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 26, 2012
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, “AU Optronics Corp. Reports 1Q2012 Financial Results”, dated April 26, 2012. |
| 2. | Investor Conference Materials entitled, “AU Optronics Corp. First Quarter 2012 Results”, dated April 26, 2012. |
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: April 26, 2012 |
By: | /s/ Andy Yang | ||||
| Name: Andy Yang | ||||||
| Title: Chief Financial Officer | ||||||
|
News Release
AU Optronics Corp. Reports 1Q2012 Financial Results
Issued by: AU Optronics Corp.
Issued on: Apr. 26, 2012
Hsinchu, Taiwan, Apr. 26, 2012 –
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited results for the first quarter of 2012(1).
AUO posted consolidated revenue of NT$81,102 million (US$2,749 million) (2), down 9.4% from the previous quarter. Gross profit was -NT$6,449 million (-US$219 million), with the gross margin of -8%. Operating loss was NT$13,485 million (US$457 million), with the operating margin of -16.6%. AUO’s net loss for the first quarter was NT$13,796 million (US$468 million). Net loss attributable to equity holders of the parent company was NT$13,604 million (US$461 million), with basic EPS of -NT$1.54 per common share (-US$0.52 per ADR).
1Q2012 Result Highlights
AUO’s unaudited consolidated results for the first quarter of 2012 were highlighted as below:
| • | Revenue was NT$81,102 million, down 9.4% quarter-over-quarter |
| • | Net loss was NT$13,796 million |
| • | Basic EPS was -NT$1.54 per common share |
| • | Gross margin was -8% |
| • | Operating margin was -16.\6% |
| • | EBITDA (3) margin was 8.2% |
In the first quarter of 2012, shipments for AUO’s large-sized panels reached around 27.3 million units, up by 1.8% quarter-over-quarter. Shipments for small and medium-sized panels were around 36.7 million units, down 21.1% quarter-over-quarter.
Due to the seasonal weakness in panel demand, the Company’s revenue in the first quarter declined compared to the fourth quarter of last year. Nonetheless, because of effective cost control by AUO’s management team, the operating margin and EBITDA margin improved sequentially over the previous quarter.
Looking forward to the second quarter, some of AUO’s products that have been in development for a long time, such as the panels with new sizes or the products applying new display technologies, are expected to kick off mass production consecutively. The Company hopes the introduction of these new products could help it establish a base to capture the peak-season demand in the second half of this year, and meanwhile help improve revenues and shipments quarter over quarter.
| (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 NTD29.50:USD1 based on Federal Reserve Bank of New York, USA as of Mar. 31, 2012. |
| (3) | EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization. |
# # #
ABOUT AU OPTRONICS
AU Optronics Corp. (AUO) is one of the world’s leading providers of display and solar total solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.2 inches to 71 inches. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008. By building a vertically integrated high-efficiency solar value chain, AUO provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index for two consecutive years from 2010 to 2011. AUO generated NT$379.7 billion (US$ 12.54 billion) in sales revenue in 2011. For more information, please visit AUO.com.
| * | 2011 year end revenue converted at an exchange rate of NTD30.27:USD1. |
2
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 |
3
AU Optronics Corp. First Quarter 2012 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. • 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.
Consolidated Income Statement Amount : NT$ Million Except Per Share Data 1Q’12 4Q’11 QoQ % 1Q’11 Net Sales 81,102 100.0% 89,505 100.0% (9.4%) 93,230 100.0% Cost of Goods Sold (87,550) (108.0%) (99,798) (111.5%) (12.3%) (99,500) (106.7%) Gross Loss (6,449) (8.0%) (10,293) (11.5%) (37.4%) (6,270) (6.7%) Operating Expenses (7,037) (8.7%) (7,201) (8.0%) (2.3%) (7,957) (8.5%) Operating Loss (13,485) (16.6%) (17,494) (19.5%) (22.9%) (14,227) (15.3%) Net Non-operating Expenses (544) (0.7%) (4,547) (5.1%) (88.0%) (364) (0.4%) Loss before Tax (14,029) (17.3%) (22,041) (24.6%) (36.3%) (14,591) (15.7%) Net Loss (13,796) (17.0%) (20,986) (23.4%) (34.3%) (13,899) (14.9%) Attributable to: Equity holders of the parent company (13,604) (16.8%) (20,675) (23.1%) (34.2%) (13,978) (15.0%) Minority interest (192) (0.2%) (311) (0.3%) (38.4%) 79 0.1% Net Loss (13,796) (17.0%) (20,986) (23.4%) (34.3%) (13,899) (14.9%) Basic EPS (NT$)( a) (1.54) (2.34) (34.2%) (1.58) Operating Income + D&A 6,612 8.2% 4,115 4.6% 60.7% 8,163 8.8% Unit Shipments (mn)( b ) Large Size Panels 27.3 26.8 1.8% 28.4 Small & Medium Size Panels 36.7 46.5 (21.1%) 43.5 – Unaudited, prepared by AUO on a consolidated basis (a) Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (8,827m shares in 1Q’12, in 4Q’11 and in 1Q’11) by retroactively adjusting to stock dividend and stock bonus (b) Large size refers to panels that are 10 inches and above Consolidated Balance Sheet Highlights Amount : NT$ Million 1Q’12 4Q’11 QoQ % 1Q’11 Cash & ST Investment 86,567 90,837 (4.7%) 69,563 Inventory 54,185 47,882 13.2% 49,655 Short Term Debt( a ) 54,799 54,283 0.9% 38,294 Long Term Debt 196,375 177,876 10.4% 148,649 Equity 206,836 221,277 (6.5%) 267,992 Total Assets 604,606 612,778 (1.3%) 612,373 Inventory Turnover (Days)( b ) 53 45 43 Debt to Equity 121.4% 104.9% 69.8% Net Debt to Equity 79.6% 63.9% 43.8% – 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
Consolidated Cash Flow Highlights Amount : NT$ Million 1Q’12 4Q’11 QoQ From Operating Activities (11,940) 7,444 (19,384) Net Loss (13,796) (20,986) 7,191 Depreciation & Amortization 20,098 21,609 (1,512) Net Change in Working Capital (16,568) 5,529 (22,097) From Investing Activities (14,917) (12,321) (2,596) Capital Expenditure (14,367) (12,858) (1,508) From Financing Activities 22,202 12,913 9,289 Net Change in Debt 21,658 10,015 11,643 Net Change in Cash(a) (4,269) 7,416 (11,685) – 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 Consolidated Revenues by Application – Unaudited, prepared by AUO on a consolidated basis – CP: Consumer products
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 Consolidated Small & Medium Panel Shipments by Area & Revenues Shipments in square meter Revenues – Unaudited, prepared by AUO on a consolidated basis – Small & Medium size refers to panels that are under 10 inches
Capacity by Fab 3/2012 6/2012 (F ) F ab Major P roducts Capacity Capacity L 3 (G3.5) 90,000 90,000 S mall/Medium L 3 (G3.5) LTP S 40,000 L TP S 40,000 S mall/Medium L 4 (G4.0) 60,000 60,000 S mall/Medium, TP L 4 (G4.5) LTP S 45,000 L TP S 45,000 NB , S mall/Medium NB, Monitor, L 5 (G5.0) 310,000 310,000 S mall/Medium, TP Monitor, TV, P ublic L 6 (G6.0) 240,000 240,000 Info Dis play Monitor, TV, P ublic L 7 (G7.5) 135,000 135,000 Info Dis play TV, P ublic Info L 8 (G8.5) 60,000 60,000 Dis play – TP : Touch Panel – Capacity based on monthly glass substrate input 9 AUO Proprietary & Confidential www.auo.com ir@auo.com
AU OPTRONICS CORP.
CONSOLIDATED BALANCE SHEET
March 31, 2012 and 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| March 31, 2012 | March 31, 2011 | YoY | ||||||||||||||||||||||||||
| USD | NTD | % | NTD | % | Change | % | ||||||||||||||||||||||
| ASSETS |
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| Cash and Cash Equivalents |
2,934 | 86,567 | 14.3 | 69,563 | 11.4 | 17,005 | 24.4 | |||||||||||||||||||||
| Notes & Accounts Receivables |
1,713 | 50,520 | 8.4 | 63,376 | 10.3 | (12,856 | ) | (20.3 | ) | |||||||||||||||||||
| Other Current Financial Assets |
61 | 1,788 | 0.3 | 914 | 0.1 | 874 | 95.6 | |||||||||||||||||||||
| Inventories |
1,837 | 54,185 | 9.0 | 49,655 | 8.1 | 4,530 | 9.1 | |||||||||||||||||||||
| Other Current Assets |
398 | 11,735 | 1.9 | 14,323 | 2.3 | (2,588 | ) | (18.1 | ) | |||||||||||||||||||
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| Total Current Assets |
6,942 | 204,796 | 33.9 | 197,830 | 32.3 | 6,965 | 3.5 | |||||||||||||||||||||
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| Long-term Investments |
587 | 17,316 | 2.9 | 18,940 | 3.1 | (1,624 | ) | (8.6 | ) | |||||||||||||||||||
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| Fixed Assets |
31,728 | 935,979 | 154.8 | 886,040 | 144.7 | 49,939 | 5.6 | |||||||||||||||||||||
| Less: Accumulated Depreciation |
(19,918 | ) | (587,581 | ) | (97.2 | ) | (514,168 | ) | (84.0 | ) | (73,413 | ) | 14.3 | |||||||||||||||
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| Net Fixed Assets |
11,810 | 348,399 | 57.6 | 371,873 | 60.7 | (23,474 | ) | (6.3 | ) | |||||||||||||||||||
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| Other Assets |
1,156 | 34,096 | 5.6 | 23,730 | 3.9 | 10,366 | 43.7 | |||||||||||||||||||||
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| Total Assets |
20,495 | 604,606 | 100.0 | 612,373 | 100.0 | (7,767 | ) | (1.3 | ) | |||||||||||||||||||
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| LIABILITIES |
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| Short-term Borrowings |
233 | 6,885 | 1.1 | 890 | 0.1 | 5,995 | 673.6 | |||||||||||||||||||||
| Accounts Payable |
2,640 | 77,883 | 12.9 | 90,907 | 14.8 | (13,024 | ) | (14.3 | ) | |||||||||||||||||||
| Current Installments of Long-term Borrowings |
1,624 | 47,914 | 7.9 | 37,404 | 6.1 | 10,510 | 28.1 | |||||||||||||||||||||
| Current Financial Liabilities |
9 | 258 | 0.0 | 723 | 0.1 | (465 | ) | (64.3 | ) | |||||||||||||||||||
| Accrued Expense & Other Current Liabilities |
1,400 | 41,310 | 6.8 | 33,642 | 5.5 | 7,668 | 22.8 | |||||||||||||||||||||
| Machinery and Equipment Payable |
594 | 17,510 | 2.9 | 18,869 | 3.1 | (1,360 | ) | (7.2 | ) | |||||||||||||||||||
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| Total Current Liabilities |
6,500 | 191,759 | 31.7 | 182,435 | 29.8 | 9,325 | 5.1 | |||||||||||||||||||||
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| Long-term Borrowings |
5,930 | 174,934 | 28.9 | 121,479 | 19.8 | 53,456 | 44.0 | |||||||||||||||||||||
| Bonds Payable |
727 | 21,441 | 3.5 | 27,171 | 4.4 | (5,730 | ) | (21.1 | ) | |||||||||||||||||||
| Non Current Financial Liabilities |
9 | 261 | 0.0 | 307 | 0.1 | (46 | ) | (15.0 | ) | |||||||||||||||||||
| Other Long-term Liabilities |
318 | 9,374 | 1.6 | 12,990 | 2.1 | (3,615 | ) | (27.8 | ) | |||||||||||||||||||
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| Total Long-term Liabilities |
6,983 | 206,010 | 34.1 | 161,946 | 26.4 | 44,064 | 27.2 | |||||||||||||||||||||
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| Total Liabilities |
13,484 | 397,770 | 65.8 | 344,381 | 56.2 | 53,389 | 15.5 | |||||||||||||||||||||
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| SHAREHOLDERS’ EQUITY |
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| Common Stock |
2,992 | 88,270 | 14.6 | 88,270 | 14.4 | 0 | 0.0 | |||||||||||||||||||||
| Capital Surplus |
3,977 | 117,322 | 19.4 | 116,274 | 19.0 | 1,047 | 0.9 | |||||||||||||||||||||
| Retained Earnings |
(545 | ) | (16,077 | ) | (2.7 | ) | 48,345 | 7.9 | (64,421 | ) | — | |||||||||||||||||
| Cumulative Translation Adjustments |
39 | 1,158 | 0.2 | 400 | 0.1 | 757 | 189.1 | |||||||||||||||||||||
| Unrealized Gain (Loss) on Financial Products |
(4 | ) | (116 | ) | 0.0 | 529 | 0.1 | (645 | ) | — | ||||||||||||||||||
| Net loss not recognized as pension cost |
(0 | ) | (2 | ) | 0.0 | (1 | ) | 0.0 | (1 | ) | 46.9 | |||||||||||||||||
| Minority Interest |
552 | 16,281 | 2.7 | 14,175 | 2.3 | 2,106 | 14.9 | |||||||||||||||||||||
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| Total Shareholders’ Equity |
7,011 | 206,836 | 34.2 | 267,992 | 43.8 | (61,156 | ) | (22.8 | ) | |||||||||||||||||||
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| Total Liabilities & Shareholders’ Equity |
20,495 | 604,606 | 100.0 | 612,373 | 100.0 | (7,767 | ) | (1.3 | ) | |||||||||||||||||||
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| 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 29.50 per USD as of March 31, 2012 |
AU OPTRONICS CORP.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended March 31, 2012 and 2011 and December 31, 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||||||||||||
| 1Q 2012 | % of | 1Q 2011 | YoY | 1Q 2012 | % of | 4Q 2011 | QoQ | |||||||||||||||||||||||||||||||||
| USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | |||||||||||||||||||||||||||||||
| Net Sales |
2,749 | 81,102 | 100.0 | 93,230 | (13.0 | ) | 2,749 | 81,102 | 100.0 | 89,505 | (9.4 | ) | ||||||||||||||||||||||||||||
| Cost of Goods Sold |
2,968 | 87,550 | 108.0 | 99,500 | (12.0 | ) | 2,968 | 87,550 | 108.0 | 99,798 | (12.3 | ) | ||||||||||||||||||||||||||||
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| Gross Loss |
(219 | ) | (6,449 | ) | (8.0 | ) | (6,270 | ) | 2.8 | (219 | ) | (6,449 | ) | (8.0 | ) | (10,293 | ) | (37.4 | ) | |||||||||||||||||||||
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| Operating Expenses |
239 | 7,037 | 8.7 | 7,957 | (11.6 | ) | 239 | 7,037 | 8.7 | 7,201 | (2.3 | ) | ||||||||||||||||||||||||||||
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| Operating Loss |
(457 | ) | (13,485 | ) | (16.6 | ) | (14,227 | ) | (5.2 | ) | (457 | ) | (13,485 | ) | (16.6 | ) | (17,494 | ) | (22.9 | ) | ||||||||||||||||||||
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| Net Non-Operating Expense |
(18 | ) | (544 | ) | (0.7 | ) | (364 | ) | 49.5 | (18 | ) | (544 | ) | (0.7 | ) | (4,547 | ) | (88.0 | ) | |||||||||||||||||||||
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| Loss before Income Tax |
(476 | ) | (14,029 | ) | (17.3 | ) | (14,591 | ) | (3.8 | ) | (476 | ) | (14,029 | ) | (17.3 | ) | (22,041 | ) | (36.3 | ) | ||||||||||||||||||||
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| Income Tax Benefit |
8 | 234 | 0.3 | 692 | (66.2 | ) | 8 | 234 | 0.3 | 1,055 | (77.8 | ) | ||||||||||||||||||||||||||||
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|
|||||||||||||||||||||
| Net Loss |
(468 | ) | (13,796 | ) | (17.0 | ) | (13,899 | ) | (0.7 | ) | (468 | ) | (13,796 | ) | (17.0 | ) | (20,986 | ) | (34.3 | ) | ||||||||||||||||||||
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|
|
|||||||||||||||||||||
| Attributable to: |
||||||||||||||||||||||||||||||||||||||||
| Equity Holders of The Parent Company |
(461 | ) | (13,604 | ) | (16.8 | ) | (13,978 | ) | (2.7 | ) | (461 | ) | (13,604 | ) | (16.8 | ) | (20,675 | ) | (34.2 | ) | ||||||||||||||||||||
| Minority Interest |
(6 | ) | (192 | ) | (0.2 | ) | 79 | — | (6 | ) | (192 | ) | (0.2 | ) | (311 | ) | (38.4 | ) | ||||||||||||||||||||||
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|
|
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|
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|
|
|
|
|||||||||||||||||||||
| Net Loss |
(468 | ) | (13,796 | ) | (17.0 | ) | (13,899 | ) | (0.7 | ) | (468 | ) | (13,796 | ) | (17.0 | ) | (20,986 | ) | (34.3 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Basic Earnings Per Share |
(0.05 | ) | (1.54 | ) | (1.58 | ) | (0.05 | ) | (1.54 | ) | (2.34 | ) | ||||||||||||||||||||||||||||
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|
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|
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|
|
|
|||||||||||||||||||||||||||||
| Basic Earnings Per ADR(3) |
(0.52 | ) | (15.41 | ) | (15.83 | ) | (0.52 | ) | (15.41 | ) | (23.42 | ) | ||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Weighted-Average Shares Outstanding ('M) |
8,827 | 8,827 | 8,827 | 8,827 | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
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|
|||||||||||||||||||||||||||||||||
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 29.50 per USD as of March 31, 2012 |
| (3) | 1 ADR equals 10 common shares |
AU OPTRONICS CORP.
CONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended March 31, 2012 and 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1Q 2012 | 1Q 2011 | |||||||||||
| USD | NTD | NTD | ||||||||||
| Cash Flow from Operating Activities: |
||||||||||||
| Net Loss |
(468 | ) | (13,796 | ) | (13,899 | ) | ||||||
| Depreciation & Amortization |
681 | 20,098 | 22,389 | |||||||||
| Investment Gain under Equity Method |
(2 | ) | (45 | ) | (199 | ) | ||||||
| Changes in Working Capital |
(562 | ) | (16,568 | ) | (19,543 | ) | ||||||
| Changes in Others |
(55 | ) | (1,630 | ) | 8 | |||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Used in Operating Activities |
(405 | ) | (11,940 | ) | (11,242 | ) | ||||||
| Cash Flow from Investing Activities: |
||||||||||||
| Proceeds from Disposal of AFS Investments |
11 | 325 | 0 | |||||||||
| Acquisition of Property, Plant and Equipment |
(487 | ) | (14,367 | ) | (13,845 | ) | ||||||
| Proceeds from Disposal of Property, Plant and Equipment |
1 | 18 | 3 | |||||||||
| Increase in Long-term Investments and AFS Investments |
(8 | ) | (240 | ) | (742 | ) | ||||||
| Decrease(Increase) in Restricted Cash in Banks |
(12 | ) | (348 | ) | 7 | |||||||
| Increase in Deferred Assets and Intangible Assets |
(4 | ) | (129 | ) | (604 | ) | ||||||
| Increase in Other Assets |
(6 | ) | (177 | ) | (169 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Used in Investing Activities |
(506 | ) | (14,917 | ) | (15,350 | ) | ||||||
| Cash Flow from Financing Activities: |
||||||||||||
| Decrease in Short-term Borrowings |
(33 | ) | (966 | ) | (293 | ) | ||||||
| Increase(Decrease) in Guarantee Deposits |
(1 | ) | (23 | ) | 433 | |||||||
| Increase in Long-term Borrowings and Bonds Payable |
767 | 22,624 | 6,898 | |||||||||
| Change in Minority Interest |
19 | 567 | (67 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Provided by Financing Activities |
753 | 22,202 | 6,970 | |||||||||
| Change in Consolidated Entity |
2 | 68 | 0 | |||||||||
| Effect of Exchange Rate Changes on Cash |
11 | 318 | (314 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Decrease in Cash and Cash Equivalents |
(145 | ) | (4,269 | ) | (19,936 | ) | ||||||
| Cash and Cash Equivalents at Beginning of Period |
3,079 | 90,837 | 89,498 | |||||||||
|
|
|
|
|
|
|
|||||||
| Cash and Cash Equivalents at End of Period |
2,934 | 86,567 | 69,563 | |||||||||
|
|
|
|
|
|
|
|||||||
| 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 29.50 per USD as of March 31, 2012 |
AU OPTRONICS CORP.
UNCONSOLIDATED BALANCE SHEET
March 31, 2012 and 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| March 31, 2012 | March 31, 2011 | YoY | ||||||||||||||||||||||||||
| USD | NTD | % | NTD | % | Change | % | ||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||
| Cash and Cash Equivalents |
1,746 | 51,513 | 10.2 | 32,868 | 6.2 | 18,645 | 56.7 | |||||||||||||||||||||
| Notes & Accounts Receivables |
1,604 | 47,305 | 9.4 | 58,938 | 11.2 | (11,633 | ) | (19.7 | ) | |||||||||||||||||||
| Other Current Financial Assets |
52 | 1,544 | 0.3 | 740 | 0.1 | 804 | 108.5 | |||||||||||||||||||||
| Inventories |
1,412 | 41,660 | 8.3 | 37,836 | 7.2 | 3,824 | 10.1 | |||||||||||||||||||||
| Other Current Assets |
298 | 8,804 | 1.7 | 11,481 | 2.2 | (2,677 | ) | (23.3 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Current Assets |
5,113 | 150,826 | 29.9 | 141,864 | 26.8 | 8,962 | 6.3 | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Long-term Investments |
2,534 | 74,750 | 14.8 | 70,560 | 13.4 | 4,191 | 5.9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Fixed Assets |
24,758 | 730,358 | 144.7 | 717,786 | 135.8 | 12,571 | 1.8 | |||||||||||||||||||||
| Less: Accumulated Depreciation |
(16,301 | ) | (480,882 | ) | (95.3 | ) | (422,257 | ) | (79.9 | ) | (58,624 | ) | 13.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Fixed Assets |
8,457 | 249,476 | 49.4 | 295,529 | 55.9 | (46,053 | ) | (15.6 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Other Assets |
1,004 | 29,605 | 5.9 | 20,459 | 3.9 | 9,145 | 44.7 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Assets |
17,107 | 504,657 | 100.0 | 528,412 | 100.0 | (23,755 | ) | (4.5 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||
| Short-term Borrowings |
122 | 3,600 | 0.7 | 0 | 0.0 | 3,600 | — | |||||||||||||||||||||
| Accounts Payable |
2,630 | 77,587 | 15.4 | 85,404 | 16.2 | (7,816 | ) | (9.2 | ) | |||||||||||||||||||
| Current Installments of Long-term Borrowings |
1,451 | 42,798 | 8.5 | 32,033 | 6.1 | 10,765 | 33.6 | |||||||||||||||||||||
| Current Financial Liabilities |
3 | 89 | 0.0 | 487 | 0.1 | (398 | ) | (81.8 | ) | |||||||||||||||||||
| Accrued Expense & Other Current Liabilities |
955 | 28,177 | 5.6 | 22,833 | 4.3 | 5,344 | 23.4 | |||||||||||||||||||||
| Machinery and Equipment Payable |
351 | 10,361 | 2.1 | 15,441 | 2.9 | (5,080 | ) | (32.9 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Current Liabilities |
5,512 | 162,612 | 32.2 | 156,197 | 29.6 | 6,415 | 4.1 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Long-term Borrowings |
4,320 | 127,442 | 25.3 | 88,740 | 16.8 | 38,702 | 43.6 | |||||||||||||||||||||
| Bonds Payable |
727 | 21,441 | 4.2 | 27,136 | 5.1 | (5,696 | ) | (21.0 | ) | |||||||||||||||||||
| Non Current Financial Liabilities |
5 | 137 | 0.0 | 294 | 0.1 | (158 | ) | (53.5 | ) | |||||||||||||||||||
| Other Long-term Liabilities |
84 | 2,470 | 0.5 | 2,227 | 0.4 | 243 | 10.9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Long-term Liabilities |
5,135 | 151,490 | 30.0 | 118,398 | 22.4 | 33,092 | 27.9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities |
10,648 | 314,101 | 62.2 | 274,595 | 52.0 | 39,507 | 14.4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||||||||
| Common Stock |
2,992 | 88,270 | 17.5 | 88,270 | 16.7 | 0 | 0.0 | |||||||||||||||||||||
| Capital Surplus |
3,977 | 117,322 | 23.2 | 116,274 | 22.0 | 1,047 | 0.9 | |||||||||||||||||||||
| Retained Earnings |
(545 | ) | (16,077 | ) | (3.2 | ) | 48,345 | 9.1 | (64,421 | ) | — | |||||||||||||||||
| Cumulative Translation Adjustments |
39 | 1,158 | 0.2 | 400 | 0.1 | 757 | 189.1 | |||||||||||||||||||||
| Unrealized Gain (Loss) on Financial Products |
(4 | ) | (116 | ) | 0.0 | 529 | 0.1 | (645 | ) | — | ||||||||||||||||||
| Net loss not recognized as pension cost |
(0 | ) | (2 | ) | 0.0 | (1 | ) | 0.0 | (1 | ) | 46.9 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Shareholders’ Equity |
6,459 | 190,555 | 37.8 | 253,817 | 48.0 | (63,262 | ) | (24.9 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Liabilities & Shareholders’ Equity |
17,107 | 504,657 | 100.0 | 528,412 | 100.0 | (23,755 | ) | (4.5 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 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 29.50 per USD as of March 31, 2012 |
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended March 31, 2012 and 2011 and December 31, 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
| Year over Year Comparison | Sequential Comparison | |||||||||||||||||||||||||||||||||||||||
| 1Q 2012 | % of | 1Q 2011 | YoY | 1Q 2012 | % of | 4Q 2011 | QoQ | |||||||||||||||||||||||||||||||||
| USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | |||||||||||||||||||||||||||||||
| Net Sales |
2,630 | 77,572 | 100.0 | 88,290 | (12.1 | ) | 2,630 | 77,572 | 100.0 | 84,239 | (7.9 | ) | ||||||||||||||||||||||||||||
| Cost of Goods Sold |
2,845 | 83,918 | 108.2 | 95,592 | (12.2 | ) | 2,845 | 83,918 | 108.2 | 94,616 | (11.3 | ) | ||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Gross Loss |
(215 | ) | (6,346 | ) | (8.2 | ) | (7,303 | ) | (13.1 | ) | (215 | ) | (6,346 | ) | (8.2 | ) | (10,377 | ) | (38.8 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Operating Expenses |
186 | 5,488 | 7.1 | 5,579 | (1.6 | ) | 186 | 5,488 | 7.1 | 5,687 | (3.5 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Operating Loss |
(401 | ) | (11,834 | ) | (15.3 | ) | (12,881 | ) | (8.1 | ) | (401 | ) | (11,834 | ) | (15.3 | ) | (16,063 | ) | (26.3 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net Non-Operating Expenses |
(75 | ) | (2,210 | ) | (2.8 | ) | (1,960 | ) | 12.7 | (75 | ) | (2,210 | ) | (2.8 | ) | (5,796 | ) | (61.9 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Loss before Income Tax |
(476 | ) | (14,044 | ) | (18.1 | ) | (14,841 | ) | (5.4 | ) | (476 | ) | (14,044 | ) | (18.1 | ) | (21,860 | ) | (35.8 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Income Tax benefit |
15 | 440 | 0.6 | 864 | (49.1 | ) | 15 | 440 | 0.6 | 1,184 | (62.9 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Net Loss |
(461 | ) | (13,604 | ) | (17.5 | ) | (13,978 | ) | (2.7 | ) | (461 | ) | (13,604 | ) | (17.5 | ) | (20,675 | ) | (34.2 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Basic Earnings Per Share |
(0.05 | ) | (1.54 | ) | (1.58 | ) | (0.05 | ) | (1.54 | ) | (2.34 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| Basic Earnings Per ADR(3) |
(0.52 | ) | (15.41 | ) | (15.83 | ) | (0.52 | ) | (15.41 | ) | (23.42 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| 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 29.50 per USD as of March 31, 2012 |
| (3) | 1 ADR equals 10 common shares |
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOW
For the Period Ended March 31, 2012 and 2011
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
| 1Q 2012 | 1Q 2011 | |||||||||||
| USD | NTD | NTD | ||||||||||
| Cash Flow from Operating Activities: |
||||||||||||
| Net Loss |
(461 | ) | (13,604 | ) | (13,978 | ) | ||||||
| Depreciation & Amortization |
540 | 15,931 | 18,725 | |||||||||
| Investment Loss under Equity Method |
42 | 1,243 | 1,300 | |||||||||
| Changes in Working Capital |
(430 | ) | (12,692 | ) | (20,367 | ) | ||||||
| Changes in Others |
(45 | ) | (1,316 | ) | (7 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Used in Operating Activities |
(354 | ) | (10,438 | ) | (14,327 | ) | ||||||
| Cash Flow from Investing Activities: |
||||||||||||
| Acquisition of Property, Plant and Equipment |
(230 | ) | (6,770 | ) | (8,986 | ) | ||||||
| Proceeds from Disposal of Property, Plant and Equipment |
0 | 2 | 0 | |||||||||
| Increase in Long-term Investments and AFS Investments |
(32 | ) | (943 | ) | 0 | |||||||
| Decrease in Restricted Cash in Banks |
0 | 2 | 0 | |||||||||
| Increase in Deferred Assets and Intangible Assets |
(3 | ) | (96 | ) | (268 | ) | ||||||
| Decrease(Increase) in Other Assets |
0 | 5 | (135 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Used in Investing Activities |
(264 | ) | (7,801 | ) | (9,388 | ) | ||||||
| Cash Flow from Financing Activities: |
||||||||||||
| Decrease in Short-term Borrowings |
(27 | ) | (800 | ) | 0 | |||||||
| Increase in Guarantee Deposits |
0 | 0 | 307 | |||||||||
| Increase in Long-term Borrowings and Bonds Payable |
533 | 15,721 | 4,467 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Cash Provided by Financing Activities |
506 | 14,921 | 4,774 | |||||||||
| Effect of Exchange Rate Changes on Cash |
0 | 5 | (651 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Decrease in Cash and Cash Equivalents |
(112 | ) | (3,313 | ) | (19,592 | ) | ||||||
| Cash and Cash Equivalents at Beginning of Period |
1,858 | 54,825 | 52,460 | |||||||||
|
|
|
|
|
|
|
|||||||
| Cash and Cash Equivalents at End of Period |
1,746 | 51,513 | 32,868 | |||||||||
|
|
|
|
|
|
|
|||||||
| 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 29.50 per USD as of March 31, 2012 |