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.
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AU Optronics Corp.
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Date: February 06, 2020
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By:
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/s/ Benjamin Tseng
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Name:
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Benjamin Tseng
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Title:
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Chief Financial Officer
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Item 1
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News
Release
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AU Optronics Reports Fourth Quarter 2019
Financial Results
Issued
by: AU Optronics Corp.
Issued on: February 06, 2020
Hsinchu, Taiwan, February 06,
2020–
AU Optronics
Corp. ("AUO" or the "Company") (TSE: 2409) today held its investor conference and announced its consolidated
financial results for the fourth quarter of 2019(1).
Consolidated
revenues for the fourth quarter of 2019 were NT$61.97 billion, down by 11.5% quarter-over-quarter. AUO’s net loss attributable
to owners of the Company for the fourth quarter of 2019 was NT$8.83 billion, with a basic EPS(2) of -NT$0.92.
For the fiscal
year of 2019, consolidated revenues totaled NT$268.79 billion, a decrease of 12.6% year-over-year. Net loss attributable to owners
of the Company was NT$19.19 billion, with a basic EPS(2) of -NT$2.00.
In the fourth
quarter of 2019, large-sized panel(3) shipments totaled around 26.53 million units, down by 7.5% quarter-over-quarter.
Shipments of small-and-medium-sized panels in the same quarter reached around 37.46 million units, up by 5.2% quarter-over-quarter.
For the full
year of 2019, large-sized panel shipments were around 108.24 million units, a decrease of 5.7% from the previous year. Small and
medium-sized panel shipments totaled around 131.02 million units, down by 21.4% year-over-year.
Highlights
of consolidated results for the fourth quarter of 2019
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Revenues
of NT$61.97 billion
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Operating
loss of NT$6.51 billion
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Net
loss attributable to owners of the Company at NT$8.83 billion
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Basic
EPS(2) was -NT$0.92
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Operating
margin was -10.5%
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EBITDA(4)
margin was 4.2%
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Operating
margin of Display Segment was -10.6%
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EBITDA(4)
margin of Display Segment was 4.4%
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Highlights
of consolidated results for the fiscal year of 2019:
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Revenues
of NT$268.79 billion
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Operating
loss of NT$20.47 billion
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Net
loss attributable to owners of the Company at NT$19.19 billion
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Basic
EPS(2) of -NT$2.00
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Operating
margin was -7.6%
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EBITDA(4)
margin was 5.9%
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Operating
margin of Display Segment was -7.6%
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EBITDA(4)
margin of Display Segment was 6.1%
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Looking back
to 2019, end market demand was relatively weak. The ramping up of new capacities also intensified the imbalance between market
supply and demand. As a result, panel prices fell sharply, while revenues declined by 12.6% year over year to NT$268.79 billion
in 2019. Profitability was affected, thus resulted in a full-year loss. Still, the Company has maintained a stable financial structure,
with 35 days of inventory turnover and 17.7% of net debt to equity ratio in the fourth quarter. Both metrics were kept at a healthy
status.
Looking into
2020, the panel industry continues facing challenges and uncertainties. By leveraging its robust R&D capability and healthy
financial structure, the Company will continue striving for its value extension strategy, expanding its scope of businesses to
services, downstream systems and solutions. Looking forward to this strategy for transformation gradually coming to fruition in
the future, which may enable the Company to break away from the imbalanced panel industry.
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(1)
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All
financial information was prepared by the Company in accordance with Taiwan IFRS.
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(2)
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Basic
EPS in the fourth quarter of 2019 was calculated based on the weighted average outstanding
shares of the reporting quarter (9,571 million shares); Basic EPS in the fiscal year
of 2019 was calculated based on the weighted average outstanding shares of the reporting
year (9,597million shares).
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(3)
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Large
size refers to panels that are 10 inches and above.
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(4)
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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. Based on its profound R&D
and manufacturing experience, AUO offers a full range of display applications and smart solutions integrating software and hardware,
and leverages its core expertise to enter new business areas such as solar, smart retail, general health, circular economy and
smart manufacturing service. Additionally, AUO has also been named to the Dow Jones Sustainability World Index since 2010. AUO’s
consolidated net revenues in 2019 were NT$268.79 billion. For more information, please visit AUO.com.
Safe
Harbour Notice
AU Optronics
Corp. (“AUO” or the “Company”) (TSE: 2409), 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 29, 2019. 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:
Public Communication
Dept.
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Jessie Lee
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Tel: +886-3-5008800 ext 3206
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Email :
jessie.jc.lee@auo.com
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Katie Chen
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Tel: +886-3-5008800 ext 3615
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Email :
katie.chen@auo.com
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Item 2
AU Optronics Corp. Fourth Quarter
2019 Results Investor Conference Feb. 06, 2020
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 theInternational 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 © 2019 AU Optronics Corporation – Proprietary and Confidential
Statement of Comprehensive
IncomeSelected Items from Statement of Comprehensive Income Amount : NT$ Million 4Q19 3Q19 QoQ % 4Q18Net Sales 61,968 100.0% 70,053
100.0% (11.5%) 77,093 100.0% Cost of Goods Sold (63,467) (102.4%) (70,325) (100.4%) (9.8%) (73,010) (94.7%) Gross Profit(Loss)
(1,498) (2.4%) (272) (0.4%) 450.6% 4,084 5.3% Operating Expenses (5,012) (8.1%) (5,165) (7.4%) (3.0%) (5,537) (7.2%) Operating
Profit(Loss) (6,510) (10.5%) (5,437) (7.8%) 19.7% (1,454) (1.9%) Net Non-operating Income(Expenses) (1,432) (2.3%) 720 1.0% －
1,104 1.4% Profit(Loss) before Tax (7,942) (12.8%) (4,717) (6.7%) 68.4% (350) (0.5%) Net Profit(Loss) (9,142) (14.8%) (4,737)
(6.8%) 93.0% (426) (0.6%) Net Profit Attributable to Owners of Company (8,828) (14.2%) (3,987) (5.7%) 121.4% 281 0.4% Basic EPS
(NT$)(a ) (0.92) (0.41) 124.4% 0.03Operating Profit + D&A 2,591 4.2% 3,509 5.0% (26.2%) 7,510 9.7%Display Segment Information:
Net Sales 58,874 100.0% 67,284 100.0% (12.5%) 73,554 100.0% Operating Profit(Loss) (6,263) (10.6%) (5,178) (7.7%) 21.0% (1,260)
(1.7%) Operating Profit + D&A 2,587 4.4% 3,520 5.2% (26.5%) 7,417 10.1%Unit Shipments (mn)(b ) Large Size Panels 26.5 28.7
(7.5%) 28.5 Small & Medium Size Panels 37.5 35.6 5.2% 32.1a) Basic EPS was calculated based on the weighted average outstanding
shares of the reporting quarter. The weighted average outstanding shares were 9,571m shares, 9,623m shares and 9,624m shares for
19Q4, 19Q3 and 18Q4, respectively.b) Large size refers to panels that are 10 inches and above © 2019 AU Optronics Corporation
– Proprietary and Confidential 3
Statement of Comprehensive IncomeSelected
Items from Statement of Comprehensive IncomeAmount : NT$ Million FY 2019 FY 2018 YoY %Net Sales 268,792 100.0% 307,634 100.0%
(12.6%) Cost of Goods Sold (268,336) (99.8%) (279,495) (90.9%) (4.0%) Gross Profit 456 0.2% 28,140 9.1% (98.4%) Operating Expenses
(20,924) (7.8%) (21,472) (7.0%) (2.6%) Operating Profit(Loss) (20,468) (7.6%) 6,668 2.2% － Net Non-operating Income 623
0.2% 4,548 1.5% (86.3%) Profit(Loss) before Tax (19,845) (7.4%) 11,216 3.6% － Net Profit(Loss) (21,599) (8.0%) 7,960 2.6%
－ Net Profit Attributable to Owners of Company (19,185) (7.1%) 10,161 3.3% － Basic EPS (NT$)(a ) (2.00) 1.06 －Operating
Profit + D&A 15,790 5.9% 40,895 13.3% (61.4%) ROE(b ) (10.1%) 4.9% －Display Segment Information: Net Sales 256,667
100.0% 290,785 100.0% (11.7%) Operating Profit(Loss) (19,484) (7.6%) 7,793 2.7% － Operating Profit + D&A 15,753 6.1%
40,774 14.0% (61.4%)Unit Shipments (mn)(c) Large Size Panels 108.2 114.8 (5.7%) Small & Medium Size Panels 131.0 166.6 (21.4%)a)
Basic EPS in 2019 was calculated based on the weighted average outstanding shares of 9,597m shares. Basic EPS in 2018 was calculated
based on the weighted average outstanding shares of 9,624m shares.b) ROE was based on average equity attributable to shareholders
of the parent companyc) Large size refers to panels that are 10 inches and above © 2019 AU Optronics Corporation –
Proprietary and Confidential 1
Consolidated Balance Sheet HighlightsAmount
: NT$ Million 4Q19 3Q19 QoQ % 4Q18 Cash and Cash Equivalents (a ) 80,450 71,149 13.1% 69,163 Inventory 23,460 25,435 (7.8%) 26,309
Short Term Debt (b ) 11,261 9,250 21.7% 30,142 Long Term Debt 102,433 98,378 4.1% 56,709 Equity 187,977 198,531 (5.3%) 217,279
Total Assets 397,638 407,291 (2.4%) 409,832Inventory Turnover (Days)(c) 35 34 33 Net Debt to Equity (d ) 17.7% 18.4% 8.1%a) Excluding
time deposit with maturity longer than 3 months (NT$0m in 4Q19, 3Q19 and 4Q18 )b) Short term debt refers to all interest bearing
debt maturing within one yearc) Calculated by dividing the average inventory into the annualized cost of goods sold during such
period, then multiplying by 365 daysd) Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and Cash Equivalents) / Equity5©
2019 AU Optronics Corporation – Proprietary and Confidential
Consolidated Cash Flow HighlightsAmount
: NT$ Million 4Q19 3Q19 QoQFrom Operating Activities 9,871 3,941 5,930 Profit(Loss) before Tax (7,942) (4,717) (3,226) Depreciation
& Amortization 9,101 8,946 155 Net Change in Working Capital 6,549 183 6,366 From Investing Activities (5,014) (6,742) 1,728
Capital Expenditure (5,993) (7,429) 1,436 From Financing Activities 5,502 (4,915) 10,417 Net Change in Debt 6,465 447 6,018 Net
Change in Cash(a ) 9,300 (8,946) 18,247a) In addition to cash generated from operating, investing and financing activities, net
change in cash also include effect on currency exchange of foreign subsidiaries6© 2019 AU Optronics Corporation – Proprietary
and Confidential
Display Revenue Breakdown by Application100%39%
36% 30% 30% 80% 39%60% 15% 15% 15% 16% 17%40% 26% 29% 29% 26% 24%20% 19% 20% 23% 26% 26%0% 4Q18 1Q19 2Q19 3Q19 4Q19TVMonitorMobile
PC andDeviceCommercialand Others– Mobile PC and Device: including displays for notebook, tablet and mobile phones.–
Commercial and Others: including displays for automobile, industrial PC, ATM, point of sale (POS), pachinko, medical equipment,
and etc.7 © 2019 AU Optronics Corporation – Proprietary and Confidential
Display Revenue Breakdown by Size100%25%
26% 24% 21% 22%80% 10% 7% 7% 11% 11%60% 17% 17% 18% 18% 19%40% 35% 33% 30% 29% 28%20% 17% 16% 18% 20% 21% 0% 4Q18 1Q19 2Q19 3Q19
4Q198© 2019 AU Optronics Corporation – Proprietary and Confidential>=50"39"<=size<50"20"<=size<39"10"<=size<20"size<10"
Consolidated Shipments & ASP
by AreaShipments in square meter ASP per square meter(K m2) 7,0003,500 6,678 6,422 6,637 6,342 6,20004Q18 1Q19 2Q19 3Q19 4Q19(US$)
500 400 $345 $312 $323 $312 $298300 200 4Q18 1Q19 2Q19 3Q19 4Q19– ASP per square meter in US$ was translated from NT$ based
on average exchange rates announced by Customs Administration, Ministry of Finance of each respective quarter9 © 2019 AU
Optronics Corporation – Proprietary and Confidential
Consolidated Small & Medium
PanelShipments by Area & RevenuesShipments in square meter Revenues(K m2) 450300377.7 150 310.2 334.5 285.3231.504Q18 1Q19
2Q19 3Q19 4Q19– Small & Medium size refers to panels that are under 10 inches(NT$ bn)20 16 11.6 11.5 12.8 12.012 9.98
4 0 4Q18 1Q19 2Q19 3Q19 4Q19 10© 2019 AU Optronics Corporation – Proprietary and Confidential
www.auo.comir@auo.com© 2019
AU Optronics Corporation – Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIESConsolidated
Condensed Statements of Comprehensive IncomeFor the Three Months Ended December 31, 2019 and 2018 and September 30, 2019(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 Comparison4Q19 4Q18 4Q19 3Q19 USD NTD % NTD YoY% USD NTD % NTD QoQ%Net Sales 2,072 61,968 100.0 77,093 (19.6)
2,072 61,968 100.0 70,053 (11.5) Cost of Goods Sold 2,122 63,467 102.4 73,010 (13.1) 2,122 63,467 102.4 70,325 (9.8)Gross Profit(Loss)
(50) (1,498) (2.4) 4,084 － (50) (1,498) (2.4) (272) 450.6Operating Expenses 168 5,012 8.1 5,537 (9.5) 168 5,012 8.1 5,165
(3.0)Operating Profit(Loss) (218) (6,510) (10.5) (1,454) 347.9 (218) (6,510) (10.5) (5,437) 19.7Net Non-operating Income(Expenses)
(48) (1,432) (2.3) 1,104 － (48) (1,432) (2.3) 720 －Profit(Loss) before Income Tax (266) (7,942) (12.8) (350) 2,170.0
(266) (7,942) (12.8) (4,717) 68.4Income Tax Expense (40) (1,199) (1.9) (76) 1,469.1 (40) (1,199) (1.9) (20) 5,789.4Net Profit(Loss)
(306) (9,142) (14.8) (426) 2,044.3 (306) (9,142) (14.8) (4,737) 93.0Other Comprehensive Income(Loss) (22) (647) (1.0) 407 －
(22) (647) (1.0) (1,503) (57.0)Total Comprehensive Income(Loss) (327) (9,788) (15.8) (19) 50,278.0 (327) (9,788) (15.8) (6,240)
56.9 Net Profit(Loss) Attributable to:Owners of Company (295) (8,828) (14.2) 281 － (295) (8,828) (14.2) (3,987) 121.4 Non-Controlling
Interests (10) (314) (0.5) (707) (55.7) (10) (314) (0.5) (750) (58.2)Net Profit(Loss) (306) (9,142) (14.8) (426) 2,044.3 (306)
(9,142) (14.8) (4,737) 93.0 Total Comprehensive Income(Loss) Attributable to:Owners of Company (314) (9,386) (15.1) 576 －
(314) (9,386) (15.1) (5,068) 85.2 Non-Controlling Interests (13) (403) (0.6) (596) (32.4) (13) (403) (0.6) (1,173) (65.7)Total
Comprehensive Income(Loss) (327) (9,788) (15.8) (19) 50,278.0 (327) (9,788) (15.8) (6,240) 56.9Basic Earnings Per Share (0.031)
(0.92) 0.03 (0.031) (0.92) (0.41) Basic Earnings Per ADS(2) (0.308) (9.22) 0.29 (0.308) (9.22) (4.14) Weighted-Average Shares
Outstanding ('M) 9,571 9,624 9,571 9,623Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange
rate of NTD 29.91 per USD as of December 31, 2019(2) 1 ADS equals 10 common shares© 2019 AU Optronics Corporation –
Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIESConsolidated
Condensed Statements of Comprehensive IncomeFor the Period Ended December 31, 2019 and 2018(Expressed in Millions of New Taiwan
Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)Year over Year ComparisonFY 2019 FY 2018
USD NTD % NTD YoY%Net Sales 8,987 268,792 100.0 307,634 (12.6) Cost of Goods Sold 8,971 268,336 99.8 279,495 (4.0)Gross Profit
15 456 0.2 28,140 (98.4)Operating Expenses 700 20,924 7.8 21,472 (2.6)Operating Profit(Loss) (684) (20,468) (7.6) 6,668 －Net
Non-operating Income(Expenses) 21 623 0.2 4,548 (86.3)Profit(Loss) before Income Tax (663) (19,845) (7.4) 11,216 －Income
Tax Expense (59) (1,755) (0.7) (3,256) (46.1)Net Profit(Loss) (722) (21,599) (8.0) 7,960 －Other Comprehensive Income(Loss)
(47) (1,412) (0.5) (1,384) 2.0Total Comprehensive Income(Loss) (769) (23,011) (8.6) 6,576 － Net Profit(Loss) Attributable
to:Owners of Company (641) (19,185) (7.1) 10,161 － Non-Controlling Interests (81) (2,414) (0.9) (2,201) 9.7Net Profit(Loss)
(722) (21,599) (8.0) 7,960 － Total Comprehensive Income(Loss) Attributable to:Owners of Company (675) (20,192) (7.5) 9,085
－ Non-Controlling Interests (94) (2,819) (1.0) (2,509) 12.3Total Comprehensive Income(Loss) (769) (23,011) (8.6) 6,576
－Basic Earnings Per Share (0.07) (2.00) 1.06 Basic Earnings Per ADS(2) (0.67) (19.99) 10.56 Weighted-Average Shares Outstanding
('M) 9,597 9,624Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 29.91 per
USD as of December 31, 2019(2) 1 ADS equals 10 common shares© 2019 AU Optronics Corporation – Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIESConsolidated
Condensed Balance SheetsDecember 31, 2019 and 2018(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )December
31, 2019 December 31, 2018 YoY ASSETS USD NTD % NTD % NTD % Cash and Cash Equivalents 2,690 80,450 20.2 69,163 16.9 11,286 16.3
Notes & Accounts Receivables 1,073 32,091 8.1 47,415 11.6 (15,324) (32.3) Other Current Financial Assets 128 3,824 1.0 3,169
0.8 654 20.7 Inventories 784 23,460 5.9 26,309 6.4 (2,849) (10.8) Other Current Assets 113 3,375 0.8 3,011 0.7 365 12.1 Total
Current Assets 4,788 143,200 36.0 149,068 36.4 (5,867) (3.9) Long-term Investments 453 13,545 3.4 13,266 3.2 279 2.1 Net Fixed
Assets 6,912 206,735 52.0 221,586 54.1 (14,852) (6.7) Right-of-use Assets 408 12,208 3.1 0 0.0 12,208 － Other Non-Current
Assets 734 21,950 5.5 25,912 6.3 (3,961) (15.3) Total Non-Current Assets 8,507 254,437 64.0 260,764 63.6 (6,327) (2.4) Total Assets
13,294 397,638 100.0 409,832 100.0 (12,194) (3.0) LIABILITIES Short-term Borrowings 58 1,726 0.4 546 0.1 1,179 215.8 Notes &
Accounts Payable 1,715 51,299 12.9 58,649 14.3 (7,350) (12.5) Current Installments of Long-term Borrowings 319 9,535 2.4 29,596
7.2 (20,061) (67.8) Current Financial Liabilities 1 19 0.0 22 0.0 (3) (14.7) Accrued Expense & Other Current Liabilities 723
21,633 5.4 28,893 7.1 (7,261) (25.1) Machinery and Equipment Payable 211 6,317 1.6 11,231 2.7 (4,914) (43.8) Total Current Liabilities
3,027 90,528 22.8 128,938 31.5 (38,410) (29.8) Long-term Borrowings 3,425 102,433 25.8 56,709 13.8 45,724 80.6 Other Non-Current
Liabilities 558 16,700 4.2 6,906 1.7 9,794 141.8 Total Non-Current Liabilities 3,983 119,133 30.0 63,615 15.5 55,518 87.3 Total
Liabilities 7,010 209,661 52.7 192,553 47.0 17,108 8.9 EQUITY Common Stock 3,218 96,242 24.2 96,242 23.5 0 0.0 Capital Surplus
2,040 61,015 15.3 60,622 14.8 393 0.6 Retained Earnings 750 22,433 5.6 46,846 11.4 (24,413) (52.1) Other Equity (67) (2,005) (0.5)
(848) (0.2) (1,158) 136.5 Treasury Stock (34) (1,013) (0.3) 0 0.0 (1,013) － Non-Controlling Interests 378 11,305 2.8 14,416
3.5 (3,111) (21.6) Total Equity 6,285 187,977 47.3 217,279 53.0 (29,302) (13.5) Total Liabilities & Equity 13,294 397,638
100.0 409,832 100.0 (12,194) (3.0)Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate
of NTD 29.91 per USD as of December 31, 2019(2) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months
© 2019 AU Optronics Corporation – Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIESConsolidated
Condensed Cash Flow StatementsFor the Period Ended December 31, 2019 and 2018(Expressed in Millions of New Taiwan Dollars (NTD)
and US Dollars (USD))FY 2019 FY 2018 USD NTD NTD Cash Flow from Operating Activities: Profit(Loss) before Income Taxes (663) (19,845)
11,216 Depreciation & Amortization 1,212 36,258 34,228 Share of Profit of Equity-Accounted Investees (5) (150) (312) Changes
in Working Capital 153 4,569 (2,768) Changes in Others (3) (102) (2,163) Net Cash Provided(Used) by Operating Activities 693 20,731
40,201 Cash Flow from Investing Activities: Acquisitions of Financial Assets Measured at Fair Value (124) (3,715) (5,962) Proceeds
from Disposal of Financial Assets Measured at Fair Value 133 3,971 984 Acquisitions of Equity-Accounted Investees 0 0 (685) Proceeds
from Disposal of Equity-Accounted Investees 30 904 0 Proceeds from Return of Capital by Equity-Accounted Investees 0 0 99 Acquisitions
of Property, Plant and Equipment (988) (29,547) (34,770) Proceeds from Disposal of Property, Plant and Equipment 6 171 6,408 Decrease(Increase)
in Other Financial Assets 2 56 (5) Decrease(Increase) in Intangible Assets (0) (2) 0 Decrease(Increase) in Other Assets 2 50 (170)
Net Cash Increase(Decrease) Resulting from Change in Consolidated Entity 0 0 (397) Net Cash Provided(Used) in Investing Activities
(940) (28,112) (34,498) Cash Flow from Financing Activities: Increase(Decrease) in Short-term Borrowings 40 1,188 (2,818) Increase(Decrease)
in Long-term Borrowings 886 26,501 (24,465) Payment of Lease Liabilities (23) (695) 0 Increase(Decrease) in Guarantee Deposits
(0) (2) (13) Cash Dividends (161) (4,812) (14,436) Payments to Acquire Treasury Shares (34) (1,013) 0 Changes in Non-Controlling
Interests and Others (14) (425) (114) Net Cash Provided(Used) by Financing Activities 693 20,742 (41,847) Effect of Exchange Rate
Changes on Cash and Cash Equivalents (69) (2,074) 286 Net Increase(Decrease) in Cash and Cash Equivalents 377 11,286 (35,857)
Cash and Cash Equivalents at Beginning of Period 2,312 69,163 105,021 Cash and Cash Equivalents at End of Period 2,690 80,450
69,163Note: (1) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 29.91 per USD as of
December 31, 2019