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:
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/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.
|
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$)
(a )
|
0.93
|
|
|
0.51
|
|
|
|
82
|
.4%
|
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit + D&A
|
21,839
|
23
|
.8%
|
15,400
|
17
|
.9%
|
41
|
.8%
|
9,371
|
11.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Display
Segment Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
86,673
|
100.0%
|
80,614
|
100.0%
|
7.5%
|
76,129
|
100.0%
|
|
|
|
Operating
Profit(Loss)
|
12,235
|
14.1%
|
5,937
|
7.4%
|
106.1%
|
(735)
|
(1.0%)
|
|
|
|
Operating
Profit + D&A
|
22,070
|
25.5%
|
15,120
|
18.8%
|
46.0%
|
9,019
|
11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
Shipments (mn)
(b )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Size
Panels
|
28.3
|
|
|
29.3
|
|
|
(3.2%)
|
27.6
|
|
|
|
|
Small &
Medium Size Panels
|
35.7
|
|
|
38.0
|
|
|
(5.9%)
|
33.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
|
Basic
EPS in both 4Q16 and 3Q16 were calculated based on the weighted average outstanding shares
of 2016 (9,624m shares); Basic EPS in 4Q15 was calculated based on the weighted average
outstanding shares of 2015 (9,624m shares).
|
|
b)
|
Large
size refers to panels that are 10 inches and above
|
Statement
of Comprehensive Income
Selected Items from Statement of Comprehensive Income
Amount :
NT$ 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$)
(a )
|
0 .81
|
|
|
0 .51
|
|
|
|
58
.8%
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit + D&A
|
52,032
|
15
.8%
|
65,267
|
18
.1%
|
(20
.3%)
|
|
ROE
(b )
|
4
.3%
|
|
|
2
.7%
|
|
|
58
.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Display
Segment Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
304,827
|
100.0%
|
333,392
|
100.0%
|
(8.6%)
|
|
Operating
Profit
|
12,704
|
4.2%
|
19,226
|
5.8%
|
(33.9%)
|
|
Operating
Profit + D&A
|
50,564
|
16.6%
|
64,016
|
19.2%
|
(21.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
Shipments (mn)
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Size
Panels
|
110 .5
|
|
|
105
.7
|
|
|
4.6%
|
|
Small &
Medium Size Panels
|
154 .0
|
|
|
172
.8
|
|
|
(10
.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
|
Basic
EPS in both 2016 and 2015 were calculated based on the weighted average outstanding shares
of 9,624m shares.
|
b)
|
ROE
was based on average equity attributable to shareholders of the parent company
|
c)
|
Large
size refers to panels that are 10 inches and above
|
Consolidated Balance Sheet Highlights
Amount : NT$ 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$9,998m in 4Q15 )
|
|
b)
|
Short
term debt refers to all interest bearing debt maturing within one year
|
|
c)
|
Calculated
by dividing the average inventory into the annualized cost of goods sold during such
period, then multiplying by 365 days
|
|
d)
|
Net
Debt to Equity = (Short Term Debt + Long Term Debt - Cash and ST Investment) / Equity
|
Consolidated
Cash Flow Highlights
Amount : NT$ 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
|
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.
|
Display Revenue Breakdown by Size
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
|
Consolidated
Small & Medium Panel
Shipments by Area & Revenues
Shipments in square meter
|
Revenues
|
|
|
|
–
|
Small & Medium size
refers to panels that are under 10 inches
|
www.auo.com
ir@auo.com
AU OPTRONICS CORP.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
For the Three Months Ended 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
|
|
Ÿ
|
Net
profit attributable to owners of the Company at NT$8.97 billion
|
|
Ÿ
|
Basic
EPS
(2)
of NT$0.93
|
|
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
|
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
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.
###
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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