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:
October 26, 2017
|
By:
|
/s/ Benjamin Tseng
|
|
|
Name:
|
Benjamin Tseng
|
|
|
Title:
|
Chief Financial Officer
|
Item 1
|
News Release
|
AU Optronics Reports NT$8.86
Billion Net Profit Attributable to Owners of the Company for Third Quarter 2017
Issued
by:
AU Optronics Corp.
Issued on:
October 26, 2017
Hsinchu, Taiwan, October 26,
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 third quarter of 2017
(1)
.
AUO’s
consolidated revenues for the third quarter of 2017 were NT$87.40 billion, up by 3.5% from the previous quarter. Net profit attributable
to owners of the Company for the third quarter of 2017 was NT$8.86 billion, with a basic EPS
(2)
of NT$0.92.
For the first
nine months of 2017, AUO reported consolidated revenues of NT$260.36 billion. Net profit attributable to owners of the Company
was NT$28.16 billion, with a basic EPS
(2)
of NT$2.93.
In the third
quarter of 2017, large-sized panel
(3)
shipments totaled 29.09 million units, up by 8.3% quarter-over-quarter. Shipments
of small-and-medium-sized panels in the same quarter were around 46.81 million units, up by 21.1% quarter-over-quarter.
Highlights
of consolidated results for the third quarter of 2017:
|
Ÿ
|
Revenues
of NT$87.40 billion
|
|
Ÿ
|
Operating
profit of NT$9.74 billion
|
|
Ÿ
|
Net
profit attributable to owners of the Company at NT$8.86 billion
|
|
Ÿ
|
Basic
EPS
(2)
of NT$0.92
|
|
Ÿ
|
Operating
margin was 11.1%
|
|
Ÿ
|
EBITDA
(4)
margin was 21.1%
|
|
Ÿ
|
Operating
margin of Display Segment was 11.8%
|
|
Ÿ
|
EBITDA
(4)
margin of Display Segment was 21.9%
|
|
News Release
|
Looking back
on the third quarter, benefiting from the inventory restocking demand for the year-end holiday season, the shipment momentum remained
quite robust. As a result, AUO’s revenues for the third quarter still increased by 3.5% quarter-over-quarter despite the
declining panel prices. Profitability improved significantly from the same period last year. The quarterly operating profit reached
NT$9.74 billion, up by 69.2% year-over-year. And the net profit attributable to owners of the Company reached NT$8.86 billion,
up by 80.8% year-over-year. As for the Display Segment, the Company has achieved operating profit margin of 11.8% and EBITDA margin
of 21.9%, still maintaining its earning performance at relatively high levels.
Looking into
the fourth quarter, the Company holds a positive view on the overall industry demand in the future on one hand, and watches closely
for any change in the end demand and inventory level in order to respond promptly. Next, AUO will accelerate its development of
new products for next year and continue surpassing its competitors by its advanced technologies, and moving towards a direction
that jointly creates values with its customers.
(1)
All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2)
Basic EPS in the third quarter of 2017 and the first nine months of 2017 were calculated based on the weighted average outstanding
shares of the first nine months of 2017 (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 2017. AUO’s
consolidated net revenues in 2016 were NT$329.09 billion. For more information, please visit AUO.com.
|
News Release
|
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 include “forward-looking statements”
as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our management's
expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial
performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion
plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties
that can cause actual results to differ materially from those expressed or implied by such statements, including risks related
to the flat panel display industry, the TFT-LCD market, acceptance of and demand for our products, technological and development
risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Annual Report
on Form 20-F filed with the United States Securities and Exchange Commission on March 30, 2017. In addition, our SEC reports, including
our Annual Report on Form 20-F contains other information on these and other factors that could affect our financial results and
cause actual results to differ materially from any forward-looking information we may provide. We undertake no obligation to update
or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
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
|
Fax:
+886-3-5772730
|
|
Fax:
+886-3-5772730
|
Email:
gwen.ting@auo.com
|
|
Email :
jessie.jc.lee@auo.com
|
Item 2
AU
Optronics Corp.
Third
Quarter 2017 Results Investor Conference
2017
Oct.
26, 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.
|
©
2017 AU Optronics Corporation – Proprietary and Confidential
|
2
|
Statement
of Comprehensive Income
Selected
Items from Statement of Comprehensive Income
Amount
: NT$ Million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q17
|
|
|
2Q17
|
|
|
|
QoQ %
|
|
|
3Q16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
87,395
|
100.0%
|
84,412
|
100.0%
|
|
3.5%
|
|
86,017
|
100.0%
|
|
Cost of
Goods Sold
|
(72,083)
|
(82.5%)
|
(67,292)
|
(79.7%)
|
|
7.1%
|
|
(74,709)
|
(86.9%)
|
|
Gross
Profit
|
15,313
|
17.5%
|
17,121
|
20.3%
|
|
(10.6%)
|
|
11,308
|
13.1%
|
|
Operating
Expenses
|
(5,570)
|
(6.4%)
|
(5,445)
|
(6.5%)
|
|
2.3%
|
|
(5,549)
|
(6.5%)
|
|
Operating
Profit
|
9,743
|
11.1%
|
11,676
|
13.8%
|
|
(16.6%)
|
|
5,759
|
6.7%
|
|
Net Non-operating
Income(Expenses)
|
764
|
0.9%
|
(32)
|
(0.0%)
|
|
|
-
|
|
(340)
|
(0.4%)
|
|
Profit
before Tax
|
10,507
|
12.0%
|
11,644
|
13.8%
|
|
(9.8%)
|
|
5,420
|
6.3%
|
|
Net Profit
|
8,224
|
9.4%
|
8,946
|
10.6%
|
|
(8.1%)
|
|
4,616
|
5.4%
|
|
Net Profit
Attributable to Owners of Company
|
8,856
|
10.1%
|
9,830
|
11.6%
|
|
(9.9%)
|
|
4,898
|
5.7%
|
|
Basic
EPS (NT$)
(a)
|
0.92
|
|
1.02
|
|
|
(9.8%)
|
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Profit + D&A
|
18,455
|
21.1%
|
20,682
|
24.5%
|
(10.8%)
|
15,400
|
17.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Display
Segment Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales
|
82,718
|
100.0%
|
79,914
|
100.0%
|
3.5%
|
80,614
|
100.0%
|
|
Operating
Profit
|
9,759
|
11.8%
|
11,804
|
14.8%
|
(17.3%)
|
5,937
|
7.4%
|
|
Operating
Profit + D&A
|
18,076
|
21.9%
|
20,389
|
25.5%
|
(11.3%)
|
15,120
|
18.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unit
Shipments (mn)
(b )
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large
Size Panels
|
29.1
|
|
26.8
|
|
8.3%
|
29.3
|
|
|
Small
& Medium Size Panels
|
46.8
|
|
38.7
|
|
21.1%
|
38.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a)
|
Basic
EPS in both 3Q17 and 2Q17 were calculated based on the weighted average outstanding shares
of the first nine months of 2017 (9,624m shares); Basic EPS in 3Q16 was calculated based
on the weighted average outstanding shares of 2016 (9,624m shares).
|
|
b)
|
Large
size refers to panels that are 10 inches and above
|
©
2017 AU Optronics Corporation – Proprietary and Confidential 3
Consolidated
Balance Sheet Highlights
Amount
: NT$ Million
|
|
|
|
|
|
|
|
|
|
|
3Q17
|
|
2Q17
|
|
|
QoQ
%
|
|
|
3Q16
|
|
|
Cash
& ST Investment
(a )
|
|
|
|
|
|
|
|
|
|
|
|
107,656
|
102,801
|
|
4.7%
|
|
74,053
|
|
|
Inventory
|
25,021
|
25,540
|
|
(2.0%)
|
|
27,013
|
|
|
Short
Term Debt
(b )
|
21,073
|
19,032
|
|
10.7%
|
|
26,135
|
|
|
Long Term
Debt
|
101,996
|
105,676
|
|
(3.5%)
|
|
101,218
|
|
|
Equity
|
220,317
|
211,145
|
|
4.3%
|
|
192,309
|
|
|
Total
Assets
|
449,239
|
441,143
|
|
1.8%
|
|
419,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Turnover (Days)
(c)
|
32
|
35
|
|
|
|
33
|
|
|
Net Debt
to Equity
(d )
|
7.0%
|
10.4%
|
|
|
27.7%
|
|
|
|
a)
|
Excluding
time deposit with maturity longer than 3 months (NT$0m in 3Q17,2Q17 and 3Q16 )
|
|
b)
|
Short
term debt refers to all interest bearing debt maturing within one year
|
|
c)
|
Calculated
by dividing the average inventory into the annualized cost of goods sold during such
period, then multiplying by 365 days
|
|
d)
|
Net
Debt to Equity = (Short Term Debt + Long Term Debt - Cash and ST Investment) / Equity
|
© 2017 AU
Optronics Corporation – Proprietary and Confidential
|
4
|
Consolidated
Cash Flow Highlights
Amount : NT$ Million
|
|
|
|
|
|
|
|
3Q17
|
|
2Q17
|
|
|
QoQ
|
|
|
|
|
|
|
|
|
From Operating Activities
|
19,754
|
24,627
|
|
(4,873)
|
|
Profit
before Tax
|
10,507
|
11,644
|
|
(1,137)
|
|
Depreciation
& Amortization
|
8,712
|
9,006
|
|
(294)
|
|
Net Change
in Working Capital
|
569
|
3,955
|
|
(3,386)
|
|
From Investing Activities
|
(7,584)
|
(8,750)
|
|
1,166
|
|
Capital
Expenditure
|
(8,072)
|
(8,264)
|
|
191
|
|
From Financing Activities
|
(7,421)
|
1,077
|
|
(8,498)
|
|
Net Change
in Debt
|
(1,926)
|
1,088
|
|
(3,014)
|
|
Net Change in Cash
(a )
|
4,855
|
17,317
|
|
(12,462)
|
|
|
|
|
|
|
|
|
|
|
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
|
© 2017 AU
Optronics Corporation – Proprietary and Confidential
|
5
|
|
Display
Revenue Breakdown by Application
100%
80%
60%
40%
20%
0%
46% 48% 48% 49% 47%
15%
|
15%
|
16%
|
14%
|
13%
|
|
|
|
|
17%
|
17%
|
17%
|
17%
|
18%
|
|
|
|
|
5%
|
5%
|
5%
|
4%
|
4%
|
|
|
|
|
17%
|
15%
|
14%
|
16%
|
18%
|
|
|
|
|
|
|
|
3Q16
|
4Q16
|
1Q17
|
2Q17
|
3Q17
|
|
TV
Monitor
Mobile
PC
Mobile
Device
Commercial
and
Others
–
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.
© 2017 AU
Optronics Corporation – Proprietary and Confidential
|
6
|
Display
Revenue Breakdown by Size
100%
28%
|
27%
|
29%
|
31%
|
30%
|
|
80%
|
|
|
|
|
|
|
15%
|
17%
|
16%
|
15%
|
14%
|
|
60%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15%
|
16%
|
16
|
16%
|
15%
|
|
|
|
|
|
|
|
|
|
40%
|
|
|
|
|
|
|
26%
|
25%
|
24%
|
24%
|
26%
|
|
|
|
|
20%
|
|
|
|
|
|
|
16%
|
15%
|
15%
|
14%
|
15%
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
IMAGE
OMITTED
>=50"
IMAGE
OMITTED
39"<=size<50"
IMAGE
OMITTED
20"<=size<39"
IMAGE
OMITTED
10"<=size<20"
IMAGE
OMITTED
size<10"
3Q16
|
4Q16
|
1Q17
|
2Q17
|
3Q17
|
© 2017 AU Optronics
Corporation – Proprietary and Confidential
|
|
7
|
|
Consolidated
Shipments & ASP by Area
Shipments
in square meter
(K
m
2
) 7,000
3,500
|
6,617
|
6,458
|
|
|
6,689
|
|
|
6,196
|
6,187
|
|
|
|
|
|
|
0
3Q16 4Q16 1Q17 2Q17 3Q17
ASP
per square meter
(US$)
|
|
|
|
|
|
|
500
|
|
|
|
|
|
|
|
|
$413
|
$421
|
$415
|
|
|
|
|
|
|
|
|
|
|
|
|
$395
|
|
400
|
$372
|
|
|
|
|
|
300
|
|
|
|
|
|
|
200
|
|
|
|
|
|
|
|
3Q16
|
4Q16
|
1Q17
|
2Q17
|
3Q17
|
|
–
ASP per square meter in US$ was translated from NT$ based on average exchange rates announced by Customs Administration, Ministry
of Finance of each respective quarter
© 2017 AU
Optronics Corporation – Proprietary and Confidential
|
8
|
Consolidated
Small & Medium Panel
Shipments
by Area & Revenues
(K
m
2
)
|
Shipments
in square meter
|
|
|
|
450
|
|
|
300
400.2
150
|
334.4
|
307.1
|
324.0
|
332.5
|
|
|
|
|
|
0
3Q16 4Q16 1Q17 2Q17 3Q17
(NT$
bn)
|
|
Revenues
|
|
|
|
|
|
|
|
|
20
|
|
|
|
|
|
16
|
|
|
|
|
|
12.6
|
12.6
|
12.2
|
|
12.0
|
|
|
|
|
11.1
|
|
12
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
4
|
|
|
|
|
|
0
|
|
|
|
|
|
3Q16
|
4Q16
|
1Q17
|
2Q17
|
3Q17
|
|
– Small
& Medium size refers to panels that are under 10 inches
© 2017 AU
Optronics Corporation – Proprietary and Confidential
|
9
|
www.auo.com
ir@auo.com
©
2017 AU Optronics Corporation – Proprietary and Confidential
|
10
|
|
|
AU OPTRONICS
CORP. AND SUBSIDIARIES
Consolidated
Condensed Statements of Comprehensive Income
For the
Three Months Ended September 30, 2017 and 2016 and June 30, 2017
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
|
|
|
Year over Year Comparison
|
|
Sequential Comparison
|
|
|
|
|
3Q17
|
|
|
|
3Q16
|
|
|
|
|
|
3Q17
|
|
|
|
2Q17
|
|
|
|
|
USD
|
|
NTD
|
|
%
|
|
NTD
|
|
YoY%
|
|
USD
|
|
NTD
|
|
%
|
|
NTD
|
|
QoQ%
|
Net Sales
|
|
2,881
|
|
87,395
|
|
100.0
|
|
86,017
|
|
1.6
|
|
2,881
|
|
87,395
|
|
100.0
|
|
84,412
|
|
3.5
|
Cost of Goods Sold
|
|
2,377
|
|
72,083
|
|
82.5
|
|
74,709
|
|
(3.5)
|
|
2,377
|
|
72,083
|
|
82.5
|
|
67,292
|
|
7.1
|
Gross Profit
|
|
505
|
|
15,313
|
|
17.5
|
|
11,308
|
|
35.4
|
|
505
|
|
15,313
|
|
17.5
|
|
17,121
|
|
(10.6)
|
Operating Expenses
|
|
184
|
|
5,570
|
|
6.4
|
|
5,549
|
|
0.4
|
|
184
|
|
5,570
|
|
6.4
|
|
5,445
|
|
2.3
|
Operating Profit(Loss)
|
|
321
|
|
9,743
|
|
11.1
|
|
5,759
|
|
69.2
|
|
321
|
|
9,743
|
|
11.1
|
|
11,676
|
|
(16.6)
|
Net Non-operating
Income(Expenses)
|
|
25
|
|
764
|
|
0.9
|
|
(340)
|
|
-
|
|
25
|
|
764
|
|
0.9
|
|
(32)
|
|
-
|
Profit(Loss) before
Income Tax
|
|
346
|
|
10,507
|
|
12.0
|
|
5,420
|
|
93.9
|
|
346
|
|
10,507
|
|
12.0
|
|
11,644
|
|
(9.8)
|
Income Tax Expense
|
|
(75)
|
|
(2,283)
|
|
(2.6)
|
|
(804)
|
|
183.9
|
|
(75)
|
|
(2,283)
|
|
(2.6)
|
|
(2,698)
|
|
(15.4)
|
Net Profit(Loss)
|
|
271
|
|
8,224
|
|
9.4
|
|
4,616
|
|
78.2
|
|
271
|
|
8,224
|
|
9.4
|
|
8,946
|
|
(8.1)
|
Other Comprehensive
Income(Loss)
|
|
31
|
|
946
|
|
1.1
|
|
(2,251)
|
|
-
|
|
31
|
|
946
|
|
1.1
|
|
2,023
|
|
(53.2)
|
Total Comprehensive
Income(Loss)
|
|
302
|
|
9,170
|
|
10.5
|
|
2,365
|
|
287.8
|
|
302
|
|
9,170
|
|
10.5
|
|
10,969
|
|
(16.4)
|
Net Profit(Loss) Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
292
|
|
8,856
|
|
10.1
|
|
4,898
|
|
80.8
|
|
292
|
|
8,856
|
|
10.1
|
|
9,830
|
|
(9.9)
|
Non-Controlling
Interests
|
|
(21)
|
|
(632)
|
|
(0.7)
|
|
(282)
|
|
123.8
|
|
(21)
|
|
(632)
|
|
(0.7)
|
|
(883)
|
|
(28.5)
|
Net Profit(Loss)
|
|
271
|
|
8,224
|
|
9.4
|
|
4,616
|
|
78.2
|
|
271
|
|
8,224
|
|
9.4
|
|
8,946
|
|
(8.1)
|
Total Comprehensive
Income(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
312
|
|
9,468
|
|
10.8
|
|
3,207
|
|
195.3
|
|
312
|
|
9,468
|
|
10.8
|
|
11,596
|
|
(18.4)
|
Non-Controlling
Interests
|
|
(10)
|
|
(298)
|
|
(0.3)
|
|
(842)
|
|
(64.6)
|
|
(10)
|
|
(298)
|
|
(0.3)
|
|
(627)
|
|
(52.4)
|
Total Comprehensive
Income(Loss)
|
|
302
|
|
9,170
|
|
10.5
|
|
2,365
|
|
287.8
|
|
302
|
|
9,170
|
|
10.5
|
|
10,969
|
|
(16.4)
|
Basic Earnings Per
Share
|
|
0.03
|
|
0.92
|
|
|
|
0.51
|
|
|
|
0.03
|
|
0.92
|
|
|
|
1.02
|
|
|
Basic Earnings Per ADS
(2)
|
|
0.30
|
|
9.20
|
|
|
|
5.09
|
|
|
|
0.30
|
|
9.20
|
|
|
|
10.21
|
|
|
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 30.33 per USD as of September 30, 2017
|
(2)
1 ADS equals 10 common shares
|
AU OPTRONICS
CORP. AND SUBSIDIARIES
Consolidated
Condensed Statements of Comprehensive Income
For the
Period Ended September 30, 2017 and 2016
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
|
|
|
Year over Year Comparison
|
|
|
Nine Months 2017
|
|
|
Nine Months 2016
|
|
|
USD
|
|
NTD
|
|
%
|
|
NTD
|
|
YoY%
|
Net Sales
|
|
8,584
|
|
260,365
|
|
100.0
|
|
237,243
|
|
9.7
|
Cost of Goods Sold
|
|
6,940
|
|
210,499
|
|
80.8
|
|
219,982
|
|
(4.3)
|
Gross Profit
|
|
1,644
|
|
49,866
|
|
19.2
|
|
17,262
|
|
188.9
|
Operating Expenses
|
|
542
|
|
16,430
|
|
6.3
|
|
16,484
|
|
(0.3)
|
Operating Profit(Loss)
|
|
1,102
|
|
33,436
|
|
12.8
|
|
778
|
|
4,197.5
|
Net Non-operating Income(Expenses)
|
|
22
|
|
664
|
|
0.3
|
|
(884)
|
|
-
|
Profit(Loss) before Income Tax
|
|
1,124
|
|
34,100
|
|
13.1
|
|
(106)
|
|
-
|
Income Tax Expense
|
|
(247)
|
|
(7,496)
|
|
(2.9)
|
|
(1,663)
|
|
350.8
|
Net Profit(Loss)
|
|
877
|
|
26,605
|
|
10.2
|
|
(1,768)
|
|
-
|
Other Comprehensive Income(Loss)
|
|
(16)
|
|
(485)
|
|
(0.2)
|
|
(5,294)
|
|
(90.8)
|
Total Comprehensive Income(Loss)
|
|
861
|
|
26,120
|
|
10.0
|
|
(7,062)
|
|
-
|
Net Profit(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
929
|
|
28,165
|
|
10.8
|
|
(1,152)
|
|
-
|
Non-Controlling Interests
|
|
(51)
|
|
(1,560)
|
|
(0.6)
|
|
(617)
|
|
152.9
|
Net Profit(Loss)
|
|
877
|
|
26,605
|
|
10.2
|
|
(1,768)
|
|
-
|
Total Comprehensive Income(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
923
|
|
27,980
|
|
10.7
|
|
(4,814)
|
|
-
|
Non-Controlling Interests
|
|
(61)
|
|
(1,861)
|
|
(0.7)
|
|
(2,248)
|
|
(17.2)
|
Total Comprehensive Income(Loss)
|
|
861
|
|
26,120
|
|
10.0
|
|
(7,062)
|
|
-
|
Basic Earnings Per Share
|
|
0.10
|
|
2.93
|
|
|
|
(0.12)
|
|
|
Basic Earnings Per ADS
(2)
|
|
0.96
|
|
29.26
|
|
|
|
(1.20)
|
|
|
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 30.33 per USD as of September 30, 2017
|
(2) 1 ADS equals 10 common shares
|
AU OPTRONICS
CORP. AND SUBSIDIARIES
Consolidated
Condensed Balance Sheets
September
30, 2017 and 2016
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
|
|
|
September 30, 2017
|
|
September 30, 2016
|
|
YoY
|
ASSETS
|
|
USD
|
|
NTD
|
|
%
|
|
NTD
|
|
%
|
|
NTD
|
|
%
|
Cash and Cash Equivalents
|
|
3,549
|
|
107,656
|
|
24.0
|
|
74,053
|
|
17.6
|
|
33,602
|
|
45.4
|
Notes & Accounts Receivables
|
|
1,593
|
|
48,327
|
|
10.8
|
|
43,339
|
|
10.3
|
|
4,989
|
|
11.5
|
Other Current Financial Assets
|
|
19
|
|
562
|
|
0.1
|
|
964
|
|
0.2
|
|
(403)
|
|
(41.8)
|
Inventories
|
|
825
|
|
25,021
|
|
5.6
|
|
27,013
|
|
6.4
|
|
(1,992)
|
|
(7.4)
|
Other Current Assets
|
|
242
|
|
7,353
|
|
1.6
|
|
6,568
|
|
1.6
|
|
784
|
|
11.9
|
Total Current Assets
|
|
6,229
|
|
188,918
|
|
42.1
|
|
151,938
|
|
36.2
|
|
36,980
|
|
24.3
|
Long-term Investments
|
|
314
|
|
9,511
|
|
2.1
|
|
7,902
|
|
1.9
|
|
1,609
|
|
20.4
|
Net Fixed Assets
|
|
7,159
|
|
217,139
|
|
48.3
|
|
213,187
|
|
50.8
|
|
3,953
|
|
1.9
|
Other Non-Current Assets
|
|
1,110
|
|
33,671
|
|
7.5
|
|
46,623
|
|
11.1
|
|
(12,952)
|
|
(27.8)
|
Total Non-Current Assets
|
|
8,583
|
|
260,321
|
|
57.9
|
|
267,712
|
|
63.8
|
|
(7,391)
|
|
(2.8)
|
Total
Assets
|
|
14,812
|
|
449,239
|
|
100.0
|
|
419,650
|
|
100.0
|
|
29,589
|
|
7.1
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Borrowings
|
|
97
|
|
2,947
|
|
0.7
|
|
1,393
|
|
0.3
|
|
1,555
|
|
111.6
|
Accounts Payable
|
|
1,860
|
|
56,419
|
|
12.6
|
|
59,187
|
|
14.1
|
|
(2,768)
|
|
(4.7)
|
Current Installments of Long-term Borrowings
|
|
598
|
|
18,126
|
|
4.0
|
|
24,742
|
|
5.9
|
|
(6,616)
|
|
(26.7)
|
Current Financial Liabilities
|
|
9
|
|
286
|
|
0.1
|
|
29
|
|
0.0
|
|
257
|
|
885.2
|
Accrued Expense & Other Current Liabilities
|
|
1,078
|
|
32,687
|
|
7.3
|
|
24,393
|
|
5.8
|
|
8,294
|
|
34.0
|
Machinery and Equipment Payable
|
|
336
|
|
10,182
|
|
2.3
|
|
9,034
|
|
2.2
|
|
1,147
|
|
12.7
|
Total Current Liabilities
|
|
3,978
|
|
120,648
|
|
26.9
|
|
118,779
|
|
28.3
|
|
1,869
|
|
1.6
|
Long-term Borrowings
|
|
3,363
|
|
101,996
|
|
22.7
|
|
101,218
|
|
24.1
|
|
778
|
|
0.8
|
Non-Current Financial Liabilities
|
|
0
|
|
0
|
|
0.0
|
|
5
|
|
0.0
|
|
(5)
|
|
(100.0)
|
Other Non-Current Liabilities
|
|
207
|
|
6,279
|
|
1.4
|
|
7,339
|
|
1.7
|
|
(1,060)
|
|
(14.4)
|
Total Non-Current Liabilities
|
|
3,570
|
|
108,275
|
|
24.1
|
|
108,562
|
|
25.9
|
|
(287)
|
|
(0.3)
|
Total Liabilities
|
|
7,548
|
|
228,923
|
|
51.0
|
|
227,340
|
|
54.2
|
|
1,582
|
|
0.7
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
3,173
|
|
96,242
|
|
21.4
|
|
96,242
|
|
22.9
|
|
0
|
|
0.0
|
Capital Surplus
|
|
1,979
|
|
60,024
|
|
13.4
|
|
59,976
|
|
14.3
|
|
48
|
|
0.1
|
Retained Earnings
|
|
1,550
|
|
47,016
|
|
10.5
|
|
15,459
|
|
3.7
|
|
31,557
|
|
204.1
|
Other Equity
|
|
20
|
|
594
|
|
0.1
|
|
1,423
|
|
0.3
|
|
(829)
|
|
(58.2)
|
Non-Controlling Interests
|
|
542
|
|
16,440
|
|
3.7
|
|
19,209
|
|
4.6
|
|
(2,769)
|
|
(14.4)
|
Total Equity
|
|
7,264
|
|
220,317
|
|
49.0
|
|
192,309
|
|
45.8
|
|
28,007
|
|
14.6
|
Total
Liabilities & Equity
|
|
14,812
|
|
449,239
|
|
100.0
|
|
419,650
|
|
100.0
|
|
29,589
|
|
7.1
|
|
Note:
|
(1) Amounts in New Taiwan dollars were translated
into US dollars at the exchange rate of NTD 30.33 per USD as of September 30, 2017
|
(2) Cash and Cash Equivalents excluding time deposit
with maturity longer than 3 months
|
AU OPTRONICS
CORP. AND SUBSIDIARIES
Consolidated
Condensed Cash Flow Statements
For the
Period Ended September 30, 2017 and 2016
(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))
|
|
|
|
Nine
Months 2017
|
|
Nine Months 2016
|
|
|
USD
|
|
NTD
|
|
NTD
|
Cash Flow from Operating Activities:
|
|
|
|
|
|
|
Profit(Loss) before Income Taxes
|
|
1,124
|
|
34,100
|
|
(106)
|
Depreciation & Amortization
|
|
914
|
|
27,729
|
|
29,415
|
Share of Profit of Equity-Accounted Investees
|
|
(6)
|
|
(178)
|
|
(222)
|
Changes in Working Capital
|
|
14
|
|
414
|
|
(8,758)
|
Changes in Others
|
|
(13)
|
|
(400)
|
|
(1,543)
|
Net Cash Provided(Used) by Operating Activities
|
|
2,033
|
|
61,666
|
|
18,786
|
Cash Flow from Investing
Activities:
|
|
|
|
|
|
|
Proceeds from Disposal of AFS Investments
|
|
0
|
|
0
|
|
10
|
Acquisition of Property, Plant and Equipment
|
|
(867)
|
|
(26,289)
|
|
(37,883)
|
Proceeds from Disposal of Property, Plant and Equipment
|
|
35
|
|
1,067
|
|
741
|
Acquisition of Equity-Accounted Investees and Financial Assets Carried at Cost
|
|
(1)
|
|
(41)
|
|
(307)
|
Proceeds from Disposal of Equity-Accounted Investees and Financial Assets Carried at Cost
|
|
0
|
|
0
|
|
3,577
|
Decrease(Increase) in Other Financial Assets
|
|
(0)
|
|
(10)
|
|
(19)
|
Decrease(Increase) in Intangible Assets
|
|
(6)
|
|
(197)
|
|
(187)
|
Decrease(Increase) in Other Assets
|
|
(13)
|
|
(406)
|
|
(22)
|
Net Cash Provided(Used) in Investing Activities
|
|
(853)
|
|
(25,875)
|
|
(34,089)
|
Cash Flow from Financing
Activities:
|
|
|
|
|
|
|
Increase(Decrease) in Short-term Borrowings
|
|
80
|
|
2,421
|
|
(201)
|
Increase(Decrease) in Long-term Borrowings
|
|
(109)
|
|
(3,312)
|
|
18,391
|
Increase(Decrease) in Guarantee Deposits
|
|
(1)
|
|
(42)
|
|
(28)
|
Cash Dividends
|
|
(178)
|
|
(5,390)
|
|
(3,368)
|
Changes in Non-Controlling Interests and Others
|
|
(3)
|
|
(96)
|
|
(2,689)
|
Net Cash Provided(Used) by Financing Activities
|
|
(212)
|
|
(6,419)
|
|
12,105
|
Effect of Exchange Rate Changes on Cash
|
|
(63)
|
|
(1,908)
|
|
(1,629)
|
Net Increase(Decrease) in Cash and Cash Equivalents
|
|
906
|
|
27,465
|
|
(4,827)
|
Cash and Cash Equivalents at Beginning of
Period
|
|
2,644
|
|
80,191
|
|
78,881
|
Cash and Cash Equivalents at End of Period
|
|
3,549
|
|
107,656
|
|
74,053
|
Note: (1) Amounts in New Taiwan dollars were translated into
US dollars at the exchange rate of NTD 30.33 per USD as of September 30, 2017
Item 3
|
AU OPTRONICS
CORP. AND SUBSIDIARIES
Consolidated
Condensed Statements of Comprehensive Income
For the
Period Ended June 30, 2017 and 2016
(Expressed
in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)
|
|
|
|
|
Year
over Year Comparison
|
|
|
|
|
|
|
|
|
1H 2017
|
|
|
|
|
|
|
|
1H 2016
|
|
|
|
|
|
|
|
|
USD
|
|
|
|
NTD
|
|
|
|
%
|
|
|
|
NTD
|
|
|
|
YoY%
|
|
Net Sales
|
|
|
5,694
|
|
|
|
172,969
|
|
|
|
100.0
|
|
|
|
151,226
|
|
|
|
14.4
|
|
Cost of Goods Sold
|
|
|
4,556
|
|
|
|
138,416
|
|
|
|
80.0
|
|
|
|
145,272
|
|
|
|
(4.7
|
)
|
Gross Profit
|
|
|
1,137
|
|
|
|
34,554
|
|
|
|
20.0
|
|
|
|
5,954
|
|
|
|
480.4
|
|
Operating Expenses
|
|
|
357
|
|
|
|
10,860
|
|
|
|
6.3
|
|
|
|
10,935
|
|
|
|
(0.7
|
)
|
Operating Profit(Loss)
|
|
|
780
|
|
|
|
23,693
|
|
|
|
13.7
|
|
|
|
(4,981
|
)
|
|
|
-
|
|
Net Non-operating Income(Expenses)
|
|
|
(3
|
)
|
|
|
(100
|
)
|
|
|
(0.1
|
)
|
|
|
(544
|
)
|
|
|
(81.7
|
)
|
Profit(Loss) before Income Tax
|
|
|
777
|
|
|
|
23,594
|
|
|
|
13.6
|
|
|
|
(5,525
|
)
|
|
|
-
|
|
Income Tax Expense
|
|
|
(172
|
)
|
|
|
(5,213
|
)
|
|
|
(3.0
|
)
|
|
|
(859
|
)
|
|
|
507.0
|
|
Net Profit(Loss)
|
|
|
605
|
|
|
|
18,381
|
|
|
|
10.6
|
|
|
|
(6,384
|
)
|
|
|
-
|
|
Other Comprehensive Income(Loss)
|
|
|
(47
|
)
|
|
|
(1,431
|
)
|
|
|
(0.8
|
)
|
|
|
(3,043
|
)
|
|
|
(53.0
|
)
|
Total Comprehensive Income(Loss)
|
|
|
558
|
|
|
|
16,950
|
|
|
|
9.8
|
|
|
|
(9,427
|
)
|
|
|
-
|
|
Net Profit(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
|
636
|
|
|
|
19,309
|
|
|
|
11.2
|
|
|
|
(6,050
|
)
|
|
|
-
|
|
Non-Controlling Interests
|
|
|
(31
|
)
|
|
|
(928
|
)
|
|
|
(0.5
|
)
|
|
|
(334
|
)
|
|
|
177.6
|
|
Net Profit(Loss)
|
|
|
605
|
|
|
|
18,381
|
|
|
|
10.6
|
|
|
|
(6,384
|
)
|
|
|
-
|
|
Total Comprehensive Income(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
|
|
609
|
|
|
|
18,513
|
|
|
|
10.7
|
|
|
|
(8,021
|
)
|
|
|
-
|
|
Non-Controlling Interests
|
|
|
(51
|
)
|
|
|
(1,563
|
)
|
|
|
(0.9
|
)
|
|
|
(1,407
|
)
|
|
|
11.1
|
|
Total Comprehensive Income(Loss)
|
|
|
558
|
|
|
|
16,950
|
|
|
|
9.8
|
|
|
|
(9,427
|
)
|
|
|
-
|
|
Basic Earnings Per Share
|
|
|
0.07
|
|
|
|
2.01
|
|
|
|
|
|
|
|
(0.63
|
)
|
|
|
|
|
Basic Earnings Per ADS
(2)
|
|
|
0.66
|
|
|
|
20.06
|
|
|
|
|
|
|
|
(6.29
|
)
|
|
|
|
|
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 30.38 per USD as of June 30, 2017
|
(2) 1 ADS equals 10 common shares