Commission File Number 001-31335 |
AU Optronics Corp.
|
(Translation of registrant’s name into English)
|
No. 1 Li-Hsin Road 2
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Hsinchu Science Park
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Hsinchu, Taiwan
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(Address of principal executive offices)
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Form 20-F X Form 40-F
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Yes ....... No ...X... |
1.
|
Unaudited Condensed Consolidated Interim Financial Statements
|
2.
|
Discussion of Interim Financial Results as of and for the Three-Month Period Ended March 31, 2013
|
AU Optronics Corp.
|
||||
Date: May 2, 2013
|
By:
|
/s/ Andy Yang
|
||
Name:
|
Andy Yang
|
|||
Title:
|
Chief Financial Officer
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
Assets
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents (note 6)
|
$ | 64,975,641 | 76,655,675 | 84,334,545 | 90,053,268 | |||||||||||
Financial assets measured at fair value through profit or loss-current (note 7)
|
408,049 | 23,621 | 30,896 | 85,621 | ||||||||||||
Notes and accounts receivable, net (notes 10 and 32)
|
31,765,586 | 36,357,450 | 44,968,028 | 44,747,926 | ||||||||||||
Receivables from related parties, net (notes 32 and 35)
|
7,079,258 | 6,191,079 | 5,397,759 | 6,783,605 | ||||||||||||
Other receivables from related parties (note 35)
|
98,954 | 91,185 | 154,431 | 191,499 | ||||||||||||
Current income tax assets
|
63,554 | 65,832 | 49,906 | 72,413 | ||||||||||||
Inventories (note 11)
|
47,098,527 | 42,585,982 | 54,185,281 | 47,881,948 | ||||||||||||
Other current financial assets (notes 6, 10 and 36)
|
5,179,108 | 2,385,526 | 4,009,809 | 2,083,478 | ||||||||||||
Noncurrent assets held for sale (note 12)
|
- | 116,390 | - | - | ||||||||||||
Other current assets (note 16)
|
9,267,786 | 9,599,504 | 9,691,245 | 8,490,013 | ||||||||||||
Total current assets
|
165,936,463 | 174,072,244 | 202,821,900 | 200,389,771 | ||||||||||||
Noncurrent assets:
|
||||||||||||||||
Financial assets measured at fair value through profit or loss-noncurrent (note 7)
|
- | 66 | 250 | 175 | ||||||||||||
Available-for-sale financial assets-noncurrent (notes 8 and 36)
|
233,080 | 235,134 | 307,310 | 436,774 | ||||||||||||
Financial assets carried at cost-noncurrent (note 9)
|
1,447,968 | 1,341,890 | 1,416,297 | 1,487,795 | ||||||||||||
Investments in equity-accounted investees (note 12)
|
14,374,856 | 13,819,181 | 15,707,120 | 15,921,825 | ||||||||||||
Property, plant and equipment, net (notes 13, 35 and 36)
|
304,696,476 | 315,518,217 | 349,212,808 | 359,360,902 | ||||||||||||
Investment property, net (notes 14, 22 and 36)
|
1,262,991 | 1,265,584 | 1,273,361 | 1,275,954 | ||||||||||||
Intangible assets (note 15)
|
14,727,546 | 14,932,898 | 15,274,779 | 15,428,102 | ||||||||||||
Deferred tax assets
|
17,178,042 | 17,193,187 | 16,605,562 | 15,886,432 | ||||||||||||
Other noncurrent assets (notes 16 and 36)
|
4,340,931 | 4,037,990 | 4,155,122 | 4,583,524 | ||||||||||||
358,261,890 | 368,344,147 | 403,952,609 | 414,381,483 | |||||||||||||
Total Assets
|
$ | 524,198,353 | 542,416,391 | 606,774,509 | 614,771,254 |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
Liabilities and Equity
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Short-term borrowings (note 17)
|
$ | 5,935,515 | 8,620,050 | 6,884,906 | 7,850,793 | |||||||||||
Financial liabilities measured at fair value through profit or loss-current (note 7)
|
316,712 | 804,001 | 258,207 | 17,523 | ||||||||||||
Notes and accounts payable
|
67,356,432 | 65,695,688 | 61,099,319 | 65,244,893 | ||||||||||||
Accounts payables to related parties (note 35)
|
16,284,933 | 15,814,928 | 16,656,114 | 17,454,179 | ||||||||||||
Equipment and construction payable (note 35)
|
12,017,684 | 14,597,502 | 17,509,516 | 18,761,731 | ||||||||||||
Other payables to related parties (note 35)
|
97,058 | 76,011 | 127,588 | 168,004 | ||||||||||||
Current income tax liabilities
|
189,694 | 246,548 | 475,234 | 415,122 | ||||||||||||
Provisions-current (note 21)
|
13,099,268 | 20,452,981 | 20,197,100 | 21,458,196 | ||||||||||||
Other current liabilities (notes 12, 22 and 23)
|
19,300,895 | 20,423,425 | 21,219,429 | 25,816,231 | ||||||||||||
Current installments of bonds payable (note 18)
|
- | - | 3,535,003 | 3,564,383 | ||||||||||||
Current installments of long-term borrowings (note 20)
|
48,667,410 | 45,490,589 | 44,378,668 | 42,868,289 | ||||||||||||
Total current liabilities
|
183,265,601 | 192,221,723 | 192,341,084 | 203,619,344 | ||||||||||||
Noncurrent liabilities:
|
||||||||||||||||
Financial liabilities measured at fair value through profit or loss-noncurrent (note 7)
|
- | 54,000 | 120,513 | 176,226 | ||||||||||||
Hedging derivative financial liabilities-noncurrent (note 7)
|
43,639 | 58,547 | 140,401 | 198,360 | ||||||||||||
Convertible bonds payable (note 19)
|
22,371,473 | 21,598,083 | 21,440,586 | 21,787,128 | ||||||||||||
Long-term borrowings, excluding current installments (note 20)
|
139,493,491 | 147,417,823 | 174,934,196 | 156,088,780 | ||||||||||||
Provisions -noncurrent (note 21)
|
8,672,982 | 8,658,360 | 1,124,525 | 1,183,461 | ||||||||||||
Deferred tax liabilities
|
3,105,895 | 2,856,321 | 2,305,587 | 2,171,296 | ||||||||||||
Other noncurrent liabilities (notes 12, 22 and 23)
|
7,264,362 | 8,034,722 | 8,741,284 | 9,446,800 | ||||||||||||
180,951,842 | 188,677,856 | 208,807,092 | 191,052,051 | |||||||||||||
Total liabilities
|
364,217,443 | 380,899,579 | 401,148,176 | 394,671,395 | ||||||||||||
Equity (notes 25 and 31)
|
||||||||||||||||
Equity attributable to stockholders of AU Optronics Corp.:
|
||||||||||||||||
Common stock, $10 par value
|
88,270,455 | 88,270,455 | 88,270,455 | 88,270,455 | ||||||||||||
Capital surplus
|
112,821,297 | 112,515,983 | 114,987,788 | 114,987,788 | ||||||||||||
Retained earnings (Accumulated deficits)
|
(57,864,666 | ) | (54,671,048 | ) | (15,158,619 | ) | (1,252,192 | ) | ||||||||
Other equity
|
2,553,152 | 1,338,810 | 1,261,906 | 2,223,044 | ||||||||||||
145,780,238 | 147,454,200 | 189,361,530 | 204,229,095 | |||||||||||||
Non-controlling interests
|
14,200,672 | 14,062,612 | 16,264,803 | 15,870,764 | ||||||||||||
Total equity
|
159,980,910 | 161,516,812 | 205,626,333 | 220,099,859 | ||||||||||||
Total Liabilities and Equity
|
$ | 524,198,353 | 542,416,391 | 606,774,509 | 614,771,254 |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
Net revenue (notes 27 and 35)
|
$ | 94,244,179 | 81,101,650 | |||||
Cost of sales (notes 11 and 35)
|
89,695,942 | 88,471,348 | ||||||
Gross profit (loss)
|
4,548,237 | (7,369,698 | ) | |||||
Operating expenses (note 37):
|
||||||||
Selling
|
1,415,684 | 1,530,299 | ||||||
General and administrative
|
2,369,861 | 2,481,164 | ||||||
Research and development
|
2,124,086 | 2,308,636 | ||||||
5,909,631 | 6,320,099 | |||||||
Operating loss
|
(1,361,394 | ) | (13,689,797 | ) | ||||
Non-operating income and gains (expenses and losses):
|
||||||||
Other income (notes 28 and 35)
|
276,913 | 858,630 | ||||||
Other gains and losses (notes 7, 12 and 29)
|
(916,100 | ) | 171,458 | |||||
Finance costs (note 30)
|
(1,280,470 | ) | (1,415,489 | ) | ||||
Share of income of equity-accounted investees (note 12)
|
75,661 | 45,134 | ||||||
(1,843,996 | ) | (340,267 | ) | |||||
Loss before income taxes
|
(3,205,390 | ) | (14,030,064 | ) | ||||
Income tax expense (benefit) (note 24)
|
114,251 | (248,520 | ) | |||||
Net loss for the period
|
(3,319,641 | ) | (13,781,544 | ) | ||||
Other comprehensive income (loss) (notes 24, 25 and 31):
|
||||||||
Foreign currency translation adjustments
|
1,634,726 | (1,149,560 | ) | |||||
Net change in fair value of available-for-sale financial assets
|
(1,310 | ) | 16,425 | |||||
Effective portion of changes in fair value of cash flow hedges
|
14,908 | 57,835 | ||||||
Other comprehensive income resulted from equity-accounted investees
|
57,096 | (189,820 | ) | |||||
Less: Income tax expense (benefit) on other comprehensive income
|
248,222 | (164,392 | ) | |||||
Other comprehensive income (loss) for the period, net of taxes
|
1,457,198 | (1,100,728 | ) | |||||
Total comprehensive income (loss) for the period
|
$ | (1,862,443 | ) | (14,882,272 | ) | |||
Net loss attributable to:
|
||||||||
Stockholders of AU Optronics Corp.
|
$ | (3,173,479 | ) | (13,590,055 | ) | |||
Non-controlling interests
|
(146,162 | ) | (191,489 | ) | ||||
Net loss for the period
|
$ | (3,319,641 | ) | (13,781,544 | ) | |||
Total comprehensive income (loss) attributable to:
|
||||||||
Stockholders of AU Optronics Corp.
|
$ | (1,959,160 | ) | (14,551,443 | ) | |||
Non-controlling interests
|
96,717 | (330,829 | ) | |||||
Total comprehensive income (loss) for the period
|
$ | (1,862,443 | ) | (14,882,272 | ) | |||
Earnings (loss) per share (note 26)
|
||||||||
Basic EPS-net loss
|
$ | (0.36 | ) | (1.54 | ) |
Equity attributable to stockholders of AU Optronics Corp.
|
|||||||||||||||||||||||||||||||||||||||
Common stock
|
Retained earnings (Accumulated deficits)
|
Other equity
|
|||||||||||||||||||||||||||||||||||||
Number of
shares
|
Amount
|
Capital
surplus
|
Legal
reserve
|
Accumulated deficits
|
Subtotal
|
Foreign currency translation
adjustments
|
Net change in
fair value of available-for
-sale financial
assets
|
Effective
portion of changes in fair value of cash
flow hedges
|
Subtotal
|
Subtotal of equity attributable to
stockholders of AU Optronics Corp.
|
Non-controlling interests
|
Total Equity
|
|||||||||||||||||||||||||||
Balance at January 1, 2012
|
8,827,046 | $ | 88,270,455 | 114,987,788 | 15,875,372 | (17,127,564 | ) | (1,252,192 | ) | 2,408,853 | (41,729 | ) | (144,080 | ) | 2,223,044 | 204,229,095 | 15,870,764 | 220,099,859 | |||||||||||||||||||||
Adjustments to retained earnings for changes in investees’ equity
|
- | - | - | - | (316,122 | ) | (316,122 | ) | - | - | - | - | (316,122 | ) | (19,061 | ) | (335,183 | ) | |||||||||||||||||||||
Changes in non-controlling interests
|
- | - | - | - | - | - | - | - | - | - | - | 743,929 | 743,929 | ||||||||||||||||||||||||||
Net loss for the period
|
- | - | - | - | (13,590,055 | ) | (13,590,055 | ) | - | - | - | - | (13,590,055 | ) | (191,489 | ) | (13,781,544 | ) | |||||||||||||||||||||
Other comprehensive income (loss) for the period
|
- | - | - | - | (250 | ) | (250 | ) | (995,031 | ) | (14,110 | ) | 48,003 | (961,138 | ) | (961,388 | ) | (139,340 | ) | (1,100,728 | ) | ||||||||||||||||||
Total comprehensive income (loss) for the period
|
- | - | - | - | (13,590,305 | ) | (13,590,305 | ) | (995,031 | ) | (14,110 | ) | 48,003 | (961,138 | ) | (14,551,443 | ) | (330,829 | ) | (14,882,272 | ) | ||||||||||||||||||
Balance at March 31, 2012
|
8,827,046 | $ | 88,270,455 | 114,987,788 | 15,875,372 | (31,033,991 | ) | (15,158,619 | ) | 1,413,822 | (55,839 | ) | (96,077 | ) | 1,261,906 | 189,361,530 | 16,264,803 | 205,626,333 | |||||||||||||||||||||
Balance at January 1, 2013
|
8,827,046 | $ | 88,270,455 | 112,515,983 | - | (54,671,048 | ) | (54,671,048 | ) | 1,350,763 | 15,449 | (27,402 | ) | 1,338,810 | 147,454,200 | 14,062,612 | 161,516,812 | ||||||||||||||||||||||
Adjustments to capital surplus and retained earnings for changes in investees’ equity
|
- | - | 305,314 | - | (20,116 | ) | (20,116 | ) | - | - | - | - | 285,198 | 41,216 | 326,414 | ||||||||||||||||||||||||
Changes in non-controlling interests
|
- | - | - | - | - | - | - | - | - | - | - | 127 | 127 | ||||||||||||||||||||||||||
Net loss for the period
|
- | - | - | - | (3,173,479 | ) | (3,173,479 | ) | - | - | - | - | (3,173,479 | ) | (146,162 | ) | (3,319,641 | ) | |||||||||||||||||||||
Other comprehensive income (loss) for the period
|
- | - | - | - | (23 | ) | (23 | ) | 1,216,977 | (15,009 | ) | 12,374 | 1,214,342 | 1,214,319 | 242,879 | 1,457,198 | |||||||||||||||||||||||
Total comprehen-sive income (loss) for the period
|
- | - | - | - | (3,173,502 | ) | (3,173,502 | ) | 1,216,977 | (15,009 | ) | 12,374 | 1,214,342 | (1,959,160 | ) | 96,717 | (1,862,443 | ) | |||||||||||||||||||||
Balance at March 31, 2013
|
8,827,046 | $ | 88,270,455 | 112,821,297 | - | (57,864,666 | ) | (57,864,666 | ) | 2,567,740 | 440 | (15,028 | ) | 2,553,152 | 145,780,238 | 14,200,672 | 159,980,910 |
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Loss before income taxes
|
$ | (3,205,390 | ) | (14,030,064 | ) | |||
Adjustments to reconcile loss before income taxes to net cash provided by (used in) operating activities:
|
||||||||
Depreciation
|
16,513,734 | 19,768,002 | ||||||
Amortization
|
205,525 | 188,039 | ||||||
Interest expense
|
1,280,470 | 1,415,489 | ||||||
Interest income
|
(69,854 | ) | (130,967 | ) | ||||
Share of income of equity-accounted investees
|
(75,661 | ) | (45,134 | ) | ||||
Gains from disposal and write-off of property, plant and equipment
|
(2,989 | ) | (70,124 | ) | ||||
Gains on disposal of investment securities and others
|
(47,703 | ) | (190,566 | ) | ||||
Unrealized foreign currency exchange losses (gains)
|
1,180,007 | (1,802,128 | ) | |||||
Change in fair value of financial instruments
|
(925,652 | ) | 239,620 | |||||
Difference between pension cost and contribution for the period
|
(33,293 | ) | (19,292 | ) | ||||
Subtotal of losses of non-cash activities
|
18,024,584 | 19,352,939 | ||||||
Change in operating assets and liabilities:
|
||||||||
- notes and accounts receivable
|
5,262,521 | (207,330 | ) | |||||
- accounts receivable from related parties
|
(826,070 | ) | 1,422,915 | |||||
- inventory
|
(4,699,325 | ) | (6,250,886 | ) | ||||
- other current assets
|
(2,951,914 | ) | (2,203,230 | ) | ||||
- deferred tax assets, net
|
(4,190 | ) | (97,140 | ) | ||||
- notes and accounts payable
|
295,562 | (2,982,863 | ) | |||||
- accounts payables to related parties
|
491,052 | (838,480 | ) | |||||
- provisions
|
(8,921,737 | ) | (1,320,032 | ) | ||||
- other current liabilities
|
(434,381 | ) | (5,109,544 | ) | ||||
- current income tax assets and liabilities
|
(10,111 | ) | 67,917 | |||||
Subtotal of net changes in operating assets and liabilities
|
(11,798,593 | ) | (17,518,673 | ) | ||||
Subtotal of all adjustments
|
6,225,991 | 1,834,266 | ||||||
Cash provided by (used in) operating activities
|
3,020,601 | (12,195,798 | ) | |||||
Cash received from interest income
|
98,962 | 135,461 | ||||||
Cash paid for interest
|
(1,115,380 | ) | (1,233,862 | ) | ||||
Cash paid for income taxes
|
(141,280 | ) | (59,835 | ) | ||||
Net cash provided by (used in ) operating activities
|
1,862,903 | (13,354,034 | ) | |||||
Cash flows from investing activities:
|
||||||||
Proceeds from disposal of available-for-sale financial assets
|
- | 291,236 | ||||||
Acquisition of financial assets carried at cost
|
(135,167 | ) | - | |||||
Proceeds from disposal of financial assets carried at cost
|
7,552 | 33,979 | ||||||
Acquisition of equity-accounted investees
|
- | (239,795 | ) | |||||
Proceeds from disposal of equity-accounted investees
|
154,191 | - | ||||||
Cash increase resulting from acquisition of subsidiaries
|
- | 30,626 | ||||||
Acquisition of property, plant and equipment
|
(7,462,746 | ) | (14,426,744 | ) | ||||
Proceeds from disposal of property, plant and equipment
|
54,345 | 15,654 | ||||||
Decrease (increase) in refundable deposits
|
159,840 | (176,892 | ) | |||||
Acquisition of intangible assets
|
- | (34,713 | ) | |||||
Increase in other financial assets
|
(13,424 | ) | (347,734 | ) | ||||
Net cash used in investing activities
|
(7,235,409 | ) | (14,854,383 | ) | ||||
Cash flows from financing activities:
|
||||||||
Decrease in short-term borrowings
|
(2,684,535 | ) | (965,887 | ) | ||||
Repayment of bonds payable
|
- | (24,232 | ) | |||||
Proceeds from long-term borrowings
|
11,611,591 | 36,253,981 | ||||||
Repayment of long-term borrowings
|
(15,624,254 | ) | (13,605,484 | ) | ||||
Decrease in guarantee deposits
|
(154,484 | ) | (23,007 | ) | ||||
Proceeds from issuance of subsidiary shares to non-controlling interests and others
|
243,559 | 604,470 | ||||||
Net cash provided by (used in) financing activities
|
(6,608,123 | ) | 22,239,841 | |||||
Effect of exchange rate change on cash held
|
300,595 | 249,853 | ||||||
Net decrease in cash and cash equivalents
|
(11,680,034 | ) | (5,718,723 | ) | ||||
Cash and cash equivalents at beginning of period
|
76,655,675 | 90,053,268 | ||||||
Cash and cash equivalents at end of period
|
$ | 64,975,641 | 84,334,545 |
1.
|
Organization
|
2.
|
Approval and procedures of the condensed consolidated interim financial statements
|
3.
|
New standards and interpretations not adopted
|
(a)
|
New standards and interpretations endorsed by the Financial Supervisory Commissions, R.O.C. (“FSC”) but not yet in effective in Taiwan
|
(b)
|
New standards and interpretations not yet endorsed by the FSC
|
Issue date
|
New standards or amendments
|
Description
|
Effective date per IASB
|
|||
May 12, 2011
June 28, 2012
|
· IFRS 10 Consolidated financial statements
· IFRS 11 Joint arrangements
· IFRS 12 Disclosure of interests in other entities
· Amended IAS 27 Separate financial statements
· Amended IAS 28 Investments in associates and joint ventures
|
· On May 12, 2011, the IASB issued a series of standards and amendments related to consolidation, joint arrangements, and investments.
· The new standards provide a single model in determining whether an entity has control over an investee (including special purpose entities), other than consolidation process, in which the original guidance and method applies. In addition, joint arrangements are separated into joint operations (concepts from joint controlled assets and joint controlled operations), and joint venture (concepts from jointly controlled entities), and the proportionate consolidation method was removed.
· On June 28, 2012, issuance of amendments clarified the guidance over the transition period.
|
January 1, 2013
|
|||
May 12, 2011
|
IFRS 13 Fair value measurement
|
The new standard replaced fair value measurement guidance in other standards, and consolidated as one single guidance.
|
January 1, 2013
|
|||
June 16, 2011
|
Amended IAS 1 Presentation of financial statements
|
Items presented in other comprehensive income shall be based on whether they are potentially reclassifiable to profit or loss subsequently.
|
July 1, 2012
|
Issue date
|
New standards or amendments
|
Description
|
Effective date per IASB
|
|||
June 16, 2011
|
Amended IAS 19 Employee benefits
|
The new amendment eliminates the corridor method and the option to recognize changes in the net defined benefit liability (asset) into profit or loss; in addition, it requires the immediate recognition of past service cost.
|
January 1, 2013
|
4.
|
Summary of Significant Accounting Policies
|
|
(a)
|
Statement of compliance
|
|
(b)
|
Basis of preparation
|
(1)
|
Basis of measurement
|
|
i
|
Financial instruments measured at fair value through profit or loss are measured at fair value (including derivative financial instruments);
|
|
ii
|
Available-for-sale financial assets are measured at fair value;
|
|
iii
|
Hedging derivative financial instruments are measured at fair value; and
|
|
iv
|
The defined benefit asset (liability) is recognized as the net total of the plan assets, plus unrecognized past service cost and the present value of the defined benefit obligation.
|
(2)
|
Functional and presentation currency
|
(c)
|
Basis of consolidation
|
(1)
|
Principle of preparation of the condensed consolidated interim financial statements
|
a.
|
The aggregate of:
|
(1)
|
The far value of the consideration received, and
|
(2)
|
The fair value of any retained non-controlling investment in the former subsidiary at the date when the Company losses control
|
b.
|
The aggregate of the carrying amount of the former subsidiary’s assets (including goodwill), liabilities and non-controlling interests at the date when the Company losses control.
|
(2)
|
List of subsidiaries in the condensed consolidated interim financial statements
|
Percentage of Ownership (%) | ||||||||||||
Name of Investor
|
Subsidiary
|
Main Activities and Location
|
2013.3.31
|
2012.12.31
|
2012.3.31
|
2012.1.1
|
||||||
AUO
|
AU Optronics (L) Corp. (AULB)
|
Holding and trading company
(Malaysia)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUO
|
Konly Venture Corp. (Konly)
|
Venture capital investment
(Taiwan ROC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUO
|
Ronly Venture Corp. (Ronly)
|
Venture capital investment
(Taiwan ROC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUO
|
Toppan CFI (Taiwan) Co., Ltd. (Toppan CFI)
|
Manufacturing and sale of color filters (Taiwan ROC)
|
49.00 (1)
|
49.00 (1)
|
49.00 (1)
|
49.00 (1)
|
||||||
AUO
|
Sungen Power Corporation (SGPC)
|
Solar power generation
(Taiwan ROC)
|
100.00
|
100.00
|
100.00
|
-
|
Percentage of Ownership (%) | ||||||||||||
Name of Investor
|
Subsidiary
|
Main Activities and Location
|
2013.3.31
|
2012.12.31
|
2012.3.31
|
2012.1.1
|
||||||
AUO, Konly and Ronly
|
BriView Corp. (BVTW)
|
Manufacturing, design and sale of TFT-LCD modules, TV set, backlight modules and related parts
(Taiwan ROC)
|
68.86
|
68.86
|
68.86
|
68.86
|
||||||
AUO, Konly and Ronly
|
AUO Crystal Corp. (ACTW)
|
Design, manufacture and sale of the solar modules
(Taiwan ROC)
|
90.84
|
90.84
|
86.40
|
86.40
|
||||||
Konly
|
Darshin Microelectronics Inc. (DSTW)
|
IC design and sales (Taiwan ROC)
|
66.68(2)
|
66.68(2)
|
66.68
|
66.67
|
||||||
ACTW
|
AUO Crystal (Malaysia) Sdn. Bhd. (ACMK)
|
Manufacturing and sale of single crystal silicon wafers
(Malaysia)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
ACTW
|
M. Setek Co., Ltd. (M. Setek)
|
Manufacturing of single crystal silicon wafers and ingots and sales of solar modules (Japan)
|
99.35
|
99.35
|
93.49
|
93.49
|
||||||
AULB
|
AU Optronics Corporation America (AUUS)
|
Sales and sales support in the United States
(United States of America)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics Corporation Japan (AUJP)
|
Sales and sales support in Japan (Japan)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics Europe B.V. (AUNL)
|
Sales support in Europe (Holland)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics Korea Ltd. (AUKR)
|
Sales support in South Korea
(South Korea)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics Singapore Pte. Ltd. (AUSG)
|
Holding company and sales support in South Asia (Singapore)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics (Czech) s.r.o. (AUCZ)
|
Assembly of solar PV modules in the Czech Republic (Czech Republic)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics (Shanghai) Co., Ltd. (AUSH)
|
Sales in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics (Xiamen) Corp. (AUXM)
|
Assembly of TFT-LCD modules in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
Percentage of Ownership (%) | ||||||||||||
Name of Investor
|
Subsidiary
|
Main Activities and Location
|
2013.3.31
|
2012.12.31
|
2012.3.31
|
2012.1.1
|
||||||
AULB
|
AU Optronics (Suzhou) Corp., Ltd. (AUSZ)
|
Assembly of TFT-LCD modules in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics Manufacturing (Shanghai) Corp. (AUSJ)
|
Assembly of TFT-LCD modules in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AU Optronics (Slovakia) s.r.o. (AUSK)
|
Manufacturing, assembly and repair of TFT-LCD panels and related parts in Slovakia Republic
(Slovakia Republic)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
AFPD Pte., Ltd. (AUST)
|
Manufacturing LCD panels based on low temperature polysilicon technology (Singapore)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AULB
|
BVCH Optronics (Sichuan) Corp.(BVCH)
|
Assembly and sale of TFT-LCD modules in the PRC (PRC)
|
51.00
|
51.00
|
51.00
|
51.00
|
||||||
AULB
|
Huizhou Bri-King Optronics Co., Ltd. (BKHZ)
|
Assembly and sale of TFT-LCD modules in the PRC (PRC)
|
51.00
|
51.00
|
51.00
|
51.00
|
||||||
AULB
|
AU Optronics (Kunshan) Co., Ltd. (AUKS)
|
Manufacturing, assembly and sale of TFT-LCD panels in the PRC (PRC)
|
49.00 (1)
|
49.00 (1)
|
49.00 (1)
|
49.00 (1)
|
||||||
AULB and BVTW
|
BriView (L) Corp. (BVLB)
|
Holding and trading company (Malaysia)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
BVTW
|
Darwin Precisions (L) Corp. (DPLB)
|
Holding and trading company (Malaysia)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
DPLB
|
Darwin Precisions (Hong Kong) Limited (DPHK)
|
Holding company (Hong Kong)
|
100.00
|
100.00
|
100.00
|
100.00
|
Percentage of Ownership (%) | ||||||||||||
Name of Investor
|
Subsidiary
|
Main Activities and Location
|
2013.3.31
|
2012.12.31
|
2012.3.31
|
2012.1.1
|
||||||
DPHK
|
Darwin Precisions (Suzhou) Corp. (DPSZ)
|
Manufacturing, assembly, and sale of TFT-LCD modules backlight modules and related parts in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
DPHK
|
Darwin Precisions (Xiamen) Corp.(DPXM)
|
Manufacturing, assembly, and sale of TFT-LCD modules backlight modules and related parts in the PRC (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
DPHK
|
Darwin Precisions (Chengdu) Corp. (DPCD)
|
Manufacturing, assembly, and sale of TFT-LCD modules backlight modules and related parts in the PRC (PRC)
|
100.00(3)
|
100.00(3)
|
100.00
|
100.00
|
||||||
DPHK
|
Darwin Precisions (Qingdao) Corp. (DPQD)
|
Manufacturing, assembly, and sale of TFT-LCD modules backlight modules and related parts in the PRC (PRC)
|
100.00(3)
|
100.00(3)
|
100.00
|
100.00
|
||||||
DPHK
|
Darwin Precisions (Dongguan) Corp. (DPDG)
|
Manufacturing, assembly, and sale of TFT-LCD modules backlight modules and related parts in the PRC (PRC)
|
100.00(3)
|
100.00(3)
|
100.00
|
100.00
|
||||||
BVLB
|
BriView (Kunshan) Co., Ltd. (BVKS)
|
Manufacturing and sale of liquid crystal products, TV set and related parts (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
BVLB
|
BriView (Hefei) Co., Ltd. (BVHF)
|
Manufacturing and sale of liquid crystal products, TV set and related parts (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
BVLB
|
BriView (Xiamen) Corp. (BVXM)
|
Manufacturing and sale of liquid crystal products, TV set and related parts (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUSG
|
AUO Energy (Suzhou) Corp. (AESZ)
|
Design, manufacture and sale of solar modules (PRC)
|
-
|
-
|
100.00
|
100.00(3)
|
Percentage of Ownership (%) | ||||||||||||
Name of Investor
|
Subsidiary
|
Main Activities and Location
|
2013.3.31
|
2012.12.31
|
2012.3.31
|
2012.1.1
|
||||||
AUSG
|
AUO Energy (Tianjin) Corp. (AETJ)
|
Design, manufacture and sale of solar modules (PRC)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUSG
|
AUO Green Energy America Corp. (AEUS)
|
Holding company and sale of solar products in America (United States of America)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AUSG
|
AUO Green Energy Europe B.V. (AENL)
|
Holding company and sales support in Europe (Holland)
|
100.00
|
100.00
|
100.00
|
100.00
|
||||||
AENL
|
AUO Green Energy Germany Gmbh (AEDE)
|
Sales support in Europe (Germany)
|
100.00
|
100.00
|
100.00
|
100.00
|
(1)
|
AUO is able to exercise control over the operating, financial and personnel policies of Toppan CFI and AUKS, although it does not own more than 50% ownership interests. As a result, Toppan CFI and AUKS are included in AUO’s consolidated financial statements.
|
(2)
|
DSTW decided to commence liquidation and the dissolution date was March 4, 2013. As of March 31, 2013, the liquidation process is still in progress.
|
(3)
|
AESZ, DPDG, DPQD and DPCD’s board of directors made a resolution in October, 2011, and February, July, October 2012, respectively, to commence liquidation to conform to the Company’s business plan. Except that AESZ completed its liquidation in November 2012, the others’ liquidation processes are still in progress.
|
|
(d)
|
Foreign currency
|
(1)
|
Foreign currency transaction
|
·
|
available-for-sale equity investments;
|
·
|
qualifying cash flow hedges.
|
(2)
|
Foreign operations
|
|
(e)
|
Classification of current and non-current assets and liabilities
|
i
|
The asset expects to realize, or intends to sell or consume, in its normal operating cycle;
|
ii
|
The asset primarily held for the purpose of trading;
|
iii
|
The asset expected to realize within twelve months after the reporting date; or
|
iv
|
Cash and cash equivalent (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.
|
i
|
The liability expects to settle in its normal operating cycle;
|
ii
|
The liability primarily held for the purpose of trading;
|
iii
|
The liability is due to be settled within twelve months after the reporting date; or
|
iv
|
The Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments, do not affect its classification.
|
|
(f)
|
Cash and cash equivalents
|
|
(g)
|
Financial Instruments
|
(1)
|
Financial assets
|
(i)
|
Financial assets measured at fair value through profit or loss
|
(ii)
|
Available-for sale financial assets
|
(iii)
|
Receivables
|
(iv)
|
Impairment of financial assets
|
(v)
|
De-recognition of financial assets
|
(2)
|
Financial liabilities
|
(i)
|
Financial liabilities at fair value through profit or loss
|
A.
|
Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different basis;
|
B.
|
Performance of the financial liabilities is evaluated on a fair value basis;
|
C.
|
Hybrid instrument contains one or more embedded derivatives
|
(ii)
|
Other financial liabilities
|
(iii)
|
De-recognition of financial liabilities
|
(iv)
|
Offsetting of financial assets and liabilities
|
(3)
|
Derivative financial instruments and hedge accounting
|
(h)
|
Inventory
|
|
(i)
|
Noncurrent assets held for sale
|
|
(j)
|
Investment in associates
|
|
(k)
|
Interests in jointly controlled entity
|
|
(l)
|
Investment property
|
|
(m)
|
Property, plant and equipment
|
(1)
|
Recognition and measurement
|
(2)
|
Reclassification to investment property
|
(3)
|
Subsequent cost
|
(4)
|
Depreciation
|
(i) | Buildings | 20~50 years |
(ii) | Machinery and equipment | 3~10 years |
(iii) | Other equipment | 3~5 years |
|
(n)
|
Long-term prepaid rent
|
|
(o)
|
Leases
|
(1)
|
Lessor
|
(2)
|
Lessee
|
|
(p)
|
Intangible assets
|
(1)
|
Goodwill
|
(2)
|
Research and development
|
(3)
|
Other intangible assets
|
(4)
|
Subsequent expenditure
|
(5)
|
Amortization
|
|
(q)
|
Impairment– non-financial assets
|
|
(r)
|
Provisions
|
(1)
|
Warranties
|
(2)
|
Decommissioning obligation
|
(3)
|
Onerous contracts
|
(4)
|
Loss contingencies
|
|
(s)
|
Revenue recognition
|
(1)
|
Goods sold
|
(2)
|
Government grants
|
|
(t)
|
Employee benefits
|
(1)
|
Defined contribution plans
|
(2)
|
Defined benefit plans
|
(3)
|
Short term employee benefits
|
|
(u)
|
Income tax
|
(1)
|
Current income tax
|
(2)
|
Deferred income tax
|
(3)
|
Current and deferred tax recognized in interim periods
|
|
(v)
|
Business Combination
|
(1)
|
Acquisition after January 1, 2012 (inclusive)
|
(2)
|
Acquisition before January 1, 2012
|
|
(w)
|
Earnings (loss) per share
|
|
(x)
|
Operating segments
|
5.
|
Significant accounting judgments, estimations, assumptions, and sources of estimation uncertainty
|
(a)
|
Provisions (note 21)
|
(b)
|
Impairment of non-financial assets (note 13)
|
(c)
|
Goodwill impairment (notes 13 and 15)
|
(d)
|
Recognition and measurement of deferred tax assets (note 24)
|
(a)
|
Key assumptions used in discounted cash flow projections (notes 13 and 15)
|
(b)
|
The reliability of financial forecasts (note 15)
|
(c)
|
Judgment in legal obligation and constructive obligation (note 24)
|
6.
|
Cash and Cash Equivalents
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Cash, demand deposits and checking accounts
|
$ | 27,215,568 | 31,604,836 | 22,172,326 | 26,686,581 | |||||||||||
Time deposits within three months maturity date
|
32,116,019 | 39,742,679 | 36,297,145 | 47,122,961 | ||||||||||||
Government bonds with reverse repurchase agreements
|
5,644,054 | 5,308,160 | 25,865,074 | 16,243,726 | ||||||||||||
$ | 64,975,641 | 76,655,675 | 84,334,545 | 90,053,268 |
7.
|
Derivative Financial Instruments and Hedging Instruments
|
(1)
|
Derivative Financial Instruments
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Financial assets measured at fair value through profit or loss | ||||||||||||||||
current:
|
||||||||||||||||
Foreign currency forward contracts
|
$ | 407,952 | 23,621 | 30,896 | 85,621 | |||||||||||
Options contracts
|
97 | - | - | - | ||||||||||||
$ | 408,049 | 23,621 | 30,896 | 85,621 | ||||||||||||
noncurrent:
|
||||||||||||||||
Interest rate swap contracts
|
$ | - | - | 3 | 3 | |||||||||||
Options contracts
|
- | 66 | 247 | 172 | ||||||||||||
$ | - | 66 | 250 | 175 | ||||||||||||
Financial liabilities measured at fair value through profit or loss | ||||||||||||||||
current:
|
||||||||||||||||
Foreign currency forward contracts
|
$ | 292,403 | 804,001 | 258,207 | 17,523 | |||||||||||
Options contracts
|
24,309 | - | - | - | ||||||||||||
$ | 316,712 | 804,001 | 258,207 | 17,523 | ||||||||||||
noncurrent:
|
||||||||||||||||
Interest rate swap contracts
|
$ | - | - | 2 | 41 | |||||||||||
Options contracts
|
- | 54,000 | 120,511 | 176,185 | ||||||||||||
$ | - | 54,000 | 120,513 | 176,226 | ||||||||||||
Hedging derivative financial liabilities-noncurrent:
|
||||||||||||||||
Interest rate swap contracts
|
$ | 43,639 | 58,547 | 140,401 | 198,360 |
(2)
|
Hedging Instruments
|
March 31, 2013
|
||||||
Contract item
|
Notional
amount
|
Exercise rate/
Price range
|
Exercise period
|
|||
(in thousands)
|
||||||
Foreign currency call options
|
USD 2,400
|
JPY 109.75
|
Apr. 2013 -Nov. 2013
|
|||
Foreign currency put options
|
USD 4,800
|
JPY 109.75
|
Apr. 2013 -Nov. 2013
|
December 31, 2012
|
||||||
Contract item
|
Notional
amount
|
Exercise rate/
Price range
|
Exercise period
|
|||
(in thousands)
|
||||||
Foreign currency call options
|
USD 3,300
|
JPY 109.75
|
Jan. 2013 -Nov. 2013
|
|||
Foreign currency put options
|
USD 6,600
|
JPY 109.75
|
Jan. 2013 -Nov. 2013
|
March 31, 2012
|
||||||
Contract item
|
Notional
amount
|
Exercise rate/
Price range
|
Exercise period
|
|||
(in thousands)
|
||||||
Foreign currency call options
|
USD 6,000
|
JPY 109.75
|
Apr. 2012 -Nov. 2013
|
|||
Foreign currency put options
|
USD 12,000
|
JPY 109.75
|
Apr. 2012 -Nov. 2013
|
January 1, 2012
|
||||||
Contract item
|
Notional
amount
|
Exercise rate/
Price range
|
Exercise period
|
|||
(in thousands)
|
||||||
Foreign currency call options
|
USD 6,900
|
JPY 109.75
|
Jan. 2012 -Nov. 2013
|
|||
Foreign currency put options
|
USD 13,800
|
JPY 109.75
|
Jan. 2012 -Nov. 2013
|
March 31, 2013
|
||||
Contract item
|
Maturity date
|
Contract amount
|
||
(in thousands)
|
||||
Sell USD / Buy NTD
|
Apr. 2013 – May 2013
|
USD155,100 / NTD4,624,679
|
||
Sell USD / Buy JPY
|
Apr. 2013 – Jul. 2013
|
USD144,983 / JPY13,359,134
|
||
Sell NTD / Buy JPY
|
Apr. 2013 – Jun. 2013
|
NTD1,120,793 / JPY3,483,348
|
||
Sell NTD / Buy USD
|
Apr. 2013 – May 2013
|
NTD8,838,086 / USD304,000
|
||
Sell USD / Buy CNY
|
Apr. 2013 – Aug. 2013
|
USD238,500 / CNY1,492,389
|
||
Sell JPY / Buy USD
|
Apr. 2013 – May 2013
|
JPY337,678 / USD3,550
|
||
Sell EUR / Buy USD
|
May 2013
|
EUR40,000 / USD52,400
|
||
Sell EUR / Buy JPY
|
Apr. 2013 – Jun. 2013
|
EUR123,000 / JPY14,655,019
|
||
Sell USD / Buy SGD
|
Apr. 2013 – Jun. 2013
|
USD15,900 / SGD19,771
|
||
Sell NTD / Buy EUR
|
Apr. 2013 – May 2013
|
NTD2,333,600 / EUR60,000
|
||
Sell USD / Buy MYR
|
Apr. 2013
|
USD510 / MYR1,580
|
||
December 31, 2012
|
||||
Contract item
|
Maturity date
|
Contract amount
|
||
(in thousands)
|
||||
Sell USD / Buy NTD
|
Jan. 2013
|
USD64,000 / NTD1,858,455
|
||
Sell USD / Buy JPY
|
Jan. 2013 – May 2013
|
USD222,000 / JPY18,259,332
|
||
Sell NTD / Buy JPY
|
Jan. 2013 – Apr. 2013
|
NTD3,664,557 / JPY10,516,180
|
||
Sell USD / Buy CNY
|
Jan. 2013 – Jun. 2013
|
USD194,000 / CNY1,216,328
|
||
Sell NTD / Buy USD
|
Jan. 2013 – Feb. 2013
|
NTD6,862,600 / USD236,400
|
||
Sell JPY / Buy USD
|
Jan. 2013
|
JPY65,850 / USD600
|
||
Sell EUR / Buy JPY
|
Jan. 2013 – Apr. 2013
|
EUR105,000 / JPY10,898,636
|
||
Sell CZK / Buy EUR
|
Jan. 2013
|
CZK40,448 / EUR1,600
|
||
Sell CNY / Buy USD
|
Jan. 2013 – Mar. 2013
|
CNY162,677 / USD26,000
|
||
Sell USD / Buy SGD
|
Jan. 2013 – Feb. 2013
|
USD12,100 / SGD14,781
|
March 31, 2012
|
||||
Contract item
|
Maturity date
|
Contract amount
|
||
(in thousands)
|
||||
Sell USD / Buy NTD
|
Apr. 2012
|
USD123,000 / NTD3,631,587
|
||
Sell USD / Buy JPY
|
Apr. 2012 – Aug. 2012
|
USD339,795 / JPY26,525,110
|
||
Sell NTD / Buy JPY
|
Apr. 2012 – Jun. 2012
|
NTD2,950,686 / JPY8,234,087
|
||
Sell USD / Buy CNY
|
Apr. 2012 – Jul. 2012
|
USD102,000 / CNY309,280
|
||
Sell NTD / Buy USD
|
Apr. 2012
|
NTD118,160 / USD4,000
|
||
Sell JPY / Buy USD
|
Apr. 2012
|
JPY65,850 / USD600
|
March 31, 2012
|
||||
Contract item
|
Maturity date
|
Contract amount
|
||
(in thousands)
|
||||
Sell EUR / Buy JPY
|
Apr. 2012 – May 2012
|
EUR36,000 / JPY3,908,739
|
||
Sell CZK / Buy EUR
|
Apr. 2012
|
CZK41,681 / EUR1,680
|
||
Sell USD / Buy SGD
|
Apr. 2012 – May 2012
|
USD12,000 / SGD15,101
|
January 1, 2012
|
||||
Contract item
|
Maturity date
|
Contract amount
|
||
(in thousands)
|
||||
Sell USD / Buy NTD
|
Jan. 2012
|
USD39,500 / NTD1,195,430
|
||
Sell USD / Buy JPY
|
Jan. 2012 – Mar. 2012
|
USD310,846 / JPY24,166,935
|
||
Sell NTD / Buy JPY
|
Jan. 2012 – Mar. 2012
|
NTD392,175 / JPY1,010,306
|
||
Sell NTD / Buy USD
|
Jan. 2012
|
NTD181,677 / USD6,000
|
||
Sell USD / Buy CNY
|
Jan. 2012 – Mar. 2012
|
USD71,500 / CNY454,268
|
||
Sell JPY / Buy USD
|
Jan. 2012
|
JPY32,925 / USD600
|
||
Sell EUR / Buy JPY
|
Jan. 2012 – Mar. 2012
|
EUR72,000 / JPY7,344,025
|
||
Sell CZK / Buy EUR
|
Jan. 2012
|
CZK47,747 / EUR1,900
|
||
Sell USD / Buy SGD
|
Feb. 2012
|
USD6,000 / SGD7,803
|
(3)
|
Hedge accounting
|
March 31, 2013
|
||||||||
Hedged item
|
Hedging
instrument
|
Fair value
of hedging
instrument
|
Expected
period of
cash flows
|
Expected period of
recognition in
comprehensive
income
|
||||
(in thousands)
|
||||||||
Long-term borrowings with floating interest rate
|
Interest rate swap contracts
|
$ (43,639)
|
Apr. 2013–Sep. 2014
|
Apr. 2013–Sep. 2014
|
December 31, 2012
|
||||||||
Hedged item
|
Hedging
instrument
|
Fair value
of hedging
instrument
|
Expected
period of
cash flows
|
Expected period of
recognition in
comprehensive
income
|
||||
(in thousands)
|
||||||||
Long-term borrowings with floating interest rate
|
Interest rate swap contracts
|
$ (58,547)
|
Jan. 2013–Sep. 2014
|
Jan. 2013–Sep. 2014
|
March 31, 2012
|
||||||||
Hedged item
|
Hedging
instrument
|
Fair value
of hedging
instrument
|
Expected
period of
cash flows
|
Expected period of
recognition in
comprehensive
income
|
||||
(in thousands)
|
||||||||
Long-term borrowings with floating interest rate
|
Interest rate swap contracts
|
$ (140,401)
|
Apr. 2012–Sep. 2014
|
Apr. 2012–Sep. 2014
|
January 1, 2012
|
||||||||
Hedged item
|
Hedging
instrument
|
Fair value
of hedging
instrument
|
Expected
period of
cash flows
|
Expected period of
recognition in
comprehensive
income
|
||||
(in thousands)
|
||||||||
Long-term borrowings with floating interest rate
|
Interest rate swap contracts
|
$ (198,360)
|
Jan. 2012–Sep. 2014
|
Jan. 2012–Sep. 2014
|
8.
|
Available-for-sale Financial Assets-noncurrent
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Publicly listed equity shares
|
$ | 233,080 | 235,134 | 307,310 | 436,774 |
9.
|
Financial Assets Carried at Cost-noncurrent
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Non-publicly listed stocks
|
$ | 1,447,968 | 1,341,890 | 1,416,297 | 1,487,795 |
10.
|
Notes and Accounts Receivable, net
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Notes receivable
|
$ | 98,920 | 66,862 | 205,965 | 122,361 | |||||||||||
Accounts receivable
|
32,162,667 | 36,688,035 | 45,119,825 | 44,917,212 | ||||||||||||
Less: allowance for doubtful accounts
|
(67,469 | ) | (68,150 | ) | (78,229 | ) | (81,925 | ) | ||||||||
allowance for sales returns and discounts
|
(428,532 | ) | (329,297 | ) | (279,533 | ) | (209,722 | ) | ||||||||
$ | 31,765,586 | 36,357,450 | 44,968,028 | 44,747,926 |
March 31, 2013
|
|||||||||||
Underwriting bank
|
Factoring
limit
|
Amount
advanced
|
Amount
sold and
derecognized
|
Principle
terms
|
|||||||
(in thousands)
|
|||||||||||
China Trust Commercial Bank
|
USD |
200,000
|
NTD |
2,700,000
|
USD |
100,202
|
See notes(a)~(c) and (e)
|
||||
China Trust Commercial Bank
|
USD |
120,000
|
NTD |
3,123,000
|
USD |
115,668
|
See notes(a)~(c) and (e)
|
||||
Citi Bank
|
USD |
120,000
|
USD |
49,546
|
USD |
62,104
|
See notes(a)~(d)
|
||||
Mizuho Corporate Bank
|
USD |
180,000
|
USD |
52,186
|
USD |
52,186
|
See notes(a)~(d)
|
||||
Taishin Bank
|
USD |
150,000
|
NTD |
450,000
|
USD |
9,218
|
See notes(a)~(c) and (e)
|
||||
Bank of Taiwan
|
USD |
250,000
|
USD |
125,000
|
USD |
138,434
|
See notes(a)~(d)
|
||||
EUR |
74,550
|
EUR |
82,006
|
||||||||
First Commercial Bank
|
USD |
250,000
|
USD |
40,437
|
USD |
40,437
|
See notes(a)~(d) and (f)
|
||||
China Development Industrial Bank
|
USD |
60,000
|
USD |
11,984
|
USD |
34,655
|
See notes(a)~(d) and (f)
|
||||
Taipei Fubon Bank
|
USD |
50,000
|
USD |
24,520
|
USD |
27,252
|
See notes(a)~(c) and (e)
|
||||
E.Sun Bank
|
USD |
60,000
|
USD |
17,660
|
USD |
19,625
|
See notes(a)~(c) and (e)
|
||||
DBS Bank
|
USD |
120,000
|
USD |
37,650
|
USD |
37,662
|
See notes(a)~(c) and (e)
|
December 31, 2012
|
|||||||||||
Underwriting bank
|
Factoring
limit
|
Amount
advanced
|
Amount
sold and
derecognized
|
Principle
terms
|
|||||||
(in thousands)
|
|||||||||||
China Trust Commercial Bank
|
USD |
200,000
|
NTD |
3,800,000
|
USD |
144,462
|
See notes(a)~(c) and (e)
|
||||
Citi Bank
|
USD |
120,000
|
USD |
72,024
|
USD |
82,913
|
See notes(a)~(d)
|
||||
Mizuho Corporate Bank
|
USD |
180,000
|
USD |
35,020
|
USD |
35,020
|
See notes(a)~(d)
|
||||
Taishin Bank
|
USD |
150,000
|
NTD |
850,000
|
USD |
30,006
|
See notes(a)~(c) and (e)
|
||||
Bank of Taiwan
|
USD |
250,000
|
USD |
170,000
|
USD |
188,210
|
See notes(a)~(d)
|
||||
EUR |
60,887
|
EUR |
69,624
|
||||||||
First Commercial Bank
|
USD |
250,000
|
USD |
71,019
|
USD |
71,019
|
See notes(a)~(d) and (f)
|
||||
China Development Industrial Bank
|
NTD |
550,000
|
NTD |
142,436
|
NTD |
645,725
|
See notes(a)~(d) and (f)
|
March 31, 2012
|
|||||||||||
Underwriting bank
|
Factoring
limit
|
Amount
advanced
|
Amount
sold and
derecognized
|
Principle
terms
|
|||||||
(in thousands)
|
|||||||||||
Taipei Fubon Bank
|
USD |
53,000
|
-
|
USD |
23,294
|
See notes(a)~(d)
|
|||||
China Trust Commercial Bank
|
USD |
265,000
|
NTD |
240,000
|
USD |
29,019
|
See notes(a)~(d)
|
||||
Mizuho Corporate Bank
|
USD |
500,000
|
USD |
62,145
|
USD |
62,145
|
See notes(a)~(d)
|
||||
The Export-Import Bank
|
USD |
8,000
|
-
|
-
|
See notes(a)~(d)
|
||||||
Citi Bank
|
USD |
120,000
|
USD |
35,167
|
USD |
35,167
|
See notes(a)~(b)
|
||||
First Commercial Bank
|
USD |
250,000
|
-
|
-
|
See notes(a)~(d) and (f)
|
January 1, 2012
|
|||||||||||
Underwriting bank
|
Factoring
limit
|
Amount
advanced
|
Amount
sold and
derecognized
|
Principle
terms
|
|||||||
(in thousands)
|
|||||||||||
Taipei Fubon Bank
|
USD |
48,000
|
-
|
USD |
14,604
|
See notes(a)~(d)
|
|||||
China Trust Commercial Bank
|
USD |
65,000
|
-
|
USD |
17,740
|
See notes(a)~(d)
|
|||||
Mizuho Corporate Bank
|
USD |
500,000
|
USD |
65,002
|
USD |
65,002
|
See notes(a)~(d)
|
||||
The Export-Import Bank
|
USD |
11,000
|
USD |
5,296
|
USD |
5,951
|
See notes(a)~(d)
|
||||
First Commercial Bank
|
USD |
250,000
|
USD |
189,019
|
USD |
189,019
|
See notes(a)~(d) and (f)
|
||||
China Construction Bank
|
CNY |
100,000
|
-
|
-
|
See notes(a)~(b)
|
|
Note (a):
|
Under these facilities, the Company transferred accounts receivable to the respective underwriting banks, which are without recourse.
|
|
Note (b):
|
The Company informed its customers pursuant to the respective facilities to make payment directly to the respective underwriting banks.
|
|
Note (c):
|
As of March 31, 2013, December 31, March 31, and January 1, 2012, total outstanding receivables after the above assignment transactions, net of fees charged by underwriting banks, of $2,757,269 thousand, $1,298,649 thousand, $1,332,367 thousand and $999,517 thousand, respectively, were classified under other current financial assets.
|
|
Note (d):
|
To the extent of the amount transferred to the underwriting banks, risks of non- payment or potential payment default by customers in the event of insolvency are borne by respective banks. The Company is not responsible for the collection of receivables subject to these facilities, or for any legal proceedings and costs thereof in collecting these receivables.
|
|
Note (e):
|
To the extent of the amount sold to the underwriting banks, risks of non-collection or default by customers in the event of insolvency are borne by respective banks. The Company is not responsible for the collection of receivables subject to these facilities, or for any legal proceedings and costs thereof in collecting these receivables. In case any commercial dispute between the Company and customers or other reasons results in the Company’s failure to perform the obligation under these facilities, the banks have requested the Company to issue promissory notes in the amounts equal to 10 percent of respective facilities. Other than such promissory notes, no other collaterals were provided by the Company.
|
|
Note (f):
|
The aforementioned terms are applicable to the respective underwriting banks, and the Company assumes all risks of customers other than credit risk of customers.
|
11.
|
Inventories
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Finished goods
|
$ | 20,589,338 | 16,710,153 | 22,677,234 | 19,842,427 | |||||||||||
Work-in-progress
|
18,968,212 | 17,849,827 | 22,778,251 | 20,699,320 | ||||||||||||
Raw materials
|
7,540,977 | 8,026,002 | 8,729,796 | 7,340,201 | ||||||||||||
$ | 47,098,527 | 42,585,982 | 54,185,281 | 47,881,948 |
12.
|
Investments in Equity-Accounted Investees
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Associates
|
$ | 10,506,071 | 10,028,442 | 11,845,060 | 11,895,620 | |||||||||||
Joint ventures
|
3,868,785 | 3,790,739 | 3,862,060 | 4,026,205 | ||||||||||||
$ | 14,374,856 | 13,819,181 | 15,707,120 | 15,921,825 |
(1)
|
Associates
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||||||||||||||||||
Ownership
interest
|
Amount
|
Ownership
interest
|
Amount
|
Ownership
interest
|
Amount
|
Ownership
interest
|
Amount
|
|||||||||||||||||||||||||
%
|
(in thousands)
|
%
|
(in thousands)
|
%
|
(in thousands)
|
%
|
(in thousands)
|
|||||||||||||||||||||||||
Lextar Electronics Corp. (“Lextar”)
|
36 | $ | 4,102,196 | 42 | 3,565,029 | 43 | 3,386,743 | 43 | 3,400,754 | |||||||||||||||||||||||
Forhouse Corporation (“Forhouse”)
|
27 | 2,783,997 | 26 | 2,611,416 | 26 | 2,764,491 | 26 | 2,802,253 | ||||||||||||||||||||||||
Qisda Corporation (“Qisda”)
|
10 | 2,303,051 | 10 | 2,391,667 | 10 | 3,214,530 | 10 | 3,349,934 | ||||||||||||||||||||||||
Raydium Semiconductor Corporation (“Raydium”)
|
15 | 593,770 | 15 | 556,739 | 15 | 540,861 | 15 | 514,885 | ||||||||||||||||||||||||
Daxin Materials Corp. (“Daxin”)
|
25 | 447,823 | 25 | 422,111 | 28 | 372,044 | 28 | 358,719 | ||||||||||||||||||||||||
Wellypower Optronics Corporation Ltd. (“Wellypower”)
|
- | - | 9 | 180,763 | 9 | 399,905 | 9 | 411,286 | ||||||||||||||||||||||||
Sipix Technology Inc. (“STI”)
|
- | - | - | - | 28 | 808,949 | 28 | 621,855 | ||||||||||||||||||||||||
Others
|
- | 275,234 | - | 300,717 | - | 357,537 | - | 435,934 | ||||||||||||||||||||||||
$ | 10,506,071 | 10,028,442 | 11,845,060 | 11,895,620 |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Lextar
|
$ | 6,193,753 | 4,267,478 | 6,014,083 | 3,664,269 | |||||||||||
Forhouse
|
1,900,582 | 1,937,971 | 2,392,864 | 2,043,905 | ||||||||||||
Qisda
|
1,402,565 | 1,368,813 | 1,323,811 | 1,170,054 | ||||||||||||
Daxin
|
1,580,583 | 1,129,302 | - | - | ||||||||||||
Wellypower
|
- | 180,763 | 254,746 | 224,237 | ||||||||||||
$ | 11,077,483 | 8,884,327 | 9,985,504 | 7,102,465 |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Total assets
|
$ | 142,009,937 | 149,339,495 | 154,553,633 | 154,005,036 | |||||||||||
Total liabilities
|
90,518,610 | 99,087,820 | 98,141,617 | 98,870,990 | ||||||||||||
Net assets
|
$ | 51,491,327 | 50,251,675 | 56,412,016 | 55,134,046 |
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Revenue
|
$ | 40,076,382 | 41,350,114 | |||||
Net income (loss)
|
$ | (197,962 | ) | 1,314,781 |
(2)
|
Joint ventures
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
AUO SunPower Sdn. Bhd. (AUSP)
|
$ | 3,868,785 | 3,790,739 | 3,739,734 | 3,894,560 | |||||||||||
Others
|
- | - | 122,326 | 131,645 | ||||||||||||
$ | 3,868,785 | 3,790,739 | 3,862,060 | 4,026,205 |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current assets
|
$ | 8,986,357 | 8,669,669 | 8,755,928 | 8,877,286 | |||||||||||
Noncurrent assets
|
19,556,711 | 19,628,906 | 20,928,151 | 22,191,838 | ||||||||||||
Current liabilities
|
2,313,833 | 2,716,635 | 4,020,788 | 4,539,870 | ||||||||||||
Noncurrent liabilities
|
19,743,466 | 19,153,708 | 18,923,587 | 19,353,320 |
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Revenue
|
$ | 2,310,017 | 4,263,766 | |||||
Expenses
|
$ | 2,324,720 | 4,501,553 |
13.
|
Property, Plant and Equipment
|
Land
|
Buildings
|
Machinery and
equipment
|
Other
equipment
|
Prepayments for purchases of land and equipment, and construction
in progress
|
Total
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Cost:
|
||||||||||||||||||||||||
Balance as of January 1, 2013
|
$ | 8,678,182 | 126,351,407 | 766,254,302 | 39,238,456 | 24,248,760 | 964,771,107 | |||||||||||||||||
Additions
|
- | 607 | 1,654,920 | 765,600 | 2,575,046 | 4,996,173 | ||||||||||||||||||
Disposals
|
(17,546 | ) | (15,532 | ) | (1,162,777 | ) | (638,842 | ) | - | (1,834,697 | ) | |||||||||||||
Reclassification and effect of change in exchange rates
|
(86,290 | ) | 810,893 | 5,251,326 | 701,433 | (4,836,279 | ) | 1,841,083 | ||||||||||||||||
Balance as of March 31, 2013
|
$ | 8,574,346 | 127,147,375 | 771,997,771 | 40,066,647 | 21,987,527 | 969,773,666 | |||||||||||||||||
Balance as of January 1, 2012
|
$ | 8,899,614 | 124,039,128 | 748,342,262 | 41,469,424 | 27,957,746 | 950,708,174 | |||||||||||||||||
Additions
|
1,448 | 85,610 | 3,833,101 | 1,034,700 | 8,038,536 | 12,993,395 | ||||||||||||||||||
Disposals
|
(73 | ) | (54 | ) | (1,809,030 | ) | (418,060 | ) | - | (2,227,217 | ) | |||||||||||||
Reclassification and effect of change in exchange rates
|
(131,601 | ) | (1,082,247 | ) | 1,439,020 | 174,883 | (6,825,528 | ) | (6,425,473 | ) | ||||||||||||||
Balance as of March 31, 2012
|
$ | 8,769,388 | 123,042,437 | 751,805,353 | 42,260,947 | 29,170,754 | 955,048,879 | |||||||||||||||||
Depreciation and impairment loss:
|
||||||||||||||||||||||||
Balance as of January 1, 2013
|
$ | 161,544 | 25,365,116 | 590,450,276 | 33,275,954 | - | 649,252,890 | |||||||||||||||||
Depreciation
|
- | 907,243 | 14,259,112 | 1,344,786 | - | 16,511,141 | ||||||||||||||||||
Disposals
|
(17,546 | ) | (15,532 | ) | (1,144,248 | ) | (604,659 | ) | - | (1,781,985 | ) | |||||||||||||
Reclassification and effect of change in exchange rates
|
(8,598 | ) | 46,521 | 710,917 | 346,304 | - | 1,095,144 | |||||||||||||||||
Balance as of March 31, 2013
|
$ | 135,400 | 26,303,348 | 604,276,057 | 34,362,385 | - | 665,077,190 |
Land
|
Buildings
|
Machinery and
equipment
|
Other
equipment
|
Prepayments for purchases of land and equipment, and construction
in progress
|
Total
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Balance as of January 1, 2012
|
$ | - | 21,591,652 | 534,001,889 | 35,753,731 | - | 591,347,272 | |||||||||||||||||
Depreciation
|
- | 881,338 | 17,420,023 | 1,464,048 | - | 19,765,409 | ||||||||||||||||||
Disposals
|
- | (11 | ) | (1,809,030 | ) | (410,561 | ) | - | (2,219,602 | ) | ||||||||||||||
Reclassification and effect of change in exchange rates
|
- | (252,506 | ) | (2,607,409 | ) | (197,093 | ) | - | (3,057,008 | ) | ||||||||||||||
Balance as of March 31, 2012
|
$ | - | 22,220,473 | 547,005,473 | 36,610,125 | - | 605,836,071 | |||||||||||||||||
Net carrying amounts:
|
||||||||||||||||||||||||
Balance as of January 1, 2013
|
$ | 8,516,638 | 100,986,291 | 175,804,026 | 5,962,502 | 24,248,760 | 315,518,217 | |||||||||||||||||
Balance as of March 31, 2013
|
$ | 8,438,946 | 100,844,027 | 167,721,714 | 5,704,262 | 21,987,527 | 304,696,476 | |||||||||||||||||
Balance as of January 1, 2012
|
$ | 8,899,614 | 102,447,476 | 214,340,373 | 5,715,693 | 27,957,746 | 359,360,902 | |||||||||||||||||
Balance as of March 31, 2012
|
$ | 8,769,388 | 100,821,964 | 204,799,880 | 5,650,822 | 29,170,754 | 349,212,808 |
14.
|
Investment Property
|
Land
|
Buildings
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Cost:
|
||||||||||||
Balance as of January 1, 2013
|
$ | 836,960 | 544,421 | 1,381,381 | ||||||||
Balance as of March 31, 2013
|
$ | 836,960 | 544,421 | 1,381,381 | ||||||||
Balance as of January 1, 2012
|
$ | 836,960 | 544,421 | 1,381,381 | ||||||||
Balance as of March 31, 2012
|
$ | 836,960 | 544,421 | 1,381,381 | ||||||||
Depreciation and impairment losses:
|
||||||||||||
Balance as of January 1, 2013
|
- | 115,797 | 115,797 | |||||||||
Depreciation
|
- | 2,593 | 2,593 | |||||||||
Balance as of March 31, 2013
|
$ | - | 118,390 | 118,390 | ||||||||
Balance as of January 1, 2012
|
- | 105,427 | 105,427 | |||||||||
Depreciation
|
- | 2,593 | 2,593 | |||||||||
Balance as of March 31, 2012
|
$ | - | 108,020 | 108,020 | ||||||||
Net carrying amount:
|
||||||||||||
Balance as of January 1, 2013
|
$ | 836,960 | 428,624 | 1,265,584 | ||||||||
Balance as of March 31, 2013
|
$ | 836,960 | 426,031 | 1,262,991 | ||||||||
Balance as of January 1, 2012
|
$ | 836,960 | 438,994 | 1,275,954 | ||||||||
Balance as of March 31, 2012
|
$ | 836,960 | 436,401 | 1,273,361 | ||||||||
Fair value:
|
||||||||||||
As of January1, 2013
|
$ | 1,461,855 | ||||||||||
As of March 31, 2013
|
$ | 1,447,393 | ||||||||||
As of January 1, 2012
|
$ | 1,502,640 | ||||||||||
As of March 31, 2012
|
$ | 1,488,759 |
15.
|
Intangible Assets
|
Goodwill
|
Patent and
technology fee
|
Total
|
||||||||||
(in thousands)
|
||||||||||||
Cost:
|
||||||||||||
Balance as of January 1, 2013
|
$ | 11,456,176 | 9,659,452 | 21,115,628 | ||||||||
Reclassification
|
- | 3,280 | 3,280 | |||||||||
Effect of change in exchange rates
|
- | 200 | 200 | |||||||||
Balance as of March 31, 2013
|
$ | 11,456,176 | 9,662,932 | 21,119,108 | ||||||||
Balance as of January 1, 2012
|
$ | 11,456,176 | 9,214,031 | 20,670,207 | ||||||||
Additions
|
- | 34,713 | 34,713 | |||||||||
Effect of change in exchange rates
|
- | (159 | ) | (159 | ) | |||||||
Balance as of March 31, 2012
|
$ | 11,456,176 | 9,248,585 | 20,704,761 | ||||||||
Accumulated amortization:
|
||||||||||||
Balance as of January 1, 2013
|
$ | 175,581 | 6,007,149 | 6,182,730 | ||||||||
Amortization
|
- | 205,525 | 205,525 | |||||||||
Reclassification
|
- | 3,280 | 3,280 | |||||||||
Effect of change in exchange rates
|
- | 27 | 27 | |||||||||
Balance as of March 31, 2013
|
$ | 175,581 | 6,215,981 | 6,391,562 | ||||||||
Balance as of January 1, 2012
|
$ | - | 5,242,105 | 5,242,105 | ||||||||
Amortization
|
- | 188,039 | 188,039 | |||||||||
Effect of change in exchange rates
|
- | (162 | ) | (162 | ) | |||||||
Balance as of March 31, 2012
|
$ | - | 5,429,982 | 5,429,982 | ||||||||
Net carrying value:
|
||||||||||||
Balance as of January 1, 2013
|
$ | 11,280,595 | 3,652,303 | 14,932,898 | ||||||||
Balance as of March 31, 2013
|
$ | 11,280,595 | 3,446,951 | 14,727,546 | ||||||||
Balance as of January 1, 2012
|
$ | 11,456,176 | 3,971,926 | 15,428,102 | ||||||||
Balance as of March 31, 2012
|
$ | 11,456,176 | 3,818,603 | 15,274,779 |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Operating costs
|
$ | 204,695 | 72,622 | |||||
Operating expenses
|
830 | 115,417 | ||||||
$ | 205,525 | 188,039 |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Display CGU
|
$ | 11,280,595 | 11,280,595 | 11,280,595 | 11,280,595 | |||||||||||
Solar CGU
|
- | - | 175,581 | 175,581 | ||||||||||||
$ | 11,280,595 | 11,280,595 | 11,456,176 | 11,456,176 |
16.
|
Other Assets
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Refundable and excess of value-added tax paid
|
$ | 3,282,716 | 3,030,402 | 2,337,020 | 2,477,953 | |||||||||||
Prepayment for materials
|
1,282,235 | 1,215,718 | 1,326,002 | 1,435,237 | ||||||||||||
Long-term prepaid rents
|
2,011,300 | 1,960,446 | 2,009,719 | 2,065,934 | ||||||||||||
Refundable deposits
|
4,916,901 | 5,075,980 | 5,360,008 | 5,183,039 | ||||||||||||
Others
|
2,115,565 | 2,354,948 | 2,813,618 | 1,911,374 | ||||||||||||
13,608,717 | 13,637,494 | 13,846,367 | 13,073,537 | |||||||||||||
Less: current
|
(9,267,786 | ) | (9,599,504 | ) | (9,691,245 | ) | (8,490,013 | ) | ||||||||
Non-current
|
$ | 4,340,931 | 4,037,990 | 4,155,122 | 4,583,524 |
17.
|
Short-term Borrowings:
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Unsecured borrowings
|
$ | 5,935,515 | 8,620,050 | 6,884,906 | 7,850,793 | |||||||||||
Unused facility
|
$ | 24,319,080 | 21,147,309 | 25,270,891 | 23,901,952 |
18.
|
Bonds Payable
|
March 31,
2012
|
January 1,
2012
|
|||||||
(in thousands)
|
||||||||
Unsecured bonds payable
|
$ | 35,003 | 64,383 | |||||
Secured bonds payable
|
3,500,000 | 3,500,000 | ||||||
Less: current portion
|
(3,535,003 | ) | (3,564,383 | ) | ||||
$ | - | - | ||||||
Interest payable
|
$ | 61,962 | 36,695 |
Secured Bond 4
|
||
Issuer
|
AUO
|
|
Par value
|
NT$7,000,000 thousand
|
|
Issue date
|
Aug. 22, 2008
|
|
Issue price
|
At par value
|
|
Coupon rate
|
Fixed rate 2.90%
|
|
Duration
|
Aug. 22, 2008 –Aug. 22, 2012
|
|
Bank that provided guarantee
|
Mizuho Corporate Bank and three other banks
|
|
Redemption
|
As stated below
|
Unsecured Bond 2
|
Unsecured Bond 3
|
|||
Issuer
|
M. Setek
|
M. Setek
|
||
Par value
|
JPY900,000 thousand
|
JPY900,000 thousand
|
||
Issue date
|
Apr. 28, 2005
|
Sep. 30, 2005
|
||
Issue price
|
At par value
|
At par value
|
||
Coupon rate
|
Floating interest
|
Fixed rate 1.01%
|
||
Duration
|
Apr. 28, 2005 – Apr. 25, 2012
|
Sep. 30, 2005 – Sep. 28, 2012
|
||
Bank that provided guarantee
|
Mizuho Corporate Bank
|
Mizuho Corporate Bank
|
||
Redemption
|
As stated below
|
As stated below
|
19.
|
Convertible Bonds Payable
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Par value of ECB 4
|
$ | 24,840,000 | 24,840,000 | 24,840,000 | 24,840,000 | |||||||||||
Unamortized discount
|
(106,293 | ) | (116,720 | ) | (147,970 | ) | (158,377 | ) | ||||||||
Accrued interest payable
|
1,515,966 | 1,319,370 | 874,160 | 738,628 | ||||||||||||
Accumulated purchase amount
|
(3,105,000 | ) | (3,105,000 | ) | (3,105,000 | ) | (3,105,000 | ) | ||||||||
Effect of change in exchange rates
|
(773,200 | ) | (1,339,567 | ) | (1,020,604 | ) | (528,123 | ) | ||||||||
Convertible bonds payable
|
$ | 22,371,473 | 21,598,083 | 21,440,586 | 21,787,128 | |||||||||||
Embedded derivative- conversion rights classified as fair value recognized through profit or loss
|
$ | - | - | - | - |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Interest expense (including amortization of discount )
|
$ | 168,997 | 162,990 |
Conversion method
|
Bondholders may, at any time from 41 days after issuance to 10 days before maturity, convert ECB4 into common shares or ADSs of the Company.
|
|
Conversion price
|
Original price at NT$40.74. The conversion price was adjusted to NT$39.90 as a result of earnings distributions, as approved by stockholders on June 10, 2011.
|
|
Exchange rate
|
US$:NT$ exchange rate of NT$30.778 / US$1.00
|
Redemption terms
|
Unless previously redeemed, purchased and cancelled, or converted, bonds are redeemable on maturity at a redemption price equal to 115.34% of the unpaid principal amount thereof.
(a) Effective from the third anniversary of issuance, AUO may, redeem the outstanding bonds at the early redemption amount, in whole or in part, if the closing price (translated into U.S. dollars at the prevailing rate) of its common shares on the Taiwan Stock Exchange is at least 130% of the conversion price for a period of 20 out of 30 consecutive trading days.
(b) AUO may redeem the total amount of outstanding bonds in whole at the early redemption amount in the event that 90% of the bonds have been previously redeemed, converted, or purchased and cancelled.
(c) AUO may redeem the total amount of outstanding bonds in whole at the early redemption amount if as a result of certain changes relating to the tax laws in the ROC or such other jurisdiction in which AUO is then organized, AUO is required to pay additional amounts.
|
|
Repurchase terms
|
(a) Bondholders bear the right to request AUO to repurchase bonds, in whole or in part, at the early redemption amount in the event that AUO’s common shares cease to be listed or admitted to trading on the Taiwan Stock Exchange (for the avoidance of doubt, temporary suspension of trading of AUO’s common shares on the Taiwan Stock Exchange in accordance with the regulations of the Taiwan Stock Exchange is excluded.)
(b) Bondholders bear the right to request AUO to repurchase bonds, in whole or in part, at the early redemption amount when one or more persons, acting in concert, acquire legal or beneficial ownership of over 50% of AUO’s capital stock. A “person” aforementioned does not include AUO’s directors and AUO’s majority-owned direct or indirect subsidiaries.
|
20.
|
Long-term Borrowings
|
Bank or agent bank
|
Durations
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||||
Syndicated loans:
|
||||||||||||||||||
Bank of Taiwan and others
|
From Dec. 29, 2009 to Oct. 15, 2016
|
$ | 51,600,800 | 51,600,800 | 58,000,000 | 58,000,000 | ||||||||||||
Bank of Taiwan and others
|
From Sep. 30, 2011 to Sep. 30, 2016
|
45,000,000 | 45,000,000 | 40,000,000 | 12,000,000 | |||||||||||||
Bank of Taiwan and others
|
From Sep. 13, 2006 to Sep. 13, 2014
|
15,998,400 | 21,331,200 | 26,664,000 | 31,996,800 | |||||||||||||
Mega International Commercial Bank and others
|
From Jan. 19, 2010 to Jan. 19, 2015
|
15,000,000 | 19,080,000 | 23,040,000 | 27,000,000 | |||||||||||||
Mizuho Corporate Bank and others
|
From Jun. 27, 2011 to Jun. 27, 2016
|
11,133,500 | 11,840,500 | 11,667,500 | 7,804,000 | |||||||||||||
Credit Agricole Corporate and Investment Bank and others
|
From Nov. 2010 to Nov. 2015
|
10,778,400 | 10,485,360 | 10,649,520 | 10,904,400 | |||||||||||||
Mizuho Corporate Bank and others
|
From Jun. 27, 2011 to Jun. 27, 2016
|
6,362,000 | 6,766,000 | 6,282,500 | 6,828,500 | |||||||||||||
Mega International Commercial Bank and others
|
From Jul. 14, 2006 to Jul. 14, 2013
|
2,700,000 | 5,400,000 | 8,100,000 | 10,800,000 | |||||||||||||
First Bank and others
|
From Feb. 10, 2012 to Feb. 10, 2017
|
4,400,000 | 4,400,000 | 1,900,000 | - | |||||||||||||
ABN-AMRO Bank and others
|
From Aug. 2, 2006 to Aug. 2, 2013
|
1,455,870 | 2,543,434 | 3,504,253 | 4,779,194 | |||||||||||||
Bank of Taiwan and others
|
From Feb. 18, 2013 to Aug. 18, 2017
|
10,600,000 | - | - | - | |||||||||||||
Bank of Taiwan and others
|
From Dec. 29, 2005 to Dec. 29, 2012
|
- | - | 8,221,400 | 8,221,400 | |||||||||||||
Unsecured loans
|
From Mar. 2007 to Feb. 21, 2018
|
10,249,980 | 10,647,559 | 14,046,140 | 14,214,885 | |||||||||||||
Mortgage loans
|
From Feb. 28, 2006 to Nov. 2015
|
2,991,236 | 3,813,559 | 7,237,551 | 6,407,890 | |||||||||||||
$ | 188,270,186 | 192,908,412 | 219,312,864 | 198,957,069 | ||||||||||||||
Less: transaction costs
|
(109,285 | ) | - | - | - | |||||||||||||
188,160,901 | 192,908,412 | 219,312,864 | 198,957,069 | |||||||||||||||
Less: current portion
|
(48,667,410 | ) | (45,490,589 | ) | (44,378,668 | ) | (42,868,289 | ) | ||||||||||
$ | 139,493,491 | 147,417,823 | 174,934,196 | 156,088,780 | ||||||||||||||
Unused credit facility
|
$ | 15,089,419 | 7,232,213 | 23,507,317 | 45,881,909 | |||||||||||||
Interest rate range
|
0.6037%~
6.77%
|
0.658%~
7.315%
|
0.6435%~
8.28%
|
0.645%~
7.935%
|
(in thousands)
|
||||
April 1 to December 31, 2013
|
$ | 31,258,147 | ||
2014
|
60,221,341 | |||
2015
|
47,238,852 | |||
2016
|
42,320,754 | |||
2017 and thereafter
|
7,231,092 | |||
Total
|
$ | 188,270,186 |
21.
|
Provisions
|
(1)
|
Provisions for warranties
|
(2)
|
Provisions for litigation, decommissioning obligations and others
|
22.
|
Operating Lease
|
(1)
|
Lessee
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Less than one year
|
$ | 727,462 | 855,996 | 782,154 | 1,009,189 | |||||||||||
Between one and five years
|
2,029,436 | 1,608,999 | 1,955,858 | 1,885,667 | ||||||||||||
More than five years
|
5,277,824 | 3,682,790 | 4,074,578 | 4,078,436 | ||||||||||||
$ | 8,034,722 | 6,147,785 | 6,812,590 | 6,973,292 |
(2)
|
Lessor
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Less than one year
|
$ | 57,540 | 60,607 | 15,882 | 29,941 | |||||||||||
Between one and five years
|
40,138 | 52,034 | 27,125 | 27,776 | ||||||||||||
More than five years
|
117,425 | 119,438 | 12,586 | 13,888 | ||||||||||||
$ | 215,103 | 232,079 | 55,593 | 71,605 |
23.
|
Employee Benefit
|
(1)
|
Defined benefit plans
|
December 31, 2012
|
December 31, 2011
|
|||||||
(in thousands)
|
||||||||
Present value of the defined benefit obligation
|
$ | (2,468,402 | ) | (2,075,995 | ) | |||
Fair value of plan assets
|
1,599,329 | 1,500,839 | ||||||
Pension liabilities
|
$ | (869,073 | ) | (575,156 | ) |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Service cost
|
$ | 5,456 | 5,494 | |||||
Interest cost
|
9,701 | 9,078 | ||||||
$ | 15,157 | 14,572 |
December 31, 2012
|
|
Discount rate
|
0.594%~1.75%
|
Expected long-term rate of return on plan assets
|
0.00% ~ 1.75%
|
Rate of increase in future compensation levels
|
1.19%~3.00%
|
(2)
|
Defined contribution plans
|
24.
|
Income Taxes
|
For the three-month periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Current tax expense
|
||||||||
Current period
|
$ | 103,261 | 209,187 | |||||
Adjustment for prior years
|
(6,446 | ) | (359 | ) | ||||
96,815 | 208,828 | |||||||
Deferred tax expense
|
||||||||
from temporary differences
|
17,436 | (457,348 | ) | |||||
Total income tax expense (benefits)
|
$ | 114,251 | (248,520 | ) |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Foreign currency translation adjustments
|
$ | 243,288 | (155,897 | ) | ||||
Cash flow hedges
|
2,534 | 9,832 | ||||||
Other comprehensive income resulted from equity-accounted investees
|
2,400 | (18,327 | ) | |||||
$ | 248,222 | (164,392 | ) |
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Accumulated deficits earned in 1998 and thereafter
|
$ | 57,864,666 | 54,671,048 | 31,033,991 | 17,127,564 | |||||||||||
ICA balance
|
$ | 5,307,823 | 5,307,823 | 5,148,354 | 5,148,354 |
For the year ended December 31,
|
|||
2012
|
2011
|
||
(estimated)
|
(estimated)
|
||
Creditable ratio for earnings distribution to Republic of China resident stockholders
|
-
|
-
|
25.
|
Capital and Other Equity
|
(1)
|
Common stock
|
(2)
|
Capital surplus
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
From common stock
|
$ | 51,794,831 | 51,794,831 | 51,794,831 | 51,794,831 | |||||||||||
From convertible bonds
|
6,797,012 | 6,797,012 | 6,797,012 | 6,797,012 | ||||||||||||
From merger
|
54,229,454 | 53,924,140 | 56,395,945 | 56,395,945 | ||||||||||||
$ | 112,821,297 | 112,515,983 | 114,987,788 | 114,987,788 |
(3)
|
Legal reserve
|
(4)
|
Distribution of earnings and dividend policy
|
|
(i)
|
at least 5 percent as employee bonuses;
|
|
(ii)
|
at most 1 percent as remuneration to directors; and
|
|
(iii)
|
the remaining portion, in whole or in part, as dividends to common stockholders.
|
(5)
|
Other equity
|
(i)
|
Foreign currency translation adjustment
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Balance as of January 1
|
$ | 1,350,763 | 2,408,853 | |||||
From foreign subsidiaries, net of tax
|
1,148,958 | (853,586 | ) | |||||
From associates, and joint ventures, net of tax
|
68,019 | (141,445 | ) | |||||
Balance as of March 31
|
$ | 2,567,740 | 1,413,822 |
(ii)
|
Unrealized gains and losses arising from the available-for-sale investment
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Balance as of January 1
|
$ | 15,449 | (41,729 | ) | ||||
Unrealized losses of available-for-sale financial assets, net of tax
|
(1,709 | ) | (86,762 | ) | ||||
Reclassification to profit or loss owing to disposal
|
- | 102,450 | ||||||
Unrealized loss of available-for-sale financial assets held by associates, net of tax
|
(13,300 | ) | (29,798 | ) | ||||
Balance as of March 31
|
$ | 440 | (55,839 | ) |
(iii)
|
Cash flow hedge
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Balance as of January 1
|
$ | (27,402 | ) | (144,080 | ) | |||
Unrealized gain on cash flow hedge, net of tax
|
12,374 | 48,003 | ||||||
Balance as of March 31
|
$ | (15,028 | ) | (96,077 | ) |
26.
|
Earnings (loss) Per Share (“EPS”)
|
For the three-month periods ended March 31,
|
||||||||||||||||
2013
|
2012
|
|||||||||||||||
Pre-tax
|
After tax
|
Pre-tax
|
After tax
|
|||||||||||||
(in thousands, except for per share data)
|
||||||||||||||||
Net loss attributable to stockholders of AU Optronics Corp.:
|
$ | (3.072,527 | ) | (3,173,479 | ) | (13,866,985 | ) | (13,590,055 | ) | |||||||
Weighted-average number of shares outstanding during the period
|
8,827,046 | 8,827,046 | 8,827,046 | 8,827,046 | ||||||||||||
Basic EPS:
|
$ | (0.35 | ) | (0.36 | ) | (1.57 | ) | (1.54 | ) |
27.
|
Revenue
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Sale of goods
|
$ | 91,726,271 | 79,522,286 | |||||
Other operating revenue
|
2,517,908 | 1,579,364 | ||||||
$ | 94,244,179 | 81,101,650 |
28.
|
Other Income
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Interest income on bank deposits
|
$ | 58,436 | 105,954 | |||||
Interest income on government bonds with reverse repurchase agreements and others
|
11,418 | 25,013 | ||||||
Rental income
|
86,057 | 139,420 | ||||||
Compensation income
|
- | 242,061 | ||||||
Grants and others
|
121,002 | 346,182 | ||||||
$ | 276,913 | 858,630 |
29.
|
Other Gains and Losses
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Foreign exchange gains, net
|
$ | 986,348 | 730,940 | |||||
Losses on valuation of financial assets and liabilities measured at fair value through profit or loss
|
(766,056 | ) | (701,994 | ) | ||||
Disposal of investments and financial assets, gains, net
|
47,703 | 190,566 | ||||||
Disposal of property, plant and equipment, and intangible assets gains, net
|
2,989 | 70,124 | ||||||
Litigation provisions and other losses
|
(1,187,084 | ) | (118,178 | ) | ||||
$ | (916,100 | ) | 171,458 |
30.
|
Finance Costs
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Interest expense on bonds
|
$ | 168,997 | 188,581 | |||||
Interest expense on long-term borrowings
|
1,051,003 | 1,166,442 | ||||||
Interest expense on short-term borrowings and others
|
60,470 | 60,466 | ||||||
$ | 1,280,470 | 1,415,489 |
31.
|
Reclassification of Other Comprehensive Income
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Foreign currency translation adjustment:
|
||||||||
Translation adjustment of financial statements of foreign subsidiaries
|
$ | 1,634,726 | (1,149,560 | ) | ||||
Effect of income tax
|
(243,288 | ) | 155,897 | |||||
Foreign currency translation adjustment recognized in other comprehensive income
|
$ | 1,391,438 | (993,663 | ) | ||||
Available-for-sale financial assets
|
||||||||
Net change in fair value
|
$ | (1,310 | ) | (86,025 | ) | |||
Reclassified to profit or loss
|
- | 102,450 | ||||||
Net change in fair value recognized in other comprehensive income
|
$ | (1,310 | ) | 16,425 | ||||
Cash flow ledge:
|
||||||||
Unrealized gains on cash flow hedges
|
$ | 14,908 | 57,835 | |||||
Effect of income tax
|
(2,534 | ) | (9,832 | ) | ||||
Gains recognized in other comprehensive income
|
$ | 12,374 | 48,003 | |||||
Comprehensive income of associates and joint ventures
|
||||||||
Translation adjustments of financial statements of associates and joint ventures
|
$ | 73,670 | (153,133 | ) | ||||
Net change in fair value of available-for-sale financial assets
|
(16,550 | ) | (36,423 | ) | ||||
Reclassified of unrealized gain of available-for-sales to profit or loss
|
(1 | ) | (14 | ) | ||||
Actuarial loss on defined benefit plan
|
(23 | ) | (250 | ) | ||||
Effect of income tax
|
(2,400 | ) | 18,327 | |||||
Gains (losses) recognized in other comprehensive income
|
$ | 54,696 | (171,493 | ) |
32.
|
Financial Instruments
|
(1)
|
Credit risk
|
(i)
|
Credit risk exposure
|
a.
|
The carrying amount of financial assets recognized in the condensed consolidated balance sheet.
|
b.
|
The amount of liabilities as a result from the Company providing financial guarantee to its customers.
|
(ii)
|
Impairment loss
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current
|
$ | 35,167,578 | 35,622,852 | 41,426,389 | 43,094,120 | |||||||||||
Past due 0~60 days
|
2,927,125 | 6,829,065 | 7,854,791 | 7,771,668 | ||||||||||||
Past due 61~180 days
|
749,440 | 78,066 | 905,471 | 569,602 | ||||||||||||
Past due over 180 days
|
68,170 | 86,696 | 257,365 | 178,066 | ||||||||||||
$ | 38,912,313 | 42,616,679 | 50,444,016 | 51,613,456 |
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Balance as of January 1
|
$ | 68,150 | 81,925 | |||||
Impairment loss provided
|
1,422 | 145 | ||||||
Effect of change in exchange rates
|
(2,103 | ) | (3,841 | ) | ||||
Balance as of March 31
|
$ | 67,469 | 78,229 |
(2)
|
Liquidity risk
|
Carrying
amount
|
Contractual
cash flows
|
2013.4.1~
2013.12.31
|
2014.1.1~
2014.12.31
|
2015.1.1~
2017.12.31
|
2018 and
thereafter
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
March 31, 2013
|
||||||||||||||||||||||||
Non-derivative financial liabilities
|
||||||||||||||||||||||||
Short-term borrowings
|
$ | 5,935,515 | 5,935,515 | 5,935,515 | - | - | - | |||||||||||||||||
Convertible bonds payable
|
22,371,473 | 24,172,957 | - | - | 24,172,957 | - | ||||||||||||||||||
Long-term borrowings (including current installments)
|
188,160,901 | 196,605,239 | 34,239,859 | 63,109,736 | 99,022,591 | 233,053 | ||||||||||||||||||
Guarantee deposits
|
875,183 | 875,183 | 3,761 | 4,576 | 2,992 | 863,854 | ||||||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||||||
Forward exchange contracts-inflows
|
292,403 | (17,594,602 | ) | (17,594,602 | ) | - | - | - | ||||||||||||||||
Forward exchange contracts-outflows
|
(407,952 | ) | 17,458,993 | 17,458,993 | - | - | - | |||||||||||||||||
Interest rate swap contracts
|
43,639 | 63,925 | 31,314 | 32,611 | - | - | ||||||||||||||||||
Options contracts
|
24,309 | 24,212 | 24,212 | - | - | - | ||||||||||||||||||
$ | 217,295,471 | 227,541,422 | 40,099,052 | 63,146,923 | 123,198,540 | 1,096,907 |
Carrying
amount
|
Contractual
cash flows
|
2013.1.1~
2013.12.31
|
2014.1.1~
2014.12.31
|
2015.1.1~
2017.12.31
|
2018 and
thereafter
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
Non-derivative financial liabilities
|
||||||||||||||||||||||||
Short-term borrowings
|
$ | 8,620,050 | 8,620,050 | 8,620,050 | - | - | - | |||||||||||||||||
Convertible bonds payable
|
21,598,083 | 23,515,750 | - | - | 23,515,750 | - | ||||||||||||||||||
Long-term borrowings (including current installments)
|
192,908,412 | 200,988,563 | 51,293,526 | 63,444,168 | 86,250,869 | - | ||||||||||||||||||
Guarantee deposits
|
1,033,644 | 1,033,644 | 10,684 | 3,791 | 17,586 | 1,001,583 | ||||||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||||||
Forward exchange contracts-inflows
|
804,001 | (18,673,156 | ) | (18,673,156 | ) | - | - | - | ||||||||||||||||
Forward exchange contracts-outflows
|
(23,621 | ) | 19,389,553 | 19,389,553 | - | - | - | |||||||||||||||||
Interest rate swap contracts
|
58,547 | 100,571 | 62,202 | 38,369 | - | - | ||||||||||||||||||
Options contracts
|
54,000 | 62,208 | 62,208 | - | - | - | ||||||||||||||||||
$ | 225,053,116 | 235,037,183 | 60,765,067 | 63,486,328 | 109,784,205 | 1,001,583 |
Carrying
amount
|
Contractual
cash flows
|
2012.4.1~
2012.12.31
|
2013.1.1~
2013.12.31
|
2014.1.1~
2016.12.31
|
2017 and
thereafter
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
March 31, 2012
|
||||||||||||||||||||||||
Non-derivative financial liabilities
|
||||||||||||||||||||||||
Short-term borrowings
|
$ | 6,884,906 | 6,884,906 | 6,884,906 | - | - | - | |||||||||||||||||
Bonds payable (including current installments)
|
3,535,003 | 3,574,918 | 3,574,918 | - | - | - | ||||||||||||||||||
Convertible bonds payable
|
21,440,586 | 23,883,915 | - | - | 23,883,915 | - | ||||||||||||||||||
Long-term borrowings (including current installments)
|
219,312,864 | 230,780,069 | 33,693,125 | 50,855,238 | 145,744,948 | 486,758 | ||||||||||||||||||
Guarantee deposits
|
1,051,805 | 1,051,805 | 30,359 | 235 | - | 1,021,211 | ||||||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||||||
Forward exchange contracts-inflows
|
258,207 | (17,643,720 | ) | (17,643,720 | ) | - | - | - | ||||||||||||||||
Forward exchange contracts-outflows
|
(30,896 | ) | 16,926,672 | 16,926,672 | - | - | - | |||||||||||||||||
Interest rate swap contracts
|
140,401 | 224,658 | 83,485 | 83,086 | 58,087 | - | ||||||||||||||||||
Options contracts
|
120,511 | 130,716 | 58,299 | 72,417 | - | - | ||||||||||||||||||
$ | 252,713,387 | 265,813,939 | 43,608,044 | 51,010,976 | 169,686,950 | 1,507,969 |
Carrying
amount
|
Contractual
cash flows
|
2012.1.1~
2012.12.31
|
2013.1.1~
2013.12.31
|
2014.1.1~
2016.12.31
|
2017 and
theafter
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
January 1, 2012
|
||||||||||||||||||||||||
Non-derivative financial liabilities
|
||||||||||||||||||||||||
Short-term borrowings
|
$ | 7,850,793 | 7,850,793 | 7,850,793 | - | - | - | |||||||||||||||||
Bonds payable (including current installments)
|
3,564,383 | 3,629,781 | 3,629,781 | - | - | - | ||||||||||||||||||
Convertible bonds payable
|
21,787,128 | 24,455,540 | - | - | 24,455,540 | - | ||||||||||||||||||
Long-term borrowings (including current installments)
|
198,957,069 | 209,567,304 | 49,006,279 | 50,447,029 | 110,113,996 | - | ||||||||||||||||||
Guarantee deposits
|
1,072,900 | 1,072,900 | 54,187 | - | - | 1,018,713 | ||||||||||||||||||
Derivative financial liabilities
|
||||||||||||||||||||||||
Forward exchange contracts-inflows
|
17,523 | (15,657,963 | ) | (15,657,963 | ) | - | - | - | ||||||||||||||||
Forward exchange contracts-outflows
|
(85,621 | ) | 15,584,516 | 15,584,516 | - | - | - | |||||||||||||||||
Interest rate swap contracts
|
198,360 | 292,136 | 121,642 | 100,343 | 70,151 | - | ||||||||||||||||||
Options contracts
|
176,185 | 176,013 | 90,753 | 85,260 | - | - | ||||||||||||||||||
$ | 233,538,720 | 246,971,020 | 60,679,988 | 50,632,632 | 134,639,687 | 1,018,713 |
(3)
|
Currency risk
|
(i)
|
Exposure to currency risk
|
Foreign
currency
|
Exchange
rate
|
NTD
|
||||||||||
(in thousands)
|
||||||||||||
March 31, 2013
|
||||||||||||
Financial assets
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
$ | 2,127,094 | 29.94 | 63,685,194 | ||||||||
JPY
|
35,467,027 | 0.3181 | 11,282,061 | |||||||||
EUR
|
49,249 | 38.365 | 1,889,438 | |||||||||
Financial liabilities
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
1,717,716 | 29.94 | 51,428,417 | |||||||||
JPY
|
46,817,707 | 0.3181 | 14,892,713 | |||||||||
EUR
|
645 | 38.365 | 24,745 | |||||||||
December 31, 2012
|
||||||||||||
Financial assets
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
2,664,861 | 29.126 | 77,616,741 | |||||||||
JPY
|
26,173,221 | 0.3383 | 8,854,401 | |||||||||
EUR
|
126,319 | 38.548 | 4,869,345 | |||||||||
Financial liabilities
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
1,981,322 | 29.126 | 57,707,985 | |||||||||
JPY
|
42,469,046 | 0.3383 | 14,367,278 | |||||||||
EUR
|
10,341 | 38.548 | 398,625 | |||||||||
March 31, 2012
|
||||||||||||
Financial assets
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
2,139,799 | 29.582 | 63,299,534 | |||||||||
JPY
|
26,456,219 | 0.359 | 9,497,783 | |||||||||
EUR
|
61,409 | 39.347 | 2,416,260 | |||||||||
Financial liabilities
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
1,652,078 | 29.582 | 48,871,771 | |||||||||
JPY
|
35,555,840 | 0.359 | 12,764,547 | |||||||||
EUR
|
16,425 | 39.347 | 646,274 |
Foreign
currency
|
Exchange
rate
|
NTD
|
||||||||||
(in thousands)
|
||||||||||||
January 1, 2012
|
||||||||||||
Financial assets
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
2,476,516 | 30.29 | 75,013,670 | |||||||||
JPY
|
32,197,451 | 0.3902 | 12,563,445 | |||||||||
EUR
|
95,619 | 39.259 | 3,753,906 | |||||||||
Financial liabilities
|
||||||||||||
Monetary items
|
||||||||||||
USD
|
1,539,705 | 30.29 | 46,637,664 | |||||||||
JPY
|
35,237,397 | 0.3902 | 13,749,632 | |||||||||
EUR
|
15,458 | 39.259 | 606,866 |
(ii)
|
Sensitivity analysis
|
(4)
|
Interest rate analysis
|
(5)
|
Fair value
|
(i)
|
Fair value and carrying amount
|
March 31, 2013
|
December 31, 2012
|
March 31, 2012
|
January 1, 2012
|
|||||||||||||||||||||||||||||
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
Carrying
Amount
|
Fair Value
|
|||||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||||||||||||||
Available-for-sale financial assets-noncurrent
|
$ | 233,080 | 233,080 | 235,134 | 235,134 | 307,310 | 307,310 | 436,774 | 436,774 | |||||||||||||||||||||||
Foreign currency forward contracts
|
407,952 | 407,952 | 23,621 | 23,621 | 30,896 | 30,896 | 85,621 | 85,621 | ||||||||||||||||||||||||
Interest rate swap contracts
|
- | - | - | - | 3 | 3 | 3 | 3 | ||||||||||||||||||||||||
Options contracts
|
97 | 97 | 66 | 66 | 247 | 247 | 172 | 172 | ||||||||||||||||||||||||
Refundable deposits
|
138,613 | 138,613 | 297,692 | 297,692 | 581,719 | 581,719 | 404,751 | 404,751 | ||||||||||||||||||||||||
Financial liabilities:
|
||||||||||||||||||||||||||||||||
Long-term borrowings (including current installments)
|
188,160,901 | 188,190,679 | 192,908,412 | 192,908,412 | 219,312,864 | 219,312,864 | 198,957,069 | 198,957,069 | ||||||||||||||||||||||||
Convertible bonds payable
|
22,371,473 | 22,371,473 | 21,598,083 | 21,598,083 | 21,440,586 | 21,440,586 | 21,787,128 | 21,787,128 | ||||||||||||||||||||||||
Current installments of bonds payable
|
- | - | - | - | 3,535,003 | 3,621,189 | 3,564,383 | 3,638,651 | ||||||||||||||||||||||||
Foreign currency forward contracts
|
292,403 | 292,403 | 804,001 | 804,001 | 258,207 | 258,207 | 17,523 | 17,523 | ||||||||||||||||||||||||
Interest rate swap contracts
|
43,639 | 43,639 | 58,547 | 58,547 | 140,403 | 140,403 | 198,401 | 198,401 | ||||||||||||||||||||||||
Options contracts
|
24,309 | 24,309 | 54,000 | 54,000 | 120,511 | 120,511 | 176,185 | 176,185 |
(ii)
|
The following methods and assumptions are used to estimate the fair values of the Company’s financial instruments:
|
|
a.
|
The fair value of financial instruments other than financial assets carried at cost is based on quoted market prices, if available, in active markets. When quoted prices are unavailable, the fair value is determined based on valuation techniques using estimates and assumptions consistent with the market pricing models taken by market participants.
|
|
b.
|
The fair value of refundable deposits with no fixed maturity is based on the carrying amount.
|
|
c.
|
The fair value of long-term borrowings and bonds payable is estimated based on the present value of future discounted cash flows.
|
|
d.
|
If the fair value of aforementioned financial instruments is denominated in foreign currency, the Company estimates the fair value based on the spot exchange rate provided by Reuter’s quotes system and adopted consistently.
|
(iii)
|
Fair Value Hierarchy
|
l
|
Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets accessible to the entity at the measurement date.
|
l
|
Level 2 inputs: Other than quoted prices included in Level 1, inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
|
l
|
Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
March 31, 2013
|
||||||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale financial assets-noncurrent
|
$ | 233,080 | - | - | 233,080 | |||||||||||
Foreign currency forward contracts
|
- | 407,952 | - | 407,952 | ||||||||||||
Options contracts
|
- | 97 | - | 97 | ||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts
|
- | 292,403 | - | 292,403 | ||||||||||||
Interest rate swap contracts
|
- | 43,639 | - | 43,639 | ||||||||||||
Options contracts
|
- | 24,309 | - | 24,309 | ||||||||||||
December 31, 2012
|
||||||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale financial assets-noncurrent
|
$ | 235,134 | - | - | 235,134 | |||||||||||
Foreign currency forward contracts
|
- | 23,621 | - | 23,621 | ||||||||||||
Options contracts
|
- | 66 | - | 66 | ||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts
|
- | 804,001 | - | 804,001 | ||||||||||||
Interest rate swap contracts
|
- | 58,547 | - | 58,547 | ||||||||||||
Options contracts
|
- | 54,000 | - | 54,000 | ||||||||||||
March 31, 2012
|
||||||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale financial assets-noncurrent
|
$ | 307,310 | - | - | 307,310 | |||||||||||
Foreign currency forward contracts
|
- | 30,896 | - | 30,896 | ||||||||||||
Interest rate swap contracts
|
- | 3 | - | 3 | ||||||||||||
Options contracts
|
- | 247 | - | 247 | ||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts
|
- | 258,207 | - | 258,207 | ||||||||||||
Interest rate swap contracts
|
- | 140,403 | - | 140,403 | ||||||||||||
Options contracts
|
- | 120,511 | - | 120,511 |
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
January 1, 2012
|
||||||||||||||||
Assets:
|
||||||||||||||||
Available-for-sale financial assets-noncurrent
|
$ | 436,774 | - | - | 436,774 | |||||||||||
Foreign currency forward contracts
|
- | 85,621 | - | 85,621 | ||||||||||||
Interest rate swap contracts
|
- | 3 | - | 3 | ||||||||||||
Options contracts
|
- | 172 | - | 172 | ||||||||||||
Liabilities:
|
||||||||||||||||
Foreign currency forward contracts
|
- | 17,523 | - | 17,523 | ||||||||||||
Interest rate swap contracts
|
- | 198,401 | - | 198,401 | ||||||||||||
Options contracts
|
- | 176,185 | - | 176,185 |
33.
|
Financial Risk Management
|
(1)
|
Risk management framework
|
(2)
|
Financial risk information
|
(i)
|
Credit risk
|
(ii)
|
Liquidity risk
|
(iii)
|
Market risk
|
(a)
|
Currency risk
|
(b)
|
Interest rate risk
|
(c)
|
Equity price risk
|
34.
|
Capital Management
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Total liabilities
|
$ | 364,217,443 | 380,899,579 | 401,148,176 | 394,671,395 | |||||||||||
Total equity
|
159,980,910 | 161,516,812 | 205,626,333 | 220,099,859 | ||||||||||||
Interest-bearing debts
|
216,467,889 | 223,126,545 | 251,173,359 | 232,159,373 | ||||||||||||
Debt-to-equity ratio
|
228 | % | 236 | % | 195 | % | 179 | % | ||||||||
Interest-bearing debt-to-equity ratio
|
135 | % | 138 | % | 122 | % | 105 | % |
35.
|
Related-party Transactions
|
(1)
|
Compensation to executive officers
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Short-term employee benefits
|
$ | 53,700 | 52,345 |
(2)
|
Except as disclosed in the condensed consolidated interim financial statements and other footnotes, the significant related party transactions were as follows:
|
(i)
|
Sales:
|
Sales
|
Receivables from related parties
|
|||||||||||||||||||||||
For the three-month
periods ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
March 31,
2013
|
December
31, 2013
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Associates
|
$ | 11,687,879 | 7,520,690 | 6,724,609 | 5,805,498 | 4,360,208 | 5,869,246 | |||||||||||||||||
Joint ventures
|
937,051 | 1,342,043 | 354,649 | 385,581 | 1,037,551 | 914,359 | ||||||||||||||||||
$ | 12,624,930 | 8,862,733 | 7,079,258 | 6,191,079 | 5,397,759 | 6,783,605 |
(ii)
|
Purchases:
|
Purchase
|
Payables to related parties
|
|||||||||||||||||||||||
For the three-month
periods ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
March 31,
2013
|
December
31, 2013
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Associate
|
$ | 13,945,187 | 14,712,984 | 16,102,368 | 15,725,450 | 16,618,279 | 17,428,741 | |||||||||||||||||
Joint ventures
|
285,537 | 42,775 | 182,565 | 89,478 | 37,835 | 25,438 | ||||||||||||||||||
$ | 14,230,724 | 14,755,759 | 16,284,933 | 15,814,928 | 16,656,114 | 17,454,179 |
(iii)
|
Disposal of property, plant and equipment, operating leases, and others
|
(iv)
|
Acquisition of property, plant and equipment and others
|
36.
|
Pledged Assets
|
Pledged assets
|
Pledged to secure
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||||
Other financial assets
|
R&D project, oil purchases and guarantees for customs duties
|
$ | 404,015 | 410,592 | 506,242 | 158,509 | ||||||||||||
Secured deposit (classified as other current assets)
|
Guarantees for lawsuit
|
4,778,288 | 4,778,288 | 4,778,288 | 4,778,288 | |||||||||||||
Land and building
|
Long-term borrowings
|
78,110,438 | 79,807,136 | 91,966,028 | 92,496,496 | |||||||||||||
Machinery and equipment
|
Long-term borrowings and bonds payable
|
103,730,929 | 110,411,432 | 149,052,320 | 162,782,620 | |||||||||||||
Available-for-sale financial assets
|
Long-term borrowings
|
- | 2,829 | 3,270 | 3,309 | |||||||||||||
$ | 187,023,670 | 195,410,277 | 246,306,148 | 260,219,222 |
37.
|
Commitments and Contingencies
|
(a)
|
Outstanding letters of credit
|
Currency
|
March 31, 2013
|
|||
(in thousands)
|
||||
USD
|
11,996 | |||
JPY
|
590,420 | |||
EUR
|
768 | |||
NTD
|
51,275 | |||
FRF
|
64 |
(b)
|
Technology licensing agreements
|
(c)
|
Purchase commitments
|
(d)
|
Litigation
|
(1)
|
Alleged patent infringements
|
(2)
|
Investigation for alleged violation of antitrust and competition laws
|
(3)
|
Antitrust civil actions lawsuits in the United States and Canada
|
(e)
|
Sales agreements
|
38.
|
Subsequent Event: None
|
39.
|
Segment and Geographic Information
|
(a)
|
Operating segment information
|
For the three-month periods ended March 31, 2013
|
||||||||||||||||
Display
|
Solar
|
Adjustment
and
eliminations
|
Consolidated
Total
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Net revenue from external customers
|
$ | 90,872,287 | 3,371,892 | - | 94,244,179 | |||||||||||
Intersegment revenue
|
- | - | - | - | ||||||||||||
Total segment revenue
|
$ | 90,872,287 | 3,371,892 | - | 94,244,179 | |||||||||||
Operating profit (loss)
|
$ | 185,023 | (1,546,417 | ) | - | (1,361,394 | ) | |||||||||
Non-operating expenses and losses, net
|
(1,843,996 | ) | ||||||||||||||
Loss before income tax
|
$ | (3,205,390 | ) | |||||||||||||
Depreciation and amortization
|
$ | 15,742,737 | 976,522 | - | 16,719,259 | |||||||||||
For the three-month periods ended March 31, 2012
|
||||||||||||||||
Display
|
Solar
|
Adjustment
and
eliminations
|
Consolidated
Total
|
|||||||||||||
(in thousands) | ||||||||||||||||
Net revenue from external customers
|
$ | 78,461,409 | 2,640,241 | - | 81,101,650 | |||||||||||
Intersegment revenue
|
- | - | - | - | ||||||||||||
Total segment revenue
|
$ | 78,461,409 | 2,640,241 | - | 81,101,650 | |||||||||||
Operating loss
|
$ | (12,028,459 | ) | (1,661,338 | ) | - | (13,689,797 | ) | ||||||||
Non-operating expenses and losses, net
|
(340,267 | ) | ||||||||||||||
Loss before income tax
|
$ | (14,030,064 | ) | |||||||||||||
Depreciation and amortization
|
$ | 18,851,890 | 1,104,151 | - | 19,956,041 |
(b)
|
Geographic information
|
(1)
|
Net revenue from external customers
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Taiwan
|
$ | 33,311,614 | 28,836,949 | |||||
PRC
|
36,114,288 | 23,429,377 | ||||||
Singapore
|
5,636,757 | 7,604,484 | ||||||
Korea
|
1,731,773 | 5,690,824 | ||||||
Other foreign countries
|
17,449,747 | 15,540,016 | ||||||
$ | 94,244,179 | 81,101,650 |
(2)
|
Consolidated non-current assets
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Taiwan
|
$ | 237,621,021 | 279,484,010 | |||||
PRC
|
44,855,480 | 40,801,133 | ||||||
Other foreign countries
|
42,551,443 | 49,627,574 | ||||||
$ | 325,027,944 | 369,912,717 |
(c)
|
Major customer information
|
For the three-month periods ended March 31,
|
||||||||||||||||
2013
|
%
|
2012
|
%
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Customer A
|
$ | 13,217,866 | 14 | 9,211,513 | 11 |
40.
|
Explanation of transition to TIFRS
|
(a)
|
Reconciliation of equity
|
December 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 77,425,691 | (770,016 | ) | 76,655,675 |
Cash and cash equivalents
|
1. | |||||||||
Financial assets measured at fair value-current
|
23,621 | - | 23,621 |
Financial assets measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts receivable, net
|
36,357,450 | - | 36,357,450 |
Notes and accounts receivable, net
|
||||||||||||
Receivables from related parties, net
|
6,191,079 | - | 6,191,079 |
Receivables from related parties, net
|
||||||||||||
Other receivables from related parties
|
91,185 | - | 91,185 |
Other receivables from related parties
|
||||||||||||
-
|
- | 65,832 | 65,832 |
Current income tax assets
|
||||||||||||
Inventories, net
|
42,585,982 | - | 42,585,982 |
Inventories
|
||||||||||||
Other current financial assets
|
1,615,510 | 770,016 | 2,385,526 |
Other current financial assets
|
1. 8. | |||||||||||
Equity investment held for sales
|
116,390 | - | 116,390 |
Non-current assets held for sale
|
||||||||||||
Prepayments and other current assets
|
9,665,336 | (65,832 | ) | 9,599,504 |
Other current assets
|
|||||||||||
Deferred tax assets – current
|
1,663,795 | (1,663,795 | ) | - |
-
|
2. | ||||||||||
Total current assets
|
175,736,039 | (1,663,795 | ) | 174,072,244 |
December 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Long-term investments:
|
||||||||||||||||
Financial assets measured at fair value-noncurrent
|
66 | - | 66 |
Financial assets measured at fair value through profit or loss -noncurrent
|
||||||||||||
Available-for-sale financial assets-noncurrent
|
235,134 | - | 235,134 |
Available-for-sale financial assets-noncurrent
|
||||||||||||
Financial assets carried at cost-noncurrent
|
1,341,890 | - | 1,341,890 |
Financial assets carried at cost-noncurrent
|
||||||||||||
Equity-method investments
|
13,811,600 | 7,581 | 13,819,181 |
Investment in equity-accounted investees
|
3. | |||||||||||
Property, plant and equipment, net
|
313,992,766 | 1,525,451 | 315,518,217 |
Property, plant and equipment, net
|
5.7. | |||||||||||
-
|
- | 1,265,584 | 1,265,584 |
Investment property, net
|
5. | |||||||||||
Intangible assets
|
14,932,898 | - | 14,932,898 |
Intangible assets
|
||||||||||||
Other assets:
|
||||||||||||||||
Deferred tax assets-noncurrent
|
12,341,891 | 4,851,296 | 17,193,187 |
Deferred tax assets
|
2.14. | |||||||||||
Deferred charges
|
2,955,729 | (2,955,729 | ) | - |
-
|
6.7. | ||||||||||
Idle assets, net
|
2,364,803 | (2,364,803 | ) | - |
-
|
5. | ||||||||||
Long-term prepayments for materials and others
|
2,089,697 | 1,948,293 | 4,037,990 |
Other non-current assets
|
6.7.8.10 | |||||||||||
Total Assets
|
$ | 539,802,513 | 2,613,878 | 542,416,391 |
Total Assets
|
|||||||||||
Current liabilities:
|
||||||||||||||||
Short-term borrowings
|
8,620,050 | - | 8,620,050 |
Short-term borrowings
|
||||||||||||
Financial liabilities measured at fair value-current
|
804,001 | - | 804,001 |
Financial liabilities measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts payable
|
65,695,688 | - | 65,695,688 |
Notes and accounts payable
|
||||||||||||
Accounts payables to related parties
|
15,814,928 | - | 15,814,928 |
Accounts payables to related parties
|
||||||||||||
Equipment and construction in progress payable
|
14,597,502 | - | 14,597,502 |
Equipment and construction payable
|
||||||||||||
Other payables to related parties
|
76,011 | - | 76,011 |
Other payables to related parties
|
||||||||||||
-
|
- | 246,548 | 246,548 |
Current income tax liabilities
|
||||||||||||
-
|
- | 20,452,981 | 20,452,981 |
Provisions-current
|
||||||||||||
Accrued expenses and other current liabilities
|
40,495,553 | (20,072,128 | ) | 20,423,425 |
Other current liabilities
|
9. | ||||||||||
Current installments of long-term borrowings
|
45,490,589 | - | 45,490,589 |
Current installments of long-term borrowings
|
||||||||||||
Total current liabilities
|
191,594,322 | 627,401 | 192,221,723 |
December 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Long-term liabilities:
|
||||||||||||||||
Financial liabilities measured at fair value-noncurrent
|
54,000 | - | 54,000 |
Financial liabilities measured at fair value through profit or loss-noncurrent
|
||||||||||||
Hedging derivative financial liabilities-noncurrent
|
58,547 | - | 58,547 |
Hedging derivative financial liabilities-noncurrent
|
||||||||||||
Convertible bonds payable
|
21,598,083 | - | 21,598,083 |
Convertible bonds payable
|
||||||||||||
Long-term borrowings, excluding current installments
|
147,417,823 | - | 147,417,823 |
Long-term borrowings, excluding current installments
|
||||||||||||
-
|
- | 8,658,360 | 8,658,360 |
Provisions-noncurrent
|
||||||||||||
-
|
- | 2,856,321 | 2,856,321 |
Deferred tax liabilities
|
2.14. | |||||||||||
Long-term collection in advance and others
|
6,421,035 | 1,613,687 | 8,034,722 |
Other non-current liabilities
|
10. | |||||||||||
Total long-term liabilities
|
175,549,488 | 13,128,368 | 188,677,856 |
|
||||||||||||
Other liabilities
|
9,423,221 | (9,423,221 | ) | - |
-
|
|||||||||||
Total liabilities
|
376,567,031 | 4,332,548 | 380,899,579 |
Total liabilities
|
||||||||||||
Capital Stock:
|
||||||||||||||||
Common stock, $10 par value
|
88,270,455 | - | 88,270,455 |
Common stock, $10 par value
|
||||||||||||
Capital surplus
|
114,384,422 | (1,868,439 | ) | 112,515,983 |
Capital surplus
|
3.4.11. | ||||||||||
Retained earnings:
|
||||||||||||||||
Accumulated deficits
|
(54,614,704 | ) | (56,344 | ) | (54,671,048 | ) |
Accumulated deficits
|
15. | ||||||||
Others
|
1,110,682 | 228,128 | 1,338,810 |
Other equity
|
3. | |||||||||||
|
149,150,855 | (1,696,655 | ) | 147,454,200 | ||||||||||||
Minority interests
|
14,084,627 | (22,015 | ) | 14,062,612 |
Non-controlling interests
|
|||||||||||
Total stockholders’ equity
|
163,235,482 | (1,718,670 | ) | 161,516,812 |
Total equity
|
|||||||||||
Total liabilities and stockholders’ equity
|
$ | 539,802,513 | 2,613,878 | 542,416,391 |
Total liabilities and equity
|
March 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 86,567,235 | (2,232,690 | ) | 84,334,545 |
Cash and cash equivalents
|
1. | |||||||||
Financial assets measured at fair value-current
|
30,896 | - | 30,896 |
Financial assets measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts receivable, net
|
44,968,028 | - | 44,968,028 |
Notes and accounts receivable, net
|
||||||||||||
Receivables from related parties, net
|
5,397,759 | - | 5,397,759 |
Receivables from related parties, net
|
||||||||||||
Other receivables from related parties
|
154,431 | - | 154,431 |
Other receivables from related parties
|
||||||||||||
-
|
- | 49,906 | 49,906 |
Current income tax assets
|
||||||||||||
Inventories, net
|
54,185,281 | - | 54,185,281 |
Inventories
|
||||||||||||
Other current financial assets
|
1,757,118 | 2,252,691 | 4,009,809 |
Other current financial assets
|
1.8. | |||||||||||
Prepayments and other current assets
|
9,741,151 | (49,906 | ) | 9,691,245 |
Other current assets
|
|||||||||||
Deferred tax assets – current
|
1,993,895 | (1,993,895 | ) | - |
-
|
2. | ||||||||||
Total current assets
|
204,795,794 | (1,973,894 | ) | 202,821,900 | ||||||||||||
Long-term investments:
|
||||||||||||||||
Financial assets measured at fair value-noncurrent
|
250 | - | 250 |
Financial assets measured at fair value through profit or loss -noncurrent
|
||||||||||||
Available-for-sale financial assets-noncurrent
|
307,310 | - | 307,310 |
Available-for-sale financial assets-noncurrent
|
||||||||||||
Financial assets carried at cost-noncurrent
|
1,416,297 | - | 1,416,297 |
Financial assets carried at cost-noncurrent
|
||||||||||||
Equity-method investments
|
15,591,831 | 115,289 | 15,707,120 |
Investment in equity-accounted investees
|
3. | |||||||||||
Property, plant and equipment, net
|
348,398,740 | 814,068 | 349,212,808 |
Property, plant and equipment, net
|
5.7. | |||||||||||
-
|
- | 1,273,361 | 1,273,361 |
Investment property, net
|
5. | |||||||||||
Intangible assets
|
15,274,779 | - | 15,274,779 |
Intangible assets
|
||||||||||||
Other assets:
|
||||||||||||||||
Deferred tax assets-noncurrent
|
12,062,707 | 4,542,855 | 16,605,562 |
Deferred tax assets
|
2.14. | |||||||||||
Deferred charges
|
3,194,989 | (3,194,989 | ) | - |
-
|
6.7. | ||||||||||
Other assets
|
1,972,807 | 2,182,315 | 4,155,122 |
Other non-current assets
|
6.7.8.10. | |||||||||||
Idle assets, net
|
1,590,445 | (1,590,445 | ) | - |
-
|
5. | ||||||||||
Total assets
|
$ | 604,605,949 | 2,168,560 | 606,774,509 |
Total assets
|
March 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current liabilities:
|
||||||||||||||||
Short-term borrowings
|
6,884,906 | - | 6,884,906 |
Short-term borrowings
|
||||||||||||
Financial liabilities measured at fair value-current
|
258,207 | - | 258,207 |
Financial liabilities measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts payable
|
61,099,319 | - | 61,099,319 |
Notes and accounts payable
|
||||||||||||
Accounts payables to related parties
|
16,656,114 | - | 16,656,114 |
Accounts payables to related parties
|
||||||||||||
Equipment and construction in progress payable
|
17,509,516 | - | 17,509,516 |
Equipment and construction payable
|
||||||||||||
Other payables to related parties
|
127,588 | - | 127,588 |
Other payables to related parties
|
||||||||||||
-
|
- | 475,234 | 475,234 |
Current income tax liabilities
|
||||||||||||
-
|
- | 20,197,100 | 20,197,100 |
Provisions-current
|
||||||||||||
Accrued expenses and other current liabilities
|
41,310,135 | (20,090,706 | ) | 21,219,429 |
Other current liabilities
|
9. | ||||||||||
Current installments of bonds payable
|
3,535,003 | - | 3,535,003 |
Current installments of bonds payable
|
||||||||||||
Current installments of long-term borrowings
|
44,378,668 | - | 44,378,668 |
Current installments of long-term borrowings
|
||||||||||||
Total current liabilities
|
191,759,456 | 581,628 | 192,341,084 | |||||||||||||
Long-term liabilities:
|
||||||||||||||||
Financial liabilities measured at fair value-noncurrent
|
120,513 | - | 120,513 |
Financial liabilities measured at fair value through profit or loss-noncurrent
|
||||||||||||
Hedging derivative financial liabilities-noncurrent
|
140,401 | - | 140,401 |
Hedging derivative financial liabilities-noncurrent
|
||||||||||||
Convertible bonds payable
|
21,440,586 | - | 21,440,586 |
Convertible bonds payable
|
||||||||||||
Long-term borrowings, excluding current installments
|
174,934,196 | - | 174,934,196 |
Long-term borrowings, excluding current installments
|
||||||||||||
-
|
- | 1,124,525 | 1,124,525 |
Provisions-noncurrent
|
||||||||||||
-
|
- | 2,305,587 | 2,305,587 |
Deferred tax liabilities
|
2.14. | |||||||||||
Long-term collection in advance and others
|
7,243,344 | 1,497,940 | 8,741,284 |
Other non-current liabilities
|
10. | |||||||||||
Total long-term liabilities
|
203,879,040 | 4,928,052 | 208,807,092 | |||||||||||||
Other liabilities
|
2,131,134 | (2,131,134 | ) | - |
-
|
|||||||||||
Total liabilities
|
397,769,630 | 3,378,546 | 401,148,176 |
Total liabilities
|
March 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Capital Stock:
|
||||||||||||||||
Common stock, $10 par value
|
88,270,455 | - | 88,270,455 |
Common stock, $10 par value
|
||||||||||||
Capital surplus
|
117,321,587 | (2,333,799 | ) | 114,987,788 |
Capital surplus
|
3.4.11. | ||||||||||
Retained earnings:
|
||||||||||||||||
Accumulated deficits
|
(16,076,537 | ) | 917,918 | (15,158,619 | ) |
Accumulated deficits
|
15. | |||||||||
Others
|
1,039,638 | 222,268 | 1,261,906 |
Other equity
|
3. | |||||||||||
|
190,555,143 | (1,193,613 | ) | 189,361,530 | ||||||||||||
Minority interests
|
16,281,176 | (16,373 | ) | 16,264,803 |
Non-controlling interests
|
|||||||||||
Total stockholders’ equity
|
206,836,319 | (1,209,986 | ) | 205,626,333 |
Total equity
|
|||||||||||
Total liabilities and stockholders’ equity
|
$ | 604,605,949 | 2,168,560 | 606,774,509 |
Total liabilities and equity
|
January 1, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 90,836,668 | (783,400 | ) | 90,053,268 |
Cash and cash equivalents
|
1. | |||||||||
Financial assets measured at fair value-current
|
85,621 | - | 85,621 |
Financial assets measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts receivable, net
|
44,747,926 | - | 44,747,926 |
Notes and accounts receivable, net
|
||||||||||||
Receivables from related parties, net
|
6,783,605 | - | 6,783,605 |
Receivables from related parties, net
|
||||||||||||
Other receivables from related parties
|
191,499 | - | 191,499 |
Other receivables from related parties
|
||||||||||||
-
|
- | 72,413 | 72,413 |
Current income tax assets
|
||||||||||||
Inventories, net
|
47,881,948 | - | 47,881,948 |
Inventories
|
||||||||||||
Other current financial assets
|
1,280,078 | 803,400 | 2,083,478 |
Other current financial assets
|
1.8. | |||||||||||
Prepayments and other current assets
|
8,562,426 | (72,413 | ) | 8,490,013 |
Other current assets
|
|||||||||||
Deferred tax assets – current
|
2,304,158 | (2,304,158 | ) | - |
-
|
|||||||||||
Total current assets
|
202,673,929 | (2,284,158 | ) | 200,389,771 |
January 1, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Long-term investments:
|
||||||||||||||||
Financial assets measured at fair value-noncurrent
|
175 | - | 175 |
Financial assets measured at fair value through profit or loss-noncurrent
|
||||||||||||
Available-for-sale financial assets-noncurrent
|
436,774 | - | 436,774 |
Available-for-sale financial assets-noncurrent
|
||||||||||||
Financial assets carried at cost-noncurrent
|
1,487,795 | - | 1,487,795 |
Financial assets carried at cost-noncurrent
|
||||||||||||
Equity-method investments
|
15,917,335 | 4,490 | 15,921,825 |
Investment in equity-accounted investees
|
3. | |||||||||||
Property, plant and equipment, net
|
358,478,963 | 881,939 | 359,360,902 |
Property, plant and equipment, net
|
5.7. | |||||||||||
-
|
- | 1,275,954 | 1,275,954 |
Investment property, net
|
5. | |||||||||||
Intangible assets
|
15,428,102 | - | 15,428,102 |
Intangible assets
|
||||||||||||
Other assets:
|
||||||||||||||||
Deferred tax assets-noncurrent
|
11,064,101 | 4,822,331 | 15,886,432 |
Deferred tax assets
|
2.14. | |||||||||||
Deferred charges
|
3,321,469 | (3,321,469 | ) | - |
-
|
6.7. | ||||||||||
Idle assets, net
|
1,697,615 | (1,697,615 | ) | - |
-
|
5. | ||||||||||
Long-term prepayments for materials and others
|
2,271,886 | 2,311,638 | 4,583,524 |
Other non-current assets
|
6.7.8.10. | |||||||||||
Total Assets
|
$ | 612,778,144 | 1,993,110 | 614,771,254 |
Total Assets
|
|||||||||||
Current liabilities:
|
||||||||||||||||
Short-term borrowings
|
7,850,793 | - | 7,850,793 |
Short-term borrowings
|
||||||||||||
Financial liabilities measured at fair value-current
|
17,523 | - | 17,523 |
Financial liabilities measured at fair value through profit or loss-current
|
||||||||||||
Notes and accounts payable
|
65,244,893 | - | 65,244,893 |
Notes and accounts payable
|
||||||||||||
Accounts payables to related parties
|
17,454,179 | - | 17,454,179 |
Accounts payables to related parties
|
||||||||||||
Equipment and construction in progress payable
|
18,761,731 | - | 18,761,731 |
Equipment and construction payable
|
||||||||||||
Other payables to related parties
|
168,004 | - | 168,004 |
Other payables to related parties
|
||||||||||||
-
|
- | 415,122 | 415,122 |
Current income tax liabilities
|
||||||||||||
-
|
- | 21,458,196 | 21,458,196 |
Provisions-current
|
||||||||||||
Accrued expenses and other current liabilities
|
47,295,070 | (21,478,839 | ) | 25,816,231 |
Other current liabilities
|
9. | ||||||||||
Current installments of bonds payable
|
3,564,383 | - | 3,564,383 |
Current installments of bonds payable
|
||||||||||||
Current installments of long-term borrowings
|
42,868,289 | - | 42,868,289 |
Current installments of long-term borrowings
|
||||||||||||
Total current liabilities
|
203,224,865 | 394,479 | 203,619,344 |
January 1, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Long-term liabilities:
|
||||||||||||||||
Financial liabilities measured at fair value-noncurrent
|
176,226 | - | 176,226 |
Financial liabilities measured at fair value through profit or loss-noncurrent
|
||||||||||||
Hedging derivative financial liabilities-noncurrent
|
198,360 | - | 198,360 |
Hedging derivative financial liabilities-noncurrent
|
||||||||||||
Convertible bonds payable
|
21,787,128 | - | 21,787,128 |
Convertible bonds payable
|
||||||||||||
Long-term borrowings, excluding current installments
|
156,088,780 | - | 156,088,780 |
Long-term borrowings, excluding current installments
|
||||||||||||
-
|
- | 1,183,461 | 1,183,461 |
Provisions-noncurrent
|
||||||||||||
-
|
- | 2,171,296 | 2,171,296 |
Deferred tax liabilities
|
2.14. | |||||||||||
Long-term collection in advance and others
|
7,908,240 | 1,538,560 | 9,446,800 |
Other non-current liabilities
|
10. | |||||||||||
Total long-term liabilities
|
186,158,734 | 4,893,317 | 191,052,051 | |||||||||||||
Other liabilities
|
2,117,607 | (2,117,607 | ) | - |
-
|
|||||||||||
Total liabilities
|
391,501,206 | 3,170,189 | 394,671,395 |
Total liabilities
|
||||||||||||
Capital Stock:
|
||||||||||||||||
Common stock, $10 par value
|
88,270,455 | - | 88,270,455 |
Common stock, $10 par value
|
||||||||||||
Capital surplus
|
117,709,063 | (2,721,275 | ) | 114,987,788 |
Capital surplus
|
3.4.11. | ||||||||||
Retained earnings:
|
||||||||||||||||
Accumulated deficits
|
(2,472,483 | ) | 1,220,291 | (1,252,192 | ) |
Accumulated deficits
|
15. | |||||||||
Others
|
1,881,681 | 341,363 | 2,223,044 |
Other equity
|
3. | |||||||||||
|
205,388,716 | (1,159,621 | ) | 204,229,095 | ||||||||||||
Minority interests
|
15,888,222 | (17,458 | ) | 15,870,764 |
Non-controlling interests
|
|||||||||||
Total stockholders’ equity
|
221,276,938 | (1,177,079 | ) | 220,099,859 |
Total equity
|
|||||||||||
Total liabilities and stockholders’ equity
|
$ | 612,778,144 | 1,993,110 | 614,771,254 |
Total liabilities and equity
|
(b)
|
Reconciliation of comprehensive income for the year ended December 31, 2012 and the three-month periods ended March 31, 2012.
|
For the year ended December 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Net revenue
|
$ | 378,470,935 | - | 378,470,935 |
Net revenue
|
|||||||||||
Cost of sales
|
387,145,972 | 4,447,859 | 391,593,831 |
Cost of sales
|
5.9.10.12.13 | |||||||||||
Gross loss
|
(8,675,037 | ) | (4,447,859 | ) | (13,122,896 | ) |
Gross loss
|
|||||||||
Selling expenses
|
9,802,235 | (3,425,056 | ) | 6,377,179 |
Selling expenses
|
5.9.10.12.13 | ||||||||||
General and administrative expenses
|
9,216,436 | (12,496 | ) | 9,203,940 |
General and administrative expenses
|
5.9.10.13 | ||||||||||
Research and development expenses
|
10,170,966 | (266,667 | ) | 9,904,299 |
Research and development expenses
|
5.9.10.13 | ||||||||||
|
29,189,637 | (3,704,219 | ) | 25,485,418 |
|
|||||||||||
Operating loss
|
(37,864,674 | ) | (743,640 | ) | (38,608,314 | ) |
Operating loss
|
|||||||||
Interest income
|
476,117 | - | 476,117 |
Other income
|
||||||||||||
Investment gains recognized by equity method, net
|
347,211 | (28,150 | ) | 319,061 |
Share of income of equity-accounted investees
|
3 | ||||||||||
Gains on sale of investment securities, net
|
455,531 | - | 455,531 |
Other gains and losses
|
||||||||||||
Foreign currency exchange gains, net
|
1,988,284 | - | 1,988,284 |
Other gains and losses
|
||||||||||||
Other income
|
2,924,416 | (2,924,416 | ) | - |
-
|
|||||||||||
Interest expenses
|
(5,731,213 | ) | - | (5,731,213 | ) |
Finance costs
|
||||||||||
Depreciation of idle assets
|
(594,364 | ) | 594,364 | - |
-
|
5 | ||||||||||
Asset impairment losses
|
(4,799,673 | ) | - | (4,799,673 | ) |
Other gains and losses
|
||||||||||
Loss on valuation of financial instruments, net
|
(1,260,588 | ) | - | (1,260,588 | ) |
Other gains and losses
|
||||||||||
Provisions for potential litigation losses and others
|
(11,211,629 | ) | 11,211,629 | - |
-
|
|||||||||||
— | - | (10,997,319 | ) | (10,997,319 | ) |
Other gains and losses
|
||||||||||
— | - | 2,715,426 | 2,715,426 |
Other income
|
||||||||||||
Non-operating income and expenses
|
(17,405,908 | ) | 571,534 | (16,834,374 | ) |
Non-operating income and expenses
|
||||||||||
Loss before income taxes
|
(55,270,582 | ) | (172,106 | ) | (55,442,688 | ) |
Loss before income taxes
|
|||||||||
Income tax expense (benefit)
|
636,422 | (40,414 | ) | 596,008 |
Income tax expense (benefit)
|
|||||||||||
Net loss
|
$ | (55,907,004 | ) | (131,692 | ) | (56,038,696 | ) |
Net loss
|
For the year ended December 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
(1,174,931 | ) |
Foreign currency translation adjustments
|
||||||||||||||
68,425 |
Net change in fair value of available-for-sale financial assets
|
|||||||||||||||
140,576 |
Effective portion of changes in fair value of cash flow hedges
|
|||||||||||||||
(369,539 | ) |
Actuarial losses resulted from defined benefit obligation
|
||||||||||||||
(281,954 | ) |
Other comprehensive income resulted from equity-accounted investees
|
||||||||||||||
(272,990 | ) |
Less: Income tax expense (benefit) on other comprehensive income
|
||||||||||||||
(1,344,433 | ) |
Other comprehensive income (loss) for the period, net of taxes
|
||||||||||||||
$ | (57,383,129 | ) |
Total comprehensive income (loss) for the period
|
For the three-month periods ended March 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Net revenue
|
$ | 81,101,650 | - | 81,101,650 |
Net revenue
|
|||||||||||
Cost of sales
|
87,550,211 | 921,137 | 88,471,348 |
Cost of sales
|
5.9.10.12.13 | |||||||||||
Gross loss
|
(6,448,561 | ) | (921,137 | ) | (7,369,698 | ) |
Gross loss
|
|||||||||
Selling expenses
|
2,169,002 | (638,703 | ) | 1,530,299 |
Selling expenses
|
5.9.10.12.13 | ||||||||||
General and administrative expenses
|
2,480,037 | 1,127 | 2,481,164 |
General and administrative expenses
|
5.9.10.13 | |||||||||||
Research and development expenses
|
2,387,877 | (79,241 | ) | 2,308,636 |
Research and development expenses
|
5.9.10.13 | ||||||||||
|
7,036,916 | (716,817 | ) | 6,320,099 |
|
|||||||||||
Operating loss
|
(13,485,477 | ) | (204,320 | ) | (13,689,797 | ) |
Operating loss
|
For the three-month periods ended March 31, 2012
|
||||||||||||||||
Previous GAAP
|
Effect of
transition to
TIFRS
|
TIFRS
|
Note
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Interest income
|
130,967 | - | 130,967 |
Other income
|
||||||||||||
Investment gains recognized by equity method, net
|
44,554 | 580 | 45,134 |
Share of income of equity-accounted investees
|
3 | |||||||||||
Gains on sale of investment securities, net
|
151,392 | - | 151,392 |
Other gains and losses
|
||||||||||||
Foreign currency exchange gains, net
|
730,940 | - | 730,940 |
Other gains and losses
|
||||||||||||
Other income
|
779,753 | (779,753 | ) | - |
-
|
|||||||||||
Interest expenses
|
(1,415,489 | ) | - | (1,415,489 | ) |
Finance costs
|
||||||||||
Loss on valuation of financial instruments, net
|
(701,994 | ) | - | (701,994 | ) |
Other gains and losses
|
||||||||||
Depreciation of idle assets
|
(166,338 | ) | 166,338 | - |
-
|
5 | ||||||||||
Other losses
|
(97,552 | ) | 97,552 | - |
-
|
|||||||||||
— | - | (8,880 | ) | (8,880 | ) |
Other gains and losses
|
||||||||||
— | - | 727,663 | 727,663 |
Other income
|
||||||||||||
Non-operating income and expenses
|
(543,767 | ) | 203,500 | (340,267 | ) |
Non-operating income and expenses
|
||||||||||
Loss before income taxes
|
(14,029,244 | ) | (820 | ) | (14,030,064 | ) |
Loss before income taxes
|
|||||||||
Income tax expense (benefit)
|
(233,617 | ) | (14,903 | ) | (248,520 | ) |
Income tax expense (benefit)
|
3.9.10 | ||||||||
Net loss
|
$ | (13,795,627 | ) | 14,083 | (13,781,544 | ) |
Net loss
|
|||||||||
(1,149,560 | ) |
Foreign currency translation adjustments
|
||||||||||||||
16,425 |
Net change in fair value of available-for-sale financial assets
|
|||||||||||||||
57,835 |
Effective portion of changes in fair value of cash flow hedges
|
|||||||||||||||
(189,820 | ) |
Other comprehensive income resulted from equity-accounted investees
|
||||||||||||||
(164,392 | ) |
Less: Income tax expense (benefit) on other comprehensive income
|
||||||||||||||
(1,100,728 | ) |
Other comprehensive income (loss) for the period, net of taxes
|
||||||||||||||
$ | (14,882,272 | ) |
Total comprehensive income (loss) for the period
|
(c)
|
Material adjustments to the statement of cash flows
|
(d)
|
Notes to the reconciliations
|
1.
|
Under previous GAAP, time deposits are classified as cash and cash equivalents when they can be converted to cash at any time before maturity without paying a penalty. However under TIFRS, for an investment to qualify as a cash equivalent, it must be readily convertible to a known amount of cash and be subjected to an insignificant risk of changes in value. Therefore, an investment generally qualifies as a cash equivalent only when it has a short maturity, say three months or less from the date of acquisition. Thus, the Company reclassified the time deposits with maturity over three months of $783,400 thousand, $2,232,690 thousand and $770,016 thousand at January 1, March 31, and December 31, 2012, respectively, to other current financial assets.
|
|
2.
|
Under previous GAAP, deferred tax asset or liability is classified as either current or non-current according to the classification of the related asset or liability giving rise to the temporary difference and under TIFRS, deferred tax asset or liability is classified as non-current in balance sheets. Deferred tax assets and liabilities are offset only when there is a legally enforceable right of offset and when other related conditions are met. Under previous GAAP, a deferred tax asset is recognized and a valuation allowance is recorded to the extent that it is more likely than not that the deferred tax asset will not be realized. However, under TIFRS, a deferred tax asset is recognized if it is probable that it will be realized, and an allowance method is not used. As a result, at January 1, March 31, and December 31, 2012, the Company adjusted deferred tax assets-current of $(2,304,158) thousand, $(1,993,895) thousand and $(1,663,795) thousand, respectively, deferred tax assets-noncurrent of $4,447,937 thousand, $4,263,759 thousand and $4,503,391 thousand, respectively, and deferred tax liabilities-noncurrent of $2,143,779 thousand, $2,269,864 thousand and $2,839,596 thousand, respectively.
|
3.
|
All equity-accounted associates and joint ventures have aligned their accounting policies with those of the Company’s and made related adjustments to conform with TIFRS. Therefore, the Company made corresponding adjustments in the consolidated financial statements. The adjustments to decrease the Company’s long-term investments at January 1, March 31, and December 31, 2012 were $4,490 thousand, $115,289 thousand and $7,581 thousand, respectively. In addition, an adjustment of $(7,070) thousand is made to retained earnings, and an adjustment of $(210,497) thousand is made to other equity.
|
|
4.
|
Under previous GAAP, when the Company does not acquire new shares in proportion to its original ownership percentage when an investee company issues new shares, the Company adjusts the variances generated in capital surplus and long term investments. Due to the first time adoption of TIFRS, the Company is not required to adjust retrospectively, so the Company reclassified capital surplus of $2,632,211 thousand to retained earnings at January 1, 2012.
|
|
5.
|
Under TIFRS, there is no special accounting treatment to idle asset. Thus the Company transferred idle asset under previous GAAP to property, plant, and equipment and investment properties in accordance with TIFRS. Some lands and buildings of the Company were held to earn rentals or for capital appreciation or both, and therefore, were reclassified from property, plant, and equipment and idle assets into investment properties. The adjustment from idle asset to property, plant and equipment and investment properties were $421,661 thousand and $1,275,954 thousand at January 1, 2012, $317,084 thousand and $1,273,361 thousand at March 31, 2012, and $1,099,219 thousand and $1,265,584 thousand at December 31, 2012, respectively. The Company also reclassified $166,338 thousand and $594,364 thousand of depreciation expenses on idle assets from non-operating expenses to cost of sales and operating expenses for the three-month period ended March 31, 2012 and the year ended December 31, 2012.
|
|
6.
|
The cost of land use rights is recorded as deferred charges under previous GAAP but is treated as long-term prepaid expenses under TIFRS. Therefore the Company made such adjustment. Either under previous GAAP or TIFRS, the cost of land use rights is amortized over the lease term. The amounts of $2,065,934 thousand, $2,009,719 thousand and $1,960,446 thousand were reclassified from deferred charges to long-term prepaid rent at January 1, March 31, and December 31, 2012, respectively.
|
|
7.
|
Under previous GAAP, deferred charges are recorded as other assets. Under TIFRS, deferred charges except for land use rights shall be reclassified into property, plant and equipment, and long-term prepaid expense according to their nature. The Company made an adjustment of $460,278 thousand, $496,984 thousand and $426,232 thousand to property, plant and equipment at January 1, March 31, and December 31, 2012, respectively. The amounts of $795,257 thousand, $688,286 thousand and $569,051 thousand were also adjusted to long-term prepaid expense at January 1, March 31, and December 31, 2012, respectively.
|
8.
|
Under previous GAAP, the Company presents in a separate line item for restricted cash in bank in balance sheets. Under TIFRS, there is no need for this presentation. Therefore the Company removed the line item of restricted cash in bank and presented the amounts of $158,509 thousand, $506,242 thousand and $410,592 thousand under other current financial assets and other non-current assets in consolidated balance sheets at January 1, March 31, and December 31, 2012, respectively.
|
|
9.
|
Under TIFRS, the Company recognizes legal or constructive obligation arising from employees’ rendered services and accumulating compensated absences. The expected cost of accumulating compensated absences is recognized as accrued expenses. As of January 1, 2012, the Company made an adjustment of $(519,034) thousand to retained earnings. The expected cost of accumulating compensated absences is recorded as payroll expense for the amount of $87,712 thousand for the three-month period ended March 31, 2012 and $191,757 thousand for the year ended December 31, 2012.
|
|
10..
|
The Company recognized defined benefit obligations using actuarial techniques and recognized actuarial gains and losses in the profit or loss over the employees’ remaining service period due to changes in actuarial assumptions or experience adjustments. In accordance with IFRS 1, the Company recognized actuarial gains and losses in equity of $(997,940) thousand at the date of transition. The Company adjusted pension expense by $(32,110) thousand and retained earnings by $(369,539) thousand for the three-month period ended March 31, 2012 and for the year ended December 31, 2012, according to actuarial report.
|
|
11.
|
Under TIFRS, at the conversion of foreign convertible bonds denominated in a foreign currency, if the conversion is based on a fixed number of equity instruments in exchange for a variable amount of cash (resulted from a fixed amount of cash in foreign currency exchanged in the issuer’s functional currency using a variable exchange rate), the right to convert for such instrument is considered as a derivative financial liability, which is revalued using fair value periodically with any difference being recognized in profit or loss. Under previous GAAP, such conversion is considered a fixed number of equity instruments in exchange for a fixed number of shares. Adjustment of $89,064 thousand was made to retained earnings at January 1, 2012.
|
|
12.
|
Under previous GAAP, a provision for product warranties is classified as operating expense, rather than cost of sales under TIFRS. The Company made a reclassification of $26,556 thousand and $ 952,989 thousand from operating expense to cost of sales for the three-month period ended March 31, 2012 and for the year ended December 31, 2012, respectively.
|
|
13.
|
Under previous GAAP, a provision for patent technology is classified as operating expense, rather than cost of sales under TIFRS. The Company made a reclassification of $726,391 thousand and $ 2,982,813 thousand from operating expense to cost of sales for the three-month period ended March 31, 2012 and for the year ended December 31, 2012, respectively.
|
14. | Under TIFRS, deferred tax assets increased (decreased) as follows: |
Note
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
||||||||||||
(in thousands)
|
|||||||||||||||
Equity-method investment
|
3, 4 | $ | (1,086 | ) | (6,267 | ) | 104,393 | ||||||||
Accumulated compensated absences
|
9 | 120,878 | 103,649 | 88,479 | |||||||||||
Defined benefit obligation plan
|
10 | 226,529 | 169,146 | 169,146 | |||||||||||
Convertible bonds and others
|
11 | (15,141 | ) | (23,155 | ) | (15,141 | ) | ||||||||
Increase in deferred tax asset
|
$ | 331,180 | 243,373 | 346,877 |
15.
|
Under TIFRS, retained earnings increased (decreased) as follows:
|
Note
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
||||||||||||
(in thousands)
|
|||||||||||||||
Equity-method investment
|
3, 4 | $ | 1,770,055 | 2,348,490 | 2,625,141 | ||||||||||
Accumulated compensated absences
|
9 | (709,039 | ) | (606,807 | ) | (519,034 | ) | ||||||||
Defined benefit obligation plan
|
10 | (1,327,026 | ) | (992,566 | ) | (992,566 | ) | ||||||||
Convertible bonds and others
|
11 | 89,064 | 136,202 | 89,064 | |||||||||||
Deferred tax
|
120,602 | 32,599 | 17,686 | ||||||||||||
Increase (decrease) in retained earnings
|
$ | (56,344 | ) | 917,918 | 1,220,291 |
(e)
|
According to IFRS 1, the Company prepares its first TIFRS financial statement based on the effective TIFRS standards and makes adjustments retrospectively, except for the optional exemptions provided and mandatory exceptions required under IFRS 1. The optional exemptions selected by the company are as follows:
|
(i)
|
Business combinations occurred, subsidiaries, associates and joint ventures acquired before January 1, 2012 are not adjusted retrospectively.
|
(ii)
|
Any cumulative actuarial gains and losses arising from changes in actuarial assumptions or experience adjustments for defined benefit plans are recognized in equity on transition date, and calculation of the gains and losses are not performed retrospectively.
|
(iii)
|
The compensation cost is not recalculated retrospectively for any share-based payments that were vested or settled before January 1, 2012.
|
41.
|
Summary of Significant Differences between TIFRS and Accounting Principles Generally Accepted in the United States of America
|
|
(a)
|
Business combinations
|
(1)
|
Merger with Unipac
|
(2)
|
Merger with QDI
|
(3)
|
Acquisition of M. Setek
|
(4)
|
Acquisition of AUST
|
(5)
|
Acquisition of AUKS
|
(b)
|
Noncontrolling interests
|
(c)
|
Investments in equity-accounted investees and other-than-temporary impairment
|
(d)
|
Depreciation of buildings
|
(e)
|
Research and development expense
|
|
•
|
the technical feasibility of completing the intangible asset so that it will be available for use or sale;
|
|
•
|
its intention to complete the intangible asset and use or sell it;
|
|
•
|
its ability to use or sell the intangible asset;
|
|
•
|
the probability that the intangible asset will generate probable future economic benefits;
|
|
•
|
the availability of adequate technical, financial and other resources to complete the development project; and
|
|
•
|
its ability to measure reliably the expenditure attributable to the intangible asset during its development.
|
(f)
|
Impairment of long-lived assets
|
(g)
|
Earnings (loss) per common share (EPS)
|
(h)
|
Income taxes
|
(i)
|
Goodwill
|
(j)
|
Potential antitrust loss
|
(k)
|
US GAAP reconciliations
|
(1)
|
Reconciliation of consolidated net loss attributable to stockholders of AU Optronics Corp.
|
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands, except for
per share data)
|
||||||||
Net loss attributable to stockholders of AU Optronics Corp., TIFRS
|
$ | (3,173,479 | ) | (13,590,055 | ) | |||
US GAAP adjustments:
|
||||||||
a) Purchase method of accounting for acquisition of Unipac
|
||||||||
- Depreciation
|
(4,906 | ) | (97,886 | ) | ||||
d) Depreciation of buildings and others
|
(82,199 | ) | (17,293 | ) | ||||
h) Tax effect of US GAAP adjustments
|
29,301 | 28,208 | ||||||
h) Valuation allowance for deferred tax assets related to US GAAP adjustments
|
(44,154 | ) | (454,801 | ) | ||||
h) 10% surtax on undistributed retained earnings and others
|
- | (481,826 | ) | |||||
Net loss attributable to stockholders of AU Optronics Corp., US GAAP
|
$ | (3,275,437 | ) | (14,613,653 | ) | |||
Earnings (loss) per share:
|
||||||||
Basic
|
$ | (0.37 | ) | (1.66 | ) | |||
Diluted
|
$ | (0.37 | ) | (1.66 | ) | |||
Weighted-average number of shares outstanding (in thousands):
|
||||||||
Basic
|
8,827,046 | 8,827,046 | ||||||
Diluted
|
8,827,046 | 8,827,046 |
(2)
|
Reconciliation of consolidated equity attributable to stockholders of AU Optronics Corp.:
|
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Equity attributable to stockholders of AU Optronics Corp., TIFRS
|
$ | 145,780,238 | 189,361,530 | |||||
a) Purchase method of accounting for acquisition of Unipac
|
||||||||
-Goodwill
|
10,946,732 | 10,946,732 | ||||||
-Other assets
|
(599,055 | ) | (300,491 | ) | ||||
Acquisition method of accounting for acquisition of M. Setek
|
||||||||
-Impairment loss
|
653,609 | 653,609 | ||||||
-Re-measurement loss
|
(1,445,660 | ) | (1,445,660 | ) | ||||
-Gain on bargain purchase
|
162,682 | 162,682 |
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Acquisition method of accounting for other
|
90,951 | 89,489 | ||||||
c) Subsidiaries and long-term equity investments
|
||||||||
-Adjustment for changes in investees’ equity
|
3,254,934 | 3,138,257 | ||||||
-Deconsolidation of subsidiary
|
359,902 | 359,902 | ||||||
-Impairment of equity investee
|
(3,342,420 | ) | (3,730,565 | ) | ||||
c) Cumulative translation adjustments
|
(173,226 | ) | (4,161 | ) | ||||
d) Accumulated depreciation of buildings and adjustment to land costs
|
(13,920,358 | ) | (13,802,784 | ) | ||||
f) Reversal of impairment of long-lived assets
|
2,335,243 | - | ||||||
h) Income tax assets and liabilities
|
(14,531,005 | ) | (13,661,023 | ) | ||||
Equity attributable to stockholders of AU Optronics Corp., US GAAP
|
$ | 129,572,567 | 171,767,517 |
(l)
|
US GAAP condensed consolidated financial statement information
|
(1)
|
Condensed consolidated balance sheets
|
March 31,
2013
|
December 31,
2012
|
March 31,
2012
|
January 1,
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Assets
|
||||||||||||||||
Current assets
|
$ | 166,116,691 | 174,252,472 | 202,966,318 | 200,534,190 | |||||||||||
Long-term investments
|
13,967,530 | 13,273,376 | 14,933,779 | 15,314,850 | ||||||||||||
Property, plant and equipment, net
|
295,625,829 | 306,270,495 | 338,163,000 | 348,452,734 | ||||||||||||
Goodwill and intangible assets
|
25,674,278 | 25,879,630 | 26,045,929 | 26,199,253 | ||||||||||||
Other assets
|
4,014,534 | 4,017,012 | 4,131,280 | 4,559,681 | ||||||||||||
Total Assets
|
$ | 505,398,862 | 523,692,985 | 586,240,306 | 595,060,708 | |||||||||||
Liabilities and Equity
|
||||||||||||||||
Current liabilities
|
$ | 183,341,610 | 192,297,732 | 193,747,495 | 205,026,818 | |||||||||||
Long-term liabilities
|
179,161,072 | 186,849,844 | 205,519,119 | 187,559,221 | ||||||||||||
Equity attributable to stockholders of AU Optronics Corp.
|
129,572,567 | 131,348,486 | 171,767,517 | 187,658,681 | ||||||||||||
Non-controlling interests
|
13,323,613 | 13,196,923 | 15,206,175 | 14,815,988 | ||||||||||||
Total Liabilities and Equity
|
$ | 505,398,862 | 523,692,985 | 586,240,306 | 595,060,708 |
(2)
|
Condensed consolidated statements of operations
|
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Net revenue
|
$ | 94,244,179 | 81,101,650 | |||||
Cost of sales
|
89,823,225 | 88,612,069 | ||||||
Gross profit (loss)
|
4,420,954 | (7,510,419 | ) | |||||
Operating expenses
|
7,094,507 | 6,332,715 | ||||||
Operating loss
|
(2,673,553 | ) | (13,843,134 | ) | ||||
Non-operating expenses, net
|
(656,527 | ) | (324,915 | ) | ||||
Loss before income taxes
|
(3,330,080 | ) | (14,168,049 | ) | ||||
Income tax expense
|
102,889 | 640,945 | ||||||
Net loss
|
(3,432,969 | ) | (14,808,994 | ) | ||||
Less net loss attributable to non-controlling interests
|
(157,532 | ) | (195,341 | ) | ||||
Net loss attributable to stockholders of AU Optronics Corp.
|
$ | (3,275,437 | ) | (14,613,653 | ) |
(3)
|
Condensed consolidated statements of comprehensive income (loss) under US GAAP
|
For the three-month periods
ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Net loss attributable to stockholders of AU Optronics Corp.
|
$ | (3,275,437 | ) | (14,613,653 | ) | |||
Other comprehensive income (loss), net of tax:
|
||||||||
Derivative and hedging activities
|
12,374 | 48,003 | ||||||
Unrealized gains (losses) on securities
|
58,638 | (167,493 | ) | |||||
Cumulative translation adjustments
|
1,143,307 | (841,898 | ) | |||||
Other comprehensive income (loss), net of tax
|
1,214,319 | (961,388 | ) | |||||
Comprehensive loss attributable to stockholders of AU Optronics Corp.
|
$ | (2,061,118 | ) | (15,575,041 | ) |
For the three-month periods ended
March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Net loss attributable to noncontrolling interests
|
$ | (157,532 | ) | (195,341 | ) | |||
Other comprehensive income (loss), net of tax:
|
||||||||
Unrealized gains on securities
|
399 | 737 | ||||||
Cumulative translation adjustments
|
242,480 | (140,077 | ) | |||||
Other comprehensive income (loss), net of tax
|
242,879 | (139,340 | ) | |||||
Comprehensive income (loss) attributable to noncontrolling interests
|
$ | 85,347 | (334,681 | ) |
(4)
|
Changes in equity attributable to AU Optronics Corp., noncontrolling interests and total equity under US GAAP
|
Equity attributable to AU Optronics
Corp.
|
Noncontrolling
interests
|
Total
equity
|
||||||||||
(in thousands)
|
||||||||||||
Balance at January 1, 2012
|
$ | 187,658,681 | 14,815,988 | 202,474,669 | ||||||||
Proceeds from subsidiaries capital increase
|
- | 752,142 | 752,142 | |||||||||
Other changes in equity
|
(316,123 | ) | (27,274 | ) | (343,397 | ) | ||||||
Comprehensive income (loss):
|
||||||||||||
Net loss
|
(14,613,653 | ) | (195,341 | ) | (14,808,994 | ) | ||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||
Derivative and hedging activities
|
48,003 | - | 48,003 | |||||||||
Unrealized gains (losses) on securities
|
(167,493 | ) | 737 | (166,756 | ) | |||||||
Cumulative translation adjustments
|
(841,898 | ) | (140,077 | ) | (981,975 | ) | ||||||
Total comprehensive loss
|
(15,575,041 | ) | (334,681 | ) | (15,909,722 | ) | ||||||
Balance at March 31, 2012
|
$ | 171,767,517 | 15,206,175 | 186,973,692 | ||||||||
Balance at January 1, 2013
|
$ | 131,348,486 | 13,196,923 | 144,545,409 | ||||||||
Other changes in equity
|
285,199 | 41,343 | 326,542 | |||||||||
Comprehensive income (loss):
|
||||||||||||
Net loss
|
(3,275,437 | ) | (157,532 | ) | (3,432,969 | ) | ||||||
Other comprehensive income (loss), net of tax:
|
||||||||||||
Derivative and hedging activities
|
12,374 | - | 12,374 | |||||||||
Unrealized gains on securities
|
58,638 | 399 | 59,037 | |||||||||
Cumulative translation adjustments
|
1,143,307 | 242,480 | 1,385,787 | |||||||||
Total comprehensive income (loss)
|
(2,061,118 | ) | 85,347 | (1,975,771 | ) | |||||||
Balance at March 31, 2013
|
$ | 129,572,567 | 13,323,613 | 142,896,180 |
(5)
|
Condensed consolidated statements of cash flows
|
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
|
(in thousands)
|
|||||||
Net cash provided by (used in):
|
||||||||
Operating activities
|
$ | 1,862,903 | (13,354,033 | ) | ||||
Investing activities
|
(7,235,409 | ) | (14,854,383 | ) | ||||
Financing activities
|
(6,608,123 | ) | 22,239,841 | |||||
Effect of exchange rate change on cash and cash equivalents
|
300,595 | 249,852 | ||||||
Net change in cash and cash equivalents
|
(11,680,034 | ) | (5,718,723 | ) | ||||
Cash and cash equivalents at beginning of period
|
76,655,675 | 90,053,268 | ||||||
Cash and cash equivalents at end of period
|
$ | 64,975,641 | 84,334,545 |
(m)
|
Additional US GAAP disclosure
|
(1)
|
Available-for-sale securities
|
Total unrealized
|
Total unrealized
|
|||||||||||||||
Cost*
|
Fair value
|
gains
|
losses
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Long-term investments:
|
||||||||||||||||
As of March 31, 2013
|
$ | 196,025 | 233,080 | 45,269 | 8,214 | |||||||||||
As of December 31, 2012
|
196,410 | 235,134 | 39,119 | 395 | ||||||||||||
As of March 31, 2012
|
320,210 | 307,310 | 25,470 | 38,370 | ||||||||||||
As of January 1, 2012
|
447,318 | 436,774 | 124,913 | 135,457 |
*
|
Cost basis as of March 31, 2013, and December 31, March 31, and January 1, 2012, reflects the impact of the other-than-temporary impairment loss of nil, $123,407 thousand, nil, and $60,307 thousand, which resulted in a new cost basis of the related available-for-sale securities.
|
Proceeds
|
Gross realized
|
Gross realized
|
||||||||||
from sales
|
gains
|
losses
|
||||||||||
(in thousands)
|
||||||||||||
For the three-month period ended March 31, 2013
|
$ | - | - | - | ||||||||
For the three-month period ended March 31, 2012
|
$ | 291,236 | 146,487 | - |
(2)
|
Income taxes
|
(i)
|
The sources of income (loss) before taxes are summarized as follows:
|
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Domestic operations
|
$ | (2,087,215 | ) | (13,164,761 | ) | |||
Foreign operations
|
(1,242,865 | ) | (1,003,288 | ) | ||||
$ | (3,330,080 | ) | (14,168,049 | ) |
(ii)
|
Summary of total income taxes (benefit):
|
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Income tax expense from continuing operations
|
$ | 102,889 | 640,945 | |||||
Other comprehensive income
|
248,222 | (164,392 | ) | |||||
Total income taxes
|
$ | 351,111 | 476,553 |
(3)
|
Property, plant and equipment
|
March 31, 2013
|
||||||||||||
Cost
|
Accumulated
depreciation
|
Carrying
amount
|
||||||||||
(in thousands)
|
||||||||||||
Land
|
$ | 9,086,077 | - | 9,086,077 | ||||||||
Buildings
|
126,440,017 | (38,671,690 | ) | 87,768,327 | ||||||||
Machinery and equipment
|
740,845,646 | (571,816,333 | ) | 169,029,313 | ||||||||
Other equipment and general assets
|
71,004,516 | (63,643,527 | ) | 7,360,989 | ||||||||
Construction in progress
|
9,597,548 | - | 9,597,548 | |||||||||
Prepayments for purchases of land and equipment
|
12,783,575 | - | 12,783,575 | |||||||||
$ | 969,757,379 | (674,131,550 | ) | 295,625,829 |
December 31, 2012
|
||||||||||||
Cost
|
Accumulated
depreciation
|
Carrying
amount
|
||||||||||
(in thousands)
|
||||||||||||
Land
|
$ | 9,163,769 | - | 9,163,769 | ||||||||
Buildings
|
125,644,049 | (37,825,410 | ) | 87,818,639 | ||||||||
Machinery and equipment
|
734,790,323 | (557,482,143 | ) | 177,308,180 | ||||||||
Other equipment and general assets
|
70,176,203 | (62,533,169 | ) | 7,643,034 | ||||||||
Construction in progress
|
9,332,931 | - | 9,332,931 | |||||||||
Prepayments for purchases of land and equipment
|
15,003,942 | - | 15,003,942 | |||||||||
$ | 964,111,217 | (657,840,722 | ) | 306,270,495 |
March 31, 2012
|
||||||||||||
Cost
|
Accumulated
depreciation
|
Carrying
amount
|
||||||||||
(in thousands)
|
||||||||||||
Land
|
$ | 9,254,974 | - | 9,254,974 | ||||||||
Buildings
|
122,393,170 | (35,742,149 | ) | 86,651,021 | ||||||||
Machinery and equipment
|
731,789,521 | (525,938,762 | ) | 205,850,759 | ||||||||
Other equipment and general assets
|
62,529,363 | (55,602,537 | ) | 6,926,826 | ||||||||
Construction in progress
|
9,776,061 | - | 9,776,061 | |||||||||
Prepayments for purchases of land and equipment
|
19,703,359 | - | 19,703,359 | |||||||||
$ | 955,446,448 | (617,283,448 | ) | 338,163,000 |
December 31, 2011
|
||||||||||||
Cost
|
Accumulated
depreciation
|
Carrying
amount
|
||||||||||
(in thousands)
|
||||||||||||
Land
|
$ | 9,385,200 | - | 9,385,200 | ||||||||
Buildings
|
123,369,332 | (34,948,752 | ) | 88,420,580 | ||||||||
Machinery and equipment
|
728,308,445 | (512,883,397 | ) | 215,425,048 | ||||||||
Other equipment and general assets
|
61,679,902 | (54,723,053 | ) | 6,956,849 | ||||||||
Construction in progress
|
8,279,012 | - | 8,279,012 | |||||||||
Prepayments for purchases of land and equipment
|
19,986,045 | - | 19,986,045 | |||||||||
$ | 951,007,936 | (602,555,202 | ) | 348,452,734 |
(4)
|
The changes in the components of accumulated other comprehensive income (loss) attributable to AU Optronics Corp. were as follows:
|
Derivative
and
hedging
activities
|
Unrealized
gains (losses) on
securities
|
Cumulative
translation
adjustments
|
Defined
benefit
plan
|
Accumulated
other
comprehensive
income (loss)
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Balance at January 1, 2012
|
$ | (63,881 | ) | 74,530 | 2,012,616 | (624,936 | ) | 1,398,329 | ||||||||||||
Net current-period change
|
48,003 | (167,493 | ) | (841,898 | ) | - | (961,388 | ) | ||||||||||||
Balance at March 31, 2012
|
$ | (15,878 | ) | (92,963 | ) | 1,170,718 | (624,936 | ) | 436,941 | |||||||||||
Balance at January 1, 2013
|
$ | 47,900 | 112,170 | 925,533 | (914,838 | ) | 170,765 | |||||||||||||
Net current-period change
|
12,374 | 58,638 | 1,143,307 | - | 1,214,319 | |||||||||||||||
Balance at March 31, 2013
|
$ | 60,274 | 170,808 | 2,068,840 | (914,838 | ) | 1,385,084 |
(5)
|
Basic and diluted earnings (loss) per share
|
For the three-month
periods ended March 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands, except for
per share data)
|
||||||||
Net loss attributable to stockholders of AU Optronics Corp.
|
$ | (3,275,437 | ) | (14,613,653 | ) | |||
Weighted-average number of shares outstanding during the period
|
8,827,046 | 8,827,046 | ||||||
Basic earnings (loss) per share:
|
$ | (0.37 | ) | (1.66 | ) |
(6)
|
Goodwill and other intangible assets
|
(7)
|
Status of financial covenants for long-term borrowings
|