
|
)
|
(5.3
|
)
|
2,558
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Net
Non-Operating Expense
|
(24
|
)
|
(794
|
)
|
(1.0
|
)
|
(709
|
)
|
12.0
|
(24
|
)
|
(794
|
)
|
(1.0
|
)
|
(667
|
)
|
19.0
|
|||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Income
(Loss) before Income Tax
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
7,243
|
-
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
1,891
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Income
Tax Expense
|
0
|
0
|
0.0
|
(554
|
)
|
-
|
0
|
0
|
0.0
|
(232
|
)
|
-
|
|||||||||||||||||||
|
Changes
in Accounting Principles
|
0
|
0
|
0.0
|
(39
|
)
|
-
|
0
|
0
|
0.0
|
0
|
-
|
||||||||||||||||||||
|
Net
Income (Loss)
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
6,650
|
-
|
(155
|
)
|
(5,105
|
)
|
(6.3
|
)
|
1,659
|
-
|
|||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Basic
Earnings Per Share
|
(0.02
|
)
|
(0.67
|
)
|
1.09
|
(0.02
|
)
|
(0.67
|
)
|
0.19
|
|||||||||||||||||||||
|
Basic
Earnings Per ADR(3)
|
(0.20
|
)
|
(6.74
|
)
|
10.91
|
(0.20
|
)
|
(6.74
|
)
|
1.86
|
|||||||||||||||||||||
|
Weighted
Average Number
|
|||||||||||||||||||||||||||||||
|
of
Shares Outstanding (Million)
|
7,574
|
6,094
|
7,574
|
6,467
|
|||||||||||||||||||||||||||
| 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 NT$33.01 per USD as of March 31, 2007
(3)
1 ADR equals 10 common
shares
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
STATEMENT OF CASH FLOWS
For
the
Years Ended March 31, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
1Q
2007
|
1Q
2006
|
|||||||||
|
USD
|
NTD
|
NTD
|
||||||||
| Cash Flows from Operating Activities: | ||||||||||
| Net Income (Loss) | (155 | ) | (5,105 | ) | 6,650 | |||||
| Depreciation & Amortization | 545 | 18,006 | 9,904 | |||||||
| Provision for Inventory Devaluation | 37 | 1,215 | 267 | |||||||
| Investment Loss under Equity Method | 6 | 197 | 355 | |||||||
| Changes in Working Capital & Others | (23 | ) | (745 | ) | (4,638 | ) | ||||
| Net Cash Provided by Operating Activities | 411 | 13,567 | 12,539 | |||||||
| Cash Flows from Investing Activities: | ||||||||||
| Acquisition of Property, Plant and Equipment | (748 | ) | (24,677 | ) | (17,858 | ) | ||||
| Proceeds from Disposal of Property, Plant and Equipment | 0 | 0 | 14 | |||||||
| Increase in Long-term Investments | (31 | ) | (1,021 | ) | (162 | ) | ||||
| Increase in Deferred Assets and Intangible Assets | (30 | ) | (989 | ) | (908 | ) | ||||
| Decrease in Other Assets | 1 | 49 | 34 | |||||||
| Net Cash Used in Investing Activities | (807 | ) | (26,638 | ) | (18,880 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||||
| Decrease in Guarantee Deposits | (0 | ) | (2 | ) | (0 | ) | ||||
| Increase (Decrease) in Long-term Borrowings | (261 | ) | (8,621 | ) | 3,650 | |||||
| Employee Stock Options Exercised | 0 | 15 | 0 | |||||||
| Net Cash Provided by Financing Activities | (261 | ) | (8,609 | ) | 3,650 | |||||
| Effect of Exchange Rate Change on Cash | 3 | 100 | 122 | |||||||
| Net Decrease in Cash and Cash Equivalents | (654 | ) | (21,580 | ) | (2,570 | ) | ||||
| Cash and Cash Equivalents at Beginning of Period | 1,243 | 41,042 | 24,667 | |||||||
| Cash and Cash Equivalents at End of Period | 590 | 19,462 | 22,098 | |||||||
| 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 33.01 per USD as of March 31,
2007
|