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
May 3, 2004
Commission File Number 001-31335
AU
Optronics Corp.
(Translation of registrant’s name into English)
No. 1 Li-Hsin Road 2
Science-Based Industrial Park
Hsinchu, Taiwan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
Not applicable
INDEX TO EXHIBITS
| Item | |
| 1. | Investor Conference Materials entitled, “AU Optronics Corp. 1Q 2004 Results Investor Conference”, dated April 27, 2004 |
| 2. | Press release entitled, “AU Optronics Reports Unaudited First Quarter 2004 Results”, dated April 27, 2004 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AU Optronics Corp. | |||
| Date: May 3, 2004 | By: | /s/ Max Weishun Cheng | |
| Name: | Max Weishun Cheng | ||
| Title: | Chief Financial Officer | ||
Item 1
| AU Optronics Corp. 1Q 2004 Results Investor Conference 2004 April 27, 2004 |
| AGENDA o Welcome and Introduction o 1Q 2004 Financial Results o Remarks o Q&A |
| Safe Harbor Notice The statements included in this presentation that are not historical in nature are “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics#146; future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics#146; current expectations. Actual results may differ materially from those expressed or implied in these forwardlooking 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 TFTLCD 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. Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics#146; forward-looking statements can be found in AU Optronics’ annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003. |
1Q 2004 Consolidated Income Statement
- QoQ Comparison
QoQ
1Q'04(a) 4Q'03(a) Change %
-------- -------- --------
Net Sales 41,331 100.0% 34,379 100.0% 20.2%
Cost of Goods Sold (27,286) (66.0%) (24,742) (72.0%) 10.3%
Gross Profit 14,045 34.0% 9,637 28.0% 45.7%
Operating Expenses (2,311) (5.6%) (2,127) (6.2%) 8.7%
Operating Income 11,734 28.4% 7,510 21.8% 56.2%
Net Non-operating Income (Exp.) (95) (0.2%) (31) (0.1%) 206.5%
Income before Tax 11,639 28.2% 7,479 21.7% 55.6%
Income Tax Credit (Exp.) 30 0.0% 87 0.3% (65.5%)
Net Income 11,669 28.2% 7,566 22.0% 54.2%
Basic EPS (NT$)(b) 2.69 1.76 152.7%
Fully Diluted EPS (NT ) $ (b) - 1.74
Op Income+D&A(c) 17,084 41.3% 12,316 35.8% 38.7%
Unit Shipment (Million)
Large Size Panels 4.1 3.6 13.8%
Small & Medium Panels (A/V) 5.2 6.5 (19.5%)
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
(b) Total weighted average outstanding shares of 4,340 million (excluding 12 million
treasury shares) were used in Fully Diluted EPS calculatio n for 1Q'04 and 4Q'03 (c)
Adjusted EBIDTA calculated as Operating Incom e + Depreciation & Am ortization Expenses
|
| 1Q 2004 Consolidated Balance Sheet Highlights –l QoQ Comparison Amount : NT$ Million QoQ 4Q'03(a) 1Q'04(a) Change % Cash & ST Investment 22,129 12.3% 20,249 12.8% 9.3% Inventory 12,361 6.9% 9,956 6.3% 24.2% Short Term Debt(b) 8,654 4.8% 7,193 4.6% 20.3% Long Term Debt 30,740 17.1% 25,306 16.0% 21.5% Equity 104,105 57.8% 92,655 58.6% 12.4% Total Assets 180,015 100.0% 158,071 100.0% 13.9% Inventory Turnover (Days)(c ) 37 33 Debt to Equity (Fully Diluted) 37.8% 35.1% Net Debt to Equity (Fully Diluted) 19.3% 15.7% (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Short term debt refers all interest bearing debt maturing within one year (c) Annualized, calculated by dividing the average inventory into the cost of goods sold, then dividing 365 days by the inventory turnover |
| 1Q 2004 Consolidated Cash Flow Highlights - QoQ Comparison QoQ Amount : NT$ Million 1Q'04(a) 4Q'03(a) Change From Operation 13,806 14,115 (309) Net Profit 11,669 7,566 4,103 Depreciation & Amortization 5,350 4,805 545 From Investment (19,323) (15,593) (3,730) Capital Expenditure (18,482) (15,223) (3,259) From Financing 6,832 5,294 1,538 Repayment of Debt (1,599) (3,204) 1,605 Syndication Loan 6,700 8,402 (1,702) (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis 6 |
| Installed Capacity by Fab FAB Substrate Size 12/2003 3/2004 6/2004 (F) (mm) Capacity Capacity Capacity L3A (G3.5) 610 x 720 45,000 45,000 45,000 L3B (G3.5) 610 x 720 5,000 LTPS 5,000 LTPS 5,000 LTPS 25,000 a-S 25,000 a-Si 25,000 a-Si L5 (G3.5) 600 x 720 60,000 60,000 60,000 L6 (G4.0) 680 x 880 60,000 60,000 60,000 L8A (G5.0) 1100 x 1250 50,000 50,000 50,000 L8B (G5.0) 1100 x 1300 n.a. 30,000 60,000 |
| Enrich Digital Lifestyle http://www.auo.com IR@auo.com |
| AU OPTRONICS CORP. UNCONSOLIDATED BALANCE SHEET March 31, 2004 and 2003 (Figures in Millions of New Taiwan dollars (NTD) and US dollars (USD)) March 31, 2004 March 31, 2003 YoY --------------------------- -------------- --------------- ASSETS USD NTD % NTD % Change % ------ --- ------ ---- --- ---- ------ ------ Cash and Cash Equivalents 480 15,864 9.1 17,701 14.3 (1,837) (10.4) Short-term Investments 81 2,687 1.5 3,182 2.6 (495) (15.6) Notes & Accounts Receivable 713 23,538 13.5 11,682 9.4 11,856 101.5 Other Current Financial Assets 17 555 0.3 665 0.5 (110) (16.5) Inventories 319 10,525 6.0 7,393 6.0 3,132 42.4 Other Current Assets 96 3,176 1.8 1,329 1.1 1,847 139.0 ----- ------ ----- ------- ------ ------- ------ Total Current Assets 1,706 56,345 32.2 41,952 33.9 14,393 34.3 ----- ------ ----- ------- ------ ------- ------ Long-term Investments 161 5,310 3.0 1,695 1.4 3,615 213.3 ----- ------ ----- ------- ------ ------- ------ Fixed Assets 4,598 151,874 86.8 100,619 81.2 51,255 50.9 Less Accumulated Depreciation (1,320) (43,585) (24.9) (28,379) (22.9) (15,206) 53.6 ------- --------------------------------------------- ---- Net Fixed Assets 3,278 108,289 61.9 72,240 58.3 36,049 49.9 ----- ------ ----- ------- ------ ------- ------ Other Assets 155 5,127 2.9 7,994 6.4 (2,867) (35.9) ----- ------ ----- ------- ------ ------- ------ Total Assets 5,300 175,071 100.0 123,881 100.0 51,190 41.3 ----- ---------------------------------- ------ ---- LIABILITIES Accounts Payable 1,051 34,718 19.8 12,310 9.9 22,408 182.0 Current Installments of Long-term Liabilities 201 6,643 3.8 9,486 7.7 (2,843) (30.0) Other Current Liabilities 84 2,774 1.6 1,739 1.4 1,035 59.5 ----- ------ ----- ------- ------ ------- ------ Total Current Liabilities 1,336 44,1352 5.2 23,535 19.0 20,600 87.5 ----- -------------------------- ---- ------ ---- Long-term Borrowings 803 26,519 15.1 20,242 16.4 6,277 31.0 Bonds and Convertible Bonds Payable 0 0 0.0 2,016 1.6 (2,016) (100.0) Other Long-term Liabilities 9 311 0.2 123 0.1 188 152.8 ----- ------ ----- ------- ------ ------- ------ Total Liabilities 2,148 70,965 40.5 45,916 37.1 25,049 54.6 ----- ------ ----- ------- ------ ------- ------ SHAREHOLDERS' EQUITY -------------------- Common Stock 1,318 43,522 24.9 40,259 32.5 3,263 8.1 Capital Surplus 975 32,198 18.4 31,728 25.6 470 1.5 Retained Earnings 869 28,709 16.4 6,202 5.0 22,507 362.9 Cumulative Translation Adjustment (2) (73) 0.0 27 0.0 (100) (370.4) Treasury Stock (8) (251) (0.2) (251) (0.2) 0 0.0 ----- ------ ----- ------- ------ ------- ------ Total Stockholders' Equity 3,152 104,105 59.5 77,965 62.9 26,140 33.5 ----- ------ ----- ------- ------ ------- ------ Total Liabilities & Stockholders' Equity 5,300 175,071 100.0 123,881 100.0 51,190 41.3 ----- ------ ----- ------- ------ ------- ------ Note: (1) Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
| AU OPTRONICS CORP. UNCONSOLIDATED INCOME STATEMENT Year Ended March 31, 2004 and 2003 and for the Three Months Ended March 31, 2004 and December 31, 2003 (Expressed in Million of New Taiwan Dollars (NTD) and US Dollars (USD) Except for Per Share Data and Outstanding Shares) Year over Year Comparison Sequential Comparison -------------------------------------------------------- ------------------------------------------------ 1Q 2004 % of 1Q 2003 YoY 1Q 2004 % of 4Q 2003 QoQ USD(1) NTD Sales NTD Chg % USD NTD Sales NTD Chg % ------ ----- ---------- ------- ------- ------- -------- ----- ------ ----- Net Sales 1,159 38,536 100.0 17,115 125.2 1,159 38,536 100.0 32,084 20.1 Cost of Goods Sold 747 24,850 64.5 15,491 60.4 747 24,850 64.5 23,006 8.0 ------ ------ ---------- ------- ------- ------- -------- ------ ------ ----- Gross Profit 412 13,686 35.5 1,624 742.7 412 13,686 35.5 9,078 50.8 ------ ------ ---------- ------- ------- -------- ------ ------ ----- Operating Expenses Selling 16 527 1.4 151 249.0 16 527 1.4 239 120.5 Administrative 18 597 1.5 478 24.9 18 597 1.5 538 11.0 Research and Development 30 990 2.6 598 65.6 30 990 2.6 1,205 (17.8) ------ ------ --------- ------- ------- ------- -------- ------ ------ ----- Total Operating Expenses 64 2,114 5.5 1,227 72.3 64 2,114 5.5 1,982 6.7 ------ ------ --------- ------- ------- -------- ------ ------ ----- Total Operating Income 348 11,572 30.0 397 2,814.9 348 11,572 30.0 7,096 63.1 ------ ------ --------- ------- ------- ------- -------- ------ ------ ----- Net Non-Operating Income (Expenses) 2 67 0.2 (218) (130.7) 2 67 0.2 383 (82.5) ------ ------ --------- ------- ------- ------- -------- ------ ------ ----- Income before Income Tax 350 11,639 30.2 179 6,402.2 350 11,639 30.2 7,479 55.6 ------ ------ --------- ------- ------- ------- -------- ------ ------ ----- Income Tax (Expense) Benefit 1 30 0.1 0 - 1 30 0.1 87 (65.5) ------ --------- ------- ------- ------- -------- ------ ------ ----- Net Income 351 11,669 30.3 179 6,419.0 351 11,669 30.3 7,566 54.2 ====== ====== ========= ======= ======= ======= ======== ====== ====== ===== Basic Earnings (Loss) Per Share 0.0809 2.69 0.04 0.0809 2.69 1.76 ------ ------ ------- ------- -------- ------ Basic Earnings (Loss) Per ADS(2) 0.8085 26.89 0.45 0.8085 26.89 17.64 ------ ------ ------- ------- -------- ------ Weighted Average Number 4,340 4,014 4,340 4,289 of Shares Outstanding (Million) ------- ------- -------- ------ |
| AU OPTRONICS CORP. UNCONSOLIDATED STATEMENT OF CASH FLOWS March 31, 2004 and 2003 (Figures in Million of New Taiwan dollars (NTD) and US dollars (USD)) 2004 2003 ----------------- -------- USD NTD NTD Cash Flows from Operating Activities: Net Income 351 11,669 179 Depreciation & Amortization 153 5,094 3,403 S.T & L.T Investment Loss (4) (140) 10 Changes in Working Capital & Others (77) (2,563) (1,516) ---- ------- ------- Net Cash Provided by (Used in) Operating Activities 423 14,060 Cash Flows from Investing Activities: Decrease (Increase) in Short-term Investments (17) (550) (154) Acquisition of Property, Plant and Equipment (516) (17,164) (6,269) Proceeds from Disposal of Property, Plant and Equipment 2 59 213 Increase in Long-term Equity Investments (65) (2,147) (436) Decrease (Increase) in Restricted Cash in Bank 0 0 20 Increase in Intangible Assets (1) (45) (524) Decrease (Increase) in Other Assets 3 116 77 ----- ------ ------- Net Cash Used in Investing Activities (594) (19,731) (7,073) Cash Flows from Financing Activities: Decrease in Guarantee Deposits 0 0 0 Increase (Decrease) in Long-term Borrowings 148 4,922 (2,899) Increase in Treasury Stock 0 0 (68) ---- ------- ------- Net Cash Provided by Financing Activities 148 4,922 (2,967) Effect of Exchange Rate Change on Cash (0) (11) 6 ---- ------- ------- Net Increase (Decrease) in Cash and Cash Equivalents (23) (760) (7,958) ---- ----- ------- Cash and Cash Equivalents at Beginning of Period 500 16,624 25,659 Cash and Cash Equivalents at End of Period 477 15,864 17,701 ==== ======= ======= Note: (1) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NT$ 33.2533 per US dollar |
Item 2
|
News Release |
AU Optronics Reports Unaudited First Quarter 2004 Results
Quarterly Consolidated Revenues of NT$41,331
Million and Net Income of NT$11,669
Million Set Record Highs
Issued by: AU Optronics Corp. Issued on: April 27, 2004
| AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the world’s third largest manufacturer of large-size TFT-LCD panels, today announced its unaudited consolidated results of operations for the three months ended March 31, 2004. All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”) on a consolidated basis. There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003. The unaudited consolidated financial information mentioned herein is not necessarily indicative of our future financial results. |
Hsinchu, Taiwan, April 27, 2004 –
AU
Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409;
NYSE: AUO) today announced unaudited consolidated financial results for the
three months ended March 31, 2004. Both consolidated net sales and net income
for the first quarter of 2004 set record high performance for a single quarter.
Consolidated net sales totaled NT$41,331 million for 1Q 2004, a 20.2% increase
over the previous quarter. Net income rose 54.2% QoQ to reach NT$11,669 million.
Earnings per share for the first quarter of 2004 were NT$2.68.
“The solid 1Q 2004 performance is mainly attributed to the smooth ramp up and high yield rates achieved at AUO’s fifth generation production facilities (5G fabs), cost control, product mix enhancement and capacity allocation optimization. As a result, the gross profit for the first quarter 2004 increased 45.7% to NT$14,045 million, compared to NT$ 9,637 million in the previous quarter; gross margin improved to 34% in the first quarter from 28% in the fourth quarter of 2003. Our operating profit for the quarter totaled NT$11,734 million, with operating margin of 28.4%, as compared to 21.8% for the previous quarter.” commented Mr. Max Cheng, Vice President and Chief Financial Officer.
“AUO’s unit shipment of large size panels totaled 4.1 million, a 14% increase QoQ and 76% growth YoY. The strong shipment data is supported by continued growth in customer demand for large size panels during the first quarter, with pricing remained stable.”
Dr. Hui Hsiung, Executive Vice President, noted that “Our Phase I 5G fab (L8A, 1,100x1,300mm) has completed the ramp up process as end of 2003, with monthly glass input capacity of 50,000 substrates. The Phase II 5G fab (L8B, 1,100x1,300mm), which has commenced mass production in February 2004, is currently in the ramp-up process. The monthly glass input capacity of L8B has increased to 30,000 substrates at end of March and is expected to reach full capacity of 70,000 substrates in the third quarter of
|
|
News Release |
2003. AUO’s combined 5G production facility glass input capacity is expected to reach 120,000 substrates per month by then.”
Unit shipment for small and medium size panels in first quarter 2004 continued to experience seasonal decline, decreased 19.5% to 5.2 million QoQ, but increased 98% YoY. One of AUO’s 3.5G production line at fab L3B has been converted to focus on small size LTPS TFT-LCD production, such as digital still camera and handsets.
Unaudited Q1 2004 Results Compared with Q4 2003(1)(2)| Amount: NT$ Million Except Per Share Data | 1Q’04 | 4Q’03 | Growth Rate |
| Net Sales | 41,331 | 34,379 | 20.2% |
| Gross Profit | 14,045 | 9,637 | 45.7% |
| Operating Income | 11,734 | 7,510 | 56.2% |
| Pre-Tax Income | 11,639 | 7,479 | 55.6% |
| Net Income | 11,669 | 7,566 | 54.2% |
| Basic EPS | NT$2.69 | NT$1.76 | 52.8% |
| Fully Diluted EPS | -- | NT$1.74 | -- |
Safe Harbour Notice
Except for statements in respect of historical
matters, the statements contained in this Release are “forward-looking
statements” within the meaning of Section 27A of the U.S. Securities
Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934.
These forward-looking statements were based on our management's expectations,
projections and beliefs at the time regarding matters including, among other
things, future revenues and costs, financial performance, technology changes,
capacity, utilization rates, yields, process and geographical diversification,
future expansion plans and business strategy. Such forward looking statements
are subject to a number of known and unknown risks and uncertainties that
can cause actual results to differ materially from those expressed or implied
by such statements, including risks related to the flat panel display industry,
the TFT-LCD market, acceptance and demand for our products, technological
and development risks, competitive factors, and other risks described in
the section entitled "Risk Factors" in our Form 20-F filed with the United
States Securities and Exchange Commission on June 30, 2003.
# # #
FOR MORE INFORMATION
Yawen HsiaoCorporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2, Science-Based Industrial Park, Hsinchu City, 300, Taiwan, R.O.C.
| Tel: +886-3-5632899 ext 3211 | Fax: +886-3-5637608 | Email: yawenhsiao@auo.com |