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
23, 2008
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Commission
File Number
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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 ___
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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):
____
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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Yes
..... No ..X...
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If
"Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
INDEX
TO EXHIBITS
Item
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1.
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Press
release entitled, ” AU Optronics Corp. Reports 3Q2008 Results”, dated
October 23, 2008.
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2.
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Investor
Conference Materials entitled, “AU Optronics Corp. Third Quarter 2008
Results”, dated October 23, 2008.
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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: October 23, 2008
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By:
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/s/
Max Cheng
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Name:
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Max
Cheng
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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 3Q2008 Results
Issued by:
AU Optronics Corp.
Issued on:
October 23, 2008
Hsinchu,
Taiwan, October 23, 2008 –
AUO Third
Quarter 2008 Unaudited Consolidated Financial Highlights:
*
Revenue: NT$104.1 billion (US$ 3.23
billion*), 15.7% QoQ decline
*
Net income : NT$860 million (US$ 27 million)
*
Basic Earnings per Share: NT$0.09 (or US$ 0.03 per ADR)
*
Gross margin: 8.0%, Operating margin: 2.6%
AU
Optronics Corp. ("AUO"or the "Company") (TAIEX: 2409; NYSE: AUO) today announced
its third quarter 2008 unaudited consolidated revenues of NT$104.1 billion and
net income of NT$ 860 million, which attributable to equity holders of the
parent company was NT$806 million. And, basic EPS equaled NT$0.09 per common
share (US$0.03 per ADR). For the first nine months of 2008, AUO's consolidated
revenues totaled NT$364.2 billion (US$11.3 billion), net income NT$48.2 billion
(US$1,497 million), which attributable to equity holders of the parent company
was NT47.8 billion (US$ 1,484 million), and basic EPS NT$5.62 per common share
(US$1.74 per ADR).
Overall,
the company shipped large-sized panel of 20.72 million units in the third
quarter of 2008, a 5.2% sequential decrease and a 6.9% YoY decrease. Small- and
medium-sized panel shipments in the third quarter amounted to 61.12 million, a
significant increase of 45.9% QoQ and 50.2% YoY respectively.
Mr. Max
Cheng, CFO and Spokesperson of AUO noted, “Our ASPs for large-sized PC panels
and TV panels in the third quarter declined by 30.6% and 12.4% QoQ respectively,
primarily due to a weakening macroeconomic environment and consumers’ cautious
spending. Even small- and medium-sized panel shipments posted a remarkable
result, plus TV panel shipments met our previous expectation, the third quarter
results were only partially in line with our guidance. Through strict
cost control, adjustment in capacity utilization rates and product mix, we are
able to maintain our inventory within 40-day level, and deliver a gross margin
of 8.0% and operation margin of 2.6% for 3Q’08. To overcome the
challenges from the severe economic environment, we will continue adjusting the
loading rates based on the current market demand.” With the
innovation of product development and process optimization, AUO will cautiously
evaluate its capital investment and strengthen its competitiveness to defy
economic morass.
“AUO will keep stringently controlling costs while improving the technol
ogy innovation. We will also solidify the long-term relationship with our
clients by offering highly value-added products,” said Dr. LJ Chen, the President of AUO. Dr. Chen also ed the future plans of AUO, including reinforcing the
relationship with TV clients through the TV set assembly business, and investing in LED and Photovoltaic technology, to enhance AUO’s overall competitiveness during the slow season.
* Amounts
converted by an exchange rate of NTD32.23 :USD1 as of September 30,
2008.
* All
financial information was unaudited and was prepared by the Company in
accordance with generally accepted accounting principles in Taiwan (“ROC
GAAP”)
# # #
ABOUT
AU OPTRONICS
AU
Optronics Corp. (“AUO”) is the world’s 3rd largest
manufacturer* of large-sized thin film transistor liquid crystal display panels
(“TFT-LCD”), with approximately 19%* of global market share in Q2/2008 and
revenues of NT$480.2 billion (US$14.81billion)* in 2007. TFT-LCD
technology is currently the most widely used flat panel display
technology. Targeted for 40”+ sized LCD TV panels, AUO’s new
generation (7.5-generation) fabrication facility production started mass
production in the fourth quarter of 2006. The Company currently
operates one 7.5-generation, two 6th-generation, four 5th-generation, one
4th-generation, and four 3.5-generation TFT-LCD fabs, in addition to ten 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-sized
(1.5”-65”) TFT-LCD panels, which enables it to offer a broad and diversified
product portfolio.
*
DisplaySearch 2Q2008 WW Large-Area TFT-LCD Shipment Report dated July 30,
2008. This data is used as reference only and AUO does not make any
endorsement or representation in connection therewith. 2007 year end revenue
converted by an exchange rate of NTD32.43:USD1.
Safe Harbour
Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the
worldwide top three manufacturer of large-size TFT-LCD
panels, today announced the
above news. Except
for statements in respect of historical matters, the statements contained in
this Release are “forward-looking statements” within the meaning of Section
27A of the U.S. Securities Act of 1933 and Section 21E
of the U.S. Securities Exchange Act of 1934. These
forward-looking statements were based on our management's expectations,
projections and beliefs at the time regarding matters including, among other
things, future revenues and costs, financial performance, technology
changes, capacity, utilization rates,
yields, process and geographical diversification, future expansion plans and
business strategy. Such forward looking statements are subject to a number of
known and unknown risks and uncertainties that can cause actual results to differ materially from those
expressed or implied by such statements, including risks related to the flat
panel display industry, the TFT-LCD market, acceptance and demand for our
products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk
Factors" in our Form 20-F filed with the United States Securities and Exchange
Commission on June 4th, 2008.
|
Fiona
Chiu
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Yawen
Hsiao
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Corporate
Communications Dept
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Corporate
Communications Dept.
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AU
Optronics Corp
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AU
Optronics Corp.
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Tel: +886-3-5008899
ext 3206
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+886-3-5008899
ext 3211
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Fax:
+886-3-5772730
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+886-3-5772730
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Email:
fiona.chiu@auo.com
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yawen.hsiao@auo.com
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Item
2
AU Optronics Corp. Third Quarter 2008 Results Investor Conference October 23, 2008 AUO Proprietary & Confidential |
 |
Safe Harbor Notice
o The statements included in this presentation that are not historical in
nature are "forward-looking statements" within the meaning of Section 27A
of the United States Securities Act of 1933 and Section 21E of the United
States Securities Exchange Act of 1934. These forward-looking statements,
which may include statements regarding AU Optronics' future results of
operations, financial condition or business prospects, are subject to
significant risks and uncertainties and are based on AU Optronics' current
expectations.
o Actual results may differ materially from those expressed or implied in
these forward-looking statements for a variety of reasons, including,
among other things: the cyclical nature of our industry; our dependence on
introducing new products on a timely basis; our dependence on growth in
the demand for our products; our ability to compete effectively; our
ability to successfully expand our capacity; our dependence on key
personnel; general economic and political conditions, including those
related to the TFT-LCD industry; possible disruptions in commercial
activities caused by natural and human-induced disasters, including
terrorist activity and armed conflict; and fluctuations in foreign
currency exchange rates.
o In addition, any financial information contained herewithin is presented
in conformity with accounting principles generally accepted in the
Republic of China ("ROC GAAP"). Readers should be cautioned that these
accounting principles differ in many material respects from accounting
principles generally accepted in the United States of America ("US GAAP").
o Our release of financial forecasts and forward-looking statements at any
particular time does not create any duty of disclosure beyond that which
is imposed by law, and we expressly disclaim any obligation to publicly
update or revise any forecasts or forward-looking statements, whether as a
result of new information, future events or otherwise.
o Additional information as to these and other factors that may cause actual
results to differ materially from AU Optronics' forward-looking statements
or some of the major differences between ROC GAAP and US GAAP can be found
in AU Optronics' Annual Report on Form 20-F with respect to the year ended
December, 2007 filed with the United States Securities and Exchange
Commission.
2
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Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
Net Sales 104,072 100.0% 123,476 100.0% (15.7%) 137,960 100.0%
Cost of Goods Sold (95,712) (92.0%) (92,661) (75.0%) 3.3% (106,168) (77.0%)
Gross Profit 8,360 8.0% 30,815 25.0% (72.9%) 31,792 23.0%
Operating Expenses (5,677) (5.5%) (6,754) (5.5%) (15.9%) (5,982) (4.3%)
Operating Income 2,683 2.6% 24,062 19.5% (88.9%) 25,811 18.7%
Net Non-operating Expenses (1,239) (1.2%) (444) (0.4%) 179.1% (1,666) (1.2%)
Income before Tax 1,443 1.4% 23,617 19.1% (93.9%) 24,144 17.5%
Net Income 860 0.8% 20,392 16.5% (95.8%) 22,571 16.4%
Attributable to:
Equity holders of the parent
company 806 0.8% 20,165 16.3% (96.0%) 22,530 16.3%
Minority interest 54 0.1% 226 0.2% (76.2%) 41 0.0%
Net Income 860 0.8% 20,392 16.5% (95.8%) 22,571 16.4%
Basic EPS (NT$)(a) 0.09 2.37 (96.0%) 2.67
Operating Income + D&A 22,935 22.0% 44,044 35.7% (47.9%) 46,952 34.0%
Unit Shipments (mn)(b)
Large Size Panels 20.7 21.8 (5.2%) 22.3
Small & Medium Size Panels 61.1 41.9 45.9% 40.7
- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total diluted weighted average
outstanding shares of each quarter (8,505m shares in 3Q08, 8,505m shares
in 2Q08 and 8,426m shares in 3Q07) by retroactively adjusting to stock
dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
3
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Consolidated Balance Sheet Highlights
Amount : NT$ Million
3Q'08 2Q'08 QoQ % 3Q'07
Cash & ST Investment 89,484 93,048 (3.8%) 41,740
Inventory 39,889 43,737 (8.8%) 42,720
Short Term Debt(a) 47,122 41,694 13.0% 42,501
Long Term Debt 103,758 96,990 7.0% 154,021
Equity 326,879 326,337 0.2% 263,586
Total Assets 602,335 622,808 (3.3%) 588,968
Inventory Turnover (Days)(b) 40 40 38
Debt to Equity 46.2% 42.5% 74.6%
Net Debt to Equity 19.0% 14.3% 59.4%
- Unaudited, prepared by AUO on a consolidated basis
(a) Short term debt refers to all interest bearing debt maturing within one
year
(b) Calculated by dividing the average inventory into the annualized cost of
goods sold during such period, then multiplying by 365 days
4
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Consolidated Cash Flow Highlights
Amount : NT$ Million
3Q'08 2Q'08 QoQ
From Operating Activities 31,737 40,631 (8,895)
Net Profit 860 20,392 (19,532)
Depreciation & Amortization 20,253 19,983 270
Net Change in Working Capital 7,840 (970) 8,810
----- ---- -----
From Investing Activities (24,674) (23,261) (1,413)
Capital Expenditure (24,055) (21,096) (2,959)
------- ------- ------
From Financing Activities (10,716) (39,137) 28,421
Net Change in Debt 10,762 (39,169) 49,931
Cash Dividends (19,671) 0 (19,671)
Employees' Compensation (1,625) 0 (1,625)
------ - ------
Net Change in Cash(a) (3,217) (21,671) 18,454
- Unaudited, prepared by AUO on a consolidated basis
(a) In addition to cash generated from operating, investing and financing
activities, net change in cash also included effect on currency exchange
of foreign subsidiaries .
5
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Consolidated Revenues by Application
- Unaudited, prepared by AUO on a consolidated basis
6
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Large Panel - ASP by Unit
- Unaudited, prepared by AUO on a consolidated basis
- Large size refers to panels that are 10 inches and above
- Blended ASP in US$ was translated from NT$ based on average exchange rates
announced by Directorate General of Customs, ROC Ministry of Finance of each
respective quarter
7
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Consolidated Shipments & ASP by Area
- Unaudited, prepared by AUO on a consolidated basis
- ASP per square meter in US$ was translated from NT$ based on average exchange
rates announced by Directorate General of Customs, ROC Ministry of Finance of
each respective quarter
8
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Consolidated Small & Medium Panel
Shipments & Revenues
- Unaudited, prepared by AUO on a consolidated basis
- Small & Medium size refers to panels that are under 10 inches
9
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Capacity by Fab
-----------------------------------------------------------------------------
L3A (G3.5) 610 x 720 40,000 40,000
-----------------------------------------------------------------------------
L3B (G3.5) 610 x 720 20,000 LTPS 20,000 LTPS
-----------------------------------------------------------------------------
L3C (G3.5) 600 x 720 60,000 60,000
-----------------------------------------------------------------------------
L3D (G3.5) 620 x 750 30,000 30,000
-----------------------------------------------------------------------------
L4A (G4.0) 680 x 880 60,000 60,000
-----------------------------------------------------------------------------
L5A (G5.0) 1100 x 1250 50,000 50,000
-----------------------------------------------------------------------------
L5B (G5.0) 1100 x 1300 70,000 70,000
-----------------------------------------------------------------------------
L5C (G5.0) 1100 x 1300 120,000 120,000
-----------------------------------------------------------------------------
L5D (G5.0) 1100 x 1300 70,000 70,000
-----------------------------------------------------------------------------
L6A (G6.0) 1500 x 1850 120,000 120,000
-----------------------------------------------------------------------------
L6B (G6.0) 1500 x 1850 120,000 120,000
-----------------------------------------------------------------------------
L7A (G7.5) 1950 x 2250 75,000 75,000
-----------------------------------------------------------------------------
Capacity based on monthly glass substrate input
10
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www.auo.com
ir@auo.com
11
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AU
OPTRONICS CORP. CONSOLIDATED
BALANCE SHEET |
||||||||||||
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(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
||||||||||||
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September
30, 2008
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September 30,
2007
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YoY
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||||||||||
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ASSETS
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USD
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NTD
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%
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NTD
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%
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Change
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%
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|||||
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Cash and Cash
Equivalents
|
2,757
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88,853
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14.8
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40,037
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6.8
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48,816
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121.9
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|||||
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Available-for-Sale
Financial Assets - Current
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20
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632
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0.1
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1,703
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0.3
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(1,072)
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(62.9)
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|||||
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Notes &
Accounts Receivables
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1,630
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52,538
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8.7
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79,892
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13.6
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(27,354)
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(34.2)
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|||||
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Other Current
Financial Assets
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135
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4,346
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0.7
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3,736
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0.6
|
610
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16.3
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|||||
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Inventories
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1,238
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39,889
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6.6
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42,720
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7.3
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(2,831)
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(6.6)
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|||||
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Other Current
Assets
|
335
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10,788
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1.8
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8,541
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1.5
|
2,247
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26.3
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|||||
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Total Current
Assets
|
6,114
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197,045
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32.7
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176,629
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30.0
|
20,416
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11.6
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|||||
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Long-term
Investments
|
274
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8,824
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1.5
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6,055
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1.0
|
2,769
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45.7
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|||||
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Fixed
Assets
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20,377
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656,749
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109.0
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585,029
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99.3
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71,720
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12.3
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|||||
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Less:
Accumulated Depreciation
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(8,802)
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(283,680)
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(47.1)
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(210,105)
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(35.7)
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(73,575)
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35.0
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|||||
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Net Fixed
Assets
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11,575
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373,069
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61.9
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374,925
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63.7
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(1,856)
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(0.5)
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|||||
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Other
Assets
|
726
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23,397
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3.9
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31,359
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5.3
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(7,963)
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(25.4)
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|||||
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Total
Assets
|
18,689
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602,335
|
100.0
|
588,968
|
100.0
|
13,367
|
2.3
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|||||
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LIABILITIES
|
||||||||||||
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Short-term
Borrowings
|
46
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1,484
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0.2
|
391 |
0.1
|
1,092 |
279.2
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|||||
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Accounts
Payable
|
2,483
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80,042
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13.3
|
92,678
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15.7
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(12,635)
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(13.6)
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|||||
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Current
Installments of Long-term Borrowings
|
1,416
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45,639
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7.6
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42,110
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7.1
|
3,529
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8.4
|
|||||
|
Current
Financial Liabilities
|
13
|
420
|
0.1
|
87
|
0.0
|
333
|
384.3
|
|||||
|
Accrued
Expense & Other Current Liabilities
|
891
|
28,710
|
4.8
|
18,576
|
3.2
|
10,134
|
54.6
|
|||||
|
Machinery and
Equipment Payable
|
472
|
15,200
|
2.5
|
17,394
|
3.0
|
(2,194)
|
(12.6)
|
|||||
|
Total Current
Liabilities
|
5,321
|
171,495
|
28.5
|
171,235
|
29.1
|
260
|
0.2
|
|||||
|
Long-term
Borrowings
|
2,640
|
85,099
|
14.1
|
131,392
|
22.3
|
(46,293)
|
(35.2)
|
|||||
|
Bonds
Payable
|
579
|
18,659
|
3.1
|
22,629
|
3.8
|
(3,969)
|
(17.5)
|
|||||
|
Non Current
Financial Liabilities
|
3
|
101
|
0.0
|
105
|
0.0
|
(4)
|
(4.2)
|
|||||
|
Other
Long-term Liabilities
|
3
|
102
|
0.0
|
21
|
0.0
|
81
|
386.8
|
|||||
|
Total
Long-term Liabilities
|
3,226
|
103,961
|
17.3
|
154,147
|
26.2
|
(50,186)
|
(32.6)
|
|||||
|
Total
Liabilities
|
8,547
|
275,456
|
45.7
|
325,382
|
55.2
|
(49,926)
|
(15.3)
|
|||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||
|
Common
Stock
|
2,639
|
85,055
|
14.1
|
78,057
|
13.3
|
6,998
|
9.0
|
|||||
|
Capital
Collected In Advance
|
0
|
2
|
0.0
|
560
|
0.1
|
(558)
|
(99.7)
|
|||||
|
Capital
Surplus
|
3,528
|
113,701
|
18.9
|
111,584
|
18.9
|
2,118
|
1.9
|
|||||
|
Retained
Earnings
|
3,616
|
116,557
|
19.4
|
63,457
|
10.8
|
53,099
|
83.7
|
|||||
|
Cumulative
Translation Adjustments
|
59
|
1,912
|
0.3
|
725
|
0.1
|
1,187
|
163.8
|
|||||
|
Unrealized
Gain/Loss on Financial Products
|
8
|
262
|
0.0
|
271
|
0.0
|
(9)
|
(3.3)
|
|||||
|
Deferred
Compensation Cost
|
0
|
0
|
0.0
|
(1)
|
0.0
|
1
|
－
|
|||||
|
Minority
Interest
|
291
|
9,390
|
1.6
|
8,933
|
1.5
|
457
|
5.1
|
|||||
|
Total
Shareholders' Equity
|
10,142
|
326,879
|
54.3
|
263,586
|
44.8
|
63,293
|
24.0
|
|||||
|
Total
Liabilities & Shareholders' Equity
|
18,689
|
602,335
|
100.0
|
588,968
|
100.0
|
13,367
|
2.3
|
|||||
Note:
(1) Unaudited, prepared by AUO based on ROC GAAP
(2)
Amounts in New Taiwan dollars were translated into US dollars at the exchange
rate of NTD 32.23 per USD as of September 30, 2008
|
AU
OPTRONICS CORP. CONSOLIDATED
INCOME STATEMENT |
||||||||||||||||||||||||||||||||||||||||
|
Year over Year
Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2008
|
%
of
|
3Q
2007
|
YoY
|
3Q
2008
|
% of |
2Q
2008
|
QoQ | |||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
3,229 | 104,072 | 100.0 | 137,960 | (24.6 | ) | 3,229 | 104,072 | 100.0 | 123,476 | (15.7 | ) | ||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
2,970 | 95,712 | 92.0 | 106,168 | (9.8 | ) | 2,970 | 95,712 | 92.0 | 92,661 | 3.3 | |||||||||||||||||||||||||||||
|
Gross
Profit
|
||||||||||||||||||||||||||||||||||||||||
|
Operating
Expenses
|
259 | 8,360 | 8.0 | 31,792 | (73.7 | ) | 259 | 8,360 | 8.0 | 30,815 | (72.9 | ) | ||||||||||||||||||||||||||||
|
SG&A
|
137 | 4,418 | 4.2 | 4,736 | (6.7 | ) | 137 | 4,418 | 4.2 | 5,140 | (14.1 | ) | ||||||||||||||||||||||||||||
|
R&D
|
39 | 1,260 | 1.2 | 1,246 | 1.1 | 39 | 1,260 | 1.2 | 1,613 | (21.9 | ) | |||||||||||||||||||||||||||||
| 176 | 5,677 | 5.5 | 5,982 | (5.1 | ) | 176 | 5,677 | 5.5 | 6,754 | (15.9 | ) | |||||||||||||||||||||||||||||
|
Operating
Income
|
83 | 2,683 | 2.6 | 25,811 | (89.6 | ) | 83 | 2,683 | 2.6 | 24,062 | (88.9 | ) | ||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(38 | ) | (1,239 | ) | (1.2 | ) | (1,666 | ) | (25.6 | ) | (38 | ) | (1,239 | ) | (1.2 | ) | (444 | ) | 179.1 | |||||||||||||||||||||
|
Income before
Income Tax
|
45 | 1,443 | 1.4 | 24,144 | (94.0 | ) | 45 | 1,443 | 1.4 | 23,617 | (93.9 | ) | ||||||||||||||||||||||||||||
|
Income Tax
Expense
|
(18 | ) | (584 | ) | (0.6 | ) | (1,573 | ) | (62.9 | ) | (18 | ) | (584 | ) | (0.6 | ) | (3,226 | ) | (81.9 | ) | ||||||||||||||||||||
|
Net
Income
|
27 | 860 | 0.8 | 22,571 | (96.2 | ) | 27 | 860 | 0.8 | 20,392 | (95.8 | ) | ||||||||||||||||||||||||||||
|
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders
of The Parent Company
|
25 | 806 | 0.8 | 22,530 | (96.4 | ) | 25 | 806 | 0.8 | 20,165 | (96.0 | ) | ||||||||||||||||||||||||||||
|
Minority
Interest
|
2 | 54 | 0.1 | 41 | 31.3 | 2 | 54 | 0.1 | 226 | (76.2 | ) | |||||||||||||||||||||||||||||
|
Net
Income
|
27 | 860 | 0.8 | 22,571 | (96.2 | ) | 27 | 860 | 0.8 | 20,392 | (95.8 | ) | ||||||||||||||||||||||||||||
|
Basic Earnings
Per Share
|
0.00 | 0.09 | 2.67 | 0.00 | 0.09 | 2.37 | ||||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.03 | 0.95 | 26.74 | 0.03 | 0.95 | 23.71 | ||||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,505 | 8,426 | 8,505 | 8,505 | ||||||||||||||||||||||||||||||||||||
Note:
|
(1)
|
Unaudited, prepared by AUO based on ROC GAAP |
|
(2)
|
Amounts
in New Taiwan dollars were translated into US dollars at the exchange rate
of NTD 32.23 per USD as of September 30,
2008
|
|
(3)
|
1
ADR equals 10 common shares
|
|
CONSOLIDATED
STATEMENT OF CASH FLOW For the
Period Ended September 30, 2008 and 2007(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||
|
Nine
Months 2008
|
Nine Months 2007
|
|||||
|
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||
|
Net
Income
|
1,497
|
48,237
|
23,384
|
|||
|
Depreciation
& Amortization
|
1,863
|
60,038
|
61,165
|
|||
|
Provision
(Reverse) for Inventory Devaluation
|
66
|
2,138
|
(1,378)
|
|||
|
Investment
Loss(Gain) under Equity Method
|
2
|
76
|
(72)
|
|||
|
Disposal Gain
on Long-term Investments
|
0
|
0
|
(25)
|
|||
|
Changes in
Working Capital & Others
|
238
|
7,670
|
(1,871)
|
|||
|
Net Cash
Provided by Operating Activities
|
3,666
|
118,159
|
81,203
|
|||
|
Cash
Flow from Investing Activities:
|
||||||
|
Proceeds from
Disposal of AFS Investments
|
8
|
270
|
5
|
|||
|
Acquisition of
Property, Plant and Equipment
|
(2,092)
|
(67,434)
|
(54,940)
|
|||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
2
|
65
|
47
|
|||
|
Increase in
Long-term Investments
|
(77)
|
(2,489)
|
(1,123)
|
|||
|
Proceeds from
Disposal of Long-term Investments
|
0
|
0
|
40
|
|||
|
Increase in
Deferred Assets and Intangible Assets
|
(29)
|
(919)
|
(2,179)
|
|||
|
Decrease(Increase)
in Other Assets
|
(4)
|
(140)
|
241
|
|||
|
Net Cash Used
in Investing Activities
|
(2,192)
|
(70,647)
|
(57,909)
|
|||
|
Cash
Flow from Financing Activities:
|
||||||
|
Increase(Decrease)
in Short-term Borrowings
|
42
|
1,347
|
(3,338)
|
|||
|
Increase in
Guarantee Deposits
|
0
|
8
|
2
|
|||
|
Decrease in
Long-term Borrowings and Bonds Payable
|
(885)
|
(28,532)
|
(23,620)
|
|||
|
Directors' and
Supervisors' Remuneration and Employees' Compensation
|
(55)
|
(1,763)
|
(276)
|
|||
|
Cash
Dividends
|
(610)
|
(19,671)
|
(1,515)
|
|||
|
Employee Stock
Options Exercised
|
1
|
27
|
58
|
|||
|
Change in
Minority Interest
|
(2)
|
(56)
|
415
|
|||
|
Net Cash Used
by Financing Activities
|
(1,509)
|
(48,640)
|
(28,274)
|
|||
|
Cash
Proceeds from CFI Acquisition
|
0
|
0
|
1,604
|
|||
|
Effect
of Exchange Rate Changes on Cash
|
3
|
91
|
(512)
|
|||
|
Net
Decrease in Cash and Cash Equivalents
|
(32)
|
(1,037)
|
(3,889)
|
|||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,789
|
89,890
|
43,926
|
|||
|
Cash
and Cash Equivalents at End of Period
|
2,757
|
88,853
|
40,037
|
|||
Note: (1) Unaudited, prepared by AUO based on ROC GAAP
(2) Amounts in New Taiwan dollars were translated into US dollars at the
exchange rate of NTD 32.23 per USD as of September 30,
2008
|
AU
OPTRONICS CORP. UNCONSOLIDATED
BALANCE SHEET(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||||||||||||||||||||||||
|
September 30,
2008
|
September 30,
2007
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash
Equivalents
|
2,408 | 77,605 | 13.7 | 34,197 | 6.2 | 43,408 | 126.9 | |||||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
20 | 632 | 0.1 | 1,703 | 0.3 | (1,072 | ) | (62.9 | ) | |||||||||||||||||||
|
Notes &
Accounts Receivables
|
1,634 | 52,663 | 9.3 | 80,910 | 14.6 | (28,247 | ) | (34.9 | ) | |||||||||||||||||||
|
Other Current
Financial Assets
|
39 | 1,248 | 0.2 | 1,619 | 0.3 | (371 | ) | (22.9 | ) | |||||||||||||||||||
|
Inventories
|
1,080 | 34,818 | 6.2 | 38,095 | 6.9 | (3,277 | ) | (8.6 | ) | |||||||||||||||||||
|
Other Current
Assets
|
325 | 10,483 | 1.9 | 8,221 | 1.5 | 2,262 | 27.5 | |||||||||||||||||||||
|
Total Current
Assets
|
5,506 | 177,449 | 31.4 | 164,745 | 29.6 | 12,704 | 7.7 | |||||||||||||||||||||
|
Long-term
Investments
|
1,181 | 38,052 | 6.7 | 29,482 | 5.3 | 8,570 | 29.1 | |||||||||||||||||||||
|
Fixed
Assets
|
17,930 | 577,883 | 102.1 | 518,723 | 93.3 | 59,160 | 11.4 | |||||||||||||||||||||
|
Less:
Accumulated Depreciation
|
( 7,723 | ) | (248,912 | ) | (44.0 | ) | (184,783 | ) | (33.2 | ) | (64,129 | ) | 34.7 | |||||||||||||||
|
Net Fixed
Assets
|
10,207 | 328,971 | 58.1 | 333,940 | 60.1 | (4,969 | ) | (1.5 | ) | |||||||||||||||||||
|
Other
Assets
|
665 | 21,448 | 3.8 | 27,636 | 5.0 | (6,188 | ) | (22.4 | ) | |||||||||||||||||||
|
Total
Assets
|
17,559 | 565,920 | 100.0 | 555,803 | 100.0 | 10,117 | 1.8 | |||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts
Payable
|
2,573 | 82,921 | 14.7 | 92,190 | 16.6 | (9,268 | ) | (10.1 | ) | |||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,224 | 39,441 | 7.0 | 38,428 | 6.9 | 1,013 | 2.6 | |||||||||||||||||||||
|
Current
Financial Liabilities
|
13 | 419 | 0.1 | 87 | 0.0 | 333 | 383.8 | |||||||||||||||||||||
|
Accrued
Expense & Other Current Liabilities
|
690 | 22,254 | 3.9 | 14,322 | 2.6 | 7,931 | 55.4 | |||||||||||||||||||||
|
Machinery and
Equipment Payable
|
425 | 13,705 | 2.4 | 14,345 | 2.6 | (640 | ) | (4.5 | ) | |||||||||||||||||||
|
Total Current
Liabilities
|
4,925 | 158,741 | 28.1 | 159,372 | 28.7 | (631 | ) | (0.4 | ) | |||||||||||||||||||
|
Long-term
Borrowings
|
2,198 | 70,850 | 12.5 | 119,035 | 21.4 | (48,185 | ) | (40.5 | ) | |||||||||||||||||||
|
Bonds
Payable
|
579 | 18,659 | 3.3 | 22,629 | 4.1 | (3,969 | ) | (17.5 | ) | |||||||||||||||||||
|
Non Current
Financial Liabilities
|
3 | 101 | 0.0 | 105 | 0.0 | (4 | ) | (4.0 | ) | |||||||||||||||||||
|
Other
Long-term Liabilities
|
3 | 81 | 0.0 | 9 | 0.0 | 72 | 839.7 | |||||||||||||||||||||
|
Total
Long-term Liabilities
|
2,783 | 89,690 | 15.8 | 141,777 | 25.5 | (52,087 | ) | (36.7 | ) | |||||||||||||||||||
|
Total
Liabilities
|
7,708 | 248,431 | 43.9 | 301,149 | 54.2 | (52,718 | ) | (17.5 | ) | |||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,639 | 85,055 | 15.0 | 78,057 | 14.0 | 6,998 | 9.0 | |||||||||||||||||||||
|
Capital
Collected In Advance
|
0 | 2 | 0.0 | 120 | 0.0 | ( 118 | ) | (98.4 | ) | |||||||||||||||||||
|
Capital
Surplus
|
3,528 | 113,701 | 20.1 | 111,957 | 20.1 | 1,744 | 1.6 | |||||||||||||||||||||
|
Retained
Earnings
|
3,616 | 116,557 | 20.6 | 63,524 | 11.4 | 53,033 | 83.5 | |||||||||||||||||||||
|
Cumulative
Translation Adjustments
|
59 | 1,912 | 0.3 | 725 | 0.1 | 1,187 | 163.8 | |||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
8 | 262 | 0.0 | 271 | 0.0 | ( 9 | ) | (3.3 | ) | |||||||||||||||||||
|
Deferred
Compensation Cost
|
0 | 0 | 0.0 | ( 1 | ) | 0.0 | 1 |
－
|
||||||||||||||||||||
|
Total
Shareholders' Equity
|
9,851 | 317,489 | 56.1 | 254,653 | 45.8 | 62,836 | 24.7 | |||||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
17,559 | 565,920 | 100.0 | 555,803 | 100.0 | 10,117 | 1.8 | |||||||||||||||||||||
|
Note:
(1) Unaudited, prepared by AUO based on ROC GAAP
|
||||||||||||||||||||||||||||
(2)
Amounts in New Taiwan dollars were translated into US dollars at the exchange
rate of NTD 32.23 per USD as of September 30, 2008
|
AU
OPTRONICS CORP. UNCONSOLIDATED
INCOME STATEMENT |
||||||||||||||||||||||||||||||||||||||||
|
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2008
|
%
of
|
3Q
2007
|
YoY
|
3Q
2008
|
%
of
|
2Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
3,221 | 103,827 | 100.0 | 137,850 | (24.7 | ) | 3,221 | 103,827 | 100.0 | 122,373 | (15.2 | ) | ||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
3,014 | 97,125 | 93.5 | 107,933 | (10.0 | ) | 3,014 | 97,125 | 93.5 | 93,813 | 3.5 | |||||||||||||||||||||||||||||
|
Gross
Profit
|
208 | 6,702 | 6.5 | 29,917 | (77.6 | ) | 208 | 6,702 | 6.5 | 28,560 | (76.5 | ) | ||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
110 | 3,540 | 3.4 | 3,964 | (10.7 | ) | 110 | 3,540 | 3.4 | 4,354 | (18.7 | ) | ||||||||||||||||||||||||||||
|
R&D
|
39 | 1,260 | 1.2 | 1,226 | 2.8 | 39 | 1,260 | 1.2 | 1,613 | (21.9 | ) | |||||||||||||||||||||||||||||
| 149 | 4,800 | 4.6 | 5,190 | (7.5 | ) | 149 | 4,800 | 4.6 | 5,967 | (19.6 | ) | |||||||||||||||||||||||||||||
|
Operating
Income
|
59 | 1,902 | 1.8 | 24,727 | (92.3 | ) | 59 | 1,902 | 1.8 | 22,593 | (91.6 | ) | ||||||||||||||||||||||||||||
|
Net
Non-Operating Income (Expenses)
|
(20 | ) | (642 | ) | (0.6 | ) | (658 | ) | (2.3 | ) | (20 | ) | (642 | ) | (0.6 | ) | 914 |
－
|
||||||||||||||||||||||
|
Income before
Income Tax
|
39 | 1,260 | 1.2 | 24,069 | (94.8 | ) | 39 | 1,260 | 1.2 | 23,507 | (94.6 | ) | ||||||||||||||||||||||||||||
|
Income Tax
Expense
|
(14 | ) | (454 | ) | (0.4 | ) | (1,539 | ) | (70.5 | ) | (14 | ) | (454 | ) | (0.4 | ) | (3,341 | ) | (86.4 | ) | ||||||||||||||||||||
|
Net
Income
|
25 | 806 | 0.8 | 22,530 | (96.4 | ) | 25 | 806 | 0.8 | 20,165 | (96.0 | ) | ||||||||||||||||||||||||||||
|
Basic Earnings
Per Share
|
0.00 | 0.09 | 2.67 | 0.00 | 0.09 | 2.37 | ||||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.03 | 0.95 | 26.74 | 0.03 | 0.95 | 23.71 | ||||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,505 | 8,426 | 8,505 | 8,505 | ||||||||||||||||||||||||||||||||||||
Note:
|
(1)
|
Unaudited, prepared by AUO based on ROC GAAP |
|
(2)
|
Amounts
in New Taiwan dollars were translated into US dollars at the exchange rate
of NTD 32.23 per USD as of September 30,
2008
|
|
(3)
|
1
ADR equals 10 common shares
|
UNCONSOLIDATED
STATEMENT OF CASH FLOW
For
the Period Ended September 30, 2008 and 2007
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
Nine
Months 2008
|
Nine Months 2007
|
|||||||||||
|
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
|
Net
Income
|
1,484 | 47,832 | 23,412 | |||||||||
|
Depreciation
& Amortization
|
1,648 | 53,109 | 55,522 | |||||||||
|
Provision(Reverse)
for Inventory Devaluation
|
69 | 2,215 | (142 | ) | ||||||||
|
Investment
Gain under Equity Method
|
(53 | ) | (1,712 | ) | (1,486 | ) | ||||||
|
Changes in
Working Capital & Others
|
335 | 10,807 | (2,895 | ) | ||||||||
|
Net Cash
Provided by Operating Activities
|
3,483 | 112,251 | 74,412 | |||||||||
|
Cash
Flow from Investing Activities:
|
||||||||||||
|
Proceeds from
Disposal of AFS Investments
|
8 | 270 | 0 | |||||||||
|
Acquisition of
Property, Plant and Equipment
|
(1,807 | ) | (58,240 | ) | (46,927 | ) | ||||||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
10 | 337 | 21 | |||||||||
|
Increase in
Long-term Investments
|
(175 | ) | (5,646 | ) | (3,516 | ) | ||||||
|
Proceeds from
Disposal of Long-term Investments
|
1 | 29 | 0 | |||||||||
|
Increase in
Deferred Assets and Intangible Assets
|
(26 | ) | (844 | ) | (2,152 | ) | ||||||
|
Decrease(Increase)
in Other Assets
|
(2 | ) | (55 | ) | 226 | |||||||
|
Net Cash Used
in Investing Activities
|
(1,990 | ) | (64,150 | ) | (52,348 | ) | ||||||
|
Cash
Flow from Financing Activities:
|
||||||||||||
|
Decrease in
Guarantee Deposits
|
(0 | ) | (1 | ) | (2 | ) | ||||||
|
Decrease in
Long-term Borrowings and Bonds Payable
|
(916 | ) | (29,523 | ) | (26,912 | ) | ||||||
|
Directors' and
Supervisors' Remuneration and Employees' Compensation
|
(55 | ) | (1,763 | ) | (276 | ) | ||||||
|
Cash
Dividends
|
(610 | ) | (19,671 | ) | (1,515 | ) | ||||||
|
Employee Stock
Options Exercised
|
1 | 27 | 58 | |||||||||
|
Net Cash Used
by Financing Activities
|
(1,580 | ) | (50,931 | ) | (28,647 | ) | ||||||
|
Effect
of Exchange Rate Changes on Cash
|
(3 | ) | (97 | ) | (262 | ) | ||||||
|
Net
Decrease in Cash and Cash Equivalents
|
(91 | ) | (2,927 | ) | (6,845 | ) | ||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,499 | 80,532 | 41,042 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
2,408 | 77,605 | 34,197 | |||||||||
Note:
(1) Unaudited, prepared by AUO based on ROC GAAP
(2)
Amounts in New Taiwan dollars were translated into US dollars at the exchange
rate of NTD 32.23 per USD as of September 30,
2008