Commission
File Number
|
001-31335
|
|
AU
Optronics Corp.
|
||
(Translation
of registrant’s name into English)
|
||
No.
1 Li-Hsin Road 2
|
||
Hsinchu
Science Park
|
||
Hsinchu,
Taiwan
|
||
(Address
of principal executive offices)
|
Form
20-F X
Form 40-F ___
|
Yes
..... No ..X...
|
1.
|
Press
release entitled, ” AU Optronics Corp. Reports 3Q2008 Results”, dated
October 23, 2008.
|
2.
|
Investor
Conference Materials entitled, “AU Optronics Corp. Third Quarter 2008
Results”, dated October 23, 2008.
|
AU
Optronics Corp.
|
|||||
Date: October 23, 2008
|
By:
|
/s/
Max Cheng
|
|||
Name:
|
Max
Cheng
|
||||
Title:
|
Chief
Financial Officer
|
News
Release
|
Fiona
Chiu
|
Yawen
Hsiao
|
|
Corporate
Communications Dept
|
Corporate
Communications Dept.
|
|
AU
Optronics Corp
|
AU
Optronics Corp.
|
|
Tel: +886-3-5008899
ext 3206
|
+886-3-5008899
ext 3211
|
|
Fax:
+886-3-5772730
|
+886-3-5772730
|
|
Email:
fiona.chiu@auo.com
|
yawen.hsiao@auo.com
|
AU Optronics Corp. Third Quarter 2008 Results Investor Conference October 23, 2008 AUO Proprietary & Confidential |
Safe Harbor Notice o The statements included in this presentation that are not historical in nature are "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics' future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics' current expectations. o Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates. o In addition, any financial information contained herewithin is presented in conformity with accounting principles generally accepted in the Republic of China ("ROC GAAP"). Readers should be cautioned that these accounting principles differ in many material respects from accounting principles generally accepted in the United States of America ("US GAAP"). o Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise. o Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics' forward-looking statements or some of the major differences between ROC GAAP and US GAAP can be found in AU Optronics' Annual Report on Form 20-F with respect to the year ended December, 2007 filed with the United States Securities and Exchange Commission. 2 |
Consolidated Income Statement Amount : NT$ Million Except Per Share Data Net Sales 104,072 100.0% 123,476 100.0% (15.7%) 137,960 100.0% Cost of Goods Sold (95,712) (92.0%) (92,661) (75.0%) 3.3% (106,168) (77.0%) Gross Profit 8,360 8.0% 30,815 25.0% (72.9%) 31,792 23.0% Operating Expenses (5,677) (5.5%) (6,754) (5.5%) (15.9%) (5,982) (4.3%) Operating Income 2,683 2.6% 24,062 19.5% (88.9%) 25,811 18.7% Net Non-operating Expenses (1,239) (1.2%) (444) (0.4%) 179.1% (1,666) (1.2%) Income before Tax 1,443 1.4% 23,617 19.1% (93.9%) 24,144 17.5% Net Income 860 0.8% 20,392 16.5% (95.8%) 22,571 16.4% Attributable to: Equity holders of the parent company 806 0.8% 20,165 16.3% (96.0%) 22,530 16.3% Minority interest 54 0.1% 226 0.2% (76.2%) 41 0.0% Net Income 860 0.8% 20,392 16.5% (95.8%) 22,571 16.4% Basic EPS (NT$)(a) 0.09 2.37 (96.0%) 2.67 Operating Income + D&A 22,935 22.0% 44,044 35.7% (47.9%) 46,952 34.0% Unit Shipments (mn)(b) Large Size Panels 20.7 21.8 (5.2%) 22.3 Small & Medium Size Panels 61.1 41.9 45.9% 40.7 - Unaudited, prepared by AUO on a consolidated basis (a) Basic EPS was calculated based on the total diluted weighted average outstanding shares of each quarter (8,505m shares in 3Q08, 8,505m shares in 2Q08 and 8,426m shares in 3Q07) by retroactively adjusting to stock dividend and stock bonus (b) Large size refers to panels that are 10 inches and above 3 |
Consolidated Balance Sheet Highlights Amount : NT$ Million 3Q'08 2Q'08 QoQ % 3Q'07 Cash & ST Investment 89,484 93,048 (3.8%) 41,740 Inventory 39,889 43,737 (8.8%) 42,720 Short Term Debt(a) 47,122 41,694 13.0% 42,501 Long Term Debt 103,758 96,990 7.0% 154,021 Equity 326,879 326,337 0.2% 263,586 Total Assets 602,335 622,808 (3.3%) 588,968 Inventory Turnover (Days)(b) 40 40 38 Debt to Equity 46.2% 42.5% 74.6% Net Debt to Equity 19.0% 14.3% 59.4% - Unaudited, prepared by AUO on a consolidated basis (a) Short term debt refers to all interest bearing debt maturing within one year (b) Calculated by dividing the average inventory into the annualized cost of goods sold during such period, then multiplying by 365 days 4 |
Consolidated Cash Flow Highlights Amount : NT$ Million 3Q'08 2Q'08 QoQ From Operating Activities 31,737 40,631 (8,895) Net Profit 860 20,392 (19,532) Depreciation & Amortization 20,253 19,983 270 Net Change in Working Capital 7,840 (970) 8,810 ----- ---- ----- From Investing Activities (24,674) (23,261) (1,413) Capital Expenditure (24,055) (21,096) (2,959) ------- ------- ------ From Financing Activities (10,716) (39,137) 28,421 Net Change in Debt 10,762 (39,169) 49,931 Cash Dividends (19,671) 0 (19,671) Employees' Compensation (1,625) 0 (1,625) ------ - ------ Net Change in Cash(a) (3,217) (21,671) 18,454 - 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 |
Consolidated Revenues by Application - Unaudited, prepared by AUO on a consolidated basis 6 |
Large Panel - ASP by Unit - Unaudited, prepared by AUO on a consolidated basis - Large size refers to panels that are 10 inches and above - Blended ASP in US$ was translated from NT$ based on average exchange rates announced by Directorate General of Customs, ROC Ministry of Finance of each respective quarter 7 |
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 |
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 |
Capacity by Fab ----------------------------------------------------------------------------- L3A (G3.5) 610 x 720 40,000 40,000 ----------------------------------------------------------------------------- L3B (G3.5) 610 x 720 20,000 LTPS 20,000 LTPS ----------------------------------------------------------------------------- L3C (G3.5) 600 x 720 60,000 60,000 ----------------------------------------------------------------------------- L3D (G3.5) 620 x 750 30,000 30,000 ----------------------------------------------------------------------------- L4A (G4.0) 680 x 880 60,000 60,000 ----------------------------------------------------------------------------- L5A (G5.0) 1100 x 1250 50,000 50,000 ----------------------------------------------------------------------------- L5B (G5.0) 1100 x 1300 70,000 70,000 ----------------------------------------------------------------------------- L5C (G5.0) 1100 x 1300 120,000 120,000 ----------------------------------------------------------------------------- L5D (G5.0) 1100 x 1300 70,000 70,000 ----------------------------------------------------------------------------- L6A (G6.0) 1500 x 1850 120,000 120,000 ----------------------------------------------------------------------------- L6B (G6.0) 1500 x 1850 120,000 120,000 ----------------------------------------------------------------------------- L7A (G7.5) 1950 x 2250 75,000 75,000 ----------------------------------------------------------------------------- Capacity based on monthly glass substrate input 10 |
www.auo.com ir@auo.com 11 |
AU
OPTRONICS CORP. CONSOLIDATED
BALANCE SHEET |
||||||||||||
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD)
)
|
||||||||||||
September
30, 2008
|
September 30,
2007
|
YoY
|
||||||||||
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||
Cash and Cash
Equivalents
|
2,757
|
88,853
|
14.8
|
40,037
|
6.8
|
48,816
|
121.9
|
|||||
Available-for-Sale
Financial Assets - Current
|
20
|
632
|
0.1
|
1,703
|
0.3
|
(1,072)
|
(62.9)
|
|||||
Notes &
Accounts Receivables
|
1,630
|
52,538
|
8.7
|
79,892
|
13.6
|
(27,354)
|
(34.2)
|
|||||
Other Current
Financial Assets
|
135
|
4,346
|
0.7
|
3,736
|
0.6
|
610
|
16.3
|
|||||
Inventories
|
1,238
|
39,889
|
6.6
|
42,720
|
7.3
|
(2,831)
|
(6.6)
|
|||||
Other Current
Assets
|
335
|
10,788
|
1.8
|
8,541
|
1.5
|
2,247
|
26.3
|
|||||
Total Current
Assets
|
6,114
|
197,045
|
32.7
|
176,629
|
30.0
|
20,416
|
11.6
|
|||||
Long-term
Investments
|
274
|
8,824
|
1.5
|
6,055
|
1.0
|
2,769
|
45.7
|
|||||
Fixed
Assets
|
20,377
|
656,749
|
109.0
|
585,029
|
99.3
|
71,720
|
12.3
|
|||||
Less:
Accumulated Depreciation
|
(8,802)
|
(283,680)
|
(47.1)
|
(210,105)
|
(35.7)
|
(73,575)
|
35.0
|
|||||
Net Fixed
Assets
|
11,575
|
373,069
|
61.9
|
374,925
|
63.7
|
(1,856)
|
(0.5)
|
|||||
Other
Assets
|
726
|
23,397
|
3.9
|
31,359
|
5.3
|
(7,963)
|
(25.4)
|
|||||
Total
Assets
|
18,689
|
602,335
|
100.0
|
588,968
|
100.0
|
13,367
|
2.3
|
|||||
LIABILITIES
|
||||||||||||
Short-term
Borrowings
|
46
|
1,484
|
0.2
|
391 |
0.1
|
1,092 |
279.2
|
|||||
Accounts
Payable
|
2,483
|
80,042
|
13.3
|
92,678
|
15.7
|
(12,635)
|
(13.6)
|
|||||
Current
Installments of Long-term Borrowings
|
1,416
|
45,639
|
7.6
|
42,110
|
7.1
|
3,529
|
8.4
|
|||||
Current
Financial Liabilities
|
13
|
420
|
0.1
|
87
|
0.0
|
333
|
384.3
|
|||||
Accrued
Expense & Other Current Liabilities
|
891
|
28,710
|
4.8
|
18,576
|
3.2
|
10,134
|
54.6
|
|||||
Machinery and
Equipment Payable
|
472
|
15,200
|
2.5
|
17,394
|
3.0
|
(2,194)
|
(12.6)
|
|||||
Total Current
Liabilities
|
5,321
|
171,495
|
28.5
|
171,235
|
29.1
|
260
|
0.2
|
|||||
Long-term
Borrowings
|
2,640
|
85,099
|
14.1
|
131,392
|
22.3
|
(46,293)
|
(35.2)
|
|||||
Bonds
Payable
|
579
|
18,659
|
3.1
|
22,629
|
3.8
|
(3,969)
|
(17.5)
|
|||||
Non Current
Financial Liabilities
|
3
|
101
|
0.0
|
105
|
0.0
|
(4)
|
(4.2)
|
|||||
Other
Long-term Liabilities
|
3
|
102
|
0.0
|
21
|
0.0
|
81
|
386.8
|
|||||
Total
Long-term Liabilities
|
3,226
|
103,961
|
17.3
|
154,147
|
26.2
|
(50,186)
|
(32.6)
|
|||||
Total
Liabilities
|
8,547
|
275,456
|
45.7
|
325,382
|
55.2
|
(49,926)
|
(15.3)
|
|||||
SHAREHOLDERS'
EQUITY
|
||||||||||||
Common
Stock
|
2,639
|
85,055
|
14.1
|
78,057
|
13.3
|
6,998
|
9.0
|
|||||
Capital
Collected In Advance
|
0
|
2
|
0.0
|
560
|
0.1
|
(558)
|
(99.7)
|
|||||
Capital
Surplus
|
3,528
|
113,701
|
18.9
|
111,584
|
18.9
|
2,118
|
1.9
|
|||||
Retained
Earnings
|
3,616
|
116,557
|
19.4
|
63,457
|
10.8
|
53,099
|
83.7
|
|||||
Cumulative
Translation Adjustments
|
59
|
1,912
|
0.3
|
725
|
0.1
|
1,187
|
163.8
|
|||||
Unrealized
Gain/Loss on Financial Products
|
8
|
262
|
0.0
|
271
|
0.0
|
(9)
|
(3.3)
|
|||||
Deferred
Compensation Cost
|
0
|
0
|
0.0
|
(1)
|
0.0
|
1
|
-
|
|||||
Minority
Interest
|
291
|
9,390
|
1.6
|
8,933
|
1.5
|
457
|
5.1
|
|||||
Total
Shareholders' Equity
|
10,142
|
326,879
|
54.3
|
263,586
|
44.8
|
63,293
|
24.0
|
|||||
Total
Liabilities & Shareholders' Equity
|
18,689
|
602,335
|
100.0
|
588,968
|
100.0
|
13,367
|
2.3
|
AU
OPTRONICS CORP. CONSOLIDATED
INCOME STATEMENT |
||||||||||||||||||||||||||||||||||||||||
Year over Year
Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
3Q
2008
|
%
of
|
3Q
2007
|
YoY
|
3Q
2008
|
% of |
2Q
2008
|
QoQ | |||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg %
|
|||||||||||||||||||||||||||||||
Net
Sales
|
3,229 | 104,072 | 100.0 | 137,960 | (24.6 | ) | 3,229 | 104,072 | 100.0 | 123,476 | (15.7 | ) | ||||||||||||||||||||||||||||
Cost of Goods
Sold
|
2,970 | 95,712 | 92.0 | 106,168 | (9.8 | ) | 2,970 | 95,712 | 92.0 | 92,661 | 3.3 | |||||||||||||||||||||||||||||
Gross
Profit
|
||||||||||||||||||||||||||||||||||||||||
Operating
Expenses
|
259 | 8,360 | 8.0 | 31,792 | (73.7 | ) | 259 | 8,360 | 8.0 | 30,815 | (72.9 | ) | ||||||||||||||||||||||||||||
SG&A
|
137 | 4,418 | 4.2 | 4,736 | (6.7 | ) | 137 | 4,418 | 4.2 | 5,140 | (14.1 | ) | ||||||||||||||||||||||||||||
R&D
|
39 | 1,260 | 1.2 | 1,246 | 1.1 | 39 | 1,260 | 1.2 | 1,613 | (21.9 | ) | |||||||||||||||||||||||||||||
176 | 5,677 | 5.5 | 5,982 | (5.1 | ) | 176 | 5,677 | 5.5 | 6,754 | (15.9 | ) | |||||||||||||||||||||||||||||
Operating
Income
|
83 | 2,683 | 2.6 | 25,811 | (89.6 | ) | 83 | 2,683 | 2.6 | 24,062 | (88.9 | ) | ||||||||||||||||||||||||||||
Net
Non-Operating Expenses
|
(38 | ) | (1,239 | ) | (1.2 | ) | (1,666 | ) | (25.6 | ) | (38 | ) | (1,239 | ) | (1.2 | ) | (444 | ) | 179.1 | |||||||||||||||||||||
Income before
Income Tax
|
45 | 1,443 | 1.4 | 24,144 | (94.0 | ) | 45 | 1,443 | 1.4 | 23,617 | (93.9 | ) | ||||||||||||||||||||||||||||
Income Tax
Expense
|
(18 | ) | (584 | ) | (0.6 | ) | (1,573 | ) | (62.9 | ) | (18 | ) | (584 | ) | (0.6 | ) | (3,226 | ) | (81.9 | ) | ||||||||||||||||||||
Net
Income
|
27 | 860 | 0.8 | 22,571 | (96.2 | ) | 27 | 860 | 0.8 | 20,392 | (95.8 | ) | ||||||||||||||||||||||||||||
Attributable
to:
|
||||||||||||||||||||||||||||||||||||||||
Equity Holders
of The Parent Company
|
25 | 806 | 0.8 | 22,530 | (96.4 | ) | 25 | 806 | 0.8 | 20,165 | (96.0 | ) | ||||||||||||||||||||||||||||
Minority
Interest
|
2 | 54 | 0.1 | 41 | 31.3 | 2 | 54 | 0.1 | 226 | (76.2 | ) | |||||||||||||||||||||||||||||
Net
Income
|
27 | 860 | 0.8 | 22,571 | (96.2 | ) | 27 | 860 | 0.8 | 20,392 | (95.8 | ) | ||||||||||||||||||||||||||||
Basic Earnings
Per Share
|
0.00 | 0.09 | 2.67 | 0.00 | 0.09 | 2.37 | ||||||||||||||||||||||||||||||||||
Basic Earnings Per ADR(3)
|
0.03 | 0.95 | 26.74 | 0.03 | 0.95 | 23.71 | ||||||||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding ('M)
|
8,505 | 8,426 | 8,505 | 8,505 |
(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 32.23 per USD as of September 30,
2008
|
(3)
|
1
ADR equals 10 common shares
|
CONSOLIDATED
STATEMENT OF CASH FLOW For the
Period Ended September 30, 2008 and 2007(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||
Nine
Months 2008
|
Nine Months 2007
|
|||||
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||
Net
Income
|
1,497
|
48,237
|
23,384
|
|||
Depreciation
& Amortization
|
1,863
|
60,038
|
61,165
|
|||
Provision
(Reverse) for Inventory Devaluation
|
66
|
2,138
|
(1,378)
|
|||
Investment
Loss(Gain) under Equity Method
|
2
|
76
|
(72)
|
|||
Disposal Gain
on Long-term Investments
|
0
|
0
|
(25)
|
|||
Changes in
Working Capital & Others
|
238
|
7,670
|
(1,871)
|
|||
Net Cash
Provided by Operating Activities
|
3,666
|
118,159
|
81,203
|
|||
Cash
Flow from Investing Activities:
|
||||||
Proceeds from
Disposal of AFS Investments
|
8
|
270
|
5
|
|||
Acquisition of
Property, Plant and Equipment
|
(2,092)
|
(67,434)
|
(54,940)
|
|||
Proceeds from
Disposal of Property, Plant and Equipment
|
2
|
65
|
47
|
|||
Increase in
Long-term Investments
|
(77)
|
(2,489)
|
(1,123)
|
|||
Proceeds from
Disposal of Long-term Investments
|
0
|
0
|
40
|
|||
Increase in
Deferred Assets and Intangible Assets
|
(29)
|
(919)
|
(2,179)
|
|||
Decrease(Increase)
in Other Assets
|
(4)
|
(140)
|
241
|
|||
Net Cash Used
in Investing Activities
|
(2,192)
|
(70,647)
|
(57,909)
|
|||
Cash
Flow from Financing Activities:
|
||||||
Increase(Decrease)
in Short-term Borrowings
|
42
|
1,347
|
(3,338)
|
|||
Increase in
Guarantee Deposits
|
0
|
8
|
2
|
|||
Decrease in
Long-term Borrowings and Bonds Payable
|
(885)
|
(28,532)
|
(23,620)
|
|||
Directors' and
Supervisors' Remuneration and Employees' Compensation
|
(55)
|
(1,763)
|
(276)
|
|||
Cash
Dividends
|
(610)
|
(19,671)
|
(1,515)
|
|||
Employee Stock
Options Exercised
|
1
|
27
|
58
|
|||
Change in
Minority Interest
|
(2)
|
(56)
|
415
|
|||
Net Cash Used
by Financing Activities
|
(1,509)
|
(48,640)
|
(28,274)
|
|||
Cash
Proceeds from CFI Acquisition
|
0
|
0
|
1,604
|
|||
Effect
of Exchange Rate Changes on Cash
|
3
|
91
|
(512)
|
|||
Net
Decrease in Cash and Cash Equivalents
|
(32)
|
(1,037)
|
(3,889)
|
|||
Cash
and Cash Equivalents at Beginning of Period
|
2,789
|
89,890
|
43,926
|
|||
Cash
and Cash Equivalents at End of Period
|
2,757
|
88,853
|
40,037
|
AU
OPTRONICS CORP. UNCONSOLIDATED
BALANCE SHEET(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
||||||||||||||||||||||||||||
September 30,
2008
|
September 30,
2007
|
YoY
|
||||||||||||||||||||||||||
ASSETS
|
USD
|
NTD
|
%
|
NTD
|
%
|
Change
|
%
|
|||||||||||||||||||||
Cash and Cash
Equivalents
|
2,408 | 77,605 | 13.7 | 34,197 | 6.2 | 43,408 | 126.9 | |||||||||||||||||||||
Available-for-Sale
Financial Assets - Current
|
20 | 632 | 0.1 | 1,703 | 0.3 | (1,072 | ) | (62.9 | ) | |||||||||||||||||||
Notes &
Accounts Receivables
|
1,634 | 52,663 | 9.3 | 80,910 | 14.6 | (28,247 | ) | (34.9 | ) | |||||||||||||||||||
Other Current
Financial Assets
|
39 | 1,248 | 0.2 | 1,619 | 0.3 | (371 | ) | (22.9 | ) | |||||||||||||||||||
Inventories
|
1,080 | 34,818 | 6.2 | 38,095 | 6.9 | (3,277 | ) | (8.6 | ) | |||||||||||||||||||
Other Current
Assets
|
325 | 10,483 | 1.9 | 8,221 | 1.5 | 2,262 | 27.5 | |||||||||||||||||||||
Total Current
Assets
|
5,506 | 177,449 | 31.4 | 164,745 | 29.6 | 12,704 | 7.7 | |||||||||||||||||||||
Long-term
Investments
|
1,181 | 38,052 | 6.7 | 29,482 | 5.3 | 8,570 | 29.1 | |||||||||||||||||||||
Fixed
Assets
|
17,930 | 577,883 | 102.1 | 518,723 | 93.3 | 59,160 | 11.4 | |||||||||||||||||||||
Less:
Accumulated Depreciation
|
( 7,723 | ) | (248,912 | ) | (44.0 | ) | (184,783 | ) | (33.2 | ) | (64,129 | ) | 34.7 | |||||||||||||||
Net Fixed
Assets
|
10,207 | 328,971 | 58.1 | 333,940 | 60.1 | (4,969 | ) | (1.5 | ) | |||||||||||||||||||
Other
Assets
|
665 | 21,448 | 3.8 | 27,636 | 5.0 | (6,188 | ) | (22.4 | ) | |||||||||||||||||||
Total
Assets
|
17,559 | 565,920 | 100.0 | 555,803 | 100.0 | 10,117 | 1.8 | |||||||||||||||||||||
LIABILITIES
|
||||||||||||||||||||||||||||
Accounts
Payable
|
2,573 | 82,921 | 14.7 | 92,190 | 16.6 | (9,268 | ) | (10.1 | ) | |||||||||||||||||||
Current
Installments of Long-term Borrowings
|
1,224 | 39,441 | 7.0 | 38,428 | 6.9 | 1,013 | 2.6 | |||||||||||||||||||||
Current
Financial Liabilities
|
13 | 419 | 0.1 | 87 | 0.0 | 333 | 383.8 | |||||||||||||||||||||
Accrued
Expense & Other Current Liabilities
|
690 | 22,254 | 3.9 | 14,322 | 2.6 | 7,931 | 55.4 | |||||||||||||||||||||
Machinery and
Equipment Payable
|
425 | 13,705 | 2.4 | 14,345 | 2.6 | (640 | ) | (4.5 | ) | |||||||||||||||||||
Total Current
Liabilities
|
4,925 | 158,741 | 28.1 | 159,372 | 28.7 | (631 | ) | (0.4 | ) | |||||||||||||||||||
Long-term
Borrowings
|
2,198 | 70,850 | 12.5 | 119,035 | 21.4 | (48,185 | ) | (40.5 | ) | |||||||||||||||||||
Bonds
Payable
|
579 | 18,659 | 3.3 | 22,629 | 4.1 | (3,969 | ) | (17.5 | ) | |||||||||||||||||||
Non Current
Financial Liabilities
|
3 | 101 | 0.0 | 105 | 0.0 | (4 | ) | (4.0 | ) | |||||||||||||||||||
Other
Long-term Liabilities
|
3 | 81 | 0.0 | 9 | 0.0 | 72 | 839.7 | |||||||||||||||||||||
Total
Long-term Liabilities
|
2,783 | 89,690 | 15.8 | 141,777 | 25.5 | (52,087 | ) | (36.7 | ) | |||||||||||||||||||
Total
Liabilities
|
7,708 | 248,431 | 43.9 | 301,149 | 54.2 | (52,718 | ) | (17.5 | ) | |||||||||||||||||||
SHAREHOLDERS'
EQUITY
|
||||||||||||||||||||||||||||
Common
Stock
|
2,639 | 85,055 | 15.0 | 78,057 | 14.0 | 6,998 | 9.0 | |||||||||||||||||||||
Capital
Collected In Advance
|
0 | 2 | 0.0 | 120 | 0.0 | ( 118 | ) | (98.4 | ) | |||||||||||||||||||
Capital
Surplus
|
3,528 | 113,701 | 20.1 | 111,957 | 20.1 | 1,744 | 1.6 | |||||||||||||||||||||
Retained
Earnings
|
3,616 | 116,557 | 20.6 | 63,524 | 11.4 | 53,033 | 83.5 | |||||||||||||||||||||
Cumulative
Translation Adjustments
|
59 | 1,912 | 0.3 | 725 | 0.1 | 1,187 | 163.8 | |||||||||||||||||||||
Unrealized
Gain/Loss on Financial Products
|
8 | 262 | 0.0 | 271 | 0.0 | ( 9 | ) | (3.3 | ) | |||||||||||||||||||
Deferred
Compensation Cost
|
0 | 0 | 0.0 | ( 1 | ) | 0.0 | 1 |
-
|
||||||||||||||||||||
Total
Shareholders' Equity
|
9,851 | 317,489 | 56.1 | 254,653 | 45.8 | 62,836 | 24.7 | |||||||||||||||||||||
Total
Liabilities & Shareholders' Equity
|
17,559 | 565,920 | 100.0 | 555,803 | 100.0 | 10,117 | 1.8 | |||||||||||||||||||||
Note:
(1) Unaudited, prepared by AUO based on ROC GAAP
|
AU
OPTRONICS CORP. UNCONSOLIDATED
INCOME STATEMENT |
||||||||||||||||||||||||||||||||||||||||
Year
over Year Comparison
|
Sequential
Comparison
|
|||||||||||||||||||||||||||||||||||||||
3Q
2008
|
%
of
|
3Q
2007
|
YoY
|
3Q
2008
|
%
of
|
2Q
2008
|
QoQ
|
|||||||||||||||||||||||||||||||||
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
USD
|
NTD
|
Sales
|
NTD
|
Chg
%
|
|||||||||||||||||||||||||||||||
Net
Sales
|
3,221 | 103,827 | 100.0 | 137,850 | (24.7 | ) | 3,221 | 103,827 | 100.0 | 122,373 | (15.2 | ) | ||||||||||||||||||||||||||||
Cost of Goods
Sold
|
3,014 | 97,125 | 93.5 | 107,933 | (10.0 | ) | 3,014 | 97,125 | 93.5 | 93,813 | 3.5 | |||||||||||||||||||||||||||||
Gross
Profit
|
208 | 6,702 | 6.5 | 29,917 | (77.6 | ) | 208 | 6,702 | 6.5 | 28,560 | (76.5 | ) | ||||||||||||||||||||||||||||
Operating
Expenses
|
||||||||||||||||||||||||||||||||||||||||
SG&A
|
110 | 3,540 | 3.4 | 3,964 | (10.7 | ) | 110 | 3,540 | 3.4 | 4,354 | (18.7 | ) | ||||||||||||||||||||||||||||
R&D
|
39 | 1,260 | 1.2 | 1,226 | 2.8 | 39 | 1,260 | 1.2 | 1,613 | (21.9 | ) | |||||||||||||||||||||||||||||
149 | 4,800 | 4.6 | 5,190 | (7.5 | ) | 149 | 4,800 | 4.6 | 5,967 | (19.6 | ) | |||||||||||||||||||||||||||||
Operating
Income
|
59 | 1,902 | 1.8 | 24,727 | (92.3 | ) | 59 | 1,902 | 1.8 | 22,593 | (91.6 | ) | ||||||||||||||||||||||||||||
Net
Non-Operating Income (Expenses)
|
(20 | ) | (642 | ) | (0.6 | ) | (658 | ) | (2.3 | ) | (20 | ) | (642 | ) | (0.6 | ) | 914 |
-
|
||||||||||||||||||||||
Income before
Income Tax
|
39 | 1,260 | 1.2 | 24,069 | (94.8 | ) | 39 | 1,260 | 1.2 | 23,507 | (94.6 | ) | ||||||||||||||||||||||||||||
Income Tax
Expense
|
(14 | ) | (454 | ) | (0.4 | ) | (1,539 | ) | (70.5 | ) | (14 | ) | (454 | ) | (0.4 | ) | (3,341 | ) | (86.4 | ) | ||||||||||||||||||||
Net
Income
|
25 | 806 | 0.8 | 22,530 | (96.4 | ) | 25 | 806 | 0.8 | 20,165 | (96.0 | ) | ||||||||||||||||||||||||||||
Basic Earnings
Per Share
|
0.00 | 0.09 | 2.67 | 0.00 | 0.09 | 2.37 | ||||||||||||||||||||||||||||||||||
Basic Earnings Per ADR(3)
|
0.03 | 0.95 | 26.74 | 0.03 | 0.95 | 23.71 | ||||||||||||||||||||||||||||||||||
Weighted-Average
Shares Outstanding ('M)
|
8,505 | 8,426 | 8,505 | 8,505 |
(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 32.23 per USD as of September 30,
2008
|
(3)
|
1
ADR equals 10 common shares
|
Nine
Months 2008
|
Nine Months 2007
|
|||||||||||
Cash
Flow from Operating Activities:
|
USD
|
NTD
|
NTD
|
|||||||||
Net
Income
|
1,484 | 47,832 | 23,412 | |||||||||
Depreciation
& Amortization
|
1,648 | 53,109 | 55,522 | |||||||||
Provision(Reverse)
for Inventory Devaluation
|
69 | 2,215 | (142 | ) | ||||||||
Investment
Gain under Equity Method
|
(53 | ) | (1,712 | ) | (1,486 | ) | ||||||
Changes in
Working Capital & Others
|
335 | 10,807 | (2,895 | ) | ||||||||
Net Cash
Provided by Operating Activities
|
3,483 | 112,251 | 74,412 | |||||||||
Cash
Flow from Investing Activities:
|
||||||||||||
Proceeds from
Disposal of AFS Investments
|
8 | 270 | 0 | |||||||||
Acquisition of
Property, Plant and Equipment
|
(1,807 | ) | (58,240 | ) | (46,927 | ) | ||||||
Proceeds from
Disposal of Property, Plant and Equipment
|
10 | 337 | 21 | |||||||||
Increase in
Long-term Investments
|
(175 | ) | (5,646 | ) | (3,516 | ) | ||||||
Proceeds from
Disposal of Long-term Investments
|
1 | 29 | 0 | |||||||||
Increase in
Deferred Assets and Intangible Assets
|
(26 | ) | (844 | ) | (2,152 | ) | ||||||
Decrease(Increase)
in Other Assets
|
(2 | ) | (55 | ) | 226 | |||||||
Net Cash Used
in Investing Activities
|
(1,990 | ) | (64,150 | ) | (52,348 | ) | ||||||
Cash
Flow from Financing Activities:
|
||||||||||||
Decrease in
Guarantee Deposits
|
(0 | ) | (1 | ) | (2 | ) | ||||||
Decrease in
Long-term Borrowings and Bonds Payable
|
(916 | ) | (29,523 | ) | (26,912 | ) | ||||||
Directors' and
Supervisors' Remuneration and Employees' Compensation
|
(55 | ) | (1,763 | ) | (276 | ) | ||||||
Cash
Dividends
|
(610 | ) | (19,671 | ) | (1,515 | ) | ||||||
Employee Stock
Options Exercised
|
1 | 27 | 58 | |||||||||
Net Cash Used
by Financing Activities
|
(1,580 | ) | (50,931 | ) | (28,647 | ) | ||||||
Effect
of Exchange Rate Changes on Cash
|
(3 | ) | (97 | ) | (262 | ) | ||||||
Net
Decrease in Cash and Cash Equivalents
|
(91 | ) | (2,927 | ) | (6,845 | ) | ||||||
Cash
and Cash Equivalents at Beginning of Period
|
2,499 | 80,532 | 41,042 | |||||||||
Cash
and Cash Equivalents at End of Period
|
2,408 | 77,605 | 34,197 |