Commission
File Number
|
001-31335
|
|
AU
Optronics Corp.
|
||
(Translation
of registrant’s name into English)
|
||
No.
1 Li-Hsin Road 2
|
||
Hsinchu
Science Park
|
||
Hsinchu,
Taiwan
|
||
(Address
of principal executive offices)
|
Form
20-F X Form
40-F ___
|
Yes
..... No ..X...
|
1.
|
Press
release entitled, “AU Optronics Corp. Reports 1Q2009 Results” dated April
23, 2009.
|
2.
|
Investor
Conference Materials entitled, “AU Optronics Corp. First Quarter 2009
Results”, dated April 23, 2009.
|
AU
Optronics Corp.
|
||||
Date: April 23,
2009
|
By:
|
/s/
Andy Yang
|
||
Name:
|
Andy
Yang
|
|||
Title:
|
Chief
Financial Officer
|
Ÿ
|
Revenue
decreased by 15.1% QoQ to NT$50.74
billion
|
Ÿ
|
Net loss of
NT$20.2 billion
|
Ÿ
|
Basic LPS of
NT$2.39 per common share
|
Ÿ
|
Gross loss of
31.4%
|
Ÿ
|
Operating
loss of 39.9%
|
Bryan Yen | Yawen Hsiao |
Corporate Communications Division | Corporate Communications Division |
AU Optronics Corp | AU Optronics Corp. |
Tel: +886-3-5008800 ext 6956 | +886-3-5008800 ext 3211 |
Fax: +886-3-5772730 | +886-3-5772730 |
Email: bryan.yen@auo.com | yawen .hsiao@auo.com |
[AUO Logo] AU Optronics Corp. First Quarter 2009 Results Investor Conference 2009 [graphic omitted] April 23, 2009 -------------------------------------------------------------------------------- |
[AUO Logo] 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, 2007 filed with the United States Securities and Exchange Commission. -------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Income Statement Amount: NT$ Million Except Per Share Data ------------------- -------------------- ------- ------------------- 1Q'09 4Q'08 QoQ% 1Q'08 ------------------- -------------------- ------- ------------------- Net Sales 50,741 100.0% 59,750 100.0% (15.1%) 136,630 100.0% Cost of Goods Sold (66,651) (131.4%) (80,682) (135.0%) (17.4%) (99,546) (72.9%) ------------------ -------------------- ------- ------------------- Gross Profit (Loss) (15,910) (31.4%) (20,932) (35.0%) (24.0%) 37,084 27.1% Operating Expenses (4,314) (8.5%) (5,531) (9.3%) (22.0%) (6,774) (5.0%) ------------------ -------------------- ------- ------------------- Operating Income (Loss) (20,223) (39.9%) (26,462) (44.3%) (23.6%) 30,310 22.2% Net Non-operating Expenses (791) (1.6%) (1,182) (2.0%) (33.1%) (1,456) (1.1%) ------------------ -------------------- ------- ------------------- Income (Loss) before Tax (21,014) (41.4%) (27,645) (46.3%) (24.0%) 28,855 21.1% ------------------ -------------------- ------- ------------------- Net Income (Loss) (20,216) (39.8%) (26,595) (44.5%) (24.0%) 26,985 19.8% ------------------ -------------------- ------- ------------------- Attributable to: Equity holders of the parent company (20,331) (40.1%) (26,565) (44.5%) (23.5%) 26,861 19.7% ------------------ ------------------- ------- ------------------ Minority interest 115 0.2% (30) (0.1%) -- 124 0.1% ------------------ -------------------- ------- ------------------- Net Income (Loss) (20,216) (39.8%) (26,595) (44.5%) (24.0%) 26,985 19.8% ================== ==================== ======= =================== Basic EPS (NT$)(a) (2.39) (3.12) (23.5%) 3.1 ======= --------------------------------------------------------------------------------------------------------- Operating Income + D&A 872 1.7% (5,312) (8.9%) -- 50,114 36.7% ---------------------------------------------------------------------------------------------------------- Unit Shipments (mn)(b) Large Size Panels 13.1 15.1 (12.8%) 22.0 Small & Medium Size Panels 42.9 47.4 (9.4%) 37.7 ---------------------------------------------------------------------------------------------------------- - Unaudited, prepared by AUO on a consolidated basis (a) Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (8,506m shares in 1Q09, 8,505m shares in 4Q08 and 8,504m shares in 1Q08) by retroactively adjusting to stock dividend and stock bonus (b) Large size refers to panels that are 10 inches and above ---------------------------------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Balance Sheet Highlights Amount: NT$ Million ------- ------- ------- --------- 1Q'09 1Q'08 QoQ% 1Q'08 ------- ------- ------- --------- Cash & ST Investment 64,450 83,905 (23.2%) 114,944 Inventory 23,804 23,611 0.8% 37,238 Short Term Debt(a) 48,841 48,443 0.8% 38,667 Long Term Debt 131,643 114,342 15.1% 138,777 Equity 280,846 299,259 (6.2%) 327,254 Total Assets 554,218 566,936 (2.2%) 637,215 ======== ------------------------------------------------------------------------- Inventory Turnover (Days)(b) 32 36 33 Debt to Equity 64.3% 54.4% 54.2% Net Debt to Equity 41.5% 26.5% 19.5% ------------------------------------------------------------------------- - 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 -------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Cash Flow Highlights Amount: NT$ Million -------- ------ -------- 1Q'09 4Q'08 QoQ -------- ------ -------- From Operating Activities (18,550) 13,898 (32,448) Net Profit (Loss) (20,216) (26,595) 6,379 Depreciation & Amortization 21,096 21,150 (54) Net Change in Working Capital (18,426) 17,843 (36,269) ------------------------------------- -------- ------ -------- From Investing Activities (18,542) (30,610) 12,068 Capital Expenditure (17,462) (30,921) 13,460 ------------------------------------- -------- ------ -------- From Financing Activities 17,402 11,204 6,198 Net Change in Debt 16,821 11,211 5,610 ------------------------------------- -------- ------ -------- Net Change in Cash(a) (19,628) (5,418) (14,210) ======== - 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 . -------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Revenues by Application [GRAPIC OMITTED] - Unaudited, prepared by AUO on a consolidated basis -------------------------------------------------------------------------------- |
[AUO Logo] Large Panel - ASP by Unit [GRAPIC 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 -------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Shipments & ASP by Area [GRAPIC 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 -------------------------------------------------------------------------------- |
[AUO Logo] Consolidated Small & Medium Panel [GRAPIC OMITTED] - Unaudited, prepared by AUO on a consolidated basis - Small & Medium size refers to panels that are under 10 inches -------------------------------------------------------------------------------- |
[AUO Logo] Capacity by Fab --------- ----------- ----------- -------------------------------- 3/2009 6/2009 (F) Fab Capacity Capacity Major Products --------- ----------- ----------- -------------------------------- L3 (G3.5) 130,000 130,000 Small/Medium ------------------------------------------------------------- L3 (G3.5) 20,000 LTPS 20,000 LTPS Small/Medium [GRAPHIC OMITTED] ------------------------------------------------------------- L4 (G4.0) 60,000 60,000 Small/Medium -------------------------------------------------------------------------------- L5 (G5.0) 310,000 310,000 NB, Monitor [GRAPHIC OMITTED] -------------------------------------------------------------------------------- L6 (G6.0) 240,000 240,000 Monitor, TV, Public Info Display ------------------------------------------------------------------- [GRAPHIC L7 (G7.5) 75,000 75,000 Monitor, TV, Public OMITTED] Info Display -------------------------------------------------------------------------------- L8 (G8.5) - 10,000 TV, Public Info Display [GRAPHIC OMITTED] -------------------------------------------------------------------------------- - Capacity based on monthly glass substrate input -------------------------------------------------------------------------------- |
[AUO Logo] www.auo.com ir@auo.com [GRAPIC OMITTED] -------------------------------------------------------------------------------- |
AU
OPTRONICS CORP.
CONSOLIDATED
BALANCE SHEET
|
||||||||||||||||||||||||||||
March
31, 2009 and 2008
|
||||||||||||||||||||||||||||
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
||||||||||||||||||||||||||||
March
31, 2009
|
March
31, 2008
|
YoY
|
||||||||||||||||||||||||||
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
Cash
and Cash Equivalents
|
1,884 | 63,807 | 11.5 | 113,741 | 17.8 | (49,934 | ) | (43.9 | ) | |||||||||||||||||||
Available-for-Sale
Financial Assets - Current
|
19 | 644 | 0.1 | 1,203 | 0.2 | (560 | ) | (46.5 | ) | |||||||||||||||||||
Notes
& Accounts Receivables
|
948 | 32,113 | 5.8 | 67,932 | 10.7 | (35,819 | ) | (52.7 | ) | |||||||||||||||||||
Other
Current Financial Assets
|
76 | 2,558 | 0.5 | 3,472 | 0.5 | (914 | ) | (26.3 | ) | |||||||||||||||||||
Inventories
|
703 | 23,804 | 4.3 | 37,238 | 5.8 | (13,434 | ) | (36.1 | ) |
Other
Current Assets
|
228 | 7,719 | 1.4 | 13,818 | 2.2 | (6,099 | ) | (44.1 | ) | |||||||||||||||||||
Total
Current Assets
|
3,857 | 130,645 | 23.6 | 237,404 | 37.3 | (106,759 | ) | (45.0 | ) | |||||||||||||||||||
Long-term
Investments
|
267 | 9,042 | 1.6 | 7,815 | 1.2 | 1,228 | 15.7 |
Fixed
Assets
|
20,985 | 710,777 | 128.2 | 612,426 | 96.1 | 98,351 | 16.1 | |||||||||||||||||||||
Less:
Accumulated Depreciation
|
(9,504 | ) | (321,899 | ) | (58.1 | ) | (246,360 | ) | (38.7 | ) | (75,539 | ) | 30.7 | |||||||||||||||
Net
Fixed Assets
|
11,481 | 388,878 | 70.2 | 366,066 | 57.4 | 22,812 | 6.2 | |||||||||||||||||||||
Other
Assets
|
757 | 25,653 | 4.6 | 25,931 | 4.1 | (278 | ) | (1.1 | ) | |||||||||||||||||||
Total
Assets
|
16,363 | 554,218 | 100.0 | 637,215 | 100.0 | (82,997 | ) | (13.0 | ) |
LIABILITIES
|
||||||||||||||||||||||||||||
Short-term
Borrowings
|
83 | 2,827 | 0.5 | 406 | 0.1 | 2,421 | 596.5 | |||||||||||||||||||||
Accounts
Payable
|
1,429 | 48,403 | 8.7 | 88,805 | 13.9 | (40,402 | ) | (45.5 | ) | |||||||||||||||||||
Current
Installments of Long-term Borrowings
|
1,359 | 46,014 | 8.3 | 38,261 | 6.0 | 7,753 | 20.3 | |||||||||||||||||||||
Current
Financial Liabilities
|
27 | 928 | 0.2 | 22 | 0.0 | 906 | 4194.3 | |||||||||||||||||||||
Accrued
Expense & Other Current Liabilities
|
611 | 20,687 | 3.7 | 27,929 | 4.4 | (7,242 | ) | (25.9 | ) |
Machinery
and Equipment Payable
|
652 | 22,079 | 4.0 | 15,667 | 2.5 | 6,412 | 40.9 | |||||||||||||||||||||
Total
Current Liabilities
|
4,161 | 140,938 | 25.4 | 171,090 | 26.8 | (30,152 | ) | (17.6 | ) |
Long-term
Borrowings
|
3,438 | 116,452 | 21.0 | 116,710 | 18.3 | (258 | ) | (0.2 | ) | |||||||||||||||||||
Bonds
Payable
|
449 | 15,191 | 2.7 | 22,067 | 3.5 | (6,876 | ) | (31.2 | ) | |||||||||||||||||||
Non
Current Financial Liabilities
|
23 | 772 | 0.1 | 73 | 0.0 | 699 | 956.7 |
Other
Long-term Liabilities
|
1 | 19 | 0.0 | 21 | 0.0 | (2 | ) | (11.6 | ) | |||||||||||||||||||
Total
Long-term Liabilities
|
3,910 | 132,433 | 23.9 | 138,872 | 21.8 | (6,438 | ) | (4.6 | ) | |||||||||||||||||||
Total
Liabilities
|
8,071 | 273,371 | 49.3 | 309,961 | 48.6 | (36,590 | ) | (11.8 | ) | |||||||||||||||||||
SHAREHOLDERS'
EQUITY
|
Common
Stock
|
2,511 | 85,057 | 15.3 | 78,652 | 12.3 | 6,405 | 8.1 | |||||||||||||||||||||
Capital
Collected In Advance
|
0 | 0 | 0.0 | 30 | 0.0 | (30 | ) | (100.0 | ) | |||||||||||||||||||
Capital
Surplus
|
3,358 | 113,721 | 20.5 | 113,914 | 17.9 | (193 | ) | (0.2 | ) | |||||||||||||||||||
Retained
Earnings
|
2,057 | 69,661 | 12.6 | 123,391 | 19.4 | (53,730 | ) | (43.5 | ) | |||||||||||||||||||
Cumulative
Translation Adjustments
|
85 | 2,883 | 0.5 | 803 | 0.1 | 2,079 | 258.8 | |||||||||||||||||||||
Unrealized
Gain/Loss on Financial Products
|
(11 | ) | (375 | ) | (0.1 | ) | 1,322 | 0.2 | (1,697 | ) |
-
|
|||||||||||||||||
Net
loss not recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
-
|
Minority
Interest
|
293 | 9,939 | 1.8 | 9,141 | 1.4 | 798 | 8.7 | |||||||||||||||||||||
Total
Shareholders' Equity
|
8,292 | 280,846 | 50.7 | 327,254 | 51.4 | (46,407 | ) | (14.2 | ) | |||||||||||||||||||
Total
Liabilities & Shareholders' Equity
|
16,363 | 554,218 | 100.0 | 637,215 | 100.0 | (82,997 | ) | (13.0 | ) |
AU
OPTRONICS CORP.
CONSOLIDATED
INCOME STATEMENT
|
||||||||||||||||||||||||||||||||||||||||
For
the Three Months Ended March 31, 2009 and 2008 and December 31,
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
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
1Q
2009
|
%
of
|
1Q
2008
|
YoY
|
1Q
2009
|
%
of
|
4Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
Net
Sales
|
1,498 | 50,741 | 100.0 | 136,630 | (62.9 | ) | 1,498 | 50,741 | 100.0 | 59,750 | (15.1 | ) | ||||||||||||||||||||||||||||
Cost
of Goods Sold
|
1,968 | 66,651 | 131.4 | 99,546 | (33.0 | ) | 1,968 | 66,651 | 131.4 | 80,682 | (17.4 | ) | ||||||||||||||||||||||||||||
Gross
Profit (Loss)
|
(470 | ) | (15,910 | ) | (31.4 | ) | 37,084 |
-
|
(470 | ) | (15,910 | ) | (31.4 | ) | (20,932 | ) | (24.0 | ) |
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
SG&A
|
90 | 3,052 | 6.0 | 5,087 | (40.0 | ) | 90 | 3,052 | 6.0 | 4,756 | (35.8 | ) | ||||||||||||||||||||||||||||
R&D
|
37 | 1,262 | 2.5 | 1,687 | (25.2 | ) | 37 | 1,262 | 2.5 | 775 | 62.7 | |||||||||||||||||||||||||||||
127 | 4,314 | 8.5 | 6,774 | (36.3 | ) | 127 | 4,314 | 8.5 | 5,531 | (22.0 | ) | |||||||||||||||||||||||||||||
Operating
Income (Loss)
|
(597 | ) | (20,223 | ) | (39.9 | ) | 30,310 |
-
|
(597 | ) | (20,223 | ) | (39.9 | ) | (26,462 | ) | (23.6 | ) | ||||||||||||||||||||||
Net
Non-Operating Expenses
|
(23 | ) | (791 | ) | (1.6 | ) | (1,456 | ) | (45.7 | ) | (23 | ) | (791 | ) | (1.6 | ) | (1,182 | ) | (33.1 | ) | ||||||||||||||||||||
Income
(Loss) before Income Tax
|
(620 | ) | (21,014 | ) | (41.4 | ) | 28,855 |
-
|
(620 | ) | (21,014 | ) | (41.4 | ) | (27,645 | ) | (24.0 | ) | ||||||||||||||||||||||
Income
Tax Benefit (Expense)
|
24 | 798 | 1.6 | (1,869 | ) |
-
|
24 | 798 | 1.6 | 1,050 | (24.0 | ) | ||||||||||||||||||||||||||||
Net
Income (Loss)
|
(597 | ) | (20,216 | ) | (39.8 | ) | 26,985 |
-
|
(597 | ) | (20,216 | ) | (39.8 | ) | (26,595 | ) | (24.0 | ) |
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
Equity
Holders of The Parent Company
|
(600 | ) | (20,331 | ) | (40.1 | ) | 26,861 |
-
|
(600 | ) | (20,331 | ) | (40.1 | ) | (26,565 | ) | (23.5 | ) | ||||||||||||||||||||||
Minority
Interest
|
3 | 115 | 0.2 | 124 | (7.6 | ) | 3 | 115 | 0.2 | (30 | ) |
-
|
||||||||||||||||||||||||||||
Net
Income (Loss)
|
(597 | ) | (20,216 | ) | (39.8 | ) | 26,985 |
-
|
(597 | ) | (20,216 | ) | (39.8 | ) | (26,595 | ) | (24.0 | ) | ||||||||||||||||||||||
Basic
Earnings Per Share
|
(0.07 | ) | (2.39 | ) | 3.16 | (0.07 | ) | (2.39 | ) | (3.12 | ) | |||||||||||||||||||||||||||||
Basic
Earnings Per ADR(3)
|
(0.71 | ) | (23.90 | ) | 31.59 | (0.71 | ) | (23.90 | ) | (31.24 | ) | |||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding ('M)
|
8,506 | 8,504 | 8,506 | 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 33.87 per USD as of March 31,
2009
|
(3)
|
1
ADR equals 10 common shares
|
CONSOLIDATED
STATEMENT OF CASH FLOW
|
||||||||||||
For
the Period Ended March 31, 2009 and 2008
|
||||||||||||
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||
1Q
2009
|
1Q
2008
|
|||||||||||
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
Net
Income(Loss)
|
(597 | ) | (20,216 | ) | 26,985 | |||||||
Depreciation
& Amortization
|
623 | 21,096 | 19,803 | |||||||||
Provision(Reverse)
for Inventory Devaluation
|
(2 | ) | (62 | ) | 10 | |||||||
Investment
Loss(Gain) under Equity Method
|
10 | 326 | (59 | ) | ||||||||
Changes
in Working Capital & Others
|
(581 | ) | (19,694 | ) | (949 | ) | ||||||
Net
Cash Provided(Used) by Operating Activities
|
(548 |
)
|
(18,550 |
)
|
45,791
|
|||||||
Cash
Flow from Investing Activities:
|
Proceeds
from Disposal of AFS Investments
|
0 | 0 | 151 | |||||||||
Acquisition
of Property, Plant and Equipment
|
(516 | ) | (17,462 | ) | (22,283 | ) | ||||||
Proceeds
from Disposal of Property, Plant and Equipment
|
1 | 22 | 25 | |||||||||
Increase
in Long-term Investments
|
(31 | ) | (1,050 | ) | (14 | ) | ||||||
Increase
in Restricted Cash in Banks
|
(0 | ) | (5 | ) | 0 | |||||||
Increase
in Deferred Assets and Intangible Assets
|
(4 | ) | (132 | ) | (460 | ) | ||||||
Decrease(Increase)
in Other Assets
|
2
|
84
|
(132 | ) | ||||||||
Net
Cash Used in Investing Activities
|
(547 |
)
|
(18,542 |
)
|
(22,712 | ) | ||||||
Cash
Flow from Financing Activities:
|
Increase(Decrease)
in Short-term Borrowings
|
(60 | ) | (2,031 | ) | 269 | |||||||
Increase(Decrease)
in Guarantee Deposits
|
(0 | ) | (2 | ) | 1 | |||||||
Increase
in Long-term Borrowings and Bonds Payable
|
557 | 18,852 | 953 | |||||||||
Employee
Stock Options Exercised
|
0 | 0 | 15 | |||||||||
Change
in Minority Interest
|
17
|
584
|
(24 |
)
|
||||||||
Net
Cash Provided by Financing Activities
|
514
|
17,402
|
1,213
|
|||||||||
Effect
of Exchange Rate Changes on Cash
|
2
|
62
|
(441 |
)
|
||||||||
Net
Increase(Decrease) in Cash and Cash Equivalents
|
(580 |
)
|
(19,628 |
)
|
23,851
|
|||||||
Cash
and Cash Equivalents at Beginning of Period
|
2,463
|
83,435
|
89,890
|
|||||||||
Cash
and Cash Equivalents at End of Period
|
1,884
|
63,807
|
113,741
|
AU
OPTRONICS CORP.
UNCONSOLIDATED
BALANCE SHEET
|
||||||||||||||||||||||||||||
March
31, 2009 and 2008
|
||||||||||||||||||||||||||||
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||||||||||||||||||
March
31, 2009
|
March
31, 2008
|
YoY
|
||||||||||||||||||||||||||
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
Cash
and Cash Equivalents
|
1,389 | 47,035 | 9.1 | 103,164 | 17.1 | (56,128 | ) | (54.4 | ) | |||||||||||||||||||
Available-for-Sale
Financial Assets - Current
|
19 | 644 | 0.1 | 1,203 | 0.2 | (560 | ) | (46.5 | ) | |||||||||||||||||||
Notes
& Accounts Receivables
|
943 | 31,941 | 6.2 | 67,953 | 11.3 | (36,012 | ) | (53.0 | ) | |||||||||||||||||||
Other
Current Financial Assets
|
30 | 1,011 | 0.2 | 1,422 | 0.2 | (411 | ) | (28.9 | ) | |||||||||||||||||||
Inventories
|
582 | 19,712 | 3.8 | 34,092 | 5.7 | (14,380 | ) | (42.2 | ) |
Other
Current Assets
|
223 | 7,543 | 1.5 | 12,387 | 2.1 | (4,843 | ) | (39.1 | ) | |||||||||||||||||||
Total
Current Assets
|
3,185 | 107,886 | 20.8 | 220,221 | 36.6 | (112,335 | ) | (51.0 | ) | |||||||||||||||||||
Long-term
Investments
|
1,303 | 44,131 | 8.5 | 31,361 | 5.2 | 12,770 | 40.7 |
Fixed
Assets
|
18,453 | 625,017 | 120.5 | 543,368 | 90.3 | 81,649 | 15.0 |
Less:
Accumulated Depreciation
|
(8,316 | ) | (281,662 | ) | (54.3 | ) | (217,092 | ) | (36.1 | ) | (64,570 | ) | 29.7 | |||||||||||||||
Net
Fixed Assets
|
10,137 | 343,354 | 66.2 | 326,276 | 54.2 | 17,078 | 5.2 | |||||||||||||||||||||
Other
Assets
|
685 | 23,203 | 4.5 | 24,090 | 4.0 | (887 | ) | (3.7 | ) | |||||||||||||||||||
Total
Assets
|
15,311 | 518,574 | 100.0 | 601,948 | 100.0 | (83,374 | ) | (13.9 | ) |
LIABILITIES
|
||||||||||||||||||||||||||||
Short-term
Borrowing
|
60
|
2,026
|
0.4
|
0
|
0.0
|
2,026
|
-
|
|||||||||||||||||||||
Accounts
Payable
|
1,538 | 52,107 | 10.0 | 89,429 | 14.9 | (37,322 | ) | (41.7 | ) | |||||||||||||||||||
Current
Installments of Long-term Borrowings
|
1,237 | 41,883 | 8.1 | 34,124 | 5.7 | 7,758 | 22.7 | |||||||||||||||||||||
Current
Financial Liabilities
|
27 | 917 | 0.2 | 20 | 0.0 | 896 | 4375.4 | |||||||||||||||||||||
Accrued
Expense & Other Current Liabilities
|
481 | 16,276 | 3.1 | 22,581 | 3.8 | (6,304 | ) | (27.9 | ) |
Machinery
and Equipment Payable
|
608 | 20,593 | 4.0 | 13,849 | 2.3 | 6,744 | 48.7 | |||||||||||||||||||||
Total
Current Liabilities
|
3,950 | 133,802 | 25.8 | 160,004 | 26.6 | (26,202 | ) | (16.4 | ) |
Long-term
Borrowings
|
2,890 | 97,901 | 18.9 | 101,684 | 16.9 | (3,784 | ) | (3.7 | ) | |||||||||||||||||||
Bonds
Payable
|
449 | 15,191 | 2.9 | 22,067 | 3.7 | (6,876 | ) | (31.2 | ) | |||||||||||||||||||
Non
Current Financial Liabilities
|
23 | 772 | 0.1 | 73 | 0.0 | 699 | 956.7 |
Other
Long-term Liabilities
|
0 | 2 | 0.0 | 7 | 0.0 | (5 | ) | (71.9 | ) | |||||||||||||||||||
Total
Long-term Liabilities
|
3,362 | 113,866 | 22.0 | 123,832 | 20.6 | (9,966 | ) | (8.0 | ) | |||||||||||||||||||
Total
Liabilities
|
7,312 | 247,667 | 47.8 | 283,836 | 47.2 | (36,168 | ) | (12.7 | ) |
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
Common
Stock
|
2,511 | 85,057 | 16.4 | 78,652 | 13.1 | 6,405 | 8.1 | |||||||||||||||||||||
Capital
Collected In Advance
|
0 | 0 | 0.0 | 30 | 0.0 | (30 | ) | (100.0 | ) | |||||||||||||||||||
Capital
Surplus
|
3,358 | 113,721 | 21.9 | 113,914 | 18.9 | (193 | ) | (0.2 | ) | |||||||||||||||||||
Retained
Earnings
|
2,057 | 69,661 | 13.4 | 123,391 | 20.5 | (53,730 | ) | (43.5 | ) | |||||||||||||||||||
Cumulative
Translation Adjustments
|
85 | 2,883 | 0.6 | 803 | 0.1 | 2,079 | 258.8 | |||||||||||||||||||||
Unrealized
Gain/Loss on Financial Products
|
(11 | ) | (375 | ) | (0.1 | ) | 1,322 | 0.2 | (1,697 | ) |
-
|
Net
loss not recognized as pension cost
|
(1 | ) | (40 | ) | 0.0 | 0 | 0.0 | (40 | ) |
-
|
||||||||||||||||||
Total
Shareholders' Equity
|
7,998 | 270,907 | 52.2 | 318,112 | 52.8 | (47,205 | ) | (14.8 | ) | |||||||||||||||||||
Total
Liabilities & Shareholders' Equity
|
15,311 | 518,574 | 100.0 | 601,948 | 100.0 | (83,374 | ) | (13.9 | ) |
AU
OPTRONICS CORP.
UNCONSOLIDATED
INCOME STATEMENT
|
||||||||||||||||||||||||||||||||||||||||
For
the Three Months Ended March 31, 2009 and 2008 and December 31,
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
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
1Q
2009
|
%
of
|
1Q
2008
|
YoY
|
1Q
2009
|
%
of
|
4Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
Net
Sales
|
1,490 | 50,469 | 100.0 | 136,239 | (63.0 | ) | 1,490 | 50,469 | 100.0 | 59,518 | (15.2 | ) | ||||||||||||||||||||||||||||
Cost
of Goods Sold
|
2,038 | 69,026 | 136.8 | 100,668 | (31.4 | ) | 2,038 | 69,026 | 136.8 | 81,733 | (15.5 | ) | ||||||||||||||||||||||||||||
Gross
Profit (Loss)
|
(548 | ) | (18,557 | ) | (36.8 | ) | 35,571 |
-
|
(548 | ) | (18,557 | ) | (36.8 | ) | (22,215 | ) | (16.5 | ) | ||||||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
SG&A
|
67 | 2,264 | 4.5 | 4,294 | (47.3 | ) | 67 | 2,264 | 4.5 | 4,208 | (46.2 | ) | ||||||||||||||||||||||||||||
R&D
|
37 | 1,247 | 2.5 | 1,687 | (26.1 | ) | 37 | 1,247 | 2.5 | 775 | 60.9 | |||||||||||||||||||||||||||||
104 | 3,511 | 7.0 | 5,981 | (41.3 | ) | 104 | 3,511 | 7.0 | 4,984 | (29.6 | ) | |||||||||||||||||||||||||||||
Operating
Income (Loss)
|
(652 | ) | (22,068 | ) | (43.7 | ) | 29,591 |
-
|
(652 | ) | (22,068 | ) | (43.7 | ) | (27,199 | ) | (18.9 | ) | ||||||||||||||||||||||
Net
Non-Operating Income (Expenses)
|
32 | 1,074 | 2.1 | (864 | ) |
-
|
32 | 1,074 | 2.1 | (364 | ) |
-
|
||||||||||||||||||||||||||||
Income
(Loss) before Income Tax
|
(620 | ) | (20,993 | ) | (41.6 | ) | 28,727 |
-
|
(620 | ) | (20,993 | ) | (41.6 | ) | (27,563 | ) | (23.8 | ) | ||||||||||||||||||||||
Income
Tax Benefit (Expense)
|
20 | 663 | 1.3 | (1,865 | ) |
-
|
20 | 663 | 1.3 | 998 | (33.6 | ) | ||||||||||||||||||||||||||||
Net
Income (Loss)
|
(600 | ) | (20,331 | ) | (40.3 | ) | 26,861 |
-
|
(600 | ) | (20,331 | ) | (40.3 | ) | (26,565 | ) | (23.5 | ) | ||||||||||||||||||||||
Basic
Earnings Per Share
|
(0.07 | ) | (2.39 | ) | 3.16 | (0.07 | ) | (2.39 | ) | (3.12 | ) | |||||||||||||||||||||||||||||
Basic Earnings Per
ADR(3)
|
(0.71 | ) | (23.90 | ) | 31.59 | (0.71 | ) | (23.90 | ) | (31.24 | ) | |||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding ('M)
|
8,506 | 8,504 | 8,506 | 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 33.87 per USD as of March 31,
2009
|
|
(3)
|
1
ADR equals 10 common shares
|
UNCONSOLIDATED STATEMENT OF
CASH FLOW
|
||||||||||||
For
the Period Ended March 31, 2009 and 2008
|
||||||||||||
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars
(USD))
|
||||||||||||
1Q
2009
|
1Q
2008
|
|||||||||||
USD
|
NTD
|
NTD
|
||||||||||
Cash
Flow from Operating Activities:
|
||||||||||||
Net
Income (Loss)
|
(600 | ) | (20,331 | ) | 26,861 | |||||||
Depreciation
& Amortization
|
540 | 18,298 | 17,552 | |||||||||
Reverse
for Inventory Devaluation
|
(2 | ) | (64 | ) | (185 | ) | ||||||
Investment
Gain under Equity Method
|
(39 | ) | (1,329 | ) | (481 | ) | ||||||
Changes
in Working Capital & Others
|
(485 |
)
|
(16,434 |
)
|
99
|
|||||||
Net
Cash Provided (Used) by Operating Activities
|
(586 |
)
|
(19,860 |
)
|
43,846
|
|||||||
Cash
Flow from Investing Activities:
|
Proceeds
from Disposal of AFS Investments
|
0 | 0 | 151 | |||||||||
Acquisition
of Property, Plant and Equipment
|
(453 | ) | (15,329 | ) | (20,495 | ) | ||||||
Proceeds
from Disposal of Property, Plant and Equipment
|
1 | 46 | 226 | |||||||||
Increase
in Long-term Investments
|
(26 | ) | (890 | ) | (400 | ) | ||||||
Increase
in Deferred Assets and Intangible Assets
|
(3 | ) | (105 | ) | (437 | ) | ||||||
Decrease
(Increase) in Other Assets
|
2
|
79
|
(99 |
)
|
||||||||
Net
Cash Used in Investing Activities
|
(478 |
)
|
(16,199 |
)
|
(21,053 |
)
|
||||||
Cash
Flow from Financing Activities:
|
Decrease
in Short-term Borrowings
|
(49 | ) | (1,674 | ) | 0 | |||||||
Decrease
in Guarantee Deposits
|
0 | 0 | (1 | ) | ||||||||
Increase
in Long-term Borrowings and Bonds Payable
|
506 | 17,125 | 0 | |||||||||
Employee
Stock Options Exercised
|
0
|
0
|
15
|
|||||||||
Net
Cash Provided by Financing Activities
|
456
|
15,451
|
14
|
|||||||||
Effect
of Exchange Rate Changes on Cash
|
(2 |
)
|
(83 |
)
|
(175 |
)
|
||||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(611 |
)
|
(20,692 |
)
|
22,632
|
Cash
and Cash Equivalents at Beginning of Period
|
2,000 | 67,727 | 80,532 | |||||||||
Cash
and Cash Equivalents at End of Period
|
1,389 | 47,035 | 103,164 |