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
July 27, 2011
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Commission File Number
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001-31335
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AU Optronics Corp.
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(Translation of registrant’s name into English)
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No. 1 Li-Hsin Road 2
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Hsinchu Science Park
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Hsinchu, Taiwan
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(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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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):
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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 2Q2011 Financial Results”, dated July 27, 2011.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. Second Quarter 2011 Results”, dated July 27, 2011.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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AU Optronics Corp.
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Date: July 27, 2011
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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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Title:
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Chief Financial Officer
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Item 1
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News Release
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AU Optronics Corp. Reports 2Q2011 Financial Results
Issued by: AU Optronics Corp.
Issued on: July 27, 2011
Hsinchu, Taiwan, July 27, 2011 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the second quarter of 2011(1).
AUO posted consolidated revenue of NT$98,050 million (US$3,406 million) (2), up 5.2% from the previous quarter. Gross profit was at -NT$2,482 million (-US$86 million), with the gross margin of -2.5%. Operating loss was at NT$9,120 million (US$317 million), with the operating margin of -9.3%. AUO’s net loss for the second quarter was at NT$10,766 million (US$374 million). Net loss attributable to equity holders of the parent company was NT$10,801 million (US$375 million), with basic EPS of -NT$1.22 per common share (-US$0.42 per ADR).
2Q2011 Result Highlights
AUO’s unaudited consolidated results for the second quarter of 2011 were highlighted as below:
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Ÿ
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Revenue of NT$98,050 million, up 5.2% quarter-over-quarter
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Ÿ
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Net loss of NT$10,766 million
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Ÿ
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Basic EPS of -NT$1.22 per common share
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Ÿ
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Gross margin of -2.5%
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Ÿ
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Operating margin of -9.3%
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Ÿ
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EBITDA (3) margin of 13.6%
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In the second quarter of 2011, shipments for AUO's large-sized panels exceeded 29.6 million units, up 4.3% quarter-over-quarter, and shipments of small and medium-sized panels reached around 45.5 million units, up 4.6% quarter-over-quarter.
“In the second quarter of 2011, owing to macro uncertainties and customers' inventory adjustments, which impacted the order momentum, AUO’s revenue growth
and panel pricing trend were weaker than expected. Consequently, our second quarter revenue grew at merely 5.2% quarter-over-quarter. However, our management team has timely adjusted our capacity allocation and prioritized orders with higher profitability. As a result, our EBITDA margin improved to 13.6% and our net debt-to-equity ratio remained stable at 44.9% in the second quarter,” said Mr. Andy Yang, Chief Financial Officer of AUO.
Looking into the third quarter of 2011, with ongoing macroeconomic concerns, AUO will strictly control its inventory level and revise down its annual capital expenditures. Despite of the capital expenditure cut, AUO will maintain its investments in advanced technology and higher-value products, in order to achieve higher asset turnover ratios and to enhance the Company’s long-term competitiveness. Meanwhile, AUO will focus on the profitability and continue to optimize its product portfolios, including the development of 3D technologies applying on TV and notebook products and other high value-added products, such as tablet PCs, smartphones, and high-end car displays, aiming that the increasing portion of the high value products would gradually create positive impacts on the Company’s operations.
(1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)
(2) Amounts converted by an exchange rate of NTD28.79:USD1 based on Federal Reserve Bank of New York, USA as of June 30, 2011.
(3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization.
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is a global leader of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers with a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.2 inches to greater than 71 inches. AUO generated NT$467.2 billion in sales revenue in 2010 (US$16 billion) with global operations in Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO extended its market to the green energy industry in late 2008. The Display and Solar businesses were established respectively as the Company’s two core businesses in October, 2010. For more information, please visit AUO.com.
* 2010 year end revenue converted at an exchange rate of NTD29.14:USD1.
Safe Harbour Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of 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 of 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 3rd, 2011.
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
[AUO GRAPHIC OMITTED]
AU Optronics Corp.
Second Quarter 2011 Results Investor Conference
[GRAPHIC OMITTED]
July 27, 2011
AUO Proprietary and Confidential
[GRAPHIC OMITTED]
Safe Harbor Notice
[] The statements included in this presentation that are not historical in
nature are "forward-looking statements" within the meaning of Section 27A
of the United States Securities Act of 1933 and Section 21E of the United
States Securities Exchange Act of 1934. These forward-looking statements,
which may include statements regarding AU Optronics' future results of
operations, financial condition or business prospects, are subject to
significant risks and uncertainties and are based on AU Optronics' current
expectations.
[] Actual results may differ materially from those expressed or implied in
these forward-looking statements for a variety of reasons, including, among
other things: the cyclical nature of our industry; our dependence on
introducing new products on a timely basis; our dependence on growth in the
demand for our products; our ability to compete effectively; our ability to
successfully expand our capacity; our dependence on key personnel; general
economic and political conditions, including those related to the TFT-LCD
industry; possible disruptions in commercial activities caused by natural
and human-induced disasters, including terrorist activity and armed
conflict; and fluctuations in foreign currency exchange rates.
[] In addition, 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").
[] Our release of financial forecasts and forward-looking statements at any
particular time does not create any duty of disclosure beyond that which is
imposed by law, and we expressly disclaim any obligation to publicly update
or revise any forecasts or forward-looking statements, whether as a result
of new information, future events or otherwise.
[] Additional information as to these and other factors that may cause actual
results to differ materially from AU Optronics' forward-looking statements
or some of the major differences between ROC GAAP and US GAAP can be found
in AU Optronics' Annual Report on Form 20-F with respect to the year ended
December, 2010 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
------------------------------------- -----------------------------------------------------
2Q'11 1Q'11 QoQ % 2Q'10
------------------ ----------------- ------- ---------- -------
Net Sales 98,050 100.0% 93,230 100.0% 5.2% 128,586 100.0%
Cost of Goods Sold (100,531) (102.5%) (99,500) (106.7%) 1.0% (108,262) (84.2%)
========= ======== ======== ======== ======= ========== =======
Gross Profit (Loss) (2,482) (2.5%) (6,270) (6.7%) (60.4%) 20,324 15.8%
Operating Expenses (6,638) (6.8%) (7,957) (8.5%) (16.6%) (7,110) (5.5%)
========= ======== ======== ======== ======= ========== =======
Operating Income (Loss) (9,120) (9.3%) (14,227) (15.3%) (35.9%) 13,215 10.3%
Net Non-operating Expenses (2,229) (2.3%) (364) (0.4%) 512.8% (898) (0.7%)
========= ======== ======== ======== ======= ========== =======
Income(Loss) before Tax (11,349) (11.6%) (14,591) (15.7%) (22.2%) 12,317 9.6%
========= ======== ======== ======== ======= ========== =======
Net Income (Loss) (10,766) (11.0%) (13,899) (14.9%) (22.5%) 11,246 8.7%
========= ======== ======== ======== ======= ========== =======
Attributable to:
Equity holders of the
parent company (10,801) (11.0%) (13,978) (15.0%) (22.7%) 10,957 8.5%
Minority interest 35 0.0% 79 0.1% (55.6%) 289 0.2%
========= ======== ======== ======== ======= ========== =======
Net Income (Loss) (10,766) (11.0%) (13,899) (14.9%) (22.5%) 11,246 8.7%
========= ======== ======== ======== ======= ========== =======
Basic EPS (NT$)(a) (1.22) (1.58) (22.7%) 1.24
Operating Income + DandA 13,292 13.6% 8,163 8.8% 62.8% 35,354 27.5%
Unit Shipments (mn)(b)
Large Size Panels 29.6 28.4 4.3% 29.6
Small and Medium
Size Panels 45.5 43.5 4.6% 55.4
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,827m shares in 2Q'11, in 1Q'11 and in 2Q'10) by
retroactively adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
3
[GRAPHIC OMITTED]
Consolidated Balance Sheet Highlights
2Q'11 1Q'11 QoQ % 2Q'10
------- ------- ------ -------
Cash and ST Investment 87,421 69,563 25.7% 90,264
Inventory 52,611 49,655 6.0% 53,880
Short Term Debt(a) 37,159 38,294 (3.0%) 47,504
Long Term Debt 164,296 148,342 10.8% 130,376
Equity 253,723 267,992 (5.3%) 293,005
Total Assets 619,457 612,373 1.2% 645,560
Amount : NT$ Million
Inventory Turnover (Days)(b) 46 43 43
Debt to Equity 79.4% 69.6% 60.7%
Net Debt to Equity 44.9% 43.7% 29.9%
-- 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
4
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[GRAPHIC OMITTED]
Consolidated Cash Flow Highlights
Amount : NT$ Million
2Q'11 1Q'11 QoQ
-------- -------- --------
From Operating Activities 13,552 (11,242) 24,795
Net Loss (10,766) (13,899) 3,133
Depreciation and Amortization 22,412 22,389 23
Net Change in Working Capital 5,647 (19,543) 25,190
=============================== ======== ======== ========
From Investing Activities (12,132) (15,350) 3,218
Capital Expenditure (14,959) (13,845) (1,114)
=============================== ======== ======== ========
From Financing Activities 16,490 6,970 9,520
Net Change in Debt 15,329 6,604 8,724
=============================== ======== ======== ========
Net Change in Cash(a) 17,859 (19,936) 37,795
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
5
[GRAPHIC OMITTED]
Consolidated Revenues by Application
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
6
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[GRAPHIC OMITTED]
Consolidated Shipments and ASP by Area
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
-- ASP per square meter in US$ was translated from NT$ based on average
exchange rates announced by Directorate General of Customs, ROC Ministry of
Finance of each respective quarter
7
[GRAPHIC OMITTED]
Consolidated Small and Medium Panel
Shipments by Area and Revenues
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
-- Small and Medium size refers to panels that are under 10 inches
8
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[GRAPHIC OMITTED]
Capacity by Fab
6/2011 9/2011(F)
Fab Capacity Capacity Major Products
--------------------------------------------------------------------------------
L3 (G3.5) 130,000 130,000 Small/Medium [GRAPHIC
=------------------------------------------------------------------- OMITTED]
L3 (G3.5) LTPS 20,000 LTPS 20,000 Small/Medium
-------------------------------------------------------------------- [GRAPHIC
L4 (G4.0) 60,000 60,000 Small/Medium OMITTED]
--------------------------------------------------------------------
L4 (G4.5) LTPS 45,000 LTPS 45,000 NB, Small/Medium [GRAPHIC
-------------------------------------------------------------------- OMITTED]
L5 (G5.0) 310,000 310,000 NB, Monitor
--------------------------------------------------------------------
Monitor, TV, Public [GRAPHIC
L6 (G6.0) 240,000 240,000 Info Display OMITTED]
---------------------------------------------------------------------
Monitor, TV, Public [GRAPHIC
L7 (G7.5) 135,000 135,000 Info Display OMITTED]
--------------------------------------------------------------------
L8 (G8.5) 60,000 60,000 TV, Public Info Display [GRAPHIC
OMITTED]
--------------------------------------------------------------------------------
9
[GRAPHIC OMITTED]
[GRAPHIC OMITTED]
10
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AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
June 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) ) A
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June 30, 2011
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June 30, 2010
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YoY
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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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Cash and Cash Equivalents
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3,037 | 87,421 | 14.1 | 90,264 | 14.0 | (2,843 | ) | (3.1 | ) | |||||||||||||||||||
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Notes & Accounts Receivables
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2,038 | 58,684 | 9.5 | 76,992 | 11.9 | (18,309 | ) | (23.8 | ) | |||||||||||||||||||
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Other Current Financial Assets
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53 | 1,529 | 0.2 | 1,422 | 0.2 | 106 | 7.5 | |||||||||||||||||||||
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Inventories
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1,827 | 52,611 | 8.5 | 53,880 | 8.3 | (1,269 | ) | (2.4 | ) | |||||||||||||||||||
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Other Current Assets
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448 | 12,907 | 2.1 | 9,829 | 1.5 | 3,077 | 31.3 | |||||||||||||||||||||
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Total Current Assets
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7,404 | 213,151 | 34.4 | 232,387 | 36.0 | (19,237 | ) | (8.3 | ) | |||||||||||||||||||
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Long-term Investments
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634 | 18,255 | 2.9 | 14,832 | 2.3 | 3,423 | 23.1 | |||||||||||||||||||||
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Fixed Assets
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31,070 | 894,500 | 144.4 | 812,829 | 125.9 | 81,671 | 10.0 | |||||||||||||||||||||
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Less: Accumulated Depreciation
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(18,496 | ) | (532,511 | ) | (86.0 | ) | (436,883 | ) | (67.7 | ) | (95,628 | ) | 21.9 | |||||||||||||||
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Net Fixed Assets
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12,573 | 361,989 | 58.4 | 375,946 | 58.2 | (13,957 | ) | (3.7 | ) | |||||||||||||||||||
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Other Assets
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905 | 26,062 | 4.2 | 22,395 | 3.5 | 3,667 | 16.4 | |||||||||||||||||||||
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Total Assets
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21,516 | 619,457 | 100.0 | 645,560 | 100.0 | (26,104 | ) | (4.0 | ) | |||||||||||||||||||
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LIABILITIES
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Short-term Borrowings
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40 | 1,140 | 0.2 | 1,098 | 0.2 | 42 | 3.9 | |||||||||||||||||||||
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Accounts Payable
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3,165 | 91,111 | 14.7 | 102,866 | 15.9 | (11,755 | ) | (11.4 | ) | |||||||||||||||||||
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Current Installments of Long-term Borrowings
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1,251 | 36,018 | 5.8 | 46,406 | 7.2 | (10,388 | ) | (22.4 | ) | |||||||||||||||||||
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Current Financial Liabilities
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9 | 245 | 0.0 | 659 | 0.1 | (413 | ) | (62.7 | ) | |||||||||||||||||||
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Accrued Expense & Other Current Liabilities
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1,518 | 43,693 | 7.1 | 41,655 | 6.5 | 2,038 | 4.9 | |||||||||||||||||||||
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Machinery and Equipment Payable
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576 | 16,594 | 2.7 | 18,387 | 2.8 | (1,793 | ) | (9.8 | ) | |||||||||||||||||||
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Total Current Liabilities
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6,558 | 188,801 | 30.5 | 211,070 | 32.7 | (22,269 | ) | (10.6 | ) | |||||||||||||||||||
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Long-term Borrowings
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4,791 | 137,936 | 22.3 | 123,263 | 19.1 | 14,673 | 11.9 | |||||||||||||||||||||
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Bonds Payable
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916 | 26,360 | 4.3 | 7,112 | 1.1 | 19,247 | 270.6 | |||||||||||||||||||||
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Non Current Financial Liabilities
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24 | 689 | 0.1 | 508 | 0.1 | 182 | 35.8 | |||||||||||||||||||||
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Other Long-term Liabilities
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415 | 11,947 | 1.9 | 10,601 | 1.6 | 1,346 | 12.7 | |||||||||||||||||||||
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Total Long-term Liabilities
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6,146 | 176,933 | 28.6 | 141,485 | 21.9 | 35,448 | 25.1 | |||||||||||||||||||||
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Total Liabilities
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12,704 | 365,734 | 59.0 | 352,555 | 54.6 | 13,179 | 3.7 | |||||||||||||||||||||
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SHAREHOLDERS' EQUITY
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Common Stock
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3,066 | 88,270 | 14.2 | 88,270 | 13.7 | 0 | 0.0 | |||||||||||||||||||||
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Capital Surplus
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4,039 | 116,272 | 18.8 | 115,923 | 18.0 | 350 | 0.3 | |||||||||||||||||||||
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Retained Earnings
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1,181 | 34,013 | 5.5 | 73,689 | 11.4 | (39,676 | ) | (53.8 | ) | |||||||||||||||||||
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Cumulative Translation Adjustments
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9 | 262 | 0.0 | 1,853 | 0.3 | (1,591 | ) | (85.8 | ) | |||||||||||||||||||
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Unrealized Gain on Financial Products
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16 | 456 | 0.1 | 394 | 0.1 | 62 | 15.6 | |||||||||||||||||||||
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Net loss not recognized as pension cost
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(0 | ) | (1 | ) | 0.0 | 0 | 0.0 | (1 | ) | |||||||||||||||||||
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Minority Interest
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502 | 14,449 | 2.3 | 12,876 | 2.0 | 1,574 | 12.2 | |||||||||||||||||||||
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Total Shareholders' Equity
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8,813 | 253,723 | 41.0 | 293,005 | 45.4 | (39,283 | ) | (13.4 | ) | |||||||||||||||||||
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Total Liabilities & Shareholders' Equity
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21,516 | 619,457 | 100.0 | 645,560 | 100.0 | (26,104 | ) | (4.0 | ) | |||||||||||||||||||
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Note:
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(1) |
Unaudited, prepared by AUO based on ROC GAAP
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(2)
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Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 28.79 per USD as of June 30, 2011
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AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended June 30, 2011 and 2010 and March 31, 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
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Year over Year Comparison
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Sequential Comparison
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| 2Q 2011 |
% of
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2Q 2010 |
YoY
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2Q 2011 |
% of
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1Q 2011 |
QoQ
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USD
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NTD
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Sales |
NTD
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Chg %
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USD
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NTD
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Sales
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NTD
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Chg %
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Net Sales
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3,406 | 98,050 | 100.0 | 128,586 | (23.7 | ) | 3,406 | 98,050 | 100.0 | 93,230 | 5.2 | |||||||||||||||||||||||||||||
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Cost of Goods Sold
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3,492 | 100,531 | 102.5 | 108,262 | (7.1 | ) | 3,492 | 100,531 | 102.5 | 99,500 | 1.0 | |||||||||||||||||||||||||||||
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Gross Profit (Loss)
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(86 | ) | (2,482 | ) | (2.5 | ) | 20,324 | (86 | ) | (2,482 | ) | (2.5 | ) | (6,270 | ) | (60.4 | ) | |||||||||||||||||||||||
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Operating Expenses
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231 | 6,638 | 6.8 | 7,110 | (6.6 | ) | 231 | 6,638 | 6.8 | 7,957 | (16.6 | ) | ||||||||||||||||||||||||||||
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Operating Income (Loss)
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(317 | ) | (9,120 | ) | (9.3 | ) | 13,215 | (317 | ) | (9,120 | ) | (9.3 | ) | (14,227 | ) | (35.9 | ) | |||||||||||||||||||||||
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Net Non-Operating Expense
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(77 | ) | (2,229 | ) | (2.3 | ) | (898 | ) | 148.2 | (77 | ) | (2,229 | ) | (2.3 | ) | (364 | ) | 512.8 | ||||||||||||||||||||||
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Income (Loss) before Income Tax
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(394 | ) | (11,349 | ) | (11.6 | ) | 12,317 | (394 | ) | (11,349 | ) | (11.6 | ) | (14,591 | ) | (22.2 | ) | |||||||||||||||||||||||
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Income Tax Benefit (Expense)
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20 | 583 | 0.6 | (1,071 | ) | 20 | 583 | 0.6 | 692 | (15.7 | ) | |||||||||||||||||||||||||||||
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Net Income (Loss)
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(374 | ) | (10,766 | ) | (11.0 | ) | 11,246 | (374 | ) | (10,766 | ) | (11.0 | ) | (13,899 | ) | (22.5 | ) | |||||||||||||||||||||||
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Attributable to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders of The Parent Company
|
(375 | ) | (10,801 | ) | (11.0 | ) | 10,957 | (375 | ) | (10,801 | ) | (11.0 | ) | (13,978 | ) | (22.7 | ) | |||||||||||||||||||||||
|
Minority Interest
|
1 | 35 | 0.0 | 289 | (87.9 | ) | 1 | 35 | 0.0 | 79 | (55.6 | ) | ||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(374 | ) | (10,766 | ) | (11.0 | ) | 11,246 | (374 | ) | (10,766 | ) | (11.0 | ) | (13,899 | ) | (22.5 | ) | |||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.04 | ) | (1.22 | ) | 1.24 | (0.04 | ) | (1.22 | ) | (1.58 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.42 | ) | (12.24 | ) | 12.41 | (0.42 | ) | (12.24 | ) | (15.83 | ) | |||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,827 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
|
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 28.79 per USD as of June 30, 2011 (3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended June 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1H 2011 | 1H 2010 | |||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
(857 | ) | (24,664 | ) | 18,520 | |||||||
|
Depreciation & Amortization
|
1,556 | 44,802 | 44,852 | |||||||||
|
Investment Gain under Equity Method
|
(10 | ) | (278 | ) | (464 | ) | ||||||
|
Changes in Working Capital
|
(483 | ) | (13,896 | ) | (18,434 | ) | ||||||
|
Changes in Others
|
(127 | ) | (3,654 | ) | 302 | |||||||
|
Net Cash Provided by Operating Activities
|
80 | 2,310 | 44,775 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Proceeds from Disposal of AFS Investments
|
1 | 20 | 6 | |||||||||
|
Acquisition of Property, Plant and Equipment
|
(1,000 | ) | (28,804 | ) | (38,686 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
1 | 39 | 22 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(57 | ) | (1,652 | ) | (295 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
133 | 3,840 | 252 | |||||||||
|
Decrease in Restricted Cash in Banks
|
0 | 5 | 276 | |||||||||
|
Increase in Deferred Assets and Intangible Assets
|
(26 | ) | (759 | ) | (951 | ) | ||||||
|
Increase in Other Assets
|
(6 | ) | (171 | ) | (18 | ) | ||||||
|
Net Cash Used in Investing Activities
|
(955 | ) | (27,481 | ) | (39,395 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase (Decrease) in Short-term Borrowings
|
(1 | ) | (43 | ) | 466 | |||||||
|
Increase in Guarantee Deposits
|
31 | 885 | 24 | |||||||||
|
Increase (Decrease) in Long-term Borrowings and Bonds Payable
|
763 | 21,976 | (3,032 | ) | ||||||||
|
Change in Minority Interest
|
22 | 641 | 3,131 | |||||||||
|
Net Cash Provided by Financing Activities
|
815 | 23,459 | 589 | |||||||||
|
Change in Consolidated Entity
|
0 | 0 | (794 | ) | ||||||||
|
Effect of Exchange Rate Changes on Cash
|
(13 | ) | (365 | ) | (356 | ) | ||||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
(72 | ) | (2,077 | ) | 4,821 | |||||||
|
Cash and Cash Equivalents at Beginning of Period
|
3,109 | 89,498 | 85,443 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
3,037 | 87,421 | 90,264 | |||||||||
|
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 28.79 per USD as of June 30, 2011
|
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
June 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
| June 30, 2011 |
June 30, 2010
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,699 | 48,911 | 9.1 | 61,808 | 10.7 | (12,898 | ) | (20.9 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
1,915 | 55,132 | 10.3 | 75,073 | 12.9 | (19,942 | ) | (26.6 | ) | |||||||||||||||||||
|
Other Current Financial Assets
|
45 | 1,303 | 0.2 | 1,324 | 0.2 | (20 | ) | (1.5 | ) | |||||||||||||||||||
|
Inventories
|
1,429 | 41,153 | 7.7 | 44,329 | 7.6 | (3,176 | ) | (7.2 | ) | |||||||||||||||||||
|
Other Current Assets
|
374 | 10,760 | 2.0 | 8,138 | 1.4 | 2,622 | 32.2 | |||||||||||||||||||||
|
Total Current Assets
|
5,462 | 157,259 | 29.4 | 190,672 | 32.9 | (33,414 | ) | (17.5 | ) | |||||||||||||||||||
|
Long-term Investments
|
2,477 | 71,308 | 13.3 | 62,450 | 10.8 | 8,858 | 14.2 | |||||||||||||||||||||
|
Fixed Assets
|
25,078 | 722,008 | 135.0 | 677,585 | 116.9 | 44,423 | 6.6 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(15,231 | ) | (438,507 | ) | (82.0 | ) | (372,171 | ) | (64.2 | ) | (66,336 | ) | 17.8 | |||||||||||||||
|
Net Fixed Assets
|
9,847 | 283,501 | 53.0 | 305,414 | 52.7 | (21,913 | ) | (7.2 | ) | |||||||||||||||||||
|
Other Assets
|
784 | 22,573 | 4.2 | 21,338 | 3.7 | 1,235 | 5.8 | |||||||||||||||||||||
|
Total Assets
|
18,570 | 534,640 | 100.0 | 579,874 | 100.0 | (45,234 | ) | (7.8 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts Payable
|
3,090 | 88,951 | 16.6 | 102,505 | 17.7 | (13,554 | ) | (13.2 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,113 | 32,033 | 6.0 | 41,746 | 7.2 | (9,714 | ) | (23.3 | ) | |||||||||||||||||||
|
Current Financial Liabilities
|
2 | 49 | 0.0 | 434 | 0.1 | (385 | ) | (88.7 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
1,126 | 32,406 | 6.1 | 29,386 | 5.1 | 3,020 | 10.3 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
473 | 13,632 | 2.5 | 15,042 | 2.6 | (1,410 | ) | (9.4 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,803 | 167,071 | 31.2 | 189,114 | 32.6 | (22,043 | ) | (11.7 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
3,461 | 99,629 | 18.6 | 103,144 | 17.8 | (3,515 | ) | (3.4 | ) | |||||||||||||||||||
|
Bonds Payable
|
915 | 26,352 | 4.9 | 7,000 | 1.2 | 19,352 | 276.5 | |||||||||||||||||||||
|
Non Current Financial Liabilities
|
24 | 679 | 0.1 | 486 | 0.1 | 193 | 39.8 | |||||||||||||||||||||
|
Other Long-term Liabilities
|
57 | 1,637 | 0.3 | 2 | 0.0 | 1,635 | 84026.9 | |||||||||||||||||||||
|
Total Long-term Liabilities
|
4,456 | 128,297 | 24.0 | 110,631 | 19.1 | 17,665 | 16.0 | |||||||||||||||||||||
|
Total Liabilities
|
10,259 | 295,367 | 55.2 | 299,745 | 51.7 | (4,378 | ) | (1.5 | ) | |||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
3,066 | 88,270 | 16.5 | 88,270 | 15.2 | 0 | 0.0 | |||||||||||||||||||||
|
Capital Surplus
|
4,039 | 116,272 | 21.7 | 115,923 | 20.0 | 350 | 0.3 | |||||||||||||||||||||
|
Retained Earnings
|
1,181 | 34,013 | 6.4 | 73,689 | 12.7 | (39,676 | ) | (53.8 | ) | |||||||||||||||||||
|
Cumulative Translation Adjustments
|
9 | 262 | 0.0 | 1,853 | 0.3 | (1,591 | ) | (85.8 | ) | |||||||||||||||||||
|
Unrealized Gain on Financial Products
|
16 | 456 | 0.1 | 394 | 0.1 | 62 | 15.6 | |||||||||||||||||||||
|
Net loss not recognized as pension cost
|
(0 | ) | (1 | ) | 0.0 | 0 | 0.0 | (1 | ) | |||||||||||||||||||
|
Total Shareholders' Equity
|
8,311 | 239,273 | 44.8 | 280,130 | 48.3 | (40,857 | ) | (14.6 | ) | |||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
18,570 | 534,640 | 100.0 | 579,874 | 100.0 | (45,234 | ) | (7.8 | ) | |||||||||||||||||||
|
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 28.79 per USD as of June 30, 2011
|
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended June 30, 2011 and 2010 and March 31, 2011
(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
|
|||||||||||||||||||||||||||||||||||||||
| 2Q 2011 |
% of
|
2Q 2010 |
YoY
|
2Q 2011 |
% of
|
1Q 2011 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,244 | 93,393 | 100.0 | 121,924 | (23.4 | ) | 3,244 | 93,393 | 100.0 | 88,290 | 5.8 | |||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,385 | 97,442 | 104.3 | 104,829 | (7.0 | ) | 3,385 | 97,442 | 104.3 | 95,592 | 1.9 | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(141 | ) | (4,049 | ) | (4.3 | ) | 17,095 | (141 | ) | (4,049 | ) | (4.3 | ) | (7,303 | ) | (44.6 | ) | |||||||||||||||||||||||
|
Operating Expenses
|
194 | 5,593 | 6.0 | 5,387 | 3.8 | 194 | 5,593 | 6.0 | 5,579 | 0.3 | ||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(335 | ) | (9,642 | ) | (10.3 | ) | 11,708 | (335 | ) | (9,642 | ) | (10.3 | ) | (12,881 | ) | (25.1 | ) | |||||||||||||||||||||||
|
Net Non-Operating Expenses
|
(71 | ) | (2,042 | ) | (2.2 | ) | (313 | ) | 552.9 | (71 | ) | (2,042 | ) | (2.2 | ) | (1,960 | ) | 4.2 | ||||||||||||||||||||||
|
Income (Loss) before Income Tax
|
(406 | ) | (11,685 | ) | (12.5 | ) | 11,395 | (406 | ) | (11,685 | ) | (12.5 | ) | (14,841 | ) | (21.3 | ) | |||||||||||||||||||||||
|
Income Tax benefit (Expense)
|
31 | 884 | 0.9 | (438 | ) | 31 | 884 | 0.9 | 864 | 2.4 | ||||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(375 | ) | (10,801 | ) | (11.6 | ) | 10,957 | (375 | ) | (10,801 | ) | (11.6 | ) | (13,978 | ) | (22.7 | ) | |||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.04 | ) | (1.22 | ) | 1.24 | (0.04 | ) | (1.22 | ) | (1.58 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.42 | ) | (12.24 | ) | 12.41 | (0.42 | ) | (12.24 | ) | (15.83 | ) | |||||||||||||||||||||||||||||
|
Weighted-Average Shares Outstanding ('M)
|
8,827 | 8,827 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
| 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 28.79 per USD as of June 30, 2011 (3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended June 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1H 2011 | 1H 2010 | |||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
(861 | ) | (24,778 | ) | 18,060 | |||||||
|
Depreciation & Amortization
|
1,312 | 37,763 | 38,539 | |||||||||
|
Investment Gain (Loss) under Equity Method
|
50 | 1,437 | (1,394 | ) | ||||||||
|
Changes in Working Capital
|
(467 | ) | (13,441 | ) | (17,759 | ) | ||||||
|
Changes in Others
|
(77 | ) | (2,230 | ) | 404 | |||||||
|
Net Cash Provided(Used) by Operating Activities
|
(43 | ) | (1,251 | ) | 37,850 | |||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(610 | ) | (17,555 | ) | (26,886 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
5 | 153 | 903 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(79 | ) | (2,274 | ) | (8,156 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
77 | 2,209 | 0 | |||||||||
|
Increase in Restricted Cash in Banks
|
(0 | ) | (1 | ) | (30 | ) | ||||||
|
Increase in Deferred Assets and Intangible Assets
|
(11 | ) | (321 | ) | (421 | ) | ||||||
|
Increase(Decrease) in Other Assets
|
(5 | ) | (132 | ) | 7 | |||||||
|
Net Cash Used in Investing Activities
|
(622 | ) | (17,921 | ) | (34,582 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Guarantee Deposits
|
26 | 761 | 0 | |||||||||
|
Increase in Long-term Borrowings and Bonds Payable
|
533 | 15,357 | 802 | |||||||||
|
Net Cash Provided by Financing Activities
|
560 | 16,117 | 802 | |||||||||
|
Effect of Exchange Rate Changes on Cash
|
(17 | ) | (496 | ) | 625 | |||||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
(123 | ) | (3,550 | ) | 4,694 | |||||||
|
Cash and Cash Equivalents at Beginning of Period
|
1,822 | 52,460 | 57,114 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,699 | 48,911 | 61,808 | |||||||||
|
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 28.79 per USD as of June 30, 2011
|