FORM
6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For October 27, 2003
Commission File Number 001-31335
AU
Optronics Corp.
(Translation of registrants name into English)
No. 1 Li-Hsin Road 2
Science-Based Industrial Park
Hsinchu, Taiwan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F ___
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants "home country"), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No X
If "Yes" is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-
Not applicable
INDEX TO EXHIBITS
Item | |
1. | Investor Conference Materials entitled, “AU Optronics 2003 3rd Quarter Results”, dated October 27, 2003 |
2. | Press release entitled, “AU OPTRONICS REPORTS UNAUDITED 2003 THIRD QUARTER RESULTS”, dated October 27, 2003 |
3. | Press release entitled, “AU OPTRONICS to raise Its Financial Forecast”, dated October 27, 2003 |
4. | Taiwan Stock Exchange filing entitled, “The Board Resolution to have indirect investment in Mainland China”, dated October 27, 2003 |
5. | Taiwan Stock Exchange filing entitled, “The company's forecast is to be revised again”, dated October 27, 2003 |
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 27, 2003 | By: | /s/ Max Weishun Cheng |
Name: Max
Weishun Cheng Title: Chief Financial Officer |
Item 1
Agenda
|
1
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. Additional information as to these and other factors that may cause actual results to differ materially from AU Optronics’ forward-looking statements can be found in AU Optronics’ annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003. |
|
3Q 2003
Income Statement (Consolidated) |
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Amount: NT$ Million Except Per Share Data | |||||||||||||||
3Q03(a) | 2Q03 | QoQ Change % |
Jan-SepO3(a) | ||||||||||||
|
|
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Net Sales(b) | 28,371 | 100.0% | 23,842 | 100.0% | 19.0% | 70,481 | 100.0% | ||||||||
Cost of Goods Sold | (21,038 | ) | (74.2%) | (19,241 | ) | (80.7%) | 9.3% | (56,657 | ) | (80.4%) | |||||
Gross Profit | 7,333 | 25.8% | 4,601 | 19.3% | 59.4% | 13,824 | 19.6% | ||||||||
Operating Expenses | (2,129 | ) | (7.5%) | (1,618 | ) | (6.8%) | 31.6% | (5,090 | ) | (7.2%) | |||||
Operating Income | 5,204 | 18.3% | 2,983 | 12.5% | 74.5% | 8,734 | 12.4% | ||||||||
Net Non-operating Income (Exp.) | (215 | ) | (0.8%) | (57 | ) | (0.2%) | 277.2% | (640 | ) | (0.9%) | |||||
Income before Tax | 4,989 | 17.6% | 2,926 | 12.3% | 70.5% | 8.094 | 11.5% | ||||||||
Income Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | 0.0% | 0 | 0.0% | ||||||||
Net Income | 4,989 | 17.6% | 2,926 | 12.3% | 70.5% | 8,094 | 11.5% | ||||||||
Basic EPS (NT$)(c) | 1.17 | 0.69 | 1.90 | ||||||||||||
Fully Diluted EPS (NT$)(c) | 1.15 | 0.68 | 1.87 | ||||||||||||
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Op lncome + D & A | 9,361 | 33.0% | 6,811 | 28.6% | 37.4% | 20,224 | 28.7% | ||||||||
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Unit Shipment (Million) | |||||||||||||||
Large Size Panels | 3.1 | 2.8 | 13.2% | 8.2 | |||||||||||
Small & Medium Panels (A/V) | 7.6 | 4.7 | 61.3% | 15.0 | |||||||||||
|
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(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | ||||||||||||||
(b) | Consolidated net sales reflect the cumulative foreign exchange translation adjustment from weighted average exchange rate fluctuations between US$/NT$/RMB during the period | ||||||||||||||
(c) | Total weighted average outstanding shares at 4,269 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 3Q03, while and 4,255 million and 4,337 million were used for 2Q03. | ||||||||||||||
4 |
2
3Q 2003 Balance Sheet Highlights (Consolidated) | |||||||||
Amount: NT$ Million | |||||||||
3Q03(a) | 2Q03(a) | QoQ Change % |
|||||||
Cash & ST Investment | 17,091 | 18,523 | (7.7%) | ||||||
Inventory | 7,994 | 7,162 | 11.6% | ||||||
LT Debt | 19,369 | 22,204 | (12.8%) | ||||||
Equity | 85,009 | 78,812 | 7.9% | ||||||
Total Assets | 137,997 | 131,956 | 4.6% | ||||||
Fixed Assets | 123,637 | 114,172 | |||||||
Accumulated Depreciation | (35,617 | ) | 28.8% | (31,990 | ) | 28.0% | |||
Net Fixed Assets | 88,020 | 82,182 | |||||||
Debt to Equity (Fully Diluted) | 32.1 | % | 38.3 | % | |||||
Net Debt to Equity (Fully Diluted) | 15.5 | % | 18.5 | % | |||||
(a) Unaudited, prepared by AU Optronics Corp. on a consolidated basis | |||||||||
5 |
3Q 2003 Cash Flow Highlights (Consolidated) | ||||||||||
Amount : NT$ Million | ||||||||||
3Q03(a) | 2Q03(a) | QoQ Change |
Jan-Sep O3(a) | |||||||
From Operation | 11,815 | 8,844 | 2,971 | 22,926 | ||||||
Net Profit | 4,989 | 2,926 | 2,063 | 8,094 | ||||||
Depreciation & Amortization | 4,157 | 3,828 | 329 | 11,490 | ||||||
From Investment | (7,897 | ) | (9,114 | ) | 1,217 | (24,747 | ) | |||
Capital Expenditure | (7,484 | ) | (9,683 | ) | 2,199 | (24,077 | ) | |||
From Financing | (5,628 | ) | (1,950 | ) | (3,678 | ) | (9,991 | ) | ||
Repayment of Long Term Debt | (4,199 | ) | (1,847 | ) | (2,352 | ) | (8,945 | ) | ||
Syndication Loan(b) | (10 | ) | 348 | (358 | ) | 338 | ||||
(a) | Unaudited, prepared by AU Optronics Corp. on a consolidated basis | |||||||||
(b) | US$10 mm reduction in syndication loan for 3Q03 reflects the US$/NT$ exchange rate fluctuation from 34.8 in 2Q03 to 33.8 in 3Q03. | |||||||||
6 |
3
4
G5 Expansion Progress |
||||
G5 Phase I (L8A: 1100x1250): Total capacity 50K substrates/month | ||||
6/2003: 20K substrates/month, smooth ODF phase-in | ||||
9/2003: 35K substrates/month | ||||
12/2003 estimated capacity: 50K substrates/month | ||||
G5 Phase II (L8B: 1100x1300): Total capacity 70K substrates/month | ||||
10/2003: First equipment move-in | ||||
1Q 2004: Commercial production | ||||
In-House G5 Color Filter Fab (C1): | ||||
6/2003: First equipment move-in | ||||
10/2003: Commencement of mass production | ||||
12/2003: 30K substrates/month | ||||
9 |
http://www.auo.com |
10 |
5
Appendix: |
11 |
Income
Statement (Unconsolidated) QoQ Comparison |
||||||||||||||
Amount: NT$ Million Except Per Share Data | ||||||||||||||
3Q03 | 2Q03 | QoQ Change % |
Jan-Sep03 | |||||||||||
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|
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Net Sales | 26,335 | 100.0% | 22,076 | 100.0% | 19.3% | 65,527 | 100.0 | % | ||||||
Cost of Goods Sold | (19,205 | ) | (72.9% | ) | (17,587) | ) | (79.7% | ) | 9.2% | (52,284 | ) | (79.8 | %) | |
Gross Profit | 7,130 | 27.1% | 4,489 | 20.3% | 58.8% | 13,243 | 20.2 | % | ||||||
Operating Expenses | (2,003 | ) | (7.6% | ) | (1,539) | (6.9% | ) | 30.1% | (4,769 | ) | (7.3 | %) | ||
Operating Income | 5,127 | 19.5% | 2,950 | 13.4% | 73.8% | 8,474 | 12.9 | % | ||||||
Net Non-operating Income (Exp.) | (138 | ) | (0.6% | ) | (24) | (0.1% | ) | 475.0% | (380 | ) | (0.5 | %) | ||
Income before Tax | 4,989 | 18.9% | 2,926 | 13.3% | 70.5% | 8,094 | 12.4 | % | ||||||
lncome Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | 0.0% | 0 | 0.0 | % | ||||||
Net Income | 4,989 | 18.9% | 2,926 | 13.3% | 70.5% | 8,094 | 12.4 | % | ||||||
Basic EPS (NT$)(a) | 1.17 | 0.69 | 1.90 | |||||||||||
Fully Diluted EPS (NT$)(a) | 1.15 | 0.68 | 1.87 | |||||||||||
Op lncome + D&A | 9,108 | 34.6% | 6,650 | 30.1% | 37.0% | 19,557 | 29.8 | % | ||||||
(a) Total weighted average outstanding shares of 4,269 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 3Q ’03, while and 4,255 million and 4,337 million were used for 2Q’03. |
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12 |
Balance
Sheet & Cash Flow (Unconsolidated) QoQ Comparison |
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Amount : NT$ Million | ||||||
3Q03 | 2Q03 | QoQ Change % |
||||
Cash & Cash Equivalents | 13,714 | 14,926 | (8.1%) | |||
ST Inv./Marketable Securities | 2,843 | 2,634 | 7.9% | |||
LT Debt | 17,956 | 20,757 | (13.5%) | |||
Equity | 85,009 | 78,812 | 7.9% | |||
Total Assets | 133,941 | 128,845 | 4.0% | |||
Debt to Equity (Fully Diluted) | 29.1% | 36.2% | ||||
Net Debt to Equity (Fully Diluted) | 13.0% | 17.5% | ||||
Depreciation & Amortization | 3,981 | 3,700 | 7.6% | |||
Capital Expenditure | 6,463 | 8,709 | (25.8%) | |||
Inventory | 6,956 | 6,354 | 9.5% | |||
13 |
Income
Statement (Unconsolidated) YoY Comparison |
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Amount : NT$ Million Except Per Share Data | |||||||||
3Q03 | 3Q02 | YoY Change % |
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Net Sales | 26,335 | 100.0% | 17,123 | 100.0% | 53.8% | ||||
Cost of Goods Sold | (19,205) | (72.9%) | (14,685) | (85.8%) | 30.8% | ||||
Gross Profit | 7,130 | 27.1% | 2,438 | 14.2% | 192.5% | ||||
Operating Expenses | (2,003) | (7.6%) | (1,024) | (5.9%) | 95.6% | ||||
Operating Income | 5,127 | 19.5% | 1,413 | 8.3% | 262.8% | ||||
Net Non-operating Income (Exp.) | (138) | (0.6%) | (543) | (3.2%) | (74.6%) | ||||
Income before Tax | 4,989 | 18.9% | 870 | 5.1% | 473.4% | ||||
lncome Tax Credit (Exp.) | 0 | 0.0% | 0 | 0.0% | 0.0% | ||||
Net Income | 4,989 | 18.9% | 870 | 5.1% | 473.4% | ||||
Basic EPS (NT$)(a) | 1.17 | 0.13 | 800.0% | ||||||
Fully Diluted EPS (NT$)(a) | 1.15 | 0.17 | 576.5% | ||||||
Op lncome + FD&A | 9,108 | 34.6% | 4,767 | 29.4% | 91.1% | ||||
(a) Total weighted average outstanding shares of 4,269 million and 4,337 million were used in Basic and Fully Diluted EPS calculation for 3Q03, while 3,514 million and 3,826 million were used for 3Q02, respectively. |
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14 |
7
Balance
Sheet & Cash Flow (Unconsolidated) YoY Comparison |
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Amount: NT$ Million | |||||||||
3Q03 | 3Q02 | Change % |
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|
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Cash & Cash Equivalents | 13,714 | 10.2 | % | 26,382 | 20.4% | (48.0%) | |||
ST Inv. & Marketable Securities | 2,843 | 2.1 | % | 3,509 | 2.7% | (19.0%) | |||
LT Debt | 17,956 | 13.4 | % | 27,355 | 21.2% | (34.4%) | |||
Equity | 85,009 | 63.5 | % | 78,441 | 60.7% | 8.4% | |||
Total Assets | 133,941 | 100.0 | % | 129,129 | 100.0% | 3.7% | |||
Debt to Equity (Fully Diluted) | 29.1 | % | 42.6 | % | |||||
Net Debt to Equity (Fully Diluted) | 13.0 | % | 9.7 | % | |||||
Depreciation & Amortization | 3,981 | 3,354 | 18.7% | ||||||
Capital Expenditure | 6,463 | 3,040 | 112.6% | ||||||
Inventory | 6,956 | 8,704 | (20.1%) | ||||||
15 |
http://www.auo.com |
16 |
8
AU OPTRONICS CORP. UNCONSOLIDATED BALANCE SHEET As of September 30, 2003 and 2002 (Figures in Millions of New Taiwan dollars (NTD) and U.S. dollars (USD)) |
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As of September 30, 2003 | As of September 30, 2002 | YoY | ||||||||||||
ASSETS | USD | NTD | % | NTD | % | Change | % | |||||||
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Cash and Cash Equivalents | 406 | 13,714 | 10.2 | 26,382 | 20.4 | (12,668 | ) | (48.0 | ) | |||||
Short-term Investment | 84 | 2,843 | 2.1 | 3,509 | 2.7 | (666 | ) | (19.0 | ) | |||||
Notes & Accounts Receivables | 477 | 16,105 | 12.0 | 13,034 | 10.1 | 3,071 | 23.6 | |||||||
Other Current Financial Assets | 22 | 738 | 0.6 | 176 | 0.1 | 562 | 319.3 | |||||||
Inventories | 206 | 6,956 | 5.2 | 8,704 | 6.8 | (1,748 | ) | (20.1 | ) | |||||
Other Current Assets | 54 | 1,801 | 1.4 | 1,040 | 0.8 | 761 | 73.2 | |||||||
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Total Current Assets | 1,249 | 42,157 | 31.5 | 52,845 | 40.9 | (10,688 | ) | (20.2 | ) | |||||
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Long-term Investments | 50 | 1,699 | 1.3 | 1,622 | 1.3 | 77 | 4.7 | |||||||
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Fixed Assets | 3,503 | 118,211 | 88.3 | 88,751 | 68.7 | 29,460 | 33.2 | |||||||
Less Accumulated Depreciation | (1,040 | ) | (35,094) | (26.2 | ) | (22,749 | ) | (17.6 | ) | (12,345 | ) | 54.3 | ||
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Net Fixed Assets | 2,463 | 83,117 | 62.1 | 66,002 | 51.1 | 17,115 | 25.9 | |||||||
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Other Assets | 207 | 6,968 | 5.1 | 8,660 | 6.7 | (1,692 | ) | (19.5 | ) | |||||
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Total Assets | 3,969 | 133,941 | 100.0 | 129,129 | 100.0 | 4,812 | 3.7 | |||||||
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LIABILITIES | ||||||||||||||
Accounts Payable | 639 | 21,571 | 16.1 | 12,750 | 9.9 | 8,821 | 69.2 | |||||||
Current Installments of Long-term Liabilities | 204 | 6,892 | 5.1 | 8,392 | 6.5 | (1,500 | ) | (17.9 | ) | |||||
Other Current Liabilities | 71 | 2,390 | 1.8 | 2,106 | 1.6 | 284 | 13.5 | |||||||
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Total Current Liabilities | 914 | 30,853 | 23.0 | 23,248 | 18.0 | 7,605 | 32.7 | |||||||
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Long-term Borrowings | 522 | 17,632 | 13.2 | 23,190 | 18.0 | (5,558 | ) | (24.0 | ) | |||||
Long-term Commercial Paper | 0 | 0 | 0.0 | 1,284 | 1.0 | (1,284 | ) | (100.0 | ) | |||||
Bonds and Convertible Bonds Payable | 10 | 324 | 0.2 | 2,881 | 2.2 | (2,557 | ) | (88.8 | ) | |||||
Other Long-term Liabilities | 4 | 123 | 0.1 | 85 | 0.1 | 38 | 44.7 | |||||||
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Total Liabilities | 1,450 | 48.932 | 36.5 | 50,688 | 39.3 | (1,756 | ) | (3.5 | ) | |||||
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SHAREHOLDERS EOUITY | ||||||||||||||
Common Stock | 1,288 | 43,474 | 32.5 | 40,022 | 31.0 | 3,452 | 8.6 | |||||||
Capital Surplus | 953 | 32,170 | 24.0 | 31,582 | 24.5 | 588 | 1.9 | |||||||
Retained Earnings | 285 | 9,615 | 7.2 | 6,800 | 5.2 | 2,815 | 41.4 | |||||||
Cumulative Translation Adjustment | 0 | 1 | 0.0 | 37 | 0.0 | (36 | ) | (97.3 | ) | |||||
Treasury Stock | (7 | ) | (251 | ) | (0.2 | ) | 0 | 0.0 | (251 | ) | na. | |||
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Total Stockholders Equity | 2,519 | 85,009 | 63.5 | 78,441 | 60.7 | 6,568 | 8.4 | |||||||
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Total Liabilities & Stockholders Equity | 3,969 | 133,941 | 100.0 | 129,129 | 100.0 | 4,812 | 3.7 | |||||||
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Note: New Taiwan dollars amounts have been translated into U.S. dollars at the rate of NT$ 33.75 per U.S. dollar at the end of September, 2003
AU OPTRONICS CORP.
UNCONSOLIDATED INCOME STATEMENT
For the Three Months Ended September 30, 2003 and
2002 and June 30, 2003
(Expressed in Millions New Taiwan Dollars (NTD) and U.S. Dollars (USD)
Except for Per Share Data and Shares Outstanding)
Year over Year Comparison | Sequential Comparison | ||||||||||||||||||||
Jan-Sep2003 | % of | Jan-Sep2002 | YoY | 3Q2003 | % of | 2Q 2003 | QoQ | ||||||||||||||
USD | NTD | Sales | NTD | Chg % | USD | NTD | Sales | NTD | Chg % | ||||||||||||
Net Sales | 1,898 | 65,527 | 100.0 | 59,543 | 10.0 | 763 | 26,335 | 100.0 | 22,076 | 19.3 | |||||||||||
Cost of Goods Sold | 1,515 | 52,284 | 79.8 | 47,854 | 9.3 | 556 | 19,205 | 72.9 | 17,587 | 9.2 | |||||||||||
|
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Gross Profit (Loss) | 383 | 13,243 | 20.2 | 11,689 | 13.3 | 207 | 7,130 | 27,1 | 4,489 | 58.8 | |||||||||||
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Operating Expenses | |||||||||||||||||||||
Selling | 27 | 947 | 1.4 | 394 | 140.4 | 17 | 576 | 2.2 | 219 | 163.0 | |||||||||||
Administrative | 48 | 1,640 | 2.5 | 1,008 | 62.7 | 17 | 580 | 2.2 | 582 | (0.3 | ) | ||||||||||
Research and Development | 63 | 2,182 | 3.3 | 1,630 | 339 | 24 | 847 | 3.2 | 738 | 14.8 | |||||||||||
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Total Operating Expenses | 138 | 4,769 | 7.3 | 3,032 | 57.3 | 58 | 2,003 | 7.6 | 1,539 | 30.1 | |||||||||||
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Total Operating Income (Loss) | 245 | 8,474 | 12.9 | 8,657 | (2.1 | ) | 149 | 5,127 | 19.5 | 2,950 | 73.8 | ||||||||||
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Net Non-Operating Income (Expenses) | (11 | ) | (380 | ) | (0.6 | ) | (1,857 | ) | (79.5 | ) | (4 | ) | (138 | ) | (0.6 | ) | (24 | ) | 475.0 | ||
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Income (Loss) before Income Tax | 234 | 8,094 | 12.4 | 6,800 | 19.0 | 145 | 4,989 | 18.9 | 2,926 | 70.5 | |||||||||||
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Income Tax (Expense) Benefit | 0 | 0 | 0.0 | 0 | n.a | 0 | 0 | 0.0 | 0 | - | |||||||||||
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Net Income (Loss) | 234 | 8,094 | 12.4 | 6,800 | 19.0 | 145 | 4,989 | 18.9 | 2,926 | 70.5 | |||||||||||
Basic Earnings (Loss) Per Share | 0.0549 | 1.90 | 1.94 | 0.0339 | 1.17 | 0.69 | |||||||||||||||
Basic Earnings (Loss) Per ADS | 0.5492 | 18.96 | 19,35 | 0.3386 | 11.69 | 6.88 | |||||||||||||||
Weighted Average Number of Shares Outstanding (M) | 4,269 | 3,514 | 4,269 | 4,255 | |||||||||||||||||
Note: | (1) | New Taiwan dollars amounts have been translated into U.S. dollars at the weighted average rate of NT$34.521 per U.S. dollar for the average rate of 2003 year to date. |
(2) | 1 ADR equals 10 ordinary shares |
AU OPTRONICS CORP.
UNCONSOLIDATED STATEMENT OF CASH FLOWS
For the 9 Months Ended September 30, 2003
and 2002
(Figures in Million of New Taiwan dollars (NTD)
and U.S.. dollars (USD))
2003 | 2002 | |||||
USD | NTD | NTD | ||||
Cash Flows from Operating Activities: | ||||||
Net Income | 234 | 8,094 | 6,800 | |||
Depreciation & Amortization | 321 | 11,083 | 9,382 | |||
Provision (Reversal) for Inventory Devaluation | 2 | 69 | 179 | |||
S.T & L.T Investment Loss recovery profit | (2 | ) | (84 | ) | 1,047 | |
Changes in Working Capital & Others | 42 | 1,447 | (1,754 | ) | ||
|
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Net Cash Provided by (Used in) Operating Activities | 597 | 20,609 | 15,654 | |||
Cash Flows from Investing Activities: | ||||||
Decrease (Increase) in Short-term Investments | 10 | 349 | 869 | |||
Acquisition of Property, Plant and Equipment | (621 | ) | (21,441 | ) | (10,082 | ) |
Proceeds from Disposal of Property, Plant and Equipment | 14 | 476 | 82 | |||
Increase in Long-term Equity Investments | (15 | ) | (526 | ) | (1,734 | ) |
Decrease (Increase) in Restricted Cash in Bank | 1 | 23 | 93 | |||
Increase in Intangible Assets | (24 | ) | (812 | ) | (963 | ) |
Decrease (Increase) in Other Assets | 1 | 44 | (2 | ) | ||
|
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Net Cash Used in Investing Activities | (634 | ) | (21,887 | ) | (11,737 | ) |
Cash Flows from Financing Activities: | ||||||
Decrease in Short-term Borrowings | 0 | 0 | (2,586 | ) | ||
Decrease in Guarantee Deposits | (1 | ) | (22 | ) | 0 | |
Increase (Decrease) in Long-term Borrowings | (249 | ) | (8,608 | ) | (557 | ) |
Issuance of Common Stock for Cash | 0 | 0 | 19,170 | |||
Directors and Supervisors Remuneration | (2 | ) | (54 | ) | 0 | |
Cash Dividends | (58 | ) | (2,007 | ) | 0 | |
Increase in Treasury Stock | (2 | ) | (68 | ) | 0 | |
|
||||||
Net Cash Provided by Financing Activities | (312 | ) | (10,759 | ) | 16,027 | |
Effect of Exchange Rate Change on Cash | 3 | 92 | (5 | ) | ||
|
||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (346 | ) | (11,945 | ) | 19,939 | |
|
||||||
Cash and Cash Equivalents at Beginning of Period | 743 | 25,659 | 6,443 | |||
Cash and Cash Equivalents at End of Period | 397 | 13,714 | 26,382 | |||
|
||||||
Note: New Taiwan dollars amounts have been translated into U.S. dollars at the rate of NT$ 34.521 per U.S. dollar at the end of September, 2003
Item 2.
News Release |
AU OPTRONICS REPORTS UNAUDITED 2003 THIRD QUARTER RESULTS
Both Consolidated Revenues of NT$28,371 Million and Pre-Tax Income of NT$4,989 Million Achieved Record High Results
FOR MORE INFORMATION
Yawen Hsiao
Corporate Communications Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2, Science-Based
Industrial Park,
Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5632939 ext 3211
Fax: +886-3-5637608
Email: yawenhsiao@auo.com
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO), the worlds third largest manufacturer of large-size TFT-LCD panels, today announced its unaudited consolidated results of operations for the nine months ended September 30, 2003. All financial information was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (ROC GAAP) on a consolidated basis. There are many differences between ROC GAAP and U.S. GAAP, some of which are described in the notes to the financial statements contained in the Companys annual report on Form 20-F filed with the United States Securities and Exchange Commission on June 30, 2003. The unaudited consolidated financial information mentioned herein is not necessarily indicative of our future financial results. |
Hsin Chu, Taiwan, October 27, 2003
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO) today held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results for the nine months ended September 30, 2003. Both consolidated net sales and pre-tax income for 3Q 2003 set the record high quarterly performance for a single quarter. Consolidated net sales reached NT$28,371 million in the third quarter of 2003, with net income amounted to NT$4,989 million and fully diluted EPS of NT$1.15. Unconsolidated revenues for the third quarter 2003 were NT$26,335 million.
For the first nine months ended September 30, 2003, unaudited consolidated net sales totaled NT$70,481 million, net income NT$8,094 million and fully dilated EPS NT$1.87. All figures are unaudited and are prepared by the Company in accordance with generally accepted accounting principles in Taiwan (ROC GAAP).
AUO strives to become the worlds top TFT LCD player with leading operational efficiency. Through our concerted effort on technology development, costs control,
1 of 2
News Release |
product mix and capacity allocation optimization, and customer portfolio enhancement, we have further solidified our leadership in Taiwan while significantly strengthening our global competitiveness. Not only was AUO able to outperform our peers in Taiwan by a wide margin for 1H03 under a slow business environment, we continue to post solid growth during an industry recovery, as evidenced by the Companys strong 3Q03 results. AUOs consolidated gross margin improved significantly from 19.3% in 2Q03 to 25.8% in 3Q03, net margin rose from 12.3% to 17.6%, and operating income posted a strong 74.5% sequential growth to reach NT$5,204 million. Said HB Chen, President and COO of AU Optronics.
Dr. Hui Hsiung, EVP and head of AUO Business Unit, further elaborated, With overall demand for TFT-LCDs continuing to grow in 3Q03 and ASPs remaining stable, unit shipment for AUOs large size panels increased 13.2% QoQ to over 3.1 million in 3Q03, and unit shipment for small and medium size panels also posted a remarkable 61.3% sequential growth to over 7.6 million. The healthy shipment growth is mainly attributed to new capacity from AUOs Phase I Gen 5 fab (L8A, 1,100x1,250mm) currently in the ramp-up process. Monthly input capacity of Fab L8A has increased to 35,000 substrates in September and is expected to reach full capacity of 50,000 substrates by the end of 2003. Phase II of our Gen 5 fab (L8B, 1,100x1,300mm) will start mass production by end of 1Q04, and is scheduled to reach full capacity of 70,000 substrates per month by end of 3Q04. AUOs combined Gen 5 input capacity is expected to reach 120,000 substrates per month by then. In addition, AUOs in-house Gen 5 color filter fab (C1, 1,100x1,300mm) has commenced volume production in October, and is scheduled to reach monthly 30,000 substrates capacity by end of this year.
Forward-Looking Statements
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 flat panel display industry, the TFT-LCD market, acceptance 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 June 30, 2003.
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Item 3.
News Release |
AU OPTRONICS TO RAISE ITS FY2003 FINANCIAL FORECAST
FOR MORE INFORMATION
Yawen Hsiao
Corporate Communications
Dept.
AU Optronics Corp.
No.1, Li-Hsin Road 2,
Science-Based Industrial Park,
Hsinchu City, 300, Taiwan, R.O.C.
Tel: +886-3-5632939 ext
3211
Fax: +886-3-5637608
Email: yawenhsiao@auo.com
Hsin Chu, Taiwan, October 27, 2003
AU Optronics Corp. (AUO or the Company) (TAIEX: 2409; NYSE: AUO) today announced that due to strong financial results for the first nine months of 2003, the Company now expects to post 2003 net income that exceeds by more than 20% over the 2003 financial forecast filed in August 2003 in accordance with local regulatory requirements. Therefore, the 2003 financial forecast AUO filed in August 2003 is no longer deemed adequate.
AUO held a meeting of the Board of Directors and Supervisors, at which the Board approved its unaudited financial results for the nine months ended September 30, 2003. With industry outlook remains healthy for the fourth quarter of 2003 and better than expected 3Q03 results, AUO is likely to post net profit in 2003 that would exceed by more than 20% over the forecast filed in August 2003. In compliance with ROC government regulations, AUO is raising its financial forecast for fiscal year 2003 accordingly.
Based on the updated forecast, which is under auditors review, AUOs consolidated and unconsolidated net sales for the year are estimated to be approximately NT$102,800
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News Release |
million and NT$94,100 million, respectively, while updated income before tax and net income are both estimated to be around NT$14,100 million. The updated financial forecast for 2003 is being reviewed by the Companys auditors, and will be formally announced within 10 days.
Forward-Looking Statements
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 flat panel display industry, the TFT-LCD market, acceptance 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 June 30, 2003.
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Item 4.
AU
Optronics Corp.
October
27, 2003
English Language Summary
Subject: The Board Resolution to have indirect investment in Mainland China.
Regulation: | Published pursuant to Article 2-20 of the Taiwan Stock Exchange's Operating Procedures for the Publication of Material Information by Listed Companies |
Date of events: 2003/10/27
Content:
1. | Date of occurrence of the event:2003/10/27 |
2. | Method of the present increase (decrease) in investment: Indirect investment through an offshore entity. |
3. | Transaction volume, price per unit, and total monetary amount of the transaction: Total amount of US$ 100 million |
4. | Company name of the invested mainland Chinese company: AU Optronics (Suzhou) Corp. |
5. | Paid-in capital of said invested mainland Chinese company:US$ 70 million |
6. | Amount of new capital increment currently planned by said invested mainland Chinese company: US$ 100 million |
7. | Main business items of said invested mainland Chinese company: TFT-LCD module production and assembly |
8. | Type of CPA opinion issued for the financial statement of said invested mainland Chinese company for the most recent fiscal year: Unqualified opinion |
9. | Net
worth of said invested mainland Chinese company on the financial statement
for the most recent fiscal year: RMB 183,819 thousand |
10. | Amount of profit/loss of said invested mainland Chinese company on the financial |
statement for the most recent fiscal year: Net loss of RMB 229,190 thousand | |
11. | Amount of actual investment to date in said invested mainland Chinese company: US$70 million |
12. | Counterparty to the transaction and its relationship to the Company: AU Optronics Corp. Parent company. |
13. | Where the counterparty to the transaction is an actual related party, public announcement shall also be made of the reason for choosing the related party as the counterparty and the identity of the previous owner (including its relationship with the company and the trading counterpart), the date of transfer, and the price: N/A |
14. | Where a person who owned the subject matter of the transaction within the past five years has been an actual related party of the company, public announcement shall also be made of the dates and prices of acquisition and disposal by the related party and such party's relationship to the company at those times: N/A |
15. | Gain (or loss) on disposal: N/A |
16. | Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important stipulations: N/A |
17. | The manner of deciding on this transaction, the reference basis for the decision on price and the decision-making department: N/A |
18. | Broker: N/A |
19. | Concrete purpose of the acquisition or disposal: Long term investment |
20. | Do the directors have any objection to the present transaction?: No |
21. | Total amount of mainland China area investment (including the present investment) approved by the Investment Commission to date: US$ 70 million. In addition, the investment amount proposed by the Board this time is US 100 million, pending the approval of Investment Commission. |
22. | Ratio of the total amount of investment (including the present investment) in the mainland China area approved by the Investment Commission to date to the paid-in capital on the financial statement for the most recent period: 13.47% |
23. | Ratio of the total amount of investment (including the present investment) in the mainland China area approved by the Investment Commission to date to the total assets on the financial statement for the most recent period: 4.29% |
24. | Ratio of the total amount of investment (including the present investment) in the mainland China area approved by the Investment Commission to date to the shareholders equity on the financial statement for the most recent period: 6.77% |
25. | Total amount of actual investment in the mainland China area to date: US$ 70 million |
26. | Ratio of the total amount of actual investment in the mainland China area to date to paid-in capital on the financial statement for the most recent period: 5.55% |
27. | Ratio of the total amount of actual investment in the mainland China area to date to total assets on the financial statement for the most recent period: 1.77% |
28. | Ratio of the total amount of actual investment in the mainland China area to date to shareholders equity on the financial statement for the most recent period: 2.79% |
29. | Amount
of recognized profits and losses on investment in the mainland China area
for the
most recent three fiscal years: Recognized profits/(losses): 2002: (US$24,906) thousand 2001: US$ 0 2000: US$ 0 |
30. | Amount of profit remitted back to Taiwan for the most recent three fiscal years: 0 |
31. | Has the CPA issued an opinion on the unreasonableness of the price of the current transaction?: No |
32. | Any other matters that need to be specified: N/A |
Item 5.
AU
Optronics Corp.
October
27, 2003
English Language Summary
Subject: The company's forecast is to be revised again.
Regulation: | Published pursuant to Article 2-13 of the Taiwan Stock Exchange's Operating Procedures for the Publication of Material Information by Listed Companies Date of events: 2003/10/27 Content: |
1. | Fiscal year of the financial forecast:2003 |
2. | Date of inapplicability of the original financial forecast:2003/10/27 |
3. | Reason for preparation of the financial forecast:1. Cumulative changes in number of board directors reached one-third or more during the same term of the Board; 2. Within 3 years after the year of IPO; 3. Rights issue in 2002 |
4. |
Name of the reviewing CPA:Alfred S. H. Wei and Alfred Chen of KPMG Certified Public Accountants |
5. | Monetary amounts of major accounting items of the balance sheet and income statement: |
Unit: NTD billion | First Revision | Second Revision | ||
Net Sales | 90.5 | 94.1 | ||
Gross Profit | 17.5 | 21.5 | ||
Operating Income | 11.5 | 14.7 | ||
Income before Income Tax | 10.5 | 14.1 |
6. | Reason
for inapplicability of the financial forecast and monetary amount affected: ASP movement and shipment growth differed from the assumptions under |
first-revision financial forecast. | |
7. | Any other matters that need to be specified: N/A |