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
February 10, 2004
Commission File Number 001-31335
AU
Optronics Corp.
(Translation of registrants name into English)
No. 1 Li-Hsin Road 2
Science-Based Industrial Park
Hsinchu, Taiwan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1):
____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark
if the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants 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 registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
If Yes is marked,
indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82-
Not applicable
INDEX TO EXHIBITS
Item
1. | Taiwan Stock Exchange filing entitled, The Board Resolution to convene the 2004 Annual General Shareholders' Meeting, dated February 10, 2004 |
2. |
Taiwan Stock Exchange filing entitled, The Board Resolution to propose distribution of 2003 profits, dated February 10, 2004 |
3. | Taiwan Stock Exchange filing entitled, The Board Resolution to propose capital increase resulting from stock dividends and employee stock bonus, dated February 10, 2004 |
4. | Taiwan Stock Exchange filing entitled, The Board Resolution to propose secured corporate bond issuance as per the agreement of NTD 35 billion syndication loan, dated February 10, 2004 |
5. | Taiwan Stock Exchange filing entitled, The Board Resolution to propose new rights issue to sponsor DR offering, dated February 10, 2004 |
6. | Investor Conference Materials entitled, AU Optronics 2003 4th Quarter Results, dated February 10, 2004 |
7. | Investor Conference Materials entitled, FY 2003 Audited Unconsolidated and Consolidated Financial Statements, dated February 10, 2004. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AU Optronics Corp. | ||
Date: February 10, 2004 | By: | /s/ Max Weishun Cheng |
Name: Max Weishun Cheng Title: Chief Financial Officer |
AU Optronics Corporation
February 10, 2004
English Language Summary
Subject: | The Board Resolution to convene the 2004 Annual General Shareholders' Meeting |
Regulation: | Published pursuant to Article 2-17 of the Taiwan Stock Exchanges operating procedures for the Publication of Material Information by Listed Companies |
Date of events: | 2004/02/10 |
Content:
1. | Date of the board of directors resolution: 2004/02/10 |
2. | Date for convening the shareholders' meeting: 2004/04/29 |
3. | Location for convening the shareholders' meeting: 2, Hsin-An Road, Science-Based Industrial Park, Hsinchu, Taiwan R.O.C. |
4. | Cause or subjects for convening the meeting: | |
|
| Reports of 2003 business |
| Acknowledgement: The 2003 Business Report and Financial Statements. | |
| Discussions: |
(1) |
Proposal of revisions to Article of Incorporation. | ||
(2) |
Election of Directors and Supervisors. | ||
(3) | Proposal for distribution of 2003 profits. | ||
(4) | Proposal of the capitalization of 2003 dividends and employee profit sharing. | ||
(5) | Proposal of the new rights issue to sponsor DR offering. | ||
(6) | Proposal of releasing Directors from non-competition restrictions. | ||
5. | Starting and ending dates of suspension of share transfer: 2004/03/01 2004/04/29 | ||
6. |
Any other matters that need to be specified: N/A |
AU Optronics Corporation
February 10, 2004
English Language Summary
Subject: | The Board Resolution to propose distribution of 2003 profits |
Regulation: | Published pursuant to Article 2-14 of the Taiwan Stock Exchanges operating procedures for the Publication of Material Information by Listed Companies |
Date of events: | 2004/02/10 |
Content:
1. | Date of the board of directors resolution: 2004/02/10 | |
2. | Type and monetary amount of dividend distribution: |
|
3. | Any other matters that need to be specified: | |
(1) | Proposal for employees profit sharing of NT$380,536,260 in cash and NT$ 887,917,940 in stock, and cash compensation of NT$70,469,678 for the board of directors and supervisors. | |
(2) | The amount of employee stock bonus is estimated to be 29.04% of total capitalization resulting from stock dividends and employee stock bonus and 1.91% of total shares outstanding after the capitalization. | |
(3) | Adjusted EPS will be NT$3.30 to reflect distribution of employee profit sharing and cash compensation for board of directors and supervisors. |
AU Optronics Corporation
February 10, 2004
English Language Summary
Subject: | The Board Resolution to propose capital increase resulting from stock dividends and employee stock bonus. |
Regulation: | Published pursuant to Article 2-11 of the Taiwan Stock Exchanges operating procedures for the Publication of Material Information by Listed Companies |
Date of events: | 2004/02/10 |
Content:
1. | Date of the board of directors resolution: 2004/02/10 |
2. | Source of capital increase funds: Retained Earnings |
3. | Number of shares issued: 305,803,656 shares (including employee stock bonus) |
4. | Par value per share: NT$10 |
5. | Total monetary amount of the issue: NT$3,058,036,560 |
6. | Issue price: N/A |
7. | Number of shares subscribed by or allotted to employees: 88,791,794 shares |
8. | Number of shares publicly sold: N/A |
9. | Ratio of shares subscribed by or allotted as stock dividends to existing shareholders: 50 shares for every 1,000 shares held by common shareholders. |
10. | Method of handling fractional shares and shares unsubscribed by the deadline: If a portion of the dividend does not amount to one full share, the shareholders concerned may arrange pooling together their fractional shares to form one full share and register the same within 5 days after the record date. Otherwise shareholders will be paid for unregistered fractions of shares in cash based on the fraction of the face value |
represented, calculations will be rounded down to the nearest one NTD (any amounts under one NTD will be discarded). The remaining shares will be designated for subscription at face value by AUO Employee Welfare Commission. | |
11. | Rights and obligations of the newly issued shares: Same as those of existing shares |
12. | Utilization of the funds from the capital increase: For capacity expansion 13. Any other matters that need to be specified: N/A |
AU Optronics Corporation
February 10, 2004
English Language Summary
Subject: | The Board Resolution to propose secured corporate bond issuance as per the agreement of NTD 35 billion syndication loan |
Regulation: | Published pursuant to Article 2-11 of the Taiwan Stock Exchanges operating procedures for the Publication of Material Information by Listed Companies |
Date of events: | 2004/02/10 |
Contents:
1. | Date of the board of directors resolution: 2004/02/10 |
2. | Name (__nth issue of (secured, unsecured) corporate bonds of ___ Co.): Secured corporate bonds of AU Optronics |
3. | Total amount of the issue: NT$ 6 billion |
4. | Face value: NT$ 1 million or integral multiples of NT$ 1 million |
5. | Issue price: 100% of principal amount. |
6. | Issue period: Up to 5 years. |
7. | Issue coupon/interest rate: To be set in accordance with the market conditions. |
8. | Types, names, monetary amounts of security or collateral and stipulations thereupon: Secured by banks. |
9. | Use of the funds raised by the offering and utilization plan: Purchase of machinery, equipment and building. |
10. | Underwriting method: To be determined. |
11. | Trustees for the bonds: To be determined. |
12. | Underwriter or distributing agent institution: To be determined. |
13. | Guarantor(s) for the issue: International Commercial Bank of China and other 11 banks. |
14. | Institution serving as agent for payment of the principal and interest: To be determined. |
15. | Certifying institution: To be determined. |
16. | Where convertible into shares, the rules for conversion: Not applicable. |
17. | Resale conditions: To be determined |
18. | Repurchase conditions: To be determined |
19. | The record date for share conversion, if conversion, exchange, or subscription rights are attached: Not applicable. |
20. | Possible dilution of equity, if conversion, exchange, or subscription rights are attached: Not applicable. |
21. | Any other matters that need to be specified: Nil. |
AU Optronics Corporation
February 10, 2004
English Language Summary
Subject: | Board Resolution to propose new rights issue to sponsor overseas DR offering |
Regulation: | Published pursuant to Article 2-11 of the Taiwan Stock Exchanges operating procedures for the Publication of Material Information by Listed Companies |
Date of events: 2004/02/10
Contents:
1. |
Date of the board of directors resolution: 2004/02/10 |
2. | Source of capital increase funds: Issuance of common shares for cash to sponsor overseas DR offering. |
3. | Number of shares issued: The number of shares to be issued shall not exceed 500,000,000 common shares. The Board may, within the issuance limit and based on the market conditions, adjust the issue size, provided that the new shares should be issued at one time. |
4. | Par value per share: NT$10 per common share. |
5. |
Total monetary amount of the issue: Up to NT$ 5 billion. |
6. |
Issue price: The issue price of the new shares will be decided with reference to (a) the closing price of the Companys common shares or American Depositary Shares (ADSs) at the time of pricing or (b) the average of the closing price of the Companys common shares or ADSs for 1, 3 or 5 trading days prior to the pricing date (each of (a) and (b) is referred to hereinafter as the Reference Price). The Chairman is authorized to coordinate with the underwriter of the DR offering to determine the actual issue price in accordance with market conditions, provided that, the actual issue |
price shall not be less than 90% of the Reference Price. | |
7. |
Number of shares subscribed by or allotted to employees: 10% of the new shares shall be allocated for the employees' subscription under the applicable law. Any new shares not subscribed by employees of the Company shall be determined by the Chairman, depending on the market needs, to be allocated as underlying shares of the overseas depositary shares or to be subscribed by the designated person(s). |
8. |
Number of shares publicly sold: Rights to subscribe the 90% of the new shares shall be waived by the shareholders and such 90% should be offered to the public under Article 28-1 of the Securities and Exchange Law |
9. | Ratio of shares subscribed by or allotted as stock dividends to existing shareholders: N/ |
10. | Method of handling fractional shares and shares unsubscribed by the deadline: N/A |
11. | Rights and obligations of the newly issued shares: N/A |
12. | Utilization of the funds from the capital increase: For the Companys future development. |
13. | Any other matters that need to be specified: N/A |
Safe Harbor Notice
The statements included in this presentation that are not historical in nature are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics 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.
Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics forward-looking statements can be found in AU Optronics annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003.
3 |
4Q 2003 Income Statement (Consolidated)
Amount : NT$ Million Except Per Share Data | ||||||||||
4Q'03(a) | 3Q'03(a) | QoQ Change % |
||||||||
Net Sales | 34,379 | 100.0 | % | 28,371 | 100.0 | % | 21.2% | |||
Cost of Goods Sold | (24,742 | ) | (72.0 | %) | (21,038 | ) | (74.2 | %) | 17.6% | |
|
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Gross Profit | 9,637 | 28.0 | % | 7,333 | 25.8 | % | 31.4% | |||
Operating Expenses | (2,127 | ) | (6.2 | %) | (2,129 | ) | (7.5 | %) | (0.1%) | |
|
||||||||||
Operating Income | 7,510 | 21.8 | % | 5,204 | 18.3 | % | 44.3% | |||
Net Non-op Expenses | (31 | ) | (0.1 | %) | (215 | ) | (0.7 | %) | (85.6%) | |
|
||||||||||
Income before Tax | 7,479 | 21.7 | % | 4,989 | 17.6 | % | 49.9% | |||
Income Tax Credit | 87 | 0.3 | % | 0 | 0.0 | % | 0.0% | |||
|
||||||||||
Net Income | 7,566 | 22.0 | % | 4,989 | 17.6 | % | 51.7% | |||
|
||||||||||
Fully Diluted EPS (NT$)(b) | 1.74 | 1.15 | 51.5% | |||||||
Operating Income + D&A | 12,316 | 35.8 | % | 9,361 | 33.0 | % | 31.6% | |||
Unit Shipment (Million) | ||||||||||
Large Panels | 3.6 | 3.1 | 16.3% | |||||||
Small & Medium Panels (A/V) | 6.5 | 7.6 | (15.4%) |
(a) |
Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Total weighted average outstanding shares of 4,340 million were used in Fully Diluted EPS calculation for 4Q 03 while and 4,337 million were used for 3Q03 |
(c) |
Adjusted EBIDTA calculated as Operating Income + Depreciation & Amortization Expense |
5 |
2003 Income Statement Highlights (Consolidated)
Amount : NT$ Million | FY 2003(a) | FY 2002(a) | YoY Change % |
||||||||
Net Sales | 104,861 | 100.0 | % | 75,689 | 100.0 | % | 38.5% | ||||
Gross Profit | 23,462 | 22.4 | % | 12,083 | 16.0 | % | 94.2% | ||||
Operating Income | 16,245 | 15.5 | % | 7,714 | 10.2 | % | 110.6% | ||||
Net Income | 15,660 | 14.9 | % | 6,023 | 8.0 | % | 160.0% | ||||
Fully Diluted EPS (NT$)( b) | $ | 3.61 | $ | 1.58 | 128.3% | ||||||
ROE | 18.4 | % | 9.9 | % | 85.7% | ||||||
Unit Shipment (Million) | |||||||||||
Large Size Panels | 11.9 | 8.3 | 42.4% | ||||||||
Small & Medium Panels (A/V) | 21.4 | 9.1 | 135.7% | ||||||||
(a) | Audited in accordance with ROC GAAP on a consolidated basis |
(b) | Total weighted average outstanding shares of 4,340 million were used in Fully Diluted EPS calculation f or 2003 while and 3,895 million were used for 2002 |
6 |
4Q 2003 Balance Sheet Highlights (Consolidated)
Amount : NT$ Million | ||||||||||
4Q'03(a) | 3Q'03(a) | QoQ Change % |
||||||||
Cash & ST Investment | 20,249 | 12.8 | % | 17,091 | 12.4 | % | 18.5% | |||
Inventory | 9,956 | 6.3 | % | 7,994 | 5.8 | % | 24.5% | |||
Short Term Debt(b) | 7,193 | 4.6 | % | 8,012 | 5.8 | % | (10.2%) | |||
Long Term Debt | 25,306 | 16.0 | % | 19,369 | 14.0 | % | 30.7% | |||
Equity | 92,655 | 58.6 | % | 85,009 | 61.6 | % | 9.0% | |||
Total Assets | 158,071 | 100.0 | % | 137,997 | 100.0 | % | 14.5% | |||
Inventory Turnover (days)(c) | 33 | 33 | ||||||||
Debt to Equity (Fully Diluted) | 35.1 | % | 32.1 | % | ||||||
Net Debt to Equity (Fully Diluted) | 15.7 | % | 15.5 | % |
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Short term debt refers all interest bearing debt maturing within one year |
(c) | Annualized, calculated by dividing the average inventory into the cost of goods sold, then dividing 365 days by the inventory turnover |
7 |
4Q 2003 Cash Flow Highlights (Consolidated)
Amount : NT$ Million | ||||||
4Q'03(a) | 3Q'03(a) | QoQ Change |
||||
From Operation | 14,115 | 11,815 | 2,300 | |||
Net Profit | 7,566 | 4,989 | 2,577 | |||
Depreciation & Amortization | 4,805 | 4,157 | 648 | |||
|
||||||
From Investment | (15,653 | ) | (7,897 | ) | (7,756) | |
Capital Expenditure | (15,223 | ) | (7,484 | ) | (7,739) | |
From Financing | 5,318 | (5,628 | ) | 10,946 | ||
Repayment of Debt | (3,204 | ) | (3,416 | ) | 212 | |
Syndication Loan | 8,402 | (10 | ) | 8,412 | ||
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis
8 |
2003 Cash Flow Highlights (Consolidated)
Amount : NT$ Million | |||||
FY 2003(a) | FY 2002(a) | YoY Change |
|||
From Operation | 37,041 | 20,822 | 16,220 | ||
Net Profit | 15,660 | 6,023 | 9,637 | ||
Depreciation & Amortization | 16,295 | 12,990 | 3,305 | ||
From Investment | (40,339 | ) | (18,125 | ) | (22,214) |
Capital Expenditure | (39,301 | ) | (18,035 | ) | (21,266) |
From Financing | (4,673 | ) | 16,754 | (21,427) | |
Repayment of Debt | (11,262 | ) | (6,920 | ) | (4,342) |
Syndication Loan | 8,740 | 4,665 | 4,075 | ||
(a) Audited in accordance with ROC GAAP on a consolidated basis
9 |
Quarterly Consolidated Large Size Panel
Shipment & Blended ASP
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Consolidated figures before September 1, 2001 are combined from AU Optronics Corp. (formerly known as Acer Display Technology, Inc.) and Unipac Optoelectronics Corporation |
10 |
Quarterly Revenue Breakdown by Application
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis |
(b) | Consolidated figures before September 1, 2001 are combined from AU Optronics Corp. (formerly known as Acer Display Technology, Inc.) and Unipac Optoelectronics Corporation |
11 |
Installed Capacity by Fab
Substrate Size | 12/2003 | 3/2004 (F) | 12/2004 (F) | |
FAB | (mm) | Capacity | Capacity | Capacity |
L3A (G3.5) | 610 x 720 | 45,000 | 45,000 | 45,000 |
L3B (G3.5) | 610 x 720 | 5,000 LTPS | 5,000 LTPS | 5,000 LTPS |
25,000 a-Si | 25,000 a-Si | 25,000 a-Si | ||
(G3.5) | 600 x 720 | 60,000 | 60,000 | 60,000 |
(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. | 10,000 | 70,000 |
12 |
1Q 2004 Guidance
n | Despite seasonal factors and fewer working days in 1Q04, unit shipment for large size panels expected to grow by a mid single-digit percentage from 4Q03: | |
Ø |
5G fab phase I (L8A): Higher yields | |
Ø |
5G fab phase II (L8B): Mass production February 2004 | |
n | Unit shipment for small & medium size (A/V) panels continues to experience seasonal decline by a mid-teen percentage rate | |
n | Except 5G fab phase II (L8B) that commences ramp up in February 2004, all other fabs expected to be fully loaded | |
n | AUOs blended large panel ASPs to improve slightly in 1Q04 via further enhanced product mix | |
n | CAPEX in 2004 estimated to be NT$85 billion: | |
Ø | 5G production facility | |
Ø | 6G production facility |
13 |
December 31, 2003 | December 31, 2002 | YoY | |||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||
Cash and Cash Equivalents | 489 | 16,624 | 10.8 | 25,659 | 20.3 | (9,035 | ) | (35.2 | ) | ||||||
Short-term Investment | 63 | 2,137 | 1.4 | 3,182 | 2.5 | (1,045 | ) | (32.8 | ) | ||||||
Notes & Accounts Receivables | 571 | 19,406 | 12.6 | 10,160 | 8.0 | 9,2469 | 1.0 | ||||||||
Other Current Financial Assets | 7 | 247 | 0.2 | 399 | 0.3 | (152 | ) | (38.1 | ) | ||||||
Inventories | 251 | 8,515 | 5.6 | 8,019 | 6.3 | 496 | 6.2 | ||||||||
Other Current Assets | 95 | 3,219 | 2.1 | 1,617 | 1.3 | 1,602 | 99.1 | ||||||||
Total Current Assets | 1,476 | 50,147 | 32.6 | 49,036 | 38.7 | 1,111 | 2.3 | ||||||||
Long-term Investments | 95 | 3,241 | 2.1 | 1,115 | 0.9 | 2,126 | 190.7 | ||||||||
Fixed Assets | 3,944 | 133,962 | 87.1 | 93,897 | 74.2 | 40,065 | 42.7 | ||||||||
Less Accumulated Depreciation | (1,152 | ) | (39,119 | ) | (25.4 | ) | (25,518 | ) | (20.2 | ) | (13,601 | ) | 53.3 | ||
Net Fixed Assets | 2,792 | 94,843 | 61.6 | 68,379 | 54.0 | 26,464 | 38.7 | ||||||||
Other Assets | 165 | 5,620 | 3.7 | 8,092 | 6.4 | (2,472 | ) | (30.5 | ) | ||||||
Total Assets | 4,529 | 153,851 | 100.0 | 126,622 | 100.0 | 27,229 | 21.5 | ||||||||
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LIABILITIES
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Accounts Payable | 876 | 29,761 | 19.4 | 12,138 | 9.6 | 17,623 | 145.2 | ||||||||
Current Installments of Long-term Liabilities | 203 | 6,892 | 4.5 | 9,492 | 7.5 | (2,600 | ) | (27.4 | ) | ||||||
Other Current Liabilities | 87 | 2,970 | 1.9 | 1,890 | 1.5 | 1,080 | 57.1 | ||||||||
Total Current Liabilities | 1,166 | 39,623 | 25.8 | 23,520 | 18.6 | 16,103 | 68.5 | ||||||||
Long-term Borrowings | 626 | 21,253 | 13.8 | 21,592 | 17.0 | (339 | ) | (1.6 | ) | ||||||
Long-term Commercial Paper | 0 | 0 | 0.0 | 1,288 | 1.0 | (1,288 | ) | (100.0 | ) | ||||||
Bonds and Convertible Bonds Payable | 0 | 0 | 0.0 | 2,283 | 1.8 | (2,283 | ) | (100.0 | ) | ||||||
Other Long-term Liabilities | 9 | 320 | 0.2 | 111 | 0.1 | 209 | 188.3 | ||||||||
Total Liabilities | 1,801 | 61,196 | 39.8 | 48,794 | 38.5 | 12,402 | 25.4 | ||||||||
SHAREHOLDERS EQUITY | |||||||||||||||
Common Stock | 1,281 | 43,522 | 28.3 | 40,243 | 31.8 | 3,279 | 8.1 | ||||||||
Capital Surplus | 948 | 32,198 | 20.9 | 31,718 | 25.1 | 480 | 1.5 | ||||||||
Retained Earnings | 506 | 17,181 | 11.2 | 6,023 | 4.7 | 11,158 | 185.3 | ||||||||
Cumulative Translation Adjustment | 0 | 5 | 0.0 | 27 | 0.0 | (22 | ) | (81.5 | ) | ||||||
Treasury Stock | (7 | ) | (251 | ) | (0.2 | ) | (183 | ) | (0.1 | ) | (68 | ) | 37.2 | ||
Total Stockholders Equity | 2,728 | 92,655 | 60.2 | 77,828 | 61.5 | 14,827 | 19.1 | ||||||||
Total Liabilities & Stockholders Equity | 4,529 | 153,851 | 100.0 | 126,622 | 100.0 | 27,229 | 21.5 | ||||||||
|
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Note: Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 33.97 per US dollar as of December 31, 2003
AU
OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
Year Ended December 31, 2003 and 2002 and for the Three Months Ended December
31, 2003 and Sep 30, 2003
(Expressed in Million of New Taiwan Dollars (NTD) and US Dollars (USD)
Except for Per Share Data and Outstanding Shares)
Year
over Year Comparison
|
Sequential
Comparison
|
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2003 | % of | 2002 | YoY | 4Q 2003 | % of | 3Q 2003 | QoQ | ||||||||||||||
USD(1) | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | ||||||||||||
Net Sales | 2,837 | 97,610 | 100.0 | 75,507 | 29.3 | 933 | 32,084 | 100.0 | 26,335 | 21.8 | |||||||||||
Cost of Goods Sold | 2,188 | 75,290 | 77.1 | 62,766 | 20.0 | 669 | 23,006 | 71.7 | 19,205 | 19.8 | |||||||||||
Gross Profit (Loss) | 649 | 22,321 | 22.9 | 12,741 | 75.2 | 264 | 9,078 | 28.3 | 7,130 | 27.3 | |||||||||||
Operating Expenses | |||||||||||||||||||||
Selling | 34 | 1,186 | 1.2 | 500 | 137.1 | 7 | 239 | 0.7 | 576 | (58.5 | ) | ||||||||||
Administrative | 63 | 2,178 | 2.2 | 1,401 | 55.5 | 16 | 538 | 1.7 | 580 | (7.4 | ) | ||||||||||
Research and Development | 98 | 3,386 | 3.5 | 2,233 | 51.6 | 35 | 1,205 | 3.8 | 847 | 42.2 | |||||||||||
Total Operating Expenses | 196 | 6,750 | 6.9 | 4,134 | 63.3 | 58 | 1,982 | 6.2 | 2,003 | (1.1 | ) | ||||||||||
Total Operating Income (Loss) | 453 | 15,570 | 16.0 | 8,607 | 80.9 | 206 | 7,096 | 22.1 | 5,127 | 38.4 | |||||||||||
Net Non-Operating Income (Expenses) | 0 | 3 | 0.0 | (2,584 | ) | (100.1 | ) | 11 | 383 | 1.2 | (138 | ) | (377.4 | ) | |||||||
Income (Loss) before Income Tax | 453 | 15,573 | 16.0 | 6,023 | 158.6 | 217 | 7,479 | 23.3 | 4,989 | 49.9 | |||||||||||
Income Tax (Expense) Benefit | 3 | 87 | 0.1 | 0 | - | 3 | 87 | 0.3 | 0 | - | |||||||||||
Net Income (Loss) | 455 | 15,660 | 16.0 | 6,023 | 160.0 | 220 | 7,566 | 23.6 | 4,989 | 51.7 | |||||||||||
Basic Earnings (Loss) Per Share | 0.1061 | 3.65 | 1.65 | 0.0511 | 1.76 | 1.17 | |||||||||||||||
Basic Earnings (Loss) Per ADS(2) | 1.0612 | 36.51 | 16.55 | 0.5110 | 17.64 | 11.69 | |||||||||||||||
Weighted Average Number | 4,289 | 3,640 | 4,289 | 4,269 | |||||||||||||||||
of Shares Outstanding (Million) |
Note: | (1) | New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$34.4024 per US dollar for 2003 |
(2) | 1 ADR equals 10 ordinary shares |
AU
OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
December 31, 2003 and 2002
(Figures in Million of New Taiwan dollars (NTD) and US dollars (USD))
2003
|
2002
|
||||||
USD
|
NTD
|
NTD
|
|||||
Cash Flows from Operating Activities: | |||||||
Net Income | 455 | 15,660 | 6,023 | ||||
Depreciation & Amortization | 456 | 15,672 | 12,830 | ||||
Provision (Reversal) for Inventory Devaluation | 7 | 224 | 0 | ||||
S.T & L.T Investment Loss recovery profit | (22 | ) | (762 | ) | 1,547 | ||
Changes in Working Capital & Others | 131 | 1,027 | 4,522 | ||||
Net Cash Provided by (Used in) Operating Activities | 1,026 | 35,316 | 21,426 | ||||
Cash Flows from Investing Activities: | |||||||
Decrease (Increase) in Short-term Investments | 34 | 1,172 | 1,194 | ||||
Acquisition of Property, Plant and Equipment | (1,052 | ) | (36,200 | ) | (15,910 | ) | |
Proceeds from Disposal of Property, Plant and Equipment | 16 | 561 | 290 | ||||
Increase in Long-term Equity Investments | (44 | ) | (1,514 | ) | (1,734 | ) | |
Decrease (Increase) in Restricted Cash in Bank | 1 | 23 | 97 | ||||
Increase in Intangible Assets | (29 | ) | (996 | ) | (1,135 | ) | |
Decrease (Increase) in Other Assets | (0 | ) | (3 | ) | (121 | ) | |
Net Cash Used in Investing Activities | (1,074 | ) | (36,958 | ) | (17,318 | ) | |
Cash Flows from Financing Activities: | |||||||
Decrease in Short-term Borrowings | 0 | 0 | (2,586 | ) | |||
Decrease in Guarantee Deposits | (1 | ) | (22 | ) | 22 | ||
Increase (Decrease) in Long-term Borrowings | (152 | ) | (5,240 | ) | (1,304 | ) | |
Issuance of Common Stock for Cash | 0 | 0 | 19,170 | ||||
Directors' and Supervisors' Remuneration | (2 | ) | (54 | ) | 0 | ||
Cash Dividends | (58 | ) | (2,007 | ) | 0 | ||
Increase in Treasury Stock | (2 | ) | (68 | ) | (183 | ) | |
Net Cash Provided by Financing Activities | (215 | ) | (7,391 | ) | 15,119 | ||
Effect of Exchange Rate Change on Cash | (0 | ) | (2 | ) | (11 | ) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (263 | ) | (9,035 | ) | 19,216 | ||
Cash and Cash Equivalents at Beginning of Period | 746 | 25,659 | 6,443 | ||||
Cash and Cash Equivalents at End of Period | 483 | 16,624 | 25,659 | ||||
Note: Amount in New Taiwan dollars translated into US dollars at the exchange rate of NT$ 34.4024 per US dollar
AU
OPTRONICS CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
December 31, 2003 and 2002
(Figures in Million of New Taiwan dollars (NTD) and US dollars (USD))
December
31, 2003
| December
31, 2002
| YoY
|
|||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | ||||||||
|
|||||||||||||||
Cash and Cash Equivalents | 529 | 17,962 | 11.4 | 25,957 | 20.1 | (7,995 | ) | (30.8 | ) | ||||||
Short-term Investment | 67 | 2,287 | 1.5 | 3,232 | 2.5 | (945 | ) | (29.2 | ) | ||||||
Notes & Accounts Receivables | 499 | 16,961 | 10.7 | 10,061 | 7.8 | 6,900 | 68.6 | ||||||||
Other Current Financial Assets | 8 | 285 | 0.2 | 417 | 0.3 | (132 | ) | (31.7 | ) | ||||||
Inventories | 293 | 9,956 | 6.3 | 8,510 | 6.6 | 1,446 | 17.0 | ||||||||
Other Current Assets | 95 | 3,232 | 2.0 | 1,653 | 1.3 | 1,579 | 95.5 | ||||||||
Total Current Assets | 1,492 | 50,682 | 32.1 | 49,830 | 38.6 | 852 | 1.7 | ||||||||
Long-term Investments | 26 | 887 | 0.5 | 84 | 0.1 | 803 | 956.0 | ||||||||
Fixed Assets | 4,133 | 140,409 | 88.8 | 96,712 | 74.9 | 43,697 | 45.2 | ||||||||
Less Accumulated Depreciation | (1,173 | ) | (39,857 | ) | (25.2 | ) | (25,667 | ) | (19.9 | ) | (14,190 | ) | 55.3 | ||
Net Fixed Assets | 2,960 | 100,553 | 63.6 | 71,045 | 55.0 | 29,508 | 41.5 | ||||||||
Other Assets | 175 | 5,949 | 3.8 | 8,212 | 6.3 | (2,263 | ) | (27.6 | ) | ||||||
|
|||||||||||||||
Total Assets | 4,653 | 158,071 | 100.0 | 129,171 | 100.0 | 28,900 | 22.4 | ||||||||
LIABILITIES
| |||||||||||||||
Short-term borrowings | 9 | 301 | 0.2 | 770 | 0.7 | (469 | ) | (60.9 | ) | ||||||
Accounts Payable | 863 | 29,322 | 18.5 | 12,958 | 10.0 | 16,364 | 126.3 | ||||||||
Current Installments of Long-term Liabilities | 203 | 6,892 | 4.4 | 9,492 | 7.3 | (2,600 | ) | (27.4 | ) | ||||||
Other Current Liabilities | 96 | 3,275 | 2.1 | 1,984 | 1.5 | 1,291 | 65.1 | ||||||||
Total Current Liabilities | 1,162 | 39,790 | 25.2 | 25,204 | 19.5 | 14,586 | 57.9 | ||||||||
Long-term Borrowings | 745 | 25,306 | 16.0 | 22,457 | 17.4 | 2,849 | 12.7 | ||||||||
Long-term Commercial Paper | 0 | 0 | 0.0 | 1,288 | 1.0 | (1,288 | ) | (100.0) | |||||||
Bonds and Convertible Bonds Payable | 0 | 0 | 0.0 | 2,283 | 1.7 | (2,283 | ) | (100.0 | ) | ||||||
Other Long-term Liabilities | 9 | 320 | 0.2 | 111 | 0.1 | 209 | 188.3 | ||||||||
Total Liabilities | 1,917 | 65,416 | 41.4 | 51,343 | 39.7 | 14,073 | 27.4 | ||||||||
SHAREHOLDERS EQUITY
| |||||||||||||||
Common Stock | 1,281 | 43,522 | 27.5 | 40,243 | 31.2 | 3,279 | 8.1 | ||||||||
Capital Surplus | 948 | 32,198 | 20.4 | 31,718 | 24.6 | 480 | 1.5 | ||||||||
Retained Earnings | 506 | 17,181 | 10.9 | 6,023 | 4.6 | 11,158 | 185.3 | ||||||||
Cumulative Translation Adjustment | 0 | 4 | 0.0 | 27 | 0.0 | (23 | ) | (85.2 | ) | ||||||
Treasury Stock | (7 | ) | (251 | ) | (0.2 | ) | (183 | ) | (0.1 | ) | (68 | ) | 37.2 | ||
Total Stockholders Equity | 2,728 | 92,655 | 58.6 | 77,828 | 60.3 | 14,827 | 19.1 | ||||||||
Total Liabilities & Stockholders Equity | 4,644 | 158,071 | 100.0 | 129,171 | 100.0 | 28,900 | 22.4 | ||||||||
Note: Amount in New Taiwan dollars translated into US dollars at the exchange rate of NTD 33.97 per US dollar as of December 31, 2003
AU OPTRONICS
CORP. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
Year Ended December 31, 2003 and 2002 and for the Three Months Ended December
31, 2003 and Sep 30, 2003
(Expressed in Million of New Taiwan Dollars (NTD) and US Dollars (USD))
Except for Per Share Data and Outstanding Shares)
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||
2003 | % of | 2002 | YoY | 4Q 2003 | % of | 3Q 2003 | QoQ | |||||||||||||
USD(1) | NTD | Sales | NTD | Chg % | USD(1) | NTD | Sales | NTD | Chg % | |||||||||||
Net Sales | 3,048 | 104,861 | 100.0 | 75,689 | 38.5 | 999 | 34,379 | 100.0 | 28,371 | 21.2 | ||||||||||
Cost of Goods Sold | 2,366 | 81,399 | 77.6 | 63,606 | 28.0 | 719 | 24,742 | 72.0 | 21,038 | 17.6 | ||||||||||
Gross Profit (Loss) | 682 | 23,462 | 22.4 | 12,083 | 94.2 | 280 | 9,637 | 28.0 | 7,333 | 31.4 | ||||||||||
Operating Expenses Selling | 41 | 1,395 | 1.3 | 520 | 168.3 | 9 | 303 | 0.9 | 634 | (52.2 | ) | |||||||||
General and Administrative | 71 | 2,436 | 2.3 | 1,616 | 50.7 | 18 | 619 | 1.8 | 648 | (4.5 | ) | |||||||||
Research and Development | 98 | 3,386 | 3.2 | 2,233 | 51.6 | 35 | 1,205 | 3.5 | 847 | 42.3 | ||||||||||
Total Operating Expenses | 210 | 7,217 | 6.9 | 4,369 | 65.2 | 62 | 2,127 | 6.2 | 2,129 | (0.1 | ) | |||||||||
Total Operating Income (Loss) | 472 | 16,245 | 15.5 | 7,714 | 110.6 | 218 | 7,510 | 21.8 | 5,204 | 44.3 | ||||||||||
Net Non-Operating Income (Expenses) | (20 | ) | (672 | ) | (0.6 | ) | (1,691 | ) | (60.3 | ) | (1 | ) | (31 | ) | (0.1 | ) | (215 | ) | (85.5 | ) |
Income (Loss) before Income Tax | 453 | 15,573 | 14.9 | 6,023 | 158.6 | 217 | 7,479 | 21.8 | 4,989 | 49.9 | ||||||||||
Income Tax (Expense) Benefit | 3 | 87 | 0.1 | (0 | ) | - | 3 | 87 | 0.3 | 0 | - | |||||||||
Net Income (Loss) | 455 | 15,660 | 14.9 | 6,023 | 160.0 | 220 | 7,566 | 22.0 | 4,989 | 51.7 | ||||||||||
Basic Earnings (Loss) Per Share | 0.1061 | 3.65 | 1.65 | 0.0511 | 1.76 | 1.17 | ||||||||||||||
Basic Earnings (Loss) Per ADS(2) | 1.0612 | 36.51 | 16.55 | 0.5110 | 17.64 | 11.69 | ||||||||||||||
Weighted Average Number of Shares Outstanding (Million) | 4,289 | 3,640 | 4,289 |
4,269 | ||||||||||||||||
Note: | (1) | New Taiwan dollars amounts translated into U.S. dollars at the weighted average rate of NT$34.4024 per US dollar for 2003 |
(2) | 1 ADR equals 10 ordinary shares |
2003
|
2002
|
||||||
USD
|
NTD
|
NTD
|
|||||
Cash Flows from Operating Activities: | |||||||
Net Income | 455 | 15,660 | 6,023 | ||||
Depreciation & Amortization | 474 | 16,295 | 12,990 | ||||
Provision (Reversal) for Inventory Devaluation | 9 | 324 | |||||
Recovery of Unrealized Short-term & Long-term Investment Losses (Gains) | (0 | ) | (14 | ) | 661 | ||
Changes in Working Capital & Others | 139 | 4,777 | 1,148 | ||||
Net Cash Provided by (Used in) Operating Activities | 1,077 | 37,041 | 20,822 | ||||
Cash Flows from Investing Activities: | |||||||
Decrease (Increase) in Short-term Investments | 28 | 974 | 1,144 | ||||
Acquisition of Property, Plant and Equipment | (1,142 | ) | (39,301 | ) | (18,035 | ) | |
Proceeds from Disposal of Property, Plant and Equipment | 0 | 11 | 79 | ||||
Increase in Long-term Equity Investments | (24 | ) | (817 | ) | (47 | ) | |
Decrease (Increase) in Restricted Cash in Bank | 1 | 23 | 97 | ||||
Increase in Intangible Assets | (32 | ) | (1,093 | ) | (1,242 | ) | |
Decrease (Increase) in Other Assets | (4 | ) | (137 | ) | (121 | ) | |
Net Cash Used in Investing Activities | (1,173 | ) | (40,339 | ) | (18,125 | ) | |
Cash Flows from Financing Activities: | |||||||
Decrease in Short-term Borrowings | (14 | ) | (470 | ) | (1,816 | ) | |
Decrease in Guarantee Deposits | (1 | ) | (22 | ) | 22 | ||
Increase (Decrease) in Long-term Borrowings | (60 | ) | (2,052 | ) | (439 | ) | |
Issuance of Common Stock for Cash | 0 | 0 | 19,170 | ||||
Directors' and Supervisors' Remuneration | (2 | ) | (54 | ) | 0 | ||
Cash Dividends | (58 | ) | (2,007 | ) | 0 | ||
Increase in Treasury Stock | (2 | ) | (68 | ) | (183 | ) | |
Net Cash Provided by Financing Activities | (136 | ) | (4,673 | ) | 16,754 | ||
Accumulated Effect of Exchange Rate Change on Cash | (1 | ) | (25 | ) | 10 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | (232 | ) | (7,995 | ) | 19,461 | ||
Cash and Cash Equivalents at Beginning of Period | 755 | 25,957 | 6,496 | ||||
Cash and Cash Equivalents at End of Period | 522 | 17,962 | 25,957 | ||||