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)
|
Form
20-F X Form
40-F ___
|
Yes
..... No ..X...
|
1.
|
Press
release entitled, ” AUO Reports 2Q2009 Results”, dated July 23,
2009.
|
2.
|
Investor Conference Materials entitled, “AU Optronics Corp. Second Quarter 2009 Results”, dated July 23, 2009. |
AU
Optronics Corp.
|
||||
Date: July 23
2009
|
By:
|
/s/
Andy Yang
|
||
Name:
|
Andy
Yang
|
|||
Title:
|
Chief
Financial Officer
|
News
Release
|
Ÿ
|
Revenue of
NT$82.5 billion, up 62.6%
remarkably
|
Ÿ
|
Net loss of
NT$6.6 billion (EPS of NT$ -0.80 per common
share)
|
Ÿ
|
Gross margin
of 1.4%
|
Ÿ
|
Operating
margin of -5.4%
|
Ÿ
|
EBITDA (*)
margin of 21.5%
|
|
Bryan
Yen
|
Yawen
Hsiao
|
|
Corporate
Communications Division
|
Corporate
Communications Division
|
|
AU Optronics
Corp
|
AU Optronics
Corp.
|
|
Tel: +886-3-5008800
ext 6956
|
+886-3-5008800
ext 3211
|
|
Fax:
+886-3-5772730
|
+886-3-5772730
|
|
Email: bryan.yen@auo.com
|
yawen.hsiao@auo.com
|
------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- |
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 |
AUO www.auo.com ----------- ir@auo.com ---------- 11 |
AU OPTRONICS CORP. CONSOLIDATED 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
|
2,023
|
66,280
|
11.6
|
92,070
|
14.8
|
(25,790)
|
(28.0)
|
|||||||
Available-for-Sale Financial Assets - Current
|
17
|
557
|
0.1
|
978
|
0.2
|
(422)
|
(43.1)
|
|||||||
Notes & Accounts Receivables
|
1,461
|
47,882
|
8.4
|
63,074
|
10.1
|
(15,192)
|
(24.1)
|
|||||||
Other Current Financial Assets
|
25
|
828
|
0.1
|
4,236
|
0.7
|
(3,408)
|
(80.5)
|
|||||||
Inventories
|
993
|
32,535
|
5.7
|
43,737
|
7.0
|
(11,202)
|
(25.6)
|
|||||||
Other Current Assets
|
141
|
4,612
|
0.8
|
11,311
|
1.8
|
(6,698)
|
(59.2)
|
|||||||
Total Current Assets
|
4,660
|
152,694
|
26.7
|
215,406
|
34.6
|
(62,712)
|
(29.1)
|
|||||||
Long-term Investments
|
365
|
11,959
|
2.1
|
9,538
|
1.5
|
2,421
|
25.4
|
|||||||
Fixed Assets
|
22,092
|
723,948
|
126.7
|
638,778
|
102.6
|
85,170
|
13.3
|
|||||||
Less: Accumulated Depreciation
|
(10,442)
|
(342,172)
|
(59.9)
|
(264,968)
|
(42.5)
|
(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)
|
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 |
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
|
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 |