FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
October 25, 2011
| 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)
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F X Form 40-F
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes ....... No ...X... |
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Not applicable
INDEX TO EXHIBITS
Item
|
1.
|
Press release entitled,” AUO Reports 3Q2011 Financial Results”, dated October 25, 2011.
|
|
2.
|
Investor Conference Materials entitled, “AU Optronics Corp. Third Quarter 2011 Results”, dated October 25, 2011.
|
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: October 25, 2011
|
By:
|
/s/ Andy Yang
|
||
|
Name:
|
Andy Yang
|
|||
|
Title:
|
Chief Financial Officer
|
|||
Item 1
News Release
AU Optronics Corp. Reports 3Q2011 Financial Results
Issued by: AU Optronics Corp.
Issued on: October 25, 2011
Hsinchu, Taiwan, October 25, 2011 –
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the third quarter of 2011(1).
AUO posted consolidated revenue of NT$98,927 million (US$ 3,249 million) (2), up 0.9% from the previous quarter. Gross profit was at -NT$9,142 million (-US$ 300 million), with the gross margin of -9.2%. Operating loss was at NT$16,818 million (US$ 552 million), with the operating margin of -17%. AUO’s net loss for the third quarter was at NT$15,796 million (US$ 519 million). Net loss attributable to equity holders of the parent company was NT$15,810 million (US$ 519 million), with basic EPS of -NT$1.79 per common share (-US$0.59 per ADR).
3Q2011 Result Highlights
AUO’s unaudited consolidated results for the third quarter of 2011 were highlighted as below:
|
Ÿ
|
Revenue of NT$98,927 million, up 0.9% quarter-over-quarter
|
|
Ÿ
|
Net loss of NT$15,796 million
|
|
Ÿ
|
Basic EPS of -NT$1.79 per common share
|
|
Ÿ
|
Gross margin of -9.2%
|
|
Ÿ
|
Operating margin of -17%
|
|
Ÿ
|
EBITDA (3) margin of 5.6%
|
In the third quarter of 2011, shipments for AUO's large-sized panels reached around 29.7 million units, up slightly by 0.2% quarter-over-quarter. Shipments for small and medium-sized panels were around 52 million units, up 14.4% quarter-over-quarter.
“In the third quarter of 2011, overall panel prices were on the decline. Therefore, although our panel shipments increased slightly quarter over quarter, the revenues were comparable to those of the previous quarter,” said Mr. Andy Yang, Chief Financial Officer of AUO. “However, with proper inventory management, our inventory turnover days improved from 46 days in the second quarter to 44 days this quarter. In addition, our EBITDA margin remains positive at around 5.6%”.
Facing the uncertain factor of the global macro-economy, AUO’s management team plans to enhance the Company’s cash flow management, proactively control the capital expenditures, and timely adjust the capacity utilization rates through prioritizing orders with better profitability. Meanwhile, AUO will endeavor to develop new clientele and offer tailored products for different market segments. To prepare for the next-generation mainstream products and services, the Company will persistently invest in value-added technologies, such as AHVA (Advanced Hyper-Viewing Angle) panels, high-end AMOLED displays and integrated touch solutions, which enable the company to provide a full series of products with a wide range of sizes to fulfill customer requirements in various fields and aspects.
(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 NTD30.45:USD1 based on Federal Reserve Bank of New York, USA as of September 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:
|
|
|
Freda Lee
|
Yawen Hsiao
|
|
Corporate Communications Division
|
Corporate Communications Division
|
|
AU Optronics Corp.
|
AU Optronics Corp.
|
|
Tel: +886-3-5008800 ext 3206
|
+886-3-5008800 ext 3211
|
|
Fax: +886-3-5772730
|
+886-3-5772730
|
|
Email: freda.lee@auo.com
|
yawen.hsiao@auo.com
|
Item 2
 |
[GRAPHIC OMITTED]
AU Optronics Corp.
Third Quarter 2011 Results Investor Conference
Oct 25, 2011
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.
|
 |
[GRAPHIC OMITTED]
CONSOLIDATED INCOME STATEMENT
Amount : NT$ Million Except Per Share Data
3Q'11 2Q'11 QoQ % 3Q'10
------------------ ------------------ -------- ---------- -------
Net Sales 98,927 100.0% 98,050 100.0% 0.9% 124,403 100.0%
Cost of Goods Sold (108,070) (109.2%) (100,531) (102.5%) 7.5% (118,162) (95.0%)
========= ======== ========= ======== ======== ========== =======
Gross Profit (Loss) (9,142) (9.2%) (2,482) (2.5%) 268.4% 6,241 5.0%
Operating Expenses (7,676) (7.8%) (6,638) (6.8%) 15.6% (6,009) (4.8%)
========= ======== ========= ======== ======== ========== =======
Operating Income (Loss) (16,818) (17.0%) (9,120) (9.3%) 84.4% 232 0.2%
Net Non-operating Expenses (853) (0.9%) (2,229) (2.3%) (61.7%) (253) (0.2%)
========= ======== ========= ======== ======== ========== =======
Loss before Tax (17,671) (17.9%) (11,349) (11.6%) 55.7% (20) (0.0%)
========= ======== ========= ======== ======== ========== =======
Net Income (Loss) (15,796) (16.0%) (10,766) (11.0%) 46.7% 227 0.2%
========= ======== ========= ======== ======== ========== =======
Attributable to:
Equity holders of the parent company (15,810) (16.0%) (10,801) (11.0%) 46.4% 98 0.1%
Minority interest 14 0.0% 35 0.0% (60.2%) 129 0.1%
========= ======== ========= ======== ======== ========== =======
Net Income (Loss) (15,796) (16.0%) (10,766) (11.0%) 46.7% 227 0.2%
========= ======== ========= ======== ======== ========== =======
Basic EPS (NT$)(a) (1.79) (1.22) 46.4% 0.01
Operating Income + DandA 5,523 5.6% 13,292 13.6% (58.4%) 22,495 18.1%
Unit Shipments (mn)(b)
Large Size Panels 29.7 29.6 0.2% 28.7
Small and Medium Size Panels 52.0 45.5 14.4% 55.6
-- Unaudited, prepared by AUO on a consolidated basis
(a) Basic EPS was calculated based on the total weighted average outstanding
shares of each quarter (8,827m shares in 3Q'11, in 2Q'11 and in 3Q'10) by
retroactively adjusting to stock dividend and stock bonus
(b) Large size refers to panels that are 10 inches and above
[GRAPHIC OMITTED]
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
Amount : NT$ Million
3Q'11 2Q'11 QoQ % 3Q'10
------- ------- ------ -------
Cash and ST Investment 83,421 87,421 (4.6%) 85,173
Inventory 51,521 52,611 (2.1%) 49,917
Short Term Debt(a) 43,842 37,159 18.0% 48,866
Long Term Debt 174,504 164,296 6.2% 118,868
Equity 239,582 253,723 (5.6%) 293,917
Total Assets 622,202 619,457 0.4% 641,004
Inventory Turnover (Days)(b) 44 46 40
Debt to Equity 91.1% 79.4% 57.1%
Net Debt to Equity 56.3% 44.9% 28.1%
-- 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
|
 |
[GRAPHIC OMITTED]
CONSOLIDATED CASH FLOW HIGHLIGHTS
Amount : NT$ Million
3Q'11 2Q'11 QoQ
--------- -------- ---------
From Operating Activities 4,761 13,552 (8,791)
Net Loss (15,796) (10,766) (5,031)
Depreciation and Amortization 22,341 22,412 (71)
Net Change in Working Capital (3,546) 5,647 (9,193)
=============================== ========= ======== =========
From Investing Activities (18,113) (12,132) (5,982)
Capital Expenditure (15,258) (14,959) (299)
=============================== ========= ======== =========
From Financing Activities 9,464 16,490 (7,026)
Net Change in Debt 13,149 15,329 (2,180)
=============================== ========= ======== =========
Net Change in Cash(a) (4,000) 17,859 (21,859)
-- 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
[GRAPHIC OMITTED]
CONSOLIDATED REVENUES BY APPLICATION
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
|
 |
[GRAPHIC OMITTED]
CONSOLIDATED SHIPMENTS AND ASP BY AREA
Shipments in square meter
[GRAPHIC OMITTED]
ASP per square meter
[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
[GRAPHIC OMITTED]
CONSOLIDATED SMALL AND MEDIUM PANEL SHIPMENTS BY AREA AND REVENUES
Shipments in square meter
[GRAPHIC OMITTED]
Revenues
[GRAPHIC OMITTED]
-- Unaudited, prepared by AUO on a consolidated basis
-- Small and Medium size refers to panels that are under 10 inches
|
 |
[GRAPHIC OMITTED]
CAPACITY BY FAB
9/2011 12/2011 (F)
Fab Major Products
Capacity Capacity
L3 (G3.5) 130,000 90,000 Small/Medium
========= ============ ============ =======================
L3 (G3.5) LTPS 20,000 LTPS 40,000 Small/Medium
========= ============ ============ =======================
L4 (G4.0) 60,000 60,000 Small/Medium
========= ============ ============ =======================
L4 (G4.5) LTPS 45,000 LTPS 45,000 NB, Small/Medium
========= ============ ============ =======================
L5 (G5.0) 310,000 310,000 NB, Monitor
========= ============ ============ =======================
Monitor, TV, Public
L6 (G6.0) 240,000 240,000
Info Display
========= ============ ============ =======================
Monitor, TV, Public
L7 (G7.5) 135,000 135,000
Info Display
========= ============ ============ =======================
L8 (G8.5) 60,000 60,000 TV, Public Info Display
-- Capacity based on monthly glass substrate input
[GRAPHIC OMITTED]
www.auo.com
------------
ir@auo.com
------------
|
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
September 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
September 30, 2011
|
September 30, 2010
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
2,740 | 83,421 | 13.4 | 85,173 | 13.3 | (1,752 | ) | (2.1 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
2,116 | 64,444 | 10.4 | 75,142 | 11.7 | (10,698 | ) | (14.2 | ) | |||||||||||||||||||
|
Other Current Financial Assets
|
41 | 1,242 | 0.2 | 886 | 0.1 | 357 | 40.3 | |||||||||||||||||||||
|
Inventories
|
1,692 | 51,521 | 8.3 | 49,917 | 7.8 | 1,604 | 3.2 | |||||||||||||||||||||
|
Other Current Assets
|
461 | 14,033 | 2.3 | 10,161 | 1.6 | 3,871 | 38.1 | |||||||||||||||||||||
|
Total Current Assets
|
7,050 | 214,660 | 34.5 | 221,279 | 34.5 | (6,619 | ) | (3.0 | ) | |||||||||||||||||||
|
Long-term Investments
|
618 | 18,813 | 3.0 | 16,546 | 2.6 | 2,267 | 13.7 | |||||||||||||||||||||
|
Fixed Assets
|
30,095 | 916,392 | 147.3 | 857,529 | 133.8 | 58,863 | 6.9 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(18,286 | ) | (556,807 | ) | (89.5 | ) | (477,357 | ) | (74.5 | ) | (79,450 | ) | 16.6 | |||||||||||||||
|
Net Fixed Assets
|
11,809 | 359,585 | 57.8 | 380,172 | 59.3 | (20,587 | ) | (5.4 | ) | |||||||||||||||||||
|
Other Assets
|
957 | 29,145 | 4.7 | 23,007 | 3.6 | 6,138 | 26.7 | |||||||||||||||||||||
|
Total Assets
|
20,434 | 622,202 | 100.0 | 641,004 | 100.0 | (18,801 | ) | (2.9 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Short-term Borrowings
|
91 | 2,783 | 0.4 | 1,819 | 0.3 | 964 | 53.0 | |||||||||||||||||||||
|
Accounts Payable
|
3,101 | 94,439 | 15.2 | 109,106 | 17.0 | (14,667 | ) | (13.4 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,348 | 41,059 | 6.6 | 47,046 | 7.3 | (5,987 | ) | (12.7 | ) | |||||||||||||||||||
|
Current Financial Liabilities
|
3 | 95 | 0.0 | 521 | 0.1 | (427 | ) | (81.8 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
1,328 | 40,437 | 6.5 | 39,230 | 6.1 | 1,207 | 3.1 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
526 | 16,031 | 2.6 | 18,638 | 2.9 | (2,607 | ) | (14.0 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
6,399 | 194,844 | 31.3 | 216,361 | 33.8 | (21,517 | ) | (9.9 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
5,037 | 153,362 | 24.6 | 115,278 | 18.0 | 38,084 | 33.0 | |||||||||||||||||||||
|
Bonds Payable
|
694 | 21,143 | 3.4 | 3,590 | 0.6 | 17,552 | 488.9 | |||||||||||||||||||||
|
Non Current Financial Liabilities
|
34 | 1,027 | 0.2 | 528 | 0.1 | 499 | 94.5 | |||||||||||||||||||||
|
Other Long-term Liabilities
|
402 | 12,245 | 2.0 | 11,330 | 1.8 | 916 | 8.1 | |||||||||||||||||||||
|
Total Long-term Liabilities
|
6,167 | 187,777 | 30.2 | 130,725 | 20.4 | 57,051 | 43.6 | |||||||||||||||||||||
|
Total Liabilities
|
12,566 | 382,620 | 61.5 | 347,086 | 54.1 | 35,534 | 10.2 | |||||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
2,899 | 88,270 | 14.2 | 88,270 | 13.8 | 0 | 0.0 | |||||||||||||||||||||
|
Capital Surplus
|
3,828 | 116,551 | 18.7 | 116,109 | 18.1 | 442 | 0.4 | |||||||||||||||||||||
|
Retained Earnings
|
598 | 18,203 | 2.9 | 73,787 | 11.5 | (55,584 | ) | (75.3 | ) | |||||||||||||||||||
|
Cumulative Translation Adjustments
|
71 | 2,165 | 0.3 | 1,723 | 0.3 | 441 | 25.6 | |||||||||||||||||||||
|
Unrealized Gain (Loss) on Financial Products
|
(2 | ) | (51 | ) | 0.0 | 737 | 0.1 | (788 | ) | – | ||||||||||||||||||
|
Net loss not recognized as pension cost
|
(0 | ) | (1 | ) | 0.0 | 0 | 0.0 | (1 | ) | – | ||||||||||||||||||
|
Minority Interest
|
474 | 14,445 | 2.3 | 13,291 | 2.1 | 1,155 | 8.7 | |||||||||||||||||||||
|
Total Shareholders' Equity
|
7,868 | 239,582 | 38.5 | 293,917 | 45.9 | (54,335 | ) | (18.5 | ) | |||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
20,434 | 622,202 | 100.0 | 641,004 | 100.0 | (18,801 | ) | (2.9 | ) | |||||||||||||||||||
|
Note:
|
(1) Unaudited, prepared by AUO based on ROC GAAP
|
|
|
(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD30.45 per USD as of September 30, 2011
|
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2011 and 2010 and June 30, 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 | |||||||||||||||||||||||||||||||||||||||
| 3Q 2011 | % of | 3Q 2010 |
YoY
|
3Q 2011 |
% of
|
2Q 2011 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,249 | 98,927 | 100.0 | 124,403 | (20.5 | ) | 3,249 | 98,927 | 100.0 | 98,050 | 0.9 | |||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,549 | 108,070 | 109.2 | 118,162 | (8.5 | ) | 3,549 | 108,070 | 109.2 | 100,531 | 7.5 | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(300 | ) | (9,142 | ) | (9.2 | ) | 6,241 | – | (300 | ) | (9,142 | ) | (9.2 | ) | (2,482 | ) | 268.4 | |||||||||||||||||||||||
|
Operating Expenses
|
252 | 7,676 | 7.8 | 6,009 | 27.7 | 252 | 7,676 | 7.8 | 6,638 | 15.6 | ||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(552 | ) | (16,818 | ) | (17.0 | ) | 232 | – | (552 | ) | (16,818 | ) | (17.0 | ) | (9,120 | ) | 84.4 | |||||||||||||||||||||||
|
Net Non-Operating Expense
|
(28 | ) | (853 | ) | (0.9 | ) | (253 | ) | 237.6 | (28 | ) | (853 | ) | (0.9 | ) | (2,229 | ) | (61.7 | ) | |||||||||||||||||||||
|
Loss before Income Tax
|
(580 | ) | (17,671 | ) | (17.9 | ) | (20 | ) | 86,553.8 | (580 | ) | (17,671 | ) | (17.9 | ) | (11,349 | ) | 55.7 | ||||||||||||||||||||||
|
Income Tax Benefit
|
62 | 1,875 | 1.9 | 247 | 658.8 | 62 | 1,875 | 1.9 | 583 | 221.4 | ||||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(519 | ) | (15,796 | ) | (16.0 | ) | 227 | – | (519 | ) | (15,796 | ) | (16.0 | ) | (10,766 | ) | 46.7 | |||||||||||||||||||||||
|
Attributable to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders of The Parent Company
|
(519 | ) | (15,810 | ) | (16.0 | ) | 98 | – | (519 | ) | (15,810 | ) | (16.0 | ) | (10,801 | ) | 46.4 | |||||||||||||||||||||||
|
Minority Interest
|
0 | 14 | 0.0 | 129 | (89.2 | ) | 0 | 14 | 0.0 | 35 | (60.2 | ) | ||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(519 | ) | (15,796 | ) | (16.0 | ) | 227 | – | (519 | ) | (15,796 | ) | (16.0 | ) | (10,766 | ) | 46.7 | |||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.06 | ) | (1.79 | ) | 0.01 | (0.06 | ) | (1.79 | ) | (1.22 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.59 | ) | (17.91 | ) | 0.11 | (0.59 | ) | (17.91 | ) | (12.24 | ) | |||||||||||||||||||||||||||||
|
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 30.45 per USD as of September 30, 2011
|
|
|
(3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended September 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
Nine Months 2011
|
Nine Months 2010
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
(1,329 | ) | (40,461 | ) | 18,747 | |||||||
|
Depreciation & Amortization
|
2,205 | 67,143 | 67,114 | |||||||||
|
Investment Gain under Equity Method
|
(9 | ) | (269 | ) | (709 | ) | ||||||
|
Changes in Working Capital
|
(573 | ) | (17,442 | ) | (8,871 | ) | ||||||
|
Changes in Others
|
(62 | ) | (1,901 | ) | (3 | ) | ||||||
|
Net Cash Provided by Operating Activities
|
232 | 7,071 | 76,278 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Proceeds from Disposal of AFS Investments
|
1 | 20 | 40 | |||||||||
|
Acquisition of Property, Plant and Equipment
|
(1,447 | ) | (44,061 | ) | (57,009 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
2 | 46 | 40 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(83 | ) | (2,513 | ) | (1,208 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
126 | 3,840 | 370 | |||||||||
|
Decrease(Increase) in Restricted Cash in Banks
|
(1 | ) | (18 | ) | 325 | |||||||
|
Increase in Deferred Assets and Intangible Assets
|
(88 | ) | (2,689 | ) | (1,272 | ) | ||||||
|
Increase in Other Assets
|
(7 | ) | (219 | ) | (49 | ) | ||||||
|
Net Cash Used in Investing Activities
|
(1,497 | ) | (45,595 | ) | (58,764 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase (Decrease) in Short-term Borrowings
|
53 | 1,600 | (4,138 | ) | ||||||||
|
Increase in Guarantee Deposits
|
29 | 892 | 167 | |||||||||
|
Increase (Decrease) in Long-term Borrowings and Bonds Payable
|
1,100 | 33,482 | (13,950 | ) | ||||||||
|
Cash Dividends
|
(129 | ) | (3,937 | ) | 0 | |||||||
|
Change in Minority Interest
|
29 | 886 | 3,288 | |||||||||
|
Net Cash Provided(Used) by Financing Activities
|
1,081 | 32,923 | (14,633 | ) | ||||||||
|
Change in Consolidated Entity
|
0 | 0 | (1,852 | ) | ||||||||
|
Effect of Exchange Rate Changes on Cash
|
(16 | ) | (477 | ) | (1,300 | ) | ||||||
|
Net Decrease in Cash and Cash Equivalents
|
(200 | ) | (6,078 | ) | (271 | ) | ||||||
|
Cash and Cash Equivalents at Beginning of Period
|
2,939 | 89,498 | 85,443 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
2,740 | 83,421 | 85,173 | |||||||||
|
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 30.45 per USD as of September 30, 2011
|
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
September 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
September 30, 2011
|
September 30, 2010
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash Equivalents
|
1,556 | 47,379 | 8.9 | 60,468 | 10.7 | (13,089 | ) | (21.6 | ) | |||||||||||||||||||
|
Notes & Accounts Receivables
|
1,938 | 59,009 | 11.1 | 70,780 | 12.5 | (11,771 | ) | (16.6 | ) | |||||||||||||||||||
|
Other Current Financial Assets
|
37 | 1,117 | 0.2 | 759 | 0.1 | 358 | 47.2 | |||||||||||||||||||||
|
Inventories
|
1,269 | 38,654 | 7.3 | 39,092 | 6.9 | (438 | ) | (1.1 | ) | |||||||||||||||||||
|
Other Current Assets
|
385 | 11,720 | 2.2 | 7,558 | 1.3 | 4,162 | 55.1 | |||||||||||||||||||||
|
Total Current Assets
|
5,185 | 157,879 | 29.8 | 178,657 | 31.5 | (20,778 | ) | (11.6 | ) | |||||||||||||||||||
|
Long-term Investments
|
2,441 | 74,315 | 14.0 | 62,895 | 11.1 | 11,420 | 18.2 | |||||||||||||||||||||
|
Fixed Assets
|
23,855 | 726,399 | 137.2 | 691,583 | 122.1 | 34,816 | 5.0 | |||||||||||||||||||||
|
Less: Accumulated Depreciation
|
(14,926 | ) | (454,505 | ) | (85.8 | ) | (389,249 | ) | (68.7 | ) | (65,257 | ) | 16.8 | |||||||||||||||
|
Net Fixed Assets
|
8,929 | 271,894 | 51.3 | 302,335 | 53.4 | (30,441 | ) | (10.1 | ) | |||||||||||||||||||
|
Other Assets
|
837 | 25,492 | 4.8 | 22,468 | 4.0 | 3,024 | 13.5 | |||||||||||||||||||||
|
Total Assets
|
17,392 | 529,580 | 100.0 | 566,355 | 100.0 | (36,775 | ) | (6.5 | ) | |||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts Payable
|
2,986 | 90,919 | 17.2 | 100,269 | 17.7 | (9,350 | ) | (9.3 | ) | |||||||||||||||||||
|
Current Installments of Long-term Borrowings
|
1,191 | 36,278 | 6.9 | 42,219 | 7.5 | (5,941 | ) | (14.1 | ) | |||||||||||||||||||
|
Current Financial Liabilities
|
1 | 45 | 0.0 | 271 | 0.0 | (227 | ) | (83.4 | ) | |||||||||||||||||||
|
Accrued Expense & Other Current Liabilities
|
926 | 28,189 | 5.3 | 26,950 | 4.8 | 1,239 | 4.6 | |||||||||||||||||||||
|
Machinery and Equipment Payable
|
430 | 13,108 | 2.5 | 15,790 | 2.8 | (2,682 | ) | (17.0 | ) | |||||||||||||||||||
|
Total Current Liabilities
|
5,535 | 168,539 | 31.8 | 185,500 | 32.8 | (16,961 | ) | (9.1 | ) | |||||||||||||||||||
|
Long-term Borrowings
|
3,690 | 112,350 | 21.2 | 96,095 | 17.0 | 16,256 | 16.9 | |||||||||||||||||||||
|
Bonds Payable
|
694 | 21,143 | 4.0 | 3,500 | 0.6 | 17,643 | 504.1 | |||||||||||||||||||||
|
Non Current Financial Liabilities
|
27 | 818 | 0.2 | 505 | 0.1 | 313 | 61.9 | |||||||||||||||||||||
|
Other Long-term Liabilities
|
52 | 1,593 | 0.3 | 128 | 0.0 | 1,464 | 1142.1 | |||||||||||||||||||||
|
Total Long-term Liabilities
|
4,463 | 135,904 | 25.7 | 100,229 | 17.7 | 35,675 | 35.6 | |||||||||||||||||||||
|
Total Liabilities
|
9,998 | 304,443 | 57.5 | 285,728 | 50.5 | 18,715 | 6.5 | |||||||||||||||||||||
|
SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||
|
Common Stock
|
2,899 | 88,270 | 16.7 | 88,270 | 15.6 | 0 | 0.0 | |||||||||||||||||||||
|
Capital Surplus
|
3,828 | 116,551 | 22.0 | 116,109 | 20.5 | 442 | 0.4 | |||||||||||||||||||||
|
Retained Earnings
|
598 | 18,203 | 3.4 | 73,787 | 13.0 | (55,584 | ) | (75.3 | ) | |||||||||||||||||||
|
Cumulative Translation Adjustments
|
71 | 2,165 | 0.4 | 1,723 | 0.3 | 441 | 25.6 | |||||||||||||||||||||
|
Unrealized Gain (Loss) on Financial Products
|
(2 | ) | (51 | ) | 0.0 | 737 | 0.1 | (788 | ) | – | ||||||||||||||||||
|
Net loss not recognized as pension cost
|
(0 | ) | (1 | ) | 0.0 | 0 | 0.0 | (1 | ) | – | ||||||||||||||||||
|
Total Shareholders' Equity
|
7,394 | 225,137 | 42.5 | 280,627 | 49.5 | (55,490 | ) | (19.8 | ) | |||||||||||||||||||
|
Total Liabilities & Shareholders' Equity
|
17,392 | 529,580 | 100.0 | 566,355 | 100.0 | (36,775 | ) | (6.5 | ) | |||||||||||||||||||
|
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 30.45 per USD as of September 30, 2011
|
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2011 and 2010 and June 30, 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 | |||||||||||||||||||||||||||||||||||||||
| 3Q 2011 |
% of
|
3Q 2010 |
YoY
|
3Q 2011 |
% of
|
2Q 2011 |
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
|
Net Sales
|
3,074 | 93,606 | 100.0 | 118,930 | (21.3 | ) | 3,074 | 93,606 | 100.0 | 93,393 | 0.2 | |||||||||||||||||||||||||||||
|
Cost of Goods Sold
|
3,400 | 103,538 | 110.6 | 114,562 | (9.6 | ) | 3,400 | 103,538 | 110.6 | 97,442 | 6.3 | |||||||||||||||||||||||||||||
|
Gross Profit (Loss)
|
(326 | ) | (9,933 | ) | (10.6 | ) | 4,369 | – | (326 | ) | (9,933 | ) | (10.6 | ) | (4,049 | ) | 145.3 | |||||||||||||||||||||||
|
Operating Expenses
|
196 | 5,967 | 6.4 | 4,113 | 45.1 | 196 | 5,967 | 6.4 | 5,593 | 6.7 | ||||||||||||||||||||||||||||||
|
Operating Income (Loss)
|
(522 | ) | (15,899 | ) | (17.0 | ) | 256 | – | (522 | ) | (15,899 | ) | (17.0 | ) | (9,642 | ) | 64.9 | |||||||||||||||||||||||
|
Net Non-Operating Expenses
|
(62 | ) | (1,886 | ) | (2.0 | ) | (618 | ) | 205.4 | (62 | ) | (1,886 | ) | (2.0 | ) | (2,042 | ) | (7.7 | ) | |||||||||||||||||||||
|
Loss before Income Tax
|
(584 | ) | (17,785 | ) | (19.0 | ) | (362 | ) | 4,814.3 | (584 | ) | (17,785 | ) | (19.0 | ) | (11,685 | ) | 52.2 | ||||||||||||||||||||||
|
Income Tax benefit
|
65 | 1,975 | 2.1 | 460 | 329.6 | 65 | 1,975 | 2.1 | 884 | 123.4 | ||||||||||||||||||||||||||||||
|
Net Income (Loss)
|
(519 | ) | (15,810 | ) | (16.9 | ) | 98 | – | (519 | ) | (15,810 | ) | (16.9 | ) | (10,801 | ) | 46.4 | |||||||||||||||||||||||
|
Basic Earnings Per Share
|
(0.06 | ) | (1.79 | ) | 0.01 | (0.06 | ) | (1.79 | ) | (1.22 | ) | |||||||||||||||||||||||||||||
|
Basic Earnings Per ADR(3)
|
(0.59 | ) | (17.91 | ) | 0.11 | (0.59 | ) | (17.91 | ) | (12.24 | ) | |||||||||||||||||||||||||||||
|
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 30.45 per USD as of September 30, 2011
|
|
|
(3) 1 ADR equals 10 common shares
|
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended September 30, 2011 and 2010
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
Nine Months 2011
|
Nine Months 2010
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash Flow from Operating Activities:
|
||||||||||||
|
Net Income (Loss)
|
(1,333 | ) | (40,588 | ) | 18,157 | |||||||
|
Depreciation & Amortization
|
1,846 | 56,225 | 57,267 | |||||||||
|
Investment Loss (Gain) under Equity Method
|
102 | 3,092 | (1,031 | ) | ||||||||
|
Changes in Working Capital
|
(559 | ) | (17,011 | ) | (12,593 | ) | ||||||
|
Changes in Others
|
(20 | ) | (614 | ) | 112 | |||||||
|
Net Cash Provided by Operating Activities
|
36 | 1,104 | 61,913 | |||||||||
|
Cash Flow from Investing Activities:
|
||||||||||||
|
Acquisition of Property, Plant and Equipment
|
(827 | ) | (25,177 | ) | (41,600 | ) | ||||||
|
Proceeds from Disposal of Property, Plant and Equipment
|
8 | 237 | 965 | |||||||||
|
Increase in Long-term Investments and AFS Investments
|
(161 | ) | (4,891 | ) | (8,640 | ) | ||||||
|
Proceeds from Disposal of Long-term Investments and AFS Investments
|
73 | 2,209 | 0 | |||||||||
|
Increase in Restricted Cash in Banks
|
(0 | ) | (1 | ) | (10 | ) | ||||||
|
Increase in Deferred Assets and Intangible Assets
|
(72 | ) | (2,196 | ) | (524 | ) | ||||||
|
Increase in Other Assets
|
(5 | ) | (139 | ) | (10 | ) | ||||||
|
Net Cash Used in Investing Activities
|
(984 | ) | (29,957 | ) | (49,819 | ) | ||||||
|
Cash Flow from Financing Activities:
|
||||||||||||
|
Increase in Guarantee Deposits
|
25 | 760 | 117 | |||||||||
|
Increase(Decrease) in Long-term Borrowings and Bonds Payable
|
870 | 26,499 | (9,227 | ) | ||||||||
|
Cash Dividends
|
(116 | ) | (3,531 | ) | 0 | |||||||
|
Net Cash Provided(Used) by Financing Activities
|
779 | 23,728 | (9,110 | ) | ||||||||
|
Effect of Exchange Rate Changes on Cash
|
1 | 43 | 370 | |||||||||
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
(167 | ) | (5,082 | ) | 3,354 | |||||||
|
Cash and Cash Equivalents at Beginning of Period
|
1,723 | 52,460 | 57,114 | |||||||||
|
Cash and Cash Equivalents at End of Period
|
1,556 | 47,379 | 60,468 | |||||||||
|
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 30.45 per USD as of September 30, 2011
|