Form 20-F x Form 40-F o
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Yes o No x |
1.
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Press release entitled, “AU Optronics Corp. Reports First Quarter 2015 Financial Results” dated April 28, 2015.
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2.
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Investor Conference Materials entitled, “AU Optronics Corp. First Quarter 2015 Results”, dated April 28, 2015.
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AU Optronics Corp.
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Date: April 28, 2015
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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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Ÿ
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Revenues of NT$95.30 billion
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Ÿ
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Operating profit of NT$8.95 billion
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Ÿ
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Net profit of NT$5.27 billion
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Ÿ
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Basic EPS of NT$0.54(2)
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Ÿ
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Gross margin was 15.1%
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Ÿ
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Operating margin was 9.4%
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Ÿ
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EBITDA(4) margin was 23.4%
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(1)
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All financial information was unaudited and was prepared by the Company in accordance with Taiwan IFRS.
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(2)
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Basic EPS in the first quarter of 2015 was calculated based on the weighted average outstanding shares of the reporting quarter (9,624 million shares).
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(3)
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Large size refers to panels that are 10 inches and above in diagonal measurement.
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(4)
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EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.
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Gwen Ting
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Jessie Lee
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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 7259
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Tel: +886-3-5008800 ext 3206
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Fax: +886-3-5772730
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Fax: +886-3-5772730
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Email: gwen.ting@auo.com
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Email : jessie.jc.lee@auo.com
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AU Optronics Corp. First Quarter 2015 Results Investor Conference 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. [] Beginning on January 1, 2013, we have adopted the International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS") to the extent endorsed by the ROC Financial Supervisory Commission ("FSC") ("Taiwan IFRS") for reporting our annual and interim consolidated financial statements in the ROC in accordance with the requirements of the FSC. All financial information contained herewithin is presented in conformity with Taiwan IFRS. Readers should be cautioned that Taiwan IFRS differs in many material respects from IFRS including to the extent that any new or amended standards or interpretations applicable under IFRS may not be timely endorsed by the FSC. [] 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. |
Statement of Comprehensive Income Selected Items from Statement of Comprehensive Income Amount : NT$ Million 1Q15 4Q14 QoQ % 1Q14 ======== ======= ========= ======= ========= ======== ======= Net Sales 95,302 100. 0% 105,449 100. 0% (9. 6%) 93,802 100. 0% Cost of Goods Sold (80,954) (84.9%) (89,828) (85.2%) (9.9%) (86,907) (92.7%) Gross Profit 14,348 15. 1% 15,621 14. 8% (8. 1%) 6,894 7. 3% Operating Expenses (5,395) (5.7%) (6,798) (6.4%) (20.6%) (6,236) (6.6%) Operating Profit 8,952 9. 4% 8,823 8. 4% 1. 5% 658 0. 7% Net Non-operating Expenses (3,179) (3.3%) (890) (0.8%) 257.1% (359) (0.4%) Profit before Tax 5,774 6. 1% 7,933 7. 5% (27. 2%) 299 0. 3% Net Profit 5,272 5. 5% 6,575 6. 2% (19. 8%) 166 0. 2% Attributable to: Owners of Company 5,156 5.4% 6,004 5.7% (14.1%) 259 0.3% Non-controlling Interests 116 0.1% 571 0.5% (79.6%) (93) (0.1%) Net Profit 5,272 5. 5% 6,575 6. 2% (19. 8%) 166 0. 2% Basic EPS (NT$)(a) 0. 54 0. 62 (12. 9%) 0. 03 ============================ ======== ======= ========= ======= ========= ======== ======= Operating Profit + D&A 22,339 23. 4% 22,339 21. 2% 0. 0% 15,723 16. 8% ============================ ======== ======= ========= ======= ========= ======== ======= Display Segment Information: Net Sales 88,966 100.0% 99,385 100.0% (10.5%) 87,530 100.0% Operating Profit 9,490 10.7% 9,225 9.3% 2.9% 1,437 1.6% Operating Profit + D&A 22,140 24.9% 21,831 22.0% 1.4% 15,550 17.8% ============================ ======== ======= ========= ======= ========= ======== ======= Unit Shipments (mn)(b) Large Size Panels 26. 8 29. 4 (8. 9%) 29. 2 Small & Medium Size Panels 42. 6 42. 7 (0. 2%) 33. 5 ============================ ======== ======= ========= ======= ========= ======== ======= -- Unaudited, prepared by AUO based on Taiwan IFRS a) Basic EPS in 1Q15 was calculated based on the weighted average outstanding shares of the reporting quarter (9,624m shares); Basic EPS in both 4Q14 and 1Q14 were calculated based on the weighted average outstanding shares of 2014 (9,624m shares). b) Large size refers to panels that are 10 inches and above Consolidated Balance Sheet Highlights Amount : NT$ Million 1Q15 4Q14 QoQ % 1Q14 ========= ========= =========== ========= Cash & ST Investment()a) 78,325 81,965 (4.4%) 73,077 Inventory 38,034 36,420 4.4% 37,422 Short Term Debt ()b) 53,036 56,998 (7.0%) 51,040 Long Term Debt 78,311 85,689 (8.6%) 126,170 Equity 204,845 200,370 2.2% 179,013 Total Assets 454,761 469,860 (3.2%) 474,525 ============================== ========= ========= =========== ========= Inventory Turnover (Days)()c) 42 36 39 Net Debt to Equity ()d) 25. 9% 30. 3% 58. 2% ============================== ========= ========= =========== ========= -- Unaudited, prepared by AUO based on Taiwan IFRS a) Excluding time deposit with maturity longer than 3 months (NT$ 2,410m in 1Q15 ,NT$2,100m in 4Q14, and NT$891m in 1Q14) b) Short term debt refers to all interest bearing debt maturing within one year c) Calculated by dividing the average inventory into the annualized cost of goods sold during such period, then multiplying by 365 days d) Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and ST Investment) / Equity |
Consolidated Cash Flow Highlights Amount : NT$ Million 1Q15 4Q14 QoQ ========== ========== ========== From Operating Activities 12,457 17,873 (5,416) Profit before Tax 5,774 7,933 (2,159) Depreciation & Amortization 13,387 13,516 (129) Net Change in Working Capital (6,177) (3,787) (2,390) From Investing Activities (5,055) (1,540) (3,515) Capital Expenditure (5,218) (3,052) (2,166) From Financing Activities (11,098) (10,030) (1,068) Net Change in Debt (11,004) (9,888) (1,116) Net Change in Cash()a) (3,641) 6,552 (10,192) -- Unaudited, prepared by AUO based on Taiwan IFRS a) In addition to cash generated from operating, investing and financing activities, net change in cash also include effect on currency exchange of foreign subsidiaries Display Revenue Breakdown by Application -- Unaudited, prepared by AUO based on Taiwan IFRS -- Mobile PC : including Notebook and Tablet displays -- Mobile Device : including displays for mobile phones and other related products -- Commercial and Others: including displays for automobile, industrial PC, ATM, point of sale (POS), pachinko, and etc. |
Display Revenue Breakdown by Size -- Unaudited, prepared by AUO based on Taiwan IFRS Consolidated Shipments & ASP by Area Shipments in square meter ASP per square meter -- Unaudited, prepared by AUO based on Taiwan IFRS -- ASP per square meter in US$ was translated from NT$ based on average exchange rates announced by Customs Administration, Ministry of Finance of each respective quarter |
Consolidated Small & Medium Panel Shipments by Area & Revenues -- Unaudited, prepared by AUO based on Taiwan IFRS -- Small & Medium size refers to panels that are under 10 inches www.auo.com ir@auo.com |
AU OPTRONICS CORP. CONSOLIDATED COMPREHENSIVE INCOME STATEMENT For the Three Months Ended March 31, 2015 and 2014 and December 31, 2014 (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 2015 % of 1Q 2014 YoY 1Q 2015 % of 4Q 2014 QoQ USD NTD Sales NTD Chg % USD NTD Sales NTD Chg % ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Net Sales 3,051 95,302 100.0 93,802 1.6 3,051 95,302 100.0 105,449 (9.6) Cost of Goods Sold 2,591 80,954 84.9 86,907 (6.8) 2,591 80,954 84.9 89,828 (9.9) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Gross Profit 459 14,348 15.1 6,894 108.1 459 14,348 15.1 15,621 (8.1) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Operating Expenses 173 5,395 5.7 6,236 (13.5) 173 5,395 5.7 6,798 (20.6) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Operating Profit 287 8,952 9.4 658 1,260.7 287 8,952 9.4 8,823 1.5 ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Net Non-Operating Expense (102) (3,179) (3.3) (359) 786.5 (102) (3,179) (3.3) (890) 257.1 ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Profit before Income Tax 185 5,774 6.1 299 1,828.7 185 5,774 6.1 7,933 (27.2) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Income Tax Expense (16) (502) (0.5) (133) 276.1 (16) (502) (0.5) (1,358) (63.1) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Net Profit 169 5,272 5.5 166 3,076.5 169 5,272 5.5 6,575 (19.8) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Other Comprehensive Income (Loss) (27) (854) (0.9) (65) 1,210.4 (27) (854) (0.9) 1,854 [] ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Total Comprehensive Income 141 4,418 4.6 101 4,282.5 141 4,418 4.6 8,429 (47.6) ======= ========= ======= ======== ======== ======= ========= ======= ========== ======== Net Profit Attributable to: Owners of Company 165 5,156 5.4 259 1,887.1 165 5,156 5.4 6,004 (14.1) Non-controlling Interests 4 116 0.1 (93) [] 4 116 0.1 571 (79.6) ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Net Profit 169 5,272 5.5 166 3,076.5 169 5,272 5.5 6,575 (19.8) ======= ========= ======= ======== ======== ======= ========= ======= ========== ======== Total Comprehensive Income Attributable to: Owners of Company 143 4,466 4.7 254 1,655.6 143 4,466 4.7 7,462 (40.1) Non-controlling Interests (2) (48) (0.1) (154) (68.8) (2) (48) (0.1) 967 [] ------- --------- ------- -------- -------- ------- --------- ------- ---------- -------- Total Comprehensive Income 141 4,418 4.6 101 4,282.5 141 4,418 4.6 8,429 (47.6) ======= ========= ======= ======== ======== ======= ========= ======= ========== ======== Basic Earnings Per Share 0.02 0.54 0.03 0.02 0.54 0.62 ------- --------- -------- ------- --------- ---------- Basic Earnings Per ADS(3) 0.17 5.36 0.27 0.17 5.36 6.24 ------- --------- -------- ------- --------- ---------- Weighted-Average Shares Outstanding ('M) 9,624 9,624 9,624 9,624 --------- -------- --------- ---------- Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS (2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.24 per USD as of March 31, 2015 (3) 1 ADS equals 10 common shares |
AU OPTRONICS CORP. CONSOLIDATED BALANCE SHEET March 31, 2015 and 2014 (Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) ) A March 31, 2015 March 31, 2014 YoY ------ ---------------- ----- -------------- ----- ---------- ------- ASSETS USD NTD % NTD % Change % -------------------------------------------- ------ ---------------- ----- -------------- ----- ---------- ------- Cash and Cash Equivalents 2,507 78,325 17.2 73,077 15.4 5,247 7.2 Notes & Accounts Receivables 1,768 55,222 12.1 44,746 9.4 10,476 23.4 Other Current Financial Assets 135 4,217 0.9 2,620 0.6 1,597 60.9 Inventories 1,217 38,034 8.4 37,422 7.9 611 1.6 Other Current Assets 143 4,481 1.0 4,262 0.9 219 5.1 ------ ---------------- ----- -------------- ----- ---------- ------- Total Current Assets 5,771 180,278 39.6 162,128 34.2 18,150 11.2 ------ ---------------- ----- -------------- ----- ---------- ------- Long-term Investments 481 15,011 3.3 14,587 3.1 425 2.9 ------ ---------------- ----- -------------- ----- ---------- ------- Net Fixed Assets 7,126 222,606 49.0 259,472 54.7 (36,866) (14.2) ------ ---------------- ----- -------------- ----- ---------- ------- Other Assets 1,180 36,866 8.1 38,339 8.1 (1,473) (3.8) ------ ---------------- ----- -------------- ----- ---------- ------- Total Assets 14,557 454,761 100.0 474,525 100.0 (19,764) (4.2) ====== ================ ===== ============== ===== ========== ======= LIABILITIES -------------------------------------------- Short-term Borrowings 0 0 0.0 1,248 0.3 (1,248) (100.0) Accounts Payable 2,143 66,959 14.7 72,946 15.4 (5,987) (8.2) Current Installments of Long-term Borrowings 1,276 39,864 8.8 49,792 10.5 (9,928) (19.9) Current Installments of Bonds Payable 422 13,172 2.9 0 0.0 13,172 [] Current Financial Liabilities 2 48 0.0 178 0.0 (130) (72.9) Accrued Expense & Other Current Liabilities 1,177 36,773 8.1 25,469 5.4 11,304 44.4 Machinery and Equipment Payable 138 4,301 0.9 5,444 1.1 (1,144) (21.0) ------ ---------------- ----- -------------- ----- ---------- ------- Total Current Liabilities 5,157 161,117 35.4 155,078 32.7 6,039 3.9 ------ ---------------- ----- -------------- ----- ---------- ------- Long-term Borrowings 2,507 78,311 17.2 106,864 22.5 (28,553) (26.7) Bonds Payable 0 0 0.0 19,306 4.1 (19,306) (100.0) Non Current Financial Liabilities 0 8 0.0 9 0.0 (1) (9.2) Other Long-term Liabilities 335 10,480 2.3 14,255 3.0 (3,775) (26.5) ------ ---------------- ----- -------------- ----- ---------- ------- Total Long-term Liabilities 2,842 88,799 19.5 140,434 29.6 (51,635) (36.8) ------ ---------------- ----- -------------- ----- ---------- ------- Total Liabilities 8,000 249,916 55.0 295,512 62.3 (45,596) (15.4) ------ ---------------- ----- -------------- ----- ---------- ------- EQUITY -------------------------------------------- Common Stock 3,081 96,242 21.2 96,242 20.3 0 0.0 Capital Surplus 1,905 59,501 13.1 60,719 12.8 (1,218) (2.0) Retained Earnings 822 25,675 5.6 4,280 0.9 21,395 499.9 Other Equity 136 4,259 0.9 3,539 0.7 720 20.4 Non-Controlling Interests 614 19,167 4.2 14,234 3.0 4,934 34.7 ------ ---------------- ----- -------------- ----- ---------- ------- Total Equity 6,557 204,845 45.0 179,013 37.7 25,832 14.4 ------ ---------------- ----- -------------- ----- ---------- ------- Total Liabilities & Equity 14,557 454,761 100.0 474,525 100.0 (19,764) (4.2) ====== ================ ===== ============== ===== ========== ======= Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS (2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.24 per USD as of March 31, 2015 (3) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months |
AU OPTRONICS CORP. CONSOLIDATED STATEMENT OF CASH FLOW For the Period Ended March 31, 2015 and 2014 (Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)) 1Q 2015 1Q 2014 --------------- ------------ ------------- USD NTD NTD --------------- ------------ ------------- Cash Flow from Operating Activities: Profit before Income Taxes 185 5,774 299 Depreciation & Amortization 429 13,387 15,065 Investment Loss under Equity Method (6) (177) (83) Changes in Working Capital (198) (6,177) (5,884) Changes in Others (11) (350) 1,052 --------------- ------------ ------------- Net Cash Provided by Operating Activities 399 12,457 10,449 Cash Flow from Investing Activities: Proceeds from Disposal of AFS Investments 0 0 2 Acquisition of Property, Plant and Equipment (167) (5,218) (5,594) Proceeds from Disposal of Property, Plant and Equipment 1 29 826 Acquisition of Financial Assets Carried at Cost 0 0 (2) Proceeds from Disposal of Equity-Accounted Investees and Financial Assets Carried at Cost 0 0 81 Decrease(Increase) in Other Financial Assets 4 129 (301) Increase in Intangible Assets 0 0 (18) Decrease(Increase) in Other Assets 0 5 (3) --------------- ------------ ------------- Net Cash Used in Investing Activities (162) (5,055) (5,008) Cash Flow from Financing Activities: Decrease in Short-term Borrowings (12) (381) (2,209) Decrease in Long-term Borrowings and Bonds Payable (340) (10,623) (6,358) Increase(Decrease) in Guarantee Deposits 1 35 (107) Changes in Non-Controlling Interests and Others (4) (129) 286 --------------- ------------ ------------- Net Cash Used by Financing Activities (355) (11,098) (8,387) Effect of Exchange Rate Changes on Cash 2 56 (288) --------------- ------------ ------------- Net Decrease in Cash and Cash Equivalents (117) (3,641) (3,235) Cash and Cash Equivalents at Beginning of Period 2,624 81,965 76,312 --------------- ------------ ------------- Cash and Cash Equivalents at End of Period 2,507 78,325 73,077 =============== ============ ============= Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS (2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 31.24 per USD as of March 31, 2015 |