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
22, 2009
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Commission
File Number
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001-31335
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.
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AU
Optronics Corp.
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(Translation
of registrant’s name into English)
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No.
1 Li-Hsin Road 2
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Hsinchu
Science Park
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Hsinchu,
Taiwan
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(Address
of principal executive offices)
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Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
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Form
20-F X Form
40-F ___
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Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
____
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the
jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.
Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes
..... No ..X...
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If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
Not
applicable
INDEX TO
EXHIBITS
Item
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1.
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Press
release entitled, ” AUO Reports 3Q2009 Results”, dated October 22,
2009.
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2.
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Investor
Conference Materials entitled, “AU Optronics Corp. Third Quarter 2009
Results”, dated October 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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||||
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Date: October
22, 2009
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By:
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/s/
Andy Yang
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Name:
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Andy
Yang
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|||
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Title:
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Chief
Financial Officer
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|||
Item
1.
News
Release
AU
Optronics Corp. Reports 3Q2009 Results
Issued by: AU Optronics
Corp.
Issued on: October 22,
2009
Hsinchu,
Taiwan, October 22, 2009 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX:
2409; NYSE: AUO) today announced unaudited results for the third quarter
ended September 30, 2009. The Company posted the third-quarter consolidated
revenue of NT$111.2 billion (US$3.5 billion), net profit of NT$7.4 billion (US$
232 million), and net profit attributable to equity holders of the parent
company NT$7.3 billion (US$228 million). This represents an EPS of NT$ 0.84 per
common share (US$ 0.26 per ADR unit).
For the first nine months of 2009, AUO reported
consolidated revenues of NT$244.5 billion (US$7.6 billion), net loss of NT$ 19.4
billion (US$606 million), and EPS of -NT$2.26 per common share (-US$0.71 per
ADR)
Third Quarter Result
Highlights
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Ÿ
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Revenue of
NT$111.2 billion, up 35%
quarter-over-quarter
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Ÿ
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Net profit of
NT$7.4 billion (EPS of NT$ 0.84 per common
share)
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Ÿ
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Gross margin
of 11.7%
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Ÿ
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Operating
margin of 6.8%
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Ÿ
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EBITDA (*)
margin of 27.9%
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In
the third quarter of 2009, AUO’s shipment of large-sized panels hit a record
high of 26.7 million units, up 19.2% quarter-over-quarter. In terms of small-
and -medium-sized panels, AUO’s shipments reached 64.8 million units, up 6.5%
quarter-over-quarter. For the first nine months of 2009, AUO large-sized panels
totaled 62.3 million units and small- and medium-sized panel grew substantially
to 168.6 million units.
“Benefited from better market demand and
higher panel prices, our
operating results improved significantly from the previous quarter. Our
gross margin and operating margins for the quarter improved substantially to 11.7% and 6.8%,
respectively. EBITDA (*)
margin for the quarter also rose to 27.9%, while the Inventory Turnover Days
stay healthy at 35 days,“ said Mr. Andy Yang, Chief Financial
Officer of AUO.
“We are glad that
AUO has added its G8.5 capacity on time, and as a result we could increase our
shipment of the large-sized TV panels remarkably. It proves that AUO has made
the right investments in the right timing, enabling us to seize the growing
market
opportunities. This helped us to grow our market shares in China and emerging
markets,” Andy added.
In
terms of the fourth quarter outlook, although the IT panels are likely to see
the seasonal slowdown, the demand for TV panels remains quite robust. Therefore,
we expect our utilization rate could sustain in the fourth quarter. By September
2009, AUO's 8.5G production has ramped to 30,000 substrates per month, and is
expected to expand to 40,000 substrates per month by end of this
year.
(*) EBITDA=Operating Income
+D&A
*
Amounts converted by an exchange rate of NTD32.03:USD1 as of September 30,
2009.
*
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 a worldwide top three 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 1.2 inches to greater than 65 inches. AUO generated NT$423.9
billion (US$12.9 billion) in sales revenue in 2008 and now houses a staff of
more than 42,000 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
2Q2009 WW Large-Area TFT-LCD Shipment Report dated August 5, 2009. This data is
used as reference only and AUO does not make any endorsement or representation
in connection therewith. 2008 year end revenue converted by an exchange rate of
NTD32.76: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 May 27th, 2009.
For more
information, please contact:
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Freda
Lee
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Yawen
Hsiao
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Corporate
Communications Division
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Corporate
Communications Division
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AU Optronics
Corp.
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AU Optronics
Corp.
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Tel: +886-3-5008800
ext 3206
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+886-3-5008800
ext 3211
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Fax:
+886-3-5772730
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+886-3-5772730
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Email: freda.lee@auo.com
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yawen.hsiao@auo.com
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Item 2.
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--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
AU Optronics Corp.
Third Quarter 2009 Results Investors Conference
[GRAPHIC OMITTED]
2009 [GRAPHIC OMITTED]
Oct 22, 2009
AUO Proprietary & Confidential
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Safe Harbor Notice
o The statements included in this presentation that are not historical in
nature are "forward-looking statements" within the meaning of Section 27A of
the United States Securities Act of 1933 and Section 21E of the United
States Securities Exchange Act of 1934. These forward-looking statements,
which may include statements regarding AU Optronics' future results of
operations, financial condition or business prospects, are subject to
significant risks and uncertainties and are based on AU Optronics' current
expectations.
o Actual results may differ materially from those expressed or implied in
these forward-looking statements for a variety of reasons, including, among
other things: the cyclical nature of our industry; our dependence on
introducing new products on a timely basis; our dependence on growth in the
demand for our products; our ability to compete effectively; our ability to
successfully expand our capacity; our dependence on key personnel; general
economic and political conditions, including those related to the TFT-LCD
industry; possible disruptions in commercial activities caused by natural
and human-induced disasters, including terrorist activity and armed
conflict; and fluctuations in foreign currency exchange rates.
o In addition, any financial information contained herewithin is presented in
conformity with accounting principles generally accepted in the Republic of
China ("ROC GAAP"). Readers should be cautioned that these accounting
principles differ in many material respects from accounting principles
generally accepted in the United States of America ("US GAAP").
o Our release of financial forecasts and forward-looking statements at any
particular time does not create any duty of disclosure beyond that which is
imposed by law, and we expressly disclaim any obligation to publicly update
or revise any forecasts or forward-looking statements, whether as a result
of new information, future events or otherwise.
o Additional information as to these and other factors that may cause actual
results to differ materially from AU Optronics' forward-looking statements
or some of the major differences between ROC GAAP and US GAAP can be found
in AU Optronics' Annual Report on Form 20-F with respect to the year ended
December, 2008 filed with the United States Securities and Exchange
Commission.
2
--------------------------------------------------------------------------------
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--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
--------------- --------------- ------- ----------------
3Q'09(c) 2Q'09 QoQ% 3Q'08
--------------- --------------- ------- ----------------
Net Sales 111,243 100.0% 82,486 100.0% 34.9% 104,072 100.0%
Cost of Goods Sold (98,194) (88.3%) (81,349) (98.6%) 20.7% (95,712) (92.0%)
--------------- --------------- ------- ----------------
Gross Profit 13,049 11.7% 1,136 1.4% 1048.5% 8,360 8.0%
Operating Expenses (5,497) (4.9%) (5,603) (6.8%) (1.9%) (5,677) (5.5%)
--------------- --------------- ------- ----------------
Operating Income (Loss) 7,551 6.8% (4,467) (5.4%) - 2,683 2.6%
Net Non-operating Income (Expenses) (299) (0.3%) 38 0.0% - (1,239) (1.2%)
--------------- --------------- ------- ----------------
Income (Loss) before Tax 7,252 6.5% (4,429) (5.4%) - 1,443 1.4%
--------------- --------------- ------- ----------------
Net Income(Loss) 7,420 6.7% (6,599) (8.0%) - 860 0.8%
--------------- --------------- ------- ----------------
Attributable to:
Equity holders of the parent company 7,299 6.6% (6,811) (8.3%) - 806 0.8%
Minority interest 121 0.1% 213 0.3% (43.2%) 54 0.1%
--------------- --------------- ------- ----------------
Net Income(Loss) 7,420 6.7% (6,599) (8.0%) - 860 0.8%
--------------- --------------- ------- ----------------
Basic EPS (NT$)(a) 0.84 (0.71) - 0.09
-------
-----------------------------------------------------------------------------------------------------
Operating Income + D&A 30,985 27.9% 17,768 21.5% 74.4% 22,935 22.0%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Unit Shipments (mn)(b)
Large Size Panels 26.7 22.4 19.2% 20.7
Small & Medium Size Panels 64.8 60.8 6.5% 61.1
-----------------------------------------------------------------------------------------------------
- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,787m shares in 3Q09, 8,766m shares in 2Q09 and
8,760m shares in 3Q08) by retroactively adjusting to stock dividend and
stock bonus
(b) Large size refers to panels that are 10 inches and above (c) Effective
3Q09, AUO's consolidated financial statement incorporated M.Setek
Co., Ltd (M.Setek) and its affiliates , BVCH Optronics (Sichuan) Corp.
(BVCH) and BriView Electronics(L) Corp. (BVLB) into consolidated entity
3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Balance Sheet Highlights
Amount : NT$ Million
-------- ------- ------- --------
3Q'09 (c) 2Q'09 QoQ % 3Q'08
-------- ------- ------- --------
Cash & ST Investment 58,818 66,837 (12.0%) 89,484
Inventory 42,590 32,535 30.9% 39,889
Short Term Debt(a) 51,628 45,430 13.6% 47,122
Long Term Debt 124,104 133,670 (7.2%) 103,758
Equity 286,723 274,934 4.3% 326,879
Total Assets 612,830 571,166 7.3% 602,335
-------
----------------------------------------------------------------------------------------
Inventory Turnover (Days)(b) 35 32 40
Debt to Equity 61.3% 65.1% 46.2%
Net Debt to Equity 40.8% 41.0% 19.0%
----------------------------------------------------------------------------------------
- Unaudited, prepared by AUO on a consolidated basis
(a) Short term debt refers to all interest bearing debt maturing within one
year
(b) Calculated by dividing the average inventory into the annualized cost of
goods sold during such period, then multiplying by 365 days
(c) Effective 3Q09, AUO's consolidated financial statement incorporated
M.Setek and its affiliates, BVCH and BVLB into consolidated entity
4
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 |
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Cash Flow Highlights
Amount: NT$ Million
-------- -------- --------
3Q'09(b) 2Q'09 QoQ
-------- -------- --------
From Operating Activities 22,847 17,272 5,575
Net Income (Loss) 7,420 (6,599) 14,018
Depreciation & Amortization 23,434 22,235 1,199
Net Change in Working Capital (8,048) 1,212 (9,260)
----------------------------- -------- -------- --------
From Investing Activities (17,288) (15,514) (1,774)
Capital Expenditure (14,797) (13,107) (1,690)
----------------------------- -------- -------- --------
From Financing Activities (13,594) 832 (14,426)
Net Change in Debt (10,640) (496) (10,144)
----------------------------- -------- -------- --------
Net Change in Cash(a) (7,673) 2,473 (10,146)
--------
- 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
(b) Effective 3Q09, AUO's consolidated financial statement incorporated
M.Setek and its affiliates, BVCH and BVLB into consolidated entity
5
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Revenues by Application
[GRAPHIC OMITTED]
6
--------------------------------------------------------------------------------
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 |
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Large Panel - ASP by Unit
[GRAPHIC OMITTED]
7
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--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Shipments & ASP by Area
[GRAPHIC OMITTED]
8
--------------------------------------------------------------------------------
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 |
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Consolidated Small & Medium Panel
Shipments & Revenues
[GRAPHIC OMITTED]
9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Capacity by Fab
--------------------------------------------------------------------------------
Fab 9/2009 12/2009 (F) Major Products
Capacity Capacity
--------------------------------------------------------------------------------
L3 (G3.5) 130,000 130,000 Small/Medium [GRAPHIC OMITTED]
----------------------------------------------------------
L3 (G3.5) 20,000 LTPS 20,000 LTPS Small/Medium [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
L4 (G4.0) 60,000 60,000 Small/Medium [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
L5 (G5.0) 310,000 310,000 NB, Monitor [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
L6 (G6.0) 240,000 240,000 Monitor, TV, Public
Info Display [GRAPHIC OMITTED]
--------------------------------------------------------------
L7 (G7.5) 90,000 100,000 Monitor, TV, Public
Info Display [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
L8 (G8.5) 30,000 40,000 TV, Public
Info Display [GRAPHIC OMITTED]
--------------------------------------------------------------------------------
- Capacity based on monthly glass substrate input
10
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[GRAPHIC OMITTED]
www.auo.com
ir@auo.com
11
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AU OPTRONICS
CORP.
CONSOLIDATED BALANCE
SHEET
September 30, 2009 and
2008
(Expressed in Millions of New Taiwan
Dollars (NTD) and US Dollars (USD) )
|
September 30,
2009
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September 30,
2008
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YoY
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||||||||||||||||||||||||||
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ASSETS
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USD
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NTD
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%
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NTD
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%
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Change
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%
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|||||||||||||||||||||
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Cash and Cash
Equivalents
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1,830 | 58,607 | 9.6 | 88,853 | 14.8 | (30,246 | ) | (34.0 | ) | |||||||||||||||||||
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Available-for-Sale Financial
Assets - Current
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7 | 211 | 0.0 | 632 | 0.1 | (421 | ) | (66.6 | ) | |||||||||||||||||||
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Notes & Accounts
Receivables
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2,075 | 66,452 | 10.8 | 52,538 | 8.7 | 13,914 | 26.5 | |||||||||||||||||||||
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Other Current Financial
Assets
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66 | 2,118 | 0.3 | 4,346 | 0.7 | (2,228 | ) | (51.3 | ) | |||||||||||||||||||
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Inventories
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1,330 | 42,590 | 6.9 | 39,889 | 6.6 | 2,701 | 6.8 | |||||||||||||||||||||
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Other Current
Assets
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199 | 6,383 | 1.0 | 10,788 | 1.8 | (4,405 | ) | (40.8 | ) | |||||||||||||||||||
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Total Current
Assets
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5,506 | 176,360 | 28.8 | 197,045 | 32.7 | (20,685 | ) | (10.5 | ) | |||||||||||||||||||
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Long-term
Investments
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352 | 11,273 | 1.8 | 8,824 | 1.5 | 2,449 | 27.8 | |||||||||||||||||||||
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Fixed
Assets
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24,237 | 776,308 | 126.7 | 656,749 | 109.0 | 119,559 | 18.2 | |||||||||||||||||||||
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Less: Accumulated
Depreciation
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(11,715 | ) | (375,238 | ) | (61.2 | ) | (283,680 | ) | (47.1 | ) | (91,558 | ) | 32.3 | |||||||||||||||
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Net Fixed
Assets
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12,522 | 401,070 | 65.4 | 373,069 | 61.9 | 28,001 | 7.5 | |||||||||||||||||||||
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Other
Assets
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753 | 24,127 | 3.9 | 23,397 | 3.9 | 730 | 3.1 | |||||||||||||||||||||
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Total
Assets
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19,133 | 612,830 | 100.0 | 602,335 | 100.0 | 10,495 | 1.7 | |||||||||||||||||||||
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LIABILITIES
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||||||||||||||||||||||||||||
| Short-term Borrowings | 147 | 4,715 | 0.8 | 1,484 | 0.2 | 3,231 | 217.8 | |||||||||||||||||||||
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Accounts
Payable
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2,930 | 93,864 | 15.3 | 80,042 | 13.3 | 13,821 | 17.3 | |||||||||||||||||||||
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Current Installments of Long-term
Borrowings
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1,465 | 46,914 | 7.7 | 45,639 | 7.6 | 1,275 | 2.8 | |||||||||||||||||||||
|
Current Financial
Liabilities
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9 | 297 | 0.0 | 420 | 0.1 | (123 | ) | (29.4 | ) | |||||||||||||||||||
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Accrued Expense & Other
Current Liabilities
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573 | 18,352 | 3.0 | 28,710 | 4.8 | (10,358 | ) | (36.1 | ) | |||||||||||||||||||
|
Machinery and Equipment
Payable
|
739 | 23,674 | 3.9 | 15,200 | 2.5 | 8,474 | 55.8 | |||||||||||||||||||||
|
Total Current
Liabilities
|
5,864 | 187,815 | 30.6 | 171,495 | 28.5 | 16,320 | 9.5 | |||||||||||||||||||||
|
Long-term
Borrowings
|
3,572 | 114,416 | 18.7 | 85,099 | 14.1 | 29,317 | 34.4 | |||||||||||||||||||||
| Bonds Payable | 302 | 9,688 | 1.6 | 18,659 | 3.1 | (8,971 | ) | (48.1 | ) | |||||||||||||||||||
| Non Current Financial Liabilities | 20 | 633 | 0.1 | 101 | 0.0 | 533 | 529.6 | |||||||||||||||||||||
|
Other Long-term
Liabilities
|
423 | 13,555 | 2.2 | 102 | 0.0 | 13,453 | 13160.1 | |||||||||||||||||||||
|
Total Long-term
Liabilities
|
4,318 | 138,292 | 22.6 | 103,961 | 17.3 | 34,331 | 33.0 | |||||||||||||||||||||
|
Total
Liabilities
|
10,181 | 326,107 | 53.2 | 275,456 | 45.7 | 50,651 | 18.4 | |||||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,756 | 88,270 | 14.4 | 85,055 | 14.1 | 3,215 | 3.8 | |||||||||||||||||||||
|
Capital Collected In
Advance
|
0 | 0 | 0.0 | 2 | 0.0 | (2 | ) | (100.0 | ) | |||||||||||||||||||
|
Capital
Surplus
|
3,600 | 115,301 | 18.8 | 113,701 | 18.9 | 1,600 | 1.4 | |||||||||||||||||||||
|
Retained
Earnings
|
2,031 | 65,045 | 10.6 | 116,557 | 19.4 | (51,512 | ) | (44.2 | ) | |||||||||||||||||||
|
Cumulative Translation
Adjustments
|
58 | 1,848 | 0.3 | 1,912 | 0.3 | (64 | ) | (3.4 | ) | |||||||||||||||||||
|
Unrealized Gain on Financial
Products
|
10 | 335 | 0.1 | 262 | 0.0 | 74 | 28.1 | |||||||||||||||||||||
|
Net loss not recognized as pension
cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
－
|
||||||||||||||||||
|
Minority
Interest
|
498 | 15,963 | 2.6 | 9,390 | 1.6 | 6,573 | 70.0 | |||||||||||||||||||||
|
Total Shareholders'
Equity
|
8,952 | 286,723 | 46.8 | 326,879 | 54.3 | (40,156 | ) | (12.3 | ) | |||||||||||||||||||
|
Total Liabilities &
Shareholders' Equity
|
19,133 | 612,830 | 100.0 | 602,335 | 100.0 | 10,495 | 1.7 | |||||||||||||||||||||
| 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 32.03 per USD as of September 30,
2009
|
|
AU
OPTRONICS CORP.
CONSOLIDATED
INCOME STATEMENT
For
the Three Months Ended September 30, 2009 and 2008 and June 30,
2009
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for
per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year over
Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2009
|
%
of
|
3Q
2008
|
YoY
|
3Q
2009
|
%
of
|
2Q
2009
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
3,473 | 111,243 | 100.0 | 104,072 | 6.9 | 3,473 | 111,243 | 100.0 | 82,486 | 34.9 | ||||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
3,066 | 98,194 | 88.3 | 95,712 | 2.6 | 3,066 | 98,194 | 88.3 | 81,349 | 20.7 | ||||||||||||||||||||||||||||||
|
Gross
Profit
|
407 | 13,049 | 11.7 | 8,360 | 56.1 | 407 | 13,049 | 11.7 | 1,136 | 1,048.5 | ||||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
119
|
3,810
|
3.4
|
4,418
|
(13.8
|
) |
119
|
3,810
|
3.4
|
4,053
|
(6.0
|
) | ||||||||||||||||||||||||||||
|
R&D
|
53 | 1,688 | 1.5 | 1,260 | 34.0 | 53 | 1,688 | 1.5 | 1,550 | 8.9 | ||||||||||||||||||||||||||||||
| 172 | 5,497 | 4.9 | 5,677 | (3.2 | ) | 172 | 5,497 | 4.9 | 5,603 | (1.9 | ) | |||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
236 | 7,551 | 6.8 | 2,683 | 181.5 | 236 | 7,551 | 6.8 | (4,467 | ) |
－
|
|||||||||||||||||||||||||||||
|
Net
Non-Operating Income (Expenses)
|
(9 | ) | (299 | ) | (0.3 | ) | (1,239 | ) | (75.9 | ) | (9 | ) | (299 | ) | (0.3 | ) | 38 |
－
|
||||||||||||||||||||||
|
Income (Loss)
before Income Tax
|
226 | 7,252 | 6.5 | 1,443 | 402.5 | 226 | 7,252 | 6.5 | (4,429 | ) |
－
|
|||||||||||||||||||||||||||||
|
Income Tax
Benefit (Expense)
|
5 | 168 | 0.2 | (584 | ) |
－
|
5 | 168 | 0.2 | (2,170 | ) |
－
|
||||||||||||||||||||||||||||
|
Net Income
(Loss)
|
232 | 7,420 | 6.7 | 860 | 763.2 | 232 | 7,420 | 6.7 | (6,599 | ) |
－
|
|||||||||||||||||||||||||||||
|
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity
Holders of The Parent Company
|
228 | 7,299 | 6.6 | 806 | 805.9 | 228 | 7,299 | 6.6 | (6,811 | ) |
－
|
|||||||||||||||||||||||||||||
|
Minority
Interest
|
4 | 121 | 0.1 | 54 | 124.4 | 4 | 121 | 0.1 | 213 | (43.2 | ) | |||||||||||||||||||||||||||||
|
Net Income
(Loss)
|
232 | 7,420 | 6.7 | 860 | 763.2 | 232 | 7,420 | 6.7 | (6,599 | ) |
－
|
|||||||||||||||||||||||||||||
|
Basic
Earnings Per Share
|
0.03 | 0.84 | 0.09 | 0.03 | 0.84 | (0.71 | ) | |||||||||||||||||||||||||||||||||
|
Basic Earnings Per
ADR(3)
|
0.26 | 8.38 | 0.92 | 0.26 | 8.38 | (7.06 | ) | |||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,787 | 8,760 | 8,787 | 8,766 | ||||||||||||||||||||||||||||||||||||
|
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 32.03 per USD as of September 30, 2009
|
| (3)1 ADR equals 10 common shares |
|
AU
OPTRONICS
CORP. CONSOLIDATED
STATEMENT OF CASH FLOW |
||||||||||||
|
Nine
Months 2009
|
Nine
Months 2008
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flow from Operating Activities:
|
||||||||||||
|
Net
Income(Loss)
|
(606 | ) | (19,395 | ) | 48,237 | |||||||
|
Depreciation
& Amortization
|
2,084 | 66,764 | 60,038 | |||||||||
|
Investment
Loss(Gain) under Equity Method
|
(1 | ) | (27 | ) | 76 | |||||||
|
Changes in
Working Capital
|
(789 | ) | (25,262 | ) | 5,846 | |||||||
|
Changes in
Others
|
(16 | ) | (512 | ) | 3,962 | |||||||
|
Net Cash
Provided by Operating Activities
|
673 | 21,569 | 118,160 | |||||||||
|
Cash
Flow from Investing Activities:
|
||||||||||||
|
Acquisition
of Property, Plant and Equipment
|
(1,416 | ) | (45,365 | ) | (67,434 | ) | ||||||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
3 | 107 | 65 | |||||||||
|
Increase in
Long-term Investments
|
(177 | ) | (5,666 | ) | (2,531 | ) | ||||||
|
Proceeds from
Disposal of Long-term Investments and AFS Investments
|
27 | 854 | 270 | |||||||||
|
Increase in
Restricted Cash in Banks
|
(0 | ) | (4 | ) | 0 | |||||||
|
Increase in
Deferred Assets and Intangible Assets
|
(27 | ) | (861 | ) | (919 | ) | ||||||
|
Increase in
Other Assets
|
(13 | ) | (408 | ) | (98 | ) | ||||||
|
Net Cash Used
in Investing Activities
|
(1,603 | ) | (51,344 | ) | (70,647 | ) | ||||||
|
Cash
Flow from Financing Activities:
|
||||||||||||
|
Increase(Decrease)
in Short-term Borrowings
|
(85 | ) | (2,711 | ) | 1,347 | |||||||
|
Increase(Decrease)
in Guarantee Deposits
|
(0 | ) | (4 | ) | 8 | |||||||
|
Increase(Decrease)
in Long-term Borrowings and Bonds Payable
|
262 | 8,396 | (28,532 | ) | ||||||||
|
Directors'
and Supervisors' Remuneration and Employees' Compensation
|
(29 | ) | (919 | ) | (1,763 | ) | ||||||
|
Cash
Dividends
|
(80 | ) | (2,552 | ) | (19,671 | ) | ||||||
|
Employee
Stock Options Exercised
|
0 | 0 | 27 | |||||||||
|
Change in
Minority Interest
|
76 | 2,429 | (56 | ) | ||||||||
|
Net Cash
Provided(Used) by Financing Activities
|
145 | 4,640 | (48,640 | ) | ||||||||
|
Cash
Proceeds from M.Setek Acquisition
|
32 | 1,025 | 0 | |||||||||
|
Effect
of Exchange Rate Changes on Cash
|
(22 | ) | (718 | ) | 91 | |||||||
|
Net
Decrease in Cash and Cash Equivalents
|
(775 | ) | (24,828 | ) | (1,037 | ) | ||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,605 | 83,435 | 89,890 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,830 | 58,607 | 88,853 | |||||||||
| 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 32.03 per USD as of September 30,
2009
|
|
AU
OPTRONICS CORP. UNCONSOLIDATED
BALANCE SHEET |
||||||||||||||||||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
||||||||||||||||||||||||||||
|
September 30,
2009
|
September 30,
2008
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash
Equivalents
|
1,151 | 36,879 | 6.8 | 77,605 | 13.7 | (40,726 | ) | (52.5 | ) | |||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
7 | 211 | 0.0 | 632 | 0.1 | (421 | ) | (66.6 | ) | |||||||||||||||||||
|
Notes &
Accounts Receivables
|
1,980 | 63,406 | 11.7 | 52,663 | 9.3 | 10,743 | 20.4 | |||||||||||||||||||||
|
Other Current
Financial Assets
|
38 | 1,209 | 0.2 | 1,248 | 0.2 | (39 | ) | (3.1 | ) | |||||||||||||||||||
|
Inventories
|
995 | 31,860 | 5.9 | 34,818 | 6.2 | (2,958 | ) | (8.5 | ) | |||||||||||||||||||
|
Other Current
Assets
|
142 | 4,560 | 0.8 | 10,483 | 1.9 | (5,923 | ) | (56.5 | ) | |||||||||||||||||||
|
Total Current
Assets
|
4,312 | 138,125 | 25.4 | 177,449 | 31.4 | (39,324 | ) | (22.2 | ) | |||||||||||||||||||
|
Long-term
Investments
|
1,739 | 55,701 | 10.2 | 38,052 | 6.7 | 17,650 | 46.4 | |||||||||||||||||||||
|
Fixed
Assets
|
20,219 | 647,615 | 119.1 | 577,883 | 102.1 | 69,732 | 12.1 | |||||||||||||||||||||
|
Less:
Accumulated Depreciation
|
(9,957 | ) | (318,931 | ) | (58.6 | ) | (248,912 | ) | (44.0 | ) | (70,018 | ) | 28.1 | |||||||||||||||
|
Net Fixed
Assets
|
10,262 | 328,684 | 60.4 | 328,971 | 58.1 | (287 | ) | (0.1 | ) | |||||||||||||||||||
|
Other
Assets
|
666 | 21,342 | 3.9 | 21,448 | 3.8 | (106 | ) | (0.5 | ) | |||||||||||||||||||
|
Total
Assets
|
16,979 | 543,853 | 100.0 | 565,920 | 100.0 | (22,067 | ) | (3.9 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term
Borrowing
|
61
|
1,950
|
0.4
|
0
|
0.0
|
1,950
|
－
|
|||||||||||||||||||||
|
Accounts
Payable
|
2,788 | 89,291 | 16.4 | 82,921 | 14.7 | 6,370 | 7.7 | |||||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,311 | 42,005 | 7.7 | 39,441 | 7.0 | 2,564 | 6.5 | |||||||||||||||||||||
|
Current
Financial Liabilities
|
1 | 32 | 0.0 | 419 | 0.1 | (388 | ) | (92.5 | ) | |||||||||||||||||||
|
Accrued
Expense & Other Current Liabilities
|
417 | 13,345 | 2.5 | 22,329 | 3.9 | (8,984 | ) | (40.2 | ) | |||||||||||||||||||
|
Machinery and
Equipment Payable
|
607 | 19,429 | 3.6 | 13,705 | 2.4 | 5,724 | 41.8 | |||||||||||||||||||||
|
Total Current
Liabilities
|
5,184 | 166,053 | 30.5 | 158,817 | 28.1 | 7,236 | 4.6 | |||||||||||||||||||||
|
Long-term
Borrowings
|
3,026 | 96,917 | 17.8 | 70,850 | 12.5 | 26,068 | 36.8 | |||||||||||||||||||||
|
Bonds
Payable
|
297 | 9,500 | 1.7 | 18,659 | 3.3 | (9,159 | ) | (49.1 | ) | |||||||||||||||||||
|
Non Current
Financial Liabilities
|
19 | 621 | 0.1 | 101 | 0.0 | 520 | 516.9 | |||||||||||||||||||||
|
Other
Long-term Liabilities
|
0 | 2 | 0.0 | 5 | 0.0 | (3 | ) | (57.9 | ) | |||||||||||||||||||
|
Total
Long-term Liabilities
|
3,342 | 107,040 | 19.7 | 89,614 | 15.8 | 17,426 | 19.4 | |||||||||||||||||||||
|
Total
Liabilities
|
8,526 | 273,093 | 50.2 | 248,431 | 43.9 | 24,662 | 9.9 | |||||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,756 | 88,270 | 16.2 | 85,055 | 15.0 | 3,215 | 3.8 | |||||||||||||||||||||
|
Capital
Collected In Advance
|
0 | 0 | 0.0 | 2 | 0.0 | (2 | ) | (100.0 | ) | |||||||||||||||||||
|
Capital
Surplus
|
3,600 | 115,301 | 21.2 | 113,701 | 20.1 | 1,600 | 1.4 | |||||||||||||||||||||
|
Retained
Earnings
|
2,031 | 65,045 | 12.0 | 116,557 | 20.6 | (51,512 | ) | (44.2 | ) | |||||||||||||||||||
|
Cumulative
Translation Adjustments
|
58 | 1,848 | 0.3 | 1,912 | 0.3 | (64 | ) | (3.4 | ) | |||||||||||||||||||
|
Unrealized
Gain on Financial Products
|
10 | 335 | 0.1 | 262 | 0.0 | 74 | 28.1 | |||||||||||||||||||||
|
Net loss not
recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
－
|
||||||||||||||||||
|
Total
Shareholders' Equity
|
8,453 | 270,760 | 49.8 | 317,489 | 56.1 | (46,729 | ) | (14.7 | ) | |||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
16,979 | 543,853 | 100.0 | 565,920 | 100.0 | (22,067 | ) | (3.9 | ) | |||||||||||||||||||
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 32.03 per USD as of September 30, 2009
|
AU
OPTRONICS CORP. UNCONSOLIDATED
INCOME STATEMENT |
||||||||||||||||||||||||||||||||||||||||
|
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for
per share amounts and shares outstanding)
|
||||||||||||||||||||||||||||||||||||||||
|
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
|
3Q
2009
|
%
of
|
3Q 2008 |
YoY
|
3Q
2009
|
%
of
|
2Q
2009
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
3,378 | 108,200 | 100.0 | 103,827 | 4.2 | 3,378 | 108,200 | 100.0 | 81,446 | 32.8 | ||||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
3,049 | 97,674 | 90.3 | 97,125 | 0.6 | 3,049 | 97,674 | 90.3 | 82,699 | 18.1 | ||||||||||||||||||||||||||||||
|
Gross Profit
(Loss)
|
329 | 10,526 | 9.7 | 6,702 | 57.1 | 329 | 10,526 | 9.7 | (1,252 | ) |
－
|
|||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
85 | 2,737 | 2.5 | 3,540 | (22.7 | ) | 85 | 2,737 | 2.5 | 3,155 | (13.3 | ) | ||||||||||||||||||||||||||||
|
R&D
|
51 | 1,623 | 1.5 | 1,260 | 28.8 | 51 | 1,623 | 1.5 | 1,518 | 6.9 | ||||||||||||||||||||||||||||||
| 136 | 4,360 | 4.0 | 4,800 | (9.2 | ) | 136 | 4,360 | 4.0 | 4,674 | (6.7 | ) | |||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
192 | 6,165 | 5.7 | 1,902 | 224.2 | 192 | 6,165 | 5.7 | (5,926 | ) |
－
|
|||||||||||||||||||||||||||||
|
Net
Non-Operating Income (Expenses)
|
26 | 821 | 0.8 | (642 | ) |
－
|
26 | 821 | 0.8 | 1,040 | (21.0 | ) | ||||||||||||||||||||||||||||
|
Income (Loss)
before Income Tax
|
218 | 6,986 | 6.5 | 1,260 | 454.7 | 218 | 6,986 | 6.5 | (4,886 | ) |
－
|
|||||||||||||||||||||||||||||
|
Income Tax
Benefit (Expense)
|
10 | 312 | 0.3 | (454 | ) |
－
|
10 | 312 | 0.3 | (1,925 | ) |
－
|
||||||||||||||||||||||||||||
|
Net
Income (Loss)
|
228 | 7,299 | 6.7 | 806 | 805.9 | 228 | 7,299 | 6.7 | (6,811 | ) |
－
|
|||||||||||||||||||||||||||||
|
Basic
Earnings Per Share
|
0.03 | 0.84 | 0.09 | 0.03 | 0.84 | (0.71 | ) | |||||||||||||||||||||||||||||||||
|
Basic Earnings Per
ADR(3)
|
0.26 | 8.38 | 0.92 | 0.26 | 8.38 | (7.06 | ) | |||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
8,787 | 8,760 | 8,787 | 8,766 | ||||||||||||||||||||||||||||||||||||
|
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 32.03 per USD as of September 30,
2009
|
| (3)1 ADR equals 10 common shares |
|
Nine
Months 2009
|
Nine
Months 2008
|
|||||||||||
|
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
|
Net
Income(Loss)
|
(620 | ) | (19,843 | ) | 47,832 | |||||||
|
Depreciation
& Amortization
|
1,813 | 58,056 | 53,109 | |||||||||
|
Investment
Gain under Equity Method
|
(118 | ) | (3,773 | ) | (1,712 | ) | ||||||
|
Changes in
Working Capital
|
(645 | ) | (20,645 | ) | 9,549 | |||||||
|
Changes in
Others
|
(1 | ) | (27 | ) | 3,474 | |||||||
|
Net Cash
Provided by Operating Activities
|
430 | 13,768 | 112,251 | |||||||||
|
Cash
Flow from Investing Activities:
|
||||||||||||
|
Acquisition
of Property, Plant and Equipment
|
(1,251 | ) | (40,069 | ) | (58,240 | ) | ||||||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
7 | 218 | 337 | |||||||||
|
Increase in
Long-term Investments
|
(352 | ) | (11,280 | ) | (5,646 | ) | ||||||
|
Proceeds from
Disposal of Long-term Investments and AFS Investments
|
42 | 1,345 | 299 | |||||||||
|
Increase in
Deferred Assets and Intangible Assets
|
(21 | ) | (658 | ) | (844 | ) | ||||||
|
Decrease(Increase)
in Other Assets
|
3 | 93 | (55 | ) | ||||||||
|
Net Cash Used
in Investing Activities
|
(1,572 | ) | (50,351 | ) | (64,150 | ) | ||||||
|
Cash
Flow from Financing Activities:
|
||||||||||||
|
Decrease in
Short-term Borrowings
|
(55 | ) | (1,750 | ) | 0 | |||||||
|
Decrease in
Guarantee Deposits
|
0 | 0 | (1 | ) | ||||||||
|
Increase(Decrease)
in Long-term Borrowings and Bonds Payable
|
340 | 10,883 | (29,523 | ) | ||||||||
|
Directors'
and Supervisors' Remuneration and Employees' Compensation
|
(29 | ) | (919 | ) | (1,763 | ) | ||||||
|
Cash
Dividends
|
(80 | ) | (2,552 | ) | (19,671 | ) | ||||||
|
Employee
Stock Options Exercised
|
0 | 0 | 27 | |||||||||
|
Net Cash
Provided(Used) by Financing Activities
|
177 | 5,662 | (50,931 | ) | ||||||||
|
Effect
of Exchange Rate Changes on Cash
|
2 | 72 | (97 | ) | ||||||||
|
Net
Decrease in Cash and Cash Equivalents
|
(963 | ) | (30,848 | ) | (2,927 | ) | ||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,114 | 67,727 | 80,532 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
1,151 | 36,879 | 77,605 | |||||||||
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 32.03 per USD as of September 30, 2009