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
January 29, 2015
| Commission File Number 001-31335 | |
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AU Optronics Corp.
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(Translation of registrant’s name into English)
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No. 1 Li-Hsin Road 2
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Hsinchu Science Park
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Hsinchu, Taiwan
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Form 20-F x Form 40-F o
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Not applicable
INDEX TO EXHIBITS
Item
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1.
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Press release entitled, “AU Optronics Corp. Reports Fourth 2014 Financial Results” dated January 29, 2015.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. Fourth Quarter 2014 Results”, dated January 29, 2015.
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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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Date: January 29, 2015
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By:
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/s/ Andy Yang
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Name:
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Andy Yang
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Title:
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Chief Financial Officer
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ITEM 1
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News Release
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AU Optronics Corp. Reports a 6-Year High Net Profit of NT$18.06 Billion for Fiscal Year 2014
Issued by: AU Optronics Corp.
Issued on: January 29, 2015
Hsinchu, Taiwan, January 29, 2015–
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its unaudited consolidated financial results for the fourth quarter and fiscal year of 2014(1).
Consolidated revenues in the fourth quarter of 2014 were NT$105.45 billion, down 1.3% from the previous quarter. Gross profit was NT$15.62 billion, with gross margin of 14.8%. Operating profit was NT$8.82 billion, with the operating margin of 8.4%. AUO’s net profit for the fourth quarter of 2014 was NT$6.57 billion. Net profit attributable to owners of Company was NT$6.00 billion, with a basic EPS of NT$0.62(2).
For the fiscal year of 2014, unaudited consolidated revenues totaled NT$408.18 billion, a decrease of 2.0% year-over-year. Net profit was NT$18.06 billion, with a basic EPS of NT$1.83(2).
In the fourth quarter of 2014, large-sized panel(3) shipments exceeded 29.40 million units, down slightly by 0.3% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter surpassed 42.71 million units, down by 11.4% quarter-over-quarter. For the full year of 2014, large-sized panel shipments totaled around 116.92 million units, roughly flat from the previous year. Small and medium-sized panel shipments were around 170.71 million units, up by 11.9% compared to the previous year.
AUO’s unaudited consolidated results for the fourth quarter of 2014 were highlighted as below:
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Revenues of NT$105.45 billion, down 1.3% quarter-over-quarter
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Operating profit of NT$8.82 billion
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Net profit of NT$6.57 billion
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Basic EPS of NT$0.62(2)
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1/3
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Gross margin was 14.8%
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Operating margin was 8.4%
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EBITDA(4) margin was 21.2%
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AUO’s unaudited consolidated results for the fiscal year of 2014 were highlighted as below:
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Revenues of NT$408.18 billion, down 2.0% year-over-year
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Operating profit of NT$22.17 billion
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Net profit of NT$18.06 billion
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Basic EPS of NT$1.83(2)
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Gross margin was 11.9%
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Operating margin was 5.4%
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EBITDA(4) margin was 19.4%
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Looking back to the fourth quarter, although IT and small-and-medium-sized panels have entered the period of seasonal adjustment, TV panel market remained strong on the back of the inventory-stocking demand ahead of the Chinese Lunar New Year. Thanks to the depreciation of the New Taiwan Dollar and the appropriate cost control of the Company, AUO’s operating and EBITDA margin in the fourth quarter reached 8.4% and 21.2%, respectively. Its days of inventory also maintained a healthy level of 36 days. The company closed 2014 with a net profit of NT$18.06 billion, rising as much as 324.7% year-over-year to the highest in six years. In addition, management also endeavors to improve AUO’s financial structure. As a result, the Company’s total debt was reduced by NT$42.02 billion for the full year, and its net debt to equity ratio was lowered considerably to 30.3%, the lowest in four years.
Looking forward to 2015, AUO will enhance its high-quality production capacity through appropriate level of investments, and to continuously develop products with high cost-performance ratio to reach win-win cooperation with customers. Furthermore, the Company will proactively upgrade its existing technology base with a view to maintain its technology capability in the world’s leading group and with a hope to continuously transcend itself and create a positive cycle with long-term profitability.
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(1)
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All financial information was unaudited and was prepared by the Company in accordance with Taiwan IFRS.
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2/3
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(2)
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Basic EPS in the fourth quarter and the fiscal year of 2014 were calculated based on the weighted average outstanding shares of the fiscal year of 2014 (9,624 million shares).
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(3)
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Large size refers to panels that are 10 inches and above in diagonal measurement.
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(4)
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EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.
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###
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is one of the world’s leading providers of optoelectronic solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.5 inches to 75 inches. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008. By building a vertically integrated high-efficiency solar value chain, AUO provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index for four consecutive years from 2010 to 2014. AUO’s unaudited consolidated revenues in 2014 were NT$408.18 billion. For more information, please visit AUO.com.
Safe Harbor Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release 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 of 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 March 21, 2014.
For more information, please contact:
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Gwen Ting
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Jessie Lee
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Corporate Communications Division
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Corporate Communications Division
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AU Optronics Corp.
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AU Optronics Corp.
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Tel: +886-3-5008800 ext 7259
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Tel: +886-3-5008800 ext 3206
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Fax: +886-3-5772730
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Fax: +886-3-5772730
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Email: gwen.ting@auo.com
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Email : jessie.jc.lee@auo.com
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3/3
ITEM 2
[GRAPHIC OMITTED] AU Optronics Corp. Fourth Quarter 2014 Results Investor Conference 2014 Jan. 29, 2015 |
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[GRAPHIC OMITTED]
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.
[] Beginning on January 1, 2013, we have adopted the
International Financial Reporting Standards as issued by
the International Accounting Standards Board ("IFRS") to
the extent endorsed by the ROC Financial Supervisory
Commission ("FSC") ("Taiwan IFRS") for reporting our annual
and interim consolidated financial statements in the ROC in
accordance with the requirements of the FSC. All financial
information contained herewithin is presented in conformity
with Taiwan IFRS. Readers should be cautioned that Taiwan
IFRS differs in many material respects from IFRS including
to the extent that any new or amended standards or
interpretations applicable under IFRS may not be timely
endorsed by the FSC.
[] 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.
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential
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[GRAPHIC OMITTED]
Statement of Comprehensive Income
Selected Items from Statement of Comprehensive Income
Amount : NT$ Million
4Q14
========= =======
Net Sales 105,449 100.0%
Cost of Goods Sold (89,828) (85.2%)
Gross Profit 15,621 14.8%
Operating Expenses (6,798) (6.4%)
Operating Profit 8,823 8.4%
Net Non-operating Income (Expenses) (890) (0.8%)
Profit before Tax 7,933 7.5%
Net Profit 6,575 6.2%
Attributable to:
Owners of Company 6,004 5.7%
Non-controlling Interests 571 0.5%
Net Profit 6,575 6.2%
Basic EPS (NT$)(a) 0.62
======================================== ========= =======
Operating Profit + DandA 22,339 21.2%
======================================== ========= =======
Display Segment Information:
Net Sales 99,385 100.0%
Operating Profit 9,225 9.3%
Operating Profit + DandA 21,831 22.0%
======================================== ========= =======
Unit Shipments (mn)(b)
Large Size Panels 29.4
Small and Medium Size Panels 42.7
======================================== ========= =======
3Q14 QoQ %
========= ======= =========
106,886 100.0% (1.3%)
(91,507) (85.6%) (1.8%)
15,379 14.4% 1.6%
(6,602) (6.2%) 3.0%
8,777 8.2% 0.5%
(1,209) (1.1%) (26.4%)
7,568 7.1% 4.8%
7,300 6.8% (9.9%)
7,332 6.9% (18.1%)
(32) (0.0%) []
7,300 6.8% (9.9%)
0.76 (18.1%)
==== ======= =========
22,643 21.2% (1.3%)
==== ======= =========
101,202 100.0% (1.8%)
9,216 9.1% 0.1%
22,138 21.9% (1.4%)
==== ======= =========
29.5 (0.3%)
48.2 (11.4%)
==== ======= =========
4Q13
========= =======
102,703 100.0%
(95,048) (92.5%)
7,656 7.5%
(6,581) (6.4%)
1,075 1.0%
471 0.5%
1,546 1.5%
1,081 1.1%
940 0.9%
141 0.1%
1,081 1.1%
0.10
==== =======
16,383 16.0%
==== =======
97,162 100.0%
1,878 1.9%
16,175 16.6%
==== =======
30.2
41.2
==== =======
-- Unaudited, prepared by AUO based on Taiwan IFRS
a) AUO issued new ADSs in May 2013. Basic EPS in both 4Q14
and 3Q14 were calculated based on the weighted average
outstanding shares of 2014
(9,624m shares); Basic EPS in 4Q13 was calculated based on
the weighted average outstanding shares of 2013 (9,349m
shares).
b) Large size refers to panels that are 10 inches and
above
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 3
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[GRAPHIC OMITTED]
Statement of Comprehensive Income
Selected Items from Statement of Comprehensive Income
Amount : NT$ Million
FY 2014
=========== =======
Net Sales 408,179 100.0%
Cost of Goods Sold (359,668) (88.1%)
Gross Profit 48,511 11.9%
Operating Expenses (26,345) (6.5%)
Operating Profit 22,165 5.4%
Net Non-operating Expenses (2,185) (0.5%)
Profit before Tax 19,980 4.9%
Net Profit 18,065 4.4%
Attributable to:
Owners of Company 17,628 4.3%
Non-controlling Interests 436 0.1%
Net Profit 18,065 4.4%
Basic EPS (NT$)(a) 1.83
============================ =========== =======
Operating Profit + DandA 79,068 19.4%
ROE(b) 10.2%
============================ =========== =======
Display Segment Information:
Net Sales 384,335 100.0%
Operating Profit 24,423 6.4%
Operating Profit + DandA 77,574 20.2%
============================ =========== =======
Unit Shipments (mn)(c)
Large Size Panels 116.9
Small and Medium Size Panels 170.7
============================ =========== =======
FY 2013 YoY %
=========== ======= ========
416,363 100.0% (2.0%)
(382,379) (91.8%) (5.9%)
33,984 8.2% 42.7%
(25,692) (6.2%) 2.5%
8,293 2.0% 167.3%
(3,056) (0.7%) (28.5%)
5,236 1.3% 281.6%
4,253 1.0% 324.7%
4,180 1.0% 321.7%
73 0.0% 499.9%
4,253 1.0% 324.7%
0.45 309.6%
=========== ======= ========
71,930 17.3% 9.9%
2.7% 280.8%
=========== ======= ========
398,836 100.0% (3.6%)
12,018 3.0% 103.2%
71,668 18.0% 8.2%
=========== ======= ========
117.0 (0.0%)
152.5 11.9%
=========== ======= ========
-- Unaudited, prepared by AUO based on Taiwan IFRS
a) AUO issued new ADSs in May 2013. Basic EPS was
calculated based on the weighted average outstanding shares
of 9,624m shares in 2014
and 9,349m shares in 2013.
b) ROE was based on average equity attributable to
shareholders of the parent company
c) Large size refers to panels that are 10 inches and
above
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 4
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[GRAPHIC OMITTED]
Consolidated Balance Sheet Highlights
Amount : NT$ Million
4Q14 3Q14
======== ========
Cash and ST Investment()a) 81,965 75,414
Inventory 36,420 35,287
Short Term Debt()b ) 56,998 45,783
Long Term Debt 85,689 105,954
Equity 200,370 188,766
Total Assets 469,860 460,391
============================== ======== ========
Inventory Turnover (Days)()c) 36 35
Net Debt to Equity()d ) 30.3% 40.4%
============================== ======== ========
QoQ % 4Q13
==== ========
8.7% 76,312
3.2% 37,598
24.5% 66,220
(19.%) 118,488
6.1% 178,346
2.1% 492,243
==== ========
38
60.8%
==== ========
-- Unaudited, prepared by AUO based on Taiwan IFRS
a) Excluding time deposit with maturity longer than 3
months (NT$ 2,100m in 4Q14 ,NT$2,000m in 3Q14, and
NT$2,121m in 4Q13)
b) Short term debt refers to all interest bearing debt
maturing within one year
c) Calculated by dividing the average inventory into the
annualized cost of goods sold during such period, then
multiplying by 365 days
d) Net Debt to Equity = (Short Term Debt + Long Term Debt -
Cash and ST Investment) / Equity
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 5
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[GRAPHIC OMITTED]
Consolidated Cash Flow Highlights
Amount : NT$ Million
4Q14
=========
From Operating Activities 17,873
Gain before Tax 7,933
Depreciation and Amortization 13,516
Net Change in Working Capital (3,787)
From Investing Activities (1,540)
Capital Expenditure (3,052)
From Financing Activities (10,030)
Net Change in Debt (9,888)
Net Change in Cash()a) 6,552
3Q14 QoQ
==== =========
19,655 (1,783)
7,568 365
13,865 (350)
(1,697) (2,090)
(2,768) 1,228
(3,374) 323
(18,432) 8,402
(17,065) 7,178
(1,122) 7,674
-- Unaudited, prepared by AUO based on Taiwan IFRS
a) In addition to cash generated from operating, investing
and financing activities, net change in cash also include
effect on
currency exchange of foreign subsidiaries
[C] 2014 AU Optronics Corporation -- Proprietary and
Confidential 6
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[GRAPHIC OMITTED] Display Revenue Breakdown by Application [GRAPHIC OMITTED] -- Unaudited, prepared by AUO based on Taiwan IFRS -- Mobile PC : including Notebook and Tablet displays -- Mobile Device : including displays for mobile phones and other related products -- Commercial and Others: including displays for automobile, industrial PC, ATM, point of sale (POS), pachinko, and etc. [C] 2014 AU Optronics Corporation -- Proprietary and Confidential 7 |
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[GRAPHIC OMITTED] Display Revenue Breakdown by Size [GRAPHIC OMITTED] -- Unaudited, prepared by AUO based on Taiwan IFRS [C] 2014 AU Optronics Corporation -- Proprietary and Confidential 8 |
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[GRAPHIC OMITTED] Consolidated Shipments and ASP by Area Shipments in square meter [GRAPHIC OMITTED] ASP per square meter [GRAPHIC OMITTED] -- Unaudited, prepared by AUO based on Taiwan IFRS -- ASP per square meter in US$ was translated from NT$ based on average exchange rates announced by Customs Administration, Ministry of Finance of each respective quarter [C] 2014 AU Optronics Corporation -- Proprietary and Confidential 9 |
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[GRAPHIC OMITTED] Consolidated Small and Medium Panel Shipments by Area and Revenues Shipments in square meter [GRAPHIC OMITTED] Revenues [GRAPHIC OMITTED] -- Unaudited, prepared by AUO based on Taiwan IFRS -- Small and Medium size refers to panels that are under 10 inches [C] 2014 AU Optronics Corporation -- Proprietary and Confidential 10 |
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[GRAPHIC OMITTED] www.auo.com ir@auo.com [C] 2014 AU Optronics Corporation -- Proprietary and Confidential 11 |
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CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
For the Three Months Ended December 31, 2014 and 2013 and September 30, 2014
(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 | |||||||||||||||||||||||||||||||||||||||
| 4Q 2014 | % of | 4Q 2013 | YoY | 4Q 2014 | % of | 3Q 2014 | QoQ | |||||||||||||||||||||||||||||||||
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USD
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NTD
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Sales
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NTD
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Chg %
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USD
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NTD
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Sales
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NTD
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Chg %
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Net Sales
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3,337 | 105,449 | 100.0 | 102,703 | 2.7 | 3,337 | 105,449 | 100.0 | 106,886 | (1.3 | ) | |||||||||||||||||||||||||||||
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Cost of Goods Sold
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2,843 | 89,828 | 85.2 | 95,048 | (5.5 | ) | 2,843 | 89,828 | 85.2 | 91,507 | (1.8 | ) | ||||||||||||||||||||||||||||
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Gross Profit
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494 | 15,621 | 14.8 | 7,656 | 104.0 | 494 | 15,621 | 14.8 | 15,379 | 1.6 | ||||||||||||||||||||||||||||||
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Operating Expenses
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215 | 6,798 | 6.4 | 6,581 | 3.3 | 215 | 6,798 | 6.4 | 6,602 | 3.0 | ||||||||||||||||||||||||||||||
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Operating Profit
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279 | 8,823 | 8.4 | 1,075 | 720.7 | 279 | 8,823 | 8.4 | 8,777 | 0.5 | ||||||||||||||||||||||||||||||
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Net Non-Operating Income (Expense)
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(28 | ) | (890 | ) | (0.8 | ) | 471 |
－
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(28 | ) | (890 | ) | (0.8 | ) | (1,209 | ) | (26.4 | ) | ||||||||||||||||||||||
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Profit before Income Tax
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251 | 7,933 | 7.5 | 1,546 | 413.2 | 251 | 7,933 | 7.5 | 7,568 | 4.8 | ||||||||||||||||||||||||||||||
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Income Tax Expense
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(43 | ) | (1,358 | ) | (1.3 | ) | (464 | ) | 192.4 | (43 | ) | (1,358 | ) | (1.3 | ) | (268 | ) | 406.7 | ||||||||||||||||||||||
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Net Profit
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208 | 6,575 | 6.2 | 1,081 | 508.0 | 208 | 6,575 | 6.2 | 7,300 | (9.9 | ) | |||||||||||||||||||||||||||||
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Other Comprehensive Income
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59 | 1,854 | 1.8 | 781 | 137.4 | 59 | 1,854 | 1.8 | 1,001 | 85.3 | ||||||||||||||||||||||||||||||
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Total Comprehensive Income
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267 | 8,429 | 8.0 | 1,862 | 352.6 | 267 | 8,429 | 8.0 | 8,301 | 1.5 | ||||||||||||||||||||||||||||||
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Net Profit Attributable to:
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Owners of Company
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190 | 6,004 | 5.7 | 940 | 538.4 | 190 | 6,004 | 5.7 | 7,332 | (18.1 | ) | |||||||||||||||||||||||||||||
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Non-controlling Interests
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18 | 571 | 0.5 | 141 | 305.1 | 18 | 571 | 0.5 | (32 | ) |
－
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Net Profit
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208 | 6,575 | 6.2 | 1,081 | 508.0 | 208 | 6,575 | 6.2 | 7,300 | (9.9 | ) | |||||||||||||||||||||||||||||
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Total Comprehensive Income Attributable to:
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Owners of Company
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236 | 7,462 | 7.1 | 1,582 | 371.8 | 236 | 7,462 | 7.1 | 8,114 | (8.0 | ) | |||||||||||||||||||||||||||||
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Non-controlling Interests
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31 | 967 | 0.9 | 281 | 244.7 | 31 | 967 | 0.9 | 187 | 416.2 | ||||||||||||||||||||||||||||||
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Total Comprehensive Income
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267 | 8,429 | 8.0 | 1,862 | 352.6 | 267 | 8,429 | 8.0 | 8,301 | 1.5 | ||||||||||||||||||||||||||||||
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Basic Earnings Per Share
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0.02 | 0.62 | 0.10 | 0.02 | 0.62 | 0.76 | ||||||||||||||||||||||||||||||||||
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Basic Earnings Per ADS(3)
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0.20 | 6.24 | 1.01 | 0.20 | 6.24 | 7.62 | ||||||||||||||||||||||||||||||||||
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Weighted-Average Shares Outstanding ('M)
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9,624 | 9,349 | 9,624 | 9,624 | ||||||||||||||||||||||||||||||||||||
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Note:
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(1) Unaudited, prepared by AUO based on Taiwan IFRS
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(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.60 per USD as of December 31, 2014
(3) 1 ADS equals 10 common shares
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Year Ended December 31, 2014 and 2013
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | ||||||||||||||||||||
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2014
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% of
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2013
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YoY
|
|||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
||||||||||||||||
|
Net Sales
|
12,917 | 408,179 | 100.0 | 416,363 | (2.0 | ) | ||||||||||||||
|
Cost of Goods Sold
|
11,382 | 359,668 | 88.1 | 382,379 | (5.9 | ) | ||||||||||||||
|
Gross Profit
|
1,535 | 48,511 | 11.9 | 33,984 | 42.7 | |||||||||||||||
|
Operating Expenses
|
834 | 26,345 | 6.5 | 25,692 | 2.5 | |||||||||||||||
|
Operating Profit
|
701 | 22,165 | 5.4 | 8,293 | 167.3 | |||||||||||||||
|
Net Non-Operating Expenses
|
(69 | ) | (2,185 | ) | (0.5 | ) | (3,056 | ) | (28.5 | ) | ||||||||||
|
Profit before Income Tax
|
632 | 19,980 | 4.9 | 5,236 | 281.6 | |||||||||||||||
|
Income Tax Expense
|
(61 | ) | (1,916 | ) | (0.5 | ) | (983 | ) | 94.9 | |||||||||||
|
Net Profit
|
572 | 18,065 | 4.4 | 4,253 | 324.7 | |||||||||||||||
|
Other Comprehensive Income
|
59 | 1,878 | 0.5 | 2,610 | (28.1 | ) | ||||||||||||||
|
Total Comprehensive Income
|
631 | 19,942 | 4.9 | 6,863 | 190.6 | |||||||||||||||
|
Net Profit Attributable to:
|
||||||||||||||||||||
|
Owners of Company
|
558 | 17,628 | 4.3 | 4,180 | 321.7 | |||||||||||||||
|
Non-controlling Interests
|
14 | 436 | 0.1 | 73 | 499.9 | |||||||||||||||
|
Net Profit
|
572 | 18,065 | 4.4 | 4,253 | 324.7 | |||||||||||||||
|
Total Comprehensive Income Attributable to:
|
||||||||||||||||||||
|
Owners of Company
|
604 | 19,087 | 4.7 | 6,355 | 200.3 | |||||||||||||||
|
Non-controlling Interests
|
27 | 855 | 0.2 | 508 | 68.3 | |||||||||||||||
|
Total Comprehensive Income
|
631 | 19,942 | 4.9 | 6,863 | 190.6 | |||||||||||||||
|
Basic Earnings Per Share
|
0.06 | 1.83 | 0.45 | |||||||||||||||||
|
Basic Earnings Per ADS(3)
|
0.58 | 18.32 | 4.47 | |||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
9,624 | 9,349 | ||||||||||||||||||
|
Note:
|
(1) Unaudited, prepared by AUO based on Taiwan IFRS
|
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.60 per USD as of December 31, 2014
(3) 1 ADS equals 10 common shares
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
December 31, 2014 and 2013
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
| December 31, 2014 |
December 31, 2013
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
2,594 | 81,965 | 17.4 | 76,312 | 15.5 | 5,653 | 7.4 | |||||||||||||||||||||
|
Notes & Accounts Receivables
|
1,887 | 59,621 | 12.7 | 43,727 | 8.9 | 15,894 | 36.3 | |||||||||||||||||||||
|
Other Current Financial Assets
|
100 | 3,157 | 0.7 | 6,849 | 1.4 | (3,691 | ) | (53.9 | ) | |||||||||||||||||||
|
Inventories
|
1,153 | 36,420 | 7.8 | 37,598 | 7.6 | (1,178 | ) | (3.1 | ) | |||||||||||||||||||
|
Other Current Assets
|
141 | 4,450 | 0.9 | 5,118 | 1.0 | (667 | ) | (13.0 | ) | |||||||||||||||||||
|
Total Current Assets
|
5,874 | 185,615 | 39.5 | 169,604 | 34.5 | 16,010 | 9.4 | |||||||||||||||||||||
|
Long-term Investments
|
471 | 14,874 | 3.2 | 14,055 | 2.9 | 819 | 5.8 | |||||||||||||||||||||
|
Net Fixed Assets
|
7,336 | 231,815 | 49.3 | 270,269 | 54.9 | (38,454 | ) | (14.2 | ) | |||||||||||||||||||
|
Other Assets
|
1,189 | 37,557 | 8.0 | 38,315 | 7.8 | (759 | ) | (2.0 | ) | |||||||||||||||||||
|
Total Assets
|
14,869 | 469,860 | 100.0 | 492,243 | 100.0 | (22,383 | ) | (4.5 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term Borrowings
|
12 | 381 | 0.1 | 3,457 | 0.7 | (3,076 | ) | (89.0 | ) | |||||||||||||||||||
|
Accounts Payable
|
2,370 | 74,881 | 15.9 | 78,434 | 15.9 | (3,553 | ) | (4.5 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,314 | 41,507 | 8.8 | 62,763 | 12.8 | (21,256 | ) | (33.9 | ) | |||||||||||||||||||
|
Current Installments of Bonds Payable
|
478 | 15,110 | 3.2 | 0 | 0.0 | 15,110 |
－
|
|||||||||||||||||||||
|
Current Financial Liabilities
|
7 | 233 | 0.0 | 421 | 0.1 | (188 | ) | (44.7 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
1,134 | 35,832 | 7.6 | 28,420 | 5.8 | 7,412 | 26.1 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
142 | 4,497 | 1.0 | 7,468 | 1.5 | (2,971 | ) | (39.8 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,457 | 172,440 | 36.7 | 180,962 | 36.8 | (8,522 | ) | (4.7 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
2,712 | 85,689 | 18.2 | 98,974 | 20.1 | (13,285 | ) | (13.4 | ) | |||||||||||||||||||
|
Bonds Payable
|
0 | 0 | 0.0 | 19,514 | 4.0 | (19,514 | ) | (100.0 | ) | |||||||||||||||||||
|
Non Current Financial Liabilities
|
0 | 7 | 0.0 | 17 | 0.0 | (10 | ) | (58.4 | ) | |||||||||||||||||||
|
Other Long-term Liabilities
|
359 | 11,353 | 2.4 | 14,430 | 2.9 | (3,077 | ) | (21.3 | ) | |||||||||||||||||||
|
Total Long-term Liabilities
|
3,071 | 97,049 | 20.7 | 132,935 | 27.0 | (35,885 | ) | (27.0 | ) | |||||||||||||||||||
|
Total Liabilities
|
8,528 | 269,490 | 57.4 | 313,897 | 63.8 | (44,407 | ) | (14.1 | ) | |||||||||||||||||||
|
EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
3,046 | 96,242 | 20.5 | 96,242 | 19.6 | 0 | 0.0 | |||||||||||||||||||||
|
Capital Surplus
|
1,875 | 59,258 | 12.6 | 60,503 | 12.3 | (1,245 | ) | (2.1 | ) | |||||||||||||||||||
|
Retained Earnings
|
650 | 20,529 | 4.4 | 4,017 | 0.8 | 16,511 | 411.0 | |||||||||||||||||||||
|
Other Equity
|
157 | 4,946 | 1.1 | 3,546 | 0.7 | 1,399 | 39.5 | |||||||||||||||||||||
|
Non-Controlling Interests
|
614 | 19,395 | 4.1 | 14,037 | 2.9 | 5,358 | 38.2 | |||||||||||||||||||||
|
Total Equity
|
6,341 | 200,370 | 42.6 | 178,346 | 36.2 | 22,024 | 12.3 | |||||||||||||||||||||
|
Total Liabilities & Equity
|
14,869 | 469,860 | 100.0 | 492,243 | 100.0 | (22,383 | ) | (4.5 | ) | |||||||||||||||||||
|
Note:
|
(1) Unaudited, prepared by AUO based on Taiwan IFRS
|
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.60 per USD as of December 31, 2014
(3) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended December 31, 2014 and 2013
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 2014 |
2013
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Profit before Income Taxes
|
632 | 19,980 | 5,236 | |||||||||
|
Depreciation & Amortization
|
1,801 | 56,903 | 63,638 | |||||||||
|
Investment Loss under Equity Method
|
(16 | ) | (500 | ) | (454 | ) | ||||||
|
Changes in Working Capital
|
(410 | ) | (12,966 | ) | (18,516 | ) | ||||||
|
Changes in Others
|
(1 | ) | (24 | ) | (261 | ) | ||||||
|
Net Cash Provided by Operating Activities
|
2,006 | 63,393 | 49,642 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Proceeds from Disposal of AFS Investments
|
14 | 452 | 625 | |||||||||
|
Acquisition of Property, Plant and Equipment
|
(537 | ) | (16,971 | ) | (25,458 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
63 | 2,003 | 587 | |||||||||
|
Acquisition of Equity-Accounted Investees and Financial Assets Carried at Cost
|
(80 | ) | (2,531 | ) | (210 | ) | ||||||
|
Proceeds from Disposal of Equity-Accounted Investees and Financial Assets Carried at Cost
|
36 | 1,148 | 2,793 | |||||||||
|
Decrease(Increase) in Other Financial Assets
|
(3 | ) | (84 | ) | 193 | |||||||
|
Increase in Intangible Assets
|
(9 | ) | (291 | ) | (1,654 | ) | ||||||
|
Decrease(Increase) in Other Assets
|
14 | 437 | (100 | ) | ||||||||
|
Cash Increase Resulting from Change in Consolidated Entity
|
86 | 2,731 | 0 | |||||||||
|
Net Cash Used in Investing Activities
|
(415 | ) | (13,107 | ) | (23,224 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Decrease in Short-term Borrowings
|
(97 | ) | (3,076 | ) | (5,163 | ) | ||||||
|
Decrease in Guarantee Deposits
|
(3 | ) | (87 | ) | (146 | ) | ||||||
|
Decrease in Long-term Borrowings and Bonds Payable
|
(1,279 | ) | (40,404 | ) | (31,896 | ) | ||||||
|
Issuance of Common Stock for Cash
|
0 | 0 | 10,281 | |||||||||
|
Cash Dividends
|
(46 | ) | (1,444 | ) | 0 | |||||||
|
Changes in Non-Controlling Interests and Others
|
(1 | ) | (31 | ) | 139 | |||||||
|
Net Cash Used by Financing Activities
|
(1,425 | ) | (45,041 | ) | (26,785 | ) | ||||||
|
Effect of Exchange Rate Changes on Cash
|
13 | 409 | 23 | |||||||||
|
Net Increase(Decrease) in Cash and Cash Equivalents
|
179 | 5,653 | (343 | ) | ||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,415 | 76,312 | 76,656 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
2,594 | 81,965 | 76,312 | |||||||||
|
Note:
|
(1) Unaudited, prepared by AUO based on Taiwan IFRS
|
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.60 per USD as of December 31, 2014