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 28, 2010
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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,” AUO Reports 2Q2010 Results”, dated July 28, 2010.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. Second Quarter 2010 Results”, dated July 28, 2010.
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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: July 28, 2010
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By:
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/s/ Andy Yang
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Name:
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Andy Yang
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Title:
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Chief Financial Officer
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Item 1
News Release
AU Optronics Corp. Reports 2Q2010 Financial Results
Issued by: AU Optronics Corp.
Issued on: July 28, 2010
Hsinchu, Taiwan, July 28, 2010 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the second quarter of 2010(1).
For the second quarter ended June 30, 2010, AUO posted consolidated revenue of NT$128,586 million (US$3,985 million) (2), up 15.3% from the previous quarter. Gross profit improved 42.4% quarter-over-quarter to NT$20,324 million (US$630 million), while operating profit grew 62.6% quarter-over-quarter to NT$13,215 million (US$410 million). AUO’s net income came in at NT$11,246 million (US$348 million), up 54.6% quarter-over-quarter. Net Income attributable to equity holders of the parent company was NT$10,957 million (US$340 million), with basic EPS of NT$1.24 per common share (US$0.38 per ADR).
For the first half of 2010, AUO reported consolidated revenues of NT$240,150 million (US$7,442 million), with net income of NT$18,520 million (US$574 million) or basic EPS of NT$2.05 per common share (US$0.63 per ADR).
2Q2010 Result Highlights
AUO reported the following unaudited consolidated highlighted results for the second quarter of 2010:
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Ÿ
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Revenue of NT$128,586 million, up 15.3% quarter-over-quarter
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Net income of NT$11,246 million
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Basic EPS of NT$1.24 per common share
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Gross margin of 15.8%
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Operating margin of 10.3%
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EBITDA (3) margin of 27.5%
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For the second quarter, AUO’s large-sized panels reached 29.62 million units, up 8.8% quarter-over-quarter and 32.2% year-over-year. Shipments of small- and medium-sized panels exceeded 55.43 million units, down 2.7% quarter-over-quarter and 8.9% year-over-year. For the first half of 2010, AUO’s large-sized panels totaled 56.84 million units and small- and medium-sized panels exceeded 112.42 million units.
“AUO’s second quarter results were generally in line with our guidance set in the Investor Conference on April 22, “ said Mr. Andy Yang, Chief Financial Officer of AUO. “Thanks to a better product mix, growing adoption rates of LED backlight in high-end panels and nearly full capacity utilization rates, our gross margin increased from last quarter’s 12.8% to 15.8% this quarter. Operating margin also increased from 7.3% last quarter to 10.3%, while EBITDA margin maintained at 27.5%. Starting from last year, AUO has been actively forging strategic alliance with our customers. These alliances are bringing synergies to us. By working closely with clients and involving early in the design stages under a win-win interactive mode, we are able to better understand the end demand, especially for the high-end products, and timely respond to the market trends.”
AUO has officially acquired the G4.5 fab of Toshiba Mobile Display Co., Ltd. ("TMD") in Singapore, effective on July 1. This fab will bring in approximately 45,000 sheets of LTPS (low temperature polysilicon) capacity per month, which enables AUO to better serve its customers in the high-end display markets. In the meantime, AUO will continue to strengthen its alliances with customers and adjust its product portfolio in order to optimize values created by capacity utilization.
(1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)
(2) Amounts converted by an exchange rate of NTD32.27:USD1 based on Federal Reserve Bank of New York, USA as of June 30, 2010.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 65 inches. AUO generated NT$359.3 billion (US$11.2 billion) in sales revenue* in 2009 with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its
market to the green energy industry in late 2008, and formally founded its Solar Photovoltaic Business Unit in October, 2009. For more information, please visit AUO.com.
* 2009 year end revenue converted at an exchange rate of NTD31.95:USD1.
Safe Harbour Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on May 11th, 2010.
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For more information, please contact:
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Freda Lee
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Yawen Hsiao
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Corporate Communications Division
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Corporate Communications Division
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AU Optronics Corp.
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AU Optronics Corp.
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Tel: +886-3-5008800 ext 3206
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+886-3-5008800 ext 3211
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Fax: +886-3-5772730
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+886-3-5772730
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Email: freda.lee@auo.com
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yawen.hsiao@auo.com
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AU Optronics Corp.
Second Quarter 2010 Results Investor Conference
2010
Jul 28, 2010
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, 2009 filed with the United States Securities and Exchange
Commission.
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Consolidated Income Statement
Amount : NT$ Million Except Per Share
Data
2Q'10 1Q'10 QoQ % 2Q'09
Net Sales 128,586 100.0% 111,564 100.0% 15.3% 82,486 100.0%
Cost of Goods Sold (108,262) (84.2%) (97,294) (87.2%) 11.3% (81,349) (98.6%)
Gross Profit 20,324 15.8% 14,270 12.8% 42.4% 1,136 1.4%
Operating Expenses (7,110) (5.5%) (6,141) (5.5%) 15.8% (5,603) (6.8%)
Operating Income (Loss) 13,215 10.3% 8,129 7.3% 62.6% (4,467) (5.4%)
Net Non-operating 0.7%) 0.4%)
Income(Expenses) (898) ( (454) ( 97.6% 38 0.0%
Income (Loss) before Tax 12,317 9.6% 7,675 6.9% 60.5% (4,429) (5.4%)
Net Income (Loss) 11,246 8.7% 7,274 6.5% 54.6% (6,599) (8.0%)
Attributable to: 54.3%
Equity holders of the 8.3%
parent company 10,957 8.5% 7,103 6.4% (6,811) ( )
Minority interest 289 0.2% 172 0.2% 68.1% 213 0.3%
Net Income (Loss) 11,246 8.7% 7,274 6.5% 54.6% (6,599) (8.0%)
Basic EPS (NT$)(a) 1.24 0.80 54.3% (0.78)
Operating Income + D and A 35,354 27.5% 30,842 27.6% 14.6% 17,768 21.5%
Unit Shipments (m8.8%)
Large Size Panels 29.6 27.2 22.4
Small and Medium Size Panels 55.4 57.0 (2.7%) 60.8
- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,827m shares in 2Q10 and 1Q10, and 8,766m shares in
2Q09) by retroactively adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
Consolidated Balance Sheet Highlights
Amount : NT$ Million
2Q'10 1Q'10 QoQ % 2Q'09
Cash and ST Investment 90,264 88,249 2.3% 66,837
Inventory 53,880 48,056 12.1% 32,535
(a) 47,504 53,823 (11.7%) 45,430
Short Term Debt
Long Term Debt 130,376 140,357 (7.1%) 133,670
Equity 293,005 282,756 3.6% 274,934
Total Assets 645,560 638,348 1.1% 571,166
- 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
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Consolidated Cash Flow Highlights
Amount : NT$ Million
2Q'10 1Q'10
------------- -------------
From Operating Activities 32,013 12,763
Net Income 11,246 7,274
Depreciation and Amortization 22,139 22,712
Net Change in Working Capital (2,035) (16,399)
-------------------------------------- ------------- -------------
From Investing Activities (16,288) (23,107)
Capital Expenditure (15,894) (22,792)
--------------------------------------- ------------- -------------
From Financing Activities (12,314) 12,903
Net Change in Debt (14,732) 12,166
--------------------------------------- ------------- -------------
(a) 2,015 2,805
Net Change in Cash
- 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
Consolidated Revenues by Application
http:/100%emas.microsoft.com/office/word/2003/wordml013f
------------------------------------------------------------------
13% 13% 12% 10% 10%
80% 17% 18% 17% 17% 16%
60% 16% 21% 18%
21% 19%
40%
47% 51% 48% 51%
47%
20%
0% 2% 3% 4% 4% 5%
2Q09 3Q09 4Q09 1Q10 2Q10
Others TV Monitor Notebook CP
- Unaudited, prepared by AUO on a consolidated basis
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Large Panel - ASP by Unit
ASP(US$)
300
$243 $238 $242 $247
TV Panel
$199
200
100
$68 $68 IT Panel
$61 $64 $68
0
2Q09 3Q09 4Q09 1Q10 2Q10
IT-ASP/unit TV-ASP/unit
- Unaudited, prepared by AUO on a consolidated basis
- Large size refers to panels that are 10 inches and above
- Blended ASP in US$ was translated from NT$ based on average exchange rates announced by Directorate General of
Customs, ROC Ministry of Finance of each respective quarter
Consolidated Shipments and ASP by Area
Shipments in square
meter (K) ASP.per/square/meter
(Km)
(US$)
1,000 $899
$855 $847
4,000 $841
$789
800
3,000
600
4,531
2,000 3,649 4,006 3,976 400
3,097
1,000 200
0 0
---------------------------------------------
2Q09 3Q09 4Q09 1Q10 2Q10 2Q09 3Q09 4Q09 1Q10 2Q10
- Unaudited, prepared by AUO on a consolidated basis
- ASP per square meter in US$ was translated from NT$ based on average exchange rates
announced by Directorate General of Customs, ROC Ministry of Finance of each respective quarter
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Consolidated Smalld and Medium Panel
Shipments and Revenues
Unit
(mn) Shipments (NT$mn) Revenues
80 $12,000
$10,567 $10,150
$10,000 $9,699
$8,631
60 $7,944
$8,000
40 $6,000
60.8 64.8 60.1 57.0 55.4
$4,000
20
$2,000
0 $0
2Q09 3Q09 4Q09 1Q10 2Q10 2Q09 3Q09 4Q09 1Q10 2Q10
- Unaudited, prepared by AUO on a consolidated basis
- Small and Medium size refers to panels that are under 10 inches
Capacity by Fab
Fab 6/2010 9/2010 (F) Major Products
Capacity Capacity
L3 (G3.5) 130,000 130,000 Small/Medium
----------------------------------------------------------------------
L3 (G3.5) LTPS 20,000 LTPS 20,000 Small/Medium
----------------------------------------------------------------------
L4 (G4.0) 60,000 60,000 Small/Medium
----------------------------------------------------------------------
L4 (G4.5) - LTPS 45,000 NB
----------------------------------------------------------------------
L5 (G5.0) 310,000 310,000 NB, Monitor
----------------------------------------------------------------------
L6 (G6.0) 240,000 240,000 Monitor, TV, Public
Info Display
----------------------------------------------------------------------
L7 (G7.5) 120,000 135,000 Monitor, TV, Public
Info Display
----------------------------------------------------------------------
L8 (G8.5) 40,000 40,000 TV, Public Info
Display
======================================================================
- Capacity based on monthly glass substrate input
------------------------------------------------------------------------------
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www.auo.com
ir@auo.com
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
June 30, 2010 and 2009
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
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June 30, 2010
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June 30, 2009
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YoY
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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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Cash and Cash Equivalents
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2,797 | 90,264 | 14.0 | 66,280 | 11.6 | 23,984 | 36.2 | |||||||||||||||||||||
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Available-for-Sale Financial Assets - Current
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0 | 0 | 0.0 | 557 | 0.1 | (557 | ) | (100.0 | ) | |||||||||||||||||||
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Notes & Accounts Receivables
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2,386 | 76,992 | 11.9 | 47,882 | 8.4 | 29,110 | 60.8 | |||||||||||||||||||||
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Other Current Financial Assets
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57 | 1,854 | 0.3 | 828 | 0.1 | 1,026 | 124.0 | |||||||||||||||||||||
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Inventories
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1,670 | 53,880 | 8.3 | 32,535 | 5.7 | 21,345 | 65.6 | |||||||||||||||||||||
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Other Current Assets
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291 | 9,397 | 1.5 | 4,612 | 0.8 | 4,785 | 103.7 | |||||||||||||||||||||
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Total Current Assets
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7,201 | 232,387 | 36.0 | 152,694 | 26.7 | 79,693 | 52.2 | |||||||||||||||||||||
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Long-term Investments
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460 | 14,832 | 2.3 | 11,959 | 2.1 | 2,872 | 24.0 | |||||||||||||||||||||
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Fixed Assets
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25,188 | 812,829 | 125.9 | 723,948 | 126.7 | 88,880 | 12.3 | |||||||||||||||||||||
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Less: Accumulated Depreciation
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(13,538 | ) | (436,883 | ) | (67.7 | ) | (342,172 | ) | (59.9 | ) | (94,712 | ) | 27.7 | |||||||||||||||
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Net Fixed Assets
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11,650 | 375,946 | 58.2 | 381,777 | 66.8 | (5,831 | ) | (1.5 | ) | |||||||||||||||||||
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Other Assets
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694 | 22,395 | 3.5 | 24,736 | 4.3 | (2,340 | ) | (9.5 | ) | |||||||||||||||||||
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Total Assets
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20,005 | 645,560 | 100.0 | 571,166 | 100.0 | 74,394 | 13.0 | |||||||||||||||||||||
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LIABILITIES
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Short-term Borrowings
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34
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1,098
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0.2
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7,946
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1.4
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(6,848
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(86.2
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Accounts Payable
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3,188 | 102,866 | 15.9 | 71,936 | 12.6 | 30,930 | 43.0 | |||||||||||||||||||||
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Current Installments of Long-term Borrowings
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1,438 | 46,406 | 7.2 | 37,485 | 6.6 | 8,922 | 23.8 | |||||||||||||||||||||
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Current Financial Liabilities
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20 | 659 | 0.1 | 174 | 0.0 | 485 | 278.7 | |||||||||||||||||||||
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Accrued Expense & Other Current Liabilities
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1,283 | 41,416 | 6.4 | 17,530 | 3.1 | 23,886 | 136.3 | |||||||||||||||||||||
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Dividend Payable
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7 | 239 | 0.0 | 2,552 | 0.4 | (2,313 | ) | (90.6 | ) | |||||||||||||||||||
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Machinery and Equipment Payable
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570 | 18,387 | 2.8 | 24,244 | 4.2 | (5,858 | ) | (24.2 | ) | |||||||||||||||||||
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Total Current Liabilities
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6,541 | 211,070 | 32.7 | 161,866 | 28.3 | 49,204 | 30.4 | |||||||||||||||||||||
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Long-term Borrowings
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3,820 | 123,263 | 19.1 | 121,479 | 21.3 | 1,784 | 1.5 | |||||||||||||||||||||
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Bonds Payable
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220 | 7,112 | 1.1 | 12,191 | 2.1 | (5,079 | ) | (41.7 | ) | |||||||||||||||||||
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Non Current Financial Liabilities
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16 | 508 | 0.1 | 677 | 0.1 | (169 | ) | (25.0 | ) | |||||||||||||||||||
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Other Long-term Liabilities
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329 | 10,601 | 1.6 | 19 | 0.0 | 10,582 | 55039.9 | |||||||||||||||||||||
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Total Long-term Liabilities
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4,384 | 141,485 | 21.9 | 134,366 | 23.5 | 7,118 | 5.3 | |||||||||||||||||||||
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Total Liabilities
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10,925 | 352,555 | 54.6 | 296,233 | 51.9 | 56,322 | 19.0 | |||||||||||||||||||||
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SHAREHOLDERS' EQUITY
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Common Stock
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2,735
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88,270
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13.7
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85,057
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14.9
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3,213
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3.8
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Stock Dividends To Be Distributed
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0 | 0 | 0.0 | 4,561 | 0.8 | (4,561 | ) | (100.0 | ) | |||||||||||||||||||
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Capital Surplus
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3,592 | 115,923 | 18.0 | 113,668 | 19.9 | 2,255 | 2.0 | |||||||||||||||||||||
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Retained Earnings
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2,284 | 73,689 | 11.4 | 57,747 | 10.1 | 15,943 | 27.6 | |||||||||||||||||||||
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Cumulative Translation Adjustments
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57 | 1,853 | 0.3 | 2,312 | 0.4 | (459 | ) | (19.8 | ) | |||||||||||||||||||
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Unrealized Gain on Financial Products
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12 | 394 | 0.1 | 149 | 0.0 | 245 | 164.0 | |||||||||||||||||||||
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Net loss not recognized as pension cost
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0 | 0 | 0.0 | (40 | ) | 0.0 | 40 | (100.0 | ) | |||||||||||||||||||
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Minority Interest
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399 | 12,876 | 2.0 | 11,480 | 2.0 | 1,396 | 12.2 | |||||||||||||||||||||
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Total Shareholders' Equity
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9,080 | 293,005 | 45.4 | 274,934 | 48.1 | 18,072 | 6.6 | |||||||||||||||||||||
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Total Liabilities & Shareholders' Equity
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20,005 | 645,560 | 100.0 | 571,166 | 100.0 | 74,394 | 13.0 |
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 32.27 per USD as of June 30, 2010
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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT |
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Year over Year Comparison
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Sequential Comparison
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2Q 2010
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% of
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2Q 2009
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YoY
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2Q 2010
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% of
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1Q 2010
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QoQ
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USD
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NTD
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Sales
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NTD
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Chg %
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USD
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NTD
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Sales
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NTD
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Chg %
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Net Sales
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3,985 | 128,586 | 100.0 | 82,486 | 55.9 | 3,985 | 128,586 | 100.0 | 111,564 | 15.3 | ||||||||||||||||||||||||||||||
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Cost of Goods Sold
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3,355 | 108,262 | 84.2 | 81,349 | 33.1 | 3,355 | 108,262 | 84.2 | 97,294 | 11.3 | ||||||||||||||||||||||||||||||
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Gross Profit
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630 | 20,324 | 15.8 | 1,136 | 1,688.8 | 630 | 20,324 | 15.8 | 14,270 | 42.4 | ||||||||||||||||||||||||||||||
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Operating Expenses
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SG&A
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160
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5,151
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4.0
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4,053
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27.1
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160
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5,151
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4.0
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4,022
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28.1
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||||||||||||||||||||||||||||||
|
R&D
|
61 | 1,958 | 1.5 | 1,550 | 26.4 | 61 | 1,958 | 1.5 | 2,119 | (7.6 | ) | |||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
220 | 7,110 | 5.5 | 5,603 | 26.9 | 220 | 7,110 | 5.5 | 6,141 | 15.8 | ||||||||||||||||||||||||||||||
| 410 | 13,215 | 10.3 | (4,467 | ) |
－
|
410 | 13,215 | 10.3 | 8,129 | 62.6 | ||||||||||||||||||||||||||||||
|
Net Non-Operating Income (Expenses)
|
(28 | ) | (898 | ) | (0.7 | ) | 38 |
－
|
(28 | ) | (898 | ) | (0.7 | ) | (454 | ) | 97.6 | |||||||||||||||||||||||
|
Income (Loss) before Income Tax
|
382 | 12,317 | 9.6 | (4,429 | ) |
－
|
382 | 12,317 | 9.6 | 7,675 | 60.5 | |||||||||||||||||||||||||||||
|
Income Tax Expense
|
(33 | ) | (1,071 | ) | (0.8 | ) | (2,170 | ) | (50.6 | ) | (33 | ) | (1,071 | ) | (0.8 | ) | (401 | ) | 167.3 | |||||||||||||||||||||
|
Net Income (Loss)
|
348 | 11,246 | 8.7 | (6,599 | ) |
－
|
348 | 11,246 | 8.7 | 7,274 | 54.6 | |||||||||||||||||||||||||||||
|
Attributable to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders of The Parent Company
|
340
|
10,957
|
8.5
|
(6,811
|
) |
－
|
340
|
10,957
|
8.5
|
7,103
|
54.3
|
|||||||||||||||||||||||||||||
|
Minority Interest
|
9 | 289 | 0.2 | 213 | 35.7 | 9 | 289 | 0.2 | 172 | 68.1 | ||||||||||||||||||||||||||||||
|
Net Income (Loss)
|
348 | 11,246 | 8.7 | (6,599 | ) |
－
|
348 | 11,246 | 8.7 | 7,274 | 54.6 | |||||||||||||||||||||||||||||
|
Basic Earnings Per Share
|
0.04 | 1.24 | (0.78 | ) | 0.04 | 1.24 | 0.80 | |||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.38 | 12.41 | (7.76 | ) | 0.38 | 12.41 | 8.05 | |||||||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,766 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
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 32.27 per USD as of June 30, 2010
(3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW |
||||||||||||
|
1H 2010
|
1H 2009
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
574 | 18,520 | (26,814 | ) | ||||||||
|
Depreciation & Amortization
|
1,390 | 44,852 | 43,330 | |||||||||
|
Investment Loss (Gain) under Equity Method
|
(14 | ) | (464 | ) | 180 | |||||||
|
Changes in Working Capital
|
(571 | ) | (18,434 | ) | (16,149 | ) | ||||||
|
Changes in Others
|
9 | 302 | (1,825 | ) | ||||||||
|
Net Cash Provided (Used) by Operating Activities
|
1,388 | 44,775 | (1,278 | ) | ||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(1,199 | ) | (38,686 | ) | (30,568 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
1 | 22 | 207 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(9 | ) | (295 | ) | (3,082 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
8 | 257 | 138 | |||||||||
|
Decrease (Increase) in Restricted Cash in Banks
|
9 | 276 | (2 | ) | ||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(29 | ) | (951 | ) | (342 | ) | ||||||
|
Increase in Other Assets
|
(1 | ) | (18 | ) | (406 | ) | ||||||
|
Net Cash Used in Investing Activities
|
(1,221 | ) | (39,395 | ) | (34,056 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Short-term Borrowings
|
14 | 466 | 3,088 | |||||||||
|
Increase (Decrease) in Guarantee Deposits
|
1 | 24 | (2 | ) | ||||||||
|
Increase (Decrease) in Long-term Borrowings and Bonds Payable
|
(94 | ) | (3,032 | ) | 13,237 | |||||||
|
Change in Minority Interest
|
97 | 3,131 | 1,911 | |||||||||
|
Net Cash Provided by Financing Activities
|
18 | 589 | 18,235 | |||||||||
|
Change in Consolidated Entity
|
(25 | ) | (794 | ) | 0 | |||||||
|
Effect of Exchange Rate Changes on Cash
|
(11 | ) | (356 | ) | (55 | ) | ||||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
149 | 4,821 | (17,155 | ) | ||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,648 | 85,443 | 83,435 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
2,797 | 90,264 | 66,280 | |||||||||
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 32.27 per USD as of June 30, 2010
|
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET |
||||||||||||||||||||||||||||
| June 30, 2010 |
June 30, 2009
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,915 | 61,808 | 10.7 | 45,992 | 8.6 | 15,816 | 34.4 | |||||||||||||||||||||
|
Available-for-Sale Financial Assets - Current
|
0 | 0 | 0.0 | 557 | 0.1 | (557 | ) | (100.0 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
2,326 | 75,073 | 12.9 | 46,891 | 8.7 | 28,182 | 60.1 | |||||||||||||||||||||
|
Other Current Financial Assets
|
51 | 1,641 | 0.3 | 509 | 0.1 | 1,132 | 222.4 | |||||||||||||||||||||
|
Inventories
|
1,374 | 44,329 | 7.6 | 27,855 | 5.2 | 16,473 | 59.1 | |||||||||||||||||||||
|
Other Current Assets
|
242 | 7,820 | 1.3 | 4,395 | 0.8 | 3,425 | 77.9 | |||||||||||||||||||||
|
Total Current Assets
|
5,909 | 190,672 | 32.9 | 126,200 | 23.5 | 64,473 | 51.1 | |||||||||||||||||||||
|
Long-term Investments
|
1,935 | 62,450 | 10.8 | 49,871 | 9.3 | 12,579 | 25.2 | |||||||||||||||||||||
|
Fixed Assets
|
20,997 | 677,585 | 116.9 | 638,622 | 118.9 | 38,963 | 6.1 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(11,533 | ) | (372,171 | ) | (64.2 | ) | (300,192 | ) | (55.9 | ) | (71,979 | ) | 24.0 | |||||||||||||||
|
Net Fixed Assets
|
9,464 | 305,414 | 52.7 | 338,430 | 63.0 | (33,016 | ) | (9.8 | ) | |||||||||||||||||||
|
Other Assets
|
661 | 21,338 | 3.7 | 22,421 | 4.2 | (1,084 | ) | (4.8 | ) | |||||||||||||||||||
|
Total Assets
|
17,969 | 579,874 | 100.0 | 536,922 | 100.0 | 42,953 | 8.0 | |||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term Borrowing
|
0
|
0
|
0.0
|
6,110
|
1.1
|
(6,110
|
) |
(100.0
|
) | |||||||||||||||||||
|
Accounts Payable
|
3,176 | 102,505 | 17.7 | 75,625 | 14.1 | 26,880 | 35.5 | |||||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,294 | 41,746 | 7.2 | 33,978 | 6.3 | 7,769 | 22.9 | |||||||||||||||||||||
|
Current Financial Liabilities
|
13 | 434 | 0.1 | 170 | 0.0 | 265 | 156.0 | |||||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
911 | 29,386 | 5.1 | 14,272 | 2.7 | 15,114 | 105.9 | |||||||||||||||||||||
|
Dividend Payable
|
0 | 0 | 0.0 | 2,552 | 0.5 | (2,552 | ) | (100.0 | ) | |||||||||||||||||||
|
Machinery and Equipment Payable
|
466 | 15,042 | 2.6 | 22,669 | 4.2 | (7,627 | ) | (33.6 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,860 | 189,114 | 32.6 | 155,375 | 28.9 | 33,739 | 21.7 | |||||||||||||||||||||
|
Long-term Borrowings
|
3,196 | 103,144 | 17.8 | 105,226 | 19.6 | (2,083 | ) | (2.0 | ) | |||||||||||||||||||
|
Bonds Payable
|
217 | 7,000 | 1.2 | 12,191 | 2.3 | (5,191 | ) | (42.6 | ) | |||||||||||||||||||
|
Non Current Financial Liabilities
|
15 | 486 | 0.1 | 675 | 0.1 | (189 | ) | (28.0 | ) | |||||||||||||||||||
|
Other Long-term Liabilities
|
0 | 2 | 0.0 | 2 | 0.0 | (0 | ) | (2.1 | ) | |||||||||||||||||||
|
Total Long-term Liabilities
|
3,428 | 110,631 | 19.1 | 118,094 | 22.0 | (7,462 | ) | (6.3 | ) | |||||||||||||||||||
|
Total Liabilities
|
9,289 | 299,745 | 51.7 | 273,468 | 50.9 | 26,277 | 9.6 |
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
2,735
|
88,270
|
15.2
|
85,057
|
15.8
|
3,213
|
3.8
|
|||||||||||||||||||||
|
Stock Dividends To Be Distributed
|
0 | 0 | 0.0 | 4,561 | 0.8 | (4,561 | ) | (100.0 | ) | |||||||||||||||||||
|
Capital Surplus
|
3,592 | 115,923 | 20.0 | 113,668 | 21.2 | 2,255 | 2.0 | |||||||||||||||||||||
|
Retained Earnings
|
2,284 | 73,689 | 12.7 | 57,747 | 10.8 | 15,943 | 27.6 | |||||||||||||||||||||
|
Cumulative Translation Adjustments
|
57 | 1,853 | 0.3 | 2,312 | 0.4 | (459 | ) | (19.8 | ) | |||||||||||||||||||
|
Unrealized Gain on Financial Products
|
12 | 394 | 0.1 | 149 | 0.0 | 245 | 164.0 | |||||||||||||||||||||
|
Net loss not recognized as pension cost
|
0 | 0 | 0.0 | (40 | ) | 0.0 | 40 | (100.0 | ) | |||||||||||||||||||
|
Total Shareholders' Equity
|
8,681 | 280,130 | 48.3 | 263,454 | 49.1 | 16,676 | 6.3 | |||||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
17,969 | 579,874 | 100.0 | 536,922 | 100.0 | 42,953 | 8.0 |
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 32.27 per USD as of June 30, 2010
|
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended June 30, 2010 and 2009 and March 31, 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year over Year Comparison
|
Sequential Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
2Q 2010
|
% of
|
2Q 2009
|
YoY
|
2Q 2010
|
% of
|
1Q 2010
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,778 | 121,924 | 100.0 | 81,446 | 49.7 | 3,778 | 121,924 | 100.0 | 106,242 | 14.8 | ||||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,248 | 104,829 | 86.0 | 82,699 | 26.8 | 3,248 | 104,829 | 86.0 | 94,754 | 10.6 | ||||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
530 | 17,095 | 14.0 | (1,252 | ) |
－
|
530 | 17,095 | 14.0 | 11,488 | 48.8 | |||||||||||||||||||||||||||||
|
Operating Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
111 | 3,590 | 2.9 | 3,155 | 13.8 | 111 | 3,590 | 2.9 | 2,497 | 43.8 | ||||||||||||||||||||||||||||||
|
R&D
|
56 | 1,798 | 1.5 | 1,518 | 18.4 | 56 | 1,798 | 1.5 | 2,052 | (12.4 | ) | |||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
167 | 5,387 | 4.4 | 4,674 | 15.3 | 167 | 5,387 | 4.4 | 4,549 | 18.4 | ||||||||||||||||||||||||||||||
| 363 | 11,708 | 9.6 | (5,926 | ) |
－
|
363 | 11,708 | 9.6 | 6,939 | 68.7 | ||||||||||||||||||||||||||||||
|
Net Non-Operating Income (Expenses)
|
(10 | ) | (313 | ) | (0.3 | ) | 1,040 |
－
|
(10 | ) | (313 | ) | (0.3 | ) | 247 |
－
|
||||||||||||||||||||||||
|
Income (Loss) before Income Tax
|
353 | 11,395 | 9.3 | (4,886 | ) |
－
|
353 | 11,395 | 9.3 | 7,187 | 58.6 | |||||||||||||||||||||||||||||
|
Income Tax Expense
|
(14 | ) | (438 | ) | (0.4 | ) | (1,925 | ) | (77.3 | ) | (14 | ) | (438 | ) | (0.4 | ) | (84 | ) | 421.3 | |||||||||||||||||||||
|
Net Income (Loss)
|
340 | 10,957 | 9.0 | (6,811 | ) |
－
|
340 | 10,957 | 9.0 | 7,103 | 54.3 | |||||||||||||||||||||||||||||
|
Basic Earnings Per Share
|
0.04 | 1.24 | (0.78 | ) | 0.04 | 1.24 | 0.80 | |||||||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
0.38 | 12.41 | (7.76 | ) | 0.38 | 12.41 | 8.05 | |||||||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,766 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
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 32.27 per USD as of June 30, 2010
(3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW |
||||||||||||
|
1H 2010
|
1H 2009
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
560 | 18,060 | (27,142 | ) | ||||||||
|
Depreciation & Amortization
|
1,194 | 38,539 | 37,828 | |||||||||
|
Investment Gain under Equity Method
|
(43 | ) | (1,394 | ) | (2,712 | ) | ||||||
|
Changes in Working Capital
|
(550 | ) | (17,759 | ) | (11,861 | ) | ||||||
|
Changes in Others
|
13 | 404 | (1,604 | ) | ||||||||
|
Net Cash Provided (Used) by Operating Activities
|
1,173 | 37,850 | (5,491 | ) | ||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(833 | ) | (26,886 | ) | (26,953 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
28 | 903 | 110 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(253 | ) | (8,156 | ) | (6,321 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
0 | 0 | 833 | |||||||||
|
Increase in Restricted Cash in Banks
|
(1 | ) | (30 | ) | 0 | |||||||
|
Increase in Deferred Assets and Intangible Assets
|
(13 | ) | (421 | ) | (293 | ) | ||||||
|
Decrease in Other Assets
|
0 | 7 | 90 | |||||||||
|
Net Cash Used in Investing Activities
|
(1,072 | ) | (34,582 | ) | (32,535 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Short-term Borrowings
|
0 | 0 | 2,410 | |||||||||
|
Increase in Long-term Borrowings and Bonds Payable
|
25 | 802 | 13,758 | |||||||||
|
Net Cash Provided by Financing Activities
|
25 | 802 | 16,168 | |||||||||
|
Effect of Exchange Rate Changes on Cash
|
19 | 625 | 123 | |||||||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
145 | 4,694 | (21,735 | ) | ||||||||
|
Cash and Cash Equivalents at Beginning of Period
|
1,770 | 57,114 | 67,727 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,915 | 61,808 | 45,992 | |||||||||
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 32.27 per USD as of June 30, 2010