FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

February 14, 2017

 

Commission File Number 001-31335

 

AU Optronics Corp.

(Translation of registrant’s name into English)

 

No. 1 Li-Hsin Road 2

Hsinchu Science Park

Hsinchu, Taiwan

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒   Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

____

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

____

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the

 

 

jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

 

 

Yes ☐ No ☒

 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

 

Not applicable

 

 

INDEX TO EXHIBITS

 

Item

 

1. Taiwan Stock Exchange filing entitled, “AU Optronics Corp. Reports Fourth Quarter 2016 Financial Results in an investor conference” dated February 14, 2017.

 

2. Taiwan Stock Exchange filing entitled, “AU Optronics Corp. Fourth Quarter 2016 Results” dated February 14, 2017.

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  AU Optronics Corp.
   
   
Date: February 14, 2017 By: /s/ Benjamin Tseng
    Name: Benjamin Tseng
    Title: Chief Financial Officer

 

 

 Item 1

 

 

AU Optronics Corp.

Fourth Quarter 2016 Results Investor Conference

友達光電

2016 年第四季法人說明會

Feb. 14, 2017

 
 

 

Safe Harbor Notice

 

The statements included in this presentation that are not historical in nature are “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements, which may include statements regarding AU Optronics’ future results of operations, financial condition or business prospects, are subject to significant risks and uncertainties and are based on AU Optronics’ current expectations.

 

Actual results may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including, among other things: the cyclical nature of our industry; our dependence on introducing new products on a timely basis; our dependence on growth in the demand for our products; our ability to compete effectively; our ability to successfully expand our capacity; our dependence on key personnel; general economic and political conditions, including those related to the TFT-LCD industry; possible disruptions in commercial activities caused by natural and human-induced disasters, including terrorist activity and armed conflict; and fluctuations in foreign currency exchange rates.

 

Beginning on January 1, 2013, we have adopted the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) to the extent endorsed by the ROC Financial Supervisory Commission (“FSC”) (“Taiwan IFRS”) for reporting our annual and interim consolidated financial statements in the ROC in accordance with the requirements of the FSC. All financial information contained herewithin is presented in conformity with Taiwan IFRS. Readers should be cautioned that Taiwan IFRS differs in many material respects from IFRS including to the extent that any new or amended standards or interpretations applicable under IFRS may not be timely endorsed by the FSC.

 

Our release of financial forecasts and forward-looking statements at any particular time does not create any duty of disclosure beyond that which is imposed by law, and we expressly disclaim any obligation to publicly update or revise any forecasts or forward-looking statements, whether as a result of new information, future events or otherwise.

 

2

 

 

Statement of Comprehensive Income

 

Selected Items from Statement of Comprehensive Income

 

Amount : NT$ Million                                    
4Q16       3Q16         QoQ %     4Q15        
                           
                                     
Net Sales 91,846 100 .0% 86,017 100 .0%   6 .8%   83,442 100.0%      
Cost of Goods Sold (74,616) (81.2%) (74,709) (86.9%)   (0.1%)   (78,954) (94.6%)      
Gross Profit 17,229 18 .8% 11,308 13 .1%   52 .4%   4,489 5.4%      
Operating Expenses (5,669) (6.2%) (5,549) (6.5%)   2.2%   (5,659) (6.8%)      
Operating Profit(Loss) 11,560 12 .6% 5,759 6 .7%   100 .7%   (1,171) (1.4%)      
Net Non-operating Expenses (269) (0.3%) (340) (0.4%)   (20.8%)   (6,859) (8.2%)      
Profit(Loss) before Tax 11,291 12 .3% 5,420 6 .3%   108 .3%   (8,030) (9.6%)      
Net Profit(Loss) 8,375 9 .1% 4,616 5 .4%   81 .5%   (8,239) (9.9%)      
Attributable to:                                    
Owners of Company 8,971 9.8% 4,898 5.7%   83.1%   (8,182) (9.8%)      
Non-Controlling Interests (596) (0.6%) (282) (0.3%)   110.9%   (58) (0.1%)      
Net Profit(Loss) 8,375 9 .1% 4,616 5 .4%   81 .5%   (8,239) (9.9%)      
Basic EPS (NT$) (a ) 0.93     0.51       82 .4%   (0.85)        
                                 
                           
Operating Profit + D&A 21,839 23 .8% 15,400 17 .9% 41 .8% 9,371 11.2%      
                                   
                                     
Display Segment Information:                                    
Net Sales 86,673 100.0% 80,614 100.0% 7.5% 76,129 100.0%      
Operating Profit(Loss) 12,235 14.1% 5,937 7.4% 106.1% (735) (1.0%)      
Operating Profit + D&A 22,070 25.5% 15,120 18.8% 46.0% 9,019 11.8%      
                                   
                                     
Unit Shipments (mn) (b )                                    
Large Size Panels 28.3     29.3     (3.2%) 27.6        
Small & Medium Size Panels 35.7     38.0     (5.9%) 33.4        
                                     

 

a) Basic EPS in both 4Q16 and 3Q16 were calculated based on the weighted average outstanding shares of 2016 (9,624m shares); Basic EPS in 4Q15 was calculated based on the weighted average outstanding shares of 2015 (9,624m shares).

b) Large size refers to panels that are 10 inches and above

 

 

3

 

 

 

Statement of Comprehensive Income

 

Selected Items from Statement of Comprehensive Income

 

Amount : NT$ Million                        
  FY 2016       FY 2015         YoY %
Net Sales 329,089 100 .0% 360,346 100 .0%   (8 .7%)  
Cost of Goods Sold (294,598) (89.5%) (320,509) (88.9%)   (8.1%)  
Gross Profit 34,491 10 .5% 39,837 11 .1%   (13 .4%)  
Operating Expenses (22,153) (6.7%) (22,316) (6.2%)   (0.7%)  
Operating Profit 12,338 3 .7% 17,521 4 .9%   (29 .6%)  
Net Non-operating Expenses (1,153) (0.4%) (9,922) (2.8%)   (88.4%)  
Profit before Tax 11,186 3 .4% 7,599 2 .1%   47 .2%  
Net Profit 6,607 2 .0% 4,843 1 .3%   36 .4%  
Attributable to:                        
Owners of Company 7,819 2.4% 4,932 1.4%   58.5%  
Non-Controlling Interests (1,212) (0.4%) (89) (0.0%)   1260.9%  
Net Profit 6,607 2 .0% 4,843 1 .3%   36 .4%  
Basic EPS (NT$) (a ) 0 .81     0 .51       58 .8%  
                 
Operating Profit + D&A 52,032 15 .8% 65,267 18 .1% (20 .3%)  
ROE (b ) 4 .3%     2 .7%     58 .4%  
                         
Display Segment Information:                        
Net Sales 304,827 100.0% 333,392 100.0% (8.6%)  
Operating Profit 12,704 4.2% 19,226 5.8% (33.9%)  
Operating Profit + D&A 50,564 16.6% 64,016 19.2% (21.0%)  
                       
                         
Unit Shipments (mn) (c)                        
Large Size Panels 110 .5     105 .7     4.6%  
Small & Medium Size Panels 154 .0     172 .8     (10 .9%)  
                         

 

a) Basic EPS in both 2016 and 2015 were calculated based on the weighted average outstanding shares of 9,624m shares.

b) ROE was based on average equity attributable to shareholders of the parent company

c) Large size refers to panels that are 10 inches and above

 

 

4

 

 

 

 Consolidated Balance Sheet Highlights

 

Amount : NT$ Million                  
  4Q16   3Q16     QoQ %     4Q15  
Cash & ST Investment (a )                    
80,191 74,053   8.3%   78,881  
Inventory 27,679 27,013   2.5%   31,796  
Short Term Debt (b ) 18,601 26,135   (28.8%)   40,701  
Long Term Debt 106,188 101,218   4.9%   68,537  
Equity 199,635 192,309   3.8%   204,636  
Total Assets 429,769 419,650   2.4%   425,554  
                     
Inventory Turnover (Days) (c) 33 33 40  
Net Debt to Equity (d ) 22.3% 27.7% 14.8%  

 

a) Excluding time deposit with maturity longer than 3 months (NT$0m in 4Q16 , NT$0m in 3Q16 , and NT$9,998m in 4Q15 )

b) Short term debt refers to all interest bearing debt maturing within one year

c) Calculated by dividing the average inventory into the annualized cost of goods sold during such period, then multiplying by 365 days

d) Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and ST Investment) / Equity

 

 

5

 

 

 

Consolidated Cash Flow Highlights

 

Amount : NT$ Million            
  4Q16   3Q16     QoQ
From Operating Activities 17,910 3,962   13,948  
Profit before Tax 11,291 5,420   5,872  
Depreciation & Amortization 10,278 9,641   637  
Net Change in Working Capital (1,957) (10,965)   9,008  
           
From Investing Activities (8,178) (7,640)   (538)  
Capital Expenditure (8,337) (11,528)   3,190  
           
From Financing Activities (1,384) 5,670   (7,054)  
Net Change in Debt (3,107) 10,108   (13,215)  
           
Net Change in Cash (a ) 6,138 1,099   5,039  
               

 

a) In addition to cash generated from operating, investing and financing activities, net change in cash also include effect on currency exchange of foreign subsidiaries

 

 

6

 

 

Display Revenue Breakdown by Application

  

 

 

Mobile PC : including Notebook and Tablet displays

Mobile Device : including displays for mobile phones and other related products

Commercial and Others: including displays for automobile, industrial PC, ATM, point of sale (POS), pachinko, and etc.

 

7

 

 

 

Display Revenue Breakdown by Size

 

8

 

 

 

Consolidated Shipments & ASP by Area

 

 

 

Shipments in square meter ASP per square meter
   

 

  

ASP per square meter in US$ was translated from NT$ based on average exchange rates announced by Customs Administration, Ministry of Finance of each respective quarter

 

9

 

 

 

Consolidated Small & Medium Panel

Shipments by Area & Revenues

 

 

Shipments in square meter Revenues
   

 

Small & Medium size refers to panels that are under 10 inches

 

10

 

 

 

www.auo.com

ir@auo.com

11

 

AU OPTRONICS CORP.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

For the Three Months Ended December 31, 2016 and 2015 and September 30, 2016

( Expr essed in Millions of New Taiwan D ollar s ( NTD ) and US D ollar s ( US D ) except f or per shar e amounts and shar es outstanding)

 

      Year over Year Comparison           Sequential Comparison    
      4Q16       4Q15           4Q16       3Q16    
  USD   NTD   %   NTD   YoY%   USD   NTD   %   NTD   QoQ%
Net Sales 2,835 91,846 100.0 83,442 10.1 2,835 91,846 100.0 86,017 6.8
Cost of Goods Sold 2,303   74,616   81.2   78,954   (5.5)   2,303   74,616   81.2   74,709   (0.1)
Gross Profit 532   17,229   18.8   4,489   283.8   532   17,229   18.8   11,308   52.4
                                       
Operating Expenses 175   5,669   6.2   5,659   0.2   175   5,669   6.2   5,549   2.2
Operating Profit(Loss) 357   11,560   12.6   (1,171)     357   11,560   12.6   5,759   100.7
                                       
Net Non-operating Income(Expense) (8)   (269)   (0.3)   (6,859)   (96.1)   (8)   (269)   (0.3)   (340)   (20.8)
Profit(Loss) before Income Tax 349   11,291   12.3   (8,030)     349   11,291   12.3   5,420   108.3
                                       
Income Tax Expense (90)   (2,916)   (3.2)   (209)   1,295.4   (90)   (2,916)   (3.2)   (804)   262.7
Net Profit(Loss) 258   8,375   9.1   (8,239)     258   8,375   9.1   4,616   81.5
                                       
Other Comprehensive Income(Loss) (33)   (1,066)   (1.2)   (1,353)   (21.2)   (33)   (1,066)   (1.2)   (2,251)   (52.7)
Total Comprehensive Income(Loss) 226   7,310   8.0   (9,592)     226   7,310   8.0   2,365   209.1
                                       
Net Profit(Loss) Attributable to:                                      
Owners of Company 277 8,971 9.8 (8,182)   277 8,971 9.8 4,898 83.1
Non-Controlling Interests (18)   (596)   (0.6)   (58)   934.2   (18)   (596)   (0.6)   (282)   110.9
Net Profit(Loss)   258   8,375   9.1   (8,239)     258   8,375   9.1   4,616   81.5
                                       
Total Comprehensive Income(Loss) Attributable to:                                      
Owners of Company 251 8,141 8.9 (9,046)   251 8,141 8.9 3,207 153.9
Non-Controlling Interests (26)   (831)   (0.9)   (546)   52.2   (26)   (831)   (0.9)   (842)   (1.3)
Total Comprehensive Income(Loss)   226   7,310   8.0   (9,592)     226   7,310   8.0   2,365   209.1
                                       
Basic Earnings Per Share 0.03   0.93       (0.85)       0.03   0.93       0.51    
Basic Earnings Per ADS (2) 0.29   9.32     (8.50)     0.29 9.32     5.09    
Weighted-Average Shares Outstanding ('M)     9,624       9,624           9,624       9,624    

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.40 per USD as of December 31, 2016

(2)  1 ADS equals 10 common shares

 

 
 

AU OPTRONICS CORP.

CONSOLIDATED INCOME STATEMENT

For the Year Ended December 31, 2016 and 2015

( Expr essed in Millions of New Taiwan D ollar s ( NTD ) and US D ollar s ( US D ) except f or per shar e amounts and shar es outstanding)

 

  Year over Year Comparison
      FY 2016       FY 2015    
  USD   NTD   %   NTD   YoY%
Net Sales 10,157 329,089 100.0 360,346 (8.7)
Cost of Goods Sold 9,093   294,598   89.5   320,509   (8.1)
Gross Profit 1,065   34,491   10.5   39,837   (13.4)
                   
Operating Expenses 684   22,153   6.7   22,316   (0.7)
Operating Profit(Loss) 381   12,338   3.7   17,521   (29.6)
                   
Net Non-operating Income(Expense) (36)   (1,153)   (0.4)   (9,922)   (88.4)
Profit(Loss) before Income Tax 345   11,186   3.4   7,599   47.2
                   
Income Tax Expense (141)   (4,579)   (1.4)   (2,756)   66.2
Net Profit(Loss) 204   6,607   2.0   4,843   36.4
                   
Other Comprehensive Income(Loss) (196)   (6,360)   (1.9)   (768)   727.8
Total Comprehensive Income(Loss) 8   247   0.1   4,075   (93.9)
                   
Net Profit(Loss) Attributable to:                  
Owners of Company 241 7,819 2.4 4,932 58.5
Non-Controlling Interests (37)   (1,212)   (0.4)   (89)   1,260.9
Net Profit(Loss)   204   6,607   2.0   4,843   36.4
                   
Total Comprehensive Income(Loss) Attributable to:                  
Owners of Company 103 3,327 1.0 4,839 (31.3)
Non-Controlling Interests (95)   (3,079)   (0.9)   (764)   302.9
Total Comprehensive Income(Loss)   8   247   0.1   4,075   (93.9)
                   
Basic Earnings Per Share 0.03   0.81       0.51    
Basic Earnings Per ADS (2) 0.25 8.12     5.12    
Weighted-Average Shares Outstanding ('M)     9,624       9,624    

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.40 per USD as of December 31, 2016

(2)   1 ADS equals 10 common shares

 

 
 

AU OPTRONICS CORP.

CONSOLIDATED BALANCE SHEET

December 31, 2016 and 2015

( Expr essed in Millions of New Taiwan D ollar s ( NTD ) and US D ollar s ( US D ) )

 

    December 31, 2016     December 31, 2015   YoY  
ASSETS USD   NTD %   NTD %   NTD %
Cash and Cash Equivalents   2,475 80,191 18.7 78,881 18.5 1,311 1.7
Notes & Accounts Receivables 1,490 48,278 11.2 34,840 8.2 13,437 38.6
Other Current Financial Assets 19 626 0.1 11,948 2.8 (11,323) (94.8)
Inventories 854 27,679 6.4 31,796 7.5 (4,116) (12.9)
Other Current Assets 203   6,572 1.5   4,527 1.1   2,045 45.2
Total Current Assets 5,042   163,346 38.0   161,992 38.1   1,354 0.8
               
Long-term Investments 253 8,209 1.9 14,550 3.4 (6,341) (43.6)
Net Fixed Assets 6,875 222,742 51.8 208,786 49.1 13,956 6.7
Other Non-Current Assets 1,095   35,473 8.3   40,227 9.5   (4,754) (11.8)
Total Non-Current Assets 8,223   266,423 62.0   263,562 61.9   2,861 1.1
               
Total Assets 13,264   429,769 100.0   425,554 100.0   4,215 1.0
                     
LIABILITIES                    
Short-term Borrowings   16 527 0.1 1,594 0.4 (1,067) (66.9)
Accounts Payable 1,852 59,998 14.0 61,443 14.4 (1,444) (2.4)
Current Installments of Long-term Borrowings 558 18,075 4.2 39,108 9.2 (21,033) (53.8)
Current Financial Liabilities 28 901 0.2 554 0.1 347 62.7
Accrued Expense & Other Current Liabilities 775 25,119 5.8 31,029 7.3 (5,911) (19.0)
Machinery and Equipment Payable 390   12,647 2.9   7,622 1.8   5,025 65.9
Total Current Liabilities 3,619   117,266 27.3   141,349 33.2   (24,083) (17.0)
               
Long-term Borrowings 3,277 106,188 24.7 68,537 16.1 37,651 54.9
Non Current Financial Liabilities 0 0 0.0 11 0.0 (11) (100.0)
Other Non-Current Liabilities 206   6,680 1.6   11,020 2.6   (4,340) (39.4)
Total Non-Current Liabilities 3,484   112,868 26.3   79,568 18.7   33,299 41.9
               
Total Liabilities 7,103   230,134 53.5   220,918 51.9   9,216 4.2
                     
EQUITY                    
Common Stock   2,970 96,242 22.4 96,242 22.6 0 0.0
Capital Surplus 1,851 59,980 14.0 60,250 14.2 (270) (0.4)
Retained Earnings 748 24,243 5.6 20,407 4.8 3,836 18.8
Other Equity 24 779 0.2 5,086 1.2 (4,306) (84.7)
Non-Controlling Interests 568   18,390 4.3   22,651 5.3   (4,261) (18.8)
Total Equity 6,162   199,635 46.5 204,636 48.1 (5,001) (2.4)
                     
Total Liabilities & Equity 13,264   429,769 100.0   425,554 100.0   4,215 1.0

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.40 per USD as of December 31, 2016

           (2) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months

 

 
 

AU OPTRONICS CORP.

CONSOLIDATED STATEMENT OF CASH FLOW

For the Period Ended December 31, 2016 and 2015

( Expr essed in Millions of New Taiwan D ollar s ( NTD ) and US D ollar s ( US D ) )

 

  2016   2015
  USD   NTD   NTD
Cash Flow from Operating Activities:          
Profit(Loss) before Income Taxes 345 11,186 7,599
Depreciation & Amortization 1,225 39,693 47,746
Share of Profit of Equity-Accounted Investees (3) (101) (449)
Changes in Working Capital (331) (10,715) 320
Changes in Others (104)   (3,367)   6,788
Net Cash Provided(Used) by Operating Activities 1,133 36,696 62,003
           
Cash Flow from Investing Activities:          
Proceeds from Disposal of AFS Investments 0 10 0
Acquisition of Property, Plant and Equipment (1,427) (46,220) (33,440)
Proceeds from Disposal of Property, Plant and Equipment 24 790 1,762
Acquisition of Equity-Accounted Investees and Financial Assets Carried at Cost (9) (307) (85)
Proceeds from Disposal of Equity-Accounted Investees and Financial Assets Carried at Cost 109 3,523 100
Decrease(Increase) in Other Financial Assets (1) (37) 227
Decrease(Increase) in Intangible Assets (6) (187) (303)
Decrease(Increase) in Other Assets (1) (17) 5
Cash Increase Resulting from Change in Consolidated Entity 6   179   0
Net Cash Provided(Used) in Investing Activities (1,305) (42,267) (31,735)
           
Cash Flow from Financing Activities:          
Increase(Decrease) in Short-term Borrowings (33) (1,066) 1,212
Increase(Decrease) in Long-term Borrowings and Bonds Payable 498 16,149 (35,580)
Increase(Decrease) in Guarantee Deposits (1) (31) 157
Cash Dividends (104) (3,368) (4,812)
Changes in Non-Controlling Interests and Others (30)   (962)   4,745
Net Cash Provided(Used) by Financing Activities 331 10,721 (34,277)
           
Effect of Exchange Rate Changes on Cash (118)   (3,839)   924
Net Increase(Decrease) in Cash and Cash Equivalents 40 1,311 (3,085)
Cash and Cash Equivalents at Beginning of Period 2,435 78,881 81,965
Cash and Cash Equivalents at End of Period 2,475   80,191   78,881

 

Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.40 per USD as of December 31, 2016

 

 

 

 

 

 

 

 

 

Item 2

 

 

 

 

News Release

AU Optronics Reports NT$7.82 Billion Net Profit Attributable to Owners of the Company for 2016 – Four Consecutive Years of Profitability

 

Issued by: AU Optronics Corp.
Issued on: February 14, 2017

 

Hsinchu, Taiwan, February 14, 2017–

 

AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investor conference and announced its consolidated financial results for the fourth quarter and fiscal year of 2016 (1) .

 

Consolidated revenues in the fourth quarter of 2016 were NT$91.85 billion, up by 6.8% from the previous quarter. AUO’s net profit for the fourth quarter of 2016 was NT$8.38 billion. Net profit attributable to owners of the Company was NT$8.97 billion, with a basic EPS (2) of NT$0.93.

 

For the fiscal year of 2016, consolidated revenues totaled NT$329.09 billion, a decrease of 8.7% year-over-year. Net profit for the fiscal year of 2016 was NT$6.61 billion. Net profit attributable to owners of the Company was NT$7.82 billion, with a basic EPS (2) of NT$0.81.

 

In the fourth quarter of 2016, large-sized panel (3) shipments reached around 28.32 million units, decreased by 3.2% quarter-over-quarter. Shipments of small-and-medium-sized panels in the same quarter exceeded 35.74 million units, down by 5.9% quarter-over-quarter. For the full year of 2016, large-sized panel shipments totaled around 110.48 million units, an increase of 4.6% from the previous year. Small and medium-sized panel shipments exceeded 153.97 million units, down by 10.9% year-over-year.

 

Highlights of consolidated results for the fourth quarter of 2016:

 

Ÿ Revenues of NT$91.85 billion

 

Ÿ Operating profit of NT$11.56 billion

   

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Ÿ Net profit attributable to owners of the Company at NT$8.97 billion

 

Ÿ Basic EPS (2) of NT$0.93

 

Ÿ Gross margin was 18.8%

 

Ÿ Operating margin was 12.6%

 

Ÿ EBITDA (4) margin was 23.8%

 

Ÿ Operating margin of Display Segment was 14.1%

 

Ÿ EBITDA (4) margin of Display Segment was 25.5%

 

Highlights of consolidated results for the fiscal year of 2016:

 

Ÿ Revenues of NT$329.09 billion

 

Ÿ Operating profit of NT$12.34 billion

 

Ÿ Net profit attributable to owners of the Company at NT$7.82 billion

 

Ÿ Basic EPS (2) of NT$0.81

 

Ÿ Gross margin was 10.5%

 

Ÿ Operating margin was 3.7%

 

Ÿ EBITDA (4) margin was 15.8%

 

Ÿ Operating margin of Display Segment was 4.2%

 

Ÿ EBITDA (4) margin of Display Segment was 16.6%

 

Looking back on the fourth quarter, the demand for panels has been quite robust, which has supported the upward trends for our panel prices. As a result, the Company performed remarkably in terms of revenues and profitability. AUO’s revenue for the fourth quarter achieved NT$91.85 billion, up by 6.8% from the previous quarter. Operating profit reached NT$11.56 billion, which doubled from the previous quarter. Net profit attributable to owners of the Company grew significantly by 83.1% from the previous quarter and reached NT$8.97 billion, which was the best performance since the third quarter of 2010. For the full year of 2016, operating profit and net profit attributable to owners of the Company were NT$12.34 billion and NT$7.82 billion, respectively, which mark the fourth consecutive year of profitability.

 

In recent years, the Company has proactively reinforced its strength and long-term competitiveness. In 2016, AUO has fully grasped the opportunity of the upward business trend, and has successfully achieved profitable results for the fourth year in a row. This also demonstrates the fruitful results of the Company’s "value-oriented" strategy. Looking forward into 2017, new display applications continue to expand. The Company will appropriately optimize its high-end LCD capacity, reinforce the Company's growth

 

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momentum and provide the best total solution to customers with its professional skill and integrated services. The Company looks forward to march forward with its customers hand in hand on the path of value creation.

 

(1) All financial information was prepared by the Company in accordance with Taiwan IFRS.

 

(2) Basic EPS in the fourth quarter and the fiscal year of 2016 were calculated based on the weighted average outstanding shares of the fiscal year of 2016 (9,624 million shares).

 

(3) Large size refers to panels that are 10 inches and above.

 

(4) EBITDA = Operating Profit + D&A, that is, operating profit before depreciation and amortization.

 

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ABOUT AU OPTRONICS

 

AU Optronics Corp. (AUO) is one of the world’s leading providers of optoelectronic solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.2 inches to 85 inches. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008 and provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index from 2010 to 2016. AUO’s consolidated revenues in 2016 were NT$329.09 billion. For more information, please visit AUO.com.

 

Safe Harbour Notice

 

AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), a global leader of TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the  pace of development of the flat panel display industry and the solar industry, the growth in demand in those markets, acceptance of and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on March 21, 2016.

 

For more information, please contact:

 

Gwen Ting Jessie Lee
Corporate Communications Division Corporate Communications Division
AU Optronics Corp. AU Optronics Corp.
Tel: +886-3-5008800 ext 7259 Tel: +886-3-5008800 ext 3206
Email: gwen.ting@auo.com Email : jessie.jc.lee@auo.com

 

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