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 27, 2004

Commission File Number 001-31335

AU Optronics Corp.
(Translation of registrant’s name into English)

No. 1 Li-Hsin Road 2
Hsinchu Science Park
Hsinchu, Taiwan
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  X   Form 40-F ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____

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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):
Not applicable

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INDEX TO EXHIBITS

Item
1.	Investor Conference Materials entitled, “AU Optronics Corp. Third Quarter 2004 Results”, dated October 27, 2004
2.	Third Quarter 2004 Condensed Financial Statements of AU Optronics Corp.
3.	Press release entitled, “AU Optronics Reports Unaudited First Nine Months 2004 Results”, dated October 27, 2004.
4.	Press release entitled, “AU Optronics to Adjust its Previous Financial Forecast ”, dated October 27, 2004
5.	Taiwan Stock Exchange filing entitled, “ The Board Resolution to Indirectly Invest in Mainland China”, dated October 27, 2004

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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.

	AU Optronics Corp.
Date: October 27, 2004	By:	/s/ Max Weishun Cheng
		Name:	Max Weishun Cheng
		Title:	Chief Financial Officer

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Item 1

AU Optronics Corp. Third Quarter 2004 Results Investor Conference October 27, 2004

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AGENDA o Welcome and Introduction o 3Q 2004 Financial Results o Remarks o Q&A

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Safe Harbor Notice The statements included in this presentation that are not historical in nature are "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics" future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics" current expectations. Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates. In addition, financial information contained here within is presented in conformity with accounting principles generally accepted in the Republic of China ("ROC GAAP"). Readers should be cautioned that these accounting principles differ in many material respects from accounting principles generally accepted in the United States of America ("US GAAP"). Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise. Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics" forward-looking statements or some of the major differences between ROC GAAP and US GAAP can be found in AU Optronics" registration statement on Form F-3 filed with the United States Securities and Exchange Commission on June 17, 2004.

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Consolidated Income Statement - QoQ Comparison Amount : NT$ Million Except Per Share Data QoQ 3Q'04(a) 2Q'04(a) Change % --------------- ----------------- ---------- Net Sales 38,755 100.0% 48,530 100.0% (20.1%) Cost of Goods Sold (31,692) (81.8%) (31,378) (64.7%) 1.0% Gross Profit 7,064 18.2% 17,152 35.3% (58.8%) Operating Expenses (3,006) (7.8%) (2,409) (5.0%) 24.8% Operating Income 4,058 10.5% 14,743 30.4% (72.5%) Net Non-operating Income (Exp.) 76 0.2% (358) (0.7%) (121.2%) Income before Tax 4,134 10.7% 14,385 29.6% (71.3%) Income Tax Credit (Exp.) 0 0.0% 0 0.0% 0.0% Net Income 4,134 10.7% 14,385 29.6% (71.3%) Basic EPS (NT$)(b) 0.87 3.08 (71.8%) ------------------------------------------------------------------------------------- Operating Income + D&A 10,724 27.7% 20,925 43.1% -48.7% ------------------------------------------------------------------------------------- Unit Shipment (MN)(c) Large Size Panels 4.4 4.7 -5.9% Small & Medium Size Panels 11.0 7.3 50.3% ------------------------------------------------------------------------------------- (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Total weighted average outstanding shares of 4,755 million and 4,659 million were used in Basic EPS calculation for 3Q' 04 and 2Q' 04 (c) Large size refers to panels that are 10 inches and above in diagonal measurement while small & medium size refers to those below 10 inches

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Consolidated Income Statement - YoY Comparison Amount: NT$MN Except Per Share Data Jan-Sep '04(a) Jan-Sep '03(a) Change % ----------------- ---------------- -------- Net Sales 128,616 100.0% 70,481 100.0% 82.5% Cost of Goods Sold (90,356) (70.3%) 56,657) (80.4%) 59.5% Gross Profit 38,261 29.7% 13,824 19.6% 176.8% Operating Expenses (7,725) (6.0%) (5,090) (7.2%) 51.8% Operating Income 30,535 23.7% 8,734 12.4% 249.6% Net Non-operating Income (Exp.) (377) (0.3%) (640) (0.9%) (41.1%) Income before Tax 30,158 23.4% 8,094 11.5% 272.6% Income Tax Credit (Exp.) 31 0.0% 0 0.0% - Net Income 30,189 23.5% 8,094 11.5% 273.0% Basic EPS (NT$)(b) 6.35 1.87 239.6% ------------------------------------------------------------------------------------------ Operating Income + D&A 48,734 37.9% 20,224 28.7%141.0% ------------------------------------------------------------------------------------------ Unit Shipment (MN)(C) Large Size Panels 13.3 8.2 62.0% Small & Medium Size Panels 23.6 15.0 57.0% ------------------------------------------------------------------------------------------ (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Total weighted average outstanding shares of 4,755 million and 4,269 million were used in cumulative Basic EPS calculation for the first nine months of 2004 and 2003 (c) Large size refers to panels that are 10 inches and above in diagonal measurement while small & medium size refers to those below 10 inches

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Consolidated Balance Sheet Highlights - QoQ Comparison Amount: NT $ Million QoQ 3Q'04(a) 2Q'04(a) Change % --------------- ------------------ -------- Cash & ST Investment 17,817 8.3% 41,518 18.6% (57.1%) Inventory 20,970 9.8% 17,779 7.9% 17.9% Short Term Debt(b) 6,163 2.9% 6,415 2.9% (3.9%) Long Term Debt 34,951 16.3% 36,080 16.1% (3.1%) Equity 133,052 62.0% 128,887 57.6% 3.2% Total Assets 214,586 100.0% 223,754 100.0% (4.1%) ------------------------------------------------------------------------------- Inventory Turnover (days)(c) 56 44 Debt to Equity (Fully Diluted) 30.9% 33.0% Net Debt to Equity (Fully Diluted) 18.7% 3.3% ------------------------------------------------------------------------------- (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Short term debt refers all interest bearing debt maturing within one year (c) Annualized, calculated by dividing the average inventory into the cost of goods sold, then multiplying 365 days by the inventory turnover

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3Q 2004 Consolidated Cash Flow Highlights - QoQ Comparison Amount: NT$ Million QoQ 3Q'04(a) 2Q'04(a) Change -------- -------- ------ From Operation 5,427 15,920 (10,493) Net Profit 4,134 14,385 (10,251) Depreciation & Amortization 6,667 6,182 485 From Investment (20,412) (16,164) (4,248) Capital Expenditure (22,074) (14,637) (7,437) From Financing (7,059) 19,121 (26,180) Repayment of Long Term Debt (1,599) (1,847) 248 Long Term Debt 221 6,939 (6,718) Equity Issuance (ADR) 0 16,020 (16,020) Cash Dividend (5,589) 0 (5,589) (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis

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Consolidated Large Size Panel Shipment & Blended ASP (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Large size refers to panels that are 10 inches and above in diagonal measurement

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Quarterly Consolidated Small & Medium Size Panel Shipment & Revenues (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis (b) Small & Medium size refers to panels that are under 10 inches in diagonal measurement

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Consolidated Revenue by Application (a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis

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Installed Capacity by Fab Substrate 12/2003 9/2004 12/2004 (F) FAB Size (mm) Capacity Capacity Capacity ------------------------------------------------------------------------------- L3A (G3.5) 610 x 720 45,000 45,000 45,000 ------------------------------------------------------------------------------- 5,000 LTPS 5,000 LTPS 5,000 LTPS L3B (G3.5) 610 x 720 25,000 a-Si 25,000 a-Si 25,000 a-Si ------------------------------------------------------------------------------- L5 (G3.5) 600 x 720 60,000 60,000 60,000 ------------------------------------------------------------------------------- L6 (G4.0) 680 x 880 60,000 60,000 60,000 ------------------------------------------------------------------------------- L8A (G5.0) 1100 x 1250 50,000 50,000 50,000 ------------------------------------------------------------------------------- L8B (G5.0) 1100 x 1300 n.a. 70,000 70,000 ------------------------------------------------------------------------------- C1 (G5.0)(a) 1100 x 1300 30,000 110,000 120,000 ------------------------------------------------------------------------------- (a) Color filter fab

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Enrich Digital Lifestyle http://www.auo.com IR@auo.com

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Item 2

AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
As of September 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and U.S. Dollars (USD))

	As of September 30, 2004					As of September 30, 2003			YoY
ASSETS	USD		NTD	%		NTD	%		Change	%
Cash and Cash Equivalents	476		16,172	7.5		14,146	10.3		2,026	14.3
Short-term Investment	48		1,645	0.8		2,946	2.1		(1,300)	(44.1)
Notes & Accounts Receivables	707		24,039	11.2		14,631	10.6		9,407	64.3
Inventories	617		20,970	9.8		7,994	5.8		12,976	162.3
Other Current Assets	137		4,664	2.1		2,594	1.9		2,069	79.8
Total Current Assets	1,986		67,489	31.4		42,311	30.7		25,179	59.5
Long-term Investments	54		1,847	0.9		429	0.3		1,418	330.7
Fixed Assets	5,775		196,241	91.5		123,637	89.6		72,604	58.7
Less Accumulated Depreciation	(1,653)		(56,179)	(26.2)		(35,617)	(25.8)		(20,563)	57.7
Net Fixed Assets	4,122		140,062	65.3		88,020	63.8		52,042	59.1
Other Assets	153		5,188	2.4		7,237	5.3		(2,048)	(28.3)
Total Assets	6,315		214,586	100.0		137,997	100.0		76,590	55.5
LIABILITIES
Short-term borrowings	1		18	0.0		1,120	0.8		(1,102)	(98.4)
Accounts Payable	777		26,429	12.3		17,910	13.0		8,518	47.6
Current Installments of Long-term Liabilities	181		6,145	2.9		6,892	5.0		(747)	(10.8)
Other Current Liabilities	380		12,927	6.0		7,574	5.5		5,354	70.7
Total Current Liabilities	1,339		45,519	21.2		33,496	24.3		12,022	35.9
Long-term Borrowings	852		28,951	13.5		19,044	13.8		9,907	52.0
Bonds and Convertible Bonds Payable	177		6,000	2.8		325	0.2		5,675	1,749.0
Other Long-term Liabilities	31		1,064	0.5		123	0.1		941	763.1
Total Liabilities	2,399		81,534	38.0		52,988	38.4		28,546	53.9
SHAREHOLDERS’ EQUITY
Common Stock	1,459		49,580	23.1		43,474	31.5		6,106	14.0
Capital Surplus	1,329		45,165	21.1		32,170	23.3		12,996	40.4
Retained Earnings	1,133		38,499	17.9		9,615	7.0		28,883	300.4
Cumulative Translation Adjustment	2		59	0.0		1	0.0		58	5,879.9
Treasury Stock	(7)		(251)	(0.1)		(251)	(0.2)		0	0.0
Total Stockholders’ Equity	3,916		133,052	62.0		85,009	61.6		48,043	56.5
Total Liabilities & Stockholders’ Equity	6,315		214,586	100.0		137,997	100.0		76,589	55.5

Note:	(1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP
	(2) Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 33.98 per US dollar as of September 30, 2004

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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Nine Months Ended September 30, 2004 and 2003
(Figures in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD)
Except for Per Share Data and Shares Outstanding)

 

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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2004 and 2003
(Figures in Millions of New Taiwan Dollars (NTD) and U.S. Dollars (USD)
Except for Per Share Data and Shares Outstanding)

	Year over Year Comparison										Sequential Comparison
	3Q 2004 USD		3Q 2004 NTD		% of Sales		3Q 2003 NTD		YoY Chg %		3Q 2004 USD		3Q 2004 NTD		% of Sales		2Q 2004 NTD		QoQ Chg %
Net Sales	1,153		38,755		100.0		28,371		36.6		1,153		38,755		100.0		48,530		(20.1)
Cost of Goods Sold	943		31,692		81.8		21,039		50.6		943		31,692		81.8		31,378		1.0
Gross Profit	210		7,064		18.2		7,333		(3.7)		210		7,064		18.2		17,152		(58.8)
Operating Expenses
SG&A	54		1,810		4.6		1,283		41.2		54		1,810		4.7		1,270		42.6
R&D	36		1,196		3.1		846		41.4		36		1,196		3.1		1,139		4.9
Total Operating Expenses	89		3,006		7.7		2,128		41.2		89		3,006		7.8		2,409		24.8
Total Operating Income	121		4,058		10.5		5,204		(22.0)		121		4,058		10.4		14,743		(72.5)
Net Non-Operating Expenses	2		76		0.2		(215)		(135.4)		2		76		0.2		(358)		(121.3)
Income before Income Tax	123		4,134		10.7		4,989		(17.2)		123		4,134		10.7		14,385		(71.3)
Income Tax Benefit	0		0		0.0		(0)		0.0		0		0		0.0		0		-
Net Income	123		4,134		10.7		4,989		(17.2)		123		4,134		10.7		14,385		(71.3)
Basic Earnings Per Share	0.03		0.87				1.15				0.03		0.87				3.09
Basic Earnings Per ADS(3)	0.26		8.69				11.50				0.26		8.69				30.87
Weighted Average Number			4,755				4,337						4,755				4,659
of Shares Outstanding (Million)

Note:	(1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP
	(2) New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$33.6022 per US dollar for 3Q2004
	(3) 1 ADR equals 10 ordinary shares

 

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AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Nine Months Ended September 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD))

 

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AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
As of September 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and US dollars (USD))

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AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
As of September 30, 2004 and 2003
(Figures in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
Except for Per Share Data and Outstanding Shares)

	Year over Year Comparison										Sequential Comparison
	Jan.-Sep. 2004						Jan.-Sep. 2003				3Q 2004						2Q 2004
	USD(1)		NTD		% of Sales		NTD		YoY Chg %		USD		NTD		% of Sales		NTD		QoQ Chg %
Net Sales	3,736		125,538		100.0		65,527		91.6		1,158		38,658		100.0		48,344		(20.0)
Cost of Goods Sold	2,600		87,379		69.6		52,284		67.1		930		31,041		80.3		31,487		(1.4)
Gross Profit	1,136		38,159		30.4		13,243		188.1		228		7,617		19.7		16,857		(54.8)
Operating Expenses
SG&A	113		3,797		3.0		2,587		46.8		48		1,586		4.0		1,087		45.9
R&D	99		3,325		2.7		2,182		52.4		36		1,196		3.1		1,139		5.0
Total Operating & Expenses	212		7,121		5.7		4,769		49.3		83		2,782		7.2		2,226		25.0
Total Operating Income	924		31,038		24.7		8,474		266.3		145		4,835		12.5		14,631		(67.0)
Net Non-Operating Income (Expenses)	(27)		(880)		(0.7)		(380)		131.6		(21)		(701)		(1.8)		(246)		185.0
Income before Income Tax	897		30,158		24.0		8,094		272.6		124		4,134		10.7		14,385		(71.3)
Income Tax (Expense) Benefit	1		31		0.0		0		-		0		0		0.0		0		-
Net Income	898		30,189		24.0		8,094		273.0		124		4,134		10.7		14,385		(71.3)
Basic Earnings Per Share	0.189		6.349				1.896				0.026		0.869				3,087
Basic Earnings Per ADS(2)	1.89		63.49				18.96				0.26		8.69				30.87
Weighted Average Number			4,755				4,269						4,755				4,659
of Shares Outstanding (Million)

Note:	(1) Unaudited, prepared by AU Optronics Corp. based on ROC GAAP
	(2) New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$33.6022 per US dollar
	(3) 1 ADR equals 10 ordinary shares

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AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the 9 Months Ended September 30, 2004 and 2003
(Figures in Millions of New Taiwan dollars (NTD) and US dollars (USD))

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		News Release

AU Optronics Reports Unaudited First Nine Months 2004 Results

Consolidated Revenues of NT$128,616 Million and Net Income of NT$30,189 Million

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 nine months ended September 30, 2004. All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”). There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission on May 7, 2004. The unaudited financial information mentioned herein is not necessarily indicative of our future financial results.

Hsinchu, Taiwan, October 27, 2004 –

     AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results based on ROC GAAP for the nine months ended September 30, 2004. Figures in US dollars are translated at the exchange rate of NT$33.6022 per US dollar.

     Unaudited consolidated net sales and net income for the nine months ended September 2004 reached of NT$128,616 million (US$3,828 million) and NT$30,189 million (US$898 million), up 82.5% and 273% compared to the same period last year, respectively. Cumulative earnings per share for this period was NT$6.35 (US$0.19 per common share and US$1.89 per ADS). Third quarter 2004 revenue totaled NT$38,755 million (US$1,153 million), a decline of 20.1% compared to 2Q04. Unaudited net income for 3Q04 was NT$4,134 million (US$123 million), down 71.3% QoQ.

     Unconsolidated net sales for the first nine months and third quarter of 2004 totaled NT$125,538 million (US$3,736 million) and NT$38,658 million (US$1,158 million), respectively.

      “Due to the weaker-than-expected market environment and substantial price correction in large size panels during 3Q04, AUO’s profitability was negatively impacted. Gross profit of NT$7,064 million in third quarter 2004 decreased 58.8% sequentially from NT$17,152 million in 2Q04. Gross margin also contracted from 35.3% in 2Q04 to 18.2% in 3Q04. Operating profit in 3Q04 totaled NT$4,058 million, while operating margin declined from 30.4% in 2Q04 to 10.5% in 3Q04”. Commented Mr. Max Cheng, Vice President and Chief Financial Officer of AU Optronics Corp.

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		News Release

     Dr. Hui Hsiung, AUO’s Executive Vice President, noted that “AUO’s unit shipment of large size panels in the first nine months of 2004 totaled 13.3 million, posting a 62% year-over-year growth. In particular, shipment for AUO’s small and medium size panels, mostly for consumer electronics applications, exceeded 10 million in 3Q04 on seasonal strength, while cumulative shipment in the first nine months 2004 reached 23.6 million, up 57% YoY”.

In addition, AUO’s comprehensive product lines, encompassing small to large size TFT LCD panels, allowed AUO the flexibility to manage and optimize its product mix. Among the key product lines, AUO is able to deliver strong results from its aggressive roll-out of small and medium size display products, which accounted for 17% in revenues in 3Q04, compared to 9% of revenues in 2Q04. LCD TV panels also posted strong growth and accounted for 9% of revenues in 3Q04, up from 7% in 2Q04. Notebook PC panel sales accounted for 20% of revenues in 3Q04, increased from 18% in 2Q04, while monitor panels accounted for 53% of sales, down from 65% in 2Q04.

Conference Call & Webcast Notice: AUO’s quarterly review conference call will be held at 8:00 am Eastern Time (8:00 pm Taiwan Time) on Wednesday, October 27, 2004. The conference call will also be recorded for replay via AUO’s web site at http://www.auo.com

Safe Harbour Notice

Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management’s expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form F-3 filed with the United States Securities and Exchange Commission on June 17, 2004.

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FOR MORE INFORMATION

Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.

No.1, Li-Hsin Road 2, Science-Based Industrial Park, Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5008899 ext 3211                   Fax: +886-3-5772730                   Email: yawenhsiao@auo.com

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Item 4

		News Release

AU Optronics to Adjust its Previous Financial Forecast

Hsinchu, Taiwan, October 27, 2004 –

     AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results based on ROC GAAP for the nine months ended September 30, 2004. Unaudited unconsolidated net sales and net income for the nine months ended September 2004 reached of NT$125,538 million (US$3,736 million) and NT$30,189 million (US$898 million). Cumulative earnings per share for this period was NT$6.35 (US$0.19 per common share and US$1.89 per ADS)^(a).

(a) All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”). There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission on May 7, 2004. Figures in US dollars are translated at the exchange rate of NT$33.6022 per US dollar.

     However, weaker-than-expected market environment and substantial price correction in large size panels during 3Q04 negatively impacted AUO’s profitability. AUO believes its 2004 net profit is likely to fall short of its original whole year target by more than 20%. As a result, AUO’s original FY2004 financial forecast filed in April 2004 is no longer deemed adequate, and the Company will adjust its financial forecast for fiscal year 2004 accordingly to comply with ROC government regulations.

     AUO now expects that average selling prices of large-size TFT-LCD panels will continue to decline in 4Q04 relative to the price levels at the end of September 2004, though the magnitude of decline should be limited to single-digit percentage points. AUO also expects that its large panel shipment will increase by approximately 10% in 4Q04, while small- and medium-size panel shipment will experience a seasonal decline of 10-15% QoQ. AUO estimates its capacity utilization rate in 4Q04 to remain at similar levels relative to 3Q04.

     Max Cheng, AUO’s Vice President and Chief Financial Officer (CFO), indicates that AUO has tentatively revised its FY2004 unconsolidated revenues forecast to NT$162.4 billion. Net profit forecast has also been tentatively adjusted to NT$29.1 billion and EPS to NT$6.07. The revised financial forecast for 2004 will be announced shortly, upon approval by the Company’s auditors.

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		News Release

Safe Harbour Notice
Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management’s expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form F-3 filed with the United States Securities and Exchange Commission on June 17, 2004.

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FOR MORE INFORMATION

Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2, Science-Based Industrial Park, Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5008899 ext 3211                        Fax: +886-3-57727308
Email: yawenhsiao@auo.com

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AU Optronics Corp.
October 27, 2004
English Language Summary

     

Subject:	The Board Resolution to indirectly invest in Mainland China.
Regulation:	Published pursuant to Article 2-20 of the Taiwan Stock Exchange’s Operating Procedures for the Publication of Material Information by Listed Companies
Date of events: 2004/10/27

Content:
1.	Date of occurrence of the event: 2004/10/27
2.	Method of the present increase (decrease) in investment: Indirect investment through an offshore entity
3.	Transaction volume, price per unit, and total monetary amount of the transaction: Total amount of US$ 50 million
4.	Company name of the invested mainland Chinese company: AU Optronics (Suzhou) Corp.
5.	Paid-in capital of said invested mainland Chinese company: US$ 170 million
6.	Amount of new capital increment currently planned by said invested mainland Chinese company: US$ 50 million
7.	Main business items of said invested mainland Chinese company: TFT-LCD module’s production and assembly
8.	Type of CPA opinion issued for the financial statement of said invested mainland Chinese company for the most recent fiscal year: Unqualified opinion
9.	Net worth of said invested mainland Chinese company on the financial statement for the most recent fiscal year: RMB 513,679 thousand
10.	Amount of profit/loss of said invested mainland Chinese company on the financial

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	statement for the most recent fiscal year: Net profit of RMB 163,492 thousand
11.	Amount of actual investment to date in said invested mainland Chinese company: US$ 170 million
12.	Counterparty to the transaction and its relationship to the Company: the Company’s 100%-owned subsidiary
13.	Where the counterparty to the transaction is an actual related party, public announcement shall also be made of the reason for choosing the related party as the counterparty and the identity of the previous owner (including its relationship with the company and the trading counterpart), the date of transfer, and the price: N/A
14.	Where a person who owned the subject matter of the transaction within the past five years has been an actual related party of the company, public announcement shall also be made of the dates and prices of acquisition and disposal by the related party and such party’s relationship to the company at those times: N/A
15.	Gain (or loss) on disposal: N/A
16.	Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important stipulations: N/A
17.	The manner of deciding on this transaction, the reference basis for the decision on price and the decision-making department: N/A
18.	Broker: N/A
19.	Concrete purpose of the acquisition or disposal: Long term investment
20.	Do the directors have any objection to the present transaction?: No
21.	Total amount of mainland China area investment (including the present investment) approved by the Investment Commission to date: US$ 220 million; the present investment of US$50 million proposed by the Board is pending the approval of Investment Commission
22.	Ratio of the total amount of investment (including the present investment) in the

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	mainland China area approved by the Investment Commission to date to the paid-in capital on the financial statement for the most recent period: 15.00%
23.	Ratio of the total amount of investment (including the present investment) in the mainland China area approved by the Investment Commission to date to the total assets on the financial statement for the most recent period: 3.63%
24.	Ratio of the total amount of investment (including the present investment) in the mainland China area approved by the Investment Commission to date to the shareholders’ equity on the financial statement for the most recent period: 5.59%
25.	Total amount of actual investment in the mainland China area to date: US$ 170 million
26.	Ratio of the total amount of actual investment in the mainland China area to date to the paid-in capital on the financial statement for the most recent period: 11.59%
27.	Ratio of the total amount of actual investment in the mainland China area to date to the total assets on the financial statement for the most recent period: 2.80%
28.	Ratio of the total amount of actual investment in the mainland China area to date to the shareholders’ equity on the financial statement for the most recent period: 4.32%
29.	Amount of recognized profits and losses on investment in the mainland China area for the most recent three fiscal years: Recognized profits/(losses):
		2003: US$18,890 thousand 2002: (US$24,906) thousand 2001: US$ 0
30.	Amount of profit remitted back to Taiwan for the most recent three fiscal years: 0
31.	Has the CPA issued an opinion on the unreasonableness of the price of the current transaction?: No
32.	Any other matters that need to be specified: N/A