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
July 22, 2004
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 of Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Not applicable
INDEX TO EXHIBITS
Item | |
1. | Investor Conference Materials entitled, “AU Optronics Corp. First Half 2004 Results”, dated July 22, 2004. |
2. | First Half 2004 Condensed Financial Statements of AU Optronics Corp. |
3. | Press release entitled, “AU Optronics Reports Unaudited First Half 2004 Results”, dated July 22, 2004. |
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: July 22, 2004 | By: | /s/ Max Weishun Cheng | |
Name: | Max Weishun Cheng | ||
Title: | Chief Financial Officer |
Item 1
AU Optronics Corp.
First Half 2004 Results
Investor Conference
July 22, 2004
AGENDA
Welcome and Introduction
1H 2004 Financial Results
Remarks
Q&A
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, financial information contained here within 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' registration statement on Form F-3 filed with the United States Securities and Exchange Commission on June 17, 2004. |
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3 |
1H 2004 Financial Results
1H 2004
Consolidated Income Statement QoQ Comparison |
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Amount : NT$ Million Except Per Share Data | ||||||||||||||||
2Q'04(a) | 1Q'04(a) | QoQ Change % |
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Net Sales | 48,530 | 100.0 | % | 41,331 | 100.0 | % | 17.4 | % | ||||||||
Cost of Goods Sold | (31,378 | ) | (64.7 | %) | (27,286 | ) | (66.0 | %) | 15.0 | % | ||||||
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Gross Profit | 17,152 | 35.3 | % | 14,045 | 34.0 | % | 22.1 | % | ||||||||
Operating Expenses | (2,409 | ) | (5.0 | %) | (2,311 | ) | (5.6 | %) | 4.2 | % | ||||||
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Operating Income | 14,743 | 30.4 | % | 11,734 | 28.4 | % | 25.6 | % | ||||||||
Net Non-operating Income (Exp.) | (358 | ) | (0.7 | %) | (95 | ) | (0.2 | %) | 276.8 | % | ||||||
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Income before Tax | 14,385 | 29.6 | % | 11,639 | 28.2 | % | 23.6 | % | ||||||||
Income Tax Credit (Exp.) | 0 | 0.0 | % | 30 | 0.0 | % | (100.0 | %) | ||||||||
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Net Income | 14,385 | 29.6 | % | 11,669 | 28.2 | % | 23.3 | % | ||||||||
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Basic EPS (NT$) (b) | 3.08 | 2.51 | 22.7 | % | ||||||||||||
Fully Diluted EPS (NT$) | - | - | - | |||||||||||||
Operating Income + D&A | 20,925 | 43.1 | % | 17,084 | 41.3 | % | 22.5 | % | ||||||||
Unit Shipment (MN) (c) | ||||||||||||||||
Large Size Panels | 4.7 | 4.1 | 14.3 | % | ||||||||||||
Small & Medium Size Panels | 7.3 | 5.2 | 41.4 | % | ||||||||||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | |||||||||||||||
(b) | Total weighted average outstanding shares of 4,659 million and 4,644 million were used in Basic EPS calculation for 2Q'04 and 1Q'04 | |||||||||||||||
(c) | Large size refers to panels that are 10 inches and above in diagonal measurement while small & medium size refers to those below 10 inches, as defined by DisplaySearch | |||||||||||||||
5 |
1H 2004 Consolidated
Balance Sheet Highlights QoQ Comparison |
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Amount : NT$ Million | |||||||||||||||
2Q'04(a) | 1Q'04 (a) | QoQ Change % |
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Cash & ST Investment | 41,518 | 18.6 | % | 22,129 | 12.3 | % | 87.6 | % | |||||||
Inventory | 17,779 | 7.9 | % | 12,361 | 6.9 | % | 43.8 | % | |||||||
Short Term Debt (b) | 6,415 | 2.9 | % | 8,654 | 4.8 | % | (25.9 | %) | |||||||
Long Term Debt | 36,080 | 16.1 | % | 30,740 | 17.1 | % | 17.4 | % | |||||||
Equity | 128,887 | 57.6 | % | 104,105 | 57.8 | % | 23.8 | % | |||||||
Total Assets | 223,754 | 100.0 | % | 180,015 | 100.0 | % | 24.3 | % | |||||||
Inventory Turnover (days) (c) | 44 | 37 | |||||||||||||
Debt to Equity (Fully Diluted) | 33.0 | % | 37.8 | % | |||||||||||
Net Debt to Equity (Fully Diluted) | 3.3 | % | 19.3 | % | |||||||||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | ||||||||||||||
(b) | Short term debt refers all interest bearing debt maturing within one year | ||||||||||||||
(c) | Annualized, calculated by dividing the average inventory into
the cost of goods sold, then dividing 365 days by the inventory turnover |
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6 |
1H 2004
Consolidated Cash Flow Highlights QoQ Comparison |
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Amount : NT$ Million | QoQ | ||||||||||||
2Q'04 (a) | 1Q'04 (a) | Change | 1H'04 | ||||||||||
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From Operation | 15,920 | 13,806 | 2,114 | 29,726 | |||||||||
Net Profit | 14,385 | 11,669 | 2,716 | 26,054 | |||||||||
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Depreciation & Amortization | 6,182 | 5,350 | 832 | 11,532 | |||||||||
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From Investment | (16,164 | ) | (19,323 | ) | 3,159 | (35,487 | ) | ||||||
Capital Expenditure | (14,637 | ) | (18,482 | ) | 3,845 | (33,119 | ) | ||||||
Long-term investment | (797 | ) | (480 | ) | (317 | ) | (1,277 | ) | |||||
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From Financing | 19,121 | 6,895 | 12,226 | 26,016 | |||||||||
Repayment of Long Term Debt | (1,847 | ) | (1,599 | ) | (248 | ) | (3,446 | ) | |||||
Long Term Debt | 6,939 | 6,783 | 156 | 13,722 | |||||||||
ADR Issuance | 16,020 | - | 16,020 | 16,020 | |||||||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | ||||||||||||
7 |
Quarterly Consolidated Large Size Panel
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(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Large size refers to panels that are 10 inches and above in diagonal measurement, as defined by DisplaySearch |
8 |
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Small & Medium size refers to panels that are under 10 inches in diagonal measurement, as defined by DisplaySearch |
9 |
Consolidated Revenue by Application | |
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
10 |
Installed Capacity by Fab | ||||||||||
Substrate | 12/2003 | 6/2004 | 12/2004 (F) | |||||||
FAB | Size (mm) | Capacity | Capacity | Capacity | ||||||
L3A (G3.5) | 610 x 720 | 45,000 | 45,000 | 45,000 | ||||||
L3B (G3.5) | 610 x 720 | 5,000 LTPS | 5,000 LTPS | 5,000 LTPS | ||||||
25,000 a-Si | 25,000 a-Si | 25,000 a-Si | ||||||||
L5 (G3.5) | 600 x 720 | 60,000 | 60,000 | 60,000 | ||||||
L6 (G4.0) | 680 x 880 | 60,000 | 60,000 | 60,000 | ||||||
L8A (G5.0) | 1100 x 1250 | 50,000 | 50,000 | 50,000 | ||||||
L8B (G5.0) | 1100 x 1300 | n.a. | 60,000 | 70,000 | ||||||
C1 (G5.0) (a) | 1100 x 1300 | 30,000 | 90,000 | 120,000 | ||||||
(a) Color filter fab | ||||||||||
11 |
Enrich Digital Lifestyle
http://www.auo.com
IR@auo.com
Item 2
As of June 30, 2004 | As of June 30, 2003 | YoY | |||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||
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Cash and Cash Equivalents | 946 | 31,938 | 15.1 | 14,926 | 11.6 | 17,012 | 114.0 | ||||||||
Short-term Investments | 93 | 3,140 | 1.5 | 2,634 | 2.1 | 506 | 19.2 | ||||||||
Notes & Accounts Receivable | 783 | 26,447 | 12.4 | 15,455 | 12.0 | 10,992 | 71.1 | ||||||||
Other.Current Financial Assets | 6 | 212 | 0.1 | 492 | 0.4 | (280 | ) | (56.9 | ) | ||||||
Inventories | 4 45 | 15,007 | 7.1 | 6,354 | 4.9 | 8,653 | 136.2 | ||||||||
Other Current Assets | 120 | 4,059 | 1.9 | 1,168 | 0.9 | 2,891 | 247.5 | ||||||||
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Total Current Assets | 2,393 | 80,803 | 38.1 | 41,029 | 31.9 | 39,774 | 96.9 | ||||||||
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Long-term Investments | 234 | 7,910 | 3.8 | 1,604 | 1.2 | 6,306 | 393.1 | ||||||||
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Fixed Assets | 4,943 | 166,888 | 78.8 | 109,805 | 85.2 | 57,083 | 52.0 | ||||||||
Less Accumulated Depreciation | (1,446 | ) | (48,838 | ) | (23.1 | ) | (31,625 | ) | (24.5 | ) | 17,213 | ) | 54.4 | ) | |
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Net Fixed Assets | 3,497 | 118,050 | 55.7 | 78,180 | 60.7 | 39,870 | 51.0 | ||||||||
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Other Assets | 151 | 5,095 | 2.4 | 8,032 | 6.2 | (2,937 | ) | (36.6 | ) | ||||||
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Total Assets | 6,275 | 211,858 | 100.0 | 128,845 | 100.0 | 83,013 | 64.4 | ||||||||
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LIABILITIES | |||||||||||||||
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Accounts Payable | 1,044 | 35,239 | 16.6 | 15,762 | 12.2 | 19,477 | 123.6 | ||||||||
Current Installments of Long-term Liabilities | 189 | 6,394 | 3.0 | 9,486 | 7.4 | (3,092 | ) | (32.6 | ) | ||||||
Other Current Liabilities | 278 | 9,380 | 4.5 | 3,894 | 3.0 | 5,486 | 140.9 | ||||||||
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Total Current Liabilities | 1,511 | 51,013 | 24.1 | 29,142 | 22.6 | 21,871 | 64.4 | ||||||||
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Long-term Borrowings | 740 | 24,986 | 11.8 | 18,990 | 14.7 | 5,996 | 31.6 | ||||||||
Bonds and Convertible Bonds Payable | 178 | 6,000 | 2.8 | 1,767 | 1.4 | 4,233 | 239.6 | ||||||||
Other Long-term Liabilities | 28 | 972 | 0.5 | 134 | 0.1 | 838 | 625.4 | ||||||||
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Total Liabilities | 2,457 | 82,971 | 39.2 | 50,033 | 38.8 | 32,938 | 65.8 | ||||||||
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SHAREHOLDERS' EQUITY | |||||||||||||||
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Common Stock | 1,468 | 49,580 | 23.4 | 42,704 | 33.2 | 6,876 | 16.1 | ||||||||
Capital Surplus | 1,338 | 45,165 | 21.3 | 31,731 | 24.6 | 13,434 | 42.3 | ||||||||
Retained Earnings | 1,018 | 34,365 | 16.2 | 4,626 | 3.6 | 29,739 | 642.9 | ||||||||
Cumulative Translation Adjustment | 1 | 28 | 0.0 | 2 | 0.0 | 26 | 1300.0 | ||||||||
(7 | ) | (251 | ) | (0.1 | ) | (251 | ) | 0.2 | 0 | 0.0 | |||||
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Total Stockholders Equity | 3,818 | 128,887 | 60.8 | 78,812 | 61.2 | 50,075 | 63.5 | ||||||||
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Total Liabilities & Stockholders Equity | 6,275 | 211,858 | 100.0 | 128,845 | 100.0 | 83,013 | 64.4 | ||||||||
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Note: | (1) | Unaudited, prepared by AU Optronics Corp. |
(2) | Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 33.76 per US dollar as of June 30, 2004. |
AU OPTRONICS
CORP.
UNCONSOLIDATED INCOME
STATEMENT
For the Six Months
Ended June 30, 2004 and 2003 and for
the Three Months Ended June 30, 2004
and March 31, 2004
(Expressed in Million of New Taiwan Dollars (NTD) and US Dollars (USD)
Except for Per Share Data and Outstanding Shares)
Year over Year Comparison | Sequential Comparison | |||||||||||||||||||
1H 2004 | 2Q 2004 | |||||||||||||||||||
USD(1) | NTD | %
of Sales |
1H
2003 NTD |
YoY Chg % |
USD | NTD | %
of Sales |
1Q
2004 NTD |
QoQ Chg % |
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Net Sales | 2,603 | 86,880 | 100.0 | 39,191 | 121.7 | 1,448 | 48,344 | 100.0 | 38,536 | 25.5 | ||||||||||
Cost of Goods Sold | 1,688 | 56,337 | 64.8 | 33,078 | 70.3 | 943 | 31,487 | 65.1 | 24,850 | 26.7 | ||||||||||
Gross Profit | 915 | 30,543 | 35.2 | 6,113 | 399.6 | 505 | 16,857 | 34.9 | 13,686 | 23.2 | ||||||||||
Operating Expenses | ||||||||||||||||||||
Selling | 24 | 816 | 0.9 | 371 | 119.9 | 9 | 289 | 0.6 | 527 | (45.2 | ) | |||||||||
Administrative | 42 | 1,395 | 1.6 | 1,060 | 31.6 | 24 | 798 | 1.6 | 597 | 33.7 | ||||||||||
Research and Development | 64 | 2,129 | 2.5 | 1,335 | 59.5 | 34 | 1,139 | 2.4 | 990 | 15.1 | ||||||||||
Total Operating Expenses | 130 | 4,340 | 5.0 | 2,766 | 56.9 | 67 | 2,226 | 4.6 | 2,114 | 5.3 | ||||||||||
Total Operating Income | 785 | 26,203 | 30.2 | 3,347 | 682.9 | 438 | 14,631 | 30.3 | 11,572 | 26.4 | ||||||||||
Net Non-Operating Income (Expenses) | (5 | ) | (179 | ) | (0.2 | ) | (242 | ) | (26.0 | ) | (7 | ) | (246 | ) | (0.5 | ) | 67 | (467.2 | ) | |
Income before Income Tax | 780 | 26,024 | 30.0 | 3,105 | 738.1 | 431 | 14,385 | 29.8 | 11,639 | 23.6 | ||||||||||
Income Tax (Expense) Benefit | 1 | 30 | 0.0 | 0 | - | (0 | ) | (0 | ) | 0.0 | 30 | (100.0 | ) | |||||||
Net Income | 781 | 26,054 | 30.0 | 3,105 | 739.1 | 431 | 14,385 | 29.8 | 11,669 | 23.3 | ||||||||||
Basic Earnings Per Share | 0.168 | 5.592 | 0.682 | 0.092 | 3.087 | 2.513 | ||||||||||||||
Basic Earnings Per ADS (2) | 1.68 | 55.92 | 6.82 | 0.92 | 30.87 | 25.13 | ||||||||||||||
Weighted Average Number of Shares Outstanding (Million) | 4,659 | 4,553 | 4,659 | 4,644 | ||||||||||||||||
Note: | (1) | Unaudited, prepared by AU Optronics Corp. |
(2) | New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$33.3767 per US dollar for 2Q2004 | |
(3) | 1 ADR equals 10 ordinary shares |
AU OPTRONICS
CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and US dollars (USD))
2004 | 2003 | ||||||||
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USD | NTD | NTD | |||||||
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Cash Flows from Operating Activities: | |||||||||
Net Income | 781 | 26,054 | 3,105 | ||||||
Depreciation & Amortization | 329 | 10,797 | 7,103 | ||||||
Provision for Inventory Devaluation | 1 | 29 | 142 | ||||||
S.T & L.T Investment Gain | (3 | ) | (104 | ) | (196 | ) | |||
Changes in Working Capital & Others | (322 | ) | (10,754 | ) | (1,318 | ) | |||
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Net Cash Provided by Operating Activities | 786 | 26,204 | 8,836 | ||||||
Cash Flows from Investing Activities: | |||||||||
Decrease (Increase) in Short-term Investments | (30 | ) | (1,003 | ) | 666 | ||||
Acquisition of Property, Plant and Equipment | (906 | ) | (30,237 | ) | (14,979 | ) | |||
Proceeds from Disposal of Property, Plant and Equipment | 3 | 112 | 311 | ||||||
Increase in Long-term Equity Investments | (141 | ) | (4,695 | ) | (436 | ) | |||
Increase in Restricted Cash in Bank | 0 | 0 | 23 | ||||||
Increase in Intangible Assets | (11 | ) | (370 | ) | (746 | ) | |||
Decrease in Other Assets | 2 | 59 | 89 | ||||||
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Net Cash Used in Investing Activities | (1,083 | ) | (36,134 | ) | (15,072 | ) | |||
Cash Flows from Financing Activities: | |||||||||
Increase (Decrease) in Long-term Borrowings | 277 | 9,254 | (4,399 | ) | |||||
Issuance of Common Stock for Cash | 478 | ||||||||
Increase in Treasury Stock | 0 | 0 | (68 | ) | |||||
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Net Cash Provided by (Used in) Financing Activities | 755 | 25,221 | (4,467 | ) | |||||
Effect of Exchange Rate Change on Cash | 1 | 23 | (30 | ) | |||||
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Net Increase (Decrease) in Cash and Cash Equivalents | 459 | 15,314 | (10,733 | ) | |||||
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Cash and Cash Equivalents at Beginning of Period | 498 | 16,624 | 25,659 | ||||||
Cash and Cash Equivalents at End of Period | 957 | 31,938 | 14,926 | ||||||
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Note: | (1) | Unaudited, prepared by AU Optronics Corp. |
(2) | Amount in New Taiwan dollars translated into US dollars at the exchange rate of NT$ 33.3767 per US dollar |
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
As of June 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD))
As of June 30, 2004 | As of June 30, 2003 | YoY | ||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | |||||||
Cash and Cash Equivalents | 1,132 | 38,216 | 17.1 | 15.856 | 12.0 | 22,360 | 141 | . | ||||||
Short-term Investment | 98 | 3,302 | 1.5 | 2,666 | 2.0 | 636 | 23.9 | |||||||
Notes & Accounts Receivables | 783 | 26,431 | 11.8 | 13,661 | 10.4 | 12,770 | 93.5 | |||||||
Inventories | 526 | 17,779 | 7.9 | 7,162 | 5.4 | 10,617 | 148.2 | |||||||
Other Current Assets | 130 | 4,390 | 1.9 | 1,728 | 1.3 | 2,662 | 154 | . | ||||||
Total Current Assets | 2,669 | 90,118 | 40.2 | 41,073 | 31.1 | 49,045 | 119 | . | ||||||
Long-term Investments | 57 | 1,919 | 0.9 | 461 | 0.3 | 1,458 | 316.3 | |||||||
Fixed Assets | 5,230 | 176,565 | 78.9 | 114,171 | 86.5 | 62,394 | 54.6 | |||||||
Less Accumulated Depreciation | (1,485 | ) | (50,139 | ) | (224 | ) | (31,989 | ) | (24 2 | ) | (18,150 | ) | 56.7 | |
Net Fixed Assets | 3,745 | 126,426 | 62.5 | 82,182 | 62.3 | 44,244 | 53.8 | |||||||
Other Assets | 157 | 5,291 | 2.4 | 8,240 | 6.3 | (2,949 | ) | (35.8 | ) | |||||
Total Assets | 6,628 | 223,754 | 100.0 | 131,956 | 100.0 | 91,798 | 69.6 | |||||||
LIABILITIES | ||||||||||||||
Short-term borrowings | 1 | 21 | 0.0 | 282 | 0.2 | (261 | ) | (92.6 | ) | |||||
Accounts Payable | 1,232 | 41,609 | 18.6 | 16,998 | 12.9 | 24,611 | 144.8 | |||||||
Current Installments of Long-term Liabilities | 189 | 6,394 | 2.9 | 9,486 | 7.2 | (3,092 | ) | (32.6 | ) | |||||
Other Current Liabilities | 290 | 9,790 | 4.3 | 4,039 | 3.1 | 5,751 | 142.4 | |||||||
Total Current Liabilities | 1,712 | 57,814 | 25.8 | 30,805 | 23.4 | 27,009 | 87.7 | |||||||
Long-term Borrowings | 891 | 30,080 | 13.5 | 20,437 | 15.5 | 9,643 | 47.2 | |||||||
Bonds and Convertible Bonds Payable | 178 | 6,000 | 2.7 | 1,767 | 1.3 | 4,233 | 239.6 | |||||||
Other Long-term Liabilities | 29 | 973 | 0.4 | 135 | 0.1 | 838 | 620.7 | |||||||
Total Liabilities | 2,810 | 94,867 | 42.4 | 53,144 | 40.3 | 41,723 | 78.5 | |||||||
SHAREHOLDERS' EQUITY | ||||||||||||||
Common Stock | 1,468 | 49,580 | 22.1 | 42,704 | 32.4 | 6,876 | 16.1 | |||||||
Capital Surplus | 1,338 | 45,165 | 20.2 | 31,731 | 24.0 | 13,434 | 42.3 | |||||||
Retained Earnings | 1,018 | 34,365 | 15.4 | 4,626 | 3.5 | 29,739 | 642.9 | |||||||
Cumulative Translation Adjustment | 1 | 28 | 0.0 | 2 | 0.0 | 26 | 1,300.0 | |||||||
Treasury Stock | (7 | ) | (251 | ) | (0.1 | ) | (251 | ) | (0.2 | ) | 0 | 0.0 | ||
Total Stockholders Equity | 3,818 | 128,887 | 57.6 | 78,812 | 59.7 | 50,075 | 63.5 | |||||||
Total Liabilities & Stockholders Equity | 6,628 | 223,754 | 100.0 | 131,956 | 100.0 | 91,798 | 69.6 | |||||||
Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
(2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 33.76 per US dollar as of June 30, 2004 |
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Six Months Ended June
30, 2004 and 2003 and for the Three Months Ended June 30, 2004
and March 31,
2004
(Expressed in Millions New Taiwan Dollars (NTD)
and U.S. Dollars (USD)
Except for Per Share Data and Shares Outstanding)
Year over Year Comparison | Sequential comparison | |||||||||||||||||||
1H 2004 USD |
1H2004 NTD |
% of Sales |
1H 2003 NTD |
YoY Chg % |
2Q 2004 USD |
2Q 2004 NTD |
% of Sales |
1Q2004 NTD |
QoQ Chg% |
|||||||||||
Net Sales | 2,692 | 89,861 | 100.0 | 42,110 | 113.4 | 1,454 | 48,530 | 100.0 | 41,331 | 17.4 | ||||||||||
Cost of Goods Sold | 1,758 | 58,664 | 65.3 | 35,619 | 64.7 | 940 | 31,378 | 64.7 | 27,286 | 15.0 | ||||||||||
Gross Profit | 934 | 31,197 | 34.7 | 6,491 | 380.6 | 514 | 17,152 | 35.3 | 14,045 | 22.1 | ||||||||||
Operating Expenses | ||||||||||||||||||||
Selling | 28 | 951 | 1.0 | 457 | 108.1 | 11 | 368 | 0.8 | 583 | (36.9 | ) | |||||||||
Administrative | 49 | 1,639 | 1.8 | 1,168 | 40.3 | 27 | 902 | 1.9 | 737 | 22.4 | ||||||||||
Research and Development | 64 | 2,129 | 2.4 | 1,336 | 59.4 | 34 | 1,138 | 2.3 | 991 | 14.8 | ||||||||||
Total Operating Expenses | 141 | 4,719 | 5.2 | 2,961 | 59.4 | 72 | 2,408 | 5.0 | 2,311 | 4.2 | ||||||||||
Total Operating Income | 793 | 26,478 | 29.5 | 3,530 | 650.1 | 442 | 14,744 | 30.3 | 11,734 | 25.7 | ||||||||||
Net Non-Operating Expenses | (13 | ) | (454 | ) | (0.5 | ) | (425 | ) | 6.8 | (11 | ) | (359 | ) | (0.7 | ) | (95 | ) | 277.9 | ||
Income before Income Tax | 780 | 26,024 | 29.0 | 3,105 | 738.1 | 431 | 14,385 | 29.6 | 11,639 | 23.6 | ||||||||||
Income Tax Benefit | 1 | 30 | 0.0 | 0 | 0.0 | 0 | 0 | 0.0 | 30 | - | ||||||||||
Net Income | 781 | 26,054 | 29.0 | 3,105 | 739.1 | 431 | 14,385 | 29.6 | 11,669 | 23.3 | ||||||||||
Basic Earnings Per Share | 0.168 | 5.592 | 0.682 | 0.092 | 3.087 | 2.513 | ||||||||||||||
Basic Earnings Per ADS (3) | 1.68 | 55.92 | 6.82 | 0.92 | 30.87 | 25.13 | ||||||||||||||
Weighted Average Number | 4,659 | 4,553 | 4,659 | 4,644 | ||||||||||||||||
of Shares Outstanding (Million) |
Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
(2) New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$33.3767 per US dollar for 2Q2004 | |
(3) 1 ADR equals 10 ordinary shares |
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended June 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD))
2004 | 2003 | |||||
USD | NTD | NTD | ||||
Cash Flows from Operating Activities: | ||||||
Net Income | 781 | 26,054 | 3,105 | |||
Depreciation & Amortization | 346 | 11,532 | 7,332 | |||
Provision for Inventory Devaluation | 1 | 19 | 53 | |||
S.T Loss recovery profit | 0 | 0 | (118 | ) | ||
Changes in Working Capital & Others | (237 | ) | (7,879 | ) | 740 | |
Net Cash Provided by Operating Activities | 891 | 29,726 | 11,112 | |||
Cash Flows from Investing Activities: | ||||||
Decrease (Increase) in Short-term Investments | (30 | ) | (1,015 | ) | 684 | |
Acquisition of Property, Plant and Equipment | (992 | ) | (33,119 | ) | (16,283 | ) |
Proceeds from Disposal of Property, Plant and Equipment | 3 | 114 | 0 | |||
Increase in Long-term Equity Investments | (38 | ) | (1,277 | ) | (514 | ) |
Increase in Restricted Cash in Bank | 0 | 0 | 23 | |||
Increase in Intangible Assets | (11 | ) | (370 | ) | (805 | ) |
Decrease in Other Assets | 5 | 180 | 45 | |||
Net Cash Used in Investing Activities | (1,063 | ) | (35,487 | ) | (16,850 | ) |
Cash Flows from Financing Activities: | ||||||
Decrease in Short-term Borrowings | (9 | ) | (280 | ) | (489 | ) |
Increase (Decrease) in Long-term Borrowings | 308 | 10,276 | (3,806 | ) | ||
Issuance of Common Stock for Cash | 480 | 16,020 | 0 | |||
Increase in Treasury Stock | 0 | 0 | (68 | ) | ||
Net Cash Provided by (Used in) Financing Activities | 779 | 26,016 | (4,363 | ) | ||
Effect of Exchange Rate Change on Cash | (0 | ) | (1 | ) | 0 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 607 | 20,254 | (10,101 | ) | ||
Cash and Cash Equivalents at Beginning of Period | 538 | 17,962 | 25,957 | |||
Cash and Cash Equivalents at End of Period | 1,145 | 38,216 | 15,856 | |||
Note: | (1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP |
(2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NT$ 33.3767 per US dollar |
Item 3
News Release |
AU Optronics Reports Unaudited First Half 2004 Results
Consolidated Revenues of NT$89,861 Million and Net Income of NT$26,054 Million Set Record Highs
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO), the worlds third largest manufacturer of large-size TFT-LCD panels, today announced its unaudited consolidated results of operations for the six months ended June 30, 2004. All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (ROC GAAP). There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Companys annual report on Form 20-F filed with the United States Securities and Exchange Commission on May 7, 2004. The unaudited financial information mentioned herein is not necessarily indicative of our future financial results. |
Hsinchu, Taiwan, July 22, 2004
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO) today held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results for the six months ended June 30, 2004.
Unaudited consolidated net sales and net income for 1H 2004 totaled historical high of NT$89,861 million and NT$26,054 million, respectively, with Earnings per share of NT$5.59. Both consolidated net sales and net income for 2Q 2004 set the record high performance for a single quarter, net sales increased 17.4% to NT$48,530 million while net income rose 23.3% to NT$14,385 million over the previous quarter. Unconsolidated net sales for the first half and second quarter of 2004 totaled NT$86,880 million and NT$48,344 million, respectively.
Despite traditional slow PC season taking effect from June 2004, AUO delivered solid 2Q04 results, mainly attributed to the smooth ramp up and high yield rates achieved at AUOs fifth generation production facilities (5G fabs), successful cost control, product mix enhancement and capacity allocation optimization. As a result, the gross profit for the second quarter 2004 increased 22.1% to NT$17,152 million, compared to NT$14,045 million in the previous quarter; gross margin improved to 35.3% in the second quarter from 34% in the first quarter of 2004. Our operating profit for the quarter totaled NT$14,743 million, with operating margin of 30.4%, as compared to 28.4% for the previous quarter, with earnings per share of NT$3.08 for the quarter commented Mr. Max Cheng, Vice President and Chief Financial Officer.
Dr. Hui Hsiung, Executive Vice President, noted that AUOs unit shipment of large size panels totaled 4.73 million, a 14.3% QoQ growth. For the first half 2004, large size panel shipment totaled 8.86 million.
News Release |
Unit shipment for small and medium size panels in second quarter 2004 recovered from seasonal weakness, posting significant growth of 41.4% to 7.3 million from the previous quarter. Total shipment for small and medium size panels reached 12.5 million in 1H 2004.
Safe Harbour Notice
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 F-3 filed with the United States Securities and Exchange Commission on June 17, 2004.
# # #
FOR MORE INFORMATION
Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2, Science-Based Industrial
Park, Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5632899 ext 3211 Fax: +886-3-5637608
Email: yawenhsiao@auo.com