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AUO Interim / Quarterly Report 2016

Jul 27, 2016

52062_rns_2016-07-27_dda8b308-f388-47e5-8995-fe82c081bd86.pdf

Interim / Quarterly Report

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AU Optronics Corp. Second Quarter 2016 Results Investor Conference 友達光電 2016 年第二季法人說明會

Jul. 27, 2016

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.

  • 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.

2

© 2015 AU Optronics Corporation – Proprietary and Confidential

Statement of Comprehensive Income

Selected Items from Statement of Comprehensive Income

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Amount : NT$ Million

Amount : NT$ Million
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Operating Profit (Loss)
Net Non-operating Expenses
Profit (Loss) before Tax
Net Profit (Loss)
Attributable to:
Owners of Company
Non-controlling Interests
Net Profit (Loss)
Basic EPS (NT$)(a)
 80,091
100.0%
(74,527)
(93.1%)
5,564
6.9%
(5,449)
(6.8%)
116
0.1%
(356)
(0.4%)
(240)
(0.3%)
(804)
(1.0%)
(572)
(0.7%)
(231)
(0.3%)
(804)
(1.0%)
(0.06)
2Q16		 71,135
100.0%
(70,746)
(99.5%)
390
0.5%
(5,486)
(7.7%)
(5,097)
(7.2%)
(188)
(0.3%)
(5,285)
(7.4%)
(5,580)
(7.8%)
(5,477)
(7.7%)
(103)
(0.1%)
(5,580)
(7.8%)
(0.57)
1Q16		 QoQ %
12.6%
5.3%
1328.5%
(0.7%)
－
89.2%
(95.5%)
(85.6%)
(89.5%)
124.2%
(85.6%)
(89.5%)
Operating Profit + D&A 9,978
12.5%		 4,814
6.8%		 107.3%
18,686
20.2%
Display Segment Information:
Net Sales
Operating Profit (Loss)
Operating Profit + D&A		 73,956
100.0%
(224)
(0.3%)
9,173
12.4%		 63,583
100.0%
(5,245)
(8.2%)
4,201
6.6%		 16.3%
86,062
100.0%
(95.7%)
6,856
8.0%
118.3%
18,484
21.5%
Unit Shipments (mn)(b)
Large Size Panels
Small & Medium Size Panels		 28.5
42.5		 24.4
37.8		 16.5%
24.9
12.6%
48.0

Unaudited, prepared by AUO based on Taiwan IFRS

  • a) Basic EPS in both 2Q16 and 1Q16 were calculated based on the weighted average outstanding shares of the first half of 2016 (9,624m shares); Basic EPS in 2Q15 was calculated based on the weighted average outstanding shares of 2015 (9,624m shares).

  • b) Large size refers to panels that are 10 inches and above

3

© 2015 AU Optronics Corporation – Proprietary and Confidential

Consolidated Balance Sheet Highlights

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Amount : NT$ Million

Amount : NT$ Million
Cash & ST Investment(a)
Inventory
Short Term Debt(b)
Long Term Debt
Equity
Total Assets		 2Q16
72,954
27,754
22,669
94,670
191,310
417,385		 1Q16
73,656
31,177
37,892
70,422
197,358
407,488		 QoQ %
(1.0%)
(11.0%)
(40.2%)
34.4%
(3.1%)
2.4%
Inventory Turnover (Days)(c)
Net Debt to Equity(d)		 36
23.2%		 41
17.6%		 43
19.9%

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • a) Excluding time deposit with maturity longer than 3 months (NT$0m in 2Q16 , NT$1,166m in 1Q16 , and NT$8,110m in 2Q15 ) 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

4

© 2015 AU Optronics Corporation – Proprietary and Confidential

Consolidated Cash Flow Highlights

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Amount : NT$ Million

From Operating Activities
Loss before Tax
Depreciation & Amortization
Net Change in Working Capital
From Investing Activities
Capital Expenditure
From Financing Activities
Net Change in Debt
Net Change in Cash(a)		 2Q16
7,594
(240)
9,862
(638)
(15,812)
(15,970)
7,827
8,857
(701)		 1Q16
7,230
(5,285)
9,911
2,845
(10,638)
(10,385)
(1,392)
(774)
(5,225)		 QoQ
364
5,045
(49)
(3,483)
(5,174)
(5,586)
9,219
9,631
4,524

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • 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

5

© 2015 AU Optronics Corporation – Proprietary and Confidential

Display Revenue Breakdown by Application

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==> picture [632 x 350] intentionally omitted <==

----- Start of picture text -----

100%
80%
44%
46%
48% 49% 49%
TV
Monitor
60%
Mobile PC
16%
14% Mobile Device
14% 14% 14%
40%
Commercial
and Others
17% 17%
14% 14%
17%
20% 6% 5% 4%
9%
6%
17% 18% 19%
15% 14%
0%
2Q15 3Q15 4Q15 1Q16 2Q16
----- End of picture text -----

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • 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.

6

© 2015 AU Optronics Corporation – Proprietary and Confidential

Display Revenue Breakdown by Size

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==> picture [634 x 391] intentionally omitted <==

----- Start of picture text -----

100%
28%
30% 30% 30% 30%
80%
13%
14% 14% 15% 13% >=50"
60%
39"<=size<50"
16%
15%
16% 15%
15%
20"<=size<39"
40%
10"<=size<20"
26%
22% 24% 26%
25%
size<10"
20%
18% 17% 15% 17% 16%
0%
2Q15 3Q15 4Q15 1Q16 2Q16
–
Unaudited, prepared by AUO based on Taiwan IFRS
----- End of picture text -----

7

© 2015 AU Optronics Corporation – Proprietary and Confidential

Consolidated Shipments & ASP by Area

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----- Start of picture text -----

Shipments in square meter ASP per square meter
(K m [2] )
(US$)
7,000
600
$484
500
$442
$385
3,500 400
6,492
$349
5,620 5,717 5,874 $340
5,343
300
0 200
2Q15 3Q15 4Q15 1Q16 2Q16 2Q15 3Q15 4Q15 1Q16 2Q16
----- End of picture text -----

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • 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

8

© 2015 AU Optronics Corporation – Proprietary and Confidential

Consolidated Small & Medium Panel Shipments by Area & Revenues

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==> picture [700 x 282] intentionally omitted <==

----- Start of picture text -----

Shipments in square meter Revenues
(K m [2] ) (NT$ bn)
400
20.0
15.3
300 16.0
13.6
10.8 11.6
12.0 10.6
200
354.3 365.0 352.0
302.0 8.0
256.8
100
4.0
0 0.0
2Q15 3Q15 4Q15 1Q16 2Q16 2Q15 3Q15 4Q15 1Q16 2Q16
----- End of picture text -----

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • Small & Medium size refers to panels that are under 10 inches

9

© 2015 AU Optronics Corporation – Proprietary and Confidential

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www.auo.com [email protected]

11

© 2015 AU Optronics Corporation – Proprietary and Confidential

AU OPTRONICS CORP.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

For the Three Months Ended June 30, 2016 and 2015 and March 31, 2016

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) except for per share amounts and shares outstanding)

B B
C		 B
C		 B
C
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Operating Profit (Loss)
Net Non-Operating Income (Expense)
Profit (Loss) before Income Tax
Income Tax Expense
Net Profit (Loss)
Other Comprehensive Income (Loss)
Total Comprehensive Income (Loss)
Net Profit (Loss) Attributable to:
Owners of Company
Non-controlling Interests
Net Profit (Loss)
Total Comprehensive Income Attributable to:
Owners of Company
Non-controlling Interests
Total Comprehensive Income (Loss)
Basic Earnings Per Share
Basic Earnings Per ADS(3)
Weighted-Average Shares Outstanding ('M)		 Year over Year Comparison YoY%
(13.2)
(7.4)
(53.1)
(1.1)
(98.2)
(10.9)
－
(62.8)
－
32.1
－
－
259.2
－
－
246.2
－		 Sequential Comparison
USD
2,486
2,313
173
169
4
(11)
(7)
(17)
(25)
(46)
(71)
(18)
(7)
(25)
(44)
(27)
(71)
(0.00)
(0.02)		 NTD
80,091
74,527
5,564
5,449
116
(356)
(240)
(563)
(804)
(1,489)
(2,293)
(572)
(231)
(804)
(1,421)
(872)
(2,293)
(0.06)
(0.59)
9,624
2Q 2016		 %
100.0
93.1
6.9
6.8
0.1
(0.4)
(0.3)
(0.7)
(1.0)
(1.9)
(2.9)
(0.7)
(0.3)
(1.0)
(1.8)
(1.1)
(2.9)		 2Q 2015
NTD
92,303
80,451
11,853
5,507
6,346
(400)
5,947
(1,516)
4,431
(1,128)
3,303
4,495
(64)
4,431
3,555
(252)
3,303
0.47
4.67
9,624		 USD
2,486
2,313
173
169
4
(11)
(7)
(17)
(25)
(46)
(71)
(18)
(7)
(25)
(44)
(27)
(71)
(0.00)
(0.02)		 NTD
80,091
74,527
5,564
5,449
116
(356)
(240)
(563)
(804)
(1,489)
(2,293)
(572)
(231)
(804)
(1,421)
(872)
(2,293)
(0.06)
(0.59)
9,624
2Q 2016		 %
100.0
93.1
6.9
6.8
0.1
(0.4)
(0.3)
(0.7)
(1.0)
(1.9)
(2.9)
(0.7)
(0.3)
(1.0)
(1.8)
(1.1)
(2.9)		 1Q 2016
NTD
71,135
70,746
390
5,486
(5,097)
(188)
(5,285)
(295)
(5,580)
(1,554)
(7,134)
(5,477)
(103)
(5,580)
(6,600)
(535)
(7,134)
(0.57)
(5.69)
9,624		 QoQ%
12.6
5.3
1,328.5
(0.7)
－
89.2
(95.5)
90.7
(85.6)
(4.2)
(67.9)
(89.5)
124.2
(85.6)
(78.5)
63.0
(67.9)

Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS

(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.22 per USD as of June 30, 2016

(3) 1 ADS equals 10 common shares

AU OPTRONICS CORP. CONSOLIDATED BALANCE SHEET June 30, 2016 and 2015

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD) )

A
ASSETS
Cash and Cash Equivalents
Notes & Accounts Receivables
Other Current Financial Assets
Inventories
Other Current Assets
Total Current Assets
Long-term Investments
Net Fixed Assets
Other Assets
Total Assets
LIABILITIES
Short-term Borrowings
Accounts Payable
Current Installments of Long-term Borrowings
Current Installments of Bonds Payable
Current Financial Liabilities
Accrued Expense & Other Current Liabilities
Machinery and Equipment Payable
Total Current Liabilities
Long-term Borrowings
Non Current Financial Liabilities
Other Long-term Liabilities
Total Long-term Liabilities
Total Liabilities
EQUITY
Common Stock
Capital Surplus
Retained Earnings
Other Equity
Non-Controlling Interests
Total Equity
Total Liabilities & Equity		 USD
NTD
%
2,264
72,954
17.5
1,162
37,424
9.0
62
1,991
0.5
861
27,754
6.6
164
5,300
1.3
4,513
145,423
34.8
451
14,528
3.5
6,644
214,059
51.3
1,346
43,375
10.4
12,954
417,385
100.0
49
1,576
0.4
1,772
57,109
13.7
655
21,093
5.1
0
0
0.0
3
113
0.0
971
31,277
7.5
348
11,224
2.7
3,799
122,392
29.3
2,938
94,670
22.7
0
8
0.0
279
9,005
2.2
3,218
103,683
24.8
7,017
226,075
54.2
2,987
96,242
23.1
1,875
60,428
14.5
341
10,988
2.6
97
3,114
0.7
637
20,536
4.9
5,938
191,310
45.8
12,954
417,385
100.0
June 30, 2016		 NTD
%
89,754
19.7
49,484
10.9
9,280
2.0
37,445
8.2
4,839
1.1
190,802
41.9
13,988
3.1
214,250
47.0
36,509
8.0
455,549
100.0
0
0.0
62,836
13.8
43,598
9.6
11,644
2.6
230
0.1
43,048
9.4
4,453
1.0
165,808
36.4
74,891
16.4
7
0.0
11,783
2.6
86,681
19.0
252,489
55.4
96,242
21.1
60,115
13.2
25,352
5.6
3,324
0.7
18,026
4.0
203,060
44.6
455,549
100.0
June 30, 2015		 YoY
USD
2,264
1,162
62
861
164
4,513
451
6,644
1,346
12,954
49
1,772
655
0
3
971
348
3,799
2,938
0
279
3,218
7,017
2,987
1,875
341
97
637
5,938
12,954		 NTD
%
(16,800)
(18.7)
(12,060)
(24.4)
(7,290)
(78.6)
(9,691)
(25.9)
461
9.5
(45,379)
(23.8)
541
3.9
(191)
(0.1)
6,866
18.8
(38,164)
(8.4)
1,576
－
(5,727)
(9.1)
(22,504)
(51.6)
(11,644)
(100.0)
(117)
(51.0)
(11,771)
(27.3)
6,771
152.1
(43,416)
(26.2)
19,778
26.4
1
14.8
(2,777)
(23.6)
17,002
19.6
(26,414)
(10.5)
0
0.0
313
0.5
(14,364)
(56.7)
(210)
(6.3)
2,511
13.9
(11,750)
(5.8)
(38,164)
(8.4)

Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS

(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.22 per USD as of June 30, 2016

(3) Cash and Cash Equivalents excluding time deposit with maturity longer than 3 months

AU OPTRONICS CORP.

CONSOLIDATED STATEMENT OF CASH FLOW

For the Period Ended June 30, 2016 and 2015

(Expressed in Millions of New Taiwan Dollars (NTD) and US Dollars (USD))

Cash Flow from Operating Activities:
Profit(Loss) before Income Taxes
Depreciation & Amortization
Share of Profit of Equity-Accounted Investees
Changes in Working Capital
Changes in Others
Net Cash Provided by Operating Activities
Cash Flow from Investing Activities:
Acquisition of Property, Plant and Equipment
Proceeds from Disposal of Property, Plant and Equipment
Acquisition of Equity-Accounted Investees and Financial Assets Carried at Cost
Proceeds from Disposal of Equity-Accounted Investees and Financial Assets Carried at Cost
Decrease(Increase) in Other Financial Assets
Decrease(Increase) in Intangible Assets
Decrease(Increase) in Other Assets
Net Cash Used in Investing Activities
Cash Flow from Financing Activities:
Increase(Decrease) in Short-term Borrowings
Increase(Decrease) in Long-term Borrowings and Bonds Payable
Increase(Decrease) in Guarantee Deposits
Changes in Non-Controlling Interests and Others
Net Cash Used by Financing Activities
Effect of Exchange Rate Changes on Cash
Net Increase (Decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period		 USD
NTD
(171)
(5,525)
614
19,774
(5)
(160)
68
2,207
(46)
(1,472)
460
14,824
(818)
(26,355)
6
207
(2)
(67)
0
0
(1)
(29)
(6)
(190)
(0)
(16)
(821)
(26,450)
(1)
(18)
251
8,100
(1)
(23)
(50)
(1,625)
200
6,435
(23)
(735)
(184)
(5,926)
2,448
78,881
2,264
72,954
1H 2016		 1H 2015
USD
(171)
614
(5)
68
(46)
460
(818)
6
(2)
0
(1)
(6)
(0)
(821)
(1)
251
(1)
(50)
200
(23)
(184)
2,448
2,264		 NTD
11,720
25,726
(290)
(7,468)
(1,032)
28,656
(10,178)
864
0
97
131
0
(2)
(9,088)
(381)
(11,393)
38
(78)
(11,815)
35
7,788
81,965
89,754

Note: (1) Unaudited, prepared by AUO based on Taiwan IFRS

(2) Amounts in New Taiwan dollars were translated into US dollars at the exchange rate of NTD 32.22 per USD as of June 30, 2016

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