FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
October 25, 2006
Commission File Number 001-31335
AU Optronics Corp.
(Translation of registrants 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 registrants home country), or under the rules of the home country exchange on which the registrants 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 registrants 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):
Not applicable
INDEX TO EXHIBITS
Item | |
1. | Press release entitled, AU Optronics Reports 3Q2006 Results, dated October 25, 2006. |
2. | Investor Conference Materials entitled, AU Optronics Corp. Third Quarter 2006 Results, dated October 25, 2006 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AU Optronics Corp. | |||
Date: October 25, 2006 | By: | /s/ Max Cheng | |
Name: | Max Cheng | ||
Title: | Chief Financial Officer |
Item 1
News Release | |
AU Optronics Reports 3Q2006 Results | |
Issued by: AU Optronics Corp.
Issued on: October 25, 2006
Hsinchu, Taiwan, October 25, 2006
Third Quarter 2006 Unaudited Consolidated Financial Highlights
| Revenues increased 17.1% QoQ to NT$71.313 billion |
| Net income increased 236.9% QoQ to NT$613 million |
| Earnings per share (basic EPS) of NT$0.10 per common share (US$0.03 per ADS) |
| Gross margin: 8.3% |
| Operating margin: 2.9% |
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 3Q2006. For the third quarter ended September 30, 2006, AUO's consolidated revenue totaled NT$71.31 billion (US$2.15 billion*), net income NT$613 million (US$19 million), and basic EPS NT$0.10 per common share (US$0.03 per ADS). For the nine months ended September 30, 2006, AUO's consolidated revenues totaled NT$198.46 billion (US$6.00 billion), net income NT$7.45 billion (US$225 million), and basic EPS NT$1.22 per common share (US$0.37 per ADS.)
Mr. Max Cheng, Vice President and Chief Financial Officer of AUO noted that 3Q2006 panel shipments are better than the Company's guidance announced on July 25. Shipments of large-sized panels increased 24.6% to 12.6 million from 2Q, and a remarkable Y-o-Y growth of 58.4% . In the mean time, shipments of small- and medium-sized panels rose by 15.1% post 20.8 million from last quarter, up 18.3% from a year earlier. Although the ASP (average selling price) in some PC-related applications had hit rock bottom and began to rebound, the company's operation in the third quarter still experienced the drop in ASP in LCD TV panels, resulting panel ASP by square meter declined by about 12%. However, through effective increase in capacity utilization rate and component cost-down, the companys 3Q gross margin recorded 8.3%, operating margin grew to 2.9% from 2.2% of last quarter, and maintained a stable EBITDA margin.
Earlier this month, AUO completed its merger with Quanta Display Inc., ushering totaled capacity of the companys G5 and G6 lines leaped to the worlds leading position. AUO will leverage its competitive advantage to not only increase the shipment volume and revenue in the next coming quarters but also assure worldwide customers with the most flexible solutions to meet their needs.
2
*Amounts converted by an exchange rate of NTD33.1:USD1 as of September 29, 2006.
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is one of the top three largest manufacturers* of large-size thin film transistor liquid crystal display panels (TFT-LCD), with approximately 20.9%* of global market share with revenues of NT$217.4billion (US$6.75 bn)* in 2005. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40+ sized LCD TV panels, AUOs next generation (7.5 -generation) fabrication facility production is scheduled for mass production in the fourth quarter of 2006. The Company currently operates two 6th-generation, four 5th-generation, one 4th-generation, and four 3.5 -generation TFT- LCD fabs, in addition to eight module assembly facilities and the AUO Technology Center specializes in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large- size (1.5 -46) TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
*As shown on DisplaySearch Quarterly Large-Area TFT-LCD Shipment Report dated August 25, 2006. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2005
year end revenue converted by an exchange rate of NTD32.2039:USD1.
Safe Harbour Notice
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO), the worlds third largest manufacturer of large-size TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on June 1st, 2006.
FOR MORE INFORMATION
Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2, Science-Based Industrial Park,
Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5008899 ext 3211
Fax: +886-3-5772730 Email:yawen.hsiao@auo.com
AU Optronics Corp. Third Quarter 2006 Results Investor Conference October 25, 2006 |
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 Ex change Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics' future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics' current expectations. Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates. In addition, any financial information contained herewithin is presented in conformity with accounting principles generally accepted in the Republic of China ( "ROC GAAP"). Readers should be cautioned that these accounting principles differ in many material respects from accounting principles generally accepted in the United States of America ("US GAAP"). Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise. Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics' forward-looking statements or some of the major differences between ROC GAAP and US GAAP can be found in AU Optronics ' Annual Report on Form 20-F with respect to the year ended December 31, 2005 filed with the United States Securities and Exchange Commission. 2 1 |
Consolidated Income Statement Amount : NT$ Million Except Per Share Data 3Q'06(a) 2Q'06(a) QoQ % 3Q'05 (a) ------------------------------------------------------------------------------------ Net Sales 71,313 100.0% 60,896 100.0% 17.1% 59,505 100.0% Cost of Goods Sold (65,375) (91.7%) (55,702) (91.5%) 17.4% (50,229) (84.4%) ------------------------------------------------------------------------------------- Gross Profit 5,938 8.3% 5,194 8.5% 14.3% 9,276 15.6% Operating Expenses (3,862) (5.4%) (3,828) (6.3%) 0.9% (3,369) (5.7%) ------------------------------------------------------------------------------------- Operating Income 2,075 2.9% 1,366 2.2% 51.9% 5,906 9.9% Net Non-operating Expense (1,364) (1.9%) (1,045) (1.7%) 30.5% (86) (0.1%) ------------------------------------------------------------------------------------- Income before Tax 711 1.0% 321 0.5% 121.4% 5,820 9.8% Income Tax Expense & Other (99) (0.1%) (139) (0.2%) (29.3%) 1 0.0% ------------------------------------------------------------------------------------- Net Income 613 0.9% 182 0.3% 236.9% 5,821 9.8% ------------------------------------------------------------------------------------- Basic EPS (NT$)(b) 0.10 0.03 - 1.00 ------------------------------------------------------------------------------------- Operating Income + D&A 13,871 19.5% 12,782 21.0% 8.5% 14,769 24.8% ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Unit Shipments (MN)(c) Large Size Panels 12.6 10.1 24.6% 8.0 Small & Medium Size Panels 20.8 18.1 15.1% 17.6 ------------------------------------------------------------------------------------- (a) Unaudite d, prepared by AU Optronics Corp. on a consolidated basis (b) Basic EPS were calculated based on total weighted average outstanding shares of 6,094 million shares, 6,094mi llion shares and 5,826 million shares respectively for 3Q'06, 2Q'06 a nd 3Q '05, including retroactive a djustment of stock dividend and stock bonus (c) Large size refers to panels that are 10 inches and above 3 |
Consolidated Balance Sheet Highlights Amount : NT$ Million 3Q'06 (a) 2Q'06 (a) QoQ % 3Q'05 (a) ------------------------------------------------------------------------------- Cash & ST Investment 29,292 21,813 34.3% 18,976 Inventory 28,168 25,618 10.0% 15,806 Short Term Debt(b) 14,928 15,038 (0.7%) 8,631 Long Term Debt 116,223 87,156 33.4% 81,696 Equity 161,460 160,679 0.5% 144,128 Total Assets 379,646 338,903 12.0% 303,815 ------------------------------------------------------------------------------- Inventory Turnover (Days)(c) 38 40 28 Debt to Equity 81.2% 63.6% 62.7% Net Debt to Equity 64.2% 51.1% 50.6% ------------------------------------------------------------------------------- (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Short term debt refers to all interestbearing debt maturing within one year (c) Annualized, calculated by dividing the average inventory into the cost of goods sold during such period, then multiplying by 365 days 4 2 |
Consolidated Cash Flow Highlights Amount : NT$ Million 3Q'06 (a) 2Q'06 (a) QoQ ------------------------------------------------------------------------------- From Operating Activities 10,631 15,340 (4,709) Net Profit 612 180 431 Depreciation & Amortization 11,795 11,416 379 Net Change in Working Capital (4,066) 2,336 (6,401) ------------------------------------------------------------------------------- From Investing Activities (29,627) (24,062) (5,565) Capital Expenditure (21,801) (23,821) 2,020 ------------------------------------------------------------------------------- From Financing Activities 26,673 4,713 21,960 Net Change in Debt 28,790 4,615 24,175 (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis 5 |
Consolidated Revenues by Application -- Unaudited, prepared by AU O ptronics Corp. on a consolidated basis 6 3 |
Consolidated Large Panel Shipments & ASP by Unit -- Unaudited, prepared by AU Optronics Corp. on a consolidated basis -- Large size refers to panels that are 10 inches and a bove -- Blended ASP in US dollars were translated from NT$ based on average exchange rates announced by Directorate General of Customs, ROC Ministry of Finance of each respective quarter 7 |
Consolidated Shipments & ASP by Area -- Unaudited, prepared by AU Optronics Corp. on a consolidated basis -- ASP per square meter in US dollars were translated from NT$ based on the noon buying rate of each respective quarter 8 8 4 |
Consolidated Small & Medium Panel Shipments & Revenues -- Unaudited, prepared by AU Optronics Corp. on a consolidated basis -- Small & Medium size refers to panels that are under 10 inches 9 5 |
Capacity by Fab Fab Substrate 9/2006 12/2006 (F) Size (mm) Capacity (a) Capacity (a) ------------------------------------------------------------------------------- 5,000 LTPS L3A (G3.5) 610 x 720 15,000 a-Si 20,000 LTPS L3B (G3.5) 610 x 720 40,000 40,000 L3C (G3.5) 600 x 720 60,000 60,000 L3D (G3.5) (b) 625 x 750 50,000 50,000 L4A (G4.0) 680 x 880 60,000 60,000 L5A (G5.0) 1100 x 1250 50,000 50,000 L5B (G5.0) 1100 x 1300 70,000 70,000 L5C (G5.0) 1100 x 1300 105,000 120,000 L5D (G5.0) (b) 1100 x 1300 70,000 70,000 L6A (G6.0) 1500 x 1850 120,000 120,000 L6B (G6.0) (b) 1500 x 1850 40,000 60,000 L7A (G7.5) 1950 x 2250 2,000 10,000 ------------------------------------------------------------------------------- (a) Capacity based on monthly glass substrate input (b) QDI's facilities, No revenue contributions to AUO on 3Q06 10 5 |
www.auo.com ir@auo.com 6 |
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
September 30, 2006 and 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
September 30, 2006 | September 30, 2005 | YoY | |||||||||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||||||||
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Cash and Cash Equivalents | 833 | 27,562 | 7.3 | 17,389 | 5.7 | 10,172 | 58.5 | ||||||||||||||
Short-term Investment | 52 | 1,731 | 0.5 | 1,587 | 0.5 | 144 | 9.1 | ||||||||||||||
Notes & Accounts Receivables | 1,349 | 44,645 | 11.8 | 37,543 | 12.4 | 7,102 | 18.9 | ||||||||||||||
Inventories | 851 | 28,168 | 7.4 | 15,806 | 5.2 | 12,362 | 78.2 | ||||||||||||||
Other Current Financial Assets | 12 | 405 | 0.1 | 344 | 0.1 | 61 | 17.6 | ||||||||||||||
Other Current Assets | 174 | 5,754 | 1.5 | 6,773 | 2.2 | (1,018 | ) | (15.0 | ) | ||||||||||||
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Total Current Assets | 3,271 | 108,265 | 28.5 | 79,442 | 26.1 | 28,823 | 36.3 | ||||||||||||||
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Long-term Investments | 317 | 10,485 | 2.8 | 5,480 | 1.8 | 5,005 | 91.3 | ||||||||||||||
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Fixed Assets | 11,427 | 378,241 | 99.6 | 296,159 | 97.5 | 82,081 | 27.7 | ||||||||||||||
Less Accumulated Depreciation | (3,782 | ) | (125,170 | ) | (33.0 | ) | (83,402 | ) | (27.5 | ) | (41,768 | ) | 50.1 | ||||||||
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Net Fixed Assets | 7,646 | 253,070 | 66.7 | 212,757 | 70.0 | 40,313 | 18.9 | ||||||||||||||
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Other Assets | 236 | 7,826 | 2.1 | 6,136 | 2.0 | 1,691 | 27.6 | ||||||||||||||
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Total Assets | 11,470 | 379,646 | 100.0 | 303,815 | 100.0 | 75,832 | 25.0 | ||||||||||||||
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LIABILITIES | |||||||||||||||||||||
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Accounts Payable | 1,746 | 57,801 | 15.2 | 42,614 | 14.0 | 15,187 | 35.6 | ||||||||||||||
Current Installments of Long-term Liabilities | 451 | 14,928 | 3.9 | 8,631 | 2.8 | 6,297 | 73.0 | ||||||||||||||
Current Financial Liabilities | 8 | 261 | 0.1 | 0 | 0.0 | 261 | - | ||||||||||||||
Other Current Liabilities | 861 | 28,495 | 7.5 | 26,548 | 8.7 | 1,947 | 7.3 | ||||||||||||||
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Total Current Liabilities | 3,066 | 101,485 | 26.7 | 77,793 | 25.6 | 23,692 | 30.5 | ||||||||||||||
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Long-term Borrowings | 3,028 | 100,223 | 26.4 | 69,696 | 22.9 | 30,527 | 43.8 | ||||||||||||||
Bonds Payable | 483 | 16,000 | 4.2 | 12,000 | 3.9 | 4,000 | 33.3 | ||||||||||||||
Non Current Financial Liabilities | 11 | 357 | 0.1 | 0 | 0.0 | 357 | - | ||||||||||||||
Other Liabilities | 4 | 122 | 0.0 | 198 | 0.1 | (76 | ) | (38.5 | ) | ||||||||||||
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Total Liabilities | 6,592 | 218,187 | 57.5 | 159,687 | 52.6 | 58,500 | 36.6 | ||||||||||||||
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SHAREHOLDERS' EQUITY | |||||||||||||||||||||
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Common Stock | 1,841 | 60,941 | 16.1 | 58,305 | 19.2 | 2,635 | 4.5 | ||||||||||||||
Capital Surplus | 1,741 | 57,635 | 15.2 | 57,459 | 18.9 | 176 | 0.3 | ||||||||||||||
Retained Earnings | 1,279 | 42,333 | 11.2 | 28,247 | 9.3 | 14,086 | 49.9 | ||||||||||||||
Cumulative Translation Adjustment | 10 | 324 | 0.1 | 80 | 0.0 | 245 | 306.3 | ||||||||||||||
Unrealized Gain/Loss on Financial Products | (4 | ) | (124 | ) | (0.0 | ) | 0 | 0.0 | (124 | ) | - | ||||||||||
Minority Interest | 11 | 351 | 0.1 | 36 | 0.0 | 315 | 871.1 | ||||||||||||||
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Total Stockholders' Equity | 4,878 | 161,460 | 42.5 | 144,128 | 47.4 | 17,332 | 12.0 | ||||||||||||||
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Total Liabilities & Stockholders' Equity | 11,470 | 379,646 | 100.0 | 303,815 | 100.0 | 75,832 | 25.0 | ||||||||||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amount in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 33.10 per US dollar as of September 30, 2006 |
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2006 and 2005 and June 30, 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) except for per share amounts and shares outstanding)
Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||
3Q 2006 | 3Q 2006 | % of | 3Q 2005 | YoY | 3Q 2006 | 3Q 2006 | % of | 2Q 2006 | QoQ | |||||||||||||||||||||
USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | |||||||||||||||||||||
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Net Sales | 2,154 | 71,313 | 100.0 | 59,505 | 19.8 | 2,154 | 71,313 | 100.0 | 60,896 | 17.1 | ||||||||||||||||||||
Cost of Goods Sold | 1,975 | 65,375 | 91.7 | 50,229 | 30.2 | 1,975 | 65,375 | 91.7 | 55,702 | 17.4 | ||||||||||||||||||||
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Gross Profit | 179 | 5,938 | 8.3 | 9,276 | (36.0 | ) | 179 | 5,938 | 8.3 | 5,194 | 14.3 | |||||||||||||||||||
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Operating Expenses | ||||||||||||||||||||||||||||||
SG&A | 83 | 2,745 | 3.8 | 2,384 | 15.2 | 83 | 2,745 | 3.8 | 2,891 | (5.0 | ) | |||||||||||||||||||
R&D | 34 | 1,117 | 1.6 | 985 | 13.4 | 34 | 1,117 | 1.6 | 936 | 19.3 | ||||||||||||||||||||
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117 | 3,862 | 5.4 | 3,369 | 14.6 | 117 | 3,862 | 5.4 | 3,828 | 0.9 | |||||||||||||||||||||
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Operating Income (Loss) | 63 | 2,075 | 2.9 | 5,906 | (64.9 | ) | 63 | 2,075 | 2.9 | 1,366 | 51.9 | |||||||||||||||||||
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Net Non-Operating Income (Expense) |
(41 | ) | (1,364 | ) | (1.9 | ) | (86 | ) | 1478.8 | (41 | ) | (1,364 | ) | (1.9 | ) | (1,045 | ) | 30.5 | ||||||||||||
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Income before Income Tax | 21 | 711 | 1.0 | 5,820 | (87.8 | ) | 21 | 711 | 1.0 | 321 | 121.4 | |||||||||||||||||||
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Income Tax Benefit (Expense) | (3 | ) | (99 | ) | (0.1 | ) | (0 | ) | - | (3 | ) | (99 | ) | (0.1 | ) | (141 | ) | (29.7 | ) | |||||||||||
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Changes in Principle | 0 | 0 | 0.0 | 0 | - | 0 | 0 | 0.0 | (0 | ) | - | |||||||||||||||||||
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Minority Interest in Net Loss (Income) |
0 | 0 | 0.0 | 1 | (61.2 | ) | 0 | 0 | 0.0 | 1 | - | |||||||||||||||||||
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Net Income (loss) | 19 | 613 | 0.9 | 5,821 | (89.5 | ) | 19 | 613 | 0.9 | 182 | 236.9 | |||||||||||||||||||
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Basic Earnings Per Share | 0.00 | 0.10 | 1.00 | 0.00 | 0.10 | 0.03 | ||||||||||||||||||||||||
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Basic Earnings Per ADS(3) | 0.03 | 1.01 | 10.04 | 0.03 | 1.01 | 0.30 | ||||||||||||||||||||||||
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Weighted Average Number of Shares Outstanding (Million) |
6,094 | 5,826 | 6,094 | 6,094 | ||||||||||||||||||||||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amounts in New Taiwan dollars were translated into U.S. dollars at the exchange rate of NT$33.10 per US dollar as of September 30, 2006 | |
(3) | 1 ADR equals 10 common shares |
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2006 and 2005
(Expressed in Millions of New Taiwan Dollars (NT D) and U.S. Dollars (USD))
Nine Months 2006 | Nine Months 2005 | ||||||||
USD | NTD | NTD | |||||||
Cash Flows from Operating Activities: | |||||||||
Net Income | 225 | 7,442 | 4,158 | ||||||
Depreciation & Amortization | 1,020 | 33,758 | 24,192 | ||||||
Provision for Inventory Devaluation | 23 | 760 | 492 | ||||||
Investment Loss under Equity Method | 38 | 1,250 | 268 | ||||||
Disposal Gain on Long-term Investment | (1 | ) | (25 | ) | (106 | ) | |||
Changes in Working Capital & Others | (124 | ) | (4,107 | ) | (2,891 | ) | |||
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Net Cash Provided by Operating Activities | 1,181 | 39,078 | 26,114 | ||||||
Cash Flows from Investing Activities: | |||||||||
Acquisition of Property, Plant and Equipment | (1,942 | ) | (64,291 | ) | (63,456 | ) | |||
Proceeds from Disposal of Property, Plant and Equipment | 0 | 9 | 21 | ||||||
Increase in Long-term Equity Investments | (202 | ) | (6,701 | ) | (266 | ) | |||
Proceeds from Disposal of Long-term Investment | 3 | 102 | 297 | ||||||
Increase in Restricted Cash in Bank | (0 | ) | (13 | ) | (3 | ) | |||
Increase in Deferred Assets and Intangible Assets | (68 | ) | (2,257 | ) | (3,078 | ) | |||
Decrease in Other Assets | 1 | 42 | 672 | ||||||
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Net Cash Used in Investing Activities | (2,209 | ) | (73,109 | ) | (65,813 | ) | |||
Cash Flows from Financing Activities: | |||||||||
Decrease in Short-term Borrowings | 0 | 0 | (6,183 | ) | |||||
Increase in Guarantee Deposits | 0 | 1 | 4 | ||||||
Increase in Long-term Borrowings | 976 | 32,302 | 30,463 | ||||||
Issuance of Common Stock for Cash | 0 | 0 | 15,594 | ||||||
Issuance of Bonds | 151 | 5,000 | 6,000 | ||||||
Directors' and Supervisors' Remuneration | (11 | ) | (380 | ) | (687 | ) | |||
Cash Dividends | (53 | ) | (1,749 | ) | (5,935 | ) | |||
Decrease in Treasury Stock | 0 | 0 | 178 | ||||||
Change in Minority Interest | 4 | 129 | 0 | ||||||
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Net Cash Provided by Financing Activities | 1,067 | 35,303 | 39,434 | ||||||
Effect of Exchange Rate Change on Cash | 1 | 27 | (143 | ) | |||||
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Net Increase (Decrease) in Cash and Cash Equivalents | 39 | 1,298 | (408 | ) | |||||
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Cash and Cash Equivalents at Beginning of Period | 793 | 26,263 | 17,798 | ||||||
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Cash and Cash Equivalents at End of Period | 833 | 27,562 | 17,389 | ||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NT$ 33.10 per US dollar as of September 30, 2006 |
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
September 30, 2006 and 2005
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
September 30, 2006 | September 30, 2005 | YoY | |||||||||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||||||||
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Cash and Cash Equivalents | 730 | 24,173 | 6.6 | 15,947 | 5.4 | 8,226 | 51.6 | ||||||||||||||
Short-term Investments | 52 | 1,719 | 0.5 | 1,587 | 0.5 | 132 | 8.3 | ||||||||||||||
Notes & Accounts Receivable | 1,354 | 44,818 | 12.2 | 37,521 | 12.8 | 7,297 | 19.4 | ||||||||||||||
Other Current Financial Assets | 10 | 342 | 0.1 | 336 | 0.1 | 6 | 1.8 | ||||||||||||||
Inventories | 766 | 25,342 | 6.9 | 13,569 | 4.6 | 11,773 | 86.8 | ||||||||||||||
Other Current Assets | 169 | 5,578 | 1.5 | 6,706 | 2.3 | (1,128 | ) | (16.8 | ) | ||||||||||||
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Total Current Assets | 3,081 | 101,971 | 27.9 | 75,665 | 25.8 | 26,306 | 34.8 | ||||||||||||||
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Long-term Investments | 645 | 21,344 | 5.8 | 11,919 | 4.1 | 9,425 | 79.1 | ||||||||||||||
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Fixed Assets | 10,702 | 354,248 | 96.8 | 279,628 | 95.3 | 74,619 | 26.7 | ||||||||||||||
Less Accumulated Depreciation | (3,577 | ) | (118,402 | ) | (32.4 | ) | (79,563 | ) | (27.1 | ) | (38,838 | ) | 48.8 | ||||||||
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Net Fixed Assets | 7,125 | 235,846 | 64.4 | 200,065 | 68.2 | 35,781 | 17.9 | ||||||||||||||
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Other Assets | 206 | 6,805 | 1.9 | 5,753 | 2.0 | 1,052 | 18.3 | ||||||||||||||
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Total Assets | 11,056 | 365,966 | 100.0 | 293,401 | 100.0 | 72,565 | 24.7 | ||||||||||||||
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LIABILITIES | |||||||||||||||||||||
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Accounts Payable | 1,674 | 55,416 | 15.1 | 39,664 | 13.5 | 15,753 | 39.7 | ||||||||||||||
Current Installments of Long-term Liabilities | 376 | 12,440 | 3.4 | 7,044 | 2.4 | 5,395 | 76.6 | ||||||||||||||
Current Financial Liabilities | 8 | 260 | 0.1 | 0 | 0.0 | 260 | - | ||||||||||||||
Other Current Liabilities | 803 | 26,579 | 7.3 | 25,260 | 8.6 | 1,319 | 5.2 | ||||||||||||||
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Total Current Liabilities | 2,861 | 94,696 | 25.9 | 71,968 | 24.5 | 22,727 | 31.6 | ||||||||||||||
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Long-term Borrowings | 2,830 | 93,689 | 25.6 | 65,149 | 22.2 | 28,540 | 43.8 | ||||||||||||||
Bonds Payable | 483 | 16,000 | 4.4 | 12,000 | 4.1 | 4,000 | 33.3 | ||||||||||||||
Non Current Financial Liabilities | 11 | 357 | 0.1 | 0 | 0.0 | 357 | - | ||||||||||||||
Other Long-term Liabilities | 3 | 116 | 0.0 | 193 | 0.1 | (77 | ) | (39.9 | ) | ||||||||||||
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Total Liabilities | 6,189 | 204,858 | 56.0 | 149,310 | 50.9 | 55,548 | 37.2 | ||||||||||||||
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SHAREHOLDERS EQUITY | |||||||||||||||||||||
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Common Stock | 1,841 | 60,941 | 16.7 | 58,305 | 19.9 | 2,635 | 4.5 | ||||||||||||||
Capital Surplus | 1,741 | 57,635 | 15.7 | 57,459 | 19.6 | 176 | 0.3 | ||||||||||||||
Retained Earnings | 1,279 | 42,333 | 11.6 | 28,247 | 9.6 | 14,086 | 49.9 | ||||||||||||||
Cumulative Translation Adjustment | 10 | 324 | 0.1 | 80 | 0.0 | 245 | 306.3 | ||||||||||||||
Unrealized Gain/Loss on Financial Products | (4 | ) | (124 | ) | 0.0 | 0 | 0.0 | (124 | ) | - | |||||||||||
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Total Stockholders Equity | 4,867 | 161,108 | 44.0 | 144,092 | 49.1 | 17,017 | 11.8 | ||||||||||||||
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Total Liabilities & Stockholders Equity | 11,056 | 365,966 | 100.0 | 293,401 | 100.0 | 72,565 | 24.7 | ||||||||||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 33.10 per US dollar as of September 30, 2006 |
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2006 and 2005 and June 30, 2006
(Expressed in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD) except for per share amounts and shares outstanding)
Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||
3Q 2006 | % of | 3Q 2005 | YoY | 3Q 2006 | % of | 2Q 2006 | QoQ | |||||||||||||||||||||||
USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | |||||||||||||||||||||
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Net Sales | 2,154 | 71,306 | 100.0 | 59,500 | 19.8 | 2,154 | 71,306 | 100.0 | 60,880 | 17.1 | ||||||||||||||||||||
Cost of Goods Sold | 2,004 | 66,326 | 93.0 | 50,730 | 30.7 | 2,004 | 66,326 | 93.0 | 56,210 | 18.0 | ||||||||||||||||||||
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Gross Profit | 150 | 4,980 | 7.0 | 8,770 | (43.2 | ) | 150 | 4,980 | 7.0 | 4,670 | 6.6 | |||||||||||||||||||
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Operating Expenses | ||||||||||||||||||||||||||||||
SG&A | 73 | 2,402 | 3.4 | 2,108 | 14.0 | 73 | 2,402 | 3.4 | 2,563 | (6.3 | ) | |||||||||||||||||||
R&D | 33 | 1,103 | 1.5 | 977 | 12.9 | 33 | 1,103 | 1.5 | 924 | 19.3 | ||||||||||||||||||||
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106 | 3,505 | 4.9 | 3,085 | 13.6 | 106 | 3,505 | 4.9 | 3,487 | 0.5 | |||||||||||||||||||||
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Operating Income (Loss) | 45 | 1,475 | 2.1 | 5,685 | (74.1 | ) | 45 | 1,475 | 2.1 | 1,183 | 24.6 | |||||||||||||||||||
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Net Non-Operating Income (Expense) | (24 | ) | (796 | ) | (1.1 | ) | 136 | - | (24 | ) | (796 | ) | (1.1 | ) | (877 | ) | (9.2 | ) | ||||||||||||
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Income before Income Tax | 21 | 679 | 1.0 | 5,821 | (88.3 | ) | 21 | 679 | 1.0 | 307 | 121.4 | |||||||||||||||||||
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Income Tax Benefit (Expense) | (2 | ) | (66 | ) | (0.1 | ) | 0 | - | (2 | ) | (66 | ) | (0.1 | ) | (125 | ) | (47.1 | ) | ||||||||||||
Changes in Principle | 0 | 0 | 0.0 | 0 | - | 0 | 0 | 0.0 | 0 | - | ||||||||||||||||||||
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Net Income | 19 | 613 | 0.9 | 5,821 | (89.5 | ) | 19 | 613 | 0.9 | 182 | 236.9 | |||||||||||||||||||
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Retroactively adjusted: | ||||||||||||||||||||||||||||||
Basic Earnings Per Share | 0.00 | 0.10 | 1.00 | 0.00 | 0.10 | 0.03 | ||||||||||||||||||||||||
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Basic Earnings Per ADS(3) | 0.03 | 1.01 | 9.99 | 0.03 | 1.01 | 0.30 | ||||||||||||||||||||||||
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Weighted Average Number of | ||||||||||||||||||||||||||||||
Shares Outstanding (Million) | 6,094 | 5,826 | 6,094 | 6,094 | ||||||||||||||||||||||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amounts in New Taiwan dollars were translated into U.S. dollars at the exchange rate of NT$33.10 per US dollar as of September 30, 2006 | |
(3) | 1 ADR equals 10 common shares |
AU
OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2006 and 2005
(Expressed in Millions of New Taiwan dollars (NTD) and US dollars (USD))
Nine Months 2006 | Nine Months 2005 | ||||||||
USD | NTD | NTD | |||||||
Cash Flows from Operating Activities: | |||||||||
Net Income | 225 | 7,445 | 4,162 | ||||||
Depreciation & Amortization | 955 | 31,602 | 22,593 | ||||||
Provision for Inventory Devaluation | 21 | 698 | 213 | ||||||
Investment Loss (Gain) under Equity Method | 20 | 678 | (475 | ) | |||||
Disposal Gain on Long-term Investment | 0 | 0 | (106 | ) | |||||
Changes in Working Capital & Others | (95 | ) | (3,139 | ) | (3,047 | ) | |||
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Net Cash Provided by Operating Activities | 1,126 | 37,284 | 23,341 | ||||||
Cash Flows from Investing Activities: | |||||||||
Acquisition of Property, Plant and Equipment | (1,777 | ) | (58,806 | ) | (60,764 | ) | |||
Proceeds from Disposal of Property, Plant and Equipment | 1 | 44 | 382 | ||||||
Increase in Long-term Equity Investments | (301 | ) | (9,950 | ) | (300 | ) | |||
Proceeds from Disposal of Long-term Investment | 0 | 0 | 297 | ||||||
Increase in Restricted Cash in Bank | (0 | ) | (13 | ) | (3 | ) | |||
Increase in Deferred Assets and Intangible Assets | (49 | ) | (1,608 | ) | (3,055 | ) | |||
Decrease in Other Assets | 1 | 44 | 646 | ||||||
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Net Cash Used in Investing Activities | (2,124 | ) | (70,289 | ) | (62,797 | ) | |||
Cash Flows from Financing Activities: | |||||||||
Decrease in Short-term Borrowings | 0 | 0 | (5,800 | ) | |||||
Increase in Long-term Borrowings | 893 | 29,544 | 29,360 | ||||||
Issuance of Common Stock for Cash | 0 | 0 | 15,594 | ||||||
Issuance of Bonds | 151 | 5,000 | 6,000 | ||||||
Directors' and Supervisors' Remuneration | (11 | ) | (380 | ) | (687 | ) | |||
Cash Dividends | (53 | ) | (1,749 | ) | (5,935 | ) | |||
Decrease in Treasury Stock | 0 | 0 | 178 | ||||||
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Net Cash Provided by Financing Activities | 979 | 32,415 | 38,710 | ||||||
Effect of Exchange Rate Change on Cash | 3 | 96 | 164 | ||||||
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Net Increase (Decrease) in Cash and Cash Equivalents | (15 | ) | (494 | ) | (582 | ) | |||
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Cash and Cash Equivalents at Beginning of Period | 745 | 24,667 | 16,529 | ||||||
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Cash and Cash Equivalents at End of Period | 730 | 24,173 | 15,947 | ||||||
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Note: (1) | Unaudited, prepared by AU Optronics Corp. based on ROC GAAP | |
(2) | Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 33.10 per US dollar as of September 30,2006 |