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
22, 2007
|
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...
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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 3Q2007 Results”, dated October
22, 2007.
|
|
2.
|
Investor
Conference Materials entitled, “AU Optronics Corp. Third Quarter 2007
Results”, dated October 22, 2007.
|
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
22, 2007
|
By:
|
/s/
Max Cheng
|
|||
|
Name:
|
Max
Cheng
|
|||||
|
Title:
|
Chief
Financial Officer
|
|||||
Item
1
News
Release
AU
Optronics Reports 3Q2007 Results
Issued
by: AU Optronics Corp.
Issued
on: October 22, 2007
Hsinchu,
Taiwan, October 22, 2007 –
Third
Quarter 2007 Unaudited
Consolidated Financial Highlights
|
Ÿ
|
Revenues
up
30.1% QoQ to NT$137.96 billion
|
|
Ÿ
|
Net
income
after tax of NT$22.57 billion
|
|
Ÿ
|
Earnings
per
share of NT$2.89 (US$0.88 per ADR)
|
|
Ÿ
|
Gross
margin:
23%
|
|
Ÿ
|
Operating
margin: 18.7%
|
AU
Optronics Corp. ("AUO" or the
"Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for
3Q2007. All financial information was unaudited and
was prepared by the
Company in accordance with generally accepted accounting principles in
Taiwan
(“ROC GAAP”).
For the third quarter ended September
30, 2007, AUO's consolidated revenue totaled NT$137.96 billion
(US$4.2
billion*), consolidated
net
income NT$22,571 million
(US$691
million), attributable to equity
holders of the
parent company NT$22,530 million (US$690 million) and basic EPS NT$2.89
per common share (US$0.88
per ADR unit). For the first nine
months of 2007, AUO's consolidated revenues totaled
NT$324
billion (US$9.9
billion), consolidated net
income after tax NT$23,384
million (US$0.7
billion), attributable to equity
holders of the
parent company NT$23,412 million (US$0.7 billion) and
basic
EPS NT$3 per common
share (US$0.9 per ADR.)
In
terms of 3Q2007 panel shipments, large-sized panel increased by 14.3% to
22.26
million from 2Q2007, while shipments of small- and medium-sized panel amounted
to 40.70 million with a 26.3% QoQ increase, both once again set record high
for
the company’s single-quarter unit shipment.
Mr.
Max Cheng, Vice President and Chief Financial Officer of AUO, stated, “We are
extremely pleased with the record high operating results that we have reached
today. The 3Q2007 consolidated after-tax net income of NT$22.5 billion was
1.5
times more than the previous record high of NT$14.3 billion in 2Q2004. In
addition to the strong demand from end-user markets, and stable even gradually
increased panel ASP, the contributions of post-QDI merger synergy with the
result of the whole is greater than the sum of the parts boosted the 3Q2007
gross margin to 23% from 11.4% sequentially, while the operating margin lifted
to 18.7% from the earlier quarter of 6.5%. Through over one year of several
post-M&A integration initiatives, such as R&D platform resource
integration, better supply chain management practice, optimization of
complementary production line strategy in different generation fabrications,
and
implement of more
competitive
product
mix, AUO successfully reduced the 3Q2007 inventory turnover to 38 days from
43
days sequentially, and further demonstrated its outstanding execution to
accomplished the extremely difficult QDI merger case as well as its
effective
integration initiatives to maximize business performance.
*Amounts
converted by an exchange rate
of NTD32.67:USD1
as of September 30,
2007.
# # #
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 20.2%*
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”-65”) TFT-LCD panels, which enables it to offer a broad and
diversified product portfolio.
*
DisplaySearch
2Q2007 WW Large-Area TFT-LCD Shipment Report dated Aug 7, 2007. 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
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 July 2nd,
2007.
For
more
information, please contact:
|
Rose
Lee
|
Yawen
Hsiao
|
|
|
Corporate
Communications Dept
|
Corporate
Communications Dept.
|
|
|
AU
Optronics
Corp
|
AU
Optronics
Corp.
|
|
|
Tel: +886-3-5008899
ext 3204
|
+886-3-5008899
ext 3211
|
|
|
Fax:
+886-3-5772730
|
+886-3-5772730
|
|
|
Email:
rose.lee@auo.com
|
yawen.hsiao@auo.com
|
Item
2
AU Optronics Corp.
Third Quarter 2007 Results Investor Conference
October 22, 2007
|
 |
[AUO Logo]
Safe Harbor Notice
The statements included in this presentation that are not historical in nature are "forward-looking
statements" within the meaning of Section 27A of the United States Securities Act of 1933 and Section
21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may
include statements regarding AU Optronics' future results of operations, financial condition or business
prospects, are subject to significant risks and uncertainties and are based on AU Optronics' current
expectations.
Actual results may differ materially from those expressed or implied in these forward-looking statements
for a variety of reasons, including, among other things: the cyclical nature of our industry; our
dependence on introducing new products on a timely basis; our dependence on growth in the demand for our
products; our ability to compete effectively; our ability to successfully expand our capacity; our
dependence on key personnel; general economic and political conditions, including those related to the
TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced
disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency
exchange rates.
In addition, any financial information contained herewithin is presented in conformity with accounting
principles generally accepted in the Republic of China ("ROC GAAP"). Readers should be cautioned that
these accounting principles differ in many material respects from accounting principles generally
accepted in the United States of America ("US GAAP").
Our release of financial forecasts and forward-looking statements at any particular time does not
create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any
obligation to publicly update or revise any forecasts or forward-looking statements, whether as a
result of new information, future events or otherwise.
Additional information as to these and other factors that may cause actual results to differ materially
from AU Optronics' forward-looking statements or some of the major differences between ROC GAAP and US
GAAP can be found in AU Optronics' Annual Report on Form 20-F with respect to the year ended December,
2006 filed with the United States Securities and Exchange Commission.
2
|
 |
[AUO Logo]
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
3Q'07(a) 2Q'07(a) QoQ % 3Q'06
-------- -------- ----- -----
Net Sales 137,960 100.0% 106,009 100.0% 30.1% 71,313 100.0%
Cost of Goods Sold (106,168) (77.0%) (93,890) (88.6%) 13.1% (65,375) (91.7%)
-------- ----- ------- ----- ---- ------- -----
Gross Profit 31,792 23.0% 12,119 11.4% 162.3% 5,938 8.3%
Operating Expenses (5,982) (4.3%) (5,193) (4.9%) 15.2% (3,862) (5.4%)
------ ---- ------ ---- ---- ------ ----
Operating Income 25,811 18.7% 6,926 6.5% 272.6% 2,075 2.9%
Net Non-operating Expenses (1,666) (1.2%) (851) (0.8%) 95.9% (1,364) (1.9%)
------ ---- ---- ---- ---- ------ ----
Income before Tax 24,144 17.5% 6,076 5.7% 297.4% 711 1.0%
------ ---- ----- --- ----- --- ---
Net Income 22,571 16.4% 5,917 5.6% 281.5% 612 0.9%
------ ---- ----- --- ----- --- ---
Attributable to:
Equity holders of the parent
company 22,530 16.3% 5,987 5.6% 276.3% 613 0.9%
Minority interest 41 0.0% (70) (0.1%) - (0) (0.0%)
-- --- --- ---- - -- ----
Net Income 22,571 16.4% 5,917 5.6% 281.5% 612 0.9%
====== ==== ===== === ===== === ===
Basic EPS (NT$)(b) 2.89 0.79 265.2% 0.10
Operating Income + D&A 46,952 34.0% 27,758 26.2% 69.1% 13,871 19.5%
Unit Shipments (mn)(c)
Large Size Panels 22.3 19.5 14.3% 12.6
Small & Medium Size Panels 40.7 32.2 26.3% 20.8
- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO's consolidated financial statement incorporated Toppan CFI (Taiwan) Co, Ltd (CFI)
with the consolidated entity; AUO completed its merger with QDI on October 1, 2006
(b) Basic EPS were calculated based on the total diluted weighted average outstanding shares of each
quarter, 3Q07of 7,795m shares, 2Q07 of 7,576m shares and 3Q06 of 6,094m shares, including retroactive
adjustment of stock dividend and stock bonus
(c) Large size refers to panels that are 10 inches and above
3
|
 |
[AUO Logo]
Consolidated Balance Sheet Highlights
Amount : NT$ Million
3Q'07(a) 2Q'07(a) QoQ % 3Q'06(a)
-------- -------- ----- --------
Cash & ST Investment 41,740 21,814 91.3% 29,292
Inventory 42,720 44,681 (4.4%) 28,168
Short Term Debt(b) 42,501 39,346 8.0% 14,928
Long Term Debt 154,021 166,571 (7.5%) 116,223
Equity 263,586 240,438 9.6% 161,460
Total Assets 588,968 557,468 5.7% 379,646
Inventory Turnover (Days)(c) 38 43 38
Debt to Equity 74.6% 85.6% 81.2%
Net Debt to Equity 59.4% 77.3% 64.2%
- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO's consolidated financial statement incorporated CFI with the consolidated entity;
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
|
 |
[AUO Logo]
Consolidated Cash Flow Highlights
Amount : NT$ Million
3Q'07(a) 2Q'07(a) QoQ %
-------- -------- -----
From Operating Activities 43,384 23,363 20,022
Net Profit 22,571 5,917 16,654
Depreciation & Amortization 21,141 20,831 309
Net Change in Working Capital (742) (3,495) 2,753
----------------------------- ---- ------ -----
From Investing Activities (12,496) (17,697) 5,201
Capital Expenditure (11,490) (17,350) 5,860
----------------------------- ------- ------- -----
From Financing Activities (10,687) (9,159) (1,529)
Net Change in Debt (8,919) (9,590) 670
- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO's consolidated financial statement incorporated CFI with the consolidated entity
5
|
 |
[AUO Logo]
Consolidated Revenues by Application
3Q06 4Q06 1Q07 2Q07 3Q07
---- ---- ---- ---- ----
TV 36% 37% 35% 39% 42%
Monitor 35% 32% 31% 30% 28%
Notebook 14% 20% 21% 19% 18%
General Display &
Others 4% 3% 3% 3% 4%
AV/MD 11% 8% 10% 9% 8%
- Unaudited, prepared by AUO on a consolidated basis
6
|
 |
[AUO Logo]
Large Panel - ASP by Unit
(US$) 3Q06 4Q06 1Q07 2Q07 3Q07
----- ---- ---- ---- ---- ----
PC-ASP/unit $112 $117 $105 $110 $122
TV-ASP/unit $324 $324 $305 $301 $334
Large Panel-ASP/unit $153 $158 $141 $151 $173
- Unaudited, prepared by AUO on a consolidated basis
- Large size refers to panels that are 10 inches and above
- Blended ASP in US$ 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 Logo]
Consolidated Shipments & ASP by Area
3Q06 4Q06 1Q07 2Q07 3Q07
---- ---- ---- ---- ----
Shipments in square
meter (K) 1,497 1,965 1,858 2,425 3,050
ASP per square meter $1,430 $1,468 $1,310 $1,325 $1,378
- Unaudited, prepared by AUO on a consolidated basis
- ASP per square meter in US$ was translated from NT$ based on the noon buying rate of each respective
quarter
8
|
 |
[AUO Logo]
Consolidated Small & Medium Panel Shipments & Revenues
3Q06 4Q06 1Q07 2Q07 3Q07
---- ---- ---- ---- ----
Shipments (mn) 20.8 24.5 22.1 32.2 40.7
Revenues (NT$bn) $7.7 $7.6 $6.5 $8.3 $11.2
- Unaudited, prepared by AUO on a consolidated basis
- Small & Medium size refers to panels that are under 10 inches
9
|
 |
[AUO Logo]
Capacity by Fab
Substrate 9/2007 12/2007 (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 80,000 90,000
L7A (G7.5) 1950 x 2250 60,000 60,000
(a) Capacity based on monthly glass substrate input
10
|
 |
[AUO Logo]
www.auo.com
ir@auo.com
11
|
 |
AU
OPTRONICS
CORP.
CONSOLIDATED
BALANCE SHEET
September
30, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
September
30,
2007
|
September
30,
2006
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash
and Cash
Equivalents
|
1,225
|
40,037
|
6.8
|
27,562
|
7.3
|
12,475
|
45.3
|
|||||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
52
|
1,703
|
0.3
|
1,731
|
0.5
|
(28 | ) | (1.6 | ) | |||||||||||||||||||
|
Notes
&
Accounts Receivables
|
2,445
|
79,892
|
13.6
|
44,645
|
11.8
|
35,247
|
79.0
|
|||||||||||||||||||||
|
Other
Current
Financial Assets
|
114
|
3,736
|
0.6
|
405
|
0.1
|
3,331
|
822.7
|
|||||||||||||||||||||
|
Inventories
|
1,308
|
42,720
|
7.3
|
28,168
|
7.4
|
14,552
|
51.7
|
|||||||||||||||||||||
|
Other
Current
Assets
|
261
|
8,541
|
1.5
|
5,754
|
1.5
|
2,787
|
48.4
|
|||||||||||||||||||||
|
Total
Current
Assets
|
5,406
|
176,629
|
30.0
|
108,265
|
28.5
|
68,364
|
63.1
|
|||||||||||||||||||||
|
Long-term
Investments
|
185
|
6,055
|
1.0
|
10,485
|
2.8
|
(4,430 | ) | (42.2 | ) | |||||||||||||||||||
|
Fixed
Assets
|
17,907
|
585,029
|
99.3
|
378,241
|
99.6
|
206,789
|
54.7
|
|||||||||||||||||||||
|
Less
Accumulated Depreciation
|
(6,431 | ) | (210,105 | ) | (35.7 | ) | (125,170 | ) | (33.0 | ) | (84,934 | ) |
67.9
|
|||||||||||||||
|
Net
Fixed Assets
|
11,476
|
374,925
|
63.7
|
253,070
|
66.7
|
121,854
|
48.2
|
|||||||||||||||||||||
|
Other
Assets
|
960
|
31,359
|
5.3
|
7,826
|
2.1
|
23,533
|
300.7
|
|||||||||||||||||||||
|
Total Assets
|
18,028
|
588,968
|
100.0
|
379,646
|
100.0
|
209,322
|
55.1
|
|||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term
Borrowings
|
12
|
391
|
0.1
|
0
|
0.0
|
391
|
－
|
|||||||||||||||||||||
|
Accounts
Payable
|
2,837
|
92,678
|
15.7
|
57,801
|
15.2
|
34,877
|
60.3
|
|||||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,289
|
42,110
|
7.1
|
14,928
|
3.9
|
27,181
|
182.1
|
|||||||||||||||||||||
|
Current
Financial Liabilities
|
3
|
87
|
0.0
|
261
|
0.1
|
(174 | ) | (66.8 | ) | |||||||||||||||||||
|
Other
Current
Liabilities
|
1,101
|
35,970
|
6.1
|
28,495
|
7.5
|
7,476
|
26.2
|
|||||||||||||||||||||
|
Total
Current Liabilities
|
5,241
|
171,235
|
29.1
|
101,485
|
26.7
|
69,750
|
68.7
|
|||||||||||||||||||||
|
Long-term
Borrowings
|
4,022
|
131,392
|
22.3
|
100,223
|
26.4
|
31,169
|
31.1
|
|||||||||||||||||||||
|
Bonds
Payable
|
693
|
22,629
|
3.8
|
16,000
|
4.2
|
6,629
|
41.4
|
|||||||||||||||||||||
|
Other
Long-term Liabilities
|
4
|
126
|
0.0
|
479
|
0.1
|
(353 | ) | (73.7 | ) | |||||||||||||||||||
|
Total
Liabilities
|
9,960
|
325,382
|
55.2
|
218,187
|
57.5
|
107,195
|
49.1
|
|||||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,389
|
78,057
|
13.3
|
60,941
|
16.1
|
17,117
|
28.1
|
|||||||||||||||||||||
|
Capital
collected in advance
|
17
|
560
|
0.1
|
0
|
0.0
|
560
|
－
|
|||||||||||||||||||||
|
Capital
Surplus
|
3,415
|
111,584
|
18.9
|
57,635
|
15.2
|
53,949
|
93.6
|
|||||||||||||||||||||
|
Retained
Earnings
|
1,942
|
63,457
|
10.8
|
42,333
|
11.2
|
21,125
|
49.9
|
|||||||||||||||||||||
|
Cumulative
Translation Adjustments
|
22
|
725
|
0.1
|
324
|
0.1
|
400
|
123.5
|
|||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
8
|
271
|
0.0
|
(124 | ) |
0.0
|
395
|
－
|
||||||||||||||||||||
|
Deferred
Compensation Cost
|
(0 | ) | (1 | ) |
0.0
|
0
|
0.0
|
(1 | ) |
－
|
||||||||||||||||||
|
Minority
Interest
|
273
|
8,933
|
1.5
|
351
|
0.1
|
8,581
|
2441.7
|
|||||||||||||||||||||
|
Total
Shareholders' Equity
|
8,068
|
263,586
|
44.8
|
161,460
|
42.5
|
102,127
|
63.3
|
|||||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
18,028
|
588,968
|
100.0
|
379,646
|
100.0
|
209,322
|
55.1
|
|||||||||||||||||||||
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 32.67 per USD as of September 30, 2007
AU
OPTRONICS
CORP.
CONSOLIDATED
INCOME STATEMENT
For
the
Three Months Ended September 30, 2007 and 2006 and June 30,
2007
(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
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2007
|
%
of
|
3Q
2006
|
YoY
|
3Q
2007
|
%
of
|
2Q
2007
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
4,223
|
137,960
|
100.0
|
71,313
|
93.5
|
4,223
|
137,960
|
100.0
|
106,009
|
30.1
|
||||||||||||||||||||||||||||||
|
Cost
of Goods
Sold
|
3,250
|
106,168
|
77.0
|
65,375
|
62.4
|
3,250
|
106,168
|
77.0
|
93,890
|
13.1
|
||||||||||||||||||||||||||||||
|
Gross
Profit
|
973
|
31,792
|
23.0
|
5,938
|
435.4
|
973
|
31,792
|
23.0
|
12,119
|
162.3
|
||||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
145
|
4,736
|
3.4
|
2,745
|
72.5
|
145
|
4,736
|
3.4
|
3,943
|
20.1
|
||||||||||||||||||||||||||||||
|
R&D
|
38
|
1,246
|
0.9
|
1,117
|
11.6
|
38
|
1,246
|
0.9
|
1,249
|
(0.3 | ) | |||||||||||||||||||||||||||||
|
183
|
5,982
|
4.3
|
3,862
|
54.9
|
183
|
5,982
|
4.3
|
5,193
|
15.2
|
|||||||||||||||||||||||||||||||
|
Operating
Income
|
790
|
25,811
|
18.7
|
2,075
|
1,143.7
|
790
|
25,811
|
18.7
|
6,926
|
272.6
|
||||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(51 | ) | (1,666 | ) | (1.2 | ) | (1,364 | ) |
22.2
|
(51 | ) | (1,666 | ) | (1.2 | ) | (851 | ) |
95.9
|
||||||||||||||||||||||
|
Income
before
Income Tax
|
739
|
24,144
|
17.5
|
711
|
3,294.1
|
739
|
24,144
|
17.5
|
6,076
|
297.4
|
||||||||||||||||||||||||||||||
|
Income
Tax
Expense
|
(48 | ) | (1,573 | ) | (1.1 | ) | (99 | ) |
1,488.6
|
(48 | ) | (1,573 | ) | (1.1 | ) | (159 | ) |
891.8
|
||||||||||||||||||||||
|
Net
Income
|
691
|
22,571
|
16.4
|
612
|
3,586.0
|
691
|
22,571
|
16.4
|
5,917
|
281.5
|
||||||||||||||||||||||||||||||
|
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity
holders
of the parent company
|
690
|
22,530
|
16.3
|
613
|
3,576.5
|
690
|
22,530
|
16.3
|
5,987
|
276.3
|
||||||||||||||||||||||||||||||
|
Minority
interest
|
1
|
41
|
0.0
|
(0 | ) |
－
|
1
|
41
|
0.0
|
(70 | ) |
－
|
||||||||||||||||||||||||||||
|
Net
Income
|
691
|
22,571
|
16.4
|
612
|
3,586.0
|
691
|
22,571
|
16.4
|
5,917
|
281.5
|
||||||||||||||||||||||||||||||
|
Basic
Earnings
Per Share
|
0.09
|
2.89
|
0.10
|
0.09
|
2.89
|
0.79
|
||||||||||||||||||||||||||||||||||
|
Basic
Earnings
Per ADR(3)
|
0.88
|
28.87
|
1.01
|
0.88
|
28.87
|
7.90
|
||||||||||||||||||||||||||||||||||
|
Weighted
Average Number
|
7,795
|
6,094
|
7,795
|
7,576
|
||||||||||||||||||||||||||||||||||||
|
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$32.67 per USD as of September 30, 2007
(3) 1 ADR equals 10 common shares
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NT$32.67 per USD as of September 30, 2007
(3) 1 ADR equals 10 common shares
AU
OPTRONICS
CORP.
CONSOLIDATED
STATEMENT OF CASH FLOWS
For
the Nine
Months Ended September 30, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
Nine
Months 2007
|
Nine
Months 2006
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flows from Operating Activities:
|
||||||||||||
|
Net
Income
|
716
|
23,384
|
7,442
|
|||||||||
|
Depreciation
& Amortization
|
1,872
|
61,165
|
33,758
|
|||||||||
|
Provision(Reverse)
for Inventory Devaluation
|
(42 | ) | (1,378 | ) |
760
|
|||||||
|
Investment
Loss(Gain) under Equity Method
|
(2 | ) | (72 | ) |
1,250
|
|||||||
|
Disposal
Gain on Long-term Investments
|
(1 | ) | (25 | ) | (25 | ) | ||||||
|
Changes
in Working Capital & Others
|
(57 | ) | (1,871 | ) | (4,107 | ) | ||||||
|
Net
Cash
Provided by Operating Activities
|
2,486
|
81,203
|
39,078
|
|||||||||
|
Cash
Flows from Investing Activities:
|
||||||||||||
|
Proceeds
from Disposal of Available-for-Sale Financial Assets
|
0
|
5
|
0
|
|||||||||
|
Acquisition
of Property, Plant and Equipment
|
(1,682 | ) | (54,940 | ) | (64,291 | ) | ||||||
|
Proceeds
from Disposal of Property, Plant and Equipment
|
1
|
47
|
9
|
|||||||||
|
Increase
in Long-term Investments
|
(34 | ) | (1,123 | ) | (6,701 | ) | ||||||
|
Proceeds
from Disposal of Long-term Investments
|
1
|
40
|
102
|
|||||||||
|
Increase
in Restricted Cash in Banks
|
0
|
0
|
(13 | ) | ||||||||
|
Increase
in Deferred Assets and Intangible Assets
|
(67 | ) | (2,179 | ) | (2,257 | ) | ||||||
|
Decrease
in Other Assets
|
7
|
241
|
42
|
|||||||||
|
Net
Cash Used in Investing Activities
|
(1,773 | ) | (57,909 | ) | (73,109 | ) | ||||||
|
Cash
Flows from Financing Activities:
|
||||||||||||
|
Decrease
in Short-term Borrowings
|
(102 | ) | (3,338 | ) |
0
|
|||||||
|
Increase
in Guarantee Deposits
|
0
|
2
|
1
|
|||||||||
|
Increase
(Decrease) in Long-term Borrowings and Bonds Payable
|
(723 | ) | (23,620 | ) |
37,302
|
|||||||
|
Directors'
and Supervisors' Remuneration and Employees' Compensation
|
(8 | ) | (276 | ) | (380 | ) | ||||||
|
Cash
Dividends
|
(46 | ) | (1,515 | ) | (1,749 | ) | ||||||
|
Employee
Stock Options Exercised
|
2
|
58
|
0
|
|||||||||
|
Change
in Minority Interest
|
13
|
415
|
129
|
|||||||||
|
Net
Cash Provided (Used) by Financing Activities
|
(865 | ) | (28,274 | ) |
35,303
|
|||||||
|
Cash
Proceeds from CFI Acquisition
|
49
|
1,604
|
0
|
|||||||||
|
Effect
of Exchange Rate Change on Cash
|
(16 | ) | (512 | ) |
27
|
|||||||
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(119 | ) | (3,889 | ) |
1,298
|
|||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
1,345
|
43,926
|
26,263
|
|||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,225
|
40,037
|
27,562
|
|||||||||
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
32.67 per USD as of September 30, 2007
AU
OPTRONICS
CORP.
UNCONSOLIDATED
BALANCE SHEET
September
30, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
September
30,
2007
|
September
30,
2006
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash
and Cash
Equivalents
|
1,047
|
34,197
|
6.2
|
24,173
|
6.6
|
10,024
|
41.5
|
|||||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
52
|
1,703
|
0.3
|
1,719
|
0.5
|
(15 | ) | (0.9 | ) | |||||||||||||||||||
|
Notes
&
Accounts Receivables
|
2,477
|
80,910
|
14.6
|
44,818
|
12.2
|
36,092
|
80.5
|
|||||||||||||||||||||
|
Other
Current
Financial Assets
|
50
|
1,619
|
0.3
|
342
|
0.1
|
1,277
|
373.2
|
|||||||||||||||||||||
|
Inventories
|
1,166
|
38,095
|
6.9
|
25,342
|
6.9
|
12,753
|
50.3
|
|||||||||||||||||||||
|
Other
Current
Assets
|
252
|
8,221
|
1.5
|
5,578
|
1.5
|
2,643
|
47.4
|
|||||||||||||||||||||
|
Total
Current
Assets
|
5,043
|
164,745
|
29.6
|
101,971
|
27.9
|
62,774
|
61.6
|
|||||||||||||||||||||
|
Long-term
Investments
|
892
|
29,157
|
5.2
|
21,344
|
5.8
|
7,814
|
36.6
|
|||||||||||||||||||||
|
Fixed
Assets
|
15,878
|
518,723
|
93.3
|
354,248
|
96.8
|
164,476
|
46.4
|
|||||||||||||||||||||
|
Less
Accumulated Depreciation
|
(5,656 | ) | (184,783 | ) | (33.2 | ) | (118,402 | ) | (32.4 | ) | (66,382 | ) |
56.1
|
|||||||||||||||
|
Net
Fixed
Assets
|
10,222
|
333,940
|
60.1
|
235,846
|
64.4
|
98,094
|
41.6
|
|||||||||||||||||||||
|
Other
Assets
|
856
|
27,960
|
5.0
|
6,805
|
1.9
|
21,155
|
310.9
|
|||||||||||||||||||||
|
Total
Assets
|
17,013
|
555,803
|
100.0
|
365,966
|
100.0
|
189,837
|
51.9
|
|||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts
Payable
|
2,822
|
92,190
|
16.6
|
55,416
|
15.1
|
36,773
|
66.4
|
|||||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,176
|
38,428
|
6.9
|
12,440
|
3.4
|
25,989
|
208.9
|
|||||||||||||||||||||
|
Current
Financial Liabilities
|
3
|
87
|
0.0
|
260
|
0.1
|
(174 | ) | (66.7 | ) | |||||||||||||||||||
|
Other
Current
Liabilities
|
877
|
28,667
|
5.2
|
26,579
|
7.3
|
2,088
|
7.9
|
|||||||||||||||||||||
|
Total
Current
Liabilities
|
4,878
|
159,372
|
28.7
|
94,696
|
25.9
|
64,677
|
68.3
|
|||||||||||||||||||||
|
Long-term
Borrowings
|
3,644
|
119,035
|
21.4
|
93,689
|
25.6
|
25,346
|
27.1
|
|||||||||||||||||||||
|
Bonds
Payable
|
693
|
22,629
|
4.1
|
16,000
|
4.4
|
6,629
|
41.4
|
|||||||||||||||||||||
|
Other
Long-term Liabilities
|
3
|
113
|
0.0
|
473
|
0.1
|
(359 | ) | (76.0 | ) | |||||||||||||||||||
|
Total
Liabilities
|
9,218
|
301,149
|
54.2
|
204,858
|
56.0
|
96,292
|
47.0
|
|||||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,389
|
78,057
|
14.0
|
60,941
|
16.7
|
17,117
|
28.1
|
|||||||||||||||||||||
|
Capital
collected in advance
|
17
|
560
|
0.1
|
0
|
0.0
|
560
|
－
|
|||||||||||||||||||||
|
Capital
Surplus
|
3,413
|
111,517
|
20.1
|
57,635
|
15.7
|
53,882
|
93.5
|
|||||||||||||||||||||
|
Retained
Earnings
|
1,944
|
63,524
|
11.4
|
42,333
|
11.6
|
21,191
|
50.1
|
|||||||||||||||||||||
|
Cumulative
Translation Adjustments
|
22
|
725
|
0.1
|
324
|
0.1
|
400
|
123.5
|
|||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
8
|
271
|
0.0
|
(124 | ) |
0.0
|
395
|
－
|
||||||||||||||||||||
|
Deferred
Compensation Cost
|
(0 | ) | (1 | ) |
0.0
|
0
|
0.0
|
(1 | ) |
－
|
||||||||||||||||||
|
Total
Shareholders' Equity
|
7,795
|
254,653
|
45.8
|
161,108
|
44.0
|
93,545
|
58.1
|
|||||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
17,013
|
555,803
|
100.0
|
365,966
|
100.0
|
189,837
|
51.9
|
|||||||||||||||||||||
Note:
(1) Unaudited, prepared by AUO based on ROC GAAP
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.67 per USD as of September 30, 2007
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.67 per USD as of September 30, 2007
AU
OPTRONICS
CORP.
UNCONSOLIDATED
INCOME STATEMENT
For
the
Three Months Ended September 30, 2007 and 2006 and June 30,
2007
(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
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2007
|
%
of
|
3Q
2006
|
YoY
|
3Q
2007
|
%
of
|
2Q
2007
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
4,219
|
137,850
|
100.0
|
71,306
|
93.3
|
4,219
|
137,850
|
100.0
|
105,929
|
30.1
|
||||||||||||||||||||||||||||||
|
Cost
of Goods
Sold
|
3,304
|
107,933
|
78.3
|
66,326
|
62.7
|
3,304
|
107,933
|
78.3
|
95,430
|
13.1
|
||||||||||||||||||||||||||||||
|
Gross
Profit
|
916
|
29,917
|
21.7
|
4,980
|
500.8
|
916
|
29,917
|
21.7
|
10,499
|
185.0
|
||||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
121
|
3,964
|
2.9
|
2,402
|
65.0
|
121
|
3,964
|
2.9
|
3,276
|
21.0
|
||||||||||||||||||||||||||||||
|
R&D
|
38
|
1,226
|
0.9
|
1,103
|
11.1
|
38
|
1,226
|
0.9
|
1,231
|
(0.4 | ) | |||||||||||||||||||||||||||||
|
159
|
5,190
|
3.8
|
3,505
|
48.1
|
159
|
5,190
|
3.8
|
4,507
|
15.1
|
|||||||||||||||||||||||||||||||
|
Operating
Income
|
757
|
24,727
|
17.9
|
1,475
|
1,576.8
|
757
|
24,727
|
17.9
|
5,992
|
312.7
|
||||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(20 | ) | (658 | ) | (0.5 | ) | (796 | ) | (17.4 | ) | (20 | ) | (658 | ) | (0.5 | ) | (33 | ) |
1,918.6
|
|||||||||||||||||||||
|
Income
before
Income Tax
|
737
|
24,069
|
17.5
|
679
|
3,445.9
|
737
|
24,069
|
17.5
|
5,959
|
303.9
|
||||||||||||||||||||||||||||||
|
Income
Tax
Benefit (Expense)
|
(47 | ) | (1,539 | ) | (1.1 | ) | (66 | ) |
2,232.7
|
(47 | ) | (1,539 | ) | (1.1 | ) |
28
|
－
|
|||||||||||||||||||||||
|
Net
Income
|
690
|
22,530
|
16.3
|
613
|
3,576.5
|
690
|
22,530
|
16.3
|
5,987
|
276.3
|
||||||||||||||||||||||||||||||
|
Basic
Earnings
Per Share
|
0.09
|
2.89
|
0.10
|
0.09
|
2.89
|
0.79
|
||||||||||||||||||||||||||||||||||
|
Basic
Earnings
Per ADR(3)
|
0.88
|
28.87
|
1.01
|
0.88
|
28.87
|
7.90
|
||||||||||||||||||||||||||||||||||
|
Weighted
Average Number
|
||||||||||||||||||||||||||||||||||||||||
|
of
Shares
Outstanding (Million)
|
7,795
|
6,094
|
7,795
|
7,576
|
||||||||||||||||||||||||||||||||||||
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$32.67 per USD as of September 30, 2007
(3) 1 ADR equals 10 common shares
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NT$32.67 per USD as of September 30, 2007
(3) 1 ADR equals 10 common shares
AU
OPTRONICS
CORP.
UNCONSOLIDATED
STATEMENT OF CASH FLOWS
For
the Nine
Months Ended September 30, 2007 and 2006
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
Nine
Months 2007
|
Nine
Months 2006
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flows from Operating Activities:
|
||||||||||||
|
Net
Income
|
717
|
23,412
|
7,445
|
|||||||||
|
Depreciation
& Amortization
|
1,699
|
55,522
|
31,602
|
|||||||||
|
Provision(Reverse)
for Inventory Devaluation
|
(44 | ) | (1,435 | ) |
698
|
|||||||
|
Investment
Loss (Gain) under Equity Method
|
(45 | ) | (1,486 | ) |
678
|
|||||||
|
Changes
in
Working Capital & Others
|
(49 | ) | (1,601 | ) | (3,139 | ) | ||||||
|
Net
Cash
Provided by Operating Activities
|
2,278
|
74,412
|
37,284
|
|||||||||
|
Cash
Flows from Investing Activities:
|
||||||||||||
|
Acquisition
of
Property, Plant and Equipment
|
(1,436 | ) | (46,927 | ) | (58,806 | ) | ||||||
|
Proceeds
from
Disposal of Property, Plant and Equipment
|
1
|
21
|
44
|
|||||||||
|
Increase
in
Long-term Investments
|
(108 | ) | (3,516 | ) | (9,950 | ) | ||||||
|
Increase
in
Restricted Cash in Banks
|
0
|
0
|
(13 | ) | ||||||||
|
Increase
in
Deferred Assets and Intangible Assets
|
(66 | ) | (2,152 | ) | (1,608 | ) | ||||||
|
Decrease
in
Other Assets
|
7
|
226
|
44
|
|||||||||
|
Net
Cash Used
in Investing Activities
|
(1,602 | ) | (52,348 | ) | (70,289 | ) | ||||||
|
Cash
Flows from Financing Activities:
|
||||||||||||
|
Decrease
in
Guarantee Deposits
|
(0 | ) | (2 | ) | (0 | ) | ||||||
|
Increase
(Decrease) in Long-term Borrowings and Bonds Payable
|
(824 | ) | (26,912 | ) |
34,544
|
|||||||
|
Directors'
and
Supervisors' Remuneration
|
(8 | ) | (276 | ) | (380 | ) | ||||||
|
Cash
Dividends
|
(46 | ) | (1,515 | ) | (1,749 | ) | ||||||
|
Employee
Stock
Options Exercised
|
2
|
58
|
0
|
|||||||||
|
Net
Cash
Provided(Used) by Financing Activities
|
(877 | ) | (28,647 | ) |
32,415
|
|||||||
|
Effect
of Exchange Rate Change on Cash
|
(8 | ) | (262 | ) |
96
|
|||||||
|
Net
Decrease in Cash and Cash Equivalents
|
(210 | ) | (6,845 | ) | (494 | ) | ||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
1,256
|
41,042
|
24,667
|
|||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,047
|
34,197
|
24,173
|
|||||||||
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
32.67 per USD as of September 30, 2007