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
January
22, 2009
| Commission File Number 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.
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):
Not
applicable
INDEX TO
EXHIBITS
Item
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1.
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Press
release entitled, ” AUO Reports 4Q2008 and Full Year Results”, dated
January 22, 2009.
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2.
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Investor
Conference Materials entitled, “AU Optronics Corp. Fourth Quarter 2008
Results”, dated January 22, 2009.
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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: January 22, 2009
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By:
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/s/
Max Cheng
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Name:
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Max
Cheng
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||||
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Title:
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Chief
Financial Officer
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News
Release
AUO
Reports 4Q2008 and Full Year Results
Issued
by: AU Optronics Corp.
Issued
on: January 22, 2009
Hsinchu,
Taiwan, January 22, 2009 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX:
2409; NYSE: AUO) today
announced unaudited results
for 4Q2008 and the Fiscal 2008. For the fourth quarter ended December 31,
2008, AUO posted consolidated revenue of NT$59,750 million (US$1.8 billion), net loss of NT$26,595 million (US$812 million), attributable to equity holders of the
parent company NT$26, 565 million (US$811 million), and basic LPS NT$3.12 per common share (US$0.95 per ADR unit).
Fourth Quarter Result
Highlights
AUO reported the
following unaudited consolidated results for the fourth quarter:
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Ÿ
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Revenue
decreased by 42.6% QoQ to NT$59.8
billion
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Ÿ
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Net loss of
NT$26.6 billion
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Ÿ
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Basic LPS of
NT$3.12 per common share
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Ÿ
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Gross loss of
35%
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Ÿ
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Operating
loss of 44.3%
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Full Year Result
Highlights
AUO reported the
following consolidated results for the full year:
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Revenue of
NT$423.9 billion, down 11.7% YoY
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Net income of
NT$21.6 billion, down 61.7% YoY
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Ÿ
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basic EPS of
NT$2.5 per common share (US$0.76 per ADR unit), down 65.4%
YoY
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Ÿ
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Gross margin
of 13.1%
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Ÿ
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Operating
margin of 7.2%
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“Due to continued repercussion caused by global financial crisis and sluggish market demands, the shipments of large-sized panels in 4Q2008 resulted in 27% Q-o-Q decrease, with average selling price down by 28%. Meanwhile, the shipments of small- and medium-
sized panels were also down by 23% comparing with previous quarter. Nevertheless,
these numbers are in line
with the Company’s revised 4Q2008 guidance,” said Mr. Max Cheng, Vice President and
Chief Financial Officer of AUO, “Following the Company’s longstanding operation practice of not storing inventories, the Company has adopted the newly enacted Statement of Financial
Accounting Standards (SFAS) No 10, also known as accounting standard No. 10, since 4Q2008. Impacted by gross loss and low loading
rate, the net loss in 4Q was higher than it was anticipated. But the net value of
inventories has reduced to
NT$23.6 billion, a substantial 40.8% Q-o-Q drop. The Inventory Turnover Days had also reduced to 36 days in 4Q from 40 days
in 3Q, which had further
strengthened the Company’s effective management over its
inventory.”
“The Company was able to manage its Net Debt to Equity Ratio in a reasonable scale, despite the increase from 19.0% in 3Q
to 26.5% in 4Q. In terms of
overall result in 2008, the Company was able to post 13.1%
consolidated Gross Margin, as well as 7.2% Operating Margin amid the global economic downturn that
has impeded all sectors around the
world,” added Cheng, “In 2009, AUO is to carefully manage its
Capital Expenditure and continue to maintain a cautious position in terms of
its capacity input in accordance with market demands. Furthermore, the Company is to
continue strengthening its Research and Development efforts, as well as seeking innovative methods to improve its manufacturing processes, in a bid to enhance its long term competitiveness and to ensure its best readiness in coping with future business opportunities when cycle turns positively.”
*
Amounts converted by an exchange rate of NTD32.76 :USD1 as of December 31,
2008.
*
All financial information was unaudited and was prepared by the Company in
accordance with generally accepted accounting principles in Taiwan (“ROC
GAAP”)
# # #
ABOUT
AU OPTRONICS
AU Optronics Corp.
(AUO) is the worldwide top 3 manufacturer* of thin film transistor liquid
crystal display panels (TFT-LCD). AUO is able to provide customers a full range
of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes
ranging from 1.5 inches to greater than 65 inches. AUO generated NT$480.2
billion (US$14.8 billion) in sales revenue in 2007 and now houses a staff of
more than 38,000 employees
throughout its
global operations spreading across Taiwan, Mainland China, Japan, Singapore,
South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD
manufacturer to successfully list at the New York Stock Exchange (NYSE). For
more information, please visit AUO.com.
* DisplaySearch
3Q2008 WW Large-Area TFT-LCD Shipment Report dated October 29,
2008. This data is used as reference only and AUO does not make any
endorsement or representation in connection therewith. 2007 year end revenue
converted by an exchange rate of NTD32.43:USD1.
Safe Harbour
Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the
worldwide top three manufacturer of large-size TFT-LCD
panels, today announced the above news. Except for statements in respect of historical
matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section
27A of the U.S. Securities Act of 1933 and Section 21E
of the U.S. Securities Exchange Act of 1934.
These forward-looking statements were based
on our management's expectations, projections and beliefs at the time regarding
matters including, among other things, future revenues and costs, financial
performance, technology changes, capacity, utilization rates, yields, process and geographical
diversification, future expansion plans and business strategy. Such forward
looking statements are subject to a number of known and unknown risks and
uncertainties that can cause actual results to differ materially
from those expressed or implied by such
statements, including risks related to the flat panel display industry, the
TFT-LCD market, acceptance and demand for our products, technological and
development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our
Form 20-F filed with the United States Securities and Exchange Commission on
June 4th, 2008.
For more
information, please contact:
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Bryan
Yen
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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 6956
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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: bryan.yen@auo.com
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yawen.hsiao@auo.com
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AUO
AU Optronics Corp.
Four Quarter 2008 Results Investor Conference
January 22, 2009
AUO Proprietary & Confidential
Safe Harbor Notice
o The statements included in this presentation that are not historical in
nature are "forward-looking statements" within the meaning of Section 27A
of the United States Securities Act of 1933 and Section 21E of the United
States Securities Exchange Act of 1934. These forward-looking statements,
which may include statements regarding AU Optronics' future results of
operations, financial condition or business prospects, are subject to
significant risks and uncertainties and are based on AU Optronics' current
expectations.
o Actual results may differ materially from those expressed or implied in
these forward-looking statements for a variety of reasons, including, among
other things: the cyclical nature of our industry; our dependence on
introducing new products on a timely basis; our dependence on growth in the
demand for our products; our ability to compete effectively; our ability to
successfully expand our capacity; our dependence on key personnel; general
economic and political conditions, including those related to the TFT-LCD
industry; possible disruptions in commercial activities caused by natural
and human-induced disasters, including terrorist activity and armed
conflict; and fluctuations in foreign currency exchange rates.
o In addition, any financial information contained herewithin is presented in
conformity with accounting principles generally accepted in the Republic of
China ("ROC GAAP"). Readers should be cautioned that these accounting
principles differ in many material respects from accounting principles
generally accepted in the United States of America ("US GAAP"). o o Our
release of financial forecasts and forward-looking statements at any
particular time does not create any duty of disclosure beyond that which is
imposed by law, and we expressly disclaim any obligation to publicly update
or revise any forecasts or forward-looking statements, whether as a result
of new information, future events or otherwise.
o Additional information as to these and other factors that may cause actual
results to differ materially from AU Optronics' forward-looking statements
or some of the major differences between ROC GAAP and US GAAP can be found
in AU Optronics' Annual Report on Form 20-F with respect to the year ended
December, 2007 filed with the United States Securities and Exchange
Commission.
2
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AUO
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
4Q'08 3Q'08 Q0Q% 4Q'07
Net Sales 59,750 100.0% 104,072 100.0% (42.6%) 155,495 100.0%
Cost of Goods Sold (80,685) (135.0%) (95,712) (92.0%) (15.7%) (113,502) (73.0%)
Gross Profit (Loss) (20,935) (35.0%) 8,360 8.0% - 41,993 27.0%
Operating Expenses (5,528) (9.3%) (5,677) (5.5%) (2.6%) (7,212) (4.6%)
Operating Income (Loss) (26,462) (44.3%) 2,683 2.6% - 34,781 22.4%
Net Non-operating Expenses (1,182) (2.0%) (1,239) (1.2%) (4.6%) (1,352) (0.9%)
Income (Loss) before Tax (27,645) (46.3%) 1,443 1.4% - 33,429 21.5%
Net Income (Loss) (26,595) (44.5%) 860 0.8% - 33,092 21.3%
Attributable to:
Equity holders of the
parent company (26,565) (44.5%) 806 0.8% - 33,006 21.2%
Minority interest (30) (0.1%) 54 0.1% - 86 0.1%
Net Income (Loss) (26,595) (44.5%) 860 0.8% - 33,092 21.3%
Basic EPS (NT$)(a) (3.12) 0.09 - 4.22
Operating Income + D&A (5,013) (8.4%) 22,935 22.0% - 55,322 35.6%
Unit Shipments (mn)(b)
Large Size Panels 15.1 20.7 (27.2%) 23.2
Small & Medium Size Panels 47.4 61.1 (22.5%) 48.0
- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,505m shares in 4Q08, 8,505m shares in 3Q08 and
7,809m shares in 4Q07) by retroactively adjusting to stock dividend and
stock bonus
(b) Large size refers to panels that are 10 inches and above
3
AUO
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
FY 2008 FY2007(a) YoY%
Net Sales 423,928 100.0% 480,184 100.0% (11.7%)
Cost of Goods Sold (368,603) (86.9%) (394,005) (82.1%) (6.4%)
Gross Profit 55,325 13.1% 86,178 17.9% 35.8%
Operating Expenses (24,732) (5.8%) (22,903) (4.8%) 8.0%
Operating Income 30,592 7.2% 63,275 13.2% 51.7%
Net Non-operating Expenses (4,321) (1.0%) (4,711) (1.0%) (8.3%)
Income before Tax 26,271 6.2% 58,564 12.2% 55.1%
Net Income 21,642 5.1% 56,476 11.8% 61.7%
Attributable to:
Equity holders of the
parent company 21,267 5.0% 56,418 11.7% 62.3%
Minority interest 374 0.1% 58 0.0% 543.8%
Net Income 21,642 5.1% 56,476 11.8% 61.7%
Basic EPS (NT$)(b) 2.50 7.22 65.4%
Operating Income + D&A 112,080 26.4% 144,980 30.2% (22.7%)
ROE(c) 7.3% 21.6% (66.1%)
Unit Shipments (mn)(d)
Large Size Panels 79.7 80.9 (1.5%)
Small & Medium Size Panels 188.1 143.1 31.5%
- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO's consolidated financial statement incorporated CFI
into consolidated entity.
(b) Basic EPS was calculated based on total weighted average outstanding shares
of 8,505m shares and 7,809m shares in 2008 and 2007, respectively
(c) ROE was based on average equity attributable to shareholders of the parent
company
(d) Large size refers to panels that are 10 inches and above
4
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AUO
Consolidated Balance Sheet Highlights
Amount: NT$ Million
4Q'08 3Q'08 Qoq5 4Q'07
Cash & ST Investment 83,905 89,484 (6.2%) 91,237
Investory 23,611 39,889 (40.8%) 35,431
Short Term Debt(a) 48,443 47,122 2.8% 35,722
Long Term Debt 114,342 103,758 10.2% 142,016
Equity 299,259 326,879 (8.4%) 300,820
Total Assets 566,968 602,335 (5.9%) 617,459
Inventory Turnover (Days)(b) 36 40 31
Debt to Equity 54.4% 46.2% 59.1%
Net Debt to Equity 26.5% 19.0% 29.2%
- Unaudited, prepared by AUO on a consolidated basis
(a) Short term debt refers to all interest bearing debt maturing wihtin one
year
(b) Calculated by dividing the average inventory into the annualized cost of
goods sold during such period, then multiplying by 365 days
5
AUO
Consolidated Cash Flow Highlights
Amount : NT$ Million
From Operating Activities 13,748 31,737 (17,989) 131,908
Net Profit (Loss) (26,595) 860 (27,454) 21,642
Depreciation & Amortization 21,449 20,253 1,197 81,488
Net Change in Working Capital 17,426 7,840 9,587 23,272
From Investing Activities (30,460) (24,674) (5,786) (101,107)
Capital Expenditure (30,771) (24,055) (6,716) (98,205)
From Financing Activities 11,204 (10,716) 21,921 (37,436)
Net Change in Debt 11,211 10,762 450 (15,973)
Cash Dividends 0 (19,671) 19,671 (19,671)
Employees' Compensation 0 (1,625) 1,625 (1,625)
Net Change in Cash(a) (5,418) (3,217) (2,201) (6,455)
- 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 .
6
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AUO
Consolidated Revenues by Application
[GRAPHIC OMITTED]
7
AUO
Large Panel - ASP by Unit
[GRAPHIC OMITTED]
- 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
8
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AUO
Consolidated Shipments & ASP by Area
[GRAPHIC OMITTED]
- 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
9
Consolidated Small & Medium Panel
Shipments & Revenues
[GRAPHIC OMITTED]
o Unaudited, prepared by AUO on a consolidated basis
o Small & Medium size refers to panels that are under 10 inches
10
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Capacity by Fab
Fab Substrate Size (mm) 12/2008 Capacity 3/2009 (F) Capacity
L3A(G3.5) 610X720 40,000 40,000
L3B(G3.5) 610X720 20,000 LTPS 20,000 LTPS
L3C(G3.5) 610X720 60,000 60,000
L3D(G3.5) 610X750 30,000 30,000
L4A(G4.0) 610X880 60,000 60,000
L5A(G5.0) 1100X1250 50,000 50,000
L5B(G5.0) 1100X1300 70,000 70,000
L5C(G5.0) 1100X1300 120,000 120,000
L5D(G5.0) 1100X1300 70,000 70,000
L6A(G5.0) 1500X1850 120,000 120,000
L6B(G5.0) 1500X1850 120,000 120,000
L7A(G5.0) 1950X2250 75,000 75,000
- Capacity based on monthly glass substrate input
11
AUO
www.auo.com
ir@auo.com
12
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
December 31, 2008 and 2007
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD) )
December 31, 2008 December 31, 2007
------------------------------ -------------------
ASSETS USD NTD % NTD %
------------------------------------------------------- ------------------- -------------------
Cash and Cash Equivalents 2,547 83,435 14.7 89,890 14.6
Available-for-Sale Financial Assets - Current 14 470 0.1 1,347 0.2
Notes & Accounts Receivables 730 23,899 4.2 75,911 12.3
Other Current Financial Assets 127 4,150 0.7 2,520 0.4
Inventories 721 23,611 4.2 35,431 5.7
Other Current Assets 328 10,761 1.9 12,780 2.1
---------- ------------------- -------------------
Total Current Assets 4,467 146,325 25.8 217,878 35.3
---------- ------------------- -------------------
Long-term Investments 239 7,836 1.4 8,335 1.3
---------- ------------------- -------------------
Fixed Assets 21,098 691,180 121.9 592,779 96.0
Less: Accumulated Depreciation (9,213) (301,832) (53.2) (228,944) (37.1)
---------- ------------------- -------------------
Net Fixed Assets 11,885 389,348 68.7 363,835 58.9
---------- ------------------- -------------------
Other Assets 716 23,458 4.1 27,411 4.4
---------- ------------------- -------------------
Total Assets 17,307 566,968 100.0 617,459 100.0
---------- ------------------- -------------------
LIABILITIES 137
---------------------------------------------
Short-term Borrowings 148 4,857 0.9 0.0
Accounts Payable 1,776 58,178 10.3 96,577 15.6
Current Installments of Long-term Borrowings 1,330 43,585 7.7 35,585 5.8
Current Financial Liabilities 1 29 0.0 319 0.1
Accrued Expense & Other Current Liabilities 749 24,524 4.3 25,951 4.2
Machinery and Equipment Payable 652 21,363 3.8 15,952 2.6
---------- ------------------- -------------------
Total Current Liabilities 4,656 152,537 26.9 174,521 28.3
---------- ------------------- -------------------
Long-term Borrowings 2,950 96,651 17.0 119,670 19.4
Bonds Payable 540 17,691 3.1 22,345 3.6
Non Current Financial Liabilities 25 829 0.1 82 0.0
Other Long-term Liabilities 0 1 0.0 21 0.0
---------- ------------------- -------------------
Total Long-term Liabilities 3,516 115,172 20.3 142,118 23.0
---------- ------------------- -------------------
Total Liabilities 8,172 267,709 47.2 316,639 51.3
---------- ------------------- -------------------
SHAREHOLDERS' EQUITY
---------------------------------------------
Common Stock 2,596 85,057 15.0 78,177 12.7
Capital Collected In Advance 0 0 0.0 475 0.1
Capital Surplus 3,469 113,651 20.0 113,808 18.4
Retained Earnings 2,747 89,992 15.9 96,530 15.6
Cumulative Translation Adjustments 71 2,331 0.4 1,050 0.2
Unrealized Gain/Loss on Financial Products (28) (932) (0.2) 1,739 0.3
Net loss not recognized as pension cost (1) (40) 0.0 0 0.0
Minority Interest 281 9,200 1.6 9,041 1.5
---------- ------------------- -------------------
Total Shareholders' Equity 9,135 299,259 52.8 300,820 48.7
---------- ------------------- -------------------
Total Liabilities & Shareholders' Equity 17,307 566,968 100.0 617,459 100.0
---------- ------------------- -------------------
YoY
---------------------
ASSETS Change %
--------------------------------------------- ---------------------
Cash and Cash Equivalents (6,455) (7.2)
Available-for-Sale Financial Assets - Current (877) (65.1)
Notes & Accounts Receivables (52,012) (68.5)
Other Current Financial Assets 1,630 64.7
Inventories (11,820) (33.4)
Other Current Assets (2,019) (15.8)
---------------------
Total Current Assets (71,553) (32.8)
---------------------
Long-term Investments (499) (6.0)
---------------------
Fixed Assets 98,401 16.6
Less: Accumulated Depreciation (72,887) 31.8
---------------------
Net Fixed Assets 25,513 7.0
---------------------
Other Assets (3,953) (14.4)
---------------------
Total Assets (50,491) (8.2)
---------------------
LIABILITIES 4,721
---------------------------------------------
Short-term Borrowings 3456.0
Accounts Payable (38,399) (39.8)
Current Installments of Long-term Borrowings 8,000 22.5
Current Financial Liabilities (290) (91.0)
Accrued Expense & Other Current Liabilities (1,427) (5.5)
Machinery and Equipment Payable 5,411 33.9
---------------------
Total Current Liabilities (21,984) (12.6)
---------------------
Long-term Borrowings (23,020) (19.2)
Bonds Payable (4,654) (20.8)
Non Current Financial Liabilities 748 915.6
Other Long-term Liabilities (20) (93.6)
---------------------
Total Long-term Liabilities (26,946) (19.0)
---------------------
Total Liabilities (48,930) (15.5)
---------------------
SHAREHOLDERS' EQUITY
---------------------------------------------
Common Stock 6,880 8.8
Capital Collected In Advance (475) (100.0)
Capital Surplus (157) (0.1)
Retained Earnings (6,538) (6.8)
Cumulative Translation Adjustments 1,281 122.0
Unrealized Gain/Loss on Financial Products (2,671) i-D
Net loss not recognized as pension cost (40) i-D
Minority Interest 159 1.8
---------------------
Total Shareholders' Equity (1,561) (0.5)
---------------------
Total Liabilities & Shareholders' Equity (50,491) (8.2)
---------------------
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 32.76 per USD as of December 31, 2008
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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended December 31, 2008 and 2007 and September 30, 2008
(Expressed in Millions of New Taiwan Dollars
(NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
Year over Year Comparison
---------------------------------------------------------
4Q 2008 % of 4Q 2007 YoY
USD NTD Sales NTD Chg %
-------- ----------- ----------- ------------ --------
Net Sales 1,824 59,750 100.0 155,495 (61.6)
Cost of Goods Sold 2,463 80,685 135.0 113,502 (28.9)
-------- ----------- ----------- ------------ --------
Gross Profit (Loss) (639) (20,935) (35.0) 41,993 i-D
-------- ----------- ----------- ------------ --------
Operating Expenses 5,062
SG&A 145 4,756 8.0 (6.1)
R&D 24 772 1.3 2,150 (64.1)
-------- ----------- ----------- ------------ --------
169 5,528 9.3 7,212 (23.4)
-------- ----------- ----------- ------------ --------
Operating Income (Loss) (808) (26,462) (44.3) 34,781 i-D
-------- ----------- ----------- ------------ --------
Net Non-Operating Expenses (36) (1,182) (2.0) (1,352) (12.6)
-------- ----------- ----------- ------------ --------
Income (Loss) before Income Tax (844) (27,645) (46.3) 33,429 i-D
-------- ----------- ----------- ------------ --------
Income Tax Benefit (Expense) 32 1,050 1.8 (336) i-D
-------- ----------- ----------- ------------ --------
Net Income (Loss) (812) (26,595) (44.5) 33,092 i-D
-------- ----------- ----------- ------------ --------
Attributable to: 33,006
Equity Holders of The Parent Company (811) (26,565) (44.5) i-D
Minority Interest (1) (30) (0.1) 86 i-D
-------- ----------- ----------- ------------ --------
Net Income (812) (26,595) (44.5) 33,092 i-D
-------- ----------- ----------- ------------ --------
Basic Earnings Per Share (0.10) (3.12) 4.22
-------- ----------- ------------
Basic Earnings Per ADR((3)) (0.95) (31.24) 42.21
-------- ----------- ------------
Weighted-Average Shares Outstanding ('M) 8,505 7,809
----------- ------------
Sequential Comparison
---------------------------------------------------------
4Q 2008 % of 3Q 2008 QoQ
USD NTD Sales NTD Chg %
--------- ----------- ---------- --------- ----------
Net Sales 1,824 59,750 100.0 104,072 (42.6)
Cost of Goods Sold 2,463 80,685 135.0 95,712 (15.7)
--------- ----------- ---------- --------- ----------
Gross Profit (Loss) (639) (20,935) (35.0) 8,360 i-D
--------- ----------- ---------- --------- ----------
Operating Expenses 145 4,756 4,418
SG&A 8.0 7.7
R&D 24 772 1.3 1,260 (38.7)
--------- ----------- ---------- --------- ----------
169 5,528 9.3 5,677 (2.6)
--------- ----------- ---------- --------- ----------
Operating Income (Loss) (808) (26,462) (44.3) 2,683 i-D
--------- ----------- ---------- --------- ----------
Net Non-Operating Expenses (36) (1,182) (2.0) (1,239) (4.6)
--------- ----------- ---------- --------- ----------
Income (Loss) before Income Tax (844) (27,645) (46.3) 1,443 i-D
--------- ----------- ---------- --------- ----------
Income Tax Benefit (Expense) 32 1,050 1.8 (584) i-D
--------- ----------- ---------- --------- ----------
Net Income (Loss) (812) (26,595) (44.5) 860 i-D
--------- ----------- ---------- --------- ----------
Attributable to: (811) (26,565) 806
Equity Holders of The Parent Company (44.5) i-D
Minority Interest (1) (30) (0.1) 54 i-D
--------- ----------- ---------- --------- ----------
Net Income (812) (26,595) (44.5) 860 i-D
--------- ----------- ---------- --------- ----------
Basic Earnings Per Share (0.10) (3.12) 0.09
--------- ----------- ---------
Basic Earnings Per ADR((3)) (0.95) (31.24) 0.95
--------- ----------- ---------
Weighted-Average Shares Outstanding ('M) 8,505 8,505
----------- ---------
Note:(1) Unaudited, prepared by AUO based on ROC GAAP
(2) Amounts in New Taiwan dollars were translated into US dollars at the
exchange rate of NTD 32.76 per USD as of December 31, 2008
(3) 1 ADR equals 10 common shares
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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Year Ended December 31, 2008 and 2007 (Expressed in Millions of New
Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and
shares outstanding) Year over Year Comparison
--------------------------------------
2008 % of
USD NTD Sales
--------- ---------------- ----------
Net Sales 12,940 423,928 100.0
Cost of Goods Sold 11,252 368,603 86.9
--------- ---------------- ----------
Gross Profit 1,689 55,325 13.1
--------- ---------------- ----------
Operating Expenses
SG&A 592 19,400 4.6
R&D 163 5,332 1.3
--------- ---------------- ----------
755 24,732 5.8
--------- ---------------- ----------
Operating Income 934 30,592 7.2
--------- ---------------- ----------
Net Non-Operating Expenses (132) (4,321) (1.0)
--------- ---------------- ----------
Income before Income Tax 802 26,271 6.2
--------- ---------------- ----------
Income Tax Expense (141) (4,629) (1.1)
--------- ---------------- ----------
Net Income 661 21,642 5.1
--------- ---------------- ----------
Attributable to:
Equity Holders of The Parent Company 649 21,267 5.0
Minority Interest 11 374 0.1
--------- ---------------- ----------
Net Income 661 21,642 5.1
--------- ---------------- ----------
Basic Earnings Per Share 0.08 2.50
--------- ----------------
Basic Earnings Per ADR((3)) 0.76 25.01
--------- ----------------
Weighted Average Number 8,505
----------------
of Shares Outstanding (Million)
----------------------
2007 YoY
NTD Chg %
---------- -----------
480,184 (11.7)
394,005 (6.4)
---------- -----------
86,178 (35.8)
---------- -----------
17,033
13.9
5,871 (9.2)
---------- -----------
22,903 8.0
---------- -----------
63,275 (51.7)
---------- -----------
(4,711) (8.3)
---------- -----------
58,564 (55.1)
---------- -----------
(2,088) 121.7
---------- -----------
56,476 (61.7)
---------- -----------
56,418
(62.3)
58 543.8
---------- -----------
56,476 (61.7)
---------- -----------
7.22
----------
72.24
----------
7,809
----------
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 32.76 per USD as of December 31, 2008
(3) 1 ADR equals 10 common shares
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AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended December 31, 2008 and 2007
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
2008 2007
--------------------------- ------------
Cash Flow from Operating Activities: USD NTD NTD
--------- ----------------- ------------
Net Income 661 21,642 56,476
Depreciation & Amortization 2,487 81,488 81,706
Provision for Inventory Devaluation 153 5,008 362
Investment Loss(Gain) under Equity Method 10 314 (201)
Disposal Loss(Gain) on Long-term Investments 0 0 (25)
Changes in Working Capital & Others 716 23,456 18,610
--------- ----------------- ------------
Net Cash Provided by Operating Activities 4,026 131,908 156,927
Cash Flow from Investing Activities:
Proceeds from Disposal of AFS Investments 8 270 5
Cash Refund from Capital-Reduction of AFS Investments 0 0 201
Acquisition of Property, Plant and Equipment (2,998) (98,205) (65,137)
Proceeds from Disposal of Property, Plant and Equipment 41 1,344 138
Increase in Long-term Investments (76) (2,489) (1,209)
Proceeds from Disposal of Long-term Investments 0 0 76
Decrease in Restricted Cash in Banks 0 8 10
Increase in Deferred Assets and Intangible Assets (46) (1,502) (2,030)
Decrease(Increase) in Other Assets (16) (534) 219
--------- ----------------- ------------
Net Cash Used in Investing Activities (3,086) (101,107) (67,727)
Cash Flow from Financing Activities:
Increase(Decrease) in Short-term Borrowings 144 4,721 (3,593)
Increase in Guarantee Deposits 0 3 3
Decrease in Long-term Borrowings and Bonds Payable (632) (20,694) (39,998)
Directors' and Supervisors' Remuneration
and Employees' Compensation (54) (1,763) (276)
Cash Dividends (600) (19,671) (1,515)
Employee Stock Options Exercised 1 27 126
Change in Minority Interest (2) (58) 436
--------- ----------------- ------------
Net Cash Used by Financing Activities (1,143) (37,436) (44,817)
Cash Proceeds from CFI Acquisition 0 0 1,604
Effect of Exchange Rate Changes on Cash 6 181 (23)
--------- ----------------- ------------
Net Increase(Decrease) in Cash and Cash Equivalents (197) (6,455) 45,964
Cash and Cash Equivalents at Beginning of Period 2,744 89,890 43,926
--------- ----------------- ------------
Cash and Cash Equivalents at End of Period 2,547 83,435 89,890
--------- ----------------- ------------
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 32.76 per USD as of December 31, 2008
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AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
December 31, 2008 and 2007
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
ASSETS December 31, 2008 December 31, 2007
------------------------------ ------------------
USD NTD % NTD %
----------------------------------------------------- -------------------- ------------------
Cash and Cash Equivalents 2,067 67,727 12.8 80,532 13.8
Available-for-Sale Financial Assets - Current 14 470 0.1 1,347 0.2
Notes & Accounts Receivables 736 24,122 4.6 76,216 13.1
Other Current Financial Assets 49 1,603 0.3 687 0.1
Inventories 594 19,456 3.7 32,317 5.6
Other Current Assets 321 10,511 2.0 11,343 1.9
-------- -------------------- ------------------
Total Current Assets 3,782 123,890 23.4 202,442 34.8
-------- -------------------- ------------------
Long-term Investments 1,245 40,775 7.7 31,370 5.4
-------- -------------------- ------------------
Fixed Assets 18,593 609,094 114.9 523,817 90.0
Less: Accumulated Depreciation (8,086) (264,888) (50.0) (201,271) (34.6)
-------- -------------------- ------------------
Net Fixed Assets 10,507 344,206 64.9 322,546 55.4
-------- -------------------- ------------------
Other Assets 648 21,230 4.0 25,444 4.4
-------- -------------------- ------------------
Total Assets 16,181 530,102 100.0 581,802 100.0
-------- -------------------- ------------------
LIABILITIES
---------------------------------------------
Short-term Borrowing 113 3,700 0.7 0 0.0
Accounts Payable 1,819 59,588 11.2 97,081 16.7
Current Installments of Long-term Borrowings 1,198 39,248 7.4 31,462 5.4
Current Financial Liabilities 1 24 0.0 319 0.1
Accrued Expense & Other Current Liabilities 570 18,684 3.5 20,498 3.5
Machinery and Equipment Payable 597 19,572 3.7 13,397 2.3
-------- -------------------- ------------------
Total Current Liabilities 4,298 140,815 26.6 162,757 28.0
-------- -------------------- ------------------
Long-term Borrowings 2,464 80,705 15.2 104,830 18.0
Bonds Payable 540 17,691 3.3 22,345 3.8
Non Current Financial Liabilities 25 829 0.2 82 0.0
Other Long-term Liabilities 0 2 0.0 8 0.0
-------- -------------------- ------------------
Total Long-term Liabilities 3,029 99,228 18.7 127,265 21.9
-------- -------------------- ------------------
Total Liabilities 7,327 240,043 45.3 290,023 49.8
-------- -------------------- ------------------
SHAREHOLDERS' EQUITY
---------------------------------------------
Common Stock 2,596 85,057 16.0 78,177 13.4
Capital Collected In Advance 0 0 0.0 475 0.1
Capital Surplus 3,469 113,651 21.4 113,808 19.6
Retained Earnings 2,747 89,992 17.0 96,530 16.6
Cumulative Translation Adjustments 71 2,331 0.4 1,050 0.2
Unrealized Gain/Loss on Financial Products (28) (932) (0.2) 1,739 0.3
Net loss not recognized as pension cost (1) (40) 0.0 0 0.0
-------- -------------------- ------------------
Total Shareholders' Equity 8,854 290,059 54.7 291,779 50.2
-------- -------------------- ------------------
Total Liabilities & Shareholders' Equity 16,181 530,102 100.0 581,802 100.0
-------- -------------------- ------------------
ASSETS YoY
-------------------
Change %
--------------------------------------------- -------------------
Cash and Cash Equivalents (12,805) (15.9)
Available-for-Sale Financial Assets - Current (877) (65.1)
Notes & Accounts Receivables (52,094) (68.4)
Other Current Financial Assets 916 133.4
Inventories (12,861) (39.8)
Other Current Assets (831) (7.3)
-------------------
Total Current Assets (78,552) (38.8)
-------------------
Long-term Investments 9,406 30.0
-------------------
Fixed Assets 85,277 16.3
Less: Accumulated Depreciation (63,617) 31.6
-------------------
Net Fixed Assets 21,661 6.7
-------------------
Other Assets (4,214) (16.6)
-------------------
Total Assets (51,700) (8.9)
-------------------
LIABILITIES
---------------------------------------------
Short-term Borrowing 3,700 i-D
Accounts Payable (37,493) (38.6)
Current Installments of Long-term Borrowings 7,786 24.7
Current Financial Liabilities (295) (92.5)
Accrued Expense & Other Current Liabilities (1,814) (8.9)
Machinery and Equipment Payable 6,174 46.1
-------------------
Total Current Liabilities (21,942) (13.5)
-------------------
Long-term Borrowings (24,125) (23.0)
Bonds Payable (4,654) (20.8)
Non Current Financial Liabilities 748 915.6
Other Long-term Liabilities (6) (75.5)
-------------------
Total Long-term Liabilities (28,038) (22.0)
-------------------
Total Liabilities (49,980) (17.2)
-------------------
SHAREHOLDERS' EQUITY
---------------------------------------------
Common Stock 6,880 8.8
Capital Collected In Advance (475) (100.0)
Capital Surplus (157) (0.1)
Retained Earnings (6,538) (6.8)
Cumulative Translation Adjustments 1,281 122.0
Unrealized Gain/Loss on Financial Products (2,671) i-D
Net loss not recognized as pension cost (40) i-D
-------------------
Total Shareholders' Equity (1,720) (0.6)
-------------------
Total Liabilities & Shareholders' Equity (51,700) (8.9)
-------------------
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 32.76 per USD as of December 31, 2008
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AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended December 31, 2008 and 2007 and September 30, 2008
(Expressed in
Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share
amounts and shares outstanding)
Year over Year Comparison
--------------------------------------------------
4Q 2008 % of 4Q 2007 YoY
USD NTD Sales NTD Chg %
-------- ----------- -------- ---------- --------
Net Sales 1,817 59,518 100.0 155,254 (61.7)
Cost of Goods Sold 2,495 81,733 137.3 114,104 (28.4)
-------- ----------- -------- ---------- --------
Gross Profit (Loss) (678) (22,215) (37.3) 41,151 i-D
-------- ----------- -------- ---------- --------
Operating Expenses
SG&A 128 4,208 7.1 4,316 (2.5)
R&D 24 775 1.3 2,129 (63.6)
-------- ----------- -------- ---------- --------
152 4,984 8.4 6,445 (22.7)
-------- ----------- -------- ---------- --------
Operating Income (Loss) (830) (27,199) (45.7) 34,706 i-D
-------- ----------- -------- ---------- --------
Net Non-Operating Expenses (11) (364) (0.6) (1,390) (73.8)
-------- ----------- -------- ---------- --------
Income (Loss) before Income Tax (841) (27,563) (46.3) 33,317 i-D
-------- ----------- -------- ---------- --------
Income Tax Benefit (Expense) 30 998 1.7 (311) i-D
-------- ----------- -------- ---------- --------
Net Income (Loss) (811) (26,565) (44.6) 33,006 i-D
-------- ----------- -------- ---------- --------
Basic Earnings Per Share (0.10) (3.12) 4.22
-------- ----------- ----------
Basic Earnings Per ADR((3)) (0.95) (31.24) 42.21
-------- ----------- ----------
Weighted-Average Shares Outstanding ('M) 8,505 7,809
----------- ----------
Sequential Comparison
---------------------------------------------------
4Q 2008 % of 3Q 2008 QoQ
USD NTD Sales NTD Chg %
-------- ---------- --------- --------- ---------
Net Sales 1,817 59,518 100.0 103,827 (42.7)
Cost of Goods Sold 2,495 81,733 137.3 97,125 (15.8)
-------- ---------- --------- --------- ---------
Gross Profit (Loss) (678) (22,215) (37.3) 6,702 i-D
-------- ---------- --------- --------- ---------
Operating Expenses
SG&A 128 4,208 7.1 3,540 18.9
R&D 24 775 1.3 1,260 (38.5)
-------- ---------- --------- --------- ---------
152 4,984 8.4 4,800 3.8
-------- ---------- --------- --------- ---------
Operating Income (Loss) (830) (27,199) (45.7) 1,902 i-D
-------- ---------- --------- --------- ---------
Net Non-Operating Expenses (11) (364) (0.6) (642) (43.3)
-------- ---------- --------- --------- ---------
Income (Loss) before Income Tax (841) (27,563) (46.3) 1,260 i-D
-------- ---------- --------- --------- ---------
Income Tax Benefit (Expense) 30 998 1.7 (454) i-D
-------- ---------- --------- --------- ---------
Net Income (Loss) (811) (26,565) (44.6) 806 i-D
-------- ---------- --------- --------- ---------
Basic Earnings Per Share (0.10) (3.12) 0.09
-------- ---------- ---------
Basic Earnings Per ADR((3)) (0.95) (31.24) 0.95
-------- ---------- ---------
Weighted-Average Shares Outstanding ('M) 8,505 8,505
---------- ---------
Note:(1) Unaudited, prepared by AUO based on ROC GAAP
(2) Amounts in New Taiwan dollars were translated into US dollars at the
exchange rate of NTD 32.76 per USD as of December 31, 2008
(3) 1 ADR equals 10 common shares
|
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AU OPTRONICS CORP. UNCONSOLIDATED
STATEMENT OF CASH FLOW
For the Period Ended December 31,
2008 and 2007
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
2008 2007
------------------------- ----------
Cash Flow from Operating Activities: USD NTD NTD
---------- -------------- ----------
Net Income 649 21,267 56,418
Depreciation & Amortization 2,180 71,421 73,706
Provision(Reverse) for Inventory Devaluation 170 5,559 (271)
Investment Gain under Equity Method (51) (1,660) (1,110)
Changes in Working Capital & Others 762 24,947 17,216
---------- -------------- ----------
Net Cash Provided by Operating Activities 3,710 121,535 145,959
Cash Flow from Investing Activities:
Proceeds from Disposal of AFS Investments 8 270 0
Cash Refund from Capital-Reduction of AFS Investments 0 0 201
Acquisition of Property, Plant and Equipment (2,633) (86,251) (53,881)
Proceeds from Disposal of Property, Plant and Equipment 14 473 78
Increase in Long-term Investments (259) (8,489) (3,612)
Proceeds from Disposal of Long-term Investments 1 29 0
Decrease in Restricted Cash in Banks 0 9 10
Increase in Deferred Assets and Intangible Assets (43) (1,409) (1,898)
Decrease(Increase) in Other Assets (3) (89) 215
---------- -------------- ----------
Net Cash Used in Investing Activities (2,914) (95,457) (58,888)
Cash Flow from Financing Activities:
Increase in Short-term Borrowings 113 3,700 0
Increase in Guarantee Deposits (0) (3) (2)
Decrease in Long-term Borrowings and Bonds Payable (641) (20,999) (46,096)
Directors' and Supervisors' Remuneration
and Employees' Compensation (54) (1,763) (276)
Cash Dividends (600) (19,671) (1,515)
Employee Stock Options Exercised 1 27 126
---------- -------------- ----------
Net Cash Used by Financing Activities (1,182) (38,710) (47,763)
Effect of Exchange Rate Changes on Cash (5) (173) 182
---------- -------------- ----------
Net Increase(Decrease) in Cash and Cash Equivalents (391) (12,805) 39,490
Cash and Cash Equivalents at Beginning of Period 2,458 80,532 41,042
---------- -------------- ----------
Cash and Cash Equivalents at End of Period 2,067 67,727 80,532
---------- -------------- ----------
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 32.76 per USD as of December 31, 2008
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