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: July 30, 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
News Release
AU Optronics Reports Second Quarter 2020
Financial Results
Issued
by: AU Optronics Corp.
Issued on: July 30, 2020
Hsinchu, Taiwan, July 30,
2020–
AU Optronics
Corp. ("AUO" or the "Company") (TWSE: 2409) today held its investor conference and announced its consolidated
financial results for the second quarter of 2020(1).
Consolidated
revenues for the second quarter of 2020 were NT$63.50 billion, up by 18.3% quarter-over-quarter. AUO’s net loss attributable
to owners of the Company for the second quarter of 2020 was NT$2.96 billion, with a basic EPS(2) of -NT$0.31.
In the second
quarter of 2020, large-sized panel(3) shipments totaled around 30.71 million units, up by 37.0% quarter-over-quarter.
Shipments of small-and-medium-sized panels in the same quarter were around 29.09 million units, down by 1.5% quarter-over-quarter.
Highlights
of consolidated results for the second quarter of 2020
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|
Ÿ
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Revenues
of NT$63.50 billion
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Ÿ
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Operating
loss of NT$3.40 billion
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Ÿ
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Net
loss attributable to owners of the Company at NT$2.96 billion
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Ÿ
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Basic
EPS(2) was -NT$0.31
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|
Ÿ
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Operating
margin was -5.4%
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|
|
Ÿ
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EBITDA(4)
margin was 8.6%
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|
Ÿ
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Operating
margin of Display Segment was -5.4%
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|
|
Ÿ
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EBITDA(4)
margin of Display Segment was 8.7%
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Looking
back to the second quarter, the previously disrupted panel supply chain has progressively returned to normal. Stay-at-home economy
continued to drive strong demand for related applications, leading to a jump of 18.3% in the Company’s quarterly revenues
comparing to the previous quarter. As result, the extent of losses has further improved from the previous quarter. In terms of
the financial structure of the Company, net debt to equity ratio was 27.2%, which is still maintained at a healthy status.
Looking
into the third quarter, as channel inventory is currently at a healthy level, restocking demand from customers is expected to
continue. However, the impact from COVID-19 and other uncertainties on the economic outlook should still be closely observed.
Meanwhile, the Company will keep focusing on its value transformation and field economy strategy, in the hopes that this approach
will gradually deliver meaningful results in the near future.
(1)
All financial information was prepared by the Company in accordance with Taiwan IFRS.
(2)
Basic EPS in the second quarter of 2020 was calculated based on the weighted average outstanding shares of the reporting quarter
(9,499 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. 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”) (TWSE: 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 27, 2020. 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.
|
Jessie
Lee
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Tel:
+886-3-5008800 ext 3206
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Email :
jessie.jc.lee@auo.com
|
|
Katie Chen
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Tel: +886-3-5008800
ext 3615
|
Email : katie.chen@auo.com
|
Item 2
AU Optronics Corp.
Second Quarter 2020 Results
Investor Conference
Jul. 30, 2020
Safe
Harbor Notice
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|
•
|
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.
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|
|
•
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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.
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•
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Beginning
on January 1, 2013, we have adopted the International Financial Reporting Standards as
issued by the
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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.
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|
•
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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.
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© 2019 AU Optronics Corporation
– Proprietary and Confidential
Statement
of Comprehensive Income
Selected Items from Statement of Comprehensive Income
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Amount : NT$ Million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q20
|
|
|
1Q20
|
|
|
|
QoQ %
|
|
|
2Q19
|
|
|
|
Net Sales
|
63,500
|
100.0%
|
53,690
|
100.0%
|
|
18.3%
|
|
70,065
|
100.0%
|
|
|
Cost of Goods Sold
|
(61,785)
|
(97.3%)
|
(54,045)
|
(100.7%)
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|
14.3%
|
|
(68,082)
|
(97.2%)
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|
|
Gross Profit(Loss)
|
1,715
|
2.7%
|
(355)
|
(0.7%)
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|
|
－
|
|
1,983
|
2.8%
|
|
|
Operating Expenses
|
(5,119)
|
(8.1%)
|
(5,092)
|
(9.5%)
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|
0.5%
|
|
(5,403)
|
(7.7%)
|
|
|
Operating Profit(Loss)
|
(3,404)
|
(5.4%)
|
(5,447)
|
(10.1%)
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|
37.5%
|
|
(3,420)
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(4.9%)
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|
|
Net Non-operating Income(Expenses)
|
408
|
0.6%
|
(208)
|
(0.4%)
|
|
|
－
|
|
1,136
|
1.6%
|
|
|
Profit(Loss) before Tax
|
(2,996)
|
(4.7%)
|
(5,654)
|
(10.5%)
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|
47.0%
|
|
(2,284)
|
(3.3%)
|
|
|
Net Profit(Loss)
|
(3,202)
|
(5.0%)
|
(5,778)
|
(10.8%)
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44.6%
|
|
(2,828)
|
(4.0%)
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|
Net Profit Attributable to Owners of Company
|
(2,961)
|
(4.7%)
|
(4,991)
|
(9.3%)
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|
40.7%
|
|
(2,682)
|
(3.8%)
|
|
|
Basic EPS (NT$)(a )
|
(0.31)
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|
(0.53)
|
|
|
41.5%
|
|
(0.28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit + D&A
|
5,470
|
8.6%
|
3,612
|
6.7%
|
51.4%
|
5,641
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Display Segment Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
61,583
|
100.0%
|
51,361
|
100.0%
|
19.9%
|
66,960
|
100.0%
|
|
|
Operating Profit(Loss)
|
(3,350)
|
(5.4%)
|
(5,388)
|
(10.5%)
|
37.8%
|
(3,206)
|
(4.8%)
|
|
|
Operating Profit + D&A
|
5,378
|
8.7%
|
3,525
|
6.9%
|
52.6%
|
5,598
|
8.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Unit Shipments (mn)(b )
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|
Large Size Panels
|
30.7
|
|
22.4
|
|
37.0%
|
27.2
|
|
|
|
Small & Medium Size Panels
|
29.1
|
|
29.5
|
|
(1.5%)
|
33.0
|
|
|
|
|
a)
|
Basic EPS was calculated based on the weighted average outstanding shares
of the reporting quarter. The weighted average outstanding shares were 9,499m shares, 9,499m shares and 9,624m shares for 20Q2,
20Q1 and 19Q2, respectively.
|
|
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b)
|
Large size refers to panels that are 10 inches and above
|
© 2019 AU Optronics Corporation –
Proprietary and Confidential
Consolidated
Balance Sheet Highlights
|
Amount
: NT$ Million
|
|
|
|
|
|
|
|
|
|
|
|
2Q20
|
|
1Q20
|
|
|
QoQ
%
|
|
|
2Q19
|
|
|
|
Cash and
Cash Equivalents (a )
|
|
|
|
|
|
|
|
|
|
|
|
|
72,155
|
76,789
|
|
(6.0%)
|
|
80,096
|
|
|
|
Inventory
|
26,660
|
27,882
|
|
(4.4%)
|
|
26,614
|
|
|
|
Short Term Debt (b
)
|
15,092
|
12,284
|
|
22.9%
|
|
8,343
|
|
|
|
Long Term Debt
|
105,050
|
109,230
|
|
(3.8%)
|
|
99,717
|
|
|
|
Equity
|
176,304
|
179,520
|
|
(1.8%)
|
|
205,018
|
|
|
|
Total Assets
|
385,417
|
388,242
|
|
(0.7%)
|
|
421,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventory
Turnover (Days)(c)
|
40
|
43
|
|
|
|
36
|
|
|
|
Net
Debt to Equity (d )
|
27.2%
|
24.9%
|
|
|
13.6%
|
|
|
|
|
a)
|
Excluding time deposit with maturity longer than 3 months (NT$0m in 2Q20, 1Q20 and 2Q19)
|
|
|
b)
|
Short term debt refers to all interest bearing debt maturing within one year
|
|
|
c)
|
Calculated by dividing the average inventory into the annualized cost of goods sold during such
period, then multiplying by 365 days
|
|
|
d)
|
Net Debt to Equity = (Short Term Debt + Long Term Debt - Cash and Cash Equivalents) / Equity
|
© 2019 AU Optronics Corporation –
Proprietary and Confidential
Consolidated
Cash Flow Highlights
|
Amount : NT$ Million
|
|
|
|
|
|
|
|
|
2Q20
|
|
1Q20
|
|
|
QoQ
|
|
|
|
|
|
|
|
|
|
|
From Operating Activities
|
552
|
(3,727)
|
|
4,279
|
|
|
Profit(Loss) before
Tax
|
(2,996)
|
(5,654)
|
|
2,658
|
|
|
Depreciation &
Amortization
|
8,874
|
9,059
|
|
(184)
|
|
|
Net Change in Working
Capital
|
(5,157)
|
(6,907)
|
|
1,750
|
|
|
From Investing Activities
|
(3,306)
|
(7,628)
|
|
4,322
|
|
|
Capital Expenditure
|
(3,761)
|
(5,276)
|
|
1,515
|
|
|
From Financing Activities
|
(1,086)
|
7,768
|
|
(8,854)
|
|
|
Net Change in Debt
|
(923)
|
7,940
|
|
(8,863)
|
|
|
Net Change in Cash(a )
|
(4,633)
|
(3,661)
|
|
(972)
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
© 2019 AU Optronics Corporation –
Proprietary and Confidential
Display
Revenue Breakdown by Application
– 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.
6
© 2019 AU Optronics Corporation
– Proprietary and Confidential
Display
Revenue Breakdown by Size
© 2019 AU Optronics Corporation
– Proprietary and Confidential
Consolidated
Shipments & ASP by Area
|
– 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
© 2019 AU Optronics Corporation –
Proprietary and Confidential
www.auo.com
ir@auo.com
© 2019 AU Optronics Corporation –
Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive
Income
For the Three Months Ended June 30, 2020 and 2019 and
March 31, 2020
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q20
|
|
|
|
2Q19
|
|
|
|
|
|
2Q20
|
|
|
|
1Q20
|
|
|
|
|
|
USD
|
|
NTD
|
%
|
|
NTD
|
|
YoY%
|
|
USD
|
|
NTD
|
%
|
|
NTD
|
|
QoQ%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
2,157
|
63,500
|
100.0
|
70,065
|
(9.4)
|
2,157
|
63,500
|
100.0
|
53,690
|
18.3
|
|
|
Cost of Goods Sold
|
2,099
|
61,785
|
97.3
|
68,082
|
(9.2)
|
2,099
|
61,785
|
97.3
|
54,045
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit(Loss)
|
58
|
1,715
|
2.7
|
1,983
|
(13.5)
|
58
|
1,715
|
2.7
|
(355)
|
|
－
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
174
|
5,119
|
8.1
|
5,403
|
(5.3)
|
174
|
5,119
|
8.1
|
5,092
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit(Loss)
|
(116)
|
(3,404)
|
(5.4)
|
(3,420)
|
0.5
|
(116)
|
(3,404)
|
(5.4)
|
(5,447)
|
37.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Non-operating Income(Expenses)
|
14
|
408
|
0.6
|
1,136
|
(64.1)
|
14
|
408
|
0.6
|
(208)
|
|
－
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit(Loss) before Income Tax
|
(102)
|
(2,996)
|
(4.7)
|
(2,284)
|
(31.2)
|
(102)
|
(2,996)
|
(4.7)
|
(5,654)
|
47.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit(Expense)
|
(7)
|
(206)
|
(0.3)
|
(545)
|
62.1
|
(7)
|
(206)
|
(0.3)
|
(124)
|
(66.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit(Loss)
|
(109)
|
(3,202)
|
(5.0)
|
(2,828)
|
(13.2)
|
(109)
|
(3,202)
|
(5.0)
|
(5,778)
|
44.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income(Loss)
|
(1)
|
(21)
|
(0.0)
|
(326)
|
93.6
|
(1)
|
(21)
|
(0.0)
|
(2,695)
|
99.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income(Loss)
|
(109)
|
(3,223)
|
(5.1)
|
(3,154)
|
(2.2)
|
(109)
|
(3,223)
|
(5.1)
|
(8,473)
|
62.0
|
|
|
Net Profit(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
(101)
|
(2,961)
|
(4.7)
|
(2,682)
|
(10.4)
|
(101)
|
(2,961)
|
(4.7)
|
(4,991)
|
40.7
|
|
|
Non-Controlling Interests
|
(8)
|
(241)
|
(0.4)
|
(146)
|
(65.6)
|
(8)
|
(241)
|
(0.4)
|
(787)
|
69.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit(Loss)
|
(109)
|
(3,202)
|
(5.0)
|
(2,828)
|
(13.2)
|
(109)
|
(3,202)
|
(5.0)
|
(5,778)
|
44.6
|
|
|
Total Comprehensive Income(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
(96)
|
(2,832)
|
(4.5)
|
(2,854)
|
0.8
|
(96)
|
(2,832)
|
(4.5)
|
(7,580)
|
62.6
|
|
|
Non-Controlling Interests
|
(13)
|
(391)
|
(0.6)
|
(300)
|
(30.5)
|
(13)
|
(391)
|
(0.6)
|
(893)
|
56.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income(Loss)
|
(109)
|
(3,223)
|
(5.1)
|
(3,154)
|
(2.2)
|
(109)
|
(3,223)
|
(5.1)
|
(8,473)
|
62.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
|
(0.011)
|
(0.31)
|
|
|
(0.28)
|
|
|
(0.011)
|
(0.31)
|
|
|
(0.53)
|
|
|
|
|
Basic Earnings Per ADS(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.106)
|
|
(3.12)
|
|
|
|
(2.79)
|
|
|
(0.106)
|
|
(3.12)
|
|
|
|
(5.25)
|
|
|
|
|
Weighted-Average Shares Outstanding ('M)
|
|
9,499
|
|
|
9,624
|
|
|
|
|
9,499
|
|
|
9,499
|
|
|
|
Note: (1) Amounts in New
Taiwan dollars were translated into US dollars at the exchange rate of NTD 29.44 per USD as of June 30, 2020
(2) 1 ADS equals 10 common shares
© 2019 AU Optronics Corporation –
Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive
Income
For the Period Ended June 30, 2020 and 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1H 2020
|
|
|
|
1H 2019
|
|
|
|
|
|
USD
|
|
NTD
|
%
|
|
NTD
|
|
YoY%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
3,981
|
117,190
|
100.0
|
136,770
|
(14.3)
|
|
|
Cost of Goods Sold
|
3,934
|
115,830
|
98.8
|
134,544
|
(13.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
46
|
1,361
|
1.2
|
2,226
|
(38.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
347
|
10,211
|
8.7
|
10,747
|
(5.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Profit(Loss)
|
(301)
|
(8,851)
|
(7.6)
|
(8,520)
|
(3.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Non-operating Income(Expenses)
|
7
|
200
|
0.2
|
1,334
|
(85.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit(Loss) before Income Tax
|
(294)
|
(8,650)
|
(7.4)
|
(7,186)
|
(20.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit(Expense)
|
(11)
|
(330)
|
(0.3)
|
(535)
|
38.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit(Loss)
|
(305)
|
(8,981)
|
(7.7)
|
(7,721)
|
(16.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income(Loss)
|
(92)
|
(2,716)
|
(2.3)
|
738
|
|
－
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income(Loss)
|
(397)
|
(11,696)
|
(10.0)
|
(6,983)
|
(67.5)
|
|
|
Net Profit(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
(270)
|
(7,953)
|
(6.8)
|
(6,370)
|
(24.8)
|
|
|
Non-Controlling Interests
|
(35)
|
(1,028)
|
(0.9)
|
(1,351)
|
23.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit(Loss)
|
(305)
|
(8,981)
|
(7.7)
|
(7,721)
|
(16.3)
|
|
|
Total Comprehensive Income(Loss) Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of Company
|
(354)
|
(10,412)
|
(8.9)
|
(5,739)
|
(81.4)
|
|
|
Non-Controlling Interests
|
(44)
|
(1,285)
|
(1.1)
|
(1,244)
|
(3.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Comprehensive Income(Loss)
|
(397)
|
(11,696)
|
(10.0)
|
(6,983)
|
(67.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
|
(0.03)
|
(0.84)
|
|
|
(0.66)
|
|
|
|
|
Basic Earnings Per ADS(2)
|
|
|
|
|
|
|
|
|
|
|
|
(0.28)
|
|
(8.37)
|
|
|
|
(6.62)
|
|
|
|
|
Weighted-Average Shares Outstanding ('M)
|
|
9,499
|
|
|
9,624
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (1) Amounts in New Taiwan dollars were translated into
US dollars at the exchange rate of NTD 29.44 per USD as of June 30, 2020
(2) 1 ADS equals 10 common shares
© 2019 AU Optronics Corporation –
Proprietary and Confidential
AU OPTRONICS CORP. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
June 30, 2020 and 2019
(Expressed in Millions of New Taiwan Dollars (NTD)
and US Dollars (USD) )
|
|
|
|
June 30, 2020
|
|
|
June 30, 2019
|
|
YoY
|
|
|
ASSETS
|
USD
|
|
NTD
|
%
|
|
NTD
|
%
|
|
NTD
|
%
|
|
Cash and Cash Equivalents
|
|
2,451
|
72,155
|
18.7
|
80,096
|
19.0
|
(7,940)
|
(9.9)
|
|
Notes & Accounts Receivables
|
1,256
|
36,971
|
9.6
|
39,821
|
9.4
|
(2,851)
|
(7.2)
|
|
Other Current Financial Assets
|
102
|
2,989
|
0.8
|
4,075
|
1.0
|
(1,087)
|
(26.7)
|
|
Inventories
|
906
|
26,660
|
6.9
|
26,614
|
6.3
|
46
|
0.2
|
|
Other Current Assets
|
129
|
|
3,784
|
1.0
|
|
3,978
|
0.9
|
|
(194)
|
(4.9)
|
|
Total Current Assets
|
4,842
|
|
142,559
|
37.0
|
|
154,584
|
36.6
|
|
(12,026)
|
(7.8)
|
|
Long-term Investments
|
494
|
14,546
|
3.8
|
13,295
|
3.2
|
1,252
|
9.4
|
|
Net Fixed Assets
|
6,621
|
194,925
|
50.6
|
217,366
|
51.5
|
(22,441)
|
(10.3)
|
|
Right-of-use Assets
|
396
|
11,648
|
3.0
|
12,727
|
3.0
|
(1,079)
|
(8.5)
|
|
Other Non-Current Assets
|
738
|
|
21,739
|
5.6
|
|
23,820
|
5.6
|
|
(2,081)
|
(8.7)
|
|
Total Non-Current Assets
|
8,249
|
|
242,859
|
63.0
|
|
267,208
|
63.4
|
|
(24,350)
|
(9.1)
|
|
Total Assets
|
13,092
|
385,417
|
100.0
|
421,792
|
100.0
|
(36,375)
|
(8.6)
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Short-term Borrowings
|
|
32
|
940
|
0.2
|
679
|
0.2
|
261
|
38.5
|
|
Notes & Accounts Payable
|
1,637
|
48,184
|
12.5
|
53,983
|
12.8
|
(5,799)
|
(10.7)
|
|
Current Installments of Long-term Borrowings
|
481
|
14,152
|
3.7
|
7,664
|
1.8
|
6,488
|
84.7
|
|
Current Financial Liabilities
|
4
|
107
|
0.0
|
45
|
0.0
|
62
|
138.9
|
|
Accrued Expense & Other Current Liabilities
|
704
|
20,711
|
5.4
|
29,308
|
6.9
|
(8,597)
|
(29.3)
|
|
Machinery and Equipment Payable
|
142
|
|
4,184
|
1.1
|
|
7,659
|
1.8
|
|
(3,475)
|
(45.4)
|
|
Total Current Liabilities
|
2,999
|
|
88,278
|
22.9
|
|
99,338
|
23.6
|
|
(11,060)
|
(11.1)
|
|
Long-term Borrowings
|
3,568
|
105,050
|
27.3
|
99,717
|
23.6
|
5,333
|
5.3
|
|
Other Non-Current Liabilities
|
536
|
|
15,785
|
4.1
|
|
17,721
|
4.2
|
|
(1,936)
|
(10.9)
|
|
Total Non-Current Liabilities
|
4,104
|
|
120,835
|
31.4
|
|
117,437
|
27.8
|
|
3,398
|
2.9
|
|
Total Liabilities
|
7,103
|
209,113
|
54.3
|
216,775
|
51.4
|
(7,662)
|
(3.5)
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
3,269
|
96,242
|
25.0
|
96,242
|
22.8
|
0
|
0.0
|
|
Capital Surplus
|
2,057
|
60,568
|
15.7
|
60,475
|
14.3
|
93
|
0.2
|
|
Retained Earnings
|
508
|
14,951
|
3.9
|
35,664
|
8.5
|
(20,712)
|
(58.1)
|
|
Other Equity
|
(152)
|
(4,465)
|
(1.2)
|
(217)
|
(0.1)
|
(4,248)
|
(1961.8)
|
|
Treasury Shares
|
(34)
|
(1,013)
|
(0.3)
|
0
|
0.0
|
(1,013)
|
－
|
|
Non-Controlling Interests
|
340
|
|
10,020
|
2.6
|
|
12,853
|
3.0
|
|
(2,833)
|
(22.0)
|
|
Total Equity
|
5,989
|
176,304
|
45.7
|
205,018
|
48.6
|
(28,714)
|
(14.0)
|
|
Total Liabilities & Equity
|
13,092
|
|
385,417
|
100.0
|
|
421,792
|
100.0
|
|
(36,375)
|
(8.6)
|
Note: (1) Amounts in New Taiwan dollars were translated
into US dollars at the exchange rate of NTD 29.44 per USD as of June 30, 2020
(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 SUBSIDIARIES
Consolidated Condensed Cash Flow Statements
For the Period Ended June 30, 2020 and 2019
(Expressed in Millions of New Taiwan Dollars (NTD)
and US Dollars (USD))
|
|
1H 2020
|
|
|
1H 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
USD
|
NTD
|
|
NTD
|
|
|
Cash Flow from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit(Loss) before Income Taxes
|
(294)
|
|
|
(8,650)
|
(7,186)
|
|
|
Depreciation & Amortization
|
609
|
|
|
17,933
|
18,211
|
|
|
Share of Profit of Equity-Accounted Investees
|
(3)
|
|
|
(77)
|
(189)
|
|
|
Changes in Working Capital
|
(410)
|
|
|
(12,065)
|
(2,162)
|
|
|
Changes in Others
|
(11)
|
|
|
(315)
|
(1,755)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided(Used) by Operating Activities
|
(108)
|
|
|
(3,175)
|
6,919
|
|
|
Cash Flow from Investing Activities:
|
|
|
|
|
|
|
|
|
Acquisitions of Financial Assets Measured at Fair Value
|
(32)
|
|
|
(942)
|
(2,001)
|
|
|
Disposals of Financial Assets Measured at Fair Value
|
51
|
|
|
1,499
|
1,686
|
|
|
Acquisitions of Equity-Accounted Investees
|
(86)
|
|
|
(2,534)
|
0
|
|
|
Disposals of Equity-Accounted Investees
|
3
|
|
|
84
|
0
|
|
|
Acquisitions of Property, Plant and Equipment
|
(307)
|
|
|
(9,037)
|
(16,125)
|
|
|
Disposals of Property, Plant and Equipment
|
2
|
|
|
70
|
53
|
|
|
Decrease(Increase) in Other Financial Assets
|
1
|
|
|
22
|
57
|
|
|
Decrease(Increase) in Other Assets
|
3
|
|
|
93
|
(26)
|
|
|
Net Cash Outflow Arising from Acquisition of Business
|
(6)
|
|
|
(189)
|
0
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided(Used) in Investing Activities
|
(371)
|
|
|
(10,935)
|
(16,357)
|
|
|
Cash Flow from Financing Activities:
|
|
|
|
|
|
|
|
|
Increase(Decrease) in Short-term Borrowings
|
(26)
|
|
|
(752)
|
130
|
|
|
Increase(Decrease) in Long-term Borrowings
|
264
|
|
|
7,768
|
20,647
|
|
|
Payment of Lease Liabilities
|
(11)
|
|
|
(338)
|
(349)
|
|
|
Increase(Decrease) in Guarantee Deposits
|
0
|
|
|
4
|
20
|
|
|
Changes in Non-Controlling Interests and Others
|
(0)
|
|
|
(0)
|
(292)
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided(Used) by Financing Activities
|
227
|
|
|
6,682
|
20,156
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
(29)
|
|
|
(867)
|
214
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase(Decrease) in Cash and Cash Equivalents
|
(282)
|
|
|
(8,294)
|
10,932
|
|
|
Cash and Cash Equivalents at Beginning of Period
|
2,733
|
|
|
80,450
|
69,163
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at End of Period
|
2,451
|
|
|
72,155
|
|
80,096
|
|
Note: (1) Amounts in New Taiwan dollars were translated into
US dollars at the exchange rate of NTD 29.44 per USD as of June 30, 2020
© 2019 AU Optronics Corporation –
Proprietary and Confidential