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AUO Interim / Quarterly Report 2016

May 25, 2016

52062_rns_2016-05-25_cf58d125-a2ac-4e7b-9cb7-ddd0c2ac6c4d.pdf

Interim / Quarterly Report

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AU Optronics Corp. First Quarter 2016 Results Investor Conference 友達光電 2016 年第一季法人說明會

Apr. 28, 2016

Safe Harbor Notice

==> picture [65 x 24] intentionally omitted <==

  • 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

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Statement of Comprehensive Income

Selected Items from Statement of Comprehensive Income

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)
 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		 83,442
100.0%
(78,954)
(94.6%)
4,489
5.4%
(5,659)
(6.8%)
(1,171)
(1.4%)
(6,859)
(8.2%)
(8,030)
(9.6%)
(8,239)
(9.9%)
(8,182)
(9.8%)
(58)
(0.1%)
(8,239)
(9.9%)
(0.85)
4Q15		 QoQ %
(14.7%)
(10.4%)
(91.3%)
(3.1%)
335.3%
(97.3%)
(34.2%)
(32.3%)
(33.1%)
79.0%
(32.3%)
(32.9%)
Operating Profit + D&A 4,814
6.8%		 9,371
11.2%		 (48.6%)
22,339
23.4%
Display Segment Information:
Net Sales
Operating Profit (Loss)
Operating Profit + D&A		 63,583
100.0%
(5,245)
(8.2%)
4,201
6.6%		 76,129
100.0%
(735)
(1.0%)
9,019
11.8%		 (16.5%)
88,966
100.0%
613.8%
9,490
10.7%
(53.4%)
22,140
24.9%
Unit Shipments (mn)(b)
Large Size Panels
Small & Medium Size Panels		 24.4
37.8		 27.6
33.4		 (11.5%)
26.8
13.0%
42.6

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • a) Basic EPS in 1Q16 was calculated based on the weighted average outstanding shares of the reporting quarter (9,624m shares); Basic EPS in both 4Q15 and 1Q15 were 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		 1Q16
73,656
31,177
37,892
70,422
197,358
407,488		 4Q15
78,881
31,796
40,701
68,537
204,636
425,554		 QoQ %
(6.6%)
(1.9%)
(6.9%)
2.7%
(3.6%)
(4.2%)
Inventory Turnover (Days)(c)
Net Debt to Equity(d)		 41
17.6%		 40
14.8%		 42
25.9%

  • Unaudited, prepared by AUO based on Taiwan IFRS

  • a) Excluding time deposit with maturity longer than 3 months (NT$1,166m in 1Q16 , NT$9,998m in 4Q15 , and NT$2,410m in 1Q15) 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)		 1Q16
7,230
(5,285)
9,911
2,845
(10,638)
(10,385)
(1,392)
(774)
(5,225)		 4Q15
25,318
(8,030)
10,542
16,857
(13,039)
(13,936)
(10,112)
(9,685)
1,965		 QoQ
(18,088)
2,745
(630)
(14,012)
2,401
3,551
8,720
8,910
(7,190)

  • 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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0%
20%
40%
60%
80%
100%		 13%
15%
17%
14%
18%
8%
9%
6%
6%
5%
18%
14%
14%
17%
17%
16%
14%
14%
14%
16%
45%
48%
49%
49%
44%
1Q15
2Q15
3Q15
4Q15
1Q16
TV
Monitor
Mobile PC
Mobile Device
Commercial
and Others

  • 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

==> picture [65 x 24] intentionally omitted <==

==> picture [647 x 355] intentionally omitted <==

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

100%
26% 30% 30% 30% 28%
80%
13%
13%
14% 14% 15% >=50"
60%
39"<=size<50"
18% 16%
16% 15%
15%
20"<=size<39"
40%
10"<=size<20"
26% 26%
22% 24%
25%
size<10"
20%
17% 18% 17% 17%
15%
0%
1Q15 2Q15 3Q15 4Q15 1Q16
----- End of picture text -----

  • Unaudited, prepared by AUO based on Taiwan IFRS

7

© 2015 AU Optronics Corporation – Proprietary and Confidential

Consolidated Shipments & ASP by Area

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Shipments in square meter

ASP per square meter

==> picture [706 x 249] intentionally omitted <==

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

(K m [2] ) (US$)
600
6,000
$512
5,000
$484
500
$442
4,000
$385
3,000 5,390 5,620 5,717 5,874 400 $349
5,343
2,000
300
1,000
0 200
1Q15 2Q15 3Q15 4Q15 1Q16 1Q15 2Q15 3Q15 4Q15 1Q16
----- 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 [711 x 280] intentionally omitted <==

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

Shipments in square meter Revenues
(K m [2] ) (NT$ bn)
400
20.0
14.9 15.3
300 16.0 13.6
12.0 10.8 10.6
200
354.3 365.0
318.3 302.0 8.0
256.8
100
4.0
0 0.0
1Q15 2Q15 3Q15 4Q15 1Q16 1Q15 2Q15 3Q15 4Q15 1Q16
----- 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

==> picture [65 x 24] intentionally omitted <==

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 March 31, 2016 and 2015 and December 31, 2015

(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%
(25.4)
(12.6)
(97.3)
1.7
－
(94.1)
－
(41.1)
－
82.0
－
－
－
－
－
1,017.1
－		 Sequential Comparison
USD
2,211
2,198
12
170
(158)
(6)
(164)
(9)
(173)
(48)
(222)
(170)
(3)
(173)
(205)
(17)
(222)
(0.02)
(0.18)		 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
1Q 2016		 %
100.0
99.5
0.5
7.7
(7.2)
(0.3)
(7.4)
(0.4)
(7.8)
(2.2)
(10.0)
(7.7)
(0.1)
(7.8)
(9.3)
(0.8)
(10.0)		 1Q 2015
NTD
95,302
80,954
14,348
5,395
8,952
(3,179)
5,774
(502)
5,272
(854)
4,418
5,156
116
5,272
4,466
(48)
4,418
0.54
5.36
9,624		 USD
2,211
2,198
12
170
(158)
(6)
(164)
(9)
(173)
(48)
(222)
(170)
(3)
(173)
(205)
(17)
(222)
(0.02)
(0.18)		 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
1Q 2016		 %
100.0
99.5
0.5
7.7
(7.2)
(0.3)
(7.4)
(0.4)
(7.8)
(2.2)
(10.0)
(7.7)
(0.1)
(7.8)
(9.3)
(0.8)
(10.0)		 4Q 2015
NTD
83,442
78,954
4,489
5,659
(1,171)
(6,859)
(8,030)
(209)
(8,239)
(1,353)
(9,592)
(8,182)
(58)
(8,239)
(9,046)
(546)
(9,592)
(0.85)
(8.50)
9,624		 QoQ%
(14.7)
(10.4)
(91.3)
(3.1)
335.3
(97.3)
(34.2)
41.3
(32.3)
14.9
(25.6)
(33.1)
79.0
(32.3)
(27.0)
(2.1)
(25.6)

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 32.18 per USD as of March 31, 2016

(3) 1 ADS equals 10 common shares

AU OPTRONICS CORP. CONSOLIDATED BALANCE SHEET March 31, 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		 M NTD
%
73,656
18.1
31,304
7.7
1,830
0.4
31,177
7.7
5,333
1.3
143,299
35.2
14,472
3.6
208,157
51.1
41,560
10.2
407,488
100.0
1,767
0.4
54,988
13.5
36,126
8.9
0
0.0
645
0.2
28,023
6.9
8,642
2.1
130,191
31.9
70,422
17.3
10
0.0
9,507
2.3
79,940
19.6
210,131
51.6
96,242
23.6
60,336
14.8
14,930
3.7
3,963
1.0
21,886
5.4
197,358
48.4
407,488
100.0
arch 31, 2016		 NTD
%
78,325
17.2
55,222
12.1
4,217
0.9
38,034
8.4
4,481
1.0
180,278
39.6
15,011
3.3
222,606
49.0
36,866
8.1
454,761
100.0
0
0.0
66,959
14.7
39,864
8.8
13,172
2.9
48
0.0
36,773
8.1
4,301
0.9
161,117
35.4
78,311
17.2
8
0.0
10,480
2.3
88,799
19.5
249,916
55.0
96,242
21.2
59,501
13.1
25,675
5.6
4,259
0.9
19,167
4.2
204,845
45.0
454,761
100.0
March 31, 2015		 YoY
USD
2,289
973
57
969
166
4,453
450
6,469
1,291
12,663
55
1,709
1,123
0
20
871
269
4,046
2,188
0
295
2,484
6,530
2,991
1,875
464
123
680
6,133
12,663		 NTD
%
(4,669)
(6.0)
(23,918)
(43.3)
(2,387)
(56.6)
(6,857)
(18.0)
852
19.0
(36,979)
(20.5)
(540)
(3.6)
(14,449)
(6.5)
4,695
12.7
(47,273)
(10.4)
1,767
－
(11,970)
(17.9)
(3,738)
(9.4)
(13,172)
(100.0)
597
1237.8
(8,750)
(23.8)
4,341
100.9
(30,926)
(19.2)
(7,889)
(10.1)
2
25.5
(973)
(9.3)
(8,860)
(10.0)
(39,786)
(15.9)
0
0.0
835
1.4
(10,745)
(41.8)
(296)
(6.9)
2,718
14.2
(7,487)
(3.7)
(47,273)
(10.4)

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 32.18 per USD as of March 31, 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 March 31, 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
Decrease(Increase) in Other Financial Assets
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
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 Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period		 USD
NTD
(164)
(5,285)
308
9,911
(4)
(113)
88
2,845
(4)
(128)
225
7,230
(323)
(10,385)
0
9
(2)
(67)
(0)
(1)
(6)
(190)
(0)
(4)
(331)
(10,638)
5
173
(29)
(947)
(0)
(8)
(19)
(610)
(43)
(1,392)
(13)
(425)
(162)
(5,225)
2,451
78,881
2,289
73,656
1Q 2016		 1Q 2015
USD
(164)
308
(4)
88
(4)
225
(323)
0
(2)
(0)
(6)
(0)
(331)
5
(29)
(0)
(19)
(43)
(13)
(162)
2,451
2,289		 NTD
5,774
13,387
(177)
(6,177)
(350)
12,457
(5,218)
29
0
129
0
5
(5,055)
(381)
(10,623)
35
(129)
(11,098)
56
(3,641)
81,965
78,325

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 32.18 per USD as of March 31, 2016

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