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
April 22,
2008
| Commission File Number 001-31335 |
|
AU
Optronics Corp.
|
|
(Translation
of registrant’s name into English)
|
|
|
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No.
1 Li-Hsin Road 2
|
|
Hsinchu
Science Park
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Hsinchu,
Taiwan
|
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(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.
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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.
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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
|
1.
|
Press
release entitled, “AU Optronics Corp. Reports 1Q2008 Results”, dated April
22, 2008.
|
|
2.
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Investor
Conference Materials entitled, “AU Optronics Corp. First Quarter 2008
Results”, dated April 22,
2008.
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Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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AU
Optronics Corp.
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||||
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Date:
April 22,
2008
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By:
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/s/
Max Cheng
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||
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Name:
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Max
Cheng
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|||
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Title:
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Chief
Financial Officer
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|||
Item
1
 |
News
Release
|
AU
Optronics Corp. Reports 1Q2008 Results
Issued by: AU Optronics
Corp.
Issued on: April 22,
2008
Hsinchu,
Taiwan, April 22, 2008 –
AUO
First Quarter 2008 Unaudited Consolidated Financial Highlights:
*
Revenue was NT$136.63 billion (US$ 4.5 billion*), 12.1% QoQ decline
*
Net income after tax was NT$26.99 billion (US$ 889 million)
*
Basic Earnings per Share of NT$3.41 (or US$1.12 per ADR)
*
Gross margin: 27.1%, Operating margin: 22.2%
AU Optronics Corp.
("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited
consolidated revenue of NT$136.63 billion and net income of NT$ 26.99 billion,
which attributable to equity holders of the parent company was NT$26.86 billion,
for the first quarter ended March 31, 2008. And, basic EPS equaled NT$3.41 per
common share (US$ 1.12 per ADR).
The
company shipped large-sized panel of 22 million units, 5.1% sequentially
decreased but a significant 38.1% YoY increase. Small- and medium-sized panel
shipments amounted to 37.68 million, a 21.5% QoQ decrease but a remarkable 70.3%
YoY growth.
Mr.
Max Cheng, Chief Financial Officer and Spokesperson of AUO noted that while Q1
is low season, AUO was able to hit the 2nd record
high in its quarterly profitability, bringing net income to nearly NT$ 27
billion, which represented 18.5% sequential decline but a remarkable improvement
from a net loss of NT 5.1 billion in 1Q2007. Despite the
weaker US dollar and employee bonus adjustment, AUO was able to keep its gross
margin at 27.1% and operating margin at 22.2%, fairly similar to the previous
quarter. The better than expected result was attributed to cost down
efforts, better product mix and the execution of AUO’s “4D Project” - dedicated
team, dedicated fabrication, dedicated line and dedicated
material. Company expects to continuously
2
improve its business
model and strengthen its financial structure in preparation for the coming
growth and challenges.
*
Amounts converted by an exchange rate of NTD30.37 :USD1 as of Mar 31,
2008.
*
All financial information was unaudited and was prepared by the Company in
accordance with generally accepted accounting principles in Taiwan (“ROC
GAAP”)
# # #
ABOUT
AU OPTRONICS
AU
Optronics Corp. (“AUO”) is the world largest manufacturer* of large-sized thin
film transistor liquid crystal display panels (“TFT-LCD”), with approximately
20.3%* of global market share with revenues of NT$480.2 billion
(US$14.81billion)* in 2007. TFT-LCD technology is currently the most
widely used flat panel display technology. Targeted for 40”+ sized
LCD TV panels, AUO’s new generation (7.5-generation) fabrication facility
production started mass production in the fourth quarter of 2006. The
Company currently operates one 7.5-generation, two 6th-generation, four
5th-generation, one 4th-generation, and four 3.5-generation TFT-LCD fabs, in
addition to eight module assembly facilities and the AUO Technology Center
specializes in new technology platform and new product
development. AUO is one of few top-tier TFT-LCD manufacturers capable
of offering a wide range of small- to large-sized (1.5”-65”) TFT-LCD panels,
which enables it to offer a broad and diversified product
portfolio.
*
DisplaySearch 4Q2007 WW Large-Area TFT-LCD Shipment Report dated Jan 23,
2008. This data is used as reference only and AUO does not make any
endorsement or representation in connection therewith. 2007 year end revenue
converted by an exchange rate of NTD32.43:USD1.
For more
information, please contact:
|
Fiona
Chiu
|
Yawen
Hsiao
|
|
Corporate
Communications Dept
|
Corporate
Communications Dept.
|
|
AU Optronics
Corp
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AU Optronics
Corp.
|
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Tel: +886-3-5008899
ext 3206
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+886-3-5008899
ext 3211
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|
Fax:
+886-3-5772730
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+886-3-5772730
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Email: fiona.chiu@auo.com
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yawen.hsiao@auo.com
|
Item
2
AU Optronics Corp. First Quarter 2008 Results Investor Conference April 22, 2008 |
 |
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,
2006 filed with the United States Securities and Exchange Commission.
2
AUO Proprietary & Confidential
|
 |
Consolidated Income Statement
Amount : NT$ Million Except Per Share Data
1Q'08(a) 4Q'07(a) QoQ % 1Q'07
---------------------------------------------------------------------------
Net Sales 136,630 100.0% 155,495 100.0% (12.1%) 80,720 00.0%
Cost of Goods Sold (99,546) (72.9%) (113,502) (73.0%) (12.3%) (80,446) 99.7%)
---------------------------------------------------------------------------
Gross Profit 37,084 27.1% 41,993 27.0% (11.7%) 275 0.3%
Operating Expenses (6,774) (5.0%) (7,212) (4.6%) (4,517) (5.6%)
---------------------------------------------------------------------------
Operating Income 30,310 22.2% 34,781 22.4% (12.9%) (4,243) (5.3%)
Net Non-operating Expenses (1,456) (1.1%) (1,352) (0.9%) (842) (1.0%)
---------------------------------------------------------------------------
Income before Tax 28,855 21.1% 33,429 21.5% (13.7%) (5,085) (6.3%)
---------------------------------------------------------------------------
Net Income 26,985 19.8% 33,092 21.3% (18.5%) (5,105) (6.3%)
---------------------------------------------------------------------------
Attributable to:
Equity holders of the
parent company 26,861 19.7% 33,006 21.2% (5,105) (6.3%)
Minority interest 124 0.1% 86 0.1% 1 0.0%
---------------------------------------------------------------------------
Net Income 26,985 19.8% 33,092 21.3% (18.5%) (5,105) (6.3%)
---------------------------------------------------------------------------
Basic EPS (NT$)(b) 3.41 4.22 (19.1%) -0.67
--------------------------------------------------------------------------------------------------------
Operating Income + D&A 50,114 36.7% 55,322 35.6% (9.4%) 14,949 18.5%
Unit Shipments (mn)(c)
Large Size Panels 22.0 23.2 (5.1%) 15.9
Small & Medium Size Panels 37.7 48.0 (21.5%) 22.1
--------------------------------------------------------------------------------------------------------
-- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO s consolidated financial statement incorporated Toppan
CFI (Taiwan) Co, Ltd (CFI) into consolidated entity
(b) Basic EPS was calculated based on the total diluted weighted average
outstanding shares of each quarter (7,867m shares in 1Q08, 7,809m shares
in 4Q07 and 7,574m shares in 1Q07) by retroactively adjusting to stock
dividend and stock bonus
(c) Large size refers to panels that are 10 inches and above
3
AUO Proprietary & Confidential
|
 |
Consolidated Balance Sheet Highlights
Amount : NT$ Million
1Q'08(a) 4Q'07(a) QoQ % 1Q'07
-----------------------------------------------
Cash & ST Investment 114,944 91,237 26.0% 23,514
Inventory 37,238 35,431 5.1% 44,753
Short Term Debt(b) 38,667 35,722 8.2% 39,805
Long Term Debt 138,777 142,016 (2.3%) 176,755
Equity 327,254 300,820 8.8% 226,152
Total Assets 637,215 617,459 3.2% 545,455
-------------------------------------------------------------------------------
Inventory Turnover (Days)(c) 33 31 49
Debt to Equity 54.2% 59.1% 95.8%
Net Debt to Equity 19.5% 29.2% 86.1%
-------------------------------------------------------------------------------
-- Unaudited, prepared by AUO on a consolidated basis
(a) Effective 2Q07, AUO s consolidated financial statement incorporated CFI
into consolidated entity
(b) Short term debt refers to all interest bearing debt maturing within one
year
(c) Calculated by dividing the average inventory into the annualized cost of
goods sold during such period, then multiplying by 365 days
4
AUO Proprietary & Confidential
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 |
Consolidated Cash Flow Highlights
Amount : NT$ Million
1Q'08 4Q'07 QoQ
---------------------------------
From Operating Activities 45,792 75,724 (29,932)
Net Profit 26,985 33,092 (6,107)
Depreciation & Amortization 19,803 20,541 (738)
Net Change in Working Capital (1,024) 23,756 (24,780)
---------------------------------------------------------------
From Investing Activities (22,712) (9,817) (12,895)
Capital Expenditure (22,283) (10,197) (12,086)
---------------------------------------------------------------
From Financing Activities 1,213 (16,543) 17,756
Net Change in Debt 1,222 (16,633) 17,856
---------------------------------------------------------------
Net Change in Cash(a) 23,851 49,853 (26,002)
-- 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
AUO Proprietary & Confidential
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 |
Consolidated Revenues by Application
-- Unaudited, prepared by AUO on a consolidated basis
6
AUO Proprietary & Confidential
|
 |
Large Panel ASP by Unit
o Unaudited, prepared by AUO on a consolidated basis
o Large size refers to panels that are 10 inches and above
o 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
7
AUO Proprietary & Confidential
|
 |
Consolidated Shipments & ASP by Area
-- 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
8
AUO Proprietary & Confidential
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 |
Consolidated Small & Medium Panel Shipments & Revenues
-- Unaudited, prepared by AUO on a consolidated basis
-- Small & Medium size refers to panels that are under 10 inches
9
AUO Proprietary & Confidential
|
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Capacity by Fab
Substrate 3/2008 6/2008(F)
Fab Size (mm) Capacity Capacity
---------------------------------------------------------
L3A (G3.5) 610x 720 40,000 40,000
---------------------------------------------------------
L3B (G3.5) 610x 720 20,000 LTPS 20,000 LTPS
---------------------------------------------------------
L3C (G3.5) 600x 720 60,000 60,000
---------------------------------------------------------
L3D (G3.5) 620x 750 30,000 30,000
---------------------------------------------------------
L4A (G4.0) 680x 880 60,000 60,000
---------------------------------------------------------
L5A (G5.0) 1100x 1250 50,000 50,000
---------------------------------------------------------
L5B (G5.0) 1100x 1300 70,000 70,000
---------------------------------------------------------
L5C (G5.0) 1100x 1300 120,000 120,000
---------------------------------------------------------
L5D (G5.0) 1100x 1300 70,000 70,000
---------------------------------------------------------
L6A (G6.0) 1500x 1850 120,000 120,000
---------------------------------------------------------
L6B (G6.0) 1500x 1850 90,000 100,000
---------------------------------------------------------
L7A (G7.5) 1950x 2250 60,000 60,000
---------------------------------------------------------
-- Capacity based on monthly glass substrate input
10
AUO Proprietary & Confidential
|
 |
www.auo.com
ir@auo.com
11
AUO Proprietary & Confidential
|
 |
AU
OPTRONICS CORP.
CONSOLIDATED
BALANCE SHEET
March
31, 2008 and 2007
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
March 31,
2008
|
March 31,
2007
|
YoY
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||||||||||||||||||||||||||
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ASSETS
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USD
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NTD
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%
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NTD
|
%
|
Change
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%
|
|||||||||||||||||||||
|
Cash and Cash
Equivalents
|
3,745 | 113,741 | 17.8 | 21,797 | 4.0 | 91,943 | 421.8 | |||||||||||||||||||||
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Available-for-Sale
Financial Assets - Current
|
40 | 1,203 | 0.2 | 1,716 | 0.3 | (513 | ) | (29.9 | ) | |||||||||||||||||||
|
Notes &
Accounts Receivables
|
2,237 | 67,932 | 10.7 | 46,266 | 8.5 | 21,666 | 46.8 | |||||||||||||||||||||
|
Other Current
Financial Assets
|
114 | 3,472 | 0.5 | 1,957 | 0.4 | 1,515 | 77.4 | |||||||||||||||||||||
|
Inventories
|
1,226 | 37,238 | 5.8 | 44,753 | 8.2 | (7,515 | ) | (16.8 | ) | |||||||||||||||||||
|
Other Current
Assets
|
455 | 13,818 | 2.2 | 5,538 | 1.0 | 8,280 | 149.5 | |||||||||||||||||||||
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Total Current
Assets
|
7,817 | 237,404 | 37.3 | 122,027 | 22.4 | 115,376 | 94.5 | |||||||||||||||||||||
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Long-term
Investments
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257 | 7,815 | 1.2 | 13,004 | 2.4 | (5,189 | ) | (39.9 | ) | |||||||||||||||||||
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Fixed
Assets
|
20,165 | 612,426 | 96.1 | 538,371 | 98.7 | 74,054 | 13.8 | |||||||||||||||||||||
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Less
Accumulated Depreciation
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(8,112 | ) | (246,360 | ) | (38.7 | ) | (159,792 | ) | (29.3 | ) | (86,568 | ) | 54.2 | |||||||||||||||
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Net Fixed
Assets
|
12,054 | 366,066 | 57.4 | 378,579 | 69.4 | (12,513 | ) | (3.3 | ) | |||||||||||||||||||
|
Other
Assets
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854 | 25,931 | 4.1 | 31,844 | 5.8 | (5,913 | ) | (18.6 | ) | |||||||||||||||||||
|
Total
Assets
|
20,982 | 637,215 | 100.0 | 545,455 | 100.0 | 91,760 | 16.8 | |||||||||||||||||||||
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LIABILITIES
|
||||||||||||||||||||||||||||
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Short-term
Borrowings
|
13 | 406 | 0.1 | 1,400 | 0.3 | (994 | ) | (71.0 | ) | |||||||||||||||||||
|
Accounts
Payable
|
2,924 | 88,805 | 13.9 | 70,845 | 13.0 | 17,960 | 25.4 | |||||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,260 | 38,261 | 6.0 | 38,406 | 7.0 | (144 | ) | (0.4 | ) | |||||||||||||||||||
|
Current
Financial Liabilities
|
1 | 22 | 0.0 | 52 | 0.0 | (31 | ) | (58.6 | ) | |||||||||||||||||||
|
Other Current
Liabilities
|
1,435 | 43,596 | 6.8 | 31,538 | 5.8 | 12,058 | 38.2 | |||||||||||||||||||||
|
Total Current
Liabilities
|
5,634 | 171,090 | 26.8 | 142,241 | 26.1 | 28,849 | 20.3 | |||||||||||||||||||||
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Long-term
Borrowings
|
3,843 | 116,710 | 18.3 | 149,263 | 27.4 | (32,553 | ) | (21.8 | ) | |||||||||||||||||||
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Bonds
Payable
|
727 | 22,067 | 3.5 | 27,491 | 5.0 | (5,424 | ) | (19.7 | ) | |||||||||||||||||||
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Other
Long-term Liabilities
|
3 | 94 | 0.0 | 307 | 0.1 | (213 | ) | (69.3 | ) | |||||||||||||||||||
|
Total
Liabilities
|
10,206 | 309,961 | 48.6 | 319,303 | 58.5 | (9,341 | ) | (2.9 | ) | |||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,591 | 78,682 | 12.3 | 75,738 | 13.9 | 2,944 | 3.9 | |||||||||||||||||||||
|
Capital
Surplus
|
3,751 | 113,914 | 17.9 | 110,755 | 20.3 | 3,159 | 2.9 | |||||||||||||||||||||
|
Retained
Earnings
|
4,063 | 123,391 | 19.4 | 38,819 | 7.1 | 84,572 | 217.9 | |||||||||||||||||||||
|
Cumulative
Translation Adjustments
|
26 | 803 | 0.1 | 548 | 0.1 | 255 | 46.6 | |||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
44 | 1,322 | 0.2 | (57 | ) | 0.0 | 1,379 | – | ||||||||||||||||||||
|
Deferred
Compensation Cost
|
0 | 0 | 0.0 | (3 | ) | 0.0 | 3 | – | ||||||||||||||||||||
|
Minority
Interests
|
301 | 9,141 | 1.4 | 351 | 0.1 | 8,790 | 2501.0 | |||||||||||||||||||||
|
Total
Shareholders' Equity
|
10,776 | 327,254 | 51.4 | 226,152 | 41.5 | 101,102 | 44.7 | |||||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
20,982 | 637,215 | 100.0 | 545,455 | 100.0 | 91,760 | 16.8 | |||||||||||||||||||||
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 30.37 per USD as of March 31, 2008
AU
OPTRONICS CORP.
CONSOLIDATED
INCOME STATEMENT
For
the Three Months Ended March 31, 2008 and 2007 and December 31,
2007
(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
2008
|
%
of
|
1Q
2007
|
YoY
|
1Q
2008
|
%
of
|
4Q
2007
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
4,499 | 136,630 | 100.0 | 80,720 | 69.3 | 4,499 | 136,630 | 100.0 | 155,495 | (12.1 | ) | |||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
3,278 | 99,546 | 72.9 | 80,446 | 23.7 | 3,278 | 99,546 | 72.9 | 113,502 | (12.3 | ) | |||||||||||||||||||||||||||||
|
Gross
Profit
|
1,221 | 37,084 | 27.1 | 275 | 13,409.5 | 1,221 | 37,084 | 27.1 | 41,993 | (11.7 | ) | |||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
167 | 5,087 | 3.7 | 3,292 | 54.5 | 167 | 5,087 | 3.7 | 5,062 | 0.5 | ||||||||||||||||||||||||||||||
|
R&D
|
56 | 1,687 | 1.2 | 1,226 | 37.6 | 56 | 1,687 | 1.2 | 2,150 | (21.5 | ) | |||||||||||||||||||||||||||||
| 223 | 6,774 | 5.0 | 4,517 | 49.9 | 223 | 6,774 | 5.0 | 7,212 | (6.1 | ) | ||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
998 | 30,310 | 22.2 | (4,243 | ) | – | 998 | 30,310 | 22.2 | 34,781 | (12.9 | ) | ||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(48 | ) | (1,456 | ) | (1.1 | ) | (842 | ) | 72.9 | (48 | ) | (1,456 | ) | (1.1 | ) | (1,352 | ) | 7.7 | ||||||||||||||||||||||
|
Income (Loss)
before Income Tax
|
950 | 28,855 | 21.1 | (5,085 | ) | – | 950 | 28,855 | 21.1 | 33,429 | (13.7 | ) | ||||||||||||||||||||||||||||
|
Income Tax
Expense
|
(62 | ) | (1,869 | ) | (1.4 | ) | (20 | ) | 9,220.7 | (62 | ) | (1,869 | ) | (1.4 | ) | (336 | ) | 455.7 | ||||||||||||||||||||||
|
Net Income
(Loss)
|
889 | 26,985 | 19.8 | (5,105 | ) | – | 889 | 26,985 | 19.8 | 33,092 | (18.5 | ) | ||||||||||||||||||||||||||||
|
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
|
Equity Holders
of The Parent Company
|
884 | 26,861 | 19.7 | (5,105 | ) | – | 884 | 26,861 | 19.7 | 33,006 | (18.6 | ) | ||||||||||||||||||||||||||||
|
Minority
Interest
|
4 | 124 | 0.1 | 1 | 17,956.2 | 4 | 124 | 0.1 | 86 | 43.9 | ||||||||||||||||||||||||||||||
|
Net Income
(Loss)
|
889 | 26,985 | 19.8 | (5,105 | ) | – | 889 | 26,985 | 19.8 | 33,092 | (18.5 | ) | ||||||||||||||||||||||||||||
|
Basic Earnings
Per Share
|
0.11 | 3.41 | (0.67 | ) | 0.11 | 3.41 | 4.22 | |||||||||||||||||||||||||||||||||
|
Basic Earnings
Per ADR(3)
|
1.12 | 34.15 | (6.74 | ) | 1.12 | 34.15 | 42.21 | |||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
7,867 | 7,574 | 7,867 | 7,809 | ||||||||||||||||||||||||||||||||||||
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 NT$30.37 per USD as of March 31, 2008
(3)
1 ADR equals 10 common shares
AU
OPTRONICS CORP.
CONSOLIDATED
STATEMENT OF CASH FLOWS
For
the Years Ended March 31, 2008 and 2007
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
1Q
2008
|
1Q
2007
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flows from Operating Activities:
|
||||||||||||
|
Net Income
(Loss)
|
889 | 26,985 | (5,105 | ) | ||||||||
|
Depreciation
& Amortization
|
652 | 19,803 | 19,192 | |||||||||
|
Provision for
Inventory Devaluation
|
0 | 10 | 1,435 | |||||||||
|
Investment
Loss(Gain) under Equity Method
|
(2 | ) | (59 | ) | 98 | |||||||
|
Disposal Gain
on Long-term Investments
|
0 | 0 | (1 | ) | ||||||||
|
Changes in
Working Capital & Others
|
(31 | ) | (948 | ) | (1,164 | ) | ||||||
|
Net Cash
Provided by Operating Activities
|
1,508 | 45,792 | 14,456 | |||||||||
|
Cash
Flows from Investing Activities:
|
||||||||||||
|
Proceeds from
Disposal of AFS Investments
|
5 | 151 | (126 | ) | ||||||||
|
Acquisition of
Property, Plant and Equipment
|
(734 | ) | (22,283 | ) | (26,101 | ) | ||||||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
1 | 24 | 0 | |||||||||
|
Proceeds from
Disposal of Idle Assets
|
0 | 1 | 0 | |||||||||
|
Increase in
Long-term Investments
|
(0 | ) | (14 | ) | (566 | ) | ||||||
|
Proceeds from
Disposal of Long-term Investments
|
0 | 0 | 5 | |||||||||
|
Increase in
Deferred Assets and Intangible Assets
|
(15 | ) | (460 | ) | (981 | ) | ||||||
|
Decrease(Increase)
in Other Assets
|
(4 | ) | (132 | ) | 52 | |||||||
|
Net Cash Used
in Investing Activities
|
(748 | ) | (22,712 | ) | (27,716 | ) | ||||||
|
Cash
Flows from Financing Activities:
|
||||||||||||
|
Increase(Decrease)
in Short-term Borrowings
|
9 | 269 | (2,330 | ) | ||||||||
|
Increase(Decrease)
in Guarantee Deposits
|
0 | 1 | (2 | ) | ||||||||
|
Increase(Decrease)
in Long-term Borrowings and Bonds Payable
|
31 | 953 | (6,119 | ) | ||||||||
|
Employee Stock
Options Exercised
|
0 | 15 | 15 | |||||||||
|
Change in
Minority Interest
|
(1 | ) | (24 | ) | 9 | |||||||
|
Net Cash
Provided(Used) by Financing Activities
|
40 | 1,213 | (8,428 | ) | ||||||||
|
Effect
of Exchange Rate Changes on Cash
|
(15 | ) | (442 | ) | (440 | ) | ||||||
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
785 | 23,851 | (22,128 | ) | ||||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,960 | 89,890 | 43,926 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
3,745 | 113,741 | 21,797 | |||||||||
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 30.37 per USD as of March 31, 2008
AU
OPTRONICS CORP.
UNCONSOLIDATED
BALANCE SHEET
March
31, 2008 and 2007
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )
|
March 31,
2008
|
March 31,
2007
|
YoY
|
||||||||||||||||||||||||||
|
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
|
Cash and Cash
Equivalents
|
3,397 | 103,164 | 17.1 | 19,462 | 3.7 | 83,702 | 430.1 | |||||||||||||||||||||
|
Available-for-Sale
Financial Assets - Current
|
40 | 1,203 | 0.2 | 1,716 | 0.3 | ( 513 | ) | (29.9 | ) | |||||||||||||||||||
|
Notes &
Accounts Receivables
|
2,238 | 67,953 | 11.3 | 46,425 | 8.9 | 21,528 | 46.4 | |||||||||||||||||||||
|
Other Current
Financial Assets
|
47 | 1,422 | 0.2 | 1,876 | 0.4 | ( 453 | ) | (24.2 | ) | |||||||||||||||||||
|
Inventories
|
1,123 | 34,092 | 5.7 | 40,558 | 7.8 | ( 6,466 | ) | (15.9 | ) | |||||||||||||||||||
|
Other Current
Assets
|
408 | 12,387 | 2.1 | 5,338 | 1.0 | 7,049 | 132.0 | |||||||||||||||||||||
|
Total Current
Assets
|
7,251 | 220,221 | 36.6 | 115,375 | 22.2 | 104,847 | 90.9 | |||||||||||||||||||||
|
Long-term
Investments
|
1,026 | 31,147 | 5.2 | 24,775 | 4.8 | 6,372 | 25.7 | |||||||||||||||||||||
|
Fixed
Assets
|
17,892 | 543,368 | 90.3 | 500,025 | 96.0 | 43,343 | 8.7 | |||||||||||||||||||||
|
Less
Accumulated Depreciation
|
( 7,148 | ) | ( 217,092 | ) | (36.1 | ) | (149,950 | ) | (28.8 | ) | ( 67,142 | ) | 44.8 | |||||||||||||||
|
Net Fixed
Assets
|
10,743 | 326,276 | 54.2 | 350,075 | 67.2 | ( 23,799 | ) | (6.8 | ) | |||||||||||||||||||
|
Other
Assets
|
800 | 24,304 | 4.0 | 30,645 | 5.9 | ( 6,341 | ) | (20.7 | ) | |||||||||||||||||||
|
Total
Assets
|
19,820 | 601,948 | 100.0 | 520,869 | 100.0 | 81,079 | 15.6 | |||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
|
Accounts
Payable
|
2,945 | 89,429 | 14.9 | 66,141 | 12.7 | 23,288 | 35.2 | |||||||||||||||||||||
|
Current
Installments of Long-term Borrowings
|
1,124 | 34,124 | 5.7 | 34,218 | 6.6 | ( 93 | ) | (0.3 | ) | |||||||||||||||||||
|
Current
Financial Liabilities
|
1 | 20 | 0.0 | 52 | 0.0 | ( 32 | ) | (60.8 | ) | |||||||||||||||||||
|
Other Current
Liabilities
|
1,200 | 36,430 | 6.1 | 28,270 | 5.4 | 8,160 | 28.9 | |||||||||||||||||||||
|
Total Current
Liabilities
|
5,268 | 160,004 | 26.6 | 128,681 | 24.7 | 31,323 | 24.3 | |||||||||||||||||||||
|
Long-term
Borrowings
|
3,348 | 101,684 | 16.9 | 138,598 | 26.6 | ( 36,913 | ) | (26.6 | ) | |||||||||||||||||||
|
Bonds
Payable
|
727 | 22,067 | 3.7 | 27,491 | 5.3 | ( 5,424 | ) | (19.7 | ) | |||||||||||||||||||
|
Other
Long-term Liabilities
|
3 | 80 | 0.0 | 299 | 0.1 | ( 219 | ) | (73.2 | ) | |||||||||||||||||||
|
Total
Liabilities
|
9,346 | 283,836 | 47.2 | 295,069 | 56.6 | ( 11,234 | ) | (3.8 | ) | |||||||||||||||||||
|
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
|
Common
Stock
|
2,590 | 78,652 | 13.1 | 75,738 | 14.5 | 2,914 | 3.8 | |||||||||||||||||||||
|
Capital
Collected In Advance
|
1 | 30 | 0.0 | 0 | 0.0 | 30 | – | |||||||||||||||||||||
|
Capital
Surplus
|
3,751 | 113,914 | 18.9 | 110,688 | 21.3 | 3,226 | 2.9 | |||||||||||||||||||||
|
Retained
Earnings
|
4,063 | 123,391 | 20.5 | 38,886 | 7.5 | 84,505 | 217.3 | |||||||||||||||||||||
|
Cumulative
Translation Adjustments
|
26 | 803 | 0.1 | 548 | 0.1 | 255 | 46.6 | |||||||||||||||||||||
|
Unrealized
Gain/Loss on Financial Products
|
44 | 1,322 | 0.2 | ( 57 | ) | 0.0 | 1,379 | – | ||||||||||||||||||||
|
Deferred
Compensation Cost
|
0 | 0 | 0.0 | ( 3 | ) | 0.0 | 3 | – | ||||||||||||||||||||
|
Total
Shareholders' Equity
|
10,475 | 318,112 | 52.8 | 225,800 | 43.4 | 92,312 | 40.9 | |||||||||||||||||||||
|
Total
Liabilities & Shareholders' Equity
|
19,820 | 601,948 | 100.0 | 520,869 | 100.0 | 81,079 | 15.6 | |||||||||||||||||||||
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 30.37 per USD as of March 31, 2008
AU
OPTRONICS CORP.
UNCONSOLIDATED
INCOME STATEMENT
For
the Three Months Ended March 31, 2008 and 2007 and December 31,
2007
(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
2008
|
%
of
|
1Q
2007
|
YoY
|
1Q
2008
|
%
of
|
4Q
2007
|
QoQ
|
|||||||||||||||||||||||||||||||||
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
|
Net
Sales
|
4,486 | 136,239 | 100.0 | 80,694 | 68.8 | 4,486 | 136,239 | 100.0 | 155,254 | (12.2 | ) | |||||||||||||||||||||||||||||
|
Cost of Goods
Sold
|
3,315 | 100,668 | 73.9 | 81,091 | 24.1 | 3,315 | 100,668 | 73.9 | 114,104 | (11.8 | ) | |||||||||||||||||||||||||||||
|
Gross Profit
(Loss)
|
1,171 | 35,571 | 26.1 | (397 | ) | – | 1,171 | 35,571 | 26.1 | 41,151 | (13.6 | ) | ||||||||||||||||||||||||||||
|
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
|
SG&A
|
141 | 4,294 | 3.2 | 2,704 | 58.8 | 141 | 4,294 | 3.2 | 4,316 | (0.5 | ) | |||||||||||||||||||||||||||||
|
R&D
|
56 | 1,687 | 1.2 | 1,210 | 39.4 | 56 | 1,687 | 1.2 | 2,129 | (20.8 | ) | |||||||||||||||||||||||||||||
| 197 | 5,981 | 4.4 | 3,914 | 52.8 | 197 | 5,981 | 4.4 | 6,445 | (7.2 | ) | ||||||||||||||||||||||||||||||
|
Operating
Income (Loss)
|
974 | 29,591 | 21.7 | (4,311 | ) | – | 974 | 29,591 | 21.7 | 34,706 | (14.7 | ) | ||||||||||||||||||||||||||||
|
Net
Non-Operating Expenses
|
(28 | ) | (864 | ) | (0.6 | ) | (794 | ) | 8.8 | (28 | ) | (864 | ) | (0.6 | ) | (1,390 | ) | (37.8 | ) | |||||||||||||||||||||
|
Income (Loss)
before Income Tax
|
946 | 28,727 | 21.1 | (5,105 | ) | – | 946 | 28,727 | 21.1 | 33,317 | (13.8 | ) | ||||||||||||||||||||||||||||
|
Income Tax
Expense
|
(61 | ) | (1,865 | ) | (1.4 | ) | 0 | – | (61 | ) | (1,865 | ) | (1.4 | ) | (311 | ) | 500.1 | |||||||||||||||||||||||
|
Net Income
(Loss)
|
884 | 26,861 | 19.7 | (5,105 | ) | – | 884 | 26,861 | 19.7 | 33,006 | (18.6 | ) | ||||||||||||||||||||||||||||
|
Basic Earnings
Per Share
|
0.11 | 3.41 | (0.67 | ) | 0.11 | 3.41 | 4.22 | |||||||||||||||||||||||||||||||||
|
Basic Earnings
Per ADR(3)
|
1.12 | 34.15 | (6.74 | ) | 1.12 | 34.15 | 42.21 | |||||||||||||||||||||||||||||||||
|
Weighted-Average
Shares Outstanding ('M)
|
7,867 | 7,574 | 7,867 | 7,809 | ||||||||||||||||||||||||||||||||||||
| 30.37 | ||||||||||||||||||||||||||||||||||||||||
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 NT$30.37 per USD as of March 31, 2008
(3)
1 ADR equals 10 common shares
AU
OPTRONICS CORP.
UNCONSOLIDATED
STATEMENT OF CASH FLOWS
For
theYears Ended March 31, 2008 and 2007
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1Q 2008 |
1Q
2007
|
|||||||||||
|
USD
|
NTD
|
NTD
|
||||||||||
|
Cash
Flows from Operating Activities:
|
||||||||||||
|
Net Income
(Loss)
|
884 | 26,861 | (5,105 | ) | ||||||||
|
Depreciation
& Amortization
|
578 | 17,552 | 18,006 | |||||||||
|
Provision(Reverse)
for Inventory Devaluation
|
(6 | ) | (185 | ) | 1,215 | |||||||
|
Investment
Loss (Gain) under Equity Method
|
(16 | ) | (481 | ) | 197 | |||||||
|
Changes in
Working Capital & Others
|
3 | 99 | (745 | ) | ||||||||
|
Net Cash
Provided by Operating Activities
|
1,444 | 43,846 | 13,567 | |||||||||
|
Cash
Flows from Investing Activities:
|
||||||||||||
|
Proceeds from
Disposal of AFS Investments
|
5 | 151 | 0 | |||||||||
|
Acquisition of
Property, Plant and Equipment
|
(675 | ) | (20,495 | ) | (24,677 | ) | ||||||
|
Proceeds from
Disposal of Property, Plant and Equipment
|
7 | 226 | 0 | |||||||||
|
Proceeds from
Disposal of Idle Assets
|
0 | 1 | 0 | |||||||||
|
Increase in
Long-term Investments
|
(13 | ) | (400 | ) | (1,021 | ) | ||||||
|
Increase in
Deferred Assets and Intangible Assets
|
(14 | ) | (437 | ) | (989 | ) | ||||||
|
Decrease(Increase)
in Other Assets
|
(3 | ) | (99 | ) | 49 | |||||||
|
Net Cash Used
in Investing Activities
|
(693 | ) | (21,053 | ) | (26,638 | ) | ||||||
|
Cash
Flows from Financing Activities:
|
||||||||||||
|
Decrease in
Guarantee Deposits
|
(0 | ) | (1 | ) | (2 | ) | ||||||
|
Decrease in
Long-term Borrowings and Bonds Payable
|
0 | 0 | (8,621 | ) | ||||||||
|
Employee Stock
Options Exercised
|
0 | 15 | 15 | |||||||||
|
Net Cash
Provided(Used) by Financing Activities
|
0 | 14 | (8,609 | ) | ||||||||
|
Effect
of Exchange Rate Changes on Cash
|
(6 | ) | (175 | ) | 100 | |||||||
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
745 | 22,632 | (21,580 | ) | ||||||||
|
Cash
and Cash Equivalents at Beginning of Period
|
2,652 | 80,532 | 41,042 | |||||||||
|
Cash
and Cash Equivalents at End of Period
|
3,397 | 103,164 | 19,462 | |||||||||
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 30.37 per USD as of March 31, 2008